SELECT BOND FUND

Fund Overview

Adviser:

Mason Street Advisors, LLC

Subadviser:

Wells Capital Management, Inc.

Objective/Focus:

Invests primarily in investment grade corporate, U.S. Treasury and government agency bonds and mortgage- and asset-backed securities. The objective is to provide as high a level of total return as is consistent with prudent investment risk. A secondary objective is preservation of capital.

Asset Class:

Bond

Style:

High Credit Quality, Moderate Interest Rate

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 09/30/18

Variable Annuity Fund Inception

12-31-1981

Variable Life Fund Inception

07-01-1984

The original Variable Annuity and Variable Life funds merged on 05-03-1994.

Net Assets

$3.0 Billion

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various

27.3%

Federal National Mortgage Association, Various

17.1%

Government National Mortgage Association,

Various

8.7%

Federal Home Loan Mortgage Corp., Various

3.8%

Bank of America Corp., Various

0.7%

Federal National Mortgage Association,

Series 2018-45, Class GA, 3%, 6/25/48

0.7%

Federal National Mortgage Association,

Series 2018-50, Class BA, 3%, 7/25/48

0.7%

Federal Home Loan Mortgage Corp.,

Series 2017-4742, Class PA, 3%, 10/15/47

0.7%

CVS Health Corp., Various

0.6%

JPMorgan Chase & Co., Various

0.5%

Total % of Net Assets

60.8%

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Disclosed Holdings

Sector Weightings % of Equities

Structured Products

54.4%

Governments

28.2%

Corporate Bonds

22.7%

Municipal Bonds

0.5%

Short-Term Investments & Other Net Assets

-5.80%

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.