UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-03990

Northwestern Mutual Series Fund, Inc.

(Exact name of registrant as specified in charter)

720 East Wisconsin Avenue,

Milwaukee Wisconsin 53202

(Address of principal executive offices) (Zip code)

Linda L. Wisniewski, Controller and Chief Accounting Officer Northwestern Mutual Series Fund, Inc.

(Name and address of agent for service)

Registrant’s telephone number, including area code: 414-271-1444

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

REPORT ON FORM N-CSR

RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.

Item 1.           Reports to Stockholders.

(a):

ACTIVE/PASSIVE AGGRESSIVE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Active/Passive Aggressive Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 6/30/2025 (commencement of operations) to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Active/Passive Aggressive Portfolio	$0Footnote Reference*	0.27%

Footnote	Description
Footnote*	This expense information covers the period from 6/30/2025 to 6/30/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher.

Portfolio Statistics

• Total Net Assets (000's)$25,003
• # of Portfolio Holdings (Derivatives not included, if applicable)24
• Portfolio Turnover Rate0%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

iShares Core S&P 500 ETF	10.2%
Northwestern Mutual Series Fund, Inc., Select Bond Portfolio	9.0%
Northwestern Mutual Series Fund, Inc., International Equity Portfolio	8.0%
iShares Core U.S. Aggregate Bond ETF	7.0%
SPDR Portfolio S&P 400 Mid Cap ETF	6.0%
Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio	5.5%
Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio	5.5%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio	5.5%
iShares Core MSCI EAFE ETF	5.4%
Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio	4.5%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.1%
Commodities	2.5%
Fixed Income	19.0%
Foreign Equity	26.7%
Domestic Equity	49.7%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

ACTIVE/PASSIVE AGGRESSIVE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

ACTIVE/PASSIVE ALL EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Active/Passive All Equity Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 6/30/2025 (commencement of operations) to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Active/Passive All Equity Portfolio	$0Footnote Reference*	0.27%

Footnote	Description
Footnote*	This expense information covers the period from 6/30/2025 to 6/30/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher.

Portfolio Statistics

• Total Net Assets (000's)$25,003
• # of Portfolio Holdings (Derivatives not included, if applicable)21
• Portfolio Turnover Rate0%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

iShares Core S&P 500 ETF	13.7%
Northwestern Mutual Series Fund, Inc., International Equity Portfolio	9.5%
Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio	8.3%
SPDR Portfolio S&P 400 Mid Cap ETF	7.5%
Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio	6.3%
Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio	6.3%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio	6.3%
iShares Core MSCI EAFE ETF	6.2%
Northwestern Mutual Series Fund, Inc., International Growth Portfolio	5.5%
Invesco S&P 500 Equal Weight ETF	5.2%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.1%
Commodities	2.0%
Foreign Equity	35.0%
Domestic Equity	60.9%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

ACTIVE/PASSIVE ALL EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

ACTIVE/PASSIVE CONSERVATIVE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Active/Passive Conservative Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 6/30/2025 (commencement of operations) to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Active/Passive Conservative Portfolio	$0Footnote Reference*	0.27%

Footnote	Description
Footnote*	This expense information covers the period from 6/30/2025 to 6/30/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher.

Portfolio Statistics

• Total Net Assets (000's)$25,003
• # of Portfolio Holdings (Derivatives not included, if applicable)23
• Portfolio Turnover Rate0%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

iShares Core U.S. Aggregate Bond ETF	26.2%
Northwestern Mutual Series Fund, Inc., Select Bond Portfolio	25.0%
Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio	10.5%
SPDR Portfolio Long Term Treasury ETF	8.0%
iShares Core S&P 500 ETF	2.7%
Northwestern Mutual Series Fund, Inc., Short-Term Bond Portfolio	2.5%
Northwestern Mutual Series Fund, Inc., International Equity Portfolio	2.2%
SPDR Portfolio S&P 400 Mid Cap ETF	2.2%
Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio	2.0%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio	1.7%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.0%
Commodities	1.5%
Foreign Equity	8.3%
Domestic Equity	16.0%
Fixed Income	72.2%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

ACTIVE/PASSIVE CONSERVATIVE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

ASSET ALLOCATION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Asset Allocation Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

This report describes changes to the Portfolio that occurred during the reporting period. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Asset Allocation Portfolio	$8	0.15%

Portfolio Statistics

• Total Net Assets (000's)$281,740
• # of Portfolio Holdings (Derivatives not included, if applicable)27
• Portfolio Turnover Rate10%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Northwestern Mutual Series Fund, Inc., Select Bond Portfolio	18.1%
iShares Core S&P 500 ETF	12.3%
iShares Core U.S. Aggregate Bond ETF	7.8%
Northwestern Mutual Series Fund, Inc., International Equity Portfolio	6.1%
Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio	5.0%
Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio	4.2%
Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio	4.1%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio	4.0%
Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio	4.0%
Northwestern Mutual Series Fund, Inc., International Growth Portfolio	3.4%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	3.9%
Commodities	0.4%
Foreign Equity	19.8%
Fixed Income	33.8%
Domestic Equity	42.1%

Material Portfolio Changes

Effective 7/1/2025, the name of the Portfolio has been changed to the Active/Passive Moderate Portfolio.  This is a summary of certain changes to the Portfolio since 1/1/2025. For more complete information, you may review the Portfolio’s next prospectus, which we expect to be available by 5/1/2026 at www.nmseriesfund.com or upon request at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

ASSET ALLOCATION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

BALANCED PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Balanced Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

This report describes changes to the Portfolio that occurred during the reporting period. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Balanced Portfolio	$6	0.11%

Portfolio Statistics

• Total Net Assets (000's)$1,934,842
• # of Portfolio Holdings (Derivatives not included, if applicable)27
• Portfolio Turnover Rate7%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Northwestern Mutual Series Fund, Inc., Select Bond Portfolio	25.8%
iShares Core U.S. Aggregate Bond ETF	13.2%
Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio	7.5%
iShares Core S&P 500 ETF	6.9%
SPDR Portfolio Long Term Treasury ETF	5.0%
Northwestern Mutual Series Fund, Inc., International Equity Portfolio	4.1%
Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio	3.6%
Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio	2.6%
Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio	2.6%
Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio	2.5%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	3.6%
Commodities	0.3%
Foreign Equity	14.2%
Domestic Equity	28.9%
Fixed Income	53.0%

Material Portfolio Changes

Effective 7/1/2025, the name of the Portfolio has been changed to the Active/Passive Balanced Portfolio.  This is a summary of certain changes to the Portfolio since 1/1/2025. For more complete information, you may review the Portfolio’s next prospectus, which we expect to be available by 5/1/2026 at www.nmseriesfund.com or upon request at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com.

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

BALANCED PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

DOMESTIC EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Domestic Equity Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Domestic Equity Portfolio	$25	0.50%

Portfolio Statistics

• Total Net Assets (000's)$1,072,419
• # of Portfolio Holdings (Derivatives not included, if applicable)33
• Portfolio Turnover Rate20%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Teledyne Technologies, Inc.	3.5%
Cisco Systems, Inc.	3.5%
Analog Devices, Inc.	3.4%
The Walt Disney Co.	3.3%
Electronic Arts, Inc.	3.3%
The Charles Schwab Corp.	3.3%
Alphabet, Inc. - Class  A	3.3%
Bank of America Corp.	3.2%
Fidelity National Information Services, Inc.	3.1%
The Travelers Cos., Inc.	3.1%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.1%
Materials	2.8%
Real Estate	2.8%
Utilities	3.1%
Energy	5.6%
Communication Services	6.6%
Consumer Staples	7.8%
Consumer Discretionary	8.5%
Industrials	11.9%
Health Care	13.7%
Information Technology	16.7%
Financials	18.4%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

DOMESTIC EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

EMERGING MARKETS EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Emerging Markets Equity Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Emerging Markets Equity Portfolio	$47	0.90%

Portfolio Statistics

• Total Net Assets (000's)$1,166,558
• # of Portfolio Holdings (Derivatives not included, if applicable)64
• Portfolio Turnover Rate18%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Taiwan Semiconductor Manufacturing Co., Ltd.	12.9%
Tencent Holdings, Ltd.	7.8%
Alibaba Group Holding, Ltd.	4.0%
Samsung Electronics Co., Ltd., Various	4.0%
HDFC Bank, Ltd.	3.2%
SK Hynix, Inc.	2.6%
Contemporary Amperex Technology Co., Ltd. - Class A	2.2%
ICICI Bank, Ltd.	2.0%
Grupo Mexico SAB de CV	1.8%
Midea Group Co., Ltd., Various	1.8%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.1%
Energy	0.6%
Utilities	1.7%
Health Care	2.1%
Real Estate	2.7%
Consumer Staples	3.5%
Materials	4.2%
Industrials	9.1%
Communication Services	11.0%
Consumer Discretionary	14.3%
Information Technology	24.7%
Financials	25.0%

Investments by Country of Risk (% of net assets)

Value	Value
Other	19.4%
Mexico	5.1%
South Korea	10.2%
Taiwan	16.8%
India	19.8%
China	27.6%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

EMERGING MARKETS EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

EQUITY INCOME PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Equity Income Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Equity Income Portfolio	$29	0.57%

Portfolio Statistics

• Total Net Assets (000's)$741,845
• # of Portfolio Holdings (Derivatives not included, if applicable)119
• Portfolio Turnover Rate18%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Alphabet, Inc., Various	2.1%
MetLife, Inc.	2.1%
The Southern Co.	2.0%
QUALCOMM, Inc.	2.0%
The Charles Schwab Corp.	1.9%
JPMorgan Chase & Co.	1.9%
Wells Fargo & Co.	1.9%
The Boeing Co., Various	1.8%
Elevance Health, Inc.	1.8%
L3Harris Technologies, Inc.	1.7%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.5%
Materials	3.1%
Real Estate	3.7%
Consumer Discretionary	4.3%
Utilities	5.9%
Communication Services	5.9%
Energy	8.6%
Consumer Staples	8.9%
Information Technology	9.9%
Health Care	12.8%
Industrials	13.5%
Financials	21.9%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

EQUITY INCOME PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

FOCUSED APPRECIATION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Focused Appreciation Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Focused Appreciation Portfolio	$31	0.61%

Portfolio Statistics

• Total Net Assets (000's)$1,525,707
• # of Portfolio Holdings (Derivatives not included, if applicable)37
• Portfolio Turnover Rate1%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

NVIDIA Corp.	9.2%
Meta Platforms, Inc. - Class A	8.6%
Netflix, Inc.	8.1%
Tesla, Inc.	6.5%
Amazon.com, Inc.	6.0%
Oracle Corp.	5.7%
Alphabet, Inc., Various	5.4%
Visa, Inc. - Class A	4.9%
The Boeing Co.	4.7%
Microsoft Corp.	4.6%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.2%
Consumer Staples	2.5%
Industrials	6.8%
Financials	8.7%
Health Care	10.6%
Consumer Discretionary	16.2%
Communication Services	24.8%
Information Technology	29.2%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

FOCUSED APPRECIATION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

GOVERNMENT MONEY MARKET PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Government Money Market Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Government Money Market Portfolio	$17	0.33%

Portfolio Statistics

• Total Net Assets (000's)$507,587
• # of Portfolio Holdings (Derivatives not included, if applicable)105

What did the Portfolio invest in? (Derivatives not included, if applicable)

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	-1.3%
Repurchase Agreements	39.0%
US Government & Agencies	62.3%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

GOVERNMENT MONEY MARKET PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Growth Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Growth Stock Portfolio	$22	0.42%

Portfolio Statistics

• Total Net Assets (000's)$1,409,945
• # of Portfolio Holdings (Derivatives not included, if applicable)62
• Portfolio Turnover Rate5%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

NVIDIA Corp.	14.1%
Microsoft Corp.	10.3%
Amazon.com, Inc.	7.8%
Apple, Inc.	6.9%
Meta Platforms, Inc. - Class A	5.4%
Alphabet, Inc., Various	4.9%
Visa, Inc. - Class A	3.5%
Carvana Co.	3.4%
Broadcom, Inc.	3.4%
Netflix, Inc.	3.3%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.6%
Energy	0.2%
Materials	0.8%
Consumer Staples	0.9%
Utilities	1.0%
Industrials	3.4%
Health Care	7.5%
Financials	9.6%
Communication Services	15.2%
Consumer Discretionary	17.2%
Information Technology	43.6%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

HIGH YIELD BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the High Yield Bond Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
High Yield Bond Portfolio	$23	0.46%

Portfolio Statistics

• Total Net Assets (000's)$703,673
• # of Portfolio Holdings (Derivatives not included, if applicable)539
• Portfolio Turnover Rate12%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

CCO Holdings LLC / CCO Holdings Capital Corp., Various	2.0%
Ford Motor Credit Co. LLC, Various	1.9%
HUB International, Ltd., Various	1.6%
TransDigm, Inc., Various	1.6%
Clarios Global LP / Clarios US Finance Co., Various	1.2%
Cloud Software Group, Inc., Various	1.1%
Medline Borrower LP, Various	1.1%
1011778 BC ULC / New Red Finance, Inc., Various	1.1%
Tenet Healthcare Corp., Various	1.1%
Ardonagh Group Finance, Ltd., 8.875%,  2/15/32	1.0%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	4.9%
Communication Services	0.0%
Diversified	0.2%
Utilities	3.2%
Basic Materials	3.8%
Communications	9.4%
Energy	9.7%
Technology	10.1%
Industrial	12.1%
Financial	12.2%
Consumer, Non-Cyclical	15.0%
Consumer, Cyclical	19.4%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

HIGH YIELD BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INDEX 400 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Index 400 Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Index 400 Stock Portfolio	$12	0.24%

Portfolio Statistics

• Total Net Assets (000's)$1,407,814
• # of Portfolio Holdings (Derivatives not included, if applicable)401
• Portfolio Turnover Rate6%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Interactive Brokers Group, Inc. - Class A	0.8%
EMCOR Group, Inc.	0.8%
Guidewire Software, Inc.	0.7%
RB Global, Inc.	0.7%
Flex, Ltd.	0.6%
Casey's General Stores, Inc.	0.6%
Comfort Systems USA, Inc.	0.6%
Curtiss-Wright Corp.	0.6%
Pure Storage, Inc.	0.6%
US Foods Holding Corp.	0.6%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.4%
Communication Services	1.2%
Utilities	2.8%
Energy	3.7%
Consumer Staples	5.3%
Materials	5.8%
Real Estate	6.8%
Health Care	8.4%
Information Technology	11.5%
Consumer Discretionary	13.1%
Financials	17.9%
Industrials	22.1%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INDEX 400 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INDEX 500 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Index 500 Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Index 500 Stock Portfolio	$10	0.19%

Portfolio Statistics

• Total Net Assets (000's)$6,872,118
• # of Portfolio Holdings (Derivatives not included, if applicable)504
• Portfolio Turnover Rate1%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

NVIDIA Corp.	7.3%
Microsoft Corp.	7.0%
Apple, Inc.	5.8%
Amazon.com, Inc.	3.9%
Alphabet, Inc., Various	3.5%
Meta Platforms, Inc. - Class A	3.0%
Broadcom, Inc.	2.4%
Berkshire Hathaway, Inc. - Class B	1.7%
Tesla, Inc.	1.7%
JPMorgan Chase & Co.	1.5%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.9%
Materials	1.9%
Real Estate	2.0%
Utilities	2.4%
Energy	3.0%
Consumer Staples	5.4%
Industrials	8.5%
Health Care	9.2%
Communication Services	9.7%
Consumer Discretionary	10.3%
Financials	13.9%
Information Technology	32.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INDEX 500 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INDEX 600 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Index 600 Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Index 600 Stock Portfolio	$13	0.27%

Portfolio Statistics

• Total Net Assets (000's)$471,974
• # of Portfolio Holdings (Derivatives not included, if applicable)604
• Portfolio Turnover Rate7%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Mr. Cooper Group, Inc.	0.7%
Aerovironment, Inc.	0.6%
Brinker International, Inc.	0.6%
Qorvo, Inc.	0.6%
SPX Technologies, Inc.	0.6%
Kratos Defense & Security Solutions, Inc.	0.6%
BorgWarner, Inc.	0.6%
Badger Meter, Inc.	0.5%
Armstrong World Industries, Inc.	0.5%
Dycom Industries, Inc.	0.5%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.4%
Utilities	2.3%
Consumer Staples	3.0%
Communication Services	3.0%
Energy	3.9%
Materials	4.9%
Real Estate	7.6%
Health Care	10.5%
Information Technology	13.2%
Consumer Discretionary	13.2%
Financials	18.9%
Industrials	19.1%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INDEX 600 STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INFLATION PROTECTION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Inflation Protection Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Inflation Protection Portfolio	$23	0.46%

Portfolio Statistics

• Total Net Assets (000's)$415,020
• # of Portfolio Holdings (Derivatives not included, if applicable)159
• Portfolio Turnover Rate13%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

US Treasury Inflation Index Bond, Various	54.3%
Federal Home Loan Mortgage Corp., Various	5.7%
Government National Mortgage Association, Various	5.2%
Federal National Mortgage Association, Various	5.2%
Mainbeach Funding DAC	2.5%
Overwatch Alpha Funding LLC	2.5%
HQLA Funding LLC	2.5%
Government National Mortgage Association TBA, 4%,  7/15/54	1.0%
JPMorgan Chase & Co., Various	0.7%
Tennessee Valley Authority, Various	0.6%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	8.6%
Municipal Bonds	0.4%
Corporate Bonds	9.1%
Structured Products	24.2%
Governments	57.7%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INFLATION PROTECTION PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INTERNATIONAL EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the International Equity Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Equity Portfolio	$38	0.68%

Portfolio Statistics

• Total Net Assets (000's)$2,226,847
• # of Portfolio Holdings (Derivatives not included, if applicable)90
• Portfolio Turnover Rate8%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

BNP Paribas SA	3.3%
Banco Santander SA	3.3%
Johnson Controls International PLC	3.1%
Novartis AG	2.7%
Taiwan Semiconductor Manufacturing Co., Ltd.	2.7%
GSK PLC	2.6%
Barclays PLC	2.5%
Sanofi SA	2.5%
Itau Unibanco Holding SA	2.4%
UBS Group AG	2.2%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.8%
Real Estate	1.3%
Energy	5.1%
Communication Services	5.7%
Consumer Staples	7.7%
Information Technology	7.9%
Materials	10.1%
Industrials	10.4%
Consumer Discretionary	11.3%
Health Care	14.3%
Financials	24.4%

Investments by Country of Risk (% of net assets)

Value	Value
Other	36.4%
Japan	6.1%
China	6.5%
France	6.9%
Germany	8.1%
United Kingdom	11.3%
United States	22.9%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INTERNATIONAL EQUITY PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

INTERNATIONAL GROWTH PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the International Growth Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
International Growth Portfolio	$32	0.61%

Portfolio Statistics

• Total Net Assets (000's)$1,127,399
• # of Portfolio Holdings (Derivatives not included, if applicable)68
• Portfolio Turnover Rate13%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

SAP SE	6.7%
Safran SA	5.1%
ASML Holding NV	3.7%
CRH PLC	3.6%
Compass Group PLC	3.1%
Linde PLC	3.0%
Recruit Holdings Co., Ltd.	2.9%
GE Vernova, Inc.	2.8%
Atlas Copco AB - Class A	2.7%
Taiwan Semiconductor Manufacturing Co., Ltd.	2.5%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.1%
Consumer Staples	0.3%
Energy	0.4%
Communication Services	1.7%
Health Care	3.7%
Materials	8.4%
Consumer Discretionary	8.6%
Financials	17.5%
Information Technology	22.5%
Industrials	34.8%

Investments by Country of Risk (% of net assets)

Value	Value
Other	20.0%
Sweden	7.5%
Germany	9.1%
Japan	11.2%
France	12.9%
United Kingdom	14.6%
United States	22.6%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

INTERNATIONAL GROWTH PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

LARGE CAP BLEND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Large Cap Blend Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Large Cap Blend Portfolio	$37	0.72%

Portfolio Statistics

• Total Net Assets (000's)$172,440
• # of Portfolio Holdings (Derivatives not included, if applicable)52
• Portfolio Turnover Rate19%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Microsoft Corp.	9.1%
NVIDIA Corp.	6.8%
Apple, Inc.	5.8%
Amazon.com, Inc.	4.7%
Meta Platforms, Inc. - Class A	4.0%
Wells Fargo & Co.	3.3%
Broadcom, Inc.	3.0%
Mastercard, Inc. - Class A	2.7%
American Express Co.	2.5%
Alphabet, Inc. - Class  A	2.5%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.1%
Real Estate	0.6%
Materials	1.8%
Consumer Staples	3.2%
Utilities	3.6%
Energy	4.2%
Health Care	7.8%
Communication Services	8.0%
Industrials	10.6%
Consumer Discretionary	12.1%
Financials	15.6%
Information Technology	31.4%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

LARGE CAP BLEND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

LARGE CAP CORE STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Large Cap Core Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Large Cap Core Stock Portfolio	$22	0.43%

Portfolio Statistics

• Total Net Assets (000's)$773,972
• # of Portfolio Holdings (Derivatives not included, if applicable)136
• Portfolio Turnover Rate42%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

NVIDIA Corp.	8.0%
Microsoft Corp.	7.6%
Apple, Inc.	5.1%
Alphabet, Inc. - Class  A	4.6%
Amazon.com, Inc.	4.4%
Wells Fargo & Co.	3.3%
Broadcom, Inc.	3.1%
Berkshire Hathaway, Inc. - Class B	2.2%
Mastercard, Inc. - Class A	1.7%
Exxon Mobil Corp.	1.7%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.8%
Investment Companies	1.1%
Real Estate	1.2%
Materials	2.0%
Utilities	2.7%
Energy	4.1%
Industrials	5.3%
Consumer Staples	5.6%
Communication Services	9.5%
Health Care	10.1%
Consumer Discretionary	11.3%
Financials	13.7%
Information Technology	32.6%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

LARGE CAP CORE STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

LARGE COMPANY VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Large Company Value Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Large Company Value Portfolio	$38	0.75%

Portfolio Statistics

• Total Net Assets (000's)$156,717
• # of Portfolio Holdings (Derivatives not included, if applicable)46
• Portfolio Turnover Rate56%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Johnson & Johnson	5.5%
Truist Financial Corp.	4.0%
JPMorgan Chase & Co.	3.8%
Kenvue, Inc.	3.6%
Duke Energy Corp.	3.5%
Norfolk Southern Corp.	3.3%
Enterprise Products Partners LP	3.2%
Becton Dickinson and Co.	3.1%
Unilever PLC, ADR	3.0%
BlackRock, Inc.	3.0%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.3%
Real Estate	1.8%
Communication Services	3.2%
Materials	4.9%
Utilities	5.4%
Energy	6.6%
Information Technology	8.0%
Industrials	11.3%
Consumer Staples	14.8%
Health Care	19.9%
Financials	21.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

LARGE COMPANY VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Long-Term U.S. Government Bond Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Long-Term U.S. Government Bond Portfolio	$124	2.45%

Portfolio Statistics

• Total Net Assets (000's)$122,419
• # of Portfolio Holdings (Derivatives not included, if applicable)106
• Portfolio Turnover Rate6%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

US Treasury, Various	115.0%
Uniform Mortgage Backed Security TBA, Various	9.6%
US Treasury Inflation Index Bond, Various	7.9%
Federal Home Loan Mortgage Corp., Series 4092, Class AY, 3%,  8/15/32	1.7%
Federal Home Loan Mortgage Corp., Series 4387, Class AZ, 4%,  9/15/44	1.5%
Federal Home Loan Mortgage Corp., 4.5%,  5/1/54	1.3%
Federal National Mortgage Association, Various	1.2%
Federal Home Loan Mortgage Corp., Series 4398, Class ZX, 4%,  9/15/54	0.7%
US Treasury Stripped, Various	0.6%
Federal National Mortgage Association, Series 2016-61, Class ML, 3%,  9/25/46	0.6%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	-44.7%
Corporate Bonds	0.2%
Structured Products	20.4%
Governments	124.1%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

MID CAP GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Mid Cap Growth Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Mid Cap Growth Stock Portfolio	$28	0.54%

Portfolio Statistics

• Total Net Assets (000's)$1,066,477
• # of Portfolio Holdings (Derivatives not included, if applicable)108
• Portfolio Turnover Rate43%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Royal Caribbean Cruises, Ltd.	3.3%
Vistra Corp.	3.1%
Hilton Worldwide Holdings, Inc.	2.9%
Howmet Aerospace, Inc.	2.8%
Flutter Entertainment PLC	2.5%
Axon Enterprise, Inc.	2.0%
Quanta Services, Inc.	2.0%
CloudFlare, Inc. - Class A	2.0%
Roblox Corp. - Class A	1.9%
HEICO Corp. - Class A	1.9%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.5%
Materials	0.5%
Real Estate	1.4%
Consumer Staples	1.6%
Utilities	3.1%
Energy	3.4%
Communication Services	3.9%
Financials	11.4%
Health Care	14.3%
Industrials	18.7%
Consumer Discretionary	20.4%
Information Technology	20.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

MID CAP GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

MID CAP VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Mid Cap Value Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Mid Cap Value Portfolio	$36	0.72%

Portfolio Statistics

• Total Net Assets (000's)$645,836
• # of Portfolio Holdings (Derivatives not included, if applicable)108
• Portfolio Turnover Rate43%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Zimmer Biomet Holdings, Inc.	2.7%
Enterprise Products Partners LP	2.1%
Henry Schein, Inc.	2.0%
U.S. Bancorp	2.0%
Truist Financial Corp.	2.0%
Willis Towers Watson PLC	1.8%
Northern Trust Corp.	1.8%
Labcorp Holdings, Inc.	1.7%
Kenvue, Inc.	1.7%
MSC Industrial Direct Co., Inc.	1.6%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.6%
Communication Services	0.7%
Consumer Discretionary	4.0%
Materials	5.4%
Energy	5.6%
Information Technology	6.0%
Real Estate	7.7%
Utilities	7.9%
Consumer Staples	10.4%
Health Care	15.4%
Industrials	17.3%
Financials	18.0%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

MID CAP VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

MULTI-SECTOR BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Multi-Sector Bond Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Multi-Sector Bond Portfolio	$38	0.74%

Portfolio Statistics

• Total Net Assets (000's)$1,326,293
• # of Portfolio Holdings (Derivatives not included, if applicable)966
• Portfolio Turnover Rate13%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Uniform Mortgage Backed Security TBA, Various	13.6%
Citigroup Global Markets, Inc. Repurchase Agreement, 4.41%,  7/2/25	4.9%
JP Morgan Securities LLC Repurchase Agreement, 4.48%,  7/1/25	4.5%
US Treasury, Various	3.9%
Canadian Imperial Bank of Commerce Repurchase Agreement, Various	3.9%
Saudi Government International Bond, Various	1.6%
Petroleos Mexicanos, Various	1.3%
United Mexican States, Various	1.3%
European Union, 3%,  12/4/34	1.2%
Argentine Republic Government International Bond, Various	1.0%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	-2.4%
Warrants	0.0%
Common Stocks	0.1%
Municipal Bonds	0.2%
Bank Loan Obligations	4.5%
Governments	22.5%
Structured Products	32.3%
Corporate Bonds	42.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

MULTI-SECTOR BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

RESEARCH INTERNATIONAL CORE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Research International Core Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Research International Core Portfolio	$38	0.71%

Portfolio Statistics

• Total Net Assets (000's)$976,241
• # of Portfolio Holdings (Derivatives not included, if applicable)111
• Portfolio Turnover Rate17%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Schneider Electric SE	2.8%
Roche Holding AG	2.5%
Hitachi, Ltd.	2.5%
Linde PLC	2.1%
Nestle SA	2.1%
Barclays PLC	2.0%
Euronext NV	1.9%
NatWest Group PLC	1.8%
Novo Nordisk A/S - Class B	1.7%
BNP Paribas SA	1.6%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	2.1%
Real Estate	0.4%
Utilities	2.7%
Energy	4.0%
Communication Services	4.7%
Consumer Staples	7.2%
Materials	7.7%
Consumer Discretionary	8.3%
Information Technology	8.7%
Health Care	10.3%
Industrials	19.5%
Financials	24.4%

Investments by Country of Risk (% of net assets)

Value	Value
Other	30.7%
France	7.8%
Netherlands	8.3%
United Kingdom	14.5%
United States	18.0%
Japan	18.6%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

RESEARCH INTERNATIONAL CORE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

SELECT BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Select Bond Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Select Bond Portfolio	$16	0.31%

Portfolio Statistics

• Total Net Assets (000's)$2,816,200
• # of Portfolio Holdings (Derivatives not included, if applicable)1,048
• Portfolio Turnover Rate127%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Federal National Mortgage Association, Various	17.2%
US Treasury, Various	15.9%
Federal Home Loan Mortgage Corp., Various	9.6%
Government National Mortgage Association, Various	2.1%
Uniform Mortgage Backed Security TBA, Various	1.2%
Government National Mortgage Association TBA, 5.5%,  7/20/53	1.0%
Morgan Stanley, Various	0.9%
Government National Mortgage Association, Series 2025-1, Class GC, 3.5%,  10/20/51	0.8%
Broadcom, Inc., Various	0.8%
The Goldman Sachs Group, Inc., Various	0.7%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	0.3%
Municipal Bonds	0.1%
Governments	17.3%
Corporate Bonds	25.5%
Structured Products	56.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

SELECT BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

SHORT-TERM BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Short-Term Bond Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Short-Term Bond Portfolio	$20	0.40%

Portfolio Statistics

• Total Net Assets (000's)$391,722
• # of Portfolio Holdings (Derivatives not included, if applicable)848
• Portfolio Turnover Rate64%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

US Treasury, Various	18.8%
Federal National Mortgage Association, Various	4.3%
Federal Home Loan Mortgage Corp., Various	1.7%
Crown Castle, Inc., Various	1.0%
CVS Health Corp., Various	0.8%
Wells Fargo & Co., Various	0.7%
SBA Tower Trust, Various	0.7%
The Goldman Sachs Group, Inc., Various	0.7%
Government National Mortgage Association, Various	0.6%
Hyundai Capital America, Various	0.6%

Asset Type Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	3.0%
Governments	19.5%
Structured Products	30.7%
Corporate Bonds	46.8%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

SHORT-TERM BOND PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

SMALL CAP GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Small Cap Growth Stock Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Small Cap Growth Stock Portfolio	$27	0.56%

Portfolio Statistics

• Total Net Assets (000's)$700,752
• # of Portfolio Holdings (Derivatives not included, if applicable)147
• Portfolio Turnover Rate48%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

iShares Russell 2000 Growth ETF	1.8%
Ensign Group, Inc.	1.7%
SPX Technologies, Inc.	1.4%
Credo Technology Group Holding, Ltd.	1.4%
HealthEquity, Inc.	1.4%
Aerovironment, Inc.	1.3%
Verra Mobility Corp.	1.3%
ACI Worldwide, Inc.	1.2%
Moog, Inc. - Class A	1.1%
Stifel Financial Corp.	1.1%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.4%
Utilities	0.7%
Real Estate	1.5%
Communication Services	1.5%
Investment Companies	1.7%
Energy	2.2%
Consumer Staples	3.5%
Materials	4.5%
Financials	8.7%
Consumer Discretionary	10.9%
Information Technology	19.8%
Health Care	21.3%
Industrials	22.3%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

SMALL CAP GROWTH STOCK PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

SMALL CAP VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Small Cap Value Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 6/30/2025.  You can find additional information about the Portfolio at www.nmseriesfund.com. You can also request this information by contacting us at 1-888-455-2232 or by email at vavldocrequest@northwesternmutual.com. 

What were the Portfolio's costs for the past six months?

(based on a hypothetical $10,000 investment) 

Portfolio Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Small Cap Value Portfolio	$43	0.87%

Portfolio Statistics

• Total Net Assets (000's)$548,368
• # of Portfolio Holdings (Derivatives not included, if applicable)195
• Portfolio Turnover Rate21%

What did the Portfolio invest in? (Derivatives not included, if applicable)

Top Ten Holdings (% of net assets)

Pinnacle Financial Partners, Inc.	2.0%
PennyMac Financial Services, Inc.	1.5%
Columbia Banking System, Inc.	1.5%
Houlihan Lokey, Inc.	1.4%
SouthState Corp.	1.2%
Western Alliance Bancorp	1.1%
Mirion Technologies, Inc.	1.1%
FB Financial Corp.	1.0%
Carvana Co.	1.0%
Matador Resources Co.	1.0%

Sector Weightings (% of net assets)

Value	Value
Short-Term Investments & Other Net Assets	1.3%
Consumer Staples	1.9%
Communication Services	2.1%
Materials	4.5%
Utilities	5.8%
Energy	6.8%
Information Technology	7.0%
Health Care	8.4%
Consumer Discretionary	9.7%
Real Estate	10.8%
Industrials	13.3%
Financials	28.4%

Additional Information

If you wish to view additional information about the Portfolio, including but not limited to prospectus, financial statements, holdings, or proxy voting information, please visit www.nmseriesfund.com.

SMALL CAP VALUE PORTFOLIO

Northwestern Mutual Series Fund, Inc.

June 30, 2025

Semi-Annual Shareholder Report

REPORT ON FORM N-CSR

RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.

(b)   Not applicable.

Item 2.                        Code of Ethics.

Not applicable to semi-annual reports.

Item 3.                        Audit Committee Financial Expert.

Not applicable to semi-annual reports.

Item 4.                        Principal Accountant Fees and Services.

Not applicable to semi-annual reports.

Item 5.                        Audit Committee of Listed Registrants.

                        Not applicable to semi-annual reports.

Item 6.                        Investments.

(a)   The Schedule of Investments are included within the Semi-Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

(b)   Not applicable.

Item 7.            Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

Semi-Annual

Financial

Statements

and

Other

Information

June

30,

2025

Northwestern

Mutual

Series

Fund,

Inc.

A

Series

Fund

Offering

30

Portfolios

Growth

Stock

Portfolio

Focused

Appreciation

Portfolio

Large

Cap

Core

Stock

Portfolio

Large

Cap

Blend

Portfolio

Index

500

Stock

Portfolio

Large

Company

Value

Portfolio

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

Index

400

Stock

Portfolio

Mid

Cap

Value

Portfolio

Small

Cap

Growth

Stock

Portfolio

Index

600

Stock

Portfolio

Small

Cap

Value

Portfolio

International

Growth

Portfolio

Research

International

Core

Portfolio

International

Equity

Portfolio

Emerging

Markets

Equity

Portfolio

Government

Money

Market

Portfolio

Short-Term

Bond

Portfolio

Select

Bond

Portfolio

Long-Term

U.S.

Government

Bond

Portfolio

Inflation

Protection

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Active/Passive

All

Equity

Portfolio

Active/Passive

Aggressive

Portfolio

Asset

Allocation

Portfolio

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

Northwestern

Mutual

Series

Fund,

Inc.

Table

of

Contents

Schedules

of

Investments:

Growth

Stock

Portfolio

.............................................................................

3

Focused

Appreciation

Portfolio

......................................................................

5

Large

Cap

Core

Stock

Portfolio

......................................................................

6

Large

Cap

Blend

Portfolio

...........................................................................

8

Index

500

Stock

Portfolio

...........................................................................

10

Large

Company

Value

Portfolio

......................................................................

15

Domestic

Equity

Portfolio

...........................................................................

17

Equity

Income

Portfolio

............................................................................

18

Mid

Cap

Growth

Stock

Portfolio

.....................................................................

21

Index

400

Stock

Portfolio

...........................................................................

24

Mid

Cap

Value

Portfolio

............................................................................

29

Small

Cap

Growth

Stock

Portfolio

....................................................................

32

Index

600

Stock

Portfolio

...........................................................................

35

Small

Cap

Value

Portfolio

...........................................................................

42

International

Growth

Portfolio

......................................................................

45

Research

International

Core

Portfolio

................................................................

47

International

Equity

Portfolio

.......................................................................

50

Emerging

Markets

Equity

Portfolio

...................................................................

55

Government

Money

Market

Portfolio

................................................................

57

Short-Term

Bond

Portfolio

..........................................................................

60

Select

Bond

Portfolio

...............................................................................

78

Long-Term

U.S.

Government

Bond

Portfolio

...........................................................

97

Inflation

Protection

Portfolio

........................................................................

101

High

Yield

Bond

Portfolio

...........................................................................

107

Multi-Sector

Bond

Portfolio

.........................................................................

116

Active/Passive

All

Equity

Portfolio

...................................................................

144

Active/Passive

Aggressive

Portfolio

..................................................................

146

Asset

Allocation

Portfolio

...........................................................................

148

Balanced

Portfolio

.................................................................................

151

Active/Passive

Conservative

Portfolio

................................................................

154

Statements

of

Assets

and

Liabilities

.......................................................................

156

Statements

of

Operations

...............................................................................

162

Statements

of

Changes

in

Net

Assets

.....................................................................

168

Statement

of

Cash

Flows

................................................................................

178

Financial

Highlights

.....................................................................................

180

Notes

to

Financial

Statements

...........................................................................

188

Abbreviations

..........................................................................................

211

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

..............................

212

Mason

Street

Advisors,

LLC

(“Mason

Street

Advisors”),

adviser

to

the

Northwestern

Mutual

Series

Fund,

Inc.,

is

a

wholly

owned

subsidiary

of

The

Northwestern

Mutual

Life

Insurance

Company.

Mason

Street

Advisors

is

the

principal

investment

adviser

for

all

the

Portfolios

of

the

Northwestern

Mutual

Series

Fund,

Inc.,

and

has

engaged

and

oversees

sub-advisers

who

provide

day-to-day

management

for

certain

of

the

Portfolios.

Each

sub-adviser

may

be

replaced

without

the

approval

of

shareholders.

Please

see

the

Series

Fund

prospectus

for

more

information.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

3

Growth

Stock

Portfolio

Common

Stocks

(

99

.4

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

15

.2

%

)

Alphabet,

Inc.

-

Class A 

81,568‌

14,375‌

Alphabet,

Inc.

-

Class C 

307,553‌

54,557‌

Meta

Platforms,

Inc.

-

Class

A 

102,564‌

75,701‌

Netflix,

Inc. *

34,428‌

46,103‌

Sea,

Ltd.,

ADR *

47,131‌

7,538‌

T-Mobile

US,

Inc. 

66,368‌

15,813‌

Total

214,087‌

Consumer

Discretionary

(

17

.2

%

)

Amazon.com,

Inc. *

499,271‌

109,535‌

Booking

Holdings,

Inc. 

2,852‌

16,511‌

Carvana

Co. *

143,579‌

48,380‌

Chipotle

Mexican

Grill,

Inc. *

222,020‌

12,466‌

DoorDash,

Inc.

-

Class A *

34,197‌

8,430‌

Ross

Stores,

Inc. 

42,496‌

5,422‌

Tesla,

Inc. *

113,661‌

36,106‌

The

TJX

Cos.,

Inc. 

49,963‌

6,170‌

Total

243,020‌

Consumer

Staples

(

0

.9

%

)

Colgate-Palmolive

Co. 

59,464‌

5,405‌

Mondelez

International,

Inc. 

47,576‌

3,209‌

The

Procter

&

Gamble

Co. 

27,700‌

4,413‌

Total

13,027‌

Energy

(

0

.2

%

)

Schlumberger,

Ltd. 

71,645‌

2,422‌

Total

2,422‌

Financials

(

9

.6

%

)

Adyen

NV,

ADR *

176,397‌

3,230‌

The

Charles

Schwab

Corp. 

60,478‌

5,518‌

Chubb,

Ltd. 

50,085‌

14,511‌

Fiserv,

Inc. *

17,490‌

3,015‌

The

Goldman

Sachs

Group,

Inc. 

7,837‌

5,547‌

Marsh

&

McLennan

Cos.,

Inc. 

26,890‌

5,879‌

Mastercard,

Inc.

-

Class

A 

66,197‌

37,199‌

Morgan

Stanley 

44,387‌

6,252‌

S&P

Global,

Inc. 

9,831‌

5,184‌

Visa,

Inc.

-

Class

A 

139,685‌

49,595‌

Total

135,930‌

Health

Care

(

7

.5

%

)

Danaher

Corp. 

40,695‌

8,039‌

Elevance

Health,

Inc. 

7,909‌

3,076‌

Eli

Lilly

&

Co. 

56,853‌

44,319‌

Intuitive

Surgical,

Inc. *

43,641‌

23,715‌

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

Stryker

Corp. 

20,871‌

8,257‌

Thermo

Fisher

Scientific,

Inc. 

17,025‌

6,903‌

UnitedHealth

Group,

Inc. 

34,661‌

10,813‌

Total

105,122‌

Industrials

(

3

.4

%

)

Cintas

Corp. 

18,020‌

4,016‌

GE

Vernova,

Inc. 

17,532‌

9,277‌

General

Electric

Co. 

100,081‌

25,760‌

Old

Dominion

Freight

Line,

Inc. 

20,873‌

3,388‌

TransDigm

Group,

Inc. 

3,072‌

4,671‌

Veralto

Corp. 

8,620‌

870‌

Total

47,982‌

Information

Technology

(

43

.6

%

)

Apple,

Inc. 

474,049‌

97,261‌

ASML

Holding

NV 

16,502‌

13,224‌

Broadcom,

Inc. 

174,577‌

48,122‌

Confluent,

Inc.

-

Class A *

37,492‌

935‌

CrowdStrike

Holdings,

Inc. *

12,782‌

6,510‌

Datadog,

Inc.

-

Class A *

16,218‌

2,179‌

Intuit,

Inc. 

14,571‌

11,476‌

Microsoft

Corp. 

290,699‌

144,597‌

Monolithic

Power

Systems,

Inc. 

9,327‌

6,822‌

NVIDIA

Corp. 

1,254,885‌

198,259‌

Palantir

Technologies,

Inc.

-

Class

A *

17,753‌

2,420‌

Roper

Technologies,

Inc. 

14,108‌

7,997‌

ServiceNow,

Inc. *

31,844‌

32,738‌

Shopify, Inc. - Class A *

100,665‌

11,612‌

Synopsys,

Inc. *

24,315‌

12,466‌

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR 

34,301‌

7,769‌

TE

Connectivity

PLC 

34,470‌

5,814‌

Texas

Instruments,

Inc. 

22,274‌

4,624‌

Total

614,825‌

Materials

(

0

.8

%

)

Linde

PLC 

11,914‌

5,590‌

The

Sherwin-Williams

Co. 

16,263‌

5,584‌

Total

11,174‌

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000’s)

Utilities

(

1

.0

%

)

Constellation

Energy

Corp. 

42,223‌

13,628‌

Total

13,628‌

Total

Common

Stocks

(Cost: $613,938)

1,401,217

Total

Investments

(99.4%)

(Cost:

$613,938)

@

1,401,217

Other

Assets,

Less

Liabilities (0.6%)

8,728

Net

Assets

(100.0%)

1,409,945

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

4

Growth

Stock

Portfolio

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$613,938

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$787,279

which

is

comprised

of

$801,838

aggregate

gross

unrealized

appreciation

and

$14,559

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

1,401,217‌

$

—‌

$

—‌

Total

Assets:

$

1,401,217‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

5

Focused

Appreciation

Portfolio

Common

Stocks

(

98

.8

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

24

.8

%

)

Alphabet,

Inc.

-

Class A 

368,300

64,906

Alphabet,

Inc.

-

Class C 

95,247

16,896

Meta

Platforms,

Inc.

-

Class

A 

176,920

130,583

Netflix,

Inc. *

92,234

123,513

The

Walt

Disney

Co. 

343,918

42,649

Total

378,547

Consumer

Discretionary

(

16

.2

%

)

Alibaba

Group

Holding,

Ltd.,

ADR 

56,960

6,460

Amazon.com,

Inc. *

416,984

91,482

NIKE,

Inc.

-

Class

B 

161,425

11,468

Starbucks

Corp. 

228,233

20,913

Tesla,

Inc. *

311,560

98,970

Yum

China

Holdings,

Inc. 

85,009

3,801

Yum!

Brands,

Inc. 

93,650

13,877

Total

246,971

Consumer

Staples

(

2

.5

%

)

Monster

Beverage

Corp. *

615,693

38,567

Total

38,567

Common

Stocks

(98.8%)

Shares/

Par

+

Value

$

(000’s)

Financials

(

8

.7

%

)

Block,

Inc.

-

Class

A *

172,036

11,687

FactSet

Research

Systems,

Inc. 

35,654

15,947

PayPal

Holdings,

Inc. *

156,018

11,595

SEI

Investments

Co. 

203,098

18,250

Visa,

Inc.

-

Class

A 

211,516

75,099

Total

132,578

Health

Care

(

10

.6

%

)

Illumina,

Inc. *

101,266

9,662

Intuitive

Surgical,

Inc. *

41,315

22,451

Novartis

AG,

ADR 

135,331

16,376

Novo

Nordisk

A/S,

ADR 

306,618

21,163

Regeneron

Pharmaceuticals,

Inc. 

46,531

24,429

Roche

Holding

AG,

ADR 

307,844

12,548

Thermo

Fisher

Scientific,

Inc. 

35,453

14,375

Vertex

Pharmaceuticals,

Inc. *

92,227

41,059

Total

162,063

Common

Stocks

(98.8%)

Shares/

Par

+

Value

$

(000’s)

Industrials

(

6

.8

%

)

The

Boeing

Co. *

344,539

72,191

Deere

&

Co. 

32,212

16,379

Expeditors

International

of

Washington,

Inc. 

135,313

15,460

Total

104,030

Information

Technology

(

29

.2

%

)

Autodesk,

Inc. *

136,473

42,248

Microsoft

Corp. 

142,199

70,731

NVIDIA

Corp. 

887,060

140,146

Oracle

Corp. 

398,714

87,171

QUALCOMM,

Inc. 

111,834

17,811

Salesforce,

Inc. 

137,005

37,360

Shopify, Inc. - Class A *

331,394

38,226

Workday,

Inc.

-

Class A *

47,546

11,411

Total

445,104

Total

Common

Stocks

(Cost: $665,435)

1,507,860

Total

Investments

(98.8%)

(Cost:

$665,435)

@

1,507,860

Other

Assets,

Less

Liabilities (1.2%)

17,847

Net

Assets

(100.0%)

1,525,707

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$665,435

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$842,425

which

is

comprised

of

$872,784

aggregate

gross

unrealized

appreciation

and

$30,359

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

1,507,860

$

—

$

—

Total

Assets:

$

1,507,860

$

—

$

—

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

6

Large

Cap

Core

Stock

Portfolio

Common

Stocks

(

98

.1

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

9

.5

%

)

Alphabet,

Inc.

-

Class A 

204,147‌

35,977‌

Meta

Platforms,

Inc.

-

Class

A 

13,876‌

10,242‌

Netflix,

Inc. *

8,419‌

11,274‌

Spotify

Technology

SA *

1,701‌

1,305‌

T-Mobile

US,

Inc. 

36,243‌

8,635‌

The

Walt

Disney

Co. 

48,110‌

5,966‌

Total

73,399‌

Consumer

Discretionary

(

11

.3

%

)

Airbnb,

Inc.

-

Class

A *

45,803‌

6,061‌

Amazon.com,

Inc. *

153,694‌

33,719‌

Chipotle

Mexican

Grill,

Inc. *

74,206‌

4,167‌

D.R.

Horton,

Inc. 

7,582‌

977‌

Deckers

Outdoor

Corp. *

6,574‌

678‌

Flutter

Entertainment

PLC *

10,993‌

3,141‌

Hyatt

Hotels

Corp.

-

Class

A 

18,855‌

2,633‌

Lennar

Corp.

-

Class

A 

4,619‌

511‌

Marriott

International,

Inc. 

21,897‌

5,982‌

O'Reilly

Automotive,

Inc. *

40,294‌

3,632‌

Pool

Corp. 

15,500‌

4,518‌

Royal

Caribbean

Cruises,

Ltd. 

9,634‌

3,017‌

Starbucks

Corp. 

31,722‌

2,907‌

Tesla,

Inc. *

25,719‌

8,170‌

The

TJX

Cos.,

Inc. 

38,334‌

4,734‌

Wingstop,

Inc. 

7,333‌

2,469‌

Total

87,316‌

Consumer

Staples

(

5

.6

%

)

British

American

Tobacco

PLC,

ADR 

29,798‌

1,410‌

Casey's

General

Stores,

Inc. 

1,495‌

763‌

Church

&

Dwight

Co.,

Inc. 

4,537‌

436‌

The

Coca-Cola

Co. 

88,449‌

6,258‌

Costco

Wholesale

Corp. 

3,675‌

3,638‌

Kenvue,

Inc. 

24,614‌

515‌

Keurig

Dr.

Pepper,

Inc. 

22,700‌

751‌

Monster

Beverage

Corp. *

11,357‌

711‌

Performance

Food

Group

Co. *

28,790‌

2,518‌

Philip

Morris

International,

Inc. 

36,482‌

6,645‌

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Staples

continued

The

Procter

&

Gamble

Co. 

13,733‌

2,188‌

Unilever

PLC,

ADR 

78,114‌

4,778‌

US

Foods

Holding

Corp. *

79,031‌

6,086‌

Walmart,

Inc. 

70,303‌

6,874‌

Total

43,571‌

Energy

(

4

.1

%

)

EQT

Corp. 

34,900‌

2,035‌

Exxon

Mobil

Corp. 

123,244‌

13,286‌

Marathon

Petroleum

Corp. 

27,991‌

4,650‌

Shell

PLC,

ADR 

114,113‌

8,035‌

Targa

Resources

Corp. 

24,147‌

4,203‌

Total

32,209‌

Financials

(

13

.7

%

)

American

Express

Co. 

6,149‌

1,961‌

American

International

Group,

Inc. 

68,546‌

5,867‌

Ares

Management

Corp.

-

Class

A 

35,711‌

6,185‌

Berkshire

Hathaway,

Inc.

-

Class

B *

34,644‌

16,829‌

Chubb,

Ltd. 

12,519‌

3,627‌

Everest

Group,

Ltd. 

5,855‌

1,990‌

The

Goldman

Sachs

Group,

Inc. 

2,759‌

1,953‌

Intercontinental

Exchange,

Inc. 

38,239‌

7,016‌

JPMorgan

Chase

&

Co. 

16,397‌

4,754‌

KKR

&

Co.,

Inc. 

86,550‌

11,514‌

Marsh

&

McLennan

Cos.,

Inc. 

26,382‌

5,768‌

Mastercard,

Inc.

-

Class

A 

23,974‌

13,472‌

Wells

Fargo

&

Co. 

315,060‌

25,242‌

Total

106,178‌

Health

Care

(

10

.1

%

)

Abbott

Laboratories 

12,922‌

1,758‌

AbbVie,

Inc. 

18,073‌

3,355‌

Agilent

Technologies,

Inc. 

25,084‌

2,960‌

Align

Technology,

Inc. *

1,507‌

285‌

Alnylam

Pharmaceuticals,

Inc. *

1,586‌

517‌

Amgen,

Inc. 

2,990‌

835‌

argenx

SE,

ADR *

1,367‌

754‌

AstraZeneca

PLC,

ADR 

25,048‌

1,750‌

Boston

Scientific

Corp. *

56,001‌

6,015‌

Cencora,

Inc. 

8,706‌

2,610‌

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

CVS

Health

Corp. 

23,031‌

1,589‌

Danaher

Corp. 

23,261‌

4,595‌

Edwards

Lifesciences

Corp. *

31,988‌

2,502‌

Elevance

Health,

Inc. 

3,271‌

1,272‌

Eli

Lilly

&

Co. 

15,501‌

12,083‌

Gilead

Sciences,

Inc. 

21,042‌

2,333‌

GSK

PLC,

ADR 

52,179‌

2,004‌

Haleon

PLC,

ADR 

322,559‌

3,345‌

HCA

Healthcare,

Inc. 

3,948‌

1,512‌

Intuitive

Surgical,

Inc. *

9,752‌

5,299‌

Johnson

&

Johnson 

19,761‌

3,018‌

Labcorp

Holdings,

Inc. 

4,883‌

1,282‌

Merck

&

Co.,

Inc. 

71,066‌

5,626‌

Molina

Healthcare,

Inc. *

1,504‌

448‌

Novo

Nordisk

A/S,

ADR 

10,251‌

708‌

Regeneron

Pharmaceuticals,

Inc. 

701‌

368‌

United

Therapeutics

Corp. *

1,204‌

346‌

UnitedHealth

Group,

Inc. 

19,990‌

6,236‌

Vertex

Pharmaceuticals,

Inc. *

5,741‌

2,556‌

Total

77,961‌

Industrials

(

5

.3

%

)

AerCap

Holdings

NV 

11,654‌

1,364‌

The

Boeing

Co. *

12,519‌

2,623‌

Builders

FirstSource,

Inc. *

4,608‌

538‌

C.H.

Robinson

Worldwide,

Inc. 

65,105‌

6,247‌

Clean

Harbors,

Inc. *

23,780‌

5,498‌

Deere

&

Co. 

3,112‌

1,582‌

Delta

Air

Lines,

Inc. 

10,600‌

521‌

Fortive

Corp. 

20,261‌

1,056‌

General

Dynamics

Corp. 

4,752‌

1,386‌

IDEX

Corp. 

16,108‌

2,828‌

Ingersoll-Rand,

Inc. 

21,025‌

1,749‌

Johnson

Controls

International

PLC 

5,240‌

553‌

Northrop

Grumman

Corp. 

6,285‌

3,142‌

PACCAR,

Inc. 

44,465‌

4,227‌

Parker

Hannifin

Corp. 

2,167‌

1,514‌

RTX

Corp. 

17,444‌

2,547‌

Vertiv

Holdings

Co. 

15,652‌

2,010‌

Waste

Connections,

Inc. 

8,906‌

1,663‌

Total

41,048‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

7

Large

Cap

Core

Stock

Portfolio

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

(

32

.6

%

)

Advanced

Micro

Devices,

Inc. *

35,130‌

4,985‌

Apple,

Inc. 

192,117‌

39,417‌

Arista

Networks,

Inc. *

47,873‌

4,898‌

Broadcom,

Inc. 

86,794‌

23,925‌

First

Solar,

Inc. *

9,764‌

1,616‌

Flex,

Ltd. *

84,034‌

4,195‌

HubSpot,

Inc. *

7,179‌

3,996‌

Intuit,

Inc. 

9,548‌

7,520‌

Microsoft

Corp. 

118,700‌

59,043‌

NetApp,

Inc. 

24,145‌

2,573‌

NVIDIA

Corp. 

393,609‌

62,186‌

NXP

Semiconductors

NV 

26,944‌

5,887‌

Palantir

Technologies,

Inc.

-

Class

A *

7,316‌

997‌

Ralliant

Corp. *

6,754‌

327‌

SAP

SE,

ADR 

18,451‌

5,611‌

ServiceNow,

Inc. *

11,088‌

11,399‌

Snowflake,

Inc. *

16,392‌

3,668‌

Synopsys,

Inc. *

13,233‌

6,784‌

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Zscaler,

Inc. *

9,701‌

3,046‌

Total

252,073‌

Materials

(

2

.0

%

)

Celanese

Corp. 

23,302‌

1,289‌

Crown

Holdings,

Inc. 

13,913‌

1,433‌

FMC

Corp. 

30,248‌

1,263‌

James

Hardie

Industries

PLC,

ADR *

109,350‌

2,941‌

Linde

PLC 

12,729‌

5,972‌

Nucor

Corp. 

7,073‌

916‌

PPG

Industries,

Inc. 

19,206‌

2,185‌

Total

15,999‌

Real

Estate

(

1

.2

%

)

Camden

Property

Trust 

22,339‌

2,518‌

Welltower,

Inc. 

42,616‌

6,551‌

Total

9,069‌

Utilities

(

2

.7

%

)

American

Electric

Power

Co.,

Inc. 

41,580‌

4,314‌

Atmos

Energy

Corp. 

23,814‌

3,670‌

NextEra

Energy,

Inc. 

22,032‌

1,530‌

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

PG&E

Corp. 

284,792‌

3,970‌

Sempra 

60,531‌

4,586‌

Vistra

Corp. 

15,044‌

2,916‌

Total

20,986‌

Total

Common

Stocks

(Cost: $600,934)

759,809

Investment

Companies

(

1

.1

%

)

Investment

Companies

(

1

.1

%

)

SPDR

S&P

500

ETF

Trust 

13,461‌

8,317‌

Total

8,317‌

Total

Investment

Companies

(Cost: $8,023)

8,317

Total

Investments

(99.2%)

(Cost:

$608,957)

@

768,126

Other

Assets,

Less

Liabilities (0.8%)

5,846

Net

Assets

(100.0%)

773,972

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$608,957

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$159,169

which

is

comprised

of

$175,051

aggregate

gross

unrealized

appreciation

and

$15,882

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

759,809‌

$

—‌

$

—‌

Investment

Companies

8,317‌

—‌

—‌

Total

Assets:

$

768,126‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

8

Large

Cap

Blend

Portfolio

Common

Stocks

(

98

.9

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

8

.0

%

)

Alphabet,

Inc.

-

Class

 A 

24,673‌

4,348‌

Meta

Platforms,

Inc.

-

Class

A 

9,389‌

6,930‌

The

Walt

Disney

Co. 

20,899‌

2,592‌

Total

13,870‌

Consumer

Discretionary

(

12

.1

%

)

Amazon.com,

Inc. *

37,057‌

8,130‌

Chipotle

Mexican

Grill,

Inc. *

32,548‌

1,828‌

Lowe's

Companies,

Inc. 

15,851‌

3,517‌

Marriott

International,

Inc. 

7,571‌

2,068‌

McDonald's

Corp. 

11,774‌

3,440‌

Tesla,

Inc. *

5,991‌

1,903‌

Total

20,886‌

Consumer

Staples

(

3

.2

%

)

Mondelez

International,

Inc. 

26,190‌

1,766‌

Walmart,

Inc. 

38,271‌

3,742‌

Total

5,508‌

Energy

(

4

.2

%

)

Baker

Hughes

Co. 

107,727‌

4,130‌

Exxon

Mobil

Corp. 

28,922‌

3,118‌

Total

7,248‌

Financials

(

15

.6

%

)

American

Express

Co. 

13,745‌

4,384‌

Ameriprise

Financial,

Inc. 

5,487‌

2,928‌

Arthur

J.

Gallagher

&

Co. 

10,633‌

3,404‌

Common

Stocks

(98.9%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Blackstone,

Inc. 

5,232‌

783‌

Mastercard,

Inc.

-

Class

A 

8,282‌

4,654‌

Morgan

Stanley 

14,633‌

2,061‌

The

Travelers

Cos.,

Inc. 

6,641‌

1,777‌

U.S.

Bancorp 

28,834‌

1,305‌

Wells

Fargo

&

Co. 

70,387‌

5,639‌

Total

26,935‌

Health

Care

(

7

.8

%

)

AbbVie,

Inc. 

14,855‌

2,757‌

Edwards

Lifesciences

Corp. *

21,714‌

1,698‌

Eli

Lilly

&

Co. 

1,910‌

1,489‌

Medtronic

PLC 

25,201‌

2,197‌

Regeneron

Pharmaceuticals,

Inc. 

2,017‌

1,059‌

Stryker

Corp. 

7,621‌

3,015‌

Vertex

Pharmaceuticals,

Inc. *

2,962‌

1,319‌

Total

13,534‌

Industrials

(

10

.6

%

)

Carrier

Global

Corp. 

32,348‌

2,368‌

CSX

Corp. 

53,664‌

1,751‌

Deere

&

Co. 

4,090‌

2,080‌

Eaton

Corp.

PLC 

11,253‌

4,017‌

Howmet

Aerospace,

Inc. 

14,202‌

2,643‌

Northrop

Grumman

Corp. 

5,658‌

2,829‌

Trane

Technologies

PLC 

3,048‌

1,333‌

United

Rentals,

Inc. 

1,574‌

1,186‌

Total

18,207‌

Common

Stocks

(98.9%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

(

31

.4

%

)

Apple,

Inc. 

48,939‌

10,041‌

ASML

Holding

NV 

870‌

697‌

Broadcom,

Inc. 

18,878‌

5,204‌

Intuit,

Inc. 

2,952‌

2,325‌

Micron

Technology,

Inc. 

10,367‌

1,278‌

Microsoft

Corp. 

31,544‌

15,690‌

NVIDIA

Corp. 

73,884‌

11,673‌

NXP

Semiconductors

NV 

16,990‌

3,712‌

Oracle

Corp. 

15,807‌

3,456‌

Total

54,076‌

Materials

(

1

.8

%

)

Vulcan

Materials

Co. 

11,946‌

3,116‌

Total

3,116‌

Real

Estate

(

0

.6

%

)

Prologis,

Inc. 

9,858‌

1,036‌

Total

1,036‌

Utilities

(

3

.6

%

)

Entergy

Corp. 

10,925‌

908‌

NextEra

Energy,

Inc. 

33,460‌

2,323‌

PG&E

Corp. 

56,205‌

784‌

The

Southern

Co. 

23,469‌

2,155‌

Total

6,170‌

Total

Common

Stocks

(Cost: $138,244)

170,586

Total

Investments

(98.9%)

(Cost:

$138,244)

@

170,586

Other

Assets,

Less

Liabilities (1.1%)

1,854

Net

Assets

(100.0%)

172,440

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$138,244

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$32,342

which

is

comprised

of

$34,471

aggregate

gross

unrealized

appreciation

and

$2,129

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.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

9

Large

Cap

Blend

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

170,586‌

$

—‌

$

—‌

Total

Assets:

$

170,586‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

10

Index

500

Stock

Portfolio

Common

Stocks

(

99

.1

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

9

.7

%

)

Alphabet,

Inc.

-

Class A 

753,968‌

132,872‌

Alphabet,

Inc.

-

Class C 

608,719‌

107,981‌

AT&T,

Inc. 

929,770‌

26,907‌

Charter

Communications,

Inc.

-

Class

A *

12,625‌

5,161‌

Comcast

Corp.

-

Class A 

487,510‌

17,399‌

Electronic

Arts,

Inc. 

30,655‌

4,896‌

Fox

Corp.

-

Class

A 

28,049‌

1,572‌

Fox

Corp.

-

Class

B 

17,886‌

923‌

The

Interpublic

Group

of

Companies,

Inc. 

47,465‌

1,162‌

Live

Nation

Entertainment,

Inc. *

18,698‌

2,829‌

Match

Group,

Inc. 

33,045‌

1,021‌

Meta

Platforms,

Inc.

-

Class

A 

281,510‌

207,780‌

Netflix,

Inc. *

55,291‌

74,042‌

News

Corp.

-

Class

A 

49,274‌

1,464‌

News

Corp.

-

Class

B 

14,592‌

501‌

Omnicom

Group,

Inc. 

25,190‌

1,812‌

Paramount

Global

-

Class

B 

65,127‌

840‌

Take-Two

Interactive

Software,

Inc. *

21,225‌

5,154‌

TKO

Group

Holdings,

Inc. 

8,607‌

1,566‌

T-Mobile

US,

Inc. 

61,984‌

14,768‌

Verizon

Communications,

Inc. 

544,090‌

23,543‌

The

Walt

Disney

Co. 

233,673‌

28,978‌

Warner

Bros.

Discovery,

Inc. *

292,066‌

3,347‌

Total

666,518‌

Consumer

Discretionary

(

10

.3

%

)

Airbnb,

Inc.

-

Class

A *

56,071‌

7,420‌

Amazon.com,

Inc. *

1,225,096‌

268,774‌

Aptiv

PLC *

30,456‌

2,078‌

AutoZone,

Inc. *

2,169‌

8,052‌

Best

Buy

Co.,

Inc. 

25,128‌

1,687‌

Booking

Holdings,

Inc. 

4,219‌

24,425‌

Caesars

Entertainment,

Inc. *

26,859‌

763‌

CarMax,

Inc. *

20,002‌

1,344‌

Carnival

Corp. *

132,166‌

3,716‌

Chipotle

Mexican

Grill,

Inc. *

175,190‌

9,837‌

D.R.

Horton,

Inc. 

36,659‌

4,726‌

Darden

Restaurants,

Inc. 

15,224‌

3,318‌

Deckers

Outdoor

Corp. *

19,797‌

2,040‌

Domino's

Pizza,

Inc. 

4,427‌

1,995‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Discretionary

continued

DoorDash,

Inc.

-

Class A *

43,852‌

10,810‌

eBay,

Inc. 

62,545‌

4,657‌

Expedia

Group,

Inc. 

16,038‌

2,705‌

Ford

Motor

Co. 

505,805‌

5,488‌

Garmin,

Ltd. 

19,906‌

4,155‌

General

Motors

Co. 

128,613‌

6,329‌

Genuine

Parts

Co. 

18,299‌

2,220‌

Hasbro,

Inc. 

16,603‌

1,226‌

Hilton

Worldwide

Holdings,

Inc. 

31,100‌

8,283‌

The

Home

Depot,

Inc. 

128,401‌

47,077‌

Las

Vegas

Sands

Corp. 

44,116‌

1,919‌

Lennar

Corp.

-

Class

A 

30,184‌

3,339‌

LKQ

Corp. 

33,906‌

1,255‌

Lowe's

Companies,

Inc. 

72,986‌

16,193‌

Lululemon

Athletica,

Inc. *

14,482‌

3,441‌

Marriott

International,

Inc. 

29,578‌

8,081‌

McDonald's

Corp. 

92,630‌

27,064‌

MGM

Resorts

International *

28,624‌

984‌

Mohawk

Industries,

Inc. *

6,980‌

732‌

NIKE,

Inc.

-

Class

B 

152,686‌

10,847‌

Norwegian

Cruise

Line

Holdings,

Ltd. *

57,774‌

1,172‌

NVR,

Inc. *

386‌

2,851‌

O'Reilly

Automotive,

Inc. *

111,450‌

10,045‌

Pool

Corp. 

4,882‌

1,423‌

PulteGroup,

Inc. 

26,170‌

2,760‌

Ralph

Lauren

Corp. 

5,150‌

1,413‌

Ross

Stores,

Inc. 

42,646‌

5,441‌

Royal

Caribbean

Cruises,

Ltd. 

32,018‌

10,026‌

Starbucks

Corp. 

146,878‌

13,458‌

Tapestry,

Inc. 

26,759‌

2,350‌

Tesla,

Inc. *

363,336‌

115,417‌

The

TJX

Cos.,

Inc. 

145,308‌

17,944‌

Tractor

Supply

Co. 

69,221‌

3,653‌

Ulta

Beauty,

Inc. *

6,045‌

2,828‌

Williams-Sonoma,

Inc. 

15,912‌

2,600‌

Wynn

Resorts,

Ltd. 

11,578‌

1,084‌

Yum!

Brands,

Inc. 

36,162‌

5,358‌

Total

706,803‌

Consumer

Staples

(

5

.4

%

)

Altria

Group,

Inc. 

219,613‌

12,876‌

Archer-Daniels-Midland

Co. 

61,712‌

3,257‌

Brown-Forman

Corp.

-

Class

B 

23,781‌

640‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Staples

continued

Bunge

Global

SA 

17,253‌

1,385‌

The

Campbell's

Company 

25,003‌

766‌

Church

&

Dwight

Co.,

Inc. 

31,841‌

3,060‌

The

Clorox

Co. 

16,089‌

1,932‌

The

Coca-Cola

Co. 

500,465‌

35,408‌

Colgate-Palmolive

Co. 

104,898‌

9,535‌

Conagra

Brands,

Inc. 

63,153‌

1,293‌

Constellation

Brands,

Inc.

-

Class

A 

20,385‌

3,316‌

Costco

Wholesale

Corp. 

57,413‌

56,836‌

Dollar

General

Corp. 

28,879‌

3,303‌

Dollar

Tree,

Inc. *

26,656‌

2,640‌

The

Estee

Lauder

Cos.,

Inc.

-

Class

A 

30,243‌

2,444‌

General

Mills,

Inc. 

71,252‌

3,692‌

The

Hershey

Co. 

18,962‌

3,147‌

Hormel

Foods

Corp. 

37,920‌

1,147‌

The

J.M.

Smucker

Co. 

13,924‌

1,367‌

Kellanova 

35,160‌

2,796‌

Kenvue,

Inc. 

248,437‌

5,200‌

Keurig

Dr.

Pepper,

Inc. 

167,400‌

5,534‌

Kimberly-Clark

Corp. 

42,873‌

5,527‌

The

Kraft

Heinz

Co. 

112,301‌

2,900‌

The

Kroger

Co. 

79,428‌

5,697‌

Lamb

Weston

Holdings,

Inc. 

18,664‌

968‌

McCormick

&

Co.,

Inc. 

32,490‌

2,463‌

Molson

Coors

Beverage

Co.

-

Class B 

22,888‌

1,101‌

Mondelez

International,

Inc. 

167,200‌

11,276‌

Monster

Beverage

Corp. *

91,430‌

5,727‌

PepsiCo,

Inc. 

177,279‌

23,408‌

Philip

Morris

International,

Inc. 

200,979‌

36,604‌

The

Procter

&

Gamble

Co. 

303,093‌

48,289‌

Sysco

Corp. 

63,192‌

4,786‌

Target

Corp. 

59,106‌

5,831‌

Tyson

Foods,

Inc.

-

Class

A 

37,483‌

2,097‌

Walgreens

Boots

Alliance,

Inc. 

90,736‌

1,042‌

Walmart,

Inc. 

560,729‌

54,828‌

Total

374,118‌

Energy

(

3

.0

%

)

APA

Corp. 

42,216‌

772‌

Baker

Hughes

Co. 

128,222‌

4,916‌

Chevron

Corp. 

210,586‌

30,154‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

11

Index

500

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

ConocoPhillips 

164,917‌

14,800‌

Coterra

Energy,

Inc. 

96,068‌

2,438‌

Devon

Energy

Corp. 

82,615‌

2,628‌

Diamondback

Energy,

Inc. 

23,608‌

3,244‌

EOG

Resources,

Inc. 

72,882‌

8,717‌

EQT

Corp. 

77,758‌

4,535‌

Expand

 Energy

 Corp. 

27,183‌

3,179‌

Exxon

Mobil

Corp. 

558,833‌

60,242‌

Halliburton

Co. 

112,209‌

2,287‌

Hess

Corp. 

35,726‌

4,949‌

Kinder

Morgan,

Inc. 

250,256‌

7,357‌

Marathon

Petroleum

Corp. 

40,846‌

6,785‌

Occidental

Petroleum

Corp. 

88,103‌

3,701‌

ONEOK,

Inc. 

80,396‌

6,563‌

Phillips

66 

53,383‌

6,369‌

Schlumberger,

Ltd. 

181,072‌

6,120‌

Targa

Resources

Corp. 

28,157‌

4,902‌

Texas

Pacific

Land

Corp. 

2,435‌

2,572‌

Valero

Energy

Corp. 

41,338‌

5,557‌

The

Williams

Cos.,

Inc. 

157,959‌

9,921‌

Total

202,708‌

Financials

(

13

.9

%

)

Aflac,

Inc. 

63,979‌

6,747‌

The

Allstate

Corp. 

34,254‌

6,896‌

American

Express

Co. 

71,739‌

22,883‌

American

International

Group,

Inc. 

76,694‌

6,564‌

Ameriprise

Financial,

Inc. 

12,417‌

6,627‌

Aon

PLC 

28,024‌

9,998‌

Apollo

Global

Management,

Inc. 

57,921‌

8,217‌

Arch

Capital

Group,

Ltd. 

48,923‌

4,454‌

Arthur

J.

Gallagher

&

Co. 

32,369‌

10,362‌

Assurant,

Inc. 

6,496‌

1,283‌

Bank

of

America

Corp. 

855,882‌

40,500‌

The

Bank

of

New

York

Mellon

Corp. 

92,767‌

8,452‌

Berkshire

Hathaway,

Inc.

-

Class

B *

237,761‌

115,497‌

BlackRock,

Inc. 

18,865‌

19,794‌

Blackstone,

Inc. 

93,557‌

13,994‌

Brown

&

Brown,

Inc. 

36,111‌

4,004‌

Capital

One

Financial

Corp. 

82,584‌

17,571‌

Cboe

Global

Markets,

Inc. 

13,697‌

3,194‌

The

Charles

Schwab

Corp. 

220,855‌

20,151‌

Chubb,

Ltd. 

48,169‌

13,956‌

Cincinnati

Financial

Corp. 

20,298‌

3,023‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Citigroup,

Inc. 

242,632‌

20,653‌

Citizens

Financial

Group,

Inc. 

57,544‌

2,575‌

CME

Group,

Inc. 

46,695‌

12,870‌

Coinbase

Global,

Inc.

-

Class

A *

27,133‌

9,510‌

Corpay,

Inc. *

8,978‌

2,979‌

Erie

Indemnity

Co.

-

Class

A 

3,291‌

1,141‌

Everest

Group,

Ltd. 

5,448‌

1,852‌

FactSet

Research

Systems,

Inc. 

4,941‌

2,210‌

Fidelity

National

Information

Services,

Inc. 

68,467‌

5,574‌

Fifth

Third

Bancorp 

87,556‌

3,601‌

Fiserv,

Inc. *

73,720‌

12,710‌

Franklin

Resources,

Inc. 

37,588‌

896‌

Global

Payments,

Inc. 

32,007‌

2,562‌

Globe

Life,

Inc. 

11,018‌

1,369‌

The

Goldman

Sachs

Group,

Inc. 

39,785‌

28,158‌

The

Hartford

Insurance

Group,

Inc. 

37,175‌

4,716‌

Huntington

Bancshares,

Inc. 

186,788‌

3,131‌

Intercontinental

Exchange,

Inc. 

74,401‌

13,650‌

Invesco,

Ltd. 

58,285‌

919‌

Jack

Henry

&

Associates,

Inc. 

9,414‌

1,696‌

JPMorgan

Chase

&

Co. 

361,422‌

104,780‌

KeyCorp 

122,447‌

2,133‌

KKR

&

Co.,

Inc. 

87,473‌

11,637‌

Loews

Corp. 

23,224‌

2,129‌

M&T

Bank

Corp. 

21,500‌

4,171‌

MarketAxess

Holdings,

Inc. 

4,993‌

1,115‌

Marsh

&

McLennan

Cos.,

Inc. 

63,639‌

13,914‌

Mastercard,

Inc.

-

Class

A 

105,269‌

59,155‌

MetLife,

Inc. 

75,132‌

6,042‌

Moody's

Corp. 

20,009‌

10,036‌

Morgan

Stanley 

159,944‌

22,530‌

MSCI,

Inc. 

10,037‌

5,789‌

Nasdaq,

Inc. 

53,353‌

4,771‌

Northern

Trust

Corp. 

25,256‌

3,202‌

PayPal

Holdings,

Inc. *

127,868‌

9,503‌

The

PNC

Financial

Services

Group,

Inc. 

51,060‌

9,519‌

Principal

Financial

Group,

Inc. 

27,229‌

2,163‌

The

Progressive

Corp. 

75,691‌

20,199‌

Prudential

Financial,

Inc. 

45,758‌

4,916‌

Raymond

James

Financial,

Inc. 

23,709‌

3,636‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Regions

Financial

Corp. 

118,992‌

2,799‌

S&P

Global,

Inc. 

40,717‌

21,470‌

State

Street

Corp. 

37,288‌

3,965‌

Synchrony

Financial 

50,838‌

3,393‌

T.

Rowe

Price

Group,

Inc. 

29,091‌

2,807‌

The

Travelers

Cos.,

Inc. 

29,417‌

7,870‌

Truist

Financial

Corp. 

170,097‌

7,312‌

U.S.

Bancorp 

202,148‌

9,147‌

Visa,

Inc.

-

Class

A 

222,760‌

79,091‌

W.R.

Berkley

Corp. 

38,894‌

2,858‌

Wells

Fargo

&

Co. 

425,120‌

34,061‌

Willis

Towers

Watson

PLC 

12,894‌

3,952‌

Total

957,004‌

Health

Care

(

9

.2

%

)

Abbott

Laboratories 

224,194‌

30,493‌

AbbVie,

Inc. 

228,188‌

42,356‌

Agilent

Technologies,

Inc. 

36,876‌

4,352‌

Align

Technology,

Inc. *

9,247‌

1,751‌

Amgen,

Inc. 

69,439‌

19,388‌

Baxter

International,

Inc. 

65,489‌

1,983‌

Becton

Dickinson

and

Co. 

37,115‌

6,393‌

Biogen,

Inc. *

18,958‌

2,381‌

Bio-Techne

Corp. 

20,303‌

1,045‌

Boston

Scientific

Corp. *

190,358‌

20,446‌

Bristol-Myers

Squibb

Co. 

262,810‌

12,165‌

Cardinal

Health,

Inc. 

31,133‌

5,230‌

Cencora,

Inc. 

21,972‌

6,588‌

Centene

Corp. *

64,100‌

3,479‌

Charles

River

Laboratories

International,

Inc. *

6,814‌

1,034‌

The

Cigna

Group 

35,390‌

11,699‌

The

Cooper

Cos.,

Inc. *

25,661‌

1,826‌

CVS

Health

Corp. 

163,064‌

11,248‌

Danaher

Corp. 

82,726‌

16,342‌

DaVita,

Inc. *

5,676‌

809‌

Dexcom,

Inc. *

51,002‌

4,452‌

Edwards

Lifesciences

Corp. *

76,138‌

5,955‌

Elevance

Health,

Inc. 

30,053‌

11,689‌

Eli

Lilly

&

Co. 

101,847‌

79,393‌

GE

HealthCare

Technologies,

Inc. 

58,920‌

4,364‌

Gilead

Sciences,

Inc. 

161,490‌

17,904‌

HCA

Healthcare,

Inc. 

23,112‌

8,854‌

Henry

Schein,

Inc. *

16,138‌

1,179‌

Hologic,

Inc. *

28,999‌

1,890‌

Humana,

Inc. 

15,760‌

3,853‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

12

Index

500

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

IDEXX

Laboratories,

Inc. *

10,611‌

5,691‌

Incyte

Corp. *

21,102‌

1,437‌

Insulet

Corp. *

9,033‌

2,838‌

Intuitive

Surgical,

Inc. *

46,153‌

25,080‌

IQVIA

Holdings,

Inc. *

21,624‌

3,408‌

Johnson

&

Johnson 

311,206‌

47,537‌

Labcorp

Holdings,

Inc. 

10,898‌

2,861‌

McKesson

Corp. 

16,200‌

11,871‌

Medtronic

PLC 

166,181‌

14,486‌

Merck

&

Co.,

Inc. 

326,978‌

25,884‌

Mettler-Toledo

International,

Inc. *

2,735‌

3,213‌

Moderna,

Inc. *

44,403‌

1,225‌

Molina

Healthcare,

Inc. *

7,174‌

2,137‌

Pfizer,

Inc. 

731,987‌

17,743‌

Quest

Diagnostics,

Inc. 

14,454‌

2,596‌

Regeneron

Pharmaceuticals,

Inc. 

13,641‌

7,162‌

ResMed,

Inc. 

19,109‌

4,930‌

Revvity,

Inc. 

15,636‌

1,512‌

Solventum

Corp. *

17,690‌

1,342‌

STERIS

PLC 

12,752‌

3,063‌

Stryker

Corp. 

44,458‌

17,589‌

Thermo

Fisher

Scientific,

Inc. 

49,442‌

20,047‌

UnitedHealth

Group,

Inc. 

117,619‌

36,694‌

Universal

Health

Services,

Inc.

-

Class B 

7,544‌

1,367‌

Vertex

Pharmaceuticals,

Inc. *

33,192‌

14,777‌

Viatris,

Inc. 

156,269‌

1,395‌

Waters

Corp. *

7,685‌

2,682‌

West

Pharmaceutical

Services,

Inc. 

9,458‌

2,069‌

Zimmer

Biomet

Holdings,

Inc. 

25,994‌

2,371‌

Zoetis,

Inc. 

57,881‌

9,027‌

Total

634,575‌

Industrials

(

8

.5

%

)

3M

Co. 

70,156‌

10,681‌

A.O.

Smith

Corp. 

15,887‌

1,042‌

Allegion

PLC 

11,022‌

1,588‌

AMETEK,

Inc. 

30,162‌

5,458‌

Automatic

Data

Processing,

Inc. 

52,590‌

16,219‌

Axon

Enterprise,

Inc. *

9,316‌

7,713‌

The

Boeing

Co. *

97,764‌

20,485‌

Broadridge

Financial

Solutions,

Inc. 

15,057‌

3,659‌

Builders

FirstSource,

Inc. *

14,946‌

1,744‌

C.H.

Robinson

Worldwide,

Inc. 

15,302‌

1,468‌

Carrier

Global

Corp. 

104,384‌

7,640‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Caterpillar,

Inc. 

61,777‌

23,982‌

Cintas

Corp. 

44,420‌

9,900‌

Copart,

Inc. *

113,460‌

5,567‌

CSX

Corp. 

249,703‌

8,148‌

Cummins,

Inc. 

17,759‌

5,816‌

Dayforce,

Inc. *

20,884‌

1,157‌

Deere

&

Co. 

32,740‌

16,648‌

Delta

Air

Lines,

Inc. 

83,075‌

4,086‌

Dover

Corp. 

17,718‌

3,246‌

Eaton

Corp.

PLC 

51,210‌

18,281‌

Emerson

Electric

Co. 

72,889‌

9,718‌

Equifax,

Inc. 

16,134‌

4,185‌

Expeditors

International

of

Washington,

Inc. 

18,336‌

2,095‌

Fastenal

Co. 

148,152‌

6,222‌

FedEx

Corp. 

28,642‌

6,511‌

Fortive

Corp. 

44,103‌

2,299‌

GE

Vernova,

Inc. 

35,719‌

18,901‌

Generac

Holdings,

Inc. *

7,790‌

1,116‌

General

Dynamics

Corp. 

32,799‌

9,566‌

General

Electric

Co. 

138,733‌

35,708‌

Honeywell

International,

Inc. 

84,259‌

19,622‌

Howmet

Aerospace,

Inc. 

51,011‌

9,495‌

Hubbell,

Inc. 

7,009‌

2,863‌

Huntington

Ingalls

Industries,

Inc. 

4,991‌

1,205‌

IDEX

Corp. 

9,893‌

1,737‌

Illinois

Tool

Works,

Inc. 

34,523‌

8,536‌

Ingersoll-Rand,

Inc. 

52,027‌

4,328‌

J.B.

Hunt

Transport

Services,

Inc. 

10,381‌

1,491‌

Jacobs

Solutions,

Inc. 

16,014‌

2,105‌

Johnson

Controls

International

PLC 

85,329‌

9,012‌

L3Harris

Technologies,

Inc. 

24,341‌

6,106‌

Leidos

Holdings,

Inc. 

17,157‌

2,707‌

Lennox

International,

Inc. 

4,186‌

2,400‌

Lockheed

Martin

Corp. 

27,079‌

12,541‌

Masco

Corp. 

27,920‌

1,797‌

Nordson

Corp. 

7,031‌

1,507‌

Norfolk

Southern

Corp. 

29,316‌

7,504‌

Northrop

Grumman

Corp. 

17,588‌

8,794‌

Old

Dominion

Freight

Line,

Inc. 

23,902‌

3,879‌

Otis

Worldwide

Corp. 

51,254‌

5,075‌

PACCAR,

Inc. 

67,939‌

6,458‌

Parker

Hannifin

Corp. 

16,679‌

11,650‌

Paychex,

Inc. 

41,505‌

6,037‌

Paycom

Software,

Inc. 

6,260‌

1,449‌

Pentair

PLC 

21,545‌

2,212‌

Quanta

Services,

Inc. 

19,051‌

7,203‌

Republic

Services,

Inc. 

26,238‌

6,471‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Rockwell

Automation,

Inc. 

14,611‌

4,853‌

Rollins,

Inc. 

35,876‌

2,024‌

RTX

Corp. 

172,472‌

25,184‌

Snap-on,

Inc. 

6,820‌

2,122‌

Southwest

Airlines

Co. 

76,607‌

2,485‌

Stanley

Black

&

Decker,

Inc. 

19,723‌

1,336‌

Textron,

Inc. 

23,599‌

1,895‌

Trane

Technologies

PLC 

28,979‌

12,676‌

TransDigm

Group,

Inc. 

7,286‌

11,079‌

Uber

Technologies,

Inc. *

270,023‌

25,193‌

Union

Pacific

Corp. 

78,109‌

17,971‌

United

Airlines

Holdings,

Inc. *

43,000‌

3,424‌

United

Parcel

Service,

Inc.

-

Class

B 

94,771‌

9,566‌

United

Rentals,

Inc. 

8,442‌

6,360‌

Veralto

Corp. 

31,928‌

3,223‌

Verisk

Analytics,

Inc. 

18,191‌

5,667‌

W.W.

Grainger,

Inc. 

5,738‌

5,969‌

Waste

Management,

Inc. 

47,328‌

10,830‌

Westinghouse

Air

Brake

Technologies

Corp. 

22,084‌

4,623‌

Xylem,

Inc. 

31,481‌

4,072‌

Total

585,585‌

Information

Technology

(

32

.8

%

)

Accenture

PLC

-

Class A 

80,968‌

24,201‌

Adobe,

Inc. *

55,261‌

21,379‌

Advanced

Micro

Devices,

Inc. *

209,461‌

29,723‌

Akamai

Technologies,

Inc. *

19,608‌

1,564‌

Amphenol

Corp. 

156,223‌

15,427‌

Analog

Devices,

Inc. 

64,335‌

15,313‌

ANSYS,

Inc. *

11,439‌

4,018‌

Apple,

Inc. 

1,936,574‌

397,327‌

Applied

Materials,

Inc. 

105,049‌

19,231‌

Arista

Networks,

Inc. *

133,856‌

13,695‌

Autodesk,

Inc. *

27,860‌

8,625‌

Broadcom,

Inc. 

609,653‌

168,051‌

Cadence

Design

Systems,

Inc. *

35,539‌

10,951‌

CDW

Corp. 

17,385‌

3,105‌

Cisco

Systems,

Inc. 

514,807‌

35,717‌

Cognizant

Technology

Solutions

Corp. 

64,103‌

5,002‌

Corning,

Inc. 

99,852‌

5,251‌

CrowdStrike

Holdings,

Inc. *

31,838‌

16,215‌

Dell

Technologies,

Inc.

-

Class

C 

37,953‌

4,653‌

Enphase

Energy,

Inc. *

17,993‌

713‌

EPAM

Systems,

Inc. *

7,511‌

1,328‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

13

Index

500

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

F5,

Inc. *

7,396‌

2,177‌

Fair

Isaac

Corp. *

3,179‌

5,811‌

First

Solar,

Inc. *

13,619‌

2,255‌

Fortinet,

Inc. *

82,433‌

8,715‌

Gartner,

Inc. *

9,995‌

4,040‌

Gen

Digital,

Inc. 

71,462‌

2,101‌

GoDaddy,

Inc.

-

Class A *

18,073‌

3,254‌

Hewlett

Packard

Enterprise

Co. 

170,125‌

3,479‌

HP,

Inc. 

121,219‌

2,965‌

Intel

Corp. 

558,544‌

12,511‌

International

Business

Machines

Corp. 

119,519‌

35,232‌

Intuit,

Inc. 

36,182‌

28,498‌

Jabil,

Inc. 

14,107‌

3,077‌

Juniper

Networks,

Inc. 

43,428‌

1,734‌

Keysight

Technologies,

Inc. *

22,390‌

3,669‌

KLA

Corp. 

17,177‌

15,386‌

Lam

Research

Corp. 

165,925‌

16,151‌

Microchip

Technology,

Inc. 

69,585‌

4,897‌

Micron

Technology,

Inc. 

143,670‌

17,707‌

Microsoft

Corp. 

963,701‌

479,355‌

Monolithic

Power

Systems,

Inc. 

6,182‌

4,521‌

Motorola

Solutions,

Inc. 

21,655‌

9,105‌

NetApp,

Inc. 

26,536‌

2,827‌

NVIDIA

Corp. 

3,162,083‌

499,578‌

NXP

Semiconductors

NV 

32,933‌

7,196‌

ON

Semiconductor

Corp. *

54,362‌

2,849‌

Oracle

Corp. 

210,886‌

46,106‌

Palantir

Technologies,

Inc.

-

Class

A *

275,803‌

37,597‌

Palo

Alto

Networks,

Inc. *

84,770‌

17,347‌

PTC,

Inc. *

15,750‌

2,714‌

QUALCOMM,

Inc. 

142,960‌

22,768‌

Ralliant

Corp. *

14,701‌

713‌

Roper

Technologies,

Inc. 

13,895‌

7,876‌

Salesforce,

Inc. 

123,878‌

33,780‌

Seagate

Technology

Holdings

PLC 

25,994‌

3,752‌

ServiceNow,

Inc. *

26,693‌

27,443‌

Skyworks

Solutions,

Inc. 

20,952‌

1,561‌

Super

Micro

Computer,

Inc. *

65,680‌

3,219‌

Synopsys,

Inc. *

19,905‌

10,205‌

TE

Connectivity

PLC 

38,565‌

6,505‌

Teledyne

Technologies,

Inc. *

6,098‌

3,124‌

Teradyne,

Inc. 

20,635‌

1,856‌

Texas

Instruments,

Inc. 

117,669‌

24,430‌

Trimble,

Inc. *

31,381‌

2,384‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Tyler

Technologies,

Inc. *

5,578‌

3,307‌

VeriSign,

Inc. 

10,452‌

3,019‌

Western

Digital

Corp. 

43,237‌

2,767‌

Workday,

Inc.

-

Class A *

27,812‌

6,675‌

Zebra

Technologies

Corp. *

6,737‌

2,077‌

Total

2,251,804‌

Materials

(

1

.9

%

)

Air

Products

and

Chemicals,

Inc. 

28,807‌

8,125‌

Albemarle

Corp. 

15,324‌

960‌

Amcor

PLC 

298,700‌

2,745‌

Avery

Dennison

Corp. 

10,483‌

1,840‌

Ball

Corp. 

38,891‌

2,181‌

CF

Industries

Holdings,

Inc. 

22,723‌

2,091‌

Corteva,

Inc. 

88,614‌

6,604‌

Dow,

Inc. 

90,718‌

2,402‌

DuPont

de

Nemours,

Inc. 

54,347‌

3,728‌

Eastman

Chemical

Co. 

14,783‌

1,104‌

Ecolab,

Inc. 

32,617‌

8,788‌

Freeport-McMoRan,

Inc. 

186,196‌

8,072‌

International

Flavors

&

Fragrances,

Inc. 

32,877‌

2,418‌

International

Paper

Co. 

67,997‌

3,184‌

Linde

PLC 

61,548‌

28,877‌

LyondellBasell

Industries

NV 

33,245‌

1,924‌

Martin

Marietta

Materials,

Inc. 

7,920‌

4,348‌

The

Mosaic

Co. 

40,622‌

1,482‌

Newmont

Corp. 

147,155‌

8,573‌

Nucor

Corp. 

30,661‌

3,972‌

Packaging

Corp.

of

America 

11,699‌

2,205‌

PPG

Industries,

Inc. 

29,954‌

3,407‌

The

Sherwin-Williams

Co. 

29,950‌

10,284‌

Smurfit

WestRock

PLC 

63,851‌

2,755‌

Steel

Dynamics,

Inc. 

18,367‌

2,351‌

Vulcan

Materials

Co. 

17,024‌

4,440‌

Total

128,860‌

Real

Estate

(

2

.0

%

)

Alexandria

Real

Estate

Equities,

Inc. 

19,913‌

1,446‌

American

Tower

Corp. 

60,551‌

13,383‌

AvalonBay

Communities,

Inc. 

18,289‌

3,722‌

BXP,

Inc. 

18,581‌

1,254‌

Camden

Property

Trust 

14,053‌

1,584‌

CBRE

Group,

Inc. *

38,206‌

5,353‌

CoStar

Group,

Inc. *

53,565‌

4,307‌

Crown

Castle,

Inc. 

56,315‌

5,785‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Real

Estate

continued

Digital

Realty

Trust,

Inc. 

40,250‌

7,017‌

Equinix,

Inc. 

12,428‌

9,886‌

Equity

Residential 

44,660‌

3,014‌

Essex

Property

Trust,

Inc. 

8,274‌

2,345‌

Extra

Space

Storage,

Inc. 

27,691‌

4,083‌

Federal

Realty

Investment

Trust 

9,945‌

945‌

Healthpeak

Properties,

Inc. 

89,728‌

1,571‌

Host

Hotels

&

Resorts,

Inc. 

89,833‌

1,380‌

Invitation

Homes,

Inc. 

73,093‌

2,397‌

Iron

Mountain,

Inc. 

38,340‌

3,932‌

Kimco

Realty

Corp. 

84,389‌

1,774‌

Mid-America

Apartment

Communities,

Inc. 

14,983‌

2,218‌

Prologis,

Inc. 

120,013‌

12,616‌

Public

Storage 

20,371‌

5,977‌

Realty

Income

Corp. 

117,093‌

6,746‌

Regency

Centers

Corp. 

21,039‌

1,498‌

SBA

Communications

Corp. 

13,955‌

3,277‌

Simon

Property

Group,

Inc. 

39,741‌

6,389‌

UDR,

Inc. 

39,598‌

1,617‌

Ventas,

Inc. 

53,862‌

3,401‌

VICI

Properties,

Inc. 

136,248‌

4,442‌

Welltower,

Inc. 

78,750‌

12,106‌

Weyerhaeuser

Co. 

94,602‌

2,430‌

Total

137,895‌

Utilities

(

2

.4

%

)

The

AES

Corp. 

88,598‌

932‌

Alliant

Energy

Corp. 

33,363‌

2,017‌

Ameren

Corp. 

34,801‌

3,342‌

American

Electric

Power

Co.,

Inc. 

69,009‌

7,160‌

American

Water

Works

Co.,

Inc. 

25,146‌

3,498‌

Atmos

Energy

Corp. 

19,735‌

3,041‌

CenterPoint

Energy,

Inc. 

84,494‌

3,104‌

CMS

Energy

Corp. 

39,228‌

2,718‌

Consolidated

Edison,

Inc. 

45,269‌

4,543‌

Constellation

Energy

Corp. 

40,528‌

13,081‌

Dominion

Energy,

Inc. 

108,848‌

6,152‌

DTE

Energy

Co. 

26,492‌

3,509‌

Duke

Energy

Corp. 

100,098‌

11,812‌

Edison

International 

49,674‌

2,563‌

Entergy

Corp. 

55,946‌

4,650‌

Evergy,

Inc. 

30,276‌

2,087‌

Eversource

Energy 

46,760‌

2,975‌

Exelon

Corp. 

130,899‌

5,684‌

FirstEnergy

Corp. 

65,814‌

2,650‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

14

Index

500

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

NextEra

Energy,

Inc. 

266,468‌

18,498‌

NiSource,

Inc. 

55,036‌

2,220‌

NRG

Energy,

Inc. 

26,379‌

4,236‌

PG&E

Corp. 

281,997‌

3,931‌

Pinnacle

West

Capital

Corp. 

14,834‌

1,327‌

PPL

Corp. 

96,569‌

3,273‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

Public

Service

Enterprise

Group,

Inc. 

64,560‌

5,435‌

Sempra 

82,075‌

6,219‌

The

Southern

Co. 

141,978‌

13,038‌

Vistra

Corp. 

43,686‌

8,467‌

WEC

Energy

Group,

Inc. 

40,993‌

4,271‌

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

Xcel

Energy,

Inc. 

72,976‌

4,970‌

Total

161,403‌

Total

Common

Stocks

(Cost: $1,875,287)

6,807,273

Total

Investments

(99.1%)

(Cost:

$1,875,287)

@

6,807,273

Other

Assets,

Less

Liabilities (0.9%)

64,845

Net

Assets

(100.0%)

6,872,118

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

E-Mini

S&P

500

Future

Long

USD

11‌

210

9/25

$

65,664‌

$

2,004‌

$

279‌

$

2,004‌

$

279‌

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

–‌

$

279‌

$

279‌

$

–‌

$

–‌

$

–‌

$

–‌

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,875,287

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$4,933,990

which

is

comprised

of

$5,025,313

aggregate

gross

unrealized

appreciation

and

$91,323

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

6,807,273‌

$

—‌

$

—‌

Other

Financial

Instruments^

Futures

2,004‌

—‌

—‌

Total

Assets:

$

6,809,277‌

$

—‌

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

15

Large

Company

Value

Portfolio

Common

Stocks

(

97

.7

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

3

.2

%

)

Alphabet,

Inc.

-

Class A 

13,625‌

2,401‌

Verizon

Communications,

Inc. 

61,242‌

2,650‌

Total

5,051‌

Consumer

Staples

(

14

.8

%

)

The

Estee

Lauder

Cos.,

Inc.

-

Class

A 

28,036‌

2,265‌

Heineken

Holding

NV 

28,993‌

2,162‌

Kenvue,

Inc. 

270,699‌

5,666‌

Mondelez

International,

Inc. 

46,397‌

3,129‌

PepsiCo,

Inc. 

26,236‌

3,464‌

Reckitt

Benckiser

Group

PLC 

26,316‌

1,790‌

Unilever

PLC,

ADR 

76,978‌

4,709‌

Total

23,185‌

Energy

(

6

.6

%

)

Enterprise

Products

Partners

LP 

163,787‌

5,079‌

Exxon

Mobil

Corp. 

32,640‌

3,519‌

TotalEnergies

SE,

ADR 

29,305‌

1,799‌

Total

10,397‌

Financials

(

21

.8

%

)

The

Allstate

Corp. 

7,494‌

1,509‌

The

Bank

of

New

York

Mellon

Corp. 

25,501‌

2,323‌

Berkshire

Hathaway,

Inc.

-

Class

B *

5,188‌

2,520‌

BlackRock,

Inc. 

4,469‌

4,689‌

The

Charles

Schwab

Corp. 

42,982‌

3,922‌

JPMorgan

Chase

&

Co. 

20,470‌

5,934‌

Marsh

&

McLennan

Cos.,

Inc. 

11,129‌

2,433‌

Reinsurance

Group

of

America,

Inc. 

22,958‌

4,554‌

Truist

Financial

Corp. 

145,381‌

6,250‌

Total

34,134‌

Health

Care

(

19

.9

%

)

Becton

Dickinson

and

Co. 

28,346‌

4,883‌

Henry

Schein,

Inc. *

41,411‌

3,025‌

IQVIA

Holdings,

Inc. *

22,238‌

3,504‌

Johnson

&

Johnson 

56,292‌

8,599‌

Medtronic

PLC 

42,991‌

3,747‌

Roche

Holding

AG 

6,200‌

2,027‌

UnitedHealth

Group,

Inc. 

5,746‌

1,793‌

Zimmer

Biomet

Holdings,

Inc. 

39,934‌

3,642‌

Total

31,220‌

Common

Stocks

(97.7%)

Shares/

Par

+

Value

$

(000’s)

Industrials

(

11

.3

%

)

Cummins,

Inc. 

6,079‌

1,991‌

Norfolk

Southern

Corp. 

20,321‌

5,202‌

nVent

Electric

PLC 

26,682‌

1,954‌

Oshkosh

Corp. 

16,130‌

1,831‌

RTX

Corp. 

15,858‌

2,316‌

Siemens

AG 

9,670‌

2,480‌

United

Parcel

Service,

Inc.

-

Class

B 

19,598‌

1,978‌

Total

17,752‌

Information

Technology

(

8

.0

%

)

Analog

Devices,

Inc. 

18,010‌

4,287‌

Cisco

Systems,

Inc. 

45,102‌

3,129‌

F5,

Inc. *

6,684‌

1,967‌

TE

Connectivity

PLC 

18,421‌

3,107‌

Total

12,490‌

Materials

(

4

.9

%

)

CRH

PLC 

26,434‌

2,427‌

Graphic

Packaging

Holding

Co. 

139,078‌

2,930‌

Packaging

Corp.

of

America 

12,484‌

2,353‌

Total

7,710‌

Real

Estate

(

1

.8

%

)

American

Tower

Corp. 

12,441‌

2,750‌

Total

2,750‌

Utilities

(

5

.4

%

)

Atmos

Energy

Corp. 

19,304‌

2,975‌

Duke

Energy

Corp. 

46,802‌

5,523‌

Total

8,498‌

Total

Common

Stocks

(Cost: $141,791)

153,187

Total

Investments

(97.7%)

(Cost:

$141,791)

@

153,187

Other

Assets,

Less

Liabilities (2.3%)

3,530

Net

Assets

(100.0%)

156,717

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

16

Large

Company

Value

Portfolio

Over

the

Counter

Derivatives

Forward

Foreign

Currency

Contracts

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000's)

Settlement

Date

Unrealized

Appreciation

(000's)

Unrealized

(Depreciation)

(000's)

Net

Unrealized

Appreciation/

(Depreciation)

(000's)

Sell      

Bank

of

America

NA

CHF

1,370‌

1,745‌

9/26/25

$

—‌

$

(

50‌

)

$

(

50‌

)

Sell      

Morgan

Stanley

Capital

Services

LLC

EUR

4,637‌

5,493‌

9/26/25

—‌

(

141‌

)

(

141‌

)

Buy      

Goldman

Sachs

International

GBP

122‌

168‌

9/26/25

—‌

π

—‌

—‌

π

Sell      

Bank

of

America

NA

GBP

4,103‌

5,636‌

9/26/25

—‌

(

135‌

)

(

135‌

)

$

—‌

π

$

(

326‌

)

$

(

326‌

)

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

—‌

—‌

—‌

$

(

326‌

)

—‌

—‌

$

(

326‌

)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$141,791

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$11,070

which

is

comprised

of

$17,540

aggregate

gross

unrealized

appreciation

and

$6,470

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.

π

Amount

is

less

than

one

thousand.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

Consumer

Staples

$

19,233‌

$

3,952‌

$

—‌

Health

Care

29,193‌

2,027‌

—‌

Industrials

15,272‌

2,480‌

—‌

All

Others

81,030‌

—‌

—‌

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—‌

—‌

π

—‌

Total

Assets:

$

144,728‌

$

8,459‌

$

—‌

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—‌

(

326‌

)

—‌

Total

Liabilities:

$

—‌

$

(

326‌

)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

17

Domestic

Equity

Portfolio

Common

Stocks

(

97

.9

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

6

.6

%

)

Alphabet,

Inc.

-

Class A 

198,600‌

34,999‌

The

Walt

Disney

Co. 

288,136‌

35,732‌

Total

70,731‌

Consumer

Discretionary

(

8

.5

%

)

Genuine

Parts

Co. 

229,934‌

27,893‌

Lowe's

Companies,

Inc. 

139,600‌

30,973‌

NIKE,

Inc.

-

Class

B 

458,459‌

32,569‌

Total

91,435‌

Consumer

Staples

(

7

.8

%

)

Conagra

Brands,

Inc. 

1,226,754‌

25,112‌

The

Hershey

Co. 

173,568‌

28,803‌

Kenvue,

Inc. 

1,421,100‌

29,744‌

Total

83,659‌

Energy

(

5

.6

%

)

Chevron

Corp. 

217,100‌

31,086‌

Exxon

Mobil

Corp. 

267,300‌

28,815‌

Total

59,901‌

Financials

(

18

.4

%

)

The

Allstate

Corp. 

150,905‌

30,379‌

Bank

of

America

Corp. 

720,000‌

34,070‌

The

Charles

Schwab

Corp. 

388,504‌

35,447‌

Common

Stocks

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Fidelity

National

Information

Services,

Inc. 

410,227‌

33,397‌

The

Travelers

Cos.,

Inc. 

124,485‌

33,305‌

Truist

Financial

Corp. 

715,200‌

30,746‌

Total

197,344‌

Health

Care

(

13

.7

%

)

Baxter

International,

Inc. 

961,633‌

29,118‌

The

Cigna

Group 

91,703‌

30,315‌

Johnson

&

Johnson 

198,000‌

30,245‌

Merck

&

Co.,

Inc. 

365,440‌

28,928‌

Thermo

Fisher

Scientific,

Inc. 

70,149‌

28,443‌

Total

147,049‌

Industrials

(

11

.9

%

)

CSX

Corp. 

982,200‌

32,049‌

Dover

Corp. 

179,042‌

32,806‌

Jacobs

Solutions,

Inc. 

238,130‌

31,302‌

Northrop

Grumman

Corp. 

63,500‌

31,749‌

Total

127,906‌

Common

Stocks

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

(

16

.7

%

)

Analog

Devices,

Inc. 

152,877‌

36,388‌

CDW

Corp. 

182,100‌

32,521‌

Cisco

Systems,

Inc. 

536,700‌

37,236‌

Electronic

Arts,

Inc. 

223,301‌

35,661‌

Teledyne

Technologies,

Inc. *

72,818‌

37,306‌

Total

179,112‌

Materials

(

2

.8

%

)

DuPont

de

Nemours,

Inc. 

436,184‌

29,918‌

Total

29,918‌

Real

Estate

(

2

.8

%

)

Equity

Residential 

446,995‌

30,168‌

Total

30,168‌

Utilities

(

3

.1

%

)

Duke

Energy

Corp. 

281,442‌

33,210‌

Total

33,210‌

Total

Common

Stocks

(Cost: $965,850)

1,050,433

Total

Investments

(97.9%)

(Cost:

$965,850)

@

1,050,433

Other

Assets,

Less

Liabilities (2.1%)

21,986

Net

Assets

(100.0%)

1,072,419

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$965,850

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$84,583

which

is

comprised

of

$144,582

aggregate

gross

unrealized

appreciation

and

$59,999

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

1,050,433‌

$

—‌

$

—‌

Total

Assets:

$

1,050,433‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

18

Equity

Income

Portfolio

Common

Stocks

(

97

.9

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

5

.9

%

)

Alphabet,

Inc.

-

Class

 A 

50,650‌

8,926‌

Alphabet,

Inc.

-

Class  C 

39,305‌

6,972‌

AT&T,

Inc. 

38,963‌

1,128‌

Comcast

Corp.

-

Class A 

121,339‌

4,331‌

Meta

Platforms,

Inc.

-

Class

A 

5,685‌

4,196‌

News

Corp.

-

Class

A 

268,975‌

7,994‌

Verizon

Communications,

Inc. 

44,325‌

1,918‌

The

Walt

Disney

Co. 

65,709‌

8,148‌

Total

43,613‌

Consumer

Discretionary

(

4

.3

%

)

Amazon.com,

Inc. *

56,043‌

12,295‌

The

Home

Depot,

Inc. 

15,435‌

5,659‌

Las

Vegas

Sands

Corp. 

187,866‌

8,174‌

Mattel,

Inc. *

150,992‌

2,978‌

Volkswagen

AG

-

Preference

Shares 

26,479‌

2,796‌

Total

31,902‌

Consumer

Staples

(

8

.9

%

)

Colgate-Palmolive

Co. 

93,653‌

8,513‌

Conagra

Brands,

Inc. 

109,235‌

2,236‌

Dollar

General

Corp. 

18,102‌

2,070‌

Kenvue,

Inc. 

478,976‌

10,025‌

Keurig

Dr.

Pepper,

Inc. 

23,000‌

760‌

Kimberly-Clark

Corp. 

97,260‌

12,539‌

Philip

Morris

International,

Inc. 

62,925‌

11,461‌

The

Procter

&

Gamble

Co. 

51,165‌

8,152‌

Tyson

Foods,

Inc.

-

Class

A 

100,695‌

5,633‌

Walmart,

Inc. 

46,368‌

4,534‌

Total

65,923‌

Energy

(

8

.6

%

)

Chevron

Corp. 

12,808‌

1,834‌

ConocoPhillips 

109,367‌

9,815‌

EOG

Resources,

Inc. 

24,446‌

2,924‌

EQT

Corp. 

72,821‌

4,247‌

Expand

 Energy

 Corp. 

35,492‌

4,150‌

Exxon

Mobil

Corp. 

89,416‌

9,639‌

Hess

Corp. 

17,895‌

2,479‌

Phillips

66 

27,926‌

3,331‌

Schlumberger,

Ltd. 

150,676‌

5,093‌

South

Bow

Corp. 

121,400‌

3,151‌

TC

Energy

Corp. 

63,904‌

3,118‌

TotalEnergies

SE 

156,804‌

9,645‌

The

Williams

Cos.,

Inc. 

71,400‌

4,485‌

Total

63,911‌

Common

Stocks

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Financials

(

21

.9

%

)

The

Allstate

Corp. 

23,572‌

4,745‌

American

International

Group,

Inc. 

102,347‌

8,760‌

Apollo

Global

Management,

Inc. 

13,652‌

1,937‌

Bank

of

America

Corp. 

168,872‌

7,991‌

The

Charles

Schwab

Corp. 

153,647‌

14,019‌

Chubb,

Ltd. 

39,153‌

11,344‌

Citigroup,

Inc. 

149,683‌

12,741‌

Corebridge

Financial,

Inc. 

93,919‌

3,334‌

Equitable

Holdings,

Inc. 

202,090‌

11,337‌

Fifth

Third

Bancorp 

173,723‌

7,145‌

Global

Payments,

Inc. 

11,496‌

920‌

The

Hartford

Insurance

Group,

Inc. 

64,919‌

8,236‌

Huntington

Bancshares,

Inc. 

440,307‌

7,380‌

JPMorgan

Chase

&

Co. 

47,987‌

13,912‌

Loews

Corp. 

79,023‌

7,243‌

MetLife,

Inc. 

196,701‌

15,819‌

Morgan

Stanley 

11,470‌

1,616‌

State

Street

Corp. 

34,638‌

3,683‌

U.S.

Bancorp 

149,592‌

6,769‌

Wells

Fargo

&

Co. 

172,034‌

13,783‌

Total

162,714‌

Health

Care

(

12

.8

%

)

AstraZeneca

PLC,

ADR 

62,921‌

4,397‌

Becton

Dickinson

and

Co. 

59,172‌

10,192‌

Biogen,

Inc. *

14,244‌

1,789‌

Bristol-Myers

Squibb

Co. 

63,798‌

2,953‌

Cardinal

Health,

Inc. 

4,275‌

718‌

The

Cigna

Group 

24,427‌

8,075‌

CVS

Health

Corp. 

137,370‌

9,476‌

Elevance

Health,

Inc. 

34,486‌

13,414‌

Humana,

Inc. 

3,900‌

954‌

Johnson

&

Johnson 

21,772‌

3,326‌

Medtronic

PLC 

68,125‌

5,938‌

Merck

&

Co.,

Inc. 

57,203‌

4,528‌

Sanofi

SA 

43,148‌

4,175‌

Sanofi

SA,

ADR 

24,150‌

1,167‌

Thermo

Fisher

Scientific,

Inc. 

7,851‌

3,183‌

UnitedHealth

Group,

Inc. 

18,400‌

5,740‌

Viatris,

Inc. 

574,963‌

5,134‌

Zimmer

Biomet

Holdings,

Inc. 

107,976‌

9,849‌

Total

95,008‌

Common

Stocks

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Industrials

(

13

.1

%

)

3M

Co. 

13,527‌

2,059‌

AGCO

Corp. 

32,518‌

3,355‌

The

Boeing

Co. *

48,173‌

10,094‌

CSX

Corp. 

225,899‌

7,371‌

Cummins,

Inc. 

13,967‌

4,574‌

Ferguson

Enterprises,

Inc. 

6,035‌

1,314‌

Fortive

Corp. 

93,858‌

4,893‌

General

Electric

Co. 

36,879‌

9,492‌

L3Harris

Technologies,

Inc. 

51,320‌

12,873‌

Norfolk

Southern

Corp. 

17,666‌

4,522‌

Rockwell

Automation,

Inc. 

14,512‌

4,821‌

Siemens

AG 

37,198‌

9,540‌

Southwest

Airlines

Co. 

233,109‌

7,562‌

Stanley

Black

&

Decker,

Inc. 

125,879‌

8,528‌

United

Parcel

Service,

Inc.

-

Class

B 

59,114‌

5,967‌

Total

96,965‌

Information

Technology

(

9

.9

%

)

Accenture

PLC

-  

Class 

A 

20,809‌

6,220‌

Adobe,

Inc. *

5,702‌

2,206‌

Advanced

Micro

Devices,

Inc. *

24,520‌

3,479‌

Applied

Materials,

Inc. 

27,425‌

5,021‌

Fiserv,

Inc. *

38,162‌

6,579‌

Intel

Corp. 

124,538‌

2,790‌

Microsoft

Corp. 

15,872‌

7,895‌

QUALCOMM,

Inc. 

91,755‌

14,613‌

Ralliant

Corp. *

31,286‌

1,517‌

Salesforce,

Inc. 

29,136‌

7,945‌

Samsung

Electronics

Co.,

Ltd. 

137,417‌

6,092‌

TE

Connectivity

PLC 

9,923‌

1,674‌

Texas

Instruments,

Inc. 

36,595‌

7,598‌

Total

73,629‌

Materials

(

3

.1

%

)

CF

Industries

Holdings,

Inc. 

111,219‌

10,232‌

International

Paper

Co. 

205,922‌

9,643‌

West

Fraser

Timber

Co.,

Ltd. 

37,509‌

2,750‌

Total

22,625‌

Real

Estate

(

3

.7

%

)

Equity

Residential 

164,112‌

11,076‌

Rayonier,

Inc. 

165,018‌

3,660‌

Rexford

Industrial

Realty,

Inc. 

120,520‌

4,287‌

Sun

Communities,

Inc. 

10,334‌

1,307‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

19

Equity

Income

Portfolio

Common

Stocks

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Real

Estate

continued

Weyerhaeuser

Co. 

289,095‌

7,427‌

Total

27,757‌

Utilities

(

5

.7

%

)

Ameren

Corp. 

94,760‌

9,101‌

Dominion

Energy,

Inc. 

96,668‌

5,463‌

NextEra

Energy,

Inc. 

66,653‌

4,627‌

PG&E

Corp. 

31,147‌

434‌

Sempra 

80,332‌

6,087‌

The

Southern

Co. 

164,359‌

15,093‌

Xcel

Energy,

Inc. 

23,714‌

1,615‌

Total

42,420‌

Total

Common

Stocks

(Cost: $582,241)

726,467

Convertible

Preferred

Stocks

(

0

.6

%

)

Industrials

(

0

.4

%

)

The

Boeing

Co.,

6.000%

10/15/27

49,355‌

3,356‌

Total

3,356‌

Utilities

(

0

.2

%

)

NextEra

Energy,

Inc.,

6.926%

8/28/25

28,779‌

1,144‌

Total

1,144‌

Total

Convertible

Preferred

Stocks

(Cost: $3,871)

4,500

Total

Investments

(98.5%)

(Cost:

$586,112)

@

730,967

Other

Assets,

Less

Liabilities (1.5%)

10,878

Net

Assets

(100.0%)

741,845

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$586,112

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$144,855

which

is

comprised

of

$176,256

aggregate

gross

unrealized

appreciation

and

$31,401

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.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

20

Equity

Income

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

Consumer

Discretionary

$

29,106‌

$

2,796‌

$

—‌

Energy

54,266‌

9,645‌

—‌

Health

Care

90,833‌

4,175‌

—‌

Industrials

87,425‌

9,540‌

—‌

Information

Technology

67,537‌

6,092‌

—‌

All

Others

365,052‌

—‌

—‌

Convertible

Preferred

Stocks

4,500‌

—‌

—‌

Total

Assets:

$

698,719‌

$

32,248‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

21

Mid

Cap

Growth

Stock

Portfolio

Common

Stocks

(

99

.5

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

3

.9

%

)

Reddit,

Inc.

-

Class

A *

86,986‌

13,097‌

Roblox

Corp.

-

Class A *

196,008‌

20,620‌

The

Trade

Desk,

Inc.

-

Class

A *

104,577‌

7,529‌

Total

41,246‌

Consumer

Discretionary

(

20

.4

%

)

AutoZone,

Inc. *

2,438‌

9,050‌

Bright

Horizons

Family

Solutions,

Inc. *

66,344‌

8,199‌

Burlington

Stores,

Inc. *

46,044‌

10,712‌

Carvana

Co. *

39,030‌

13,151‌

Chipotle

Mexican

Grill,

Inc. *

105,483‌

5,923‌

Coupang,

Inc. *

212,223‌

6,358‌

DoorDash,

Inc.

-

Class  A *

48,071‌

11,850‌

Floor

&

Decor

Holdings,

Inc. *

45,473‌

3,454‌

Flutter

Entertainment

PLC *

93,538‌

26,729‌

Garmin,

Ltd. 

23,154‌

4,833‌

Hilton

Worldwide

Holdings,

Inc. 

115,261‌

30,699‌

On

Holding

AG

-

Class A *

237,370‌

12,355‌

Planet

Fitness,

Inc.

-

Class

A *

84,612‌

9,227‌

Royal

Caribbean

Cruises,

Ltd. 

111,302‌

34,853‌

Somnigroup

International,

Inc. 

98,201‌

6,683‌

Thor

Industries,

Inc. 

52,232‌

4,639‌

Tractor

Supply

Co. 

127,135‌

6,709‌

Ulta

Beauty,

Inc. *

26,018‌

12,172‌

Total

217,596‌

Consumer

Staples

(

1

.6

%

)

Casey's

General

Stores,

Inc. 

18,651‌

9,517‌

Performance

Food

Group

Co. *

81,518‌

7,130‌

Total

16,647‌

Energy

(

3

.4

%

)

Cheniere

Energy,

Inc. 

48,334‌

11,770‌

EOG

Resources,

Inc. 

54,684‌

6,541‌

TechnipFMC

PLC 

191,192‌

6,585‌

The

Williams

Cos.,

Inc. 

178,818‌

11,231‌

Total

36,127‌

Common

Stocks

(99.5%)

Shares/

Par

+

Value

$

(000’s)

Financials

(

11

.4

%

)

Ares

Management

Corp.

-

Class

A 

105,988‌

18,357‌

Arthur

J.

Gallagher

&

Co. 

22,410‌

7,174‌

Coinbase

Global,

Inc.

-

Class

A *

21,172‌

7,421‌

FactSet

Research

Systems,

Inc. 

16,400‌

7,335‌

Interactive

Brokers

Group,

Inc.

-

Class

A 

129,147‌

7,156‌

Jefferies

Financial

Group,

Inc. 

124,415‌

6,804‌

LPL

Financial

Holdings,

Inc. 

38,938‌

14,601‌

MSCI,

Inc. 

19,477‌

11,233‌

Raymond

James

Financial,

Inc. 

40,369‌

6,191‌

Robinhood

Markets,

Inc.

-

Class

A *

165,133‌

15,462‌

Rocket

Companies,

Inc.

-

Class

A 

437,863‌

6,209‌

TPG,

Inc. 

74,581‌

3,912‌

Tradeweb

Markets,

Inc.

-

Class

A 

67,466‌

9,877‌

Total

121,732‌

Health

Care

(

14

.3

%

)

Agilent

Technologies,

Inc. 

46,553‌

5,494‌

Alkermes

PLC *

112,242‌

3,211‌

Alnylam

Pharmaceuticals,

Inc. *

56,977‌

18,580‌

The

Cooper

Cos.,

Inc. *

69,519‌

4,947‌

Dexcom,

Inc. *

159,114‌

13,889‌

Edwards

Lifesciences

Corp. *

47,506‌

3,715‌

Insmed,

Inc. *

138,294‌

13,918‌

Inspire

Medical

Systems,

Inc. *

17,872‌

2,319‌

IQVIA

Holdings,

Inc. *

17,589‌

2,772‌

McKesson

Corp. 

21,807‌

15,980‌

Mettler-Toledo

International,

Inc. *

5,202‌

6,111‌

Natera,

Inc. *

87,989‌

14,865‌

Neurocrine

Biosciences,

Inc. *

95,046‌

11,946‌

Nuvalent,

Inc.

-

Class A *

38,608‌

2,946‌

Penumbra,

Inc. *

26,355‌

6,763‌

Revolution

Medicines,

Inc. *

62,302‌

2,292‌

Ultragenyx

Pharmaceutical,

Inc. *

104,917‌

3,815‌

Common

Stocks

(99.5%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

Veeva

Systems,

Inc. *

59,147‌

17,033‌

Viking

Therapeutics,

Inc. *

92,980‌

2,464‌

Total

153,060‌

Industrials

(

18

.7

%

)

Air

Lease

Corp. 

107,588‌

6,293‌

AMETEK,

Inc. 

34,775‌

6,293‌

Axon

Enterprise,

Inc. *

26,075‌

21,588‌

The

AZEK

Co.,

Inc. *

54,189‌

2,945‌

Carlisle

Cos.,

Inc. 

18,508‌

6,911‌

Comfort

Systems

USA,

Inc. 

22,709‌

12,177‌

Copart,

Inc. *

117,564‌

5,769‌

ESAB

Corp. 

73,155‌

8,819‌

HEICO

Corp.

-

Class

A 

76,447‌

19,781‌

Howmet

Aerospace,

Inc. 

160,152‌

29,809‌

Ingersoll-Rand,

Inc. 

56,605‌

4,708‌

ITT,

Inc. 

65,727‌

10,308‌

MSA

Safety,

Inc. 

27,525‌

4,611‌

Quanta

Services,

Inc. 

55,562‌

21,007‌

Rocket

Lab

Corp. *

196,516‌

7,029‌

Simpson

Manufacturing

Co.,

Inc. 

19,953‌

3,099‌

Trane

Technologies

PLC 

12,465‌

5,452‌

Vertiv

Holdings

Co. 

121,071‌

15,547‌

Westinghouse

Air

Brake

Technologies

Corp. 

34,425‌

7,207‌

Total

199,353‌

Information

Technology

(

20

.8

%

)

AppLovin

Corp.

-

Class A *

13,012‌

4,555‌

Atlassian

Corp.

-

Class A *

30,317‌

6,157‌

Ciena

Corp. *

72,141‌

5,867‌

CloudFlare,

Inc.

-

Class A *

107,123‌

20,978‌

Confluent,

Inc.

-

Class A *

279,729‌

6,974‌

CyberArk

Software,

Ltd. *

21,955‌

8,933‌

Datadog,

Inc.

-

Class A *

125,100‌

16,805‌

Fair

Isaac

Corp. *

2,603‌

4,758‌

Gartner,

Inc. *

37,872‌

15,309‌

Gitlab,

Inc.

-

Class

A *

58,304‌

2,630‌

GoDaddy,

Inc.

-

Class A *

52,480‌

9,449‌

HubSpot,

Inc. *

27,143‌

15,109‌

Monday.com,

Ltd. *

23,813‌

7,489‌

MongoDB,

Inc. *

30,418‌

6,387‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

22

Mid

Cap

Growth

Stock

Portfolio

Common

Stocks

(99.5%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Monolithic

Power

Systems,

Inc. 

12,052‌

8,814‌

Nutanix,

Inc. *

138,424‌

10,581‌

Okta,

Inc. *

63,577‌

6,356‌

ON

Semiconductor

Corp. *

82,350‌

4,316‌

Rambus,

Inc. *

66,124‌

4,233‌

Rubrik,

Inc.

-

Class

A *

47,101‌

4,220‌

Snowflake,

Inc. *

48,263‌

10,800‌

Take-Two

Interactive

Software,

Inc. *

67,427‌

16,375‌

Teledyne

Technologies,

Inc. *

9,170‌

4,698‌

Teradyne,

Inc. 

70,749‌

6,362‌

Twilio,

Inc. *

68,982‌

8,579‌

Tyler

Technologies,

Inc. *

8,995‌

5,332‌

Total

222,066‌

Materials

(

0

.5

%

)

Eagle

Materials,

Inc. 

28,734‌

5,807‌

Total

5,807‌

Real

Estate

(

1

.4

%

)

CBRE

Group,

Inc. *

69,515‌

9,741‌

Crown

Castle,

Inc. 

45,557‌

4,680‌

Total

14,421‌

Utilities

(

3

.1

%

)

Vistra

Corp. 

171,538‌

33,246‌

Total

33,246‌

Total

Common

Stocks

(Cost: $959,765)

1,061,301

Total

Investments

(99.5%)

(Cost:

$959,765)

@

1,061,301

Other

Assets,

Less

Liabilities (0.5%)

5,176

Net

Assets

(100.0%)

1,066,477

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$959,765

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$101,536

which

is

comprised

of

$144,402

aggregate

gross

unrealized

appreciation

and

$42,866

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.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

23

Mid

Cap

Growth

Stock

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

1,061,301‌

$

—‌

$

—‌

Total

Assets:

$

1,061,301‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

24

Index

400

Stock

Portfolio

Common

Stocks

(

98

.6

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

1

.2

%

)

EchoStar

Corp.

-

Class A *

64,031‌

1,774‌

Frontier

Communications

Parent,

Inc. *

106,281‌

3,869‌

Iridium

Communications,

Inc. 

51,827‌

1,563‌

The

New

York

Times

Co.

-

Class

A 

77,598‌

4,344‌

Nexstar

Media

Group,

Inc. 

13,519‌

2,338‌

Warner

Music

Group

Corp.

-

Class

A 

69,584‌

1,895‌

ZoomInfo

Technologies,

Inc. *

124,014‌

1,255‌

Total

17,038‌

Consumer

Discretionary

(

13

.1

%

)

Abercrombie

&

Fitch

Co. *

22,739‌

1,884‌

Aramark 

125,064‌

5,236‌

Autoliv,

Inc. 

34,012‌

3,806‌

AutoNation,

Inc. *

11,878‌

2,360‌

Bath

&

Body

Works,

Inc. 

101,665‌

3,046‌

Boyd

Gaming

Corp. 

29,120‌

2,278‌

Brunswick

Corp. 

31,436‌

1,737‌

Burlington

Stores,

Inc. *

30,066‌

6,995‌

Capri

Holdings,

Ltd. *

55,962‌

991‌

CAVA

Group,

Inc. *

39,192‌

3,301‌

Chewy,

Inc.

-

Class

A *

104,750‌

4,464‌

Choice

Hotels

International,

Inc. 

10,604‌

1,345‌

Churchill

Downs,

Inc. 

34,462‌

3,481‌

Columbia

Sportswear

Co. 

14,650‌

895‌

Crocs,

Inc. *

26,760‌

2,710‌

Dick's

Sporting

Goods,

Inc. 

26,962‌

5,333‌

Duolingo,

Inc. *

18,739‌

7,683‌

Five

Below,

Inc. *

26,278‌

3,447‌

Floor

&

Decor

Holdings,

Inc. *

51,358‌

3,901‌

GameStop

Corp. *

194,284‌

4,739‌

The

Gap,

Inc. 

105,755‌

2,307‌

Gentex

Corp. 

107,297‌

2,359‌

The

Goodyear

Tire

&

Rubber

Co. *

136,372‌

1,414‌

Graham

Holdings

Co.

-

Class

B 

1,622‌

1,535‌

Grand

Canyon

Education,

Inc. *

13,353‌

2,524‌

H&R

Block,

Inc. 

63,886‌

3,507‌

Harley-Davidson,

Inc. 

52,190‌

1,232‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Discretionary

continued

Hilton

Grand

Vacations,

Inc. *

27,497‌

1,142‌

Hyatt

Hotels

Corp.

-

Class

A 

19,989‌

2,791‌

KB

Home 

34,237‌

1,814‌

Lear

Corp. 

25,461‌

2,418‌

Light

&

Wonder,

Inc. *

40,271‌

3,876‌

Lithia

Motors,

Inc. 

12,424‌

4,197‌

Macy's,

Inc. 

133,016‌

1,551‌

Marriott

Vacations

Worldwide

Corp. 

15,303‌

1,107‌

Mattel,

Inc. *

154,106‌

3,039‌

Murphy

USA,

Inc. 

8,584‌

3,492‌

Ollie's

Bargain

Outlet

Holdings,

Inc. *

29,311‌

3,863‌

Penske

Automotive

Group,

Inc. 

8,849‌

1,520‌

Planet

Fitness,

Inc.

-

Class

A *

40,076‌

4,370‌

Polaris,

Inc. 

25,218‌

1,025‌

PVH

Corp. 

22,907‌

1,571‌

RH *

7,242‌

1,369‌

Service

Corp.

International 

67,943‌

5,531‌

Skechers

USA,

Inc.

-

Class

A *

62,181‌

3,924‌

Somnigroup

International,

Inc. 

98,555‌

6,707‌

Taylor

Morrison

Home

Corp. *

47,817‌

2,937‌

Texas

Roadhouse,

Inc. 

31,701‌

5,941‌

Thor

Industries,

Inc. 

25,392‌

2,255‌

Toll

Brothers,

Inc. 

47,522‌

5,424‌

TopBuild

Corp. *

13,561‌

4,390‌

Travel

+

Leisure

Co. 

31,627‌

1,632‌

Under

Armour,

Inc.

-

Class

A *

90,583‌

619‌

Under

Armour,

Inc.

-

Class

C *

60,617‌

393‌

Vail

Resorts,

Inc. 

17,831‌

2,802‌

Valvoline,

Inc. *

60,667‌

2,297‌

VF

Corp. 

158,043‌

1,857‌

Visteon

Corp. *

13,014‌

1,214‌

The

Wendy's

Co. 

76,980‌

879‌

Whirlpool

Corp. 

26,542‌

2,692‌

Wingstop,

Inc. 

13,317‌

4,484‌

Wyndham

Hotels

&

Resorts,

Inc. 

36,712‌

2,981‌

YETI

Holdings,

Inc. *

39,536‌

1,246‌

Total

183,860‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Staples

(

5

.3

%

)

Albertsons

Companies,

Inc. 

192,162‌

4,133‌

BellRing

Brands,

Inc. *

60,617‌

3,512‌

BJ's

Wholesale

Club

Holdings,

Inc. *

63,037‌

6,797‌

The

Boston

Beer

Co.,

Inc.

-

Class

A *

3,933‌

750‌

Casey's

General

Stores,

Inc. 

17,718‌

9,041‌

Celsius

Holdings,

Inc. *

75,038‌

3,481‌

Coca-Cola

Consolidated,

Inc. 

28,030‌

3,130‌

Coty,

Inc. *

175,265‌

815‌

Darling

Ingredients,

Inc. *

75,709‌

2,872‌

e.l.f.

Beauty,

Inc. *

26,919‌

3,350‌

Flowers

Foods,

Inc. 

93,230‌

1,490‌

Ingredion,

Inc. 

30,650‌

4,157‌

Lancaster

Colony

Corp. 

9,162‌

1,583‌

Maplebear,

Inc. *

78,399‌

3,547‌

Performance

Food

Group

Co. *

74,503‌

6,517‌

Pilgrim's

Pride

Corp. 

19,126‌

860‌

Post

Holdings,

Inc. *

21,549‌

2,349‌

Sprouts

Farmers

Market,

Inc. *

46,714‌

7,691‌

US

Foods

Holding

Corp. *

110,431‌

8,504‌

Total

74,579‌

Energy

(

3

.7

%

)

Antero

Midstream

Corp. 

160,220‌

3,036‌

Antero

Resources

Corp. *

139,341‌

5,613‌

ChampionX

Corp. 

91,440‌

2,271‌

Chord

Energy

Corp. 

27,547‌

2,668‌

Civitas

Resources,

Inc. 

40,654‌

1,119‌

CNX

Resources

Corp. *

69,091‌

2,327‌

DT

Midstream,

Inc. 

48,507‌

5,331‌

HF

Sinclair

Corp. 

76,429‌

3,140‌

Matador

Resources

Co. 

55,545‌

2,651‌

Murphy

Oil

Corp. 

64,074‌

1,442‌

NOV,

Inc. 

179,374‌

2,230‌

Ovintiv,

Inc. 

123,997‌

4,718‌

PBF

Energy,

Inc.

-

Class

A 

46,582‌

1,009‌

Permian

Resources

Corp. 

304,665‌

4,149‌

Range

Resources

Corp. 

114,086‌

4,640‌

Valaris,

Ltd. *

31,035‌

1,307‌

Viper

Energy,

Inc. 

62,580‌

2,386‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

25

Index

400

Stock

Portfolio

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Weatherford

International

PLC 

34,652‌

1,743‌

Total

51,780‌

Financials

(

17

.9

%

)

Affiliated

Managers

Group,

Inc. 

13,563‌

2,669‌

Ally

Financial,

Inc. 

131,930‌

5,139‌

American

Financial

Group,

Inc. 

34,331‌

4,333‌

Annaly

Capital

Management,

Inc. 

288,587‌

5,431‌

Associated

Banc-Corp. 

78,182‌

1,907‌

Bank

OZK 

50,227‌

2,364‌

Brighthouse

Financial,

Inc. *

27,414‌

1,474‌

Cadence

Bank 

89,086‌

2,849‌

The

Carlyle

Group,

Inc. 

101,692‌

5,227‌

CNO

Financial

Group,

Inc. 

47,365‌

1,827‌

Columbia

Banking

System,

Inc. 

100,379‌

2,347‌

Comerica,

Inc. 

62,558‌

3,732‌

Commerce

Bancshares,

Inc. 

57,841‌

3,596‌

Cullen/Frost

Bankers,

Inc. 

30,703‌

3,947‌

East

West

Bancorp,

Inc. 

65,871‌

6,652‌

Equitable

Holdings,

Inc. 

145,026‌

8,136‌

Essent

Group,

Ltd. 

48,408‌

2,940‌

Euronet

Worldwide,

Inc. *

19,393‌

1,966‌

Evercore,

Inc.

-

Class

A 

17,159‌

4,633‌

F.N.B.

Corp. 

171,998‌

2,508‌

Federated

Hermes,

Inc. 

36,079‌

1,599‌

Fidelity

National

Financial,

Inc. 

124,523‌

6,981‌

First

American

Financial

Corp. 

48,997‌

3,008‌

First

Financial

Bankshares,

Inc. 

61,513‌

2,213‌

First

Horizon

Corp. 

242,212‌

5,135‌

FirstCash

Holdings,

Inc. 

18,420‌

2,489‌

Flagstar

Financial,

Inc. 

143,767‌

1,524‌

Glacier

Bancorp,

Inc. 

56,561‌

2,437‌

Hamilton

Lane,

Inc.

-

Class

A 

20,622‌

2,931‌

Hancock

Whitney

Corp. 

40,757‌

2,339‌

The

Hanover

Insurance

Group,

Inc. 

17,113‌

2,907‌

Home

BancShares,

Inc. 

87,609‌

2,493‌

Houlihan

Lokey,

Inc. 

25,707‌

4,626‌

Interactive

Brokers

Group,

Inc.

-

Class

A 

208,017‌

11,526‌

International

Bancshares

Corp. 

25,407‌

1,691‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Janus

Henderson

Group

PLC 

60,402‌

2,346‌

Jefferies

Financial

Group,

Inc. 

77,755‌

4,252‌

Kemper

Corp. 

28,624‌

1,847‌

Kinsale

Capital

Group,

Inc. 

10,570‌

5,115‌

MGIC

Investment

Corp. 

113,381‌

3,157‌

Morningstar,

Inc. 

12,704‌

3,988‌

Old

National

Bancorp 

155,456‌

3,317‌

Old

Republic

International

Corp. 

108,655‌

4,177‌

Pinnacle

Financial

Partners,

Inc. 

36,711‌

4,053‌

Primerica,

Inc. 

15,680‌

4,291‌

Prosperity

Bancshares,

Inc. 

45,580‌

3,202‌

Reinsurance

Group

of

America,

Inc. 

31,542‌

6,257‌

RenaissanceRe

Holdings,

Ltd. 

23,219‌

5,640‌

RLI

Corp. 

39,877‌

2,880‌

Ryan

Specialty

Holdings,

Inc. 

51,384‌

3,494‌

SEI

Investments

Co. 

45,153‌

4,057‌

Selective

Insurance

Group,

Inc. 

29,013‌

2,514‌

Shift4

Payments,

Inc.

-

Class

A *

32,193‌

3,191‌

SLM

Corp. 

100,242‌

3,287‌

SouthState

Corp. 

47,007‌

4,326‌

Starwood

Property

Trust,

Inc. 

153,991‌

3,091‌

Stifel

Financial

Corp. 

49,020‌

5,087‌

Synovus

Financial

Corp. 

66,397‌

3,436‌

Texas

Capital

Bancshares,

Inc. *

21,820‌

1,732‌

UMB

Financial

Corp. 

34,072‌

3,583‌

United

Bankshares,

Inc. 

67,772‌

2,469‌

Unum

Group 

76,558‌

6,183‌

Valley

National

Bancorp 

227,470‌

2,031‌

Voya

Financial,

Inc. 

45,949‌

3,262‌

Webster

Financial

Corp. 

80,317‌

4,385‌

Western

Alliance

Bancorp 

52,036‌

4,058‌

WEX,

Inc. *

16,339‌

2,400‌

Wintrust

Financial

Corp. 

31,968‌

3,963‌

Zions

Bancorp

NA 

70,259‌

3,649‌

Total

252,296‌

Health

Care

(

8

.4

%

)

Acadia

Healthcare

Co.,

Inc. *

44,304‌

1,005‌

Amedisys,

Inc. *

15,560‌

1,531‌

Avantor,

Inc. *

325,225‌

4,377‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

BioMarin

Pharmaceutical,

Inc. *

91,543‌

5,032‌

Bio-Rad

Laboratories,

Inc.

-

Class

A *

8,879‌

2,143‌

Bruker

Corp. 

52,787‌

2,175‌

Chemed

Corp. 

6,981‌

3,399‌

Cytokinetics,

Inc. *

57,012‌

1,884‌

DENTSPLY

SIRONA,

Inc. 

95,172‌

1,511‌

Doximity,

Inc.

-

Class A *

63,717‌

3,908‌

Encompass

Health

Corp. 

48,109‌

5,900‌

Ensign

Group,

Inc. 

27,238‌

4,202‌

Envista

Holdings

Corp. *

80,952‌

1,582‌

Exelixis,

Inc. *

130,178‌

5,738‌

Globus

Medical,

Inc.

-

Class

A *

53,911‌

3,182‌

Haemonetics

Corp. *

23,986‌

1,790‌

Halozyme

Therapeutics,

Inc. *

58,818‌

3,060‌

HealthEquity,

Inc. *

41,340‌

4,331‌

Hims

&

Hers

Health,

Inc. *

93,582‌

4,665‌

Illumina,

Inc. *

75,561‌

7,209‌

Jazz

Pharmaceuticals

PLC *

29,416‌

3,122‌

Lantheus

Holdings,

Inc. *

32,920‌

2,695‌

LivaNova

PLC *

25,876‌

1,165‌

Masimo

Corp. *

21,482‌

3,614‌

Medpace

Holdings,

Inc. *

11,252‌

3,531‌

Neurocrine

Biosciences,

Inc. *

47,238‌

5,937‌

Option

Care

Health,

Inc. *

78,153‌

2,538‌

Penumbra,

Inc. *

18,486‌

4,744‌

Perrigo

Co.

PLC 

65,668‌

1,755‌

Repligen

Corp. *

24,940‌

3,102‌

Roivant

Sciences,

Ltd. *

200,444‌

2,259‌

Sarepta

Therapeutics,

Inc. *

46,917‌

802‌

Sotera

Health

Co. *

73,680‌

819‌

Tenet

Healthcare

Corp. *

44,330‌

7,802‌

United

Therapeutics

Corp. *

21,530‌

6,187‌

Total

118,696‌

Industrials

(

22

.1

%

)

AAON,

Inc. 

32,232‌

2,377‌

Acuity,

Inc. 

14,607‌

4,358‌

Advanced

Drainage

Systems,

Inc. 

33,690‌

3,870‌

AECOM 

63,141‌

7,126‌

AGCO

Corp. 

29,485‌

3,042‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

26

Index

400

Stock

Portfolio

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Alaska

Air

Group,

Inc. *

57,919‌

2,866‌

American

Airlines

Group,

Inc. *

314,660‌

3,530‌

APi

Group

Corp. *

116,281‌

5,936‌

Applied

Industrial

Technologies,

Inc. 

18,180‌

4,226‌

ASGN,

Inc. *

21,047‌

1,051‌

Avis

Budget

Group,

Inc. *

8,063‌

1,363‌

The

Brink's

Co. 

20,053‌

1,791‌

BWX

Technologies,

Inc. 

43,603‌

6,281‌

CACI

International,

Inc. *

10,495‌

5,003‌

Carlisle

Cos.,

Inc. 

20,596‌

7,691‌

Chart

Industries,

Inc. *

21,445‌

3,531‌

Clean

Harbors,

Inc. *

24,036‌

5,557‌

CNH

Industrial

NV 

417,364‌

5,409‌

Comfort

Systems

USA,

Inc. 

16,799‌

9,008‌

Concentrix

Corp. 

22,074‌

1,167‌

Core

&

Main,

Inc.

-

Class

A *

90,507‌

5,462‌

Crane

Co. 

23,328‌

4,430‌

Curtiss-Wright

Corp. 

17,988‌

8,788‌

Donaldson

Co.,

Inc. 

57,000‌

3,953‌

EMCOR

Group,

Inc. 

21,362‌

11,426‌

EnerSys 

18,828‌

1,615‌

ESAB

Corp. 

27,198‌

3,279‌

ExlService

Holdings,

Inc. *

77,665‌

3,401‌

Exponent,

Inc. 

24,140‌

1,803‌

Flowserve

Corp. 

62,582‌

3,276‌

Fluor

Corp. *

78,581‌

4,029‌

Fortune

Brands

Innovations,

Inc. 

57,373‌

2,954‌

FTI

Consulting,

Inc. *

16,071‌

2,595‌

GATX

Corp. 

17,039‌

2,616‌

Genpact,

Ltd. 

76,788‌

3,379‌

Graco,

Inc. 

79,754‌

6,856‌

GXO

Logistics,

Inc. *

54,608‌

2,659‌

Hexcel

Corp. 

38,495‌

2,175‌

Insperity,

Inc. 

17,064‌

1,026‌

ITT,

Inc. 

37,557‌

5,890‌

KBR,

Inc. 

61,902‌

2,968‌

Kirby

Corp. *

26,778‌

3,037‌

Knight-Swift

Transportation

Holdings,

Inc. 

77,341‌

3,421‌

Landstar

System,

Inc. 

16,689‌

2,320‌

Lincoln

Electric

Holdings,

Inc. 

26,642‌

5,523‌

ManpowerGroup,

Inc. 

22,099‌

893‌

MasTec,

Inc. *

29,312‌

4,996‌

MAXIMUS,

Inc. 

26,791‌

1,881‌

The

Middleby

Corp. *

25,583‌

3,684‌

MSA

Safety,

Inc. 

18,758‌

3,143‌

MSC

Industrial

Direct

Co.,

Inc. 

21,292‌

1,810‌

Mueller

Industries,

Inc. 

52,810‌

4,197‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

NEXTracker,

Inc.

-

Class

A *

68,588‌

3,729‌

nVent

Electric

PLC 

78,579‌

5,756‌

Oshkosh

Corp. 

30,718‌

3,488‌

Owens

Corning 

40,588‌

5,582‌

Parsons

Corp. *

22,438‌

1,610‌

Paylocity

Holding

Corp. *

20,555‌

3,724‌

RB

Global,

Inc. 

88,394‌

9,387‌

RBC

Bearings,

Inc. *

14,960‌

5,757‌

Regal

Rexnord

Corp. 

31,660‌

4,589‌

Ryder

System,

Inc. 

19,729‌

3,137‌

Saia,

Inc. *

12,712‌

3,483‌

Science

Applications

International

Corp. 

22,510‌

2,535‌

Sensata

Technologies

Holding

PLC 

69,810‌

2,102‌

Simpson

Manufacturing

Co.,

Inc. 

19,956‌

3,099‌

Terex

Corp. 

31,300‌

1,461‌

Tetra

Tech,

Inc. 

125,765‌

4,522‌

The

Timken

Co. 

30,456‌

2,210‌

The

Toro

Co. 

47,631‌

3,367‌

Trex

Co.,

Inc. *

51,164‌

2,782‌

UFP

Industries,

Inc. 

28,818‌

2,863‌

Valmont

Industries,

Inc. 

9,579‌

3,128‌

Watsco,

Inc. 

16,651‌

7,353‌

Watts

Water

Technologies,

Inc.

-

Class

A 

13,087‌

3,218‌

WESCO

International,

Inc. 

21,193‌

3,925‌

Woodward,

Inc. 

28,397‌

6,960‌

XPO,

Inc. *

56,231‌

7,101‌

Total

311,536‌

Information

Technology

(

11

.5

%

)

Allegro

Microsystems,

Inc. *

62,390‌

2,133‌

Amkor

Technology,

Inc. 

54,373‌

1,141‌

AppFolio,

Inc.

-

Class A *

11,028‌

2,540‌

Arrow

Electronics,

Inc. *

24,752‌

3,154‌

Avnet,

Inc. 

40,022‌

2,124‌

Belden,

Inc. 

18,859‌

2,184‌

BILL

Holdings,

Inc. *

45,233‌

2,092‌

Blackbaud,

Inc. *

18,125‌

1,164‌

Ciena

Corp. *

67,846‌

5,518‌

Cirrus

Logic,

Inc. *

25,360‌

2,644‌

Cognex

Corp. 

80,106‌

2,541‌

Coherent

Corp. *

74,187‌

6,618‌

CommVault

Systems,

Inc. *

21,058‌

3,671‌

Crane

NXT

Co. 

23,385‌

1,260‌

DocuSign,

Inc. *

96,645‌

7,528‌

Dolby

Laboratories,

Inc.

-

Class

A 

29,277‌

2,174‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Dropbox,

Inc.

-

Class A *

93,610‌

2,677‌

Dynatrace,

Inc. *

143,078‌

7,899‌

Entegris,

Inc. 

72,249‌

5,827‌

Fabrinet *

17,082‌

5,034‌

Flex,

Ltd. *

182,847‌

9,128‌

Guidewire

Software,

Inc. *

40,035‌

9,426‌

IPG

Photonics

Corp. *

12,518‌

859‌

Kyndryl

Holdings,

Inc. *

111,056‌

4,660‌

Lattice

Semiconductor

Corp. *

65,521‌

3,210‌

Littelfuse,

Inc. 

11,821‌

2,680‌

Lumentum

Holdings,

Inc. *

33,125‌

3,149‌

MACOM

Technology

Solutions

Holdings,

Inc. *

28,402‌

4,070‌

Manhattan

Associates,

Inc. *

28,977‌

5,722‌

MKS,

Inc. 

32,092‌

3,189‌

Novanta,

Inc. *

17,167‌

2,213‌

Okta,

Inc. *

79,785‌

7,976‌

Onto

Innovation,

Inc. *

23,324‌

2,354‌

Pegasystems,

Inc. 

42,392‌

2,295‌

Power

Integrations,

Inc. 

26,878‌

1,503‌

Pure

Storage,

Inc. *

148,345‌

8,542‌

Qualys,

Inc. *

17,402‌

2,486‌

Rambus,

Inc. *

51,271‌

3,282‌

Silicon

Laboratories,

Inc. *

15,549‌

2,291‌

Synaptics,

Inc. *

18,397‌

1,193‌

TD

SYNNEX

Corp. 

35,651‌

4,838‌

Universal

Display

Corp. 

21,092‌

3,258‌

Vontier

Corp. 

70,757‌

2,611‌

The

Western

Union

Co. 

157,749‌

1,328‌

Total

162,186‌

Materials

(

5

.8

%

)

Alcoa

Corp. 

123,543‌

3,646‌

AptarGroup,

Inc. 

31,532‌

4,933‌

Ashland,

Inc. 

21,821‌

1,097‌

ATI,

Inc. *

67,330‌

5,813‌

Avient

Corp. 

43,732‌

1,413‌

Axalta

Coating

Systems,

Ltd. *

104,284‌

3,096‌

Cabot

Corp. 

25,710‌

1,928‌

Carpenter

Technology

Corp. 

23,733‌

6,559‌

Cleveland-Cliffs,

Inc. *

231,351‌

1,758‌

Commercial

Metals

Co. 

54,064‌

2,644‌

Crown

Holdings,

Inc. 

54,919‌

5,656‌

Eagle

Materials,

Inc. 

15,888‌

3,211‌

Graphic

Packaging

Holding

Co. 

143,998‌

3,034‌

Greif,

Inc.

-

Class

A 

12,474‌

811‌

Knife

River

Corp. *

27,048‌

2,208‌

Louisiana-Pacific

Corp. 

29,558‌

2,542‌

NewMarket

Corp. 

3,603‌

2,489‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

27

Index

400

Stock

Portfolio

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Materials

continued

Olin

Corp. 

54,947‌

1,104‌

Reliance,

Inc. 

25,098‌

7,878‌

Royal

Gold,

Inc. 

31,416‌

5,587‌

RPM

International,

Inc. 

61,293‌

6,733‌

The

Scotts

Miracle-Gro

Co. 

20,670‌

1,363‌

Silgan

Holdings,

Inc. 

38,811‌

2,103‌

Sonoco

Products

Co. 

47,067‌

2,050‌

Westlake

Corp. 

15,930‌

1,210‌

Total

80,866‌

Real

Estate

(

6

.8

%

)

Agree

Realty

Corp. 

52,428‌

3,830‌

American

Homes

4

Rent

-

Class

A 

151,698‌

5,472‌

Brixmor

Property

Group,

Inc. 

146,110‌

3,805‌

COPT

Defense

Properties 

53,553‌

1,477‌

Cousins

Properties,

Inc. 

80,187‌

2,408‌

CubeSmart

LP 

108,804‌

4,624‌

EastGroup

Properties,

Inc. 

25,031‌

4,183‌

EPR

Properties 

36,346‌

2,118‌

Equity

LifeStyle

Properties,

Inc. 

91,253‌

5,628‌

First

Industrial

Realty

Trust,

Inc. 

63,202‌

3,042‌

Gaming

and

Leisure

Properties,

Inc. 

131,200‌

6,124‌

Healthcare

Realty

Trust,

Inc. 

167,838‌

2,662‌

Independence

Realty

Trust,

Inc. 

111,503‌

1,972‌

Jones

Lang

LaSalle,

Inc. *

22,658‌

5,795‌

Kilroy

Realty

Corp. 

50,827‌

1,744‌

Kite

Realty

Group

Trust 

104,994‌

2,378‌

Lamar

Advertising

Co.

-

Class

A 

41,991‌

5,096‌

National

Storage

Affiliates

Trust 

33,356‌

1,067‌

NNN

REIT,

Inc. 

89,715‌

3,874‌

Omega

Healthcare

Investors,

Inc. 

138,160‌

5,064‌

Park

Hotels

&

Resorts,

Inc. 

95,481‌

977‌

PotlatchDeltic

Corp. 

33,894‌

1,301‌

Rayonier,

Inc. 

66,701‌

1,479‌

Rexford

Industrial

Realty,

Inc. 

112,687‌

4,008‌

Sabra

Health

Care

REIT,

Inc. 

113,707‌

2,097‌

STAG

Industrial,

Inc. 

89,085‌

3,232‌

Vornado

Realty

Trust 

79,715‌

3,048‌

WP

Carey,

Inc. 

104,531‌

6,521‌

Total

95,026‌

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000’s)

Utilities

(

2

.8

%

)

ALLETE,

Inc. 

27,530‌

1,764‌

Black

Hills

Corp. 

34,706‌

1,947‌

Essential

Utilities,

Inc. 

123,116‌

4,573‌

IDACORP,

Inc. 

25,796‌

2,978‌

National

Fuel

Gas

Co. 

43,151‌

3,655‌

New

Jersey

Resources

Corp. 

47,978‌

2,150‌

Northwestern

Energy

Group,

Inc. 

29,150‌

1,495‌

OGE

Energy

Corp. 

96,164‌

4,268‌

ONE

Gas,

Inc. 

28,645‌

2,059‌

Ormat

Technologies,

Inc. 

27,514‌

2,305‌

Portland

General

Electric

Co. 

52,322‌

2,126‌

Southwest

Gas

Holdings,

Inc. 

28,838‌

2,145‌

Spire,

Inc. 

28,211‌

2,059‌

TXNM

Energy,

Inc. 

44,246‌

2,492‌

UGI

Corp. 

102,171‌

3,721‌

Total

39,737‌

Total

Common

Stocks

(Cost: $1,014,482)

1,387,600

Short-Term

Investments

(

0

.1

%

)

Governments

(

0

.1

%

)

US

Treasury

0.000%,

11/28/25 β

1,378,000‌

1,354‌

Total

1,354‌

Total

Short-Term

Investments

(Cost:

$1,354)

1,354‌

Total

Investments

(98.7%)

(Cost:

$1,015,836)

@

1,388,954

Other

Assets,

Less

Liabilities (1.3%)

18,860

Net

Assets

(100.0%)

1,407,814

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

28

Index

400

Stock

Portfolio

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

E-Mini

S&P

MidCap

400

Future

Long

USD

6‌

63

9/25

$

19,691‌

$

408‌

$

(

10‌

)

$

408‌

$

(

10‌

)

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

–‌

$

–‌

$

–‌

$

–‌

$

(

10‌

)

$

(

10‌

)

$

–‌

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,015,836

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$373,526

which

is

comprised

of

$465,868

aggregate

gross

unrealized

appreciation

and

$92,342

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

1,387,600‌

$

—‌

$

—‌

Short-Term

Investments

—‌

1,354‌

—‌

Other

Financial

Instruments^

Futures

408‌

—‌

—‌

Total

Assets:

$

1,388,008‌

$

1,354‌

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

29

Mid

Cap

Value

Portfolio

Common

Stocks

(

98.4%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(0.7%)

Omnicom

Group,

Inc. 

63,587‌

4,575‌

Total

4,575‌

Consumer

Discretionary

(4.0%)

BorgWarner,

Inc. 

119,702‌

4,007‌

Compagnie

Generale

des

Etablissements

Michelin 

93,758‌

3,489‌

Gentex

Corp. 

132,137‌

2,906‌

The

Interpublic

Group

of

Companies,

Inc. 

198,039‌

4,848‌

Mohawk

Industries,

Inc. *

47,044‌

4,932‌

PulteGroup,

Inc. 

21,335‌

2,250‌

Sodexo

SA 

55,798‌

3,434‌

Total

25,866‌

Consumer

Staples

(10.4%)

Conagra

Brands,

Inc. 

297,011‌

6,080‌

The

Estee

Lauder

Cos.,

Inc.

-

Class

A 

84,551‌

6,832‌

General

Mills,

Inc. 

95,756‌

4,961‌

Heineken

NV 

51,729‌

4,529‌

Henkel

AG

&

Co.

KGaA

-

Preference

Shares 

60,759‌

4,771‌

Kenvue,

Inc. 

515,659‌

10,793‌

Kimberly-Clark

Corp. 

68,959‌

8,890‌

Koninklijke

Ahold

Delhaize

NV 

114,995‌

4,807‌

Mondelez

International,

Inc. 

47,950‌

3,234‌

Pernod

Ricard

SA 

57,897‌

5,783‌

Reckitt

Benckiser

Group

PLC 

92,268‌

6,277‌

Total

66,957‌

Energy

(5.6%)

Baker

Hughes

Co. 

238,678‌

9,151‌

Coterra

Energy,

Inc. 

213,783‌

5,426‌

Diamondback

Energy,

Inc. 

29,037‌

3,990‌

Enterprise

Products

Partners

LP 

435,273‌

13,498‌

Occidental

Petroleum

Corp. 

100,918‌

4,239‌

Total

36,304‌

Financials

(18.0%)

The

Allstate

Corp. 

18,304‌

3,685‌

The

Bank

of

New

York

Mellon

Corp. 

47,591‌

4,336‌

Commerce

Bancshares,

Inc. 

162,514‌

10,103‌

Equity

Residential 

129,322‌

8,728‌

First

Hawaiian,

Inc. 

65,571‌

1,637‌

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

The

Hanover

Insurance

Group,

Inc. 

21,273‌

3,614‌

Northern

Trust

Corp. 

89,338‌

11,327‌

The

PNC

Financial

Services

Group,

Inc. 

47,285‌

8,815‌

Prosperity

Bancshares,

Inc. 

79,234‌

5,565‌

Raymond

James

Financial,

Inc. 

22,911‌

3,514‌

Reinsurance

Group

of

America,

Inc. 

45,742‌

9,073‌

T.

Rowe

Price

Group,

Inc. 

52,429‌

5,059‌

Truist

Financial

Corp. 

294,484‌

12,660‌

U.S.

Bancorp 

280,189‌

12,679‌

Westamerica

Bancorporation 

73,218‌

3,547‌

Willis

Towers

Watson

PLC 

38,425‌

11,777‌

Total

116,119‌

Health

Care

(15.4%)

Becton

Dickinson

and

Co. 

52,307‌

9,010‌

Cencora,

Inc. 

8,333‌

2,499‌

Centene

Corp. *

93,968‌

5,101‌

Envista

Holdings

Corp. *

223,750‌

4,372‌

GE

HealthCare

Technologies,

Inc. 

91,201‌

6,755‌

Henry

Schein,

Inc. *

179,615‌

13,121‌

Hologic,

Inc. *

79,749‌

5,197‌

ICON

PLC *

20,759‌

3,019‌

IQVIA

Holdings,

Inc. *

33,697‌

5,310‌

Labcorp

Holdings,

Inc. 

42,559‌

11,172‌

Medtronic

PLC 

72,900‌

6,355‌

Qiagen

NV *

24,201‌

1,163‌

Quest

Diagnostics,

Inc. 

28,705‌

5,156‌

Universal

Health

Services,

Inc.

-

Class B 

20,434‌

3,702‌

Zimmer

Biomet

Holdings,

Inc. 

188,173‌

17,163‌

Total

99,095‌

Industrials

(17.3%)

A.O.

Smith

Corp. 

58,026‌

3,805‌

ABM

Industries,

Inc. 

90,995‌

4,296‌

Ashtead

Group

PLC 

50,286‌

3,224‌

Bunzl

PLC 

284,697‌

9,068‌

CSX

Corp. 

306,906‌

10,014‌

Cummins,

Inc. 

21,446‌

7,024‌

Dover

Corp. 

9,335‌

1,711‌

Emerson

Electric

Co. 

28,731‌

3,831‌

Fortive

Corp. 

26,916‌

1,403‌

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Gates

Industrial

Corp.

PLC *

66,958‌

1,542‌

Hexcel

Corp. 

71,356‌

4,031‌

L3Harris

Technologies,

Inc. 

36,410‌

9,133‌

Legrand

SA 

23,839‌

3,184‌

MSC

Industrial

Direct

Co.,

Inc. 

121,386‌

10,320‌

Norfolk

Southern

Corp. 

38,981‌

9,978‌

Oshkosh

Corp. 

89,775‌

10,193‌

Republic

Services,

Inc. 

3,881‌

957‌

Southwest

Airlines

Co. 

192,731‌

6,252‌

The

Timken

Co. 

69,723‌

5,058‌

The

Toro

Co. 

51,699‌

3,654‌

VINCI

SA 

21,383‌

3,156‌

Total

111,834‌

Information

Technology

(6.0%

)

Amdocs,

Ltd. 

76,355‌

6,967‌

Analog

Devices,

Inc. 

5,720‌

1,361‌

Cognizant

Technology

Solutions

Corp. 

70,534‌

5,504‌

F5,

Inc. *

10,884‌

3,203‌

HP,

Inc. 

267,557‌

6,544‌

NXP

Semiconductors

NV 

16,438‌

3,592‌

Ralliant

Corp. *

8,972‌

435‌

TE

Connectivity

PLC 

30,009‌

5,062‌

Teradyne,

Inc. 

69,634‌

6,261‌

Total

38,929‌

Materials

(5.4%)

Akzo

Nobel

NV 

47,664‌

3,336‌

Eagle

Materials,

Inc. 

23,615‌

4,773‌

Graphic

Packaging

Holding

Co. 

411,430‌

8,669‌

Packaging

Corp.

of

America 

39,493‌

7,442‌

PPG

Industries,

Inc. 

40,708‌

4,630‌

Reliance,

Inc. 

19,751‌

6,200‌

Total

35,050‌

Real

Estate

(7.7%)

Agree

Realty

Corp. 

31,116‌

2,273‌

American

Tower

Corp. 

28,639‌

6,330‌

Essex

Property

Trust,

Inc. 

8,033‌

2,277‌

Healthpeak

Properties,

Inc. 

303,211‌

5,309‌

Public

Storage 

24,593‌

7,216‌

Realty

Income

Corp. 

175,110‌

10,088‌

Regency

Centers

Corp. 

24,482‌

1,744‌

Ventas,

Inc. 

78,079‌

4,931‌

VICI

Properties,

Inc. 

289,679‌

9,443‌

Total

49,611‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

30

Mid

Cap

Value

Portfolio

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000’s)

Utilities

(7.9%)

Duke

Energy

Corp. 

13,756‌

1,623‌

Evergy,

Inc. 

132,271‌

9,117‌

Eversource

Energy 

141,271‌

8,988‌

Northwestern

Energy

Group,

Inc. 

163,476‌

8,386‌

ONE

Gas,

Inc. 

82,463‌

5,926‌

PPL

Corp. 

48,060‌

1,629‌

Spire,

Inc. 

91,370‌

6,669‌

Xcel

Energy,

Inc. 

130,618‌

8,895‌

Total

51,233‌

Total

Common

Stocks

(Cost: $631,631)

635,573

Total

Investments

(98.4%)

(Cost:

$631,631)

@

635,573

Other

Assets,

Less

Liabilities (1.6%)

10,263

Net

Assets

(100.0%)

645,836

Over

the

Counter

Derivatives

Forward

Foreign

Currency

Contracts

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000's)

Settlement

Date

Unrealized

Appreciation

(000's)

Unrealized

(Depreciation)

(000's)

Net

Unrealized

Appreciation/

(Depreciation)

(000's)

Sell      

Morgan

Stanley

Capital

Services

LLC

EUR

26,365‌

31,233‌

9/26/25

$

—‌

$

(801‌)

$

(801‌)

Sell      

Bank

of

America

NA

GBP

11,451‌

15,726‌

9/26/25

—‌

(368‌)

(368‌)

$

—‌

$

(1,169‌)

$

(1,169‌)

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

—‌

—‌

—‌

$

(1,169‌)

—‌

—‌

$

(1,169‌)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$631,631

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$2,773

which

is

comprised

of

$42,529

aggregate

gross

unrealized

appreciation

and

$39,756

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.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

31

Mid

Cap

Value

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

Consumer

Discretionary

$

18,943‌

$

6,923‌

$

—‌

Consumer

Staples

40,790‌

26,167‌

—‌

Industrials

93,202‌

18,632‌

—‌

Materials

31,714‌

3,336‌

—‌

All

Others

395,866‌

—‌

—‌

Total

Assets:

$

580,515‌

$

55,058‌

$

—‌

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—‌

(1,169‌)

—‌

Total

Liabilities:

$

—‌

$

(1,169‌)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

32

Small

Cap

Growth

Stock

Portfolio

Common

Stocks

(

96

.9

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

1

.5

%

)

Atlanta

Braves

Holdings,

Inc.

-

Class C *

110,451‌

5,166‌

CarGurus,

Inc. *

158,551‌

5,306‌

Total

10,472‌

Consumer

Discretionary

(

10

.9

%

)

Boot

Barn

Holdings,

Inc. *

45,007‌

6,841‌

Dorman

Products,

Inc. *

51,241‌

6,286‌

Genius

Sports,

Ltd. *

210,367‌

2,188‌

Hyatt

Hotels

Corp.

-

Class

A 

26,475‌

3,697‌

Installed

Building

Products,

Inc. 

26,374‌

4,756‌

Kontoor

Brands,

Inc. 

96,199‌

6,346‌

Modine

Manufacturing

Co. *

67,768‌

6,675‌

Ollie's

Bargain

Outlet

Holdings,

Inc. *

39,005‌

5,140‌

Patrick

Industries,

Inc. 

50,298‌

4,641‌

Pool

Corp. 

14,418‌

4,203‌

Smith

Douglas

Homes

Corp. *

103,456‌

2,009‌

Super

Group

SGHC,

Ltd. 

349,063‌

3,829‌

Sweetgreen,

Inc.

-

Class

A *

286,629‌

4,265‌

Universal

Technical

Institute,

Inc. *

120,587‌

4,087‌

Wingstop,

Inc. 

12,913‌

4,348‌

Wyndham

Hotels

&

Resorts,

Inc. 

36,673‌

2,978‌

YETI

Holdings,

Inc. *

132,591‌

4,179‌

Total

76,468‌

Consumer

Staples

(

3

.5

%

)

BellRing

Brands,

Inc. *

73,366‌

4,250‌

The

Chefs'

Warehouse,

Inc. *

81,692‌

5,213‌

Freshpet,

Inc. *

47,298‌

3,214‌

Interparfums,

Inc. 

46,262‌

6,075‌

WD-40

Co. 

25,068‌

5,718‌

Total

24,470‌

Energy

(

2

.2

%

)

Cactus,

Inc.

-

Class

A 

85,079‌

3,720‌

Gulfport

Energy

Corp. *

25,648‌

5,160‌

Kodiak

Gas

Services,

Inc. 

69,757‌

2,390‌

Matador

Resources

Co. 

88,235‌

4,210‌

Total

15,480‌

Common

Stocks

(96.9%)

Shares/

Par

+

Value

$

(000’s)

Financials

(

8

.7

%

)

Evercore,

Inc.

-

Class

A 

18,191‌

4,912‌

FirstCash

Holdings,

Inc. 

56,927‌

7,693‌

Hamilton

Lane,

Inc.

-

Class

A 

39,955‌

5,678‌

Mr.

Cooper

Group,

Inc. *

45,329‌

6,764‌

Perella

Weinberg

Partners 

203,389‌

3,950‌

Remitly

Global,

Inc. *

222,330‌

4,173‌

Sezzle,

Inc. *

16,357‌

2,932‌

SiriusPoint,

Ltd. *

49,403‌

1,007‌

StepStone

Group,

Inc.

-

Class

A 

78,084‌

4,334‌

Stifel

Financial

Corp. 

74,626‌

7,745‌

Synovus

Financial

Corp. 

134,050‌

6,937‌

White

Mountains

Insurance

Group,

Ltd. 

2,776‌

4,985‌

Total

61,110‌

Health

Care

(

21

.3

%

)

Acadia

Healthcare

Co.,

Inc. *

116,886‌

2,652‌

Akero

Therapeutics,

Inc. *

62,010‌

3,309‌

Amicus

Therapeutics,

Inc. *

327,828‌

1,878‌

Apogee

Therapeutics,

Inc. *

43,622‌

1,895‌

AtriCure,

Inc. *

124,453‌

4,078‌

Avidity

Biosciences,

Inc. *

128,227‌

3,642‌

Axsome

Therapeutics,

Inc. *

42,902‌

4,479‌

Blueprint

Medicines

Corp. *

46,804‌

5,999‌

Celldex

Therapeutics,

Inc. *

92,189‌

1,876‌

CG

Oncology,

Inc. *

83,638‌

2,175‌

Crinetics

Pharmaceuticals,

Inc. *

102,786‌

2,956‌

Cytokinetics,

Inc. *

54,520‌

1,801‌

Disc

Medicine,

Inc. *

44,757‌

2,370‌

Ensign

Group,

Inc. 

76,076‌

11,736‌

GeneDx

Holdings

Corp. *

37,003‌

3,416‌

Glaukos

Corp. *

50,857‌

5,253‌

HealthEquity,

Inc. *

91,795‌

9,616‌

Hims

&

Hers

Health,

Inc. *

82,745‌

4,125‌

Ionis

Pharmaceuticals,

Inc. *

46,213‌

1,826‌

Common

Stocks

(96.9%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

iRhythm

Technologies,

Inc. *

40,712‌

6,268‌

Kymera

Therapeutics,

Inc. *

62,582‌

2,731‌

Lantheus

Holdings,

Inc. *

71,859‌

5,882‌

MBX

Biosciences,

Inc. *

77,052‌

879‌

Merit

Medical

Systems,

Inc. *

62,461‌

5,839‌

Nuvalent,

Inc.

-

Class A *

40,043‌

3,055‌

Option

Care

Health,

Inc. *

135,148‌

4,390‌

Protagonist

Therapeutics,

Inc. *

68,885‌

3,807‌

PTC

Therapeutics,

Inc. *

93,758‌

4,579‌

RadNet,

Inc. *

95,273‌

5,422‌

Revolution

Medicines,

Inc. *

46,367‌

1,706‌

Scholar

Rock

Holding

Corp. *

84,366‌

2,988‌

Soleno

Therapeutics,

Inc. *

45,611‌

3,821‌

Spyre

Therapeutics,

Inc. *

84,766‌

1,269‌

Structure

Therapeutics,

Inc.,

ADR *

50,227‌

1,042‌

TG

Therapeutics,

Inc. *

134,165‌

4,829‌

TransMedics

Group,

Inc. *

17,298‌

2,318‌

Ultragenyx

Pharmaceutical,

Inc. *

40,029‌

1,455‌

Vaxcyte,

Inc. *

42,081‌

1,368‌

Veracyte,

Inc. *

122,708‌

3,317‌

Vericel

Corp. *

75,898‌

3,230‌

Verona

Pharma

PLC,

ADR *

39,060‌

3,694‌

Total

148,971‌

Industrials

(

22

.3

%

)

ACV

Auctions,

Inc.

-

Class

A *

181,416‌

2,943‌

Aerovironment,

Inc. *

32,546‌

9,274‌

Archer

Aviation,

Inc. *

244,046‌

2,648‌

Atmus

Filtration

Technologies,

Inc. 

138,099‌

5,030‌

The

AZEK

Co.,

Inc. *

111,020‌

6,034‌

AZZ,

Inc. 

48,170‌

4,551‌

Boise

Cascade

Co. 

34,852‌

3,026‌

CACI

International,

Inc. *

10,841‌

5,168‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

33

Small

Cap

Growth

Stock

Portfolio

Common

Stocks

(96.9%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Casella

Waste

Systems,

Inc.

-

Class A *

55,803‌

6,439‌

CBIZ,

Inc. *

97,980‌

7,026‌

Chart

Industries,

Inc. *

44,664‌

7,354‌

Clean

Harbors,

Inc. *

29,008‌

6,706‌

ExlService

Holdings,

Inc. *

97,575‌

4,273‌

Fluor

Corp. *

121,992‌

6,254‌

FTAI

Aviation,

Ltd. 

65,440‌

7,528‌

Hillman

Solutions

Corp. *

623,300‌

4,450‌

Huron

Consulting

Group,

Inc. *

25,233‌

3,471‌

Innodata,

Inc. *

78,275‌

4,009‌

ITT,

Inc. 

22,236‌

3,487‌

Moog,

Inc.

-

Class

A 

43,909‌

7,946‌

MYR

Group,

Inc. *

23,068‌

4,186‌

NEXTracker,

Inc.

-

Class

A *

101,382‌

5,512‌

Primoris

Services

Corp. 

68,151‌

5,312‌

Rush

Enterprises,

Inc.

-

Class

A 

77,614‌

3,998‌

Ryder

System,

Inc. 

30,794‌

4,896‌

SPX

Technologies,

Inc. *

58,272‌

9,771‌

Verra

Mobility

Corp. *

363,717‌

9,235‌

WESCO

International,

Inc. 

30,791‌

5,702‌

Total

156,229‌

Information

Technology

(

19

.8

%

)

ACI

Worldwide,

Inc. *

176,997‌

8,126‌

Agilysys,

Inc. *

46,116‌

5,287‌

AppFolio,

Inc.

-

Class A *

11,553‌

2,660‌

AvePoint,

Inc. *

284,386‌

5,491‌

BILL

Holdings,

Inc. *

82,385‌

3,811‌

CCC

Intelligent

Solutions

Holdings,

Inc. *

598,696‌

5,634‌

Cirrus

Logic,

Inc. *

44,800‌

4,671‌

Clearwater

Analytics

Holdings,

Inc.

-

Class A *

331,106‌

7,261‌

CommVault

Systems,

Inc. *

40,461‌

7,054‌

Credo

Technology

Group

Holding,

Ltd. *

104,030‌

9,632‌

Fabrinet *

23,297‌

6,865‌

Grid

Dynamics

Holdings,

Inc. *

220,097‌

2,542‌

Insight

Enterprises,

Inc. *

36,238‌

5,004‌

Intapp,

Inc. *

78,858‌

4,071‌

Jamf

Holding

Corp. *

291,102‌

2,768‌

Lumentum

Holdings,

Inc. *

48,911‌

4,649‌

Common

Stocks

(96.9%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

MACOM

Technology

Solutions

Holdings,

Inc. *

21,158‌

3,032‌

MKS,

Inc. 

50,765‌

5,044‌

Napco

Security

Technologies,

Inc. 

143,640‌

4,265‌

PAR

Technology

Corp. *

47,306‌

3,282‌

Pegasystems,

Inc. 

104,664‌

5,665‌

Rambus,

Inc. *

90,231‌

5,777‌

SPS

Commerce,

Inc. *

47,804‌

6,506‌

Unity

Software,

Inc. *

121,441‌

2,939‌

Varonis

Systems,

Inc. *

94,453‌

4,793‌

Vertex,

Inc.

-

Class

A *

145,109‌

5,127‌

Viavi

Solutions,

Inc. *

369,793‌

3,724‌

Zeta

Global

Holdings

Corp.

-

Class A *

210,269‌

3,257‌

Total

138,937‌

Materials

(

4

.5

%

)

ATI,

Inc. *

75,766‌

6,542‌

Axalta

Coating

Systems,

Ltd. *

163,178‌

4,845‌

Cabot

Corp. 

90,044‌

6,753‌

Carpenter

Technology

Corp. 

22,186‌

6,132‌

Commercial

Metals

Co. 

62,071‌

3,036‌

FMC

Corp. 

94,789‌

3,957‌

Total

31,265‌

Real

Estate

(

1

.5

%

)

CareTrust

REIT,

Inc. 

186,948‌

5,721‌

Independence

Realty

Trust,

Inc. 

267,077‌

4,724‌

Total

10,445‌

Utilities

(

0

.7

%

)

Chesapeake

Utilities

Corp. 

41,332‌

4,969‌

Total

4,969‌

Total

Common

Stocks

(Cost: $602,973)

678,816

Investment

Companies

(

1

.7

%

)

Investment

Companies

(

1

.7

%

)

iShares

Russell

2000

Growth

ETF 

43,093‌

12,319‌

Total

12,319‌

Total

Investment

Companies

(Cost: $12,145)

12,319

Total

Investments

(98.6%)

(Cost:

$615,118)

@

691,135

Other

Assets,

Less

Liabilities (1.4%)

9,617

Net

Assets

(100.0%)

700,752

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

34

Small

Cap

Growth

Stock

Portfolio

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$615,118

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$76,017

which

is

comprised

of

$115,723

aggregate

gross

unrealized

appreciation

and

$39,706

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

678,816‌

$

—‌

$

—‌

Investment

Companies

12,319‌

—‌

—‌

Total

Assets:

$

691,135‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

35

Index

600

Stock

Portfolio

Common

Stocks

(

99.6%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(3.0%)

Angi

,

Inc. *

14,987‌

229‌

Cable

One,

Inc. 

1,638‌

222‌

CarGurus

,

Inc. *

29,868‌

1,000‌

Cars.com,

Inc. *

20,728‌

246‌

Cinemark

Holdings,

Inc. 

35,668‌

1,076‌

Cogent

Communications

Holdings,

Inc. 

15,064‌

726‌

DoubleVerify

Holdings,

Inc. *

47,880‌

717‌

Gogo

,

Inc. *

21,104‌

310‌

IAC,

Inc. *

23,008‌

859‌

John

Wiley

&

Sons,

Inc.

-

Class

A 

14,429‌

644‌

Lumen

Technologies,

Inc. *

362,638‌

1,588‌

Madison

Square

Garden

Sports

Corp. *

5,920‌

1,237‌

QuinStreet

,

Inc. *

20,218‌

326‌

Scholastic

Corp. 

8,351‌

175‌

Shenandoah

Telecommunications

Co. 

16,370‌

224‌

Shutterstock

,

Inc. 

8,446‌

160‌

TechTarget

,

Inc. *

9,569‌

74‌

TEGNA,

Inc. 

56,684‌

950‌

Telephone

and

Data

Systems,

Inc. 

34,845‌

1,240‌

Thryv

Holdings,

Inc. *

14,595‌

178‌

TripAdvisor,

Inc. *

41,916‌

547‌

Yelp,

Inc. *

22,533‌

772‌

Ziff

Davis,

Inc. *

14,946‌

452‌

Total

13,952‌

Consumer

Discretionary

(13.2%)

Academy

Sports

&

Outdoors,

Inc. 

23,495‌

1,053‌

Acushnet

Holdings

Corp. 

9,391‌

684‌

Adient

PLC *

29,853‌

581‌

Adtalem

Global

Education,

Inc. *

12,700‌

1,616‌

Advance

Auto

Parts,

Inc. 

21,241‌

987‌

American

Axle

&

Manufacturing

Holdings,

Inc. *

41,048‌

167‌

American

Eagle

Outfitters,

Inc. 

55,973‌

538‌

Asbury

Automotive

Group,

Inc. *

6,945‌

1,657‌

BJ's

Restaurants,

Inc. *

7,849‌

350‌

Bloomin

'

Brands,

Inc. 

26,582‌

229‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Discretionary

continued

Boot

Barn

Holdings,

Inc. *

10,814‌

1,644‌

BorgWarner,

Inc. 

77,636‌

2,599‌

Brinker

International,

Inc. *

15,713‌

2,834‌

The

Buckle,

Inc. 

10,760‌

488‌

Caleres

,

Inc. 

11,755‌

144‌

Carter's,

Inc. 

12,941‌

390‌

Cavco

Industries,

Inc. *

2,833‌

1,231‌

Century

Communities,

Inc. 

9,547‌

538‌

Champion

Homes,

Inc. *

18,629‌

1,166‌

The

Cheesecake

Factory,

Inc. 

16,174‌

1,013‌

Cracker

Barrel

Old

Country

Store,

Inc. 

7,860‌

480‌

Dana,

Inc. 

46,045‌

790‌

Dave

&

Buster's

Entertainment,

Inc. *

9,812‌

295‌

Dorman

Products,

Inc. *

9,609‌

1,179‌

Dream

Finders

Homes,

Inc.

-

Class

A *

10,174‌

256‌

Ethan

Allen

Interiors,

Inc. 

8,040‌

224‌

Etsy,

Inc. *

36,866‌

1,849‌

Foot

Locker,

Inc. *

29,513‌

723‌

Fox

Factory

Holding

Corp. *

14,835‌

385‌

Frontdoor

,

Inc. *

26,015‌

1,533‌

Gentherm

,

Inc. *

10,862‌

307‌

G-III

Apparel

Group,

Ltd. *

13,476‌

302‌

Golden

Entertainment,

Inc. 

7,038‌

207‌

Green

Brick

Partners,

Inc. *

10,692‌

672‌

Group

1

Automotive,

Inc. 

4,477‌

1,955‌

Guess?,

Inc. 

9,430‌

114‌

Hanesbrands,

Inc. *

125,108‌

573‌

Helen

of

Troy,

Ltd. *

7,976‌

226‌

Installed

Building

Products,

Inc. 

8,052‌

1,452‌

Jack

in

the

Box,

Inc. 

6,531‌

114‌

Kohl's

Corp. 

39,237‌

333‌

Kontoor

Brands,

Inc. 

17,669‌

1,166‌

La-Z-Boy,

Inc. 

14,634‌

544‌

LCI

Industries 

8,899‌

811‌

Leggett

&

Platt,

Inc. 

47,575‌

424‌

LGI

Homes,

Inc. *

7,235‌

373‌

M/I

Homes,

Inc. *

9,461‌

1,061‌

MarineMax

,

Inc. *

6,706‌

169‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Discretionary

continued

Matthews

International

Corp. 

10,840‌

259‌

Meritage

Homes

Corp. 

25,402‌

1,701‌

Mister

Car

Wash,

Inc. *

32,683‌

196‌

Monarch

Casino

&

Resort,

Inc. 

4,521‌

391‌

Monro

,

Inc. 

10,320‌

154‌

National

Vision

Holdings,

Inc. *

27,937‌

643‌

Newell

Brands,

Inc. 

148,281‌

801‌

Oxford

Industries,

Inc. 

4,965‌

200‌

Papa

John's

International,

Inc. 

11,585‌

567‌

Patrick

Industries,

Inc. 

11,797‌

1,089‌

Penn

Entertainment,

Inc. *

51,401‌

919‌

Perdoceo

Education

Corp. 

21,793‌

712‌

PHINIA,

Inc. 

14,130‌

629‌

Pursuit

Attractions

and

Hospitality,

Inc. *

7,469‌

215‌

Sabre

Corp. *

136,309‌

431‌

Sally

Beauty

Holdings,

Inc. *

35,549‌

329‌

Shake

Shack,

Inc.

-

Class

A *

14,218‌

1,999‌

Shoe

Carnival,

Inc. 

6,201‌

116‌

Signet

Jewelers,

Ltd. 

15,159‌

1,206‌

Six

Flags

Entertainment

Corp. *

33,374‌

1,016‌

Sonic

Automotive,

Inc.

-

Class

A 

5,137‌

411‌

Sonos

,

Inc. *

42,372‌

458‌

Standard

Motor

Products,

Inc. 

7,414‌

228‌

Steven

Madden,

Ltd. 

25,621‌

614‌

Strategic

Education,

Inc. 

8,489‌

723‌

Stride,

Inc. *

15,174‌

2,203‌

Sturm,

Ruger

&

Co.,

Inc. 

5,823‌

209‌

Topgolf

Callaway

Brands

Corp. *

50,223‌

404‌

TRI

Pointe

Homes,

Inc. *

32,033‌

1,023‌

Upbound

Group,

Inc. 

18,187‌

456‌

Urban

Outfitters,

Inc. *

19,976‌

1,449‌

Victoria's

Secret

&

Co. *

28,342‌

525‌

Winnebago

Industries,

Inc. 

9,899‌

287‌

Wolverine

World

Wide,

Inc. 

28,772‌

520‌

Worthington

Enterprises,

Inc. 

10,944‌

696‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

36

Index

600

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Discretionary

continued

XPEL,

Inc. *

8,059‌

289‌

Total

62,494‌

Consumer

Staples

(3.0%)

The

Andersons,

Inc. 

11,450‌

421‌

B&G

Foods,

Inc. 

27,651‌

117‌

Cal-Maine

Foods,

Inc. 

15,249‌

1,519‌

Central

Garden

&

Pet

Co. *

2,913‌

102‌

Central

Garden

&

Pet

Co.

-

Class

A *

17,500‌

548‌

The

Chefs'

Warehouse,

Inc. *

12,496‌

797‌

Edgewell

Personal

Care

Co. 

16,701‌

391‌

Energizer

Holdings,

Inc. 

23,290‌

470‌

Fresh

Del

Monte

Produce,

Inc. 

11,916‌

386‌

Freshpet

,

Inc. *

17,235‌

1,171‌

Grocery

Outlet

Holding

Corp. *

34,802‌

432‌

Interparfums

,

Inc. 

6,353‌

834‌

J

&

J

Snack

Foods

Corp. 

5,490‌

623‌

John

B.

Sanfilippo

&

Son,

Inc. 

3,255‌

206‌

MGP

Ingredients,

Inc. 

4,901‌

147‌

National

Beverage

Corp. *

8,197‌

354‌

PriceSmart

,

Inc. 

8,778‌

922‌

The

Simply

Good

Foods

Co. *

32,460‌

1,025‌

SpartanNash

Co. 

11,734‌

311‌

Tootsie

Roll

Industries,

Inc. 

5,957‌

199‌

TreeHouse

Foods,

Inc. *

16,007‌

311‌

United

Natural

Foods,

Inc. *

21,485‌

501‌

Universal

Corp. 

8,739‌

509‌

USANA

Health

Sciences,

Inc. *

3,925‌

120‌

WD-40

Co. 

4,781‌

1,091‌

WK

Kellogg

Co. 

23,584‌

376‌

Total

13,883‌

Energy

(3.9%)

Archrock

,

Inc. 

62,457‌

1,551‌

Atlas

Energy

Solutions,

Inc. 

25,893‌

346‌

Bristow

Group,

Inc. *

8,771‌

289‌

Cactus,

Inc.

-

Class

A 

24,148‌

1,056‌

California

Resources

Corp. 

24,568‌

1,122‌

Comstock

Resources,

Inc. *

32,234‌

892‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Core

Laboratories,

Inc. 

16,299‌

188‌

Core

Natural

Resources,

Inc. 

17,679‌

1,233‌

Crescent

Energy

Co. 

65,006‌

559‌

CVR

Energy,

Inc. 

12,137‌

326‌

Dorian

LPG,

Ltd. 

12,957‌

316‌

Helix

Energy

Solutions

Group,

Inc. *

50,157‌

313‌

Helmerich

&

Payne,

Inc. 

35,201‌

534‌

Innovex

International,

Inc. *

13,519‌

211‌

International

Seaways,

Inc. 

14,292‌

521‌

Liberty

Energy,

Inc. 

57,467‌

660‌

Magnolia

Oil

&

Gas

Corp.

-

Class

A 

66,011‌

1,484‌

Northern

Oil

and

Gas,

Inc. 

34,793‌

986‌

Oceaneering

International,

Inc. *

35,624‌

738‌

Par

Pacific

Holdings,

Inc. *

18,307‌

486‌

Patterson-UTI

Energy,

Inc. 

123,782‌

734‌

Peabody

Energy

Corp. 

43,083‌

578‌

ProPetro

Holding

Corp. *

28,414‌

170‌

REX

American

Resources

Corp. *

5,190‌

253‌

RPC,

Inc. 

30,036‌

142‌

SM

Energy

Co. 

40,392‌

998‌

Talos

Energy,

Inc. *

43,454‌

369‌

Tidewater,

Inc. *

16,068‌

741‌

Vital

Energy,

Inc. *

9,462‌

152‌

World

Kinect

Corp. 

19,943‌

565‌

Total

18,513‌

Financials

(18.9%)

Acadian

Asset

Management,

Inc. 

9,527‌

336‌

Ameris

Bancorp 

22,838‌

1,478‌

AMERISAFE,

Inc. 

6,646‌

291‌

Apollo

Commercial

Real

Estate

Finance,

Inc. 

45,081‌

436‌

Arbor

Realty

Trust,

Inc. 

68,188‌

730‌

ARMOUR

Residential

REIT,

Inc. 

28,954‌

487‌

Artisan

Partners

Asset

Management,

Inc.

-

Class

A 

24,868‌

1,102‌

Assured

Guaranty,

Ltd. 

16,303‌

1,420‌

Atlantic

Union

Bankshares

Co. 

50,345‌

1,575‌

Axos

Financial,

Inc. *

18,922‌

1,439‌

Banc

of

California,

Inc. 

45,457‌

639‌

BancFirst

Corp. 

7,047‌

871‌

The

Bancorp,

Inc. *

16,499‌

940‌

Bank

of

Hawaii

Corp. 

14,080‌

951‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

BankUnited

,

Inc. 

26,524‌

944‌

Banner

Corp. 

12,222‌

784‌

Berkshire

Hills

Bancorp,

Inc. 

16,235‌

407‌

BGC

Group,

Inc.

-

Class

A 

133,874‌

1,370‌

Blackstone

Mortgage

Trust,

Inc. 

59,659‌

1,148‌

Brookline

Bancorp,

Inc. 

31,234‌

330‌

Capitol

Federal

Financial,

Inc. 

43,505‌

265‌

Cathay

General

Bancorp 

24,746‌

1,127‌

Central

Pacific

Financial

Corp. 

9,613‌

269‌

City

Holding

Co. 

5,119‌

627‌

Cohen

&

Steers,

Inc. 

9,537‌

719‌

Community

Financial

System,

Inc. 

18,658‌

1,061‌

Customers

Bancorp,

Inc. *

10,430‌

613‌

CVB

Financial

Corp. 

45,761‌

906‌

Dime

Community

Bancshares,

Inc. 

14,007‌

377‌

Donnelley

Financial

Solutions,

Inc. *

9,027‌

557‌

Eagle

Bancorp,

Inc. 

10,563‌

206‌

Ellington

Financial,

Inc. 

33,456‌

435‌

Employers

Holdings,

Inc. 

8,516‌

402‌

Enact

Holdings,

Inc. 

10,107‌

375‌

Encore

Capital

Group,

Inc. *

8,246‌

319‌

Enova

International,

Inc. *

8,951‌

998‌

EVERTEC,

Inc. 

22,453‌

809‌

EZCORP,

Inc.

-

Class A *

18,423‌

256‌

FB

Financial

Corp. 

12,135‌

550‌

First

Bancorp 

71,319‌

1,825‌

First

Commonwealth

Financial

Corp. 

36,902‌

599‌

First

Financial

Bancorp 

33,744‌

819‌

First

Hawaiian,

Inc. 

44,465‌

1,110‌

Franklin

BSP

Realty

Trust,

Inc. 

28,820‌

308‌

Fulton

Financial

Corp. 

64,164‌

1,158‌

Genworth

Financial,

Inc. *

146,450‌

1,139‌

Goosehead

Insurance,

Inc.

-

Class

A 

8,894‌

938‌

HA

Sustainable

Infrastructure

Capital,

Inc. 

42,728‌

1,148‌

Hanmi

Financial

Corp. 

10,534‌

260‌

HCI

Group,

Inc. 

3,303‌

503‌

Heritage

Financial

Corp. 

12,120‌

289‌

Hilltop

Holdings,

Inc. 

16,114‌

489‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

37

Index

600

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Hope

Bancorp,

Inc. 

44,700‌

480‌

Horace

Mann

Educators

Corp. 

14,392‌

618‌

Independent

Bank

Corp. 

15,041‌

946‌

Jackson

Financial,

Inc. 

25,256‌

2,242‌

KKR

Real

Estate

Finance

Trust,

Inc. 

20,398‌

179‌

Lakeland

Financial

Corp. 

9,090‌

559‌

Lincoln

National

Corp. 

60,372‌

2,089‌

Mercury

General

Corp. 

9,387‌

632‌

Moelis

&

Co.

-

Class

A 

26,214‌

1,634‌

Mr.

Cooper

Group,

Inc. *

22,620‌

3,375‌

National

Bank

Holding

Corp. 

13,539‌

509‌

Navient

Corp. 

25,837‌

364‌

NBT

Bancorp,

Inc. 

18,493‌

768‌

NCR

Atleos

Corp. *

26,075‌

744‌

New

York

Mortgage

Trust,

Inc. 

31,673‌

212‌

NMI

Holdings,

Inc. *

27,585‌

1,164‌

Northwest

Bancshares,

Inc. 

45,128‌

577‌

OFG

Bancorp 

15,868‌

679‌

Pacific

Premier

Bancorp,

Inc. 

34,269‌

723‌

Palomar

Holdings,

Inc. *

9,446‌

1,457‌

Park

National

Corp. 

5,146‌

861‌

Pathward

Financial,

Inc. 

8,321‌

658‌

Payoneer

Global,

Inc. *

92,436‌

633‌

PennyMac

Mortgage

Investment

Trust 

30,887‌

397‌

Piper

Sandler

Cos. 

5,804‌

1,613‌

PJT

Partners,

Inc.

-

Class

A 

8,631‌

1,424‌

PRA

Group,

Inc. *

14,076‌

208‌

Preferred

Bank

-

Los

Angeles 

4,073‌

352‌

ProAssurance

Corp. *

18,069‌

413‌

PROG

Holdings,

Inc. 

14,324‌

420‌

Provident

Financial

Services,

Inc. 

46,274‌

811‌

Radian

Group,

Inc. 

47,527‌

1,712‌

Ready

Capital

Corp. 

60,455‌

264‌

Redwood

Trust,

Inc. 

47,450‌

280‌

Renasant

Corp. 

32,555‌

1,170‌

S&T

Bancorp,

Inc. 

13,575‌

513‌

Safety

Insurance

Group,

Inc. 

5,259‌

418‌

Seacoast

Banking

Corp.

of

Florida 

29,961‌

828‌

ServisFirst

Bancshares,

Inc. 

17,750‌

1,376‌

Simmons

First

National

Corp. 

44,536‌

844‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

SiriusPoint

,

Ltd. *

32,523‌

663‌

Southside

Bancshares,

Inc. 

10,106‌

297‌

Stellar

Bancorp,

Inc. 

16,273‌

455‌

StepStone

Group,

Inc.

-

Class

A 

23,314‌

1,294‌

Stewart

Information

Services

Corp. 

9,862‌

642‌

StoneX

Group,

Inc. *

15,381‌

1,402‌

Tompkins

Financial

Corp. 

4,468‌

280‌

Triumph

Financial,

Inc. *

7,888‌

435‌

Trupanion

,

Inc. *

11,997‌

664‌

TrustCo

Bank

Corp. 

6,649‌

222‌

Trustmark

Corp. 

21,342‌

778‌

Two

Harbors

Investment

Corp. 

36,793‌

396‌

United

Community

Banks,

Inc. 

42,906‌

1,278‌

United

Fire

Group,

Inc. 

7,604‌

218‌

Veritex

Holdings,

Inc. 

19,085‌

498‌

Virtu

Financial,

Inc.

-

Class

A 

28,544‌

1,278‌

Virtus

Investment

Partners,

Inc. 

2,307‌

418‌

WaFd

,

Inc. 

28,322‌

829‌

Walker

&

Dunlop,

Inc. 

11,465‌

808‌

Westamerica

Bancorporation 

9,316‌

451‌

WisdomTree

,

Inc. 

41,138‌

474‌

World

Acceptance

Corp. *

1,121‌

185‌

WSFS

Financial

Corp. 

20,042‌

1,102‌

Total

89,347‌

Health

Care

(10.5%)

Acadia

Pharmaceuticals,

Inc. *

43,962‌

948‌

AdaptHealth

Corp. *

37,283‌

352‌

Addus

HomeCare

Corp. *

6,407‌

738‌

ADMA

Biologics,

Inc. *

84,377‌

1,536‌

Alkermes

PLC *

58,258‌

1,667‌

AMN

Healthcare

Services,

Inc. *

13,589‌

281‌

Amphastar

Pharmaceuticals,

Inc. *

13,113‌

301‌

ANI

Pharmaceuticals,

Inc. *

6,040‌

394‌

Arcus

Biosciences,

Inc. *

23,548‌

192‌

Arrowhead

Pharmaceuticals,

Inc. *

44,615‌

705‌

Artivion

,

Inc. *

13,644‌

424‌

Astrana

Health,

Inc. *

14,772‌

368‌

Avanos

Medical,

Inc. *

16,467‌

202‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

Azenta

,

Inc. *

16,275‌

501‌

BioLife

Solutions,

Inc. *

13,173‌

284‌

Catalyst

Pharmaceuticals,

Inc. *

40,461‌

878‌

Certara

,

Inc. *

38,728‌

453‌

Collegium

Pharmaceutical,

Inc. *

11,466‌

339‌

Concentra

Group

Holdings

Parent,

Inc. 

38,435‌

791‌

CONMED

Corp. 

10,928‌

569‌

Corcept

Therapeutics,

Inc. *

33,358‌

2,448‌

CorVel

Corp. *

9,616‌

988‌

Cytek

Biosciences,

Inc. *

36,657‌

125‌

Dynavax

Technologies

Corp. *

39,647‌

393‌

Embecta

Corp. 

20,262‌

196‌

Enovis

Corp. *

20,182‌

633‌

Fortrea

Holdings,

Inc. *

31,347‌

155‌

Glaukos

Corp. *

20,196‌

2,086‌

Harmony

Biosciences

Holdings,

Inc. *

13,653‌

431‌

HealthStream

,

Inc. 

8,565‌

237‌

ICU

Medical,

Inc. *

8,695‌

1,149‌

Innoviva

,

Inc. *

19,602‌

394‌

Inspire

Medical

Systems,

Inc. *

10,425‌

1,353‌

Integer

Holdings

Corp. *

12,324‌

1,515‌

Integra

LifeSciences

Holdings

Corp. *

23,725‌

291‌

Krystal

Biotech,

Inc. *

8,985‌

1,235‌

LeMaitre

Vascular,

Inc. 

7,307‌

607‌

Ligand

Pharmaceuticals,

Inc. *

6,800‌

773‌

Merit

Medical

Systems,

Inc. *

20,888‌

1,953‌

Mesa

Laboratories,

Inc. 

1,903‌

179‌

Myriad

Genetics,

Inc. *

32,723‌

174‌

National

HealthCare

Corp. 

4,375‌

468‌

Neogen

Corp. *

69,792‌

334‌

NeoGenomics

,

Inc. *

45,586‌

333‌

OmniAb

,

Inc.

-

12.50

Earnout

Consideration *,Æ

2,585‌

–‌

OmniAb

,

Inc.

-

15.00

Earnout

Consideration *,Æ

2,585‌

–‌

Omnicell

,

Inc. *

16,629‌

489‌

Organon

&

Co. 

92,275‌

893‌

Owens

&

Minor,

Inc. *

25,623‌

233‌

Pacira

Biosciences,

Inc. *

16,418‌

392‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

38

Index

600

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

Pediatrix

Medical

Group,

Inc. *

29,869‌

429‌

Phibro

Animal

Health

Corp.

-

Class

A 

7,133‌

182‌

Premier,

Inc. 

29,235‌

641‌

Prestige

Consumer

Healthcare,

Inc. *

17,449‌

1,393‌

Privia

Health

Group,

Inc. *

36,994‌

851‌

Progyny

,

Inc. *

26,472‌

582‌

Protagonist

Therapeutics,

Inc. *

21,903‌

1,211‌

QuidelOrtho

Corp. *

23,526‌

678‌

RadNet

,

Inc. *

23,331‌

1,328‌

Schrodinger,

Inc. *

19,649‌

395‌

Select

Medical

Holdings

Corp. 

36,754‌

558‌

Simulations

Plus,

Inc. 

5,678‌

99‌

STAAR

Surgical

Co. *

17,452‌

293‌

Supernus

Pharmaceuticals,

Inc. *

19,876‌

626‌

Tandem

Diabetes

Care,

Inc. *

23,646‌

441‌

Teleflex,

Inc. 

15,621‌

1,849‌

TG

Therapeutics,

Inc. *

47,928‌

1,725‌

TransMedics

Group,

Inc. *

11,959‌

1,603‌

UFP

Technologies,

Inc. *

2,578‌

629‌

US

Physical

Therapy,

Inc. 

5,393‌

422‌

Vericel

Corp. *

17,760‌

756‌

Vir

Biotechnology,

Inc. *

32,206‌

162‌

Xencor

,

Inc. *

25,266‌

199‌

Total

49,432‌

Industrials

(19.1%)

AAR

Corp. *

12,588‌

866‌

ABM

Industries,

Inc. 

22,092‌

1,043‌

Aerovironment

,

Inc. *

9,960‌

2,838‌

Air

Lease

Corp. 

36,752‌

2,150‌

Alamo

Group,

Inc. 

3,670‌

802‌

Albany

International

Corp. 

10,664‌

748‌

Allegiant

Travel

Co. *

5,058‌

278‌

Amentum

Holdings,

Inc. *

53,326‌

1,259‌

American

Woodmark

Corp. *

5,232‌

279‌

Apogee

Enterprises,

Inc. 

7,657‌

311‌

ArcBest

Corp. 

8,134‌

626‌

Arcosa

,

Inc. 

17,243‌

1,495‌

Armstrong

World

Industries,

Inc. 

15,352‌

2,494‌

Astec

Industries,

Inc. 

8,115‌

338‌

AZZ,

Inc. 

10,575‌

999‌

Boise

Cascade

Co. 

13,291‌

1,154‌

Brady

Corp.

-

Class

A 

15,461‌

1,051‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

CoreCivic

,

Inc. *

38,762‌

817‌

CSG

Systems

International,

Inc. 

9,743‌

636‌

CSW

Industrials,

Inc. 

5,932‌

1,702‌

Deluxe

Corp. 

15,879‌

253‌

DNOW,

Inc. *

37,373‌

554‌

DXP

Enterprises,

Inc. *

4,512‌

396‌

Dycom

Industries,

Inc. *

10,174‌

2,486‌

Enerpac

Tool

Group

Corp. 

19,157‌

777‌

EnPro

,

Inc. 

7,435‌

1,424‌

Enviri

Corp. *

28,042‌

243‌

ESCO

Technologies,

Inc. 

9,129‌

1,752‌

Everus

Construction

Group,

Inc. *

18,023‌

1,145‌

Federal

Signal

Corp. 

21,553‌

2,294‌

Forward

Air

Corp. *

7,452‌

183‌

Franklin

Electric

Co.,

Inc. 

13,851‌

1,243‌

Gates

Industrial

Corp.

PLC *

81,099‌

1,868‌

The

GEO

Group,

Inc. *

48,980‌

1,173‌

Gibraltar

Industries,

Inc. *

10,467‌

618‌

GMS,

Inc. *

13,567‌

1,475‌

Granite

Construction,

Inc. 

15,446‌

1,444‌

The

Greenbrier

Cos.,

Inc. 

11,147‌

513‌

Griffon

Corp. 

13,788‌

998‌

Hayward

Holdings,

Inc. *

50,390‌

695‌

Healthcare

Services

Group,

Inc. *

25,919‌

390‌

Heartland

Express,

Inc. 

15,312‌

132‌

Heidrick

&

Struggles

International,

Inc. 

7,322‌

335‌

Hertz

Global

Holdings,

Inc. *

43,488‌

297‌

Hillenbrand,

Inc. 

24,868‌

499‌

HNI

Corp. 

16,418‌

807‌

Hub

Group,

Inc.

-

Class A 

21,352‌

714‌

Insteel

Industries,

Inc. 

6,898‌

257‌

Interface,

Inc. 

20,802‌

435‌

JBT

Marel

Corp. 

16,349‌

1,966‌

JetBlue

Airways

Corp. *

107,272‌

454‌

Kadant

,

Inc. 

4,161‌

1,321‌

Kennametal,

Inc. 

27,057‌

621‌

Korn

Ferry 

18,279‌

1,340‌

Kratos

Defense

&

Security

Solutions,

Inc. *

58,831‌

2,733‌

Lindsay

Corp. 

3,833‌

553‌

Liquidity

Services,

Inc. *

7,919‌

187‌

Marten

Transport,

Ltd. 

20,348‌

264‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Masterbrand,

Inc. *

44,769‌

489‌

Matson,

Inc. 

11,534‌

1,284‌

Mercury

Systems,

Inc. *

17,943‌

966‌

MillerKnoll

,

Inc. 

24,132‌

469‌

Moog,

Inc.

-

Class

A 

10,001‌

1,810‌

Mueller

Water

Products,

Inc. 

55,374‌

1,331‌

MYR

Group,

Inc. *

5,484‌

995‌

National

Presto

Industries,

Inc. 

1,785‌

175‌

NV5

Global,

Inc. *

18,639‌

430‌

OPENLANE,

Inc. *

38,120‌

932‌

Pitney

Bowes,

Inc. 

55,896‌

610‌

Powell

Industries,

Inc. 

3,324‌

700‌

Proto

Labs,

Inc. *

8,438‌

338‌

Quanex

Building

Products

Corp. 

16,624‌

314‌

Resideo

Technologies,

Inc. *

52,464‌

1,157‌

Robert

Half,

Inc. 

35,487‌

1,457‌

Rush

Enterprises,

Inc.

-

Class

A 

21,613‌

1,113‌

RXO,

Inc. *

50,622‌

796‌

Schneider

National,

Inc.

-

Class

B 

16,653‌

402‌

SkyWest,

Inc. *

14,329‌

1,476‌

SPX

Technologies,

Inc. *

16,511‌

2,769‌

Standex

International

Corp. 

4,258‌

666‌

Sterling

Infrastructure,

Inc. *

10,750‌

2,480‌

Sun

Country

Airlines

Holdings,

Inc. *

13,805‌

162‌

Sunrun

,

Inc. *

81,109‌

664‌

Tennant

Co. 

6,623‌

513‌

Titan

International,

Inc. *

16,817‌

173‌

Trinity

Industries,

Inc. 

28,822‌

779‌

Triumph

Group,

Inc. *

27,325‌

704‌

UniFirst

Corp. 

5,309‌

999‌

Verra

Mobility

Corp. *

56,349‌

1,431‌

Vestis

Corp. 

39,958‌

229‌

Vicor

Corp. *

8,159‌

370‌

Werner

Enterprises,

Inc. 

21,829‌

597‌

WillScot

Holdings

Corp. 

64,491‌

1,767‌

Zurn

Elkay

Water

Solutions

Corp. 

49,964‌

1,827‌

Total

90,099‌

Information

Technology

(13.2%)

A10

Networks,

Inc. 

25,552‌

494‌

ACI

Worldwide,

Inc. *

37,066‌

1,702‌

Adeia

,

Inc. 

38,597‌

546‌

Advanced

Energy

Industries,

Inc. 

13,302‌

1,763‌

Agilysys

,

Inc. *

7,969‌

914‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

39

Index

600

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Alarm.com

Holdings,

Inc. *

17,526‌

991‌

Alpha

&

Omega

Semiconductor,

Ltd. *

8,663‌

222‌

Arlo

Technologies,

Inc. *

36,707‌

623‌

Axcelis

Technologies,

Inc. *

11,339‌

790‌

Badger

Meter,

Inc. 

10,410‌

2,550‌

Benchmark

Electronics,

Inc. 

12,814‌

498‌

BlackLine

,

Inc. *

18,269‌

1,034‌

Box,

Inc. *

51,175‌

1,749‌

Bread

Financial

Holdings,

Inc. 

16,430‌

938‌

Calix,

Inc. *

20,369‌

1,083‌

CEVA,

Inc. *

8,260‌

182‌

CleanSpark

,

Inc. *

98,274‌

1,084‌

Clear

Secure,

Inc.

-

Class

A 

32,753‌

909‌

Cohu

,

Inc. *

16,382‌

315‌

Corsair

Gaming,

Inc. *

15,832‌

149‌

CTS

Corp. 

10,482‌

447‌

Digi

International,

Inc. *

13,161‌

459‌

DigitalOcean

Holdings,

Inc. *

22,300‌

637‌

Diodes,

Inc. *

16,377‌

866‌

DXC

Technology

Co. *

63,979‌

978‌

ePlus

,

Inc. *

9,337‌

673‌

Extreme

Networks,

Inc. *

47,005‌

844‌

FormFactor

,

Inc. *

27,219‌

937‌

Grid

Dynamics

Holdings,

Inc. *

22,211‌

257‌

Harmonic,

Inc. *

40,151‌

380‌

Ichor

Holdings,

Ltd. *

11,855‌

233‌

Impinj

,

Inc. *

8,295‌

921‌

Insight

Enterprises,

Inc. *

9,700‌

1,339‌

InterDigital

,

Inc. 

9,167‌

2,056‌

Itron

,

Inc. *

16,112‌

2,121‌

Knowles

Corp. *

30,885‌

544‌

Kulicke

and

Soffa

Industries,

Inc. 

18,682‌

646‌

LiveRamp

Holdings,

Inc. *

23,279‌

769‌

MARA

Holdings,

Inc. *

124,390‌

1,950‌

MaxLinear

,

Inc. *

27,905‌

397‌

N-able,

Inc. *

25,506‌

207‌

NCR

Voyix

Corp. *

48,900‌

574‌

NetScout

Systems,

Inc. *

25,122‌

623‌

OSI

Systems,

Inc. *

5,524‌

1,242‌

PC

Connection,

Inc. 

4,201‌

276‌

PDF

Solutions,

Inc. *

11,178‌

239‌

Penguin

Solutions,

Inc. *

18,597‌

368‌

Photronics

,

Inc. *

22,556‌

425‌

Plexus

Corp. *

9,580‌

1,296‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Information

Technology

continued

Progress

Software

Corp. 

15,180‌

969‌

Qorvo

,

Inc. *

33,019‌

2,804‌

Ralliant

Corp. *

40,187‌

1,949‌

Rogers

Corp. *

5,950‌

407‌

Sandisk

Corp. *

47,758‌

2,166‌

Sanmina

Corp. *

18,890‌

1,848‌

ScanSource

,

Inc. *

7,381‌

309‌

Semtech

Corp. *

30,618‌

1,382‌

SiTime

Corp. *

7,383‌

1,573‌

SolarEdge

Technologies,

Inc. *

20,962‌

428‌

Sprinklr

,

Inc.

-

Class

A *

40,756‌

345‌

SPS

Commerce,

Inc. *

13,419‌

1,826‌

Teradata

Corp. *

33,904‌

756‌

TTM

Technologies,

Inc. *

35,991‌

1,469‌

Ultra

Clean

Holdings,

Inc. *

15,811‌

357‌

Veeco

Instruments,

Inc. *

21,276‌

432‌

ViaSat

,

Inc. *

30,219‌

441‌

Viavi

Solutions,

Inc. *

79,253‌

798‌

Vishay

Intertechnology

,

Inc. 

39,669‌

630‌

Xerox

Holdings

Corp. 

41,538‌

219‌

Total

62,348‌

Materials

(4.9%)

AdvanSix

,

Inc. 

9,477‌

225‌

Alpha

Metallurgical

Resources,

Inc. *

3,881‌

437‌

Balchem

Corp. 

11,529‌

1,835‌

Celanese

Corp. 

38,675‌

2,140‌

Century

Aluminum

Co. *

18,541‌

334‌

The

Chemours

Co. 

53,048‌

607‌

Element

Solutions,

Inc. 

78,856‌

1,786‌

FMC

Corp. 

44,155‌

1,843‌

H.B.

Fuller

Co. 

19,120‌

1,150‌

Hawkins,

Inc. 

6,703‌

953‌

Ingevity

Corp. *

12,844‌

553‌

Innospec

,

Inc. 

8,845‌

744‌

Kaiser

Aluminum

Corp. 

5,655‌

452‌

Koppers

Holdings,

Inc. 

7,048‌

227‌

Materion

Corp. 

7,373‌

585‌

Metallus

,

Inc. *

12,898‌

199‌

Minerals

Technologies,

Inc. 

11,197‌

617‌

MP

Materials

Corp. *

42,759‌

1,423‌

O-I

Glass,

Inc. *

54,900‌

809‌

Quaker

Chemical

Corp. 

4,826‌

540‌

Sealed

Air

Corp. 

51,965‌

1,613‌

Sensient

Technologies

Corp. 

15,003‌

1,478‌

Stepan

Co. 

7,536‌

411‌

SunCoke

Energy,

Inc. 

30,032‌

258‌

Sylvamo

Corp. 

12,105‌

606‌

Warrior

Met

Coal,

Inc. 

18,572‌

851‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Materials

continued

Worthington

Steel,

Inc. 

12,435‌

371‌

Total

23,047‌

Real

Estate

(7.6%)

Acadia

Realty

Trust 

46,231‌

859‌

Alexander

&

Baldwin,

Inc. 

25,671‌

458‌

American

Assets

Trust,

Inc. 

16,517‌

326‌

Apple

Hospitality

REIT,

Inc. 

78,518‌

916‌

Armada

Hoffler

Properties,

Inc. 

27,705‌

190‌

Brandywine

Realty

Trust 

60,326‌

259‌

CareTrust

REIT,

Inc. 

67,771‌

2,074‌

Centerspace

5,861‌

353‌

Curbline

Properties

Corp. 

33,529‌

765‌

Cushman

&

Wakefield

PLC *

81,684‌

904‌

DiamondRock

Hospitality

Co. 

72,737‌

557‌

Douglas

Emmett,

Inc. 

59,432‌

894‌

Easterly

Government

Properties,

Inc. 

14,968‌

332‌

Elme

Communities

Real

Estate

Investment

Trust 

31,087‌

494‌

Essential

Properties

Realty

Trust,

Inc. 

69,851‌

2,229‌

eXp

World

Holdings,

Inc. 

30,483‌

277‌

Four

Corners

Property

Trust,

Inc. 

35,489‌

955‌

Getty

Realty

Corp. 

18,109‌

501‌

Global

Net

Lease,

Inc. 

68,013‌

514‌

Highwoods

Properties,

Inc. 

38,070‌

1,184‌

Innovative

Industrial

Properties,

Inc. 

9,940‌

549‌

JBG

SMITH

Properties 

25,928‌

449‌

Kennedy-Wilson

Holdings,

Inc. 

42,202‌

287‌

LTC

Properties,

Inc. 

16,308‌

564‌

LXP

Industrial

Trust 

104,973‌

867‌

The

Macerich

Co. 

89,249‌

1,444‌

Marcus

&

Millichap,

Inc. 

8,575‌

263‌

Medical

Properties

Trust,

Inc. 

212,239‌

915‌

Millrose

Properties,

Inc.

-

Class

A 

42,508‌

1,212‌

NexPoint

Residential

Trust,

Inc. 

7,771‌

259‌

OUTFRONT

Media,

Inc. 

49,224‌

803‌

Pebblebrook

Hotel

Trust 

42,091‌

420‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

40

Index

600

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Real

Estate

continued

Phillips

Edison

&

Co.,

Inc. 

44,373‌

1,554‌

Ryman

Hospitality

Properties,

Inc. 

21,213‌

2,093‌

Safehold

,

Inc. 

15,966‌

248‌

Saul

Centers,

Inc. 

4,291‌

147‌

SITE

Centers

Corp. 

16,435‌

186‌

SL

Green

Realty

Corp. 

25,098‌

1,554‌

The

St.

Joe

Co. 

13,357‌

637‌

Summit

Hotel

Properties,

Inc. 

38,868‌

198‌

Sunstone

Hotel

Investors,

Inc. 

70,569‌

613‌

Tanger

,

Inc. 

39,973‌

1,222‌

Terreno

Realty

Corp. 

36,538‌

2,049‌

Uniti

Group,

Inc. *

86,437‌

373‌

Universal

Health

Realty

Income

Trust 

4,524‌

181‌

Urban

Edge

Properties 

44,483‌

830‌

Veris

Residential,

Inc. 

28,559‌

425‌

Whitestone

REIT 

15,911‌

199‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Real

Estate

continued

Xenia

Hotels

&

Resorts,

Inc. 

35,019‌

440‌

Total

36,022‌

Utilities

(2.3%)

American

States

Water

Co. 

13,603‌

1,043‌

Avista

Corp. 

28,464‌

1,080‌

California

Water

Service

Group 

21,043‌

957‌

Chesapeake

Utilities

Corp. 

8,237‌

990‌

Clearway

Energy,

Inc.

-

Class

A 

12,230‌

370‌

Clearway

Energy,

Inc.

-

Class

C 

29,448‌

942‌

H2O

America 

11,041‌

574‌

MDU

Resources

Group,

Inc. 

72,219‌

1,204‌

MGE

Energy,

Inc. 

12,908‌

1,142‌

Middlesex

Water

Co. 

6,362‌

345‌

Northwest

Natural

Holding

Co. 

14,259‌

566‌

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

Otter

Trail

Corp. 

14,803‌

1,141‌

Unitil

Corp. 

5,730‌

299‌

Total

10,653‌

Total

Common

Stocks

(Cost: $414,149)

469,790

Short-Term

Investments

(

0.0%

)

Governments

(0.0%)

US

Treasury

0.000%,

11/28/25 β

177,000‌

174‌

Total

174‌

Total

Short-Term

Investments

(Cost:

$174)

174‌

Total

Investments

(99.6%)

(Cost:

$414,323)

@

469,964

Other

Assets,

Less

Liabilities (0.4%)

2,010

Net

Assets

(100.0%)

471,974

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

E-Mini

Russell

2000

Index

Futures

Long

USD

1‌

13

9/25

$

1,424‌

$

32‌

$

(1‌)

E-Mini

S&P

MidCap

400

Future

Long

USD

–‌π

2

9/25

625‌

15‌

–‌π

$

47‌

$

(1‌)

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

–‌

$

–‌π

$

–‌π

$

–‌

$

(1‌)

$

(1‌)

$

–‌

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$414,323

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$55,689

which

is

comprised

of

$120,606

aggregate

gross

unrealized

appreciation

and

$64,917

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.

π

Amount

is

less

than

one

thousand.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

41

Index

600

Stock

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

Health

Care

$

—‌

$

—‌

$

—‌

All

Others

469,790‌

—‌

—‌

Short-Term

Investments

$

—‌

$

174‌

$

—‌

Other

Financial

Instruments^

Futures

47‌

—‌

—‌

Total

Assets:

$

469,837‌

$

174‌

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

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

June

30,

2025.

Schedule

of

Investments

June

30,

2025

(unaudited)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

42

Small

Cap

Value

Portfolio

Common

Stocks

(

98

.7

%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

2

.1

%

)

Liberty

Media

Corp.

-

Liberty

Live

-

Class C *

47,546‌

3,859‌

Madison

Square

Garden

Sports

Corp. *

11,590‌

2,422‌

The

New

York

Times

Co.

-

Class

A 

89,819‌

5,028‌

Total

11,309‌

Consumer

Discretionary

(

9

.7

%

)

Abercrombie

&

Fitch

Co. *

15,336‌

1,271‌

Asbury

Automotive

Group,

Inc. *

7,616‌

1,817‌

Boot

Barn

Holdings,

Inc. *

11,018‌

1,675‌

Carvana

Co. *

16,501‌

5,560‌

Champion

Homes,

Inc. *

24,938‌

1,561‌

Chewy,

Inc.

-

Class

A *

50,452‌

2,150‌

Dorman

Products,

Inc. *

19,624‌

2,407‌

Dutch

Bros,

Inc.

-

Class A *

37,905‌

2,592‌

FIGS,

Inc.

-

Class

A *

326,650‌

1,842‌

Kontoor

Brands,

Inc. 

28,578‌

1,885‌

Marriott

Vacations

Worldwide

Corp. 

34,586‌

2,501‌

Meritage

Homes

Corp. 

24,506‌

1,641‌

Papa

John's

International,

Inc. 

51,336‌

2,512‌

Peloton

Interactive,

Inc.

-

Class

A *

444,191‌

3,083‌

Pool

Corp. 

3,515‌

1,025‌

Savers

Value

Village,

Inc. *

166,967‌

1,703‌

Steven

Madden,

Ltd. 

81,394‌

1,952‌

Strategic

Education,

Inc. 

60,414‌

5,143‌

Taylor

Morrison

Home

Corp. *

39,277‌

2,412‌

Urban

Outfitters,

Inc. *

28,599‌

2,075‌

Victoria's

Secret

&

Co. *

87,671‌

1,624‌

Visteon

Corp. *

38,003‌

3,546‌

Wingstop,

Inc. 

3,710‌

1,249‌

Total

53,226‌

Consumer

Staples

(

1

.9

%

)

Grocery

Outlet

Holding

Corp. *

79,692‌

990‌

Nomad

Foods,

Ltd. 

190,245‌

3,232‌

Post

Holdings,

Inc. *

36,621‌

3,993‌

Common

Stocks

(98.7%)

Shares/

Par

+

Value

$

(000’s)

Consumer

Staples

continued

TreeHouse

Foods,

Inc. *

110,228‌

2,140‌

Total

10,355‌

Energy

(

6

.8

%

)

Cactus,

Inc.

-

Class

A 

58,574‌

2,561‌

Enerflex,

Ltd. 

415,429‌

3,278‌

Expand

 Energy

 Corp. 

33,274‌

3,891‌

Expro

Group

Holdings

NV *

177,926‌

1,528‌

Kodiak

Gas

Services,

Inc. 

25,793‌

884‌

Magnolia

Oil

&

Gas

Corp.

-

Class

A 

132,238‌

2,973‌

Matador

Resources

Co. 

116,001‌

5,535‌

Noble

Corp.

PLC 

47,608‌

1,264‌

PBF

Energy,

Inc.

-

Class

A 

107,965‌

2,340‌

Permian

Resources

Corp. 

258,505‌

3,521‌

Range

Resources

Corp. 

112,861‌

4,590‌

TechnipFMC

PLC 

148,180‌

5,103‌

Total

37,468‌

Financials

(

28

.4

%

)

Baldwin

Insurance

Group,

Inc. *

49,877‌

2,135‌

Banc

of

California,

Inc. 

298,115‌

4,189‌

BankUnited,

Inc. 

97,300‌

3,463‌

Cathay

General

Bancorp 

69,115‌

3,147‌

Coastal

Financial

Corp. *

49,073‌

4,754‌

Columbia

Banking

System,

Inc. 

352,192‌

8,234‌

Eastern

Bankshares,

Inc. 

307,395‌

4,694‌

Etoro

Group,

Ltd.

-

Class A *

21,993‌

1,465‌

FB

Financial

Corp. 

124,803‌

5,654‌

Flagstar

Financial,

Inc. 

429,626‌

4,554‌

Goosehead

Insurance,

Inc.

-

Class

A 

21,343‌

2,252‌

HA

Sustainable

Infrastructure

Capital,

Inc. 

187,462‌

5,035‌

Home

BancShares,

Inc. 

189,689‌

5,399‌

Houlihan

Lokey,

Inc. 

41,740‌

7,511‌

Live

Oak

Bancshares,

Inc. 

139,040‌

4,143‌

Marqueta,

Inc.

-

Class A *

472,354‌

2,754‌

Common

Stocks

(98.7%)

Shares/

Par

+

Value

$

(000’s)

Financials

continued

National

Bank

Holding

Corp. 

91,415‌

3,438‌

Oscar

Health,

Inc.

-

Class

A *

172,404‌

3,696‌

PennyMac

Financial

Services,

Inc. 

83,787‌

8,349‌

PennyMac

Mortgage

Investment

Trust 

201,455‌

2,591‌

Pinnacle

Financial

Partners,

Inc. 

97,327‌

10,746‌

Popular,

Inc. 

44,765‌

4,934‌

PRA

Group,

Inc. *

160,235‌

2,363‌

Preferred

Bank 

39,331‌

3,404‌

Primerica,

Inc. 

7,837‌

2,145‌

RLI

Corp. 

28,073‌

2,027‌

Root,

Inc.

-

Class

A *

12,819‌

1,640‌

Ryan

Specialty

Holdings,

Inc. 

64,371‌

4,377‌

Southern

First

Bancshares,

Inc. *

35,077‌

1,334‌

SouthState

Corp. 

71,340‌

6,565‌

StepStone

Group,

Inc.

-

Class

A 

42,886‌

2,380‌

Synovus

Financial

Corp. 

59,940‌

3,102‌

Texas

Capital

Bancshares,

Inc. *

68,972‌

5,476‌

Towne

Bank 

145,263‌

4,965‌

Walker

&

Dunlop,

Inc. 

44,670‌

3,148‌

Western

Alliance

Bancorp 

80,450‌

6,273‌

WSFS

Financial

Corp. 

67,290‌

3,701‌

Total

156,037‌

Health

Care

(

8

.4

%

)

Alignment

Healthcare,

Inc. *

163,881‌

2,294‌

Apellis

Pharmaceuticals,

Inc. *

21,511‌

372‌

Arcellx,

Inc. *

16,860‌

1,110‌

Arrowhead

Pharmaceuticals,

Inc. *

38,600‌

610‌

Ascendis

Pharma

A/S,

ADR *

8,859‌

1,529‌

Avanos

Medical,

Inc. *

158,077‌

1,935‌

Black

Diamond

Therapeutics,

Inc. *

201,600‌

500‌

BrightSpring

Health

Services *

97,871‌

2,309‌

Concentra

Group

Holdings

Parent,

Inc. 

173,670‌

3,572‌

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

43

Small

Cap

Value

Portfolio

Common

Stocks

(98.7%)

Shares/

Par

+

Value

$

(000’s)

Health

Care

continued

Crinetics

Pharmaceuticals,

Inc. *

27,100‌

780‌

CRISPR

Therapeutics

AG *

18,186‌

885‌

Cytokinetics,

Inc. *

116,007‌

3,833‌

Doximity,

Inc.

-

Class A *

44,889‌

2,754‌

Dyne

Therapeutics,

Inc. *

55,684‌

530‌

Elanco

Animal

Health,

Inc. *

223,330‌

3,189‌

Ensign

Group,

Inc. 

22,239‌

3,431‌

Immatics

NV *

259,773‌

1,398‌

Immunocore

Holdings

PLC,

ADR *

70,211‌

2,203‌

Immunovant,

Inc. *

48,710‌

779‌

Ionis

Pharmaceuticals,

Inc. *

29,464‌

1,164‌

Iovance

Biotherapeutics,

Inc. *

83,600‌

144‌

Lantheus

Holdings,

Inc. *

27,216‌

2,228‌

Perrigo

Co.

PLC 

30,696‌

820‌

QuidelOrtho

Corp. *

96,912‌

2,793‌

Repligen

Corp. *

2,284‌

284‌

Sarepta

Therapeutics,

Inc. *

31,997‌

547‌

Select

Medical

Holdings

Corp. 

35,989‌

546‌

Sotera

Health

Co. *

151,620‌

1,686‌

Vaxcyte,

Inc. *

49,492‌

1,609‌

Total

45,834‌

Industrials

(

13

.3

%

)

Air

Lease

Corp. 

44,268‌

2,589‌

Alamo

Group,

Inc. 

7,597‌

1,659‌

Allegiant

Travel

Co. *

48,695‌

2,676‌

Arcosa,

Inc. 

25,952‌

2,250‌

ASGN,

Inc. *

15,288‌

763‌

Casella

Waste

Systems,

Inc.

-

Class A *

31,208‌

3,601‌

Crane

Co. 

15,960‌

3,031‌

EnPro,

Inc. 

10,898‌

2,088‌

ESAB

Corp. 

33,988‌

4,097‌

ESCO

Technologies,

Inc. 

12,016‌

2,306‌

FTI

Consulting,

Inc. *

11,397‌

1,841‌

JBT

Marel

Corp. 

18,622‌

2,240‌

Landstar

System,

Inc. 

23,467‌

3,262‌

Leonardo

DRS,

Inc. 

64,947‌

3,019‌

Matson,

Inc. 

14,963‌

1,666‌

Mercury

Systems,

Inc. *

42,215‌

2,274‌

MSA

Safety,

Inc. 

11,553‌

1,935‌

NEXTracker,

Inc.

-

Class

A *

57,197‌

3,110‌

Pitney

Bowes,

Inc. 

65,837‌

718‌

Common

Stocks

(98.7%)

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

RBC

Bearings,

Inc. *

11,685‌

4,496‌

Rush

Enterprises,

Inc.

-

Class

A 

42,702‌

2,200‌

The

Shyft

Group,

Inc. 

138,800‌

1,741‌

SiteOne

Landscape

Supply,

Inc. *

11,031‌

1,334‌

UFP

Industries,

Inc. 

28,186‌

2,801‌

UL

Solutions,

Inc.

-

Class

A 

52,185‌

3,802‌

UniFirst

Corp. 

7,111‌

1,338‌

Upwork,

Inc. *

67,185‌

903‌

Valmont

Industries,

Inc. 

7,837‌

2,559‌

VSE

Corp. 

18,670‌

2,445‌

WillScot

Holdings

Corp. 

59,243‌

1,623‌

Zurn

Elkay

Water

Solutions

Corp. 

69,467‌

2,540‌

Total

72,907‌

Information

Technology

(

7

.0

%

)

Alarm.com

Holdings,

Inc. *

18,744‌

1,060‌

Allegro

Microsystems,

Inc. *

49,951‌

1,708‌

Aurora

Innovation,

Inc. *

192,282‌

1,008‌

Circle

Internet

Group,

Inc. *

3,071‌

557‌

Endava

PLC,

ADR *

68,956‌

1,056‌

Entegris,

Inc. 

7,549‌

609‌

i3

Verticals,

Inc.

-

Class A *

44,437‌

1,221‌

Intapp,

Inc. *

26,893‌

1,388‌

JFrog,

Ltd. *

46,298‌

2,031‌

Lattice

Semiconductor

Corp. *

44,574‌

2,184‌

Littelfuse,

Inc. 

14,611‌

3,313‌

MACOM

Technology

Solutions

Holdings,

Inc. *

28,073‌

4,023‌

Mirion

Technologies,

Inc. *

273,477‌

5,888‌

nCino,

Inc. *

99,779‌

2,791‌

PAR

Technology

Corp. *

34,249‌

2,376‌

TTM

Technologies,

Inc. *

43,415‌

1,772‌

Viavi

Solutions,

Inc. *

346,600‌

3,490‌

Workiva,

Inc. *

30,257‌

2,071‌

Total

38,546‌

Materials

(

4

.5

%

)

Cabot

Corp. 

22,581‌

1,693‌

Constellium

SE *

309,967‌

4,122‌

Element

Solutions,

Inc. 

157,041‌

3,557‌

H.B.

Fuller

Co. 

29,587‌

1,780‌

IAMGOLD

Corp. *

151,996‌

1,117‌

Knife

River

Corp. *

18,456‌

1,507‌

OR

Royalties,

Inc. 

53,423‌

1,373‌

Quaker

Chemical

Corp. 

14,149‌

1,584‌

Reliance,

Inc. 

15,870‌

4,982‌

Common

Stocks

(98.7%)

Shares/

Par

+

Value

$

(000’s)

Materials

continued

Warrior

Met

Coal,

Inc. 

38,316‌

1,756‌

West

Fraser

Timber

Co.,

Ltd. 

16,245‌

1,191‌

Total

24,662‌

Real

Estate

(

10

.8

%

)

CareTrust

REIT,

Inc. 

68,808‌

2,106‌

CubeSmart

LP 

99,975‌

4,249‌

Curbline

Properties

Corp. 

200,441‌

4,576‌

EastGroup

Properties,

Inc. 

23,357‌

3,903‌

Essential

Properties

Realty

Trust,

Inc. 

146,211‌

4,666‌

FirstService

Corp. 

16,038‌

2,801‌

Highwoods

Properties,

Inc. 

123,561‌

3,842‌

Hudson

Pacific

Properties,

Inc. *

393,227‌

1,077‌

Independence

Realty

Trust,

Inc. 

253,803‌

4,490‌

Kilroy

Realty

Corp. 

111,704‌

3,833‌

The

Macerich

Co. 

184,982‌

2,993‌

NETSTREIT

Corp. 

204,919‌

3,469‌

Pebblebrook

Hotel

Trust 

280,707‌

2,804‌

Ryman

Hospitality

Properties,

Inc. 

32,086‌

3,166‌

Safehold,

Inc. 

142,442‌

2,216‌

Saul

Centers,

Inc. 

23,091‌

788‌

Terreno

Realty

Corp. 

86,218‌

4,834‌

UMH

Properties,

Inc. 

202,526‌

3,400‌

Total

59,213‌

Utilities

(

5

.8

%

)

California

Water

Service

Group 

99,838‌

4,541‌

Chesapeake

Utilities

Corp. 

39,770‌

4,781‌

Hawaiian

Electric

Industries,

Inc. *

227,143‌

2,415‌

IDACORP,

Inc. 

32,810‌

3,788‌

MGE

Energy,

Inc. 

10,284‌

909‌

OGE

Energy

Corp. 

76,779‌

3,407‌

ONE

Gas,

Inc. 

66,925‌

4,809‌

Southwest

Gas

Holdings,

Inc. 

24,640‌

1,833‌

TXNM

Energy,

Inc. 

94,367‌

5,315‌

Total

31,798‌

Total

Common

Stocks

(Cost: $450,216)

541,355

Total

Investments

(98.7%)

(Cost:

$450,216)

@

541,355

Other

Assets,

Less

Liabilities (1.3%)

7,013

Net

Assets

(100.0%)

548,368

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

44

Small

Cap

Value

Portfolio

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$450,216

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$91,139

which

is

comprised

of

$126,146

aggregate

gross

unrealized

appreciation

and

$35,007

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

541,355‌

$

—‌

$

—‌

Total

Assets:

$

541,355‌

$

—‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

International

Growth

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

45

Common

Stocks

(

97.9%

)

Country

Shares/

Par

+

Value

$

(000's)

Communication

Services

(1.7%)

CTS

Eventim

AG

&

Co

KGaA 

Germany

33,100‌

4,122

Rightmove

PLC 

United

Kingdom

317,857‌

3,444

Tencent

Holdings,

Ltd. 

China

175,000‌

11,239

Total

18,805

Consumer

Discretionary

(8.6%)

Autoliv,

Inc. 

Sweden

38,700‌

4,331

Compass

Group

PLC 

United

Kingdom

1,025,000‌

34,717

Games

Workshop

Group

PLC 

United

Kingdom

13,500‌

3,006

InterContinental

Hotels

Group

PLC,

ADR 

United

Kingdom

197,084‌

22,732

LVMH

Moet

Hennessy

Louis

Vuitton

SE 

France

40,529‌

21,255

PRADA

SpA 

Italy

743,700‌

4,602

USS

Co.,

Ltd. 

Japan

571,200‌

6,300

Total

96,943

Consumer

Staples

(0.3%)

PriceSmart,

Inc. 

United

States

29,900‌

3,141

Total

3,141

Energy

(0.4%)

Reliance

Industries,

Ltd. 

India

290,000‌

5,076

Total

5,076

Financials

(17.5%)

3i

Group

PLC 

United

Kingdom

121,000‌

6,845

Deutsche

Borse

AG 

Germany

69,400‌

22,645

HDFC

Bank,

Ltd. 

India

250,729‌

5,849

Jio

Financial

Services,

Ltd. *

India

125,000‌

476

KBC

Group

NV 

Belgium

99,000‌

10,183

London

Stock

Exchange

Group

PLC 

United

Kingdom

172,000‌

25,132

Marsh

&

McLennan

Cos.,

Inc. 

United

States

77,057‌

16,848

Mastercard,

Inc.

-

Class

A 

United

States

36,350‌

20,427

Moody's

Corp. 

United

States

46,200‌

23,173

S&P

Global,

Inc. 

United

States

43,300‌

22,832

UBS

Group

AG 

Switzerland

660,300‌

22,436

Visa,

Inc.

-

Class

A 

United

States

57,025‌

20,247

Total

197,093

Health

Care

(3.7%)

EssilorLuxottica

SA 

France

61,700‌

16,950

Hoya

Corp. 

Japan

80,100‌

9,509

Novo

Nordisk

A/S

-

Class

B 

Denmark

211,500‌

14,758

Total

41,217

Industrials

(34.8%)

Aalberts

NV 

Netherlands

47,200‌

1,714

AddTech

AB

-

Class

B 

Sweden

200,200‌

6,820

Airbus

SE 

France

131,400‌

27,495

Assa

Abloy

AB

-

Class

B 

Sweden

587,100‌

18,358

Atlas

Copco

AB

-

Class

A 

Sweden

1,883,000‌

30,504

Azelis

Group

NV 

Belgium

143,307‌

2,283

BAE

Systems

PLC 

United

Kingdom

1,061,075‌

27,470

Canadian

Pacific

Kansas

City,

Ltd. 

Canada

143,300‌

11,384

Common

Stocks

(97.9%)

Country

Shares/

Par

+

Value

$

(000’s)

Industrials

continued

Epiroc

AB

-

Class

A 

Sweden

774,645‌

16,858

Experian

PLC 

United

States

488,100‌

25,145

GE

Vernova,

Inc. 

United

States

58,800‌

31,114

IMCD

NV 

Netherlands

33,500‌

4,508

Interpump

Group

SpA 

Italy

125,000‌

5,206

Komatsu,

Ltd. 

Japan

220,000‌

7,201

KONE

Oyj

-

Class

B 

Finland

200,813‌

13,225

Legrand

SA 

France

157,800‌

21,078

Otis

Worldwide

Corp. 

United

States

53,300‌

5,278

Recruit

Holdings

Co.,

Ltd. 

Japan

552,600‌

32,537

RELX

PLC 

United

Kingdom

480,000‌

26,037

Safran

SA 

France

174,900‌

56,962

Schindler

Holding

AG 

Switzerland

34,108‌

12,647

Schneider

Electric

SE 

United

States

14,300‌

3,804

SHO-BOND

Holdings

Co.,

Ltd. 

Japan

150,561‌

4,916

Total

392,544

Information

Technology

(22.5%)

Advantest

Corp. 

Japan

160,000‌

11,852

Amadeus

IT

Group

SA 

Spain

119,100‌

10,076

ASML

Holding

NV 

Netherlands

52,106‌

41,719

Azbil

Corp. 

Japan

1,297,400‌

12,310

BE

Semiconductor

Industries

NV 

Netherlands

50,950‌

7,627

Keyence

Corp. 

Japan

45,600‌

18,310

Lagercrantz

Group

AB

-

Class B 

Sweden

315,700‌

7,614

Lectra 

France

55,200‌

1,556

Nintendo

Co.,

Ltd. 

Japan

247,000‌

23,691

The

Sage

Group

PLC 

United

Kingdom

385,000‌

6,617

SAP

SE 

Germany

250,000‌

76,047

Spectris

PLC 

United

Kingdom

158,900‌

8,373

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd. 

Taiwan

784,000‌

28,307

Total

254,099

Materials

(8.4%)

CRH

PLC 

United

States

438,500‌

40,524

Franco-Nevada

Corp. 

Canada

71,000‌

11,657

Linde

PLC 

United

States

72,255‌

33,901

The

Sherwin-Williams

Co. 

United

States

24,392‌

8,375

Total

94,457

Total

Common

Stocks

(Cost: $778,146)

1,103,375

Total

Investments

(97.9%)

(Cost:

$778,146)

@

1,103,375

Other

Assets,

Less

Liabilities (2.1%)

24,024

Net

Assets

(100.0%)

1,127,399

International

Growth

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

46

Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

United

States

22.6%

United

Kingdom

14.6%

France

12.9%

Japan

11.2%

Germany

9.1%

Sweden

7.5%

Other

20.0%

Total

97.9%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$778,146

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$325,229

which

is

comprised

of

$342,147

aggregate

gross

unrealized

appreciation

and

$16,918

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

Consumer

Discretionary

$

27,063‌

$

69,880‌

$

—‌

Consumer

Staples

3,141‌

—‌

—‌

Financials

103,527‌

93,566‌

—‌

Industrials

51,580‌

340,964‌

—‌

Materials

53,933‌

40,524‌

—‌

All

Others

—‌

319,197‌

—‌

Total

Assets:

$

239,244‌

$

864,131‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

47

Common

Stocks

(

97

.9

%

)

Country

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

4

.7

%

)

Advanced

Info

Service

PCL

-

Foreign

Shares 

Thailand

567,800‌

4,838

Capcom

Co.,

Ltd. 

Japan

83,500‌

2,851

Car

Group,

Ltd. 

Australia

124,588‌

3,069

Cellnex

Telecom

SA 

Spain

189,513‌

7,380

Hellenic

Telecommunications

Organization

SA 

Greece

83,777‌

1,595

KDDI

Corp. 

Japan

581,900‌

9,997

Koninklijke

KPN

NV 

Netherlands

1,310,936‌

6,399

Spotify

Technology

SA *

United

States

12,587‌

9,658

Total

45,787

Consumer

Discretionary

(

8

.3

%

)

Aristocrat

Leisure,

Ltd. 

Australia

90,074‌

3,864

Burberry

Group

PLC *

United

Kingdom

146,482‌

2,383

Cie

Financiere

Richemont

SA

-

Class

A 

Switzerland

64,054‌

12,114

Compagnie

Generale

des

Etablissements

Michelin 

France

159,061‌

5,918

Denso

Corp. 

Japan

168,300‌

2,270

LVMH

Moet

Hennessy

Louis

Vuitton

SE 

France

24,912‌

13,065

Next

PLC 

United

Kingdom

35,324‌

6,035

Pan

Pacific

International

Holdings

Corp. 

Japan

285,700‌

9,820

Sands

China,

Ltd. *

Macao

937,600‌

1,956

Sony

Group

Corp. 

Japan

424,700‌

11,072

Suzuki

Motor

Corp. 

Japan

563,900‌

6,793

Whitbread

PLC 

United

Kingdom

101,943‌

3,956

Yamaha

Corp. 

Japan

235,900‌

1,700

Total

80,946

Consumer

Staples

(

7

.2

%

)

Alimentation

Couche-Tard,

Inc. 

Canada

74,244‌

3,691

British

American

Tobacco

PLC 

United

Kingdom

289,890‌

13,718

Diageo

PLC 

United

Kingdom

358,334‌

9,013

Heineken

NV 

Netherlands

83,381‌

7,301

Jeronimo

Martins

SGPS

SA 

Portugal

172,748‌

4,374

Kao

Corp. 

Japan

151,500‌

6,781

Kirin

Holdings

Co.,

Ltd. 

Japan

336,300‌

4,710

Nestle

SA 

United

States

204,185‌

20,280

Total

69,868

Energy

(

4

.0

%

)

Eni

SpA 

Italy

557,513‌

9,030

Galp

Energia

SGPS

SA 

Portugal

516,660‌

9,485

Reliance

Industries,

Ltd. 

India

321,063‌

5,619

TotalEnergies

SE 

France

241,822‌

14,874

Total

39,008

Financials

(

24

.4

%

)

ABN

AMRO

Bank

NV 

Netherlands

555,761‌

15,217

AIA

Group,

Ltd. 

Hong

Kong

883,000‌

7,941

Aon

PLC 

United

States

28,683‌

10,233

B3

SA

-

Brasil,

Bolsa,

Balcao 

Brazil

2,647,800‌

7,105

Banco

Bradesco

SA,

ADR 

Brazil

2,284,638‌

7,060

Common

Stocks

(97.9%)

Country

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Bank

of

Ireland

Group

PLC 

Ireland

995,633‌

14,208

Barclays

PLC 

United

Kingdom

4,137,643‌

19,164

Beazley

PLC 

United

Kingdom

1,034,336‌

13,278

BNP

Paribas

SA 

France

176,591‌

15,905

Erste

Group

Bank

AG 

Austria

63,228‌

5,374

Euronext

NV 

Netherlands

111,219‌

19,031

HDFC

Bank,

Ltd. 

India

475,344‌

11,089

Hiscox,

Ltd. 

United

Kingdom

468,457‌

8,072

Julius

Baer

Group,

Ltd. 

Switzerland

190,208‌

12,835

London

Stock

Exchange

Group

PLC 

United

Kingdom

74,289‌

10,855

Mastercard,

Inc.

-

Class

A 

United

States

21,042‌

11,824

Mitsubishi

UFJ

Financial

Group,

Inc. 

Japan

1,045,000‌

14,308

NatWest

Group

PLC 

United

Kingdom

2,562,465‌

17,992

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd. 

South

Korea

12,133‌

3,905

Sompo

Holdings,

Inc. 

Japan

201,900‌

6,049

Willis

Towers

Watson

PLC 

United

States

22,616‌

6,932

Total

238,377

Health

Care

(

10

.3

%

)

ConvaTec

Group

PLC 

United

Kingdom

2,097,108‌

8,303

CSL,

Ltd. 

United

States

56,065‌

8,837

Daiichi

Sankyo

Co.,

Ltd. 

Japan

479,200‌

11,159

Merck

KGaA 

Germany

54,207‌

7,020

Novo

Nordisk

A/S

-

Class

B 

Denmark

231,355‌

16,143

Olympus

Corp. 

Japan

82,600‌

980

Qiagen

NV *

United

States

177,245‌

8,534

Roche

Holding

AG 

United

States

75,404‌

24,650

Sanofi

SA 

United

States

104,020‌

10,065

Terumo

Corp. 

Japan

282,300‌

5,182

Total

100,873

Industrials

(

19

.5

%

)

Atlas

Copco

AB

-

Class

A 

Sweden

527,275‌

8,541

Daikin

Industries,

Ltd. 

Japan

60,800‌

7,183

GEA

Group

AG 

Germany

142,890‌

9,996

Hitachi,

Ltd. 

Japan

846,300‌

24,516

Legrand

SA 

France

94,993‌

12,688

Mitsubishi

Electric

Corp. 

Japan

560,500‌

12,105

Mitsui

&

Co.,

Ltd. 

Japan

367,000‌

7,477

MTU

Aero

Engines

AG 

Germany

31,484‌

14,001

RB

Global,

Inc. 

Canada

69,252‌

7,357

Ryanair

Holdings

PLC,

ADR 

Italy

107,623‌

6,207

Schneider

Electric

SE 

United

States

104,188‌

27,783

SMC

Corp. 

Japan

6,900‌

2,485

Spirax

Group

PLC 

United

Kingdom

61,640‌

5,040

Taisei

Corp. 

Japan

86,400‌

5,028

Techtronic

Industries

Co.,

Ltd. 

Hong

Kong

592,500‌

6,527

Thales

SA 

France

35,219‌

10,376

Toyota

Industries

Corp. 

Japan

66,400‌

7,482

Weir

Group

PLC 

United

Kingdom

187,787‌

6,420

Wolters

Kluwer

NV 

Netherlands

54,094‌

9,046

Total

190,258

Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

48

Common

Stocks

(97.9%)

Country

Shares/

Par

+

Value

$

(000’s)

Information

Technology

(

8

.7

%

)

Amadeus

IT

Group

SA 

Spain

111,921‌

9,468

ASML

Holding

NV 

Netherlands

19,357‌

15,498

Cadence

Design

Systems,

Inc. *

United

States

28,765‌

8,864

Capgemini

SE 

France

18,515‌

3,169

Constellation

Software,

Inc. 

Canada

3,710‌

13,604

Disco

Corp. 

Japan

7,300‌

2,160

Fujitsu,

Ltd. 

Japan

305,900‌

7,432

Nomura

Research

Institute,

Ltd. 

Japan

59,600‌

2,395

NXP

Semiconductors

NV 

Netherlands

12,599‌

2,753

Renesas

Electronics

Corp. 

Japan

103,500‌

1,274

Samsung

Electronics

Co.,

Ltd. 

South

Korea

117,886‌

5,226

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd. 

Taiwan

358,189‌

12,933

Total

84,776

Materials

(

7

.7

%

)

Akzo

Nobel

NV 

Netherlands

88,330‌

6,182

Croda

International

PLC 

United

Kingdom

134,311‌

5,399

Glencore

PLC *

Australia

1,804,658‌

7,027

James

Hardie

Industries

PLC *

United

States

273,443‌

7,548

Linde

PLC 

United

States

43,841‌

20,569

Novozymes

A/S

-

Class

B 

Denmark

80,996‌

5,816

Shin-Etsu

Chemical

Co.,

Ltd. 

Japan

263,300‌

8,677

Sika

AG 

Switzerland

27,208‌

7,383

Common

Stocks

(97.9%)

Country

Shares/

Par

+

Value

$

(000’s)

Materials

continued

Symrise

AG 

Germany

64,014‌

6,722

Total

75,323

Real

Estate

(

0

.4

%

)

LEG

Immobilien

SE 

Germany

43,052‌

3,820

Total

3,820

Utilities

(

2

.7

%

)

APA

Group 

Australia

493,618‌

2,654

China

Resources

Gas

Group,

Ltd. 

China

885,400‌

2,266

CLP

Holdings,

Ltd. 

Hong

Kong

354,500‌

2,986

E.ON

SE 

Germany

353,888‌

6,516

National

Grid

PLC 

United

Kingdom

836,016‌

12,224

Total

26,646

Total

Common

Stocks

(Cost: $726,920)

955,682

Warrants

(

–

%

)

Information

Technology

(

–

%

)

Constellation

Software,

Inc. *,Æ

Canada

5,207‌

–

Total

–

Total

Warrants

(Cost: $–)

–

Total

Investments

(97.9%)

(Cost:

$726,920)

@

955,682

Other

Assets,

Less

Liabilities (2.1%)

20,559

Net

Assets

(100.0%)

976,241

Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

Japan

18.6%

United

States

18.0%

United

Kingdom

14.5%

Netherlands

8.3%

France

7.8%

Other

30.7%

Total

97.9%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$726,920

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$228,762

which

is

comprised

of

$262,733

aggregate

gross

unrealized

appreciation

and

$33,971

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.

Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

49

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

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

$

14,496‌

$

31,291‌

$

—‌

Consumer

Staples

3,691‌

66,177‌

—‌

Financials

43,154‌

195,223‌

—‌

Industrials

13,564‌

176,694‌

—‌

Information

Technology

25,221‌

59,555‌

—‌

Materials

20,569‌

54,754‌

—‌

All

Others

—‌

251,293‌

—‌

Warrants

—‌

—‌

—‌

Total

Assets:

$

120,695‌

$

834,987‌

$

—‌

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

June

30,

2025.

Schedule

of

Investments

June

30,

2025

(unaudited)

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

50

Common

Stocks

(

95

.1

%

)

Country

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

5

.7

%

)

Baidu,

Inc.,

ADR *

China

150,000‌

12,864

Cellnex

Telecom

SA 

Spain

575,293‌

22,404

Deutsche

Telekom

AG 

Germany

932,700‌

34,148

Grupo

Televisa

SAB,

ADR 

Mexico

1,850,000‌

4,051

Liberty

Global,

Ltd.

-

Class

A *

Belgium

155,000‌

1,552

Liberty

Global,

Ltd.

-

Class

C *

Belgium

287,000‌

2,959

Millicom

International

Cellular

SA 

Guatemala

360,000‌

13,489

NetEase,

Inc.,

ADR 

China

97,500‌

13,122

Sunrise

Communications

AG

-

Class A,

ADR *

Switzerland

88,400‌

4,999

Tencent

Holdings,

Ltd. 

China

269,200‌

17,290

Total

126,878

Consumer

Discretionary

(

11

.3

%

)

adidas

AG 

Germany

26,000‌

6,061

Alibaba

Group

Holding,

Ltd.,

ADR 

China

295,600‌

33,524

Booking

Holdings,

Inc. 

United

States

6,650‌

38,498

Coupang,

Inc. *

South

Korea

1,249,800‌

37,444

Entain

PLC 

United

Kingdom

1,950,337‌

24,174

Flutter

Entertainment

PLC *

United

Kingdom

24,400‌

6,973

Honda

Motor

Co.,

Ltd. 

Japan

845,900‌

8,157

JD.com,

Inc.,

ADR 

China

561,800‌

18,337

Kering

SA 

France

55,000‌

11,998

Ollamani

SAB *

Mexico

462,500‌

1,187

Prosus

NV *

China

642,400‌

35,985

Stellantis

NV 

United

States

1,554,400‌

15,587

Yum

China

Holdings,

Inc. 

China

325,900‌

14,571

Total

252,496

Consumer

Staples

(

7

.7

%

)

Anheuser-Busch

InBev

SA/NV 

Belgium

552,550‌

37,990

Beiersdorf

AG 

Germany

101,500‌

12,750

Danone

SA 

France

278,600‌

22,762

Diageo

PLC 

United

Kingdom

767,000‌

19,293

Imperial

Brands

PLC 

United

Kingdom

840,000‌

33,161

Reckitt

Benckiser

Group

PLC 

United

Kingdom

294,500‌

20,034

Seven

&

i

Holdings

Co.,

Ltd. 

Japan

371,100‌

5,985

Wal-Mart

de

Mexico

SAB

de

CV 

Mexico

5,724,500‌

18,960

Total

170,935

Energy

(

5

.1

%

)

BP

PLC 

United

States

2,522,000‌

12,581

Equinor

ASA 

Norway

208,500‌

5,264

Suncor

Energy,

Inc. 

Canada

832,700‌

31,185

TC

Energy

Corp. 

Canada

368,000‌

17,955

TotalEnergies

SE 

France

738,600‌

45,429

Total

112,414

Financials

(

22

.0

%

)

Aegon,

Ltd. 

Netherlands

2,065,800‌

14,964

AIA

Group,

Ltd. 

Hong

Kong

2,629,300‌

23,645

Aviva

PLC 

United

Kingdom

3,763,000‌

31,992

Axis

Bank,

Ltd. 

India

2,619,600‌

36,616

Banco

Santander

SA 

Spain

8,806,143‌

72,902

Common

Stocks

(95.1%)

Country

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Barclays

PLC 

United

Kingdom

12,072,507‌

55,916

BNP

Paribas

SA 

France

809,800‌

72,938

Credicorp,

Ltd. 

Peru

132,500‌

29,616

HDFC

Bank,

Ltd. 

India

1,831,300‌

42,722

IndusInd

Bank,

Ltd. *

India

687,731‌

7,017

Julius

Baer

Group,

Ltd. 

Switzerland

10,626‌

717

Prudential

PLC 

Hong

Kong

2,724,373‌

34,203

UBS

Group

AG 

Switzerland

1,470,300‌

49,958

Willis

Towers

Watson

PLC 

United

States

11,300‌

3,463

XP,

Inc.

-

Class

A 

Brazil

603,300‌

12,187

Total

488,856

Health

Care

(

14

.3

%

)

Bayer

AG 

Germany

901,700‌

27,114

BioNTech

SE,

ADR *

Germany

23,975‌

2,552

Fresenius

Medical

Care

AG 

Germany

562,700‌

32,263

GSK

PLC 

United

States

3,088,800‌

58,881

Haleon

PLC 

United

States

6,049,700‌

31,126

Novartis

AG 

United

States

490,000‌

59,278

Olympus

Corp. 

Japan

864,000‌

10,252

Roche

Holding

AG 

United

States

127,500‌

41,681

Sanofi

SA 

United

States

566,300‌

54,794

Total

317,941

Industrials

(

10

.4

%

)

Ashtead

Group

PLC 

United

Kingdom

543,200‌

34,821

Daikin

Industries,

Ltd. 

Japan

142,000‌

16,776

Deutsche

Post

AG 

Germany

596,800‌

27,587

Johnson

Controls

International

PLC 

United

States

662,000‌

69,921

Mitsubishi

Electric

Corp. 

Japan

1,236,000‌

26,694

Nidec

Corp. 

Japan

642,000‌

12,427

Schneider

Electric

SE 

United

States

74,100‌

19,759

Smiths

Group

PLC 

United

Kingdom

790,400‌

24,374

Total

232,359

Information

Technology

(

7

.2

%

)

Brother

Industries,

Ltd. 

Japan

319,000‌

5,492

Infineon

Technologies

AG 

Germany

875,500‌

37,253

Kyocera

Corp. 

Japan

1,141,000‌

13,699

Murata

Manufacturing

Co.,

Ltd. 

Japan

847,500‌

12,536

Samsung

Electronics

Co.,

Ltd. 

South

Korea

40,000‌

1,773

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd. 

Taiwan

1,641,400‌

59,265

TE

Connectivity

PLC 

Switzerland

175,500‌

29,602

Total

159,620

Materials

(

10

.1

%

)

Akzo

Nobel

NV 

Netherlands

532,100‌

37,238

Amrize,

Ltd. *

United

States

436,122‌

21,755

Cemex

SAB

de

CV,

ADR 

Mexico

2,781,000‌

19,272

Glencore

PLC *

Australia

6,223,200‌

24,232

Holcim,

Ltd. *

United

States

476,500‌

35,518

International

Flavors

&

Fragrances,

Inc. 

United

States

308,800‌

22,712

Linde

PLC 

United

States

51,600‌

24,210

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

51

Common

Stocks

(95.1%)

Country

Shares/

Par

+

Value

$

(000’s)

Materials

continued

Mitsubishi

Chemical

Group

Corp. 

Japan

2,331,600‌

12,223

Nutrien,

Ltd. 

Canada

291,200‌

16,960

Teck

Resources,

Ltd.

-      

Class

B 

Canada

290,500‌

11,730

Total

225,850

Real

Estate

(

1

.3

%

)

CK

Asset

Holdings,

Ltd. 

Hong

Kong

2,800,500‌

12,362

Daito

Trust

Construction

Co.,

Ltd. 

Japan

97,600‌

10,639

Hang

Lung

Group,

Ltd. 

Hong

Kong

3,500,000‌

6,101

Total

29,102

Total

Common

Stocks

(Cost: $1,780,186)

2,116,451

Preferred

Stocks

(

3

.1

%

)

Country

Shares/

Par

+

Value

$

(000's)

Financials

(

2

.4

%

)

Itau

Unibanco

Holding

SA

Brazil

7,733,500‌

52,595

Total

52,595

Information

Technology

(

0

.7

%

)

Samsung

Electronics

Co.,

Ltd.

South

Korea

460,000‌

16,869

Total

16,869

Total

Preferred

Stocks

(Cost: $55,458)

69,464

Total

Investments

(98.2%)

(Cost:

$1,835,644)

@

2,185,915

Other

Assets,

Less

Liabilities (1.8%)

40,932

Net

Assets

(100.0%)

2,226,847

Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

United

States

22.9%

United

Kingdom

11.3%

Germany

8.1%

France

6.9%

China

6.5%

Japan

6.1%

Other

36.4%

Total

98.2%

Over

the

Counter

Derivatives

Forward

Foreign

Currency

Contracts

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000's)

Settlement

Date

Unrealized

Appreciation

(000's)

Unrealized

(Depreciation)

(000's)

Net

Unrealized

Appreciation/

(Depreciation)

(000's)

Sell      

Citibank

NA

CNH

12,417‌

1,736‌

7/10/25

$

69‌

$

—‌

$

69‌

Sell      

HSBC

Bank

USA

CNH

14,800‌

2,069‌

7/10/25

58‌

—‌

58‌

Sell      

UBS

AG

CNH

41,420‌

5,794‌

7/17/25

166‌

—‌

166‌

Sell      

JP

Morgan

Chase

Bank

NA

CNH

105‌

15‌

8/14/25

—‌

π

—‌

—‌

π

Sell      

UBS

AG

CNH

316‌

45‌

8/14/25

—‌

π

—‌

—‌

π

Sell      

HSBC

Bank

USA

CNH

16,678‌

2,342‌

9/11/25

60‌

—‌

60‌

Sell      

State

Street

Bank

And

Trust

Company

CNH

8,339‌

1,170‌

9/11/25

30‌

—‌

30‌

Sell      

UBS

AG

CNH

16,677‌

2,342‌

9/11/25

58‌

—‌

58‌

Sell      

Bank

of

America

NA

CNH

12,417‌

1,746‌

9/25/25

55‌

—‌

55‌

Sell      

HSBC

Bank

USA

CNH

12,417‌

1,746‌

9/25/25

65‌

—‌

65‌

Sell      

UBS

AG

CNH

24,833‌

3,492‌

9/25/25

114‌

—‌

114‌

Sell      

HSBC

Bank

USA

CNH

20,670‌

2,910‌

10/16/25

62‌

—‌

62‌

Sell      

JP

Morgan

Chase

Bank

NA

CNH

6,890‌

970‌

10/16/25

19‌

—‌

19‌

Sell      

Barclays

Bank

PLC

CNH

13,751‌

1,941‌

11/20/25

—‌

(

30‌

)

(

30‌

)

Sell      

Citibank

NA

CNH

27,499‌

3,882‌

11/20/25

—‌

(

60‌

)

(

60‌

)

Sell      

UBS

AG

CNH

13,751‌

1,941‌

11/20/25

—‌

(

30‌

)

(

30‌

)

Sell      

Citibank

NA

CNH

21,935‌

3,101‌

12/11/25

—‌

(

24‌

)

(

24‌

)

Sell      

HSBC

Bank

USA

CNH

21,935‌

3,101‌

12/11/25

—‌

(

20‌

)

(

20‌

)

Sell      

Bank

of

America

NA

CNH

13,948‌

1,977‌

1/15/26

—‌

(

39‌

)

(

39‌

)

Sell      

Barclays

Bank

PLC

CNH

21,666‌

3,071‌

1/15/26

—‌

(

38‌

)

(

38‌

)

Sell      

HSBC

Bank

USA

CNH

13,900‌

1,970‌

1/15/26

—‌

(

39‌

)

(

39‌

)

Sell      

Standard

Chartered

Bank

CNH

10,834‌

1,535‌

1/15/26

—‌

(

22‌

)

(

22‌

)

Sell      

HSBC

Bank

USA

CNH

11,558‌

1,641‌

2/5/26

—‌

(

21‌

)

(

21‌

)

Sell      

Morgan

Stanley

And

Co.

International

PLC

CNH

23,142‌

3,285‌

2/5/26

—‌

(

42‌

)

(

42‌

)

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

52

Forward

Foreign

Currency

Contracts

(continued)

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000’s)

Settlement

Date

Unrealized

Appreciation

(000’s)

Unrealized

(Depreciation)

(000’s)

Net

Unrealized

Appreciation/

(Depreciation)

(000’s)

Sell      

HSBC

Bank

USA

CNH

10,076‌

1,430‌

2/12/26

$

—‌

$

(

24‌

)

$

(

24‌

)

Sell      

JP

Morgan

Chase

Bank

NA

CNH

6,718‌

954‌

2/12/26

—‌

(

16‌

)

(

16‌

)

Sell      

UBS

AG

CNH

10,077‌

1,430‌

2/12/26

—‌

(

24‌

)

(

24‌

)

Sell      

Citibank

NA

CNH

47,322‌

6,734‌

3/13/26

—‌

(

47‌

)

(

47‌

)

Sell      

UBS

AG

CNH

47,322‌

6,734‌

3/13/26

—‌

(

65‌

)

(

65‌

)

Sell      

HSBC

Bank

USA

CNH

37,533‌

5,343‌

3/20/26

—‌

(

34‌

)

(

34‌

)

Sell      

UBS

AG

CNH

18,768‌

2,672‌

3/20/26

—‌

(

15‌

)

(

15‌

)

Sell      

UBS

AG

CNH

58,370‌

8,324‌

4/17/26

—‌

(

139‌

)

(

139‌

)

Sell      

HSBC

Bank

USA

CNH

36,375‌

5,196‌

5/15/26

4‌

—‌

4‌

Sell      

State

Street

Bank

And

Trust

Company

CNH

12,125‌

1,731‌

5/15/26

—‌

(

2‌

)

(

2‌

)

Sell      

Bank

of

America

NA

CNH

10,566‌

1,510‌

5/22/26

—‌

(

7‌

)

(

7‌

)

Sell      

HSBC

Bank

USA

CNH

21,103‌

3,015‌

5/22/26

—‌

(

13‌

)

(

13‌

)

Sell      

State

Street

Bank

And

Trust

Company

CNH

10,553‌

1,507‌

5/22/26

—‌

(

5‌

)

(

5‌

)

Sell      

HSBC

Bank

USA

CNH

47,404‌

6,782‌

6/12/26

—‌

(

8‌

)

(

8‌

)

Sell      

JP

Morgan

Chase

Bank

NA

CNH

23,699‌

3,390‌

6/12/26

—‌

(

5‌

)

(

5‌

)

Sell      

HSBC

Bank

USA

CNH

29,578‌

4,234‌

6/26/26

—‌

(

5‌

)

(

5‌

)

Sell      

JP

Morgan

Chase

Bank

NA

CNH

14,822‌

2,122‌

6/26/26

—‌

(

2‌

)

(

2‌

)

Buy      

HSBC

Bank

USA

TWD

11,000‌

377‌

7/16/25

6‌

—‌

6‌

Buy      

UBS

AG

TWD

21,999‌

754‌

7/16/25

11‌

—‌

11‌

Buy      

Citibank

NA

TWD

22,720‌

779‌

7/28/25

—‌

(

4‌

)

(

4‌

)

Buy      

JP

Morgan

Chase

Bank

NA

TWD

43,363‌

1,487‌

7/28/25

4‌

—‌

4‌

Buy      

UBS

AG

TWD

130,017‌

4,459‌

7/28/25

12‌

(

8‌

)

4‌

Buy      

Citibank

NA

TWD

23,150‌

794‌

7/31/25

—‌

(

15‌

)

(

15‌

)

Buy      

HSBC

Bank

USA

TWD

69,481‌

2,383‌

7/31/25

—‌

(

39‌

)

(

39‌

)

Buy      

JP

Morgan

Chase

Bank

NA

TWD

23,145‌

794‌

7/31/25

—‌

(

6‌

)

(

6‌

)

Buy      

UBS

AG

TWD

23,124‌

793‌

7/31/25

—‌

(

12‌

)

(

12‌

)

Sell      

Bank

of

America

NA

TWD

21,999‌

754‌

7/16/25

—‌

(

14‌

)

(

14‌

)

Sell      

UBS

AG

TWD

11,001‌

377‌

7/16/25

—‌

(

6‌

)

(

6‌

)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

48,000‌

1,646‌

7/24/25

—‌

(

118‌

)

(

118‌

)

Sell      

UBS

AG

TWD

48,000‌

1,646‌

7/24/25

—‌

(

118‌

)

(

118‌

)

Sell      

Barclays

Bank

PLC

TWD

22,720‌

779‌

7/28/25

4‌

—‌

4‌

Sell      

HSBC

Bank

USA

TWD

130,030‌

4,459‌

7/28/25

2‌

(

13‌

)

(

11‌

)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

43,350‌

1,487‌

7/28/25

2‌

(

3‌

)

(

1‌

)

Sell      

HSBC

Bank

USA

TWD

115,719‌

3,969‌

7/31/25

57‌

—‌

57‌

Sell      

UBS

AG

TWD

23,181‌

795‌

7/31/25

12‌

—‌

12‌

Sell      

HSBC

Bank

USA

TWD

44,500‌

1,528‌

8/14/25

—‌

(

91‌

)

(

91‌

)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

44,500‌

1,528‌

8/14/25

—‌

(

96‌

)

(

96‌

)

Sell      

Citibank

NA

TWD

23,250‌

801‌

9/19/25

—‌

(

66‌

)

(

66‌

)

Sell      

HSBC

Bank

USA

TWD

23,250‌

801‌

9/19/25

—‌

(

69‌

)

(

69‌

)

Sell      

Citibank

NA

TWD

24,499‌

846‌

10/23/25

—‌

(

72‌

)

(

72‌

)

Sell      

Morgan

Stanley

And

Co.

International

PLC

TWD

25,478‌

880‌

10/23/25

—‌

(

73‌

)

(

73‌

)

Sell      

Goldman

Sachs

Bank

USA

TWD

27,900‌

965‌

11/7/25

—‌

(

77‌

)

(

77‌

)

Sell      

UBS

AG

TWD

18,002‌

622‌

11/7/25

—‌

(

4‌

)

(

4‌

)

Sell      

Citibank

NA

TWD

24,497‌

848‌

11/20/25

—‌

(

72‌

)

(

72‌

)

Sell      

Citibank

NA

TWD

47,220‌

1,638‌

12/18/25

18‌

(

72‌

)

(

54‌

)

Sell      

Bank

of

America

NA

TWD

23,242‌

808‌

1/16/26

—‌

(

67‌

)

(

67‌

)

Sell      

HSBC

Bank

USA

TWD

23,258‌

808‌

1/16/26

—‌

(

66‌

)

(

66‌

)

Sell      

Citibank

NA

TWD

24,500‌

853‌

2/6/26

—‌

(

71‌

)

(

71‌

)

Sell      

HSBC

Bank

USA

TWD

26,225‌

913‌

2/6/26

—‌

(

66‌

)

(

66‌

)

Sell      

Citibank

NA

TWD

43,033‌

1,498‌

2/13/26

—‌

(

4‌

)

(

4‌

)

Sell      

Bank

of

America

NA

TWD

25,480‌

888‌

2/26/26

—‌

(

73‌

)

(

73‌

)

Sell      

HSBC

Bank

USA

TWD

44,927‌

1,566‌

2/26/26

—‌

(

137‌

)

(

137‌

)

Sell      

HSBC

Bank

USA

TWD

25,557‌

891‌

3/6/26

—‌

(

91‌

)

(

91‌

)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

25,561‌

891‌

3/6/26

—‌

(

93‌

)

(

93‌

)

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

53

Forward

Foreign

Currency

Contracts

(continued)

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000’s)

Settlement

Date

Unrealized

Appreciation

(000’s)

Unrealized

(Depreciation)

(000’s)

Net

Unrealized

Appreciation/

(Depreciation)

(000’s)

Sell      

State

Street

Bank

And

Trust

Company

TWD

25,560‌

891‌

3/6/26

$

—‌

$

(

90‌

)

$

(

90‌

)

Sell      

Bank

of

America

NA

TWD

15,998‌

558‌

3/13/26

6‌

—‌

6‌

Sell      

Citibank

NA

TWD

39,151‌

1,366‌

3/13/26

54‌

—‌

54‌

Sell      

Goldman

Sachs

Bank

USA

TWD

16,001‌

558‌

3/13/26

5‌

—‌

5‌

Sell      

Citibank

NA

TWD

53,368‌

1,864‌

3/20/26

—‌

(

204‌

)

(

204‌

)

Sell      

HSBC

Bank

USA

TWD

53,368‌

1,864‌

3/20/26

—‌

(

205‌

)

(

205‌

)

Sell      

Citibank

NA

TWD

13,697‌

478‌

3/27/26

—‌

(

52‌

)

(

52‌

)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

25,476‌

890‌

3/27/26

—‌

(

71‌

)

(

71‌

)

Sell      

UBS

AG

TWD

13,697‌

478‌

3/27/26

—‌

(

56‌

)

(

56‌

)

Sell      

HSBC

Bank

USA

TWD

36,350‌

1,272‌

4/17/26

40‌

(

40‌

)

—‌

π

Sell      

JP

Morgan

Chase

Bank

NA

TWD

13,200‌

462‌

4/17/26

—‌

(

40‌

)

(

40‌

)

Sell      

UBS

AG

TWD

26,225‌

917‌

4/17/26

—‌

(

63‌

)

(

63‌

)

Sell      

HSBC

Bank

USA

TWD

75,600‌

2,645‌

4/24/26

41‌

(

122‌

)

(

81‌

)

Sell      

UBS

AG

TWD

86,067‌

3,016‌

5/15/26

13‌

—‌

13‌

Sell      

Citibank

NA

TWD

24,665‌

865‌

5/22/26

20‌

—‌

20‌

Sell      

HSBC

Bank

USA

TWD

49,338‌

1,730‌

5/22/26

35‌

—‌

35‌

Sell      

HSBC

Bank

USA

TWD

23,181‌

813‌

5/29/26

44‌

—‌

44‌

Sell      

JP

Morgan

Chase

Bank

NA

TWD

23,145‌

812‌

5/29/26

36‌

—‌

36‌

Sell      

UBS

AG

TWD

23,124‌

811‌

5/29/26

43‌

—‌

43‌

Sell      

JP

Morgan

Chase

Bank

NA

TWD

22,716‌

797‌

6/5/26

26‌

—‌

26‌

Sell      

UBS

AG

TWD

68,164‌

2,392‌

6/5/26

90‌

—‌

90‌

Sell      

HSBC

Bank

USA

TWD

11,000‌

386‌

6/12/26

4‌

—‌

4‌

Sell      

UBS

AG

TWD

21,999‌

772‌

6/12/26

11‌

—‌

11‌

Sell      

JP

Morgan

Chase

Bank

NA

TWD

20,648‌

726‌

6/26/26

22‌

—‌

22‌

Sell      

UBS

AG

TWD

61,852‌

2,175‌

6/26/26

61‌

—‌

61‌

$

1,439‌

$

(

3,435‌

)

$

(

1,996‌

)

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

$

1,439‌

—‌

$

1,439‌

$

(

3,435‌

)

—‌

—‌

$

(

3,435‌

)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,835,644

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$348,275

which

is

comprised

of

$507,176

aggregate

gross

unrealized

appreciation

and

$158,901

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.

π

Amount

is

less

than

one

thousand.

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

54

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Preferred

Stocks

Financials

$

52,595‌

$

—‌

$

—‌

Information

Technology

—‌

16,869‌

—‌

Common

Stocks

Communication

Services

53,036‌

73,842‌

—‌

Consumer

Discretionary

150,534‌

101,962‌

—‌

Consumer

Staples

18,960‌

151,975‌

—‌

Energy

49,140‌

63,274‌

—‌

Financials

45,266‌

443,590‌

—‌

Health

Care

2,552‌

315,389‌

—‌

Industrials

69,921‌

162,438‌

—‌

Information

Technology

29,602‌

130,018‌

—‌

Materials

116,639‌

109,211‌

—‌

Real

Estate

—‌

29,102‌

—‌

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—‌

1,439‌

—‌

Total

Assets:

$

588,245‌

$

1,599,109‌

$

—‌

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—‌

(

3,435‌

)

—‌

Total

Liabilities:

$

—‌

$

(

3,435‌

)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

Emerging

Markets

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

55

Common

Stocks

(

95

.0

%

)

Country

Shares/

Par

+

Value

$

(000's)

Communication

Services

(

11

.0

%

)

Bharti

Airtel,

Ltd. 

India

834,862

19,596

Telkom

Indonesia

Persero

Tbk

PT 

Indonesia

104,481,900

17,900

Tencent

Holdings,

Ltd. 

China

1,409,600

90,535

Total

128,031

Consumer

Discretionary

(

14

.3

%

)

Alibaba

Group

Holding,

Ltd. 

China

3,320,000

47,116

ANTA

Sports

Products,

Ltd. 

China

1,658,200

20,003

Indian

Hotels

Co.,

Ltd. 

India

1,704,775

15,163

Li

Auto,

Inc.

-

Class

A *

China

795,900

10,828

Mahindra

&

Mahindra,

Ltd. 

India

484,798

18,001

Meituan

Dianping

-

Class B *

China

386,200

6,181

MercadoLibre,

Inc. *

Brazil

4,046

10,575

Midea

Group

Co.,

Ltd.

-

Class  H 

China

1,181,000

11,219

Midea

Group

Co.,

Ltd.

-

Class A 

China

1,001,066

10,073

Talabat

Holding

PLC 

United

Arab

Emirates

12,674,257

4,625

Trip.com

Group,

Ltd. 

China

228,650

13,318

Total

167,102

Consumer

Staples

(

3

.5

%

)

Fomento

Economico

Mexicano

SAB

de

CV,

ADR 

Mexico

123,403

12,708

Kweichow

Moutai

Co.,

Ltd.

-

Class

A 

China

64,973

12,811

Raia

Drogasil

SA 

Brazil

2,534,471

7,053

Zabka

Group

SA *

Poland

1,353,152

8,119

Total

40,691

Energy

(

0

.6

%

)

PRIO

SA *

Brazil

832,876

6,500

Total

6,500

Financials

(

25

.0

%

)

Abu

Dhabi

Islamic

Bank

PJSC 

United

Arab

Emirates

3,520,206

20,604

AIA

Group,

Ltd. 

Hong

Kong

1,880,400

16,910

Al

Rajhi

Bank 

Saudi

Arabia

804,620

20,336

Bank

Negara

Indonesia

Persero

Tbk

PT 

Indonesia

81,848,500

20,848

China

Merchants

Bank

Co.,

Ltd.

-

Class

H 

China

2,916,000

20,409

Cholamandalam

Investment

and

Finance

Co.,

Ltd. 

India

692,929

13,157

HDFC

Bank,

Ltd. 

India

1,609,634

37,551

ICICI

Bank,

Ltd. 

India

1,390,399

23,412

Itausa

SA 

-

 Preference 

Shares 

Brazil

9,283,607

18,710

Kaspi.KZ

Joint

Stock

Co.,

ADR 

Kazakhstan

77,564

6,584

National

Bank

of

Greece

SA 

Greece

1,040,025

13,297

Nu

Holdings,

Ltd.

-

Class

A *

Brazil

1,039,092

14,256

PICC

Property

&

Casualty

Co.,

Ltd.

-

Class

H 

China

9,363,900

18,169

Common

Stocks

(95.0%)

Country

Shares/

Par

+

Value

$

(000’s)

Financials

continued

Sanlam,

Ltd. 

South

Africa

2,370,818

11,885

Sberbank

of

Russia

PJSC *,Æ

Russia

1,471,064

–

SBI

Life

Insurance

Co.,

Ltd. 

India

861,837

18,512

Shinhan

Financial

Group

Co.,

Ltd. 

South

Korea

370,300

16,845

Total

291,485

Health

Care

(

2

.1

%

)

J.B.

Chemicals

&

Pharmaceuticals,

Ltd. 

India

286,065

5,597

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.,

Ltd.

-

Class

A 

China

162,215

5,088

Torrent

Pharmaceuticals,

Ltd. 

India

340,505

13,534

Total

24,219

Industrials

(

9

.1

%

)

Contemporary

Amperex

Technology

Co.,

Ltd.

-

Class A 

China

726,149

25,563

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class B 

Mexico

317,438

10,134

Havells

India,

Ltd. 

India

440,937

7,977

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd. 

South

Korea

57,881

15,712

InPost

SA *

Poland

401,310

6,666

NARI

Technology

Co.,

Ltd.

-

Class

A 

China

3,814,898

11,931

Samsung

C&T

Corp. 

South

Korea

85,731

10,258

Samsung

E&A

Co.,

Ltd. 

South

Korea

22,218

364

Shenzhen

Envicool

Technology

Co.,

Ltd.

-

Class A 

China

2,117,846

8,803

Techtronic

Industries

Co.,

Ltd. 

Hong

Kong

763,000

8,405

Total

105,813

Information

Technology

(

20

.8

%

)

Accton

Technology

Corp. 

Taiwan

558,000

13,873

Delta

Electronics,

Inc. 

Taiwan

920,000

12,952

MediaTek,

Inc. 

Taiwan

452,000

19,245

Samsung

Electronics

Co.,

Ltd. 

South

Korea

21,653

960

SK

Hynix,

Inc. 

South

Korea

139,157

30,142

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd. 

Taiwan

4,163,290

150,320

Tata

Consultancy

Services,

Ltd. 

India

391,123

15,795

Total

243,287

Materials

(

4

.2

%

)

Grupo

Mexico

SAB

de

CV 

Mexico

3,525,673

21,356

Southern

Copper

Corp. 

Mexico

155,526

15,734

UltraTech

Cement,

Ltd. 

India

83,015

11,709

Total

48,799

Emerging

Markets

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

56

Common

Stocks

(95.0%)

Country

Shares/

Par

+

Value

$

(000’s)

Real

Estate

(

2

.7

%

)

Aldar

Properties

PJSC 

United

Arab

Emirates

4,926,259

11,966

China

Resources

Land,

Ltd. 

China

2,934,000

9,956

Godrej

Properties,

Ltd. *

India

366,064

10,006

Total

31,928

Utilities

(

1

.7

%

)

Power

Grid

Corp.

of

India,

Ltd. 

India

5,850,251

20,462

Total

20,462

Total

Common

Stocks

(Cost: $880,983)

1,108,317

Preferred

Stocks

(

3

.9

%

)

Country

Shares/

Par

+

Value

$

(000's)

Information

Technology

(

3

.9

%

)

Samsung

Electronics

Co.,

Ltd.

South

Korea

1,231,842

45,174

Total

45,174

Total

Preferred

Stocks

(Cost: $50,739)

45,174

Total

Investments

(98.9%)

(Cost:

$931,722)

@

1,153,491

Other

Assets,

Less

Liabilities (1.1%)

13,067

Net

Assets

(100.0%)

1,166,558

Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

China

27.6%

India

19.8%

Taiwan

16.8%

South

Korea

10.2%

Mexico

5.1%

Other

19.4%

Total

98.9%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$931,722

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$221,769

which

is

comprised

of

$263,085

aggregate

gross

unrealized

appreciation

and

$41,316

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Preferred

Stocks

$

—

$

45,174

$

—

Common

Stocks

Consumer

Discretionary

10,575

156,527

—

Consumer

Staples

19,761

20,930

—

Energy

6,500

—

—

Financials

39,550

251,935

—

Industrials

10,134

95,679

—

Materials

37,090

11,709

—

All

Others

—

447,927

—

Total

Assets:

$

123,610

$

1,029,881

$

—

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

June

30,

2025.

Schedule

of

Investments

June

30,

2025

(unaudited)

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

57

Money

Market

Investments

(

101

.3

%

)

Shares/

Par

+

Value

$

(000's)

Repurchase

Agreements

(

39

.0

%

)

Tri-Party

Bank

of

Montreal,

4.390%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$20,002,439,

collateralized

by

various

US

Treasury

obligations,

2.875%

to

3.125%,

due

from

2/15/2042

to

5/15/2043,

aggregate

par

and

fair

value

of

$26,570,176

and

$20,400,075,

respectively)

20,000,000‌

20,000

Tri-Party

Bank

of

Nova

Scotia,

4.410%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$20,002,450,

collateralized

by

various

US

Treasury

obligations,

1.125%

to

4.250%,

due

from

10/31/2026

to

11/15/2051,

aggregate

par

and

fair

value

of

$21,675,618

and

$20,402,518,

respectively)

20,000,000‌

20,000

Tri-Party

BNP

Paribas,

4.390%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$10,001,219,

collateralized

by

US

government

sponsored

agency

and

various

US

government

sponsored

agency

obligations,

2.000%

to

6.516%,

due

from

10/20/2035

to

4/20/2055,

aggregate

par

and

fair

value

of

$10,561,109

and

$10,200,000,

respectively)

10,000,000‌

10,000

Tri-Party

BNP

Paribas,

4.400%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$10,001,222,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

4.750%,

due

from

8/7/2025

to

8/15/2052,

aggregate

par

and

fair

value

of

$17,372,507

and

$10,200,000,

respectively)

10,000,000‌

10,000

Tri-Party

Citigroup

Global

Markets,

Inc.,

4.390%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$15,001,829,

collateralized

by

US

Treasury

Note,

4.125%,

due

10/31/2026,

par

and

fair

value

of

$15,261,282

and

$15,300,045,

respectively)

15,000,000‌

15,000

Tri-Party

Citigroup

Global

Markets,

Inc.,

4.400%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$10,001,222,

collateralized

by

various

US

Treasury

obligations,

2.750%

to

4.500%,

due

from

4/30/2027

to

7/15/2027,

aggregate

par

and

fair

value

of

$10,084,232

and

$10,200,045,

respectively)

10,000,000‌

10,000

Tri-Party

Goldman

Sachs

Group

LP,

4.400%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$15,001,833,

collateralized

by

various

US

government

sponsored

agency

obligations,

1.000%

to

6.000%,

due

from

4/20/2052

to

7/15/2066,

aggregate

par

and

fair

value

of

$15,151,152

and

$15,300,000,

respectively)

15,000,000‌

15,000

Money

Market

Investments

(101.3%)

Shares/

Par

+

Value

$

(000’s)

Repurchase

Agreements

continued

Tri-Party

Mitsubishi

UFJ,

4.400%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$25,003,056,

collateralized

by

various

US

government

sponsored

agency

obligations,

2.000%

to

7.500%,

due

from

2/20/2029

to

5/20/2053,

aggregate

par

and

fair

value

of

$28,438,286

and

$25,500,000,

respectively)

25,000,000‌

25,000

Tri-Party

Mizuho

Securities,

4.400%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$28,003,422,

collateralized

by

various

US

Treasury

obligations,

0.625%

to

4.375%,

due

from

7/31/2026

to

11/15/2026,

aggregate

par

and

fair

value

of

$29,462,446

and

$28,560,093,

respectively)

28,000,000‌

28,000

Tri-Party

Natixis

S.A.,

4.390%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$25,003,049,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

1.250%,

due

from

9/23/2025

to

11/30/2026,

aggregate

par

and

fair

value

of

$26,452,786

and

$25,500,091,

respectively)

25,000,000‌

25,000

Tri-Party

TD

Securities,

4.410%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$20,002,450,

collateralized

by

various

US

government

sponsored

agency

obligations,

3.000%

to

5.000%,

due

from

8/1/2050

to

8/1/2052,

aggregate

par

and

fair

value

of

$21,814,340

and

$20,600,000,

respectively)

20,000,000‌

20,000

Total

198,000

US

Government

&

Agencies

(

62

.3

%

)

Federal

Farm

Credit

Bank,

4.375%,

(US

SOFR

plus

0.075%),

2/1/2027

1,200,000‌

1,200

Federal

Farm

Credit

Bank,

4.455%,

(US

SOFR

plus

0.065%),

3/26/27

470,000‌

470

Federal

Farm

Credit

Bank,

4.460%,

(US

SOFR

plus

0.070%),

11/17/25

800,000‌

800

Federal

Farm

Credit

Bank,

4.490%,

(US

SOFR

plus

0.100%),

6/24/26

300,000‌

300

Federal

Farm

Credit

Bank,

4.490%,

(US

SOFR

plus

0.100%),

6/26/26

805,000‌

805

Federal

Farm

Credit

Bank,

4.501%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.265%),

10/16/26

2,200,000‌

2,200

Federal

Farm

Credit

Bank,

4.525%,

(US

SOFR

plus

0.135%),

10/15/26

4,100,000‌

4,100

Federal

Farm

Credit

Bank,

4.525%,

(US

SOFR

plus

0.135%),

12/23/26

400,000‌

400

Federal

Farm

Credit

Bank,

4.530%,

(US

SOFR

plus

0.140%),

12/30/26

300,000‌

300

Federal

Home

Loan

Bank,

0.000%,

8/29/25

5,620,000‌

5,582

Federal

Home

Loan

Bank,

0.000%,

12/1/25

4,000,000‌

3,933

Federal

Home

Loan

Bank,

4.125%,

11/7/25

1,200,000‌

1,199

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

58

Money

Market

Investments

(101.3%)

Shares/

Par

+

Value

$

(000’s)

US

Government

&

Agencies

continued

Federal

Home

Loan

Bank,

4.250%,

5/22/26

3,500,000‌

3,499

Federal

Home

Loan

Bank,

4.340%,

4/17/26

3,810,000‌

3,810

Federal

Home

Loan

Bank,

4.350%,

6/5/26

1,900,000‌

1,899

Federal

Home

Loan

Bank,

4.380%,

3/23/26

2,200,000‌

2,200

Federal

Home

Loan

Bank,

4.385%,

(US

SOFR

less

0.005%),

7/21/25

925,000‌

925

Federal

Home

Loan

Bank,

4.385%,

(US

SOFR

less

0.005%),

10/6/25

600,000‌

600

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

8/14/25

3,160,000‌

3,160

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

8/21/25

610,000‌

610

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

8/29/25

4,475,000‌

4,475

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/18/25

610,000‌

610

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/19/25

720,000‌

720

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/22/25

245,000‌

245

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/24/25

1,195,000‌

1,195

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/26/25

1,685,000‌

1,685

Federal

Home

Loan

Bank,

4.390%,

(US

SOFR),

12/30/25

1,740,000‌

1,740

Federal

Home

Loan

Bank,

4.395%,

(US

SOFR

plus

0.005%),

7/3/25

8,990,000‌

8,990

Federal

Home

Loan

Bank,

4.395%,

(US

SOFR

plus

0.005%),

7/9/25

1,300,000‌

1,300

Federal

Home

Loan

Bank,

4.395%,

(US

SOFR

plus

0.005%),

8/5/25

5,730,000‌

5,730

Federal

Home

Loan

Bank,

4.395%,

(US

SOFR

plus

0.005%),

9/3/25

700,000‌

700

Federal

Home

Loan

Bank,

4.395%,

(US

SOFR

plus

0.005%),

9/12/25

2,635,000‌

2,635

Federal

Home

Loan

Bank,

4.400%,

(US

SOFR

plus

0.010%),

8/11/25

500,000‌

500

Federal

Home

Loan

Bank,

4.400%,

(US

SOFR

plus

0.010%),

8/12/25

800,000‌

800

Federal

Home

Loan

Bank,

4.400%,

(US

SOFR

plus

0.010%),

8/26/25

900,000‌

900

Federal

Home

Loan

Bank,

4.400%,

(US

SOFR

plus

0.010%),

9/2/25

1,300,000‌

1,300

Federal

Home

Loan

Bank,

4.400%,

(US

SOFR

plus

0.010%),

2/17/26

600,000‌

600

Federal

Home

Loan

Bank,

4.405%,

(US

SOFR

plus

0.015%),

12/12/25

1,200,000‌

1,200

Federal

Home

Loan

Bank,

4.455%,

(US

SOFR

plus

0.065%),

3/25/27

1,030,000‌

1,030

Federal

Home

Loan

Bank,

4.490%,

(US

SOFR

plus

0.100%),

6/26/26

2,230,000‌

2,230

Federal

Home

Loan

Bank,

4.550%,

(US

SOFR

plus

0.160%),

7/21/25

4,330,000‌

4,330

Federal

Home

Loan

Mortgage

Corp.,

0.375%,

9/23/25

1,700,000‌

1,685

Federal

Home

Loan

Mortgage

Corp.,

4.505%,

(US

SOFR

plus

0.115%),

5/5/27

800,000‌

800

Federal

Home

Loan

Mortgage

Corp.,

4.530%,

(US

SOFR

plus

0.140%),

9/23/26

1,300,000‌

1,300

Money

Market

Investments

(101.3%)

Shares/

Par

+

Value

$

(000’s)

US

Government

&

Agencies

continued

Federal

National

Mortgage

Association,

4.510%,

(US

SOFR

plus

0.120%),

7/29/26

4,310,000‌

4,310

Federal

National

Mortgage

Association,

4.525%,

(US

SOFR

plus

0.135%),

8/21/26

1,450,000‌

1,450

Federal

National

Mortgage

Association,

4.530%,

(US

SOFR

plus

0.140%),

10/23/26

1,510,000‌

1,510

Federal

National

Mortgage

Association,

4.530%,

(US

SOFR

plus

0.140%),

11/20/26

2,000,000‌

2,000

Federal

National

Mortgage

Association,

4.530%,

(US

SOFR

plus

0.140%),

12/11/26

1,900,000‌

1,900

US

Treasury,

0.000%,

7/10/25

4,000,000‌

3,995

US

Treasury,

0.000%,

7/15/25

1,000,000‌

998

US

Treasury,

0.000%,

7/17/25

10,000,000‌

9,981

US

Treasury,

0.000%,

8/5/25

18,500,000‌

18,424

US

Treasury,

0.000%,

8/12/25

9,450,000‌

9,403

US

Treasury,

0.000%,

8/26/25

5,261,000‌

5,227

US

Treasury,

0.000%,

8/28/25

1,000,000‌

993

US

Treasury,

0.000%,

9/2/25

9,900,000‌

9,827

US

Treasury,

0.000%,

9/4/25

10,600,000‌

10,521

US

Treasury,

0.000%,

9/9/25

15,950,800‌

15,821

US

Treasury,

0.000%,

9/16/25

2,900,000‌

2,874

US

Treasury,

0.000%,

9/18/25

990,000‌

981

US

Treasury,

0.000%,

9/23/25

6,500,000‌

6,436

US

Treasury,

0.000%,

9/25/25

2,744,100‌

2,717

US

Treasury,

0.000%,

9/30/25

3,578,900‌

3,541

US

Treasury,

0.000%,

10/2/25

1,381,300‌

1,367

US

Treasury,

0.000%,

10/23/25

600,000‌

592

US

Treasury,

0.000%,

10/28/25

3,900,000‌

3,846

US

Treasury,

0.000%,

10/30/25

5,060,000‌

4,990

US

Treasury,

0.000%,

11/6/25

1,342,100‌

1,323

US

Treasury,

0.000%,

11/20/25

6,145,000‌

6,045

US

Treasury,

0.000%,

11/28/25

3,400,000‌

3,341

US

Treasury,

0.000%,

12/4/25

3,606,000‌

3,541

US

Treasury,

0.000%,

12/11/25

3,800,000‌

3,729

US

Treasury,

0.000%,

12/18/25

6,100,000‌

5,980

US

Treasury,

0.000%,

12/26/25

8,300,000‌

8,132

US

Treasury,

0.000%,

1/2/26

4,785,000‌

4,685

US

Treasury,

0.000%,

3/19/26

8,200,000‌

7,965

US

Treasury,

0.000%,

5/14/26

4,258,500‌

4,111

US

Treasury,

0.000%,

6/11/26

3,745,600‌

3,604

US

Treasury,

0.375%,

11/30/25

200,000‌

197

US

Treasury,

0.375%,

12/31/25

1,140,000‌

1,119

US

Treasury,

0.375%,

1/31/26

600,000‌

587

US

Treasury,

0.500%,

2/28/26

300,000‌

293

US

Treasury,

0.875%,

6/30/26

240,000‌

232

US

Treasury,

1.625%,

5/15/26

800,000‌

784

US

Treasury,

4.250%,

12/31/25

990,000‌

990

US

Treasury,

4.338%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.098%),

1/31/27

10,400,000‌

10,400

US

Treasury,

4.361%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.125%),

7/31/25

10,740,000‌

10,740

US

Treasury,

4.390%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.150%),

4/30/26

7,300,000‌

7,300

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

59

Money

Market

Investments

(101.3%)

Shares/

Par

+

Value

$

(000’s)

US

Government

&

Agencies

continued

US

Treasury,

4.410%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.170%),

10/31/25

7,131,000‌

7,131

US

Treasury,

4.422%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.182%),

7/31/26

4,610,000‌

4,607

US

Treasury,

4.440%,

(US

Treasury

3

Month

Bill

Money

Market

Yield

plus

0.205%),

10/31/26

8,550,000‌

8,550

US

Treasury,

4.625%,

2/28/26

400,000‌

401

US

Treasury,

4.625%,

6/30/26

1,760,000‌

1,768

Total

315,951

Total

Money

Market

Investments

(Cost:

$513,951)

513,951

Total

Investments

(101.3%)

(Cost:

$513,951)

513,951

Other

Assets,

Less

Liabilities (-1.3%)

(6,364)

Net

Assets

(100.0%)

507,587

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Short-Term

Investments

$

—‌

$

513,951‌

$

—‌

Total

Assets:

$

—‌

$

513,951‌

$

—‌

Schedule

of

Investments

June

30,

2025

(unaudited)

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

60

Corporate

Bonds

(

46.8%

)

Shares/

Par

+

Value

$

(000's)

Basic

Materials

(1.7%)

BHP

Billiton

Finance

USA,

Ltd.

5.000%, 2/21/30

810,000‌

830

Celanese

US

Holdings

LLC

1.400%, 8/5/26

445,000‌

429

6.415%, 7/15/27

275,000‌

285

Corporacion

Nacional

del

Cobre

de

Chile

3.000%, 9/30/29

§

870,000‌

806

3.625%, 8/1/27

§

200,000‌

196

FMC

Corp.

3.450%, 10/1/29

419,000‌

390

LYB

International

Finance

III

LLC

1.250%, 10/1/25

373,000‌

370

Ma'aden

Sukuk,

Ltd.

 144‌A

 144‌A

5.250%, 2/13/30

144A

710,000‌

722

MEGlobal

BV

2.625%, 4/28/28

§

200,000‌

188

Nutrien,

Ltd.

4.900%, 3/27/28

240,000‌

243

POSCO

4.375%, 8/4/25

§

1,000,000‌

1,000

Rio

Tinto

Finance

(USA)

PLC

4.875%, 3/14/30

395,000‌

403

The

Sherwin-Williams

Co.

4.250%, 8/8/25

230,000‌

230

4.550%, 3/1/28

440,000‌

444

Total

6,536

Communications

(2.4%)

AT&T,

Inc.

4.100%, 2/15/28

205,000‌

204

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

4.908%, 7/23/25

482,000‌

482

6.150%, 11/10/26

255,000‌

260

Comcast

Corp.

4.150%, 10/15/28

235,000‌

235

Cox

Communications,

Inc.

 144‌A

 144‌A

3.350%, 9/15/26

144A

235,000‌

231

3.500%, 8/15/27

144A

215,000‌

211

Crown

Castle

Towers

LLC

 144‌A

 144‌A

4.241%, 7/15/48

144A

175,000‌

172

eBay,

Inc.

3.600%, 6/5/27

1,035,000‌

1,024

KT

Corp.

 144‌A

 144‌A

4.000%, 8/8/25

144A

1,020,000‌

1,019

4.125%, 2/2/28

144A

200,000‌

199

NBN

Co.,

Ltd.

 144‌A

 144‌A

1.450%, 5/5/26

144A

1,000,000‌

975

NTT

Finance

Corp.

 144‌A

 144‌A

4.239%, 7/25/25

144A

200,000‌

200

Omnicom

Group,

Inc.

3.600%, 4/15/26

185,000‌

184

Rogers

Communications,

Inc.

3.200%, 3/15/27

815,000‌

799

5.000%, 2/15/29

990,000‌

1,004

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Communications

continued

T-Mobile

USA,

Inc.

2.250%, 2/15/26

470,000‌

463

Uber

Technologies,

Inc.

 144‌A

 144‌A

4.500%, 8/15/29

144A

921,000‌

914

Verizon

Communications,

Inc.

2.100%, 3/22/28

851,000‌

806

Total

9,382

Consumer,

Cyclical

(6.4%)

Advance

Auto

Parts,

Inc.

5.900%, 3/9/26

475,000‌

475

American

Airlines

Pass-Through

Trust,

Series

2017-2,

Class

B

3.700%, 4/15/27

112,519‌

112

American

Honda

Finance

Corp.

5.650%, 11/15/28

675,000‌

701

Aptiv

Swiss

Holdings,

Ltd.

4.650%, 9/13/29

270,000‌

269

AutoZone,

Inc.

5.125%, 6/15/30

430,000‌

441

BMW

US

Capital

LLC

 144‌A

 144‌A

4.600%, 8/13/27

144A

970,000‌

975

Daimler

Truck

Finance

North

America

LLC

 144‌A

 144‌A

5.000%, 1/15/27

144A

190,000‌

192

5.125%, 9/25/27

144A

345,000‌

350

5.150%, 1/16/26

144A

165,000‌

166

Darden

Restaurants,

Inc.

4.350%, 10/15/27

560,000‌

561

Delta

Air

Lines,

Inc.

4.950%, 7/10/28

360,000‌

362

Dollar

General

Corp.

3.875%, 4/15/27

188,000‌

186

4.125%, 5/1/28

632,000‌

627

4.625%, 11/1/27

310,000‌

312

5.200%, 7/5/28

347,000‌

354

Ford

Motor

Credit

Co.

LLC

5.125%, 11/5/26

385,000‌

384

5.800%, 3/5/27

485,000‌

489

5.918%, 3/20/28

300,000‌

303

General

Motors

Co.

5.350%, 4/15/28

285,000‌

289

General

Motors

Financial

Co.,

Inc.

5.050%, 4/4/28

780,000‌

786

5.350%, 7/15/27

620,000‌

629

5.400%, 4/6/26

300,000‌

301

5.400%, 5/8/27

393,000‌

399

Hyundai

Capital

America

 144‌A

 144‌A

4.850%, 3/25/27

144A

455,000‌

457

4.875%, 6/23/27

144A

400,000‌

402

5.000%, 1/7/28

144A

465,000‌

469

5.250%, 1/8/27

144A

200,000‌

202

5.500%, 3/30/26

144A

270,000‌

272

5.600%, 3/30/28

144A

350,000‌

358

6.250%, 11/3/25

144A

260,000‌

261

LG

Energy

Solution,

Ltd.

5.375%, 7/2/27

§

775,000‌

782

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

61

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

continued

Lowe's

Companies,

Inc.

3.350%, 4/1/27

175,000‌

172

4.400%, 9/8/25

660,000‌

660

4.800%, 4/1/26

385,000‌

386

Marriott

International,

Inc.

3.125%, 6/15/26

809,000‌

799

5.450%, 9/15/26

195,000‌

197

Mattel,

Inc.

 144‌A

 144‌A

3.375%, 4/1/26

144A

673,000‌

663

McDonald's

Corp.

3.800%, 4/1/28

894,000‌

887

Mercedes-Benz

Finance

North

America

LLC

 144‌A

 144‌A

4.800%, 3/30/26

144A

190,000‌

191

4.800%, 1/11/27

144A

1,170,000‌

1,176

O'Reilly

Automotive,

Inc.

4.350%, 6/1/28

390,000‌

391

5.750%, 11/20/26

1,133,000‌

1,153

Ross

Stores,

Inc.

0.875%, 4/15/26

765,000‌

743

Starbucks

Corp.

2.000%, 3/12/27

165,000‌

159

4.000%, 11/15/28

405,000‌

402

4.750%, 2/15/26

465,000‌

465

Toyota

Motor

Credit

Corp.

3.050%, 3/22/27

325,000‌

319

4.350%, 10/8/27

600,000‌

603

4.550%, 8/7/26

605,000‌

607

Volkswagen

Group

of

America

Finance

LLC

 144‌A

 144‌A

4.850%, 8/15/27

144A

680,000‌

680

5.050%, 3/27/28

144A

320,000‌

322

5.700%, 9/12/26

144A

555,000‌

561

5.800%, 9/12/25

144A

395,000‌

396

6.000%, 11/16/26

144A

380,000‌

386

Total

25,184

Consumer,

Non-cyclical

(7.9%)

Altria

Group,

Inc.

2.625%, 9/16/26

424,000‌

416

BAT

International

Finance

PLC

1.668%, 3/25/26

475,000‌

465

4.448%, 3/16/28

1,010,000‌

1,012

Becton

Dickinson

and

Co.

4.693%, 2/13/28

805,000‌

813

Cencora,

Inc.

3.450%, 12/15/27

124,000‌

122

4.625%, 12/15/27

330,000‌

333

4.850%, 12/15/29

175,000‌

178

Centene

Corp.

4.625%, 12/15/29

1,680,000‌

1,634

Coca-Cola

European

Partners

PLC

 144‌A

 144‌A

1.500%, 1/15/27

144A

200,000‌

191

CSL

Finance

PLC

 144‌A

 144‌A

3.850%, 4/27/27

144A

200,000‌

199

CVS

Health

Corp.

1.300%, 8/21/27

1,070,000‌

1,003

2.875%, 6/1/26

386,000‌

380

3.000%, 8/15/26

220,000‌

216

4.300%, 3/25/28

345,000‌

344

5.000%, 2/20/26

1,176,000‌

1,178

Diageo

Capital

PLC

3.875%, 5/18/28

1,080,000‌

1,073

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

5.300%, 10/24/27

1,080,000‌

1,107

Diageo

Investment

Corp.

5.125%, 8/15/30

200,000‌

206

Element

Fleet

Management

Corp.

 144‌A

 144‌A

5.037%, 3/25/30

144A

375,000‌

378

5.643%, 3/13/27

144A

355,000‌

360

Elevance

Health,

Inc.

5.350%, 10/15/25

180,000‌

180

ERAC

USA

Finance

LLC

 144‌A

 144‌A

4.600%, 5/1/28

144A

735,000‌

744

5.000%, 2/15/29

144A

280,000‌

287

HCA,

Inc.

3.125%, 3/15/27

580,000‌

568

5.625%, 9/1/28

870,000‌

896

5.875%, 2/15/26

390,000‌

390

Health

Care

Service

Corp.

 144‌A

 144‌A

5.200%, 6/15/29

144A

290,000‌

296

Heineken

NV

 144‌A

 144‌A

3.500%, 1/29/28

144A

1,972,000‌

1,942

Highmark,

Inc.

 144‌A

 144‌A

1.450%, 5/10/26

144A

205,000‌

199

Humana,

Inc.

5.750%, 3/1/28

140,000‌

144

5.750%, 12/1/28

495,000‌

515

Icon

Investments

Six

DAC

5.809%, 5/8/27

735,000‌

750

Imperial

Brands

Finance

PLC

 144‌A

 144‌A

4.500%, 6/30/28

144A

420,000‌

420

IQVIA,

Inc.

6.250%, 2/1/29

255,000‌

266

Japan

Tobacco,

Inc.

 144‌A

 144‌A

4.850%, 5/15/28

144A

870,000‌

883

The

Kroger

Co.

2.650%, 10/15/26

404,000‌

396

3.700%, 8/1/27

103,000‌

102

Mars,

Inc.

 144‌A

 144‌A

4.550%, 4/20/28

144A

770,000‌

777

4.600%, 3/1/28

144A

560,000‌

565

4.800%, 3/1/30

144A

515,000‌

522

PeaceHealth

Obligated

Group

1.375%, 11/15/25

105,000‌

103

Pernod

Ricard

SA

 144‌A

 144‌A

3.250%, 6/8/26

144A

835,000‌

826

Philip

Morris

International,

Inc.

5.000%, 11/17/25

295,000‌

295

5.125%, 11/17/27

163,000‌

166

S&P

Global,

Inc.

2.450%, 3/1/27

955,000‌

929

Solventum

Corp.

5.400%, 3/1/29

520,000‌

535

5.450%, 2/25/27

985,000‌

1,001

Stryker

Corp.

4.250%, 9/11/29

390,000‌

389

4.700%, 2/10/28

855,000‌

867

Thermo

Fisher

Scientific,

Inc.

1.750%, 10/15/28

390,000‌

361

UnitedHealth

Group,

Inc.

4.400%, 6/15/28

265,000‌

266

5.250%, 2/15/28

285,000‌

292

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

62

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

Utah

Acquisition

Sub,

Inc.

3.950%, 6/15/26

564,000‌

559

Viatris,

Inc.

2.300%, 6/22/27

429,000‌

409

Viterra

Finance

BV

 144‌A

 144‌A

2.000%, 4/21/26

144A

200,000‌

196

4.900%, 4/21/27

144A

600,000‌

602

Zoetis,

Inc.

3.000%, 9/12/27

612,000‌

598

Total

30,844

Energy

(4.0%)

BP

Capital

Markets

America,

Inc.

4.234%, 11/6/28

315,000‌

315

BP

Capital

Markets

PLC

3.723%, 11/28/28

465,000‌

457

Canadian

Natural

Resources,

Ltd.

2.050%, 7/15/25

910,000‌

909

3.850%, 6/1/27

440,000‌

436

Cheniere

Corpus

Christi

Holdings

LLC

5.125%, 6/30/27

547,000‌

552

Columbia

Pipelines

Holding

Co.

LLC

 144‌A

 144‌A

6.055%, 8/15/26

144A

90,000‌

91

Diamondback

Energy,

Inc.

5.200%, 4/18/27

265,000‌

269

Enbridge,

Inc.

4.600%, 6/20/28

180,000‌

181

5.900%, 11/15/26

230,000‌

234

6.000%, 11/15/28

190,000‌

199

Energy

Transfer

LP

5.250%, 7/1/29

320,000‌

328

6.050%, 12/1/26

875,000‌

893

EQT

Corp.

 144‌A

 144‌A

3.125%, 5/15/26

144A

400,000‌

394

Gray

Oak

Pipeline

LLC

 144‌A

 144‌A

2.600%, 10/15/25

144A

205,000‌

204

HF

Sinclair

Corp.

5.750%, 1/15/31

580,000‌

594

Kinder

Morgan,

Inc.

5.150%, 6/1/30

460,000‌

470

Occidental

Petroleum

Corp.

5.000%, 8/1/27

320,000‌

323

5.200%, 8/1/29

230,000‌

231

ONEOK,

Inc.

4.250%, 9/24/27

785,000‌

784

4.850%, 7/15/26

944,000‌

946

5.550%, 11/1/26

410,000‌

416

Ovintiv,

Inc.

5.375%, 1/1/26

210,000‌

210

Sabine

Pass

Liquefaction

LLC

4.200%, 3/15/28

164,000‌

163

5.875%, 6/30/26

978,000‌

983

Schlumberger

Holdings

Corp.

 144‌A

 144‌A

3.900%, 5/17/28

144A

740,000‌

732

Schlumberger

Investment

SA

4.500%, 5/15/28

409,000‌

412

South

Bow

USA

Infrastructure

Holdings

LLC

 144‌A

 144‌A

4.911%, 9/1/27

144A

560,000‌

564

Targa

Resources

Corp.

5.200%, 7/1/27

184,000‌

186

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Tengizchevroil

Finance

Co.

International,

Ltd.

4.000%, 8/15/26

§

800,000‌

789

Valero

Energy

Corp.

5.150%, 2/15/30

180,000‌

184

The

Williams

Cos.,

Inc.

4.625%, 6/30/30

550,000‌

550

4.800%, 11/15/29

330,000‌

334

5.400%, 3/2/26

1,060,000‌

1,066

Woodside

Finance,

Ltd.

 144‌A

 144‌A

3.700%, 9/15/26

144A

229,000‌

227

Total

15,626

Financial

(14.5%)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%, 1/15/27

270,000‌

276

6.450%, 4/15/27

842,000‌

869

Ally

Financial,

Inc.

 α

5.737%,

(US

SOFR

Index

plus

1.960%), 5/15/29

α

355,000‌

361

American

Express

Co.

4.731%,

(US

SOFR

plus

1.260%), 4/25/29

α

625,000‌

632

5.043%,

(US

SOFR

plus

0.930%), 7/26/28

α

350,000‌

355

5.098%,

(US

SOFR

plus

1.000%), 2/16/28

α

215,000‌

217

American

International

Group,

Inc.

4.850%, 5/7/30

430,000‌

437

American

Tower

Corp.

1.600%, 4/15/26

931,000‌

910

3.550%, 7/15/27

379,000‌

374

Aspen

Insurance

Holdings,

Ltd.

5.750%, 7/1/30

255,000‌

259

Athene

Global

Funding

 144‌A

 144‌A

4.860%, 8/27/26

144A

440,000‌

442

5.349%, 7/9/27

144A

430,000‌

437

5.684%, 2/23/26

144A

550,000‌

554

Avolon

Holdings

Funding,

Ltd.

 144‌A

 144‌A

2.125%, 2/21/26

144A

245,000‌

241

5.750%, 3/1/29

144A

390,000‌

401

6.375%, 5/4/28

144A

185,000‌

193

Banco

Santander

SA

 α

5.552%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.250%), 3/14/28

α

400,000‌

406

Bank

Mandiri

Persero

Tbk

PT

5.500%, 4/4/26

§

970,000‌

976

Bank

of

America

Corp.

1.734%,

(US

SOFR

plus

0.960%), 7/22/27

α

415,000‌

403

4.623%,

(US

SOFR

plus

1.110%), 5/9/29

α

760,000‌

765

5.080%,

(US

SOFR

plus

1.290%), 1/20/27

α

395,000‌

396

The

Bank

of

New

York

Mellon

Corp.

4.414%,

(US

SOFR

plus

1.345%), 7/24/26

α

515,000‌

515

4.729%,

(US

SOFR

plus

1.135%), 4/20/29

α

560,000‌

568

4.947%,

(US

SOFR

plus

1.026%), 4/26/27

α

560,000‌

563

Banque

Federative

du

Credit

Mutuel

SA

 144‌A

 144‌A

4.935%, 1/26/26

144A

400,000‌

401

Barclays

PLC

5.086%,

(US

SOFR

plus

0.960%), 2/25/29

α

555,000‌

562

5.304%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

2.300%), 8/9/26

α

385,000‌

385

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

63

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

7.325%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

3.050%), 11/2/26

α

390,000‌

393

BNP

Paribas

SA

 144‌A

,α

 144‌A

4.792%,

(US

SOFR

plus

1.450%), 5/9/29

144A

α

935,000‌

940

Brighthouse

Financial

Global

Funding

 144‌A

 144‌A

1.550%, 5/24/26

144A

145,000‌

141

Brown

&

Brown,

Inc.

4.700%, 6/23/28

215,000‌

217

CaixaBank

SA

 144‌A

,α

 144‌A

6.684%,

(US

SOFR

plus

2.080%), 9/13/27

144A

α

615,000‌

630

Capital

One

Financial

Corp.

4.985%,

(US

SOFR

plus

2.160%), 7/24/26

α

460,000‌

460

6.312%,

(US

SOFR

plus

2.640%), 6/8/29

α

255,000‌

268

7.149%,

(US

SOFR

plus

2.440%), 10/29/27

α

240,000‌

248

CBRE

Services,

Inc.

4.800%, 6/15/30

210,000‌

211

The

Charles

Schwab

Corp.

2.450%, 3/3/27

906,000‌

880

Citigroup,

Inc.

 α

5.174%,

(US

SOFR

plus

1.364%), 2/13/30

α

375,000‌

383

CNO

Global

Funding

 144‌A

 144‌A

1.750%, 10/7/26

144A

830,000‌

802

4.875%, 12/10/27

144A

218,000‌

220

Corebridge

Global

Funding

 144‌A

 144‌A

4.650%, 8/20/27

144A

205,000‌

206

5.200%, 1/12/29

144A

185,000‌

189

Credit

Agricole

SA

 144‌A

 144‌A

5.222%,

(US

SOFR

plus

1.460%), 5/27/31

144A

α

375,000‌

382

5.230%,

(US

SOFR

plus

1.130%), 1/9/29

144A

α

580,000‌

589

Crown

Castle,

Inc.

1.050%, 7/15/26

615,000‌

592

2.900%, 3/15/27

580,000‌

564

4.300%, 2/15/29

80,000‌

79

4.450%, 2/15/26

570,000‌

569

4.800%, 9/1/28

395,000‌

397

5.000%, 1/11/28

285,000‌

288

5.600%, 6/1/29

295,000‌

305

Danske

Bank

A/S

 144‌A

 144‌A

4.613%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.100%), 10/2/30

144A

α

385,000‌

383

5.427%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

0.950%), 3/1/28

144A

α

390,000‌

397

6.259%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.180%), 9/22/26

144A

α

265,000‌

266

Equitable

America

Global

Funding

 144‌A

 144‌A

4.650%, 6/9/28

144A

465,000‌

468

Equitable

Financial

Life

Global

Funding

 144‌A

 144‌A

1.400%, 7/7/25

144A

75,000‌

75

1.700%, 11/12/26

144A

305,000‌

294

Fortitude

Group

Holdings

LLC

 144‌A

 144‌A

6.250%, 4/1/30

144A

1,010,000‌

1,039

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

GA

Global

Funding

Trust

 144‌A

 144‌A

4.400%, 9/23/27

144A

395,000‌

394

5.400%, 1/13/30

144A

535,000‌

549

The

Goldman

Sachs

Group,

Inc.

4.482%,

(US

SOFR

plus

1.725%), 8/23/28

α

390,000‌

391

4.937%,

(US

SOFR

plus

1.319%), 4/23/28

α

1,060,000‌

1,068

5.218%,

(US

SOFR

plus

1.580%), 4/23/31

α

590,000‌

605

5.798%,

(US

SOFR

plus

1.075%), 8/10/26

α

625,000‌

626

HSBC

Holdings

PLC

4.899%,

(US

SOFR

plus

1.030%), 3/3/29

α

500,000‌

504

5.130%,

(US

SOFR

plus

1.040%), 11/19/28

α

565,000‌

572

5.597%,

(US

SOFR

plus

1.060%), 5/17/28

α

520,000‌

530

ING

Groep

NV

 α

4.858%,

(US

SOFR

plus

1.010%), 3/25/29

α

575,000‌

581

Intercontinental

Exchange,

Inc.

3.625%, 9/1/28

1,209,000‌

1,184

Jackson

National

Life

Global

Funding

 144‌A

 144‌A

4.900%, 1/13/27

144A

435,000‌

438

5.550%, 7/2/27

144A

355,000‌

362

5.600%, 4/10/26

144A

615,000‌

620

JPMorgan

Chase

&

Co.

4.979%,

(US

SOFR

plus

0.930%), 7/22/28

α

395,000‌

400

5.040%,

(US

SOFR

plus

1.190%), 1/23/28

α

375,000‌

379

5.103%,

(US

SOFR

plus

1.435%), 4/22/31

α

445,000‌

456

5.209%,

(US

SOFR

plus

0.885%), 4/22/27

350,000‌

351

Kilroy

Realty

LP

4.375%, 10/1/25

180,000‌

180

Lloyds

Banking

Group

PLC

 α

5.462%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.375%), 1/5/28

α

460,000‌

466

LPL

Holdings,

Inc.

 144‌A

 144‌A

4.625%, 11/15/27

144A

115,000‌

115

4.900%, 4/3/28

250,000‌

252

5.700%, 5/20/27

679,000‌

692

6.750%, 11/17/28

190,000‌

203

Manufacturers

&

Traders

Trust

Co.

 α

4.762%,

(US

SOFR

plus

0.950%), 7/6/28

α

440,000‌

443

Marsh

&

McLennan

Cos.,

Inc.

3.750%, 3/14/26

105,000‌

104

4.550%, 11/8/27

720,000‌

725

MassMutual

Global

Funding

II

 144‌A

 144‌A

5.100%, 4/9/27

144A

1,020,000‌

1,036

Morgan

Stanley

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

570,000‌

578

6.138%,

(US

SOFR

plus

1.770%), 10/16/26

α

525,000‌

527

Nasdaq,

Inc.

5.350%, 6/28/28

205,000‌

211

Northern

Trust

Corp.

3.950%, 10/30/25

330,000‌

329

The

PNC

Financial

Services

Group,

Inc.

 α

4.758%,

(US

SOFR

Index

plus

1.085%), 1/26/27

α

575,000‌

576

Prologis

LP

3.875%, 9/15/28

190,000‌

188

QNB

Finance,

Ltd.

1.375%, 1/26/26

§

820,000‌

804

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

64

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Realty

Income

Corp.

5.050%, 1/13/26

140,000‌

140

Reinsurance

Group

of

America,

Inc.

3.950%, 9/15/26

428,000‌

426

Sammons

Financial

Group

Global

Funding

 144‌A

 144‌A

5.050%, 1/10/28

144A

275,000‌

279

Santander

Holdings

USA,

Inc.

2.490%,

(US

SOFR

plus

1.249%), 1/6/28

α

410,000‌

397

6.124%,

(US

SOFR

plus

1.232%), 5/31/27

α

80,000‌

81

SBA

Tower

Trust

 144‌A

 144‌A

1.631%, 5/15/51

144A

575,000‌

552

1.884%, 1/15/26

144A

290,000‌

285

2.328%, 7/15/52

144A

225,000‌

213

4.831%, 10/15/29

144A

1,125,000‌

1,126

6.599%, 11/15/52

144A

619,000‌

636

Societe

Generale

SA

 144‌A

 144‌A

5.249%,

(US

SOFR

plus

1.420%), 5/22/29

144A

α

705,000‌

714

5.519%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.500%), 1/19/28

144A

α

565,000‌

572

Standard

Chartered

PLC

 144‌A

,α

 144‌A

5.688%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.050%), 5/14/28

144A

α

390,000‌

398

State

Bank

of

India

1.800%, 7/13/26

§

1,050,000‌

1,021

State

Street

Corp.

4.834%, 4/24/30

475,000‌

484

5.272%, 8/3/26

685,000‌

692

UBS

Group

AG

 144‌A

 144‌A

1.494%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

0.850%), 8/10/27

144A

α

215,000‌

208

6.327%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.600%), 12/22/27

144A

α

425,000‌

436

US

Bancorp

4.548%,

(US

SOFR

plus

1.660%), 7/22/28

α

590,000‌

591

5.727%,

(US

SOFR

plus

1.430%), 10/21/26

α

320,000‌

321

Wells

Fargo

&

Co.

4.540%,

(US

SOFR

plus

1.560%), 8/15/26

α

590,000‌

590

4.900%,

(US

SOFR

plus

0.780%), 1/24/28

α

730,000‌

735

4.970%,

(US

SOFR

plus

1.370%), 4/23/29

α

1,545,000‌

1,567

The

Western

Union

Co.

1.350%, 3/15/26

1,401,000‌

1,368

Total

57,044

Industrial

(3.6%)

Amphenol

Corp.

4.750%, 3/30/26

205,000‌

206

5.050%, 4/5/29

90,000‌

93

BAE

Systems

PLC

 144‌A

 144‌A

5.000%, 3/26/27

144A

450,000‌

455

The

Boeing

Co.

2.196%, 2/4/26

330,000‌

325

3.200%, 3/1/29

420,000‌

400

6.259%, 5/1/27

807,000‌

830

Canadian

Pacific

Railway

Co.

1.750%, 12/2/26

315,000‌

304

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Industrial

continued

Caterpillar

Financial

Services

Corp.

4.600%, 11/15/27

1,035,000‌

1,047

FedEx

Corp.

3.250%, 4/1/26

913,000‌

904

Fortive

Corp.

3.150%, 6/15/26

538,000‌

531

GATX

Corp.

3.250%, 9/15/26

360,000‌

355

3.850%, 3/30/27

164,000‌

162

5.400%, 3/15/27

390,000‌

395

Holcim

Finance

US

LLC

 144‌A

 144‌A

4.700%, 4/7/28

144A

550,000‌

555

4.950%, 4/7/30

144A

205,000‌

208

Huntington

Ingalls

Industries,

Inc.

5.353%, 1/15/30

155,000‌

159

Keysight

Technologies,

Inc.

5.350%, 7/30/30

460,000‌

475

Mohawk

Industries,

Inc.

5.850%, 9/18/28

248,000‌

257

Northrop

Grumman

Corp.

3.250%, 1/15/28

300,000‌

293

Owens

Corning

3.400%, 8/15/26

257,000‌

254

5.500%, 6/15/27

340,000‌

347

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

 144‌A

 144‌A

1.700%, 6/15/26

144A

147,000‌

143

3.400%, 11/15/26

144A

120,000‌

118

5.350%, 1/12/27

144A

275,000‌

278

5.750%, 5/24/26

144A

1,020,000‌

1,029

Regal

Rexnord

Corp.

6.050%, 2/15/26

1,164,000‌

1,171

6.050%, 4/15/28

565,000‌

582

Republic

Services,

Inc.

0.875%, 11/15/25

120,000‌

118

4.750%, 7/15/30

195,000‌

199

4.875%, 4/1/29

555,000‌

567

RTX

Corp.

6.700%, 8/1/28

76,000‌

81

7.000%, 11/1/28

290,000‌

311

Sydney

Airport

Finance

Co.

Pty,

Ltd.

 144‌A

 144‌A

3.625%, 4/28/26

144A

117,000‌

116

Waste

Management,

Inc.

3.875%, 1/15/29

815,000‌

805

Total

14,073

Technology

(3.5%)

Advanced

Micro

Devices,

Inc.

4.319%, 3/24/28

950,000‌

957

Analog

Devices,

Inc.

1.700%, 10/1/28

230,000‌

213

Atlassian

Corp.

5.250%, 5/15/29

215,000‌

221

Cadence

Design

Systems,

Inc.

4.200%, 9/10/27

50,000‌

50

Dell

International

LLC

/

EMC

Corp.

4.750%, 4/1/28

540,000‌

546

Fiserv,

Inc.

4.200%, 10/1/28

369,000‌

367

5.150%, 3/15/27

480,000‌

486

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

65

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Technology

continued

Fortinet,

Inc.

1.000%, 3/15/26

675,000‌

658

Foundry

JV

Holdco

LLC

 144‌A

 144‌A

5.500%, 1/25/31

144A

200,000‌

205

5.900%, 1/25/30

144A

200,000‌

209

Intel

Corp.

3.150%, 5/11/27

188,000‌

184

3.750%, 8/5/27

325,000‌

321

4.000%, 8/5/29

350,000‌

343

4.875%, 2/10/28

108,000‌

109

International

Business

Machines

Corp.

4.650%, 2/10/28

1,376,000‌

1,392

Marvell

Technology,

Inc.

1.650%, 4/15/26

255,000‌

249

4.750%, 7/15/30

160,000‌

161

4.875%, 6/22/28

780,000‌

789

Micron

Technology,

Inc.

5.375%, 4/15/28

1,085,000‌

1,116

NXP

BV

/

NXP

Funding

LLC

5.350%, 3/1/26

75,000‌

75

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.150%, 5/1/27

105,000‌

103

3.875%, 6/18/26

405,000‌

403

4.300%, 6/18/29

470,000‌

466

4.400%, 6/1/27

80,000‌

80

Paychex,

Inc.

5.100%, 4/15/30

995,000‌

1,019

Roper

Technologies,

Inc.

1.000%, 9/15/25

115,000‌

114

Synopsys,

Inc.

4.650%, 4/1/28

1,030,000‌

1,040

4.850%, 4/1/30

655,000‌

664

Take-Two

Interactive

Software,

Inc.

5.000%, 3/28/26

585,000‌

586

Western

Digital

Corp.

4.750%, 2/15/26

215,000‌

214

Workday,

Inc.

3.500%, 4/1/27

265,000‌

262

Total

13,602

Utilities

(2.8%)

American

Electric

Power

Co.,

Inc.

5.200%, 1/15/29

675,000‌

692

APA

Infrastructure,

Ltd.

 144‌A

 144‌A

4.250%, 7/15/27

144A

944,000‌

940

Appalachian

Power

Co.

3.300%, 6/1/27

854,000‌

838

Constellation

Energy

Generation

LLC

5.600%, 3/1/28

315,000‌

326

DTE

Energy

Co.

4.950%, 7/1/27

295,000‌

298

5.200%, 4/1/30

410,000‌

420

Duke

Energy

Corp.

4.300%, 3/15/28

280,000‌

280

Enel

Finance

International

NV

 144‌A

 144‌A

1.625%, 7/12/26

144A

645,000‌

626

7.050%, 10/14/25

144A

400,000‌

402

Exelon

Corp.

5.150%, 3/15/29

200,000‌

205

FirstEnergy

Corp.

3.900%, 7/15/27

678,000‌

670

Corporate

Bonds

(46.8%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

FirstEnergy

Transmission

LLC

4.550%, 1/15/30

155,000‌

155

National

Rural

Utilities

Cooperative

Finance

Corp.

4.120%, 9/16/27

241,000‌

241

4.800%, 3/15/28

421,000‌

428

5.100%, 5/6/27

316,000‌

321

NextEra

Energy

Capital

Holdings,

Inc.

1.875%, 1/15/27

685,000‌

661

5.749%, 9/1/25

280,000‌

280

Niagara

Mohawk

Power

Corp.

 144‌A

 144‌A

4.647%, 10/3/30

144A

345,000‌

345

NiSource,

Inc.

5.250%, 3/30/28

130,000‌

133

Pacific

Gas

&

Electric

Co.

3.150%, 1/1/26

285,000‌

282

Public

Service

Enterprise

Group,

Inc.

4.900%, 3/15/30

690,000‌

702

Sempra

5.400%, 8/1/26

270,000‌

273

Southern

California

Gas

Co.

2.950%, 4/15/27

410,000‌

402

The

Southern

Co.

5.113%, 8/1/27

350,000‌

355

Terraform

Global

Operating

LP

 144‌A

 144‌A

6.125%, 3/1/26

144A

441,000‌

438

Trans-Allegheny

Interstate

Line

Co.

 144‌A

 144‌A

5.000%, 1/15/31

144A

100,000‌

102

Vistra

Operations

Co.

LLC

 144‌A

 144‌A

5.050%, 12/30/26

144A

253,000‌

254

Total

11,069

Total

Corporate

Bonds

(Cost: $181,862)

183,360

144A

144A

144A

Governments

(

19.5%

)

Governments

(19.5%)

Korea

Electric

Power

Corp.

144A

144A

5.375%, 4/6/26

144A

1,000,000‌

1,008

Korea

Housing

Finance

Corp.

144A

144A

4.625%, 2/24/28

144A

960,000‌

969

Korea

Hydro

&

Nuclear

Power

Co.,

Ltd.

144A

144A

5.000%, 7/18/28

144A

250,000‌

255

Saudi

Government

International

Bond

144A

144A

5.125%, 1/13/28

144A

560,000‌

569

US

Treasury

3.750%, 4/30/27

21,310,000‌

21,307

3.750%, 6/30/27

27,000,000‌

27,017

3.875%, 3/31/27

18,070,000‌

18,098

3.875%, 5/31/27

3,165,000‌

3,172

4.125%, 1/31/27

 β

705,000‌

708

4.125%, 2/28/27

3,370,000‌

3,387

Total

76,490

Total

Governments

(Cost: $76,362)

76,490

144A

144A

144A

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

66

Structured

Products

(

30.7%

)

Shares/

Par

+

Value

$

(000's)

Asset

Backed

Securities

(16.6%)

Affirm

Master

Trust,

Series

2025-2A,

Class

A

144A

144A

4.670%,

7/15/33 144A 

335,000‌

336

Affirm

Master

Trust,

Series

2025-2A,

Class

B

144A

144A

5.060%,

7/15/33 144A 

355,000‌

356

Alinea

CLO,

Ltd.,

Series

2018-1A,

Class

AR

144A

144A

5.169%,

(US

SOFR

3

Month

plus

0.900%),

7/20/31 144A 

166,623‌

166

Alinea

CLO,

Ltd.,

Series

2018-1A,

Class

BR

144A

144A

5.419%,

(US

SOFR

3

Month

plus

1.150%),

7/20/31 144A 

250,000‌

249

Ally

Auto

Receivables

Trust,

Series

2023-A,

Class

B

144A

144A

6.010%,

1/17/34 144A 

37,163‌

37

Ally

Auto

Receivables

Trust,

Series

2023-A,

Class

C

144A

144A

6.080%,

1/17/34 144A 

165,680‌

168

Ally

Bank

Auto

Credit,

Series

2024-A,

Class

B

144A

144A

5.827%,

5/17/32 144A 

153,930‌

156

Ally

Bank

Auto

Credit,

Series

2024-A,

Class

C

144A

144A

6.022%,

5/17/32 144A 

153,930‌

156

Ally

Bank

Auto

Credit,

Series

2024-B,

Class

A2

144A

144A

4.970%,

9/15/32 144A 

186,014‌

187

Ally

Bank

Auto

Credit,

Series

2024-B,

Class C

144A

144A

5.215%,

9/15/32 144A 

186,014‌

187

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D

1.290%,

6/18/27 

575,000‌

564

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

C

5.800%,

12/18/28 

380,000‌

388

Amur

Equipment

Finance

Receivables

X

LLC,

Series

2022-1A,

Class

E

144A

144A

5.020%,

12/20/28 144A 

415,000‌

415

Anthelion

CLO,

Ltd.,

Series

2025-1A,

Class

A1

144A

144A

5.791%,

(US

SOFR

3

Month

plus

1.500%),

7/20/36 144A 

390,000‌

389

Arbys

Funding

LLC,

Series

2020-1A,

Class A2

144A

144A

3.237%,

7/30/50 144A 

1,000,125‌

954

ARI

Fleet

Lease

Trust,

Series

2024-B,

Class A2

144A

144A

5.540%,

4/15/33 144A 

345,846‌

348

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2

144A

144A

6.180%,

12/15/28 144A 

327,651‌

330

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A3

144A

144A

5.490%,

7/15/31 144A 

240,000‌

245

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2020-1A,

Class

A

144A

144A

2.330%,

8/20/26 144A 

83,333‌

83

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2022-5A,

Class

C

144A

144A

6.240%,

4/20/27 144A 

165,000‌

166

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-2A,

Class

C

144A

144A

6.180%,

10/20/27 144A 

120,000‌

121

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2025-3A,

Class

D

144A

144A

7.320%,

2/20/28 144A 

105,000‌

106

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Battalion

CLO

XII,

Ltd.,

Series

2018-12A,

Class

CRR

144A

144A

5.874%,

(US

SOFR

3

Month

plus

1.550%),

5/17/31 144A 

250,000‌

248

Battalion

CLO

XV,

Ltd.,

Series

2020-15A,

Class

A1RR

144A

144A

5.260%,

(US

SOFR

3

Month

plus

0.980%),

1/17/33 144A 

1,471,922‌

1,467

Battalion

CLO

XXI,

Ltd.,

Series

2021-21A,

Class

BR

144A

144A

6.010%,

(US

SOFR

3

Month

plus

1.700%),

7/15/34 144A 

250,000‌

250

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

A

144A

144A

5.405%,

(US

30

Day

Average

SOFR

plus

1.100%),

12/26/31 144A 

143,270‌

144

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

A2

144A

144A

5.050%,

3/15/29 144A 

380,080‌

381

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

B

144A

144A

5.410%,

3/15/30 144A 

110,000‌

111

BlueMountain

CLO,

Ltd.,

Series

2018-3A,

Class

A1R

144A

144A

5.472%,

(US

SOFR

3

Month

plus

1.190%),

10/25/30 144A 

297,059‌

297

BRE

Grand

Islander

Timeshare

Issuer

LLC,

Series

2019-A,

Class

A

144A

144A

3.280%,

9/26/33 144A 

131,982‌

130

CarMax

Auto

Owner

Trust,

Series

2023-2,

Class

C

5.570%,

11/15/28 

585,000‌

594

CarMax

Auto

Owner

Trust,

Series

2023-2,

Class

D

6.550%,

10/15/29 

390,000‌

400

CarMax

Auto

Owner

Trust,

Series

2023-3,

Class

C

5.610%,

2/15/29 

655,000‌

669

CarMax

Auto

Owner

Trust,

Series

2023-3,

Class

D

6.440%,

12/16/30 

210,000‌

216

CarMax

Auto

Owner

Trust,

Series

2024-1,

Class

C

5.470%,

8/15/29 

290,000‌

295

CarMax

Auto

Owner

Trust,

Series

2024-2,

Class

D

6.420%,

10/15/30 

100,000‌

103

CarMax

Auto

Owner

Trust,

Series

2024-3,

Class

D

5.670%,

1/15/31 

125,000‌

128

CarMax

Select

Receivables

Trust,

Series

2024-A,

Class

B

5.350%,

1/15/30 

135,000‌

137

CarMax

Select

Receivables

Trust,

Series

2024-A,

Class

C

5.620%,

1/15/30 

570,000‌

580

Carvana

Auto

Receivables

Trust,

Series

2024-

N2,

Class

B

144A

144A

5.670%,

9/10/30 144A 

405,000‌

411

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

67

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Chase

Auto

Credit

Linked

Notes,

Series

2025-

1,

Class

B

144A

144A

4.753%,

2/25/33 144A 

350,000‌

351

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

A2

144A

144A

4.710%,

8/20/32 144A 

85,403‌

85

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

B

144A

144A

4.790%,

8/20/32 144A 

155,000‌

155

CNH

Equipment

Trust,

Series

2024-B,

Class A3

5.190%,

9/17/29 

245,000‌

248

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2024-2A,

Class

A2

144A

144A

4.500%,

5/20/49 144A 

755,000‌

735

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

D

144A

144A

6.750%,

10/22/29 144A 

100,000‌

102

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D

144A

144A

6.120%,

9/23/30 144A 

100,000‌

102

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

B

144A

144A

4.820%,

8/22/30 144A 

100,000‌

101

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D

144A

144A

5.290%,

2/24/31 144A 

410,000‌

413

Dell

Equipment

Finance

Trust,

Series

2025-1,

Class

C

144A

144A

5.250%,

2/24/31 144A 

100,000‌

101

DLLAA

LLC,

Series

2023-1A,

Class

A3

144A

144A

5.640%,

2/22/28 144A 

395,000‌

400

DLLST

LLC,

Series

2024-1A,

Class

A3

144A

144A

5.050%,

8/20/27 144A 

140,000‌

141

DLLST

LLC,

Series

2024-1A,

Class

A4

144A

144A

4.930%,

4/22/30 144A 

40,000‌

40

Driven

Brands

Funding

LLC,

Series

2019-1A,

Class

A2

144A

144A

4.641%,

4/20/49 144A 

356,754‌

355

Dryden

Senior

Loan

Fund,

Series

2020-86A,

Class

A1R

144A

144A

5.641%,

(US

SOFR

3

Month

plus

1.362%),

7/17/34 144A 

610,000‌

611

Dryden Senior

Loan

Fund,

Series

2016-45A,

Class

BRR

144A

144A

5.906%,

(US

SOFR

3

Month

plus

1.650%),

10/15/30 144A 

515,000‌

513

Elara

HGV

Timeshare

Issuer

LLC,

Series

2019-A,

Class

A

144A

144A

2.610%,

1/25/34 144A 

63,107‌

62

Elara

HGV

Timeshare

Issuer

LLC,

Series

2023-A,

Class

A

144A

144A

6.160%,

2/25/38 144A 

109,495‌

113

Elara

HGV

Timeshare

Issuer

LLC,

Series

2023-A,

Class

C

144A

144A

7.300%,

2/25/38 144A 

150,342‌

155

Enterprise

Fleet

Financing

LLC,

Series

2023-

2,

Class

A2

144A

144A

5.560%,

4/22/30 144A 

290,725‌

292

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Enterprise

Fleet

Financing

LLC,

Series

2024-

3,

Class

A3

144A

144A

4.980%,

8/21/28 144A 

150,000‌

152

Enterprise

Fleet

Financing

LLC,

Series

2024-

3,

Class

A4

144A

144A

5.060%,

3/20/31 144A 

100,000‌

102

Exeter

Automobile

Receivables

Trust,

Series

2022-3A,

Class

C

5.300%,

9/15/27 

91,524‌

92

Exeter

Automobile

Receivables

Trust,

Series

2022-4A,

Class

D

5.980%,

12/15/28 

890,000‌

895

Exeter

Automobile

Receivables

Trust,

Series

2022-5A,

Class

C

6.510%,

12/15/27 

621,476‌

623

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D

6.690%,

6/15/29 

80,000‌

81

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

B

4.870%,

8/15/31 

255,000‌

257

Finance

of

America

HECM

Buyout,

Series

2024-HB1,

Class

A1A

144A

144A

4.000%,

(AFC),

10/1/34 144A 

475,818‌

473

FirstKey

Homes

Trust,

Series

2020-SFR1,

Class

D

144A

144A

2.241%,

8/17/37 144A 

1,080,000‌

1,072

FirstKey

Homes

Trust,

Series

2020-SFR2,

Class

D

144A

144A

1.968%,

10/19/37 144A 

655,000‌

646

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

C

6.430%,

4/15/27 

285,000‌

288

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C

144A

144A

1.740%,

4/15/33 144A 

310,000‌

307

Ford

Credit

Auto

Owner

Trust,

Series

2023-A,

Class

B

5.070%,

1/15/29 

905,000‌

913

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

B

144A

144A

5.310%,

5/15/28 144A 

155,000‌

156

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

C

144A

144A

5.750%,

5/15/28 144A 

245,000‌

247

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

D

144A

144A

6.620%,

5/15/28 144A 

440,000‌

444

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2024-1,

Class

B

144A

144A

5.480%,

4/15/29 144A 

280,000‌

284

Fortress

Credit

BSL

VII,

Ltd.,

Series

2024-1A,

Class

A1R

144A

144A

5.369%,

(US

SOFR

3

Month

plus

1.090%),

7/23/32 144A 

163,602‌

164

Fortress

Credit

BSL

VII,

Ltd.,

Series

2024-1A,

Class

A2R

144A

144A

5.679%,

(US

SOFR

3

Month

plus

1.400%),

7/23/32 144A 

460,000‌

460

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

68

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Fortress

Credit

BSL

VII,

Ltd.,

Series

2024-1A,

Class

BR

144A

144A

5.929%,

(US

SOFR

3

Month

plus

1.650%),

7/23/32 144A 

585,000‌

583

Fortress

Credit

BSL

VIII,

Ltd.,

Series

2019-2A,

Class

A1AR

144A

144A

5.319%,

(US

SOFR

3

Month

plus

1.050%),

10/20/32 144A 

238,001‌

237

Fortress

Credit

BSL

VIII,

Ltd.,

Series

2019-2A,

Class

A2R

144A

144A

5.669%,

(US

SOFR

3

Month

plus

1.400%),

10/20/32 144A 

570,000‌

565

Fortress

Credit

BSL

XV,

Ltd.,

Series

2022-2A,

Class

AR

144A

144A

5.669%,

(US

SOFR

3

Month

plus

1.400%),

10/18/33 144A 

460,000‌

460

Fortress

Credit

BSL

XVIII,

Ltd.,

Series

2023-

1A,

Class

A1R

144A

144A

5.884%,

(US

SOFR

3

Month

plus

1.570%),

4/23/36 144A 

250,000‌

250

Frontier

Issuer

LLC,

Series

2023-1,

Class

C

144A

144A

11.500%,

8/20/53 144A 

475,000‌

500

Frontier

Issuer

LLC,

Series

2024-1,

Class

A2

144A

144A

6.190%,

6/20/54 144A 

110,000‌

113

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

B

5.030%,

9/18/28 

155,000‌

156

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

A1

144A

144A

4.730%,

11/15/29 144A 

215,000‌

217

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

B

144A

144A

4.980%,

11/15/29 144A 

525,000‌

530

Hardee's

Funding

LLC,

Series

2018-1A,

Class A23

144A

144A

5.710%,

6/20/48 144A 

265,763‌

262

Hardee's

Funding

LLC,

Series

2020-1A,

Class A2

144A

144A

3.981%,

12/20/50 144A 

1,074,375‌

1,022

Hardee's

Funding

LLC,

Series

2021-1A,

Class A2

144A

144A

2.865%,

6/20/51 144A 

139,200‌

127

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

A

144A

144A

2.740%,

2/25/39 144A 

108,639‌

106

Hilton

Grand

Vacations

Trust,

Series

2022-1D,

Class

A

144A

144A

3.610%,

6/20/34 144A 

70,771‌

70

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

B

144A

144A

6.110%,

1/25/38 144A 

378,078‌

387

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

C

144A

144A

6.940%,

1/25/38 144A 

70,605‌

73

Hilton

Grand

Vacations

Trust,

Series

2025-1A,

Class

A

144A

144A

4.880%,

5/27/42 144A 

235,000‌

237

Hilton

Grand

Vacations

Trust,

Series

2025-1A,

Class

B

144A

144A

5.180%,

5/27/42 144A 

400,000‌

403

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Home

Partners

of

America

Trust,

Series

2022-

1,

Class

A

144A

144A

3.930%,

4/17/39 144A 

351,138‌

346

HPEFS

Equipment

Trust,

Series

2023-1A,

Class

C

144A

144A

5.910%,

4/20/28 144A 

355,000‌

356

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

C

144A

144A

6.480%,

1/21/31 144A 

125,000‌

126

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

D

144A

144A

6.970%,

7/21/31 144A 

125,000‌

127

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

C

144A

144A

5.330%,

6/20/31 144A 

680,000‌

682

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B

144A

144A

5.350%,

10/20/31 144A 

100,000‌

101

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D

144A

144A

5.820%,

4/20/32 144A 

205,000‌

209

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B1

144A

144A

6.153%,

5/20/32 144A 

390,343‌

397

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-2,

Class

B1

144A

144A

5.442%,

10/20/32 144A 

452,177‌

456

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2025-1,

Class

B

144A

144A

4.957%,

3/21/33 144A 

582,881‌

585

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

A3

144A

144A

4.530%,

4/17/28 144A 

205,000‌

206

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

B

144A

144A

4.940%,

8/15/29 144A 

425,000‌

430

Jack

in

the

Box

Funding

LLC,

Series

2022-1A,

Class

A2I

144A

144A

3.445%,

2/26/52 144A 

388,025‌

374

Madison

Park

Funding

XLII,

Ltd.,

Series

13A,

Class

AR

144A

144A

5.429%,

(US

SOFR

3

Month

plus

1.150%),

11/21/30 144A 

264,507‌

264

Madison

Park

Funding

XXIII,

Ltd.,

Series

2017-23A,

Class AR

144A

144A

5.514%,

(US

SOFR

3

Month

plus

1.232%),

7/27/31 144A 

392,073‌

392

Madison

Park

Funding

XXIII,

Ltd.,

Series

2017-23A,

Class BR

144A

144A

6.094%,

(US

SOFR

3

Month

plus

1.812%),

7/27/31 144A 

710,000‌

711

Madison

Park

Funding

XXXIII,

Ltd.,

Series

2019-33A,

Class AR

144A

144A

5.546%,

(US

SOFR

3

Month

plus

1.290%),

10/15/32 144A 

1,024,074‌

1,025

Marble

Point

CLO

XV,

Ltd.,

Series

2019-1A,

Class

A1R2

144A

144A

5.319%,

(US

SOFR

3

Month

plus

1.040%),

7/23/32 144A 

643,171‌

641

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

69

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Marble

Point

CLO,

Ltd.,

Series

2018-2A,

Class A12R

144A

144A

5.469%,

(US

SOFR

3

Month

plus

1.200%),

1/20/32 144A 

979,420‌

978

MMAF

Equipment

Finance

LLC,

Series

2021-

A,

Class

A5

144A

144A

1.190%,

11/13/43 144A 

100,000‌

98

MVW

Owner

Trust,

Series

2019-2A,

Class

A

144A

144A

2.440%,

10/20/38 144A 

29,330‌

29

MVW

Owner

Trust,

Series

2020-1A,

Class

A

144A

144A

1.740%,

10/20/37 144A 

148,055‌

144

MVW

Owner

Trust,

Series

2020-1A,

Class

B

144A

144A

2.730%,

10/20/37 144A 

82,599‌

81

MVW

Owner

Trust,

Series

2021-1WA,

Class

B

144A

144A

1.440%,

1/22/41 144A 

25,352‌

24

MVW

Owner

Trust,

Series

2021-1WA,

Class C

144A

144A

1.940%,

1/22/41 144A 

37,521‌

36

MVW

Owner

Trust,

Series

2023-1A,

Class

A

144A

144A

4.930%,

10/20/40 144A 

381,577‌

384

MVW

Owner

Trust,

Series

2023-2A,

Class

A

144A

144A

6.180%,

11/20/40 144A 

82,683‌

85

MVW

Owner

Trust,

Series

2023-2A,

Class

B

144A

144A

6.330%,

11/20/40 144A 

63,161‌

64

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A

144A

144A

3.420%,

1/15/43 144A 

49,004‌

49

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-D,

Class

A2A

144A

144A

3.010%,

12/15/59 144A 

114,117‌

111

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-EA,

Class

A2A

144A

144A

2.640%,

5/15/68 144A 

122,893‌

120

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A

144A

144A

2.400%,

10/15/68 144A 

204,520‌

197

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-A,

Class

A2A

144A

144A

2.460%,

11/15/68 144A 

146,368‌

141

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-CA,

Class

A2A

144A

144A

2.150%,

11/15/68 144A 

544,161‌

519

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-DA,

Class

A

144A

144A

1.690%,

5/15/69 144A 

99,257‌

94

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A

144A

144A

1.170%,

9/16/69 144A 

63,444‌

59

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A

144A

144A

1.310%,

1/15/69 144A 

29,486‌

28

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2023-1,

Class

A

144A

144A

6.180%,

8/25/28 144A 

360,000‌

360

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2024-1,

Class

B

144A

144A

5.790%,

4/25/29 144A 

50,000‌

50

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2024-1,

Class

C

144A

144A

6.130%,

4/25/29 144A 

75,000‌

75

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Nelnet

Student

Loan

Trust,

Series

2020-1A,

Class

A

144A

144A

5.174%,

(US

SOFR

1

Month

plus

0.855%),

3/26/68 144A 

64,662‌

64

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX

144A

144A

1.320%,

4/20/62 144A 

384,001‌

359

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFX

144A

144A

1.630%,

4/20/62 144A 

132,612‌

125

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.,

Series

2019-32A,

Class

AR

144A

144A

5.521%,

(US

SOFR

3

Month

plus

1.252%),

1/20/32 144A 

217,319‌

218

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.,

Series

2021-40A,

Class

A

144A

144A

5.582%,

(US

SOFR

3

Month

plus

1.322%),

4/16/33 144A 

252,715‌

253

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.,

Series

2021-43A,

Class

AR

144A

144A

5.330%,

(US

SOFR

3

Month

plus

1.050%),

7/17/36 144A 

1,205,000‌

1,203

North

Mill

Equipment

Finance

LLC,

Series

2025-A,

Class

A2

144A

144A

4.720%,

7/15/32 144A 

280,000‌

280

Northwoods

Capital

XIV-B,

Ltd.,

Series

2018-

14BA,

Class

AR

144A

144A

5.558%,

(US

SOFR

3

Month

plus

1.250%),

11/13/31 144A 

541,865‌

540

Octagon

Investment

Partners

XXI,

Ltd.,

Series

2014-1A,

Class

A2R4

144A

144A

5.458%,

(US

SOFR

3

Month

plus

1.150%),

2/14/31 144A 

570,000‌

568

Octane

Receivables

Trust,

Series

2022-1A,

Class

B

144A

144A

4.900%,

5/22/28 144A 

301,078‌

301

Octane

Receivables

Trust,

Series

2023-1A,

Class

B

144A

144A

5.960%,

7/20/29 144A 

225,000‌

227

Octane

Receivables

Trust,

Series

2023-3A,

Class

B

144A

144A

6.480%,

7/20/29 144A 

135,000‌

137

Octane

Receivables

Trust,

Series

2023-3A,

Class

C

144A

144A

6.740%,

8/20/29 144A 

100,000‌

103

Octane

Receivables

Trust,

Series

2024-3A,

Class

A2

144A

144A

4.940%,

5/20/30 144A 

161,735‌

162

Octane

Receivables

Trust,

Series

2024-3A,

Class

C

144A

144A

5.510%,

10/20/31 144A 

140,000‌

143

Octane

Receivables

Trust,

Series

2024-RVM1,

Class

A

144A

144A

5.010%,

1/22/46 144A 

312,499‌

315

OZLM

Funding

II,

Ltd.,

Series

2012-2A,

Class A1A2

144A

144A

5.480%,

(US

SOFR

3

Month

plus

1.200%),

7/30/31 144A 

215,953‌

216

OZLM

XXI,

Ltd.,

Series

2017-21A,

Class

A1R

144A

144A

5.419%,

(US

SOFR

3

Month

plus

1.150%),

1/20/31 144A 

243,021‌

243

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

70

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

OZLM 

Funding

 II, 

Ltd.,

Series

2012-2A,

Class

AR4

144A

144A

5.496%,

(US

SOFR

3

Month

plus

1.200%),

7/30/37 144A Æ

250,000‌

250

PEAC

Solutions

Receivables

LLC,

Series

2025-1A,

Class

A2

144A

144A

4.940%,

10/20/28 144A 

295,000‌

296

PEAC

Solutions

Receivables

LLC,

Series

2025-1A,

Class

A3

144A

144A

5.040%,

7/20/32 144A 

240,000‌

244

Post

Road

Equipment

Finance,

Series

2024-

1A,

Class

A2

144A

144A

5.590%,

11/15/29 144A 

65,466‌

66

Progress

Residential

Trust,

Series

2021-SFR3,

Class

F

144A

144A

3.436%,

5/17/26 144A 

200,000‌

197

Progress

Residential

Trust,

Series

2021-SFR8,

Class

C

144A

144A

1.931%,

10/17/38 144A 

460,000‌

445

RCKT

Mortgage

Trust,

Series

2024-CES8,

Class

A1A

144A

144A

5.490%,

(AFC),

11/25/44 144A ∑

593,950‌

595

RCKT

Mortgage

Trust,

Series

2024-CES9,

Class

A1A

144A

144A

5.582%,

(AFC),

12/25/44 144A ∑

115,185‌

116

Rockford

Tower

CLO,

Ltd.,

Series

2019-2A,

Class

AR2

144A

144A

5.452%,

(US

SOFR

3

Month

plus

1.130%),

8/20/32 144A 

897,082‌

897

Romark

CLO

II,

Ltd.,

Series

2018-2A,

Class A2R

144A

144A

5.932%,

(US

SOFR

3

Month

plus

1.650%),

7/25/31 144A 

1,075,000‌

1,076

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-C,

Class

B

144A

144A

6.451%,

12/15/32 144A 

32,083‌

32

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

A2

144A

144A

5.644%,

12/15/33 144A 

135,867‌

138

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

D

144A

144A

6.663%,

12/15/33 144A 

184,681‌

187

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

B

144A

144A

5.622%,

6/15/32 144A 

211,811‌

213

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

C

144A

144A

5.818%,

6/15/32 144A 

211,811‌

214

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

B

144A

144A

4.965%,

1/18/33 144A 

250,000‌

251

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

C

144A

144A

5.141%,

1/18/33 144A 

250,000‌

251

Santander

Consumer

Auto

Receivables

Trust,

Series

2021-AA,

Class

D

144A

144A

1.570%,

1/15/27 144A 

450,000‌

447

Santander

Drive

Auto

Receivables

Trust,

Series

2021-4,

Class

D

1.670%,

10/15/27 

220,195‌

218

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Santander

Drive

Auto

Receivables

Trust,

Series

2023-1,

Class

C

5.090%,

5/15/30 

260,000‌

261

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class A4

144A

144A

5.550%,

12/20/28 144A 

540,000‌

548

SCF

Equipment

Leasing

LLC,

Series

2023-1A,

Class

A3

144A

144A

6.170%,

5/20/32 144A 

469,918‌

475

SCF

Equipment

Trust

LLC,

Series

2025-1,

Class

A2

144A

144A

4.820%,

7/22/30 144A 

305,000‌

306

SCF

Equipment

Trust

LLC,

Series

2025-1,

Class

A3

144A

144A

5.110%,

11/21/33 144A 

300,000‌

306

SEB

Funding

LLC,

Series

2024-1A,

Class

A2

144A

144A

7.386%,

4/30/54 144A 

492,000‌

503

Securitized

Term

Auto

Receivables

Trust,

Series

2025-A,

Class

B

144A

144A

5.038%,

7/25/31 144A 

156,836‌

158

Securitized

Term

Auto

Receivables

Trust,

Series

2025-B,

Class

B

144A

144A

4.925%,

12/29/32 144A 

130,000‌

130

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A3

144A

144A

4.950%,

5/21/29 144A 

160,000‌

161

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

C

144A

144A

5.510%,

1/20/32 144A 

55,000‌

56

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-2A,

Class

A4

144A

144A

5.260%,

8/20/30 144A 

145,000‌

149

Sierra

Receivables

Funding

Co.

LLC,

Series

2021-2A,

Class

B

144A

144A

1.800%,

9/20/38 144A 

58,075‌

57

Sierra

Receivables

Funding

Co.

LLC,

Series

2021-2A,

Class

C

144A

144A

1.950%,

9/20/38 144A 

121,312‌

118

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A

144A

144A

3.600%,

1/15/37 144A 

41,822‌

41

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2B

144A

144A

5.146%,

(US

SOFR

1

Month

plus

0.835%),

1/15/37 144A 

100,073‌

100

SMB

Private

Education

Loan

Trust,

Series

2020-BA,

Class

A1A

144A

144A

1.290%,

7/15/53 144A 

67,514‌

64

SMB

Private

Education

Loan

Trust,

Series

2020-PTB,

Class

A2A

144A

144A

1.600%,

9/15/54 144A 

488,977‌

460

SMB

Private

Education

Loan

Trust,

Series

2021-B,

Class

A

144A

144A

1.310%,

7/17/51 144A 

335,839‌

315

SMB

Private

Education

Loan

Trust,

Series

2025-A,

Class

A1A

144A

144A

5.130%,

4/15/54 144A 

315,925‌

319

Symphony

CLO

XXIII,

Ltd.,

Series

2020-23A,

Class

AR2

144A

144A

5.156%,

(US

SOFR

3

Month

plus

0.900%),

1/15/34 144A 

798,900‌

796

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

71

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Symphony

CLO

XXVI,

Ltd.,

Series

2021-26A,

Class

AR

144A

144A

5.611%,

(US

SOFR

3

Month

plus

1.342%),

4/20/33 144A 

235,241‌

235

Tricon

Residential

Trust,

Series

2024-SFR2,

Class

A

144A

144A

4.750%,

6/17/40 144A 

279,459‌

280

Tricon

Residential

Trust,

Series

2024-SFR2,

Class

D

144A

144A

6.000%,

6/17/40 144A 

510,000‌

513

Trinitas

CLO

VI,

Ltd.,

Series

2017-6A,

Class ARRR

144A

144A

5.612%,

(US

SOFR

3

Month

plus

1.330%),

1/25/34 144A 

460,000‌

460

Trinitas

CLO

VII,

Ltd.,

Series

2017-7A,

Class A1R2

144A

144A

5.342%,

(US

SOFR

3

Month

plus

1.060%),

1/25/35 144A 

250,000‌

249

US

Bank

NA,

Series

2023-1,

Class

B

144A

144A

6.789%,

8/25/32 144A 

89,240‌

90

Verdant

Receivables

LLC,

Series

2023-1A,

Class

A2

144A

144A

6.240%,

1/13/31 144A 

338,574‌

344

Verdant

Receivables

LLC,

Series

2024-1A,

Class

A2

144A

144A

5.680%,

12/12/31 144A 

105,549‌

107

Voya

CLO,

Series

2018-3A,

Class

BR2

144A

144A

6.056%,

(US

SOFR

3

Month

plus

1.800%),

10/15/31 144A 

575,000‌

575

Wellfleet

CLO,

Ltd.,

Series

2018-2A,

Class A1R

144A

144A

5.349%,

(US

SOFR

3

Month

plus

1.080%),

10/20/31 144A 

226,687‌

227

Wheels

Fleet

Lease

Funding,

Series

2023-2A,

Class

A

144A

144A

6.460%,

8/18/38 144A 

467,803‌

474

Wheels

Fleet

Lease

Funding,

Series

2024-1A,

Class

A1

144A

144A

5.490%,

2/18/39 144A 

522,359‌

527

Wind

River

CLO,

Ltd.,

Series

2019-3A,

Class AR2

144A

144A

5.316%,

(US

SOFR

3

Month

plus

1.060%),

4/15/31 144A 

243,983‌

244

World

Omni

Auto

Receivables

Trust,

Series

2022-A,

Class

C

2.550%,

9/15/28 

325,000‌

320

World

Omni

Select

Auto

Trust,

Series

2021-A,

Class

D

1.440%,

11/15/27 

180,000‌

178

World

Omni

Select

Auto

Trust,

Series

2023-A,

Class

B

5.870%,

8/15/28 

445,000‌

449

Total

65,036

Mortgage

Securities

(14.1%)

ALA

Trust,

Series

2025-OANA,

Class

A

144A

144A

6.043%,

(US

SOFR

1

Month

plus

1.743%),

6/15/40 144A 

260,000‌

261

Angel

Oak

Mortgage

Trust,

Series

2020-3,

Class

A3

144A

144A

2.872%,

(AFC),

4/25/65 144A 

32,494‌

31

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1

144A

144A

0.909%,

(AFC),

1/25/66 144A 

211,274‌

183

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2

144A

144A

1.115%,

(AFC),

1/25/66 144A 

61,898‌

54

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1

144A

144A

0.985%,

(AFC),

4/25/66 144A 

205,559‌

176

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A2

144A

144A

1.190%,

(AFC),

4/25/66 144A 

64,837‌

56

Angel

Oak

Mortgage

Trust,

Series

2025-5,

Class

A1

144A

144A

5.573%,

(AFC),

4/25/70 144A ∑

1,036,235‌

1,039

BANK,

Series

2024-BNK47,

Class

A1

5.523%,

6/15/57 

84,977‌

87

BANK5,

Series

2024-5YR11,

Class

AS

6.139%,

11/15/57 

325,000‌

339

BANK5,

Series

2024-5YR12,

Class

A3

5.902%,

(AFC),

12/15/57 

185,000‌

194

BANK5,

Series

2024-5YR12,

Class

AS

6.122%,

(AFC),

12/15/57 

225,000‌

235

BANK5,

Series

2024-5YR9,

Class

A1

4.889%,

8/15/57 

329,472‌

332

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

AM

6.201%,

(AFC),

11/15/57 

275,000‌

288

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A1

5.514%,

7/15/57 

201,133‌

205

BINOM

Securitization

Trust,

Series

2021-INV1,

Class

A3

144A

144A

2.625%,

(AFC),

6/25/56 144A 

136,366‌

125

BMO

Mortgage

Trust,

Series

2024-5C4,

Class A3

6.526%,

5/15/57 

535,000‌

568

BPR

Trust,

Series

2021-TY,

Class

B

144A

144A

5.576%,

(US

SOFR

1

Month

plus

1.265%),

9/25/38 144A 

450,000‌

448

BX

Commercial

Mortgage

Trust,

Series

2024-

GPA3,

Class

B

144A

144A

5.954%,

(US

SOFR

1

Month

plus

1.642%),

12/15/39 144A 

309,446‌

310

BX

Commercial

Mortgage

Trust,

Series

2024-

MDHS,

Class

A

144A

144A

5.953%,

(US

SOFR

1

Month

plus

1.641%),

5/15/41 144A 

380,208‌

381

BX

Commercial

Mortgage

Trust,

Series

2024-

MDHS,

Class

B

144A

144A

6.153%,

(US

SOFR

1

Month

plus

1.841%),

5/15/41 144A 

380,208‌

381

BX

Commercial

Mortgage

Trust,

Series

2024-

SLCT,

Class

B

144A

144A

6.105%,

(US

SOFR

1

Month

plus

1.793%),

1/15/42 144A 

190,000‌

191

BX

Commercial

Mortgage

Trust,

Series

2024-

SLCT,

Class

C

144A

144A

6.704%,

(US

SOFR

1

Month

plus

2.392%),

1/15/42 144A 

500,000‌

496

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

72

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

BX

Trust,

Series

2021-VIEW,

Class

A

144A

144A

5.706%,

(US

SOFR

1

Month

plus

1.395%),

6/15/36 144A 

255,000‌

254

BX

Trust,

Series

2025-GW,

Class

A

144A

144A

5.900%,

(US

SOFR

1

Month

plus

1.600%),

7/15/42 144A 

590,000‌

591

Citigroup

Mortgage

Loan

Trust,

Series

2020-

EXP2,

Class

A3

144A

144A

2.500%,

8/25/50 144A 

213,368‌

184

Citigroup

Mortgage

Loan

Trust,

Series

2020-

EXP2,

Class

A4

144A

144A

2.500%,

(AFC),

8/25/50 144A 

296,345‌

254

COLT

Mortgage

Loan

Trust,

Series

2020-3,

Class

A1

144A

144A

1.506%,

(AFC),

4/27/65 144A 

9,989‌

10

COLT

Mortgage

Loan

Trust,

Series

2021-1,

Class

A2

144A

144A

1.167%,

(AFC),

6/25/66 144A 

194,675‌

168

COLT

Mortgage

Loan

Trust,

Series

2024-6,

Class

A2

144A

144A

5.644%,

(AFC),

11/25/69 144A ∑

553,130‌

555

COLT

Mortgage

Loan

Trust,

Series

2024-INV4,

Class

A3

144A

144A

6.111%,

(AFC),

5/25/69 144A ∑

519,115‌

523

COLT

Mortgage

Loan

Trust,

Series

2025-4,

Class

A1

144A

144A

5.794%,

(AFC),

4/25/70 144A ∑

218,941‌

221

COLT

Mortgage

Loan

Trust,

Series

2025-INV2,

Class

A1

144A

144A

5.601%,

(AFC),

2/25/70 144A ∑

413,781‌

416

COMM

Mortgage

Trust,

Series

2014-CR15,

Class

B

4.019%,

(CSTR),

2/10/47 

218,973‌

214

COMM

Mortgage

Trust,

Series

2014-CR19,

Class

D

144A

144A

4.661%,

(CSTR),

8/10/47 144A 

48,828‌

47

Connecticut

Avenue

Securities

Trust,

Series

2025-R01,

Class

1M1

144A

144A

5.406%,

(US

30

Day

Average

SOFR

plus

1.100%),

1/25/45 144A 

392,963‌

393

Connecticut

Avenue

Securities

Trust,

Series

2025-R03,

Class

2A1

144A

144A

5.755%,

(US

30

Day

Average

SOFR

plus

1.450%),

3/25/45 144A 

200,741‌

202

Cross

Mortgage

Trust,

Series

2024-H6,

Class A2

144A

144A

5.383%,

(AFC),

9/25/69 144A ∑

356,757‌

355

CSAIL

Commercial

Mortgage

Trust,

Series

2015-C3,

Class

A4

3.718%,

8/15/48 

95,566‌

95

Deephaven

Residential

Mortgage

Trust,

Series

2021-2,

Class

A3

144A

144A

1.260%,

(AFC),

4/25/66 144A 

87,448‌

78

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3

144A

144A

3.046%,

(AFC),

11/25/59 144A 

26,290‌

25

Ellington

Financial

Mortgage

Trust,

Series

2021-3,

Class

A3

144A

144A

1.550%,

(AFC),

9/25/66 144A 

133,763‌

112

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Ellington

Financial

Mortgage

Trust,

Series

2024-INV2,

Class

A1

144A

144A

5.035%,

(AFC),

10/25/69 144A ∑

452,509‌

449

Ellington

Financial

Mortgage

Trust,

Series

2024-INV2,

Class

A2

144A

144A

5.289%,

(AFC),

10/25/69 144A ∑

257,216‌

256

Ellington

Financial

Mortgage

Trust,

Series

2024-NQM1,

Class

A1B

144A

144A

5.810%,

(AFC),

11/25/69 144A ∑

819,873‌

823

Ellington

Financial

Mortgage

Trust,

Series

2025-INV2,

Class

A1

144A

144A

5.387%,

(AFC),

5/26/70 144A ∑

194,940‌

195

Extended

Stay

America

Trust,

Series

2021-

ESH,

Class

C

144A

144A

6.126%,

(US

SOFR

1

Month

plus

1.815%),

7/15/38 144A 

411,709‌

412

Federal

Home

Loan

Mortgage

Corp.

2.500%,

1/1/52 

491,745‌

412

2.500%,

4/1/52 

264,335‌

222

3.000%,

11/1/34 

24,030‌

23

3.000%,

6/1/52 

448,965‌

389

3.500%,

3/1/46 

26,467‌

25

3.500%,

12/1/47 

242,564‌

223

4.000%,

12/1/49 

74,603‌

70

4.500%,

5/1/50 

44,594‌

43

4.500%,

9/1/52 

1,561,255‌

1,496

4.500%,

2/1/53 

124,873‌

120

5.000%,

12/1/41 

92,492‌

94

5.500%,

8/1/53 

505,108‌

509

5.500%,

10/1/54 

97,370‌

98

5.500%,

4/1/55 

689,405‌

691

6.000%,

9/1/34 

773‌

1

6.000%,

2/1/35 

14,256‌

15

6.000%,

9/1/35 

4,878‌

5

6.000%,

10/1/54 

653,022‌

665

6.000%,

12/1/54 

200,133‌

204

6.000%,

3/1/55 

123,154‌

125

6.000%,

5/1/55 

263,216‌

268

6.500%,

9/1/54 

67,698‌

70

6.500%,

12/1/54 

48,931‌

51

6.500%,

1/1/55 

97,426‌

101

6.500%,

6/1/55 

642,824‌

666

7.000%,

3/1/39 

23,608‌

25

7.500%,

6/1/38 

20,544‌

22

Federal

Home

Loan

Mortgage

Corp.,

Series

2017-SC02,

Class

M1

144A

144A

3.848%,

(CSTR),

5/25/47 144A 

3,070‌

3

Federal

Home

Loan

Mortgage

Corp.,

Series

K753,

Class

A1

4.600%,

6/25/30 

322,278‌

327

Federal

National

Mortgage

Association

2.000%,

10/1/50 

190,123‌

152

2.500%,

1/1/52 

673,234‌

564

3.000%,

9/1/28 

70,662‌

69

3.000%,

12/1/34 

56,217‌

54

3.000%,

3/1/35 

23,614‌

23

3.500%,

5/1/27 

48,459‌

48

3.500%,

4/1/46 

166,461‌

154

3.500%,

2/1/48 

291,447‌

267

3.500%,

1/1/52 

109,060‌

99

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

73

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

4.000%,

1/1/47 

45,607‌

43

4.000%,

2/1/49 

8,704‌

8

4.000%,

11/1/49 

25,471‌

24

4.000%,

12/1/49 

8,131‌

8

4.000%,

8/1/52 

171,455‌

160

4.000%,

9/1/52 

868,754‌

809

4.500%,

5/1/40 

33,282‌

33

4.500%,

9/1/40 

29,982‌

30

4.500%,

5/1/41 

60,864‌

61

4.500%,

8/1/48 

18,110‌

18

4.500%,

9/1/48 

16,522‌

16

4.500%,

10/1/48 

121,486‌

118

4.500%,

11/1/48 

23,519‌

23

4.500%,

12/1/48 

124,551‌

121

4.500%,

5/1/49 

66,570‌

65

4.500%,

1/1/50 

15,674‌

15

4.500%,

11/1/52 

282,916‌

271

5.000%,

10/1/33 

44,523‌

45

5.000%,

6/1/40 

28,519‌

29

5.000%,

7/1/45 

43,297‌

44

5.000%,

9/1/48 

39,593‌

40

5.000%,

2/1/49 

18,955‌

19

5.000%,

8/1/49 

15,294‌

15

5.000%,

10/1/52 

562,118‌

554

5.000%,

9/1/53 

2,480,397‌

2,437

5.000%,

10/1/53 

1,771,372‌

1,742

5.000%,

9/1/54 

807,915‌

793

5.500%,

8/1/37 

27,021‌

28

5.500%,

2/1/38 

105,976‌

109

5.500%,

9/1/53 

23,800‌

24

5.500%,

10/1/53 

301,176‌

304

5.500%,

2/1/54 

381,298‌

385

5.500%,

3/1/54 

541,294‌

546

5.500%,

5/1/54 

43,452‌

44

5.500%,

10/1/54 

202,698‌

204

6.000%,

3/1/34 

22,521‌

23

6.000%,

8/1/34 

63,030‌

65

6.000%,

11/1/34 

2,402‌

3

6.000%,

12/1/34 

851‌

1

6.000%,

4/1/35 

1,538‌

2

6.000%,

5/1/38 

1,100‌

1

6.000%,

10/1/40 

53,792‌

56

6.000%,

2/1/49 

219,098‌

230

6.000%,

6/1/54 

569,459‌

580

6.000%,

8/1/54 

197,880‌

203

6.500%,

7/1/32 

6,830‌

7

6.500%,

12/1/32 

6,194‌

6

6.500%,

2/1/54 

4,449,973‌

4,597

6.500%,

9/1/54 

39,130‌

40

6.500%,

1/1/55 

45,055‌

47

6.500%,

2/1/55 

112,653‌

117

6.500%,

6/1/55 

414,736‌

429

Federal

National

Mortgage

Association,

Series

2017-90,

Class

KA

3.000%,

11/25/47 

135,699‌

128

Flagstar

Mortgage

Trust,

Series

2020-1INV,

Class

A11

144A

144A

5.284%,

(US

SOFR

1

Month

plus

0.965%),

3/25/50 144A 

85,492‌

82

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Galton

Funding

Mortgage

Trust,

Series

2018-

1,

Class

A33

144A

144A

3.500%,

(AFC),

11/25/57 144A 

17,781‌

16

Galton

Funding

Mortgage

Trust,

Series

2019-

1,

Class

A21

144A

144A

4.500%,

(AFC),

2/25/59 144A 

19,728‌

19

Galton

Funding

Mortgage

Trust,

Series

2019-

1,

Class

A32

144A

144A

4.000%,

(AFC),

2/25/59 144A 

8,583‌

8

Galton

Funding

Mortgage

Trust,

Series

2019-

H1,

Class

M1

144A

144A

3.339%,

(AFC),

10/25/59 144A 

260,000‌

250

Galton

Funding

Mortgage

Trust,

Series

2020-

H1,

Class

M1

144A

144A

2.832%,

(AFC),

1/25/60 144A 

285,000‌

232

GCAT

Trust,

Series

2025-NQM1,

Class

A1

144A

144A

5.373%,

(AFC),

11/25/69 144A ∑

325,828‌

326

Government

National

Mortgage

Association

3.000%,

9/20/47 

396,889‌

355

3.500%,

12/20/42 

2,563‌

2

3.500%,

9/20/43 

34,987‌

33

3.500%,

8/20/44 

66,379‌

62

3.500%,

10/20/46 

449‌

–π

3.500%,

11/20/46 

26,911‌

25

3.500%,

1/20/47 

29,580‌

27

3.500%,

7/20/52 

914,671‌

834

4.000%,

3/20/48 

55,541‌

52

4.000%,

4/20/50 

202,012‌

189

4.000%,

10/20/50 

125,288‌

119

4.000%,

9/20/52 

168,702‌

158

4.500%,

7/20/41 

141,579‌

141

5.000%,

3/20/34 

128,509‌

129

5.000%,

1/20/48 

21,924‌

22

5.000%,

2/20/48 

111,546‌

112

5.500%,

6/20/37 

31,534‌

32

5.500%,

9/15/45 

89,973‌

93

5.500%,

3/20/48 

16,393‌

17

5.500%,

12/20/48 

9,127‌

9

5.500%,

2/20/49 

117,401‌

119

Government

National

Mortgage

Association

TBA

5.000%,

7/20/53 

310,000‌

304

5.500%,

7/20/53 

1,045,000‌

1,046

GS

Mortgage

Backed

Securities

Trust,

Series

2014-EB1A,

Class

2A1

144A

144A

6.145%,

(CSTR),

7/25/44 144A 

2,200‌

2

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

B

144A

144A

6.252%,

(US

SOFR

1

Month

plus

1.941%),

5/15/37 144A 

485,000‌

485

HOMES

Trust,

Series

2025-NQM2,

Class

A1

144A

144A

5.425%,

(AFC),

2/25/70 144A ∑

259,920‌

260

Hudson

Yards,

Series

2025-SPRL,

Class

A

144A

144A

5.649%,

(CSTR),

1/13/40 144A 

345,000‌

356

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A

144A

144A

6.153%,

(US

SOFR

1

Month

plus

1.842%),

9/15/41 144A 

345,000‌

345

Imperial

Fund

Mortgage

Trust,

Series

2021-

NQM2,

Class

A3

144A

144A

1.516%,

(AFC),

9/25/56 144A 

193,891‌

166

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

74

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Imperial

Fund

Mortgage

Trust,

Series

2022-

NQM4,

Class

A1

144A

144A

4.767%,

(AFC),

6/25/67 144A ∑

613,986‌

612

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2019-BKWD,

Class C

144A

144A

6.526%,

(US

SOFR

1

Month

plus

2.215%),

9/15/29 144A 

250,000‌

213

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class B

144A

144A

6.446%,

(US

SOFR

1

Month

plus

2.135%),

10/15/33 144A 

540,000‌

535

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2020-609M,

Class C

144A

144A

6.846%,

(US

SOFR

1

Month

plus

2.535%),

10/15/33 144A 

440,000‌

436

JP

Morgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11

144A

144A

5.264%,

(US

SOFR

1

Month

plus

0.945%),

(AFC),

8/25/50 144A 

35,796‌

34

JP

Morgan

Mortgage

Trust,

Series

2020-INV1,

Class

A15

144A

144A

3.500%,

(AFC),

8/25/50 144A 

58,273‌

52

JP

Morgan

Mortgage

Trust,

Series

2025-

DSC1,

Class

A1

144A

144A

5.580%,

(AFC),

9/25/65 144A 

560,662‌

564

KNDR

Trust,

Series

2021-KIND,

Class

C

144A

144A

6.180%,

(US

SOFR

1

Month

plus

1.865%),

8/15/38 144A 

575,276‌

571

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

AS

144A

144A

4.021%,

3/10/50 144A 

340,000‌

326

MED

Commercial

Mortgage

Trust,

Series

2024-MOB,

Class

A

144A

144A

5.903%,

(US

SOFR

1

Month

plus

1.592%),

5/15/41 144A 

440,000‌

438

MetLife

Securitization

Trust,

Series

2017-1A,

Class

A

144A

144A

3.000%,

(AFC),

4/25/55 144A 

51,712‌

50

MFRA

Trust,

Series

2020-NQM2,

Class

A1

144A

144A

1.381%,

(AFC),

4/25/65 144A 

139,047‌

135

MFRA

Trust,

Series

2021-INV1,

Class

A1

144A

144A

0.852%,

(AFC),

1/25/56 144A 

43,512‌

42

MFRA

Trust,

Series

2021-NQM2,

Class

A2

144A

144A

1.317%,

(AFC),

11/25/64 144A 

86,907‌

77

Morgan

Stanley

Capital

I

Trust,

Series

2014-

150E,

Class

A

144A

144A

3.912%,

9/9/32 144A 

610,000‌

540

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2021-2,

Class

A4

144A

144A

2.500%,

(AFC),

5/25/51 144A 

111,022‌

100

OBX

Trust,

Series

2019-EXP2,

Class

2A2

144A

144A

5.639%,

(US

SOFR

1

Month

plus

1.315%),

7/25/59 144A 

26,155‌

26

OBX

Trust,

Series

2019-EXP3,

Class

2A1

144A

144A

5.334%,

(US

SOFR

1

Month

plus

1.015%),

(AFC),

10/25/59 144A 

24,714‌

25

OBX

Trust,

Series

2020-EXP1,

Class

2A1

144A

144A

5.184%,

(US

SOFR

1

Month

plus

0.865%),

2/25/60 144A 

84,774‌

84

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

OBX

Trust,

Series

2020-EXP1,

Class

2A2

144A

144A

5.384%,

(US

SOFR

1

Month

plus

1.065%),

2/25/60 144A 

50,448‌

50

OBX

Trust,

Series

2020-EXP2,

Class

A9

144A

144A

3.000%,

(AFC),

5/25/60 144A 

35,730‌

31

OBX

Trust,

Series

2020-INV1,

Class

A5

144A

144A

3.500%,

(AFC),

12/25/49 144A 

33,815‌

30

ONE

Park

Mortgage

Trust,

Series

2021-PARK,

Class

B

144A

144A

5.376%,

(US

SOFR

1

Month

plus

1.065%),

3/15/36 144A 

755,000‌

725

ONE

Park

Mortgage

Trust,

Series

2021-PARK,

Class

C

144A

144A

5.526%,

(US

SOFR

1

Month

plus

1.215%),

3/15/36 144A 

405,000‌

384

ROCC

Trust,

Series

2024-CNTR,

Class

A

144A

144A

5.388%,

11/13/41 144A 

450,000‌

460

SDR

Commercial

Mortgage

Trust,

Series

2024-DSNY,

Class

B

144A

144A

6.053%,

(US

SOFR

1

Month

plus

1.741%),

5/15/39 144A 

400,000‌

398

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A21

144A

144A

4.000%,

(AFC),

6/25/48 144A 

14,551‌

14

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3

144A

144A

4.000%,

(AFC),

6/25/48 144A 

33,565‌

31

Sequoia

Mortgage

Trust,

Series

2018-CH3,

Class

A19

144A

144A

4.500%,

(AFC),

8/25/48 144A 

918‌

1

STACR

Trust,

Series

2021-DNA5,

Class

M2

144A

144A

5.955%,

(US

30

Day

Average

SOFR

plus

1.650%),

1/25/34 144A 

87,622‌

88

STACR

Trust,

Series

2021-DNA7,

Class

M1

144A

144A

5.155%,

(US

30

Day

Average

SOFR

plus

0.850%),

11/25/41 144A 

68,354‌

68

STACR

Trust,

Series

2021-DNA7,

Class

M2

144A

144A

6.105%,

(US

30

Day

Average

SOFR

plus

1.800%),

11/25/41 144A 

375,000‌

378

STACR

Trust,

Series

2022-DNA5,

Class

M1A

144A

144A

7.255%,

(US

30

Day

Average

SOFR

plus

2.950%),

6/25/42 144A 

308,244‌

315

STACR

Trust,

Series

2023-HQA3,

Class

A1

144A

144A

6.155%,

(US

30

Day

Average

SOFR

plus

1.850%),

11/25/43 144A 

154,153‌

156

STACR

Trust,

Series

2025-DNA1,

Class

A1

144A

144A

5.255%,

(US

30

Day

Average

SOFR

plus

0.950%),

1/25/45 144A 

139,500‌

139

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A3

144A

144A

2.916%,

(AFC),

9/27/49 144A 

134,972‌

133

Starwood

Mortgage

Residential

Trust,

Series

2020-1,

Class

A2

144A

144A

2.408%,

(AFC),

2/25/50 144A 

128,169‌

122

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A1

144A

144A

0.943%,

(AFC),

5/25/65 144A 

84,090‌

79

Starwood

Mortgage

Residential

Trust,

Series

2021-4,

Class

A1

144A

144A

1.162%,

(AFC),

8/25/56 144A 

447,757‌

392

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

75

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Toorak

Mortgage

Corp.,

Series

2021-INV1,

Class

A2

144A

144A

1.409%,

(AFC),

7/25/56 144A 

78,182‌

70

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1

144A

144A

3.000%,

(AFC),

1/28/58 144A 

16,994‌

17

Towd

Point

Mortgage

Trust,

Series

2022-4,

Class

A1

144A

144A

3.750%,

(AFC),

9/25/62 144A 

675,312‌

646

TX

Trust,

Series

2024-HOU,

Class

B

144A

144A

6.402%,

(US

SOFR

1

Month

plus

2.091%),

6/15/39 144A 

535,000‌

532

Verus

Securitization

Trust,

Series

2020-5,

Class

A3

144A

144A

2.733%,

(AFC),

5/25/65 144A ∑

41,726‌

40

Verus

Securitization

Trust,

Series

2021-1,

Class

A1

144A

144A

0.815%,

(AFC),

1/25/66 144A 

58,101‌

52

Verus

Securitization

Trust,

Series

2021-1,

Class

A3

144A

144A

1.155%,

(AFC),

1/25/66 144A 

47,432‌

42

Verus

Securitization

Trust,

Series

2021-2,

Class

A1

144A

144A

1.031%,

(AFC),

2/25/66 144A 

113,197‌

100

Verus

Securitization

Trust,

Series

2021-2,

Class

A2

144A

144A

1.052%,

(AFC),

1/25/66 144A 

80,634‌

72

Verus

Securitization

Trust,

Series

2021-R1,

Class

A2

144A

144A

1.057%,

(AFC),

10/25/63 144A 

22,692‌

22

Verus

Securitization

Trust,

Series

2021-R2,

Class

A1

144A

144A

0.918%,

(AFC),

2/25/64 144A 

121,248‌

112

Verus

Securitization

Trust,

Series

2022-6,

Class

A1

144A

144A

4.910%,

(AFC),

6/25/67 144A ∑

180,177‌

179

Verus

Securitization

Trust,

Series

2023-6,

Class

A2

144A

144A

6.939%,

(AFC),

9/25/68 144A ∑

179,484‌

181

Verus

Securitization

Trust,

Series

2023-7,

Class

A2

144A

144A

7.272%,

(AFC),

10/25/68 144A ∑

216,544‌

220

Verus

Securitization

Trust,

Series

2023-8,

Class

A2

144A

144A

6.664%,

(AFC),

12/25/68 144A ∑

132,093‌

133

Verus

Securitization

Trust,

Series

2025-3,

Class

A1

144A

144A

5.623%,

(AFC),

5/25/70 144A ∑

223,204‌

224

Structured

Products

(30.7%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3

144A

144A

2.496%,

(AFC),

4/25/65 144A 

27,803‌

27

Total

55,275

Total

Structured

Products

(Cost: $121,126)

120,311

144A

144A

144A

Short-Term

Investments

(

1.2%

)

Commercial

Paper

(0.8%)

Crown

Castle,

Inc.

 144‌A

 144‌A

0.000%,

7/22/25

144A

1,070,000‌

1,067

FMC

Corp.

 144‌A

 144‌A

0.000%,

7/3/25

144A

1,070,000‌

1,069

Harley-Davidson,

Inc.

 144‌A

 144‌A

0.000%,

8/4/25

144A

1,060,000‌

1,055

Total

3,191

Industrial

(0.1%)

Brambles

USA,

Inc.

 144‌A

 144‌A

4.125%,

10/23/25

144A

395,000‌

395

Total

395

Utilities

(0.3%)

The

AES

Corp.

1.375%,

1/15/26

815,000‌

800

NRG

Energy,

Inc.

 144‌A

 144‌A

2.000%,

12/2/25

144A

275,000‌

271

Total

1,071

Total

Short-Term

Investments

(Cost:

$4,657)

4,657

Total

Investments

(98.2%)

(Cost:

$384,007)

@

384,818

Other

Assets,

Less

Liabilities (1.8%)

6,904

Net

Assets

(100.0%)

391,722

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

Five-Year

US

Treasury

Note

Future

Short

USD

9,100‌

91

9/25

$

9,919‌

$

(105‌)

$

(12‌)

Ten-Year

US

Treasury

Note

Future

Short

USD

11,000‌

110

9/25

12,333‌

(220‌)

(34‌)

Two-Year

US

Treasury

Note

Future

Long

USD

84,800‌

424

9/25

88,202‌

334‌

23‌

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

76

Futures

(continued)

Issuer

Long/

Short

Currency

Notional

Par

(000’s)

Number

of

Contracts

Expiration

Date

Notional

Value

(000’s)

Unrealized

Appreciation/

(Depreciation)

(000’s)

Variation

Margin

(000’s)

Ultra

Long

Term

US

Treasury

Bond

Future

Short

USD

2,400‌

24

9/25

$

2,859‌

$

(122‌)

$

(32‌)

Ultra

Ten-Year

US

Treasury

Note

Future

Short

USD

3,400‌

34

9/25

3,885‌

(86‌)

(17‌)

$

(199‌)

$

(72‌)

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

–‌

$

23‌

$

23‌

$

–‌

$

(95‌)

$

(95‌)

$

–‌

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

§

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$6,562

(in

thousands),

representing

1.7%

of

net

assets.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$137,136

representing

35.0%

of

the

net

assets.

α

Rate

shown

is

the

rate

as

of

the

period

end.

The

rate

may

be

based

on

a

fixed

rate,

a

capped

rate

or

a

floor

rate

and

may

convert

to

a

variable

or

floating

rate

in

the

future.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

Æ

Security

valued

using

significant

unobservable

inputs.

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

π

Amount

is

less

than

one

thousand.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$384,007

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$612

which

is

comprised

of

$3,246

aggregate

gross

unrealized

appreciation

and

$2,634

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.

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

77

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Corporate

Bonds

$

—‌

$

183,360‌

$

—‌

Governments

—‌

76,490‌

—‌

Structured

Products

Asset

Backed

Securities

—‌

64,786‌

250‌

Mortgage

Securities

—‌

55,275‌

—‌

Short-Term

Investments

—‌

4,657‌

—‌

Other

Financial

Instruments^

Futures

334‌

—‌

—‌

Total

Assets:

$

334‌

$

384,568‌

$

250‌

Liabilities:

Other

Financial

Instruments^

Futures

(533‌)

—‌

—‌

Total

Liabilities:

$

(533‌)

$

—‌

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

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

June

30,

2025.

For

the

period

ended

June

30,

2025,

there

were

transfers

from

Level

3

to

Level

2

in

the

amount

of

$116

(in

thousands).

These

transfers

were

the

result

of

an

increase

in

the

quantity

of

observable

inputs

for

the

securities

that

were

previously

not

priced

by

a

third

party

vendor.

Schedule

of

Investments

June

30,

2025

(unaudited)

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

78

Corporate

Bonds

(

25.5%

)

Shares/

Par

+

Value

$

(000's)

Basic

Materials

(0.5%)

The

Dow

Chemical

Co.

5.350%, 3/15/35

2,466,000

2,453

Gerdau

Trade,

Inc.

5.750%, 6/9/35

1,938,000

1,939

Glencore

Funding

LLC

 144A

 144A

5.186%, 4/1/30

144A

2,865,000

2,921

5.634%, 4/4/34

144A

1,111,000

1,133

5.673%, 4/1/35

144A

2,592,000

2,644

6.141%, 4/1/55

144A

972,000

983

Newmont

Corp.

/

Newcrest

Finance

Pty,

Ltd.

5.350%, 3/15/34

1,400,000

1,436

Total

13,509

Communications

(1.3%)

Alphabet,

Inc.

4.000%, 5/15/30

1,781,000

1,782

4.500%, 5/15/35

3,864,000

3,813

5.250%, 5/15/55

1,357,000

1,336

5.300%, 5/15/65

1,357,000

1,329

AT&T,

Inc.

3.500%, 6/1/41

903,000

708

3.500%, 9/15/53

1,401,000

948

3.550%, 9/15/55

1,399,000

944

3.650%, 9/15/59

884,000

593

3.800%, 12/1/57

1,232,000

862

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.500%, 6/1/41

486,000

353

3.500%, 3/1/42

2,373,000

1,692

3.900%, 6/1/52

689,000

473

5.250%, 4/1/53

1,161,000

986

5.500%, 4/1/63

494,000

418

6.100%, 6/1/29

2,481,000

2,597

Comcast

Corp.

2.987%, 11/1/63

1,057,000

594

4.049%, 11/1/52

911,000

685

5.350%, 5/15/53

1,532,000

1,420

Meta

Platforms,

Inc.

5.400%, 8/15/54

546,000

533

5.550%, 8/15/64

2,622,000

2,562

Netflix,

Inc.

5.400%, 8/15/54

1,209,000

1,193

T-Mobile

USA,

Inc.

5.300%, 5/15/35

1,654,000

1,675

5.875%, 11/15/55

989,000

989

Uber

Technologies,

Inc.

4.800%, 9/15/34

2,426,000

2,383

5.350%, 9/15/54

1,138,000

1,062

Verizon

Communications,

Inc.

2.987%, 10/30/56

1,416,000

852

5.250%, 4/2/35

2,473,000

2,494

Total

35,276

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

(1.8%)

Delta

Air

Lines,

Inc.

4.950%, 7/10/28

3,835,000

3,857

5.250%, 7/10/30

4,314,000

4,342

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

 144A

 144A

4.750%, 10/20/28

144A

3,102,000

3,109

Dick's

Sporting

Goods,

Inc.

4.100%, 1/15/52

3,047,000

2,177

Ford

Motor

Credit

Co.

LLC

2.900%, 2/10/29

7,242,000

6,585

General

Motors

Financial

Co.,

Inc.

2.700%, 6/10/31

3,590,000

3,143

5.350%, 1/7/30

1,007,000

1,019

5.450%, 7/15/30

2,399,000

2,433

The

Home

Depot,

Inc.

3.625%, 4/15/52

919,000

669

4.750%, 6/25/29

1,438,000

1,468

4.850%, 6/25/31

955,000

980

Hyundai

Capital

America

 144A

 144A

5.150%, 3/27/30

144A

3,039,000

3,076

Lowe's

Companies,

Inc.

3.500%, 4/1/51

1,142,000

782

4.250%, 4/1/52

2,103,000

1,646

McDonald's

Corp.

6.300%, 3/1/38

1,441,000

1,573

Toyota

Motor

Corp.

4.450%, 6/30/30

1,776,000

1,783

5.053%, 6/30/35

1,688,000

1,703

Toyota

Motor

Credit

Corp.

4.800%, 5/15/30

1,583,000

1,608

Volkswagen

Group

of

America

Finance

LLC

 144A

 144A

5.800%, 3/27/35

144A

855,000

861

Walmart,

Inc.

4.350%, 4/28/30

3,355,000

3,393

4.900%, 4/28/35

4,392,000

4,448

Total

50,655

Consumer,

Non-cyclical

(4.2%)

AbbVie,

Inc.

3.200%, 11/21/29

3,514,000

3,361

4.050%, 11/21/39

998,000

875

4.250%, 11/21/49

3,467,000

2,856

4.500%, 5/14/35

146,000

141

4.550%, 3/15/35

413,000

401

4.800%, 3/15/27

2,383,000

2,406

4.875%, 3/15/30

1,917,000

1,963

4.950%, 3/15/31

1,430,000

1,468

5.050%, 3/15/34

2,383,000

2,426

5.200%, 3/15/35

2,226,000

2,274

5.600%, 3/15/55

220,000

220

Alcon

Finance

Corp.

 144A

 144A

5.375%, 12/6/32

144A

3,562,000

3,677

Altria

Group,

Inc.

3.875%, 9/16/46

1,303,000

964

Amgen,

Inc.

5.600%, 3/2/43

1,374,000

1,363

5.650%, 3/2/53

434,000

424

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

79

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

4.700%, 2/1/36

4,955,000

4,835

Anheuser-Busch

InBev

Worldwide,

Inc.

5.450%, 1/23/39

962,000

979

BAT

Capital

Corp.

4.540%, 8/15/47

1,996,000

1,612

6.250%, 8/15/55

1,414,000

1,432

7.081%, 8/2/53

522,000

581

Bunge,

Ltd.

Finance

Corp.

1.630%, 8/17/25

970,000

966

4.200%, 9/17/29

1,981,000

1,959

The

Coca-Cola

Co.

5.200%, 1/14/55

460,000

440

CommonSpirit

Health

3.347%, 10/1/29

883,000

844

CVS

Health

Corp.

4.780%, 3/25/38

1,045,000

959

5.050%, 3/25/48

4,327,000

3,736

5.550%, 6/1/31

1,890,000

1,963

5.700%, 6/1/34

1,941,000

1,998

Elevance

Health,

Inc.

4.750%, 2/15/30

1,631,000

1,650

4.950%, 11/1/31

1,462,000

1,482

5.150%, 6/15/29

2,078,000

2,137

5.700%, 2/15/55

455,000

441

Eli

Lilly

&

Co.

4.200%, 8/14/29

2,995,000

3,006

4.600%, 8/14/34

2,467,000

2,445

4.700%, 2/9/34

1,893,000

1,892

4.900%, 2/12/32

724,000

744

5.050%, 8/14/54

231,000

217

5.100%, 2/12/35

1,029,000

1,055

5.100%, 2/9/64

951,000

884

5.500%, 2/12/55

1,192,000

1,199

5.600%, 2/12/65

1,315,000

1,331

Gilead

Sciences,

Inc.

4.000%, 9/1/36

963,000

878

HCA,

Inc.

5.250%, 6/15/49

1,225,000

1,088

5.500%, 3/1/32

3,264,000

3,369

5.900%, 6/1/53

714,000

689

6.200%, 3/1/55

2,146,000

2,161

Imperial

Brands

Finance

PLC

 144A

 144A

5.625%, 7/1/35

144A

1,914,000

1,921

JBS

USA

Holding

LUX

SARL

/

JBS

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

 144A

 144A

6.375%, 4/15/66

144A

495,000

499

JBS

USA

Holding

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

LUX

Co.

SARL

3.000%, 5/15/32

1,861,000

1,629

3.625%, 1/15/32

2,504,000

2,290

5.750%, 4/1/33

1,581,000

1,625

6.500%, 12/1/52

1,463,000

1,518

7.250%, 11/15/53

2,815,000

3,169

Kenvue,

Inc.

4.850%, 5/22/32

829,000

839

The

Kroger

Co.

5.500%, 9/15/54

461,000

438

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

Merck

&

Co.,

Inc.

2.350%, 6/24/40

799,000

561

Pfizer

Investment

Enterprises

Pte.,

Ltd.

5.300%, 5/19/53

233,000

220

Philip

Morris

International,

Inc.

4.125%, 4/28/28

4,172,000

4,164

4.375%, 4/30/30

3,532,000

3,523

4.875%, 4/30/35

3,744,000

3,694

5.000%, 11/17/25

1,996,000

1,999

Stryker

Corp.

4.850%, 2/10/30

2,693,000

2,748

UnitedHealth

Group,

Inc.

3.050%, 5/15/41

442,000

325

4.600%, 4/15/27

1,968,000

1,980

5.150%, 7/15/34

2,007,000

2,027

5.300%, 6/15/35

3,153,000

3,214

5.500%, 7/15/44

1,152,000

1,122

5.625%, 7/15/54

3,076,000

2,984

5.750%, 7/15/64

1,017,000

989

5.875%, 2/15/53

2,426,000

2,431

Total

119,700

Energy

(1.5%)

Aker

BP

ASA

 144A

 144A

5.125%, 10/1/34

144A

3,655,000

3,509

5.800%, 10/1/54

144A

442,000

403

ConocoPhillips

Co.

5.500%, 1/15/55

1,308,000

1,241

5.550%, 3/15/54

729,000

697

Devon

Energy

Corp.

5.200%, 9/15/34

3,207,000

3,114

5.750%, 9/15/54

1,581,000

1,423

Diamondback

Energy,

Inc.

5.150%, 1/30/30

1,779,000

1,820

5.200%, 4/18/27

953,000

966

5.550%, 4/1/35

2,465,000

2,492

5.750%, 4/18/54

1,578,000

1,465

5.900%, 4/18/64

479,000

443

Energy

Transfer

LP

5.250%, 7/1/29

2,403,000

2,462

5.300%, 4/15/47

962,000

849

5.700%, 4/1/35

2,808,000

2,860

5.950%, 5/15/54

3,868,000

3,680

6.000%, 2/1/29

144A

1,744,000

1,772

6.200%, 4/1/55

188,000

185

Equinor

ASA

5.125%, 6/3/35

824,000

838

Galaxy

Pipeline

Assets

Bidco,

Ltd.

 144A

 144A

2.160%, 3/31/34

144A

1,623,941

1,440

2.625%, 3/31/36

144A

1,280,000

1,088

Kinder

Morgan,

Inc.

5.150%, 6/1/30

1,643,000

1,678

ONEOK,

Inc.

5.050%, 11/1/34

495,000

482

5.700%, 11/1/54

2,060,000

1,901

5.850%, 11/1/64

383,000

355

Petroleos

Mexicanos

2.460%, 12/15/25

320,950

313

Saudi

Arabian

Oil

Co.

 144A

 144A

4.750%, 6/2/30

144A

901,000

905

6.375%, 6/2/55

144A

4,128,000

4,126

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

80

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

TotalEnergies

Capital

SA

5.425%, 9/10/64

494,000

462

5.638%, 4/5/64

475,000

460

Total

43,429

Financial

(8.7%)

Agree

LP

2.000%, 6/15/28

1,469,000

1,377

2.600%, 6/15/33

401,000

333

4.800%, 10/1/32

883,000

873

5.600%, 6/15/35

1,439,000

1,465

American

Express

Co.

4.731%,

(US

SOFR

plus

1.260%), 4/25/29

α

3,589,000

3,630

5.016%,

(US

SOFR

plus

1.440%), 4/25/31

α

3,331,000

3,401

5.085%,

(US

SOFR

Index

plus

1.020%), 1/30/31

α

1,302,000

1,333

5.442%,

(US

SOFR

Index

plus

1.320%), 1/30/36

α

1,704,000

1,739

5.667%,

(US

SOFR

plus

1.790%), 4/25/36

α

1,248,000

1,292

American

Homes

4

Rent

LP

3.625%, 4/15/32

1,622,000

1,497

4.300%, 4/15/52

727,000

566

4.950%, 6/15/30

1,238,000

1,251

5.500%, 7/15/34

660,000

669

Apollo

Debt

Solutions

BDC

 144A

 144A

6.550%, 3/15/32

144A

1,421,000

1,451

Apollo

Global

Management,

Inc.

5.800%, 5/21/54

586,000

579

Ares

Management

Corp.

5.600%, 10/11/54

1,434,000

1,353

Ares

Strategic

Income

Fund

6.200%, 3/21/32

1,919,000

1,925

Bain

Capital

Specialty

Finance,

Inc.

5.950%, 3/15/30

1,275,000

1,260

Bank

of

America

Corp.

1.734%,

(US

SOFR

plus

0.960%), 7/22/27

α

5,981,000

5,813

1.922%,

(US

SOFR

plus

1.370%), 10/24/31 α

830,000

724

2.496%,

(US

SOFR

3

Month

plus

0.990%), 2/13/31

α

1,871,000

1,709

The

Bank

of

New

York

Mellon

Corp.

 α

4.942%,

(US

SOFR

plus

0.887%), 2/11/31

α

2,707,000

2,764

Barclays

PLC

 α

5.785%,

(US

SOFR

plus

1.590%), 2/25/36

α

4,569,000

4,670

Blue

Owl

Credit

Income

Corp.

6.600%, 9/15/29

1,893,000

1,948

BPCE

SA

 144A

 144A

5.389%,

(US

SOFR

plus

1.581%), 5/28/31

144A

α

2,517,000

2,563

6.027%,

(US

SOFR

plus

1.956%), 5/28/36

144A

α

2,134,000

2,198

Brixmor

Operating

Partnership

LP

2.500%, 8/16/31

1,551,000

1,352

CaixaBank

SA

 144A

 144A

4.634%,

(US

SOFR

plus

1.140%), 7/3/29

144A

α

3,123,000

3,131

4.885%,

(US

SOFR

plus

1.360%), 7/3/31

144A

α

3,123,000

3,135

5.581%,

(US

SOFR

plus

1.790%), 7/3/36

144A

α

1,880,000

1,899

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Capital

One

Financial

Corp.

 α

6.051%,

(US

SOFR

plus

2.260%), 2/1/35

α

3,684,000

3,840

CBRE

Services,

Inc.

5.500%, 6/15/35

1,247,000

1,255

Citibank

NA

4.576%, 5/29/27

7,197,000

7,237

4.914%, 5/29/30

6,186,000

6,305

Citigroup,

Inc.

4.542%,

(US

SOFR

plus

1.338%), 9/19/30

α

1,553,000

1,546

4.786%,

(US

SOFR

plus

0.870%), 3/4/29

α

3,353,000

3,377

5.333%,

(US

SOFR

plus

1.465%), 3/27/36

α

3,379,000

3,405

5.612%,

(US

SOFR

plus

1.746%), 3/4/56

α

2,302,000

2,260

5.827%,

(US

SOFR

plus

2.056%), 2/13/35

α

1,046,000

1,067

6.020%,

(US

SOFR

plus

1.830%), 1/24/36

α

5,184,000

5,324

6.174%,

(US

SOFR

plus

2.661%), 5/25/34

α

937,000

981

Credit

Agricole

SA

 144A

,α

 144A

5.222%,

(US

SOFR

plus

1.460%), 5/27/31

144A

α

3,347,000

3,409

Crown

Castle,

Inc.

2.100%, 4/1/31

1,594,000

1,368

5.800%, 3/1/34

1,441,000

1,492

Deutsche

Bank

AG

3.742%,

(US

SOFR

plus

2.257%), 1/7/33

α

4,798,000

4,319

5.297%,

(US

SOFR

plus

1.720%), 5/9/31

α

2,765,000

2,808

Essex

Portfolio

LP

2.550%, 6/15/31

837,000

742

5.500%, 4/1/34

987,000

1,008

FS

KKR

Capital

Corp.

6.125%, 1/15/30

2,707,000

2,688

Goldman

Sachs

Bank

USA

 α

5.414%,

(US

SOFR

plus

0.750%), 5/21/27

α

2,396,000

2,416

The

Goldman

Sachs

Group,

Inc.

4.692%,

(US

SOFR

plus

1.135%), 10/23/30 α

2,867,000

2,876

5.049%,

(US

SOFR

plus

1.210%), 7/23/30

α

1,480,000

1,505

5.207%,

(US

SOFR

plus

1.078%), 1/28/31

α

3,786,000

3,875

5.218%,

(US

SOFR

plus

1.580%), 4/23/31

α

5,828,000

5,975

5.330%,

(US

SOFR

plus

1.550%), 7/23/35

α

2,944,000

2,970

5.734%,

(US

SOFR

plus

1.696%), 1/28/56

α

1,349,000

1,349

Goldman

Sachs

Private

Credit

Corp.

 144A

 144A

6.250%, 5/6/30

144A

1,919,000

1,945

HSBC

Holdings

PLC

4.899%,

(US

SOFR

plus

1.030%), 3/3/29

α

3,958,000

3,991

5.130%,

(US

SOFR

plus

1.290%), 3/3/31

α

3,958,000

4,011

5.790%,

(US

SOFR

plus

1.880%), 5/13/36

α

3,972,000

4,085

ING

Groep

NV

 α

5.525%,

(US

SOFR

plus

1.610%), 3/25/36

α

3,355,000

3,415

Invitation

Homes

Operating

Partnership

LP

2.000%, 8/15/31

280,000

238

4.150%, 4/15/32

1,614,000

1,528

4.875%, 2/1/35

1,433,000

1,388

JPMorgan

Chase

&

Co.

2.522%,

(US

SOFR

plus

2.040%), 4/22/31

α

2,877,000

2,630

5.294%,

(US

SOFR

plus

1.460%), 7/22/35

α

1,472,000

1,498

5.572%,

(US

SOFR

plus

1.680%), 4/22/36

α

688,000

713

Kimco

Realty

OP

LLC

4.850%, 3/1/35

1,291,000

1,264

5.300%, 2/1/36

1,484,000

1,494

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

81

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Lloyds

Banking

Group

PLC

 α

6.068%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.600%), 6/13/36

α

1,706,000

1,754

Mitsubishi

UFJ

Financial

Group,

Inc.

 α

5.159%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.170%), 4/24/31

α

2,096,000

2,146

Morgan

Stanley

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

4,866,000

4,937

5.042%,

(US

SOFR

plus

1.215%), 7/19/30

α

4,414,000

4,489

5.192%,

(US

SOFR

plus

1.510%), 4/17/31

α

3,512,000

3,600

5.230%,

(US

SOFR

plus

1.108%), 1/15/31

α

4,743,000

4,855

5.449%,

(US

SOFR

plus

1.630%), 7/20/29

α

1,865,000

1,918

5.831%,

(US

SOFR

plus

1.580%), 4/19/35

α

4,357,000

4,565

NatWest

Group

PLC

 α

5.115%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.050%), 5/23/31

α

2,507,000

2,548

Nomura

Holdings,

Inc.

4.904%, 7/1/30

3,123,000

3,134

5.491%, 6/29/35

1,795,000

1,806

Oaktree

Specialty

Lending

Corp.

6.340%, 2/27/30

1,629,000

1,614

The

PNC

Financial

Services

Group,

Inc.

 α

4.812%,

(US

SOFR

plus

1.259%), 10/21/32 α

2,198,000

2,203

Realty

Income

Corp.

2.100%, 3/15/28

910,000

862

2.850%, 12/15/32

1,174,000

1,027

3.400%, 1/15/30

972,000

930

4.900%, 7/15/33

1,397,000

1,393

Regency

Centers

LP

2.950%, 9/15/29

2,221,000

2,101

5.000%, 7/15/32

1,403,000

1,419

5.250%, 1/15/34

1,904,000

1,932

Santander

Holdings

USA,

Inc.

5.741%,

(US

SOFR

plus

1.878%), 3/20/31

α

1,236,000

1,269

6.342%,

(US

SOFR

plus

2.138%), 5/31/35

α

1,508,000

1,575

Societe

Generale

SA

 144A

 144A

7.132%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

2.950%), 1/19/55

144A

α

920,000

937

7.367%, 1/10/53

144A

523,000

548

State

Street

Corp.

4.729%, 2/28/30

3,833,000

3,891

Store

Capital

LLC

2.700%, 12/1/31

564,000

478

2.750%, 11/18/30

1,434,000

1,264

5.400%, 4/30/30

144A

963,000

976

Sumitomo

Mitsui

Financial

Group,

Inc.

4.660%,

(US

SOFR

plus

1.190%), 7/8/31

α

1,710,000

1,710

4.954%,

(US

SOFR

plus

1.380%), 7/8/33

α

1,710,000

1,710

5.246%,

(US

SOFR

plus

1.500%), 7/8/36

α

1,992,000

1,992

Sun

Communities

Operating

LP

4.200%, 4/15/32

1,781,000

1,685

Wells

Fargo

&

Co.

4.897%,

(US

SOFR

plus

2.100%), 7/25/33

α

1,486,000

1,486

4.970%,

(US

SOFR

plus

1.370%), 4/23/29

α

4,930,000

4,999

5.150%,

(US

SOFR

plus

1.500%), 4/23/31

α

4,153,000

4,253

5.211%,

(US

SOFR

plus

1.380%), 12/3/35

α

1,534,000

1,540

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

5.574%,

(US

SOFR

plus

1.740%), 7/25/29

α

938,000

969

5.707%,

(US

SOFR

plus

1.070%), 4/22/28

α

1,492,000

1,524

6.303%,

(US

SOFR

plus

1.790%), 10/23/29 α

955,000

1,009

Total

244,545

Industrial

(2.2%)

The

Boeing

Co.

5.805%, 5/1/50

1,662,000

1,594

6.858%, 5/1/54

993,000

1,087

Caterpillar

Financial

Services

Corp.

4.375%, 8/16/29

1,964,000

1,979

4.850%, 2/27/29

1,890,000

1,934

5.000%, 5/14/27

2,866,000

2,915

Caterpillar,

Inc.

5.200%, 5/15/35

3,134,000

3,195

CRH

America

Finance,

Inc.

5.500%, 1/9/35

1,578,000

1,617

CRH

SMW

Finance

DAC

5.125%, 1/9/30

1,578,000

1,618

Crowley

Conro

LLC

4.181%, 8/15/43

1,128,988

998

Deere

&

Co.

5.450%, 1/16/35

4,303,000

4,482

5.700%, 1/19/55

1,990,000

2,057

Eaton

Capital

ULC

4.450%, 5/9/30

1,276,000

1,282

Embraer

Netherlands

Finance

BV

5.980%, 2/11/35

2,485,000

2,561

General

Dynamics

Corp.

4.950%, 8/15/35

1,855,000

1,862

Howmet

Aerospace,

Inc.

4.850%, 10/15/31

1,276,000

1,292

John

Deere

Capital

Corp.

4.150%, 9/15/27

1,879,000

1,883

4.500%, 1/8/27

2,369,000

2,384

4.550%, 6/5/30

2,217,000

2,237

4.650%, 1/7/28

1,668,000

1,693

4.850%, 6/11/29

311,000

319

5.150%, 9/8/26

1,753,000

1,774

Northrop

Grumman

Corp.

4.650%, 7/15/30

1,367,000

1,379

5.250%, 7/15/35

1,269,000

1,295

Rollins,

Inc.

5.250%, 2/24/35

1,165,000

1,169

Siemens

Funding

BV

 144A

 144A

4.350%, 5/26/28

144A

3,119,000

3,143

4.600%, 5/28/30

144A

2,081,000

2,102

4.900%, 5/28/32

144A

2,508,000

2,544

5.200%, 5/28/35

144A

2,508,000

2,554

5.800%, 5/28/55

144A

1,272,000

1,310

Union

Pacific

Corp.

2.375%, 5/20/31

896,000

806

2.800%, 2/14/32

1,215,000

1,095

United

Parcel

Service,

Inc.

5.250%, 5/14/35

1,649,000

1,682

5.950%, 5/14/55

1,484,000

1,523

6.050%, 5/14/65

1,897,000

1,941

Total

63,306

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

82

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Technology

(2.9%)

Accenture

Capital,

Inc.

4.250%, 10/4/31

3,821,000

3,785

4.500%, 10/4/34

2,101,000

2,045

Apple,

Inc.

2.375%, 2/8/41

685,000

479

2.650%, 5/11/50

746,000

468

2.650%, 2/8/51

576,000

358

3.950%, 8/8/52

1,803,000

1,437

4.000%, 5/12/28

1,441,000

1,444

4.200%, 5/12/30

2,477,000

2,488

Autodesk,

Inc.

2.400%, 12/15/31

116,000

102

5.300%, 6/15/35

1,237,000

1,258

Broadcom,

Inc.

 144A

 144A

2.450%, 2/15/31

144A

1,473,000

1,317

3.150%, 11/15/25

1,104,000

1,098

4.150%, 2/15/28

2,344,000

2,337

4.550%, 2/15/32

2,388,000

2,366

4.800%, 10/15/34

3,344,000

3,303

4.926%, 5/15/37

144A

1,346,000

1,306

5.050%, 7/12/29

3,436,000

3,518

5.150%, 11/15/31

6,087,000

6,262

Cadence

Design

Systems,

Inc.

4.200%, 9/10/27

1,780,000

1,782

4.300%, 9/10/29

4,944,000

4,945

4.700%, 9/10/34

2,712,000

2,679

Foundry

JV

Holdco

LLC

 144A

 144A

5.500%, 1/25/31

144A

1,629,000

1,671

5.900%, 1/25/33

144A

793,000

822

6.100%, 1/25/36

144A

1,351,000

1,398

6.200%, 1/25/37

144A

1,479,000

1,539

6.300%, 1/25/39

144A

1,255,000

1,313

Hewlett

Packard

Enterprise

Co.

5.600%, 10/15/54

1,023,000

945

Intel

Corp.

2.800%, 8/12/41

809,000

544

3.250%, 11/15/49

474,000

300

5.600%, 2/21/54

475,000

436

5.625%, 2/10/43

540,000

514

5.700%, 2/10/53

875,000

814

5.900%, 2/10/63

709,000

666

KLA

Corp.

3.300%, 3/1/50

772,000

535

4.700%, 2/1/34

1,902,000

1,894

Micron

Technology,

Inc.

5.650%, 11/1/32

1,233,000

1,282

6.050%, 11/1/35

3,370,000

3,527

NetApp,

Inc.

5.500%, 3/17/32

2,585,000

2,663

Oracle

Corp.

4.000%, 7/15/46

1,635,000

1,261

5.375%, 9/27/54

224,000

205

6.000%, 8/3/55

1,818,000

1,815

Synopsys,

Inc.

4.650%, 4/1/28

1,437,000

1,452

4.850%, 4/1/30

2,055,000

2,083

5.000%, 4/1/32

1,644,000

1,665

5.700%, 4/1/55

411,000

409

Texas

Instruments,

Inc.

4.500%, 5/23/30

2,062,000

2,084

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Technology

continued

5.000%, 3/14/53

1,125,000

1,038

5.100%, 5/23/35

2,062,000

2,101

5.150%, 2/8/54

951,000

896

Total

80,649

Utilities

(2.4%)

Alabama

Power

Co.

5.100%, 4/2/35

1,333,000

1,343

American

Transmission

Systems,

Inc.

 144A

 144A

2.650%, 1/15/32

144A

586,000

515

Baltimore

Gas

&

Electric

Co.

2.250%, 6/15/31

1,257,000

1,116

5.450%, 6/1/35

1,650,000

1,691

CenterPoint

Energy

Houston

Electric

LLC

3.600%, 3/1/52

928,000

667

Chile

Electricity

Lux

MPC

SARL

 144A

 144A

5.580%, 10/20/35

144A

1,202,331

1,202

5.672%, 10/20/35

144A

2,285,000

2,302

Consolidated

Edison

Co.

of

New

York,

Inc.

3.200%, 12/1/51

282,000

187

3.700%, 11/15/59

479,000

332

5.375%, 5/15/34

942,000

972

5.500%, 3/15/34

1,159,000

1,205

5.500%, 3/15/55

1,687,000

1,635

Consumers

Energy

Co.

4.500%, 1/15/31

2,466,000

2,476

5.050%, 5/15/35

1,823,000

1,836

DTE

Electric

Co.

2.950%, 3/1/50

1,467,000

954

3.650%, 3/1/52

672,000

494

5.250%, 5/15/35

864,000

880

Duke

Energy

Carolinas

LLC

2.550%, 4/15/31

573,000

518

2.850%, 3/15/32

1,561,000

1,400

3.550%, 3/15/52

1,137,000

820

5.250%, 3/15/35

1,370,000

1,401

5.350%, 1/15/53

1,101,000

1,056

Duke

Energy

Corp.

3.500%, 6/15/51

779,000

535

Duke

Energy

Florida

LLC

2.400%, 12/15/31

1,252,000

1,108

Duke

Energy

Progress

LLC

2.500%, 8/15/50

1,268,000

734

3.700%, 10/15/46

286,000

216

Entergy

Arkansas

LLC

2.650%, 6/15/51

1,132,000

662

5.150%, 1/15/33

1,885,000

1,932

Entergy

Mississippi

LLC

5.800%, 4/15/55

1,229,000

1,230

Exelon

Corp.

5.875%, 3/15/55

1,892,000

1,888

FirstEnergy

Pennsylvania

Electric

Co.

 144A

 144A

3.250%, 3/15/28

144A

1,224,000

1,187

4.300%, 1/15/29

144A

1,477,000

1,463

5.200%, 4/1/28

144A

967,000

986

Georgia

Power

Co.

5.200%, 3/15/35

493,000

500

Jersey

Central

Power

&

Light

Co.

 144A

 144A

2.750%, 3/1/32

144A

1,381,000

1,211

5.100%, 1/15/35

1,118,000

1,115

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

83

Corporate

Bonds

(25.5%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

MidAmerican

Energy

Co.

2.700%, 8/1/52

1,089,000

674

Mississippi

Power

Co.

3.100%, 7/30/51

1,507,000

989

4.250%, 3/15/42

639,000

545

Northern

States

Power

Co.

5.050%, 5/15/35

2,056,000

2,076

5.400%, 3/15/54

760,000

733

5.650%, 6/15/54

825,000

830

NSTAR

Electric

Co.

5.200%, 3/1/35

740,000

745

5.400%, 6/1/34

1,451,000

1,486

Ohio

Edison

Co.

 144A

 144A

4.950%, 12/15/29

144A

1,237,000

1,254

Oncor

Electric

Delivery

Co.

LLC

 144A

 144A

5.350%, 4/1/35

144A

1,155,000

1,177

5.800%, 4/1/55

144A

1,348,000

1,354

Pacific

Gas

&

Electric

Co.

3.500%, 8/1/50

477,000

306

3.950%, 12/1/47

2,914,000

2,056

4.200%, 6/1/41

730,000

561

4.950%, 7/1/50

3,589,000

2,893

PECO

Energy

Co.

2.850%, 9/15/51

1,516,000

955

PPL

Capital

Funding,

Inc.

5.250%, 9/1/34

873,000

880

Public

Service

Company

of

Oklahoma

3.150%, 8/15/51

850,000

532

Public

Service

Electric

&

Gas

Co.

1.900%, 8/15/31

2,159,000

1,869

2.050%, 8/1/50

349,000

185

2.700%, 5/1/50

588,000

365

5.050%, 3/1/35

1,451,000

1,467

5.500%, 3/1/55

575,000

567

Sempra

 α

6.550%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

2.138%), 4/1/55

α

274,000

260

Southern

California

Edison

Co.

4.125%, 3/1/48

946,000

686

Trans-Allegheny

Interstate

Line

Co.

 144A

 144A

5.000%, 1/15/31

144A

1,791,000

1,822

Virginia

Electric

&

Power

Co.

2.950%, 11/15/51

1,257,000

785

Total

67,821

Total

Corporate

Bonds

(Cost: $722,282)

718,890

Governments

(

17.3%

)

Governments

(17.3%)

Bank

Gospodarstwa

Krajowego

144A

144A

6.250%, 7/9/54

144A

2,182,000

2,163

Chile Government International Bond

5.650%, 1/13/37

1,782,000

1,836

Export

Finance

&

Insurance

Corp.

144A

144A

4.625%, 10/26/27

144A

3,290,000

3,347

Federal

National

Mortgage

Association

0.000%, 11/15/30

PO 

9,391,000

7,564

Israel

Government

International

Bond

3.875%, 7/3/50

775,000

545

4.500%, 1/17/33

553,000

528

Governments

(17.3%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

5.375%, 2/19/30

3,679,000

3,749

5.625%, 2/19/35

2,238,000

2,274

5.750%, 3/12/54

2,131,000

1,972

Republic

of

Paraguay

144A

144A

5.400%, 3/30/50

144A

3,408,000

2,914

6.650%, 3/4/55

144A

830,000

829

Republic

of

Peru

5.500%, 3/30/36

2,400,000

2,402

United

Mexican

States

3.500%, 2/12/34

1,750,000

1,467

4.400%, 2/12/52

1,249,000

874

4.600%, 1/23/46

1,349,000

1,017

4.600%, 2/10/48

1,184,000

878

4.750%, 3/8/44

1,304,000

1,025

6.625%, 1/29/38

3,276,000

3,325

US

Treasury

0.500%, 10/31/27

17,402,000

16,162

1.125%, 8/15/40

15,309,000

9,418

1.375%, 11/15/40

39,079,000

24,896

1.750%, 8/15/41

93,559,000

62,114

1.875%, 2/15/32

253,000

222

1.875%, 2/28/29

18,928,000

17,738

2.000%, 11/15/41

71,799,000

49,379

2.250%, 8/15/46

10,114,000

6,626

2.375%, 2/15/42

8,325,000

6,056

2.500%, 5/15/46

11,270,000

7,784

3.000%, 2/15/48

53,778,000

39,957

3.000%, 8/15/48

12,706,000

9,397

3.000%, 2/15/49

10,122,000

7,458

3.125%, 5/15/48

19,908,000

15,104

3.625%, 3/31/30

2,568,000

2,550

3.750%, 6/30/27

8,469,000

8,474

3.875%, 6/30/30

43,792,000

43,960

3.875%, 6/15/28

21,865,000

21,981

4.125%, 5/31/32

10,756,000

10,847

4.250%, 5/15/35

15,557,000

15,581

4.250%, 8/15/54

16,329,000

14,912

4.625%, 2/15/55

27,824,000

27,085

5.000%, 5/15/45

28,481,000

29,255

Total

485,665

Total

Governments

(Cost: $493,773)

485,665

144A

144A

144A

Municipal

Bonds

(

0.1%

)

Municipal

Bonds

(0.1%)

North

Texas

Tollway

Authority,

Series

2009-B

6.718%, 1/1/49 RB  

1,241,000

1,366

The

Ohio

State

University

4.800%, 6/1/11 RB  

148,000

124

Port

Authority

of

New

York

&

New

Jersey

4.458%, 10/1/62 RB  

2,355,000

1,976

The

University

of

Texas

System

2.439%, 8/15/49 RB  

785,000

469

Total

Municipal

Bonds

(Cost: $5,098)

3,935

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

84

Structured

Products

(

56.8%

)

Shares/

Par

+

Value

$

(000's)

Asset

Backed

Securities

(9.6%)

Ally

Auto

Receivables

Trust,

Series

2022-3,

Class

A4

5.070%,

6/15/31 

1,172,000

1,179

Ally

Auto

Receivables

Trust,

Series

2024-2,

Class

A4

4.140%,

10/15/30 

1,442,000

1,437

American

Express

Credit

Account

Master

Trust,

Series

2023-4,

Class

A

5.150%,

9/15/30 

6,273,000

6,479

American

Express

Credit

Account

Master

Trust,

Series

2025-1,

Class

A

4.560%,

12/25/29 

8,215,000

8,318

American

Express

Credit

Account

Master

Trust,

Series

2025-2,

Class

A

4.280%,

4/15/30 

8,196,000

8,246

AmeriCredit

Automobile

Receivables

Trust,

Series

2022-2,

Class

A3

4.380%,

4/18/28 

243,227

243

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

A3

5.620%,

11/18/27 

789,623

793

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-2,

Class

A3

5.810%,

5/18/28 

2,140,000

2,156

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A3

144A

144A

4.620%,

11/13/29 144A 

1,891,000

1,906

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A4

144A

144A

4.760%,

6/10/30 144A 

983,000

994

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2025-2A,

Class

A

144A

144A

5.120%,

8/20/31 144A 

1,912,000

1,945

BA

Credit

Card

Trust,

Series

2024-A1,

Class

A

4.930%,

5/15/29 

2,252,000

2,285

BA

Credit

Card

Trust,

Series

2025-A1,

Class

A

4.310%,

5/15/30 

5,726,000

5,765

Carmax

Auto

Owner

Trust,

Series

2025-2,

Class

A3

4.480%,

3/15/30 

4,491,000

4,532

Chase

Auto

Owner

Trust,

Series

2022-AA,

Class

A4

144A

144A

3.990%,

3/27/28 144A 

1,504,000

1,499

Chase

Issuance

Trust,

Series

2024-A2I,

Class A

4.630%,

1/15/31 

9,907,000

10,084

Citibank

Credit

Card

Issuance

Trust,

Series

2025-A1,

Class

A

4.300%,

6/21/30 

4,767,000

4,795

Citibank

Credit

Card

Issuance

Trust,

Series

2025-A2,

Class

A

4.490%,

6/21/32 

4,767,000

4,801

College

Avenue

Student

Loans

LLC,

Series

2017-A,

Class

A1

144A

144A

6.084%,

(US

SOFR

1

Month

plus

1.765%),

11/26/46 144A 

433,939

437

College

Avenue

Student

Loans

LLC,

Series

2018-A,

Class

A2

144A

144A

4.130%,

12/26/47 144A 

409,971

401

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

College

Avenue

Student

Loans

LLC,

Series

2019-A,

Class

A2

144A

144A

3.280%,

12/28/48 144A 

846,406

810

Ford

Credit

Auto

Lease

Trust,

Series

2024-A,

Class

A4

5.050%,

6/15/27 

1,103,000

1,111

Ford

Credit

Auto

Lease

Trust,

Series

2025-A,

Class

A3

4.720%,

6/15/28 

1,707,000

1,721

Ford

Credit

Auto

Owner

Trust,

Series

2022-1,

Class

A

144A

144A

3.880%,

11/15/34 144A 

3,600,000

3,573

Ford

Credit

Auto

Owner

Trust,

Series

2022-D,

Class

A4

5.300%,

3/15/28 

1,060,000

1,070

Ford

Credit

Auto

Owner

Trust,

Series

2024-D,

Class

A3

4.610%,

8/15/29 

1,067,000

1,078

Ford

Credit

Auto

Owner

Trust,

Series

2025-1,

Class

A

144A

144A

4.860%,

8/15/37 144A ∑

6,556,000

6,687

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2024-3,

Class

A1

144A

144A

4.300%,

9/15/29 144A 

6,050,000

6,060

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2024-4,

Class

A

144A

144A

4.400%,

9/15/31 144A 

2,666,000

2,670

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2025-1,

Class

A1

4.630%,

4/15/30 

4,654,000

4,705

GM

Financial

Automobile

Leasing

Trust,

Series

2023-3,

Class

A4

5.440%,

8/20/27 

955,000

959

GM

Financial

Automobile

Leasing

Trust,

Series

2025-2,

Class

A3

4.580%,

5/22/28 

1,287,000

1,295

GM

Financial

Revolving

Receivables

Trust,

Series

2024-1,

Class

A

144A

144A

4.980%,

12/11/36 144A 

1,576,000

1,611

GM

Financial

Revolving

Receivables

Trust,

Series

2024-2,

Class

A

144A

144A

4.520%,

3/11/37 144A 

1,506,000

1,515

GM

Financial

Revolving

Receivables

Trust,

Series

2025-1,

Class

A

144A

144A

4.640%,

12/11/37 144A 

9,737,000

9,839

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-2A,

Class

A1

144A

144A

4.640%,

3/15/30 144A 

4,883,000

4,930

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

A1

144A

144A

4.730%,

11/15/29 144A 

3,613,000

3,655

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

A3

144A

144A

4.530%,

4/17/28 144A 

3,749,000

3,775

Hyundai

Auto

Receivables

Trust,

Series

2022-

A,

Class

A3

2.220%,

10/15/26 

228,828

228

Hyundai

Auto

Receivables

Trust,

Series

2022-

A,

Class

A4

2.350%,

4/17/28 

1,194,000

1,184

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

85

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Hyundai

Auto

Receivables

Trust,

Series

2023-

A,

Class

A4

4.480%,

7/17/28 

2,148,000

2,151

Hyundai

Auto

Receivables

Trust,

Series

2023-

B,

Class

A3

5.480%,

4/17/28 

1,058,510

1,065

Mercedes-Benz

Auto

Lease

Trust,

Series

2025-A,

Class

A3

4.610%,

4/16/29 

4,063,000

4,109

Mercedes-Benz

Auto

Receivables

Trust,

Series

2022-1,

Class

A4

5.250%,

2/15/29 

2,454,000

2,479

Mercedes-Benz

Auto

Receivables

Trust,

Series

2025-1,

Class

A3

4.780%,

12/17/29 

2,096,000

2,124

Navient

Private

Education

Refi

Loan

Trust,

Series

2018-DA,

Class

A2A

144A

144A

4.000%,

12/15/59 144A 

876,186

867

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A

144A

144A

3.420%,

1/15/43 144A 

391,964

389

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-C,

Class

A2

144A

144A

3.130%,

2/15/68 144A 

460,656

452

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-D,

Class

A2A

144A

144A

3.010%,

12/15/59 144A 

1,976,372

1,918

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2

144A

144A

2.600%,

8/15/68 144A 

1,091,320

1,051

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-EA,

Class

A

144A

144A

1.690%,

5/15/69 144A 

66,053

61

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A

144A

144A

1.170%,

9/16/69 144A 

1,200,690

1,118

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-BA,

Class

A

144A

144A

0.940%,

7/15/69 144A 

555,445

505

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-CA,

Class

A

144A

144A

1.060%,

10/15/69 144A 

1,953,559

1,758

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-EA,

Class

A

144A

144A

0.970%,

12/16/69 144A 

3,301,809

2,954

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-FA,

Class

A

144A

144A

1.110%,

2/18/70 144A 

2,094,207

1,854

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-GA,

Class

A

144A

144A

1.580%,

4/15/70 144A 

535,899

484

Navient

Private

Education

Refi

Loan

Trust,

Series

2022-A,

Class

A

144A

144A

2.230%,

7/15/70 144A 

5,290,996

4,844

Navient

Student

Loan

Trust,

Series

2021-3A,

Class

A1A

144A

144A

1.770%,

8/25/70 144A 

2,129,132

1,862

Nelnet

Student

Loan

Trust,

Series

2004-4,

Class

A5

4.785%,

(US

90

Day

Average

SOFR

plus

0.422%),

1/25/37 

812,792

809

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Nelnet

Student

Loan

Trust,

Series

2005-1,

Class

A5

4.735%,

(US

90

Day

Average

SOFR

plus

0.372%),

10/25/33 

2,595,214

2,569

Nelnet

Student

Loan

Trust,

Series

2005-2,

Class

A5

4.670%,

(US

90

Day

Average

SOFR

plus

0.362%),

3/23/37 

2,380,201

2,356

Nelnet

Student

Loan

Trust,

Series

2005-3,

Class

A5

4.724%,

(US

90

Day

Average

SOFR

plus

0.382%),

12/24/35 

1,781,548

1,766

Nissan

Auto

Lease

Trust,

Series

2025-A,

Class

A3

4.750%,

3/15/28 

3,224,000

3,260

Nissan

Auto

Receivables

Owner

Trust,

Series

2022-B,

Class

A4

4.450%,

11/15/29 

1,459,000

1,461

Nissan

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

A3

4.490%,

12/17/29 

3,173,000

3,205

Nissan

Auto

Receivables

Owner

Trust,

Series

2025-A,

Class

A4

4.570%,

11/15/30 

2,394,000

2,419

PenFed

Auto

Receivables

Owner

Trust,

Series

2022-A,

Class

A4

144A

144A

4.180%,

12/15/28 144A 

562,726

562

Santander

Drive

Auto

Receivables

Trust,

Series

2024-3,

Class

A3

5.630%,

1/16/29 

2,440,000

2,452

Santander

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

A3

4.670%,

8/15/29 

2,360,000

2,377

SBNA

Auto

Lease

Trust,

Series

2024-C,

Class

A4

144A

144A

4.420%,

3/20/29 144A 

1,391,000

1,389

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3

144A

144A

5.320%,

12/15/28 144A 

1,248,184

1,252

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A4

144A

144A

5.210%,

4/16/29 144A 

636,000

642

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A3

144A

144A

4.950%,

5/21/29 144A 

3,282,000

3,296

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A4

144A

144A

4.940%,

1/21/31 144A 

557,000

565

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-2A,

Class

A3

144A

144A

5.330%,

11/20/29 144A 

2,099,000

2,124

SFS

Auto

Receivables

Securitization

Trust,

Series

2025-2A,

Class

A4

144A

144A

4.580%,

5/20/31 144A 

1,765,000

1,771

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1

144A

144A

1.070%,

1/15/53 144A 

2,953,875

2,659

SoFi

Professional

Loan

Program

LLC,

Series

2017-D,

Class

A2FX

144A

144A

2.650%,

9/25/40 144A 

16,353

16

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

86

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

SoFi

Professional

Loan

Program

LLC,

Series

2021-B,

Class

AFX

144A

144A

1.140%,

2/15/47 144A 

1,597,368

1,391

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-AA,

Class

A3

144A

144A

4.470%,

7/20/28 144A 

5,150,000

5,170

Synchrony

Card

Funding

LLC,

Series

2025-

A2,

Class

A

4.490%,

5/15/31 

6,301,000

6,360

Synchrony

Card

Issuance

Trust,

Series

2025-

A1,

Class

A

4.780%,

2/18/31 

3,250,000

3,300

T-Mobile

US

Trust,

Series

2022-1A,

Class

A

144A

144A

4.910%,

5/22/28 144A 

585,953

586

T-Mobile

US

Trust,

Series

2024-2A,

Class

A

144A

144A

4.250%,

5/21/29 144A 

2,560,000

2,563

T-Mobile

US

Trust,

Series

2025-1A,

Class

A

144A

144A

4.740%,

11/20/29 144A 

2,387,000

2,417

Toyota

Auto

Loan

Extended

Note

Trust,

Series

2025-1A,

Class

A

144A

144A

4.650%,

5/25/38 144A 

2,386,000

2,418

Toyota

Auto

Receivables

Owner

Trust,

Series

2022-D,

Class

A4

5.430%,

4/17/28 

1,337,000

1,360

Toyota

Auto

Receivables

Owner

Trust,

Series

2023-B,

Class

A3

4.710%,

2/15/28 

2,343,955

2,348

Toyota

Auto

Receivables

Owner

Trust,

Series

2023-C,

Class

A3

5.160%,

4/17/28 

3,314,714

3,333

Toyota

Auto

Receivables

Owner

Trust,

Series

2025-B,

Class

A3

4.340%,

11/15/29 

497,000

500

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A3

144A

144A

4.490%,

6/17/30 144A 

2,155,000

2,172

USB

Auto

Owner

Trust,

Series

2025-1A,

Class

A4

144A

144A

4.620%,

12/16/30 144A 

644,000

652

Verizon

Master

Trust,

Series

2023-4,

Class A1A

5.160%,

6/20/29 

7,176,000

7,237

Verizon

Master

Trust,

Series

2024-7,

Class

A

144A

144A

4.350%,

8/20/32 144A 

4,438,000

4,447

4.940%,

1/20/33 144A 

5,536,000

5,674

Verizon

Master

Trust,

Series

2025-3,

Class

A1A

4.510%,

3/20/30 

5,037,000

5,059

Verizon

Master

Trust,

Series

2025-4,

Class

A

144A

144A

4.760%,

3/21/33 144A 

5,037,000

5,115

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2023-1,

Class

A3

5.020%,

6/20/28 

2,922,577

2,936

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2024-1,

Class

A3

4.630%,

7/20/29 

1,375,000

1,389

Wells

Fargo

Card

Issuance

Trust,

Series

2024-

A2,

Class

A

4.290%,

10/15/29 

3,908,000

3,926

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

World

Financial

Network

Credit

Card

Master

Trust,

Series

2024-A,

Class

A

5.470%,

2/17/31 

723,000

739

World

Financial

Network

Credit

Card

Master

Trust,

Series

2024-B,

Class

A

4.620%,

5/15/31 

2,064,000

2,079

Total

268,937

Mortgage

Securities

(47.2%)

Angel

Oak

Mortgage

Trust,

Series

2020-2,

Class

A1A

144A

144A

2.531%,

(AFC),

1/26/65 144A 

593,642

562

Angel

Oak

Mortgage

Trust,

Series

2020-5,

Class

A1

144A

144A

1.373%,

(AFC),

5/25/65 144A 

125,875

121

Angel

Oak

Mortgage

Trust,

Series

2021-6,

Class

A1

144A

144A

1.458%,

(AFC),

9/25/66 144A 

1,339,225

1,127

BANK,

Series

2022-BNK44,

Class

A5

5.935%,

(CSTR),

11/15/55 

1,073,000

1,126

BANK5

Trust,

Series

2025-5YR13,

Class

A3

5.753%,

1/15/58 

455,000

474

Barclays

Commercial

Mortgage

Securities

LLC,

Series

2018-C2,

Class

ASB

4.236%,

12/15/51 

453,231

452

Barclays

Commercial

Mortgage

Securities,

Series

2022-C17,

Class

A5

4.441%,

9/15/55 

2,207,000

2,141

BBCMS

Mortgage

Trust,

Series

2025-5C33,

Class

A4

5.839%,

3/15/58 

5,525,000

5,783

BBCMS

Mortgage

Trust,

Series

2025-5C34,

Class

A3

5.659%,

5/15/58 

1,233,000

1,286

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

A4

2.268%,

4/15/54 

910,000

813

Benchmark

Mortgage

Trust,

Series

2025-V15,

Class

A3

5.805%,

6/15/58 

909,000

953

BMO

Mortgage

Trust,

Series

2025-5C10,

Class

A3

5.578%,

5/15/58 

1,367,000

1,416

BMO

Mortgage

Trust,

Series

2025-C11,

Class

A5

5.687%,

2/15/58 

1,380,000

1,443

BMO

Mortgage

Trust,

Series

2025-C12,

Class

A5

5.871%,

(AFC),

6/15/58 

911,000

964

Bunker

Hill

Loan

Depositary

Trust,

Series

2019-2,

Class

A1

144A

144A

2.879%,

(AFC),

7/25/49 144A ∑

494,156

482

BX

Commercial

Mortgage

Trust,

Series

2021-

VOLT,

Class

A

144A

144A

5.126%,

(US

SOFR

1

Month

plus

0.815%),

9/15/36 144A 

6,628,722

6,608

Citigroup

Mortgage

Loan

Trust,

Series

2005-1,

Class

3A1

6.500%,

4/25/35 

46,346

47

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

87

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

COLT

Mortgage

Loan

Trust,

Series

2021-2,

Class

A1

144A

144A

0.924%,

(AFC),

8/25/66 144A 

1,699,476

1,428

COLT

Mortgage

Loan

Trust,

Series

2021-4,

Class

A1

144A

144A

1.397%,

(AFC),

10/25/66 144A 

1,857,816

1,581

COMM

Mortgage

Trust,

Series

2015-LC23,

Class

A3

3.521%,

10/10/48 

613,053

612

Federal

Home

Loan

Mortgage

Corp.

2.000%,

11/1/30 

1,911,814

1,828

2.000%,

12/1/30 

980,954

938

2.000%,

6/1/40 

5,603,203

4,905

2.000%,

7/1/40 

9,406,285

8,155

2.000%,

8/1/40 

6,011,564

5,257

2.000%,

10/1/40 

6,234,834

5,395

2.000%,

11/1/40 

10,072,203

8,709

2.000%,

12/1/40 

1,716,928

1,482

2.000%,

1/1/41 

1,304,670

1,126

2.000%,

2/1/41 

1,412,081

1,218

2.000%,

11/1/41 

2,695,174

2,320

2.000%,

3/1/42 

2,501,923

2,133

2.000%,

2/1/47 

1,028,053

818

2.000%,

12/1/51 

777,748

631

2.500%,

10/1/32 

33,082,091

31,771

2.500%,

7/1/33 

3,329,796

3,267

2.500%,

4/1/37 

1,782,050

1,678

2.500%,

4/1/42 

942,506

835

2.500%,

5/1/42 

3,450,031

3,062

2.500%,

6/1/42 

1,222,061

1,088

2.500%,

8/1/43 

2,729,993

2,428

2.500%,

6/1/46 

3,192,137

2,832

2.500%,

11/1/46 

2,194,029

1,875

2.500%,

9/1/51 

5,694,022

4,802

2.500%,

1/1/52 

29,706,759

25,019

2.500%,

2/1/52 

564,617

473

2.500%,

3/1/52 

2,031,434

1,703

3.000%,

4/1/40 

1,511,137

1,411

3.000%,

3/1/43 

1,070,832

968

3.000%,

4/1/43 

4,177,906

3,777

3.000%,

5/1/43 

3,794,131

3,436

3.000%,

8/1/43 

2,760,329

2,495

3.000%,

2/1/45 

3,739,551

3,354

3.000%,

4/1/45 

4,076,981

3,683

3.000%,

5/1/45 

2,084,854

1,859

3.000%,

1/1/46 

1,857,294

1,684

3.000%,

9/1/46 

2,822,429

2,510

3.000%,

2/1/47 

679,048

615

3.000%,

4/1/47 

12,733,529

11,298

3.000%,

11/1/48 

3,078,409

2,731

3.000%,

5/1/49 

1,431,124

1,271

3.000%,

11/1/49 

1,739,966

1,544

3.102%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

plus

1.621%),

2/1/50 

1,630,216

1,630

3.951%,

(US

30

Day

Average

SOFR

plus

2.140%),

8/1/52 

1,669,882

1,616

4.000%,

3/1/50 

5,453,740

5,176

4.222%,

(US

30

Day

Average

SOFR

plus

2.305%),

5/1/53 

4,762,527

4,718

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

4.500%,

6/1/39 

66,183

66

4.500%,

7/1/39 

76,505

76

4.610%,

(US

30

Day

Average

SOFR

plus

2.352%),

3/1/53 

3,271,472

3,233

4.841%,

(US

30

Day

Average

SOFR

plus

2.154%),

1/1/55 

2,646,538

2,662

4.855%,

(US

30

Day

Average

SOFR

plus

2.246%),

6/1/55 

8,416,964

8,398

4.991%,

(US

30

Day

Average

SOFR

plus

2.258%),

2/1/54 

995,369

1,002

5.020%,

(US

30

Day

Average

SOFR

plus

2.139%),

6/1/55 

1,581,000

1,591

5.068%,

(US

30

Day

Average

SOFR

plus

2.060%),

7/1/55 

841,000

845

5.133%,

(US

30

Day

Average

SOFR

plus

2.225%),

6/1/55 

7,542,000

7,587

5.415%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

plus

1.640%),

11/1/48 

970,958

1,010

5.450%,

(US

30

Day

Average

SOFR

plus

2.090%),

5/1/55 

914,334

924

5.500%,

5/1/55 

11,279,397

11,309

6.000%,

9/1/54 

17,415,837

18,031

6.000%,

10/1/54 

3,001,054

3,107

6.000%,

12/1/54 

2,048,229

2,124

6.000%,

5/1/55 

11,102,367

11,318

6.000%,

6/1/55 

4,475,524

4,553

6.500%,

9/1/54 

6,773,457

7,129

6.500%,

10/1/54 

2,079,328

2,192

6.500%,

11/1/54 

514,092

540

Federal

Home

Loan

Mortgage

Corp.

Stripped,

Series

326,

Class

F2

4.968%,

(US

30

Day

Average

SOFR

plus

0.665%),

3/15/44 

1,032,511

1,028

Federal

Home

Loan

Mortgage

Corp.,

Series

1582,

Class

M

2.500%,

5/25/49 

1,384,728

1,221

Federal

Home

Loan

Mortgage

Corp.,

Series

2002-2439,

Class

LH

6.000%,

4/15/32 

86,525

90

Federal

Home

Loan

Mortgage

Corp.,

Series

2012-264,

Class

30

3.000%,

7/15/42 

2,230,304

2,042

Federal

Home

Loan

Mortgage

Corp.,

Series

2012-271,

Class

F5

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

8/15/42 

848,099

838

Federal

Home

Loan

Mortgage

Corp.,

Series

2012-272,

Class

F1

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

8/15/42 

1,343,825

1,328

Federal

Home

Loan

Mortgage

Corp.,

Series

2012-280,

Class

F1

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

9/15/42 

1,364,169

1,348

Federal

Home

Loan

Mortgage

Corp.,

Series

3693,

Class

FC

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

7/15/40 

687,578

681

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

88

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

Home

Loan

Mortgage

Corp.,

Series

3919,

Class

FA

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

9/15/41 

661,374

655

Federal

Home

Loan

Mortgage

Corp.,

Series

3958,

Class

AF

4.868%,

(US

30

Day

Average

SOFR

plus

0.565%),

11/15/41 

619,753

613

Federal

Home

Loan

Mortgage

Corp.,

Series

3975,

Class

FA

4.908%,

(US

30

Day

Average

SOFR

plus

0.605%),

12/15/41 

574,066

569

Federal

Home

Loan

Mortgage

Corp.,

Series

3990,

Class

FG

4.868%,

(US

30

Day

Average

SOFR

plus

0.565%),

1/15/42 

718,736

711

Federal

Home

Loan

Mortgage

Corp.,

Series

4059,

Class

FP

4.868%,

(US

30

Day

Average

SOFR

plus

0.565%),

6/15/42 

826,047

816

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

BX

3.250%,

10/15/41 

1,365,135

1,283

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

EX

3.375%,

7/15/42 

866,314

814

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

FN

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

8/15/42 

813,047

801

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

MX

3.250%,

2/15/42 

1,059,222

988

Federal

Home

Loan

Mortgage

Corp.,

Series

4122,

Class

FP

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

10/15/42 

610,133

601

Federal

Home

Loan

Mortgage

Corp.,

Series

4160,

Class

HP

2.500%,

1/15/33 

870,629

834

Federal

Home

Loan

Mortgage

Corp.,

Series

4177,

Class

HB

2.500%,

10/15/42 

916,963

816

Federal

Home

Loan

Mortgage

Corp.,

Series

4184,

Class

FN

4.768%,

(US

30

Day

Average

SOFR

plus

0.465%),

3/15/43 

471,370

463

Federal

Home

Loan

Mortgage

Corp.,

Series

4205,

Class

PA

1.750%,

5/15/43 

745,249

641

Federal

Home

Loan

Mortgage

Corp.,

Series

4240,

Class

FA

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

8/15/43 

2,460,289

2,430

Federal

Home

Loan

Mortgage

Corp.,

Series

4281,

Class

FA

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

12/15/43 

370,478

368

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

Home

Loan

Mortgage

Corp.,

Series

4286,

Class

VF

4.868%,

(US

30

Day

Average

SOFR

plus

0.565%),

12/15/43 

1,843,812

1,820

Federal

Home

Loan

Mortgage

Corp.,

Series

4303,

Class

FA

4.768%,

(US

30

Day

Average

SOFR

plus

0.465%),

2/15/44 

668,301

655

Federal

Home

Loan

Mortgage

Corp.,

Series

4427,

Class

CE

3.000%,

2/15/34 

230,053

227

Federal

Home

Loan

Mortgage

Corp.,

Series

4446,

Class

CP

2.250%,

3/15/45 

1,109,661

989

Federal

Home

Loan

Mortgage

Corp.,

Series

4527,

Class

GA

3.000%,

2/15/44 

1,680,012

1,615

Federal

Home

Loan

Mortgage

Corp.,

Series

4582,

Class

HA

3.000%,

9/15/45 

4,219,372

4,008

Federal

Home

Loan

Mortgage

Corp.,

Series

4587,

Class

AF

4.768%,

(US

30

Day

Average

SOFR

plus

0.465%),

6/15/46 

1,193,634

1,184

Federal

Home

Loan

Mortgage

Corp.,

Series

4604,

Class

FB

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

8/15/46 

2,260,350

2,235

Federal

Home

Loan

Mortgage

Corp.,

Series

4611,

Class

BF

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

6/15/41 

8,648,559

8,550

Federal

Home

Loan

Mortgage

Corp.,

Series

4620,

Class

LF

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

10/15/46 

1,222,763

1,211

Federal

Home

Loan

Mortgage

Corp.,

Series

4628,

Class

KF

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

1/15/55 

1,323,337

1,296

Federal

Home

Loan

Mortgage

Corp.,

Series

4709,

Class

FA

4.718%,

(US

30

Day

Average

SOFR

plus

0.415%),

8/15/47 

908,523

895

Federal

Home

Loan

Mortgage

Corp.,

Series

4719,

Class

LA

3.500%,

9/15/47 

1,222,641

1,133

Federal

Home

Loan

Mortgage

Corp.,

Series

4719,

Class

LM

3.000%,

9/15/47 

954,328

855

Federal

Home

Loan

Mortgage

Corp.,

Series

4742,

Class

PA

3.000%,

10/15/47 

1,658,193

1,520

Federal

Home

Loan

Mortgage

Corp.,

Series

4753,

Class

BD

3.000%,

1/15/48 

1,051,024

947

Federal

Home

Loan

Mortgage

Corp.,

Series

4826,

Class

KF

4.718%,

(US

30

Day

Average

SOFR

plus

0.415%),

9/15/48 

796,290

778

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

89

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

Home

Loan

Mortgage

Corp.,

Series

4854,

Class

FB

4.718%,

(US

30

Day

Average

SOFR

plus

0.415%),

1/15/49 

2,327,064

2,296

Federal

Home

Loan

Mortgage

Corp.,

Series

4857,

Class

JA

3.350%,

1/15/49 

3,575,101

3,422

Federal

Home

Loan

Mortgage

Corp.,

Series

4880,

Class

DA

3.000%,

5/15/50 

1,578,610

1,454

Federal

Home

Loan

Mortgage

Corp.,

Series

4903,

Class

NF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

8/25/49 

746,688

735

Federal

Home

Loan

Mortgage

Corp.,

Series

4927,

Class

BG

3.000%,

11/25/49 

1,661,377

1,537

Federal

Home

Loan

Mortgage

Corp.,

Series

4937,

Class

MD

2.500%,

10/25/49 

1,637,907

1,458

Federal

Home

Loan

Mortgage

Corp.,

Series

4940,

Class

AG

3.000%,

5/15/40 

1,025,583

972

Federal

Home

Loan

Mortgage

Corp.,

Series

4941,

Class

GA

2.000%,

12/15/47 

950,755

800

Federal

Home

Loan

Mortgage

Corp.,

Series

4954,

Class

LB

2.500%,

2/25/50 

768,191

676

Federal

Home

Loan

Mortgage

Corp.,

Series

4957,

Class

MY

3.000%,

2/25/50 

1,143,000

948

Federal

Home

Loan

Mortgage

Corp.,

Series

4988,

Class

KF

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

7/25/50 

1,302,790

1,293

Federal

Home

Loan

Mortgage

Corp.,

Series

4993,

Class

KF

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

7/25/50 

7,512,229

7,216

Federal

Home

Loan

Mortgage

Corp.,

Series

5004,

Class

FM

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

8/25/50 

1,500,344

1,430

Federal

Home

Loan

Mortgage

Corp.,

Series

5020,

Class

ET

3.500%,

10/25/50 

1,446,568

1,331

Federal

Home

Loan

Mortgage

Corp.,

Series

5058,

Class

BC

5.000%,

11/25/50 

1,064,446

1,051

Federal

Home

Loan

Mortgage

Corp.,

Series

5091,

Class

AB

1.500%,

3/25/51 

2,635,834

2,140

Federal

Home

Loan

Mortgage

Corp.,

Series

5092,

Class

HE

2.000%,

2/25/51 

1,733,692

1,437

Federal

Home

Loan

Mortgage

Corp.,

Series

5116,

Class

PB

2.250%,

2/25/51 

1,777,915

1,570

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

Home

Loan

Mortgage

Corp.,

Series

5118,

Class

CA

1.500%,

10/15/33 

1,715,000

1,582

Federal

Home

Loan

Mortgage

Corp.,

Series

5119,

Class

QF

4.505%,

(US

30

Day

Average

SOFR

plus

0.200%),

6/25/51 

2,189,371

2,049

Federal

Home

Loan

Mortgage

Corp.,

Series

5178,

Class

TP

2.500%,

4/25/49 

2,352,561

2,094

Federal

Home

Loan

Mortgage

Corp.,

Series

5201,

Class

CA

2.500%,

7/25/48 

1,974,310

1,745

Federal

Home

Loan

Mortgage

Corp.,

Series

5202,

Class

BH

2.000%,

12/25/47 

1,045,192

966

Federal

Home

Loan

Mortgage

Corp.,

Series

5202,

Class

KA

2.500%,

6/25/49 

1,540,781

1,365

Federal

Home

Loan

Mortgage

Corp.,

Series

5202,

Class

TA

2.500%,

12/25/48 

3,043,075

2,798

Federal

Home

Loan

Mortgage

Corp.,

Series

5207,

Class

PA

3.000%,

6/25/51 

2,272,928

2,043

Federal

Home

Loan

Mortgage

Corp.,

Series

5210,

Class

DC

3.000%,

9/25/51 

1,591,452

1,490

Federal

Home

Loan

Mortgage

Corp.,

Series

5217,

Class

CD

2.500%,

7/25/49 

1,591,495

1,485

Federal

Home

Loan

Mortgage

Corp.,

Series

5220,

Class

QK

3.500%,

9/25/50 

3,202,086

3,062

Federal

Home

Loan

Mortgage

Corp.,

Series

5228,

Class

TN

3.500%,

7/25/39 

1,320,437

1,269

Federal

Home

Loan

Mortgage

Corp.,

Series

5335,

Class

FB

5.118%,

(US

30

Day

Average

SOFR

plus

0.815%),

10/15/39 

2,936,263

2,942

Federal

Home

Loan

Mortgage

Corp.,

Series

5338,

Class

FH

4.718%,

(US

30

Day

Average

SOFR

plus

0.415%),

4/15/45 

2,720,217

2,666

Federal

Home

Loan

Mortgage

Corp.,

Series

5396,

Class

HF

5.255%,

(US

30

Day

Average

SOFR

plus

0.950%),

4/25/54 

4,038,203

4,060

Federal

Home

Loan

Mortgage

Corp.,

Series

5399,

Class

FB

5.205%,

(US

30

Day

Average

SOFR

plus

0.900%),

4/25/54 

2,348,840

2,343

Federal

Home

Loan

Mortgage

Corp.,

Series

5410,

Class

JY

3.000%,

3/15/44 

1,782,000

1,542

Federal

Home

Loan

Mortgage

Corp.,

Series

5451,

Class

FD

4.818%,

(US

30

Day

Average

SOFR

plus

0.515%),

1/15/44 

1,304,863

1,287

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

90

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

Home

Loan

Mortgage

Corp.,

Series

5452,

Class

KY

3.000%,

3/15/44 

1,863,000

1,599

Federal

Home

Loan

Mortgage

Corp.,

Series

5529,

Class

HA

3.000%,

3/15/43 

1,062,429

1,012

Federal

National

Mortgage

Association

2.000%,

10/1/30 

793,330

759

2.000%,

12/1/30 

925,483

885

2.000%,

2/1/31 

4,466,494

4,265

2.000%,

3/1/31 

1,752,732

1,674

2.000%,

6/1/40 

1,704,609

1,479

2.000%,

7/1/40 

5,695,749

4,938

2.000%,

8/1/40 

10,746,082

9,311

2.000%,

9/1/40 

6,422,518

5,613

2.000%,

10/1/40 

9,164,053

8,007

2.000%,

11/1/40 

5,790,716

5,057

2.000%,

12/1/40 

11,302,112

9,745

2.000%,

4/1/41 

1,033,678

891

2.000%,

10/1/41 

3,717,915

3,207

2.000%,

11/1/41 

1,189,751

1,026

2.000%,

4/1/42 

1,953,169

1,683

2.000%,

5/1/42 

2,787,554

2,377

2.000%,

8/1/42 

2,022,148

1,744

2.000%,

11/1/42 

994,624

858

2.000%,

4/1/46 

6,247,005

5,115

2.000%,

1/1/47 

1,179,991

960

2.000%,

3/1/47 

8,253,301

6,699

2.500%,

5/1/37 

1,928,656

1,811

2.500%,

12/1/40 

3,494,423

3,140

2.500%,

5/1/41 

3,698,520

3,309

2.500%,

8/1/41 

1,795,328

1,606

2.500%,

2/1/42 

2,033,282

1,824

2.500%,

4/1/42 

1,017,604

895

2.500%,

5/1/42 

2,804,830

2,485

2.500%,

6/1/42 

2,438,431

2,171

2.500%,

11/1/42 

1,246,027

1,102

2.500%,

12/1/47 

4,971,077

4,476

2.500%,

10/1/50 

3,333,488

2,814

2.500%,

11/1/50 

1,233,982

1,040

2.500%,

6/1/51 

2,909,812

2,445

2.500%,

3/1/52 

8,832,494

7,425

2.755%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

plus

1.606%),

6/1/50 

1,112,993

1,069

3.000%,

5/1/40 

3,483,694

3,252

3.000%,

8/1/42 

1,169,002

1,057

3.000%,

11/1/42 

1,779,079

1,609

3.000%,

1/1/43 

1,558,932

1,466

3.000%,

2/1/43 

10,560,689

9,356

3.000%,

7/1/43 

1,455,166

1,314

3.000%,

8/1/43 

1,993,539

1,800

3.000%,

9/1/43 

1,562,017

1,413

3.000%,

12/1/43 

1,886,745

1,703

3.000%,

1/1/44 

2,171,951

1,986

3.000%,

2/1/44 

1,892,409

1,709

3.000%,

2/1/45 

3,100,552

2,802

3.000%,

3/1/45 

4,565,615

4,081

3.000%,

10/1/46 

7,690,722

6,880

3.000%,

11/1/46 

5,423,518

4,813

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

3.000%,

12/1/46 

7,864,835

6,976

3.000%,

2/1/47 

18,113,487

16,360

3.000%,

9/1/47 

889,804

791

3.000%,

1/1/48 

2,005,809

1,811

3.000%,

2/1/48 

1,328,573

1,187

3.000%,

4/1/48 

7,663,239

6,921

3.000%,

8/1/48 

3,190,969

2,860

3.000%,

12/1/48 

3,084,703

2,732

3.000%,

1/1/49 

3,400,204

3,044

3.000%,

10/1/49 

23,427,746

21,163

3.000%,

2/1/50 

32,985,861

29,360

3.000%,

5/1/50 

6,533,874

5,812

3.000%,

7/1/50 

12,812,241

11,327

3.000%,

4/1/52 

7,084,819

6,236

3.000%,

7/1/52 

1,322,372

1,173

3.000%,

10/1/52 

8,981,553

7,851

3.000%,

2/1/55 

1,031,793

902

3.000%,

7/1/60 

12,949,022

11,242

3.500%,

6/1/42 

1,214,946

1,143

3.500%,

1/1/44 

688,115

646

3.928%,

(US

30

Day

Average

SOFR

plus

2.120%),

8/1/52 

681,975

661

4.000%,

3/1/35 

1,703,383

1,694

4.000%,

10/1/37 

511,491

509

4.000%,

9/1/45 

332,093

318

4.000%,

1/1/46 

1,823,762

1,745

4.000%,

3/1/47 

727,830

695

4.000%,

4/1/47 

181,636

173

4.000%,

10/1/47 

203,331

194

4.000%,

7/1/48 

5,970,106

5,673

4.000%,

12/1/48 

944,381

900

4.072%,

(US

30

Day

Average

SOFR

plus

2.120%),

7/1/52 

2,329,946

2,272

4.102%,

(US

30

Day

Average

SOFR

plus

2.120%),

9/1/52 

2,199,508

2,182

4.125%,

(US

30

Day

Average

SOFR

plus

2.133%),

10/1/52 

5,458,574

5,415

4.146%,

(US

30

Day

Average

SOFR

plus

2.129%),

11/1/52 

1,840,390

1,825

4.350%,

(US

30

Day

Average

SOFR

plus

2.162%),

1/1/55 

2,341,628

2,338

4.366%,

(US

30

Day

Average

SOFR

plus

2.125%),

7/1/52 

2,894,175

2,875

4.500%,

3/1/43 

983,905

979

4.500%,

10/1/45 

1,550,709

1,518

4.500%,

2/1/46 

63,541

62

4.500%,

7/1/48 

1,544,987

1,517

4.500%,

11/1/48 

672,916

660

4.535%,

(US

30

Day

Average

SOFR

plus

2.330%),

4/1/53 

8,119,793

8,024

4.557%,

(US

30

Day

Average

SOFR

plus

2.300%),

12/1/54 

2,089,997

2,077

4.608%,

(US

30

Day

Average

SOFR

plus

2.123%),

8/1/52 

2,432,777

2,415

4.610%,

(US

30

Day

Average

SOFR

plus

2.126%),

8/1/52 

3,157,099

3,156

4.644%,

(US

30

Day

Average

SOFR

plus

2.128%),

8/1/52 

1,795,562

1,797

4.671%,

(US

30

Day

Average

SOFR

plus

2.296%),

4/1/53 

9,865,619

9,930

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

91

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

4.941%,

(US

30

Day

Average

SOFR

plus

2.161%),

4/1/55 

1,895,223

1,909

4.968%,

(US

30

Day

Average

SOFR

plus

2.310%),

5/1/55 

2,299,379

2,313

5.371%,

(US

30

Day

Average

SOFR

plus

2.060%),

5/1/55 

2,497,855

2,526

5.500%,

2/1/54 

31,162,554

31,196

5.500%,

10/1/54 

2,756,715

2,799

5.500%,

11/1/54 

3,955,445

4,016

5.500%,

12/1/54 

3,732,611

3,790

5.500%,

1/1/55 

5,378,396

5,460

5.500%,

5/1/55 

5,571,918

5,601

6.000%,

12/1/53 

1,360,244

1,400

6.000%,

6/1/54 

2,098,573

2,174

6.000%,

7/1/54 

2,311,550

2,397

6.000%,

9/1/54 

5,548,625

5,742

6.000%,

10/1/54 

1,021,861

1,060

6.000%,

1/1/55 

9,329,889

9,647

6.000%,

4/1/55 

16,178,921

16,495

6.000%,

5/1/55 

10,051,313

10,274

6.011%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

1

Year

plus

1.604%),

3/1/50 

2,122,428

2,203

6.500%,

12/1/53 

1,444,409

1,528

6.500%,

9/1/54 

2,400,834

2,529

6.500%,

10/1/54 

2,166,350

2,283

Federal

National

Mortgage

Association

Stripped,

Series

2012-414,

Class

A35

3.500%,

10/25/42 

1,834,001

1,731

Federal

National

Mortgage

Association,

Series

2010-107,

Class

FB

4.830%,

(US

30

Day

Average

SOFR

plus

0.525%),

9/25/40 

638,873

632

Federal

National

Mortgage

Association,

Series

2011-111,

Class

DB

4.000%,

11/25/41 

1,345,219

1,303

Federal

National

Mortgage

Association,

Series

2011-117,

Class

AF

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

11/25/41 

571,146

565

Federal

National

Mortgage

Association,

Series

2011-117,

Class

FA

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

11/25/41 

1,318,332

1,304

Federal

National

Mortgage

Association,

Series

2011-127,

Class

FC

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

12/25/41 

608,773

601

Federal

National

Mortgage

Association,

Series

2011-142,

Class

EF

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

1/25/42 

679,191

673

Federal

National

Mortgage

Association,

Series

2011-55,

Class

FH

4.860%,

(US

30

Day

Average

SOFR

plus

0.555%),

6/25/41 

471,680

467

Federal

National

Mortgage

Association,

Series

2012-106,

Class

FA

4.760%,

(US

30

Day

Average

SOFR

plus

0.455%),

10/25/42 

548,167

541

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2012-12,

Class

FA

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

2/25/42 

604,343

598

Federal

National

Mortgage

Association,

Series

2012-133,

Class

JF

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

12/25/42 

1,102,021

1,082

Federal

National

Mortgage

Association,

Series

2012-151,

Class

NX

1.500%,

1/25/43 

753,555

647

Federal

National

Mortgage

Association,

Series

2012-47,

Class

JF

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

5/25/42 

812,161

804

Federal

National

Mortgage

Association,

Series

2013-11,

Class

AP

1.500%,

1/25/43 

2,096,093

1,934

Federal

National

Mortgage

Association,

Series

2013-15,

Class

FA

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

3/25/43 

1,328,818

1,305

Federal

National

Mortgage

Association,

Series

2013-43,

Class

BP

1.750%,

5/25/43 

916,439

790

Federal

National

Mortgage

Association,

Series

2013-49,

Class

AP

1.750%,

5/25/43 

722,102

611

Federal

National

Mortgage

Association,

Series

2014-25,

Class

EL

3.000%,

5/25/44 

1,283,603

1,187

Federal

National

Mortgage

Association,

Series

2014-74,

Class

FC

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/44 

669,539

659

Federal

National

Mortgage

Association,

Series

2015-26,

Class

GF

4.720%,

(US

30

Day

Average

SOFR

plus

0.415%),

5/25/45 

1,934,156

1,896

Federal

National

Mortgage

Association,

Series

2015-32,

Class

FA

4.720%,

(US

30

Day

Average

SOFR

plus

0.415%),

5/25/45 

1,209,072

1,181

Federal

National

Mortgage

Association,

Series

2015-48,

Class

FB

4.720%,

(US

30

Day

Average

SOFR

plus

0.415%),

7/25/45 

1,455,779

1,422

Federal

National

Mortgage

Association,

Series

2015-72,

Class

GL

3.000%,

10/25/45 

888,000

770

Federal

National

Mortgage

Association,

Series

2015-8,

Class

AP

2.000%,

3/25/45 

2,252,087

2,024

Federal

National

Mortgage

Association,

Series

2015-84,

Class

PA

1.700%,

8/25/33 

1,513,908

1,422

Federal

National

Mortgage

Association,

Series

2016-11,

Class

CF

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

3/25/46 

637,339

629

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

92

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2016-11,

Class

FG

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

3/25/46 

856,062

845

Federal

National

Mortgage

Association,

Series

2016-19,

Class

FD

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

4/25/46 

3,809,166

3,775

Federal

National

Mortgage

Association,

Series

2016-22,

Class

FA

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

4/25/46 

1,639,973

1,621

Federal

National

Mortgage

Association,

Series

2016-22,

Class

FG

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

4/25/46 

1,436,690

1,420

Federal

National

Mortgage

Association,

Series

2016-48,

Class

MA

2.000%,

6/25/38 

2,657,332

2,484

Federal

National

Mortgage

Association,

Series

2016-57,

Class

PC

1.750%,

6/25/46 

6,109,667

5,215

Federal

National

Mortgage

Association,

Series

2016-61,

Class

BF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

9/25/46 

386,256

384

Federal

National

Mortgage

Association,

Series

2016-64,

Class

BC

1.750%,

9/25/46 

1,524,533

1,425

Federal

National

Mortgage

Association,

Series

2016-69,

Class

BF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

10/25/46 

1,317,242

1,304

Federal

National

Mortgage

Association,

Series

2016-75,

Class

FE

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

10/25/46 

1,017,924

1,009

Federal

National

Mortgage

Association,

Series

2016-78,

Class

FA

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/44 

659,473

651

Federal

National

Mortgage

Association,

Series

2016-79,

Class

FH

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/46 

1,011,058

1,002

Federal

National

Mortgage

Association,

Series

2016-82,

Class

FE

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/46 

2,251,544

2,231

Federal

National

Mortgage

Association,

Series

2016-82,

Class

FH

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/46 

2,072,720

2,050

Federal

National

Mortgage

Association,

Series

2016-84,

Class

FB

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/46 

989,297

978

Federal

National

Mortgage

Association,

Series

2016-86,

Class

FE

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

11/25/46 

2,580,402

2,551

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2016-88,

Class

CF

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

12/25/46 

1,743,214

1,727

Federal

National

Mortgage

Association,

Series

2016-91,

Class

AF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

12/25/46 

924,009

917

Federal

National

Mortgage

Association,

Series

2017-11,

Class

FA

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/47 

414,026

411

Federal

National

Mortgage

Association,

Series

2017-113,

Class

FB

4.670%,

(US

30

Day

Average

SOFR

plus

0.365%),

1/25/48 

409,181

404

Federal

National

Mortgage

Association,

Series

2017-12,

Class

FD

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/47 

1,011,631

1,002

Federal

National

Mortgage

Association,

Series

2017-13,

Class

PA

3.000%,

8/25/46 

976,953

911

Federal

National

Mortgage

Association,

Series

2017-23,

Class

FA

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

4/25/47 

1,148,202

1,136

Federal

National

Mortgage

Association,

Series

2017-24,

Class

PG

2.625%,

4/25/47 

3,834,363

3,355

Federal

National

Mortgage

Association,

Series

2017-26,

Class

FA

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

4/25/47 

2,655,819

2,629

Federal

National

Mortgage

Association,

Series

2017-35,

Class

MC

2.625%,

12/25/44 

831,769

805

Federal

National

Mortgage

Association,

Series

2017-82,

Class

FE

4.670%,

(US

30

Day

Average

SOFR

plus

0.365%),

10/25/47 

941,563

939

Federal

National

Mortgage

Association,

Series

2017-9,

Class

BF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/47 

1,207,507

1,196

Federal

National

Mortgage

Association,

Series

2017-9,

Class

DF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/47 

882,973

875

Federal

National

Mortgage

Association,

Series

2017-9,

Class

EF

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

3/25/47 

452,544

449

Federal

National

Mortgage

Association,

Series

2017-96,

Class

FB

4.720%,

(US

30

Day

Average

SOFR

plus

0.415%),

12/25/47 

1,566,863

1,543

Federal

National

Mortgage

Association,

Series

2018-1,

Class

FA

4.670%,

(US

30

Day

Average

SOFR

plus

0.365%),

2/25/48 

512,489

505

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

93

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2018-14,

Class

KC

3.000%,

3/25/48 

1,758,496

1,680

Federal

National

Mortgage

Association,

Series

2018-36,

Class

FD

4.670%,

(US

30

Day

Average

SOFR

plus

0.365%),

6/25/48 

2,158,154

2,131

Federal

National

Mortgage

Association,

Series

2018-38,

Class

MA

3.300%,

6/25/48 

1,844,951

1,756

Federal

National

Mortgage

Association,

Series

2018-45,

Class

TM

3.000%,

6/25/48 

1,480,036

1,341

Federal

National

Mortgage

Association,

Series

2018-55,

Class

GA

3.375%,

8/25/48 

1,412,620

1,344

Federal

National

Mortgage

Association,

Series

2018-64,

Class

A

3.000%,

9/25/48 

1,301,195

1,141

Federal

National

Mortgage

Association,

Series

2018-85,

Class

EA

3.500%,

12/25/48 

1,013,144

984

Federal

National

Mortgage

Association,

Series

2018-86,

Class

AF

4.720%,

(US

30

Day

Average

SOFR

plus

0.415%),

12/25/48 

329,710

327

Federal

National

Mortgage

Association,

Series

2019-13,

Class

PE

3.000%,

3/25/49 

883,620

800

Federal

National

Mortgage

Association,

Series

2019-15,

Class

FA

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

4/25/49 

740,620

721

Federal

National

Mortgage

Association,

Series

2019-25,

Class

PA

3.000%,

5/25/48 

1,910,890

1,787

Federal

National

Mortgage

Association,

Series

2019-41,

Class

FG

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

8/25/59 

1,836,044

1,793

Federal

National

Mortgage

Association,

Series

2019-43,

Class

FC

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

8/25/49 

1,421,519

1,397

Federal

National

Mortgage

Association,

Series

2019-67,

Class

FB

4.870%,

(US

30

Day

Average

SOFR

plus

0.565%),

11/25/49 

784,737

771

Federal

National

Mortgage

Association,

Series

2019-81,

Class

LH

3.000%,

12/25/49 

1,048,191

942

Federal

National

Mortgage

Association,

Series

2020-45,

Class

JL

3.000%,

7/25/40 

2,479,719

2,284

Federal

National

Mortgage

Association,

Series

2020-48,

Class

AB

2.000%,

7/25/50 

1,096,065

944

Federal

National

Mortgage

Association,

Series

2020-59,

Class

NC

3.000%,

8/25/40 

1,592,591

1,466

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2021-27,

Class

EC

1.500%,

5/25/51 

4,755,823

3,837

Federal

National

Mortgage

Association,

Series

2021-40,

Class

DW

2.000%,

6/25/41 

356,082

314

Federal

National

Mortgage

Association,

Series

2021-42,

Class

AC

2.000%,

2/25/51 

1,441,433

1,255

Federal

National

Mortgage

Association,

Series

2021-78,

Class

ND

1.500%,

11/25/51 

2,642,731

2,168

Federal

National

Mortgage

Association,

Series

2021-84,

Class

MA

2.000%,

10/25/51 

1,504,831

1,240

Federal

National

Mortgage

Association,

Series

2021-91,

Class

AB

2.500%,

9/25/49 

1,785,581

1,586

Federal

National

Mortgage

Association,

Series

2021-95,

Class

CP

1.500%,

8/25/51 

845,418

715

Federal

National

Mortgage

Association,

Series

2022-3,

Class

N

2.000%,

10/25/47 

5,062,177

4,498

Federal

National

Mortgage

Association,

Series

2022-62,

Class

KA

3.250%,

9/25/52 

1,082,735

1,022

Federal

National

Mortgage

Association,

Series

2022-89,

Class

AY

3.000%,

2/25/48 

2,263,000

1,954

Federal

National

Mortgage

Association,

Series

2023-14,

Class

EJ

2.750%,

4/25/49 

1,724,990

1,601

Federal

National

Mortgage

Association,

Series

2023-37,

Class

FH

4.820%,

(US

30

Day

Average

SOFR

plus

0.515%),

1/25/50 

2,964,558

2,918

Federal

National

Mortgage

Association,

Series

2023-38,

Class

FC

4.970%,

(US

30

Day

Average

SOFR

plus

0.665%),

6/25/40 

2,270,897

2,259

Federal

National

Mortgage

Association,

Series

2023-38,

Class

FD

5.186%,

(US

30

Day

Average

SOFR

plus

0.865%),

(AFC),

10/25/39 

711,811

706

Federal

National

Mortgage

Association,

Series

2024-64,

Class

KY

3.000%,

12/25/43 

1,086,000

917

Government

National

Mortgage

Association

2.500%,

12/20/37 

1,981,826

1,830

2.500%,

6/20/38 

3,727,332

3,436

2.500%,

7/20/50 

10,576,749

8,807

3.000%,

6/20/43 

1,956,352

1,742

3.000%,

8/20/43 

599,102

533

3.000%,

11/15/47 

5,645,461

5,122

3.000%,

10/20/50 

4,816,932

4,280

4.000%,

8/20/52 

23,296,101

21,767

4.000%,

11/20/54 

4,172,345

3,881

4.500%,

2/20/49 

1,216,606

1,176

6.000%,

1/20/53 

7,545,900

7,767

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

94

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Government

National

Mortgage

Association

TBA

5.500%,

7/20/53 

27,000,000

27,035

Government

National

Mortgage

Association,

Series

2010-163,

Class

NC

4.000%,

12/20/40 

1,435,053

1,428

Government

National

Mortgage

Association,

Series

2013-152,

Class

HA

2.500%,

6/20/43 

1,609,024

1,490

Government

National

Mortgage

Association,

Series

2014-133,

Class

BP

2.250%,

9/20/44 

1,218,279

1,096

Government

National

Mortgage

Association,

Series

2014-149,

Class

KP

2.250%,

7/16/44 

1,049,991

964

Government

National

Mortgage

Association,

Series

2014-181,

Class

L

3.000%,

12/20/44 

1,138,126

1,033

Government

National

Mortgage

Association,

Series

2015-144,

Class

CA

2.500%,

10/20/45 

1,735,195

1,535

Government

National

Mortgage

Association,

Series

2016-136,

Class

A

3.000%,

7/20/44 

1,008,403

912

Government

National

Mortgage

Association,

Series

2016-93,

Class

AB

1.750%,

7/20/44 

2,170,296

1,793

Government

National

Mortgage

Association,

Series

2016-99,

Class

TL

2.000%,

4/16/44 

2,749,164

2,280

Government

National

Mortgage

Association,

Series

2017-139,

Class

GA

3.000%,

9/20/47 

3,931,659

3,566

Government

National

Mortgage

Association,

Series

2017-167,

Class

BQ

2.500%,

8/20/44 

945,703

890

Government

National

Mortgage

Association,

Series

2018-65,

Class

DC

3.500%,

5/20/48 

1,482,000

1,371

Government

National

Mortgage

Association,

Series

2021-105,

Class

P

1.750%,

6/20/51 

5,257,138

4,255

Government

National

Mortgage

Association,

Series

2021-107,

Class

DB

1.750%,

4/20/51 

4,921,467

3,987

Government

National

Mortgage

Association,

Series

2021-135,

Class

A

2.000%,

8/20/51 

1,216,460

980

Government

National

Mortgage

Association,

Series

2021-160,

Class

NE

2.000%,

9/20/51 

9,409,266

7,988

Government

National

Mortgage

Association,

Series

2021-215,

Class

GA

2.000%,

12/20/51 

8,179,127

7,109

Government

National

Mortgage

Association,

Series

2021-225,

Class

YC

2.000%,

12/20/51 

961,709

804

Government

National

Mortgage

Association,

Series

2021-24,

Class

BC

1.250%,

2/20/51 

1,731,639

1,338

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Government

National

Mortgage

Association,

Series

2021-27,

Class

BD

5.000%,

2/20/51 

1,476,456

1,467

Government

National

Mortgage

Association,

Series

2021-27,

Class

CW

5.000%,

2/20/51 

1,991,457

1,979

Government

National

Mortgage

Association,

Series

2021-27,

Class

NT

5.000%,

2/20/51 

1,546,110

1,520

Government

National

Mortgage

Association,

Series

2021-27,

Class

Q

5.000%,

2/20/51 

1,381,003

1,372

Government

National

Mortgage

Association,

Series

2021-8,

Class

CY

5.000%,

1/20/51 

1,367,543

1,358

Government

National

Mortgage

Association,

Series

2021-89,

Class

LK

2.000%,

5/20/51 

2,925,616

2,505

Government

National

Mortgage

Association,

Series

2022-107,

Class

C

2.500%,

6/20/51 

6,353,532

5,245

Government

National

Mortgage

Association,

Series

2022-138,

Class

PT

2.500%,

10/20/51 

7,723,768

6,413

Government

National

Mortgage

Association,

Series

2022-153,

Class

KA

4.000%,

12/20/49 

1,606,844

1,581

Government

National

Mortgage

Association,

Series

2022-197,

Class

LF

5.002%,

(US

30

Day

Average

SOFR

plus

0.700%),

11/20/52 

6,117,511

6,049

Government

National

Mortgage

Association,

Series

2022-205,

Class

A

2.000%,

9/20/51 

2,363,068

1,908

Government

National

Mortgage

Association,

Series

2022-24,

Class

AH

2.500%,

2/20/52 

524,997

447

Government

National

Mortgage

Association,

Series

2022-31,

Class

GH

2.500%,

12/20/49 

3,922,152

3,536

Government

National

Mortgage

Association,

Series

2022-34,

Class

DN

3.500%,

9/20/41 

3,144,245

2,958

Government

National

Mortgage

Association,

Series

2022-46,

Class

LY

3.000%,

3/20/52 

716,000

590

Government

National

Mortgage

Association,

Series

2022-5,

Class

BA

2.000%,

10/20/49 

7,690,459

6,495

Government

National

Mortgage

Association,

Series

2022-50,

Class

CA

3.000%,

3/20/52 

5,614,986

5,015

Government

National

Mortgage

Association,

Series

2022-66,

Class

CG

3.500%,

4/20/52 

3,455,642

3,293

Government

National

Mortgage

Association,

Series

2022-78,

Class

HW

2.500%,

4/20/52 

1,247,000

968

Government

National

Mortgage

Association,

Series

2022-84,

Class

A

2.500%,

1/20/52 

11,988,391

10,075

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

95

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Government

National

Mortgage

Association,

Series

2022-9,

Class

GA

2.000%,

1/20/52 

1,424,747

1,172

Government

National

Mortgage

Association,

Series

2023-196,

Class

E

3.000%,

9/20/48 

1,954,761

1,858

Government

National

Mortgage

Association,

Series

2023-81,

Class

YJ

3.500%,

6/20/53 

7,319,000

6,273

Government

National

Mortgage

Association,

Series

2024-110,

Class

JC

3.000%,

9/20/47 

9,598,948

9,053

Government

National

Mortgage

Association,

Series

2024-110,

Class

JL

3.000%,

10/20/49 

1,918,000

1,634

Government

National

Mortgage

Association,

Series

2024-184,

Class

GC

3.500%,

10/20/51 

7,779,301

7,431

Government

National

Mortgage

Association,

Series

2024-45,

Class

BD

2.000%,

3/20/54 

1,281,147

1,175

Government

National

Mortgage

Association,

Series

2025-1,

Class

GC

3.500%,

10/20/51 

24,373,724

23,313

Government

National

Mortgage

Association,

Series

2025-7,

Class

EL

2.500%,

1/20/55 

828,000

590

GS

Mortgage

Securities

Trust,

Series

2020-

GSA2,

Class

A4

1.721%,

12/12/53 

3,499,000

3,107

Impact

Funding

Affordable

Multifamily

Housing

Mortgage

Loan

Trust,

Series

2010-1,

Class A1

144A

144A

5.314%,

1/25/51 144A 

66,708

66

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP4,

Class

A3

3.392%,

12/15/49 

490,000

483

MFRA

Trust,

Series

2021-NQM2,

Class

A1

144A

144A

1.029%,

(AFC),

11/25/64 144A 

660,606

582

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2025-5C1,

Class

A3

5.635%,

3/15/58 

638,000

663

Morgan

Stanley

Capital

I

Trust,

Series

2020-

HR8,

Class

A3

1.790%,

7/15/53 

1,279,466

1,120

New

Residential

Mortgage

Loan

Trust,

Series

2019-NQM4,

Class

A1

144A

144A

2.492%,

(AFC),

9/25/59 144A 

261,382

249

Starwood

Mortgage

Residential

Trust,

Series

2020-3,

Class

A1

144A

144A

1.486%,

(AFC),

4/25/65 144A 

356,088

343

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1

144A

144A

1.027%,

(AFC),

11/25/55 144A 

289,094

273

Structured

Products

(56.8%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Starwood

Mortgage

Residential

Trust,

Series

2021-1,

Class

A1

144A

144A

1.219%,

(AFC),

5/25/65 144A 

467,970

438

Starwood

Mortgage

Residential

Trust,

Series

2021-4,

Class

A1

144A

144A

1.162%,

(AFC),

8/25/56 144A 

1,527,945

1,337

SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A

144A

144A

5.755%,

(US

SOFR

1

Month

plus

1.443%),

3/15/42 144A 

2,307,000

2,290

Uniform

Mortgage

Backed

Security

TBA

5.500%,

7/15/54 

24,500,000

24,494

5.500%,

8/15/54 

10,200,000

10,190

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1

144A

144A

3.692%,

(AFC),

11/25/59 144A 

88,495

88

Verus

Securitization

Trust,

Series

2021-1,

Class

A1

144A

144A

0.815%,

(AFC),

1/25/66 144A 

657,136

586

Verus

Securitization

Trust,

Series

2021-2,

Class

A1

144A

144A

1.031%,

(AFC),

2/25/66 144A 

1,316,864

1,169

Verus

Securitization

Trust,

Series

2021-3,

Class

A1

144A

144A

1.046%,

(AFC),

6/25/66 144A 

1,171,305

1,028

Verus

Securitization

Trust,

Series

2021-4,

Class

A1

144A

144A

0.938%,

(AFC),

7/25/66 144A 

1,518,937

1,260

Verus

Securitization

Trust,

Series

2021-5,

Class

A1

144A

144A

1.013%,

(AFC),

9/25/66 144A 

1,693,542

1,456

Verus

Securitization

Trust,

Series

2021-7,

Class

A1

144A

144A

1.829%,

(AFC),

10/25/66 144A ∑

882,971

793

Verus

Securitization

Trust,

Series

2021-8,

Class

A1

144A

144A

1.824%,

(AFC),

11/25/66 144A 

1,579,763

1,443

Verus

Securitization

Trust,

Series

2021-R1,

Class

A1

144A

144A

0.820%,

(AFC),

10/25/63 144A 

353,879

342

Verus

Securitization

Trust,

Series

2021-R3,

Class

A1

144A

144A

1.020%,

(AFC),

5/25/64 144A 

565,148

536

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2025-C64,

Class

A5

5.645%,

2/15/58 

914,000

955

Total

1,329,216

Total

Structured

Products

(Cost: $1,609,671)

1,598,153

Total

Investments

(99.7%)

(Cost:

$2,830,824)

@

2,806,643

Other

Assets,

Less

Liabilities (0.3%)

9,557

Net

Assets

(100.0%)

2,816,200

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$246,497

representing

8.7%

of

the

net

assets.

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

96

α

Rate

shown

is

the

rate

as

of

the

period

end.

The

rate

may

be

based

on

a

fixed

rate,

a

capped

rate

or

a

floor

rate

and

may

convert

to

a

variable

or

floating

rate

in

the

future.

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$2,830,824

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$24,181

which

is

comprised

of

$26,652

aggregate

gross

unrealized

appreciation

and

$50,833

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Municipal

Bonds

$

—

$

3,935

$

—

Corporate

Bonds

—

718,890

—

Governments

—

485,665

—

Structured

Products

—

1,598,153

—

Total

Assets:

$

—

$

2,806,643

$

—

Schedule

of

Investments

June

30,

2025

(unaudited)

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

97

Corporate

Bonds

(

0

.2

%

)

Shares/

Par

+

Value

$

(000's)

Industrial

(

0

.2

%

)

Vessel

Management

Services,

Inc.

3.432%, 8/15/36

319,000‌

287

Total

287

Total

Corporate

Bonds

(Cost: $319)

287

Governments

(

124

.1

%

)

Governments

(

124

.1

%

)

Resolution

Funding

Corp.

Stripped

0.000%, 4/15/28

IO 

400,000‌

359

Tennessee

Valley

Authority

Stripped

0.000%, 5/1/30

PO 

500,000‌

415

US

Treasury

1.125%, 5/15/40

1,650,000‌

1,026

1.125%, 8/15/40

44,690,000‌

27,493

1.375%, 11/15/40

9,800,000‌

6,243

1.375%, 8/15/50

1,080,000‌

532

1.500%, 11/30/28

700,000‌

651

1.625%, 11/15/50

400,000‌

211

1.875%, 2/15/41

1,900,000‌

1,307

2.000%, 2/15/50

12,920,000‌

7,586

2.250%, 8/15/49

300,000‌

188

2.375%, 5/15/51

2,300,000‌

1,458

2.375%, 3/31/29

900,000‌

858

2.500%, 2/15/45

1,440,000‌

1,014

2.500%, 2/15/46

850,000‌

589

2.875%, 5/15/49

1,750,000‌

1,256

3.000%, 11/15/44

1,620,000‌

1,247

3.000%, 5/15/45

1,410,000‌

1,080

3.000%, 11/15/45

370,000‌

282

3.000%, 2/15/48

330,000‌

245

3.000%, 8/15/48

 β

1,500,000‌

1,109

3.000%, 2/15/49

10,470,000‌

7,714

3.000%, 8/15/52

4,500,000‌

3,248

3.125%, 2/15/43

600,000‌

483

3.125%, 8/15/44

1,620,000‌

1,277

3.125%, 5/15/48

2,430,000‌

1,844

3.250%, 6/30/29

400,000‌

393

3.375%, 8/15/42

9,500,000‌

7,974

3.375%, 11/15/48

1,600,000‌

1,266

3.625%, 3/31/30

200,000‌

199

3.625%, 2/15/53

2,900,000‌

2,367

3.625%, 5/15/53

1,400,000‌

1,142

3.750%, 5/31/30

200,000‌

200

3.750%, 6/30/30

400,000‌

399

3.875%, 2/15/43

300,000‌

269

3.875%, 5/15/43

3,100,000‌

2,769

4.000%, 2/28/30

200,000‌

202

4.000%, 11/15/42

2,800,000‌

2,554

4.000%, 11/15/52

15,830,000‌

13,844

4.125%, 8/31/30

200,000‌

203

4.125%, 8/15/44

1,600,000‌

1,466

4.125%, 11/15/27

100,000‌

101

4.375%, 11/30/30

600,000‌

616

4.375%, 5/15/41

16,080,000‌

15,583

4.375%, 8/15/43

1,600,000‌

1,525

Governments

(124.1%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

4.500%, 2/15/44

400,000‌

386

4.625%, 9/30/30

300,000‌

311

4.625%, 5/15/44

500,000‌

490

4.625%, 11/15/44

3,300,000‌

3,230

4.625%, 2/15/55

10,900,000‌

10,610

4.750%, 11/15/43

1,790,000‌

1,788

4.750%, 2/15/45

300,000‌

298

4.750%, 5/15/55

900,000‌

895

4.875%, 10/31/30

200,000‌

210

5.000%, 5/15/45

500,000‌

514

US

Treasury

Inflation

Index

Bond

0.125%, 1/15/32

925,712‌

839

0.625%, 7/15/32

1,766,384‌

1,648

1.125%, 1/15/33

2,304,973‌

2,202

1.250%, 4/15/28

1,925,352‌

1,922

1.750%, 1/15/34

2,400,625‌

2,380

2.375%, 10/15/28

628,344‌

652

US

Treasury

Stripped

0.000%, 8/15/34

IO 

850,000‌

573

0.000%, 5/15/41

IO 

40,000‌

18

0.000%, 8/15/41

IO 

50,000‌

23

0.000%, 11/15/41

IO 

80,000‌

36

0.000%, 5/15/42

IO 

70,000‌

30

0.000%, 8/15/42

IO 

220,000‌

94

0.000%, 11/15/42

IO 

50,000‌

21

Total

151,957

Total

Governments

(Cost: $170,657)

151,957

Structured

Products

(

20

.4

%

)

Asset

Backed

Securities

(

0

.3

%

)

ECMC

Group

Student

Loan

Trust,

Series

2018-1A,

Class

A

144A

144A

5.170%,

(US

30

Day

Average

SOFR

plus

0.865%),

2/27/68 144A 

38,080‌

38

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

A

144A

144A

2.330%,

6/26/28 144A 

300,000‌

288

Massachusetts

Educational

Financing

Authority,

Series

2008-1,

Class

A1

5.575%,

(US

90

Day

Average

SOFR

plus

1.212%),

4/25/38 

9,506‌

9

Total

335

Mortgage

Securities

(

20

.1

%

)

Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

A5

4.015%,

3/15/52 

600,000‌

584

Benchmark

Mortgage

Trust,

Series

2024-V6,

Class

A3

5.925%,

3/15/57 

200,000‌

209

COMM

Mortgage

Trust,

Series

2018-HOME,

Class

A

144A

144A

3.942%,

(CSTR,

AFC),

4/10/33 144A 

200,000‌

194

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

98

Structured

Products

(20.4%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Extended

Stay

America

Trust,

Series

2021-

ESH,

Class

A

144A

144A

5.506%,

(US

SOFR

1

Month

plus

1.195%),

7/15/38 144A 

343,091‌

343

Federal

Home

Loan

Mortgage

Corp.

4.500%,

5/1/54 

1,670,291‌

1,598

Federal

Home

Loan

Mortgage

Corp.,

Series

2752,

Class

EZ

5.500%,

2/15/34 

75,463‌

78

Federal

Home

Loan

Mortgage

Corp.,

Series

3759,

Class

FB

4.918%,

(US

30

Day

Average

SOFR

plus

0.615%),

11/15/40 

13,893‌

14

Federal

Home

Loan

Mortgage

Corp.,

Series

4092,

Class

AY

3.000%,

8/15/32 

2,200,000‌

2,118

Federal

Home

Loan

Mortgage

Corp.,

Series

4387,

Class

AZ

4.000%,

9/15/44 

1,895,815‌

1,841

Federal

Home

Loan

Mortgage

Corp.,

Series

4398,

Class

ZX

4.000%,

9/15/54 

918,633‌

828

Federal

Home

Loan

Mortgage

Corp.,

Series

4830,

Class

ZG

3.000%,

4/15/53 

621,775‌

506

Federal

Home

Loan

Mortgage

Corp.,

Series

T-61,

Class

1A1

5.799%,

(Federal

Reserve

US

12

Month

Cumulative

Avg

1

year

CMT

plus

1.400%),

7/25/44 

3,153‌

3

Federal

National

Mortgage

Association

3.600%,

2/1/40 

505,792‌

474

5.000%,

6/1/35 

14,926‌

15

5.000%,

2/1/36 

23,862‌

24

5.500%,

5/1/49 

19,171‌

20

6.500%,

5/1/54 

881,169‌

910

Federal

National

Mortgage

Association,

Series

2007-39,

Class

NZ

4.250%,

5/25/37 

20,521‌

20

Federal

National

Mortgage

Association,

Series

2012-101,

Class

FC

4.920%,

(US

30

Day

Average

SOFR

plus

0.615%),

9/25/42 

21,232‌

21

Structured

Products

(20.4%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Federal

National

Mortgage

Association,

Series

2016-61,

Class

ML

3.000%,

9/25/46 

900,000‌

754

Freddie

Mac

Military

Housing

Bonds

Resecuritization

Trust,

Series

2015-R1,

Class

A2

144A

144A

4.306%,

(CSTR),

10/25/52 144A 

543,702‌

449

Government

National

Mortgage

Association

TBA

4.000%,

7/15/54 

800,000‌

744

Government

National

Mortgage

Association,

Series

2010-26,

Class

OW

0.000%,

2/20/40

PO 

215,574‌

171

Government

National

Mortgage

Association,

Series

2010-75,

Class

OA

0.000%,

9/20/35

PO 

135,541‌

114

Hilton

USA

Trust,

Series

2016-HHV,

Class

A

144A

144A

3.719%,

11/5/38 144A 

600,000‌

590

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2003-A4,

Class

3A

7.000%,

(CSTR,

AFC),

5/25/33 

399‌

–π

New

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1

144A

144A

2.750%,

(AFC),

11/25/59 144A 

66,638‌

64

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2004-AR5,

Class

1A1

5.092%,

(US

SOFR

1

Month

plus

0.775%),

(AFC),

10/19/34 

948‌

1

Towd

Point

Mortgage

Trust,

Series

2020-1,

Class

A2A

144A

144A

3.100%,

(AFC),

1/25/60 144A 

200,000‌

182

Uniform

Mortgage

Backed

Security

TBA

4.000%,

8/15/54 

700,000‌

651

5.000%,

8/15/54 

1,300,000‌

1,273

6.000%,

7/15/54 

3,100,000‌

3,150

6.000%,

8/15/54 

3,700,000‌

3,756

6.500%,

8/15/54 

2,800,000‌

2,887

Total

24,586

Total

Structured

Products

(Cost: $25,625)

24,921

Total

Investments

(144.7%)

(Cost:

$196,600)

@

177,165

Other

Assets,

Less

Liabilities (-44.7%)

(54,746)

Net

Assets

(100.0%)

122,419

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

Five-Year

US

Treasury

Note

Future

Short

USD

10,100‌

101

9/25

$

11,009‌

$

(

100‌

)

$

(

13‌

)

Ten-Year

US

Treasury

Note

Future

Long

USD

6,800‌

68

9/25

7,625‌

130‌

21‌

Two-Year

US

Treasury

Note

Future

Short

USD

1,600‌

8

9/25

1,664‌

(

7‌

)

(

1‌

)

Ultra

Long

Term

US

Treasury

Bond

Future

Short

USD

400‌

4

9/25

477‌

(

7‌

)

(

5‌

)

Ultra

Ten-Year

US

Treasury

Note

Future

Short

USD

19,000‌

190

9/25

21,710‌

(

481‌

)

(

92‌

)

US

Treasury

Long

Bond

Future

Short

USD

7,400‌

74

9/25

8,545‌

(

375‌

)

(

74‌

)

$

(

840‌

)

$

(

164‌

)

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

99

Centrally

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Expiration

Date

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Variation

Margin(000's)

1-Day

USD-SOFR

Compounded-OIS

1.250%

6/41

3,110‌

USD

$

88‌

$

1,003‌

$

1,091‌

$

(

15‌

)

1-Day

USD-SOFR

Compounded-OIS

1.750%

10/53

500‌

USD

(

7‌

)

194‌

187‌

(

3‌

)

1-Day

USD-SOFR

Compounded-OIS

3.500%

12/54

2,800‌

USD

66‌

143‌

209‌

(

23‌

)

$

147‌

$

1,340‌

$

1,487‌

$

(

41‌

)

Centrally

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Expiration

Date

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Variation

Margin(000's)

1-Day

USD-SOFR

Compounded-OIS

1.000%

12/25

3,170‌

USD

$

7‌

$

(

57‌

)

$

(

50‌

)

$

1‌

1-Day

USD-SOFR

Compounded-OIS

1.600%

10/28

7,580‌

USD

7‌

(

431‌

)

(

424‌

)

10‌

$

14‌

$

(

488‌

)

$

(

474‌

)

$

11‌

Written

Options

Description

Currency

Notional

Par

(000's)

Exercise

Price

Expiration

Date

Number

of

Contracts

Value

(000's)

Call

-

Ten-Year

US

Treasury

Note

Future

USD

19‌

$

112.500‌

7/25

19‌

$

(

10‌

)

Put

-

Ten-Year

US

Treasury

Note

Future

USD

19‌

109.000‌

7/25

19‌

(

1‌

)

(Premiums

Received

$16)

$

(

11‌

)

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

11‌

$

21‌

$

32‌

$

(

41‌

)

$

(

185‌

)

$

(

226‌

)

$

(

11‌

)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$2,148

representing

1.8%

of

the

net

assets.

π

Amount

is

less

than

one

thousand.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$176,797

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$530

which

is

comprised

of

$3,232

aggregate

gross

unrealized

appreciation

and

$2,702

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.

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

100

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Corporate

Bonds

$

—‌

$

287‌

$

—‌

Governments

—‌

151,957‌

—‌

Structured

Products

—‌

24,921‌

—‌

Other

Financial

Instruments^

Futures

130‌

—‌

—‌

Interest

Rate

Swaps

—‌

1,487‌

—‌

Total

Assets:

$

130‌

$

178,652‌

$

—‌

Liabilities:

Other

Financial

Instruments^

Futures

(

970‌

)

—‌

—‌

Written

Options

(

11‌

)

—‌

—‌

Interest

Rate

Swaps

—‌

(

474‌

)

—‌

Total

Liabilities:

$

(

981‌

)

$

(

474‌

)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

101

Corporate

Bonds

(

9

.1

%

)

Shares/

Par

+

Value

$

(000's)

Communications

(

0

.1

%

)

Motorola

Solutions,

Inc.

4.850%, 8/15/30

595,000‌

601

Total

601

Consumer,

Cyclical

(

0

.1

%

)

Hyatt

Hotels

Corp.

5.750%, 3/30/32

410,000‌

421

Total

421

Consumer,

Non-cyclical

(

1

.4

%

)

AbbVie,

Inc.

2.950%, 11/21/26

800,000‌

787

Amgen,

Inc.

5.250%, 3/2/33

830,000‌

850

CVS

Health

Corp.

5.250%, 2/21/33

630,000‌

634

HCA,

Inc.

5.250%, 3/1/30

1,030,000‌

1,056

Mars,

Inc.

144‌A

144‌A

5.200%, 3/1/35

144A

1,442,000‌

1,459

Roche

Holdings,

Inc.

144‌A

144‌A

2.314%, 3/10/27

144A

1,270,000‌

1,236

Total

6,022

Financial

(

5

.2

%

)

American

Express

Co.

α

3.550%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

2.854%), 9/15/26

µ,α

855,000‌

835

American

International

Group,

Inc.

5.125%, 3/27/33

1,470,000‌

1,495

Athene

Global

Funding

144‌A

144‌A

4.860%, 8/27/26

144A

1,045,000‌

1,049

5.349%, 7/9/27

144A

791,000‌

803

Atlas

Warehouse

Lending

Co.

LP

144‌A

144‌A

6.250%, 1/15/30

144A

825,000‌

834

Bank

of

America

Corp.

α

5.468%,

(US

SOFR

plus

1.650%), 1/23/35

α

335,000‌

344

Capitol

One

Financial

Corp.

α

7.624%,

(US

SOFR

plus

3.070%), 10/30/31

α

1,285,000‌

1,452

The

Charles

Schwab

Corp.

4.000%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

3.168%), 6/1/26

µ,α

824,000‌

812

5.000%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

3.256%), 6/1/27

µ,α

850,000‌

847

Citigroup,

Inc.

α

5.827%,

(US

SOFR

plus

2.056%), 2/13/35

α

420,000‌

429

GA

Global

Funding

Trust

144‌A

144‌A

4.400%, 9/23/27

144A

1,070,000‌

1,068

The

Goldman

Sachs

Group,

Inc.

α

4.937%,

(US

SOFR

plus

1.319%), 4/23/28

α

569,000‌

573

Highwoods

Realty

LP

3.875%, 3/1/27

1,080,000‌

1,060

Corporate

Bonds

(9.1%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

JPMorgan

Chase

&

Co.

4.505%,

(US

SOFR

plus

0.860%), 10/22/28

α

433,000‌

434

4.995%,

(US

SOFR

plus

1.125%), 7/22/30

α

1,040,000‌

1,059

5.299%,

(US

SOFR

plus

1.450%), 7/24/29

α

465,000‌

477

6.087%,

(US

SOFR

plus

1.570%), 10/23/29

α

970,000‌

1,020

Ladder

Capital

Finance

LLLP

/

Ladder

Capital

Finance

Corp.

144‌A

144‌A

4.250%, 2/1/27

144A

1,245,000‌

1,227

M&T

Bank

Corp.

α

5.125%,

(US

SOFR

3

Month

plus

3.782%), 12/29/49

α

46,000‌

46

Morgan

Stanley

α

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

540,000‌

548

Truist

Financial

Corp.

α

6.123%,

(US

SOFR

plus

2.300%), 10/28/33

α

1,477,000‌

1,570

US

Bank

NA

α

4.507%,

(US

SOFR

plus

0.690%), 10/22/27

α

1,060,000‌

1,061

Wells

Fargo

&

Co.

3.900%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

3.453%), 3/15/26

µ,α

1,275,000‌

1,262

4.970%,

(US

SOFR

plus

1.370%), 4/23/29

α

815,000‌

826

5.389%,

(US

SOFR

plus

2.020%), 4/24/34

α

120,000‌

123

6.303%,

(US

SOFR

plus

1.790%), 10/23/29

α

170,000‌

180

Total

21,434

Industrial

(

0

.5

%

)

Caterpillar

Financial

Services

Corp.

3.650%, 8/12/25

1,970,000‌

1,968

Total

1,968

Technology

(

0

.9

%

)

Apple,

Inc.

4.200%, 5/12/30

1,039,000‌

1,044

Hewlett

Packard

Enterprise

Co.

4.400%, 9/25/27

627,000‌

628

Intel

Corp.

2.450%, 11/15/29

830,000‌

758

Synopsys,

Inc.

4.650%, 4/1/28

620,000‌

626

4.850%, 4/1/30

620,000‌

629

Total

3,685

Utilities

(

0

.9

%

)

Duke

Energy

Corp.

5.450%, 6/15/34

610,000‌

627

Evergy

Kansas

Central,

Inc.

4.700%, 3/13/28

1,040,000‌

1,052

Oncor

Electric

Delivery

Co.

LLC

4.300%, 5/15/28

1,620,000‌

1,627

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

102

Corporate

Bonds

(9.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

Trans-Allegheny

Interstate

Line

Co.

144‌A

144‌A

5.000%, 1/15/31

144A

236,000‌

240

Total

3,546

Total

Corporate

Bonds

(Cost: $37,370)

37,677

Governments

(

57

.7

%

)

Governments

(

57

.7

%

)

Federal

Home

Loan

Bank

5.500%, 7/15/36

1,000,000‌

1,090

Federal

Home

Loan

Mortgage

Corp.

6.250%, 7/15/32

1,845,000‌

2,092

Federal

National

Mortgage

Association

6.625%, 11/15/30

7,215,000‌

8,163

Tennessee

Valley

Authority

1.500%, 9/15/31

1,500,000‌

1,288

4.875%, 5/15/35

800,000‌

818

5.250%, 2/1/55

300,000‌

293

US

Treasury

Inflation

Index

Bond

0.125%, 1/15/30

 β

19,473,766‌

18,377

0.125%, 7/15/30

10,571,457‌

9,930

0.125%, 1/15/31

12,999,710‌

12,044

0.125%, 7/15/31

15,103,364‌

13,898

0.125%, 1/15/32

10,379,546‌

9,407

0.125%, 2/15/51

8,747,413‌

4,761

0.125%, 10/15/26

 β

3,016,769‌

2,982

0.250%, 2/15/50

6,886,973‌

3,997

0.250%, 7/15/29

3,761,970‌

3,613

0.500%, 1/15/28

2,730,819‌

2,680

0.625%, 7/15/32

10,432,706‌

9,731

0.625%, 2/15/43

8,133,776‌

6,043

0.750%, 2/15/42

7,644,277‌

5,934

0.750%, 2/15/45

17,871,408‌

13,042

0.875%, 2/15/47

5,913,160‌

4,282

0.875%, 1/15/29

10,416,706‌

10,255

1.000%, 2/15/46

5,211,899‌

3,948

1.000%, 2/15/48

3,642,128‌

2,677

1.000%, 2/15/49

3,631,649‌

2,634

1.125%, 1/15/33

3,036,661‌

2,902

1.250%, 4/15/28

9,089,815‌

9,073

1.375%, 7/15/33

24,977,948‌

24,256

1.375%, 2/15/44

10,845,323‌

9,103

1.500%, 2/15/53

2,805,608‌

2,221

1.625%, 10/15/29

764,558‌

774

1.750%, 1/15/34

4,069,650‌

4,034

1.875%, 7/15/34

17,071,408‌

17,084

2.125%, 1/15/35

914,760‌

930

2.125%, 2/15/41

3,692,584‌

3,614

2.375%, 10/15/28

261,810‌

272

2.500%, 1/15/29

3,458,610‌

3,598

3.625%, 4/15/28

2,974,785‌

3,163

3.875%, 4/15/29

3,902,380‌

4,260

Total

239,263

Total

Governments

(Cost: $269,695)

239,263

Municipal

Bonds

(

0

.4

%

)

Shares/

Par

+

Value

$

(000's)

Municipal

Bonds

(

0

.4

%

)

Golden

State

Tobacco

Securitization

Corp.

2.746%, 6/1/34 RB  

740,000‌

640

University

of

California

1.316%, 5/15/27 RB  

1,105,000‌

1,054

Total

Municipal

Bonds

(Cost: $1,792)

1,694

Structured

Products

(

24

.2

%

)

Asset

Backed

Securities

(

2

.0

%

)

Aligned

Data

Centers

Issuer

LLC,

Series

2021-1A,

Class 

B

144A

144A

2.482%,

8/15/46 144A 

1,100,000‌

1,056

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class A

144A

144A

2.443%,

7/15/46 144A 

664,000‌

623

Dryden

Senior

Loan

Fund,

Series

2016-43A,

Class B2R2

144A

144A

3.093%,

4/20/34 144A 

2,000,000‌

1,817

FirstKey

Homes

Trust,

Series

2020-SFR2,

Class

D

144A

144A

1.968%,

10/19/37 144A 

1,000,000‌

986

Goodgreen

Trust,

Series

2020-1A,

Class

A

144A

144A

2.630%,

4/15/55 144A 

477,850‌

401

Greenwood

Park

CLO,

Ltd.,

Series

2018-1A,

Class

A1

144A

144A

5.548%,

(US

SOFR

3

Month

plus

1.292%),

4/15/31 144A 

106,667‌

107

Hilton

Grand

Vacations

Trust,

Series

2019-AA,

Class

B

144A

144A

2.540%,

7/25/33 144A 

246,595‌

242

Palmer

Square

CLO,

Ltd.,

Series

2024-4A,

Class

A2

144A

144A

5.831%,

(US

SOFR

3

Month

plus

1.500%),

1/15/38 144A 

625,000‌

627

RCKT

Mortgage

Trust,

Series

2024-CES3,

Class

A1A

144A

144A

6.591%,

(AFC),

5/25/44 144A 

374,950‌

380

Sierra

Receivables

Funding

Co.

LLC,

Series

2021-A1,

Class

B

144A

144A

1.340%,

11/20/37 144A 

437,768‌

430

Subway

Funding

LLC,

Series

2024-1A,

Class A2II

144A

144A

6.268%,

7/30/54 144A 

551,230‌

565

Switch

ABS

Issuer,

LLC,

Series

2024-2A,

Class

A2

144A

144A

5.436%,

6/25/54 144A 

625,000‌

630

Towd

Point

Mortgage

Trust,

Series

2024-

CES3,

Class

A1

144A

144A

6.290%,

(AFC),

5/25/64 144A 

530,175‌

535

Total

8,399

Mortgage

Securities

(

22

.2

%

)

Agate

Bay

Mortgage

Trust,

Series

2015-7,

Class

A3

144A

144A

3.500%,

(AFC),

10/25/45 144A 

332,961‌

306

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A3

144A

144A

2.927%,

(AFC),

11/25/59 144A 

88,868‌

87

Arroyo

Mortgage

Trust,

Series

2021-1R,

Class A2

144A

144A

1.483%,

(CSTR,

AFC),

10/25/48 144A 

215,962‌

195

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

103

Structured

Products

(24.2%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Arroyo

Mortgage

Trust,

Series

2021-1R,

Class A3

144A

144A

1.637%,

(CSTR,

AFC),

10/25/48 144A 

166,125‌

150

BANK5

Trust,

Series

2024-5YR6,

Class

A3

6.225%,

5/15/57 

818,000‌

861

BANK5

Trust,

Series

2024-5YR7,

Class

A3

5.769%,

6/15/57 

1,520,000‌

1,580

BBCMS

Mortgage

Trust,

Series

2024-5C27,

Class

A3

6.014%,

7/15/57 

400,000‌

419

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A3

6.189%,

(AFC),

7/15/57 

1,412,000‌

1,489

BRAVO

Residential

Funding

Trust,

Series

2024-NQM4,

Class

A1B

144A

144A

4.350%,

(AFC),

1/25/60 144A ∑

1,137,501‌

1,115

Chase

Home

Lending

Mortgage

Trust,

Series

2024-10,

Class

A4

144A

144A

6.000%,

(AFC),

10/25/55 144A 

1,069,377‌

1,080

Chase

Home

Lending

Mortgage

Trust,

Series

2024-2,

Class

A4A

144A

144A

6.000%,

(AFC),

2/25/55 144A 

416,598‌

421

Chase

Home

Lending

Mortgage

Trust,

Series

2024-7,

Class

A4

144A

144A

6.000%,

(AFC),

6/25/55 144A 

1,784,235‌

1,801

Chase

Home

Lending

Mortgage

Trust,

Series

2024-9,

Class

A4

144A

144A

5.500%,

(AFC),

9/25/55 144A 

1,187,159‌

1,191

Chase

Home

Lending

Mortgage

Trust,

Series

2024-9,

Class

A6

144A

144A

5.500%,

(AFC),

9/25/55 144A 

488,208‌

488

Citigroup

Mortgage

Loan

Trust,

Series

2024-

CMI1,

Class

A11

144A

144A

5.500%,

(AFC),

6/25/54 144A 

1,632,783‌

1,635

Credit

Suisse

Mortgage

Trust,

Series

2015-

WIN1,

Class

A10

144A

144A

3.500%,

(AFC),

12/25/44 144A 

41,038‌

38

Credit

Suisse

Mortgage

Trust,

Series

2021-

NQM2,

Class

A3

144A

144A

1.538%,

(AFC),

2/25/66 144A 

245,164‌

221

Deephaven

Residential

Mortgage

Trust,

Series

2020-2,

Class

A3

144A

144A

2.856%,

5/25/65 144A 

147,294‌

147

Federal

Home

Loan

Mortgage

Corp.

2.500%,

11/1/50 

2,347,987‌

1,974

3.500%,

8/1/52 

1,815,897‌

1,638

4.000%,

11/1/52 

3,806,426‌

3,565

4.500%,

10/1/52 

2,850,774‌

2,732

4.500%,

4/1/53 

2,034,177‌

1,950

5.000%,

6/1/53 

2,461,015‌

2,418

5.500%,

10/1/54 

3,513,391‌

3,516

6.000%,

11/1/53 

3,662,691‌

3,736

Federal

National

Mortgage

Association

2.500%,

1/1/52 

7,045,241‌

5,909

4.000%,

9/1/52 

4,486,814‌

4,174

5.500%,

1/1/53 

3,394,439‌

3,404

GCAT

Trust,

Series

2024-INV3,

Class

A6

144A

144A

5.500%,

(AFC),

9/25/54 144A 

697,750‌

700

Government

National

Mortgage

Association

2.000%,

10/20/50 

2,469,137‌

2,011

3.000%,

9/20/51 

3,223,799‌

2,855

Structured

Products

(24.2%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

4.000%,

10/20/52 

4,199,600‌

3,933

5.000%,

8/20/53 

5,701,041‌

5,612

5.500%,

11/20/52 

1,898,630‌

1,919

5.500%,

12/20/52 

1,379,928‌

1,393

6.000%,

11/20/54 

3,938,405‌

3,999

Government

National

Mortgage

Association

TBA

4.000%,

7/15/54 

4,455,000‌

4,141

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-AON,

Class

A

144A

144A

4.128%,

7/5/31 144A 

2,020,000‌

1,853

JP

Morgan

Mortgage

Trust,

Series

2014-5,

Class

A1

144A

144A

2.622%,

(AFC),

10/25/29 144A 

114,008‌

112

JP

Morgan

Mortgage

Trust,

Series

2016-1,

Class

A7

144A

144A

3.500%,

5/25/46 144A 

515,802‌

471

JP

Morgan

Mortgage

Trust,

Series

2023-7,

Class

A4A

144A

144A

5.500%,

(AFC),

2/25/54 144A 

1,432,569‌

1,432

JP

Morgan

Mortgage

Trust,

Series

2024-10,

Class

A4

144A

144A

5.500%,

(AFC),

3/25/55 144A 

1,017,653‌

1,020

JP

Morgan

Mortgage

Trust,

Series

2024-10,

Class

A6

144A

144A

5.500%,

(AFC),

3/25/55 144A 

759,532‌

759

JP

Morgan

Mortgage

Trust,

Series

2024-11,

Class

A4

144A

144A

6.000%,

(AFC),

4/25/55 144A 

1,613,561‌

1,629

JP

Morgan

Mortgage

Trust,

Series

2024-11,

Class

A6

144A

144A

6.000%,

(AFC),

4/25/55 144A 

655,555‌

660

JP

Morgan

Mortgage

Trust,

Series

2024-5,

Class

A6

144A

144A

6.000%,

(AFC),

11/25/54 144A 

712,524‌

714

JP

Morgan

Mortgage

Trust,

Series

2024-6,

Class

A6

144A

144A

6.000%,

(AFC),

12/25/54 144A 

523,520‌

526

JP

Morgan

Mortgage

Trust,

Series

2024-9,

Class

A6

144A

144A

5.500%,

(AFC),

2/25/55 144A 

844,231‌

843

JP

Morgan

Mortgage

Trust,

Series

2024-INV1,

Class

A4

144A

144A

6.000%,

(AFC),

4/25/55 144A 

925,530‌

936

Provident

Funding

Mortgage

Trust,

Series

2024-1,

Class

A3

144A

144A

5.500%,

(AFC),

12/25/54 144A 

1,548,662‌

1,553

RATE

Mortgage

Trust,

Series

2024-J3,

Class A8

144A

144A

5.500%,

(AFC),

10/25/54 144A 

401,008‌

401

Sequoia

Mortgage

Trust,

Series

2017-7,

Class

 A7

144A

144A

3.500%,

(AFC),

10/25/47 144A 

906,070‌

821

Sequoia

Mortgage

Trust,

Series

2024-10,

Class

A11

144A

144A

5.500%,

(AFC),

11/25/54 144A 

757,370‌

757

Sequoia

Mortgage

Trust,

Series

2024-10,

Class

A5

144A

144A

5.500%,

(AFC),

11/25/54 144A 

629,990‌

631

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

104

Structured

Products

(24.2%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Sequoia

Mortgage

Trust,

Series

2024-6,

Class A11

144A

144A

6.000%,

(AFC),

7/27/54 144A 

367,098‌

369

Sequoia

Mortgage

Trust,

Series

2024-9,

Class A5

144A

144A

5.500%,

(AFC),

10/25/54 144A 

861,173‌

863

Starwood

Mortgage

Residential

Trust,

Series

2021-1,

Class

A1

144A

144A

1.219%,

(AFC),

5/25/65 144A 

472,838‌

442

Verus

Securitization

Trust,

Series

2021-1,

Class

A3

144A

144A

1.155%,

(AFC),

1/25/66 144A 

450,602‌

402

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3

144A

144A

2.496%,

(AFC),

4/25/65 144A 

180,721‌

174

Total

92,171

Total

Structured

Products

(Cost: $101,518)

100,570

144A

144A

144A

Short-Term

Investments

(

7

.4

%

)

Shares/

Par

+

Value

$

(000's)

Commercial

Paper

(

7

.4

%

)

HQLA

Funding

LLC

0.000%,

7/1/25

10,250,000‌

10,248

Mainbeach

Funding

DAC

0.000%,

7/1/25

10,250,000‌

10,249

Overwatch

Alpha

Funding

LLC

0.000%,

7/1/25

10,250,000‌

10,249

Total

30,746

Total

Short-Term

Investments

(Cost:

$30,750)

30,746

Total

Investments

(98.8%)

(Cost:

$441,125)

@

409,950

Other

Assets,

Less

Liabilities (1.2%)

5,070

Net

Assets

(100.0%)

415,020

Exchange

Traded

or

Centrally

Cleared

Derivatives

Total

Return

Swaps

-

Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Expiration

Date

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Variation

Margin(000's)

CPURNSA

2.243%

1/26

6,000‌

USD

$

–‌

$

780‌

$

780‌

$

1‌

CPURNSA

2.503%

8/26

7,000‌

USD

–‌

86‌

86‌

–‌

π

CPURNSA

2.073%

8/27

3,500‌

USD

–‌

523‌

523‌

1‌

CPURNSA

2.145%

11/27

5,000‌

USD

(

1‌

)

690‌

689‌

2‌

CPURNSA

2.415%

2/28

2,500‌

USD

–‌

46‌

46‌

–‌

π

CPURNSA

2.565%

4/28

1,500‌

USD

–‌

12‌

12‌

–‌

π

CPURNSA

2.370%

2/29

13,400‌

USD

–‌

160‌

160‌

3‌

CPURNSA

2.386%

8/29

12,000‌

USD

1‌

72‌

73‌

3‌

CPURNSA

1.800%

10/29

3,700‌

USD

–‌

628‌

628‌

2‌

CPURNSA

2.523%

11/29

2,200‌

USD

1‌

3‌

4‌

1‌

CPURNSA

1.884%

11/29

2,000‌

USD

–‌

323‌

323‌

1‌

CPURNSA

2.464%

12/29

3,000‌

USD

1‌

12‌

13‌

1‌

CPURNSA

2.438%

2/30

9,500‌

USD

–‌

141‌

141‌

2‌

CPURNSA

2.563%

2/30

8,200‌

USD

1‌

(

12‌

)

(

11‌

)

2‌

CPURNSA

1.291%

5/30

2,000‌

USD

–‌

441‌

441‌

1‌

CPURNSA

1.629%

6/30

2,000‌

USD

–‌

401‌

401‌

1‌

CPURNSA

2.663%

8/30

1,200‌

USD

–‌

(

5‌

)

(

5‌

)

–‌

π

CPURNSA

2.498%

9/31

7,000‌

USD

–‌

531‌

531‌

3‌

CPURNSA

2.619%

3/33

5,500‌

USD

–‌

(

7‌

)

(

7‌

)

(

2‌

)

CPURNSA

2.495%

5/33

3,500‌

USD

–‌

17‌

17‌

(

2‌

)

CPURNSA

2.650%

8/33

8,500‌

USD

1‌

(

84‌

)

(

83‌

)

(

3‌

)

CPURNSA

2.485%

2/34

3,400‌

USD

1‌

9‌

10‌

(

1‌

)

CPURNSA

2.420%

5/32

4,500‌

USD

1‌

3‌

4‌

(

1‌

)

$

6‌

$

4,770‌

$

4,776‌

$

15‌

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

24‌

$

–‌

$

24‌

$

(

9‌

)

$

–‌

$

(

9‌

)

$

–‌

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

105

Over

the

Counter

Derivatives

Total

Return

Swaps

Reference

Entity

Counterparty

Payment

made

by

the

Fund

Expiration

Date

Notional

Amount

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

CPURNSA

Bank

of

America

NA

2.140%

7/25

2,900

$

348‌

$

348‌

CPURNSA

Bank

of

America

NA

1.790%

8/25

1,500

234‌

234‌

CPURNSA

Bank

of

America

NA

2.240%

4/27

3,500

429‌

429‌

CPURNSA

Bank

of

America

NA

2.218%

4/27

2,000

250‌

250‌

CPURNSA

Bank

of

America

NA

2.235%

4/27

2,000

247‌

247‌

CPURNSA

Bank

of

America

NA

2.235%

5/27

5,000

619‌

619‌

CPURNSA

Barclays

Bank

PLC

2.895%

12/27

1,700

(

209‌

)

(

209‌

)

CPURNSA

Barclays

Bank

PLC

2.784%

7/44

1,400

(

87‌

)

(

87‌

)

CPURNSA

Goldman

Sachs

International

1.870%

5/26

8,500

1,487‌

1,487‌

CPURNSA

Goldman

Sachs

International

1.920%

5/26

7,000

1,178‌

1,178‌

CPURNSA

Goldman

Sachs

International

1.770%

6/26

6,000

1,107‌

1,107‌

CPURNSA

Goldman

Sachs

International

2.245%

11/26

3,000

383‌

383‌

CPURNSA

Goldman

Sachs

International

2.280%

11/26

3,000

371‌

371‌

CPURNSA

Goldman

Sachs

International

2.280%

11/26

4,000

494‌

494‌

$

6,851‌

$

6,851‌

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

—‌

$

7,147‌

$

7,147‌

—‌

—‌

$

(

296‌

)

$

(

296‌

)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$43,258

representing

10.4%

of

the

net

assets.

α

Rate

shown

is

the

rate

as

of

the

period

end.

The

rate

may

be

based

on

a

fixed

rate,

a

capped

rate

or

a

floor

rate

and

may

convert

to

a

variable

or

floating

rate

in

the

future.

µ

Perpetual

maturity,

date

shown,

if

applicable,

represents

next

contractual

call

date.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$441,131

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$19,554

which

is

comprised

of

$14,186

aggregate

gross

unrealized

appreciation

and

$33,740

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.

π

Amount

is

less

than

one

thousand.

Inflation

Protection

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

106

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Corporate

Bonds

$

—‌

$

37,677‌

$

—‌

Governments

—‌

239,263‌

—‌

Municipal

Bonds

—‌

1,694‌

—‌

Structured

Products

—‌

100,570‌

—‌

Short-Term

Investments

—‌

30,746‌

—‌

Other

Financial

Instruments^

Total

Return

Swaps

—‌

12,029‌

—‌

Total

Assets:

$

—‌

$

421,979‌

$

—‌

Liabilities:

Other

Financial

Instruments^

Total

Return

Swaps

—‌

(

402‌

)

—‌

Total

Liabilities:

$

—‌

$

(

402‌

)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Schedule

of

Investments

June

30,

2025

(unaudited)

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

107

Common

Stocks

(

0.0%

)

Shares/

Par

+

Value

$

(000's)

Communication

Services

(0.0%)

Audacy,

Inc. *,Æ

5,845‌

117

Total

117

Total

Common

Stocks

(Cost: $3,888)

117

Corporate

Bonds

(

95.1%

)

Basic

Materials

(3.8%)

Ashland,

Inc.

 144‌A

 144‌A

3.375%, 9/1/31

144A

825,000‌

735

Axalta

Coating

Systems

Dutch

Holding

BV

 144‌A

 144‌A

7.250%, 2/15/31

144A

425,000‌

448

Axalta

Coating

Systems

LLC

 144‌A

 144‌A

3.375%, 2/15/29

144A

875,000‌

829

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

BV

 144‌A

 144‌A

4.750%, 6/15/27

144A

600,000‌

596

Celanese

US

Holdings

LLC

6.500%, 4/15/30

350,000‌

358

6.750%, 4/15/33

1,950,000‌

1,970

Cleveland-Cliffs,

Inc.

 144‌A

 144‌A

4.625%, 3/1/29

144A

1,225,000‌

1,125

4.875%, 3/1/31

144A

425,000‌

364

6.750%, 4/15/30

144A

600,000‌

580

6.875%, 11/1/29

144A

400,000‌

394

7.000%, 3/15/32

144A

1,075,000‌

1,013

7.375%, 5/1/33

144A

650,000‌

610

7.500%, 9/15/31

144A

375,000‌

362

Coeur

Mining,

Inc.

 144‌A

 144‌A

5.125%, 2/15/29

144A

1,950,000‌

1,901

Element

Solutions,

Inc.

 144‌A

 144‌A

3.875%, 9/1/28

144A

1,650,000‌

1,600

H.B.

Fuller

Co.

4.250%, 10/15/28

525,000‌

509

Herens

Holdco

SARL

 144‌A

 144‌A

4.750%, 5/15/28

144A

2,350,000‌

2,109

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

 144‌A

 144‌A

9.000%, 7/1/28

144A

1,875,000‌

1,884

Olympus

Water

US

Holding

Corp.

 144‌A

 144‌A

4.250%, 10/1/28

144A

1,500,000‌

1,426

6.250%, 10/1/29

144A

1,975,000‌

1,885

7.125%, 10/1/27

144A

875,000‌

891

9.750%, 11/15/28

144A

2,125,000‌

2,238

SNF

Group

SACA

 144‌A

 144‌A

3.375%, 3/15/30

144A

950,000‌

877

WR

Grace

Holdings

LLC

 144‌A

 144‌A

4.875%, 6/15/27

144A

675,000‌

671

5.625%, 8/15/29

144A

1,200,000‌

1,086

7.375%, 3/1/31

144A

325,000‌

333

Total

26,794

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Communications

(9.4%)

Cars.com,

Inc.

 144‌A

 144‌A

6.375%, 11/1/28

144A

1,825,000‌

1,830

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

 144‌A

 144‌A

4.250%, 1/15/34

144A

1,200,000‌

1,068

4.500%, 8/15/30

144A

1,500,000‌

1,430

4.500%, 5/1/32

1,700,000‌

1,583

4.500%, 6/1/33

144A

1,175,000‌

1,074

4.750%, 3/1/30

144A

3,100,000‌

3,003

5.000%, 2/1/28

144A

2,000,000‌

1,982

5.125%, 5/1/27

144A

2,225,000‌

2,218

5.375%, 6/1/29

144A

1,350,000‌

1,345

5.500%, 5/1/26

144A

275,000‌

275

Ciena

Corp.

 144‌A

 144‌A

4.000%, 1/31/30

144A

325,000‌

308

CSC

Holdings

LLC

 144‌A

 144‌A

3.375%, 2/15/31

144A

825,000‌

572

4.125%, 12/1/30

144A

950,000‌

670

4.500%, 11/15/31

144A

2,750,000‌

1,935

5.500%, 4/15/27

144A

400,000‌

382

6.500%, 2/1/29

144A

1,100,000‌

894

Cumulus

Media

New

Holdings,

Inc.

 144‌A

 144‌A

8.000%, 7/1/29

144A

356,000‌

98

DISH

DBS

Corp.

5.125%, 6/1/29

1,600,000‌

1,066

Gen

Digital,

Inc.

 144‌A

 144‌A

6.250%, 4/1/33

144A

800,000‌

821

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

 144‌A

 144‌A

5.250%, 12/1/27

144A

1,625,000‌

1,623

Gray

Television,

Inc.

 144‌A

 144‌A

5.375%, 11/15/31

144A

975,000‌

731

Lamar

Media

Corp.

3.625%, 1/15/31

425,000‌

393

4.000%, 2/15/30

100,000‌

95

4.875%, 1/15/29

675,000‌

667

Match

Group

Holdings

II

LLC

 144‌A

 144‌A

4.125%, 8/1/30

144A

2,175,000‌

2,034

4.625%, 6/1/28

144A

1,450,000‌

1,415

5.000%, 12/15/27

144A

525,000‌

522

Midas

OpCo

Holdings

LLC

 144‌A

 144‌A

5.625%, 8/15/29

144A

4,100,000‌

3,922

Millennium

Escrow

Corp.

 144‌A

 144‌A

6.625%, 8/1/26

144A

1,425,000‌

1,170

Nexstar

Media,

Inc.

 144‌A

 144‌A

5.625%, 7/15/27

144A

675,000‌

673

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

 144‌A

 144‌A

4.250%, 1/15/29

144A

1,150,000‌

1,100

4.625%, 3/15/30

144A

1,400,000‌

1,337

7.375%, 2/15/31

144A

150,000‌

159

Scripps

Escrow,

Inc.

 144‌A

 144‌A

5.875%, 7/15/27

144A

875,000‌

779

Sinclair

Television

Group,

Inc.

 144‌A

 144‌A

4.375%, 12/31/32

144A

150,000‌

105

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

108

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Communications

continued

5.500%, 3/1/30

144A

425,000‌

344

Sirius

XM

Radio,

Inc.

 144‌A

 144‌A

3.125%, 9/1/26

144A

1,075,000‌

1,055

3.875%, 9/1/31

144A

1,875,000‌

1,667

4.000%, 7/15/28

144A

550,000‌

528

4.125%, 7/1/30

144A

1,525,000‌

1,406

5.500%, 7/1/29

144A

1,375,000‌

1,366

Sunrise

FinCo

I

BV

 144‌A

 144‌A

4.875%, 7/15/31

144A

3,225,000‌

3,050

TEGNA,

Inc.

5.000%, 9/15/29

425,000‌

406

Telenet

Finance

Luxembourg

Notes

SARL

 144‌A

 144‌A

5.500%, 3/1/28

144A

4,400,000‌

4,354

Univision

Communications,

Inc.

 144‌A

 144‌A

4.500%, 5/1/29

144A

1,225,000‌

1,114

7.375%, 6/30/30

144A

1,025,000‌

1,007

8.000%, 8/15/28

144A

1,675,000‌

1,700

Viavi

Solutions,

Inc.

 144‌A

 144‌A

3.750%, 10/1/29

144A

1,175,000‌

1,098

Virgin

Media

Finance

PLC

 144‌A

 144‌A

5.000%, 7/15/30

144A

2,325,000‌

2,125

Virgin

Media

Secured

Finance

PLC

 144‌A

 144‌A

4.500%, 8/15/30

144A

250,000‌

232

5.500%, 5/15/29

144A

475,000‌

467

Virgin

Media

Vendor

Financing

Notes

IV

 144‌A

 144‌A

5.000%, 7/15/28

144A

925,000‌

906

VMED

O2

UK

Financing

I

PLC

 144‌A

 144‌A

4.250%, 1/31/31

144A

600,000‌

550

4.750%, 7/15/31

144A

1,475,000‌

1,364

VZ

Secured

Financing

BV

 144‌A

 144‌A

5.000%, 1/15/32

144A

1,225,000‌

1,090

Ziggo

Bond

Co.

BV

 144‌A

 144‌A

5.125%, 2/28/30

144A

1,300,000‌

1,135

Ziggo

BV

 144‌A

 144‌A

4.875%, 1/15/30

144A

200,000‌

187

Total

66,430

Consumer,

Cyclical

(19.4%)

1011778

BC

ULC

/

New

Red

Finance,

Inc.

 144‌A

 144‌A

3.875%, 1/15/28

144A

1,125,000‌

1,096

4.000%, 10/15/30

144A

5,150,000‌

4,799

4.375%, 1/15/28

144A

1,175,000‌

1,152

5.625%, 9/15/29

144A

375,000‌

380

Academy,

Ltd.

 144‌A

 144‌A

6.000%, 11/15/27

144A

1,850,000‌

1,855

Adient

Global

Holdings,

Ltd.

 144‌A

 144‌A

7.000%, 4/15/28

144A

350,000‌

361

7.500%, 2/15/33

144A

1,150,000‌

1,176

8.250%, 4/15/31

144A

1,150,000‌

1,208

Affinity

Interactive

 144‌A

 144‌A

6.875%, 12/15/27

144A

1,375,000‌

844

American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP,

Ltd.

 144‌A

 144‌A

5.500%, 4/20/26

144A

550,000‌

549

5.750%, 4/20/29

144A

200,000‌

200

American

Builders

&

Contractors

Supply

Co.,

Inc.

 144‌A

 144‌A

3.875%, 11/15/29

144A

275,000‌

260

4.000%, 1/15/28

144A

2,050,000‌

2,005

Aramark

Services,

Inc.

 144‌A

 144‌A

5.000%, 2/1/28

144A

225,000‌

224

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

continued

Asbury

Automotive

Group,

Inc.

 144‌A

 144‌A

4.625%, 11/15/29

144A

1,850,000‌

1,786

5.000%, 2/15/32

144A

675,000‌

642

Beach

Acquisition

Bidco,

LLC

 144‌A

 144‌A

1.000%, 7/15/33

144A

1,725,000‌

1,788

Boyd

Gaming

Corp.

4.750%, 12/1/27

1,650,000‌

1,638

4.750%, 6/15/31

144A

575,000‌

551

Caesars

Entertainment,

Inc.

 144‌A

 144‌A

4.625%, 10/15/29

144A

650,000‌

620

6.000%, 10/15/32

144A

2,075,000‌

2,035

6.500%, 2/15/32

144A

1,450,000‌

1,488

7.000%, 2/15/30

144A

525,000‌

544

8.125%, 7/1/27

144A

788,000‌

788

Carnival

Corp.

 144‌A

 144‌A

5.750%, 3/15/30

144A

625,000‌

636

5.875%, 6/15/31

144A

1,075,000‌

1,095

6.000%, 5/1/29

144A

1,225,000‌

1,238

6.125%, 2/15/33

144A

875,000‌

895

7.000%, 8/15/29

144A

375,000‌

395

CCM

Merger,

Inc.

 144‌A

 144‌A

6.375%, 5/1/26

144A

425,000‌

425

Champ

Acquisition

Corp.

 144‌A

 144‌A

8.375%, 12/1/31

144A

950,000‌

1,009

Churchill

Downs,

Inc.

 144‌A

 144‌A

5.500%, 4/1/27

144A

225,000‌

225

5.750%, 4/1/30

144A

500,000‌

502

6.750%, 5/1/31

144A

2,225,000‌

2,287

Clarios

Global

LP

/

Clarios

US

Finance

Co.

 144‌A

 144‌A

6.750%, 5/15/28

144A

625,000‌

642

6.750%, 2/15/30

144A

975,000‌

1,014

8.500%, 5/15/27

144A

6,450,000‌

6,478

Dana,

Inc.

5.375%, 11/15/27

150,000‌

150

Dornoch

Debt

Merger

Sub,

Inc.

 144‌A

 144‌A

6.625%, 10/15/29

144A

3,450,000‌

2,672

Ford

Motor

Credit

Co.

LLC

2.700%, 8/10/26

725,000‌

706

3.375%, 11/13/25

3,250,000‌

3,228

4.000%, 11/13/30

1,975,000‌

1,803

4.125%, 8/17/27

1,350,000‌

1,320

4.271%, 1/9/27

1,675,000‌

1,651

4.389%, 1/8/26

2,725,000‌

2,713

5.113%, 5/3/29

1,200,000‌

1,173

6.800%, 5/12/28

700,000‌

723

Foundation

Building

Materials,

Inc.

 144‌A

 144‌A

6.000%, 3/1/29

144A

3,625,000‌

3,325

The

Gap,

Inc.

 144‌A

 144‌A

3.625%, 10/1/29

144A

1,325,000‌

1,231

3.875%, 10/1/31

144A

225,000‌

201

Gates

Corp.

 144‌A

 144‌A

6.875%, 7/1/29

144A

1,375,000‌

1,428

Group

1

Automotive,

Inc.

 144‌A

 144‌A

6.375%, 1/15/30

144A

375,000‌

385

GYP

Holdings

III

Corp.

 144‌A

 144‌A

4.625%, 5/1/29

144A

2,375,000‌

2,381

Hanesbrands,

Inc.

 144‌A

 144‌A

9.000%, 2/15/31

144A

1,100,000‌

1,165

Hilton

Domestic

Operating

Co.,

Inc.

 144‌A

 144‌A

3.625%, 2/15/32

144A

700,000‌

634

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

109

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

continued

3.750%, 5/1/29

144A

1,150,000‌

1,102

4.875%, 1/15/30

500,000‌

498

5.750%, 5/1/28

144A

800,000‌

802

5.875%, 3/15/33

144A

875,000‌

891

IHO

Verwaltungs

GmbH

 144‌A

 144‌A

6.375%, 5/15/29

144A

1,650,000‌

1,651

8.000%, 11/15/32

144A

2,250,000‌

2,301

Interface,

Inc.

 144‌A

 144‌A

5.500%, 12/1/28

144A

1,350,000‌

1,331

JB

Poindexter

&

Co.,

Inc.

 144‌A

 144‌A

8.750%, 12/15/31

144A

1,175,000‌

1,196

KFC

Holding

Co.

/

Pizza

Hut

Holdings

LLC

/

Taco

Bell

of

America

LLC

 144‌A

 144‌A

4.750%, 6/1/27

144A

550,000‌

548

Kontoor

Brands,

Inc.

 144‌A

 144‌A

4.125%, 11/15/29

144A

575,000‌

540

LCM

Investments

Holdings

II

LLC

 144‌A

 144‌A

8.250%, 8/1/31

144A

2,975,000‌

3,163

Light

and

Wonder

International,

Inc.

 144‌A

 144‌A

7.250%, 11/15/29

144A

1,975,000‌

2,035

7.500%, 9/1/31

144A

875,000‌

916

MGM

Resorts

International

6.125%, 9/15/29

1,025,000‌

1,043

6.500%, 4/15/32

2,425,000‌

2,465

Midwest

Gaming

Borrower

LLC

 144‌A

 144‌A

4.875%, 5/1/29

144A

1,875,000‌

1,806

NCL

Corp.,

Ltd.

 144‌A

 144‌A

5.875%, 3/15/26

144A

229,000‌

229

6.250%, 3/1/30

144A

175,000‌

176

6.750%, 2/1/32

144A

1,400,000‌

1,430

7.750%, 2/15/29

144A

525,000‌

558

8.125%, 1/15/29

144A

575,000‌

606

NCL

Finance,

Ltd.

 144‌A

 144‌A

6.125%, 3/15/28

144A

750,000‌

762

Ontario

Gaming

GTA

LP

/

OTG

Co-Issuer,

Inc.

 144‌A

 144‌A

8.000%, 8/1/30

144A

400,000‌

401

Patrick

Industries,

Inc.

 144‌A

 144‌A

6.375%, 11/1/32

144A

1,650,000‌

1,655

Penn

Entertainment,

Inc.

 144‌A

 144‌A

4.125%, 7/1/29

144A

1,300,000‌

1,205

5.625%, 1/15/27

144A

250,000‌

249

QXO

Building

Products,

Inc.

 144‌A

 144‌A

6.750%, 4/30/32

144A

1,975,000‌

2,035

Real

Hero

Merger

Sub

2,

Inc.

 144‌A

 144‌A

6.250%, 2/1/29

144A

2,050,000‌

1,476

Royal

Caribbean

Cruises,

Ltd.

 144‌A

 144‌A

5.375%, 7/15/27

144A

750,000‌

754

5.500%, 8/31/26

144A

750,000‌

753

5.625%, 9/30/31

144A

500,000‌

503

6.000%, 2/1/33

144A

1,275,000‌

1,300

6.250%, 3/15/32

144A

925,000‌

951

Sally

Holdings

LLC

/

Sally

Capital,

Inc.

6.750%, 3/1/32

1,150,000‌

1,181

Scientific

Games

Holdings

LP

/

Scientific

Games

US

FinCo,

Inc.

 144‌A

 144‌A

6.625%, 3/1/30

144A

350,000‌

337

SeaWorld

Parks

&

Entertainment,

Inc.

 144‌A

 144‌A

5.250%, 8/15/29

144A

2,900,000‌

2,834

Six

Flags

Entertainment

Corp.

 144‌A

 144‌A

5.500%, 4/15/27

144A

475,000‌

474

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

continued

7.250%, 5/15/31

144A

2,300,000‌

2,364

Station

Casinos

LLC

 144‌A

 144‌A

4.500%, 2/15/28

144A

2,000,000‌

1,961

4.625%, 12/1/31

144A

1,675,000‌

1,569

6.625%, 3/15/32

144A

250,000‌

256

Suburban

Propane

Partners

LP

/

Suburban

Energy

Finance

Corp.

 144‌A

 144‌A

5.000%, 6/1/31

144A

2,525,000‌

2,389

5.875%, 3/1/27

900,000‌

900

Whirlpool

Corp.

6.125%, 6/15/30

375,000‌

378

6.500%, 6/15/33

925,000‌

928

White

Cap

Buyer

LLC

 144‌A

 144‌A

6.875%, 10/15/28

144A

3,150,000‌

3,145

The

William

Carter

Co.

 144‌A

 144‌A

5.625%, 3/15/27

144A

1,275,000‌

1,267

WMG

Acquisition

Corp.

 144‌A

 144‌A

3.750%, 12/1/29

144A

650,000‌

609

Wyndham

Hotels

&

Resorts,

Inc.

 144‌A

 144‌A

4.375%, 8/15/28

144A

725,000‌

709

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

 144‌A

 144‌A

6.250%, 3/15/33

144A

1,250,000‌

1,258

7.125%, 2/15/31

144A

1,100,000‌

1,173

Yum!

Brands,

Inc.

4.625%, 1/31/32

1,625,000‌

1,564

4.750%, 1/15/30

144A

725,000‌

718

ZF

North

America

Capital,

Inc.

 144‌A

 144‌A

6.875%, 4/14/28

144A

850,000‌

853

7.125%, 4/14/30

144A

475,000‌

464

Total

136,381

Consumer,

Non-cyclical

(15.0%)

1261229

BC,

Ltd.

 144‌A

 144‌A

1.000%, 4/15/32

144A

2,800,000‌

2,825

AHP

Health

Partners,

Inc.

 144‌A

 144‌A

5.750%, 7/15/29

144A

1,450,000‌

1,414

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

 Albertson's

LP

/

Albertson's

LLC

 144‌A

 144‌A

3.250%, 3/15/26

144A

350,000‌

345

3.500%, 3/15/29

144A

750,000‌

711

5.875%, 2/15/28

144A

700,000‌

699

6.250%, 3/15/33

144A

300,000‌

309

6.500%, 2/15/28

144A

1,200,000‌

1,229

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

 144‌A

 144‌A

6.000%, 6/1/29

144A

3,075,000‌

2,991

6.875%, 6/15/30

144A

1,400,000‌

1,419

7.875%, 2/15/31

144A

1,200,000‌

1,254

Avantor

Funding,

Inc.

 144‌A

 144‌A

3.875%, 11/1/29

144A

1,825,000‌

1,728

4.625%, 7/15/28

144A

2,350,000‌

2,308

Bausch

Health

Cos.,

Inc.

 144‌A

 144‌A

4.875%, 6/1/28

144A

1,725,000‌

1,455

5.000%, 2/15/29

144A

325,000‌

227

5.250%, 1/30/30

144A

1,700,000‌

1,076

6.250%, 2/15/29

144A

625,000‌

439

BellRing

Brands,

Inc.

 144‌A

 144‌A

7.000%, 3/15/30

144A

2,050,000‌

2,135

Belron

UK

Finance

PLC

 144‌A

 144‌A

5.750%, 10/15/29

144A

500,000‌

504

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

110

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

Boost

Newco

Borrower

LLC

 144‌A

 144‌A

7.500%, 1/15/31

144A

4,025,000‌

4,273

The

Brink's

Co.

 144‌A

 144‌A

6.500%, 6/15/29

144A

1,075,000‌

1,108

6.750%, 6/15/32

144A

1,050,000‌

1,093

Centene

Corp.

4.625%, 12/15/29

1,500,000‌

1,459

CHS

/

Community

Health

Systems,

Inc.

 144‌A

 144‌A

5.250%, 5/15/30

144A

1,000,000‌

887

5.625%, 3/15/27

144A

1,300,000‌

1,280

6.000%, 1/15/29

144A

550,000‌

529

6.125%, 4/1/30

144A

800,000‌

592

6.875%, 4/15/29

144A

1,600,000‌

1,276

Clarivate

Science

Holdings

Corp.

 144‌A

 144‌A

3.875%, 7/1/28

144A

350,000‌

335

4.875%, 7/1/29

144A

3,850,000‌

3,625

Concentra

Health

Services,

Inc.

 144‌A

 144‌A

6.875%, 7/15/32

144A

700,000‌

725

Edgewell

Personal

Care

Co.

 144‌A

 144‌A

4.125%, 4/1/29

144A

1,000,000‌

945

5.500%, 6/1/28

144A

875,000‌

871

Embecta

Corp.

 144‌A

 144‌A

6.750%, 2/15/30

144A

950,000‌

912

Garda

World

Security

Corp.

 144‌A

 144‌A

4.625%, 2/15/27

144A

875,000‌

870

6.000%, 6/1/29

144A

2,375,000‌

2,318

7.750%, 2/15/28

144A

600,000‌

621

8.250%, 8/1/32

144A

800,000‌

821

8.375%, 11/15/32

144A

2,300,000‌

2,363

Grifols

SA

 144‌A

 144‌A

4.750%, 10/15/28

144A

3,900,000‌

3,749

HealthEquity,

Inc.

 144‌A

 144‌A

4.500%, 10/1/29

144A

2,225,000‌

2,163

Herc

Holdings,

Inc.

 144‌A

 144‌A

7.000%, 6/15/30

144A

825,000‌

862

7.250%, 6/15/33

144A

875,000‌

917

Insulet

Corp.

 144‌A

 144‌A

6.500%, 4/1/33

144A

275,000‌

287

IQVIA,

Inc.

 144‌A

 144‌A

5.000%, 10/15/26

144A

1,375,000‌

1,374

5.000%, 5/15/27

144A

750,000‌

747

6.250%, 6/1/32

144A

1,775,000‌

1,822

6.500%, 5/15/30

144A

200,000‌

206

Jazz

Securities

DAC

 144‌A

 144‌A

4.375%, 1/15/29

144A

1,400,000‌

1,352

Medline

Borrower

LP

 144‌A

 144‌A

3.875%, 4/1/29

144A

1,625,000‌

1,559

5.250%, 10/1/29

144A

6,000,000‌

5,953

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

 144‌A

 144‌A

6.250%, 4/1/29

144A

1,150,000‌

1,181

Molina

Healthcare,

Inc.

 144‌A

 144‌A

6.250%, 1/15/33

144A

1,350,000‌

1,374

Neogen

Food

Safety

Corp.

 144‌A

 144‌A

8.625%, 7/20/30

144A

675,000‌

698

Opal

Bidco

SAS

 144‌A

 144‌A

6.500%, 3/31/32

144A

1,200,000‌

1,225

Organon

&

Co.

/

Organon

Foreign

Debt

Co-

Issuer

BV

 144‌A

 144‌A

4.125%, 4/30/28

144A

425,000‌

409

5.125%, 4/30/31

144A

1,275,000‌

1,106

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

6.750%, 5/15/34

144A

300,000‌

288

7.875%, 5/15/34

144A

2,075,000‌

1,874

Performance

Food

Group,

Inc.

 144‌A

 144‌A

4.250%, 8/1/29

144A

1,425,000‌

1,374

5.500%, 10/15/27

144A

950,000‌

948

6.125%, 9/15/32

144A

275,000‌

281

Post

Holdings,

Inc.

 144‌A

 144‌A

5.500%, 12/15/29

144A

900,000‌

896

6.250%, 2/15/32

144A

1,300,000‌

1,336

6.375%, 3/1/33

144A

1,175,000‌

1,186

Raven

Acquisition

Holdings

LLC

 144‌A

 144‌A

6.875%, 11/15/31

144A

2,175,000‌

2,175

Select

Medical

Corp.

 144‌A

 144‌A

6.250%, 12/1/32

144A

2,125,000‌

2,138

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

 144‌A

 144‌A

6.750%, 8/15/32

144A

825,000‌

857

Teleflex,

Inc.

 144‌A

 144‌A

4.250%, 6/1/28

144A

250,000‌

244

4.625%, 11/15/27

450,000‌

445

Tenet

Healthcare

Corp.

4.250%, 6/1/29

225,000‌

218

4.625%, 6/15/28

125,000‌

123

5.125%, 11/1/27

1,800,000‌

1,797

6.125%, 10/1/28

2,175,000‌

2,178

6.125%, 6/15/30

775,000‌

788

6.250%, 2/1/27

1,125,000‌

1,125

6.750%, 5/15/31

1,125,000‌

1,164

United

Rentals

North

America,

Inc.

4.875%, 1/15/28

1,225,000‌

1,220

5.250%, 1/15/30

425,000‌

426

5.500%, 5/15/27

400,000‌

400

6.000%, 12/15/29

144A

375,000‌

384

6.125%, 3/15/34

144A

675,000‌

695

US

Foods,

Inc.

 144‌A

 144‌A

4.625%, 6/1/30

144A

700,000‌

682

4.750%, 2/15/29

144A

1,500,000‌

1,474

5.750%, 4/15/33

144A

275,000‌

275

6.875%, 9/15/28

144A

775,000‌

801

ZipRecruiter,

Inc.

 144‌A

 144‌A

5.000%, 1/15/30

144A

975,000‌

832

Total

105,579

Diversified

(0.2%)

Stena

International

SA

 144‌A

 144‌A

7.250%, 1/15/31

144A

1,475,000‌

1,480

Total

1,480

Energy

(9.7%)

Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.

 144‌A

 144‌A

7.500%, 10/1/29

144A

1,675,000‌

1,757

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

 144‌A

 144‌A

5.375%, 6/15/29

144A

975,000‌

968

5.750%, 3/1/27

144A

2,375,000‌

2,372

5.750%, 1/15/28

144A

2,600,000‌

2,596

6.625%, 2/1/32

144A

225,000‌

232

Antero

Resources

Corp.

 144‌A

 144‌A

5.375%, 3/1/30

144A

625,000‌

629

7.625%, 2/1/29

144A

244,000‌

250

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

111

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Archrock

Partners

LP

 144‌A

 144‌A

6.250%, 4/1/28

144A

1,975,000‌

1,982

6.875%, 4/1/27

144A

3,275,000‌

3,278

Aris

Water

Holdings

LLC

 144‌A

 144‌A

7.250%, 4/1/30

144A

1,175,000‌

1,212

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

 144‌A

 144‌A

5.875%, 6/30/29

144A

825,000‌

826

6.625%, 10/15/32

144A

550,000‌

560

6.625%, 7/15/33

144A

500,000‌

507

9.000%, 11/1/27

144A

400,000‌

489

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

 144‌A

 144‌A

7.000%, 7/15/29

144A

400,000‌

417

7.250%, 7/15/32

144A

950,000‌

1,007

Chesapeake

Energy

Corp.

Escrow

7.000%, 10/1/24

*

1,000,000‌

3

Civitas

Resources,

Inc.

 144‌A

 144‌A

8.375%, 7/1/28

144A

1,425,000‌

1,459

8.625%, 11/1/30

144A

575,000‌

584

8.750%, 7/1/31

144A

300,000‌

303

9.625%, 6/15/33

144A

525,000‌

538

CNX

Midstream

Partners

LP

 144‌A

 144‌A

4.750%, 4/15/30

144A

2,250,000‌

2,125

CNX

Resources

Corp.

 144‌A

 144‌A

7.250%, 3/1/32

144A

525,000‌

544

Comstock

Resources,

Inc.

 144‌A

 144‌A

5.875%, 1/15/30

144A

475,000‌

461

6.750%, 3/1/29

144A

2,175,000‌

2,180

DT

Midstream,

Inc.

 144‌A

 144‌A

4.375%, 6/15/31

144A

1,600,000‌

1,532

Energy

Transfer

LP

 144‌A

 144‌A

7.375%, 2/1/31

144A

750,000‌

786

EQT

Corp.

 144‌A

 144‌A

4.500%, 1/15/29

144A

278,000‌

275

4.750%, 1/15/31

144A

1,125,000‌

1,107

6.375%, 4/1/29

144A

600,000‌

619

7.500%, 6/1/27

144A

975,000‌

993

7.500%, 6/1/30

144A

175,000‌

192

Expand

Energy

Corp.

4.750%, 2/1/32

350,000‌

340

5.375%, 3/15/30

300,000‌

301

5.875%, 2/1/29

144A

225,000‌

226

Hess

Midstream

Operations

LP

 144‌A

 144‌A

4.250%, 2/15/30

144A

625,000‌

601

5.125%, 6/15/28

144A

1,300,000‌

1,291

5.500%, 10/15/30

144A

475,000‌

477

5.875%, 3/1/28

144A

200,000‌

203

6.500%, 6/1/29

144A

200,000‌

206

HF

Sinclair

Corp.

5.000%, 2/1/28

1,725,000‌

1,726

6.375%, 4/15/27

249,000‌

251

Kodiak

Gas

Services

LLC

 144‌A

 144‌A

7.250%, 2/15/29

144A

2,050,000‌

2,121

Matador

Resources

Co.

 144‌A

 144‌A

6.250%, 4/15/33

144A

675,000‌

670

6.500%, 4/15/32

144A

1,000,000‌

1,001

Nabors

Industries,

Ltd.

 144‌A

 144‌A

7.375%, 5/15/27

144A

225,000‌

222

7.500%, 1/15/28

144A

1,250,000‌

1,115

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

8.875%, 8/15/31

144A

450,000‌

334

9.125%, 1/31/30

144A

475,000‌

455

Northriver

Midstream

Finance

LP

 144‌A

 144‌A

6.750%, 7/15/32

144A

2,050,000‌

2,123

Permian

Resources

Operating

LLC

 144‌A

 144‌A

5.375%, 1/15/26

144A

825,000‌

824

6.250%, 2/1/33

144A

600,000‌

606

7.000%, 1/15/32

144A

325,000‌

337

Precision

Drilling

Corp.

 144‌A

 144‌A

6.875%, 1/15/29

144A

500,000‌

494

7.125%, 1/15/26

144A

551,000‌

551

Range

Resources

Corp.

 144‌A

 144‌A

4.750%, 2/15/30

144A

475,000‌

462

8.250%, 1/15/29

1,125,000‌

1,158

Rockies

Express

Pipeline

LLC

 144‌A

 144‌A

6.750%, 3/15/33

144A

700,000‌

731

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

 144‌A

 144‌A

7.875%, 11/1/28

144A

600,000‌

628

SM

Energy

Co.

6.625%, 1/15/27

250,000‌

250

6.750%, 9/15/26

1,100,000‌

1,101

6.750%, 8/1/29

144A

575,000‌

573

7.000%, 8/1/32

144A

275,000‌

271

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%, 3/1/30

1,900,000‌

1,928

6.500%, 7/15/27

300,000‌

300

TerraForm

Power

Operating

LLC

 144‌A

 144‌A

4.750%, 1/15/30

144A

1,725,000‌

1,651

5.000%, 1/31/28

144A

1,775,000‌

1,757

TGNR

Intermediate

Holdings

LLC

 144‌A

 144‌A

5.500%, 10/15/29

144A

1,975,000‌

1,914

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

6.875%, 9/1/27

1,625,000‌

1,628

7.125%, 3/15/29

144A

2,450,000‌

2,511

Venture

Global

Plaquemines

LNG

LLC

 144‌A

 144‌A

6.500%, 1/15/34

144A

1,375,000‌

1,375

Venture

Global

Plaquemines

LNG,

LLC

 144‌A

 144‌A

6.750%, 1/15/36

144A

925,000‌

925

Total

68,421

Financial

(12.2%)

Acrisure

LLC

/

Acrisure

Finance,

Inc.

 144‌A

 144‌A

6.750%, 7/1/32

144A

425,000‌

431

7.500%, 11/6/30

144A

2,050,000‌

2,118

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

 144‌A

 144‌A

5.875%, 11/1/29

144A

575,000‌

567

6.500%, 10/1/31

144A

375,000‌

382

6.750%, 10/15/27

144A

275,000‌

275

7.000%, 1/15/31

144A

2,225,000‌

2,302

7.375%, 10/1/32

144A

1,550,000‌

1,598

Ally

Financial,

Inc.

5.750%, 11/20/25

1,125,000‌

1,127

AmWINS

Group,

Inc.

 144‌A

 144‌A

4.875%, 6/30/29

144A

3,400,000‌

3,304

6.375%, 2/15/29

144A

1,225,000‌

1,249

Ardonagh

Finco,

Ltd.

 144‌A

 144‌A

7.750%, 2/15/31

144A

950,000‌

993

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

112

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Ardonagh

Group

Finance,

Ltd.

 144‌A

 144‌A

8.875%, 2/15/32

144A

6,675,000‌

7,024

AssuredPartners,

Inc.

 144‌A

 144‌A

5.625%, 1/15/29

144A

1,900,000‌

1,895

7.500%, 2/15/32

144A

1,125,000‌

1,205

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

 144‌A

 144‌A

7.125%, 5/15/31

144A

2,750,000‌

2,859

BroadStreet

Partners,

Inc.

 144‌A

 144‌A

5.875%, 4/15/29

144A

6,075,000‌

6,004

HUB

International,

Ltd.

 144‌A

 144‌A

5.625%, 12/1/29

144A

3,075,000‌

3,075

7.250%, 6/15/30

144A

3,475,000‌

3,631

7.375%, 1/31/32

144A

4,625,000‌

4,839

Iron

Mountain,

Inc.

 144‌A

 144‌A

6.250%, 1/15/33

144A

725,000‌

745

7.000%, 2/15/29

144A

3,125,000‌

3,235

Jones

Deslauriers

Insurance

Management,

Inc.

 144‌A

 144‌A

8.500%, 3/15/30

144A

1,800,000‌

1,908

10.500%, 12/15/30

144A

2,200,000‌

2,345

Macquarie

Airfinance

Holdings,

Ltd.

 144‌A

 144‌A

6.400%, 3/26/29

144A

175,000‌

183

6.500%, 3/26/31

144A

175,000‌

185

8.125%, 3/30/29

144A

150,000‌

157

Navient

Corp.

5.000%, 3/15/27

675,000‌

672

5.500%, 3/15/29

1,200,000‌

1,175

6.750%, 6/15/26

500,000‌

506

Panther

Escrow

Issuer

LLC

 144‌A

 144‌A

7.125%, 6/1/31

144A

4,975,000‌

5,168

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

 144‌A

 144‌A

6.500%, 4/1/32

144A

825,000‌

848

6.500%, 6/15/33

144A

375,000‌

386

7.250%, 7/15/28

144A

825,000‌

854

Rocket

Companies,

Inc.

 144‌A

 144‌A

6.125%, 8/1/30

144A

275,000‌

280

6.375%, 8/1/33

144A

1,250,000‌

1,279

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-

Issuer,

Inc.

 144‌A

 144‌A

2.875%, 10/15/26

144A

1,800,000‌

1,755

3.625%, 3/1/29

144A

1,475,000‌

1,402

3.875%, 3/1/31

144A

1,525,000‌

1,414

4.000%, 10/15/33

144A

1,200,000‌

1,074

Ryan

Specialty

LLC

 144‌A

 144‌A

4.375%, 2/1/30

144A

800,000‌

774

5.875%, 8/1/32

144A

1,400,000‌

1,411

United

Wholesale

Mortgage

LLC

 144‌A

 144‌A

5.500%, 11/15/25

144A

2,125,000‌

2,125

5.500%, 4/15/29

144A

1,375,000‌

1,335

5.750%, 6/15/27

144A

950,000‌

948

USI,

Inc.

 144‌A

 144‌A

7.500%, 1/15/32

144A

4,700,000‌

4,959

UWM

Holdings

LLC

 144‌A

 144‌A

6.625%, 2/1/30

144A

1,275,000‌

1,276

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

 144‌A

 144‌A

4.250%, 12/1/26

144A

625,000‌

621

4.500%, 9/1/26

144A

450,000‌

449

5.750%, 2/1/27

144A

225,000‌

228

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

XHR

LP

 144‌A

 144‌A

6.625%, 5/15/30

144A

925,000‌

942

Total

85,517

Industrial

(12.1%)

ARD

Finance

SA

 144‌A

 144‌A

6.500%, 6/30/27

144A

Þ

2,692,281‌

114

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

 144‌A

 144‌A

4.000%, 9/1/29

144A

2,250,000‌

2,054

Ardagh

Packaging

Finance

PLC

/

Ardagh

Holdings

USA,

Inc.

 144‌A

 144‌A

5.250%, 8/15/27

144A

4,375,000‌

1,951

Ball

Corp.

2.875%, 8/15/30

700,000‌

631

6.000%, 6/15/29

750,000‌

769

6.875%, 3/15/28

675,000‌

691

Camelot

Return

Merger

Sub,

Inc.

 144‌A

 144‌A

8.750%, 8/1/28

144A

700,000‌

646

Clearwater

Paper

Corp.

 144‌A

 144‌A

4.750%, 8/15/28

144A

1,875,000‌

1,776

Clydesdale

Acquisition

Holdings,

Inc.

 144‌A

 144‌A

6.750%, 4/15/32

144A

475,000‌

487

6.875%, 1/15/30

144A

725,000‌

741

8.750%, 4/15/30

144A

3,875,000‌

3,963

Coherent

Corp.

 144‌A

 144‌A

5.000%, 12/15/29

144A

2,425,000‌

2,382

CP

Atlas

Buyer,

Inc.

 144‌A

 144‌A

7.000%, 12/1/28

144A

2,900,000‌

2,684

Crown

Americas

LLC

5.250%, 4/1/30

400,000‌

406

5.875%, 6/1/33

144A

875,000‌

881

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

 144‌A

 144‌A

6.625%, 12/15/30

144A

4,225,000‌

4,319

6.750%, 7/15/31

144A

200,000‌

207

Energizer

Holdings,

Inc.

 144‌A

 144‌A

4.375%, 3/31/29

144A

2,525,000‌

2,388

4.750%, 6/15/28

144A

1,400,000‌

1,363

6.500%, 12/31/27

144A

1,650,000‌

1,669

Enpro,

Inc.

 144‌A

 144‌A

6.125%, 6/1/33

144A

375,000‌

383

Goat

Holdco

LLC

 144‌A

 144‌A

6.750%, 2/1/32

144A

550,000‌

559

Graphic

Packaging

International

LLC

 144‌A

 144‌A

3.500%, 3/15/28

144A

425,000‌

407

3.500%, 3/1/29

144A

450,000‌

424

4.750%, 7/15/27

144A

500,000‌

492

Hillenbrand,

Inc.

6.250%, 2/15/29

1,300,000‌

1,325

Madison

IAQ

LLC

 144‌A

 144‌A

4.125%, 6/30/28

144A

250,000‌

243

5.875%, 6/30/29

144A

5,125,000‌

5,042

Masterbrand,

Inc.

 144‌A

 144‌A

7.000%, 7/15/32

144A

1,000,000‌

1,021

Mauser

Packaging

Solutions

Holding

Co.

 144‌A

 144‌A

7.875%, 4/15/27

144A

1,275,000‌

1,296

9.250%, 4/15/27

144A

1,175,000‌

1,167

Maxam

Prill

SARL

 144‌A

 144‌A

7.750%, 7/15/30

144A

2,175,000‌

2,179

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

113

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Industrial

continued

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

 144‌A

 144‌A

6.750%, 4/1/32

144A

575,000‌

590

MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

 144‌A

 144‌A

5.500%, 2/1/30

144A

1,975,000‌

1,877

OI

European

Group

BV

 144‌A

 144‌A

4.750%, 2/15/30

144A

450,000‌

433

Owens-Brockway

Glass

Container,

Inc.

 144‌A

 144‌A

6.625%, 5/13/27

144A

775,000‌

775

7.375%, 6/1/32

144A

400,000‌

408

Quikrete

Holdings,

Inc.

 144‌A

 144‌A

6.375%, 3/1/32

144A

1,400,000‌

1,440

6.750%, 3/1/33

144A

750,000‌

774

Sealed

Air

Corp.

 144‌A

 144‌A

5.000%, 4/15/29

144A

550,000‌

544

6.125%, 2/1/28

144A

550,000‌

558

6.500%, 7/15/32

144A

1,400,000‌

1,451

7.250%, 2/15/31

144A

575,000‌

605

Sensata

Technologies

BV

 144‌A

 144‌A

5.875%, 9/1/30

144A

2,125,000‌

2,128

Sensata

Technologies,

Inc.

 144‌A

 144‌A

3.750%, 2/15/31

144A

225,000‌

205

6.625%, 7/15/32

144A

250,000‌

257

SPX

FLOW,

Inc.

 144‌A

 144‌A

8.750%, 4/1/30

144A

2,950,000‌

3,061

Standard

Building

Solutions,

Inc.

 144‌A

 144‌A

6.500%, 8/15/32

144A

700,000‌

717

Standard

Industries,

Inc.

 144‌A

 144‌A

3.375%, 1/15/31

144A

250,000‌

224

4.375%, 7/15/30

144A

1,200,000‌

1,136

4.750%, 1/15/28

144A

1,325,000‌

1,310

5.000%, 2/15/27

144A

3,000,000‌

2,993

TransDigm,

Inc.

4.625%, 1/15/29

1,250,000‌

1,227

4.875%, 5/1/29

275,000‌

270

6.000%, 1/15/33

144A

275,000‌

276

6.375%, 3/1/29

144A

1,025,000‌

1,052

6.375%, 5/31/33

144A

975,000‌

976

6.625%, 3/1/32

144A

2,225,000‌

2,304

6.750%, 8/15/28

144A

1,000,000‌

1,021

6.875%, 12/15/30

144A

3,850,000‌

3,995

Trivium

Packaging

Finance

BV

 144‌A

 144‌A

8.250%, 7/15/30

144A

775,000‌

820

12.250%, 1/15/31

144A

800,000‌

858

TTM

Technologies,

Inc.

 144‌A

 144‌A

4.000%, 3/1/29

144A

750,000‌

717

Watco

Cos.

LLC

/

Watco

Finance

Corp.

 144‌A

 144‌A

7.125%, 8/1/32

144A

1,150,000‌

1,202

WESCO

Distribution,

Inc.

 144‌A

 144‌A

6.375%, 3/15/29

144A

1,150,000‌

1,183

6.375%, 3/15/33

144A

450,000‌

465

6.625%, 3/15/32

144A

1,375,000‌

1,429

7.250%, 6/15/28

144A

1,075,000‌

1,088

Total

85,029

Technology

(10.1%)

Amentum

Holdings,

Inc.

 144‌A

 144‌A

7.250%, 8/1/32

144A

2,325,000‌

2,393

AthenaHealth

Group,

Inc.

 144‌A

 144‌A

6.500%, 2/15/30

144A

4,900,000‌

4,823

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Technology

continued

CACI

International,

Inc.

 144‌A

 144‌A

6.375%, 6/15/33

144A

575,000‌

593

Capstone

Borrower,

Inc.

 144‌A

 144‌A

8.000%, 6/15/30

144A

2,475,000‌

2,581

Central

Parent,

Inc.

/

CDK

Global,

Inc.

 144‌A

 144‌A

7.250%, 6/15/29

144A

650,000‌

528

Cloud

Software

Group,

Inc.

 144‌A

 144‌A

6.500%, 3/31/29

144A

3,125,000‌

3,154

8.250%, 6/30/32

144A

1,075,000‌

1,144

9.000%, 9/30/29

144A

3,450,000‌

3,576

Consensus

Cloud

Solutions,

Inc.

 144‌A

 144‌A

6.000%, 10/15/26

144A

1,900,000‌

1,891

6.500%, 10/15/28

144A

2,225,000‌

2,214

CoreWeave,

Inc.

 144‌A

 144‌A

9.250%, 6/1/30

144A

2,125,000‌

2,172

The

Dun

&

Bradstreet

Corp.

 144‌A

 144‌A

5.000%, 12/15/29

144A

2,125,000‌

2,178

Elastic

NV

 144‌A

 144‌A

4.125%, 7/15/29

144A

2,375,000‌

2,269

Ellucian

Holdings,

Inc.

 144‌A

 144‌A

6.500%, 12/1/29

144A

650,000‌

665

Entegris,

Inc.

 144‌A

 144‌A

3.625%, 5/1/29

144A

725,000‌

687

4.750%, 4/15/29

144A

850,000‌

841

5.950%, 6/15/30

144A

2,725,000‌

2,768

Fair

Isaac

Corp.

 144‌A

 144‌A

6.000%, 5/15/33

144A

825,000‌

833

Fortress

Intermediate

3,

Inc.

 144‌A

 144‌A

7.500%, 6/1/31

144A

1,875,000‌

1,964

Helios Software Holdings, Inc.

/

ION

Corporate

Solutions

Finance

SARL

 144‌A

 144‌A

4.625%, 5/1/28

144A

300,000‌

284

Insight

Enterprises,

Inc.

 144‌A

 144‌A

6.625%, 5/15/32

144A

1,350,000‌

1,391

McAfee

Corp.

 144‌A

 144‌A

7.375%, 2/15/30

144A

6,525,000‌

6,162

NCR

Atleos

Corp.

 144‌A

 144‌A

9.500%, 4/1/29

144A

700,000‌

767

NCR

Voyix

Corp.

 144‌A

 144‌A

5.000%, 10/1/28

144A

1,375,000‌

1,361

5.125%, 4/15/29

144A

350,000‌

345

Open

Text

Corp.

 144‌A

 144‌A

3.875%, 2/15/28

144A

1,675,000‌

1,625

3.875%, 12/1/29

144A

125,000‌

118

6.900%, 12/1/27

144A

450,000‌

466

Open

Text

Holdings,

Inc.

 144‌A

 144‌A

4.125%, 2/15/30

144A

1,250,000‌

1,181

4.125%, 12/1/31

144A

300,000‌

276

Rocket

Software,

Inc.

 144‌A

 144‌A

6.500%, 2/15/29

144A

3,675,000‌

3,566

9.000%, 11/28/28

144A

950,000‌

979

Science

Applications

International

Corp.

 144‌A

 144‌A

4.875%, 4/1/28

144A

875,000‌

861

Seagate

Data

Storage

Technology

Pte,

Ltd.

 144‌A

 144‌A

5.875%, 7/15/30

144A

200,000‌

203

Seagate

HDD

Cayman

8.250%, 12/15/29

75,000‌

80

8.500%, 7/15/31

700,000‌

751

9.625%, 12/1/32

2,127,000‌

2,398

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

114

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Technology

continued

SS&C

Technologies,

Inc.

 144‌A

 144‌A

5.500%, 9/30/27

144A

3,850,000‌

3,853

6.500%, 6/1/32

144A

625,000‌

649

Synaptics,

Inc.

 144‌A

 144‌A

4.000%, 6/15/29

144A

1,550,000‌

1,467

UKG,

Inc.

 144‌A

 144‌A

6.875%, 2/1/31

144A

4,450,000‌

4,617

Zebra

Technologies

Corp.

 144‌A

 144‌A

6.500%, 6/1/32

144A

525,000‌

540

Total

71,214

Utilities

(3.2%)

Calpine

Corp.

 144‌A

 144‌A

3.750%, 3/1/31

144A

1,250,000‌

1,186

4.500%, 2/15/28

144A

1,575,000‌

1,562

4.625%, 2/1/29

144A

350,000‌

346

5.000%, 2/1/31

144A

600,000‌

593

5.125%, 3/15/28

144A

1,075,000‌

1,074

NRG

Energy,

Inc.

 144‌A

 144‌A

3.875%, 2/15/32

144A

207,000‌

190

5.250%, 6/15/29

144A

775,000‌

771

5.750%, 1/15/28

400,000‌

402

5.750%, 7/15/29

144A

350,000‌

350

6.000%, 2/1/33

144A

975,000‌

985

6.250%, 11/1/34

144A

725,000‌

739

TransAlta

Corp.

7.750%, 11/15/29

350,000‌

368

Corporate

Bonds

(95.1%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

Venture

Global

Plaquemines

LNG,

LLC

 144‌A

 144‌A

7.500%, 5/1/33

144A

1,900,000‌

2,035

7.750%, 5/1/35

144A

1,700,000‌

1,840

Vistra

Operations

Co.

LLC

 144‌A

 144‌A

5.000%, 7/31/27

144A

1,100,000‌

1,099

5.500%, 9/1/26

144A

1,400,000‌

1,401

5.625%, 2/15/27

144A

1,925,000‌

1,926

7.750%, 10/15/31

144A

875,000‌

930

XPLR

Infrastructure

Operating

Partners

LP

 144‌A

 144‌A

4.500%, 9/15/27

144A

700,000‌

682

7.250%, 1/15/29

144A

2,075,000‌

2,127

8.375%, 1/15/31

144A

250,000‌

267

8.625%, 3/15/33

144A

1,325,000‌

1,420

Total

22,293

Total

Corporate

Bonds

(Cost: $676,514)

669,138

144A

144A

144A

Warrants

(

–%

)

Communications

(–%)

Audacy,

Inc.

-

Black

Scholes

Warrants *,Æ

7,085‌

–π

Audacy,

Inc.

-

Non-Black

Scholes

Warrants *,Æ

1,181‌

–π

Total

–π

Total

Warrants

(Cost: $2)

–π

Total

Investments

(95.1%)

(Cost:

$680,404)

@

669,255

Other

Assets,

Less

Liabilities (4.9%)

34,418

Net

Assets

(100.0%)

703,673

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$604,902

representing

86.0%

of

the

net

assets.

Þ

PIK

-

Payment

In

Kind.

PIK

rate

of

ARD

Finance

SA

is

7.25%.

π

Amount

is

less

than

one

thousand.

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$680,179

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$11,149

which

is

comprised

of

$11,296

aggregate

gross

unrealized

appreciation

and

$22,445

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.

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

115

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Common

Stocks

$

—‌

$

—‌

$

117‌

Corporate

Bonds

—‌

669,138‌

—‌

Warrants

—‌

—‌

—‌π

Total

Assets:

$

—‌

$

669,138‌

$

117‌

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

June

30,

2025.

Schedule

of

Investments

June

30,

2025

(unaudited)

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

116

Common

Stocks

(

0.1%

)

Shares/

Par

+

Value

$

(000's)

Consumer,

Cyclical

(0.0%)

Spirit

Airlines,

Inc. *

11,548‌

57

Total

57

Financials

(0.1%)

ADLER

Group

SA *,Æ

1,562,614‌

–

DrillCo

Holding

Lux

SA

-

Class

B *,Æ,δ

2,686‌

55

DrillCo

Holding

Lux

SA

-

Class

C *,Æ,δ

24,180‌

496

Total

551

Health

Care

(0.0%)

AmSurg

Corp. *,Æ,δ

9,484‌

428

Total

428

Real

Estate

(–%)

Corestate

Capital

Holding

SA *,Æ,δ

421,967‌

–π

Total

–π

Telecommunications

(0.0%)

Intelsat

Emergence

SA *,Æ

9,447‌

326

Total

326

Total

Common

Stocks

(Cost: $1,956)

1,362

Corporate

Bonds

(

42.8%

)

Basic

Materials

(0.7%)

ALROSA

Finance

SA

 144‌A

 144‌A

3.100%, 6/25/27

144A

Æ,φ

8,500,000‌

425

4.650%, 4/9/24

144A

Æ,φ

500,000‌

25

Celanese

US

Holdings

LLC

6.629%, 7/15/32

500,000‌

524

Cerdia

Finanz

GmbH

 144‌A

 144‌A

9.375%, 10/3/31

144A

1,300,000‌

1,347

Ingevity

Corp.

 144‌A

 144‌A

3.875%, 11/1/28

144A

675,000‌

644

MMK

International

Capital

DAC

 144‌A

 144‌A

4.375%, 6/13/24

144A

Æ,φ

1,400,000‌

70

OCP

SA

 144‌A

 144‌A

6.700%, 3/1/36

144A

1,325,000‌

1,332

Olympus

Water

US

Holding

Corp.

 144‌A

 144‌A

4.250%, 10/1/28

144A

1,200,000‌

1,141

Sasol

Financing

USA

LLC

6.500%, 9/27/28

2,000,000‌

1,900

Sociedad

Quimica

y

Minera

de

Chile

SA

 144‌A

 144‌A

5.500%, 9/10/34

144A

1,300,000‌

1,265

Total

8,673

Communications

(3.4%)

Altice

France

SA

4.000%, 7/15/29

EUR

§,∞

3,250,000‌

3,206

4.250%, 10/15/29

EUR

§,∞

400,000‌

395

8.125%, 2/1/27

144A

1,400,000‌

1,260

AMC

Networks,

Inc.

4.250%, 2/15/29

500,000‌

401

AT&T,

Inc.

3.500%, 9/15/53

237,000‌

160

3.650%, 9/15/59

6,663,000‌

4,470

3.800%, 12/1/57

115,000‌

81

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Communications

continued

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

 144‌A

 144‌A

4.250%, 2/1/31

144A

2,500,000‌

2,335

4.500%, 6/1/33

144A

800,000‌

731

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.700%, 4/1/51

300,000‌

200

3.850%, 4/1/61

1,800,000‌

1,153

4.200%, 3/15/28

1,700,000‌

1,685

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

 144‌A

 144‌A

6.500%, 7/1/32

144A

1,000,000‌

985

EchoStar

Corp.

10.750%, 11/30/29

700,000‌

721

Intelsat

Jackson

Holdings

SA

 144‌A

 144‌A

6.500%, 3/15/30

144A

703,000‌

717

Level

3

Financing,

Inc.

 144‌A

 144‌A

11.000%, 11/15/29

144A

983,669‌

1,128

Sirius

XM

Radio,

Inc.

 144‌A

 144‌A

4.000%, 7/15/28

144A

400,000‌

384

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

 144‌A

 144‌A

5.152%, 3/20/28

144A

715,000‌

720

Sunrise

FinCo

I

BV

 144‌A

 144‌A

4.875%, 7/15/31

144A

725,000‌

686

Telecom

Italia

SpA

7.875%, 7/31/28

EUR

§,∞

650,000‌

859

T-Mobile

USA,

Inc.

4.700%, 1/15/35

2,000,000‌

1,938

5.050%, 7/15/33

750,000‌

755

5.650%, 1/15/53

1,000,000‌

968

Uber

Technologies,

Inc.

4.800%, 9/15/34

1,100,000‌

1,080

Verizon

Communications,

Inc.

2.355%, 3/15/32

2,725,000‌

2,349

Virgin

Media

Secured

Finance

PLC

4.125%, 8/15/30

GBP

§,∞

1,200,000‌

1,486

4.250%, 1/15/30

GBP

§,∞

3,200,000‌

4,014

VMED

O2

UK

Financing

I

PLC

4.000%, 1/31/29

GBP

§,∞

3,100,000‌

3,947

4.500%, 7/15/31

GBP

§,∞

400,000‌

491

4.750%, 7/15/31

144A

1,100,000‌

1,018

Vodafone

Group

PLC

 α

7.000%,

(USD

5

Year

Swap

Rate

plus

4.873%), 4/4/79

α

1,700,000‌

1,774

Wayfair

LLC

 144‌A

 144‌A

7.750%, 9/15/30

144A

1,800,000‌

1,811

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

 144‌A

 144‌A

8.250%, 10/1/31

144A

1,000,000‌

1,047

Total

44,955

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

117

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

(4.2%)

1011778

BC

ULC

/

New

Red

Finance,

Inc.

 144‌A

 144‌A

5.625%, 9/15/29

144A

1,500,000‌

1,521

Air

Canada

Pass-Through

Trust,

Series

2020-

2,

Class

A

 144‌A

 144‌A

5.250%, 10/1/30

144A

472,032‌

476

Alaska

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A

 144‌A

 144‌A

4.800%, 2/15/29

144A

129,451‌

130

American

Airlines

Pass-Through

Trust,

Series

2014-1,

Class

A

3.700%, 4/1/28

138,185‌

136

American

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A

3.375%, 11/1/28

249,760‌

243

American

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

AA

3.575%, 7/15/29

655,239‌

635

American

Airlines

Pass-Through

Trust,

Series

2017-2,

Class

AA

3.350%, 4/15/31

683,259‌

650

American

Builders

&

Contractors

Supply

Co.,

Inc.

 144‌A

 144‌A

3.875%, 11/15/29

144A

1,400,000‌

1,324

British

Airways

Pass-Through

Trust,

Series

2020-1,

Class

A

 144‌A

 144‌A

4.250%, 5/15/34

144A

88,947‌

85

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

A

 144‌A

 144‌A

2.900%, 9/15/36

144A

332,486‌

300

Carnival

Corp.

 144‌A

 144‌A

4.000%, 8/1/28

144A

3,300,000‌

3,230

Carvana

Co.

 144‌A

 144‌A

9.000%, 6/1/30

144A

1,225,000‌

1,288

Flutter

Treasury

DAC

 144‌A

 144‌A

6.375%, 4/29/29

144A

1,200,000‌

1,236

Ford

Motor

Credit

Co.

LLC

2.386%, 2/17/26

EUR

∞

100,000‌

118

3.625%, 6/17/31

2,900,000‌

2,553

3.815%, 11/2/27

300,000‌

290

4.134%, 8/4/25

200,000‌

200

4.389%, 1/8/26

800,000‌

796

7.200%, 6/10/30

25,000‌

26

7.350%, 11/4/27

50,000‌

52

7.350%, 3/6/30

25,000‌

26

Hilton

Domestic

Operating

Co.,

Inc.

 144‌A

 144‌A

3.625%, 2/15/32

144A

2,900,000‌

2,627

IGT

Lottery

Holdings

BV

4.250%, 3/15/30

EUR

§,∞

1,200,000‌

1,438

JetBlue

Airways

Corp.

4.000%, 5/15/34

634,980‌

595

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

 144‌A

 144‌A

9.875%, 9/20/31

144A

600,000‌

584

John

Lewis

PLC

4.250%, 12/18/34

GBP

§,∞

1,200,000‌

1,337

Las

Vegas

Sands

Corp.

3.900%, 8/8/29

100,000‌

95

Marriott

International,

Inc.

5.500%, 4/15/37

1,400,000‌

1,400

Mitchells

&

Butlers

Finance

PLC

4.808%,

(SONIO

plus

0.569%), 12/15/30

GBP

§,∞

566,192‌

767

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Cyclical

continued

5.120%,

(US

SOFR

plus

0.712%), 12/15/30

§

102,944‌

98

6.469%, 9/15/32

GBP

§,∞

200,000‌

273

NCL

Corp.,

Ltd.

 144‌A

 144‌A

8.125%, 1/15/29

144A

550,000‌

580

Nissan

Motor

Acceptance

Corp.

 144‌A

 144‌A

2.000%, 3/9/26

144A

400,000‌

390

Nissan

Motor

Co.,

Ltd.

 144‌A

 144‌A

4.345%, 9/17/27

144A

3,500,000‌

3,360

QXO

Building

Products,

Inc.

 144‌A

 144‌A

6.750%, 4/30/32

144A

1,300,000‌

1,339

Renault

SA

2.375%, 5/25/26

EUR

§,∞

1,200,000‌

1,407

Sands

China,

Ltd.

2.300%, 3/8/27

400,000‌

384

3.250%, 8/8/31

1,100,000‌

971

3.800%, 1/8/26

1,700,000‌

1,691

5.900%, 8/8/28

450,000‌

453

Spirit

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A

4.100%, 10/1/29

1,325,174‌

1,216

Spirit

Loyalty

Cayman,

Ltd.

/

Spirit

IP

Cayman,

Ltd.

 144‌A

 144‌A

11.000%, 3/12/30

144A

488,739‌

349

Stellantis

Finance

US,

Inc.

 144‌A

 144‌A

5.750%, 3/18/30

144A

800,000‌

807

United

Airlines

Pass-Through

Trust,

Series

2014-1,

Class

A

4.000%, 10/11/27

455,303‌

451

United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

A

2.900%, 11/1/29

75,088‌

70

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A

5.875%, 4/15/29

1,152,738‌

1,176

United

Airlines

Pass-Through

Trust,

Series

2023-1,

Class

A

5.800%, 7/15/37

3,534,662‌

3,605

Viking

Cruises,

Ltd.

 144‌A

 144‌A

9.125%, 7/15/31

144A

425,000‌

458

Walgreens

Boots

Alliance,

Inc.

3.600%, 11/20/25

GBP

∞

900,000‌

1,221

8.125%, 8/15/29

1,250,000‌

1,326

Wynn

Macau,

Ltd.

 144‌A

 144‌A

5.500%, 1/15/26

144A

200,000‌

200

5.500%, 1/15/26

§

500,000‌

499

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

 144‌A

 144‌A

5.125%, 10/1/29

144A

800,000‌

794

6.250%, 3/15/33

144A

1,700,000‌

1,711

7.125%, 2/15/31

144A

1,000,000‌

1,067

ZF

Europe

Finance

BV

2.000%, 2/23/26

EUR

§,∞

2,000,000‌

2,319

ZF

Finance

GmbH

2.750%, 5/25/27

EUR

§,∞

1,500,000‌

1,687

3.750%, 9/21/28

EUR

§,∞

2,000,000‌

2,188

Total

56,248

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

118

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

(5.8%)

1261229

BC,

Ltd.

 144‌A

 144‌A

10.000%, 4/15/32

144A

575,000‌

580

Abertis

Infraestructuras

SA

3.375%, 11/27/26

GBP

§,∞

600,000‌

807

Amgen,

Inc.

5.650%, 3/2/53

1,000,000‌

976

Ashtead

Capital,

Inc.

 144‌A

 144‌A

5.800%, 4/15/34

144A

1,000,000‌

1,023

Bacardi,

Ltd.

 144‌A

 144‌A

4.700%, 5/15/28

144A

1,300,000‌

1,305

Bausch

&

Lomb

Corp.

 144‌A

 144‌A

8.375%, 10/1/28

144A

700,000‌

731

Bayer

US

Finance

LLC

 144‌A

 144‌A

6.125%, 11/21/26

144A

2,100,000‌

2,134

6.375%, 11/21/30

144A

400,000‌

425

Belron

UK

Finance

PLC

 144‌A

 144‌A

5.750%, 10/15/29

144A

500,000‌

504

Block,

Inc.

6.500%, 5/15/32

2,700,000‌

2,786

Boost

Newco

Borrower

LLC

 144‌A

 144‌A

7.500%, 1/15/31

144A

2,000,000‌

2,123

Boparan

Finance

PLC

 144‌A

 144‌A

9.375%, 11/7/29

144A

GBP

∞

1,200,000‌

1,707

Cencora,

Inc.

3.625%, 5/22/32

EUR

∞

875,000‌

1,040

Centene

Corp.

2.500%, 3/1/31

1,000,000‌

861

4.250%, 12/15/27

200,000‌

197

4.625%, 12/15/29

1,989,000‌

1,935

Cheplapharm

Arzneimittel

GmbH

7.500%, 5/15/30

EUR

§,∞

600,000‌

720

CHS

/

Community

Health

Systems,

Inc.

 144‌A

 144‌A

6.000%, 1/15/29

144A

700,000‌

673

10.875%, 1/15/32

144A

500,000‌

530

Constellation

Brands,

Inc.

3.700%, 12/6/26

200,000‌

198

Coty,

Inc.

/

HFC

Prestige

Products,

Inc.

/

HFC

Prestige

International

US

LLC

 144‌A

 144‌A

6.625%, 7/15/30

144A

2,300,000‌

2,353

CVS

Pass-Through

Trust

 144‌A

 144‌A

4.704%, 1/10/36

144A

304,005‌

291

5.926%, 1/10/34

144A

491,850‌

497

7.507%, 1/10/32

144A

46,444‌

49

DCLI

Bidco

LLC

 144‌A

 144‌A

7.750%, 11/15/29

144A

1,300,000‌

1,317

Elevance

Health,

Inc.

4.750%, 2/15/33

900,000‌

894

ELO

SACA

3.250%, 7/23/27

EUR

§,∞

1,000,000‌

1,134

4.875%, 12/8/28

EUR

§,∞

1,200,000‌

1,279

Flora

Food

Management

BV

 144‌A

 144‌A

6.875%, 7/2/29

144A

EUR

∞

200,000‌

239

6.875%, 7/2/29

EUR

§,∞

1,200,000‌

1,434

Global

Medical

Response,

Inc.

 144‌A

 144‌A

8.750%, 10/31/28

144A

Þ

1,262,677‌

1,263

HCA,

Inc.

4.625%, 3/15/52

300,000‌

241

5.200%, 6/1/28

1,750,000‌

1,788

5.250%, 3/1/30

1,200,000‌

1,230

5.450%, 4/1/31

1,200,000‌

1,237

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Consumer,

Non-cyclical

continued

IQVIA,

Inc.

5.700%, 5/15/28

1,700,000‌

1,743

6.250%, 6/1/32

144A

1,400,000‌

1,437

Kraft

Heinz

Foods

Co.

4.375%, 6/1/46

1,500,000‌

1,214

LifePoint

Health,

Inc.

 144‌A

 144‌A

11.000%, 10/15/30

144A

500,000‌

552

Market

Bidco

Finco

PLC

4.750%, 11/4/27

EUR

§,∞

1,698,000‌

1,990

Mars,

Inc.

 144‌A

 144‌A

5.000%, 3/1/32

144A

800,000‌

811

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

 144‌A

 144‌A

6.250%, 4/1/29

144A

2,000,000‌

2,055

Mundys

SpA

1.875%, 2/12/28

EUR

§,∞

4,800,000‌

5,466

Nexi

SpA

2.125%, 4/30/29

EUR

§,∞

3,525,000‌

3,953

Nidda

Healthcare

Holding

GmbH

5.625%, 2/21/30

EUR

§,∞

1,300,000‌

1,560

Opal

Bidco

SAS

 144‌A

 144‌A

5.500%, 3/31/32

144A

EUR

∞

1,200,000‌

1,442

Organon

&

Co.

/

Organon

Foreign

Debt

Co-

Issuer

BV

2.875%, 4/30/28

EUR

§,∞

2,800,000‌

3,216

4.125%, 4/30/28

144A

2,000,000‌

1,924

Perrigo

Finance

Unlimited

Co.

4.900%, 6/15/30

200,000‌

197

Picard

Groupe

SAS

6.375%, 7/1/29

EUR

§,∞

900,000‌

1,105

Post

Holdings,

Inc.

 144‌A

 144‌A

5.500%, 12/15/29

144A

1,700,000‌

1,692

Prime

Healthcare

Services

 144‌A

 144‌A

9.375%, 9/1/29

144A

725,000‌

720

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

 144‌A

 144‌A

3.375%, 8/31/27

144A

1,350,000‌

1,307

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

 144‌A

 144‌A

6.250%, 4/1/29

144A

1,600,000‌

1,611

Raven

Acquisition

Holdings

LLC

 144‌A

 144‌A

6.875%, 11/15/31

144A

2,300,000‌

2,300

Sartorius

Finance

BV

4.500%, 9/14/32

EUR

§,∞

2,000,000‌

2,468

Star

Parent,

Inc.

 144‌A

 144‌A

9.000%, 10/1/30

144A

1,300,000‌

1,367

Total

76,631

Diversified

(0.0%)

Clue

Opco

LLC

 144‌A

 144‌A

9.500%, 10/15/31

144A

350,000‌

371

Total

371

Energy

(8.1%)

Aris

Water

Holdings

LLC

 144‌A

 144‌A

7.250%, 4/1/30

144A

2,000,000‌

2,063

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

 144‌A

 144‌A

6.625%, 7/15/33

144A

1,400,000‌

1,420

Chord

Energy

Corp.

 144‌A

 144‌A

6.750%, 3/15/33

144A

1,300,000‌

1,328

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

119

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

 144‌A

 144‌A

5.500%, 6/15/31

144A

1,000,000‌

988

Diamondback

Energy,

Inc.

5.550%, 4/1/35

1,000,000‌

1,011

DT

Midstream,

Inc.

 144‌A

 144‌A

5.800%, 12/15/34

144A

1,400,000‌

1,426

Ecopetrol

SA

8.375%, 1/19/36

1,200,000‌

1,158

El

Paso

Natural

Gas

Co.

LLC

8.375%, 6/15/32

200,000‌

235

Enbridge,

Inc.

5.700%, 3/8/33

900,000‌

933

Energy

Transfer

LP

3.750%, 5/15/30

200,000‌

192

4.950%, 5/15/28

625,000‌

634

5.000%, 5/15/50

200,000‌

167

5.250%, 4/15/29

100,000‌

102

6.050%, 6/1/41

100,000‌

100

6.500%, 2/1/42

300,000‌

311

6.625%, 10/15/36

500,000‌

539

7.500%, 7/1/38

1,700,000‌

1,944

Eni

SpA

 144‌A

 144‌A

5.500%, 5/15/34

144A

1,300,000‌

1,310

EQT

Corp.

 144‌A

 144‌A

4.500%, 1/15/29

144A

1,387,000‌

1,370

Expand

Energy

Corp.

4.750%, 2/1/32

2,900,000‌

2,820

Flex

Intermediate

Holdco

LLC

 144‌A

 144‌A

3.363%, 6/30/31

144A

1,400,000‌

1,244

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

8.250%, 1/15/29

1,000,000‌

1,046

Greensaif

Pipelines

Bidco

SARL

 144‌A

 144‌A

5.853%, 2/23/36

144A

2,900,000‌

2,929

6.129%, 2/23/38

§

1,300,000‌

1,341

Harbour

Energy

PLC

 144‌A

 144‌A

6.327%, 4/1/35

144A

400,000‌

398

Howard

Midstream

Energy

Partners

LLC

 144‌A

 144‌A

8.875%, 7/15/28

144A

1,800,000‌

1,890

KazMunayGas

National

Co.

JSC

5.375%, 4/24/30

§

600,000‌

604

5.750%, 4/19/47

§

1,200,000‌

1,042

Kinder

Morgan

Energy

Partners

LP

6.550%, 9/15/40

2,382,000‌

2,547

Kinder

Morgan,

Inc.

7.750%, 1/15/32

1,216,000‌

1,404

Kraken

Oil

&

Gas

Partners

LLC

 144‌A

 144‌A

7.625%, 8/15/29

144A

1,400,000‌

1,375

Matador

Resources

Co.

 144‌A

 144‌A

6.250%, 4/15/33

144A

2,000,000‌

1,985

MPLX

LP

4.250%, 12/1/27

800,000‌

797

NGPL

PipeCo

LLC

 144‌A

 144‌A

7.768%, 12/15/37

144A

2,500,000‌

2,855

Noble

Finance

II

LLC

 144‌A

 144‌A

8.000%, 4/15/30

144A

2,300,000‌

2,342

NuStar

Logistics

LP

5.625%, 4/28/27

1,400,000‌

1,412

6.000%, 6/1/26

200,000‌

201

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Occidental

Petroleum

Corp.

5.200%, 8/1/29

1,000,000‌

1,003

5.375%, 1/1/32

1,200,000‌

1,190

ONEOK,

Inc.

5.050%, 11/1/34

975,000‌

949

Orlen

SA

 144‌A

 144‌A

6.000%, 1/30/35

144A

600,000‌

615

Permian

Resources

Operating

LLC

 144‌A

 144‌A

7.000%, 1/15/32

144A

925,000‌

959

Pertamina

Persero

PT

 144‌A

 144‌A

6.500%, 11/7/48

144A

4,300,000‌

4,410

Petroleos

de

Venezuela

SA

5.375%, 4/12/27

§,φ

6,666,000‌

824

5.500%, 4/12/37

§,φ

5,734,000‌

708

Petroleos

Mexicanos

2.750%, 4/21/27

EUR

§,∞

1,100,000‌

1,234

4.750%, 2/26/29

EUR

§,∞

3,000,000‌

3,374

5.625%, 1/23/46

378,000‌

251

5.950%, 1/28/31

2,400,000‌

2,170

6.350%, 2/12/48

1,700,000‌

1,184

6.625%, 6/15/35

3,700,000‌

3,118

6.625%, 6/15/38

2,000,000‌

1,563

6.700%, 2/16/32

536,000‌

498

6.750%, 9/21/47

2,900,000‌

2,100

7.690%, 1/23/50

2,580,000‌

2,029

Petrorio

Luxembourg

SARL

 144‌A

 144‌A

6.125%, 6/9/26

144A

200,000‌

200

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.900%, 2/15/45

1,100,000‌

936

6.650%, 1/15/37

277,000‌

299

QatarEnergy

LNG

S3

 144‌A

 144‌A

5.838%, 9/30/27

144A

1,080,080‌

1,099

Raizen

Fuels

Finance

SA

 144‌A

 144‌A

6.250%, 7/8/32

144A

1,200,000‌

1,191

Rio

Oil

Finance

Trust

9.750%, 1/6/27

§

135,444‌

140

Sabine

Pass

Liquefaction

LLC

4.500%, 5/15/30

700,000‌

699

Santos

Finance,

Ltd.

 144‌A

 144‌A

3.649%, 4/29/31

144A

700,000‌

652

Seadrill

Finance,

Ltd.

 144‌A

 144‌A

8.375%, 8/1/30

144A

1,500,000‌

1,528

Sitio

Royalties

Operating

Partnership

LP

/

Sitio

Finance

Corp.

 144‌A

 144‌A

7.875%, 11/1/28

144A

1,100,000‌

1,152

Southern

Gas

Corridor

CJSC

6.875%, 3/24/26

§

1,100,000‌

1,113

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

 144‌A

 144‌A

5.500%, 1/15/28

144A

1,625,000‌

1,615

TGS

ASA

 144‌A

 144‌A

8.500%, 1/15/30

144A

1,000,000‌

1,032

Tidewater,

Inc.

 144‌A

 144‌A

9.125%, 7/15/30

144A

1,200,000‌

1,235

Transocean

Aquila,

Ltd.

 144‌A

 144‌A

8.000%, 9/30/28

144A

896,923‌

904

Valaris,

Ltd.

 144‌A

 144‌A

8.375%, 4/30/30

144A

1,000,000‌

1,026

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

120

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Energy

continued

Venture

Global

Calcasieu

Pass

LLC

 144‌A

 144‌A

3.875%, 8/15/29

144A

2,700,000‌

2,545

3.875%, 11/1/33

144A

1,600,000‌

1,399

Venture

Global

LNG,

Inc.

 144‌A

 144‌A

7.000%, 1/15/30

144A

2,200,000‌

2,224

8.375%, 6/1/31

144A

2,700,000‌

2,804

9.500%, 2/1/29

144A

2,000,000‌

2,179

Venture

Global

Plaquemines

LNG

LLC

 144‌A

 144‌A

6.500%, 1/15/34

144A

1,500,000‌

1,500

Viridien

 144‌A

 144‌A

8.500%, 10/15/30

144A

EUR

∞

1,000,000‌

1,163

Vital

Energy,

Inc.

 144‌A

 144‌A

7.875%, 4/15/32

144A

450,000‌

385

Woodside

Finance,

Ltd.

5.100%, 9/12/34

2,100,000‌

2,033

Yinson

Boronia

Production

BV

 144‌A

 144‌A

8.947%, 7/31/42

144A

2,403,612‌

2,558

8.947%, 7/31/42

§

594,708‌

633

Total

107,886

Financial

(12.3%)

Abu

Dhabi

Development

Holding

Co.

PJSC

 144‌A

 144‌A

5.375%, 5/8/29

144A

1,900,000‌

1,956

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.650%, 7/21/27

500,000‌

492

4.625%, 10/15/27

500,000‌

502

Aircastle,

Ltd.

 144‌A

 144‌A

5.250%, 8/11/25

144A

2,400,000‌

2,400

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

 144‌A

 144‌A

7.000%, 1/15/31

144A

1,200,000‌

1,241

Ally

Financial,

Inc.

6.848%,

(US

SOFR

plus

2.820%), 1/3/30

α

1,000,000‌

1,056

8.000%, 11/1/31

3,271,000‌

3,724

American

Tower

Corp.

5.900%, 11/15/33

2,500,000‌

2,638

Antares

Holdings

LP

 144‌A

 144‌A

2.750%, 1/15/27

144A

250,000‌

240

Ares

Capital

Corp.

2.875%, 6/15/28

1,200,000‌

1,131

Ares

Strategic

Income

Fund

6.200%, 3/21/32

1,400,000‌

1,404

Arthur

J.

Gallagher

&

Co.

5.150%, 2/15/35

1,600,000‌

1,601

Athene

Global

Funding

 144‌A

 144‌A

5.339%, 1/15/27

144A

1,500,000‌

1,518

Avolon

Holdings

Funding,

Ltd.

 144‌A

 144‌A

2.528%, 11/18/27

144A

1,073,000‌

1,020

Banca

Monte

dei

Paschi

di

Siena

SpA

1.875%, 1/9/26

EUR

§,∞

300,000‌

352

7.708%,

(EURIBOR

ICE

5

Year

Swap

Rate

plus

5.005%), 1/18/28

EUR

§,∞,α

3,800,000‌

4,896

8.500%,

(5

Year

EUR

Annual

Swap

Rate

plus

8.917%), 9/10/30

EUR

§,∞,α

800,000‌

951

Banco

Bilbao

Vizcaya

Argentaria

SA

 α

6.138%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

2.700%), 9/14/28

α

900,000‌

931

Banco

BTG

Pactual

SA

 144‌A

 144‌A

6.250%, 4/8/29

144A

1,500,000‌

1,542

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Banco

do

Brasil

SA

8.500%, 7/29/26

MXN

§,∞

22,000,000‌

1,173

Banco

Votorantim

SA

 144‌A

 144‌A

5.875%, 4/8/28

144A

1,575,000‌

1,597

Bank

of

America

Corp.

5.288%,

(US

SOFR

plus

1.910%), 4/25/34

α

1,900,000‌

1,938

5.468%,

(US

SOFR

plus

1.650%), 1/23/35

α

1,900,000‌

1,952

5.511%,

(US

SOFR

plus

1.310%), 1/24/36

α

1,800,000‌

1,851

Barclays

PLC

5.501%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

2.650%), 8/9/28

α

2,350,000‌

2,397

6.125%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

5.867%), 12/15/25

µ,α,Ψ

500,000‌

500

7.437%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

3.500%), 11/2/33

α

500,000‌

567

Blue

Owl

Finance

LLC

6.250%, 4/18/34

1,200,000‌

1,235

BNP

Paribas

SA

 144‌A

 144‌A

1.904%,

(US

SOFR

plus

1.609%), 9/30/28

144A

α

1,300,000‌

1,227

5.497%,

(US

SOFR

plus

1.590%), 5/20/30

144A

α

1,100,000‌

1,130

5.786%,

(US

SOFR

plus

1.620%), 1/13/33

144A

α

1,300,000‌

1,352

BPCE

SA

 144‌A

,α

 144‌A

5.936%,

(US

SOFR

plus

1.850%), 5/30/35

144A

α

2,000,000‌

2,049

Brandywine

Operating

Partnership

LP

8.875%, 4/12/29

25,000‌

27

CaixaBank

SA

 144‌A

,α

 144‌A

5.673%,

(US

SOFR

plus

1.780%), 3/15/30

144A

α

1,300,000‌

1,344

Cantor

Fitzgerald

LP

 144‌A

 144‌A

7.200%, 12/12/28

144A

1,200,000‌

1,274

Chubb

INA

Holdings,

Inc.

0.875%, 6/15/27

EUR

∞

200,000‌

229

CI

Financial

Corp.

 144‌A

 144‌A

7.500%, 5/30/29

144A

1,100,000‌

1,161

CIMA

Finance

DAC

2.950%, 9/5/29

§

853,059‌

780

Citadel

LP

NA

 144‌A

 144‌A

6.375%, 1/23/32

144A

1,200,000‌

1,253

Corestate

Capital

Holding

SA

10.000%, 12/31/26

EUR

∞,Þ

232,786‌

241

Credicorp

Capital

Sociedad

Titulizadora

SA

 144‌A

 144‌A

10.100%, 12/15/43

144A

PEN

§,∞

13,000,000‌

3,872

Credit

Acceptance

Corp.

 144‌A

 144‌A

9.250%, 12/15/28

144A

1,200,000‌

1,270

Credit

Agricole

SA

 144‌A

,α

 144‌A

4.631%,

(US

SOFR

plus

1.210%), 9/11/28

144A

α

1,300,000‌

1,302

Crown

Castle,

Inc.

2.100%, 4/1/31

1,700,000‌

1,459

DAE

Sukuk

DIFC,

Ltd.

 144‌A

 144‌A

3.750%, 2/15/26

144A

1,000,000‌

992

Deutsche

Bank

AG

3.729%,

(US

SOFR

plus

2.757%), 1/14/32

α

1,550,000‌

1,420

5.882%,

(US

SOFR

plus

5.438%), 7/8/31

α

300,000‌

308

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

121

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

DrillCo

Holding

Lux

SA

7.500%, 6/15/30

§

677,407‌

644

Encore

Capital

Group,

Inc.

 144‌A

 144‌A

8.500%, 5/15/30

144A

700,000‌

751

9.250%, 4/1/29

144A

1,200,000‌

1,276

Fairfax

Financial

Holdings,

Ltd.

2.750%, 3/29/28

EUR

§,∞

1,700,000‌

1,991

Fidelity

National

Financial,

Inc.

3.400%, 6/15/30

200,000‌

187

Freedom

Mortgage

Corp.

 144‌A

 144‌A

6.625%, 1/15/27

144A

500,000‌

501

7.625%, 5/1/26

144A

2,100,000‌

2,101

12.000%, 10/1/28

144A

1,000,000‌

1,075

Freedom

Mortgage

Holdings

LLC

 144‌A

 144‌A

8.375%, 4/1/32

144A

850,000‌

859

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.750%, 6/1/28

400,000‌

410

goeasy,

Ltd.

 144‌A

 144‌A

6.875%, 5/15/30

144A

1,300,000‌

1,307

9.250%, 12/1/28

144A

1,100,000‌

1,164

The

Goldman

Sachs

Group,

Inc.

5.016%,

(US

SOFR

plus

1.420%), 10/23/35

α

1,200,000‌

1,186

5.330%,

(US

SOFR

plus

1.550%), 7/23/35

α

200,000‌

202

5.851%,

(US

SOFR

plus

1.552%), 4/25/35

α

2,500,000‌

2,622

6.484%,

(US

SOFR

plus

1.770%), 10/24/29

α

200,000‌

212

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

 144‌A

 144‌A

8.000%, 6/15/27

144A

608,000‌

633

HSBC

Holdings

PLC

 α

3.973%,

(US

SOFR

3

Month

plus

1.872%), 5/22/30

α

1,450,000‌

1,412

ING

Groep

NV

 α,Ψ

5.750%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

4.342%), 11/16/26

µ,α,Ψ

1,800,000‌

1,790

Intesa

Sanpaolo

SpA

 144‌A

 144‌A

4.000%, 9/23/29

144A

200,000‌

195

5.500%,

(5

Year

EUR

Annual

Swap

Rate

plus

5.848%), 3/1/28

EUR

§,µ,∞,α,Ψ

1,025,000‌

1,233

5.875%,

(5

Year

EUR

Annual

Swap

Rate

plus

6.086%), 9/1/31

EUR

§,µ,∞,α,Ψ

450,000‌

548

Jane

Street

Group

/

JSG

Finance,

Inc.

 144‌A

 144‌A

6.125%, 11/1/32

144A

1,600,000‌

1,615

7.125%, 4/30/31

144A

1,900,000‌

1,999

JPMorgan

Chase

&

Co.

5.294%,

(US

SOFR

plus

1.460%), 7/22/35

α

2,000,000‌

2,035

5.336%,

(US

SOFR

plus

1.620%), 1/23/35

α

1,300,000‌

1,331

5.581%,

(US

SOFR

plus

1.160%), 4/22/30

α

1,200,000‌

1,246

Kaisa

Group

Holdings,

Ltd.

10.500%, 1/15/25

§,φ

200,000‌

9

11.250%, 4/16/25

§,φ

1,200,000‌

51

11.650%, 6/1/26

§,φ

400,000‌

17

Kennedy

Wilson,

Inc.

4.750%, 2/1/30

1,800,000‌

1,649

Ladder

Capital

Finance

LLLP

/

Ladder

Capital

Finance

Corp.

 144‌A

 144‌A

7.000%, 7/15/31

144A

1,300,000‌

1,359

Lazard

Group

LLC

6.000%, 3/15/31

1,200,000‌

1,260

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Lloyds

Banking

Group

PLC

 α

4.976%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

2.300%), 8/11/33

α

200,000‌

198

Logicor

Financing

SARL

3.250%, 11/13/28

EUR

§,∞

600,000‌

707

Marsh

&

McLennan

Cos.,

Inc.

1.349%, 9/21/26

EUR

∞

100,000‌

116

Mitsubishi

UFJ

Financial

Group,

Inc.

 α

5.574%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

0.950%), 1/16/36

α

1,500,000‌

1,541

Mizuho

Financial

Group,

Inc.

 α

5.594%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.300%), 7/10/35

α

1,500,000‌

1,544

Morgan

Stanley

4.654%,

(US

SOFR

plus

1.100%), 10/18/30

α

1,800,000‌

1,803

5.320%,

(US

SOFR

plus

1.555%), 7/19/35

α

1,800,000‌

1,822

5.466%,

(US

SOFR

plus

1.730%), 1/18/35

α

2,000,000‌

2,046

Nationstar

Mortgage

Holdings,

Inc.

 144‌A

 144‌A

7.125%, 2/1/32

144A

1,300,000‌

1,350

NatWest

Group

PLC

 α,Ψ

6.000%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

5.625%), 12/29/25

µ,α,Ψ

500,000‌

499

Newmark

Group,

Inc.

7.500%, 1/12/29

1,200,000‌

1,269

Nomura

Holdings,

Inc.

5.594%, 7/2/27

1,000,000‌

1,022

OneMain

Finance

Corp.

3.500%, 1/15/27

1,100,000‌

1,077

4.000%, 9/15/30

700,000‌

646

6.625%, 5/15/29

2,000,000‌

2,054

Panama

Infrastructure

Receivable

Purchaser

PLC

 144‌A

 144‌A

0.000%, 4/5/32

144A

PO

2,900,000‌

2,059

Panther

Escrow

Issuer

LLC

 144‌A

 144‌A

7.125%, 6/1/31

144A

1,800,000‌

1,870

PennyMac

Financial

Services,

Inc.

 144‌A

 144‌A

7.875%, 12/15/29

144A

1,800,000‌

1,911

PRA

Group,

Inc.

 144‌A

 144‌A

8.375%, 2/1/28

144A

1,300,000‌

1,334

RLJ

Lodging

Trust

LP

 144‌A

 144‌A

3.750%, 7/1/26

144A

200,000‌

198

Rocket

Companies,

Inc.

 144‌A

 144‌A

6.125%, 8/1/30

144A

900,000‌

917

Sammons

Financial

Group,

Inc.

 144‌A

 144‌A

6.875%, 4/15/34

144A

1,500,000‌

1,606

Santander

UK

Group

Holdings

PLC

2.896%,

(US

SOFR

plus

1.475%), 3/15/32

α

800,000‌

714

3.823%,

(ICE

LIBOR

USD

3

Month

plus

1.400%), 11/3/28

α

3,475,000‌

3,405

Sberbank

of

Russia

Via

SB

Capital

SA

 Ψ

5.250%, 5/23/23

§,Æ,φ,Ψ

4,500,000‌

225

Sixth

Street

Lending

Partners

5.750%, 1/15/30

1,200,000‌

1,203

Starwood

Property

Trust,

Inc.

 144‌A

 144‌A

6.000%, 4/15/30

144A

1,175,000‌

1,188

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

122

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Financial

continued

Sumitomo

Mitsui

Financial

Group,

Inc.

5.424%, 7/9/31

1,900,000‌

1,972

Synchrony

Financial

 α

5.450%,

(US

SOFR

plus

1.680%), 3/6/31

α

475,000‌

479

Tesco

Property

Finance

3

PLC

5.744%, 4/13/40

GBP

§,∞

86,768‌

119

Tesco

Property

Finance

6

PLC

5.411%, 7/13/44

GBP

§,∞

2,413,192‌

3,184

Titanium

2L

Bondco

SARL

6.250%, 1/14/31

EUR

∞

8,785,200‌

3,023

Trust

Fibra

Uno

 144‌A

 144‌A

6.390%, 1/15/50

144A

100,000‌

84

7.375%, 2/13/34

144A

1,200,000‌

1,221

Turkiye

Is

Bankasi

AS,

Series

2024-H

7.962%,

(US

SOFR

3

Month

plus

2.910%), 11/15/34

Æ,δ

1,250,000‌

1,250

UBS

Group

AG

 144‌A

 144‌A

5.428%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.520%), 2/8/30

144A

α

1,200,000‌

1,232

5.699%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.770%), 2/8/35

144A

α

1,300,000‌

1,350

6.327%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.600%), 12/22/27

144A

α

850,000‌

873

UniCredit

SpA

 144‌A

,α

 144‌A

7.296%,

(USD

5

Year

Swap

Rate

plus

4.914%), 4/2/34

144A

α

3,700,000‌

3,914

VakifBank

DPR,

Series

2025-E,

Class

4A2

6.833%, 3/15/35

Æ,δ

2,000,000‌

1,961

VFH

Parent

LLC

/

Valor

Co-Issuer,

Inc.

 144‌A

 144‌A

7.500%, 6/15/31

144A

900,000‌

944

VICI

Properties,

Inc.

5.750%, 4/1/34

2,600,000‌

2,658

Wells

Fargo

&

Co.

4.808%,

(US

SOFR

plus

1.980%), 7/25/28

α

700,000‌

706

5.574%,

(US

SOFR

plus

1.740%), 7/25/29

α

1,500,000‌

1,549

5.707%,

(US

SOFR

plus

1.070%), 4/22/28

α

1,500,000‌

1,533

Weyerhaeuser

Co.

7.375%, 3/15/32

424,000‌

479

Yango

Justice

International,

Ltd.

7.500%, 4/15/24

§,φ

4,200,000‌

2

7.875%, 9/4/24

§,φ

600,000‌

–π

Total

163,222

Industrial

(3.5%)

Axon

Enterprise,

Inc.

 144‌A

 144‌A

6.250%, 3/15/33

144A

950,000‌

978

Berry

Global,

Inc.

1.570%, 1/15/26

100,000‌

98

The

Boeing

Co.

3.950%, 8/1/59

2,000,000‌

1,367

5.150%, 5/1/30

2,400,000‌

2,443

6.858%, 5/1/54

2,000,000‌

2,189

Builders

FirstSource,

Inc.

 144‌A

 144‌A

4.250%, 2/1/32

144A

1,500,000‌

1,390

6.750%, 5/15/35

144A

900,000‌

927

Clydesdale

Acquisition

Holdings,

Inc.

 144‌A

 144‌A

6.750%, 4/15/32

144A

1,700,000‌

1,745

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Industrial

continued

CMA

CGM

SA

 144‌A

 144‌A

5.000%, 1/15/31

144A

EUR

∞

975,000‌

1,148

DAE

Funding

LLC

 144‌A

 144‌A

3.375%, 3/20/28

144A

700,000‌

672

3.375%, 3/20/28

§

200,000‌

192

Efesto

Bidco

SpA

/

Efesto

US

LLC

 144‌A

 144‌A

7.500%, 2/15/32

144A

1,400,000‌

1,418

Empresa

de

Transporte

de

Pasajeros

Metro

SA

4.700%, 5/7/50

§

1,400,000‌

1,127

ESAB

Corp.

 144‌A

 144‌A

6.250%, 4/15/29

144A

1,200,000‌

1,229

Flex,

Ltd.

3.750%, 2/1/26

700,000‌

695

Fortress

Transportation

&

Infrastructure

Investors

LLC

 144‌A

 144‌A

5.500%, 5/1/28

144A

400,000‌

398

7.000%, 5/1/31

144A

4,400,000‌

4,556

GE

Capital

UK

Funding

Unlimited

Co.

5.875%, 1/18/33

GBP

∞

800,000‌

1,151

Imola

Merger

Corp.

 144‌A

 144‌A

4.750%, 5/15/29

144A

1,775,000‌

1,714

Intelligent

Packaging,

Ltd.

Finco,

Inc.

/

Intelligent

Packaging,

Ltd.

Co-Issuer

LLC

 144‌A

 144‌A

6.000%, 9/15/28

144A

1,375,000‌

1,375

International

Distribution

Services

PLC

7.375%, 9/14/30

GBP

§,∞

1,000,000‌

1,440

Lima

Metro

Line

2

Finance,

Ltd.

 144‌A

 144‌A

5.875%, 7/5/34

144A

238,596‌

242

Quikrete

Holdings,

Inc.

 144‌A

 144‌A

6.375%, 3/1/32

144A

2,400,000‌

2,468

Rolls-Royce

PLC

 144‌A

 144‌A

5.750%, 10/15/27

144A

1,400,000‌

1,437

SMBC

Aviation

Capital

Finance

DAC

 144‌A

 144‌A

2.300%, 6/15/28

144A

200,000‌

187

Spirit

Aerosystems,

Inc.

 144‌A

 144‌A

9.375%, 11/30/29

144A

100,000‌

106

9.750%, 11/15/30

144A

1,500,000‌

1,654

Standard

Industries,

Inc.

2.250%, 11/21/26

EUR

§,∞

2,600,000‌

3,025

TopBuild

Corp.

 144‌A

 144‌A

3.625%, 3/15/29

144A

1,400,000‌

1,324

Toucan

FinCo,

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

 144‌A

 144‌A

9.500%, 5/15/30

144A

1,200,000‌

1,227

TransDigm,

Inc.

 144‌A

 144‌A

6.000%, 1/15/33

144A

1,700,000‌

1,709

7.125%, 12/1/31

144A

1,600,000‌

1,676

Vallourec

SACA

 144‌A

 144‌A

7.500%, 4/15/32

144A

1,300,000‌

1,363

XPO,

Inc.

 144‌A

 144‌A

6.250%, 6/1/28

144A

1,200,000‌

1,218

Total

45,888

Technology

(1.9%)

Booz

Allen

Hamilton,

Inc.

 144‌A

 144‌A

3.875%, 9/1/28

144A

1,200,000‌

1,160

Broadcom,

Inc.

 144‌A

 144‌A

2.450%, 2/15/31

144A

700,000‌

626

3.137%, 11/15/35

144A

3,100,000‌

2,615

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

123

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Technology

continued

CDW

LLC

/

CDW

Finance

Corp.

5.550%, 8/22/34

1,300,000‌

1,296

Cloud

Software

Group,

Inc.

 144‌A

 144‌A

8.250%, 6/30/32

144A

1,300,000‌

1,384

Crowdstrike

Holdings,

Inc.

3.000%, 2/15/29

1,275,000‌

1,205

Dell

International

LLC

/

EMC

Corp.

5.300%, 10/1/29

1,800,000‌

1,852

8.100%, 7/15/36

162,000‌

195

Gartner,

Inc.

 144‌A

 144‌A

3.750%, 10/1/30

144A

1,400,000‌

1,310

IPD

3

BV

5.350%,

(EURIBOR

3

Month

ACT/360

plus

3.375%), 6/15/31

EUR

§,∞

1,700,000‌

2,000

Marvell

Technology,

Inc.

5.750%, 2/15/29

1,300,000‌

1,353

NCR

Atleos

Corp.

 144‌A

 144‌A

9.500%, 4/1/29

144A

375,000‌

411

NXP

BV

/

NXP

Funding

LLC

5.350%, 3/1/26

1,600,000‌

1,608

Oracle

Corp.

3.850%, 4/1/60

1,200,000‌

827

Seagate

HDD

Cayman

4.125%, 1/15/31

650,000‌

596

9.625%, 12/1/32

920,000‌

1,037

TeamSystem

SpA

 144‌A

 144‌A

5.000%, 7/1/31

144A

EUR

∞

1,100,000‌

1,295

Ubisoft

Entertainment

SA

0.878%, 11/24/27

EUR

§,∞

800,000‌

848

UKG,

Inc.

 144‌A

 144‌A

6.875%, 2/1/31

144A

2,800,000‌

2,905

VMware

LLC

4.650%, 5/15/27

475,000‌

478

4.700%, 5/15/30

100,000‌

100

Total

25,101

Utilities

(2.9%)

Chile

Electricity

Lux

MPC

SARL

 144‌A

 144‌A

5.672%, 10/20/35

144A

1,100,000‌

1,108

6.010%, 1/20/33

144A

1,023,000‌

1,059

Constellation

Energy

Generation

LLC

6.500%, 10/1/53

1,000,000‌

1,073

ContourGlobal

Power

Holdings

SA

 144‌A

 144‌A

6.750%, 2/28/30

144A

700,000‌

721

Duke

Energy

Corp.

3.750%, 4/1/31

EUR

∞

2,100,000‌

2,511

Edison

International

5.750%, 6/15/27

600,000‌

604

Electricite

de

France

SA

 144‌A

 144‌A

5.750%, 1/13/35

144A

1,500,000‌

1,532

6.000%, 4/22/64

144A

1,300,000‌

1,231

6.250%, 5/23/33

144A

700,000‌

750

9.125%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

year

plus

5.411%), 6/15/33

144A

µ,α

1,500,000‌

1,692

Georgia

Power

Co.

5.250%, 3/15/34

1,200,000‌

1,224

Monongahela

Power

Co.

 144‌A

 144‌A

5.850%, 2/15/34

144A

900,000‌

936

Nakilat,

Inc.

6.067%, 12/31/33

§

737,120‌

769

Corporate

Bonds

(42.8%)

Shares/

Par

+

Value

$

(000’s)

Utilities

continued

6.267%, 12/31/33

144A

372,946‌

390

Niagara

Energy

SAC

 144‌A

 144‌A

5.746%, 10/3/34

144A

1,500,000‌

1,485

NPC

Ukrenergo

6.875%, 11/9/28

§,φ

200,000‌

161

Pacific

Gas

&

Electric

Co.

2.100%, 8/1/27

100,000‌

95

2.500%, 2/1/31

100,000‌

87

2.950%, 3/1/26

100,000‌

99

3.150%, 1/1/26

1,600,000‌

1,585

3.300%, 3/15/27

200,000‌

195

3.300%, 12/1/27

800,000‌

774

3.300%, 8/1/40

2,700,000‌

1,932

3.450%, 7/1/25

300,000‌

300

3.750%, 7/1/28

100,000‌

97

4.200%, 6/1/41

100,000‌

77

4.250%, 3/15/46

100,000‌

74

4.450%, 4/15/42

300,000‌

238

4.550%, 7/1/30

500,000‌

488

5.700%, 3/1/35

1,500,000‌

1,486

PacifiCorp

5.450%, 2/15/34

2,200,000‌

2,231

Perusahaan

Listrik

Negara

PT

 144‌A

 144‌A

3.000%, 6/30/30

144A

1,500,000‌

1,381

6.150%, 5/21/48

§

3,300,000‌

3,214

Southern

California

Edison

Co.

5.200%, 6/1/34

1,100,000‌

1,067

5.650%, 10/1/28

1,250,000‌

1,280

Southern

California

Gas

Co.

5.050%, 9/1/34

1,400,000‌

1,409

Thames

Water

Super

Senior

Issuer

PLC

 144‌A

 144‌A

9.750%, 10/10/27

144A

GBP

∞

63,493‌

96

Thames

Water

Utilities

Finance

PLC

5.500%, 2/11/43

GBP

§,∞

1,225,000‌

1,108

Thames

Water

Utilities,

Ltd.

 144‌A

 144‌A

0.000%, 3/22/27

144A

GBP

PO∞

9,188‌

10

Tierra

Mojada

Luxembourg

II

SARL

5.750%, 12/1/40

§

1,746,345‌

1,650

Virginia

Electric

&

Power

Co.

5.000%, 1/15/34

400,000‌

400

Total

38,619

Total

Corporate

Bonds

(Cost: $594,681)

567,594

Governments

(

22.5%

)

Governments

(22.5%)

Abu

Dhabi

Government

International

Bond

144A

144A

2.700%, 9/2/70

144A

3,700,000‌

1,985

2.700%, 9/2/70

 §

900,000‌

483

3.125%, 9/30/49

 §

7,500,000‌

5,099

3.875%, 4/16/50

 §

1,500,000‌

1,165

Angolan

Government

International

Bond

8.000%, 11/26/29

 §

1,200,000‌

1,086

9.125%, 11/26/49

 §

1,600,000‌

1,239

Argentine

Republic

Government

International

Bond

1.000%, 7/9/29

364,910‌

304

1.750%, 7/9/30

704,754‌

559

4.875%, 7/9/41

14,493,196‌

8,993

5.000%, 7/9/35

5,922,164‌

3,974

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

124

Governments

(22.5%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

Australian

Government

4.250%, 4/21/26

AUD

 §,∞

2,400,000‌

1,591

Avenir

Issuer

IV

Ireland

DAC

6.000%, 10/25/27

 §

2,164,066‌

2,019

Bank

Gospodarstwa

Krajowego

144A

144A

5.750%, 7/9/34

144A

2,200,000‌

2,263

Banque

Ouest

Africaine

de

Developpement

144A

144A

2.750%, 1/22/33

144A

EUR

 ∞

500,000‌

493

Benin

Government

International

Bond

6.875%, 1/19/52

EUR

 §,∞

400,000‌

393

7.960%, 2/13/38

144A

2,000,000‌

1,895

Brazilian

Government

International

Bond

5.000%, 1/27/45

1,000,000‌

760

6.125%, 3/15/34

3,400,000‌

3,364

7.125%, 5/13/54

2,250,000‌

2,152

Colombia

Government

International

Bond

4.500%, 3/15/29

3,800,000‌

3,603

5.000%, 6/15/45

6,000,000‌

4,043

5.200%, 5/15/49

200,000‌

134

8.000%, 11/14/35

1,000,000‌

1,004

8.500%, 4/25/35

900,000‌

934

Costa

Rica

Government

International

Bond

144A

144A

7.300%, 11/13/54

144A

800,000‌

828

Dominican

Republic

International

Bond

144A

144A

4.875%, 9/23/32

144A

550,000‌

507

4.875%, 9/23/32

 §

1,700,000‌

1,568

6.500%, 2/15/48

144A

2,800,000‌

2,647

6.500%, 2/15/48

 §

1,000,000‌

945

Ecuador

Government

International

Bond

144A

144A

0.000%, 7/31/30

144A

PO 

323,958‌

235

5.000%, 7/31/40

144A

1,225,800‌

770

5.500%, 7/31/35

144A

2,165,874‌

1,574

5.500%, 7/31/35

 §

2,961,000‌

2,151

6.900%, 7/31/30

 §

700,000‌

607

Egypt

Government

International

Bond

6.375%, 4/11/31

EUR

 §,∞

6,550,000‌

7,146

7.500%, 2/16/61

144A

1,900,000‌

1,383

7.500%, 2/16/61

 §

800,000‌

582

8.625%, 2/4/30

144A

1,800,000‌

1,818

El

Salvador

Government

International

Bond

144A

144A

9.250%, 4/17/30

144A

1,325,000‌

1,401

9.650%, 11/21/54

144A

1,000,000‌

1,027

European

Union

3.000%, 12/4/34

EUR

 §,∞

13,100,000‌

15,461

Federal

Republic

of

Nigeria

7.625%, 11/28/47

 §

700,000‌

555

7.696%, 2/23/38

 §

600,000‌

520

7.875%, 2/16/32

 §

2,800,000‌

2,654

9.625%, 6/9/31

144A

800,000‌

836

Ghana

Government

International

Bond

144A

144A

0.000%, 1/3/30

144A

PO 

311,062‌

260

0.000%, 7/3/26

144A

PO 

139,200‌

135

5.000%, 7/3/35

144A

2,018,400‌

1,568

5.000%, 7/3/29

144A

1,403,600‌

1,314

6.000%, 7/3/29

 §

1,000,000‌

936

Guatemala

Government

Bond

144A

144A

6.050%, 8/6/31

144A

1,200,000‌

1,220

6.600%, 6/13/36

144A

1,700,000‌

1,723

Hungary

Government

International

Bond

5.375%, 9/12/33

EUR

 §,∞

4,400,000‌

5,582

Governments

(22.5%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

5.500%, 3/26/36

144A

1,400,000‌

1,350

6.125%, 5/22/28

144A

1,200,000‌

1,239

Israel

Government

International

Bond

1.750%, 8/31/25

ILS

 ∞

7,200,000‌

2,159

5.625%, 2/19/35

1,700,000‌

1,728

Ivory

Coast

Government

International

Bond

5.250%, 3/22/30

EUR

 §,∞

500,000‌

562

5.875%, 10/17/31

144A

EUR

 ∞

300,000‌

334

6.625%, 3/22/48

144A

EUR

 ∞

900,000‌

826

6.625%, 3/22/48

EUR

 §,∞

800,000‌

734

6.875%, 10/17/40

144A

EUR

 ∞

400,000‌

400

6.875%, 10/17/40

EUR

 §,∞

100,000‌

100

8.075%, 4/1/36

 §

1,200,000‌

1,155

Kenya

Government

International

Bond

144A

144A

9.500%, 3/5/36

144A

1,800,000‌

1,693

9.750%, 2/16/31

144A

1,400,000‌

1,419

Kingdom

of

Jordan

144A

144A

4.950%, 7/7/25

144A

300,000‌

300

5.850%, 7/7/30

144A

400,000‌

385

7.500%, 1/13/29

144A

800,000‌

821

Lebanon

Government

International

Bond

6.000%, 1/27/49

 §,φ

1,750,000‌

328

6.100%, 10/4/49

 §,φ

1,800,000‌

337

6.850%, 3/23/27

 §,φ

1,750,000‌

328

Mexican

Udibonos

4.000%, 8/24/34

MXN

 ∞

57,125,692‌

2,827

Morocco

Government

International

Bond

144A

144A

4.000%, 12/15/50

144A

500,000‌

340

5.500%, 12/11/42

 §

800,000‌

714

North

Macedonia

144A

144A

3.675%, 6/3/26

144A

EUR

 ∞

500,000‌

589

Oman

Government

International

Bond

6.000%, 8/1/29

 §

900,000‌

942

6.250%, 1/25/31

144A

2,300,000‌

2,443

6.500%, 3/8/47

 §

500,000‌

506

6.750%, 1/17/48

 §

1,100,000‌

1,135

Panama

Government

International

Bond

4.500%, 4/16/50

1,300,000‌

877

6.700%, 1/26/36

1,900,000‌

1,887

6.853%, 3/28/54

3,800,000‌

3,477

7.500%, 3/1/31

2,900,000‌

3,086

8.125%, 4/28/34

100,000‌

107

RAK

Capital

5.000%, 3/12/35

 §

825,000‌

836

Republic

of

Cameroon

International

Bond

5.950%, 7/7/32

EUR

 §,∞

1,000,000‌

920

9.500%, 7/31/31

 §

900,000‌

839

Republic

of

Indonesia

3.650%, 9/10/32

EUR

 ∞

1,400,000‌

1,660

Republic

of

Pakistan

6.000%, 4/8/26

 §

2,400,000‌

2,360

7.375%, 4/8/31

 §

700,000‌

622

Republic

of

Paraguay

5.600%, 3/13/48

 §

600,000‌

532

6.000%, 2/9/36

 §

1,300,000‌

1,320

6.100%, 8/11/44

 §

300,000‌

287

Republic

of

Peru

3.300%, 3/11/41

2,700,000‌

2,000

6.900%, 8/12/37

144A

PEN

 ∞

5,500,000‌

1,575

7.300%, 8/12/33

144A

PEN

 §,∞

2,300,000‌

706

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

125

Governments

(22.5%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

Republic

of

Poland

Government

International

Bond

5.125%, 9/18/34

2,900,000‌

2,911

5.500%, 3/18/54

1,000,000‌

927

Republic

of

South

Africa

Government

International

Bond

4.850%, 9/30/29

1,200,000‌

1,157

4.875%, 4/14/26

600,000‌

596

5.000%, 10/12/46

500,000‌

349

5.750%, 9/30/49

2,100,000‌

1,577

7.950%, 11/19/54

144A

1,100,000‌

1,049

8.000%, 1/31/30

ZAR

 ∞

17,700,000‌

983

8.875%, 2/28/35

ZAR

 ∞

110,400,000‌

5,829

Republic

of

Uzbekistan

International

Bond

144A

144A

5.375%, 5/29/27

144A

EUR

 ∞

700,000‌

845

Romanian

Government

International

Bond

144A

144A

2.000%, 4/14/33

144A

EUR

 ∞

1,400,000‌

1,263

5.250%, 5/30/32

144A

EUR

 ∞

1,000,000‌

1,161

5.625%, 2/22/36

144A

EUR

 ∞

550,000‌

617

6.375%, 9/18/33

144A

EUR

 ∞

2,500,000‌

3,032

Saudi

Government

International

Bond

144A

144A

3.375%, 3/5/32

144A

EUR

 ∞

2,850,000‌

3,345

4.500%, 10/26/46

 §

9,300,000‌

7,652

5.000%, 1/16/34

144A

10,000,000‌

10,015

5.750%, 1/16/54

144A

700,000‌

667

Senegal

Government

International

Bond

4.750%, 3/13/28

EUR

 §,∞

700,000‌

651

5.375%, 6/8/37

EUR

 §,∞

600,000‌

435

6.750%, 3/13/48

 §

800,000‌

480

7.750%, 6/10/31

 §

2,100,000‌

1,536

Serbia

International

Bond

1.500%, 6/26/29

EUR

 §,∞

4,400,000‌

4,727

1.650%, 3/3/33

144A

EUR

 ∞

700,000‌

677

6.500%, 9/26/33

 §

1,500,000‌

1,579

Sri

Lanka

Government

International

Bond

144A

144A

3.100%, 1/15/30

144A

404,001‌

360

3.350%, 3/15/33

144A

792,441‌

639

3.600%, 6/15/35

144A

535,080‌

367

3.600%, 5/15/36

144A

371,358‌

302

3.600%, 2/15/38

144A

743,028‌

602

4.000%, 4/15/28

144A

391,925‌

367

State

of

Minas

Gerais

5.333%, 2/15/28

 §

60,000‌

60

Turkiye

Government

International

Bond

4.875%, 4/16/43

6,200,000‌

4,372

5.750%, 5/11/47

4,400,000‌

3,298

5.875%, 5/21/30

EUR

 ∞

2,850,000‌

3,586

47.559%,

(Turkish

Lira

Overnight

Reference

Rate

plus

49.960%), 9/6/28

TRY

 ∞

51,100,000‌

1,233

Ukraine

Government

International

Bond

144A

144A

0.000%, 2/1/30

144A

PO 

377,887‌

181

0.000%, 2/1/34

144A

PO 

1,412,114‌

541

0.000%, 2/1/35

144A

PO 

262,560‌

123

0.000%, 8/1/41

PO §

724,000‌

518

1.750%, 2/1/34

144A

1,865,284‌

961

1.750%, 2/1/35

144A

2,281,007‌

1,159

1.750%, 2/1/36

144A

2,498,410‌

1,240

1.750%, 2/1/29

144A

273,201‌

168

United

Mexican

States

2.125%, 10/25/51

EUR

 ∞

1,000,000‌

626

Governments

(22.5%)

Shares/

Par

+

Value

$

(000’s)

Governments

continued

3.771%, 5/24/61

5,400,000‌

3,179

4.490%, 5/25/32

EUR

 ∞

1,700,000‌

2,028

4.500%, 1/31/50

2,300,000‌

1,670

6.000%, 5/7/36

2,600,000‌

2,566

6.350%, 2/9/35

1,700,000‌

1,736

6.400%, 5/7/54

1,150,000‌

1,057

6.875%, 5/13/37

3,700,000‌

3,857

US

Treasury

4.000%, 11/15/42

 β

19,800,000‌

18,064

4.125%, 8/15/44

 β

3,300,000‌

3,023

4.625%, 5/15/44

15,100,000‌

14,808

4.625%, 5/15/54

 β

4,500,000‌

4,371

4.750%, 11/15/43

 β

8,700,000‌

8,691

Venezuela

Government

International

Bond

6.000%, 12/9/49

 §,φ

32,000‌

4

7.000%, 3/31/38

 §,φ

3,104,000‌

533

7.650%, 4/21/25

 §,φ

2,355,000‌

371

8.250%, 10/13/24

 §,φ

2,356,000‌

376

9.000%, 5/7/23

 §,φ

32,000‌

5

9.250%, 5/7/28

 §,φ

1,741,000‌

300

9.375%, 1/13/34

 φ

1,400,000‌

313

Total

297,988

Total

Governments

(Cost: $307,288)

297,988

144A

144A

144A

Municipal

Bonds

(

0.2%

)

Municipal

Bonds

(0.2%)

American

Municipal

Power,

Inc.

7.834%, 2/15/41 RB  

100,000‌

119

Bay

Area

Toll

Authority

6.918%, 4/1/40 RB  

100,000‌

112

City

of

Riverside

California

Electric

Revenue

7.605%, 10/1/40 RB  

200,000‌

237

Golden

State

Tobacco

Securitization

Corp.

3.850%, 6/1/50 RB  

1,560,000‌

1,419

Irvine

Ranch

California

Water

District

6.622%, 5/1/40 RB  

100,000‌

107

Los

Angeles

County

California

Public

Works

Financing

Authority

7.618%, 8/1/40 RB  

200,000‌

235

Metropolitan

Government

of

Nashville

&

Davidson

County

Tennessee

6.568%, 7/1/37 RB  

100,000‌

109

Municipal

Electric

Authority

of

Georgia

6.655%, 4/1/57 RB  

93,000‌

99

New

York

State

Urban

Development

Corp.

5.770%, 3/15/39 RB  

80,000‌

83

Total

Municipal

Bonds

(Cost: $2,451)

2,520

Structured

Products

(

32.3%

)

Asset

Backed

Securities

(11.0%)

ABFC

Trust,

Series

2007-WMC1,

Class

A1A

5.684%,

(US

SOFR

1

Month

plus

1.365%),

6/25/37 

7,257,046‌

5,155

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE4,

Class

M1

5.334%,

(US

SOFR

1

Month

plus

1.015%),

12/25/34 

1,164,688‌

1,051

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

126

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-RM2,

Class

M2

5.229%,

(US

SOFR

1

Month

plus

0.910%),

1/25/35 

29,808‌

28

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-FM1,

Class

A2C

4.734%,

(US

SOFR

1

Month

plus

0.415%),

7/25/36 

6,828,344‌

1,652

ACHV

ABS

Trust,

Series

2023-4CP,

Class

C

144A

144A

7.710%,

11/25/30 144A 

41,794‌

42

ACHV

ABS

Trust,

Series

2024-2PL,

Class

A

144A

144A

5.070%,

10/27/31 144A 

228,371‌

229

ACHV

ABS

Trust,

Series

2024-2PL,

Class

B

144A

144A

5.430%,

10/27/31 144A 

703,293‌

707

ACHV

ABS

Trust,

Series

2024-3AL,

Class

A

144A

144A

5.010%,

12/26/31 144A 

277,074‌

278

ACHV

ABS

Trust,

Series

2024-3AL,

Class

B

144A

144A

5.450%,

12/26/31 144A 

1,312,599‌

1,320

ACHV

ABS

Trust,

Series

2024-3AL,

Class

C

144A

144A

5.680%,

12/26/31 144A 

340,963‌

341

Aegis

Asset

Backed

Securities

Trust,

Series

2004-6,

Class

M2

5.434%,

(US

SOFR

1

Month

plus

1.115%),

(AFC),

3/25/35 

39,207‌

37

Affirm

Master

Trust,

Series

2025-1A,

Class

A

144A

144A

4.990%,

2/15/33 144A 

1,300,000‌

1,310

AIMCO

CLO,

Series

2015-AA,

Class

AR3

144A

144A

5.530%,

(US

SOFR

3

Month

plus

1.250%),

10/17/34 144A 

1,200,000‌

1,201

Ameriquest

Mortgage

Securities,

Inc.,

Series

2004-R5,

Class

M1

5.304%,

(US

SOFR

1

Month

plus

0.985%),

7/25/34 

1,953‌

2

Ares

European

CLO

X

DAC,

Series

10A,

Class

AR

144A

144A

3.059%,

(EURIBOR

3

Month

ACT/360

plus

0.780%),

10/15/31 144A

EUR ∞

544,195‌

639

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2005-HE5,

Class

M4

5.334%,

(US

SOFR

1

Month

plus

1.015%),

6/25/35 

50,963‌

50

Atlas

Senior

Loan

Fund

XV,

Ltd.,

Series

2024-

15A,

Class

A1R

144A

144A

5.499%,

(US

SOFR

3

Month

plus

1.220%),

10/23/32 144A 

2,007,999‌

2,010

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

A

144A

144A

5.360%,

6/20/30 144A 

4,000,000‌

4,104

Babson

CLO,

Ltd.,

Series

2018-1A,

Class

A1

144A

144A

5.468%,

(US

SOFR

3

Month

plus

1.212%),

4/15/31 144A 

2,249,230‌

2,249

Bain

Capital

Euro

CLO,

Series

2018-2A,

Class AR

144A

144A

2.976%,

(EURIBOR

3

Month

ACT/360

plus

0.740%),

1/20/32 144A

EUR ∞

165,915‌

195

Bear

Stearns

Asset

Backed

Securities

I

Trust,

Series

2007-HE6,

Class

1A1

5.684%,

(US

SOFR

1

Month

plus

1.365%),

8/25/37 

13,822‌

14

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Bluemountain

CLO,

Ltd.,

Series

2016-3A,

Class

AR12

144A

144A

5.526%,

(US

SOFR

3

Month

plus

1.200%),

11/15/30 144A 

1,523,537‌

1,522

Cairn

CLO

X

BV,

Series

2018-10A,

Class

AR

144A

144A

3.059%,

(EURIBOR

3

Month

ACT/360

plus

0.780%),

10/15/31 144A

EUR ∞

509,941‌

599

Capital

Street

Master

Trust,

Series

2024-1,

Class

A

144A

144A

5.654%,

(US

30

Day

Average

SOFR

plus

1.350%),

10/16/28 144A 

1,300,000‌

1,299

Carlyle

Global

Market

Strategies

Euro

CLO,

Series

2017-3A,

Class

A1R

144A

144A

2.979%,

(EURIBOR

3

Month

ACT/360

plus

0.700%),

1/15/31 144A

EUR ∞

514,744‌

605

CarMax

Select

Receivables

Trust,

Series

2025-A,

Class

B

5.010%,

9/16/30 

2,200,000‌

2,222

Carrington

Mortgage

Loan

Trust,

Series

2005-

FRE1,

Class

M3

5.199%,

(US

SOFR

1

Month

plus

0.880%),

12/25/35 

8,016,000‌

6,510

Carvana

Auto

Receivables

Trust,

Series

2023-

P1,

Class

A3

144A

144A

5.980%,

12/10/27 144A 

840,570‌

844

CBAM

CLO

Management

LLC,

Series

2019-

10A,

Class

A1R

144A

144A

5.651%,

(US

SOFR

3

Month

plus

1.382%),

4/20/32 144A 

2,081,852‌

2,085

Citigroup

Mortgage

Loan

Trust,

Series

2007-

AHL1,

Class

A2C

4.854%,

(US

SOFR

1

Month

plus

0.535%),

12/25/36 

64,068‌

63

Citigroup

Mortgage

Loan

Trust,

Series

2007-

FS1,

Class

2A1A

144A

144A

4.465%,

(US

SOFR

1

Month

plus

1.115%),

(AFC),

10/25/37 144A 

6,243,004‌

5,691

Countrywide

Asset-Backed

Certificates

Trust,

Series

2004-9,

Class

MV4

6.009%,

(US

SOFR

1

Month

plus

1.690%),

11/25/34 

44,520‌

45

Countrywide

Asset-Backed

Certificates

Trust,

Series

2005-AB4,

Class

2A4

5.134%,

(US

SOFR

1

Month

plus

0.815%),

3/25/36 

58,799‌

51

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-1,

Class

AF5

4.419%,

(AFC),

7/25/36 ∑

68,384‌

65

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-26,

Class

1A

4.714%,

(US

SOFR

1

Month

plus

0.395%),

6/25/37 

291,172‌

277

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-5,

Class

M1

4.959%,

(US

SOFR

1

Month

plus

0.640%),

8/25/36 

1,061,205‌

1,041

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-BC3,

Class

M2

4.914%,

(US

SOFR

1

Month

plus

0.595%),

2/25/37 

900,000‌

856

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

127

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-1,

Class

2A3

4.574%,

(US

SOFR

1

Month

plus

0.255%),

7/25/37 

359‌

–π

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-13,

Class

1A

5.274%,

(US

SOFR

1

Month

plus

0.955%),

10/25/47 

782,556‌

767

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-9,

Class

1A

4.634%,

(US

SOFR

1

Month

plus

0.315%),

6/25/47 

649,051‌

573

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-SEA1,

Class

1A1

144A

144A

5.534%,

(US

SOFR

1

Month

plus

1.215%),

(AFC),

5/25/47 144A 

864,887‌

717

CPS

Auto

Trust,

Series

2024-A,

Class

B

144A

144A

5.650%,

5/15/28 144A 

1,725,000‌

1,730

CPS

Auto

Trust,

Series

2024-A,

Class

C

144A

144A

5.740%,

4/15/30 144A 

1,575,000‌

1,588

CPS

Auto

Trust,

Series

2024-D,

Class

A

144A

144A

4.910%,

6/15/28 144A 

374,720‌

375

CPS

Auto

Trust,

Series

2024-D,

Class

B

144A

144A

4.650%,

3/15/29 144A 

800,000‌

800

CPS

Auto

Trust,

Series

2024-D,

Class

C

144A

144A

4.760%,

1/15/31 144A 

1,000,000‌

999

CRB

Securitization

Trust,

Series

2023-1,

Class A

144A

144A

6.960%,

10/20/33 144A 

192,487‌

193

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-HE17,

Class

A1

4.562%,

(US

SOFR

1

Month

plus

0.735%),

1/25/32 

1,436‌

1

CVC

Cordatus

Loan

Fund

XI

DAC,

Series

2011-A,

Class

AR

144A

144A

2.929%,

(EURIBOR

3

Month

ACT/360

plus

0.650%),

10/15/31 144A

EUR ∞

510,730‌

601

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

C

4.670%,

5/17/32 

3,000,000‌

3,004

Ellington

Loan

Acquisition

Trust,

Series

2007-

2,

Class

A1

144A

144A

5.484%,

(US

SOFR

1

Month

plus

1.165%),

5/25/37 144A 

144,630‌

142

Euro-Galaxy III CLO DAC, Series 2013-

3A, Class ARRR

144A

144A

2.811%,

(EURIBOR

3

Month

ACT/360

plus

0.620%),

4/24/34 144A

EUR ∞

298,942‌

351

Exeter

Automobile

Receivables

Trust,

Series

2024-1A,

Class

B

5.290%,

8/15/28 

500,000‌

501

Exeter

Automobile

Receivables

Trust,

Series

2024-1A,

Class

C

5.410%,

5/15/30 

500,000‌

504

Exeter

Automobile

Receivables

Trust,

Series

2024-5A,

Class

C

4.640%,

1/15/30 

2,100,000‌

2,102

Exeter

Automobile

Receivables

Trust,

Series

2025-2A,

Class

C

5.160%,

7/15/31 

3,500,000‌

3,539

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Foursight

Capital

Automobile

Receivables

Trust,

Series

2024-1,

Class

A2

144A

144A

5.490%,

1/16/29 144A 

426,732‌

428

Foursight

Capital

Automobile

Receivables

Trust,

Series

2024-1,

Class

B

144A

144A

5.550%,

5/15/29 144A 

1,000,000‌

1,011

Fremont

Home

Loan

Trust,

Series

2005-2,

Class

M4

5.364%,

(US

SOFR

1

Month

plus

1.045%),

6/25/35 

300,000‌

279

GLS

Auto

Receivables

Trust,

Series

2024-1A,

Class

B

144A

144A

5.490%,

7/17/28 144A 

1,200,000‌

1,205

GLS

Auto

Receivables

Trust,

Series

2024-2A,

Class

B

144A

144A

5.770%,

11/15/28 144A 

1,200,000‌

1,212

GLS

Auto

Select

Receivables

Trust,

Series

2023-2A,

Class

B

144A

144A

6.670%,

12/17/29 144A 

2,000,000‌

2,071

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A2

144A

144A

5.880%,

7/25/59 144A 

295,234‌

297

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A3

144A

144A

5.550%,

7/25/59 144A 

500,000‌

512

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

B

144A

144A

5.870%,

7/25/59 144A 

1,400,000‌

1,425

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

C

144A

144A

6.360%,

7/25/59 144A 

500,000‌

513

GSAA

Home

Equity

Trust,

Series

2006-17,

Class

A1

4.554%,

(US

SOFR

1

Month

plus

0.235%),

11/25/36 

44,337‌

11

GSAMP

Trust,

Series

2004-WF,

Class

M2

6.084%,

(US

SOFR

1

Month

plus

1.765%),

10/25/34 

12,172‌

12

GSAMP

Trust,

Series

2007-FM2,

Class

A2B

4.524%,

(US

SOFR

1

Month

plus

0.205%),

1/25/37 

136,269‌

82

GSAMP

Trust,

Series

2007-NC1,

Class

A2A

4.534%,

(US

SOFR

1

Month

plus

0.215%),

12/25/46 

10,975‌

5

Harvest

CLO

XX

DAC,

Series

2020-A,

Class AR

144A

144A

2.916%,

(EURIBOR

3

Month

ACT/360

plus

0.680%),

10/20/31 144A

EUR ∞

429,842‌

505

Henley

Funding,

Ltd.,

Series

2024-7A,

Class AR

144A

144A

3.148%,

(EURIBOR

3

Month

ACT/360

plus

0.990%),

4/25/34 144A

EUR ∞

1,400,000‌

1,644

Hertz

Vehicle

Financing

III

LLC,

Series

2023-

1A,

Class

A

144A

144A

5.490%,

6/25/27 144A 

2,600,000‌

2,613

Home

Equity

Loan

Trust,

Series

2007-FRE1,

Class

2AV4

4.774%,

(US

SOFR

1

Month

plus

0.455%),

4/25/37 

500,000‌

440

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

128

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

HSI

Asset

Securitization

Corp.

Trust,

Series

2005-I1,

Class

2A4

5.214%,

(US

SOFR

1

Month

plus

0.895%),

11/25/35 

98,990‌

92

IndyMac

Residential

Asset

Backed

Trust,

Series

2007-B,

Class

2A2

4.594%,

(US

SOFR

1

Month

plus

0.275%),

7/25/37 

284,753‌

155

JP

Morgan

Mortgage

Acquisition

Trust,

Series

2007-CH3,

Class

M1

4.734%,

(US

SOFR

1

Month

plus

0.415%),

3/25/37 

400,000‌

389

KKR

CLO,

Ltd.,

Series

9,

Class

AR2

144A

144A

5.468%,

(US

SOFR

3

Month

plus

1.212%),

7/15/30 144A 

231,138‌

231

LCM,

Ltd.,

Series

31A,

Class

AR

144A

144A

5.549%,

(US

SOFR

3

Month

plus

1.280%),

7/20/34 144A 

1,000,000‌

1,000

Long

Beach

Mortgage

Loan

Trust,

Series

2006-1,

Class

2A4

5.034%,

(US

SOFR

1

Month

plus

0.715%),

2/25/36 

48,718‌

42

Long

Beach

Mortgage

Loan

Trust,

Series

2006-3,

Class

2A4

4.974%,

(US

SOFR

1

Month

plus

0.655%),

5/25/46 

262,147‌

78

Long

Beach

Mortgage

Loan

Trust,

Series

2006-4,

Class

1A

4.734%,

(US

SOFR

1

Month

plus

0.415%),

5/25/36 

1,297,699‌

679

Madison

Park

Euro

Funding

XIV

DAC,

Series

14A,

Class

A1R

144A

144A

3.079%,

(EURIBOR

3

Month

ACT/360

plus

0.800%),

7/15/32 144A

EUR ∞

299,238‌

351

Magnetite

CLO,

Ltd.,

Series

2015-12A,

Class AR4

144A

144A

5.406%,

(US

SOFR

3

Month

plus

1.150%),

10/15/31 144A 

1,171,507‌

1,172

MASTR

Asset

Backed

Securities

Trust,

Series

2004-OPT1,

Class

M1

5.214%,

(US

SOFR

1

Month

plus

0.895%),

2/25/34 

568,177‌

580

MASTR

Asset

Backed

Securities

Trust,

Series

2004-WMC2,

Class

M1

5.334%,

(US

SOFR

1

Month

plus

1.015%),

4/25/34 

53,037‌

52

MASTR

Asset

Backed

Securities

Trust,

Series

2006-FRE2,

Class

A1

4.734%,

(US

SOFR

1

Month

plus

0.415%),

3/25/36 

6,923,371‌

6,451

MASTR

Asset

Backed

Securities

Trust,

Series

2006-HE3,

Class

A2

4.634%,

(US

SOFR

1

Month

plus

0.315%),

8/25/36 

1,852,376‌

538

MASTR

Asset

Backed

Securities

Trust,

Series

2006-HE5,

Class

A3

4.754%,

(US

SOFR

1

Month

plus

0.435%),

11/25/36 

1,488,907‌

876

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

MASTR

Asset

Backed

Securities

Trust,

Series

2006-WMC4,

Class

A5

4.734%,

(US

SOFR

1

Month

plus

0.415%),

10/25/36 

1,164,713‌

377

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2007-SD1,

Class

A1

5.334%,

(US

SOFR

1

Month

plus

1.015%),

2/25/47 

621,062‌

363

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE5,

Class

M4

5.304%,

(US

SOFR

1

Month

plus

0.985%),

9/25/35 

6,182,210‌

5,119

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-NC1,

Class

M2

5.139%,

(US

SOFR

1

Month

plus

0.820%),

1/25/35 

162,120‌

161

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-WMC5,

Class

M5

5.424%,

(US

SOFR

1

Month

plus

1.105%),

6/25/35 

23,419‌

23

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2006-HE7,

Class

A2C

4.754%,

(US

SOFR

1

Month

plus

0.435%),

9/25/36 

55,784‌

24

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2006-HE8,

Class

A2C

4.574%,

(US

SOFR

1

Month

plus

0.255%),

10/25/36 

49,923‌

22

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2007-HE5,

Class

A2C

4.684%,

(US

SOFR

1

Month

plus

0.365%),

3/25/37 

50,052‌

21

Morgan

Stanley

Dean

Witter

Capital

I,

Inc.,

Series

2003-NC2,

Class

M1

5.784%,

(US

SOFR

1

Month

plus

1.465%),

2/25/33 

8,650‌

9

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2007-2,

Class

A3

4.664%,

(US

SOFR

1

Month

plus

0.345%),

4/25/37 

2,611,556‌

1,346

Oak

Hill

Euro

Credit

Partners

VII

DAC,

Series

2021-7A,

Class

AR

144A

144A

2.976%,

(EURIBOR

3

Month

ACT/360

plus

0.740%),

10/20/31 144A

EUR ∞

589,416‌

694

OneMain

Direct

Auto

Receivables

Trust,

Series

2023-1A,

Class

A

144A

144A

5.410%,

11/14/29 144A 

2,000,000‌

2,019

OneMain

Financial

Issuance

Trust,

Series

2023-2A,

Class

A2

144A

144A

5.804%,

(US

30

Day

Average

SOFR

plus

1.500%),

9/15/36 144A 

2,100,000‌

2,136

OZLM

XVII,

Ltd.,

Series

2017-17A,

Class

A1RR

144A

144A

5.419%,

(US

SOFR

3

Month

plus

1.150%),

7/20/30 144A 

144,140‌

144

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

A

144A

144A

5.183%,

6/15/32 144A 

504,865‌

507

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

B

144A

144A

5.750%,

6/15/32 144A 

427,090‌

429

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

129

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

C

144A

144A

5.992%,

6/15/32 144A 

499,958‌

501

Pagaya

AI

Debt

Trust,

Series

2023-3,

Class

B

144A

144A

9.570%,

12/16/30 144A 

813,526‌

818

Pagaya

AI

Debt

Trust,

Series

2024-3,

Class

A

144A

144A

6.258%,

10/15/31 144A 

1,539,385‌

1,550

RAAC

Series,

Series

2007-RP4,

Class

A

144A

144A

5.134%,

(US

SOFR

1

Month

plus

0.465%),

(AFC),

11/25/46 144A 

131,214‌

120

Rad

CLO

4,

Ltd.,

Series

2019-4A,

Class

AR

144A

144A

5.512%,

(US

SOFR

3

Month

plus

1.230%),

4/25/32 144A 

615,890‌

616

RCKT

Mortgage

Trust,

Series

2024-CES4,

Class

A1A

144A

144A

7.147%,

(AFC),

6/25/44 144A ∑

1,855,871‌

1,872

RCKT

Mortgage

Trust,

Series

2024-CES5,

Class

A1A

144A

144A

6.846%,

(AFC),

8/25/44 144A ∑

1,464,564‌

1,472

RCKT

Mortgage

Trust,

Series

2024-CES6,

Class

A1A

144A

144A

5.344%,

(AFC),

9/25/44 144A ∑

845,544‌

846

RCKT

Mortgage

Trust,

Series

2024-CES7,

Class

A1A

144A

144A

6.264%,

(AFC),

10/25/44 144A ∑

1,019,211‌

1,016

Reach

ABS

Trust,

Series

2024-2A,

Class

A

144A

144A

5.880%,

7/15/31 144A 

214,747‌

215

Reach

ABS

Trust,

Series

2024-2A,

Class

B

144A

144A

5.840%,

7/15/31 144A 

3,500,000‌

3,541

Renaissance

Home

Equity

Loan

Trust,

Series

2006-4,

Class

AF6

5.340%,

1/25/37 ∑

1,514,158‌

462

Residential

Asset

Securities

Corp.,

Series

2007-KS3,

Class

AI4

5.114%,

(US

SOFR

1

Month

plus

0.795%),

(AFC),

4/25/37 

921,457‌

895

Santander

Drive

Auto

Receivables

Trust,

Series

2023-5,

Class

C

6.430%,

2/18/31 

1,600,000‌

1,660

Santander

Drive

Auto

Receivables

Trust,

Series

2023-6,

Class

C

6.400%,

3/17/31 

812,500‌

841

Santander

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

B

4.870%,

5/15/31 

500,000‌

505

Santander

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

C

5.060%,

5/15/31 

3,000,000‌

3,037

Saranac

CLO,

Ltd.,

Series

2018-6A,

Class A1R

144A

144A

5.724%,

(US

SOFR

3

Month

plus

1.402%),

8/13/31 144A 

935,157‌

933

Saxon

Asset

Securities

Trust,

Series

2006-1,

Class

M1

4.899%,

(US

SOFR

1

Month

plus

0.580%),

(AFC),

3/25/36 

112,898‌

110

SMB

Private

Education

Loan

Trust,

Series

2024-C,

Class

A1A

144A

144A

5.500%,

6/17/52 144A 

1,214,720‌

1,243

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

SMB

Private

Education

Loan

Trust,

Series

2024-C,

Class

A1B

144A

144A

5.403%,

(US

30

Day

Average

SOFR

plus

1.100%),

6/17/52 144A 

433,828‌

431

SMB

Private

Education

Loan

Trust,

Series

2024-D,

Class

A1A

144A

144A

5.380%,

7/15/53 144A 

2,043,732‌

2,084

SMB

Private

Education

Loan

Trust,

Series

2024-D,

Class

A1B

144A

144A

5.403%,

(US

30

Day

Average

SOFR

plus

1.100%),

7/15/53 144A 

2,399,164‌

2,399

Soundview

Home

Loan

Trust,

Series

2006-2,

Class

M2

4.959%,

(US

SOFR

1

Month

plus

0.640%),

3/25/36 

29,305‌

29

Soundview

Home

Loan

Trust,

Series

2006-

OPT2,

Class

A4

4.994%,

(US

SOFR

1

Month

plus

0.675%),

5/25/36 

62,687‌

61

Soundview

Home

Loan

Trust,

Series

2006-

OPT3,

Class

M1

4.899%,

(US

SOFR

1

Month

plus

0.580%),

6/25/36 

6,689,510‌

5,964

Stream

Innovations

Issuer

Trust,

Series

2024-

1A,

Class

A

144A

144A

6.270%,

7/15/44 144A 

352,947‌

366

Structured

Asset

Investment

Loan

Trust,

Series

2005-7,

Class

M2

5.199%,

(US

SOFR

1

Month

plus

0.880%),

8/25/35 

169,131‌

165

Structured

Asset

Investment

Loan

Trust,

Series

2006-BNC3,

Class

A3

4.584%,

(US

SOFR

1

Month

plus

0.265%),

9/25/36 

1,006‌

1

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2006-BC4,

Class

A4

4.774%,

(US

SOFR

1

Month

plus

0.455%),

12/25/36 

70,700‌

69

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2007-WF1,

Class

A6

4.854%,

(US

SOFR

1

Month

plus

0.535%),

2/25/37 

30,808‌

30

Toro

European

CLO

DAC,

Series

6A,

Class  AR

144A

144A

3.185%,

(EURIBOR

3

Month

ACT/360

plus

0.920%),

1/12/32 144A

EUR ∞

475,791‌

559

Toro

European

CLO

DAC,

Series

7A,

Class ARE

144A

144A

2.953%,

(EURIBOR

3

Month

ACT/360

plus

0.810%),

2/15/34 144A

EUR ∞

246,567‌

289

Tralee

CLO

VI,

Ltd.,

Series

2024-6A,

Class A1RR

144A

144A

5.502%,

(US

SOFR

3

Month

plus

1.220%),

10/25/32 144A 

727,107‌

727

Trinitas

CLO

VI,

Ltd.,

Series

2017-6A,

Class ARRR

144A

144A

5.612%,

(US

SOFR

3

Month

plus

1.330%),

1/25/34 144A 

1,600,000‌

1,600

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

130

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Asset

Backed

Securities

continued

Trinitas

CLO

XIV,

Ltd.,

Series

2020-14A,

Class A1R

144A

144A

5.622%,

(US

SOFR

3

Month

plus

1.340%),

1/25/34 144A 

3,500,000‌

3,500

TSTAT,

Ltd.,

Series

2022-1A,

Class

A1RR

144A

144A

5.419%,

(US

SOFR

3

Month

plus

1.150%),

7/20/37 144A 

327,498‌

328

Venture

CDO,

Ltd.,

Series

2017-28A,

Class A1R

144A

144A

5.521%,

(US

SOFR

3

Month

plus

1.252%),

7/20/30 144A 

38,937‌

39

Venture

CDO,

Ltd.,

Series

2018-33A,

Class A1LR

144A

144A

5.578%,

(US

SOFR

3

Month

plus

1.322%),

7/15/31 144A 

420,127‌

420

WaMu

Asset-Backed

Certificates,

Series

2007-

HE1,

Class

1A

4.734%,

(US

SOFR

1

Month

plus

0.415%),

1/25/37 

88,281‌

76

Total

146,611

Mortgage

Securities

(21.3%)

Angel

Oak

Mortgage

Trust,

Series

2024-8,

Class

A1

144A

144A

6.338%,

(AFC),

5/27/69 144A ∑

3,183,948‌

3,176

ATLX

Trust,

Series

2024-RPL1,

Class

A1

144A

144A

4.850%,

(AFC),

4/25/64 144A ∑

930,445‌

899

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2020-BOC,

Class

A

144A

144A

2.627%,

1/15/32 144A 

2,350,000‌

2,055

Banc

of

America

Funding

Trust,

Series

2006-J,

Class

4A1

5.078%,

(CSTR),

1/20/47 

19,990‌

17

Banc

of

America

Funding

Trust,

Series

2007-6,

Class

A1

5.014%,

(US

SOFR

1

Month

plus

0.695%),

7/25/37 

31,371‌

30

BCAP

LLC

Trust,

Series

2009-RR14,

Class 2A2

144A

144A

3.805%,

(CSTR),

7/26/36 144A 

13,881‌

12

BCAP

LLC

Trust,

Series

2009-RR5,

Class

3A3

144A

144A

6.250%,

(CSTR),

8/26/36 144A 

2,005,959‌

777

Bear

Stearns

Adjustable

Rate

Mortgage

Trust,

Series

2004-3,

Class

4A

5.513%,

(CSTR),

7/25/34 

706‌

1

Bear

Stearns

Adjustable

Rate

Mortgage

Trust,

Series

2007-4,

Class 22A1

4.317%,

(CSTR),

6/25/47 

46,288‌

41

Bear

Stearns

ALT-A

Trust,

Series

2006-6,

Class

2A1

4.333%,

(CSTR),

11/25/36 

101,343‌

46

Benchmark

Mortgage

Trust,

Series

2024-V12,

Class

A3

5.738%,

12/15/57 

2,200,000‌

2,291

BMO

Mortgage

Trust,

Series

2024-5C5,

Class A2

5.462%,

2/15/57 

1,500,000‌

1,538

BMO

Mortgage

Trust,

Series

2024-5C5,

Class A3

5.857%,

2/15/57 

5,800,000‌

6,048

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

BMO

Mortgage

Trust,

Series

2024-5C8,

Class A2

5.152%,

12/15/57 

2,100,000‌

2,141

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL3,

Class

A1

144A

144A

3.250%,

(AFC),

9/25/63 144A 

6,172,715‌

5,523

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL1,

Class

A1A

144A

144A

3.250%,

(AFC),

3/25/64 144A 

1,263,821‌

1,123

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL2,

Class

A1A

144A

144A

3.250%,

(AFC),

8/25/64 144A 

1,294,311‌

1,146

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL3,

Class

A1A

144A

144A

3.250%,

(AFC),

9/25/64 144A 

1,307,376‌

1,162

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL4,

Class

A1A

144A

144A

3.375%,

(AFC),

12/25/64 144A 

3,111,821‌

2,781

CIM

Trust,

Series

2024-R1,

Class

A1

144A

144A

4.750%,

(AFC),

6/25/64 144A 

859,603‌

853

Citicorp

Mortgage

Securities

Trust,

Series

2007-8,

Class

1A3

6.000%,

9/25/37 

1,193‌

1

Citigroup

Mortgage

Loan

Trust,

Series

2007-

10,

Class

22AA

4.783%,

(CSTR),

9/25/37 

4,907‌

5

Citigroup

Mortgage

Loan

Trust,

Series

2007-

10,

Class

2A3A

7.875%,

(CSTR),

9/25/37 

3,325‌

3

Citigroup

Mortgage

Loan

Trust,

Series

2007-

AR4,

Class

2A2A

4.770%,

(CSTR),

3/25/37 

234,234‌

205

COLT

Mortgage

Loan

Trust,

Series

2024-3,

Class

A1

144A

144A

7.393%,

(AFC),

6/25/69 144A ∑

812,285‌

822

Countrywide

Alternative

Loan

Trust,

Series

2004-28CB,

Class

5A1

5.750%,

1/25/35 

6,518‌

6

Countrywide

Alternative

Loan

Trust,

Series

2005-1CB,

Class

2A1

6.000%,

3/25/35 

256,108‌

115

Countrywide

Alternative

Loan

Trust,

Series

2005-59,

Class

1A1

5.096%,

(US

SOFR

1

Month

plus

0.775%),

11/20/35 

3,012‌

3

Countrywide

Alternative

Loan

Trust,

Series

2005-76,

Class

1A1

5.879%,

(Federal

Reserve

US

12

Month

Cumulative

Avg

1

year

CMT

plus

1.480%),

1/25/36 

8,277‌

8

Countrywide

Alternative

Loan

Trust,

Series

2005-79CB,

Class

A3

5.500%,

1/25/36 

96,161‌

52

Countrywide

Alternative

Loan

Trust,

Series

2005-J1,

Class

1A8

5.500%,

2/25/35 

76,390‌

71

Countrywide

Alternative

Loan

Trust,

Series

2005-J1,

Class

3A1

6.500%,

8/25/32 

605‌

1

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

131

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Countrywide

Alternative

Loan

Trust,

Series

2005-J11,

Class

1A13

5.500%,

11/25/35 

143,730‌

79

Countrywide

Alternative

Loan

Trust,

Series

2006-45T1,

Class

1A13

6.000%,

2/25/37 

103,848‌

37

Countrywide

Alternative

Loan

Trust,

Series

2006-5T2,

Class

A1

4.934%,

(US

SOFR

1

Month

plus

0.615%),

4/25/36 

315,953‌

107

Countrywide

Alternative

Loan

Trust,

Series

2006-HY10,

Class

2A1

5.372%,

(CSTR),

5/25/36 

3,760‌

4

Countrywide

Alternative

Loan

Trust,

Series

2006-OA12,

Class

A1B

4.622%,

(US

SOFR

1

Month

plus

0.305%),

9/20/46 

3,318‌

3

Countrywide

Alternative

Loan

Trust,

Series

2006-OA17,

Class

1A1A

4.627%,

(US

SOFR

1

Month

plus

0.310%),

12/20/46 

17,455‌

15

Countrywide

Alternative

Loan

Trust,

Series

2006-OA2,

Class

A1

4.852%,

(US

SOFR

1

Month

plus

0.535%),

5/20/46 

234,266‌

207

Countrywide

Alternative

Loan

Trust,

Series

2006-OA9,

Class

2A1A

4.852%,

(US

SOFR

1

Month

plus

0.535%),

7/20/46 

5,025‌

4

Countrywide

Alternative

Loan

Trust,

Series

2007-9T1,

Class

2A2

6.000%,

5/25/37 

217,095‌

92

Countrywide

Alternative

Loan

Trust,

Series

2007-AL1,

Class

A1

4.684%,

(US

SOFR

1

Month

plus

0.365%),

6/25/37 

2,978,622‌

2,488

Countrywide

Alternative

Loan

Trust,

Series

2007-OA3,

Class

1A1

4.714%,

(US

SOFR

1

Month

plus

0.395%),

4/25/47 

20,478‌

19

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2005-22,

Class

3A1

5.129%,

(CSTR),

10/25/35 

7,936‌

6

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2005-HYB8,

Class 1A1

5.432%,

(CSTR),

12/20/35 

193‌

–π

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-16,

Class

2A1

6.500%,

11/25/36 

13,118‌

4

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-9,

Class

A1

6.000%,

5/25/36 

94,341‌

42

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-OA4,

Class

A1

5.359%,

(Federal

Reserve

US

12

Month

Cumulative

Avg

1

year

CMT

plus

0.960%),

4/25/46 

33,967‌

9

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-OA4,

Class

A2

4.974%,

(US

SOFR

1

Month

plus

0.655%),

4/25/46 

900,138‌

257

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2007-HYB1,

Class 3A1

4.252%,

(CSTR),

3/25/37 

4,144‌

4

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2003-8,

Class

5A1

6.500%,

4/25/33 

185‌

–π

Credit

Suisse

Mortgage

Trust,

Series

2014-6R,

Class

3A2

144A

144A

5.760%,

(CSTR),

9/27/35 144A 

108,382‌

92

Credit

Suisse

Mortgage

Trust,

Series

2021-

RPL3,

Class

A1

144A

144A

2.000%,

1/25/60 144A 

5,629,408‌

4,964

Cross

Mortgage

Trust,

Series

2024-H4,

Class A1

144A

144A

7.147%,

(AFC),

7/25/69 144A ∑

776,240‌

783

Cross

Mortgage

Trust,

Series

2024-H6,

Class A1

144A

144A

5.129%,

(AFC),

9/25/69 144A 

2,140,542‌

2,133

Deutsche

ALT-A

Securities,

Inc.

Mortgage

Loan

Trust,

Series

2005-6,

Class

2A3

5.500%,

12/25/35 

242,037‌

203

EMF-NL

BV,

Series

2008-APRX,

Class

A2

3.063%,

(EURIBOR

3

Month

ACT/360

plus

0.800%),

4/17/41

EUR §,∞

17,601‌

21

Federal

Home

Loan

Mortgage

Corp.,

Series

5426,

Class

CF

5.250%,

(US

30

Day

Average

SOFR

plus

0.900%),

12/15/50 

1,953,308‌

1,951

Federal

National

Mortgage

Association,

Series

2003-W6,

Class

F

4.770%,

(US

30

Day

Average

SOFR

plus

0.465%),

9/25/42 

10,206‌

10

Federal

National

Mortgage

Association,

Series

2024-54,

Class

FC

5.275%,

(US

30

Day

Average

SOFR

plus

0.970%),

8/25/54 

1,735,092‌

1,738

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2007-2,

Class

1A5

5.750%,

5/25/37 

142,032‌

42

GCAT

Trust,

Series

2024-NQM2,

Class

A1

144A

144A

7.359%,

(AFC),

6/25/59 144A ∑

670,673‌

676

Government

National

Mortgage

Association,

Series

2019-H20,

Class

FC

4.946%,

(US

SOFR

1

Month

plus

0.615%),

11/20/69 

82,729‌

83

Government

National

Mortgage

Association,

Series

2020-H08,

Class

FC

5.096%,

(US

SOFR

1

Month

plus

0.765%),

2/20/70 

35,964‌

36

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

132

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

A

144A

144A

5.793%,

(US

SOFR

1

Month

plus

1.481%),

1/15/43 144A 

2,300,000‌

2,302

GSR

Mortgage

Loan

Trust,

Series

2005-AR6,

Class

1A1

6.562%,

(CSTR),

9/25/35 

248‌

–π

GSR

Mortgage

Loan

Trust,

Series

2006-2F,

Class

3A6

6.000%,

2/25/36 

68,845‌

30

GSR

Mortgage

Loan

Trust,

Series

2006-AR1,

Class

2A1

4.729%,

(CSTR),

1/25/36 

696‌

1

GSR

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

2A1

4.495%,

(CSTR),

3/25/47 

5,932‌

3

HarborView

Mortgage

Loan

Trust,

Series

2005-10,

Class

2A1A

5.052%,

(US

SOFR

1

Month

plus

0.735%),

(AFC),

11/19/35 

2,827‌

2

HarborView

Mortgage

Loan

Trust,

Series

2005-3,

Class

2A1A

4.912%,

(US

SOFR

1

Month

plus

0.595%),

(AFC),

6/19/35 

5,926‌

6

HomeBanc

Mortgage

Trust,

Series

2005-1,

Class

A1

4.934%,

(US

SOFR

1

Month

plus

0.615%),

3/25/35 

2,118‌

2

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-NC1,

Class

2A

4.874%,

(US

SOFR

1

Month

plus

0.555%),

11/25/35 

698,979‌

652

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2004-AR6,

Class

5A1

5.297%,

(CSTR),

10/25/34 

10,660‌

10

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2005-AR12,

Class

2A1A

4.914%,

(US

SOFR

1

Month

plus

0.595%),

(AFC),

7/25/35 

909‌

1

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2005-AR14,

Class

2A1A

5.034%,

(US

SOFR

1

Month

plus

0.715%),

7/25/35 

6,930‌

6

JP

Morgan

Mortgage

Trust,

Series

2005-ALT1,

Class

2A1

5.461%,

(CSTR),

10/25/35 

4,806‌

4

JP

Morgan

Mortgage

Trust,

Series

2007-A1,

Class

6A1

5.496%,

(CSTR),

7/25/35 

2,068‌

2

JP

Morgan

Mortgage

Trust,

Series

2007-A4,

Class

3A1

5.298%,

(CSTR),

6/25/37 

25,066‌

19

JP

Morgan

Mortgage

Trust,

Series

2024-5,

Class

A11

144A

144A

5.555%,

(US

30

Day

Average

SOFR

plus

1.250%),

(AFC),

11/25/54 144A 

1,102,958‌

1,103

LoanCore

Issuer,

Ltd., Series 2022-CRE7, Class A

144A

144A

5.853%,

(US

30

Day

Average

SOFR

plus

1.550%),

1/17/37 144A 

3,273,973‌

3,274

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Luminent

Mortgage

Trust,

Series

2006-6,

Class

A1

4.834%,

(US

SOFR

1

Month

plus

0.515%),

10/25/46 

554,880‌

506

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-A3,

Class

6A1

5.205%,

(CSTR),

5/25/36 

5,155‌

5

MF1,

Series

2022-FL8,

Class

A

144A

144A

5.668%,

(US

SOFR

1

Month

plus

1.350%),

2/19/37 144A 

728,178‌

728

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1

144A

144A

3.250%,

(AFC),

5/25/62 144A 

212,825‌

210

New

Residential

Mortgage

Loan

Trust,

Series

2021-NQM1R,

Class

A3

144A

144A

1.198%,

(AFC),

7/25/55 144A 

527,223‌

480

New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A1A

144A

144A

7.864%,

(AFC),

10/25/63 144A ∑

2,667,172‌

2,694

OBX

Trust,

Series

2023-NQM8,

Class

A1

144A

144A

8.045%,

(AFC),

9/25/63 144A ∑

1,813,779‌

1,840

OBX

Trust,

Series

2023-NQM9,

Class

A1

144A

144A

8.159%,

(AFC),

10/25/63 144A ∑

3,457,623‌

3,514

OBX

Trust,

Series

2024-HYB2,

Class

A1

144A

144A

3.677%,

(CSTR),

4/25/53 144A 

2,504,046‌

2,499

OBX

Trust,

Series

2024-NQM8,

Class

A1

144A

144A

7.233%,

(AFC),

5/25/64 144A ∑

752,497‌

761

OPEN

Trust,

Series

2023-AIR,

Class

A

144A

144A

7.401%,

(US

SOFR

1

Month

plus

3.089%),

11/15/40 144A 

926,516‌

927

Pretium

Mortgage

Credit

Partners

Trust,

Series

2024-NPL8,

Class

A1

144A

144A

5.963%,

(AFC),

11/25/54 144A ∑

918,244‌

919

PRPM

Trust,

Series

2023-NQM2,

Class

A1

144A

144A

7.250%,

(AFC),

8/25/68 144A ∑

2,195,016‌

2,206

PRPM

Trust,

Series

2024-6,

Class

A1

144A

144A

5.699%,

(AFC),

11/25/29 144A ∑

927,627‌

930

PRPM

Trust,

Series

2024-NQM1,

Class

A1

144A

144A

7.265%,

(AFC),

12/25/68 144A ∑

760,031‌

766

PRPM

Trust,

Series

2024-NQM2,

Class

A1

144A

144A

7.292%,

(AFC),

6/25/69 144A ∑

809,059‌

823

PRPM

Trust,

Series

2024-NQM3,

Class

A1

144A

144A

6.239%,

(AFC),

8/25/69 144A ∑

2,362,246‌

2,357

Residential

Accredit

Loans,

Inc.,

Series

2006-

QA7,

Class

1A1

4.814%,

(US

SOFR

1

Month

plus

0.495%),

8/25/36 

3,079‌

3

Residential

Accredit

Loans,

Inc.,

Series

2006-

QA8,

Class

A1

4.814%,

(US

SOFR

1

Month

plus

0.495%),

9/25/36 

9,307‌

9

Residential

Asset

Securitization

Trust,

Series

2007-A2,

Class

2A2

6.500%,

4/25/37 

3,311,432‌

873

Securitized

Asset

Backed

Receivables

LLC

Trust,

Series

2005-FR4,

Class

M2

5.394%,

(US

SOFR

1

Month

plus

1.075%),

1/25/36 

23,488‌

22

Sequoia

Mortgage

Trust,

Series

2024-HYB1,

Class

A1A

144A

144A

4.466%,

11/25/63 144A 

1,486,500‌

1,501

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

133

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

Specialty

Underwriting

&

Residential

Finance

Trust,

Series

2005-BC2,

Class

M3

5.409%,

(US

SOFR

1

Month

plus

1.090%),

12/25/35 

40,310‌

40

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2005-19XS,

Class

1A1

4.754%,

(US

SOFR

1

Month

plus

0.435%),

10/25/35 

26,872‌

26

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR8,

Class

A2

6.226%,

(Federal

Reserve

US

12

Month

Cumulative

Avg

1

year

CMT

plus

1.480%),

2/25/36 

176,202‌

150

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR6,

Class

1A1

4.794%,

(US

SOFR

1

Month

plus

0.475%),

(AFC),

7/25/46 

113,016‌

99

Suntrust

Alternative

Loan

Trust,

Series

2005-

1F,

Class

1A1

5.084%,

(US

SOFR

1

Month

plus

0.765%),

12/25/35 

3,590‌

3

Towd

Point

Mortgage

Trust,

Series

2015-4,

Class

B2

144A

144A

4.114%,

(CSTR,

AFC),

4/25/55 144A 

2,500,000‌

2,435

Towd

Point

Mortgage

Trust,

Series

2017-2,

Class

M1

144A

144A

3.750%,

(AFC),

4/25/57 144A 

2,500,000‌

2,456

Towd

Point

Mortgage

Trust,

Series

2024-4,

Class

A1A

144A

144A

4.435%,

(AFC),

10/27/64 144A 

2,050,001‌

2,059

Towd

Point

Mortgage

Trust,

Series

2024-

CES6,

Class

A1

144A

144A

5.725%,

(AFC),

11/25/64 144A ∑

976,568‌

981

Uniform

Mortgage

Backed

Security

TBA

4.000%,

8/15/54 

6,000,000‌

5,578

4.500%,

8/15/54 

24,400,000‌

23,329

5.000%,

7/15/54 

2,649,346‌

2,596

5.000%,

8/15/54 

37,150,654‌

36,387

6.000%,

7/15/54 

41,100,000‌

41,763

6.500%,

8/15/54 

68,900,000‌

71,038

Verus

Securitization

Trust,

Series

2023-4,

Class

A1

144A

144A

5.811%,

(AFC),

5/25/68 144A ∑

629,155‌

630

Verus

Securitization

Trust,

Series

2023-7,

Class

A1

144A

144A

7.070%,

(AFC),

10/25/68 144A ∑

1,968,504‌

1,996

Verus

Securitization

Trust,

Series

2024-INV1,

Class

A1

144A

144A

6.116%,

(AFC),

3/25/69 144A ∑

2,720,060‌

2,745

Verus

Securitization

Trust,

Series

2024-R1,

Class

A1

144A

144A

5.218%,

9/25/69 144A 

887,146‌

887

WaMu

Mortgage

Pass-Through

Certificates,

Series

2002-AR19,

Class

A6

5.661%,

(CSTR,

AFC),

2/25/33 

374‌

–π

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR12,

Class

3A3

4.017%,

(CSTR),

10/25/36 

10,380‌

9

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR2,

Class

1A1

4.585%,

(CSTR),

3/25/36 

84,784‌

77

Structured

Products

(32.3%)

Shares/

Par

+

Value

$

(000’s)

Mortgage

Securities

continued

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR8,

Class

2A1

5.077%,

(CSTR),

8/25/36 

5,136‌

5

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-HY1,

Class

3A1

4.093%,

(CSTR),

2/25/37 

1,947‌

2

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-OA3,

Class

4A2

5.099%,

(Federal

Reserve

US

12

Month

Cumulative

Avg

1

year

CMT

plus

0.700%),

4/25/47 

197,631‌

161

Wells

Fargo

Alternative

Loan

Trust,

Series

2007-PA4,

Class

2A1

6.520%,

(CSTR),

7/25/37 

19,732‌

18

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-5C2,

Class

A2

5.439%,

11/15/57 

3,300,000‌

3,391

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-5C2,

Class

A3

5.920%,

(AFC),

11/15/57 

2,600,000‌

2,723

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2006-AR5,

Class

2A1

6.678%,

(CSTR),

4/25/36 

15,548‌

15

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2007-AR8,

Class

A1

6.678%,

(CSTR),

11/25/37 

12,755‌

12

Total

282,662

Total

Structured

Products

(Cost: $429,801)

429,273

144A

144A

144A

Bank

Loan

Obligations

(

4.5%

)

Bank

Loan

Obligations

(4.5%)

Air

Canada,

6.322%,

(US

SOFR

1

Month

plus

2.000%),

3/21/31

1,287,000‌

1,287

Albion

Financing

3

SARL,

5.236%,

(EURIBOR

3

Month

ACT/360

plus

3.000%),

8/16/29

EUR∞

1,400,000‌

1,641

Amentum

Holdings,

Inc.,

6.577%,

(US

SOFR

1

Month

plus

2.250%),

9/29/31

1,230,667‌

1,228

AmSurg

Corp.

First

Out,

11.111%,

(US

SOFR

3

Month

plus

6.750%),

7/20/26Æ

281,436‌

281

AmSurg

Corp.

Last

Out,

12.236%,

(US

SOFR

3

Month

plus

7.875%),

11/3/28Þ

1,059,850‌

1,092

Avolon

TLB

Borrower

1

US

LLC,

6.071%,

(US

SOFR

1

Month

plus

1.750%),

6/24/30

1,155,352‌

1,156

Bank

of

Industry,

Ltd.,

3.695%,

(EURIBOR

3

Month

ACT/360

plus

1.700%),

8/23/27

EUR∞

3,000,000‌

3,499

Charter

Communications

Operating

LLC,

6.548%,

(US

SOFR

3

Month

plus

2.250%),

12/15/31

565,361‌

566

Cotiviti,

Inc.,

7.074%,

(US

SOFR

1

Month

plus

2.750%),

5/1/31

2,863,859‌

2,848

Directv

Financing

LLC,

9.791%,

(US

SOFR

1

Month

plus

5.250%),

8/2/29

951,500‌

942

First

Student

Bidco,

Inc.,

6.796%,

(US

SOFR

3

Month

plus

2.500%),

7/21/28

994,924‌

995

Fortress

Intermediate

3,

Inc.,

7.827%,

(US

SOFR

1

Month

plus

3.500%),

6/27/31

1,389,500‌

1,391

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

134

Bank

Loan

Obligations

(4.5%)

Shares/

Par

+

Value

$

(000’s)

Bank

Loan

Obligations

continued

GFL

Environmental

Services,

Inc.,

6.824%,

(US

SOFR

3

Month

plus

2.500%),

3/3/32

725,000‌

724

Global

Medical

Response,

Inc.,

9.079%,

(US

SOFR

1

Month

plus

5.500%),

10/31/28Þ

275,314‌

275

Goat

Holdco

LLC,

7.077%,

(US

SOFR

1

Month

plus

3.000%),

1/27/32

1,296,750‌

1,298

Kaseya,

Inc.,

7.577%,

(US

SOFR

1

Month

plus

3.250%),

3/20/32

997,500‌

1,001

LifePoint

Health,

Inc.,

8.006%,

(US

SOFR

3

Month

plus

3.750%),

5/19/31

995,000‌

983

LifePoint

Health,

Inc.,

7.820%,

(US

SOFR

3

Month

plus

3.500%),

5/19/31

1,488,769‌

1,464

Modena

Buyer

LLC,

8.780%,

(US

SOFR

3

Month

plus

4.500%),

7/1/31

639,839‌

615

Newfold

Digital

Holdings

Group,

Inc.,

7.927%,

(US

SOFR

3

Month

plus

3.500%),

2/10/28Æ

2,581,449‌

1,988

Novelis

Holdings,

Inc.,

6.296%,

(US

SOFR

3

Month

plus

2.000%),

3/11/32

1,895,250‌

1,898

OCS

Group

Holdings,

Ltd.,

9.961%,

(SONIO

plus

5.750%),

11/28/31

GBP∞

2,500,000‌

3,412

QualityTech

LP,

7.813%,

(US

SOFR

plus

3.500%),

10/30/31

1,400,000‌

1,402

Quikrete

Holdings,

Inc.,

6.577%,

(US

SOFR

1

Month

plus

2.250%),

2/10/32

1,296,750‌

1,294

Republic

of

Panama,

4.103%,

(EURIBOR

6

Month

ACT/360

plus

1.750%),

3/5/27

EUR∞,Æ

1,900,000‌

2,254

Republic

of

Turkey,

8.343%,

(EURIBOR

6

Month

ACT/360

plus

6.210%),

4/27/31

EUR∞,Æ

1,700,000‌

2,184

Restaurant

Brands

International,

6.077%,

(US

SOFR

1

Month

plus

1.750%),

9/20/30

2,376,000‌

2,363

Rockpoint

Gas

Storage

Partners

LP,

7.296%,

(US

SOFR

3

Month

plus

3.000%),

9/18/31

1,291,754‌

1,296

Setanta

Aircraft

Leasing

DAC,

6.046%,

(US

SOFR

3

Month

plus

1.750%),

11/5/28

2,000,000‌

2,009

SOCAR

Turkey

Energy

AS,

5.931%,

(EURIBOR

6

Month

ACT/360

plus

3.450%),

8/11/26

EUR∞

5,800,000‌

6,807

Standard

Industries,

Inc.,

6.071%,

(US

SOFR

1

Month

plus

2.000%),

9/22/28

389,975‌

390

Station

Casinos

LLC,

6.327%,

(US

SOFR

1

Month

plus

2.250%),

3/14/31

1,185,000‌

1,186

Stepstone

Group

MidCo

2

GmbH,

6.673%,

(EURIBOR

3

Month

ACT/360

plus

4.500%),

4/26/32

EUR∞

1,650,000‌

1,899

Stonepeak

Nile

Parent

LLC,

9.250%,

(US

SOFR

3

Month

plus

2.750%),

4/9/32

1,200,000‌

1,203

US

Renal

Care,

Inc.,

9.441%,

(US

SOFR

1

Month

plus

5.000%),

6/20/28

992,405‌

937

VEON

Amsterdam,

8.531%,

(US

SOFR

3

Month

plus

4.250%),

3/25/27Æ

950,000‌

950

Wand

NewCo

3,

Inc.,

6.827%,

(US

SOFR

1

Month

plus

2.500%),

1/30/31

328,814‌

327

X

Corp.,

9.500%,

(US

SOFR

6

Month

plus

–%),

10/26/29

1,100,000‌

1,069

X

Corp.,

10.927%,

(US

SOFR

1

Month

plus

6.500%),

10/26/29

2,089,286‌

2,039

Total

Bank

Loan

Obligations

(Cost:

$58,905)

60,193

Warrants

(

0.0%

)

Shares/

Par

+

Value

$

(000's)

Consumer,

Cyclical

(0.0%)

Spirit

Airlines,

Inc. *

7,627‌

38

Spirit

Airlines,

Inc. 

144A*

5,499‌

27

Total

65

Total

Warrants

(Cost: $162)

65

Short-Term

Investments

(

14.3%

)

Governments

(0.2%)

US

Treasury

0.000%,

7/3/25

415,000‌

415

0.000%,

8/14/25β

91,000‌

90

0.000%,

8/19/25β

245,000‌

244

0.000%,

9/4/25β

102,000‌

101

0.000%,

9/11/25β

617,000‌

612

0.000%,

9/16/25β

1,374,000‌

1,361

0.000%,

10/21/25β

305,000‌

301

Total

3,124

Repurchase

Agreements

(14.1%)

Bank

of

Nova

Scotia,

2.700%,

7/8/25

(Purchased

on

6/23/25,

to

be

repurchased

at

CAD

10,010,356,

collateralized

by

a

Province

of

Alberta

Government

Bond,

3.05%,

due

12/1/48,

par

and

fair

value

of

CAD

12,900,000

and

CAD

10,175,649,

respectively)

CAD∞

10,000,000‌

7,344

Canadian

Imperial

Bank

of

Commerce,

2.720%,

7/7/25

(Purchased

on

6/26/25,

to

be

repurchased

at

CAD

20,014,904,

collateralized

by

a

Province

of

Quebec

Government

Bond,

3.5%,

due

12/1/45,

par

and

fair

value

of

CAD

23,563,000

and

CAD

20,353,013,

respectively)

CAD∞

20,000,000‌

14,687

Canadian

Imperial

Bank

of

Commerce,

2.720%,

7/10/25

(Purchased

on

6/25/25,

to

be

repurchased

at

CAD

10,010,433,

collateralized

by

a

Province

of

Ontario

Government

Bond,

3.75%,

due

6/2/32,

par

and

fair

value

of

CAD

10,012,000

and

CAD

10,170,991,

respectively)

CAD∞

10,000,000‌

7,343

Canadian

Imperial

Bank

of

Commerce,

2.720%,

7/9/25

(Purchased

on

6/27/25,

to

be

repurchased

at

CAD

10,006,707,

collateralized

by

a

Province

of

Ontario

Government

Bond,

3.75%,

due

12/2/53,

par

and

fair

value

of

CAD

11,513,000

and

CAD

10,190,387,

respectively)

CAD∞

10,000,000‌

7,344

Canadian

Imperial

Bank

of

Commerce,

2.720%,

7/11/25

(Purchased

on

6/26/25,

to

be

repurchased

at

CAD

30,031,299,

collateralized

by

a

Province

of

Quebec

Government

Bond,

3.5%,

due

12/1/45,

par

and

fair

value

of

CAD

35,345,000

and

CAD

30,529,951,

respectively)

CAD∞

30,000,000‌

22,030

Citigroup

Global

Markets,

Inc.,

4.410%,

7/2/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$64,607,914,

collateralized

by

a

US

Treasury

Note,

3.875%,

due

5/31/27,

par

and

fair

value

of

$65,583,800

and

$65,734,950,

respectively)

64,600,000‌

64,600

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

135

Short-Term

Investments

(14.3%)

Shares/

Par

+

Value

$

(000’s)

Repurchase

Agreements

continued

Deutsche

Bank

Securities,

Inc.,

4.440%,

7/1/25

(Purchased

on

6/30/25,

to

be

repurchased

at

$3,800,469,

collateralized

by

a

US

Treasury

Bond,

4.625%,

due

5/15/54,

par

and

fair

value

of

$3,979,100

and

$3,871,851,

respectively)

3,800,000‌

3,800

Short-Term

Investments

(14.3%)

Shares/

Par

+

Value

$

(000’s)

Repurchase

Agreements

continued

JP

Morgan

Securities

LLC,

4.480%,

7/1/25

(Purchased

on

6/27/25,

to

be

repurchased

at

$59,107,355,

collateralized

by

a

US

Treasury

Inflation

Indexed

Bond,

0.625%,

due

1/15/26,

par

and

fair

value

of

$60,440,594

and

$60,117,142,

respectively)

59,100,000‌

59,100

Total

186,248

Total

Short-Term

Investments

(Cost:

$189,167)

189,372

Total

Investments

(116.7%)

(Cost:

$1,584,411)

@

1,548,367

Other

Assets,

Less

Liabilities (-16.7%)

(222,074)

Net

Assets

(100.0%)

1,326,293

Reverse

Repurchase

Agreements

Reference

Entity

Counterparty

Interest

Rate

Borrowing

Date

Maturity

Date

Currency

Amount

Borrowed

(000's)

Payable

for

Reverse

Repurchase

Agreements

(000s)

Argentine

Republic

Government

International

Bond

Morgan

Stanley

And

Co.

International

4.100%

12/19/24

Open

USD

(3,143‌)

$

(3,143‌)

Romanian

Government

International

Bond

Morgan

Stanley

And

Co.

International

1.650%

6/20/25

Open

EUR

(391‌)

(461‌)

Serbia

International

Bond

Barclays

Bank

PLC

4.200%

12/19/24

Open

USD

(844‌)

(844‌)

$

(4,448‌)

Exchange

Traded

or

Centrally

Cleared

Derivatives

Futures

Issuer

Long/

Short

Currency

Notional

Par

(000's)

Number

of

Contracts

Expiration

Date

Notional

Value

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Variation

Margin

(000's)

Euro-Bobl

Future

Long

EUR

36,300‌

363

9/25

$

50,320‌

$

(229‌)

$

33‌

Euro-BTP

Future

Long

EUR

4,300‌

43

9/25

6,129‌

(1‌)

10‌

Euro-Bund

Future

Long

EUR

6,300‌

63

9/25

9,659‌

(47‌)

4‌

Euro-OAT

Future

Short

EUR

3,400‌

34

9/25

4,960‌

19‌

(2‌)

Euro-Schatz

Future

Long

EUR

40,700‌

407

9/25

51,418‌

(90‌)

14‌

Five-Year

US

Treasury

Note

Future

Long

USD

85,300‌

853

9/25

92,977‌

994‌

113‌

Long

Gilt

Future

Short

GBP

600‌

6

9/25

766‌

(13‌)

(1‌)

Ten-Year

Canada

Government

Bond

Future

Long

CAD

4,300‌

43

9/25

3,852‌

33‌

9‌

Ten-Year

US

Treasury

Note

Future

Long

USD

18,800‌

188

9/25

21,079‌

426‌

59‌

Two-Year

US

Treasury

Note

Future

Long

USD

59,000‌

295

9/25

61,367‌

12‌

12‌

Ultra

Ten-Year

US

Treasury

Note

Future

Long

USD

35,000‌

350

9/25

39,993‌

836‌

170‌

US

Treasury

Long

Bond

Future

Short

USD

600‌

6

9/25

693‌

(20‌)

(6‌)

$

1,920‌

$

415‌

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

136

Centrally

Cleared

Interest

Rate

Swaps

-

Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Expiration

Date

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Variation

Margin(000's)

1-Day

USD-SOFR

Compounded-OIS

3.000%

3/27

4,800‌

USD

$

54‌

$

(10‌)

$

44‌

$

(3‌)

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/30

6,900‌

USD

105‌

(52‌)

53‌

77‌

1-Day

USD-SOFR

Compounded-OIS

3.900%

2/35

21,414‌

USD

(44‌)

(384‌)

(428‌)

(89‌)

1-Day

USD-SOFR

Compounded-OIS

3.908%

3/35

500‌

USD

–‌

(10‌)

(10‌)

2‌

1-Day

USD-SOFR

Compounded-OIS

3.874%

3/35

800‌

USD

–‌

(13‌)

(13‌)

(3‌)

1-Day

USD-SOFR

Compounded-OIS

3.899%

3/35

800‌

USD

–‌

(15‌)

(15‌)

(3‌)

1-Day

USD-SOFR

Compounded-OIS

3.905%

3/35

800‌

USD

–‌

(15‌)

(15‌)

(3‌)

1-Day

USD-SOFR

Compounded-OIS

3.250%

3/35

35,600‌

USD

2,322‌

(1,088‌)

1,234‌

(145‌)

1-Day

USD-SOFR

Compounded-OIS

3.930%

3/35

1,600‌

USD

–‌

(34‌)

(34‌)

(7‌)

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/35

14,400‌

USD

652‌

(130‌)

522‌

(61‌)

1-Day

USD-SOFR

Compounded-OIS

3.500%

12/54

8,900‌

USD

63‌

586‌

649‌

(74‌)

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/55

16,700‌

USD

2,240‌

(266‌)

1,974‌

(134‌)

6-Month

EURIBOR

2.400%

4/30

700‌

EUR

–‌

(5‌)

(5‌)

–‌π

6-Month

EURIBOR

2.520%

4/35

500‌

EUR

–‌

4‌

4‌

1‌

6-Month

EURIBOR

2.510%

4/35

1,000‌

EUR

–‌

9‌

9‌

1‌

6-Month

EURIBOR

2.550%

4/35

500‌

EUR

–‌

2‌

2‌

1‌

6-Month

EURIBOR

2.450%

5/35

400‌

EUR

–‌

6‌

6‌

1‌

$

5,392‌

$

(1,415‌)

$

3,977‌

$

(439‌)

Centrally

Cleared

Interest

Rate

Swaps

-

Pay

Floating

Rate

Floating

Rate

Index

Fixed

Rate

Expiration

Date

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Variation

Margin(000's)

1-Day

GBP-SONIO

Compounded-OIS

3.500%

3/30

28,400‌

GBP

$

(736‌)

$

504‌

$

(232‌)

$

37‌

1-Day

GBP-SONIO

Compounded-OIS

3.500%

3/35

2,900‌

GBP

(174‌)

25‌

(149‌)

7‌

1-Day

GBP-SONIO

Compounded-OIS

3.750%

3/55

1,200‌

GBP

(142‌)

(48‌)

(190‌)

1‌

1-Year

BRL-CDI

13.926%

1/27

6,400‌

BRL

–‌

(3‌)

(3‌)

1‌

1-Year

BRL-CDI

13.927%

1/27

50,900‌

BRL

–‌

(21‌)

(21‌)

9‌

1-Year

BRL-CDI

13.320%

1/29

3,600‌

BRL

–‌

4‌

4‌

3‌

1-Year

BRL-CDI

13.291%

1/29

33,700‌

BRL

–‌

35‌

35‌

31‌

6-Month

AUD-BBR-BBSW

4.750%

12/33

45,700‌

AUD

272‌

237‌

509‌

57‌

6-Month

CZK-PRIBOR

3.365%

11/29

78,900‌

CZK

(32‌)

(6‌)

(38‌)

(3‌)

Canadian

Overnight

Repo

Rate

Average

3.750%

12/25

35,200‌

CAD

(65‌)

204‌

139‌

(4‌)

Canadian

Overnight

Repo

Rate

Average

2.500%

6/29

8,000‌

CAD

(210‌)

199‌

(11‌)

4‌

$

(1,087‌)

$

1,130‌

$

43‌

$

143‌

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

137

Centrally

Cleared

Credit

Default

Swaps

on

Credit

Indices

-

Sell

Protection

Reference

Entity

Receive

Fixed

Rate

Expiration

Date

Implied

Credit

Spread

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value(000's)

Variation

Margin(000's)

Markit

CDX

Emerging

Markets

Index,

Series

36

1.000%

12/26

0.625%

16,491‌

USD

$

(308‌)

$

397‌

$

89‌

$

25‌

Markit

CDX

Emerging

Markets

Index,

Series

37

1.000%

6/27

0.803%

490‌

USD

(17‌)

19‌

2‌

1‌

Markit

CDX

Emerging

Markets

Index,

Series

38

1.000%

12/27

0.904%

4,200‌

USD

(167‌)

176‌

9‌

8‌

Markit

CDX

Emerging

Markets

Index,

Series

39

1.000%

6/28

1.001%

600‌

USD

(23‌)

23‌

–‌π

1‌

Markit

CDX

Emerging

Markets

Index,

Series

40

1.000%

12/28

1.142%

10,200‌

USD

(320‌)

273‌

(47‌)

20‌

Markit

CDX

Emerging

Markets

Index,

Series

41

1.000%

6/29

1.266%

3,200‌

USD

(94‌)

63‌

(31‌)

6‌

Markit

CDX

Emerging

Markets

Index,

Series

42

1.000%

12/29

1.377%

4,500‌

USD

(112‌)

44‌

(68‌)

8‌

Markit

CDX

Emerging

Markets

Index,

Series

43

1.000%

6/30

1.565%

3,500‌

USD

(119‌)

32‌

(87‌)

7‌

Markit

CDX

North

America

High

Yield

Index,

Series

43

5.000%

12/29

3.073%

34,825‌

USD

2,151‌

404‌

2,555‌

117‌

Markit

CDX

North

America

High

Yield

Index,

Series

44

5.000%

6/30

3.183%

49,900‌

USD

2,237‌

1,517‌

3,754‌

173‌

Markit

CDX

North

America

Investment

Grade

Index,

Series

43

1.000%

12/29

0.453%

7,300‌

USD

141‌

23‌

164‌

4‌

Markit

CDX

North

America

Investment

Grade

Index,

Series

44

1.000%

6/30

0.510%

98,500‌

USD

1,406‌

776‌

2,182‌

56‌

$

4,775‌

$

3,747‌

$

8,522‌

$

426‌

Centrally

Cleared

Credit

Default

Swaps

on

Corporate

or

Sovereign

Issues

-

Sell

Protection

Reference

Entity

Receive

Fixed

Rate

Expiration

Date

Implied

Credit

Spread

Notional

Amount

(000's)

Currency

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value(000's)

Variation

Margin(000's)

AT&T,

Inc.

1.000%

6/26

0.303%

100‌

USD

$

–‌π

$

1‌

$

1‌

$

–‌π

Carnival

Corp.

1.000%

12/28

1.023%

600‌

USD

(92‌)

92‌

–‌π

–‌π

Ford

Motor

Co.

5.000%

12/25

0.506%

400‌

USD

2‌

6‌

8‌

–‌π

Ford

Motor

Co.

5.000%

6/26

0.799%

1,000‌

USD

11‌

30‌

41‌

–‌π

Ford

Motor

Co.

5.000%

6/27

1.088%

300‌

USD

11‌

11‌

22‌

–‌π

Ford

Motor

Co.

5.000%

6/27

1.100%

900‌

USD

25‌

41‌

66‌

–‌π

General

Electric

Co.

1.000%

6/26

0.089%

3,800‌

USD

8‌

25‌

33‌

–‌π

General

Electric

Co.

1.000%

12/26

0.107%

400‌

USD

1‌

4‌

5‌

–‌π

Glencore

Finance

Europe,

Ltd.

5.000%

6/31

1.281%

1,000‌

EUR

195‌

45‌

240‌

2‌

Glencore

Finance

Europe,

Ltd.

5.000%

12/31

1.385%

500‌

EUR

105‌

20‌

125‌

1‌

Marks

&

Spencer

PLC

1.000%

6/27

0.301%

100‌

EUR

(3‌)

5‌

2‌

–‌π

Marks

&

Spencer

PLC

1.000%

12/28

0.537%

500‌

EUR

(20‌)

29‌

9‌

–‌π

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

138

Centrally

Cleared

Credit

Default

Swaps

on

Corporate

or

Sovereign

Issues

-

Sell

Protection

(continued)

Reference

Entity

Receive

Fixed

Rate

Expiration

Date

Implied

Credit

Spread

Notional

Amount

(000’s)

Currency

Upfront

Premium

Paid/

(Received)

(000’s)

Unrealized

Appreciation/

(Depreciation)

(000’s)

Market

Value(000’s)

Variation

Margin(000’s)

Volkswagen

International

Finance

NV

1.000%

6/29

0.982%

3,100‌

EUR

$

25‌

$

(22‌)

$

3‌

$

2‌

$

268‌

$

287‌

$

555‌

$

5‌

Written

Options

Description

Currency

Notional

Par

(000's)

Exercise

Price

Expiration

Date

Number

of

Contracts

Value

(000's)

Call

-

Ten-Year

US

Treasury

Note

Future

USD

15‌

$

112.500‌

7/25

15‌

$

(8‌)

Put

-

Ten-Year

US

Treasury

Note

Future

USD

15‌

109.000‌

7/25

15‌

—‌π

(Premiums

Received

$12)

$

(8‌)

Financial

Derivative

Assets

Financial

Derivative

Liabilities

Variation

Margin

(000's)

Variation

Margin

(000's)

Market

Value

(000's)

Swaps

Futures

Total

Swaps

Futures

Total

Options

Total

Exchange-Traded

or

Centrally

Cleared

Derivatives

$

664‌

$

424‌

$

1,088‌

$

(529‌)

$

(9‌)

$

(538‌)

$

(8‌)

Over

the

Counter

Derivatives

Forward

Foreign

Currency

Contracts

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000's)

Settlement

Date

Unrealized

Appreciation

(000's)

Unrealized

(Depreciation)

(000's)

Net

Unrealized

Appreciation/

(Depreciation)

(000's)

Buy      

Royal

Bank

of

Canada

AUD

5,925‌

3,900‌

7/2/25

$

40‌

$

—‌

$

40‌

Sell      

Barclays

Bank

PLC

AUD

7,808‌

5,139‌

7/2/25

—‌

(107‌)

(107‌)

Sell      

JP

Morgan

Chase

Bank

NA

AUD

1,883‌

1,240‌

8/5/25

—‌

(5‌)

(5‌)

Buy      

BNP

Paribas

SA

BRL

56,378‌

10,377‌

7/2/25

341‌

—‌

341‌

Buy      

Goldman

Sachs

Bank

USA

BRL

22,421‌

4,064‌

9/3/25

60‌

—‌

60‌

Sell      

BNP

Paribas

SA

BRL

32,994‌

6,073‌

7/2/25

—‌

(183‌)

(183‌)

Sell      

Goldman

Sachs

Bank

USA

BRL

22,080‌

4,064‌

7/2/25

—‌

(60‌)

(60‌)

Sell      

JP

Morgan

Chase

Bank

NA

BRL

1,346‌

248‌

7/2/25

—‌

(7‌)

(7‌)

Buy      

HSBC

Bank

PLC

CAD

477‌

350‌

7/2/25

3‌

—‌

3‌

Buy      

JP

Morgan

Chase

Bank

NA

CAD

7,895‌

5,798‌

7/2/25

32‌

—‌

32‌

Sell      

Barclays

Bank

PLC

CAD

316‌

232‌

7/2/25

—‌

(2‌)

(2‌)

Sell      

BNP

Paribas

SA

CAD

1,198‌

879‌

7/2/25

—‌

(10‌)

(10‌)

Sell      

HSBC

Bank

PLC

CAD

6,417‌

4,713‌

7/2/25

—‌

(40‌)

(40‌)

Sell      

Royal

Bank

of

Canada

CAD

441‌

324‌

7/2/25

—‌

(3‌)

(3‌)

Sell      

BNP

Paribas

SA

CAD

20,015‌

14,702‌

7/7/25

—‌

(10‌)

(10‌)

Sell      

BNP

Paribas

SA

CAD

10,010‌

7,353‌

7/8/25

—‌

(75‌)

(75‌)

Sell      

HSBC

Bank

PLC

CAD

10,007‌

7,351‌

7/9/25

—‌

(21‌)

(21‌)

Sell      

BNP

Paribas

SA

CAD

10,010‌

7,354‌

7/10/25

—‌

(67‌)

(67‌)

Sell      

JP

Morgan

Chase

Bank

NA

CAD

30,031‌

22,064‌

7/11/25

—‌

(12‌)

(12‌)

Sell      

HSBC

Bank

PLC

CAD

476‌

350‌

8/5/25

—‌

(3‌)

(3‌)

Buy      

JP

Morgan

Chase

Bank

NA

CHF

1,809‌

2,280‌

7/2/25

72‌

—‌

72‌

Sell      

HSBC

Bank

PLC

CHF

1,907‌

2,403‌

7/2/25

—‌

(83‌)

(83‌)

Sell      

Royal

Bank

of

Canada

CHF

13‌

17‌

7/2/25

—‌

(1‌)

(1‌)

Sell      

Barclays

Bank

PLC

CHF

110‌

139‌

8/4/25

—‌

(1‌)

(1‌)

Buy      

BNP

Paribas

SA

CNH

6,522‌

914‌

8/20/25

19‌

—‌

19‌

Buy      

HSBC

Bank

PLC

CNH

33,573‌

4,708‌

8/20/25

7‌

—‌

7‌

Buy      

JP

Morgan

Chase

Bank

NA

CNH

16,846‌

2,362‌

8/20/25

5‌

—‌

5‌

Buy      

NatWest

Markets

PLC

CNH

58,708‌

8,232‌

8/20/25

21‌

—‌

21‌

Sell      

HSBC

Bank

PLC

CNH

6,123‌

856‌

7/16/25

—‌

(7‌)

(7‌)

Sell      

JP

Morgan

Chase

Bank

NA

CNH

9,691‌

1,356‌

7/16/25

—‌

(12‌)

(12‌)

Sell      

Barclays

Bank

PLC

CNH

13,395‌

1,878‌

8/20/25

—‌

(13‌)

(13‌)

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

139

Forward

Foreign

Currency

Contracts

(continued)

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000’s)

Settlement

Date

Unrealized

Appreciation

(000’s)

Unrealized

(Depreciation)

(000’s)

Net

Unrealized

Appreciation/

(Depreciation)

(000’s)

Sell      

BNP

Paribas

SA

CNH

13,460‌

1,887‌

8/20/25

$

—‌

$

(5‌)

$

(5‌)

Sell      

HSBC

Bank

PLC

CNH

42,650‌

5,981‌

8/20/25

—‌

(23‌)

(23‌)

Sell      

JP

Morgan

Chase

Bank

NA

CNH

30,304‌

4,250‌

8/20/25

—‌

(34‌)

(34‌)

Sell      

Barclays

Bank

PLC

CZK

3,450‌

165‌

8/22/25

—‌

(9‌)

(9‌)

Sell      

BNP

Paribas

SA

CZK

350‌

17‌

8/22/25

—‌

(1‌)

(1‌)

Buy      

Bank

of

America

NA

EGP

16,296‌

326‌

7/21/25

26‌

—‌

26‌

Buy      

Goldman

Sachs

Bank

USA

EGP

20,807‌

417‌

7/21/25

34‌

—‌

34‌

Buy      

Goldman

Sachs

Bank

USA

EGP

3,551‌

70‌

8/25/25

6‌

—‌

6‌

Buy      

HSBC

Bank

PLC

EGP

1,223‌

24‌

8/26/25

2‌

—‌

2‌

Buy      

Barclays

Bank

PLC

EUR

4,932‌

5,810‌

7/2/25

90‌

—‌

90‌

Buy      

JP

Morgan

Chase

Bank

NA

EUR

613‌

722‌

7/2/25

18‌

—‌

18‌

Sell      

Bank

of

America

NA

EUR

125,335‌

147,639‌

7/2/25

—‌

(5,126‌)

(5,126‌)

Sell      

Barclays

Bank

PLC

EUR

1,366‌

1,609‌

7/2/25

—‌

(58‌)

(58‌)

Sell      

HSBC

Bank

PLC

EUR

3,291‌

3,877‌

7/2/25

—‌

(118‌)

(118‌)

Sell      

JP

Morgan

Chase

Bank

NA

EUR

2,599‌

3,062‌

7/2/25

—‌

(86‌)

(86‌)

Sell      

JP

Morgan

Chase

Bank

NA

EUR

130,123‌

153,613‌

8/4/25

—‌

(726‌)

(726‌)

Buy      

Barclays

Bank

PLC

GBP

19,432‌

26,673‌

7/2/25

234‌

—‌

234‌

Sell      

JP

Morgan

Chase

Bank

NA

GBP

19,432‌

26,673‌

7/2/25

—‌

(493‌)

(493‌)

Sell      

Barclays

Bank

PLC

GBP

19,432‌

26,677‌

8/4/25

—‌

(234‌)

(234‌)

Buy      

BNP

Paribas

SA

IDR

34,041,151‌

2,099‌

7/16/25

13‌

—‌

13‌

Buy      

Goldman

Sachs

Bank

USA

IDR

22,341,211‌

1,378‌

7/16/25

7‌

—‌

7‌

Buy      

HSBC

Bank

PLC

IDR

18,832,740‌

1,161‌

7/16/25

2‌

—‌

2‌

Buy      

JP

Morgan

Chase

Bank

NA

IDR

9,095,713‌

561‌

7/16/25

2‌

—‌

2‌

Sell      

Barclays

Bank

PLC

IDR

44,186,279‌

2,723‌

7/11/25

—‌

(13‌)

(13‌)

Sell      

Bank

of

America

NA

IDR

40,372,232‌

2,489‌

7/16/25

—‌

(15‌)

(15‌)

Sell      

Barclays

Bank

PLC

ILS

151‌

45‌

7/18/25

—‌

(3‌)

(3‌)

Sell      

UBS

AG

ILS

21‌

6‌

7/18/25

—‌

—‌π

—‌π

Sell      

BNP

Paribas

SA

ILS

7,156‌

2,126‌

9/2/25

—‌

(171‌)

(171‌)

Buy      

Barclays

Bank

PLC

INR

11,418‌

133‌

8/20/25

—‌

—‌π

—‌π

Buy      

BNP

Paribas

SA

INR

339,848‌

3,956‌

8/20/25

47‌

—‌

47‌

Buy      

JP

Morgan

Chase

Bank

NA

INR

320,904‌

3,736‌

8/20/25

24‌

—‌

24‌

Sell      

JP

Morgan

Chase

Bank

NA

INR

671,660‌

7,834‌

7/11/25

—‌

(4‌)

(4‌)

Buy      

Barclays

Bank

PLC

JPY

33,526‌

233‌

7/2/25

—‌

—‌π

—‌π

Buy      

HSBC

Bank

PLC

JPY

547,001‌

3,799‌

7/2/25

—‌

(8‌)

(8‌)

Buy      

JP

Morgan

Chase

Bank

NA

JPY

1,145,500‌

7,955‌

7/2/25

87‌

—‌

87‌

Buy      

UBS

AG

JPY

272,633‌

1,893‌

7/2/25

10‌

—‌

10‌

Buy      

BNP

Paribas

SA

JPY

181,107‌

1,262‌

8/4/25

2‌

—‌

2‌

Buy      

HSBC

Bank

PLC

JPY

963,284‌

6,714‌

8/4/25

9‌

—‌

9‌

Sell      

HSBC

Bank

PLC

JPY

201,000‌

1,396‌

7/2/25

3‌

—‌

3‌

Sell      

JP

Morgan

Chase

Bank

NA

JPY

649,500‌

4,510‌

7/2/25

—‌

(10‌)

(10‌)

Buy      

UBS

AG

KRW

64,094‌

47‌

7/8/25

—‌π

—‌

—‌π

Buy      

Barclays

Bank

PLC

KRW

5,072,475‌

3,751‌

7/11/25

1‌

—‌

1‌

Buy      

Bank

of

America

NA

KRW

1,177,330‌

871‌

7/16/25

8‌

—‌

8‌

Buy      

Barclays

Bank

PLC

KRW

14,018‌

10‌

7/16/25

—‌π

—‌

—‌π

Sell      

Barclays

Bank

PLC

KRW

64,195‌

47‌

7/8/25

—‌

—‌π

—‌π

Sell      

Bank

of

America

NA

KRW

1,143,574‌

846‌

7/16/25

—‌

(7‌)

(7‌)

Sell      

Barclays

Bank

PLC

KRW

29,117‌

22‌

7/16/25

—‌

—‌π

—‌π

Sell      

JP

Morgan

Chase

Bank

NA

KRW

5,001,759‌

3,700‌

7/16/25

—‌

(48‌)

(48‌)

Sell      

UBS

AG

KRW

64,063‌

47‌

7/16/25

—‌

—‌π

—‌π

Buy      

BNP

Paribas

SA

KWD

9‌

29‌

6/17/26

—‌π

—‌

—‌π

Buy      

BNP

Paribas

SA

KWD

9‌

30‌

6/30/26

—‌π

—‌

—‌π

Sell      

BNP

Paribas

SA

KWD

595‌

1,968‌

5/9/30

83‌

—‌

83‌

Sell      

BNP

Paribas

SA

KWD

65‌

216‌

5/13/30

9‌

—‌

9‌

Buy      

JP

Morgan

Chase

Bank

NA

MXN

77,100‌

4,034‌

12/17/25

45‌

—‌

45‌

Sell      

Barclays

Bank

PLC

MXN

20,197‌

1,068‌

9/17/25

—‌

(19‌)

(19‌)

Sell      

UBS

AG

MXN

59,741‌

3,158‌

9/17/25

—‌

(76‌)

(76‌)

Sell      

Barclays

Bank

PLC

NOK

383‌

38‌

7/2/25

—‌

—‌π

—‌π

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

140

Forward

Foreign

Currency

Contracts

(continued)

Type      

Counterparty

Currency

Foreign

Principal

Amount

Covered

by

Contract

(000s)

USD

Principal

Amount

Covered

by

Contract

(000’s)

Settlement

Date

Unrealized

Appreciation

(000’s)

Unrealized

(Depreciation)

(000’s)

Net

Unrealized

Appreciation/

(Depreciation)

(000’s)

Sell      

UBS

AG

NOK

3,621‌

359‌

7/2/25

$

—‌

$

(3‌)

$

(3‌)

Sell      

Barclays

Bank

PLC

NOK

4,011‌

398‌

8/4/25

—‌

(1‌)

(1‌)

Sell      

JP

Morgan

Chase

Bank

NA

NZD

1,151‌

701‌

7/2/25

—‌

(15‌)

(15‌)

Sell      

Barclays

Bank

PLC

NZD

1,151‌

702‌

8/4/25

—‌

(4‌)

(4‌)

Buy      

Barclays

Bank

PLC

PEN

72‌

20‌

9/17/25

—‌π

—‌

—‌π

Sell      

Bank

of

America

NA

PEN

3,427‌

965‌

9/17/25

—‌

(26‌)

(26‌)

Sell      

Barclays

Bank

PLC

PEN

18,921‌

5,330‌

9/17/25

—‌

(146‌)

(146‌)

Buy      

Barclays

Bank

PLC

PLN

156‌

43‌

7/10/25

2‌

—‌

2‌

Buy      

HSBC

Bank

PLC

PLN

1,199‌

333‌

7/10/25

12‌

—‌

12‌

Buy      

JP

Morgan

Chase

Bank

NA

PLN

1,677‌

465‌

7/10/25

19‌

—‌

19‌

Sell      

Barclays

Bank

PLC

PLN

5‌

1‌

7/18/25

—‌

—‌π

—‌π

Sell      

JP

Morgan

Chase

Bank

NA

PLN

1,642‌

455‌

7/18/25

—‌

(11‌)

(11‌)

Buy      

Barclays

Bank

PLC

SGD

5,348‌

4,206‌

7/2/25

44‌

—‌

44‌

Buy      

Bank

of

America

NA

SGD

34‌

27‌

8/5/25

—‌π

—‌

—‌π

Buy      

Goldman

Sachs

Bank

USA

SGD

9‌

7‌

8/5/25

—‌π

—‌

—‌π

Buy      

HSBC

Bank

PLC

SGD

332‌

262‌

8/5/25

4‌

—‌

4‌

Buy      

JP

Morgan

Chase

Bank

NA

SGD

12‌

10‌

8/5/25

—‌π

—‌

—‌π

Sell      

Bank

of

America

NA

SGD

95‌

75‌

7/2/25

—‌

(1‌)

(1‌)

Sell      

HSBC

Bank

PLC

SGD

3,782‌

2,974‌

7/2/25

—‌

(28‌)

(28‌)

Sell      

JP

Morgan

Chase

Bank

NA

SGD

1,448‌

1,139‌

7/2/25

—‌

(11‌)

(11‌)

Buy      

Bank

of

America

NA

THB

12,779‌

393‌

7/16/25

3‌

—‌

3‌

Buy      

Barclays

Bank

PLC

THB

67,006‌

2,064‌

7/16/25

24‌

—‌

24‌

Buy      

Goldman

Sachs

Bank

USA

THB

1,965‌

61‌

7/16/25

1‌

—‌

1‌

Sell      

Barclays

Bank

PLC

THB

9,517‌

293‌

7/16/25

—‌

(1‌)

(1‌)

Sell      

BNP

Paribas

SA

THB

7,394‌

228‌

7/16/25

—‌

(4‌)

(4‌)

Sell      

HSBC

Bank

PLC

THB

33,967‌

1,046‌

7/16/25

—‌

(20‌)

(20‌)

Sell      

UBS

AG

THB

30,840‌

950‌

7/16/25

—‌

(21‌)

(21‌)

Buy      

Barclays

Bank

PLC

TRY

133,444‌

3,308‌

7/18/25

34‌

—‌

34‌

Buy      

Barclays

Bank

PLC

TRY

20,815‌

511‌

7/31/25

5‌

—‌

5‌

Buy      

Barclays

Bank

PLC

TRY

6,747‌

164‌

8/11/25

2‌

—‌

2‌

Buy      

Barclays

Bank

PLC

TRY

1,425‌

35‌

8/14/25

—‌π

—‌

—‌π

Sell      

Barclays

Bank

PLC

TRY

78,215‌

1,939‌

7/18/25

—‌

(13‌)

(13‌)

Buy      

BNP

Paribas

SA

TWD

217,736‌

7,486‌

7/11/25

156‌

—‌

156‌

Buy      

BNP

Paribas

SA

TWD

35,595‌

1,226‌

7/16/25

27‌

—‌

27‌

Buy      

Goldman

Sachs

Bank

USA

TWD

70,110‌

2,414‌

7/16/25

258‌

—‌

258‌

Buy      

HSBC

Bank

PLC

TWD

24,397‌

840‌

7/16/25

70‌

—‌

70‌

Buy      

JP

Morgan

Chase

Bank

NA

TWD

193,121‌

6,649‌

7/16/25

157‌

—‌

157‌

Buy      

BNP

Paribas

SA

TWD

19,462‌

677‌

8/20/25

82‌

—‌

82‌

Buy      

HSBC

Bank

PLC

TWD

40,815‌

1,419‌

8/20/25

—‌

(50‌)

(50‌)

Sell      

BNP

Paribas

SA

TWD

64,088‌

2,207‌

7/16/25

—‌

(228‌)

(228‌)

Sell      

HSBC

Bank

PLC

TWD

45,519‌

1,567‌

7/16/25

—‌

(171‌)

(171‌)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

69,409‌

2,390‌

7/16/25

—‌

(257‌)

(257‌)

Sell      

Bank

of

America

NA

TWD

542‌

19‌

8/20/25

—‌

(2‌)

(2‌)

Sell      

BNP

Paribas

SA

TWD

131,516‌

4,572‌

8/20/25

—‌

(541‌)

(541‌)

Sell      

HSBC

Bank

PLC

TWD

112,231‌

3,902‌

8/20/25

—‌

(457‌)

(457‌)

Sell      

JP

Morgan

Chase

Bank

NA

TWD

185,677‌

6,455‌

8/20/25

—‌

(765‌)

(765‌)

Buy      

Barclays

Bank

PLC

ZAR

54,621‌

3,080‌

7/23/25

6‌

—‌

6‌

Sell      

Barclays

Bank

PLC

ZAR

84,054‌

4,740‌

7/23/25

—‌

(90‌)

(90‌)

Sell      

Goldman

Sachs

Bank

USA

ZAR

350‌

20‌

7/23/25

—‌

—‌π

—‌π

Sell      

JP

Morgan

Chase

Bank

NA

ZAR

23,833‌

1,344‌

7/23/25

—‌

(10‌)

(10‌)

$

2,268‌

$

(10,885‌)

$

(8,617‌)

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

141

Credit

Default

Swaps

on

Corporate

or

Sovereign

Issues

-

Sell

Protection

Reference

Entity

Counterparty

Receive

Fixed

Rate

Expiration

Date

Implied

Credit

Spread

Currency

Notional

Amount

(000's)

Upfront

Premium

Paid/

(Received)

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Republic

of

Indonesia

Barclays

Bank

PLC

1.000%

6/31

0.905%

USD

5,700

$

(143‌)

$

173‌

$

30‌

Republic

of

Poland

JP

Morgan

Chase

Bank

NA

1.000%

6/29

0.591%

USD

2,000

20‌

10‌

30‌

Republic

of

Turkey

Morgan

Stanley

Capital

Services

LLC

1.000%

12/28

2.402%

USD

3,000

(160‌)

27‌

(133‌)

Softbank

Group

Corp.

Goldman

Sachs

International

1.000%

6/26

1.490%

USD

3,600

(17‌)

–‌

(17‌)

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

12/26

0.493%

USD

300

–‌π

2‌

2‌

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

6/27

0.538%

USD

100

–‌π

1‌

1‌

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

6/28

0.674%

USD

100

(1‌)

2‌

1‌

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

12/28

0.784%

USD

300

(2‌)

4‌

2‌

$

(303‌)

$

219‌

$

(84‌)

Written

Options

Description

Counterparty

Currency

Notional

Par

(000's)

Exercise

Price

Expiration

Date

Number

of

Contracts

Value

(000's)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

$

3.525‌

7/25

2,600,000‌

$

(9‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.555‌

7/25

2,600,000‌

(11‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.583‌

7/25

2,600,000‌

(11‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.653‌

7/25

2,600,000‌

(11‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

2,600‌

3.664‌

7/25

2,600,000‌

(12‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

500‌

3.669‌

7/25

500,000‌

(2‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

800‌

3.680‌

7/25

800,000‌

(3‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

900‌

3.695‌

7/25

900,000‌

(6‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

3,000‌

3.715‌

7/25

3,000,000‌

(12‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

2,900‌

3.725‌

7/25

2,900,000‌

(16‌)

Call

-

Ten-Year

Interest

Rate

Swaption

JP

Morgan

Chase

Bank

NA

USD

1,300‌

3.772‌

7/25

1,300,000‌

(12‌)

Call

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

1,000‌

3.775‌

7/25

1,000,000‌

(9‌)

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.875‌

7/25

2,600,000‌

(7‌)

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.905‌

7/25

2,600,000‌

(6‌)

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

3.933‌

7/25

2,600,000‌

(4‌)

Put

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

500‌

4.019‌

7/25

500,000‌

—‌π

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

142

Written

Options

(continued)

Description

Counterparty

Currency

Notional

Par

(000’s)

Exercise

Price

Expiration

Date

Number

of

Contracts

Value

(000’s)

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

800‌

$

4.030‌

7/25

800,000‌

$

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

2,600‌

4.053‌

7/25

2,600,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

2,600‌

4.064‌

7/25

2,600,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

3,000‌

4.065‌

7/25

3,000,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Morgan

Stanley

Capital

Services

LLC

USD

2,900‌

4.075‌

7/25

2,900,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

900‌

4.095‌

7/25

900,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

JP

Morgan

Chase

Bank

NA

USD

1,300‌

4.122‌

7/25

1,300,000‌

—‌π

Put

-

Ten-Year

Interest

Rate

Swaption

Goldman

Sachs

Bank

USA

USD

1,000‌

4.125‌

7/25

1,000,000‌

—‌π

(Premiums

Received

$155)

$

(131‌)

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

$

2,268‌

$

66‌

$

2,334‌

$

(10,885‌)

$

(131‌)

$

(150‌)

$

(11,166‌)

Restricted

Securities

Description      

Coupon

Maturity

Date

Acquisition

Date

Cost

(000's)

Value

(000's)

Value

as

a

Percentage

of

Net

Assets

AmSurg

Corp.

11/2/23

$

396‌

$

428‌

0.03‌%

Corestate

Capital

Holding

SA

8/22/23

–‌π

–‌π

–‌%

DrillCo

Holding

Lux

SA

-

Class

B

6/8/23

54‌

55‌

–‌%

DrillCo

Holding

Lux

SA

-

Class

C

6/8/23

484‌

496‌

0.04‌%

Turkiye

Is

Bankasi

AS,

Series

2024-H

7.96%

11/15/34

9/18/24

1,250‌

1,250‌

0.09‌%

VakifBank

DPR,

Series

2025-E,

Class

4A2

6.83%

3/15/35

1/31/25

2,000‌

1,961‌

0.15‌%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

δ

Restricted

security

–

see

accompanying

table

for

additional

details

π

Amount

is

less

than

one

thousand.

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

June

30,

2025

the

value

of

these

securities

(in

thousands)

was

$487,822

representing

36.7%

of

the

net

assets.

φ

Defaulted

Security

-

not

accruing

income

as

of

the

date

of

this

report.

∞

Foreign

Bond

—

par

value

is

foreign

denominated.

§

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933,

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$185,137

(in

thousands),

representing

14.0%

of

net

assets.

α

Rate

shown

is

the

rate

as

of

the

period

end.

The

rate

may

be

based

on

a

fixed

rate,

a

capped

rate

or

a

floor

rate

and

may

convert

to

a

variable

or

floating

rate

in

the

future.

Þ

PIK

-

Payment

In

Kind.

PIK

rate

of

Corestate

Capital

Holding

SA

is

10.00%,

AmSurg

Corp.

Last

Out

is

8.875%,

Global

Medical

Response,

Inc.

Corporate

Bond

is

0.75%,

and

Global

Medical

Response,

Inc.

Bank

Loan

Obligation

is

0.75%.

µ

Perpetual

maturity,

date

shown,

if

applicable,

represents

next

contractual

call

date.

Ψ

Contingent

convertible

security

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

143

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,588,852

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$38,756

which

is

comprised

of

$49,910

aggregate

gross

unrealized

appreciation

and

$88,666

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

- Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Bank

Loan

Obligations

$

—‌

$

52,536‌

$

7,657‌

Common

Stocks

Consumer,

Cyclical

57‌

—‌

—‌

All

Others

—‌

—‌

1,305‌

Corporate

Bonds

Basic

Materials

—‌

8,153‌

520‌

Financial

—‌

159,786‌

3,436‌

All

Others

—‌

395,699‌

—‌

Governments

—‌

297,988‌

—‌

Municipal

Bonds

—‌

2,520‌

—‌

Structured

Products

—‌

429,273‌

—‌

Short-Term

Investments

—‌

189,372‌

—‌

Other

Financial

Instruments^

Futures

2,320‌

—‌

—‌

Forward

Foreign

Currency

Contracts

—‌

2,268‌

—‌

Interest

Rate

Swaps

—‌

5,184‌

—‌

Credit

Default

Swaps

—‌

9,376‌

—‌

Warrants

—‌

65‌

—‌

Total

Assets:

$

2,377‌

$

1,552,220‌

$

12,918‌

Liabilities:

Other

Financial

Instruments^

Futures

(400‌)

—‌

—‌

Forward

Foreign

Currency

Contracts

—‌

(10,885‌)

—‌

Written

Options

(8‌)

(131‌)

—‌

Interest

Rate

Swaps

—‌

(1,164‌)

—‌

Credit

Default

Swaps

—‌

(383‌)

—‌

Reverse

Repurchase

Agreements

—‌

(4,448‌)

—‌

Total

Liabilities:

$

(408‌)

$

(17,011‌)

$

—‌

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

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

June

30,

2025.

Schedule

of

Investments

June

30,

2025

(unaudited)

Active/Passive

All

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

144

Investment

Companies

(

97.9%

)

Shares/

Par

+

Value

$

(000's)

Commodities

(2.0%)

abrdn

Bloomberg

All

Commodity

Strategy

K-1

Free

ETF 

24,045

500

Total

500

Domestic

Equity

(60.9%)

Invesco

S&P

500

Equal

Weight

ETF 

7,205

1,310

iShares

Core

S&P

500

ETF 

5,513

3,423

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

1,014,423

1,582

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

311,271

1,582

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

1,351,236

1,585

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

191,771

688

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

437,619

687

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

129,614

313

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

158,469

313

Schwab

U.S.

REIT

ETF 

14,750

312

Investment

Companies

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Domestic

Equity

continued

SPDR

Dow

Jones

REIT

ETF 

3,242

313

SPDR

Portfolio

S&P

400

Mid

Cap

ETF 

34,472

1,875

SPDR

Portfolio

S&P

600

Small

Cap

ETF 

29,324

1,249

Total

15,232

Foreign

Equity

(35.0%)

Dimensional

International

Value

ETF 

10,208

437

iShares

Core

MSCI

EAFE

ETF 

18,625

1,555

iShares

Core

MSCI

Emerging

Markets

ETF 

2,050

123

iShares

MSCI

International

Quality

Factor

ETF 

18,778

812

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

1,925,581

2,070

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

1,214,834

2,375

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

623,866

1,375

Total

8,747

Total

Investment

Companies

(Cost: $24,479)

24,479

Total

Investments

(97.9%)

(Cost:

$24,479)

@

24,479

Other

Assets,

Less

Liabilities (2.1%)

524

Net

Assets

(100.0%)

25,003

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$24,479

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$–

which

is

comprised

of

$–

aggregate

gross

unrealized

appreciation

and

$–

aggregate

gross

unrealized

depreciation.  Because

tax

adjustments

are

calculated

annually,

these

amounts

do

not

reflect

tax

adjustments. 

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Investment

Companies

$

24,479

$

—

$

—

Total

Assets:

$

24,479

$

—

$

—

Active/Passive

All

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

145

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Portfolio

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Portfolio

controls,

is

controlled

by

or

with

which

the

Portfolio

is

under

common

control.

Transactions

with

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

6/30/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

6/30/2025

(amount

in

thousands)

Domestic

Equity

$

–

$

1,582

$

–

$

1,582

$

–

$

–

$

–

$

–

1,014

Emerging

Markets

–

2,070

–

2,070

–

–

–

–

1,926

Focused

Appreciation

–

1,582

–

1,582

–

–

–

–

311

International

Equity

–

2,375

–

2,375

–

–

–

–

1,215

International

Growth

–

1,375

–

1,375

–

–

–

–

624

Large

Cap

Blend

–

1,585

–

1,585

–

–

–

–

1,351

Mid

Cap

Growth

Stock

–

688

–

688

–

–

–

–

192

Mid

Cap

Value

–

687

–

687

–

–

–

–

438

Small

Cap

Growth

Stock

–

313

–

313

–

–

–

–

130

Small

Cap

Value

–

313

–

313

–

–

–

–

158

$

–

$

12,570

$

–

$

12,570

$

–

$

–

$

–

$

–

7,359

Schedule

of

Investments

June

30,

2025

(unaudited)

Active/Passive

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

146

Investment

Companies

(

97.9%

)

Shares/

Par

+

Value

$

(000's)

Commodities

(2.5%)

abrdn

Bloomberg

All

Commodity

Strategy

K-1

Free

ETF 

30,056

624

Total

624

Domestic

Equity

(49.7%)

Invesco

S&P

500

Equal

Weight

ETF 

5,833

1,060

iShares

Core

S&P

500

ETF 

4,110

2,552

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

881,410

1,375

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

270,456

1,375

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

1,172,208

1,375

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

156,904

563

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

358,052

562

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

77,769

188

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

95,081

187

Schwab

U.S.

REIT

ETF 

20,650

437

SPDR

Dow

Jones

REIT

ETF 

4,540

438

SPDR

Portfolio

S&P

400

Mid

Cap

ETF 

27,577

1,500

SPDR

Portfolio

S&P

600

Small

Cap

ETF 

19,061

812

Total

12,424

Investment

Companies

(97.9%)

Shares/

Par

+

Value

$

(000’s)

Fixed

Income

(19.0%)

iShares

Core

U.S.

Aggregate

Bond

ETF 

17,639

1,750

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

606,208

625

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

1,998,224

2,250

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

116,932

125

Total

4,750

Foreign

Equity

(26.7%)

Dimensional

International

Value

ETF 

8,750

375

iShares

Core

MSCI

EAFE

ETF 

16,319

1,362

iShares

MSCI

International

Quality

Factor

ETF 

15,889

687

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

1,058,140

1,138

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

1,023,018

2,000

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

510,436

1,125

Total

6,687

Total

Investment

Companies

(Cost: $24,485)

24,485

Total

Investments

(97.9%)

(Cost:

$24,485)

@

24,485

Other

Assets,

Less

Liabilities (2.1%)

518

Net

Assets

(100.0%)

25,003

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$24,485

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$–

which

is

comprised

of

$–

aggregate

gross

unrealized

appreciation

and

$–

aggregate

gross

unrealized

depreciation.  Because

tax

adjustments

are

calculated

annually,

these

amounts

do

not

reflect

tax

adjustments. 

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Investment

Companies

$

24,485

$

—

$

—

Total

Assets:

$

24,485

$

—

$

—

Active/Passive

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

147

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Portfolio

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Portfolio

controls,

is

controlled

by

or

with

which

the

Portfolio

is

under

common

control.

Transactions

with

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

6/30/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

6/30/2025

(amount

in

thousands)

Domestic

Equity

$

–

$

1,375

$

–

$

1,375

$

–

$

–

$

–

$

–

881

Emerging

Markets

–

1,138

–

1,138

–

–

–

–

1,058

Focused

Appreciation

–

1,375

–

1,375

–

–

–

–

270

International

Equity

–

2,000

–

2,000

–

–

–

–

1,023

International

Growth

–

1,125

–

1,125

–

–

–

–

510

Large

Cap

Blend

–

1,375

–

1,375

–

–

–

–

1,172

Mid

Cap

Growth

Stock

–

563

–

563

–

–

–

–

157

Mid

Cap

Value

–

562

–

562

–

–

–

–

358

Multi-Sector

Bond

–

625

–

625

–

–

–

–

606

Select

Bond

–

2,250

–

2,250

–

–

–

–

1,998

Short-Term

Bond

–

125

–

125

–

–

–

–

117

Small

Cap

Growth

Stock

–

188

–

188

–

–

–

–

78

Small

Cap

Value

–

187

–

187

–

–

–

–

95

$

–

$

12,888

$

–

$

12,888

$

–

$

–

$

–

$

–

8,325

Schedule

of

Investments

June

30,

2025

(unaudited)

Asset

Allocation

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

148

Investment

Companies

(

96.1%

)

Shares/

Par

+

Value

$

(000's)

Commodities

(0.4%)

abrdn

Bloomberg

All

Commodity

Strategy

K-1

Free

ETF 

46,500

966

Total

966

Domestic

Equity

(42.1%)

Invesco

S&P

500

Equal

Weight

ETF 

26,700

4,853

iShares

Core

S&P

500

ETF 

55,750

34,615

iShares

Core

S&P

Mid-Cap

ETF 

7,350

456

iShares

Core

S&P

Small-Cap

ETF 

2,800

306

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

7,232,246

11,282

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

2,332,491

11,858

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

9,914,157

11,629

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

2,025,301

7,261

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

4,103,541

6,447

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

1,380,149

3,328

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

1,715,627

3,383

Schwab

U.S.

REIT

ETF 

188,900

3,997

SPDR

Dow

Jones

REIT

ETF 

40,700

3,925

SPDR

Portfolio

S&P

400

Mid

Cap

ETF 

170,400

9,266

SPDR

Portfolio

S&P

600

Small

Cap

ETF 

142,000

6,049

Total

118,655

Fixed

Income

(33.8%)

iShares

Core

U.S.

Aggregate

Bond

ETF 

220,541

21,878

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

13,687,444

14,112

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

45,172,277

50,864

Investment

Companies

(96.1%)

Shares/

Par

+

Value

$

(000’s)

Fixed

Income

continued

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

2,609,274

2,789

SPDR

Portfolio

Long

Term

Treasury

ETF 

211,600

5,624

Total

95,267

Foreign

Equity

(19.8%)

Dimensional

International

Value

ETF 

66,500

2,848

iShares

Core

MSCI

EAFE

ETF 

109,500

9,141

iShares

MSCI

International

Quality

Factor

ETF 

129,100

5,580

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

10,386,025

11,165

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

8,828,574

17,260

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

4,401,618

9,701

Total

55,695

Total

Investment

Companies

(Cost: $249,900)

270,583

Short-Term

Investments

(

2.6%

)

Governments

(2.1%)

US

Treasury

0.000%,

7/29/25

2,000,000

1,994

0.000%,

8/28/25

2,000,000

1,986

0.000%,

9/30/25

2,000,000

1,979

Total

5,959

Investment

Companies

(0.5%)

JPMorgan

Ultra-Short

Income

ETF

28,100

1,424

Total

1,424

Total

Short-Term

Investments

(Cost:

$7,386)

7,383

Total

Investments

(98.7%)

(Cost:

$257,286)

@

277,966

Other

Assets,

Less

Liabilities (1.3%)

3,774

Net

Assets

(100.0%)

281,740

Over

the

Counter

Derivatives

Total

Return

Swaps

Reference

Entity

Counterparty

Payment

made

by

the

Fund

Payment

Received

by

the

Fund

Expiration

Date

Notional

Amount

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Bloomberg

Commodity

Index

3

Month

Forward

Morgan

Stanley

Capital

Services

LLC

0.180%

Bloomberg

Commodity

Index

3

Month

Forward

10/25

6,098

$

—

$

—

$

—

$

—

Asset

Allocation

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

149

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

—

—

—

—

—

—

—

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$257,286

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$20,680

which

is

comprised

of

$28,837

aggregate

gross

unrealized

appreciation

and

$8,157

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Investment

Companies

$

270,583

$

—

$

—

Short-Term

Investments

Governments

—

5,959

—

Investment

Companies

1,424

—

—

Other

Financial

Instruments^

Total

Return

Swaps

—

—

—

Total

Assets:

$

272,007

$

5,959

$

—

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Asset

Allocation

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

150

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Portfolio

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Portfolio

controls,

is

controlled

by

or

with

which

the

Portfolio

is

under

common

control.

Transactions

with

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Portfolio

Value

at

12/31/2024

Purchases

Sales

Value

at

6/30/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

6/30/2025

(amount

in

thousands)

Domestic

Equity

$

12,770

$

–

$

1,700

$

11,282

$

414

$

(202)

$

–

$

–

7,232

Emerging

Markets

10,411

–

490

11,165

1,245

(1)

–

–

10,386

Focused

Appreciation

12,648

860

2,600

11,858

19

931

–

–

2,332

International

Equity

14,510

–

500

17,260

3,212

38

–

–

8,829

International

Growth

14,854

–

6,800

9,701

58

1,589

–

–

4,402

Large

Cap

Blend

12,849

–

1,770

11,629

631

(81)

–

–

9,914

Mid

Cap

Growth

Stock

6,262

510

–

7,261

489

–

–

–

2,025

Mid

Cap

Value

6,274

–

–

6,447

173

–

–

–

4,104

Multi-Sector

Bond

13,659

390

560

14,112

707

(84)

–

–

13,687

Select

Bond

46,842

4,000

1,980

50,864

2,208

(206)

–

–

45,172

Short-Term

Bond

2,871

–

170

2,789

82

6

–

–

2,609

Small

Cap

Growth

Stock

3,488

–

–

3,328

(160)

–

–

–

1,380

Small

Cap

Value

3,462

–

–

3,383

(79)

–

–

–

1,716

$

160,900

$

5,760

$

16,570

$

161,079

$

8,999

$

1,990

$

–

$

–

113,789

Schedule

of

Investments

June

30,

2025

(unaudited)

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

151

Investment

Companies

(

96.4%

)

Shares/

Par

+

Value

$

(000's)

Commodities

(0.3%)

abrdn

Bloomberg

All

Commodity

Strategy

K-1

Free

ETF 

258,400

5,367

Total

5,367

Domestic

Equity

(28.9%)

Invesco

S&P

500

Equal

Weight

ETF 

106,400

19,337

iShares

Core

S&P

500

ETF 

214,200

132,997

iShares

Core

S&P

Mid-Cap

ETF 

91,250

5,659

iShares

Core

S&P

Small-Cap

ETF 

39,800

4,350

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

31,008,031

48,373

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

9,874,493

50,202

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

42,407,468

49,744

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

10,472,543

37,544

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

21,351,676

33,543

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

8,989,835

21,674

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

10,373,971

20,457

Schwab

U.S.

REIT

ETF 

1,297,100

27,447

SPDR

Dow

Jones

REIT

ETF 

279,800

26,984

SPDR

Portfolio

S&P

400

Mid

Cap

ETF 

757,200

41,177

SPDR

Portfolio

S&P

600

Small

Cap

ETF 

946,800

40,334

Total

559,822

Fixed

Income

(53.0%)

iShares

Core

U.S.

Aggregate

Bond

ETF 

2,571,853

255,128

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

140,754,962

145,118

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

442,886,748

498,690

Investment

Companies

(96.4%)

Shares/

Par

+

Value

$

(000’s)

Fixed

Income

continued

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

26,871,789

28,726

SPDR

Portfolio

Long

Term

Treasury

ETF 

3,663,300

97,371

Total

1,025,033

Foreign

Equity

(14.2%)

Dimensional

International

Value

ETF 

348,200

14,913

iShares

Core

MSCI

EAFE

ETF 

462,400

38,601

iShares

MSCI

International

Quality

Factor

ETF 

563,600

24,359

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

64,761,865

69,619

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

40,291,421

78,770

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

21,532,684

47,458

Total

273,720

Total

Investment

Companies

(Cost: $1,808,555)

1,863,942

Short-Term

Investments

(

2.2%

)

Governments

(1.7%)

US

Treasury

0.000%,

7/29/25

11,300,000

11,263

0.000%,

8/28/25

11,300,000

11,221

0.000%,

9/30/25

11,300,000

11,180

Total

33,664

Investment

Companies

(0.5%)

JPMorgan

Ultra-Short

Income

ETF

188,550

9,556

Total

9,556

Total

Short-Term

Investments

(Cost:

$43,242)

43,220

Total

Investments

(98.6%)

(Cost:

$1,851,797)

@

1,907,162

Other

Assets,

Less

Liabilities (1.4%)

27,680

Net

Assets

(100.0%)

1,934,842

Over

the

Counter

Derivatives

Total

Return

Swaps

Reference

Entity

Counterparty

Payment

made

by

the

Fund

Payment

Received

by

the

Fund

Expiration

Date

Notional

Amount

(000's)

Unrealized

Appreciation/

(Depreciation)

(000's)

Market

Value

(000's)

Bloomberg

Commodity

Index

3

Month

Forward

Morgan

Stanley

Capital

Services

LLC

0.180%

Bloomberg

Commodity

Index

3

Month

Forward

10/25

33,452

$

—

$

—

$

—

$

—

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

152

Financial

Derivative

Assets

(000's)

Financial

Derivative

Liabilities

(000's)

Forward

Foreign

Currency

Contracts

Swaps

Total

Forward

Foreign

Currency

Contracts

Options

Swaps

Total

Total

Over

the

Counter

Derivatives

—

—

—

—

—

—

—

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,851,797

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$55,365

which

is

comprised

of

$132,140

aggregate

gross

unrealized

appreciation

and

$76,775

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.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Investment

Companies

$

1,863,942

$

—

$

—

Short-Term

Investments

Governments

—

33,664

—

Investment

Companies

9,556

—

—

Other

Financial

Instruments^

Total

Return

Swaps

—

—

—

Total

Assets:

$

1,873,498

$

33,664

$

—

^

Other

financial

instruments

are

derivative

instruments

such

as

futures

and

forward

foreign

currency

contracts,

which

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument,

and

securities

sold

short,

reverse

repurchase

agreements,

written

options

and

swaps

contracts,

which

are

valued

at

market

value.

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

153

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Portfolio

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Portfolio

controls,

is

controlled

by

or

with

which

the

Portfolio

is

under

common

control.

Transactions

with

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Portfolio

Value

at

12/31/2024

Purchases

Sales

Value

at

6/30/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

6/30/2025

(amount

in

thousands)

Domestic

Equity

$

54,270

$

–

$

6,800

$

48,373

$

1,777

$

(874)

$

–

$

–

31,008

Emerging

Markets

65,975

–

4,180

69,619

7,508

316

–

–

64,762

Focused

Appreciation

53,753

3,940

11,550

50,202

20

4,039

–

–

9,874

International

Equity

70,965

–

7,700

78,770

15,436

69

–

–

40,291

International

Growth

72,497

–

33,070

47,458

(229)

8,260

–

–

21,533

Large

Cap

Blend

55,144

–

7,760

49,744

2,377

(17)

–

–

42,407

Mid

Cap

Growth

Stock

32,590

2,440

–

37,544

2,514

–

–

–

10,473

Mid

Cap

Value

32,647

–

–

33,543

896

–

–

–

21,352

Multi-Sector

Bond

143,799

580

5,820

145,118

7,429

(870)

–

–

140,755

Select

Bond

523,773

–

46,340

498,690

28,668

(7,411)

–

–

442,887

Short-Term

Bond

30,286

–

2,480

28,726

827

93

–

–

26,872

Small

Cap

Growth

Stock

22,717

–

–

21,674

(1,043)

–

–

–

8,990

Small

Cap

Value

24,885

–

3,860

20,457

170

(738)

–

–

10,374

$

1,183,301

$

6,960

$

129,560

$

1,129,918

$

66,350

$

2,867

$

–

$

–

871,577

Schedule

of

Investments

June

30,

2025

(unaudited)

Active/Passive

Conservative

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

154

Investment

Companies

(

98.0%

)

Shares/

Par

+

Value

$

(000's)

Commodities

(1.5%)

abrdn

Bloomberg

All

Commodity

Strategy

K-1

Free

ETF 

18,034

375

Total

375

Domestic

Equity

(16.0%)

Invesco

S&P

500

Equal

Weight

ETF 

1,372

249

iShares

Core

S&P

500

ETF 

1,102

684

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

267,628

418

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

82,120

417

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

353,794

415

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

52,301

188

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

119,351

188

Schwab

U.S.

REIT

ETF 

14,750

312

SPDR

Dow

Jones

REIT

ETF 

3,243

313

SPDR

Portfolio

S&P

400

Mid

Cap

ETF 

10,341

562

SPDR

Portfolio

S&P

600

Small

Cap

ETF 

5,865

250

Total

3,996

Fixed

Income

(72.2%)

iShares

Core

U.S.

Aggregate

Bond

ETF 

66,147

6,562

Investment

Companies

(98.0%)

Shares/

Par

+

Value

$

(000’s)

Fixed

Income

continued

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

2,546,072

2,625

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

5,550,622

6,250

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

584,659

625

SPDR

Portfolio

Long

Term

Treasury

ETF 

75,210

2,000

Total

18,062

Foreign

Equity

(8.3%)

Dimensional

International

Value

ETF 

2,917

125

iShares

Core

MSCI

EAFE

ETF 

4,581

382

iShares

MSCI

International

Quality

Factor

ETF 

4,333

187

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

458,140

492

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

287,724

563

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

141,788

313

Total

2,062

Total

Investment

Companies

(Cost: $24,495)

24,495

Total

Investments

(98.0%)

(Cost:

$24,495)

@

24,495

Other

Assets,

Less

Liabilities (2.0%)

508

Net

Assets

(100.0%)

25,003

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

June

30,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$24,495

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$–

which

is

comprised

of

$–

aggregate

gross

unrealized

appreciation

and

$–

aggregate

gross

unrealized

depreciation.  Because

tax

adjustments

are

calculated

annually,

these

amounts

do

not

reflect

tax

adjustments. 

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

June

30,

2025.  See

Note

3

for

additional

information

on

portfolio

valuation.

Valuation

Inputs

Description

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-  Significant

Unobservable

Inputs

(Amounts

in

thousands)

Assets:

Investment

Companies

$

24,495

$

—

$

—

Total

Assets:

$

24,495

$

—

$

—

Active/Passive

Conservative

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

155

Transactions

with

Affiliated

Companies

An

affiliated

company

is

a

company

in

which

a

Portfolio

has

ownership

of

at

least

5%

of

the

voting

securities

or

which

the

Portfolio

controls,

is

controlled

by

or

with

which

the

Portfolio

is

under

common

control.

Transactions

with

affiliated

companies

during

the

period

ended

June

30,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

6/30/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

6/30/2025

(amount

in

thousands)

Domestic

Equity

$

–

$

418

$

–

$

418

$

–

$

–

$

–

$

–

268

Emerging

Markets

–

492

–

492

–

–

–

–

458

Focused

Appreciation

–

417

–

417

–

–

–

–

82

International

Equity

–

563

–

563

–

–

–

–

288

International

Growth

–

313

–

313

–

–

–

–

142

Large

Cap

Blend

–

415

–

415

–

–

–

–

354

Mid

Cap

Growth

Stock

–

188

–

188

–

–

–

–

52

Mid

Cap

Value

–

188

–

188

–

–

–

–

119

Multi-Sector

Bond

–

2,625

–

2,625

–

–

–

–

2,546

Select

Bond

–

6,250

–

6,250

–

–

–

–

5,551

Short-Term

Bond

–

625

–

625

–

–

–

–

585

$

–

$

12,494

$

–

$

12,494

$

–

$

–

$

–

$

–

10,444

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

156

Statements

of

Assets

and

Liabilities

Growth

Stock

Portfolio

Focused

Appreciation

Portfolio

Large

Cap

Core

Stock

Portfolio

Large

Cap

Blend

Portfolio

Index

500

Stock

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

1,401,217‌

$

1,507,860‌

$

768,126‌

$

170,586‌

$

6,807,273‌

Cash

........................................................................

9,475‌

11,212‌

5,802‌

1,413‌

58,864‌

Collateral

with

Counterparty

..........................................

—‌

—‌

—‌

—‌

4,742‌

Receivable

for

Portfolio

Shares

Sold

...............................

70‌

3,511‌

595‌

3,392‌

2,542‌

Receivable

for

Investment

Securities

Sold

........................

—‌

3,514‌

3,514‌

313‌

—‌

Variation

Margin

Receivable

..........................................

—‌

—‌

—‌

—‌

279‌

Prepaid

Expenses

and

Other

Assets

...............................

21‌

22‌

18‌

14‌

57‌

Dividends

and

Interest

Receivable

..................................

175‌

858‌

462‌

95‌

3,400‌

Total

Assets

.......................................................

1,410,958‌

1,526,977‌

778,517‌

175,813‌

6,877,157‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

503‌

473‌

270‌

15‌

3,908‌

Payable

for

Investment

Securities

Purchased

...................

—‌

—‌

3,975‌

3,225‌

—‌

Investment

Advisory

Fees

Payable

.................................

469‌

747‌

262‌

89‌

1,053‌

Compliance

Fees

Payable

............................................

3‌

3‌

3‌

2‌

7‌

Accrued

Expenses

......................................................

38‌

47‌

35‌

42‌

71‌

Total

Liabilities

...................................................

1,013‌

1,270‌

4,545‌

3,373‌

5,039‌

Net

Assets

.........................................................

$

1,409,945‌

$

1,525,707‌

$

773,972‌

$

172,440‌

$

6,872,118‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

542,151‌

$

445,381‌

$

452,836‌

$

113,761‌

$

1,524,947‌

Total

Distributable

Earnings

(Loss)

..................................

867,794‌

1,080,326‌

321,136‌

58,679‌

5,347,171‌

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

1,409,945‌

$

1,525,707‌

$

773,972‌

$

172,440‌

$

6,872,118‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

4

.53‌

$

5

.08‌

$

2

.02‌

$

1

.17‌

$

10

.13‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

613,938‌

$

665,435‌

$

608,957‌

$

138,244‌

$

1,875,287‌

(10)

Shares

Outstanding

..................................................

310,983‌

300,064‌

383,323‌

146,947‌

678,325‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

157

Statements

of

Assets

and

Liabilities

Large

Company

Value

Portfolio

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

Index

400

Stock

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

153,187‌

$

1,050,433‌

$

730,967‌

$

1,061,301‌

$

1,388,954‌

Cash

........................................................................

3,139‌

17,406‌

8,822‌

3,486‌

17,172‌

Foreign

Currency,

at

Value

(4)

.......................................

—‌

—‌

146‌

—‌

—‌

Collateral

with

Counterparty

..........................................

122‌

—‌

—‌

—‌

5‌

Receivable

for

Portfolio

Shares

Sold

...............................

23‌

3,845‌

68‌

1,873‌

1,092‌

Receivable

for

Investment

Securities

Sold

........................

726‌

—‌

4,178‌

414‌

—‌

Prepaid

Expenses

and

Other

Assets

...............................

14‌

20‌

18‌

20‌

31‌

Dividends

and

Interest

Receivable

..................................

199‌

1,514‌

1,652‌

65‌

1,340‌

Total

Assets

.......................................................

157,410‌

1,073,218‌

745,851‌

1,067,159‌

1,408,594‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

203‌

307‌

278‌

177‌

414‌

Payable

for

Investment

Securities

Purchased

...................

42‌

—‌

3,322‌

—‌

—‌

Variation

Margin

Payable

..............................................

—‌

—‌

—‌

—‌

10‌

Payable

for

Foreign

Currency

........................................

326‌

—‌

19‌

—‌

—‌

Investment

Advisory

Fees

Payable

.................................

86‌

431‌

342‌

457‌

255‌

Compliance

Fees

Payable

............................................

3‌

3‌

3‌

3‌

3‌

Accrued

Expenses

......................................................

33‌

58‌

42‌

45‌

98‌

Total

Liabilities

...................................................

693‌

799‌

4,006‌

682‌

780‌

Net

Assets

.........................................................

$

156,717‌

$

1,072,419‌

$

741,845‌

$

1,066,477‌

$

1,407,814‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

132,796‌

$

836,999‌

$

462,810‌

$

787,245‌

$

893,677‌

Total

Distributable

Earnings

(Loss)

..................................

23,921‌

235,420‌

279,035‌

279,232‌

514,137‌

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

156,717‌

$

1,072,419‌

$

741,845‌

$

1,066,477‌

$

1,407,814‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

0

.87‌

$

1

.56‌

$

1

.85‌

$

3

.59‌

$

2

.35‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

141,791‌

$

965,850‌

$

586,112‌

$

959,765‌

$

1,015,836‌

(4)

Foreign

Currency,

at

Cost

............................................

—‌

—‌

140‌

—‌

—‌

(10)

Shares

Outstanding

..................................................

180,307‌

687,207‌

400,218‌

297,458‌

599,246‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

158

Statements

of

Assets

and

Liabilities

Mid

Cap

Value

Portfolio

Small

Cap

Growth

Stock

Portfolio

Index

600

Stock

Portfolio

Small

Cap

Value

Portfolio

International

Growth

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

635,573‌

$

691,135‌

$

469,964‌

$

541,355‌

$

1,103,375‌

Cash

........................................................................

6,575‌

9,809‌

1,719‌

6,673‌

21,249‌

Foreign

Currency,

at

Value

(4)

.......................................

—‌

—‌

—‌

—‌

49‌

Collateral

with

Counterparty

..........................................

995‌

—‌

3‌

—‌

—‌

Receivable

for

Portfolio

Shares

Sold

...............................

1,685‌

860‌

434‌

762‌

3,124‌

Receivable

for

Investment

Securities

Sold

........................

2,502‌

541‌

1,613‌

14,988‌

5,548‌

Receivable

for

Foreign

Currency

....................................

—‌

—‌

—‌

—‌

7‌

Prepaid

Expenses

and

Other

Assets

...............................

17‌

18‌

24‌

17‌

20‌

Dividends

and

Interest

Receivable

..................................

1,606‌

300‌

541‌

550‌

1,884‌

Total

Assets

.......................................................

648,953‌

702,663‌

474,298‌

564,345‌

1,135,256‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

304‌

166‌

222‌

4,061‌

426‌

Payable

for

Investment

Securities

Purchased

...................

1,200‌

1,376‌

1,949‌

11,474‌

6,246‌

Accrued

Foreign

Capital

Gains

Tax

.................................

—‌

—‌

—‌

—‌

542‌

Variation

Margin

Payable

..............................................

—‌

—‌

1‌

—‌

—‌

Payable

for

Foreign

Currency

........................................

1,169‌

—‌

—‌

—‌

5‌

Investment

Advisory

Fees

Payable

.................................

369‌

309‌

87‌

391‌

542‌

Compliance

Fees

Payable

............................................

2‌

3‌

2‌

3‌

3‌

Accrued

Expenses

......................................................

73‌

57‌

63‌

48‌

93‌

Total

Liabilities

...................................................

3,117‌

1,911‌

2,324‌

15,977‌

7,857‌

Net

Assets

.........................................................

$

645,836‌

$

700,752‌

$

471,974‌

$

548,368‌

$

1,127,399‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

570,579‌

$

576,860‌

$

380,041‌

$

383,915‌

$

684,269‌

Total

Distributable

Earnings

(Loss)

..................................

75,257‌

123,892‌

91,933‌

164,453‌

443,130‌

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

645,836‌

$

700,752‌

$

471,974‌

$

548,368‌

$

1,127,399‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

1

.57‌

$

2

.41‌

$

1

.52‌

$

1

.97‌

$

2

.20‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

631,631‌

$

615,118‌

$

414,323‌

$

450,216‌

$

778,146‌

(4)

Foreign

Currency,

at

Cost

............................................

—‌

—‌

—‌

—‌

49‌

(10)

Shares

Outstanding

..................................................

411,051‌

290,704‌

309,536‌

278,031‌

511,529‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

159

Statements

of

Assets

and

Liabilities

Research

International

Core

Portfolio

International

Equity

Portfolio

Emerging

Markets

Equity

Portfolio

Government

Money

Market

Portfolio

Short-Term

Bond

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

955,682‌

$

2,185,915‌

$

1,153,491‌

$

315,951‌

$

384,818‌

Investments

in

Repurchase

Agreements,

at

Value

(3)

.........

—‌

—‌

—‌

198,000‌

—‌

Cash

........................................................................

20,997‌

26,629‌

12,812‌

480‌

7,528‌

Foreign

Currency,

at

Value

(4)

.......................................

470‌

743‌

525‌

—‌

—‌

Collateral

with

Counterparty

..........................................

—‌

3,590‌

—‌

—‌

—‌

Receivable

for

Portfolio

Shares

Sold

...............................

315‌

5,708‌

4,051‌

2,948‌

804‌

Receivable

for

Investment

Securities

Sold

........................

1,687‌

4,641‌

11,607‌

—‌

27,986‌

Variation

Margin

Receivable

..........................................

—‌

—‌

—‌

—‌

23‌

Receivable

for

Foreign

Currency

....................................

11‌

1,439‌

—‌

—‌

—‌

Prepaid

Expenses

and

Other

Assets

...............................

19‌

25‌

20‌

16‌

15‌

Dividends

and

Interest

Receivable

..................................

4,094‌

8,481‌

3,410‌

948‌

3,080‌

Total

Assets

.......................................................

983,275‌

2,237,171‌

1,185,916‌

518,343‌

424,254‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

710‌

623‌

615‌

856‌

264‌

Payable

for

Investment

Securities

Purchased

...................

4,837‌

1,554‌

9,473‌

9,731‌

31,982‌

Accrued

Foreign

Capital

Gains

Tax

.................................

850‌

3,335‌

8,364‌

—‌

—‌

Variation

Margin

Payable

..............................................

—‌

—‌

—‌

—‌

95‌

Payable

for

Foreign

Currency

........................................

2‌

3,446‌

—‌

—‌

—‌

Investment

Advisory

Fees

Payable

.................................

546‌

1,212‌

805‌

128‌

108‌

Compliance

Fees

Payable

............................................

3‌

4‌

3‌

3‌

2‌

Accrued

Expenses

......................................................

86‌

150‌

98‌

38‌

81‌

Total

Liabilities

...................................................

7,034‌

10,324‌

19,358‌

10,756‌

32,532‌

Net

Assets

.........................................................

$

976,241‌

$

2,226,847‌

$

1,166,558‌

$

507,587‌

$

391,722‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

673,139‌

$

1,738,443‌

$

1,026,890‌

$

507,588‌

$

380,801‌

Total

Distributable

Earnings

(Loss)

..................................

303,102‌

488,404‌

139,668‌

(

1‌

)

10,921‌

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

976,241‌

$

2,226,847‌

$

1,166,558‌

$

507,587‌

$

391,722‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

1

.26‌

$

1

.95‌

$

1

.08‌

$

1

.00‌

$

1

.07‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

726,920‌

$

1,835,644‌

$

931,722‌

$

315,951‌

$

384,007‌

(3)

Investments

in

Repurchase

Agreements,

at

Cost

..............

—‌

—‌

—‌

198,000‌

—‌

(4)

Foreign

Currency,

at

Cost

............................................

469‌

743‌

688‌

—‌

—‌

(10)

Shares

Outstanding

..................................................

775,198‌

1,139,075‌

1,084,749‌

507,586‌

366,521‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

2,000,000‌

3,000,000‌

2,000,000‌

2,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

160

Statements

of

Assets

and

Liabilities

Select

Bond

Portfolio

Long-Term

U.S.

Government

Bond

Portfolio

Inflation

Protection

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

2,806,643‌

$

177,165‌

$

409,950‌

$

669,255‌

$

1,362,119‌

Investments

in

Repurchase

Agreements,

at

Value

(3)

.........

—‌

—‌

—‌

—‌

186,248‌

Cash

........................................................................

78,005‌

2,058‌

5,375‌

29,857‌

7,127‌

Foreign

Currency,

at

Value

(4)

.......................................

1‌

—‌

—‌

—‌

1,955‌

Collateral

with

Counterparty

..........................................

—‌

1,147‌

4,761‌

—‌

10,212‌

Receivable

for

Portfolio

Shares

Sold

...............................

10,095‌

16‌

257‌

105‌

4,520‌

Receivable

for

Investment

Securities

Sold

........................

86,241‌

6,058‌

52‌

404‌

137,211‌

Receivable

for

Financing

Transactions

............................

—‌

147,795‌

—‌

—‌

—‌

Variation

Margin

Receivable

..........................................

—‌

32‌

24‌

—‌

1,088‌

Outstanding

Swap

Contracts,

at

Value

(8)

........................

—‌

—‌

7,147‌

—‌

66‌

Receivable

for

Foreign

Currency

....................................

—‌

—‌

—‌

—‌

3,022‌

Deferred

Expense

for

Financing

Transactions

...................

—‌

33‌

—‌

—‌

—‌

Prepaid

Expenses

and

Other

Assets

...............................

30‌

14‌

18‌

17‌

23‌

Dividends

and

Interest

Receivable

..................................

17,186‌

1,459‌

1,903‌

10,789‌

16,627‌

Total

Assets

.......................................................

2,998,201‌

335,777‌

429,487‌

710,427‌

1,730,218‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

842‌

39‌

118‌

208‌

644‌

Payable

for

Investment

Securities

Purchased

...................

180,002‌

18,439‌

4,100‌

6,200‌

384,113‌

Payable

for

Financing

Transactions

................................

—‌

193,917‌

—‌

—‌

—‌

Variation

Margin

Payable

..............................................

—‌

226‌

9‌

—‌

538‌

Outstanding

Options

Written,

at

Value

(6)

.........................

—‌

11‌

—‌

—‌

139‌

Payable

for

Reverse

Repurchase

Agreements

..................

—‌

—‌

—‌

—‌

4,448‌

Outstanding

Swap

Contracts,

at

Value

(9)

........................

—‌

—‌

296‌

—‌

150‌

Payable

for

Foreign

Currency

........................................

—‌

—‌

—‌

—‌

10,937‌

Collateral

from

Counterparty

..........................................

340‌

636‌

9,731‌

—‌

2,063‌

Investment

Advisory

Fees

Payable

.................................

694‌

49‌

138‌

250‌

739‌

Compliance

Fees

Payable

............................................

4‌

2‌

2‌

3‌

3‌

Accrued

Expenses

......................................................

119‌

39‌

73‌

93‌

151‌

Total

Liabilities

...................................................

182,001‌

213,358‌

14,467‌

6,754‌

403,925‌

Net

Assets

.........................................................

$

2,816,200‌

$

122,419‌

$

415,020‌

$

703,673‌

$

1,326,293‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

3,138,495‌

$

191,174‌

$

438,148‌

$

701,732‌

$

1,378,961‌

Total

Distributable

Earnings

(Loss)

..................................

(

322,295‌

)

(

68,755‌

)

(

23,128‌

)

1,941‌

(

52,668‌

)

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

2,816,200‌

$

122,419‌

$

415,020‌

$

703,673‌

$

1,326,293‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

1

.13‌

$

0

.62‌

$

1

.07‌

$

0

.70‌

$

1

.03‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

2,830,824‌

$

196,600‌

$

441,125‌

$

680,404‌

$

1,398,368‌

(3)

Investments

in

Repurchase

Agreements,

at

Cost

..............

—‌

—‌

—‌

—‌

186,043‌

(4)

Foreign

Currency,

at

Cost

............................................

1‌

—‌

—‌

—‌

1,880‌

(6)

Premiums

Received

on

Options

Written

..........................

—‌

16‌

—‌

—‌

167‌

(8)

Premiums

Paid

on

Swap

Contracts

................................

—‌

168‌

7‌

—‌

12,046‌

(9)

Premiums

Received

from

Swap

Contracts

......................

—‌

7‌

1‌

—‌

3,001‌

(10)

Shares

Outstanding

..................................................

2,501,271‌

196,936‌

388,469‌

1,004,406‌

1,286,788‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

6,000,000‌

2,000,000‌

2,000,000‌

3,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

161

Statements

of

Assets

and

Liabilities

Active/Passive

All

Equity

Portfolio

Active/Passive

Aggressive

Portfolio

Asset

Allocation

Portfolio

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1)

..............................

$

11,909‌

$

11,597‌

$

116,887‌

$

777,244‌

$

12,001‌

Affiliated

Investments,

at

Value

(2)

..................................

12,570‌

12,888‌

161,079‌

1,129,918‌

12,494‌

Cash

........................................................................

25,003‌

25,003‌

4,912‌

25,255‌

25,003‌

Receivable

for

Portfolio

Shares

Sold

...............................

—‌

—‌

22‌

60‌

—‌

Receivable

for

Investment

Securities

Sold

........................

—‌

—‌

13,314‌

78,092‌

—‌

Due

from

Investment

Advisor

........................................

1‌

1‌

—‌

—‌

1‌

Prepaid

Expenses

and

Other

Assets

...............................

—‌

—‌

15‌

25‌

—‌

Total

Assets

.......................................................

49,483‌

49,489‌

296,229‌

2,010,594‌

49,499‌

Liabilities

Payable

for

Portfolio

Shares

Redeemed

..........................

—‌

—‌

612‌

923‌

—‌

Payable

for

Investment

Securities

Purchased

...................

24,479‌

24,485‌

13,540‌

73,797‌

24,495‌

Collateral

from

Counterparty

..........................................

—‌

—‌

278‌

818‌

—‌

Investment

Advisory

Fees

Payable

.................................

—‌

—‌

24‌

162‌

—‌

Compliance

Fees

Payable

............................................

—‌

—‌

2‌

3‌

—‌

Accrued

Expenses

......................................................

1‌

1‌

33‌

49‌

1‌

Total

Liabilities

...................................................

24,480‌

24,486‌

14,489‌

75,752‌

24,496‌

Net

Assets

.........................................................

$

25,003‌

$

25,003‌

$

281,740‌

$

1,934,842‌

$

25,003‌

Represented

By:

Aggregate

Paid

in

Capital

(10)

(11)

.................................

$

25,000‌

$

25,000‌

$

240,808‌

$

1,753,031‌

$

25,000‌

Total

Distributable

Earnings

(Loss)

..................................

3‌

3‌

40,932‌

181,811‌

3‌

Net

Assets

for

Shares

Outstanding

(10)

(11)

.....................

$

25,003‌

$

25,003‌

$

281,740‌

$

1,934,842‌

$

25,003‌

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

1

.00‌

$

1

.00‌

$

1

.19‌

$

1

.40‌

$

1

.00‌

(1)

Unaffiliated

Investments,

at

Cost

...................................

$

11,909‌

$

11,597‌

$

101,677‌

$

715,412‌

$

12,001‌

(2)

Affiliated

Investments,

at

Cost

.......................................

12,570‌

12,888‌

155,609‌

1,136,385‌

12,494‌

(10)

Shares

Outstanding

..................................................

25,000‌

25,000‌

236,024‌

1,381,452‌

25,000‌

(11)

Shares

Authorized,

$.01

Par

Value

...............................

2,000,000‌

2,000,000‌

2,000,000‌

4,000,000‌

2,000,000‌

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

162

Statements

of

Operations

Growth

Stock

Portfolio

Focused

Appreciation

Portfolio

Large

Cap

Core

Stock

Portfolio

Large

Cap

Blend

Portfolio

Index

500

Stock

Portfolio

Investment

Income

Income

Interest

(1)

...............................................................

$

178‌

$

270‌

$

80‌

$

29‌

$

1,244‌

Unaffiliated

Dividends

(1)

........................................

3,174‌

4,150‌

4,026‌

923‌

42,872‌

Total

Income

..................................................

3,352‌

4,420‌

4,106‌

952‌

44,116‌

Expenses

Investment

Advisory

Fees

.......................................

2,672‌

5,083‌

1,536‌

613‌

6,397‌

Custodian

Fees

.......................................................

2‌

8‌

18‌

3‌

6‌

Shareholder

Reporting

Fees

...................................

12‌

15‌

9‌

6‌

36‌

Audit

Fees

...............................................................

16‌

15‌

17‌

14‌

19‌

Valuation

Services

...................................................

—‌

—‌

—‌

—‌

1‌

Compliance

Fees

....................................................

7‌

7‌

6‌

5‌

14‌

Directors

Fees

.........................................................

28‌

29‌

25‌

22‌

59‌

Professional

Fees

....................................................

8‌

8‌

8‌

6‌

15‌

Trade

Name

Fees

....................................................

—‌

—‌

—‌

—‌

58‌

Other

Expenses

.......................................................

9‌

9‌

6‌

2‌

39‌

Total

Expenses

..............................................

2,754‌

5,174‌

1,625‌

671‌

6,644‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(31‌)

(867‌)

(35‌)

(96‌)

(441‌)

Net

Expenses

.................................................

2,723‌

4,307‌

1,590‌

575‌

6,203‌

Net

Investment

Income

(Loss)

................................

629‌

113‌

2,516‌

377‌

37,913‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

62,203‌

45,907‌

45,324‌

5,400‌

67,055‌

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

(397‌)

Net

Realized

Gain

(Loss)

on

Investments

...

62,203‌

45,907‌

45,324‌

5,400‌

66,658‌

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

36,901‌

61,030‌

(6,970‌)

2,075‌

287,202‌

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

3,740‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

36,901‌

61,030‌

(6,970‌)

2,075‌

290,942‌

Net

Gain

(Loss)

on

Investments

..................................

99,104‌

106,937‌

38,354‌

7,475‌

357,600‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

99,733‌

$

107,050‌

$

40,870‌

$

7,852‌

$

395,513‌

(1)

Net

of

Foreign

Witholding

Tax

................................

$

19‌

$

210‌

$

26‌

$

22‌

$

10‌

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

163

Statements

of

Operations

Large

Company

Value

Portfolio

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

Index

400

Stock

Portfolio

Investment

Income

Income

Interest

(1)

...............................................................

$

68‌

$

282‌

$

133‌

$

226‌

$

280‌

Unaffiliated

Dividends

(1)

........................................

2,127‌

11,984‌

9,663‌

2,619‌

10,867‌

Total

Income

..................................................

2,195‌

12,266‌

9,796‌

2,845‌

11,147‌

Expenses

Investment

Advisory

Fees

.......................................

547‌

2,685‌

2,286‌

2,587‌

1,686‌

Custodian

Fees

.......................................................

10‌

1‌

5‌

5‌

9‌

Shareholder

Reporting

Fees

...................................

7‌

23‌

14‌

14‌

28‌

Audit

Fees

...............................................................

16‌

15‌

15‌

16‌

17‌

Valuation

Services

...................................................

2‌

—‌

1‌

—‌

1‌

Compliance

Fees

....................................................

5‌

6‌

6‌

6‌

7‌

Directors

Fees

.........................................................

22‌

27‌

25‌

27‌

29‌

Professional

Fees

....................................................

7‌

8‌

8‌

8‌

9‌

Trade

Name

Fees

....................................................

—‌

—‌

—‌

—‌

66‌

Other

Expenses

.......................................................

5‌

8‌

6‌

7‌

12‌

Total

Expenses

..............................................

621‌

2,773‌

2,366‌

2,670‌

1,864‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(39‌)

(191‌)

(302‌)

(1‌)

(213‌)

Net

Expenses

.................................................

582‌

2,582‌

2,064‌

2,669‌

1,651‌

Net

Investment

Income

(Loss)

................................

1,613‌

9,684‌

7,732‌

176‌

9,496‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

759‌

23,062‌

44,145‌

8,678‌

23,418‌

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

(303‌)

Foreign

Currency

Transactions

...............................

(831‌)

—‌

33‌

—‌

—‌

Net

Realized

Gain

(Loss)

on

Investments

...

(72‌)

23,062‌

44,178‌

8,678‌

23,115‌

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

4,487‌

(13,968‌)

(8,652‌)

57,117‌

(31,174‌)

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

920‌

Foreign

Currency

Transactions

...............................

(469‌)

—‌

23‌

—‌

—‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

4,018‌

(13,968‌)

(8,629‌)

57,117‌

(30,254‌)

Net

Gain

(Loss)

on

Investments

..................................

3,946‌

9,094‌

35,549‌

65,795‌

(7,139‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

5,559‌

$

18,778‌

$

43,281‌

$

65,971‌

$

2,357‌

(1)

Net

of

Foreign

Witholding

Tax

................................

$

27‌

$

—‌

$

359‌

$

—‌

$

8‌

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

164

Statements

of

Operations

Mid

Cap

Value

Portfolio

Small

Cap

Growth

Stock

Portfolio

Index

600

Stock

Portfolio

Small

Cap

Value

Portfolio

International

Growth

Portfolio

Investment

Income

Income

Interest

(1)

...............................................................

$

221‌

$

120‌

$

60‌

$

264‌

$

534‌

Unaffiliated

Dividends

(1)

........................................

9,152‌

1,788‌

3,973‌

4,721‌

11,310‌

Total

Income

..................................................

9,373‌

1,908‌

4,033‌

4,985‌

11,844‌

Expenses

Investment

Advisory

Fees

.......................................

2,669‌

1,798‌

501‌

2,311‌

3,128‌

Custodian

Fees

.......................................................

14‌

3‌

9‌

3‌

54‌

Shareholder

Reporting

Fees

...................................

26‌

23‌

18‌

17‌

29‌

Audit

Fees

...............................................................

17‌

15‌

17‌

14‌

18‌

Valuation

Services

...................................................

3‌

—‌

2‌

—‌

9‌

Compliance

Fees

....................................................

6‌

6‌

5‌

6‌

6‌

Directors

Fees

.........................................................

24‌

25‌

23‌

24‌

27‌

Professional

Fees

....................................................

8‌

8‌

7‌

8‌

19‌

Trade

Name

Fees

....................................................

—‌

—‌

21‌

—‌

—‌

Other

Expenses

.......................................................

8‌

6‌

7‌

5‌

8‌

Total

Expenses

..............................................

2,775‌

1,884‌

610‌

2,388‌

3,298‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(527‌)

—‌

—‌

(12‌)

(4‌)

Net

Expenses

.................................................

2,248‌

1,884‌

610‌

2,376‌

3,294‌

Net

Investment

Income

(Loss)

................................

7,125‌

24‌

3,423‌

2,609‌

8,550‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

14,339‌

11,486‌

3,254‌

13,614‌

61,757‌

Futures

Contracts

....................................................

—‌

—‌

(130‌)

—‌

—‌

Foreign

Currency

Transactions

...............................

(3,441‌)

—‌

—‌

—‌

19‌

Net

Realized

Gain

(Loss)

on

Investments

...

10,898‌

11,486‌

3,124‌

13,614‌

61,776‌

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

957‌

(44,610‌)

(27,466‌)

(29,260‌)

69,095‌

Futures

Contracts

....................................................

—‌

—‌

119‌

—‌

—‌

Foreign

Currency

Transactions

...............................

(1,747‌)

—‌

—‌

—‌

197‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

(790‌)

(44,610‌)

(27,347‌)

(29,260‌)

69,292‌

Net

Gain

(Loss)

on

Investments

..................................

10,108‌

(33,124‌)

(24,223‌)

(15,646‌)

131,068‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

17,233‌

$

(33,100‌)

$

(20,800‌)

$

(13,037‌)

$

139,618‌

(1)

Net

of

Foreign

Witholding

Tax

................................

$

135‌

$

—‌

$

3‌

$

13‌

$

(339‌)

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

165

Statements

of

Operations

Research

International

Core

Portfolio

International

Equity

Portfolio

Emerging

Markets

Equity

Portfolio

Government

Money

Market

Portfolio

Short-Term

Bond

Portfolio

Investment

Income

Income

Interest

(1)

...............................................................

$

354‌

$

906‌

$

332‌

$

11,063‌

$

9,079‌

Unaffiliated

Dividends

(1)

........................................

16,852‌

45,995‌

17,590‌

—‌

—‌

Total

Income

..................................................

17,206‌

46,901‌

17,922‌

11,063‌

9,079‌

Expenses

Investment

Advisory

Fees

.......................................

3,405‌

6,650‌

5,451‌

757‌

629‌

Custodian

Fees

.......................................................

47‌

104‌

193‌

10‌

9‌

Shareholder

Reporting

Fees

...................................

26‌

38‌

30‌

7‌

14‌

Audit

Fees

...............................................................

17‌

18‌

18‌

16‌

20‌

Valuation

Services

...................................................

16‌

10‌

9‌

5‌

63‌

Compliance

Fees

....................................................

6‌

8‌

6‌

5‌

6‌

Directors

Fees

.........................................................

26‌

31‌

27‌

24‌

23‌

Professional

Fees

....................................................

19‌

30‌

46‌

6‌

7‌

Other

Expenses

.......................................................

6‌

15‌

7‌

3‌

7‌

Total

Expenses

..............................................

3,568‌

6,904‌

5,787‌

833‌

778‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(363‌)

(7‌)

(954‌)

—‌

—‌

Net

Expenses

.................................................

3,205‌

6,897‌

4,833‌

833‌

778‌

Net

Investment

Income

(Loss)

................................

14,001‌

40,004‌

13,089‌

10,230‌

8,301‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

35,544‌

35,523‌

11,701‌

1‌

(377‌)

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

466‌

Swap

Contracts

.......................................................

—‌

—‌

—‌

—‌

32‌

Foreign

Currency

Transactions

...............................

177‌

4,065‌

(370‌)

—‌

—‌

Net

Realized

Gain

(Loss)

on

Investments

...

35,721‌

39,588‌

11,331‌

1‌

121‌

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

91,138‌

346,024‌

103,564‌

—‌

3,875‌

Futures

Contracts

....................................................

—‌

—‌

—‌

—‌

(608‌)

Foreign

Currency

Transactions

...............................

458‌

(6,838‌)

151‌

—‌

—‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

91,596‌

339,186‌

103,715‌

—‌

3,267‌

Net

Gain

(Loss)

on

Investments

..................................

127,317‌

378,774‌

115,046‌

1‌

3,388‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

141,318‌

$

418,778‌

$

128,135‌

$

10,231‌

$

11,689‌

(1)

Net

of

Foreign

Witholding

Tax

................................

$

(121‌)

$

635‌

$

788‌

$

—‌

$

—‌

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

166

Statements

of

Operations

Select

Bond

Portfolio

Long-

Term

U.S.

Government

Bond

Portfolio

Inflation

Protection

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Investment

Income

Income

Interest

(1)

...............................................................

$

65,825‌

$

3,422‌

$

9,083‌

$

22,006‌

$

38,779‌

Total

Income

..................................................

65,825‌

3,422‌

9,083‌

22,006‌

38,779‌

Expenses

Investment

Advisory

Fees

.......................................

4,159‌

321‌

1,086‌

1,450‌

5,000‌

Custodian

Fees

.......................................................

20‌

6‌

12‌

1‌

119‌

Shareholder

Reporting

Fees

...................................

30‌

9‌

23‌

28‌

25‌

Audit

Fees

...............................................................

23‌

22‌

22‌

22‌

28‌

Valuation

Services

...................................................

73‌

10‌

17‌

46‌

77‌

Compliance

Fees

....................................................

9‌

5‌

5‌

6‌

7‌

Directors

Fees

.........................................................

37‌

22‌

23‌

24‌

28‌

Professional

Fees

....................................................

10‌

8‌

7‌

7‌

10‌

Interest

Expense

.....................................................

—‌

1,052‌

—‌

—‌

143‌

Other

Expenses

.......................................................

21‌

6‌

16‌

6‌

41‌

Total

Expenses

..............................................

4,382‌

1,461‌

1,211‌

1,590‌

5,478‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(79‌)

(29‌)

(278‌)

—‌

(692‌)

Net

Expenses

.................................................

4,303‌

1,432‌

933‌

1,590‌

4,786‌

Net

Investment

Income

(Loss)

................................

61,522‌

1,990‌

8,150‌

20,416‌

33,993‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

(13,597‌)

(107‌)

(2,367‌)

(4,569‌)

2,038‌

Futures

Contracts

....................................................

—‌

576‌

263‌

—‌

232‌

Options

Written

........................................................

—‌

41‌

—‌

—‌

364‌

Swap

Contracts

.......................................................

—‌

(103‌)

554‌

—‌

5,296‌

Foreign

Currency

Transactions

...............................

—‌

—‌

2‌

—‌

(14,115‌)

Reverse

Repurchase

Agreements

..........................

—‌

—‌

—‌

—‌

(79‌)

Net

Realized

Gain

(Loss)

on

Investments

...

(13,597‌)

407‌

(1,548‌)

(4,569‌)

(6,264‌)

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

66,880‌

2,824‌

10,158‌

16,761‌

42,325‌

Futures

Contracts

....................................................

—‌

(1,256‌)

—‌

—‌

3,380‌

Options

Written

........................................................

—‌

5‌

—‌

—‌

59‌

Swap

Contracts

.......................................................

—‌

217‌

694‌

—‌

(2,951‌)

Foreign

Currency

Transactions

...............................

—‌

—‌

—‌

—‌

(11,816‌)

Reverse

Repurchase

Agreements

..........................

—‌

—‌

—‌

—‌

(23‌)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

66,880‌

1,790‌

10,852‌

16,761‌

30,974‌

Net

Gain

(Loss)

on

Investments

..................................

53,283‌

2,197‌

9,304‌

12,192‌

24,710‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

114,805‌

$

4,187‌

$

17,454‌

$

32,608‌

$

58,703‌

(1)

Net

of

Foreign

Witholding

Tax

................................

$

—‌

$

—‌

$

—‌

$

—‌

$

4‌

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

167

Statements

of

Operations

Active/Passive

All

Equity

Portfolio

***

Active/Passive

Aggressive

Portfolio

***

Asset

Allocation

Portfolio

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

***

Investment

Income

Income

Interest

(1)

...............................................................

$

3‌

$

3‌

$

204‌

$

1,204‌

$

3‌

Unaffiliated

Dividends

(1)

........................................

—‌

—‌

1,235‌

9,279‌

—‌

Total

Income

..................................................

3‌

3‌

1,439‌

10,483‌

3‌

Expenses

Investment

Advisory

Fees

.......................................

—‌

—‌

540‌

2,352‌

—‌

Custodian

Fees

.......................................................

—‌

—‌

2‌

2‌

—‌

Shareholder

Reporting

Fees

...................................

—‌

—‌

7‌

12‌

—‌

Audit

Fees

...............................................................

—‌

—‌

18‌

19‌

—‌

Valuation

Services

...................................................

—‌

—‌

2‌

2‌

—‌

Compliance

Fees

....................................................

—‌

—‌

5‌

8‌

—‌

Directors

Fees

.........................................................

—‌

—‌

22‌

32‌

—‌

Professional

Fees

....................................................

—‌

—‌

7‌

9‌

—‌

Other

Expenses

.......................................................

1‌

1‌

6‌

15‌

1‌

Total

Expenses

..............................................

1‌

1‌

609‌

2,451‌

1‌

Less

Waived

Fees:

Paid

by

Affiliate

................................................

(1‌)

(1‌)

(405‌)

(1,409‌)

(1‌)

Net

Expenses

.................................................

—‌

—‌

204‌

1,042‌

—‌

Net

Investment

Income

(Loss)

................................

3‌

3‌

1,235‌

9,441‌

3‌

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

...........................

—‌

—‌

3,013‌

15,851‌

—‌

Affiliated

Investment

Securities

...............................

—‌

—‌

1,990‌

2,867‌

—‌

Swap

Contracts

.......................................................

—‌

—‌

222‌

1,242‌

—‌

Net

Realized

Gain

(Loss)

on

Investments

...

—‌

—‌

5,225‌

19,960‌

—‌

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

...........................

—‌

—‌

1,884‌

8,276‌

—‌

Affiliated

Investment

Securities

...............................

—‌

—‌

8,999‌

66,350‌

—‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..................

—‌

—‌

10,883‌

74,626‌

—‌

Net

Gain

(Loss)

on

Investments

..................................

—‌

—‌

16,108‌

94,586‌

—‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

...................................................................

$

3‌

$

3‌

$

17,343‌

$

104,027‌

$

3‌

***

Portfolio

commenced

operations

on

June

30,

2025.

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

168

Statements

of

Changes

in

Net

Assets

Growth

Stock

Portfolio

Focused

Appreciation

Portfolio

Large

Cap

Core

Stock

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

629‌

$

1,227‌

$

113‌

$

(258‌)

$

2,516‌

$

4,680‌

Net

Realized

Gain

(Loss)

on

Investments

62,203‌

59,334‌

45,907‌

197,096‌

45,324‌

113,077‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

36,901‌

330,399‌

61,030‌

211,585‌

(6,970‌)

26,077‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

99,733‌

390,960‌

107,050‌

408,423‌

40,870‌

143,834‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(1,260‌)

—‌

(121,060‌)

—‌

(39,889‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(1,260‌)

—‌

(121,060‌)

—‌

(39,889‌)

Capital

Transactions:

Shares

Sold

............................................

15,002‌

36,144‌

40,860‌

58,822‌

9,185‌

16,011‌

Reinvestment

of

Distributions

Paid

..........

—‌

1,260‌

—‌

121,060‌

—‌

39,889‌

Shares

Redeemed

..................................

(74,314‌)

(124,683‌)

(116,016‌)

(252,551‌)

(32,877‌)

(71,947‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(59,312‌)

(87,279‌)

(75,156‌)

(72,669‌)

(23,692‌)

(16,047‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

40,421‌

302,421‌

31,894‌

214,694‌

17,178‌

87,898‌

Net

Assets

Beginning

of

Period

...................................

1,369,524‌

1,067,103‌

1,493,813‌

1,279,119‌

756,794‌

668,896‌

End

of

Period

.............................................

$

1,409,945‌

$

1,369,524‌

$

1,525,707‌

$

1,493,813‌

$

773,972‌

$

756,794‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

3,651‌

9,739‌

8,960‌

13,500‌

4,899‌

8,740‌

Reinvestment

of

Distributions

Paid

.........

—‌

339‌

—‌

29,723‌

—‌

22,435‌

Shares

Redeemed

..................................

(18,060‌)

(33,730‌)

(24,825‌)

(58,101‌)

(17,426‌)

(39,096‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(14,409‌)

(23,652‌)

(15,865‌)

(14,878‌)

(12,527‌)

(7,921‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

169

Statements

of

Changes

in

Net

Assets

Large

Cap

Blend

Portfolio

Index

500

Stock

Portfolio

Large

Company

Value

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

377‌

$

859‌

$

37,913‌

$

73,199‌

$

1,613‌

$

3,103‌

Net

Realized

Gain

(Loss)

on

Investments

5,400‌

20,096‌

66,658‌

239,043‌

(72‌)

9,276‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

2,075‌

16,572‌

290,942‌

1,024,524‌

4,018‌

3,233‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

7,852‌

37,527‌

395,513‌

1,336,766‌

5,559‌

15,612‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(39,875‌)

—‌

(178,920‌)

—‌

(8,865‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(39,875‌)

—‌

(178,920‌)

—‌

(8,865‌)

Capital

Transactions:

Shares

Sold

............................................

9,494‌

10,917‌

236,875‌

370,667‌

12,396‌

12,807‌

Reinvestment

of

Distributions

Paid

..........

—‌

39,875‌

—‌

178,920‌

—‌

8,865‌

Shares

Redeemed

..................................

(16,860‌)

(64,223‌)

(323,043‌)

(629,741‌)

(17,171‌)

(24,484‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(7,366‌)

(13,431‌)

(86,168‌)

(80,154‌)

(4,775‌)

(2,812‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

486‌

(15,779‌)

309,345‌

1,077,692‌

784‌

3,935‌

Net

Assets

Beginning

of

Period

...................................

171,954‌

187,733‌

6,562,773‌

5,485,081‌

155,933‌

151,998‌

End

of

Period

.............................................

$

172,440‌

$

171,954‌

$

6,872,118‌

$

6,562,773‌

$

156,717‌

$

155,933‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

8,509‌

8,476‌

25,190‌

41,738‌

14,555‌

15,120‌

Reinvestment

of

Distributions

Paid

.........

—‌

37,832‌

—‌

20,122‌

—‌

10,592‌

Shares

Redeemed

..................................

(15,087‌)

(50,866‌)

(34,083‌)

(70,563‌)

(20,377‌)

(29,067‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(6,578‌)

(4,558‌)

(8,893‌)

(8,703‌)

(5,822‌)

(3,355‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

170

Statements

of

Changes

in

Net

Assets

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

9,684‌

$

20,649‌

$

7,732‌

$

13,983‌

$

176‌

$

(946‌)

Net

Realized

Gain

(Loss)

on

Investments

23,062‌

97,521‌

44,178‌

69,601‌

8,678‌

214,253‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

(13,968‌)

(44,310‌)

(8,629‌)

(1,307‌)

57,117‌

(130,060‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

18,778‌

73,860‌

43,281‌

82,277‌

65,971‌

83,247‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(102,181‌)

—‌

(41,793‌)

—‌

(944‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(102,181‌)

—‌

(41,793‌)

—‌

(944‌)

Capital

Transactions:

Shares

Sold

............................................

57,371‌

74,737‌

18,350‌

23,076‌

16,507‌

20,337‌

Reinvestment

of

Distributions

Paid

..........

—‌

102,181‌

—‌

41,793‌

—‌

944‌

Shares

Redeemed

..................................

(58,226‌)

(151,167‌)

(42,479‌)

(100,151‌)

(43,873‌)

(157,686‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(855‌)

25,751‌

(24,129‌)

(35,282‌)

(27,366‌)

(136,405‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

17,923‌

(2,570‌)

19,152‌

5,202‌

38,605‌

(54,102‌)

Net

Assets

Beginning

of

Period

...................................

1,054,496‌

1,057,066‌

722,693‌

717,491‌

1,027,872‌

1,081,974‌

End

of

Period

.............................................

$

1,072,419‌

$

1,054,496‌

$

741,845‌

$

722,693‌

$

1,066,477‌

$

1,027,872‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

37,835‌

45,856‌

10,319‌

12,970‌

4,995‌

6,292‌

Reinvestment

of

Distributions

Paid

.........

—‌

65,459‌

—‌

24,005‌

—‌

305‌

Shares

Redeemed

..................................

(38,205‌)

(92,472‌)

(23,825‌)

(56,673‌)

(13,250‌)

(48,768‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(370‌)

18,843‌

(13,506‌)

(19,698‌)

(8,255‌)

(42,171‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

171

Statements

of

Changes

in

Net

Assets

Index

400

Stock

Portfolio

Mid

Cap

Value

Portfolio

Small

Cap

Growth

Stock

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

9,496‌

$

17,271‌

$

7,125‌

$

13,353‌

$

24‌

$

(425‌)

Net

Realized

Gain

(Loss)

on

Investments

23,115‌

92,039‌

10,898‌

43,200‌

11,486‌

81,667‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

(30,254‌)

64,764‌

(790‌)

(1,602‌)

(44,610‌)

7,416‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

2,357‌

174,074‌

17,233‌

54,951‌

(33,100‌)

88,658‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(62,287‌)

—‌

(32,615‌)

—‌

(2,597‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(62,287‌)

—‌

(32,615‌)

—‌

(2,597‌)

Capital

Transactions:

Shares

Sold

............................................

64,460‌

86,044‌

29,208‌

45,944‌

29,160‌

32,142‌

Reinvestment

of

Distributions

Paid

..........

—‌

62,287‌

—‌

32,615‌

—‌

2,597‌

Shares

Redeemed

..................................

(61,518‌)

(148,417‌)

(33,040‌)

(134,003‌)

(28,339‌)

(74,438‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

2,942‌

(86‌)

(3,832‌)

(55,444‌)

821‌

(39,699‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

5,299‌

111,701‌

13,401‌

(33,108‌)

(32,279‌)

46,362‌

Net

Assets

Beginning

of

Period

...................................

1,402,515‌

1,290,814‌

632,435‌

665,543‌

733,031‌

686,669‌

End

of

Period

.............................................

$

1,407,814‌

$

1,402,515‌

$

645,836‌

$

632,435‌

$

700,752‌

$

733,031‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

28,666‌

37,246‌

18,949‌

30,048‌

12,683‌

13,322‌

Reinvestment

of

Distributions

Paid

.........

—‌

28,210‌

—‌

21,303‌

—‌

1,088‌

Shares

Redeemed

..................................

(26,906‌)

(63,889‌)

(21,423‌)

(87,425‌)

(12,003‌)

(30,757‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

1,760‌

1,567‌

(2,474‌)

(36,074‌)

680‌

(16,347‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

172

Statements

of

Changes

in

Net

Assets

Index

600

Stock

Portfolio

Small

Cap

Value

Portfolio

International

Growth

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

3,423‌

$

5,911‌

$

2,609‌

$

4,167‌

$

8,550‌

$

8,509‌

Net

Realized

Gain

(Loss)

on

Investments

3,124‌

24,801‌

13,614‌

54,616‌

61,776‌

41,732‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

(27,347‌)

7,126‌

(29,260‌)

(2,103‌)

69,292‌

3,805‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

(20,800‌)

37,838‌

(13,037‌)

56,680‌

139,618‌

54,046‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(15,464‌)

—‌

(24,321‌)

—‌

(35,524‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(15,464‌)

—‌

(24,321‌)

—‌

(35,524‌)

Capital

Transactions:

Shares

Sold

............................................

41,207‌

56,623‌

12,599‌

16,076‌

42,302‌

85,236‌

Reinvestment

of

Distributions

Paid

..........

—‌

15,464‌

—‌

24,321‌

—‌

35,524‌

Shares

Redeemed

..................................

(24,793‌)

(55,647‌)

(29,873‌)

(69,926‌)

(98,681‌)

(113,994‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

16,414‌

16,440‌

(17,274‌)

(29,529‌)

(56,379‌)

6,766‌

Total

Increase

(Decrease)

in

Net

Assets

.....

(4,386‌)

38,814‌

(30,311‌)

2,830‌

83,239‌

25,288‌

Net

Assets

Beginning

of

Period

...................................

476,360‌

437,546‌

578,679‌

575,849‌

1,044,160‌

1,018,872‌

End

of

Period

.............................................

$

471,974‌

$

476,360‌

$

548,368‌

$

578,679‌

$

1,127,399‌

$

1,044,160‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

27,828‌

36,537‌

6,593‌

8,218‌

20,660‌

42,339‌

Reinvestment

of

Distributions

Paid

.........

—‌

10,289‌

—‌

12,714‌

—‌

17,978‌

Shares

Redeemed

..................................

(16,435‌)

(35,426‌)

(15,266‌)

(35,584‌)

(47,777‌)

(56,663‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

11,393‌

11,400‌

(8,673‌)

(14,652‌)

(27,117‌)

3,654‌

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

173

Statements

of

Changes

in

Net

Assets

Research

International

Core

Portfolio

International

Equity

Portfolio

Emerging

Markets

Equity

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

14,001‌

$

15,424‌

$

40,004‌

$

48,765‌

$

13,089‌

$

16,983‌

Net

Realized

Gain

(Loss)

on

Investments

35,721‌

14,189‌

39,588‌

43,489‌

11,331‌

(54,864‌)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

91,596‌

(2,933‌)

339,186‌

(17,384‌)

103,715‌

79,621‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

141,318‌

26,680‌

418,778‌

74,870‌

128,135‌

41,740‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(20,820‌)

—‌

(55,095‌)

—‌

(15,666‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(20,820‌)

—‌

(55,095‌)

—‌

(15,666‌)

Capital

Transactions:

Shares

Sold

............................................

45,477‌

101,845‌

71,643‌

113,139‌

59,528‌

194,607‌

Reinvestment

of

Distributions

Paid

..........

—‌

20,820‌

—‌

55,095‌

—‌

15,666‌

Shares

Redeemed

..................................

(68,858‌)

(98,872‌)

(140,924‌)

(187,934‌)

(65,256‌)

(114,013‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(23,381‌)

23,793‌

(69,281‌)

(19,700‌)

(5,728‌)

96,260‌

Total

Increase

(Decrease)

in

Net

Assets

.....

117,937‌

29,653‌

349,497‌

75‌

122,407‌

122,334‌

Net

Assets

Beginning

of

Period

...................................

858,304‌

828,651‌

1,877,350‌

1,877,275‌

1,044,151‌

921,817‌

End

of

Period

.............................................

$

976,241‌

$

858,304‌

$

2,226,847‌

$

1,877,350‌

$

1,166,558‌

$

1,044,151‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

39,840‌

91,129‌

40,825‌

69,402‌

60,532‌

204,668‌

Reinvestment

of

Distributions

Paid

.........

—‌

18,327‌

—‌

33,533‌

—‌

16,473‌

Shares

Redeemed

..................................

(59,234‌)

(88,181‌)

(79,638‌)

(114,100‌)

(65,678‌)

(117,419‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(19,394‌)

21,275‌

(38,813‌)

(11,165‌)

(5,146‌)

103,722‌

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

174

Statements

of

Changes

in

Net

Assets

Government

Money

Market

Portfolio

Short-Term

Bond

Portfolio

Select

Bond

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

10,230‌

$

25,269‌

$

8,301‌

$

15,995‌

$

61,522‌

$

124,240‌

Net

Realized

Gain

(Loss)

on

Investments

1‌

24‌

121‌

(1,207‌)

(13,597‌)

(38,407‌)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

—‌

—‌

3,267‌

4,318‌

66,880‌

(34,601‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

10,231‌

25,293‌

11,689‌

19,106‌

114,805‌

51,232‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

(10,232‌)

(25,295‌)

—‌

(13,119‌)

—‌

(110,410‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(10,232‌)

(25,295‌)

—‌

(13,119‌)

—‌

(110,410‌)

Capital

Transactions:

Shares

Sold

............................................

157,863‌

294,741‌

22,020‌

49,924‌

92,655‌

239,410‌

Reinvestment

of

Distributions

Paid

..........

10,232‌

25,295‌

—‌

13,119‌

—‌

110,410‌

Shares

Redeemed

..................................

(165,239‌)

(341,686‌)

(32,240‌)

(64,009‌)

(195,696‌)

(389,903‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

2,856‌

(21,650‌)

(10,220‌)

(966‌)

(103,041‌)

(40,083‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

2,855‌

(21,652‌)

1,469‌

5,021‌

11,764‌

(99,261‌)

Net

Assets

Beginning

of

Period

...................................

504,732‌

526,384‌

390,253‌

385,232‌

2,804,436‌

2,903,697‌

End

of

Period

.............................................

$

507,587‌

$

504,732‌

$

391,722‌

$

390,253‌

$

2,816,200‌

$

2,804,436‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

157,863‌

294,741‌

20,927‌

48,118‌

84,057‌

218,470‌

Reinvestment

of

Distributions

Paid

.........

10,232‌

25,295‌

—‌

12,688‌

—‌

98,757‌

Shares

Redeemed

..................................

(165,239‌)

(341,686‌)

(30,643‌)

(61,920‌)

(177,377‌)

(353,090‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

2,856‌

(21,650‌)

(9,716‌)

(1,114‌)

(93,320‌)

(35,863‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

175

Statements

of

Changes

in

Net

Assets

Long-Term

U.S.

Government

Bond

Portfolio

Inflation

Protection

Portfolio

High

Yield

Bond

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

1,990‌

$

3,277‌

$

8,150‌

$

13,310‌

$

20,416‌

$

41,678‌

Net

Realized

Gain

(Loss)

on

Investments

407‌

(10,535‌)

(1,548‌)

(1,614‌)

(4,569‌)

(20,262‌)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

1,790‌

382‌

10,852‌

(3,451‌)

16,761‌

21,310‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

4,187‌

(6,876‌)

17,454‌

8,245‌

32,608‌

42,726‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(3,761‌)

—‌

(12,928‌)

—‌

(43,835‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(3,761‌)

—‌

(12,928‌)

—‌

(43,835‌)

Capital

Transactions:

Shares

Sold

............................................

20,877‌

17,448‌

19,563‌

40,431‌

19,965‌

55,105‌

Reinvestment

of

Distributions

Paid

..........

—‌

3,761‌

—‌

12,928‌

—‌

43,835‌

Shares

Redeemed

..................................

(17,103‌)

(17,163‌)

(30,495‌)

(57,467‌)

(44,677‌)

(146,398‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

3,774‌

4,046‌

(10,932‌)

(4,108‌)

(24,712‌)

(47,458‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

7,961‌

(6,591‌)

6,522‌

(8,791‌)

7,896‌

(48,567‌)

Net

Assets

Beginning

of

Period

...................................

114,458‌

121,049‌

408,498‌

417,289‌

695,777‌

744,344‌

End

of

Period

.............................................

$

122,419‌

$

114,458‌

$

415,020‌

$

408,498‌

$

703,673‌

$

695,777‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

33,629‌

27,836‌

18,623‌

38,978‌

29,368‌

81,518‌

Reinvestment

of

Distributions

Paid

.........

—‌

5,630‌

—‌

12,312‌

—‌

66,215‌

Shares

Redeemed

..................................

(27,835‌)

(27,106‌)

(29,096‌)

(55,260‌)

(65,952‌)

(217,799‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

5,794‌

6,360‌

(10,473‌)

(3,970‌)

(36,584‌)

(70,066‌)

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

176

Statements

of

Changes

in

Net

Assets

Multi-Sector

Bond

Portfolio

Active/Passive

All

Equity

Portfolio

Active/Passive

Aggressive

Portfolio

Asset

Allocation

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Period

Ended

June

30,

2025

(unaudited)

***

For

the

Period

Ended

June

30,

2025

(unaudited)

***

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

33,993‌

$

64,752‌

$

3‌

$

3‌

$

1,235‌

$

6,361‌

Net

Realized

Gain

(Loss)

on

Investments

(6,264‌)

(14,918‌)

—‌

—‌

5,225‌

8,187‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

30,974‌

29,774‌

—‌

—‌

10,883‌

11,103‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

58,703‌

79,608‌

3‌

3‌

17,343‌

25,651‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(65,277‌)

—‌

—‌

—‌

(13,706‌)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(65,277‌)

—‌

—‌

—‌

(13,706‌)

Capital

Transactions:

Shares

Sold

............................................

46,959‌

164,823‌

25,000‌

25,000‌

9,052‌

20,061‌

Reinvestment

of

Distributions

Paid

..........

—‌

65,277‌

—‌

—‌

—‌

13,706‌

Shares

Redeemed

..................................

(84,381‌)

(139,098‌)

—‌

—‌

(17,428‌)

(46,762‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(37,422‌)

91,002‌

25,000‌

25,000‌

(8,376‌)

(12,995‌)

Total

Increase

(Decrease)

in

Net

Assets

.....

21,281‌

105,333‌

25,003‌

25,003‌

8,967‌

(1,050‌)

Net

Assets

Beginning

of

Period

...................................

1,305,012‌

1,199,679‌

—‌

—‌

272,773‌

273,823‌

End

of

Period

.............................................

$

1,326,293‌

$

1,305,012‌

$

25,003‌

$

25,003‌

$

281,740‌

$

272,773‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

46,721‌

167,730‌

25,000‌

25,000‌

7,998‌

17,810‌

Reinvestment

of

Distributions

Paid

.........

—‌

66,406‌

—‌

—‌

—‌

12,337‌

Shares

Redeemed

..................................

(84,327‌)

(140,929‌)

—‌

—‌

(15,274‌)

(41,490‌)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(37,606‌)

93,207‌

25,000‌

25,000‌

(7,276‌)

(11,343‌)

***

Portfolio

commenced

operations

on

June

30,

2025.

Northwestern

Mutual

Series

Fund,

Inc.

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

177

Statements

of

Changes

in

Net

Assets

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

For

the

Year

Ended

December

31,

2024

For

the

Period

Ended

June

30,

2025

(unaudited)

***

Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

................

$

9,441‌

$

53,646‌

$

3‌

Net

Realized

Gain

(Loss)

on

Investments

19,960‌

48,561‌

—‌

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

..............

74,626‌

39,057‌

—‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

................

104,027‌

141,264‌

3‌

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

............................

—‌

(81,180‌)

—‌

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

—‌

(81,180‌)

—‌

Capital

Transactions:

Shares

Sold

............................................

41,917‌

63,347‌

25,000‌

Reinvestment

of

Distributions

Paid

..........

—‌

81,180‌

—‌

Shares

Redeemed

..................................

(126,922‌)

(251,233‌)

—‌

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(85,005‌)

(106,706‌)

25,000‌

Total

Increase

(Decrease)

in

Net

Assets

.....

19,022‌

(46,622‌)

25,003‌

Net

Assets

Beginning

of

Period

...................................

1,915,820‌

1,962,442‌

—‌

End

of

Period

.............................................

$

1,934,842‌

$

1,915,820‌

$

25,003‌

Portfolio

Share

Transactions:

Shares

Sold

............................................

31,231‌

47,687‌

25,000‌

Reinvestment

of

Distributions

Paid

.........

—‌

60,854‌

—‌

Shares

Redeemed

..................................

(94,400‌)

(188,775‌)

—‌

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

....................................

(63,169‌)

(80,234‌)

25,000‌

***

Portfolio

commenced

operations

on

June

30,

2025.

Northwestern

Mutual

Series

Fund,

Inc.

For

the

Six

Months

Ended

June

30,

2025

(unaudited)

(in

thousands)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

178

Statement

of

Cash

Flows

Cash

and

Restricted

Cash

is

the

sum

of

Cash

and

Collateral

with

Counterparty

from

the

Statement

of

Assets

and

Liabilities.

Supplemental

disclosure

of

cash

flow

information:

Interest

paid

was

$1,074

for

the

period

ended

June

30,

2025.

Long-Term

U.S.

Government

Bond

Portfolio

Cash

Flows

from

Operating

Activities

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

.....................

$

4,187

Adjustments

to

Reconcile

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

to

Net

Cash

from

Operating

Activities

Purchase

of

Investment

Securities

.................................................................

(121,362)

Proceeds

from

Disposition

of

Investment

Securities

.......................................

74,961

(Purchase)

or

Sale

of

Short-Term

Investment

Securities,

Net………………….

39,901

Proceeds

from

(Payments

for)

Closed

Futures

Contracts

and

Cleared

Swaps

(319)

Cash

Paid

for

Terminated

Options

Written

........................................................

(1)

Premiums

Received

on

Options

Written

...........................................................

58

Amortization

(Accretion)

of

Premium/Discount,

net

.........................................

(461)

(Increase)

Decrease

in:

Prepaid

Expenses

and

Other

Assets

...........................................................

(12)

Dividends

and

Interest

Receivable

..............................................................

(164)

Increase

(Decrease)

in:

Collateral

from

Counterparty

..........................................................................

636

Payable

for

Investment

Advisory

Fees

..........................................................

(3)

Accrued

Expenses

.........................................................................................

(15)

Change

in

Net

Unrealized

(Appreciation)

Depreciation

of:

Investment

Securities

.................................................................................

(2,824)

Futures

Contracts

.......................................................................................

1,256

Options

Written

..............................................................................................

(5)

Swap

Contracts

..........................................................................................

(217)

Net

Realized

(Gain)

Loss

from:

Investment

Securities

.................................................................................

107

Futures

Contracts

.......................................................................................

(576)

Options

Written

..............................................................................................

(41)

Paydowns

..................................................................................................

1

Swap

Contracts

..........................................................................................

103

Total

Adjustments

..........................................................................................

(8,977)

Net

Cash

(Used

in)

Provided

by

Operating

Activities

.........................................

(4,790)

Cash

Flows

from

Financing

Activities

Cash

Received

from

Financing

Transactions

.....................................................

1,568,028

Cash

(Used

for)

Financing

Transactions

............................................................

(1,565,147)

Proceeds

from

Portfolio

Shares

Sold

.................................................................

20,910

Payment

on

Portfolio

Shares

Redeemed

...........................................................

(17,065)

Net

Cash

(Used

in)

Provided

by

Financing

Activities

..........................................

6,726

Net

Increase

(Decrease)

in

Cash

and

Cash

Equivalents

.......................................

1,936

Cash

and

Restricted

Cash,

Beginning

of

Period

...................................................

1,269

Cash

and

Restricted

Cash,

End

of

Period

............................................................

$

3,205

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

180

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Growth

Stock

Portfolio

2025

@

 .

.

.

$

4.21‌

$

0.00‌

‡

$

0.32‌

$

0.32‌

$

—‌

$

—‌

$

—‌

$

4.53‌

7.72‌%

$

1,409,945‌

0.42‌%

+

0.42‌%

+

0.10‌%

+

5‌%

2024 .

.

.

.

3.06‌

0.00‌

‡

1.15‌

1.15‌

(0.00‌)

‡

—‌

(0.00‌)

‡

4.21‌

37.82‌

1,369,524‌

0.42‌

0.42‌

0.10‌

7‌

2023 .

.

.

.

2.04‌

0.00‌

‡

1.02‌

1.02‌

(0.00‌)

‡

—‌

(0.00‌)

‡

3.06‌

49.69‌

1,067,103‌

0.43‌

0.43‌

0.14‌

9‌

2022 .

.

.

.

4.04‌

0.00‌

‡

(1.50‌)

(1.50‌)

—‌

(0.50‌)

(0.50‌)

2.04‌

(38.70‌)

750,703‌

0.43‌

0.43‌

0.04‌

14‌

2021 .

.

.

.

3.60‌

(0.00‌)

‡

0.61‌

0.61‌

(0.00‌)

‡

(0.17‌)

(0.17‌)

4.04‌

16.67‌

1,389,899‌

0.42‌

0.42‌

(0.10‌)

36‌

2020 .

.

.

.

3.18‌

0.00‌

‡

1.04‌

1.04‌

(0.02‌)

(0.60‌)

(0.62‌)

3.60‌

34.97‌

1,286,403‌

0.43‌

0.42‌

0.00‌

24‌

Focused

Appreciation

Portfolio

2025

@

 .

.

.

$

4.73‌

$

0.00‌

‡

$

0.35‌

$

0.35‌

$

—‌

$

—‌

$

—‌

$

5.08‌

7.53‌%

$

1,525,707‌

0.73‌%

+

0.61‌%

+

0.02‌%

+

1‌%

2024 .

.

.

.

3.87‌

(0.00‌)

‡

1.26‌

1.26‌

—‌

(0.40‌)

(0.40‌)

4.73‌

34.43‌

1,493,813‌

0.74‌

0.61‌

(0.02‌)

9‌

2023 .

.

.

.

2.72‌

(0.00‌)

‡

1.38‌

1.38‌

—‌

(0.23‌)

(0.23‌)

3.87‌

50.99‌

1,279,119‌

0.74‌

0.62‌

(0.10‌)

7‌

2022 .

.

.

.

4.32‌

(0.00‌)

‡

(1.19‌)

(1.19‌)

(0.00‌)

‡

(0.41‌)

(0.41‌)

2.72‌

(27.83‌)

963,929‌

0.74‌

0.62‌

(0.03‌)

18‌

2021 .

.

.

.

4.02‌

(0.00‌)

‡

0.76‌

0.76‌

(0.01‌)

(0.45‌)

(0.46‌)

4.32‌

18.90‌

1,327,361‌

0.74‌

0.62‌

(0.01‌)

11‌

2020 .

.

.

.

3.17‌

0.01‌

1.02‌

1.03‌

(0.02‌)

(0.16‌)

(0.18‌)

4.02‌

32.55‌

1,186,696‌

0.75‌

0.62‌

0.19‌

21‌

Large

Cap

Core

Stock

Portfolio

2025

@

 .

.

.

$

1.91‌

$

0.01‌

$

0.10‌

$

0.11‌

$

—‌

$

—‌

$

—‌

$

2.02‌

5.60‌%

$

773,972‌

0.44‌%

+

0.43‌%

+

0.69‌%

+

42‌%

2024 .

.

.

.

1.66‌

0.01‌

0.34‌

0.35‌

(0.01‌)

(0.09‌)

(0.10‌)

1.91‌

22.16‌

756,794‌

0.44‌

0.43‌

0.64‌

74‌

2023 .

.

.

.

1.44‌

0.01‌

0.36‌

0.37‌

(0.02‌)

(0.13‌)

(0.15‌)

1.66‌

25.78‌

668,896‌

0.45‌

0.44‌

0.82‌

63‌

2022 .

.

.

.

2.21‌

0.02‌

(0.43‌)

(0.41‌)

(0.02‌)

(0.34‌)

(0.36‌)

1.44‌

(18.88‌)

566,195‌

0.44‌

0.44‌

0.94‌

55‌

2021 .

.

.

.

1.91‌

0.01‌

0.47‌

0.48‌

(0.02‌)

(0.16‌)

(0.18‌)

2.21‌

25.10‌

842,806‌

0.44‌

0.43‌

0.70‌

56‌

2020 .

.

.

.

1.62‌

0.02‌

0.34‌

0.36‌

(0.02‌)

(0.05‌)

(0.07‌)

1.91‌

22.74‌

719,977‌

0.45‌

0.44‌

0.98‌

72‌

Large

Cap

Blend

Portfolio

2025

@

 .

.

.

$

1.12‌

$

0.00‌

‡

$

0.05‌

$

0.05‌

$

—‌

$

—‌

$

—‌

$

1.17‌

4.73‌%

$

172,440‌

0.84‌%

+

0.72‌%

+

0.47‌%

+

19‌%

2024 .

.

.

.

1.19‌

0.01‌

0.25‌

0.26‌

(0.01‌)

(0.32‌)

(0.33‌)

1.12‌

23.86‌

171,954‌

0.84‌

0.74‌

0.49‌

50‌

2023 .

.

.

.

1.08‌

0.01‌

0.21‌

0.22‌

(0.01‌)

(0.10‌)

(0.11‌)

1.19‌

20.61‌

187,733‌

0.82‌

0.75‌

0.75‌

119‌

2022 .

.

.

.

1.39‌

0.01‌

(0.21‌)

(0.20‌)

(0.01‌)

(0.10‌)

(0.11‌)

1.08‌

(13.78‌)

195,927‌

0.81‌

0.76‌

0.78‌

38‌

2021 .

.

.

.

1.25‌

0.01‌

0.22‌

0.23‌

(0.01‌)

(0.08‌)

(0.09‌)

1.39‌

18.46‌

203,126‌

0.81‌

0.78‌

0.68‌

19‌

2020 .

.

.

.

1.22‌

0.01‌

0.10‌

0.11‌

(0.06‌)

(0.02‌)

(0.08‌)

1.25‌

10.05‌

180,564‌

0.83‌

0.80‌

0.77‌

28‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

‡

Amount

is

less

than

$0.005.

+

Computed

on

an

annualized

basis.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

181

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Index

500

Stock

Portfolio

2025

@

 .

.

.

$

9.55‌

$

0.06‌

$

0.52‌

$

0.58‌

$

—‌

$

—‌

$

—‌

$

10.13‌

6.09‌%

$

6,872,118‌

0.21‌%

+

0.19‌%

+

1.18‌%

+

1‌%

2024 .

.

.

.

7.88‌

0.11‌

1.83‌

1.94‌

(0.11‌)

(0.16‌)

(0.27‌)

9.55‌

24.75‌

6,562,773‌

0.21‌

0.19‌

1.19‌

2‌

2023 .

.

.

.

6.38‌

0.11‌

1.54‌

1.65‌

(0.10‌)

(0.05‌)

(0.15‌)

7.88‌

26.04‌

5,485,081‌

0.21‌

0.20‌

1.48‌

2‌

2022 .

.

.

.

8.18‌

0.10‌

(1.59‌)

(1.49‌)

(0.09‌)

(0.22‌)

(0.31‌)

6.38‌

(18.28‌)

4,465,914‌

0.21‌

0.20‌

1.41‌

2‌

2021 .

.

.

.

6.60‌

0.09‌

1.77‌

1.86‌

(0.09‌)

(0.19‌)

(0.28‌)

8.18‌

28.45‌

5,504,970‌

0.21‌

0.19‌

1.19‌

3‌

2020 .

.

.

.

5.79‌

0.09‌

0.94‌

1.03‌

(0.10‌)

(0.12‌)

(0.22‌)

6.60‌

18.18‌

4,419,729‌

0.21‌

0.20‌

1.63‌

5‌

Large

Company

Value

Portfolio

2025

@

 .

.

.

$

0.84‌

$

0.01‌

$

0.02‌

$

0.03‌

$

—‌

$

—‌

$

—‌

$

0.87‌

3.70‌%

$

156,717‌

0.80‌%

+

0.75‌%

+

2.07‌%

+

56‌%

2024 .

.

.

.

0.80‌

0.02‌

0.07‌

0.09‌

(0.02‌)

(0.03‌)

(0.05‌)

0.84‌

10.69‌

155,933‌

0.80‌

0.75‌

1.99‌

40‌

2023 .

.

.

.

0.92‌

0.02‌

0.01‌

0.03‌

(0.03‌)

(0.12‌)

(0.15‌)

0.80‌

3.80‌

151,998‌

0.80‌

0.75‌

2.07‌

36‌

2022 .

.

.

.

1.19‌

0.02‌

(0.03‌)

(0.01‌)

(0.04‌)

(0.22‌)

(0.26‌)

0.92‌

(0.34‌)

152,414‌

0.78‌

0.74‌

1.87‌

37‌

2021 .

.

.

.

1.00‌

0.02‌

0.19‌

0.21‌

(0.01‌)

(0.01‌)

(0.02‌)

1.19‌

21.92‌

227,560‌

0.76‌

0.74‌

1.63‌

40‌

2020 .

.

.

.

1.03‌

0.02‌

0.00‌

‡

0.02‌

(0.02‌)

(0.03‌)

(0.05‌)

1.00‌

2.64‌

211,998‌

0.78‌

0.76‌

2.02‌

84‌

Domestic

Equity

Portfolio

2025

@

 .

.

.

$

1.53‌

$

0.01‌

$

0.02‌

$

0.03‌

$

—‌

$

—‌

$

—‌

$

1.56‌

1.69‌%

$

1,072,419‌

0.54‌%

+

0.50‌%

+

1.88‌%

+

20‌%

2024 .

.

.

.

1.58‌

0.03‌

0.08‌

0.11‌

(0.03‌)

(0.13‌)

(0.16‌)

1.53‌

7.07‌

1,054,496‌

0.54‌

0.50‌

1.91‌

31‌

2023 .

.

.

.

1.63‌

0.03‌

0.02‌

0.05‌

(0.03‌)

(0.07‌)

(0.10‌)

1.58‌

3.71‌

1,057,066‌

0.54‌

0.50‌

2.04‌

23‌

2022 .

.

.

.

1.93‌

0.03‌

(0.10‌)

(0.07‌)

(0.03‌)

(0.20‌)

(0.23‌)

1.63‌

(2.99‌)

1,060,119‌

0.53‌

0.50‌

1.84‌

12‌

2021 .

.

.

.

1.64‌

0.03‌

0.33‌

0.36‌

(0.03‌)

(0.04‌)

(0.07‌)

1.93‌

22.71‌

1,096,677‌

0.53‌

0.50‌

1.77‌

29‌

2020 .

.

.

.

1.75‌

0.03‌

(0.04‌)

(0.01‌)

(0.03‌)

(0.07‌)

(0.10‌)

1.64‌

0.73‌

946,072‌

0.55‌

0.53‌

2.25‌

33‌

Equity

Income

Portfolio

2025

@

 .

.

.

$

1.75‌

$

0.02‌

$

0.08‌

$

0.10‌

$

—‌

$

—‌

$

—‌

$

1.85‌

6.07‌%

$

741,845‌

0.66‌%

+

0.57‌%

+

2.15‌%

+

18‌%

2024 .

.

.

.

1.66‌

0.03‌

0.17‌

0.20‌

(0.04‌)

(0.07‌)

(0.11‌)

1.75‌

11.88‌

722,693‌

0.66‌

0.57‌

1.89‌

24‌

2023 .

.

.

.

1.69‌

0.04‌

0.11‌

0.15‌

(0.04‌)

(0.14‌)

(0.18‌)

1.66‌

9.68‌

717,491‌

0.66‌

0.57‌

2.24‌

18‌

2022 .

.

.

.

2.01‌

0.04‌

(0.10‌)

(0.06‌)

(0.04‌)

(0.22‌)

(0.26‌)

1.69‌

(3.22‌)

702,376‌

0.65‌

0.57‌

2.17‌

15‌

2021 .

.

.

.

1.63‌

0.03‌

0.39‌

0.42‌

(0.04‌)

—‌

(0.04‌)

2.01‌

25.70‌

867,936‌

0.65‌

0.57‌

1.74‌

18‌

2020 .

.

.

.

1.78‌

0.04‌

(0.05‌)

(0.01‌)

(0.07‌)

(0.07‌)

(0.14‌)

1.63‌

1.20‌

787,521‌

0.66‌

0.59‌

2.48‌

30‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

‡

Amount

is

less

than

$0.005.

+

Computed

on

an

annualized

basis.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

182

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Mid

Cap

Growth

Stock

Portfolio

2025

@

 .

.

.

$

3.36‌

$

0.00‌

‡

$

0.23‌

$

0.23‌

$

—‌

$

—‌

$

—‌

$

3.59‌

6.63‌%

$

1,066,477‌

0.54‌%

+

0.54‌%

+

0.04‌%

+

43‌%

2024 .

.

.

.

3.11‌

(0.00‌)

‡

0.25‌

0.25‌

(0.00‌)

‡

—‌

(0.00‌)

‡

3.36‌

8.21‌

1,027,872‌

0.54‌

0.54‌

(0.09‌)

127‌

2023 .

.

.

.

2.71‌

0.00‌

‡

0.41‌

0.41‌

(0.01‌)

—‌

(0.01‌)

3.11‌

14.96‌

1,081,974‌

0.54‌

0.54‌

0.09‌

39‌

2022 .

.

.

.

3.94‌

0.01‌

(0.95‌)

(0.94‌)

(0.00‌)

‡

(0.29‌)

(0.29‌)

2.71‌

(23.77‌)

1,008,774‌

0.53‌

0.53‌

0.23‌

46‌

2021 .

.

.

.

4.09‌

0.01‌

0.41‌

0.42‌

(0.01‌)

(0.56‌)

(0.57‌)

3.94‌

10.18‌

1,375,568‌

0.53‌

0.52‌

0.13‌

30‌

2020 .

.

.

.

3.42‌

0.01‌

0.82‌

0.83‌

(0.01‌)

(0.15‌)

(0.16‌)

4.09‌

25.41‌

1,344,564‌

0.54‌

0.54‌

0.18‌

47‌

Index

400

Stock

Portfolio

2025

@

 .

.

.

$

2.35‌

$

0.02‌

$

(0.02‌)

$

0.00‌

‡

$

—‌

$

—‌

$

—‌

$

2.35‌

0.09‌%

$

1,407,814‌

0.28‌%

+

0.24‌%

+

1.41‌%

+

6‌%

2024 .

.

.

.

2.17‌

0.03‌

0.26‌

0.29‌

(0.03‌)

(0.08‌)

(0.11‌)

2.35‌

13.63‌

1,402,515‌

0.28‌

0.24‌

1.26‌

16‌

2023 .

.

.

.

1.97‌

0.03‌

0.29‌

0.32‌

(0.03‌)

(0.09‌)

(0.12‌)

2.17‌

16.15‌

1,290,814‌

0.28‌

0.25‌

1.42‌

19‌

2022 .

.

.

.

2.57‌

0.03‌

(0.38‌)

(0.35‌)

(0.02‌)

(0.23‌)

(0.25‌)

1.97‌

(13.26‌)

1,137,710‌

0.28‌

0.25‌

1.34‌

14‌

2021 .

.

.

.

2.15‌

0.03‌

0.49‌

0.52‌

(0.02‌)

(0.08‌)

(0.10‌)

2.57‌

24.46‌

1,335,937‌

0.27‌

0.24‌

1.03‌

20‌

2020 .

.

.

.

2.02‌

0.02‌

0.23‌

0.25‌

(0.03‌)

(0.09‌)

(0.12‌)

2.15‌

13.37‌

1,115,469‌

0.28‌

0.26‌

1.31‌

18‌

Mid

Cap

Value

Portfolio

2025

@

 .

.

.

$

1.53‌

$

0.02‌

$

0.02‌

$

0.04‌

$

—‌

$

—‌

$

—‌

$

1.57‌

2.75‌%

$

645,836‌

0.88‌%

+

0.72‌%

+

2.27‌%

+

43‌%

2024 .

.

.

.

1.48‌

0.03‌

0.10‌

0.13‌

(0.03‌)

(0.05‌)

(0.08‌)

1.53‌

8.65‌

632,435‌

0.88‌

0.72‌

2.04‌

57‌

2023 .

.

.

.

1.64‌

0.03‌

0.06‌

0.09‌

(0.04‌)

(0.21‌)

(0.25‌)

1.48‌

6.26‌

665,543‌

0.88‌

0.72‌

2.17‌

50‌

2022 .

.

.

.

2.00‌

0.04‌

(0.08‌)

(0.04‌)

(0.04‌)

(0.28‌)

(0.32‌)

1.64‌

(1.15‌)

650,964‌

0.88‌

0.72‌

2.10‌

74‌

2021 .

.

.

.

1.65‌

0.03‌

0.35‌

0.38‌

(0.02‌)

(0.01‌)

(0.03‌)

2.00‌

23.27‌

704,855‌

0.88‌

0.72‌

1.54‌

54‌

2020 .

.

.

.

1.65‌

0.03‌

—‌

0.03‌

(0.03‌)

—‌

(0.03‌)

1.65‌

1.67‌

600,403‌

0.89‌

0.75‌

1.79‌

76‌

Small

Cap

Growth

Stock

Portfolio

2025

@

 .

.

.

$

2.53‌

$

0.00‌

‡

$

(0.12‌)

$

(0.12‌)

$

—‌

$

—‌

$

—‌

$

2.41‌

(4.59‌)%

$

700,752‌

0.56‌%

+

0.56‌%

+

0.01‌%

+

48‌%

2024 .

.

.

.

2.24‌

(0.00‌)

‡

0.30‌

0.30‌

(0.01‌)

—‌

(0.01‌)

2.53‌

13.18‌

733,031‌

0.56‌

0.56‌

(0.06‌)

68‌

2023 .

.

.

.

1.89‌

0.00‌

‡

0.35‌

0.35‌

(0.00‌)

‡

—‌

(0.00‌)

‡

2.24‌

18.36‌

686,669‌

0.56‌

0.56‌

0.17‌

64‌

2022 .

.

.

.

3.22‌

0.00‌

‡

(0.90‌)

(0.90‌)

—‌

(0.43‌)

(0.43‌)

1.89‌

(28.49‌)

594,877‌

0.56‌

0.56‌

0.05‌

52‌

2021 .

.

.

.

3.42‌

(0.00‌)

‡

0.15‌

0.15‌

(0.00‌)

‡

(0.35‌)

(0.35‌)

3.22‌

4.11‌

830,014‌

0.54‌

0.54‌

(0.06‌)

43‌

2020 .

.

.

.

2.72‌

0.00‌

‡

0.86‌

0.86‌

(0.00‌)

‡

(0.16‌)

(0.16‌)

3.42‌

33.47‌

840,446‌

0.56‌

0.56‌

0.10‌

60‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

‡

Amount

is

less

than

$0.005.

+

Computed

on

an

annualized

basis.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

183

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Index

600

Stock

Portfolio

2025

@

 .

.

.

$

1.60‌

$

0.01‌

$

(0.09‌)

$

(0.08‌)

$

—‌

$

—‌

$

—‌

$

1.52‌

(4.57‌)%

$

471,974‌

0.27‌%

+

0.27‌%

+

1.52‌%

+

7‌%

2024 .

.

.

.

1.53‌

0.02‌

0.10‌

0.12‌

(0.02‌)

(0.03‌)

(0.05‌)

1.60‌

8.43‌

476,360‌

0.27‌

0.27‌

1.29‌

19‌

2023 .

.

.

.

1.39‌

0.02‌

0.20‌

0.22‌

(0.02‌)

(0.06‌)

(0.08‌)

1.53‌

15.76‌

437,546‌

0.28‌

0.28‌

1.45‌

25‌

2022 .

.

.

.

1.85‌

0.02‌

(0.32‌)

(0.30‌)

(0.02‌)

(0.14‌)

(0.16‌)

1.39‌

(16.37‌)

371,552‌

0.28‌

0.28‌

1.12‌

16‌

2021 .

.

.

.

1.50‌

0.02‌

0.37‌

0.39‌

(0.01‌)

(0.03‌)

(0.04‌)

1.85‌

26.22‌

434,426‌

0.27‌

0.27‌

1.28‌

22‌

2020 .

.

.

.

1.43‌

0.01‌

0.13‌

0.14‌

(0.02‌)

(0.05‌)

(0.07‌)

1.50‌

10.93‌

344,102‌

0.31‌

0.31‌

1.10‌

28‌

Small

Cap

Value

Portfolio

2025

@

 .

.

.

$

2.02‌

$

0.01‌

$

(0.06‌)

$

(0.05‌)

$

—‌

$

—‌

$

—‌

$

1.97‌

(2.28‌)%

$

548,368‌

0.88‌%

+

0.87‌%

+

0.96‌%

+

21‌%

2024 .

.

.

.

1.91‌

0.01‌

0.19‌

0.20‌

(0.02‌)

(0.07‌)

(0.09‌)

2.02‌

10.36‌

578,679‌

0.88‌

0.87‌

0.73‌

32‌

2023 .

.

.

.

1.81‌

0.02‌

0.22‌

0.24‌

(0.01‌)

(0.13‌)

(0.14‌)

1.91‌

13.85‌

575,849‌

0.88‌

0.87‌

0.82‌

29‌

2022 .

.

.

.

2.58‌

0.01‌

(0.48‌)

(0.47‌)

(0.01‌)

(0.29‌)

(0.30‌)

1.81‌

(18.53‌)

535,618‌

0.88‌

0.87‌

0.50‌

27‌

2021 .

.

.

.

2.20‌

0.01‌

0.49‌

0.50‌

(0.01‌)

(0.11‌)

(0.12‌)

2.58‌

23.00‌

685,304‌

0.87‌

0.86‌

0.27‌

22‌

2020 .

.

.

.

2.17‌

0.01‌

0.15‌

0.16‌

(0.01‌)

(0.12‌)

(0.13‌)

2.20‌

9.29‌

615,079‌

0.88‌

0.88‌

0.50‌

28‌

International

Growth

Portfolio

2025

@

 .

.

.

$

1.94‌

$

0.02‌

$

0.24‌

$

0.26‌

$

—‌

$

—‌

$

—‌

$

2.20‌

13.73‌%

$

1,127,399‌

0.61‌%

+

0.61‌%

+

1.59‌%

+

13‌%

2024 .

.

.

.

1.90‌

0.02‌

0.09‌

0.11‌

(0.02‌)

(0.05‌)

(0.07‌)

1.94‌

5.30‌

1,044,160‌

0.61‌

0.61‌

0.80‌

23‌

2023 .

.

.

.

1.63‌

0.02‌

0.31‌

0.33‌

(0.02‌)

(0.04‌)

(0.06‌)

1.90‌

20.77‌

1,018,872‌

0.62‌

0.62‌

0.99‌

21‌

2022 .

.

.

.

2.40‌

0.02‌

(0.58‌)

(0.56‌)

(0.01‌)

(0.20‌)

(0.21‌)

1.63‌

(23.13‌)

893,048‌

0.62‌

0.62‌

0.84‌

15‌

2021 .

.

.

.

2.14‌

0.01‌

0.33‌

0.34‌

(0.01‌)

(0.07‌)

(0.08‌)

2.40‌

15.92‌

1,068,232‌

0.62‌

0.61‌

0.51‌

25‌

2020 .

.

.

.

1.85‌

0.01‌

0.32‌

0.33‌

(0.03‌)

(0.01‌)

(0.04‌)

2.14‌

17.91‌

924,242‌

0.63‌

0.63‌

0.64‌

21‌

Research

International

Core

Portfolio

2025

@

 .

.

.

$

1.08‌

$

0.02‌

$

0.16‌

$

0.18‌

$

—‌

$

—‌

$

—‌

$

1.26‌

16.57‌%

$

976,241‌

0.79‌%

+

0.71‌%

+

3.09‌%

+

17‌%

2024 .

.

.

.

1.07‌

0.02‌

0.02‌

0.04‌

(0.02‌)

(0.01‌)

(0.03‌)

1.08‌

3.25‌

858,304‌

0.79‌

0.72‌

1.77‌

21‌

2023 .

.

.

.

0.98‌

0.02‌

0.11‌

0.13‌

(0.02‌)

(0.02‌)

(0.04‌)

1.07‌

12.95‌

828,651‌

0.80‌

0.75‌

1.87‌

15‌

2022 .

.

.

.

1.29‌

0.02‌

(0.25‌)

(0.23‌)

(0.02‌)

(0.06‌)

(0.08‌)

0.98‌

(17.16‌)

744,073‌

0.80‌

0.75‌

1.83‌

25‌

2021 .

.

.

.

1.18‌

0.02‌

0.12‌

0.14‌

(0.01‌)

(0.02‌)

(0.03‌)

1.29‌

12.07‌

963,103‌

0.78‌

0.73‌

1.37‌

18‌

2020 .

.

.

.

1.08‌

0.01‌

0.13‌

0.14‌

(0.02‌)

(0.02‌)

(0.04‌)

1.18‌

13.46‌

891,001‌

0.81‌

0.76‌

1.36‌

25‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

+

Computed

on

an

annualized

basis.

‡

Amount

is

less

than

$0.005.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

184

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

International

Equity

Portfolio

2025

@

 .

.

.

$

1.59‌

$

0.03‌

$

0.33‌

$

0.36‌

$

—‌

$

—‌

$

—‌

$

1.95‌

22.65‌%

$

2,226,847‌

0.68‌%

+

0.68‌%

+

3.94‌%

+

8‌%

2024 .

.

.

.

1.58‌

0.04‌

0.02‌

0.06‌

(0.05‌)

—‌

(0.05‌)

1.59‌

3.94‌

1,877,350‌

0.68‌

0.68‌

2.52‌

19‌

2023 .

.

.

.

1.40‌

0.04‌

0.19‌

0.23‌

(0.05‌)

—‌

(0.05‌)

1.58‌

16.09‌

1,877,275‌

0.68‌

0.68‌

2.65‌

14‌

2022 .

.

.

.

1.59‌

0.04‌

(0.15‌)

(0.11‌)

(0.04‌)

(0.04‌)

(0.08‌)

1.40‌

(6.83‌)

1,726,196‌

0.69‌

0.63‌

2.69‌

13‌

2021 .

.

.

.

1.55‌

0.04‌

0.04‌

0.08‌

(0.04‌)

—‌

(0.04‌)

1.59‌

5.00‌

1,865,208‌

0.68‌

0.51‌

2.30‌

118‌

2020 .

.

.

.

1.65‌

0.04‌

(0.09‌)

(0.05‌)

(0.05‌)

—‌

(0.05‌)

1.55‌

(2.71‌)

1,779,819‌

0.68‌

0.54‌

2.59‌

65‌

Emerging

Markets

Equity

Portfolio

2025

@

 .

.

.

$

0.96‌

$

0.01‌

$

0.11‌

$

0.12‌

$

—‌

$

—‌

$

—‌

$

1.08‌

12.21‌%

$

1,166,558‌

1.08‌%

+

0.90‌%

+

2.44‌%

+

18‌%

2024 .

.

.

.

0.93‌

0.02‌

0.02‌

0.04‌

(0.01‌)

—‌

(0.01‌)

0.96‌

4.02‌

1,044,151‌

1.08‌

0.89‌

1.66‌

38‌

2023 .

.

.

.

0.89‌

0.02‌

0.04‌

0.06‌

(0.02‌)

—‌

(0.02‌)

0.93‌

6.91‌

921,817‌

1.10‌

0.91‌

1.89‌

24‌

2022 .

.

.

.

1.32‌

0.01‌

(0.35‌)

(0.34‌)

(0.01‌)

(0.08‌)

(0.09‌)

0.89‌

(25.28‌)

854,238‌

1.09‌

0.91‌

1.29‌

33‌

2021 .

.

.

.

1.39‌

0.02‌

(0.08‌)

(0.06‌)

(0.01‌)

—‌

(0.01‌)

1.32‌

(4.55‌)

993,493‌

1.06‌

0.91‌

1.14‌

33‌

2020 .

.

.

.

1.12‌

0.01‌

0.28‌

0.29‌

(0.02‌)

—‌

(0.02‌)

1.39‌

26.86‌

1,024,098‌

1.10‌

0.95‌

0.67‌

31‌

Government

Money

Market

Portfolio

2025

@

 .

.

.

$

1.00‌

$

0.02‌

$

—‌

$

0.02‌

$

(0.02‌)

$

—‌

$

(0.02‌)

$

1.00‌

2.03‌%

$

507,587‌

0.33‌%

+

0.33‌%

+

4.05‌%

+

—‌%

2024 .

.

.

.

1.00‌

0.05‌

—‌

0.05‌

(0.05‌)

(0.00‌)

‡

(0.05‌)

1.00‌

4.99‌

504,732‌

0.33‌

0.33‌

4.87‌

—‌

2023 .

.

.

.

1.00‌

0.05‌

—‌

0.05‌

(0.05‌)

(0.00‌)

‡

(0.05‌)

1.00‌

4.83‌

526,384‌

0.33‌

0.33‌

4.72‌

—‌

2022 .

.

.

.

1.00‌

0.01‌

—‌

0.01‌

(0.01‌)

(0.00‌)

‡

(0.01‌)

1.00‌

1.36‌

542,517‌

0.33‌

0.28‌

**

1.40‌

—‌

2021 .

.

.

.

1.00‌

0.00‌

‡

—‌

0.00‌

‡

(0.00‌)

‡

(0.00‌)

‡

(0.00‌)

‡

1.00‌

—‌

488,858‌

0.33‌

0.08‌

**

0.00‌

—‌

2020 .

.

.

.

1.00‌

0.00‌

‡

—‌

0.00‌

‡

(0.00‌)

‡

(0.00‌)

‡

(0.00‌)

‡

1.00‌

0.31‌

582,312‌

0.33‌

0.25‌

**

0.26‌

—‌

Short-Term

Bond

Portfolio

2025

@

 .

.

.

$

1.04‌

$

0.02‌

$

0.01‌

$

0.03‌

$

—‌

$

—‌

$

—‌

$

1.07‌

3.09‌%

$

391,722‌

0.40‌%

+

0.40‌%

+

4.28‌%

+

64‌%

§

2024 .

.

.

.

1.02‌

0.04‌

0.02‌

0.06‌

(0.04‌)

—‌

(0.04‌)

1.04‌

5.04‌

390,253‌

0.40‌

0.40‌

4.13‌

116‌

§

2023 .

.

.

.

0.99‌

0.03‌

0.02‌

0.05‌

(0.02‌)

—‌

(0.02‌)

1.02‌

5.26‌

385,232‌

0.38‌

0.38‌

3.38‌

56‌

§

2022 .

.

.

.

1.05‌

0.02‌

(0.07‌)

(0.05‌)

(0.01‌)

(0.00‌)

‡

(0.01‌)

0.99‌

(4.52‌)

382,738‌

0.38‌

0.38‌

1.90‌

54‌

§

2021 .

.

.

.

1.08‌

0.01‌

(0.02‌)

(0.01‌)

(0.02‌)

(0.00‌)

‡

(0.02‌)

1.05‌

(0.10‌)

412,284‌

0.38‌

0.38‌

1.27‌

46‌

§

2020 .

.

.

.

1.06‌

0.02‌

0.02‌

0.04‌

(0.02‌)

—‌

(0.02‌)

1.08‌

4.29‌

383,608‌

0.39‌

0.39‌

1.96‌

49‌

§

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

+

Computed

on

an

annualized

basis.

**

During

the

years

ended

December

31,

2022,

2021

and

2020,

MSA

voluntarily

agreed

to

waive

a

portion

of

its

advisory

fee

to

maintain

a

positive

yield

in

the

Government

Money

Market

Portfolio.

The

Government

Money

Market

Portfolio's

net

expense

ratio

would

increase

by

an

amount

of

0.04%,

0.25%

and

0.08%,

respectively,

if

such

voluntary

waiver

were

excluded

for

the

years

ended

December

31,

2022,

2021

and

2020.

‡

Amount

is

less

than

$0.005.

§

Portfolio

Turnover

Rate

excludes

the

impact

of

TBA

transactions.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

185

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Select

Bond

Portfolio

2025

@

 .

.

.

$

1.08‌

$

0.02‌

$

0.03‌

$

0.05‌

$

—‌

$

—‌

$

—‌

$

1.13‌

4.16‌%

$

2,816,200‌

0.32‌%

+

0.31‌%

+

4.44‌%

+

127‌%

§

2024 .

.

.

.

1.10‌

0.05‌

(0.03‌)

0.02‌

(0.04‌)

—‌

(0.04‌)

1.08‌

1.76‌

2,804,436‌

0.31‌

0.31‌

4.33‌

234‌

§

2023 .

.

.

.

1.07‌

0.04‌

0.02‌

0.06‌

(0.03‌)

—‌

(0.03‌)

1.10‌

6.19‌

2,903,697‌

0.31‌

0.31‌

3.86‌

248‌

§

2022 .

.

.

.

1.26‌

0.03‌

(0.20‌)

(0.17‌)

(0.02‌)

(0.00‌)

‡

(0.02‌)

1.07‌

(13.33‌)

2,786,616‌

0.31‌

0.31‌

2.30‌

275‌

§

2021 .

.

.

.

1.37‌

0.02‌

(0.04‌)

(0.02‌)

(0.03‌)

(0.06‌)

(0.09‌)

1.26‌

(1.59‌)

3,428,416‌

0.31‌

0.30‌

1.15‌

272‌

§

2020 .

.

.

.

1.30‌

0.02‌

0.10‌

0.12‌

(0.04‌)

(0.01‌)

(0.05‌)

1.37‌

8.98‌

3,404,268‌

0.31‌

0.30‌

1.75‌

340‌

§

Long-Term

U.S.

Government

Bond

Portfolio

2025

@

 .

.

.

$

0.60‌

$

0.01‌

$

0.01‌

$

0.02‌

$

—‌

$

—‌

$

—‌

$

0.62‌

3.67‌%

$

122,419‌

2.50‌%

**,+

2.45‌%

**,+

3.40‌%

+

6‌%

§

2024 .

.

.

.

0.66‌

0.02‌

(0.06‌)

(0.04‌)

(0.02‌)

—‌

(0.02‌)

0.60‌

(5.78‌)

114,458‌

2.73‌

**

2.68‌

**

2.76‌

44‌

§

2023 .

.

.

.

0.65‌

0.02‌

0.01‌

0.03‌

(0.02‌)

—‌

(0.02‌)

0.66‌

3.33‌

121,049‌

2.21‌

**

2.16‌

**

2.67‌

32‌

§

2022 .

.

.

.

0.94‌

0.02‌

(0.30‌)

(0.28‌)

(0.01‌)

—‌

(0.01‌)

0.65‌

(29.53‌)

100,157‌

1.02‌

**

0.98‌

**

2.49‌

27‌

§

2021 .

.

.

.

1.21‌

0.02‌

(0.08‌)

(0.06‌)

(0.01‌)

(0.20‌)

(0.21‌)

0.94‌

(5.37‌)

138,869‌

0.67‌

**

0.67‌

**

1.73‌

28‌

§

2020 .

.

.

.

1.12‌

0.02‌

0.17‌

0.19‌

(0.02‌)

(0.08‌)

(0.10‌)

1.21‌

17.37‌

153,933‌

0.94‌

**

0.94‌

**

1.61‌

157‌

§

Inflation

Protection

Portfolio

2025

@

 .

.

.

$

1.02‌

$

0.02‌

$

0.03‌

$

0.05‌

$

—‌

$

—‌

$

—‌

$

1.07‌

4.30‌%

$

415,020‌

0.60‌%

+

0.46‌%

+

4.00‌%

+

13‌%

2024 .

.

.

.

1.04‌

0.03‌

(0.02‌)

0.01‌

(0.03‌)

—‌

(0.03‌)

1.02‌

1.96‌

408,498‌

0.59‌

0.45‌

3.22‌

50‌

2023 .

.

.

.

1.05‌

0.03‌

0.01‌

0.04‌

(0.05‌)

—‌

(0.05‌)

1.04‌

3.90‌

417,289‌

0.58‌

0.52‌

3.06‌

41‌

§

2022 .

.

.

.

1.28‌

0.05‌

(0.21‌)

(0.16‌)

(0.04‌)

(0.03‌)

(0.07‌)

1.05‌

(12.96‌)

423,548‌

0.57‌

0.54‌

4.44‌

51‌

2021 .

.

.

.

1.21‌

0.04‌

0.04‌

0.08‌

(0.01‌)

(0.00‌)

‡

(0.01‌)

1.28‌

6.61‌

513,931‌

0.56‌

0.53‌

3.17‌

78‌

2020 .

.

.

.

1.13‌

0.02‌

0.08‌

0.10‌

(0.02‌)

—‌

(0.02‌)

1.21‌

9.57‌

423,389‌

0.58‌

0.55‌

1.34‌

56‌

High

Yield

Bond

Portfolio

2025

@

 .

.

.

$

0.67‌

$

0.02‌

$

0.01‌

$

0.03‌

$

—‌

$

—‌

$

—‌

$

0.70‌

4.79‌%

$

703,673‌

0.46‌%

+

0.46‌%

+

5.94‌%

+

12‌%

2024 .

.

.

.

0.67‌

0.04‌

—‌

0.04‌

(0.04‌)

—‌

(0.04‌)

0.67‌

6.38‌

695,777‌

0.46‌

0.46‌

5.91‌

26‌

2023 .

.

.

.

0.63‌

0.04‌

0.04‌

0.08‌

(0.04‌)

—‌

(0.04‌)

0.67‌

13.24‌

744,344‌

0.45‌

0.45‌

6.12‌

17‌

2022 .

.

.

.

0.75‌

0.04‌

(0.12‌)

(0.08‌)

(0.04‌)

—‌

(0.04‌)

0.63‌

(11.33‌)

689,405‌

0.45‌

0.45‌

5.54‌

19‌

2021 .

.

.

.

0.75‌

0.04‌

—‌

0.04‌

(0.04‌)

—‌

(0.04‌)

0.75‌

5.31‌

842,332‌

0.44‌

0.44‌

4.87‌

35‌

2020 .

.

.

.

0.75‌

0.04‌

—‌

0.04‌

(0.04‌)

—‌

(0.04‌)

0.75‌

6.64‌

825,203‌

0.45‌

0.45‌

5.36‌

42‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

+

Computed

on

an

annualized

basis.

§

Portfolio

Turnover

Rate

excludes

the

impact

of

TBA

transactions.

‡

Amount

is

less

than

$0.005.

**

The

ratios

of

gross

expenses

to

average

net

assets

and

net

expenses

to

average

net

assets

include

interest

expense.

Excluding

interest

expense,

the

ratios

would

be

0.70%

and

0.65%

respectively

for

the

period

ended

June

30,

2025,

0.70%

and

0.65%

respectively

in

2024,

0.69%

and

0.65%

respectively

in

2023,

0.68%

and

0.65%

respectively

in

2022,

0.65%

and

0.65%

respectively

in

2021,

and

0.64%

and

0.64%

respectively

in

2020.

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

186

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Multi-Sector

Bond

Portfolio

2025

@

 .

.

.

$

0.99‌

$

0.03‌

$

0.01‌

$

0.04‌

$

—‌

$

—‌

$

—‌

$

1.03‌

4.67‌%

$

1,326,293‌

0.85‌%

**,+

0.74‌%

**,+

5.25‌%

+

13‌%

§

2024 .

.

.

.

0.97‌

0.05‌

0.02‌

0.07‌

(0.05‌)

—‌

(0.05‌)

0.99‌

6.42‌

1,305,012‌

0.86‌

**

0.75‌

**

5.13‌

34‌

§

2023 .

.

.

.

0.91‌

0.04‌

0.04‌

0.08‌

(0.02‌)

—‌

(0.02‌)

0.97‌

9.71‌

1,199,679‌

0.83‌

**

0.73‌

**

4.53‌

26‌

§

2022 .

.

.

.

1.13‌

0.03‌

(0.21‌)

(0.18‌)

(0.04‌)

(0.00‌)

‡

(0.04‌)

0.91‌

(15.39‌)

1,112,579‌

0.81‌

**

0.72‌

**

3.48‌

18‌

2021 .

.

.

.

1.16‌

0.03‌

(0.03‌)

0.00‌

‡

(0.02‌)

(0.01‌)

(0.03‌)

1.13‌

(0.08‌)

1,316,651‌

0.81‌

**

0.71‌

**

2.90‌

21‌

2020 .

.

.

.

1.14‌

0.04‌

0.03‌

0.07‌

(0.05‌)

(0.00‌)

‡

(0.05‌)

1.16‌

6.13‌

1,148,511‌

0.82‌

**

0.73‌

**

3.23‌

30‌

§

Active/Passive

All

Equity

Portfolio

2025

***

.

.

.

$

1.00‌

$

0.00‌

‡

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

1.00‌

—‌%

$

25,003‌

1.51‌%

+

0.27‌%

+

4.12‌%

+

—‌%

Active/Passive

Aggressive

Portfolio

2025

***

.

.

.

$

1.00‌

$

0.00‌

‡

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

1.00‌

—‌%

$

25,003‌

1.51‌%

+

0.27‌%

+

4.12‌%

+

—‌%

Asset

Allocation

Portfolio

2025

@

 .

.

.

$

1.12‌

$

0.01‌

$

0.06‌

$

0.07‌

$

—‌

$

—‌

$

—‌

$

1.19‌

6.51‌%

$

281,740‌

0.45‌%

+

0.15‌%

+

0.92‌%

+

10‌%

2024 .

.

.

.

1.08‌

0.03‌

0.07‌

0.10‌

(0.02‌)

(0.04‌)

(0.06‌)

1.12‌

9.72‌

272,773‌

0.58‌

0.13‌

2.29‌

26‌

2023 .

.

.

.

1.01‌

0.02‌

0.14‌

0.16‌

(0.02‌)

(0.07‌)

(0.09‌)

1.08‌

15.24‌

273,823‌

0.58‌

0.10‌

1.95‌

11‌

2022 .

.

.

.

1.33‌

0.02‌

(0.23‌)

(0.21‌)

(0.03‌)

(0.08‌)

(0.11‌)

1.01‌

(14.83‌)

257,699‌

0.57‌

0.09‌

1.46‌

35‌

2021 .

.

.

.

1.29‌

0.02‌

0.12‌

0.14‌

(0.03‌)

(0.07‌)

(0.10‌)

1.33‌

10.45‌

320,737‌

0.55‌

0.09‌

1.37‌

18‌

2020 .

.

.

.

1.22‌

0.03‌

0.12‌

0.15‌

(0.03‌)

(0.05‌)

(0.08‌)

1.29‌

13.43‌

306,692‌

0.57‌

0.09‌

2.32‌

29‌

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

+

Computed

on

an

annualized

basis.

**

The

ratios

of

gross

expenses

to

average

net

assets

and

net

expenses

to

average

net

assets

include

interest

expense.

Excluding

interest

expense,

the

ratios

would

be

0.82%

and

0.72%

respectively

for

the

period

ended

June

30,

2025,

0.82%

and

0.72%

respectively

in

2024,

0.83%

and

0.73%

respectively

in

2023,

0.81%

and

0.71%

respectively

in

2022,

0.80%

and

0.71%

respectively

in

2021,

and

0.81%

and

0.72%

respectively

in

2020.

§

Portfolio

Turnover

Rate

excludes

the

impact

of

TBA

transactions.

‡

Amount

is

less

than

$0.005.

***

For

the

period

June

30,

2025

(commencement

of

operations)

to

June

30,

2025.

(Unaudited)

Financial

Highlights

Northwestern

Mutual

Series

Fund,

Inc.

(For

a

share

outstanding

through

the

period)

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

187

Net

Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

#

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Total

from

Investment

Operations

Distributions

from

Net

Investment

Income

Distributions

from

Realized

Gains

on

Investments

Total

Distributions

Net

Asset

Value,

End

of

Period

Total

Return

*

Net

Assets,

End

of

Period

(thousands)

Ratio

of

Gross

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Expenses

to

Average

Net

Assets

†

Ratio

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

Portfolio

Turnover

Rate

Balanced

Portfolio

2025

@

 .

.

.

$

1.33‌

$

0.01‌

$

0.06‌

$

0.07‌

$

—‌

$

—‌

$

—‌

$

1.40‌

5.66‌%

$

1,934,842‌

0.26‌%

+

0.11‌%

+

1.00‌%

+

7‌%

2024 .

.

.

.

1.29‌

0.04‌

0.06‌

0.10‌

(0.03‌)

(0.03‌)

(0.06‌)

1.33‌

7.43‌

1,915,820‌

0.31‌

0.09‌

2.73‌

29‌

2023 .

.

.

.

1.21‌

0.03‌

0.13‌

0.16‌

(0.03‌)

(0.05‌)

(0.08‌)

1.29‌

13.07‌

1,962,442‌

0.31‌

0.06‌

2.15‌

9‌

2022 .

.

.

.

1.57‌

0.02‌

(0.24‌)

(0.22‌)

(0.05‌)

(0.09‌)

(0.14‌)

1.21‌

(14.14‌)

1,883,127‌

0.31‌

0.06‌

1.54‌

30‌

2021 .

.

.

.

1.57‌

0.02‌

0.10‌

0.12‌

(0.04‌)

(0.08‌)

(0.12‌)

1.57‌

7.56‌

2,381,573‌

0.31‌

0.06‌

1.51‌

20‌

2020 .

.

.

.

1.49‌

0.04‌

0.13‌

0.17‌

(0.04‌)

(0.05‌)

(0.09‌)

1.57‌

12.49‌

2,367,387‌

0.31‌

0.06‌

2.40‌

28‌

Active/Passive

Conservative

Portfolio

2025

***

.

.

.

$

1.00‌

$

0.00‌

‡

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

$

1.00‌

—‌%

$

25,003‌

1.51‌%

+

0.27‌%

+

4.12‌%

+

—‌%

#

Calculated

based

on

average

shares

outstanding

during

the

period.

*

Total

Return

includes

deductions

for

management

and

other

fund

expenses;

excludes

deductions

for

sales

loads

and

account

fees,

not

annualized

for

periods

less

than

one

year.

†

Expense

ratios

are

based

upon

the

direct

and

allocated

expenses

of

the

Portfolio

and

do

not

include

the

effect

of

underlying

funds’

expenses.

For

additional

information

on

underlying

funds’

expenses,

please

refer

to

the

Fee

and

Expense

table

in

the

Prospectus.

@

For

the

six

months

ended

June

30,

2025.

(Unaudited)

+

Computed

on

an

annualized

basis.

***

For

the

period

June

30,

2025

(commencement

of

operations)

to

June

30,

2025.

(Unaudited)

‡

Amount

is

less

than

$0.005.

188

Notes

to

Financial

Statements

(unaudited)

Note

1.

Organization

Northwestern

Mutual

Series

Fund,

Inc.

(the

"Series

Fund")

is

registered

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”).

The

Series

Fund

is

also

considered

an

investment

company

following

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946.

The

Series

Fund

consists

of

the

Growth

Stock

Portfolio,

Focused

Appreciation

Portfolio,

Large

Cap

Core

Stock

Portfolio,

Large

Cap

Blend

Portfolio,

Index

500

Stock

Portfolio,

Large

Company

Value

Portfolio,

Domestic

Equity

Portfolio,

Equity

Income

Portfolio,

Mid

Cap

Growth

Stock

Portfolio,

Index

400

Stock

Portfolio,

Mid

Cap

Value

Portfolio,

Small

Cap

Growth

Stock

Portfolio,

Index

600

Stock

Portfolio,

Small

Cap

Value

Portfolio,

International

Growth

Portfolio,

Research

International

Core

Portfolio,

International

Equity

Portfolio,

Emerging

Markets

Equity

Portfolio,

Government

Money

Market

Portfolio,

Short-Term

Bond

Portfolio,

Select

Bond

Portfolio,

Long-Term

U.S.

Government

Bond

Portfolio,

Inflation

Protection

Portfolio,

High

Yield

Bond

Portfolio,

Multi-Sector

Bond

Portfolio,

Active/Passive

All

Equity

Portfolio,

Active/

Passive

Aggressive

Portfolio,

Asset

Allocation

Portfolio,

Balanced

Portfolio

and

Active/Passive

Conservative

Portfolio

(each,

a

“Portfolio”

or

collectively,

the

“Portfolios”).

All

of

the

outstanding

shares

of

each

Portfolio

are

held

by

an

affiliate,

The

Northwestern

Mutual

Life

Insurance

Company

(“Northwestern

Mutual”),

for

its

segregated

asset

accounts

(either

directly

or

indirectly

through

one

or

more

underlying

Portfolios

operating

as

affiliated

fund

of

funds).

The

Government

Money

Market

Portfolio

is

a

government

money

market

fund

under

Rule

2a-7

of

the

1940

Act.

The

Active/Passive

All

Equity

Portfolio,

Active/Passive

Aggressive

Portfolio,

Asset

Allocation

Portfolio,

Balanced

Portfolio

and

Active/Passive

Conservative

Portfolio

(collectively,

“Allocation

Portfolios”)

each

operate

as

“fund-of-funds”. 

Each

of

these

Allocation

Portfolios

invest

in

a

combination

of

both

actively

managed

and

passive

underlying

Portfolios

of

the

Series

Fund

and

exchange

traded

funds

which

are

not

portfolios

of

the

Series

Fund.

Note

2.

Significant

Accounting

Policies

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Series

Fund

in

the

preparation

of

its

financial

statements.

A.

Use

of

Estimates

—

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”)

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

B.

Foreign

Income

and

Capital

Gains

Taxes

—

The

Portfolios

may

be

subject

to

income

taxes

imposed

by

certain

countries

in

which

they

invest.

Foreign

withholding

taxes

on

dividends

and

interest

are

netted

against

income

and

separately

disclosed

in

the

Statements

of

Operations.

Some

of

the

Portfolios

may

be

subject

to

capital

gains

taxes

imposed

by

certain

countries

in

which

they

invest.

Any

applicable

foreign

capital

gains

tax

is

accrued

daily

based

upon

net

unrealized

gains,

and

may

be

payable

following

the

sale

of

any

applicable

investments.

C.

Federal

Income

Taxes

—

The

Portfolios’

policy

is

to

continue

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

that

are

applicable

to

regulated

investment

companies

and

to

distribute

all

of

their

taxable

income

to

their

respective

shareholders.

The

Portfolios

also

intend

to

distribute

sufficient

net

investment

income

and

net

capital

gains,

if

any,

so

that

they

will

not

be

subject

to

excise

tax,

as

applicable,

on

distributable

income

and

gains.

In

accordance

with

the

authoritative

guidance

for

uncertainty

in

income

taxes,

management

of

the

Series

Fund

has

reviewed

all

open

tax

years

(2021

to

2024)

for

major

jurisdictions

and

concluded

there

was

no

material

impact

to

the

Portfolios'

net

assets

or

results

of

operations.

There

is

no

material

tax

liability

relating

to

uncertain

income

tax

positions

taken

or

expected

to

be

taken

in

future

tax

returns.

The

Portfolios

are

also

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

significantly

change

in

the

next

12

months.

189

Notes

to

Financial

Statements

(unaudited)

D.

Distributions

—

Dividends

from

net

investment

income

and

net

realized

capital

gains

are

declared

and

paid

each

business

day

for

the

Government

Money

Market

Portfolio

and

at

least

annually

for

the

remaining

Portfolios,

when

applicable.

E.

New

Accounting

Pronouncements

—

In

December

2023,

the

FASB

issued

Accounting

Standards

Update

2023-09,

Income

taxes

(Topic

740):

Improvements

to

Income

Tax

Disclosure

(“ASU

2023-09”),

which

enhances

the

transparency

and

usefulness

of

income

tax

disclosures.

ASU

2023-09

will

be

effective

for

fiscal

year

ends

beginning

after

December

15,

2024.

Management

is

evaluating

the

impact

of

this

guidance

on

future

financial

statements.

F.

Segment

Reporting

—

Collectively,

the

Series

Fund

President,

Series

Fund

Chief

Financial

Officer

and

the

Chief

Investment

Officer

of

Mason

Street

Advisors,

LLC

(“MSA”

and

the

Series

Fund

investment

adviser)

act

as

the

Portfolios’

chief

operating

decision

maker

(“CODM”)

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

each

Portfolio

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

each

Portfolio

as

a

whole

and

that

each

Portfolio’s

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

each

Portfolio’s

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

each

Portfolio’s

Schedule

of

Investments,

Statement

of

Changes

in

Net

Assets

and

Financial

Highlights.

G.

Other

—

The

Portfolios

record

security

transactions

on

trade

date.

The

basis

for

determining

cost

on

sale

of

securities

is

specific

identification.

Interest

income

is

recorded

daily

on

the

accrual

basis

and

dividend

income

is

recorded

on

the

ex-

dividend

date

or

as

soon

as

information

from

issuers

is

available.

Where

applicable,

dividends

are

recorded

net

of

foreign

withholding

tax.

Discounts

and

premiums

on

securities

purchased

are

amortized

or

accreted

using

the

effective

interest

method.

Expenses

directly

attributable

to

a

Portfolio

are

incurred

by

the

respective

Portfolio.

Expenses

that

are

not

directly

attributable

to

one

or

more

Portfolios

are

allocated

among

applicable

Portfolios

on

an

equitable

and

consistent

basis

considering

such

things

as

the

nature

and

type

of

expenses

and

the

relative

net

assets

of

the

Portfolios.

The

Portfolios

consider

highly

liquid

temporary

cash

investments

purchased

with

an

original

maturity

of

less

than

three

months

to

be

cash

equivalents.

Cash

equivalents

are

included

in

the

short-term

investments

on

the

Schedule

of

Investments

as

well

as

in

investments

on

the

Statements

of

Assets

and

Liabilities.

Temporary

cash

overdrafts

are

reported

as

a

payable

to

custodian.

Note

3.

Security

Valuation

For

purposes

of

calculating

a

net

asset

value,

Portfolio

securities

and

other

assets

are

valued

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“Exchange”)

on

each

day

during

which

the

Exchange

is

open

for

trading.

The

Fair

Value

Measurements

and

Disclosures

Topic

of

the

Financial

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

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

and

other

data

used

in

fair

valuation)

Level

3

—

fair

value

is

determined

by

significant

unobservable

inputs

(including

the

Portfolios’

own

assumptions

in

determining

fair

value)

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

Portfolios’

perceived

risk

of

that

instrument.

The

following

is

a

description

of

the

valuation

techniques

and

significant

inputs

used

in

determining

the

value

of

the

Portfolios’

190

Notes

to

Financial

Statements

(unaudited)

investments

classified

as

Level

1

and

Level

2

in

the

fair

value

hierarchy:

Equity

securities

(common

and

preferred

stock)

and

exchange

traded

funds

(“ETFs”)

for

which

market

quotations

are

readily

available

are

valued

at

the

last

sale

or,

when

available,

official

closing

price

as

reported

by

an

independent

pricing

service

on

the

primary

market

or

exchange

on

which

they

are

traded.

In

the

event

there

were

no

sales

during

the

day

or

closing

prices

are

not

available,

securities

are

generally

valued

at

the

last

quoted

bid

price.

Equity

securities

traded

only

in

the

over-the-counter

market

and

not

on

a

securities

exchange

are

valued

at

the

last

sale

price

or

closing

bid

price,

if

no

sales

have

occurred.

To

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

not

applied,

they

are

categorized

as

Level

1

of

the

fair

value

hierarchy.

Additionally,

for

foreign

securities,

fair

value

procedures

are

used

if

a

significant

event

occurs

between

the

close

of

the

foreign

market

and

the

U.S.

market

close.

The

fair

value

price

is

reflected

as

Level

2

in

the

fair

value

hierarchy

when

such

fair

value

procedures

are

applied.

Fixed

income

securities,

including

corporate,

short-term

investments

(other

than

in

the

Government

Money

Market

Portfolio),

convertible,

municipal

bonds,

U.S.

government

agencies,

U.S.

treasury

obligations,

sovereign

issues,

bank

loans,

and

non-U.S.

bonds

are

generally

valued

on

the

basis

of

service

provider

prices

that

use

broker

dealer

quotations

or

valuation

estimates

from

internal

pricing

models.

The

service

providers’

internal

models

use

inputs

that

are

observable

such

as

issuer

details,

interest

rates,

yield

curves,

call

features,

maturities,

credit

risks/spreads

and

default

rates.

Securities

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

in

the

fair

value

hierarchy.

Fixed

income

securities

purchased

on

a

delayed

delivery

basis

are

marked

to

market

daily

until

settlement

at

the

forward

settlement

date

and

are

categorized

as

Level

2

in

the

fair

value

hierarchy.

Mortgage

related

and

asset

backed

securities

are

generally

issued

as

separate

tranches,

or

classes,

of

securities

within

each

deal.

These

securities

are

normally

valued

by

pricing

service

providers

that

use

broker

dealer

quotations

or

valuation

estimates

from

their

internal

pricing

models.

The

pricing

models

for

these

securities

usually

consider

tranche

level

attributes,

current

market

data,

estimated

cash

flows

and

market-based

yield

spreads

for

each

tranche,

and

incorporate

deal

collateral

performance,

as

available.

Mortgage

related

and

asset

backed

securities

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

in

the

fair

value

hierarchy.

Investments

in

open-end

mutual

funds

(including

other

Portfolios

and

excluding

ETFs)

are

valued

at

the

mutual

fund’s

closing

net

asset

value

per

share

and

are

categorized

as

Level

1

in

the

fair

value

hierarchy.

All

securities

in

the

Government

Money

Market

Portfolio

are

valued

using

amortized

cost,

unless

the

current

market

value

differs

substantially

from

the

amortized

cost,

at

which

time

the

securities

are

marked

to

market.

Because

the

value

is

not

obtained

from

a

quoted

price

in

an

active

market,

such

securities

are

reflected

as

Level

2

in

the

fair

value

hierarchy.

Listed

derivatives,

such

as

futures

or

option

contracts,

which

are

actively

traded

on

a

national

securities

exchange,

are

stated

at

the

last

reported

sale

or

settlement

price

on

the

day

of

valuation

and

are

categorized

as

Level

1

in

the

fair

value

hierarchy.

Centrally-cleared

swaps

and

over-the-counter

financial

derivatives,

such

as

foreign

currency

contracts,

options

contracts,

or

swap

agreements

derive

their

value

from

underlying

asset

prices,

indices,

reference

rates,

and

other

inputs

or

a

combination

of

these

factors.

These

derivatives

are

normally

valued

on

the

basis

of

quotes

obtained

from

brokers

and

dealers

or

pricing

services.

Depending

on

the

product

and

the

terms

of

the

transaction,

the

value

of

the

derivatives

can

be

estimated

using

a

series

of

techniques,

including

simulation

pricing

models.

The

pricing

models

use

inputs

that

are

observed

from

actively

quoted

markets

such

as

issuer

details,

indices,

spreads,

interest

rates,

curves,

dividends

and

exchange

rates.

Financial

derivatives

that

use

similar

valuation

techniques

and

inputs

as

described

above

are

categorized

as

Level

2

in

the

fair

value

hierarchy.

The

following

is

a

description

of

the

valuation

techniques

and

significant

inputs

used

in

determining

the

value

the

Portfolios’

191

Notes

to

Financial

Statements

(unaudited)

investments

classified

as

Level

3

in

the

fair

value

hierarchy:

Securities

and

other

assets

for

which

market

quotes

are

not

readily

available

are

valued

at

fair

market

value

as

determined

in

good

faith

in

accordance

with

procedures

adopted

by

the

Series

Fund’s

Board

of

Directors

(“Board”).

Market

quotes

are

considered

not

readily

available

in

circumstances

where

there

is

an

absence

of

current

or

reliable

market-based

data

(

e.g.

trade

information

or

broker

quotes).

The

factors

considered

in

reaching

these

values

at

June

30,

2025

included,

but

were

not

limited

to,

broker

quotes,

liquidity,

prepayment

speed,

duration,

geopolitical

events

and

recoverability.

A

table

summarizing

each

Portfolio’s

investments

under

this

hierarchy

is

included

following

each

Portfolio’s

Schedule

of

Investments.

Transfers

between

investment

levels

may

occur

as

markets

fluctuate

and/or

the

availability

of

data

used

in

investments’

valuation

changes.

For

fair

valuations

using

significant

unobservable

inputs,

U.S.

GAAP

requires

a

reconciliation

of

the

beginning

to

ending

balances

for

reported

fair

values

that

presents

changes

attributable

to

total

realized

and

unrealized

gains

or

losses,

purchases

and

sales,

and

transfers

in

or

out

of

the

Level

3

category

during

the

period.

Additionally,

U.S

GAAP

requires

quantitative

information

regarding

the

significant

unobservable

inputs

used

in

the

determination

of

fair

value

of

assets

categorized

as

Level

3

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements,

a

Level

3

reconciliation

and

details

of

significant

unobservable

inputs

have

been

included

in

the

notes

to

the

Schedule

of

Investments

for

Portfolios

that

have

a

material

amount

of

Level

3

investments.

As

of

June

30,

2025,

there

were

no

Portfolios

that

owned

a

material

amount

of

Level

3

securities.

The

day-to-day

responsibility

for

pricing

Portfolio

securities

and

other

investments

has

been

delegated

to

State

Street

Bank

and

Trust

Company

in

its

capacity

as

fund

accountant,

subject

to

the

oversight

of

MSA.

Securities

for

which

market

quotations

are

readily

available

are

priced

at

market

value

and

all

other

securities

and

assets

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Board

of

Directors

(the

“Board”)

of

the

Series

Fund.

The

Board

has

designated

MSA,

the

Portfolios’

investment

adviser,

as

“valuation

designee”

under

Rule

2a-5

of

the

1940

Act

to

perform

fair

value

determinations

for

the

Portfolios’

investments

that

do

not

have

readily

available

market

quotations,

subject

to

the

Board’s

oversight.

MSA

has

adopted

Valuation

Policies

and

Procedures

that

govern

MSA’s

responsibilities

for

executing

the

fair

valuation

process.

While

the

Board

has

designated

MSA

as

valuation

designee,

the

Board

oversees

MSA

in

its

role

as

valuation

designee.

Note

4.

Securities

and

Other

Investments

A.

Delayed

Delivery

Transactions

and

When-Issued

Securities

—

Certain

Portfolios

may

engage

in

securities

transactions

on

a

when-issued

or

delayed

delivery

basis.

In

these

transactions,

the

securities’

prices

and

yields

are

fixed

on

the

date

of

the

commitment,

with

payment

and

delivery

scheduled

for

a

future

date.

During

this

period,

the

securities

are

subject

to

market

fluctuations,

and

the

Portfolios

post

collateral

to

meet

margin

requirements.

A

Portfolio

may

dispose

of

or

renegotiate

a

delayed

delivery

transaction,

which

may

result

in

a

capital

gain

or

loss.

B.

Repurchase

Agreements

—

Certain

Portfolios

may

engage

in

repurchase

transactions.

Under

the

terms

of

a

typical

repurchase

agreement,

a

Portfolio

takes

possession

of

an

underlying

debt

obligation

subject

to

an

obligation

of

the

seller

to

repurchase,

and

a

Portfolio

to

resell,

the

obligation

at

an

agreed

upon

price

and

time.

The

underlying

securities

for

all

repurchase

agreements

are

held

in

safekeeping

at

the

Portfolio’s

custodian

or

designated

sub-custodians

under

tri-party

repurchase

agreements.

The

market

value

of

the

collateral

must

be

equal

to

or

exceed

at

all

times

the

total

amount

of

the

repurchase

obligations,

including

interest.

Securities

purchased

under

repurchase

agreements

are

reflected

as

an

asset

on

the

Statements

of

Assets

and

Liabilities.

Generally,

in

the

event

of

counterparty

default,

a

Portfolio

has

the

right

to

use

the

collateral

to

offset

losses

incurred.

If

the

counterparty

should

default,

a

Portfolio

will

seek

to

sell

the

securities

which

it

holds

as

collateral.

This

could

involve

procedural

costs

or

delays

in

addition

to

a

loss

on

the

securities

if

their

value

should

fall

below

their

repurchase

price.

C.

Restricted

Securities

—

Certain

Portfolios

may

invest

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

These

securities

may

be

sold

privately,

but

are

required

to

be

registered

or

exempted

from

registration

before

being

sold

to

the

public.

Disposal

of

these

securities

may

involve

time-consuming

negotiations

and

expense,

and

prompt

sale

at

an

acceptable

price

may

be

difficult.

192

Notes

to

Financial

Statements

(unaudited)

D.

Foreign

Currency

Transactions

—

Certain

Portfolios

may

have

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

which

are

translated

into

U.S.

dollar

amounts

on

the

date

of

valuation.

Purchases

and

sales

of

securities

and

income

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

amounts

on

the

respective

dates

of

such

transactions.

When

the

Portfolios

purchase

or

sell

a

foreign

security

they

may

enter

into

a

foreign

currency

exchange

contract

to

minimize

exchange

rate

risk

from

the

trade

date

to

the

settlement

date

of

such

transaction.

Such

foreign

currency

exchange

contracts

are

marked

to

market

daily.

The

Portfolios

do

not

separately

report

the

results

of

operations

due

to

fluctuations

in

foreign

exchange

rates

on

investments

from

the

changes

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

or

unrealized

gain

or

loss

from

investments.

Net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

date

and

the

settlement

date

on

security

transactions,

and

the

differences

between

the

amounts

of

income

and

foreign

withholding

taxes

recorded

on

the

Portfolios’

books

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

E.

Mortgage

Backed

and

Asset

Backed

Securities

—

Certain

Portfolios

may

invest

in

mortgage

backed

securities,

including

collateralized

mortgage

obligations,

and

asset

backed

securities.

Mortgage

backed

securities

are

interests

in

pools

of

residential

or

commercial

mortgage

loans

and

asset

backed

securities

are

interests

in

pools

of

other

assets,

including

various

types

of

loans

and

credit

card

receivables.

These

securities

provide

a

monthly

payment,

consisting

of

both

a

principal

and

interest

component.

Interest

payments

may

be

based

on

either

fixed

rates

or

adjustable

rates.

Receipt

of

principal

payment

reduces

the

outstanding

par

amount

of

the

security

and

may

generate

realized

gains

or

losses.

Yields

on

mortgage

backed

securities

are

affected

by

interest

and

prepayment

rates,

which,

in

turn,

are

influenced

by

a

variety

of

economic,

geographical,

social

and

other

factors.

Maturities

on

mortgage

backed

securities

represent

stated

maturity

dates.

Actual

maturity

dates

may

differ

based

on

prepayment

rates.

Unlike

mortgage

backed

securities

issued

or

guaranteed

by

the

U.S.

government

or

one

of

its

sponsored

entities,

mortgage

backed

securities

and

asset

backed

securities

issued

by

private

issuers

do

not

have

a

government

or

government

sponsored

entity

guarantee.

These

issuers

may

provide

credit

enhancements

through

external

entities

such

as

financial

institutions

or

through

the

structuring

of

the

transaction

itself.

There

is

no

guarantee

that

credit

enhancements,

if

any,

will

be

sufficient

to

prevent

losses.

F.

Inflation-Indexed

Bonds

—

Certain

Portfolios

may

invest

in

inflation-indexed

bonds.

Inflation-indexed

bonds

are

fixed

income

securities

whose

principal

value

is

periodically

adjusted

to

the

rate

of

inflation.

The

interest

rate

on

these

bonds

is

generally

fixed

at

issuance

at

a

rate

lower

than

typical

bonds.

Over

the

life

of

an

inflation-indexed

bond,

interest

will

be

paid

based

on

a

principal

value,

which

is

adjusted

for

inflation.

Any

increase

or

decrease

in

the

principal

amount

of

an

inflation-

indexed

bond

will

be

included

as

interest

income

in

the

applicable

Portfolio’s

Statements

of

Operations

even

though

investors

do

not

receive

their

principal

until

maturity.

G.

Short

Sales

—

Certain

Portfolios

may

enter

into

short

sale

transactions.

A

short

sale

is

a

transaction

in

which

a

Portfolio

sells

a

security

it

does

not

own

in

anticipation

of

a

decline

in

the

market

price

of

the

security.

Securities

sold

in

short

sale

transactions

and

the

interest

payable

on

such

securities,

if

any,

are

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities.

A

Portfolio

is

obligated

to

deliver

the

security

at

the

market

price

at

the

time

the

short

position

is

closed.

The

risk

of

loss

on

a

short

sale

transaction

is

theoretically

unlimited,

because

there

is

no

limit

to

the

cost

of

replacing

the

security

sold

short,

whereas

losses

from

purchase

transactions

cannot

exceed

the

total

amount

invested.

H.

Financing

Transactions

—

Certain

Portfolios

may

enter

into

financing

transactions.

In

a

financing

transaction,

the

Portfolio

transfers

a

security

to

a

counterparty

with

a

simultaneous

agreement

to

repurchase

the

same

security

at

an

agreed

upon

price

and

future

settlement

date.

For

U.S.

GAAP

purposes,

a

financing

transaction

is

accounted

for

as

a

secured

borrowing

and

not

as

a

purchase

or

sale.

During

the

term

of

the

borrowing,

the

Portfolio

is

entitled

to

the

interest

on

the

security.

The

difference

between

the

sale

price

and

repurchase

price

is

included

in

net

investment

income

with

the

cost

of

the

secured

borrowing

transaction

being

recorded

in

interest

expense

over

the

term

of

the

borrowing.

The

Portfolio

will

benefit

from

the

transaction

if

the

income

earned

on

the

investment

purchased

with

the

cash

received

in

the

financing

transaction

exceeds

the

interest

expense

incurred

by

the

Portfolio.

If

the

interest

expense

exceeds

the

income

earned,

the

Portfolio’s

net

investment

income

and

dividends

to

shareholders

may

be

adversely

impacted.

Financing

transactions

involve

the

risk

that

the

market

value

of

the

securities

that

the

Portfolio

is

required

to

repurchase

may

decline

below

the

agreed

upon

repurchase

price

of

193

Notes

to

Financial

Statements

(unaudited)

those

securities.

For

the

period

ended

June

30,

2025,

the

Long-Term

U.S.

Government

Bond

Portfolio

entered

into

financing

transactions

utilizing

various

U.S.

Treasury

bonds.

I.

Loan

Participation

and

Assignments

—

Certain

Portfolios

may

invest

in

direct

debt

instruments

which

are

interests

in

amounts

owed

to

lenders

or

lending

syndicates

by

corporate,

governmental,

or

other

borrowers.

The

Portfolios’

investments

in

a

loan

may

be

in

the

form

of

either

actual

participation

in

loans

or

assignments

of

all

or

part

of

the

loans

from

third

parties.

A

loan

is

often

administered

by

a

bank

or

other

financial

institution

that

acts

as

an

agent

for

all

holders.

The

agent

administers

the

terms

of

the

loan

which

are

specified

in

the

loan

agreement.

The

Portfolios

may

invest

in

multiple

series

or

tranches

of

a

loan,

each

of

which

can

have

different

terms

and

associated

risks.

The

Portfolios

generally

do

not

have

a

right

to

enforce

compliance

with

the

terms

of

the

loan

agreement

and

as

a

result,

the

Portfolios

may

be

subject

to

the

credit

risk

of

the

borrower

and

lender

that

is

selling

the

loan

agreement.

When

the

Portfolios

purchase

assignments

from

lenders

they

acquire

direct

rights

against

the

borrower

of

the

loan.

The

Portfolios

may

also

enter

into

unfunded

loan

commitments,

which

are

contractual

obligations

for

future

funding.

Unfunded

loan

commitments

can

include

lines

of

credit,

which

may

require

the

Portfolios

to

grant

additional

cash

to

the

borrower

upon

demand

from

the

borrower.

These

unfunded

loan

commitments

are

in

fact

a

future

obligation

in

full,

although

a

percentage

of

the

loan

amount

may

not

be

utilized

by

the

borrower.

When

investing

in

a

loan,

the

Portfolios

have

the

right

to

receive

principal,

interest

and

any

fees

from

the

lender

selling

the

loan

agreement

and

only

when

the

payments

are

received

by

the

lender

from

the

borrower.

There

may

also

be

a

commitment

fee

due

to

the

Portfolios

based

on

the

unused

portion

of

the

line

of

credit

of

the

floating

rate

loan.

In

certain

cases,

the

Portfolios

may

be

entitled

to

a

penalty

fee

if

there

was

a

prepayment

of

a

floating

rate

loan

by

the

borrower.

Fees

that

are

earned

or

paid

will

be

reflected

as

interest

income

or

interest

expense

on

the

Statements

of

Operations.

Unfunded

loan

commitments

are

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities.

J.

Reverse

Repurchase

Agreements

—

Certain

Portfolios

may

enter

into

reverse

repurchase

agreements.

In

a

reverse

repurchase

agreement,

a

Portfolio

delivers

a

security

in

exchange

for

cash

to

a

financial

institution,

the

counterparty,

with

a

simultaneous

agreement

to

repurchase

the

same

or

substantially

the

same

security

at

an

agreed

upon

price

and

date.

The

Portfolio

is

entitled

to

receive

principal

and

interest

payments,

if

any,

made

on

the

security

delivered

to

the

counterparty

during

the

term

of

the

agreement.

Cash

received

in

exchange

for

securities

delivered

plus

accrued

interest

payments

to

be

made

by

the

Portfolio

to

counterparties

are

reflected

as

a

liability

on

the

Statements

of

Assets

and

Liabilities.

Interest

payments

made

by

a

Portfolio

to

counterparties

are

recorded

as

a

component

of

interest

expense

on

the

Statements

of

Operations.

In

periods

of

increased

demand

for

the

security,

a

Portfolio

may

receive

a

fee

for

use

of

the

security

by

the

counterparty,

which

may

result

in

interest

income

to

the

Portfolio.

When

effecting

reverse

repurchase

transactions,

the

Portfolio

will

hold

securities

of

a

dollar

amount

equal

in

value

to

the

securities

subject

to

the

reverse

repurchase

agreement

in

a

segregated

account.

Note

5.

Derivative

Instruments

The

Portfolios

may

use

derivative

instruments

for

various

purposes,

including

as

a

cash

management

strategy,

to

earn

income

and

enhance

returns,

to

increase

or

decrease

exposure

to

a

particular

market,

to

manage

or

adjust

the

risk

profile

of

the

Portfolio,

to

hedge

exposure

to

a

foreign

currency,

or

as

an

alternative

to

direct

investments.

Because

the

Portfolios

are

required

to

account

for

derivative

instruments

at

fair

value

and

recognize

changes

in

fair

value

through

the

Statements

of

Operations,

the

Portfolios’

derivatives

do

not

qualify

for

hedge

accounting

treatment.

Certain

Portfolios

segregate

cash

to

cover

margin

requirements

for

derivative

positions.

These

amounts

are

denoted

as

“Collateral

with

Counterparty”

on

the

Statements

of

Assets

and

Liabilities.

A.

Futures

Contracts

—

Certain

Portfolios

invest

in

futures

contracts

as

an

alternative

to

investing

in

individual

securities

and

could

be

exposed

to

market

risk

due

to

changes

in

the

value

of

the

underlying

securities

or

due

to

an

illiquid

secondary

market.

Futures

contracts

are

marked

to

market

daily

based

upon

quoted

settlement

prices.

The

Portfolios

receive

from

or

pay

to

brokers

an

amount

of

cash

equal

to

the

daily

fluctuation

in

the

value

of

the

contracts.

Such

receipts

or

payments,

known

as

the

“variation

margin,”

are

recorded

by

the

Portfolios

as

unrealized

gains

or

losses.

When

a

contract

is

closed,

the

Portfolios

record

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

194

Notes

to

Financial

Statements

(unaudited)

B.

Forward

Foreign

Currency

Contracts

—

The

Portfolios

may

enter

into

forward

foreign

currency

contracts

to

hedge

against

exchange

rate

risk

arising

from

investments

in

securities

denominated

in

foreign

currencies

or

as

part

of

an

investment

strategy.

Contracts

are

valued

at

the

contractual

forward

rate

and

are

marked

to

market

daily,

with

the

change

in

market

value

recorded

as

an

unrealized

gain

or

loss.

When

the

contracts

are

closed,

a

realized

gain

or

loss

is

recorded.

Risks

may

arise

from

changes

in

market

value

of

the

underlying

instruments

and

from

the

possible

inability

of

counterparties

to

meet

the

terms

of

their

contracts.

C.

Options

—

Certain

Portfolios

may

write

call

and

put

options

on

futures,

swaps,

securities

or

currencies

they

own

or

in

which

they

may

invest.

Writing

put

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

instrument.

Writing

call

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

instrument.

The

Portfolio

receives

a

premium

on

the

sale

of

a

call

option

but

gives

up

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

security

above

the

exercise

price

of

the

option.

When

a

Portfolio

writes

a

put

option,

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

security.

When

a

Portfolio

writes

a

call

or

put

option,

an

amount

equal

to

the

premium

received

is

recorded

as

a

liability

and

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option

written.

These

liabilities

are

reflected

as

written

options

outstanding

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

made,

if

any,

from

writing

options

with

premiums

to

be

determined

on

a

future

date

are

reflected

as

such

on

the

Statements

of

Assets

and

Liabilities.

Premiums

received

from

writing

options

which

expire

are

treated

as

realized

gains.

Premiums

received

from

writing

options

which

are

exercised

or

closed

are

added

to

the

proceeds

or

offset

against

amounts

paid

on

the

underlying

future,

swap,

security

or

currency

transaction

to

determine

the

realized

gain

or

loss.

A

Portfolio

as

a

writer

of

an

option

has

no

control

over

whether

the

underlying

future,

swap,

security

or

currency

may

be

sold

(called)

or

purchased

(put)

and

as

a

result

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

future,

swap,

security

or

currency

underlying

the

written

option.

There

is

a

risk

a

Portfolio

may

not

be

able

to

enter

into

a

closing

transaction

because

of

an

illiquid

market.

Certain

Portfolios

may

also

purchase

call

and

put

options

on

futures,

swaps,

securities

or

currencies

they

own

or

in

which

they

may

invest.

Purchasing

call

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

instrument.

Purchasing

put

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

instrument.

The

Portfolio

pays

a

premium

on

the

purchase

of

a

put

option

but

receives

the

opportunity

to

profit

from

any

increase

in

the

value

of

the

security

above

the

exercise

price

of

the

option.

When

a

Portfolio

purchases

a

call

option,

it

is

exposed

to

a

decline

in

the

price

of

the

underlying

security.

Premiums

paid

are

reflected

in

the

Statements

of

Assets

and

Liabilities

as

an

investment

and

are

subsequently

marked

to

market

to

reflect

the

current

value

of

the

option.

Premiums

paid

from

purchasing

options

which

expire

are

treated

as

realized

losses.

Premiums

paid

for

purchasing

options

which

are

exercised

or

closed

are

added

to

the

amount

paid

or

offset

against

the

proceeds

on

the

underlying

future,

swap,

security

or

currency

transaction

to

determine

realized

gain

or

loss.

The

risk

associated

with

a

Portfolio

purchasing

call

or

put

options

is

limited

to

the

premium

paid.

D.

Swap

Agreements

—

The

Portfolios

may

enter

into

swap

agreements

on

interest

rate,

total

return

and

credit

default

to

manage

their

exposure

to

interest

rates,

foreign

currencies,

investment

style

risk

and

credit

risk

or

as

an

alternative

to

direct

investing.

In

connection

with

these

agreements,

securities

may

be

identified

as

collateral

in

accordance

with

the

terms

of

the

respective

swap

agreements.

Swap

agreements

are

privately

negotiated

in

the

over-the-counter

market

(“OTC

swaps”)

and

may

be

executed

in

a

multilateral

or

other

trade

facility

platform,

such

as

a

registered

commodities

exchange

(“centrally

cleared

swaps”).

Swaps

are

marked

to

market

daily

based

upon

quotations

from

market

makers

or

values

from

third

party

vendors,

which

may

include

a

registered

commodities

exchange,

and

the

change

in

value,

if

any,

is

recorded

as

unrealized

gain

or

loss

in

the

Statements

of

Operations.

Daily

changes

in

the

valuation

of

centrally

cleared

swaps,

if

any,

are

recorded

as

a

receivable

or

payable

for

the

change

in

value

as

appropriate

(“variation

margin”)

on

the

Statements

of

Assets

and

Liabilities.

OTC

swap

payments

received

or

made

at

the

beginning

of

the

measurement

period

of

the

swap

are

reflected

on

the

Statements

of

Assets

and

Liabilities.

Upfront

payments

are

amortized

to

realized

gain

or

loss.

Upon

termination

of

the

swap,

unamortized

upfront

payments

are

recorded

as

realized

gain

or

loss

in

the

Statements

of

Operations.

A

liquidation

payment

received

or

made

at

the

termination

of

the

swap

is

recorded

as

realized

gain

or

loss

in

the

Statements

of

Operations.

Net

periodic

payments

received

by

the

Portfolios

are

included

as

part

of

realized

gain

(loss)

on

the

Statements

of

Operations.

Entering

into

these

agreements

involves,

to

varying

degrees,

elements

of

credit

and

market

risk

in

excess

of

the

amounts

recognized

on

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

to

perform

and

that

there

may

be

unfavorable

changes

in

interest

rates.

195

Notes

to

Financial

Statements

(unaudited)

Interest

Rate

Swaps

—

Interest

rate

swap

agreements

involve

the

exchange

by

a

Portfolio

with

another

party

to

pay

or

receive

a

set

of

cash

flows,

e.g.,

an

exchange

of

floating

rate

payments

for

fixed

rate

payments

based

on

a

notional

amount

of

principal.

Total

Return

Swaps

—

Total

return

swap

agreements

involve

commitments

to

pay

or

receive

a

financing

rate

in

exchange

for

the

total

return

of

an

underlying

reference

entity,

both

based

on

notional

amounts.

To

the

extent

the

total

return

of

the

security

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

interest

rate

obligation,

a

Portfolio

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.

Credit

Default

Swaps

—

Credit

default

swap

agreements

involve

one

party

making

a

series

of

payments

to

another

party

in

exchange

for

the

right

to

receive

a

cash

payment

equal

to

the

notional

value

of

the

swap

in

the

event

of

a

default

by

a

third

party,

typically

credit

indices,

corporate

issues

or

sovereign

issues

of

an

emerging

market

country.

A

Portfolio

may

use

credit

default

swaps

to

provide

a

measure

of

protection

against

defaults

of

the

issuers

where

the

Portfolio

owns

or

has

exposure

to

the

corporate

or

sovereign

issue

or

to

take

an

active

long

or

short

position

on

the

likelihood

of

a

particular

issuer’s

default.

As

a

seller

of

protection,

the

Portfolio

generally

receives

an

upfront

payment

and/or

a

fixed

rate

of

income

throughout

the

term

of

the

swap

provided

that

there

is

no

credit

event.

As

the

seller,

the

Portfolio

adds

leverage

to

its

investments

because

the

Portfolio

has

investment

exposure

on

the

notional

amount

of

the

swap.

As

a

buyer

of

protection,

the

Portfolio

generally

makes

an

upfront

payment

or

pays

a

fixed

rate

of

interest

throughout

the

term

of

the

swap

provided

that

there

is

no

credit

event.

The

Portfolio

generally

receives

an

amount

up

to

the

notional

value

of

the

swap

if

a

credit

event

occurs.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

market

value

of

credit

default

swap

agreements

on

corporate

issues

or

sovereign

issues

of

an

emerging

market

country

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

a

credit

event

occurring.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

into

the

agreement.

For

credit

default

swap

agreements

on

credit

indices,

the

quoted

market

prices

and

resulting

values

serve

as

the

indicator

of

the

current

status

of

the

payment/performance

risk.

Wider

credit

spreads

and

increasing

market

values,

in

absolute

terms

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity’s

credit

soundness

and

indicate

a

greater

likelihood

a

credit

event

could

occur

as

defined

under

the

terms

of

the

agreement.

Open

credit

default

swaps

on

corporate

or

sovereign

issues

and

credit

indices

are

disclosed

in

the

Schedules

of

Investments.

If

the

Portfolio

is

a

seller

of

protection

and

a

credit

event

occurs,

the

Portfolio

will

either

pay

to

the

buyer

of

the

protection

an

amount

equal

to

the

notional

value

of

the

swap

and

may

take

delivery

of

the

obligation

or

pay

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation.

The

maximum

potential

amount

of

future

payments

(undiscounted)

that

a

Portfolio

as

a

seller

of

protection

could

be

required

to

make

under

a

credit

default

swap

agreement

would

be

equal

to

the

notional

amount

of

the

agreement.

Notional

amounts

and

fair

market

value

of

all

credit

default

swap

agreements

outstanding

for

each

Portfolio

are

disclosed

in

the

Schedules

of

Investments.

These

maximum

potential

amounts

would

be

partially

offset

by

any

recovery

values

of

the

referenced

obligations,

upfront

payments

received

upon

entering

into

the

agreement,

or

net

amounts

received

by

the

Portfolio

from

the

settlement

of

credit

default

swap

agreements

purchasing

protection

for

the

same

referenced

obligation.

E.

Derivative

Disclosures

—

Derivative

positions

held

by

the

Portfolios

by

contract

type

and

primary

risk

exposure,

including

location

on

the

Statement

of

Assets

and

Liabilities

and

value

as

of

June

30,

2025,

are

(amounts

in

thousands):

Asset

Derivatives

Liability

Derivatives

Portfolio

Statement

of

Assets

and

Liabilities

Location

Value

Statement

of

Assets

and

Liabilities

Location

Value

Index

500

Stock

Portfolio

Equity

contracts

Receivables

–

Variation

Margin

(Futures)

$

279

Payables

–

Variation

Margin

(Futures)

$

-

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

-

Payables

–

Foreign

Currency

326

196

Notes

to

Financial

Statements

(unaudited)

Asset

Derivatives

Liability

Derivatives

Portfolio

Statement

of

Assets

and

Liabilities

Location

Value

Statement

of

Assets

and

Liabilities

Location

Value

Equity

Income

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

$

-

Payables

–

Foreign

Currency

$

19

Index

400

Stock

Portfolio

Equity

contracts

Receivables

–

Variation

Margin

(Futures)

-

Payables

–

Variation

Margin

(Futures)

10

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

-

Payables

–

Foreign

Currency

1,169

Index

600

Portfolio

Equity

contracts

Receivables

–

Variation

Margin

(Futures)

-

Payables

–

Variation

Margin

(Futures)

1

International

Growth

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

7

Payables

–

Foreign

Currency

5

Research

International

Core

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

11

Payables

–

Foreign

Currency

2

International

Equity

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

1,439

Payables

–

Foreign

Currency

3,446

Short-Term

Bond

Portfolio

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

23

Payables

–

Variation

Margin

(Futures)

95

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

21

Payables

–

Variation

Margin

(Futures)

185

Interest

rate

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

11

Payables

–

Variation

Margin

(Cleared

Swap)

41

Interest

rate

contracts

Receivables

–

Outstanding

Options

Written,

at

Value

-

Payables

–

Outstanding

Options

Written,

at

Value

11

Inflation

Protection

Portfolio

Inflation

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

24

Payables

–

Variation

Margin

(Cleared

Swap)

9

Inflation

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

7,147

Payables

–

Outstanding

Swaps

Contracts,

at

Value

296

Multi-Sector

Bond

Portfolio

Credit

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

66

Payables

–

Outstanding

Swaps

Contracts,

at

Value

150

Credit

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

431

Payables

–

Variation

Margin

(Cleared

Swap)

-

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

3,022

Payables

–

Foreign

Currency

10,937

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

424

Payables

–

Variation

Margin

(Futures)

9

Interest

rate

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

233

Payables

–

Variation

Margin

(Cleared

Swap)

529

Interest

rate

contracts

Receivables

–

Outstanding

Options

Written,

at

Value

-

Payables

–

Outstanding

Options

Written,

at

Value

139

Balanced

Portfolio

Commodity

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

-

Payables

–

Outstanding

Swaps

Contracts,

at

Value

-

Asset

Allocation

Portfolio

Commodity

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

-

Payables

–

Outstanding

Swaps

Contracts,

at

Value

-

197

Notes

to

Financial

Statements

(unaudited)

Realized

gains

and

losses

on

derivative

instruments,

by

contract

type

and

primary

risk

exposure,

for

the

period

ended

June

30,

2025

are

(amounts

in

thousands):

Change

in

unrealized

appreciation

and

depreciation

on

derivative

instruments,

by

contract

type

and

primary

risk

exposure

for

the

period

ended

June

30,

2025

are

(amounts

in

thousands):

Realized

Gain

(Loss)

on

Derivatives

Instruments

Portfolio

Options

Written

Futures

Forward

Foreign

Currency

Contracts

Swaps

Total

Index

500

Stock

Portfolio

Equity

contracts

$

−

$

(397)

$

−

$

−

$

(397)

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

−

−

(831)

−

(831)

Equity

Income

Portfolio

Forward

foreign

currency

contracts

−

−

33

−

33

Index

400

Stock

Portfolio

Equity

contracts

−

(303)

−

−

(303)

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

−

−

(3,441)

−

(3,441)

Index

600

Stock

Portfolio

Equity

contracts

−

(130)

−

−

(130)

International

Growth

Portfolio

Forward

foreign

currency

contracts

−

−

19

−

19

Research

International

Core

Portfolio

Forward

foreign

currency

contracts

−

−

177

−

177

International

Equity

Portfolio

Forward

foreign

currency

contracts

−

−

4,065

−

4,065

Emerging

Markets

Equity

Portfolio

Forward

foreign

currency

contracts

−

−

(370)

−

(370)

Short-Term

Bond

Portfolio

Credit

contracts

−

−

−

32

32

Interest

rate

contracts

−

466

−

−

466

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

41

576

−

(103)

514

Inflation

Protection

Portfolio

Forward

foreign

currency

contracts

−

−

2

−

2

Interest

rate

contracts

−

263

−

−

263

Inflation

contracts

−

−

−

554

554

Multi-Sector

Bond

Portfolio

Credit

contracts

−

−

−

2,048

2,048

Forward

foreign

currency

contracts

−

−

(14,115)

−

(14,115)

Interest

rate

contracts

364

232

−

3,248

3,844

Balanced

Portfolio

Commodity

contracts

−

−

−

222

222

Asset

Allocation

Portfolio

Commodity

contracts

−

−

−

1,242

1,242

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivative

Instruments

Portfolio

Options

Written

Futures

Forward

Foreign

Currency

Contracts

Swaps

Total

Index

500

Stock

Portfolio

Equity

contracts

$

−

$

3,740

$

−

$

−

$

3,740

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

−

−

(469)

−

(469)

198

Notes

to

Financial

Statements

(unaudited)

Volumes

on

derivative

instruments

by

contract

type

and

primary

risk

exposure,

for

the

period

ended

June

30,

2025

are:

Change

in

Unrealized

Appreciation

(Depreciation)

on

Derivative

Instruments

Portfolio

Options

Written

Futures

Forward

Foreign

Currency

Contracts

Swaps

Total

Equity

Income

Portfolio

Forward

foreign

currency

contracts

$

−

$

−

$

23

$

−

$

23

Index

400

Stock

Portfolio

Equity

contracts

−

920

−

−

920

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

−

−

(1,747)

−

(1,747)

Index

600

Stock

Portfolio

Equity

Contracts

−

119

−

−

119

International

Growth

Portfolio

Forward

foreign

currency

contracts

−

−

197

−

197

Research

International

Core

Portfolio

Forward

foreign

currency

contracts

−

−

458

−

458

International

Equity

Portfolio

Forward

foreign

currency

contracts

−

−

(6,838)

−

(6,838)

Emerging

Markets

Equity

Portfolio

Forward

foreign

currency

contracts

−

−

151

−

151

Short-Term

Bond

Portfolio

Interest

rate

contracts

−

(608)

−

−

(608)

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

5

(1,256)

−

217

(1,034)

Inflation

Protection

Portfolio

Inflation

contracts

−

−

−

694

694

Multi-Sector

Bond

Portfolio

Credit

contracts

−

−

−

1,665

1,665

Forward

foreign

currency

contracts

−

−

(11,816)

−

(11,816)

Interest

rate

contracts

59

3,380

−

(4,616)

(1,177)

Balanced

Portfolio

Commodity

contracts

−

−

−

−

−

Asset

Allocation

Portfolio

Commodity

contracts

−

−

−

−

−

Volume

of

Derivative

Instruments

Held

Average

Number

of

Contracts

Average

Notional

(

Amounts

in

Thousands

)

Portfolio

Exchange

Traded

Options

Futures

Forward

Foreign

Currency

Contracts

Swaps

Over

the

Counter

Options

Index

500

Stock

Portfolio

Equity

contracts

−

222

−

−

−

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

−

−

14,516

−

−

Index

400

Stock

Portfolio

Equity

contracts

−

45

−

−

−

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

−

−

51,414

−

−

Index

600

Stock

Portfolio

Equity

contracts

−

19

−

−

−

International

Equity

Portfolio

Forward

foreign

currency

contracts

−

−

171,185

−

−

Short-Term

Bond

Portfolio

Credit

contracts

−

−

−

995

−

Interest

rate

contracts

−

654

−

−

−

199

Notes

to

Financial

Statements

(unaudited)

Note

6.

Portfolio

Risk

In

the

normal

course

of

business,

the

Portfolios

trade

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists.

Security

values

fluctuate

(market

risk)

and

may

decline

due

to

factors

affecting

securities

markets

in

general,

particular

industries

represented

in

the

securities

markets

or

conditions

specifically

related

to

a

particular

company.

Failure

of

the

other

party

to

a

transaction

to

perform

(credit

risk),

for

example

by

not

making

principal

and

interest

payments

when

due,

reduces

the

value

of

the

issuer’s

debt

and

could

reduce

the

Portfolios’

income.

Similar

to

credit

risk,

the

Portfolios

may

be

exposed

to

counterparty

risk,

or

the

risk

that

an

institution

or

other

entity

with

which

the

Portfolios

have

unsettled

or

open

transactions

will

fail

to

make

required

payments

or

otherwise

comply

with

the

terms

of

the

instrument,

transaction

or

contract.

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

in

the

financial

statements.

Some

of

the

Portfolios’

investments

may

be

illiquid

and

the

Portfolios

may

not

be

able

to

vary

the

portfolio

investments

in

response

to

changes

in

economic

and

other

conditions.

If

a

Portfolio

is

required

to

liquidate

all

or

a

portion

of

its

investments

quickly,

the

Portfolio

may

realize

significantly

less

than

the

value

at

which

it

previously

recorded

those

investments.

The

value

of

a

Portfolio’s

investments

may

decline

because

of

economic

changes

or

other

events,

such

as

inflation

(or

expectations

for

inflation),

deflation

(or

expectations

for

deflation),

interest

rates,

global

demand

for

particular

products

or

resources,

market

instability,

debt

crises

and

downgrades,

embargoes,

tariffs,

sanctions

and

other

trade

barriers,

regulatory

events,

other

governmental

trade

or

market

control

programs

and

related

geopolitical

events.

The

global

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibility

that

conditions

in

one

country

or

region

might

adversely

impact

issuers

in

a

different

country

or

region.

Local

and

global

markets

and

normal

market

operations

can

be

adversely

affected

by

significant

market

disruptions.

Market

disruptions

can

be

caused

by

local,

regional

or

global

events

such

as

war,

military

conflict,

political

instability,

acts

of

terrorism,

social

unrest,

environmental

disasters,

natural

disasters

or

events,

trade

disputes,

supply

chain

disruptions,

spread

of

infectious

diseases

or

other

public

health

issues,

climate

change,

recessions,

or

other

events.

Climate

change,

the

outbreak

of

infectious

diseases

or

other

public

health

issues

may

exacerbate

other

pre-existing

political,

social,

economic,

market

and

financial

risks.

Certain

illnesses

spread

rapidly

and

have

the

potential

to

significantly

and

adversely

affect

the

global

economy.

The

impact

of

infectious

diseases

in

developing

or

emerging

market

countries

may

be

greater

due

to

less

established

health

care

systems.

The

impact

of

any

such

events

could

negatively

affect

the

global

economy

as

well

as

the

economies

of

individual

countries,

the

financial

performance

of

individual

companies,

sectors

and

industries,

and

the

markets

in

general

in

significant

and

unforeseen

ways.

Such

events

may

affect

certain

sectors,

industries,

businesses,

geographic

regions

or

countries

more

significantly

than

others.

In

addition,

any

of

such

circumstances

could

result

in

disruptions

in

the

trading

markets

and

could

result

in

increased

market

volatility.

Such

events

could

adversely

affect

the

prices

and

liquidity

of

a

Portfolio’s

securities

and

could

have

a

materially

negative

impact

on

the

value

of

a

Portfolio.

Such

events

also

could

impact

the

ability

of

the

Fund

to

process

transactions

or

perform

other

operational

activities.

The

Fund

cannot

predict

the

effects

of

geopolitical

or

other

events

in

the

future

on

the

U.S.

and

other

economies,

the

securities

markets,

or

the

Portfolios.

Volume

of

Derivative

Instruments

Held

Average

Number

of

Contracts

Average

Notional

(

Amounts

in

Thousands

)

Portfolio

Exchange

Traded

Options

Futures

Forward

Foreign

Currency

Contracts

Swaps

Over

the

Counter

Options

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

35

459

−

17,160

−

Inflation

Protection

Portfolio

Interest

rate

contracts

−

26

−

−

−

Inflation

contracts

−

−

−

168,850

−

Multi-Sector

Bond

Portfolio

Credit

contracts

−

−

−

253,672

−

Forward

foreign

currency

contracts

−

−

892,437

−

−

Interest

rate

contracts

20

2,145

−

1,117,613

21,333

Balanced

Portfolio

Commodity

contracts

−

−

−

34,432

−

Asset

Allocation

Portfolio

Commodity

contracts

−

−

−

6,166

−

200

Notes

to

Financial

Statements

(unaudited)

Master

Netting

Arrangements

The

Portfolios

are

subject

to

various

Master

Agreements

that

govern

the

terms

of

certain

transactions.

Master

Repurchase

Agreements

and

Global

Master

Repurchase

Agreements

are

in

place

that

governs

repurchase,

reverse

repurchase,

and

sale-

buyback

financing

transactions.

Master

Securities

Forward

Transaction

Agreements

are

in

place

that

govern

the

settlement

of

certain

forward

settling

transactions

including

to-be-announced

securities,

delayed-delivery

or

sale-buyback

financing

transactions.

Customer

Account

Agreements

and

related

addenda

are

in

place

that

govern

certain

cleared

derivative

transactions

including

futures

and

cleared

OTC

derivatives.

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreements

and

Credit

Support

Annexes

(“ISDA

agreements”)

are

in

place

that

governs

certain

OTC

financial

derivative

transactions.

ISDA

agreements

maintain

provisions

for

general

obligations,

representations,

agreements,

collateral

and

events

of

default

or

termination.

Events

of

termination

include

conditions

that

may

entitle

counterparties

to

elect

to

terminate

early

and

cause

settlement

of

all

outstanding

transactions

under

the

applicable

ISDA

agreement.

The

terms

of

Master

Agreements

may

reduce

counterparty

risk

with

respect

to

transactions

governed

by

the

Master

Agreement

under

certain

circumstances.

Certain

Portfolios

have

agreements

with

counterparties

that

contain

provisions,

or

contingency

features,

that

allow

net

settlement

in

the

event

of

contract

termination

and

permit

termination

by

either

party

prior

to

maturity

upon

the

occurrence

of

certain

stated

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

certain

agreements

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

would

allow

the

Portfolio

to

terminate

while

a

decline

in

the

Portfolio’s

net

assets

of

more

than

a

certain

percentage

would

allow

the

counterparty

to

terminate.

In

such

a

situation,

the

counterparty

involved

would

have

the

option

to

waive

the

triggering

event

or

liquidate

the

affected

positions

pursuant

to

the

terms

of

the

related

agreement.

The

aggregate

amount

of

derivatives

in

a

liability

position

is

disclosed

in

Note

5.

Offsetting

Assets

and

Liabilities

Certain

Portfolios

are

parties

to

enforceable

master

netting

or

similar

agreements

which

provide

for

the

right

of

offset

under

certain

circumstances.

The

Portfolios

have

made

an

accounting

policy

election

not

to

offset

qualifying

financial

and

derivative

instruments

on

the

Statements

of

Assets

and

Liabilities.

As

such,

all

financial

and

derivative

instruments

are

presented

on

a

gross

basis

on

the

Statements

of

Assets

and

Liabilities.

The

impacts

of

netting

arrangements

that

provide

the

right

to

offset

are

detailed

below

(amounts

in

thousands).

The

net

amount

represents

the

net

receivable

or

payable

that

would

be

due

from

or

to

the

counterparty

in

the

event

of

default.

Exposure

from

borrowings

and

other

financing

transactions

such

as

repurchase

agreements

and

certain

forward

settling

transactions

can

only

be

netted

across

transactions

governed

under

the

same

Master

Agreement

with

the

same

legal

entity.

For

certain

Portfolios,

derivative

amounts

do

not

reconcile

to

the

Statements

of

Assets

and

Liabilities

due

to

the

Statements

of

Assets

and

Liabilities

including

derivatives

that

are

not

covered

under

master

netting

or

similar

agreements.

The

amount

of

collateral,

for

the

period

ended

June

30,

2025,

has

been

limited

such

that

the

net

amount

cannot

be

less

than

zero.

The

following

is

a

summary

by

counterparty

of

the

market

value

of

OTC

financial

derivative

instruments

and

collateral

as

of

period

end:

Large

Company

Value

Portfolio

Derivative

Assets

(000's)

Derivative

Liabilities

(000's)

Counterparty

Forward

Foreign

Currency

Contacts

Swaps

Total

Assets

Forward

Foreign

Currency

Contacts

Swaps

Total

Liabilities

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

America

NA

$

-

$

-

$

-

$

(185)

$

-

$

(185)

$

(185)

$

-

$

(185)

Morgan

Stanley

Capital

Services

LLC

-

-

-

(141)

-

(141)

(141)

120

(21)

Total

$

-

$

-

$

-

$

(326)

$

-

$

(326)

$

(326)

$

120

$

(206)

201

Notes

to

Financial

Statements

(unaudited)

Mid

Cap

Value

Portfolio

Derivative

Assets

(000's)

Derivative

Liabilities

(000's)

Counterparty

Forward

Foreign

Currency

Contacts

Swaps

Total

Assets

Forward

Foreign

Currency

Contacts

Swaps

Total

Liabilities

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

America

NA

$

-

$

-

$

-

$

(368)

$

-

$

(368)

$

(368)

$

360

$

(8)

Morgan

Stanley

Capital

Services

LLC

-

-

-

(801)

-

(801)

(801)

635

(166)

Total

$

-

$

-

$

-

$

(1,169)

$

-

$

(1,169)

$

(1,169)

$

995

$

(174)

International

Equity

Portfolio

Derivative

Assets

(000's)

Derivative

Liabilities

(000's)

Counterparty

Forward

Foreign

Currency

Contacts

Swaps

Total

Assets

Forward

Foreign

Currency

Contacts

Swaps

Total

Liabilities

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

America

NA

$

61

$

-

$

61

$

(200)

$

-

$

(200)

$

(139)

$

-

$

(139)

Barclays

Bank

PLC

4

-

4

(68)

-

(68)

(64)

-

(64)

Citibank

NA

161

-

161

(763)

-

(763)

(602)

602

-

Goldman

Sachs

Bank

USA

5

-

5

(77)

-

(77)

(72)

-

(72)

HSBC

Bank

USA

478

-

478

(1,103)

-

(1,103)

(625)

625

-

JP

Morgan

Chase

Bank

NA

109

-

109

(450)

-

(450)

(341)

341

-

Morgan

Stanley

And

Co.

International

PLC

-

-

-

(115)

-

(115)

(115)

115

-

Standard

Chartered

Bank

-

-

-

(22)

-

(22)

(22)

-

(22)

State

Street

Bank

And

Trust

Company

30

-

30

(97)

-

(97)

(67)

-

(67)

UBS

AG

591

-

591

(540)

-

(540)

51

(51)

-

Total

$

1,439

$

-

$

1,439

$

(3,435)

$

-

$

(3,435)

$

(1,996)

$

1,632

$

(364)

Inflation

Protection

Portfolio

Derivative

Assets

(000's)

Derivative

Liabilities

(000's)

Counterparty

Forward

Foreign

Currency

Contacts

Swaps

Total

Assets

Forward

Foreign

Currency

Contacts

Swaps

Total

Liabilities

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

America

NA

$

-

$

2,127

$

2,127

$

-

$

-

$

-

$

2,127

$

(2,119)

$

8

Barclays

Bank

PLC

-

-

-

-

(296)

(296)

(296)

-

(296)

Goldman

Sachs

International

-

5,020

5,020

-

-

-

5,020

(4,960)

60

Total

$

-

$

7,147

$

7,147

$

-

$

(296)

$

(296)

$

6,851

$

(7,079)

$

(228)

202

Notes

to

Financial

Statements

(unaudited)

The

following

is

a

summary

by

counterparty

of

the

market

value

of

repurchase

agreements,

financing

transactions,

collateral

and

net

exposure

as

of

period

end:

The

Long-Term

U.S.

Government

Bond

Portfolio

average

amount

of

borrowings

outstanding

during

the

period

ended

June

30,

2025

was

$71,726

(amount

in

thousands)

at

a

weighted

average

interest

rate

of

4.490%.

Average

borrowings

include

sale-buyback

transactions.

Multi-Sector

Bond

Portfolio

Derivative

Assets

(000's)

Derivative

Liabilities

(000's)

Counterparty

Forward

Foreign

Currency

Contacts

Swaps

Total

Assets

Forward

Foreign

Currency

Contacts

Written

Options

Swaps

Total

Liabilities

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

America

NA

$

37

$

-

$

37

$

(5,177)

$

-

$

-

$

(5,177)

$

(5,140)

$

4,575

$

(565)

Barclays

Bank

PLC

442

30

472

(714)

-

-

(714)

(242)

242

-

BNP

Paribas

SA

779

-

779

(1,295)

-

-

(1,295)

(516)

417

(99)

Goldman

Sachs

Bank

USA

366

-

366

(60)

(76)

(17)

(153)

213

(213)

-

HSBC

Bank

PLC

112

-

112

(1,029)

-

-

(1,029)

(917)

911

(6)

JP

Morgan

Chase

Bank

NA

461

30

491

(2,506)

(13)

-

(2,519)

(2,028)

1,253

(775)

Morgan

Stanley

Capital

Services

LLC

-

6

6

-

(42)

(113)

(175)

(169)

169

-

NatWest

Markets

PLC

21

-

21

-

-

-

-

21

-

21

Royal

Bank

of

Canada

40

-

40

(4)

-

-

(4)

36

-

36

UBS

AG

10

-

10

(100)

-

-

(100)

(90)

47

(43)

Total

$

2,268

$

66

$

2,334

$

(10,885)

$

(131)

$

(150)

$

(11,166)

$

(8,832)

$

7,401

$

(1,431)

Government

Money

Market

Portfolio

Counterparty

Investment

in

Repurchase

Agreements

Payable

for

Reverse

Repurchase

Agreements

Payable

for

Financing

Transactions

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

Montreal

$

20,000

$

-

$

-

$

20,000

$

(20,000)

$

-

Bank

of

Nova

Scotia

20,000

-

-

20,000

(20,000)

-

BNP

Paribas

20,000

-

-

20,000

(20,000)

-

Citigroup

Global

Markets,

Inc.

25,000

-

-

25,000

(25,000)

-

Goldman

Sachs

Group

LP

15,000

-

-

15,000

(15,000)

-

Mitsubishi

UFJ

25,000

-

-

25,000

(25,000)

-

Mizuho

Securities

28,000

-

-

28,000

(28,000)

-

Natixis

S.A.

25,000

-

-

25,000

(25,000)

-

TD

Securities

20,000

-

-

20,000

(20,000)

-

Total

$

198,000

$

-

$

-

$

198,000

$

(198,000)

$

-

Long-Term

U.S.

Government

Bond

Portfolio

Counterparty

Investment

in

Repurchase

Agreements

Payable

for

Short

Sales

Payable

for

Financing

Transactions

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Goldman

Sachs

&

Co.

LLC

$

-

$

-

$

(46,103)

$

(46,103)

$

45,933

$

(170)

Morgan

Stanley

&

Co.

LLC

-

-

(147,814)

(147,814)

115,761

(32,053)

Total

$

-

$

-

$

(193,917)

$

(193,917)

$

161,694

$

(32,223)

203

Notes

to

Financial

Statements

(unaudited)

The

Multi-Sector

Bond

Portfolio

average

amount

of

borrowings

outstanding

during

the

period

ended

June

30,

2025

was

$5,301

(amount

in

thousands)

at

a

weighted

average

interest

rate

of

3.581%.

Average

borrowings

include

reverse

repurchase

agreements.

Note

7.

Investment

Advisory,

Sub-Advisory,

and

Compliance

Fees

The

Series

Fund

and

its

Portfolios

are

parties

to

annually

renewable

contracts

pursuant

to

which

each

Portfolio

pays

a

charge

for

investment

management

and

administrative

services

to

MSA,

an

affiliate

and

wholly-owned

subsidiary

of

Northwestern

Mutual.

Certain

Portfolios,

listed

below,

pay

a

fixed

annual

rate

based

on

the

average

daily

net

asset

values

of

the

Portfolio.

*

Rate

effective

May

1,

2025.

Prior

to

May

1,

2025,

the

rate

for

the

investment

advisory

fee

was

graded

by

the

asset

size

of

the

Portfolio

according

to

the

following

schedule:

0.60%

on

the

Portfolio’s

first

$100

million

of

average

daily

net

assets,

0.50%

on

the

next

$150

million,

and

0.40%

on

average

daily

net

assets

in

excess

of

$250

million.

**

Rate

effective

May

1,

2025.

Prior

to

May

1,

2025,

the

rate

for

the

investment

advisory

fee

was

a

fixed

annual

rate

of

0.30%

based

on

the

average

daily

net

asset

values

of

the

Portfolio.

For

the

other

Portfolios,

the

rate

for

the

investment

advisory

fee

is

graded

by

the

asset

size

of

the

Portfolio

according

to

the

following

schedules:

Multi-Sector

Bond

Portfolio

Counterparty

Investment

in

Repurchase

Agreements

Payable

for

Reverse

Repurchase

Agreements

Payable

for

Financing

Transactions

Net

Market

Value

Collateral

Pledged/

(Received)

Net

Exposure

Bank

of

Nova

Scotia

$

7,344

$

-

$

-

$

7,344

$

(7,344)

$

-

Barclays

Bank

PLC

-

(844)

-

(844)

844

-

Canadian

Imperial

Bank

of

Commerce

51,404

-

-

51,404

(51,404)

-

Citigroup

Global

Markets,

Inc.

64,600

-

-

64,600

(64,600)

-

Deutsche

Bank

Securities,

Inc.

3,800

-

-

3,800

(3,800)

-

Morgan

Stanley

&

Co.

International

PLC

-

(3,604)

-

(3,604)

3,604

-

JP

Morgan

Securities

LLC

59,100

-

-

59,100

(59,100)

-

Total

$

186,248

$

(4,448)

$

-

$

181,800

$

(181,800)

$

-

Portfolio

Fee

Index

500

Stock

Portfolio

...............................

0.20%

Index

400

Stock

Portfolio

...............................

0.25%

Mid

Cap

Value

Portfolio

.................................

0.85%

Small

Cap

Value

Portfolio

..............................

0.85%

Government

Money

Market

Portfolio

.............

0.30%

Select

Bond

Portfolio

.....................................

0.30%

Active/Passive

All

Equity

Portfolio

.................

0.15%

Active/Passive

Aggressive

Portfolio

..............

0.15%

Asset

Allocation

Portfolio

*

.............................

0.15%

Balanced

Portfolio

**

......................................

0.15%

Active/Passive

Conservative

Portfolio

...........

0.15%

Portfolio

First

$50

Million

Next

$50

Million

Excess

Over

$100

Million

Growth

Stock

Portfolio

...................................

0.60%

0.50%

0.40%

Large

Cap

Core

Stock

Portfolio

.....................

0.60%

0.50%

0.40%

Mid

Cap

Growth

Stock

Portfolio

....................

0.80%

0.65%

0.50%

Small

Cap

Growth

Stock

Portfolio

.................

0.80%

0.65%

0.50%

High

Yield

Bond

Portfolio

...............................

0.60%

0.50%

0.40%

Portfolio

First

$100

Million

Next

$400

Million

Excess

Over

$500

Million

Focused

Appreciation

Portfolio

......................

0.80%

0.75%

0.70%

204

Notes

to

Financial

Statements

(unaudited)

For

certain

Portfolios,

MSA

contractually

agreed

to

waive

the

management

fee

and

absorb

certain

other

operating

expenses

to

the

extent

necessary

so

that

Total

Operating

Expenses

(excluding

taxes,

brokerage,

other

investment-related

costs,

interest

and

dividend

expenses

and

charges,

acquired

fund

fees,

fees

for

class

actions,

other

passive

securities

litigation

and

anti-

trust

claim

filing

services

and

such

non-recurring

and

extraordinary

expenses

as

they

may

arise)

will

not

exceed

the

following

amounts:

Portfolio

First

$100

Million

Next

$150

Million

Excess

Over

$250

Million

Large

Company

Value

Portfolio

.....................

0.72%

0.67%

0.62%

Domestic

Equity

Portfolio

..............................

0.65%

0.55%

0.50%

International

Growth

Portfolio

........................

0.75%

0.65%

0.55%

Short-Term

Bond

Portfolio

.............................

0.35%

0.33%

0.30%

Long-Term

U.S.

Government

Bond

Portfolio

.

0.555%

0.515%

0.495%

Inflation

Protection

Portfolio

...........................

0.58%

0.55%

0.49%

Multi-Sector

Bond

Portfolio

............................

0.79%

0.78%

0.77%

Portfolio

First

$150

Million

Next

$150

Million

Next

$200

Million

Excess

Over

$500

Million

Large

Cap

Blend

Portfolio

.............................

0.77%

0.70%

0.62%

0.56%

Research

International

Core

Portfolio

...........

0.88%

0.82%

0.75%

0.68%

Portfolio

First

$500

Million

Excess

Over

$500

Million

Equity

Income

Portfolio

..................................

0.65%

0.60%

Portfolio

First

$200

Million

Excess

Over

$200

Million

Index

600

Stock

Portfolio

...............................

0.25%

0.20%

Portfolio

First

$50

Million

Excess

Over

$50

Million

International

Equity

Portfolio

..........................

0.85%

0.65%

Portfolio

First

$250

Million

Next

$250

Million

Next

$500

Million

Excess

Over

$1.0

Billion

Emerging

Markets

Equity

Portfolio

................

1.14%

1.08%

0.96%

0.78%

Portfolio

Expiration

Focused

Appreciation

Portfolio

......................

0.90%

April

30,

2026

Large

Cap

Blend

Portfolio

.............................

0.85%

April

30,

2026

Large

Company

Value

Portfolio

.....................

0.80%

April

30,

2026

Domestic

Equity

Portfolio

..............................

0.75%

April

30,

2026

Equity

Income

Portfolio

..................................

0.75%

April

30,

2026

Mid

Cap

Value

Portfolio

.................................

1.00%

April

30,

2026

Index

600

Stock

Portfolio

...............................

0.35%

April

30,

2026

Small

Cap

Value

Portfolio

..............................

1.00%

April

30,

2026

International

Growth

Portfolio

........................

1.10%

April

30,

2026

Research

International

Core

Portfolio

...........

1.15%

April

30,

2026

Emerging

Markets

Equity

Portfolio

................

1.50%

April

30,

2026

Short-Term

Bond

Portfolio

.............................

0.45%

April

30,

2026

Long-Term

U.S.

Government

Bond

Portfolio

.

0.65%

April

30,

2026

Inflation

Protection

Portfolio

...........................

0.65%

April

30,

2026

Multi-Sector

Bond

Portfolio

............................

0.90%

April

30,

2026

Active/Passive

All

Equity

Portfolio

.................

0.27%

April

30,

2026

Active/Passive

Aggressive

Portfolio

..............

0.27%

April

30,

2026

Asset

Allocation

Portfolio

...............................

0.75%

April

30,

2026

205

Notes

to

Financial

Statements

(unaudited)

Growth

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.60%

on

the

Portfolio’s

first

$50

million

of

average

net

assets,

0.50%

on

the

next

$50

million,

0.40%

on

the

next

$900

million,

and

0.38%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Focused

Appreciation

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.66%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.61%

on

the

next

$400

million,

0.60%

on

the

next

$500

million,

and

0.57%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Large

Cap

Core

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.60%

on

the

Portfolio’s

first

$50

million

of

average

net

assets,

0.50%

on

the

next

$50

million,

0.40%

on

the

next

$400

million,

and

0.37%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Large

Cap

Blend

Portfolio

–

For

the

period

from

January

1,

2025

through

April

30,

2025,

MSA

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

was

0.65%

on

the

Portfolio’s

first

$150

million

of

average

net

assets,

0.60%

on

the

next

$350

million,

and

0.56%

on

average

net

assets

in

excess

of

$500

million.

Effective

May

1,

2025,

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.65%

on

the

Portfolio’s

first

$150

million

of

average

net

assets,

0.55%

on

the

next

$350

million,

and

0.52%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Index

500

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.20%

on

the

Portfolio’s

first

$2

billion

of

average

net

assets,

and

0.18%

on

average

net

assets

in

excess

of

$2

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Large

Company

Value

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.67%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.62%

on

the

next

$150

million,

0.59%

on

the

next

$250

million,

and

0.57%

on

the

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Domestic

Equity

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.65%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.55%

on

the

next

$150

million,

0.50%

on

the

next

$250

million,

0.43%

on

the

next

$500

million,

and

0.41%

on

the

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Equity

Income

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.56%

on

the

Portfolio’s

first

$500

million

of

average

net

assets,

0.53%

on

the

next

$1

billion,

and

0.52%

on

the

average

net

assets

in

excess

of

$1.5

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Mid

Cap

Growth

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.80%

on

the

Portfolio’s

first

$50

million,

0.65%

on

the

next

$50

million,

0.50%

on

the

next

$900

million,

and

0.49%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Index

400

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.25%

on

the

Portfolio’s

first

$500

million

and

0.20%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Mid

Cap

Value

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.78%

on

the

Portfolio’s

first

$150

million

of

average

net

assets,

0.66%

on

the

next

$350

million,

and

0.63%

on

the

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Portfolio

Expiration

Active/Passive

Conservative

Portfolio

...........

0.27%

April

30,

2026

206

Notes

to

Financial

Statements

(unaudited)

Small

Cap

Value

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.85%

on

the

Portfolio’s

first

$500

million

of

average

net

assets,

and

0.80%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

International

Growth

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.75%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.65%

on

the

next

$150

million,

0.55%

on

the

next

$750

million,

and

0.54%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Research

International

Core

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.80%

on

the

Portfolio’s

first

$150

million

of

average

net

assets,

0.74%

on

the

next

$150

million,

0.67%

on

the

next

$200

million,

and

0.60%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

International

Equity

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.85%

on

the

Portfolio’s

first

$50

million

of

average

net

assets,

0.65%

on

the

next

$1,950

million,

and

0.63%

on

the

average

net

assets

in

excess

of

$2

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Emerging

Markets

Equity

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

its

management

fee

is

0.95%

on

the

Portfolio’s

first

$250

million

of

average

net

assets,

0.87%

on

the

next

$250

million,

0.78%

on

the

next

$500

million,

and

0.75%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Government

Money

Market

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.30%

on

the

Portfolio’s

first

$500

million

of

average

net

assets,

0.29%

on

the

next

$500

million,

and

0.28%

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Short-Term

Bond

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.35%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.33%

on

the

next

$150

million,

0.30%

on

the

next

$250

million,

and

0.28%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Select

Bond

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.30%

on

the

Portfolio’s

first

$2

billion

of

average

net

assets,

and

0.28%

on

average

net

assets

in

excess

of

$2

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Long-Term

U.S.

Government

Bond

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.555%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.515%

on

the

next

$150

million,

0.495%

of

the

next

$250

million,

and

0.445%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Inflation

Protection

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.42%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.40%

on

the

next

$150

million,

and

0.38%

on

average

net

assets

in

excess

of

$250

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

High

Yield

Bond

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.60%

on

the

Portfolio’s

first

$50

million

of

average

net

assets,

0.50%

on

the

next

$50

million,

0.40%

on

the

next

$900

million,

and

0.30%

on

average

net

assets

in

excess

of

$1

billion.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Multi-Sector

Bond

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.73%

on

the

Portfolio’s

first

$100

million

of

average

net

assets,

0.72%

on

the

next

$150

million,

0.69%

on

the

next

$250

million,

and

0.64%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

207

Notes

to

Financial

Statements

(unaudited)

Active/Passive

All

Equity

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.10%

on

all

average

net

assets.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Active/Passive

Aggressive

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.10%

on

all

average

net

assets.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Asset

Allocation

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.10%

on

all

average

net

assets.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Balanced

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.10%

on

all

average

net

assets.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Active/Passive

Conservative

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

the

management

fee

is

0.10%

on

all

average

net

assets.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Waivers

are

not

recoupable

in

future

periods.

With

respect

to

certain

Portfolios,

MSA

has

engaged

and

oversees

unaffiliated

sub-advisers

who

manage

the

day-to-day

investment

operations

of

such

Portfolios.

MSA

pays

each

sub-adviser

a

fee

based

on

the

average

daily

net

assets

of

each

such

Portfolio

out

of

its

investment

management

fee.

Compliance

fees

are

paid

to

Northwestern

Mutual,

an

affiliate

of

the

Series

Fund.

The

compliance

fees

paid

are

for

the

compensation,

benefits

and

expenses

of

the

Chief

Compliance

Officer

and

compliance

staff.

The

amounts

paid

relate

only

to

the

Chief

Compliance

Officer

and

compliance

staffs’

duties

and

functions

performed

for

the

Series

Fund.

Note

8.

Federal

Income

Tax

Matters

Taxable

distributions

from

net

investment

income

and

realized

capital

gains

in

the

Portfolios

may

differ

from

book

amounts

earned

during

the

period

due

to

differences

in

the

timing

of

capital

gains

recognition

and

due

to

the

reclassification

of

certain

gains

or

losses

between

capital

and

income.

The

differences

between

cost

amounts

for

book

purposes

and

tax

purposes

are

primarily

due

to

the

tax

treatment

of

deferred

losses,

passive

foreign

investment

companies,

and

financing

transactions.

It

is

the

policy

of

the

Portfolios

to

reclassify

the

net

effect

of

permanent

differences

between

book

and

taxable

income

to

capital

accounts

on

the

Statements

of

Assets

and

Liabilities.

Permanent

differences

primarily

relate

to

character

differences

with

respect

to

income

on

swaps,

foreign

currency

transactions,

foreign

bond

sales,

passive

foreign

investment

companies

and

paydowns

on

structured

product

investments.

A

summary

of

the

Portfolios’

capital

loss

carryovers

as

of

December

31,

2024

is

provided

below:

Capital

losses

are

carried

forward

indefinitely

and

retain

the

character

of

the

original

loss.

These

losses

are

deferred

to

the

first

day

of

the

next

fiscal

year.

Capital

Loss

Carryover

Losses

Utilized

(Amounts

in

thousands)                                       

Growth

Stock

Portfolio

..............................

$

–‌

$

34,697‌

Mid

Cap

Growth

Stock

Portfolio

..................

–‌

39,527‌

Small

Cap

Growth

Stock

Portfolio

...............

–‌

40,494‌

International

Equity

Portfolio

......................

–‌

15,718‌

Emerging

Markets

Equity

Portfolio

..............

106,529‌

–‌

Short-Term

Bond

Portfolio

.........................

13,833‌

1,096‌

Select

Bond

Portfolio

................................

466,161‌

25,178‌

Long-Term

U.S.

Government

Bond

Portfolio

..

17,099‌

–‌

Inflation

Protection

Portfolio

.......................

27,523‌

–‌

High

Yield

Bond

Portfolio

..........................

44,935‌

239‌

Multi-Sector

Bond

Portfolio

........................

128,297‌

2,503‌

208

Notes

to

Financial

Statements

(unaudited)

When

applicable,

each

of

the

Portfolios

made

distributions

during

the

year

of

ordinary

income

and

long-term

capital

gains.

The

tax

character

of

distributions

paid

for

the

year

ended

December

31,

2024

was

as

follows:

As

of

December

31,

2024,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

2024 Distributions

Paid

From:

Portfolio

Ordinary

Income

Long-term

Capital

Gain

                                                             (Amounts

in

thousands)

Growth

Stock

Portfolio

.................................

$

1,260‌

$

—‌

Focused

Appreciation

Portfolio

...........................

—‌

121,060‌

Large

Cap

Core

Stock

Portfolio

...........................

5,581‌

34,308‌

Large

Cap

Blend

Portfolio

...............................

6,986‌

32,889‌

Index

500

Stock

Portfolio

...............................

76,347‌

102,573‌

Large

Company

Value

Portfolio

...........................

3,915‌

4,950‌

Domestic

Equity

Portfolio

...............................

21,844‌

80,337‌

Equity

Income

Portfolio

.................................

18,517‌

23,276‌

Mid

Cap

Growth

Stock

Portfolio

...........................

944‌

—‌

Index

400

Stock

Portfolio

...............................

18,277‌

44,010‌

Mid

Cap

Value

Portfolio

.................................

18,818‌

13,797‌

Small

Cap

Growth

Stock

Portfolio

.........................

2,597‌

—‌

Index

600

Stock

Portfolio

...............................

5,413‌

10,051‌

Small

Cap

Value

Portfolio

...............................

4,766‌

19,555‌

International

Growth

Portfolio

............................

9,209‌

26,315‌

Research

International

Core

Portfolio

......................

15,800‌

5,020‌

International

Equity

Portfolio

.............................

55,095‌

—‌

Emerging

Markets

Equity

Portfolio

.........................

15,666‌

—‌

Government

Money

Market

Portfolio

.......................

25,286‌

9‌

Short-Term

Bond

Portfolio

...............................

13,119‌

—‌

Select

Bond

Portfolio

...................................

110,410‌

—‌

Long-Term

U.S.

Government

Bond

Portfolio

.................

3,761‌

—‌

Inflation

Protection

Portfolio

..............................

12,928‌

—‌

High

Yield

Bond

Portfolio

................................

43,835‌

—‌

Multi-Sector

Bond

Portfolio

..............................

65,277‌

—‌

Balanced

Portfolio

.....................................

42,536‌

38,644‌

Asset

Allocation

Portfolio

................................

5,503‌

8,203‌

Portfolio

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Losses

Unrealized

Appreciation

(Depreciation)

(Amounts

in

thousands)

Growth

Stock

Portfolio

.............................................................

$

1,228‌

$

24,863‌

$

–‌

$

741,970‌

Focused

Appreciation

Portfolio

..................................................

–‌

201,020‌

–‌

773,080‌

Large

Cap

Core

Stock

Portfolio

.................................................

9,473‌

107,481‌

–‌

163,346‌

Large

Cap

Blend

Portfolio

........................................................

11,438‌

10,186‌

–‌

29,252‌

Index

500

Stock

Portfolio

.........................................................

75,498‌

233,299‌

–‌

4,642,860‌

Large

Company

Value

Portfolio

.................................................

4,542‌

8,117‌

–‌

5,780‌

Domestic

Equity

Portfolio

.........................................................

24,240‌

93,852‌

–‌

98,550‌

Equity

Income

Portfolio

............................................................

15,757‌

67,667‌

–‌

152,512‌

Mid

Cap

Growth

Stock

Portfolio

.................................................

7,537‌

169,150‌

–‌

36,573‌

Index

400

Stock

Portfolio

.........................................................

39,966‌

69,081‌

–‌

402,733‌

Mid

Cap

Value

Portfolio

...........................................................

27,117‌

32,170‌

–‌

(1,247‌)

Small

Cap

Growth

Stock

Portfolio

..............................................

15,453‌

32,894‌

–‌

108,645‌

Index

600

Stock

Portfolio

.........................................................

7,008‌

23,594‌

–‌

82,139‌

Small

Cap

Value

Portfolio

.........................................................

7,008‌

51,347‌

–‌

119,136‌

International

Growth

Portfolio

....................................................

9,765‌

40,819‌

–‌

254,447‌

Research

International

Core

Portfolio

.........................................

16,766‌

13,851‌

–‌

133,986‌

International

Equity

Portfolio

.....................................................

57,082‌

21,478‌

–‌

(2,233‌)

Emerging

Markets

Equity

Portfolio

.............................................

13,959‌

–‌

(106,529‌)

112,921‌

Government

Money

Market

Portfolio

..........................................

–‌

–‌

–‌

–‌

Short-Term

Bond

Portfolio

........................................................

16,160‌

–‌

(13,833‌)

(3,089‌)

Select

Bond

Portfolio

...............................................................

125,101‌

–‌

(466,161‌)

(96,038‌)

209

Notes

to

Financial

Statements

(unaudited)

Note

9.

Voluntary

Reimbursements

Northwestern

Mutual

voluntarily

reimburses

foreign

equity

portfolios

for

the

benefit

Northwestern

Mutual

receives

from

foreign

dividend

taxes

charged

against

the

Portfolios.

The

amounts

reimbursed

represent

approximately

79%

of

the

foreign

dividend

taxes

withheld

attributable

to

the

portion

of

the

Portfolio

owned

by

Northwestern

Mutual.

Reimbursements,

included

in

Unaffiliated

Dividends

on

the

Statements

of

Operations,

are

recorded

when

foreign

dividend

taxes

are

accrued.

Voluntary

reimbursements

for

the

period

ended

June

30,

2025

are

summarized

below

(amounts

in

thousands):

Note

10.

Guarantees

In

the

normal

course

of

business,

the

Portfolios

enter

into

contracts

that

contain

a

variety

of

representations

which

provide

general

indemnifications.

The

Portfolios’

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Portfolios

that

have

not

yet

occurred.

However,

the

Portfolios

expect

the

risk

of

material

loss

to

be

remote.

Note

11.

Investment

Income

and

Securities

Transactions

For

the

period

ended

June

30,

2025,

transactions

in

securities

other

than

short

term

investments

were:

Portfolio

Undistributed

Ordinary

Income

Undistributed

Long-Term

Gains

Accumulated

Losses

Unrealized

Appreciation

(Depreciation)

(Amounts

in

thousands)

Long-Term

U.S.

Government

Bond

Portfolio

.................................

$

4,085‌

$

–‌

$

(17,099‌)

$

(59,921‌)

Inflation

Protection

Portfolio

......................................................

18,119‌

–‌

(27,523‌)

(31,178‌)

High

Yield

Bond

Portfolio

.........................................................

41,921‌

–‌

(44,935‌)

(27,652‌)

Multi-Sector

Bond

Portfolio

.......................................................

73,244‌

–‌

(128,297‌)

(55,895‌)

Balanced

Portfolio

..................................................................

56,628‌

46,298‌

–‌

(25,141‌)

Asset

Allocation

Portfolio

..........................................................

6,882‌

7,883‌

–‌

8,822‌

Portfolio

2025

Reimbursements

International

Growth

Portfolio

............................

$

824‌

International

Equity

Portfolio

.............................

3,166‌

Research

International

Core

Portfolio

......................

1,319‌

Emerging

Markets

Equity

Portfolio

.........................

1,258‌

Portfolios

Non-U.S.

Govt.

Security

Purchases

U.S.

Govt.

Security

Purchases

Non-U.S.

Govt.

Security

Sales/

Maturities

U.S.

Govt.

Security

Sales/

Maturities

(Amounts

in

thousands)

Growth

Stock

Portfolio

............................................................

$

68,001‌

$

—‌

$

132,809‌

$

—‌

Focused

Appreciation

Portfolio

.................................................

15,959‌

—‌

93,069‌

—‌

Large

Cap

Core

Stock

Portfolio

................................................

310,439‌

—‌

334,108‌

—‌

Large

Cap

Blend

Portfolio

.......................................................

31,507‌

—‌

39,397‌

—‌

Index

500

Stock

Portfolio

........................................................

39,021‌

—‌

89,354‌

—‌

Large

Company

Value

Portfolio

................................................

87,063‌

—‌

92,092‌

—‌

Domestic

Equity

Portfolio

........................................................

214,678‌

—‌

209,388‌

—‌

Equity

Income

Portfolio

...........................................................

128,045‌

—‌

147,743‌

—‌

Mid

Cap

Growth

Stock

Portfolio

................................................

431,229‌

—‌

453,220‌

—‌

Index

400

Stock

Portfolio

........................................................

83,968‌

—‌

76,585‌

—‌

Mid

Cap

Value

Portfolio

..........................................................

274,404‌

—‌

267,708‌

—‌

Small

Cap

Growth

Stock

Portfolio

.............................................

328,881‌

—‌

333,126‌

—‌

Index

600

Stock

Portfolio

........................................................

52,798‌

—‌

34,060‌

—‌

Small

Cap

Value

Portfolio

........................................................

113,081‌

—‌

116,511‌

—‌

International

Growth

Portfolio

...................................................

142,345‌

—‌

184,088‌

—‌

Research

International

Core

Portfolio

........................................

150,499‌

—‌

150,977‌

—‌

210

Notes

to

Financial

Statements

(unaudited)

Transactions

with

Affiliated

Companies

The

Series

Fund

and

its

Portfolios

are

permitted

to

purchase

securities

from,

and

sell

securities

to

(so

called

“cross-trades”),

(i)

other

Portfolios,

(ii)

any

registered

investment

company

which

is

an

affiliate,

or

an

affiliate

of

an

affiliate,

or

(iii)

any

person

which

is

an

affiliate,

or

an

affiliate

of

an

affiliate,

of

the

Series

Fund

or

the

Portfolio

solely

by

reason

of

having

a

common

investment

adviser

or

sub-adviser

(or

affiliated

investment

advisers)

or

common

directors

and/or

officers,

pursuant

to

procedures

adopted

by

the

Board

under

Rule

17a-7

of

the

1940

Act

(“Procedures”).

These

Procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

a

Portfolio

complies

with

Rule

17a-7

of

the

1940

Act.

Each

cross-trade

is

effected

at

the

current

market

price

as

defined

under

the

Procedures.

Pursuant

to

the

Procedures,

for

the

period

ended

June

30,

2025,

the

Series

Fund

Portfolios

engaged

in

the

following

cross-trades

(amounts

in

thousands):

Note

12.

Subsequent

Events

Effective

July

1,

2025,

the

following

Portfolio

names

changed:

Effective

July

31,

2025,

Putnam

Investment

Management,

LLC

began

serving

as

the

sub-adviser

for

the

Domestic

Equity

Portfolio.

Effective

August

1,

2025,

MSA

entered

into

a

revised

advisory

fee

waiver

agreement

related

to

the

Emerging

Markets

Equity

Portfolio

in

which

MSA

has

agreed

to

waive

a

portion

of

its

management

fee

such

that

its

management

fee

is

0.84%

on

the

Portfolio’s

first

$250

million

of

average

net

assets,

0.76%

on

the

next

$250

million,

and

0.68%

on

average

net

assets

in

excess

of

$500

million.

MSA

may

terminate

this

fee

waiver

agreement

at

any

time

after

April

30,

2026.

Portfolios

Non-U.S.

Govt.

Security

Purchases

U.S.

Govt.

Security

Purchases

Non-U.S.

Govt.

Security

Sales/

Maturities

U.S.

Govt.

Security

Sales/

Maturities

(Amounts

in

thousands)

International

Equity

Portfolio

....................................................

$

161,330‌

$

—‌

$

184,164‌

$

—‌

Emerging

Markets

Equity

Portfolio

............................................

197,721‌

—‌

204,452‌

—‌

Short-Term

Bond

Portfolio

.......................................................

101,153‌

152,533‌

73,063‌

172,201‌

Select

Bond

Portfolio

..............................................................

1,273,769‌

2,268,458‌

993,809‌

2,507,819‌

Long-Term

U.S.

Government

Bond

Portfolio

................................

—‌

17,327‌

105‌

9,710‌

Inflation

Protection

Portfolio

.....................................................

30,548‌

19,116‌

22,431‌

25,215‌

High

Yield

Bond

Portfolio

........................................................

81,269‌

—‌

83,317‌

—‌

Multi-Sector

Bond

Portfolio

......................................................

164,234‌

—‌

219,420‌

7,496‌

Active/Passive

All

Equity

Portfolio

*

............................................

24,479‌

—‌

—‌

—‌

Active/Passive

Aggressive

Portfolio

*

..........................................

24,485‌

—‌

—‌

—‌

Asset

Allocation

Portfolio

.........................................................

25,091‌

—‌

31,851‌

—‌

Balanced

Portfolio

.................................................................

123,153‌

—‌

196,921‌

—‌

Active/Passive

Conservative

Portfolio

*

.......................................

24,495‌

—‌

—‌

—‌

*

Portfolio

commenced

operations

on

June

30,

2025

Cross

Trade

Sales

Portfolio

Cross

Trade

Purchases

Portfolio

Proceeds

Net

Realized

Gain

(Loss)

on

Sales

International

Growth

Portfolio

$

14,768

International

Growth

Portfolio

$

2,662

$

1,465

Mid

Cap

Value

Portfolio

95

Mid

Cap

Value

Portfolio

29

(19)

Small

Cap

Growth

Stock

Portfolio

1,739

(450)

Small

Cap

Value

Portfolio

1,419

(378)

Former

Name

New

Name

Asset

Allocation

Portfolio

Active/Passive

Moderate

Portfolio

Balanced

Portfolio

Active/Passive

Balanced

Portfolio

211

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

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

CME

Chicago

Mercantile

Exchange

ICE

Intercontinental

Exchange

FTSE

Financial

Times

Stock

Exchange

SONIO

Sterling

Overnight

Interbank

Average

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

DIFC

Dubai

International

Financial

Centre

BRL-CDI

Brazil

Interbank

Deposit

Rate

EURIBOR

Euro

Interbank

Offered

Rate

PRIBOR

Prague

Interbank

Offered

Rate

ETF

Exchange

Traded

Fund

Currency

Abbreviations

AED

United

Arab

Emirates

Dirham

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Yuan

Renminbi

-

Offshore

CNY

Chinese

Yuan

Renminbi

CZK

Czech

Koruna

DKK

Danish

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KWD

Kuwaiti

Dinar

MXN

Mexican

New

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

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

212

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Northwestern

Mutual

Series

Fund,

Inc.

Annual

Contract

Review

Process

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

contracts

for

investment

advisory

services

are

required

to

be

reviewed,

evaluated

and

approved

by

a

majority

of

an

investment

company’s

independent

directors

each

year.

In

addition,

each

investment

company

is

required

to

disclose

on

Form

N-CSR

the

material

factors

and

conclusions

that

formed

the

basis

for

the

board’s

approval

or

renewal

of

any

investment

advisory

agreements

within

the

investment

company’s

most

recently

completed

fiscal

half-year

period.

At

least

annually,

the

Board

of

Directors

(the

“Board”)

of

Northwestern

Mutual

Series

Fund,

Inc.

(the

“Series

Fund”)

considers

and

votes

upon

the

renewal

of

the

investment

advisory

agreement

between

Mason

Street

Advisors,

LLC

(“Mason

Street

Advisors”)

and

the

Series

Fund

with

respect

to

each

of

the

existing

portfolios

of

the

Series

Fund

(each,

an

“Existing

Portfolio”

and

collectively,

the

“Existing

Portfolios”),

as

well

as

the

investment

sub-advisory

agreements

between

Mason

Street

Advisors

and

each

of

the

sub-advisers

of

those

Existing

Portfolios

for

which

Mason

Street

Advisors

and

the

Board

have

appointed

a

sub-adviser.

In

order

to

afford

the

opportunity

to

focus

on

a

smaller

number

of

relationships

at

any

one

meeting,

the

Board

considers

the

annual

continuation

of

the

sub-advisory

agreements

on

a

staggered

basis

during

the

course

of

the

year.

Board

Approvals

During

the

Six-Month

Period

Ended

June

30,

2025

At

its

February

27,

2025

meeting,

the

Board,

including

the

directors

who

are

not

“interested

persons”

(as

that

term

is

defined

in

the

1940

Act)

of

the

Series

Fund

or

Mason

Street

Advisors

(the

“Independent

Directors”),

unanimously

approved

the

continuance

of

the

Amended

and

Restated

Advisory

Agreement

between

the

Series

Fund

and

Mason

Street

Advisors

with

respect

to

each

of

the

Series

Fund’s

Existing

Portfolios

(the

“Advisory

Agreement”),

as

well

as

an

amendment

thereto.

Also

at

its

February

27,

2025

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of

(1)

a

Third

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Wellington

Management

Company

LLP

(“Wellington”)

relating

to

the

Series

Fund’s

Small

Cap

Growth

Stock

and

Large

Cap

Core

Stock

Portfolios

and

(2)

two

Amended

and

Restated

Investment

Sub-Advisory

Agreements

between

Mason

Street

Advisors

and

Northern

Trust

Investments,

Inc.

(“Northern

Trust”)

relating

to

the

Series

Fund’s

Index

400

Stock

Portfolio

and

Index

600

Stock

Portfolio.

At

its

June

5,

2025

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of

(1)

a

Fourth

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Massachusetts

Financial

Services

Company

(“MFS”)

relating

to

the

Series

Fund’s

Research

International

Core

Portfolio,

(2)

a

Third

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

FIAM

LLC

(“FIAM”)

relating

to

the

Series

Fund’s

International

Growth

Portfolio,

(3)

a

Second

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

abrdn

Investments

Limited

(“abrdn”),

along

with

an

amendment

thereto,

relating

to

the

Series

Fund’s

Emerging

Markets

Equity

Portfolio,

(4)

an

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Dodge

&

Cox

relating

to

the

Series

Fund’s

International

Equity

Portfolio,

and

(5)

the

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

J.P.

Morgan

Investment

Management,

Inc.

(“JPMIM”)

relating

to

the

Series

Fund’s

Large

Cap

Blend

Portfolio.

Wellington,

Northern

Trust,

MFS,

FIAM,

abrdn,

and

Dodge

&

Cox

are

sometimes

collectively

referred

to

herein

as

the

“Sub-

Advisers,”

and

their

respective

sub-advised

Portfolios

are

collectively

referred

to

herein

as

the

“Sub-Advised

Portfolios.”

The

Investment

Sub-Advisory

Agreements

with

Wellington,

Northern

Trust,

MFS,

FIAM,

abrdn,

and

Dodge

&

Cox

are

collectively

referred

to

herein

as

the

“Sub-Advisory

Agreements.”

Also

at

its

June

5,

2025

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

an

Investment

Sub-

Advisory

Agreement

between

Mason

Street

Advisors

and

Putnam

Investment

Management,

LLC

(“Putnam”)

relating

to

the

213

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Series

Fund’s

Domestic

Equity

Portfolio.

The

foregoing

Investment

Sub-Advisory

Agreement

will

sometimes

be

referred

to

herein

as

the

“New

Sub-Advisory

Agreement.”

Wellington,

Northern

Trust,

MFS,

FIAM,

abrdn,

Dodge

&

Cox,

JPMIM,

and

Putnam

are

sometimes

collectively

referred

to

herein

as

the

“Sub-Advisers,”

and

their

respective

sub-advised

portfolios

are

sometimes

collectively

referred

to

herein

as

the

“Sub-

Advised

Portfolios.”

The

Investment

Sub-Advisory

Agreements

with

Wellington,

Northern

Trust,

MFS,

FIAM,

abrdn,

Dodge

&

Cox,

and

JPMIM

are

collectively

referred

to

herein

as

the

“Existing

Sub-Advisory

Agreements.”

In

determining

whether

to

approve

the

Existing

Sub-Advisory

Agreements

and

the

New

Sub-Advisory

Agreement

on

behalf

of

the

Series

Fund,

the

Board

requested

and

received

detailed

information

from

Mason

Street

Advisors

and

the

Sub-Advisers

in

advance

of

each

meeting

to

assist

them

in

their

evaluation,

including

information

compiled

by

certain

independent

providers

of

evaluative

data.

While

particular

focus

was

given

to

an

evaluation

of

the

services,

performance,

fees,

costs,

and

certain

other

relevant

information

under

such

Agreements

at

the

meeting

at

which

their

continuation

is

formally

considered,

the

evaluation

process

with

respect

to

Mason

Street

Advisors

and

the

Sub-Advisers

and

the

nature,

extent

and

quality

of

the

services

they

provide

to

the

Existing

Portfolios

pursuant

to

the

terms

of

the

Existing

Sub-Advisory

Agreements

is

an

ongoing

one.

As

a

result,

the

Board’s

consideration

of

such

services,

and

the

performance,

fees,

costs

and

other

relevant

factors

was

also

based

upon

information

provided

and

deliberations

that

occurred

at

other

meetings

throughout

the

year.

The

Independent

Directors

received

a

memorandum

from

their

counsel

advising

them

of

their

responsibilities

in

connection

with

the

consideration

of

continuance

of

the

Existing

Sub-Advisory

Agreements,

and

summarizing

the

legal

standards

governing

the

review

and

approval

of

these

Agreements.

The

Independent

Directors

reviewed

these

standards

with

their

counsel

during

the

course

of

the

meetings,

including

how

these

standards

should

be

applied

to

the

review

of

information

relating

to

sub-

advisers

under

the

Series

Fund’s

manager-of-managers

structure.

During

the

course

of

their

deliberations,

the

Independent

Directors

had

the

opportunity

to

meet

privately

without

representatives

of

Mason

Street

Advisors

and

the

Sub-Advisers,

and

were

represented

throughout

the

process

by

legal

counsel.

Continuation

of

the

Advisory

Agreement

between

the

Series

Fund

and

Mason

Street

Advisors

At

its

February

27,

2025

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of

the

Advisory

Agreement

with

respect

to

each

Series

Fund

Portfolio.

The

Board

also

unanimously

approved

an

amendment

to

the

Advisory

Agreement

(the

“Amendment”)

which

(1)

incorporated

a

fee

reduction

for

the

Asset

Allocation

and

Balanced

Portfolios

,

and

(2)

added

three

new

Series

Fund

Portfolios,

namely

the

Active/Passive

Conservative

Portfolio,

Active/Passive

Aggressive

Portfolio,

and

Active/Passive

All

Equity

Portfolio

(the

“New

Portfolios”)

(as

described

below).

The

material

factors

and

conclusions

that

formed

the

basis

for

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

include

those

discussed

below.

The

directors

evaluated

the

information

they

deemed

relevant

on

a

Portfolio-by-

Portfolio

basis.

No

one

particular

factor

was

identified

as

determinative,

but

rather

it

was

a

combination

of

all

the

factors

and

conclusions

that

formed

the

basis

for

the

determinations

made

by

the

directors.

Further,

different

directors

may

have

placed

greater

weight

on

certain

factors

than

did

other

directors.

In

addition

to

the

information

presented

by

and

about

Mason

Street

Advisors

during

the

course

of

that

meeting,

the

materials

provided

to

the

directors

in

advance

of

the

meeting

included

Mason

Street

Advisor’s

Section

15(c)

Report,

which

contained

responses

to

the

information

request

letter

prepared

by

counsel

to

the

Independent

Directors

requesting

certain

information

from

Mason

Street

Advisors

designed

to

assist

the

directors

in

fulfilling

their

responsibilities

when

considering

the

continuation

of

the

Advisory

Agreement

and

the

approval

of

the

Amendment.

Those

materials

also

included

an

independent

report

prepared

by

Broadridge

(“Broadridge

Report”)

for

each

of

the

Existing

Portfolios.

The

Broadridge

Report

provided

details

regarding

the

fees,

expenses,

and

performance

returns

captured

over

a

variety

of

measurement

periods,

as

well

as

comparative

information

associated

with

a

peer

group

for

each

Portfolio

as

selected

by

Broadridge

based

on

the

Existing

Portfolio’s

investment

style,

characteristics

and

asset

levels,

and

further

customized

to

filter

out

funds

with

different

share

class

characteristics

and

fund

structures.

(The

Broadridge

Report

utilizes

Morningstar

fund

classifications

and

data.)

The

Broadridge

Report

included

an

executive

summary

of

the

performance

and

expense

information

compiled

by

Broadridge

to

facilitate

the

directors’

review.

214

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

The

materials

provided

to

the

Independent

Directors

included

a

summary

from

the

Mason

Street

Advisors’

Chief

Compliance

Officer

(“CCO”)

of

Mason

Street

Advisors’

compliance

program,

as

well

as

the

CCO’s

Annual

Compliance

Report

summarizing

the

results

of

his

review

and

assessment

of

the

adequacy

of

Mason

Street

Advisors’

compliance

program.

In

addition

to

the

information

presented

at

the

February

27,

2025

meeting,

the

directors’

considerations

were

informed

by

the

information

regularly

provided

to

them

throughout

the

year

regarding

the

Existing

Portfolios

and

Mason

Street

Advisors,

their

experience

with

and

knowledge

of

the

nature

and

quality

of

services

provided

by

Mason

Street

Advisors

to

the

Existing

Portfolios

and

their

interactions

with

representatives

of

Mason

Street

Advisors

and

its

affiliates.

The

material

factors

and

conclusions

that

formed

the

basis

for

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

and

the

approval

of

the

Amendment

include

those

discussed

below.

The

directors

evaluated

the

information

they

deemed

relevant

on

a

Portfolio-by-Portfolio

basis.

No

one

particular

factor

was

identified

as

determinative,

but

rather

it

was

a

combination

of

all

the

factors

and

conclusions

that

formed

the

basis

for

the

determinations

made

by

the

directors.

Further,

different

directors

may

have

placed

greater

weight

on

certain

factors

than

did

other

directors.

Nature,

Extent

and

Quality

of

Services

.

In

considering

the

nature,

extent

and

quality

of

Mason

Street

Advisors’

services,

factors

considered

by

the

directors

included

Mason

Street

Advisors’

overall

business,

organization

and

management

structure,

and

the

tenure

and

experience

of

Mason

Street

Advisors’

investment

personnel.

The

directors

considered

the

performance

of

each

of

the

Existing

Portfolios

over

various

time

periods

as

presented

at

the

February

27,

2025

meeting

and

at

each

of

the

quarterly

meetings

prior

thereto.

Included

as

part

of

their

review

were

the

presentations

and

information

provided

by

Mason

Street

Advisors

regarding

the

services

provided

by

Mason

Street

Advisors

to

the

Existing

Portfolios.

These

services

include

the

investment

management

services

rendered

by

Mason

Street

Advisors’

portfolio

managers

in

providing

day-to-day

portfolio

management

services

for

the

Asset

Allocation

Portfolio

and

Balanced

Portfolio.

The

directors

considered

the

effectiveness

of

Mason

Street

Advisors’

portfolio

managers

in

providing

day-to-day

portfolio

management

services

for

the

foregoing

Portfolios.

The

directors

also

considered

the

investment

management,

administrative

and

supervisory

services

related

to

Mason

Street

Advisors’

oversight,

evaluation

and

ongoing

monitoring

of

the

various

sub-advisers

appointed

to

manage

the

majority

of

the

Series

Fund’s

Existing

Portfolios.

The

directors

considered

the

effectiveness

and

coverage

of

Mason

Street

Advisors

supervisory

oversight

of

the

appointed

sub-

advisors,

including

its

monitoring

and

assessment

of

sub-advisory

investment

performance,

sub-advisory

organizational

and

personnel

developments,

sub-advisory

investment

strategies

and

execution

as

well

as

Mason

Street

Advisors’

overall

level

of

engagement

with

the

sub-advisory

investment

teams.

The

directors

considered

information

concerning

certain

benefits

to

the

Series

Fund

resulting

from

the

functional

realignment

of

MSA

under

The

Northwestern

Mutual

Life

Insurance

Company’s

(“Northwestern

Mutual”)

retail

investment

function

that

occurred

in

2021,

as

well

as

benefits

from

the

addition

of

a

second

investment

advisory

client

in

2023,

including

economies

of

scale

from

allocating

its

expenses

across

a

broader

client

base,

additional

staff

that

would

support

both

its

second

client

and

the

Series

Fund,

and

reduced

sub-advisory

management

fee

rates

for

certain

sub-advisers,

to

name

a

few.

The

directors

recognized

that

in

addition

to

the

investment

advisory

services

provided,

Mason

Street

Advisors

and

its

affiliates

provided

administrative

services

critical

to

the

operation

of

the

Existing

Portfolios

and

the

servicing

of

the

Series

Fund’s

investors.

The

risk

management

infrastructure

implemented

by

Mason

Street

Advisors,

the

Series

Fund’s

compliance

program

and

compliance

infrastructure,

and

its

various

compliance

policies

and

procedures,

oversight

of

brokerage

and

trading,

and

succession

planning

were

also

considered

by

the

directors.

The

directors

appreciated

that

the

scope

of

administrative

services

provided

by

Northwestern

Mutual

for

the

Series

Fund

did

not

change

in

2024,

nor

have

MSA

or

Northwestern

Mutual

experienced

any

material

issues

furnishing

such

administrative

services.

The

directors

additionally

evaluated

the

nature,

scope,

extent

and

quality

of

services

to

be

provided

by

MSA

with

respect

to

the

New

Portfolios

in

light

of

their

extensive

experience

with

MSA.

The

factors

considered

by

the

directors

included

MSA’s

investment

personnel

to

be

associated

with

the

New

Portfolios,

the

resources

to

be

committed

by

MSA

in

managing

the

New

Portfolios,

and

the

experience

of

MSA

in

managing

assets

and/or

objectives

similar

to

those

New

Portfolios

to

be

managed

solely

by

MSA.

Given

the

directors’

experience

with

MSA,

they

were

familiar

with

and

had

a

thorough

understanding

of

the

215

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

organization,

operations,

investment

philosophy

and

personnel.

The

directors

recognized

that,

in

addition

to

the

investment

advisory

services

provided

by

MSA,

MSA

and

its

affiliates

would

provide

certain

other

services

necessary

for

the

operation

of

the

New

Portfolios

and

the

servicing

of

the

beneficial

owners

of

shares

of

the

Series

Fund.

Based

on

their

review

of

these

factors

and

their

experience

with

MSA’s

services

for

the

Existing

Portfolios,

the

directors

concluded

that

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

to

be

provided

by

MSA

with

respect

to

each

of

the

New

Portfolios,

and

the

resources

to

be

committed

by

MSA

in

providing

those

services.

Based

on

their

review

of

these

factors,

and

reflecting

upon

their

experience

with

Mason

Street

Advisors’

services

provided

to

the

Existing

Portfolios

and

the

New

Portfolios,

the

Board

concluded,

as

part

of

their

overall

evaluation

of

the

Advisory

Agreement

and

the

accompanying

Amendment,

that

they

were

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

Mason

Street

Advisors

with

respect

to

each

Existing

Portfolio,

as

well

as

the

nature,

extent

and

quality

of

services

to

be

provided

by

Mason

Street

Advisors

to

the

New

Portfolios,

including

the

resources

committed

by

Mason

Street

Advisors

and

its

affiliates

in

providing

those

services,

and

the

experience

and

capabilities

of

the

personnel

rendering

such

services.

Investment

Performance

.

The

directors

considered

the

investment

performance

of

each

of

the

Existing

Portfolios

over

a

variety

of

periods.

The

Broadridge

Report

assisted

the

Board

in

its

evaluation

of

the

performance

of

the

Existing

Portfolios.

In

addition

to

considering

performance

for

each

Existing

Portfolio

for

both

short-

and

long-term

periods,

the

directors

considered:

(i)

a

comparison

of

each

Existing

Portfolio’s

one-,

three-,

and

five-year

performance

to

the

returns

of

appropriate

index

benchmarks,

and

to

the

performance

averages

of

each

Existing

Portfolio’s

respective

Broadridge

fund

group

categories

for

the

same

periods;

(ii)

the

Broadridge

overall

star

rating

and

for

each

Existing

Portfolio;

and

(iii)

the

Broadridge

and

performance

rankings

for

each

Existing

Portfolio

for

the

one-,

three-

and

five-year

time

periods.

The

directors

evaluated

each

Existing

Portfolio’s

performance

against

these

peer

categories,

industry

benchmarks

and

indices.

They

viewed

this

information

as

providing

an

objective

comparative

measure

against

which

they

could

assess

the

performance

of

the

Existing

Portfolios.

The

directors

were

also

presented

with

information

from

Mason

Street

Advisors

regarding

the

relevant

market

conditions

and

other

factors

affecting

the

performance

of

each

Existing

Portfolio.

The

directors

evaluated

a

chart

provided

by

Broadridge

regarding

each

Existing

Portfolio’s

net

returns

relative

to

net

expenses

for

the

five-year

period

ended

December

31,

2024,

which

permitted

the

identification

of

those

Portfolios

scoring

in

the

bottom

half

for

performance

returns

on

a

comparative

basis.

The

directors

considered

MSA’s

views

with

respect

to

performance

challenges

and

expectations

for

the

portfolios

in

the

bottom

half

of

the

chart.

In

addition

to

performance

information

presented

at

the

meeting,

the

directors

considered

the

detailed

performance

information,

market

commentary,

portfolio

analysis

and

portfolio

manager

presentations

they

received

periodically

throughout

the

year.

The

directors

gave

weight

to

their

ongoing

discussions

with

senior

management

at

Mason

Street

Advisors

concerning

portfolio

performance,

as

well

as

discussions

among

the

Board,

the

Sub-Advisers

and

the

portfolio

managers

of

the

Existing

Portfolios

regarding

investment

strategies

and

performance

that

occurred

at

meetings

from

time

to

time.

While

attentive

to

short-term

performance

and

what

it

might

indicate

in

the

context

of

current

developments

in

the

economy

and

financial

markets,

the

directors

generally

placed

greater

emphasis

on

longer-term

performance.

Based

on

the

Board’s

review

of

investment

performance

over

various

periods,

an

analysis

of

the

factors

resulting

in

the

performance

of

certain

of

the

Existing

Portfolios,

the

Board

concluded

that,

considering

investment

performance

within

the

context

of

its

overall

determinations

regarding

the

Advisory

Agreement,

it

was

satisfied

with

the

relative

investment

performance

of

each

Existing

Portfolio

over

time.

Regarding

the

New

Portfolios,

the

directors

considered

MSA’s

experience

in

managing

the

Asset

Allocation

and

Balanced

Portfolios,

both

of

which

are

directly

managed

by

MSA,

have

similar

investment

strategies,

and

also

operate

primarily

as

“fund

of

funds.”

The

directors

also

considered

presentations

they

had

received

at

various

Series

Fund

Board

and

committee

meetings

throughout

2024

concerning

The

Northwestern

Mutual

Life

Insurance

Company’s

funds

enhancement

project,

a

part

of

which

was

the

proposal

to

create

the

New

Portfolios.

The

directors

considered

that

the

New

Portfolios

would

be

positioned

alongside

the

Asset

Allocation

and

Balanced

Portfolios

as

a

full

suite

of

investment

options

which

encompass

the

full

risk

tolerance

spectrum.

Based

on

these

and

other

factors

deemed

relevant,

the

Board

concluded

that

it

was

satisfied

with

the

personnel

to

be

associated

with

the

New

Portfolios

and

MSA’s

experience

and

capabilities

to

manage

them.

216

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Management

Fees

and

Other

Expenses

.

The

Broadridge

Report

assisted

the

Board

in

the

evaluation

of

the

relative

expenses

of

the

Existing

Portfolios.

The

directors

reviewed

a

comparison

of

the

management

fees

of

the

Existing

Portfolios

and

those

of

an

independently

selected

peer

group

of

mutual

funds

for

each

of

the

Existing

Portfolios.

The

directors

further

considered

the

expenses

of

each

Existing

Portfolio

and

a

comparison

of

those

expenses

with

each

Existing

Portfolio’s

respective

peer

group

and

fund

category

group

as

a

guide

to

help

assess

the

reasonableness

of

each

Existing

Portfolio’s

advisory

fees

and

net

and

total

expense

ratios.

The

Broadridge

Report

also

included

additional

comparative

information

relating

to

other

fee

components,

including

costs

relating

to

custodial

services,

shareholder

reporting,

audit

expenses

and

advisory

fees.

The

directors

used

the

comparative

data

to

help

assess

the

reasonableness

of

each

Existing

Portfolio’s

advisory

fee,

although

they

acknowledged

that

it

was

difficult

to

make

precise

comparisons

with

other

funds

because

of

the

differing

manner

in

which

service

providers

bundle

the

services

they

provide

and

the

fees

they

charge.

In

evaluating

the

level

of

management

fees

paid

by

each

Existing

Portfolio,

the

directors

considered

the

structure

and

size

of

the

Existing

Portfolios,

the

fees

paid

by

each

Existing

Portfolio

under

the

Advisory

Agreement,

the

expense

cap

and

fee

waiver

agreements

in

place

for

certain

Existing

Portfolios,

and

the

amounts

waived

or

reimbursed

by

Mason

Street

Advisors

under

such

agreements.

In

considering

Mason

Street

Advisors’

management

fees

on

a

stand-alone

basis,

the

directors

took

into

consideration

that

the

management

fees

compensated

Mason

Street

Advisors

for

a

broader

range

of

services

(both

investment

management

and

administrative

services)

than

may

be

included

under

a

typical

investment

management

contract,

and

concluded

that

as

a

result

of

these

additional

services,

viewing

Mason

Street

Advisors’

management

fees

in

light

of

Broadridge-reported

averages

might

not

provide

the

most

accurate

frame

of

reference

for

comparative

purposes.

The

directors

also

took

into

consideration

that

the

Amendment

up

for

consideration

at

the

February

27,

2025

meeting

included

a

proposed

fee

reduction

for

the

Asset

Allocation

and

Balanced

Portfolios.

The

directors

also

evaluated

each

Existing

Portfolio’s

total

operating

expenses

over

various

periods.

The

directors

observed

favorably

that

all

of

the

Existing

Portfolios

were

ranked

in

Broadridge’s

first

or

second

quartile

(meaning

lowest

expenses)

for

net

total

expenses

within

their

respective

category

groups

at

December

31,

2024,

with

21

of

the

Existing

Portfolios

ranking

in

the

first

quartile.

Based

on

their

review

of

the

management

fees

and

other

expenses,

the

comparative

data,

the

performance

of

each

Existing

Portfolio,

and

other

factors

deemed

relevant

by

the

directors,

the

Board

concluded

that

the

management

fees

and

total

operating

expenses

of

each

of

the

Existing

Portfolios

(as

modified

by

the

applicable

expense

waivers

and

fee

caps)

were

reasonable

in

relation

to

the

nature,

scope

and

quality

of

advisory

services

provided

by

Mason

Street

Advisors

and

the

performance

of

the

Existing

Portfolios.

In

evaluating

the

proposed

management

fees

and

expenses

for

the

New

Portfolios,

the

directors

considered

each

New

Portfolio’s

management

fees

and

expected

expense

ratios

in

absolute

terms

as

well

as

compared

with

the

fees

and

expenses

of

comparable

peer

groups

of

unaffiliated

funds.

The

directors

also

considered

the

projected

size

of

the

New

Portfolios.

The

directors

considered

the

comparative

data

as

a

guide

to

help

assess

the

reasonableness

of

each

New

Portfolio’s

advisory

fee,

although

they

acknowledged

that

it

was

difficult

to

make

precise

comparisons

with

other

funds

since

the

exact

nature

of

services

provided

by

peers

is

often

not

apparent.

The

directors

noted

that

each

of

the

New

Portfolios

were

projected

to

be

in

the

top

two

quintiles

(meaning

lowest

expenses)

of

their

respective

peer

groups

with

respect

to

total

net

operating

expenses.

While

noting

that

the

contractual

and

projected

management

fees

in

some

instances

were

projected

at

lower

quintiles,

the

directors

considered

that

MSA

would

assume

many

of

the

administrative

and

operational

expenses

of

the

New

Portfolios,

in

addition

to

the

investment

management

expenses.

Based

on

their

review

of

the

management

and

other

expenses,

the

comparative

data,

the

performance

of

accounts

managed

similarly

to

the

New

Portfolios,

and

other

factors

deemed

relevant

by

the

directors,

the

directors

concluded

that

the

management

fees

and

total

operating

expenses

of

each

of

the

New

Portfolios

were

reasonable

in

relation

to

the

nature,

scope

and

quality

of

services

to

be

provided

and

the

experience

of

the

MSA

in

managing

funds

similar

to

the

New

Portfolios.

Costs

and

Profitability

.

The

directors

reviewed

information

provided

by

Mason

Street

Advisors

regarding

the

profitability

realized

by

Mason

Street

Advisors

based

upon

its

relationship

with

the

Existing

Portfolios.

The

directors

considered

Mason

217

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Street

Advisors’

pricing

methodology

for

its

services

as

investment

adviser.

The

directors

considered

Mason

Street

Advisors’

presentation

to

the

directors

regarding

Mason

Street

Advisors’

revenues,

expenses,

income

and

profit

margins

allocable

to

its

services

to

the

Existing

Portfolios

on

an

aggregate

and

a

per

portfolio

basis,

and

reviewed

Mason

Street

Advisors’

allocation

methodology

with

respect

to

its

revenues

and

expenses.

The

profitability

information

presented

for

the

directors’

consideration

was

supplemented

by

information

regarding

the

range

of

expenses

in

each

Existing

Portfolio’s

respective

Broadridge

peer

group

and

fund

group

category

and

the

ranking

of

each

Existing

Portfolio

within

the

applicable

peer

group

and

fund

group

category.

In

connection

with

its

review

of

the

profitability

of

Mason

Street

Advisors’

services

to

the

Existing

Portfolios,

the

directors

considered

services

provided

by

affiliates

of

Mason

Street

Advisors.

The

directors

considered

the

allocation

of

fees

as

between

Mason

Street

Advisors

and

each

Sub-Adviser

as

well

as

applicable

asset

levels,

breakpoints,

total

expenses

and

management

fee

waivers

that

are

in

place

for

the

Existing

Portfolios.

As

part

of

the

allocation

of

fees,

the

Board

considered

Mason

Street

Advisors’

increase

in

the

advisory

fee

waiver

for

the

Emerging

Markets

Equity

Portfolio

during

2025.

The

directors

noted

further

MSA’s

decision

to

retain

all

other

existing

advisory

fee

waivers

and

expense

caps

for

an

additional

one-year

period.

The

directors

also

received

information

on

soft

dollar

arrangements

and

any

other

benefits

to

Mason

Street

Advisors

or

its

affiliates

arising

from

its

relationship

with

the

Portfolios,

including

(as

applicable)

the

participation

of

fund

families

advised

by

certain

sub-advisers

to

the

Portfolios

on

the

retail

brokerage

platform

maintained

by

a

brokerage

affiliate

of

Mason

Street

Advisors,

the

participation

of

such

fund

families

in

a

mutual

fund

partner

program

offered

by

such

brokerage

affiliate

of

Mason

Street

Advisors,

and

the

payment

of

fees

by

the

fund

families

based

upon

participation

on

the

brokerage

platform

and

the

mutual

fund

partner

program

maintained

by

the

brokerage

affiliate

of

Mason

Street

Advisors.

The

directors

received

information

about

Mason

Street

Advisors’

ongoing

reliance

on

Rule

12d1-4

under

the

Investment

Company

Act

of

1940,

as

amended,

to

operate

each

of

the

Asset

Allocation

and

Balanced

Portfolios

as

fund

of

funds

on

a

going

forward

basis.

The

directors

considered

the

full

scope

of

services

provided

by

Mason

Street

Advisors

to

the

Asset

Allocation

and

Balanced

Portfolios,

and

Mason

Street

Advisors’

view

that

the

fees

it

received

under

the

Advisory

Agreement

relating

to

the

Asset

Allocation

and

Balanced

Portfolios

were

based

on

services

that

were

in

addition

to

and

not

duplicative

of

the

services

provided

by

any

funds

acquired

by

the

Asset

Allocation

and

Balanced

Portfolios

in

reliance

on

Rule

12d1-4

(“acquired

funds”).

The

directors

considered

that

Mason

Street

Advisors

has

in

place

an

advisory

fee

waiver

agreement

with

respect

to

each

of

the

Asset

Allocation

and

Balanced

Portfolios

that

results

in

an

advisory

fee

that

compensates

Mason

Street

Advisors

appropriately

for

the

services

provided

to

the

Portfolios.

Moreover,

the

directors

were

apprised

that

MSA

had

evaluated

the

complexity

of

the

structure

and

fees

and

expenses

associated

with

the

Balanced

and

Asset

Allocation

Portfolios’

investments

in

acquired

funds

and

had

found

that

the

Balanced

and

Asset

Allocation

Portfolios’

fees

and

expenses

did

not

duplicate

the

fees

and

expenses

of

any

acquired

fund,

as

required

by

Rule

12d1-4.

The

directors

observed

that

the

proposed

Active/Passive

Conservative,

Active/Passive

Aggressive,

and

Active/Passive

All

Equity

Portfolios

would

also

operate

as

fund

of

funds

once

they

commenced

operations.

The

directors

noted

that

each

of

the

proposed

New

Portfolios

would

likewise

have

in

place

advisory

fee

waiver

agreements,

which

would

appropriately

compensate

Mason

Street

Advisors

for

the

services

it

proposed

to

provide

to

the

New

Portfolios.

The

directors

recognized

the

difficulty

in

obtaining

reliable

comparative

data

about

mutual

fund

managers’

profitability,

since

such

information

generally

is

not

publicly

available

and

may

be

impacted

by

numerous

factors

specific

to

the

investment

adviser

and

its

method

of

allocating

revenues

and

expenses.

Based

on

their

review

of

the

profitability

provided

for

each

Existing

Portfolio,

the

Board

concluded

that

they

were

satisfied

that

Mason

Street

Advisors’

level

of

profitability

arising

from

each

of

the

Existing

Portfolios

was

not

excessive.

Economies

of

Scale

.

The

directors

also

considered

whether

each

Existing

Portfolio’s

expense

structure

permitted

economies

of

scale

to

be

shared

with

Portfolio

investors.

The

directors

considered

that

breakpoints

are

contained

in

the

advisory

fee

schedules

for

20

of

the

27

Existing

Portfolios

and

further

considered

the

extent

to

which

the

Existing

Portfolios

may

benefit

from

economies

of

scale

through

those

breakpoints.

The

directors

also

considered

Mason

Street

Advisors’

explanation

of

why

breakpoints

for

the

remaining

Existing

Portfolios,

as

well

as

the

proposed

New

Portfolios,

had

not

been

established,

including

that

those

portfolios

were

ranked

the

lowest

or

close

to

the

lowest

in

terms

of

total

expenses

of

each

portfolio’s

respective

218

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

peer

group

as

determined

by

Broadridge

or

benefited

from

advisory

fee

waivers

and/or

expense

limitation

agreements

put

in

place

by

Mason

Street

Advisors.

Also

considered

was

Mason

Street

Advisors’

commitment

to

continue

to

regularly

work

with

the

Board

to

evaluate

the

need

for

additional

breakpoints

or

fee

waivers

as

each

Existing

and

New

Portfolio’s

assets

grow

over

time.

The

Board

also

considered

that

Mason

Street

Advisors

was

able

to

obtain

sub-advisory

fee

reductions

with

a

number

of

sub-advisers

throughout

2024

and

the

first

two

quarters

of

2025.

Based

on

this

information,

the

Board

concluded

that,

within

the

context

of

its

overall

determinations

regarding

the

Advisory

Agreement,

each

Existing

Portfolio’s

and

each

of

the

New

Portfolios’

fee

structures

reflected

appropriate

economies

of

scale

for

the

benefit

of

Portfolio

investors.

Continuation

of

the

Sub-Advisory

Agreements

between

Mason

Street

Advisors

and

Certain

Sub-Advisers

At

its

February

27,

2025

and

June

5,

2025

meetings,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of

the

Existing

Sub-Advisory

Agreements

with

respect

to

the

related

Sub-Advised

Portfolios.

At

those

meetings,

the

directors

received

a

presentation

from

representatives

of

each

Sub-Adviser

involved

in

the

management

of

the

respective

Sub-Advised

Portfolios.

In

addition

to

the

information

presented

by

and

about

such

Sub-Advisers

during

the

course

of

those

meetings,

the

directors

also

had

each

Sub-Adviser’s

Section

15(c)

Report,

which

contained

responses

to

the

information

request

letter

prepared

by

counsel

to

the

Independent

Directors

requesting

certain

information

from

the

Sub-

Advisers

designed

to

assist

the

directors

in

fulfilling

their

responsibilities

when

considering

the

continuation

of

the

Existing

Sub-

Advisory

Agreements.

The

directors

also

had

Mason

Street

Advisors’

Executive

Summary

and

Overview

of

each

Sub-Adviser

and

other

materials

prepared

by

Mason

Street

Advisors.

The

materials

contained

detailed

information

on

organizational

and

management

structures,

client

base,

performance

over

multiple

time

periods,

expenses,

brokerage

commissions,

portfolio

turnover,

style

consistency,

key

portfolio

statistics

and

metrics,

and

other

factors

with

respect

to

each

of

the

Sub-Advised

Portfolios.

The

materials

also

contained

an

analysis

of

the

Sub-Advisers’

responses

to

the

compliance

questions

contained

in

the

Section

15(c)

Report

and

the

observations

of

the

Series

Fund’s

Chief

Compliance

Officer

regarding

the

compliance

structure

and

practices

of

each

Sub-Adviser.

The

directors

also

considered

their

experience

with

and

knowledge

of

the

nature

and

quality

of

the

services

provided

by

the

Sub-Advisers

and

their

ongoing

discussions

with

representatives

of

Mason

Street

Advisors,

its

affiliates

and

each

Sub-Adviser.

The

material

factors

and

conclusions

that

formed

the

basis

for

the

Board’s

approval

of

the

continuance

of

each

of

the

Existing

Sub-Advisory

Agreements

include

those

discussed

below.

The

directors

evaluated

a

variety

of

information

they

deemed

relevant

on

a

portfolio-by-portfolio

basis.

No

one

particular

factor

was

identified

as

determinative,

but

rather

it

was

a

combination

of

all

the

factors

and

conclusions

that

formed

the

basis

for

the

determinations

made

by

the

Board.

Further,

different

directors

may

have

placed

greater

weight

on

certain

factors

than

did

other

directors.

Nature,

Extent

and

Quality

of

Services

.

In

considering

the

nature,

extent

and

quality

of

each

Sub-Adviser’s

services,

the

directors

reviewed

each

Sub-Adviser’s

financial

strength

and

stability,

assets

under

management

and

overall

reputation.

The

directors

evaluated

the

investment

strategies

employed

by

each

Sub-Adviser,

as

well

as

the

personnel

providing

such

services

with

respect

to

the

Sub-Advised

Portfolio.

In

particular,

the

directors

considered

presentations

given

by

the

portfolio

managers

and

how

the

Sub-Advised

Portfolios

were

being

positioned

in

the

current

market

environment.

The

directors

also

considered

Mason

Street

Advisors’

reports

on

due

diligence

visits

and

conference

calls

that

had

been

conducted

with

the

Sub-Advisers.

With

respect

to

the

Existing

Sub-Advisory

Agreements

reviewed

in

February,

the

directors

expressed

continued

confidence

in

Wellington’s

ability

as

a

sub-adviser.

The

directors

considered

the

performance

of

the

Small

Cap

Growth

and

Large

Cap

Core

Stock

Portfolios.

The

directors

noted

that

Wellington

was

a

strong,

high-quality

investment

firm

and

that

they

appreciated

the

qualitative

improvements

made

by

Wellington

with

respect

to

its

investment

processes.

With

respect

to

Northern

Trust,

the

directors

were

satisfied

with

the

performance

of

Northern

Trust

as

sub-adviser

for

the

Index

400

Stock

and

Index

600

Stock

Portfolios.

The

directors

expressed

no

concerns

with

either

Sub-Adviser’s

financial

stability,

financial

strength

or

other

firm

level

matters.

With

respect

to

the

Existing

Sub-Advisory

Agreements

considered

for

continuance

in

June,

the

directors

noted

no

concerns

with

overall

financial

strength

or

stability

of

any

of

the

Sub-Advisers.

The

directors

noted

the

underperformance

of

the

Emerging

Markets

Equity

Portfolio

over

certain

time

periods,

but

appreciated

the

sub-advisory

fee

reduction

abrdn

had

agreed

219

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

to.

The

directors

considered

information

from

each

of

the

Sub-Advisers

concerning

various

organizational

changes

at

the

firm,

including

certain

retirements

and

personnel

transitions,

and

any

impact

those

changes

might

cause

to

the

management

of

the

relevant

Portfolios,

if

any.

The

directors

also

considered

each

Sub-Adviser’s

investment

philosophy

and

process

and

the

scope

of

services

provided

by

the

Sub-Advisers.

Consideration

was

also

given

to

the

Sub-Advisers’

respective

reputations

and

experience

in

providing

investment

management

services

and

the

performance

of

each

Sub-Advised

Portfolio.

Based

on

their

review

of

these

factors,

their

discussions

with

the

Sub-Advisers,

and

their

experience

with

the

services

provided

by

the

Sub-Advisers

for

the

respective

Sub-Advised

Portfolios,

the

Board

concluded,

within

the

context

of

their

overall

determinations

regarding

the

Existing

Sub-

Advisory

Agreements,

that

they

were

satisfied

with

the

nature,

extent

and

quality

of

services,

and

the

resources

committed

by

each

Sub-Adviser

in

providing

those

services,

and

were

satisfied

with

the

experience

and

capabilities

of

the

Sub-Advisers

and

the

personnel

associated

with

the

Sub-Advised

Portfolios.

Investment

Performance

.

The

directors

reviewed

the

investment

performance

of

each

of

the

Sub-Advised

Portfolios

over

multiple

time

periods.

In

addition

to

considering

performance

for

each

Sub-Advised

Portfolio

for

both

short-

and

long-term

periods,

the

directors

considered:

(i)

a

comparison

of

each

Sub-Advised

Portfolio’s

one-,

three-,

and

five-year

(as

applicable)

performance

to

the

returns

of

appropriate

industry

benchmarks

and

indices,

and

to

the

performance

averages

of

each

Sub-

Advised

Portfolio’s

respective

Broadridge

fund

group

categories

for

the

same

periods;

(ii)

the

Broadridge

overall

star

rating

for

each

Sub-Advised

Portfolio;

and

(iii)

the

Broadridge

performance

rankings

for

each

Sub-Advised

Portfolio

for

the

one-,

three-

and

five-year

time

periods

(as

applicable).

The

directors

evaluated

each

Sub-Advised

Portfolio’s

performance

against

these

peer

groups

and

industry

benchmarks

and

indices

and

viewed

this

information

as

providing

an

objective

comparative

measure

against

which

they

could

assess

the

performance

of

the

Sub-Advised

Portfolios.

The

directors

also

considered

the

performance

of

accounts

managed

in

a

similar

manner

by

each

of

the

Sub-Advisers

and

information

from

the

Sub-Advisers

regarding

any

significant

differences

in

the

performance

of

those

accounts

from

that

of

the

Sub-Advised

Portfolios.

With

respect

to

the

Portfolios

managed

by

Wellington,

the

directors

considered

information

provided

by

Wellington

concerning

certain

upcoming

personnel

changes.

In

that

regard,

the

directors

considered

that

Wellington

provided

positive

comments

regarding

the

changes.

The

directors

observed

that

any

underperformance

related

to

the

Small

Cap

Growth

Stock

and

Large

Cap

Core

Stock

Portfolios

was

explainable

based

on

Wellington’s

investment

these

and

strategies.

With

respect

to

Northern

Trust,

the

directors

noted

that

the

performance

achieved

by

Northern

Trust

for

the

Index

400

Stock

and

Index

600

Stock

Portfolios

had

been

consistent

with

the

underlying

indices.

The

directors

identified

no

material

concerns

with

respect

to

the

overall

performance

of

Portfolios

sub-advised

by

JPMIM,

MFS

or

FIAM.

The

directors

did

raise

questions,

however,

regarding

the

performance

of

the

Emerging

Markets

Equity

Portfolio

over

certain

periods

relative

to

its

benchmark.

The

directors

considered

information

concerning

the

Portfolio’s

positioning

in

Russia

and

China

and

the

impact

of

those

holdings

on

the

Portfolio’s

performance.

The

directors

observed

that

abrdn

was

able

to

identify

reasons

for

the

Portfolio’s

underperformance,

some

of

which

was

due

to

economic

and

political

uncertainty,

and

expressed

optimism

concerning

the

Portfolio’s

performance

in

future

periods.

In

addition

to

performance

information

presented

at

the

meeting,

the

directors

considered

the

detailed

performance

information,

market

commentary,

portfolio

analysis

and

portfolio

manager

presentations

they

received

periodically

throughout

the

year.

While

attentive

to

short-term

performance

and

what

it

might

indicate,

the

directors

generally

placed

greater

emphasis

on

longer-term

performance.

For

the

reasons

set

forth

above,

the

Board

concluded

that,

considering

investment

performance

within

the

context

of

its

overall

determinations

regarding

the

Sub-Advisory

Agreements,

it

was

satisfied

with

the

relative

investment

performance

of

the

Sub-Advised

Portfolios.

Management

Fees

and

Other

Expenses

.

The

directors

evaluated

the

reasonableness

of

the

management

fees

and

total

expenses

paid

by

the

Sub-Advised

Portfolios

under

the

Sub-Advisory

Agreements.

The

directors

considered

the

fees

paid

by

each

Sub-Advised

Portfolio.

The

directors

also

considered

the

sub-advisory

fees

paid

by

Mason

Street

Advisors

out

of

its

management

fee,

including

a

comparison

of

those

fees

with

fees

charged

by

the

respective

Sub-Advisers

for

similarly-managed

accounts.

In

considering

the

level

of

management

fees,

the

directors

evaluated

the

size

of

the

Sub-Advised

Portfolios,

expenses

220

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

assumed

by

Mason

Street

Advisors,

and

the

existing

expense

limitation

and/or

fee

waiver

arrangements

agreed

to

by

Mason

Street

Advisors

with

respect

to

each

Sub-Advised

Portfolio

(as

applicable).

As

part

of

their

evaluation,

the

directors

reviewed

an

independent

analysis

prepared

by

Broadridge

of

comparative

expense

data

for

each

Sub-Advised

Portfolio.

Broadridge

provided

data

as

of

December

31,

2024

comparing

each

Sub-Advised

Portfolio’s

net

and

total

expenses

with

those

of

a

peer

group

of

funds

utilized

in

connection

with

variable

insurance

products

sharing

a

similar

investment

classification,

objective

and

asset

allocation,

each

as

selected

by

Broadridge.

The

directors

considered

the

comparative

data

as

a

guide

to

help

assess

the

reasonableness

of

each

Sub-Advised

Portfolio’s

net

and

total

expense

ratios.

The

directors

considered

that

8

of

the

9

Sub-Advised

Portfolios

whose

sub-advisory

agreements

were

approved

for

renewal

at

the

February

and

June

meetings

were

ranked

in

Broadridge’s

first,

most

favorable,

quartile

for

total

expenses

for

the

period

ended

December

31,

2024,

while

the

remaining

Sub-Advised

Portfolio

ranked

in

Broadridge’s

second

quartile

for

the

same

period.

The

directors

also

reviewed

the

breakpoints

contained

in

the

advisory

fee

schedules

for

the

Sub-Advised

Portfolios.

The

directors

took

into

consideration

the

advisory

fee

waiver

and/or

expense

limitation

agreements

that

were

in

place

with

respect

to

each

of

the

Sub-Advised

Portfolios

whose

sub-advisory

agreement

was

approved

for

renewal,

except

for

the

Small

Cap

Growth

Stock

Portfolio,

which

ranked

in

the

first

quartile

of

its

peer

group

for

both

net

and

total

expenses

(meaning

lowest

expenses).

Based

on

their

review

of

the

above

information

and

other

factors

deemed

relevant

by

the

directors,

the

Board

concluded

that

the

management

fees

and

total

operating

expenses

of

each

of

the

Sub-Advised

Portfolios

were

reasonable

in

relation

to

the

nature,

scope

and

quality

of

services

provided

and

the

performance

of

the

Sub-Advised

Portfolios.

Costs

and

Profitability

.

The

directors

reviewed

information

provided

by

Mason

Street

Advisors

regarding

the

profitability

realized

by

Mason

Street

Advisors

from

the

Sub-Advised

Portfolios.

The

directors

considered

Mason

Street

Advisors’

presentations

to

the

directors

regarding

Mason

Street

Advisors’

revenues,

expenses,

income

and

profit

margins

allocable

to

its

services

to

the

Sub-Advised

Portfolios

on

an

aggregate

and

a

per

portfolio

basis,

and

Mason

Street

Advisors’

allocation

methodology

with

respect

to

revenues

and

expenses.

The

profitability

information

presented

for

the

directors’

consideration

was

supplemented

by

the

aforementioned

information

regarding

the

expense-based

rankings

of

each

Sub-Advised

Portfolio

within

the

each

Existing

Portfolio’s

respective

Broadridge

peer

group

category.

The

directors

also

considered

the

profitability

information

related

to

certain

of

the

Sub-Advised

Portfolios

where

such

information

had

been

provided.

The

directors

recognized

that

sub-advisory

fees

were

the

result

of

arm’s-length

negotiations

between

Mason

Street

Advisors

and

each

Sub-

Adviser.

The

directors

also

recognized

that

there

are

limitations

inherent

in

allocating

costs

and

calculating

profitability

for

organizations

such

as

the

Sub-Advisers,

and

that

it

is

difficult

to

make

comparisons

of

profitability

among

investment

advisers

because

comparative

information

is

not

generally

publicly

available

and,

when

available,

such

information

is

developed

using

a

variety

of

assumptions

and

factors.

The

directors

concluded

that

they

had

received

sufficient

information

to

evaluate

the

Sub-Advisers’

costs

and

profitability.

The

directors

considered

certain

fall-out

benefits

that

may

be

realized

by

Mason

Street

Advisors

and

its

affiliates

due

to

their

relationship

with

the

Sub-Advised

Portfolios,

including

(as

applicable)

the

participation

of

fund

families

advised

by

certain

Sub-Advisers

to

the

Sub-Advised

Portfolios

on

the

retail

brokerage

platform

maintained

by

a

brokerage

affiliate

of

Mason

Street

Advisors,

the

participation

of

such

fund

families

in

a

certain

mutual

fund

partner

program

offered

by

such

brokerage

affiliate,

and

the

payment

of

fees

by

the

fund

families

based

upon

participation

on

the

brokerage

platform

and

the

mutual

fund

partner

program

maintained

by

the

brokerage

affiliate

of

Mason

Street

Advisors.

The

directors

also

reviewed

information

concerning

certain

of

the

Sub-Advisers’

soft

dollar

arrangements

and

any

other

benefits

to

the

Sub-Advisers

arising

from

their

relationships

with

the

Sub-Advised

Portfolios.

Based

on

their

review,

the

Board

concluded,

within

the

context

of

their

overall

determinations

regarding

the

Existing

Sub-Advisory

Agreements,

that

they

were

satisfied

that

the

fees

paid

by

each

of

the

Sub-

Advised

Portfolios,

and

the

profits

realized

by

Mason

Street

Advisors

and

the

Sub-Advisers

due

to

their

relationship

with

the

Sub-Advised

Portfolios,

were

not

excessive.

221

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Economies

of

Scale

.

The

directors

also

considered

whether

each

Sub-Advised

Portfolio’s

expense

structure

permitted

economies

of

scale

to

be

shared

with

such

Sub-Advised

Portfolio’s

investors.

The

directors

considered

the

breakpoints

contained

in

the

advisory

fee

schedules

for

the

Sub-Advised

Portfolios

and

the

extent

to

which

the

Sub-Advised

Portfolios

may

benefit

from

economies

of

scale

through

those

breakpoints.

The

directors

also

took

into

account

the

expense

limitation

arrangements

in

place

for

the

International

Growth,

Research

International

Core,

Large

Cap

Blend,

Emerging

Markets

Equity

and

Index

600

Stock

Portfolios,

and

the

fee

waiver

arrangements

in

place

with

respect

to

the

Large

Cap

Core

Stock,

Large

Cap

Blend,

International

Equity,

International

Growth,

Research

International

Core,

Emerging

Markets

Equity

and

Index

400

Stock

Portfolios.

The

directors

also

considered

the

total

assets

and

expense

ratio

of

each

Sub-Advised

Portfolio.

Based

on

this

information,

the

Board

concluded,

within

the

context

of

its

overall

determinations

regarding

the

Existing

Sub-Advisory

Agreements,

that

each

Sub-Advised

Portfolio’s

fee

structure

reflected

appropriate

economies

of

scale

for

the

benefit

of

such

Portfolio’s

investors.

Other

Information

.

The

directors

were

presented

with

other

information

to

assist

them

in

their

consideration

of

the

continuation

of

the

Advisory

Agreement,

the

Amendment,

and

the

Existing

Sub-Advisory

Agreements,

including

information

about

the

services

provided

by

affiliates

of

Mason

Street

Advisors

to

the

New

and

Existing

Portfolios

and

information

regarding

Mason

Street

Advisors’

and

the

Sub-Advisers’

brokerage

practices

and

commissions.

The

directors

took

into

consideration

reports

from

Mason

Street

Advisors

on

its

review

of

the

respective

compliance

programs

of

the

Sub-Advisers,

including

any

recent

compliance

exceptions

noted

and

the

applicable

Sub-Adviser’s

response.

Also

considered

were

key

affiliations

and

business

relationships

between

the

Sub-Advisers

and

their

affiliates

and

Mason

Street

Advisors’

parent

company

and

affiliates.

Their

review

further

included

information

relating

to

each

Sub-Adviser’s

risk

management

infrastructure,

pending

or

recent

litigation

or

regulatory

actions

to

which

a

Sub-Adviser

or

its

affiliates

may

have

been

a

party,

and

the

applicable

Sub-Adviser’s

responses

to

those

actions.

The

directors

also

considered

information

regarding

each

Sub-Adviser’s

code

of

ethics,

approach

to

portfolio

manager

compensation,

and

succession

planning,

as

well

as

information

supplied

by

the

Sub-Advisers

related

to

their

cybersecurity

programs

and

business

continuity

plans,

and

other

matters

they

deemed

relevant.

Conclusions

of

the

Directors

.

Based

on

a

consideration

of

the

foregoing,

the

Board,

including

the

Independent

Directors,

and

assisted

by

the

advice

of

legal

counsel

independent

of

Mason

Street

Advisors,

in

the

exercise

of

their

reasonable

business

judgment,

concluded

that

the

terms

of

the

Advisory

Agreement,

the

Amendment,

and

the

Existing

Sub-Advisory

Agreements

were

fair

and

reasonable

and

approved

the

continuation

of

each

Agreement,

as

well

as

the

Amendment,

as

being

in

the

best

interests

of

each

Existing

and

each

New

Portfolio.

Approval

of

New

Sub-Advisory

Agreement

At

the

June

5,

2025,

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

New

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Putnam,

pursuant

to

which

Putnam

was

appointed

to

serve

as

sub-adviser

to

the

Domestic

Equity

Portfolio,

effective

on

or

about

July

31,

2025.

(The

Domestic

Equity

Portfolio

is

hereinafter

referred

to

as

the

“Portfolio.”)

The

Board’s

decision

to

hire

Putnam

as

sub-adviser

for

the

Portfolio

was

reached

after

extensive

research

and

qualitative

and

quantitative

analysis

of

numerous

candidate

firms

and

their

respective

organizational

structure,

investment

processes

and

long-term

performance

records.

The

material

factors

and

conclusions

that

formed

the

basis

for

the

Board’s

determination

to

approve

the

New

Sub-Advisory

Agreement

includes

those

discussed

below.

In

addition

to

the

information

provided

to

them

in

anticipation

of

and

at

the

June

5,

2025,

Board

meeting,

the

Directors

considered

the

in-person

presentation

of

Putnam

related

to

the

Portfolio

at

a

meeting

of

the

Investment

Oversight

Committee

of

the

Board

held

on

June

5,

2025,

and

Putnam’s

responses

to

the

Directors’

questions

during

its

presentation

session

at

the

Investment

Oversight

Committee

meeting.

The

process

that

culminated

with

the

Directors

determining

to

engage

Putnam

as

the

replacement

investment

sub-adviser

for

the

Portfolio

had

been

initiated

by

the

Board

of

Directors

several

months

earlier.

At

its

December

2024

meeting,

the

Board

was

presented

with

a

list

of

qualifying

sub-advisory

firms

for

the

mandate,

along

with

a

detailed

review

of

the

assessment

222

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

criteria

and

comparative

information

regarding

each

of

the

candidates.

At

its

February

2025

meeting,

the

Directors

evaluated

a

compilation

of

information

with

respect

to

each

of

the

candidates

for

the

Portfolio

mandate,

including

historical

performance

returns

over

multiple

periods

peers.

The

Directors

also

considered

Masons

Street

Advisors’

positive

assessment

of

the

firm’s

investment

team

and

the

substantial

experience

of

the

portfolio

managers.

Based

upon

a

review

of

the

list

of

qualified

sub-

advisers,

the

Directors

narrowed

down

the

list

of

candidates

to

two

sub-advisory

candidate

firms

that

would

receive

formal

requests

for

proposals

with

respect

to

the

Portfolio

mandate

and

would

be

invited

to

make

presentations

to

the

Board

at

its

June

2025

meeting.

The

Directors

considered

the

different

investment

approaches

utilized

by

each

of

the

candidates,

and

the

positive

and

negative

considerations

of

each.

The

Directors

also

took

into

consideration

the

suitability

of

each

candidate’s

respective

investment

mandate

with

respect

to

Northwestern

Mutual’s

variable

products.

Finally,

the

Directors

took

into

consideration

Putnam’s

general

reputation

and

the

strength

of

the

investment-related

resources

available

to

be

committed

in

managing

the

Portfolio.

Based

on

their

review

of

these

factors

and

other

factors

deemed

relevant,

the

Board

concluded

that

they

were

satisfied

with

the

nature,

extent

and

quality

of

the

services

to

be

provided

by

Putnam

with

respect

to

the

Portfolio,

and

the

resources

to

be

committed

by

Putnam

in

providing

such

services.

Investment

Performance

.

As

a

newly

appointed

sub-adviser,

the

Directors

could

not

consider

Putnam’s

investment

performance

in

managing

the

Portfolio

as

a

factor

in

evaluating

the

New

Sub-Advisory

Agreement,

but

did

consider

Putnam’s

performance

record

for

a

composite

of

other

accounts,

including

mutual

fund

accounts,

with

investment

objectives,

investment

policies

and

strategies

substantially

similar

to

the

Portfolio.

The

Directors

considered

performance

returns

(including

performance

analytics

reports

evaluating,

among

other

things,

standard

deviation,

information

ratio

and

tracking

errors)

for

these

similar

accounts

for

both

short-

and

long-term

periods.

The

Directors

also

evaluated

the

similar

accounts’

relative

performance

versus

the

appropriate

index

and

considered

independent

Morningstar

rankings

and

ratings

of

the

candidates

to

provide

an

objective

comparative

benchmark

against

which

they

could

assess

the

experience

and

ability

of

the

candidates

in

managing

similar

accounts.

The

Directors

also

took

into

consideration

information

presented

regarding

the

composition

of

portfolio

managed

by

the

candidates

in

a

mandate

similar

to

the

Portfolio,

including

(as

applicable)

sector

and

industry

weightings,

number

of

holdings,

portfolio

turnover,

total

firm

ownership,

and

top

ten

holdings

percentage,

among

other

things.

Management

Fees

and

Other

Expenses

.

In

evaluating

the

management

fees

paid

by

the

Portfolio,

the

Directors

considered

the

contractual

fees

and

applicable

breakpoints

paid

by

the

Portfolio

under

the

Advisory

Agreement

between

Mason

Street

Advisors

and

the

Series

Fund

with

respect

to

the

Portfolio.

The

Directors

also

considered

the

sub-advisory

fees

to

be

paid

by

Mason

Street

Advisors

to

Putnam

for

services

provided

to

the

Portfolio

out

of

its

management

fee.

The

Directors

also

separately

considered

the

proposed

allocation

between

Mason

Street

Advisors

and

Putnam

of

the

Portfolio’s

investment

advisory

fee

(i.e.,

the

amount

of

the

advisory

fee

retained

by

Mason

Street

Advisors

relative

to

that

paid

to

Putnam

as

a

sub-

advisory

fee).

They

determined

that

the

allocation

in

each

case

was

reasonable

in

light

of

the

nature,

scope

and

quality

of

services

to

be

provided

and

was

the

product

of

an

arm’s

length

negotiation

between

Mason

Street

Advisors

and

Putnam.

In

evaluating

Putnam’s

proposed

fees

relative

to

the

Portfolio,

the

Directors

considered

information

relating

to

amounts

Putnam

charged

under

other

advisory

contracts

involving

similar

investment

mandates.

The

Directors

considered

the

existing

structure,

size,

and

total

operating

expenses

of

the

Portfolio.

They

also

considered

existing

expense

limitation

agreements

in

place

for

the

Portfolio

as

well

as

the

advisory

fee

waiver

arrangements

that

were

in

place.

Based

on

their

review

of

the

management

and

other

expenses,

comparative

data

and

other

factors

deemed

relevant

by

the

Directors,

the

Board

concluded

that

the

management

fees,

proposed

sub-advisory

fees

and

total

operating

expenses

of

the

Portfolio

were

reasonable

in

relation

to

the

nature,

scope

and

quality

of

the

services

to

be

provided

and

the

experience

of

Putnam.

Costs

and

Profitability

.

The

Directors

considered

Mason

Street

Advisors’

pricing

methodology

for

its

services

as

investment

adviser

for

the

products

of

which

the

Portfolios

are

an

investment

option.

Also

considered

was

the

financial

condition

of

Mason

Street

Advisors

and

information

concerning

Mason

Street

Advisors’

costs

and

profitability

with

respect

to

its

relationship

with

the

Portfolio

in

general

as

well

as

in

light

of

the

sub-advisory

fees

negotiated

with

Putnam

for

the

Portfolio.

Mason

223

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Street

Advisors

provided

comparative

information

regarding

the

proposed

sub-advisory

fees

of

each

of

the

candidates,

and

projections

regarding

Mason

Street

Advisors’

advisory

fee

spread.

Mason

Street

Advisors

also

provided

a

profitability

analysis

for

the

Portfolio

based

on

certain

assumptions

and

metrics.

In

connection

with

its

review

of

the

profitability

of

Mason

Street

Advisors’

services

to

the

Portfolio,

the

Directors

also

considered

services

provided

by

affiliates

of

Mason

Street

Advisors.

The

Directors

recognized

that

there

are

limitations

inherent

in

allocating

costs

and

calculating

profitability

for

an

organization

such

as

Mason

Street

Advisors,

and

that

it

is

difficult

to

make

comparisons

of

profitability

among

investment

advisers

and

clients

because

comparative

information

is

not

generally

publicly

available

and,

when

available,

such

information

has

been

developed

using

a

variety

of

assumptions

and

other

factors.

Based

on

their

review

of

the

profitability

analysis

for

each

of

the

Portfolio,

the

Board

concluded

that

they

were

satisfied

that

Mason

Street

Advisors’

level

of

profitability

from

its

relationship

with

the

Portfolio

was

not

excessive.

Economies

of

Scale

.

The

Directors

considered

whether

the

expense

structure

of

the

Portfolio

permitted

economies

of

scale

to

be

shared

with

investors

in

the

Portfolio.

They

also

took

into

consideration

the

total

assets

and

expense

ratios

of

the

Portfolio.

The

Directors

considered

the

breakpoints

contained

in

the

management

fee

schedules

applicable

to

the

Portfolio,

and

the

extent

to

which

the

Portfolio

may

benefit

from

economies

of

scale

through

those

breakpoints.

The

Directors

also

considered

the

fee

waiver

agreement

in

place

for

the

Portfolio.

Based

on

this

information,

the

Board

concluded

that

the

fee

structure

for

the

Portfolio

reflected

appropriate

economies

of

scale

between

the

Portfolio

and

Mason

Street

Advisors.

Other

Information

.

The

Directors

were

presented

with

other

information

intended

to

assist

them

in

their

consideration

of

the

approval

of

the

New

Sub-Advisory

Agreement,

including

information

regarding

Putnam’s

risk

management

structure,

any

pending

or

recent

litigation

or

regulatory

actions

to

which

Putnam

or

its

affiliates

may

have

been

a

party,

and

responses

to

those

actions.

The

Directors

also

received

information

regarding

Putnam’s

cybersecurity

program

and

business

continuity

plan,

as

well

as

information

regarding

portfolio

manager

compensation

practices

as

they

may

apply

to

those

portfolio

managers

proposed

to

provide

services

to

the

Portfolio.

Conclusions

of

the

Directors

.

Based

on

a

consideration

of

all

information

deemed

relevant

in

its

totality,

the

Board,

including

the

Independent

Directors,

and

assisted

by

the

advice

of

legal

counsel

independent

of

Mason

Street

Advisors,

in

the

exercise

of

its

business

judgment

concluded

that

it

was

in

the

best

interest

of

the

Portfolio

to

approve

the

New

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Putnam.

REPORT ON FORM N-CSR

RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.

(b) Financial Highlights are included within the Semi-Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

Item 8.            Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

                        None.

Item 9.            Proxy Disclosures for Open-End Management Investment Companies

None.

Item 10.          Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Directors’ and Officers’ fees paid by the fund are included within the Semi-Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

Item 11.          Statement Regarding Basis for Approval of Investment Advisory Contract

Full list of the approved investment advisory contracts are included within the Semi-Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

Item 12.          Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

                        Not applicable.

Item 13.          Portfolio Managers of Closed-End Management Investment Companies.

                        Not applicable.

Item 14.          Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

                        Not applicable.

Item 15.          Submission of Matters to a Vote of Security Holders

                        Not applicable.

Item 16.          Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) within 90 days of this filing, as required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act, and have concluded that the Registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the Registrant in this filing was recorded, processed, summarized, and reported timely.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17.          Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

                        Not applicable.

Item 18.          Recovery of Erroneously Awarded Compensation.

(a) Not applicable. 

(b) Not applicable.

Item 19.          Exhibits

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as exhibit EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Separate certifications for the Registrant’s principal executive officer and principal financial officer, as required by 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and Rule 30a-2(b) under the Investment Company Act of 1940, are attached as exhibit EX-99.906CERT. The certifications furnished pursuant to this paragraph are not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certifications are not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates them by reference.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NORTHWESTERN MUTUAL SERIES FUND, INC.

By:      /s/ Paul A. Mikelson

Paul A. Mikelson

President and Principal Executive Officer

Date:   August 13, 2025         

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:      /s/ Paul A. Mikelson

Paul A. Mikelson

President and Principal Executive Officer

Date:   August 13, 2025         

By:      /s/Phillip J. Rinzel

Phillip J. Rinzel

Treasurer and Principal Financial Officer

Date:   August 13, 2025