LifePoints® Variable 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 9/30/17
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $112.39 Million
Underlying Funds % of Net Assets
RIF U.S. Strategic Equity Fund 1.7%
RIC Russell U.S. Defensive Equity Fund 0.1%
RIF U.S. Small Cap Equity Fund 8.0%
RIF Global Real Estate Securities Fund 0.1%
RIC Russell Commodity Strategies Fund 3.0%
RIC Russell Global Infrastructure Fund 2.9%
RIC Russell Global Equity Fund 7.0%
RIF International Developed Markets Fund 6.1%
RIC Russell Emerging Markets Fund 6.4%
RIF Strategic Bond Fund 22.3%
RIC Russell Global Opportunistic Credit Fund 12.6%
RIC Russell Investment Grade Bond Fund 12.3%
RIC Russell Unconstrained Total Return Fund 5.1%
RIC Russell Multi-Strategy Income Fund 12.2%
RIC Russell 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), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.