U.S. SMALL CAP EQUITY FUND

Fund Overview

Adviser:

Russell Investment Management, LLC

Fund Manager(s):

Ancora Advisors, LLC; Copeland Capital Management, LLC; DePrince, Race & Zollo, Inc.; Falcon Point Capital, LLC; Penn Capital Management Company, Inc.; Snow Capital Management, L.P.; Timpani Capital Management, LLC (Money managers listed are current as of 03/31/18. 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 03/31/18

Fund Inception

04-30-1999

First Available for Variable Annuity

04-30-1999

First Available for Variable Life

06-30-1999

Net Assets

$245.59 Million

Top 10 Portfolio Holdings % of Net Assets

F.N.B. Corp.

1.1%

Umpqua Holdings Corp.

0.9%

Energizer Holdings, Inc.

0.9%

Five9, Inc.

0.7%

BankUnited, Inc.

0.6%

Cheesecake Factory, Inc.

0.6%

OFG Bancorp

0.6%

HEICO Corp.

0.6%

ACCO Brands Corp.

0.6%

Integrated Device Technology, Inc.

0.6%

% of Total Portfolio

7.2%

Sector Weightings % of Equities

Financial Services

24.5%

Consumer Discretionary

14.7%

Technology

14.3%

Producer Durables

14.0%

Health Care

13.0%

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.