Short-Term Bond Fund
|Adviser:||Mason Street Advisors, LLC|
|Subadviser:||T. Rowe Price Associates, Inc.|
|Objective/Focus:||Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. The primary investment objective of the Portfolio is to provide as high a level of current income as is consistent with prudent investment risk.|
|Style:||High Credit Quality, Limited Interest Rate Sensitivity|
|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 drop, 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 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 6/30/17|
|First Available for Variable Annuity||04-30-2007|
|First Available for Variable Life||06-30-2011|
|Net Assets||$281.4 Million|
|Top 10 Portfolio Holdings||% of Net Assets|
|US Treasury, Various ||10.5%|
|Federal National Mortgage Association, Various ||4.7%|
|Bank of America Corp., Various||1.2%|
|Citigroup, Inc., Various||1.2%|
|Morgan Stanley, Various||0.9%|
|The Goldman Sachs Group, Inc., Various||0.9%|
|Ford Motor Credit Co. LLC, Various||0.8%|
|AT&T, Inc., Various||0.8%|
|JPMorgan Chase & Co., Various||0.7%|
|Zhejiang Energy Group Hong Kong, Ltd., 2.30%, 9/30/17||0.7%|
|Total % of Net Assets||22.4%|
|Download Publicly Disclosed Holdings|
|Sector Weightings||% of Equities|
|Government & Government Agency Bonds||12.3%|
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.