The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 03-31-2025
Check here if Amendment    Amendment Number:
This Amendment (Check only one.):    is a restatement.
   adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: NATIONAL MUTUAL FUNDS MANAGEMENT LTD
Address: 50 BRIDGE STREET
SYDNEY, C3  NSW 2000
Form 13F File Number: 028-23268
CRD Number (if applicable): 000324308
SEC File Number (if applicable): 802-127935

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Preetha Manoharan
Title: Head of Risk & Compliance
Phone: 61292575000
Signature, Place, and Date of Signing:
Preetha Manoharan SydneyC3 05-15-2025
[Signature] [City, State] [Date]
Report Type (Check only one.):
   13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
   13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
X 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Name Form 13F File No. CRD No. (if applicable) SEC File No. (if applicable) CIK
AQR CAPITAL MANAGEMENT LLC 028-10120 000111883 801-55543 0001167557
ALLIANCEBERNSTEIN L.P. 028-10562 000108477 801-56720 0001109448
AMERICAN CENTURY INVESTMENT MANAGEMENT INC 028-01091 000105778 801-8174 0000052388
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 028-10005 000111209 801-56633 0001164508
BRIGADE CAPITAL MANAGEMENT, LP 028-12820 000144078 801-69965 0001421306
DIMENSIONAL FUND ADVISORS LP 028-01186 000106482 801-16283 0000354204
GQG Partners LLC 028-17876 000283720 801-107734 0001697233
INTECH INVESTMENT MANAGEMENT LLC 028-04211 000119232 801-60987 0001086318
JANUS HENDERSON GROUP PLC 028-10904     0001274173
LAZARD ASSET MANAGEMENT LLC 028-10469 000122836 801-61701 0001207017
MACQUARIE GROUP LTD 028-13120     0001418333
Ninety One SA (PTY) Ltd 028-16966     0001491998
SCHRODER INVESTMENT MANAGEMENT GROUP 028-04731     0001086619
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 028-02682 000106838 801-34910 0000861177
VINVA INVESTMENT MANAGEMENT LIMITED 028-28233      
J O HAMBRO CAPITAL MANAGEMENT LTD 028-14777     0000940755
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 1
Form 13F Information Table Value Total: 7,888,000
(round to nearest dollar)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
NONE