Northwestern Mutual

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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 12/31/16
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 $2.84 Billion
Top 10 Portfolio Holdings % of Market Value
US Treasury, Various 28.5%
Federal National Mortgage Association, Various 16.2%
Federal Home Loan Mortgage Corp., Various 6.7%
Government National Mortgage Association, Various 3.6%
AT&T, Inc., Various
0.8%
JPMorgan Chase & Co., Various
0.8%
Bank of America Corp., Various 0.7%
The Goldman Sachs Group, Inc., Various 0.7%
Morgan Stanley, Various
0.6%
Cisco Systems, Inc., Various 0.6%
Total % of Market Value 59.2%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Structured Products 45.3%
Government & Government Agency Bonds 33.2%
Corporate Bonds 21.5%