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| Fund Overview |  | | | Adviser: | Mason Street Advisors, LLC | | Sub-adviser: | Pacific Investment Management Company LLC | | Objective: | Maximum total return, consistent with prudent investment management | | Focus: | The Sub-Adviser attempts to identify areas of the bond market that are undervalued relative to the rest of the market. | | Asset Class: | Bond | | Style: | Domestic and International Bonds |
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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. |
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| Fund Facts as of 06-30-2008 | | | | Fund Inception | 04-30-2007 | | First Available for Variable Annuity | 04-30-2007 | | First Available for Variable Life | N/A | | Net Assets | $93.85 Million |
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| Top Ten Holdings (% of Net Assets) | | | Federal National Mortgage Association, Various | 18.7% | | Uruguay Government International Bond, Various | 3.5% | | Republic of South Africa, 13.00%, 8/31/10 | 3.0% | | GAZ Capital SA, 8.625%, 4/28/34 | 2.8% | | Bank of America Corp., Various | 2.7% | | Russian Government International Bond, 7.50%, 3/31/30 | 2.4% | | General Electric Capital Corp., Various | 2.2% | | Federative Republic of Brazil, 12.50%, 1/5/22 | 2.1% | | Citigroup, Inc., Various | 1.9% | | The Goldman Sachs Group, Inc., Various | 1.7% | | | | | Total % of Net Assets | 41.0% |
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The Sub-Adviser attempts to identify areas of the bond market that are undervalued relative to the rest of the market. The Sub-Adviser identifies these areas by grouping bonds into the following sectors: money markets, governments, corporates, mortgages, asset-backed and international. Sophisticated proprietary software then assists in evaluating sectors and pricing specific securities. Once investment opportunities are identified, the Sub-Adviser will shift assets among sectors depending upon changes in relative valuations and credit spreads. |
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Curtis A. Mewbourne, Executive Vice President of PIMCO, is the portfolio manager for the PIMCO Multi-Sector Bond Portfolio. Mr. Mewbourne is Co-Head of PIMCO's Emerging Markets portfolio management team. He has over 14 years of trading experience in Credit Markets. He began his career in finance at Lehman Brothers in 1992 as a market maker for Emerging Market debt. Prior to joining PIMCO in 1999, Mr. Mewbourne ran Salomon Brothers Emerging Market trading desk in London. Mr. Mewbourne holds an engineering degree in Computer Science from the University of Pennsylvania. You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a contract and fund prospectus that will contain the information noted above, and other important information that you should read carefully before you invest or send money. |
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