<PAGE>
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, 1996
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,
<PAGE>
but which remained unsold at the beginning of the fiscal 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: 217,143,922*
Amount: $338,212,630*
*Excludes 454,881,863 shares and $708,500,791 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: 217,143,922
Amount: $338,212,630
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 $338,212,630
sold during the fiscal year in ------------
reliance on rule 24f-2 (from Item 10):
<PAGE>
(ii) Aggregate price of shares issued in + --
connection with dividend reinvestment ----------
plans (from Item 11, if applicable):
(iii)Aggregate price of shares redeemed - 85,786,698
or repurchased during the fiscal year ------------
if applicable):
#Excludes $185,516,680 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 252,425,932
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 .0003030303
of the Securities Act of 1933 or other -------------
applicable law or regulation:
(vii)Fee due [line (i) or line (v) multiplied $ 76,492.71
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 14, 1997
<PAGE>
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: /s/BARBARA E. COURTNEY
-----------------------------------
Barbara E. Courtney
Controller, Northwestern Mutual Series Fund, Inc.
Date: February 14, 1997
<PAGE>
February 14, 1997
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 14, 1997 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 $76,492.71. The
calculation of this amount is based on the methodology refected in the Rule
24f-2 Notice and the instructions cited therein.
<PAGE>
Northwestern Mutual
Series Fund, Inc.
February 14, 1997
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
Merrill C. Lundberg
Secretary
Northwestern Mutual Series
Fund, Inc.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. GROWTH STOCK PORTFOLIO
DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> GROWTH STOCK PORTFOLIO
<NUMBER> 1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 140,243
<INVESTMENTS-AT-VALUE> 170,082
<RECEIVABLES> 496
<ASSETS-OTHER> 145
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 170,723
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 241
<TOTAL-LIABILITIES> 241
<SENIOR-EQUITY> 139,825
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 116,463
<SHARES-COMMON-PRIOR> 67,734
<ACCUMULATED-NII-CURRENT> 32
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 629
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,996
<NET-ASSETS> 170,482
<DIVIDEND-INCOME> 1,903
<INTEREST-INCOME> 578
<OTHER-INCOME> 0
<EXPENSES-NET> 714
<NET-INVESTMENT-INCOME> 1,767
<REALIZED-GAINS-CURRENT> 5,039
<APPREC-INCREASE-CURRENT> 17,013
<NET-CHANGE-FROM-OPS> 23,819
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,749
<DISTRIBUTIONS-OF-GAINS> 5,031
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45,246
<NUMBER-OF-SHARES-REDEEMED> 1,147
<SHARES-REINVESTED> 4,630
<NET-CHANGE-IN-ASSETS> 84,925
<ACCUMULATED-NII-PRIOR> 11
<ACCUMULATED-GAINS-PRIOR> 621
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 731
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.26
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .25
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.46
<EXPENSE-RATIO> .57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. INTERNATIONAL EQUITY
PORTFOLIO DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> INTERNATIONAL EQUITY PORTFOLIO
<NUMBER> 2
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 415,111
<INVESTMENTS-AT-VALUE> 503,681
<RECEIVABLES> 3,009
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 506,706
<PAYABLE-FOR-SECURITIES> 358
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,159
<TOTAL-LIABILITIES> 1,517
<SENIOR-EQUITY> 396,978
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 324,246
<SHARES-COMMON-PRIOR> 252,496
<ACCUMULATED-NII-CURRENT> 12,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,939
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 88,973
<NET-ASSETS> 505,189
<DIVIDEND-INCOME> 13,211
<INTEREST-INCOME> 2,777
<OTHER-INCOME> 12
<EXPENSES-NET> 3,386
<NET-INVESTMENT-INCOME> 12,614
<REALIZED-GAINS-CURRENT> 7,391
<APPREC-INCREASE-CURRENT> 61,490
<NET-CHANGE-FROM-OPS> 81,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,311
<DISTRIBUTIONS-OF-GAINS> 11,653
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,977
<NUMBER-OF-SHARES-REDEEMED> 7,589
<SHARES-REINVESTED> 14,362
<NET-CHANGE-IN-ASSETS> 163,062
<ACCUMULATED-NII-PRIOR> 8,396
<ACCUMULATED-GAINS-PRIOR> 11,201
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,386
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.35
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .24
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> .04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.56
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. GROWTH & INCOME STOCK
PORTFOLIO DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> GROWTH & INCOME STOCK PORTFOLIO
<NUMBER> 3
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 209,676
<INVESTMENTS-AT-VALUE> 234,001
<RECEIVABLES> 484
<ASSETS-OTHER> 85
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 234,570
<PAYABLE-FOR-SECURITIES> 81
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 305
<TOTAL-LIABILITIES> 386
<SENIOR-EQUITY> 203,771
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 177,728
<SHARES-COMMON-PRIOR> 113,090
<ACCUMULATED-NII-CURRENT> 25
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,063
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 24,325
<NET-ASSETS> 234,184
<DIVIDEND-INCOME> 3,457
<INTEREST-INCOME> 342
<OTHER-INCOME> 0
<EXPENSES-NET> 1,145
<NET-INVESTMENT-INCOME> 2,654
<REALIZED-GAINS-CURRENT> 21,066
<APPREC-INCREASE-CURRENT> 11,131
<NET-CHANGE-FROM-OPS> 34,851
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,646
<DISTRIBUTIONS-OF-GAINS> 18,392
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,364
<NUMBER-OF-SHARES-REDEEMED> 2,670
<SHARES-REINVESTED> 15,944
<NET-CHANGE-IN-ASSETS> 97,261
<ACCUMULATED-NII-PRIOR> 17
<ACCUMULATED-GAINS-PRIOR> 3,389
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,169
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.21
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .23
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> .12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.32
<EXPENSE-RATIO> 0.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. INDEX 500 STOCK PORTFOLIO
DECEMBER 31, 1996, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> INDEX 500 STOCK PORTFOLIO
<NUMBER> 4
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 520,051
<INVESTMENTS-AT-VALUE> 739,761
<RECEIVABLES> 1,437
<ASSETS-OTHER> 97
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 741,295
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,229
<TOTAL-LIABILITIES> 1,229
<SENIOR-EQUITY> 489,109
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 360,059
<SHARES-COMMON-PRIOR> 287,518
<ACCUMULATED-NII-CURRENT> 13,866
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,652
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 220,439
<NET-ASSETS> 740,066
<DIVIDEND-INCOME> 12,257
<INTEREST-INCOME> 2,897
<OTHER-INCOME> 0
<EXPENSES-NET> 1,288
<NET-INVESTMENT-INCOME> 13,866
<REALIZED-GAINS-CURRENT> 17,014
<APPREC-INCREASE-CURRENT> 96,274
<NET-CHANGE-FROM-OPS> 127,154
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,192
<DISTRIBUTIONS-OF-GAINS> 9,632
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 72,277
<NUMBER-OF-SHARES-REDEEMED> 8,757
<SHARES-REINVESTED> 9,021
<NET-CHANGE-IN-ASSETS> 244,933
<ACCUMULATED-NII-PRIOR> 6,192
<ACCUMULATED-GAINS-PRIOR> 9,270
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,357
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.72
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .35
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.06
<EXPENSE-RATIO> 0.21
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. MONEY MARKET
PORTFOLIO DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENITRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> MONEY MARKET PORTFOLIO
<NUMBER> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 174,258
<INVESTMENTS-AT-VALUE> 174,258
<RECEIVABLES> 1,816
<ASSETS-OTHER> 268
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176,342
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 44
<SENIOR-EQUITY> 176,298
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 176,314
<SHARES-COMMON-PRIOR> 132,588
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 176,298
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,018
<OTHER-INCOME> 0
<EXPENSES-NET> 442
<NET-INVESTMENT-INCOME> 7,576
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7,576
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,576
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 122,068
<NUMBER-OF-SHARES-REDEEMED> 89,918
<SHARES-REINVESTED> 7,756
<NET-CHANGE-IN-ASSETS> 43,726
<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> 442
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<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>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. BALANCED PORTFOLIO
DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> BALANCED PORTFOLIO
<NUMBER> 6
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,827,741
<INVESTMENTS-AT-VALUE> 2,323,101
<RECEIVABLES> 14,192
<ASSETS-OTHER> 86
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,337,329
<PAYABLE-FOR-SECURITIES> 7,100
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,045
<TOTAL-LIABILITIES> 11,145
<SENIOR-EQUITY> 1,712,739
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1,353,952
<SHARES-COMMON-PRIOR> 1,298,518
<ACCUMULATED-NII-CURRENT> 86,699
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 495,361
<NET-ASSETS> 2,326,234
<DIVIDEND-INCOME> 25,205
<INTEREST-INCOME> 68,022
<OTHER-INCOME> 0
<EXPENSES-NET> 6,578
<NET-INVESTMENT-INCOME> 86,649
<REALIZED-GAINS-CURRENT> 27,969
<APPREC-INCREASE-CURRENT> 164,495
<NET-CHANGE-FROM-OPS> 279,113
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 83,501
<DISTRIBUTIONS-OF-GAINS> 35,154
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,923
<NUMBER-OF-SHARES-REDEEMED> 73,638
<SHARES-REINVESTED> 77,149
<NET-CHANGE-IN-ASSETS> 242,945
<ACCUMULATED-NII-PRIOR> 83,551
<ACCUMULATED-GAINS-PRIOR> 38,620
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,578
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.60
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> .06
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.72
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. SELECT BOND PORTFOLIO
DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> SELECT BOND PORTFOLIO
<NUMBER> 7
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 210,020
<INVESTMENTS-AT-VALUE> 211,804
<RECEIVABLES> 2,848
<ASSETS-OTHER> 67
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 214,719
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 386
<TOTAL-LIABILITIES> 386
<SENIOR-EQUITY> 200,018
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 175,166
<SHARES-COMMON-PRIOR> 161,337
<ACCUMULATED-NII-CURRENT> 13,300
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (769)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,784
<NET-ASSETS> 214,333
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,903
<OTHER-INCOME> 0
<EXPENSES-NET> 615
<NET-INVESTMENT-INCOME> 13,288
<REALIZED-GAINS-CURRENT> 569
<APPREC-INCREASE-CURRENT> (6,987)
<NET-CHANGE-FROM-OPS> 6,870
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,025
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,808
<NUMBER-OF-SHARES-REDEEMED> 16,109
<SHARES-REINVESTED> 6,130
<NET-CHANGE-IN-ASSETS> 16,191
<ACCUMULATED-NII-PRIOR> 7,037
<ACCUMULATED-GAINS-PRIOR> (1,338)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 615
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.23
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.22
<EXPENSE-RATIO> 0.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. HIGH YIELD BOND PORTFOLIO
DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> HIGH YIELD BOND PORTFOLIO
<NUMBER> 8
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 90,922
<INVESTMENTS-AT-VALUE> 93,951
<RECEIVABLES> 1,519
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 95,520
<PAYABLE-FOR-SECURITIES> 1,570
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72
<TOTAL-LIABILITIES> 1,642
<SENIOR-EQUITY> 89,726
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 85,421
<SHARES-COMMON-PRIOR> 54,536
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (297)
<ACCUMULATED-NET-GAINS> 1,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,029
<NET-ASSETS> 93,878
<DIVIDEND-INCOME> 111
<INTEREST-INCOME> 7,134
<OTHER-INCOME> 55
<EXPENSES-NET> 433
<NET-INVESTMENT-INCOME> 6,867
<REALIZED-GAINS-CURRENT> 3,638
<APPREC-INCREASE-CURRENT> 2,795
<NET-CHANGE-FROM-OPS> 13,300
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,126
<DISTRIBUTIONS-OF-GAINS> 2,541
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,742
<NUMBER-OF-SHARES-REDEEMED> 1,697
<SHARES-REINVESTED> 8,840
<NET-CHANGE-IN-ASSETS> 37,904
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 323
<OVERDISTRIB-NII-PRIOR> (38)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 445
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 1.03
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> .10
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.10
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FINANCIAL
STATEMENTS OF NORTHWESTERN MUTUAL SERIES FUND, INC. AGGRESSIVE GROWTH STOCK
PORTFOLIO DECEMBER 31, 1996 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NAME> AGGRESIVE GROWTH STOCK PORTFOLIO
<NUMBER> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 632,730
<INVESTMENTS-AT-VALUE> 871,390
<RECEIVABLES> 6,080
<ASSETS-OTHER> 129
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 877,599
<PAYABLE-FOR-SECURITIES> 3,823
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,850
<TOTAL-LIABILITIES> 5,673
<SENIOR-EQUITY> 581,301
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 277,222
<SHARES-COMMON-PRIOR> 208,208
<ACCUMULATED-NII-CURRENT> (210)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,175
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 238,660
<NET-ASSETS> 871,926
<DIVIDEND-INCOME> 832
<INTEREST-INCOME> 2,974
<OTHER-INCOME> 0
<EXPENSES-NET> 4,016
<NET-INVESTMENT-INCOME> (210)
<REALIZED-GAINS-CURRENT> 52,175
<APPREC-INCREASE-CURRENT> 56,387
<NET-CHANGE-FROM-OPS> 108,352
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 572
<DISTRIBUTIONS-OF-GAINS> 24,986
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,691
<NUMBER-OF-SHARES-REDEEMED> 3,953
<SHARES-REINVESTED> 8,276
<NET-CHANGE-IN-ASSETS> 294,912
<ACCUMULATED-NII-PRIOR> 572
<ACCUMULATED-GAINS-PRIOR> 24,986
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,053
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 2.77
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .49
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .11
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.15
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
