Inflation Protection 

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: American Century Investment Management, Inc.
Objective/Focus: The Portfolio invests substantially all of its assets in investment grade debt securities. To help protect against U.S. inflation, under normal conditions, the Portfolio will invest over 50% of its net assets in inflation-linked debt securities. The objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.
Asset Class: Bond
Style: High Quality, Intermediate Maturity
Return of principal is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the Fund. 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.

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 $281.78 Million
Top 10 Portfolio Holdings % of Net Assets
US Treasury Inflation Index Bond, Various 52.6%
United Kingdom Gilt Inflation Linked, Various 7.8%
France Government Bond OAT, Various 4.8%
Federal Home Loan Mortgage Corp., Various 4.7%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond, Various 1.8%
Canadian Government Bond, Various 0.7%
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR10, Class 2A15, 2.614%, 6/25/35 0.7%
Bank of America Corp., Various 0.5%
General Electric Capital Corp., Various 0.5%
Comcast Corp., Various 0.4%
Total % of Net Assets 74.5%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Inflation Indexed Investments 67.6%
Corporate Bonds 15.1%
Structured Products (MBS & ABS) 11.6%
Cash & Equivalents 5.4%
Other 0.3%

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.