Northwestern Mutual Series Fund NPORT-P Emerging Markets Equity Portfolio (Mar 2024 report)

Emerging Markets Equity Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Common Stocks (93.0%)	Country	Shares/ Par +		Value $ (000’s)
Communication Services (7.7%)
Bharti Airtel, Ltd.	India		667,720		9,837
Telkom Indonesia Persero Tbk PT	Indonesia		41,945,000		9,200
Tencent Holdings, Ltd.	China		1,382,300		53,944
Total					72,981
Consumer Discretionary (10.9%)
Alibaba Group Holding, Ltd.	China		3,807,500		34,362
Americana Restaurants	United Arab
International PLC	Emirates		6,608,512		5,974
ANTA Sports Products, Ltd.	China		765,800		8,173
China Tourism Group Duty Free Corp., Ltd. - Class A	China		317,586		3,800
China Tourism Group Duty Free Corp., Ltd. - Class H	China		383,100		3,818
Li Auto, Inc. - Class A *	China		477,600		7,322
Maruti Suzuki India, Ltd.	India		74,280		11,225
MercadoLibre, Inc. *	Brazil		6,664		10,076
Midea Group Co., Ltd. - Class A	China		1,758,866		15,716
Zhongsheng Group Holdings, Ltd.	China		1,814,000		3,141
Total					103,607
Consumer Staples (7.3%)
Budweiser Brewing Co. APAC, Ltd.	China		4,221,800		6,225
Fomento Economico Mexicano SAB de CV, ADR	Mexico		128,744		16,772
Hindustan Unilever, Ltd.	India		479,301		13,029
Kweichow Moutai Co., Ltd. - Class A	China		70,673		16,664
Raia Drogasil SA	Brazil		2,944,436		16,068
Total					68,758
Energy (3.9%)
LUKOIL PJSC *,Æ	Russia		225,143		–
NovaTek PJSC *,Æ	Russia		795,201		–
PRIO SA	Brazil		963,419		9,362
Saudi Arabian Oil Co.	Saudi Arabia		984,603		8,073
TotalEnergies SE	France		288,575		19,842
Total					37,277
Financials (23.7%)
AIA Group, Ltd.	Hong Kong		2,356,600		15,815
Al Rajhi Bank	Saudi Arabia		576,473		12,774
B3 SA - Brasil, Bolsa, Balcao	Brazil		4,349,566		10,398
Bank Negara Indonesia Persero Tbk PT	Indonesia		27,331,700		10,182
Bank Rakyat Indonesia Persero Tbk PT	Indonesia		46,581,356		17,804
Cholamandalam Investment and Finance Co., Ltd.	India		372,417		5,173
Credicorp, Ltd.	Peru		38,913		6,593

Common Stocks (93.0%)	Country	Shares/ Par +		Value $ (000’s)
Financials continued
Grupo Financiero Banorte SAB de CV	Mexico		1,624,351		17,451
HDFC Bank, Ltd.	India		1,318,696		22,942
Hong Kong Exchanges & Clearing, Ltd.	Hong Kong		251,492		7,335
Itausa SA - Preference Shares	Brazil		7,384,877		15,461
Kaspi.KZ Joint Stock Co., ADR	Kazakhstan		159,139		20,472
Kotak Mahindra Bank, Ltd.	India		645,745		13,829
Sanlam, Ltd.	South Africa		3,089,811		11,325
Sberbank of Russia PJSC *,Æ	Russia		1,471,064		–
SBI Life Insurance Co., Ltd.	India		1,241,699		22,367
Shinhan Financial Group Co., Ltd.	South Korea		412,057		14,556
Total					224,477
Health Care (1.5%)
Shenzhen Mindray Bio- Medical Electronics Co., Ltd.	China		373,215		14,470
Total					14,470
Industrials (7.1%)
Grupo Aeroportuario del Sureste SAB de CV - Class B	Mexico		351,650		11,203
Havells India, Ltd.	India		283,258		5,152
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. *	South Korea		102,970		9,197
NARI Technology Co., Ltd. - Class A	China		3,297,898		11,013
Samsung C&T Corp.	South Korea		76,521		9,103
Samsung Engineering Co., Ltd. *	South Korea		592,172		11,088
Sungrow Power Supply Co., Ltd. - Class A	China		731,000		10,442
Total					67,198
Information Technology (21.4%)
Accton Technology Corp.	Taiwan		878,000		12,581
ASM International NV	Netherlands		23,927		14,576
ASML Holding NV	Netherlands		10,366		9,952
Delta Electronics, Inc.	Taiwan		1,080,000		11,571
Globant SA *	United States		38,639		7,801
Maxscend Microelectronics Co., Ltd.	China		311,693		4,334
MediaTek, Inc.	Taiwan		506,000		18,382
Samsung Electronics Co., Ltd.	South Korea		304,844		18,252
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		3,786,290		91,227
Tata Consultancy Services, Ltd.	India		307,320		14,310
Total					202,986

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Emerging Markets Equity Portfolio

Common Stocks (93.0%)	Country	Shares/ Par +		Value $ (000’s)
Materials (5.5%)
Anglo American Platinum, Ltd.	South Africa		118,763		4,815
Grupo Mexico SAB de CV	Mexico		2,041,299		12,092
Southern Copper Corp.	Mexico		191,672		20,417
UltraTech Cement, Ltd.	India		129,963		15,195
Total					52,519
Real Estate (1.5%)
China Resources Land, Ltd.	China		2,934,000		9,299
Godrej Properties, Ltd. *	India		165,338		4,562
Total					13,861

Common Stocks (93.0%)	Country		Shares/ Par +		Value $ (000’s)
Utilities (2.5%)
Power Grid Corp. of India, Ltd.		India		7,083,013		23,522
Total						23,522
Total Common Stocks (Cost: $840,323)						881,656
Preferred Stocks (5.4%)
Information Technology (5.4%)
Samsung Electronics Co., Ltd.		South Korea		1,020,594		50,961
Total						50,961
Total Preferred Stocks (Cost: $41,066)						50,961
Total Investments (98.4%) (Cost: $881,389)@						932,617
Other Assets, Less Liabilities (1.6%)						14,992
Net Assets (100.0%)						947,609

Investments by Country of Risk as a Percentage of Net Assets:
China	21.4%
India	17.0%
Taiwan	14.1%
South Korea	11.9%
Mexico	8.2%
Brazil	6.5%
Other	19.3%
Total	98.4%

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

* Non income producing

Æ Security valued using significant unobservable inputs.

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $881,389 and the net unrealized appreciation of investments based on that cost was $51,228 which is comprised of $193,204 aggregate gross unrealized appreciation and $141,976 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.

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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, 2024.

		Valuation Inputs
Description		Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs
		(Amounts in thousands)
Assets:
Preferred Stocks		$	—		$	50,961		$	—
Common Stocks
Consumer Discretionary			10,076			93,531			—
Consumer Staples			32,840			35,918			—
Energy			9,362			27,915			—
Financials			52,924			171,553			—
Information Technology			7,801			195,185			—
Materials			20,417			32,102			—
All Others			—			192,032			—
Total Assets:		$	133,420		$	799,197		$	—

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, 2024.

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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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