U.S. STRATEGIC EQUITY FUND

Fund Overview

Adviser:

Russell Investment Management, LLC

Fund Manager(s):

Barrow, Hanley, Mewhinney & Strauss, LLC; Jacobs Levy Equity Management, Inc.; Mar Vista Investment Partners, LLC; Suffolk Capital Management, LLC; William Blair Investment 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 invests primarily in equity securities of medium and large capitalization U.S. companies.  The objective is to provide long-term capital growth.

Asset Class:

Mid-Cap Stocks/Large-Cap Stocks

Style:

Blend

No investment strategy can guarantee a profit or protect against a loss.

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

$443.23 Million

Top 10 Portfolio Holdings % of Net Assets

Johnson & Johnson

2.2%

Oracle Corp.

1.8%

Alphabet, Inc.

1.8%

Berkshire Hathaway, Inc. - Class B

1.6%

AT&T, Inc.

1.6%

JPMorgan Chase & Co.

1.6%

Facebook, Inc.

1.6%

Wells Fargo & Co.

1.5%

Amazon.com, Inc.

1.5%

Honeywell International, Inc.

1.4%

% of Total Portfolio

16.6%

Sector Weightings % of Equities

Financial Services

22.3%

Technology

18.0%

Producer Durables

14.6%

Health Care

12.5%

Consumer Discretionary

12.2%

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.