Short-Term Bond 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective//Focus: Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent investment risk.
Asset Class: Bond
Style: High Credit Quality, Limited Interest Rate Sensitivity
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 drop, 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 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.
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 $227.68 Million
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various 29.0%
Federal Home Loan Mortgage Corp., Various 18.6%
Federal National Mortgage Association, Various 4.6%
Trade MAPS, Ltd., Series 2013-1A, Class A, 0.854%, 12/10/18 1.1%
Bank of America Corp., Various 1.0%
DBRR Trust, Series 2013-EZ3, Class A, 1.636%, 12/18/49 0.9%
Honda Auto Receivables Owner Trust, Series 2013-1, Class A3, 0.48%, 11/21/16 0.8%
American Express Credit Account Master Trust, 1.49%, 4/15/20 0.8%
Toyota Auto Receivables Owners Trust, Series 2014-B, Class A4, 1.31%, 9/16/19 0.7%
JPMorgan Chase & Co., Various 0.6%
Total % of Net Assets 58.1%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Government & Government Agency Bonds 50.9%
Corporate Bonds 27.1%
Structured Products (ABS & MBS) 19.4%
Cash 1.6%
Municipal Bonds 1.0%

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-VA32 (0309)