INTERNATIONAL DEVELOPED MARKETS FUND

Fund Overview

Adviser:

Russell Investment Management, LLC

Fund Manager(s):

GQG Partners LLC; Janus Capital Management LLC and Perkins Investment Management LLC; Numeric Investors LLC; Pzena Investment Management, LLC; Wellington Management Company LLP (Money managers listed are current as of 03/31/18. 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:

A multi-manager fund that invest primarily in equity securities issued by companies located in countries (other than the U.S.) with developed markets or that are economically tied to such countries. The objective is to provide long-term capital growth.

Asset Class:

International Stocks

Style:

Value, Growth and Market-Oriented

Overseas investments can pose more risks than domestic investments. Unit values are subject to fluctuations in foreign stock markets, currency values, interest rates, government regulations and political conditions.

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

$422.56 Million

Top 10 Portfolio Holdings % of Net Assets

Roche Holding, Ltd.

1.3%

Honda Motor Co., Ltd.

1.0%

Volkswagen AG

1.0%

Novartis AG

1.0%

Royal Bank of Scotland Group PLC

0.9%

Deutsche Boerse AG

0.9%

Tencent Holdings, Ltd.

0.9%

Diageo PLC

0.9%

HSBC Holdings PLC

0.9%

Total SA

0.9%

% of Total Portfolio

9.7%

Country Diversification % of Equities

Hong Kong

23.1%

South Korea

12.9%

Taiwan

9.8%

Brazil

8.4%

India

8.3%

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.