Northwestern Mutual Series Fund NPORT-P High Yield Bond Portfolio (Mar 2024 report)

High Yield Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (0.1%)	Shares/ Par +		Value $ (000’s)
Communication Services (0.0%)
iHeartMedia, - Class A *		22,266		47
Total				47
Energy (0.1%)
Superior Energy Services, Inc.		16,164		1,024
Total				1,024
Total Common Stocks (Cost: $816)				1,071
Corporate Bonds (96.1%)
Basic Materials (3.0%)
Ashland, Inc. 3.375%, 9/1/31 144A		825,000		698
Axalta Coating Systems Dutch Holding BV 7.250%, 2/15/31 144A		425,000		442
Axalta Coating Systems LLC 3.375%, 2/15/29 144A		875,000		783
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding 4.750%, 6/15/27 144A		600,000		579
Cleveland-Cliffs, Inc.
4.625%, 3/1/29 144A		1,525,000		1,422
4.875%, 3/1/31 144A		425,000		385
6.750%, 4/15/30 144A		600,000		602
7.000%, 3/15/32 144A		775,000		785
Coeur Mining, Inc. 5.125%, 2/15/29 144A		1,950,000		1,842
Element Solutions, Inc. 3.875%, 9/1/28 144A		1,650,000		1,514
H.B. Fuller Co. 4.250%, 10/15/28		525,000		486
Herens Holdco SARL 4.750%, 5/15/28 144A		3,450,000		3,011
Illuminate Buyer LLC / Illuminate Holdings IV, Inc. 9.000%, 7/1/28 144A		1,025,000		1,011
Olympus Water US Holding Corp.
4.250%, 10/1/28 144A		1,500,000		1,361
6.250%, 10/1/29 144A		1,975,000		1,808
7.125%, 10/1/27 144A		875,000		884
9.750%, 11/15/28 144A		2,125,000		2,264
SNF Group 3.375%, 3/15/30 144A		425,000		368
WR Grace Holdings LLC
4.875%, 6/15/27 144A		675,000		641
5.625%, 8/15/29 144A		1,200,000		1,074
7.375%, 3/1/31 144A		325,000		329
Total				22,289
Communications (13.1%)
Audacy Capital Corp.
6.500%, 5/1/27 144A j		2,250,000		73
6.750%, 3/31/29 144A j		1,650,000		54

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Communications continued
Cars.com, Inc. 6.375%, 11/1/28 144A		2,125,000		2,066
CCO Holdings LLC / CCO Holdings Capital Corp.
4.250%, 2/1/31 144A		325,000		265
4.250%, 1/15/34 144A		1,200,000		906
4.500%, 8/15/30 144A		1,500,000		1,257
4.500%, 5/1/32		1,050,000		844
4.500%, 6/1/33 144A		1,175,000		918
4.750%, 3/1/30 144A		3,400,000		2,919
4.750%, 2/1/32 144A		450,000		367
5.000%, 2/1/28 144A		2,000,000		1,862
5.125%, 5/1/27 144A		2,975,000		2,835
5.375%, 6/1/29 144A		1,350,000		1,236
5.500%, 5/1/26 144A		275,000		271
Ciena Corp. 4.000%, 1/31/30 144A		325,000		290
CMG Media Corp. 8.875%, 12/15/27 144A		3,350,000		2,220
CSC Holdings LLC
3.375%, 2/15/31 144A		825,000		561
4.125%, 12/1/30 144A		950,000		679
4.500%, 11/15/31 144A		2,750,000		1,947
4.625%, 12/1/30 144A		1,100,000		559
5.500%, 4/15/27 144A		2,275,000		2,035
5.750%, 1/15/30 144A		4,200,000		2,223
6.500%, 2/1/29 144A		1,100,000		932
7.500%, 4/1/28 144A		1,925,000		1,298
Cumulus Media New Holdings, Inc. 6.750%, 7/1/26 144A		375,000		201
DISH DBS Corp.
5.125%, 6/1/29		2,950,000		1,230
5.750%, 12/1/28 144A		1,100,000		756
7.375%, 7/1/28		750,000		361
7.750%, 7/1/26		1,350,000		904
DISH Network Corp. 11.750%, 11/15/27 144A		700,000		715
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.250%, 12/1/27 144A		1,625,000		1,589
GoTo Group, Inc. 5.500%, 5/1/28 144A		2,059,750		1,551
Gray Television, Inc.
5.375%, 11/15/31 144A		975,000		639
5.875%, 7/15/26 144A		1,875,000		1,826
7.000%, 5/15/27 144A		1,050,000		977
iHeartCommunications, Inc.
5.250%, 8/15/27 144A		1,075,000		782
6.375%, 5/1/26		375,901		321
8.375%, 5/1/27		4,803,194		2,683
Lamar Media Corp.
3.625%, 1/15/31		425,000		373
4.000%, 2/15/30		100,000		91
4.875%, 1/15/29		675,000		650
Match Group Holdings II LLC 4.125%, 8/1/30 144A		2,175,000		1,935

1

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Communications continued
4.625%, 6/1/28 144A		1,450,000		1,368
5.000%, 12/15/27 144A		525,000		503
Midas OpCo Holdings LLC 5.625%, 8/15/29 144A		5,975,000		5,426
Millennium Escrow Corp. 6.625%, 8/1/26 144A		1,425,000		843
Nexstar Media, Inc.
4.750%, 11/1/28 144A		1,450,000		1,321
5.625%, 7/15/27 144A		1,900,000		1,823
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.250%, 1/15/29 144A		1,150,000		1,042
4.625%, 3/15/30 144A		1,100,000		987
7.375%, 2/15/31 144A		150,000		157
Scripps Escrow II, Inc. 5.375%, 1/15/31 144A		300,000		185
Scripps Escrow, Inc. 5.875%, 7/15/27 144A		1,425,000		1,192
Sinclair Television Group, Inc.
4.125%, 12/1/30 144A		150,000		109
5.125%, 2/15/27 144A		1,475,000		1,342
5.500%, 3/1/30 144A		1,175,000		846
Sirius XM Radio, Inc.
3.125%, 9/1/26 144A		1,075,000		1,007
3.875%, 9/1/31 144A		3,025,000		2,522
4.000%, 7/15/28 144A		725,000		663
4.125%, 7/1/30 144A		1,525,000		1,333
5.500%, 7/1/29 144A		925,000		881
Sprint LLC 7.625%, 2/15/25		700,000		708
Sunrise FinCo I BV 4.875%, 7/15/31 144A		3,450,000		3,079
TEGNA, Inc. 5.000%, 9/15/29		2,075,000		1,860
Telenet Finance Luxembourg Notes SARL 5.500%, 3/1/28 144A		4,400,000		4,134
Univision Communications, Inc.
4.500%, 5/1/29 144A		1,400,000		1,251
7.375%, 6/30/30 144A		1,025,000		1,014
8.000%, 8/15/28 144A		1,475,000		1,503
Urban One, Inc. 7.375%, 2/1/28 144A		1,850,000		1,570
Viavi Solutions, Inc. 3.750%, 10/1/29 144A		775,000		665
Virgin Media Finance PLC 5.000%, 7/15/30 144A		2,700,000		2,285
Virgin Media Secured Finance PLC
4.500%, 8/15/30 144A		250,000		216
5.500%, 5/15/29 144A		475,000		439
Virgin Media Vendor Financing Notes IV 5.000%, 7/15/28 144A		2,050,000		1,881
VMED O2 UK Financing I PLC
4.250%, 1/31/31 144A		600,000		508
4.750%, 7/15/31 144A		1,475,000		1,271
VZ Secured Financing BV 5.000%, 1/15/32 144A		1,225,000		1,052
Ziggo Bond Co. BV
5.125%, 2/28/30 144A		1,300,000		1,113
6.000%, 1/15/27 144A		3,050,000		3,006

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Communications continued
Ziggo BV 4.875%, 1/15/30 144A		200,000		180
Total				97,486
Consumer, Cyclical (19.7%)
1011778 BC ULC / New Red Finance, Inc.
3.500%, 2/15/29 144A		525,000		479
3.875%, 1/15/28 144A		1,125,000		1,057
4.000%, 10/15/30 144A		5,775,000		5,146
4.375%, 1/15/28 144A		1,175,000		1,111
Academy, Ltd. 6.000%, 11/15/27 144A		1,850,000		1,822
Acushnet Co. 7.375%, 10/15/28 144A		300,000		311
Adient Global Holdings, Ltd.
4.875%, 8/15/26 144A		3,300,000		3,217
7.000%, 4/15/28 144A		350,000		358
8.250%, 4/15/31 144A		350,000		369
Affinity Interactive 6.875%, 12/15/27 144A		1,950,000		1,822
American Airlines, Inc. / AAdvantage Loyalty IP, Ltd.
5.500%, 4/20/26 144A		1,237,500		1,229
5.750%, 4/20/29 144A		200,000		197
American Builders & Contractors Supply Co., Inc.
3.875%, 11/15/29 144A		275,000		247
4.000%, 1/15/28 144A		2,050,000		1,919
Aramark Services, Inc. 5.000%, 2/1/28 144A		225,000		217
Asbury Automotive Group, Inc.
4.625%, 11/15/29 144A		1,850,000		1,707
5.000%, 2/15/32 144A		450,000		408
BCPE Empire Holdings, Inc. 7.625%, 5/1/27 144A		5,225,000		5,102
Beacon Roofing Supply, Inc. 6.500%, 8/1/30 144A		425,000		431
Boyd Gaming Corp.
4.750%, 12/1/27		1,650,000		1,590
4.750%, 6/15/31 144A		575,000		528
Caesars Entertainment, Inc.
4.625%, 10/15/29 144A		825,000		752
6.500%, 2/15/32 144A		1,450,000		1,463
7.000%, 2/15/30 144A		275,000		282
8.125%, 7/1/27 144A		2,325,000		2,381
Carnival Corp. 7.000%, 8/15/29 144A		375,000		391
CCM Merger, Inc. 6.375%, 5/1/26 144A		425,000		425
Churchill Downs, Inc.
5.500%, 4/1/27 144A		225,000		221
6.750%, 5/1/31 144A		2,000,000		2,011
Clarios Global LP
6.750%, 5/15/25 144A		135,000		135
6.750%, 5/15/28 144A		625,000		634
Clarios Global LP / Clarios US Finance Co.
6.250%, 5/15/26 144A		270,000		270
8.500%, 5/15/27 144A		7,550,000		7,561
Dana Financing Luxembourg SARL 5.750%, 4/15/25 144A		325,000		323

2

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Consumer, Cyclical continued
Dana, Inc.
4.500%, 2/15/32		675,000		583
5.375%, 11/15/27		150,000		147
Dornoch Debt Merger Sub, Inc. 6.625%, 10/15/29 144A		3,450,000		3,066
Ford Motor Credit Co. LLC
2.700%, 8/10/26		725,000		676
3.375%, 11/13/25		3,250,000		3,127
4.000%, 11/13/30		1,975,000		1,763
4.063%, 11/1/24		1,700,000		1,682
4.125%, 8/17/27		1,350,000		1,281
4.271%, 1/9/27		1,675,000		1,611
4.389%, 1/8/26		2,725,000		2,658
5.113%, 5/3/29		2,950,000		2,864
5.125%, 6/16/25		2,250,000		2,230
6.800%, 5/12/28		700,000		727
Foundation Building Materials, Inc. 6.000%, 3/1/29 144A		3,625,000		3,334
The Gap, Inc.
3.625%, 10/1/29 144A		1,325,000		1,161
3.875%, 10/1/31 144A		475,000		402
GYP Holdings III Corp. 4.625%, 5/1/29 144A		2,475,000		2,301
H&E Equipment Services, Inc. 3.875%, 12/15/28 144A		2,525,000		2,312
Hilton Domestic Operating Co., Inc.
3.625%, 2/15/32 144A		700,000		603
3.750%, 5/1/29 144A		1,150,000		1,055
4.875%, 1/15/30		500,000		479
5.750%, 5/1/28 144A		800,000		799
IHO Verwaltungs GmbH
4.750%, 9/15/26 144A		2,150,000		2,093
6.000%, 5/15/27 144A		1,650,000		1,648
6.375%, 5/15/29 144A		2,350,000		2,362
Interface, Inc. 5.500%, 12/1/28 144A		1,350,000		1,283
JB Poindexter & Co., Inc. 8.750%, 12/15/31 144A		975,000		1,008
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC 4.750%, 6/1/27 144A		550,000		535
Kontoor Brands, Inc. 4.125%, 11/15/29 144A		575,000		516
LCM Investments Holdings II LLC 8.250%, 8/1/31 144A		2,700,000		2,825
Light and Wonder International, Inc.
7.250%, 11/15/29 144A		1,350,000		1,386
7.500%, 9/1/31 144A		725,000		754
MGM Resorts International 6.500%, 4/15/32		1,775,000		1,769
Midwest Gaming Borrower LLC 4.875%, 5/1/29 144A		1,275,000		1,181
Mohegan Tribal Gaming Authority 8.000%, 2/1/26 144A		3,575,000		3,498
NCL Corp., Ltd.
5.875%, 3/15/26 144A		1,450,000		1,431
7.750%, 2/15/29 144A		525,000		545
8.125%, 1/15/29 144A		575,000		608
NCL Finance, Ltd. 6.125%, 3/15/28 144A		750,000		741

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Consumer, Cyclical continued
Ontario Gaming GTA LP / OTG Co-Issuer, Inc. 8.000%, 8/1/30 144A		2,025,000		2,086
Penn Entertainment, Inc.
4.125%, 7/1/29 144A		2,325,000		1,999
5.625%, 1/15/27 144A		250,000		241
Raptor Acquisition Corp. / Raptor Co-Issuer LLC 4.875%, 11/1/26 144A		1,200,000		1,154
Real Hero Merger Sub 2, Inc. 6.250%, 2/1/29 144A		3,375,000		2,957
Royal Caribbean Cruises, Ltd.
5.375%, 7/15/27 144A		750,000		739
5.500%, 8/31/26 144A		750,000		743
6.250%, 3/15/32 144A		925,000		932
Scientific Games Holdings LP / Scientific Games US FinCo, Inc. 6.625%, 3/1/30 144A		1,875,000		1,813
SeaWorld Parks & Entertainment, Inc. 5.250%, 8/15/29 144A		2,675,000		2,519
Six Flags Entertainment Corp.
5.500%, 4/15/27 144A		475,000		464
7.250%, 5/15/31 144A		1,775,000		1,798
SRS Distribution, Inc.
6.000%, 12/1/29 144A		2,925,000		2,988
6.125%, 7/1/29 144A		3,350,000		3,416
Station Casinos LLC
4.500%, 2/15/28 144A		2,000,000		1,884
4.625%, 12/1/31 144A		1,300,000		1,168
6.625%, 3/15/32 144A		250,000		253
Suburban Propane Partners LP / Suburban Energy Finance Corp.
5.000%, 6/1/31 144A		2,525,000		2,302
5.875%, 3/1/27		900,000		890
White Cap Buyer LLC 6.875%, 10/15/28 144A		1,825,000		1,790
White Cap Parent LLC 8.250%, 3/15/26 144A		1,650,000		1,648
The William Carter Co. 5.625%, 3/15/27 144A		800,000		795
WMG Acquisition Corp.
3.750%, 12/1/29 144A		800,000		717
3.875%, 7/15/30 144A		325,000		288
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 7.125%, 2/15/31 144A		875,000		906
Yum! Brands, Inc.
4.625%, 1/31/32		1,625,000		1,500
4.750%, 1/15/30 144A		725,000		688
5.375%, 4/1/32		625,000		605
ZF North America Capital, Inc.
6.875%, 4/14/28 144A		1,000,000		1,037
7.125%, 4/14/30 144A		550,000		580
Total				146,060
Consumer, Non-cyclical (12.2%)
AHP Health Partners, Inc. 5.750%, 7/15/29 144A		1,450,000		1,320
Albertsons Cos., Inc. / Safeway, Inc. / New Albertson’s LP / Albertson’s LLC 3.250%, 3/15/26 144A		350,000		334

3

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
3.500%, 3/15/29 144A		1,650,000		1,481
5.875%, 2/15/28 144A		700,000		693
6.500%, 2/15/28 144A		1,200,000		1,213
7.500%, 3/15/26 144A		625,000		636
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.000%, 6/1/29 144A		2,225,000		1,914
6.625%, 7/15/26 144A		586,000		586
7.875%, 2/15/31 144A		775,000		785
9.750%, 7/15/27 144A		4,675,000		4,689
Avantor Funding, Inc.
3.875%, 11/1/29 144A		1,825,000		1,645
4.625%, 7/15/28 144A		2,350,000		2,227
Bausch Health Americas, Inc. 8.500%, 1/31/27 144A		950,000		558
Bausch Health Cos., Inc.
4.875%, 6/1/28 144A		350,000		191
5.000%, 2/15/29 144A		625,000		261
5.250%, 1/30/30 144A		1,900,000		784
5.250%, 2/15/31 144A		300,000		124
5.750%, 8/15/27 144A		775,000		447
6.125%, 2/1/27 144A		300,000		187
6.250%, 2/15/29 144A		1,450,000		620
7.250%, 5/30/29 144A		1,200,000		519
Bellring Brands, Inc. 7.000%, 3/15/30 144A		2,050,000		2,112
Boost Newco Borrower LLC 7.500%, 1/15/31 144A		2,450,000		2,565
Centene Corp.
4.250%, 12/15/27		1,900,000		1,812
4.625%, 12/15/29		1,500,000		1,424
CHS / Community Health Systems, Inc.
5.250%, 5/15/30 144A		1,000,000		815
5.625%, 3/15/27 144A		750,000		690
6.000%, 1/15/29 144A		550,000		480
6.125%, 4/1/30 144A		1,275,000		919
6.875%, 4/15/29 144A		2,825,000		2,115
8.000%, 3/15/26 144A		556,000		555
Edgewell Personal Care Co.
4.125%, 4/1/29 144A		1,000,000		918
5.500%, 6/1/28 144A		875,000		855
Embecta Corp.
5.000%, 2/15/30 144A		525,000		429
6.750%, 2/15/30 144A		1,850,000		1,603
Garda World Security Corp.
4.625%, 2/15/27 144A		875,000		838
6.000%, 6/1/29 144A		2,375,000		2,126
7.750%, 2/15/28 144A		600,000		615
9.500%, 11/1/27 144A		4,969,000		4,981
Gartner, Inc. 4.500%, 7/1/28 144A		250,000		238
Grifols SA 4.750%, 10/15/28 144A		3,775,000		3,123
HCA, Inc.
5.375%, 2/1/25		1,250,000		1,246
5.875%, 2/15/26		825,000		829
HealthEquity, Inc. 4.500%, 10/1/29 144A		2,225,000		2,053
IQVIA, Inc. 5.000%, 10/15/26 144A		1,375,000		1,345

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
5.000%, 5/15/27 144A		750,000		732
6.500%, 5/15/30 144A		200,000		204
Jazz Securities DAC 4.375%, 1/15/29 144A		1,825,000		1,700
Legacy LifePoint Health LLC 4.375%, 2/15/27 144A		625,000		596
Medline Borrower LP
3.875%, 4/1/29 144A		1,625,000		1,479
5.250%, 10/1/29 144A		7,000,000		6,616
Medline Borrower LP / Medline Co-Issuer, Inc. 6.250%, 4/1/29 144A		875,000		879
Neogen Food Safety Corp. 8.625%, 7/20/30 144A		675,000		727
Organon & Co. / Organon Foreign Debt Co-Issuer BV
4.125%, 4/30/28 144A		425,000		396
5.125%, 4/30/31 144A		1,800,000		1,600
Performance Food Group, Inc.
4.250%, 8/1/29 144A		1,425,000		1,306
5.500%, 10/15/27 144A		725,000		712
Post Holdings, Inc.
5.500%, 12/15/29 144A		900,000		870
5.625%, 1/15/28 144A		975,000		958
6.250%, 2/15/32 144A		925,000		932
Prestige Brands, Inc. 3.750%, 4/1/31 144A		650,000		566
Teleflex, Inc.
4.250%, 6/1/28 144A		250,000		235
4.625%, 11/15/27		450,000		433
Tenet Healthcare Corp.
4.250%, 6/1/29		225,000		209
4.625%, 6/15/28		125,000		119
5.125%, 11/1/27		1,800,000		1,761
6.125%, 10/1/28		2,450,000		2,441
6.125%, 6/15/30		775,000		773
6.250%, 2/1/27		1,125,000		1,125
6.750%, 5/15/31 144A		775,000		789
United Rentals North America, Inc.
4.875%, 1/15/28		1,225,000		1,192
5.250%, 1/15/30		425,000		415
5.500%, 5/15/27		400,000		399
6.000%, 12/15/29 144A		375,000		377
6.125%, 3/15/34 144A		675,000		676
US Foods, Inc.
4.625%, 6/1/30 144A		700,000		649
4.750%, 2/15/29 144A		1,500,000		1,424
6.875%, 9/15/28 144A		775,000		793
ZipRecruiter, Inc. 5.000%, 1/15/30 144A		975,000		859
Total				90,842
Diversified (0.2%)
Stena International SA 7.250%, 1/15/31 144A		1,475,000		1,471
Total				1,471
Energy (12.1%)
Antero Midstream Partners LP / Antero Midstream Finance Corp. 5.375%, 6/15/29 144A		1,975,000		1,899

4

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Energy continued
5.750%, 3/1/27 144A		2,375,000		2,345
5.750%, 1/15/28 144A		2,600,000		2,560
6.625%, 2/1/32 144A		225,000		226
7.875%, 5/15/26 144A		1,000,000		1,021
Antero Resources Corp.
5.375%, 3/1/30 144A		625,000		600
7.625%, 2/1/29 144A		244,000		251
Archrock Partners LP
6.250%, 4/1/28 144A		1,975,000		1,954
6.875%, 4/1/27 144A		3,275,000		3,285
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
5.875%, 6/30/29 144A		600,000		572
7.000%, 11/1/26 144A		1,375,000		1,379
8.250%, 12/31/28 144A		575,000		591
9.000%, 11/1/27 144A		400,000		503
Berry Petroleum Co. LLC 7.000%, 2/15/26 144A		875,000		864
Callon Petroleum Co.
6.375%, 7/1/26		900,000		910
7.500%, 6/15/30 144A		450,000		476
Cheniere Energy Partners LP
4.000%, 3/1/31		1,000,000		909
4.500%, 10/1/29		725,000		690
Cheniere Energy, Inc. 4.625%, 10/15/28		750,000		727
Chesapeake Energy Corp. 5.875%, 2/1/29 144A		225,000		223
Chesapeake Energy Corp. Escrow 7.000%, 10/1/24 *		1,000,000		20
Chord Energy Corp. 6.375%, 6/1/26 144A		525,000		527
Civitas Resources, Inc.
8.375%, 7/1/28 144A		1,575,000		1,658
8.625%, 11/1/30 144A		575,000		617
8.750%, 7/1/31 144A		300,000		321
CNX Midstream Partners LP 4.750%, 4/15/30 144A		2,250,000		2,005
Comstock Resources, Inc.
5.875%, 1/15/30 144A		475,000		430
6.750%, 3/1/29 144A		2,175,000		2,074
CrownRock LP / CrownRock Finance, Inc. 5.625%, 10/15/25 144A		3,025,000		3,018
DT Midstream, Inc. 4.375%, 6/15/31 144A		1,450,000		1,313
Endeavor Energy Resources LP / EER Finance, Inc. 5.750%, 1/30/28 144A		850,000		857
Energy Transfer LP
7.375%, 2/1/31 144A		750,000		785
8.000%, 4/1/29 144A		1,825,000		1,894
Enviva Partners LP / Enviva Partners Finance Corp. 6.500%, 1/15/26 144A j		2,235,000		972
EQM Midstream Partners LP
4.500%, 1/15/29 144A		1,050,000		985
4.750%, 1/15/31 144A		1,325,000		1,232
5.500%, 7/15/28		1,925,000		1,899
6.000%, 7/1/25 144A		331,000		331
6.375%, 4/1/29 144A		600,000		604

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Energy continued
6.500%, 7/1/27 144A		1,825,000		1,841
6.500%, 7/15/48		375,000		376
7.500%, 6/1/27 144A		975,000		1,000
7.500%, 6/1/30 144A		175,000		187
Hess Midstream Operations LP
4.250%, 2/15/30 144A		625,000		574
5.125%, 6/15/28 144A		1,300,000		1,258
5.500%, 10/15/30 144A		475,000		460
HF Sinclair Corp.
5.000%, 2/1/28 144A		1,725,000		1,676
6.375%, 4/15/27 144A		425,000		427
Kodiak Gas Services LLC 7.250%, 2/15/29 144A		700,000		713
Matador Resources Co. 6.500%, 4/15/32 144A		1,000,000		1,001
Nabors Industries, Ltd.
7.250%, 1/15/26 144A		1,200,000		1,193
7.375%, 5/15/27 144A		225,000		225
7.500%, 1/15/28 144A		800,000		750
9.125%, 1/31/30 144A		100,000		104
Occidental Petroleum Corp.
5.875%, 9/1/25		1,000,000		1,003
6.375%, 9/1/28		125,000		130
8.875%, 7/15/30		650,000		755
PDC Energy, Inc. 5.750%, 5/15/26		1,175,000		1,173
Permian Resources Operating LLC
5.375%, 1/15/26 144A		825,000		816
6.875%, 4/1/27 144A		1,725,000		1,726
Precision Drilling Corp.
6.875%, 1/15/29 144A		375,000		374
7.125%, 1/15/26 144A		1,507,000		1,509
Range Resources Corp.
4.750%, 2/15/30 144A		475,000		443
4.875%, 5/15/25		350,000		348
8.250%, 1/15/29		1,125,000		1,170
Rockcliff Energy II LLC 5.500%, 10/15/29 144A		1,025,000		959
Sitio Royalties Operating Partnership LP / Sitio Finance Corp. 7.875%, 11/1/28 144A		600,000		621
SM Energy Co.
5.625%, 6/1/25		1,000,000		995
6.500%, 7/15/28		200,000		201
6.625%, 1/15/27		250,000		250
6.750%, 9/15/26		1,100,000		1,101
Solaris Midstream Holdings LLC 7.625%, 4/1/26 144A		775,000		783
Southwestern Energy Co.
4.750%, 2/1/32		725,000		667
5.375%, 3/15/30		300,000		289
8.375%, 9/15/28		1,100,000		1,141
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
5.000%, 1/15/28		1,675,000		1,651
5.500%, 3/1/30		2,250,000		2,239
6.500%, 7/15/27		300,000		303
TerraForm Power Operating LLC
4.750%, 1/15/30 144A		1,725,000		1,581
5.000%, 1/31/28 144A		1,775,000		1,691

5

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Energy continued
TransMontaigne Partners LP / TLP Finance Corp. 6.125%, 2/15/26		1,175,000		1,113
USA Compression Partners LP / USA Compression Finance Corp.
6.875%, 4/1/26		3,550,000		3,546
6.875%, 9/1/27		1,475,000		1,479
7.125%, 3/15/29 144A		2,175,000		2,202
Western Midstream Operating LP
4.050%, 2/1/30		325,000		303
4.500%, 3/1/28		1,100,000		1,063
4.650%, 7/1/26		175,000		172
5.300%, 3/1/48		1,025,000		899
Total				90,008
Financial (10.6%)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 7.000%, 1/15/31 144A		2,050,000		2,071
Ally Financial, Inc. 5.750%, 11/20/25		1,475,000		1,464
AmWINS Group, Inc.
4.875%, 6/30/29 144A		2,575,000		2,403
6.375%, 2/15/29 144A		1,175,000		1,181
Ardonagh Finco, Ltd. 7.750%, 2/15/31 144A		800,000		796
Ardonagh Group Finance, Ltd. 8.875%, 2/15/32 144A		5,925,000		5,850
AssuredPartners, Inc.
5.625%, 1/15/29 144A		1,900,000		1,750
7.500%, 2/15/32 144A		1,475,000		1,449
BroadStreet Partners, Inc. 5.875%, 4/15/29 144A		6,075,000		5,623
GTCR AP Finance, Inc. 8.000%, 5/15/27 144A		1,925,000		1,926
HUB International, Ltd.
5.625%, 12/1/29 144A		3,075,000		2,883
7.250%, 6/15/30 144A		3,475,000		3,571
7.375%, 1/31/32 144A		4,625,000		4,656
Iron Mountain, Inc. 7.000%, 2/15/29 144A		3,125,000		3,185
Jones Deslauriers Insurance Management, Inc.
8.500%, 3/15/30 144A		1,800,000		1,876
10.500%, 12/15/30 144A		1,950,000		2,058
Macquarie Airfinance Holdings, Ltd.
6.400%, 3/26/29 144A		175,000		178
6.500%, 3/26/31 144A		175,000		178
Navient Corp.
5.000%, 3/15/27		675,000		647
5.500%, 3/15/29		1,650,000		1,536
6.750%, 6/25/25		1,300,000		1,310
6.750%, 6/15/26		1,250,000		1,260
NFP Corp.
6.875%, 8/15/28 144A		6,625,000		6,710
7.500%, 10/1/30 144A		1,300,000		1,370
Panther Escrow Issuer LLC 7.125%, 6/1/31 144A		2,600,000		2,643
RHP Hotel Properties LP / RHP Finance Corp. 6.500%, 4/1/32 144A		825,000		828

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Financial continued
7.250%, 7/15/28 144A		600,000		618
Rocket Mortgage LLC / Rocket Mortgage Co- Issuer, Inc.
2.875%, 10/15/26 144A		1,800,000		1,663
3.625%, 3/1/29 144A		1,475,000		1,327
3.875%, 3/1/31 144A		1,525,000		1,329
4.000%, 10/15/33 144A		1,200,000		1,017
Ryan Specialty LLC 4.375%, 2/1/30 144A		800,000		748
United Wholesale Mortgage LLC
5.500%, 11/15/25 144A		3,450,000		3,419
5.500%, 4/15/29 144A		1,725,000		1,631
5.750%, 6/15/27 144A		950,000		924
USI, Inc. 7.500%, 1/15/32 144A		3,775,000		3,782
VICI Properties LP / VICI Note Co., Inc.
3.500%, 2/15/25 144A		125,000		122
3.875%, 2/15/29 144A		200,000		184
4.250%, 12/1/26 144A		1,125,000		1,082
4.500%, 9/1/26 144A		450,000		436
4.625%, 6/15/25 144A		400,000		394
4.625%, 12/1/29 144A		600,000		567
5.750%, 2/1/27 144A		225,000		225
Total				78,870
Industrial (13.5%)
ARD Finance SA 6.500%, 6/30/27 144A		3,032,214		1,015
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 4.000%, 9/1/29 144A		2,250,000		1,814
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 5.250%, 8/15/27 144A		6,825,000		4,300
Artera Services LLC 8.500%, 2/15/31 144A		625,000		641
Ball Corp.
2.875%, 8/15/30		1,575,000		1,344
3.125%, 9/15/31		300,000		255
6.000%, 6/15/29		750,000		757
6.875%, 3/15/28		675,000		693
Berry Global, Inc.
4.875%, 7/15/26 144A		1,125,000		1,102
5.625%, 7/15/27 144A		1,150,000		1,136
Camelot Return Merger Sub, Inc. 8.750%, 8/1/28 144A		1,225,000		1,258
Clearwater Paper Corp. 4.750%, 8/15/28 144A		150,000		139
Clydesdale Acquisition Holdings, Inc. 8.750%, 4/15/30 144A		7,350,000		7,222
Coherent Corp. 5.000%, 12/15/29 144A		2,575,000		2,425
CP Atlas Buyer, Inc. 7.000%, 12/1/28 144A		3,250,000		3,050
Crown Americas LLC 5.250%, 4/1/30		400,000		386
Crown Americas LLC / Crown Americas Capital Corp. VI 4.750%, 2/1/26		1,175,000		1,155

6

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Industrial continued
EMRLD Borrower LP / Emerald Co-Issuer, Inc. 6.625%, 12/15/30 144A		4,225,000		4,266
Energizer Holdings, Inc.
4.375%, 3/31/29 144A		2,525,000		2,263
4.750%, 6/15/28 144A		1,400,000		1,297
6.500%, 12/31/27 144A		1,650,000		1,641
Gates Global LLC / Gates Global Co. 6.250%, 1/15/26 144A		5,225,000		5,212
Graphic Packaging International LLC
3.500%, 3/15/28 144A		425,000		392
3.500%, 3/1/29 144A		450,000		405
3.750%, 2/1/30 144A		175,000		156
4.750%, 7/15/27 144A		500,000		483
Hillenbrand, Inc. 6.250%, 2/15/29		2,025,000		2,042
Madison IAQ LLC
4.125%, 6/30/28 144A		250,000		231
5.875%, 6/30/29 144A		4,800,000		4,391
Mauser Packaging Solutions Holding Co.
7.875%, 8/15/26 144A		1,425,000		1,452
9.250%, 4/15/27 144A		1,725,000		1,711
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC 6.750%, 4/1/32 144A		400,000		401
MIWD Holdco II LLC / MIWD Finance Corp. 5.500%, 2/1/30 144A		875,000		805
OI European Group BV 4.750%, 2/15/30 144A		450,000		414
Owens-Brockway Glass Container, Inc.
6.375%, 8/15/25 144A		1,125,000		1,130
6.625%, 5/13/27 144A		1,425,000		1,426
7.250%, 5/15/31 144A		1,825,000		1,859
Sealed Air Corp.
5.000%, 4/15/29 144A		550,000		528
6.125%, 2/1/28 144A		550,000		551
7.250%, 2/15/31 144A		575,000		598
Sensata Technologies BV 5.875%, 9/1/30 144A		1,700,000		1,663
Sensata Technologies, Inc. 3.750%, 2/15/31 144A		225,000		195
SPX FLOW, Inc. 8.750%, 4/1/30 144A		2,550,000		2,575
Standard Industries, Inc.
3.375%, 1/15/31 144A		725,000		608
4.375%, 7/15/30 144A		1,200,000		1,078
4.750%, 1/15/28 144A		1,325,000		1,265
5.000%, 2/15/27 144A		3,000,000		2,910
TK Elevator Holdco GmbH 7.625%, 7/15/28 144A		575,000		564
TK Elevator US Newco, Inc. 5.250%, 7/15/27 144A		1,500,000		1,449
TransDigm, Inc.
4.625%, 1/15/29		1,950,000		1,810
4.875%, 5/1/29		275,000		256
5.500%, 11/15/27		1,250,000		1,223
6.375%, 3/1/29 144A		1,025,000		1,028
6.625%, 3/1/32 144A		2,225,000		2,248
6.750%, 8/15/28 144A		1,000,000		1,013
6.875%, 12/15/30 144A		3,850,000		3,925
7.500%, 3/15/27		675,000		676

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Industrial continued
Trivium Packaging Finance BV
5.500%, 8/15/26 144A		525,000		518
8.500%, 8/15/27 144A		4,775,000		4,715
TTM Technologies, Inc. 4.000%, 3/1/29 144A		1,675,000		1,519
Watco Cos. LLC / Watco Finance Corp. 6.500%, 6/15/27 144A		2,150,000		2,125
WESCO Distribution, Inc.
6.375%, 3/15/29 144A		1,150,000		1,162
6.625%, 3/15/32 144A		1,375,000		1,397
7.125%, 6/15/25 144A		975,000		976
7.250%, 6/15/28 144A		1,075,000		1,097
Total				100,341
Technology (9.4%)
ams-OSRAM AG 12.250%, 3/30/29 144A		925,000		929
AthenaHealth Group, Inc. 6.500%, 2/15/30 144A		6,875,000		6,288
Boxer Parent Co., Inc. 9.125%, 3/1/26 144A		2,100,000		2,099
Capstone Borrower, Inc. 8.000%, 6/15/30 144A		1,675,000		1,738
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. 8.000%, 6/15/29 144A		775,000		803
Central Parent, Inc. / CDK Global, Inc. 7.250%, 6/15/29 144A		3,050,000		3,113
Clarivate Science Holdings Corp.
3.875%, 7/1/28 144A		350,000		324
4.875%, 7/1/29 144A		3,100,000		2,868
Cloud Software Group, Inc.
6.500%, 3/31/29 144A		3,125,000		2,966
9.000%, 9/30/29 144A		2,425,000		2,326
Consensus Cloud Solutions, Inc.
6.000%, 10/15/26 144A		1,900,000		1,806
6.500%, 10/15/28 144A		2,225,000		1,978
The Dun & Bradstreet Corp. 5.000%, 12/15/29 144A		2,375,000		2,192
Elastic NV 4.125%, 7/15/29 144A		2,500,000		2,250
Entegris, Inc.
3.625%, 5/1/29 144A		725,000		651
4.750%, 4/15/29 144A		850,000		815
5.950%, 6/15/30 144A		2,300,000		2,273
Fair Isaac Corp. 4.000%, 6/15/28 144A		625,000		584
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL 4.625%, 5/1/28 144A		1,925,000		1,727
McAfee Corp. 7.375%, 2/15/30 144A		6,775,000		6,213
NCR Atleos Corp. 9.500%, 4/1/29 144A		1,550,000		1,658
NCR Voyix Corp.
5.000%, 10/1/28 144A		1,375,000		1,282
5.125%, 4/15/29 144A		1,475,000		1,368
5.250%, 10/1/30 144A		1,425,000		1,289
Open Text Corp. 3.875%, 2/15/28 144A		1,675,000		1,551

7

High Yield Bond Portfolio

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Technology continued
3.875%, 12/1/29 144A		125,000		111
6.900%, 12/1/27 144A		450,000		465
Open Text Holdings, Inc.
4.125%, 2/15/30 144A		1,250,000		1,120
4.125%, 12/1/31 144A		300,000		263
Rackspace Technology Global, Inc. 3.500%, 2/15/28 144A		1,825,000		631
Roblox Corp. 3.875%, 5/1/30 144A		1,650,000		1,454
Rocket Software, Inc. 6.500%, 2/15/29 144A		3,675,000		3,148
Science Applications International Corp. 4.875%, 4/1/28 144A		875,000		836
Seagate HDD Cayman
8.250%, 12/15/29 144A		75,000		81
8.500%, 7/15/31 144A		700,000		756
9.625%, 12/1/32		2,477,125		2,822
SS&C Technologies, Inc. 5.500%, 9/30/27 144A		3,850,000		3,764
Synaptics, Inc. 4.000%, 6/15/29 144A		900,000		810
UKG, Inc. 6.875%, 2/1/31 144A		2,025,000		2,063
Total				69,415
Utilities (2.3%)
AmeriGas Partners LP / AmeriGas Finance Corp. 5.500%, 5/20/25		300,000		300

Corporate Bonds (96.1%)	Shares/ Par +		Value $ (000’s)
Utilities continued
5.750%, 5/20/27		550,000		537
5.875%, 8/20/26		2,225,000		2,221
Calpine Corp.
3.750%, 3/1/31 144A		1,250,000		1,095
4.500%, 2/15/28 144A		1,575,000		1,494
4.625%, 2/1/29 144A		350,000		324
5.000%, 2/1/31 144A		600,000		550
5.125%, 3/15/28 144A		1,075,000		1,032
5.250%, 6/1/26 144A		299,000		296
NextEra Energy Operating Partners LP 7.250%, 1/15/29 144A		1,775,000		1,816
NRG Energy, Inc.
3.875%, 2/15/32 144A		207,000		177
5.250%, 6/15/29 144A		775,000		741
5.750%, 1/15/28		400,000		398
6.625%, 1/15/27		625,000		625
TransAlta Corp. 7.750%, 11/15/29		350,000		364
Vistra Operations Co. LLC
5.000%, 7/31/27 144A		1,100,000		1,065
5.500%, 9/1/26 144A		1,400,000		1,378
5.625%, 2/15/27 144A		1,925,000		1,896
7.750%, 10/15/31 144A		750,000		786
Total				17,095
Total Corporate Bonds (Cost: $762,070)				713,877
Total Investments (96.2%) (Cost: $762,886)@				714,948
Other Assets, Less Liabilities (3.8%)				28,257
Net Assets (100.0%)				743,205

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

* Non income producing

144A 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. At March 31, 2024 the value of these securities (in thousands) was $611,403 representing 82.3% of the net assets.

f Defaulted Security

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $762,886 and the net unrealized depreciation of investments based on that cost was $47,938 which is comprised of $7,181 aggregate gross unrealized appreciation and $55,119 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.

8

High Yield Bond 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, 2024.

	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	$	47	$	—	$	—
Energy		—		1,024		—
Corporate Bonds		—		713,877		—
Total Assets:	$	47	$	714,901	$	—

9

Abbreviations (unaudited)

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.
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
IBOR	Interbank Offered Rate
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
ICE	Intercontinental Exchange
FTSE	Financial Times Stock Exchange
SONIA	Sterling Overnight Index Average Rate
SONIO	Sterling Overnight Interbank Average Rate
MUTKCALM	Bank of Japan Unsecured Overnight Call Rate
DAC	Designated Activity Company
TBA	To Be Announced
CMT	Constant Maturity Treasury
OIS	Overnight Index Swaps
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate
BONCER	National Treasury Bond in Pesos with Adjustment for CER
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
KRW	South Korean Won
MXN	Mexican New Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
RUB	Russian Ruble
SAR	Saudi Riyal
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

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