B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

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APPENDIX B - Directors and OfficersThe directors and officers of the Fund are listed below, together with their principal occupationsduring the last five years. The information is as of December 31, 2008.Name, Address, andYear of BirthInterested DirectorEdward J. Zore720 East Wisconsin Ave.Milwaukee, WI 532021945Independent DirectorsMichael G. Smith720 East Wisconsin Ave.Milwaukee, WI 532021944William A. McIntosh720 East Wisconsin Ave.Milwaukee, WI 532021939Miriam M. Allison720 East Wisconsin Ave.Milwaukee, WI 532021947Position(s)Held withFundChairman ofthe BoardTerm ofOfficeandLengthof TimeServedPrincipal Occupation(s)During Past 5 Years2000* Chairman and Chief ExecutiveOfficer of Northwestern Mutualsince 2009; President and ChiefExecutive Officer ofNorthwestern Mutual from 2001to 2009. Trustee of NorthwesternMutual since 2000.Director 2003* Private investor. Prior to hisretirement in 1999, ManagingDirector, Corporate andInstitutional Client Group,Central Region, Merrill Lynch &Co., Inc.Director 1997* Financial consulting. AdjunctFaculty Member, HowardUniversity, Washington, D.C.from 1998 – 2004. Prior thereto,Division Head, U.S. FixedIncome Division of SalomonBrothers, an investment bankingfirm.Director 2006* Rancher since 2004. Real estatedeveloper since 2002. From2001 to 2005, Chairman ofUMB Fund Services, Inc.(formerly Sunstone FinancialGroup, Inc.), a provider ofadministration, recordkeepingand marketing services toinvestment companies. Priorthereto, founder, President, andCEO of Sunstone FinancialGroup, Inc.Number ofPortfolios inFundComplexOverseen byDirectorOtherDirectorshipsHeld byDirector27 Manpower, Inc.;Trustee ofNorthwesternMutual27 Trustee of TheIvy Family ofFunds (2registeredinvestmentcompanies - 29portfolios),Director of TDXIndependenceFunds, Inc. (5portfolios),CTMG, Inc. andCox BusinessSchool, SouthernMethodistUniversity27 MGICInvestmentCorporation27 NoneB-74
Name, Address, andYear of BirthRobert H. Huffman III720 East Wisconsin Ave.Milwaukee, WI 532021959Michael M. Knetter720 East Wisconsin Ave.Milwaukee, WI 532021960OfficersPatricia L. Van Kampen720 East Wisconsin Ave.Milwaukee, WI 532021951Walter M. Givler720 East Wisconsin Ave.Milwaukee, WI 532021957Kate M. Fleming720 East Wisconsin Ave.Milwaukee, WI 532021962William R. Walker720 East Wisconsin Ave.Milwaukee, WI 532021956Jefferson V. DeAngelis720 East Wisconsin Ave.Milwaukee, WI 532021958Position(s)Held withFundTerm ofOfficeandLengthof TimeServedPrincipal Occupation(s)During Past 5 YearsDirector 2007* Since 2004, Co-Founder andManaging Partner of RelativeValue Partners, LLC, aregistered investment adviser.Prior thereto, Head of FixedIncome Sales, Midwest Region,for the Corporate and InvestmentBanking Division of Citigroup,Inc. (formerly SalomonBrothers).Director 2007* Dean of University ofWisconsin-Madison School ofBusiness since 2002. Priorthereto, Associate Dean of theMBA Program and Professor ofInternational Economics for theAmos Tuck School of Businessat Dartmouth College.President 2008* Vice President – Equities ofMason Street Advisors, LLCsince 2008. Prior thereto,Managing Director – Head ofEquities of Mason StreetAdvisors, LLC since 2002.VicePresident,ChiefFinancialOfficer andTreasurerVicePresident–OperationsVicePresident–InvestmentsVicePresident–Investments2003* Vice President – AccountingPolicy of Northwestern Mutualsince 2007. Prior thereto, VicePresident of InvestmentAccounting, 2002-2007.2004* Vice President – Operations ofMason Street Advisors, LLCsince 2004. Prior thereto,Assistant General Counsel ofNorthwestern Mutual.1996* Managing Director of MasonStreet Advisors, LLC since2002.1996* President and Director of MasonStreet Advisors, LLC since2008; and Senior Vice President– Public Markets ofNorthwestern Mutual since2009. Prior thereto, ManagingDirector – Head of Fixed Incomeof Mason Street Advisors, LLCsince 2002.Number ofPortfolios inFundComplexOverseen byDirectorOtherDirectorshipsHeld byDirector27 N/A27 Trustee of TheNeubergerBerman Familyof Funds (11registeredinvestmentcompanies – 61portfolios),Wausau PaperCorp. and GreatWolf Resorts,Inc.N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AB-75
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APPENDIX F - Proxy Voting Policies
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stocks that make up that index. Str
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Interest rate swaps do not involve
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the Adviser or Sub-Adviser will not
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Forward Contracts. The Portfolios m
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principal amount as the call writte
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Options on Foreign Currencies. The
Page 23 and 24: securities. The issuers of the unde
Page 25 and 26: the former pools. However, timely p
Page 27 and 28: CMO residuals are generally purchas
Page 29: utilize the underlying assets may r
Page 32 and 33: include range floaters which are a
Page 34 and 35: par unless the price of the underly
Page 36 and 37: to changes in interest rates genera
Page 38 and 39: corresponding floaters. The underly
Page 40 and 41: A Portfolio will not enter into suc
Page 42 and 43: egulations. The presence of an issu
Page 44 and 45: Portfolio TurnoverPortfolio turnove
Page 46 and 47: The ability of the Portfolio to ach
Page 48 and 49: Advisors, LLC, in accordance with t
Page 50 and 51: OWNERSHIP OF SHARES OF THE FUNDAll
Page 52 and 53: on the next $50 million, 0.50% on t
Page 54 and 55: Independent Registered Public Accou
Page 56 and 57: Name of Portfolio 2008 2007 2006Int
Page 58 and 59: Broker High Yield Bond BalancedAsse
Page 60 and 61: and cost of trade execution of Port
Page 62 and 63: Effective April 30, 2008, the Fund
Page 64 and 65: TAXES AND DIVIDENDSEach Portfolio i
Page 66 and 67: APPENDIX A - Credit RatingsDescript
Page 68 and 69: F2Good credit quality. A satisfacto
Page 70 and 71: . Moody’s Commercial Paper (short
Page 72 and 73: Plus (+) or minus (-)The ratings fr
Page 76 and 77: Name, Address, andYear of BirthDavi
Page 78 and 79: APPENDIX C - Ownership of Shares of
Page 80 and 81: SMALL CAP VALUE PORTFOLIOGeneral Ac
Page 82 and 83: APPENDIX D - Portfolio ManagersOthe
Page 84 and 85: PortfolioManager(s)FundRegisteredIn
Page 86 and 87: Compensation of Portfolio ManagersM
Page 88 and 89: management firms. Performance is pr
Page 90 and 91: Portfolio managers are eligible for
Page 92 and 93: PortfolioPortfolio Manager(s)Dollar
Page 94 and 95: On August 25, 2005, the Court enter
Page 96 and 97: MSA’s Equity Trading Department s
Page 98 and 99: ERISA ClientsIn the case of client
Page 100 and 101: Shareholder Ability to Call Special
Page 102 and 103: • Exercise price• Participation
Page 104 and 105: Amend Quorum RequirementsVote propo
Page 106 and 107: Vote proposals to increase blank ch
Page 108 and 109: employees of Investment Manager and
Page 110 and 111: will not support the position of a
Page 112 and 113: company specifies the voting, divid
Page 114 and 115: egarding whether Investment Manager
Page 116 and 117: 3. The issuer is an entity particip
Page 118 and 119: manager(s) are responsible for maki
Page 120 and 121: Global Corporate Governance: Invest
Page 122 and 123: 13. The Proxy Group will review the
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determined by those investment comm
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T. Rowe Price has adopted these Pro
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shareholders and the effect on shar
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portfolio company could have influe
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The Proxy Voting Service will refer
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that substantially differs from dom
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15. Janus will generally vote in fa
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46. For shareholder proposals outsi
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2. Staggered BoardIf a company has
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proposed for a legitimate business
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APPENDIX G - Portfolio Holdings Dis
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ICP Securities LLCIntermonte Securi
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B-1 STATEMENT OF ADDITIONAL INFORMATION Dated May 1 ...

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