First American Real Estate Secs A

Ticker: FREAX


Investment Objective
The fund seeks to provide above average current income and long-term capital appreciation.

Investment Strategy
The fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in income-producing common stocks of publicly traded companies engaged in the real estate industry. It may invest up to 15% of its total assets in non-dollar denominated securities of foreign issuers. It may invest up to 25% of its assets, collectively, in non-dollar denominated securities of foreign issuers and in dollar-denominated securities of foreign issuers.

 Morningstar Category
 Specialty-Real Estate

 Morningstar Style Box

CUSIP: 318530284
General Information
Expense Ratio: 1.23%
Inception Date: 09/29/1995
Fund Manager: John G. Wenker
Managed Fund Since: 1999
Fund Phone Number: 800-677-3863
Fund Website: www.firstamericanfunds.com
Top 5 Holdings (as of 06/30/2008)
Simon Property Group, Inc.  7.66%
ProLogis Trust  6.64%
Boston Properties, Inc.  5.23%
Public Storage  4.80%
Ventas, Inc.  3.84%

Be aware that there are significant differences in risk among investment asset classes. Refer to the investment pyramid for a complete listing of disclosures. Shares of a mutual fund will fluctuate so that, when redeemed, they may be worth more or less than their original cost. Refer to the fund’s prospectus for complete information on the risks and expenses involved with a particular investment. Please note that some fund companies may waive a portion of these expenses.

There are special risk factors associated with REITS, such as interest rate risk and the illiquidity of the real estate market. Shares, when redeemed, may be worth more or less than the original amount invested.

Mutual funds offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton St., Fort Wayne, IN, 46802.

This information must be preceded or accompanied by prospectuses for the funds listed. The most current information on a specific mutual fund, including risk, fees and expenses can be viewed online at www.LincolnAlliance.com. Paper copies of prospectuses can be requested by calling 800-234-3500. Read the prospectus carefully before investing.

The Morningstar® category is assigned based on the underlying securities in each portfolio as measured by the portfolio statistics and compositions over the past three years.

The Morningstar Style BoxTM provides a graphical representation of the investment style of stocks and mutual funds. For stocks and stock funds, it classifies securities according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis). Fixed income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis).

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The mutual fund information is compiled by NewRiver, Inc., from documents filed with the Securities & Exchange Commission’s EDGAR database. The information is provided on an ‘as is’ basis and without warranties.

CRN0306-3628