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 9/30/17
Fund Inception 05-03-1994
First Available for Variable Annuity 05-03-1994
First Available for Variable Life 05-03-1994
Net Assets $805.4 Million
Top 10 Portfolio Holdings % of Net Assets
CCO Holdings LLC / CCO Holdings Capital Corp., Various
1.6%
Sprint Corp., Various
1.2%
HCA Healthcare, Inc., Various 1.2%
Infor US, Inc., various
1.1%
T-Mobile USA, Inc., various
1.0%
HCA, Inc., various 1.0%
Intelsat Jackson Holdings SA, various
0.9%
TransDigm, Inc., various 0.9%
Valeant Pharmaceuticals, Inc., various
0.9%
BWAY Holding Co., Various
0.9%
Total % of Net Assets 10.7%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Consumer Non-Cyclical 19.0%
Communications 17.9%
Energy 13.1%
Consumer Cyclical 12.3%
Capital Goods 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.