RESEARCH INTERNATIONAL CORE FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Massachusetts Financial Services Company

Objective/Focus:

The Portfolio primarily invests in foreign equity securities, including emerging market equity securities. The objective is capital appreciation.

Asset Class:

International Stocks

Style:

Blend

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include the risks of currency fluctuation, of political and economic instability and of less well-developed government supervision and regulation of business and industry practices, as well as differences in accounting standards.

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

Fund Facts as of 12/31/18

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$595.6 Million

Top 10 Portfolio Holdings % of Net Assets

Nestle SA

2.9%

Roche Holding AG

2.8%

Linde AG

2.2%

Schneider Electric SE

1.9%

Novo Nordisk AS - Class B

1.9%

AIA Group, Ltd.

1.8%

UBS Group AG

1.6%

BP PLC

1.6%

Akzo Nobel NV

1.6%

Bayer AG

1.5%

Total % of Net Assets

19.8%

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Disclosed Holdings

Geographic Allocation % of Equities

Europe

58.9%

Asia

27.1%

Africa

6.8%

Australia and New Zealand

2.6%

Latin America and the Caribbean

2.4%

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.