NMFN: IV, ANN, Neuberger Berman AMT Socially Responsive

Fund Overview

Fund Manager(s):	Neuberger Berman, LLC
Objective:	Long-term Capital Growth
Focus:	The objective is long-term growth of capital by investing primarily in securities of companies that meet the fund's financial criteria and social policy.
Asset Class:	Large-Cap Stocks
Style:	Blend

Mutual funds that follow social policies may underperform similar funds that do not have such policies.

Fund Facts as of 03-31-2008

Fund Inception	04-30-2007
First Available for Variable Annuity	04-30-2007
First Available for Variable Life	N/A
Net Assets	$586.13 Million

Top Ten Holdings (% of Net Assets)

Comcast Corp. Class A Special	4.9%
E. W. Scripps	4.5%
Danaher Corp.	4.3%
Altera Corp.	4.2%
Anixter International	3.9%
National Instruments	3.4%
Willis Group Holdings	3.4%
Manpower Inc.	3.2%
Bank of New York Mellon	3.2%
UnitedHealth Group	3.0%

% of total portfolio	38.0%

Sector Weightings (% of Equities)

Media	12.1%
Capital Markets	8.5%
Oil, Gas & Consumable Fuels	8.1%
Electronic Equipment & Instruments	7.4%
Semiconductors & Semiconductor Equipment	6.9%

Investment Strategy:

To pursue this goal, the Fund invests mainly in common stocks of mid- to large-capitalization companies. The Fund seeks to reduce risk by investing across many different industries. The Portfolio Managers employ a research driven and valuation sensitive approach to stock selection. They seek to identify stocks in well-positioned businesses that they believe are undervalued in the market. They look for solid balance sheets, strong management teams with a track record of success, good cash flow, the prospect for above average earnings growth, and other valuation- related factors. Among companies that meet these criteria, the Portfolio Managers look for those that show leadership in three areas:

environmental concerns
diversity in the work force
progressive employment and workplace practices, and community relations.

Portfolio Manager:

Arthur Moretti is a Vice President of Neuberger Berman Management Inc. and a Managing Director of Neuberger Berman, LLC. He joined each firm and has co-managed the Fund since 2001. He was a portfolio manager and fund analyst at two other firms since 1991.

Ingrid S. Dyott is a Vice President of Neuberger Berman Management Inc. and a Managing Director of Neuberger Berman, LLC. She has been co-Portfolio Manager of the Fund since December 2003 and before that was an Associate Manager of the Fund since 1997. She was a research analyst and the project director for a social research group from 1995 to 1997.

Sajjad S. Ladiwala is a Vice President of Neuberger Berman Management Inc. and Neuberger Berman, LLC. He has been an Associate Manger of the Fund since December 2003. He held various positions as a financial analyst at two other firms since 1994.

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.