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 9/30/16
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 $2.94 Billion
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various 29.3%
Federal National Mortgage Association, Various 13.5%
Federal Home Loan Mortgage Corp., Various 8.4%
Government National Mortgage Association, Various 4.5%
Federal National Mortgage Association Strip, Series 411, Class A3, 3.00%, 8/25/42
AT&T, Inc., Various
Cisco Systems, Inc., Various 0.6%
The Goldman Sachs Group, Inc., Various 0.6%
General Motors Co., Various
JPMorgan Chase & Co., Various 0.6%
Total % of Net Assets 59.7%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Structured Products 44.9%
Government & Government Agency Bonds 33.3%
Corporate Bonds 21.8%