Commodities Return Strategy 

Fund Overview
Adviser: Mason Street Advisors, LLC
Sub-adviser: Credit Suisse
Objective/Focus: Seeks a total return linked to the value of the Dow Jones-UBS Commodity Index Total Return. Invests a combination of commodity-linked derivative instruments backed by short-term, investment grade fixed income securities, directly as well as through a wholly owned Cayman Islands subsidiary.
Asset Class: Commodities
Exposure to the commodities markets may subject the Commodities Return Strategy Portfolio to greater volatility than investments in securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in the overall market movements, commodity index volatility, changes in interest rates or sectors affecting a particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss.
Changes in the value of a hedging instrument may not match those of the investment being hedged.
The Dow Jones -UBS Commodity Index Total Return is composed of futures contracts on 19 physical commodities. Investors cannot invest directly in an index.
Fund Facts as of 03/31/13
Variable Annuity Fund Inception 04-29-2011
Variable Life Fund Inception 06-30-2011
Net Assets $171.58 Million
Top 10 Portfolio Holdings % of Net Assets
Federal Farm Credit Banks, Various 27.6%
Federal Home Loan Bank, Various 17.1%
Federal Home Loan Mortgage Corp., Various 14.2%
US Treasury, Various 12.3%
Federal National Mortgage Association, Various 6.1%
Total % of Net Assets 77.3%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Government & Government Agency Bonds 84.4%
Cash 15.6%


You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a contract and fund prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money.

Mason Street Advisors, LLC (MSA), a wholly owned company of Northwestern Mutual, is a federally registered investment adviser. Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund) (NMSF). (Portfolios in the Series Funds 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® and Neuberger Berman Management, LLC.

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