LIFEPOINTS® MODERATE STRATEGY FUND

Fund Overview

Adviser:

Russell Investment Management, LLC

Objective/Focus:

A broadly diversified fund of funds, investing in a combination of underlying funds consisting of approximately 35-45% equity (U.S., non-U.S., including real estate) and 55-65% fixed income. The objective is to provide high current income and moderate long-term capital appreciation.

Asset Class:

Value, Growth and Market-Oriented

Russell Investment Group, a Washington USA corporation, operates through subsidiaries worldwide.

Each of the Divisions identified as a LifePoints Variable Target Portfolio Series Fund (LifePoints Fund) is a fund of funds and diversified its assets by investing, at present, in other mutual funds (the "Underlying Fund"). Each LifePoints fund seeks to achieve a specific investment objective by investing in different combinations of the Underlying Funds.

LifePoints® and the Russell Investments logo are registered trademarks and service marks of Russell Investment Group.

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

Fund Facts as of 09/30/18

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$107.53 Million

Underlying Funds % of Net Assets

RIF U.S. Strategic Equity Fund

1.6%

RIC U.S. Defensive Equity Fund

0.1%

RIF U.S. Small Cap Equity Fund

7.5%

RIF Global Real Estate Securities Fund

1.3%

RIC Commodity Strategies Fund

3.2%

RIC Global Infrastructure Fund

1.7%

RIC Global Equity Fund

7.3%

RIF International Developed Markets Fund

6.0%

RIC Emerging Markets Fund

6.5%

RIF Strategic Bond Fund

22.4%

RIC Global Opportunistic Credit Fund

6.5%

RIC Investment Grade Bond Fund

12.5%

RIC Unconstrained Total Return Fund

8.4%

RIC Multi-Strategy Income Fund

14.8%

RIC U.S. Dynamic Equity Fund

0.2%

% of total portfolio

100.0%

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), 720 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.