Multi-Sector Bond 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Pacific Investment Management Company LLC
Objective/Focus: Normally invests at least 80% of its net assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives. The objective is to seek maximum total return, consistent with prudent investment management.
Asset Class: Bond
Style: Domestic and International Bonds

Return of principal is not guaranteed. Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. When interest rates rise, bond prices fall. With a fixed income fund, when interest rates rise, the value of the fund's existing bonds drops, which could negatively affect overall fund performance.

In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. High yield bonds generally have greater price swings and higher default risks than investment grade bonds.

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include 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.

The Portfolio may use derivative instruments as part of its investment strategy.  Use of these instruments may involve certain risks such as leverage risk, liquidity risk, interest rate risk, market risk, credit risks, management risk and the risk that the Portfolio could not close out a position when it would be more advantageous to do so.  Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.

Fund Facts as of 09/30/14
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $536.33 Million
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various 3.4%
United Mexican States, 2.75%, 4/22/23 EUR 2.2%
Barclays Bank PLC, Various 2.2%
Gazprom OAO, Various 2.0%
Dynegy, Inc., Various 1.6%
Russian Federation, Various 1.6%
Brazil, Various 1.6%
Petroleos de Venezuela SA, Various 1.4%
Credit Agricole SA, 8.125%, 9/19/33 1.3%
Telecom Italia S.p.A, Various 1.3%
Total % of Net Assets 18.6%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
High Yield Corporate Bonds 35%
Emerging Markets Bonds 32%
Investment-Grade Corporate Bonds 25%
Other 23%
Net Cash Equivalents -15%

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-VA37 (1012)