Annual Reports - Northwestern Mutual

Equity Income Portfolio
Common Stocks (95.5%)
Shares/
$ Par
Value
$ (000's)
Industrials continued
Cooper Industries, Ltd. -
Class A 25,100 734
Deere & Co. 32,100 1,230
Eaton Corp. 10,600 527
General Electric Co. 278,400 4,510
Honeywell International, Inc. 35,200 1,156
Illinois Tool Works, Inc. 51,900 1,819
Masco Corp. 88,900 990
United Parcel Service, Inc. -
Class B 27,300 1,506
* USG Corp. 29,900 240
Total 17,680
Information Technology (5.8%)
* Alcatel-Lucent, ADR 54,800 118
Analog Devices, Inc. 54,600 1,039
Applied Materials, Inc. 44,700 453
* Cisco Systems, Inc. 28,900 471
* Computer Sciences Corp. 32,800 1,153
* Dell, Inc. 81,200 831
* eBay, Inc. 46,000 642
Intel Corp. 54,500 799
Microsoft Corp. 98,300 1,911
Tyco Electronics, Ltd. 28,400 460
* Yahoo!, Inc. 76,400 932
Total 8,809
Materials (5.7%)
Alcoa, Inc. 56,700 638
E.I. du Pont de Nemours and
Co. 48,500 1,227
International Flavors &
Fragrances, Inc. 35,500 1,055
International Paper Co. 105,000 1,239
MeadWestvaco Corp. 48,900 547
Nucor Corp. 39,300 1,816
Vulcan Materials Co. 24,600 1,712
Weyerhaeuser Co. 13,300 407
Total 8,641
Telecommunication Services (4.5%)
AT&T, Inc. 132,135 3,766
Qwest Communications
International, Inc. 272,900 993
* Sprint Nextel Corp. 123,800 227
Verizon Communications, Inc. 57,000 1,932
Total 6,918
Utilities (5.9%)
Duke Energy Corp. 74,600 1,120
Entergy Corp. 12,900 1,072
FirstEnergy Corp. 13,300 646
NiSource, Inc. 101,700 1,116
* NRG Energy, Inc. 10,700 249
PG&E Corp. 27,300 1,057
Pinnacle West Capital Corp. 27,100 871
Progress Energy, Inc. 32,500 1,295
TECO Energy, Inc. 22,400 277
Common Stocks (95.5%)
Shares/
$ Par
Value
$ (000's)
Utilities continued
Xcel Energy, Inc. 64,000 1,187
Total 8,890
Total Common Stocks (Cost: $208,948) 144,851
Foreign Common Stocks
(0.1%) Country
Consumer Discretionary (0.1%)
United
WPP PLC
Kingdom 28,500 169
Total 169
Financials (0.0%)
*UBS AG Switzerland 3,700 53
Total 53
Total Foreign Common Stocks (Cost: $323) 222
Preferred Stocks (0.0%)
Federal Government & Agencies (0.0%)
Federal National Mortgage
Association 27,600 29
Total 29
Total Preferred Stocks
(Cost: $1,207) 29
Convertible Coporate Bonds (0.1%)
Consumer Discretionary (0.1%)
Ford Motor Co., 4.25%,
12/15/36 929,000 239
Total 239
Total Convertible Corporate Bonds
(Cost: $467) 239
Short-Term Investments (3.9%)
Other Holdings (3.9%)
T. Rowe Price Reserve
Investment Fund 5,910,788 5,911
Total 5,911
Total Short-Term Investments
(Cost: $5,911) 5,911
Total Investments (99.7%)
(Cost: $216,856)(a) 151,252
Other Assets, Less
Liabilities (0.3%) 389
Net Assets (100.0%) 151,641
The Accompanying Notes are an Integral Part of the Financial Statements.
34 Equity Income Portfolio