N-MFP2 0000742212 XXXXXXXX 2022-12-31 0000742212 S000000048 1 N N 002-89971 Mason Street Advisors, LLC 801-60721 BlackRock Advisors, LLC 801-47710 PricewaterhouseCoopers LLP Milwaukee WI The investment adviser has contracted with The Northwestern Mutual Life Insurance Company to provide certain administrative services for the fund. None N N Y Exempt Government Government/Agency N 12 51 348897731.94 346380321.59 349764931.44 357849799.32 356028193.10 348897731.94 352295321.41 362060816.77 359272012.70 376304707.71 0.6500 0.6500 0.6500 0.6600 0.6600 0.6500 0.6600 0.6700 0.6600 0.7000 466671.60 539306293.44 536456263.45 2982409.27 358176.47 542517167.85 542514325.06 1.0000 0.0420 0.9997 0.9997 0.9998 0.9998 0.9998 C000000083 0.01 542517167.85 542514325.06 0.9997 0.9997 0.9998 0.9998 0.9998 6120260.68 8853604.63 4641816.94 6444709.16 12401290.26 7482043.58 8499645.67 4916940.32 6179687.67 6233554.74 33436079.49 30739738.09 0.0387 Y Mason Street Advisors, Contractual Management Fee Waiver, 325.90; Federal Farm Credit Bank Federal Farm Credit Bank 313312DC1 US313312DC11 U.S. Government Agency Debt Y N/A N/A 2023-03-16 2023-03-16 2023-03-16 N N N 0.0438 1640651.38 1640651.38 0.0030 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENPD6 US3133ENPD66 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-05-16 2023-05-16 N N N 0.0432 3410157.34 3410157.34 0.0063 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENSW1 US3133ENSW11 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-07-25 2023-07-25 N N N 0.0433 1485195.65 1485195.65 0.0027 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENKJ8 US3133ENKJ81 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-07-12 2023-07-12 N N N 0.0434 360065.52 360065.52 0.0007 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133EMTB8 US3133EMTB81 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-10 2023-03-10 N N N 0.0432 1325070.28 1325070.28 0.0024 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENKT6 US3133ENKT63 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-10-16 2023-10-16 N N N 0.0434 2970000.00 2970000.00 0.0055 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENUQ1 US3133ENUQ15 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-02-20 2024-02-20 N N N 0.0434 4008367.97 4008367.97 0.0074 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133EMRJ3 US3133EMRJ36 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-02-17 2023-02-17 N N N 0.0435 2270053.16 2270053.16 0.0042 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENEK2 US3133ENEK29 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-08-22 2023-08-22 N N N 0.0435 2720150.44 2720150.44 0.0050 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENJT8 US3133ENJT82 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-09-28 2023-09-28 N N N 0.0435 1830529.13 1830529.13 0.0034 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENWG1 US3133ENWG15 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-05-09 2024-05-09 N N N 0.0435 2421397.44 2421397.44 0.0045 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENKL3 US3133ENKL38 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-01-10 2024-01-10 N N N 0.0436 505180.30 505180.30 0.0009 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133EMNH1 US3133EMNH16 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-01-20 2023-01-20 N N N 0.0436 550000.68 550000.68 0.0010 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENJB7 US3133ENJB74 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-11-22 2023-11-22 N N N 0.0436 3351276.99 3351276.99 0.0062 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENJ43 US3133ENJ437 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-08-26 2024-08-26 N N N 0.0439 4540510.56 4540510.56 0.0084 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133END98 US3133END984 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-08-01 2024-08-01 N N N 0.0440 1095488.16 1095488.16 0.0020 N N N N Federal Farm Credit Bank Federal Farm Credit Bank 3133ENY61 US3133ENY618 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2024-11-07 2024-11-07 N N N 0.0444 3101588.38 3101588.38 0.0057 N N N N Federal Home Loan Bank Federal Home Loan Bank 313384CU1 US313384CU13 U.S. Government Agency Debt Y N/A N/A 2023-03-08 2023-03-08 2023-03-08 N N N 0.0441 2937177.63 2937177.63 0.0054 N N N N Federal Home Loan Bank Federal Home Loan Bank 313384DB2 US313384DB23 U.S. Government Agency Debt Y N/A N/A 2023-03-15 2023-03-15 2023-03-15 N N N 0.0448 3846826.16 3846826.16 0.0071 N N N N Federal Home Loan Bank Federal Home Loan Bank 313384BS7 US313384BS75 U.S. Government Agency Debt Y N/A N/A 2023-02-10 2023-02-10 2023-02-10 N N N 0.0427 1423209.70 1423209.70 0.0026 N N Y N Federal Home Loan Bank Federal Home Loan Bank 313384CG2 US313384CG29 U.S. Government Agency Debt Y N/A N/A 2023-02-24 2023-02-24 2023-02-24 N N N 0.0435 2434107.98 2434107.98 0.0045 N N Y N Federal Home Loan Bank Federal Home Loan Bank 3130ATB48 US3130ATB484 U.S. Government Agency Debt Y N/A N/A 2023-01-09 2023-01-09 2023-01-09 N N N 0.0327 5419180.98 5419180.98 0.0100 N N Y N Federal Home Loan Bank Federal Home Loan Bank 3130AT5B9 US3130AT5B91 U.S. Government Agency Debt Y N/A N/A 2023-09-01 2023-09-01 2023-09-01 N N N 0.0360 3351661.34 3351661.34 0.0062 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATC96 US3130ATC961 U.S. Government Agency Debt Y N/A N/A 2023-02-10 2023-02-10 2023-02-10 N N N 0.0346 2567865.79 2567865.79 0.0047 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130AT5W3 US3130AT5W39 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-01-04 2023-01-04 N N N 0.0431 11000015.95 11000015.95 0.0203 N N Y N Federal Home Loan Bank Federal Home Loan Bank 3130ATF36 US3130ATF360 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-01-25 2023-01-25 N N N 0.0431 14715616.86 14715616.86 0.0271 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130AUCV4 US3130AUCV42 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-23 2023-03-23 N N N 0.0431 6770663.39 6770663.39 0.0125 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATCZ8 US3130ATCZ82 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-01-17 2023-01-17 N N N 0.0431 4575029.87 4575029.87 0.0084 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATEK9 US3130ATEK95 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-01-17 2023-01-17 N N N 0.0431 6360041.85 6360041.85 0.0117 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130AR6R7 US3130AR6R70 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-02 2023-03-02 N N N 0.0432 8220005.67 8220005.67 0.0152 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130AU7F5 US3130AU7F51 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-13 2023-03-13 N N N 0.0432 10299992.48 10299992.48 0.0190 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATJQ1 US3130ATJQ11 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-02-03 2023-02-03 N N N 0.0433 13500046.71 13500046.71 0.0249 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130AT6M4 US3130AT6M48 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-02 2023-03-02 N N N 0.0433 7580186.47 7580186.47 0.0140 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ASW39 US3130ASW391 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-02-13 2023-02-13 N N N 0.0434 8475211.62 8475211.62 0.0156 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATPE1 US3130ATPE17 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-02-17 2023-02-17 N N N 0.0434 5565154.93 5565154.93 0.0103 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATVV6 US3130ATVV67 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-10 2023-03-10 N N N 0.0436 3530222.95 3530222.95 0.0065 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATVU8 US3130ATVU84 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-04-10 2023-04-10 N N N 0.0436 5120426.34 5120426.34 0.0094 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATWK9 US3130ATWK93 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-04-18 2023-04-18 N N N 0.0436 11690684.44 11690684.44 0.0215 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATYC5 US3130ATYC59 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-03-27 2023-03-27 N N N 0.0437 2470033.67 2470033.67 0.0046 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATYV3 US3130ATYV31 U.S. Government Agency Debt Y N/A N/A 2023-03-28 2023-03-28 2023-03-28 N N N 0.0437 885012.73 885012.73 0.0016 N N N N Federal Home Loan Bank Federal Home Loan Bank 3130ATYW1 US3130ATYW14 U.S. Government Agency Debt Y N/A N/A 2023-01-03 2023-05-23 2023-05-23 N N N 0.0439 3420015.90 3420015.90 0.0063 N N N N Tri-Party Bank of Montreal Tri-Party Bank of Montreal BRYC5P873 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2026-05-15 2032-05-15 1.625000 - 2.875000 23243314.00 21420028.29 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0425 21000000.00 21000000.00 0.0387 N Y Y N Tri-Party Bank of Nova Scotia Tri-Party Bank of Nova Scotia BRYC5P8J7 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2023-03-02 2050-02-15 0.000000 - 4.375000 12613304.00 10204891.62 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0425 10000000.00 10000000.00 0.0184 N Y Y N Tri-Party BNP Paribas Repurchase Agreement Tri-Party BNP Paribas Repurchase Agreement BRYC5P7Z2 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2023-07-15 2051-05-15 0.000000 - 4.323000 35031838.00 20400016.69 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0425 20000000.00 20000000.00 0.0369 N Y Y N Tri-Party BNP Paribas Repurchase Agreement Tri-Party BNP Paribas Repurchase Agreement BRYC5P816 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N Federal Farm Credit Bank 2033-11-21 2042-01-24 2.580000 - 4.490000 4035.00 3342.56 Agency Mortgage-Backed Securities Government National Mortgage Association 2029-03-15 2052-12-20 2.000000 - 6.500000 9589825.00 9243430.50 Agency Mortgage-Backed Securities US Treasury 2025-05-15 2045-11-15 0.000000 - 0.500000 2435645.00 953290.98 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 10000000.00 10000000.00 0.0184 N Y Y N Tri-Party Citigroup Global Markets, Inc. Tri-Party Citigroup Global Markets, Inc. BRYC5P8L2 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2039-08-15 2040-05-15 0.000000 - 0.000000 29524625.00 14280050.74 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 14000000.00 14000000.00 0.0258 N Y Y N Tri-Party Citigroup Global Markets, Inc. Tri-Party Citigroup Global Markets, Inc. BRYC5P8K4 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2028-12-31 2029-02-28 0.875000 - 2.500000 17233113.00 15300023.63 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0425 15000000.00 15000000.00 0.0276 N Y Y N Tri-Party Goldman Sachs Group LP Tri-Party Goldman Sachs Group LP BRYC5P923 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N Government National Mortgage Association 2026-03-15 2052-09-20 2.500000 - 5.000000 21237175.00 20400000.05 Agency Mortgage-Backed Securities Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 20000000.00 20000000.00 0.0369 N Y Y N Tri-Party Mitsubishi UFJ Tri-Party Mitsubishi UFJ BRYC5P9A5 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N Federal Home Loan Mortgage Corp. 2041-10-01 2045-08-01 4.000000 - 4.000000 1835.00 1771.29 Agency Mortgage-Backed Securities Federal National Mortgage Association 2027-09-01 2050-04-01 3.000000 - 4.500000 330090.00 302624.97 Agency Mortgage-Backed Securities Government National Mortgage Association 2036-06-20 2072-11-20 2.000000 - 5.918000 36045838.00 35398568.58 Agency Mortgage-Backed Securities Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 35000000.00 35000000.00 0.0645 N Y Y N Tri-Party Mizuho Securities Tri-Party Mizuho Securities BRYC5P9C1 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N US Treasury 2027-08-31 3.125000 42331449.00 40800024.11 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0000 40000000.00 40000000.00 0.0737 N Y Y N Tri-Party Morgan Stanley Tri-Party Morgan Stanley BRYC5P9F4 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N Federal Home Loan Bank 2026-03-13 2030-06-25 0.875000 - 7.125000 8632363.00 7543081.49 Agency Mortgage-Backed Securities Federal Home Loan Mortgage Corp. 2025-02-01 2052-12-01 1.500000 - 6.000000 18211318.00 17614692.11 Agency Mortgage-Backed Securities Federal Farm Credit Bank 2024-08-26 2040-04-03 3.375000 - 4.060000 163918.00 160169.00 Agency Mortgage-Backed Securities Federal National Mortgage Association 2023-12-01 2052-10-01 2.625000 - 6.000000 17023047.00 16833747.60 Agency Mortgage-Backed Securities Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 41000000.00 41000000.00 0.0756 N Y Y N Tri-Party Natixis S.A. Tri-Party Natixis S.A. BRYC5P9N7 U.S. Treasury Repurchase Agreement, if collateralized only by U.S. Treasuries (including Strips) and cash N N US Treasury 2052-11-15 4.000000 30194223.00 30600032.97 U.S. Treasuries (including strips) Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0425 30000000.00 30000000.00 0.0553 N Y Y N Tri-Party TD Securities Tri-Party TD Securities BRYC5P9K3 U.S. Government Agency Repurchase Agreement, collateralized only by U.S. Government Agency securities, U.S. Treasuries, and cash N N Government National Mortgage Association 2051-08-20 3.000000 45372152.00 40800000.43 Agency Mortgage-Backed Securities Y N/A N/A 2023-01-03 2023-01-03 2023-01-03 N N N 0.0430 40000000.00 40000000.00 0.0737 N Y Y N US Treasury US Treasury 912796ZD4 US912796ZD42 U.S. Treasury Debt Y N/A N/A 2023-11-30 2023-11-30 2023-11-30 N N N 0.0457 1160158.76 1160158.76 0.0021 N Y Y N US Treasury US Treasury 912796XR5 US912796XR55 U.S. Treasury Debt Y N/A N/A 2023-01-12 2023-01-12 2023-01-12 N N N 0.0275 8562560.13 8562560.13 0.0158 N Y Y N US Treasury US Treasury 912796S34 US912796S348 U.S. Treasury Debt Y N/A N/A 2023-01-26 2023-01-26 2023-01-26 N N N 0.0064 2463876.35 2463876.35 0.0046 N Y Y N US Treasury US Treasury 912796T33 US912796T338 U.S. Treasury Debt Y N/A N/A 2023-02-23 2023-02-23 2023-02-23 N N N 0.0325 6272025.29 6272025.29 0.0116 N Y Y N US Treasury US Treasury 912796YL7 US912796YL76 U.S. Treasury Debt Y N/A N/A 2023-03-16 2023-03-16 2023-03-16 N N N 0.0358 7229544.03 7229544.03 0.0133 N Y Y N US Treasury US Treasury 912796W47 US912796W472 U.S. Treasury Debt Y N/A N/A 2023-05-18 2023-05-18 2023-05-18 N N N 0.0216 1464775.92 1464775.92 0.0027 N Y Y N US Treasury US Treasury 91282CBN0 US91282CBN02 U.S. Treasury Debt Y N/A N/A 2023-02-28 2023-02-28 2023-02-28 N N N 0.0202 10017725.78 10017725.78 0.0185 N Y Y N US Treasury US Treasury 912828VB3 US912828VB32 U.S. Treasury Debt Y N/A N/A 2023-05-15 2023-05-15 2023-05-15 N N N 0.0219 1246809.38 1246809.38 0.0023 N Y Y N US Treasury US Treasury 9128284A5 US9128284A52 U.S. Treasury Debt Y N/A N/A 2023-02-28 2023-02-28 2023-02-28 N N N 0.0131 4496970.34 4496970.34 0.0083 N Y Y N US Treasury US Treasury 91282CDE8 US91282CDE84 U.S. Treasury Debt Y N/A N/A 2023-01-04 2023-10-31 2023-10-31 N N N 0.0443 7145846.73 7145846.73 0.0132 N Y Y N US Treasury US Treasury 91282CBK6 US91282CBK62 U.S. Treasury Debt Y N/A N/A 2023-01-04 2023-01-31 2023-01-31 N N N 0.0444 9501925.94 9501925.94 0.0175 N Y Y N The Northwestern Mutual Life Insurance Company 2023-01-05 /s/Phillip Rinzel Phillip Rinzel Controller and Chief Accounting Officer