UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3990
Northwestern Mutual Series Fund, Inc.
(Exact name of registrant as specified in charter)
720 East Wisconsin Avenue,
Milwaukee Wisconsin 53202
(Address of principal executive offices) (Zip code)
Linda L. Wisniewski, Controller and Chief Accounting Officer Northwestern Mutual Series Fund, Inc.
(Name and address of agent for service)
Registrant’s telephone number, including area code: 414-271-1444
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Explanatory Note:
The Registrant is filing this amendment (“Amendment”) to its Form N-CSRS for the semi-annual period ended June 30, 2024, originally filed with the Securities and Exchange Commission on September 4, 2024 (Accession Number 0000742212-24-000034), to amend Item 1 “Reports to Stockholders” to correct the “Costs of a $10,000 investment” figure for certain series of the Northwestern Mutual Series Fund, Inc., namely the Growth Stock Portfolio, Large Cap Core Stock Portfolio, Index 400 Stock Portfolio, Small Cap Growth Stock Portfolio, Focused Appreciation Portfolio, Equity Income Portfolio, Large Cap Blend Portfolio, Index 600 Stock Portfolio, Short-Term Bond Portfolio, Long-Term U.S. Government Bond Portfolio, Multi-Sector Bond Portfolio, Government Money Market Portfolio, Research International Core Portfolio, and Emerging Markets Equity Portfolio. Except as noted above, Items 1 through 19 (a)(1) of the Registrant’s Form N-CSRS originally filed on September 4, 2024, are incorporated herein by reference. Other than the aforementioned, no other information or disclosures contained in the original filing are being amended by this Amendment.
REPORT ON FORM N-CSR
RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.
Item 1. Reports to Stockholders.
(a):
INDEX 500 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Index 500 Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Index 500 Stock Portfolio | $10 | 0.19% |
- Total Net Assets (000's)$6,191,682
- # of Portfolio Holdings (Derivatives not included as applicable)503
- Portfolio Turnover Rate1%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 6.6% |
| Apple, Inc. | 6.6% |
| Alphabet, Inc., Various | 4.2% |
| Amazon.com, Inc. | 3.8% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |
| Eli Lilly & Co. | 1.6% |
| Broadcom, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.3% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 1.0% |
| Real Estate | 2.1% |
| Materials | 2.1% |
| Utilities | 2.2% |
| Energy | 3.6% |
| Consumer Staples | 5.7% |
| Industrials | 8.1% |
| Communication Services | 9.3% |
| Consumer Discretionary | 9.9% |
| Health Care | 11.6% |
| Financials | 12.3% |
| Information Technology | 32.1% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INDEX 500 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
MULTI-SECTOR BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Multi-Sector Bond Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Multi-Sector Bond Portfolio | $38 | 0.75% |
- Total Net Assets (000's)$1,257,981
- # of Portfolio Holdings (Derivatives not included as applicable)920
- Portfolio Turnover Rate18%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Uniform Mortgage Backed Security TBA, Various | 10.2% |
| Citigroup Global Markets, Inc. Repurchase Agreement, Various | 6.2% |
| US Treasury, Various | 6.1% |
| BNP Paribas SA Repurchase Agreement, 5.39%, 7/1/24 | 5.7% |
| Canadian Imperial Bank of Commerce Repurchase Agreement, Various | 4.1% |
| Federal Home Loan Mortgage Corp., Various | 3.4% |
| Saudi International Bond, Various | 1.5% |
| Petroleos Mexicanos, Various | 1.2% |
| European Union, 3%, 12/4/34 | 1.1% |
| United Mexican States, Various | 1.0% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | -1.2% |
| Convertible Corporate Bonds | 0.0% |
| Common Stocks | 0.1% |
| Municipal Bonds | 0.5% |
| Bank Loan Obligations | 2.9% |
| Governments | 22.2% |
| Structured Products | 30.6% |
| Corporate Bonds | 44.9% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
MULTI-SECTOR BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
LARGE CAP BLEND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Large Cap Blend Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Large Cap Blend Portfolio | $40 | 0.74% |
- Total Net Assets (000's)$164,518
- # of Portfolio Holdings (Derivatives not included as applicable)51
- Portfolio Turnover Rate30%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Microsoft Corp. | 9.9% |
| Apple, Inc. | 8.0% |
| NVIDIA Corp. | 7.5% |
| Amazon.com, Inc. | 4.5% |
| Alphabet, Inc. - Class A | 3.4% |
| Meta Platforms, Inc. - Class A | 3.3% |
| Exxon Mobil Corp. | 2.6% |
| Wells Fargo & Co. | 2.6% |
| Regeneron Pharmaceuticals, Inc. | 2.4% |
| UnitedHealth Group, Inc. | 2.4% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | -2.4% |
| Real Estate | 1.2% |
| Consumer Staples | 1.2% |
| Materials | 1.9% |
| Utilities | 3.1% |
| Energy | 4.8% |
| Communication Services | 6.7% |
| Industrials | 10.2% |
| Financials | 11.1% |
| Consumer Discretionary | 11.3% |
| Health Care | 13.4% |
| Information Technology | 37.5% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
LARGE CAP BLEND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
SMALL CAP VALUE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Small Cap Value Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Small Cap Value Portfolio | $43 | 0.87% |
- Total Net Assets (000's)$547,793
- # of Portfolio Holdings (Derivatives not included as applicable)203
- Portfolio Turnover Rate17%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| PennyMac Financial Services, Inc. | 1.7% |
| Pinnacle Financial Partners, Inc. | 1.6% |
| Matador Resources Co. | 1.5% |
| Meritage Homes Corp. | 1.2% |
| Popular, Inc. | 1.2% |
| Houlihan Lokey, Inc. | 1.1% |
| Strategic Education, Inc. | 1.1% |
| Select Medical Holdings Corp. | 1.1% |
| TechnipFMC PLC | 1.1% |
| Terreno Realty Corp. | 1.1% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 3.7% |
| Communication Services | 1.5% |
| Consumer Staples | 2.0% |
| Utilities | 4.1% |
| Materials | 4.9% |
| Information Technology | 6.3% |
| Health Care | 8.4% |
| Energy | 8.9% |
| Real Estate | 10.0% |
| Consumer Discretionary | 10.8% |
| Industrials | 13.8% |
| Financials | 25.6% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
SMALL CAP VALUE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
HIGH YIELD BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the High Yield Bond Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| High Yield Bond Portfolio | $23 | 0.46% |
- Total Net Assets (000's)$677,148
- # of Portfolio Holdings (Derivatives not included as applicable)523
- Portfolio Turnover Rate14%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Ford Motor Credit Co. LLC, Various | 2.3% |
| CCO Holdings LLC / CCO Holdings Capital Corp., Various | 1.9% |
| HUB International, Ltd., Various | 1.7% |
| TransDigm, Inc., Various | 1.6% |
| Tenet Healthcare Corp., Various | 1.1% |
| CSC Holdings LLC, Various | 1.1% |
| EQM Midstream Partners LP, Various | 1.1% |
| Medline Borrower LP, Various | 1.1% |
| Garda World Security Corp., Various | 1.1% |
| Clarios Global LP / Clarios US Finance Co., Various | 1.0% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 4.8% |
| Diversified | 0.2% |
| Utilities | 2.4% |
| Basic Materials | 3.3% |
| Technology | 10.5% |
| Energy | 10.6% |
| Financial | 10.9% |
| Communications | 11.8% |
| Consumer, Non-Cyclical | 12.7% |
| Industrial | 13.0% |
| Consumer, Cyclical | 19.8% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
HIGH YIELD BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
MID CAP GROWTH STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Mid Cap Growth Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Mid Cap Growth Stock Portfolio | $27 | 0.54% |
- Total Net Assets (000's)$1,014,798
- # of Portfolio Holdings (Derivatives not included as applicable)93
- Portfolio Turnover Rate38%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Datadog, Inc. - Class A | 2.8% |
| CyberArk Software, Ltd. | 2.3% |
| Targa Resources Corp. | 2.3% |
| DraftKings, Inc. - Class A | 2.3% |
| Monolithic Power Systems, Inc. | 2.3% |
| PTC, Inc. | 2.0% |
| WEX, Inc. | 2.0% |
| Dexcom, Inc. | 2.0% |
| NVR, Inc. | 1.9% |
| Fair Isaac Corp. | 1.8% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | -% |
| Materials | 1.0% |
| Real Estate | 1.1% |
| Communication Services | 2.5% |
| Utilities | 2.8% |
| Consumer Staples | 3.1% |
| Energy | 3.8% |
| Financials | 11.3% |
| Consumer Discretionary | 14.7% |
| Industrials | 16.0% |
| Health Care | 18.3% |
| Information Technology | 25.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
MID CAP GROWTH STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
DOMESTIC EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Domestic Equity Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Domestic Equity Portfolio | $25 | 0.50% |
- Total Net Assets (000's)$1,039,415
- # of Portfolio Holdings (Derivatives not included as applicable)33
- Portfolio Turnover Rate16%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Oracle Corp. | 3.7% |
| The TJX Cos., Inc. | 3.7% |
| Honeywell International, Inc. | 3.5% |
| Motorola Solutions, Inc. | 3.4% |
| DuPont de Nemours, Inc. | 3.4% |
| Fidelity National Information Services, Inc. | 3.3% |
| Duke Energy Corp. | 3.2% |
| Verizon Communications, Inc. | 3.2% |
| Truist Financial Corp. | 3.2% |
| Dover Corp. | 3.1% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 1.4% |
| Real Estate | 3.0% |
| Utilities | 3.2% |
| Materials | 3.4% |
| Energy | 5.9% |
| Communication Services | 6.0% |
| Consumer Staples | 7.9% |
| Consumer Discretionary | 9.3% |
| Industrials | 12.5% |
| Financials | 15.2% |
| Information Technology | 15.5% |
| Health Care | 16.7% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
DOMESTIC EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
INDEX 600 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Index 600 Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Index 600 Stock Portfolio | $13 | 0.27% |
- Total Net Assets (000's)$438,644
- # of Portfolio Holdings (Derivatives not included as applicable)604
- Portfolio Turnover Rate9%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Abercrombie & Fitch Co. | 0.8% |
| Fabrinet | 0.7% |
| Ensign Group, Inc. | 0.6% |
| SPS Commerce, Inc. | 0.6% |
| Allegheny Technologies, Inc. | 0.6% |
| Comerica, Inc. | 0.6% |
| Robert Half International, Inc. | 0.6% |
| SPX Technologies, Inc. | 0.6% |
| Mueller Industries, Inc. | 0.5% |
| Glaukos Corp. | 0.5% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 0.7% |
| Utilities | 2.0% |
| Communication Services | 2.8% |
| Consumer Staples | 3.4% |
| Energy | 5.2% |
| Materials | 5.8% |
| Real Estate | 7.2% |
| Health Care | 10.3% |
| Information Technology | 12.9% |
| Consumer Discretionary | 14.2% |
| Industrials | 17.3% |
| Financials | 18.2% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INDEX 600 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
INTERNATIONAL EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the International Equity Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Equity Portfolio | $34 | 0.68% |
- Total Net Assets (000's)$1,901,407
- # of Portfolio Holdings (Derivatives not included as applicable)81
- Portfolio Turnover Rate12%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Novartis AG | 3.3% |
| Sanofi | 3.1% |
| BNP Paribas SA | 3.1% |
| Holcim, Ltd. | 3.0% |
| Banco Santander SA | 3.0% |
| Johnson Controls International PLC | 3.0% |
| GSK PLC | 2.8% |
| TotalEnergies SE | 2.7% |
| UBS Group AG | 2.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 2.4% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.0% |
| Real Estate | 1.4% |
| Communication Services | 4.4% |
| Energy | 6.6% |
| Information Technology | 7.5% |
| Consumer Staples | 8.1% |
| Industrials | 9.5% |
| Materials | 11.3% |
| Consumer Discretionary | 11.9% |
| Health Care | 14.1% |
| Financials | 23.2% |
Country Weightings (% of net assets)
| Value | Value |
|---|
| Other | 29.2% |
| Switzerland | 5.9% |
| Germany | 6.8% |
| China | 7.4% |
| France | 7.4% |
| Japan | 7.7% |
| United Kingdom | 11.2% |
| United States | 24.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INTERNATIONAL EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Growth Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Growth Stock Portfolio | $24 | 0.42% |
- Total Net Assets (000's)$1,295,455
- # of Portfolio Holdings (Derivatives not included as applicable)75
- Portfolio Turnover Rate4%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| NVIDIA Corp. | 13.5% |
| Microsoft Corp. | 10.0% |
| Amazon.com, Inc. | 9.0% |
| Alphabet, Inc., Various | 8.6% |
| Apple, Inc. | 7.7% |
| Meta Platforms, Inc. - Class A | 4.8% |
| Eli Lilly & Co. | 4.0% |
| Visa, Inc. - Class A | 2.8% |
| Mastercard, Inc. - Class A | 2.4% |
| ServiceNow, Inc. | 2.2% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 0.5% |
| Energy | 0.3% |
| Utilities | 0.7% |
| Materials | 0.8% |
| Consumer Staples | 1.5% |
| Industrials | 1.8% |
| Financials | 8.8% |
| Health Care | 11.3% |
| Consumer Discretionary | 15.1% |
| Communication Services | 16.5% |
| Information Technology | 42.7% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Mid Cap Value Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Mid Cap Value Portfolio | $36 | 0.72% |
- Total Net Assets (000's)$623,462
- # of Portfolio Holdings (Derivatives not included as applicable)101
- Portfolio Turnover Rate29%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Zimmer Biomet Holdings, Inc. | 3.0% |
| The Bank of New York Mellon Corp. | 2.2% |
| Conagra Brands, Inc. | 2.1% |
| Enterprise Products Partners LP | 2.0% |
| Henry Schein, Inc. | 1.9% |
| Northern Trust Corp. | 1.9% |
| Koninklijke Ahold Delhaize NV | 1.9% |
| Willis Towers Watson PLC | 1.9% |
| Edison International | 1.8% |
| Quest Diagnostics, Inc. | 1.8% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.0% |
| Communication Services | 1.5% |
| Consumer Discretionary | 3.7% |
| Materials | 4.2% |
| Real Estate | 5.8% |
| Energy | 6.0% |
| Information Technology | 7.1% |
| Consumer Staples | 11.3% |
| Utilities | 12.0% |
| Industrials | 14.1% |
| Health Care | 14.8% |
| Financials | 17.5% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Select Bond Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Select Bond Portfolio | $15 | 0.31% |
- Total Net Assets (000's)$2,806,791
- # of Portfolio Holdings (Derivatives not included as applicable)1,029
- Portfolio Turnover Rate128%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| US Treasury, Various | 21.8% |
| Federal National Mortgage Association, Various | 18.0% |
| Federal Home Loan Mortgage Corp., Various | 4.5% |
| Uniform Mortgage Backed Security TBA, Various | 1.8% |
| Government National Mortgage Association, Various | 1.5% |
| Government National Mortgage Association TBA, 6.5%, 7/15/54 | 1.3% |
| Wells Fargo & Co., Various | 1.0% |
| John Deere Capital Corp., Various | 0.9% |
| Morgan Stanley, Various | 0.9% |
| Bank of America Corp., Various | 0.8% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | |
| Municipal Bonds | 0.3% |
| Governments | 23.3% |
| Corporate Bonds | 25.8% |
| Structured Products | 52.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
INTERNATIONAL GROWTH PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the International Growth Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| International Growth Portfolio | $31 | 0.61% |
- Total Net Assets (000's)$1,058,591
- # of Portfolio Holdings (Derivatives not included as applicable)69
- Portfolio Turnover Rate11%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| ASML Holding NV | 7.8% |
| Novo Nordisk A/S - Class B | 6.5% |
| SAP SE | 4.4% |
| Linde PLC | 3.9% |
| Safran SA | 3.7% |
| Atlas Copco AB - Class A | 3.7% |
| LVMH Moet Hennessy Louis Vuitton SE | 3.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3.4% |
| CRH PLC | 3.0% |
| Keyence Corp. | 2.9% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.9% |
| Communication Services | 0.3% |
| Energy | 0.7% |
| Consumer Staples | 1.9% |
| Health Care | 7.4% |
| Materials | 9.2% |
| Consumer Discretionary | 9.7% |
| Financials | 14.5% |
| Information Technology | 24.1% |
| Industrials | 29.3% |
Country Weightings (% of net assets)
| Value | Value |
|---|
| Other | 13.7% |
| Germany | 5.5% |
| Denmark | 6.5% |
| Sweden | 7.3% |
| Japan | 9.0% |
| United Kingdom | 9.2% |
| Netherlands | 9.3% |
| France | 12.0% |
| United States | 27.5% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INTERNATIONAL GROWTH PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
FOCUSED APPRECIATION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Focused Appreciation Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Focused Appreciation Portfolio | $33 | 0.61% |
- Total Net Assets (000's)$1,379,557
- # of Portfolio Holdings (Derivatives not included as applicable)37
- Portfolio Turnover Rate6%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| NVIDIA Corp. | 7.9% |
| Meta Platforms, Inc. - Class A | 7.3% |
| Alphabet, Inc., Various | 6.9% |
| Amazon.com, Inc. | 6.0% |
| Tesla, Inc. | 5.9% |
| Microsoft Corp. | 5.2% |
| Netflix, Inc. | 5.2% |
| The Boeing Co. | 4.9% |
| Visa, Inc. - Class A | 4.8% |
| Oracle Corp. | 4.8% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.8% |
| Consumer Staples | 2.3% |
| Industrials | 6.8% |
| Financials | 8.7% |
| Health Care | 13.4% |
| Consumer Discretionary | 15.3% |
| Communication Services | 22.3% |
| Information Technology | 28.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
FOCUSED APPRECIATION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
LARGE CAP CORE STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Large Cap Core Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Large Cap Core Stock Portfolio | $23 | 0.43% |
- Total Net Assets (000's)$735,095
- # of Portfolio Holdings (Derivatives not included as applicable)127
- Portfolio Turnover Rate32%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 6.4% |
| Amazon.com, Inc. | 5.5% |
| Alphabet, Inc. - Class A | 5.2% |
| NVIDIA Corp. | 4.9% |
| Eli Lilly & Co. | 2.1% |
| Exxon Mobil Corp. | 2.1% |
| Adobe, Inc. | 1.9% |
| The TJX Cos., Inc. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 0.5% |
| Real Estate | 1.5% |
| Materials | 2.1% |
| Utilities | 2.5% |
| Consumer Staples | 3.6% |
| Energy | 4.8% |
| Industrials | 8.0% |
| Communication Services | 9.9% |
| Consumer Discretionary | 11.4% |
| Financials | 13.0% |
| Health Care | 13.3% |
| Information Technology | 29.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
LARGE CAP CORE STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
INFLATION PROTECTION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Inflation Protection Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Inflation Protection Portfolio | $22 | 0.45% |
- Total Net Assets (000's)$411,975
- # of Portfolio Holdings (Derivatives not included as applicable)122
- Portfolio Turnover Rate22%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| US Treasury Inflation Index Bond, Various | 54.0% |
| Federal National Mortgage Association, Various | 8.3% |
| Federal Home Loan Mortgage Corp., Various | 4.9% |
| Canadian Government Bond, Various | 3.7% |
| Barton Capital Corp. | 2.8% |
| Government National Mortgage Association, Various | 2.6% |
| LMA SA / LMA Americas LLC, Various | 2.2% |
| Chevron Corp. | 1.8% |
| Deutsche Bundesrepublik Inflation Linked Bond, 0.1%, 4/15/26 | 1.7% |
| Tennessee Valley Authority, Various | 1.6% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 8.7% |
| Municipal Bonds | 0.4% |
| Corporate Bonds | 6.1% |
| Structured Products | 15.7% |
| Governments | 69.1% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INFLATION PROTECTION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Equity Income Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Equity Income Portfolio | $29 | 0.57% |
- Total Net Assets (000's)$726,329
- # of Portfolio Holdings (Derivatives not included as applicable)114
- Portfolio Turnover Rate11%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Elevance Health, Inc. | 2.7% |
| QUALCOMM, Inc. | 2.4% |
| News Corp., Various | 2.3% |
| Wells Fargo & Co. | 2.3% |
| TotalEnergies SE, ADR | 2.3% |
| The Southern Co. | 2.2% |
| Chubb, Ltd. | 2.0% |
| American International Group, Inc. | 2.0% |
| MetLife, Inc. | 1.8% |
| General Electric Co. | 1.8% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 1.2% |
| Materials | 3.0% |
| Consumer Discretionary | 3.0% |
| Real Estate | 4.2% |
| Communication Services | 4.5% |
| Utilities | 6.0% |
| Consumer Staples | 8.6% |
| Energy | 8.9% |
| Information Technology | 11.1% |
| Industrials | 12.5% |
| Health Care | 16.5% |
| Financials | 20.5% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
RESEARCH INTERNATIONAL CORE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Research International Core Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Research International Core Portfolio | $37 | 0.73% |
- Total Net Assets (000's)$862,998
- # of Portfolio Holdings (Derivatives not included as applicable)109
- Portfolio Turnover Rate6%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Novo Nordisk A/S - Class B | 3.9% |
| Schneider Electric SE | 3.6% |
| Linde PLC | 3.2% |
| Hitachi, Ltd. | 2.8% |
| Roche Holding AG | 2.5% |
| LVMH Moet Hennessy Louis Vuitton SE | 2.3% |
| Nestle SA | 2.2% |
| NatWest Group PLC | 1.9% |
| TotalEnergies SE | 1.7% |
| Euronext NV | 1.6% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 1.9% |
| Real Estate | 1.1% |
| Communication Services | 2.5% |
| Utilities | 2.5% |
| Energy | 5.1% |
| Consumer Staples | 6.8% |
| Materials | 9.2% |
| Consumer Discretionary | 9.4% |
| Information Technology | 10.4% |
| Health Care | 12.7% |
| Industrials | 18.5% |
| Financials | 19.9% |
Country Weightings (% of net assets)
| Value | Value |
|---|
| Other | 26.6% |
| Netherlands | 5.3% |
| Switzerland | 5.5% |
| Germany | 5.6% |
| France | 8.1% |
| United Kingdom | 9.8% |
| Japan | 19.1% |
| United States | 20.0% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
RESEARCH INTERNATIONAL CORE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
SHORT-TERM BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Short-Term Bond Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Short-Term Bond Portfolio | $20 | 0.39% |
- Total Net Assets (000's)$383,135
- # of Portfolio Holdings (Derivatives not included as applicable)799
- Portfolio Turnover Rate57%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| US Treasury, Various | 22.6% |
| Federal National Mortgage Association, Various | 3.1% |
| Federal Home Loan Mortgage Corp., Various | 1.2% |
| US Treasury Inflation Index Bond, 2.375%, 10/15/28 | 1.0% |
| AbbVie, Inc., Various | 0.9% |
| Crown Castle, Inc., Various | 0.9% |
| Government National Mortgage Association, Various | 0.7% |
| JPMorgan Chase & Co., Various | 0.6% |
| The Goldman Sachs Group, Inc., Various | 0.6% |
| VF Corp., Various | 0.6% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.3% |
| Governments | 24.4% |
| Structured Products | 29.4% |
| Corporate Bonds | 43.9% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
SHORT-TERM BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
INDEX 400 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Index 400 Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Index 400 Stock Portfolio | $13 | 0.25% |
- Total Net Assets (000's)$1,334,984
- # of Portfolio Holdings (Derivatives not included as applicable)401
- Portfolio Turnover Rate9%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Pure Storage, Inc. | 0.7% |
| Carlisle Cos., Inc. | 0.7% |
| Williams-Sonoma, Inc. | 0.7% |
| EMCOR Group, Inc. | 0.6% |
| Lennox International, Inc. | 0.6% |
| Illumina, Inc. | 0.6% |
| Reliance, Inc. | 0.6% |
| BioMarin Pharmaceutical, Inc. | 0.6% |
| Burlington Stores, Inc. | 0.6% |
| Manhattan Associates, Inc. | 0.6% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 1.0% |
| Communication Services | 1.5% |
| Utilities | 2.5% |
| Consumer Staples | 4.6% |
| Energy | 5.9% |
| Materials | 6.5% |
| Real Estate | 7.0% |
| Health Care | 9.2% |
| Information Technology | 9.4% |
| Consumer Discretionary | 14.6% |
| Financials | 15.7% |
| Industrials | 22.1% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
INDEX 400 STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
LARGE COMPANY VALUE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Large Company Value Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Large Company Value Portfolio | $37 | 0.74% |
- Total Net Assets (000's)$148,378
- # of Portfolio Holdings (Derivatives not included as applicable)74
- Portfolio Turnover Rate21%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Johnson & Johnson | 4.5% |
| Medtronic PLC | 4.2% |
| Zimmer Biomet Holdings, Inc. | 3.6% |
| JPMorgan Chase & Co. | 3.2% |
| Exxon Mobil Corp. | 2.6% |
| Duke Energy Corp. | 2.5% |
| Norfolk Southern Corp. | 2.3% |
| United Parcel Service, Inc. - Class B | 2.3% |
| The Bank of New York Mellon Corp. | 2.2% |
| Analog Devices, Inc. | 2.0% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.0% |
| Consumer Discretionary | 1.2% |
| Real Estate | 1.5% |
| Communication Services | 3.2% |
| Materials | 3.5% |
| Utilities | 6.5% |
| Energy | 8.1% |
| Information Technology | 9.2% |
| Industrials | 11.1% |
| Consumer Staples | 13.1% |
| Financials | 19.2% |
| Health Care | 21.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
LARGE COMPANY VALUE PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Long-Term U.S. Government Bond Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Long-Term U.S. Government Bond Portfolio | $126 | 2.60% |
- Total Net Assets (000's)$115,452
- # of Portfolio Holdings (Derivatives not included as applicable)99
- Portfolio Turnover Rate10%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| US Treasury, Various | 114.3% |
| Citigroup Global Markets, Inc. Repurchase Agreement, Various | 17.8% |
| Uniform Mortgage Backed Security TBA, Various | 10.0% |
| BNP Paribas SA Repurchase Agreement, 5.4%, 7/1/24 | 10.0% |
| Deutsche Bank AG Repurchase Agreement, 5.41%, 7/1/24 | 8.0% |
| US Treasury Inflation Index Bond, Various | 7.9% |
| Resolution Funding Corp. Stripped, Various | 3.5% |
| Federal Home Loan Mortgage Corp., Series 4092, Class AY, 3%, 8/15/32 | 1.8% |
| Federal Home Loan Mortgage Corp., Series 4387, Class AZ, 4%, 9/15/44 | 1.7% |
| Federal National Mortgage Association, Various | 1.6% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | -48.3% |
| Corporate Bonds | 0.3% |
| Structured Products | 22.5% |
| Governments | 125.5% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
EMERGING MARKETS EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Emerging Markets Equity Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Emerging Markets Equity Portfolio | $46 | 0.90% |
- Total Net Assets (000's)$1,057,373
- # of Portfolio Holdings (Derivatives not included as applicable)68
- Portfolio Turnover Rate18%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Taiwan Semiconductor Manufacturing Co., Ltd. | 13.3% |
| Samsung Electronics Co., Ltd., Various | 6.9% |
| Tencent Holdings, Ltd. | 6.9% |
| Alibaba Group Holding, Ltd. | 3.4% |
| Power Grid Corp. of India, Ltd. | 2.9% |
| HDFC Bank, Ltd. | 2.7% |
| MediaTek, Inc. | 2.2% |
| Kaspi.KZ Joint Stock Co., ADR | 2.1% |
| Southern Copper Corp. | 2.1% |
| SBI Life Insurance Co., Ltd. | 1.9% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 0.1% |
| Health Care | 1.5% |
| Real Estate | 2.4% |
| Utilities | 2.9% |
| Energy | 3.4% |
| Materials | 4.8% |
| Consumer Staples | 5.1% |
| Industrials | 8.4% |
| Communication Services | 9.1% |
| Consumer Discretionary | 11.0% |
| Financials | 20.4% |
| Information Technology | 30.9% |
Country Weightings (% of net assets)
| Value | Value |
|---|
| Other | 20.3% |
| Mexico | 6.3% |
| South Korea | 11.4% |
| Taiwan | 19.0% |
| India | 20.0% |
| China | 23.0% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
EMERGING MARKETS EQUITY PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
SMALL CAP GROWTH STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Small Cap Growth Stock Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Small Cap Growth Stock Portfolio | $29 | 0.56% |
- Total Net Assets (000's)$708,949
- # of Portfolio Holdings (Derivatives not included as applicable)152
- Portfolio Turnover Rate31%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| FTAI Aviation, Ltd. | 2.2% |
| Fabrinet | 1.7% |
| Ensign Group, Inc. | 1.6% |
| Verra Mobility Corp. | 1.5% |
| Applied Industrial Technologies, Inc. | 1.4% |
| SPX Technologies, Inc. | 1.3% |
| Cabot Corp. | 1.3% |
| Fluor Corp. | 1.3% |
| Haemonetics Corp. | 1.2% |
| Chart Industries, Inc. | 1.2% |
Sector Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 0.9% |
| Communication Services | 0.6% |
| Investment Companies | 1.0% |
| Real Estate | 2.1% |
| Consumer Staples | 3.5% |
| Energy | 3.8% |
| Materials | 4.5% |
| Financials | 6.2% |
| Consumer Discretionary | 12.2% |
| Industrials | 19.8% |
| Information Technology | 21.1% |
| Health Care | 24.3% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
SMALL CAP GROWTH STOCK PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Balanced Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Balanced Portfolio | $4 | 0.08% |
- Total Net Assets (000's)$1,938,320
- # of Portfolio Holdings (Derivatives not included as applicable)24
- Portfolio Turnover Rate22%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Northwestern Mutual Series Fund, Inc., Select Bond Portfolio | 28.3% |
| iShares Core U.S. Aggregate Bond ETF | 11.0% |
| Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio | 7.6% |
| iShares Core S&P 500 ETF | 7.1% |
| SPDR Portfolio Long Term Treasury ETF | 4.9% |
| Northwestern Mutual Series Fund, Inc., International Growth Portfolio | 3.9% |
| Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio | 3.8% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 3.7% |
| Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio | 2.8% |
| Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio | 2.8% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 2.9% |
| Commodities | 0.9% |
| Foreign Equity | 14.0% |
| Domestic Equity | 29.2% |
| Fixed Income | 53.0% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
ASSET ALLOCATION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Asset Allocation Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Asset Allocation Portfolio | $6 | 0.12% |
- Total Net Assets (000's)$274,433
- # of Portfolio Holdings (Derivatives not included as applicable)24
- Portfolio Turnover Rate18%
What did the Fund invest in? (Derivatives not included as applicable)
Top Ten Holdings (% of net assets)
| Northwestern Mutual Series Fund, Inc., Select Bond Portfolio | 16.5% |
| iShares Core S&P 500 ETF | 12.3% |
| iShares Core U.S. Aggregate Bond ETF | 9.2% |
| Northwestern Mutual Series Fund, Inc., International Growth Portfolio | 5.6% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 5.4% |
| Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio | 5.1% |
| Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio | 4.7% |
| Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio | 4.7% |
| Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio | 4.6% |
| iShares Core MSCI EAFE ETF | 4.5% |
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | 3.2% |
| Commodities | 1.0% |
| Foreign Equity | 19.8% |
| Fixed Income | 33.8% |
| Domestic Equity | 42.2% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
ASSET ALLOCATION PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
GOVERNMENT MONEY MARKET PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the Government Money Market Portfolio Fund for the period of 1/1/2024 to 6/30/2024. You can find additional information about the fund at www.nmseriesfund.com . You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.
What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Government Money Market Portfolio | $17 | 0.33% |
- Total Net Assets (000's)$521,330
- # of Portfolio Holdings (Derivatives not included as applicable)101
What did the Fund invest in? (Derivatives not included as applicable)
Asset Type Weightings (% of net assets)
| Value | Value |
|---|
| Short-Term Investments & Other Net Assets | -0.1% |
| Repurchase Agreements | 43.7% |
| US Government & Agencies | 56.4% |
Changes in or Disagreements with Accountants
There were no changes in or disagreements with accountants.
If you wish to view additional information about the Fund; including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com
GOVERNMENT MONEY MARKET PORTFOLIO
June 30, 2024
SEMI-ANNUAL SHAREHOLDER REPORT
REPORT ON FORM N-CSR
RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as exhibit
EX-99.CERT.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NORTHWESTERN MUTUAL SERIES FUND, INC.
By: /s/ Paul A. Mikelson
Paul A. Mikelson, President
Date: December 6, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Paul A. Mikelson
Paul A. Mikelson, President
Date: December 6, 2024
By: /s/ Phillip J. Rinzel
Phillip J. Rinzel, Vice President,
Chief Financial Officer and Treasurer
Date: December 6, 2024
