INTERNATIONAL EQUITY FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Templeton Investment Counsel, LLC

Objective/Focus:

Primarily invests in stocks of non-U.S. companies believed to be undervalued. Investments may include small, medium and large capitalization issues. The objective is long-term capital growth.

Asset Class:

International Stocks

Style:

Value

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.

Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks.

Fund Facts as of 12/31/18

Fund Inception

04-30-1993

First Available for Variable Annuity

04-30-1993

First Available for Variable Life

05-03-1994

Net Assets

$1.6 Billion

Top 10 Portfolio Holdings % of Net Assets

Shire PLC

3.2%

Samsung Electronics Co., Ltd.

2.7%

BP PLC

2.7%

Royal Dutch Shell PLC - Class B

2.6%

Standard Chartered PLC

2.6%

Sanofi

2.3%

BNP Paribas SA

2.1%

Eni SpA

2.1%

TOTAL SA

2.0%

UBS Group AG

1.9%

Total % of Net Assets

24.2%

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Disclosed Holdings

Geographic Allocation % of Equities

Europe

60.2%

Asia

31.1%

Latin America and the Caribbean

4.9%

North America

3.8%

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.