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 instruments of varying maturities, which may be represented by forwards or derivatives. The objective is to seek maximum total return, consistent with prudent investment management.
Domestic and International Bonds
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 drops, 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 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.
The Portfolio may use derivative instruments as part of its 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.
Fund Facts as of 12/31/18
First Available for Variable Annuity
First Available for Variable Life
Top 10 Portfolio Holdings % of Net Assets
US Treasury, Various
Federal National Mortgage Association, Various
Turkey Government International Bond, Various
Blackstone CQP Holdco LP, 6.5%, 3/20/21
Barclays PLC, Various
Argentine Republic Government International
Petroleos Mexicanos, Various
Mastr Asset Backed Securities Trust,
Series 2006-FRE2, Class A1, 2.656%, 3/25/36
Royal Bank of Scotland Group PLC, Various
Ukraine Government International Bond, Various
Total % of Net Assets
Sector Weightings % of Equities
Bank Loan Obligations
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.