Northwestern Mutual

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective//Focus: Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent investment risk.
Asset Class: Bond
Style: High Credit Quality, Limited Interest Rate Sensitivity
Return of principal is not guaranteed. Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. When interest rates rise, bond prices fall. With a fixed income fund, when interest rates rise, the value of the fund's existing bonds drop, which could negatively affect overall fund performance.

In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. High yield bonds generally have greater price swings and higher default risks than investment grade bonds.

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 12/31/14
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $234.49 Million
Top 10 Portfolio Holdings % of Net Assets
Federal National Mortgage Association, Various
8.6%
US Treasury, 1.75%, 7/31/15 7.4%
Federal Home Loan Mortgage Corp., Various
2.3%
Federal Home Loan Bank, 0.50%, 9/28/16 2.0%
Mexican Bonos, 7.75%, 12/14/17, MXN 1.2%
Bank of America Corp., Various 1.0%
Morgan Stanley, Various 0.9%
Government National Mortgage Association Pass-Through, Various 0.9%
DBRR Trust, Series 2013-EZ3, Class A, 1.636%, 12/18/49 0.8%
Citigroup, Inc., Various 0.8%
Total % of Net Assets 25.9%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Corporate Bonds
48.0%
Structured Products (ABS & MBS)
36.8%
Government & Government Agency Bonds
12.7%
Cash 1.5%
Municipal Bonds 1.0%
Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: T. Rowe Price Associates, Inc.
Objective//Focus: Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent investment risk.
Asset Class: Bond
Style: High Credit Quality, Limited Interest Rate Sensitivity
Return of principal is not guaranteed. Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers. When interest rates rise, bond prices fall. With a fixed income fund, when interest rates rise, the value of the fund's existing bonds drop, which could negatively affect overall fund performance.

In contrast to owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. High yield bonds generally have greater price swings and higher default risks than investment grade bonds.

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 03/31/15
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $236.39 Million
Top 10 Portfolio Holdings % of Net Assets
Federal National Mortgage Association, Various
8.5%
US Treasury, Various 5.3%
Federal Home Loan Mortgage Corp., Various
1.2%
Mexican Bonos, 7.75%, 12/14/17 1.1%
Federal Home Loan Mortgage Corp. 5, Series 4092, Class CL, 1.25%, 6/15/27 1.1%
Federal Home Loan Bank, 0.50%, 9/28/16 1.0%
Bank of America Corp., Various 1.0%
Morgan Stanley, Various 1.0%
Government National Mortgage Association, Various 0.9%
Exxon Mobil Corp., Various 0.8%
Total % of Net Assets 21.9%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Corporate Bonds
48.3%
Structured Products (ABS & MBS)
39.1%
Government & Government Agency Bonds
10.2%
Cash 1.5%
Municipal Bonds 0.9%

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