Form NPORT-P NORTHWESTERN MUTUAL SERI For: Mar 31

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          0000742212
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      NORTHWESTERN MUTUAL SERIES FUND INC
      811-03990
      0000742212
      549300T1UBX7MDSNZA55
      720 E WISCONSIN AVE
      MILWAUKEE
      
      53202
      414-271-1444
      Focused Appreciation Portfolio
      S000000055
      5493007QO6Z6UMWHLZ04
      2022-12-31
      2022-03-31
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        salesforce.com Inc
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        salesforce.com Inc
        79466L302
        
          
        
        191304.00000000
        NS
        USD
        40617665.28000000
        3.359783331843
        Long
        EC
        CORP
        US
        N
        
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        Expeditors International of Washington Inc
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        Expeditors International of Washington Inc
        302130109
        
          
        
        178896.00000000
        NS
        USD
        18454911.36000000
        1.526540315662
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        EC
        CORP
        US
        N
        
        1
        
          N
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        Vertex Pharmaceuticals Inc
        54930015RAQRRZ5ZGJ91
        Vertex Pharmaceuticals Inc
        92532F100
        
          
        
        146179.00000000
        NS
        USD
        38148333.63000000
        3.155526901513
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        EC
        CORP
        US
        N
        
        1
        
          N
          N
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        PayPal Holdings Inc
        5493005X2GO78EFZ3E94
        PayPal Holdings Inc
        70450Y103
        
          
        
        156561.00000000
        NS
        USD
        18106279.65000000
        1.497702444254
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K305
        
          
        
        17337.00000000
        NS
        USD
        48220264.95000000
        3.988649798536
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
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        Visa Inc
        549300JZ4OKEHW3DPJ59
        Visa Inc
        92826C839
        
          
        
        311515.00000000
        NS
        USD
        69084681.55000000
        5.714497865827
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd
        01609W102
        
          
        
        154201.00000000
        NS
        USD
        16777068.80000000
        1.387753720526
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
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        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        8349706.41000000
        NS
        USD
        8349706.41000000
        0.690665114026
        Long
        STIV
        RF
        US
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          N
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        Block Inc
        549300OHIIUWSTIZME52
        Block Inc
        852234103
        
          
        
        135821.00000000
        NS
        USD
        18417327.60000000
        1.523431488763
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        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        Workday Inc
        549300J0DYC0N31V7G13
        Workday Inc
        98138H101
        
          
        
        63729.00000000
        NS
        USD
        15260546.34000000
        1.262311087417
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
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        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp
        594918104
        
          
        
        197903.00000000
        NS
        USD
        61015473.93000000
        5.047034852481
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        EC
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        1
        
          N
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        NVIDIA Corp
        549300S4KLFTLO7GSQ80
        NVIDIA Corp
        67066G104
        
          
        
        303050.00000000
        NS
        USD
        82690223.00000000
        6.839911428357
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        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S
        670100205
        
          
        
        136337.00000000
        NS
        USD
        15140223.85000000
        1.252358336722
        Long
        EC
        CORP
        DK
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc
        5493006MHB84DD0ZWV18
        Alphabet Inc
        02079K107
        
          
        
        14821.00000000
        NS
        USD
        41394904.79000000
        3.424074480351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Illumina Inc
        SQ95QG8SR5Q56LSNF682
        Illumina Inc
        452327109
        
          
        
        76729.00000000
        NS
        USD
        26809112.60000000
        2.217577229860
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Walt Disney Co/The
        549300GZKULIZ0WOW665
        Walt Disney Co/The
        254687106
        
          
        
        288859.00000000
        NS
        USD
        39619900.44000000
        3.277250924936
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Monster Beverage Corp
        52990090AP0E7HCB6F33
        Monster Beverage Corp
        61174X109
        
          
        
        408118.00000000
        NS
        USD
        32608628.20000000
        2.697297462702
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        EC
        CORP
        US
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        1
        
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        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        771195104
        
          
        
        613512.00000000
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        USD
        30313627.92000000
        2.507461251434
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        EC
        CORP
        CH
        N
        
        1
        
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        Netflix Inc
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        Netflix Inc
        64110L106
        
          
        
        65903.00000000
        NS
        USD
        24686604.77000000
        2.042009127169
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        EC
        CORP
        US
        N
        
        1
        
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        Intuitive Surgical Inc
        54930052SRG011710797
        Intuitive Surgical Inc
        46120E602
        
          
        
        50414.00000000
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        USD
        15208895.52000000
        1.258038671390
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        EC
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        1
        
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        Tesla Inc
        54930043XZGB27CTOV49
        Tesla Inc
        88160R101
        
          
        
        35592.00000000
        NS
        USD
        38353939.20000000
        3.172534037749
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Yum China Holdings Inc
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        Yum China Holdings Inc
        98850P109
        
          
        
        168708.00000000
        NS
        USD
        7008130.32000000
        0.579693571115
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FactSet Research Systems Inc
        549300ZSJE7NBK6K9P30
        FactSet Research Systems Inc
        303075105
        
          
        
        47799.00000000
        NS
        USD
        20751935.85000000
        1.716543964102
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Deere & Co
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        Deere & Co
        244199105
        
          
        
        76022.00000000
        NS
        USD
        31584100.12000000
        2.612551273022
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Meta Platforms Inc
        BQ4BKCS1HXDV9HN80Z93
        Meta Platforms Inc
        30303M102
        
          
        
        244093.00000000
        NS
        USD
        54276519.48000000
        4.489606780752
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp
        68389X105
        
          
        
        620386.00000000
        NS
        USD
        51324533.78000000
        4.245426513808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boeing Co/The
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co/The
        097023105
        
          
        
        278146.00000000
        NS
        USD
        53264959.00000000
        4.405933235844
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Autodesk Inc
        FRKKVKAIQEF3FCSTPG55
        Autodesk Inc
        052769106
        
          
        
        182920.00000000
        NS
        USD
        39208902.00000000
        3.243254246431
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Starbucks Corp
        OQSJ1DU9TAOC51A47K68
        Starbucks Corp
        855244109
        
          
        
        256041.00000000
        NS
        USD
        23292049.77000000
        1.926655312220
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Yum! Brands Inc
        549300JE8XHZZ7OHN517
        Yum! Brands Inc
        988498101
        
          
        
        125528.00000000
        NS
        USD
        14878833.84000000
        1.230736862601
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        QUALCOMM Inc
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM Inc
        747525103
        
          
        
        173844.00000000
        NS
        USD
        26566840.08000000
        2.197537102766
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Shopify Inc
        549300HGQ43STJLLP808
        Shopify Inc
        82509L107
        
          
        
        26171.00000000
        NS
        USD
        17690549.16000000
        1.463314343382
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Regeneron Pharmaceuticals Inc
        549300RCBFWIRX3HYQ56
        Regeneron Pharmaceuticals Inc
        75886F107
        
          
        
        56378.00000000
        NS
        USD
        39375522.76000000
        3.257036664705
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        Novartis AG
        66987V109
        
          
        
        373657.00000000
        NS
        USD
        32788401.75000000
        2.712167844164
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Amazon.com Inc
        ZXTILKJKG63JELOEG630
        Amazon.com Inc
        023135106
        
          
        
        24678.00000000
        NS
        USD
        80449046.10000000
        6.654527341398
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEI Investments Co
        5LJTIFADGZ6XH1RVOC11
        SEI Investments Co
        784117103
        
          
        
        272296.00000000
        NS
        USD
        16394942.16000000
        1.356145239171
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-27
      NORTHWESTERN MUTUAL SERIES FUND INC
      Phillip Rinzel
      Phillip Rinzel
      Controller and Chief Accounting Officer
    
  
  XXXX

Focused Appreciation Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)


Common Stocks (99.8%)	Shares/ Par ⁺		Value $ (000’s)
Communication Services (17.3%)
Alphabet, Inc. - Class A *		17,337		48,220
Alphabet, Inc. - Class C *		14,821		41,395
Meta Platforms, Inc. - Class A *		244,093		54,276
Netflix, Inc. *		65,903		24,687
The Walt Disney Co. *		288,859		39,620

Total				208,198


Consumer Discretionary (15.0%)
Alibaba Group Holding, Ltd., ADR *		154,201		16,777
Amazon.com, Inc. *		24,678		80,449
Starbucks Corp.		256,041		23,292
Tesla, Inc. *		35,592		38,354
Yum China Holdings, Inc.		168,708		7,008
Yum! Brands, Inc.		125,528		14,879

Total				180,759


Consumer Staples (2.7%)
Monster Beverage Corp. *		408,118		32,609

Total				32,609


Financials (3.1%)
FactSet Research Systems, Inc.		47,799		20,752


Common Stocks (99.8%)	Shares/ Par ⁺		Value $ (000’s)
Financials continued
SEI Investments Co.		272,296		16,395

Total				37,147


Health Care (16.5%)
Illumina, Inc. *		76,729		26,809
Intuitive Surgical, Inc. *		50,414		15,209
Novartis AG, ADR		373,657		32,788
Novo Nordisk A/S, ADR		136,337		15,140
Regeneron Pharmaceuticals, Inc. *		56,378		39,376
Roche Holding AG, ADR		613,512		30,314
Vertex Pharmaceuticals, Inc. *		146,179		38,148

Total				197,784


Industrials (8.6%)
The Boeing Co. *		278,146		53,265
Deere & Co.		76,022		31,584
Expeditors International of Washington, Inc.		178,896		18,455

Total				103,304


Information Technology (36.6%)
Autodesk, Inc. *		182,920		39,209
Block, Inc. - Class A *		135,821		18,417
Microsoft Corp.		197,903		61,015
NVIDIA Corp.		303,050		82,690
Oracle Corp.		620,386		51,324


Common Stocks (99.8%)	Shares/ Par ⁺		Value $ (000’s)
Information Technology continued
PayPal Holdings, Inc. *		156,561		18,106
QUALCOMM, Inc.		173,844		26,567
salesforce.com, Inc. *		191,304		40,618
Shopify, Inc. *		26,171		17,691
Visa, Inc. - Class A		311,515		69,085
Workday, Inc. - Class A *		63,729		15,261

Total				439,983


Total Common Stocks (Cost: $689,510)				1,199,784


Short-Term Investments (0.7%)
Money Market Funds (0.7%)
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.250% ^#		8,349,706		8,350

Total				8,350


Total Short-Term Investments (Cost: $8,350)				8,350


Total Investments (100.5%) (Cost: $697,860)^@				1,208,134


Other Assets, Less Liabilities (-0.5%)				(5,463)


Net Assets (100.0%)				1,202,671

+	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 $697,860 and the net unrealized appreciation of investments based on that cost was $510,274 which is comprised of $520,767 aggregate gross unrealized appreciation and $10,493 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.

Focused Appreciation 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	$	1,199,784	$	—	$	—

Short-Term Investments		8,350		—		—


Total Assets:	$	1,208,134	$	—	$	—

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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