Northwestern Mutual

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: Federated Investment Management Company
Objective/Focus: Normally invests at least 80% of net assets in non-investment grade debt securities. The objective is to achieve high current income and capital appreciation.
Asset Class: Bond
Style: Medium/Low 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 3/31/16
Fund Inception 05-03-1994
First Available for Variable Annuity 05-03-1994
First Available for Variable Life 05-03-1994
Net Assets $715.65 Million
Top 10 Portfolio Holdings % of Net Assets
HCA, Inc., Various 2.2%
T-Mobile USA, Inc., Various 1.6%
Sprint Corp., Various 1.3%
First Data Corp., Various 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp., Various 1.3%
Ally Financial, Inc., Various 1.3%
Tenet Healthcare Corp., Various 1.1%
Infor US, Inc., Various 1.1%
Altice SA, Various 1.0%
Neptune Finco Corp., Various 1.0%
Total % of Net Assets 13.2%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Consumer Non-Cyclical 20.1%
Communications 18.2%
Consumer Cyclical 13.3%
Capital Goods 11.7%
Energy 10.2%