U.S. Small Cap Equity Fund

Fund Overview
Adviser: Russell Investment Management, LLC
Fund Manager(s): DePrince, Race & Zollo, Inc.; Monarch Partners Asset Management, LLC; RBC Global Asset Management (U.S.) Inc.; Snow Capital Management L.P.; Timpani Capital Management, LLC (Money managers listed are current as of 9/30/17. Russell has the right to employ or terminate a money manager at any time without prior notification, as is consistent with its role as investment manager.)
Objective/Focus: A multi-manager fund that invest primarily in equity securities of small capitalization companies, most of which are U.S. based.  The objective is to provide long-term capital growth.
Asset Class: Small-Cap Stocks/Mid-Cap Stocks
Style: Value, Growth and Market-Oriented
Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

Investing in medium company stocks involves a greater degree of risk than investing in large company stocks.
Fund Facts as of 9/30/17
Fund Inception 04-30-1999
First Available for Variable Annuity 04-30-1999
First Available for Variable Life 06-30-1999
Net Assets $262.23 Million
Top 10 Portfolio Holdings % of Net Assets
F.N.B. Corp.
1.1%
PBF Energy, Inc.
1.0%
Umpqua Holdings Corp.
0.9%
Big Lots, Inc.
0.9%
Iberiabank Corp.
0.8%
Green Dot Corp. 0.7%
Lannett Company, Inc. 0.7%
Five9, Inc.
0.7%
Grand Canyon Education, Inc. 0.7%
KBR, Inc.
0.7%
% of Total Portfolio 8.2%
Sector Weightings % of Equities
Financial Services 26.5%
Technology
14.7%
Producer Durables
14.1%
Consumer Discretionary
13.1%
Health Care 12.1%

Before investing in a variable product, you should carefully consider the objectives, risks and charges associated with its investment options. For this and other information about a Contract, you should obtain the appropriate Contract and underlying fund prospectuses by contacting your Northwestern Mutual Financial Representative. Read the prospectuses carefully before you invest.

Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser may be replaced without the approval of shareholders. Please see the prospectus for more information. Additional fund options are advised by Russell Investments, Fidelity Investments, Neuberger Berman Investment Advisers LLC and Credit Suisse Asset Management, LLC

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.