Northwestern Mutual Series Fund NPORT-P Mid Cap Value Portfolio (Sep 2024 report)

Mid Cap Value Portfolio

SCHEDULE OF INVESTMENTS

September 30, 2024 (unaudited)

Common Stocks (98.5%)	Shares/ Par +		Value $ (000’s)
Communication Services (1.3%)
BCE, Inc.		139,361		4,845
Fox Corp. - Class B		48,483		1,881
Omnicom Group, Inc.		14,899		1,541
Total				8,267
Consumer Discretionary (3.4%)
Aptiv PLC *		42,011		3,025
BorgWarner, Inc.		103,947		3,772
Darden Restaurants, Inc.		22,376		3,673
The Interpublic Group of Companies, Inc.		269,249		8,516
Mohawk Industries, Inc. *		21,860		3,513
Total				22,499
Consumer Staples (11.3%)
Conagra Brands, Inc.		429,973		13,983
Dollar Tree, Inc. *		73,102		5,140
General Mills, Inc.		105,157		7,766
Heineken NV		59,605		5,285
Henkel AG & Co. KGaA - Preference Shares		51,756		4,863
Kenvue, Inc.		311,815		7,212
Kimberly-Clark Corp.		61,558		8,758
Koninklijke Ahold Delhaize NV		320,929		11,089
Pernod Ricard SA		44,009		6,652
Reckitt Benckiser Group PLC		63,895		3,913
Total				74,661
Energy (5.6%)
Baker Hughes Co.		216,034		7,810
Coterra Energy, Inc.		190,852		4,571
Enterprise Products Partners LP		439,255		12,787
EQT Corp.		152,224		5,577
Occidental Petroleum Corp.		116,358		5,997
Total				36,742
Financials (16.7%)
Aflac, Inc.		18,898		2,113
AllianceBernstein Holding LP		72,744		2,538
The Allstate Corp.		62,509		11,855
The Bank of New York Mellon Corp.		165,585		11,899
Commerce Bancshares, Inc.		80,986		4,811
Equity Residential		114,799		8,548
First Hawaiian, Inc.		146,448		3,390
The Hanover Insurance Group, Inc.		42,562		6,304
Northern Trust Corp.		149,589		13,467

Common Stocks (98.5%)	Shares/ Par +		Value $ (000’s)
Financials continued
The PNC Financial Services Group, Inc.		16,413		3,034
Reinsurance Group of America, Inc.		15,097		3,289
T. Rowe Price Group, Inc.		69,215		7,540
Truist Financial Corp.		196,828		8,418
U.S. Bancorp		195,413		8,936
Westamerica Bancorporation		68,958		3,408
Willis Towers Watson PLC		35,726		10,522
Total				110,072
Health Care (16.1%)
Becton Dickinson and Co.		35,589		8,581
Cardinal Health, Inc.		76,988		8,509
Cencora, Inc.		7,345		1,653
Centene Corp. *		77,596		5,841
DENTSPLY SIRONA, Inc.		146,477		3,964
Envista Holdings Corp. *		216,942		4,287
GE HealthCare Technologies, Inc.		70,882		6,652
Henry Schein, Inc. *		185,630		13,532
Hologic, Inc. *		57,677		4,698
Labcorp Holdings, Inc.		36,021		8,050
Medtronic PLC		59,977		5,400
Quest Diagnostics, Inc.		69,918		10,855
Universal Health Services, Inc. - Class B		21,326		4,884
Zimmer Biomet Holdings, Inc.		180,722		19,509
Total				106,415
Industrials (15.5%)
Atkore, Inc.		14,164		1,200
Beacon Roofing Supply, Inc. *		86,070		7,439
Bunzl PLC		112,448		5,320
CSX Corp.		129,404		4,468
Cummins, Inc.		10,271		3,326
Dover Corp.		8,703		1,669
Edenred		89,792		3,406
Emerson Electric Co.		108,753		11,894
Huntington Ingalls Industries, Inc.		18,557		4,906
Johnson Controls International PLC		41,537		3,224
L3Harris Technologies, Inc.		19,486		4,635

Common Stocks (98.5%)	Shares/ Par +		Value $ (000’s)
Industrials continued
MSC Industrial Direct Co., Inc.		100,573		8,655
Norfolk Southern Corp.		37,987		9,440
Oshkosh Corp.		74,580		7,474
Republic Services, Inc.		12,542		2,519
Southwest Airlines Co.		267,059		7,913
The Timken Co.		39,296		3,312
VINCI SA		67,322		7,877
Weir Group PLC		122,461		3,549
Total				102,226
Information Technology (5.8%)
Amdocs, Ltd.		96,829		8,471
Cognizant Technology Solutions Corp.		52,223		4,031
F5, Inc. *		31,164		6,862
HP, Inc.		219,167		7,861
Juniper Networks, Inc.		64,624		2,519
ON Semiconductor Corp. *		41,550		3,017
TE Connectivity PLC		35,655		5,383
Total				38,144
Materials (3.0%)
Akzo Nobel NV		87,421		6,166
Graphic Packaging Holding Co.		236,214		6,990
Packaging Corp. of America		31,272		6,736
Total				19,892
Real Estate (7.7%)
Agree Realty Corp.		79,886		6,018
Essex Property Trust, Inc.		13,562		4,007
Healthpeak Properties, Inc.		215,788		4,935
Public Storage		18,985		6,908
Realty Income Corp.		169,950		10,778
Regency Centers Corp.		84,196		6,081
Ventas, Inc.		95,764		6,141
VICI Properties, Inc.		168,051		5,598
Total				50,466
Utilities (12.1%)
CMS Energy Corp.		11,294		798
Duke Energy Corp.		53,346		6,151
Edison International		128,613		11,201
Evergy, Inc.		140,287		8,699
Eversource Energy		140,887		9,587
Northwestern Energy Group, Inc.		204,042		11,675
ONE Gas, Inc.		89,497		6,660
Spire, Inc.		97,634		6,570
WEC Energy Group, Inc.		92,824		8,928

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Mid Cap Value Portfolio

Common Stocks (98.5%)	Shares/ Par +		Value $ (000’s)
Utilities continued
Xcel Energy, Inc.		147,820		9,653
Total				79,922
Total Common Stocks (Cost: $610,622)				649,306
Total Investments (98.5%) (Cost: $610,622)@				649,306
Other Assets, Less Liabilities (1.5%)				9,863
Net Assets (100.0%)				659,169

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	Bank of America NA	CAD		5,869		4,348		12/20/24	$	8	$	—	$	8
Sell	Bank of America NA	EUR		35,454		39,592		12/20/24		1		(28)		(27)
Buy	Bank of America NA	GBP		209		280		12/20/24		—		(1)		(1)
Sell	Bank of America NA	GBP		4,262		5,698		12/20/24		—		(18)		(18)
Sell	Goldman Sachs International	GBP		4,262		5,698		12/20/24		—		(16)		(16)
									$	9	$	(63)	$	(54)

	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	$	9		—	$	9	$	(63)		—		—	$	(63)

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

* Non income producing

@ At September 30, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $610,622 and the net unrealized appreciation of investments based on that cost was $38,630 which is comprised of $64,296 aggregate gross unrealized appreciation and $25,666 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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Mid Cap 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 September 30, 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	$	42,859	$	31,802		$	—
Industrials		82,074		20,152			—
Materials		13,726		6,166			—
All Others		452,527		—			—
Other Financial Instruments^
Forward Foreign Currency Contracts		—		9			—
Total Assets:	$	591,186	$	58,129		$	—
Liabilities:
Other Financial Instruments^
Forward Foreign Currency Contracts		—		(63	)		—
Total Liabilities:	$	—	$	(63	)	$	—

^ 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
CME	Chicago Mercantile Exchange
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
DIFC	Dubai International Financial Centre
EURIBOR	Euro Interbank Offered Rate
BRL-CDI	Brazil Interbank Deposit Rate
SDR	Swedish Depository Receipt
ETF	Exchange Traded Fund
Currency Abbreviations
AED	United Arab Emirates Dirham
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
ILS	Israeli Shekel
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian Sol
PLN	Polish Zloty
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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