GLOBAL REAL ESTATE SECURITIES FUND

Fund Overview

Adviser:

Russell Investment Management, LLC

Fund Manager(s):

Cohen & Steers Capital Management, Inc., Cohen & Steers UK Limited and Cohen & Steers Asia Limited; Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited and Morgan Stanley Investment Management Company; RREEF America L.L.C., Deutsche Investments Australia Limited and Deutsche Alternatives Asset Management (Global) Limited, operating under the brand name Deutsche Asset Management (Money managers listed are current as of 06/30/18. Russell has the right to employ or terminate a money manager at any time and without prior notification, as is consistent with its role as investment manager.)

Objective/Focus:

The fund seeks to provide current income and long term capital growth. The Global Real Estate Securities Fund (Russell Investments) is a multi-manager fund that seeks to achieve its objective by concentrating its investments in equity securities of real estate companies (“real estate securities”) located in a number of countries around the world, including the U.S., in a globally diversified manner. The Fund considers a company to be a real estate company if at least 50% of its assets, gross income or net profits are attributable to the ownership, construction, development, financing, management or sale of residential, commercial or industrial real estate.

Asset Class:

Real Estate

Style:

Value, Growth and Market-Oriented

Equity Real Estate Investment Trusts (REITs) may be affected by changes in the value of the underlying property owned by the trust, while mortgage REITs may be affected by the quality of any credit extended. This fund is subject to some of the risks associated with direct ownership of real estate, including market value declines, risks related to general and local economic conditions and increases in interest rates. This fund, however, does not own real estate directly.

Fund Facts as of 06/30/18

Fund Inception

04-30-1999

First Available for Variable Annuity

04-30-1999

First Available for Variable Life

06-30-1999

Net Assets

$894.57 Million

Top 10 Portfolio Holdings % of Net Assets

Simon Property Group, Inc.

5.0%

Sun Hung Kai Properties, Ltd.

2.3%

Welltower, Inc.

2.0%

Mitsubishi Estate Co., Ltd.

2.0%

Mitsui Fudosan Co., Ltd.

1.9%

SL Green Realty Corp.

1.9%

Extra Space Storage, Inc.

1.8%

Hongkong Land Holdings, Ltd.

1.8%

Link REIT

1.8%

Vornado Realty Trust

1.7%

% of Total Portfolio

22.2%

Sector Weightings % of Equities

Diversified

37.5%

Office/Industrial

13.1%

Apartment

12.7%

Shopping Center

10.1%

Regional Malls

5.7%

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.