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

Research International Core Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (98.5%)	Country	Shares/ Par +		Value $ (000’s)
Communication Services (2.6%)
Advanced Info Service PCL - Foreign Shares	Thailand		731,100		4,088
Car Group, Ltd.	Australia		126,566		2,976
Hellenic Telecommunications Organization SA	Greece		189,226		2,790
KDDI Corp.	Japan		176,400		5,216
SEEK, Ltd.	Australia		121,646		1,986
SoftBank Group Corp.	Japan		85,800		5,127
Total					22,183
Consumer Discretionary (10.2%)
Aristocrat Leisure, Ltd.	Australia		199,567		5,593
Bridgestone Corp.	Japan		127,300		5,647
Burberry Group PLC	United Kingdom		148,808		2,283
Cie Financiere Richemont SA	Switzerland		65,070		9,954
Compagnie Generale des Etablissements Michelin	France		161,586		6,195
Denso Corp.	Japan		489,400		9,364
Flutter Entertainment PLC *	United Kingdom		14,970		2,989
LVMH Moet Hennessy Louis Vuitton SE	France		25,308		22,890
NIKE, Inc. - Class B	United States		21,485		2,019
Sands China, Ltd. *	Macau		952,800		2,687
Techtronic Industries Co., Ltd.	Hong Kong		602,000		8,162
Whitbread PLC	United Kingdom		80,461		3,370
Yamaha Corp.	Japan		79,900		1,722
Yum China Holdings, Inc.	China		65,730		2,615
ZOZO, Inc.	Japan		104,300		2,588
Total					88,078
Consumer Staples (7.2%)
British American Tobacco PLC	United Kingdom		294,493		8,951
Diageo PLC	United Kingdom		335,150		12,377
Heineken NV	Netherlands		67,797		6,533
Kao Corp.	Japan		153,800		5,754
Kirin Holdings Co., Ltd.	Japan		341,700		4,748
Nestle SA	United States		189,494		20,121
Seven & i Holdings Co., Ltd.	Japan		246,100		3,582
Total					62,066
Energy (5.0%)
Eni SpA	Italy		501,206		7,947
Galp Energia SGPS SA	Portugal		575,217		9,521
Reliance Industries, Ltd.	India		135,267		4,833
TotalEnergies SE	France		221,239		15,212
Woodside Energy Group, Ltd.	Australia		287,938		5,752
Total					43,265
Financials (19.7%)
AIA Group, Ltd.	Hong Kong		1,398,200		9,383
Aon PLC	United States		33,374		11,138
Bank of Ireland Group PLC	Ireland		699,502		7,138
Beazley PLC	United Kingdom		958,682		8,063
BNP Paribas SA	France		192,030		13,666

Common Stocks (98.5%)	Country	Shares/ Par +		Value $ (000’s)
Financials continued
DBS Group Holdings, Ltd.	Singapore		227,700		6,090
Euronext NV	Netherlands		145,611		13,850
HDFC Bank, Ltd.	India		382,730		6,659
Hiscox, Ltd.	United Kingdom		332,818		5,212
Hong Kong Exchanges & Clearing, Ltd.	Hong Kong		166,300		4,850
Julius Baer Group, Ltd.	Switzerland		161,635		9,330
London Stock Exchange Group PLC	United Kingdom		90,330		10,820
Macquarie Group, Ltd.	Australia		55,634		7,241
Mitsubishi UFJ Financial Group, Inc.	Japan		911,800		9,275
NatWest Group PLC	United Kingdom		4,143,517		13,876
UBS Group AG	Switzerland		325,760		10,012
Visa, Inc. - Class A	United States		34,093		9,515
Willis Towers Watson PLC	United States		16,085		4,423
Zurich Insurance Group AG	Switzerland		18,585		10,021
Total					170,562
Health Care (12.2%)
ConvaTec Group PLC	United Kingdom		1,729,016		6,246
CSL, Ltd.	United States		46,622		8,763
Kyowa Kirin Co., Ltd.	Japan		242,300		4,356
Merck KGaA	Germany		56,859		10,035
Novo Nordisk A/S - Class B	Denmark		235,029		30,106
Olympus Corp.	Japan		301,700		4,340
Qiagen NV *	United States		185,203		7,920
Roche Holding AG	United States		76,601		19,555
Sanofi	United States		70,916		6,958
Santen Pharmaceutical Co., Ltd.	Japan		321,800		3,168
Terumo Corp.	Japan		214,400		3,930
Total					105,377
Industrials (18.4%)
Cellnex Telecom SA	Spain		133,322		4,714
Daikin Industries, Ltd.	Japan		58,200		7,961
GEA Group AG	Germany		209,508		8,858
Hitachi, Ltd.	Japan		212,200		19,382
Legrand SA	France		96,501		10,210
Mitsubishi Electric Corp.	Japan		569,400		9,544
Mitsui & Co., Ltd.	Japan		174,100		8,134
MTU Aero Engines AG	Germany		31,983		8,115
Persol Holdings Co., Ltd.	Japan		1,325,300		1,854
RB Global, Inc.	Canada		70,351		5,358
Ryanair Holdings PLC	Italy		36,661		5,338
Schneider Electric SE	United States		128,241		28,999
Secom Co., Ltd.	Japan		32,400		2,349
SMC Corp.	Japan		20,200		11,398
Thales SA	France		35,779		6,100
Toyota Industries Corp.	Japan		83,400		8,718
Weir Group PLC	United Kingdom		190,769		4,868
Wolters Kluwer NV	Netherlands		46,789		7,328
Total					159,228

1

Research International Core Portfolio

Common Stocks (98.5%)	Country	Shares/ Par +		Value $ (000’s)
Information Technology (9.7%)
Amadeus IT Group SA	Spain		149,387		9,581
ASML Holding NV	Netherlands		10,024		9,624
Cadence Design Systems, Inc. *	United States		30,539		9,506
Capgemini SE	France		10,933		2,521
Constellation Software, Inc.	Canada		3,768		10,292
Fujitsu, Ltd.	Japan		337,000		5,396
Kyocera Corp.	Japan		258,900		3,458
Nomura Research Institute, Ltd.	Japan		218,100		6,156
NXP Semiconductors NV	China		23,566		5,839
Renesas Electronics Corp.	Japan		240,100		4,297
Rohm Co., Ltd.	Japan		28,600		456
Samsung Electronics Co., Ltd.	South Korea		119,758		7,171
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		393,189		9,474
Total					83,771
Materials (9.7%)
Akzo Nobel NV	Netherlands		89,733		6,693
Croda International PLC	United Kingdom		100,539		6,236
Glencore PLC	Australia		1,833,312		10,086
Kansai Paint Co., Ltd.	Japan		166,000		2,378
Linde PLC	United States		62,502		29,021
Nitto Denko Corp.	Japan		93,300		8,526
Novozymes A/S - Class B	Denmark		82,282		4,829
Sika AG	Switzerland		27,640		8,230
Symrise AG	Germany		65,030		7,785
Total					83,784

Common Stocks (98.5%)	Country	Shares/ Par +		Value $ (000’s)
Real Estate (1.2%)
LEG Immobilien SE *	Germany		118,358		10,160
Total					10,160
Utilities (2.6%)
APA Group	Australia		415,302		2,277
China Resources Gas Group, Ltd.	China		734,500		2,342
CLP Holdings, Ltd.	Hong Kong		434,500		3,464
E.ON SE	Germany		359,507		4,997
Iberdrola SA	Spain		737,415		9,156
Total					22,236
Total Common Stocks (Cost: $666,384)					850,710
Warrants (–%)
Information Technology (–%)
Constellation Software, Inc. *,Æ	Canada		5,207		–
Total					–
Total Warrants (Cost: $–)					–
Total Investments (98.5%) (Cost: $666,384)@					850,710
Other Assets, Less Liabilities (1.5%)					13,077
Net Assets (100.0%)					863,787

Investments by Country of Risk as a Percentage of Net Assets:
Japan	19.6%
United States	18.3%
United Kingdom	9.7%
France	9.0%
Germany	5.8%
Switzerland	5.5%
Netherlands	5.2%
Other	25.4%
Total	98.5%

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

* Non income producing

Æ Security valued using significant unobservable inputs.

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $666,384 and the net unrealized appreciation of investments based on that cost was $184,326 which is comprised of $215,518 aggregate gross unrealized appreciation and $31,192 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.

2

Research International Core 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:
Common Stocks
Communication Services		$	4,088		$	18,095		$	—
Consumer Discretionary			4,634			83,444			—
Financials			25,076			145,486			—
Industrials			10,696			148,532			—
Information Technology			25,637			58,134			—
Materials			29,021			54,763			—
All Others			—			243,104			—
Warrants			—			—			—
Total Assets:		$	99,152		$	751,558		$	—

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended March 31, 2024.

3

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

1