Northwestern Mutual

Inflation Protection Fund

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 12/31/16
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $326.91 Million
Top 10 Portfolio Holdings % of Net Assets
US Treasury Inflation Index Bond, Various 52.1%
Federal National Mortgage Association, Various 7.3%
Federal Home Loan Mortgage Corp., Various 3.1%
Italy Buoni Poliennali Del Tesoro EUR, Various 1.9%
Canadian Government Bond, Various 0.7%
Citigroup, Inc., Various 0.6%
The Goldman Sachs Group, Inc., Various
0.5%
Agate Bay Mortgage Trust Series 2015-7, Class A3, 3.50%, 10/25/45
0.5%
JP Morgan Mortgage Trust Series 2016-1, Class A7, 3.50%, 5/25/46
0.5%
General Electric Capital Corp., Various
0.5%
Total % of Net Assets 67.7%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Government & Government Agency Bonds
60.1%
Structured Products 17.8%
Corporate Bonds 17.4%
Cash and Equivalents 4.2%
Emerging Markets 0.4%