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| Fund Overview |  | | | Adviser: | Mason Street Advisors, LLC | | Sub-adviser | Janus Capital Management LLC | | Objective: | Long-term growth of capital. | | Focus: | Invests primarily in common stocks of larger well-established issuers, but may invest in issuers of any size, including smaller emerging growth companies. | | Asset Class: | Large-Cap Stocks | | Style: | Growth |
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Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks. 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. |
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| Fund Facts as of 06-30-2008 | | | | Fund Inception | 05-01-2003 | | First Available for Variable Annuity | 05-01-2003 | | First Available for Variable Life | 05-01-2003 | | Net Assets | $277.13 Million |
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| Top Ten Holdings (% of Net Assets) | | | Apple Inc. | 10.0% | | Potash Corp. of Saskatchewan, Inc. | 6.7% | | Celgene Corp. | 6.7% | | Hess Corp. | 6.0% | | Gilead Sciences, Inc. | 5.1% | | Monsanto Co. | 4.9% | | Google, Inc. - Class A | 4.7% | | The Goldman Sachs Group, Inc. | 4.6% | | CVS Caremark Corp. | 4.5% | | Research in Motion, Ltd. | 4.4% | | | | | Total % of Net Assets | 57.6% |
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| Sector Weightings (% of Equities) | | | Information Technology | 30.2% | | Health Care | 18.1% | | Energy | 15.8% | | Materials | 13.0% | | Consumer Staples | 8.8% |
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The Janus Capital Appreciation Portfolio invests in equity securities of any market capitalization selected for their growth potential using a "bottom up" approach that involves considering companies one at a time. The Portfolio also may invest in special situations, meaning investments in securities of issuers that management believes will appreciate in value due to developments specific to the issuers. The Portfolio may also invest in special situations. A special situation arises when, in the opinion of the manager, the securities of a particular issuer will be recognized and appreciate in value due to a specific development with respect to that issuers. Special situations may include significant changes in a company's allocation of its existing capital, a restructuring of assets, or a redirection of free cash flow. Developments creating a special situation might include, among others, a new product or process, a technological breakthrough, a management change or other extraordinary demand for the security. The Portfolio's performance could suffer if the anticipated development in a "special situation" investment does not occur or does not attract the expected attention. |
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Ron Sachs, CFA, serves as Portfolio Manager for the Focused Appreciation Portfolio since January 1, 2008. Mr. Sachs joined Janus as a research analyst in 1996 and has managed several funds since 2000. Mr. Sachs specializes in focused portfolios and pursues a high conviction, low turnover approach to the portfolio while leveraging the Janus research platform. Mr. Sachs holds a Bachelor's degree (cum laude) in Economics from Princeton, a law degree from the University of Michigan and the Chartered Financial Analyst designation. 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. |
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