Long-Term U.S. Government Bond 

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Fund Overview
Adviser: Mason Street Advisors, LLC
Sub-adviser: Pacific Investment Management Company LLC
Objective/Focus: Normally invests at least 80% of its net assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises and derivatives designed to replicate such securities. The objective is to seek maximum total return, consistent with preservation of capital and prudent investment management.
Asset Class: Bond
Style: High Credit Quality, Extensive Interest Rate Sensitivity
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.
Fund Facts as of 03/31/12
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $113.29 Million
Top 10 Portfolio Holdings % of Market Value
US Treasury, Various 47.9%
Federal National Mortgage Association, Various 6.2%
US Treasury Stripped, Various 4.2%
Residual Funding Stripped, Various 2.4%
Tennessee Valley Authority, Various 1.8%
Financing Corp., Various 1.3%
Israel Government AID Bond, Various 1.3%
Federal Home Loan Mortgage Corp., Series 2752, Class EZ, 5.50%, 2/15/34 0.5%
Vessel Management Services, Inc., 3.432%, 8/15/36 0.4%
Iowa State Special Obligation Build America Bonds, 6.75%, 6/1/34 0.2%
Total % of Market Value 66.3%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Government/Government Agency 96.4%
Cash & Equivalents 1.8%
Municipal Bonds 0.9%
Structured Products (MBS & ABS) 0.9%

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. Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund) (NMSF). (Portfolios in the Series Funds are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser 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® 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.