Return of principal is not guaranteed. Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the Fund. 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.

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.

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The Portfolio invests at least 50% of its net assets in inflation-linked debt securities. These securities include inflation-linked U.S. Treasury Securities, inflation-linked securities issued by U.S. government agencies and instrumentalities other than the U.S. Treasury, and inflation-linked securities issued by other entities such as domestic and foreign corporations and governments. Inflation-linked securities are designed to protect the future purchasing power of the money invested in them. The Portfolio also may invest in fixed-income securities that are not linked to inflation, including mortgage- and asset-backed securities. The Portfolio invests primarily in investment grade securities, but may invest up to 10% of its total assets in high-yield securities.

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.

Bob Gahagan, SVP and Sr. Portfolio Manager (team leader) is a 24-year veteran of American Century Investments who provides day-to-day leadership for the Liquid Markets and Securitized teams. Brian Howell, VP and Sr. Portfolio Manager has been with the firm for 20 years and has significant experience and knowledge of the taxable bond market. Jim Platz, CFA, VP and Sr. Portfolio Manager joined American Century Investments in 2003 and has worked in the financial services industry for 18 years. He manages several portfolios within the Liquid Markets team. Seth Plunkett, Portfolio Manager joined the Fixed Income group in 2000.

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.