Overseas investments can pose more risks than domestic investments. Unit values are subject to fluctuations in foreign stock markets, currency values, interest rates, government regulations and political conditions. The Portfolio may hold fewer securities than other diversified portfolios because of its focused investment strategy. Holding fewer securities increases the risk that the value of the Portfolio could go down because of poor performance of a single investment.

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The International Growth Portfolio will normally invest at least 80% of net assets (plus any borrowings for investment purposes) in the securities of issuers from countries outside the United States. The Portfolio normally invests in a core group of 50-70 equity securities. The Portfolio may invest in emerging markets but will normally limit such investments to 15% of its net assets, measured at the time of purchase. Although the Portfolio intends to invest substantially all of its assets in issuers located outside the U.S., it may at times invest in U.S. issuers. The Portfolio's investments in equity securities may include small, medium, and large capitalization issues. Within the parameters of its specific investment policies, the Portfolio may invest in foreign equity and debt securities. The Adviser applies a "bottom up" approach in choosing investments. In other words, the Adviser looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Portfolio's investment policies. The Portfolio invests in companies after assessing their growth potential. If the Adviser is unable to find such investments, the Portfolio's uninvested assets may be held in cash or similar investments, subject to the Portfolio's specific investment policies. The Adviser normally seeks to limit any sector exposure and country exposure to plus or minus 10% of the respective weighting of the Morgan Stanley Capital International EAFE® Index.

The International Growth Portfolio is managed by Laurent Saltiel. Mr. Saltiel is an Executive Vice President with Janus and also manages other Janus accounts. He joined Janus in 2002 as an equity research analyst. He holds a Bachelor's degree in Business Administration from Ecole Superieure De Commerce De Paris (ESCP) and a Master's degree from Harvard Business School.

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.