<PAGE> 1
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Northwestern Mutual Series Fund, Inc.
720 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
2. Name of each series or class of funds for which this notice is filed:
Common stock for all nine portfolios: Index 500 Stock, Growth Stock,
Growth & Income Stock, Aggressive Growth Stock, International Equity, Select
Bond, High Yield Bond, Money Market and Balanced Portfolios.
3. Investment Company Act File Number: 811-3990
Securities Act File Number: 2-89971
4. Last day of fiscal year for which this notice is filed:
December 31, 1995
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration: / /
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable:
7. Number and amount of securities of the same class of series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal
<PAGE> 2
year:
-0-
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
-0-
9. Number and aggregate sale price of securities sold during the fiscal
year:
Number: 155,205,210*
Amount: $212,293,554*
*Excludes 255,098,527 shares and $348,929,887 of aggregate sale price for
securities sold to unmanaged separate accounts offering interests therein
that are registered under the Securities Act and on which a registration
fee has been or will be paid, in accordance with Instruction B.5 to Form
24f-2.
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
Number: 155,205,210
Amount: $212,293,554
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable:
Included in Item 9 as permitted by the instructions.
12. Calculation of registration fee:
(i) Aggregate sale price of securities $212,293,554
sold during the fiscal year in ------------
reliance on rule 24f-2 (from Item 10):
<PAGE> 3
(ii) Aggregate price of shares issued in + --
connection with dividend reinvestment ------------
plans (from Item 11, if applicable):
(iii) Aggregate price of shares redeemed -100,415,978#
or repurchased during the fiscal year ------------
if applicable):
#Excludes $171,629,120 aggregate sale
price for shares excluded in Item 9 above.
(iv) Aggregate price of shares redeemed or + NA
repurchased and previously applied as a ------------
reduction to filing fees pursuant to rule
24e-2 (if applicable):
(v) Net aggregate price of securities sold 111,877,576
issued during the fiscal year in reliance ------------
on rule 24f-2 [line (i), plus line (ii),
less line (iii), plus line (iv)] (if
applicable):
(vi) Multiplier prescribed by Section 6(b) x .0003448276
of the Securities Act of 1933 or other ------------
applicable law or regulation:
(vii) Fee due [line (i) or line (v) multiplied $ 38,578.48
by line (vi)]: ============
Instruction: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the
issuer's fiscal year.
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a). /X/
Date of mailing or wire transfer of filing fees to the Commissioner's
lockbox depository:
February 26, 1996
<PAGE> 4
SIGNATURES
This report has been signed below by the following person on behalf of the
issuer and in the capacity and on the date indicated.
By: GARY E. LONG
-------------------------------------------------
Gary E. Long
Vice President and Controller,
The Northwestern Mutual Life Insurance Company
Controller, Northwestern Mutual Series Fund, Inc.
Date: February 23, 1996
<PAGE> 1
February 23, 1996
Northwestern Mutual Series Fund, Inc.
720 East Wisconsin Avenue
Milwaukee, WI 53202
Gentlemen:
In my capacity as Secretary of Northwestern Mutual Series Fund, Inc. (the
"Company") I have acted as counsel for the Company in connection with the Rule
24f-2 Notice dated February 23, 1996 which is to be filed with the Securities
and Exchange Commission under the Investment Company Act of 1940 with respect
to certain shares of common stock, $.01 par value, of the Company. I have
examined the Articles of Incorporation and By-Laws of the Company and the
proceedings taken and instruments executed in connection with the authorization
and issuance of said common stock and have also examined such other corporate
records, certificates and other documents and such questions of law as I have
considered necessary or appropriate for the purposes of this opinion. On the
basis of such examination, it is my opinion that:
1. The Company is a corporation duly incorporated and validly
existing under the laws of the State of Maryland.
2. The securities of the Company which are the subject of the Rule
24f-2 Notice referred to above, the registration of which the
Notice makes definite in number, were legally issued, fully paid
and nonassessable.
The additional filing fee specified in Rule 24f-2 is $38,578.48. The
calculation of this amount is based on the methodology reflected in the Rule
24f-2 Notice and the instructions cited therein.
I hereby consent to the filing of this opinion as an exhibit to the Rule
24f-2 Notice.
Very truly yours,
/S/Merrill C. Lundberg
Secretary
Northwestern Mutual Series
Fund, Inc.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENT OF NORTHWESTERN MUTUAL SERIES FUND, INC. INDEX 500 STOCK
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 001
<NAME> INDEX STOCK PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 370,768
<INVESTMENTS-AT-VALUE> 494,185
<RECEIVABLES> 1,052
<ASSETS-OTHER> 114
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 495,351
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 218
<TOTAL-LIABILITIES> 218
<SENIOR-EQUITY> 355,506
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 287,518
<SHARES-COMMON-PRIOR> 249,684
<ACCUMULATED-NII-CURRENT> 6,192
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 124,165
<NET-ASSETS> 495,133
<DIVIDEND-INCOME> 9,533
<INTEREST-INCOME> 1,330
<OTHER-INCOME> 2
<EXPENSES-NET> 844
<NET-INVESTMENT-INCOME> 10,021
<REALIZED-GAINS-CURRENT> 8,912
<APPREC-INCREASE-CURRENT> 105,468
<NET-CHANGE-FROM-OPS> 124,401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,894
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 47,195
<NUMBER-OF-SHARES-REDEEMED> 11,954
<SHARES-REINVESTED> 2,593
<NET-CHANGE-IN-ASSETS> 179,010
<ACCUMULATED-NII-PRIOR> 65
<ACCUMULATED-GAINS-PRIOR> 358
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 899
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.27
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.72
<EXPENSE-RATIO> 0.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. GROWTH STOCK
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 002
<NAME> GROWTH STOCK PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 72,967
<INVESTMENTS-AT-VALUE> 85,950
<RECEIVABLES> 247
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 86,237
<PAYABLE-FOR-SECURITIES> 562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 118
<TOTAL-LIABILITIES> 680
<SENIOR-EQUITY> 71,939
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 67,734
<SHARES-COMMON-PRIOR> 41,908
<ACCUMULATED-NII-CURRENT> 11
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 621
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,986
<NET-ASSETS> 85,557
<DIVIDEND-INCOME> 1,156
<INTEREST-INCOME> 339
<OTHER-INCOME> 0
<EXPENSES-NET> 386
<NET-INVESTMENT-INCOME> 1,109
<REALIZED-GAINS-CURRENT> 2,321
<APPREC-INCREASE-CURRENT> 13,078
<NET-CHANGE-FROM-OPS> 16,508
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,105
<DISTRIBUTIONS-OF-GAINS> 1,582
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24,515
<NUMBER-OF-SHARES-REDEEMED> 866
<SHARES-REINVESTED> 2,177
<NET-CHANGE-IN-ASSETS> 43,689
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> (118)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 22
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.28
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.26
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. GROWTH AND INCOME
STOCK PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 003
<NAME> GROWTH & INCOME STOCK PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 123,110
<INVESTMENTS-AT-VALUE> 136,304
<RECEIVABLES> 595
<ASSETS-OTHER> 167
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 762
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 143
<TOTAL-LIABILITIES> 143
<SENIOR-EQUITY> 120,323
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 113,090
<SHARES-COMMON-PRIOR> 65,757
<ACCUMULATED-NII-CURRENT> 17
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,389
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 13,194
<NET-ASSETS> 136,923
<DIVIDEND-INCOME> 2,160
<INTEREST-INCOME> 206
<OTHER-INCOME> 0
<EXPENSES-NET> 686
<NET-INVESTMENT-INCOME> 1,680
<REALIZED-GAINS-CURRENT> 9,722
<APPREC-INCREASE-CURRENT> 14,711
<NET-CHANGE-FROM-OPS> 26,113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,667
<DISTRIBUTIONS-OF-GAINS> 6,435
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 41,708
<NUMBER-OF-SHARES-REDEEMED> 1,144
<SHARES-REINVESTED> 6,769
<NET-CHANGE-IN-ASSETS> 72,223
<ACCUMULATED-NII-PRIOR> 4
<ACCUMULATED-GAINS-PRIOR> 102
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 721
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.98
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> 0.29
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.06
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.21
<EXPENSE-RATIO> 0.69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. AGGRESSIVE GROWTH
STOCK PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 004
<NAME> AGGRESSIVE GROWTH STOCK PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 395,784
<INVESTMENTS-AT-VALUE> 578,057
<RECEIVABLES> 2,256
<ASSETS-OTHER> 63
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 580,376
<PAYABLE-FOR-SECURITIES> 2,926
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 436
<TOTAL-LIABILITIES> 3,362
<SENIOR-EQUITY> 369,183
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 208,208
<SHARES-COMMON-PRIOR> 163,628
<ACCUMULATED-NII-CURRENT> 572
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,986
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 182,273
<NET-ASSETS> 577,014
<DIVIDEND-INCOME> 817
<INTEREST-INCOME> 2,246
<OTHER-INCOME> 0
<EXPENSES-NET> 2,491
<NET-INVESTMENT-INCOME> 572
<REALIZED-GAINS-CURRENT> 24,986
<APPREC-INCREASE-CURRENT> 124,412
<NET-CHANGE-FROM-OPS> 149,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 503
<DISTRIBUTIONS-OF-GAINS> 1,836
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,142
<NUMBER-OF-SHARES-REDEEMED> 6,659
<SHARES-REINVESTED> 1,097
<NET-CHANGE-IN-ASSETS> 249,918
<ACCUMULATED-NII-PRIOR> 503
<ACCUMULATED-GAINS-PRIOR> 1,836
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 39
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,530
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 2.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0.78
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.77
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. INTERNATIONAL
EQUITY PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 005
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 310,948
<INVESTMENTS-AT-VALUE> 338,181
<RECEIVABLES> 8,780
<ASSETS-OTHER> 267
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 347,228
<PAYABLE-FOR-SECURITIES> 901
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,200
<TOTAL-LIABILITIES> 5,101
<SENIOR-EQUITY> 295,451
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 252,496
<SHARES-COMMON-PRIOR> 245,609
<ACCUMULATED-NII-CURRENT> 8,396
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,201
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,079
<NET-ASSETS> 342,127
<DIVIDEND-INCOME> 8,989
<INTEREST-INCOME> 2,140
<OTHER-INCOME> 0
<EXPENSES-NET> 2,692
<NET-INVESTMENT-INCOME> 8,437
<REALIZED-GAINS-CURRENT> 11,455
<APPREC-INCREASE-CURRENT> 22,907
<NET-CHANGE-FROM-OPS> 42,799
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,171
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,399
<NUMBER-OF-SHARES-REDEEMED> 23,252
<SHARES-REINVESTED> 1,740
<NET-CHANGE-IN-ASSETS> 49,594
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,917
<OVERDISTRIB-NII-PRIOR> 41
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,692
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.19
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.35
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. SELECT BOND
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 006
<NAME> SELECT BOND PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 186,543
<INVESTMENTS-AT-VALUE> 195,314
<RECEIVABLES> 2,669
<ASSETS-OTHER> 221
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 198,204
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
<TOTAL-LIABILITIES> 62
<SENIOR-EQUITY> 183,672
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 161,337
<SHARES-COMMON-PRIOR> 149,626
<ACCUMULATED-NII-CURRENT> 7,037
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,338)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,771
<NET-ASSETS> 198,142
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,209
<OTHER-INCOME> 0
<EXPENSES-NET> 529
<NET-INVESTMENT-INCOME> 11,680
<REALIZED-GAINS-CURRENT> 1,666
<APPREC-INCREASE-CURRENT> 17,183
<NET-CHANGE-FROM-OPS> 30,529
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,709
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,151
<NUMBER-OF-SHARES-REDEEMED> 12,511
<SHARES-REINVESTED> 4,071
<NET-CHANGE-IN-ASSETS> 39,634
<ACCUMULATED-NII-PRIOR> 66
<ACCUMULATED-GAINS-PRIOR> (3,004)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 529
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.06
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.13
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.23
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. HIGH YIELD BOND
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 007
<NAME> HIGH YIELD BOND PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 54,685
<INVESTMENTS-AT-VALUE> 54,919
<RECEIVABLES> 1,174
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,093
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119
<TOTAL-LIABILITIES> 119
<SENIOR-EQUITY> 55,455
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 54,536
<SHARES-COMMON-PRIOR> 36,590
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 38
<ACCUMULATED-NET-GAINS> 323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 234
<NET-ASSETS> 55,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,794
<OTHER-INCOME> 51
<EXPENSES-NET> 297
<NET-INVESTMENT-INCOME> 4,548
<REALIZED-GAINS-CURRENT> 970
<APPREC-INCREASE-CURRENT> 1,206
<NET-CHANGE-FROM-OPS> 6,724
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,604
<DISTRIBUTIONS-OF-GAINS> 465
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,751
<NUMBER-OF-SHARES-REDEEMED> 1,724
<SHARES-REINVESTED> 4,919
<NET-CHANGE-IN-ASSETS> 20,437
<ACCUMULATED-NII-PRIOR> 18
<ACCUMULATED-GAINS-PRIOR> (182)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 314
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0.97
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.07
<PER-SHARE-DIVIDEND> 0.10
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.03
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. MONEY MARKET
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 008
<NAME> MONEY MARKET PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 131,681
<INVESTMENTS-AT-VALUE> 131,681
<RECEIVABLES> 840
<ASSETS-OTHER> 84
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,605
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33
<TOTAL-LIABILITIES> 33
<SENIOR-EQUITY> 132,572
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 132,588
<SHARES-COMMON-PRIOR> 104,233
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 132,572
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,668
<OTHER-INCOME> 0
<EXPENSES-NET> 335
<NET-INVESTMENT-INCOME> 6,333
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,333
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,333
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 74,140
<NUMBER-OF-SHARES-REDEEMED> 52,118
<SHARES-REINVESTED> 6,333
<NET-CHANGE-IN-ASSETS> 28,355
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 335
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM (A)
FINANCIAL STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. BALANCED
PORTFOLIO DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH (B) FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 009
<NAME> BALANCED PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1,738,497
<INVESTMENTS-AT-VALUE> 2,070,621
<RECEIVABLES> 14,041
<ASSETS-OTHER> 291
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,084,953
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,664
<TOTAL-LIABILITIES> 1,664
<SENIOR-EQUITY> 1,630,252
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,298,518
<SHARES-COMMON-PRIOR> 1,315,774
<ACCUMULATED-NII-CURRENT> 83,551
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 38,620
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 330,866
<NET-ASSETS> 2,083,289
<DIVIDEND-INCOME> 23,254
<INTEREST-INCOME> 65,981
<OTHER-INCOME> 7
<EXPENSES-NET> 5,696
<NET-INVESTMENT-INCOME> 83,546
<REALIZED-GAINS-CURRENT> 41,518
<APPREC-INCREASE-CURRENT> 318,046
<NET-CHANGE-FROM-OPS> 443,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 53,160
<DISTRIBUTIONS-OF-GAINS> 8,179
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,282
<NUMBER-OF-SHARES-REDEEMED> 96,890
<SHARES-REINVESTED> 44,352
<NET-CHANGE-IN-ASSETS> 356,162
<ACCUMULATED-NII-PRIOR> 53,165
<ACCUMULATED-GAINS-PRIOR> 5,281
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,696
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.31
<PER-SHARE-NII> 0.07
<PER-SHARE-GAIN-APPREC> 0.27
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.60
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
