Expanding Real Estate Opportunities

June 30, 2008

About the Fund
In this fund, Russell's goal is to combine managers with complementary investment approaches for effectiveness during different phases of real estate, economic and stock market cycles. Russell has chosen a mix of managers intended to help manage risk while increasing the fund's potential to outperform its benchmark in a wide variety of market environments. The mix of managers uses a range of investment strategies, including value, growth and market-oriented approaches and provides exposure to all major property sectors. Russell believes this group, when combined, provides a more durable investment approach and consistent performance profile than a single manager.

Investment Strategy

• Seeks to provide current income and long-term capital growth.
• Exposure to real estate through equity securities.
• High current income with moderate capital appreciation potential.
• Specialty fund offering additional diversification.

Fund Highlights

• Provides broad exposure to all areas of the real estate market including retail, office, industrial and apartment holdings.
• Includes a global manager, creating further diversification benefits through international exposure.
• Helps to build a strong portfolio by diversifying beyond equity and fixed income holdings.

Managing Money Differently
The Russell approach has been trusted for decades by many of the world's largest investors; their mutual funds allow you to employ that same approach. Russell identifies investment managers they believe have exceptional capabilities, blending them to help manage risk through diversification, and constantly monitoring them. Regardless of market conditions, Russell's investment approach remains constant.

Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments.

Due to rounding totals may not equal 100%.

The top ten holdings list does not reflect the investment of cash reserves and cash collateral received in securities lending transactions in one or more of RIC's money market funds.

Annualized Returns in Percentages as of June 30, 2008

Performance information is historical and does not guarantee future results. Investment return and principal value will fluctuate so that redeemed shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Month-end performance for Russell mutual funds is available by choosing fund performance from the left-hand navigation.

The fund offers other classes of shares with higher fees and expenses. These other classes may charge up to a 0.75% distribution fee and a 0.25% shareholder servicing fee which will result in a higher expense ratio and lower performance than that shown above. For a full description of other available classes, please see the prospectus.

Fund objectives, risks, charges, and expenses should be carefully considered before investing.

For more complete information, including a contract and fund prospectus that gives investment objectives, risks, charges, expenses, and other information about the investment company, contact a Northwestern Mutual Financial Network Representative, who is a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS). Read the prospectuses carefully before you invest or send money.

Consult the  Prospectus.
Consult the Statement of Additional Information.

View  Real Estate Securities Fund in PDF format.

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