Form NPORT-P NORTHWESTERN MUTUAL SERI For: Mar 31

May 24, 2022 1:40 PM EDT

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        Hindustan Unilever Ltd
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        Midea Group Co Ltd
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        Yonyou Network Technology Co Ltd
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        Yonyou Network Technology Co Ltd
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        Globant SA
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        Globant SA
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        Banco Bradesco SA
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        State Street Global Advisors
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        Wuxi Biologics Cayman Inc
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        Bank Central Asia Tbk PT
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        Kasikornbank PCL
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        Kasikornbank PCL
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        Power Grid Corp of India Ltd
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        Maruti Suzuki India Ltd
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        Maruti Suzuki India Ltd
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        Bank of the Philippine Islands
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        Zhongsheng Group Holdings Ltd
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        Samsung Engineering Co Ltd
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        Grupo Financiero Banorte SAB de CV
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        Kotak Mahindra Bank Ltd
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        Hangzhou Tigermed Consulting Co Ltd
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        NARI Technology Co Ltd
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        Hangzhou Tigermed Consulting Co Ltd
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        GDS Holdings Ltd
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        GDS Holdings Ltd
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        PTT Exploration & Production PCL
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        PTT Exploration & Production PCL
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        Mondi PLC
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        Mondi PLC
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        JD.com Inc
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        JD.com Inc
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        WEG SA
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        000000000
        
          
        
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        Li Ning Co Ltd
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        Li Ning Co Ltd
        000000000
        
          
        
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        8258136.45000000
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        Long
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        N
        
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        Fomento Economico Mexicano SAB de CV
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        Fomento Economico Mexicano SAB de CV
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        Budweiser Brewing Co APAC Ltd
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        Budweiser Brewing Co APAC Ltd
        000000000
        
          
        
        4164700.00000000
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        N
        
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        Foshan Haitian Flavouring & Food Co Ltd
        N/A
        Foshan Haitian Flavouring & Food Co Ltd
        000000000
        
          
        
        720883.00000000
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        9912548.22000000
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        Delta Electronics Inc
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        Delta Electronics Inc
        000000000
        
          
        
        1115000.00000000
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        10371972.99000000
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        Prosus NV
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        Prosus NV
        000000000
        
          
        
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        15966327.85000000
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        N
        
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          N
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        Samsung SDI Co Ltd
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        Samsung SDI Co Ltd
        000000000
        
          
        
        17927.00000000
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        8747381.83000000
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        Long
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        N
        
        2
        
          N
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        B3 SA - Brasil Bolsa Balcao
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        B3 SA - Brasil Bolsa Balcao
        000000000
        
          
        
        3689230.00000000
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        12173323.80000000
        1.358313346580
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        1
        
          N
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        Anglo American Platinum Ltd
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        Anglo American Platinum Ltd
        000000000
        
          
        
        151241.00000000
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        20768515.07000000
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        Long
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          N
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        Shenzhou International Group Holdings Ltd
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        Shenzhou International Group Holdings Ltd
        000000000
        
          
        
        755800.00000000
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        10080790.99000000
        1.124826150258
        Long
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        N
        
        2
        
          N
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          N
        
      
      
        Housing Development Finance Corp Ltd
        335800OX2H9AP7NHLT64
        Housing Development Finance Corp Ltd
        000000000
        
          
        
        898668.00000000
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        28140751.06000000
        3.139977082315
        Long
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        2
        
          N
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          N
        
      
      
        Sberbank of Russia PJSC
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        Sberbank of Russia PJSC
        000000000
        
          
        
        734128.00000000
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        0.00000000
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        3
        
          N
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        Novatek PJSC
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        Novatek PJSC
        000000000
        
          
        
        795201.00000000
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        0.00000000
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        3
        
          N
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          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd
        000000000
        
          
        
        2417900.00000000
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        33094479.43000000
        3.692719740840
        Long
        EC
        CORP
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        N
        
        2
        
          N
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          N
        
      
      
        SBI Life Insurance Co Ltd
        335800WMVIESQUO95586
        SBI Life Insurance Co Ltd
        000000000
        
          
        
        1038647.00000000
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        15312166.86000000
        1.708549033338
        Long
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        N
        
        2
        
          N
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          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co Ltd
        000000000
        
          
        
        3916290.00000000
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        80967079.57000000
        9.034399036817
        Long
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          N
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        Rumo SA
        N/A
        Rumo SA
        000000000
        
          
        
        1905326.00000000
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        7423529.96000000
        0.828325935387
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        1
        
          N
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          N
        
      
      
        UltraTech Cement Ltd
        335800PC9O9B4BQHG814
        UltraTech Cement Ltd
        000000000
        
          
        
        108458.00000000
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        9393280.37000000
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        Credicorp Ltd
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        Credicorp Ltd
        000000000
        
          
        
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        N
        
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        Banco Santander Chile
        3YJP8HORPAEXJ80D6368
        Banco Santander Chile
        05965X109
        
          
        
        165144.00000000
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          N
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        LUKOIL PJSC
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        LUKOIL PJSC
        69343P105
        
          
        
        63540.00000000
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        3
        
          N
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        MercadoLibre Inc
        549300DKPDN9M5S8GB14
        MercadoLibre Inc
        58733R102
        
          
        
        4490.00000000
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        5340765.20000000
        0.595928669219
        Long
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        N
        
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          N
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        Sands China Ltd
        549300EVO6UZDGY05787
        Sands China Ltd
        000000000
        
          
        
        2832400.00000000
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        6797958.15000000
        0.758523919707
        Long
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        N
        
        2
        
          N
          N
          N
        
      
      
        China Merchants Bank Co Ltd
        549300MKO5B60FFIHF58
        China Merchants Bank Co Ltd
        000000000
        
          
        
        2811000.00000000
        NS
        
        21974620.82000000
        2.451953241057
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd
        000000000
        
          
        
        1504000.00000000
        NS
        
        15746027.52000000
        1.756959700360
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Hon Hai Precision Industry Co Ltd
        30030004CM3GSZXX7O56
        Hon Hai Precision Industry Co Ltd
        000000000
        
          
        
        2871000.00000000
        NS
        
        10576660.19000000
        1.180155800860
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd
        000000000
        
          
        
        673900.00000000
        NS
        
        31791493.73000000
        3.547331111096
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Allegro.eu SA
        222100VRLXV3FPMG4982
        Allegro.eu SA
        000000000
        
          
        
        692907.00000000
        NS
        
        5760157.21000000
        0.642724907781
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung Electronics Co Ltd
        9884007ER46L6N7EI764
        Samsung Electronics Co Ltd
        000000000
        
          
        
        809516.00000000
        NS
        
        41871267.20000000
        4.672043725313
        Long
        EP
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Yunnan Energy New Material Co Ltd
        N/A
        Yunnan Energy New Material Co Ltd
        000000000
        
          
        
        180695.00000000
        NS
        
        6207414.93000000
        0.692630434030
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Resources Land Ltd
        5299001HL0TU7X15HK51
        China Resources Land Ltd
        000000000
        
          
        
        2320000.00000000
        NS
        
        10753807.60000000
        1.199922110807
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        13823.79000000
        NS
        USD
        13823.79000000
        0.001542474246
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LG Chem Ltd
        988400IES4EIG7O06940
        LG Chem Ltd
        000000000
        
          
        
        37623.00000000
        NS
        
        16311659.70000000
        1.820073583797
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-26
      NORTHWESTERN MUTUAL SERIES FUND INC
      Phillip Rinzel
      Phillip Rinzel
      Controller and Chief Accounting Officer
    
  
  XXXX



Emerging Markets Equity Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2022 (unaudited)

 

Common Stocks (92.0%)    Country    Shares/ Par +     

Value

$ (000’s)

 

 

 

Communication Services (4.7%)

 

Sea, Ltd., ADR *

   Taiwan      50,599        6,061  

Tencent Holdings, Ltd.

   China      673,900        31,792  

Vodacom Group, Ltd.

   South Africa      339,198        3,707  
        

 

 

 

Total

           41,560  
        

 

 

 

Consumer Discretionary (14.3%)

 

Alibaba Group Holding,
Ltd. *

   China      2,417,900        33,095  

Allegro.eu SA *

   Poland      692,907        5,760  

China Tourism Group Duty Free Corp., Ltd. - Class A

   China      393,986        10,115  

JD.com, Inc. - Class A *

   China      174,500        5,111  

Li Ning Co., Ltd.

   China      963,500        8,258  

Maruti Suzuki India, Ltd.

   India      91,024        9,029  

MercadoLibre, Inc. *

   Brazil      4,490        5,341  

Midea Group Co., Ltd. - Class A

   China      961,267        8,598  

Prosus NV *

   China      301,608        15,966  

Sands China, Ltd. *

   Macau      2,832,400        6,798  

Shenzhou International Group Holdings, Ltd.

   China      755,800        10,081  

Zhongsheng Group Holdings, Ltd.

   China      1,417,000        9,977  
        

 

 

 

Total

               128,129  
        

 

 

 

Consumer Staples (6.1%)

 

Budweiser Brewing Co. APAC, Ltd.

   China      4,164,700        11,053  

Fomento Economico Mexicano SAB de CV, ADR

   Mexico      201,607        16,703  

Foshan Haitian Flavouring and Food Co., Ltd. - Class A

   China      720,883        9,913  

Hindustan Unilever, Ltd.

   India      409,188        11,020  

Kweichow Moutai Co., Ltd. - Class A

   China      23,280        6,280  
        

 

 

 

Total

           54,969  
        

 

 

 

Energy (0.9%)

 

LUKOIL PJSC, ADR Æ

   Russia      225,143         

NovaTek PJSC Æ

   Russia      795,201         

PTT Exploration & Production PCL - Foreign Shares

   Thailand      1,835,300        7,948  
        

 

 

 

Total

           7,948  
        

 

 

 

Financials (23.9%)

 

AIA Group, Ltd.

   Hong Kong      1,504,000        15,746  

B3 SA - Brasil, Bolsa, Balcao

   Brazil      3,689,230        12,173  

Banco Bradesco SA, ADR

   Brazil      3,810,017        17,678  

Banco Santander Chile, ADR

   Chile      168,085        3,797  

Bank Central Asia Tbk PT

   Indonesia      32,537,000        18,027  

Bank of the Philippine Islands

   Philippines      2,680,376        5,150  

China Merchants Bank Co., Ltd. - Class H

   China      2,811,000        21,975  

Credicorp, Ltd.

   Peru      30,500        5,242  

Grupo Financiero Banorte SAB de CV

   Mexico      2,717,163        20,430  
Common Stocks (92.0%)    Country      Shares/ Par +     

Value

$ (000’s)

 

 

 

Financials continued

 

Hong Kong Exchanges & Clearing, Ltd.

     Hong Kong        266,492        12,559  

Housing Development Finance Corp., Ltd.

     India        898,668        28,141  

Kasikornbank PCL - Foreign Shares

     Thailand        1,788,100        8,668  

Kotak Mahindra Bank, Ltd.

     India        665,311        15,299  

PT Bank Rakyat Indonesia Persero Tbk

     Indonesia        43,958,756        14,154  

Sberbank of Russia PJSC Æ

     Russia        734,128         

SBI Life Insurance Co., Ltd.

     India        1,038,647        15,312  
        

 

 

 

Total

               214,351  
        

 

 

 

Health Care (1.7%)

 

Hangzhou Tigermed Consulting Co., Ltd. - Class A

     China        198,999        3,353  

Hangzhou Tigermed Consulting Co., Ltd. - Class H

     China        187,100        2,255  

Wuxi Biologics Cayman, Inc. *

     China        1,161,500        9,422  
        

 

 

 

Total

           15,030  
        

 

 

 

Industrials (6.1%)

 

Grupo Aeroportuario del Sureste SAB de CV - Class B

     Mexico        298,110        6,654  

NARI Technology Co., Ltd. - Class A

     China        3,558,060        17,511  

Rumo SA *

     Brazil        1,905,326        7,423  

Samsung Engineering Co., Ltd. *

     South Korea        196,236        4,226  

Sungrow Power Supply Co., Ltd. - Class A

     China        749,597        12,537  

WEG SA

     Brazil        848,533        6,215  
        

 

 

 

Total

           54,566  
        

 

 

 

Information Technology (22.3%)

 

ASM International NV

     Netherlands        21,243        7,701  

ASML Holding NV

     Netherlands        14,315        9,548  

Delta Electronics, Inc.

     Taiwan        1,115,000        10,372  

GDS Holdings, Ltd. - Class A *

     China        588,800        2,941  

Globant SA *

     United States        25,681        6,730  

Hon Hai Precision Industry Co., Ltd.

     Taiwan        2,871,000        10,577  

LONGi Green Energy Technology Co., Ltd. - Class A

     China        1,373,502        15,503  

Samsung Electronics Co., Ltd.

     South Korea        465,855        26,613  

Samsung SDI Co., Ltd.

     South Korea        17,927        8,747  

Taiwan Semiconductor Manufacturing Co., Ltd.

     Taiwan        3,916,290        80,967  

Tata Consultancy Services, Ltd.

     India        324,914        15,979  
 


Emerging Markets Equity Portfolio

 

Common Stocks (92.0%)    Country      Shares/ Par +     

Value

$ (000’s)

 

 

 

Information Technology continued

 

Yonyou Network Technology Co., Ltd. - Class A

     China        1,237,380        4,447  
        

 

 

 

Total

               200,125  
        

 

 

 

Materials (9.7%)

 

Anglo American Platinum, Ltd. South Africa

        151,241        20,768  

Grupo Mexico SAB de CV

     Mexico        3,883,333        23,234  

LG Chem, Ltd.

     South Korea      37,623        16,312  

Mondi PLC

     Austria        571,239        11,352  

UltraTech Cement, Ltd.

     India        108,458        9,393  

Yunnan Energy New Material Co., Ltd. - Class A

     China        180,695        6,207  
        

 

 

 

Total

           87,266  
        

 

 

 

Real Estate (1.2%)

 

China Resources Land, Ltd.

     China        2,320,000        10,754  
        

 

 

 

Total

           10,754  
        

 

 

 

Utilities (1.1%)

 

Power Grid Corp. of India, Ltd.India

 

     3,468,742        9,895  
        

 

 

 

Total

           9,895  
        

 

 

 

Total Common Stocks (Cost: $767,064)

 

     824,593  
        

 

 

 

 

Preferred Stocks (4.7%)    Country    Shares/ Par +     

Value

$ (000’s)

 

 

 

Information Technology (4.7%)

 

Samsung Electronics Co., Ltd.South Korea

        809,516        41,871  
        

 

 

 

Total

           41,871  
        

 

 

 

Total Preferred Stocks (Cost: $31,441)

 

     41,871  
        

 

 

 

Short-Term Investments

(3.3%)

     

 

 

Money Market Funds (3.3%)

        

State Street Institutional U.S. Government Money Market Fund - Premier Class 0.250%#

   United States      29,726,399        29,726  
        

 

 

 

Total

           29,726  
        

 

 

 

Total Short-Term Investments (Cost: $29,726)

 

     29,726  
        

 

 

 

Total Investments (100.0%) (Cost: $828,231)@

 

     896,190  
        

 

 

 

Other Assets, Less Liabilities (0.0%)

 

     124  
        

 

 

 

Net Assets (100.0%)

 

         896,314  
        

 

 

 
 

 

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

  

China

     29.8%  

India

     12.6%  

Taiwan

     12.0%  

South Korea

     11.0%  

Mexico

     7.5%  

Brazil

     5.5%  

Other

     21.6%  
  

 

 

 

Total

                 100.0%  
  

 

 

 

 

+

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

*

Non income producing

Æ

Security valued using significant unobservable inputs.

#

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 $828,231 and the net unrealized appreciation of investments based on that cost was $67,959 which is comprised of $190,717 aggregate gross unrealized appreciation and $122,758 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.


Emerging Markets Equity 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:

        

Preferred Stocks

   $      $ 41,871      $ —    

Common Stocks

        

Communication Services

     6,061        35,499        —    

Consumer Discretionary

     5,341        122,788        —    

Consumer Staples

     16,703        38,266        —    

Energy

            7,948        —    

Financials

     59,320        155,031        —    

Industrials

     20,292        34,274        —    

Information Technology

     6,730        193,395        —    

Materials

     23,234        64,032        —    

All Others

            35,679        —    

Short-Term Investments

     29,726               —    
  

 

 

 

Total Assets:

    $                 167,407      $                 728,783      $                 —    
  

 

 

 

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended March 31, 2022.

For the period ended March 31, 2022, there were transfers from Level 1 to Level 3 and Level 2 to Level 3 in the amount of $0 (in thousands). These transfers were the result of the third party vendor not being able to provide a daily price due to the liquidity and current market conditions in Russia.


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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