DECEMBER 31, 2001

Northwestern Mutual

Variable Life Account

[GRAPHIC]

Annual Report

Northwestern Mutual
Series Fund, Inc. and
Russell Insurance Funds

The Northwestern Mutual
Life Insurance Company
720 East Wisconsin Avenue
Milwaukee, WI 53202
(414) 271-1444

[NORTHWESTERN MUTUAL LOGO]

Letter to Policyowners

January 31, 2002

The year just ended has been a difficult one in many ways. As the year began, most observers sensed that we were near the end of a record economic expansion, but there was considerable uncertainly as to the likely course of the economy. The stock market, traditionally a leading indicator, had already experienced a sharp drop. Other indicators were mixed, and they remained so through most of the year. The Federal Reserve responded to mounting signs of weakness with an unprecedented series of interest rate cuts.

Then in September Americans were stunned by terrorist attacks. A sharp drop when the markets reopened was followed by an encouraging rally in the fourth quarter. In November came the official announcement that a recession had begun eight months earlier.

In this difficult environment, it is understandable that some investors are feeling confused and frustrated. But our current situation is not unprecedented. Except in the technology sector, the stock market decline is far from a crash, and recession is by no means synonymous with economic disaster.

The U.S. economy has experienced nine recessions since World War II, and each has been followed by a period of economic growth. The stock market tends to move in concert with the economy, and periods of strength and weakness are inevitable. Although equities as a whole have a lengthy record of positive long-term returns, there will be intermittent periods of negative return. While experience suggests that it is reasonable to expect positive returns from stocks over the long term, we have always considered it unlikely that the 20%-plus returns of the late 1990s could be maintained.

We are convinced that professional management, broad diversification and a long-term outlook are the keys to responsible, productive investing. Owners of Northwestern Mutual Variable Life Insurance policies participate in the markets with these important advantages. The individuals who manage these Portfolios are seasoned professionals with many years of experience, people who have learned to manage through good and bad markets. Many are the same individuals who manage the corporate assets of Northwestern Mutual.

The weak equity markets of the last two years reinforce the importance of diversification, among types of investments (such as stocks, government and corporate bonds, and real estate portfolios) and within each type of investment. The broad diversification of the Portfolios underlying the variable life insurance products avoids some of the risk inherent in holding individual securities. Including different types of equity funds — for example, growth and value; large and small capitalization; domestic and international — provides valuable balance and insulation from weakness in particular market segments.

Relatively strong bond returns over the last two years provide evidence of the value of including bond funds in your portfolio. As you choose the mix of funds that is best for you, we urge you to take advantage of the services of your Northwestern Mutual Investment Services representative, who is available to help you meet your financial goals.

We want you to know about a few changes in our organization and our investment products, which we believe will provide more choices and even better service to owners of Northwestern Mutual Variable Life Insurance policies.

In this publication, we are reporting on the initial results of four new portfolios introduced in July 2001: a growth-oriented international fund; a small-cap value fund; a large-cap domestic value fund, and an asset allocation fund. Details on the objectives and management style of each of these funds, as well as the 16 other fund choices, are provided in the following pages. This broad array of investment choices provides vehicles appropriate for any investment objective, as well as ample opportunities to adjust your personal portfolio over time.

There also have been some organizational changes designed to create one cohesive, distinct organization with all the legal, regulatory and operational infrastructure to provide stronger investment advisory services to our policyowners and other clients. As of January 1, 2002, the individuals who manage Northwestern Mutual’s public market investments, including those underlying the variable annuity and variable life insurance products, the Mason Street family of mutual funds, and Northwestern Mutual’s corporate assets, are now part of a new entity, Mason Street Advisors, LLC, a registered investment advisory firm. The individuals managing your investments are the same as before, and Mason Street Advisors is a wholly owned company of Northwestern Mutual.

We thank you for your continuing confidence in Northwestern Mutual, and we look forward to being your resource for long-term financial security for many years to come.

The Northwestern Mutual Life Insurance Company

Mason G. Ross

Chairman, Mason Street Advisors

1

How To Get More Information

Northwestern Mutual Express:

1-800-519-4665.

There is a wealth of information about Variable CompLife available at the touch of a button. For the latest information about policy values and performance data, call the toll-free Northwestern Mutual Express line any time. Policyowners must provide a policy number plus a Personal Identification Number (PIN) to utilize this service.

Information on the Internet:

www.northwesternmutual.com

You can also visit us at our customer service section from our Web site for information on Policy values and fund performance. This site also allows you to view past confirmation and policy statements, as well as transfer funds online.

To sign up for this service please call 1-866-424-2609 between 7 a.m. – 6 p.m. Central Standard Time Monday – Friday. As always, your Investment Services representative of the Northwestern Mutual Financial Network is available to answer any questions you have about your variable life insurance policy or any of our products.

For Variable Executive Life and Variable Joint Life inforce policy service questions please call 1-866-464-3800 between 7:30 a.m.-6 p.m. Central Standard Time Monday-Friday.

Contents

Letter to Policyowners		1
Performance Summary for Separate Accounts		4
Economic Overview and Outlook		8
Series Fund Objectives and Schedules of Investments
	Small Cap Growth Stock Portfolio	9
	T. Rowe Price Small Cap Value Portfolio	12
	Aggressive Growth Stock Portfolio	15
	International Growth Portfolio	18
	Franklin Templeton International Equity Portfolio	21
	Index 400 Stock Portfolio	25
	Growth Stock Portfolio	31
	J.P. Morgan Select Growth and Income Stock Portfolio	34
	Capital Guardian Domestic Equity Portfolio	37
	Index 500 Stock Portfolio	40
	Asset Allocation Portfolio	47
	Balanced Portfolio	57
	High Yield Bond Portfolio	70
	Select Bond Portfolio	76
	Money Market Portfolio	82
Accountants’ Report		86
Statements of Assets and Liabilities		88
Statements of Operations		90
Statements of Changes in Net Assets		92
Financial Highlights		100
Notes to Series Fund Financial Statements		108
Accountants’ Report		113
Variable Life Account Financial Statements		114
	Notes to Variable Life Account Financial Statements	123
Directors and Officers		126
The Russell Annual Report Starts After Page 126

3

Performance Summary

as of December 31, 2001

Variable Life — Policies Issued Before October 11, 1995
																							J.P. Morgan
														Franklin									Select			Capital
					T. Rowe									Templeton									Growth and			Guardian
		Small Cap			Price Small			Aggressive			International			International			Index 400			Growth			Income			Domestic
Total return		Growth Stock			Cap Value			Growth Stock			Growth Stock			Equity			Stock			Stock			Stock			Equity
(as of 12/31/01)		Division			Division			Division			Division			Division			Division			Division			Division			Division
1 year			(4.44%	)		—			(20.44%	)		—			(14.60%	)		(1.35%	)		(14.82%	)		(8.42%	)		—
5 years			—			—			44.65%			—			19.16%			—			62.76%			42.57%			—
	Annualized		—			—			7.66%			—			3.57%			—			10.23%			7.35%			—
10 years			—			—			—			—			—			—			—			—			—
	Annualized		—			—			—			—			—			—			—			—			—
Since division inception in Variable Life Account			55.33%	@@		1.46%	†		143.16%	*		(9.67%	)†		62.33%	#		22.37%	@@		156.61%	##		120.86%	##		(2.48%	)†
	Annualized		19.23%			—			12.29%			—			6.53%			8.39%			13.09%			10.89%			—
Since portfolio inception++			87.58%	@@		—			351.35%	*		—			100.49%			28.94%	@@		—			—			—
	Annualized		26.55%			—			14.56%			—			8.36%			9.98%			—			—			—
	Current Yield###
Variable Complife — Polices Issued On or After October 11, 1995**
1 year			(4.34%	)		—			(20.36%	)		—			(14.52%	)		(1.25%	)		(14.73%	)		(8.33%	)		—
5 years			—			—			45.39%			—			19.77%			—			63.59%			43.30%			—
	Annualized		—			—			7.77%			—			3.67%			—			10.35%			7.46%			—
10 years			—			—			—			—			—			—			—			—			—
	Annualized		—			—			—			—			—			—			—			—			—
Since division inception in Variable Life Account			55.73%	@@		1.50%	†		145.07%	*		(9.63%	)†		63.61%	#		22.68%	@@		158.62%	##		122.60%	##		(2.43%	)†
	Annualized		19.35%			—			12.41%			—			6.64%			8.51%			13.20%			11.01%			—
Since portfolio inception++			88.05%	@@		—			248.45%	*		—			102.27%			29.24%	@@		—			—			—
	Annualized		26.67%			—			12.95%			—			8.46%			10.08%			—			—			—
	Current Yield###

All total return figures shown above reflect the deduction of portfolio expenses, as well as mortality and expense risk charges for each product. Returns do not reflect deductions such as sales charges or premium taxes, administrative charges, surrender charges or cost of insurance charges. These deductions would significantly impact the returns if they were included.

Performance data reflects past results and is not a guarantee of future results. Future value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.

! On April 30, 1993, the Index 500 Stock Portfolio was indexed to approximate the performance of the Standard and Poor’s 500 Composite Stock Price Index. Before then, the Portfolio was actively managed.

++	Returns stated are as of the inception date of the portfolio which precedes availability in the Variable Life Account. See the following footnotes for portfolio inception dates.
*	Inception date of this division in the Variable Life Account was 5/3/94. Actual fund inception was 11/30/1990. Performance quoted prior to 5/3/94 is based on actual investment experience, adjusted for a mortality and expense risk charge.
#	Inception date of this division in the Variable Life Account was 5/3/94. Actual portfolio inception was 4/30/93. Performance quoted prior to 5/3/94 is based on actual investment experience, adjusted for a mortality and expense risk charge.
**	Product inception date of 10/11/95. Returns prior to 10/11/95 were reflected using the actual investment experience of each division, adjusted for a mortality and expense risk charge.
@@	Inception date of this division in the Variable Life Account was 6/30/99. Actual fund inception was 4/30/99. Performance quoted prior to 6/30/99 is based on actual investment experience, adjusted for a mortality and expense risk charge.
+	Inception date of this division in the Variable Life Account was 6/30/99. Actual fund inception was 1/2/97. Performance quoted prior to 6/30/99 is based on actual investment experience, adjusted for a mortality and expense risk charge.
##	Inception date of 5/3/94.
†	Inception date of 7/31/01.
###	For the seven-day period ended December 31, 2001, the Money Market Portfolio’s yield was 2.16% and was equivalent to a compound effective yield of 2.18%. The seven-day yield does not include deductions that are included in the separate accounts. The yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation.

Note:  “Standard and Poor’s 500”, “S&P 500” and “S&P 400” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Northwestern Mutual Life Insurance Company. The Series Fund and its Portfolios are not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in them.

4

																Russell			Russell						Russell
Index 500			Asset						High Yield			Select		Money		Multi-Style			Aggressive			Russell			Real Estate			Russell
Stock			Allocation			Balanced			Bond			Bond		Market		Equity			Equity			Non-U.S.			Securities			Core Bond
Division			Division			Division			Division			Division		Division		Division+			Division+			Division+			Division			Division+
	(12.50%	)		—			(3.83%	)		4.29%			9.59%		3.19%		(14.81%	)		(3.05%	)		(22.58%	)		7.08%			6.65%
	60.95%			—			49.96%			9.52%			36.24%		24.64%		—			—			—			—			—
	9.99%			—			8.44%			1.84%			6.38%		4.50%		—			—			—			—			—
	204.45%	!		—			141.39%			—			88.83%		48.60%		—			—			—			—			—
	11.78%			—			9.21%			—			6.56%		4.04%		—			—			—			—			—
	—			(2.39%	)†		—			54.89%	##		—		—		(22.71%	)		0.08%			(18.32%	)		26.94%	@@		16.69%
	—			—			—			5.88%			—		—		(9.78%	)		0.03%			(7.76%	)		9.99%			6.36%
	—			—			—			—			—		—		40.89%			35.55%			(2.67%	)		24.89%	@@		33.61%
	—			—			—			—			—		—		7.10%			6.28%			(0.54%	)		8.68%			5.97%
															2.16%
	(12.41%	)		—			(3.73%	)		4.40%			9.71%		3.29%		(14.72%	)		(2.95%	)		(22.50%	)		7.19%			6.76%
	61.77%			—			50.73%			10.08%			36.94%		25.28%		—			—			—			—			—
	10.10%			—			8.55%			1.94%			6.49%		4.61%		—			—			—			—			—
	207.58%	!		—			143.88%			—			90.79%		49.83%		—			—			—			—			—
	11.89%			—			9.32%			—			6.67%		4.13%		—			—			—			—			—
	—			(2.35%	)†		—			56.10%	##		—		—		(22.52%	)		0.34%			(18.11%	)		27.26%	@@		16.99%
	—			—			—			5.98%			—		—		(9.69%	)		0.14%			(7.67%	)		10.11%			6.47%
	—			—			—			—			—		—		41.60%			36.25%			(2.17%	)		25.23%	@@		34.30%
	—			—			—			—			—		—		7.21%			6.39%			(0.44%	)		8.79%			6.08%
															2.16%

5

Performance Summary

as of December 31, 2001

Variable Executive Life — Policies First Offered on March 2, 1998***
																							J.P. Morgan
														Franklin									Select			Capital
					T. Rowe									Templeton									Growth and			Guardian
		Small Cap			Price Small			Aggressive			International			International			Index 400			Growth			Income			Domestic
Total return		Growth Stock			Cap Value			Growth Stock			Growth Stock			Equity			Stock			Stock			Stock			Equity
(as of 12/31/01)		Division			Division			Division			Division			Division			Division			Division			Division			Division
1 year			(3.76%	)		—			(19.87%	)		—			(14.00%	)		(0.65%	)		(14.22%	)		(7.77%	)		—
5 years			—			—			49.81%			—			23.41%			—			68.57%			47.66%			—
	Annualized		—			—			8.42%			—			4.30%			—			11.01%			8.11%			—
10 years			—			—			—			—			—			—			—			—			—
	Annualized		—			—			—			—			—			—			—			—			—
Since division inception in Variable Life Account			58.09%	@@		1.76%	†		156.59%	*		(9.40%	)†		71.28%	#		24.53%	@@		170.77%	##		133.05%	##		(2.19%	)†
	Annualized		20.07%			—			13.08%			—			7.27%			9.16%			13.88%			11.67%			—
Since portfolio inception ++			91.13%	@@		—			419.27%	*		—			113.06%			31.38%	@@		—			—			—
	Annualized		27.44%			—			16.03%			—			9.11%			10.76%			—			—			—
Current Yield###
Variable Joint Life — Polices First Offered on December 28, 1998****
1 year			(3.76%	)		—			(19.87%	)		—			(14.00%	)		(0.65%	)		(14.22%	)		(7.77%	)		—
5 years			—			—			49.81%			—			23.41%			—			68.57%			47.66%			—
	Annualized		—			—			8.42%			—			4.30%			—			11.01%			8.11%			—
10 years			—			—			—			—			—			—			—			—			—
	Annualized		—			—			—			—			—			—			—			—			—
Since division inception in Variable Life Account			58.09%	@@		1.76%	†		156.59%	*		(9.40%	)†		71.28%	#		24.53%	@@		170.77%	##		133.05%	##		(2.19%	)†
	Annualized		20.07%			—			13.08%			—			7.27%			9.16%			13.88%			11.67%			—
Since portfolio inception++			91.13%	@@		—			419.27%	*		—			113.06%			31.38%	@@		—			—			—
	Annualized		27.44%			—			16.03%			—			9.11%			10.76%			—			—			—
Current Yield###

All total return figures shown above reflect the deduction of portfolio expenses. Returns do not reflect deductions such as sales charges or premium taxes, administrative charges, surrender charges, mortality and expense risk charge or cost of insurance charges. These deductions would significantly impact the returns if they were included.

Performance data reflects past results and is not a guarantee of future results. Future value will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.

!     On April 30, 1993, the Index 500 Stock Portfolio was indexed to approximate the performance of the Standard and Poor’s 500 Composite Stock Price Index. Before then, the Portfolio was actively managed.

++     Returns stated are as of the inception date of the portfolio which precedes availability in the Variable Life Account. See the following footnotes for portfolio inception dates.

*	Inception date of this division in the Variable Life Account was 5/3/94. Actual fund inception was 11/30/1990. Performance quoted prior to 5/3/94 is based on actual investment experience.
#	Inception date of this division in the Variable Life Account was 5/3/94. Actual portfolio inception was 4/30/93. Performance quoted prior to 5/3/94 is based on actual investment experience.
***	Product inception date of 3/2/98. (For use with plans in excess of $25,000.) Returns prior to 3/2/98 were reflected using the actual investment experience of each division.

****    Product inception date of December 28, 1998 (For use primarily in estate planning, provides coverage on two insureds with a death benefit payable on the second death). Returns prior to 12/28/98 were reflected using the actual investment experience of each division.

@@     Inception date of this division in the Variable Life Account was 6/30/99. Actual fund inception was 4/30/99. Performance quoted prior to 6/30/99 is based on actual investment experience.

+     Inception date of this division in the Variable Life Account was 6/30/99. Actual fund inception was 1/2/97. Performance quoted prior to 6/30/99 is based on actual investment experience.

##	Inception date of 5/3/94.
†	Inception date of 7/31/01.

###     For the seven-day period ended December 31, 2001, the Money Market Portfolio’s yield was 2.16% and was equivalent to a compound effective yield of 2.18%. The seven-day yield does not include deductions that are included in the separate accounts. The yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation.

Note:     “Standard and Poor’s 500” , “S&P 500” and “S&P 400” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Northwestern Mutual Life Insurance Company. The Series Fund and its Portfolios are not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in them.

6

																Russell			Russell						Russell
Index 500			Asset						High Yield			Select		Money		Multi-Style			Aggressive			Russell			Real Estate			Russell
Stock			Allocation			Balanced			Bond			Bond		Market		Equity			Equity			Non-U.S.			Securities			Core Bond
Division			Division			Division			Division			Division		Division		Division+			Division+			Division+			Division			Division+
	(11.88%	)		—			(3.15%	)		5.03%			10.37%		3.92%		(14.21%	)		(2.36%	)		(22.03%	)		7.84%			7.41%
	66.69%			—			55.31%			13.43%			41.10%		29.09%		—			—			—			—			—
	10.76%			—			9.20%			2.55%			7.13%		5.24%		—			—			—			—			—
	234.57%	!		—			156.97%			—			99.14%		59.06%		—			—			—			—			—
	12.56%			—			9.98%			—			7.31%		4.75%		—			—			—			—			—
	—			(2.10%	)†		—			63.44%	##		—		—		(21.34%	)		1.86%			(16.87%	)		29.19%	@@		18.75%
	—			—			—			6.62%			—		—		(9.14%	)		0.74%			(7.11%	)		10.77%			7.10%
	—			—			—			—			—		—		45.91%			40.38%			0.80%			27.25%	@@		38.37%
	—			—			—			—			—		—		7.85%			7.02%			0.16%			9.44%			6.71%
															2.16%
	(11.88%	)		—			(3.15%	)		5.03%			10.37%		3.92%		(14.21%	)		(2.36%	)		(22.03%	)		7.84%			7.41%
	66.69%			—			55.31%			13.43%			41.10%		29.09%		—			—			—			—			—
	10.76%			—			9.20%			2.55%			7.13%		5.24%		—			—			—			—			—
	234.57%	!		—			156.97%			—			99.14%		59.06%		—			—			—			—			—
	12.56%			—			9.98%			—			7.31%		4.75%		—			—			—			—			—
	—			(2.10%	)†		—			63.44%	##		—		—		(21.34%	)		1.86%			(16.87%	)		29.19%	@@		18.75%
	—			—			—			6.62%			—		—		(9.14%	)		0.74%			(7.11%	)		10.77%			7.10%
	—			—			—			—			—		—		45.91%			40.38%			0.80%			27.25%	@@		38.37%
	—			—			—			—			—		—		7.85%			7.02%			0.16%			9.44%			6.71%
															2.16%

7

 Economic Overview and Outlook

The Economy

The economy in 2001 turned out to be weaker than most forecasters had anticipated. As the year progressed, more and more indicators pointed toward recession. The tragic events of September 11 brought sharp focus to a general sense of economic malaise, and created serious problems for certain industries, especially travel.

In November, the National Bureau of Economic Research declared officially that a recession had begun in March 2001, exactly ten years after the record economic expansion of the 1990s began. This is an unusual recession, however. In most recent slowdowns, demand has been choked by rising interest rates, inflation, or oil shortages. This time, the Federal Reserve has provided stimulus through an unprecedented series of interest rate cuts. Consumer spending has remained strong, especially in interest-sensitive areas such as housing and autos. Business inventories appear to be at a reasonable level, and productivity is holding up unusually well.

Now the main questions concern the depth and duration of the recession, and the strength of the subsequent recovery. Most observers are reasonably positive: The consensus of 55 economists surveyed by The Wall Street Journal (article published January 4, 2002) is that the economy will resume growth in the first half of 2002, with the annualized growth rate surpassing 3% by the end of the year. However, there is wide divergence among the experts, with forecasts for real growth for the full year 2002 ranging from - -1.7% to 5.0%. The progress of the recovery will be determined largely by whether an initial period of inventory rebuilding is followed by a sustainable increase in capital spending.

Economic Growth and Inflation

Source: U.S. Department of Commerce. Year-to-year percentage change in Real Gross Domestic Product is used for real economic growth. December-to-December percentage change in the Consumer Price Index — Urban is used for the inflation rate. 2001 numbers are based on preliminary data.

The Equity Market

For the first time since the 1970s, the major market indices — the S&P 500 Index, the Dow Jones Industrial Average, and the Nasdaq Composite Index — all posted losses for the second consecutive year. The net downtrend was far from steady. A drop in the first quarter, most pronounced in the technology-heavy Nasdaq index, was followed by a modest rally in the summer. A sharp drop when the market reopened after September 11 was followed by a rally in the fourth quarter. Throughout the year, the market experienced tremendous volatility, with record numbers of days exhibiting sharp moves up or down.

Investors should remember that the late 1990s were a period of unprecedented equity returns. Total return of the S&P 500 Index was above 20% for five consecutive years, after surpassing 20% for only eight of the previous 30 years.

Market history offers some encouragement to investors in hope of a rebound in 2002. It has been 60 years since the major stock indexes fell for three consecutive years. That happened in 1939-1941, as fascism was sweeping through Europe and recovery from the Great Depression was just beginning. With a modest economic recovery predicted for 2002, any strength in the stock market is likely to be similarly mild. A shift in interest from large-cap to small-cap stocks, and from growth to value, makes it seem likely that market leadership will be quite different from the 1990s, when technology dominated performance.

Annual Total Returns from S&P 500 Index

Source: Standard & Poor’s

The Bond Market

For the second consecutive year bonds substantially outperformed stocks in 2001. Total return from the Merrill Lynch Domestic Master Index was 8.3%, versus a loss of 11.8% in the S&P 500 Index.

Within the bond market, the most pronounced trend was a dramatic steepening in the yield curve, which depicts the relationship between yields on short-term bonds and long-term bonds. Short-term yields dropped dramatically, in response to easing by the Federal Reserve, while yields on 30-year bonds remained essentially unchanged throughout the year.

Another important trend in the bond market was a tightening of interest rate spreads between U.S. Treasury bonds and corporate bonds during the year. At the beginning of the year, the spread was wider than usual, reflecting strong demand for Treasuries and concern about the performance of corporate bonds in a slowing economy. The spread narrowed over the next few months; then Treasuries rallied sharply in the market turmoil that followed September 11. Near the end of the year, as some economic data proved more positive than expected, investors began to regain confidence in corporate bonds, pushing prices up and yields down. Accordingly, corporate bonds outperformed Treasury securities for the first time in four years.

Annual Total Returns from

Merrill Lynch Domestic Master Index

Source: Merrill Lynch. The Merrill Lynch Domestic Master Index is an unmanaged market value weighted index comprised of U.S. Government, mortgage and investment-grade corporate bonds.

8

 Small Cap Growth Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Maximum long-term appreciation of capital	Strive for the highest possible rate of capital appreciation by investing in companies with potential for rapid growth.	$291.45 million

The Small Cap Growth Stock Portfolio owns the stocks of emerging growth companies, with the objective of maintaining a median market capitalization of $1 billion. The range of market capitalization is generally between $200 million and $3 billion. The investment process involves detailed studies of individual companies. Factors evaluated include the growth rates of revenues and earnings, opportunities for margin expansion, financial strength and quality of management. Since growth stock portfolios tend to react strongly to changes in financial and economic markets, as well as to changes in the prospects for individual companies, returns of this Portfolio can vary considerably from time to time. A higher level of risk (with risk defined as variability of returns over time) is accepted for the potential of greater long-term returns.

The year just ended, with a slowing economy, the aftermath of the technology boom of prior years, and external shocks to the markets, was particularly difficult for the small-cap growth category of equities. As a defensive measure, certain holdings in the travel and consumer cyclical sectors were eliminated during the third quarter, and there has been a degree of concentration in non-cyclical industry groups such as business services, many of which are categorized in the Industrials sector. Some of the Portfolio’s large holdings in industries such as health care and specialty finance that have limited exposure to broad economic trends have performed well; these include Lincare, Patterson Dental and Radian Group.

As the market responds to increasing signs of economic recovery, there appears to be considerable opportunity for this portfolio, since small cap stocks traditionally perform well in the early stages of a recovery. Accordingly, holdings at the end of 2001 reflect moves to increase exposure to more cyclical industry groups. New or increased holdings include Coach Leatherware, which should benefit from an improving consumer environment; Airgas, a gas distributor; and oil service companies such as Patterson-UTI Energy and National-Oilwell. In anticipation of a recovery, the Portfolio is overweighted in health care and technology, two sectors considered to have strong long-term growth prospects.

Sector Allocation 12/31/01

The Small Cap Growth Stock Portfolio’s investment in Initial Public Offerings (IPOs) had a significant impact on its since inception performance. There can be no assurance that IPOs will continue to have a positive affect on the Portfolio’s performance.

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
O’Reilly Automotive, Inc.	4.0%
UTStarcom, Inc.	3.8%
Lincare Holdings, Inc.	3.7%
Advent Software, Inc.	2.8%
Patterson Dental Company	2.7%
Resources Connection, Inc.	2.1%
The Corporate Executive Board Company	2.1%
Tetra Tech, Inc.	2.0%
Radian Group, Inc.	2.0%
Varian, Inc.	2.0%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
			Since
	1 Year		Inception#
Small Cap Stock Portfolio		-3.76%		27.44%
S&P 600 Index		6.54%		12.82%
Russell 2000 Index		2.49%		6.04%
#Inception date of 4/30/99

Since the Portfolio invests primarily in small capitalization issues, the indices that best reflect the Portfolio’s performance are the Standard & Poor’s (S&P) SmallCap 600 Index and Russell 2000 Index.

The Standard & Poor’s SmallCap 600 Index is an unmanaged index of 600 selected common stocks of smaller U.S.-based companies compiled by Standard & Poor’s Corporation. As of December 31, 2001, the 600 companies in the composite had median market capitalization of $525.2 million and total market value of $376.2 billion. The SmallCap 600 represents approximately 2.6% of the market value of Compustat’s database of over 10,000 equities.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization. These 3,000 companies represent approximately 98% of the investable US equity market. As of December 31, 2001, the average market capitalization of companies in the Russell 3000 was $4.6 billion; the median market capitalization was $732 million. Market capitalization of companies in the Index ranged from $487 billion to $147 million.

The Russell 2000 Index represents approximately 8% of the total market capitalization of the Russell 3000. As of December 31, 2001, the average market capitalization of companies in the Russell 2000 was approximately $530 million; the median market capitalization was approximately $410 million. The largest company in the index had a total market capitalization of approximately $1.4 billion.

This chart assumes an initial investment of $10,000 made on 4/30/99 (commencement of the Fund’s operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

9

 Small Cap Growth Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (84.0%)		Par		(000’s)
Consumer Discretionary (14.7%)
*Catalina Marketing Corporation			83,700	$	2,904
*CDW Computer Centers, Inc.			19,300		1,037
*Coach, Inc.			112,900		4,401
Fred’s, Inc.			74,300		3,043
*Getty Images, Inc.			77,900		1,790
*The Gymboree Corporation			259,700		3,098
*O’Reilly Automotive, Inc.			322,100		11,748
*Orient-Express Hotels, Ltd. — Class A			150,800		2,729
*Palm Harbor Homes, Inc.			43,300		1,037
*Peet’s Coffee & Tea, Inc.			106,400		1,200
The Talbots, Inc.			58,800		2,132
*Tommy Hilfiger Corporation			252,900		3,477
*Westwood One, Inc.			136,500		4,102
	Total				42,698
Energy (4.6%)
*Cal Dive International, Inc.			128,300		3,166
*Energy Partners, Ltd.			185,000		1,397
*Grant Prideco, Inc.			239,600		2,755
*National-Oilwell, Inc.			154,200		3,178
*Patterson-UTI Energy, Inc.			128,000		2,984
	Total				13,480
Financials (5.2%)
Investors Financial Services Corp.			66,100		4,376
*Philadelphia Consolidated Holding Corp.			13,000		490
Radian Group, Inc.			135,100		5,804
Waddell & Reed Financial, Inc. — Class A			140,450		4,522
	Total				15,192
Health Care (20.1%)
*Accredo Health, Inc.			70,700		2,807
*AMN Healthcare Services, Inc.			18,700		512
*Apogent Technologies, Inc.			158,500		4,089
*CIMA Labs, Inc.			47,600		1,721
*Cross Country, Inc.			32,800		869
D & K Healthcare Resources, Inc.			60,900		3,468
*DaVita, Inc.			176,700		4,320
*Fisher Scientific International, Inc.			3,000		88
*Lincare Holdings, Inc.			377,600		10,819
*Patterson Dental Company			190,700		7,806
*Priority Healthcare Corporation — Class B			76,000		2,674
*Province Healthcare Company			173,850		5,366
*Renal Care Group, Inc.			146,800		4,712
*Sola International, Inc.			65,000		1,261
*Sybron Dental Specialties, Inc.			72,466		1,564
*Taro Pharmaceutical Industries, Ltd.			38,200		1,526
*Third Wave Technologies			130,800		961
*Triad Hospitals, Inc.			88,500		2,597
*Ventana Medical Systems, Inc.			61,100		1,382
	Total				58,542
Industrials (11.9%)
C.H. Robinson Worldwide, Inc.			170,100		4,918
*Charles River Associates Incorporated			84,800		1,738
*Cornell Companies, Inc.			109,000		1,924
*The Corporate Executive Board Company			168,400		6,180
*Education Management Corporation			69,200		2,509
*ITT Educational Services, Inc.			31,400		1,158
*Knight Transportation, Inc.			151,553		2,846
*Resources Connection, Inc.			235,400		6,198
SkyWest, Inc.			47,700		1,214
*Tetra Tech, Inc.			297,625		5,926
	Total				34,611
Information Technology (23.4%)
*Advent Software, Inc.			160,300		8,007
*Amphenol Corporation — Class A			30,000		1,442
*Aspen Technology, Inc.			153,700		2,582
*BARRA, Inc.			68,350		3,219
*DDI Corp.			136,600		1,344
*EPIQ Systems, Inc.			108,250		2,095
*Forrester Research, Inc.			95,400		1,921
*Inforte Corp.			207,600		2,900
*Micromuse, Inc.			73,800		1,107
*MKS Instruments, Inc.			125,300		3,387
*Nassda Corporation			69,200		1,556
*Plexus Corp.			118,000		3,134
*PRI Automation, Inc.			131,000		2,679
*Renaissance Learning, Inc.			121,400		3,699
*Semtech Corporation			95,600		3,412
*SmartForce Public Limited Company, ADR			120,900		2,992
*TESSCO Technologies Incorporated			194,700		3,339
*THQ, Inc.			40,200		1,948
*Universal Access Global Holdings, Inc.			207,400		973
*UTStarcom, Inc.			383,800		10,939
*Varian, Inc.			176,900		5,739
	Total				68,414
Materials (2.9%)
*Airgas, Inc.			202,900		3,068
Cambrex Corporation			62,900		2,742
Minerals Technologies, Inc.			56,200		2,621
	Total				8,431

10

 Small Cap Growth Stock Portfolio

				Market
		Shares/		Value
Common Stock (84.0%)		Par		(000’s)
Telecommunication Services (1.2%)
*AirGate PCS, Inc.			75,100	$	3,421
	Total				3,421
	Total Common Stock (Cost: $222,553)				244,789

Money Market Investments (16.1%)
Cigarettes (1.7%)
#Phillip Morris Co., Inc., 1.81%, 1/18/02		$	5,000,000		4,996
	Total				4,996
Commercial Banks (1.7%)
#JP Morgan Chase & Co., 1.86%, 2/8/02			5,000,000		4,990
	Total				4,990
Federal Government Agencies (1.5%)
#Federal National Mortgage Association, 1.73%, 2/15/02			4,500,000		4,490
	Total				4,490
Finance Services (1.7%)
#Preferred Receivable Funding, 1.85%, 2/4/02			5,000,000		4,991
	Total				4,991
Machinery (1.7%)
#John Deere Capital Corp., 2.05%, 1/14/02			5,000,000		4,996
	Total				4,996
Miscellaneous Business Credit Institutions (1.7%)
#National Rural Utilities, 1.75%, 1/28/02			5,000,000		4,993
	Total				4,993
Personal Credit Institutions (2.6%)
Household Finance Corp., 1.94%, 1/18/02			5,000,000		4,995
Variable Funding Capital, 2.45%, 1/10/02			2,400,000		2,399
	Total				7,394
Short Term Business Credit (3.5%)
Asset Securitization, 1.95%, 1/18/02		$	5,000,000		4,995
Transamerica Financial Corporation, 1.93%, 1/9/02			5,000,000		4,999
	Total				9,994
	Total Money Market Investments (Cost: $46,844)				46,844
	Total Investments (100.1%) (Cost $269,397)!				291,633
	Other Assets, Less Liabilities (-0.1%)				(185	)
	Total Net Assets (100.0%)			$	291,448

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $271,272 and the net unrealized appreciation of investments based on that cost was $20,361 which is comprised of $38,050 aggregate gross unrealized appreciation and $17,689 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

*  Non-Income Producing

# All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
Russell 2000 Index Futures		106		3/02	$	291
(Total Notional Value at 12/31/01 $25,642)

The Accompanying Notes are an Integral Part of the Financial Statements

11

 T. Rowe Price Small Cap Value Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term growth of capital	Invest in small companies whose common stocks are believed to be undervalued.	$21.00 million

The T. Rowe Price Small Cap Value Portfolio invests in companies with market capitalization of $1 billion or less whose current stock prices do not appear to reflect their underlying value. For this Portfolio, value is defined broadly, with consideration given to stock price relative to long-term growth prospects and business franchises, in addition to typical value measures such as assets, current earnings and cash flow. Many of the Portfolio’s holdings are quality companies that have been overlooked by the investment community.

The Portfolio typically holds approximately 100 stocks with average market capitalization somewhat smaller than the Russell 2000 Value Index, its major performance benchmark, as consideration of smaller companies often makes it possible to invest in higher quality companies without paying a premium. The average price-earnings ratio of stocks in the Portfolio is generally close to that of the Index, but quality measures such as return on equity and financial strength are higher. The major emphasis is on selection of individual stocks, with secondary consideration given to industry weightings in order to keep the Portfolio broadly diversified among economic sectors.

Small-cap value stocks as a group were up in 2000 and 2001, when the broad market averages were down significantly, after underperforming in the previous years of strong large-cap equity markets; this portfolio therefore provides an excellent diversification opportunity for holders of large capitalization stocks. The Portfolio has performed in line with the Russell 2000 Value Index in the five months since it was added to the investment choices available to Northwestern Mutual policyowners. Major holdings that contributed to performance in recent months were Brown & Brown, an insurance brokerage firm; Ruby Tuesday, a casual dining restaurant chain; XTO Energy, an independent producer of oil and natural gas producer; and Allied Capital, which provides debt and equity capital to middle-market companies.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
Brown & Brown, Inc.	2.7%
Ruby Tuesday, Inc.	2.5%
XTO Energy, Inc.	2.4%
Fred’s, Inc.	2.3%
Insituform Technologies, Inc. — Class A	2.1%
Allied Capital Corporation	1.8%
Texas Regional Bancshares, Inc. — Class A	1.6%
Community First Bankshares, Inc.	1.6%
RARE Hospitality International, Inc.	1.5%
Silicon Valley Bancshares	1.5%

The T. Rowe Price Small Cap Value Portfolio is managed for Northwestern Mutual by T. Rowe Price.

Relative Performance

Total Return
For Period Ended December 31, 2001
	Since
	Inception#
T. Rowe Price Small Cap Value Portfolio		1.76%
Russell 2000 Index		1.40%
#Inception date of 7/31/01, returns not annualized

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest US companies based on total market capitalization. These 3,000 companies represent approximately 98% of the investable US equity market. As of December 31, 2001, the average market capitalization of companies in the Russell 3000 was $4.6 billion; the median market capitalization was $732 million. Market capitalization of companies in the Index ranged from $487 billion to $147 million.

The Russell 2000 Index represents approximately 8% of the total market capitalization of the Russell 3000. As of December 31, 2001, the average market capitalization of companies in the Russell 2000 was approximately $530 million; the median market capitalization was approximately $410 million. The largest company in the index had a total market capitalization of approximately $1.4 billion.

This chart assumes an initial investment of $10,000 made on 7/31/01 (commencement of the Fund’s operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

12

 T. Rowe Price Small Cap Value Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (93.4%)		Par		(000’s)
Consumer Discretionary (17.8%)
Aaron Rents, Inc.			9,600	$	156
Aaron Rents, Inc. — Class A			1,300		18
CSS Industries, Inc.			6,400		198
Culp, Inc.			8,100		31
*Dan River, Inc. — Class A			9,800		5
Fred’s, Inc.			11,850		485
Hancock Fabrics, Inc.			9,200		121
Haverty Furniture Companies, Inc.			18,200		301
Modine Manufacturing Company			4,700		110
*Paxson Communications Corporation			4,300		45
RARE Hospitality International, Inc.			13,700		309
Ruby Tuesday, Inc.			25,000		515
*Saga Communications, Inc. — Class A			7,100		147
SCP Pool Corporation			10,325		283
*Sinclair Broadcast Group, Inc. — Class A			3,900		37
Skyline Corporation			6,850		221
Stanley Furniture Company, Inc.			7,350		175
*Stein Mart, Inc.			27,500		230
TBC Corporation			16,000		214
*Unifi, Inc.			19,800		144
	Total				3,745
Consumer Staples (1.9%)
*American Italian Pasta Company — Class A			3,500		147
Casey’s General Stores, Inc.			14,900		222
Packaged Ice, Inc.			18,900		20
	Total				389
Energy (7.8%)
Attwoods PLC			4,550		159
Carbo Ceramics, Inc.			5,500		215
*Forest Oil Corporation			8,050		227
Lone Star Technologies, Inc.			5,800		102
Newpark Resources, Inc.			13,700		108
Tetra Technologies, Inc.			9,200		193
W-H Energy Services, Inc.			6,900		131
XTO Energy, Inc.			28,500		499
	Total				1,634
Financials (23.4%)
Allied Capital Corporation			14,300		372
American Capital Strategies, Ltd.			8,050		228
Brown & Brown, Inc.			21,000		574
Community First Bankshares, Inc.			13,200		339
First Financial Fund, Inc.			17,100		214
*First Republic Bank, Inc.			11,300		273
Gladstone Capital Corp.			4,400		81
Glenborough Realty Trust Incorporated			13,700		266
Innkeepers USA Trust			13,700		134
JP Realty, Inc.			9,150		218
Kilroy Realty Corporation			9,200		242
Lasalle Hotel Properties			9,500		112
Markel Corporation			1,125		202
Ohio Casualty Corporation			5,800		93
Presidential Life Corporation			4,700		97
ProAssurance Corporation			9,300		163
*Silicon Valley Bancshares			11,400		305
Sun Communities, Inc.			6,900		257
Texas Regional Bancshares, Inc. — Class A			9,100		344
*Triad Guaranty, Inc.			8,400		305
Washington Real Estate Trust			4,700		117
	Total				4,936
Health Care (3.9%)
Bone Care International, Inc.			13,500		231
*Guilford Pharmaceuticals, Inc.			14,200		170
Owens & Minor, Inc.			16,000		296
*Sola International, Inc.			5,800		113
	Total				810
Industrials (16.7%)
Ameron International Corporation			1,600		111
*Dal-Tile International, Inc.			5,800		135
EDO Corporation			8,100		214
Electro Rent Corporation			15,150		195
G & K Services, Inc. — Class A			6,950		224
Hub Group, Inc. — Class A			4,700		49
Idex Corporation			5,700		197
*Insituform Technologies, Inc. — Class A			17,100		437
Landauer, Inc.			4,600		156
Landstar System, Inc.			4,100		297
Layne Christensen Company			6,900		55
Littelfuse, Inc.			8,000		210
Matthews International Corporation — Class A			12,350		304
*Midwest Express Holdings, Inc.			7,000		102
*Modis Professional Services, Inc.			18,300		131
Thomas Industries, Inc.			9,150		229
UTI Worldwide, Inc.			9,100		178
Woodward Governor Company			4,800		280
	Total				3,504
Information Technology (7.0%)
Analogic Corporation			6,400		246
Analysts International Corporation			4,900		20
ATMI, Inc.			5,800		138
Brooks Automation, Inc.			5,300		216
Franklin Electric Co., Inc.			2,950		242
Methode Electronics, Inc. — Class A			8,100		65
Packeteer, Inc.			16,000		118

13

 T. Rowe Price Small Cap Value Portfolio

				Market
		Shares/		Value
Common Stock (93.4%)		Par		(000’s)
Information Technology continued
Progress Software Corporation			12,600	$	218
*SPSS, Inc.			11,450		203
	Total				1,466
Materials (10.7%)
*Airgas, Inc.			16,000		242
Aptargroup, Inc.			8,250		289
Arch Chemicals, Inc.			9,150		212
Deltic Timber Corporation			6,500		178
Florida Rock Industries, Inc.			4,850		177
Gibraltar Steel Corporation			9,550		167
Ivex Packaging Corporation			12,900		245
Liqui-Box Corporation			4,150		171
Myers Industries, Inc.			9,200		126
Penn Virginia Corporation			6,850		234
Wausau-Mosinee Paper Corporation			17,000		206
	Total				2,247
Other Holdings (0.9%)
Russell 2000 Value Index			1,500		193
	Total				193
Utilities (3.3%)
Black Hills Corporation			4,200		142
Cleco Corporation			10,550		232
Otter Tail Corporation			4,700		137
Vectren Corporation			7,350		176
	Total				687
	Total Common Stock (Cost: $18,455)				19,611
Investment Company Reserves (5.9%)
Reserve Investment Fund			1,240,328		1,240
	Total Money Market Investments (Cost $1,240)				1,240
	Total Investments (99.3%) (Cost $19,695)!				20,851
	Other Assets, Less Liabilities (0.7%)				152
	Total Net Assets (100.0%)			$	21,003

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $19,712 and the net unrealized appreciation of investments based on that cost was $1,139 which is comprised of $1,396 aggregate gross unrealized appreciation and $257 aggregate gross unrealized depreciation.

*  Non-Income Producing

The Accompanying Notes are an Integral Part of the Financial Statements

14

 Aggressive Growth Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Maximum long-term appreciation of capital	Strive for the highest possible rate of capital appreciation by investing in companies with potential for rapid growth.	$1.34 billion

The Aggressive Growth Stock Portfolio owns the stocks of emerging growth companies, generally with market capitalizations of less than $10 billion. Since growth stock portfolios tend to react strongly to changes in financial and economic markets, as well as to changes in the prospects for individual companies, returns of this Portfolio can vary considerably from time to time. A higher level of risk (with risk defined as variability of returns over time) is accepted for the potential of greater long-term returns. The Portfolio’s focus in stock selection is on the individual companies’ ability to generate revenue, expand profit margins and maintain solid balance sheets; industry sector selection is of secondary importance.

In a difficult and volatile market environment, the Aggressive Growth Stock Portfolio has underperformed its benchmark, the S&P MidCap 400 Index, over the last year. Communication, technology and energy have been among the poorer performing industry groups. More defensive holdings such as Investors Financial Services, Fiserv, Radian Group and Concord EFS in the financial services sector and Patterson Dental in health care have held up well. Technology holdings benefited from a rally in the final months of the year.

In anticipation of a recovery, the Portfolio’s holdings are being adjusted to provide more participation in growth-oriented cyclicals.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
Patterson Dental Company	3.2%
Fiserv, Inc.	2.8%
The Corporate Executive Board Company	2.3%
Cintas Corporation	2.2%
Investors Financial Services Corp.	2.1%
Lincare Holdings, Inc.	1.9%
Kohl’s Corporation	1.9%
Tetra Tech, Inc.	1.9%
Radian Group, Inc.	1.9%
Concord EFS, Inc.	1.8%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
	1 Year		5 Years		10 Years
Aggressive Growth Stock Portfolio		-19.87%		8.42%		12.57%
S&P 400 Index		-0.60%		16.11%		15.02%

Since the Portfolio invests primarily in medium-capitalization (Mid Cap) issues, the index that best reflects the Portfolio’s performance is the S&P MidCap 400 Index. This is a capitalization-weighted index that measures the performance of the mid-range sector of the U.S. stock market.

As of December 31, 2001, the 400 companies in the composite had median market capitalization of $1.7 billion and a total market value of $830.1 billion. The MidCap 400 represents approximately 5.7% of the market value of Compustat’s database of over 10,000 equities.

This chart assumes an initial investment of $10,000 made on 12/31/91. Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

15

 Aggressive Growth Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (89.8%)		Par		(000’s)
Consumer Discretionary (13.7%)
*Abercrombie & Fitch Co. — Class A			560,200	$	14,862
*Catalina Marketing Corporation			378,900		13,148
*CDW Computer Centers, Inc.			164,100		8,814
*Dollar Tree Stores, Inc.			618,450		19,116
*Entercom Communications Corp. — Class A			213,500		10,675
*Gemstar-TV Guide International, Inc.			397,400		11,008
*Gentex Corporation			108,400		2,898
*Getty Images, Inc.			611,000		14,041
*Hispanic Broadcasting Corporation — Class A			309,900		7,902
*Jones Apparel Group, Inc.			331,200		10,986
*Kohl’s Corporation			355,400		25,035
*Lamar Advertising Company — Class A			510,425		21,611
*O’Reilly Automotive, Inc.			371,000		13,530
*Pixar, Inc.			102,200		3,675
*TMP Worldwide, Inc.			141,400		6,066
	Total				183,367
Energy (7.2%)
*BJ Services Company			556,100		18,045
*Cooper Cameron Corporation			335,900		13,557
Dynegy, Inc. — Class A			310,900		7,928
GlobalSantaFe Corporation			624,901		17,822
*Grant Prideco, Inc.			910,225		10,468
*Nabors Industries, Inc.			450,500		15,466
*Weatherford International, Inc.			368,125		13,716
	Total				97,002
Financials (6.4%)
Investors Financial Services Corp.			424,800		28,125
Old Republic International Corporation			763,000		21,372
Radian Group, Inc.			577,200		24,791
SouthTrust Corporation			465,000		11,472
	Total				85,760
Health Care (14.9%)
*AdvancePCS			641,400		18,825
*Apogent Technologies, Inc.			813,700		20,993
Biomet, Inc.			534,200		16,507
*Elan Corporation PLC, ADR			144,555		6,514
*Health Management Associates, Inc.			764,100		14,059
*King Pharmaceuticals, Inc.			288,200		12,142
*Lincare Holdings, Inc.			907,800		26,009
*MedImmune, Inc.			372,800		17,279
*Patterson Dental Company			1,058,150		43,311
*Province Healthcare Company			467,500		14,427
*Shire Pharmaceuticals Group PLC, ADR			259,600		9,501
	Total				199,567
Industrials (21.1%)
*Apollo Group, Inc. — Class A			318,400		14,331
*ARAMARK Corporation — Class B			95,700		2,574
*The BISYS Group, Inc.			162,700		10,411
Cintas Corporation			619,050		29,956
*Concord EFS, Inc.			735,950		24,124
*The Corporate Executive Board Company			838,000		30,755
Deere & Company			236,800		10,339
*DST Systems, Inc.			333,900		16,645
Expeditors International of Washington, Inc.			335,600		19,112
*Fiserv, Inc.			889,925		37,662
Graco, Inc.			49,600		1,937
*Mettler-Toledo International, Inc.			256,500		13,300
Paychex, Inc.			407,700		14,286
*Robert Half International, Inc.			419,900		11,211
SkyWest, Inc.			251,100		6,390
*Swift Transportation Co., Inc.			683,400		14,700
*Tetra Tech, Inc.			1,256,347		25,014
	Total				282,747
Information Technology (22.3%)
*ADC Telecommunications, Inc.			1,347,900		6,200
*BEA Systems, Inc.			258,100		3,977
*Cadence Design Systems, Inc.			554,100		12,146
*Comverse Technology, Inc.			176,500		3,948
*Credence Systems Corporation			1,019,500		18,932
*Electronic Arts, Inc.			247,800		14,856
*Intersil Corporation — Class A			269,000		8,675
*Intuit, Inc.			428,200		18,310
*Jabil Circuit, Inc.			632,300		14,366
*Keane, Inc.			347,500		6,265
*Micrel Incorporated			618,200		16,215
*Microchip Technology Incorporated			559,350		21,670
*Network Appliance, Inc.			174,300		3,812
*Novellus Systems, Inc.			148,200		5,846
PerkinElmer, Inc.			521,200		18,252
*PRI Automation, Inc.			605,400		12,380
*QLogic Corporation			378,000		16,825
*Rational Software Corporation			405,400		7,905
*RF Micro Devices, Inc.			266,500		5,125
*Sanmina-SCI Corporation			669,800		13,329
*Semtech Corporation			545,100		19,455
*TIBCO Software, Inc.			615,800		9,194
*VeriSign, Inc.			278,700		10,602

16

 Aggressive Growth Stock Portfolio

				Market
		Shares/		Value
Common Stock (89.8%)		Par		(000’s)
Information Technology continued
*Vignette Corporation			1,631,684	$	8,762
*Waters Corporation			409,000		15,849
*Xilinx, Inc.			137,500		5,369
*Zebra Technologies Corporation — Class A			17,000		944
	Total				299,209
Materials (1.5%)
Praxair, Inc.			233,900		12,923
Sigma-Aldrich Corporation			198,900		7,839
	Total				20,762
Telecommunication Services (2.7%)
*Alamosa Holdings, Inc.			769,100		9,175
*American Tower Corporation — Class A			1,494,822		14,156
*Crown Castle International Corp.			1,269,900		13,563
	Total				36,894
	Total Common Stock (Cost: $1,165,794)				1,205,308

Money Market Investments (9.8%)
Federal Government Agencies (0.4%)
#Federal National Mortgage Association, 1.73%, 2/15/02		$	6,000,000		5,987
	Total				5,987
Finance Lessors (1.6%)
Preferred Receivable Funding, 2.04%, 1/9/02			900,000		900
#Receivables Capital Corp., 1.95%, 1/18/02			20,000,000		19,981
	Total				20,881
Miscellaneous Business Credit Institutions (1.5%)
John Deere Capital Corp., 1.90%, 1/18/02			20,000,000		19,982
	Total				19,982
Personal Credit Institutions (3.0%)
American General Finance, 1.92%, 1/11/02			20,000,000		19,990
Household Finance Corp., 1.93%, 1/22/02			20,000,000		19,977
	Total				39,967
Security Brokers & Dealers (0.3%)
Salomon Smith Barney Holdings, 1.78%, 1/15/02			4,500,000		4,497
	Total				4,497
Short Term Business Credit (1.5%)
Asset Securitization, 1.95%, 1/18/02			20,300,000		20,281
	Total				20,281
Utilities (1.5%)
National Rural Utility Co., 2.01%, 1/25/02			20,000,000		19,973
	Total				19,973
Total Money Market Investments (Cost $131,568)					131,568
Total Investments (99.6%) (Cost $1,297,362)!					1,336,876
Other Assets, Less Liabilities (0.4%)					5,000
Total Net Assets (100.0%)				$	1,341,876

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $1,304,489 and the net unrealized appreciation of investments based on that cost was $32,387 which is comprised of $195,480 aggregate gross unrealized appreciation and $163,093 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

*  Non-Income Producing

# All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
Midcap 400 Index Futures		102		3/02	$	255
(Total Notional Value at 12/31/01 $25,709)

The Accompanying Notes are an Integral Part of the Financial Statements

17

 International Growth Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term capital appreciation	Invest in stocks of companies outside the U.S. that are expected to experience above-average growth.	$26.90 million

The International Growth Stock Portfolio invests in common stocks of companies that are headquartered or trade primarily on exchanges outside the United States and that are expected to grow more rapidly than market averages. Holdings are selected for their individual characteristics and growth prospects, with only minor consideration given to size, geography, and industry group. Stocks are selected through fundamental analysis of their financial soundness and potential for growth, with emphasis on distinctiveness of products or services and strong market positions. Stocks under consideration are carefully analyzed to make sure the promise of growth is not already reflected in the stock price, with technical analysis used as a further check on the relationship between price, value and market trends.

At the end of 2001, the Portfolio was moderately concentrated in consumer cyclicals, including retailers and leading international auto makers Porsche AG, BMW and Honda, each of which has particular international strength in its market segment. Also in the automotive industry is Beru AG, a small German company with unique technology for monitoring tire pressure. A major retail holding is Belluna, a leading mail order company in Japan. Defensive balance for these economically sensitive issues is provided by consumer non-cyclical holdings in foods, beverages, tobacco and pharmaceuticals.

The Portfolio is somewhat overweighted in technology, with exposure concentrated in low-risk companies with proprietary products. These include Tandberg ASA of Norway, which makes videoconferencing equipment; Swiss-based Logitech, which makes computer mice and web cameras; and Philips Electronics, which makes a variety of consumer electronics, semiconductors and medical systems. Another theme is support services for business, with holdings in Thiel Logistik, a provider of logistics services to hospitals; Serco Group in facilities management; and Aggreko, which provides auxiliary power.

Holdings are concentrated in Europe, which represents 78% of the Portfolio.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	Country	% of Total Net Assets
Tandberg ASA	Norway	2.3%
Logitech International-Reg	Switzerland	1.9%
Norske Skogindustrier ASA	Norway	1.8%
BELLUNA CO., LTD.	Japan	1.7%
Swedish Match AB	Sweden	1.7%
Synthes-Stratec, Inc.	Switzerland	1.6%
Anglo Irish Bank Corporation	Ireland	1.6%
Porsche AG	Germany	1.6%
Gallaher Group PLC	United Kingdom	1.6%
ResMed, Inc.	Australia	1.5%

Relative Performance

Total Return
For Period Ended December 31, 2001
	Since
	Inception#
International Growth Portfolio		-9.40%
EAFE Index		-6.25%
#Inception date of 7/31/01, returns not annualized

As depicted in the graph, the International Growth Portfolio is compared against the Morgan Stanley Capital International EAFE (“Europe-Australasia-Far East”) Index. The index is composed of approximately 1,100 companies in 20 countries in Europe and the Pacific Basin. The objective of the index is to reflect the movements of stock markets in these countries by representing an unmanaged (indexed) portfolio within each country. The index is constructed so that companies chosen represent about 60% of market capitalization in each market; industry composition of the market is reflected; and a cross section of large, medium, and small capitalization stocks is included, taking into account liquidity concerns. The index is calculated in U. S. dollars. The Index cannot be invested in directly and does not include sales charges.

This chart assumes an initial investment of $10,000 made on 7/31/01 (commencement of the Portfolio’s operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include the risks of currency fluctuation, of political and economic instability and of less well-developed government supervision and regulation of business and industry practices, as well as differences in accounting standards.

18

 International Growth Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

					Market
			Shares/		Value
Foreign Common Stock (97.6%)		Country	Par		(000’s)
Aerospace & Defense (1.1%)
Meggitt Ord		United Kingdom		109,600	$	306
	Total					306
Automobiles & Parts (10.8%)
Bayer Motoren Werke AG		Germany		11,500		405
Beru Ag Ludwigsburg		Germany		9,300		409
Bridgestone Corporation		Japan		30,000		317
Denway Investments		Hong Kong		1,144,900		356
Fuji Heavy Industries		Japan		56,000		240
Honda Motor Co.		Japan		9,000		359
Peugeot SA		France		8,500		361
Porsche AG		Germany		1,100		421
	Total					2,868
Banks (9.0%)
Anglo Irish Bank Corporation		Ireland		109,500		425
Banque Nationale de Paris		France		3,500		313
Danske Bank		Denmark		23,200		372
Lloyds TSB Group PLC		United Kingdom		34,000		369
OTP Bank		Hungary		3,800		228
Royal Bank of Canada		Canada		11,900		387
Royal Bank of Scotland Group		United Kingdom		13,000		316
	Total					2,410
Beverages (1.4%)
*Cott Corporation		Canada		23,900		380
	Total					380
Construction & Building Materials (2.4%)
Grupo Ferrovial		Spain		16,500		289
Vinci		France		6,250		367
	Total					656
Diversified Industrials (1.3%)
Suez Lyonnaise		France		11,900		360
	Total					360
Electronics & Electrical Equipment (1.2%)
Koninklijke Philips Electronics NV		Netherlands		11,000		327
	Total					327
Engineering & Machinery (2.8%)
*Neopost SA		France		8,400		245
*Nordex AG		Germany		43,800		265
Vestas Wind Systems		Denmark		9,300		254
	Total					764
Food & Drug Retailers (1.3%)
Koninklijke Ahold NV		Netherlands		4,400		128
Lawson, Inc.		Japan		8,200		235
	Total					363
Food Producers & Processors (5.4%)
Cadbury Schweppes PLC		United Kingdom		58,700		374
Nestle SA		Switzerland		1,890		403
Nutreco Holding NV		Netherlands		9,156		293
Unilever PLC		United Kingdom		47,500		390
	Total					1,460
Forestry & Paper (3.0%)
Norske Skogindustrier		Norway		25,600		481
Upm-kymmene OYJ		Finland		9,600		318
	Total					799
General Retailers (4.6%)
Belluna Co, Ltd.		Japan		13,200		449
Esprit Holdings, Ltd.		Hong Kong		350,500		396
Folli-Follie Abee		Greece		20,800		366
KarstadtQuelle AG		Germany		500		20
	Total					1,231
Health (3.2%)
*ResMed		Australia		7,600		410
Synthes Stratec, Inc.		Switzerland		635		442
	Total					852
Information Technology Hardware (5.6%)
*Asml Holding NV		Netherlands		9,900		172
*Logitech International		Switzerland		13,600		498
Nokia OYJ		Finland		9,300		240
*Tandberg		Norway		27,100		604
	Total					1,514
Insurance (4.2%)
*Converium Holding AG		Switzerland		2,200		107
Corporacion Mapfre		Spain		57,000		330
ING Groep NV		Netherlands		12,300		314
Swiss Re		Switzerland		3,900		392
	Total					1,143
Leisure, Entertainment & Hotels (2.7%)
Nintendo Co., Ltd.		Japan		1,900		333
Rank Group PLC		United Kingdom		121,400		406
	Total					739
Life Assurance (2.7%)
Irish Life & Permanent		Ireland		34,700		355
Manulife Financial		Canada		13,900		362
	Total					717

19

 International Growth Portfolio

					Market
			Shares/		Value
Foreign Common Stock (97.6%)		Country	Par		(000’s)
Life Assurance continued yOil & Gas (7.8%)
ENI SPA		Italy		16,000	$	201
Ihc Caland NV		Netherlands		8,600		402
Saipem International		Italy		71,800		352
Technip SA		France		2,950		394
*Tgs Nopec Geophysical, Co.		Norway		24,000		333
Total Fina Elf SA		France		2,850		406
	Total					2,088
Personal Care & Household Products (3.4%)
Luxottica Group SPA, ADR		Italy		23,200		382
Reckitt Benckiser PLC		United Kingdom		27,500		400
Shiseido Company Limited		Japan		15,000		139
	Total					921
Pharmaceuticals (6.8%)
Csl Limited		Australia		15,300		403
*Elan Corporation PLC, ADR		Ireland		6,900		311
GlaxoSmithKline		United Kingdom		13,900		349
Novo-nordisk AS		Denmark		8,800		360
Takeda Chemical Industries		Japan		5,000		226
*Taro Pharmaceutical Industries, Ltd.		Israel		4,200		168
	Total					1,817
Software & Computer Services (1.4%)
Sap AG		Germany		2,800		367
	Total					367
Specialty & Other Finance (3.8%)
Data Advantage Limited		Australia		111,228		355
Deutsche Boerse AG		Germany		8,600		341
Man Group PLC		United Kingdom		500		9
Van der Moolen Holding NV		Netherlands		11,000		316
	Total					1,021
Support Services (4.5%)
Aggreko PLC		United Kingdom		59,200		314
Sanix Incorporated		Japan		8,500		319
Serco Group PLC		United Kingdom		37,500		199
*Thiel Logistik AG		Germany		19,400		379
	Total					1,211
Telecommunication Services (0.2%)
*Koninklijke (Royal) KPN NV		Netherlands		11,000		56
	Total					56
Tobacco (3.2%)
Gallaher Group PLC		United Kingdom		61,200		419
Swedish Match AB		Sweden		83,800		443
	Total Tobacco					862
Transport (2.6%)
Brisa Auto Estrada		Portugal		91,200		386
Macquarrie Infrastructure Australia Group		Australia		173,000		310
	Total					696
Water (1.2%)
Vivendi Environment		France		9,400		313
*Vivendi Environment — Warrants		France		9,400		4
	Total					317
	Total Foreign Common Stock (Cost: $27,492)					26,245

Money Market Investments (1.5%)
Machinery (1.5%)
John Deere Capital Corp., 2.05%, 1/14/02	United States	$	400,000		400
Total Money Market Investments (Cost: $400)					400
Total Investments (99.1%) (Cost $27,892)!					26,645
Other Assets, Less Liabilities (0.9%)					255
Total Net Assets (100.0%)				$	26,900

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $27,892 and the net unrealized depreciation of investments based on that cost was $1,247 which is comprised of $874 aggregate gross unrealized appreciation and $2,121 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

* Non-Income Producing

Investment Percentage by Country:

United Kingdom		17.2%
France		10.3%
Japan		9.7%
Germany		8.3%
Netherlands		7.5%
Other		47.0%
	Total	100.0%

The Accompanying Notes are an Integral Part of the Financial Statements

20

 Franklin Templeton International Equity Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term appreciation of capital through diversification into markets outside the United States	Participate in the growth of foreign economies by investing in securities with high long-term earnings potential relative to current market values.	$716.41 million

The Franklin Templeton International Equity Portfolio offers the opportunity to participate in the growth of companies in countries throughout the world, particularly those with expanding economies. In selecting investments, the principal focus is on identifying undervalued stocks of companies with strong finances and good long-term growth opportunities, rather than on choosing regions of the world in which to invest. The Portfolio is normally fully invested in equity securities.

The Portfolio’s value-driven management style enabled it to significantly outperform its major benchmark, the EAFE index, during 2001. However, total return was negative, as the downward trend continued in world economies and equity markets trended generally down.

A majority of the Portfolio’s holdings are in Europe, where the January 2002 introduction of the physical euro has been a positive influence. The common currency should provide impetus for further convergence of European economies, increasing transparency of transactions and simplifying cross-border mergers. The new physical euro encourages consumers to spend old currency they may have been hoarding and also makes price comparisons among countries easier. If these positives lead to strength in the euro, the Portfolio will benefit from its non-hedging strategy.

Asia remains underweighted, as economic malaise in Japan and elsewhere in the region prevails. Very modest Latin American holdings are in Brazil and Mexico, where Telefonos de Mexico experienced solid performance for the year. Telecommunications holdings in other countries delivered mixed results.

At present, there are no widespread trends in international markets; it is very much a stock picker’s market, in which Templeton’s strength in fundamental analysis is proving advantageous. The Portfolio’s largest holding, Stora Enso, a Finnish paper company, registered a modest gain for the year. Other large holdings that performed well include Cheung Kong Holdings, a Hong Kong real estate developer, and Societé Bic, a French consumer products company famous for its disposable pens, lighters and razors. Some longtime holdings finally proved rewarding near the end of 2001; these include Marks & Spencer, a British retailer undergoing a successful restructuring, and Akzo Nobel, a Dutch chemical company identified several years ago as a quality stock selling at a bargain price. Some trading opportunities were created by the worldwide market weakness after September 11; performance benefited from positions taken in late September in Alcatel, a French networking company, and Nortel, a Canadian telecommunications company.

The International Equity Portfolio is managed for Northwestern Mutual by Templeton Investment Counsel, Inc.

Sector Allocation 12/31/01

The Franklin Templeton International Equity Portfolio was formerly named the International Equity Portfolio. The name change took effect on May 4, 2001. The Portfolio’s investment objective did not change.

 Top 10 Equity Holdings  12/31/01

Company	Country	% of Net Assets
Stora Enso OYJ	Finland	2.2%
Cheung Kong Holdings Ltd	Hong Kong	2.0%
Societé Bic SA	France	2.0%
Akzo Nobel NV	Netherlands	2.0%
Marks & Spencer PLA	United Kingdom	2.0%
Australia & New Zealand Banking Group Ltd	Australia	2.0%
Koninklijke Philips Electronics NV	Netherlands	1.9%
Endesa SA	Spain	1.8%
Ing Groep NV	Netherlands	1.7%
Lloyds TSB Group PLC	United Kingdom	1.7%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
					Since
	1 Year		5 Years		Inception#
Franklin Templeton International Equity Portfolio		-14.00%		4.30%		9.12%
EAFE Index		-21.20%		1.18%		4.72%
#Inception date of 4/30/93

As depicted in the graph, the Franklin Templeton International Equity Portfolio is compared against the Morgan Stanley Capital International EAFE (“Europe-Australasia-Far East”) Index. The index is composed of approximately 1,100 companies in 20 countries in Europe and the Pacific Basin. The objective of the index is to reflect the movements of stock markets in these countries by representing an unmanaged (indexed) portfolio within each country. The index is constructed so that companies chosen represent about 60% of market capitalization in each market; industry composition of the market is reflected; and a cross section of large, medium, and small capitalization stocks is included, taking into account liquidity concerns. The index is calculated in U. S. dollars. The Index cannot be invested in directly and does not include sales charges.

This chart assumes an initial investment of $10,000 made on 4/30/93 (commencement of the Portfolio’s operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include the risks of currency fluctuation, of political and economic instability and of less well-developed government supervision and regulation of business and industry practices, as well as differences in accounting standards.

21

 Franklin Templeton International Equity Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

						Market
				Shares/		Value
Common Stock (94.9%)		Country		Par		(000’s)
Automobiles & Components (1.5%)
Valeo SA			France		265,460	$	10,589
	Total						10,589
Banks (9.5%)
Australia & New Zealand Banking Group, Ltd.			Australia		1,540,601		14,045
Banca Nazionale del Lavora			Italy		4,040,250		8,184
*Dbs Group Holdings Limited			Singapore		1,421,000		10,620
HSBC Holdings PLC			Hong Kong		1,010,537		11,825
Lloyds TSB Group PLC			United Kingdom		1,140,110		12,378
Nordea AB			Sweden		1,628,500		8,686
Nordea AB (NDA)			Sweden		491,780		2,602
	Total						68,340
Capital Goods (8.4%)
Alstom			France		586,340		6,521
BAE SYSTEMS PLC			United Kingdom		2,627,200		11,833
Invensys PLC			United Kingdom		5,161,860		8,959
KCI Konecranes International			Finland		342,900		8,702
Kurita Water Industries, Ltd.			Japan		601,000		7,461
Rolls-Royce PLC			United Kingdom		3,330,800		8,071
Volvo AB — Class B			Sweden		497,580		8,349
	Total						59,896
Commercial Services & Supplies (2.0%)
Societe BIC SA			France		424,320		14,493
	Total						14,493
Consumer Discretionary (0.8%)
Autoliv, Inc.			Sweden		279,100		5,669
	Total						5,669
Consumer Durables & Apparel (2.5%)
Koninklijke Philips Electronics NV			Netherlands		460,805		13,696
SONY CORPORATION			Japan		86,800		3,967
	Total						17,663
Diversified Financials (3.9%)
ING Groep NV			Netherlands		486,000		12,393
The Nomura Securities Co., Ltd.			Japan		398,400		5,107
Swire Pacific Limited — Class A			Hong Kong		1,459,500		7,955
Swire Pacific Limited — Class B			Hong Kong		3,534,200		2,538
	Total						27,993
Energy (7.0%)
CNOOC Limited			China		450,600		8,697
ENI SPA			Italy		469,025		5,880
Husky Energy, Inc.			Canada		721,000		7,439
Repsol SA			Spain		732,000		10,676
Shell Transport & Trading Company PLC			United Kingdom		1,518,500		10,431
Total Fina Elf SA			France		50,922		7,273
	Total						50,396
Financials (3.9%)
ACE Limited			Bermuda		254,100		10,202
PartnerRe, Ltd.			Bermuda		114,570		6,187
XL Capital, Ltd. — Class A			Bermuda		124,000		11,329
	Total						27,718
Food & Drug Retailing (1.6%)
J. Sainsbury PLC			United Kingdom		2,203,680		11,738
	Total						11,738
Food Beverage & Tobacco (1.3%)
Unilever PLC			United Kingdom		1,129,200		9,269
	Total						9,269
Health Care Equipment & Services (0.7%)
Mayne Nickless, Ltd.			Australia		10		0
Nycomed Amersham PLC			United Kingdom		517,590		4,901
	Total						4,901
Insurance (5.1%)
Axa			France		474,362		9,913
Swiss Re			Switzerland		117,400		11,809
Yasuda Fire & Marine Insurance Company Limited			Japan		1,048,000		5,997
Zurich Financial Services AG			Switzerland		36,513		8,566
	Total						36,285

22

 Franklin Templeton International Equity Portfolio

						Market
				Shares/		Value
Common Stock (94.9%)		Country		Par		(000’s)
Insurance continued aeMaterials (10.4%)
Akzo Nobel NV			Netherlands		323,810	$	14,458
AngloGold Limited, ADR			South Africa		238,800		4,313
Barrick Gold Corporation			Canada		201,580		3,214
BASF AG			Germany		290,520		10,826
Bayer AG			Germany		291,200		9,256
Broken Hill Proprietary, Ltd.			Australia		1,787,360		9,607
Hanson PLC			United Kingdom		1,063,494		7,337
Stora Enso OYJ — Class R			Finland		743,900		9,525
Stora Enso OYJ — R Shares			Finland		507,997		6,441
	Total						74,977
Media (2.5%)
United Business Media PLC			United Kingdom		1,630,610		11,391
Wolters Kluwer NV			Netherlands		280,940		6,404
	Total						17,795
Pharmaceuticals & Biotechnology (2.6%)
Aventis SA			France		142,160		10,094
Ono Pharmaceutical Co., Ltd.			Japan		282,000		8,478
	Total						18,572
Real Estate (2.0%)
Cheung Kong Holdings Limited			Hong Kong		1,408,000		14,626
	Total						14,626
Retailing (2.0%)
Marks & Spencer PLC			United Kingdom		2,746,310		14,429
	Total						14,429
Technology Hardware & Equipment (4.3%)
Alcatel			France		286,520		4,898
FUJITSU LIMITED			Japan		288,000		2,096
NEC Corporation			Japan		715,000		7,294
Nortel Networks Corp.			Canada		587,270		4,378
Samsung Electronics			South Korea		55,550		11,800
	Total						30,466
Telecommunication Services (11.0%)
BCE, Inc.			Canada		432,940		9,767
Cable & Wireless PLC			United Kingdom		1,760,630		8,469
Compania de Telecomunicaciones de Chile SA, ADR			Chile		273,725		3,684
Korea Telecom Corporation, ADR			Korea (South)		491,440		9,991
Nippon Telegraph & Telephone Corporation			Japan		2,371		7,725
Philippine Long Distance Telephone, ADR			Philippines		353,040		2,909
PT Indosat, ADR			Indonesia		386,900		3,424
Telecom Corporation of New Zealand Limited			New Zealand		5,183,300		10,792
*Telefonica SA, ADR			Spain		268,985		10,781
Telefonos de Mexico SA, ADR			Mexico		349,514		12,240
	Total						79,782
Transportation (4.2%)
British Airways PLC			United Kingdom		1,571,900		4,461
Deutsche Post AG			Germany		753,530		10,400
Hong Kong Aircraft & Engineering			Hong Kong		345,100		520
Nippon Express Co., Ltd.			Japan		2,373,000		8,057
*SAS AB			Sweden		979,060		6,347
	Total						29,785
Utilities (7.7%)
E.On AG			Germany		194,210		10,099
Endesa SA			Spain		824,850		12,903
EVN AG			Austria		64,500		2,629
Hong Kong Electric Holdings Limited			Hong Kong		2,320,000		8,628
Iberdrola SA			Spain		514,980		6,704
Innogy Holdings PLC			United Kingdom		1,246,864		3,484
International Power PLC			United Kingdom		1,246,864		3,675
Korea Electric Power Corp.			South Korea		410,200		6,777
	Total						54,899
Total Common Stock (Cost: $733,781)							680,281

Preferred Stock (1.0%)
Energy (1.0%)
Petroleo Brasileiro SA	Brazil	325,000	$	7,195
Total Preferred Stock (Cost: $6,804)				7,195

Money Market Investments (4.0%)
Finance Services (0.5%)
JP Morgan Chase & Co., 1.86%, 2/7/02		United States	$	3,800,000	$	3,793
	Total					3,793

23

 Franklin Templeton International Equity Portfolio

						Market
				Shares/		Value
Money Market Investments (4.0%)		Country		Par		(000’s)
Pharmaceutical Preparations (3.5%)
American Home Products, 1.85%, 1/2/02			United States	$	21,100,000	$	21,099
American Home Products, 2.03%, 1/23/02			United States		3,500,000		3,495
	Total						24,594
Total Money Market Investments (Cost: $28,387)							28,387
Total Investments (99.9%) (Cost $768,972)!							715,863
Other Assets, Less Liabilities (0.1%)							550
Total Net Assets (100.0%)						$	716,413

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $768,954 and the net unrealized depreciation of investments based on that cost was $53,091 which is comprised of $72,101 aggregate gross unrealized appreciation and $125,192 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

* Non-Income Producing

Investment Percentage by Country:

United Kingdom		18.8%
France		8.9%
Japan		7.8%
Netherlands		6.6%
Hong Kong		6.4%
Other		51.5%
	Total	100.0%

The Accompanying Notes are an Integral Part of the Financial Statements

24

 Index 400 Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term capital appreciation through cost-effective participation in broad market performance	Invest in a portfolio designed to approximate the composition and returns of the S&P MidCap 400.	$210.73 million

The Index 400 Stock Portfolio is designed to achieve results that approximate the performance of the Standard & Poor’s MidCap 400 Composite Stock Price Index. This index is a capitalization-weighted index that measures the performance of the mid-range sector of the U.S. stock market. Of the 400 stocks, 275 are listed on the New York Stock Exchange, 122 on NASDAQ, and 3 on the American Stock Exchange.

As of December 31, 2001, the 400 companies in the composite had a median market capitalization of $1.7 billion and total market value of $830.1 billion. For comparison, the 500 large stocks in the S&P 500 Index had a median market capitalization of $8.4 billion and total market value of $10,463 billion.

The Index 400 Portfolio enables policyowners to participate in the performance of mid-sized companies in the U.S. equity market. The Portfolio continues to achieve its objective of matching the results of the S&P 400 MidCap Index before expenses.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
IDEC Pharmaceuticals Corporation	1.2%
Electronic Arts, Inc.	0.9%
SunGard Data Systems, Inc.	0.9%
M&T Bank Corporation	0.8%
Quest Diagnostics Incorporated	0.8%
Marshall & Ilsley Corporation	0.7%
Gilead Sciences, Inc.	0.7%
Affiliated Computer Services, Inc. — Class A	0.7%
DST Systems, Inc.	0.7%
R.J. Reynolds Tobacco Holdings, Inc.	0.6%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
			Since
	1 Year		Inception#
Index 400 Stock Portfolio		-0.65%		10.76%
S&P MidCap 400 Index		-0.60%		11.16%
#Inception date of 4/30/99

The S&P MidCap 400 Index is a capitalization-weighted index that measures the performance of the mid-range sector of the U.S. stock market. As of December 31, 2001, the 400 companies in the composite had median market capitalization of $1.7 billion and a total market value of $830.1 billion. The MidCap 400 represents approximately 5.7% of the market value of Compustat’s database of over 10,000 equities.

“Standard & Poor’s®”, “S&P®”, “S&P MidCap 400 Index”, “Standard & Poor’s MidCap 400 Index”, “S&P 500®” and “Standard & Poor’s 500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Northwestern Mutual Life Insurance Company. The funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the funds.

This chart assumes an initial investment of $10,000 made on 4/30/99 (commencement of operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

25

 Index 400 Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (95.3%)		Par		(000’s)
Consumer Discretionary (12.5%)
*Abercrombie & Fitch Co. — Class A			23,600	$	626
*American Eagle Outfitters, Inc.			16,550		433
ArvinMeritor, Inc.			15,650		307
Bandag, Inc.			4,900		170
*Barnes & Noble, Inc.			15,500		459
Belo Corp. — Class A			26,100		489
*BJ’s Wholesale Club, Inc.			17,300		763
Blyth, Inc.			11,200		260
Bob Evans Farms, Inc.			8,300		204
*Borders Group, Inc.			19,000		377
BorgWarner, Inc.			6,300		329
*Brinker International, Inc.			23,750		707
Callaway Golf Company			18,300		350
*Catalina Marketing Corporation			13,200		458
CBRL Group, Inc.			13,200		389
*CDW Computer Centers, Inc.			20,900		1,124
Claire’s Stores, Inc.			11,600		175
Clayton Homes, Inc.			32,800		561
*Coach, Inc.			10,400		405
*Dollar Tree Stores, Inc.			26,700		825
*Emmis Communications Corporation — Class A			11,300		267
*Entercom Communications Corp. — Class A			10,800		540
*Extended Stay America, Inc.			22,100		362
Federal Signal Corporation			10,800		241
*Furniture Brands International, Inc.			12,000		384
*Gentex Corporation			17,800		476
*GTECH Holdings Corporation			7,100		322
Harte-Hanks, Inc.			15,100		425
*Hispanic Broadcasting Corporation — Class A			26,000		663
International Speedway Corporation — Class A			12,700		497
Lancaster Colony Corporation			8,900		316
*Lands’ End, Inc.			7,000		351
*Lear Corporation			15,200		580
Lee Enterprises Incorporated			10,400		378
Lennar Corporation			15,100		707
*Macrovision Corporation			11,900		419
*Mandalay Resort Group			18,000		385
Media General, Inc. — Class A			5,500		274
Modine Manufacturing Company			7,900		184
*Mohawk Industries, Inc.			12,500		686
*The Neiman Marcus Group, Inc. — Class A			11,400		354
*Outback Steakhouse, Inc.			18,100		620
*Papa John’s International, Inc.			5,300		146
*Park Place Entertainment Corporation			70,600		647
*Payless ShoeSource, Inc.			5,314		298
PepsiAmericas, Inc.			37,200		513
The Reader’s Digest Association, Inc. — Class A			24,400		563
Ross Stores, Inc.			19,200		616
*Saks Incorporated			33,800		316
*Scholastic Corporation			8,400		423
*Six Flags, Inc.			21,900		337
Superior Industries International, Inc.			6,200		250
*The Timberland Company — Class A			9,400		349
*Unifi, Inc.			11,500		83
*United Rentals, Inc.			16,700		379
The Washington Post Company — Class B			2,300		1,220
*Westwood One, Inc.			25,700		772
*Williams-Sonoma, Inc.			13,500		579
	Total				26,333
Consumer Staples (3.9%)
Church & Dwight Co., Inc.			9,200		245
*Dean Foods Co.			9,588		654
The Dial Corporation			22,600		388
Dole Food Company, Inc.			13,300		357
Dreyer’s Grand Ice Cream, Inc.			6,800		262
Hormel Foods Corporation			33,000		887
Interstate Bakeries Corporation			12,000		290
The J.M. Smucker Company			5,800		205
Longs Drug Stores Corporation			9,000		210
McCormick & Company Incorporated			16,400		688
R.J. Reynolds Tobacco Holdings, Inc.			24,100		1,357
Ruddick Corporation			11,000		176
Sensient Technologies Corporation			11,400		237
*Smithfield Foods, Inc.			26,800		591
Tootsie Roll Industries, Inc.			12,000		469
Tyson Foods, Inc. — Class A			82,640		954
Universal Corporation			6,500		237
	Total				8,207
Energy (6.2%)
* BJ Services Company			39,200		1,271
* Cooper Cameron Corporation			12,900		521
ENSCO International Incorporated			33,100		823
Equitable Resources, Inc.			15,500		528
*FMC Technologies, Inc.			14,900		245
*Forest Oil Corporation			11,400		322
*Grant Prideco, Inc.			26,000		299
*Hanover Compressor Company			15,000		379
Helmerich & Payne, Inc.			12,100		404
Murphy Oil Corporation			10,700		899
*National-Oilwell, Inc.			19,300		398
Noble Affiliates, Inc.			13,500		476
Ocean Energy, Inc.			40,600		780
*Patterson-UTI Energy, Inc.			18,200		424
Pennzoil-Quaker States Company			18,800		272
*Pioneer Natural Resources Company			23,400		451
*Pride International, Inc.			31,500		476

26

 Index 400 Stock Portfolio

				Market
		Shares/		Value
Common Stock (95.3%)		Par		(000’s)
Energy continued
*Smith International, Inc.			12,000	$	643
Tidewater, Inc.			14,400		488
Ultramar Diamond Shamrock Corporation			15,500		767
Valero Energy Corporation			14,600		557
*Varco International, Inc.			22,762		341
*Weatherford International, Inc.			27,100		1,009
Western Gas Resources, Inc.			7,700		249
	Total				13,022
Financials (18.3%)
A.G. Edwards, Inc.			19,100		844
Allmerica Financial Corporation			12,600		561
American Financial Group, Inc.			16,200		398
*AmeriCredit Corp.			19,700		622
Arthur J. Gallagher & Co.			19,200		662
Associated Banc-Corp.			15,790		557
Astoria Financial Corporation			23,300		617
Banknorth Group, Inc.			36,500		822
City National Corporation			11,400		534
The Colonial BancGroup, Inc.			26,400		372
Compass Bancshares, Inc.			30,500		863
Dime Bancorp, Inc.			24,700		891
*E*TRADE Group, Inc.			88,200		904
Eaton Vance Corp.			16,500		587
Everest Re Group, Ltd.			11,000		778
Fidelity National Financial, Inc.			20,500		508
First Tennessee National Corporation			30,600		1,110
First Virginia Banks, Inc.			11,000		558
FirstMerit Corporation			20,400		553
Golden State Bancorp, Inc.			32,200		842
Greater Bay Bancorp			11,800		337
GreenPoint Financial Corp.			24,100		862
HCC Insurance Holdings, Inc.			14,000		386
Hibernia Corporation — Class A			37,700		671
Horace Mann Educators Corporation			9,700		206
Hospitality Properties Trust			13,500		398
Independence Community Bank Corp.			14,100		321
*IndyMac Bancorp, Inc.			14,500		339
Investors Financial Services Corp.			7,600		503
*LaBranche & Co., Inc.			13,700		472
Legg Mason, Inc.			15,500		775
Leucadia National Corporation			13,200		381
M&T Bank Corporation			23,100		1,682
Marshall & Ilsley Corporation			24,500		1,549
Mercantile Bankshares Corporation			17,000		732
Metris Companies, Inc.			15,300		393
The MONY Group, Inc.			11,800		408
National Commerce Financial Corporation			48,925		1,238
Neuberger Berman, Inc.			17,500		768
New Plan Excel Realty Trust			20,800		396
New York Community Bancorp, Inc.			25,100		574
North Fork Bancorporation, Inc.			38,500		1,232
Ohio Casualty Corporation			14,300		230
Old Republic International Corporation			28,200		790
Pacific Century Financial Corporation			19,000		492
The PMI Group, Inc.			10,550		707
Protective Life Corporation			16,300		472
Provident Financial Group, Inc.			11,600		305
Radian Group, Inc.			22,100		949
Roslyn Bancorp, Inc.			21,900		383
SEI Investments Company			25,900		1,168
*Silicon Valley Bancshares			11,800		315
Sovereign Bancorp, Inc.			58,800		720
StanCorp Financial Group, Inc.			7,300		345
TCF Financial Corporation			18,700		897
Unitrin, Inc.			16,100		636
Waddell & Reed Financial, Inc. — Class A			19,000		612
Webster Financial Corporation			11,700		369
Westamerica Bancorporation			8,500		336
Wilmington Trust Corporation			7,700		487
	Total				38,419
Health Care (12.1%)
*Apogent Technologies, Inc.			25,200		650
*Apria Healthcare Group, Inc.			12,800		320
*Barr Laboratories, Inc.			10,100		802
Beckman Coulter, Inc.			14,400		638
*COR Therapeutics, Inc.			13,200		316
*Covance, Inc.			13,800		313
*Cytyc Corporation			27,500		718
DENTSPLY International, Inc.			12,300		617
*Edwards Lifesciences Corporation			14,000		387
*Express Scripts, Inc. — Class A			18,600		870
*First Health Group Corp.			23,300		576
*Gilead Sciences, Inc.			22,600		1,485
*Health Net, Inc.			29,300		638
*Henry Schein, Inc.			10,100		374
Hillenbrand Industries, Inc.			14,900		824
ICN Pharmaceuticals, Inc.			19,300		647
*IDEC Pharmaceuticals Corporation			35,500		2,446
*Incyte Genomics, Inc.			15,700		307
*IVAX Corporation			47,525		957
*LifePoint Hospitals, Inc.			9,200		313
*Lincare Holdings, Inc.			25,500		731
*Millennium Pharmaceuticals, Inc.			51,800		1,270
Mylan Laboratories, Inc.			29,800		1,118
Omnicare, Inc.			22,200		552
*Oxford Health Plans, Inc.			23,500		708
*PacifiCare Health Systems, Inc.			8,000		128
*Patterson Dental Company			16,100		659
*Perrigo Company			17,500		207
*Protein Design Labs, Inc.			20,800		685
*Quest Diagnostics Incorporated			22,400		1,606
*Sepracor, Inc.			18,500		1,056
*STERIS Corporation			16,300		298
*Triad Hospitals, Inc.			16,839		494

27

 Index 400 Stock Portfolio

				Market
		Shares/		Value
Common Stock (95.3%)		Par		(000’s)
Health Care continued
*Trigon Healthcare, Inc. — Class A			8,700	$	604
*Universal Health Services, Inc. — Class B			14,300		612
*Vertex Pharmaceuticals Incorporated			17,700		435
*VISX Incorporated			13,500		179
	Total				25,540
Industrials (12.9%)
AGCO Corporation			17,000		268
Airborne, Inc.			11,500		171
*Alaska Air Group, Inc.			6,300		183
*Albany International Corp. — Class A			7,326		159
Alexander & Baldwin, Inc.			9,600		256
*American Standard Companies, Inc.			17,000		1,160
AMETEK, Inc.			7,900		252
*Apollo Group, Inc. — Class A			27,750		1,249
*Atlas Air Worldwide Holdings, Inc.			9,100		133
Banta Corporation			5,900		174
*The BISYS Group, Inc.			13,800		883
C.H. Robinson Worldwide, Inc.			20,200		584
Carlisle Companies Incorporated			7,200		266
Ceridian Corporation			34,700		651
*Certegy, Inc.			17,100		585
*CheckFree Corporation			18,300		329
*ChoicePoint, Inc.			14,800		750
CNF, Inc.			11,600		389
*CSG Systems International, Inc.			12,600		510
*DeVry, Inc.			16,600		472
Donaldson Company, Inc.			10,600		412
*DST Systems, Inc.			29,200		1,457
*The Dun & Bradstreet Corporation			19,100		674
*Dycom Industries, Inc.			10,100		169
*Education Management Corporation			8,100		294
*EGL, Inc.			11,300		158
*Energizer Holdings, Inc.			21,800		415
Expeditors International of Washington, Inc.			12,400		706
Fastenal Company			9,000		598
Flowserve Corporation			10,600		282
GATX Corporation			11,500		374
Granite Construction Incorporated			9,800		236
Harsco Corporation			9,500		326
Herman Miller, Inc.			18,100		428
HON INDUSTRIES, Inc.			14,100		390
Hubbell Incorporated — Class B			13,900		408
*J.B. Hunt Transport Services, Inc.			8,400		195
*Jacobs Engineering Group, Inc.			6,400		422
Kaydon Corporation			7,100		161
Kelly Services, Inc. — Class A			8,500		186
Kennametal, Inc.			7,300		294
*Korn/ Ferry International			8,000		85
*L-3 Communications Holdings, Inc.			9,200		828
Manpower, Inc.			18,100		610
*Modis Professional Services, Inc.			23,300		166
*NCO Group, Inc.			6,100		140
Nordson Corporation			7,800		206
Overseas Shipholding Group, Inc.			8,100		182
Pentair, Inc.			11,700		427
Pittston Brink’s Group			12,300		272
Precision Castparts Corp.			12,200		345
*Quanta Services, Inc.			14,200		219
*Republic Services, Inc.			40,300		805
Rollins, Inc.			7,200		144
*Sequa Corporation — Class A			2,500		119
Sotheby’s Holdings, Inc. — Class A			14,600		243
*SPX Corporation			9,500		1,302
Stewart & Stevenson Services, Inc.			6,700		126
*Swift Transportation Co., Inc.			19,900		428
*Sylvan Learning Systems, Inc.			9,019		199
Tecumseh Products Company — Class A			4,400		223
Teleflex Incorporated			9,200		435
Trinity Industries, Inc.			10,500		285
*Valassis Communications, Inc.			12,700		452
Viad Corp.			21,000		497
Wallace Computer Services, Inc.			9,800		186
York International Corporation			9,100		347
	Total				27,280
Information Technology (17.4%)
*3Com Corporation			80,600		514
*Acxiom Corporation			21,300		372
*ADTRAN, Inc.			9,400		240
Advanced Fibre Communications, Inc.			19,300		341
*Advent Software, Inc.			8,000		400
*Affiliated Computer Services, Inc. — Class A			13,900		1,474
*Arrow Electronics, Inc.			23,500		703
*Ascential Software Corporation			68,700		278
*Atmel Corporation			110,500		875
Avnet, Inc.			28,000		713
*Avocent Corporation			10,500		255
*Cabot Microelectronics Corporation			5,692		451
*Cadence Design Systems, Inc.			59,200		1,297
*Cirrus Logic, Inc.			18,900		250
*CommScope, Inc.			12,200		259
*Credence Systems Corporation			14,200		264
*Cypress Semiconductor Corporation			30,300		604
Diebold Incorporated			17,100		692
*DSP Group, Inc.			6,300		147
*Electronic Arts, Inc.			31,700		1,899
*Enterasys Networks, Inc.			45,000		398
*Fairchild Semiconductor International, Inc. — Class A			22,700		640
*FEI Company			7,600		239
*Gartner Group, Inc. — Class B			20,700		232
Harris Corporation			15,700		479
*Imation Corp.			8,400		181
*InFocus Corporation			9,200		203
*Integrated Device Technology, Inc.			25,500		678
*International Rectifier Corporation			14,900		520
*Internet Security Systems, Inc.			11,400		365

28

 Index 400 Stock Portfolio

				Market
		Shares/		Value
Common Stock (95.3%)		Par		(000’s)
Information Technology continued
*Investment Technology Group, Inc.			11,300	$	441
Jack Henry & Associates, Inc.			21,100		461
*Keane, Inc.			17,900		323
*KEMET Corporation			20,900		371
*Lam Research Corporation			29,400		683
*Lattice Semiconductor Corporation			25,800		531
*Legato Systems, Inc.			21,200		275
*LTX Corporation			11,500		241
*Macromedia, Inc.			14,000		249
*McDATA Corporation — Class A			26,800		657
*Mentor Graphics Corporation			15,200		358
*Micrel Incorporated			21,900		574
*Microchip Technology Incorporated			31,275		1,212
*MIPS Technologies, Inc. — Class B			8,400		67
National Instruments Corporation			12,100		453
*Network Associates, Inc.			32,600		843
Newport Corporation			8,700		168
*Plantronics, Inc.			11,500		295
*Plexus Corp.			9,900		263
*Polycom, Inc.			21,300		733
*Powerwave Technologies, Inc.			15,200		263
*Quantum Corporation — DLT & Storage Systems			36,000		355
*Rational Software Corporation			48,400		944
*Retek, Inc.			11,600		346
The Reynolds and Reynolds Company — Class A			17,500		424
*RF Micro Devices, Inc.			38,800		746
*RSA Security, Inc.			13,600		237
*SanDisk Corporation			16,200		233
*Semtech Corporation			16,500		589
*Storage Technology Corporation			24,800		513
*SunGard Data Systems, Inc.			64,000		1,851
*Sybase, Inc.			24,300		383
*Sykes Enterprises Incorporated			8,600		80
*Symantec Corporation			18,000		1,194
*Synopsys, Inc.			14,500		857
*Tech Data Corporation			12,800		554
*The Titan Corporation			15,500		387
*Transaction Systems Architects, Inc. — Class A			8,400		103
*TranSwitch Corporation			18,300		82
*TriQuint Semiconductor, Inc.			30,711		377
*Vishay Intertechnology, Inc.			37,887		739
*Wind River Systems, Inc.			18,700		335
	Total				36,753
Materials (4.4%)
A. Schulman, Inc.			6,300		86
*Airgas, Inc.			16,100		243
AK Steel Holding Corporation			25,700		292
Albemarle Corporation			10,900		262
Arch Coal, Inc.			12,400		281
Bowater Incorporated			13,200		631
Cabot Corporation			15,600		558
Carpenter Technology Corporation			5,300		141
Crompton Corporation			26,963		243
*Cytec Industries, Inc.			9,600		259
Ferro Corporation			8,200		212
*FMC Corporation			7,600		452
H.B. Fuller Company			6,700		193
IMC Global, Inc.			27,300		355
Longview Fibre Company			12,200		144
The Lubrizol Corporation			12,200		428
Lyondell Chemical Company			28,000		401
Martin Marietta Materials, Inc.			11,300		527
Minerals Technologies, Inc.			4,700		219
Olin Corporation			10,300		166
P.H. Glatfelter Company			10,100		157
*Packaging Corporation of America			25,400		461
Potlatch Corporation			6,700		196
Rayonier, Inc.			6,500		328
RPM, Inc.			24,300		351
Solutia, Inc.			24,700		346
Sonoco Products Company			22,700		604
*UCAR International, Inc.			13,000		139
The Valspar Corporation			11,600		459
Wausau-Mosinee Paper Corporation			12,300		149
	Total				9,283
Telecommunication Services (0.9%)
*Broadwing, Inc.			51,900		493
*Price Communications Corporation			13,100		250
Telephone and Data Systems, Inc.			14,000		1,257
	Total				2,000
Utilities (6.7%)
AGL Resources, Inc.			13,000		299
ALLETE, Inc.			19,600		494
Alliant Energy Corporation			20,900		635
American Water Works Company, Inc.			23,600		986
Black Hills Corporation			6,200		210
Cleco Corporation			10,700		235
Connectiv			21,100		517
*Covanta Energy Corporation			11,900		54
DPL, Inc.			30,200		727
DQE, Inc.			13,300		252
Energy East Corporation			27,700		526
Great Plains Energy Incorporated			14,700		370
Hawaiian Electric Industries, Inc.			7,700		310
IDACORP, Inc.			8,900		361
MDU Resources Group, Inc.			16,200		456
The Montana Power Company			24,700		142
National Fuel Gas Company			18,800		464
Northeast Utilities			34,100		601
NSTAR			12,600		565
OGE Energy Corp.			18,600		429
ONEOK, Inc.			14,200		253
Potomac Electric Power Company			25,900		585
Public Service Company of New Mexico			9,300		260
Puget Energy, Inc.			20,500		449

29

 Index 400 Stock Portfolio

				Market
		Shares/		Value
Common Stock (95.3%)		Par		(000’s)
Utilities continued
Questar Corporation			19,300	$	483
SCANA Corporation			24,900		693
Sierra Pacific Resources			23,581		355
UtiliCorp United, Inc.			27,100		682
Vectren Corporation			16,100		386
Western Resources, Inc.			16,800		289
WGL Holdings, Inc.			11,100		323
Wisconsin Energy Corporation			28,100		634
	Total				14,025
	Total Common Stock (Cost: $195,157)				200,862

Money Market Investments (4.6%)
Federal Government Agencies (1.4%)
#Federal National Mortgage Association, 1.73%, 2/15/02		$	3,000,000		2,994
	Total				2,994
Miscellaneous Business Credit Institutions (2.8%)
#National Rural Utilities, 1.75%, 1/28/02			5,800,000		5,792
	Total				5,792
Pharmaceutical Preparations (0.4%)
#American Home Products, 1.85%, 1/2/02			900,000		900
	Total				900
	Total Money Market Investments (Cost $9,686)				9,686
	Total Investments (99.9%) (Cost $204,843)!				210,548
	Other Assets, Less Liabilities (0.1%)				186
	Total Net Assets (100.0%)			$	210,734

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $204,870 and the net unrealized appreciation of investments based on that cost was $5,678 which is comprised of $25,283 aggregate gross unrealized appreciation and $19,605 aggregate gross unrealized depreciation.

*  Non-Income Producing

# All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
Midcap 400 Index Futures		37		3/02	$	200
(Total Notional Value at 12/31/01 $9,219)

The Accompanying Notes are an Integral Part of the Financial Statements

30

 Growth Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term appreciation of capital with moderate risk	Hold a diversified mix of high quality growth stocks of medium and large companies with above-average potential for earnings growth.	$696.58 million

The Growth Stock Portfolio is invested in high quality companies of large to medium capitalization with strong financial characteristics and the ability to generate internal growth. A key factor in stock selection is the choice of industries with good earnings potential, based on analysis of economic trends to determine their impact on various sectors of the economy. Stock selection is made through “top down” analysis: first industry and market sector choices are made based on the economic environment, and then the most promising companies within each sector are selected as holdings. A strategy of this portfolio is to go beyond the most familiar “blue chip” names to seek out medium-sized companies with strong positions in their markets whose stock prices do not reflect their potential for growth. Diversification across 70 to 90 stocks in a wide range of industry groups reduces the Portfolio’s risk profile.

Like essentially all equity funds, the Growth Stock Portfolio had a negative total return for 2001, but annualized return of 11.0% for the last five years was above that of the S&P 500 Index. Relative to the Index, the Portfolio is most overweighted in the Consumer Discretionary sector, where the emphasis is on growth-oriented retailers that are expanding nationally. These include Kohl’s, Wal-Mart and Walgreen, which have been among the best performing retail stocks. Harley-Davidson, which has a dominant share in its unique market, has also contributed to overall performance.

The Portfolio remains underweighted in the technology sector. However, the two largest holdings within this volatile sector, Microsoft and Electronic Data Systems, have performed better during 2001 than the Index. General Electric, the Portfolio’s second largest position, is actually underweighted relative to the Index; this stock has been hurt in recent months by its exposure to insurance and aerospace. Among other large holdings, PepsiCo, Fiserv and Pfizer have performed relatively well, largely because of their defensive nature.

The Portfolio continues to focus on quality and good earnings consistency, while gradually increasing positions in industry groups likely to benefit from an improving economy. Recent additions have been made to holdings in the strongest technology companies and to more market-sensitive stocks in the financial sector, including Charles Schwab and Marsh & McLennan.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
Microsoft Corporation	3.2%
General Electric Company	3.0%
Kohl’s Corporation	2.5%
Fiserv, Inc.	2.4%
PepsiCo, Inc.	2.4%
Electronic Data Systems Corporation	2.1%
Harley-Davidson, Inc.	2.1%
Citigroup, Inc.	2.0%
Pfizer, Inc.	2.0%
Wal-Mart Stores, Inc.	2.0%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
					Since
	1 Year		5 Years		Inception#
Growth Stock Portfolio		-14.22%		11.01%		13.88%
S&P 500 Index		-11.83%		10.71%		14.89%
#Inception date of 5/03/94

The Standard & Poor’s 500 Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

This chart assumes an initial investment of $10,000 made on 5/3/94 (commencement of operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

31

 Growth Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (87.3%)		Par		(000’s)
Consumer Discretionary (18.1%)
*AOL Time Warner, Inc.			260,300	$	8,356
*Barnes & Noble, Inc.			100,000		2,960
Fortune Brands, Inc.			123,400		4,885
Harley-Davidson, Inc.			270,100		14,669
The Home Depot, Inc.			161,450		8,236
*Kohl’s Corporation			249,900		17,602
Marriott International, Inc. — Class A			57,800		2,350
The McGraw-Hill Companies, Inc.			181,700		11,080
The New York Times Company — Class A			164,900		7,132
Newell Rubbermaid, Inc.			261,000		7,196
Omnicom Group, Inc.			36,600		3,270
Target Corporation			243,400		9,992
Tribune Company			207,800		7,778
*Viacom, Inc. — Class B			96,000		4,238
Wal-Mart Stores, Inc.			239,100		13,760
Wendy’s International, Inc.			100,000		2,917
	Total				126,421
Consumer Staples (9.2%)
Anheuser-Busch Companies, Inc.			178,200		8,056
The Estee Lauder Companies, Inc. — Class A			200,100		6,415
General Mills, Inc.			157,800		8,207
Kimberly-Clark Corporation			130,100		7,780
Kraft Foods, Inc. — Class A			158,100		5,380
PepsiCo, Inc.			335,600		16,341
Walgreen Co.			358,200		12,057
	Total				64,236
Energy (5.2%)
ChevronTexaco Corporation			79,200		7,097
Conoco, Inc.			331,200		9,373
EOG Resources, Inc.			191,500		7,490
Exxon Mobil Corporation			315,734		12,408
	Total				36,368
Financials (15.3%)
American International Group, Inc.			133,200		10,576
The Bank of New York Company, Inc.			173,700		7,087
The Charles Schwab Corporation			195,000		3,017
Citigroup, Inc.			280,133		14,140
Fifth Third Bancorp			182,650		11,248
Freddie Mac			96,000		6,278
Household International, Inc.			171,000		9,908
Lehman Brothers Holdings, Inc.			119,000		7,949
Marsh & McLennan Companies, Inc.			55,000		5,910
Morgan Stanley Dean Witter & Co.			74,900		4,190
Northern Trust Corporation			139,300		8,389
The PNC Financial Services Group, Inc.			107,700		6,053
*Principal Financial Group, Inc.			255,000		6,120
*Prudential Financial, Inc.			19,700		654
Wells Fargo & Company			112,300		4,879
	Total				106,398
Health Care (10.2%)
*Amgen, Inc.			118,000		6,660
Bristol-Myers Squibb Company			97,700		4,983
CIGNA Corporation			71,900		6,662
Eli Lilly and Company			75,900		5,961
Johnson & Johnson			149,600		8,841
Medtronic, Inc.			236,400		12,106
Merck & Co., Inc.			128,800		7,573
Pfizer, Inc.			350,050		13,949
Schering-Plough Corporation			127,500		4,566
	Total				71,301
Industrials (9.6%)
*American Standard Companies, Inc.			63,900		4,360
Avery Dennison Corporation			119,000		6,727
*FedEx Corporation			133,300		6,916
*Fiserv, Inc.			399,862		16,922
General Electric Company			524,000		21,002
Honeywell International, Inc.			41,900		1,417
Tyco International, Ltd.			156,500		9,218
	Total				66,562
Information Technology (14.0%)
*Amdocs Limited			183,700		6,240
*Atmel Corporation			438,700		3,475
*Cisco Systems, Inc.			303,300		5,493
*Electronic Arts, Inc.			51,300		3,075
Electronic Data Systems Corporation			214,100		14,677
Intel Corporation			370,600		11,655
International Business Machines Corporation			95,200		11,515
*Microsoft Corporation			331,200		21,949
*NASDAQ — 100 Trust, Series 1			173,000		6,764
Nokia Corp., ADR			150,800		3,699
Semiconductor HOLDRS (SM) Trust			102,000		4,269
Texas Instruments Incorporated			176,500		4,942
	Total				97,753
Materials (2.4%)
Air Products and Chemicals, Inc.			137,200		6,436
Ecolab, Inc.			180,300		7,257
PPG Industries, Inc.			60,000		3,103
	Total				16,796

32

 Growth Stock Portfolio

				Market
		Shares/		Value
Common Stock (87.3%)		Par		(000’s)
Materials continued
Telecommunication Services (2.0%)
AT&T Corp.			193,700	$	3,514
*AT&T Wireless Services, Inc.			99,932		1,436
*Nextel Communications, Inc. — Class A			66,900		733
SBC Communications, Inc.			70,139		2,747
Verizon Communications, Inc.			109,972		5,220
Total					13,650
Utilities (1.3%)
El Paso Corporation			111,000		4,952
*Mirant Corporation			247,000		3,957
	Total				8,909
	Total Common Stock (Cost: $520,198)				608,394

Money Market Investments (14.0%)
Federal Government & Agencies (0.6%)
#Federal National Mortgage Association, 1.73%, 2/15/02		$	4,000,000		3,991
	Total				3,991
Finance Lessors (5.7%)
#Philip Morris Capital Corp., 1.82%, 1/25/02			20,000,000		19,976
#Preferred Receivable Funding, 2.04%, 1/9/02			20,000,000		19,991
	Total				39,967
Finance Services (2.9%)
#JP Morgan Chase & Co., 1.86%, 2/7/02			20,000,000		19,962
	Total				19,962
Pharmaceutical Preparations (1.9%)
American Home Products, 1.85%, 1/2/02			13,500,000		13,499
	Total				13,499
Short Term Business Credit (2.9%)
Asset Securitization, 1.95%, 1/18/02			20,000,000		19,982
	Total				19,982
	Total Money Market Investments (Cost: $97,401)				97,401
	Total Investments (101.3%) (Cost: $617,599)!				705,795
	Other Assets, Less Liabilities (-1.3%)				(9,217	)
	Total Net Assets (100.0%)			$	696,578

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $618,175 and the net unrealized appreciation of investments based on that cost was $87,620 which is comprised of $131,991 aggregate gross unrealized appreciation and $44,371 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

*	Non-Income Producing
#	All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation /
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
S&P 500 Index Futures		189		3/02	$	336
(Total Notional Value at 12/31/01 $53,963)

The Accompanying Notes are an Integral Part of the Financial Statements

33

 J.P. Morgan Select Growth & Income Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term growth of capital and income, consistent with moderate investment risk	Actively manage a portfolio of equity securities with a goal of exceeding the total return of the S&P 500 Index.	$548.67 million

J.P. Morgan Select Growth & Income Stock Portfolio invests mainly in large-capitalization stocks, with a focus on seeking the best values in the market based on long-term earnings forecasts. A sector balance very close to that of the S&P 500 Index is normally maintained, with the emphasis on undervalued stocks within each industry group; a valuation discipline mandates the sale of stocks regarded as overvalued. More focus is placed on capital appreciation and dividend growth than on current dividends. The Portfolio is normally fully invested in equity securities.

In the highly volatile stock market of 2001, the Portfolio’s strategy of stock selection based on fundamental research accompanied by a strong valuation discipline proved effective. Total return from the Growth and Income fund was negative, but more than four percentage points better than the benchmark S&P 500 Index. Performance was also helped by the policy of maintaining industry weightings close to those of the market. At a time when some investors were reluctant to hold technology stocks, the Portfolio benefited from large positions in technology leaders such as Microsoft, Intel and IBM.

Among the Portfolio’s best performing stocks were Cendant, a real estate and travel company experiencing a turnaround; TJX Companies, a core retail holding; and CIT Financial and Alza, both of which were acquired during the year. Performance relative to the Index benefited also from substantial overweights in Tyco International and Philip Morris, which were up for the year.

In the past year, a weak market has made it possible to upgrade the quality of holdings without paying a significant premium. The emphasis has been on companies with pronounced financial strength that could prosper even in a poor economy. In the months ahead, special consideration will be given to holdings with greater operating and financial leverage that have the potential to benefit from a recovering economy.

The J.P. Morgan Select Growth & Income Stock Portfolio is managed for Northwestern Mutual by J.P. Morgan Investment Management, Inc.

Sector Allocation 12/31/01

The J.P. Morgan Select Growth & Income Stock Portfolio was formerly named the Growth and Income Stock Portfolio. The name change took effect on May 4, 2001. The Portfolio’s investment objective did not change.

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
General Electric Company	4.5%
Tyco International, Ltd.	4.1%
Citigroup, Inc.	3.7%
Microsoft Corporation	3.5%
Exxon Mobil Corporation	2.9%
Philip Morris Companies, Inc.	2.7%
International Business Machines Corporation	2.2%
Intel Corporation	2.2%
Ambac Financial Group, Inc.	2.0%
Wal-Mart Stores, Inc.	2.0%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
					Since
	1 Year		5 Years		Inception#
J.P. Morgan Select Growth & Income Stock Portfolio		-7.77%		8.11%		11.67%
S&P 500 Index		-11.83%		10.71%		14.89%
#Inception date of 5/03/94

The Standard & Poor’s 500 Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

This chart assumes an initial investment of $10,000 made on 5/3/94 (commencement of operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

34

 J.P. Morgan Select Growth & Income Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (97.2%)		Par		(000’s)
Consumer Discretionary (15.2%)
*Abercrombie & Fitch Co. — Class A			91,600	$	2,430
*Adelphia Communications Corporation — Class A			83,600		2,607
*AOL Time Warner, Inc.			269,200		8,641
*Cendant Corporation			260,204		5,103
The Coca-Cola Company			92,000		4,338
*Comcast Corporation — Class A			67,800		2,441
*Costco Wholesale Corporation			85,000		3,772
*Gemstar-TV Guide International, Inc.			90,700		2,512
The Home Depot, Inc.			136,000		6,937
*Jones Apparel Group, Inc.			95,700		3,174
*Lear Corporation			83,500		3,185
*Liberty Media Corporation — Class A			610,500		8,547
Mattel, Inc.			115,900		1,993
Target Corporation			172,400		7,077
The TJX Companies, Inc.			157,400		6,274
*Viacom, Inc. — Class B			85,100		3,757
Wal-Mart Stores, Inc.			188,200		10,832
	Total				83,620
Consumer Staples (6.2%)
The Gillette Company			201,500		6,730
Kraft Foods, Inc. — Class A			84,400		2,872
Philip Morris Companies, Inc.			317,600		14,562
The Procter & Gamble Company			73,300		5,800
Unilever NV, ADR			68,800		3,964
	Total				33,928
Energy (7.1%)
Baker Hughes Incorporated			105,500		3,848
ChevronTexaco Corporation			111,600		10,000
Conoco, Inc.			132,200		3,741
Dynegy, Inc. — Class A			57,900		1,476
Exxon Mobil Corporation			409,054		16,077
GlobalSantaFe Corporation			142,051		4,051
	Total				39,193
Financials (15.8%)
The Allstate Corporation			97,100		3,272
Ambac Financial Group, Inc.			192,125		11,116
Bank One Corporation			140,200		5,475
Capital One Financial Corporation			138,100		7,450
The Charles Schwab Corporation			153,000		2,367
Citigroup, Inc.			406,756		20,534
Countrywide Credit Industries, Inc.			97,600		3,999
*E*TRADE Group, Inc.			97,300		997
Fannie Mae			128,700		10,232
The Goldman Sachs Group, Inc.			72,300		6,706
U.S. Bancorp			390,732		8,178
Wachovia Corporation			96,900		3,039
Washington Mutual, Inc.			99,800		3,263
	Total				86,628
Health Care (14.6%)
American Home Products Corporation			128,800		7,903
*Amgen, Inc.			60,000		3,386
Applera Corporation — Applied Biosystems Group			79,600		3,126
Baxter International, Inc.			55,500		2,976
Bristol-Myers Squibb Company			94,900		4,840
CIGNA Corporation			112,600		10,433
Eli Lilly and Company			65,600		5,152
*Human Genome Sciences, Inc.			33,766		1,139
Johnson & Johnson			145,050		8,572
Merck & Co., Inc.			124,100		7,297
Pfizer, Inc.			221,800		8,839
Pharmacia Corporation			114,952		4,903
Schering-Plough Corporation			210,500		7,538
*Tenet Healthcare Corporation			63,500		3,729
	Total				79,833
Industrials (10.6%)
Cooper Industries, Inc.			44,900		1,568
General Electric Company			612,200		24,537
Goodrich Corporation			83,700		2,228
Tyco International, Ltd.			382,092		22,505
Waste Management, Inc.			222,817		7,110
	Total				57,948
Information Technology (15.6%)
*Altera Corporation			123,400		2,619
*Applied Materials, Inc.			80,300		3,220
*BEA Systems, Inc.			39,100		603
*CIENA Corporation			77,100		1,103
*Cisco Systems, Inc.			495,500		8,973
*Citrix Systems, Inc.			57,400		1,301
Compaq Computer Corporation			261,000		2,547
*Dell Computer Corporation			121,200		3,294
Harris Corporation			9,000		275
Intel Corporation			378,300		11,897
International Business Machines Corporation			98,900		11,962
*Microsoft Corporation			289,400		19,178
Motorola, Inc.			194,600		2,923
*NCR Corporation			131,500		4,847
*Oracle Corporation			170,900		2,360
*Siebel Systems, Inc.			50,800		1,421
*Sun Microsystems, Inc.			345,100		4,259

35

 J.P. Morgan Select Growth & Income Stock Portfolio

				Market
		Shares/		Value
Common Stock (97.2%)		Par		(000’s)
Information Technology continued
Texas Instruments Incorporated			66,700	$	1,868
*VERITAS Software Corporation			24,318		1,090
	Total				85,740
Materials (3.0%)
Alcoa, Inc.			141,764		5,040
Allegheny Technologies Incorporated			167,050		2,798
Monsanto Company			65,617		2,218
Rohm and Haas Company			73,200		2,535
*Smurfit-Stone Container Corporation			101,434		1,620
Temple-Inland, Inc.			43,100		2,445
	Total				16,656
Telecommunication Services (5.6%)
*American Tower Corporation — Class A			204,100		1,933
*Qwest Communications International, Inc.			188,000		2,656
SBC Communications, Inc.			150,610		5,899
*Sprint Corporation (PCS Group)			329,800		8,050
Verizon Communications, Inc.			135,348		6,424
WorldCom, Inc. — MCI Group			182,962		2,324
*WorldCom, Inc. — WorldCom Group			243,759		3,432
	Total				30,718
Utilities (3.5%)
CMS Energy Corporation			80,176		1,927
DTE Energy Company			109,900		4,610
Edison International			133,729		2,019
El Paso Corporation			91,600		4,086
PG&E Corporation			143,400		2,759
Pinnacle West Capital Corporation			94,200		3,942
	Total				19,343
	Total Common Stock (Cost: $557,297)				533,607

				Market
		Shares/		Value
Money Market Investments (2.9%)		Par		(000’s)
Miscellaneous Business Credit Institutions (1.9%)
Quincy Capital Corp., 2.1%, 1/3/02		$	10,000,000	$	9,999
	Total				9,999
Pharmaceutical Preparations (1.0%)
American Home Products, 1.85%, 1/2/02			5,700,000		5,700
	Total				5,700
	Total Money Market Investments (Cost: $15,699)				15,699
	Total Investments (100.1%) (Cost $572,996)!				549,306
	Other Assets, Less Liabilities (-0.1%)				(634	)
	Total Net Assets (100.0%)			$	548,672

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $578,075 and the net unrealized depreciation of investments based on that cost was $28,769 which is comprised of $40,552 aggregate gross unrealized appreciation and $69,321 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

* Non-Income Producing

The Accompanying Notes are an Integral Part of the Financial Statements

36

 Capital Guardian Domestic Equity Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term growth of capital and income	Invest in larger American companies that exhibit value characteristics relative to S&P 500 Index.	$40.72 million

The Capital Guardian Domestic Equity Portfolio invests mainly in large companies with well-known names, proven track records, and a history of dividends. This value-oriented Portfolio emphasizes stocks that have lower price-earnings ratios, lower price to book value ratios, and higher dividend yields than the S&P 500 Index.

The selection process focuses on individual stocks that are underpriced relative to their inherent value and long-term prospects, based largely on Capital Guardian’s solid research capabilities. Industry selection receives minor consideration, and industry weightings may diverge significantly from the major market indices. At the end of 2001, the Portfolio was overweighted relative to the index in financial services, industrials, and utilities, and underweighted in consumer stocks and information technology.

The Portfolio has outperformed the S&P 500 Index in the five months since it was added to the investment choices available to Northwestern Mutual policyowners. In a volatile and generally down market, performance benefited from a cautious approach of avoiding holdings likely to suffer earnings problems in a weakening economy. Performance in the last quarter of 2001 was boosted by the opportunistic addition of quality companies including United Technologies, Applied Materials, Inc. and Sabre Holdings, all of which rebounded significantly after experiencing sharp drops in the wake of the September terrorist attacks.

The Capital Guardian Domestic Equity Portfolio is managed for Northwestern Mutual by Capital Guardian Trust Company.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
United Technologies Corporation	3.4%
Bank One Corporation	3.3%
The AES Corporation	3.0%
Tyco International, Ltd.	2.9%
Air Products and Chemicals, Inc.	2.8%
Sabre Holdings Corporation — Class A	2.8%
Carnival Corporation	2.4%
SBC Communications, Inc.	2.4%
J.P. Morgan Chase & Co.	2.3%
Philip Morris Companies, Inc.	2.3%

Relative Performance

Total Return
For Period Ended December 31, 2001
	Since
	Inception#
Capital Guardian Domestic Equity Portfolio		-2.19%
S&P 500 Index		-5.20%
#Inception date of 7/31/01, returns not annualized

The Standard & Poor’s 500 Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

This chart assumes an initial investment of $10,000 made on 7/31/01 (commencement of operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

37

 Capital Guardian Domestic Equity Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (91.9%)		Par		(000’s)
Consumer Discretionary (8.2%)
Carnival Corporation			34,800	$	976
Dollar General Corporation			39,500		589
Ford Motor Company			15,300		241
Gannett Co., Inc.			5,200		350
Knight-Ridder, Inc.			11,300		734
McDonald’s Corporation			16,600		439
	Total				3,329
Consumer Staples (7.3%)
Anheuser-Busch Companies, Inc.			8,000		362
Campbell Soup Company			27,500		821
The Clorox Company			4,200		166
Kraft Foods, Inc. — Class A			20,500		698
Philip Morris Companies, Inc.			20,500		940
	Total				2,987
Energy (7.9%)
Baker Hughes Incorporated			20,200		736
*BJ Services Company			4,000		130
Exxon Mobil Corporation			9,500		373
Royal Dutch Petroleum Company, ADR			12,500		613
Shell Transport & Trading Company, ADR			15,000		622
Unocal Corporation			13,800		498
*Weatherford International, Inc.			6,900		257
	Total				3,229
Financials (22.9%)
ACE Limited			2,200		88
The Allstate Corporation			15,300		516
*AmeriCredit Corp.			17,200		543
Bank of America Corporation			12,500		787
Bank One Corporation			34,500		1,348
Citigroup, Inc.			5,000		252
Everest Re Group, Ltd.			7,000		495
The Goldman Sachs Group, Inc.			3,600		334
The Hartford Financial Services Group, Inc.			8,200		515
Household International, Inc.			11,000		637
J.P. Morgan Chase & Co.			26,000		945
Jefferson-Pilot Corporation			4,300		199
Kinder Morgan Management LLC			17,735		672
*Principal Financial Group, Inc.			3,600		86
USA Education, Inc.			6,600		555
Washington Mutual, Inc.			15,000		491
Wells Fargo & Company			7,000		304
XL Capital, Ltd. — Class A			6,200		566
	Total				9,333
Health Care (3.3%)
Becton, Dickinson and Company			26,000		862
Eli Lilly and Company			6,000		471
	Total				1,333
Industrials (19.8%)
Canadian National Railway Company			4,500		217
Dover Corporation			13,000		482
Emerson Electric Co.			10,800		617
Fluor Corporation			21,100		789
Illinois Tool Works, Inc.			7,700		521
Ingersoll-Rand Company			11,500		481
Navistar International Corporation			14,300		565
Norfolk Southern Corporation			13,000		238
Sabre Holdings Corporation — Class A			26,500		1,122
Tyco International, Ltd.			20,100		1,184
Union Pacific Corporation			5,500		314
United Technologies Corporation			21,100		1,364
W.W. Grainger, Inc.			3,500		168
	Total				8,062
Information Technology (5.8%)
*Applied Materials, Inc.			18,300		733
Compaq Computer Corporation			46,500		454
Hewlett-Packard Company			7,600		156
*KLA-Tencor Corporation			7,700		382
Nortel Networks Corporation			84,000		630
	Total				2,355
Materials (5.3%)
Air Products and Chemicals, Inc.			24,400		1,144
Alcoa, Inc.			8,600		306
The Dow Chemical Company			9,400		317
Lyondell Chemical Company			17,100		245
Nucor Corporation			2,900		154
	Total				2,166
Real Estate Investment Trusts (1.1%)
Equity Office Properties Trust			14,500		436
	Total				436
Telecommunication Services (2.7%)
CenturyTel, Inc.			3,500		115
SBC Communications, Inc.			24,800		971
	Total				1,086
Utilities (7.6%)
*The AES Corporation			74,900		1,225
*Mirant Corporation			9,000		144
NiSource, Inc.			22,900		528

38

 Capital Guardian Domestic Equity Portfolio

				Market
		Shares/		Value
Common Stock (91.9%)		Par		(000’s)
Utilities continued my*NRG Energy, Inc. 28,300 $439
The Williams Companies, Inc.			30,500		778
	Total				3,114
	Total Common Stock (Cost: $37,160)				37,430

Money Market Investments (7.9%)
Finance Services (2.5%)
JP Morgan Chase & Co., 1.86%, 2/7/02		$	1,000,000		999
	Total				999
Machinery (2.2%)
John Deere Capital Corp., 2.05%, 1/14/02			900,000		899
	Total				899
Pharmaceutical Preparations (1.0%)
American Home Products, 1.85%, 1/2/02			400,000		400
	Total				400
Security Brokers & Dealers (2.2%)
Salomon Smith Barney Holdings, 1.78%, 1/15/02			900,000		899
	Total				899
	Total Money Market Investments (Cost: $3,197)				3,197
	Total Investments (99.8%) (Cost $40,357)!				40,627
	Other Assets, Less Liabilities (0.2%)				95
	Total Net Assets (100.0%)			$	40,722

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $40,372 and the net unrealized appreciation of investments based on that cost was $255 which is comprised of $1,696 aggregate gross unrealized appreciation and $1,441 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

* Non-Income Producing

The Accompanying Notes are an Integral Part of the Financial Statements

39

 Index 500 Stock Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Long-term capital appreciation through cost-effective participation in broad market performance	Invest in a portfolio designed to approximate the composition and returns of the S&P 500 Index.	$1.82 billion

The Index 500 Stock Portfolio is designed to achieve results that approximate the performance of the Standard & Poor’s 500 Composite Stock Price Index. As of December 31, 2001, the 500 stocks in the Index had a median market capitalization of $8.4 billion and total market value of $10,463 billion. Of the 500 stocks, 420 are listed on the New York Stock Exchange, 78 on NASDAQ, and 2 on the American Stock Exchange.

This composite of 500 stocks of large U.S.-based companies, compiled by Standard & Poor’s Corporation, is generally regarded as a good proxy for the large-capitalization portion of the U.S. equity market; the Portfolio therefore enables contract owners to participate in overall performance of the equity market. The Portfolio continues to achieve the objective of matching the results of the S&P 500 before expenses.

Sector Allocation 12/31/01

 Top 10 Equity Holdings  12/31/01

Company	% of Total Net Assets
General Electric Company	3.8%
Microsoft Corporation	3.4%
Exxon Mobil Corporation	2.6%
Wal-Mart Stores, Inc.	2.4%
Citigroup, Inc.	2.4%
Pfizer, Inc.	2.4%
Intel Corporation	2.0%
International Business Machines Corporation	2.0%
American International Group, Inc.	2.0%
Johnson & Johnson	1.7%

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
	1 Year		5 Years		10 Years
Index 500 Stock Portfolio		-11.88%		10.76%		12.56%
S&P 500 Index		-11.83%		10.71%		12.90%

On April 30, 1993, the Portfolio was indexed to approximate the performance of the Standard & Poor’s 500 Composite Stock Price Index. Before that date, the Portfolio was actively managed.

The Standard & Poor’s 500 Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

“Standard & Poor’s®”, “S&P®”, “S&P MidCap 400 Index”, “Standard & Poor’s MidCap 400 Index”, “S&P 500®” and “Standard & Poor’s 500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Northwestern Mutual Life Insurance Company. The funds are not sponsored, endorsed, sold or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the funds.

This chart assumes an initial investment of $10,000 made on 12/31/91. Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

40

 Index 500 Stock Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Consumer Discretionary (14.4%)
American Greetings Corporation — Class A			10,900	$	150
*AOL Time Warner, Inc.			762,400		24,473
*AutoZone, Inc.			19,225		1,380
*Bed Bath & Beyond, Inc.			49,700		1,685
*Best Buy Co., Inc.			36,000		2,681
*Big Lots, Inc.			19,500		203
The Black & Decker Corporation			14,000		528
Brunswick Corporation			15,100		329
Carnival Corporation			100,609		2,825
*Cendant Corporation			166,633		3,268
Centex Corporation			10,200		582
Circuit City Stores, Inc.			35,800		929
*Clear Channel Communications, Inc.			101,050		5,144
The Coca-Cola Company			427,975		20,179
Coca-Cola Enterprises, Inc.			76,600		1,451
*Comcast Corporation — Class A			162,600		5,854
Cooper Tire & Rubber Company			12,500		200
*Costco Wholesale Corporation			77,464		3,438
Dana Corporation			25,450		353
Darden Restaurants, Inc.			20,267		717
Delphi Automotive Systems Corporation			96,387		1,317
Dillard’s, Inc. — Class A			14,664		235
Dollar General Corporation			56,848		847
Dow Jones & Company, Inc.			14,820		811
Eastman Kodak Company			49,883		1,468
Family Dollar Stores, Inc.			29,500		884
*Federated Department Stores, Inc.			34,051		1,393
Ford Motor Company			314,794		4,949
Fortune Brands, Inc.			26,267		1,040
Gannett Co., Inc.			45,550		3,062
The Gap, Inc.			147,875		2,061
General Motors Corporation			94,427		4,589
The Goodyear Tire & Rubber Company			27,300		650
Harley-Davidson, Inc.			52,000		2,824
*Harrah’s Entertainment, Inc.			20,150		746
Hasbro, Inc.			29,725		482
Hilton Hotels Corporation			63,450		693
The Home Depot, Inc.			401,594		20,485
*International Game Technology			12,700		867
The Interpublic Group of Companies, Inc.			64,500		1,905
J. C. Penney Company, Inc.			45,250		1,217
Johnson Controls, Inc.			14,900		1,203
*Jones Apparel Group, Inc.			20,800		690
KB Home			7,600		305
*Kmart Corporation			84,300		460
Knight-Ridder, Inc.			12,550		815
*Kohl’s Corporation			57,367		4,041
Leggett & Platt Incorporated			33,733		776
The Limited, Inc.			73,405		1,081
Liz Claiborne, Inc.			9,000		448
Lowe’s Companies, Inc.			132,350		6,142
Marriott International, Inc. — Class A			41,900		1,703
Mattel, Inc.			74,188		1,276
The May Department Stores Company			51,450		1,903
Maytag Corporation			13,133		408
McDonald’s Corporation			222,578		5,892
The McGraw-Hill Companies, Inc.			33,560		2,046
Meredith Corporation			8,600		307
The New York Times Company — Class A			27,370		1,184
Newell Rubbermaid, Inc.			45,892		1,265
NIKE, Inc. — Class B			46,700		2,626
Nordstrom, Inc.			23,067		467
*Office Depot, Inc.			51,157		948
Omnicom Group, Inc.			31,900		2,850
The Pepsi Bottling Group, Inc.			49,500		1,163
Pulte Corporation			10,100		451
RadioShack Corporation			31,900		960
*Reebok International, Ltd.			10,100		268
Sears, Roebuck & Co.			56,550		2,694
The Sherwin-Williams Company			26,913		740
Snap-On Incorporated			9,917		334
The Stanley Works			14,650		682
*Staples, Inc.			78,500		1,468
*Starbucks Corporation			65,450		1,247
Starwood Hotels & Resorts Worldwide, Inc.			34,200		1,021
Target Corporation			154,757		6,353
Tiffany & Co.			25,067		789
The TJX Companies, Inc.			48,250		1,923
*TMP Worldwide, Inc.			18,367		788
*Toys “R” Us, Inc.			33,950		704
Tribune Company			51,336		1,922
*Tricon Global Restaurants, Inc.			25,240		1,242
TRW, Inc.			21,500		796
Tupperware Corporation			10,000		193
*Univision Communications, Inc. — Class A			35,900		1,453
V. F. Corporation			19,257		751
*Viacom, Inc. — Class B			306,348		13,525
Visteon Corporation			22,483		338
Wal-Mart Stores, Inc.			769,300		44,274
The Walt Disney Company			359,657		7,452
Wendy’s International, Inc.			19,550		570
Whirlpool Corporation			11,450		840
	Total				262,671

41

 Index 500 Stock Portfolio

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Consumer Staples (6.9%)
Adolph Coors Company — Class B			6,400	$	342
Alberto-Culver Company — Class B			9,700		434
Albertson’s, Inc.			69,654		2,193
Anheuser-Busch Companies, Inc.			154,449		6,983
Archer-Daniels-Midland Company			114,203		1,639
Avon Products, Inc.			40,800		1,897
Brown-Forman Corporation — Class B			11,800		739
Campbell Soup Company			70,222		2,098
The Clorox Company			40,650		1,608
Colgate-Palmolive Company			96,522		5,574
ConAgra Foods, Inc.			92,467		2,198
CVS Corporation			67,667		2,003
General Mills, Inc.			62,567		3,254
The Gillette Company			181,435		6,060
H.J. Heinz Company			60,017		2,468
Hershey Foods Corporation			23,550		1,594
Kellogg Company			69,857		2,103
Kimberly-Clark Corporation			91,556		5,475
*The Kroger Co.			139,505		2,911
PepsiCo, Inc.			304,230		14,813
Philip Morris Companies, Inc.			378,522		17,355
The Procter & Gamble Company			222,905		17,639
*Safeway, Inc.			87,000		3,632
Sara Lee Corporation			135,335		3,008
SUPERVALU, Inc.			22,750		503
SYSCO Corporation			115,725		3,034
Unilever NV, ADR			98,347		5,666
UST, Inc.			28,067		982
Walgreen Co.			175,146		5,895
Winn-Dixie Stores, Inc.			24,150		344
Wm. Wrigley Jr. Company			38,867		1,997
	Total				126,441
Energy (6.4%)
Amerada Hess Corporation			15,300		956
Anadarko Petroleum Corporation			43,162		2,454
Apache Corporation			23,760		1,185
Ashland, Inc.			12,000		553
Baker Hughes Incorporated			57,730		2,105
Burlington Resources, Inc.			36,383		1,366
ChevronTexaco Corporation			183,357		16,431
Conoco, Inc.			107,525		3,043
Devon Energy Corporation			22,300		862
Dynegy, Inc. — Class A			56,100		1,431
EOG Resources, Inc.			19,960		781
Exxon Mobil Corporation			1,187,256		46,658
Halliburton Company			73,869		968
Kerr-McGee Corporation			17,205		943
*Nabors Industries, Inc.			25,250		867
*Noble Drilling Corporation			23,050		785
Occidental Petroleum Corporation			63,720		1,690
Phillips Petroleum Company			65,287		3,934
*Rowan Companies, Inc.			16,250		315
Royal Dutch Petroleum Company, ADR			368,969		18,086
Schlumberger Limited			98,667		5,422
Sunoco, Inc.			14,450		540
Transocean Sedco Forex, Inc.			54,751		1,852
Unocal Corporation			41,867		1,510
USX-Marathon Group			53,109		1,593
	Total				116,330
Financials (17.5%)
AFLAC Incorporated			90,450		2,221
The Allstate Corporation			124,628		4,200
Ambac Financial Group, Inc.			18,200		1,053
American Express Company			227,675		8,126
American International Group, Inc.			450,830		35,795
AmSouth Bancorporation			63,755		1,205
Aon Corporation			45,100		1,602
Bank of America Corporation			275,801		17,362
The Bank of New York Company, Inc.			126,553		5,163
Bank One Corporation			200,486		7,829
BB&T Corporation			75,400		2,723
The Bear Stearns Companies, Inc.			16,195		950
Capital One Financial Corporation			35,900		1,937
The Charles Schwab Corporation			238,539		3,690
Charter One Financial, Inc.			37,396		1,015
The Chubb Corporation			30,150		2,080
Cincinnati Financial Corporation			27,680		1,056
Citigroup, Inc.			865,248		43,677
Comerica Incorporated			30,750		1,762
Conseco, Inc.			58,137		259
Countrywide Credit Industries, Inc.			20,400		836
Fannie Mae			172,148		13,686
Fifth Third Bancorp			99,034		6,099
FleetBoston Financial Corporation			186,405		6,804
Franklin Resources, Inc.			45,550		1,607
Freddie Mac			119,186		7,795
Golden West Financial Corporation			27,350		1,610
The Hartford Financial Services Group, Inc.			40,750		2,560
Household International, Inc.			79,785		4,623
Huntington Bancshares Incorporated			43,242		743
J.P. Morgan Chase & Co.			341,648		12,419
Jefferson-Pilot Corporation			26,134		1,209
John Hancock Financial Services, Inc.			53,000		2,189
KeyCorp			73,075		1,779
Lehman Brothers Holdings, Inc.			42,422		2,834
Lincoln National Corporation			32,340		1,571
Loews Corporation			33,967		1,881
Marsh & McLennan Companies, Inc.			47,390		5,092
MBIA, Inc.			25,550		1,370
MBNA Corporation			146,610		5,161
Mellon Financial Corporation			82,068		3,087
Merrill Lynch & Co., Inc.			144,400		7,526
MetLife, Inc.			129,036		4,088
MGIC Investment Corporation			18,400		1,136
Moody’s Corporation			27,075		1,079

42

 Index 500 Stock Portfolio

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Financials continued
Morgan Stanley Dean Witter & Co.			191,513	$	10,713
National City Corporation			103,397		3,023
Northern Trust Corporation			38,350		2,309
The PNC Financial Services Group, Inc.			49,767		2,797
The Progressive Corporation			12,700		1,896
Providian Financial Corporation			49,157		175
Regions Financial Corporation			39,186		1,177
SAFECO Corporation			21,950		684
SouthTrust Corporation			58,467		1,442
The St. Paul Companies, Inc.			36,872		1,621
State Street Corporation			56,000		2,926
Stilwell Financial, Inc.			37,729		1,027
SunTrust Banks, Inc.			50,233		3,150
Synovus Financial Corp.			49,950		1,251
T. Rowe Price Group, Inc.			21,200		736
Torchmark Corporation			21,550		848
U.S. Bancorp			327,921		6,863
Union Planters Corporation			23,625		1,066
UnumProvident Corporation			41,531		1,101
USA Education, Inc.			28,014		2,354
Wachovia Corporation			241,281		7,567
Washington Mutual, Inc.			150,987		4,937
Wells Fargo & Company			295,280		12,830
XL Capital, Ltd. — Class A			23,000		2,101
Zions Bancorporation			15,900		836
	Total				317,919
Health Care (14.2%)
Abbott Laboratories			266,550		14,860
Aetna, Inc.			24,477		807
Allergan, Inc.			22,667		1,701
American Home Products Corporation			226,229		13,881
*AmerisourceBergen Corporation			17,700		1,125
*Amgen, Inc.			179,525		10,132
Applera Corporation — Applied Biosystems Group			36,333		1,427
Bausch & Lomb Incorporated			9,200		346
Baxter International, Inc.			101,900		5,465
Becton, Dickinson and Company			44,350		1,470
*Biogen, Inc.			25,600		1,468
Biomet, Inc.			46,145		1,426
*Boston Scientific Corporation			69,086		1,666
Bristol-Myers Squibb Company			334,408		17,055
C. R. Bard, Inc.			8,750		564
Cardinal Health, Inc.			76,725		4,961
*Chiron Corporation			32,722		1,435
CIGNA Corporation			25,729		2,384
Eli Lilly and Company			193,406		15,190
*Forest Laboratories, Inc.			30,333		2,486
*Genzyme Corporation			35,700		2,137
*Guidant Corporation			52,788		2,629
HCA, Inc.			92,511		3,565
*Health Management Associates, Inc.			42,200		776
*Healthsouth Corporation			67,100		994
*Humana, Inc.			29,200		344
*Immunex Corporation			91,900		2,547
Johnson & Johnson			521,037		30,794
*King Pharmaceuticals, Inc.			42,066		1,772
*Manor Care, Inc.			17,700		420
McKesson HBOC, Inc.			49,005		1,833
*MedImmune, Inc.			36,600		1,696
Medtronic, Inc.			208,000		10,652
Merck & Co., Inc.			394,520		23,198
Pfizer, Inc.			1,086,236		43,288
Pharmacia Corporation			223,870		9,548
*Quintiles Transnational Corp.			20,100		323
Schering-Plough Corporation			251,750		9,015
*St. Jude Medical, Inc.			14,800		1,149
Stryker Corporation			33,750		1,970
*Tenet Healthcare Corporation			55,800		3,277
UnitedHealth Group Incorporated			54,586		3,863
*Watson Pharmaceuticals, Inc.			18,200		571
*Wellpoint Health Networks, Inc. — Class A			10,900		1,274
Zimmer Holdings, Inc.			33,437		1,021
	Total				258,505
Industrials (11.0%)
*Allied Waste Industries, Inc.			33,950		477
*American Power Conversion Corporation			33,550		485
*AMR Corporation			26,400		585
Automatic Data Processing, Inc.			107,450		6,329
Avery Dennison Corporation			18,950		1,071
The Boeing Company			150,076		5,820
Burlington Northern Santa Fe Corporation			67,385		1,922
Caterpillar, Inc.			59,088		3,087
Cintas Corporation			29,133		1,410
*Concord EFS, Inc.			82,900		2,717
*Convergys Corporation			29,450		1,104
Cooper Industries, Inc.			15,900		555
Crane Co.			10,275		263
CSX Corporation			36,750		1,288
Cummins, Inc.			7,100		274
Danaher Corporation			24,500		1,478
Deere & Company			40,360		1,762
Delta Air Lines, Inc.			21,167		619
Deluxe Corporation			12,151		505
Dover Corporation			34,967		1,296
Eaton Corporation			11,900		885
Emerson Electric Co.			73,750		4,211
Equifax, Inc.			24,600		594
*FedEx Corporation			52,820		2,740
First Data Corporation			67,463		5,292
*Fiserv, Inc.			32,125		1,360
Fluor Corporation			13,600		509
General Dynamics Corporation			34,600		2,756
General Electric Company			1,709,206		68,505
Genuine Parts Company			29,600		1,086

43

 Index 500 Stock Portfolio

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Industrials continued
Goodrich Corporation			17,800	$	474
H&R Block, Inc.			31,450		1,406
Honeywell International, Inc.			139,250		4,709
Illinois Tool Works, Inc.			52,300		3,542
IMS Health Incorporated			50,667		989
Ingersoll-Rand Company			28,980		1,212
ITT Industries, Inc.			15,100		763
Lockheed Martin Corporation			74,708		3,487
Masco Corporation			79,100		1,938
McDermott International, Inc.			10,500		129
Minnesota Mining and Manufacturing Company			68,088		8,049
Molex Incorporated			33,650		1,041
Navistar International Corporation			10,250		405
Norfolk Southern Corporation			66,157		1,213
Northrop Grumman Corporation			18,900		1,905
PACCAR, Inc.			13,170		864
Pall Corporation			21,150		509
Parker-Hannifin Corporation			20,075		922
Paychex, Inc.			64,235		2,251
Pitney Bowes, Inc.			42,437		1,596
*Power-One, Inc.			13,500		141
R. R. Donnelley & Sons Company			20,234		601
Raytheon Company			66,200		2,150
*Robert Half International, Inc.			30,140		805
Rockwell Collins, Inc.			31,450		613
Rockwell International Corporation			31,450		562
Ryder System, Inc.			10,400		230
Sabre Holdings Corporation — Class A			22,867		968
Southwest Airlines Co.			131,067		2,422
Textron, Inc.			24,250		1,005
Thomas & Betts Corporation			10,000		212
Tyco International, Ltd.			333,208		19,626
Union Pacific Corporation			42,660		2,432
United Technologies Corporation			80,967		5,233
*US Airways Group, Inc.			11,500		73
W.W. Grainger, Inc.			16,300		782
Waste Management, Inc.			107,585		3,433
	Total				199,677
Information Technology (17.3%)
*ADC Telecommunications, Inc.			134,450		618
Adobe Systems Incorporated			41,125		1,277
*Advanced Micro Devices, Inc.			59,200		939
*Agilent Technologies, Inc.			78,637		2,242
*Altera Corporation			66,511		1,411
*Analog Devices, Inc.			61,957		2,750
*Andrew Corporation			14,037		307
*Apple Computer, Inc.			60,100		1,316
*Applied Materials, Inc.			139,950		5,612
*Applied Micro Circuits Corporation			51,700		585
Autodesk, Inc.			9,267		345
*Avaya, Inc.			48,816		593
*BMC Software, Inc.			41,960		687
*Broadcom Corporation — Class A			44,800		1,836
*CIENA Corporation			56,300		806
*Cisco Systems, Inc.			1,259,400		22,808
*Citrix Systems, Inc.			31,820		721
Compaq Computer Corporation			290,627		2,837
Computer Associates International, Inc.			99,192		3,421
*Computer Sciences Corporation			29,050		1,423
*Compuware Corporation			63,257		746
*Comverse Technology, Inc.			31,900		714
*Conexant Systems, Inc.			42,500		610
Corning Incorporated			160,100		1,428
*Dell Computer Corporation			447,533		12,164
Electronic Data Systems Corporation			80,467		5,516
*EMC Corporation			379,774		5,104
*Gateway, Inc.			55,550		447
Hewlett-Packard Company			334,360		6,868
Intel Corporation			1,157,163		36,393
International Business Machines Corporation			298,939		36,160
*Intuit, Inc.			35,900		1,535
*Jabil Circuit, Inc.			32,867		747
*JDS Uniphase Corporation			226,500		1,977
*KLA-Tencor Corporation			31,900		1,581
*Lexmark International Group, Inc. — Class A			22,100		1,304
Linear Technology Corporation			54,650		2,134
*LSI Logic Corporation			62,200		982
Lucent Technologies, Inc.			586,036		3,686
*Maxim Integrated Products, Inc.			56,500		2,967
*Mercury Interactive Corporation			14,200		483
*Micron Technology, Inc.			102,550		3,179
*Microsoft Corporation			926,100		61,372
Millipore Corporation			8,100		492
Motorola, Inc.			377,877		5,676
*National Semiconductor Corporation			29,843		919
*NCR Corporation			16,600		612
*Network Appliance, Inc.			56,000		1,225
Nortel Networks Corporation			548,275		4,112
*Novell, Inc.			62,000		285
*Novellus Systems, Inc.			24,500		967
*Nvidia Corporation			24,100		1,612
*Oracle Corporation			965,925		13,339
*Palm, Inc.			97,545		378
*Parametric Technology Corporation			45,480		355
*PeopleSoft, Inc.			50,600		2,034
PerkinElmer, Inc.			21,000		735
*PMC-Sierra, Inc.			28,300		602
*QLogic Corporation			15,850		705
*QUALCOMM, Inc.			130,267		6,578
*Sanmina-SCI Corporation			89,400		1,779
*Sapient Corporation			21,200		164
Scientific-Atlanta, Inc.			28,000		670
*Siebel Systems, Inc.			78,000		2,182
*Solectron Corporation			138,500		1,562
*Sun Microsystems, Inc.			560,397		6,915
Symbol Technologies, Inc.			38,950		619

44

 Index 500 Stock Portfolio

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Information Technology continued
Tektronix, Inc.			16,160	$	417
*Tellabs, Inc.			70,392		1,058
*Teradyne, Inc.			29,950		903
Texas Instruments Incorporated			298,700		8,364
*Thermo Electron Corporation			31,200		744
*Unisys Corporation			54,450		683
*VERITAS Software Corporation			68,432		3,067
*Vitesse Semiconductor Corporation			31,548		393
Xerox Corporation			119,500		1,245
*Xilinx, Inc.			57,200		2,234
*Yahoo!, Inc.			97,600		1,731
	Total				315,987
Materials (2.6%)
Air Products and Chemicals, Inc.			39,267		1,842
Alcan, Inc.			54,950		1,974
Alcoa, Inc.			148,507		5,279
Allegheny Technologies Incorporated			13,817		231
Ball Corporation			4,733		335
Barrick Gold Corporation			92,121		1,469
Bemis Company, Inc.			9,050		445
Boise Cascade Corporation			9,900		337
The Dow Chemical Company			154,409		5,216
E. I. du Pont de Nemours and Company			179,428		7,627
Eastman Chemical Company			13,225		516
Ecolab, Inc.			22,000		886
Engelhard Corporation			22,500		623
*FMC Corporation			5,400		321
*Freeport-McMoRan Copper & Gold, Inc. — Class B			24,781		332
Georgia-Pacific Corporation			38,904		1,074
Great Lakes Chemical Corporation			8,700		211
Hercules Incorporated			18,600		186
*Inco Limited			31,250		529
International Flavors & Fragrances, Inc.			16,500		490
International Paper Company			83,066		3,352
Louisiana-Pacific Corporation			18,000		152
The Mead Corporation			17,050		527
Newmont Mining Corporation			33,680		644
Nucor Corporation			13,333		706
*Pactiv Corporation			27,300		485
Phelps Dodge Corporation			13,524		438
Placer Dome, Inc.			56,350		615
PPG Industries, Inc.			28,967		1,498
Praxair, Inc.			27,600		1,525
Rohm and Haas Company			37,880		1,312
*Sealed Air Corporation			14,421		589
Sigma-Aldrich Corporation			13,000		512
Temple-Inland, Inc.			8,500		482
USX-U. S. Steel Group			15,250		276
Vulcan Materials Company			17,400		834
Westvaco Corporation			17,350		494
Weyerhaeuser Company			36,980		2,000
Willamette Industries, Inc.			18,700		975
Worthington Industries, Inc.			14,700		209
	Total				47,548
Real Estate Investment Trusts (0.2%)
Equity Office Properties Trust			69,800		2,100
Equity Residential Properties Trust			45,600		1,309
	Total				3,409
Telecommunication Services (5.4%)
ALLTEL Corporation			53,857		3,325
AT&T Corp.			593,738		10,770
*AT&T Wireless Services, Inc.			435,397		6,257
BellSouth Corporation			322,465		12,302
CenturyTel, Inc.			24,300		797
*Citizens Communications Company			49,100		523
*Nextel Communications, Inc. — Class A			131,650		1,443
*Qwest Communications International, Inc.			285,835		4,039
SBC Communications, Inc.			579,547		22,701
Sprint Corporation			152,509		3,062
*Sprint Corporation (PCS Group)			161,260		3,936
Verizon Communications, Inc.			465,442		22,090
*WorldCom, Inc. — WorldCom Group			496,914		6,997
	Total				98,242
Utilities (3.0%)
*The AES Corporation			91,600		1,498
Allegheny Energy, Inc.			21,500		779
Ameren Corporation			23,567		997
American Electric Power Company, Inc.			55,440		2,413
*Calpine Corporation			51,360		862
Cinergy Corp.			27,384		915
CMS Energy Corporation			22,700		545
Consolidated Edison, Inc.			36,450		1,471
Constellation Energy Group, Inc.			28,200		749
Dominion Resources, Inc.			44,995		2,704
DTE Energy Company			28,350		1,189
Duke Energy Corporation			132,830		5,215
Edison International			56,020		846
El Paso Corporation			87,571		3,907
Entergy Corporation			38,009		1,487
Exelon Corporation			55,212		2,644
FirstEnergy Corp.			51,165		1,790
FPL Group, Inc.			30,257		1,706
KeySpan Corporation			23,600		818
Kinder Morgan, Inc.			19,667		1,095
*Mirant Corporation			58,426		936
*Niagara Mohawk Holdings, Inc.			27,600		489
Nicor, Inc.			7,850		327
NiSource, Inc.			35,573		820
Peoples Energy Corporation			6,100		231
PG&E Corporation			66,625		1,282

45

 Index 500 Stock Portfolio

				Market
		Shares/		Value
Common Stock (98.9%)		Par		(000’s)
Utilities continued
Pinnacle West Capital Corporation			14,600	$	611
PPL Corporation			25,134		876
Progress Energy, Inc.			37,392		1,684
Public Service Enterprise Group Incorporated			35,836		1,512
Reliant Energy, Inc.			51,162		1,357
Sempra Energy			35,402		869
The Southern Company			117,900		2,989
TECO Energy, Inc.			23,300		611
TXU Corp.			44,165		2,082
The Williams Companies, Inc.			88,500		2,259
Xcel Energy, Inc.			59,020		1,637
	Total				54,202
	Total Common Stock (Cost: $1,343,480)				1,800,931

Money Market Investments (1.1%)
Federal Government and Agencies (0.3%)
#Federal National Mortgage Association, 1.73%, 2/15/02		$	5,000,000	$	4,989
	Total				4,989
Finance Services (0.5%)
#Preferred Receivable Funding, 1.85%, 2/4/02			10,000,000		9,983
	Total				9,983
Personal Credit Institutions (0.3%)
#Variable Funding Capital, 2.45%, 1/10/02			5,800,000		5,796
	Total				5,796
	Total Money Market Investments (Cost: $20,768)				20,768
	Total Investments (100.0%) (Cost $1,364,248)!				1,821,699
	Other Assets, Less Liabilities (0.0%)				176
	Total Net Assets (100.0%)			$	1,821,875

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $1,366,396 and the net unrealized appreciation of investments based on that cost was $455,303 which is comprised of $620,226 aggregate gross unrealized appreciation and $164,923 aggregate gross unrealized depreciation.

      ADR — American Depository Receipt

*	Non-Income Producing
#	All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
S&P 500 Index Futures		72		3/02	$	118
(Total Notional Value at 12/31/01 $20,568)

The Accompanying Notes are an Integral Part of the Financial Statements

46

 Asset Allocation Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Realize highest total return, including current income and capital appreciation, consistent with reasonable investment risk	Flexible policy of allocating assets among stocks, bonds and cash, with mix adjusted to capitalize on changing financial markets and economic conditions.	$40.12 million

The Asset Allocation Portfolio invests in seven categories of assets: large capitalization stocks, small capitalization stocks, foreign stocks, investment grade bonds, below investment grade bonds, convertible securities and cash equivalents. The proportion of investments in each category is adjusted as appropriate to take advantage of market trends and opportunities, and securities within each category are actively managed by a team of investment professionals. The Portfolio is managed to maintain broad diversification, while blending asset classes to achieve both capital appreciation and current income.

For much of the last year, the Asset Allocation Portfolio has been managed defensively, in the belief that an increasingly fragile economy was likely to move into a recession. Bond holdings were concentrated in the high quality investment grade sector. As bonds provided higher returns than stocks for the year, the bond segment of the Portfolio was an important contributor to performance.

As stock prices moved down in the first half of 2001, despite aggressive easing by the Federal Reserve, The Portfolio’s managers took advantage of periodic opportunities to selectively increase equity exposure, which reached 56% in early September. When the market reopened after September 11, the equity exposure was reduced, as a defensive move. Then, as a weak and volatile market created buying opportunities, equity exposure was increased. Further additions were made to the equity position as an economic recovery in 2002 began to seem more likely. At the end of 2001, with 59% of the portfolio in equities, the Portfolio was in a neutral position; the normal range of equity as a proportion of the total is 45% to 75%. This neutral position will likely be retained until there is clearer evidence of the timing and strength of the potential recovery.

Sector Allocation 12/31/01

Relative Performance

Total Return
For Period Ended December 31, 2001
	Since
	Inception#
Asset Allocation Portfolio		-2.10%
S&P 500 Index		-5.20%
Merrill Lynch Domestic Master Index		2.40%
91-Day T Bill		1.39%
#Inception date of 7/31/01, returns not annualized

In the graph, the Fund is compared against three indices representing the three major components of the Fund: equities, fixed income and cash equivalent investments. The indices cannot be invested in directly and do not include sales charges.

The Merrill Lynch Domestic Master Index is an unmanaged market value weighted index comprised of U.S. government, mortgage and investment-grade corporate bonds. The Index measures the income provided by, and the price changes of, the underlying securities.

The Standard & Poor’s 500® Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The Index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

The Merrill Lynch 91-Day Treasury Bill Index is comprised of a single issue purchased at the beginning of each month and held for a full month. The issue selected at each month-end rebalancing is the outstanding Treasury bill that matures closest to, but not beyond, three months from the rebalancing date.

This chart assumes an initial investment of $10,000 made on 7/31/01 (commencement of operations). Returns shown include fee waivers and deductions for all Fund expenses. In the absence of fee waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing nations. These include the risks of currency fluctuation, of political and economic instability and of less well-developed government supervision and regulation of business and industry practices, as well as differences in accounting standards. Small-cap stocks also may carry additional risk. Small or newer issuers are more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Investments in such companies can be both more volatile and more speculative.

47

 Asset Allocation Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

		Market
	Shares/	Value
Domestic Common Stocks and Warrants (32.3%)	Par	(000’s)

Large Cap Common Stock (18.5%)
Consumer Discretionary (3.5%)
*AOL Time Warner, Inc.		4,500	$	144
Fortune Brands, Inc.		2,100		83
Harley-Davidson, Inc.		3,300		179
The Home Depot, Inc.		2,200		112
*Kohl’s Corporation		2,600		184
McDonald’s Corporation		3,100		82
The McGraw-Hill Companies, Inc.		2,400		146
Newell Rubbermaid, Inc.		2,300		63
Omnicom Group, Inc.		1,100		98
Target Corporation		2,600		107
Tribune Company		1,800		67
Wal-Mart Stores, Inc.		3,100		178
	Total			1,443
Consumer Staples (2.3%)
Anheuser-Busch Companies, Inc.		2,800		127
The Coca-Cola Company		2,000		94
The Estee Lauder Companies, Inc. — Class A		3,200		103
General Mills, Inc.		1,500		78
Kimberly-Clark Corporation		1,400		84
Kraft Foods, Inc. — Class A		2,300		78
PepsiCo, Inc.		4,100		199
Walgreen Co.		4,800		162
	Total			925
Energy (1.2%)
ChevronTexaco Corporation		1,200		108
Conoco, Inc.		4,500		127
EOG Resources, Inc.		2,200		86
Exxon Mobil Corporation		3,900		153
	Total			474
Financials (3.1%)
American International Group, Inc.		1,800		143
The Bank of New York Company, Inc.		2,100		86
The Chubb Corporation		1,200		83
Citigroup, Inc.		3,700		187
Fifth Third Bancorp		2,900		179
Freddie Mac		1,900		124
Household International, Inc.		2,100		122
Lehman Brothers Holdings, Inc.		1,000		67
Morgan Stanley Dean Witter & Co.		600		34
Northern Trust Corporation		1,700		102
The PNC Financial Services Group, Inc.		2,000		112
	Total			1,239
Health Care (2.5%)
*Amgen, Inc.		2,100		119
Baxter International, Inc.		1,600		86
Bristol-Myers Squibb Company		900		46
Eli Lilly and Company		1,200		94
Johnson & Johnson		3,600		213
Medtronic, Inc.		3,100		159
Merck & Co., Inc.		1,900		112
Pfizer, Inc.		4,700		187
	Total			1,016
Industrials (1.5%)
Delta Air Lines, Inc.		900		26
General Electric Company		9,300		374
Tyco International, Ltd.		3,300		194
	Total			594
Information Technology (2.5%)
*Amdocs Limited		2,600		88
*Cisco Systems, Inc.		5,000		91
*Electronic Arts, Inc.		100		6
Electronic Data Systems Corporation		2,200		151
Intel Corporation		4,200		132
International Business Machines Corporation		1,000		121
*Microsoft Corporation		4,100		271
*Nokia Corp., ADR		1,300		32
*Sun Microsystems, Inc.		2,600		32
Texas Instruments Incorporated		2,100		59
	Total			983
Materials (0.6%)
Air Products and Chemicals, Inc.		2,000		94
Alcoa, Inc.		1,900		68
Ecolab, Inc.		2,400		96
	Total			258
Printed Circuit Boards (0.1%)
*Flextronics International, Ltd.		1,300		31
	Total			31
Technology (0.5%)
*QUALCOMM, Inc.		400		20
Semiconductor HOLDRS (SM) Trust		3,900		163
	Total			183
Telecommunication Services (0.4%)
SBC Communications, Inc.		1,900		75
Verizon Communications, Inc.		1,400		66
	Total			141

48

 Asset Allocation Portfolio

				Market
		Shares/		Value
Large Cap Common Stock (18.5%)		Par		(000’s)
Telecommunication Services continued
Utilities (0.3%)
El Paso Corporation			1,600	$	72
*Mirant Corporation			3,400		54
	Total				126
	Total Large Cap Common Stock				7,413

Small Cap Common Stock (13.8%)
Consumer Discretionary (2.3%)
*Catalina Marketing Corporation		2,300	$	80
*CDW Computer Centers, Inc.		800		43
*Coach, Inc.		1,100		43
*Entercom Communications Corp. — Class A		600		30
*Getty Images, Inc.		1,400		32
The Gymboree Corporation		4,500		54
*Hispanic Broadcasting Corporation — Class A		200		5
*Jones Apparel Group, Inc.		1,100		36
*Lamar Advertising Company — Class A		1,300		55
Leggett & Platt Incorporated		3,900		90
*Michaels Stores, Inc.		3,000		99
*O’Reilly Automotive, Inc.		5,300		194
*Orient-Express Hotels, Ltd. — Class A		100		2
Stoneridge, Inc.		3,000		27
The Talbots, Inc.		1,000		36
*TMP Worldwide, Inc.		300		13
*Tommy Hilfiger Corporation		3,800		52
*Westwood One, Inc.		1,400		42
	Total			933
Consumer Staples  (0.1%)
*Steiner Leisure Limited		1,800		38
	Total			38
Energy (0.7%)
*BJ Services Company		2,300		75
*Cal Dive International, Inc.		2,600		64
*Energy Partners, Ltd.		2,300		17
*Grant Prideco, Inc.		1,700		20
*Patterson-UTI Energy, Inc.		2,700		63
*Weatherford International, Inc.		1,100		41
	Total			280
Financials (1.0%)
GreenPoint Financial Corp.		1,400		50
Investors Financial Services Corp.		2,300		152
*Knight Trading Group, Inc. — Class A		1,300		14
Old Republic International Corporation		1,400		39
*Philadelphia Consolidated Holding Corp.		300		11
Radian Group, Inc.		1,200		52
SouthTrust Corporation		2,000		49
*Trammell Crow Company		3,300		39
	Total			406
Health Care (3.0%)
*AdvancePCS		2,100		62
*AMN Healthcare Services, Inc.		300		8
*Apogent Technologies, Inc.		1,800		46
*Cross Country, Inc.		500		13
D & K Healthcare Resources, Inc.		1,300		74
*DaVita, Inc.		9,100		223
*Health Management Associates, Inc. — Class A		2,900		53
*Lincare Holdings, Inc.		6,500		186
*Patterson Dental Company		4,400		180
*Province Healthcare Company		3,900		120
*Renal Care Group, Inc.		2,500		80
ResMed, Inc.		1,100		59
*Triad Hospitals, Inc.		1,800		53
*Universal Health Services, Inc. — Class B		1,300		56
	Total			1,213
Industrials (3.7%)
*The BISYS Group, Inc.		800		51
C.H. Robinson Worldwide, Inc.		2,300		67
*Charles River Associates Incorporated		1,700		35
Cintas Corporation		2,400		116
*Concord EFS, Inc.		3,300		108
*The Corporate Executive Board Company		2,500		92
*DST Systems, Inc.		1,800		90
Expeditors International of Washington, Inc.		1,000		57
*Fiserv, Inc.		4,500		190
*ITT Educational Services, Inc.		500		18
*Knight Transportation, Inc.		6,350		119
*Mettler-Toledo International, Inc.		1,000		52
*MSC Industrial Direct Co., Inc. — Class A		2,500		49
Paychex, Inc.		1,400		49
*Resources Connection, Inc.		1,700		45
*Robert Half International, Inc.		1,300		35
SkyWest, Inc.		1,100		28
*Swift Transportation Co., Inc.		1,400		30
Teleflex Incorporated		2,900		137
*Tetra Tech, Inc.		6,750		134
	Total			1,502
Information Technology (2.7%)
*Aspen Technology, Inc.		1,600		27
*BARRA, Inc.		900		42
*Credence Systems Corporation		3,000		56
*DDI Corp.		2,800		28
*EPIQ Systems, Inc.		2,450		47
*Intersil Corporation — Class A		900		29
*Keane, Inc.		1,400		25
*Micrel Incorporated		1,700		45
*Microchip Technology Incorporated		1,600		62
*MKS Instruments, Inc.		1,300		35
*Nassda Corporation		1,500		34
*Novellus Systems, Inc.		1,000		39
PerkinElmer, Inc.		1,000		35
*PRI Automation, Inc.		2,800		57

49

 Asset Allocation Portfolio

				Market
		Shares/		Value
Small Cap Common Stock (13.8%)		Par		(000’s)
Information Technology continued
*QLogic Corporation			1,300	$	58
*Rational Software Corporation			2,300		45
*Renaissance Learning, Inc.			1,200		37
*Semtech Corporation			1,800		64
*SmartForce Public Limited Company, ADR			1,000		25
*UTStarcom, Inc.			4,700		134
*Varian, Inc.			3,200		104
*VeriSign, Inc.			800		30
*Zebra Technologies Corporation — Class A			100		6
	Total				1,064
Technology (0.3%)
*ADC Telecommunications, Inc.			10,000		46
*Advent Software, Inc.			1,100		55
	Total				101
Telecommunications Wireless: Cellular/PCS (0.0%)
IWO Holdings, Inc. 144A			50		3
	Total				3
	Total Technology				104
	Total Small Cap Common Stock				5,540
	Total Domestic Common Stocks and Warrants (Cost: $12,849)				12,953

Foreign Common Stock (11.0%)
Automobiles & Other Motor Vehicles (0.4%)
*Denway Motors Limited		Hong Kong	189,100	$	59
*Fuji Heavy Industries, Ltd.		Japan	7,000		30
*Honda Motor Co., Ltd.		Japan	1,600		64
*PSA Peugeot Citroen		France	1,060		45
	Total				198
Bank Holding Companies (0.2%)
Royal Bank of Scotland Group PLC		United Kingdom	2,500		61
	Total				61
Business Support Services (0.1%)
*Serco Group PLC		United Kingdom	11,250		60
	Total				60
Catalog & Mail-Order Houses (0.1%)
*Belluna Co., Ltd.		Japan	1,700		58
	Total				58
Commercial Banks (0.6%)
*Anglo Irish Bank Corporation		Ireland	19,000		74
*Danske Bank A/ S Bearer Shs		Denmark	3,900		63
*Lloyds TSB Group PLC		United Kingdom	6,900		74
*OTP Bank		Hungary	1,100		66
	Total				277
Communication Services (0.2%)
*Koninklijke (Royal) KPN NV		Netherlands	1,700		9
Nokia OYJ		Finland	2,500		64
	Total				73
Computer Related Services (0.2%)
*Nintendo Co., Ltd.		Japan	400		70
	Total				70
Computers, Peripherals & Software (0.3%)
*Sap AG		Germany	350		46
*Thiel Logistik AG		Germany	3,300		64
	Total				110
Construction Machinery (0.1%)
*Grupo Ferrovial		Spain	3,300		58
	Total				58
Consumer Discretionary (0.5%)
*Bayerische Motoren Werke (BMW) AG		Germany	1,700		60
Luxottica Group SPA, ADR		Italy	4,100		68
Royal Philips Electronics NV		Netherlands	2,000		59
	Total				187
Consumer Staples (0.8%)
Cadbury Schweppes PLC		United Kingdom	7,340		47
*Cott Corporation		Canada	3,400		54
Koninklijke Ahold NV		Netherlands	1,600		47
*Nestle SA		Switzerland	300		64
Nutreco Holding NV		Netherlands	1,140		36
Swedish Match AB		Sweden	10,500		56
Unilever PLC		United Kingdom	9,000		74
	Total				378
Diversified Business Finance (0.1%)
*Irish Life & Permanent PLC		United Kingdom	5,340		54
	Total				54
Drilling Oil & Gas Wells (0.2%)
Saipem SPA		Italy	14,000		69
	Total				69

50

 Asset Allocation Portfolio

						Market
				Shares/		Value
Foreign Common Stock (11.0%)		Country		Par		(000’s)
Drilling Oil & Gas Wells continued
Drugs (0.2%)
*CSL Limited			Australia		1,930	$	51
*Novo Nordisk A/S			Denmark		1,100		45
	Total						96
Electric Services (0.1%)
*Nordex AG			Germany		5,480		33
	Total						33
Electrical & Electronic Machinery, Equip. (0.1%)
Aggreko PLC			United Kingdom		7,400		39
	Total						39
Energy (0.4%)
Total Fina Elf SA			France		460		65
Vestas Wind Systems A/ S			Denmark		1,600		44
Vivendi Environment			France		1,500		50
	Total						159
Engineering Services (0.2%)
*ENI SPA			Italy		4,750		60
*Meggitt PLC			United Kingdom		13,700		38
	Total						98
Engines & Turbines (0.2%)
Beru AG			Germany		1,500		66
	Total						66
Entertainers & Entertainment Groups (0.2%)
Rank Group PLC			United Kingdom		22,500		75
	Total						75
Finance (0.5%)
BNP Paribas SA			France		650		58
Ing Groep NV			Netherlands		2,000		51
Royal Bank of Canada			Canada		2,200		72
	Total						181
Finance Services (0.2%)
*Man Group PLC			United Kingdom		100		2
*Van der Moolen Holding NV			Netherlands		2,200		63
	Total						65
Financials (0.2%)
Manulife Financial Corporation			Canada		2,500		65
	Total						65
Grocery Stores (0.1%)
*Lawson, Inc.			Japan		1,600		46
	Total						46
Health Care (0.4%)
*Elan Corporation PLC, ADR			Ireland		1,100		50
*GlaxoSmithKline PLC			United Kingdom		2,300		58
*Taro Pharmaceutical Industries, Ltd.			Israel		1,500		59
	Total						167
Industrial Buildings & Warehouses (0.2%)
*Technip			France		500		67
	Total						67
Industrials (0.2%)
Brisa-Auto Estradas de Portugal SA			Portugal		11,400		48
Vinci SA			France		780		46
	Total						94
Insurance & Diversified Financial COS. (0.3%)
*Corporacion Mapfre			Spain		7,200		42
*Swiss Reinsurance Co.			Switzerland		640		64
	Total						106
Investment Offices (0.2%)
Macquarie Infrastructure Group			Australia		40,000		72
	Total						72
Jewelry Stores (0.2%)
*Folli-Follie			Greece		3,500		62
	Total						62
Life Insurance (0.0%)
*Converium Holding AG			Switzerland		400		19
	Total						19
Manufacturing Industries (0.1%)
*Neopost SA			France		2,000		58
	Total						58
Materials (0.2%)
Norske Skogindustrier ASA			Norway		4,000		75
	Total						75
Medical Materials & Hospital Equipment (0.2%)
Synthes-Stratec, Inc.			Switzerland		100		70
	Total						70
Miscellaneous Investing (0.2%)
*Deutsche Boerse AG			Germany		1,600		63
	Total						63

51

 Asset Allocation Portfolio

						Market
				Shares/		Value
Foreign Common Stock (11.0%)		Country		Par		(000’s)
Nonclassifiable Establishments (0.2%)
*Logitech International-Reg			Switzerland		2,100	$	77
	Total						77
Oil & Gas Field Machinery (0.2%)
*IHC Caland NV			Netherlands		1,325		62
	Total						62
Oil & Gas Field Services (0.1%)
*TGS Nopec Geophysical Company ASA			Norway		3,000		42
	Total						42
Paper & Allied Products (0.2%)
*UPM-Kymmene OYJ			Finland		2,000		66
	Total						66
Personal Credit Institutions (0.2%)
*Baycorp Advantage			New Zealand		19,500		62
	Total						62
Pharmaceuticals (0.1%)
*Takeda Chemical Industries			Japan		1,000		45
	Total						45
Retail-Retail Stores (0.0%)
*KarstadtQuelle AG			Germany		100		4
	Total						4
Sanitary Services (0.1%)
*Sanix Incorporated			Japan		1,400		53
	Total						53
Semiconductors & Related Devices (0.2%)
*ASML Holding NV			Netherlands		3,700		64
	Total						64
Soap, Cleaners, & Toilet Goods (0.1%)
Reckitt Benckiser PLC			United Kingdom		3,440		50
	Total						50
Telephone Communications (0.2%)
*Tandberg ASA			Norway		3,400		76
	Total						76
Tires & Tubes (0.2%)
*Bridgestone Corporation			Japan		6,000		63
	Total						63
Tobacco & Tobacco Products (0.1%)
*Gallaher Group PLC			United Kingdom		7,650		52
	Total						52
Transportation (0.1%)
*Porsche AG-Pfd			Germany		140		53
	Total						53
Utilities (0.2%)
International Power PLC			United Kingdom		11,500		34
*Suez Lyonnaise des Eaux SA			France		1,500		45
	Total						79
Water Supply (0.0%)
*Vivendi Environnement			France		1,500		1
	Total						1
Wholesale-Apparel, Piece Goods, Notions (0.2%)
*Esprit Holdings Limited			Hong Kong		53,800		61
	Total						61
Women’s Accessory & Specialty Stores (0.2%)
*Shiseido Company Limited			Japan		8,000		74
	Total						74
	Total Foreign Common Stock (Cost: $4,578)						4,413

Preferred Securities (0.2%)
Technology (0.2%)
Telecommunications Wireless: Towers (0.1%)
**Crown Castle International Corp.		520	29
	Total		29
Telecommunications Wireline: CLEC (0.1%)
**Intermedia Communications, Inc.		520	54
	Total		54
	Total Preferred Securities (Cost: $98)		83

Investment-Grade Bonds (27.2%)
Aerospace & Defense (0.5%)
Boeing Company, 8.75%, 9/15/31		$	150,000	$	181
	Total				181
Auto Related (0.2%)
General Motors Acceptance Corporation, 6.875%, 9/15/11			100,000		98
	Total				98

52

 Asset Allocation Portfolio

				Market
		Shares/		Value
Investment-Grade Bonds (27.2%)		Par		(000’s)
Beverages, Malt Beverages (0.4%)
Anheuser-Busch Companies, Inc., 7.50%, 3/15/12		$	23,000	$	26
Coca-Cola Enterprises, Inc., 5.375%, 8/15/06			75,000		76
Coca-Cola Enterprises, Inc., 6.125%, 8/15/11			75,000		75
	Total				177
Chemicals & Allied Products (0.3%)
Dow Chemical, 6.125%, 2/1/11			100,000		101
	Total				101
Crude Petroleum & Natural Gas (1.0%)
El Paso Energy Corporation, 7.80%, 8/1/31			200,000		202
Occidental Petroleum, 6.75%, 1/15/12			200,000		201
	Total				403
Federal Government & Agencies (20.7%)
Federal National Mortgage Association, 1.75%, 2/11/02			300,000		299
GNMA TBA, 6.00%, 1/24/25			2,000,000		1,963
Housing & Urban Development, 6.08%, 8/1/13			100,000		100
US Treasury, 3.50%, 11/15/06			1,250,000		1,205
US Treasury, 3.875%, 7/31/03			1,410,000		1,436
US Treasury, 4.625%, 5/15/06			1,125,000		1,141
US Treasury, 6.125%, 8/15/07			750,000		807
US Treasury Inflation Indexed Bond, 5.00%, 2/15/11			53,000		53
US Treasury Inflation Indexed Bond, 5.00%, 8/15/11			500,000		499
US Treasury Inflation Indexed Bond, 5.75%, 11/30/02			750,000		775
	Total				8,278
Foods (0.6%)
ConAgra Foods, Inc., 6.75%, 9/15/11			100,000		102
Sara Lee Corporation, 6.25%, 9/15/11			150,000		152
	Total				254
Motor Vehicle Parts/Accessories (0.7%)
TRW, Inc., 7.125%, 6/1/09			190,000		188
TRW, Inc., 7.75%, 6/1/29			88,000		84
	Total				272
Motors & Generators (0.3%)
Emerson Electric Co., 5.75%, 11/1/11			127,000		123
	Total				123
Office Machines (0.2%)
Pitney Bowes Credit Corp., 5.75%, 8/15/08			100,000		100
	Total				100
Oil & Gas Field Services (0.4%)
Conoco Funding Co., 6.35%, 10/15/11			150,000		151
	Total				151
Pharmaceuticals (0.8%)
American Home Products Corporation, 6.70%, 3/15/11			150,000		155
Bristol-Myers Squibb, 5.75%, 10/1/11			150,000		149
	Total				304
Retail-Misc Shopping Goods Stores (0.5%)
Wal-Mart Stores, Inc., 5.45%, 8/1/06			200,000		205
	Total				205
Tobacco Products (0.6%)
Philip Morris Companies, Inc., 7.75%, 1/15/27			250,000		259
	Total				259
	Total Investment-Grade Bonds (Cost: $10,887)				10,906

Below Investment-Grade Bonds (8.0%)
Basic Materials (0.1%)
Appleton Papers, Inc., 12.50%, 12/15/08 144A		$	50,000	48
	Total Basic Materials			48
Capital Goods (0.3%)
Building — Forest Products (0.1%)
Potlatch Corporation, 10.00%, 7/15/11 144A			50,000	52
	Total			52
Building & Construction (0.2%)
Encompass Services Corp, 10.50%, 5/4/12 144A			50,000	33
Integrated Electrical Services, Inc., Series B, 9.375%, 2/1/09			50,000	44
	Total			77
	Total Capital Goods			129
Commercial Printing (0.1%)
Mail-Well I Corp., 8.75%, 12/15/08			50,000	39
	Total Commercial Printing			39
Consumer Cyclical (1.5%)
Home Construction (0.1%)
Schuler Homes, 9.375%, 7/15/09 144A			50,000	52
	Total			52

53

 Asset Allocation Portfolio

				Market
		Shares/		Value
Below Investment-Grade Bonds (8.0%)		Par		(000’s)
Household Appliances (0.3%)
Rent-A-Center, Inc., 11.00%, 8/15/08		$	50,000	$	51
Salton, Inc., 12.25%, 4/15/08			50,000		50
	Total				101
Lodging/Resorts (0.1%)
Vail Resorts, Inc., 8.75%, 5/15/09 144A			25,000		24
	Total				24
Printing & Publishing (0.1%)
Primedia, Inc., 8.875%, 5/15/11			50,000		45
	Total				45
Retail — General (0.9%)
Advance Stores Company, Inc., 10.25%, 4/15/08 144A			50,000		51
Airgas, Inc., 9.125%, 10/1/11			50,000		53
Autonation, Inc., 9.00%, 8/1/08			25,000		25
Buhrmann U.S., Inc., 12.25%, 11/1/09			50,000		50
Coinmach Corporation, 11.75%, 11/15/05			50,000		51
CSK Auto, Inc., 12.00%, 6/15/06 144A			50,000		50
Saks Incorporated, 8.25%, 11/15/08			50,000		45
Sonic Automotive, Inc., 11.00%, 8/1/08 144A			50,000		52
	Total				377
	Total Consumer Cyclical				599
Consumer Staples (1.6%)
Containers (0.1%)
Applied Extrusion Tech, Inc., 10.75%, 7/1/11			50,000		53
	Total				53
Food Retailers (0.1%)
Great Atlantic & Pacific Tea Co., 9.125%, 12/15/11			25,000		25
Ingles Markets, Inc., 8.875%, 12/1/11 144A			30,000		29
	Total				54
Food Service (0.1%)
Sbarro, Inc., 11.00%, 9/15/09			25,000		24
	Total				24
Gaming (1.1%)
Choctaw Resort Development, 9.25%, 4/1/09			50,000		51
Herbst Gaming, Inc., 10.75%, 9/1/08 144A			50,000		52
Hollywood Casino, 11.25%, 5/1/07			50,000		55
Hollywood Casino Shreveport, 13.00%, 8/1/06			50,000		45
Las Vegas Sands, Inc., 12.25%, 11/15/04			40,000		40
Majestic Investments Holdings, 11.653%, 11/30/07 144A			50,000		48
Mandalay Resort Group, 10.25%, 8/1/07			50,000		52
MGM Mirage, Inc., 9.75%, 6/1/07			25,000		26
Wheeling Island Gaming, 10.125%, 12/15/09 144A			50,000		51
	Total				420
Healthcare (0.1%)
Insight Health Services, 9.875%, 11/1/11 144A			50,000		52
	Total				52
Soaps & Toiletries (0.1%)
Elizabeth Arden, Inc., 11.75%, 2/1/11			50,000		51
	Total				51
	Total Consumer Staples				654
Energy (0.2%)
Oil Field Services (0.1%)
Hanover Equipment Trust, 8.75%, 9/1/11 144A			25,000		26
	Total				26
Refining (0.1%)
Tesoro Petroleum Corporation, 9.625%, 11/1/08 144A			50,000		52
	Total				52
	Total Energy				78
Finance (0.5%)
Banks (0.1%)
Sovereign Bancorp, 10.50%, 11/15/06			50,000		53
	Total				53
Finance Companies (0.4%)
AmeriCredit Corp., 9.875%, 4/15/06			25,000		24
Finova Group, Inc., 7.50%, 11/15/09			50,000		21
IOS Capital, Inc., 9.75%, 6/15/04			50,000		50
Metris Companies, Inc., 10.125%, 7/15/06			50,000		48
	Total				143
	Total Finance				196
Miscellaneous (0.1%)
Istar Financial, Inc., 8.75%, 8/15/08			50,000		50
	Total Miscellaneous				50

54

 Asset Allocation Portfolio

				Market
		Shares/		Value
Below Investment-Grade Bonds (8.0%)		Par		(000’s)
Finance Companies continued
Real Estate Agents & Managers (0.2%)
CB Richards Ellis Services, Inc., 11.25%, 6/15/11		$	75,000	$	64
	Total Real Estate Agents & Managers				64
Technology (1.7%)
Cable (0.3%)
Adelphia Communications, 10.25%, 6/15/11			50,000		50
Echostar Broadband Corp., 10.375%, 10/1/07			50,000		51
Telewest Communications PLC, 9.875%, 2/1/10			50,000		35
	Total				136
Telecommunications Wireless: Cellular/PCS (1.0%)
Alamosa Delaware, Inc., 12.50%, 2/1/11			50,000		51
Charter Communications Holdings LLC, 9.625%, 11/15/09			50,000		51
Dobson Communications Corporation, 10.875%, 7/1/10			50,000		52
Horizon PCS, Inc., 13.75%, 6/15/11 144A			25,000		25
†IPCS, Inc., 14.00%, 7/15/10			25,000		17
IWO Holdings, Inc., 14.00%, 1/15/11			50,000		51
Nextel Communications, Inc., 9.375%, 11/15/09			50,000		40
Tritel PCS, Inc., 10.375%, 1/15/11			50,000		56
Triton PCS, Inc., 8.75%, 11/15/11 144A			25,000		25
	Total				368
Telecommunications Wireless: Towers (0.4%)
American Tower Corp., 9.375%, 2/1/09			50,000		40
Crown Castle International Corp., 9.375%, 8/1/11			50,000		46
SBA Communications Corp., 10.25%, 2/1/09			50,000		43
†Spectrasite Holdings, Inc., 12.875%, 3/15/10			100,000		23
	Total				152
Telecommunications Wireline: Long Haul (0.0%)
††Global Crossing Holdings, Ltd., 9.50%, 11/15/09			50,000		6
	Total				6
	Total Technology				662
Transport & Other Services (0.7%)
Professional Services (0.2%)
Kindercare Learning Centers, 9.50%, 2/15/09			75,000		72
	Total				72
Railroads (0.1%)
Railamerica Transportation Corp., 12.875%, 8/15/10			50,000		51
	Total				51
Trucking & Shipping (0.4%)
North American Van Lines, 13.375%, 12/1/09 144A			50,000		48
Stena AB, 10.50%, 12/15/05			50,000		50
Teekay Shipping Corporation, 8.875%, 7/15/11 144A			50,000		51
	Total				149
	Total Transport & Other Services				272
Utilities (1.0%)
Utility — Electric (0.5%)
The AES Corporation, 8.875%, 2/15/11			50,000		44
Calpine Canada Energy, 8.50%, 5/1/08			25,000		23
Calpine Corporation, 8.625%, 8/15/10			50,000		45
Edison Mission Energy, 10.00%, 8/15/08			50,000		51
Orion Power Holdings, Inc., 12.00%, 5/1/10			50,000		59
	Total				222
Utility — Garbage Disposal (0.1%)
Allied Waste North America, Inc., 8.50%, 12/1/08 144A			50,000		51
	Total				51
Utility — Gas (0.3%)
Amerigas Partners LP/ Eagle Fin., 8.875%, 5/20/11			50,000		52
EOTT Energy Partners LP, 11.00%, 10/1/09			50,000		50
	Total				102
Utility — Water (0.1%)
Azurix Corp., Series B, 10.75%, 2/15/10			50,000		35
	Total				35
	Total Utilities				410
	Total Below Investment-Grade Bonds (Cost: $3,269)				3,201

Short-Term Investments (25.6%)
Electric Utilities (2.7%)
#National Rural Utility Co., 2.01%, 1/25/02		$	1,100,000	1,099
	Total			1,099
Electrical Equipment & Supplies (1.5%)
General Electric Capital, 1.73%, 1/2/02			600,000	600
	Total			600
Federal & Federally-Sponsored Credit (1.2%)
#Federal National Mortgage Association, 1.73%, 2/15/02			200,000	200
#Federal National Mortgage Association, 1.85%, 1/3/02			300,000	300
	Total			500

55

 Asset Allocation Portfolio

				Market
		Shares/		Value
Short-Term Investments (25.6%)		Par		(000’s)
Finance Services (3.0%)
#Preferred Receivable Funding, 1.85%, 2/4/02		$	1,200,000	$	1,198
	Total				1,198
Miscellaneous Business Credit Institutions (3.0%)
#John Deere Capital Corp., 1.90%, 1/18/02			1,200,000		1,199
	Total				1,199
Personal Credit Institutions (6.0%)
#American Express Credit, 2.14%, 1/25/02			1,200,000		1,198
#Household Finance Corp., 2.12%, 1/17/02			1,200,000		1,199
	Total				2,397
Pharmaceuticals (3.0%)
American Home Products, 1.90%, 2/4/02			1,200,000		1,198
	Total				1,198
Security Brokers and Dealers (2.5%)
Salomon Smith Barney Holdings, 1.78%, 1/15/02			1,000,000		999
	Total				999
Tobacco and Tobacco Products (2.7%)
Philip Morris, 1.86%, 1/11/02			1,100,000		1,099
	Total				1,099
	Total Short-Term Investments (Cost: $10,289)				10,289
	Total Investments (104.3%) (Cost $41,970)!				41,845
	Other Assets, Less Liabilities (-4.3%)				(1,729	)
	Total Net Assets (100.0%)			$	40,116

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $41,997 and the net unrealized depreciation of investments based on that cost was $152 which is comprised of $924 aggregate gross unrealized appreciation and $1,076 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

144A after the name of a security represents a security exempt from registration under rule 144a of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.

*	Non-Income Producing
†	Step bond security that presently receives no coupon payments. At the predetermined date the stated coupon rate becomes effective.
††	Defaulted security
**	PIK — Payment In Kind
#	All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
S&P 500 Index Futures		20		3/02	$	31
(Total Notional Value at 12/31/01 $5,715)

The Accompanying Notes are an Integral Part of the Financial Statements

56

 Balanced Portfolio

Objective:	Portfolio Strategy:	Net Assets:
A high level of current income and capital growth with a low risk profile	Achieve consistent returns and low volatility by diversifying among assets.	$3.01 billion

In order to capitalize on changing financial market and economic conditions, the Balanced Portfolio’s asset allocation is adjusted as appropriate among three investment classes: stocks, bonds and money market instruments. The equity portion of the Portfolio is indexed, meaning that the Portfolio is designed to achieve results that approximate the performance of the Standard & Poor’s 500 Composite Stock Price Index, which is generally regarded as a good proxy for the overall U.S. equity market. The bond portion of the Portfolio is actively managed, with investments in high quality bonds adjusted frequently as to maturity, market sectors and duration. Liquidity is maintained by holding a portion of the Portfolio in money market investments, which are high quality short-term debt securities.

The target asset mix for the Balanced Portfolio is established and adjusted according to an asset valuation model designed to gauge the relative attractiveness of stocks versus bonds. In the highly volatile equity market of 2001, the Portfolio’s managers took advantage of opportunities to sell on strength and buy on weakness. Accordingly, the equity position was reduced after the rally early in the year, adjusted frequently during the summer months, and increased when the market plunged at the end of the third quarter.

Performance was boosted by excellent results from the bond portion of the Portfolio, which is managed actively, with a strategy very similar to that of the Select Bond Portfolio. Bonds as a whole provided higher returns than stocks for the second consecutive year, and the Portfolio benefited from the bond managers’ correct positioning with regard to duration and market sectors throughout the year.

Percentage Holdings 12/31/01

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
	1 Year		5 Years		10 Years
Balanced Portfolio		-3.15%		9.21%		9.98%
Merrill Lynch Domestic Master Index		8.33%		7.43%		7.29%
Merrill Lynch 91 Day T-Bill Index		4.42%		5.20%		4.86%
S&P 500 Index		-11.83%		10.71%		12.90%

In the graph, the Portfolio is compared against three indices representing the three major components of the Portfolio: equities, fixed income, and cash equivalent investments.

The Standard & Poor’s 500 Composite Stock Price Index is an unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks.

The Merrill Lynch Domestic Master Index is an unmanaged market value weighted index comprised of U.S. Government, mortgage and investment-grade corporate bonds. The index measures the income provided by, and the price changes of, the underlying securities.

The Merrill Lynch 91-Day T-Bill Index is comprised of a single issue purchased at the beginning of each month and held for a full month. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date.

This chart assumes an initial investment of $10,000 made on 12/31/91. Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

57

 Balanced Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Corporate Bonds (9.9%)		Par		(000’s)
Aerospace-Defense (0.5%)
Boeing Capital Corporation, 6.10%, 3/1/11		$	6,000,000	$	5,832
Boeing Company, 8.75%, 9/15/31			650,000		786
Lockheed Martin Corporation, 8.20%, 12/1/09			7,450,000		8,383
	Total				15,001
Auto Related (0.8%)
General Motors Acceptance Corporation, 6.875%, 9/15/11			1,600,000		1,567
General Motors Acceptance Corporation, 7.25%, 3/2/11			12,750,000		12,802
Toyota Motor Credit Corporation, 5.65%, 1/15/07			9,750,000		9,840
	Total				24,209
Bank Holding Companies (0.2%)
Banco Montevideo, 8.40%, 4/30/08 144A			6,250,000		6,063
	Total				6,063
Beverages, Malt Beverages (1.3%)
Anheuser-Busch Companies, Inc., 7.00%, 12/1/25			4,800,000		4,897
Anheuser-Busch Companies, Inc., 7.50%, 3/15/12			910,000		1,021
Coca-Cola Enterprises, Inc., 5.375%, 8/15/06			4,175,000		4,227
Coca-Cola Enterprises, Inc., 5.75%, 3/15/11			10,000,000		9,888
Coca-Cola Enterprises, Inc., 6.125%, 8/15/11			3,924,000		3,949
Coca-Cola Enterprises, Inc., 8.00%, 1/4/05			8,750,000		9,620
Fosters Finance Corporation, 6.875%, 6/15/11 144A			8,000,000		8,233
	Total				41,835
Broad Woven Fabric Mills, Manmade (0.0%)
††Polysindo International Finance, 11.375%, 6/15/06			6,500,000		780
	Total				780
Commercial Banks (0.3%)
Bank of America Corporation, 7.40%, 1/15/11			2,668,000		2,861
Wells Fargo Bank, 6.45%, 2/1/11			4,850,000		4,952
	Total				7,813
Copper Ores (0.2%)
Phelps Dodge Corp., 9.50%, 6/1/31			5,000,000		4,629
	Total				4,629
Crude Petroleum & Natural Gas (0.3%)
El Paso Energy Corporation, 7.80% 8/1/31			10,200,00		10.293
	Total				10,293
Department Stores (0.3%)
Target Corporation, 7.00%, 7/15/31			9,000,000		9,461
	Total				9,461
Electric Services (1.0%)
Atlantic City Electric, 6.625%, 8/1/13			4,000,000		3,869
Exelon Generation Co. LLC, 6.95%, 6/15/11 144A			6,787,000		6,882
Ohio Edison Company, 7.375%, 9/15/02			3,665,000		3,762
Public Service Electric & Gas Co., 6.875%, 1/1/03			9,000,000		9,273
South Carolina Electric & Gas, 6.125%, 3/1/09			3,000,000		3,005
Texas Utilities Electric Co., 7.875%, 3/1/23			4,000,000		4,087
	Total				30,878
Foods (0.3%)
ConAgra Foods, Inc., 6.75%, 9/15/11			4,900,000		5,006
Sara Lee Corporation, 6.25%, 9/15/11			3,350,000		3,400
	Total				8,406
Foreign Government Bonds (0.3%)
Province of Quebec, 6.50%, 1/17/06			7,500,000		7,887
	Total				7,887
Groceries, General Line (0.3%)
Safeway, Inc., 6.50%, 3/1/11			10,000,000		10,196
	Total				10,196
Metal Mining (0.1%)
Rio Tinto Finance, Ltd., 5.75%, 7/3/06			2,500,000		2,531
	Total				2,531

58

 Balanced Portfolio

				Market
		Shares/		Value
Corporate Bonds (9.9%)		Par		(000’s)
Metal Mining continued
Motor Vehicle Parts/Accessories (0.4%)
TRW, Inc., 7.125%, 6/1/09		$	6,190,000	$	6,108
TRW, Inc., 7.75%, 6/1/29			6,290,000		6,033
	Total				12,141
Motors & Generators (0.2%)
Emerson Electric Co., 5.75%, 11/1/11			5,115,000		4,956
	Total				4,956
Office Machines (0.2%)
Pitney Bowes Credit Corp., 5.75%, 8/15/08			5,000,000		4,978
	Total				4,978
Oil & Gas Exploration Services (0.2%)
Consolidated Natural Gas, Inc., 6.25%, 11/1/11			5,000,000		4,893
	Total				4,893
Oil & Gas Extraction (0.2%)
Chevron Corporation, 6.625%, 10/1/04			4,750,000		5,055
	Total				5,055
Oil & Gas Field Services (0.2%)
Conoco Funding Company, 6.35%, 10/15/11			2,850,000		2,875
Conoco Funding Company, 7.25%, 10/15/31			3,000,000		3,167
	Total				6,042
Pharmaceuticals (1.5%)
American Home Products Corporation, 6.70%, 3/15/11			11,000,000		11,398
Bristol-Myers Squibb, 5.75%, 10/1/11			12,050,000		11,935
Eli Lilly & Co., 5.50%, 07/15/06			6,000,000		6,112
Johnson & Johnson, 6.625%, 9/1/09			2,800,000		2,972
Merck & Co., Inc. 5.95%, 12/1/28			5,750,000		5,419
Pfizer, Inc., 5.625%, 2/1/06			11,300,000		11,619
	Total				49,455
Plastics Materials & Resins (0.3%)
Dow Capital BV, 8.50%, 6/8/10			8,200,000		9,003
	Total				9,003
Retail-Misc Shopping Goods Stores (0.1%)
Wal-Mart Canada, 5.58%, 5/1/06 144A			2,000,000		2,067
	Total				2,067
Tobacco Products (0.6%)
Philip Morris Companies, Inc., 7.75%, 1/15/27			16,800,000		17,418
	Total				17,418
Transportation Services (0.1%)
United Parcel Service, 8.375%, 4/1/20			1,750,000		2,036
	Total				2,036
	Total Corporate Bonds (Cost: $297,404)				298,026

Government (Domestic and Foreign) and Agency Bonds (27.0%)
Federal Government & Agencies (27.0%)
Aid-Israel, 0.00%, 11/15/22	$	11,600,000	2,991
Aid-Israel, 0.00%, 11/15/23		11,500,000	2,791
Fannie Mae Strip, 6.00%, 1/25/29 IO		36,961,445	10,187
Federal Home Loan Bank, 5.54%, 1/8/09		5,000,000	5,037
Federal Home Loan Mortgage Corporation, 6.50%, 4/1/11		8,422,412	8,662
Federal Home Loan Mortgage Corporation, 7.00%, 3/15/07		4,459,998	4,607
Federal Home Loan Mortgage Corporation, 7.50%, 10/1/27		7,467,032	7,761
Federal National Mortgage Association, 1.75%, 2/11/02		1,000,000	998
Federal National Mortgage Association, 5.97%, 10/1/08		1,699,164	1,734
Federal National Mortgage Association, 6.00%, 10/25/28		32,000,000	9,540
Federal National Mortgage Association, 6.24%, 2/1/06		4,713,608	4,927
Federal National Mortgage Association, 6.265%, 10/1/08		5,535,780	5,729
Federal National Mortgage Association, 6.315%, 3/1/06		4,979,632	5,217
Federal National Mortgage Association, 6.34%, 2/1/08		4,011,116	4,169
Federal National Mortgage Association, 6.43%, 6/1/08		7,065,731	7,372
Federal National Mortgage Association, 6.50%, 9/25/05		3,452,356	3,514
Federal National Mortgage Association, 6.75%, 11/1/07		2,992,754	3,166
Federal National Mortgage Association, 6.75%, 4/25/18		4,920,745	5,107
Federal National Mortgage Association, 6.75%, 12/25/23		6,500,000	6,588
Federal National Mortgage Association, 6.835%, 7/1/03		2,845,960	2,886
Federal National Mortgage Association, 6.895%, 5/1/06		5,840,857	6,231

59

 Balanced Portfolio

			Market
	Shares/		Value
Government (Domestic and Foreign) and Agency Bonds (27.0%)	Par		(000’s)
Federal Government & Agencies continued
Federal National Mortgage Association, 6.90%, 4/1/06	$	2,355,657	$	2,513
Federal National Mortgage Association, 7.00%, 6/1/03		1,257,635		1,293
Federal National Mortgage Association, 7.00%, 6/25/10		6,838,870		6,892
Federal National Mortgage Association, 7.00%, 4/1/26		9,176,814		9,409
Federal National Mortgage Association, 7.025%, 9/1/05		1,872,160		2,000
Federal National Mortgage Association, 7.12%, 11/1/03		951,405		995
Federal National Mortgage Association, 7.25%, 5/1/04		1,520,260		1,608
Federal National Mortgage Association, 8.40%, 2/25/09		10,847,662		11,244
Federal National Mortgage Association, 11.00%, 12/1/12		53,809		62
Federal National Mortgage Association, 11.00%, 9/1/17		446,766		514
Federal National Mortgage Association, 11.00%, 12/1/17		80,184		92
Federal National Mortgage Association, 11.00%, 2/1/18		189,291		218
Federal National Mortgage Association, 11.50%, 4/1/18		256,278		298
Federal National Mortgage Association, 12.00%, 9/1/12		469,797		547
Federal National Mortgage Association, 12.00%, 12/1/12		114,957		135
Federal National Mortgage Association, 12.00%, 9/1/17		146,476		172
Federal National Mortgage Association, 12.00%, 10/1/17		147,586		174
Federal National Mortgage Association, 12.00%, 12/1/17		119,274		140
Federal National Mortgage Association, 12.00%, 2/1/18		208,199		245
Federal National Mortgage Association, 12.50%, 4/1/18		128,191		152
Federal National Mortgage Association, 13.00%, 11/1/12		76,659		91
Federal National Mortgage Association, 13.00%, 11/1/17		96,551		116
Federal National Mortgage Association, 13.00%, 12/1/17		109,521		131
Federal National Mortgage Association, 13.00%, 2/1/18		208,139		249
Federal National Mortgage Association, 14.00%, 12/1/17		66,280		81
Government National Mortgage Association, 7.00%, 5/15/23		6,529,273		6,728
Government National Mortgage Association, 7.00%, 6/15/23		452,136		466
Government National Mortgage Association, 7.00%, 7/15/23		658,784		679
Government National Mortgage Association, 7.00%, 8/15/23		7,288		8
Government National Mortgage Association, 7.00%, 9/15/23		254,507		263
Government National Mortgage Association, 7.00%, 10/15/23		245,772		253
Government National Mortgage Association, 7.00%, 11/15/23		958,920		987
Government National Mortgage Association, 7.00%, 12/15/27		258,960		265
Government National Mortgage Association, 7.00%, 1/15/28		275,214		282
Government National Mortgage Association, 7.00%, 2/15/28		93,145		95
Government National Mortgage Association, 7.00%, 3/15/28		96,177		98
Government National Mortgage Association, 7.00%, 4/15/28		504,306		516
Government National Mortgage Association, 7.00%, 5/15/28		897,454		918
Government National Mortgage Association, 7.00%, 6/15/28		2,589,222		2,649
Government National Mortgage Association, 7.00%, 7/15/28		3,125,729		3,199
Government National Mortgage Association, 7.50%, 1/15/23		380,694		398
Government National Mortgage Association, 7.50%, 6/15/23		214,291		224
Government National Mortgage Association, 7.50%, 6/15/24		5,076		5
Government National Mortgage Association, 7.50%, 7/15/24		202,957		212
Government National Mortgage Association, 7.50%, 8/15/25		8,326		9
Government National Mortgage Association, 7.50%, 9/15/25		136,179		142
Government National Mortgage Association, 7.50%, 11/15/25		5,885		6
Government National Mortgage Association, 7.50%, 12/15/25		262,759		274
Government National Mortgage Association, 7.50%, 1/15/26		7,552		8
Government National Mortgage Association, 7.50%, 3/15/26		267,601		279
Government National Mortgage Association, 7.50%, 6/15/26		568,830		592
Government National Mortgage Association, 7.50%, 9/15/26		8,072		8
Government National Mortgage Association, 7.50%, 10/15/26		44,506		46
Government National Mortgage Association, 7.50%, 12/15/26		446,652		465
Government National Mortgage Association, 7.50%, 1/15/27		27,570		28
Government National Mortgage Association, 7.50%, 2/15/27		241,356		251

60

 Balanced Portfolio

			Market
	Shares/		Value
Government (Domestic and Foreign) and Agency Bonds (27.0%)	Par		(000’s)
Federal Government & Agencies continued
Government National Mortgage Association, 7.50%, 3/15/27	$	21,806	$	23
Government National Mortgage Association, 7.50%, 4/15/27		856,335		891
Government National Mortgage Association, 7.50%, 5/15/27		320,670		334
Government National Mortgage Association, 7.50%, 7/15/27		357,280		372
Government National Mortgage Association, 7.50%, 12/15/27		99,269		103
Government National Mortgage Association, 7.50%, 7/15/28		159,498		166
Government National Mortgage Association, 8.00%, 9/15/24		174,392		185
Government National Mortgage Association, 8.00%, 3/15/26		12,872		14
Government National Mortgage Association, 8.00%, 5/15/26		253,054		268
Government National Mortgage Association, 8.00%, 6/15/26		275,128		291
Government National Mortgage Association, 8.00%, 7/15/26		486,979		516
Government National Mortgage Association, 8.00%, 8/15/26		180,208		191
Government National Mortgage Association, 8.00%, 9/15/26		211,084		223
Government National Mortgage Association, 8.00%, 10/15/26		404,153		428
Government National Mortgage Association, 8.00%, 11/15/26		178,580		189
Government National Mortgage Association, 8.00%, 12/15/26		187,794		199
Government National Mortgage Association, 8.00%, 4/15/27		440,729		464
Government National Mortgage Association, 8.00%, 6/15/27		119,276		126
Government National Mortgage Association, 8.00%, 7/15/27		99,033		104
Government National Mortgage Association, 8.00%, 7/20/28		1,066,666		1,115
Government National Mortgage Association, 8.50%, 5/15/22		2,224		2
Government National Mortgage Association, 8.50%, 9/15/22		1,989		2
Government National Mortgage Association, 8.50%, 10/15/22		15,878		18
Government National Mortgage Association, 8.50%, 12/15/22		10,009		11
Government National Mortgage Association, 8.50%, 6/15/24		5,856		6
Government National Mortgage Association, 8.50%, 7/15/24		8,434		9
Government National Mortgage Association, 8.50%, 8/15/24		23,409		25
Government National Mortgage Association, 8.50%, 12/15/24		3,922		4
Government National Mortgage Association, 8.50%, 1/15/25		41,937		45
Government National Mortgage Association, 8.50%, 2/15/25		34,574		37
Government National Mortgage Association, 8.50%, 11/15/25		4,906		5
Government National Mortgage Association, 8.50%, 1/15/26		24,033		26
Government National Mortgage Association, 8.50%, 2/15/26		1,944		2
Government National Mortgage Association, 8.50%, 3/15/26		9,672		10
Government National Mortgage Association, 8.50%, 4/15/26		42,129		45
Government National Mortgage Association, 8.50%, 5/15/26		9,999		11
Government National Mortgage Association, 11.00%, 1/15/18		3,845,457		4,421
Housing & Urban Development, 6.17%, 8/1/14		14,981,000		15,043
Rural Housing Trust 1987-1, Series 1, Class D, 6.33%, 4/1/26		2,883,079		2,969
US Treasury, 3.875%, 6/30/03		21,272,000		21,682
US Treasury, 4.00%, 4/30/03		15,000,000		15,326
US Treasury, 4.625%, 2/28/03		22,022,000		22,628
US Treasury, 4.625%, 5/15/06		6,186,000		6,272
US Treasury, 4.75%, 2/15/04		19,250,000		19,876
US Treasury, 5.25%, 5/15/04		29,700,000		30,967
US Treasury, 5.375%, 2/15/31		18,200,000		17,944
US Treasury, 5.625%, 12/31/02		2,300,000		2,381
US Treasury, 5.625%, 2/15/06		24,558,000		25,878
US Treasury, 6.00%, 7/31/02		4,000,000		4,099
US Treasury, 6.00%, 9/30/02		4,900,000		5,049
US Treasury, 6.00%, 8/15/04		25,000,000		26,535
US Treasury, 6.25%, 5/15/30		24,730,000		26,789
US Treasury, 6.50%, 2/28/02		55,000,000		55,417
US Treasury, 7.25%, 8/15/04		6,000,000		6,552
US Treasury Inflation Index Bond, 3.375%, 1/15/07		26,158,277		26,252
US Treasury Inflation Index Bond, 3.625%, 7/15/02		2,774,175		2,800
US Treasury Inflation Index Bond, 3.625%, 4/15/28		7,142,200		7,285
US Treasury Inflation Index Bond, 3.875%, 4/15/29		183,293,723		195,407
US Treasury Inflation Index Bond, 4.25%, 1/15/10		71,829,080		75,352

61

 Balanced Portfolio

				Market
		Shares/		Value
Government (Domestic and Foreign) and Agency Bonds (27.0%)		Par		(000’s)
Federal Government & Agencies continued
US Treasury Inflation Index Bond, 5.00%, 8/15/11		$	14,877,000	$	14,840
Vendee Mortgage Trust, Series 1998-3, Class E, 6.50%, 3/15/29			4,500,000		4,360
	Total Government (Domestic and Foreign) and Agency Bonds (Cost: $776,867)				811,522

Mortgage/Asset Backed Securities (5.1%)
Auto Related (0.2%)
Fleetwood Credit Corporation Grantor Trust, Series 1997-B, Class A, 6.40%, 5/15/13		$	884,445	917
Team Fleet Financing Corporation, Series 1996-1, Class A, 6.65%, 12/15/02 144A			4,916,667	4,948
	Total			5,865
Boat Dealers (0.1%)
BankBoston Marine Asset Backed Trust, Series 1997-2, Class A6, 6.64%, 8/15/10			2,932,624	2,954
Nationscredit Grantor Trust, Series 1997-2, Class A1, 6.35%, 4/15/14			695,679	720
	Total			3,674
Commercial Banks (0.1%)
Nationsbank Lease Pass Through Trust, Series 1997-A, Class 1, 7.442%, 1/10/11 144A			1,786,251	1,896
	Total			1,896
Commercial Mortgages (3.2%)
Asset Securitization Corporation, Series 1996-MD6, Class CS1, 1.632%, 11/13/26 IO			10,562,009	151
Asset Securitization Corporation, Series 1996-MD6, Class CS2, 1.098%, 11/13/26 IO			79,473,178	1,971
Asset Securitization Corporation, Series 1997-D5, Class PS1, 1.616%, 2/14/41 IO			21,460,129	1,566
Chase Commercial Mortgage Securities Corporation, Series 1997-2, Class A2, 6.60%, 11/19/07			8,500,000	8,839
Chase Commercial Mortgage Securities Corporation, Series 1997-2, Class B, 6.60%, 11/19/07			2,500,000	2,582
Commercial Mortgage Acceptance Corporation, Series 1997-ML1, Class B, 6.644%, 12/15/07			2,500,000	2,556
Credit Suisse First Boston Mortgage Securities Corporation, Series 1997-C1, Class A2, 7.26%, 6/20/07 144A			2,966,817	3,135
Credit Suisse First Boston Mortgage Securities Corporation, Series 1997-C1, Class B, 7.28%, 6/20/07 144A			3,250,000	3,442
Criimi Mae Commercial Mortgage Trust, Series 1998-C1, Class A1, 7.00%, 11/2/06 144A			6,500,000	6,776
Criimi Mae Commercial Mortgage Trust, Series 1998-C1, Class B, 7.00%, 11/2/11 144A			5,700,000	5,625
DLJ Commercial Mortgage Corporation, Series 1998-CF1, Class S, 0.70%, 1/15/18 IO			242,663,913	7,988
DLJ Mortgage Acceptance Corporation, Series 1997-CF2, Class S, 0.352%, 10/15/17 IO, 144A			17,593,572	352
Midland Realty Acceptance Corporation, Series 1996-C2, Class AEC, 1.353%, 1/25/29 IO, 144A			23,316,670	1,275
Morgan Stanley Capital, Series 1998-WF2, Class A2, 6.54%, 5/15/08			15,000,000	15,581
Mortgage Capital Funding, Inc., Series 1997-MC1, Class A3, 7.288%, 3/20/07			19,000,000	20,236
Nomura Asset Securities Corporation, Series 1998-D6, Class A2, 6.993%, 3/17/28			15,000,000	15,484
RMF Commercial Mortgage Pass-Through, Series 1997-1, Class F, 7.471%, 1/15/19 144A			1,800,000	840
	Total			98,399
Credit Card Asset Backed (0.5%)
Citibank Credit Card Master Trust I, Series 1997-6, Class A, 0.00%, 8/15/06			17,000,000	15,246
Heilig-Meyers Master Trust, Series 1998-1A, Class A, 6.125%, 1/20/07 144A			3,239,752	486
	Total			15,732

62

 Balanced Portfolio

				Market
		Shares/		Value
Mortgage/Asset Backed Securities (5.1%)		Par		(000’s)
Credit Card Asset Backed continued
Franchise Loan Receivables (0.3%)
Enterprise Mortgage Acceptance Company, Series 1998-1, Class A2, 6.38%, 4/15/07 144A		$	6,000,000	$	5,630
Enterprise Mortgage Acceptance Company, Series 1998-1, Class IO, 1.37%, 1/15/23 IO, 144A			35,366,855		1,500
FMAC Loan Receivables Trust, Series 1998-A, Class A1, 6.20%, 9/15/20 144A			664,040		661
Global Franchise Trust, Series 1998-1, Class A1, 6.349%, 4/10/04 144A			1,255,199		1,263
	Total				9,054
Health Services (0.1%)
Health Care Receivables, 6.25%, 2/1/03 144A			3,000,000		3,024
	Total				3,024
Home Equity Loan (0.1%)
Vanderbilt Mortgage Finance, Inc., Series 1997-B, Class 1A4, 7.19%, 2/7/14			2,500,000		2,614
	Total				2,614
Motorcycle Dealers (0.0%)
Harley-Davidson Eaglemark Motorcycle Trust, Series 1998-2, Class A2, 5.87%, 4/15/04			856,068		869
	Total				869
Residential Mortgages (0.1%)
Blackrock Capital Finance LP, Series 1997-R1, Class B3, 7.75%, 3/25/37 144A			4,493,162		786
Blackrock Capital Finance LP, Series 1997-R3, Class B3, 7.25%, 11/25/28 144A			5,572,409		836
	Total				1,622
Retail-Retail Stores (0.4%)
LB Mortgage Trust, Series 1991-2, Class A3, 8.396%, 1/20/17			10,469,419		11,626
	Total				11,626
	Total Mortgage/ Asset Backed Securities (Cost: $162,250)				154,375

			Market
	Shares/		Value
Common Stock (44.3%)	Par		(000’s)
Consumer Discretionary (6.5%)
American Greetings Corporation — Class A	$	8,100		112
*AOL Time Warner, Inc.		564,200		18,110
*AutoZone, Inc.		14,275		1,025
*Bed Bath & Beyond, Inc.		36,800		1,248
*Best Buy Co., Inc.		26,700		1,989
*Big Lots, Inc.		14,400		150
The Black & Decker Corporation		10,300		389
Brunswick Corporation		11,200		244
Carnival Corporation		74,473		2,091
*Cendant Corporation		123,273		2,417
Centex Corporation		7,600		434
Circuit City Stores, Inc.		26,500		688
*Clear Channel Communications, Inc.		74,850		3,811
The Coca-Cola Company		316,700		14,931
Coca-Cola Enterprises, Inc.		56,700		1,074
*Comcast Corporation — Class A		120,300		4,331
Cooper Tire & Rubber Company		9,200		147
*Costco Wholesale Corporation		57,352		2,545
Dana Corporation		18,815		261
Darden Restaurants, Inc.		15,033		532
Delphi Automotive Systems Corporation		71,269		974
Dillard’s, Inc. — Class A		10,836		173
Dollar General Corporation		42,065		627
Dow Jones & Company, Inc.		10,980		601
Eastman Kodak Company		36,917		1,086
Family Dollar Stores, Inc.		21,900		657
*Federated Department Stores, Inc.		25,212		1,031
Ford Motor Company		233,007		3,663
Fortune Brands, Inc.		19,433		769
Gannett Co., Inc.		33,650		2,262
The Gap, Inc.		109,425		1,525
General Motors Corporation		69,825		3,393
The Goodyear Tire & Rubber Company		20,200		481
Harley-Davidson, Inc.		38,475		2,090
*Harrah’s Entertainment, Inc.		14,950		553
Hasbro, Inc.		21,975		357
Hilton Hotels Corporation		46,950		513
The Home Depot, Inc.		297,197		15,159
*International Game Technology		9,400		642
The Interpublic Group of Companies, Inc.		47,800		1,412
J. C. Penney Company, Inc.		33,525		902
Johnson Controls, Inc.		11,100		896
*Jones Apparel Group, Inc.		15,400		511
KB Home		5,600		225
*Kmart Corporation		62,400		341
Knight-Ridder, Inc.		9,350		607
*Kohl’s Corporation		42,433		2,989
Leggett & Platt Incorporated		24,967		574
The Limited, Inc.		54,313		799
Liz Claiborne, Inc.		6,700		333

63

 Balanced Portfolio

				Market
		Shares/		Value
Common Stock (44.3%)		Par		(000’s)
Consumer Discretionary continued
Lowe’s Companies, Inc.			97,950	$	4,546
Marriott International, Inc. — Class A			31,000		1,260
Mattel, Inc.			54,860		944
The May Department Stores Company			38,100		1,409
Maytag Corporation			9,667		300
McDonald’s Corporation			164,671		4,359
The McGraw-Hill Companies, Inc.			24,840		1,515
Meredith Corporation			6,300		225
The New York Times Company — Class A			20,292		878
Newell Rubbermaid, Inc.			33,911		935
NIKE, Inc. — Class B			34,500		1,940
Nordstrom, Inc.			17,033		345
*Office Depot, Inc.			37,843		702
Omnicom Group, Inc.			23,600		2,109
The Pepsi Bottling Group, Inc.			36,600		860
Pulte Corporation			7,500		335
RadioShack Corporation			23,567		709
*Reebok International, Ltd.			7,500		199
Sears, Roebuck & Co.			41,850		1,994
The Sherwin-Williams Company			19,960		549
Snap-On Incorporated			7,317		246
The Stanley Works			10,850		505
*Staples, Inc.			58,150		1,087
*Starbucks Corporation			48,450		923
Starwood Hotels & Resorts Worldwide, Inc.			25,300		755
Target Corporation			114,443		4,698
Tiffany & Co.			18,633		586
The TJX Companies, Inc.			35,750		1,425
*TMP Worldwide, Inc.			13,533		581
*Toys “R” Us, Inc.			25,150		522
Tribune Company			38,031		1,424
*Tricon Global Restaurants, Inc.			18,740		922
TRW, Inc.			15,900		589
Tupperware Corporation			7,400		142
*Univision Communications, Inc. — Class A			26,500		1,072
V. F. Corporation			14,243		556
*Viacom, Inc. — Class B			226,661		10,007
Visteon Corporation			16,712		251
Wal-Mart Stores, Inc.			569,333		32,764
The Walt Disney Company			266,133		5,514
Wendy’s International, Inc.			14,450		422
Whirlpool Corporation			8,450		620
	Total				194,398
Consumer Staples (3.1%)
Adolph Coors Company — Class B			4,700		251
Alberto-Culver Company — Class B			7,200		322
Albertson’s, Inc.			51,595		1,625
Anheuser-Busch Companies, Inc.			114,319		5,168
Archer-Daniels-Midland Company			84,475		1,212
Avon Products, Inc.			30,175		1,403
Brown-Forman Corporation — Class B			8,700		545
Campbell Soup Company			51,954		1,552
The Clorox Company			30,150		1,192
Colgate-Palmolive Company			71,454		4,126
ConAgra Foods, Inc.			68,433		1,627
CVS Corporation			50,133		1,484
General Mills, Inc.			46,333		2,410
The Gillette Company			134,265		4,484
H.J. Heinz Company			44,383		1,825
Hershey Foods Corporation			17,450		1,181
Kellogg Company			51,643		1,554
Kimberly-Clark Corporation			67,797		4,054
*The Kroger Co.			103,273		2,155
PepsiCo, Inc.			225,100		10,960
Philip Morris Companies, Inc.			280,104		12,844
The Procter & Gamble Company			164,873		13,047
*Safeway, Inc.			64,400		2,689
Sara Lee Corporation			100,184		2,227
SUPERVALU, Inc.			16,850		373
SYSCO Corporation			85,650		2,246
Unilever NV, ADR			72,827		4,196
UST, Inc.			20,833		729
Walgreen Co.			129,654		4,364
Winn-Dixie Stores, Inc.			17,850		254
Wm. Wrigley Jr. Company			28,733		1,476
	Total				93,575
Energy (2.9%)
Amerada Hess Corporation			11,400		713
Anadarko Petroleum Corporation			31,877		1,812
Apache Corporation			17,600		878
Ashland, Inc.			8,900		410
Baker Hughes Incorporated			42,740		1,559
Burlington Resources, Inc.			26,886		1,009
ChevronTexaco Corporation			135,684		12,159
Conoco, Inc.			79,575		2,252
Devon Energy Corporation			16,500		638
Dynegy, Inc. — Class A			41,500		1,058
EOG Resources, Inc.			14,740		576
Exxon Mobil Corporation			878,571		34,528
Halliburton Company			54,685		716
Kerr-McGee Corporation			12,757		699
*Nabors Industries, Inc.			18,750		644
*Noble Drilling Corporation			17,050		580
Occidental Petroleum Corporation			47,180		1,252
Phillips Petroleum Company			48,273		2,909
*Rowan Companies, Inc.			12,050		233
Royal Dutch Petroleum Company, ADR			273,031		13,384
Schlumberger Limited			73,033		4,013

64

 Balanced Portfolio

				Market
		Shares/		Value
Common Stock (44.3%)		Par		(000’s)
Energy continued
Sunoco, Inc.			10,650	$	398
Transocean Sedco Forex, Inc.			40,454		1,368
Unocal Corporation			31,033		1,119
USX-Marathon Group			39,291		1,179
	Total				86,086
Financials (7.7%)
AFLAC Incorporated			66,950		1,644
The Allstate Corporation			92,269		3,109
Ambac Financial Group, Inc.			13,500		781
American Express Company			168,500		6,014
American International Group, Inc.			333,590		26,487
AmSouth Bancorporation			47,145		891
Aon Corporation			33,375		1,185
Bank of America Corporation			204,120		12,849
The Bank of New York Company, Inc.			93,620		3,820
Bank One Corporation			148,345		5,793
BB&T Corporation			55,800		2,015
The Bear Stearns Companies, Inc.			11,945		700
Capital One Financial Corporation			26,500		1,430
The Charles Schwab Corporation			176,486		2,730
Charter One Financial, Inc.			27,654		751
The Chubb Corporation			22,350		1,542
Cincinnati Financial Corporation			20,480		781
Citigroup, Inc.			640,374		32,327
Comerica Incorporated			22,700		1,301
Conseco, Inc.			42,970		192
Countrywide Credit Industries, Inc.			15,100		619
Fannie Mae			127,329		10,123
Fifth Third Bancorp			73,243		4,510
FleetBoston Financial Corporation			137,928		5,034
Franklin Resources, Inc.			33,650		1,187
Freddie Mac			88,214		5,769
Golden West Financial Corporation			20,250		1,192
The Hartford Financial Services Group, Inc.			30,150		1,894
Household International, Inc.			59,025		3,420
Huntington Bancshares Incorporated			32,000		550
J.P. Morgan Chase & Co.			252,762		9,188
Jefferson-Pilot Corporation			19,353		895
John Hancock Financial Services, Inc.			39,200		1,619
KeyCorp			54,025		1,315
Lehman Brothers Holdings, Inc.			31,356		2,095
Lincoln National Corporation			23,960		1,164
Loews Corporation			25,133		1,392
Marsh & McLennan Companies, Inc.			35,040		3,765
MBIA, Inc.			18,850		1,011
MBNA Corporation			108,497		3,819
Mellon Financial Corporation			60,809		2,288
Merrill Lynch & Co., Inc.			106,900		5,572
MetLife, Inc.			95,515		3,026
MGIC Investment Corporation			13,600		839
Moody’s Corporation			20,100		801
Morgan Stanley Dean Witter & Co.			141,731		7,928
National City Corporation			76,479		2,236
Northern Trust Corporation			28,350		1,707
The PNC Financial Services Group, Inc.			36,800		2,068
The Progressive Corporation			9,400		1,403
Providian Financial Corporation			36,343		129
Regions Financial Corporation			28,990		871
SAFECO Corporation			16,250		506
SouthTrust Corporation			43,333		1,069
The St. Paul Companies, Inc.			27,320		1,201
State Street Corporation			41,400		2,163
Stilwell Financial, Inc.			27,971		761
SunTrust Banks, Inc.			37,167		2,330
Synovus Financial Corp.			36,950		926
T. Rowe Price Group, Inc.			15,700		545
Torchmark Corporation			15,950		627
U.S. Bancorp			242,609		5,078
Union Planters Corporation			17,475		789
UnumProvident Corporation			30,706		814
USA Education, Inc.			20,786		1,746
Wachovia Corporation			178,557		5,600
Washington Mutual, Inc.			111,738		3,654
Wells Fargo & Company			218,585		9,498
XL Capital, Ltd. — Class A			17,000		1,553
Zions Bancorporation			11,700		615
	Total				235,246
Health Care (6.4%)
Abbott Laboratories			197,225		10,995
Aetna, Inc.			18,179		600
Allergan, Inc.			16,733		1,256
American Home Products Corporation			167,371		10,270
*AmerisourceBergen Corporation			13,100		833
*Amgen, Inc.			132,875		7,499
Applera Corporation — Applied Biosystems Group			26,867		1,055
Bausch & Lomb Incorporated			6,800		256
Baxter International, Inc.			75,400		4,044
Becton, Dickinson and Company			32,850		1,089
*Biogen, Inc.			18,900		1,084
Biomet, Inc.			34,155		1,055
*Boston Scientific Corporation			51,090		1,232
Bristol-Myers Squibb Company			247,444		12,620
C. R. Bard, Inc.			6,450		416
Cardinal Health, Inc.			56,750		3,669
*Chiron Corporation			24,178		1,060

65

 Balanced Portfolio

				Market
		Shares/		Value
Common Stock (44.3%)		Par		(000’s)
Health Care continued
CIGNA Corporation			19,071	$	1,767
Eli Lilly and Company			143,066		11,236
*Forest Laboratories, Inc.			22,467		1,841
*Genzyme Corporation			26,400		1,580
*Guidant Corporation			39,112		1,948
HCA, Inc.			68,415		2,637
*Health Management Associates, Inc.			31,200		574
*Healthsouth Corporation			49,600		735
*Humana, Inc.			21,600		255
*Immunex Corporation			68,000		1,884
Johnson & Johnson			385,623		22,790
*King Pharmaceuticals, Inc.			30,966		1,305
*Manor Care, Inc.			13,100		311
McKesson HBOC, Inc.			36,293		1,357
*MedImmune, Inc.			27,100		1,256
Medtronic, Inc.			153,900		7,881
Merck & Co., Inc.			292,000		17,170
Pfizer, Inc.			803,890		32,036
Pharmacia Corporation			165,621		7,064
*Quintiles Transnational Corp.			14,800		238
Schering-Plough Corporation			186,350		6,673
*St. Jude Medical, Inc.			10,950		850
Stryker Corporation			24,950		1,456
*Tenet Healthcare Corporation			41,300		2,425
UnitedHealth Group Incorporated			40,414		2,860
*Watson Pharmaceuticals, Inc.			13,500		424
*Wellpoint Health Networks, Inc. — Class A			8,100		946
Zimmer Holdings, Inc.			24,773		757
	Total				191,289
Industrials (4.9%)
*Allied Waste Industries, Inc.			25,150		354
*American Power Conversion Corporation			24,850		359
*AMR Corporation			19,600		435
Automatic Data Processing, Inc.			79,500		4,683
Avery Dennison Corporation			14,050		794
The Boeing Company			111,118		4,309
Burlington Northern Santa Fe Corporation			49,908		1,424
Caterpillar, Inc.			43,712		2,284
Cintas Corporation			21,567		1,044
*Concord EFS, Inc.			61,300		2,009
*Convergys Corporation			21,750		815
Cooper Industries, Inc.			12,000		419
Crane Co.			7,625		196
CSX Corporation			27,150		952
Cummins, Inc.			5,200		200
Danaher Corporation			18,100		1,092
Deere & Company			29,940		1,307
Delta Air Lines, Inc.			15,633		457
Deluxe Corporation			9,012		375
Dover Corporation			25,933		961
Eaton Corporation			8,800		655
Emerson Electric Co.			54,525		3,113
Equifax, Inc.			18,200		440
*FedEx Corporation			39,140		2,031
First Data Corporation			49,911		3,916
*Fiserv, Inc.			23,725		1,004
Fluor Corporation			10,100		378
General Dynamics Corporation			25,600		2,039
General Electric Company			1,264,898		50,696
Genuine Parts Company			21,875		803
Goodrich Corporation			13,200		351
H&R Block, Inc.			23,250		1,039
Honeywell International, Inc.			103,050		3,485
Illinois Tool Works, Inc.			38,700		2,621
IMS Health Incorporated			37,533		732
Ingersoll-Rand Company			21,470		898
ITT Industries, Inc.			11,200		566
Lockheed Martin Corporation			55,322		2,582
Masco Corporation			58,600		1,436
McDermott International, Inc.			7,800		96
Minnesota Mining and Manufacturing Company			50,412		5,959
Molex Incorporated			24,875		770
Navistar International Corporation			7,520		297
Norfolk Southern Corporation			48,943		897
Northrop Grumman Corporation			14,000		1,411
PACCAR, Inc.			9,790		642
Pall Corporation			15,616		376
Parker-Hannifin Corporation			14,900		684
Paychex, Inc.			47,540		1,666
Pitney Bowes, Inc.			31,427		1,182
*Power-One, Inc.			10,000		104
R. R. Donnelley & Sons Company			14,933		443
Raytheon Company			49,000		1,591
*Robert Half International, Inc.			22,360		597
Rockwell Collins, Inc.			23,250		453
Rockwell International Corporation			23,250		415
Ryder System, Inc.			7,700		171
Sabre Holdings Corporation — Class A			16,909		716
Southwest Airlines Co.			96,995		1,792
Textron, Inc.			17,950		744
Thomas & Betts Corporation			7,400		157
Tyco International, Ltd.			246,583		14,524
Union Pacific Corporation			31,540		1,798
United Technologies Corporation			59,933		3,873
*US Airways Group, Inc.			8,500		54
W.W. Grainger, Inc.			12,100		581
Waste Management, Inc.			79,697		2,543
	Total				147,790

66

 Balanced Portfolio

				Market
		Shares/		Value
Common Stock (44.3%)		Par		(000’s)
Information Technology (7.8%)
*ADC Telecommunications, Inc.			99,550	$	458
Adobe Systems Incorporated			30,475		946
*Advanced Micro Devices, Inc.			43,800		695
*Agilent Technologies, Inc.			58,188		1,659
*Altera Corporation			49,265		1,045
*Analog Devices, Inc.			45,843		2,035
*Andrew Corporation			10,362		227
*Apple Computer, Inc.			44,400		972
*Applied Materials, Inc.			103,550		4,152
*Applied Micro Circuits Corporation			38,300		434
Autodesk, Inc.			6,833		255
*Avaya, Inc.			36,112		439
*BMC Software, Inc.			31,040		508
*Broadcom Corporation — Class A			33,100		1,356
*CIENA Corporation			41,700		597
*Cisco Systems, Inc.			931,967		16,878
*Citrix Systems, Inc.			23,480		532
Compaq Computer Corporation			215,122		2,100
Computer Associates International, Inc.			73,432		2,533
*Computer Sciences Corporation			21,450		1,051
*Compuware Corporation			46,843		552
*Comverse Technology, Inc.			23,600		528
*Conexant Systems, Inc.			31,500		452
Corning Incorporated			118,400		1,056
*Dell Computer Corporation			331,167		9,001
Electronic Data Systems Corporation			59,600		4,086
*EMC Corporation			280,986		3,776
*Gateway, Inc.			41,150		331
Hewlett-Packard Company			247,440		5,082
Intel Corporation			856,343		26,932
International Business Machines Corporation			221,210		26,758
*Intuit, Inc.			26,600		1,137
*Jabil Circuit, Inc.			24,333		553
*JDS Uniphase Corporation			167,600		1,463
*KLA-Tencor Corporation			23,600		1,170
*Lexmark International Group, Inc. — Class A			16,300		962
Linear Technology Corporation			40,450		1,579
*LSI Logic Corporation			46,000		726
Lucent Technologies, Inc.			433,662		2,728
*Maxim Integrated Products, Inc.			41,800		2,195
*Mercury Interactive Corporation			10,500		357
*Micron Technology, Inc.			75,950		2,354
*Microsoft Corporation			685,400		45,421
Millipore Corporation			6,000		364
Motorola, Inc.			279,619		4,200
*National Semiconductor Corporation			22,043		679
*NCR Corporation			12,300		453
*Network Appliance, Inc.			41,500		908
Nortel Networks Corporation			405,740		3,043
*Novell, Inc.			45,800		210
*Novellus Systems, Inc.			18,100		714
*Nvidia Corporation			17,800		1,191
*Oracle Corporation			714,850		9,872
*Palm, Inc.			72,212		280
*Parametric Technology Corporation			33,620		263
*PeopleSoft, Inc.			37,400		1,503
PerkinElmer, Inc.			15,600		546
*PMC-Sierra, Inc.			20,900		444
*QLogic Corporation			11,750		523
*QUALCOMM, Inc.			96,433		4,870
*Sanmina-SCI Corporation			66,200		1,317
*Sapient Corporation			15,700		121
Scientific-Atlanta, Inc.			20,700		496
*Siebel Systems, Inc.			57,700		1,614
*Solectron Corporation			102,500		1,156
*Sun Microsystems, Inc.			414,754		5,118
Symbol Technologies, Inc.			28,850		458
Tektronix, Inc.			11,940		308
*Tellabs, Inc.			52,108		783
*Teradyne, Inc.			22,150		668
Texas Instruments Incorporated			221,075		6,190
*Thermo Electron Corporation			23,100		551
*Unisys Corporation			40,350		506
*VERITAS Software Corporation			50,601		2,268
*Vitesse Semiconductor Corporation			23,320		291
Xerox Corporation			88,400		921
*Xilinx, Inc.			42,400		1,656
*Yahoo!, Inc.			72,200		1,281
	Total				233,837
Materials (1.2%)
Air Products and Chemicals, Inc.			29,033		1,362
Alcan, Inc.			40,650		1,461
Alcoa, Inc.			109,943		3,909
Allegheny Technologies Incorporated			10,231		171
Ball Corporation			3,467		245
Barrick Gold Corporation			68,177		1,087
Bemis Company, Inc.			6,750		332
Boise Cascade Corporation			7,300		248
The Dow Chemical Company			114,324		3,863
E. I. du Pont de Nemours and Company			132,745		5,644
Eastman Chemical Company			9,775		381
Ecolab, Inc.			16,200		652
Engelhard Corporation			16,700		462
*FMC Corporation			4,000		238
*Freeport-McMoRan Copper & Gold, Inc. — Class B			18,319		245
Georgia-Pacific Corporation			28,758		794
Great Lakes Chemical Corporation			6,400		155
Hercules Incorporated			13,800		138

67

 Balanced Portfolio

				Market
		Shares/		Value
Common Stock (44.3%)		Par		(000’s)
Materials continued
*Inco Limited			23,150	$	392
International Flavors & Fragrances, Inc.			12,175		362
International Paper Company			61,524		2,482
Louisiana-Pacific Corporation			13,300		112
The Mead Corporation			12,650		391
Newmont Mining Corporation			24,930		476
Nucor Corporation			9,867		523
*Pactiv Corporation			20,200		359
Phelps Dodge Corporation			10,010		324
Placer Dome, Inc.			41,750		455
PPG Industries, Inc.			21,433		1,109
Praxair, Inc.			20,500		1,133
Rohm and Haas Company			28,034		971
*Sealed Air Corporation			10,636		434
Sigma-Aldrich Corporation			9,600		378
Temple-Inland, Inc.			6,300		357
USX-U. S. Steel Group			11,350		206
Vulcan Materials Company			12,900		618
Westvaco Corporation			12,850		366
Weyerhaeuser Company			27,420		1,483
Willamette Industries, Inc.			14,200		740
Worthington Industries, Inc.			10,850		154
	Total				35,212
Real Estate Investment Trusts (0.1%)
Equity Office Properties Trust			51,600		1,553
Equity Residential Properties Trust			33,800		970
	Total				2,523
Telecommunication Services (2.4%)
ALLTEL Corporation			39,843		2,460
AT&T Corp.			439,370		7,970
*AT&T Wireless Services, Inc.			322,216		4,630
BellSouth Corporation			238,635		9,104
CenturyTel, Inc.			18,000		590
*Citizens Communications Company			36,300		387
*Nextel Communications, Inc. — Class A			97,433		1,068
*Qwest Communications International, Inc.			211,520		2,989
SBC Communications, Inc.			428,833		16,798
Sprint Corporation			112,891		2,267
*Sprint Corporation (PCS Group)			119,340		2,913
Verizon Communications, Inc.			344,438		16,347
*WorldCom, Inc. — WorldCom Group			367,714		5,177
	Total				72,700
Utilities (1.3%)
The AES Corporation			67,775		1,108
Allegheny Energy, Inc.			15,900		576
Ameren Corporation			17,433		737
American Electric Power Company, Inc.			41,020		1,786
Calpine Corporation			38,040		639
Cinergy Corp.			20,238		677
CMS Energy Corporation			16,800		404
Consolidated Edison, Inc.			27,025		1,091
Constellation Energy Group, Inc.			20,900		555
Dominion Resources, Inc.			33,325		2,003
DTE Energy Company			20,950		879
Duke Energy Corporation			98,342		3,860
Edison International			41,480		626
El Paso Corporation			64,817		2,890
Entergy Corporation			28,091		1,099
Exelon Corporation			40,862		1,956
FirstEnergy Corp.			37,874		1,325
FPL Group, Inc.			22,443		1,266
KeySpan Corporation			17,500		606
Kinder Morgan, Inc.			14,533		809
Mirant Corporation			43,184		692
Niagara Mohawk Holdings, Inc.			20,400		362
Nicor, Inc.			5,750		239
NiSource, Inc.			26,284		606
Peoples Energy Corporation			4,500		171
PG&E Corporation			49,275		948
Pinnacle West Capital Corporation			10,800		452
PPL Corporation			18,633		649
Progress Energy, Inc.			27,679		1,246
Public Service Enterprise Group Incorporated			26,440		1,116
Reliant Energy, Inc.			37,926		1,006
Sempra Energy			26,259		645
The Southern Company			87,200		2,211
TECO Energy, Inc.			17,300		454
TXU Corp.			32,715		1,543
The Williams Companies, Inc.			65,500		1,672
Xcel Energy, Inc.			43,670		1,211
	Total				40,115
	Total Common Stock (Cost: $731,035)				1,332,771

Money Market Investments (13.2%)
Federal Government & Agencies (0.8%)
#Federal National Mortgage Association, 1.73%, 2/15/02		$	22,500,000	22,451
#Federal National Mortgage Association, 1.85%, 1/3/02			1,000,000	1,000
	Total			23,451
Finance Lessors (4.6%)
#Goldman Sachs Group, Inc., 1.75%, 2/13/02			46,200,000	46,104
#Preferred Receivable Funding, 1.89%, 1/15/02			31,000,000	30,977

68

 Balanced Portfolio

				Market
		Shares/		Value
Money Market Investments (13.2%)		Par		(000’s)
Finance Lessors continued
#Preferred Receivable Funding, 2.04%, 1/9/02		$	27,600,000	$	27,587
#Tyco Capital Corp., 2.08%, 1/18/02			33,800,000		33,768
	Total				138,436
Miscellaneous Business Credit Institutions (1.0%)
#Delaware Funding Corp., 2.16%, 1/28/02			30,216,000		30,167
	Total				30,167
Personal Credit Institutions (2.5%)
#Cxc Incorporated, 2.31%, 1/23/02			25,200,000		25,164
#Household Finance Corp., 1.80%, 2/8/02			50,000,000		49,905
	Total				75,069
Pharmaceutical Preparations (2.9%)
#American Home Products, 2.15%, 2/15/02			24,100,000		24,035
American Home Products, 2.17%, 3/8/02			23,000,000		22,931
Pfizer, Inc., 1.87%, 2/4/02			41,200,000		41,128
	Total				88,094
Short Term Business Credit (1.4%)
Transamerica Financial Corporation, 1.85%, 2/11/02			43,600,000		43,508
	Total				43,508
	Total Money Market Investments (Cost: $398,702)				398,725
	Total Investments (99.5%) (Cost $2,366,258)!				2,995,419
	Other Assets, Less Liabilities (0.5%)				15,718
	Total Net Assets (100.0%)			$	3,011,137

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $2,383,013 and the net unrealized appreciation of investments based on that cost was $612,406 which is comprised of $739,190 aggregate gross unrealized appreciation and $126,784 aggregate gross unrealized depreciation.

ADR — American Depository Receipt

144A after the name of a security represents a security exempt from registration under rule 144a of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.

IO — Interest Only Security

*  Non-Income Producing

††   Defaulted Security

# All or a portion of the securities have been committed as collateral for open futures positions. Information regarding open futures contracts as of period end is summarized below:

					Unrealized
					Appreciation/
	Number of		Expiration		(Depreciation)
Issuer (000’s)	Contracts		Date		(000’s)
S&P 500 Index Futures		996		3/02	$	1,087
(Total Notional Value at 12/31/01 $285,064)

The Accompanying Notes are an Integral Part of the Financial Statements

69

 High Yield Bond Portfolio

Objective:	Portfolio Strategy:	Net Assets:
High current income and capital appreciation with moderate risk	Generate superior performance by investing in a diversified mix of fixed income securities rated below investment grade.	$147.67 million

Investing in a portfolio of high yield bonds provides investors who can accept a moderate level of risk with a high level of current income, coupled with the opportunity for capital gains. Holdings of particular interest include investments in entities that have the possibility of a positive event, such as a significant improvement in credit rating or earnings or a change in ownership. In a high yield portfolio, some credit losses over time are inevitable; high coupons and diversification across many holdings mitigate the impact of individual securities on the performance of the total Portfolio.

The Portfolio performed significantly better than its benchmark, the Lehman Brothers High Yield Intermediate Market Index, during 2001, a year in which bonds substantially outperformed stocks. This strong performance at a time of economic uncertainty and weak equity markets provides a reminder that high yield bonds are a medium-risk asset class that can provide valuable balance and diversification to investors whose holdings are concentrated in equities.

The Portfolio had a total return of 5.03% during 2001, despite a weak economy and volatile financial markets. As the economy moved into recession, fundamental credit conditions in the high yield market turned negative. Corporate earnings and cash flows were generally weak. Rating agency downgrades rose sharply. Defaults reached near-record levels and post-default recoveries were well below historical averages. At times, liquidity conditions in the high yield market were poor and price volatility increased sharply.

The Portfolio was managed with a defensive investment posture during 2001, in an effort to preserve capital and minimize credit losses. The Portfolio maintained an above average weight in the upper-tier double-B quality sector. Credit selection was a major driver of return performance. Stronger and better-capitalized companies within the high yield category were emphasized. Company financial results were closely monitored throughout the year, and holdings in companies experiencing serious earnings or liquidity problems were reduced or eliminated.

Stable industry sectors such as cable TV, utilities, gaming and finance were emphasized. Holdings in economically sensitive industry sectors such as steel, chemicals, paper, aerospace and automotive were minimized. While the Portfolio had holdings in the telecommunications industry, most of its exposure was in the wireless segment, which performed better than the wireline segment. The Portfolio benefited from strong relative performance in the broadcasting, transportation, finance and gaming sectors, as well as the cellular telephone segment of telecommunications.

Percentage Holdings by Industry Sector 12/31/01

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
					Since
	1 Year		5 Years		Inception#
High Yield Bond Portfolio		5.03%		2.56%		6.62%
Lehman Brothers High Yield Intermediate Market Index		3.78%		2.52%		5.61%
#Inception date of 05/03/94

The total return performance for the High Yield Bond Portfolio is shown in comparison with the Lehman Brothers High Yield Intermediate Market Index. The Lehman Brothers index is an appropriate measure of portfolio performance since it has a quality and maturity profile that resembles the High Yield Bond Portfolio.

The Lehman Brothers High Yield Intermediate Market Index is made up of dollar-denominated, nonconvertible, SEC publicly registered fixed rate noninvestment grade issues. The bonds will have remaining maturities of between one and ten years and have an outstanding par value of at least $100 million. Yankee and global bonds (SEC registered) of issuers in G-7 countries are included. Original issue zero coupon bonds and step-up coupon structures are also included; however, the index excludes pay-in-kind (PIK) bonds. Each bond must be rated Ba1 or lower by Moody’s Investor Service. If a Moody’s rating is unavailable, the bonds must be rated BB+ or lower by Standard & Poor’s, or by Fitch if an S&P rating is unavailable. A few unrated bonds are included in the index; to be eligible they must have previously held a high yield rating or have been associated with a high yield issuer. The index is an unmanaged market value weighted index and measures the income provided by, and the price changes of, the underlying securities.

This chart assumes an initial investment of $10,000 made on 5/3/94 (commencement of operations). Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

70

 High Yield Bond Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Bonds (85.4%)		Par		(000’s)
Basic Materials (3.1%)
Metals & Mining (1.9%)
Great Central Mines, Ltd., 8.875%, 4/1/08		$	2,750,000	$	2,709
	Total				2,709
Paper (1.2%)
Appleton Papers, Inc., 12.50%, 12/15/08 144A			1,875,000		1,800
	Total				1,800
	Total Basic Materials				4,509
Capital Goods (3.6%)
Building-Forest Products (0.7%)
Potlatch Corporation, 10.00%, 7/15/11 144A			1,000,000		1,040
	Total				1,040
Building & Construction (2.9%)
Encompass Services Corp, 10.50%, 5/4/12 144A			2,150,000		1,398
Integrated Electrical Services, Inc., 9.375%, 2/1/09			1,500,000		1,328
United Rentals, Inc., 10.75%, 4/15/08			1,500,000		1,612
	Total				4,338
	Total Capital Goods				5,378
Consumer Cyclical (16.5%)
Apparel, Textile (1.6%)
Guess ?, Inc., 9.50%, 8/15/03			1,500,000		1,397
Tommy Hilfiger USA, Inc., 6.50%, 6/1/03			765,000		779
Tommy Hilfiger USA, Inc., 6.85%, 6/1/08			150,000		143
	Total				2,319
Auto & Trucks (0.9%)
Avis Group Holdings, Inc., 11.00%, 5/1/09			1,250,000		1,325
	Total				1,325
Home Construction (1.0%)
K Hovanian Enterprises, 10.50%, 10/1/07			750,000		784
Schuler Homes, 9.375%, 7/15/09 144A			725,000		750
	Total				1,534
Household Appliances (1.7%)
Rent-A-Center, Inc., 11.00%, 8/15/08			1,125,000		1,142
Salton Inc., 12.25%, 4/15/08			1,300,000		1,300
	Total				2,442
Leisure Related (0.7%)
Bally Total Fitness Holdings, Series D, 9.875%, 10/15/07			1,000,000		1,020
	Total				1,020
Lodging / Resorts (3.0%)
Extended Stay America, 8.75%, 6/15/11			900,000		929
Felcor Lodging Limited Partnership, 9.50%, 9/15/08			1,350,000		1,353
Meristar Hospitality Finance Corporation, 9.00%, 1/15/08			550,000		523
Meristar Hospitality Finance Corporation, 9.125%, 1/15/11			550,000		517
Vail Resorts, Inc., 8.75%, 5/15/09 144A			1,125,000		1,091
	Total				4,413
Printing & Publishing (3.1%)
Jostens, Inc., 12.75%, 5/1/10			1,550,000		1,705
Mail-Well, Inc., 5.00%, 11/1/02			2,050,000		1,890
Primedia, Inc., 8.875%, 5/15/11			1,125,000		1,013
	Total				4,608
Retail-General (4.5%)
Advance Stores Company, Inc., 10.25%, 4/15/08 144A			750,000		761
Airgas, Inc., 9.125%, 10/1/11			375,000		396
Autonation, Inc., 9.00%, 8/1/08			725,000		738
Buhrmann US, Inc., 12.25%, 11/1/09			1,500,000		1,500
Coinmach Corporation, 11.75%, 11/15/05			750,000		769
CSK Auto, Inc., 12.00%, 6/15/06 144A			750,000		756
Saks Incorporated, 8.25%, 11/15/08			750,000		679
Sonic Automotive, Inc., 11.00%, 8/1/08 144A			1,125,000		1,164
	Total				6,763
	Total Consumer Cyclical				24,424
Consumer Staples (11.0%)
Containers (0.8%)
Applied Extrusion Tech., Inc., 10.75%, 7/1/11			1,125,000		1,198
	Total				1,198

71

 High Yield Bond Portfolio

				Market
		Shares/		Value
Bonds (85.4%)		Par		(000’s)
Food Retailers (0.8%)
Great Atlantic & Pacific Tea Co., 9.125%, 12/15/11		$	375,000	$	376
Ingles Markets, Inc., 8.875%, 12/1/11 144A			750,000		737
	Total				1,113
Food Service (0.5%)
Sbarro, Inc., 11.00%, 9/15/09			775,000		744
	Total				744
Gaming (7.2%)
Choctaw Resort Development, 9.25%, 4/1/09			1,400,000		1,431
Herbst Gaming, Inc., 10.75%, 9/1/08 144A			1,125,000		1,169
Hollywood Casino, 11.25%, 5/1/07			500,000		541
Hollywood Casino Shreveport, 13.00%, 8/1/06			300,000		272
Jupiters Limited, 8.50%, 3/1/06			1,000,000		1,000
Las Vegas Sands, Inc., 12.25%, 11/15/04			1,350,000		1,350
Majestic Investments Holdings, 11.653%, 11/30/07 144A			1,500,000		1,426
Mandalay Resort Group, 10.25%, 8/1/07			300,000		311
Mandalay Resort Group, 7.625%, 7/15/13			1,450,000		1,243
MGM Mirage, Inc., 9.75%, 6/1/07			750,000		786
Wheeling Island Gaming, 10.125%, 12/15/09 144A			1,125,000		1,142
	Total				10,671
Healthcare (1.2%)
Insight Health Services, 9.875%, 11/1/11 144A			1,700,000		1,759
	Total				1,759
Soaps & Toiletries (0.5%)
Elizabeth Arden, Inc., 11.75%, 2/1/11			750,000		769
	Total				769
	Total Consumer Staples				16,254
Energy (5.0%)
Oil & Gas Independent (1.7%)
PDVSA Finance, Ltd., 1999-I, 9.75%, 2/15/10			2,600,000		2,579
	Total				2,579
Oil Field Services (2.8%)
BRL Universal Equipment, 8.875%, 2/15/08			1,400,000		1,456
El Paso Energy Partners, 8.50%, 6/1/11			1,125,000		1,136
Hanover Equipment Trust, 8.75%, 9/1/11 144A			725,000		750
Key Energy Services, Inc., 8.375%, 3/1/08			750,000		758
	Total				4,100
Refining (0.5%)
Tesoro Petroleum Corporation, 9.625%, 11/1/08 144A			750,000		778
	Total				778
	Total Energy				7,457
Finance (7.6%)
Banks (2.3%)
Sovereign Bancorp, 10.50%, 11/15/06			1,900,000		2,043
Sovereign Real Estate Investment Trust, 12.00%, 5/16/20 144A			1,325,000		1,312
	Total				3,355
Finance Companies (4.5%)
AmeriCredit Corp., 9.875%, 4/15/06			1,100,000		1,034
Finova Group, Inc., 7.50%, 11/15/09			1,875,000		788
IOS Capital, Inc., 9.75%, 6/15/04			2,250,000		2,255
Metris Companies, Inc., 10.125%, 7/15/06			2,600,000		2,469
	Total				6,546
Financial Services (0.8%)
LaBranche & Company, Inc., 12.00%, 3/2/07			1,100,000		1,254
	Total				1,254
	Total Finance				11,155
Miscellaneous (1.6%)
R.E.I.T. (0.5%)
Istar Financial, Inc., 8.75%, 8/15/08			725,000		726
	Total				726
Real Estate (1.1%)
Crescent Real Estate Equities, 7.50%, 9/15/07			1,750,000		1,579
	Total				1,579
	Total Miscellaneous				2,305
Professional Services (1.9%)
Interim Services, Inc., 4.50%, 6/1/05			1,600,000		1,302
Kindercare Learning Centers, 9.50%, 2/15/09			1,500,000		1,433
	Total Professional Services				2,735

72

 High Yield Bond Portfolio

				Market
		Shares/		Value
Bonds (85.4%)		Par		(000’s)
Real Estate Agents & Managers (0.8%)
CB Richards Ellis Services Inc., 11.25%, 6/15/11		$	1,400,000	$	1,197
	Total Real Estate Agents & Managers				1,197
Technology (20.0%)
Broadcasting (1.1%)
CD Radio, Inc., 14.50%, 5/15/09			1,000,000		550
XM Satellite Radio, Inc., 14.00%, 3/15/10			1,400,000		1,108
	Total				1,658
Cable (5.7%)
Adelphia Communications, 10.25%, 6/15/11			1,125,000		1,122
Adelphia Communications Corporation, 10.875%, 10/1/10			1,500,000		1,531
British Sky Broadcasting Group PLC, 6.875%, 2/23/09			750,000		718
Charter Communications Holdings LLC, 11.125%, 1/15/11			500,000		530
Echostar Broadband Corp., 10.375%, 10/1/07			1,150,000		1,205
International Cabletel, Inc., 11.50%, 2/1/06			1,250,000		438
NTL Communications Corp., 11.50%, 10/1/08			1,600,000		560
†NTL, Inc., 9.75%, 4/1/08			1,900,000		532
Rogers Communications, Inc., 8.875%, 7/15/07			1,000,000		1,015
†Telewest Communications PLC, 9.25%, 4/15/09			1,000,000		441
Telewest Communications PLC, 9.875%, 2/1/10			400,000		280
†United Pan-Europe Communications NV, 13.75%, 2/1/10			600,000		48
	Total				8,420
Electronics (0.5%)
Amkor Technology, Inc., 5.00%, 3/15/07			1,000,000		683
	Total				683
Telecommunications Wireless: Cellular/PCS (9.4%)
Alamosa Delaware, Inc., 12.50%, 2/1/11			750,000		765
†Alamosa PCS Holdings, Inc., 12.875%, 2/15/10			1,150,000		713
Charter Communications Holdings LLC, 9.625%, 11/15/09			1,500,000		1,518
Dobson Communications Corporation, 10.875%, 7/1/10			1,500,000		1,548
Horizon PCS, Inc., 13.75%, 6/15/11 144A			575,000		572
†Horizon PCS, Inc., 14.00%, 10/1/10			2,000,000		1,030
†IPCS, Inc., 14.00%, 7/15/10			1,500,000		990
IWO Holdings, Inc., 14.00%, 1/15/11			1,150,000		1,185
Nextel Communications, Inc., 9.375%, 11/15/09			2,350,000		1,856
Telecorp PCS, Inc., 10.625%, 7/15/10			750,000		870
Tritel PCS, Inc., 10.375%, 1/15/11			1,000,000		1,145
Triton PCS, Inc., 8.75%, 11/15/11 144A			925,000		925
†US Unwired, Inc., 13.375%, 11/1/09			1,150,000		811
	Total				13,928
Telecommunications Wireless: Towers (2.8%)
American Tower Corp., 9.375%, 2/1/09			1,600,000		1,287
Crown Castle International Corp., 10.75%, 8/1/11			1,100,000		1,075
SBA Communications Corp., 10.25%, 2/1/09			1,300,000		1,112
†Spectrasite Holdings, Inc., 11.25%, 4/15/09			850,000		221
†Spectrasite Holdings, Inc., 12.875%, 3/15/10			1,900,000		437
	Total				4,132
Telecommunications Wireline: CLEC (0.4%)
Adelphia Business Solutions, Inc., 12.25%, 9/1/04			1,550,000		186
†GT Group Telecom, Inc., 13.25%, 2/1/10			1,650,000		215
McLeodUSA, Inc., 9.50%, 11/1/08			575,000		121
	Total				522
Telecommunications Wireline: Long Haul (0.1%)
††Global Crossing Holdings, Ltd., 9.50%, 11/15/09			700,000		77
††Global Crossing Holdings, Ltd., 9.625%, 5/15/08			300,000		35
	Total				112
	Total Technology				29,455
Transport Services (3.8%)
Railroads (1.0%)
Railamerica Transportation Corp., 12.875%, 8/15/10			1,400,000		1,430
	Total				1,430
Trucking-Shipping (2.8%)
North American Van Lines, 13.375%, 12/1/09 144A			1,650,000		1,586
Stena AB, 10.50%, 12/15/05			1,900,000		1,881
Teekay Shipping Corp., 8.875%, 7/15/11			375,000		384
Teekay Shipping Corp., 8.875%, 7/15/11 144A			375,000		384
	Total				4,235
	Total Transport Services				5,665

73

 High Yield Bond Portfolio

				Market
		Shares/		Value
Bonds (85.4%)		Par		(000’s)
Trucking-Shipping continued
Utilities (10.5%)
Utility-Electric (6.2%)
The AES Corporation, 8.875%, 2/15/11		$	700,000	$	616
The AES Corporation, 9.375%, 9/15/10			400,000		360
Calpine Canada Energy, 8.50%, 5/1/08			1,425,000		1,303
Calpine Corporation, 8.625%, 8/15/10			1,000,000		908
Calpine Corporation, 8.75%, 7/15/07			750,000		677
Edison Mission Energy, 10.00%, 8/15/08			1,100,000		1,131
Orion Power Holdings, Inc., 12.00%, 5/1/10			1,200,000		1,440
PG&E National Energy Group, Inc., 10.375%, 5/16/11			750,000		791
USEC, Inc., 6.625%, 1/20/06			2,050,000		1,921
	Total				9,147
Utility-Garbage Disposal (1.7%)
Allied Waste North America, Inc., 7.875%, 1/1/09			1,750,000		1,715
Allied Waste North America, Inc., 8.50%, 12/1/08 144A			570,000		576
IT Group, Series B, 11.25%, 4/1/09			1,600,000		288
	Total				2,579
Utility-Gas (1.7%)
Amerigas Partners LP/ Eagle Fin., 8.875%, 5/20/11			1,125,000		1,159
EOTT Energy Partners LP, 11.00%, 10/1/09			1,300,000		1,287
	Total				2,446
Utility-Water (0.9%)
Azurix Corp., Series B, 10.75%, 2/15/10			1,950,000		1,365
	Total				1,365
	Total Utilities				15,537
	Total Bonds (Cost: $133,561)				126,071

Preferred Stock (6.0%)
Consumer Cyclical (0.5%)
Primedia, Inc. — Series D		$	5,000		230
Primedia, Inc. — Series F			10,000		460
	Total Consumer Cyclical				690
Finance (1.2%)
California Federal Preferred Capital			74,000		1,815
	Total Finance				1,815
Technology (4.3%)
Broadcasting (1.7%)
**Cumulus Media, Inc.			14,240		1,438
Sinclair Capital			11,500		1,162
	Total				2,600
Cable (1.6%)
CSC Holdings, Inc. — Series H			14,000	$	1,491
CSC Holdings, Inc. — Series M			7,708		813
	Total				2,304
Telecommunications Wireless: Towers (0.5%)
**Crown Castle International Corp.			13,200		726
	Total				726
Telecommunications Wireline: CLEC (0.5%)
**Intermedia Communications, Inc.			7,470		777
	Total				777
	Total Technology				6,407
	Total Preferred Stock (Cost: $10,353)				8,912

Common Stocks and Warrants (0.3%)
Consumer Cyclical (0.0%)
Household Appliances (0.0%)
*Samsonite Corporation		$	625	1
	Total			1
Leisure Related (0.0%)
*Hedstrom Holdings, Inc. 144A			201,674	0
	Total			0
Printing & Publishing (0.0%)
*Jostens, Inc.			1,550	32
	Total			32
	Total Consumer Cyclical			33
Miscellaneous (0.0%)
*La Quinta Properties, Inc.			11,117	64
	Total Miscellaneous			64
Technology (0.2%)
Broadcasting (0.0%)
XM Satellite Radio Holdings, Inc.			1,400	42
	Total			42
Cable (0.0%)
*RCN Corporation			2,890	8
	Total			8
Telecommunications Wireless: Cellular/PCS (0.2%)
Horizon PCS, Inc. — Warrant			2,000	80
IWO Holdings, Inc. 144A			1,150	69
	Total			149

74

 High Yield Bond Portfolio

				Market
		Shares/		Value
Common Stocks and Warrants (0.3%)		Par		(000’s)
Telecommunications Wireless: Cellular/PCS continued
Telecommunications Wireline: CLEC (0.0%)
*GT Group Telecom, Inc.		$	1,650	$	8
*McLeodUSA Incorporated — Class A			27,405		10
	Total				18
	Total Technology				217
Transport Services (0.1%)
*Railamerica, Inc.			1,400		70
	Total Transport Services				70
	Total Common Stocks and Warrants (Cost: $1,077)				384

Money Market Investments (6.0%)
Capital Goods (4.8%)
John Deere Capital Corp., 2.05%, 1/14/02		$	7,100,000		7,095
	Total				7,095
Pharmaceutical Preparations (1.2%)
American Home Products, 1.85%, 1/2/02			1,800,000	$	1,800
	Total				1,800
	Total Money Market Investments (Cost: $8,895)				8,895
	Total Investments (97.7%) (Cost $153,886)!				144,262
	Other Assets, Less Liabilities (2.3%)				3,408
	Total Net Assets (100.0%)			$	147,670

!   At 12/31/01 the aggregate cost of securities for federal tax purposes was $153,901 and the net unrealized depreciation of investments based on that cost was $9,639 which is comprised of $4,399 aggregate gross unrealized appreciation and $14,038 aggregate gross unrealized depreciation.

144A after the name of a security represents a security exempt from registration under rule 144a of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.

*	Non-Income Producing
†	Step bond security that presently receives no coupon payments. At the predetermined date the stated coupon rate becomes effective.

††   Defaulted Security

** PIK — Payment In Kind

The Accompanying Notes are an Integral Part of the Financial Statements

75

 Select Bond Portfolio

Objective:	Portfolio Strategy:	Net Assets:
A stable and relatively high level of long-term total return and preservation of capital	Invest in high grade corporate bonds, U.S. government bonds and bonds of government agencies.	$405.41 million

The Select Bond Portfolio invests primarily in high quality debt securities, mainly government bonds, corporate bonds and mortgage-backed securities. Exposure to market sectors is adjusted as yield spreads change among the various classes of securities. Duration and maturities are altered with moderate adjustments in recognition or anticipation of interest rate changes.

In the second consecutive year in which bonds provided significantly higher returns than equities, the Select Bond Portfolio substantially outperformed its major benchmark, the Merrill Lynch Domestic Master Index. During 2001, the yield curve steepened dramatically; a major determinant of performance was therefore correctly predicting changes in the curve. Early in the year, the Portfolio was overweighted in bonds with shorter durations, which have risen in price as short-term interest rates have dropped. Yields on bonds of longer duration, in which the Portfolio has been underweighted, have experienced little change, reflecting investor concerns about inflation and economic growth.

The Portfolio also took advantage of changes in spreads between Treasury securities and corporate bonds over the course of the year. As the year began, there was an overweight in Treasury securities, which were the best performing asset class in 2000. In the first trading days of 2001, the Portfolio’s managers took advantage of unusually wide spreads to purchase quality corporate bonds that offered good value.

The market for mortgage-backed bonds has experienced a wave of refinancings in response to falling interest rates. An underweighting in this market sector has been beneficial; also sensitivity to this trend has been mitigated by a concentration of mortgage-related securities in commercial mortgages, which often have steep prepayment penalties, and GNMA-backed securities, which tend to be more difficult to refinance.

Percentage Holdings 12/31/01

The Corporate Bonds sector includes bonds of companies headquartered outside the United States. The Government and Government Agencies category includes taxable bonds of domestic and foreign governments and a small position in municipal bonds. Consistent with the Portfolio’s stated parameters, no more than 10% of the Portfolio is invested in foreign securities, and no more than 10% is invested in high-yield securities.

Relative Performance

Average Annual Total Return
For Periods Ended December 31, 2001
	1 Year		5 Years		10 Years
Select Bond Portfolio		10.37%		7.13%		7.31%
Merrill Lynch Domestic Master Index		8.33%		7.43%		7.29%

Since the Portfolio invests broadly in U.S. Government, mortgage and corporate bonds, a useful basis for comparing returns is the Merrill Lynch Domestic Master Index. The index is an unmanaged market value weighted index comprised of U.S. Government, mortgage and investment-grade corporate bonds. The index measures the income provided by, and the price changes of, the underlying securities.

This chart assumes an initial investment of $10,000 made on 12/31/91. Returns shown include deductions for management and other fund expenses, and reinvestment of all dividends. Returns exclude deductions for separate account sales loads and account fees. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Total returns shown on page 4 reflect mortality and expense risk charges and other charges deducted from the assets of the separate account. The cost of insurance protection, which is not reflected in the returns shown on this chart, would make the returns significantly lower. Investors are urged to obtain a personalized illustration of historical performance which reflects the cost of insurance protection.

76

 Select Bond Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Corporate Bonds (34.3%)		Par		(000’s)
Aerospace-Defense (2.1%)
Boeing Capital Corporation, 6.10%, 3/1/11		$	3,000,000	$	2,916
Boeing Company, 8.75%, 9/15/31			1,000,000		1,210
Lockheed Martin Corporation, 8.20%, 12/1/09			3,850,000		4,332
	Total				8,458
Auto Related (2.2%)
General Motors Acceptance Corporation, 6.875%, 9/15/11			1,000,000		980
General Motors Acceptance Corporation, 7.25%, 3/2/11			3,987,000		4,003
Toyota Motor Credit Corporation, 5.65%, 1/15/07			4,000,000		4,037
	Total				9,020
Beverages, Malt Beverages (4.4%)
Anheuser-Busch Companies, Inc., 7.00%, 12/1/25			4,200,000		4,285
Anheuser-Busch Companies, Inc., 7.50%, 3/15/12			378,000		424
Coca-Cola Enterprises, Inc., 5.375%, 8/15/06			1,500,000		1,519
Coca-Cola Enterprises, Inc., 5.75%, 3/15/11			4,000,000		3,955
Coca-Cola Enterprises, Inc., 6.125%, 8/15/11			1,501,000		1,510
Fosters Finance Corporation, 6.875%, 6/15/11 144A			6,000,000		6,175
	Total				17,868
Broad Woven Fabric Mills, Manmade (0.1%)
††Polysindo International Finance, 11.375%, 6/15/06			4,200,000		504
	Total				504
Commercial Banks (0.3%)
Bank of America Corporation, 7.40%, 1/15/11			1,133,000		1,215
	Total				1,215
Crude Petroleum and Natural Gas (0.1%)
Occidental Petroleum, 6.75%, 1/15/12			400,000		402
	Total				402
Department Stores (1.3%)
Target Corporation, 7.00%, 7/15/31			5,000,000		5,256
	Total				5,256
Electric Services (3.2%)
Exelon Generation Co. LLC, 6.95%, 6/15/11 144A			6,788,000		6,882
Ohio Edison Company, 7.375%, 9/15/02			1,000,000		1,026
Public Service Electric & Gas Co., 6.875%, 1/1/03			2,250,000		2,319
South Carolina Electric & Gas, 6.125%, 3/1/09			1,750,000		1,753
Texas Utilities Electric Co., 7.875%, 3/1/23			1,000,000		1,022
	Total				13,002
Foods (0.8%)
ConAgra Foods, Inc., 6.75%, 9/15/11			3,000,000		3,065
	Total				3,065
Metal Mining (0.5%)
Rio Tinto Finance, Ltd., 5.75%, 7/3/06			2,000,000		2,025
	Total				2,025
Motor Vehicle Parts/Accessories (1.9%)
TRW, Inc., 7.125%, 6/1/09			4,000,000		3,946
TRW, Inc., 7.75%, 6/1/29			4,000,000		3,837
	Total				7,783
Motors & Generators (0.5%)
Emerson Electric Co., 5.75%, 11/1/11			2,122,000		2,056
	Total				2,056
Office Machines (0.6%)
Pitney Bowes Credit Corp., 5.75%, 8/15/08			2,250,000		2,240
	Total				2,240
Oil & Gas Extraction (1.2%)
Chevron Corporation, 6.625%, 10/1/04			4,500,000		4,789
	Total				4,789
Oil & Gas Field Services (2.1%)
Conoco Funding Company, 7.25%, 10/15/31			8,000,000		8,445
	Total				8,445
Pharmaceuticals (6.6%)
American Home Products Corporation, 6.70%, 3/15/11			3,000,000		3,108
Bristol-Myers Squibb, 5.75%, 10/1/11			5,000,000		4,953
Eli Lilly & Co., 5.50%, 7/15/06			3,250,000		3,310
Johnson & Johnson, 6.625%, 9/1/09			2,750,000		2,919
Johnson & Johnson, 6.95%, 9/1/29			2,200,000		2,367

77

 Select Bond Portfolio

				Market
		Shares/		Value
Corporate Bonds (34.3%)		Par		(000’s)
Pharmaceuticals continued uyMerck & Co., Inc. 5.95%, 12/1/28 $7,375,000 $6,950
Pfizer, Inc., 5.625%, 2/1/06			2,975,000		3,059
	Total				26,666
Plastics Materials & Resins (0.5%)
Dow Capital BV, 8.50%, 6/8/10			1,800,000		1,976
	Total				1,976
Retail-Misc Shopping Goods Stores (0.6%)
Wal-Mart Canada, 5.58%, 5/1/06 144A			2,500,000		2,584
	Total				2,584
Tobacco Products (2.8%)
Philip Morris Companies, Inc., 7.75%, 1/15/27			11,000,000		11,405
	Total				11,405
Transportation Services (1.5%)
United Parcel Service, 8.375%, 4/1/20			5,350,000		6,225
	Total				6,225
Utilities (1.0%)
El Paso Energy Corporation, 7.80%, 8/1/31			3,850,000		3,885
	Total				3,885
	Total Corporate Bonds (Cost $137,594)				138,869

Government (Domestic and Foreign)
and Agency Bonds (34.5%)
Federal Government & Agencies (34.5%)
Aid-Israel, 0.00%, 11/1/24	$	8,900,000	2,029
Federal Home Loan Bank, 5.54%, 1/8/09		3,700,000	3,727
Federal Home Loan Mortgage Corporation, 7.50%, 10/1/27		4,370,945	4,543
Federal National Mortgage Association, 5.97%, 10/1/08		3,775,920	3,854
Federal National Mortgage Association, 6.22%, 2/1/06		1,841,903	1,924
Federal National Mortgage Association, 6.24%, 1/1/06		5,189,962	5,426
Federal National Mortgage Association, 6.265%, 10/1/08		2,888,233	2,989
Federal National Mortgage Association, 6.36%, 4/1/08		3,620,231	3,766
Federal National Mortgage Association, 6.39%, 4/1/08		1,384,471	1,442
Federal National Mortgage Association, 6.50%, 9/25/05		1,479,873	1,506
Federal National Mortgage Association, 6.75%, 4/25/18		2,108,891	2,189
Federal National Mortgage Association, 6.75%, 12/25/23		3,500,000	3,547
Federal National Mortgage Association, 7.00%, 6/1/03		120,230	124
Federal National Mortgage Association, 7.36%, 4/1/11		3,107,633	3,394
Federal National Mortgage Association, 8.40%, 2/25/09		2,485,715	2,577
Federal National Mortgage Association, 11.00%, 12/1/12		42,818	49
Federal National Mortgage Association, 11.00%, 9/1/17		356,993	410
Federal National Mortgage Association, 11.00%, 12/1/17		115,129	133
Federal National Mortgage Association, 11.00%, 2/1/18		151,162	174
Federal National Mortgage Association, 11.50%, 4/1/18		128,175	149
Federal National Mortgage Association, 12.00%, 9/1/12		376,312	439
Federal National Mortgage Association, 12.00%, 12/1/12		92,033	108
Federal National Mortgage Association, 12.00%, 9/1/17		117,181	138
Federal National Mortgage Association, 12.00%, 10/1/17		117,715	138
Federal National Mortgage Association, 12.00%, 12/1/17		95,399	112
Federal National Mortgage Association, 12.00%, 2/1/18		166,458	196
Federal National Mortgage Association, 12.25%, 1/1/18		97,731	115
Federal National Mortgage Association, 12.50%, 4/1/18		63,937	76
Federal National Mortgage Association, 13.00%, 11/1/12		61,231	73
Federal National Mortgage Association, 13.00%, 11/1/17		77,268	93
Federal National Mortgage Association, 13.00%, 12/1/17		87,711	105
Federal National Mortgage Association, 13.00%, 2/1/18		166,508	199
Federal National Mortgage Association, 14.00%, 12/1/17		53,022	65
Government National Mortgage Association, 7.00%, 5/15/23		182,254	188
Government National Mortgage Association, 7.50%, 4/15/22		132,972	139
Government National Mortgage Association, 7.50%, 10/15/23		372,283	389
Government National Mortgage Association, 7.50%, 10/15/25		8,862	9
Government National Mortgage Association, 7.50%, 11/15/25		7,264	8
Government National Mortgage Association, 7.50%, 5/15/26		8,685	9

78

 Select Bond Portfolio

				Market
		Shares/		Value
Government (Domestic and Foreign) and Agency Bonds (34.5%)		Par		(000’s)
Federal Government & Agencies continued
Government National Mortgage Association, 7.50%, 1/15/27		$	224,869	$	234
Government National Mortgage Association, 7.50%, 2/15/27			260,174		271
Government National Mortgage Association, 7.50%, 3/15/27			32,219		34
Government National Mortgage Association, 7.50%, 4/15/27			52,696		55
Government National Mortgage Association, 7.50%, 8/15/27			8,086		8
Government National Mortgage Association, 7.50%, 6/15/28			270,422		281
Government National Mortgage Association, 8.00%, 1/15/26			230,096		243
Government National Mortgage Association, 8.00%, 2/15/26			305,730		323
Government National Mortgage Association, 8.00%, 8/15/26			317,422		336
Government National Mortgage Association, 8.00%, 9/15/26			116,679		123
Government National Mortgage Association, 8.00%, 12/15/26			65,777		70
Government National Mortgage Association, 8.00%, 1/15/27			92,099		97
Government National Mortgage Association, 8.00%, 3/15/27			286,000		301
Government National Mortgage Association, 8.00%, 4/15/27			535,004		564
Government National Mortgage Association, 8.00%, 6/15/27			230,463		243
Government National Mortgage Association, 8.00%, 7/15/27			233,119		246
Government National Mortgage Association, 8.00%, 8/15/27			176,556		186
Government National Mortgage Association, 8.00%, 9/15/27			189,068		199
Government National Mortgage Association, 8.50%, 9/15/21			22,771		25
Government National Mortgage Association, 8.50%, 3/15/23			1,275		1
Government National Mortgage Association, 8.50%, 6/15/23			2,338		3
Government National Mortgage Association, 8.50%, 6/15/24			44,718		48
Government National Mortgage Association, 8.50%, 7/15/24			49,451		53
Government National Mortgage Association, 8.50%, 11/15/24			227,313		245
Government National Mortgage Association, 8.50%, 2/15/25			34,626		38
Government National Mortgage Association, 11.00%, 1/15/18			2,461,396		2,830
Housing & Urban Development, 6.08%, 8/1/13			4,000,000		4,000
Housing & Urban Development, 6.17%, 8/1/14			3,000,000		3,012
Rural Housing Trust 1987-1, Series 1, Class D, 6.33%, 4/1/26			777,974		801
US Treasury, 3.875%, 6/30/03			5,490,000		5,596
US Treasury, 4.13%, 2/28/02			5,000,000		4,987
US Treasury, 4.625%, 2/28/03			7,250,000		7,449
US Treasury, 5.375%, 2/15/31			12,750,000		12,570
US Treasury, 6.25%, 5/15/30			2,492,000		2,699
US Treasury Inflation Index Bond, 3.375%, 1/15/07			16,601,308		16,660
US Treasury Inflation Index Bond, 3.625%, 7/15/02			6,325,119		6,383
US Treasury Inflation Index Bond, 3.625%, 1/15/08			9,900,540		10,008
US Treasury Inflation Index Bond, 3.875%, 4/15/29			7,513,367		8,010
US Treasury Inflation Index Bond, 5.00%, 8/15/11			4,390,000		4,379
	Total Government (Domestic and Foreign) and Agency Bonds (Cost $137,491)				140,162
Auto Related (0.4%)
Fleetwood Credit Corporation Grantor Trust, Series 1997-B, Class A, 6.40%, 5/15/13			379,048		393
Team Fleet Financing Corporation, Series 1996-1, Class A, 6.65%, 12/15/02 144A			1,333,333		1,342
	Total				1,735
Boat Dealers (0.2%)
Nationscredit Grantor Trust, Series 1997-2, Class A1, 6.35%, 4/15/14			695,679		720
	Total				720
Commercial Banks (0.7%)
Nationsbank Lease Pass Through Trust, Series 1997-A, Class 1, 7.442%, 1/10/11 144A			2,679,376		2,844
	Total				2,844
Commercial Mortgages (11.1%)
Asset Securitization Corporation, Series 1996-MD6, Class CS1, 1.632%, 11/13/26 IO			8,362,637		120
Asset Securitization Corporation, Series 1996-MD6, Class CS2, 1.098%, 11/13/26 IO			85,000,000		2,108
Asset Securitization Corporation, Series 1997-D5, Class PS1, 1.616%, 2/14/41 IO			11,555,454		843

79

 Select Bond Portfolio

				Market
		Shares/		Value
Mortgage/Asset Backed Securities (16.8%)		Par		(000’s)
Commercial Mortgages continued
Chase Commercial Mortgage Securities Corporation, Series 1997-1, Class B, 7.37%, 4/19/07		$	1,000,000	$	1,068
Chase Commercial Mortgage Securities Corporation, Series 1997-2, Class A2, 6.60%, 11/19/07			5,000,000		5,199
Chase Commercial Mortgage Securities Corporation, Series 1997-2, Class B, 6.60%, 11/19/07			2,000,000		2,066
Commercial Mortgage Acceptance Corporation, Series 1997-ML1, Class B, 6.644%, 12/15/07			2,000,000		2,045
Credit Suisse First Boston Mortgage Securities Corporation, Series 1997-C1, Class A2, 7.26%, 6/20/07 144A			1,369,300		1,447
Credit Suisse First Boston Mortgage Securities Corporation, Series 1997-C1, Class B, 7.28%, 6/20/07 144A			1,500,000		1,588
Criimi Mae Commercial Mortgage Trust, Series 1998-C1, Class A1, 7.00%, 11/2/06 144A			3,000,000		3,127
Criimi Mae Commercial Mortgage Trust, Series 1998-C1, Class B, 7.00%, 11/2/11 144A			4,000,000		3,948
DLJ Commercial Mortgage Corporation, Series 1998-CF1, Class S, 0.70%, 1/15/18 IO			114,628,012		3,774
DLJ Mortgage Acceptance Corporation, Series 1997-CF2, Class S, 0.352%, 10/15/17 IO, 144A			98,153,937		1,962
The Equitable Life Assurance Society, Series 174, Class C1, 7.52%, 5/15/06 144A			2,000,000		2,115
Malan Mortgage Securities Trust, Series 1995-1, Class A3, 7.80%, 8/15/05 144A			3,000,000		3,082
Midland Realty Acceptance Corporation, Series 1996-C2, Class AEC, 1.353%, 1/25/29 IO, 144A			11,658,335		638
Mortgage Capital Funding, Inc., Series 1997-MC1, Class A3, 7.288%, 3/20/07			5,323,000		5,669
Nomura Asset Securities Corporation, Series 1998-D6, Class A2, 6.993%, 3/17/28			2,800,000		2,890
RMF Commercial Mortgage Pass-Through, Series 1997-1, Class F, 7.471%, 1/15/19 144A			1,800,000		840
	Total				44,529
Credit Card Asset Backed (0.0%)
Heilig-Meyers Master Trust, Series 1998-1A, Class A, 6.125%, 1/20/07 144A			1,295,901		194
	Total				194
Franchise Loan Receivables (1.2%)
Enterprise Mortgage Acceptance Company, Series 1998-1, Class A2, 6.38%, 4/15/07 144A			3,100,000		2,909
Enterprise Mortgage Acceptance Company, Series 1998-1, Class IO, 1.37%, 1/15/23 IO, 144A			27,729,107		1,176
FMAC Loan Receivables Trust, Series 1998-A, Class A1, 6.20%, 9/15/20 144A			188,145		187
Global Franchise Trust, Series 1998-1, Class A1, 6.349%, 4/10/04 144A			652,703		657
	Total				4,929
Health Services (0.3%)
Health Care Receivables, 6.25%, 2/1/03 144A			1,125,000		1,134
	Total				1,134
Home Equity Loan (0.6%)
Vanderbilt Mortgage Finance, Inc., Series 1997-B, Class 1A4, 7.19%, 2/7/14			2,500,000		2,614
	Total				2,614
Manufactured Housing (0.2%)
Mid-State Trust, Series 6, Class A3, 7.54%, 7/1/35			847,023		851
	Total				851
Motorcycle Dealers (0.2%)
Harley-Davidson Eaglemark Motorcycle Trust, Series 1998-2, Class A2, 5.87%, 4/15/04			675,844		686
	Total				686
Residential Mortgages (0.3%)
Blackrock Capital Finance LP, Series 1997-R1, Class B3, 7.75%, 3/25/37 144A			3,637,994		637
Blackrock Capital Finance LP, Series 1997-R3, Class B3, 7.25%, 11/25/28 144A			4,179,307		627
	Total				1,264

80

 Select Bond Portfolio

				Market
		Shares/		Value
Mortgage/Asset Backed Securities (16.8%)		Par		(000’s)
Residential Mortgages continued vyRetail-Retail Stores (1.6%)
LB Mortgage Trust, Series 1991-2, Class A3, 8.396%, 1/20/17		$	5,910,155	$	6,563
	Total				6,563
	Total Mortgage/Asset Backed Securities (Cost $75,673)				68,063

Money Market Investments (13.2%)
Cigarettes (1.2%)
Phillip Morris Co., Inc., 1.81%, 1/18/02		$	5,000,000		4,996
	Total				4,996
Computer & Software Stores (1.0%)
Hewlett-Packard, 1.95%, 1/15/02			4,000,000		3,997
	Total				3,997
Federal Government & Agencies (0.4%)
Federal National Mortgage Association, 1.73%, 2/15/02			1,600,000		1,597
	Total				1,597
Finance Lessors (1.2%)
Receivables Capital Corp, 1.88%, 1/22/02			5,000,000		4,995
	Total				4,995
Finance Services (2.5%)
JP Morgan Chase & Co, 1.94%, 1/11/02			5,000,000		4,997
Preferred Receivable Funding, 1.85%, 2/4/02			5,000,000		4,991
	Total				9,988
Machinery (1.2%)
John Deere Capital Corp., 2.05%, 1/14/02			5,000,000		4,996
	Total				4,996
Miscellaneous Business Credit Institutions (1.2%)
National Rural Utilities, 1.75%, 1/28/02			4,900,000		4,894
	Total				4,894
Personal Credit Institutions (3.7%)
American General Finance, 1.92%, 1/11/02			5,000,000		4,997
Household Finance Corp, 2.09%, 1/11/02			5,000,000		4,997
Variable Funding Capital, 2.45%, 1/10/02			5,000,000		4,996
	Total				14,990
Pharmaceutical Preparations (0.8%)
American Home Products, 1.85%, 1/2/02			3,100,000		3,100
	Total				3,100
	Total Money Market Investments (Cost $53,553)				53,553
	Total Investments (98.8%) (Cost $404,311)!				400,647
	Other Assets, Less Liabilities (1.2%)				4,759
	Total Net Assets (100.0%)			$	405,406

! At 12/31/01 the aggregate cost of securities for federal tax purposes was $409,433 and the net unrealized depreciation of investments based on that cost was $8,786 which is comprised of $5,610 aggregate gross unrealized appreciation and $14,396 aggregate gross unrealized depreciation.

144A after the name of a security represents a security exempt from registration under rule 144a of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers.

IO — Interest Only Security

†† Defaulted Security

The Accompanying Notes are an Integral Part of the Financial Statements

81

 Money Market Portfolio

Objective:	Portfolio Strategy:	Net Assets:
Maximum current income consistent with liquidity and stability of capital	Achieve stability of capital by investing in short-term debt securities.	$458.69 million

The Money Market Portfolio, which invests only in high quality commercial paper and other short-term debt securities with maturities generally not exceeding one year, is the least risky of the Portfolios.

The most notable effect on short-term interest rates during 2001 was the Federal Reserve’s 11 interest rate cuts, which totaled 475 basis points. During the first half of the year, the Portfolio’s performance relative to its benchmark, the Merrill Lynch 91-day Treasury Bill Index, was hurt by average maturity somewhat shorter than the Index. During the fourth quarter, the Portfolio’s weighted average maturity was extended, to a high of approximately 70 days, versus 50 to 55 days for the index. At year end, the Portfolio’s average maturity remained longer than the Index.

AN INVESTMENT IN THE MONEY MARKET PORTFOLIO IS NEITHER INSURED NOR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE PORTFOLIO SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, THERE IS NO ASSURANCE THAT THE PORTFOLIO WILL BE ABLE TO MAINTAIN A STABLE NET ASSET VALUE SO IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE PORTFOLIO.

82

 Money Market Portfolio

Northwestern Mutual Series Fund, Inc.

Schedule of Investments

December 31, 2001

				Market
		Shares/		Value
Short Term Paper (86.5%)		Par		(000’s)
Agricultural Services (3.0%)
Monsanto Company, 2.06%, 2/19/02		$	13,680,000	$	13,642
	Total				13,642
Auto Related (1.0%)
New Center Asset Trust, 1.76%, 3/8/02			4,820,000		4,804
	Total				4,804
Commercial Banks (8.1%)
Citicorp, 1.78%, 1/14/02			13,625,000		13,616
JP Morgan Chase & Co., 1.75%, 2/12/02			4,000,000		3,992
JP Morgan Chase & Co., 1.86%, 2/8/02			9,390,000		9,372
Marshall & Ilsley Bank, 5.02%, 4/19/02			10,000,000		9,999
	Total				36,979
Computer & Software Stores (2.6%)
Hewlett-Packard, 2.17%, 5/30/02			12,000,000		11,892
	Total				11,892
Diversified Business Finance (3.0%)
General Electric Capital, 1.88%, 2/1/02			5,235,000		5,227
General Electric Capital, 1.90%, 1/31/02			8,365,000		8,351
	Total				13,578
Electric Utilities (1.9%)
National Rural Utility Co., 2.01%, 1/25/02			8,500,000		8,489
	Total				8,489
Electrical Equipment & Supplies (2.4%)
Emerson Electric, 1.79%, 1/24/02			11,080,000		11,067
	Total				11,067
Finance Lessors (3.9%)
Receivables Capital Corp., 1.88%, 1/23/02			11,325,000		11,312
Tyco Capital Corp., 2.02%, 2/13/02			6,500,000		6,484
	Total				17,796
Finance Services (4.7%)
Abb Capital LLC, 2.22%, 12/6/02			10,000,000		10,000
Preferred Receivable Funding, 2.10%, 1/14/02			11,700,000		11,691
	Total				21,691
Flavoring Extracts & Syrups (2.4%)
Coca-Cola Company, 1.89%, 2/8/02			11,000,000		10,978
	Total				10,978
Food Service (2.9%)
Nestle Capital Corp., 1.75%, 1/31/02			13,500,000		13,480
	Total				13,480
Machinery (4.8%)
Caterpillar Financial Services Corporation, 4.05%, 6/1/02			10,000,000		10,000
John Deere Capital Corp., 2.05%, 1/14/02			1,000,000		999
John Deere Capital Corp., 2.29%, 11/12/02			11,000,000		11,000
	Total				21,999
Miscellaneous Business Credit Institutions (4.8%)
Delaware Funding Corp., 2.16%, 1/28/02			12,000,000		11,981
Quincy Capital Corp., 2.09%, 1/14/02			9,965,000		9,957
	Total				21,938
Newspapers (2.7%)
Gannet Company, Inc., 1.78%, 1/18/02			12,390,000		12,380
	Total				12,380
Nonclassifiable Establishments (3.0%)
Unilever Capital Corp., 1.78%, 3/1/02			13,800,000		13,760
	Total				13,760

83

 Money Market Portfolio

				Market
		Shares/		Value
Short Term Paper (86.5%)		Par		(000’s)
Personal Credit Institutions (9.2%)
American Express Credit, 2.02%, 1/15/02		$	5,280,000	$	5,276
American Express Credit, 2.14%, 1/25/02			5,010,000		5,003
American General Finance, 2.05%, 2/13/02			6,500,000		6,484
American General Finance, 2.17%, 1/25/02			5,000,000		4,993
Associates Corp. of NA, 3.77%, 6/26/02			10,000,000		10,000
Household Finance Corp., 2.73%, 9/26/02			10,500,000		10,500
	Total				42,256
Petroleum Refining (0.9%)
Conoco, Inc., 3.20%, 10/15/02			4,000,000		4,000
	Total				4,000
Pharmaceutical Preparations (5.2%)
American Home Products, 2.30%, 1/25/02			11,500,000		11,482
Pfizer, Inc., 1.79%, 1/31/02			6,000,000		5,991
Pfizer, Inc., 1.87%, 2/4/02			6,480,000		6,469
	Total				23,942
Security Brokers & Dealers (8.5%)
Goldman Sachs Group, Inc., 3.06%, 1/18/02			12,500,000		12,482
Morgan Stanley Dean Witter & Co., 2.59%, 10/16/02			13,000,000		13,003
Salomon Smith Barney Holdings, 1.77%, 2/1/02			13,500,000		13,480
	Total				38,965
Short Term Business Credit (9.3%)
CXC Incorporated, 1.73%, 1/2/02			11,350,000		11,350
CXC Incorporated, 2.32%, 1/18/02			10,500,000		10,488
Transamerica Financial Corporation, 2.33%, 1/18/02			4,375,000		4,370
Transamerica Financial Corporation, 3.05%, 2/14/02			6,000,000		5,978
Variable Funding Capital, 2.45%, 1/10/02			10,500,000		10,494
	Total				42,680
Tobacco (2.2%)
Philip Morris, 1.81%, 2/8/02			10,000,000		9,981
	Total				9,981
Total Short Term Paper (Cost: $396,297)					396,297

				Market
		Shares/		Value
Corporate Bonds Domestic (8.5%)		Par		(000’s)
Auto Related (3.6%)
Ford Motor Credit Company, 6.30%, 7/16/02			10,000,000		10,007
General Motors Acceptance Corporation, 5.50%, 1/14/02			2,550,000		2,550
Toyota Motor Credit Corporation, 6.83%, 9/13/02			3,250,000		3,320
	Total				15,877
Medical and Hospital Equipment (1.1%)
American Home Products Corporation, 6.50%, 10/15/02			5,000,000		5,145
	Total				5,145
Miscellaneous Business Credit Institutions (1.1%)
The CIT Group, Inc., 6.50%, 6/14/02			5,000,000		5,053
	Total				5,053
Short Term Business Credit (0.8%)
Transamerica Financial Corporation, 7.25%, 8/15/02			3,700,000		3,772
	Total				3,772
Telephone & Telegraph Apparatus (0.5%)
AT & T Capital Corporation, 5.86%, 4/26/02			2,500,000		2,511
	Total				2,511
Tobacco Products (0.3%)
Philip Morris Companies, Inc., 7.63%, 5/15/02			1,500,000		1,516
	Total				1,516
Utility-Electric (1.1%)
National Rural Utility, 6.70%, 6/15/02			5,000,000		5,059
	Total				5,059
Total Corporate Bonds Domestic (Cost: $38,933)					38,933

Money Market Investments (3.0%)
Finance Services (3.0%)
Asset Securitization, 1.78%, 1/25/02	14,000,000	13,981
Total Money Market Investments (Cost: $13,981)		13,981

84

 Money Market Portfolio

				Market
		Shares/		Value
Government Securities (2.2%)		Par		(000’s)
Government (2.2%)
US Treasury, 6.25%, 8/31/02		$	10,000,000	$	10,242
Total Government Securities (Cost: $10,242)					10,242
	Total Investments (100.2%) (Cost $459,453)!				459,453
Other Assets, Less Liabilities (-0.2%)					(764	)
	Total Net Assets (100.0%)			$	458,689

!  Also represents cost for federal income tax purposes.

The Accompanying Notes are an Integral Part of the Financial Statements

85

 Accountants’ Report

Report of Independent Accountants

To The Shareholders and Board of Directors of

Northwestern Mutual Series Fund, Inc.

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Small Cap Growth Stock Portfolio, T. Rowe Price Small Cap Value Portfolio, Aggressive Growth Stock Portfolio, International Growth Portfolio, Franklin Templeton International Equity Portfolio, Index 400 Stock Portfolio, Growth Stock Portfolio, J.P. Morgan Select Growth and Income Stock Portfolio, Capital Guardian Domestic Equity Portfolio, Index 500 Stock Portfolio, Asset Allocation Portfolio, Balanced Portfolio, High Yield Bond Portfolio, Select Bond Portfolio and Money Market Portfolio (constituting Northwestern Mutual Series Fund, Inc., hereafter referred to as the “Funds”) at December 31, 2001, the results of each of their operations for the year or period then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2001 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

Milwaukee, Wisconsin

January 25, 2002

86

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87

 Statements of Assets and Liabilities

Northwestern Mutual Series Fund, Inc.

December 31, 2001

(in thousands, except per share amounts)

													Franklin
													Templeton
			Small Cap			T. Rowe Price		Aggressive		International			International			Index 400
			Growth Stock			Small Cap Value		Growth Stock		Growth			Equity			Stock
			Portfolio			Portfolio		Portfolio		Portfolio			Portfolio			Portfolio
Assets
	Investments, at value (1)		$	291,633		$	20,851	$	1,336,876	$	26,645		$	715,863		$	210,548
	Cash			9			507		98		182			97			—
	Due from Sale of Fund Shares			342			353		776		100			371			365
	Due from Sale of Securities			—			—		11,174		8			481			1,303
	Dividends and Interest Receivable			10			22		213		19			1,319			123
		Total Assets		291,994			21,733		1,349,137		26,954			718,131			212,339
Liabilities
	Due on Purchase of Securities			—			698		5,132		17			883			1,380
	Due on Redemption of Fund Shares			103			10		1,228		—			370			32
	Due to Investment Advisor			138			6		584		16			400			43
	Accrued Expenses			56			16		72		21			65			61
	Due on Futures Variation Margin			249			—		245		—			—			89
		Total Liabilities		546			730		7,261		54			1,718			1,605
		Net Assets	$	291,448		$	21,003	$	1,341,876	$	26,900		$	716,413		$	210,734
Represented By:
	Aggregate Paid in Capital (2), (3)		$	295,842		$	19,834	$	1,296,618	$	29,232		$	771,661		$	206,026
	Undistributed Net Investment Income			433			10		1,100		—			13,635			1,833
	Undistributed Accumulated Net Realized Gain (Loss) on Investments			(27,354	)		3		4,389		(1,094	)		(15,812	)		(3,030	)
	Net Unrealized Appreciation (Depreciation) of:
		Investment Securities		22,236			1,156		39,514		(1,247	)		(53,109	)		5,705
		Index Futures Contracts		291			—		255		—			—			200
		Foreign Currency Transactions		—			—		—		9			38			—
	Net Assets for Shares Outstanding (2)		$	291,448		$	21,003	$	1,341,876	$	26,900		$	716,413		$	210,734
	Net Asset Value, Offering and Redemption Price per Share		$	1.79		$	1.02	$	2.82	$	0.91		$	1.26		$	1.12
(1) Investments, at cost			$	269,397		$	19,695	$	1,297,362	$	27,892		$	768,972		$	204,843
(2) Shares outstanding				163,226			20,692		475,353		29,680			567,291			187,863
(3) Shares authorized, $.01 par value				2,000,000			2,000,000		2,000,000		2,000,000			2,000,000			2,000,000

The Accompanying Notes are an Integral Part of the Financial Statements

88

			J.P. Morgan
			Select Growth
			and Income			Capital Guardian											High Yield
Growth Stock			Stock			Domestic Equity			Index 500 Stock		Asset Allocation			Balanced			Bond
Portfolio			Portfolio			Portfolio			Portfolio		Portfolio			Portfolio			Portfolio
$	705,795		$	549,306		$	40,627		$	1,821,699	$	41,845		$	2,995,419		$	144,262
	36			45			23			379		37			150			90
	528			314			126			1,140		100			1,371			95
	2,069			—			65			—		44			—			—
	516			839			63			1,791		227			19,219			3,441
	708,944			550,504			40,904			1,825,009		42,253			3,016,159			147,888
	11,325			1,294			136			—		2,047			—			48
	275			254			3			2,295		3			1,742			88
	247			262			20			601		14			765			63
	42			22			23			56		22			—			19
	477			—			—			182		51			2,515			—
	12,366			1,832			182			3,134		2,137			5,022			218
$	696,578		$	548,672		$	40,722		$	1,821,875	$	40,116		$	3,011,137		$	147,670
$	654,063		$	598,200		$	40,632		$	1,310,505	$	40,410		$	2,297,462		$	222,509
	7,118			4,120			3			21,311		2			105,732			196
	(53,135	)		(29,958	)		(183	)		32,490		(202	)		(22,305	)		(65,411	)
	88,196			(23,690	)		270			457,451		(125	)		629,161			(9,624	)
	336			—			—			118		31			1,087			—
	—			—			—			—		—			—			—
$	696,578		$	548,672		$	40,722		$	1,821,875	$	40,116		$	3,011,137		$	147,670
$	2.03		$	1.22		$	0.97		$	2.87	$	0.97		$	1.82		$	0.65
$	617,599		$	572,996		$	40,357		$	1,364,248	$	41,970		$	2,366,258		$	153,886
	343,684			449,929			41,805			633,769		41,275			1,654,619			227,642
	2,000,000			2,000,000			2,000,000			2,000,000		2,000,000			3,000,000			2,000,000

[Additional columns below]

[Continued from above table, first column(s) repeated]

Growth Stock			Select Bond			Money Market
Portfolio			Portfolio			Portfolio
$	705,795		$	400,647		$	459,453
	36			—			—
	528			399			795
	2,069			—			—
	516			5,054			865
	708,944			406,100			461,113
	11,325			8			18
	275			583			2,288
	247			103			118
	42			—			—
	477			—			—
	12,366			694			2,424
$	696,578		$	405,406		$	458,689
$	654,063		$	389,975		$	458,689
	7,118			21,476			—
	(53,135	)		(2,381	)		—
	88,196			(3,664	)		—
	336			—			—
	—			—			—
$	696,578		$	405,406		$	458,689
$	2.03		$	1.20		$	1.00
$	617,599		$	404,311		$	459,453
	343,684			336,953			458,689
	2,000,000			1,000,000			2,000,000

89

 Statements of Operations

Northwestern Mutual Series Fund, Inc.

For the Year Ended December 31, 2001

(in thousands)

																	Franklin
																	Templeton
					Small Cap			T. Rowe Price			Aggressive			International			International			Index 400
					Growth Stock			Small Cap Value			Growth Stock			Growth			Equity			Stock			Growth Stock
					Portfolio			Portfolio*			Portfolio			Portfolio*			Portfolio			Portfolio			Portfolio
Investment Income
	Income
		Interest			$	1,746		$	17		$	5,835		$	17		$	2,467		$	744		$	3,857
		Dividends (1)				231			84			2,537			103			17,934			1,625			6,255
				Total Income		1,977			101			8,372			120			20,401			2,369			10,112
	Expenses
		Management Fees				1,505			42			7,235			78			4,967			430			2,966
		Custodian Expenses				28			5			26			27			515			89			16
		Other Expenses				—			5			—			9			5			6			—
		Audit Fees				15			16			17			16			20			15			16
				Total Expenses		1,548			68			7,278			130			5,507			540			2,998
			Less Waived Fees:
				Paid by Affiliate		—			(18	)		—			(16	)		—			—			—
				Paid Indirectly		(4	)		(1	)		(6	)		—			—			(4	)		(4	)
				Total Net Expenses		1,544			49			7,272			114			5,507			536			2,994
	Net Investment Income					433			52			1,100			6			14,894			1,833			7,118
Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies
	Net Realized Gain (Loss) on:
		Investment Securities				(24,820	)		12			10,034			(1,077	)		(15,783	)		2,309			(39,043	)
		Index Futures Contracts				2,146			—			(1,126	)		—			—			(5,283	)		(10,857	)
		Foreign Currency Transactions				—			—			—			(33	)		(816	)		—			—
				Net Realized Gain (Loss) on Investments		(22,674	)		12			8,908			(1,110	)		(16,599	)		(2,974	)		(49,900	)
	Net Change in Unrealized Appreciation (Depreciation) of:
		Investment Securities				14,011			1,156			(346,340	)		(1,247	)		(107,389	)		2,084			(70,228	)
		Index Futures Contracts				(132	)		—			(2,468	)		—			—			172			581
		Foreign Currency Transactions				—			—			—			9			497			—			—
				Net Change in Unrealized Appreciation (Depreciation) of Investments		13,879			1,156			(348,808	)		(1,238	)		(106,892	)		2,256			(69,647	)
	Net Gain (Loss) on Investments					(8,795	)		1,168			(339,900	)		(2,348	)		(123,491	)		(718	)		(119,547	)
Net Increase (Decrease) in Net Assets Resulting from Operations					$	(8,362	)	$	1,220		$	(338,800	)	$	(2,342	)		(108,597	)	$	1,115		$	(112,429	)
	(1) Net of Foreign dividend tax				$	—		$	—		$	—		$	12		$	1,995		$	—		$	7

*  Commenced operations on 7/31/01.

The Accompanying Notes are an Integral Part of the Financial Statements

90

J.P. Morgan
Select Growth
and Income			Capital Guardian			Index 500
Stock			Domestic Equity			Stock			Asset Allocation			Balanced			High Yield Bond			Select Bond		Money Market
Portfolio			Portfolio*			Portfolio			Portfolio*			Portfolio			Portfolio			Portfolio		Portfolio
$	592		$	38		$	754		$	321		$	106,646		$	15,334		$	22,648	$	17,144
	6,693			227			24,426			62			18,188			1,083			—		—
	7,285			265			25,180			383			124,834			16,417			22,648		17,144
	3,128			83			3,765			79			9,258			747			1,053		1,266
	20			7			82			16			—			18			—		—
	4			8			9			9			—			6			—		—
	16			16			17			16			—			19			—		—
	3,168			114			3,873			120			9,258			790			1,053		1,266
	—			(20	)		—			(23	)		—			—			—		—
	(3	)		—			(4	)		—			—			(2	)		—		—
	3,165			94			3,869			97			9,258			788			1,053		1,266
	4,120			171			21,311			286			115,576			15,629			21,595		15,878
	(19,827	)		(183	)		33,269			(356	)		32,806			(19,780	)		5,570		—
	—			—			(450	)		154			(44,054	)		—			4,512		—
	—			—			—			—			—			—			—		—
	(19,827	)		(183	)		32,819			(202	)		(11,248	)		(19,780	)		10,082		—
	(30,330	)		270			(303,181	)		(125	)		(209,330	)		10,959			1,598		—
	—			—			907			31			1,563			—			56		—
	—			—			—			—			—			—			—		—
	(30,330	)		270			(302,274	)		(94	)		(207,767	)		10,959			1,654		—
	(50,157	)		87			(269,455	)		(296	)		(219,015	)		(8,821	)		11,736		—
$	(46,037	)	$	258		$	(248,144	)	$	(10	)	$	(103,439	)	$	6,808		$	33,331	$	15,878
$	7		$	1		$	121		$	2		$	91		$	—		$	—	$	—

91

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Small Cap Growth Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	433		$	349
		Net Realized Loss on Investments			(22,674	)		(4,090	)
		Net Change in Unrealized Appreciation (Depreciation) of Investments for the Period			13,879			(5,252	)
			Net Decrease in Net Assets Resulting from Operations		(8,362	)		(8,993	)
	Distributions to Shareholders from:
		Net Investment Income			(19	)		(330	)
		Net Realized Gain on Investments			(5	)		(4,666	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(24	)		(4,996	)
	Fund Share Transactions
		Proceeds from Sale of 45,505 and 110,714 Shares			78,169			222,618
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (13 and 2,632 shares, respectively)			24			4,996
		Payments for 17,164 and 18,323 Shares Redeemed			(28,673	)		(34,794	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (28,354 and 95,023 shares, respectively)		49,520			192,820
	Total Increase in Net Assets				41,134			178,831
Net Assets
		Beginning of Period			250,314			71,483
		End of Period (Includes undistributed net investment income of $433 and $19, respectively)		$	291,448		$	250,314

				For the Period
				July 31, 2001**
				through
				December 31,
T. Rowe Price Small Cap Value Portfolio				2001
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	52
		Net Realized Gain on Investments			12
		Net Change in Unrealized Appreciation of Investments for the Period			1,156
			Net Increase in Net Assets Resulting from Operations		1,220
	Distributions to Shareholders from:
		Net Investment Income			(51	)
		Net Realized Gain on Investments			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(51	)
	Fund Share Transactions
		Proceeds from Sale of 22,033 Shares			21,131
		Proceeds from Shares Issued on Reinvestment of Distributions Paid of 50 shares			51
		Payments for 1,391 Shares Redeemed			(1,348	)
			Net Increase in Net Assets Resulting from Fund Share Transactions of 20,692 shares		19,834
	Total Increase in Net Assets				21,003
Net Assets
		Beginning of Period			—
		End of Period (Includes undistributed net investment income of $10)		$	21,003

**  Portfolio commenced operations July 31, 2001.

The Accompanying Notes are an Integral Part of the Financial Statements

92

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Aggressive Growth Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	1,100		$	1,517
		Net Realized Gain on Investments			8,908			310,647
		Net Change in Unrealized Depreciation of Investments for the Period			(348,808	)		(224,154	)
			Net Increase (Decrease) in Net Assets Resulting from Operations		(338,800	)		88,010
	Distributions to Shareholders from:
		Net Investment Income			(1,517	)		—
		Net Realized Gain on Investments			(310,659	)		(203,984	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(312,176	)		(203,984	)
	Fund Share Transactions
		Proceeds from Sale of 86,780 and 178,227 Shares			305,560			890,503
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (101,785 and 45,880 shares, respectively)			312,176			203,984
		Payments for 92,520 and 153,808 Shares Redeemed			(320,897	)		(767,811	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (96,045 and 70,299 shares, respectively)		296,839			326,676
	Total Increase (Decrease) in Net Assets				(354,137	)		210,702
Net Assets
		Beginning of Period			1,696,013			1,485,311
		End of Period (Includes undistributed net investment income of $1,100 and $1,517, respectively)		$	1,341,876		$	1,696,013

				For the Period
				July 31, 2001**
				through
				December 31,
International Growth Portfolio				2001
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	6
		Net Realized Loss on Investments			(1,110	)
		Net Change in Unrealized Depreciation of Investments for the Period			(1,238	)
			Net Decrease in Net Assets Resulting from Operations		(2,342	)
	Distributions to Shareholders from:
		Net Investment Income			—
		Net Realized Gain on Investments			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		—
	Fund Share Transactions
		Proceeds from Sale of 29,730 Shares			29,286
		Proceeds from Shares Issued on Reinvestment of Distributions Paid of 0 Shares			—
		Payments for 50 Shares Redeemed			(44	)
			Net Increase in Net Assets Resulting from Fund Share Transactions of 29,680 Shares		29,242
	Total Increase in Net Assets				26,900
Net Assets
		Beginning of Period			—
		End of Period (Includes undistributed net investment income of $0)		$	26,900

**  Portfolio commenced operations July 31, 2001.

The Accompanying Notes are an Integral Part of the Financial Statements

93

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Franklin Templeton International Equity Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	14,894		$	14,106
		Net Realized Gain (Loss) on Investments			(16,599	)		66,384
		Net Change in Unrealized Depreciation of Investments for the Period			(106,892	)		(78,157	)
			Net Decrease in Net Assets Resulting from Operations		(108,597	)		2,333
	Distributions to Shareholders from:
		Net Investment Income			(13,356	)		(16,173	)
		Net Realized Gain on Investments			(67,555	)		(41,802	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(80,911	)		(57,975	)
	Fund Share Transactions
		Proceeds from Sale of 897,043 and 842,807 Shares			1,261,855			1,389,357
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (57,917 and 37,092 shares, respectively)			80,911			57,975
		Payments for 883,476 and 817,728 Shares Redeemed			(1,246,462	)		(1,354,243	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (71,484 and 62,171 shares, respectively)		96,304			93,089
	Total Increase (Decrease) in Net Assets				(93,204	)		37,447
Net Assets
		Beginning of Period			809,617			772,170
		End of Period (Includes undistributed net investment income of $13,635 and $12,912, respectively)		$	716,413		$	809,617

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Index 400 Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	1,833		$	1,888
		Net Realized Gain (Loss) on Investments			(2,974	)		14,347
		Net Change in Unrealized Appreciation (Depreciation) of Investments for the Period			2,256			(333	)
			Net Increase in Net Assets Resulting from Operations		1,115			15,902
	Distributions to Shareholders from:
		Net Investment Income			(21	)		(1,867	)
		Net Realized Gain on Investments			(2,155	)		(13,495	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(2,176	)		(15,362	)
	Fund Share Transactions
		Proceeds from Sale of 77,185 and 80,621 Shares			84,032			99,261
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (1,962 and 14,227 shares, respectively)			2,176			15,362
		Payments for 11,583 and 28,116 Shares Redeemed			(12,029	)		(37,191	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (67,564 and 66,732 shares, respectively)		74,179			77,432
	Total Increase in Net Assets				73,118			77,972
Net Assets
		Beginning of Period			137,616			59,644
		End of Period (Includes undistributed net investment income of $1,833 and $21, respectively)		$	210,734		$	137,616

The Accompanying Notes are an Integral Part of the Financial Statements

94

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Growth Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	7,118		$	8,419
		Net Realized Gain (Loss) on Investments			(49,900	)		25,170
		Net Change in Unrealized Depreciation of Investments for the Period			(69,647	)		(55,596	)
			Net Decrease in Net Assets Resulting from Operations		(112,429	)		(22,007	)
	Distributions to Shareholders from:
		Net Investment Income			(5,419	)		(4,365	)
		Net Realized Gain on Investments			(25,531	)		(30,683	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(30,950	)		(35,048	)
	Fund Share Transactions
		Proceeds from Sale of 37,823 and 53,298 Shares			81,112			140,509
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (14,152 and 13,623 shares, respectively)			30,950			35,048
		Payments for 20,655 and 9,117 Shares Redeemed			(42,921	)		(23,820	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (31,320 and 57,804 shares, respectively)		69,141			151,737
	Total Increase (Decrease) in Net Assets				(74,238	)		94,682
Net Assets
		Beginning of Period			770,816			676,134
		End of Period (Includes undistributed net investment income of $7,118 and $5,419, respectively)		$	696,578		$	770,816

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
J.P. Morgan Select Growth & Income Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	4,120		$	4,262
		Net Realized Gain (Loss) on Investments			(19,827	)		9,404
		Net Change in Unrealized Depreciation of Investments for the Period			(30,330	)		(57,201	)
			Net Decrease in Net Assets Resulting from Operations		(46,037	)		(43,535	)
	Distributions to Shareholders from:
		Net Investment Income			(4,262	)		(4,979	)
		Net Realized Gain on Investments			(15,376	)		(30,759	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(19,638	)		(35,738	)
	Fund Share Transactions
		Proceeds from Sale of 39,693 and 23,840 Shares			49,815			35,146
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (15,282 and 24,732 shares, respectively)			19,638			35,738
		Payments for 28,597 and 48,882 Shares Redeemed			(35,087	)		(73,182	)
			Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions (26,378 and (310) shares, respectively)		34,366			(2,298	)
	Total Decrease in Net Assets				(31,309	)		(81,571	)
Net Assets
		Beginning of Period			579,981			661,552
		End of Period (Includes undistributed net investment income of $4,120 and $4,262, respectively)		$	548,672		$	579,981

The Accompanying Notes are an Integral Part of the Financial Statements

95

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the Period
				July 31, 2001**
				through
				December 31,
Capital Guardian Domestic Equity Portfolio				2001
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	171
		Net Realized Loss on Investments			(183	)
		Net Change in Unrealized Appreciation of Investments for the Period			270
			Net Increase in Net Assets Resulting from Operations		258
	Distributions to Shareholders from:
		Net Investment Income			(168	)
		Net Realized Gain on Investments			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(168	)
	Fund Share Transactions
		Proceeds from Sale of 42,542 Shares			41,341
		Proceeds from Shares Issued on Reinvestment of Distributions Paid of 174 shares			168
		Payments for 911 Shares Redeemed			(877	)
			Net Increase in Net Assets Resulting from Fund Share Transactions of 41,805 shares		40,632
	Total Increase in Net Assets				40,722
Net Assets
		Beginning of Period			—
		End of Period (Includes undistributed net investment income of $3)		$	40,722

**  Portfolio commenced operations July 31, 2001.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Index 500 Stock Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	21,311		$	24,105
		Net Realized Gain on Investments			32,819			60,105
		Net Change in Unrealized Depreciation of Investments for the Period			(302,274	)		(283,247	)
			Net Decrease in Net Assets Resulting from Operations		(248,144	)		(199,037	)
	Distributions to Shareholders from:
		Net Investment Income			(24,105	)		(22,921	)
		Net Realized Gain on Investments			(59,088	)		(65,358	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(83,193	)		(88,279	)
	Fund Share Transactions
		Proceeds from Sale of 47,523 and 39,698 Shares			142,837			147,411
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (26,836 and 24,022 shares, respectively)			83,193			88,279
		Payments for 49,022 and 39,762 Shares Redeemed			(145,755	)		(147,393	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (25,337 and 23,958 shares, respectively)		80,275			88,297
	Total Decrease in Net Assets				(251,062	)		(199,019	)
Net Assets
		Beginning of Period			2,072,937			2,271,956
		End of Period (Includes undistributed net investment income of $21,311 and $24,105, respectively)		$	1,821,875		$	2,072,937

The Accompanying Notes are an Integral Part of the Financial Statements

96

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the Period
				July 31, 2001**
				through
				December 31,
Asset Allocation Portfolio				2001
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	286
		Net Realized Loss on Investments			(202	)
		Net Change in Unrealized Depreciation of Investments for the Period			(94	)
			Net Decrease in Net Assets Resulting from Operations		(10	)
	Distributions to Shareholders from:
		Net Investment Income			(284	)
		Net Realized Gain on Investments			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(284	)
	Fund Share Transactions
		Proceeds from Sale of 41,212 Shares			40,347
		Proceeds from Shares Issued on Reinvestment of Distributions Paid of 292 shares			284
		Payments for 229 Shares Redeemed			(221	)
			Net Increase in Net Assets Resulting from Fund Share Transactions of 41,275 shares		40,410
	Total Increase in Net Assets				40,116
Net Assets
		Beginning of Period			—
		End of Period (Includes undistributed net investment income of $2)		$	40,116

** Portfolio commenced operations July 31, 2001.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Balanced Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	115,576		$	118,443
		Net Realized Gain (Loss) on Investments			(11,248	)		108,200
		Net Change in Unrealized Depreciation of Investments for the Period			(207,767	)		(230,492	)
			Net Decrease in Net Assets Resulting from Operations		(103,439	)		(3,849	)
	Distributions to Shareholders from:
		Net Investment Income			(127,987	)		(114,893	)
		Net Realized Gain on Investments			(112,544	)		(167,534	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(240,531	)		(282,427	)
	Fund Share Transactions
		Proceeds from Sale of 44,213 and 17,894 Shares			82,145			37,754
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (129,457 and 139,058 shares, respectively)			240,531			282,427
		Payments for 118,592 and 158,895 Shares Redeemed			(220,768	)		(338,606	)
			Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions (55,078 and (1,943) shares, respectively)		101,908			(18,425	)
	Total Decrease in Net Assets				(242,062	)		(304,701	)
Net Assets
		Beginning of Period			3,253,199			3,557,900
		End of Period (Includes undistributed net investment income of $105,732 and $117,944, respectively)		$	3,011,137		$	3,253,199

The Accompanying Notes are an Integral Part of the Financial Statements

97

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
High Yield Bond Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	15,629		$	16,296
		Net Realized Loss on Investments			(19,780	)		(15,781	)
		Net Change in Unrealized Appreciation (Depreciation) of Investments for the Period			10,959			(7,398	)
			Net Increase (Decrease) in Net Assets Resulting from Operations		6,808			(6,883	)
	Distributions to Shareholders from:
		Net Investment Income			(15,601	)		(16,401	)
		Net Realized Gain on Investments			—			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(15,601	)		(16,401	)
	Fund Share Transactions
		Proceeds from Sale of 35,236 and 12,332 Shares			25,721			9,921
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (24,080 and 23,819 shares, respectively)			15,601			16,401
		Payments for 31,719 and 32,449 Shares Redeemed			(23,066	)		(26,255	)
			Net Increase in Net Assets Resulting from Fund Share Transactions (27,597 and 3,702 shares, respectively)		18,256			67
	Total Increase (Decrease) in Net Assets				9,463			(23,217	)
Net Assets
		Beginning of Period			138,207			161,424
		End of Period (Includes undistributed net investment income of $196 and $168, respectively)		$	147,670		$	138,207

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Select Bond Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	21,595		$	19,180
		Net Realized Gain (Loss) on Investments			10,082			(5,024	)
		Net Change in Unrealized Appreciation of Investments for the Period			1,654			13,071
			Net Increase in Net Assets Resulting from Operations		33,331			27,227
	Distributions to Shareholders from:
		Net Investment Income			(19,294	)		(19,349	)
		Net Realized Gain on Investments			—			—
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(19,294	)		(19,349	)
	Fund Share Transactions
		Proceeds from Sale of 87,848 and 19,112 Shares			104,150			21,374
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (16,955 and 18,463 shares, respectively)			19,294			19,349
		Payments for 20,005 and 38,678 Shares Redeemed			(23,753	)		(43,416	)
			Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions (84,798 and (1,103) shares, respectively)		99,691			(2,693	)
	Total Increase in Net Assets				113,728			5,185
Net Assets
		Beginning of Period			291,678			286,493
		End of Period (Includes undistributed net investment income of $21,476 and $18,919, respectively)		$	405,406		$	291,678

The Accompanying Notes are an Integral Part of the Financial Statements

98

 Statements of Changes in Net Assets

Northwestern Mutual Series Fund, Inc.

				For the			For the
				Year Ended			Year Ended
				December 31,			December 31,
Money Market Portfolio				2001			2000
				(In thousands)
Increase in Net Assets
	Operations
		Net Investment Income		$	15,878		$	22,612
			Net Increase in Net Assets Resulting from Operations		15,878			22,612
	Distributions to Shareholders from:
		Net Investment Income			(15,878	)		(22,612	)
			Net Decrease in Net Assets Resulting from Distributions to Shareholders		(15,878	)		(22,612	)
	Fund Share Transactions
		Proceeds from Sale of 1,720,066 and 2,096,168 Shares			1,720,084			2,096,166
		Proceeds from Shares Issued on Reinvestment of Distributions Paid (15,879 and 22,612 shares, respectively)			15,879			22,612
		Payments for 1,661,729 and 2,138,607 Shares Redeemed			(1,661,729	)		(2,138,607	)
			Net Increase (Decrease) in Net Assets Resulting from Fund Share Transactions (74,216 and (19,827) shares, respectively)		74,234			(19,829	)
	Total Increase (Decrease) in Net Assets				74,234			(19,829	)
Net Assets
		Beginning of Period			384,455			404,284
		End of Period (No undistributed net investment income)		$	458,689		$	384,455

The Accompanying Notes are an Integral Part of the Financial Statements

99

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

										For the Period
										April 30,
				For the Year Ended						1999*
Small Cap Growth Stock Portfolio				December 31,						through
										December 31,
(For a share outstanding throughout the period)				2001			2000			1999
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.86		$	1.79		$	1.00
	Income from Investment Operations:
		Net Investment Income			—			—			—
		Net Realized and Unrealized Gains (Losses) on Investments			(0.07	)		0.13			0.85
			Total from Investment Operations		(0.07	)		0.13			0.85
	Less Distributions:
		Distributions from Net Investment Income			—			—			—
		Distributions from Realized Gains on Investments			—			(0.06	)		(0.06	)
			Total Distributions		—			(0.06	)		(0.06	)
Net Asset Value, End of Period				$	1.79		$	1.86		$	1.79
Total Return†					(3.76%	)		6.71%			86.09%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	291,448		$	250,314		$	71,483
Ratio of Gross Expenses to Average Net Assets					0.60%			0.67%			1.03%	***
Ratio of Net Expenses to Average Net Assets					0.60%			0.67%			1.00%	***
Ratio of Net Investment Income (Loss) to Average Net Assets					0.17%			0.19%			(0.07%	)***
Portfolio Turnover Rate					70.58%			86.13%			70.72%

				For the
				Period
				July 31, 2001**
T. Rowe Price Small Cap Value Portfolio				through
				December 31,
(For a share outstanding throughout the period)				2001
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.00
	Income from Investment Operations:
		Net Investment Income			—
		Net Realized and Unrealized Gains on Investments			0.02
			Total from Investment Operations		0.02
	Less Distributions:
		Distributions from Net Investment Income			—
		Distributions from Realized Gains on Investments			—
			Total Distributions		—
Net Asset Value, End of Period				$	1.02
Total Return†					1.76%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	21,003
Ratio of Gross Expenses to Average Net Assets					1.36%	***
Ratio of Net Expenses to Average Net Assets					1.00%	***
Ratio of Net Investment Income to Average Net Assets					1.03%	***
Portfolio Turnover Rate					49.70%

*	Portfolio commenced operations April 30, 1999.
**	Portfolio commenced operations July 31, 2001.
***	Computed on an annualized basis.

  †  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees, not annualized for periods less than one year.

The Accompanying Notes are an Integral Part of the Financial Statements.

100

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

Aggressive Growth Stock Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	4.47		$	4.81		$	3.46		$	3.34		$	3.15
	Income from Investment Operations:
		Net Investment Income			—			—			—			—			—
		Net Realized and Unrealized Gains (Losses) on Investments			(0.83	)		0.29			1.48			0.24			0.39
			Total from Investment Operations		(0.83	)		0.29			1.48			0.24			0.39
	Less Distributions:
		Distributions from Net Investment Income			—			—			—			—			—
		Distributions from Realized Gains on Investments			(0.82	)		(0.63	)		(0.13	)		(0.12	)		(0.20	)
			Total Distributions		(0.82	)		(0.63	)		(0.13	)		(0.12	)		(0.20	)
Net Asset Value, End of Period				$	2.82		$	4.47		$	4.81		$	3.46		$	3.34
Total Return†					(19.87%	)		6.18%			43.78%			7.56%			13.86%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	1,341,876		$	1,696,013		$	1,485,311		$	1,137,466		$	1,067,068
Ratio of Expenses to Average Net Assets					0.52%			0.52%			0.51%			0.52%			0.53%
Ratio of Net Investment Income (Loss) to Average Net Assets					0.08%			0.09%			(0.02%	)		0.04%			0.06%
Portfolio Turnover Rate					70.40%			63.18%			68.64%			50.43%			57.27%

				For the
				Period
				July 31,
				2001**
International Growth Portfolio				through
				December 31,
(For a share outstanding throughout the period)				2001
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.00
	Income from Investment Operations:
		Net Investment Income			—
		Net Realized and Unrealized Gains on Investments			(0.09	)
			Total from Investment Operations		(0.09	)
	Less Distributions:
		Distributions from Net Investment Income			—
		Distributions from Realized Gains on Investments			—
			Total Distributions		—
Net Asset Value, End of Period				$	0.91
Total Return†					(9.40%	)
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	26,900
Ratio of Gross Expenses to Average Net Assets					1.25%	***
Ratio of Net Expenses to Average Net Assets					1.10%	***
Ratio of Net Investment Income to Average Net Assets					0.05%	***
Portfolio Turnover Rate					18.45%

**	Portfolio commenced operations July 31, 2001.
***	Computed on an annualized basis.

  †  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees, not annualized for periods less than one year.

The Accompanying Notes are an Integral Part of the Financial Statements.

101

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

Franklin Templeton International Equity Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.63		$	1.78		$	1.68		$	1.69		$	1.56
	Income from Investment Operations:
		Net Investment Income			0.02			0.02			0.03			0.05			0.04
		Net Realized and Unrealized Gains on Investments			(0.23	)		(0.04	)		0.33			0.04			0.15
			Total from Investment Operations		(0.21	)		(0.02	)		0.36			0.09			0.19
	Less Distributions:
		Distributions from Net Investment Income			(0.03	)		(0.04	)		(0.05	)		(0.04	)		(0.04	)
		Distributions from Realized Gains on Investments			(0.13	)		(0.09	)		(0.21	)		(0.06	)		(0.02	)
			Total Distributions		(0.16	)		(0.13	)		(0.26	)		(0.10	)		(0.06	)
Net Asset Value, End of Period				$	1.26		$	1.63		$	1.78		$	1.68		$	1.69
Total Return†					(14.00%	)		(0.79%	)		22.88%			4.82%			12.28%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	716,413		$	809,617		$	772,170		$	671,106		$	659,850
Ratio of Expenses to Average Net Assets					0.74%			0.73%			0.74%			0.76%			0.77%
Ratio of Net Investment Income to Average Net Assets					1.99%			1.77%			2.62%			3.38%			2.75%
Portfolio Turnover Rate					34.52%			26.95%			38.37%			30.41%			16.74%

										For the Period
										April 30,
				For the Year Ended						1999*
Index 400 Stock Portfolio				December 31,						through
										December 31,
(For a share outstanding throughout the period)				2001			2000			1999
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.14		$	1.11		$	1.00
	Income from Investment Operations:
		Net Investment Income			—			0.01			0.01
		Net Realized and Unrealized Gains (Losses) on Investments			(0.01	)		0.16			0.12
			Total from Investment Operations		(0.01	)		0.18			0.13
	Less Distributions:
		Distributions from Net Investment Income			—			(0.02	)		(0.01	)
		Distributions from Realized Gains on Investments			(0.01	)		(0.13	)		(0.01	)
			Total Distributions		(0.01	)		(0.15	)		(0.02	)
Net Asset Value, End of Period				$	1.12		$	1.14		$	1.11
Total Return†					(0.65%	)		17.21%			12.83%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	210,734		$	137,616		$	59,644
Ratio of Gross Expenses to Average Net Assets					0.31%			0.32%			0.46%	***
Ratio of Net Expenses to Average Net Assets					0.31%			0.32%			0.35%	***
Ratio of Net Investment Income to Average Net Assets					1.06%			1.71%			1.69%	***
Portfolio Turnover Rate					19.06%			54.60%			26.51%

*	Portfolio commenced operations April 30, 1999.
***	Computed on an annualized basis.

  †  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees, not annualized for periods less than one year.

The Accompanying Notes are an Integral Part of the Financial Statements.

102

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

Growth Stock Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	2.47		$	2.66		$	2.25		$	1.81		$	1.46
	Income from Investment Operations:
		Net Investment Income			0.02			0.03			0.03			0.02			0.02
		Net Realized and Unrealized Gains (Losses) on Investments			(0.36	)		(0.09	)		0.47			0.46			0.42
			Total from Investment Operations		(0.34	)		(0.06	)		0.50			0.48			0.44
	Less Distributions:
		Distributions from Net Investment Income			(0.02	)		(0.02	)		(0.03	)		(0.02	)		(0.02	)
		Distributions from Realized Gains on Investments			(0.08	)		(0.11	)		(0.06	)		(0.02	)		(0.07	)
			Total Distributions		(0.10	)		(0.13	)		(0.09	)		(0.04	)		(0.09	)
Net Asset Value, End of Period				$	2.03		$	2.47		$	2.66		$	2.25		$	1.81
Total Return†					(14.22%	)		(2.49%	)		22.50%			26.69%			29.85%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	696,578		$	770,816		$	676,134		$	421,282		$	243,071
Ratio of Expenses to Average Net Assets					0.43%			0.43%			0.43%			0.46%			0.49%
Ratio of Net Investment Income to Average Net Assets					1.01%			1.12%			1.22%			1.10%			1.24%
Portfolio Turnover Rate					27.98%			28.01%			27.26%			21.64%			33.20%

J.P. Morgan Select Growth & Income Stock Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.37		$	1.56		$	1.62		$	1.33		$	1.32
	Income from Investment Operations:
		Net Investment Income			0.01			0.01			0.01			0.01			0.01
		Net Realized and Unrealized Gains (Losses) on Investments			(0.11	)		(0.11	)		0.12			0.29			0.37
			Total from Investment Operations		(0.10	)		(0.10	)		0.13			0.30			0.38
	Less Distributions:
		Distributions from Net Investment Income			(0.01	)		(0.01	)		—			(0.01	)		(0.01	)
		Distributions from Realized Gains on Investments			(0.04	)		(0.08	)		(0.19	)		—			(0.36	)
			Total Distributions		(0.05	)		(0.09	)		(0.19	)		(0.01	)		(0.37	)
Net Asset Value, End of Period				$	1.22		$	1.37		$	1.56		$	1.62		$	1.33
Total Return†					(7.77%	)		(6.97%	)		7.47%			23.14%			30.03%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	548,672		$	579,981		$	661,552		$	570,970		$	371,935
Ratio of Expenses to Average Net Assets					0.58%			0.57%			0.57%			0.58%			0.60%
Ratio of Net Investment Income to Average Net Assets					0.75%			0.68%			0.80%			1.00%			1.04%
Portfolio Turnover Rate					44.37%			47.67%			106.93%			160.40%			144.52%

†  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees.

The Accompanying Notes are an Integral Part of the Financial Statements.

103

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

				For the
				Period
				July 31, 2001**
Capital Guardian Domestic Equity Portfolio				through
				December 31,
(For a share outstanding throughout the period)				2001
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.00
	Income from Investment Operations:
		Net Investment Income			—
		Net Realized and Unrealized Gains on Investments			(0.03	)
			Total from Investment Operations		(0.03	)
	Less Distributions:
		Distributions from Net Investment Income			—
		Distributions from Realized Gains on Investments			—
			Total Distributions		—
Net Asset Value, End of Period				$	0.97
Total Return†					(2.19%	)
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	40,722
Ratio of Gross Expenses to Average Net Assets					0.90%	***
Ratio of Net Expenses to Average Net Assets					0.75%	***
Ratio of Net Investment Income to Average Net Assets					1.32%	***
Portfolio Turnover Rate					18.98%

Index 500 Stock Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	3.41		$	3.89		$	3.29		$	2.64		$	2.06
	Income from Investment Operations:
		Net Investment Income			0.03			0.04			0.04			0.04			0.04
		Net Realized and Unrealized Gains (Losses) on Investments			(0.43	)		(0.37	)		0.64			0.71			0.62
			Total from Investment Operations		(0.40	)		(0.33	)		0.68			0.75			0.66
	Less Distributions:
		Distributions from Net Investment Income			(0.04	)		(0.04	)		(0.03	)		(0.04	)		(0.04	)
		Distributions from Realized Gains on Investments			(0.10	)		(0.11	)		(0.05	)		(0.06	)		(0.04	)
			Total Distributions		(0.14	)		(0.15	)		(0.08	)		(0.10	)		(0.08	)
Net Asset Value, End of Period				$	2.87		$	3.41		$	3.89		$	3.29		$	2.64
Total Return†					(11.88%	)		(8.75%	)		20.91%			28.72%			33.20%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	1,821,875		$	2,072,937		$	2,271,956		$	1,690,680		$	1,152,857
Ratio of Expenses to Average Net Assets					0.21%			0.20%			0.20%			0.21%			0.21%
Ratio of Net Investment Income to Average Net Assets					1.13%			1.08%			1.16%			1.40%			1.86%
Portfolio Turnover Rate					2.92%			6.47%			5.65%			3.03%			3.15%

**	Portfolio commenced operations July 31, 2001.
***	Computed on an annualized basis.

  †  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees, not annualized for periods less than one year.

The Accompanying Notes are an Integral Part of the Financial Statements.

104

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

				For the
				Period
				July 31, 2001**
Asset Allocation Portfolio				through
				December 31,
(For a share outstanding throughout the period)				2001
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.00
	Income from Investment Operations:
		Net Investment Income			0.01
		Net Realized and Unrealized Gains on Investments			(0.03	)
			Total from Investment Operations		(0.02	)
	Less Distributions:
		Distributions from Net Investment Income			(0.01	)
		Distributions from Realized Gains on Investments			—
			Total Distributions		(0.01	)
Net Asset Value, End of Period				$	0.97
Total Return†					(2.10%	)
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	40,116
Ratio of Gross Expenses to Average Net Assets					0.92%	***
Ratio of Net Expenses to Average Net Assets					0.75%	***
Ratio of Net Investment Income to Average Net Assets					2.19%	***
Portfolio Turnover Rate					55.88%

Balanced Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	2.03		$	2.22		$	2.22		$	1.99		$	1.72
	Income from Investment Operations:
		Net Investment Income			0.08			0.08			0.07			0.07			0.07
		Net Realized and Unrealized Gains (Losses) on Investments			(0.13	)		(0.09	)		0.17			0.29			0.28
			Total from Investment Operations		(0.05	)		(0.01	)		0.24			0.36			0.35
	Less Distributions:
		Distributions from Net Investment Income			(0.08	)		(0.07	)		(0.07	)		(0.07	)		(0.06	)
		Distributions from Realized Gains on Investments			(0.08	)		(0.11	)		(0.17	)		(0.06	)		(0.02	)
			Total Distributions		(0.16	)		(0.18	)		(0.24	)		(0.13	)		(0.08	)
Net Asset Value, End of Period				$	1.82		$	2.03		$	2.22		$	2.22		$	1.99
Total Return†					(3.15%	)		(0.17%	)		11.18%			18.88%			21.52%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	3,011,137		$	3,253,199		$	3,557,900		$	3,282,071		$	2,788,494
Ratio of Expenses to Average Net Assets					0.30%			0.30%			0.30%			0.30%			0.30%
Ratio of Net Investment Income to Average Net Assets					3.75%			3.47%			3.36%			3.48%			3.70%
Portfolio Turnover Rate					50.37%			24.36%			27.16%			44.18%			29.94%

**	Portfolio commenced operations July 31, 2001.
***	Computed on an annualized basis.

  †  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees, not annualized for periods less than one year.

The Accompanying Notes are an Integral Part of the Financial Statements.

105

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

High Yield Bond Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	0.69		$	0.82		$	0.94		$	1.06		$	1.10
	Income from Investment Operations:
		Net Investment Income			0.08			0.09			0.11			0.10			0.11
		Net Realized and Unrealized Gains (Losses) on Investments			(0.04	)		(0.13	)		(0.12	)		(0.12	)		0.06
			Total from Investment Operations		0.04			(0.04	)		(0.01	)		(0.02	)		0.17
	Less Distributions:
		Distributions from Net Investment Income			(0.08	)		(0.09	)		(0.11	)		(0.10	)		(0.14	)
		Distributions from Realized Gains on Investments			—			—			—			—			(0.07	)
			Total Distributions		(0.08	)		(0.09	)		(0.11	)		(0.10	)		(0.21	)
Net Asset Value, End of Period				$	0.65		$	0.69		$	0.82		$	0.94		$	1.06
Total Return†					5.03%			(4.60%	)		(0.44%	)		(1.84%	)		15.85%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	147,670		$	138,207		$	161,424		$	184,782		$	153,038
Ratio of Gross Expenses to Average Net Assets					0.53%			0.53%			0.50%			0.50%			0.55%
Ratio of Net Expenses to Average Net Assets					0.53%			0.52%			0.50%			0.50%			0.55%
Ratio of Net Investment Income to Average Net Assets					10.48%			10.90%			11.15%			10.85%			9.95%
Portfolio Turnover Rate					96.41%			124.91%			139.87%			153.71%			129.49%

Select Bond Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.16		$	1.13		$	1.25		$	1.26		$	1.22
	Income from Investment Operations:
		Net Investment Income			0.06			0.08			0.08			0.08			0.08
		Net Realized and Unrealized Gains (Losses) on Investments			0.05			0.03			(0.09	)		—			0.04
			Total from Investment Operations		0.11			0.11			(0.01	)		0.08			0.12
	Less Distributions:
		Distributions from Net Investment Income			(0.07	)		(0.08	)		(0.08	)		(0.08	)		(0.08	)
		Distributions from Realized Gains on Investments			—			—			(0.03	)		(0.01	)		—
			Total Distributions		(0.07	)		(0.08	)		(0.11	)		(0.09	)		(0.08	)
Net Asset Value, End of Period				$	1.20		$	1.16		$	1.13		$	1.25		$	1.26
Total Return†					10.37%			10.21%			(1.00%	)		7.07%			9.46%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	405,406		$	291,678		$	286,493		$	298,034		$	244,835
Ratio of Expenses to Average Net Assets					0.30%			0.30%			0.30%			0.30%			0.30%
Ratio of Net Investment Income to Average Net Assets					6.15%			6.84%			6.56%			6.87%			7.03%
Portfolio Turnover Rate					151.27%			139.89%			76.65%			161.79%			184.93%

†  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees.

The Accompanying Notes are an Integral Part of the Financial Statements.

106

 Financial Highlights

Northwestern Mutual Series Fund, Inc.

Money Market Portfolio				For the Year Ended December 31,
(For a share outstanding throughout the period)				2001			2000			1999			1998			1997
Selected Per Share Data
Net Asset Value, Beginning of Period				$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
	Income from Investment Operations:
		Net Investment Income			0.04			0.06			0.05			0.05			0.05
			Total from Investment Operations		0.04			0.06			0.05			0.05			0.05
	Less Distributions:
		Distributions from Net Investment Income			(0.04	)		(0.06	)		(0.05	)		(0.05	)		(0.05	)
			Total Distributions		(0.04	)		(0.06	)		(0.05	)		(0.05	)		(0.05	)
Net Asset Value, End of Period				$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return†					3.91%			6.28%			5.10%			5.43%			5.47%
Ratios and Supplemental Data
Net Assets, End of Period (in thousands)				$	458,689		$	384,455		$	404,284		$	291,464		$	194,470
Ratio of Expenses to Average Net Assets					0.30%			0.30%			0.30%			0.30%			0.30%
Ratio of Net Investment Income to Average Net Assets					3.76%			6.08%			4.99%			5.26%			5.33%

†  Total Return includes deductions for management and other fund expenses; excludes deductions for sales loads and account fees.

The Accompanying Notes are an Integral Part of the Financial Statements.

107

 Notes to Financial Statements

Northwestern Mutual Series Fund, Inc.

Notes to Financial Statements

December 31, 2001

Note 1 — Northwestern Mutual Series Fund, Inc. (the “Series Fund”), is registered as a diversified open-end investment company under the Investment Company Act of 1940. The Series Fund consists of the Small Cap Growth Stock Portfolio, T. Rowe Price Small Cap Value Portfolio, Aggressive Growth Stock Portfolio, International Growth Stock Portfolio, Franklin Templeton International Equity Portfolio, Index 400 Stock Portfolio, Growth Stock Portfolio, J.P. Morgan Select Growth & Income Stock Portfolio, Capital Guardian Domestic Equity Portfolio, Index 500 Stock Portfolio, Asset Allocation Portfolio, Balanced Portfolio, High Yield Bond Portfolio, Select Bond Portfolio and the Money Market Portfolio (the “Portfolios”). Shares are presently offered only to The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) and its segregated asset accounts.

On July 31, 2001, four new portfolios commenced operations in the Series Fund: T. Rowe Price Small Cap Value Portfolio, International Growth Stock Portfolio, Capital Guardian Domestic Equity Portfolio and the Asset Allocation Portfolio. These four new portfolios were each organized with 2,000,000,000 authorized shares of Common Stock. Par value is $.01 per share. Northwestern Mutual purchased 25,010,000 shares of each of the International Growth Stock, Capital Guardian Domestic Equity, and the Asset Allocation Portfolios at $1.00 per share and 5,010,000 shares of the T. Rowe Price Small Cap Value Portfolio at $1.00 per share.

Note 2 — The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Principal accounting policies are summarized below.

Note 3 — Stocks listed on a national or foreign stock exchange are valued at the final sale price, or final bid price in absence of a sale. Stocks not listed on a national or foreign stock exchange are valued at the closing bid price on the over-the-counter market. Bonds are valued on the basis of prices furnished by a service which determines prices for normal institutional size trading units of bonds. Money market investments, other than in the Money Market Portfolio, with maturities exceeding sixty days but generally not exceeding one year are valued by marking to market on the basis of an average of the most recent bid prices or yields. Money market investments with maturities of sixty days or less and all securities in the Money Market Portfolio are valued on an amortized cost basis or, if the current market value differs substantially from the amortized cost, by marking to market. When quotations are not readily available, securities are valued at fair value determined by procedures approved by the Board of Directors.

Note 4 — Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts on the date of valuation. Purchases and sales of securities and income items denominated in foreign currencies are translated in U.S. dollar amounts on the respective dates of such transactions. When the International Growth Stock Portfolio, Franklin Templeton International Equity Portfolio, Asset Allocation Portfolio, Balanced Portfolio and Select Bond Portfolio purchases or sells a foreign security they may enter into a foreign exchange currency contract to minimize market risk for the trade date to the settlement date of such transaction. Such foreign exchange currency contracts are marked to market daily.

The Portfolios may enter into forward foreign currency contracts to hedge against exchange rate risk arising from investments in securities denominated in foreign currencies. Contracts valued at the contractual forward rate are marked to market daily, with the change in market value recorded as an unrealized gain or loss. When the contracts are closed, a realized gain or loss is incurred. Risks may arise from changes in market value of the underlying instruments and from the possible inability of counterparties to meet the terms of their contracts.

The International Growth Stock Portfolio, Franklin Templeton International Equity Portfolio, Asset Allocation Portfolio, Balanced Portfolio and Select Bond Portfolio do not separately report the results of operations due to changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized or unrealized gain or loss from investments.

108

 Notes to Financial Statements

Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade date and the settlement date on security transactions, the differences between the amounts of dividends and foreign withholding taxes recorded on the portfolio’s books, and the U.S. dollar equivalent of the amounts actually received or paid.

Note 5 — The Small Cap Growth Stock, Aggressive Growth Stock, Index 400 Stock, Growth Stock, Index 500 Stock, Asset Allocation, Balanced and Select Bond Portfolios invest in futures contracts as an alternative to investing in individual securities. The Small Cap Growth Stock, Aggressive Growth Stock, Index 400 Stock, Growth Stock, Index 500 Stock, Asset Allocation, Balanced and Select Bond Portfolios could be exposed to market risk due to changes in the value of the underlying securities or due to an illiquid secondary market. Futures contracts are marked to market daily based upon quoted settlement prices. The Portfolios receive from or pay to brokers an amount of cash equal to the daily fluctuation in the value of the contracts. Such receipts or payments, known as the “variation margin,” are recorded by the Portfolios as unrealized gains or losses. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

________________________________________________________________________________

Note 6 — Interest income and discounts earned are recorded daily on the accrual basis and dividend income is recorded on the ex-dividend date or as soon as information from foreign issues is available. Where applicable, dividends are recorded net of foreign dividend tax. Discounts and premiums on securities purchased are amortized over the life of the respective securities using the effective interest method. Securities transactions are accounted for on trade date. The basis for determining cost on sale of securities is identified cost. For the period ended December 31, 2001, transactions in securities other than money market investments were:

			U.S.				U.S. Govt.
	Total		Govt.		Total Security		Security
	Security		Security		Sales/		Sales/
Portfolios	Purchases		Purchases		Maturities		Maturities
	(Amounts in thousands)
Small Cap Growth Stock	$	156,527			$	150,818
T. Rowe Price SmallCap Value		25,344				5,650
Aggressive Growth Stock		898,942				896,962
International Growth Stock Portfolio		31,297				3,804
Franklin Templeton International Equity		329,388				253,695
Index 400 Stock		104,728				29,922
Growth Stock		176,397				170,919
J.P. Morgan Select Growth & Income Stock		238,281				242,860
Capital Guardian Domestic Equity Portfolio		41,828				4,668
Index 500 Stock		102,703				54,443
Asset Allocation Portfolio		43,496	$	10,325		12,108	$	8,343
Balanced		1,353,488		811,300		1,392,247		1,019,349
High Yield Bond		131,766				131,426
Select Bond		552,332		355,929		472,276		337,712

________________________________________________________________________________

Note 7 — The Series Fund and its Portfolios are parties to annually renewable contracts pursuant to which each Portfolio pays a charge for investment management and administrative services. Each Portfolio pays at an annual rate based on the average daily net asset values of each Portfolio. For the T. Rowe Price Small Cap Value Portfolio the rate is .85%, for the Index 500 Stock Portfolio the rate is .20%, for the Index 400 Stock Portfolio the rate is .25%, and for the Balanced, Select Bond and Money Market Portfolios the rate is .30%. For the other Portfolios the rate for the investment advisory

109

 Notes to Financial Statements

fee is graded by the asset size of the Portfolio according to the following schedule:

	First		Next
	$50		$50
Portfolios	Million		Million		Excess
Small Cap Growth Stock		.80%		.65%		.50%
Aggressive Growth Stock		.80%		.65%		.50%
Franklin Templeton International Equity		.85%		.65%		.65%
Growth Stock		.60%		.50%		.40%
J.P. Morgan Select Growth & Income Stock		.70%		.60%		.55%
High Yield Bond		.60%		.50%		.40%

	First		Next
	$100		$150
Portfolios	Million		Million		Excess
Capital Guardian Domestic Equity		.65%		.55%		.50%
International Growth Stock		.75%		.65%		.55%
Asset Allocation		.60%		.50%		.40%

These amounts are paid to Northwestern Mutual Investment Services, LLC (“NMIS”), a wholly owned company of Northwestern Mutual, which is the manager and investment adviser of the Fund. Northwestern Mutual is also a party to the agreement. Other costs for each Portfolio are paid either by the Portfolios, Northwestern Mutual, or NMIS depending upon the applicable agreement in place. Effective January 1, 2002, Mason Street Advisers, LLC (“MSA”), a wholly owned company of Northwestern Mutual, will replace NMIS as the manager and investment advisor of the Fund.

The Small Cap Growth Stock Portfolio, T. Rowe Price Small Cap Value Portfolio, Aggressive Growth Stock Portfolio, International Growth Stock Portfolio, Franklin Templeton International Equity Portfolio, Index 400 Stock Portfolio, Growth Stock Portfolio, J.P. Morgan Select Growth & Income Stock Portfolio, Capital Guardian Domestic Equity Portfolio, Index 500 Stock Portfolio, Asset Allocation Portfolio, and High Yield Bond Portfolio pay their own custodian fees. In addition, certain Portfolios pay a portion of their custodian fees indirectly through expense offset arrangements. Custodian fees are reduced for Portfolios that maintain compensating balances in non-interest bearing accounts. The Portfolios could have invested the assets used to pay for the custodian fees, had the assets not been used in the expense offset arrangements. For the period ended December 31, 2001, the amounts paid through expense offset arrangements are $4,075 in the Small Cap Growth Stock Portfolio, $586 in the T. Rowe Price Small Cap Value Portfolio, $6,329 in the Aggressive Growth Stock Portfolio, $3,356 in the Index 400 Stock Portfolio, $4,118 in the Growth Stock Portfolio, $2,986 in the J.P. Morgan Select Growth & Income Stock Portfolio, $274 in the Capital Guardian Domestic Equity Portfolio, $4,281 in the Index 500 Stock Portfolio, $488 in the Asset Allocation Portfolio, and $1,970 in the High Yield Bond Portfolio.

J.P. Morgan Investment Management, Inc. (“J.P. Morgan”), Templeton Investment Counsel, Inc. (“Templeton Counsel”), T. Rowe Price Associates, Inc. (“T. Rowe Price”) and Capital Guardian Trust Company (“Capital Guardian”) have been retained under an investment subadvisory agreement to provide investment advice and, in general, to conduct the management investment program of the J.P. Morgan Select Growth & Income Stock Portfolio, the Franklin Templeton International Equity Portfolio, the T. Rowe Price Small Cap Value Portfolio and the Capital Guardian Domestic Equity Portfolio, respectively. NMIS pays J.P. Morgan .45% on the first $100 million of the combined net assets for all funds managed for Northwestern Mutual by J.P. Morgan, .40% on the next $100 million, .35% on the next $200 million and .30% in excess of $400 million. NMIS pays Templeton Counsel .50% on the first $100 million of the combined net assets for all funds managed for Northwestern Mutual by Templeton Counsel and .40% in excess of $100 million. NMIS pays T. Rowe Price an annual rate of .60% of the Portfolio’s average daily net assets. NMIS pays Capital Guardian a flat annual fee of $375,000 on the Portfolio’s assets of $100 million or less and .275% on net assets in excess of $100 million.

The Growth Stock, Aggressive Growth Stock, Small Cap Growth Stock and Asset Allocation Portfolios paid commissions on Fund transactions to an affiliated broker in the amounts of $1,362, $178,992, $3,786 and $2,046, respectively, for the year ended December 31, 2001.

Note 8 — Each of the Portfolios of the Series Fund has elected to be taxed as a regulated investment company meeting certain requirements under the Internal Revenue Code. Since each expects to distribute all net investment income and net realized capital gains, the Portfolios anticipate incurring no federal income taxes.

Taxable distributions from net investment income and realized capital gains in the Portfolios differ from book amounts earned during the period due to differences in the timing of capital gains recognition and due to the reclassification of certain gains or losses from capital to income. The differences between cost amounts for book

110

 Notes to Financial Statements

purposes and tax purposes are principally due to treatment of deferred losses.

It is the policy of the Portfolios to reclassify the net effect of permanent differences between book and taxable income to capital accounts on the statements of assets and liabilities.

After October 31, 2001, the Aggressive Growth Stock, International Growth Stock, Franklin Templeton International Equity, J.P. Morgan Select Growth & Income Stock, Capital Guardian Domestic Equity, Index 500 Stock and High Yield Bond Portfolios had capital losses in the amounts of $12,647,928, $914,957, $4,193,591, $6,639,459, $117,050, $707,261 and $6,432,818, respectively. The International Growth Stock and Franklin Templeton International Equity Portfolios had currency losses in the amounts of $16,787 and $23,291, respectively. These amounts are deferred and deemed to have occurred in the next fiscal year. For Federal income tax purposes, the Small Cap Growth Stock, International Growth Stock, Franklin Templeton International Equity, Index 400 Stock, Growth Stock, J.P. Morgan Select Growth & Income Stock, Capital Guardian Domestic Equity, Asset Allocation and Balanced Portfolios also have net realized capital losses of $25,189,147, $162,404, $11,599,888, $2,803,777, $52,222,224, $18,238,809, $51,512, $144,649 and $4,462,390, respectively, which will be carried forward to offset future net realized gains. The amounts expire in 2009. The High Yield Bond Portfolio has a net realized capital loss of $58,963,786. The amounts expire as follows: $2,661,875 in 2006, $23,977,979 in 2007, $21,128,704 in 2008 and $11,195,228 in 2009. The Select Bond Portfolio utilized $6,607,991 of prior capital loss carry forwards.

For Federal income tax purposes, net unrealized appreciation (depreciation) on open futures contracts is generally required to be treated as realized gains (losses).

Note 9 — Dividends from net investment income and net realized capital gains are declared each year for the Small Cap Growth Stock, T. Rowe Price Small Cap Value, Aggressive Growth Stock, International Growth Stock, Franklin Templeton International Equity, Index 400 Stock, Growth Stock, J.P. Morgan Select Growth & Income Stock, Capital Guardian Domestic Equity, Index 500 Stock, Asset Allocation, Balanced, High Yield Bond and Select Bond Portfolios and each business day for the Money Market Portfolio.

Note 10 — Northwestern Mutual voluntarily reimburses the Franklin Templeton International Equity Portfolio for the benefit Northwestern Mutual receives from foreign dividend taxes charged against the Portfolio. The amount reimbursed represents approximately 65% of the foreign dividend tax withheld from the Portfolio. Reimbursements are recorded when foreign dividend taxes are accrued. These voluntary reimbursements for the years ended December 31, 2001 and December 31, 2000 were $1,296,498 and $830,396, respectively.

________________________________________________________________________________

Note 11

Distributions to Shareholders

When applicable, each of the Portfolios made distributions during the year of ordinary income and long-term capital gains. The tax character of distributions paid for the period ended December 31, 2001 was as follows:

	Distributions Paid From:
	Ordinary		Long-term
Portfolio	Income		Capital Gain		Total
	(Amounts in thousands)
Small Cap Growth Stock	$	24		—	$	24
T. Rowe Price Small Cap Value		51		—		51
Aggressive Growth Stock		1,517	$	310,659		312,176
International Growth Stock		—		—		—
Franklin Templeton International Equity		26,699		54,212		80,911
Index 400 Stock		969		1,207		2,176
Growth Stock		5,419		25,531		30,950
J.P. Morgan Select Growth and Income Stock		7,206		12,432		19,638
Capital Guardian Domestic Equity		168		—		168
Index 500 Stock		24,105		59,088		83,193
Asset Allocation		284		—		284
Balanced		127,987		112,544		240,531
High Yield Bond		15,601		—		15,601
Select Bond		19,294		—		19,294
Money Market		15,878		—		15,878

111

 Notes to Financial Statements

As of December 31, 2001, the components of distributable earnings on a tax basis were as follows:

	Undistributed		Undistributed			Unrealized
	Ordinary		Long-term			Appreciation
Portfolio	Income		Gains (Losses)			(Depreciation)*			Total
	(Amounts in thousands)
Small Cap Growth Stock	$	432	$	(25,189	)	$	20,363		$	(4,394	)
T. Rowe Price Small Cap Value		17		13			1,139			1,169
Aggressive Growth Stock		1,101		24,420			19,737			45,258
International Growth Stock		—		(162	)		(2,170	)		(2,332	)
Franklin Templeton International Equity		13,714		(11,600	)		(57,362	)		(55,248	)
Index 400 Stock		1,833		(2,804	)		5,679			4,708
Growth Stock		7,118		(52,222	)		87,619			42,515
J.P. Morgan Select Growth and Income Stock		4,121		(18,239	)		(35,410	)		(49,528	)
Capital Guardian Domestic Equity		2		(52	)		140			90
Index 500 Stock		21,312		35,465			454,593			511,370
Asset Allocation		3		(145	)		(152	)		(294	)
Balanced		106,136		(4,462	)		612,001			713,675
High Yield Bond		127		(58,964	)		(16,002	)		(74,839	)
Select Bond		23,230		1,247			(9,046	)		15,431
Money Market		—		—			—			—

*  Differs from disclosures on Schedules of Investments due primarily to timing of recognition of certain gains and losses for tax purposes.

The difference between book basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on certain futures contracts.

112

 Accountants’ Report

Report of Independent Accountants

To The Northwestern Mutual Life Insurance Company and

Contract Owners of Northwestern Mutual Variable Life Account

In our opinion, the accompanying combined statement of assets and liabilities and the related combined and separate statements of operations and of changes in equity and financial highlights, present fairly, in all material respects, the financial position of Northwestern Mutual Variable Life Account and its Small Cap Growth Stock Division, T. Rowe Price Small Cap Value Division, Aggressive Growth Stock Division, International Growth Stock Division, Franklin Templeton International Equity Division, Index 400 Stock Division, Growth Stock Division, J.P. Morgan Select Growth & Income Stock Division, Capital Guardian Domestic Equity Division, Index 500 Stock Division, Asset Allocation Division, Balanced Division, High Yield Bond Division, Select Bond Division, Money Market Division, Russell Multi-Style Equity Division, Russell Aggressive Equity Division, Russell Non-U.S. Division, Russell Real Estate Securities Division and Russell Core Bond Division thereof at December 31, 2001, the results of each of their operations for the year or period then ended and the changes in each of their equity for the two years or the period then ended and the financial highlights for the year or period then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of The Northwestern Mutual Life Insurance Company’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included direct confirmation of the number of shares owned at December 31, 2001 with Northwestern Mutual Series Fund, Inc., and the Russell Insurance Funds, provide a reasonable basis for our opinion.

Milwaukee, Wisconsin

January 25, 2002

113

 Financial Statements

Northwestern Mutual Variable Life Account

Statement of Assets and Liabilities

December 31, 2001

(in thousands)

Assets
	Investments at Market Value:
		Northwestern Mutual Series Fund, Inc.
			Small Cap Growth Stock 46,295 shares (cost $86,393)		$	82,643
			T. Rowe Price Small Cap Value 6,207 shares (cost $5,819)			6,302
			Aggressive Growth Stock 97,403 shares (cost $341,112)			274,896
			International Growth Stock 1,254 shares (cost $1,125)			1,136
			Franklin Templeton International Equity 134,988 shares (cost $210,527)			170,668
			Index 400 Stock 48,743 shares (cost $54,811)			54,677
			Growth Stock 96,733 shares (cost $210,828)			196,115
			J.P. Morgan Select Growth and Income Stock 107,992 shares (cost $153,430)			131,656
			Capital Guardian Domestic Equity 5,715 shares (cost $5,268)			5,571
			Index 500 Stock 148,020 shares (cost $435,818)			425,707
			Asset Allocation 2,258 shares (cost $2,134)			2,194
			Balanced 114,180 shares (cost $202,810)			208,026
			High Yield Bond 42,510 shares (cost $35,306)			27,597
			Select Bond 36,038 shares (cost $42,032)			43,382
			Money Market 107,420 shares (cost $107,420)			107,420
		Russell Insurance Funds
			Multi-Style Equity 5,140 shares (cost $72,596)			60,864
			Aggressive Equity 2,551 shares (cost $30,954)			29,181
			Non-U.S. 3,781 shares (cost $41,410)			32,708
			Real Estate Securities 1,467 shares (cost $15,215)			15,767
			Core Bond 1,879 shares (cost $18,868)			19,035	$	1,895,545
	Due from Sale of Fund Shares							133
	Due from Northwestern Mutual Life Insurance Company							798
				Total Assets			$	1,896,476
Liabilities
	Due to Northwestern Mutual Life Insurance Company						$	133
	Due on Purchase of Fund Shares							798
				Total Liabilities				931
Equity (Note 8)
	Variable Life Policies Issued Before October 11, 1995							441,285
	Variable Complife Policies Issued On or After October 11, 1995							1,320,475
	Variable Executive Life Policies Issued On or After March 2, 1998							72,653
	Variable Joint Life Policies Issued On or After December 10, 1998							61,132
				Total Equity				1,895,545
				Total Liabilities and Equity			$	1,896,476

The Accompanying Notes are an Integral Part of the Financial Statements

114

Northwestern Mutual Variable Life Account

Statement of Operations

(in thousands)

														T. Rowe Price
														Small Cap
								Small Cap Growth						Value		Aggressive Growth
		Combined						Stock Division						Division#		Stock Division
		Year Ended			Year Ended			Year Ended			Year Ended			Period Ended		Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,		December 31,			December 31,
		2001			2000			2001			2000			2001		2001			2000
Investment Income
	Dividend Income	$	127,172		$	98,818		$	5		$	828		$	15	$	55,735		$	29,746
	Mortality and Expense Risks		7,362			6,166			276			130			6		1,156			1,141
	Taxes		2,636			2,675			93			56			1		419			489
	Net Investment Income		117,174			89,977			(364	)		642			8		54,160			28,116
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		199			15,962			(296	)		1,839			—		470			3,321
	Unrealized Appreciation (Depreciation) of Investments During the Period		(300,285	)		(155,582	)		21			(5,210	)		483		(113,399	)		(23,838	)
	Net Gain (Loss) on Investments		(300,086	)		(139,620	)		(275	)		(3,371	)		483		(112,929	)		(20,517	)
	Increase (Decrease) in Equity Derived from Investment Activity	$	(182,912	)	$	(49,643	)	$	(639	)	$	(2,729	)	$	491	$	(58,769	)	$	7,599

[Additional columns below]

[Continued from above table, first column(s) repeated]

		International
		Growth			Franklin Templeton																		J.P. Morgan Select
		Stock			International						Index 400												Growth and Income
		Division#			Equity Division						Stock Division						Growth Stock Division						Stock Division
		Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
		2001			2001			2000			2001			2000			2001			2000			2001			2000
Investment Income
	Dividend Income	$	—		$	16,480		$	9,885		$	439		$	2,587		$	7,586		$	6,953		$	4,135		$	6,106
	Mortality and Expense Risks		1			719			595			163			52			773			644			530			470
	Taxes		—			260			257			53			22			271			275			188			201
	Net Investment Income		(1	)		15,501			9,033			223			2,513			6,542			6,034			3,417			5,435
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		—			(282	)		1,818			(7	)		71			352			1,026			(204	)		1,538
	Unrealized Appreciation (Depreciation) of Investments During the Period		10			(40,155	)		(12,052	)		718			(1,171	)		(34,280	)		(13,347	)		(13,126	)		(15,724	)
	Net Gain (Loss) on Investments		10			(40,437	)		(10,234	)		711			(1,100	)		(33,928	)		(12,321	)		(13,330	)		(14,186	)
	Increase (Decrease) in Equity Derived from Investment Activity	$	9		$	(24,936	)	$	(1,201	)	$	934		$	1,413		$	(27,386	)	$	(6,287	)	$	(9,913	)	$	(8,751	)

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

115

Northwestern Mutual Variable Life Account

Statement of Operations

(in thousands)

		Capital Guardian									Asset
		Domestic Equity			Index 500						Allocation
		Division#			Stock Division						Division#		Balanced Division
		Period Ended			Year Ended			Year Ended			Period Ended		Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,		December 31,			December 31,
(continued)		2001			2001			2000			2001		2001			2000
Investment Income
	Dividend Income	$	23		$	16,748		$	14,015		$	15	$	15,012		$	15,457
	Mortality and Expense Risks		5			1,726			1,575			2		915			891
	Taxes		1			633			676			—		376			382
	Net Investment Income		17			14,389			11,764			13		13,721			14,184
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		(2	)		2,729			1,749			5		559			5,358
	Unrealized Appreciation (Depreciation) of Investments During the Period		302			(67,629	)		(50,374	)		60		(21,699	)		(21,229	)
	Net Gain (Loss) on Investments		300			(64,900	)		(48,625	)		65		(21,140	)		(15,871	)
	Increase (Decrease) in Equity Derived from Investment Activity	$	317		$	(50,511	)	$	(36,861	)	$	78	$	(7,419	)	$	(1,687	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

		High Yield Bond Division						Select Bond Division						Money Market Division
		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended		Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,		December 31,
(continued)		2001			2000			2001			2000			2001		2000
Investment Income
	Dividend Income	$	2,905		$	2,383		$	1,762		$	1,285		$	3,627	$	4,666
	Mortality and Expense Risks		108			82			123			75			419		278
	Taxes		38			35			44			31			112		150
	Net Investment Income		2,759			2,266			1,595			1,179			3,096		4,238
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		(1,060	)		(626	)		(45	)		(82	)		—		—
	Unrealized Appreciation (Depreciation) of Investments During the Period		(861	)		(2,680	)		1,419			829			—		—
	Net Gain (Loss) on Investments		(1,921	)		(3,306	)		1,374			747			—		—
	Increase (Decrease) in Equity Derived from Investment Activity	$	838		$	(1,040	)	$	2,969		$	1,926		$	3,096	$	4,238

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

116

Northwestern Mutual Variable Life Account

Statement of Operations

(in thousands)

		Russell Multi-						Russell Aggressive
		Style Equity Division						Equity Division
		Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,
(continued)		2001			2000			2001			2000
Investment Income
	Dividend Income	$	1,011		$	989		$	26		$	1,909
	Mortality and Expense Risks		180			105			85			45
	Taxes		60			45			28			20
	Net Investment Income		771			839			(87	)		1,844
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		(545	)		(121	)		(173	)		47
	Unrealized Appreciation (Depreciation) of Investments During the Period		(7,053	)		(5,159	)		217			(2,428	)
	Net Gain (Loss) on Investments		(7,598	)		(5,280	)		44			(2,381	)
	Increase (Decrease) in Equity Derived from Investment Activity	$	(6,827	)	$	(4,441	)	$	(43	)	$	(537	)

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Russell Non-						Russell Real Estate					Russell
		U.S. Division						Securities Division					Core Bond Division
		Year Ended			Year Ended			Year Ended			Year Ended		Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,		December 31,			December 31,
(continued)		2001			2000			2001			2000		2001			2000
Investment Income
	Dividend Income	$	195		$	1,559		$	633		$	204	$	820		$	246
	Mortality and Expense Risks		103			60			47			14		25			9
	Taxes		35			26			16			6		8			4
	Net Investment Income		57			1,473			570			184		787			233
Realized and Unrealized Gain (Loss) on Investments
	Realized Gain (Loss) on Investments		(1,972	)		31			486			1		184			(8	)
	Unrealized Appreciation (Depreciation) of Investments During the Period		(5,137	)		(4,148	)		(130	)		692		(46	)		257
	Net Gain (Loss) on Investments		(7,109	)		(4,117	)		356			693		138			249
	Increase (Decrease) in Equity Derived from Investment Activity	$	(7,052	)	$	(2,644	)	$	926		$	877	$	925		$	482

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

117

Northwestern Mutual Variable Life Account

Statement of Changes in Equity

(in thousands)

														T. Rowe Price
								Small Cap Growth						Small Cap			Aggressive Growth
		Combined						Stock Division						Value Division#			Stock Division
		Year Ended			Year Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
		2001			2000			2001			2000			2001			2001			2000
Operations
	Net Investment Income	$	117,174		$	89,977		$	(364	)	$	642		$	8		$	54,160		$	28,116
	Net Realized Gain (Loss)		199			15,962			(296	)		1,839			—			470			3,321
	Net Change in unrealized Appreciation (Depreciation)		(300,285	)		(155,582	)		21			(5,210	)		483			(113,399	)		(23,838	)
Increase (Decrease) in Equity			(182,912	)		(49,643	)		(639	)		(2,729	)		491			(58,769	)		7,599
Equity Transactions
	Policyowners’ Net Payments		697,763			613,832			23,485			8,148			434			66,834			46,622
	Policy Loans and Surrenders		(112,180	)		(85,955	)		(4,593	)		(1,391	)		(67	)		(18,126	)		(17,395	)
	Death Benefits, Mortality and Other (net)		(107,907	)		(91,405	)		(4,385	)		(1,558	)		(58	)		(13,223	)		(10,329	)
	Transfers from Other Divisions		402,319			419,640			26,320			44,208			5,543			43,394			65,880
	Transfers to Other Divisions		(402,319	)		(419,640	)		(7,922	)		(3,863	)		(41	)		(23,039	)		(20,612	)
Increase in Equity Derived from Equity Transactions			477,676			436,472			32,905			45,544			5,811			55,840			64,166
Net Increase in Equity			294,764			386,829			32,266			42,815			6,302			(2,929	)		71,765
Equity
	Beginning of Period		1,600,781			1,213,952			50,377			7,562			—			277,825			206,060
	End of Period	$	1,895,545		$	1,600,781		$	82,643		$	50,377		$	6,302		$	274,896		$	277,825

[Additional columns below]

[Continued from above table, first column(s) repeated]

		International			Franklin Templeton																		J.P. Morgan Select
		Growth			International Equity						Index 400												Growth and Income
		Stock Division#			Division						Stock Division						Growth Stock Division						Stock Division
		Period Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
		2001			2001			2000			2001			2000			2001			2000			2001			2000
Operations
	Net Investment Income	$	(1	)	$	15,501		$	9,033		$	223		$	2,513		$	6,542		$	6,034		$	3,417		$	5,435
	Net Realized Gain (Loss)		—			(282	)		1,818			(7	)		71			352			1,026			(204	)		1,538
	Net Change in unrealized Appreciation (Depreciation)		10			(40,155	)		(12,052	)		718			(1,171	)		(34,280	)		(13,347	)		(13,126	)		(15,724	)
Increase (Decrease) in Equity			9			(24,936	)		(1,201	)		934			1,413			(27,386	)		(6,287	)		(9,913	)		(8,751	)
Equity Transactions
	Policyowners’ Net Payments		98			41,543			32,762			12,735			3,691			52,360			37,607			32,889			29,344
	Policy Loans and Surrenders		—			(10,571	)		(8,140	)		(2,168	)		(586	)		(11,723	)		(9,123	)		(9,380	)		(6,846	)
	Death Benefits, Mortality and Other (net)		(11	)		(7,910	)		(6,157	)		(2,455	)		(724	)		(10,223	)		(7,575	)		(6,571	)		(6,174	)
	Transfers from Other Divisions		1,041			26,521			28,171			25,046			17,439			37,491			44,134			20,061			17,575
	Transfers to Other Divisions		(1	)		(11,896	)		(10,026	)		(3,729	)		(1,179	)		(16,082	)		(12,837	)		(7,529	)		(16,300	)
Increase in Equity Derived from Equity Transactions			1,127			37,687			36,610			29,429			18,641			51,823			52,206			29,470			17,599
Net Increase in Equity			1,136			12,751			35,409			30,363			20,054			24,437			45,919			19,557			8,848
Equity
	Beginning of Period		—			157,917			122,508			24,314			4,260			171,678			125,759			112,099			103,251
	End of Period	$	1,136		$	170,668		$	157,917		$	54,677		$	24,314		$	196,115		$	171,678		$	131,656		$	112,099

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

118

Northwestern Mutual Variable Life Account

Statement of Changes in Equity

(in thousands)

		Capital Guardian
		Domestic Equity			Index 500						Asset Allocation
		Division#			Stock Division						Division#			Balanced Division
		Period Ended			Year Ended			Year Ended			Period Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
(continued)		2001			2001			2000			2001			2001			2000
Operations
	Net Investment Income	$	17		$	14,389		$	11,764		$	13		$	13,721		$	14,184
	Net Realized Gain (Loss)		(2	)		2,729			1,749			5			559			5,358
	Net Change in unrealized Appreciation (Depreciation)		302			(67,629	)		(50,374	)		60			(21,699	)		(21,229	)
Increase (Decrease) in Equity			317			(50,511	)		(36,861	)		78			(7,419	)		(1,687	)
Equity Transactions
	Policyowners’ Net Payments		420			104,548			85,004			76			30,367			25,988
	Policy Loans and Surrenders		(62	)		(25,831	)		(20,850	)		(15	)		(11,836	)		(11,702	)
	Death Benefits, Mortality and Other (net)		(47	)		(20,549	)		(16,957	)		(30	)		(6,614	)		(5,718	)
	Transfers from Other Divisions		4,971			67,234			69,748			2,086			21,637			14,233
	Transfers to Other Divisions		(28	)		(29,177	)		(28,136	)		(1	)		(11,057	)		(16,597	)
Increase in Equity Derived from Equity Transactions			5,254			96,225			88,809			2,116			22,497			6,204
Net Increase in Equity			5,571			45,714			51,948			2,194			15,078			4,517
Equity
	Beginning of Period		—			379,993			328,045			—			192,948			188,431
	End of Period	$	5,571		$	425,707		$	379,993		$	2,194		$	208,026		$	192,948

[Additional columns below]

[Continued from above table, first column(s) repeated]

		High Yield
		Bond Division						Select Bond Division						Money Market Division
		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
(continued)		2001			2000			2001			2000			2001			2000
Operations
	Net Investment Income	$	2,759		$	2,266		$	1,595		$	1,179		$	3,096		$	4,238
	Net Realized Gain (Loss)		(1,060	)		(626	)		(45	)		(82	)		—			—
	Net Change in unrealized Appreciation (Depreciation)		(861	)		(2,680	)		1,419			829			—			—
Increase (Decrease) in Equity			838			(1,040	)		2,969			1,926			3,096			4,238
Equity Transactions
	Policyowners’ Net Payments		6,831			6,244			8,111			5,193			265,283			312,705
	Policy Loans and Surrenders		(2,040	)		(1,031	)		(1,894	)		(930	)		(7,403	)		(5,338	)
	Death Benefits, Mortality and Other (net)		(1,318	)		(1,023	)		(1,589	)		(930	)		(24,561	)		(30,361	)
	Transfers from Other Divisions		6,262			3,354			23,459			6,989			35,827			26,244
	Transfers to Other Divisions		(3,473	)		(3,972	)		(12,147	)		(3,102	)		(252,248	)		(287,463	)
Increase in Equity Derived from Equity Transactions			6,262			3,572			15,940			7,220			16,898			15,787
Net Increase in Equity			7,100			2,532			18,909			9,146			19,994			20,025
Equity
	Beginning of Period		20,497			17,965			24,473			15,327			87,426			67,401
	End of Period	$	27,597		$	20,497		$	43,382		$	24,473		$	107,420		$	87,426

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

119

Northwestern Mutual Variable Life Account

Statement of Changes in Equity

(in thousands)

		Russell Multi-Style						Russell Aggressive
		Equity Division						Equity Division
		Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,
(continued)		2001			2000			2001			2000
Operations
	Net Investment Income	$	771		$	839		$	(87	)	$	1,844
	Net Realized Gain (Loss)		(545	)		(121	)		(173	)		47
	Net Change in unrealized Appreciation (Depreciation)		(7,053	)		(5,159	)		217			(2,428	)
Increase (Decrease) in Equity			(6,827	)		(4,441	)		(43	)		(537	)
Equity Transactions
	Policyowners’ Net Payments		21,720			9,683			8,802			3,674
	Policy Loans and Surrenders		(2,510	)		(1,153	)		(1,295	)		(550	)
	Death Benefits, Mortality and Other (net)		(3,622	)		(1,847	)		(1,605	)		(762	)
	Transfers from Other Divisions		16,182			30,351			8,226			14,978
	Transfers to Other Divisions		(5,154	)		(5,256	)		(4,141	)		(2,922	)
Increase in Equity Derived from Equity Transactions			26,616			31,778			9,987			14,418
Net Increase in Equity			19,789			27,337			9,944			13,881
Equity
	Beginning of Period		41,075			13,738			19,237			5,356
	End of Period	$	60,864		$	41,075		$	29,181		$	19,237

[Additional columns below]

[Continued from above table, first column(s) repeated]

		Russell Non-						Russell Real Estate						Russell Core
		U.S. Division						Securities Division						Bond Division
		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
(continued)		2001			2000			2001			2000			2001			2000
Operations
	Net Investment Income	$	57		$	1,473		$	570		$	184		$	787		$	233
	Net Realized Gain (Loss)		(1,972	)		31			486			1			184			(8	)
	Net Change in unrealized Appreciation (Depreciation)		(5,137	)		(4,148	)		(130	)		692			(46	)		257
Increase (Decrease) in Equity			(7,052	)		(2,644	)		926			877			925			482
Equity Transactions
	Policyowners’ Net Payments		12,021			5,228			3,200			1,150			6,006			789
	Policy Loans and Surrenders		(1,528	)		(550	)		(833	)		(73	)		(305	)		(297	)
	Death Benefits, Mortality and Other (net)		(1,813	)		(884	)		(660	)		(198	)		(663	)		(208	)
	Transfers from Other Divisions		15,996			25,372			8,119			5,039			6,903			5,925
	Transfers to Other Divisions		(10,603	)		(6,442	)		(2,497	)		(431	)		(1,554	)		(502	)
Increase in Equity Derived from Equity Transactions			14,073			22,724			7,329			5,487			10,387			5,707
Net Increase in Equity			7,021			20,080			8,255			6,364			11,312			6,189
Equity
	Beginning of Period		25,687			5,607			7,512			1,148			7,723			1,534
	End of Period	$	32,708		$	25,687		$	15,767		$	7,512		$	19,035		$	7,723

#  The initial investment in this Division was made on July 31, 2001

The Accompanying Notes are an Integral Part of the Financial Statements

120

 Financial Highlights

Northwestern Mutual Variable Life Account

(For a unit outstanding during the period)

			Unit
	Year or		Value,		Increase
	Period		Beginning		(Decrease) in			Unit Value,		Total			Expense
Division	Ended		of Period		Equity			End of Period		Return(2)			Ratio(3)
Variable Life
Small Cap Growth Stock		12/31/01	$	1.625492	$	(0.072172	)	$	1.553320		(4.44%	)		0.70%
T. Rowe Price Small Cap Value (1)		12/31/01		1.000000		0.014592			1.014592		1.46%			0.70%
Aggressive Growth Stock		12/31/01		3.065764		(0.626551	)		2.439213		(20.44%	)		0.70%
International Growth Stock (1)		12/31/01		1.000000		(0.096657	)		0.903343		(9.67%	)		0.70%
Franklin Templeton International Equity		12/31/01		1.903987		(0.278048	)		1.625939		(14.60%	)		0.70%
Index 400 Stock		12/31/01		1.240431		(0.016775	)		1.223656		(1.35%	)		0.70%
Growth Stock		12/31/01		3.009395		(0.445945	)		2.563450		(14.82%	)		0.70%
J.P. Morgan Select Growth and Income Stock		12/31/01		2.409229		(0.202875	)		2.206354		(8.42%	)		0.70%
Capital Guardian Domestic Equity (1)		12/31/01		1.000000		(0.024750	)		0.975250		(2.48%	)		0.70%
Index 500 Stock		12/31/01		8.120164		(1.014851	)		7.105313		(12.50%	)		0.70%
Asset Allocation (1)		12/31/01		1.000000		(0.023889	)		0.976111		(2.39%	)		0.70%
Balanced		12/31/01		5.984864		(0.229274	)		5.755590		(3.83%	)		0.70%
High Yield Bond		12/31/01		1.485108		0.063770			1.548878		4.29%			0.70%
Select Bond		12/31/01		3.963949		0.380276			4.344225		9.59%			0.70%
Money Market		12/31/01		2.353569		0.075030			2.428599		3.19%			0.70%
Russell Multi-Style Equity		12/31/01		0.907213		(0.134361	)		0.772852		(14.81%	)		0.70%
Russell Aggressive Equity		12/31/01		1.032281		(0.031476	)		1.000805		(3.05%	)		0.70%
Russell Non-U.S		12/31/01		1.054966		(0.238179	)		0.816787		(22.58%	)		0.70%
Russell Real Estate Securities		12/31/01		1.185448		0.083946			1.269394		7.08%			0.70%
Russell Core Bond		12/31/01		1.094091		0.072780			1.166871		6.65%			0.70%

			Unit
	Year or		Value,		Increase
	Period		Beginning		(Decrease) in			Unit Value,		Total			Expense
Division	Ended		of Period		Equity			End of Period		Return(2)			Ratio(3)
Variable Complife
Small Cap Growth Stock		12/31/01	$	1.627985	$	(0.070672	)	$	1.557313		(4.34%	)		0.60%
T. Rowe Price Small Cap Value (1)		12/31/01		1.000000		0.015029			1.015029		1.50%			0.60%
Aggressive Growth Stock		12/31/01		2.345657		(0.477468	)		1.868189		(20.36%	)		0.60%
International Growth Stock (1)		12/31/01		1.000000		(0.096278	)		0.903722		(9.63%	)		0.60%
Franklin Templeton International Equity		12/31/01		1.732972		(0.251549	)		1.481423		(14.52%	)		0.60%
Index 400 Stock		12/31/01		1.242339		(0.015540	)		1.226799		(1.25%	)		0.60%
Growth Stock		12/31/01		2.451994		(0.361209	)		2.090785		(14.73%	)		0.60%
J.P. Morgan Select Growth and Income Stock		12/31/01		1.981528		(0.164993	)		1.816535		(8.33%	)		0.60%
Capital Guardian Domestic Equity (1)		12/31/01		1.000000		(0.024335	)		0.975665		(2.43%	)		0.60%
Index 500 Stock		12/31/01		2.402584		(0.298124	)		2.104460		(12.41%	)		0.60%
Asset Allocation (1)		12/31/01		1.000000		(0.023476	)		0.976524		(2.35%	)		0.60%
Balanced		12/31/01		1.853571		(0.069171	)		1.784400		(3.73%	)		0.60%
High Yield Bond		12/31/01		1.266464		0.055737			1.322201		4.40%			0.60%
Select Bond		12/31/01		1.328892		0.128981			1.457873		9.71%			0.60%
Money Market		12/31/01		1.283261		0.042267			1.325528		3.29%			0.60%
Russell Multi-Style Equity		12/31/01		0.908607		(0.133773	)		0.774834		(14.72%	)		0.60%
Russell Aggressive Equity		12/31/01		1.033884		(0.030497	)		1.003387		(2.95%	)		0.60%
Russell Non-U.S		12/31/01		1.056582		(0.237709	)		0.818873		(22.50%	)		0.60%
Russell Real Estate Securities		12/31/01		1.187265		0.085378			1.272643		7.19%			0.60%
Russell Core Bond		12/31/01		1.095758		0.074097			1.169855		6.76%			0.60%

(1)	Portfolio commenced operations on July 31, 2001.
(2)	Total Return includes deductions for management and other expenses; excludes deductions for sales loads and other charges. Returns are not annualized for periods less than one year.
(3)	Computed on an annualized basis. Does not include expenses of the underlying portfolio.

The Accompanying Notes are an Integral Part of the Financial Statements

121

 Financial Highlights

Northwestern Mutual Variable Life Account

(For a unit outstanding during the period)

			Unit
	Year or		Value,		Increase
	Period		Beginning		(Decrease) in			Unit Value,		Total			Expense
Division	Ended		of Period		Equity			End of Period		Return(2)			Ratio(3)
Variable Executive Life
Small Cap Growth Stock		12/31/01	$	19.859931	$	(0.747302	)	$	19.112629		(3.76%	)		0.00%
T. Rowe Price Small Cap Value (1)		12/31/01		10.000000		0.175772			10.175772		1.76%			0.00%
Aggressive Growth Stock		12/31/01		60.845203		(12.091795	)		48.753408		(19.87%	)		0.00%
International Growth Stock (1)		12/31/01		10.000000		(0.940000	)		9.060000		(9.40%	)		0.00%
Franklin Templeton International Equity		12/31/01		2.477334		(0.346781	)		2.130553		(14.00%	)		0.00%
Index 400 Stock		12/31/01		13.224995		(0.086543	)		13.138452		(0.65%	)		0.00%
Growth Stock		12/31/01		31.531943		(4.482417	)		27.049526		(14.22%	)		0.00%
J.P. Morgan Select Growth and Income Stock		12/31/01		25.243989		(1.962061	)		23.281928		(7.77%	)		0.00%
Capital Guardian Domestic Equity (1)		12/31/01		10.000000		(0.218792	)		9.781208		(2.19%	)		0.00%
Index 500 Stock		12/31/01		51.325633		(6.096747	)		45.228886		(11.88%	)		0.00%
Asset Allocation (1)		12/31/01		10.000000		(0.210197	)		9.789803		(2.10%	)		0.00%
Balanced		12/31/01		94.345469		(2.972733	)		91.372736		(3.15%	)		0.00%
High Yield Bond		12/31/01		15.560950		0.782881			16.343831		5.03%			0.00%
Select Bond		12/31/01		98.036463		10.163796			108.200259		10.37%			0.00%
Money Market		12/31/01		32.311690		1.265628			33.577318		3.92%			0.00%
Russell Multi-Style Equity		12/31/01		9.440627		(1.341174	)		8.099453		(14.21%	)		0.00%
Russell Aggressive Equity		12/31/01		11.017913		(0.260391	)		10.757522		(2.36%	)		0.00%
Russell Non-U.S		12/31/01		10.725190		(2.362632	)		8.362558		(22.03%	)		0.00%
Russell Real Estate Securities		12/31/01		11.800164		0.924897			12.725061		7.84%			0.00%
Russell Core Bond		12/31/01		10.905549		0.807668			11.713217		7.41%			0.00%

			Unit
	Year or		Value,		Increase
	Period		Beginning		(Decrease) in			Unit Value,		Total			Expense
Division	Ended		of Period		Equity			End of Period		Return(2)			Ratio(3)
Variable Joint Life
Small Cap Growth Stock		12/31/01	$	19.859931	$	(0.747302	)	$	19.112629		(3.76%	)		0.00%
T. Rowe Price Small Cap Value (1)		12/31/01		10.000000		0.175772			10.175772		1.76%			0.00%
Aggressive Growth Stock		12/31/01		60.845203		(12.091795	)		48.753408		(19.87%	)		0.00%
International Growth Stock (1)		12/31/01		10.000000		(0.940000	)		9.060000		(9.40%	)		0.00%
Franklin Templeton International Equity		12/31/01		2.477334		(0.346781	)		2.130553		(14.00%	)		0.00%
Index 400 Stock		12/31/01		13.224995		(0.086543	)		13.138452		(0.65%	)		0.00%
Growth Stock		12/31/01		31.531943		(4.482417	)		27.049526		(14.22%	)		0.00%
J.P. Morgan Select Growth and Income Stock		12/31/01		25.243989		(1.962061	)		23.281928		(7.77%	)		0.00%
Capital Guardian Domestic Equity (1)		12/31/01		10.000000		(0.218792	)		9.781208		(2.19%	)		0.00%
Index 500 Stock		12/31/01		51.325633		(6.096747	)		45.228886		(11.88%	)		0.00%
Asset Allocation (1)		12/31/01		10.000000		(0.210197	)		9.789803		(2.10%	)		0.00%
Balanced		12/31/01		94.345469		(2.972733	)		91.372736		(3.15%	)		0.00%
High Yield Bond		12/31/01		15.560950		0.782881			16.343831		5.03%			0.00%
Select Bond		12/31/01		98.036463		10.163796			108.200259		10.37%			0.00%
Money Market		12/31/01		32.311690		1.265628			33.577318		3.92%			0.00%
Russell Multi-Style Equity		12/31/01		9.440627		(1.341174	)		8.099453		(14.21%	)		0.00%
Russell Aggressive Equity		12/31/01		11.017913		(0.260391	)		10.757522		(2.36%	)		0.00%
Russell Non-U.S		12/31/01		10.725190		(2.362632	)		8.362558		(22.03%	)		0.00%
Russell Real Estate Securities		12/31/01		11.800164		0.924897			12.725061		7.84%			0.00%
Russell Core Bond		12/31/01		10.905549		0.807668			11.713217		7.41%			0.00%

(1)	Portfolio commenced operations on July 31, 2001.
(2)	Total Return includes deductions for management and other expenses; excludes deductions for sales loads and other charges. Returns are not annualized for periods less than one year.
(3)	Computed on an annualized basis. Does not include expenses of the underlying portfolio.

The Accompanying Notes are an Integral Part of the Financial Statements

122

 Notes to Financial Statements

Northwestern Mutual Variable Life Account

December 31, 2001

Note 1 — Northwestern Mutual Variable Life Account (“the Account”) is registered as a unit investment trust under the Investment Company Act of 1940 and is a segregated asset account of The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”) used to fund variable life insurance policies.

Note 2 — The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principal accounting policies are summarized below.

Note 3 — All assets of each Division of the Account are invested in shares of the corresponding Portfolio of Northwestern Mutual Series Fund, Inc. and the Russell Insurance Funds (collectively known as “the Funds”). The shares are valued at the Funds’ offering and redemption prices per share. The Funds are diversified open-end investment companies registered under the Investment Company Act of 1940.

Note 4 — Dividend income from the Funds is recorded on the record date of the dividends. Transactions in the Funds’ shares are accounted for on the trade date. The basis for determining cost on sale of Funds’ shares is identified cost. Purchase and sales of the Funds’ shares for the year ended December 31, 2001 by each Division are shown below:

Division	Purchases		Sales
Small Cap Growth Stock	$	36,062,728	$	3,628,084
T. Rowe Small Cap Value		5,920,531		103,389
Aggressive Growth Stock		120,218,505		10,144,810
International Growth Stock		1,135,646		9,892
Franklin Templeton International Equity		57,676,693		4,667,094
Index 400 Stock		30,946,024		1,280,888
Growth Stock		63,653,548		5,326,105
J.P. Morgan Select Growth and Income Stock		37,325,853		4,450,776
Capital Guardian Domestic Equity		5,377,702		111,526
Index 500 Stock		124,872,507		14,408,478
Asset Allocation		2,175,042		44,592
Balanced		41,511,869		5,513,138
High Yield Bond		11,212,886		2,199,213
Select Bond		20,671,693		3,164,962
Money Market		91,193,504		71,307,576
Russell Multi-Style Equity		29,803,353		2,450,663
Russell Aggressive Equity		11,736,452		1,834,549
Russell Non-U.S		18,563,013		4,472,046
Russell Real Estate Securities		9,899,757		1,794,537
Russell Core Bond		12,883,583		1,588,423

Note 5 — A deduction for mortality and expense risks is determined daily and paid to Northwestern Mutual. Generally, for Variable Life policies issued before October 11, 1995, and Variable Complife policies issued on or after October 11, 1995 the deduction is at an annual rate of .50% and .60%, respectively, of the net assets of the Account. A deduction for the mortality and expense risks for the Variable Executive Life policies issued on or after March 3, 1998 and Variable Joint Life polices issued on or after December 10, 1998 are determined monthly at an annual rate of .75% of the amount invested in the Account for the Policy for the first ten Policy years, and .30% thereafter. The mortality risk is that insureds may not live as long as estimated. The expense risk is that expenses of issuing and administering the policies may exceed the estimated costs.

Certain deductions are also made from the annual, single or other premiums before amounts are allocated to the Account. These deductions are for (1) sales load, (2) administrative expenses, (3) taxes and (4) a risk charge for the guaranteed minimum death benefit.

Additional mortality costs are deducted from the policy annually and are paid to Northwestern Mutual to cover the cost of providing insurance protection. This cost is actuarially calculated based upon the insured’s age, the 1980 Commissioners Standard Ordinary Mortality Table and the amount of insurance provided under the policy.

Note 6 — Northwestern Mutual is taxed as a “life insurance company” under the Internal Revenue Code. The variable life insurance policies which are funded in the Account are taxed as part of the operations of Northwestern Mutual. Policies provide that a charge for taxes may be made against the assets of the Account. Generally, for Variable Life policies issued before October 11, 1995, Northwestern Mutual charges the Account at an annual rate of .20% of the Account’s net assets and reserves the right to increase, decrease or eliminate the charge for taxes in the future. Generally, for Variable Complife policies issued on or after October 11, 1995, and for Variable Executive Life policies issued on or after March 2, 1998, and Variable Joint Life policies issued on or after December 10, 1998, there is no charge being made against the assets of the Account for federal income taxes, but Northwestern Mutual reserves the right to charge for taxes in the future.

Note 7 — The Account is credited for the policyowners’ net annual premiums at the respective policy anniversary dates regardless of when policyowners actually pay their premiums. Northwestern Mutual’s equity represents any unpaid portion of net annual premiums. This applies to Variable Life and Variable Complife policies only.

123

 Notes to Financial Statements

Northwestern Mutual Variable Life Account

Notes to Financial Statements

December 31, 2001

Note 8 — Equity Values by Division are shown below:
(in thousands, except accumulation unit values)

	Variable Life
	Policies Issued Before
	October 11, 1995
	Equity of:
					Total
Division	Policyowners		NML		Equity
Small Cap Growth Stock	$	9,126	$	446	$	9,572
T. Rowe Price Small Cap Value		1,474		68		1,542
Aggressive Growth Stock		54,639		3,167		57,806
International Growth Stock		266		13		279
Franklin Templeton International Equity		35,423		2,257		37,680
Index 400 Stock		5,623		249		5,872
Growth Stock		27,807		1,451		29,258
J.P. Morgan Select Growth and Income Stock		22,535		1,363		23,898
Capital Guardian Domestic Equity		1,040		55		1,095
Index 500 Stock		99,331		4,331		103,662
Asset Allocation		540		28		568
Balanced		130,224		3,828		134,052
High Yield Bond		4,109		259		4,368
Select Bond		10,455		372		10,827
Money Market		7,967		271		8,238
Russell Multi-Style		3,566		175		3,741
Russell Aggressive Equity		2,423		102		2,525
Russell Non-U.S.		2,586		146		2,732
Russell Real Estate Securities		2,336		84		2,420
Russell Core Bond		1,110		40		1,150
	$	422,580	$	18,705	$	441,285

	Variable Complife
	Policies Issued
	On or After
	October 11, 1995
	Equity of:
					Total
Division	Policyowners		NML		Equity
Small Cap Growth Stock	$	50,047	$	18,621	$	68,668
T. Rowe Price Small Cap Value		2,927		1,146		4,073
Aggressive Growth Stock		169,999		40,075		210,074
International Growth Stock		488		282		770
Franklin Templeton International Equity		102,320		24,572		126,892
Index 400 Stock		32,202		12,452		44,654
Growth Stock		123,231		32,268		155,499
J.P. Morgan Select Growth and Income Stock		82,960		19,583		102,543
Capital Guardian Domestic Equity		2,461		950		3,411
Index 500 Stock		238,275		61,549		299,824
Asset Allocation		1,083		318		1,401
Balanced		53,255		13,586		66,841
High Yield Bond		17,525		4,052		21,577
Select Bond		17,630		4,481		22,111
Money Market		54,002		32,924		86,926
Russell Multi-Style Equity		32,131		12,215		44,346
Russell Aggressive Equity		15,451		5,721		21,172
Russell Non-U.S.		16,432		6,148		22,580
Russell Real Estate Securities		7,941		3,262		11,203
Russell Core Bond		4,380		1,530		5,910
	$	1,024,740	$	295,735	$	1,320,475

124

 Notes to Financial Statements

	Variable		Variable Joint
	Executive Life		Life Policies
	Policies Issued		Issued On
	On or After		or After
	March 2, 1998		December 10, 1998
Division	Total Equity		Total Equity
Small Cap Growth Stock	$	789	$	3,614
T. Rowe Price Small Cap Value		158		529
Aggressive Growth Stock		3,167		3,848
International Growth Stock		4		83
Franklin Templeton International Equity		2,738		3,357
Index 400 Stock		1,223		2,928
Growth Stock		5,429		5,929
J.P. Morgan Select Growth and Income Stock		2,045		3,170
Capital Guardian Domestic Equity		183		881
Index 500 Stock		8,770		13,451
Asset Allocation		2		223
Balanced		2,852		4,281
High Yield Bond		1,122		530
Select Bond		8,790		1,654
Money Market		4,697		7,560
Russell Multi-Style Equity		8,844		3,934
Russell Aggressive Equity		4,079		1,406
Russell Non-U.S.		5,397		2,000
Russell Real Estate Securities		960		1,183
Russell Core Bond		11,404		571
	$	72,653	$	61,132

125

 Directors and Officers

Northwestern Mutual Series Fund, Inc.

Directors

Edward J. Zore	President and Chief Executive Officer, Northwestern Mutual Life,
	Milwaukee
Martin F. Stein	Founder, Stein Optical,
	Milwaukee
John K. MacIver	Senior Partner, Michael Best & Friedrich, LLC,
	Milwaukee
Stephen N. Graff	Retired Partner, Arthur Andersen LLP
	Milwaukee
William J. Blake	Chairman, Blake Investment Corp.,
	Milwaukee
William A. McIntosh	Retired Division Head — U.S. Fixed Income, Salomon Brothers,
	Chicago
James D. Ericson	Retired Chairman and Chief Executive Officer, Northwestern Mutual,
	Milwaukee

Officers

Edward J. Zore	President
Mark G. Doll	Vice President & Treasurer
Merrill C. Lundberg	Secretary
Barbara E. Courtney	Controller

126

The Northwestern Mutual
Life Insurance Company • Milwaukee, WI
www.northwesternmutual.com

90-1899 (0700) (REV 0102)

This report is submitted for the general information of owners of Northwestern Mutual Variable Life policies. This report is not authorized for distribution to prospective purchasers of variable life policies unless it is accompanied by an effective prospectus. Northwestern Mutual Variable Life policies are sold through individuals who, in addition to being licensed life insurance agents of Northwestern Mutual Life, are registered representatives of Northwestern Mutual Investment Services, LLC, a wholly-owned subsidiary of Northwestern Mutual Life and a registered broker-dealer under the Securities Exchange Act of 1934 and a member of the National Association of Securities Dealers, Inc.

PRSRT STD
US POSTAGE
PAID
MILWAUKEE WI
PERMIT NO. 426

[NORTHWESTERN MUTUAL LOGO]
P.O. Box 3095
Milwaukee, WI 53201-3095

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