Form NPORT-P NORTHWESTERN MUTUAL SERI For: Mar 31

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          0000742212
          XXXXXXXX
        
      
      
      
      
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      NORTHWESTERN MUTUAL SERIES FUND INC
      811-03990
      0000742212
      549300T1UBX7MDSNZA55
      720 E WISCONSIN AVE
      MILWAUKEE
      
      53202
      414-271-1444
      Large Cap Blend Portfolio
      S000018229
      549300J8IDGQV6XROU84
      2022-12-31
      2022-03-31
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        Dollar General Corp
        OPX52SQVOZI8IVSWYU66
        Dollar General Corp
        256677105
        
          
        
        40756.00000000
        NS
        USD
        9073508.28000000
        4.794623683812
        Long
        EC
        CORP
        US
        N
        
        1
        
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        Progressive Corp/The
        529900TACNVLY9DCR586
        Progressive Corp/The
        743315103
        
          
        
        49342.00000000
        NS
        USD
        5624494.58000000
        2.972095697777
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        EC
        CORP
        US
        N
        
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        UnitedHealth Group Inc
        549300GHBMY8T5GXDE41
        UnitedHealth Group Inc
        91324P102
        
          
        
        13110.00000000
        NS
        USD
        6685706.70000000
        3.532861457513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Northern Trust Corp
        549300GLF98S992BC502
        Northern Trust Corp
        665859104
        
          
        
        49330.00000000
        NS
        USD
        5744478.50000000
        3.035497606582
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Schlumberger NV
        213800ZUA17OK3QLGM62
        Schlumberger NV
        806857108
        
          
        
        106360.00000000
        NS
        USD
        4393731.60000000
        2.321735864407
        Long
        EC
        CORP
        CW
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Masco Corp
        5GCSNMQXHEYA1JO8QN11
        Masco Corp
        574599106
        
          
        
        162304.00000000
        NS
        USD
        8277504.00000000
        4.373999063706
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arch Capital Group Ltd
        549300AYR4P8AFKDCE43
        Arch Capital Group Ltd
        000000000
        
          
        
        88876.00000000
        NS
        USD
        4303375.92000000
        2.273990111615
        Long
        EC
        CORP
        BM
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        Micron Technology Inc
        595112103
        
          
        
        91180.00000000
        NS
        USD
        7102010.20000000
        3.752844573102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Ltd
        E0JAN6VLUDI1HITHT809
        Chubb Ltd
        000000000
        
          
        
        17705.00000000
        NS
        USD
        3787099.50000000
        2.001179300808
        Long
        EC
        CORP
        CH
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Omnicom Group Inc
        HKUPACFHSSASQK8HLS17
        Omnicom Group Inc
        681919106
        
          
        
        66530.00000000
        NS
        USD
        5647066.40000000
        2.984023099993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp
        20030N101
        
          
        
        124042.00000000
        NS
        USD
        5807646.44000000
        3.068876812490
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PPG Industries Inc
        549300BKPEP01R3V6C59
        PPG Industries Inc
        693506107
        
          
        
        33715.00000000
        NS
        USD
        4419025.05000000
        2.335101430478
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever PLC
        549300MKFYEKVRWML317
        Unilever PLC
        904767704
        
          
        
        127391.00000000
        NS
        USD
        5805207.87000000
        3.067588223213
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
        
        2814.00000000
        NS
        USD
        7826718.90000000
        4.135795179379
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        5351495.13000000
        NS
        USD
        5351495.13000000
        2.827837315215
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CDW Corp/DE
        9845001B052ABF0B6755
        CDW Corp/DE
        12514G108
        
          
        
        5600.00000000
        NS
        USD
        1001784.00000000
        0.529362749693
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dollar Tree Inc
        549300PMSTQITB1WHR43
        Dollar Tree Inc
        256746108
        
          
        
        47771.00000000
        NS
        USD
        7650525.65000000
        4.042691133699
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Smith & Nephew PLC
        213800ZTMDN8S67S1H61
        Smith & Nephew PLC
        83175M205
        
          
        
        160005.00000000
        NS
        USD
        5104159.50000000
        2.697140209658
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        PACCAR Inc
        KDTEY8BWE486IKZ3CC07
        PACCAR Inc
        693718108
        
          
        
        68336.00000000
        NS
        USD
        6018351.52000000
        3.180217601046
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlisle Cos Inc
        XR64VGX1ZPX6G7ZN7Z11
        Carlisle Cos Inc
        142339100
        
          
        
        12431.00000000
        NS
        USD
        3057031.52000000
        1.615396743535
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TJX Cos Inc/The
        V167QI9I69W364E2DY52
        TJX Cos Inc/The
        872540109
        
          
        
        59487.00000000
        NS
        USD
        3603722.46000000
        1.904279196469
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Berkshire Hathaway Inc
        5493000C01ZX7D35SD85
        Berkshire Hathaway Inc
        084670702
        
          
        
        32450.00000000
        NS
        USD
        11451929.50000000
        6.051429139826
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fresenius Medical Care AG & Co KGaA
        549300CP8NY40UP89Q40
        Fresenius Medical Care AG & Co KGaA
        358029106
        
          
        
        136158.00000000
        NS
        USD
        4585801.44000000
        2.423229418542
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Charles Schwab Corp/The
        549300VSGCJ7E698NM85
        Charles Schwab Corp/The
        808513105
        
          
        
        86034.00000000
        NS
        USD
        7253526.54000000
        3.832908844807
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Platforms Inc
        BQ4BKCS1HXDV9HN80Z93
        Meta Platforms Inc
        30303M102
        
          
        
        15371.00000000
        NS
        USD
        3417895.56000000
        1.806084536991
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CarMax Inc
        N/A
        CarMax Inc
        143130102
        
          
        
        35496.00000000
        NS
        USD
        3424654.08000000
        1.809655874456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avery Dennison Corp
        549300PW7VPFCYKLIV37
        Avery Dennison Corp
        053611109
        
          
        
        5156.00000000
        NS
        USD
        896989.32000000
        0.473987139823
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dover Corp
        549300FMC2ALGA7N9E80
        Dover Corp
        260003108
        
          
        
        29537.00000000
        NS
        USD
        4634355.30000000
        2.448886251589
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        803054204
        
          
        
        33549.00000000
        NS
        USD
        3722597.04000000
        1.967094907778
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Sony Group Corp
        529900R5WX9N2OI2N910
        Sony Group Corp
        835699307
        
          
        
        70498.00000000
        NS
        USD
        7240849.58000000
        3.826210084991
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        Booking Holdings Inc
        FXM8FAOHMYDIPD38UZ17
        Booking Holdings Inc
        09857L108
        
          
        
        2991.00000000
        NS
        USD
        7024213.95000000
        3.711735474917
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Quest Diagnostics Inc
        8MCWUBXQ0WE04KMXBX50
        Quest Diagnostics Inc
        74834L100
        
          
        
        36204.00000000
        NS
        USD
        4954879.44000000
        2.618257633138
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co
        46625H100
        
          
        
        39672.00000000
        NS
        USD
        5408087.04000000
        2.857741615032
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        1325965.02000000
        NS
        USD
        1325965.02000000
        0.700666499948
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Eaton Corp PLC
        549300VDIGTMXUNT7H71
        Eaton Corp PLC
        000000000
        
          
        
        23509.00000000
        NS
        USD
        3567725.84000000
        1.885257860789
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Koninklijke Philips NV
        H1FJE8H61JGM1JSGM897
        Koninklijke Philips NV
        500472303
        
          
        
        154618.00000000
        NS
        USD
        4720487.54000000
        2.494400254013
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-27
      NORTHWESTERN MUTUAL SERIES FUND INC
      Phillip Rinzel
      Phillip Rinzel
      Controller and Chief Accounting Officer
    
  
  XXXX

Large Cap Blend Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)


Common Stocks (97.4%)	Shares/ Par ⁺		Value $ (000’s)
Communication Services (12.0%)
Alphabet, Inc. - Class A *		2,814		7,827
Comcast Corp. - Class A		124,042		5,807
Meta Platforms, Inc. - Class A *		15,371		3,418
Omnicom Group, Inc.		66,530		5,647

Total				22,699


Consumer Discretionary (20.1%)
Booking Holdings, Inc. *		2,991		7,024
CarMax, Inc. *		35,496		3,425
Dollar General Corp.		40,756		9,073
Dollar Tree, Inc. *		47,771		7,651
Sony Group Corp., ADR		70,498		7,241
The TJX Cos., Inc.		59,487		3,604

Total				38,018


Consumer Staples (3.1%)
Unilever PLC, ADR		127,391		5,805

Total				5,805


Energy (2.3%)
Schlumberger, Ltd.		106,360		4,394

Total				4,394


Financials (23.0%)
Arch Capital Group, Ltd. *		88,876		4,303


Common Stocks (97.4%)	Shares/ Par ⁺		Value $ (000’s)
Financials continued
Berkshire Hathaway, Inc. - Class B *		32,450		11,452
The Charles Schwab Corp.		86,034		7,254
Chubb, Ltd.		17,705		3,787
JPMorgan Chase & Co.		39,672		5,408
Northern Trust Corp.		49,330		5,744
The Progressive Corp.		49,342		5,625

Total				43,573


Health Care (13.8%)
Fresenius Medical Care AG & Co. KGaA, ADR		136,158		4,586
Koninklijke Philips NV		154,618		4,720
Quest Diagnostics, Inc.		36,204		4,955
Smith & Nephew PLC, ADR		160,005		5,104
UnitedHealth Group, Inc.		13,110		6,686

Total				26,051


Industrials (13.6%)
Carlisle Cos., Inc.		13,363		3,286
Dover Corp.		29,537		4,634
Eaton Corp. PLC		23,509		3,568
Masco Corp.		162,304		8,278
PACCAR, Inc.		68,336		6,018

Total				25,784


Information Technology (6.6%)
CDW Corp.		9,250		1,655


Common Stocks (97.4%)	Shares/ Par ⁺		Value $ (000’s)
Information Technology continued
Micron Technology, Inc.		91,180		7,102
SAP SE, ADR		33,549		3,722

Total				12,479


Materials (2.9%)
Avery Dennison Corp.		6,091		1,060
PPG Industries, Inc.		33,715		4,419

Total				5,479


Total Common Stocks (Cost: $144,333)				184,282


Short-Term Investments (3.5%)
Money Market Funds (3.5%)
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.250% ^#		6,677,460		6,677

Total				6,677


Total Short-Term Investments (Cost: $6,677)				6,677


Total Investments (100.9%) (Cost: $151,010)^@				190,959


Other Assets, Less Liabilities (-0.9%)				(1,686)


Net Assets (100.0%)				189,273

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

*	Non income producing

#	7-Day yield as of 3/31/2022.

At March 31, 2022, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $151,010 and the net unrealized appreciation of investments based on that cost was $39,949 which is comprised of $48,833 aggregate gross unrealized appreciation and $8,884 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.

Large Cap Blend 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, 2022.


	Valuation Inputs

Description	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs
	(Amounts in thousands)

Assets:

Common Stocks	$	184,282	$	—	$	—

Short-Term Investments		6,677		—		—


Total Assets:	$	190,959	$	—	$	—

Abbreviations

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.
EXE		Security receives collateral principal and interest paid which exceeds the amount of principal and income obligated to all bonds in the deal.
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
LIBOR		London Interbank Offered Rate
SOFR		Secured Overnight Financing Rate
ICE		Intercontinental Exchange
SONIO		Sterling Overnight Interbank Average Rate
DAC		Designated Activity Company
TBA		To Be Announced
OIS		Overnight Index Swaps
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
KES		Kenyan Shilling
KRW		South Korean Won
MXN		Mexican New Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippines Peso
PLN		Polish Zloty
RUB		Russian Ruble
SEK		Swedish Krona
THB		Thai Baht
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

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