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| Fund Overview |  | | | Fund Manager(s): | AEW Management and Advisors, L.P.; Cohen & Steers Capital Management, Inc.; Heitman Real Estate Securities, LLC; INVESCO Institutional (N.A.) Inc.; RREEF America, L.L.C (Money managers listed are current as of 6/30/2008. Russell has the right to employ or terminate a money manager at any time and without prior notification, as is consistent with its role as investment manager.) | | Objective: | Seeks to provide current income and long-term capital growth | | Focus: | Invests in securities of companies that own and/or manage properties known as Real Estate Investment Trusts (REITs). | | Asset Class: | Real Estate | | Styles: | Value, Growth and Market-Oriented |
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Equity Real Estate Investment Trusts (REITs) may be affected by changes
in the value of the underlying property owned by the trust, while
mortgage REITs may be affected by the quality of any credit
extended. This fund is subject to some of the risks associated with
direct ownership of real estate, including market value declines, risks
related to general and local economic conditions and increases in
interest rates. This fund, however, does not own real estate directly. |
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| Fund Facts as of 06-30-2008 | | | | Fund Inception | 04-30-1999 | | First Available for Variable Annuity | 04-30-1999 | | First Available for Varaible Life | 06-30-1999 | | Net Assets | $469.24 Million |
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| Top 10 Portfolio Holdings | | | | % of Net Assets | | Simon Property Group, Inc. | 8.6% | | Vornado Realty Trust | 5.4% | | ProLogis | 5.3% | | Public Storage, Inc. | 4.7% | | Boston Properties, Inc. | 4.2% | | Equity Residential | 3.9% | | AvalonBay Communities, Inc. | 3.9% | | General Growth Properties, Inc. | 3.8% | | Host Hotels & Resorts, Inc. | 3.2% | | Federal Realty Investors Trust | 3.0% | | | | | % of total portfolio | 46.00% |
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| Sector Weightings | | | | % of Equities | | Regional Malls | 16.6% | | Apartment | 15.2% | | Office/Industrials | 13.0% | | Shopping Center | 10.8% | | Diversified | 10.5% |
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The Real Estate Securities Fund seeks to achieve its objective by concentrating its investments in equity securities of real estate companies, primarily companies known as real estate investment trusts (REITs) and other real estate operating companies whose value is derived from ownership, development and management of underlying real estate properties. The Fund may also invest in equity securities of other types of real estate-related companies. The Fund invests in companies which are predominately US based. The Fund employs multi-manager approach whereby portions of the Fund are allocated to different money managers whose approaches are intended to complement one another. The Fund intends to be fully invested at all times. 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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