Select Bond 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Wells Capital Management, Inc.
Objective/Focus: Invests primarily in investment grade corporate, U.S. Treasury and government agency bonds and mortgage- and asset-backed securities. The objective is to provide as high a level of total return as is consistent with prudent investment risk. A secondary objective is preservation of capital.
Asset Class: Bond
Style: High 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
Variable Annuity Fund Inception 12-31-1981
Variable Life Fund Inception 07-01-1984
The original Variable Annuity and Variable Life funds merged on 05-03-1994.
Net Assets $2.85 Billion
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various 27.8%
Federal Home Loan Mortgage Corp., Various 14.1%
Federal National Mortgage Association, Various 12.8%
Israel Government AID Bond, Various 0.9%
JPMorgan Chase & Co., Various 0.6%
Verizon Communications, Inc., Various 0.6%
Bank of America Corp., Various 0.6%
GS Mortgage Securities Trust, Various 0.5%
General Electric Capital Corp., Various 0.4%
GS Mortgage Securities Trust, Series 2013-GC16, Class A4, 4.271%, 11/10/46 0.4%
Total % of Net Assets 58.7%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Structured Products (ABS & MBS) 35.8%
Corporate Bonds 29.0%
Government & Government Agency Bonds 28.0%
Cash 5.3%
Municipal Bonds 1.9%

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-VA35 (1012)