Inflation Protection Fund

Fund Overview
Adviser: Mason Street Advisors, LLC
Subadviser: American Century Investment Management, Inc.
Objective/Focus: The Portfolio invests substantially all of its assets in investment grade debt securities. To help protect against U.S. inflation, under normal conditions, the Portfolio will invest over 50% of its net assets in inflation-linked debt securities. The objective is to pursue total return using a strategy that seeks to protect against U.S. inflation.
Asset Class: Bond
Style: High Quality, Intermediate Maturity
Return of principal is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the Fund. When interest rates rise, bond prices fall. With a fixed income fund, when interest rates rise, the value of the fund's existing bonds drops, which could negatively affect overall fund performance

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 9/30/17
Fund Inception 04-30-2007
First Available for Variable Annuity 04-30-2007
First Available for Variable Life 06-30-2011
Net Assets $375.02 Million
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various 51.7%
Federal Home Loan Mortgage Corp., Various 2.1%
Italy Buoni Poliennali Del Tesoro, Various 1.8%
Federal National Mortgage Association, Various 1.7%
JPMorgan Chase & Co., Various 0.8%
The Goldman Sachs Group, Inc., Various 0.7%
Citigroup, Inc., Various 0.7%
US Treasury, various 0.7%
Canadian Government Real Return Bond, various 0.6%
Morgan Stanley Capital I Trust, Series 2014-CPT, Class AM 0.6%
Total % of Net Assets 61.4%
Download Publicly Disclosed Holdings
Sector Weightings % of Equities
Government & Government Agency Bonds1 53.5%
Corporate Bonds 20.9%
Structured Products 19.5%
Cash & Equivalents 5.6%
Emerging Markets 0.4%
1Includes U.S. Treasury inflation index bonds and U.S. Consumer Price Index total return swaps

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.