Form NPORT-P NORTHWESTERN MUTUAL SERI For: Mar 31

May 24, 2022 1:40 PM EDT

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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
      N
    
    
      1209569903.23
      632859.73
      1208937043.50
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        salesforce.com Inc
        RCGZFPDMRW58VJ54VR07
        salesforce.com Inc
        79466L302
        
          
        
        191304.00000000
        NS
        USD
        40617665.28000000
        3.359783331843
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Expeditors International of Washington Inc
        984500B055A804AB6E40
        Expeditors International of Washington Inc
        302130109
        
          
        
        178896.00000000
        NS
        USD
        18454911.36000000
        1.526540315662
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vertex Pharmaceuticals Inc
        54930015RAQRRZ5ZGJ91
        Vertex Pharmaceuticals Inc
        92532F100
        
          
        
        146179.00000000
        NS
        USD
        38148333.63000000
        3.155526901513
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        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
          N
          N
        
      
      
        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
          N
          N
        
      
      
        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
        N
        
        1
        
          N
          N
          N
        
      
      
        Block Inc
        549300OHIIUWSTIZME52
        Block Inc
        852234103
        
          
        
        135821.00000000
        NS
        USD
        18417327.60000000
        1.523431488763
        Long
        EC
        CORP
        US
        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
          N
        
      
      
        Microsoft Corp
        INR2EJN1ERAN0W5ZP974
        Microsoft Corp
        594918104
        
          
        
        197903.00000000
        NS
        USD
        61015473.93000000
        5.047034852481
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NVIDIA Corp
        549300S4KLFTLO7GSQ80
        NVIDIA Corp
        67066G104
        
          
        
        303050.00000000
        NS
        USD
        82690223.00000000
        6.839911428357
        Long
        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
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        771195104
        
          
        
        613512.00000000
        NS
        USD
        30313627.92000000
        2.507461251434
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Netflix Inc
        549300Y7VHGU0I7CE873
        Netflix Inc
        64110L106
        
          
        
        65903.00000000
        NS
        USD
        24686604.77000000
        2.042009127169
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Intuitive Surgical Inc
        54930052SRG011710797
        Intuitive Surgical Inc
        46120E602
        
          
        
        50414.00000000
        NS
        USD
        15208895.52000000
        1.258038671390
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        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
        529900DO9BYZ7VA3K502
        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
        PWFTNG3EI0Y73OXWDH08
        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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