Download Publicly Disclosed Holdings pdf* (14k)

The Portfolio invests primarily in larger companies. Normally, the Portfolio will have at least 80% of its net assets in equity securities of companies comprising the Russell 1000 Index. The Portfolio may also invest in foreign securities, debt securities of companies, debt obligations of governments and their agencies, and other similar securities.

The Sub-Adviser looks for stocks of companies that it believes are undervalued at the time of purchase. The Sub-Adviser uses a value investment strategy that looks for companies that are temporarily out of favor in the market. The Sub-Adviser attempts to purchase the stocks of these undervalued companies and hold each stock until it has returned to favor in the market and the price has increased to, or is higher than, a level the Sub-Adviser believes more accurately reflects the fair value of the company. The Sub-Adviser may sell stocks from the Portfolio's portfolio if it believes a stock no longer meets its valuation criteria.

American Century uses teams of portfolio managers and analysts to manage funds. These teams are organized by broad investment categories. The individuals listed below are the lead portfolio managers for the Portfolio. As such, they are ultimately responsible for security selection and portfolio construction, as well as compliance with stated investment objectives. Other members of the investment team provide research and analytical support, but generally do not make day-to-day investment decisions for the Portfolio.

Charles A. Ritter, Vice President and Senior Portfolio Manager, is a member of the team that manages the American Century Large Company Value Portfolio. He joined American Century in December 1998. Before joining American Century, he spent 15 years with Federated Investors, most recently serving as a vice president and portfolio manager for the company. He has a B.A. in mathematics and a master's degree in economics from Carnegie Mellon University. He also has an MBA from the University of Chicago. He is a CFA charterholder.

Brendan Healy, Vice President and Portfolio Manager, is a member of the team that manages the American Century Large Company Value Portfolio. He joined American Century in 2000 as an investment analyst. He became a portfolio manager in February 2004. He has a B.A. in mechanical engineering from the University of Arizona and an MBA from the University of Texas-Austin. He is a CFA charterholder.

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.