SHORT-TERM BOND FUND

Fund Overview

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.

Asset Class:

Bond

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 06/30/18

Fund Inception

04-30-2007

First Available for Variable Annuity

04-30-2007

First Available for Variable Life

06-30-2011

Net Assets

$300.5 Million

Top 10 Portfolio Holdings % of Net Assets

US Treasury, Various

11.2%

Federal National Mortgage Association, Various

3.1%

Government National Mortgage Association, Various

1.5%

Daimler Finance North America LLC, Various

0.8%

CVS Health Corp., Various

0.8%

Federal Home Loan Bank, 2.625%, 5/28/20

0.8%

Penske Truck Leasing Co. LP / PTL Finance Corp., Various

0.7%

Bank of America Corp., Various

0.7%

Hyundai Capital America, Various

0.7%

Capital One NA, Various

0.6%

Total % of Net Assets

20.90%

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Disclosed Holdings

Sector Weightings % of Equities

Corporate Bonds

50.6%

Structured Products

35.1%

Governments

11.5%

Short-Term Investments & Other Net Assets

2.6%

Municipal Bonds

0.2.%

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.