Form NPORT-P NORTHWESTERN MUTUAL SERI For: Mar 31

May 24, 2022 1:40 PM EDT

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        6442246.14000000
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        Amadeus IT Group SA
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        Amadeus IT Group SA
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        MISUMI Group Inc
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        MISUMI Group Inc
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        Deutsche Boerse AG
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        Moody's Corp
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        Moody's Corp
        615369105
        
          
        
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        USS Co Ltd
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        USS Co Ltd
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        Reliance Industries Ltd
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        Reliance Industries Ltd
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        Alphabet Inc
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        Alphabet Inc
        02079K305
        
          
        
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        Visa Inc
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        Roche Holding AG
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        Roche Holding AG
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        ResMed Inc
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        ResMed Inc
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        State Street Global Advisors
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        Dechra Pharmaceuticals PLC
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        Dechra Pharmaceuticals PLC
        000000000
        
          
        
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        4119344.42000000
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        PRADA SpA
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        Lectra
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        Marsh & McLennan Cos Inc
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        571748102
        
          
        
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        Compass Group PLC
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        SHO-BOND Holdings Co Ltd
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        Nice Ltd
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        Nestle SA
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        46030435.74000000
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        InterContinental Hotels Group PLC
        2138007ZFQYRUSLU3J98
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        45857P806
        
          
        
        100184.00000000
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        Keyence Corp
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        Keyence Corp
        000000000
        
          
        
        57900.00000000
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        26919327.53000000
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        Assa Abloy AB
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        21258035.36000000
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        Vestas Wind Systems A/S
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        Vestas Wind Systems A/S
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        Recruit Holdings Co Ltd
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        Recruit Holdings Co Ltd
        000000000
        
          
        
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        24996817.88000000
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        Kotak Mahindra Bank Ltd
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        Kotak Mahindra Bank Ltd
        000000000
        
          
        
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        3621767.89000000
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        FANUC Corp
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        FANUC Corp
        000000000
        
          
        
        76900.00000000
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        13523512.82000000
        1.434750039441
        Long
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        Mastercard Inc
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        Mastercard Inc
        57636Q104
        
          
        
        35750.00000000
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        12776335.00000000
        1.355479703325
        Long
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          N
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          N
        
      
      
        Schindler Holding AG
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        Schindler Holding AG
        000000000
        
          
        
        6085.00000000
        NS
        
        1290206.60000000
        0.136881888225
        Long
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        IMCD NV
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        IMCD NV
        000000000
        
          
        
        34100.00000000
        NS
        
        5797942.85000000
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        Long
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          N
        
      
      
        Legrand SA
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        Legrand SA
        000000000
        
          
        
        142500.00000000
        NS
        
        13547043.56000000
        1.437246486229
        Long
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          N
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          N
        
      
      
        Autoliv Inc
        A23RUXWKASG834LTMK28
        Autoliv Inc
        052800109
        
          
        
        59400.00000000
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        4540536.00000000
        0.481719083776
        Long
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        N
        
        1
        
          N
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          N
        
      
      
        CAE Inc
        549300FFM2BEH2GF1E44
        CAE Inc
        124765108
        
          
        
        201200.00000000
        NS
        
        5237009.96000000
        0.555610095296
        Long
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        1
        
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          N
        
      
      
        Sherwin-Williams Co/The
        Z15BMIOX8DDH0X2OBP21
        Sherwin-Williams Co/The
        824348106
        
          
        
        37500.00000000
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        9360750.00000000
        0.993110045478
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        Hoya Corp
        353800X4VR3BHEUCJB42
        Hoya Corp
        000000000
        
          
        
        162200.00000000
        NS
        
        18508918.37000000
        1.963666668182
        Long
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          N
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          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        759470107
        
          
        
        2000.00000000
        NS
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        136685.69000000
        0.014501394846
        Long
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        N
        
        2
        
          N
          N
          N
        
      
      
        UCB SA
        2138008J191VLSGY5A09
        UCB SA
        000000000
        
          
        
        63500.00000000
        NS
        
        7601740.24000000
        0.806491423813
        Long
        EC
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        N
        
        2
        
          N
          N
          N
        
      
      
        Lasertec Corp
        N/A
        Lasertec Corp
        000000000
        
          
        
        59000.00000000
        NS
        
        9919250.44000000
        1.052363032404
        Long
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        N
        
        2
        
          N
          N
          N
        
      
      
        Experian PLC
        635400RXXHHYT1JTSZ26
        Experian PLC
        000000000
        
          
        
        355200.00000000
        NS
        
        13698285.45000000
        1.453292191996
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Aalberts NV
        549300EMP9DT6Q35HZ31
        Aalberts NV
        000000000
        
          
        
        45000.00000000
        NS
        
        2325746.34000000
        0.246745405388
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        OSG Corp
        353800IWJAOVAFO6X450
        OSG Corp
        000000000
        
          
        
        129000.00000000
        NS
        
        1976661.37000000
        0.209709933825
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        000000000
        
          
        
        38100.00000000
        NS
        
        3885600.02000000
        0.412234961148
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Housing Development Finance Corp Ltd
        335800OX2H9AP7NHLT64
        Housing Development Finance Corp Ltd
        000000000
        
          
        
        120463.00000000
        NS
        
        3772159.79000000
        0.400199746879
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Schindler Holding AG
        5299007DRLI319H7Q933
        Schindler Holding AG
        000000000
        
          
        
        12953.00000000
        NS
        
        2761618.00000000
        0.292988337213
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Epiroc AB
        5493004Q73OEYW1SPE91
        Epiroc AB
        000000000
        
          
        
        458732.00000000
        NS
        
        9816247.38000000
        1.041435128807
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Lam Research Corp
        549300I4GMO6D34U1T02
        Lam Research Corp
        512807108
        
          
        
        31100.00000000
        NS
        USD
        16719671.00000000
        1.773840047773
        Long
        EC
        CORP
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        N
        
        1
        
          N
          N
          N
        
      
      
        Otis Worldwide Corp
        549300ZLBKR8VSU25153
        Otis Worldwide Corp
        68902V107
        
          
        
        57000.00000000
        NS
        USD
        4386150.00000000
        0.465339809948
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        Atlas Copco AB
        000000000
        
          
        
        412100.00000000
        NS
        
        21387371.79000000
        2.269050425557
        Long
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          N
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        Clicks Group Ltd
        378900E967958A677472
        Clicks Group Ltd
        000000000
        
          
        
        137852.00000000
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        2920747.32000000
        0.309870844088
        Long
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          N
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          N
        
      
      
        PriceSmart Inc
        549300JVYOSTGVSDZS46
        PriceSmart Inc
        741511109
        
          
        
        36000.00000000
        NS
        USD
        2839320.00000000
        0.301231975464
        Long
        EC
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        N
        
        1
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        000000000
        
          
        
        766000.00000000
        NS
        
        15836616.53000000
        1.680154150290
        Long
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          N
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          N
        
      
      
        Auckland International Airport Ltd
        549300HFZIZDJWB7AK60
        Auckland International Airport Ltd
        000000000
        
          
        
        528455.00000000
        NS
        
        2857661.97000000
        0.303177930079
        Long
        EC
        CORP
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        2
        
          N
          N
          N
        
      
      
        Schibsted ASA
        5967007LIEEXZXHT0O36
        Schibsted ASA
        000000000
        
          
        
        162799.00000000
        NS
        
        3466696.42000000
        0.367792221705
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        Vonovia SE
        000000000
        
          
        
        168360.00000000
        NS
        
        7872045.04000000
        0.835168870836
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Edenred
        9695006LOD5B2D7Y0N70
        Edenred
        000000000
        
          
        
        143800.00000000
        NS
        
        7108836.29000000
        0.754197765271
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Franco-Nevada Corp
        N/A
        Franco-Nevada Corp
        351858105
        
          
        
        51000.00000000
        NS
        
        8115778.11000000
        0.861027243320
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd
        000000000
        
          
        
        2226688.00000000
        NS
        
        23312161.25000000
        2.473257112858
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd
        5493003UOETFYRONLG31
        Reliance Industries Ltd
        759470107
        
          
        
        84300.00000000
        NS
        USD
        5816700.00000000
        0.617111150445
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Spectris PLC
        213800Z4CO2CZO3M3T10
        Spectris PLC
        000000000
        
          
        
        178900.00000000
        NS
        
        6075917.20000000
        0.644612280727
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian Pacific Railway Ltd
        N/A
        Canadian Pacific Railway Ltd
        13645T100
        
          
        
        187900.00000000
        NS
        
        15508156.62000000
        1.645306853209
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Safran SA
        969500UIC89GT3UL7L24
        Safran SA
        000000000
        
          
        
        110200.00000000
        NS
        
        12951825.98000000
        1.374098067786
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        S&P Global Inc
        78409V104
        
          
        
        39200.00000000
        NS
        USD
        16079056.00000000
        1.705875280871
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Safaricom PLC
        N/A
        Safaricom PLC
        000000000
        
          
        
        16324600.00000000
        NS
        
        4840914.49000000
        0.513587138778
        Long
        EC
        CORP
        KE
        N
        
        2
        
          N
          N
          N
        
      
      
        Adevinta ASA
        529900W8V3YLHRSZH763
        Adevinta ASA
        000000000
        
          
        
        269857.00000000
        NS
        
        2458754.78000000
        0.260856669752
        Long
        EC
        CORP
        NO
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Linde PLC
        8945002PAZHZLBGKGF02
        Linde PLC
        000000000
        
          
        
        84755.00000000
        NS
        
        27311532.10000000
        2.897562362622
        Long
        EC
        CORP
        IE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        60441.84000000
        NS
        USD
        60441.84000000
        0.006412456103
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CRH PLC
        549300MIDJNNTH068E74
        CRH PLC
        12626K203
        
          
        
        336700.00000000
        NS
        USD
        13488202.00000000
        1.431003808631
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-26
      NORTHWESTERN MUTUAL SERIES FUND INC
      Phillip Rinzel
      Phillip Rinzel
      Controller and Chief Accounting Officer
    
  
  XXXX



International Growth Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

Common Stocks (95.8%)   Country   Shares/ Par     

Value

$ (000’s)

 

Communication Services (3.0%)

 

Adevinta ASA - Class B *

  France     269,857       2,459  

Alphabet, Inc. - Class A *

  United States     4,000       11,125  

Rightmove PLC

  United Kingdom     778,800       6,442  

Safaricom PLC

  Kenya     16,324,600       4,841  

Schibsted ASA - Class B

  Norway     162,799       3,467  
     

 

 

 

Total

        28,334  
     

 

 

 

Consumer Discretionary (8.5%)

 

Autoliv, Inc.

  Sweden     59,400       4,541  

Compass Group PLC

  United Kingdom     686,900       14,803  

InterContinental Hotels Group PLC, ADR *

  United Kingdom     100,184       6,895  

LVMH Moet Hennessy Louis Vuitton SE

  France     57,800       41,158  

PRADA SPA

  Italy     1,228,000       7,762  

USS Co., Ltd.

  Japan     290,600       4,888  
     

 

 

 

Total

        80,047  
     

 

 

 

Consumer Staples (5.5%)

 

Clicks Group, Ltd.

  South Africa     127,852       2,709  

Nestle SA

  Switzerland     354,569       46,031  

PriceSmart, Inc.

  United States     36,000       2,839  
     

 

 

 

Total

        51,579  
     

 

 

 

Energy (0.8%)

     

Reliance Industries, Ltd.

  India     60,000       2,077  

Reliance Industries, Ltd., GDR

  India     86,300       5,953  
     

 

 

 

Total

        8,030  
     

 

 

 

Financials (13.1%)

 

AIA Group, Ltd.

  Hong Kong     2,226,688       23,312  

Deutsche Borse AG

  Germany     64,500       11,587  

Hong Kong Exchanges & Clearing, Ltd.

  Hong Kong     231,800       10,924  

Housing Development Finance Corp., Ltd.

  India     120,463       3,772  

Kotak Mahindra Bank, Ltd.

  India     157,500       3,622  

Marsh & McLennan Cos., Inc.

  United States     141,723       24,152  

Moody’s Corp.

  United States     45,400       15,318  

MSCI, Inc.

  United States     29,700       14,936  

S&P Global, Inc.

  United States     39,200       16,079  
     

 

 

 

Total

        123,702  
     

 

 

 

Health Care (9.9%)

 

Dechra Pharmaceuticals PLC

  United Kingdom     77,800       4,119  

Hoya Corp.

  Japan     162,200       18,509  

ResMed, Inc.

  United States     70,500       17,097  

Roche Holding AG

  Switzerland     105,812       41,846  

Sanofi

  France     38,100       3,886  

UCB SA

  Belgium     63,500       7,602  
     

 

 

 

Total

        93,059  
     

 

 

 

Industrials (26.0%)

     

Aalberts NV

  Netherlands     45,000       2,326  
Common Stocks (95.8%)   Country   Shares/ Par     

Value

$ (000’s)

 

Industrials continued

 

Airbus SE *

  France     137,000       16,560  

Assa Abloy AB - Class B

  Sweden     788,400       21,258  

Atlas Copco AB - Class A

  Sweden     412,100       21,387  

Auckland International Airport, Ltd. *

  New Zealand     528,455       2,858  

Azelis Group NV *

  Belgium     96,385       2,330  

CAE, Inc. *

  Canada     201,200       5,237  

Canadian Pacific Railway, Ltd.

  Canada     187,900       15,508  

Cellnex Telecom SA

  Spain     145,739       6,986  

Edenred

  France     143,800       7,109  

Epiroc AB

  Sweden     458,732       9,816  

Experian PLC

  Jersey     355,200       13,698  

FANUC Corp.

  Japan     76,900       13,523  

IMCD NV

  Netherlands     34,100       5,798  

Interpump Group SpA

  Italy     122,400       6,154  

KONE Oyj

  Finland     78,600       4,117  

Legrand SA

  France     142,500       13,547  

MISUMI Group, Inc.

  Japan     441,700       13,142  

OSG Corp.

  Japan     129,000       1,977  

Otis Worldwide Corp.

  United States     57,000       4,386  

Recruit Holdings Co., Ltd.

  Japan     571,000       24,997  

Safran SA

  France     110,200       12,952  

Schindler Holding AG

  Switzerland     19,038       4,052  

SHO-BOND Holdings Co., Ltd.

  Japan     137,261       5,978  

Vestas Wind Systems A/S

  Denmark     329,500       9,728  
     

 

 

 

Total

        245,424  
     

 

 

 

Information Technology (22.0%)

 

Amadeus IT Group SA *

  Spain     308,400       20,088  

ASML Holding NV

  Netherlands     84,300       56,228  

Azbil Corp.

  Japan     298,900       9,956  

Keyence Corp.

  Japan     57,900       26,919  

Lam Research Corp.

  United States     31,100       16,720  

Lasertec Corp.

  Japan     59,000       9,919  

Lectra

  France     57,800       2,745  

Mastercard, Inc. - Class A

  United States     35,750       12,776  

NICE, Ltd., ADR *

  Israel     51,000       11,169  

SAP SE

  Germany     94,419       10,535  

Spectris PLC

  United Kingdom     178,900       6,076  

Taiwan Semiconductor Manufacturing Co., Ltd.

  Taiwan     766,000       15,837  

Visa, Inc. - Class A

  United States     36,225       8,034  
     

 

 

 

Total

        207,002  
     

 

 

 

Materials (6.2%)

     

CRH PLC, ADR

  Ireland     336,700       13,488  

Franco-Nevada Corp.

  Canada     51,000       8,116  

Linde PLC

  United Kingdom     84,755       27,311  

The Sherwin-Williams Co.

  United States     37,500       9,361  
     

 

 

 

Total

        58,276  
     

 

 

 
 


International Growth Portfolio

 

Common Stocks (95.8%)   Country     Shares/ Par     

Value

$ (000’s)

 

Real Estate (0.8%)

     

Vonovia SE

    Germany       168,360       7,872  
     

 

 

 

Total

        7,872  
     

 

 

 

Total Common Stocks (Cost: $670,283)

 

    903,325  
     

 

 

 
Short-Term Investments (4.0%)  

Money Market Funds (4.0%)

     

State Street Institutional U.S. Government Money Market Fund - Premier Class

     
Short-Term Investments (4.0%)   Country     Shares/ Par     

Value

$ (000’s)

 

Money Market Funds continued

 

0.250%#

    United States       37,731,384       37,731  
     

 

 

 

Total

        37,731  
     

 

 

 

Total Short-Term Investments (Cost: $37,731)

 

    37,731  
     

 

 

 

Total Investments (99.8%) (Cost: $708,014)@

 

    941,056  
     

 

 

 

Other Assets, Less Liabilities (0.2%)

 

    1,601  
     

 

 

 

Net Assets (100.0%)

 

    942,657  
     

 

 

 
 

 

Investments by Country of Risk as a Percentage on Net Assets:   

United States

   20.2%

Japan

   13.8%

France

   10.7%

Switzerland

   9.8%

United Kingdom

   8.4%

Netherlands

   6.8%

Sweden

   6.0%

Other

   24.1%
  

 

Total

               99.8%
  

 

 

+

All par is stated in U.S. Dollar unless otherwise noted.

*

Non income producing

#

7-Day yield as of 3/31/2022.

@

At March 31, 2022, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $708,014 and the net unrealized appreciation of investments based on that cost was $233,042 which is comprised of $252,028 aggregate gross unrealized appreciation and $18,986 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.


International Growth Portfolio

 

The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio’s Investments at March 31, 2022.

 

    Valuation Inputs                                          
Description          Level 1 - Quoted
Prices
            Level 2 - Other
Significant
Observable Inputs
            

Level 3

- Significant
Unobservable
Inputs

 
    (Amounts in thousands)          

Assets:

              

Common Stocks

              

Communication Services

     $             11,125        $ 17,209         $                     —    

Consumer Discretionary

      11,436          68,611           —    

Consumer Staples

      2,839          48,740           —    

Energy

      5,817          2,213           —    

Financials

      70,485          53,217           —    

Health Care

      17,097          75,962           —    

Industrials

      25,131          220,293           —    

Information Technology

      48,699          158,303           —    

Materials

      30,965          27,311           —    

All Others

               7,872           —    

Short-Term Investments

      37,731                    —    
   

 

 

 

Total Assets:

              $             261,325                     $             679,731                      $ —    
   

 

 

 


Abbreviations

Abbreviations that may be used in the preceding statements

 

ADR

   American Depositary Receipt

AFC

   Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate.

CSTR

   Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral.

EXE

   Security receives collateral principal and interest paid which exceeds the amount of principal and income obligated to all bonds in the deal.

IO

   Interest Only Security

PO

   Principal Only Security

GDR

   Global Depositary Receipt

GO

   General Obligation

RB

   Revenue Bond

CPURNSA

   U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted

LIBOR

   London Interbank Offered Rate

SOFR

   Secured Overnight Financing Rate

ICE

   Intercontinental Exchange

SONIO

   Sterling Overnight Interbank Average Rate

DAC

   Designated Activity Company

TBA

   To Be Announced

OIS

   Overnight Index Swaps

DIFC

   Dubai International Financial Centre

EURIBOR

   Euro Interbank Offered Rate

SDR

   Swedish Depository Receipt

ETF

   Exchange Traded Fund
Currency Abbreviations

ARS

   Argentine Peso

AUD

   Australian Dollar

BRL

   Brazilian Real

CAD

   Canadian Dollar

CHF

   Swiss Franc

CNH

   Chinese Yuan Renminbi - Offshore

CNY

   Chinese Yuan Renminbi

DKK

   Danish Krone

EUR

   Euro

GBP

   British Pound

HKD

   Hong Kong Dollar

IDR

   Indonesian Rupiah

INR

   Indian Rupee

JPY

   Japanese Yen

KES

   Kenyan Shilling

KRW

   South Korean Won

MXN

   Mexican New Peso

NOK

   Norwegian Krone

NZD

   New Zealand Dollar

PHP

   Philippines Peso

PLN

   Polish Zloty

RUB

   Russian Ruble

SEK

   Swedish Krona

THB

   Thai Baht

TWD

   Taiwan Dollar

USD

   United States Dollar

ZAR

   South African Rand


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