CREDIT SUISSE COMMODITY RETURN STRATEGY FUND

Fund Overview

Adviser:

Credit Suisse Asset Management, LLC

Subadviser:

Credit Suisse

Objective/Focus:

The fund is designed to achieve positive total return relative to the performance of the Dow Jones-UBS Commodity Index Total Return (“DJ-UBS”). Invests in commodity-linked derivative instruments, backed by a portfolio of short-maturity investment-grade fixed income securities normally having an average duration of one year or less.

Asset Class:

Commodities

Exposure to the commodities markets may subject the Credit Suisse Commodity Return Strategy Portfolio to greater volatility than investments in securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in the overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss.

Changes in the value of a hedging instrument may not match those of the investment being hedged.

The Dow Jones -UBS Commodity Index Total Return is composed of futures contracts on 22 physical commodities. Investors cannot invest directly in an index.

Fund Facts as of 12/31/17

Variable Annuity Fund Inception

11-15-2013

Variable Life Fund Inception

11-15-2013

Net Assets

$409.0 Million

Top Portfolio Holdings % of Net Assets

US Agencies

66.6%

Subsidiary

19.7%

US Treasuries

13.2%

Cash

0.6%

Total % of Net Assets

100%

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.