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

International Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (97.9%)	Country	Shares/ Par +		Value $ (000’s)
Communication Services (0.4%)
Rightmove PLC	United Kingdom		562,957		3,902
Total					3,902
Consumer Discretionary (10.3%)
Autoliv, Inc.	Sweden		75,700		9,117
Compass Group PLC	United Kingdom		811,000		23,768
InterContinental Hotels Group PLC, ADR	United Kingdom		178,384		18,848
LVMH Moet Hennessy Louis Vuitton SE	France		53,260		48,170
PRADA SpA	Italy		1,084,500		8,593
USS Co., Ltd.	Japan		410,800		3,395
Total					111,891
Consumer Staples (2.9%)
Nestle SA	United States		277,159		29,429
PriceSmart, Inc.	United States		24,900		2,091
Total					31,520
Energy (0.7%)
Reliance Industries, Ltd.	India		135,000		4,823
Reliance Industries, Ltd., GDR	India		37,400		2,671
Total					7,494
Financials (14.4%)
AIA Group, Ltd.	Hong Kong		699,088		4,692
Deutsche Borse AG	Germany		56,900		11,642
HDFC Bank, Ltd.	India		270,729		4,710
Jio Financial Services, Ltd. *	India		75,000		319
Kotak Mahindra Bank, Ltd.	India		191,700		4,105
London Stock Exchange Group PLC	United Kingdom		95,000		11,379
Marsh & McLennan Cos., Inc.	United States		110,923		22,848
Mastercard, Inc. - Class A	United States		43,350		20,876
Moody’s Corp.	United States		45,500		17,883
MSCI, Inc.	United States		17,400		9,752
S&P Global, Inc.	United States		38,600		16,422
UBS Group AG	Switzerland		411,300		12,641
Visa, Inc. - Class A	United States		68,025		18,984
Total					156,253
Health Care (7.6%)
Hoya Corp.	Japan		137,100		17,162
Novo Nordisk A/S - Class B	Denmark		475,000		60,846
ResMed, Inc.	United States		21,600		4,277
Total					82,285
Industrials (27.7%)
Aalberts NV	Netherlands		47,200		2,267
Airbus SE	France		146,400		27,004
Assa Abloy AB - Class B	Sweden		462,100		13,255
Atlas Copco AB - Class A	Sweden		2,076,600		35,043
Azelis Group NV	Belgium		168,307		3,553

Common Stocks (97.9%)	Country	Shares/ Par +		Value $ (000’s)
Industrials continued
BAE Systems PLC	United Kingdom		1,103,600		18,798
CAE, Inc. *	Canada		277,900		5,738
Canadian Pacific Kansas City, Ltd.	Canada		260,300		22,951
Edenred	France		250,866		13,374
Epiroc AB	Sweden		669,645		12,627
Experian PLC	United States		498,100		21,745
IMCD NV	Netherlands		51,700		9,112
Interpump Group SpA	Italy		122,400		5,965
KONE Oyj - Class B	Finland		102,600		4,772
Legrand SA	France		143,800		15,214
MISUMI Group, Inc.	Japan		330,900		4,616
OSG Corp.	Japan		138,600		1,994
Otis Worldwide Corp.	United States		68,300		6,780
Recruit Holdings Co., Ltd.	Japan		447,900		19,731
Safran SA	France		191,900		43,454
Schindler Holding AG	Switzerland		26,608		6,651
SHO-BOND Holdings Co., Ltd.	Japan		156,061		6,553
Total					301,197
Information Technology (24.1%)
Amadeus IT Group SA	Spain		191,100		12,256
ASML Holding NV	Netherlands		78,600		75,463
Azbil Corp.	Japan		342,300		9,474
BE Semiconductor Industries N.V.	Netherlands		40,950		6,252
Keyence Corp.	Japan		73,600		34,224
Lagercrantz Group AB - Class B	Sweden		136,200		2,080
Lasertec Corp.	Japan		56,700		16,080
Lectra	France		75,400		2,632
Microsoft Corp.	United States		23,500		9,887
NICE, Ltd., ADR *	Israel		32,474		8,463
The Sage Group PLC	United Kingdom		440,000		7,027
SAP SE	Germany		217,000		42,248
Spectris PLC	United Kingdom		222,600		9,289
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		1,094,000		26,359
Total					261,734
Materials (9.8%)
CRH PLC	United States		418,500		36,105
Franco-Nevada Corp.	Canada		54,000		6,434
Linde PLC	United States		91,755		42,604

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International Growth Portfolio

Common Stocks (97.9%)	Country	Shares/ Par +		Value $ (000’s)
Materials continued
The Sherwin-Williams Co.	United States		60,700		21,083
Total					106,226
Total Common Stocks (Cost: $733,897)					1,062,502
Total Investments (97.9%) (Cost: $733,897)@					1,062,502
Other Assets, Less Liabilities (2.1%)					22,826
Net Assets (100.0%)					1,085,328

Investments by Country of Risk as a Percentage of Net Assets:
United States	25.8%
France	13.7%
Japan	10.5%
United Kingdom	8.6%
Netherlands	8.6%
Sweden	6.7%
Denmark	5.6%
Germany	5.0%
Other	13.4%
Total	97.9%

+ 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 $733,897 and the net unrealized appreciation of investments based on that cost was $328,605 which is comprised of $343,087 aggregate gross unrealized appreciation and $14,482 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 Growth 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				$      —			$    3,902			$       —
Consumer Discretionary				27,965			83,926			—
Consumer Staples				2,091			29,429			—
Energy				2,528			4,966			—
Financials				106,765			49,488			—
Health Care				4,277			78,008			—
Industrials				35,469			265,728			—
Information Technology				18,350			243,384			—
Materials				70,121			36,105			—
Total Assets:				$   267,566			$   794,936			$       —

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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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