High Yield Bond 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Federated Investment Management Company
Objective/Focus: Normally invests at least 80% of net assets in non-investment grade debt securities. The objective is to achieve high current income and capital appreciation.
Asset Class: Bond
Style: Medium/Low Credit Quality, Moderate Interest Rate Sensitivity
Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. High yield bonds generally have greater price swings and higher default risks than investment grade bonds. Return of principal is not guaranteed. In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds.
Fund Facts as of 09/30/14
Fund Inception 05-03-1994
First Available for Variable Annuity 05-03-1994
First Available for Variable Life 05-03-1994
Net Assets $704.19 Million
Top 10 Portfolio Holdings % of Net Assets
Sprint Nextel Corp., Various 2.7%
Ally Financial, Inc. Various 1.9%
HCA, Inc., Various 1.5%
DISH DBS Corp., Various 1.4%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer LU, Various 1.2%
T-Mobile USA, Inc., Various 1.2%
Linn Energy LLC/Linn Energy Finance Corp., Various 1.1%
Tenet Healthcare Corp., Various 1.0%
First Data Corp., Various 1.0%
Chesapeake Energy Corp., Various 1.0%
Total % of Net Assets 14.0%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Energy 16.0%
Media 10.9%
Telecommunications 9.8%
Healthcare 5.3%
Metals & Mining 5.3%

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. MSA is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Funds are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees subadvisers who provide day-to-day management for certain of the Series Fund Portfolios. Each subadviser 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, Credit Suisse Asset Management, LLC, and Neuberger Berman Management, LLC.

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Subsidiary of Northwestern Mutual and member FINRA and SIPC.

NMFN-VA38 (0309)