Annual Reports - Northwestern Mutual

Index 500 Stock Portfolio
Northwestern Mutual Series Fund, Inc.
Schedule of Investments
December 31, 2008
Common Stocks (97.7%)
Shares/
$ Par
Consumer Discretionary (8.2%)
Value
$ (000's)
Abercrombie & Fitch Co.
- Class A 13,300 307
* Amazon.com, Inc. 49,200 2,523
* Apollo Group, Inc. -
Class A 16,300 1,249
* AutoNation, Inc. 16,529 163
* AutoZone, Inc. 5,825 812
* Bed Bath & Beyond, Inc. 39,800 1,012
Best Buy Co., Inc. 51,675 1,453
* Big Lots, Inc. 12,600 183
The Black & Decker
Corp. 9,200 385
Carnival Corp. 66,909 1,627
CBS Corp. - Class B 104,124 853
Centex Corp. 19,000 202
* Coach, Inc. 50,100 1,041
Comcast Corp. - Class A 440,905 7,442
D.R. Horton, Inc. 42,200 298
Darden Restaurants, Inc. 21,250 599
* The DIRECTV Group,
Inc. 83,600 1,915
Eastman Kodak Co. 41,083 270
* Expedia, Inc. 32,100 264
Family Dollar Stores, Inc. 21,400 558
* Ford Motor Co. 365,765 838
Fortune Brands, Inc. 22,967 948
* GameStop Corp. - Class
A 25,100 544
Gannett Co., Inc. 34,950 280
The Gap, Inc. 71,375 956
General Motors Corp. 93,427 299
Genuine Parts Co. 24,400 924
* The Goodyear Tire &
Rubber Co. 36,900 220
H&R Block, Inc. 51,900 1,179
Harley-Davidson, Inc. 35,600 604
Harman International
Industries, Inc. 9,000 151
Hasbro, Inc. 18,925 552
The Home Depot, Inc. 259,600 5,976
International Game
Technology 45,100 536
* The Interpublic Group of
Companies, Inc. 73,000 289
J.C. Penney Co., Inc. 34,050 671
Johnson Controls, Inc. 91,000 1,653
Jones Apparel Group, Inc. 12,800 75
KB Home 11,500 157
* Kohl's Corp. 46,667 1,689
Leggett & Platt, Inc. 23,933 364
Lennar Corp. - Class A 21,600 187
Limited Brands, Inc. 41,387 416
Lowe's Cos., Inc. 224,400 4,829
Macy's, Inc. 64,346 666
Common Stocks (97.7%)
Shares/
$ Par
Value
$ (000's)
Consumer Discretionary continued
Marriott International,
Inc. - Class A 44,900 873
Mattel, Inc. 54,888 878
McDonald's Corp. 170,678 10,614
The McGraw-Hill Cos.,
Inc. 48,120 1,116
Meredith Corp. 5,500 94
The New York Times Co.
- Class A 17,870 131
Newell Rubbermaid, Inc. 42,492 416
News Corp. - Class A 352,200 3,201
NIKE, Inc. - Class B 60,100 3,065
Nordstrom, Inc. 24,434 325
* Office Depot, Inc. 42,057 125
Omnicom Group, Inc. 47,600 1,281
Polo Ralph Lauren Corp. 8,600 391
Pulte Homes, Inc. 32,700 357
RadioShack Corp. 19,200 229
Scripps Networks
Interactive - Class A 13,800 304
* Sears Holdings Corp. 8,480 330
The Sherwin-Williams
Co. 15,013 897
Snap-on, Inc. 8,817 347
The Stanley Works 12,050 411
Staples, Inc. 109,250 1,958
* Starbucks Corp. 112,600 1,065
Starwood Hotels &
Resorts Worldwide, Inc. 28,000 501
Target Corp. 115,257 3,980
Tiffany & Co. 18,867 446
Time Warner, Inc. 549,300 5,526
The TJX Companies, Inc. 63,700 1,310
VF Corp. 13,457 737
* Viacom, Inc. - Class B 93,924 1,790
The Walt Disney Co. 283,457 6,432
The Washington Post Co.
- Class B 900 351
Whirlpool Corp. 11,244 465
Wyndham Worldwide
Corp. 27,186 178
* Wynn Resorts, Ltd. 9,400 397
Yum! Brands, Inc. 70,860 2,232
Total 100,912
Consumer Staples (12.6%)
Altria Group, Inc. 315,522 4,752
Archer-Daniels-Midland
Co. 98,203 2,831
Avon Products, Inc. 65,300 1,569
Brown-Forman Corp. -
Class B 15,022 773
Campbell Soup Co. 31,522 946
The Clorox Co. 21,250 1,181
The Coca-Cola Co. 304,675 13,793
Common Stocks (97.7%)
Shares/
$ Par
Value
$ (000's)
Consumer Staples continued
Coca-Cola Enterprises,
Inc. 48,600 585
Colgate-Palmolive Co. 77,322 5,300
ConAgra Foods, Inc. 68,467 1,130
* Constellation Brands, Inc.
- Class A 29,800 470
Costco Wholesale Corp. 66,064 3,468
CVS Caremark Corp. 219,861 6,319
* Dean Foods Co. 23,600 424
* Dr. Pepper Snapple
Group, Inc. 38,800 630
The Estee Lauder
Companies, Inc. - Class
A 17,700 548
General Mills, Inc. 51,167 3,108
H.J. Heinz Co. 48,117 1,809
The Hershey Co. 25,400 882
The J.M. Smucker Co. 18,100 785
Kellogg Co. 38,557 1,691
Kimberly-Clark Corp. 63,356 3,341
Kraft Foods, Inc. - Class
A 224,996 6,041
The Kroger Co. 99,905 2,638
Lorillard, Inc. 25,746 1,451
McCormick & Co., Inc. 19,900 634
Molson Coors Brewing
Co. - Class B 22,800 1,115
The Pepsi Bottling
Group, Inc. 20,700 466
PepsiCo, Inc. 237,830 13,026
Philip Morris
International, Inc. 309,722 13,476
The Procter & Gamble
Co. 457,164 28,262
Reynolds American, Inc. 25,900 1,044
Safeway, Inc. 65,600 1,559
Sara Lee Corp. 108,235 1,060
SUPERVALU, INC. 32,470 474
Sysco Corp. 91,725 2,104
Tyson Foods, Inc. - Class
A 46,300 406
UST, Inc. 22,767 1,580
Walgreen Co. 151,546 3,739
Wal-Mart Stores, Inc. 342,300 19,189
Whole Foods Market,
Inc. 21,500 203
Total 154,802
Energy (13.0%)
Anadarko Petroleum
Corp. 70,324 2,711
Apache Corp. 51,246 3,819
Baker Hughes, Inc. 47,130 1,511
BJ Services Co. 44,700 522
Cabot Oil & Gas Corp. 15,800 411
The Accompanying Notes are an Integral Part of the Financial Statements.
18 Index 500 Stock Portfolio