Fund Overview


Mason Street Advisors, LLC


Pacific Investment Management Company LLC


Normally invests at least 80% of its net assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises and derivatives designed to replicate such securities. The objective is to seek maximum total return, consistent with preservation of capital and prudent investment management.

Asset Class:



High Credit Quality, Extensive Interest Rate Sensitivity

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.

The Portfolio may use derivative instruments as part of it investment strategy. Use of these instruments may involve certain risks such as leverage risk, liquidity risk, interest rate risk, market risk, credit risks, management risk and the risk that the Portfolio could not close out a position when it would be more advantageous to do so.  Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.

The potential leverage created by use of derivatives may cause the Portfolio to be more sensitive to interest rate movements and thus more volatile than other long-term U.S. government bond funds that do not use derivatives.

Fund Facts as of 09/30/18

Fund Inception


First Available for Variable Annuity


First Available for Variable Life


Net Assets

$107.6 Million

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various


Federal National Mortgage Association, Various


Residual Funding Corp. Stripped, Various


Federal Home Loan Mortgage Corp.,Series 4387,

Class AZ, 4%, 9/15/44


Federal Home Loan Mortgage Corp. Series 4092,

Class AY, 3%, 8/15/32


Federal National Mortgage Association,

Series 2016-61, Class ML, 3%, 9/25/46


VNDO Trust, Series 2016-350P,

Class A, 3.805%, 1/10/35


DBWF Mortgage Trust, Series 2016-85T,

Class A, 3.791%, 12/10/36


Federal Home Loan Mortgage Corp., Series 4398,

Class ZX, Class ZX, 4%, 9/15/54


Morgan Stanley Bank of America Merrill Lynch Trust,

Series 2016-C32, Class ASB


Total % of Net Assets


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Disclosed Holdings

Sector Weightings % of Equities



Structured Products


Corporate Bonds


Short-Term Investments & Other Net Assets


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), 720 E. Wisconsin Avenue, Milwaukee, WI 53202, 1-866-664-7737. Member FINRA and SIPC. NMIS is a subsidiary of Northwestern Mutual.