Northwestern Mutual Series Fund NPORT-P Large Company Value Portfolio (Mar 2024 report)

Large Company Value Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (97.6%)	Shares/ Par +		Value $ (000’s)
Communication Services (3.3%)
BCE, Inc.		25,703		874
Verizon Communications, Inc.		58,587		2,458
The Walt Disney Co.		15,572		1,905
Total				5,237
Consumer Discretionary (1.3%)
Aptiv PLC *		11,780		938
General Motors Co.		25,710		1,166
Total				2,104
Consumer Staples (14.6%)
Colgate-Palmolive Co.		37,934		3,416
Conagra Brands, Inc.		78,180		2,317
Dollar Tree, Inc. *		15,284		2,035
General Mills, Inc.		18,167		1,271
Heineken Holding NV		17,213		1,389
Kenvue, Inc.		124,991		2,682
Kimberly-Clark Corp.		25,448		3,292
Koninklijke Ahold Delhaize NV		27,594		825
Mondelez International, Inc.		23,658		1,656
Pernod Ricard SA		6,964		1,126
Unilever PLC, ADR		49,563		2,488
Walmart, Inc.		12,640		760
Total				23,257
Energy (7.9%)
Baker Hughes Co.		48,929		1,639
Chevron Corp.		5,598		883
Coterra Energy, Inc.		28,737		801
Enterprise Products Partners LP		61,505		1,795
Exxon Mobil Corp.		34,141		3,969
Shell PLC		48,447		1,607
TotalEnergies SE, ADR		28,730		1,977
Total				12,671
Financials (19.2%)
The Allstate Corp.		18,379		3,180
The Bank of New York Mellon Corp.		61,447		3,541
Berkshire Hathaway, Inc. - Class B *		8,466		3,560
BlackRock, Inc.		2,928		2,441
The Charles Schwab Corp.		39,240		2,839
Chubb, Ltd.		5,176		1,341
JPMorgan Chase & Co.		23,073		4,621
MetLife, Inc.		11,870		880
Northern Trust Corp.		14,345		1,276
Truist Financial Corp.		73,347		2,859
U.S. Bancorp		61,460		2,747

Common Stocks (97.6%)	Shares/ Par +		Value $ (000’s)
Financials continued
Willis Towers Watson PLC		5,132		1,411
Total				30,696
Health Care (23.2%)
Becton Dickinson and Co.		8,060		1,995
CVS Health Corp.		21,632		1,725
Henry Schein, Inc. *		34,125		2,577
Johnson & Johnson		47,772		7,557
Medtronic PLC		81,772		7,127
Merck & Co., Inc.		12,020		1,586
Pfizer, Inc.		38,986		1,082
Quest Diagnostics, Inc.		23,723		3,158
Roche Holding AG		7,317		1,868
Universal Health Services, Inc. - Class B		10,897		1,988
Zimmer Biomet Holdings, Inc.		47,995		6,334
Total				36,997
Industrials (10.0%)
Emerson Electric Co.		15,534		1,762
Johnson Controls International PLC		21,312		1,392
Norfolk Southern Corp.		13,252		3,378
Oshkosh Corp.		8,979		1,120
RTX Corp.		33,966		3,313
Siemens AG		4,208		803
Southwest Airlines Co.		35,738		1,043
United Parcel Service, Inc. - Class B		21,331		3,170
Total				15,981
Information Technology (7.1%)
Amdocs, Ltd.		13,327		1,204
Analog Devices, Inc.		10,159		2,009
Automatic Data Processing, Inc.		5,004		1,250
Cisco Systems, Inc.		47,032		2,348
F5, Inc. *		15,121		2,867
TE Connectivity, Ltd.		10,791		1,567
Total				11,245
Materials (3.2%)
Akzo Nobel NV		11,352		847
Packaging Corp. of America		10,877		2,064
Sonoco Products Co.		37,813		2,187
Total				5,098

Common Stocks (97.6%)	Shares/ Par +		Value $ (000’s)
Real Estate (1.3%)
American Tower Corp.		5,934		1,173
Realty Income Corp.		17,597		952
Total				2,125
Utilities (6.5%)
Duke Energy Corp.		39,831		3,852
Edison International		23,673		1,674
Eversource Energy		30,069		1,797
Pinnacle West Capital Corp.		12,508		935
Xcel Energy, Inc.		39,269		2,111
Total				10,369
Total Common Stocks (Cost: $145,096)				155,780
Total Investments (97.6%) (Cost: $145,096)@				155,780
Other Assets, Less Liabilities (2.4%)				3,784
Net Assets (100.0%)				159,564

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Large Company Value Portfolio

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	Goldman Sachs International	CAD		1,010		747		6/28/24	$	—		$   (2)		$   (2)
Sell	Morgan Stanley Capital Services LLC	CHF		1,400		1,567		6/28/24		9		—		9
Sell	Bank of America NA	EUR		5,426		5,875		6/28/24		17		—		17
Sell	Morgan Stanley Capital Services LLC	GBP		2,727		3,443		6/28/24		7		—		7
									$	33		$   (2)		$   31

	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	$	33		—	$	33	$	(2)		—		—	$	(2)

+ 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 $145,096 and the net unrealized appreciation of investments based on that cost was $10,715 which is comprised of $16,022 aggregate gross unrealized appreciation and $5,307 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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Large Company Value 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
Consumer Staples	$	19,917	$	3,340		$	—
Energy		11,064		1,607			—
Health Care		35,129		1,868			—
Industrials		15,178		803			—
Materials		4,251		847			—
All Others		61,776		—			—
Other Financial Instruments^
Forward Foreign Currency Contracts		—		33			—
Total Assets:	$	147,315	$	8,498		$	—
Liabilities:
Other Financial Instruments^
Forward Foreign Currency Contracts		—		(2	)		—
Total Liabilities:	$	—	$	(2	)	$	—

^ 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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