HIGH YIELD BOND FUND

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 03/31/18

Fund Inception

05-03-1994

First Available for Variable Annuity

05-03-1994

First Available for Variable Life

05-03-1994

Net Assets

$800.0 Million

Top 10 Portfolio Holdings % of Net Assets

HCA, Inc., various

1.9%

Valeant Pharmaceuticals International, Inc.,

Various

1.8%

CCO Holdings LLC / CCO Holdings Capital Corp.,

Various

1.8%

Sprint Corp., Various

1.3%

First Data Corp., Various

1.2%

T-Mobile USA, Inc., various

1.0%

Post Holdings, Inc., Various

1.0%

TransDigm, Inc., Various

0.9%

Crimson Merger Sub, Inc., 6.625%, 5/15/22

0.9%

BWAY Holding Co., Various

0.9%

Total % of Net Assets

12.7%

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Disclosed Holdings

Sector Weightings % of Equities

Consumer Non-Cyclical

19.4%

Communications

18.1%

Energy

13.4%

Capital Goods

11.8%

Consumer Cyclical

11.0%

Before investing in a variable product, you should carefully consider the objectives, risks and charges associated with its investment options. For this and other information about a Contract, you should obtain the appropriate Contract and underlying fund prospectuses by contacting your Northwestern Mutual Financial Representative. Read the prospectuses carefully before you invest.

Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund are identified by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser may be replaced without the approval of shareholders. Please see the prospectus for more information. Additional fund options are advised by Russell Investments, Fidelity Investments, Neuberger Berman Investment Advisers LLC and Credit Suisse Asset Management, LLC

All securities are offered through Northwestern Mutual Investment Services LLC, (NMIS), Suite 600, 611 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.