Northwestern Mutual Series Fund NPORT-P International Equity Portfolio (Mar 2024 report)

International Equity Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (94.0%)	Country	Shares/ Par +		Value $ (000’s)
Communication Services (3.7%)
Baidu, Inc., ADR *	China		88,000		9,265
Deutsche Telekom AG	Germany		1,050,000		25,489
Grupo Televisa SAB, ADR	Mexico		1,850,000		5,920
Liberty Global, Ltd. - Class A *	Belgium		155,000		2,623
Liberty Global, Ltd. - Class C *	Belgium		327,000		5,768
Millicom International Cellular SA, SDR *	Guatemala		360,000		7,337
NetEase, Inc., ADR	China		40,000		4,139
Tencent Holdings, Ltd.	China		265,000		10,341
Total					70,882
Consumer Discretionary (12.1%)
adidas AG	Germany		58,000		12,956
Alibaba Group Holding, Ltd., ADR	China		495,000		35,818
Booking Holdings, Inc.	United States		7,000		25,395
Entain PLC	United Kingdom		1,950,337		19,605
Flutter Entertainment PLC *	United Kingdom		20,000		3,950
Honda Motor Co., Ltd.	Japan		1,650,000		20,407
JD.com, Inc., ADR	China		760,000		20,816
Kering SA	France		24,000		9,486
Ollamani SAB *	Mexico		462,500		836
Prosus NV	China		1,225,000		38,387
Stellantis NV	United States		1,225,000		34,817
Yum China Holdings, Inc.	China		260,000		10,345
Total					232,818
Consumer Staples (7.4%)
Anheuser-Busch InBev SA/NV	Belgium		545,000		33,151
Beiersdorf AG	Germany		95,000		13,831
Danone SA	France		270,000		17,446
Haleon PLC	United States		6,500,000		27,279
Imperial Brands PLC	United Kingdom		1,625,000		36,332
Seven & i Holdings Co., Ltd.	Japan		1,065,000		15,502
Total					143,541
Energy (7.4%)
Equinor ASA	Norway		530,000		14,221
Ovintiv, Inc.	United States		244,246		12,676
Suncor Energy, Inc.	Canada		1,135,000		41,893
TC Energy Corp.	Canada		475,000		19,095
TotalEnergies SE	France		810,000		55,696
Total					143,581
Financials (23.6%)
Aegon, Ltd.	Netherlands		2,150,000		13,100
Aviva PLC	United Kingdom		4,301,600		26,996
Axis Bank, Ltd.	India		3,080,139		38,753
Banco Santander SA	Spain		14,550,000		71,095
Barclays PLC	United Kingdom		22,350,000		51,936
BNP Paribas SA	France		945,000		67,254
Credicorp, Ltd.	Peru		140,000		23,720
HDFC Bank, Ltd.	India		1,825,000		31,750
ICICI Bank, Ltd.	India		475,806		6,248

Common Stocks (94.0%)	Country	Shares/ Par +		Value $ (000’s)
Financials continued
Prudential PLC	Hong Kong		2,700,000		25,398
Standard Chartered PLC	United Kingdom		3,300,000		27,965
UBS Group AG	Switzerland		1,720,000		52,862
XP, Inc. - Class A	Brazil		730,000		18,732
Total					455,809
Health Care (14.1%)
Bayer AG	Germany		690,000		21,161
Fresenius Medical Care AG	Germany		580,000		22,306
GSK PLC	United States		2,920,000		62,713
Novartis AG	Switzerland		585,000		56,654
Olympus Corp.	Japan		835,000		12,013
Roche Holding AG	United States		141,500		36,121
Sanofi	United States		620,000		60,833
Total					271,801
Industrials (7.3%)
Johnson Controls International PLC	United States		834,300		54,496
Mitsubishi Electric Corp.	Japan		2,675,000		44,837
Nidec Corp.	Japan		160,000		6,605
Schneider Electric SE	United States		85,000		19,221
Smiths Group PLC	United Kingdom		790,000		16,390
Total					141,549
Information Technology (5.6%)
Brother Industries, Ltd.	Japan		385,000		7,154
Infineon Technologies AG	Germany		280,000		9,519
Kyocera Corp.	Japan		1,020,000		13,624
Murata Manufacturing Co., Ltd.	Japan		855,000		16,089
Samsung Electronics Co., Ltd.South Korea			40,000		2,395
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		1,550,000		37,346
TE Connectivity, Ltd.	United States		155,000		22,512
Total					108,639
Materials (11.4%)
Akzo Nobel NV	Netherlands		460,000		34,310
Glencore PLC	Australia		5,450,000		29,983
Holcim, Ltd. *	United States		640,000		58,245
International Flavors & Fragrances, Inc.	United States		235,000		20,207
Linde PLC	United States		49,000		22,752
Mitsubishi Chemical Group Corp.	Japan		3,143,200		19,146
Nutrien, Ltd.	Canada		325,000		17,651
Teck Resources, Ltd. - Class B	Canada		400,000		18,312
Total					220,606

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International Equity Portfolio

Common Stocks (94.0%)	Country		Shares/ Par +		Value $ (000’s)
Real Estate (1.4%)
CK Asset Holdings, Ltd.		Hong Kong		2,435,500		10,033
Daito Trust Construction Co., Ltd.		Japan		110,000		12,540
Hang Lung Group, Ltd.		Hong Kong		3,500,000		4,030
Total						26,603
Total Common Stocks (Cost: $1,771,400)						1,815,829
Preferred Stocks (3.7%)
Financials (2.5%)
Itau Unibanco Holding SA		Brazil		6,870,000		47,449
Total						47,449

Preferred Stocks (3.7%)	Country	Shares/ Par +		Value $ (000’s)
Information Technology (1.2%)
Samsung Electronics Co., Ltd.South Korea			460,000		22,969
Total					22,969
Total Preferred Stocks (Cost: $54,133)					70,418
Total Investments (97.7%) (Cost: $1,825,533)@					1,886,247
Other Assets, Less Liabilities (2.3%)					44,836
Net Assets (100.0%)					1,931,083

Investments by Country of Risk as a Percentage of Net Assets:
United States	23.6%
United Kingdom	9.6%
Japan	8.7%
France	7.8%
China	6.7%
Switzerland	5.6%
Germany	5.5%
Canada	5.0%
Other	25.2%
Total	97.7%

Over the Counter Derivatives

Forward Foreign Currency Contracts

Type	Counterparty	Currency	Foreign Principal Amount Covered by Contract (000s)		USD Principal Amount Covered by Contract (000’s)		Settlement Date		Unrealized Appreciation (000’s)		Unrealized (Depreciation) (000’s)		Net Unrealized Appreciation/ (Depreciation) (000’s)
Sell	Citibank NA	CNH		10,735		1,479		4/17/24	$	53	$	—	$	53
Sell	HSBC Bank USA	CNH		4,539		625		4/17/24		50		—		50
Sell	JP Morgan Chase Bank NA	CNH		65,626		9,040		4/17/24		275		—		275
Sell	UBS AG	CNH		21,470		2,958		4/17/24		107		—		107
Sell	Bank of America NA	CNH		11,718		1,617		5/22/24		54		—		54
Sell	Barclays Bank PLC	CNH		11,718		1,617		5/22/24		55		—		55
Sell	Citibank NA	CNH		11,718		1,617		5/22/24		58		—		58
Sell	JP Morgan Chase Bank NA	CNH		24,370		3,362		5/22/24		96		—		96
Sell	UBS AG	CNH		7,700		1,062		5/22/24		8		—		8
Sell	Bank of America NA	CNH		51,413		7,099		6/5/24		227		—		227
Sell	HSBC Bank USA	CNH		21,309		2,942		6/5/24		55		—		55
Sell	JP Morgan Chase Bank NA	CNH		11,461		1,586		7/10/24		39		—		39
Sell	UBS AG	CNH		9,090		1,261		8/14/24		24		—		24
Sell	Bank of America NA	CNH		8,151		1,133		9/12/24		10		—		10
Sell	HSBC Bank USA	CNH		24,454		3,399		9/12/24		30		—		30
Sell	JP Morgan Chase Bank NA	CNH		9,090		1,263		9/12/24		25		—		25
Sell	HSBC Bank USA	CNH		18,325		2,552		10/17/24		36		—		36
Sell	UBS AG	CNH		9,235		1,286		10/17/24		12		—		12
Sell	HSBC Bank USA	CNH		38,650		5,390		11/7/24		60		—		60
Sell	UBS AG	CNH		21,772		3,036		11/7/24		33		—		33
Sell	HSBC Bank USA	CNH		24,260		3,390		12/5/24		95		—		95
Sell	JP Morgan Chase Bank NA	CNH		12,130		1,695		12/5/24		47		—		47
Sell	UBS AG	CNH		24,260		3,390		12/5/24		95		—		95
Sell	HSBC Bank USA	CNH		29,698		4,160		1/9/25		89		—		89
Sell	JP Morgan Chase Bank NA	CNH		29,698		4,160		1/9/25		87		—		87

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International Equity Portfolio

Forward Foreign Currency Contracts

(continued) 

Type	Counterparty	Currency	Foreign Principal Amount Covered by Contract (000s)		USD Principal Amount Covered by Contract (000’s)		Settlement Date		Unrealized Appreciation (000’s)		Unrealized (Depreciation) (000’s)			Net Unrealized Appreciation/ (Depreciation) (000’s)
Sell	UBS AG	CNH		14,849		2,080		1/9/25	$	45	$	—		$	45
Sell	Barclays Bank PLC	CNH		608		85		2/13/25		1		—			1
Sell	HSBC Bank USA	CNH		1,520		213		2/13/25		2		—			2
Sell	UBS AG	CNH		24,743		3,473		2/13/25		44		—			44
Sell	HSBC Bank USA	CNH		49,815		7,006		3/13/25		89		—			89
Sell	UBS AG	CNH		30,771		4,327		3/13/25		55		—			55
Sell	State Street Bank And Trust Company	CNY		6,354		891		8/14/24		—		(2	)		(2	)
Sell	State Street Bank And Trust Company	CNY		49,815		7,142		3/13/25		—		(46	)		(46	)
									$	1,956	$	(48	)	$	1,908

	Financial Derivative Assets (000’s)								Financial Derivative Liabilities (000’s)
	Forward Foreign Currency Contracts		Swaps		Total		Forward Foreign Currency Contracts		Options		Swaps		Total
Total Over the Counter Derivatives		$  1,956		— $		1,956		$ (48)		—		—  $		(48)

+ All par is stated in U.S. Dollar unless otherwise noted.

* Non income producing

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $1,825,533 and the net unrealized appreciation of investments based on that cost was $62,622 which is comprised of $267,050 aggregate gross unrealized appreciation and $204,428 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.

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International Equity Portfolio

The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification  defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is  based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio’s Investments at March 31, 2024.

	Valuation Inputs
Description	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant   Unobservable  Inputs
			(Amounts in thousands)
Assets:
Preferred Stocks
Financials	$	47,449		$	—			$       —
Information Technology		—			22,969			—
Common Stocks
Communication Services		27,715			43,167			—
Consumer Discretionary		97,160			135,658			—
Energy		73,664			69,917			—
Financials		42,452			413,357			—
Industrials		54,496			87,053			—
Information Technology		22,512			86,127			—
Materials		78,922			141,684			—
All Others		—			441,945			—
Other Financial Instruments^
Forward Foreign Currency Contracts		—			1,956			—
Total Assets:	$	444,370		$	1,443,833			$       —
Liabilities:
Other Financial Instruments^
Forward Foreign Currency Contracts		—			(48)			—
Total Liabilities:	$	—		$	(48)			$       —

^ Other financial instruments are derivative instruments such as futures and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument, and securities sold short, reverse repurchase agreements, written options and swaps contracts, which are valued at market value.

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Abbreviations (unaudited)

Abbreviations that may be used in the preceding statements

ADR	American Depositary Receipt
AFC	Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the
	underlying loans is lower than the uncapped rate, then the security will pay at the lower rate.
CSTR	Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral.
IO	Interest Only Security
PO	Principal Only Security
GDR	Global Depositary Receipt
GO	General Obligation
RB	Revenue Bond
CPURNSA	U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted
IBOR	Interbank Offered Rate
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
ICE	Intercontinental Exchange
FTSE	Financial Times Stock Exchange
SONIA	Sterling Overnight Index Average Rate
SONIO	Sterling Overnight Interbank Average Rate
MUTKCALM	Bank of Japan Unsecured Overnight Call Rate
DAC	Designated Activity Company
TBA	To Be Announced
CMT	Constant Maturity Treasury
OIS	Overnight Index Swaps
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate
BONCER	National Treasury Bond in Pesos with Adjustment for CER
DIFC	Dubai International Financial Centre
EURIBOR	Euro Interbank Offered Rate
SDR	Swedish Depository Receipt
ETF	Exchange Traded Fund

Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Renminbi - Offshore
CNY	Chinese Yuan Renminbi
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
RUB	Russian Ruble
SAR	Saudi Riyal
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

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