EMERGING MARKETS EQUITY FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Aberdeen Asset Managers Limited

Objective/Focus:

Normally invests at least 80% of its net assets in equity securities of issuers that are tied economically to emerging market countries. May invest in companies of any size. The objective is capital appreciation.

Asset Class:

Emerging Market International Stocks

Style:

Blend

Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries. These securities are particularly subject to a risk of loss from political instability.

Emerging market securities are subject to currency transfer restrictions and may experience delays and disruptions in securities settlement procedures for a Fund's portfolio securities.

The volatility of emerging markets can be significantly higher than other equity asset classes.

Fund Facts as of 12/31/17

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$718.3 Million

Top 10 Portfolio Holdings % of Net Assets

Samsung Electronics Co., Ltd.

5.5%

Taiwan Semiconductor Manufacturing Co., Ltd.

4.5%

Housing Development Finance Corp., Ltd.

3.5%

Tencent Holdings, Ltd.

3.2%

AIA Group, Ltd.

3.0%

Banco Bradesco SA, ADR

2.8%

China Mobile, Ltd.

2.7%

Ayala Land, Inc.

2.5%

Astra International Tbk PT

2.4%

Vale SA, ADR

2.4%

Total % of Net Assets

32.5%

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Disclosed Holdings

Geographic Allocation % of Equities

Asia

63.4%

Latin America/Caribbean

16.3%

Europe

9.6%

North America

7.1%

Mid East/Africa

3.6%

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.