# EDGAR Filing Document

**Accession Number:** 0000742212
**File Stem:** 0000742212-26-000010
**Filing Date:** 2026-3
**Character Count:** 1115774
**Document Hash:** 983721f25584a8f8d446ed66811468ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000742212-26-000010.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0000742212-26-000010

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 83

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHWESTERN MUTUAL SERIES FUND INC
- **CENTRAL INDEX KEY:** 0000742212

**ORGANIZATION NAME:**
- **EIN:** 391603401
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03990
- **FILM NUMBER:** 26718912

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWESTERN MUTUAL VARIABLE LIFE SERIES FUND INC
- **DATE OF NAME CHANGE:** 19940830

## Series and Classes Contracts Data

### Small Cap Growth Stock Portfolio (Series ID: S000000039)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000000074 | Small Cap Growth Stock Portfolio |  |

### Large Cap Core Stock Portfolio (Series ID: S000000040)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000075 | Large Cap Core Stock Portfolio |  |

### Domestic Equity Portfolio (Series ID: S000000041)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000076 | Domestic Equity Portfolio |  |

### Equity Income Portfolio (Series ID: S000000042)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000000077 | Equity Income Portfolio |  |

### Index 500 Stock Portfolio (Series ID: S000000043)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000078 | Index 500 Stock Portfolio |  |

### Active/Passive Moderate Portfolio (Series ID: S000000044)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000079 | Active/Passive Moderate Portfolio |  |

### Active/Passive Balanced Portfolio (Series ID: S000000045)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000080 | Active/Passive Balanced Portfolio |  |

### High Yield Bond Portfolio (Series ID: S000000046)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000081 | High Yield Bond Portfolio |  |

### Select Bond Portfolio (Series ID: S000000047)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000000082 | Select Bond Portfolio |  |

### Government Money Market Portfolio (Series ID: S000000048)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000083 | Government Money Market Portfolio |  |

### Small Cap Value Portfolio (Series ID: S000000049)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000084 | Small Cap Value Portfolio |  |

### Mid Cap Growth Stock Portfolio (Series ID: S000000050)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000085 | Mid Cap Growth Stock Portfolio |  |

### International Growth Portfolio (Series ID: S000000051)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000086 | International Growth Portfolio |  |

### International Equity Portfolio (Series ID: S000000052)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000087 | International Equity Portfolio |  |

### Mid Cap Value Portfolio (Series ID: S000000053)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000000088 | Mid Cap Value Portfolio |  |

### Index 400 Stock Portfolio (Series ID: S000000054)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000089 | Index 400 Stock Portfolio |  |

### Focused Appreciation Portfolio (Series ID: S000000055)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000090 | Focused Appreciation Portfolio |  |

### Growth Stock Portfolio (Series ID: S000000056)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000000091 | Growth Stock Portfolio |  |

### Large Company Value Portfolio (Series ID: S000018227)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000050275 | Large Company Value Portfolio |  |

### Inflation Managed Portfolio (Series ID: S000018228)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000050276 | Inflation Managed Portfolio |  |

### Large Cap Blend Portfolio (Series ID: S000018229)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050277 | Large Cap Blend Portfolio |  |

### Research International Core Portfolio (Series ID: S000018230)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000050278 | Research International Core Portfolio |  |

### Index 600 Stock Portfolio (Series ID: S000018231)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050279 | Index 600 Stock Portfolio |  |

### Emerging Markets Equity Portfolio (Series ID: S000018232)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000050280 | Emerging Markets Equity Portfolio |  |

### Short-Term Bond Portfolio (Series ID: S000018233)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050281 | Short-Term Bond Portfolio |  |

### Long-Term US Government Bond Portfolio (Series ID: S000018234)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000050282 | Long-Term US Government Bond Portfolio |  |

### Multi-Sector Bond Portfolio (Series ID: S000018235)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000050283 | Multi-Sector Bond Portfolio |  |

### Active/Passive Conservative Portfolio (Series ID: S000091982)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000259888 | Active/Passive Conservative Portfolio |  |

### Active/Passive Aggressive Portfolio (Series ID: S000091983)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000259889 | Active/Passive Aggressive Portfolio |  |

### Active/Passive Very Aggressive Portfolio (Series ID: S000091984)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000259890 | Active/Passive Very Aggressive Portfolio |  |

?xml version='1.0' encoding='ASCII'?

**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: December 31, 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. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.
(a):

# ACTIVE/PASSIVE AGGRESSIVE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $14<sup>Footnote Reference+</sup> | 0.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;This expense information covers the period from 6/30/2025 to 12/31/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher. |

---

## How did the Portfolio perform last year?
Since the Portfolio's inception on June 30, 2025, the Portfolio returned 8.22%. The Portfolio compares its performance to the Active/Passive Aggressive Portfolio Blended Composite Benchmark (the "Benchmark") \*, which returned 9.00% for the same period.

* The investment markets in 2025 demonstrated remarkable resilience and growth amidst a backdrop of global economic uncertainties. The S&P 500<sup>®</sup> Index achieved its third consecutive year of double-digit returns, propelled by robust performance in the Information Technology and Communication Services sectors. Fixed income markets also showed significant strength as the credit environment was positive and interest rate cuts moved yields lower, and prices higher, across most maturities.

* Since inception, the Portfolio's relative performance was helped by strength in a number of underlying funds. The Emerging Markets Equity Portfolio and the Domestic Equity Portfolio both benefited from strong security selection in the Industrials sector. A fixed income underlying fund - the Multi-Sector Bond Portfolio - also contributed to the Portfolio's relative results, benefiting from the strong credit environment and exposure to emerging market debt during the period. 

* The positive contributors to relative performance for the Portfolio were offset by weakness in two U.S. large cap equity underlying funds - the Focused Appreciation Portfolio and the Large Cap Blend Portfolio. Both were hindered by underweight positions and stock selection in the strong performing Information Technology sector. The International Equity Portfolio was another underlying fund that was held back by stock picks within the Consumer Discretionary sector.

* Tactical allocation decisions primarily detracted from relative results during the period. An overweight position to fixed income and the resulting underweight to equity and commodities was negative for results. Partially offsetting the negative impact was an underweight to the weak performing real estate asset class and a tactical decision to add value factor exposure to the Portfolio.

## How did the Portfolio perform since inception?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio since inception. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib6f2cff21d81f8d8ce2a41cb.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Active/Passive Aggressive Portfolio** | **Active/Passive Aggressive Portfolio Blended Composite Benchmark \*** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **6/2025** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2025** | 10822.05 | 10900.00 | 10315.27 | 11099.53 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $53272 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 26 |
| Portfolio Turnover Rate | 28% |
| Net Investment Advisory Fees Paid (000's) | $19 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **Since Inception** |
| **Active/Passive Aggressive Portfolio** | 8.22% |
| **Active/Passive Aggressive Portfolio Blended Composite Benchmark \*** | 9.00% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 3.15% |
| **S&P 500<sup>®</sup> Index** | 11.00% |

---

\* Active/Passive Aggressive Portfolio Blended Composite Benchmark: S&P 500<sup>®</sup> Index (33%), S&P 400<sup>®</sup> MidCap Index (9%), S&P SmallCap 600 Index (3%), MSCI<sup>®</sup> EAFE Index (21%), MSCI<sup>®</sup> Emerging Markets Index (7%), Dow Jones U.S. Select REIT Index (5%), Bloomberg<sup>®</sup> Commodity IndexSM (5%), Bloomberg<sup>®</sup> Barclays U.S. Aggregate Bond Index (15%) and ICE BofA<sup>®</sup> US 3-Month Treasury Bill Index (2%)

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

# Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 10.1% |
| Northwestern Mutual Series Fund, Inc., Select Bond Portfolio | 9.0% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 8.1% |
| iShares Core U.S. Aggregate Bond ETF | 7.0% |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 6.6% |
| iShares Core MSCI EAFE ETF | 5.2% |
| Northwestern Mutual Series Fund, Inc., International Growth Portfolio | 4.7% |
| Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio | 4.5% |
| Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio | 4.5% |
| Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio | 4.5% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i329efb7c1c76641d511e3803.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 2.0% |
| Commodities | 2.5% |
| Fixed Income | 19.1% |
| Foreign Equity | 26.8% |
| Domestic Equity | 49.6% |

---

## 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.

### ACTIVE/PASSIVE AGGRESSIVE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# ACTIVE/PASSIVE CONSERVATIVE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $14<sup>Footnote Reference+</sup> | 0.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;This expense information covers the period from 6/30/2025 to 12/31/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher. |

---

## How did the Portfolio perform last year?
Since the Portfolio's inception on June 30, 2025, the Portfolio returned 4.81%. The Portfolio compares its performance to the Active/Passive Conservative Portfolio Blended Composite Benchmark (the "Benchmark") \*, which returned 5.03% for the same period.

* The investment markets in 2025 demonstrated remarkable resilience and growth amidst a backdrop of global economic uncertainties. The S&P 500<sup>®</sup> Index achieved its third consecutive year of double-digit returns, propelled by robust performance in the Information Technology and Communication Services sectors. Fixed income markets also showed significant strength as the credit environment was positive and interest rate cuts moved yields lower, and prices higher, across most maturities.

* Since inception, the Portfolio's relative performance was helped by strength in a number of underlying funds. The Emerging Markets Equity Portfolio and the Domestic Equity Portfolio both benefited from strong security selection in the Industrials sector. A fixed income underlying fund - the Multi-Sector Bond Portfolio - also contributed to the Portfolio's relative results, benefiting from the strong credit environment and exposure to emerging market debt during the period. 

* The positive contributors to relative performance for the Portfolio were offset by weakness in two U.S. large cap equity underlying funds - the Focused Appreciation Portfolio and the Large Cap Blend Portfolio. Both were hindered by underweight positions and stock selection in the strong performing Information Technology sector. The International Equity Portfolio was another underlying fund that was held back by stock picks within the Consumer Discretionary sector.

* Tactical allocation decisions primarily detracted from relative results during the period. An overweight position to fixed income and the resulting underweight to equity and commodities was negative for results. Partially offsetting the negative impact was an underweight to the weak performing real estate asset class and a tactical decision to add value factor exposure to the Portfolio.

## How did the Portfolio perform since inception?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio since inception. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i9417adc4fe51aa4f0072a2d4.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Active/Passive Conservative Portfolio** | **Active/Passive Conservative Portfolio Blended Composite Benchmark \*** | **S&P 500<sup>®</sup> Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **6/2025** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2025** | 10480.73 | 10503.19 | 11099.53 | 10315.27 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $29544 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 24 |
| Portfolio Turnover Rate | 9% |
| Net Investment Advisory Fees Paid (000's) | $14 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **Since Inception** |
| **Active/Passive Conservative Portfolio** | 4.81% |
| **Active/Passive Conservative Portfolio Blended Composite Benchmark \*** | 5.03% |
| **S&P 500<sup>®</sup> Index** | 11.00% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 3.15% |

---

\* Active/Passive Conservative Portfolio Blended Composite Benchmark: S&P 500<sup>®</sup> Index (10%), S&P 400<sup>®</sup> MidCap Index (3%), MSCI<sup>®</sup> EAFE Index (6%), MSCI<sup>®</sup> Emerging Markets Index (3%), Dow Jones U.S. Select REIT Index (3%), Bloomberg<sup>®</sup> Commodity IndexSM (3%), Bloomberg<sup>®</sup> Barclays U.S. Aggregate Bond Index (70%) and ICE BofA<sup>®</sup> US 3-Month Treasury Bill Index (2%)

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

# Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| iShares Core U.S. Aggregate Bond ETF | 29.5% |
| Northwestern Mutual Series Fund, Inc., Select Bond Portfolio | 25.2% |
| Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio | 10.6% |
| State Street SPDR Portfolio Long Term Treasury ETF | 5.0% |
| iShares Core S&P 500 ETF | 3.0% |
| Northwestern Mutual Series Fund, Inc., Short-Term Bond Portfolio | 2.5% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 2.4% |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 2.3% |
| Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio | 2.0% |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 1.5% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i0b456af18c0dcbd3ede5424b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.2% |
| Commodities | 1.5% |
| Foreign Equity | 8.4% |
| Domestic Equity | 16.0% |
| Fixed Income | 72.9% |

---

## 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 CONSERVATIVE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# ACTIVE/PASSIVE VERY AGGRESSIVE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This annual shareholder report contains important information about the Active/Passive Very Aggressive Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 6/30/2025 (commencement of operations) to 12/31/2025. 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 year?
(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 Very Aggressive Portfolio | $14<sup>Footnote Reference+</sup> | 0.27% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>+</sup> | &nbsp;&nbsp;This expense information covers the period from 6/30/2025 to 12/31/2025, which is less than a full reporting period. Expenses presented for a full reporting period would be higher. |

---

## How did the Portfolio perform last year?
Since the Portfolio's inception on June 30, 2025, the Portfolio returned 9.81%. The Portfolio compares its performance to the Active/Passive Very Aggressive Portfolio Blended Composite Benchmark (the "Benchmark") \*, which returned 10.23% for the same period.

* The investment markets in 2025 demonstrated remarkable resilience and growth amidst a backdrop of global economic uncertainties. The S&P 500<sup>®</sup> Index achieved its third consecutive year of double-digit returns, propelled by robust performance in the Information Technology and Communication Services sectors. Driven by compelling relative valuations and a weakening U.S. dollar, international markets were even stronger during the year. Fixed income markets also showed significant strength as the credit environment was positive and interest rate cuts moved yields lower, and prices higher, across most maturities.

* Since inception, the Portfolio's relative performance was helped by strength in a number of underlying funds. Notable contributors were the Emerging Markets Equity Portfolio and the Domestic Equity Portfolio, which both benefited from strong security selection in the Industrials sector. 

* The positive contributors to relative performance for the Portfolio were offset by weakness in two U.S. large cap equity underlying funds - the Focused Appreciation Portfolio and the Large Cap Blend Portfolio. Both were hindered by underweight positions and stock selection in the strong performing Information Technology sector. The International Equity Portfolio was another underlying fund that was held back by stock picks within the Consumer Discretionary sector.

* Tactical allocation decisions contributed to relative results during the period. An underweight position to the real estate asset class and an overweight to U.S. small cap equity were beneficial. In addition, a tactical decision to add value factor exposure to the Portfolio through positions in the iShares MSCI USA Value Factor ETF and the Dimensional International Value ETF boosted relative results.

## How did the Portfolio perform since inception?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio since inception. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i43017fa857c59a3703cd8b5e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Active/Passive Very Aggressive Portfolio** | **Active/Passive Very Aggressive Portfolio Blended Composite Benchmark \*** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **6/2025** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2025** | 10980.85 | 11023.21 | 10315.27 | 11099.53 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $49716 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 22 |
| Portfolio Turnover Rate | 25% |
| Net Investment Advisory Fees Paid (000's) | $18 |

---

## Average Annual Total Returns

---

| | |
|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **Since Inception** |
| **Active/Passive Very Aggressive Portfolio** | 9.81% |
| **Active/Passive Very Aggressive Portfolio Blended Composite Benchmark \*** | 10.23% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 3.15% |
| **S&P 500<sup>®</sup> Index** | 11.00% |

---

\* Active/Passive Very Aggressive Portfolio Blended Composite Benchmark: S&P 500<sup>®</sup> Index (38%), S&P 400<sup>®</sup> MidCap Index (11%), S&P SmallCap 600 Index (5%), MSCI<sup>®</sup> EAFE Index (25%), MSCI<sup>®</sup> Emerging Markets Index (10%), Dow Jones U.S. Select REIT Index (5%), Bloomberg<sup>®</sup> Commodity IndexSM (4%) and ICE BofA<sup>®</sup> US 3-Month Treasury Bill Index (2%)

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

# Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| iShares Core S&P 500 ETF | 13.0% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 9.7% |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 8.3% |
| Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio | 8.3% |
| Northwestern Mutual Series Fund, Inc., International Growth Portfolio | 5.8% |
| iShares Core MSCI EAFE ETF | 5.6% |
| 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% |
| State Street SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i760805796dd438e55752452e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 2.7% |
| Commodities | 2.0% |
| Foreign Equity | 35.0% |
| Domestic Equity | 60.3% |

---

## Material Portfolio Changes
Effective 9/15/2025, the name of the Portfolio has been changed to the Active/Passive Very Aggressive Portfolio. Additionally, the Portfolio's 80% investment policy was eliminated. This is a summary of certain changes to the Portfolio since 6/30/2025. 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.

### ACTIVE/PASSIVE VERY AGGRESSIVE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# ACTIVE/PASSIVE MODERATE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This annual shareholder report contains important information about the Active/Passive Moderate Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 12/31/2025. 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 year?
(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 Moderate Portfolio | $16 | 0.15% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.46%. The Portfolio compares its performance to the Active/Passive Moderate Portfolio Blended Composite Benchmark (the "Benchmark") \*, which returned 15.49% for the same period.

* The investment markets in 2025 demonstrated remarkable resilience and growth amidst a backdrop of global economic uncertainties. The S&P 500<sup>®</sup> Index achieved its third consecutive year of double-digit returns, propelled by robust performance in the Information Technology and Communication Services sectors. Driven by compelling relative valuations and a weakening U.S. dollar, international markets were even stronger during the year. Fixed income markets also showed significant strength as the credit environment was positive and interest rate cuts moved yields lower, and prices higher, across most maturities.

* The Portfolio relative performance was helped by strength among the fixed income underlying funds, including the Multi-Sector Bond Portfolio and the Select Bond Portfolio, with both benefiting from the strong credit environment during the year. The Emerging Markets Equity Portfolio was also a strong contributor, as security selection strength in Asia provided significant excess returns.

* The positive contributors to relative performance for the Portfolio were offset by weakness in two U.S. large cap equity underlying funds - the Focused Appreciation Portfolio and the Large Cap Blend Portfolio. Both were hindered by underweight positions and stock selection in the strong performing Information Technology sector.

* Tactical allocation decisions largely detracted from relative results during the year. Overweight positions to U.S. small and mid cap companies relative to the benchmark were notable detractors, as the source of these overweights, primarily large cap U.S. equity, emerging markets and commodities, were relative winners. An overweight position to fixed income during the year also held back relative results.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i7b6ee10358084d8e8c72a36a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Active/Passive Moderate Portfolio** | **Active/Passive Moderate Portfolio Blended Composite Benchmark \*** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10778.77 | 10921.36 | 10264.72 | 11195.99 |
| **12/2017** | 12382.04 | 12621.54 | 10628.29 | 13640.26 |
| **12/2018** | 11778.33 | 11960.14 | 10629.48 | 13042.23 |
| **12/2019** | 14261.33 | 14559.23 | 11556.04 | 17148.76 |
| **12/2020** | 16177.01 | 16684.27 | 12423.50 | 20303.93 |
| **12/2021** | 17867.56 | 18860.83 | 12231.95 | 26132.25 |
| **12/2022** | 15217.29 | 15951.09 | 10640.54 | 21399.47 |
| **12/2023** | 17535.69 | 18613.52 | 11228.84 | 27024.88 |
| **12/2024** | 19239.40 | 20596.95 | 11369.22 | 33786.42 |
| **12/2025** | 22022.12 | 23787.52 | 12199.28 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $298981 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 26 |
| Portfolio Turnover Rate | 22% |
| Net Investment Advisory Fees Paid (000's) | $283 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Active/Passive Moderate Portfolio** | 14.46% | 6.36% | 8.21% |
| **Active/Passive Moderate Portfolio Blended Composite Benchmark \*** | 15.49% | 7.35% | 9.05% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

\* Active/Passive Moderate Portfolio Blended Composite Benchmark: S&P 500<sup>®</sup> Index (28%), S&P 400<sup>®</sup> MidCap Index (7%), S&P SmallCap 600 Index (3%), MSCI<sup>®</sup> EAFE Index (15%), MSCI<sup>®</sup> Emerging Markets Index (6%), Dow Jones U.S. Select REIT Index (4%), Bloomberg<sup>®</sup> Commodity IndexSM (5%), Bloomberg<sup>®</sup> Barclays U.S. Aggregate Bond Index (30%) and ICE BofA<sup>®</sup> US 3-Month Treasury Bill Index (2%)

## 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 | 9.3% |
| iShares Core U.S. Aggregate Bond ETF | 7.7% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 6.0% |
| Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio | 5.0% |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 4.7% |
| Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio | 4.0% |
| Northwestern Mutual Series Fund, Inc., Large Cap Blend Portfolio | 3.7% |
| Northwestern Mutual Series Fund, Inc., Domestic Equity Portfolio | 3.7% |
| Northwestern Mutual Series Fund, Inc., Focused Appreciation Portfolio | 3.7% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i66a5be9067feab934aadffbe.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 4.3% |
| Commodities | 0.2% |
| Foreign Equity | 19.9% |
| Fixed Income | 33.8% |
| Domestic Equity | 41.8% |

---

## Material Portfolio Changes
Effective 5/1/2025, the Board of Directors of the Northwestern Mutual Series Fund, Inc., approved a reduction in the advisory fee for the Portfolio to 0.15% of average daily net assets. 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.

### ACTIVE/PASSIVE MODERATE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# ACTIVE/PASSIVE BALANCED PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This annual shareholder report contains important information about the Active/Passive Balanced Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 12/31/2025. 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 year?
(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 Balanced Portfolio | $12 | 0.11% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 12.19%. The Portfolio compares its performance to the Active/Passive Balanced Portfolio Blended Composite Benchmark (the "Benchmark") \*, which returned 12.80% for the same period.

* The investment markets in 2025 demonstrated remarkable resilience and growth amidst a backdrop of global economic uncertainties. The S&P 500<sup>®</sup> Index achieved its third consecutive year of double-digit returns, propelled by robust performance in the Information Technology and Communication Services sectors. Driven by compelling relative valuations and a weakening U.S. dollar, international markets were even stronger during the year. Fixed income markets also showed significant strength as the credit environment was positive and interest rate cuts moved yields lower, and prices higher, across most maturities.

* The Portfolio's relative performance was helped by strength among the fixed income underlying funds, including the Multi-Sector Bond Portfolio and the Select Bond Portfolio, with both benefiting from the strong credit environment during the year. The Emerging Markets Equity Portfolio was also a strong contributor, as security selection strength in Asia provided significant excess returns.

* The positive contributors to relative performance for the Portfolio were offset by weakness in two U.S. large cap equity underlying funds - the Focused Appreciation Portfolio and the Large Cap Blend Portfolio. Both were hindered by underweight positions and stock selection in the strong performing Information Technology sector.

* Tactical allocation decisions largely detracted from relative results during the year. Overweight positions to U.S. small and mid cap companies relative to the benchmark were notable detractors, as the source of these overweights, primarily large cap U.S. equity, emerging markets and commodities, were relative winners. An overweight position to fixed income during the year also held back relative results.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i64a130fd97fac12a016ba96f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Active/Passive Balanced Portfolio** | **Active/Passive Balanced Portfolio Blended Composite Benchmark \*** | **S&P 500<sup>®</sup> Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10658.25 | 10760.98 | 11195.99 | 10264.72 |
| **12/2017** | 11935.58 | 12096.47 | 13640.26 | 10628.29 |
| **12/2018** | 11523.53 | 11644.55 | 13042.23 | 10629.48 |
| **12/2019** | 13588.79 | 13799.75 | 17148.76 | 11556.04 |
| **12/2020** | 15286.14 | 15607.10 | 20303.93 | 12423.50 |
| **12/2021** | 16441.68 | 17104.14 | 26132.25 | 12231.95 |
| **12/2022** | 14117.56 | 14621.22 | 21399.47 | 10640.54 |
| **12/2023** | 15962.74 | 16664.73 | 27024.88 | 11228.84 |
| **12/2024** | 17148.02 | 17988.89 | 33786.42 | 11369.22 |
| **12/2025** | 19239.12 | 20292.09 | 39827.45 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1968661 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 26 |
| Portfolio Turnover Rate | 16% |
| Net Investment Advisory Fees Paid (000's) | $1931 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Active/Passive Balanced Portfolio** | 12.19% | 4.71% | 6.76% |
| **Active/Passive Balanced Portfolio Blended Composite Benchmark \*** | 12.80% | 5.39% | 7.33% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

\* Active/Passive Balanced Portfolio Blended Composite Benchmark: S&P 500<sup>®</sup> Index (17%), S&P MidCap 400<sup>®</sup> Index (5%), S&P SmallCap 600<sup>®</sup> Index (3%), MSCI<sup>®</sup> EAFE Index (10%), MSCI<sup>®</sup> Emerging Markets Index (5%), Dow Jones U.S. Select REIT Index (4%), Bloomberg<sup>®</sup> Commodity IndexSM (4%), Bloomberg<sup>®</sup> Barclays U.S. Aggregate Bond Index (50%) and ICE BofA<sup>®</sup> US 3-Month Treasury Bill Index (2%)

## 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 | 25.1% |
| iShares Core U.S. Aggregate Bond ETF | 14.0% |
| Northwestern Mutual Series Fund, Inc., Multi-Sector Bond Portfolio | 7.5% |
| iShares Core S&P 500 ETF | 5.3% |
| State Street SPDR Portfolio Long Term Treasury ETF | 5.0% |
| Northwestern Mutual Series Fund, Inc., International Equity Portfolio | 3.9% |
| Northwestern Mutual Series Fund, Inc., Emerging Markets Equity Portfolio | 3.6% |
| State Street SPDR Portfolio S&P 400 Mid Cap ETF | 3.5% |
| State Street SPDR Portfolio S&P 600 Small Cap ETF | 2.5% |
| Northwestern Mutual Series Fund, Inc., International Growth Portfolio | 2.4% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i62bd9334e8c4107268fc24fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 3.8% |
| Commodities | 0.2% |
| Foreign Equity | 14.0% |
| Domestic Equity | 28.9% |
| Fixed Income | 53.1% |

---

## Material Portfolio Changes
Effective 5/1/2025, the Board of Directors of the Northwestern Mutual Series Fund, Inc., approved a reduction in the advisory fee for the Portfolio to 0.15% of average daily net assets. 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.

### ACTIVE/PASSIVE BALANCED PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# DOMESTIC EQUITY PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $54 | 0.50% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.43%. The Portfolio compares its performance to the Russell 1000<sup>®</sup> Value Index, which returned 15.91% for the same period.

* In 2025, U.S. equity markets generated a strong positive return, shrugging off concerns around tariffs, inflation and the labor market. Ongoing investor excitement was driven by optimism around AI-related spending and potential rate cuts by the Federal Reserve.

* The Portfolio's relative performance benefited from positive stock selection in several sectors, including Communication Services, Industrials, Consumer Discretionary, Utilities and Energy. 

* In the Communication Services sector, Alphabet, Inc. - Class A was the top contributing name during the year, with the Portfolio maintaining an average overweight exposure throughout the period. Additionally, there were two overweight positions in the Industrials sector, Northrop Grumman Corp. and Southwest Airlines Co., both of which were top contributors to relative performance. Other top contributors included UnitedHealth Group, Inc., an out-of-benchmark holding in Seagate Technology Holdings PLC and General Motors Co. 

* Stock selection in Consumer Discretionary, Information Technology and Real Estate sectors detracted from relative performance during the period. An underweight allocation to the Financials Sector also detracted from relative performance. 

* Individual detractors to relative performance for the Portfolio during the period included overweight positions in Conagra Brands, Inc., Merck & Co, Inc. and Baxter International, Inc. Performance relative to the benchmark was also negatively affected by the Portfolio's lack of exposure to the Information Technology company, Micron Technology, Inc.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i669cd216715ab1e5c95f1102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Domestic Equity Portfolio** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11498.01 | 11734.03 | 11195.99 |
| **12/2017** | 13081.90 | 13337.37 | 13640.26 |
| **12/2018** | 12714.02 | 12234.78 | 13042.23 |
| **12/2019** | 15354.57 | 15482.04 | 17148.76 |
| **12/2020** | 15466.52 | 15914.86 | 20303.93 |
| **12/2021** | 18979.46 | 19919.09 | 26132.25 |
| **12/2022** | 18412.71 | 18417.64 | 21399.47 |
| **12/2023** | 19096.65 | 20528.77 | 27024.88 |
| **12/2024** | 20446.63 | 23478.38 | 33786.42 |
| **12/2025** | 23397.60 | 27212.98 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1173322 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 71 |
| Portfolio Turnover Rate | 105% |
| Net Investment Advisory Fees Paid (000's) | $5203 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Domestic Equity Portfolio** | 14.43% | 8.63% | 8.87% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Citigroup, Inc. | 4.1% |
| Alphabet, Inc. - Class A | 3.9% |
| Cisco Systems, Inc. | 2.8% |
| General Motors Co. | 2.6% |
| Microsoft Corp. | 2.5% |
| Exxon Mobil Corp. | 2.5% |
| Capital One Financial Corp. | 2.5% |
| Walmart, Inc. | 2.4% |
| Bank of America Corp. | 2.4% |
| Amazon.com, Inc. | 2.4% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i30879e2f64fab9737ebf24fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.9% |
| Real Estate | 1.9% |
| Utilities | 4.0% |
| Energy | 5.5% |
| Communication Services | 6.0% |
| Materials | 6.1% |
| Consumer Discretionary | 8.2% |
| Consumer Staples | 9.6% |
| Information Technology | 10.2% |
| Industrials | 11.9% |
| Health Care | 13.2% |
| Financials | 21.5% |

---

## Material Portfolio Changes
Effective 7/31/2025, Putnam Investment Management, LLC ("Putnam"), replaced Delaware Investments Fund Advisers as the sub-adviser to the 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.

### DOMESTIC EQUITY PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# EMERGING MARKETS EQUITY PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $100 | 0.85% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 34.19%. The Portfolio compares its performance to the MSCI<sup>®</sup> Emerging Markets Index (Net), which returned 33.57% for the same period.

* Emerging market equities ended 2025 with robust gains, outperforming developed markets. Policy uncertainty, alongside concerns over U.S. fiscal discipline, contributed to U.S. dollar weakness, which supported emerging market performance. The U.S. Federal Reserve's interest rate cuts later in the year provided an additional tailwind. Separately, China's artificial intelligence (AI) breakthrough in early 2025 prompted a global tech sell-off, though confidence soon rebounded.

* The Portfolio benefited from robust performance in Taiwan and Korea's tech sectors, driven primarily by advances in artificial intelligence.

* In Taiwan, standout performers included Delta Electronics, Inc., Taiwan Semiconductor Manufacturing Co., Ltd. and ASE Technology Holding Co., Ltd. The Portfolio maintained diversified exposure across the AI supply chain, spanning semiconductor manufacturing, design and data center-orientated names. Similarly, in Korea, memory chip producers SK Hynix, Inc. and Samsung Electronics Co., Ltd. outperformed, alongside power equipment maker HD Hyundai Electric Co., Ltd.

* China and India both detracted from relative performance amid concerns over domestic growth and tariff-related uncertainty. 

* Detractors in China and India included Giant Biogene Holding Co., Ltd., Indian Hotels Co., Ltd., HDFC Bank, Ltd. and Tata Consultancy Services, Ltd. Globant, the Argentina-based technology solutions provider, was another major stock detractor, falling due to expectations of softening demand in its core U.S market.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared with an index that closely aligns with the Portfolio's investment strategy and that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i14d5b165348cce553512472e.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Emerging Markets Equity Portfolio** | **MSCI<sup>®</sup> Emerging Markets Index (Net)** |
| **12/2015** | $10000.00 | $10000.00 |
| **12/2016** | 10906.49 | 11118.79 |
| **12/2017** | 13942.78 | 15264.33 |
| **12/2018** | 12025.08 | 13040.51 |
| **12/2019** | 14502.16 | 15442.89 |
| **12/2020** | 18396.79 | 18269.71 |
| **12/2021** | 17559.32 | 17805.46 |
| **12/2022** | 13120.86 | 14228.09 |
| **12/2023** | 14027.40 | 15626.43 |
| **12/2024** | 14591.97 | 16799.07 |
| **12/2025** | 19581.18 | 22437.80 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1299101 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 61 |
| Portfolio Turnover Rate | 35% |
| Net Investment Advisory Fees Paid (000's) | $9200 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Equity Portfolio** | 34.19% | 1.26% | 6.95% |
| **MSCI<sup>®</sup> Emerging Markets Index (Net)** | 33.57% | 4.20% | 8.42% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 12.5% |
| Tencent Holdings, Ltd. | 7.8% |
| Samsung Electronics Co., Ltd. | 5.4% |
| Alibaba Group Holding, Ltd. | 4.5% |
| HDFC Bank, Ltd. | 4.0% |
| Grupo Mexico SAB de CV | 3.8% |
| SK Hynix, Inc. | 3.0% |
| Contemporary Amperex Technology Co., Ltd. - Class A | 2.2% |
| Al Rajhi Bank | 1.8% |
| Bank Negara Indonesia Persero Tbk PT | 1.8% |

---

## Sector Weightings (% of net assets)
![Group By Industry Chart](i8f1982c9af59da04386d1332.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.7% |
| Energy | 0.6% |
| Utilities | 0.9% |
| Health Care | 1.9% |
| Real Estate | 2.8% |
| Consumer Staples | 2.9% |
| Materials | 5.9% |
| Industrials | 8.6% |
| Communication Services | 10.9% |
| Consumer Discretionary | 11.0% |
| Financials | 24.2% |
| Information Technology | 29.6% |

---

## Investments by Country of Risk (% of net assets)
![Group By Country Chart](i8466c764fc5e558d1153ebc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 19.7% |
| Mexico | 5.6% |
| South Korea | 12.9% |
| India | 16.9% |
| Taiwan | 17.5% |
| China | 26.7% |

---

## Material Portfolio Changes
Effective 8/1/2025, Mason Street Advisors, LLC, the investment adviser to the Portfolio, agreed to increase the management fee waiver applicable to the 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.

## EMERGING MARKETS EQUITY PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# EQUITY INCOME PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $61 | 0.57% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.48%. The Portfolio compares its performance to the Russell 1000<sup>®</sup> Value Index, which returned 15.91% for the same period.

* U.S. equity markets rose, rebounding after early tariff concerns, supported by improved trade negotiations, fiscal stimulus from new tax legislation, and favorable corporate earnings. Investor interest in artificial intelligence and other high-growth sectors further boosted momentum.

* Stock selection in Industrials and Business Services contributed to relative performance. Shares of General Electric Co. advanced as robust aviation demand drove strong financial results and consistent guidance raises. Solid aftermarket services, operational improvements, and a substantial order backlog aided revenue visibility, and increased share buybacks and dividends further supported investor confidence.

* In Consumer Discretionary, an underweight exposure and stock selection also added value. Las Vegas Sands Corp. shares benefited from improving tourism trends and reinvestment in Macau. Management's expanded share buyback program also buoyed investor optimism for the company's long-term growth prospects.

* In contrast, stock selection in Materials detracted substantially from relative performance. Shares of International Paper Co. declined due to weaker earnings, soft packaging demand, and higher costs. Mill closures, business divestitures, reduced guidance and potential DS Smith integration challenges further strained sentiment.

* Stock selection in Consumer Staples also hurt results. Kimberly-Clark Corp. shares fell on tariff driven costs, lower profit guidance, private label competition, and concerns over risks related to Kenvue, Inc's acquisition.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i163cbde7b0fc55cffdab1c78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Equity Income Portfolio** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11916.81 | 11734.03 | 11195.99 |
| **12/2017** | 13852.48 | 13337.37 | 13640.26 |
| **12/2018** | 12557.49 | 12234.78 | 13042.23 |
| **12/2019** | 15899.64 | 15482.04 | 17148.76 |
| **12/2020** | 16090.91 | 15914.86 | 20303.93 |
| **12/2021** | 20226.57 | 19919.09 | 26132.25 |
| **12/2022** | 19575.38 | 18417.64 | 21399.47 |
| **12/2023** | 21471.14 | 20528.77 | 27024.88 |
| **12/2024** | 24020.94 | 23478.38 | 33786.42 |
| **12/2025** | 27498.29 | 27212.98 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $771675 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 124 |
| Portfolio Turnover Rate | 28% |
| Net Investment Advisory Fees Paid (000's) | $4066 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Equity Income Portfolio** | 14.48% | 11.31% | 10.64% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Alphabet, Inc., Various | 3.4% |
| The Southern Co., Various | 2.2% |
| QUALCOMM, Inc. | 2.1% |
| Citigroup, Inc. | 2.1% |
| MetLife, Inc. | 2.1% |
| JPMorgan Chase & Co. | 1.9% |
| The Charles Schwab Corp. | 1.9% |
| The Boeing Co., Various | 1.8% |
| Bank of America Corp. | 1.7% |
| TotalEnergies SE | 1.6% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i8ff2be392a3aa23b109a30d6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.9% |
| Materials | 2.9% |
| Real Estate | 3.5% |
| Consumer Discretionary | 4.2% |
| Utilities | 6.1% |
| Communication Services | 6.7% |
| Consumer Staples | 6.8% |
| Energy | 8.4% |
| Information Technology | 10.5% |
| Health Care | 13.4% |
| Industrials | 14.1% |
| Financials | 22.5% |

---

## 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.

December 31, 2025

Annual Shareholder Report

# FOCUSED APPRECIATION PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $66 | 0.61% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.91%. The Portfolio compares its performance to the Russell 1000<sup>®</sup> Growth Index, which returned 18.56% for the same period.

* All aspects of the portfolio manager's quality-growth-valuation investment thesis must be present simultaneously to make an investment. Often the research is completed well in advance of the opportunity to invest. The portfolio manager maintains coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the year we added to our existing positions in Deere & Co., Nike, Inc., Novo Nordisk A/S, ADR, Regeneron Pharmaceuticals Inc., Thermo Fisher Scientific, Inc., and Vertex Pharmaceuticals Inc. as near-term price weaknesses created attractive reward-to-risk opportunities. We trimmed our positions in Alibaba Group Holding, Ltd., ADR, Netflix, Inc., Oracle Corp., Qualcomm, Inc., and Yum China Holdings, Inc. to finance purchases and manage position size.

* Stock selection in the Consumer Staples, Consumer Discretionary, and Industrials sectors, along with our allocations in the Communication Services and Health Care sectors, contributed positively to relative performance.

* The Portfolio's positions in Alphabet, Inc., Nvidia Corp., and The Boeing Co. contributed the most to performance.

* Stock selection in the Health Care, Communication Services, Financials, and Information Technology sectors, along with our allocations in the Information Technology, Consumer Discretionary, Financials, and Consumer Staples sectors, detracted from relative performance.

* The Portfolio's positions in Novo Nordisk A/S, ADR, Salesforce, Inc., and FactSet Research Systems, Inc. detracted the most from relative performance.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i780117385c8bcbc8e591ff10.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Focused Appreciation Portfolio** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10587.46 | 10707.66 | 11195.99 |
| **12/2017** | 14147.19 | 13942.63 | 13640.26 |
| **12/2018** | 13816.25 | 13731.58 | 13042.23 |
| **12/2019** | 18233.49 | 18728.42 | 17148.76 |
| **12/2020** | 24167.82 | 25937.60 | 20303.93 |
| **12/2021** | 28735.74 | 33095.52 | 26132.25 |
| **12/2022** | 20739.67 | 23452.45 | 21399.47 |
| **12/2023** | 31315.37 | 33461.55 | 27024.88 |
| **12/2024** | 42096.25 | 44623.11 | 33786.42 |
| **12/2025** | 48371.71 | 52905.34 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1548931 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 37 |
| Portfolio Turnover Rate | 2% |
| Net Investment Advisory Fees Paid (000's) | $8876 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Focused Appreciation Portfolio** | 14.91% | 14.89% | 17.07% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 10.9% |
| Alphabet, Inc., Various | 8.8% |
| Tesla, Inc. | 8.5% |
| Meta Platforms, Inc. - Class A | 7.1% |
| Amazon.com, Inc. | 5.3% |
| Netflix, Inc. | 5.3% |
| Visa, Inc. - Class A | 4.7% |
| Oracle Corp. | 4.7% |
| The Boeing Co. | 4.6% |
| Microsoft Corp. | 4.2% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](if9ce89212c525d635ec255a5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.1% |
| Consumer Staples | 2.9% |
| Industrials | 6.7% |
| Financials | 7.6% |
| Health Care | 11.8% |
| Consumer Discretionary | 16.9% |
| Communication Services | 23.6% |
| Information Technology | 29.4% |

---

## 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.

### FOCUSED APPRECIATION PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# GOVERNMENT MONEY MARKET PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $34 | 0.33% |

---

## Portfolio Statistics
* Total Net Assets (000's)$500,032

* # of Portfolio Holdings (Derivatives not included, if applicable)124

* Net Investment Advisory Fees Paid (000's)$1,513

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

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i8d4f9ea505f27f05a8f5acc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | -0.1% |
| Repurchase Agreements | 41.0% |
| US Government & Agencies | 59.1% |

---

## 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.

### GOVERNMENT MONEY MARKET PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# GROWTH STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $46 | 0.42% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 19.40%. The Portfolio compares its performance to the Russell 1000<sup>®</sup> Growth Index, which returned 18.56% for the same period.

* Large-cap U.S. stocks rose in 2025. After a challenging start to the year, the market rebounded, overcoming concerns about tariffs, the economy, conflicts in the Middle East and Ukraine, the longest federal government shutdown in U.S. history and heightened valuations among artificial intelligence-related companies.

* Stock selection in the Consumer Discretionary and Industrials and Business Services sectors contributed to relative performance.

* The top contributor among the Consumer Discretionary holdings was Carvana, as the company delivered multiple quarters of thesis-confirming results, highlighted by strong growth in units sold and total revenue alongside better-than-expected gross profit per unit. Within Industrials and Business Services, the position in GE Aerospace added value as the company continued to benefit from a multi-year aerospace recovery.

* Conversely, stock selection and an underweight in Information Technology detracted from relative returns. Health Care also hurt due to security selection.

* The leading detractor in Information Technology was ServiceNow, which underperformed amid a challenging environment for software stocks. In Health Care, UnitedHealth Group drove underperformance due to several headwinds, including a downward guidance revision due to higher-than-expected medical expenditures and news that its chief executive officer would be stepping down.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i1fddecc28b5b0416279f0fc3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Growth Stock Portfolio** | **Russell 1000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10246.79 | 10707.66 | 11195.99 |
| **12/2017** | 12733.19 | 13942.63 | 13640.26 |
| **12/2018** | 12893.39 | 13731.58 | 13042.23 |
| **12/2019** | 16720.77 | 18728.42 | 17148.76 |
| **12/2020** | 22568.67 | 25937.60 | 20303.93 |
| **12/2021** | 26330.59 | 33095.52 | 26132.25 |
| **12/2022** | 16141.32 | 23452.45 | 21399.47 |
| **12/2023** | 24162.12 | 33461.55 | 27024.88 |
| **12/2024** | 33301.43 | 44623.11 | 33786.42 |
| **12/2025** | 39762.92 | 52905.34 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1500600 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 59 |
| Portfolio Turnover Rate | 11% |
| Net Investment Advisory Fees Paid (000's) | $5636 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Stock Portfolio** | 19.40% | 11.99% | 14.80% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 15.6% |
| Microsoft Corp. | 9.4% |
| Apple, Inc. | 8.6% |
| Alphabet, Inc., Various | 7.8% |
| Amazon.com, Inc. | 6.8% |
| Meta Platforms, Inc. - Class A | 4.9% |
| Broadcom, Inc. | 4.9% |
| Carvana Co. | 4.1% |
| Eli Lilly & Co. | 3.3% |
| Visa, Inc. - Class A | 3.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](ib4e527f96552f36b647d3dc2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.3% |
| Utilities | 0.5% |
| Materials | 0.6% |
| Consumer Staples | 0.7% |
| Industrials | 3.3% |
| Health Care | 7.1% |
| Financials | 8.2% |
| Communication Services | 15.6% |
| Consumer Discretionary | 17.3% |
| Information Technology | 46.4% |

---

## 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.

### GROWTH STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# HIGH YIELD BOND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $48 | 0.46% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 8.49%. The Portfolio compares its performance to the Bloomberg<sup>®</sup> U.S. Corporate High Yield 2% Issuer Capped Index, which returned 8.62% for the same period.

* The high-yield market in 2025 proved very resilient in the face of tariffs, wars and overall economic concerns. The high-yield market also experienced credit spreads at levels well inside of historical medians.

* The Portfolio was positively impacted by security selection in the period, especially in the Midstream, Building Materials, Retail, Chemicals, Consumer Products, Packaging, Railroads and Electric Utilities sectors. The Portfolio was also positively impacted by its underweight allocation to the underperforming Retail sector.

* Specific Portfolio holdings that positively impacted relative performance included Foundation Building Materials, Beach Acquisition Bidco LLC (Sketchers), CP Atlas Buyer, Inc. (American Bath), Millennium Escrow Corp. (Centerfield Media Partners) and Allied Universal Holdco LLC. 

* The Portfolio was negatively impacted by its industry allocation, especially its underweight allocation to the strong performing Wireless Telecommunications and Media & Entertainment sectors. It was also negatively impacted by security selection in the Cable & Satellite and Automotive sectors.

* Specific Portfolio holdings that negatively impacted relative performance included Ardagh Metal Packaging Finance USA LLC, Real Hero Merger, Condor Merger (MacFee), WarnerMedia Holdings, Inc. and Organon & Co.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](idcd2659d6bce38874ca1a202.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **High Yield Bond Portfolio** | **Bloomberg<sup>®</sup> U.S. Corporate High Yield 2% Issuer Capped Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11459.50 | 11712.99 | 10264.72 |
| **12/2017** | 12248.15 | 12591.82 | 10628.29 |
| **12/2018** | 11916.59 | 12329.37 | 10629.48 |
| **12/2019** | 13700.35 | 14094.77 | 11556.04 |
| **12/2020** | 14610.41 | 15088.10 | 12423.50 |
| **12/2021** | 15385.65 | 15881.83 | 12231.95 |
| **12/2022** | 13642.11 | 14105.99 | 10640.54 |
| **12/2023** | 15448.47 | 16002.32 | 11228.84 |
| **12/2024** | 16434.81 | 17313.41 | 11369.22 |
| **12/2025** | 17830.44 | 18806.30 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $712641 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 522 |
| Portfolio Turnover Rate | 35% |
| Net Investment Advisory Fees Paid (000's) | $2950 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **High Yield Bond Portfolio** | 8.49% | 4.06% | 5.95% |
| **Bloomberg<sup>®</sup> U.S. Corporate High Yield 2% Issuer Capped Index** | 8.62% | 4.50% | 6.52% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

## 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% |
| TransDigm, Inc., Various | 1.7% |
| HUB International, Ltd., Various | 1.6% |
| Ford Motor Credit Co. LLC, Various | 1.4% |
| Cloud Software Group, Inc., Various | 1.2% |
| Venture Global Plaquemines LNG LLC, Various | 1.2% |
| Medline Borrower LP, Various | 1.1% |
| 1011778 BC ULC / New Red Finance, Inc., Various | 1.1% |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., Various | 1.0% |
| Ardonagh Group Finance, Ltd., 8.875%, 2/15/32 | 1.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i318ea72615f21125cf2f618d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 4.8% |
| Communication Services | 0.0% |
| Diversified | 0.3% |
| Utilities | 3.1% |
| Basic Materials | 4.3% |
| Technology | 9.3% |
| Communications | 9.5% |
| Energy | 10.9% |
| Financial | 11.3% |
| Industrial | 12.6% |
| Consumer, Non-Cyclical | 15.5% |
| Consumer, Cyclical | 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.

### HIGH YIELD BOND PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# INDEX 400 STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $25 | 0.24% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 7.24%. The Portfolio compares its performance to the S&P MidCap 400<sup>®</sup> Index, which returned 7.50% for the same period.

* The Portfolio's relative performance slightly lagged due to transaction costs, administrative expenses, cash flow effects and costs associated with the use of equity index futures contracts. In 2025, the U.S. equity market delivered strong returns for the third consecutive year, with the S&P MidCap 400 Index returning 7.50%. U.S. Midcap equities underperformed U.S. Large Cap equities, represented by the S&P 500 Index, but outperformed U.S. Small Cap equities, represented by the S&P SmallCap 600 Index. Elevated tariff rates and trade policy volatility created uncertainty, yet economic resilience and late-year Fed rate cuts supported valuations.

* During the year, Industrials and Financials were the top sector contributors to total return.

* The top individual holdings that contributed to the portfolio total return included Ciena Corp. and Comfort Systems USA, Inc.

* Consumer Discretionary and Staples sectors were the top detractors to total return during the period.

* The top individual holdings that detracted from total return were Sarepta Therapeutics, Inc. and Avantor, Inc.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i83968fe9f2760b9f2cb2decf.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Index 400 Stock Portfolio** | **S&P MidCap 400<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 12038.12 | 12073.84 | 11195.99 |
| **12/2017** | 13959.18 | 14035.14 | 13640.26 |
| **12/2018** | 12377.22 | 12479.56 | 13042.23 |
| **12/2019** | 15580.98 | 15749.17 | 17148.76 |
| **12/2020** | 17664.27 | 17900.36 | 20303.93 |
| **12/2021** | 21985.14 | 22332.49 | 26132.25 |
| **12/2022** | 19068.96 | 19415.72 | 21399.47 |
| **12/2023** | 22149.42 | 22607.12 | 27024.88 |
| **12/2024** | 25169.47 | 25756.01 | 33786.42 |
| **12/2025** | 26990.60 | 27688.07 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1489285 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 402 |
| Portfolio Turnover Rate | 15% |
| Net Investment Advisory Fees Paid (000's) | $3075 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Index 400 Stock Portfolio** | 7.24% | 8.85% | 10.44% |
| **S&P MidCap 400<sup>®</sup> Index** | 7.50% | 9.12% | 10.72% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Ciena Corp. | 1.0% |
| Coherent Corp. | 0.9% |
| Lumentum Holdings, Inc. | 0.8% |
| Flex, Ltd. | 0.7% |
| Twilio, Inc. | 0.7% |
| United Therapeutics Corp. | 0.7% |
| Pure Storage, Inc. | 0.6% |
| Casey's General Stores, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Illumina, Inc. | 0.6% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i4b8b0f7fa4eaf33bd8fbbba5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.6% |
| Communication Services | 2.0% |
| Utilities | 3.3% |
| Energy | 3.9% |
| Consumer Staples | 4.3% |
| Materials | 5.9% |
| Real Estate | 6.3% |
| Health Care | 8.8% |
| Consumer Discretionary | 11.4% |
| Information Technology | 13.9% |
| Financials | 16.6% |
| Industrials | 23.0% |

---

## 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.

### INDEX 400 STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# INDEX 500 STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $21 | 0.19% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 17.64%. The Portfolio compares its performance to the S&P 500<sup>®</sup> Index, which returned 17.88% for the same period.

* The Portfolio's relative performance slightly lagged due to transaction costs, administrative expenses, cash flow effects and costs associated with the use of equity index futures contracts.

* U.S. equities experienced a highly volatile yet ultimately strong year in 2025, driven by shifting trade policy, evolving monetary expectations, and powerful structural themes such as artificial intelligence. After a weak start to the year amid escalating tariff uncertainty and a temporary market correction, sentiment improved as the administration paused several proposed tariffs and investors gained confidence that risks were contained. Markets rallied through mid-year, supported by strong corporate earnings and surging enthusiasm around AI, which became a dominant driver of performance across sectors.

* The Federal Reserve maintained a cautious stance throughout 2025, holding rates steady for most of the year before implementing modest cuts in September, October, and December in response to cooling labor markets and inflation that remained above target. Despite intermittent volatility, including a record long government shutdown and renewed U.S.– China trade tensions, equities continued to climb, finishing the year higher, with the S&P 500<sup>®</sup> Index supported by leadership from Information Technology, Communication Services, and select cyclicals.

* Top-performing sectors included Communication Services, Information Technology, and Industrials.

* Real Estate, Consumer Staples, and Consumer Discretionary were the worst performing sectors.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared with an index that closely aligns with the Portfolio's investment strategy and that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i015840e8d6975f6ac631083b.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Index 500 Stock Portfolio** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 |
| **12/2016** | 11173.49 | 11195.99 |
| **12/2017** | 13577.59 | 13640.26 |
| **12/2018** | 12956.38 | 13042.23 |
| **12/2019** | 16995.98 | 17148.76 |
| **12/2020** | 20086.19 | 20303.93 |
| **12/2021** | 25800.51 | 26132.25 |
| **12/2022** | 21083.34 | 21399.47 |
| **12/2023** | 26574.40 | 27024.88 |
| **12/2024** | 33151.72 | 33786.42 |
| **12/2025** | 38999.89 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $7470778 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 503 |
| Portfolio Turnover Rate | 2% |
| Net Investment Advisory Fees Paid (000's) | $12737 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Index 500 Stock Portfolio** | 17.64% | 14.19% | 14.58% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.7% |
| Apple, Inc. | 6.8% |
| Microsoft Corp. | 6.1% |
| Alphabet, Inc., Various | 5.6% |
| Amazon.com, Inc. | 3.8% |
| Broadcom, Inc. | 2.8% |
| Meta Platforms, Inc. - Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Berkshire Hathaway, Inc. - Class B | 1.6% |
| JPMorgan Chase & Co. | 1.5% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i8a962853cc52e8c6f74e6195.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.6% |
| Real Estate | 1.8% |
| Materials | 1.8% |
| Utilities | 2.2% |
| Energy | 2.8% |
| Consumer Staples | 4.7% |
| Industrials | 8.1% |
| Health Care | 9.6% |
| Consumer Discretionary | 10.4% |
| Communication Services | 10.5% |
| Financials | 13.3% |
| Information Technology | 34.2% |

---

## Material Portfolio Changes
Effective 11/5/2025, the Portfolio's diversification policy changed such that the Portfolio will continue to track the underlying index even if it operates as non-diversified as a result of a change in relative market capitalization or index weighting of one or more constituents of the underlying index. Revisions associated with this change were made to the Principal Investment Strategies and Principal Risk disclosures. 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.

### INDEX 500 STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# INDEX 600 STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $27 | 0.26% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 5.78%. The Portfolio compares its performance to the S&P SmallCap 600<sup>®</sup> Index, which returned 6.02% for the same period.

* The Portfolio's relative performance slightly lagged due to transaction costs, administrative expenses, cash flow effects and costs associated with the use of equity index futures contracts. In 2025, the U.S. equity market delivered strong returns for the third consecutive year, with the S&P SmallCap 600 Index returning 6.02%. U.S. small cap equities underperformed both U.S Large Cap equities, represented by the S&P 500 Index, and U.S. Midcap equities, represented by the S&P MidCap 400 Index. Elevated tariff rates and trade policy volatility created uncertainty, yet economic resilience and late-year Fed rate cuts supported valuations.

* During the year, Industrials and Financials were the top sector contributors to total return.

* The top individual holdings that contributed to the portfolio total return during the year included Sandisk Corp. and Kratos Defense and Security Solutions, Inc. During the year, Sandisk Corp. was promoted out of the S&P Small Cap Index but still had a meaningful contribution to the portfolio's return.

* Consumer Staples and Energy sectors were the top detractors to total return during the period.

* The top individual security detractors to total return were Robert Half, Inc. and SPS Commerce, Inc.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i18f3c6ce4d2d456de131239f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Index 600 Stock Portfolio** | **S&P SmallCap 600<sup>®</sup> Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 12612.39 | 12655.65 | 11195.99 |
| **12/2017** | 14242.87 | 14330.45 | 13640.26 |
| **12/2018** | 12992.28 | 13115.08 | 13042.23 |
| **12/2019** | 15907.35 | 16102.86 | 17148.76 |
| **12/2020** | 17646.20 | 17920.39 | 20303.93 |
| **12/2021** | 22272.37 | 22726.66 | 26132.25 |
| **12/2022** | 18627.05 | 19067.96 | 21399.47 |
| **12/2023** | 21562.93 | 22128.89 | 27024.88 |
| **12/2024** | 23380.22 | 24053.29 | 33786.42 |
| **12/2025** | 24731.44 | 25500.34 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $514579 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 605 |
| Portfolio Turnover Rate | 24% |
| Net Investment Advisory Fees Paid (000's) | $1058 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Index 600 Stock Portfolio** | 5.78% | 6.98% | 9.48% |
| **S&P SmallCap 600<sup>®</sup> Index** | 6.02% | 7.31% | 9.81% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Arrowhead Pharmaceuticals, Inc. | 0.6% |
| Armstrong World Industries, Inc. | 0.6% |
| InterDigital, Inc. | 0.6% |
| Sanmina Corp. | 0.6% |
| CareTrust REIT, Inc. | 0.5% |
| Advanced Energy Industries, Inc. | 0.5% |
| JBT Marel Corp. | 0.5% |
| LKQ Corp. | 0.5% |
| SiTime Corp. | 0.5% |
| Solstice Advanced Materials, Inc. | 0.5% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i395dded5e7446f2b2f5f783e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.9% |
| Utilities | 2.2% |
| Consumer Staples | 2.4% |
| Communication Services | 2.9% |
| Energy | 4.5% |
| Materials | 5.3% |
| Real Estate | 7.2% |
| Health Care | 12.1% |
| Consumer Discretionary | 13.4% |
| Information Technology | 14.3% |
| Industrials | 16.8% |
| 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.

### INDEX 600 STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# INFLATION MANAGED PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This annual shareholder report contains important information about the Inflation Managed Portfolio (the "Portfolio"), a series of the Northwestern Mutual Series Fund, Inc., for the period of 1/1/2025 to 12/31/2025. 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 year?
(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 Managed Portfolio | $48 | 0.46% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 6.51%. The Portfolio compares its performance to the Bloomberg<sup>®</sup> U.S. Treasury Inflation Protected Securities (TIPS) Index, which returned 7.01% for the same period.

* Against a backdrop of persistent above-target inflation, tariff-policy uncertainty, Fed easing and resilient economic growth, the broad TIPS market delivered a solid gain in 2025. Inflation moderated through the first several months of the year before climbing again through late 2025. While inflation remained well above the Fed's target, inflation and inflation expectations eased compared with year-end 2024, and TIPS outperformed nominal Treasuries. 

* Asset allocation was the main driver of Portfolio performance for the year. In general, the Portfolio was close to fully invested in TIPS as allowed by IRS portfolio diversification regulations for variable annuities (a maximum of 55%). The managers primarily invested the remainder of the Portfolio in securitized and investment-grade corporate securities.

* The Portfolio's allocations to securitized and investment-grade credit securities were key contributors to relative performance. The managers held these securities in conjunction with inflation swaps, which also aided results.

* Duration and yield curve effects detracted from results. Additionally, timing discrepancies between the Portfolio's daily pricing of its TIPS versus the index's modestly weighed on relative results.

* The Portfolio's positioning along the real yield curve, along with carry and roll-down effects, dampened relative performance. However, positive results from duration positioning and carry and roll-down effects among non-U.S. inflation-linked securities provided a positive offset.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i68bc279add53f2c25e88baa2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Inflation Managed Portfolio** | **Bloomberg<sup>®</sup> U.S. Treasury Inflation Protected Securities (TIPS) Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10468.47 | 10468.32 | 10264.72 |
| **12/2017** | 10842.97 | 10783.11 | 10628.29 |
| **12/2018** | 10559.81 | 10647.05 | 10629.48 |
| **12/2019** | 11512.02 | 11544.36 | 11556.04 |
| **12/2020** | 12613.90 | 12813.36 | 12423.50 |
| **12/2021** | 13447.08 | 13576.54 | 12231.95 |
| **12/2022** | 11703.96 | 11968.27 | 10640.54 |
| **12/2023** | 12160.06 | 12434.51 | 11228.84 |
| **12/2024** | 12398.86 | 12662.82 | 11369.22 |
| **12/2025** | 13205.87 | 13550.46 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $419511 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 173 |
| Portfolio Turnover Rate | 42% |
| Net Investment Advisory Fees Paid (000's) | $1648 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Inflation Managed Portfolio** | 6.51% | 0.92% | 2.82% |
| **Bloomberg<sup>®</sup> U.S. Treasury Inflation Protected Securities (TIPS) Index** | 7.01% | 1.12% | 3.08% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| US Treasury Inflation Index Bond, Various | 54.6% |
| New Zealand Government Bond, Various | 3.4% |
| United Kingdom Gilt, Various | 3.4% |
| Federal Home Loan Mortgage Corp., Various | 3.3% |
| HQLA Funding LLC | 3.2% |
| Government National Mortgage Association, Various | 2.3% |
| United Kingdom Inflation-Linked Gilt, 0.125%, 3/22/26 | 2.0% |
| Australian Government Bond, Various | 1.3% |
| Wells Fargo & Co., Various | 0.6% |
| Elmwood CLO 39, Ltd., Series 2025-2A, Class A1, 5.022%, 4/17/38 | 0.5% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](icff0ff2e4060a231d28211ab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 7.2% |
| Municipal Bonds | 0.4% |
| Corporate Bonds | 12.1% |
| Structured Products | 17.5% |
| Governments | 62.8% |

---

## Material Portfolio Changes
Effective 9/15/2025, the name of the Portfolio has been changed to the Inflation Managed 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.

### INFLATION MANAGED PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# INTERNATIONAL EQUITY PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $81 | 0.68% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 38.35%. The Portfolio compares its performance to the MSCI<sup>®</sup> All Country World (ex-US) Value Index (Net), which returned 39.50% for the same period.

* In 2025, international equity markets delivered their best yearly performance since 2009. All sectors and regions rebounded strongly from earlier trade tensions, posting double-digit returns. The Materials, Financials, and Information Technology sectors were the strongest performers.

* Strong stock selection in the Financials Sector, as well as an overweight and positive selection in Information Technology, bolstered relative results.

* Positions in leading global financial companies, including Banco Santander SA, Barclays PLC, Itau Unibanco Holding SA, and BNP Paribas SA, led the Portfolio's strong relative results in 2025. These positions continued to perform well during the year, driven by a combination of an improving credit cycle, higher interest rates, and share buybacks.

* A key detractor from relative results included the Portfolio's stock selection within the Consumer Discretionary and Materials sectors.

* The Portfolio's positions in International Flavors & Fragrances and Booking hurt relative performance for the year. A Top ten portfolio position, Sanofi SA, also detracted on concerns around US vaccine and drug price reform.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5a7936c09ff09fd2ce686cc9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **International Equity Portfolio** | **MSCI<sup>®</sup> All Country World (ex-US) Value Index (Net)** | **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10289.44 | 10891.95 | 10449.53 |
| **12/2017** | 12583.54 | 13360.70 | 13290.91 |
| **12/2018** | 10644.87 | 11493.64 | 11404.24 |
| **12/2019** | 11985.78 | 13300.32 | 13857.42 |
| **12/2020** | 11660.98 | 13197.56 | 15333.50 |
| **12/2021** | 12244.58 | 14577.33 | 16533.21 |
| **12/2022** | 11408.16 | 13325.21 | 13887.40 |
| **12/2023** | 13243.71 | 15630.30 | 16056.03 |
| **12/2024** | 13765.41 | 16574.68 | 16944.58 |
| **12/2025** | 19044.48 | 23122.35 | 22432.39 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $2379012 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 90 |
| Portfolio Turnover Rate | 16% |
| Net Investment Advisory Fees Paid (000's) | $14190 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **International Equity Portfolio** | 38.35% | 10.31% | 6.65% |
| **MSCI<sup>®</sup> All Country World (ex-US) Value Index (Net)** | 39.50% | 11.87% | 8.74% |
| **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** | 32.39% | 7.91% | 8.41% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co., Ltd. | 3.3% |
| Johnson Controls International PLC | 3.2% |
| BNP Paribas SA | 3.2% |
| GSK PLC | 3.0% |
| Barclays PLC | 2.8% |
| Banco Santander SA | 2.7% |
| Novartis AG | 2.7% |
| UBS Group AG | 2.4% |
| Itau Unibanco Holding SA | 2.2% |
| Roche Holding AG | 2.1% |

---

## Sector Weightings (% of net assets)
![Group By Industry Chart](idac3127be45fced5c404b04b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.4% |
| Utilities | 0.0% |
| Real Estate | 1.1% |
| Energy | 5.2% |
| Communication Services | 5.3% |
| Consumer Staples | 7.4% |
| Materials | 7.7% |
| Information Technology | 9.1% |
| Consumer Discretionary | 10.1% |
| Industrials | 10.4% |
| Health Care | 15.3% |
| Financials | 27.0% |

---

## Investments by Country of Risk (% of net assets)
![Group By Country Chart](i4f097236d48b4c4c085e5a37.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 32.2% |
| Switzerland | 5.0% |
| Japan | 5.7% |
| China | 5.8% |
| France | 6.9% |
| Germany | 8.5% |
| United Kingdom | 11.0% |
| United States | 23.5% |

---

# 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.

December 31, 2025

Annual Shareholder Report

# INTERNATIONAL GROWTH PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $67 | 0.61% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 18.70%. The Portfolio compares its performance to the MSCI EAFE<sup>®</sup> Growth Index (Net), which returned 20.76% for the same period.

* The threat of a tariff war took the market by surprise in early April, causing a sharp sell-off and an uptick in volatility. However, stocks rallied considerably amid resilient economic growth in some regions and interest-rate cuts from several key central banks. While progress was made on several fronts, a measure of uncertainty persisted.

* Market selection was the largest contributor to overall performance and stock selection detracted as a whole. An overweight to the Information Technology sector was the largest sector contributor, which was driven by stock selection.

* Among individual holdings, the overweight positions in GE Verona, Inc. and Safran SA contributed. GE Verona, Inc. benefited from rising U.S. electricity demands due to increased investment in artificial intelligence. The aerospace and defense company Safran SA gained from industry tailwinds that drove revenue growth.

* The Financials and Industrials sectors were the primary detractors, driven by negative security selection.

* Among individual holdings, the overweight positions in Recruit Holdings Co., Ltd. and Compass Group PLC detracted. Recruit Holdings Co., Ltd., a HR technology and staffing company, underperformed due to recession concerns. Compass Group PLC detracted in conjunction with broader sector weakness and concern over a rich valuation relative to future guidance.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i54147c11b4bb3bc164aa0962.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **International Growth Portfolio** | **MSCI EAFE<sup>®</sup> Growth Index (Net)** | **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 9659.46 | 9695.50 | 10449.53 |
| **12/2017** | 12560.13 | 12493.65 | 13290.91 |
| **12/2018** | 11143.49 | 10891.05 | 11404.24 |
| **12/2019** | 15021.76 | 13929.48 | 13857.42 |
| **12/2020** | 17712.37 | 16477.82 | 15333.50 |
| **12/2021** | 20531.51 | 18332.02 | 16533.21 |
| **12/2022** | 15782.12 | 14125.62 | 13887.40 |
| **12/2023** | 19059.40 | 16608.65 | 16056.03 |
| **12/2024** | 20069.11 | 16948.30 | 16944.58 |
| **12/2025** | 23822.68 | 20466.09 | 22432.39 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1141879 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 63 |
| Portfolio Turnover Rate | 39% |
| Net Investment Advisory Fees Paid (000's) | $6435 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **International Growth Portfolio** | 18.70% | 6.11% | 9.07% |
| **MSCI EAFE<sup>®</sup> Growth Index (Net)** | 20.76% | 4.43% | 7.42% |
| **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** | 32.39% | 7.91% | 8.41% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| ASML Holding NV | 5.5% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 4.1% |
| Safran SA | 4.1% |
| CRH PLC, Various | 4.0% |
| Airbus SE | 3.3% |
| Schneider Electric SE | 3.2% |
| Compass Group PLC | 3.1% |
| SAP SE | 3.1% |
| Linde PLC | 2.9% |
| UBS Group AG | 2.8% |

---

## Sector Weightings (% of net assets)
![Group By Industry Chart](i6469032c51ba54de1c640957.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 3.2% |
| Consumer Staples | 0.4% |
| Energy | 0.4% |
| Communication Services | 2.1% |
| Health Care | 3.1% |
| Consumer Discretionary | 9.5% |
| Financials | 9.6% |
| Materials | 10.9% |
| Information Technology | 20.9% |
| Industrials | 39.9% |

---

## Investments by Country of Risk (% of net assets)
![Group By Country Chart](id57197cb5c85cdf742a9bdde.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 17.4% |
| Switzerland | 5.8% |
| Netherlands | 6.5% |
| Sweden | 8.3% |
| United Kingdom | 12.8% |
| Japan | 13.3% |
| France | 13.7% |
| United States | 19.0% |

---

# 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.

## INTERNATIONAL GROWTH PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# LARGE CAP BLEND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $75 | 0.70% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.34%. The Portfolio compares its performance to the S&P 500<sup>®</sup> Index, which returned 17.88% for the same period.

* After an early decline, U.S. equities rebounded, and the S&P 500 Index achieved its third consecutive year of double-digit returns. The best-performing sectors within the Index were Communication Services and Information Technology, with no sectors ending the year in negative territory. 

* Stock selection in the Consumer Staples and Energy sectors contributed to performance. 

* Overweight positions in Howmet Aerospace, Inc. and Wells Fargo & Co. were the top individual contributors for the Portfolio's relative performance during the year. 

* Stock selection in the Information Technology and Utilities sectors detracted from performance.

* Overweight positions UnitedHealth Group, Inc. and Chipotle Mexican Grill, Inc. were the top individual detractors.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared with an index that closely aligns with the Portfolio's investment strategy and that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib45cad606b4d3c647458b0d2.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Large Cap Blend Portfolio** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 |
| **12/2016** | 11398.50 | 11195.99 |
| **12/2017** | 13566.99 | 13640.26 |
| **12/2018** | 13023.64 | 13042.23 |
| **12/2019** | 16145.34 | 17148.76 |
| **12/2020** | 17768.36 | 20303.93 |
| **12/2021** | 21047.58 | 26132.25 |
| **12/2022** | 18148.10 | 21399.47 |
| **12/2023** | 21888.15 | 27024.88 |
| **12/2024** | 27111.42 | 33786.42 |
| **12/2025** | 30999.44 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $169470 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 52 |
| Portfolio Turnover Rate | 40% |
| Net Investment Advisory Fees Paid (000's) | $1078 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Blend Portfolio** | 14.34% | 11.77% | 11.98% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.6% |
| Apple, Inc. | 7.6% |
| Alphabet, Inc. - Class A | 5.0% |
| Amazon.com, Inc. | 4.4% |
| Meta Platforms, Inc. - Class A | 3.4% |
| Broadcom, Inc. | 3.3% |
| Wells Fargo & Co. | 3.1% |
| Mastercard, Inc. - Class A | 2.7% |
| American Express Co. | 2.5% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i12d363da66c34f671413d56c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.4% |
| Real Estate | 0.7% |
| Materials | 1.5% |
| Energy | 2.0% |
| Consumer Staples | 2.9% |
| Utilities | 3.4% |
| Industrials | 7.4% |
| Health Care | 8.8% |
| Communication Services | 10.5% |
| Consumer Discretionary | 11.8% |
| Financials | 16.2% |
| Information Technology | 34.4% |

---

## Material Portfolio Changes
Effective 5/1/2025, Mason Street Advisors, LLC, the investment advisor to the Portfolio, agreed to increase the management fee waiver. 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.

### LARGE CAP BLEND PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# LARGE CAP CORE STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $47 | 0.43% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 16.59%. The Portfolio compares its performance to the S&P 500<sup>®</sup> Index, which returned 17.88% for the same period.

* The U.S. stock market delivered another strong year, driven by resilient corporate earnings, easing interest rates, and surging enthusiasm for artificial intelligence.

* Security selection in Industrials, Consumer Staples and Communication Services contributed to relative performance. Underweight allocations to Real Estate and Industrials also contributed to relative performance.

* Top individual contributors to relative performance included overweight positions to Uber Technologies, Inc. (Industrials), C.H. Robinson Worldwide, Inc. (Industrials) and Alphabet, Inc. (Communication Services). The Portfolio exited its position in Uber Technologies, Inc. at the end of the period.

* The Portfolio's relative underperformance was primarily driven by weak security selection in Consumer Discretionary, Financials and Information Technology. Sector allocation, a result of the team's bottom-up stock selection process, also detracted from relative performance. Underweight allocation to Consumer Staples and overweight allocations to Health Care and Energy detracted.

* Top individual detractors from relative performance included overweight positions to KKR & Co., Inc. (Financials) and ServiceNow, Inc. (Information Technology), and an underweight position to Micron Technology, Inc. (Information Technology). The Portfolio exited its position in Micron Technology, Inc. at the end of the period.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared with an index that closely aligns with the Portfolio's investment strategy and that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i09a80e80bb9b2ed22545459a.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Large Cap Core Stock Portfolio** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 |
| **12/2016** | 10757.09 | 11195.99 |
| **12/2017** | 13432.22 | 13640.26 |
| **12/2018** | 12621.16 | 13042.23 |
| **12/2019** | 16557.88 | 17148.76 |
| **12/2020** | 20323.23 | 20303.93 |
| **12/2021** | 25424.62 | 26132.25 |
| **12/2022** | 20624.38 | 21399.47 |
| **12/2023** | 25942.16 | 27024.88 |
| **12/2024** | 31689.78 | 33786.42 |
| **12/2025** | 36945.61 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $824766 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 140 |
| Portfolio Turnover Rate | 70% |
| Net Investment Advisory Fees Paid (000's) | $3159 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Core Stock Portfolio** | 16.59% | 12.70% | 13.96% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.8% |
| Microsoft Corp. | 6.7% |
| Apple, Inc. | 6.5% |
| Alphabet, Inc. - Class A | 6.2% |
| Amazon.com, Inc. | 5.0% |
| Broadcom, Inc. | 3.1% |
| Mastercard, Inc. - Class A | 2.7% |
| Wells Fargo & Co. | 2.6% |
| The Goldman Sachs Group, Inc. | 2.0% |
| Berkshire Hathaway, Inc. - Class B | 2.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](ida700a771894dfc1af475f66.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.4% |
| Real Estate | 1.0% |
| Materials | 2.0% |
| Utilities | 2.9% |
| Energy | 3.7% |
| Consumer Staples | 4.7% |
| Industrials | 6.4% |
| Communication Services | 9.9% |
| Health Care | 10.4% |
| Consumer Discretionary | 12.3% |
| 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.

December 31, 2025

Annual Shareholder Report

# LARGE COMPANY VALUE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $79 | 0.74% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 14.58%. The Portfolio compares its performance to the Russell 1000<sup>®</sup> Value Index, which returned 15.91% for the same period.

* Broad U.S. equity markets rallied in 2025, aided by resilient corporate earnings, interest rate cuts and enthusiasm for artificial intelligence technology. Against this backdrop, all sectors advanced over the trailing 12-month period, with the Communication Services and Information Technology sectors posting the highest returns. Additionally, large-cap stocks outperformed mid- and small-cap stocks, and growth outperformed value.

* Security selection in the Industrials sector contributed to relative performance. Several positions in the Machinery industry delivered strong returns, and positions across a variety of other industries within the sector also outperformed. Security selection in the Health Care sector also buoyed results, particularly in the Pharmaceuticals industry.

* Pharmaceutical company Johnson & Johnson was a key contributor, driven by its strong guidance for 2026, lower-than-expected tariff impacts and a strong product pipeline.

* Conversely, the Portfolio's relative overweight position in the Consumer Staples sector detracted from performance. Security selection in the Consumer Staples, Utilities and Materials sectors also weighed on returns.

* Kenvue, a personal care products company, was a notable detractor. Its shares fell after a White House press conference suggested that Tylenol, which Kenvue makes, had a potential association with autism when taken by pregnant women. Kenvue disputes the claims.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i868055cd08d7837b74e0ec84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Large Company Value Portfolio** | **Russell 1000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11536.05 | 11734.03 | 11195.99 |
| **12/2017** | 12816.37 | 13337.37 | 13640.26 |
| **12/2018** | 11800.77 | 12234.78 | 13042.23 |
| **12/2019** | 15064.79 | 15482.04 | 17148.76 |
| **12/2020** | 15462.06 | 15914.86 | 20303.93 |
| **12/2021** | 18851.13 | 19919.09 | 26132.25 |
| **12/2022** | 18787.59 | 18417.64 | 21399.47 |
| **12/2023** | 19501.31 | 20528.77 | 27024.88 |
| **12/2024** | 21586.72 | 23478.38 | 33786.42 |
| **12/2025** | 24733.01 | 27212.98 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $171521 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 48 |
| Portfolio Turnover Rate | 102% |
| Net Investment Advisory Fees Paid (000's) | $1055 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Large Company Value Portfolio** | 14.58% | 9.85% | 9.48% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Marsh & McLennan Cos., Inc. | 3.5% |
| JPMorgan Chase & Co. | 3.4% |
| Duke Energy Corp. | 3.3% |
| Johnson & Johnson | 3.3% |
| Truist Financial Corp. | 3.2% |
| Unilever PLC, ADR | 3.2% |
| Berkshire Hathaway, Inc. - Class B | 3.2% |
| Enterprise Products Partners LP | 3.1% |
| BlackRock, Inc. | 3.0% |
| PepsiCo, Inc. | 3.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](ib917e8392248267475ac3bea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.8% |
| Consumer Discretionary | 1.3% |
| Real Estate | 1.9% |
| Communication Services | 4.0% |
| Utilities | 5.1% |
| Materials | 5.3% |
| Information Technology | 8.3% |
| Energy | 8.5% |
| Industrials | 10.1% |
| Consumer Staples | 15.1% |
| Health Care | 16.0% |
| Financials | 22.6% |

---

## Material Portfolio Changes
Effective 5/1/2025, the investment strategy of the Portfolio was updated such that it will invest in a relatively limited number of companies, generally 30-50. Accordingly, the Portfolio additionally added a "Security Focus Risk" to the Principal Risks section, which is contained in the Portfolio Summary section of the Prospectus. 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.

### LARGE COMPANY VALUE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $253 | 2.45% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 6.15%. The Portfolio compares its performance to the Bloomberg<sup>®</sup> Long-Term Treasury Index, which returned 5.59% for the same period.

* In 2025, markets were shaped by tariff-driven uncertainty, slowing U.S. growth, and moderating inflation, while geopolitical tensions and fiscal strains added volatility. The U.S. economy proved more resilient than expected despite significant policy shocks, including higher tariffs, tax changes, and immigration restrictions. The Federal Reserve cut rates by 75 basis points to counter softer inflation and support financial conditions. Globally, emerging markets benefited from easier monetary policy, while developed markets adjusted to slower demand and tighter trade conditions.

* Exposure to Agency residential mortgage-backed securities and the Telecommunications sector contributed to relative performance.

* U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection also contributed to performance.

* There were no significant detractors from the Portfolio's performance over the period, however the use of treasury futures contracts as a tool for managing interest rate risk detracted from performance over the annual period.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i6f951c396dec1bff8db564c5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Long-Term U.S. Government Bond Portfolio** | **Bloomberg<sup>®</sup> Long-Term Treasury Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10108.85 | 10132.63 | 10264.72 |
| **12/2017** | 10945.43 | 10997.12 | 10628.29 |
| **12/2018** | 10721.68 | 10794.67 | 10629.48 |
| **12/2019** | 12133.38 | 12395.23 | 11556.04 |
| **12/2020** | 14241.09 | 14589.54 | 12423.50 |
| **12/2021** | 13476.16 | 13911.69 | 12231.95 |
| **12/2022** | 9496.78 | 9841.76 | 10640.54 |
| **12/2023** | 9812.66 | 10143.25 | 11228.84 |
| **12/2024** | 9245.40 | 9492.91 | 11369.22 |
| **12/2025** | 9814.36 | 10023.74 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $121075 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 108 |
| Portfolio Turnover Rate | 14% |
| Net Investment Advisory Fees Paid (000's) | $661 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Long-Term U.S. Government Bond Portfolio** | 6.15% | -7.18% | -0.19% |
| **Bloomberg<sup>®</sup> Long-Term Treasury Index** | 5.59% | -7.23% | 0.02% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| US Treasury, Various | 121.8% |
| Uniform Mortgage Backed Security TBA, Various | 11.8% |
| US Treasury Inflation Index Bond, Various | 6.3% |
| Federal Home Loan Mortgage Corp., Series 4092, Class AY, 3%, 8/15/32 | 1.8% |
| Federal Home Loan Mortgage Corp., Series 4387, Class AZ, 4%, 9/15/44 | 1.4% |
| Federal Home Loan Mortgage Corp., 4.5%, 5/1/54 | 1.3% |
| Federal National Mortgage Association, Various | 1.0% |
| Beignet Investor LLC, 6.581%, 5/30/49 | 1.0% |
| Federal Home Loan Mortgage Corp., Series 4398, Class ZX, 4%, 9/15/54 | 0.7% |
| US Treasury Stripped, Various | 0.7% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i4b341c4c08208b548824c500.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | -52.9% |
| Corporate Bonds | 1.3% |
| Structured Products | 22.2% |
| Governments | 129.4% |

---

## 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.

### LONG-TERM U.S. GOVERNMENT BOND PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# MID CAP GROWTH STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $56 | 0.54% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 8.32%. The Portfolio compares its performance to the Russell MidCap<sup>®</sup> Growth Index, which returned 8.66% for the same period.

* After an early decline, U.S. equities rebounded in 2025, with all style boxes gaining. The Portfolio staged a recovery in performance as leadership broadened in the second half of the year.

* Strong stock selection and sector allocation across multiple sectors in the second half positively impacted full-year performance. Industrials and Financials were top contributors.

* An overweight in Robinhood Markets, Inc. was the top contributor. The company reported strong financial results driven by equities and options trading. An overweight position in Ciena Corp. contributed on the back of strong earnings and guidance. The business benefited from rising data center networking demand.

* Stock selection in Information Technology was the primary detractor, impacted by high levels of concentration in the first half of the year. Consumer Discretionary also detracted.

* Palantir Technologies, Inc., an AI beneficiary, was a top detractor during the year. The portfolio held a sizeable absolute position but maintained a relative underweight in the name. Additionally, an underweight in Idexx Laboratories, Inc. also detracted as the stock rose on strong quarterly results and guidance. The portfolio held an underweight in the stock to manage risk.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ie2fc6b69f115160b12dc5047.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Mid Cap Growth Stock Portfolio** | **Russell MidCap<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10082.99 | 10732.86 | 11195.99 |
| **12/2017** | 12128.75 | 13444.80 | 13640.26 |
| **12/2018** | 11233.69 | 12806.13 | 13042.23 |
| **12/2019** | 14942.29 | 17348.38 | 17148.76 |
| **12/2020** | 18739.30 | 23522.10 | 20303.93 |
| **12/2021** | 20646.51 | 26516.00 | 26132.25 |
| **12/2022** | 15739.44 | 19430.71 | 21399.47 |
| **12/2023** | 18093.34 | 24456.78 | 27024.88 |
| **12/2024** | 19578.11 | 29862.48 | 33786.42 |
| **12/2025** | 21207.37 | 32447.72 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1031872 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 109 |
| Portfolio Turnover Rate | 64% |
| Net Investment Advisory Fees Paid (000's) | $5393 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Mid Cap Growth Stock Portfolio** | 8.32% | 2.51% | 7.81% |
| **Russell MidCap<sup>®</sup> Growth Index** | 8.66% | 6.65% | 12.49% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Hilton Worldwide Holdings, Inc. | 3.1% |
| Royal Caribbean Cruises, Ltd. | 2.9% |
| Howmet Aerospace, Inc. | 2.5% |
| Carvana Co. | 2.4% |
| Insmed, Inc. | 2.2% |
| Cencora, Inc. | 2.2% |
| Quanta Services, Inc. | 2.2% |
| Alnylam Pharmaceuticals, Inc. | 2.2% |
| Vistra Corp. | 2.1% |
| CloudFlare, Inc. - Class A | 2.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](ibea438890b27380f14ce79fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.8% |
| Materials | 1.0% |
| Real Estate | 1.7% |
| Consumer Staples | 1.8% |
| Utilities | 2.1% |
| Energy | 3.2% |
| Communication Services | 3.7% |
| Financials | 9.5% |
| Information Technology | 17.5% |
| Health Care | 19.0% |
| Industrials | 19.1% |
| Consumer Discretionary | 20.6% |

---

## 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.

### MID CAP GROWTH STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# MID CAP VALUE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $74 | 0.71% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 9.16%. The Portfolio compares its performance to the Russell MidCap<sup>®</sup> Value Index, which returned 11.05% for the same period.

* Major U.S. indices ended the year with double-digit gains, aided by strong earnings performance and relatively stable economic growth. Investors welcomed Fed rate cuts and shrugged off various risks, including tariffs and a weakening labor market in the last quarter of the year. 

* Investment choices in the Industrials sector gave performance a boost. While the Portfolio was underweight in the Machinery industry, overweight positions in Oshkosh and Cummins lifted relative performance. Stock selection in the Real Estate sector also supported relative performance.

* Teradyne was a positive contributor on a relative basis. This semiconductor testing company delivered strong earnings with sales and profit hitting the top end of the company's guidance range. Teradyne has benefited from robust artificial intelligence testing demand across all its segments.

* Stock selection in the Information Technology sector detracted from relative performance. The Portfolio's underweight position in the sector also detracted. Stock selection in the Materials sector also weighed on relative performance, due in part to not owning a number of metals and mining stocks that outperformed over the period.

* Graphic Packaging Holding was a relative detractor. Shares of this consumer goods packaging company slumped due to weak volumes. Graphic Packaging cut its guidance as a result.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i978e33ed43aceed77b09b557.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Mid Cap Value Portfolio** | **Russell MidCap<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 12322.92 | 11999.77 | 11195.99 |
| **12/2017** | 13778.17 | 13601.04 | 13640.26 |
| **12/2018** | 12007.46 | 11929.52 | 13042.23 |
| **12/2019** | 15514.45 | 15157.90 | 17148.76 |
| **12/2020** | 15773.22 | 15910.44 | 20303.93 |
| **12/2021** | 19443.71 | 20419.12 | 26132.25 |
| **12/2022** | 19220.13 | 17962.23 | 21399.47 |
| **12/2023** | 20423.65 | 20245.97 | 27024.88 |
| **12/2024** | 22191.05 | 22892.14 | 33786.42 |
| **12/2025** | 24223.85 | 25421.49 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $657101 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 112 |
| Portfolio Turnover Rate | 75% |
| Net Investment Advisory Fees Paid (000's) | $4411 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Mid Cap Value Portfolio** | 9.16% | 8.96% | 9.25% |
| **Russell MidCap<sup>®</sup> Value Index** | 11.05% | 9.83% | 9.78% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Zimmer Biomet Holdings, Inc. | 2.5% |
| Henry Schein, Inc. | 1.9% |
| Commerce Bancshares, Inc. | 1.8% |
| Baker Hughes Co. | 1.7% |
| Willis Towers Watson PLC | 1.6% |
| Reinsurance Group of America, Inc. | 1.6% |
| U.S. Bancorp | 1.6% |
| Kenvue, Inc. | 1.6% |
| Labcorp Holdings, Inc. | 1.6% |
| Becton Dickinson and Co. | 1.6% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i2c928608a952fcaf736d1011.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 2.5% |
| Communication Services | 1.3% |
| Consumer Discretionary | 3.7% |
| Materials | 5.6% |
| Energy | 5.9% |
| Real Estate | 7.1% |
| Information Technology | 7.2% |
| Utilities | 9.1% |
| Consumer Staples | 10.3% |
| Health Care | 14.4% |
| Financials | 16.1% |
| Industrials | 16.8% |

---

## 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 VALUE PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# MULTI-SECTOR BOND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $79 | 0.75% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 10.00%. The Portfolio compares its performance to the Blended Portfolio Benchmark: 1/3 each: Bloomberg<sup><sup>®</sup></sup> Global Aggregate — Credit Component ex Emerging Markets, Hedged USD; ICE BofA<sup><sup>®</sup></sup> Global High Yield BB-B Rated Constrained Developed Markets Index, Hedged USD; JP Morgan<sup><sup>®</sup></sup> EMBI Global, which returned 9.49% for the same period.

* In 2025, markets were shaped by tariff-driven uncertainty, slowing U.S. growth, and moderating inflation, while geopolitical tensions and fiscal strains added volatility. The U.S. economy proved more resilient than expected despite significant policy shocks, including higher tariffs, tax changes, and immigration restrictions. The Federal Reserve cut rates by 75 basis points to counter softer inflation and support financial conditions. Globally, emerging markets benefited from easier monetary policy, while developed markets adjusted to slower demand and tighter trade conditions.

* Tactical exposure to securitized, specifically non-Agency and Agency residential mortgage-backed securities meaningfully contributed to the Portfolio's performance. Positioning within Latin American emerging markets debt was positive for performance.

* United States duration positioning also contributed significantly over the period.

* Positioning within investment grade and high yield Financials and selection within Information Technology detracted from performance.

* Tactical exposure to the Korean won also detracted from performance over the period.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](ib8ccbcb31419a06b09cd1637.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Date** | **Multi-Sector Bond Portfolio** | **Blended Portfolio Benchmark (as defined above)** | **Bloomberg<sup>®</sup> Global Credit Hedged USD Index** | **Bloomberg<sup>®</sup> Global Aggregate Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11109.08 | 10978.00 | 10733.60 | 10208.54 |
| **12/2017** | 12040.32 | 11778.22 | 11365.97 | 10963.52 |
| **12/2018** | 11883.58 | 11515.74 | 11273.94 | 10832.11 |
| **12/2019** | 13552.02 | 13091.56 | 12635.52 | 11572.84 |
| **12/2020** | 14382.55 | 13918.83 | 13586.92 | 12637.23 |
| **12/2021** | 14371.58 | 14041.42 | 13531.27 | 12042.39 |
| **12/2022** | 12159.70 | 12157.19 | 11670.98 | 10085.72 |
| **12/2023** | 13340.13 | 13475.12 | 12763.49 | 10662.02 |
| **12/2024** | 14196.60 | 14236.50 | 13334.06 | 10481.98 |
| **12/2025** | 15616.86 | 15587.36 | 14298.17 | 11338.07 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $1378284 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 1022 |
| Portfolio Turnover Rate | 36% |
| Net Investment Advisory Fees Paid (000's) | $8855 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Multi-Sector Bond Portfolio** | 10.00% | 1.66% | 4.56% |
| **Blended Portfolio Benchmark (as defined above)** | 9.49% | 2.29% | 4.54% |
| **Bloomberg<sup>®</sup> Global Credit Hedged USD Index** | 7.23% | 1.03% | 3.64% |
| **Bloomberg<sup>®</sup> Global Aggregate Index** | 8.17% | -2.15% | 1.26% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Uniform Mortgage Backed Security TBA, Various | 14.8% |
| Deutsche Bank Securities, Inc. Repurchase Agreement, 3.84%, 1/5/26 | 4.8% |
| US Treasury, Various | 3.7% |
| Saudi Government International Bond, Various | 1.6% |
| United Mexican States, Various | 1.4% |
| Petroleos Mexicanos, Various | 1.3% |
| Colombian TES, Various | 1.3% |
| Project Cashmere, 4.543%, 12/30/57 | 1.2% |
| Republic of South Africa Government International Bond, Various | 1.2% |
| European Union, 3%, 12/4/34 | 1.1% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](i091a26fc79e1556c86a107e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | -8.5% |
| Warrants | 0.0% |
| Convertible Corporate Bonds | 0.0% |
| Common Stocks | 0.1% |
| Municipal Bonds | 0.2% |
| Bank Loan Obligations | 4.9% |
| Governments | 23.2% |
| Structured Products | 38.0% |
| Corporate Bonds | 42.1% |

---

## 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.

### MULTI-SECTOR BOND PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# RESEARCH INTERNATIONAL CORE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $79 | 0.71% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 22.98%. The Portfolio compares its performance to the MSCI<sup>®</sup> All Country World (ex-US) Index (Net), which returned 32.39% for the same period.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. In the US, a pro-growth tax and spending bill was signed into law, while in Europe, renewed focus on defense and infrastructure spending brightened the outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained quite high. Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. US tariffs remained high on goods from countries such as India and Brazil. Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September.

* Security selection in the Financials sector contributed to relative returns during the year. Additionally, the funds currency exposure contributed to relative performance.

* Overweight individual holdings ABN AMRO Bank, Bank of Ireland Group and Barclays PLC contributed to the Portfolio's relative performance. 

* Security selection in the Materials, Health Care, Information Technology, Communication Services and Industrials sectors detracted from relative returns.

* Overweight individual holdings in Novo Nordisk, Constellation Software and Wolters Kluwer detracted from the Portfolio's relative performance.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](iaff8009e15e51f84e9041517.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Research International Core Portfolio** | **MSCI EAFE<sup>®</sup> Index (Net)** | **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 9887.83 | 10100.01 | 10449.53 |
| **12/2017** | 12677.18 | 12628.49 | 13290.91 |
| **12/2018** | 10945.10 | 10886.99 | 11404.24 |
| **12/2019** | 14037.49 | 13283.70 | 13857.42 |
| **12/2020** | 15927.43 | 14321.93 | 15333.50 |
| **12/2021** | 17849.97 | 15935.07 | 16533.21 |
| **12/2022** | 14786.87 | 13632.18 | 13887.40 |
| **12/2023** | 16701.40 | 16118.39 | 16056.03 |
| **12/2024** | 17244.40 | 16734.63 | 16944.58 |
| **12/2025** | 21206.92 | 21959.38 | 22432.39 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $996174 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 112 |
| Portfolio Turnover Rate | 42% |
| Net Investment Advisory Fees Paid (000's) | $6301 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Research International Core Portfolio** | 22.98% | 5.89% | 7.81% |
| **MSCI EAFE<sup>®</sup> Index (Net)** | 31.22% | 8.92% | 8.18% |
| **MSCI<sup>®</sup> All Country World (ex-US) Index (Net)** | 32.39% | 7.91% | 8.41% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Roche Holding AG | 3.0% |
| Mizuho Financial Group, Inc. | 2.7% |
| Schneider Electric SE | 2.6% |
| Hitachi, Ltd. | 2.5% |
| Novartis AG | 1.8% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 1.7% |
| Barclays PLC | 1.7% |
| ASML Holding NV | 1.6% |
| Linde PLC | 1.6% |
| ING Groep NV | 1.5% |

---

## Sector Weightings (% of net assets)
![Group By Industry Chart](ibedb13f360fadaeacdc25c04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.6% |
| Utilities | 2.7% |
| Energy | 3.9% |
| Communication Services | 4.0% |
| Consumer Staples | 5.6% |
| Materials | 7.2% |
| Consumer Discretionary | 8.1% |
| Information Technology | 10.2% |
| Health Care | 11.2% |
| Industrials | 18.9% |
| Financials | 26.6% |

---

## Investments by Country of Risk (% of net assets)
![Group By Country Chart](iee2ab19423e37ae65bcc64f9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 29.1% |
| Germany | 5.1% |
| Netherlands | 6.3% |
| France | 8.4% |
| United Kingdom | 12.1% |
| United States | 16.8% |
| Japan | 20.6% |

---

# 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.

December 31, 2025

Annual Shareholder Report

# SELECT BOND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $32 | 0.31% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 7.45%. The Portfolio compares its performance to the Bloomberg<sup>®</sup> U.S. Aggregate Bond Index, which returned 7.30% for the same period.

* Interest rate volatility was a major theme especially within mortgage-backed securities (MBS) while spread volatility played a role in credit, albeit to a lesser degree. Tariff news dominated headlines for most of 2025 and heavy issuance within artificial intelligence spending became a theme in the fourth quarter.

* Security selection and positioning in agency mortgages were the largest contributors to performance in 2025. The dynamic sector overweight was also a meaningful component of excess returns. A sector overweight and tactical positioning in credit, and a sector overweight to asset-backed securities (ABS) were also contributors. 

* Within MBS, certain 30-year and 20-year bonds benefited from both spread tightening and curve steepening. Overweight positions in specific 30-year bonds also contributed.

* Positioning in commercial mortgage-backed securities detracted from performance, and positioning in rental car ABS was a very slight detractor on a risk adjusted basis. Select positioning in pass-throughs and floating rate collateralized mortgage obligations detracted from performance.

* Credit detractors included Oracle Corp., Energy Transfer LP, Pacific Gas & Electric Co., Charter Communications Operating LLC, and FS KKR Capital Corp. Within mortgage pass-throughs, the overweight to conventional 30-year higher-coupon specified pools detracted, as did the underweight to generic 30-year discount MBS.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared with an index that closely aligns with the Portfolio's investment strategy and that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i5c7d8dc3a535aa647a6a68a3.jpg)

---

| | | |
|:---|:---|:---|
| **Date** | **Select Bond Portfolio** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 |
| **12/2016** | 10305.72 | 10264.72 |
| **12/2017** | 10675.02 | 10628.29 |
| **12/2018** | 10652.27 | 10629.48 |
| **12/2019** | 11573.67 | 11556.04 |
| **12/2020** | 12613.02 | 12423.50 |
| **12/2021** | 12412.89 | 12231.95 |
| **12/2022** | 10758.09 | 10640.54 |
| **12/2023** | 11423.87 | 11228.84 |
| **12/2024** | 11625.35 | 11369.22 |
| **12/2025** | 12491.01 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $2854677 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 993 |
| Portfolio Turnover Rate | 234% |
| Net Investment Advisory Fees Paid (000's) | $8302 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Select Bond Portfolio** | 7.45% | -0.19% | 2.25% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| US Treasury, Various | 24.1% |
| Federal National Mortgage Association, Various | 15.4% |
| Federal Home Loan Mortgage Corp., Various | 8.6% |
| Government National Mortgage Association, Various | 3.2% |
| The Goldman Sachs Group, Inc., Various | 1.0% |
| Morgan Stanley Private Bank NA, Various | 1.0% |
| Citigroup, Inc., Various | 0.8% |
| Broadcom, Inc., Various | 0.8% |
| Government National Mortgage Association, Series 2025-1, Class GC, 3.5%, 10/20/51 | 0.8% |
| Morgan Stanley, Various | 0.7% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](ia736040a0b45186c7cb17fc9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.7% |
| Municipal Bonds | 0.1% |
| Corporate Bonds | 24.2% |
| Governments | 25.5% |
| Structured Products | 49.5% |

---

## 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.

December 31, 2025

Annual Shareholder Report

# SHORT-TERM BOND PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $41 | 0.40% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 5.70%. The Portfolio compares its performance to the Bloomberg<sup>®</sup> 1-3 Year U.S. Government/ Credit Bond Index, which returned 5.35% for the same period.

* In early 2025, investors reacted with concerns that President Trump's tariffs would contribute to inflation pressures. Corporate credit remained resilient and spreads trended tighter throughout the period. The fed funds target ended in the 3.50% to 3.75% range following three 25 basis point rate cuts towards year-end.

* Sector allocation contributed to outperformance, aided by allocations to the securitized sectors, including residential mortgage-backed securities, asset-backed securities (ABS), collateralized loan obligations (CLOs), and commercial mortgage backed securities. An overweight to investment-grade corporate bonds and a corresponding underweight to U.S. Treasurys helped relative performance. Corporates performed better than Treasurys amid the risk-on environment seen throughout 2025.

* Interest rate management contributed in aggregate. We held a slight overweight average duration positioning which helped performance as rates fell.

* There were no top detracting sectors over the course of 2025, but duration marginally detracted over the period, mainly driven by an underweight position in the third quarter as rates rallied.

* Additionally, a minimal position in Treasury inflation protected securities marginally detracted from performance.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i3344a74b5fbc61f6ab99c15d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Short-Term Bond Portfolio** | **Bloomberg<sup>®</sup> 1-3 Year U.S. Government/ Credit Bond Index** | **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 10167.28 | 10128.22 | 10264.72 |
| **12/2017** | 10302.24 | 10213.76 | 10628.29 |
| **12/2018** | 10441.87 | 10377.03 | 10629.48 |
| **12/2019** | 10899.71 | 10795.19 | 11556.04 |
| **12/2020** | 11367.77 | 11155.06 | 12423.50 |
| **12/2021** | 11356.85 | 11102.29 | 12231.95 |
| **12/2022** | 10844.01 | 10692.99 | 10640.54 |
| **12/2023** | 11414.52 | 11186.20 | 11228.84 |
| **12/2024** | 11989.37 | 11673.40 | 11369.22 |
| **12/2025** | 12672.51 | 12297.44 | 12199.28 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $402401 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 864 |
| Portfolio Turnover Rate | 113% |
| Net Investment Advisory Fees Paid (000's) | $1275 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Short-Term Bond Portfolio** | 5.70% | 2.20% | 2.40% |
| **Bloomberg<sup>®</sup> 1-3 Year U.S. Government/ Credit Bond Index** | 5.35% | 1.97% | 2.09% |
| **Bloomberg<sup>®</sup> U.S. Aggregate Bond Index** | 7.30% | -0.36% | 2.01% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| US Treasury, Various | 20.4% |
| Federal National Mortgage Association, Various | 4.2% |
| Federal Home Loan Mortgage Corp., Various | 2.3% |
| Crown Castle, Inc., Various | 1.0% |
| Government National Mortgage Association TBA, Various | 0.8% |
| CVS Health Corp., Various | 0.8% |
| SBA Tower Trust, Various | 0.7% |
| HCA, Inc., Various | 0.7% |
| Government National Mortgage Association, Various | 0.6% |
| ONEOK, Inc., Various | 0.6% |

---

## Asset Type Weightings (% of net assets)
![Group By Industry Chart](ib19d34c635b7674fd929fe62.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 4.3% |
| Governments | 21.3% |
| Structured Products | 33.5% |
| Corporate Bonds | 40.9% |

---

## 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.

### SHORT-TERM BOND PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# SMALL CAP GROWTH STOCK PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $58 | 0.56% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 6.93%. The Portfolio compares its performance to the Russell 2000<sup>®</sup> Growth Index, which returned 13.01% for the same period.

* The 2025 U.S. stock market was driven by resilient corporate earnings, falling interest rates, and surging enthusiasm for artificial intelligence.

* Sector allocation, a result of the team's bottom-up stock selection process, contributed to relative performance. Underweights to Communication Services and Financials and an overweight to Industrials contributed to performance. Security selection in Financials and Health Care also contributed to relative performance.

* Top individual contributors to relative performance included positions in Lumentum Holdings, Inc. (Information Technology) and ATI (Industrials) and an underweight in Hims & Hers Health, Inc. (Health Care). The Portfolio exited its position in Lumentum Holdings, Inc. at the end of the period.

* The Portfolio's relative underperformance was driven primarily by weak security selection in Industrials, Materials and Consumer Staples. Overweight allocations to Consumer Discretionary, Consumer Staples and Utilities also detracted.

* The top individual relative detractors from performance included positions in Freshpet, Inc. (Consumer Staples) and BellRing Brands, Inc. (Consumer Staples) and an overweight in Sweetgreen (Consumer Discretionary). The Portfolio exited its position in BellRing Brands, Inc. and Sweetgreen at the end of the period.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](id0ea917d441c4679fd121941.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Small Cap Growth Stock Portfolio** | **Russell 2000<sup>®</sup> Growth Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 11224.92 | 11131.80 | 11195.99 |
| **12/2017** | 13650.33 | 13599.35 | 13640.26 |
| **12/2018** | 12052.42 | 12333.54 | 13042.23 |
| **12/2019** | 16354.25 | 15846.56 | 17148.76 |
| **12/2020** | 21828.32 | 21334.58 | 20303.93 |
| **12/2021** | 22724.69 | 21939.37 | 26132.25 |
| **12/2022** | 16250.63 | 16156.71 | 21399.47 |
| **12/2023** | 19233.65 | 19171.29 | 27024.88 |
| **12/2024** | 21768.34 | 22076.56 | 33786.42 |
| **12/2025** | 23276.67 | 24949.32 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $758947 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 161 |
| Portfolio Turnover Rate | 88% |
| Net Investment Advisory Fees Paid (000's) | $3782 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Growth Stock Portfolio** | 6.93% | 1.29% | 8.82% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Credo Technology Group Holding, Ltd. | 1.9% |
| Ensign Group, Inc. | 1.7% |
| FTAI Aviation, Ltd. | 1.6% |
| FirstCash Holdings, Inc. | 1.3% |
| Bloom Energy Corp. | 1.3% |
| SPX Technologies, Inc. | 1.3% |
| Verra Mobility Corp. | 1.3% |
| Modine Manufacturing Co. | 1.2% |
| BridgeBio Pharma, Inc. | 1.2% |
| Stifel Financial Corp. | 1.2% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](i9362d4af79f64b96606fd18b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 0.3% |
| Utilities | 0.7% |
| Investment Companies | 1.2% |
| Real Estate | 1.4% |
| Communication Services | 1.7% |
| Energy | 2.0% |
| Materials | 2.5% |
| Consumer Staples | 3.2% |
| Consumer Discretionary | 9.7% |
| Financials | 10.0% |
| Information Technology | 20.0% |
| Industrials | 23.6% |
| Health Care | 23.7% |

---

## 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.

### SMALL CAP GROWTH STOCK PORTFOLIO
Northwestern Mutual Series Fund, Inc.

December 31, 2025

Annual Shareholder Report

# SMALL CAP VALUE PORTFOLIO

#### Northwestern Mutual Series Fund, Inc.

#### December 31, 2025

#### Annual Shareholder Report
This 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 12/31/2025. 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 year?
(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 | $90 | 0.87% |

---

## How did the Portfolio perform last year?
For the twelve months ended December 31, 2025, the Portfolio returned 7.41%. The Portfolio compares its performance to the Russell 2000<sup>®</sup> Value Index, which returned 12.59% for the same period.

* Small-cap U.S. stocks rose in 2025. After a challenging start to the year, the market rebounded, overcoming concerns about tariffs, the economy, conflicts in the Middle East and Ukraine, the longest federal government shutdown in U.S. history, and heightened valuations among artificial intelligence-related companies.

* Stock selection in the Industrials and Business Services and Energy sectors contributed to relative performance.

* The top contributors among the Industrials and Business Services holdings were overweight positions in Nextpower and RBC Bearings, as strong demand from Aerospace and Defense markets supported share gains for the latter. In the Energy sector, the best performing names were TechnipFMC and Enerflex, where the Portfolio also maintained overweight positions. TechnipFMC benefited from robust subsea orders amid increased offshore spending.

* Conversely, stock selection in Financials and Health Care detracted from relative results.

* The main detractors within Financials were the overweight positions in Pinnacle Financial Partners and Walker & Dunlop. Investor concerns regarding Pinnacle Financial Partners' merger of equals with Synovus Financial weighed on shares. In the Health Care segment, the worst performers were QuidelOrtho and Perrigo.

## How did the Portfolio perform over the past 10 years?
The chart shows the value of a hypothetical $10,000 investment in the Portfolio over the past 10 years. The result is compared to an index (or indices) that closely aligns with the Portfolio's investment strategy, as well as to an index that represents the overall securities market.

## Total Return Based on a $10,000 Investment
![Growth of 10K Chart](i2c4297dd5f8ecd88867197e3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Small Cap Value Portfolio** | **Russell 2000<sup>®</sup> Value Index** | **S&P 500<sup>®</sup> Index** |
| **12/2015** | $10000.00 | $10000.00 | $10000.00 |
| **12/2016** | 13239.26 | 13174.09 | 11195.99 |
| **12/2017** | 14781.94 | 14206.66 | 13640.26 |
| **12/2018** | 12900.31 | 12379.11 | 13042.23 |
| **12/2019** | 16240.24 | 15151.29 | 17148.76 |
| **12/2020** | 17748.26 | 15853.45 | 20303.93 |
| **12/2021** | 21830.48 | 20335.28 | 26132.25 |
| **12/2022** | 17784.38 | 17390.05 | 21399.47 |
| **12/2023** | 20247.66 | 19937.09 | 27024.88 |
| **12/2024** | 22344.97 | 21542.94 | 33786.42 |
| **12/2025** | 24001.15 | 24256.18 | 39827.45 |

---

***Performance data quoted represents past performance and does not guarantee future results.*** Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The chart presented above does not reflect the deduction of taxes a shareholder would pay on portfolio distributions or the redemption of portfolio shares.

## Portfolio Statistics

---

| | |
|:---|:---|
| Total Net Assets (000's) | $575961 |
| # of Portfolio Holdings (Derivatives not included, if applicable) | 197 |
| Portfolio Turnover Rate | 40% |
| Net Investment Advisory Fees Paid (000's) | $4724 |

---

## Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Comparative Benchmark(s)** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Value Portfolio** | 7.41% | 6.22% | 9.15% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |

---

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

## Top Ten Holdings (% of net assets)

---

| | |
|:---|:---|
| Columbia Banking System, Inc. | 1.8% |
| Pinnacle Financial Partners, Inc. | 1.7% |
| PennyMac Financial Services, Inc. | 1.6% |
| Curbline Properties Corp. | 1.3% |
| CareTrust REIT, Inc. | 1.1% |
| Western Alliance Bancorp | 1.1% |
| Cytokinetics, Inc. | 1.1% |
| FB Financial Corp. | 1.1% |
| Texas Capital Bancshares, Inc. | 1.0% |
| Banc of California, Inc. | 1.0% |

---

## Sector Weightings (% of net assets)
![Group By Sector Chart](ia86fc23d066a010b9ba1a083.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments & Other Net Assets | 1.4% |
| Communication Services | 1.4% |
| Consumer Staples | 1.6% |
| Materials | 4.7% |
| Utilities | 5.4% |
| Energy | 6.9% |
| Real Estate | 8.8% |
| Information Technology | 9.2% |
| Health Care | 10.6% |
| Consumer Discretionary | 10.8% |
| Industrials | 12.8% |
| Financials | 26.4% |

---

## 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.

December 31, 2025

Annual Shareholder Report

REPORT ON FORM N-CSR

**RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.**

(b) Not applicable.

# Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer and principal accounting officer or controller.

# Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.
The Registrant's board of directors has determined that the Registrant has three audit committee financial experts serving on its audit committee. The names of the audit committee financial experts are Gail Hanson, William Gerber and Elizabeth Levy-Navarro. Each of the audit committee financial experts is independent.

## Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.
a) Audit Fees

Audit Fees and Expenses of Registrant &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2024</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2025</u> 

$939,370&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,057,551

(b) Audit Related Fees

Audit-Related Fees and Expenses of

Registrant &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2024</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2025</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0

(c) Tax Fees &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2024</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2025</u>

$97,890&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $120,336

Review of dividend declarations

Review of excise tax calculations

Non-U.S. tax compliance

(d) All Other Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2024</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2025</u>

$0 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0

(e)(1) It is the audit committee's policy to pre-approve all audit and non-audit service engagements for the Registrant; and any non-audit service engagement of the Registrant's auditor by (1) the Registrant's investment adviser and (2) any other entity in a control relationship with the investment adviser that provides ongoing services to the Registrant if, in each of (1) and (2) above, the non-audit service engagement relates directly to the operations and financial reporting of the Registrant. (2) Not applicable.

(f) Not applicable.

(g) Aggregate non-audit fees of Registrant,

Registrant's investment adviser, and

related service providers &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2024</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2025</u>

$1,213,939&nbsp;&nbsp;&nbsp;&nbsp; $797,536

(h) The Registrant's audit committee has considered whether the auditor's provision of non-audit services to the Registrant's investment adviser and related service providers is compatible with the auditor's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments.**

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

(b) Not applicable.

## Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) #### Annual

#### Financial

#### Statements

#### and

#### Other

#### Information

#### December

#### 31,

#### 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

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

Managed

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Active/Passive

Very

Aggressive

Portfolio

Active/Passive

Aggressive

Portfolio

Active/Passive

Moderate

Portfolio

Active/Passive

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

#### Northwestern

#### Mutual

#### Series

#### Fund,

#### Inc.

#### Table

#### of

#### Contents
Schedule

of

Investments

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

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

Managed

Portfolio

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

High

Yield

Bond

Portfolio

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

Multi-Sector

Bond

Portfolio

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

Active/Passive

Very

Aggressive

Portfolio

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

Active/Passive

Aggressive

Portfolio

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

Active/Passive

Moderate

Portfolio

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

Active/Passive

Balanced

Portfolio

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

Active/Passive

Conservative

Portfolio

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

Statements

of

Assets

and

Liabilities

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

Statements

of

Operations

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

Statements

of

Changes

in

Net

Assets

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

Statement

of

Cash

Flows

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

Financial

Highlights

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

Notes

to

Financial

Statements

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

Report

of

Independent

Registered

Public

Accounting

Firm

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

Abbreviations

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

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

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

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 3
Growth

Stock

Portfolio

Common

Stocks

(99

.7

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 15

#### .6

#### %

####)
Alphabet,

Inc.

-

Class

A

80,122

25,078

Alphabet,

Inc.

-

Class

C

295,011

92,575

Meta

Platforms,

Inc.

-

Class

A

111,388

73,526

Netflix,

Inc. \*

325,562

30,525

T-Mobile

US,

Inc.

63,763

12,946

#### Total

#### 234,650

#### Consumer

#### Discretionary

#### (#### 17

#### .3

#### %

####)
Amazon.com,

Inc. \*

444,857

102,682

Booking

Holdings,

Inc.

2,685

14,379

Carvana

Co. \*

146,734

61,925

Chipotle

Mexican

Grill,

Inc. \*

186,208

6,890

DoorDash,

Inc.

-

Class A \*

32,027

7,253

Ross

Stores,

Inc.

36,349

6,548

Sea,

Ltd.,

ADR \*

52,793

6,735

Tesla,

Inc. \*

99,841

44,900

The

TJX

Cos.,

Inc.

48,868

7,507

#### Total

#### 258,819

#### Consumer

#### Staples

#### (#### 0

#### .7

#### %

####)
Colgate-Palmolive

Co.

52,796

4,172

Mondelez

International,

Inc.

43,853

2,360

The

Procter

&

Gamble

Co.

24,513

3,513

#### Total

#### 10,045

#### Financials

#### (#### 8

#### .2

#### %

####)
Adyen

NV \*

1,763

2,829

The

Charles

Schwab

Corp.

48,310

4,826

Chubb,

Ltd.

43,694

13,638

The

Goldman

Sachs

Group,

Inc.

7,365

6,474

Marsh

&

McLennan

Cos.,

Inc.

23,773

4,410

Mastercard,

Inc.

-

Class

A

61,028

34,840

Moody's

Corp.

9,173

4,686

Morgan

Stanley

37,864

6,722

Visa,

Inc.

-

Class

A

128,861

45,193

#### Total

#### 123,618

#### Health

#### Care

#### (#### 7

#### .1

#### %

####)
Danaher

Corp.

36,377

8,327

Eli

Lilly

&

Co.

45,843

49,266

Intuitive

Surgical,

Inc. \*

38,936

22,052

Medline

Inc. \*

31,454

1,321

Stryker

Corp.

18,815

6,613

Thermo

Fisher

Scientific,

Inc.

15,354

8,897

Common

Stocks

(99.7%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
UnitedHealth

Group,

Inc.

30,916

10,206

#### Total

#### 106,682

#### Industrials

#### (#### 3

#### .3

#### %

####)
Cintas

Corp.

17,472

3,286

GE

Vernova,

Inc.

15,605

10,199

General

Electric

Co.

92,403

28,463

Old

Dominion

Freight

Line,

Inc.

18,957

2,973

TransDigm

Group,

Inc.

2,944

3,915

Veralto

Corp.

9,354

933

#### Total

#### 49,769

#### Information

#### Technology

#### (#### 46

#### .4

#### %

####)
Apple,

Inc.

474,049

128,875

ASML

Holding

NV

11,807

12,632

Broadcom,

Inc.

212,145

73,424

CrowdStrike

Holdings,

Inc. \*

12,297

5,764

Datadog,

Inc.

-

Class

A \*

15,958

2,170

Microsoft

Corp.

290,699

140,588

Monolithic

Power

Systems,

Inc.

8,123

7,362

NVIDIA

Corp.

1,254,885

234,036

Oracle

Corp.

82,373

16,055

Palantir

Technologies,

Inc.

-

Class

A \*

25,748

4,577

Roper

Technologies,

Inc.

12,599

5,608

ServiceNow,

Inc. \*

145,088

22,226

Shopify, Inc. - Class A \*

89,877

14,468

Synopsys,

Inc. \*

16,791

7,887

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.,

ADR

29,627

9,003

TE

Connectivity

PLC

31,159

7,089

Texas

Instruments,

Inc.

21,095

3,660

#### Total

#### 695,424

#### Materials

#### (#### 0

#### .6

#### %

####)
Linde

PLC

10,351

4,414

The

Sherwin-Williams

Co.

14,957

4,846

#### Total

#### 9,260
Common

Stocks

(99.7%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### (#### 0

#### .5

#### %

####)
Constellation

Energy

Corp.

22,767

8,043

#### Total

#### 8,043

#### Total

#### Common

#### Stocks

#### (Cost: $625,221)

#### 1,496,310

#### Total

#### Investments

#### (99.7%)

#### (Cost:

#### $625,221)

#### @

#### 1,496,310

#### Other

#### Assets,

#### Less

#### Liabilities (0.3%)

#### 4,290

#### Net

#### Assets

#### (100.0%)

#### 1,500,600
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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$631,237

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$865,072

which

is

comprised

of

$887,342

aggregate

gross

unrealized

appreciation

and

$22,270

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

Financials

$

120,789

$

2,829

$

—

All

Others

1,372,692

—

—

Total

Assets:

$

1,493,481

$

2,829

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 5
Focused

Appreciation

Portfolio

Common

Stocks

(98

.9

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 23

#### .6

#### %

####)
Alphabet,

Inc.

-

Class A

369,415

115,627

Alphabet,

Inc.

-

Class C

67,929

21,316

Meta

Platforms,

Inc.

-

Class

A

166,969

110,215

Netflix,

Inc. \*

870,371

81,606

The

Walt

Disney

Co.

323,419

36,795

#### Total

#### 365,559

#### Consumer

#### Discretionary

#### (#### 16

#### .9

#### %

####)
Alibaba

Group

Holding,

Ltd.,

ADR

10,904

1,599

Amazon.com,

Inc. \*

355,044

81,951

NIKE,

Inc.

-

Class

B

177,981

11,339

Starbucks

Corp.

214,627

18,074

Tesla,

Inc. \*

294,308

132,356

Yum

China

Holdings,

Inc.

79,833

3,811

Yum!

Brands,

Inc.

88,063

13,322

#### Total

#### 262,452

#### Consumer

#### Staples

#### (#### 2

#### .9

#### %

####)
Monster

Beverage

Corp. \*

578,996

44,392

#### Total

#### 44,392
Common

Stocks

(98.9%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### (#### 7

#### .6

#### %

####)
Block,

Inc.

-

Class

A \*

161,762

10,529

FactSet

Research

Systems,

Inc.

33,528

9,729

PayPal

Holdings,

Inc.

146,716

8,565

SEI

Investments

Co.

190,768

15,647

Visa,

Inc.

-

Class

A

209,081

73,327

#### Total

#### 117,797

#### Health

#### Care

#### (#### 11

#### .8

#### %

####)
Illumina,

Inc. \*

95,102

12,473

Intuitive

Surgical,

Inc. \*

38,850

22,003

Novartis

AG,

ADR

127,146

17,530

Novo

Nordisk

A/S,

ADR

405,895

20,652

Regeneron

Pharmaceuticals,

Inc.

43,755

33,773

Roche

Holding

AG,

ADR

289,483

14,929

Thermo

Fisher

Scientific,

Inc.

33,339

19,318

Vertex

Pharmaceuticals,

Inc. \*

92,471

41,923

#### Total

#### 182,601
Common

Stocks

(98.9%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### (#### 6

#### .7

#### %

####)
The

Boeing

Co. \*

325,413

70,654

Deere

&

Co.

30,291

14,102

Expeditors

International

of

Washington,

Inc.

127,238

18,960

#### Total

#### 103,716

#### Information

#### Technology

#### (#### 29

#### .4

#### %

####)
Autodesk,

Inc. \*

127,312

37,686

Microsoft

Corp.

134,198

64,901

NVIDIA

Corp.

908,239

169,386

Oracle

Corp.

374,935

73,078

QUALCOMM,

Inc.

96,415

16,492

Salesforce,

Inc.

128,833

34,129

Shopify, Inc. - Class A \*

311,618

50,161

Workday,

Inc.

-

Class A \*

44,709

9,603

#### Total

#### 455,436

#### Total

#### Common

#### Stocks

#### (Cost: $639,794)

#### 1,531,953

#### Total

#### Investments

#### (98.9%)

#### (Cost:

#### $639,794)

#### @

#### 1,531,953

#### Other

#### Assets,

#### Less

#### Liabilities (1.1%)

#### 16,978

#### Net

#### Assets

#### (100.0%)

#### 1,548,931
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$648,186

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$883,767

which

is

comprised

of

$906,337

aggregate

gross

unrealized

appreciation

and

$22,570

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

1,531,953

$

—

$

—

Total

Assets:

$

1,531,953

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 6
Large

Cap

Core

Stock

Portfolio

Common

Stocks

(99

.6

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 9

#### .9

#### %

####)
Alphabet,

Inc.

-

Class A

164,036

51,343

Meta

Platforms,

Inc.

-

Class

A

16,079

10,614

Netflix,

Inc. \*

54,131

5,076

T-Mobile

US,

Inc.

39,555

8,031

The

Walt

Disney

Co.

55,393

6,302

#### Total

#### 81,366

#### Consumer

#### Discretionary

#### (#### 12

#### .3

#### %

####)
Airbnb,

Inc.

-

Class

A \*

22,336

3,032

Amazon.com,

Inc. \*

179,815

41,505

Burlington

Stores,

Inc. \*

7,704

2,225

DoorDash,

Inc.

-

Class

A \*

17,199

3,895

Hyatt

Hotels

Corp.

-

Class

A

32,528

5,215

Lowe's

Companies,

Inc.

19,619

4,731

Lululemon

Athletica,

Inc. \*

12,288

2,554

Marriott

International,

Inc.

21,897

6,793

O'Reilly

Automotive,

Inc. \*

50,867

4,640

Pool

Corp.

16,220

3,710

Royal

Caribbean

Cruises,

Ltd.

11,683

3,259

Starbucks

Corp.

29,404

2,476

Tesla,

Inc. \*

32,334

14,541

Williams-Sonoma,

Inc.

14,990

2,677

#### Total

#### 101,253

#### Consumer

#### Staples

#### (#### 4

#### .7

#### %

####)
British

American

Tobacco

PLC,

ADR

36,870

2,088

Casey's

General

Stores,

Inc.

1,495

826

The

Coca-Cola

Co.

79,373

5,549

The

Estee

Lauder

Cos.,

Inc.

-

Class

A

4,171

The

Magnum

Ice

Cream

Company

NV \*

12,978

McCormick

&

Co.,

Inc.

-

Non-Voting

Shares

16,838

1,147

Monster

Beverage

Corp. \*

25,649

1,967

PepsiCo,

Inc.

9,848

1,413

Performance

Food

Group

Co. \*

23,376

2,102

Philip

Morris

International,

Inc.

30,841

4,947

The

Procter

&

Gamble

Co.

13,733

1,968

Unilever

PLC,

ADR

57,682

3,772

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Staples

#### continued
US

Foods

Holding

Corp. \*

71,800

5,408

Walmart,

Inc.

63,074

7,027

#### Total

#### 38,857

#### Energy

#### (#### 3

#### .7

#### %

####)
EQT

Corp.

34,900

1,871

Exxon

Mobil

Corp.

117,212

14,105

Marathon

Petroleum

Corp.

18,348

2,984

Shell

PLC,

ADR

101,823

7,482

Targa

Resources

Corp.

24,147

4,455

#### Total

#### 30,897

#### Financials

#### (#### 13

#### .7

#### %

####)
American

International

Group,

Inc.

29,680

2,539

Arch

Capital

Group,

Ltd. \*

23,084

2,214

Berkshire

Hathaway,

Inc.

-

Class

B \*

32,888

16,531

BlackRock,

Inc.

2,115

2,264

Chubb,

Ltd.

12,519

3,907

Everest

Group,

Ltd.

5,930

2,012

The

Goldman

Sachs

Group,

Inc.

19,110

16,798

KeyCorp

193,980

4,004

KKR

&

Co.,

Inc.

104,198

13,283

Marsh

&

McLennan

Cos.,

Inc.

33,338

6,185

Mastercard,

Inc.

-

Class

A

38,661

22,071

Wells

Fargo

&

Co.

226,428

21,103

#### Total

#### 112,911

#### Health

#### Care

#### (#### 10

#### .4

#### %

####)
Abbott

Laboratories

14,138

1,771

AbbVie,

Inc.

15,188

3,470

Agilent

Technologies,

Inc.

11,515

1,567

Alnylam

Pharmaceuticals,

Inc. \*

684

Amgen,

Inc.

4,969

1,626

argenx

SE,

ADR \*

940

790

AstraZeneca

PLC,

ADR

31,198

2,868

Bio-Techne

Corp.

17,063

1,003

Boston

Scientific

Corp. \*

11,321

1,079

Cardinal

Health,

Inc.

9,536

1,960

Cencora,

Inc.

4,355

1,471

CVS

Health

Corp.

23,031

1,828

Danaher

Corp.

7,442

1,704

Edwards

Lifesciences

Corp. \*

22,291

1,900

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
Elanco

Animal

Health,

Inc. \*

31,280

708

Elevance

Health,

Inc.

5,779

2,026

Eli

Lilly

&

Co.

14,228

15,291

Gilead

Sciences,

Inc.

12,741

1,564

GSK

PLC,

ADR

64,315

3,154

Haleon

PLC,

ADR

281,711

2,848

HCA

Healthcare,

Inc.

1,873

874

Incyte

Corp. \*

989

Intuitive

Surgical,

Inc. \*

7,920

4,486

Johnson

&

Johnson

15,045

3,114

Labcorp

Holdings,

Inc.

4,883

1,225

Medtronic

PLC

28,295

2,718

Merck

&

Co.,

Inc.

71,066

7,480

Regeneron

Pharmaceuticals,

Inc.

1,105

853

STERIS

PLC

6,303

1,598

Stryker

Corp.

3,593

1,263

Thermo

Fisher

Scientific,

Inc.

7,893

4,574

United

Therapeutics

Corp. \*

2,338

1,139

UnitedHealth

Group,

Inc.

15,278

5,043

Vertex

Pharmaceuticals,

Inc. \*

4,634

2,101

#### Total

#### 85,466

#### Industrials

#### (#### 6

#### .4

#### %

####)
The

Boeing

Co. \*

17,051

3,702

Builders

FirstSource,

Inc. \*

11,466

1,180

C.H.

Robinson

Worldwide,

Inc.

31,351

5,040

Clean

Harbors,

Inc. \*

25,565

5,994

Deere

&

Co.

Delta

Air

Lines,

Inc.

30,368

2,108

Ferguson

Enterprises,

Inc.

13,915

3,098

IDEX

Corp.

13,560

2,413

Ingersoll-Rand,

Inc.

19,819

1,570

Johnson

Controls

International

PLC

17,354

2,078

L3Harris

Technologies,

Inc.

2,604

764

Northrop

Grumman

Corp.

6,935

3,954

PACCAR,

Inc.

77,404

8,476

Parker

Hannifin

Corp.

1,389

1,221

RTX

Corp.

5,871

1,077

Trane

Technologies

PLC

3,461

1,347

Vertiv

Holdings

Co.

15,690

2,542

W.W.

Grainger,

Inc.

2,279

2,300

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 7
Large

Cap

Core

Stock

Portfolio

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
Waste

Connections,

Inc.

12,837

2,251

WESCO

International,

Inc.

7,213

1,765

#### Total

#### 53,095

#### Information

#### Technology

#### (#### 32

#### .6

#### %

####)
Advanced

Micro

Devices,

Inc. \*

53,039

11,359

Amphenol

Corp.

16,800

2,270

Apple,

Inc.

197,096

53,583

Arista

Networks,

Inc. \*

32,406

4,246

Autodesk,

Inc. \*

17,187

5,088

Broadcom,

Inc.

73,554

25,457

Cadence

Design

Systems,

Inc. \*

10,241

3,201

Figma,

Inc.

-

Class

A \*

14,541

543

Flex,

Ltd. \*

31,359

1,895

Intuit,

Inc.

7,467

4,946

Microsoft

Corp.

113,961

55,114

NVIDIA

Corp.

388,953

72,540

NXP

Semiconductors

NV

14,062

3,052

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
Oracle

Corp.

16,189

3,155

Palantir

Technologies,

Inc.

-

Class

A \*

28,874

5,132

Samsara,

Inc. \*

44,078

1,563

SAP

SE,

ADR

8,375

2,034

ServiceNow,

Inc. \*

15,790

2,419

Snowflake,

Inc. \*

16,392

3,596

Synopsys,

Inc. \*

12,300

5,778

Texas

Instruments,

Inc.

12,533

2,174

#### Total

#### 269,145

#### Materials

#### (#### 2

#### .0

#### %

####)
Celanese

Corp.

23,302

985

Crown

Holdings,

Inc.

9,430

971

James

Hardie

Industries

PLC \*

225,128

4,671

Linde

PLC

11,721

4,998

Nucor

Corp.

9,619

1,569

Packaging

Corp.

of

America

6,952

1,434

PPG

Industries,

Inc.

19,206

1,968

#### Total

#### 16,596
Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Real

#### Estate

#### (#### 1

#### .0

#### %

####)
Welltower,

Inc.

42,616

7,910

#### Total

#### 7,910

#### Utilities

#### (#### 2

#### .9

#### %

####)
American

Electric

Power

Co.,

Inc.

21,032

2,425

Atmos

Energy

Corp.

19,828

3,324

Dominion

Energy,

Inc.

89,314

5,233

Eversource

Energy

19,694

1,326

NRG

Energy,

Inc.

17,754

2,827

PG&E

Corp.

218,349

3,509

Sempra

60,531

5,344

#### Total

#### 23,988

#### Total

#### Common

#### Stocks

#### (Cost: $625,489)

#### 821,484

#### Total

#### Investments

#### (99.6%)

#### (Cost:

#### $625,489)

#### @

#### 821,484

#### Other

#### Assets,

#### Less

#### Liabilities (0.4%)

#### 3,282

#### Net

#### Assets

#### (100.0%)

#### 824,766
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$627,472

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$194,012

which

is

comprised

of

$207,572

aggregate

gross

unrealized

appreciation

and

$13,560

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

821,484

$

—

$

—

Total

Assets:

$

821,484

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 8
Large

Cap

Blend

Portfolio

Common

Stocks

(99

.6

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 10

#### .5

#### %

####)
Alphabet,

Inc.

-

Class A

26,775

8,381

Meta

Platforms,

Inc.

-

Class

A

8,834

5,831

The

Walt

Disney

Co.

31,872

3,626

#### Total

#### 17,838

#### Consumer

#### Discretionary

#### (#### 11

#### .8

#### %

####)
Amazon.com,

Inc. \*

32,193

7,431

Chipotle

Mexican

Grill,

Inc. \*

20,825

770

DoorDash,

Inc.

-

Class

A \*

3,893

882

Lowe's

Companies,

Inc.

16,466

3,971

Marriott

International,

Inc.

3,008

933

McDonald's

Corp.

10,334

3,158

Tesla,

Inc. \*

6,188

2,783

#### Total

#### 19,928

#### Consumer

#### Staples

#### (#### 2

#### .9

#### %

####)
Mondelez

International,

Inc.

25,477

1,372

Walmart,

Inc.

31,498

3,509

#### Total

#### 4,881

#### Energy

#### (#### 2

#### .0

#### %

####)
Baker

Hughes

Co.

74,840

3,408

#### Total

#### 3,408

#### Financials

#### (#### 16

#### .2

#### %

####)
American

Express

Co.

11,457

4,238

Ameriprise

Financial,

Inc.

2,138

1,048

Arthur

J. Gallagher

&

Co.

11,264

2,915

Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Blackstone,

Inc.

19,597

3,021

Mastercard,

Inc.

-

Class

A

7,931

4,528

Morgan

Stanley

13,435

2,385

The

Progressive

Corp.

6,860

1,562

The

Travelers

Cos.,

Inc.

4,250

1,233

U.S.

Bancorp

22,615

1,207

Wells

Fargo

&

Co.

56,378

5,254

#### Total

#### 27,391

#### Health

#### Care

#### (#### 8

#### .8

#### %

####)
AbbVie,

Inc.

11,352

2,594

Edwards

Lifesciences

Corp. \*

26,365

2,248

Eli

Lilly

&

Co.

2,761

2,967

Medtronic

PLC

24,226

2,327

Regeneron

Pharmaceuticals,

Inc.

1,665

1,285

Stryker

Corp.

6,748

2,372

Vertex

Pharmaceuticals,

Inc. \*

2,665

1,208

#### Total

#### 15,001

#### Industrials

#### (#### 7

#### .4

#### %

####)
Carrier

Global

Corp.

16,754

885

Deere

&

Co.

3,671

1,709

Eaton

Corp.

PLC

6,969

2,220

Howmet

Aerospace,

Inc.

9,411

1,930

Northrop

Grumman

Corp.

4,927

2,809

Trane

Technologies

PLC

5,202

2,025

United

Rentals,

Inc.

1,220

987

#### Total

#### 12,565
Common

Stocks

(99.6%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### (#### 34

#### .4

#### %

####)
Amphenol

Corp.

10,731

1,450

Apple,

Inc.

47,307

12,861

Broadcom,

Inc.

16,087

5,568

Intuit,

Inc.

2,890

1,914

Microsoft

Corp.

26,601

12,865

NVIDIA

Corp.

78,443

14,630

NXP

Semiconductors

NV

14,419

3,130

Oracle

Corp.

15,580

3,037

Roper

Technologies,

Inc.

2,124

945

ServiceNow,

Inc. \*

12,065

1,848

#### Total

#### 58,248

#### Materials

#### (#### 1

#### .5

#### %

####)
Vulcan

Materials

Co.

8,851

2,524

#### Total

#### 2,524

#### Real

#### Estate

#### (#### 0

#### .7

#### %

####)
Prologis,

Inc.

9,806

1,252

#### Total

#### 1,252

#### Utilities

#### (#### 3

#### .4

#### %

####)
Entergy

Corp.

12,160

1,124

NextEra

Energy,

Inc.

39,840

3,198

The

Southern

Co.

16,635

1,451

#### Total

#### 5,773

#### Total

#### Common

#### Stocks

#### (Cost: $134,956)

#### 168,809

#### Total

#### Investments

#### (99.6%)

#### (Cost:

#### $134,956)

#### @

#### 168,809

#### Other

#### Assets,

#### Less

#### Liabilities (0.4%)

#### 661

#### Net

#### Assets

#### (100.0%)

#### 169,470
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$135,952

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$32,858

which

is

comprised

of

$35,448

aggregate

gross

unrealized

appreciation

and

$2,590

aggregate

gross

unrealized

depreciation.

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

December

31,

2025. See

Note

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

$

168,809

$

—

$

—

Total

Assets:

$

168,809

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 10
Index

500

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (10.5%)
Alphabet,

Inc.

-

Class A

739,420

231,438

Alphabet,

Inc.

-

Class C

591,041

185,469

AT&T,

Inc.

901,104

22,383

Charter

Communications,

Inc.

-

Class

A \*

11,030

2,303

Comcast

Corp.

-

Class A

461,957

13,808

Electronic

Arts,

Inc.

28,524

5,828

Fox

Corp.

-

Class

A

25,545

1,867

Fox

Corp.

-

Class

B

17,886

1,161

Live

Nation

Entertainment,

Inc. \*

18,698

2,664

Match

Group,

Inc.

29,201

943

Meta

Platforms,

Inc.

-

Class

A

276,820

182,726

Netflix,

Inc. \*

538,585

50,498

News

Corp.

-

Class

A

49,274

1,287

News

Corp.

-

Class

B

14,592

Omnicom

Group,

Inc.

41,517

3,353

Paramount

Skydance

Corp.

-

Class

B

25,448

Take-Two

Interactive

Software,

Inc. \*

21,225

5,434

TKO

Group

Holdings,

Inc.

8,607

1,799

T-Mobile

US,

Inc.

61,359

12,458

The

Trade

Desk,

Inc.

-

Class A \*

58,066

2,204

Verizon

Communications,

Inc.

534,946

21,788

The

Walt

Disney

Co.

226,919

25,817

Warner

Bros.

Discovery,

Inc. \*

316,227

9,114

#### Total

#### 785,115

#### Consumer

#### Discretionary

#### (10.4%)
Airbnb,

Inc.

-

Class

A \*

54,274

7,366

Amazon.com,

Inc. \*

1,236,489

285,406

Aptiv

PLC \*

28,014

2,132

AutoZone,

Inc. \*

2,107

7,146

Best

Buy

Co.,

Inc.

25,128

1,682

Booking

Holdings,

Inc.

4,111

22,016

Carnival

Corp. \*

132,166

4,036

Carvana

Co. \*

17,976

7,586

Chipotle

Mexican

Grill,

Inc. \*

168,937

6,251

D.R.

Horton,

Inc.

34,619

4,986

Darden

Restaurants,

Inc.

15,224

2,802

Deckers

Outdoor

Corp. \*

18,584

1,927

Domino's

Pizza,

Inc.

3,989

1,663

DoorDash

,

Inc.

-

Class A \*

47,282

10,708

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Discretionary

#### continued
eBay,

Inc.

57,695

5,025

Expedia

Group,

Inc.

15,005

4,251

Ford

Motor

Co.

494,495

6,488

Garmin,

Ltd.

19,906

4,038

General

Motors

Co.

118,571

9,642

Genuine

Parts

Co.

17,777

2,186

Hasbro,

Inc.

16,603

1,361

Hilton

Worldwide

Holdings,

Inc.

29,524

8,481

The

Home

Depot,

Inc.

126,551

43,546

Las

Vegas

Sands

Corp.

39,455

2,568

Lennar

Corp.

-

Class

A

27,839

2,862

Lowe's

Companies,

Inc.

71,483

17,239

Lululemon

Athletica,

Inc. \*

13,716

2,850

Marriott

International,

Inc.

28,229

8,758

McDonald's

Corp.

90,668

27,711

MGM

Resorts

International \*

26,612

971

NIKE,

Inc.

-

Class

B

151,581

9,657

Norwegian

Cruise

Line

Holdings,

Ltd. \*

57,774

1,290

NVR,

Inc. \*

2,596

O'Reilly

Automotive,

Inc. \*

106,788

9,740

Pool

Corp.

4,195

960

PulteGroup,

Inc.

25,095

2,943

Ralph

Lauren

Corp.

4,733

1,674

Ross

Stores,

Inc.

41,663

7,505

Royal

Caribbean

Cruises,

Ltd.

32,018

8,930

Starbucks

Corp.

145,172

12,225

Tapestry,

Inc.

25,560

3,266

Tesla,

Inc. \*

356,931

160,519

The

TJX

Cos.,

Inc.

141,529

21,740

Tractor

Supply

Co.

68,035

3,402

Ulta

Beauty,

Inc. \*

5,809

3,514

Williams-Sonoma,

Inc.

15,116

2,700

Wynn

Resorts,

Ltd.

10,385

1,250

Yum!

Brands,

Inc.

35,189

5,323

#### Total

#### 772,918

#### Consumer

#### Staples

#### (4.7%)
Altria

Group,

Inc.

214,509

12,369

Archer-Daniels-Midland

Co.

61,712

3,548

Brown-Forman

Corp.

-

Class

B

23,781

620

Bunge

Global

SA

17,253

1,537

The

Campbell's

Company

25,003

697

Church

&

Dwight

Co.,

Inc.

30,095

2,523

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Staples

#### continued
The

Clorox

Co.

16,089

1,622

The

Coca-Cola

Co.

492,615

34,439

Colgate-Palmolive

Co.

103,131

8,149

Conagra

Brands,

Inc.

63,153

1,093

Constellation

Brands,

Inc.

-

Class

A

18,237

2,516

Costco

Wholesale

Corp.

56,409

48,644

Dollar

General

Corp.

28,268

3,753

Dollar

Tree,

Inc. \*

24,181

2,974

The

Estee

Lauder

Cos.,

Inc.

-

Class

A

30,243

3,167

General

Mills,

Inc.

68,295

3,176

The

Hershey

Co.

18,962

3,451

Hormel

Foods

Corp.

37,920

899

The

J.M.

Smucker

Co.

13,924

1,362

Kenvue

,

Inc.

248,437

4,285

Keurig

Dr.

Pepper,

Inc.

167,400

4,689

Kimberly-Clark

Corp.

42,873

4,325

The

Kraft

Heinz

Co.

106,751

2,589

The

Kroger

Co.

77,272

4,828

Lamb

Weston

Holdings,

Inc.

18,664

782

McCormick

&

Co.,

Inc.

-

Non-Voting

Shares

32,490

2,213

Molson

Coors

Beverage

Co.

-

Class B

22,888

1,068

Mondelez

International,

Inc.

164,904

8,877

Monster

Beverage

Corp. \*

91,430

7,010

PepsiCo,

Inc.

173,849

24,951

Philip

Morris

International,

Inc.

197,818

31,730

The

Procter

&

Gamble

Co.

296,924

42,552

Sysco

Corp.

60,555

4,462

Target

Corp.

58,437

5,712

Tyson

Foods,

Inc.

-

Class

A

34,946

2,048

Walmart,

Inc.

558,295

62,200

#### Total

#### 350,860

#### Energy

#### (2.8%)
APA

Corp.

42,216

1,033

Baker

Hughes

Co.

125,175

5,700

Chevron

Corp.

240,573

36,666

ConocoPhillips

157,066

14,703

Coterra

Energy,

Inc.

96,068

2,528

Devon

Energy

Corp.

78,409

2,872

Diamondback

Energy,

Inc.

23,608

3,549

EOG

Resources,

Inc.

68,773

7,222

EQT

Corp.

77,758

4,168

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 11
Index

500

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
Expand

Energy

Corp.

27,183

3,000

Exxon

Mobil

Corp.

536,023

64,505

Halliburton

Co.

106,916

3,021

Kinder

Morgan,

Inc.

250,256

6,880

Marathon

Petroleum

Corp.

38,741

6,300

Occidental

Petroleum

Corp.

88,103

3,623

ONEOK,

Inc.

80,396

5,909

Phillips

51,341

6,625

SLB,

Ltd.

189,223

7,262

Targa

Resources

Corp.

27,273

5,032

Texas

Pacific

Land

Corp.

7,305

2,098

Valero

Energy

Corp.

39,442

6,421

The

Williams

Cos.,

Inc.

155,475

9,346

#### Total

#### 208,463

#### Financials

#### (13.3%)
Aflac,

Inc.

59,920

6,607

The

Allstate

Corp.

33,520

6,977

American

Express

Co.

68,294

25,265

American

International

Group,

Inc.

68,583

5,867

Ameriprise

Financial,

Inc.

11,955

5,862

Aon

PLC

27,351

9,652

Apollo

Global

Management,

Inc.

57,921

8,385

Arch

Capital

Group,

Ltd. \*

45,897

4,402

Ares

Management

Corp.

-

Class

A

26,086

4,216

Arthur

J. Gallagher

&

Co.

32,369

8,377

Assurant,

Inc.

6,496

1,565

Bank

of

America

Corp.

853,929

46,966

The

Bank

of

New

York

Mellon

Corp.

88,637

10,290

Berkshire

Hathaway,

Inc.

-

Class

B \*

233,245

117,241

BlackRock,

Inc.

18,395

19,689

Blackstone,

Inc.

93,557

14,421

Block,

Inc.

-

Class

A \*

70,079

4,561

Brown

&

Brown,

Inc.

36,111

2,878

Capital

One

Financial

Corp.

80,805

19,584

Cboe

Global

Markets,

Inc.

13,414

3,367

The

Charles

Schwab

Corp.

212,306

21,211

Chubb,

Ltd.

46,384

14,477

Cincinnati

Financial

Corp.

19,405

3,169

Citigroup,

Inc.

227,429

26,539

Citizens

Financial

Group,

Inc.

55,795

3,259

CME

Group,

Inc.

45,815

12,511

Coinbase

Global,

Inc.

-

Class

A \*

28,887

6,533

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Corpay

,

Inc. \*

8,978

2,702

Erie

Indemnity

Co.

-

Class

A

3,291

943

Everest

Group,

Ltd.

5,448

1,849

FactSet

Research

Systems,

Inc.

4,941

1,434

Fidelity

National

Information

Services,

Inc.

65,271

4,338

Fifth

Third

Bancorp

82,781

3,875

Fiserv,

Inc. \*

69,432

4,664

Franklin

Resources,

Inc.

37,588

898

Global

Payments,

Inc.

30,299

2,345

Globe

Life,

Inc.

10,514

1,470

The

Goldman

Sachs

Group,

Inc.

38,122

33,509

The

Hartford

Insurance

Group,

Inc.

35,445

4,884

Huntington

Bancshares,

Inc.

186,788

3,241

Interactive

Brokers

Group,

Inc.

-

Class

A

56,057

3,605

Intercontinental

Exchange,

Inc.

72,966

11,818

Invesco,

Ltd.

58,285

1,531

Jack

Henry

&

Associates,

Inc.

9,414

1,718

JPMorgan

Chase

&

Co.

346,013

111,492

KeyCorp

115,275

2,379

KKR

&

Co.,

Inc.

87,473

11,151

Loews

Corp.

20,928

2,204

M&T

Bank

Corp.

19,916

4,013

Marsh

&

McLennan

Cos.,

Inc.

62,794

11,650

Mastercard,

Inc.

-

Class

A

104,221

59,498

MetLife,

Inc.

70,649

5,577

Moody's

Corp.

19,406

9,914

Morgan

Stanley

154,121

27,361

MSCI,

Inc.

9,492

5,446

Nasdaq,

Inc.

57,899

5,624

Northern

Trust

Corp.

24,142

3,298

PayPal

Holdings,

Inc.

118,926

6,943

The

PNC

Financial

Services

Group,

Inc.

50,300

10,499

Principal

Financial

Group,

Inc.

24,669

2,176

The

Progressive

Corp.

74,813

17,036

Prudential

Financial,

Inc.

44,349

5,006

Raymond

James

Financial,

Inc.

22,439

3,603

Regions

Financial

Corp.

110,296

2,989

Robinhood

Markets,

Inc.

-

Class

A \*

98,857

11,181

S&P

Global,

Inc.

39,403

20,592

State

Street

Corp.

35,459

4,575

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Synchrony

Financial

45,276

3,777

T. Rowe

Price

Group,

Inc.

28,347

2,902

The

Travelers

Cos.,

Inc.

28,620

8,302

Truist

Financial

Corp.

164,698

8,105

U.S.

Bancorp

197,490

10,538

Visa,

Inc.

-

Class

A

214,506

75,229

W.R.

Berkley

Corp.

38,894

2,727

Wells

Fargo

&

Co.

398,993

37,186

Willis

Towers

Watson

PLC

12,010

3,946

#### Total

#### 995,614

#### Health

#### Care

#### (9.6%)
Abbott

Laboratories

221,088

27,700

AbbVie,

Inc.

224,700

51,342

Agilent

Technologies,

Inc.

35,832

4,876

Align

Technology,

Inc. \*

8,746

1,366

Amgen,

Inc.

68,657

22,472

Baxter

International,

Inc.

65,489

1,252

Becton

Dickinson

and

Co.

36,342

7,053

Biogen,

Inc. \*

18,958

3,336

Bio-Techne

Corp.

20,303

1,194

Boston

Scientific

Corp. \*

188,904

18,012

Bristol-Myers

Squibb

Co.

259,704

14,008

Cardinal

Health,

Inc.

30,652

6,299

Cencora

,

Inc.

24,764

8,364

Centene

Corp. \*

59,574

2,451

Charles

River

Laboratories

International,

Inc. \*

6,320

1,261

The

Cigna

Group

33,808

9,305

The

Cooper

Cos.,

Inc. \*

25,661

2,103

CVS

Health

Corp.

161,122

12,787

Danaher

Corp.

79,905

18,292

DaVita,

Inc. \*

4,566

519

Dexcom,

Inc. \*

48,737

3,235

Edwards

Lifesciences

Corp. \*

73,494

6,265

Elevance

Health,

Inc.

28,185

9,880

Eli

Lilly

&

Co.

100,937

108,475

GE

HealthCare

Technologies,

Inc.

57,131

4,686

Gilead

Sciences,

Inc.

157,244

19,300

HCA

Healthcare,

Inc.

20,303

9,479

Henry

Schein,

Inc. \*

13,166

995

Hologic,

Inc. \*

28,999

2,160

Humana,

Inc.

15,504

3,971

IDEXX

Laboratories,

Inc. \*

10,137

6,858

Incyte

Corp. \*

21,102

2,084

Insulet

Corp. \*

9,033

2,568

Intuitive

Surgical,

Inc. \*

45,058

25,519

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 12
Index

500

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
IQVIA

Holdings,

Inc. \*

21,146

4,767

Johnson

&

Johnson

306,332

63,395

Labcorp

Holdings,

Inc.

10,372

2,602

McKesson

Corp.

15,688

12,869

Medtronic

PLC

163,491

15,705

Merck

&

Co.,

Inc.

315,477

33,207

Mettler-Toledo

International,

Inc. \*

2,567

3,579

Moderna,

Inc. \*

44,403

1,309

Molina

Healthcare,

Inc. \*

6,256

1,086

Pfizer,

Inc.

720,198

17,933

Quest

Diagnostics,

Inc.

14,454

2,508

Regeneron

Pharmaceuticals,

Inc.

12,810

9,888

ResMed,

Inc.

18,263

4,399

Revvity

,

Inc.

14,146

1,369

Solventum

Corp. \*

17,690

1,402

STERIS

PLC

12,752

3,233

Stryker

Corp.

43,871

15,419

Thermo

Fisher

Scientific,

Inc.

47,711

27,646

UnitedHealth

Group,

Inc.

115,199

38,028

Universal

Health

Services,

Inc.

-

Class B

6,886

1,501

Vertex

Pharmaceuticals,

Inc. \*

32,411

14,694

Viatris

,

Inc.

149,322

1,859

Waters

Corp. \*

7,685

2,919

West

Pharmaceutical

Services,

Inc.

9,164

2,521

Zimmer

Biomet

Holdings,

Inc.

25,303

2,275

Zoetis,

Inc.

56,025

7,049

#### Total

#### 712,629

#### Industrials

#### (8.1%)
3M

Co.

68,032

10,892

A.O.

Smith

Corp.

14,901

997

Allegion

PLC

11,022

1,755

AMETEK,

Inc.

29,706

6,099

Automatic

Data

Processing,

Inc.

51,729

13,306

Axon

Enterprise,

Inc. \*

10,027

5,695

The

Boeing

Co. \*

99,101

21,517

Broadridge

Financial

Solutions,

Inc.

15,057

3,360

Builders

FirstSource

,

Inc. \*

14,219

1,463

C.H.

Robinson

Worldwide,

Inc.

15,302

2,460

Carrier

Global

Corp.

99,822

5,275

Caterpillar,

Inc.

59,588

34,136

Cintas

Corp.

43,292

8,142

Comfort

Systems

USA,

Inc.

4,473

4,175

Copart,

Inc. \*

113,460

4,442

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
CSX

Corp.

237,271

8,601

Cummins,

Inc.

17,466

8,915

Dayforce,

Inc. \*

20,884

1,444

Deere

&

Co.

31,850

14,828

Delta

Air

Lines,

Inc.

83,075

5,765

Dover

Corp.

17,718

3,459

Eaton

Corp.

PLC

49,292

15,700

EMCOR

Group,

Inc.

5,718

3,498

Emerson

Electric

Co.

71,266

9,458

Equifax,

Inc.

15,581

3,381

Expeditors

International

of

Washington,

Inc.

16,635

2,479

Fastenal

Co.

148,152

5,945

FedEx

Corp.

27,704

8,003

Fortive

Corp.

40,370

2,229

GE

Vernova

,

Inc.

34,532

22,569

Generac

Holdings,

Inc. \*

7,790

1,062

General

Dynamics

Corp.

31,969

10,763

General

Electric

Co.

134,072

41,298

Honeywell

International,

Inc.

80,320

15,670

Howmet

Aerospace,

Inc.

51,011

10,458

Hubbell,

Inc.

6,846

3,040

Huntington

Ingalls

Industries,

Inc.

4,991

1,697

IDEX

Corp.

9,893

1,760

Illinois

Tool

Works,

Inc.

33,703

8,301

Ingersoll-Rand,

Inc.

46,197

3,660

J.B.

Hunt

Transport

Services,

Inc.

9,336

1,814

Jacobs

Solutions,

Inc.

15,460

2,048

Johnson

Controls

International

PLC

77,678

9,302

L3Harris

Technologies,

Inc.

24,053

7,061

Leidos

Holdings,

Inc.

16,562

2,988

Lennox

International,

Inc.

4,186

2,033

Lockheed

Martin

Corp.

25,882

12,518

Masco

Corp.

26,932

1,709

Nordson

Corp.

7,031

1,690

Norfolk

Southern

Corp.

28,499

8,228

Northrop

Grumman

Corp.

17,158

9,784

Old

Dominion

Freight

Line,

Inc.

23,902

3,748

Otis

Worldwide

Corp.

48,778

4,261

PACCAR,

Inc.

66,539

7,287

Parker

Hannifin

Corp.

16,039

14,098

Paychex,

Inc.

41,505

4,656

Paycom

Software,

Inc.

6,260

998

Pentair

PLC

20,248

2,109

Quanta

Services,

Inc.

19,051

8,041

Republic

Services,

Inc.

25,548

5,414

Rockwell

Automation,

Inc.

14,190

5,521

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
Rollins,

Inc.

35,876

2,153

RTX

Corp.

170,103

31,197

Snap-on,

Inc.

6,820

2,350

Southwest

Airlines

Co.

67,082

2,772

Stanley

Black

&

Decker,

Inc.

19,723

1,465

Textron,

Inc.

21,838

1,904

Trane

Technologies

PLC

28,335

11,028

TransDigm

Group,

Inc.

7,227

9,611

Uber

Technologies,

Inc. \*

264,762

21,634

Union

Pacific

Corp.

75,116

17,376

United

Airlines

Holdings,

Inc. \*

40,599

4,540

United

Parcel

Service,

Inc.

-

Class

B

93,215

9,246

United

Rentals,

Inc.

8,031

6,500

Veralto

Corp.

31,928

3,186

Verisk

Analytics,

Inc.

17,619

3,941

W.W.

Grainger,

Inc.

5,625

5,676

Waste

Management,

Inc.

47,328

10,398

Westinghouse

Air

Brake

Technologies

Corp.

21,383

4,564

Xylem,

Inc.

31,481

4,287

#### Total

#### 606,833

#### Information

#### Technology

#### (34.2%)
Accenture

PLC

-

Class A

78,823

21,148

Adobe,

Inc. \*

53,206

18,622

Advanced

Micro

Devices,

Inc. \*

206,420

44,207

Akamai

Technologies,

Inc. \*

17,723

1,546

Amphenol

Corp.

155,594

21,027

Analog

Devices,

Inc.

62,530

16,958

Apple,

Inc.

1,878,147

510,593

Applied

Materials,

Inc.

101,257

26,022

AppLovin

Corp.

-

Class A \*

34,363

23,154

Arista

Networks,

Inc. \*

131,493

17,230

Autodesk,

Inc. \*

27,033

8,002

Broadcom,

Inc.

600,236

207,742

Cadence

Design

Systems,

Inc. \*

34,718

10,852

CDW

Corp.

16,943

2,308

Cisco

Systems,

Inc.

500,886

38,583

Cognizant

Technology

Solutions

Corp.

62,022

5,148

Corning,

Inc.

99,852

8,743

CrowdStrike

Holdings,

Inc. \*

31,549

14,789

Datadog,

Inc.

-

Class A \*

41,399

5,630

Dell

Technologies,

Inc.

-

Class

C

37,953

4,778

EPAM

Systems,

Inc. \*

6,781

1,389

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 13
Index

500

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
F5,

Inc. \*

7,396

1,888

Fair

Isaac

Corp. \*

3,032

5,126

First

Solar,

Inc. \*

13,619

3,558

Fortinet,

Inc. \*

80,343

6,380

Gartner,

Inc. \*

9,421

2,377

Gen

Digital,

Inc.

71,462

1,943

GoDaddy,

Inc.

-

Class A \*

16,889

2,096

Hewlett

Packard

Enterprise

Co.

170,125

4,086

HP,

Inc.

121,219

2,701

Intel

Corp. \*

569,913

21,030

International

Business

Machines

Corp.

118,479

35,095

Intuit,

Inc.

35,403

23,452

Jabil,

Inc.

13,801

3,147

Keysight

Technologies,

Inc. \*

21,553

4,379

KLA

Corp.

16,701

20,293

Lam

Research

Corp.

159,648

27,329

Microchip

Technology,

Inc.

69,585

4,434

Micron

Technology,

Inc.

142,161

40,574

Microsoft

Corp.

944,692

456,872

Monolithic

Power

Systems,

Inc.

6,030

5,465

Motorola

Solutions,

Inc.

21,075

8,078

NetApp,

Inc.

25,369

2,717

NVIDIA

Corp.

3,088,650

576,033

NXP

Semiconductors

NV

32,505

7,056

ON

Semiconductor

Corp. \*

51,458

2,786

Oracle

Corp.

213,786

41,669

Palantir

Technologies,

Inc.

-

Class

A \*

289,278

51,419

Palo

Alto

Networks,

Inc. \*

86,938

16,014

PTC,

Inc. \*

15,406

2,684

Qnity

Electronics,

Inc.

27,173

2,219

QUALCOMM,

Inc.

136,072

23,275

Roper

Technologies,

Inc.

13,562

6,037

Salesforce,

Inc.

120,957

32,043

Sandisk

Corp. \*

17,620

4,183

Seagate

Technology

Holdings

PLC

27,693

7,626

ServiceNow,

Inc. \*

132,690

20,327

Skyworks

Solutions,

Inc.

19,316

1,225

Super

Micro

Computer,

Inc. \*

65,680

1,922

Synopsys,

Inc. \*

23,473

11,026

TE

Connectivity

PLC

37,393

8,507

Teledyne

Technologies,

Inc. \*

5,808

2,966

Teradyne,

Inc.

19,902

3,852

Texas

Instruments,

Inc.

116,078

20,138

Trimble,

Inc. \*

30,540

2,393

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
Tyler

Technologies,

Inc. \*

5,578

2,532

VeriSign,

Inc.

10,452

2,539

Western

Digital

Corp.

43,237

7,448

Workday,

Inc.

-

Class A \*

27,812

5,973

Zebra

Technologies

Corp. \*

6,522

1,584

#### Total

#### 2,556,967

#### Materials

#### (1.8%)
Air

Products

and

Chemicals,

Inc.

28,301

6,991

Albemarle

Corp.

15,324

2,167

Amcor

PLC

298,700

2,491

Avery

Dennison

Corp.

10,059

1,829

Ball

Corp.

32,842

1,740

CF

Industries

Holdings,

Inc.

18,941

1,465

Corteva,

Inc.

85,370

5,722

CRH

PLC

85,195

10,632

Dow,

Inc.

90,718

2,121

DuPont

de

Nemours,

Inc.

54,347

2,185

Ecolab,

Inc.

32,617

8,563

Freeport-McMoRan,

Inc.

183,019

9,295

International

Flavors

&

Fragrances,

Inc.

32,877

2,216

International

Paper

Co.

67,997

2,678

Linde

PLC

59,511

25,375

LyondellBasell

Industries

NV

33,245

1,439

Martin

Marietta

Materials,

Inc.

7,757

4,830

The

Mosaic

Co.

40,622

979

Newmont

Corp.

138,705

13,850

Nucor

Corp.

28,757

4,691

Packaging

Corp.

of

America

11,699

2,413

PPG

Industries,

Inc.

29,207

2,992

The

Sherwin-Williams

Co.

29,213

9,466

Smurfit

WestRock

PLC

63,851

2,469

Steel

Dynamics,

Inc.

17,764

3,010

Vulcan

Materials

Co.

17,024

4,856

#### Total

#### 136,465

#### Real

#### Estate

#### (1.8%)
Alexandria

Real

Estate

Equities,

Inc.

19,913

975

American

Tower

Corp.

59,809

10,501

AvalonBay

Communities,

Inc.

18,289

3,316

BXP,

Inc.

18,581

1,254

Camden

Property

Trust

14,053

1,547

CBRE

Group,

Inc. \*

37,755

6,071

CoStar

Group,

Inc. \*

53,565

3,602

Crown

Castle,

Inc.

54,678

4,859

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Real

#### Estate

#### continued
Digital

Realty

Trust,

Inc.

40,250

6,227

Equinix,

Inc.

12,428

9,522

Equity

Residential

44,660

2,815

Essex

Property

Trust,

Inc.

8,274

2,165

Extra

Space

Storage,

Inc.

26,687

3,475

Federal

Realty

Investment

Trust

9,945

1,003

Healthpeak

Properties,

Inc.

89,728

1,443

Host

Hotels

&

Resorts,

Inc.

81,672

1,448

Invitation

Homes,

Inc.

73,093

2,031

Iron

Mountain,

Inc.

38,340

3,180

Kimco

Realty

Corp.

84,389

1,711

Mid-America

Apartment

Communities,

Inc.

14,983

2,081

Prologis,

Inc.

117,366

14,983

Public

Storage

20,371

5,286

Realty

Income

Corp.

117,093

6,601

Regency

Centers

Corp.

21,039

1,452

SBA

Communications

Corp.

13,955

2,699

Simon

Property

Group,

Inc.

39,741

7,357

UDR,

Inc.

39,598

1,452

Ventas,

Inc.

59,705

4,620

VICI

Properties,

Inc.

136,248

3,831

Welltower,

Inc.

85,428

15,856

Weyerhaeuser

Co.

94,602

2,241

#### Total

#### 135,604

#### Utilities

#### (2.2%)
The

AES

Corp.

88,598

1,271

Alliant

Energy

Corp.

33,363

2,169

Ameren

Corp.

34,801

3,475

American

Electric

Power

Co.,

Inc.

67,724

7,809

American

Water

Works

Co.,

Inc.

25,146

3,282

Atmos

Energy

Corp.

19,735

3,308

CenterPoint

Energy,

Inc.

84,494

3,240

CMS

Energy

Corp.

39,228

2,743

Consolidated

Edison,

Inc.

45,269

4,496

Constellation

Energy

Corp.

39,903

14,097

Dominion

Energy,

Inc.

108,848

6,377

DTE

Energy

Co.

26,492

3,417

Duke

Energy

Corp.

98,808

11,581

Edison

International

49,674

2,981

Entergy

Corp.

55,946

5,171

Evergy

,

Inc.

30,276

2,195

Eversource

Energy

46,760

3,148

Exelon

Corp.

127,469

5,556

FirstEnergy

Corp.

65,814

2,947

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 14
Index

500

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
NextEra

Energy,

Inc.

262,813

21,099

NiSource,

Inc.

55,036

2,298

NRG

Energy,

Inc.

24,249

3,861

PG&E

Corp.

281,997

4,532

Pinnacle

West

Capital

Corp.

14,834

1,316

PPL

Corp.

92,514

3,240

Public

Service

Enterprise

Group,

Inc.

62,673

5,033

Sempra

82,075

7,246

The

Southern

Co.

140,402

12,243

Vistra

Corp.

40,680

6,563

WEC

Energy

Group,

Inc.

40,993

4,323

Xcel

Energy,

Inc.

72,976

5,390

#### Total

#### 166,407

#### Total

#### Common

#### Stocks

#### (Cost: $1,933,741)

#### 7,427,875

#### Total

#### Investments

#### (99.4%)

#### (Cost:

#### $1,933,741)

#### @

#### 7,427,875

#### Other

#### Assets,

#### Less

#### Liabilities (0.6%)

#### 42,903

#### Net

#### Assets

#### (100.0%)

#### 7,470,778

#### 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

3/26

$

41,355

$

$

(311) $

$

(311) 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

$

–

$

–

$

–

$

–

$

(311) $

(311) $

–

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,935,732

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$5,492,201

which

is

comprised

of

$5,587,285

aggregate

gross

unrealized

appreciation

and

$95,084

aggregate

gross

unrealized

depreciation.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 15
Index

500

Stock

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

7,427,875

$

—

$

—

Other

Financial

Instruments^

Futures

—

—

Total

Assets:

$

7,427,933

$

—

$

—

^

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 16
Large

Company

Value

Portfolio

Common

Stocks

(98

.2

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 4

#### .0

#### %

####)
Alphabet,

Inc.

-

Class A

13,752

4,305

Verizon

Communications,

Inc.

63,053

2,568

#### Total

#### 6,873

#### Consumer

#### Discretionary

#### (#### 1

#### .3

#### %

####)
PulteGroup,

Inc.

18,766

2,200

#### Total

#### 2,200

#### Consumer

#### Staples

#### (#### 15

#### .1

#### %

####)
The

Estee

Lauder

Cos.,

Inc.

-

Class

A

15,705

1,645

Kenvue,

Inc.

198,355

3,422

Kimberly-Clark

Corp.

26,129

2,636

Mondelez

International,

Inc.

83,064

4,471

PepsiCo,

Inc.

36,049

5,174

Sysco

Corp.

40,866

3,011

Unilever

PLC,

ADR

83,912

5,488

#### Total

#### 25,847

#### Energy

#### (#### 8

#### .5

#### %

####)
Baker

Hughes

Co.

57,897

2,637

Chevron

Corp.

28,701

4,374

Enterprise

Products

Partners

LP

167,301

5,364

TotalEnergies

SE

33,954

2,221

#### Total

#### 14,596

#### Financials

#### (#### 22

#### .6

#### %

####)
The

Bank

of

New

York

Mellon

Corp.

14,751

1,712

Berkshire

Hathaway,

Inc.

-

Class

B \*

10,796

5,427

BlackRock,

Inc.

4,875

5,218

The

Charles

Schwab

Corp.

42,416

4,238

Commerce

Bancshares,

Inc.

13,142

688

JPMorgan

Chase

&

Co.

17,864

5,756

Marsh

&

McLennan

Cos.,

Inc.

32,351

6,002

Reinsurance

Group

of

America,

Inc.

20,654

4,202

Truist

Financial

Corp.

112,016

5,512

#### Total

#### 38,755

#### Health

#### Care

#### (#### 16

#### .0

#### %

####)
Becton

Dickinson

and

Co.

26,555

5,154

Henry

Schein,

Inc. \*

32,591

2,463

IQVIA

Holdings,

Inc. \*

11,472

2,586

Johnson

&

Johnson

26,970

5,581

Medtronic

PLC

43,103

4,140

Roche

Holding

AG

5,788

2,392

Common

Stocks

(98.2%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
UnitedHealth

Group,

Inc.

6,706

2,214

Zimmer

Biomet

Holdings,

Inc.

31,619

2,843

#### Total

#### 27,373

#### Industrials

#### (#### 10

#### .1

#### %

####)
A.O.

Smith

Corp.

48,359

3,234

Cummins,

Inc.

3,308

1,689

Norfolk

Southern

Corp.

15,203

4,390

PACCAR,

Inc.

27,407

3,001

RTX

Corp.

15,083

2,766

Siemens

AG

8,108

2,277

#### Total

#### 17,357

#### Information

#### Technology

#### (#### 8

#### .3

#### %

####)
Analog

Devices,

Inc.

12,428

3,371

Cisco

Systems,

Inc.

40,415

3,113

F5,

Inc. \*

10,466

2,672

QUALCOMM,

Inc.

14,921

2,552

Salesforce,

Inc.

9,736

2,579

#### Total

#### 14,287

#### Materials

#### (#### 5

#### .3

#### %

####)
Amrize,

Ltd. \*

42,976

2,324

Packaging

Corp.

of

America

20,136

4,153

PPG

Industries,

Inc.

26,265

2,691

#### Total

#### 9,168

#### Real

#### Estate

#### (#### 1

#### .9

#### %

####)
American

Tower

Corp.

18,202

3,196

#### Total

#### 3,196

#### Utilities

#### (#### 5

#### .1

#### %

####)
Atmos

Energy

Corp.

17,778

2,980

Duke

Energy

Corp.

48,999

5,743

#### Total

#### 8,723

#### Total

#### Common

#### Stocks

#### (Cost: $151,327)

#### 168,375

#### Total

#### Investments

#### (98.2%)

#### (Cost:

#### $151,327)

#### @

#### 168,375

#### Other

#### Assets,

#### Less

#### Liabilities (1.8%)

#### 3,146

#### Net

#### Assets

#### (100.0%)

#### 171,521
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 17
Large

Company

Value

Portfolio

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

CHF

1,622

2,065

3/27/26

$

—

π

$

(4)

$

(4)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

EUR

3/27/26

—

—

π

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

EUR

3,348

3,949

3/27/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

GBP

3,342

4,504

3/27/26

—

(29)

(29)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

International

GBP

3/27/26

—

(1)

(1)

$

$

(34)

$

(29)

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

$

—

$

$

(34)

—

—

$

(34)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$152,827

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$15,518

which

is

comprised

of

$20,578

aggregate

gross

unrealized

appreciation

and

$5,060

aggregate

gross

unrealized

depreciation.

π

Amount

is

less

than

one

thousand.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

24,981

$

2,392

$

—

Industrials

15,080

2,277

—

All

Others

123,645

—

—

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

—

Total

Assets:

$

163,706

$

4,674

$

—

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

(34)

—

Total

Liabilities:

$

—

$

(34)

$

—

^

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 18
Domestic

Equity

Portfolio

Common

Stocks

(98

.1

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 6

#### .0

#### %

####)
Alphabet,

Inc.

-

Class A

147,630

46,208

Charter

Communications,

Inc.

-

Class

A \*

23,324

4,869

Comcast

Corp.

-

Class

A

150,380

4,495

T-Mobile

US,

Inc.

73,025

14,827

#### Total

#### 70,399

#### Consumer

#### Discretionary

#### (#### 8

#### .2

#### %

####)
Amazon.com,

Inc. \*

122,442

28,262

General

Motors

Co.

370,583

30,136

Hilton

Worldwide

Holdings,

Inc.

49,550

14,233

Lululemon

Athletica,

Inc. \*

14,814

3,079

PulteGroup,

Inc.

179,936

21,099

#### Total

#### 96,809

#### Consumer

#### Staples

#### (#### 9

#### .6

#### %

####)
BJ's

Wholesale

Club

Holdings,

Inc. \*

68,883

6,202

The

Coca-Cola

Co.

376,660

26,332

Philip

Morris

International,

Inc.

170,184

27,297

The

Procter

&

Gamble

Co.

122,774

17,595

Target

Corp.

66,120

6,463

Walmart,

Inc.

257,328

28,669

#### Total

#### 112,558

#### Energy

#### (#### 5

#### .5

#### %

####)
ConocoPhillips

111,669

10,453

Exxon

Mobil

Corp.

242,751

29,213

Shell

PLC

360,318

13,299

Valero

Energy

Corp.

69,863

11,373

#### Total

#### 64,338

#### Financials

#### (#### 21

#### .5

#### %

####)
The

Allstate

Corp.

77,943

16,224

American

International

Group,

Inc.

155,378

13,293

Apollo

Global

Management,

Inc.

95,990

13,895

Bank

of

America

Corp.

514,815

28,315

BlackRock,

Inc.

11,438

12,242

Capital

One

Financial

Corp.

119,184

28,885

The

Charles

Schwab

Corp.

208,922

20,873

Citigroup,

Inc.

414,866

48,411

CME

Group,

Inc.

56,459

15,418

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
The

Goldman

Sachs

Group,

Inc.

19,217

16,892

JPMorgan

Chase

&

Co.

43,631

14,059

The

PNC

Financial

Services

Group,

Inc.

81,252

16,960

State

Street

Corp.

50,555

6,522

#### Total

#### 251,989

#### Health

#### Care

#### (#### 13

#### .2

#### %

####)
AbbVie,

Inc.

48,506

11,083

AstraZeneca

PLC,

ADR

180,791

16,620

Becton

Dickinson

and

Co.

76,529

14,852

McKesson

Corp.

30,942

25,381

Novo

Nordisk

A/S,

ADR

196,375

9,992

Regeneron

Pharmaceuticals,

Inc.

28,773

22,209

Sanofi

SA

147,184

14,280

Thermo

Fisher

Scientific,

Inc.

43,148

25,002

UnitedHealth

Group,

Inc.

48,421

15,984

#### Total

#### 155,403

#### Industrials

#### (#### 11

#### .9

#### %

####)
FedEx

Corp.

63,184

18,251

Honeywell

International,

Inc.

63,216

12,333

Ingersoll-Rand,

Inc.

140,076

11,097

Johnson

Controls

International

PLC

158,175

18,942

Northrop

Grumman

Corp.

27,294

15,563

Otis

Worldwide

Corp.

93,307

8,150

RTX

Corp.

127,543

23,391

Southwest

Airlines

Co.

479,323

19,810

United

Rentals,

Inc.

14,487

11,725

#### Total

#### 139,262

#### Information

#### Technology

#### (#### 10

#### .2

#### %

####)
Accenture

PLC

-

Class A

69,219

18,571

Cisco

Systems,

Inc.

426,731

32,871

Marvell

Technology,

Inc.

134,160

11,401

Microsoft

Corp.

61,308

29,650

Qnity

Electronics,

Inc.

55,254

4,512

QUALCOMM,

Inc.

52,201

8,929

Seagate

Technology

Holdings

PLC

48,187

13,270

#### Total

#### 119,204

#### Materials

#### (#### 6

#### .1

#### %

####)
Ball

Corp.

84,502

4,476

Corteva,

Inc.

245,835

16,478

CRH

PLC

150,332

18,762

Common

Stocks

(98.1%)

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
DuPont

de

Nemours,

Inc.

110,508

4,443

Eastman

Chemical

Co.

59,788

3,816

Freeport-McMoRan,

Inc.

325,580

16,536

PPG

Industries,

Inc.

57,439

5,885

Solstice

Advanced

Materials,

Inc. \*

16,113

783

#### Total

#### 71,179

#### Real

#### Estate

#### (#### 1

#### .9

#### %

####)
American

Tower

Corp.

21,045

3,695

Prologis,

Inc.

93,298

11,910

Vornado

Realty

Trust

208,128

6,927

#### Total

#### 22,532

#### Utilities

#### (#### 4

#### .0

#### %

####)
NextEra

Energy,

Inc.

312,941

25,123

NRG

Energy,

Inc.

67,131

10,690

PPL

Corp.

310,127

10,860

#### Total

#### 46,673

#### Total

#### Common

#### Stocks

#### (Cost: $1,009,552)

#### 1,150,346
Short-Term

Investments

(0

.0

%)

#### Governments

#### (#### 0

#### .0

#### %

####)
US

Treasury

0.000%,

4/23/26 β

200,000

#### Total

#### 198

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $198)

#### 198

#### Total

#### Investments

#### (98.1%)

#### (Cost:

#### $1,009,750)

#### @

#### 1,150,544

#### Other

#### Assets,

#### Less

#### Liabilities (1.9%)

#### 22,778

#### Net

#### Assets

#### (100.0%)

#### 1,173,322
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 19
Domestic

Equity

Portfolio

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

DKK

58,305

9,211

3/17/26

$

$

—

$

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

International

EUR

9,299

10,964

3/17/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

International

GBP

18,125

24,428

3/17/26

—

(82)

(82)

$

$

(82)

$

(48)

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

$

—

$

$

(82)

—

—

$

(82)

+

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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,009,702

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$140,794

which

is

comprised

of

$162,923

aggregate

gross

unrealized

appreciation

and

$22,129

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

Energy

$

51,039

$

13,299

$

—

Health

Care

141,123

14,280

—

All

Others

930,605

—

—

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

—

Short-Term Investments

—

—

Total

Assets:

$

1,122,767

$

27,811

$

—

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

(82)

—

Total

Liabilities:

$

—

$

(82)

$

—

^

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 20
Equity

Income

Portfolio

Common

Stocks

(98

.4

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 6

#### .7

#### %

####)
Alphabet,

Inc.

-

Class A

47,742

14,943

Alphabet,

Inc.

-

Class C

36,880

11,573

Comcast

Corp.

-

Class

A

121,339

3,627

Meta

Platforms,

Inc.

-

Class

A

6,450

4,257

News

Corp.

-

Class

A

235,567

6,153

T-Mobile

US,

Inc.

15,444

3,136

The

Walt

Disney

Co.

67,609

7,692

#### Total

#### 51,381

#### Consumer

#### Discretionary

#### (#### 4

#### .2

#### %

####)
Amazon.com,

Inc. \*

51,122

11,800

The

Home

Depot,

Inc.

20,001

6,882

Las

Vegas

Sands

Corp.

151,949

9,891

Mattel,

Inc. \*

155,592

3,087

Volkswagen

AG

-

Preference

Shares

5,132

624

#### Total

#### 32,284

#### Consumer

#### Staples

#### (#### 6

#### .8

#### %

####)
Colgate-Palmolive

Co.

128,959

10,190

Conagra

Brands,

Inc.

89,323

1,546

Kenvue,

Inc.

325,179

5,609

Keurig

Dr.

Pepper,

Inc.

18,200

510

Kimberly-Clark

Corp.

57,656

5,817

Philip

Morris

International,

Inc.

58,660

9,409

The

Procter

&

Gamble

Co.

63,189

9,056

Tyson

Foods,

Inc.

-

Class

A

105,000

6,155

Walmart,

Inc.

39,485

4,399

#### Total

#### 52,691

#### Energy

#### (#### 8

#### .4

#### %

####)
Chevron

Corp.

38,393

5,851

ConocoPhillips

109,367

10,238

EOG

Resources,

Inc.

35,812

3,761

EQT

Corp.

42,206

2,262

Expand

Energy

Corp.

50,421

5,564

Exxon

Mobil

Corp.

76,980

9,264

Kinder

Morgan,

Inc.

19,600

539

Phillips

10,741

1,386

SLB,

Ltd.

109,816

4,215

South

Bow

Corp.

92,100

2,533

TC

Energy

Corp.

58,145

3,198

TotalEnergies

SE

194,452

12,674

The

Williams

Cos.,

Inc.

54,265

3,262

#### Total

#### 64,747
Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### (#### 22

#### .5

#### %

####)
The

Allstate

Corp.

27,616

5,748

American

International

Group,

Inc.

118,860

10,168

Apollo

Global

Management,

Inc.

13,652

1,976

Bank

of

America

Corp.

238,492

13,117

Capital

One

Financial

Corp.

5,287

1,281

The

Charles

Schwab

Corp.

148,067

14,793

Chubb,

Ltd.

34,730

10,840

Citigroup,

Inc.

137,285

16,020

Corebridge

Financial,

Inc.

71,114

2,146

Equitable

Holdings,

Inc.

204,557

9,747

Fifth

Third

Bancorp

182,547

8,545

Global

Payments,

Inc.

9,096

704

The

Hartford

Insurance

Group,

Inc.

30,534

4,208

Huntington

Bancshares,

Inc.

464,998

8,068

JPMorgan

Chase

&

Co.

46,154

14,872

Loews

Corp.

89,870

9,464

MetLife,

Inc.

200,780

15,850

Morgan

Stanley

8,311

1,475

State

Street

Corp.

34,638

4,469

U.S.

Bancorp

193,611

10,331

Wells

Fargo

&

Co.

107,576

10,026

#### Total

#### 173,848

#### Health

#### Care

#### (#### 13

#### .4

#### %

####)
AstraZeneca

PLC,

ADR

62,921

5,784

Becton

Dickinson

and

Co.

58,973

11,445

Biogen,

Inc. \*

13,644

2,401

Bristol-Myers

Squibb

Co.

68,008

3,668

Cardinal

Health,

Inc.

3,245

667

The

Cigna

Group

24,427

6,723

CVS

Health

Corp.

128,014

10,159

Elevance

Health,

Inc.

33,836

11,861

Humana,

Inc.

3,900

999

Johnson

&

Johnson

17,545

3,631

Medtronic

PLC

69,338

6,661

Merck

&

Co.,

Inc.

68,073

7,166

Novo

Nordisk

A/S,

ADR

6,300

Sanofi

SA

32,100

3,114

Sanofi

SA,

ADR

33,121

1,605

Thermo

Fisher

Scientific,

Inc.

7,851

4,549

UnitedHealth

Group,

Inc.

18,366

6,063

Viatris,

Inc.

574,963

7,158

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
Zimmer

Biomet

Holdings,

Inc.

108,077

9,718

#### Total

#### 103,693

#### Industrials

#### (#### 13

#### .7

#### %

####)
3M

Co.

10,336

1,655

AGCO

Corp.

32,518

3,392

The

Boeing

Co. \*

46,785

10,158

CSX

Corp.

220,258

7,984

Cummins,

Inc.

4,057

2,071

Dover

Corp.

12,243

2,390

Fortive

Corp.

117,376

6,480

General

Electric

Co.

30,026

9,249

L3Harris

Technologies,

Inc.

40,870

11,998

The

Middleby

Corp. \*

14,694

2,185

Norfolk

Southern

Corp.

5,171

1,493

Rockwell

Automation,

Inc.

14,331

5,576

Siemens

AG

36,206

10,168

Southwest

Airlines

Co.

225,838

9,334

Stanley

Black

&

Decker,

Inc.

130,679

9,707

Union

Pacific

Corp.

21,747

5,031

United

Parcel

Service,

Inc.

-

Class

B

67,329

6,678

#### Total

#### 105,549

#### Information

#### Technology

#### (#### 10

#### .5

#### %

####)
Accenture

PLC

-

Class A

19,105

5,126

Advanced

Micro

Devices,

Inc. \*

25,114

5,378

Applied

Materials,

Inc.

27,940

7,180

Fiserv,

Inc. \*

36,641

2,461

Intel

Corp. \*

116,518

4,300

Microsoft

Corp.

16,461

7,961

QUALCOMM,

Inc.

94,416

16,150

Ralliant

Corp.

59,626

3,036

Salesforce,

Inc.

35,005

9,273

Samsung

Electronics

Co.,

Ltd.

141,949

11,831

TE

Connectivity

PLC

4,072

926

Teledyne

Technologies,

Inc. \*

1,398

714

Texas

Instruments,

Inc.

38,273

6,640

#### Total

#### 80,976

#### Materials

#### (#### 2

#### .9

#### %

####)
Avery

Dennison

Corp.

9,768

1,777

CF

Industries

Holdings,

Inc.

97,893

7,571

International

Paper

Co.

236,157

9,302

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 21
Equity

Income

Portfolio

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
West

Fraser

Timber

Co.,

Ltd.

62,307

3,808

#### Total

#### 22,458

#### Real

#### Estate

#### (#### 3

#### .5

#### %

####)
CubeSmart

LP

17,075

615

Equity

Residential

156,582

9,871

PotlatchDeltic

Corp.

33,301

1,325

Rayonier,

Inc.

164,324

3,558

Rexford

Industrial

Realty,

Inc.

120,520

4,666

Sun

Communities,

Inc.

10,334

1,280

Weyerhaeuser

Co.

233,795

5,539

#### Total

#### 26,854

#### Utilities

#### (#### 5

#### .8

#### %

####)
Alliant

Energy

Corp.

81,390

5,291

Ameren

Corp.

76,801

7,670

Dominion

Energy,

Inc.

14,694

861

NextEra

Energy,

Inc.

78,986

6,341

Sempra

77,224

6,818

The

Southern

Co.

171,846

14,985

Common

Stocks

(98.4%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Xcel

Energy,

Inc.

42,555

3,143

#### Total

#### 45,109

#### Total

#### Common

#### Stocks

#### (Cost: $587,502)

#### 759,590
Convertible

Preferred

Stocks

(0

.7

%)

#### Industrials

#### (#### 0

#### .4

#### %

####)
The

Boeing

Co.,

6.000%,

10/15/27

49,355

3,409

#### Total

#### 3,409

#### Utilities

#### (#### 0

#### .3

#### %

####)
The

Southern

Co.,

7.125%,

12/15/28

38,728

1,950

#### Total

#### 1,950

#### Total

#### Convertible

#### Preferred

#### Stocks

#### (Cost: $4,404)

#### 5,359

#### Total

#### Investments

#### (99.1%)

#### (Cost:

#### $591,906)

#### @

#### 764,949

#### Other

#### Assets,

#### Less

#### Liabilities (0.9%)

#### 6,726

#### Net

#### Assets

#### (100.0%)

#### 771,675
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$593,432

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$171,517

which

is

comprised

of

$197,505

aggregate

gross

unrealized

appreciation

and

$25,988

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

31,660

$

624

$

—

Energy

52,073

12,674

—

Health

Care

100,579

3,114

—

Industrials

95,381

10,168

—

Information

Technology

69,145

11,831

—

All

Others

372,341

—

—

Convertible

Preferred

Stocks

5,359

—

—

Total

Assets:

$

726,538

$

38,411

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 22
Mid

Cap

Growth

Stock

Portfolio

Common

Stocks

(99

.2

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 3

#### .7

#### %

####)
Live

Nation

Entertainment,

Inc. \*

39,571

5,639

Reddit,

Inc.

-

Class

A \*

78,141

17,962

Roblox

Corp.

-

Class A \*

184,075

14,916

#### Total

#### 38,517

#### Consumer

#### Discretionary

#### (#### 20

#### .6

#### %

####)
AutoZone,

Inc. \*

2,379

8,068

Bright

Horizons

Family

Solutions,

Inc. \*

43,281

4,389

Burlington

Stores,

Inc. \*

44,134

12,748

Carvana

Co. \*

59,508

25,114

Chipotle

Mexican

Grill,

Inc. \*

101,109

3,741

Coupang,

Inc. \*

200,825

4,738

DoorDash,

Inc.

-

Class A \*

34,192

7,744

Flutter

Entertainment

PLC \*

85,197

18,321

Garmin,

Ltd.

22,194

4,502

Hilton

Worldwide

Holdings,

Inc.

110,242

31,667

Levi

Strauss

&

Co.

-

Class

A

187,377

3,886

On

Holding

AG

-

Class A \*

204,793

9,519

Planet

Fitness,

Inc.

-

Class

A \*

81,104

8,797

Royal

Caribbean

Cruises,

Ltd.

106,687

29,757

Somnigroup

International,

Inc.

144,635

12,913

Thor

Industries,

Inc.

50,066

5,140

Ulta

Beauty,

Inc. \*

21,142

12,791

Wingstop,

Inc.

14,444

3,445

Wynn

Resorts,

Ltd.

42,501

5,114

#### Total

#### 212,394

#### Consumer

#### Staples

#### (#### 1

#### .8

#### %

####)
Casey's

General

Stores,

Inc.

17,877

9,881

Performance

Food

Group

Co. \*

100,430

9,030

#### Total

#### 18,911

#### Energy

#### (#### 3

#### .2

#### %

####)
Cheniere

Energy,

Inc.

51,097

9,933

EOG

Resources,

Inc.

62,153

6,527

TechnipFMC

PLC

92,502

4,122

The

Williams

Cos.,

Inc.

205,611

12,359

#### Total

#### 32,941
Common

Stocks

(99.2%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### (#### 9

#### .5

#### %

####)
Affirm

Holdings,

Inc. \*

55,755

4,150

Ares

Management

Corp.

-

Class

A

95,341

15,410

Arthur

J. Gallagher

&

Co.

25,272

6,540

Coinbase

Global,

Inc.

-

Class

A \*

23,331

5,276

Interactive

Brokers

Group,

Inc.

-

Class

A

75,373

4,847

LPL

Financial

Holdings,

Inc.

25,501

9,108

MSCI,

Inc.

20,600

11,819

Raymond

James

Financial,

Inc.

54,009

8,673

Robinhood

Markets,

Inc.

-

Class

A \*

105,553

11,938

Rocket

Cos.,

Inc.

-

Class

A

419,707

8,126

TPG,

Inc.

86,471

5,520

Tradeweb

Markets,

Inc.

-

Class

A

59,173

6,364

#### Total

#### 97,771

#### Health

#### Care

#### (#### 19

#### .0

#### %

####)
Agilent

Technologies,

Inc.

43,339

5,897

Alkermes

PLC \*

178,149

4,985

Alnylam

Pharmaceuticals,

Inc. \*

55,989

22,264

Arcellx,

Inc. \*

38,157

2,488

Caris

Life

Sciences,

Inc. \*

84,522

2,280

Cencora,

Inc.

67,612

22,836

Corcept

Therapeutics,

Inc. \*

31,062

1,081

Dexcom,

Inc. \*

152,516

10,122

Disc

Medicine,

Inc. \*

32,988

2,620

IDEXX

Laboratories,

Inc. \*

17,086

11,559

Insmed,

Inc. \*

132,559

23,071

Ionis

Pharmaceuticals,

Inc. \*

69,304

5,483

IQVIA

Holdings,

Inc. \*

32,989

7,436

iRhythm

Technologies,

Inc. \*

19,166

3,401

Mettler-Toledo

International,

Inc. \*

3,317

4,625

Natera,

Inc. \*

72,266

16,555

Neurocrine

Biosciences,

Inc. \*

91,105

12,921

Nuvalent,

Inc.

-

Class A \*

51,953

5,226

Penumbra,

Inc. \*

29,569

9,193

Common

Stocks

(99.2%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
Rhythm

Pharmaceuticals,

Inc. \*

40,578

4,343

Ultragenyx

Pharmaceutical,

Inc. \*

134,758

3,099

uniQure

NV \*

48,207

1,154

Veeva

Systems,

Inc. \*

62,263

13,899

#### Total

#### 196,538

#### Industrials

#### (#### 19

#### .1

#### %

####)
AMETEK,

Inc.

38,222

7,847

Axon

Enterprise,

Inc. \*

19,201

10,905

Broadridge

Financial

Solutions,

Inc.

47,754

10,657

BWX

Technologies,

Inc.

36,579

6,322

Carlisle

Cos.,

Inc.

15,493

4,956

Comfort

Systems

USA,

Inc.

19,688

18,375

ESAB

Corp.

45,477

5,081

FTAI

Aviation,

Ltd.

59,307

11,675

HEICO

Corp.

-

Class

A

58,306

14,718

Howmet

Aerospace,

Inc.

125,398

25,709

Ingersoll-Rand,

Inc.

54,257

4,298

ITT,

Inc.

56,685

9,835

Quanta

Services,

Inc.

53,258

22,478

Rocket

Lab

Corp. \*

174,553

12,177

Trane

Technologies

PLC

15,485

6,027

Veralto

Corp.

62,442

6,230

Vertiv

Holdings

Co.

120,731

19,560

#### Total

#### 196,850

#### Information

#### Technology

#### (#### 17

#### .5

#### %

####)
Ciena

Corp. \*

44,270

10,353

CloudFlare,

Inc.

-

Class A \*

104,369

20,576

Credo

Technology

Group

Holding,

Ltd. \*

25,719

3,701

CyberArk

Software,

Ltd. \*

15,718

7,011

Datadog,

Inc.

-

Class A \*

90,407

12,295

Fabrinet \*

14,553

6,626

Figma,

Inc.

-

Class

A \*

39,563

1,479

Gartner,

Inc. \*

15,087

3,806

HubSpot,

Inc. \*

30,098

12,078

JFrog,

Ltd. \*

87,546

5,468

Monday.com,

Ltd. \*

22,825

3,368

MongoDB,

Inc. \*

29,156

12,237

Monolithic

Power

Systems,

Inc.

10,392

9,419

Nutanix,

Inc. \*

79,770

4,123

Okta,

Inc. \*

60,941

5,270

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 23
Mid

Cap

Growth

Stock

Portfolio

Common

Stocks

(99.2%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
ON

Semiconductor

Corp. \*

33,460

1,812

Rambus,

Inc. \*

51,965

4,775

Rubrik,

Inc.

-

Class

A \*

45,148

3,453

Snowflake,

Inc. \*

36,534

8,014

Take-Two

Interactive

Software,

Inc. \*

60,592

15,513

Teledyne

Technologies,

Inc. \*

13,505

6,897

Teradyne,

Inc.

52,382

10,139

Twilio,

Inc. \*

56,571

8,047

Tyler

Technologies,

Inc. \*

8,622

3,914

#### Total

#### 180,374

#### Materials

#### (#### 1

#### .0

#### %

####)
Eagle

Materials,

Inc.

27,543

5,692

James

Hardie

Industries

PLC \*

234,303

4,862

#### Total

#### 10,554

#### Real

#### Estate

#### (#### 1

#### .7

#### %

####)
CBRE

Group,

Inc. \*

79,848

12,839

Crown

Castle,

Inc.

54,590

4,851

#### Total

#### 17,690

#### Utilities

#### (#### 2

#### .1

#### %

####)
Vistra

Corp.

133,324

21,509

#### Total

#### 21,509

#### Total

#### Common

#### Stocks

#### (Cost: $914,542)

#### 1,024,049

#### Total

#### Investments

#### (99.2%)

#### (Cost:

#### $914,542)

#### @

#### 1,024,049

#### Other

#### Assets,

#### Less

#### Liabilities (0.8%)

#### 7,823

#### Net

#### Assets

#### (100.0%)

#### 1,031,872
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$919,593

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$104,456

which

is

comprised

of

$157,365

aggregate

gross

unrealized

appreciation

and

$52,909

aggregate

gross

unrealized

depreciation.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 24
Mid

Cap

Growth

Stock

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

1,024,049

$

—

$

—

Total

Assets:

$

1,024,049

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 25
Index

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (2.0%)
EchoStar

Corp.

-

Class A \*

62,163

6,757

Frontier

Communications

Parent,

Inc. \*

115,608

4,401

The

New

York

Times

Co.

-

Class

A

74,603

5,179

Nexstar

Media

Group,

Inc.

13,155

2,671

Pinterest,

Inc.

-

Class A \*

275,175

7,125

Warner

Music

Group

Corp.

-

Class

A

67,626

2,074

ZoomInfo

Technologies,

Inc. \*

126,533

1,287

#### Total

#### 29,494

#### Consumer

#### Discretionary

#### (11.4%)
Abercrombie

&

Fitch

Co. \*

21,736

2,736

Aramark

121,386

4,474

Autoliv,

Inc.

32,260

3,829

AutoNation,

Inc. \*

12,634

2,609

Bath

&

Body

Works,

Inc.

95,197

1,912

BorgWarner,

Inc.

98,733

4,449

Boyd

Gaming

Corp.

26,710

2,277

Brunswick

Corp.

29,991

2,227

Burlington

Stores,

Inc. \*

28,757

8,307

Capri

Holdings,

Ltd. \*

54,973

1,341

CAVA

Group,

Inc. \*

46,055

2,703

Chewy,

Inc.

-

Class

A \*

103,657

3,426

Choice

Hotels

International,

Inc.

9,526

908

Churchill

Downs,

Inc.

30,593

3,481

Columbia

Sportswear

Co.

11,652

642

Crocs,

Inc. \*

23,967

2,050

Dick's

Sporting

Goods,

Inc.

30,527

6,043

Duolingo,

Inc. \*

18,435

3,235

Five

Below,

Inc. \*

25,464

4,796

Floor

&

Decor

Holdings,

Inc. \*

49,756

3,030

GameStop

Corp. \*

190,288

3,821

The

Gap,

Inc.

104,516

2,676

Gentex

Corp.

101,065

2,352

The

Goodyear

Tire

&

Rubber

Co. \*

133,047

1,166

Graham

Holdings

Co.

-

Class

B

1,576

1,731

Grand

Canyon

Education,

Inc. \*

12,755

2,121

H&R

Block,

Inc.

58,368

2,544

Harley-Davidson,

Inc.

54,434

1,115

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Discretionary

#### continued
Hilton

Grand

Vacations,

Inc. \*

27,620

1,236

Hyatt

Hotels

Corp.

-

Class

A

19,312

3,096

KB

Home

29,867

1,685

Lear

Corp.

23,941

2,744

Lithia

Motors,

Inc.

11,199

3,722

Macy's,

Inc.

123,983

2,734

Mattel,

Inc. \*

143,500

2,847

Murphy

USA,

Inc.

7,874

3,177

Ollie's

Bargain

Outlet

Holdings,

Inc. \*

28,313

3,103

Penske

Automotive

Group,

Inc.

8,549

1,353

Planet

Fitness,

Inc.

-

Class

A \*

38,324

4,157

Polaris,

Inc.

24,766

1,567

PVH

Corp.

22,313

1,495

RH \*

7,093

1,271

Service

Corp.

International

64,722

5,046

Somnigroup

International,

Inc.

96,920

8,653

Taylor

Morrison

Home

Corp. \*

45,157

2,658

Texas

Roadhouse,

Inc.

30,550

5,071

Thor

Industries,

Inc.

24,283

2,493

Toll

Brothers,

Inc.

44,514

6,019

TopBuild

Corp. \*

12,889

5,377

Travel

+

Leisure

Co.

29,677

2,093

Vail

Resorts,

Inc.

16,598

2,204

Valvoline,

Inc. \*

58,684

1,705

VF

Corp.

151,501

2,739

Visteon

Corp.

12,586

1,197

Whirlpool

Corp.

26,049

1,879

Wingstop,

Inc.

12,832

3,060

Wyndham

Hotels

&

Resorts,

Inc.

34,881

2,636

YETI

Holdings,

Inc. \*

35,892

1,585

#### Total

#### 170,603

#### Consumer

#### Staples

#### (4.3%)
Albertsons

Companies,

Inc.

182,701

3,137

BellRing

Brands,

Inc. \*

58,168

1,555

BJ's

Wholesale

Club

Holdings,

Inc. \*

60,851

5,478

The

Boston

Beer

Co.,

Inc.

-

Class

A \*

3,547

692

Casey's

General

Stores,

Inc.

17,172

9,491

Celsius

Holdings,

Inc. \*

73,803

3,376

Coca-Cola

Consolidated,

Inc.

26,126

4,005

Coty,

Inc. \*

166,977

514

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Staples

#### continued
Darling

Ingredients,

Inc. \*

73,045

2,630

e.l.f.

Beauty,

Inc. \*

27,616

2,100

Flowers

Foods,

Inc.

97,360

1,059

Ingredion,

Inc.

29,348

3,236

Maplebear,

Inc. \*

84,878

3,818

The

Marzetti

Co.

9,392

1,544

Performance

Food

Group

Co. \*

72,420

6,512

Pilgrim's

Pride

Corp.

19,829

773

Post

Holdings,

Inc. \*

22,080

2,187

Sprouts

Farmers

Market,

Inc. \*

44,966

3,583

US

Foods

Holding

Corp. \*

102,962

7,755

#### Total

#### 63,445

#### Energy

#### (3.9%)
Antero

Midstream

Corp.

153,918

2,738

Antero

Resources

Corp. \*

135,317

4,663

Chord

Energy

Corp.

26,249

2,433

Civitas

Resources,

Inc.

35,411

959

CNX

Resources

Corp. \*

62,260

2,289

DT

Midstream,

Inc.

46,948

5,619

HF

Sinclair

Corp.

72,191

3,327

Matador

Resources

Co.

53,925

2,289

Murphy

Oil

Corp.

62,278

1,946

NOV,

Inc.

168,462

2,633

Ovintiv,

Inc.

116,929

4,583

PBF

Energy,

Inc.

-

Class

A

38,176

1,035

Permian

Resources

Corp.

320,592

4,498

Range

Resources

Corp.

109,392

3,857

TechnipFMC

PLC

186,804

8,324

Valaris,

Ltd. \*

29,874

1,506

Viper

Energy,

Inc.

-

Class

A

77,766

3,004

Weatherford

International

PLC

33,125

2,592

#### Total

#### 58,295

#### Financials

#### (16.6%)
Affiliated

Managers

Group,

Inc.

12,990

3,745

Ally

Financial,

Inc.

129,427

5,862

American

Financial

Group,

Inc.

31,971

4,370

Annaly

Capital

Management,

Inc.

315,762

7,060

Associated

Banc-Corp.

75,259

1,939

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 26
Index

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Bank

OZK

48,890

2,250

Brighthouse

Financial,

Inc. \*

26,544

1,720

Cadence

Bank

86,015

3,685

The

Carlyle

Group,

Inc.

119,814

7,082

CNO

Financial

Group,

Inc.

43,969

1,867

Columbia

Banking

System,

Inc.

138,102

3,860

Comerica,

Inc.

58,983

5,127

Commerce

Bancshares,

Inc.

59,735

3,127

Corebridge

Financial,

Inc.

123,434

3,724

Cullen/Frost

Bankers,

Inc.

29,526

3,739

East

West

Bancorp,

Inc.

63,536

7,141

Equitable

Holdings,

Inc.

132,306

6,304

Essent

Group,

Ltd.

44,652

2,903

Euronet

Worldwide,

Inc. \*

18,042

1,373

Evercore,

Inc.

-

Class

A

17,858

6,076

F&G

Annuities

&

Life,

Inc. \*

7,118

F.N.B.

Corp.

165,301

2,827

Federated

Hermes,

Inc.

34,303

1,786

Fidelity

National

Financial,

Inc.

117,702

6,425

First

American

Financial

Corp.

47,050

2,891

First

Financial

Bankshares,

Inc.

60,135

1,796

First

Horizon

Corp.

227,329

5,433

FirstCash

Holdings,

Inc.

17,934

2,858

Flagstar

Financial,

Inc.

138,928

1,749

Glacier

Bancorp,

Inc.

59,632

2,627

Hamilton

Lane,

Inc.

-

Class

A

18,838

2,530

Hancock

Whitney

Corp.

38,584

2,457

The

Hanover

Insurance

Group,

Inc.

16,434

3,004

Home

BancShares,

Inc.

84,409

2,345

Houlihan

Lokey,

Inc.

25,171

4,385

International

Bancshares

Corp.

24,966

1,659

Janus

Henderson

Group

PLC

57,041

2,714

Jefferies

Financial

Group,

Inc.

76,198

4,722

Kemper

Corp.

27,012

1,095

Kinsale

Capital

Group,

Inc.

10,206

3,992

MGIC

Investment

Corp.

103,360

3,020

Morningstar,

Inc.

11,014

2,394

Old

National

Bancorp

160,617

3,583

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Old

Republic

International

Corp.

105,159

4,800

Pinnacle

Financial

Partners,

Inc.

35,521

3,389

Primerica,

Inc.

14,739

3,808

Prosperity

Bancshares,

Inc.

43,874

3,032

Reinsurance

Group

of

America,

Inc.

30,345

6,174

RenaissanceRe

Holdings,

Ltd.

21,298

5,988

RLI

Corp.

42,426

2,714

Ryan

Specialty

Holdings,

Inc.

52,257

2,698

SEI

Investments

Co.

42,982

3,525

Selective

Insurance

Group,

Inc.

27,886

2,333

Shift4

Payments,

Inc.

-

Class

A \*

31,318

1,972

SLM

Corp.

93,748

2,537

SouthState

Bank

Corp.

46,424

4,369

Starwood

Property

Trust,

Inc.

160,265

2,886

Stifel

Financial

Corp.

47,015

5,887

Synovus

Financial

Corp.

64,080

3,207

Texas

Capital

Bancshares,

Inc. \*

21,050

1,906

UMB

Financial

Corp.

32,974

3,793

United

Bankshares,

Inc.

64,645

2,482

Unum

Group

71,095

5,510

Valley

National

Bancorp

221,299

2,585

Voya

Financial,

Inc.

43,936

3,273

Webster

Financial

Corp.

74,462

4,687

Western

Alliance

Bancorp

47,661

4,007

WEX,

Inc. \*

15,830

2,358

Wintrust

Financial

Corp.

30,928

4,324

Zions

Bancorp

NA

68,145

3,989

#### Total

#### 247,699

#### Health

#### Care

#### (8.8%)
Avantor,

Inc. \*

314,789

3,607

BioMarin

Pharmaceutical,

Inc. \*

88,711

5,272

Bio-Rad

Laboratories,

Inc.

-

Class

A \*

8,389

2,542

Bruker

Corp.

51,195

2,412

Chemed

Corp.

6,538

2,797

Cytokinetics,

Inc. \*

56,453

3,587

DENTSPLY

SIRONA,

Inc.

93,002

1,063

Doximity,

Inc.

-

Class A \*

63,571

2,815

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
Elanco

Animal

Health,

Inc. \*

229,423

5,192

Encompass

Health

Corp.

46,440

4,929

Ensign

Group,

Inc.

26,547

4,625

Envista

Holdings

Corp. \*

75,776

1,645

Exelixis,

Inc. \*

123,813

5,427

Globus

Medical,

Inc.

-

Class

A \*

51,444

4,492

Haemonetics

Corp. \*

21,612

1,732

Halozyme

Therapeutics,

Inc. \*

54,302

3,655

HealthEquity,

Inc. \*

39,788

3,645

Hims

&

Hers

Health,

Inc. \*

96,436

3,131

Illumina,

Inc. \*

70,559

9,255

Jazz

Pharmaceuticals

PLC \*

28,059

4,770

Lantheus

Holdings,

Inc. \*

30,615

2,037

LivaNova

PLC \*

25,331

1,559

Masimo

Corp. \*

21,066

2,740

Medpace

Holdings,

Inc. \*

10,276

5,772

Neurocrine

Biosciences,

Inc. \*

46,043

6,530

Option

Care

Health,

Inc. \*

73,273

2,334

Penumbra,

Inc. \*

18,112

5,631

Repligen

Corp. \*

24,428

4,003

Roivant

Sciences,

Ltd. \*

202,277

4,389

Sotera

Health

Co. \*

96,284

1,698

Tenet

Healthcare

Corp. \*

40,578

8,064

United

Therapeutics

Corp. \*

19,884

9,688

#### Total

#### 131,038

#### Industrials

#### (23.0%)
AAON,

Inc.

31,246

2,383

Acuity,

Inc.

14,042

5,056

Advanced

Drainage

Systems,

Inc.

33,036

4,785

AECOM

61,162

5,831

Aerovironment,

Inc. \*

14,691

3,554

AGCO

Corp.

28,589

2,982

Alaska

Air

Group,

Inc. \*

53,687

2,700

American

Airlines

Group,

Inc. \*

304,650

4,670

APi

Group

Corp. \*

170,910

6,539

Applied

Industrial

Technologies,

Inc.

17,417

4,472

ASGN,

Inc. \*

19,693

949

Avis

Budget

Group,

Inc. \*

7,866

1,009

Booz

Allen

Hamilton

Holding

Corp.

56,015

4,725

The

Brink's

Co.

19,182

2,239

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 27
Index

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
BWX

Technologies,

Inc.

42,220

7,297

CACI

International,

Inc. \*

10,196

5,433

Carlisle

Cos.,

Inc.

19,250

6,157

Carpenter

Technology

Corp.

23,006

7,243

Chart

Industries,

Inc. \*

20,405

4,208

Clean

Harbors,

Inc. \*

23,196

5,439

CNH

Industrial

NV

408,572

3,767

Concentrix

Corp.

20,402

848

Core

&

Main,

Inc.

-

Class

A \*

88,059

4,576

Crane

Co.

22,604

4,169

Curtiss-Wright

Corp.

17,028

9,387

Donaldson

Co.,

Inc.

53,486

4,742

Dycom

Industries,

Inc. \*

13,370

4,518

EnerSys

17,041

2,501

ESAB

Corp.

26,351

2,944

ExlService

Holdings,

Inc. \*

73,298

3,111

Exponent,

Inc.

23,022

1,599

Flowserve

Corp.

58,699

4,073

Fluor

Corp. \*

74,432

2,950

Fortune

Brands

Innovations,

Inc.

55,452

2,774

FTI

Consulting,

Inc. \*

13,976

2,388

GATX

Corp.

16,484

2,796

Genpact,

Ltd.

74,052

3,464

Graco,

Inc.

76,588

6,278

GXO

Logistics,

Inc. \*

52,853

2,782

Hexcel

Corp.

36,757

2,716

ITT,

Inc.

39,239

6,808

KBR,

Inc.

58,631

2,357

Kirby

Corp. \*

25,027

2,757

Knight-Swift

Transportation

Holdings,

Inc.

74,957

3,919

Kratos

Defense

&

Security

Solutions,

Inc. \*

77,967

5,918

Landstar

System,

Inc.

15,852

2,278

Lincoln

Electric

Holdings,

Inc.

25,409

6,089

MasTec,

Inc. \*

28,320

6,156

MAXIMUS,

Inc.

26,016

2,246

The

Middleby

Corp. \*

21,398

3,181

MSA

Safety,

Inc.

17,047

2,730

MSC

Industrial

Direct

Co.,

Inc.

21,182

1,781

Mueller

Industries,

Inc.

51,269

5,886

NEXTracker,

Inc.

-

Class

A \*

68,522

5,969

nVent

Electric

PLC

74,507

7,598

Oshkosh

Corp.

29,208

3,669

Owens

Corning

37,949

4,247

Parsons

Corp. \*

24,587

1,519

Paylocity

Holding

Corp. \*

20,343

3,102

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
RB

Global,

Inc.

85,754

8,822

RBC

Bearings,

Inc. \*

14,536

6,518

Regal

Rexnord

Corp.

30,652

4,301

Ryder

System,

Inc.

18,642

3,568

Saia,

Inc. \*

12,302

4,017

Science

Applications

International

Corp.

21,249

2,139

Sensata

Technologies

Holding

PLC

67,581

2,250

Simpson

Manufacturing

Co.,

Inc.

19,144

3,091

SPX

Technologies,

Inc. \*

23,012

4,604

Sterling

Infrastructure,

Inc. \*

14,184

4,344

Terex

Corp.

30,469

1,626

Tetra

Tech,

Inc.

120,723

4,049

The

Timken

Co.

29,257

2,461

The

Toro

Co.

45,178

3,556

TransUnion

89,675

7,690

Trex

Co.,

Inc. \*

49,513

1,737

UFP

Industries,

Inc.

26,892

2,449

UL

Solutions,

Inc.

-

Class

A

34,750

2,740

Valmont

Industries,

Inc.

9,095

3,659

Watsco,

Inc.

16,127

5,434

Watts

Water

Technologies,

Inc.

-

Class

A

12,655

3,493

WESCO

International,

Inc.

22,461

5,495

Woodward,

Inc.

27,692

8,372

XPO,

Inc. \*

54,201

7,366

#### Total

#### 342,045

#### Information

#### Technology

#### (13.9%)
Allegro

Microsystems,

Inc. \*

57,519

1,517

Amkor

Technology,

Inc.

52,497

2,073

AppFolio,

Inc.

-

Class A \*

10,624

2,472

Arrow

Electronics,

Inc. \*

23,771

2,619

Avnet,

Inc.

37,474

1,802

Belden,

Inc.

18,121

2,112

Bentley

Systems,

Inc.

-

Class

B

68,772

2,625

BILL

Holdings,

Inc. \*

41,156

2,245

Blackbaud,

Inc. \*

16,912

1,071

Ciena

Corp. \*

65,137

15,234

Cirrus

Logic,

Inc. \*

23,561

2,792

Cognex

Corp.

77,363

2,784

Coherent

Corp. \*

72,568

13,394

CommVault

Systems,

Inc. \*

20,362

2,553

Crane

NXT

Co.

23,017

1,083

DocuSign,

Inc. \*

92,872

6,352

Dolby

Laboratories,

Inc.

-

Class

A

28,273

1,816

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
Dropbox,

Inc.

-

Class A \*

80,568

2,240

Dynatrace,

Inc. \*

139,233

6,034

Entegris,

Inc.

70,002

5,898

Fabrinet \*

16,542

7,531

Flex,

Ltd. \*

170,745

10,316

Guidewire

Software,

Inc. \*

39,262

7,892

IPG

Photonics

Corp. \*

11,785

844

Kyndryl

Holdings,

Inc. \*

105,515

2,802

Lattice

Semiconductor

Corp. \*

63,159

4,647

Littelfuse,

Inc.

11,531

2,916

Lumentum

Holdings,

Inc. \*

32,741

12,068

MACOM

Technology

Solutions

Holdings,

Inc. \*

29,572

5,065

Manhattan

Associates,

Inc. \*

27,825

4,822

MKS,

Inc.

31,008

4,955

Novanta,

Inc. \*

16,508

1,964

Nutanix,

Inc. \*

125,050

6,464

Okta,

Inc. \*

77,789

6,726

Onto

Innovation,

Inc. \*

22,631

3,573

Pegasystems,

Inc.

42,321

2,527

Pure

Storage,

Inc. \*

144,227

9,665

Qualys,

Inc. \*

16,560

2,201

Rambus,

Inc. \*

49,702

4,567

Silicon

Laboratories,

Inc. \*

15,155

1,981

Synaptics,

Inc. \*

17,944

1,328

TD

SYNNEX

Corp.

34,963

5,252

Twilio,

Inc. \*

70,014

9,959

UiPath,

Inc.

-

Class

A \*

195,290

3,201

Universal

Display

Corp.

20,411

2,384

Vontier

Corp.

66,918

2,488

#### Total

#### 206,854

#### Materials

#### (5.9%)
Alcoa

Corp.

119,576

6,354

AptarGroup,

Inc.

30,297

3,695

Ashland,

Inc.

21,070

1,236

ATI,

Inc. \*

62,740

7,200

Avient

Corp.

42,184

1,318

Axalta

Coating

Systems,

Ltd. \*

98,476

3,182

Cabot

Corp.

24,544

1,627

Cleveland-Cliffs,

Inc. \*

263,056

3,493

Commercial

Metals

Co.

51,237

3,547

Crown

Holdings,

Inc.

52,644

5,421

Eagle

Materials,

Inc.

14,804

3,060

Graphic

Packaging

Holding

Co.

136,199

2,051

Greif,

Inc.

-

Class

A

12,215

827

Hecla

Mining

Co.

309,438

5,938

Knife

River

Corp. \*

26,160

1,840

Louisiana-Pacific

Corp.

29,258

2,363

MP

Materials

Corp. \*

62,199

3,142

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 28
Index

Stock

Portfolio

Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
NewMarket

Corp.

3,601

2,475

Olin

Corp.

52,611

1,096

Reliance,

Inc.

24,150

6,976

Royal

Gold,

Inc.

37,422

8,319

RPM

International,

Inc.

59,200

6,157

The

Scotts

Miracle-Gro

Co.

20,693

1,207

Silgan

Holdings,

Inc.

40,463

1,634

Sonoco

Products

Co.

45,489

1,985

Westlake

Corp.

15,515

1,147

#### Total

#### 87,290

#### Real

#### Estate

#### (6.3%)
Agree

Realty

Corp.

53,040

3,820

American

Homes

Rent

-

Class

A

150,641

4,836

Brixmor

Property

Group,

Inc.

141,402

3,708

COPT

Defense

Properties

51,997

1,446

Cousins

Properties,

Inc.

77,494

1,998

CubeSmart

LP

105,321

3,797

EastGroup

Properties,

Inc.

24,607

4,384

EPR

Properties

35,137

1,753

Equity

LifeStyle

Properties,

Inc.

89,547

5,427

First

Industrial

Realty

Trust,

Inc.

61,173

3,503

Gaming

and

Leisure

Properties,

Inc.

130,766

5,844

Healthcare

Realty

Trust,

Inc.

162,284

2,751

Independence

Realty

Trust,

Inc.

110,168

1,926

Jones

Lang

LaSalle,

Inc. \*

21,796

7,334

Kilroy

Realty

Corp.

50,235

1,877

Kite

Realty

Group

Trust

99,920

2,395

Lamar

Advertising

Co.

-

Class

A

40,119

5,078

National

Storage

Affiliates

Trust

32,505

917

NNN

REIT,

Inc.

87,856

3,482

Omega

Healthcare

Investors,

Inc.

136,498

6,052

Park

Hotels

&

Resorts,

Inc.

91,575

958

PotlatchDeltic

Corp.

32,665

1,299

Rayonier,

Inc.

68,563

1,484

Rexford

Industrial

Realty,

Inc.

107,283

4,154

Sabra

Health

Care

REIT,

Inc.

115,116

2,180

STAG

Industrial,

Inc.

86,277

3,172

Vornado

Realty

Trust

74,488

2,479

WP

Carey,

Inc.

101,229

6,515

#### Total

#### 94,569
Common

Stocks

(99.4%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### (3.3%)
Black

Hills

Corp.

34,837

2,418

Essential

Utilities,

Inc.

130,689

5,013

IDACORP,

Inc.

24,962

3,159

National

Fuel

Gas

Co.

41,727

3,341

New

Jersey

Resources

Corp.

46,363

2,138

Northwestern

Energy

Group,

Inc.

28,322

1,828

OGE

Energy

Corp.

93,058

3,974

ONE

Gas,

Inc.

27,664

2,137

Ormat

Technologies,

Inc.

28,063

3,100

Portland

General

Electric

Co.

51,931

2,492

Southwest

Gas

Holdings,

Inc.

29,654

2,373

Spire,

Inc.

27,350

2,262

Talen

Energy

Corp. \*

21,097

7,908

TXNM

Energy,

Inc.

45,281

2,666

UGI

Corp.

99,245

3,715

#### Total

#### 48,524

#### Total

#### Common

#### Stocks

#### (Cost: $1,060,073)

#### 1,479,856
Short-Term

Investments

(0.0%)

#### Governments

#### (0.0%)
US

Treasury

0.000%,

5/7/26 β

870,000

859

#### Total

#### 859

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $859)

#### 859

#### Total

#### Investments

#### (99.4%)

#### (Cost:

#### $1,060,932)

#### @

#### 1,480,715

#### Other

#### Assets,

#### Less

#### Liabilities (0.6%)

#### 8,570

#### Net

#### Assets

#### (100.0%)

#### 1,489,285
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 29
Index

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

Future

Long

USD

3/26

$

9,643

$

(143) $

(55) $

(143) $

(55) 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

$

–

$

–

$

–

$

–

$

(55) $

(55) $

–

+

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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,062,461

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$418,111

which

is

comprised

of

$499,927

aggregate

gross

unrealized

appreciation

and

$81,816

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

1,479,856

$

—

$

—

Short-Term

Investments

—

859

—

Total

Assets:

$

1,479,856

$

859

$

—

Liabilities:

Other

Financial

Instruments^

Futures

(143) —

—

Total

Liabilities:

$

(143) $

—

$

—

^

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 30
Mid

Cap

Value

Portfolio

Common

Stocks

(97

.5

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 1

#### .3

#### %

####)
Omnicom

Group,

Inc.

62,852

5,075

Publicis

Groupe

SA

31,346

3,252

#### Total

#### 8,327

#### Consumer

#### Discretionary

#### (#### 3

#### .7

#### %

####)
BorgWarner,

Inc.

68,896

3,105

Compagnie

Generale

des

Etablissements

Michelin

97,033

3,218

Gentex

Corp.

147,719

3,437

Mohawk

Industries,

Inc. \*

50,565

5,527

PulteGroup,

Inc.

47,573

5,578

Sodexo

SA

68,416

3,505

#### Total

#### 24,370

#### Consumer

#### Staples

#### (#### 10

#### .3

#### %

####)
Conagra

Brands,

Inc.

251,042

4,345

The

Estee

Lauder

Cos.,

Inc.

-

Class

A

43,029

4,506

General

Mills,

Inc.

34,916

1,623

Heineken

NV

54,671

4,472

Henkel

AG

&

Co.

KGaA

-

Preference

Shares

70,982

5,801

Kenvue,

Inc.

597,084

10,300

Kimberly-Clark

Corp.

98,198

9,907

Koninklijke

Ahold

Delhaize

NV

202,220

8,294

Magnum

Ice

Cream

Co.

NV \*

104,111

1,666

Mondelez

International,

Inc.

54,876

2,954

Pernod

Ricard

SA

62,595

5,359

Reckitt

Benckiser

Group

PLC

43,970

3,560

Sysco

Corp.

71,622

5,278

#### Total

#### 68,065

#### Energy

#### (#### 5

#### .9

#### %

####)
Baker

Hughes

Co.

247,366

11,265

ConocoPhillips

55,862

5,229

Coterra

Energy,

Inc.

211,349

5,563

Diamondback

Energy,

Inc.

43,865

6,594

Enterprise

Products

Partners

LP

309,571

9,925

#### Total

#### 38,576

#### Financials

#### (#### 16

#### .1

#### %

####)
The

Allstate

Corp.

17,049

3,549

The

Bank

of

New

York

Mellon

Corp.

21,453

2,491

Commerce

Bancshares,

Inc.

220,678

11,550

Equity

Residential

142,212

8,965

First

Hawaiian,

Inc.

201,024

5,086

Common

Stocks

(97.5%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
The

Hanover

Insurance

Group,

Inc.

14,182

2,592

Marsh

&

McLennan

Cos.,

Inc.

22,265

4,131

Northern

Trust

Corp.

68,986

9,423

Prosperity

Bancshares,

Inc.

125,800

8,694

Raymond

James

Financial,

Inc.

8,195

1,316

Reinsurance

Group

of

America,

Inc.

51,475

10,473

T. Rowe

Price

Group,

Inc.

47,295

4,842

Truist

Financial

Corp.

172,199

8,474

U.S.

Bancorp

195,022

10,406

Westamerica

Bancorporation

61,434

2,938

Willis

Towers

Watson

PLC

32,682

10,739

#### Total

#### 105,669

#### Health

#### Care

#### (#### 14

#### .4

#### %

####)
Becton

Dickinson

and

Co.

52,691

10,226

Cencora,

Inc.

7,143

2,413

Envista

Holdings

Corp. \*

226,235

4,912

GE

HealthCare

Technologies,

Inc.

110,030

9,025

Henry

Schein,

Inc. \*

168,038

12,700

Hologic,

Inc. \*

52,349

3,899

ICON

PLC \*

32,774

5,972

IQVIA

Holdings,

Inc. \*

16,199

3,651

Labcorp

Holdings,

Inc.

41,047

10,298

Medtronic

PLC

52,090

5,004

Quest

Diagnostics,

Inc.

30,784

5,342

Universal

Health

Services,

Inc.

-

Class B

22,168

4,833

Zimmer

Biomet

Holdings,

Inc.

182,465

16,407

#### Total

#### 94,682

#### Industrials

#### (#### 16

#### .8

#### %

####)
A.O.

Smith

Corp.

71,105

4,755

ABM

Industries,

Inc.

70,007

2,961

Ashtead

Group

PLC

52,244

3,564

Bunzl

PLC

353,372

9,862

CSX

Corp.

262,123

9,502

Cummins,

Inc.

15,365

7,843

Dover

Corp.

10,171

1,986

Emerson

Electric

Co.

12,244

1,625

Fortive

Corp.

60,882

3,361

Hexcel

Corp.

36,236

2,678

IDEX

Corp.

16,569

2,948

Common

Stocks

(97.5%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
L3Harris

Technologies,

Inc.

32,903

9,659

Masco

Corp.

56,218

3,568

MSC

Industrial

Direct

Co.,

Inc.

100,045

8,414

Norfolk

Southern

Corp.

22,585

6,521

Oshkosh

Corp.

44,564

5,599

PACCAR,

Inc.

47,529

5,205

Sensata

Technologies

Holding

PLC

99,574

3,315

Southwest

Airlines

Co.

153,505

6,344

The

Timken

Co.

69,861

5,877

The

Toro

Co.

59,488

4,683

#### Total

#### 110,270

#### Information

#### Technology

#### (#### 7

#### .2

#### %

####)
Amdocs,

Ltd.

93,673

7,542

CDW

Corp.

31,669

4,313

Cognizant

Technology

Solutions

Corp.

77,984

6,473

F5,

Inc. \*

20,121

5,136

HP,

Inc.

286,130

6,375

Infineon

Technologies

AG

69,720

3,089

NXP

Semiconductors

NV

12,758

2,769

Ralliant

Corp.

80,144

4,080

TE

Connectivity

PLC

9,090

2,068

Teradyne,

Inc.

29,545

5,719

#### Total

#### 47,564

#### Materials

#### (#### 5

#### .6

#### %

####)
Amrize,

Ltd. \*

64,921

3,511

Axalta

Coating

Systems,

Ltd. \*

120,757

3,902

Eagle

Materials,

Inc.

11,066

2,287

Graphic

Packaging

Holding

Co.

387,422

5,835

Packaging

Corp.

of

America

47,942

9,887

PPG

Industries,

Inc.

48,358

4,955

Reliance,

Inc.

22,281

6,436

#### Total

#### 36,813

#### Real

#### Estate

#### (#### 7

#### .1

#### %

####)
Agree

Realty

Corp.

32,110

2,313

American

Tower

Corp.

39,291

6,898

CareTrust

REIT,

Inc.

53,779

1,945

Essex

Property

Trust,

Inc.

7,530

1,970

Healthpeak

Properties,

Inc.

380,007

6,111

Public

Storage

24,910

6,464

Realty

Income

Corp.

178,914

10,085

Regency

Centers

Corp.

31,286

2,160

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 31
Mid

Cap

Value

Portfolio

Common

Stocks

(97.5%)

Shares/

Par

+

Value

$

(000's)

#### Real

#### Estate

#### continued
Ventas,

Inc.

63,310

4,899

VICI

Properties,

Inc.

126,872

3,568

#### Total

#### 46,413

#### Utilities

#### (#### 9

#### .1

#### %

####)
Duke

Energy

Corp.

40,707

4,771

Evergy,

Inc.

139,011

10,077

Eversource

Energy

92,660

6,239

Northwestern

Energy

Group,

Inc.

124,739

8,051

ONE

Gas,

Inc.

110,402

8,528

ONEOK,

Inc.

51,372

3,776

PPL

Corp.

97,141

3,402

Spire,

Inc.

65,749

5,437

Xcel

Energy,

Inc.

133,442

9,856

#### Total

#### 60,137

#### Total

#### Common

#### Stocks

#### (Cost: $625,610)

#### 640,886

#### Total

#### Investments

#### (97.5%)

#### (Cost:

#### $625,610)

#### @

#### 640,886

#### Other

#### Assets,

#### Less

#### Liabilities (2.5%)

#### 16,215

#### Net

#### Assets

#### (100.0%)

#### 657,101

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

International

EUR

739

872

3/27/26

$

$

—

$

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

EUR

27,106

31,975

3/27/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

GBP

1,942

2,617

3/27/26

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

GBP

12,744

17,175

3/27/26

—

(113)

(113)

$

$

(113)

$

(60)

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

$

—

$

$

(113)

—

—

$

(113)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$631,403

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$9,422

which

is

comprised

of

$52,249

aggregate

gross

unrealized

appreciation

and

$42,827

aggregate

gross

unrealized

depreciation.

π

Amount

is

less

than

one

thousand.

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 32
Mid

Cap

Value

Portfolio

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

5,075

$

3,252

$

—

Consumer

Discretionary

17,647

6,723

—

Consumer

Staples

40,579

27,486

—

Industrials

96,844

13,426

—

Information

Technology

44,475

3,089

—

All

Others

382,290

—

—

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

—

Total

Assets:

$

586,910

$

54,029

$

—

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

(113)

—

Total

Liabilities:

$

—

$

(113)

$

—

^

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

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 33
Small

Cap

Growth

Stock

Portfolio

Common

Stocks

(98

.5

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 1

#### .7

#### %

####)
CarGurus,

Inc. \*

189,093

7,252

Magnite,

Inc. \*

201,253

3,266

MNTN,

Inc.

-

Class

A \*

206,308

2,463

#### Total

#### 12,981

#### Consumer

#### Discretionary

#### (#### 9

#### .7

#### %

####)
Adtalem

Global

Education,

Inc. \*

40,851

4,227

Boot

Barn

Holdings,

Inc. \*

27,311

4,820

Dorman

Products,

Inc. \*

56,787

6,996

Genius

Sports,

Ltd. \*

413,634

4,558

Hyatt

Hotels

Corp.

-

Class

A

37,424

6,000

Installed

Building

Products,

Inc.

13,325

3,456

Kontoor

Brands,

Inc.

85,970

5,252

Life

Time

Group

Holdings,

Inc. \*

187,037

4,971

National

Vision

Holdings,

Inc. \*

138,630

3,579

Navan,

Inc.

-

Class

A \*

36,738

627

Ollie's

Bargain

Outlet

Holdings,

Inc. \*

38,736

4,246

Patrick

Industries,

Inc.

49,019

5,315

Pool

Corp.

19,587

4,481

Smith

Douglas

Homes

Corp. \*

103,456

1,735

Super

Group

SGHC,

Ltd.

426,406

5,096

Universal

Technical

Institute,

Inc. \*

139,053

3,633

YETI

Holdings,

Inc. \*

98,364

4,345

#### Total

#### 73,337

#### Consumer

#### Staples

#### (#### 3

#### .2

#### %

####)
BJ's

Wholesale

Club

Holdings,

Inc. \*

59,271

5,336

The

Chefs'

Warehouse,

Inc. \*

100,410

6,258

Freshpet,

Inc. \*

34,253

2,087

Turning

Point

Brands,

Inc.

57,149

6,195

The

Vita

Coco

Co.,

Inc. \*

89,258

4,732

#### Total

#### 24,608

#### Energy

#### (#### 2

#### .0

#### %

####)
Cactus,

Inc.

-

Class

A

83,244

3,803

Centrus

Energy

Corp.

-

Class

A \*

2,459

597

Energy

Fuels,

Inc. \*

74,164

1,078

Gulfport

Energy

Corp. \*

18,856

3,922

TETRA

Technologies,

Inc. \*

466,954

4,375

Common

Stocks

(98.5%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
Uranium

Energy

Corp. \*

98,324

1,149

#### Total

#### 14,924

#### Financials

#### (#### 10

#### .0

#### %

####)
Cadence

Bank

141,565

6,065

Dave,

Inc.

-

Class

A \*

18,028

3,992

Evercore,

Inc.

-

Class

A

14,990

5,100

FirstCash

Holdings,

Inc.

62,877

10,021

Hamilton

Lane,

Inc.

-

Class

A

39,255

5,272

Marex

Group

PLC

214,886

8,243

Perella

Weinberg

Partners

271,006

4,688

Remitly

Global,

Inc. \*

233,676

3,225

Sezzle,

Inc. \*

16,357

1,038

SiriusPoint,

Ltd. \*

126,783

2,775

StepStone

Group,

Inc.

-

Class

A

97,584

6,262

Stifel

Financial

Corp.

70,855

8,873

Synovus

Financial

Corp.

69,518

3,479

Wealthfront

Corp. \*

91,642

1,246

White

Mountains

Insurance

Group,

Ltd.

2,575

5,351

#### Total

#### 75,630

#### Health

#### Care

#### (#### 23

#### .7

#### %

####)
Acadia

Healthcare

Co.,

Inc. \*

115,628

1,641

Alignment

Healthcare,

Inc. \*

278,440

5,499

Alkermes

PLC \*

85,103

2,381

Apogee

Therapeutics,

Inc. \*

42,063

3,175

AtriCure,

Inc. \*

121,295

4,799

Avidity

Biosciences,

Inc. \*

84,932

6,126

Axsome

Therapeutics,

Inc. \*

42,051

7,680

BridgeBio

Pharma,

Inc. \*

116,632

8,921

Celldex

Therapeutics,

Inc. \*

85,138

2,312

CG

Oncology,

Inc. \*

90,355

3,752

Cogent

Biosciences,

Inc. \*

131,020

4,654

Crinetics

Pharmaceuticals,

Inc. \*

100,523

4,679

Cytokinetics,

Inc. \*

49,735

3,160

Disc

Medicine,

Inc. \*

50,096

3,978

Ensign

Group,

Inc.

72,606

12,648

Common

Stocks

(98.5%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
GeneDx

Holdings

Corp. \*

36,749

4,780

Guardant

Health,

Inc. \*

23,348

2,385

HealthEquity,

Inc. \*

65,003

5,955

Hims

&

Hers

Health,

Inc. \*

59,879

1,944

Inspire

Medical

Systems,

Inc. \*

27,311

2,519

Ionis

Pharmaceuticals,

Inc. \*

44,015

3,482

iRhythm

Technologies,

Inc. \*

35,989

6,386

Janux

Therapeutics,

Inc. \*

102,751

1,418

Kymera

Therapeutics,

Inc. \*

48,353

3,762

Madrigal

Pharmaceuticals,

Inc. \*

12,775

7,440

Merit

Medical

Systems,

Inc. \*

84,301

7,430

Mirum

Pharmaceuticals,

Inc. \*

55,682

4,398

Nuvalent,

Inc.

-

Class A \*

45,003

4,527

Protagonist

Therapeutics,

Inc. \*

66,961

5,848

PTC

Therapeutics,

Inc. \*

73,267

5,565

RadNet,

Inc. \*

75,354

5,377

Revolution

Medicines,

Inc. \*

32,412

2,582

Scholar

Rock

Holding

Corp. \*

86,157

3,795

Soleno

Therapeutics,

Inc. \*

66,796

3,093

Spyre

Therapeutics,

Inc. \*

74,126

2,428

Structure

Therapeutics,

Inc.,

ADR \*

47,654

3,314

TransMedics

Group,

Inc. \*

17,298

2,104

Travere

Therapeutics,

Inc. \*

95,985

3,668

Ultragenyx

Pharmaceutical,

Inc. \*

42,300

973

Vaxcyte,

Inc. \*

42,081

1,942

Veracyte,

Inc. \*

119,905

5,048

Vericel

Corp. \*

73,322

2,640

#### Total

#### 180,208
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 34
Small

Cap

Growth

Stock

Portfolio

Common

Stocks

(98.5%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### (#### 23

#### .6

#### %

####)
AAON,

Inc.

61,664

4,702

Aerovironment,

Inc. \*

28,130

6,804

Archer

Aviation,

Inc. \*

290,444

2,184

Atmus

Filtration

Technologies,

Inc.

132,665

6,887

AZZ,

Inc.

46,258

4,958

Bloom

Energy

Corp. \*

115,258

10,015

Boise

Cascade

Co.

31,053

2,285

Carpenter

Technology

Corp.

18,852

5,935

Casella

Waste

Systems,

Inc.

-

Class A \*

43,759

4,286

CBIZ,

Inc. \*

121,534

6,131

Clean

Harbors,

Inc. \*

21,250

4,983

DXP

Enterprises,

Inc. \*

26,856

2,948

Eos

Energy

Enterprises,

Inc. \*

145,040

1,662

ESCO

Technologies,

Inc.

25,598

5,002

FTAI

Aviation,

Ltd.

60,999

12,008

FTAI

Infrastructure,

Inc.

753,387

3,473

Hillman

Solutions

Corp. \*

594,526

5,149

Huron

Consulting

Group,

Inc. \*

24,554

4,246

Innodata,

Inc. \*

55,961

2,851

Loar

Holdings,

Inc. \*

57,488

3,909

Modine

Manufacturing

Co. \*

69,450

9,272

Moog,

Inc.

-

Class

A

36,009

8,770

MYR

Group,

Inc. \*

23,607

5,158

NEXTracker,

Inc.

-

Class

A \*

87,553

7,627

Primoris

Services

Corp.

61,215

7,599

RXO,

Inc. \*

192,897

2,438

Ryder

System,

Inc.

29,762

5,696

SPX

Technologies,

Inc. \*

48,869

9,777

Transcat,

Inc. \*

56,594

3,211

Upwork,

Inc. \*

259,075

5,135

Verra

Mobility

Corp. \*

435,240

9,754

WESCO

International,

Inc.

17,581

4,301

#### Total

#### 179,156

#### Information

#### Technology

#### (#### 20

#### .0

#### %

####)
ACI

Worldwide,

Inc. \*

166,605

7,965

Advanced

Energy

Industries,

Inc.

14,853

3,110

Agilysys,

Inc. \*

37,485

4,455

Applied

Digital

Corp. \*

89,097

2,185

AvePoint,

Inc. \*

201,465

2,798

BILL

Holdings,

Inc. \*

68,349

3,728

CCC

Intelligent

Solutions

Holdings,

Inc. \*

280,522

2,230

Cirrus

Logic,

Inc. \*

42,949

5,090

Common

Stocks

(98.5%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
Clearwater

Analytics

Holdings,

Inc.

-

Class A \*

258,090

6,225

Coherent

Corp. \*

40,800

7,530

CommVault

Systems,

Inc. \*

37,772

4,735

Credo

Technology

Group

Holding,

Ltd. \*

97,715

14,060

D-Wave

Quantum,

Inc. \*

77,395

2,024

Fabrinet \*

15,702

7,149

Insight

Enterprises,

Inc. \*

32,434

2,642

Intapp,

Inc. \*

87,847

4,025

IonQ,

Inc. \*

97,726

4,385

MACOM

Technology

Solutions

Holdings,

Inc. \*

19,541

3,347

Mirion

Technologies,

Inc. \*

77,213

1,808

MKS,

Inc.

42,635

6,813

Napco

Security

Technologies,

Inc.

133,588

5,571

Porch

Group,

Inc. \*

349,865

3,194

Rambus,

Inc. \*

70,827

6,508

Rigetti

Computing,

Inc. \*

144,104

3,192

Riot

Platforms,

Inc. \*

143,227

1,815

Sanmina

Corp. \*

39,293

5,897

SiTime

Corp. \*

22,689

8,014

Terawulf,

Inc. \*

330,267

3,795

Unity

Software,

Inc. \*

71,774

3,170

Vertex,

Inc.

-

Class

A \*

132,139

2,639

Viavi

Solutions,

Inc. \*

363,551

6,479

Zeta

Global

Holdings

Corp.

-

Class A \*

259,577

5,282

#### Total

#### 151,860

#### Materials

#### (#### 2

#### .5

#### %

####)
ATI,

Inc. \*

67,260

7,719

Cabot

Corp.

35,126

2,328

Ivanhoe

Electric,

Inc. \*

230,455

3,682

James

Hardie

Industries

PLC \*

256,083

5,314

#### Total

#### 19,043

#### Real

#### Estate

#### (#### 1

#### .4

#### %

####)
CareTrust

REIT,

Inc.

168,206

6,082

Urban

Edge

Properties

227,831

4,372

#### Total

#### 10,454

#### Utilities

#### (#### 0

#### .7

#### %

####)
Chesapeake

Utilities

Corp.

40,526

5,056

Oklo,

Inc. \*

8,114

582

#### Total

#### 5,638

#### Total

#### Common

#### Stocks

#### (Cost: $614,495)

#### 747,839
Investment

Companies

(1

.2

%)

Shares/

Par

+

Value

$

(000's)

#### Investment

#### Companies

#### (#### 1

#### .2

#### %

####)
iShares

Russell

2000

Growth

ETF

26,883

8,684

#### Total

#### 8,684

#### Total

#### Investment

#### Companies

#### (Cost: $8,878)

#### 8,684

#### Total

#### Investments

#### (99.7%)

#### (Cost:

#### $623,373)

#### @

#### 756,523

#### Other

#### Assets,

#### Less

#### Liabilities (0.3%)

#### 2,424

#### Net

#### Assets

#### (100.0%)

#### 758,947
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 35
Small

Cap

Growth

Stock

Portfolio

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$625,260

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$131,263

which

is

comprised

of

$176,030

aggregate

gross

unrealized

appreciation

and

$44,767

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

747,839

$

—

$

—

Investment

Companies

8,684

—

—

Total

Assets:

$

756,523

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 36
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (2.9%)
Angi,

Inc. \*

12,670

Cable

One,

Inc.

1,589

CarGurus,

Inc. \*

28,166

1,080

Cars.com,

Inc. \*

19,252

Cinemark

Holdings,

Inc.

35,546

826

Cogent

Communications

Holdings,

Inc.

16,509

DoubleVerify

Holdings,

Inc. \*

46,344

530

Gogo,

Inc. \*

25,692

IAC,

Inc. \*

22,605

884

Iridium

Communications,

Inc.

36,299

631

John

Wiley

&

Sons,

Inc.

-

Class

A

14,259

Lumen

Technologies,

Inc. \*

327,603

2,545

Madison

Square

Garden

Sports

Corp. \*

6,223

1,610

QuinStreet

,

Inc. \*

19,605

Scholastic

Corp.

7,770

Shenandoah

Telecommunications

Co.

15,683

Shutterstock,

Inc.

8,304

TEGNA,

Inc.

55,881

1,085

Telephone

and

Data

Systems,

Inc.

34,134

1,399

TripAdvisor,

Inc. \*

40,354

587

Uniti

Group,

Inc. \*

61,595

Yelp,

Inc. \*

20,257

616

Ziff

Davis,

Inc. \*

13,698

#### Total

#### 15,049

#### Consumer

#### Discretionary

#### (13.4%)
Academy

Sports

&

Outdoors,

Inc.

23,086

1,153

Acushnet

Holdings

Corp.

9,584

765

Adient

PLC \*

27,458

526

Adtalem

Global

Education,

Inc. \*

12,593

1,303

Advance

Auto

Parts,

Inc.

20,819

818

American

Axle

&

Manufacturing

Holdings,

Inc. \*

41,462

American

Eagle

Outfitters,

Inc.

54,590

1,440

Asbury

Automotive

Group,

Inc. \*

6,739

1,567

BJ's

Restaurants,

Inc. \*

7,327

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Discretionary

#### continued
Bloomin

'

Brands,

Inc.

26,582

Boot

Barn

Holdings,

Inc. \*

10,564

1,864

Brinker

International,

Inc. \*

15,424

2,214

The

Buckle,

Inc.

10,395

555

Caesars

Entertainment,

Inc. \*

70,746

1,655

CarMax,

Inc. \*

50,900

1,967

Carter's,

Inc.

12,542

Cavco

Industries,

Inc. \*

2,705

1,598

Century

Communities,

Inc.

8,920

529

Champion

Homes,

Inc. \*

19,361

1,636

The

Cheesecake

Factory,

Inc.

15,925

804

Cracker

Barrel

Old

Country

Store,

Inc.

7,665

Dana,

Inc.

40,499

962

Dave

&

Buster's

Entertainment,

Inc. \*

9,284

Dorman

Products,

Inc. \*

9,644

1,188

Dream

Finders

Homes,

Inc.

-

Class

A \*

9,922

Ethan

Allen

Interiors,

Inc.

7,937

Etsy,

Inc. \*

34,210

1,897

Fox

Factory

Holding

Corp. \*

14,393

Frontdoor

,

Inc. \*

24,996

1,442

Gentherm

,

Inc. \*

10,512

G-III

Apparel

Group,

Ltd.

12,860

Golden

Entertainment,

Inc.

6,757

Green

Brick

Partners,

Inc. \*

10,599

664

Group

Automotive,

Inc.

4,288

1,686

Guess?,

Inc.

10,561

Installed

Building

Products,

Inc.

7,850

2,036

Kohl's

Corp.

38,908

794

Kontoor

Brands,

Inc.

17,751

1,084

La-Z-Boy,

Inc.

14,337

534

LCI

Industries

8,420

1,022

Leggett

&

Platt,

Inc.

47,152

519

LGI

Homes,

Inc. \*

7,013

LKQ

Corp.

88,728

2,680

M/I

Homes,

Inc. \*

9,061

1,159

MarineMax

,

Inc. \*

6,502

Marriott

Vacations

Worldwide

Corp.

9,598

554

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Discretionary

#### continued
Matthews

International

Corp.

10,596

Meritage

Homes

Corp.

24,390

1,605

Mister

Car

Wash,

Inc. \*

33,825

Mohawk

Industries,

Inc. \*

18,002

1,968

Monarch

Casino

&

Resort,

Inc.

4,277

Monro

,

Inc.

10,320

National

Vision

Holdings,

Inc. \*

27,504

710

Newell

Brands,

Inc.

145,690

542

Oxford

Industries,

Inc.

4,835

Papa

John's

International,

Inc.

11,378

Patrick

Industries,

Inc.

11,556

1,253

Penn

Entertainment,

Inc. \*

44,280

653

Perdoceo

Education

Corp.

20,931

614

PHINIA,

Inc.

13,328

836

Pursuit

Attractions

and

Hospitality,

Inc. \*

7,387

Red

Rock

Resorts,

Inc.

-

Class

A

16,711

1,035

Sabre

Corp. \*

136,309

Sally

Beauty

Holdings,

Inc. \*

34,129

Shake

Shack,

Inc.

-

Class

A \*

13,975

1,134

Signet

Jewelers,

Ltd.

14,191

1,176

Six

Flags

Entertainment

Corp. \*

35,179

540

Sonic

Automotive,

Inc.

-

Class

A

5,155

Sonos

,

Inc. \*

42,006

738

Standard

Motor

Products,

Inc.

7,193

Steven

Madden,

Ltd.

25,240

1,051

Strategic

Education,

Inc.

8,060

646

Stride,

Inc. \*

14,939

970

Topgolf

Callaway

Brands

Corp. \*

48,581

567

TRI

Pointe

Homes,

Inc. \*

29,778

937

Under

Armour

,

Inc.

-

Class

A \*

65,400

Under

Armour

,

Inc.

-

Class

C \*

41,100

United

Parks

&

Resorts,

Inc. \*

9,561

Upbound

Group,

Inc.

17,932

Urban

Outfitters,

Inc. \*

18,669

1,405

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 37
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Discretionary

#### continued
Victoria's

Secret

&

Co. \*

27,724

1,502

The

Wendy's

Co.

55,214

Winnebago

Industries,

Inc.

9,768

Wolverine

World

Wide,

Inc.

28,224

512

Worthington

Enterprises,

Inc.

10,901

562

XPEL,

Inc. \*

8,671

#### Total

#### 68,876

#### Consumer

#### Staples

#### (2.4%)
The

Andersons,

Inc.

11,629

618

Cal-Maine

Foods,

Inc.

15,816

1,258

Central

Garden

&

Pet

Co. \*

2,791

Central

Garden

&

Pet

Co.

-

Class

A \*

17,986

525

The

Chefs'

Warehouse,

Inc. \*

12,596

785

Edgewell

Personal

Care

Co.

15,995

Energizer

Holdings,

Inc.

21,109

Fresh

Del

Monte

Produce,

Inc.

11,394

Freshpet

,

Inc. \*

16,946

1,032

Grocery

Outlet

Holding

Corp. \*

34,064

Interparfums

,

Inc.

6,364

540

J

&

J

Snack

Foods

Corp.

5,390

John

B. Sanfilippo

&

Son,

Inc.

3,154

National

Beverage

Corp. \*

8,063

PriceSmart

,

Inc.

8,746

1,073

Reynolds

Consumer

Products,

Inc.

19,005

The

Simply

Good

Foods

Co. \*

31,794

638

Tootsie

Roll

Industries,

Inc.

6,762

TreeHouse

Foods,

Inc. \*

15,299

United

Natural

Foods,

Inc. \*

21,018

708

Universal

Corp.

8,666

Vital

Farms,

Inc. \*

12,858

Co.

4,707

927

#### Total

#### 12,516

#### Energy

#### (4.5%)
Archrock

,

Inc.

60,970

1,586

Atlas

Energy

Solutions,

Inc.

26,411

Bristow

Group,

Inc. \*

8,630

Cactus,

Inc.

-

Class

A

23,827

1,088

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
California

Resources

Corp.

27,215

1,217

Comstock

Resources,

Inc. \*

27,459

636

Core

Laboratories,

Inc.

16,066

Core

Natural

Resources,

Inc.

17,755

1,571

Crescent

Energy

Co.

83,741

703

CVR

Energy,

Inc. \*

10,380

Dorian

LPG,

Ltd.

12,595

Helix

Energy

Solutions

Group,

Inc. \*

47,088

Helmerich

&

Payne,

Inc.

34,531

990

Innovex

International,

Inc. \*

13,267

International

Seaways,

Inc.

14,060

683

Kinetik

Holdings,

Inc.

15,753

568

Kodiak

Gas

Services,

Inc.

28,808

1,077

Liberty

Energy,

Inc.

56,211

1,038

Magnolia

Oil

&

Gas

Corp.

-

Class

A

63,490

1,390

Noble

Corp.

PLC

43,544

1,230

Northern

Oil

and

Gas,

Inc.

33,807

726

Oceaneering

International,

Inc. \*

34,530

830

Par

Pacific

Holdings,

Inc. \*

17,426

612

Patterson-UTI

Energy,

Inc.

119,639

731

Peabody

Energy

Corp.

42,195

1,253

REX

American

Resources

Corp. \*

9,752

RPC,

Inc.

31,160

SM

Energy

Co.

39,642

741

Talos

Energy,

Inc. \*

43,618

Tidewater,

Inc. \*

15,975

807

World

Kinect

Corp.

19,137

#### Total

#### 22,870

#### Financials

#### (18.0%)
Acadian

Asset

Management,

Inc.

9,198

Adamas

Trust,

Inc.

28,907

Ameris

Bancorp

22,129

1,644

AMERISAFE,

Inc.

6,612

Apollo

Commercial

Real

Estate

Finance,

Inc.

45,665

Arbor

Realty

Trust,

Inc.

67,925

527

ARMOUR

Residential

REIT,

Inc.

38,681

684

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

24,497

998

Assured

Guaranty,

Ltd.

15,011

1,349

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Atlantic

Union

Bankshares

Co.

49,456

1,746

Axos

Financial,

Inc. \*

19,560

1,685

Banc

of

California,

Inc.

46,492

897

BancFirst

Corp.

7,161

759

The

Bancorp,

Inc. \*

15,222

1,028

Bank

of

Hawaii

Corp.

13,811

944

BankUnited,

Inc.

26,134

1,165

Banner

Corp.

11,799

739

Beacon

Financial

Corp.

28,937

763

BGC

Group,

Inc.

-

Class

A

124,509

1,112

Blackstone

Mortgage

Trust,

Inc.

54,639

1,045

Capitol

Federal

Financial,

Inc.

42,032

Cathay

General

Bancorp

23,556

1,140

Central

Pacific

Financial

Corp.

9,283

City

Holding

Co.

5,025

599

Cohen

&

Steers,

Inc.

9,578

601

Community

Financial

System,

Inc.

18,193

1,045

Customers

Bancorp,

Inc. \*

11,012

805

CVB

Financial

Corp.

44,541

828

Dime

Community

Bancshares,

Inc.

14,231

Donnelley

Financial

Solutions,

Inc. \*

9,200

Eagle

Bancorp,

Inc.

9,511

Ellington

Financial,

Inc.

37,171

505

Employers

Holdings,

Inc.

7,784

Enact

Holdings,

Inc.

9,981

Encore

Capital

Group,

Inc. \*

7,727

Enova

International,

Inc. \*

8,595

1,351

EVERTEC,

Inc.

22,228

647

EZCORP,

Inc.

-

Class A \*

19,940

FB

Financial

Corp.

13,979

780

First

Bancorp

68,765

1,859

First

Commonwealth

Financial

Corp.

35,969

606

First

Financial

Bancorp

35,854

897

First

Hawaiian,

Inc.

42,825

1,084

First

Interstate

BancSystem

,

Inc.

30,991

1,072

Franklin

BSP

Realty

Trust,

Inc.

28,339

Fulton

Financial

Corp.

62,512

1,208

Genworth

Financial,

Inc. \*

138,440

1,250

Goosehead

Insurance,

Inc.

-

Class

A

8,631

636

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 38
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
HA

Sustainable

Infrastructure

Capital,

Inc.

43,696

1,373

Hanmi

Financial

Corp.

10,281

HCI

Group,

Inc.

3,726

714

Heritage

Financial

Corp.

11,683

Hilltop

Holdings,

Inc.

14,865

505

Hope

Bancorp,

Inc.

44,252

Horace

Mann

Educators

Corp.

14,145

653

Independent

Bank

Corp.

17,166

1,255

Jackson

Financial,

Inc.

23,560

2,513

KKR

Real

Estate

Finance

Trust,

Inc.

18,772

Lakeland

Financial

Corp.

8,821

503

Lincoln

National

Corp.

58,530

2,606

MarketAxess

Holdings,

Inc.

12,884

2,335

Mercury

General

Corp.

9,223

868

Moelis

&

Co.

-

Class

A

25,623

1,761

National

Bank

Holding

Corp.

13,154

500

Navient

Corp.

23,607

NBT

Bancorp,

Inc.

18,237

757

NCR

Atleos

Corp. \*

25,538

973

NMI

Holdings,

Inc. \*

26,638

1,087

Northwest

Bancshares,

Inc.

50,825

610

OFG

Bancorp

15,224

624

Palomar

Holdings,

Inc. \*

9,185

1,238

Park

National

Corp.

4,971

757

Pathward

Financial,

Inc.

7,861

558

Payoneer

Global,

Inc. \*

99,963

562

PennyMac

Mortgage

Investment

Trust

29,966

Piper

Sandler

Cos.

5,768

1,959

PJT

Partners,

Inc.

-

Class

A

8,433

1,410

PRA

Group,

Inc. \*

13,449

Preferred

Bank

3,963

ProAssurance

Corp. \*

17,696

PROG

Holdings,

Inc.

13,612

Provident

Financial

Services,

Inc.

45,472

898

Radian

Group,

Inc.

46,961

1,690

Redwood

Trust,

Inc.

44,493

Renasant

Corp.

32,981

1,162

S&T

Bancorp,

Inc.

13,155

518

Safety

Insurance

Group,

Inc.

5,190

Seacoast

Banking

Corp.

of

Florida

33,548

1,054

ServisFirst

Bancshares,

Inc.

17,442

1,252

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Sezzle

,

Inc. \*

5,898

Simmons

First

National

Corp.

50,396

950

SiriusPoint

,

Ltd. \*

36,077

790

Southside

Bancshares,

Inc.

9,733

Stellar

Bancorp,

Inc.

16,063

StepStone

Group,

Inc.

-

Class

A

25,243

1,620

Stewart

Information

Services

Corp.

9,720

683

StoneX

Group,

Inc. \*

16,102

1,532

Tompkins

Financial

Corp.

4,370

Triumph

Financial,

Inc. \*

7,850

Trupanion

,

Inc. \*

11,648

TrustCo

Bank

Corp.

6,484

Trustmark

Corp.

20,732

808

Two

Harbors

Investment

Corp.

35,875

United

Community

Banks,

Inc.

42,209

1,318

United

Fire

Group,

Inc.

7,642

Victory

Capital

Holdings,

Inc.

16,647

1,050

Virtu

Financial,

Inc.

-

Class

A

27,585

919

Virtus

Investment

Partners,

Inc.

2,200

WaFd

,

Inc.

27,381

877

Walker

&

Dunlop,

Inc.

11,822

711

Westamerica

Bancorporation

8,567

WisdomTree,

Inc.

39,790

World

Acceptance

Corp. \*

996

WSFS

Financial

Corp.

18,939

1,046

#### Total

#### 92,491

#### Health

#### Care

#### (12.1%)
Acadia

Healthcare

Co.,

Inc. \*

32,077

Acadia

Pharmaceuticals,

Inc. \*

43,335

1,157

AdaptHealth

Corp. \*

36,910

Addus

HomeCare

Corp. \*

6,308

677

ADMA

Biologics,

Inc. \*

82,486

1,505

Alkermes

PLC \*

57,293

1,603

AMN

Healthcare

Services,

Inc. \*

13,191

Amphastar

Pharmaceuticals,

Inc. \*

12,320

ANI

Pharmaceuticals,

Inc. \*

6,232

Arcus

Biosciences,

Inc. \*

29,593

705

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
Arrowhead

Pharmaceuticals,

Inc. \*

47,977

3,185

Artivion

,

Inc. \*

14,417

658

Astrana

Health,

Inc. \*

14,911

Avanos

Medical,

Inc. \*

15,978

Azenta

,

Inc. \*

14,217

BioLife

Solutions,

Inc. \*

13,358

BrightSpring

Health

Services \*

39,383

1,475

Catalyst

Pharmaceuticals,

Inc. \*

39,957

933

Certara,

Inc. \*

41,824

Collegium

Pharmaceutical,

Inc. \*

10,947

507

Concentra

Group

Holdings

Parent,

Inc.

41,406

815

CONMED

Corp.

10,705

Corcept

Therapeutics,

Inc. \*

32,447

1,129

CorVel

Corp. \*

10,875

736

Cytek

Biosciences,

Inc. \*

37,670

Dynavax

Technologies

Corp. \*

34,315

528

Embecta

Corp.

20,063

Enovis

Corp. \*

19,904

530

Fortrea

Holdings,

Inc. \*

32,029

552

Glaukos

Corp. \*

19,907

2,248

Harmony

Biosciences

Holdings,

Inc. \*

13,795

516

HealthStream,

Inc.

8,161

ICU

Medical,

Inc. \*

8,572

1,223

Indivior

PLC \*

43,279

1,553

Innoviva

,

Inc. \*

24,631

Inspire

Medical

Systems,

Inc. \*

9,165

845

Integer

Holdings

Corp. \*

12,162

954

Integra

LifeSciences

Holdings

Corp. \*

23,064

Krystal

Biotech,

Inc. \*

8,939

2,204

LeMaitre

Vascular,

Inc.

7,237

587

Ligand

Pharmaceuticals,

Inc. \*

6,802

1,286

Merit

Medical

Systems,

Inc. \*

20,559

1,812

Myriad

Genetics,

Inc. \*

32,027

National

HealthCare

Corp.

4,310

591

Neogen

Corp. \*

75,521

528

NeoGenomics

,

Inc. \*

44,879

528

OmniAb

,

Inc.

-

12.50 Earnout

Consideration \*,Æ

2,585

–

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 39
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
OmniAb

,

Inc.

-

15.00 Earnout

Consideration \*,Æ

2,585

–

Omnicell,

Inc. \*

15,556

705

Organon

&

Co.

90,265

647

Pacira

Biosciences,

Inc. \*

14,916

Pediatrix

Medical

Group,

Inc. \*

29,180

624

Perrigo

Co.

PLC

47,706

664

Phibro

Animal

Health

Corp.

-

Class

A

7,076

Prestige

Consumer

Healthcare,

Inc. \*

16,670

1,028

Privia

Health

Group,

Inc. \*

40,066

950

Progyny,

Inc. \*

27,754

713

Protagonist

Therapeutics,

Inc. \*

20,290

1,772

PTC

Therapeutics,

Inc. \*

27,830

2,114

QuidelOrtho

Corp. \*

23,591

674

RadNet

,

Inc. \*

24,022

1,714

Sarepta

Therapeutics,

Inc. \*

36,323

782

Schrodinger,

Inc. \*

19,299

Select

Medical

Holdings

Corp.

38,136

566

STAAR

Surgical

Co. \*

17,058

Supernus

Pharmaceuticals,

Inc. \*

19,877

988

Tandem

Diabetes

Care,

Inc. \*

23,488

516

Teleflex,

Inc.

15,344

1,873

TG

Therapeutics,

Inc. \*

47,080

1,403

TransMedics

Group,

Inc. \*

11,829

1,439

UFP

Technologies,

Inc. \*

2,679

595

US

Physical

Therapy,

Inc.

5,284

Veracyte

,

Inc. \*

27,308

1,150

Vericel

Corp. \*

17,538

632

Vir

Biotechnology,

Inc. \*

32,823

Waystar

Holding

Corp. \*

39,893

1,306

Xencor

,

Inc. \*

24,549

#### Total

#### 62,393

#### Industrials

#### (16.8%)
AAR

Corp. \*

13,526

1,120

ABM

Industries,

Inc.

21,227

898

Air

Lease

Corp.

36,463

2,342

Alamo

Group,

Inc.

3,719

624

Albany

International

Corp.

9,947

504

Allegiant

Travel

Co. \*

4,641

Amentum

Holdings,

Inc. \*

53,201

1,543

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
American

Woodmark

Corp. \*

5,013

Apogee

Enterprises,

Inc.

7,412

ArcBest

Corp.

7,806

579

Arcosa

,

Inc.

17,027

1,810

Armstrong

World

Industries,

Inc.

14,948

2,857

Astec

Industries,

Inc.

7,874

AZZ,

Inc.

10,423

1,117

Boise

Cascade

Co.

12,840

945

Brady

Corp.

-

Class

A

15,071

1,181

Casella

Waste

Systems,

Inc.

-

Class A \*

21,666

2,122

CoreCivic

,

Inc. \*

36,255

693

CSG

Systems

International,

Inc.

9,403

721

CSW

Industrials,

Inc.

5,784

1,698

Deluxe

Corp.

15,448

DNOW,

Inc. \*

64,360

853

DXP

Enterprises,

Inc. \*

4,412

Enerpac

Tool

Group

Corp.

18,364

702

EnPro

,

Inc.

7,308

1,565

Enviri

Corp. \*

28,028

502

ESCO

Technologies,

Inc.

8,958

1,750

Everus

Construction

Group,

Inc. \*

17,699

1,514

Federal

Signal

Corp.

21,092

2,290

Forward

Air

Corp. \*

7,555

Franklin

Electric

Co.,

Inc.

13,290

1,270

Gates

Industrial

Corp.

PLC \*

89,391

1,919

The

GEO

Group,

Inc. \*

47,393

764

Gibraltar

Industries,

Inc. \*

10,251

507

Granite

Construction,

Inc.

15,115

1,744

The

Greenbrier

Cos.,

Inc.

10,755

503

Griffon

Corp.

13,581

1,000

Hayward

Holdings,

Inc. \*

69,279

1,070

Healthcare

Services

Group,

Inc. \*

24,427

Heartland

Express,

Inc.

15,720

Hertz

Global

Holdings,

Inc. \*

42,786

Hillenbrand,

Inc.

24,481

777

HNI

Corp.

23,876

1,004

Hub

Group,

Inc.

-

Class A

20,969

893

Insperity,

Inc.

12,413

Insteel

Industries,

Inc.

6,682

Interface,

Inc.

20,272

566

JBT

Marel

Corp.

18,032

2,717

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
JetBlue

Airways

Corp. \*

101,308

Kadant

,

Inc.

4,091

1,166

Kennametal,

Inc.

26,418

751

Korn

Ferry

18,172

1,200

Lindsay

Corp.

3,778

Liquidity

Services,

Inc. \*

8,172

ManpowerGroup,

Inc.

16,105

Marten

Transport,

Ltd.

19,930

Masterbrand,

Inc. \*

44,110

Matson,

Inc.

10,812

1,336

Mercury

Systems,

Inc. \*

18,296

1,336

MillerKnoll

,

Inc.

23,339

Moog,

Inc.

-

Class

A

9,861

2,402

Mueller

Water

Products,

Inc.

54,244

1,292

MYR

Group,

Inc. \*

5,388

1,177

National

Presto

Industries,

Inc.

1,820

OPENLANE,

Inc. \*

36,899

1,099

Pitney

Bowes,

Inc.

51,311

542

Powell

Industries,

Inc.

3,267

1,041

Primoris

Services

Corp.

18,729

2,325

Proto

Labs,

Inc. \*

8,219

Quanex

Building

Products

Corp.

15,740

Resideo

Technologies,

Inc. \*

47,751

1,677

Robert

Half,

Inc.

34,465

936

Rush

Enterprises,

Inc.

-

Class

A

21,023

1,134

RXO,

Inc. \*

56,946

720

Schneider

National,

Inc.

-

Class

B

17,142

SkyWest,

Inc. \*

13,900

1,396

Standex

International

Corp.

4,189

910

Sun

Country

Airlines

Holdings,

Inc. \*

18,353

Sunrun,

Inc. \*

80,065

1,473

Tennant

Co.

6,258

Titan

International,

Inc. \*

16,474

Trinity

Industries,

Inc.

27,761

734

UniFirst

Corp.

5,050

974

Upwork,

Inc. \*

45,291

898

Verra

Mobility

Corp. \*

55,379

1,241

Vestis

Corp.

38,583

Vicor

Corp. \*

7,873

863

Werner

Enterprises,

Inc.

20,635

619

WillScot

Holdings

Corp.

63,218

1,190

Zurn

Elkay

Water

Solutions

Corp.

51,592

2,398

#### Total

#### 86,503
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 40
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### (14.3%)
A10

Networks,

Inc.

24,832

ACI

Worldwide,

Inc. \*

35,809

1,712

ACM

Research,

Inc.

-

Class

A \*

18,272

721

Adeia

,

Inc.

37,980

655

Advanced

Energy

Industries,

Inc.

13,065

2,735

Agilysys

,

Inc. \*

8,805

1,046

Alarm.com

Holdings,

Inc. \*

17,346

885

Alpha

&

Omega

Semiconductor,

Ltd. \*

8,507

Arlo

Technologies,

Inc. \*

36,253

507

Axcelis

Technologies,

Inc. \*

10,743

863

Badger

Meter,

Inc.

10,225

1,783

Benchmark

Electronics,

Inc.

12,330

527

BlackLine

,

Inc. \*

17,318

957

Box,

Inc. \*

50,235

1,503

Bread

Financial

Holdings,

Inc.

15,829

1,172

Calix,

Inc. \*

20,902

1,106

CleanSpark

,

Inc. \*

97,544

987

Clear

Secure,

Inc.

-

Class

A

30,734

1,078

Cohu

,

Inc. \*

16,094

Corsair

Gaming,

Inc. \*

16,186

CTS

Corp.

10,147

Digi

International,

Inc. \*

12,898

558

DigitalOcean

Holdings,

Inc. \*

23,696

1,140

Diodes,

Inc. \*

16,147

797

DXC

Technology

Co. \*

60,378

885

Enphase

Energy,

Inc. \*

45,386

1,455

ePlus

,

Inc.

9,075

796

Extreme

Networks,

Inc. \*

45,867

764

FormFactor

,

Inc. \*

26,763

1,493

Grid

Dynamics

Holdings,

Inc. \*

22,738

Harmonic,

Inc. \*

39,163

Ichor

Holdings,

Ltd. \*

11,987

Impinj

,

Inc. \*

9,288

1,616

Insight

Enterprises,

Inc. \*

10,740

875

InterDigital

,

Inc.

8,922

2,841

Itron

,

Inc. \*

15,863

1,473

Knowles

Corp. \*

29,433

631

Kulicke

and

Soffa

Industries,

Inc.

18,167

828

LiveRamp

Holdings,

Inc. \*

22,064

648

MARA

Holdings,

Inc. \*

131,091

1,177

MaxLinear

,

Inc. \*

28,447

Mirion

Technologies,

Inc. \*

85,896

2,012

N-able,

Inc. \*

26,165

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### continued
NCR

Voyix

Corp. \*

48,195

NetScout

Systems,

Inc. \*

23,750

643

OSI

Systems,

Inc. \*

5,531

1,411

PC

Connection,

Inc.

3,933

PDF

Solutions,

Inc. \*

11,028

Penguin

Solutions,

Inc. \*

16,412

Photronics

,

Inc. \*

20,452

654

Plexus

Corp. \*

9,370

1,377

Power

Integrations,

Inc.

19,176

682

Progress

Software

Corp. \*

14,965

643

Q2

Holdings,

Inc. \*

21,671

1,564

Qorvo,

Inc. \*

29,141

2,463

Ralliant

Corp.

39,134

1,992

Rogers

Corp. \*

5,810

532

Sanmina

Corp. \*

18,913

2,838

ScanSource,

Inc. \*

6,976

Semtech

Corp. \*

30,061

2,215

SiTime

Corp. \*

7,580

2,677

SolarEdge

Technologies,

Inc. \*

20,608

595

Sprinklr,

Inc.

-

Class

A \*

41,791

SPS

Commerce,

Inc. \*

13,065

1,164

Teradata

Corp. \*

32,305

983

TTM

Technologies,

Inc. \*

35,843

2,473

Ultra

Clean

Holdings,

Inc. \*

15,799

Veeco

Instruments,

Inc. \*

20,910

598

ViaSat,

Inc. \*

46,885

1,616

Viavi

Solutions,

Inc. \*

77,473

1,381

Vishay

Intertechnology

,

Inc.

42,908

622

The

Western

Union

Co.

110,164

1,026

#### Total

#### 73,745

#### Materials

#### (5.3%)
Alpha

Metallurgical

Resources,

Inc. \*

3,744

748

Balchem

Corp.

11,216

1,720

Celanese

Corp.

38,009

1,607

Century

Aluminum

Co. \*

18,465

723

The

Chemours

Co.

51,994

613

Eastman

Chemical

Co.

39,542

2,524

Element

Solutions,

Inc.

78,811

1,970

FMC

Corp.

43,363

601

H.B.

Fuller

Co.

18,745

1,115

Hawkins,

Inc.

7,242

1,029

Ingevity

Corp. \*

12,466

738

Innospec,

Inc.

8,562

655

Kaiser

Aluminum

Corp.

5,565

639

Koppers

Holdings,

Inc.

6,786

Materion

Corp.

7,195

894

Metallus

,

Inc. \*

12,385

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
Minerals

Technologies,

Inc.

10,766

656

O-I

Glass,

Inc. \*

53,560

791

Quaker

Chemical

Corp.

4,779

656

Sealed

Air

Corp.

51,046

2,115

Sensient

Technologies

Corp.

14,731

1,384

Solstice

Advanced

Materials,

Inc. \*

55,025

2,673

Stepan

Co.

7,394

SunCoke

Energy,

Inc.

29,149

Sylvamo

Corp.

11,483

553

Warrior

Met

Coal,

Inc.

18,241

1,608

Worthington

Steel,

Inc.

11,207

#### Total

#### 27,357

#### Real

#### Estate

#### (7.2%)
Acadia

Realty

Trust

45,563

936

Alexander

&

Baldwin,

Inc.

25,054

517

American

Assets

Trust,

Inc.

16,568

Apple

Hospitality

REIT,

Inc.

75,903

899

Armada

Hoffler

Properties,

Inc.

28,247

Brandywine

Realty

Trust

60,798

CareTrust

REIT,

Inc.

77,394

2,799

Centerspace

5,768

Curbline

Properties

Corp.

33,627

780

Cushman

&

Wakefield,

Ltd. \*

80,368

1,301

DiamondRock

Hospitality

Co.

70,403

631

Douglas

Emmett,

Inc.

58,230

640

Easterly

Government

Properties,

Inc.

15,226

Elme

Communities

30,687

534

Essential

Properties

Realty

Trust,

Inc.

68,647

2,036

eXp

World

Holdings,

Inc.

30,850

Four

Corners

Property

Trust,

Inc.

36,737

847

Getty

Realty

Corp.

18,438

505

Global

Net

Lease,

Inc.

67,990

585

Highwoods

Properties,

Inc.

38,066

983

Innovative

Industrial

Properties,

Inc.

9,749

JBG

SMITH

Properties

20,506

Kennedy-Wilson

Holdings,

Inc.

41,282

LTC

Properties,

Inc.

16,470

566

LXP

Industrial

Trust

20,544

1,019

The

Macerich

Co.

88,743

1,638

Marcus

&

Millichap,

Inc.

8,323

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 41
Index

600

Stock

Portfolio

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Real

#### Estate

#### continued
Medical

Properties

Trust,

Inc.

171,079

855

Millrose

Properties,

Inc.

-

Class

A

53,485

1,598

NexPoint

Residential

Trust,

Inc.

7,505

OUTFRONT

Media,

Inc.

50,485

1,217

Pebblebrook

Hotel

Trust

39,374

Phillips

Edison

&

Co.,

Inc.

43,569

1,550

Ryman

Hospitality

Properties,

Inc.

21,851

2,068

Safehold,

Inc.

16,034

Saul

Centers,

Inc.

4,291

SL

Green

Realty

Corp.

24,664

1,131

The

St.

Joe

Co.

13,870

823

Summit

Hotel

Properties,

Inc.

36,445

Sunstone

Hotel

Investors,

Inc.

66,126

591

Tanger

,

Inc.

39,878

1,331

Terreno

Realty

Corp.

35,820

2,103

Universal

Health

Realty

Income

Trust

4,391

Urban

Edge

Properties

43,737

839

Veris

Residential,

Inc.

28,416

Whitestone

REIT

15,456

Xenia

Hotels

&

Resorts,

Inc.

32,750

#### Total

#### 36,900

#### Utilities

#### (2.2%)
American

States

Water

Co.

13,367

969

Avista

Corp.

28,155

1,085

California

Water

Service

Group

20,682

896

Chesapeake

Utilities

Corp.

8,166

1,019

Clearway

Energy,

Inc.

-

Class

A

12,044

Clearway

Energy,

Inc.

-

Class

C

29,351

976

H2O

America

11,407

559

Hawaiian

Electric

Industries,

Inc. \*

59,827

736

MDU

Resources

Group,

Inc.

70,891

1,384

MGE

Energy,

Inc.

12,689

995

Middlesex

Water

Co.

6,369

Northwest

Natural

Holding

Co.

14,420

674

Otter

Trail

Corp.

14,543

1,175

Common

Stocks

(99.1%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Unitil

Corp.

6,092

#### Total

#### 11,463

#### Total

#### Common

#### Stocks

#### (Cost: $439,123)

#### 510,163
Short-Term

Investments

(0.1%)

#### Governments

#### (0.1%)
US

Treasury

0.000%,

5/7/26 β

321,000

#### Total

#### 317

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $317)

#### 317

#### Total

#### Investments

#### (99.2%)

#### (Cost:

#### $439,440)

#### @

#### 510,480

#### Other

#### Assets,

#### Less

#### Liabilities (0.8%)

#### 4,099

#### Net

#### Assets

#### (100.0%)

#### 514,579
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 42
Index

600

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

Russell

2000

Index

Future

Long

USD

3/26

$

2,498

$

(81) $

(20) E-Mini

S&P

MidCap

Future

Long

USD

3/26

1,662

(35) (19) $

(116) $

(39) 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

$

–

$

–

$

–

$

–

$

(39) $

(39) $

–

+

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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$441,460

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$68,905

which

is

comprised

of

$126,694

aggregate

gross

unrealized

appreciation

and

$57,789

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

510,163

$

—

$

—

Short-Term

Investments

—

—

Total

Assets:

$

510,163

$

$

—

Liabilities:

Other

Financial

Instruments^

Futures

(116) —

—

Total

Liabilities:

$

(116) $

—

$

—

^

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

securities

compared

to

total

net

assets

is

not

material;

therefore,

the

reconciliation

of

Level

securities

and

assumptions

is

not

shown

for

the

period

ended

December

31,

2025. Schedule

of

Investments

#### December

#### 31,

#### 2025
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 43
Small

Cap

Value

Portfolio

Common

Stocks

(98

.6

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 1

#### .4

#### %

####)
Madison

Square

Garden

Sports

Corp. \*

11,303

2,924

The

New

York

Times

Co.

-

Class

A

72,876

5,059

#### Total

#### 7,983

#### Consumer

#### Discretionary

#### (#### 10

#### .8

#### %

####)
Abercrombie

&

Fitch

Co. \*

28,022

3,527

Advance

Auto

Parts,

Inc.

25,679

1,009

Black

Rock

Coffee

Bar,

Inc.

-

Class

A \*

21,329

Boot

Barn

Holdings,

Inc. \*

9,752

1,721

Carvana

Co. \*

4,900

2,068

Champion

Homes,

Inc. \*

23,025

1,945

Chewy,

Inc.

-

Class

A \*

56,795

1,877

Coursera,

Inc. \*

108,015

795

Dorman

Products,

Inc. \*

18,459

2,274

Dutch

Bros,

Inc.

-

Class A \*

36,698

2,247

FIGS,

Inc.

-

Class

A \*

284,144

3,228

Kontoor

Brands,

Inc.

28,937

1,768

Liberty

Live

Holdings,

Inc.

-

Class

C \*

45,591

3,791

Marriott

Vacations

Worldwide

Corp.

33,536

1,935

Meritage

Homes

Corp.

23,620

1,554

Papa

John's

International,

Inc.

52,797

2,032

Peloton

Interactive,

Inc.

-

Class

A \*

350,400

2,158

Pool

Corp.

6,027

1,379

Savers

Value

Village,

Inc. \*

186,096

1,738

Steven

Madden,

Ltd.

79,923

3,328

Strategic

Education,

Inc.

64,848

5,201

Taylor

Morrison

Home

Corp. \*

87,987

5,180

Urban

Outfitters,

Inc. \*

29,242

2,201

Victoria's

Secret

&

Co. \*

75,359

4,082

Visteon

Corp.

38,589

3,670

Wingstop,

Inc.

3,710

885

#### Total

#### 62,067
Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000's)

#### Consumer

#### Staples

#### (#### 1

#### .6

#### %

####)
Grocery

Outlet

Holding

Corp. \*

159,097

1,607

Post

Holdings,

Inc. \*

35,046

3,471

Reynolds

Consumer

Products,

Inc.

94,113

2,157

Turning

Point

Brands,

Inc.

15,287

1,657

#### Total

#### 8,892

#### Energy

#### (#### 6

#### .9

#### %

####)
Cactus,

Inc.

-

Class

A

58,905

2,691

Enerflex,

Ltd.

171,529

2,647

Expro

Group

Holdings

NV \*

201,289

2,687

Liberty

Energy,

Inc.

93,820

1,732

Magnolia

Oil

&

Gas

Corp.

-

Class

A

140,007

3,065

Matador

Resources

Co.

110,434

4,687

Noble

Corp.

PLC

82,874

2,340

PBF

Energy,

Inc.

-

Class

A

114,516

3,106

Permian

Resources

Corp.

305,523

4,286

Range

Resources

Corp.

126,624

4,465

Scorpio

Tankers,

Inc.

51,543

2,620

TechnipFMC

PLC

116,385

5,186

#### Total

#### 39,512

#### Financials

#### (#### 26

#### .4

#### %

####)
Avidia

Bancorp,

Inc. \*

133,225

2,240

Baldwin

Insurance

Group,

Inc. \*

47,981

1,153

Banc

of

California,

Inc.

298,115

5,751

BankUnited,

Inc.

61,649

2,748

Cathay

General

Bancorp

66,023

3,195

Coastal

Financial

Corp. \*

47,210

5,410

Columbia

Banking

System,

Inc.

367,430

10,270

Commercial

Bancgroup,

Inc. \*

42,787

1,051

Eastern

Bankshares,

Inc.

293,641

5,412

FB

Financial

Corp.

113,748

6,347

Flagstar

Financial,

Inc.

406,048

5,112

Goosehead

Insurance,

Inc.

-

Class

A

20,427

1,504

HA

Sustainable

Infrastructure

Capital,

Inc.

177,549

5,580

Hamilton

Lane,

Inc.

-

Class

A

20,837

2,799

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Home

BancShares,

Inc.

170,671

4,741

Houlihan

Lokey,

Inc.

29,923

5,212

Live

Oak

Bancshares,

Inc.

137,908

4,737

Marqueta,

Inc.

-

Class A \*

457,953

2,175

Miami

International

Holdings,

Inc. \*

10,721

National

Bank

Holding

Corp.

54,573

2,074

Neptune

Insurance

Holdings,

Inc.

-

Class A \*

36,509

1,065

Oscar

Health,

Inc.

-

Class

A \*

145,556

2,092

PennyMac

Financial

Services,

Inc.

70,192

9,254

PennyMac

Mortgage

Investment

Trust

194,829

2,445

Pinnacle

Financial

Partners,

Inc.

103,038

9,831

Popular,

Inc.

19,525

2,431

PRA

Group,

Inc. \*

149,816

2,650

Preferred

Bank

37,571

3,548

Primerica,

Inc.

7,578

1,958

RLI

Corp.

27,007

1,728

Root,

Inc.

-

Class

A \*

12,063

871

Ryan

Specialty

Holdings,

Inc.

61,765

3,189

Sezzle,

Inc. \*

13,468

855

Southern

First

Bancshares,

Inc. \*

31,667

1,631

SouthState

Bank

Corp.

47,349

4,456

Synovus

Financial

Corp.

59,940

3,000

Texas

Capital

Bancshares,

Inc. \*

66,352

6,008

Towne

Bank

138,765

4,631

Walker

&

Dunlop,

Inc.

42,834

2,576

Wealthfront

Corp. \*

33,900

Western

Alliance

Bancorp

77,619

6,525

WSFS

Financial

Corp.

56,270

3,108

#### Total

#### 152,300

#### Health

#### Care

#### (#### 10

#### .6

#### %

####)
10X

Genomics,

Inc.

-

Class

A \*

61,375

1,001

Alignment

Healthcare,

Inc. \*

159,297

3,146

Arcellx,

Inc. \*

39,870

2,600

Avanos

Medical,

Inc. \*

178,071

2,000

Black

Diamond

Therapeutics,

Inc. \*

201,600

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 44
Small

Cap

Value

Portfolio

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000's)

#### Health

#### Care

#### continued
BrightSpring

Health

Services \*

108,418

4,060

Cabaletta

Bio,

Inc. \*

318,113

697

Concentra

Group

Holdings

Parent,

Inc.

141,949

2,794

Crinetics

Pharmaceuticals,

Inc. \*

25,637

1,193

CRISPR

Therapeutics

AG \*

33,247

1,743

Cytokinetics,

Inc. \*

101,508

6,450

Denali

Therapeutics,

Inc. \*

83,335

1,376

Dyne

Therapeutics,

Inc. \*

133,721

2,616

Elanco

Animal

Health,

Inc. \*

164,047

3,712

Ensign

Group,

Inc.

21,318

3,714

Immatics

NV \*

297,738

3,126

Immunocore

Holdings

PLC,

ADR \*

48,979

1,700

Immunome,

Inc. \*

48,825

1,049

Immunovant,

Inc. \*

53,088

1,349

Innovage

Holding

Corp. \*

200,394

1,040

MapLight

Therapeutics,

Inc. \*

33,986

597

NeoGenomics,

Inc. \*

81,746

961

Praxis

Precision

Medicines,

Inc. \*

8,751

2,579

QuidelOrtho

Corp. \*

95,607

2,731

Sarepta

Therapeutics,

Inc. \*

78,949

1,699

Sotera

Health

Co. \*

180,313

3,181

Vaxcyte,

Inc. \*

76,035

3,508

#### Total

#### 61,112

#### Industrials

#### (#### 12

#### .8

#### %

####)
Aebi

Schmidt

Holding

AG

138,889

1,757

Alamo

Group,

Inc.

7,272

1,221

Allegiant

Travel

Co. \*

53,951

4,600

Alliance

Laundry

Holdings,

Inc. \*

35,795

728

Arcosa,

Inc.

40,552

4,312

Casella

Waste

Systems,

Inc.

-

Class A \*

30,571

2,994

Crane

Co.

12,133

2,238

EnPro,

Inc.

10,898

2,334

ESAB

Corp.

16,652

1,860

ESCO

Technologies,

Inc.

9,097

1,777

Flowserve

Corp.

16,507

1,145

FTI

Consulting,

Inc. \*

10,998

1,879

JBT

Marel

Corp.

18,096

2,727

Landstar

System,

Inc.

11,689

1,680

Matson,

Inc.

20,496

2,532

Mercury

Systems,

Inc. \*

42,215

3,082

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
MSA

Safety,

Inc.

11,105

1,778

NEXTracker,

Inc.

-

Class

A \*

59,656

5,197

RBC

Bearings,

Inc. \*

11,158

5,004

Rush

Enterprises,

Inc.

-

Class

A

57,342

3,093

Saia,

Inc. \*

5,471

1,786

Sunrun,

Inc. \*

98,181

1,807

UFP

Industries,

Inc.

28,936

2,635

UL

Solutions,

Inc.

-

Class

A

50,726

4,000

UniFirst

Corp.

6,762

1,304

Valmont

Industries,

Inc.

7,617

3,064

VSE

Corp.

18,291

3,160

WillScot

Holdings

Corp.

59,243

1,116

Zurn

Elkay

Water

Solutions

Corp.

66,258

3,080

#### Total

#### 73,890

#### Information

#### Technology

#### (#### 9

#### .2

#### %

####)
Applied

Digital

Corp. \*

114,558

2,809

Endava

PLC,

ADR \*

178,675

1,129

Entegris,

Inc.

21,243

1,790

FormFactor,

Inc. \*

15,030

838

Globant

SA \*

14,074

920

Hut

Corp. \*

112,581

5,172

i3

Verticals,

Inc.

-

Class A \*

55,445

1,397

Intapp,

Inc. \*

25,558

1,171

JFrog,

Ltd. \*

50,590

3,160

Lattice

Semiconductor

Corp. \*

46,599

3,429

Littelfuse,

Inc.

14,335

3,626

MACOM

Technology

Solutions

Holdings,

Inc. \*

29,069

4,979

Mirion

Technologies,

Inc. \*

211,081

4,943

nCino,

Inc. \*

107,338

2,752

PAR

Technology

Corp. \*

51,101

1,854

Sanmina

Corp. \*

8,254

1,239

Semtech

Corp. \*

17,534

1,292

TTM

Technologies,

Inc. \*

30,600

2,111

Viavi

Solutions,

Inc. \*

308,856

5,504

Vishay

Intertechnology,

Inc.

56,069

812

Workiva,

Inc. \*

26,471

2,283

#### Total

#### 53,210

#### Materials

#### (#### 4

#### .7

#### %

####)
Cabot

Corp.

24,361

1,615

Commercial

Metals

Co.

18,744

1,298

Constellium

SE \*

175,739

3,313

Element

Solutions,

Inc.

151,076

3,775

H.B.

Fuller

Co.

29,587

1,759

IAMGOLD

Corp. \*

146,269

2,412

OR

Royalties,

Inc.

51,410

1,819

Quaker

Chemical

Corp.

13,698

1,881

Common

Stocks

(98.6%)

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
Reliance,

Inc.

14,849

4,289

Warrior

Met

Coal,

Inc.

47,147

4,157

West

Fraser

Timber

Co.,

Ltd.

16,245

993

#### Total

#### 27,311

#### Real

#### Estate

#### (#### 8

#### .8

#### %

####)
CareTrust

REIT,

Inc.

181,925

6,578

CubeSmart

LP

77,071

2,778

Curbline

Properties

Corp.

324,813

7,539

EastGroup

Properties,

Inc.

14,720

2,622

Highwoods

Properties,

Inc.

118,460

3,059

Hudson

Pacific

Properties,

Inc. \*

65,548

710

Independence

Realty

Trust,

Inc.

328,639

5,744

Kilroy

Realty

Corp.

107,226

4,007

The

Macerich

Co.

247,390

4,567

Pebblebrook

Hotel

Trust

254,034

2,876

PotlatchDeltic

Corp.

36,669

1,459

Ryman

Hospitality

Properties,

Inc.

26,799

2,536

Safehold,

Inc.

145,336

1,990

Terreno

Realty

Corp.

67,937

3,988

#### Total

#### 50,453

#### Utilities

#### (#### 5

#### .4

#### %

####)
California

Water

Service

Group

109,207

4,732

Chesapeake

Utilities

Corp.

38,583

4,814

Hawaiian

Electric

Industries,

Inc. \*

227,143

2,794

IDACORP,

Inc.

33,514

4,241

MDU

Resources

Group,

Inc.

131,721

2,571

OGE

Energy

Corp.

77,808

3,322

Oklo,

Inc. \*

6,823

ONE

Gas,

Inc.

64,241

4,963

Southwest

Gas

Holdings,

Inc.

41,471

3,318

#### Total

#### 31,245

#### Total

#### Common

#### Stocks

#### (Cost: $453,606)

#### 567,975

#### Total

#### Investments

#### (98.6%)

#### (Cost:

#### $453,606)

#### @

#### 567,975

#### Other

#### Assets,

#### Less

#### Liabilities (1.4%)

#### 7,986

#### Net

#### Assets

#### (100.0%)

#### 575,961
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 45
Small

Cap

Value

Portfolio

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$454,713

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$113,262

which

is

comprised

of

$142,373

aggregate

gross

unrealized

appreciation

and

$29,111

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

567,975

$

—

$

—

Total

Assets:

$

567,975

$

—

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
International

Growth

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 46
Common

Stocks

(96

.8

%)

Country

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 2

#### .1

#### %

####)
CTS

Eventim

AG

&

Co.

KGaA

Germany

37,900

3,479

Tencent

Holdings,

Ltd.

China

271,000

20,766

#### Total

#### 24,245

#### Consumer

#### Discretionary

#### (#### 9

#### .5

#### %

####)
Autoliv,

Inc.

Sweden

42,700

5,069

Compass

Group

PLC

United

Kingdom

1,117,000

35,537

Games

Workshop

Group

PLC

United

Kingdom

27,500

6,980

InterContinental

Hotels

Group

PLC,

ADR

United

Kingdom

190,384

26,812

LVMH

Moet

Hennessy

Louis

Vuitton

SE

France

35,729

26,936

USS

Co.,

Ltd.

Japan

600,100

6,583

#### Total

#### 107,917

#### Consumer

#### Staples

#### (#### 0

#### .4

#### %

####)
PriceSmart,

Inc.

United

States

34,800

4,269

#### Total

#### 4,269

#### Energy

#### (#### 0

#### .4

#### %

####)
Reliance

Industries,

Ltd.

India

292,300

5,102

#### Total

#### 5,102

#### Financials

#### (#### 9

#### .6

#### %

####)
Deutsche

Boerse

AG

Germany

33,900

8,904

Erste

Group

Bank

AG

Austria

79,700

9,589

HDFC

Bank,

Ltd.

India

395,558

4,371

KBC

Group

NV

Belgium

157,300

20,446

Marsh

&

McLennan

Cos.,

Inc.

United

States

27,257

5,057

Mastercard,

Inc.

-

Class

A

United

States

16,650

9,505

Moody's

Corp.

United

States

18,900

9,655

UBS

Group

AG

Switzerland

703,500

32,521

Visa,

Inc.

-

Class

A

United

States

27,025

9,478

#### Total

#### 109,526

#### Health

#### Care

#### (#### 3

#### .1

#### %

####)
EssilorLuxottica

SA

France

66,200

20,931

Hoya

Corp.

Japan

98,100

14,859

#### Total

#### 35,790

#### Industrials

#### (#### 39

#### .9

#### %

####)
Aalberts

NV

Netherlands

50,900

1,673

ABB,

Ltd.

Switzerland

253,000

18,702

AddTech

AB

-

Class

B

Sweden

247,500

8,795

Airbus

SE

France

161,900

37,553

Assa

Abloy

AB

-

Class

B

Sweden

640,000

24,812

Atlas

Copco

AB

-

Class

A

Sweden

1,610,900

28,861

BAE

Systems

PLC

United

Kingdom

1,320,575

30,359

Canadian

Pacific

Kansas

City,

Ltd.

Canada

69,400

5,109

Epiroc

AB

-

Class

A

Sweden

902,845

20,429

Experian

PLC

United

States

277,912

12,569

GE

Vernova,

Inc.

United

States

34,200

22,352

Howden

Joinery

Group

PLC

United

Kingdom

472,800

5,265

Interpump

Group

SpA

Italy

125,000

6,845

Komatsu,

Ltd.

Japan

194,300

6,211

KONE

Oyj

-

Class

B

Finland

196,713

13,953

Common

Stocks

(96.8%)

Country

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
Legrand

SA

France

158,200

23,509

Mitsubishi

Heavy

Industries,

Ltd.

Japan

1,069,800

26,202

Recruit

Holdings

Co.,

Ltd.

Japan

312,800

17,844

RELX

PLC

United

Kingdom

449,300

18,173

Rolls-Royce

Holdings

PLC

United

Kingdom

1,478,858

22,986

Safran

SA

France

134,168

46,688

Schindler

Holding

AG

Switzerland

6,085

2,157

Schindler

Holding

AG

-

Participation

Certificates

Switzerland

33,883

12,769

Schneider

Electric

SE

United

States

133,800

36,675

SHO-BOND

Holdings

Co.,

Ltd.

Japan

581,444

4,909

#### Total

#### 455,400

#### Information

#### Technology

#### (#### 20

#### .9

#### %

####)
Advantest

Corp.

Japan

157,400

19,871

ASML

Holding

NV

Netherlands

58,606

62,645

Azbil

Corp.

Japan

1,257,600

11,431

BE

Semiconductor

Industries

NV

Netherlands

63,550

9,883

Disco

Corp.

Japan

28,500

8,789

Keyence

Corp.

Japan

40,300

14,601

Lagercrantz

Group

AB

-

Class B

Sweden

315,700

7,236

Lectra

France

40,100

1,198

Nintendo

Co.,

Ltd.

Japan

311,700

21,055

SAP

SE

Germany

143,800

35,185

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

Taiwan

960,000

46,899

#### Total

#### 238,793

#### Materials

#### (#### 10

#### .9

#### %

####)
CRH

PLC

United

States

366,300

45,653

Franco-Nevada

Corp.

Canada

82,400

17,080

Holcim,

Ltd. \*

United

States

122,000

11,960

Linde

PLC

United

States

77,755

33,154

The

Sherwin-Williams

Co.

United

States

50,792

16,458

#### Total

#### 124,305

#### Total

#### Common

#### Stocks

#### (Cost: $826,572)

#### 1,105,347

#### Total

#### Investments

#### (96.8%)

#### (Cost:

#### $826,572)

#### @

#### 1,105,347

#### Other

#### Assets,

#### Less

#### Liabilities (3.2%)

#### 36,532

#### Net

#### Assets

#### (100.0%)

#### 1,141,879
International

Growth

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 47
Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

United

States

19.0%

France

13.7%

Japan

13.3%

United

Kingdom

12.8%

Sweden

8.3%

Netherlands

6.5%

Switzerland

5.8%

Other

17.4%

#### Total
96.8%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$827,039

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$278,308

which

is

comprised

of

$290,371

aggregate

gross

unrealized

appreciation

and

$12,063

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

31,881

$

76,036

$

—

Consumer

Staples

4,269

—

—

Financials

33,695

75,831

—

Industrials

27,461

427,939

—

Materials

67,079

57,226

—

All

Others

—

303,930

—

Total

Assets:

$

164,385

$

940,962

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 48
Common

Stocks

(98

.4

%)

Country

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 4

#### .0

#### %

####)
Advanced

Info

Service

PCL

-

Foreign

Shares

Thailand

593,200

5,875

Capcom

Co.,

Ltd.

Japan

97,100

2,259

Cellnex

Telecom

SA

Spain

194,274

6,249

Hellenic

Telecommunications

Organization

SA

Greece

36,448

721

KDDI

Corp.

Japan

584,800

10,116

Koninklijke

KPN

NV

Netherlands

1,458,802

6,824

Spotify

Technology

SA \*

United

States

13,569

7,880

#### Total

#### 39,924

#### Consumer

#### Discretionary

#### (#### 8

#### .1

#### %

####)
Accor

SA

France

90,891

5,150

Aristocrat

Leisure,

Ltd.

Australia

111,252

4,314

Burberry

Group

PLC \*

United

Kingdom

139,976

2,386

Cie

Financiere

Richemont

SA

-

Class

A

Switzerland

50,274

10,850

Compagnie

Generale

des

Etablissements

Michelin

France

151,995

5,041

LVMH

Moet

Hennessy

Louis

Vuitton

SE

France

18,815

14,185

Next

PLC

United

Kingdom

33,756

6,211

Nitori

Holdings

Co.,

Ltd.

Japan

144,000

2,521

Pan

Pacific

International

Holdings

Corp.

Japan

1,242,000

7,401

Sands

China,

Ltd.

Macao

895,600

2,257

Sony

Group

Corp.

Japan

437,500

11,182

Suzuki

Motor

Corp.

Japan

601,400

8,932

#### Total

#### 80,430

#### Consumer

#### Staples

#### (#### 5

#### .6

#### %

####)
Ajinomoto

Co.,

Inc.

Japan

189,200

4,002

Alimentation

Couche-Tard,

Inc.

Canada

47,841

2,613

Beiersdorf

AG

Germany

81,697

8,990

British

American

Tobacco

PLC

United

Kingdom

247,137

14,007

Davide

Campari-Milano

NV

Italy

902,936

5,862

Jeronimo

Martins

SGPS

SA

Portugal

239,137

5,696

Pernod

Ricard

SA

France

98,214

8,408

Unicharm

Corp.

Japan

1,010,300

5,791

#### Total

#### 55,369

#### Energy

#### (#### 3

#### .9

#### %

####)
Eni

SpA

Italy

532,748

10,105

Galp

Energia

SGPS

SA

Portugal

493,710

8,411

Reliance

Industries,

Ltd.

India

306,800

5,355

TotalEnergies

SE

France

231,080

15,061

#### Total

#### 38,932

#### Financials

#### (#### 26

#### .6

#### %

####)
AIA

Group,

Ltd.

Hong

Kong

1,026,600

10,545

Aon

PLC

United

States

27,409

9,672

B3

SA

-

Brasil,

Bolsa,

Balcao

Brazil

2,530,100

6,586

Banco

Bilbao

Vizcaya

Argentina

SA

Spain

544,682

12,740

Banco

Bradesco

SA,

ADR

Brazil

2,183,153

7,270

Bank

of

Ireland

Group

PLC

Ireland

640,416

12,252

Common

Stocks

(98.4%)

Country

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Barclays

PLC

United

Kingdom

2,628,888

16,688

Beazley

PLC

United

Kingdom

988,390

11,041

BNP

Paribas

SA

France

142,945

13,526

BPER

Banca

SpA

Italy

1,006,074

13,605

Euronext

NV

Netherlands

83,047

12,465

HDFC

Bank,

Ltd.

India

908,458

10,038

Hiscox,

Ltd.

United

Kingdom

447,647

8,535

ING

Groep

NV

Netherlands

547,471

15,390

London

Stock

Exchange

Group

PLC

United

Kingdom

80,977

9,751

Mastercard,

Inc.

-

Class

A

United

States

20,107

11,479

Mizuho

Financial

Group,

Inc.

Japan

746,800

27,118

NatWest

Group

PLC

United

Kingdom

1,267,006

11,051

Samsung

Fire

&

Marine

Insurance

Co.,

Ltd.

South

Korea

11,595

3,996

Sompo

Holdings,

Inc.

Japan

192,900

6,567

The

Toronto-Dominion

Bank

Canada

145,169

13,682

UBS

Group

AG

Switzerland

309,498

14,307

Willis

Towers

Watson

PLC

United

States

21,611

7,101

#### Total

#### 265,405

#### Health

#### Care

#### (#### 11

#### .2

#### %

####)
Alcon,

Inc.

United

States

74,222

5,896

ConvaTec

Group

PLC

United

Kingdom

2,003,954

6,548

CSL,

Ltd.

Australia

64,207

7,397

Daiichi

Sankyo

Co.,

Ltd.

Japan

463,300

9,867

Haleon

PLC

United

States

2,751,593

13,923

Merck

KGaA

Germany

59,187

8,496

Novartis

AG

United

States

131,066

18,105

Qiagen

NV

United

States

169,372

7,731

Roche

Holding

AG

United

States

72,054

29,778

Terumo

Corp.

Japan

269,800

3,931

#### Total

#### 111,672

#### Industrials

#### (#### 18

#### .9

#### %

####)
Atlas

Copco

AB

-

Class

A

Sweden

532,169

9,534

Babcock

International

Group

PLC

United

Kingdom

289,973

4,827

Daikin

Industries,

Ltd.

Japan

58,100

7,458

GEA

Group

AG

Germany

123,102

8,358

Hitachi,

Ltd.

Japan

808,800

25,092

Legrand

SA

France

82,354

12,238

Mitsubishi

Electric

Corp.

Japan

325,400

9,546

Mitsui

&

Co.,

Ltd.

Japan

350,700

10,365

MTU

Aero

Engines

AG

Germany

30,085

12,549

Qantas

Airways,

Ltd.

Australia

553,111

3,816

RB

Global,

Inc.

Canada

66,175

6,813

Ryanair

Holdings

PLC,

ADR

Italy

52,383

3,782

Schneider

Electric

SE

United

States

94,385

25,871

Spirax

Group

PLC

United

Kingdom

64,435

5,893

Taisei

Corp.

Japan

82,500

7,821

Techtronic

Industries

Co.,

Ltd.

Hong

Kong

566,500

6,508

Thales

SA

France

35,373

9,554

Toyota

Industries

Corp.

Japan

42,700

4,849

Weir

Group

PLC

United

Kingdom

179,445

6,849

Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 49
Common

Stocks

(98.4%)

Country

Shares/

Par

+

Value

$

(000's)

#### Industrials

#### continued
Wolters

Kluwer

NV

Netherlands

59,901

6,219

#### Total

#### 187,942

#### Information

#### Technology

#### (#### 10

#### .2

#### %

####)
Amadeus

IT

Group

SA

Spain

106,950

7,845

ASML

Holding

NV

Netherlands

14,795

15,815

Cadence

Design

Systems,

Inc. \*

United

States

27,488

8,592

Constellation

Software,

Inc.

Canada

3,748

9,015

Disco

Corp.

Japan

6,900

2,128

FUJIFILM

Holdings

Corp.

Japan

195,300

4,173

Fujitsu,

Ltd.

Japan

292,400

8,017

Keyence

Corp.

Japan

20,400

7,391

Samsung

Electronics

Co.,

Ltd.

South

Korea

112,650

9,389

SAP

SE

Germany

6,066

1,484

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

Taiwan

342,189

16,717

Tokyo

Electron,

Ltd.

Japan

50,700

11,134

#### Total

#### 101,700

#### Materials

#### (#### 7

#### .2

#### %

####)
Akzo

Nobel

NV

Netherlands

84,407

5,862

Croda

International

PLC

United

Kingdom

128,345

4,651

Glencore

PLC \*

Australia

1,724,494

9,381

James

Hardie

Industries

PLC \*

United

States

261,296

5,365

Linde

PLC

United

States

36,989

15,772

Novozymes

A/S

-

Class

B

Denmark

77,397

4,957

Common

Stocks

(98.4%)

Country

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
Rio

Tinto

PLC

Australia

105,214

8,395

Shin-Etsu

Chemical

Co.,

Ltd.

Japan

251,500

7,821

Sika

AG

Switzerland

24,021

4,923

Symrise

AG

Germany

61,170

4,950

#### Total

#### 72,077

#### Utilities

#### (#### 2

#### .7

#### %

####)
APA

Group

Australia

471,692

2,821

China

Resources

Gas

Group,

Ltd.

China

846,000

2,456

CLP

Holdings,

Ltd.

Hong

Kong

338,500

3,024

E.ON

SE

Germany

338,167

6,411

National

Grid

PLC

United

Kingdom

798,880

12,312

#### Total

#### 27,024

#### Total

#### Common

#### Stocks

#### (Cost: $765,347)

#### 980,475
Warrants

(–

%)

#### Information

#### Technology

#### (#### –

#### %

####)
Constellation

Software,

Inc. \*,Æ

Canada

5,207

–

#### Total

#### –

#### Total

#### Warrants

#### (Cost: $–)

#### –

#### Total

#### Investments

#### (98.4%)

#### (Cost:

#### $765,347)

#### @

#### 980,475

#### Other

#### Assets,

#### Less

#### Liabilities (1.6%)

#### 15,699

#### Net

#### Assets

#### (100.0%)

#### 996,174
Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

Japan

20.6%

United

States

16.8%

United

Kingdom

12.1%

France

8.3%

Netherlands

6.3%

Germany

5.1%

Other

29.2%

#### Total
98.4%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$768,987

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$211,488

which

is

comprised

of

$239,371

aggregate

gross

unrealized

appreciation

and

$27,883

aggregate

gross

unrealized

depreciation.

Research

International

Core

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 50
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

13,755

$

26,169

$

—

Consumer

Staples

2,613

52,756

—

Financials

49,204

216,201

—

Industrials

10,595

177,347

—

Information

Technology

17,607

84,093

—

Materials

15,772

56,305

—

All

Others

—

258,058

—

Warrants

—

—

—

Total

Assets:

$

109,546

$

870,929

$

—

Management

has

determined

that

the

amount

of

Level

securities

compared

to

total

net

assets

is

not

material;

therefore,

the

reconciliation

of

Level

securities

and

assumptions

is

not

shown

for

the

period

ended

December

31,

2025. Schedule

of

Investments

#### December

#### 31,

#### 2025
International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 51
Common

Stocks

(95

.7

%)

Country

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 5

#### .3

#### %

####)
Cellnex

Telecom

SA

Spain

990,500

31,861

Deutsche

Telekom

AG

Germany

932,700

30,254

Liberty

Global,

Ltd.

-

Class

A \*

Belgium

155,000

1,727

Liberty

Global,

Ltd.

-

Class

C \*

Belgium

287,000

3,168

Millicom

International

Cellular

SA

Guatemala

309,600

17,164

NetEase,

Inc.,

ADR

China

84,300

11,601

Sunrise

Communications

AG

-

Class

A \*

Switzerland

83,334

4,460

Tencent

Holdings,

Ltd.

China

322,700

24,728

#### Total

#### 124,963

#### Consumer

#### Discretionary

#### (#### 10

#### .1

#### %

####)
adidas

AG

Germany

61,400

12,086

Alibaba

Group

Holding,

Ltd.,

ADR

China

270,200

39,606

Booking

Holdings,

Inc.

United

States

7,075

37,889

Coupang,

Inc. \*

South

Korea

1,317,900

31,089

Entain

PLC

United

Kingdom

1,762,500

18,149

Flutter

Entertainment

PLC \*

United

Kingdom

24,400

5,247

JD.com,

Inc.,

ADR

China

463,600

13,305

Kering

SA

France

47,500

16,761

Ollamani

SAB \*

Mexico

462,500

1,896

PDD

Holdings,

Inc.,

ADR \*

China

115,600

13,108

Prosus

NV \*

China

308,800

19,073

Stellantis

NV

United

States

1,554,400

17,161

Yum

China

Holdings,

Inc.

China

325,900

15,558

#### Total

#### 240,928

#### Consumer

#### Staples

#### (#### 7

#### .4

#### %

####)
Anheuser-Busch

InBev

SA/NV

Belgium

523,000

33,556

Beiersdorf

AG

Germany

171,000

18,818

Danone

SA

France

278,600

25,138

Diageo

PLC

United

Kingdom

952,000

20,507

Imperial

Brands

PLC

United

Kingdom

840,000

35,315

Reckitt

Benckiser

Group

PLC

United

Kingdom

288,000

23,317

Seven

&

i

Holdings

Co.,

Ltd.

Japan

371,100

5,329

Wal-Mart

de

Mexico

SAB

de

CV

Mexico

4,479,100

13,961

#### Total

#### 175,941

#### Energy

#### (#### 5

#### .2

#### %

####)
BP

PLC

United

States

2,522,000

14,640

Equinor

ASA

Norway

208,500

4,929

Suncor

Energy,

Inc.

Canada

832,700

36,939

TC

Energy

Corp.

Canada

360,900

19,853

TotalEnergies

SE

France

729,000

47,515

#### Total

#### 123,876

#### Financials

#### (#### 24

#### .8

#### %

####)
Aegon,

Ltd.

United

States

865,152

6,677

AIA

Group,

Ltd.

Hong

Kong

3,137,200

32,224

Aon

PLC

United

States

79,200

27,948

Aviva

PLC

United

Kingdom

3,576,700

32,747

Axis

Bank,

Ltd.

India

2,619,600

37,082

Banco

Santander

SA

Spain

5,470,900

64,200

Barclays

PLC

United

Kingdom

10,502,800

66,672

Common

Stocks

(95.7%)

Country

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
BNP

Paribas

SA

France

794,500

75,180

Brookfield

Corp.

Canada

404,900

18,581

Credicorp,

Ltd.

Peru

106,500

30,565

HDFC

Bank,

Ltd.

India

3,543,400

39,155

IndusInd

Bank,

Ltd. \*

India

687,731

6,612

Julius

Baer

Group,

Ltd.

Switzerland

258,000

20,170

Prudential

PLC

Hong

Kong

2,732,873

42,166

UBS

Group

AG

Switzerland

1,250,200

57,793

Willis

Towers

Watson

PLC

United

States

70,100

23,035

XP,

Inc.

-

Class

A

Brazil

603,300

9,876

#### Total

#### 590,683

#### Health

#### Care

#### (#### 15

#### .3

#### %

####)
Bayer

AG

Germany

863,700

37,257

BioNTech

SE,

ADR \*

Germany

99,000

9,425

Fresenius

Medical

Care

AG

Germany

546,728

26,194

GSK

PLC

United

States

2,912,800

71,584

Haleon

PLC

United

States

5,930,800

30,011

Koninklijke

Philips

NV

Netherlands

604,000

16,347

Novartis

AG

United

States

464,500

64,165

Olympus

Corp.

Japan

864,000

11,006

Roche

Holding

AG

United

States

120,300

49,716

Sanofi

SA

United

States

502,200

48,722

#### Total

#### 364,427

#### Industrials

#### (#### 10

#### .4

#### %

####)
Ashtead

Group

PLC

United

Kingdom

543,200

37,060

Daikin

Industries,

Ltd.

Japan

142,000

18,229

Deutsche

Post

AG

Germany

546,200

29,917

Johnson

Controls

International

PLC

United

States

634,100

75,933

Mitsubishi

Electric

Corp.

Japan

951,500

27,914

Nidec

Corp.

Japan

983,200

13,314

Schneider

Electric

SE

United

States

74,100

20,311

Smiths

Group

PLC

United

Kingdom

750,737

23,657

#### Total

#### 246,335

#### Information

#### Technology

#### (#### 8

#### .4

#### %

####)
Brother

Industries,

Ltd.

Japan

319,000

6,364

Infineon

Technologies

AG

Germany

875,500

38,792

Kyocera

Corp.

Japan

1,141,000

16,018

Murata

Manufacturing

Co.,

Ltd.

Japan

847,500

17,594

SK

Hynix,

Inc.

South

Korea

13,800

6,249

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

Taiwan

1,606,400

78,478

TE

Connectivity

PLC

Switzerland

159,600

36,311

#### Total

#### 199,806

#### Materials

#### (#### 7

#### .7

#### %

####)
Akzo

Nobel

NV

Netherlands

532,100

36,956

Amrize,

Ltd. \*

United

States

208,900

11,380

Cemex

SAB

de

CV,

ADR

Mexico

2,822,605

32,432

Glencore

PLC \*

Australia

5,947,412

32,352

Holcim,

Ltd. \*

United

States

182,500

17,891

International

Flavors

&

Fragrances,

Inc.

United

States

308,800

20,810

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 52
Common

Stocks

(95.7%)

Country

Shares/

Par

+

Value

$

(000's)

#### Materials

#### continued
Linde

PLC

United

States

51,600

22,002

Mitsubishi

Chemical

Group

Corp.

Japan

1,687,000

9,853

#### Total

#### 183,676

#### Real

#### Estate

#### (#### 1

#### .1

#### %

####)
CK

Asset

Holdings,

Ltd.

Hong

Kong

1,866,900

9,404

Daito

Trust

Construction

Co.,

Ltd.

Japan

488,000

9,307

Hang

Lung

Group,

Ltd.

Hong

Kong

3,500,000

6,849

#### Total

#### 25,560

#### Utilities

#### (#### 0

#### .0

#### %

####)
The

Kansai

Electric

Power

Co.,

Inc.

Japan

500

#### Total

#### 8

#### Total

#### Common

#### Stocks

#### (Cost: $1,755,210)

#### 2,276,203
Preferred

Stocks

(2

.9

%)

Country

Shares/

Par

+

Value

$

(000's)

#### Financials

#### (#### 2

#### .2

#### %

####)
Itau

Unibanco

Holding

SA

Brazil

7,411,262

53,124

#### Total

#### 53,124

#### Information

#### Technology

#### (#### 0

#### .7

#### %

####)
Samsung

Electronics

Co.,

Ltd.

South

Korea

273,000

16,754

#### Total

#### 16,754

#### Total

#### Preferred

#### Stocks

#### (Cost: $42,854)

#### 69,878

#### Total

#### Investments

#### (98.6%)

#### (Cost:

#### $1,798,064)

#### @

#### 2,346,081

#### Other

#### Assets,

#### Less

#### Liabilities (1.4%)

#### 32,931

#### Net

#### Assets

#### (100.0%)

#### 2,379,012
Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

United

States

23.5%

United

Kingdom

11.0%

Germany

8.5%

France

6.9%

China

5.8%

Japan

5.7%

Other

37.2%

#### Total
98.6%

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CNH

13,948

2,001

1/15/26

$

—

$

(63)

$

(63)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

CNH

21,666

3,108

1/15/26

—

(74)

(74)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

13,900

1,994

1/15/26

—

(62)

(62)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Standard

Chartered

Bank

CNH

10,834

1,554

1/15/26

—

(41)

(41)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

CNH

22,649

3,252

1/30/26

—

(50)

(50)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

22,648

3,251

1/30/26

—

(50)

(50)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

34,156

4,905

2/5/26

—

(89)

(89)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

And

Co.

International

PLC

CNH

23,142

3,324

2/5/26

—

(81)

(81)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

10,076

1,448

2/12/26

—

(41)

(41)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

6,718

965

2/12/26

—

(28)

(28)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

10,077

1,448

2/12/26

—

(41)

(41)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

CNH

47,322

6,811

3/13/26

—

(124)

(124)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

23,495

3,381

3/13/26

—

(57)

(57)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

47,322

6,811

3/13/26

—

(142)

(142)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

37,533

5,404

3/20/26

—

(95)

(95)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

18,768

2,702

3/20/26

—

(45)

(45)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CNH

10,129

1,460

4/17/26

—

(21)

(21)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

CNH

5,071

731

4/17/26

—

(9)

(9)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

58,370

8,417

4/17/26

—

(232)

(232)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

22,611

3,262

4/24/26

—

(50)

(50)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

36,375

5,253

5/15/26

—

(55)

(55)

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 53

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

CNH

12,125

1,746

5/15/26

$

—

$

(17)

$

(17)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CNH

10,566

1,527

5/22/26

—

(23)

(23)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

21,103

3,049

5/22/26

—

(46)

(46)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

CNH

10,553

1,520

5/22/26

—

(18)

(18)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

47,404

6,856

6/12/26

—

(83)

(83)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

23,699

3,428

6/12/26

—

(42)

(42)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CNH

8,339

1,207

6/26/26

—

(16)

(16)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

29,578

4,281

6/26/26

—

(53)

(53)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

14,822

2,145

6/26/26

—

(26)

(26)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

13,599

1,970

7/10/26

—

(25)

(25)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

13,617

1,972

7/10/26

—

(26)

(26)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

13,829

2,004

7/17/26

—

(28)

(28)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

27,591

3,998

7/17/26

—

(55)

(55)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

8/14/26

—

—

π

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

8/14/26

—

—

π

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CNH

8,333

1,211

9/11/26

—

(15)

(15)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

CNH

8,333

1,211

9/11/26

—

(16)

(16)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

16,690

2,425

9/11/26

—

(31)

(31)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

CNH

24,833

3,608

9/18/26

—

(48)

(48)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

CNH

12,417

1,804

9/18/26

—

(24)

(24)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

And

Co.

International

PLC

CNH

12,417

1,804

9/18/26

—

(24)

(24)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

CNH

5,512

802

10/16/26

—

(15)

(15)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

CNH

16,537

2,406

10/16/26

—

(45)

(45)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

CNH

12,332

1,796

11/6/26

—

(27)

(27)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

7,668

1,117

11/6/26

—

(17)

(17)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

CNH

18,869

2,752

12/11/26

—

(29)

(29)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

29,000

923

1/5/26

—

(5)

(5)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

21,000

668

1/8/26

—

(2)

(2)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

23,000

732

1/9/26

—

(4)

(4)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

14,725

1/15/26

—

(3)

(3)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

22,333

711

1/16/26

—

(4)

(4)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

29,000

924

1/16/26

—

(6)

(6)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

44,667

1,422

1/16/26

—

(6)

(6)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

17,500

557

1/16/26

—

(3)

(3)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

22,000

701

1/16/26

—

(1)

(1)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

22,000

701

1/20/26

—

(2)

(2)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

51,407

1,637

1/20/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

23,000

733

1/22/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

24,000

765

1/23/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

35,932

1,145

1/26/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,725

789

2/6/26

—

(2)

(2)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Standard

Chartered

Bank

TWD

6,000

2/6/26

—

(1)

(1)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

20,000

638

2/6/26

—

(4)

(4)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

43,033

1,373

2/13/26

—

(8)

(8)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

70,407

2,248

2/26/26

(3)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

67,000

2,140

3/6/26

—

(5)

(5)

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

And

Co.

International

PLC

TWD

11,000

3/13/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,000

775

9/11/26

—

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 54

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

12,932

9/11/26

$

$

—

$

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

23,000

743

9/11/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

48,000

1,551

9/18/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

29,000

923

1/5/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

21,000

669

1/8/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

23,000

732

1/9/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

14,725

1/15/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

23,242

740

1/16/26

—

π

—

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

11,000

1/16/26

—

π

—

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

23,258

741

1/16/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

67,000

2,134

1/16/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

And

Co.

International

PLC

TWD

11,000

1/16/26

—

π

—

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

73,407

2,338

1/20/26

(10)

(8)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

23,000

733

1/22/26

—

(5)

(5)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,000

765

1/23/26

—

(6)

(6)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

12,932

1/26/26

—

(1)

(1)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

23,000

733

1/26/26

—

(6)

(6)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,500

781

2/6/26

—

π

—

—

π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

26,225

836

2/6/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

43,033

1,374

2/13/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

25,480

814

2/26/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

44,927

1,435

2/26/26

(10)

(6)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

25,557

817

3/6/26

—

(16)

(16)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

25,561

817

3/6/26

—

(18)

(18)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

25,560

817

3/6/26

—

(15)

(15)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

15,998

511

3/13/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

39,151

1,252

3/13/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

TWD

16,001

512

3/13/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

53,368

1,706

3/20/26

—

(48)

(48)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

53,368

1,706

3/20/26

—

(49)

(49)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

13,697

3/27/26

—

(12)

(12)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

25,476

815

3/27/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

13,697

3/27/26

—

(16)

(16)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

36,350

1,165

4/17/26

(1)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

13,200

4/17/26

—

(1)

(1)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

26,225

840

4/17/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

75,600

2,423

4/24/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

86,067

2,760

5/15/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,665

792

5/22/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

49,338

1,584

5/22/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

23,181

744

5/29/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

23,145

743

5/29/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

23,124

743

5/29/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

22,716

730

6/5/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

68,164

2,190

6/5/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

11,000

6/12/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

21,999

708

6/12/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

TWD

20,648

664

6/26/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

61,852

1,989

6/26/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

21,770

701

7/10/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

23,988

773

7/17/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TWD

24,000

773

7/17/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

24,000

773

7/17/26

—

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 55

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

24,012

773

7/17/26

$

$

—

$

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

35,250

1,136

7/24/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Standard

Chartered

Bank

TWD

22,248

717

7/24/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

91,002

2,934

8/7/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

USA

TWD

28,250

912

8/28/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Standard

Chartered

Bank

TWD

28,250

912

8/28/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

21,493

694

9/11/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

21,500

695

9/11/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

TWD

43,007

1,389

9/11/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

23,000

743

9/18/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Citibank

NA

TWD

23,000

743

9/18/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

State

Street

Bank

And

Trust

Company

TWD

23,000

743

9/18/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TWD

12,248

11/13/26

—

$

3,752

$

(2,472)

$

1,280

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

$

3,752

—

$

3,752

$

(2,472)

—

—

$

(2,472)

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,816,045

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$531,317

which

is

comprised

of

$623,919

aggregate

gross

unrealized

appreciation

and

$92,602

aggregate

gross

unrealized

depreciation.

π

Amount

is

less

than

one

thousand.

International

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 56
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

33,660

$

91,303

$

—

Consumer

Discretionary

157,698

83,230

—

Consumer

Staples

13,961

161,980

—

Energy

56,792

67,084

—

Financials

110,005

480,678

—

Health

Care

9,425

355,002

—

Industrials

75,933

170,402

—

Information

Technology

36,311

163,495

—

Materials

75,244

108,432

—

All

Others

—

25,568

—

Preferred

Stocks

—

69,878

—

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

3,752

—

Total

Assets:

$

569,029

$

1,780,804

$

—

Liabilities:

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

(2,472)

—

Total

Liabilities:

$

—

$

(2,472)

$

—

^

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

#### December

#### 31,

#### 2025
Emerging

Markets

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 57
Common

Stocks

(93.8%)

Country

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (10.9%)
Bharti

Airtel,

Ltd.

India

834,862

19,585

Telkom

Indonesia

Persero

Tbk

PT

Indonesia

100,346,000

20,871

Tencent

Holdings,

Ltd.

China

1,319,600

101,117

#### Total

#### 141,573

#### Consumer

#### Discretionary

#### (11.0%)
Alibaba

Group

Holding,

Ltd.

China

3,212,300

58,790

ANTA

Sports

Products,

Ltd.

China

1,183,800

12,228

Indian

Hotels

Co.,

Ltd.

India

1,813,239

14,901

Mahindra

&

Mahindra,

Ltd.

India

484,798

20,010

Midea

Group

Co.,

Ltd.

-

Class H

China

1,736,000

18,911

Trip.com

Group,

Ltd.

China

245,900

17,639

#### Total

#### 142,479

#### Consumer

#### Staples

#### (2.9%)
Giant

Biogene

Holding

Co.,

Ltd.

China

2,089,000

8,904

Kweichow

Moutai

Co.,

Ltd.

-

Class

A

China

53,573

10,550

Raia

Drogasil

SA

Brazil

2,184,979

9,372

Zabka

Group

SA \*

Poland

1,425,551

9,082

#### Total

#### 37,908

#### Energy

#### (0.6%)
NAC

Kazatomprom

JSC,

GDR

Kazakhstan

139,750

7,798

#### Total

#### 7,798

#### Financials

#### (24.2%)
Abu

Dhabi

Islamic

Bank

PJSC

United

Arab

Emirates

3,520,206

19,899

AIA

Group,

Ltd.

Hong

Kong

1,472,600

15,126

Al

Rajhi

Bank

Saudi

Arabia

915,356

23,795

Bank

Negara

Indonesia

Persero

Tbk

PT

Indonesia

90,318,500

23,667

China

Merchants

Bank

Co.,

Ltd.

-

Class

H

China

2,916,000

19,720

Cholamandalam

Investment

and

Finance

Co.,

Ltd.

India

993,802

18,779

Grupo

Financiero

Banorte

SAB

de

CV

Mexico

1,327,153

12,303

HDFC

Bank,

Ltd.

India

4,738,238

52,358

Itausa

SA

-

Preference

Shares

Brazil

8,873,981

18,879

Kaspi.KZ

Joint

Stock

Co.,

ADR \*

Kazakhstan

77,564

6,060

National

Bank

of

Greece

SA

Greece

1,185,843

18,062

Nu

Holdings,

Ltd.

-

Class

A \*

Brazil

1,115,529

18,674

PICC

Property

&

Casualty

Co.,

Ltd.

-

Class

H

China

6,483,900

13,594

Sanlam,

Ltd.

South

Africa

2,370,818

14,076

Sberbank

of

Russia

PJSC \*,Æ

Russia

1,471,064

–

SBI

Life

Insurance

Co.,

Ltd.

India

861,837

19,482

Common

Stocks

(93.8%)

Country

Shares/

Par

+

Value

$

(000's)

#### Financials

#### continued
Shinhan

Financial

Group

Co.,

Ltd.

South

Korea

370,300

19,761

#### Total

#### 314,235

#### Health

#### Care

#### (1.9%)
J.B.

Chemicals

&

Pharmaceuticals,

Ltd.

India

286,065

5,784

Shenzhen

Mindray

Bio-

Medical

Electronics

Co.,

Ltd.

-

Class

A

China

162,215

4,421

Torrent

Pharmaceuticals,

Ltd.

India

340,505

14,585

#### Total

#### 24,790

#### Industrials

#### (8.6%)
Contemporary

Amperex

Technology

Co.,

Ltd.

-

Class A

China

541,749

28,362

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

-

Class B

Mexico

358,597

11,534

Havells

India,

Ltd.

India

358,864

5,684

HD

Hyundai

Electric

Co.,

Ltd.

South

Korea

23,651

12,725

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.,

Ltd.

South

Korea

45,466

12,853

InPost

SA \*

Poland

401,310

4,916

NARI

Technology

Co.,

Ltd.

-

Class

A

China

3,495,098

11,225

Samsung

C&T

Corp. \*

South

Korea

75,443

12,428

Techtronic

Industries

Co.,

Ltd.

Hong

Kong

1,067,500

12,264

#### Total

#### 111,991

#### Information

#### Technology

#### (24.1%)
Accton

Technology

Corp.

Taiwan

388,000

14,533

ASE

Technology

Holding

Co.,

Ltd.

Taiwan

1,589,000

12,597

Delta

Electronics,

Inc.

Taiwan

557,000

16,948

MediaTek,

Inc.

Taiwan

464,000

21,024

NAURA

Technology

Group

Co.,

Ltd.

China

272,005

17,807

SK

Hynix,

Inc.

South

Korea

86,762

39,288

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

Taiwan

3,317,290

162,061

Tata

Consultancy

Services,

Ltd.

India

403,686

14,431

Xiaomi

Corp.

-

Class

B \*

China

2,927,600

14,776

#### Total

#### 313,465

#### Materials

#### (5.9%)
Grupo

Mexico

SAB

de

CV

Mexico

5,164,428

48,763

Rio

Tinto

PLC

Australia

164,369

13,114

UltraTech

Cement,

Ltd.

India

110,064

14,419

#### Total

#### 76,296
Emerging

Markets

Equity

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 58
Common

Stocks

(93.8%)

Country

Shares/

Par

+

Value

$

(000's)

#### Real

#### Estate

#### (2.8%)
Aldar

Properties

PJSC

United

Arab

Emirates

4,928,822

11,676

China

Resources

Land,

Ltd.

China

2,490,000

8,673

Godrej

Properties,

Ltd. \*

India

366,064

8,165

Multiplan

Empreendimentos

Imobiliarios

SA

Brazil

1,676,162

8,308

#### Total

#### 36,822

#### Utilities

#### (0.9%)
NTPC,

Ltd.

India

3,223,684

11,815

#### Total

#### 11,815

#### Total

#### Common

#### Stocks

#### (Cost: $894,491)

#### 1,219,172
Preferred

Stocks

(5.5%)

Country

Shares/

Par

+

Value

$

(000's)

#### Information

#### Technology

#### (5.5%)
Samsung

Electronics

Co.,

Ltd.

South

Korea

1,153,243

70,773

#### Total

#### 70,773

#### Total

#### Preferred

#### Stocks

#### (Cost: $48,077)

#### 70,773

#### Total

#### Investments

#### (99.3%)

#### (Cost:

#### $942,568)

#### @

#### 1,289,945

#### Other

#### Assets,

#### Less

#### Liabilities (0.7%)

#### 9,156

#### Net

#### Assets

#### (100.0%)

#### 1,299,101
Investments

by

Country

of

Risk

as

a

Percentage

of

Net

Assets:

China

26.7%

Taiwan

17.5%

India

16.9%

South

Korea

12.9%

Mexico

5.6%

Other

19.7%

#### Total
99.3%

+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

\*

Non

income

producing

Æ

Security

valued

using

significant

unobservable

inputs.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$952,545

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$337,399

which

is

comprised

of

$375,436

aggregate

gross

unrealized

appreciation

and

$38,037

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

Energy

$

7,798

$

—

$

—

Financials

37,037

277,198

—

Industrials

11,534

100,457

—

Materials

48,763

27,533

—

All

Others

—

708,852

—

Preferred

Stocks

—

70,773

—

Total

Assets:

$

105,132

$

1,184,813

$

—

Management

has

determined

that

the

amount

of

Level

securities

compared

to

total

net

assets

is

not

material;

therefore,

the

reconciliation

of

Level

securities

and

assumptions

is

not

shown

for

the

period

ended

December

31,

2025. Schedule

of

Investments

#### December

#### 31,

#### 2025
Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 59
Money

Market

Investments

(100

.1

%)

Shares/

Par

+

Value

$

(000's)

#### Repurchase

#### Agreements

#### (#### 41

#### .0

#### %

####)
Tri-Party

Bank

of

Montreal,

3.840%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$25,005,333,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

0.000%,

due

from

2/12/2026

to

3/26/2026,

aggregate

par

and

fair

value

of

$25,632,600

and

$25,500,099,

respectively)

25,000,000

25,000

Tri-Party

Bank

of

Nova

Scotia,

3.820%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$5,001,061,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

5.000%,

due

from

4/14/2026

to

5/15/2045,

aggregate

par

and

fair

value

of

$5,055,329

and

$5,101,152,

respectively)

5,000,000

5,000

Tri-Party

BNP

Paribas,

3.820%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$10,002,122,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

4.500%,

due

from

6/30/2031

to

2/15/2054,

aggregate

par

and

fair

value

of

$9,976,614

and

$10,200,005,

respectively)

10,000,000

10,000

Tri-Party

BNP

Paribas,

3.830%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$10,002,128,

collateralized

by

various

US

government

sponsored

agency

obligations,

2.000%

to

8.000%,

due

from

12/20/2034

to

4/20/2065,

aggregate

par

and

fair

value

of

$10,040,666

and

$10,199,995,

respectively)

10,000,000

10,000

Tri-Party

Citigroup

Global

Markets,

Inc.,

3.820%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$10,002,122,

collateralized

by

various

US

Treasury

obligations,

3.375%

to

4.125%,

due

from

8/15/2027

to

9/30/2027,

aggregate

par

and

fair

value

of

$10,091,246

and

$10,199,946,

respectively)

10,000,000

10,000

Tri-Party

Citigroup

Global

Markets,

Inc.,

3.830%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$10,002,128,

collateralized

by

various

US

Treasury

obligations,

0.500%

to

6.375%,

due

from

2/15/2026

to

8/15/2027,

aggregate

par

and

fair

value

of

$10,219,086

and

$10,200,172,

respectively)

10,000,000

10,000

Tri-Party

Goldman

Sachs

Group

LP,

3.840%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$25,005,333,

collateralized

by

various

US

government

sponsored

agency

obligations,

3.000%

to

6.500%,

due

from

7/20/2038

to

12/20/2055,

aggregate

par

and

fair

value

of

$26,476,056

and

$25,500,000,

respectively)

25,000,000

25,000

Money

Market

Investments

(100.1%)

Shares/

Par

+

Value

$

(000's)

#### Repurchase

#### Agreements

#### continued
Tri-Party

Mitsubishi

UFJ,

3.830%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$25,005,319,

collateralized

by

various

US

government

sponsored

agency

obligations,

2.500%

to

7.500%,

due

from

12/20/2028

to

7/20/2054,

aggregate

par

and

fair

value

of

$26,018,708

and

$25,500,000,

respectively)

25,000,000

25,000

Tri-Party

Mizuho

Securities,

3.840%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$30,006,400,

collateralized

by

US

Treasury

Note,

4.000%,

due

2/15/2034,

par

and

fair

value

of

$30,586,932

and

$30,600,085,

respectively)

30,000,000

30,000

Tri-Party

Natixis

S.A.,

3.840%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$30,006,400,

collateralized

by

various

US

Treasury

obligations,

0.000%

to

4.375%,

due

from

3/19/2026

to

2/15/2049,

aggregate

par

and

fair

value

of

$32,445,624

and

$30,600,072,

respectively)

30,000,000

30,000

Tri-Party

TD

Securities,

3.830%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$25,005,319,

collateralized

by

various

US

Treasury

obligations,

2.875%

to

3.500%,

due

from

9/30/2029

to

5/15/2052,

aggregate

par

and

fair

value

of

$26,001,360

and

$25,500,038,

respectively)

25,000,000

25,000

#### Total

#### 205,000

#### US

#### Government

#### &

#### Agencies

#### (#### 59

#### .1

#### %

####)
Federal

Farm

Credit

Bank,

3.720%,

(US

SOFR

plus

0.010%),

6/5/26

295,000

Federal

Farm

Credit

Bank,

3.730%,

(US

SOFR

plus

0.020%),

2/27/26

2,100,000

2,100

Federal

Farm

Credit

Bank,

3.745%,

(US

SOFR

plus

0.035%),

11/19/26

182,000

Federal

Farm

Credit

Bank,

3.750%,

(US

SOFR

plus

0.040%),

10/20/26

3,100,000

3,100

Federal

Farm

Credit

Bank,

3.750%,

(US

SOFR

plus

0.040%),

1/20/27

1,345,000

1,345

Federal

Farm

Credit

Bank,

3.750%,

(US

SOFR

plus

0.040%),

2/16/27

4,115,000

4,115

Federal

Farm

Credit

Bank,

3.755%,

(US

SOFR

plus

0.045%),

11/6/26

905,000

905

Federal

Farm

Credit

Bank,

3.755%,

(US

SOFR

plus

0.045%),

3/15/27

715,000

715

Federal

Farm

Credit

Bank,

3.755%,

(US

SOFR

plus

0.045%),

4/19/27

210,000

Federal

Farm

Credit

Bank,

3.755%,

(US

SOFR

plus

0.045%),

5/24/27

630,000

630

Federal

Farm

Credit

Bank,

3.775%,

(US

SOFR

plus

0.065%),

3/5/27

4,930,000

4,930

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 60
Money

Market

Investments

(100.1%)

Shares/

Par

+

Value

$

(000's)

#### US

#### Government

#### &

#### Agencies

#### continued
Federal

Farm

Credit

Bank,

3.775%,

(US

SOFR

plus

0.065%),

3/26/27

470,000

Federal

Farm

Credit

Bank,

3.785%,

(US

SOFR

plus

0.075%),

2/1/27

1,200,000

1,200

Federal

Farm

Credit

Bank,

3.790%,

(US

SOFR

plus

0.080%),

11/23/27

150,000

Federal

Farm

Credit

Bank,

3.795%,

(US

SOFR

plus

0.085%),

1/27/27

443,000

Federal

Farm

Credit

Bank,

3.810%,

(US

SOFR

plus

0.100%),

6/24/26

300,000

Federal

Farm

Credit

Bank,

3.810%,

(US

SOFR

plus

0.100%),

6/26/26

805,000

805

Federal

Farm

Credit

Bank,

3.820%,

(US

SOFR

plus

0.110%),

11/19/27

455,000

Federal

Farm

Credit

Bank,

3.840%,

(US

SOFR

plus

0.130%),

10/22/27

256,000

Federal

Farm

Credit

Bank,

3.845%,

(US

SOFR

plus

0.135%),

10/15/26

4,100,000

4,100

Federal

Farm

Credit

Bank,

3.845%,

(US

SOFR

plus

0.135%),

12/23/26

400,000

Federal

Farm

Credit

Bank,

3.850%,

(US

SOFR

plus

0.140%),

12/30/26

300,000

Federal

Farm

Credit

Bank,

3.867%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.265%),

10/16/26

2,200,000

2,200

Federal

Home

Loan

Bank,

0.000%,

2/3/26

947,000

944

Federal

Home

Loan

Bank,

0.000%,

2/13/26

576,000

574

Federal

Home

Loan

Bank,

0.000%,

3/3/26

2,315,000

2,301

Federal

Home

Loan

Bank,

0.000%,

3/12/26

3,550,000

3,525

Federal

Home

Loan

Bank,

0.000%,

4/17/26

4,390,000

4,344

Federal

Home

Loan

Bank,

3.500%,

1/11/27

3,400,000

3,394

Federal

Home

Loan

Bank,

3.710%,

(US

SOFR),

1/13/26

2,350,000

2,350

Federal

Home

Loan

Bank,

3.710%,

(US

SOFR),

3/20/26

500,000

500

Federal

Home

Loan

Bank,

3.710%,

(US

SOFR),

4/17/26

570,000

570

Federal

Home

Loan

Bank,

3.710%,

(US

SOFR),

6/22/26

575,000

575

Federal

Home

Loan

Bank,

3.710%,

(US

SOFR),

6/25/26

575,000

575

Federal

Home

Loan

Bank,

3.715%,

(US

SOFR

plus

0.005%),

4/7/26

1,200,000

1,200

Federal

Home

Loan

Bank,

3.715%,

(US

SOFR

plus

0.005%),

5/5/26

1,135,000

1,135

Federal

Home

Loan

Bank,

3.715%,

(US

SOFR

plus

0.005%),

7/21/26

1,150,000

1,150

Federal

Home

Loan

Bank,

3.715%,

(US

SOFR

plus

0.005%),

7/24/26

1,150,000

1,150

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

2/17/26

600,000

600

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

5/20/26

500,000

500

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

6/2/26

1,135,000

1,135

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

8/19/26

575,000

575

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

8/21/26

4,025,000

4,025

Federal

Home

Loan

Bank,

3.720%,

(US

SOFR

plus

0.010%),

8/24/26

575,000

575

Money

Market

Investments

(100.1%)

Shares/

Par

+

Value

$

(000's)

#### US

#### Government

#### &

#### Agencies

#### continued
Federal

Home

Loan

Bank,

3.725%,

(US

SOFR

plus

0.015%),

6/18/26

1,140,000

1,140

Federal

Home

Loan

Bank,

3.730%,

(US

SOFR

plus

0.020%),

7/17/26

1,140,000

1,140

Federal

Home

Loan

Bank,

3.740%,

(US

SOFR

plus

0.030%),

4/17/26

1,200,000

1,200

Federal

Home

Loan

Bank,

3.740%,

(US

SOFR

plus

0.030%),

6/30/26

590,000

590

Federal

Home

Loan

Bank,

3.740%,

(US

SOFR

plus

0.030%),

7/2/26

1,295,000

1,295

Federal

Home

Loan

Bank,

3.740%,

(US

SOFR

plus

0.030%),

1/4/27

500,000

500

Federal

Home

Loan

Bank,

3.775%,

(US

SOFR

plus

0.065%),

3/25/27

1,030,000

1,030

Federal

Home

Loan

Bank,

3.800%,

(US

SOFR

plus

0.025%),

6/4/26

1,200,000

1,200

Federal

Home

Loan

Bank,

3.805%,

(US

SOFR

plus

0.095%),

2/25/27

1,195,000

1,195

Federal

Home

Loan

Bank,

3.810%,

(US

SOFR

plus

0.100%),

6/26/26

2,230,000

2,230

Federal

Home

Loan

Bank,

3.810%,

(US

SOFR

plus

0.100%),

3/18/27

1,275,000

1,275

Federal

Home

Loan

Bank,

3.920%,

(US

SOFR

plus

0.150%),

4/2/27

870,000

870

Federal

Home

Loan

Mortgage

Corp.,

3.825%,

(US

SOFR

plus

0.115%),

5/5/27

800,000

800

Federal

Home

Loan

Mortgage

Corp.,

3.850%,

(US

SOFR

plus

0.140%),

9/23/26

1,300,000

1,300

Federal

National

Mortgage

Association,

3.830%,

(US

SOFR

plus

0.120%),

7/29/26

4,310,000

4,310

Federal

National

Mortgage

Association,

3.845%,

(US

SOFR

plus

0.135%),

8/21/26

1,450,000

1,450

Federal

National

Mortgage

Association,

3.850%,

(US

SOFR

plus

0.140%),

10/23/26

1,510,000

1,510

Federal

National

Mortgage

Association,

3.850%,

(US

SOFR

plus

0.140%),

11/20/26

2,000,000

2,000

Federal

National

Mortgage

Association,

3.850%,

(US

SOFR

plus

0.140%),

12/11/26

1,900,000

1,900

US

Treasury,

0.000%,

1/2/26

4,785,000

4,784

US

Treasury,

0.000%,

1/22/26

863,000

861

US

Treasury,

0.000%,

1/29/26

1,000,000

997

US

Treasury,

0.000%,

2/3/26

7,738,000

7,711

US

Treasury,

0.000%,

2/5/26

6,349,000

6,324

US

Treasury,

0.000%,

2/10/26

5,677,100

5,653

US

Treasury,

0.000%,

2/12/26

7,900,000

7,864

US

Treasury,

0.000%,

2/17/26

7,142,000

7,108

US

Treasury,

0.000%,

2/19/26

789,000

785

US

Treasury,

0.000%,

2/24/26

1,971,000

1,960

US

Treasury,

0.000%,

2/26/26

3,545,000

3,523

US

Treasury,

0.000%,

3/3/26

200,000

US

Treasury,

0.000%,

3/5/26

15,239,000

15,136

US

Treasury,

0.000%,

3/10/26

5,790,000

5,749

US

Treasury,

0.000%,

3/12/26

1,252,000

1,243

US

Treasury,

0.000%,

3/17/26

176,000

US

Treasury,

0.000%,

3/19/26

5,832,000

5,786

US

Treasury,

0.000%,

3/24/26

1,438,000

1,426

US

Treasury,

0.000%,

3/31/26

5,095,000

5,048

US

Treasury,

0.000%,

4/2/26

1,990,000

1,971

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 61
Money

Market

Investments

(100.1%)

Shares/

Par

+

Value

$

(000's)

#### US

#### Government

#### &

#### Agencies

#### continued
US

Treasury,

0.000%,

4/7/26

2,660,000

2,634

US

Treasury,

0.000%,

4/9/26

2,966,000

2,936

US

Treasury,

0.000%,

4/16/26

5,752,000

5,690

US

Treasury,

0.000%,

4/21/26

2,230,000

2,206

US

Treasury,

0.000%,

4/23/26

5,085,000

5,027

US

Treasury,

0.000%,

4/30/26

9,051,000

8,942

US

Treasury,

0.000%,

5/14/26

4,258,500

4,197

US

Treasury,

0.000%,

5/28/26

7,802,000

7,685

US

Treasury,

0.000%,

6/4/26

10,535,000

10,371

US

Treasury,

0.000%,

6/11/26

4,551,600

4,473

US

Treasury,

0.000%,

6/18/26

2,310,000

2,272

US

Treasury,

0.000%,

6/25/26

8,970,500

8,819

US

Treasury,

0.000%,

7/2/26

415,000

US

Treasury,

0.000%,

8/6/26

454,000

US

Treasury,

0.000%,

9/3/26

8,927,000

8,705

US

Treasury,

0.000%,

12/24/26

3,796,800

3,670

US

Treasury,

0.375%,

1/31/26

600,000

598

US

Treasury,

0.500%,

2/28/26

300,000

US

Treasury,

0.875%,

6/30/26

240,000

US

Treasury,

1.625%,

5/15/26

800,000

793

US

Treasury,

2.375%,

4/30/26

270,000

US

Treasury,

3.700%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.098%),

1/31/27

10,400,000

10,400

US

Treasury,

3.752%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.150%),

4/30/26

7,300,000

7,300

US

Treasury,

3.784%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.182%),

7/31/26

4,610,000

4,609

US

Treasury,

3.792%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.190%),

10/31/27

8,745,000

8,751

US

Treasury,

3.807%,

(US

Treasury

Month

Bill

Money

Market

Yield

plus

0.205%),

10/31/26

8,550,000

8,550

US

Treasury,

4.125%,

10/31/26

227,000

US

Treasury,

4.250%,

11/30/26

176,000

US

Treasury,

4.625%,

2/28/26

400,000

US

Treasury,

4.625%,

6/30/26

1,760,000

1,764

#### Total

#### 295,393

#### Total

#### Money

#### Market

#### Investments

#### (Cost:

#### $500,393)

#### 500,393

#### Total

#### Investments

#### (100.1%)

#### (Cost:

#### $500,393)

#### 500,393

#### Other

#### Assets,

#### Less

#### Liabilities (-0.1%)
(361) #### Net

#### Assets

#### (100.0%)

#### 500,032
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

Government

Money

Market

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 62
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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)*

Short-Term

Investments

$

—

$

500,393

$

—

Total

Assets:

$

—

$

500,393

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 63
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Basic

#### Materials

#### (1.2%)
Celanese

US

Holdings

LLC

1.400%, 8/5/26

445,000

Corporacion

Nacional

del

Cobre

de

Chile

3.000%, 9/30/29

§

870,000

826

3.625%, 8/1/27

§

200,000

Freeport-McMoRan,

Inc.

4.125%, 3/1/28

153,000

4.375%, 8/1/28

95,000

5.250%, 9/1/29

180,000

Ma'aden

Sukuk,

Ltd.

144A

144A

5.250%, 2/13/30

144A

710,000

728

5.250%, 2/13/30

§

230,000

MEGlobal

BV

2.625%, 4/28/28

§

420,000

Nutrien

,

Ltd.

4.900%, 3/27/28

240,000

The

Sherwin-Williams

Co.

4.550%, 3/1/28

440,000

Steel

Dynamics,

Inc.

4.000%, 12/15/28

985,000

984

#### Total

#### 4,933

#### Communications

#### (2.3%)
AT&T,

Inc.

4.100%, 2/15/28

205,000

Comcast

Corp.

4.150%, 10/15/28

235,000

Cox

Communications,

Inc.

144A

144A

3.350%, 9/15/26

144A

235,000

3.500%, 8/15/27

144A

215,000

Crown

Castle

Towers

LLC

144A

144A

4.241%, 7/15/48

144A

175,000

eBay,

Inc.

3.600%, 6/5/27

1,035,000

1,029

KT

Corp.

144A

144A

4.125%, 2/2/28

144A

200,000

Meta

Platforms,

Inc.

4.200%, 11/15/30

800,000

802

NBN

Co.,

Ltd.

144A

144A

1.450%, 5/5/26

144A

1,000,000

991

NTT

Finance

Corp.

144A

144A

4.620%, 7/16/28

144A

370,000

Omnicom

Group,

Inc.

/

Omnicom

Capital,

Inc.

3.600%, 4/15/26

185,000

Rogers

Communications,

Inc.

3.200%, 3/15/27

815,000

807

5.000%, 2/15/29

990,000

1,009

T-Mobile

USA,

Inc.

2.250%, 2/15/26

470,000

Uber

Technologies,

Inc.

144A

144A

4.500%, 8/15/29

144A

921,000

921

Verizon

Communications,

Inc.

2.100%, 3/22/28

851,000

817

4.750%, 1/15/33

410,000

#### Total

#### 9,077
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### (4.9%)
American

Honda

Finance

Corp.

5.650%, 11/15/28

675,000

704

AutoZone,

Inc.

5.125%, 6/15/30

430,000

BMW

US

Capital

LLC

144A

144A

4.600%, 8/13/27

144A

970,000

980

CK

Hutchison

International

25,

Ltd.

144A

144A

4.250%, 9/26/30

144A

590,000

589

Daimler

Truck

Finance

North

America

LLC

144A

144A

4.300%, 8/12/27

144A

370,000

5.000%, 1/15/27

144A

190,000

5.125%, 9/25/27

144A

345,000

5.150%, 1/16/26

144A

165,000

Darden

Restaurants,

Inc.

4.350%, 10/15/27

560,000

563

Delta

Air

Lines,

Inc.

4.950%, 7/10/28

360,000

Dollar

General

Corp.

4.125%, 5/1/28

632,000

633

5.200%, 7/5/28

347,000

Ford

Motor

Credit

Co.

LLC

5.125%, 11/5/26

385,000

5.800%, 3/5/27

485,000

5.918%, 3/20/28

300,000

General

Motors

Financial

Co.,

Inc.

5.050%, 4/4/28

780,000

794

5.350%, 7/15/27

373,000

5.400%, 4/6/26

300,000

5.400%, 5/8/27

393,000

Hyundai

Capital

America

144A

144A

4.850%, 3/25/27

144A

455,000

4.875%, 6/23/27

144A

400,000

5.000%, 1/7/28

144A

465,000

5.250%, 1/8/27

144A

200,000

5.500%, 3/30/26

144A

270,000

5.600%, 3/30/28

144A

350,000

LG

Energy

Solution,

Ltd.

5.375%, 7/2/27

§

775,000

786

Lowe's

Companies,

Inc.

4.000%, 10/15/28

245,000

4.800%, 4/1/26

385,000

Marriott

International,

Inc.

3.125%, 6/15/26

809,000

806

5.450%, 9/15/26

195,000

Mercedes-Benz

Finance

North

America

LLC

144A

144A

4.800%, 3/30/26

144A

190,000

4.800%, 1/11/27

144A

590,000

595

O'Reilly

Automotive,

Inc.

4.350%, 6/1/28

390,000

5.750%, 11/20/26

1,133,000

1,148

Ross

Stores,

Inc.

0.875%, 4/15/26

765,000

758

Southwest

Airlines

Co.

4.375%, 11/15/28

655,000

656

Starbucks

Corp.

2.000%, 3/12/27

165,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 64
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
4.000%, 11/15/28

405,000

Volkswagen

Group

of

America

Finance

LLC

144A

144A

4.450%, 9/11/27

144A

200,000

4.850%, 8/15/27

144A

680,000

686

5.050%, 3/27/28

144A

320,000

5.700%, 9/12/26

144A

555,000

561

6.000%, 11/16/26

144A

380,000

#### Total

#### 19,826

#### Consumer,

#### Non-cyclical

#### (7.3%)
Bacardi,

Ltd.

144A

144A

4.700%, 5/15/28

144A

969,000

976

BAT

International

Finance

PLC

1.668%, 3/25/26

475,000

4.448%, 3/16/28

1,010,000

1,018

Becton

Dickinson

and

Co.

4.693%, 2/13/28

805,000

816

Bunge,

Ltd.

Finance

Corp.

4.900%, 4/21/27

600,000

607

Cencora

,

Inc.

3.450%, 12/15/27

124,000

4.625%, 12/15/27

330,000

Centene

Corp.

4.625%, 12/15/29

1,015,000

984

Coca-Cola

European

Partners

PLC

144A

144A

1.500%, 1/15/27

144A

200,000

CSL

Finance

PLC

144A

144A

3.850%, 4/27/27

144A

200,000

CVS

Health

Corp.

1.300%, 8/21/27

1,070,000

1,024

2.875%, 6/1/26

386,000

3.000%, 8/15/26

220,000

4.300%, 3/25/28

345,000

5.000%, 2/20/26

1,176,000

1,176

Diageo

Capital

PLC

3.875%, 5/18/28

1,080,000

1,078

5.300%, 10/24/27

1,080,000

1,106

Element

Fleet

Management

Corp.

144A

144A

5.037%, 3/25/30

144A

375,000

5.643%, 3/13/27

144A

355,000

EMD

Finance

LLC

144A

144A

4.125%, 8/15/28

144A

1,035,000

1,037

ERAC

USA

Finance

LLC

144A

144A

4.600%, 5/1/28

144A

735,000

745

5.000%, 2/15/29

144A

280,000

HCA,

Inc.

3.125%, 3/15/27

580,000

574

4.300%, 11/15/30

210,000

5.625%, 9/1/28

870,000

897

Health

Care

Service

Corp.

144A

144A

5.200%, 6/15/29

144A

290,000

Heineken

NV

144A

144A

3.500%, 1/29/28

144A

1,972,000

1,955

Highmark,

Inc.

144A

144A

1.450%, 5/10/26

144A

205,000

Humana,

Inc.

5.750%, 3/1/28

140,000

5.750%, 12/1/28

495,000

515

Icon

Investments

Six

DAC

5.809%, 5/8/27

935,000

954

Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
Imperial

Brands

Finance

PLC

144A

144A

4.500%, 6/30/28

144A

420,000

6.125%, 7/27/27

144A

555,000

571

IQVIA,

Inc.

6.250%, 2/1/29

255,000

Japan

Tobacco,

Inc.

144A

144A

4.850%, 5/15/28

144A

870,000

885

Keurig

Dr.

Pepper,

Inc.

3.950%, 4/15/29

110,000

5.050%, 3/15/29

665,000

679

Mars,

Inc.

144A

144A

4.550%, 4/20/28

144A

770,000

780

4.600%, 3/1/28

144A

560,000

568

PepsiCo,

Inc.

4.100%, 1/15/29

830,000

835

Pernod

Ricard

SA

144A

144A

3.250%, 6/8/26

144A

835,000

834

Philip

Morris

International,

Inc.

5.125%, 11/17/27

163,000

Revvity

,

Inc.

1.900%, 9/15/28

499,000

S&P

Global,

Inc.

2.450%, 3/1/27

955,000

940

Solventum

Corp.

5.450%, 2/25/27

302,000

Stryker

Corp.

4.700%, 2/10/28

476,000

Utah

Acquisition

Sub,

Inc.

3.950%, 6/15/26

564,000

563

Verisk

Analytics,

Inc.

4.500%, 8/15/30

565,000

569

Viatris

,

Inc.

2.300%, 6/22/27

429,000

#### Total

#### 29,486

#### Energy

#### (3.9%)
Canadian

Natural

Resources,

Ltd.

3.850%, 6/1/27

440,000

Cheniere

Corpus

Christi

Holdings

LLC

5.125%, 6/30/27

547,000

552

Cheniere

Energy,

Inc.

4.625%, 10/15/28

95,000

Columbia

Pipelines

Holding

Co.

LLC

144A

144A

6.055%, 8/15/26

144A

90,000

Diamondback

Energy,

Inc.

5.200%, 4/18/27

455,000

Enbridge,

Inc.

4.600%, 6/20/28

180,000

5.900%, 11/15/26

230,000

6.000%, 11/15/28

190,000

Energy

Transfer

LP

5.250%, 7/1/29

320,000

6.050%, 12/1/26

875,000

889

EOG

Resources,

Inc.

4.400%, 1/15/31

325,000

EQT

Corp.

144A

144A

3.125%, 5/15/26

144A

400,000

HF

Sinclair

Corp.

5.750%, 1/15/31

370,000

Kinder

Morgan,

Inc.

5.150%, 6/1/30

460,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 65
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
MPLX

LP

4.800%, 2/15/31

1,330,000

1,344

ONEOK,

Inc.

4.250%, 9/24/27

785,000

788

4.850%, 7/15/26

944,000

946

5.550%, 11/1/26

410,000

5.625%, 1/15/28

144A

213,000

Ovintiv

,

Inc.

5.375%, 1/1/26

210,000

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.700%, 1/15/31

325,000

Sabine

Pass

Liquefaction

LLC

4.200%, 3/15/28

164,000

5.875%, 6/30/26

130,000

Schlumberger

Holdings

Corp.

144A

144A

3.900%, 5/17/28

144A

740,000

738

Schlumberger

Investment

SA

4.500%, 5/15/28

409,000

South

Bow

USA

Infrastructure

Holdings

LLC

4.911%, 9/1/27

560,000

565

Targa

Resources

Corp.

4.350%, 1/15/29

385,000

5.200%, 7/1/27

184,000

Tengizchevroil

Finance

Co.

International,

Ltd.

4.000%, 8/15/26

§

800,000

797

Valero

Energy

Corp.

5.150%, 2/15/30

180,000

Var

Energi

ASA

144A

144A

5.000%, 5/18/27

144A

635,000

640

The

Williams

Cos.,

Inc.

4.625%, 6/30/30

550,000

555

4.800%, 11/15/29

330,000

5.400%, 3/2/26

1,060,000

1,062

Woodside

Finance,

Ltd.

144A

144A

3.700%, 9/15/26

144A

229,000

#### Total

#### 15,687

#### Financial

#### (12.5%)
Abu

Dhabi

Development

Holding

Co.

PJSC

4.500%, 5/6/30

§

765,000

771

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.100%, 1/15/27

270,000

6.450%, 4/15/27

842,000

865

American

Express

Co.

4.731%,

(US

SOFR

plus

1.260%), 4/25/29

α

625,000

635

5.043%,

(US

SOFR

plus

0.930%), 7/26/28

α

350,000

5.098%,

(US

SOFR

plus

1.000%), 2/16/28

α

215,000

American

Tower

Corp.

1.600%, 4/15/26

931,000

925

3.550%, 7/15/27

379,000

Aspen

Insurance

Holdings,

Ltd.

5.750%, 7/1/30

255,000

Athene

Global

Funding

144A

144A

4.860%, 8/27/26

144A

440,000

5.349%, 7/9/27

144A

430,000

5.684%, 2/23/26

144A

550,000

551

Avolon

Holdings

Funding,

Ltd.

144A

144A

2.125%, 2/21/26

144A

245,000

5.750%, 3/1/29

144A

390,000

Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
6.375%, 5/4/28

144A

185,000

Banco

Santander

SA

α

5.552%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.250%), 3/14/28

α

400,000

Bank

Mandiri

Persero

Tbk

PT

5.500%, 4/4/26

§

970,000

974

Bank

of

America

Corp.

1.734%,

(US

SOFR

plus

0.960%), 7/22/27

α

415,000

4.623%,

(US

SOFR

plus

1.110%), 5/9/29

α

760,000

770

5.080%,

(US

SOFR

plus

1.290%), 1/20/27

α

395,000

The

Bank

of

New

York

Mellon

Corp.

α

4.729%,

(US

SOFR

plus

1.135%), 4/20/29

α

560,000

569

Banque

Federative

du

Credit

Mutuel

SA

144A

144A

4.935%, 1/26/26

144A

400,000

Barclays

PLC

4.476%,

(US

SOFR

plus

1.080%), 11/11/29

α

335,000

5.086%,

(US

SOFR

plus

0.960%), 2/25/29

α

555,000

566

BNP

Paribas

SA

144A

,α

144A

4.792%,

(US

SOFR

plus

1.450%), 5/9/29

144A

α

735,000

743

Brighthouse

Financial

Global

Funding

144A

144A

1.550%, 5/24/26

144A

145,000

Brown

&

Brown,

Inc.

4.700%, 6/23/28

215,000

CaixaBank

SA

144A

,α

144A

6.684%,

(US

SOFR

plus

2.080%), 9/13/27

144A

α

615,000

626

Capital

One

Financial

Corp.

α

7.149%,

(US

SOFR

plus

2.440%), 10/29/27

α

240,000

CBRE

Services,

Inc.

4.800%, 6/15/30

210,000

The

Charles

Schwab

Corp.

α

4.343%,

(US

SOFR

plus

0.940%), 11/14/31

α

990,000

988

Citigroup,

Inc.

α

5.174%,

(US

SOFR

plus

1.364%), 2/13/30

α

375,000

CNO

Global

Funding

144A

144A

1.750%, 10/7/26

144A

830,000

815

4.875%, 12/10/27

144A

218,000

Corebridge

Global

Funding

144A

144A

4.250%, 8/21/28

144A

400,000

4.650%, 8/20/27

144A

205,000

5.200%, 1/12/29

144A

185,000

Credit

Agricole

SA

144A

,α

144A

5.230%,

(US

SOFR

plus

1.130%), 1/9/29

144A

α

330,000

Crown

Castle,

Inc.

1.050%, 7/15/26

615,000

605

2.900%, 3/15/27

580,000

572

4.300%, 2/15/29

80,000

4.450%, 2/15/26

570,000

570

4.800%, 9/1/28

395,000

5.000%, 1/11/28

285,000

5.600%, 6/1/29

295,000

Danske

Bank

A/S

144A

144A

4.613%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.100%), 10/2/30

144A

α

385,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 66
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
5.427%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.950%), 3/1/28

144A

α

390,000

Equitable

America

Global

Funding

144A

144A

3.950%, 9/15/27

144A

155,000

4.300%, 12/15/28

144A

205,000

4.650%, 6/9/28

144A

465,000

Extra

Space

Storage

LP

3.875%, 12/15/27

595,000

593

Federation

des

Caisses

Desjardins

du

Quebec

144A

144A

4.565%, 8/26/30

144A

263,000

Fortitude

Global

Funding

144A

144A

4.625%, 10/6/28

144A

390,000

Fortitude

Group

Holdings

LLC

144A

144A

6.250%, 4/1/30

144A

570,000

594

GA

Global

Funding

Trust

144A

144A

4.400%, 9/23/27

144A

805,000

808

5.400%, 1/13/30

144A

535,000

548

The

Goldman

Sachs

Group,

Inc.

4.482%,

(US

SOFR

plus

1.725%), 8/23/28

α

390,000

4.937%,

(US

SOFR

plus

1.319%), 4/23/28

α

1,060,000

1,072

5.218%,

(US

SOFR

plus

1.580%), 4/23/31

α

590,000

609

HSBC

Holdings

PLC

4.899%,

(US

SOFR

plus

1.030%), 3/3/29

α

500,000

507

5.130%,

(US

SOFR

plus

1.040%), 11/19/28

α

565,000

575

5.597%,

(US

SOFR

plus

1.060%), 5/17/28

α

320,000

ING

Groep

NV

α

4.858%,

(US

SOFR

plus

1.010%), 3/25/29

α

575,000

584

Intercontinental

Exchange,

Inc.

3.625%, 9/1/28

389,000

4.200%, 3/15/31

595,000

595

Jackson

National

Life

Global

Funding

144A

144A

4.900%, 1/13/27

144A

435,000

5.550%, 7/2/27

144A

355,000

5.600%, 4/10/26

144A

615,000

617

JPMorgan

Chase

&

Co.

4.850%,

(US

SOFR

plus

0.885%), 4/22/27

350,000

4.979%,

(US

SOFR

plus

0.930%), 7/22/28

α

395,000

5.040%,

(US

SOFR

plus

1.190%), 1/23/28

α

375,000

Lloyds

Banking

Group

PLC

α

5.462%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.375%), 1/5/28

α

460,000

LPL

Holdings,

Inc.

144A

144A

4.625%, 11/15/27

144A

115,000

4.900%, 4/3/28

250,000

5.700%, 5/20/27

679,000

692

6.750%, 11/17/28

190,000

Marsh

&

McLennan

Cos.,

Inc.

3.750%, 3/14/26

105,000

4.550%, 11/8/27

720,000

728

MassMutual

Global

Funding

II

144A

144A

5.100%, 4/9/27

144A

1,020,000

1,035

Morgan

Stanley

α

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

570,000

581

Nasdaq,

Inc.

5.350%, 6/28/28

146,000

Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
The

PNC

Financial

Services

Group,

Inc.

α

4.758%,

(US

SOFR

Index

plus

1.085%), 1/26/27

α

575,000

575

QNB

Finance,

Ltd.

1.375%, 1/26/26

§

820,000

818

Realty

Income

Corp.

5.050%, 1/13/26

140,000

RGA

Global

Funding

144A

144A

4.350%, 8/25/28

144A

635,000

638

4.600%, 11/25/30

144A

810,000

810

Sammons

Financial

Group

Global

Funding

144A

144A

5.050%, 1/10/28

144A

275,000

Santander

Holdings

USA,

Inc.

2.490%,

(US

SOFR

plus

1.249%), 1/6/28

α

410,000

6.124%,

(US

SOFR

plus

1.232%), 5/31/27

α

80,000

Santander

UK

Group

Holdings

PLC

1.673%,

(US

SOFR

plus

0.989%), 6/14/27

α

220,000

4.320%,

(US

SOFR

Index

plus

1.070%), 9/22/29

α

285,000

SBA

Tower

Trust

144A

144A

1.631%, 5/15/51

144A

575,000

562

1.884%, 1/15/26

144A

290,000

2.328%, 7/15/52

144A

225,000

4.831%, 10/15/29

144A

1,125,000

1,132

6.599%, 11/15/52

144A

619,000

634

Societe

Generale

SA

144A

,α

144A

5.519%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.500%), 1/19/28

144A

α

365,000

Standard

Chartered

PLC

144A

,α

144A

5.688%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.050%), 5/14/28

144A

α

390,000

State

Bank

of

India

1.800%, 7/13/26

§

1,050,000

1,037

US

Bancorp

α

4.548%,

(US

SOFR

plus

1.660%), 7/22/28

α

520,000

524

Wells

Fargo

&

Co.

4.900%,

(US

SOFR

plus

0.780%), 1/24/28

α

730,000

736

4.970%,

(US

SOFR

plus

1.370%), 4/23/29

α

1,545,000

1,574

The

Western

Union

Co.

1.350%, 3/15/26

1,401,000

1,392

#### Total

#### 50,188

#### Industrial

#### (3.0%)
Amphenol

Corp.

4.750%, 3/30/26

205,000

Amrize

Finance

US

LLC

4.700%, 4/7/28

550,000

556

4.950%, 4/7/30

205,000

AptarGroup,

Inc.

4.750%, 3/30/31

195,000

BAE

Systems

PLC

144A

144A

5.000%, 3/26/27

144A

450,000

The

Boeing

Co.

2.196%, 2/4/26

330,000

3.200%, 3/1/29

420,000

6.259%, 5/1/27

807,000

828

Canadian

Pacific

Railway

Co.

1.750%, 12/2/26

315,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 67
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Industrial

#### continued
FedEx

Corp.

3.250%, 4/1/26

913,000

911

Fortive

Corp.

3.150%, 6/15/26

538,000

536

GATX

Corp.

3.250%, 9/15/26

360,000

3.850%, 3/30/27

213,000

5.400%, 3/15/27

390,000

Huntington

Ingalls

Industries,

Inc.

5.353%, 1/15/30

155,000

Owens

Corning

3.400%, 8/15/26

257,000

5.500%, 6/15/27

340,000

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

144A

144A

1.700%, 6/15/26

144A

147,000

3.400%, 11/15/26

144A

120,000

5.350%, 1/12/27

144A

275,000

5.750%, 5/24/26

144A

1,020,000

1,025

Regal

Rexnord

Corp.

6.050%, 2/15/26

1,164,000

1,166

6.050%, 4/15/28

565,000

585

Rolls-Royce

PLC

144A

144A

5.750%, 10/15/27

144A

515,000

528

RTX

Corp.

6.700%, 8/1/28

355,000

7.000%, 11/1/28

332,000

Sydney

Airport

Finance

Co.

Pty,

Ltd.

144A

144A

3.625%, 4/28/26

144A

117,000

Waste

Management,

Inc.

3.875%, 1/15/29

815,000

814

#### Total

#### 12,180

#### Technology

#### (3.2%)
Atlassian

Corp.

5.250%, 5/15/29

215,000

Booz

Allen

Hamilton,

Inc.

144A

144A

3.875%, 9/1/28

144A

1,005,000

986

4.000%, 7/1/29

144A

110,000

Dell

International

LLC

/

EMC

Corp.

4.750%, 4/1/28

540,000

548

Fiserv,

Inc.

3.500%, 7/1/29

220,000

4.200%, 10/1/28

369,000

4.550%, 2/15/31

300,000

5.150%, 3/15/27

480,000

5.375%, 8/21/28

330,000

Fortinet,

Inc.

1.000%, 3/15/26

675,000

671

Foundry

JV

Holdco

LLC

144A

144A

5.500%, 1/25/31

144A

200,000

5.900%, 1/25/30

144A

200,000

Gartner,

Inc.

144A

144A

4.500%, 7/1/28

144A

435,000

Intel

Corp.

3.150%, 5/11/27

188,000

3.750%, 8/5/27

325,000

4.000%, 8/5/29

350,000

4.875%, 2/10/28

108,000

International

Business

Machines

Corp.

4.650%, 2/10/28

1,376,000

1,396

Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Technology

#### continued
Marvell

Technology,

Inc.

1.650%, 4/15/26

255,000

4.750%, 7/15/30

160,000

4.875%, 6/22/28

780,000

793

NXP

BV

/

NXP

Funding

LLC

5.350%, 3/1/26

75,000

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

3.150%, 5/1/27

105,000

3.875%, 6/18/26

405,000

4.300%, 8/19/28

190,000

4.300%, 6/18/29

470,000

4.400%, 6/1/27

80,000

Oracle

Corp.

4.450%, 9/26/30

715,000

700

Synopsys,

Inc.

4.650%, 4/1/28

1,030,000

1,044

Take-Two

Interactive

Software,

Inc.

5.000%, 3/28/26

585,000

586

Western

Digital

Corp.

4.750%, 2/15/26

215,000

Workday,

Inc.

3.500%, 4/1/27

265,000

#### Total

#### 12,787

#### Utilities

#### (2.6%)
Ameren

Corp.

1.950%, 3/15/27

323,000

American

Electric

Power

Co.,

Inc.

5.200%, 1/15/29

675,000

696

Appalachian

Power

Co.

3.300%, 6/1/27

899,000

890

Constellation

Energy

Generation

LLC

5.600%, 3/1/28

163,000

DTE

Energy

Co.

4.875%, 6/1/28

430,000

4.950%, 7/1/27

295,000

5.200%, 4/1/30

410,000

Duke

Energy

Corp.

4.300%, 3/15/28

280,000

Enel

Finance

International

NV

144A

144A

1.625%, 7/12/26

144A

645,000

637

4.125%, 9/30/28

144A

200,000

Exelon

Corp.

5.150%, 3/15/29

200,000

FirstEnergy

Corp.

3.900%, 7/15/27

678,000

675

FirstEnergy

Transmission

LLC

4.550%, 1/15/30

155,000

NextEra

Energy

Capital

Holdings,

Inc.

1.875%, 1/15/27

685,000

671

4.685%, 9/1/27

135,000

Niagara

Mohawk

Power

Corp.

144A

144A

4.647%, 10/3/30

144A

345,000

NiSource,

Inc.

5.250%, 3/30/28

130,000

Pacific

Gas

&

Electric

Co.

3.150%, 1/1/26

285,000

3.300%, 3/15/27

140,000

3.300%, 12/1/27

175,000

5.000%, 6/4/28

265,000

5.450%, 6/15/27

70,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 68
Corporate

Bonds

(40.9%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Public

Service

Enterprise

Group,

Inc.

4.900%, 3/15/30

690,000

706

Sempra

5.400%, 8/1/26

270,000

Southern

California

Gas

Co.

2.950%, 4/15/27

410,000

The

Southern

Co.

5.113%, 8/1/27

350,000

Southern

Co.

Gas

Capital

Corp.

4.050%, 9/15/28

360,000

Terraform

Global

Operating

LP

144A

144A

6.125%, 3/1/26

144A

352,000

Vistra

Operations

Co.

LLC

144A

144A

5.050%, 12/30/26

144A

363,000

#### Total

#### 10,422

#### Total

#### Corporate

#### Bonds

#### (Cost: $162,964)

#### 164,586
144A

144A

144A

Governments

(21.3%)

#### Governments

#### (21.3%)
Eagle

Funding

Luxco

SARL

144A

144A

5.500%, 8/17/30

144A

680,000

693

Korea

Electric

Power

Corp.

144A

144A

5.375%, 4/6/26

144A

1,000,000

1,003

Korea

Housing

Finance

Corp.

144A

144A

4.625%, 2/24/28

144A

960,000

975

Korea

Hydro

&

Nuclear

Power

Co.,

Ltd.

144A

144A

5.000%, 7/18/28

144A

250,000

Saudi

Government

International

Bond

144A

144A

5.125%, 1/13/28

144A

560,000

572

US

Treasury

3.375%, 11/30/27

29,330,000

29,274

3.375%, 12/31/27

37,820,000

37,746

3.500%, 10/31/27

β

9,525,000

9,527

3.875%, 7/15/28

5,665,000

5,713

#### Total

#### 85,759

#### Total

#### Governments

#### (Cost: $85,636)

#### 85,759
144A

144A

144A

Structured

Products

(33.5%)

#### Asset

#### Backed

#### Securities

#### (16.7%)
Affirm

Asset

Securitization,

Series

2025-X2,

Class

A

144A

144A

4.450%,

10/15/30 144A

471,075

Affirm

Master

Trust,

Series

2025-2A,

Class

A

144A

144A

4.670%,

7/15/33 144A

335,000

Affirm

Master

Trust,

Series

2025-2A,

Class

B

144A

144A

5.060%,

7/15/33 144A

355,000

Affirm

Master

Trust,

Series

2025-3A,

Class

A

144A

144A

4.450%,

10/16/34 144A

145,000

Alinea

CLO,

Ltd.,

Series

2018-1A,

Class

AR

144A

144A

4.784%,

(US

SOFR

Month

plus

0.900%),

7/20/31 144A

5,186

Alinea

CLO,

Ltd.,

Series

2018-1A,

Class

BR

144A

144A

5.034%,

(US

SOFR

Month

plus

1.150%),

7/20/31 144A

250,000

Ally

Auto

Receivables

Trust,

Series

2023-A,

Class

B

144A

144A

6.010%,

1/17/34 144A

3,682

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Ally

Auto

Receivables

Trust,

Series

2023-A,

Class

C

144A

144A

6.080%,

1/17/34 144A

165,680

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

C

144A

144A

6.022%,

5/17/32 144A

118,595

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

A2

144A

144A

4.970%,

9/15/32 144A

145,252

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class C

144A

144A

5.215%,

9/15/32 144A

145,252

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

B

144A

144A

4.648%,

6/15/33 144A

207,580

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-B,

Class

B

144A

144A

4.501%,

9/15/33 144A

232,476

Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-B,

Class

C

144A

144A

4.697%,

9/15/33 144A

260,373

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D

1.290%,

6/18/27

575,000

574

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

C

5.800%,

12/18/28

380,000

Amur

Equipment

Finance

Receivables

X

LLC,

Series

2022-1A,

Class

E

144A

144A

5.020%,

12/20/28 144A

415,000

Anthelion

CLO,

Ltd.,

Series

2025-1A,

Class

A1

144A

144A

5.819%,

(US

SOFR

Month

plus

1.500%),

7/20/36 144A

390,000

Arbys

Funding

LLC,

Series

2020-1A,

Class A2

144A

144A

3.237%,

7/30/50 144A

994,875

969

ARI

Fleet

Lease

Trust,

Series

2024-B,

Class A2

144A

144A

5.540%,

4/15/33 144A

221,100

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

A2

144A

144A

6.180%,

12/15/28 144A

140,155

Auxilior

Term

Funding

LLC,

Series

2023-1A,

Class

D

144A

144A

7.270%,

12/16/30 144A

370,000

Auxilior

Term

Funding

LLC,

Series

2024-1A,

Class

A3

144A

144A

5.490%,

7/15/31 144A

240,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2022-5A,

Class

C

144A

144A

6.240%,

4/20/27 144A

110,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2023-2A,

Class

C

144A

144A

6.180%,

10/20/27 144A

120,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2025-3A,

Class

B

144A

144A

4.460%,

2/20/30 144A

100,000

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2025-3A,

Class

D

144A

144A

7.320%,

2/20/28 144A

105,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 69
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Battalion

CLO

XII,

Ltd.,

Series

2018-12A,

Class

CRR

144A

144A

5.402%,

(US

SOFR

Month

plus

1.550%),

5/17/31 144A

250,000

Battalion

CLO

XV,

Ltd.,

Series

2020-15A,

Class

A1RR

144A

144A

4.862%,

(US

SOFR

Month

plus

0.980%),

1/17/33 144A

1,322,904

1,322

Battalion

CLO

XXI,

Ltd.,

Series

2016-10A,

Class

A2R3

144A

144A

5.481%,

(US

SOFR

Month

plus

1.750%),

1/24/35 144A

250,000

Battalion

CLO

XXI,

Ltd.,

Series

2021-21A,

Class

BR

144A

144A

5.605%,

(US

SOFR

Month

plus

1.700%),

7/15/34 144A

250,000

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

A

144A

144A

4.974%,

(US

Day

Average

SOFR

plus

1.100%),

12/26/31 144A

104,267

Bayview

Opportunity

Master

Fund

VII,

Series

2025-EDU1,

Class

A

144A

144A

5.174%,

(US

Day

Average

SOFR

plus

1.300%),

7/27/48 144A

231,548

Bayview

Opportunity

Master

Fund

VII,

Series

2025-EDU1,

Class

B

144A

144A

5.574%,

(US

Day

Average

SOFR

plus

1.700%),

7/27/48 144A

435,311

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

A2

144A

144A

5.050%,

3/15/29 144A

206,554

Blue

Owl

Asset

Leasing

Trust

LLC,

Series

2024-1A,

Class

B

144A

144A

5.410%,

3/15/30 144A

110,000

BlueMountain

CLO,

Ltd.,

Series

2018-3A,

Class

A1R

144A

144A

5.048%,

(US

SOFR

Month

plus

1.190%),

10/25/30 144A

180,259

BRE

Grand

Islander

Timeshare

Issuer

LLC,

Series

2019-A,

Class

A

144A

144A

3.280%,

9/26/33 144A

103,000

Canyon

Capital

CLO,

Ltd.,

Series

2019-2A,

Class

AR2

144A

144A

4.915%,

(US

SOFR

Month

plus

1.010%),

10/15/34 144A

550,000

549

CarMax

Auto

Owner

Trust,

Series

2023-2,

Class

C

5.570%,

11/15/28

585,000

593

CarMax

Auto

Owner

Trust,

Series

2023-2,

Class

D

6.550%,

10/15/29

390,000

CarMax

Auto

Owner

Trust,

Series

2023-3,

Class

C

5.610%,

2/15/29

655,000

667

CarMax

Auto

Owner

Trust,

Series

2023-3,

Class

D

6.440%,

12/16/30

210,000

CarMax

Auto

Owner

Trust,

Series

2024-1,

Class

C

5.470%,

8/15/29

290,000

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
CarMax

Auto

Owner

Trust,

Series

2024-2,

Class

D

6.420%,

10/15/30

100,000

CarMax

Auto

Owner

Trust,

Series

2024-3,

Class

D

5.670%,

1/15/31

125,000

CarMax

Select

Receivables

Trust,

Series

2024-A,

Class

B

5.350%,

1/15/30

135,000

CarMax

Select

Receivables

Trust,

Series

2024-A,

Class

C

5.620%,

1/15/30

570,000

583

Carvana

Auto

Receivables

Trust,

Series

2024-

N2,

Class

B

144A

144A

5.670%,

9/10/30 144A

405,000

Carvana

Auto

Receivables

Trust,

Series

2024-

N2,

Class

C

144A

144A

5.820%,

9/10/30 144A

905,000

924

Chase

Auto

Credit

Linked

Notes,

Series

2025-

1,

Class

B

144A

144A

4.753%,

2/25/33 144A

291,782

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

A2

144A

144A

4.710%,

8/20/32 144A

51,414

Clarus

Capital

Funding

LLC,

Series

2024-1A,

Class

B

144A

144A

4.790%,

8/20/32 144A

155,000

CNH

Equipment

Trust,

Series

2024-B,

Class A3

5.190%,

9/17/29

245,000

CyrusOne

Data

Centers

Issuer

I

LLC,

Series

2024-2A,

Class

A2

144A

144A

4.500%,

5/20/49 144A

755,000

737

Dell

Equipment

Finance

Trust,

Series

2023-3,

Class

D

144A

144A

6.750%,

10/22/29 144A

100,000

Dell

Equipment

Finance

Trust,

Series

2024-1,

Class

D

144A

144A

6.120%,

9/23/30 144A

100,000

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

B

144A

144A

4.820%,

8/22/30 144A

100,000

Dell

Equipment

Finance

Trust,

Series

2024-2,

Class

D

144A

144A

5.290%,

2/24/31 144A

410,000

Dell

Equipment

Finance

Trust,

Series

2025-1,

Class

C

144A

144A

5.250%,

2/24/31 144A

100,000

Dext

ABS,

Series

2025-2,

Class

C

144A

144A

4.890%,

4/15/36 144A

100,000

DLLAA

LLC,

Series

2023-1A,

Class

A3

144A

144A

5.640%,

2/22/28 144A

313,459

DLLST

LLC,

Series

2024-1A,

Class

A3

144A

144A

5.050%,

8/20/27 144A

97,749

DLLST

LLC,

Series

2024-1A,

Class

A4

144A

144A

4.930%,

4/22/30 144A

40,000

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

C

4.390%,

9/15/32

195,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 70
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Dryden Senior

Loan

Fund,

Series

2016-45A,

Class

BRR

144A

144A

5.555%,

(US

SOFR

Month

plus

1.650%),

10/15/30 144A

515,000

516

Elara

HGV

Timeshare

Issuer

LLC,

Series

2019-A,

Class

A

144A

144A

2.610%,

1/25/34 144A

49,425

Elara

HGV

Timeshare

Issuer

LLC,

Series

2023-A,

Class

A

144A

144A

6.160%,

2/25/38 144A

94,025

Elara

HGV

Timeshare

Issuer

LLC,

Series

2023-A,

Class

C

144A

144A

7.300%,

2/25/38 144A

129,101

Enterprise

Fleet

Financing

LLC,

Series

2023-

2,

Class

A2

144A

144A

5.560%,

4/22/30 144A

179,861

Enterprise

Fleet

Financing

LLC,

Series

2024-

3,

Class

A3

144A

144A

4.980%,

8/21/28 144A

150,000

Enterprise

Fleet

Financing

LLC,

Series

2024-

3,

Class

A4

144A

144A

5.060%,

3/20/31 144A

100,000

Exeter

Automobile

Receivables

Trust,

Series

2022-4A,

Class

D

5.980%,

12/15/28

701,284

707

Exeter

Automobile

Receivables

Trust,

Series

2023-1A,

Class

D

6.690%,

6/15/29

80,000

Exeter

Automobile

Receivables

Trust,

Series

2025-4A,

Class

B

4.400%,

5/15/30

135,000

Exeter

Automobile

Receivables

Trust,

Series

2025-4A,

Class

C

4.570%,

6/16/31

480,000

Exeter

Automobile

Receivables

Trust,

Series

2025-5A,

Class

B

4.280%,

7/15/30

465,000

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-1,

Class

B

4.870%,

8/15/31

255,000

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-2,

Class

B

4.630%,

11/17/31

140,000

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-2,

Class

C

4.910%,

12/15/31

285,000

Finance

of

America

HECM

Buyout,

Series

2024-HB1,

Class

A1A

144A

144A

4.000%,

(AFC),

10/1/34 144A

25,636

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

C

6.430%,

4/15/27

285,000

Ford

Credit

Auto

Owner

Trust,

Series

2023-A,

Class

B

5.070%,

1/15/29

905,000

914

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

B

144A

144A

5.310%,

5/15/28 144A

155,000

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

C

144A

144A

5.750%,

5/15/28 144A

245,000

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2023-1,

Class

D

144A

144A

6.620%,

5/15/28 144A

440,000

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2024-1,

Class

B

144A

144A

5.480%,

4/15/29 144A

280,000

Fortress

Credit

BSL

VII,

Ltd.,

Series

2019-1A,

Class

A1R

144A

144A

4.950%,

(US

SOFR

Month

plus

1.090%),

7/23/32 144A

94,057

Fortress

Credit

BSL

VII,

Ltd.,

Series

2019-1A,

Class

A2R

144A

144A

5.260%,

(US

SOFR

Month

plus

1.400%),

7/23/32 144A

460,000

Fortress

Credit

BSL

VII,

Ltd.,

Series

2019-1A,

Class

BR

144A

144A

5.510%,

(US

SOFR

Month

plus

1.650%),

7/23/32 144A

585,000

586

Fortress

Credit

BSL

VIII,

Ltd.,

Series

2019-2A,

Class

A1AR

144A

144A

4.920%,

(US

SOFR

Month

plus

1.050%),

10/20/32 144A

160,748

Fortress

Credit

BSL

VIII,

Ltd.,

Series

2019-2A,

Class

A2R

144A

144A

5.270%,

(US

SOFR

Month

plus

1.400%),

10/20/32 144A

570,000

570

Fortress

Credit

BSL

VIII,

Ltd.,

Series

2020-1A,

Class

BR

144A

144A

5.628%,

(US

SOFR

Month

plus

1.700%),

10/20/33 144A

590,000

593

Fortress

Credit

BSL

XV,

Ltd.,

Series

2022-2A,

Class

AR

144A

144A

5.284%,

(US

SOFR

Month

plus

1.400%),

10/18/33 144A

460,000

Fortress

Credit

BSL

XVIII,

Ltd.,

Series

2023-

1A,

Class

A1R

144A

144A

5.430%,

(US

SOFR

Month

plus

1.570%),

4/23/36 144A

250,000

Frontier

Issuer

LLC,

Series

2023-1,

Class

C

144A

144A

11.500%,

8/20/53 144A

475,000

Frontier

Issuer

LLC,

Series

2024-1,

Class

A2

144A

144A

6.190%,

6/20/54 144A

110,000

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2023-1,

Class

B

5.030%,

9/18/28

155,000

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

A1

144A

144A

4.730%,

11/15/29 144A

215,000

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

B

144A

144A

4.980%,

11/15/29 144A

525,000

532

GreatAmerica

Leasing

Receivables

Funding

LLC,

Series

2025-2,

Class

A3

144A

144A

4.140%,

12/17/29 144A

250,000

Hardee's

Funding

LLC,

Series

2018-1A,

Class A23

144A

144A

5.710%,

6/20/48 144A

264,338

Hardee's

Funding

LLC,

Series

2020-1A,

Class A2

144A

144A

3.981%,

12/20/50 144A

1,068,750

1,034

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 71
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Hardee's

Funding

LLC,

Series

2021-1A,

Class A2

144A

144A

2.865%,

6/20/51 144A

138,475

Hilton

Grand

Vacations

Trust,

Series

2020-AA,

Class

A

144A

144A

2.740%,

2/25/39 144A

88,953

Hilton

Grand

Vacations

Trust,

Series

2022-1D,

Class

A

144A

144A

3.610%,

6/20/34 144A

54,934

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

B

144A

144A

6.110%,

1/25/38 144A

292,650

Hilton

Grand

Vacations

Trust,

Series

2023-1A,

Class

C

144A

144A

6.940%,

1/25/38 144A

54,652

Hilton

Grand

Vacations

Trust,

Series

2025-1A,

Class

A

144A

144A

4.880%,

5/27/42 144A

179,472

Hilton

Grand

Vacations

Trust,

Series

2025-1A,

Class

B

144A

144A

5.180%,

5/27/42 144A

305,484

Home

Partners

of

America

Trust,

Series

2022-

1,

Class

A

144A

144A

3.930%,

4/17/39 144A

284,906

HPEFS

Equipment

Trust,

Series

2023-1A,

Class

C

144A

144A

5.910%,

4/20/28 144A

90,564

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

C

144A

144A

6.480%,

1/21/31 144A

119,351

HPEFS

Equipment

Trust,

Series

2023-2A,

Class

D

144A

144A

6.970%,

7/21/31 144A

125,000

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

C

144A

144A

5.330%,

6/20/31 144A

680,000

684

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

B

144A

144A

5.350%,

10/20/31 144A

100,000

HPEFS

Equipment

Trust,

Series

2024-2A,

Class

D

144A

144A

5.820%,

4/20/32 144A

205,000

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

B1

144A

144A

6.153%,

5/20/32 144A

292,388

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-2,

Class

B1

144A

144A

5.442%,

10/20/32 144A

341,853

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2025-1,

Class

B

144A

144A

4.957%,

3/21/33 144A

472,262

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

A3

144A

144A

4.530%,

4/17/28 144A

205,000

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

B

144A

144A

4.940%,

8/15/29 144A

425,000

Jack

in

the

Box

Funding

LLC,

Series

2022-1A,

Class

A2I

144A

144A

3.445%,

2/26/52 144A

1,088,725

1,054

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
JP

Morgan

Mortgage

Trust,

Series

2025-HE3,

Class

A1

144A

144A

5.268%,

(US

Day

Average

SOFR

plus

1.350%),

(AFC),

3/25/56 144A

243,028

KKR

CLO,

Ltd.,

Series

2024-40A,

Class

AR

144A

144A

5.184%,

(US

SOFR

Month

plus

1.300%),

10/20/34 144A

1,105,000

1,106

KKR

CLO,

Ltd.,

Series

2025-33A,

Class

AR

144A

144A

4.993%,

(US

SOFR

Month

plus

1.080%),

7/20/34 144A

990,000

989

KKR

CLO,

Ltd.,

Series

2025-33A,

Class

BR

144A

144A

5.513%,

(US

SOFR

Month

plus

1.600%),

7/20/34 144A

640,000

640

KKR

Financial

CLO,

Ltd.,

Series

2025-18,

Class

A1R2

144A

144A

5.191%,

(US

SOFR

Month

plus

1.050%),

10/18/35 144A

1,570,000

1,570

Madison

Park

Funding

XLV,

Ltd.,

Series

2020-

45A,

Class

ARR

144A

144A

4.985%,

(US

SOFR

Month

plus

1.080%),

7/15/34 144A

305,000

Madison

Park

Funding

XXXIII,

Ltd.,

Series

2019-33A,

Class AR

144A

144A

5.195%,

(US

SOFR

Month

plus

1.290%),

10/15/32 144A

1,007,213

1,007

Marble

Point

CLO

XV,

Ltd.,

Series

2019-1A,

Class

A1R2

144A

144A

4.900%,

(US

SOFR

Month

plus

1.040%),

7/23/32 144A

566,735

567

MMAF

Equipment

Finance

LLC,

Series

2021-

A,

Class

A5

144A

144A

1.190%,

11/13/43 144A

100,000

MVW

Owner

Trust,

Series

2019-2A,

Class

A

144A

144A

2.440%,

10/20/38 144A

23,510

MVW

Owner

Trust,

Series

2020-1A,

Class

A

144A

144A

1.740%,

10/20/37 144A

121,301

MVW

Owner

Trust,

Series

2020-1A,

Class

B

144A

144A

2.730%,

10/20/37 144A

67,673

MVW

Owner

Trust,

Series

2021-1WA,

Class

B

144A

144A

1.440%,

1/22/41 144A

20,853

MVW

Owner

Trust,

Series

2021-1WA,

Class C

144A

144A

1.940%,

1/22/41 144A

30,863

MVW

Owner

Trust,

Series

2023-1A,

Class

A

144A

144A

4.930%,

10/20/40 144A

316,230

MVW

Owner

Trust,

Series

2023-2A,

Class

A

144A

144A

6.180%,

11/20/40 144A

67,292

MVW

Owner

Trust,

Series

2023-2A,

Class

B

144A

144A

6.330%,

11/20/40 144A

51,404

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A

144A

144A

3.420%,

1/15/43 144A

26,799

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-D,

Class

A2A

144A

144A

3.010%,

12/15/59 144A

97,779

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-EA,

Class

A2A

144A

144A

2.640%,

5/15/68 144A

92,844

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A

144A

144A

2.400%,

10/15/68 144A

168,664

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 72
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Navient

Private

Education

Refi

Loan

Trust,

Series

2020-A,

Class

A2A

144A

144A

2.460%,

11/15/68 144A

123,698

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-CA,

Class

A2A

144A

144A

2.150%,

11/15/68 144A

460,872

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-DA,

Class

A

144A

144A

1.690%,

5/15/69 144A

84,420

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A

144A

144A

1.170%,

9/16/69 144A

54,647

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A

144A

144A

1.310%,

1/15/69 144A

24,953

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2024-1,

Class

B

144A

144A

5.790%,

4/25/29 144A

50,000

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2024-1,

Class

C

144A

144A

6.130%,

4/25/29 144A

75,000

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2025-1,

Class

B

144A

144A

4.420%,

9/25/30 144A

80,000

Navistar

Financial

Dealer

Note

Master

Trust,

Series

2025-1,

Class

C

144A

144A

4.720%,

9/25/30 144A

40,000

Nelnet

Student

Loan

Trust,

Series

2020-1A,

Class

A

144A

144A

4.586%,

(US

SOFR

Month

plus

0.855%),

3/26/68 144A

60,380

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX

144A

144A

1.320%,

4/20/62 144A

329,472

Nelnet

Student

Loan

Trust,

Series

2021-DA,

Class

AFX

144A

144A

1.630%,

4/20/62 144A

112,933

Neuberger

Berman

Loan

Advisers

CLO,

Ltd.,

Series

2021-43A,

Class

AR

144A

144A

4.932%,

(US

SOFR

Month

plus

1.050%),

7/17/36 144A

1,205,000

1,203

NMEF

Funding

LLC,

Series

2025-A,

Class

A2

144A

144A

4.720%,

7/15/32 144A

211,546

Northwoods

Capital

XIV-B,

Ltd.,

Series

2018-

14BA,

Class

AR

144A

144A

5.091%,

(US

SOFR

Month

plus

1.250%),

11/13/31 144A

454,278

Octagon

Investment

Partners

XXI,

Ltd.,

Series

2014-1A,

Class

A2R4

144A

144A

5.003%,

(US

SOFR

Month

plus

1.150%),

2/14/31 144A

570,000

570

Octane

Receivables

Trust,

Series

2023-1A,

Class

B

144A

144A

5.960%,

7/20/29 144A

225,000

Octane

Receivables

Trust,

Series

2023-3A,

Class

B

144A

144A

6.480%,

7/20/29 144A

440,000

Octane

Receivables

Trust,

Series

2023-3A,

Class

C

144A

144A

6.740%,

8/20/29 144A

100,000

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Octane

Receivables

Trust,

Series

2024-3A,

Class

A2

144A

144A

4.940%,

5/20/30 144A

113,940

Octane

Receivables

Trust,

Series

2024-3A,

Class

C

144A

144A

5.510%,

10/20/31 144A

140,000

Octane

Receivables

Trust,

Series

2024-RVM1,

Class

A

144A

144A

5.010%,

1/22/46 144A

241,323

Octane

Receivables

Trust,

Series

2025-RVM1,

Class

B

144A

144A

4.830%,

12/20/46 144A

250,000

Octane

Receivables

Trust,

Series

2025-RVM1,

Class

C

144A

144A

5.260%,

12/20/46 144A

520,000

520

OZLM

Funding

II,

Ltd.,

Series

2012-2A,

Class AR4

144A

144A

5.038%,

(US

SOFR

Month

plus

1.200%),

7/30/37 144A

250,000

OZLM

XXI,

Ltd.,

Series

2017-21A,

Class

A1R

144A

144A

5.034%,

(US

SOFR

Month

plus

1.150%),

1/20/31 144A

94,160

PEAC

Solutions

Receivables

LLC,

Series

2025-1A,

Class

A2

144A

144A

4.940%,

10/20/28 144A

295,000

PEAC

Solutions

Receivables

LLC,

Series

2025-1A,

Class

A3

144A

144A

5.040%,

7/20/32 144A

240,000

Post

Road

Equipment

Finance,

Series

2024-

1A,

Class

A2

144A

144A

5.590%,

11/15/29 144A

29,101

Progress

Residential

Trust,

Series

2021-SFR3,

Class

F

144A

144A

3.436%,

5/17/26 144A

200,000

Progress

Residential

Trust,

Series

2021-SFR8,

Class

C

144A

144A

1.931%,

10/17/38 144A

460,000

RCKT

Mortgage

Trust,

Series

2024-CES8,

Class

A1A

144A

144A

5.490%,

(AFC),

11/25/44 144A ∑

500,987

505

RCKT

Mortgage

Trust,

Series

2024-CES9,

Class

A1A

144A

144A

5.582%,

(AFC),

12/25/44 144A ∑

98,478

Rockford

Tower

CLO,

Ltd.,

Series

2019-2A,

Class

AR2

144A

144A

5.019%,

(US

SOFR

Month

plus

1.130%),

8/20/32 144A

656,050

656

Romark

CLO

II,

Ltd.,

Series

2018-2A,

Class A2R

144A

144A

5.508%,

(US

SOFR

Month

plus

1.650%),

7/25/31 144A

1,075,000

1,076

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

A2

144A

144A

5.644%,

12/15/33 144A

107,394

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

D

144A

144A

6.663%,

12/15/33 144A

137,545

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

B

144A

144A

5.622%,

6/15/32 144A

162,874

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 73
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-A,

Class

C

144A

144A

5.818%,

6/15/32 144A

162,874

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

B

144A

144A

4.965%,

1/18/33 144A

222,133

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2024-B,

Class

C

144A

144A

5.141%,

1/18/33 144A

222,133

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

B

144A

144A

4.484%,

1/16/34 144A

250,000

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

C

144A

144A

4.661%,

1/16/34 144A

250,000

Santander

Drive

Auto

Receivables

Trust,

Series

2021-4,

Class

D

1.670%,

10/15/27

61,454

Santander

Drive

Auto

Receivables

Trust,

Series

2023-1,

Class

C

5.090%,

5/15/30

229,377

Santander

Drive

Auto

Receivables

Trust,

Series

2025-4,

Class

B

4.270%,

1/15/32

425,000

Santander

Mortgage

Asset

Receivables

Trust,

Series

2025-CES1,

Class

A1A

144A

144A

5.036%,

(AFC),

9/25/55 144A ∑

517,839

518

SBNA

Auto

Lease

Trust,

Series

2024-B,

Class A4

144A

144A

5.550%,

12/20/28 144A

540,000

547

SCF

Equipment

Leasing

LLC,

Series

2023-1A,

Class

A3

144A

144A

6.170%,

5/20/32 144A

236,392

SCF

Equipment

Trust

LLC,

Series

2016-1,

Class

A2

144A

144A

4.820%,

7/22/30 144A

169,407

SCF

Equipment

Trust

LLC,

Series

2016-1,

Class

A3

144A

144A

5.110%,

11/21/33 144A

300,000

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

121,371

Securitized

Term

Auto

Receivables

Trust,

Series

2025-B,

Class

B

144A

144A

4.925%,

12/29/32 144A

99,162

Securitized

Term

Auto

Receivables

Trust,

Series

2025-B,

Class

C

144A

144A

5.121%,

12/29/32 144A

38,139

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A3

144A

144A

4.950%,

5/21/29 144A

118,405

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

C

144A

144A

5.510%,

1/20/32 144A

55,000

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-2A,

Class

A4

144A

144A

5.260%,

8/20/30 144A

145,000

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Sierra

Timeshare

Receivables

Funding

Co.

LLC,

Series

2021-2A,

Class

B

144A

144A

1.800%,

9/20/38 144A

44,531

Sierra

Timeshare

Receivables

Funding

Co.

LLC,

Series

2021-2A,

Class

C

144A

144A

1.950%,

9/20/38 144A

93,020

Sierra

Timeshare

Receivables

Funding

Co.

LLC,

Series

2025-2A,

Class

B

144A

144A

4.930%,

4/20/44 144A

174,572

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2025-3A,

Class

A

144A

144A

4.440%,

8/22/44 144A

89,487

Sierra

Timeshare

Receivables

Funding

LLC,

Series

2025-3A,

Class

B

144A

144A

4.640%,

8/22/44 144A

138,705

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A

144A

144A

3.600%,

1/15/37 144A

28,698

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2B

144A

144A

4.585%,

(US

SOFR

Month

plus

0.835%),

1/15/37 144A

68,670

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A

144A

144A

1.290%,

7/15/53 144A

55,964

SMB

Private

Education

Loan

Trust,

Series

2020-PTB,

Class

A2A

144A

144A

1.600%,

9/15/54 144A

421,908

SMB

Private

Education

Loan

Trust,

Series

2021-B,

Class

A

144A

144A

1.310%,

7/17/51 144A

285,663

SMB

Private

Education

Loan

Trust,

Series

2025-A,

Class

A1A

144A

144A

5.130%,

4/15/54 144A

297,932

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-CA,

Class

B

144A

144A

4.250%,

12/20/29 144A

55,000

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-CA,

Class

C

144A

144A

4.440%,

8/20/30 144A

200,000

Symphony

CLO

XXIII,

Ltd.,

Series

2020-23A,

Class

AR2

144A

144A

4.805%,

(US

SOFR

Month

plus

0.900%),

1/15/34 144A

541,099

541

Symphony

CLO

XXVI,

Ltd.,

Series

2021-26A,

Class

AR

144A

144A

5.226%,

(US

SOFR

Month

plus

1.342%),

4/20/33 144A

168,823

Tricon

Residential

Trust,

Series

2024-SFR2,

Class

A

144A

144A

4.750%,

6/17/40 144A

279,116

Tricon

Residential

Trust,

Series

2024-SFR2,

Class

D

144A

144A

6.000%,

6/17/40 144A

510,000

515

Trinitas

CLO

VI,

Ltd.,

Series

2025-6A,

Class AR4

144A

144A

4.968%,

(US

SOFR

Month

plus

1.110%),

1/25/34 144A

470,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 74
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Trinitas

CLO

VII,

Ltd.,

Series

2017-7A, Class A1R2

144A

144A

4.918%,

(US

SOFR

Month

plus

1.060%),

1/25/35 144A

250,000

US

Bank

NA,

Series

2023-1,

Class

B

144A

144A

6.789%,

8/25/32 144A

53,943

Verdant

Receivables

LLC,

Series

2023-1A,

Class

A2

144A

144A

6.240%,

1/13/31 144A

252,816

Verdant

Receivables

LLC,

Series

2024-1A,

Class

A2

144A

144A

5.680%,

12/12/31 144A

86,270

Verizon

Master

Trust,

Series

2024-6,

Class

B

4.420%,

8/20/30

710,000

713

Wheels

Fleet

Lease

Funding

LLC,

Series

2023-2A,

Class

A

144A

144A

6.460%,

8/18/38 144A

314,170

Wheels

Fleet

Lease

Funding

LLC,

Series

2024-1A,

Class

A1

144A

144A

5.490%,

2/18/39 144A

392,587

Wheels

Fleet

Lease

Funding

LLC,

Series

2025-3A,

Class

A1

144A

144A

4.080%,

9/18/40 144A

200,000

Wheels

Fleet

Lease

Funding

LLC,

Series

2025-3A,

Class

C

144A

144A

4.790%,

9/18/40 144A

320,000

Wingspire

Equipment

Finance

LLC,

Series

2025-1A,

Class

A2

144A

144A

4.330%,

9/20/33 144A

100,000

Wingspire

Equipment

Finance

LLC,

Series

2025-1A,

Class

C

144A

144A

4.760%,

9/20/33 144A

100,000

World

Omni

Auto

Receivables

Trust,

Series

2022-A,

Class

C

2.550%,

9/15/28

325,000

World

Omni

Select

Auto

Trust,

Series

2023-A,

Class

B

5.870%,

8/15/28

445,000

Zaxbys

Funding

LLC,

Series

2021-1A,

Class A2

144A

144A

3.238%,

7/30/51 144A

540,988

511

#### Total

#### 66,973

#### Mortgage

#### Securities

#### (16.8%)
ALA

Trust,

Series

2025-OANA,

Class

A

144A

144A

5.494%,

(US

SOFR

Month

plus

1.743%),

6/15/40 144A

260,000

Angel

Oak

Mortgage

Trust,

Series

2020-3,

Class

A3

144A

144A

2.872%,

(AFC),

4/25/65 144A

28,256

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1

144A

144A

0.909%,

(AFC),

1/25/66 144A

199,993

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A2

144A

144A

1.190%,

(AFC),

4/25/66 144A

60,456

Angel

Oak

Mortgage

Trust,

Series

2025-5,

Class

A1

144A

144A

5.573%,

(AFC),

4/25/70 144A ∑

916,984

925

BANK,

Series

2024-BNK47,

Class

A1

5.523%,

6/15/57

77,219

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
BANK5,

Series

2024-5YR11,

Class

AS

6.139%,

11/15/57

325,000

BANK5,

Series

2024-5YR12,

Class

A3

5.902%,

(AFC),

12/15/57

540,000

568

BANK5,

Series

2024-5YR12,

Class

AS

6.122%,

(AFC),

12/15/57

225,000

BANK5,

Series

2024-5YR9,

Class

A1

4.889%,

8/15/57

292,775

Benchmark

Mortgage

Trust,

Series

2024-V11,

Class

AM

6.201%,

(AFC),

11/15/57

275,000

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A1

5.514%,

7/15/57

176,645

Benchmark

Mortgage

Trust,

Series

2025-B41,

Class

A1

4.401%,

7/15/68

181,476

Benchmark

Mortgage

Trust,

Series

2025-V19,

Class

A3

5.249%,

(CSTR),

1/15/58

160,000

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

C

144A

144A

5.451%,

(CSTR),

10/10/42 144A

155,000

BINOM

Securitization

Trust,

Series

2021-INV1,

Class

A3

144A

144A

2.625%,

(AFC),

6/25/56 144A

120,885

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

5.015%,

(US

SOFR

Month

plus

1.265%),

9/25/38 144A

450,000

BX

Commercial

Mortgage

Trust,

Series

2024-

GPA3,

Class

B

144A

144A

5.392%,

(US

SOFR

Month

plus

1.642%),

12/15/39 144A

264,877

BX

Commercial

Mortgage

Trust,

Series

2024-

MDHS,

Class

A

144A

144A

5.391%,

(US

SOFR

Month

plus

1.641%),

5/15/41 144A

365,311

BX

Commercial

Mortgage

Trust,

Series

2024-

MDHS,

Class

B

144A

144A

5.591%,

(US

SOFR

Month

plus

1.841%),

5/15/41 144A

365,311

BX

Commercial

Mortgage

Trust,

Series

2024-

SLCT,

Class

B

144A

144A

5.543%,

(US

SOFR

Month

plus

1.793%),

1/15/42 144A

190,000

BX

Commercial

Mortgage

Trust,

Series

2024-

SLCT,

Class

C

144A

144A

6.142%,

(US

SOFR

Month

plus

2.392%),

1/15/42 144A

500,000

BX

Trust,

Series

2021-VIEW,

Class

A

144A

144A

5.144%,

(US

SOFR

Month

plus

1.395%),

6/15/36 144A

255,000

BX

Trust,

Series

2025-GW,

Class

A

144A

144A

5.350%,

(US

SOFR

Month

plus

1.600%),

7/15/42 144A

590,000

591

BX

Trust,

Series

2025-VOLT,

Class

A

144A

144A

5.450%,

(US

SOFR

Month

plus

1.700%),

12/15/44 144A

455,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 75
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
BX

Trust,

Series

2025-VOLT,

Class

B

144A

144A

5.850%,

(US

SOFR

Month

plus

2.100%),

12/15/44 144A

685,000

687

CENT,

Series

2025-CITY,

Class

A

144A

144A

4.920%,

(CSTR),

7/10/40 144A

455,000

CIM

Trust,

Series

2021-R6,

Class

A1

144A

144A

1.425%,

(AFC),

7/25/61 144A

72,100

Citigroup

Mortgage

Loan

Trust,

Series

2020-

EXP2,

Class

A3

144A

144A

2.500%,

8/25/50 144A

203,630

Citigroup

Mortgage

Loan

Trust,

Series

2020-

EXP2,

Class

A4

144A

144A

2.500%,

(AFC),

8/25/50 144A

282,819

COLT

Mortgage

Loan

Trust,

Series

2021-1,

Class

A2

144A

144A

1.167%,

(AFC),

6/25/66 144A

177,344

COLT

Mortgage

Loan

Trust,

Series

2024-6,

Class

A2

144A

144A

5.644%,

(AFC),

11/25/69 144A ∑

487,914

COLT

Mortgage

Loan

Trust,

Series

2024-INV4,

Class

A3

144A

144A

6.111%,

(AFC),

5/25/69 144A ∑

478,261

COLT

Mortgage

Loan

Trust,

Series

2025-10,

Class

A1F

144A

144A

5.074%,

(US

Day

Average

SOFR

plus

1.200%),

(AFC),

10/25/70 144A

368,194

COLT

Mortgage

Loan

Trust,

Series

2025-4,

Class

A1

144A

144A

5.794%,

(AFC),

4/25/70 144A ∑

190,358

COLT

Mortgage

Loan

Trust,

Series

2025-INV2,

Class

A1

144A

144A

5.601%,

(AFC),

2/25/70 144A ∑

373,177

COMM

Mortgage

Trust,

Series

2014-CR15,

Class

B

3.913%,

(CSTR),

2/10/47

151,465

Connecticut

Avenue

Securities

Trust,

Series

2025-R01,

Class

1M1

144A

144A

4.974%,

(US

Day

Average

SOFR

plus

1.100%),

1/25/45 144A

283,836

Connecticut

Avenue

Securities

Trust,

Series

2025-R03,

Class

2A1

144A

144A

5.324%,

(US

Day

Average

SOFR

plus

1.450%),

3/25/45 144A

162,224

Connecticut

Avenue

Securities

Trust,

Series

2025-R06,

Class

1M1

144A

144A

4.824%,

(US

Day

Average

SOFR

plus

0.950%),

9/25/45 144A

263,548

Cross

Mortgage

Trust,

Series

2024-H6,

Class A2

144A

144A

5.383%,

(AFC),

9/25/69 144A ∑

301,961

DBC

Mortgage

Trust,

Series

2025-DBC,

Class A

144A

144A

5.101%,

(US

SOFR

Month

plus

1.350%),

11/15/42 144A

610,000

610

Deephaven

Residential

Mortgage

Trust,

Series

2021-2,

Class

A3

144A

144A

1.260%,

(AFC),

4/25/66 144A

83,305

EFMT,

Series

2024-INV2,

Class

A1

144A

144A

5.035%,

(AFC),

10/25/69 144A ∑

408,912

EFMT,

Series

2024-INV2,

Class

A2

144A

144A

5.289%,

(AFC),

10/25/69 144A ∑

232,434

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
EFMT,

Series

2025-INV2,

Class

A1

144A

144A

5.387%,

(AFC),

5/26/70 144A ∑

185,807

EFMT,

Series

2025-INV4,

Class

A1F

144A

144A

5.065%,

(US

Day

Average

SOFR

plus

1.200%),

(AFC),

10/25/70 144A

191,336

EFMT,

Series

2025-INV5,

Class

A1

144A

144A

5.077%,

12/1/70 144A

239,074

EFMT,

Series

2025-NQM5,

Class

A1

144A

144A

5.033%,

11/25/70 144A

235,795

EFMT,

Series

2025-NQM6,

Class

A1

144A

144A

5.001%,

12/25/70 144A

400,000

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3

144A

144A

3.046%,

(AFC),

11/25/59 144A

22,239

Ellington

Financial

Mortgage

Trust,

Series

2021-3,

Class

A3

144A

144A

1.550%,

(AFC),

9/25/66 144A

126,493

Extended

Stay

America

Trust,

Series

2025-

ESH,

Class

C

144A

144A

5.600%,

(US

SOFR

Month

plus

1.850%),

10/15/42 144A

230,000

Federal

Home

Loan

Mortgage

Corp.

2.500%,

1/1/52

468,245

2.500%,

4/1/52

250,798

3.000%,

11/1/34

22,155

3.000%,

6/1/52

433,143

3.500%,

3/1/46

24,965

3.500%,

12/1/47

230,961

4.000%,

12/1/49

71,377

4.500%,

5/1/50

44,103

4.500%,

9/1/52

1,484,338

1,456

4.500%,

2/1/53

120,173

5.000%,

12/1/41

86,548

5.000%,

10/1/54

474,850

5.000%,

6/1/55

17,456

5.500%,

8/1/53

471,153

5.500%,

10/1/54

93,063

5.500%,

4/1/55

671,273

683

5.500%,

7/1/55

378,762

6.000%,

9/1/34

720

6.000%,

2/1/35

13,024

6.000%,

9/1/35

4,431

6.000%,

10/1/54

583,028

601

6.000%,

12/1/54

195,001

6.000%,

2/1/55

65,880

6.000%,

5/1/55

254,610

6.000%,

8/1/55

2,112,058

2,173

6.500%,

9/1/54

55,679

6.500%,

12/1/54

30,686

6.500%,

1/1/55

77,125

6.500%,

6/1/55

571,787

595

7.000%,

3/1/39

20,457

7.500%,

6/1/38

17,598

Federal

Home

Loan

Mortgage

Corp.,

Series

K753,

Class

A1

4.600%,

6/25/30

312,135

Federal

National

Mortgage

Association

2.000%,

10/1/50

183,374

2.500%,

1/1/52

641,319

549

3.000%,

9/1/28

54,187

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 76
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
3.000%,

12/1/34

49,773

3.000%,

3/1/35

20,690

3.500%,

5/1/27

31,230

3.500%,

4/1/46

160,206

3.500%,

2/1/48

277,621

3.500%,

1/1/52

102,200

4.000%,

1/1/47

42,605

4.000%,

2/1/49

8,477

4.000%,

11/1/49

24,707

4.000%,

12/1/49

7,769

4.000%,

8/1/52

164,001

4.000%,

9/1/52

1,320,734

1,258

4.500%,

5/1/40

31,319

4.500%,

9/1/40

28,011

4.500%,

5/1/41

57,016

4.500%,

8/1/48

16,836

4.500%,

9/1/48

15,711

4.500%,

10/1/48

116,840

4.500%,

11/1/48

22,075

4.500%,

12/1/48

117,700

4.500%,

5/1/49

62,203

4.500%,

1/1/50

15,509

4.500%,

11/1/52

784,866

769

5.000%,

10/1/33

40,450

5.000%,

6/1/40

26,777

5.000%,

7/1/45

39,756

5.000%,

9/1/48

37,402

5.000%,

2/1/49

17,287

5.000%,

8/1/49

14,263

5.000%,

10/1/52

529,906

532

5.000%,

9/1/53

2,348,807

2,354

5.000%,

10/1/53

1,712,709

1,713

5.000%,

9/1/54

755,012

757

5.000%,

10/1/55

697,425

701

5.000%,

12/1/55

243,417

5.500%,

8/1/37

24,659

5.500%,

2/1/38

97,675

5.500%,

9/1/53

22,196

5.500%,

10/1/53

293,052

5.500%,

2/1/54

370,544

5.500%,

3/1/54

516,600

529

5.500%,

5/1/54

41,294

5.500%,

9/1/54

1,640,310

1,668

5.500%,

10/1/54

192,986

5.500%,

9/1/55

783,626

798

5.500%,

10/1/55

506,439

516

6.000%,

3/1/34

19,939

6.000%,

8/1/34

57,509

6.000%,

11/1/34

2,229

6.000%,

12/1/34

781

6.000%,

4/1/35

1,400

6.000%,

5/1/38

1,033

6.000%,

10/1/40

49,958

6.000%,

2/1/49

201,346

6.000%,

6/1/54

523,376

539

6.000%,

8/1/54

184,457

6.500%,

7/1/32

6,120

6.500%,

12/1/32

5,442

6.500%,

9/1/54

33,663

6.500%,

1/1/55

36,070

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
6.500%,

2/1/55

103,111

6.500%,

6/1/55

397,135

Federal

National

Mortgage

Association,

Series

2017-90,

Class

KA

3.000%,

11/25/47

125,048

Flagstar

Mortgage

Trust,

Series

2020-1INV,

Class

A11

144A

144A

4.696%,

(US

SOFR

Month

plus

0.965%),

3/25/50 144A

82,144

Galton

Funding

Mortgage

Trust,

Series

2018-

1,

Class

A33

144A

144A

3.500%,

(AFC),

11/25/57 144A

17,280

Galton

Funding

Mortgage

Trust,

Series

2019-

1,

Class

A21

144A

144A

4.500%,

(AFC),

2/25/59 144A

18,481

Galton

Funding

Mortgage

Trust,

Series

2019-

1,

Class

A32

144A

144A

4.000%,

(AFC),

2/25/59 144A

8,040

Galton

Funding

Mortgage

Trust,

Series

2019-

H1,

Class

M1

144A

144A

3.339%,

(AFC),

10/25/59 144A

260,000

Galton

Funding

Mortgage

Trust,

Series

2020-

H1,

Class

M1

144A

144A

2.832%,

(AFC),

1/25/60 144A

285,000

GCAT

Trust,

Series

2020-NQM1,

Class

A3

144A

144A

3.554%,

(AFC),

1/25/60 144A ∑

63,445

GCAT

Trust,

Series

2025-NQM1,

Class

A1

144A

144A

5.373%,

(AFC),

11/25/69 144A ∑

277,406

Government

National

Mortgage

Association

3.000%,

9/20/47

374,833

3.500%,

12/20/42

2,428

3.500%,

9/20/43

33,173

3.500%,

8/20/44

62,836

3.500%,

10/20/46

–π

3.500%,

11/20/46

25,568

3.500%,

1/20/47

28,038

3.500%,

7/20/52

869,486

800

4.000%,

3/20/48

47,396

4.000%,

4/20/50

186,681

4.000%,

10/20/50

118,452

4.000%,

9/20/52

159,916

4.500%,

7/20/41

133,811

5.000%,

3/20/34

113,268

5.000%,

1/20/48

20,447

5.000%,

2/20/48

104,514

5.500%,

6/20/37

28,939

5.500%,

9/15/45

82,806

5.500%,

3/20/48

15,949

5.500%,

12/20/48

8,428

5.500%,

2/20/49

110,372

Government

National

Mortgage

Association

TBA

5.000%,

1/15/55

2,275,000

2,270

5.500%,

1/15/55

1,045,000

1,055

GS

Mortgage

Backed

Securities

Trust,

Series

2014-EB1A,

Class

2A1

144A

144A

5.938%,

(CSTR),

7/25/44 144A

1,522

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

B

144A

144A

5.691%,

(US

SOFR

Month

plus

1.941%),

5/15/37 144A

485,000

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 77
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
HOMES

Trust,

Series

2025-NQM2,

Class

A1

144A

144A

5.425%,

(AFC),

2/25/70 144A ∑

232,086

HOMES

Trust,

Series

2025-NQM4,

Class

A1

144A

144A

5.220%,

(AFC),

8/25/70 144A ∑

227,817

Hudson

Yards,

Series

2025-SPRL,

Class

A

144A

144A

5.467%,

(CSTR),

1/13/40 144A

345,000

HYT

Commercial

Mortgage

Trust,

Series

2024-RGCY,

Class

A

144A

144A

5.592%,

(US

SOFR

Month

plus

1.842%),

9/15/41 144A

345,000

Imperial

Fund

Mortgage

Trust,

Series

2021-

NQM1,

Class

A2

144A

144A

1.205%,

(AFC),

6/25/56 144A

66,446

Imperial

Fund

Mortgage

Trust,

Series

2021-

NQM2,

Class

A3

144A

144A

1.516%,

(AFC),

9/25/56 144A

180,134

Imperial

Fund

Mortgage

Trust,

Series

2022-

NQM4,

Class

A1

144A

144A

4.767%,

(AFC),

6/25/67 144A ∑

570,137

568

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-NINE, Class

B

144A

144A

2.949%,

(CSTR),

9/6/38 144A

390,000

JP

Morgan

Mortgage

Trust,

Series

2020-INV1,

Class

A15

144A

144A

3.500%,

(AFC),

8/25/50 144A

54,297

JP

Morgan

Mortgage

Trust,

Series

2025-

DSC1,

Class

A1

144A

144A

5.577%,

(AFC),

9/25/65 144A

530,294

536

JP

Morgan

Mortgage

Trust,

Series

2025-

DSC2,

Class

A1

144A

144A

5.195%,

(AFC),

10/25/65 144A

242,545

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

AS

144A

144A

4.021%,

3/10/50 144A

340,000

MED

Commercial

Mortgage

Trust,

Series

2024-MOB,

Class

A

144A

144A

5.342%,

(US

SOFR

Month

plus

1.592%),

5/15/41 144A

440,000

MetLife

Securitization

Trust,

Series

2017-1A,

Class

A

144A

144A

3.000%,

(AFC),

4/25/55 144A

44,181

MFRA

Trust,

Series

2021-INV1,

Class

A1

144A

144A

0.852%,

(AFC),

1/25/56 144A

29,890

MFRA

Trust,

Series

2021-NQM2,

Class

A2

144A

144A

1.317%,

(AFC),

11/25/64 144A

81,394

MFRA

Trust,

Series

2025-NQM4,

Class

A1F

144A

144A

5.074%,

(US

Day

Average

SOFR

plus

1.200%),

(AFC),

8/25/70 144A

977,870

980

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2025-C35,

Class

A1

4.609%,

8/15/58

62,075

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2021-2,

Class

A4

144A

144A

2.500%,

(AFC),

5/25/51 144A

106,126

New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM4,

Class

A2

144A

144A

5.603%,

(AFC),

7/25/65 144A ∑

698,411

702

New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM6,

Class

A1

144A

144A

5.085%,

10/25/65 144A

829,115

832

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM7,

Class

A2

144A

144A

5.264%,

(AFC),

10/26/65 144A ∑

135,000

NYC

Commercial

Mortgage

Trust,

Series

2025-28L,

Class

B

144A

144A

5.007%,

(CSTR),

11/5/38 144A

215,000

OBX

Trust,

Series

2019-EXP2,

Class

2A2

144A

144A

5.269%,

(US

SOFR

Month

plus

1.315%),

7/25/59 144A

19,501

OBX

Trust,

Series

2019-EXP3,

Class

2A1

144A

144A

4.746%,

(US

SOFR

Month

plus

1.015%),

(AFC),

10/25/59 144A

61,584

OBX

Trust,

Series

2020-EXP1,

Class

2A1

144A

144A

4.596%,

(US

SOFR

Month

plus

0.865%),

2/25/60 144A

102,900

OBX

Trust,

Series

2020-EXP1,

Class

2A1B

144A

144A

4.596%,

(US

SOFR

Month

plus

0.865%),

2/25/60 144A

507,732

OBX

Trust,

Series

2020-EXP1,

Class

2A2

144A

144A

4.796%,

(US

SOFR

Month

plus

1.065%),

2/25/60 144A

43,209

OBX

Trust,

Series

2020-EXP2,

Class

A9

144A

144A

3.000%,

(AFC),

5/25/60 144A

33,354

OBX

Trust,

Series

2020-EXP3,

Class

2A1

144A

144A

4.746%,

(US

SOFR

Month

plus

1.015%),

1/25/60 144A

136,425

OBX

Trust,

Series

2020-INV1,

Class

A5

144A

144A

3.500%,

(AFC),

12/25/49 144A

31,770

OBX

Trust,

Series

2021-NQM1,

Class

A3

144A

144A

1.329%,

(AFC),

2/25/66 144A

292,150

OBX

Trust,

Series

2025-NQM15,

Class

A1

144A

144A

5.143%,

(AFC),

7/27/65 144A ∑

94,024

OBX

Trust,

Series

2025-NQM15,

Class

A1F

144A

144A

5.024%,

(US

Day

Average

SOFR

plus

1.150%),

(AFC),

7/27/65 144A

164,542

ONE

Park

Mortgage

Trust,

Series

2021-PARK,

Class

B

144A

144A

4.814%,

(US

SOFR

Month

plus

1.065%),

3/15/36 144A

755,000

752

ONE

Park

Mortgage

Trust,

Series

2021-PARK,

Class

C

144A

144A

4.964%,

(US

SOFR

Month

plus

1.215%),

3/15/36 144A

405,000

PENN

Commercial

Mortgage

Trust,

Series

2025-P11,

Class

A

144A

144A

5.522%,

(CSTR),

8/12/42 144A

480,000

ROCC

Trust,

Series

2024-CNTR,

Class

A

144A

144A

5.388%,

11/13/41 144A

450,000

SDR

Commercial

Mortgage

Trust,

Series

2024-DSNY,

Class

B

144A

144A

5.491%,

(US

SOFR

Month

plus

1.741%),

5/15/39 144A

400,000

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A21

144A

144A

4.000%,

(AFC),

6/25/48 144A

13,745

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3

144A

144A

4.000%,

(AFC),

6/25/48 144A

31,705

Sequoia

Mortgage

Trust,

Series

2018-CH3,

Class

A19

144A

144A

4.500%,

(AFC),

8/25/48 144A

719

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 78
Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
SG

Residential

Mortgage

Trust,

Series

2025-1,

Class

A1

144A

144A

5.098%,

12/25/65 144A

160,000

SG

Residential

Mortgage

Trust,

Series

2025-1,

Class

A2

144A

144A

5.250%,

(AFC),

12/25/65 144A ∑

100,000

STACR

Trust,

Series

2021-DNA5,

Class

M2

144A

144A

5.524%,

(US

Day

Average

SOFR

plus

1.650%),

1/25/34 144A

60,938

STACR

Trust,

Series

2021-DNA7,

Class

M1

144A

144A

4.724%,

(US

Day

Average

SOFR

plus

0.850%),

11/25/41 144A

33,414

STACR

Trust,

Series

2021-DNA7,

Class

M2

144A

144A

5.674%,

(US

Day

Average

SOFR

plus

1.800%),

11/25/41 144A

375,000

STACR

Trust,

Series

2022-DNA5,

Class

M1A

144A

144A

6.824%,

(US

Day

Average

SOFR

plus

2.950%),

6/25/42 144A

235,510

STACR

Trust,

Series

2023-HQA3,

Class

A1

144A

144A

5.724%,

(US

Day

Average

SOFR

plus

1.850%),

11/25/43 144A

147,854

STACR

Trust,

Series

2024-HQA1,

Class

A1

144A

144A

5.124%,

(US

Day

Average

SOFR

plus

1.250%),

3/25/44 144A

660,517

662

STACR

Trust,

Series

2025-DNA1,

Class

A1

144A

144A

4.824%,

(US

Day

Average

SOFR

plus

0.950%),

1/25/45 144A

99,000

STACR

Trust,

Series

2025-DNA3,

Class

M1

144A

144A

4.974%,

(US

Day

Average

SOFR

plus

1.100%),

9/25/45 144A

379,031

STACR

Trust,

Series

2025-DNA4,

Class

A1

144A

144A

4.774%,

(US

Day

Average

SOFR

plus

0.900%),

10/25/45 144A

545,750

546

STACR

Trust,

Series

2025-DNA4,

Class

M1

144A

144A

4.974%,

(US

Day

Average

SOFR

plus

1.100%),

10/25/45 144A

199,500

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A3

144A

144A

2.916%,

(AFC),

9/27/49 144A

59,141

Starwood

Mortgage

Residential

Trust,

Series

2020-1,

Class

A2

144A

144A

2.408%,

(AFC),

2/25/50 144A

119,631

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A1

144A

144A

0.943%,

(AFC),

5/25/65 144A

87,501

Starwood

Mortgage

Residential

Trust,

Series

2021-4,

Class

A1

144A

144A

1.162%,

(AFC),

8/25/56 144A

418,194

Toorak

Mortgage

Corp.,

Series

2021-INV1,

Class

A2

144A

144A

1.409%,

(AFC),

7/25/56 144A

69,849

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1

144A

144A

3.000%,

(AFC),

1/28/58 144A

8,395

Towd

Point

Mortgage

Trust,

Series

2019-HY3,

Class

A2

144A

144A

5.146%,

(US

SOFR

Month

plus

1.415%),

(AFC),

10/25/59 144A

650,000

649

Towd

Point

Mortgage

Trust,

Series

2022-4,

Class

A1

144A

144A

3.750%,

(AFC),

9/25/62 144A

627,489

605

Structured

Products

(33.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
TX

Trust,

Series

2024-HOU,

Class

B

144A

144A

5.841%,

(US

SOFR

Month

plus

2.091%),

6/15/39 144A

535,000

536

Verus

Securitization

Trust,

Series

2021-1,

Class

A1

144A

144A

0.815%,

(AFC),

1/25/66 144A

53,538

Verus

Securitization

Trust,

Series

2021-1,

Class

A2

144A

144A

1.052%,

(AFC),

1/25/66 144A

74,304

Verus

Securitization

Trust,

Series

2021-1,

Class

A3

144A

144A

1.155%,

(AFC),

1/25/66 144A

43,709

Verus

Securitization

Trust,

Series

2021-2,

Class

A1

144A

144A

1.031%,

(AFC),

2/25/66 144A

103,629

Verus

Securitization

Trust,

Series

2021-R1,

Class

A1

144A

144A

0.820%,

(AFC),

10/25/63 144A

37,150

Verus

Securitization

Trust,

Series

2021-R1,

Class

A2

144A

144A

1.057%,

(AFC),

10/25/63 144A

16,644

Verus

Securitization

Trust,

Series

2021-R2,

Class

A1

144A

144A

0.918%,

(AFC),

2/25/64 144A

87,820

Verus

Securitization

Trust,

Series

2023-6,

Class

A2

144A

144A

6.939%,

(AFC),

9/25/68 144A ∑

147,780

Verus

Securitization

Trust,

Series

2023-7,

Class

A2

144A

144A

7.272%,

(AFC),

10/25/68 144A ∑

182,362

Verus

Securitization

Trust,

Series

2023-8,

Class

A2

144A

144A

6.664%,

(AFC),

12/25/68 144A ∑

107,166

Verus

Securitization

Trust,

Series

2025-3,

Class

A1

144A

144A

5.623%,

(AFC),

5/25/70 144A ∑

199,790

Verus

Securitization

Trust,

Series

2025-7,

Class

A1F

144A

144A

5.074%,

(US

Day

Average

SOFR

plus

1.200%),

(AFC),

8/25/70 144A

439,366

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3

144A

144A

2.496%,

(AFC),

4/25/65 144A

21,312

#### Total

#### 67,695

#### Total

#### Structured

#### Products

#### (Cost: $134,729)

#### 134,668
144A

144A

144A

Short-Term

Investments

(2.7%)

#### Commercial

#### Paper

#### (2.7%)
The

AES

Corp.

1.375%,

1/15/26

815,000

814

Bunge,

Ltd.

Finance

Corp.

2.000%,

4/21/26

200,000

Conagra

Foods,

Inc.

144A

144A

0.000%,

1/6/26

144A

885,000

884

Crown

Castle,

Inc.

144A

144A

0.000%,

1/22/26

144A

1,095,000

1,092

Edison

International

144A

144A

0.000%,

1/20/26

144A

865,000

863

Harley-Davidson

Financial

Services,

Inc.

144A

144A

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 79
Short-Term

Investments

(2.7%)

Shares/

Par

+

Value

$

(000's)

#### Commercial

#### Paper

#### continued
0.000%,

1/6/26

144A

1,110,000

1,109

HCA,

Inc.

144A

144A

0.000%,

1/5/26

144A

1,000,000

1,000

International

Flavors

&

Fragrances,

Inc.

144A

144A

0.000%,

1/15/26

144A

685,000

684

Jabil,

Inc.

144A

144A

0.000%,

1/9/26

144A

1,085,000

1,084

Ovintiv

,

Inc.

144A

144A

0.000%,

1/20/26

144A

2,080,000

2,075

Southern

California

Edison

Co.

144A

144A

0.000%,

1/6/26

144A

1,085,000

1,084

#### Total

#### 10,888

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $10,888)

#### 10,888

#### Total

#### Investments

#### (98.4%)

#### (Cost:

#### $394,217)

#### @

#### 395,901

#### Other

#### Assets,

#### Less

#### Liabilities (1.6%)

#### 6,500

#### Net

#### Assets

#### (100.0%)

#### 402,401

#### 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

5,600

3/26

$

6,121

$

$

Ten-Year

US

Treasury

Note

Future

Short

USD

9,400

3/26

10,569

Two-Year

US

Treasury

Note

Future

Long

USD

90,400

3/26

94,373

(49) (32) Ultra

Long-Term

US

Treasury

Bond

Future

Short

USD

2,700

3/26

3,186

Ultra

Ten-Year

US

Treasury

Note

Future

Short

USD

3,900

3/26

4,486

$

$

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

$

–

$

$

$

–

$

(32) $

(32) $

–

+

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$6,846

(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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$151,561

representing

37.7%

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.

∑

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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$394,346

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$1,684

which

is

comprised

of

$3,029

aggregate

gross

unrealized

appreciation

and

$1,345

aggregate

gross

unrealized

depreciation.

Short-Term

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 80
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

164,586

$

—

Governments

—

85,759

—

Structured

Products

—

134,668

—

Short-Term

Investments

—

10,888

—

Other

Financial

Instruments^

Futures

—

—

Total

Assets:

$

$

395,901

$

—

Liabilities:

Other

Financial

Instruments^

Futures

(49) —

—

Total

Liabilities:

$

(49) $

—

$

—

^

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.

For

the

period

ended

December

31,

2025,

there

was

a

transfer

from

Level

to

Level

in

the

amount

of

$99

(in

thousands).

This

transfer

was

the

result

of

an

increase

in

the

quantity

of

observable

inputs

for

the

security

that

was

previously

not

priced

by

a

third

party

vendor.

Schedule

of

Investments

#### December

#### 31,

#### 2025
Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 81
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Basic

#### Materials

#### (0.0%)
Suzano

Netherlands

BV

5.500%, 1/15/36

850,000

843

#### Total

#### 843

#### Communications

#### (2.7%)
Alphabet,

Inc.

4.375%, 11/15/32

1,206,000

1,210

4.700%, 11/15/35

2,813,000

2,814

5.250%, 5/15/55

1,336,000

1,280

5.300%, 5/15/65

1,336,000

1,256

5.450%, 11/15/55

1,045,000

1,025

Amazon.com,

Inc.

3.900%, 11/20/28

1,888,000

1,894

4.100%, 11/20/30

1,888,000

1,890

4.350%, 3/20/33

2,361,000

2,353

4.650%, 11/20/35

3,241,000

3,228

5.450%, 11/20/55

1,369,000

1,336

5.550%, 11/20/65

1,369,000

1,328

AT&T,

Inc.

3.500%, 6/1/41

889,000

699

3.500%, 9/15/53

1,379,000

923

3.550%, 9/15/55

1,377,000

917

3.650%, 9/15/59

871,000

574

3.800%, 12/1/57

1,213,000

834

4.900%, 11/1/35

1,630,000

1,610

5.550%, 11/1/45

1,304,000

1,256

5.700%, 11/1/54

1,304,000

1,251

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.500%, 6/1/41

478,000

3.500%, 3/1/42

2,336,000

1,621

3.900%, 6/1/52

678,000

5.250%, 4/1/53

1,143,000

904

5.500%, 4/1/63

486,000

5.850%, 12/1/35

1,767,000

1,763

6.700%, 12/1/55

1,729,000

1,658

Cisco

Systems,

Inc.

5.500%, 2/24/55

1,646,000

1,627

Comcast

Corp.

2.987%, 11/1/63

1,041,000

563

4.049%, 11/1/52

897,000

656

5.350%, 5/15/53

414,000

MercadoLibre,

Inc.

4.900%, 1/15/33

1,927,000

1,908

Meta

Platforms,

Inc.

4.200%, 11/15/30

3,468,000

3,475

4.600%, 11/15/32

2,415,000

2,434

4.875%, 11/15/35

3,220,000

3,216

5.400%, 8/15/54

1,687,000

1,569

5.500%, 11/15/45

805,000

782

5.550%, 8/15/64

2,581,000

2,394

5.625%, 11/15/55

805,000

773

5.750%, 11/15/65

805,000

768

Uber

Technologies,

Inc.

4.150%, 1/15/31

2,443,000

2,434

Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### continued
4.800%, 9/15/34

2,388,000

2,387

4.800%, 9/15/35

1,628,000

1,619

5.350%, 9/15/54

1,120,000

1,068

Verizon

Communications,

Inc.

2.987%, 10/30/56

1,394,000

829

4.750%, 1/15/33

1,619,000

1,618

5.000%, 1/15/36

1,619,000

1,605

5.250%, 4/2/35

4,314,000

4,385

5.750%, 11/30/45

1,093,000

1,085

5.875%, 11/30/55

2,161,000

2,135

6.000%, 11/30/65

2,160,000

2,132

#### Total

#### 76,619

#### Consumer,

#### Cyclical

#### (1.2%)
Delta

Air

Lines,

Inc.

4.950%, 7/10/28

3,772,000

3,840

5.250%, 7/10/30

4,243,000

4,360

Delta

Air

Lines,

Inc./SkyMiles

IP,

Ltd.

144A

144A

4.750%, 10/20/28

144A

3,053,000

3,071

Dick's

Sporting

Goods,

Inc.

4.100%, 1/15/52

1,783,000

1,303

Ford

Motor

Credit

Co.

LLC

2.900%, 2/10/29

4,568,000

4,293

General

Motors

Financial

Co.,

Inc.

2.700%, 6/10/31

3,534,000

3,200

The

Home

Depot,

Inc.

3.625%, 4/15/52

905,000

660

Hyundai

Capital

America

144A

144A

4.500%, 9/18/30

144A

1,222,000

1,222

5.150%, 3/27/30

144A

1,387,000

1,421

Lowe's

Companies,

Inc.

3.500%, 4/1/51

1,124,000

780

4.250%, 3/15/31

2,185,000

2,176

4.250%, 4/1/52

2,070,000

1,631

4.850%, 10/15/35

2,033,000

2,016

McDonald's

Corp.

6.300%, 3/1/38

1,418,000

1,569

Southwest

Airlines

Co.

5.250%, 11/15/35

2,822,000

2,760

#### Total

#### 34,302

#### Consumer,

#### Non-cyclical

#### (4.3%)
AbbVie,

Inc.

3.200%, 11/21/29

3,459,000

3,354

4.050%, 11/21/39

983,000

877

4.250%, 11/21/49

3,412,000

2,810

4.550%, 3/15/35

406,000

4.800%, 3/15/27

2,346,000

2,371

4.875%, 3/15/30

1,887,000

1,944

4.950%, 3/15/31

1,408,000

1,456

5.050%, 3/15/34

1,828,000

1,879

5.200%, 3/15/35

1,129,000

1,168

Alcon

Finance

Corp.

144A

144A

5.375%, 12/6/32

144A

2,809,000

2,934

Altria

Group,

Inc.

3.875%, 9/16/46

766,000

576

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 82
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
Amgen,

Inc.

5.600%, 3/2/43

1,353,000

1,361

5.650%, 3/2/53

427,000

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

4.700%, 2/1/36

4,878,000

4,828

Anheuser-Busch

InBev

Worldwide,

Inc.

5.450%, 1/23/39

947,000

980

BAT

Capital

Corp.

4.540%, 8/15/47

1,964,000

1,629

6.250%, 8/15/55

1,392,000

1,435

7.081%, 8/2/53

513,000

582

Bunge,

Ltd.

Finance

Corp.

5.150%, 8/4/35

2,431,000

2,469

CVS

Health

Corp.

4.300%, 3/25/28

1,927,000

1,933

4.780%, 3/25/38

1,501,000

1,417

5.050%, 3/25/48

4,071,000

3,589

5.550%, 6/1/31

1,860,000

1,947

5.700%, 6/1/34

1,910,000

2,002

Eli

Lilly

&

Co.

4.200%, 8/14/29

2,948,000

2,977

4.250%, 3/15/31

2,834,000

2,855

4.600%, 8/14/34

1,676,000

1,681

4.700%, 2/9/34

926,000

939

4.900%, 2/12/32

713,000

737

5.050%, 8/14/54

228,000

5.100%, 2/12/35

531,000

549

5.500%, 2/12/55

1,173,000

1,174

5.550%, 10/15/55

590,000

594

5.600%, 2/12/65

1,294,000

1,298

Gilead

Sciences,

Inc.

4.000%, 9/1/36

948,000

882

HCA,

Inc.

5.250%, 6/15/49

1,206,000

1,090

5.500%, 3/1/32

3,213,000

3,348

5.900%, 6/1/53

704,000

689

6.200%, 3/1/55

944,000

962

Imperial

Brands

Finance

PLC

144A

144A

5.625%, 7/1/35

144A

1,914,000

1,965

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

144A

144A

6.375%, 4/15/66

144A

488,000

JBS

USA

Holding

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

LUX

Co.

SARL

3.000%, 5/15/32

1,832,000

1,645

3.625%, 1/15/32

2,465,000

2,307

5.750%, 4/1/33

605,000

632

6.500%, 12/1/52

1,279,000

1,319

7.250%, 11/15/53

1,957,000

2,191

Merck

&

Co.,

Inc.

2.350%, 6/24/40

787,000

567

4.450%, 12/4/32

1,670,000

1,672

4.750%, 12/4/35

1,254,000

1,249

5.550%, 12/4/55

794,000

783

Novartis

Capital

Corp.

4.100%, 11/5/30

2,166,000

2,164

4.600%, 11/5/35

3,580,000

3,547

PepsiCo,

Inc.

4.100%, 1/15/29

2,362,000

2,375

Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
4.300%, 7/23/30

1,309,000

1,322

Pfizer,

Inc.

3.875%, 11/15/27

1,889,000

1,895

4.200%, 11/15/30

2,692,000

2,704

4.500%, 11/15/32

2,185,000

2,190

4.875%, 11/15/35

1,134,000

1,137

Philip

Morris

International,

Inc.

4.125%, 4/28/28

4,107,000

4,125

4.375%, 4/30/30

3,477,000

3,498

4.875%, 4/30/35

3,686,000

3,698

Roche

Holdings,

Inc.

144A

144A

4.075%, 12/2/30

144A

1,805,000

1,800

4.374%, 12/2/32

144A

2,714,000

2,704

UnitedHealth

Group,

Inc.

3.050%, 5/15/41

435,000

5.500%, 7/15/44

1,134,000

1,126

5.625%, 7/15/54

2,556,000

2,507

5.875%, 2/15/53

1,717,000

1,731

Verisk

Analytics,

Inc.

4.500%, 8/15/30

1,621,000

1,633

5.125%, 2/15/36

1,810,000

1,818

#### Total

#### 121,468

#### Energy

#### (1.1%)
Aker

BP

ASA

144A

144A

5.250%, 10/30/35

144A

3,309,000

3,233

5.800%, 10/1/54

144A

442,000

Chevron

USA,

Inc.

4.300%, 10/15/30

1,689,000

1,705

Energy

Transfer

LP

5.250%, 7/1/29

2,366,000

2,435

5.300%, 4/15/47

947,000

840

5.700%, 4/1/35

2,764,000

2,861

5.950%, 5/15/54

3,808,000

3,609

6.000%, 2/1/29

144A

1,716,000

1,735

6.050%, 9/1/54

952,000

915

EOG

Resources,

Inc.

4.400%, 1/15/31

2,741,000

2,752

Equinor

ASA

4.500%, 9/3/30

807,000

819

4.750%, 11/14/35

1,855,000

1,845

5.125%, 6/3/35

812,000

834

Galaxy

Pipeline

Assets

Bidco,

Ltd.

144A

144A

2.160%, 3/31/34

144A

1,400,478

1,267

2.625%, 3/31/36

144A

1,280,000

1,128

Kinder

Morgan,

Inc.

5.150%, 6/1/30

457,000

ONEOK,

Inc.

5.050%, 11/1/34

487,000

5.700%, 11/1/54

2,027,000

1,889

5.850%, 11/1/64

377,000

6.250%, 10/15/55

1,216,000

1,219

#### Total

#### 30,797

#### Financial

#### (8.7%)
Agree

LP

2.000%, 6/15/28

1,446,000

1,378

2.600%, 6/15/33

394,000

4.800%, 10/1/32

870,000

875

5.600%, 6/15/35

1,416,000

1,482

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 83
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
American

Express

Co.

4.918%,

(US

SOFR

plus

1.220%), 7/20/33

α

2,770,000

2,819

5.442%,

(US

SOFR

Index

plus

1.320%), 1/30/36

α

1,677,000

1,742

American

Homes

Rent

LP

3.625%, 4/15/32

1,596,000

1,507

4.300%, 4/15/52

716,000

569

4.950%, 6/15/30

1,219,000

1,243

5.500%, 7/15/34

649,000

670

Ares

Management

Corp.

5.600%, 10/11/54

1,412,000

1,337

Banco

Santander

4.551%, 11/6/30

3,000,000

3,003

5.127%, 11/6/35

1,400,000

1,400

Bank

of

America

Corp.

α

1.734%,

(US

SOFR

plus

0.960%), 7/22/27

α

1,108,000

1,094

The

Bank

of

New

York

Mellon

Corp.

α

4.942%,

(US

SOFR

plus

0.887%), 2/11/31

α

2,665,000

2,740

Blackstone

Reg

Finance

Co.

LLC

4.300%, 11/3/30

1,709,000

1,708

4.950%, 2/15/36

1,014,000

1,007

Brixmor

Operating

Partnership

LP

2.500%, 8/16/31

1,527,000

1,373

4.850%, 2/15/33

668,000

669

Brookfield

Asset

Management,

Ltd.

4.653%, 11/15/30

2,428,000

2,445

5.298%, 1/15/36

1,619,000

1,617

6.077%, 9/15/55

954,000

975

CaixaBank

SA

144A

144A

4.634%,

(US

SOFR

plus

1.140%), 7/3/29

144A

α

3,123,000

3,154

4.885%,

(US

SOFR

plus

1.360%), 7/3/31

144A

α

3,123,000

3,166

5.581%,

(US

SOFR

plus

1.790%), 7/3/36

144A

α

1,880,000

1,932

Canadian

Imperial

Bank

of

Commerce

4.243%,

(US

SOFR

Index

plus

0.600%), 9/8/28

α

2,860,000

2,871

4.580%,

(US

SOFR

Index

plus

1.170%), 9/8/31

α

3,062,000

3,085

Capital

One

Financial

Corp.

5.197%,

(US

SOFR

plus

1.630%), 9/11/36

α

2,398,000

2,386

6.051%,

(US

SOFR

plus

2.260%), 2/1/35

α

3,627,000

3,861

CBRE

Services,

Inc.

4.900%, 1/15/33

1,415,000

1,422

5.500%, 6/15/35

1,228,000

1,268

The

Charles

Schwab

Corp.

4.343%,

(US

SOFR

plus

0.940%), 11/14/31

α

4,363,000

4,356

4.914%,

(US

SOFR

plus

1.230%), 11/14/36

α

3,804,000

3,778

Citigroup,

Inc.

4.503%,

(US

SOFR

plus

1.171%), 9/11/31

α

3,503,000

3,514

4.542%,

(US

SOFR

plus

1.338%), 9/19/30

α

1,529,000

1,541

4.786%,

(US

SOFR

plus

0.870%), 3/4/29

α

3,300,000

3,347

4.952%,

(US

SOFR

plus

1.463%), 5/7/31

α

2,424,000

2,476

5.174%,

(US

SOFR

plus

1.488%), 9/11/36

α

2,279,000

2,300

5.333%,

(US

SOFR

plus

1.465%), 3/27/36

α

3,326,000

3,402

5.612%,

(US

SOFR

plus

1.746%), 3/4/56

α

2,266,000

2,256

5.827%,

(US

SOFR

plus

2.056%), 2/13/35

α

1,030,000

1,070

Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
6.020%,

(US

SOFR

plus

1.830%), 1/24/36

α

2,848,000

2,983

Credit

Agricole

SA

144A

,α

144A

4.818%,

(US

SOFR

plus

1.360%), 9/25/33

144A

α

2,385,000

2,382

Equinix

Europe

Financing

Corp.

LLC

4.600%, 11/15/30

2,016,000

2,022

Essex

Portfolio

LP

2.550%, 6/15/31

824,000

748

FIBRA

Prologis

144A

144A

5.500%, 11/26/35

144A

1,481,000

1,487

FS

KKR

Capital

Corp.

6.125%, 1/15/30

1,849,000

1,820

The

Goldman

Sachs

Group,

Inc.

4.153%,

(US

SOFR

plus

0.900%), 10/21/29

α

6,023,000

6,022

4.369%,

(US

SOFR

plus

1.060%), 10/21/31

α

4,051,000

4,041

4.692%,

(US

SOFR

plus

1.135%), 10/23/30

α

2,822,000

2,861

4.939%,

(US

SOFR

plus

1.330%), 10/21/36

α

2,763,000

2,743

5.049%,

(US

SOFR

plus

1.210%), 7/23/30

α

1,457,000

1,493

5.207%,

(US

SOFR

plus

1.078%), 1/28/31

α

3,727,000

3,849

5.218%,

(US

SOFR

plus

1.580%), 4/23/31

α

4,782,000

4,939

5.330%,

(US

SOFR

plus

1.550%), 7/23/35

α

2,898,000

2,978

HSBC

Holdings

PLC

4.619%,

(US

SOFR

plus

1.190%), 11/6/31

α

2,658,000

2,666

5.133%,

(US

SOFR

plus

1.430%), 11/6/36

α

1,488,000

1,492

Invitation

Homes

Operating

Partnership

LP

2.000%, 8/15/31

275,000

4.150%, 4/15/32

1,589,000

1,542

4.950%, 1/15/33

1,611,000

1,634

JPMorgan

Chase

&

Co.

α

4.810%,

(US

SOFR

plus

1.190%), 10/22/36

α

1,442,000

1,432

Kimco

Realty

OP

LLC

4.850%, 3/1/35

1,271,000

1,266

5.300%, 2/1/36

1,460,000

1,495

Lloyds

Banking

Group

PLC

4.425%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.820%), 11/4/31

α

2,659,000

2,651

4.943%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.970%), 11/4/36

α

2,142,000

2,119

Mitsubishi

UFJ

Financial

Group,

Inc.

4.527%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.800%), 9/12/31

α

2,709,000

2,724

5.188%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.930%), 9/12/36

α

2,726,000

2,770

Morgan

Stanley

4.133%,

(US

SOFR

plus

0.913%), 10/18/29

α

5,166,000

5,164

4.892%,

(US

SOFR

plus

1.314%), 10/22/36

α

2,804,000

2,779

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

4,789,000

4,884

5.042%,

(US

SOFR

plus

1.215%), 7/19/30

α

1,982,000

2,032

5.449%,

(US

SOFR

plus

1.630%), 7/20/29

α

1,835,000

1,894

5.831%,

(US

SOFR

plus

1.580%), 4/19/35

α

4,289,000

4,558

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 84
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Morgan

Stanley

Private

Bank

NA

4.204%,

(US

SOFR

plus

0.780%), 11/17/28

α

5,805,000

5,823

4.465%,

(US

SOFR

plus

1.020%), 11/19/31

α

11,000,000

11,029

4.466%,

(US

SOFR

plus

0.770%), 7/6/28

α

2,927,000

2,947

4.734%,

(US

SOFR

plus

1.080%), 7/18/31

α

8,779,000

8,899

MSD

Investment

Corp.

144A

144A

6.125%, 2/5/31

144A

1,926,000

1,912

Oaktree

Specialty

Lending

Corp.

6.340%, 2/27/30

1,603,000

1,608

PNC

Bank

NA

α

4.429%,

(US

SOFR

plus

0.727%), 7/21/28

α

3,869,000

3,895

The

PNC

Financial

Services

Group,

Inc.

4.812%,

(US

SOFR

plus

1.259%), 10/21/32

α

2,164,000

2,202

5.373%,

(US

SOFR

plus

1.417%), 7/21/36

α

1,217,000

1,252

Protective

Life

Corp.

144A

144A

4.700%, 1/15/31

144A

2,362,000

2,369

5.350%, 12/15/35

144A

1,459,000

1,475

Realty

Income

Corp.

2.100%, 3/15/28

896,000

860

2.850%, 12/15/32

1,156,000

1,037

3.400%, 1/15/30

957,000

930

3.950%, 2/1/29

1,432,000

1,427

4.500%, 2/1/33

1,220,000

1,207

Regency

Centers

LP

2.950%, 9/15/29

2,187,000

2,097

5.000%, 7/15/32

1,381,000

1,414

5.250%, 1/15/34

1,874,000

1,927

Royal

Bank

of

Canada

α

4.696%,

(US

SOFR

plus

1.060%), 8/6/31

α

3,242,000

3,284

State

Street

Corp.

4.729%, 2/28/30

3,773,000

3,861

4.784%,

(US

SOFR

plus

1.215%), 10/23/36

α

938,000

933

Store

Capital

LLC

2.700%, 12/1/31

555,000

2.750%, 11/18/30

1,123,000

1,022

Sumitomo

Mitsui

Trust

Group,

Inc.

144A

,α

144A

5.416%,

(US

SOFR

plus

1.650%), 9/11/36

144A

α

2,387,000

2,396

The

Toronto-Dominion

Bank

4.928%, 10/15/35

2,434,000

2,432

Truist

Bank

α

4.420%,

(US

SOFR

plus

0.770%), 7/24/28

α

3,254,000

3,273

UBS

Group

AG

144A

144A

4.151%,

(US

SOFR

plus

0.840%), 12/23/29

144A

α

1,856,000

1,854

4.398%,

(US

SOFR

plus

1.060%), 9/23/31

144A

α

1,722,000

1,714

5.010%,

(US

SOFR

plus

1.340%), 3/23/37

144A

α

2,708,000

2,684

5.528%,

(US

SOFR

plus

1.490%), 5/6/47

144A

α

2,310,000

2,280

#### Total

#### 247,421

#### Industrial

#### (1.7%)
The

Boeing

Co.

5.805%, 5/1/50

1,636,000

1,609

6.858%, 5/1/54

978,000

1,098

Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Industrial

#### continued
Caterpillar

Financial

Services

Corp.

4.375%, 8/16/29

1,061,000

1,076

5.000%, 5/14/27

2,821,000

2,868

Crowley

Conro

LLC

4.181%, 8/15/43

1,098,475

1,008

Deere

&

Co.

5.700%, 1/19/55

1,958,000

2,024

Eagle

Materials,

Inc.

5.000%, 3/15/36

2,420,000

2,370

Eaton

Capital

ULC

4.450%, 5/9/30

1,276,000

1,289

Embraer

Netherlands

Finance

BV

5.400%, 1/9/38

1,432,000

1,414

5.980%, 2/11/35

1,503,000

1,597

Flex,

Ltd.

5.250%, 1/15/32

661,000

674

5.375%, 11/13/35

1,417,000

1,414

General

Electric

Co.

4.300%, 7/29/30

2,839,000

2,863

4.900%, 1/29/36

2,581,000

2,620

Howmet

Aerospace,

Inc.

4.850%, 10/15/31

1,256,000

1,289

John

Deere

Capital

Corp.

4.150%, 9/15/27

1,849,000

1,863

4.500%, 1/8/27

2,332,000

2,350

4.650%, 1/7/28

1,642,000

1,670

4.850%, 6/11/29

306,000

5.150%, 9/8/26

1,725,000

1,740

Norfolk

Southern

Corp.

5.100%, 5/1/35

1,621,000

1,656

Northrop

Grumman

Corp.

4.650%, 7/15/30

1,346,000

1,370

5.250%, 7/15/35

1,249,000

1,293

Siemens

Funding

BV

144A

144A

4.350%, 5/26/28

144A

3,119,000

3,157

4.600%, 5/28/30

144A

2,081,000

2,124

4.900%, 5/28/32

144A

2,508,000

2,588

5.200%, 5/28/35

144A

2,508,000

2,602

5.800%, 5/28/55

144A

1,272,000

1,330

Union

Pacific

Corp.

5.600%, 12/1/54

730,000

728

#### Total

#### 49,998

#### Technology

#### (2.0%)
Apple,

Inc.

2.375%, 2/8/41

674,000

2.650%, 5/11/50

1,302,000

814

3.950%, 8/8/52

1,774,000

1,407

4.000%, 5/12/28

1,418,000

1,430

4.200%, 5/12/30

2,438,000

2,466

Broadcom,

Inc.

4.150%, 2/15/28

2,308,000

2,316

4.550%, 2/15/32

2,351,000

2,358

4.600%, 7/15/30

3,057,000

3,106

4.800%, 10/15/34

3,291,000

3,297

4.900%, 7/15/32

1,908,000

1,948

4.926%, 5/15/37

144A

1,325,000

1,308

5.050%, 7/12/29

3,382,000

3,482

5.150%, 11/15/31

3,155,000

3,273

5.200%, 7/15/35

1,006,000

1,031

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 85
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Technology

#### continued
Cadence

Design

Systems,

Inc.

4.200%, 9/10/27

809,000

813

4.300%, 9/10/29

3,922,000

3,942

Foundry

JV

Holdco

LLC

144A

144A

5.500%, 1/25/31

144A

686,000

708

5.900%, 1/25/33

144A

793,000

830

6.300%, 1/25/39

144A

627,000

661

Intel

Corp.

2.800%, 8/12/41

797,000

557

3.250%, 11/15/49

466,000

5.625%, 2/10/43

531,000

510

5.900%, 2/10/63

698,000

653

Oracle

Corp.

4.000%, 7/15/46

1,609,000

1,115

4.800%, 9/26/32

1,497,000

1,445

5.200%, 9/26/35

991,000

950

5.375%, 9/27/54

1,210,000

979

5.550%, 2/6/53

1,001,000

831

5.875%, 9/26/45

1,906,000

1,721

6.000%, 8/3/55

2,789,000

2,459

Synopsys,

Inc.

4.650%, 4/1/28

1,414,000

1,433

4.850%, 4/1/30

2,022,000

2,065

5.000%, 4/1/32

1,618,000

1,652

5.150%, 4/1/35

1,425,000

1,448

5.700%, 4/1/55

1,138,000

1,129

Texas

Instruments,

Inc.

5.000%, 3/14/53

1,108,000

1,016

5.050%, 5/18/63

493,000

5.150%, 2/8/54

415,000

#### Total

#### 56,769

#### Utilities

#### (2.5%)
American

Transmission

Systems,

Inc.

144A

144A

2.650%, 1/15/32

144A

576,000

518

Arizona

Public

Service

Co.

5.900%, 8/15/55

1,611,000

1,638

Baltimore

Gas

&

Electric

Co.

2.250%, 6/15/31

1,237,000

1,117

5.450%, 6/1/35

1,624,000

1,683

CenterPoint

Energy

Houston

Electric

LLC

3.600%, 3/1/52

914,000

665

4.950%, 8/15/35

1,945,000

1,959

Chile

Electricity

Lux

MPC

II

SARL

144A

144A

5.580%, 10/20/35

144A

1,202,331

1,232

5.672%, 10/20/35

144A

2,218,440

2,304

Consolidated

Edison

Co.

of

New

York,

Inc.

3.200%, 12/1/51

277,000

3.700%, 11/15/59

471,000

Consumers

Energy

Co.

4.500%, 1/15/31

2,428,000

2,455

5.050%, 5/15/35

1,794,000

1,825

DTE

Electric

Co.

2.950%, 3/1/50

1,444,000

951

3.650%, 3/1/52

661,000

Duke

Energy

Carolinas

LLC

2.550%, 4/15/31

564,000

519

2.850%, 3/15/32

1,536,000

1,407

3.550%, 3/15/52

1,119,000

804

5.350%, 1/15/53

1,084,000

1,040

Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Duke

Energy

Corp.

3.500%, 6/15/51

767,000

531

4.950%, 9/15/35

944,000

936

Duke

Energy

Florida

LLC

2.400%, 12/15/31

1,233,000

1,114

4.200%, 12/1/30

639,000

639

4.850%, 12/1/35

1,308,000

1,302

Duke

Energy

Progress

LLC

2.500%, 8/15/50

1,248,000

728

3.700%, 10/15/46

281,000

Entergy

Arkansas

LLC

2.650%, 6/15/51

1,114,000

662

5.150%, 1/15/33

1,855,000

1,918

Entergy

Mississippi

LLC

5.800%, 4/15/55

1,210,000

1,217

Exelon

Corp.

5.875%, 3/15/55

1,862,000

1,867

FirstEnergy

Pennsylvania

Electric

Co.

144A

144A

3.250%, 3/15/28

144A

1,205,000

1,181

4.300%, 1/15/29

144A

1,454,000

1,454

5.200%, 4/1/28

144A

952,000

972

Georgia

Power

Co.

4.850%, 3/15/31

883,000

906

Jersey

Central

Power

&

Light

Co.

144A

144A

2.750%, 3/1/32

144A

1,359,000

1,221

4.150%, 1/15/29

144A

1,312,000

1,310

4.400%, 1/15/31

144A

2,187,000

2,179

5.100%, 1/15/35

1,101,000

1,113

MidAmerican

Energy

Co.

2.700%, 8/1/52

1,072,000

655

5.500%, 11/15/56

1,052,000

1,029

Mississippi

Power

Co.

3.100%, 7/30/51

1,483,000

968

4.250%, 3/15/42

629,000

539

Northern

States

Power

Co.

5.050%, 5/15/35

2,023,000

2,061

5.400%, 3/15/54

749,000

726

5.650%, 6/15/54

812,000

817

Ohio

Edison

Co.

144A

144A

4.950%, 12/15/29

144A

1,218,000

1,246

Oncor

Electric

Delivery

Co.

LLC

144A

144A

5.350%, 4/1/35

144A

665,000

686

5.800%, 4/1/55

144A

1,327,000

1,335

Pacific

Gas

&

Electric

Co.

3.500%, 8/1/50

469,000

3.950%, 12/1/47

2,814,000

2,095

4.200%, 6/1/41

719,000

599

4.950%, 7/1/50

3,533,000

2,986

5.050%, 10/15/32

2,046,000

2,057

6.100%, 10/15/55

1,312,000

1,288

PECO

Energy

Co.

2.850%, 9/15/51

1,492,000

930

PPL

Capital

Funding,

Inc.

5.250%, 9/1/34

860,000

881

Public

Service

Company

of

Oklahoma

3.150%, 8/15/51

837,000

550

Public

Service

Electric

&

Gas

Co.

1.900%, 8/15/31

2,126,000

1,876

2.050%, 8/1/50

343,000

2.700%, 5/1/50

578,000

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 86
Corporate

Bonds

(24.2%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Southern

California

Edison

Co.

4.125%, 3/1/48

141,000

Trans-Allegheny

Interstate

Line

Co.

144A

144A

5.000%, 1/15/31

144A

1,763,000

1,811

Virginia

Electric

&

Power

Co.

2.950%, 11/15/51

1,237,000

778

Wisconsin

Electric

Power

Co.

4.150%, 10/15/30

1,760,000

1,758

#### Total

#### 71,219

#### Total

#### Corporate

#### Bonds

#### (Cost: $693,622)

#### 689,436
Governments

(25.5%)

#### Governments

#### (25.5%)
Export

Finance

&

Insurance

Corp.

144A

144A

4.625%, 10/26/27

144A

3,290,000

3,347

Israel

Government

International

Bond

3.875%, 7/3/50

1,201,000

879

5.750%, 3/12/54

1,522,000

1,464

Kuwait

International

Government

Bond

144A

144A

4.016%, 10/9/28

144A

4,438,000

4,443

4.136%, 10/9/30

144A

6,838,000

6,835

4.652%, 10/9/35

144A

2,511,000

2,507

Republic

of

Indonesia

4.300%, 4/16/31

2,678,000

2,672

4.900%, 4/16/36

2,653,000

2,648

Republic

of

Paraguay

144A

144A

5.400%, 3/30/50

144A

2,879,000

2,690

United

Mexican

States

3.500%, 2/12/34

1,750,000

1,513

4.400%, 2/12/52

1,249,000

910

4.600%, 1/23/46

1,349,000

1,059

4.600%, 2/10/48

1,184,000

915

4.750%, 3/8/44

1,284,000

1,058

5.375%, 3/22/33

4,640,000

4,598

5.850%, 7/2/32

683,000

702

US

Treasury

1.125%, 8/15/40

15,262,000

9,585

1.375%, 8/15/50

17,720,000

8,713

1.375%, 11/15/40

18,590,000

12,066

1.625%, 11/15/50

22,805,000

11,973

1.750%, 8/15/41

56,630,000

38,210

2.000%, 11/15/41

63,076,000

44,023

2.250%, 8/15/49

31,207,000

19,571

2.375%, 2/15/42

18,514,000

13,628

3.000%, 2/15/48

31,217,000

23,230

3.000%, 8/15/48

21,875,000

16,197

3.000%, 2/15/49

25,754,000

18,971

3.125%, 5/15/48

22,783,000

17,303

3.375%, 11/30/27

6,869,000

6,856

3.375%, 12/31/27

17,701,000

17,666

3.500%, 12/15/28

40,981,000

40,933

3.500%, 11/30/30

35,518,000

35,160

3.625%, 3/31/30

52,326,000

52,228

3.625%, 12/31/30

95,346,000

94,892

3.750%, 6/30/30

19,588,000

19,635

3.875%, 12/31/32

15,066,000

15,000

4.000%, 7/31/30

25,182,000

25,502

4.000%, 11/15/35

45,341,000

44,689

4.125%, 8/31/30

18,746,000

19,075

4.625%, 11/15/55

9,353,000

9,011

Governments

(25.5%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
4.625%, 11/15/45

19,112,000

18,676

4.750%, 8/15/55

56,915,000

55,955

#### Total

#### 726,988

#### Total

#### Governments

#### (Cost: $731,173)

#### 726,988
144A

144A

144A

Municipal

Bonds

(0.1%)

#### Municipal

#### Bonds

#### (0.1%)
North

Texas

Tollway

Authority

6.718%, 1/1/49 RB

1,241,000

1,364

The

Ohio

State

University

4.800%, 6/1/11 RB

148,000

Port

Authority

of

New

York

&

New

Jersey

4.458%, 10/1/62 RB

2,355,000

1,973

The

University

of

Texas

System

2.439%, 8/15/49 RB

785,000

#### Total

#### Municipal

#### Bonds

#### (Cost: $5,093)

#### 3,948
Structured

Products

(49.5%)

#### Asset

#### Backed

#### Securities

#### (6.6%)
Ally

Auto

Receivables

Trust,

Series

2022-3,

Class

A4

5.070%,

6/15/31

1,172,000

1,176

American

Express

Credit

Account

Master

Trust,

Series

2023-4,

Class

A

5.150%,

9/16/30

2,574,000

2,660

American

Express

Credit

Account

Master

Trust,

Series

2025-2,

Class

A

4.280%,

4/15/30

1,972,000

1,995

American

Express

Credit

Account

Master

Trust,

Series

2025-4,

Class

A

4.300%,

7/15/30

3,698,000

3,746

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-1,

Class

A3

5.620%,

11/18/27

325,516

AmeriCredit

Automobile

Receivables

Trust,

Series

2023-2,

Class

A3

5.810%,

5/18/28

1,529,276

1,539

AutoNation

Finance

Trust,

Series

2025-1A,

Class

A3

144A

144A

4.620%,

11/13/29 144A

1,891,000

1,908

Barclays

Dryrock

Issuance

Trust,

Series

2025-

1,

Class

A

3.970%,

7/15/31

4,348,000

4,355

Capital

One

Multi-Asset

Execution

Trust,

Series

2025-A2,

Class

A

4.020%,

9/15/32

963,000

963

Capital

One

Prime

Auto

Receivables

Trust,

Series

2025-1,

Class

A3

3.850%,

7/15/30

1,689,000

1,690

Capital

One

Prime

Auto

Receivables

Trust,

Series

2025-1,

Class

A4

3.920%,

2/18/31

1,665,000

1,663

Carmax

Auto

Owner

Trust,

Series

2025-2,

Class

A3

4.480%,

3/15/30

4,491,000

4,540

CarMax

Auto

Owner

Trust,

Series

2025-3,

Class

A3

4.350%,

7/15/30

2,628,000

2,651

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 87
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
CarMax

Auto

Owner

Trust,

Series

2025-3,

Class

A4

4.470%,

1/15/31

1,793,000

1,815

Chase

Auto

Owner

Trust,

Series

2022-AA,

Class

A4

144A

144A

3.990%,

3/27/28 144A

1,425,287

1,425

College

Avenue

Student

Loans

LLC,

Series

2017-A,

Class

A1

144A

144A

5.496%,

(US

SOFR

Month

plus

1.765%),

11/26/46 144A

384,736

College

Avenue

Student

Loans

LLC,

Series

2018-A,

Class

A2

144A

144A

4.130%,

12/26/47 144A

363,781

College

Avenue

Student

Loans

LLC,

Series

2019-A,

Class

A2

144A

144A

3.280%,

12/28/48 144A

762,964

734

Ford

Credit

Auto

Lease

Trust,

Series

2024-A,

Class

A4

5.050%,

6/15/27

1,103,000

1,108

Ford

Credit

Auto

Owner

Trust,

Series

2022-1,

Class

A

144A

144A

3.880%,

11/15/34 144A

3,600,000

3,600

Ford

Credit

Auto

Owner

Trust,

Series

2022-D,

Class

A4

5.300%,

3/15/28

1,060,000

1,068

Ford

Credit

Auto

Owner

Trust,

Series

2024-D,

Class

A3

4.610%,

8/15/29

1,067,000

1,079

Ford

Credit

Auto

Owner

Trust,

Series

2025-1,

Class

A

144A

144A

4.860%,

8/15/37 144A ∑

3,427,000

3,522

Ford

Credit

Auto

Owner

Trust,

Series

2025-2,

Class

A

144A

144A

4.370%,

2/15/38 144A ∑

1,334,000

1,345

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2024-3,

Class

A1

144A

144A

4.300%,

9/15/29 144A

6,050,000

6,099

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2025-1,

Class

A1

4.630%,

4/15/30

4,654,000

4,731

GM

Financial

Automobile

Leasing

Trust,

Series

2023-3,

Class

A4

5.440%,

8/20/27

174,112

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2025-4,

Class

A3

3.840%,

2/18/31

1,494,000

1,495

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2025-4,

Class

A4

3.930%,

4/16/32

568,000

568

GM

Financial

Revolving

Receivables

Trust,

Series

2024-1,

Class

A

144A

144A

4.980%,

12/11/36 144A

1,533,000

1,577

GM

Financial

Revolving

Receivables

Trust,

Series

2024-2,

Class

A

144A

144A

4.520%,

3/11/37 144A

1,506,000

1,531

GM

Financial

Revolving

Receivables

Trust,

Series

2025-1,

Class

A

144A

144A

4.640%,

12/11/37 144A

4,544,000

4,633

GMF

Floorplan

Owner

Revolving

Trust,

Series

2024-4A,

Class

A1

144A

144A

4.730%,

11/15/29 144A

3,613,000

3,663

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
GMF

Floorplan

Owner

Revolving

Trust,

Series

2025-2A,

Class

A

144A

144A

4.640%,

3/15/30 144A

4,883,000

4,952

Honda

Auto

Receivables

Owner

Trust,

Series

2025-3,

Class

A4

4.100%,

11/21/31

2,586,000

2,599

Honda

Auto

Receivables

Owner

Trust,

Series

2025-4,

Class

A3

3.980%,

6/17/30

2,691,000

2,705

Hyundai

Auto

Lease

Securitization

Trust,

Series

2025-B,

Class

A3

144A

144A

4.530%,

4/17/28 144A

3,749,000

3,783

Hyundai

Auto

Receivables

Trust,

Series

2022-

A,

Class

A4

2.350%,

4/17/28

416,399

Hyundai

Auto

Receivables

Trust,

Series

2023-

A,

Class

A4

4.480%,

7/17/28

2,148,000

2,155

Hyundai

Auto

Receivables

Trust,

Series

2023-

B,

Class

A3

5.480%,

4/17/28

641,480

646

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

2,126

Navient

Private

Education

Refi

Loan

Trust,

Series

2018-DA,

Class

A2A

144A

144A

4.000%,

12/15/59 144A

693,866

691

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-A,

Class

A2A

144A

144A

3.420%,

1/15/43 144A

214,353

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2

144A

144A

3.130%,

2/15/68 144A

336,244

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-D,

Class

A2A

144A

144A

3.010%,

12/15/59 144A

1,693,410

1,655

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2

144A

144A

2.600%,

8/15/68 144A

922,572

893

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-EA,

Class

A

144A

144A

1.690%,

5/15/69 144A

57,261

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A

144A

144A

1.170%,

9/16/69 144A

1,034,211

976

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-BA,

Class

A

144A

144A

0.940%,

7/15/69 144A

492,658

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-CA,

Class

A

144A

144A

1.060%,

10/15/69 144A

1,741,209

1,597

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-EA,

Class

A

144A

144A

0.970%,

12/16/69 144A

2,965,123

2,674

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-FA,

Class

A

144A

144A

1.110%,

2/18/70 144A

1,901,054

1,695

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 88
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Navient

Private

Education

Refi

Loan

Trust,

Series

2021-GA,

Class

A

144A

144A

1.580%,

4/15/70 144A

485,620

Navient

Private

Education

Refi

Loan

Trust,

Series

2022-A,

Class

A

144A

144A

2.230%,

7/15/70 144A

4,848,377

4,441

Navient

Student

Loan

Trust,

Series

2021-3A,

Class

A1A

144A

144A

1.770%,

8/25/70 144A

2,019,408

1,779

Navient

Student

Loan

Trust,

Series

2025-C,

Class

A

144A

144A

4.800%,

10/15/55 144A

2,390,981

2,396

Nelnet

Student

Loan

Trust,

Series

2004-4,

Class

A5

4.735%,

(US

Day

Average

SOFR

plus

0.422%),

1/25/37

656,770

656

Nelnet

Student

Loan

Trust,

Series

2005-1,

Class

A5

4.685%,

(US

Day

Average

SOFR

plus

0.372%),

10/25/33

2,234,610

2,219

Nelnet

Student

Loan

Trust,

Series

2005-2,

Class

A5

4.439%,

(US

Day

Average

SOFR

plus

0.362%),

3/23/37

2,050,820

2,036

Nelnet

Student

Loan

Trust,

Series

2005-3,

Class

A5

4.459%,

(US

Day

Average

SOFR

plus

0.382%),

12/24/35

1,513,199

1,504

Nissan

Auto

Receivables

Owner

Trust,

Series

2022-B,

Class

A4

4.450%,

11/15/29

1,459,000

1,465

Santander

Drive

Auto

Receivables

Trust,

Series

2024-3,

Class

A3

5.630%,

1/16/29

1,344,596

1,350

Santander

Drive

Auto

Receivables

Trust,

Series

2025-2,

Class

A3

4.670%,

8/15/29

2,360,000

2,373

Santander

Drive

Auto

Receivables

Trust,

Series

2025-3,

Class

A3

4.380%,

1/15/30

2,895,000

2,909

SBNA

Auto

Lease

Trust,

Series

2024-C,

Class A4

144A

144A

4.420%,

3/20/29 144A

1,391,000

1,398

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A3

144A

144A

5.320%,

12/15/28 144A

646,564

649

SBNA

Auto

Receivables

Trust,

Series

2024-A,

Class

A4

144A

144A

5.210%,

4/16/29 144A

636,000

641

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A3

144A

144A

4.950%,

5/21/29 144A

2,428,777

2,444

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-1A,

Class

A4

144A

144A

4.940%,

1/21/31 144A

557,000

566

SFS

Auto

Receivables

Securitization

Trust,

Series

2024-2A,

Class

A3

144A

144A

5.330%,

11/20/29 144A

1,956,222

1,977

SFS

Auto

Receivables

Securitization

Trust,

Series

2025-2A,

Class

A4

144A

144A

4.580%,

5/20/31 144A

1,765,000

1,789

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
SFS

Auto

Receivables

Securitization

Trust,

Series

2025-3A,

Class

A3

144A

144A

4.120%,

4/21/31 144A

2,772,000

2,784

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1

144A

144A

1.070%,

1/15/53 144A

2,679,068

2,459

SoFi

Professional

Loan

Program

LLC,

Series

2021-B,

Class

AFX

144A

144A

1.140%,

2/15/47 144A

1,455,868

1,275

Stellantis

Finance

US,

Inc.

144A

144A

4.110%,

4/20/29 144A

2,880,000

2,884

Synchrony

Card

Funding

LLC,

Series

2025-

A2,

Class

A

4.490%,

5/15/31

2,480,000

2,516

Synchrony

Card

Issuance

Trust,

Series

2025-

A1,

Class

A

4.780%,

2/18/31

3,342,000

3,399

Synchrony

Card

Issuance

Trust,

Series

2025-

A3,

Class

A

4.060%,

11/17/31

5,271,000

5,296

T-Mobile

US

Trust,

Series

2024-2A,

Class

A

144A

144A

4.250%,

5/21/29 144A

6,373,000

6,403

Toyota

Auto

Receivables

Owner

Trust,

Series

2022-D,

Class

A4

5.430%,

4/17/28

1,337,000

1,359

USB

Auto

Owner

Trust,

Series

2025-1A,

Class A3

144A

144A

4.490%,

6/17/30 144A

2,155,000

2,173

USB

Auto

Owner

Trust,

Series

2025-1A,

Class A4

144A

144A

4.620%,

12/16/30 144A

644,000

654

Verizon

Master

Trust,

Series

2024-7,

Class

A

144A

144A

4.350%,

8/20/32 144A

5,237,000

5,281

Verizon

Master

Trust,

Series

2025-10,

Class

A

144A

144A

4.280%,

10/20/33 144A

3,118,000

3,128

Verizon

Master

Trust,

Series

2025-2,

Class

A

144A

144A

4.940%,

1/20/33 144A

5,536,000

5,701

Verizon

Master

Trust,

Series

2025-4,

Class

A

144A

144A

4.760%,

3/21/33 144A

3,564,000

3,648

Volkswagen

Auto

Loan

Enhanced

Trust,

Series

2024-1,

Class

A3

4.630%,

7/20/29

1,375,000

1,392

World

Financial

Network

Credit

Card

Master

Trust,

Series

2024-A,

Class

A

5.470%,

2/17/31

723,000

737

World

Omni

Auto

Receivables

Trust,

Series

2025-C,

Class

A4

4.190%,

11/17/31

1,591,000

1,602

#### Total

#### 188,944

#### Mortgage

#### Securities

#### (42.9%)
Angel

Oak

Mortgage

Trust,

Series

2021-6,

Class

A1

144A

144A

1.458%,

(AFC),

9/25/66 144A

1,263,180

1,074

BANK,

Series

2022-BNK44,

Class

A5

5.743%,

(CSTR),

11/15/55

1,073,000

1,141

BANK,

Series

2025-BNK51,

Class

A5

5.290%,

12/25/67

2,287,000

2,354

BANK5,

Series

2025-5YR19,

Class

A3

5.270%,

12/15/58

1,922,000

1,986

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 89
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
BBCMS

Mortgage

Trust,

Series

2018-C2,

Class

ASB

4.236%,

12/15/51

381,673

BBCMS

Mortgage

Trust,

Series

2021-C12,

Class

A5

2.689%,

11/15/54

721,000

646

BBCMS

Mortgage

Trust,

Series

2022-C17,

Class

A5

4.441%,

9/15/55

917,000

904

BBCMS

Mortgage

Trust,

Series

2025-5C33,

Class

A4

5.839%,

3/15/58

1,792,000

1,887

BBCMS

Mortgage

Trust,

Series

2025-5C37,

Class

A3

5.015%,

9/15/58

451,000

BBCMS

Mortgage

Trust,

Series

2025-5C38,

Class

A3

5.146%,

11/15/58

2,709,000

2,787

BBCMS

Mortgage

Trust,

Series

2025-C35,

Class

A5

5.586%,

(AFC),

7/15/58

686,000

721

Benchmark

Mortgage

Trust,

Series

2021-B25,

Class

A4

2.268%,

4/15/54

910,000

831

BMO

Mortgage

Trust,

Series

2025-C11,

Class A5

5.687%,

2/15/58

1,380,000

1,456

BMO

Mortgage

Trust,

Series

2025-C12,

Class A5

5.871%,

(AFC),

6/15/58

911,000

975

Bunker

Hill

Loan

Depositary

Trust,

Series

2019-2,

Class

A1

144A

144A

2.879%,

(AFC),

7/25/49 144A ∑

352,262

BX

Trust,

Series

2025-VLT7,

Class

A

144A

144A

5.450%,

(US

SOFR

Month

plus

1.700%),

7/15/44 144A

1,737,000

1,740

BX

Trust,

Series

2025-VOLT,

Class

A

144A

144A

5.450%,

(US

SOFR

Month

plus

1.700%),

12/15/44 144A

3,160,000

3,162

Citigroup

Mortgage

Loan

Trust,

Series

2005-1,

Class

3A1

6.500%,

4/25/35

44,282

COLT

Mortgage

Loan

Trust,

Series

2021-2,

Class

A1

144A

144A

0.924%,

(AFC),

8/25/66 144A

1,572,839

1,336

COLT

Mortgage

Loan

Trust,

Series

2021-4,

Class

A1

144A

144A

1.397%,

(AFC),

10/25/66 144A

1,766,454

1,515

CSAIL

Commercial

Mortgage

Trust,

Series

2019-C16,

Class

ASB

3.142%,

6/15/52

929,101

917

Federal

Home

Loan

Mortgage

Corp.

2.000%,

6/1/40

5,346,962

4,756

2.000%,

7/1/40

7,681,897

6,828

2.000%,

8/1/40

5,715,431

5,077

2.000%,

10/1/40

4,818,575

4,274

2.000%,

2/1/47

947,106

771

2.000%,

12/1/51

760,585

630

2.500%,

7/1/33

2,535,631

2,505

2.500%,

4/1/37

1,620,068

1,545

2.500%,

4/1/42

898,864

803

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
2.500%,

5/1/42

3,294,921

2,953

2.500%,

6/1/42

1,166,586

1,045

2.500%,

8/1/43

2,585,499

2,337

2.500%,

6/1/46

3,006,532

2,711

2.500%,

11/1/46

2,103,555

1,830

2.500%,

8/1/50

1,862,408

1,613

2.500%,

10/1/50

1,278,595

1,104

2.500%,

5/1/51

4,678,799

4,052

2.500%,

7/1/51

2,361,499

2,040

2.500%,

9/1/51

5,429,446

4,702

2.500%,

11/1/51

1,089,458

941

2.500%,

1/1/52

28,480,894

24,585

2.500%,

2/1/52

633,938

544

2.500%,

3/1/52

1,967,229

1,690

2.500%,

4/1/52

3,588,826

3,094

3.000%,

3/1/43

1,015,159

938

3.000%,

4/1/43

4,022,661

3,726

3.000%,

5/1/43

1,244,264

1,151

3.000%,

8/1/43

1,796,739

1,663

3.000%,

6/1/44

2,825,349

2,616

3.000%,

2/1/45

3,529,966

3,242

3.000%,

4/1/45

4,241,200

3,922

3.000%,

5/1/45

1,979,529

1,812

3.000%,

1/1/46

1,738,554

1,614

3.000%,

9/1/46

2,688,819

2,444

3.000%,

12/1/46

9,436,891

8,690

3.000%,

2/1/47

639,818

594

3.000%,

4/1/47

12,152,501

11,051

3.000%,

11/1/48

5,328,774

4,830

3.000%,

4/1/49

2,242,535

2,033

3.000%,

5/1/49

1,362,652

1,238

3.000%,

11/1/49

1,660,330

1,507

3.000%,

1/1/50

2,777,337

2,518

3.089%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

Year

plus

1.621%),

2/1/50

1,466,653

1,492

4.000%,

3/1/50

5,121,839

4,984

4.201%,

(US

Day

Average

SOFR

plus

2.307%),

5/1/53

4,487,268

4,519

4.500%,

6/1/39

64,458

4.500%,

7/1/39

73,942

4.628%,

(US

Day

Average

SOFR

plus

2.352%),

3/1/53

3,001,290

2,999

4.734%,

(US

Day

Average

SOFR

plus

2.335%),

10/1/54

1,992,065

2,007

4.782%,

(US

Day

Average

SOFR

plus

2.146%),

1/1/55

2,420,349

2,444

4.977%,

(US

Day

Average

SOFR

plus

2.060%),

7/1/55

764,560

774

4.986%,

(US

Day

Average

SOFR

plus

2.258%),

2/1/54

917,414

930

5.013%,

(US

Day

Average

SOFR

plus

4.199%),

6/1/55

2,721,264

2,753

5.076%,

(US

Day

Average

SOFR

plus

2.190%),

8/1/55

699,045

709

5.086%,

(US

Day

Average

SOFR

plus

2.095%),

11/1/55

3,452,816

3,482

5.100%,

(US

Day

Average

SOFR

plus

2.167%),

6/1/55

1,212,897

1,227

5.144%,

(US

Day

Average

SOFR

plus

2.060%),

7/1/55

1,196,212

1,211

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 90
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
5.190%,

(US

Day

Average

SOFR

plus

2.200%),

6/1/55

2,069,986

2,098

5.250%,

(US

Day

Average

SOFR

plus

2.075%),

7/1/55

3,210,018

3,253

5.284%,

(US

Day

Average

SOFR

plus

2.075%),

7/1/55

1,247,605

1,268

5.323%,

(US

Day

Average

SOFR

plus

2.105%),

8/1/55

1,233,458

1,255

5.335%,

(US

Day

Average

SOFR

plus

2.330%),

8/1/55

1,528,202

1,550

5.431%,

(US

Day

Average

SOFR

plus

2.330%),

8/1/55

1,997,643

2,022

5.435%,

(US

Day

Average

SOFR

plus

2.090%),

5/1/55

844,381

858

5.500%,

5/1/55

11,051,023

11,228

5.500%,

7/1/55

5,628,233

5,708

5.604%,

(US

Day

Average

SOFR

plus

2.330%),

7/1/55

2,321,319

2,354

6.000%,

9/1/54

16,169,843

16,990

6.000%,

10/1/54

2,786,918

2,928

6.000%,

5/1/55

10,764,795

11,075

6.000%,

6/1/55

4,071,085

4,182

6.322%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

Year

plus

1.640%),

11/1/48

811,959

849

6.500%,

9/1/54

6,248,124

6,627

6.500%,

10/1/54

1,907,561

2,028

6.500%,

11/1/54

498,627

528

6.500%,

10/1/55

2,113,828

2,246

Federal

Home

Loan

Mortgage

Corp.

Stripped,

Series

264,

Class

3.000%,

7/15/42

2,078,250

1,918

Federal

Home

Loan

Mortgage

Corp.

Stripped,

Series

326,

Class

F2

4.648%,

(US

Day

Average

SOFR

plus

0.665%),

3/15/44

971,362

968

Federal

Home

Loan

Mortgage

Corp.,

Series

2439,

Class

LH

6.000%,

4/15/32

75,234

Federal

Home

Loan

Mortgage

Corp.,

Series

3693,

Class

FC

4.598%,

(US

Day

Average

SOFR

plus

0.615%),

7/15/40

640,762

637

Federal

Home

Loan

Mortgage

Corp.,

Series

3919,

Class

FA

4.598%,

(US

Day

Average

SOFR

plus

0.615%),

9/15/41

624,876

620

Federal

Home

Loan

Mortgage

Corp.,

Series

3958,

Class

AF

4.548%,

(US

Day

Average

SOFR

plus

0.565%),

11/15/41

573,349

568

Federal

Home

Loan

Mortgage

Corp.,

Series

3975,

Class

FA

4.588%,

(US

Day

Average

SOFR

plus

0.605%),

12/15/41

525,969

522

Federal

Home

Loan

Mortgage

Corp.,

Series

3990,

Class

FG

4.548%,

(US

Day

Average

SOFR

plus

0.565%),

1/15/42

656,105

651

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

Home

Loan

Mortgage

Corp.,

Series

4059,

Class

FP

4.548%,

(US

Day

Average

SOFR

plus

0.565%),

6/15/42

780,011

772

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

BX

3.250%,

10/15/41

1,296,414

1,233

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

EX

3.375%,

7/15/42

822,942

780

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

FN

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

8/15/42

767,570

758

Federal

Home

Loan

Mortgage

Corp.,

Series

4091,

Class

MX

3.250%,

2/15/42

964,190

910

Federal

Home

Loan

Mortgage

Corp.,

Series

4160,

Class

HP

2.500%,

1/15/33

740,408

716

Federal

Home

Loan

Mortgage

Corp.,

Series

4177,

Class

HB

2.500%,

10/15/42

849,449

770

Federal

Home

Loan

Mortgage

Corp.,

Series

4184,

Class

FN

4.448%,

(US

Day

Average

SOFR

plus

0.465%),

3/15/43

446,181

Federal

Home

Loan

Mortgage

Corp.,

Series

4240,

Class

FA

4.598%,

(US

Day

Average

SOFR

plus

0.615%),

8/15/43

2,319,378

2,295

Federal

Home

Loan

Mortgage

Corp.,

Series

4281,

Class

FA

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

12/15/43

344,481

Federal

Home

Loan

Mortgage

Corp.,

Series

4290,

Class

LF

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

7/15/35

741,131

735

Federal

Home

Loan

Mortgage

Corp.,

Series

4303,

Class

FA

4.448%,

(US

Day

Average

SOFR

plus

0.465%),

2/15/44

625,685

617

Federal

Home

Loan

Mortgage

Corp.,

Series

4427,

Class

CE

3.000%,

2/15/34

156,459

Federal

Home

Loan

Mortgage

Corp.,

Series

4446,

Class

CP

2.250%,

3/15/45

1,071,852

971

Federal

Home

Loan

Mortgage

Corp.,

Series

4582,

Class

HA

3.000%,

9/15/45

3,881,662

3,689

Federal

Home

Loan

Mortgage

Corp.,

Series

4587,

Class

AF

4.448%,

(US

Day

Average

SOFR

plus

0.465%),

6/15/46

1,062,987

1,055

Federal

Home

Loan

Mortgage

Corp.,

Series

4604,

Class

FB

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

8/15/46

2,112,171

2,092

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 91
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

Home

Loan

Mortgage

Corp.,

Series

4611,

Class

BF

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

6/15/41

8,045,256

7,967

Federal

Home

Loan

Mortgage

Corp.,

Series

4620,

Class

LF

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

10/15/46

1,134,856

1,125

Federal

Home

Loan

Mortgage

Corp.,

Series

4628,

Class

KF

4.598%,

(US

Day

Average

SOFR

plus

0.615%),

1/15/55

1,269,082

1,243

Federal

Home

Loan

Mortgage

Corp.,

Series

4709,

Class

FA

4.398%,

(US

Day

Average

SOFR

plus

0.415%),

8/15/47

844,156

833

Federal

Home

Loan

Mortgage

Corp.,

Series

4719,

Class

LA

3.500%,

9/15/47

1,172,266

1,105

Federal

Home

Loan

Mortgage

Corp.,

Series

4719,

Class

LM

3.000%,

9/15/47

890,772

813

Federal

Home

Loan

Mortgage

Corp.,

Series

4742,

Class

PA

3.000%,

10/15/47

1,580,489

1,459

Federal

Home

Loan

Mortgage

Corp.,

Series

4753,

Class

BD

3.000%,

1/15/48

995,369

901

Federal

Home

Loan

Mortgage

Corp.,

Series

4826,

Class

KF

4.398%,

(US

Day

Average

SOFR

plus

0.415%),

9/15/48

773,780

758

Federal

Home

Loan

Mortgage

Corp.,

Series

4854,

Class

FB

4.398%,

(US

Day

Average

SOFR

plus

0.415%),

1/15/49

2,138,228

2,113

Federal

Home

Loan

Mortgage

Corp.,

Series

4857,

Class

JA

3.350%,

1/15/49

3,311,045

3,206

Federal

Home

Loan

Mortgage

Corp.,

Series

4880,

Class

DA

3.000%,

5/15/50

1,508,248

1,407

Federal

Home

Loan

Mortgage

Corp.,

Series

4903,

Class

NF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

8/25/49

700,968

690

Federal

Home

Loan

Mortgage

Corp.,

Series

4927,

Class

BG

3.000%,

11/25/49

1,554,364

1,443

Federal

Home

Loan

Mortgage

Corp.,

Series

4937,

Class

MD

2.500%,

10/25/49

1,525,579

1,364

Federal

Home

Loan

Mortgage

Corp.,

Series

4940,

Class

AG

3.000%,

5/15/40

955,589

915

Federal

Home

Loan

Mortgage

Corp.,

Series

4941,

Class

GA

2.000%,

12/15/47

892,004

756

Federal

Home

Loan

Mortgage

Corp.,

Series

4954,

Class

LB

2.500%,

2/25/50

704,765

625

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

Home

Loan

Mortgage

Corp.,

Series

4957,

Class

MY

3.000%,

2/25/50

1,143,000

967

Federal

Home

Loan

Mortgage

Corp.,

Series

4988,

Class

KF

4.339%,

(US

Day

Average

SOFR

plus

0.465%),

7/25/50

1,201,566

1,188

Federal

Home

Loan

Mortgage

Corp.,

Series

4993,

Class

KF

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

7/25/50

7,214,731

7,041

Federal

Home

Loan

Mortgage

Corp.,

Series

5004,

Class

FM

4.339%,

(US

Day

Average

SOFR

plus

0.465%),

8/25/50

1,443,432

1,399

Federal

Home

Loan

Mortgage

Corp.,

Series

5020,

Class

ET

3.500%,

10/25/50

1,378,492

1,277

Federal

Home

Loan

Mortgage

Corp.,

Series

5058,

Class

BC

5.000%,

11/25/50

1,011,223

1,003

Federal

Home

Loan

Mortgage

Corp.,

Series

5091,

Class

AB

1.500%,

3/25/51

2,436,987

2,005

Federal

Home

Loan

Mortgage

Corp.,

Series

5092,

Class

HE

2.000%,

2/25/51

1,660,446

1,411

Federal

Home

Loan

Mortgage

Corp.,

Series

5118,

Class

CA

1.500%,

10/15/33

1,578,887

1,475

Federal

Home

Loan

Mortgage

Corp.,

Series

5119,

Class

QF

4.074%,

(US

Day

Average

SOFR

plus

0.200%),

6/25/51

2,130,033

2,030

Federal

Home

Loan

Mortgage

Corp.,

Series

5202,

Class

KA

2.500%,

6/25/49

1,454,228

1,318

Federal

Home

Loan

Mortgage

Corp.,

Series

5202,

Class

TA

2.500%,

12/25/48

2,793,119

2,585

Federal

Home

Loan

Mortgage

Corp.,

Series

5207,

Class

PA

3.000%,

6/25/51

2,145,104

1,943

Federal

Home

Loan

Mortgage

Corp.,

Series

5217,

Class

CD

2.500%,

7/25/49

1,463,310

1,379

Federal

Home

Loan

Mortgage

Corp.,

Series

5220,

Class

QK

3.500%,

9/25/50

2,981,779

2,894

Federal

Home

Loan

Mortgage

Corp.,

Series

5228,

Class

TN

3.500%,

7/25/39

1,232,128

1,195

Federal

Home

Loan

Mortgage

Corp.,

Series

5335,

Class

FB

4.798%,

(US

Day

Average

SOFR

plus

0.815%),

10/15/39

2,723,531

2,732

Federal

Home

Loan

Mortgage

Corp.,

Series

5396,

Class

HF

4.824%,

(US

Day

Average

SOFR

plus

0.950%),

4/25/54

3,743,962

3,751

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 92
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

Home

Loan

Mortgage

Corp.,

Series

5399,

Class

FB

4.774%,

(US

Day

Average

SOFR

plus

0.900%),

4/25/54

2,229,621

2,228

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

4.498%,

(US

Day

Average

SOFR

plus

0.515%),

1/15/44

1,222,227

1,207

Federal

Home

Loan

Mortgage

Corp.,

Series

5452,

Class

KY

3.000%,

3/15/44

1,863,000

1,629

Federal

Home

Loan

Mortgage

Corp.,

Series

5529,

Class

HA

3.000%,

3/15/43

999,214

954

Federal

Home

Loan

Mortgage

Corp.,

Series

5565,

Class

QA

4.500%,

8/25/55

4,718,621

4,712

Federal

National

Mortgage

Association

2.000%,

6/1/40

1,606,126

1,430

2.000%,

7/1/40

5,414,709

4,817

2.000%,

8/1/40

9,498,741

8,443

2.000%,

9/1/40

6,089,585

5,406

2.000%,

11/1/40

5,432,500

4,819

2.000%,

12/1/40

10,804,424

9,575

2.000%,

10/1/41

3,486,447

3,036

2.000%,

11/1/41

1,144,990

1,000

2.000%,

4/1/42

1,839,422

1,605

2.000%,

4/1/46

6,050,338

5,054

2.000%,

1/1/47

1,153,378

957

2.000%,

3/1/47

7,881,962

6,528

2.500%,

5/1/37

1,786,722

1,700

2.500%,

12/1/40

3,279,847

2,958

2.500%,

5/1/41

3,515,176

3,176

2.500%,

8/1/41

1,708,752

1,543

2.500%,

2/1/42

1,873,765

1,675

2.500%,

4/1/42

962,493

853

2.500%,

5/1/42

2,664,548

2,390

2.500%,

6/1/42

2,346,852

2,103

2.500%,

11/1/42

1,188,167

1,067

2.500%,

12/1/47

4,711,948

4,209

2.500%,

9/1/50

6,064,107

5,246

2.500%,

10/1/50

3,185,082

2,755

2.500%,

11/1/50

1,165,327

1,006

2.500%,

2/1/51

2,689,258

2,323

2.500%,

5/1/51

1,762,737

1,518

2.500%,

6/1/51

2,737,312

2,363

2.500%,

12/1/51

2,418,739

2,080

2.500%,

3/1/52

9,728,757

8,388

2.500%,

5/1/52

1,332,838

1,149

2.753%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

Year

plus

1.606%),

6/1/50

1,084,454

1,054

3.000%,

8/1/42

1,104,652

1,024

3.000%,

11/1/42

1,667,647

1,546

3.000%,

1/1/43

1,427,606

1,370

3.000%,

2/1/43

10,156,372

9,342

3.000%,

7/1/43

1,382,277

1,277

3.000%,

9/1/43

1,463,252

1,359

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
3.000%,

12/1/43

1,794,123

1,658

3.000%,

1/1/44

2,074,252

1,910

3.000%,

10/1/44

3,309,765

3,060

3.000%,

2/1/45

1,051,196

971

3.000%,

3/1/45

4,363,669

3,997

3.000%,

10/1/46

3,357,275

3,101

3.000%,

11/1/46

5,175,068

4,696

3.000%,

12/1/46

7,514,062

6,827

3.000%,

9/1/47

849,704

773

3.000%,

12/1/47

972,892

888

3.000%,

1/1/48

1,889,150

1,750

3.000%,

2/1/48

1,256,328

1,147

3.000%,

4/1/48

8,802,400

8,139

3.000%,

8/1/48

1,523,851

1,389

3.000%,

1/1/49

3,226,508

2,965

3.000%,

10/1/49

22,206,637

20,542

3.000%,

2/1/50

29,304,207

26,727

3.000%,

5/1/50

6,037,191

5,475

3.000%,

7/1/50

12,197,297

11,093

3.000%,

4/1/52

6,739,748

6,068

3.000%,

7/1/52

1,212,689

1,103

3.000%,

10/1/52

8,670,516

7,884

3.000%,

2/1/55

938,870

854

3.000%,

7/1/60

12,402,199

11,005

4.000%,

3/1/35

686,490

685

4.000%,

10/1/37

153,111

4.000%,

9/1/45

315,917

4.000%,

1/1/46

1,665,565

1,627

4.000%,

3/1/47

677,884

660

4.000%,

4/1/47

168,539

4.000%,

10/1/47

199,771

4.000%,

12/1/48

876,980

855

4.102%,

(US

Day

Average

SOFR

plus

2.120%),

9/1/52

2,122,268

2,183

4.130%,

(US

Day

Average

SOFR

plus

2.124%),

11/1/52

1,720,656

1,740

4.131%,

(US

Day

Average

SOFR

plus

2.134%),

10/1/52

5,077,252

5,164

4.345%,

(US

Day

Average

SOFR

plus

2.160%),

1/1/55

2,221,432

2,253

4.359%,

(US

Day

Average

SOFR

plus

2.125%),

7/1/52

2,725,618

2,730

4.500%,

3/1/43

953,478

959

4.500%,

10/1/45

1,471,186

1,468

4.500%,

2/1/46

51,021

4.536%,

(US

Day

Average

SOFR

plus

2.330%),

4/1/53

7,581,266

7,578

4.584%,

(US

Day

Average

SOFR

plus

2.127%),

8/1/52

2,912,526

2,932

4.602%,

(US

Day

Average

SOFR

plus

2.123%),

8/1/52

2,312,298

2,319

4.633%,

(US

Day

Average

SOFR

plus

2.129%),

8/1/52

1,670,215

1,683

4.669%,

(US

Day

Average

SOFR

plus

2.297%),

4/1/53

9,170,448

9,292

4.851%,

(US

Day

Average

SOFR

plus

4.552%),

7/1/54

4,547,676

4,604

4.941%,

(US

Day

Average

SOFR

plus

2.160%),

4/1/55

1,811,163

1,835

4.964%,

(US

Day

Average

SOFR

plus

2.310%),

5/1/55

2,161,843

2,188

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 93
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
4.995%,

(US

Day

Average

SOFR

plus

2.050%),

8/1/55

733,511

745

5.050%,

(US

Day

Average

SOFR

plus

2.082%),

7/1/55

2,201,939

2,238

5.224%,

(US

Day

Average

SOFR

plus

2.318%),

2/1/55

3,335,714

3,386

5.372%,

(US

Day

Average

SOFR

plus

2.332%),

8/1/54

3,017,886

3,070

5.500%,

2/1/54

28,635,096

29,112

5.500%,

2/1/55

6,529,350

6,622

5.500%,

3/1/55

6,413,243

6,504

5.500%,

5/1/55

5,491,921

5,594

5.500%,

7/1/55

18,280,469

18,574

5.590%,

(US

Day

Average

SOFR

plus

2.094%),

12/1/53

1,348,403

1,365

5.595%,

(US

Day

Average

SOFR

plus

2.060%),

8/1/55

2,136,573

2,172

5.770%,

(FTSE

USD

IBOR

Consumer

Cash

Fallbacks

Term

Year

plus

1.604%),

3/1/50

1,861,105

1,941

6.000%,

12/1/53

1,276,058

1,334

6.000%,

6/1/54

1,934,084

2,032

6.000%,

7/1/54

2,151,033

2,263

6.000%,

9/1/54

5,125,307

5,384

6.000%,

10/1/54

945,546

995

6.000%,

4/1/55

15,431,963

15,876

6.000%,

5/1/55

9,518,586

9,817

6.000%,

10/1/55

2,098,279

2,203

6.000%,

11/1/55

5,714,735

6,010

6.500%,

12/1/53

1,307,848

1,392

6.500%,

9/1/54

2,203,312

2,341

6.500%,

10/1/54

2,064,930

2,194

6.500%,

11/1/55

1,770,945

1,880

Federal

National

Mortgage

Association,

Series

2010-107,

Class

FB

4.399%,

(US

Day

Average

SOFR

plus

0.525%),

9/25/40

583,663

579

Federal

National

Mortgage

Association,

Series

2011-111,

Class

DB

4.000%,

11/25/41

1,285,345

1,253

Federal

National

Mortgage

Association,

Series

2011-117,

Class

AF

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

11/25/41

531,338

527

Federal

National

Mortgage

Association,

Series

2011-117,

Class

FA

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

11/25/41

1,227,330

1,217

Federal

National

Mortgage

Association,

Series

2011-127,

Class

FC

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

12/25/41

565,616

560

Federal

National

Mortgage

Association,

Series

2011-142,

Class

EF

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

1/25/42

640,779

636

Federal

National

Mortgage

Association,

Series

2011-55,

Class

FH

4.429%,

(US

Day

Average

SOFR

plus

0.555%),

6/25/41

429,600

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

National

Mortgage

Association,

Series

2012-106,

Class

FA

4.329%,

(US

Day

Average

SOFR

plus

0.455%),

10/25/42

498,659

Federal

National

Mortgage

Association,

Series

2012-12,

Class

FA

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

2/25/42

562,124

558

Federal

National

Mortgage

Association,

Series

2012-47,

Class

JF

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

5/25/42

754,501

749

Federal

National

Mortgage

Association,

Series

2013-11,

Class

AP

1.500%,

1/25/43

1,856,457

1,717

Federal

National

Mortgage

Association,

Series

2013-49,

Class

AP

1.750%,

5/25/43

702,988

614

Federal

National

Mortgage

Association,

Series

2014-25,

Class

EL

3.000%,

5/25/44

1,207,547

1,114

Federal

National

Mortgage

Association,

Series

2014-74,

Class

FC

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/44

626,524

618

Federal

National

Mortgage

Association,

Series

2015-32,

Class

FA

4.289%,

(US

Day

Average

SOFR

plus

0.415%),

5/25/45

1,151,386

1,127

Federal

National

Mortgage

Association,

Series

2015-48,

Class

FB

4.289%,

(US

Day

Average

SOFR

plus

0.415%),

7/25/45

1,356,737

1,329

Federal

National

Mortgage

Association,

Series

2015-72,

Class

GL

3.000%,

10/25/45

888,000

784

Federal

National

Mortgage

Association,

Series

2015-8,

Class

AP

2.000%,

3/25/45

2,092,394

1,895

Federal

National

Mortgage

Association,

Series

2015-84,

Class

PA

1.700%,

8/25/33

1,335,511

1,266

Federal

National

Mortgage

Association,

Series

2016-11,

Class

CF

4.339%,

(US

Day

Average

SOFR

plus

0.465%),

3/25/46

585,836

579

Federal

National

Mortgage

Association,

Series

2016-11,

Class

FG

4.339%,

(US

Day

Average

SOFR

plus

0.465%),

3/25/46

773,371

765

Federal

National

Mortgage

Association,

Series

2016-19,

Class

FD

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

4/25/46

3,451,787

3,425

Federal

National

Mortgage

Association,

Series

2016-22,

Class

FA

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

4/25/46

1,536,475

1,522

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 94
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

National

Mortgage

Association,

Series

2016-22,

Class

FG

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

4/25/46

1,345,946

1,333

Federal

National

Mortgage

Association,

Series

2016-48,

Class

MA

2.000%,

6/25/38

2,389,019

2,251

Federal

National

Mortgage

Association,

Series

2016-57,

Class

PC

1.750%,

6/25/46

5,741,182

4,943

Federal

National

Mortgage

Association,

Series

2016-64,

Class

BC

1.750%,

9/25/46

1,367,461

1,287

Federal

National

Mortgage

Association,

Series

2016-64,

Class

PE

2.500%,

9/25/46

1,020,000

790

Federal

National

Mortgage

Association,

Series

2016-69,

Class

BF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

10/25/46

1,230,731

1,220

Federal

National

Mortgage

Association,

Series

2016-75,

Class

FE

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

10/25/46

932,678

925

Federal

National

Mortgage

Association,

Series

2016-78,

Class

FA

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/44

589,677

584

Federal

National

Mortgage

Association,

Series

2016-79,

Class

FH

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/46

946,265

938

Federal

National

Mortgage

Association,

Series

2016-82,

Class

FE

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/46

2,055,649

2,039

Federal

National

Mortgage

Association,

Series

2016-82,

Class

FH

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/46

1,911,702

1,894

Federal

National

Mortgage

Association,

Series

2016-84,

Class

FB

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/46

910,286

902

Federal

National

Mortgage

Association,

Series

2016-86,

Class

FE

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

11/25/46

2,388,208

2,365

Federal

National

Mortgage

Association,

Series

2016-88,

Class

CF

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

12/25/46

1,601,880

1,590

Federal

National

Mortgage

Association,

Series

2016-91,

Class

AF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

12/25/46

823,649

818

Federal

National

Mortgage

Association,

Series

2017-11,

Class

FA

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/47

346,185

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

National

Mortgage

Association,

Series

2017-113,

Class

FB

4.239%,

(US

Day

Average

SOFR

plus

0.365%),

1/25/48

373,235

Federal

National

Mortgage

Association,

Series

2017-12,

Class

FD

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/47

913,226

905

Federal

National

Mortgage

Association,

Series

2017-13,

Class

PA

3.000%,

8/25/46

911,969

860

Federal

National

Mortgage

Association,

Series

2017-23,

Class

FA

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

4/25/47

1,038,888

1,029

Federal

National

Mortgage

Association,

Series

2017-24,

Class

PG

2.625%,

4/25/47

3,671,007

3,260

Federal

National

Mortgage

Association,

Series

2017-26,

Class

FA

4.339%,

(US

Day

Average

SOFR

plus

0.465%),

4/25/47

2,355,826

2,334

Federal

National

Mortgage

Association,

Series

2017-35,

Class

MC

2.625%,

12/25/44

708,256

691

Federal

National

Mortgage

Association,

Series

2017-82,

Class

FE

4.239%,

(US

Day

Average

SOFR

plus

0.365%),

10/25/47

818,792

812

Federal

National

Mortgage

Association,

Series

2017-9,

Class

BF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/47

1,137,099

1,127

Federal

National

Mortgage

Association,

Series

2017-9,

Class

DF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/47

814,537

808

Federal

National

Mortgage

Association,

Series

2017-9,

Class

EF

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

3/25/47

411,849

Federal

National

Mortgage

Association,

Series

2017-96,

Class

FB

4.289%,

(US

Day

Average

SOFR

plus

0.415%),

12/25/47

1,443,956

1,424

Federal

National

Mortgage

Association,

Series

2018-1,

Class

FA

4.239%,

(US

Day

Average

SOFR

plus

0.365%),

2/25/48

470,682

Federal

National

Mortgage

Association,

Series

2018-14,

Class

KC

3.000%,

3/25/48

1,614,408

1,552

Federal

National

Mortgage

Association,

Series

2018-36,

Class

FD

4.239%,

(US

Day

Average

SOFR

plus

0.365%),

6/25/48

1,926,286

1,904

Federal

National

Mortgage

Association,

Series

2018-38,

Class

MA

3.300%,

6/25/48

1,705,386

1,643

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 95
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

National

Mortgage

Association,

Series

2018-45,

Class

TM

3.000%,

6/25/48

1,386,765

1,260

Federal

National

Mortgage

Association,

Series

2018-55,

Class

GA

3.375%,

8/25/48

1,305,760

1,262

Federal

National

Mortgage

Association,

Series

2018-64,

Class

A

3.000%,

9/25/48

1,265,493

1,141

Federal

National

Mortgage

Association,

Series

2018-85,

Class

EA

3.500%,

12/25/48

939,872

919

Federal

National

Mortgage

Association,

Series

2019-13,

Class

PE

3.000%,

3/25/49

813,867

750

Federal

National

Mortgage

Association,

Series

2019-15,

Class

FA

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

4/25/49

687,485

676

Federal

National

Mortgage

Association,

Series

2019-25,

Class

PA

3.000%,

5/25/48

1,770,064

1,667

Federal

National

Mortgage

Association,

Series

2019-41,

Class

FG

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

8/25/59

1,763,024

1,730

Federal

National

Mortgage

Association,

Series

2019-43,

Class

FC

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

8/25/49

1,344,690

1,324

Federal

National

Mortgage

Association,

Series

2019-67,

Class

FB

4.439%,

(US

Day

Average

SOFR

plus

0.565%),

11/25/49

750,430

740

Federal

National

Mortgage

Association,

Series

2019-81,

Class

LH

3.000%,

12/25/49

978,834

893

Federal

National

Mortgage

Association,

Series

2020-34,

Class

AG

2.000%,

6/25/35

2,584,905

2,476

Federal

National

Mortgage

Association,

Series

2020-48,

Class

AB

2.000%,

7/25/50

1,040,291

877

Federal

National

Mortgage

Association,

Series

2020-59,

Class

NC

3.000%,

8/25/40

1,507,056

1,421

Federal

National

Mortgage

Association,

Series

2021-27,

Class

EC

1.500%,

5/25/51

4,516,492

3,709

Federal

National

Mortgage

Association,

Series

2021-40,

Class

DW

2.000%,

6/25/41

335,426

Federal

National

Mortgage

Association,

Series

2021-78,

Class

ND

1.500%,

11/25/51

2,494,075

2,051

Federal

National

Mortgage

Association,

Series

2021-91,

Class

AB

2.500%,

9/25/49

1,725,316

1,559

Federal

National

Mortgage

Association,

Series

2021-95,

Class

CP

1.500%,

8/25/51

788,271

681

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Federal

National

Mortgage

Association,

Series

2022-62,

Class

KA

3.250%,

9/25/52

1,013,565

958

Federal

National

Mortgage

Association,

Series

2022-89,

Class

AY

3.000%,

2/25/48

2,263,000

1,992

Federal

National

Mortgage

Association,

Series

2023-14,

Class

EJ

2.750%,

4/25/49

1,634,361

1,541

Federal

National

Mortgage

Association,

Series

2023-37,

Class

FH

4.389%,

(US

Day

Average

SOFR

plus

0.515%),

1/25/50

2,791,744

2,751

Federal

National

Mortgage

Association,

Series

2023-38,

Class

FC

4.539%,

(US

Day

Average

SOFR

plus

0.665%),

6/25/40

2,091,424

2,085

Federal

National

Mortgage

Association,

Series

2023-38,

Class

FD

4.936%,

(US

Day

Average

SOFR

plus

0.865%),

(AFC),

10/25/39

647,152

634

Federal

National

Mortgage

Association,

Series

2024-64,

Class

KY

3.000%,

12/25/43

1,086,000

942

Federal

National

Mortgage

Association,

Series

2025-95,

Class

FC

4.574%,

(US

Day

Average

SOFR

plus

0.700%),

9/25/52

4,398,246

4,369

Federal

National

Mortgage

Association,

Series

2025-98,

Class

PK

4.500%,

8/25/54

15,970,129

15,889

Government

National

Mortgage

Association

2.500%,

12/20/37

1,832,076

1,734

2.500%,

6/20/38

3,439,675

3,251

2.500%,

7/20/50

10,148,726

8,621

3.000%,

6/20/43

1,848,361

1,671

3.000%,

8/20/43

575,989

521

3.000%,

11/15/47

5,296,910

4,877

3.000%,

10/20/50

4,556,327

4,085

3.500%,

4/20/48

1,131,736

1,064

4.000%,

8/20/52

22,055,292

20,980

5.500%,

8/20/55

26,794,869

27,073

6.000%,

1/20/53

6,951,258

7,186

6.000%,

7/20/55

9,143,395

9,335

Government

National

Mortgage

Association

TBA

5.500%,

1/15/55

9,000,000

9,087

Government

National

Mortgage

Association,

Series

2010-163,

Class

NC

4.000%,

12/20/40

1,300,083

1,293

Government

National

Mortgage

Association,

Series

2013-152,

Class

HA

2.500%,

6/20/43

1,502,405

1,404

Government

National

Mortgage

Association,

Series

2014-133,

Class

BP

2.250%,

9/20/44

1,143,359

1,038

Government

National

Mortgage

Association,

Series

2014-149,

Class

KP

2.250%,

7/16/44

984,693

913

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 96
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Government

National

Mortgage

Association,

Series

2014-181,

Class

L

3.000%,

12/20/44

1,064,893

973

Government

National

Mortgage

Association,

Series

2015-144,

Class

CA

2.500%,

10/20/45

1,635,956

1,457

Government

National

Mortgage

Association,

Series

2016-136,

Class

A

3.000%,

7/20/44

993,577

908

Government

National

Mortgage

Association,

Series

2016-93,

Class

AB

1.750%,

7/20/44

2,140,753

1,819

Government

National

Mortgage

Association,

Series

2016-99,

Class

TL

2.000%,

4/16/44

2,727,649

2,312

Government

National

Mortgage

Association,

Series

2017-139,

Class

GA

3.000%,

9/20/47

3,736,509

3,410

Government

National

Mortgage

Association,

Series

2017-167,

Class

BQ

2.500%,

8/20/44

873,081

830

Government

National

Mortgage

Association,

Series

2018-65,

Class

DC

3.500%,

5/20/48

1,479,292

1,384

Government

National

Mortgage

Association,

Series

2021-105,

Class

P

1.750%,

6/20/51

5,001,149

4,120

Government

National

Mortgage

Association,

Series

2021-107,

Class

DB

1.750%,

4/20/51

4,688,298

3,870

Government

National

Mortgage

Association,

Series

2021-135,

Class

A

2.000%,

8/20/51

1,159,217

970

Government

National

Mortgage

Association,

Series

2021-160,

Class

NE

2.000%,

9/20/51

8,890,377

7,622

Government

National

Mortgage

Association,

Series

2021-215,

Class

GA

2.000%,

12/20/51

7,715,147

6,776

Government

National

Mortgage

Association,

Series

2021-225,

Class

YC

2.000%,

12/20/51

907,662

782

Government

National

Mortgage

Association,

Series

2021-24,

Class

BC

1.250%,

2/20/51

1,640,703

1,296

Government

National

Mortgage

Association,

Series

2021-27,

Class

BD

5.000%,

2/20/51

1,424,781

1,422

Government

National

Mortgage

Association,

Series

2021-27,

Class

CW

5.000%,

2/20/51

1,917,470

1,914

Government

National

Mortgage

Association,

Series

2021-27,

Class

NT

5.000%,

2/20/51

1,492,843

1,475

Government

National

Mortgage

Association,

Series

2021-27,

Class

Q

5.000%,

2/20/51

1,331,663

1,329

Government

National

Mortgage

Association,

Series

2021-8,

Class

CY

5.000%,

1/20/51

1,314,953

1,312

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Government

National

Mortgage

Association,

Series

2021-89,

Class

LK

2.000%,

5/20/51

2,792,558

2,324

Government

National

Mortgage

Association,

Series

2022-138,

Class

PT

2.500%,

10/20/51

7,391,996

6,274

Government

National

Mortgage

Association,

Series

2022-153,

Class

KA

4.000%,

12/20/49

1,471,018

1,454

Government

National

Mortgage

Association,

Series

2022-197,

Class

LF

4.618%,

(US

Day

Average

SOFR

plus

0.700%),

11/20/52

5,814,967

5,788

Government

National

Mortgage

Association,

Series

2022-205,

Class

A

2.000%,

9/20/51

2,279,434

1,823

Government

National

Mortgage

Association,

Series

2022-24,

Class

AH

2.500%,

2/20/52

498,141

Government

National

Mortgage

Association,

Series

2022-31,

Class

GH

2.500%,

12/20/49

3,685,325

3,345

Government

National

Mortgage

Association,

Series

2022-34,

Class

DN

3.500%,

9/20/41

2,952,373

2,848

Government

National

Mortgage

Association,

Series

2022-46,

Class

LY

3.000%,

3/20/52

716,000

600

Government

National

Mortgage

Association,

Series

2022-5,

Class

BA

2.000%,

10/20/49

5,892,945

5,177

Government

National

Mortgage

Association,

Series

2022-50,

Class

CA

3.000%,

3/20/52

5,325,200

4,826

Government

National

Mortgage

Association,

Series

2022-66,

Class

CG

3.500%,

4/20/52

3,217,780

3,090

Government

National

Mortgage

Association,

Series

2022-78,

Class

HW

2.500%,

4/20/52

1,247,000

1,004

Government

National

Mortgage

Association,

Series

2022-84,

Class

A

2.500%,

1/20/52

11,450,907

9,710

Government

National

Mortgage

Association,

Series

2022-9,

Class

GA

2.000%,

1/20/52

1,353,181

1,131

Government

National

Mortgage

Association,

Series

2023-81,

Class

YJ

3.500%,

6/20/53

6,383,000

5,603

Government

National

Mortgage

Association,

Series

2024-110,

Class

JC

3.000%,

9/20/47

8,659,130

8,296

Government

National

Mortgage

Association,

Series

2024-110,

Class

JL

3.000%,

10/20/49

1,918,000

1,669

Government

National

Mortgage

Association,

Series

2024-184,

Class

GC

3.500%,

10/20/51

7,258,905

7,022

Government

National

Mortgage

Association,

Series

2024-45,

Class

BD

2.000%,

3/20/54

1,206,667

1,121

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 97
Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Government

National

Mortgage

Association,

Series

2025-1,

Class

GC

3.500%,

10/20/51

22,720,398

21,969

Government

National

Mortgage

Association,

Series

2025-7,

Class

EL

2.500%,

1/20/55

828,000

595

GS

Mortgage

Securities

Trust,

Series

2020-

GSA2,

Class

A4

1.721%,

12/12/53

3,499,000

3,141

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-JP4,

Class

A3

3.392%,

12/15/49

474,077

MFRA

Trust,

Series

2021-NQM2,

Class

A1

144A

144A

1.029%,

(AFC),

11/25/64 144A

618,699

549

Morgan

Stanley

Capital

I

Trust,

Series

2020-

HR8,

Class

A3

1.790%,

7/15/53

1,277,930

1,158

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1

144A

144A

1.027%,

(AFC),

11/25/55 144A

214,296

Starwood

Mortgage

Residential

Trust,

Series

2021-4,

Class

A1

144A

144A

1.162%,

(AFC),

8/25/56 144A

1,427,063

1,274

SWCH

Commercial

Mortgage

Trust,

Series

2025-DATA,

Class

A

144A

144A

5.193%,

(US

SOFR

Month

plus

1.443%),

3/15/42 144A

2,602,000

2,578

Uniform

Mortgage

Backed

Security

TBA

5.000%,

1/15/55

9,200,000

9,174

5.500%,

1/15/55

11,200,000

11,357

Structured

Products

(49.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Verus

Securitization

Trust,

Series

2021-1,

Class

A1

144A

144A

0.815%,

(AFC),

1/25/66 144A

605,528

547

Verus

Securitization

Trust,

Series

2021-2,

Class

A1

144A

144A

1.031%,

(AFC),

2/25/66 144A

1,205,553

1,104

Verus

Securitization

Trust,

Series

2021-3,

Class

A1

144A

144A

1.046%,

(AFC),

6/25/66 144A

1,089,099

961

Verus

Securitization

Trust,

Series

2021-4,

Class

A1

144A

144A

0.938%,

(AFC),

7/25/66 144A

1,403,260

1,189

Verus

Securitization

Trust,

Series

2021-5,

Class

A1

144A

144A

1.013%,

(AFC),

9/25/66 144A

1,550,570

1,353

Verus

Securitization

Trust,

Series

2021-7,

Class

A1

144A

144A

2.829%,

(AFC),

10/25/66 144A ∑

821,708

755

Verus

Securitization

Trust,

Series

2021-8,

Class

A1

144A

144A

2.824%,

(AFC),

11/25/66 144A

1,472,399

1,366

Verus

Securitization

Trust,

Series

2021-R1,

Class

A1

144A

144A

0.820%,

(AFC),

10/25/63 144A

259,557

Verus

Securitization

Trust,

Series

2021-R3,

Class

A1

144A

144A

1.020%,

(AFC),

5/25/64 144A

473,942

#### Total

#### 1,225,383

#### Total

#### Structured

#### Products

#### (Cost: $1,409,922)

#### 1,414,327

#### Total

#### Investments

#### (99.3%)

#### (Cost:

#### $2,839,810)

#### @

#### 2,834,699

#### Other

#### Assets,

#### Less

#### Liabilities (0.7%)

#### 19,978

#### Net

#### Assets

#### (100.0%)

#### 2,854,677
+

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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$232,176

representing

8.1%

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.

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$2,843,159

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$8,460

which

is

comprised

of

$28,807

aggregate

gross

unrealized

appreciation

and

$37,267

aggregate

gross

unrealized

depreciation.

Select

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 98
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

689,436

$

—

Governments

—

726,988

—

Municipal

Bonds

—

3,948

—

Structured

Products

—

1,414,327

—

Total

Assets:

$

—

$

2,834,699

$

—

Schedule

of

Investments

#### December

#### 31,

#### 2025
Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 99
Corporate

Bonds

(1.3%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### (1.1%)
Beignet

Investor

LLC

144A

144A

6.581%, 5/30/49

144A

1,180,000

1,247

#### Total

#### 1,247

#### Industrial

#### (0.2%)
Vessel

Management

Services,

Inc.

3.432%, 8/15/36

305,000

#### Total

#### 273

#### Total

#### Corporate

#### Bonds

#### (Cost: $1,485)

#### 1,520
144A

144A

144A

Governments

(129.4%)

#### Governments

#### (129.4%)
Resolution

Funding

Corp.

Stripped

0.000%, 4/15/28

IO

400,000

Tennessee

Valley

Authority

Stripped

0.000%, 5/1/30

PO

500,000

US

Treasury

1.125%, 5/15/40

1,650,000

1,047

1.125%, 8/15/40

42,390,000

26,623

1.375%, 8/15/50

1,080,000

531

1.375%, 11/15/40

9,800,000

6,361

1.500%, 11/30/28

700,000

661

1.625%, 11/15/50

400,000

1.875%, 2/15/41

1,900,000

1,327

2.000%, 2/15/50

12,920,000

7,573

2.250%, 8/15/49

300,000

2.375%, 5/15/51

2,300,000

1,449

2.375%, 3/31/29

900,000

867

2.500%, 2/15/45

1,440,000

1,020

2.500%, 2/15/46

850,000

592

2.875%, 5/15/49

1,750,000

1,255

3.000%, 8/15/52

4,500,000

3,223

3.000%, 11/15/44

1,620,000

1,253

3.000%, 5/15/45

1,410,000

1,085

3.000%, 11/15/45

370,000

3.000%, 2/15/48

330,000

3.000%, 8/15/48

β

4,000,000

2,962

3.000%, 2/15/49

10,470,000

7,713

3.125%, 2/15/43

600,000

3.125%, 8/15/44

1,620,000

1,282

3.125%, 5/15/48

2,430,000

1,846

3.250%, 6/30/29

400,000

3.375%, 8/15/42

9,500,000

8,028

3.375%, 11/15/48

4,200,000

3,323

3.625%, 2/15/53

2,900,000

2,348

3.625%, 5/15/53

1,400,000

1,133

3.625%, 3/31/30

200,000

3.750%, 5/31/30

200,000

3.750%, 6/30/30

400,000

3.875%, 7/15/28

2,500,000

2,521

3.875%, 2/15/43

300,000

3.875%, 5/15/43

3,100,000

2,781

4.000%, 11/15/52

15,830,000

13,727

4.000%, 11/15/42

2,800,000

2,566

4.125%, 11/15/27

100,000

Governments

(129.4%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
4.125%, 8/31/30

400,000

4.125%, 8/15/44

1,600,000

1,468

4.250%, 8/15/35

780,000

786

4.375%, 5/15/41

16,080,000

15,668

4.375%, 8/15/43

1,600,000

1,528

4.500%, 2/15/44

400,000

4.625%, 2/15/55

10,900,000

10,499

4.625%, 9/30/30

300,000

4.625%, 5/15/44

500,000

4.625%, 11/15/44

700,000

686

4.625%, 11/15/45

800,000

782

4.750%, 5/15/55

900,000

884

4.750%, 11/15/43

1,790,000

1,790

4.750%, 2/15/45

300,000

4.875%, 10/31/30

200,000

4.875%, 8/15/45

2,660,000

2,686

5.000%, 5/15/45

500,000

513

US

Treasury

Inflation

Index

Bond

0.125%, 1/15/32

469,804

0.625%, 7/15/32

1,792,896

1,682

1.125%, 1/15/33

2,339,020

2,244

1.750%, 1/15/34

2,751,632

2,736

1.875%, 7/15/34

207,518

2.125%, 1/15/35

309,498

US

Treasury

Stripped

0.000%, 8/15/34

IO

850,000

590

0.000%, 5/15/41

IO

40,000

0.000%, 8/15/41

IO

50,000

0.000%, 11/15/41

IO

80,000

0.000%, 5/15/42

IO

70,000

0.000%, 8/15/42

IO

220,000

0.000%, 11/15/42

IO

50,000

#### Total

#### 156,695

#### Total

#### Governments

#### (Cost: $175,454)

#### 156,695
Structured

Products

(22.2%)

#### Asset

#### Backed

#### Securities

#### (0.3%)
ECMC

Group

Student

Loan

Trust,

Series

2018-1A,

Class

A

144A

144A

4.739%,

(US

Day

Average

SOFR

plus

0.865%),

2/27/68 144A

36,900

Hertz

Vehicle

Financing

LLC,

Series

2022-2A,

Class

A

144A

144A

2.330%,

6/26/28 144A

300,000

Massachusetts

Educational

Financing

Authority,

Series

2008-1,

Class

A1

5.525%,

(US

Day

Average

SOFR

plus

1.212%),

4/25/38

8,276

#### Total

#### 338

#### Mortgage

#### Securities

#### (21.9%)
Benchmark

Mortgage

Trust,

Series

2019-B9,

Class

A5

4.015%,

3/15/52

600,000

591

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 100
Structured

Products

(22.2%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Benchmark

Mortgage

Trust,

Series

2024-V6,

Class

A3

5.925%,

3/15/57

200,000

COMM

Mortgage

Trust,

Series

2018-HOME,

Class

A

144A

144A

3.815%,

(CSTR,

AFC),

4/10/33 144A

200,000

Federal

Home

Loan

Mortgage

Corp.

4.500%,

5/1/54

1,619,156

1,581

Federal

Home

Loan

Mortgage

Corp.,

Series

2752,

Class

EZ

5.500%,

2/15/34

69,100

Federal

Home

Loan

Mortgage

Corp.,

Series

3759,

Class

FB

4.598%,

(US

Day

Average

SOFR

plus

0.615%),

11/15/40

12,525

Federal

Home

Loan

Mortgage

Corp.,

Series

4092,

Class

AY

3.000%,

8/15/32

2,200,000

2,148

Federal

Home

Loan

Mortgage

Corp.,

Series

4387,

Class

AZ

4.000%,

9/15/44

1,814,062

1,750

Federal

Home

Loan

Mortgage

Corp.,

Series

4398,

Class

ZX

4.000%,

9/15/54

937,160

866

Federal

Home

Loan

Mortgage

Corp.,

Series

4830,

Class

ZG

3.000%,

4/15/53

621,775

Federal

Home

Loan

Mortgage

Corp.,

Series

T-61,

Class

1A1

5.429%,

(Federal

Reserve

US

Month

Cumulative

Avg

year

CMT

plus

1.400%),

7/25/44

2,980

Federal

National

Mortgage

Association

3.600%,

2/1/40

493,905

5.000%,

6/1/35

13,547

5.000%,

2/1/36

22,010

5.500%,

5/1/49

18,430

6.500%,

5/1/54

702,449

730

Federal

National

Mortgage

Association,

Series

2007-39,

Class

NZ

4.250%,

5/25/37

16,226

Federal

National

Mortgage

Association,

Series

2012-101,

Class

FC

4.489%,

(US

Day

Average

SOFR

plus

0.615%),

9/25/42

20,082

Federal

National

Mortgage

Association,

Series

2016-61,

Class

ML

3.000%,

9/25/46

900,000

767

Freddie

Mac

Military

Housing

Bonds

Resecuritization

Trust,

Series

2015-R1,

Class

A2

144A

144A

4.304%,

(CSTR),

10/25/52 144A

538,840

Government

National

Mortgage

Association

TBA

4.000%,

1/15/55

800,000

756

Government

National

Mortgage

Association,

Series

2010-26,

Class

OW

0.000%,

2/20/40

PO

203,357

Government

National

Mortgage

Association,

Series

2010-75,

Class

OA

0.000%,

9/20/35

PO

124,445

Structured

Products

(22.2%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Hilton

USA

Trust,

Series

2016-HHV,

Class

A

144A

144A

3.719%,

11/5/38 144A

600,000

596

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2003-A4,

Class

3A

7.000%,

(CSTR,

AFC),

5/25/33

–π

New

Residential

Mortgage

Loan

Trust,

Series

2020-RPL1,

Class

A1

144A

144A

2.750%,

(AFC),

11/25/59 144A

58,587

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2004-AR5,

Class

1A1

4.506%,

(US

SOFR

Month

plus

0.775%),

(AFC),

10/19/34

850

Towd

Point

Mortgage

Trust,

Series

2020-1,

Class

A2A

144A

144A

3.100%,

(AFC),

1/25/60 144A

200,000

Uniform

Mortgage

Backed

Security

TBA

4.000%,

2/12/56

1,300,000

1,232

4.500%,

2/15/56

1,200,000

1,170

5.000%,

1/15/55

2,000,000

1,994

6.000%,

1/15/55

6,800,000

6,982

6.500%,

2/15/56

2,800,000

2,910

#### Total

#### 26,582

#### Total

#### Structured

#### Products

#### (Cost: $27,558)

#### 26,920
Short-Term

Investments

(0.0%)

#### Governments

#### (0.0%)
US

Treasury

0.000%,

3/3/26

1,000

#### Total

#### 1

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $1)

#### 1

#### Total

#### Investments

#### (152.9%)

#### (Cost:

#### $204,498)

#### @

#### 185,136

#### Other

#### Assets,

#### Less

#### Liabilities (-52.9%)

#### (64,061)

#### Net

#### Assets

#### (100.0%)

#### 121,075
Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 101

#### 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

3,700

3/26

$

4,044

$

$

Ten-Year

US

Treasury

Note

Future

Long

USD

1,700

3/26

1,911

(3) (3) Three-Month

SOFR

Future

Long

USD

8,500

6/27

8,235

(3) (2) Three-Month

SOFR

Future

Long

USD

8,500

9/27

8,233

(5) (2) Three-Month

SOFR

Future

Long

USD

8,500

12/27

8,228

(5) (3) Two-Year

US

Treasury

Note

Future

Short

USD

7,800

3/26

8,143

(8) 3

Ultra

Long-Term

US

Treasury

Bond

Future

Short

USD

3/26

Ultra

Ten-Year

US

Treasury

Note

Future

Short

USD

25,600

3/26

29,444

US

Treasury

Long

Bond

Future

Short

USD

7,400

3/26

8,554

$

$

#### 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)

Vari

ation

Margin(000's)

1-Day

USD-SOFR

Compounded-OIS

1.250%

6/41

3,110

USD

$

$

1,028

$

1,113

$

1-Day

USD-SOFR

Compounded-OIS

1.750%

10/53

500

USD

(7) 209

1-Day

USD-SOFR

Compounded-OIS

3.500%

12/54

2,800

USD

$

$

1,493

$

1,636

$

#### 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

$

113.500 1/26

$

(2) Put

-

Ten-Year

US

Treasury

Note

Future

USD

111.500 1/26

(3) (Premiums

Received

$6)

$

(5) 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) $

(5) +

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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$3,077

representing

2.5%

of

the

net

assets.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

π

Amount

is

less

than

one

thousand.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$233,641

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$46,687

which

is

comprised

of

$44,209

aggregate

gross

unrealized

appreciation

and

$90,896

aggregate

gross

unrealized

depreciation.

Long-Term

U.S.

Government

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 102
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

1,520

$

—

Governments

—

156,695

—

Structured

Products

—

26,920

—

Short-Term

Investments

—

—

Other

Financial

Instruments^

Futures

—

—

Interest

Rate

Swaps

—

1,636

—

Total

Assets:

$

$

186,772

$

—

Liabilities:

Other

Financial

Instruments^

Futures

(24) —

—

Written

Options

(5) —

—

Total

Liabilities:

$

(29) $

—

$

—

^

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

#### December

#### 31,

#### 2025
Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 103
Corporate

Bonds

(12.1%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### (0.7%)
Amazon.com,

Inc.

4.650%, 11/20/35

852,000

849

Meta

Platforms,

Inc.

4.600%, 11/15/32

880,000

887

Sprint

Capital

Corp.

6.875%, 11/15/28

985,000

1,057

#### Total

#### 2,793

#### Consumer,

#### Cyclical

#### (0.7%)
Hyatt

Hotels

Corp.

5.750%, 3/30/32

205,000

Lowe's

Companies,

Inc.

4.250%, 3/15/31

2,177,000

2,168

Southwest

Airlines

Co.

4.375%, 11/15/28

595,000

596

#### Total

#### 2,979

#### Consumer,

#### Non-cyclical

#### (1.7%)
AbbVie,

Inc.

2.950%, 11/21/26

800,000

794

Amgen,

Inc.

5.250%, 3/2/33

830,000

859

CVS

Health

Corp.

5.125%, 2/21/30

1,050,000

1,079

5.250%, 2/21/33

630,000

648

HCA,

Inc.

5.250%, 3/1/30

1,030,000

1,063

Roche

Holdings,

Inc.

144A

144A

2.314%, 3/10/27

144A

1,270,000

1,250

Royalty

Pharma

PLC

4.450%, 3/25/31

1,450,000

1,446

#### Total

#### 7,139

#### Energy

#### (0.7%)
EOG

Resources,

Inc.

4.400%, 1/15/31

1,192,000

1,196

Shell

Finance

US,

Inc.

4.125%, 11/6/30

445,000

Targa

Resources

Corp.

4.350%, 1/15/29

745,000

747

Western

Midstream

Operating

LP

4.800%, 3/1/31

444,000

#### Total

#### 2,832

#### Financial

#### (5.2%)
Atlas

Warehouse

Lending

Co.

LP

144A

144A

4.950%, 11/15/30

144A

400,000

6.250%, 1/15/30

144A

825,000

869

Capital

One

Financial

Corp.

α

2.359%,

(US

SOFR

plus

1.337%), 7/29/32

α

985,000

862

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.

α

4.000%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

year

plus

3.168%), 6/1/26

µ,α

1,289,000

1,281

Corporate

Bonds

(12.1%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Citigroup,

Inc.

α

5.827%,

(US

SOFR

plus

2.056%), 2/13/35

α

420,000

CNO

Global

Funding

144A

144A

4.700%, 12/11/30

144A

1,570,000

1,572

Equinix

Europe

Financing

Corp.

LLC

4.600%, 11/15/30

1,065,000

1,068

Fortitude

Global

Funding

144A

144A

4.625%, 10/6/28

144A

711,000

711

GA

Global

Funding

Trust

144A

144A

4.400%, 9/23/27

144A

1,070,000

1,074

The

Goldman

Sachs

Group,

Inc.

α

4.939%,

(US

SOFR

plus

1.330%), 10/21/36

α

720,000

715

Highwoods

Realty

LP

3.875%, 3/1/27

1,080,000

1,072

HPS

Corporate

Lending

Fund

144A

144A

4.900%, 9/11/28

144A

535,000

532

JPMorgan

Chase

&

Co.

4.995%,

(US

SOFR

plus

1.125%), 7/22/30

α

1,040,000

1,068

5.299%,

(US

SOFR

plus

1.450%), 7/24/29

α

465,000

Ladder

Capital

Finance

LLLP

/

Ladder

Capital

Finance

Corp.

144A

144A

4.250%, 2/1/27

144A

1,245,000

1,237

Morgan

Stanley

4.892%,

(US

SOFR

plus

1.314%), 10/22/36

α

250,000

4.994%,

(US

SOFR

plus

1.380%), 4/12/29

α

540,000

551

Nationwide

Building

Society

144A

144A

4.351%, 9/30/30

144A

1,110,000

1,110

North

Haven

Private

Income

Fund

LLC

144A

144A

5.125%, 9/25/28

144A

1,035,000

1,033

Royal

Bank

of

Canada

α

4.696%,

(US

SOFR

plus

1.060%), 8/6/31

α

426,000

The

Toronto-Dominion

Bank

4.109%, 10/13/28

1,290,000

1,293

Wells

Fargo

&

Co.

3.900%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

year

plus

3.453%), 3/15/26

µ,α

1,275,000

1,271

4.970%,

(US

SOFR

plus

1.370%), 4/23/29

α

815,000

830

5.605%,

(US

SOFR

plus

1.740%), 4/23/36

α

120,000

6.303%,

(US

SOFR

plus

1.790%), 10/23/29

α

170,000

#### Total

#### 21,903

#### Industrial

#### (0.0%)
Textron,

Inc.

4.950%, 3/15/36

272,000

#### Total

#### 270

#### Technology

#### (1.1%)
Apple,

Inc.

4.200%, 5/12/30

1,039,000

1,051

Dell

International

LLC

/

EMC

Corp.

4.150%, 2/15/29

680,000

679

Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 104
Corporate

Bonds

(12.1%)

Shares/

Par

+

Value

$

(000's)

#### Technology

#### continued
Intel

Corp.

2.450%, 11/15/29

830,000

775

Oracle

Corp.

4.450%, 9/26/30

1,501,000

1,469

Synopsys,

Inc.

4.850%, 4/1/30

620,000

633

#### Total

#### 4,607

#### Utilities

#### (2.0%)
Black

Hills

Corp.

4.550%, 1/31/31

1,645,000

1,645

Consumers

Energy

Co.

4.500%, 1/15/31

1,457,000

1,473

Duke

Energy

Florida

LLC

4.200%, 12/1/30

444,000

Evergy

Kansas

Central,

Inc.

4.700%, 3/13/28

1,040,000

1,056

Jersey

Central

Power

&

Light

Co.

144A

144A

4.400%, 1/15/31

144A

1,159,000

1,155

Oncor

Electric

Delivery

Co.

LLC

4.300%, 5/15/28

1,620,000

1,633

Wisconsin

Electric

Power

Co.

4.150%, 10/15/30

874,000

873

#### Total

#### 8,279

#### Total

#### Corporate

#### Bonds

#### (Cost: $50,420)

#### 50,802
Governments

(62.8%)

#### Governments

#### (62.8%)
Australian

Government

Bond

1.000%, 12/21/30

AUD

§,∞

3,000,000

1,709

1.000%, 11/21/31

AUD

§,∞

1,600,000

881

1.500%, 6/21/31

AUD

∞

3,000,000

1,726

1.750%, 11/21/32

AUD

§,∞

1,800,000

1,007

Eagle

Funding

Luxco

SARL

144A

144A

5.500%, 8/17/30

144A

618,000

629

New

Zealand

Government

Bond

1.500%, 5/15/31

NZD

∞

8,100,000

4,126

2.000%, 5/15/32

NZD

∞

8,100,000

4,129

3.500%, 4/14/33

NZD

§,∞

3,880,000

2,139

4.500%, 5/15/35

NZD

∞

6,800,000

3,942

United

Kingdom

Gilt

4.375%, 3/7/30

GBP

§,∞

9,150,000

12,543

4.500%, 3/7/35

GBP

§,∞

1,250,000

1,688

US

Treasury

Inflation

Index

Bond

0.125%, 2/15/51

8,566,151

4,624

0.125%, 1/15/30

β

19,766,173

18,746

0.125%, 7/15/30

12,635,008

11,923

0.125%, 1/15/31

12,507,000

11,658

0.125%, 7/15/31

19,581,770

18,142

0.125%, 1/15/32

β

10,535,355

9,626

0.250%, 2/15/50

6,737,088

3,876

0.250%, 7/15/29

3,818,460

3,679

0.625%, 7/15/32

10,813,404

10,144

0.625%, 2/15/43

8,255,863

6,141

0.750%, 2/15/42

7,759,031

6,038

0.750%, 2/15/45

18,139,843

13,220

0.875%, 1/15/29

9,219,282

9,076

0.875%, 2/15/47

6,001,938

4,326

1.000%, 2/15/46

5,290,170

3,987

1.000%, 2/15/48

3,696,812

2,699

Governments

(62.8%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
1.000%, 2/15/49

3,686,179

2,651

1.125%, 1/15/33

1,989,260

1,909

1.250%, 4/15/28

7,652,352

7,621

1.375%, 7/15/33

25,728,240

25,076

1.375%, 2/15/44

10,868,504

9,096

1.500%, 2/15/53

2,519,167

1,963

1.625%, 10/15/29

776,033

784

1.625%, 4/15/30

409,108

1.750%, 1/15/34

4,130,763

4,107

1.875%, 7/15/34

18,209,705

18,281

1.875%, 7/15/35

5,992,445

5,976

2.125%, 1/15/35

928,494

945

2.125%, 2/15/41

3,748,021

3,668

2.375%, 10/15/28

265,740

2.500%, 1/15/29

887,112

916

3.625%, 4/15/28

3,019,455

3,168

3.875%, 4/15/29

3,960,960

4,266

#### Total

#### 263,536

#### Total

#### Governments

#### (Cost: $293,273)

#### 263,536
144A

144A

144A

Municipal

Bonds

(0.4%)

#### Municipal

#### Bonds

#### (0.4%)
Golden

State

Tobacco

Securitization

Corp.

2.746%, 6/1/34 RB

485,000

University

of

California

1.316%, 5/15/27 RB

1,105,000

1,070

#### Total

#### Municipal

#### Bonds

#### (Cost: $1,552)

#### 1,501
Structured

Products

(17.5%)

#### Asset

#### Backed

#### Securities

#### (2.4%)
Aligned

Data

Centers

Issuer

LLC,

Series

2021-1A,

Class

B

144A

144A

2.482%,

8/15/46 144A

1,100,000

1,080

Blackbird

Capital

Aircraft,

Series

2021-1A,

Class A

144A

144A

2.443%,

7/15/46 144A

630,788

599

Cedar

Funding,

Ltd.,

Series

2017-8A,

Class ARR

144A

144A

5.102%,

(US

SOFR

Month

plus

1.220%),

1/17/38 144A

1,750,000

1,749

Ellington

Financial

Mortgage

Trust,

Series

2025-CES1,

Class

A1B

144A

144A

5.877%,

(AFC),

1/25/60 144A ∑

1,067,091

1,080

Elmwood

CLO

39,

Ltd.,

Series

2025-2A,

Class A1

144A

144A

5.022%,

(US

SOFR

Month

plus

1.140%),

4/17/38 144A

2,200,000

2,193

Goodgreen

Trust,

Series

2020-1A,

Class

A

144A

144A

2.630%,

4/15/55 144A

439,731

Hilton

Grand

Vacations

Trust,

Series

2019-AA,

Class

B

144A

144A

2.540%,

7/25/33 144A

189,302

Palmer

Square

CLO,

Ltd.,

Series

2024-4A,

Class

A2

144A

144A

5.405%,

(US

SOFR

Month

plus

1.500%),

1/15/38 144A

625,000

628

RCKT

Mortgage

Trust,

Series

2024-CES3,

Class

A1A

144A

144A

6.591%,

(AFC),

5/25/44 144A

306,392

Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 105
Structured

Products

(17.5%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Sierra

Receivables

Funding

Co.

LLC,

Series

2021-A1,

Class

B

144A

144A

1.340%,

11/20/37 144A

337,071

Subway

Funding

LLC,

Series

2024-1A,

Class A2II

144A

144A

6.268%,

7/30/54 144A

548,460

560

Switch

ABS

Issuer

LLC,

Series

2024-2A,

Class A2

144A

144A

5.436%,

6/25/54 144A

625,000

627

Towd

Point

Mortgage

Trust,

Series

2024-

CES3,

Class

A1

144A

144A

6.290%,

(AFC),

5/25/64 144A

431,103

#### Total

#### 10,154

#### Mortgage

#### Securities

#### (15.1%)
Agate

Bay

Mortgage

Trust,

Series

2015-7,

Class

A3

144A

144A

3.500%,

(AFC),

10/25/45 144A

325,697

Angel

Oak

Mortgage

Trust,

Series

2019-6,

Class

A3

144A

144A

2.927%,

(AFC),

11/25/59 144A

50,420

Arroyo

Mortgage

Trust,

Series

2021-1R,

Class A2

144A

144A

1.483%,

(CSTR,

AFC),

10/25/48 144A

180,917

Arroyo

Mortgage

Trust,

Series

2021-1R,

Class A3

144A

144A

1.637%,

(CSTR,

AFC),

10/25/48 144A

139,167

BANK5

Trust,

Series

2024-5YR6,

Class

A3

6.225%,

5/15/57

818,000

862

BANK5

Trust,

Series

2024-5YR7,

Class

A3

5.769%,

6/15/57

1,520,000

1,586

BBCMS

Mortgage

Trust,

Series

2024-5C27,

Class

A3

6.014%,

7/15/57

400,000

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A3

6.189%,

(AFC),

7/15/57

1,412,000

1,491

BFLD

Trust,

Series

2025-FPM,

Class

A

144A

144A

5.011%,

(CSTR),

10/10/40 144A

1,737,000

1,757

Bravo

Residential

Funding

Trust,

Series

2025-

NQM3,

Class

A1

144A

144A

5.573%,

(AFC),

3/25/65 144A ∑

527,723

532

Bravo

Residential

Funding

Trust,

Series

2025-

NQM9,

Class

A3

144A

144A

5.551%,

(AFC),

9/25/65 144A ∑

1,419,576

1,428

Chase

Home

Lending

Mortgage

Trust,

Series

2024-10,

Class

A4

144A

144A

6.000%,

(AFC),

10/25/55 144A

737,665

746

Chase

Home

Lending

Mortgage

Trust,

Series

2024-2,

Class

A4A

144A

144A

6.000%,

(AFC),

2/25/55 144A

348,574

Chase

Home

Lending

Mortgage

Trust,

Series

2024-7,

Class

A4

144A

144A

6.000%,

(AFC),

6/25/55 144A

1,185,779

1,192

Chase

Home

Lending

Mortgage

Trust,

Series

2024-9,

Class

A4

144A

144A

5.500%,

(AFC),

9/25/55 144A

698,069

699

Chase

Home

Lending

Mortgage

Trust,

Series

2024-9,

Class

A6

144A

144A

5.500%,

(AFC),

9/25/55 144A

204,677

Structured

Products

(17.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Chase

Home

Lending

Mortgage

Trust,

Series

2025-10,

Class

A4A

144A

144A

5.500%,

(AFC),

7/25/56 144A

1,365,650

1,377

Chase

Home

Lending

Mortgage

Trust,

Series

2025-9,

Class

A4A

144A

144A

5.500%,

(AFC),

6/25/56 144A

1,815,010

1,827

Citigroup

Mortgage

Loan

Trust,

Series

2024-

CMI1,

Class

A11

144A

144A

5.500%,

(AFC),

6/25/54 144A

1,116,732

1,121

Credit

Suisse

Mortgage

Trust,

Series

2015-

WIN1,

Class

A10

144A

144A

3.500%,

(AFC),

12/25/44 144A

38,249

Credit

Suisse

Mortgage

Trust,

Series

2021-

NQM2,

Class

A3

144A

144A

1.538%,

(AFC),

2/25/66 144A

235,265

Cross

Mortgage

Trust,

Series

2025-H5,

Class A2

144A

144A

5.762%,

(AFC),

7/25/70 144A ∑

1,575,979

1,589

Federal

Home

Loan

Mortgage

Corp.

4.000%,

11/1/52

3,619,478

3,471

4.500%,

10/1/52

1,190,292

1,167

5.000%,

6/1/53

2,392,153

2,386

5.500%,

10/1/54

3,120,172

3,170

6.000%,

11/1/53

3,342,118

3,458

GCAT

Trust,

Series

2024-INV3,

Class

A6

144A

144A

5.500%,

(AFC),

9/25/54 144A

573,981

578

Government

National

Mortgage

Association

4.000%,

4/20/54

4,374,792

4,154

5.000%,

8/20/53

5,398,629

5,408

GS

Mortgage-Backed

Securities

Trust,

Series

2025-PJ10,

Class

A5

144A

144A

5.000%,

(AFC),

4/25/56 144A

728,255

728

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2018-AON,

Class

A

144A

144A

4.128%,

7/5/31 144A

2,020,000

1,768

JP

Morgan

Mortgage

Trust,

Series

2014-5,

Class

A1

144A

144A

2.565%,

(AFC),

10/25/29 144A

71,860

JP

Morgan

Mortgage

Trust,

Series

2016-1,

Class

A7

144A

144A

3.500%,

5/25/46 144A

485,008

JP

Morgan

Mortgage

Trust,

Series

2023-7,

Class

A4A

144A

144A

5.500%,

(AFC),

2/25/54 144A

1,145,827

1,152

JP

Morgan

Mortgage

Trust,

Series

2024-10,

Class

A4

144A

144A

5.500%,

(AFC),

3/25/55 144A

697,556

700

JP

Morgan

Mortgage

Trust,

Series

2024-10,

Class

A6

144A

144A

5.500%,

(AFC),

3/25/55 144A

432,160

JP

Morgan

Mortgage

Trust,

Series

2024-11,

Class

A4

144A

144A

6.000%,

(AFC),

4/25/55 144A

1,149,359

1,159

JP

Morgan

Mortgage

Trust,

Series

2024-5,

Class

A6

144A

144A

6.000%,

(AFC),

11/25/54 144A

415,782

JP

Morgan

Mortgage

Trust,

Series

2024-6,

Class

A6

144A

144A

6.000%,

(AFC),

12/25/54 144A

216,822

Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 106
Structured

Products

(17.5%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
JP

Morgan

Mortgage

Trust,

Series

2024-9,

Class

A6

144A

144A

5.500%,

(AFC),

2/25/55 144A

335,484

JP

Morgan

Mortgage

Trust,

Series

2024-INV1,

Class

A4

144A

144A

6.000%,

(AFC),

4/25/55 144A

719,426

730

JP

Morgan

Mortgage

Trust,

Series

2025-

7MPR,

Class

A1D

144A

144A

5.324%,

(AFC),

2/25/56 144A ∑

1,025,417

1,026

JP

Morgan

Mortgage

Trust,

Series

2025-

NQM3,

Class

A1B

144A

144A

5.495%,

(AFC),

11/25/65 144A ∑

1,880,830

1,894

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2025-1,

Class

A1

144A

144A

6.000%,

3/25/55 144A

726,421

739

PMT

Loan

Trust,

Series

2025-J2,

Class

A9

144A

144A

5.500%,

(AFC),

8/25/56 144A

2,071,144

2,085

PRKCM

Trust,

Series

2025-AFC1,

Class

A1

144A

144A

5.101%,

10/25/60 144A

1,083,101

1,085

Provident

Funding

Mortgage

Trust,

Series

2024-1,

Class

A3

144A

144A

5.500%,

(AFC),

12/25/54 144A

1,319,345

1,326

RATE

Mortgage

Trust,

Series

2024-J3,

Class A8

144A

144A

5.500%,

(AFC),

10/25/54 144A

232,135

Sequoia

Mortgage

Trust,

Series

2017-7,

Class

A7

144A

144A

3.500%,

(AFC),

10/25/47 144A

877,661

801

Sequoia

Mortgage

Trust,

Series

2024-10,

Class

A11

144A

144A

5.500%,

(AFC),

11/25/54 144A

418,046

Sequoia

Mortgage

Trust,

Series

2024-10,

Class

A5

144A

144A

5.500%,

(AFC),

11/25/54 144A

421,661

Sequoia

Mortgage

Trust,

Series

2024-6,

Class A11

144A

144A

6.000%,

(AFC),

7/27/54 144A

215,393

Sequoia

Mortgage

Trust,

Series

2024-9,

Class A5

144A

144A

5.500%,

(AFC),

10/25/54 144A

570,160

572

Sequoia

Mortgage

Trust,

Series

2025-8,

Class A4

144A

144A

5.500%,

(AFC),

9/25/55 144A

1,317,859

1,325

Starwood

Mortgage

Residential

Trust,

Series

2021-1,

Class

A1

144A

144A

1.219%,

(AFC),

5/25/65 144A

416,892

Verus

Securitization

Trust,

Series

2021-1,

Class

A3

144A

144A

1.155%,

(AFC),

1/25/66 144A

415,231

Vista

Point

Securitization

Trust,

Series

2020-2,

Class

A3

144A

144A

2.496%,

(AFC),

4/25/65 144A

138,529

#### Total

#### 63,074

#### Total

#### Structured

#### Products

#### (Cost: $73,068)

#### 73,228
144A

144A

144A

Short-Term

Investments

(5.2%)

Shares/

Par

+

Value

$

(000's)

#### Commercial

#### Paper

#### (3.2%)
HQLA

Funding

LLC

0.000%,

1/2/26

13,500,000

13,497

#### Total

#### 13,497

#### Governments

#### (2.0%)
United

Kingdom

Inflation-Linked

Gilt

0.125%,

3/22/26

GBP

§,∞

6,309,720

8,419

#### Total

#### 8,419

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $21,934)

#### 21,916

#### Total

#### Investments

#### (98.0%)

#### (Cost:

#### $440,247)

#### @

#### 410,983

#### Other

#### Assets,

#### Less

#### Liabilities (2.0%)

#### 8,528

#### Net

#### Assets

#### (100.0%)

#### 419,511
Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 107

#### 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)

Ten-Year

US

Treasury

Note

Future

Long

USD

10,000

3/26

$

11,244

$

(33) $

(20) $

(33) $

(20) #### 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

2.073%

8/27

3,500

USD

$

–

$

519

$

519

$

(1) CPURNSA

2.145%

11/27

5,000

USD

–

680

680

(2) CPURNSA

2.415%

2/28

2,500

USD

–

(1) CPURNSA

2.565%

4/28

1,500

USD

–

(1) CPURNSA

2.370%

2/29

13,400

USD

–

(1) CPURNSA

2.386%

8/29

12,000

USD

–

CPURNSA

1.800%

10/29

3,700

USD

–

625

625

–π

CPURNSA

2.523%

11/29

2,200

USD

–

(3) (3) –π

CPURNSA

1.884%

11/29

2,000

USD

–

–π

CPURNSA

2.464%

12/29

3,000

USD

–

–π

CPURNSA

2.438%

2/30

9,500

USD

–

CPURNSA

2.563%

2/30

8,200

USD

(36) (35) 2

CPURNSA

1.291%

5/30

2,000

USD

–

(1) CPURNSA

1.629%

6/30

2,000

USD

–

(1) CPURNSA

2.663%

8/30

1,200

USD

–

(9) (9) –π

CPURNSA

2.663%

8/30

8,300

USD

(84) (83) 2

CPURNSA

2.498%

9/31

7,000

USD

–

518

518

CPURNSA

2.420%

5/32

4,500

USD

(9) (8) 1

CPURNSA

2.619%

3/33

5,500

USD

–

(26) (26) 1

CPURNSA

2.495%

5/33

3,500

USD

–

CPURNSA

2.650%

8/33

8,500

USD

(114) (113) 4

CPURNSA

2.485%

2/34

3,400

USD

(4) (3) 2

CPURNSA

2.599%

9/35

3,800

USD

(56) (55) 2

CPURNSA

2.533%

11/30

5,000

USD

(35) (34) 1

CPURNSA

2.495%

11/35

4,000

USD

(28) (27) 2

$

$

3,431

$

3,439

$

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

$

$

–

$

$

(8) $

(20) $

(28) $

–

Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 108

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

AUD

7,856

5,243

3/18/26

$

—

$

(16) $

(16) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

GBP

16,586

22,353

3/18/26

—

(157) (157)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Morgan

Stanley

Capital

Services

LLC

NZD

24,228

13,987

3/18/26

—

$

$

(173) $

(71) #### 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

2.240%

4/27

3,500

$

$

CPURNSA

Bank

of

America

NA

2.218%

4/27

2,000

CPURNSA

Bank

of

America

NA

2.235%

4/27

2,000

CPURNSA

Bank

of

America

NA

2.235%

5/27

5,000

611

611

CPURNSA

Barclays

Bank

PLC

2.895%

12/27

1,700

(221) (221) CPURNSA

Barclays

Bank

PLC

2.784%

7/44

1,400

(89) (89) CPURNSA

Goldman

Sachs

International

1.870%

5/26

8,500

1,482

1,482

CPURNSA

Goldman

Sachs

International

1.920%

5/26

7,000

1,173

1,173

CPURNSA

Goldman

Sachs

International

1.770%

6/26

6,000

1,105

1,105

CPURNSA

Goldman

Sachs

International

2.245%

11/26

3,000

CPURNSA

Goldman

Sachs

International

2.280%

11/26

3,000

CPURNSA

Goldman

Sachs

International

2.280%

11/26

4,000

$

6,202

$

6,202

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

$

$

6,512

$

6,614

$

(173)

—

$

(310) $

(483) +

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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$57,228

representing

13.7%

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.

∞

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$28,386

(in

thousands),

representing

6.8%

of

net

assets.

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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$440,878

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$20,358

which

is

comprised

of

$12,740

aggregate

gross

unrealized

appreciation

and

$33,098

aggregate

gross

unrealized

depreciation.

π

Amount

is

less

than

one

thousand.

Inflation

Managed

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 109
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

50,802

$

—

Governments

—

263,536

—

Municipal

Bonds

—

1,501

—

Structured

Products

—

73,228

—

Short-Term

Investments

—

21,916

—

Other

Financial

Instruments^

Forward

Foreign

Currency

Contracts

—

—

Total

Return

Swaps

—

10,347

—

Total

Assets:

$

—

$

421,432

$

—

Liabilities:

Other

Financial

Instruments^

Futures

(33) —

—

Forward

Foreign

Currency

Contracts

—

(173) —

Total

Return

Swaps

—

(706) —

Total

Liabilities:

$

(33) $

(879) $

—

^

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

#### December

#### 31,

#### 2025
High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 110
Common

Stocks

(0

.2

%)

Shares/

Par

+

Value

$

(000's)

#### Communication

#### Services

#### (#### 0

#### .0

#### %

####)
Audacy,

Inc. \*,Æ

5,845

#### Total

#### 101

#### Industrial

#### (#### 0

#### .2

#### %

####)
Yeoman

Capital

SA \*,Æ

183,058

1,614

#### Total

#### 1,614

#### Total

#### Common

#### Stocks

#### (Cost: $10,625)

#### 1,715
Corporate

Bonds

(95

.0

%)

#### Basic

#### Materials

#### (#### 4

#### .3

#### %

####)
Ashland,

Inc.

144A

144A

3.375%, 9/1/31

144A

1,625,000

1,486

Axalta

Coating

Systems

Dutch

Holding

BV

144A

144A

7.250%, 2/15/31

144A

425,000

Axalta

Coating

Systems

LLC

/

Axalta

Coating

Systems

Dutch

Holding

BV

144A

144A

4.750%, 6/15/27

144A

600,000

601

Carpenter

Technology

Corp.

144A

144A

5.625%, 3/1/34

144A

475,000

Celanese

US

Holdings

LLC

6.750%, 4/15/33

3,125,000

3,109

7.375%, 2/15/34

1,425,000

1,448

Cleveland-Cliffs,

Inc.

144A

144A

4.625%, 3/1/29

144A

1,225,000

1,206

4.875%, 3/1/31

144A

425,000

6.750%, 4/15/30

144A

600,000

617

6.875%, 11/1/29

144A

400,000

7.000%, 3/15/32

144A

1,075,000

1,102

7.375%, 5/1/33

144A

650,000

676

7.500%, 9/15/31

144A

375,000

7.625%, 1/15/34

144A

725,000

758

Coeur

Mining,

Inc.

144A

144A

5.125%, 2/15/29

144A

1,950,000

1,936

Element

Solutions,

Inc.

144A

144A

3.875%, 9/1/28

144A

1,625,000

1,588

H.B.

Fuller

Co.

4.250%, 10/15/28

525,000

519

Illuminate

Buyer

LLC

/

Illuminate

Holdings

IV,

Inc.

144A

144A

9.000%, 7/1/28

144A

408,000

Inversion

Escrow

Issuer

LLC

144A

144A

6.750%, 8/1/32

144A

2,225,000

2,216

Olympus

Water

US

Holding

Corp.

144A

144A

4.250%, 10/1/28

144A

1,500,000

1,456

6.250%, 10/1/29

144A

1,475,000

1,435

7.250%, 2/15/33

144A

2,150,000

2,161

SNF

Group

SACA

144A

144A

3.375%, 3/15/30

144A

950,000

888

Solstice

Advanced

Materials,

Inc.

144A

144A

5.625%, 9/30/33

144A

1,750,000

1,765

WR

Grace

Holdings

LLC

144A

144A

4.875%, 6/15/27

144A

446,000

5.625%, 8/15/29

144A

1,525,000

1,452

6.625%, 8/15/32

144A

1,000,000

1,013

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Basic

#### Materials

#### continued
7.375%, 3/1/31

144A

325,000

#### Total

#### 30,767

#### Communications

#### (#### 9

#### .5

#### %

####)
APLD

ComputeCo.

LLC

144A

144A

9.250%, 12/15/30

144A

2,775,000

2,722

Cars.com,

Inc.

144A

144A

6.375%, 11/1/28

144A

1,825,000

1,825

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

144A

144A

4.250%, 1/15/34

144A

1,200,000

1,020

4.500%, 8/15/30

144A

1,500,000

1,412

4.500%, 5/1/32

1,700,000

1,526

4.500%, 6/1/33

144A

1,175,000

1,029

4.750%, 3/1/30

144A

3,100,000

2,961

4.750%, 2/1/32

144A

525,000

5.000%, 2/1/28

144A

2,000,000

1,984

5.125%, 5/1/27

144A

2,225,000

2,222

5.375%, 6/1/29

144A

1,350,000

1,335

5.500%, 5/1/26

144A

275,000

Cipher

Compute

LLC

144A

144A

7.125%, 11/15/30

144A

1,375,000

1,400

CSC

Holdings

LLC

144A

144A

3.375%, 2/15/31

144A

825,000

500

4.125%, 12/1/30

144A

950,000

583

4.500%, 11/15/31

144A

2,750,000

1,677

6.500%, 2/1/29

144A

775,000

514

Cumulus

Media

New

Holdings,

Inc.

144A

144A

8.000%, 7/1/29

144A

356,000

Gen

Digital,

Inc.

144A

144A

6.250%, 4/1/33

144A

800,000

825

Go

Daddy

Operating

Co.

LLC

/

GD

Finance

Co.,

Inc.

144A

144A

5.250%, 12/1/27

144A

1,625,000

1,629

Gray

Media,

Inc.

144A

144A

5.375%, 11/15/31

144A

975,000

731

Lamar

Media

Corp.

3.625%, 1/15/31

425,000

4.000%, 2/15/30

100,000

4.875%, 1/15/29

675,000

674

5.375%, 11/1/33

144A

450,000

Match

Group

Holdings

II

LLC

144A

144A

4.125%, 8/1/30

144A

1,925,000

1,822

4.625%, 6/1/28

144A

1,450,000

1,437

5.000%, 12/15/27

144A

525,000

524

6.125%, 9/15/33

144A

450,000

Midas

OpCo

Holdings

LLC

144A

144A

5.625%, 8/15/29

144A

750,000

731

Millennium

Escrow

Corp.

144A

144A

6.625%, 8/1/26

144A

1,425,000

1,373

Nexstar

Media,

Inc.

144A

144A

5.625%, 7/15/27

144A

675,000

677

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

144A

144A

4.250%, 1/15/29

144A

1,150,000

1,120

4.625%, 3/15/30

144A

1,175,000

1,147

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 111
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### continued
7.375%, 2/15/31

144A

150,000

Sinclair

Television

Group,

Inc.

144A

144A

4.375%, 12/31/32

144A

150,000

5.500%, 3/1/30

144A

425,000

Sirius

XM

Radio

LLC

144A

144A

3.125%, 9/1/26

144A

1,075,000

1,066

3.875%, 9/1/31

144A

1,875,000

1,727

4.000%, 7/15/28

144A

550,000

538

4.125%, 7/1/30

144A

775,000

737

5.500%, 7/1/29

144A

1,375,000

1,386

Sunrise

FinCo

I

BV

144A

144A

4.875%, 7/15/31

144A

3,225,000

3,072

Telenet

Finance

Luxembourg

Notes

SARL

144A

144A

5.500%, 3/1/28

144A

4,000,000

3,977

Univision

Communications,

Inc.

144A

144A

4.500%, 5/1/29

144A

1,225,000

1,177

7.375%, 6/30/30

144A

1,025,000

1,042

8.000%, 8/15/28

144A

1,675,000

1,735

9.375%, 8/1/32

144A

700,000

752

Viavi

Solutions,

Inc.

144A

144A

3.750%, 10/1/29

144A

1,175,000

1,125

Virgin

Media

Finance

PLC

144A

144A

5.000%, 7/15/30

144A

2,325,000

2,050

Virgin

Media

Secured

Finance

PLC

144A

144A

4.500%, 8/15/30

144A

250,000

5.500%, 5/15/29

144A

475,000

Virgin

Media

Vendor

Financing

Notes

IV

144A

144A

5.000%, 7/15/28

144A

925,000

907

VMED

O2

UK

Financing

I

PLC

144A

144A

4.250%, 1/31/31

144A

600,000

547

4.750%, 7/15/31

144A

875,000

808

VZ

Secured

Financing

BV

144A

144A

5.000%, 1/15/32

144A

1,225,000

1,109

7.500%, 1/15/33

144A

650,000

658

WULF

Compute

LLC

144A

144A

7.750%, 10/15/30

144A

1,625,000

1,674

Ziggo

Bond

Co.

BV

144A

144A

5.125%, 2/28/30

144A

1,300,000

1,161

Ziggo

BV

144A

144A

4.875%, 1/15/30

144A

200,000

ZipRecruiter,

Inc.

144A

144A

5.000%, 1/15/30

144A

975,000

765

#### Total

#### 67,213

#### Consumer,

#### Cyclical

#### (#### 18

#### .4

#### %

####)
1011778

BC

ULC

/

New

Red

Finance,

Inc.

144A

144A

3.875%, 1/15/28

144A

1,125,000

1,109

4.000%, 10/15/30

144A

5,150,000

4,905

4.375%, 1/15/28

144A

1,175,000

1,168

5.625%, 9/15/29

144A

375,000

Academy,

Ltd.

144A

144A

6.000%, 11/15/27

144A

1,850,000

1,851

Acushnet

Co.

144A

144A

5.625%, 12/1/33

144A

650,000

657

Adient

Global

Holdings,

Ltd.

144A

144A

7.000%, 4/15/28

144A

350,000

7.500%, 2/15/33

144A

1,400,000

1,445

8.250%, 4/15/31

144A

1,150,000

1,209

Affinity

Interactive

144A

144A

6.875%, 12/15/27

144A

1,100,000

652

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
American

Airlines,

Inc.

/

AAdvantage

Loyalty

IP,

Ltd.

144A

144A

5.500%, 4/20/26

144A

275,001

5.750%, 4/20/29

144A

200,000

American

Builders

&

Contractors

Supply

Co.,

Inc.

144A

144A

4.000%, 1/15/28

144A

1,775,000

1,763

Aramark

Services,

Inc.

144A

144A

5.000%, 2/1/28

144A

225,000

Asbury

Automotive

Group,

Inc.

144A

144A

4.625%, 11/15/29

144A

1,850,000

1,819

5.000%, 2/15/32

144A

675,000

656

Beach

Acquisition

Bidco

LLC

144A

144A

1.000%, 7/15/33

144A

4,050,000

4,470

Boyd

Gaming

Corp.

4.750%, 12/1/27

1,650,000

1,648

4.750%, 6/15/31

144A

575,000

562

Caesars

Entertainment,

Inc.

144A

144A

6.000%, 10/15/32

144A

2,550,000

2,480

6.500%, 2/15/32

144A

1,450,000

1,485

7.000%, 2/15/30

144A

525,000

544

Carnival

Corp.

144A

144A

5.125%, 5/1/29

144A

350,000

5.750%, 3/15/30

144A

350,000

5.750%, 8/1/32

144A

625,000

641

5.875%, 6/15/31

144A

1,075,000

1,110

6.125%, 2/15/33

144A

875,000

904

7.000%, 8/15/29

144A

375,000

Champ

Acquisition

Corp.

144A

144A

8.375%, 12/1/31

144A

950,000

1,026

Churchill

Downs,

Inc.

144A

144A

5.500%, 4/1/27

144A

225,000

5.750%, 4/1/30

144A

500,000

505

6.750%, 5/1/31

144A

2,225,000

2,307

Clarios

Global

LP

/

Clarios

US

Finance

Co.

144A

144A

6.750%, 5/15/28

144A

625,000

641

6.750%, 2/15/30

144A

975,000

1,018

6.750%, 9/15/32

144A

4,125,000

4,278

Dana,

Inc.

5.375%, 11/15/27

150,000

Dornoch

Debt

Merger

Sub,

Inc.

144A

144A

6.625%, 10/15/29

144A

2,925,000

2,532

Ford

Motor

Credit

Co.

LLC

2.700%, 8/10/26

725,000

718

4.000%, 11/13/30

1,975,000

1,864

4.125%, 8/17/27

1,350,000

1,339

4.271%, 1/9/27

1,675,000

1,666

4.389%, 1/8/26

2,725,000

2,725

5.113%, 5/3/29

1,200,000

1,202

6.800%, 5/12/28

700,000

730

Forvia

SE

144A

144A

6.750%, 9/15/33

144A

1,700,000

1,755

The

Gap,

Inc.

144A

144A

3.625%, 10/1/29

144A

1,325,000

1,255

3.875%, 10/1/31

144A

225,000

Gates

Corp.

144A

144A

6.875%, 7/1/29

144A

1,375,000

1,428

Group

Automotive,

Inc.

144A

144A

6.375%, 1/15/30

144A

375,000

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 112
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
Hilton

Domestic

Operating

Co.,

Inc.

144A

144A

3.625%, 2/15/32

144A

700,000

650

3.750%, 5/1/29

144A

1,150,000

1,117

5.500%, 3/31/34

144A

350,000

5.750%, 9/15/33

144A

150,000

5.875%, 3/15/33

144A

875,000

900

IHO

Verwaltungs

GmbH

144A

144A

6.375%, 5/15/29

144A

1,650,000

1,664

8.000%, 11/15/32

144A

2,925,000

3,081

JB

Poindexter

&

Co.,

Inc.

144A

144A

8.750%, 12/15/31

144A

1,800,000

1,885

KFC

Holding

Co.

/

Pizza

Hut

Holdings

LLC

/

Taco

Bell

of

America

LLC

144A

144A

4.750%, 6/1/27

144A

550,000

549

Kontoor

Brands,

Inc.

144A

144A

4.125%, 11/15/29

144A

575,000

549

LCM

Investments

Holdings

II

LLC

144A

144A

8.250%, 8/1/31

144A

2,975,000

3,147

Light

and

Wonder

International,

Inc.

144A

144A

6.250%, 10/1/33

144A

625,000

633

7.250%, 11/15/29

144A

1,975,000

2,028

7.500%, 9/1/31

144A

875,000

913

Lithia

Motors,

Inc.

144A

144A

5.500%, 10/1/30

144A

1,400,000

1,406

MGM

Resorts

International

6.125%, 9/15/29

1,025,000

1,053

6.500%, 4/15/32

2,425,000

2,498

Midwest

Gaming

Borrower

LLC

/

Midwest

Gaming

Finance

Corp.

144A

144A

4.875%, 5/1/29

144A

2,100,000

2,066

NCL

Corp.,

Ltd.

144A

144A

5.875%, 1/15/31

144A

350,000

6.250%, 9/15/33

144A

500,000

500

6.750%, 2/1/32

144A

1,275,000

1,305

7.750%, 2/15/29

144A

275,000

NCL

Finance,

Ltd.

144A

144A

6.125%, 3/15/28

144A

750,000

771

Patrick

Industries,

Inc.

144A

144A

6.375%, 11/1/32

144A

2,075,000

2,129

Qnity

Electronics,

Inc.

144A

144A

5.750%, 8/15/32

144A

400,000

6.250%, 8/15/33

144A

1,275,000

1,322

QXO

Building

Products,

Inc.

144A

144A

6.750%, 4/30/32

144A

2,200,000

2,298

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

144A

144A

6.250%, 10/15/30

144A

1,375,000

1,403

Royal

Caribbean

Cruises,

Ltd.

144A

144A

5.375%, 7/15/27

144A

750,000

756

5.500%, 8/31/26

144A

750,000

751

5.625%, 9/30/31

144A

500,000

511

6.000%, 2/1/33

144A

1,275,000

1,310

6.250%, 3/15/32

144A

925,000

957

Sally

Holdings

LLC

/

Sally

Capital,

Inc.

6.750%, 3/1/32

1,150,000

1,201

SeaWorld

Parks

&

Entertainment,

Inc.

144A

144A

5.250%, 8/15/29

144A

2,900,000

2,821

Six

Flags

Entertainment

Corp.

144A

144A

7.250%, 5/15/31

144A

1,475,000

1,415

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
Station

Casinos

LLC

144A

144A

4.500%, 2/15/28

144A

2,000,000

1,983

4.625%, 12/1/31

144A

1,675,000

1,588

6.625%, 3/15/32

144A

250,000

Suburban

Propane

Partners

LP

/

Suburban

Energy

Finance

Corp.

144A

144A

5.000%, 6/1/31

144A

1,850,000

1,776

5.875%, 3/1/27

900,000

901

6.500%, 12/15/35

144A

625,000

625

WarnerMedia

Holdings,

Inc.

5.050%, 3/15/42

2,600,000

1,830

Whirlpool

Corp.

6.125%, 6/15/30

375,000

6.500%, 6/15/33

2,875,000

2,788

White

Cap

Supply

Holdings

LLC

144A

144A

7.375%, 11/15/30

144A

2,775,000

2,871

The

William

Carter

Co.

144A

144A

7.375%, 2/15/31

144A

2,425,000

2,507

WMG

Acquisition

Corp.

144A

144A

3.750%, 12/1/29

144A

650,000

626

Wyndham

Hotels

&

Resorts,

Inc.

144A

144A

4.375%, 8/15/28

144A

725,000

715

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

144A

144A

6.250%, 3/15/33

144A

1,250,000

1,278

7.125%, 2/15/31

144A

1,100,000

1,190

Yum!

Brands,

Inc.

4.625%, 1/31/32

1,625,000

1,592

4.750%, 1/15/30

144A

225,000

ZF

North

America

Capital,

Inc.

144A

144A

6.875%, 4/14/28

144A

850,000

867

7.125%, 4/14/30

144A

475,000

#### Total

#### 131,207

#### Consumer,

#### Non-cyclical

#### (#### 15

#### .5

#### %

####)
1261229

BC,

Ltd.

144A

144A

1.000%, 4/15/32

144A

3,175,000

3,302

AHP

Health

Partners,

Inc.

144A

144A

5.750%, 7/15/29

144A

1,450,000

1,437

Albertsons

Cos.,

Inc.

/

Safeway,

Inc.

/

New

Albertson's

LP

/

Albertson's

LLC

144A

144A

3.500%, 3/15/29

144A

750,000

720

5.500%, 3/31/31

144A

450,000

5.750%, 3/31/34

144A

1,825,000

1,832

5.875%, 2/15/28

144A

700,000

703

6.250%, 3/15/33

144A

300,000

6.500%, 2/15/28

144A

1,200,000

1,226

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

144A

144A

6.000%, 6/1/29

144A

1,800,000

1,781

6.875%, 6/15/30

144A

1,400,000

1,458

Allied

Universal

Holdco

LLC

144A

144A

7.875%, 2/15/31

144A

2,625,000

2,766

Amneal

Pharmaceuticals,

Inc.

144A

144A

6.875%, 8/1/32

144A

1,050,000

1,109

Avantor

Funding,

Inc.

144A

144A

3.875%, 11/1/29

144A

1,825,000

1,745

4.625%, 7/15/28

144A

2,350,000

2,337

Bausch

Health

Cos.,

Inc.

144A

144A

4.875%, 6/1/28

144A

1,725,000

1,544

5.250%, 1/30/30

144A

1,700,000

1,190

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 113
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
6.250%, 2/15/29

144A

625,000

503

BellRing

Brands,

Inc.

144A

144A

7.000%, 3/15/30

144A

2,725,000

2,817

Belron

UK

Finance

PLC

144A

144A

5.750%, 10/15/29

144A

500,000

511

Boost

Newco

Borrower

LLC

144A

144A

7.500%, 1/15/31

144A

4,025,000

4,278

The

Brink's

Co.

144A

144A

6.500%, 6/15/29

144A

1,075,000

1,113

6.750%, 6/15/32

144A

1,050,000

1,094

CHS

/

Community

Health

Systems,

Inc.

144A

144A

5.250%, 5/15/30

144A

1,000,000

939

6.000%, 1/15/29

144A

550,000

550

6.125%, 4/1/30

144A

800,000

641

6.875%, 4/15/29

144A

1,050,000

935

9.750%, 1/15/34

144A

875,000

919

Clarivate

Science

Holdings

Corp.

144A

144A

3.875%, 7/1/28

144A

350,000

4.875%, 7/1/29

144A

3,850,000

3,640

Concentra

Health

Services,

Inc.

144A

144A

6.875%, 7/15/32

144A

700,000

732

Edgewell

Personal

Care

Co.

144A

144A

5.500%, 6/1/28

144A

875,000

876

Froneri

Lux

FinCo

SARL

144A

144A

6.000%, 8/1/32

144A

3,800,000

3,852

Garda

World

Security

Corp.

144A

144A

6.000%, 6/1/29

144A

1,725,000

1,692

7.750%, 2/15/28

144A

600,000

614

8.250%, 8/1/32

144A

800,000

813

8.375%, 11/15/32

144A

2,800,000

2,852

Genmab

A/S

/

Genmab

Finance

LLC

144A

144A

6.250%, 12/15/32

144A

375,000

7.250%, 12/15/33

144A

1,675,000

1,759

Grifols

SA

144A

144A

4.750%, 10/15/28

144A

4,700,000

4,642

HealthEquity,

Inc.

144A

144A

4.500%, 10/1/29

144A

2,225,000

2,186

Herc

Holdings,

Inc.

144A

144A

6.000%, 3/15/34

144A

550,000

557

7.000%, 6/15/30

144A

825,000

868

7.250%, 6/15/33

144A

1,225,000

1,299

Insulet

Corp.

144A

144A

6.500%, 4/1/33

144A

275,000

IQVIA,

Inc.

144A

144A

5.000%, 10/15/26

144A

1,375,000

1,374

5.000%, 5/15/27

144A

750,000

750

6.250%, 6/1/32

144A

1,775,000

1,855

6.500%, 5/15/30

144A

200,000

Jazz

Securities

DAC

144A

144A

4.375%, 1/15/29

144A

500,000

Medline

Borrower

LP

144A

144A

3.875%, 4/1/29

144A

1,625,000

1,587

5.250%, 10/1/29

144A

6,000,000

6,032

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

144A

144A

6.250%, 4/1/29

144A

1,150,000

1,189

Molina

Healthcare,

Inc.

144A

144A

6.250%, 1/15/33

144A

1,350,000

1,376

Opal

Bidco

SAS

144A

144A

6.500%, 3/31/32

144A

1,675,000

1,716

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
Organon

&

Co.

/

Organon

Foreign

Debt

Co-

Issuer

BV

144A

144A

5.125%, 4/30/31

144A

1,275,000

1,056

6.750%, 5/15/34

144A

300,000

7.875%, 5/15/34

144A

3,125,000

2,544

Performance

Food

Group,

Inc.

144A

144A

4.250%, 8/1/29

144A

1,425,000

1,393

5.500%, 10/15/27

144A

950,000

951

6.125%, 9/15/32

144A

275,000

Post

Holdings,

Inc.

144A

144A

6.250%, 2/15/32

144A

1,025,000

1,053

Raven

Acquisition

Holdings

LLC

144A

144A

6.875%, 11/15/31

144A

2,975,000

3,065

Select

Medical

Corp.

144A

144A

6.250%, 12/1/32

144A

2,350,000

2,298

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

144A

144A

6.750%, 8/15/32

144A

825,000

852

Teleflex,

Inc.

144A

144A

4.250%, 6/1/28

144A

250,000

4.625%, 11/15/27

450,000

Tenet

Healthcare

Corp.

4.250%, 6/1/29

225,000

4.625%, 6/15/28

125,000

5.125%, 11/1/27

1,800,000

1,804

5.500%, 11/15/32

144A

775,000

786

6.000%, 11/15/33

144A

300,000

6.125%, 10/1/28

1,523,000

1,530

6.125%, 6/15/30

775,000

793

6.750%, 5/15/31

1,125,000

1,171

United

Rentals

North

America,

Inc.

4.875%, 1/15/28

1,225,000

1,225

5.250%, 1/15/30

425,000

5.375%, 11/15/33

144A

725,000

724

6.000%, 12/15/29

144A

375,000

6.125%, 3/15/34

144A

675,000

703

US

Foods,

Inc.

144A

144A

4.625%, 6/1/30

144A

700,000

691

4.750%, 2/15/29

144A

1,500,000

1,492

5.750%, 4/15/33

144A

275,000

6.875%, 9/15/28

144A

775,000

802

#### Total

#### 110,118

#### Diversified

#### (#### 0

#### .3

#### %

####)
Stena

International

SA

144A

144A

7.250%, 1/15/31

144A

1,975,000

2,013

#### Total

#### 2,013

#### Energy

#### (#### 10

#### .9

#### %

####)
Aethon

United

BR

LP

/

Aethon

United

Finance

Corp.

144A

144A

7.500%, 10/1/29

144A

2,025,000

2,122

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

144A

144A

5.375%, 6/15/29

144A

975,000

975

5.750%, 1/15/28

144A

2,825,000

2,830

5.750%, 10/15/33

144A

2,200,000

2,213

5.750%, 7/1/34

144A

850,000

856

6.625%, 2/1/32

144A

225,000

Antero

Resources

Corp.

144A

144A

5.375%, 3/1/30

144A

625,000

634

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 114
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
7.625%, 2/1/29

144A

244,000

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

144A

144A

6.250%, 4/1/28

144A

1,975,000

1,986

6.625%, 9/1/32

144A

700,000

722

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

144A

144A

5.875%, 6/30/29

144A

825,000

827

6.625%, 10/15/32

144A

550,000

568

6.625%, 7/15/33

144A

500,000

518

9.000%, 11/1/27

144A

200,000

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp.

144A

144A

7.000%, 7/15/29

144A

400,000

7.250%, 7/15/32

144A

950,000

1,008

Chesapeake

Energy

Corp.

Escrow

7.000%, 10/1/49

\*

1,000,000

–π

Chord

Energy

Corp.

144A

144A

6.000%, 10/1/30

144A

850,000

860

Civitas

Resources,

Inc.

144A

144A

8.375%, 7/1/28

144A

1,425,000

1,468

8.625%, 11/1/30

144A

575,000

603

8.750%, 7/1/31

144A

300,000

9.625%, 6/15/33

144A

525,000

567

CNX

Midstream

Partners

LP

144A

144A

4.750%, 4/15/30

144A

2,700,000

2,618

CNX

Resources

Corp.

144A

144A

7.250%, 3/1/32

144A

525,000

548

Comstock

Resources,

Inc.

144A

144A

5.875%, 1/15/30

144A

475,000

6.750%, 3/1/29

144A

2,175,000

2,180

DBR

Land

Holdings

LLC

144A

144A

6.250%, 12/1/30

144A

675,000

690

DT

Midstream,

Inc.

144A

144A

4.375%, 6/15/31

144A

1,600,000

1,566

Energy

Transfer

LP

144A

144A

7.375%, 2/1/31

144A

750,000

779

EQT

Corp.

4.750%, 1/15/31

625,000

629

6.375%, 4/1/29

600,000

621

Expand

Energy

Corp.

5.375%, 3/15/30

300,000

5.875%, 2/1/29

144A

225,000

Hess

Midstream

Operations

LP

144A

144A

4.250%, 2/15/30

144A

625,000

611

5.125%, 6/15/28

144A

1,300,000

1,305

5.500%, 10/15/30

144A

475,000

5.875%, 3/1/28

144A

200,000

6.500%, 6/1/29

144A

200,000

HF

Sinclair

Corp.

5.000%, 2/1/28

1,475,000

1,475

Kodiak

Gas

Services

LLC

144A

144A

6.500%, 10/1/33

144A

575,000

587

6.750%, 10/1/35

144A

1,450,000

1,491

7.250%, 2/15/29

144A

2,050,000

2,133

Matador

Resources

Co.

144A

144A

6.250%, 4/15/33

144A

675,000

676

6.500%, 4/15/32

144A

1,000,000

1,014

Nabors

Industries,

Inc.

144A

144A

7.625%, 11/15/32

144A

900,000

885

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
8.875%, 8/15/31

144A

450,000

9.125%, 1/31/30

144A

475,000

Nabors

Industries,

Ltd.

144A

144A

7.500%, 1/15/28

144A

825,000

825

Northriver

Midstream

Finance

LP

144A

144A

6.750%, 7/15/32

144A

2,550,000

2,599

Permian

Resources

Operating

LLC

144A

144A

6.250%, 2/1/33

144A

600,000

615

7.000%, 1/15/32

144A

325,000

Precision

Drilling

Corp.

144A

144A

6.875%, 1/15/29

144A

500,000

506

Range

Resources

Corp.

144A

144A

4.750%, 2/15/30

144A

475,000

8.250%, 1/15/29

1,125,000

1,147

Rockies

Express

Pipeline

LLC

144A

144A

6.750%, 3/15/33

144A

700,000

739

SM

Energy

Co.

6.625%, 1/15/27

250,000

6.750%, 9/15/26

1,100,000

1,102

7.000%, 8/1/32

144A

275,000

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

144A

144A

6.750%, 3/15/34

144A

4,225,000

4,225

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

5.500%, 3/1/30

1,900,000

1,929

TerraForm

Power

Operating

LLC

144A

144A

4.750%, 1/15/30

144A

1,725,000

1,676

5.000%, 1/31/28

144A

1,775,000

1,773

TGNR

Intermediate

Holdings

LLC

144A

144A

5.500%, 10/15/29

144A

2,150,000

2,129

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

144A

144A

6.250%, 10/1/33

144A

650,000

658

7.125%, 3/15/29

144A

2,450,000

2,536

Venture

Global

Plaquemines

LNG

LLC

144A

144A

6.500%, 1/15/34

144A

1,725,000

1,767

6.500%, 6/15/34

144A

875,000

894

6.750%, 1/15/36

144A

1,625,000

1,664

7.500%, 5/1/33

144A

1,900,000

2,053

7.750%, 5/1/35

144A

1,700,000

1,861

WBI

Operating

LLC

144A

144A

6.250%, 10/15/30

144A

850,000

855

6.500%, 10/15/33

144A

1,275,000

1,270

Western

Midstream

Operating

LP

144A

144A

7.250%, 4/1/30

144A

800,000

854

#### Total

#### 77,851

#### Financial

#### (#### 11

#### .3

#### %

####)
Acrisure

LLC

/

Acrisure

Finance,

Inc.

144A

144A

7.500%, 11/6/30

144A

1,025,000

1,068

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

144A

144A

5.875%, 11/1/29

144A

575,000

575

6.500%, 10/1/31

144A

375,000

6.750%, 10/15/27

144A

275,000

7.000%, 1/15/31

144A

2,225,000

2,308

7.375%, 10/1/32

144A

1,550,000

1,607

AmWINS

Group,

Inc.

144A

144A

4.875%, 6/30/29

144A

3,400,000

3,344

6.375%, 2/15/29

144A

1,225,000

1,260

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 115
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Amynta

Agency

Borrower,

Inc.

/

Amynta

Warranty

Borrower,

Inc.

144A

144A

7.500%, 7/15/33

144A

2,425,000

2,453

Ardonagh

Finco,

Ltd.

144A

144A

7.750%, 2/15/31

144A

950,000

996

Ardonagh

Group

Finance,

Ltd.

144A

144A

8.875%, 2/15/32

144A

6,675,000

6,937

Baldwin

Insurance

Group

Holdings

LLC

/

Baldwin

Insurance

Group

Holdings

Finance

144A

144A

7.125%, 5/15/31

144A

3,475,000

3,600

Broadstreet

Partners

Group

LLC

144A

144A

5.875%, 4/15/29

144A

4,625,000

4,618

CrossCountry

Intermediate

HoldCo

LLC

144A

144A

6.500%, 10/1/30

144A

2,450,000

2,499

6.750%, 12/1/32

144A

2,050,000

2,083

HUB

International,

Ltd.

144A

144A

5.625%, 12/1/29

144A

3,075,000

3,074

7.250%, 6/15/30

144A

3,475,000

3,648

7.375%, 1/31/32

144A

4,625,000

4,854

Iron

Mountain,

Inc.

144A

144A

6.250%, 1/15/33

144A

725,000

731

7.000%, 2/15/29

144A

3,125,000

3,210

Jones

Deslauriers

Insurance

Management,

Inc.

144A

144A

6.875%, 10/1/33

144A

2,725,000

2,631

8.500%, 3/15/30

144A

1,800,000

1,887

Navient

Corp.

5.000%, 3/15/27

675,000

676

6.750%, 6/15/26

500,000

505

Panther

Escrow

Issuer

LLC

144A

144A

7.125%, 6/1/31

144A

5,100,000

5,285

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

144A

144A

6.500%, 4/1/32

144A

825,000

856

6.500%, 6/15/33

144A

375,000

7.250%, 7/15/28

144A

825,000

851

Rocket

Companies,

Inc.

144A

144A

6.125%, 8/1/30

144A

275,000

6.375%, 8/1/33

144A

1,350,000

1,408

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-

Issuer,

Inc.

144A

144A

2.875%, 10/15/26

144A

1,800,000

1,774

3.625%, 3/1/29

144A

1,475,000

1,425

3.875%, 3/1/31

144A

1,525,000

1,448

4.000%, 10/15/33

144A

1,200,000

1,115

Ryan

Specialty

LLC

144A

144A

4.375%, 2/1/30

144A

800,000

785

5.875%, 8/1/32

144A

1,400,000

1,430

USI,

Inc.

144A

144A

7.500%, 1/15/32

144A

4,700,000

4,926

UWM

Holdings

LLC

144A

144A

6.250%, 3/15/31

144A

1,000,000

998

6.625%, 2/1/30

144A

1,275,000

1,291

XHR

LP

144A

144A

6.625%, 5/15/30

144A

925,000

955

#### Total

#### 80,449
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Industrial

#### (#### 12

#### .4

#### %

####)
Ardagh

Group

SA

144A

144A

9.500%, 12/1/30

144A

966,000

1,048

Ardagh

Metal

Packaging

Finance

USA

LLC

/

Ardagh

Metal

Packaging

Finance

PLC

144A

144A

4.000%, 9/1/29

144A

2,725,000

2,565

Ardagh Metal

Packaging

Finance

USA

LLC

/

Ardagh Metal

Packaging

Finance

PLC

144A

144A

6.250%, 1/30/31

144A

450,000

Ball

Corp.

2.875%, 8/15/30

700,000

647

6.000%, 6/15/29

750,000

771

Clean

Harbors,

Inc.

144A

144A

5.750%, 10/15/33

144A

875,000

898

Clearwater

Paper

Corp.

144A

144A

4.750%, 8/15/28

144A

1,875,000

1,753

Clydesdale

Acquisition

Holdings,

Inc.

144A

144A

6.750%, 4/15/32

144A

325,000

6.875%, 1/15/30

144A

350,000

8.750%, 4/15/30

144A

1,025,000

1,042

Coherent

Corp.

144A

144A

5.000%, 12/15/29

144A

2,425,000

2,417

CP

Atlas

Buyer,

Inc.

144A

144A

9.750%, 7/15/30

144A

1,375,000

1,424

12.750%, 1/15/31

144A

1,925,000

1,824

Crown

Americas

LLC

5.250%, 4/1/30

400,000

5.875%, 6/1/33

144A

1,700,000

1,739

EMRLD

Borrower

LP

/

Emerald

Co-Issuer,

Inc.

144A

144A

6.625%, 12/15/30

144A

4,225,000

4,400

6.750%, 7/15/31

144A

200,000

Energizer

Holdings,

Inc.

144A

144A

4.375%, 3/31/29

144A

2,300,000

2,198

4.750%, 6/15/28

144A

1,400,000

1,388

6.000%, 9/15/33

144A

1,750,000

1,679

Enpro,

Inc.

144A

144A

6.125%, 6/1/33

144A

375,000

Entegris,

Inc.

144A

144A

3.625%, 5/1/29

144A

725,000

696

4.750%, 4/15/29

144A

850,000

852

5.950%, 6/15/30

144A

2,725,000

2,779

Graphic

Packaging

International

LLC

144A

144A

3.500%, 3/15/28

144A

425,000

3.500%, 3/1/29

144A

450,000

4.750%, 7/15/27

144A

500,000

Hillenbrand,

Inc.

6.250%, 2/15/29

1,075,000

1,099

Madison

IAQ

LLC

144A

144A

4.125%, 6/30/28

144A

250,000

5.875%, 6/30/29

144A

5,125,000

5,094

Masterbrand,

Inc.

144A

144A

7.000%, 7/15/32

144A

1,000,000

1,036

Mauser

Packaging

Solutions

Holding

Co.

144A

144A

7.875%, 4/15/30

144A

1,275,000

1,265

9.250%, 4/15/30

144A

600,000

576

Maxam

Prill

SARL

144A

144A

7.750%, 7/15/30

144A

2,875,000

2,975

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

144A

144A

6.750%, 4/1/32

144A

575,000

589

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 116
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Industrial

#### continued
MIWD

Holdco

II

LLC

/

MIWD

Finance

Corp.

144A

144A

5.500%, 2/1/30

144A

2,275,000

2,204

Quikrete

Holdings,

Inc.

144A

144A

6.375%, 3/1/32

144A

1,400,000

1,457

6.750%, 3/1/33

144A

2,125,000

2,219

Sealed

Air

Corp.

144A

144A

5.000%, 4/15/29

144A

550,000

554

6.500%, 7/15/32

144A

1,400,000

1,452

Sealed

Air

Corp.

/

Sealed

Air

Corp.

US

144A

144A

6.125%, 2/1/28

144A

550,000

559

7.250%, 2/15/31

144A

575,000

599

Sensata

Technologies

BV

144A

144A

5.875%, 9/1/30

144A

2,125,000

2,157

Sensata

Technologies,

Inc.

144A

144A

3.750%, 2/15/31

144A

225,000

6.625%, 7/15/32

144A

250,000

SPX

FLOW,

Inc.

144A

144A

8.750%, 4/1/30

144A

2,950,000

3,043

Standard

Building

Solutions,

Inc.

144A

144A

6.250%, 8/1/33

144A

1,750,000

1,788

6.500%, 8/15/32

144A

700,000

721

Standard

Industries,

Inc.

144A

144A

3.375%, 1/15/31

144A

250,000

4.375%, 7/15/30

144A

1,200,000

1,158

4.750%, 1/15/28

144A

1,325,000

1,321

TopBuild

Corp.

144A

144A

5.625%, 1/31/34

144A

1,675,000

1,694

TransDigm,

Inc.

4.625%, 1/15/29

1,250,000

1,242

6.000%, 1/15/33

144A

275,000

6.250%, 1/31/34

144A

275,000

6.375%, 3/1/29

144A

1,025,000

1,057

6.375%, 5/31/33

144A

975,000

1,000

6.625%, 3/1/32

144A

2,225,000

2,315

6.750%, 8/15/28

144A

1,000,000

1,018

6.750%, 1/31/34

144A

550,000

573

6.875%, 12/15/30

144A

3,850,000

4,029

Trivium

Packaging

Finance

BV

144A

144A

8.250%, 7/15/30

144A

878,000

941

12.250%, 1/15/31

144A

1,250,000

1,356

TTM

Technologies,

Inc.

144A

144A

4.000%, 3/1/29

144A

550,000

537

Watco

Cos.

LLC

/

Watco

Finance

Corp.

144A

144A

7.125%, 8/1/32

144A

1,500,000

1,571

WESCO

Distribution,

Inc.

144A

144A

6.375%, 3/15/29

144A

1,150,000

1,188

6.375%, 3/15/33

144A

450,000

6.625%, 3/15/32

144A

1,375,000

1,436

7.250%, 6/15/28

144A

1,075,000

1,091

#### Total

#### 88,519

#### Technology

#### (#### 9

#### .3

#### %

####)
Amentum

Holdings,

Inc.

144A

144A

7.250%, 8/1/32

144A

3,000,000

3,162

AthenaHealth

Group,

Inc.

144A

144A

6.500%, 2/15/30

144A

4,600,000

4,586

CACI

International,

Inc.

144A

144A

6.375%, 6/15/33

144A

575,000

595

Capstone

Borrower,

Inc.

144A

144A

8.000%, 6/15/30

144A

3,025,000

3,116

Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Technology

#### continued
Cloud

Software

Group,

Inc.

144A

144A

6.500%, 3/31/29

144A

3,125,000

3,166

6.625%, 8/15/33

144A

875,000

867

8.250%, 6/30/32

144A

1,075,000

1,123

9.000%, 9/30/29

144A

3,450,000

3,593

Consensus

Cloud

Solutions,

Inc.

144A

144A

6.500%, 10/15/28

144A

2,550,000

2,562

CoreWeave,

Inc.

144A

144A

9.000%, 2/1/31

144A

1,075,000

985

9.250%, 6/1/30

144A

2,125,000

1,976

Elastic

NV

144A

144A

4.125%, 7/15/29

144A

2,375,000

2,300

Fair

Isaac

Corp.

144A

144A

6.000%, 5/15/33

144A

825,000

847

Fortress

Intermediate

3,

Inc.

144A

144A

7.500%, 6/1/31

144A

2,325,000

2,426

Insight

Enterprises,

Inc.

144A

144A

6.625%, 5/15/32

144A

1,350,000

1,388

Kioxia

Holdings

Corp.

144A

144A

6.625%, 7/24/33

144A

2,075,000

2,158

McAfee

Corp.

144A

144A

7.375%, 2/15/30

144A

6,825,000

5,952

NCR

Voyix

Corp.

144A

144A

5.000%, 10/1/28

144A

1,000,000

993

5.125%, 4/15/29

144A

350,000

Open

Text

Corp.

144A

144A

3.875%, 2/15/28

144A

1,675,000

1,644

6.900%, 12/1/27

144A

450,000

Open

Text

Holdings,

Inc.

144A

144A

4.125%, 2/15/30

144A

1,250,000

1,195

4.125%, 12/1/31

144A

300,000

Rocket

Software,

Inc.

144A

144A

6.500%, 2/15/29

144A

3,925,000

3,846

9.000%, 11/28/28

144A

950,000

980

Science

Applications

International

Corp.

144A

144A

4.875%, 4/1/28

144A

875,000

873

5.875%, 11/1/33

144A

575,000

583

Seagate

Data

Storage

Technology

Pte,

Ltd.

144A

144A

5.875%, 7/15/30

144A

200,000

8.250%, 12/15/29

144A

75,000

8.500%, 7/15/31

144A

700,000

744

9.625%, 12/1/32

144A

2,127,000

2,415

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

650

Synaptics,

Inc.

144A

144A

4.000%, 6/15/29

144A

1,175,000

1,137

UKG,

Inc.

144A

144A

6.875%, 2/1/31

144A

4,725,000

4,854

Zebra

Technologies

Corp.

144A

144A

6.500%, 6/1/32

144A

525,000

543

#### Total

#### 66,494

#### Utilities

#### (#### 3

#### .1

#### %

####)
Calpine

Corp.

144A

144A

3.750%, 3/1/31

144A

725,000

700

4.500%, 2/15/28

144A

1,575,000

1,576

4.625%, 2/1/29

144A

350,000

5.000%, 2/1/31

144A

600,000

609

5.125%, 3/15/28

144A

1,075,000

1,076

High

Yield

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 117
Corporate

Bonds

(95.0%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
NRG

Energy,

Inc.

144A

144A

3.875%, 2/15/32

144A

207,000

5.250%, 6/15/29

144A

775,000

777

5.750%, 1/15/28

400,000

5.750%, 7/15/29

144A

350,000

5.750%, 1/15/34

144A

350,000

6.000%, 2/1/33

144A

975,000

994

6.000%, 1/15/36

144A

2,075,000

2,102

6.250%, 11/1/34

144A

725,000

745

TransAlta

Corp.

5.875%, 2/1/34

1,000,000

1,007

Vistra

Operations

Co.

LLC

144A

144A

5.000%, 7/31/27

144A

1,100,000

1,103

5.625%, 2/15/27

144A

1,925,000

1,926

7.750%, 10/15/31

144A

875,000

927

VoltaGrid

LLC

144A

144A

7.375%, 11/1/30

144A

1,550,000

1,536

XPLR

Infrastructure

Operating

Partners

LP

144A

144A

4.500%, 9/15/27

144A

700,000

691

7.250%, 1/15/29

144A

2,075,000

2,126

7.750%, 4/15/34

144A

850,000

864

8.375%, 1/15/31

144A

250,000

8.625%, 3/15/33

144A

1,325,000

1,394

#### Total

#### 22,060

#### Total

#### Corporate

#### Bonds

#### (Cost: $673,863)

#### 676,691
144A

144A

144A

Warrants

(–

%)

Shares/

Par

+

Value

$

(000's)

#### 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

#### (95.2%)

#### (Cost:

#### $684,490)

#### @

#### 678,406

#### Other

#### Assets,

#### Less

#### Liabilities (4.8%)

#### 34,235

#### Net

#### Assets

#### (100.0%)

#### 712,641
+

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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$622,673

representing

87.4%

of

the

net

assets.

π

Amount

is

less

than

one

thousand.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$684,254

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$5,848

which

is

comprised

of

$13,872

aggregate

gross

unrealized

appreciation

and

$19,720

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

—

$

1,715

Corporate

Bonds

—

676,691

—

Warrants

—

—

—

π

Total

Assets:

$

—

$

676,691

$

1,715

Management

has

determined

that

the

amount

of

Level

securities

compared

to

total

net

assets

is

not

material;

therefore,

the

reconciliation

of

Level

securities

and

assumptions

is

not

shown

for

the

period

ended

December

31,

2025. Schedule

of

Investments

#### December

#### 31,

#### 2025
Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 118
Common

Stocks

(0.1%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### (0.0%)
Altice

France

Luxco

SA \*,

Æ,δ

13,624

SES

SA

-

Contingent

Value

Rights \*,Æ

9,447

#### Total

#### 387

#### Consumer,

#### Cyclical

#### (0.0%)
Spirit

Airlines,

Inc. \*

11,548

#### Total

#### 3

#### Financials

#### (0.1%)
ADLER

Group

SA \*,Æ

1,562,614

–

DrillCo

Holding

Lux

SA

-

Class

B \*,

Æ,δ

2,686

DrillCo

Holding

Lux

SA

-

Class

C \*,

Æ,δ

24,180

545

#### Total

#### 606

#### Health

#### Care

#### (0.0%)
AmSurg

Corp. \*,

Æ,δ

9,484

#### Total

#### 426

#### Real

#### Estate

#### (0.0%)
Corestate

Capital

Holding

SA \*,

Æ,δ

421,967

–π

Kaisa

Group

Holdings,

Ltd. \*

3,473,633

#### Total

#### 43

#### Total

#### Common

#### Stocks

#### (Cost: $1,345)

#### 1,465
Corporate

Bonds

(42.1%)

#### Basic

#### Materials

#### (0.8%)
ALROSA

Finance

SA

144A

144A

3.100%, 6/25/27

144A

Æ,φ

8,500,000

4.650%, 4/9/24

144A

Æ,φ

500,000

Carpenter

Technology

Corp.

144A

144A

5.625%, 3/1/34

144A

1,300,000

1,320

Celanese

US

Holdings

LLC

6.879%, 7/15/32

500,000

520

Cerdia

Finanz

GmbH

144A

144A

9.375%, 10/3/31

144A

1,300,000

1,344

GC

Treasury

Center

Co.,

Ltd.

144A

,α

144A

6.500%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

year

plus

2.815%), 9/10/30

144A

µ,α

1,100,000

1,112

Ingevity

Corp.

144A

144A

3.875%, 11/1/28

144A

675,000

657

MMK

International

Capital

DAC

144A

144A

4.375%, 6/13/24

144A

Æ,φ

1,400,000

OCP

SA

144A

144A

6.700%, 3/1/36

144A

1,325,000

1,421

Olympus

Water

US

Holding

Corp.

144A

144A

4.250%, 10/1/28

144A

1,200,000

1,165

Sasol

Financing

USA

LLC

6.500%, 9/27/28

2,000,000

1,970

Vedanta

Resources

Finance

II

PLC

144A

144A

9.125%, 10/15/32

144A

1,200,000

1,209

#### Total

#### 11,238
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### (4.1%)
Altice

France

SA

5.375%, 4/15/32

EUR

§,∞

1,102,825

1,217

5.625%, 7/15/32

EUR

§,∞

308,040

9.500%, 11/1/29

144A

1,078,140

1,109

AT&T,

Inc.

3.500%, 9/15/53

237,000

3.650%, 9/15/59

6,663,000

4,394

3.800%, 12/1/57

115,000

Beignet

Investor

LLC

144A

144A

6.581%, 5/30/49

144A

3,470,000

3,666

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

144A

144A

4.250%, 2/1/31

144A

2,500,000

2,297

4.500%, 6/1/33

144A

800,000

700

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

3.700%, 4/1/51

300,000

3.850%, 4/1/61

1,800,000

1,073

4.200%, 3/15/28

1,700,000

1,691

Cogent

Communications

Group,

Inc.

/

Cogent

Communications

Finance,

Inc.

144A

144A

6.500%, 7/1/32

144A

β

1,200,000

1,122

EchoStar

Corp.

10.750%, 11/30/29

700,000

774

Gray

Media,

Inc.

144A

144A

9.625%, 7/15/32

144A

1,200,000

1,245

ION

Platform

Finance

US,

Inc.

/

ION

Platform

Finance

SARL

144A

144A

8.750%, 5/1/29

144A

1,100,000

1,114

Level

Financing,

Inc.

144A

144A

7.000%, 3/31/34

144A

1,100,000

1,134

NTT

Finance

Corp.

144A

144A

4.620%, 7/16/28

144A

1,200,000

1,216

Sirius

XM

Radio

LLC

144A

144A

4.000%, 7/15/28

144A

400,000

Snap,

Inc.

144A

144A

6.875%, 3/15/34

144A

2,500,000

2,574

Sprint

Spectrum

Co.

LLC

/

Sprint

Spectrum

Co.

II

LLC

/

Sprint

Spectrum

Co.

III

LLC

144A

144A

5.152%, 3/20/28

144A

585,000

590

Sunrise

FinCo

I

BV

144A

144A

4.875%, 7/15/31

144A

725,000

691

Telecom

Italia

SpA

7.875%, 7/31/28

EUR

§,∞

650,000

852

T-Mobile

USA,

Inc.

4.700%, 1/15/35

2,000,000

1,965

5.050%, 7/15/33

750,000

765

5.650%, 1/15/53

1,000,000

967

Uber

Technologies,

Inc.

4.800%, 9/15/34

1,100,000

1,100

Univision

Communications,

Inc.

144A

144A

9.375%, 8/1/32

144A

1,200,000

1,290

Verizon

Communications,

Inc.

2.355%, 3/15/32

2,725,000

2,401

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 119
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Communications

#### continued
Virgin

Media

Secured

Finance

PLC

4.125%, 8/15/30

GBP

§,∞

1,200,000

1,449

4.250%, 1/15/30

GBP

§,∞

3,200,000

3,953

VMED

O2

UK

Financing

I

PLC

4.000%, 1/31/29

GBP

§,∞

3,100,000

3,955

4.500%, 7/15/31

GBP

§,∞

400,000

4.750%, 7/15/31

144A

1,100,000

1,015

7.750%, 4/15/32

144A

800,000

834

Vodafone

Group

PLC

α

7.000%,

(USD

Year

Swap

Rate

plus

4.873%), 4/4/79

α

1,700,000

1,801

VZ

Secured

Financing

BV

144A

144A

7.500%, 1/15/33

144A

4,600,000

4,660

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

144A

144A

8.250%, 10/1/31

144A

1,000,000

1,050

#### Total

#### 56,304

#### Consumer,

#### Cyclical

#### (4.6%)
1011778

BC

ULC

/

New

Red

Finance,

Inc.

144A

144A

5.625%, 9/15/29

144A

1,500,000

1,527

Advance

Auto

Parts,

Inc.

144A

144A

7.000%, 8/1/30

144A

1,600,000

1,609

Air

Canada

Pass-Through

Trust,

Series

2020-

2,

Class

A

144A

144A

5.250%, 10/1/30

144A

421,746

Alaska

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A

144A

144A

4.800%, 2/15/29

144A

121,612

Allwyn

Entertainment

Financing

PLC

144A

144A

7.875%, 4/30/29

144A

809,000

842

American

Airlines

Pass-Through

Trust,

Series

2014-1,

Class

A

3.700%, 4/1/28

131,739

American

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A

3.375%, 11/1/28

237,043

American

Airlines

Pass-Through

Trust,

Series

2016-1,

Class

AA

3.575%, 7/15/29

629,128

622

American

Airlines

Pass-Through

Trust,

Series

2017-2,

Class

AA

3.350%, 4/15/31

653,492

634

American

Axle

&

Manufacturing,

Inc.

144A

144A

6.375%, 10/15/32

144A

1,100,000

1,120

American

Builders

&

Contractors

Supply

Co.,

Inc.

144A

144A

3.875%, 11/15/29

144A

1,400,000

1,349

Brightstar

Lottery

PLC

/

Brightstar

Global

Solutions

Corp.

144A

144A

5.750%, 1/15/33

144A

900,000

894

British

Airways

Pass-Through

Trust,

Series

2021-1,

Class

A

144A

144A

2.900%, 9/15/36

144A

319,463

Carnival

Corp.

144A

144A

4.000%, 8/1/28

144A

3,300,000

3,251

Carvana

Co.

144A

144A

9.000%, 6/1/30

144A

1,225,000

1,284

Cirsa

Finance

International

SARL

4.875%, 10/15/31

EUR

§,∞

600,000

724

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
5.100%,

(EURIBOR

Month

ACT/360

plus

3.000%), 10/15/32

144A

EUR

∞

800,000

949

Flutter

Treasury

DAC

144A

144A

5.875%, 6/4/31

144A

1,100,000

1,115

6.375%, 4/29/29

144A

1,200,000

1,239

Ford

Motor

Credit

Co.

LLC

2.386%, 2/17/26

EUR

∞

100,000

3.625%, 6/17/31

2,900,000

2,657

3.815%, 11/2/27

300,000

4.389%, 1/8/26

800,000

800

7.200%, 6/10/30

25,000

7.350%, 11/4/27

50,000

7.350%, 3/6/30

25,000

Hilton

Domestic

Operating

Co.,

Inc.

144A

144A

3.625%, 2/15/32

144A

2,900,000

2,692

IHO

Verwaltungs

GmbH

144A

144A

6.375%, 5/15/29

144A

1,800,000

1,815

Intralot

Capital

Luxembourg

SA

6.750%, 10/15/31

EUR

§,∞

1,400,000

1,638

JetBlue

Airways

Corp.

4.000%, 5/15/34

605,534

576

JetBlue

Airways

Corp.

/

JetBlue

Loyalty

LP

144A

144A

9.875%, 9/20/31

144A

600,000

605

John

Lewis

PLC

4.250%, 12/18/34

GBP

§,∞

1,200,000

1,371

Las

Vegas

Sands

Corp.

3.900%, 8/8/29

100,000

Lithia

Motors,

Inc.

144A

144A

5.500%, 10/1/30

144A

1,100,000

1,104

Marriott

International,

Inc.

5.500%, 4/15/37

1,400,000

1,433

Mitchells

&

Butlers

Finance

PLC

4.350%,

(SONIO

plus

0.569%), 12/15/30

GBP

§,∞

490,292

644

4.402%,

(US

SOFR

plus

0.712%), 12/15/30

§

89,144

6.469%, 9/15/32

GBP

§,∞

200,000

NCL

Corp.,

Ltd.

144A

144A

5.875%, 1/15/31

144A

700,000

697

Nissan

Motor

Acceptance

Corp.

144A

144A

2.000%, 3/9/26

144A

400,000

Nissan

Motor

Co.,

Ltd.

144A

144A

4.345%, 9/17/27

144A

3,500,000

3,452

Qnity

Electronics,

Inc.

144A

144A

5.750%, 8/15/32

144A

300,000

6.250%, 8/15/33

144A

400,000

QXO

Building

Products,

Inc.

144A

144A

6.750%, 4/30/32

144A

1,300,000

1,358

Renault

SA

2.375%, 5/25/26

EUR

§,∞

1,200,000

1,409

Sands

China,

Ltd.

2.300%, 3/8/27

400,000

3.250%, 8/8/31

1,100,000

1,015

3.800%, 1/8/26

1,700,000

1,699

Spirit

Airlines

Pass-Through

Trust,

Series

2015-1,

Class

A

4.100%, 10/1/29

1,259,988

1,209

United

Airlines

Pass-Through

Trust,

Series

2014-1,

Class

A

4.000%, 10/11/27

428,907

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 120
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Cyclical

#### continued
United

Airlines

Pass-Through

Trust,

Series

2019-2,

Class

A

2.900%, 11/1/29

72,528

United

Airlines

Pass-Through

Trust,

Series

2020-1,

Class

A

5.875%, 4/15/29

986,169

1,011

United

Airlines

Pass-Through

Trust,

Series

2023-1,

Class

A

5.800%, 7/15/37

3,451,993

3,606

Viking

Cruises,

Ltd.

144A

144A

9.125%, 7/15/31

144A

425,000

WarnerMedia

Holdings,

Inc.

4.279%, 3/15/32

800,000

702

5.050%, 3/15/42

1,600,000

1,126

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

144A

144A

5.125%, 10/1/29

144A

800,000

805

6.250%, 3/15/33

144A

1,700,000

1,738

7.125%, 2/15/31

144A

1,000,000

1,082

ZF

Finance

GmbH

2.750%, 5/25/27

EUR

§,∞

1,500,000

1,751

3.750%, 9/21/28

EUR

§,∞

2,000,000

2,314

ZF

North

America

Capital,

Inc.

144A

144A

7.500%, 3/24/31

144A

1,625,000

1,643

#### Total

#### 63,756

#### Consumer,

#### Non-cyclical

#### (4.4%)
1261229

BC,

Ltd.

144A

144A

10.000%, 4/15/32

144A

575,000

598

Abertis

Infraestructuras

SA

3.375%, 11/27/26

GBP

§,∞

600,000

804

Amgen,

Inc.

5.650%, 3/2/53

1,000,000

979

Ashtead

Capital,

Inc.

144A

144A

5.800%, 4/15/34

144A

1,000,000

1,048

Bacardi,

Ltd.

144A

144A

4.700%, 5/15/28

144A

1,300,000

1,310

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

2,130

6.375%, 11/21/30

144A

275,000

Belron

UK

Finance

PLC

144A

144A

5.750%, 10/15/29

144A

500,000

511

Block,

Inc.

144A

144A

5.625%, 8/15/30

144A

900,000

918

6.500%, 5/15/32

2,700,000

2,808

Boost

Newco

Borrower

LLC

144A

144A

7.500%, 1/15/31

144A

2,000,000

2,126

Cencora

,

Inc.

3.625%, 5/22/32

EUR

∞

875,000

1,035

Centene

Corp.

2.500%, 3/1/31

1,000,000

864

4.250%, 12/15/27

200,000

4.625%, 12/15/29

1,989,000

1,929

Cheplapharm

Arzneimittel

GmbH

7.500%, 5/15/30

EUR

§,∞

600,000

731

CHS

/

Community

Health

Systems,

Inc.

144A

144A

6.000%, 1/15/29

144A

700,000

700

9.750%, 1/15/34

144A

860,000

903

10.875%, 1/15/32

144A

292,500

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
CommonSpirit

Health

4.975%, 9/1/35

1,100,000

1,087

Constellation

Brands,

Inc.

3.700%, 12/6/26

200,000

CVS

Pass-Through

Trust

144A

144A

4.704%, 1/10/36

144A

292,786

5.926%, 1/10/34

144A

469,490

7.507%, 1/10/32

144A

43,540

DCLI

Bidco

LLC

144A

144A

7.750%, 11/15/29

144A

1,000,000

1,028

Flora

Food

Management

BV

6.875%, 7/2/29

EUR

§,∞

1,400,000

1,634

Froneri

Lux

FinCo

SARL

4.750%, 8/1/32

EUR

§,∞

1,200,000

1,421

Global

Medical

Response,

Inc.

144A

144A

7.375%, 10/1/32

144A

900,000

935

HCA,

Inc.

4.625%, 3/15/52

300,000

4.900%, 11/15/35

1,100,000

1,085

5.200%, 6/1/28

1,750,000

1,793

5.250%, 3/1/30

1,200,000

1,239

5.450%, 4/1/31

1,200,000

1,252

ION

Platform

Finance

US,

Inc.

144A

144A

7.875%, 9/30/32

144A

1,000,000

949

IQVIA,

Inc.

5.700%, 5/15/28

1,700,000

1,754

Kraft

Heinz

Foods

Co.

4.375%, 6/1/46

1,500,000

1,239

LifePoint

Health,

Inc.

144A

144A

11.000%, 10/15/30

144A

500,000

548

Mars,

Inc.

144A

144A

5.000%, 3/1/32

144A

800,000

825

Medline

Borrower

LP

/

Medline

Co-Issuer,

Inc.

144A

144A

6.250%, 4/1/29

144A

2,000,000

2,068

National

Mentor

Holdings,

Inc.

144A

144A

10.500%, 12/15/30

144A

1,500,000

1,508

Nexi

SpA

2.125%, 4/30/29

EUR

§,∞

2,425,000

2,740

Nidda

Healthcare

Holding

GmbH

5.625%, 2/21/30

EUR

§,∞

1,300,000

1,568

Organon

&

Co.

/

Organon

Foreign

Debt

Co-

Issuer

BV

2.875%, 4/30/28

EUR

§,∞

1,000,000

1,141

4.125%, 4/30/28

144A

1,300,000

1,267

Picard

Groupe

SAS

6.375%, 7/1/29

EUR

§,∞

900,000

1,103

Post

Holdings,

Inc.

144A

144A

6.500%, 3/15/36

144A

2,700,000

2,704

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

144A

144A

3.375%, 8/31/27

144A

1,350,000

1,324

Primo

Water

Holdings,

Inc.

/

Triton

Water

Holdings,

Inc.

144A

144A

6.250%, 4/1/29

144A

1,600,000

1,608

Raven

Acquisition

Holdings

LLC

144A

144A

6.875%, 11/15/31

144A

1,000,000

1,030

Sartorius

Finance

BV

4.500%, 9/14/32

EUR

§,∞

2,000,000

2,462

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 121
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Consumer,

#### Non-cyclical

#### continued
Star

Parent,

Inc.

144A

144A

9.000%, 10/1/30

144A

1,300,000

1,387

#### Total

#### 60,879

#### Energy

#### (8.1%)
Chord

Energy

Corp.

144A

144A

6.000%, 10/1/30

144A

800,000

810

6.750%, 3/15/33

144A

1,300,000

1,344

Civitas

Resources,

Inc.

144A

144A

9.625%, 6/15/33

144A

700,000

756

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

144A

144A

5.500%, 6/15/31

144A

1,000,000

989

Diamondback

Energy,

Inc.

5.550%, 4/1/35

1,000,000

1,028

DT

Midstream,

Inc.

144A

144A

5.800%, 12/15/34

144A

1,400,000

1,453

Ecopetrol

SA

4.625%, 11/2/31

300,000

8.375%, 1/19/36

500,000

514

El

Paso

Natural

Gas

Co.

LLC

8.375%, 6/15/32

200,000

Enbridge,

Inc.

5.700%, 3/8/33

900,000

948

Energy

Transfer

LP

3.750%, 5/15/30

200,000

4.950%, 5/15/28

625,000

635

5.000%, 5/15/50

200,000

5.250%, 4/15/29

100,000

6.050%, 6/1/41

100,000

6.500%, 2/1/42

300,000

6.625%, 10/15/36

500,000

543

7.500%, 7/1/38

1,700,000

1,968

Eni

SpA

144A

144A

5.500%, 5/15/34

144A

1,300,000

1,340

EQT

Corp.

4.500%, 1/15/29

1,387,000

1,390

Expand

Energy

Corp.

4.750%, 2/1/32

2,900,000

2,861

Flex

Intermediate

Holdco

LLC

144A

144A

3.363%, 6/30/31

144A

1,400,000

1,288

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

8.250%, 1/15/29

825,000

861

Greensaif

Pipelines

Bidco

SARL

144A

144A

5.853%, 2/23/36

144A

2,900,000

3,030

6.129%, 2/23/38

§

1,300,000

1,380

Harbour

Energy

PLC

144A

144A

6.327%, 4/1/35

144A

400,000

Howard

Midstream

Energy

Partners

LLC

144A

144A

6.625%, 1/15/34

144A

1,250,000

1,284

KazMunayGas

National

Co.

JSC

5.375%, 4/24/30

§

600,000

612

5.750%, 4/19/47

§

527,000

Kinder

Morgan

Energy

Partners

LP

6.550%, 9/15/40

2,382,000

2,581

Kinder

Morgan,

Inc.

7.750%, 1/15/32

1,216,000

1,411

Kraken

Oil

&

Gas

Partners

LLC

144A

144A

7.625%, 8/15/29

144A

1,125,000

1,111

Matador

Resources

Co.

144A

144A

6.250%, 4/15/33

144A

2,000,000

2,003

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
MPLX

LP

4.250%, 12/1/27

800,000

802

NGPL

PipeCo

LLC

144A

144A

7.768%, 12/15/37

144A

2,500,000

2,902

Noble

Finance

II

LLC

144A

144A

8.000%, 4/15/30

144A

2,300,000

2,390

NuStar

Logistics

LP

5.625%, 4/28/27

1,400,000

1,415

6.000%, 6/1/26

200,000

Occidental

Petroleum

Corp.

5.200%, 8/1/29

1,000,000

1,025

5.375%, 1/1/32

1,200,000

1,229

ONEOK,

Inc.

5.050%, 11/1/34

975,000

966

Orlen

SA

144A

144A

6.000%, 1/30/35

144A

600,000

632

Permian

Resources

Operating

LLC

144A

144A

7.000%, 1/15/32

144A

925,000

964

Pertamina

Persero

PT

144A

144A

6.500%, 11/7/48

144A

4,300,000

4,594

Petroleos

de

Venezuela

SA

5.375%, 4/12/27

§,φ

6,666,000

1,547

5.500%, 4/12/37

§,φ

5,734,000

1,327

Petroleos

Mexicanos

2.750%, 4/21/27

EUR

§,∞

466,000

540

4.750%, 2/26/29

EUR

§,∞

3,000,000

3,543

5.625%, 1/23/46

378,000

5.950%, 1/28/31

2,400,000

2,323

6.350%, 2/12/48

1,700,000

1,334

6.625%, 6/15/35

β

3,700,000

3,511

6.625%, 6/15/38

2,000,000

1,812

6.700%, 2/16/32

536,000

535

6.750%, 9/21/47

2,900,000

2,384

7.690%, 1/23/50

2,580,000

2,312

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

4.900%, 2/15/45

1,100,000

962

6.650%, 1/15/37

277,000

PRIO

Luxembourg

Holding

SARL

144A

144A

6.750%, 10/15/30

144A

1,400,000

1,362

QatarEnergy

LNG

S3

144A

144A

5.838%, 9/30/27

144A

887,110

900

Raizen

Fuels

Finance

SA

144A

144A

6.250%, 7/8/32

144A

1,200,000

1,008

Rio

Oil

Finance

Trust

9.750%, 1/6/27

§

99,666

Sabine

Pass

Liquefaction

LLC

4.500%, 5/15/30

700,000

703

Santos

Finance,

Ltd.

144A

144A

3.649%, 4/29/31

144A

700,000

656

Seadrill

Finance,

Ltd.

144A

144A

8.375%, 8/1/30

144A

1,500,000

1,560

Southern

Gas

Corridor

CJSC

6.875%, 3/24/26

§

1,100,000

1,107

Sunoco

LP

144A

144A

5.625%, 3/15/31

144A

1,500,000

1,511

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

144A

144A

5.500%, 1/15/28

144A

775,000

775

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 122
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Energy

#### continued
TGS

ASA

144A

144A

8.500%, 1/15/30

144A

1,000,000

1,044

Transocean

Aquila,

Ltd.

144A

144A

8.000%, 9/30/28

144A

795,385

815

Valaris

,

Ltd.

144A

144A

8.375%, 4/30/30

144A

1,000,000

1,041

Venture

Global

Calcasieu

Pass

LLC

144A

144A

3.875%, 8/15/29

144A

2,700,000

2,531

3.875%, 11/1/33

144A

1,600,000

1,372

Venture

Global

LNG,

Inc.

144A

144A

7.000%, 1/15/30

144A

2,200,000

2,117

8.375%, 6/1/31

144A

2,700,000

2,685

9.500%, 2/1/29

144A

2,300,000

2,384

Venture

Global

Plaquemines

LNG

LLC

144A

144A

6.125%, 12/15/30

144A

1,000,000

1,018

6.500%, 1/15/34

144A

3,200,000

3,278

6.750%, 1/15/36

144A

500,000

512

Viridien

8.500%, 10/15/30

EUR

§,∞

16,105

Vital

Energy,

Inc.

144A

144A

7.875%, 4/15/32

144A

β

450,000

WBI

Operating

LLC

144A

144A

6.250%, 10/15/30

144A

900,000

905

6.500%, 10/15/33

144A

500,000

Weatherford

International,

Ltd.

144A

144A

6.750%, 10/15/33

144A

1,600,000

1,639

Woodside

Finance,

Ltd.

5.100%, 9/12/34

2,100,000

2,075

Yinson

Boronia

Production

BV

144A

144A

8.947%, 7/31/42

144A

2,379,143

2,592

8.947%, 7/31/42

§

588,654

641

#### Total

#### 111,563

#### Financial

#### (11.9%)
Abu

Dhabi

Development

Holding

Co.

PJSC

144A

144A

5.375%, 5/8/29

144A

1,900,000

1,967

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

3.650%, 7/21/27

500,000

4.625%, 10/15/27

500,000

504

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

144A

144A

7.000%, 1/15/31

144A

1,200,000

1,245

Ally

Financial,

Inc.

6.848%,

(US

SOFR

plus

2.820%), 1/3/30

α

1,000,000

1,061

8.000%, 11/1/31

3,271,000

3,713

American

Tower

Corp.

5.900%, 11/15/33

2,500,000

2,670

Antares

Holdings

LP

144A

144A

2.750%, 1/15/27

144A

250,000

Ares

Capital

Corp.

2.875%, 6/15/28

1,200,000

1,147

Ares

Strategic

Income

Fund

6.200%, 3/21/32

1,400,000

1,436

Arthur

J. Gallagher

&

Co.

5.150%, 2/15/35

1,600,000

1,617

Athene

Global

Funding

144A

144A

5.339%, 1/15/27

144A

1,500,000

1,518

Avilease

Capital,

Ltd.

144A

144A

4.750%, 11/12/30

144A

1,200,000

1,190

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Avolon

Holdings

Funding,

Ltd.

144A

144A

2.528%, 11/18/27

144A

471,000

4.950%, 10/15/32

144A

700,000

692

Banca

Monte

dei

Paschi

di

Siena

SpA

1.875%, 1/9/26

EUR

§,∞

300,000

7.708%,

(EURIBOR

ICE

Year

Swap

Rate

plus

5.005%), 1/18/28

EUR

§,∞,α

3,800,000

4,849

Banco

Bilbao

Vizcaya

Argentaria

SA

α

6.138%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

2.700%), 9/14/28

α

900,000

932

Banco

BTG

Pactual

SA

144A

144A

6.250%, 4/8/29

144A

1,500,000

1,555

Banco

do

Brasil

SA

8.500%, 7/29/26

MXN

§,∞

22,000,000

1,231

Bank

of

America

Corp.

5.288%,

(US

SOFR

plus

1.910%), 4/25/34

α

1,900,000

1,956

5.468%,

(US

SOFR

plus

1.650%), 1/23/35

α

1,900,000

1,979

5.511%,

(US

SOFR

plus

1.310%), 1/24/36

α

1,800,000

1,877

Barclays

PLC

5.501%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

2.650%), 8/9/28

α

2,350,000

2,401

7.437%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

3.500%), 11/2/33

α

500,000

572

Blue

Owl

Finance

LLC

6.250%, 4/18/34

1,200,000

1,237

Brandywine

Operating

Partnership

LP

8.875%, 4/12/29

25,000

Burford

Capital

Global

Finance

LLC

144A

144A

7.500%, 7/15/33

144A

1,500,000

1,431

CaixaBank

SA

144A

,α

144A

5.673%,

(US

SOFR

plus

1.780%), 3/15/30

144A

α

1,300,000

1,349

Cantor

Fitzgerald

LP

144A

144A

7.200%, 12/12/28

144A

1,200,000

1,275

Chubb

INA

Holdings

LLC

0.875%, 6/15/27

EUR

∞

200,000

CI

Financial

Corp.

144A

144A

7.500%, 5/30/29

144A

1,100,000

1,170

CIMA

Finance

DAC

2.950%, 9/5/29

§

759,834

713

Citadel

LP

144A

144A

6.375%, 1/23/32

144A

1,200,000

1,274

Corestate

Capital

Holding

SA

10.000%, 12/31/26

EUR

∞,Þ

148,405

Credicorp

Capital

Sociedad

Titulizadora

SA

144A

144A

9.700%, 3/5/45

144A

PEN

∞

1,700,000

532

10.100%, 12/15/43

144A

PEN

§,∞

13,000,000

4,177

Crown

Castle,

Inc.

2.100%, 4/1/31

1,700,000

1,500

DAE

Sukuk

DIFC,

Ltd.

144A

144A

3.750%, 2/15/26

144A

1,000,000

997

Deutsche

Bank

AG

3.729%,

(US

SOFR

plus

2.757%), 1/14/32

α

1,550,000

1,465

5.882%,

(US

SOFR

plus

5.438%), 7/8/31

α

300,000

DrillCo

Holding

Lux

SA

7.500%, 6/15/30

§

677,407

665

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 123
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Encore

Capital

Group,

Inc.

144A

144A

6.625%, 4/15/31

144A

1,200,000

1,206

8.500%, 5/15/30

144A

700,000

753

9.250%, 4/1/29

144A

1,200,000

1,265

Equinix

Europe

Financing

Corp.

LLC

4.600%, 11/15/30

2,900,000

2,909

Fidelity

National

Financial,

Inc.

3.400%, 6/15/30

200,000

Freedom

Mortgage

Corp.

144A

144A

6.625%, 1/15/27

144A

500,000

502

Freedom

Mortgage

Holdings

LLC

144A

144A

6.875%, 5/1/31

144A

1,100,000

1,101

8.375%, 4/1/32

144A

350,000

FS

KKR

Capital

Corp.

3.125%, 10/12/28

900,000

831

6.125%, 1/15/31

1,600,000

1,561

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

5.750%, 6/1/28

400,000

5.750%, 11/1/37

1,700,000

1,691

goeasy

,

Ltd.

144A

144A

6.875%, 5/15/30

144A

1,300,000

1,241

9.250%, 12/1/28

144A

1,100,000

1,131

The

Goldman

Sachs

Group,

Inc.

5.016%,

(US

SOFR

plus

1.420%), 10/23/35

α

1,200,000

1,206

5.330%,

(US

SOFR

plus

1.550%), 7/23/35

α

200,000

5.851%,

(US

SOFR

plus

1.552%), 4/25/35

α

2,500,000

2,658

6.484%,

(US

SOFR

plus

1.770%), 10/24/29

α

200,000

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

144A

144A

8.000%, 6/15/27

144A

608,000

631

HPS

Corporate

Lending

Fund

144A

144A

4.900%, 9/11/28

144A

1,000,000

995

HSBC

Holdings

PLC

α

3.973%,

(US

SOFR

Month

plus

1.872%), 5/22/30

α

1,450,000

1,432

ING

Groep

NV

α,Ψ

5.750%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

year

plus

4.342%), 11/16/26

µ,α,Ψ

1,800,000

1,809

Intesa

Sanpaolo

SpA

144A

144A

4.000%, 9/23/29

144A

200,000

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

554

Jane

Street

Group

/

JSG

Finance,

Inc.

144A

144A

6.125%, 11/1/32

144A

1,600,000

1,628

6.750%, 5/1/33

144A

1,300,000

1,357

7.125%, 4/30/31

144A

1,900,000

1,996

JPMorgan

Chase

&

Co.

5.294%,

(US

SOFR

plus

1.460%), 7/22/35

α

2,000,000

2,063

5.336%,

(US

SOFR

plus

1.620%), 1/23/35

α

1,300,000

1,347

5.581%,

(US

SOFR

plus

1.160%), 4/22/30

α

1,200,000

1,252

Kaisa

Group

Holdings,

Ltd.

144A

144A

5.000%, 11/30/27

144A

9,927

5.000%, 11/30/27

§

40,291

6.250%, 12/28/28

144A

Þ

102,367

6.500%, 12/28/29

144A

Þ

171,371

6.750%, 12/28/30

144A

Þ

206,556

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
7.000%, 12/28/31

144A

Þ

311,201

7.250%, 12/28/32

144A

Þ

292,867

7.721%, 12/28/27

144A

Þ

70,023

Kilroy

Realty

LP

5.875%, 10/15/35

850,000

854

Kona

SPC,

Ltd.

5.718%, 9/15/26

EUR

§,∞,Æ

1,000,000

1,175

Ladder

Capital

Finance

LLLP

/

Ladder

Capital

Finance

Corp.

144A

144A

7.000%, 7/15/31

144A

1,300,000

1,378

Lazard

Group

LLC

6.000%, 3/15/31

1,200,000

1,270

Lloyds

Banking

Group

PLC

α

4.976%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

2.300%), 8/11/33

α

200,000

Logicor

Financing

SARL

3.250%, 11/13/28

EUR

§,∞

600,000

713

Marsh

&

McLennan

Cos.,

Inc.

1.349%, 9/21/26

EUR

∞

100,000

Mitsubishi

UFJ

Financial

Group,

Inc.

α

5.574%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

0.950%), 1/16/36

α

1,500,000

1,569

Mizuho

Financial

Group,

Inc.

α

5.594%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.300%), 7/10/35

α

1,500,000

1,570

Morgan

Stanley

4.654%,

(US

SOFR

plus

1.100%), 10/18/30

α

1,800,000

1,822

5.320%,

(US

SOFR

plus

1.555%), 7/19/35

α

1,800,000

1,853

5.466%,

(US

SOFR

plus

1.730%), 1/18/35

α

2,000,000

2,079

National

Health

Investors,

Inc.

5.350%, 2/1/33

1,400,000

1,398

New

Immo

Holding

SA

3.250%, 7/23/27

EUR

§,∞

1,000,000

1,173

4.875%, 12/8/28

EUR

§,∞

1,200,000

1,428

Newmark

Group,

Inc.

7.500%, 1/12/29

1,200,000

1,286

Nomura

Holdings,

Inc.

5.594%, 7/2/27

1,000,000

1,022

OneMain

Finance

Corp.

3.500%, 1/15/27

1,100,000

1,089

4.000%, 9/15/30

700,000

656

6.625%, 1/15/28

1,300,000

1,335

6.625%, 5/15/29

2,000,000

2,072

Panama

Infrastructure

Receivable

Purchaser

PLC

144A

144A

0.000%, 4/5/32

144A

PO

2,900,000

2,233

Panther

Escrow

Issuer

LLC

144A

144A

7.125%, 6/1/31

144A

1,800,000

1,865

PennyMac

Financial

Services,

Inc.

144A

144A

7.875%, 12/15/29

144A

1,800,000

1,915

RLJ

Lodging

Trust

LP

144A

144A

3.750%, 7/1/26

144A

200,000

Rocket

Companies,

Inc.

144A

144A

6.125%, 8/1/30

144A

900,000

930

7.125%, 2/1/32

144A

1,300,000

1,368

Sammons

Financial

Group,

Inc.

144A

144A

6.875%, 4/15/34

144A

1,500,000

1,642

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 124
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### continued
Santander

UK

Group

Holdings

PLC

2.896%,

(US

SOFR

plus

1.475%), 3/15/32

α

800,000

734

3.823%,

(ICE

LIBOR

USD

Month

plus

1.400%), 11/3/28

α

3,475,000

3,452

Sberbank

of

Russia

Via

SB

Capital

SA

Ψ

5.250%, 5/23/23

§,

Æ,φ,Ψ

4,500,000

Sixth

Street

Lending

Partners

5.750%, 1/15/30

1,200,000

1,216

Starwood

Property

Trust,

Inc.

144A

144A

5.750%, 1/15/31

144A

1,100,000

1,112

6.000%, 4/15/30

144A

1,175,000

1,206

Sumitomo

Mitsui

Financial

Group,

Inc.

5.424%, 7/9/31

1,900,000

1,989

Synchrony

Financial

α

5.450%,

(US

SOFR

plus

1.680%), 3/6/31

α

475,000

Tesco

Property

Finance

PLC

5.744%, 4/13/40

GBP

§,∞

85,612

Tesco

Property

Finance

PLC

5.411%, 7/13/44

GBP

§,∞,β

2,380,031

3,117

Titanium

2L

Bondco

SARL

6.250%, 1/14/31

EUR

∞

8,785,200

1,852

Trust

2401

144A

144A

7.375%, 2/13/34

144A

854,000

948

Trust

Fibra

Uno

144A

144A

6.390%, 1/15/50

144A

100,000

7.375%, 2/13/34

144A

346,000

Turkiye

Is

Bankasi

AS,

Series

2024-H

6.752%,

(US

SOFR

Month

plus

2.910%), 11/15/34

Æ,δ

1,250,000

1,257

UBS

Group

AG

144A

144A

5.428%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.520%), 2/8/30

144A

α

1,200,000

1,241

5.699%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.770%), 2/8/35

144A

α

1,300,000

1,367

6.327%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

Year

plus

1.600%), 12/22/27

144A

α

850,000

868

UniCredit

SpA

144A

,α

144A

7.296%,

(USD

Year

Swap

Rate

plus

4.914%), 4/2/34

144A

α

3,700,000

3,967

VakifBank

DPR,

Series

2025-E,

Class

4A2

6.833%, 3/15/35

Æ,δ

2,000,000

2,149

VFH

Parent

LLC

/

Valor

Co-Issuer,

Inc.

144A

144A

7.500%, 6/15/31

144A

900,000

943

VICI

Properties

LP

5.750%, 4/1/34

2,600,000

2,683

Wells

Fargo

&

Co.

4.808%,

(US

SOFR

plus

1.980%), 7/25/28

α

700,000

708

5.574%,

(US

SOFR

plus

1.740%), 7/25/29

α

1,500,000

1,554

5.707%,

(US

SOFR

plus

1.070%), 4/22/28

α

1,500,000

1,531

Weyerhaeuser

Co.

7.375%, 3/15/32

424,000

Yango

Justice

International,

Ltd.

7.500%, 4/15/24

§,φ

4,200,000

–π

7.875%, 9/4/24

§,φ

600,000

–π

#### Total

#### 164,024
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Industrial

#### (2.9%)
Axon

Enterprise,

Inc.

144A

144A

6.250%, 3/15/33

144A

950,000

988

Berry

Global,

Inc.

1.570%, 1/15/26

100,000

The

Boeing

Co.

3.950%, 8/1/59

2,000,000

1,415

5.150%, 5/1/30

2,400,000

2,466

6.858%, 5/1/54

2,000,000

2,246

Builders

FirstSource

,

Inc.

144A

144A

4.250%, 2/1/32

144A

1,500,000

1,428

6.750%, 5/15/35

144A

900,000

941

Clydesdale

Acquisition

Holdings,

Inc.

144A

144A

6.750%, 4/15/32

144A

1,700,000

1,748

CMA

CGM

SA

5.000%, 1/15/31

EUR

§,∞

975,000

1,145

DAE

Funding

LLC

144A

144A

3.375%, 3/20/28

144A

700,000

682

3.375%, 3/20/28

§

200,000

Efesto

Bidco

SpA

/

Efesto

US

LLC

144A

144A

7.500%, 2/15/32

144A

1,400,000

1,414

Empresa

de

Transporte

de

Pasajeros

Metro

SA

4.700%, 5/7/50

§

1,400,000

1,243

ESAB

Corp.

144A

144A

6.250%, 4/15/29

144A

1,200,000

1,234

Flex,

Ltd.

3.750%, 2/1/26

700,000

699

FTAI

Aviation

Investors

LLC

144A

144A

5.500%, 5/1/28

144A

400,000

7.000%, 5/1/31

144A

4,400,000

4,634

GE

Capital

UK

Funding

Unlimited

Co.

5.875%, 1/18/33

GBP

∞

800,000

1,146

Imola

Merger

Corp.

144A

144A

4.750%, 5/15/29

144A

1,775,000

1,752

International

Distribution

Services

PLC

7.375%, 9/14/30

GBP

§,∞

1,000,000

1,450

Lima

Metro

Line

Finance,

Ltd.

144A

144A

5.875%, 7/5/34

144A

228,723

Nakilat

,

Inc.

144A

144A

6.267%, 12/31/33

144A

355,982

Quikrete

Holdings,

Inc.

144A

144A

6.375%, 3/1/32

144A

2,400,000

2,498

Rolls-Royce

PLC

144A

144A

5.750%, 10/15/27

144A

1,400,000

1,435

SMBC

Aviation

Capital

Finance

DAC

144A

144A

2.300%, 6/15/28

144A

200,000

TopBuild

Corp.

144A

144A

3.625%, 3/15/29

144A

1,700,000

1,647

Toucan

FinCo

,

Ltd.

/

Toucan

FinCo

Can,

Inc.

/

Toucan

FinCo

US

LLC

144A

144A

9.500%, 5/15/30

144A

1,200,000

1,198

TransDigm

,

Inc.

144A

144A

6.000%, 1/15/33

144A

1,700,000

1,740

7.125%, 12/1/31

144A

1,600,000

1,682

XPO,

Inc.

144A

144A

6.250%, 6/1/28

144A

1,200,000

1,224

#### Total

#### 39,556
Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 125
Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Technology

#### (2.2%)
ams

-OSRAM

AG

144A

144A

12.250%, 3/30/29

144A

1,800,000

1,912

Booz

Allen

Hamilton,

Inc.

144A

144A

3.875%, 9/1/28

144A

1,200,000

1,178

Broadcom,

Inc.

2.450%, 2/15/31

700,000

640

3.137%, 11/15/35

144A

3,100,000

2,670

CDW

LLC

/

CDW

Finance

Corp.

5.550%, 8/22/34

1,300,000

1,325

Cloud

Software

Group,

Inc.

144A

144A

8.250%, 6/30/32

144A

1,300,000

1,358

CoreWeave

,

Inc.

144A

144A

9.000%, 2/1/31

144A

2,400,000

2,200

Crowdstrike

Holdings,

Inc.

3.000%, 2/15/29

1,275,000

1,223

Dell

International

LLC

/

EMC

Corp.

5.300%, 10/1/29

1,800,000

1,857

8.100%, 7/15/36

162,000

Gartner,

Inc.

144A

144A

3.750%, 10/1/30

144A

1,400,000

1,328

4.950%, 3/20/31

1,000,000

1,005

IPD

BV

5.475%,

(EURIBOR

Month

ACT/360

plus

3.375%), 6/15/31

EUR

§,∞

1,700,000

2,009

Marvell

Technology,

Inc.

5.750%, 2/15/29

1,300,000

1,356

NCR

Atleos

Corp.

144A

144A

9.500%, 4/1/29

144A

375,000

NXP

BV

/

NXP

Funding

LLC

5.350%, 3/1/26

1,600,000

1,600

Oracle

Corp.

3.850%, 4/1/60

1,200,000

733

Seagate

Data

Storage

Technology

Pte,

Ltd.

144A

144A

4.125%, 1/15/31

144A

650,000

617

9.625%, 12/1/32

144A

920,000

1,044

TeamSystem

SPA

5.000%, 7/1/31

EUR

§,∞

1,100,000

1,305

Ubisoft

Entertainment

SA

0.878%, 11/24/27

EUR

§,∞

800,000

865

UKG,

Inc.

144A

144A

6.875%, 2/1/31

144A

2,800,000

2,876

VMware

LLC

4.700%, 5/15/30

100,000

#### Total

#### 29,806

#### Utilities

#### (3.1%)
Chile

Electricity

Lux

MPC

II

SARL

144A

144A

5.672%, 10/20/35

144A

1,067,958

1,109

Chile

Electricity

Lux

MPC

SARL

144A

144A

6.010%, 1/20/33

144A

984,500

1,033

Comision

Ejecutiva

Hidroelectrica

del

Rio

Lempa

144A

144A

8.650%, 1/24/33

144A

1,000,000

1,072

8.650%, 1/24/33

§

300,000

Constellation

Energy

Generation

LLC

6.500%, 10/1/53

1,000,000

1,089

ContourGlobal

Power

Holdings

SA

144A

144A

6.750%, 2/28/30

144A

700,000

722

Duke

Energy

Corp.

3.750%, 4/1/31

EUR

∞

2,100,000

2,501

Corporate

Bonds

(42.1%)

Shares/

Par

+

Value

$

(000's)

#### Utilities

#### continued
Edison

International

5.750%, 6/15/27

600,000

611

Electricite

de

France

SA

144A

144A

5.750%, 1/13/35

144A

1,500,000

1,573

6.000%, 4/22/64

144A

1,300,000

1,278

9.125%,

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

year

plus

5.411%), 6/15/33

144A

µ,α

1,500,000

1,744

Georgia

Power

Co.

5.250%, 3/15/34

1,200,000

1,239

Monongahela

Power

Co.

144A

144A

5.850%, 2/15/34

144A

900,000

951

Nakilat

,

Inc.

6.067%, 12/31/33

§

703,325

747

Niagara

Energy

SAC

144A

144A

5.746%, 10/3/34

144A

1,500,000

1,528

NPC

Ukrenergo

6.875%, 11/9/28

§,φ

200,000

NRG

Energy,

Inc.

144A

144A

5.407%, 10/15/35

144A

1,300,000

1,299

Pacific

Gas

&

Electric

Co.

2.100%, 8/1/27

100,000

2.500%, 2/1/31

100,000

2.950%, 3/1/26

100,000

3.150%, 1/1/26

1,600,000

1,600

3.300%, 3/15/27

200,000

3.300%, 12/1/27

800,000

787

3.300%, 8/1/40

2,700,000

2,044

3.750%, 7/1/28

100,000

4.200%, 6/1/41

100,000

4.250%, 3/15/46

100,000

4.450%, 4/15/42

300,000

4.550%, 7/1/30

500,000

5.050%, 10/15/32

2,100,000

2,112

5.700%, 3/1/35

1,500,000

1,542

PacifiCorp

5.450%, 2/15/34

2,200,000

2,232

Perusahaan

Listrik

Negara

PT

144A

144A

3.000%, 6/30/30

144A

1,500,000

1,410

6.150%, 5/21/48

§

3,300,000

3,351

Sabesp

LUX

SARL

144A

144A

5.625%, 8/20/30

144A

1,400,000

1,405

Southern

California

Edison

Co.

5.200%, 6/1/34

1,100,000

1,105

5.650%, 10/1/28

1,250,000

1,294

Southern

California

Gas

Co.

5.050%, 9/1/34

1,400,000

1,422

Thames

Water

Super

Senior

Issuer

PLC

9.750%, 10/10/27

GBP

§,∞

227,427

Tierra

Mojada

Luxembourg

II

SARL

5.750%, 12/1/40

§

646,061

634

Virginia

Electric

&

Power

Co.

5.000%, 1/15/34

400,000

VoltaGrid

LLC

144A

144A

7.375%, 11/1/30

144A

800,000

793

#### Total

#### 42,968

#### Total

#### Corporate

#### Bonds

#### (Cost: $598,826)

#### 580,094
Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 126
Convertible

Corporate

Bonds

(0.0%)

Shares/

Par

+

Value

$

(000's)

#### Financial

#### (0.0%)
Kaisa

Group

Holdings,

Ltd.

144A

144A

0.000%, 12/31/26

144A

PO

60,870

0.000%, 12/31/27

144A

PO

76,091

–π

0.000%, 12/31/28

144A

PO

121,741

0.000%, 12/31/29

144A

PO

121,741

–π

0.000%, 12/31/30

144A

PO

152,176

–π

0.000%, 12/31/31

144A

PO

152,176

–π

0.000%, 12/31/32

144A

PO

287,089

#### Total

#### 3

#### Total

#### Convertible

#### Corporate

#### Bonds

#### (Cost: $38)

#### 3
144A

144A

144A

Governments

(23.2%)

#### Governments

#### (23.2%)
Abu

Dhabi

Government

International

Bond

144A

144A

2.700%, 9/2/70

144A

3,700,000

2,072

2.700%, 9/2/70

§

900,000

504

3.875%, 4/16/50

§

8,500,000

6,826

Angolan

Government

International

Bond

9.125%, 11/26/49

§

2,300,000

1,973

Argentine

Republic

Government

International

Bond

3.500%, 7/9/41

16,193,196

11,206

4.125%, 7/9/35

3,422,164

2,546

Australian

Government

4.250%, 4/21/26

AUD

§,∞

2,400,000

1,603

Avenir

Issuer

IV

Ireland

DAC

6.000%, 10/25/27

§

1,731,252

1,662

Bank

Gospodarstwa

Krajowego

144A

144A

5.750%, 7/9/34

144A

2,200,000

2,313

Banque

Ouest

Africaine

de

Developpement

144A

144A

2.750%, 1/22/33

144A

EUR

∞

500,000

Benin

Government

International

Bond

6.875%, 1/19/52

EUR

§,∞

400,000

7.960%, 2/13/38

144A

2,000,000

2,073

Brazilian

Government

International

Bond

7.125%, 5/13/54

550,000

544

7.250%, 1/12/56

2,500,000

2,473

Colombia

Government

International

Bond

8.000%, 11/14/35

780,000

831

Colombian

TES

2.250%, 4/18/29

COP

∞

874

3.000%, 3/25/33

COP

∞

873,669,940

6.500%, 1/22/31

COP

∞

1,189

7.000%, 3/26/31

COP

∞

1,170

11.000%, 8/22/29

COP

∞

4,721

11.500%, 7/25/46

COP

∞

985,900,000

11.750%, 1/24/35

COP

∞

4,770

12.750%, 11/28/40

COP

∞

2,788

13.250%, 2/9/33

COP

∞

1,431

Costa

Rica

Government

International

Bond

144A

144A

5.499%, 11/21/30

144A

EUR

∞

1,500,000

1,787

7.300%, 11/13/54

144A

800,000

898

Development

Bank

of

Kazakhstan

JSC

144A

144A

18.400%, 10/16/28

144A

KZT

∞

370,000,000

743

Dominican

Republic

International

Bond

144A

144A

4.875%, 9/23/32

144A

550,000

529

4.875%, 9/23/32

§

1,700,000

1,634

5.875%, 10/28/35

144A

900,000

902

6.500%, 2/15/48

144A

2,800,000

2,800

Governments

(23.2%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
6.500%, 2/15/48

§

1,000,000

1,000

Eagle

Funding

Luxco

SARL

144A

144A

5.500%, 8/17/30

144A

2,100,000

2,139

5.500%, 8/17/30

§

3,900,000

3,973

Ecuador

Government

International

Bond

144A

144A

0.000%, 7/31/30

144A

PO

323,958

5.000%, 7/31/40

144A

1,225,800

952

6.900%, 7/31/30

§

650,000

643

6.900%, 7/31/35

144A

1,065,874

939

6.900%, 7/31/35

§

2,961,000

2,609

Egypt

Government

International

Bond

6.375%, 4/11/31

EUR

§,∞

5,750,000

6,931

7.500%, 2/16/61

144A

1,900,000

1,653

7.500%, 2/16/61

§

800,000

696

El

Salvador

Government

International

Bond

144A

144A

9.250%, 4/17/30

144A

1,325,000

1,440

9.650%, 11/21/54

144A

1,000,000

1,143

European

Union

3.000%, 12/4/34

EUR

§,∞

13,100,000

15,297

Federal

Republic

of

Nigeria

7.625%, 11/28/47

§

700,000

662

7.696%, 2/23/38

§

600,000

599

7.875%, 2/16/32

§

2,800,000

2,925

8.630%, 1/13/36

144A

400,000

9.129%, 1/13/46

144A

400,000

9.625%, 6/9/31

144A

800,000

908

Gabon

Government

International

Bond

9.500%, 2/18/29

§

1,400,000

1,211

Ghana

Government

International

Bond

144A

144A

0.000%, 7/3/26

144A

PO

92,800

0.000%, 1/3/30

144A

PO

279,970

5.000%, 7/3/29

144A

1,403,600

1,376

5.000%, 7/3/29

§

1,000,000

981

5.000%, 7/3/35

144A

2,018,400

1,844

Guatemala

Government

Bond

144A

144A

6.050%, 8/6/31

144A

1,200,000

1,252

6.600%, 6/13/36

144A

1,700,000

1,827

Hungary

Government

International

Bond

5.375%, 9/12/33

EUR

§,∞

4,400,000

5,538

5.500%, 3/26/36

144A

1,400,000

1,396

6.125%, 5/22/28

144A

1,200,000

1,244

Ivory

Coast

Government

International

Bond

5.250%, 3/22/30

EUR

§,∞

500,000

589

5.875%, 10/17/31

144A

EUR

∞

300,000

6.625%, 3/22/48

144A

EUR

∞

900,000

955

6.625%, 3/22/48

EUR

§,∞

800,000

849

6.875%, 10/17/40

144A

EUR

∞

400,000

6.875%, 10/17/40

EUR

§,∞

100,000

8.075%, 4/1/36

§

1,200,000

1,294

Japan

Government

Thirty

Year

Bond

3.200%, 9/20/55

JPY

∞

60,000,000

Kenya

Government

International

Bond

144A

144A

9.500%, 3/5/36

144A

1,800,000

1,916

9.750%, 2/16/31

144A

1,400,000

1,531

Kingdom

of

Jordan

144A

144A

5.850%, 7/7/30

144A

400,000

7.500%, 1/13/29

144A

800,000

842

Lebanon

Government

International

Bond

6.000%, 1/27/49

§,φ

1,750,000

6.100%, 10/4/49

§,φ

1,800,000

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 127
Governments

(23.2%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
6.850%, 3/23/27

§,φ

1,750,000

Mexican

Udibonos

4.000%, 8/24/34

MXN

∞

42,460

Morocco

Government

International

Bond

144A

144A

4.000%, 12/15/50

144A

500,000

5.500%, 12/11/42

§

800,000

761

North

Macedonia

144A

144A

3.675%, 6/3/26

144A

EUR

∞

500,000

588

Oman

Government

International

Bond

6.000%, 8/1/29

§

900,000

943

6.250%, 1/25/31

144A

2,300,000

2,462

6.500%, 3/8/47

§

500,000

537

6.750%, 1/17/48

§

1,100,000

1,211

Panama

Government

International

Bond

4.500%, 4/16/50

1,300,000

1,002

6.700%, 1/26/36

β

1,900,000

2,042

6.853%, 3/28/54

β

2,800,000

2,915

7.500%, 3/1/31

2,900,000

3,215

8.125%, 4/28/34

100,000

RAK

Capital

5.000%, 3/12/35

§

825,000

850

Republic

of

Cameroon

International

Bond

5.950%, 7/7/32

EUR

§,∞

1,000,000

990

9.500%, 7/31/31

§

900,000

897

Republic

of

Pakistan

6.000%, 4/8/26

§

2,400,000

2,394

7.375%, 4/8/31

§

700,000

697

Republic

of

Paraguay

5.600%, 3/13/48

§

600,000

577

6.000%, 2/9/36

§

1,300,000

1,393

6.100%, 8/11/44

§

300,000

Republic

of

Peru

3.300%, 3/11/41

2,700,000

2,085

6.900%, 8/12/37

144A

PEN

∞

5,500,000

1,709

7.300%, 8/12/33

144A

PEN

§,∞

2,300,000

780

Republic

of

Poland

Government

International

Bond

5.125%, 9/18/34

2,900,000

2,970

5.500%, 3/18/54

1,000,000

956

Republic

of

South

Africa

Government

International

Bond

4.850%, 9/30/29

1,200,000

1,201

4.875%, 4/14/26

600,000

600

5.000%, 10/12/46

500,000

5.750%, 9/30/49

2,100,000

1,770

7.950%, 11/19/54

144A

1,100,000

1,183

8.000%, 1/31/30

ZAR

∞

17,700,000

1,091

8.500%, 1/31/37

ZAR

∞

51,000,000

3,050

8.875%, 2/28/35

ZAR

∞

110,400,000

6,936

Republic

of

Uzbekistan

International

Bond

144A

144A

5.375%, 5/29/27

144A

EUR

∞

700,000

841

Romanian

Government

International

Bond

144A

144A

2.000%, 4/14/33

144A

EUR

∞

1,400,000

1,337

5.250%, 5/30/32

144A

EUR

∞

1,000,000

1,203

5.375%, 6/7/33

EUR

§,∞

1,500,000

1,782

5.625%, 2/22/36

144A

EUR

∞

550,000

639

6.375%, 9/18/33

144A

EUR

∞

2,500,000

3,154

Saudi

Government

International

Bond

144A

144A

3.375%, 3/5/32

144A

EUR

∞

2,850,000

3,362

4.500%, 10/26/46

§

9,300,000

7,951

Governments

(23.2%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
5.000%, 1/16/34

144A

10,000,000

10,229

5.750%, 1/16/54

144A

700,000

692

Senegal

Government

International

Bond

4.750%, 3/13/28

EUR

§,∞

700,000

570

5.375%, 6/8/37

EUR

§,∞

600,000

6.750%, 3/13/48

§

800,000

7.750%, 6/10/31

§

2,100,000

1,244

Serbia

International

Bond

1.500%, 6/26/29

EUR

§,∞

4,400,000

4,797

1.650%, 3/3/33

144A

EUR

∞

700,000

687

6.500%, 9/26/33

§,β

1,500,000

1,605

Sri

Lanka

Government

International

Bond

144A

144A

3.100%, 1/15/30

144A

404,001

3.350%, 3/15/33

144A

792,441

681

3.600%, 6/15/35

144A

535,080

3.600%, 5/15/36

144A

371,358

3.600%, 2/15/38

144A

443,028

4.000%, 4/15/28

144A

391,925

State

of

Minas

Gerais

5.333%, 2/15/28

§

60,000

Turkiye

Government

International

Bond

4.875%, 4/16/43

6,200,000

4,780

5.750%, 5/11/47

4,400,000

3,611

5.875%, 5/21/30

EUR

∞

2,850,000

3,608

38.577%,

(Turkish

Lira

Overnight

Reference

Rate

plus

41.720%), 9/6/28

TRY

∞

51,100,000

1,188

Ukraine

Government

International

Bond

144A

144A

0.000%, 2/1/30

144A

PO

377,887

0.000%, 2/1/34

144A

PO

1,412,114

667

0.000%, 2/1/35

144A

PO

262,560

4.000%, 2/1/32

144A

970,160

732

4.500%, 2/1/29

144A

273,201

4.500%, 2/1/34

144A

1,865,284

1,133

4.500%, 2/1/35

144A

2,281,007

1,357

4.500%, 2/1/36

144A

2,498,410

1,462

United

Mexican

States

2.125%, 10/25/51

EUR

∞

1,000,000

635

3.771%, 5/24/61

5,400,000

3,324

4.490%, 5/25/32

EUR

∞

1,700,000

2,040

4.500%, 1/31/50

2,300,000

1,740

5.125%, 3/19/38

EUR

∞

2,200,000

2,571

6.000%, 5/7/36

2,600,000

2,634

6.350%, 2/9/35

1,700,000

1,782

6.400%, 5/7/54

1,150,000

1,105

6.875%, 5/13/37

3,700,000

3,948

US

Treasury

4.000%, 11/15/42

β

19,800,000

18,148

4.125%, 8/15/44

3,300,000

3,029

4.250%, 8/15/35

β

191,000

4.625%, 5/15/54

β

4,500,000

4,334

4.625%, 5/15/44

15,100,000

14,825

4.750%, 11/15/43

β

7,100,000

7,101

4.875%, 8/15/45

β

117,000

Venezuela

Government

International

Bond

6.000%, 12/9/49

§,φ

32,000

7.000%, 3/31/38

§,φ

3,104,000

908

7.650%, 4/21/25

§,φ

2,355,000

659

8.250%, 10/13/24

§,φ

2,356,000

660

9.000%, 5/7/23

§,φ

32,000

9.250%, 5/7/28

§,φ

1,741,000

548

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 128
Governments

(23.2%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
9.375%, 1/13/34

φ

1,400,000

#### Total

#### 320,198

#### Total

#### Governments

#### (Cost: $314,503)

#### 320,198
144A

144A

144A

Municipal

Bonds

(0.2%)

#### Municipal

#### Bonds

#### (0.2%)
American

Municipal

Power,

Inc.

7.834%, 2/15/41 RB

100,000

Bay

Area

Toll

Authority

6.918%, 4/1/40 RB

100,000

City

of

Riverside

California

Electric

Revenue

7.605%, 10/1/40 RB

200,000

Golden

State

Tobacco

Securitization

Corp.

3.850%, 6/1/50 RB

1,535,000

1,403

Los

Angeles

County

California

Public

Works

Financing

Authority

7.618%, 8/1/40 RB

200,000

Metropolitan

Government

of

Nashville

&

Davidson

County

Tennessee

6.568%, 7/1/37 RB

100,000

Municipal

Electric

Authority

of

Georgia

6.655%, 4/1/57 RB

93,000

New

York

State

Urban

Development

Corp.

5.770%, 3/15/39 RB

80,000

#### Total

#### Municipal

#### Bonds

#### (Cost: $2,329)

#### 2,404
Structured

Products

(38.0%)

#### Asset

#### Backed

#### Securities

#### (14.1%)
ABFC

Trust,

Series

2007-WMC1,

Class

A1A

5.096%,

(US

SOFR

Month

plus

1.365%),

6/25/37

7,035,325

5,030

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE4,

Class

M1

4.746%,

(US

SOFR

Month

plus

1.015%),

12/25/34

1,122,326

1,032

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-RM2,

Class

M2

4.641%,

(US

SOFR

Month

plus

0.910%),

1/25/35

27,458

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2006-FM1,

Class

A2C

4.146%,

(US

SOFR

Month

plus

0.415%),

7/25/36

6,780,227

1,652

ACHV

ABS

Trust,

Series

2024-2PL,

Class

A

144A

144A

5.070%,

10/27/31 144A

130,472

ACHV

ABS

Trust,

Series

2024-2PL,

Class

B

144A

144A

5.430%,

10/27/31 144A

467,982

ACHV

ABS

Trust,

Series

2024-3AL,

Class

A

144A

144A

5.010%,

12/26/31 144A

201,482

ACHV

ABS

Trust,

Series

2024-3AL,

Class

B

144A

144A

5.450%,

12/26/31 144A

954,491

964

ACHV

ABS

Trust,

Series

2024-3AL,

Class

C

144A

144A

5.680%,

12/26/31 144A

180,218

Aegis

Asset

Backed

Securities

Trust,

Series

2004-6,

Class

M2

4.846%,

(US

SOFR

Month

plus

1.115%),

(AFC),

3/25/35

34,470

Affirm

Master

Trust,

Series

2025-1A,

Class

A

144A

144A

4.990%,

2/15/33 144A

1,300,000

1,313

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

A2

144A

144A

4.452%,

6/15/33 144A

3,487,350

3,504

Ameriquest

Mortgage

Securities,

Inc.,

Series

2004-R5,

Class

M1

4.716%,

(US

SOFR

Month

plus

0.985%),

7/25/34

638

Anchorage

Credit

Funding

19,

Ltd.,

Series

2025-19A,

Class

A

144A

144A

5.036%,

10/25/40 144A

1,000,000

999

Anchorage

Credit

Funding

19,

Ltd.,

Series

2025-19A,

Class

B

144A

144A

5.336%,

10/25/40 144A

1,000,000

996

Ares

European

CLO

X

DAC,

Series

10A,

Class

AR

144A

144A

2.789%,

(EURIBOR

Month

ACT/360

plus

0.780%),

10/15/31 144A

EUR ∞

383,907

Ares

LXII

CLO,

Ltd.,

Series

2021-62A,

Class A1R

144A

144A

4.928%,

(US

SOFR

Month

plus

1.070%),

1/25/34 144A

700,000

699

Ares

LXII

CLO,

Ltd.,

Series

2021-62A,

Class A2R

144A

144A

5.258%,

(US

SOFR

Month

plus

1.400%),

1/25/34 144A

1,300,000

1,304

Asset

Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2005-HE5,

Class

M4

4.746%,

(US

SOFR

Month

plus

1.015%),

6/25/35

40,096

Atlas

Senior

Loan

Fund

XV,

Ltd.,

Series

2019-

15A,

Class

A1R

144A

144A

5.080%,

(US

SOFR

Month

plus

1.220%),

10/23/32 144A

1,659,991

1,659

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024-1A,

Class

A

144A

144A

5.360%,

6/20/30 144A

4,000,000

4,124

Bain

Capital

Euro

CLO

DAC,

Series

2018-2A,

Class

AR

144A

144A

2.744%,

(EURIBOR

Month

ACT/360

plus

0.740%),

1/20/32 144A

EUR ∞

87,728

Bear

Stearns

Asset

Backed

Securities

I

Trust,

Series

2007-HE6,

Class

1A1

5.096%,

(US

SOFR

Month

plus

1.365%),

8/25/37

6,850

BHG

Securitization

Trust,

Series

2025-2CON,

Class

B

144A

144A

5.170%,

9/17/36 144A

3,500,000

3,535

Bluemountain

CLO,

Ltd.,

Series

2016-3A,

Class

AR12

144A

144A

5.052%,

(US

SOFR

Month

plus

1.200%),

11/15/30 144A

633,678

634

Cairn

CLO

X

BV,

Series

2018-10A,

Class

AR

144A

144A

2.789%,

(EURIBOR

Month

ACT/360

plus

0.780%),

10/15/31 144A

EUR ∞

346,234

Capital

Street

Master

Trust,

Series

2024-1,

Class

A

144A

144A

5.324%,

(US

Day

Average

SOFR

plus

1.350%),

10/16/28 144A

1,300,000

1,300

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 129
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Carlyle

Global

Market

Strategies

Euro

CLO,

Series

2017-3A,

Class

A1R

144A

144A

2.709%,

(EURIBOR

Month

ACT/360

plus

0.700%),

1/15/31 144A

EUR ∞

319,247

CarMax

Select

Receivables

Trust,

Series

2025-A,

Class

B

5.010%,

9/16/30

2,200,000

2,227

CarMax

Select

Receivables

Trust,

Series

2025-B,

Class

B

4.350%,

7/15/30

2,250,000

2,254

Carrington

Mortgage

Loan

Trust,

Series

2005-

FRE1,

Class

M3

4.611%,

(US

SOFR

Month

plus

0.880%),

12/25/35

8,016,000

6,790

Carvana

Auto

Receivables

Trust,

Series

2023-

P1,

Class

A3

144A

144A

5.980%,

12/10/27 144A

235,424

Citigroup

Mortgage

Loan

Trust,

Series

2007-

AHL1,

Class

A2C

4.266%,

(US

SOFR

Month

plus

0.535%),

12/25/36

55,839

Citigroup

Mortgage

Loan

Trust,

Series

2007-

FS1,

Class

2A1A

144A

144A

5.750%,

(US

SOFR

Month

plus

2.115%),

(AFC),

10/25/37 144A

6,008,845

5,615

Consumer

Portfolio

Services

Auto

Trust,

Series

2025-D,

Class

A

144A

144A

4.460%,

7/16/29 144A

4,465,017

4,470

Countrywide

Asset-Backed

Certificates

Trust,

Series

2004-9,

Class

MV4

5.421%,

(US

SOFR

Month

plus

1.690%),

11/25/34

41,922

Countrywide

Asset-Backed

Certificates

Trust,

Series

2005-AB4,

Class

2A4

4.546%,

(US

SOFR

Month

plus

0.815%),

3/25/36

57,113

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-1,

Class

AF5

4.366%,

(AFC),

7/25/36 ∑

66,086

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-26,

Class

1A

4.126%,

(US

SOFR

Month

plus

0.395%),

6/25/37

276,134

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-5,

Class

M1

4.371%,

(US

SOFR

Month

plus

0.640%),

8/25/36

978,565

965

Countrywide

Asset-Backed

Certificates

Trust,

Series

2006-BC3,

Class

M2

4.326%,

(US

SOFR

Month

plus

0.595%),

2/25/37

900,000

874

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-13,

Class

1A

4.686%,

(US

SOFR

Month

plus

0.955%),

10/25/47

722,722

706

Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-9,

Class

1A

4.046%,

(US

SOFR

Month

plus

0.315%),

6/25/47

631,369

568

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Countrywide

Asset-Backed

Certificates

Trust,

Series

2007-SEA1,

Class

1A1

144A

144A

4.946%,

(US

SOFR

Month

plus

1.215%),

(AFC),

5/25/47 144A

821,256

755

CPS

Auto

Receivables

Trust,

Series

2025-C,

Class

B

144A

144A

4.710%,

12/17/29 144A

1,000,000

1,006

CPS

Auto

Receivables

Trust,

Series

2025-C,

Class

C

144A

144A

4.910%,

10/15/31 144A

3,500,000

3,524

CPS

Auto

Trust,

Series

2024-A,

Class

B

144A

144A

5.650%,

5/15/28 144A

634,253

635

CPS

Auto

Trust,

Series

2024-A,

Class

C

144A

144A

5.740%,

4/15/30 144A

1,575,000

1,586

CPS

Auto

Trust,

Series

2024-D,

Class

A

144A

144A

4.910%,

6/15/28 144A

151,277

CPS

Auto

Trust,

Series

2024-D,

Class

B

144A

144A

4.650%,

3/15/29 144A

800,000

801

CPS

Auto

Trust,

Series

2024-D,

Class

C

144A

144A

4.760%,

1/15/31 144A

1,000,000

1,002

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2001-HE17,

Class

A1

4.379%,

(US

SOFR

Month

plus

0.735%),

1/25/32

1,266

Drive

Auto

Receivables

Trust,

Series

2024-2,

Class

C

4.670%,

5/17/32

3,000,000

3,019

Ellington

Loan

Acquisition

Trust,

Series

2007-

2,

Class

A1

144A

144A

4.896%,

(US

SOFR

Month

plus

2.215%),

5/25/37 144A

134,980

Euro-Galaxy

III

CLO

DAC,

Series

2013-3A,

Class

ARRR

144A

144A

2.686%,

(EURIBOR

Month

ACT/360

plus

0.620%),

4/24/34 144A

EUR ∞

298,580

Exeter

Automobile

Receivables

Trust,

Series

2024-1A,

Class

B

5.290%,

8/15/28

275,978

Exeter

Automobile

Receivables

Trust,

Series

2024-1A,

Class

C

5.410%,

5/15/30

500,000

505

Exeter

Automobile

Receivables

Trust,

Series

2024-5A,

Class

C

4.640%,

1/15/30

2,100,000

2,109

Exeter

Automobile

Receivables

Trust,

Series

2025-2A,

Class

C

5.160%,

7/15/31

3,500,000

3,542

Exeter

Automobile

Receivables

Trust,

Series

2025-4A,

Class

A3

4.390%,

9/17/29

5,500,000

5,524

Foursight

Capital

Automobile

Receivables

Trust,

Series

2024-1,

Class

A2

144A

144A

5.490%,

1/16/29 144A

215,893

Foursight

Capital

Automobile

Receivables

Trust,

Series

2024-1,

Class

B

144A

144A

5.550%,

5/15/29 144A

1,000,000

1,009

Fremont

Home

Loan

Trust,

Series

2005-2,

Class

M4

4.776%,

(US

SOFR

Month

plus

1.045%),

6/25/35

300,000

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 130
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
GLS

Auto

Receivables

Trust,

Series

2024-1A,

Class

B

144A

144A

5.490%,

7/17/28 144A

856,513

859

GLS

Auto

Receivables

Trust,

Series

2024-2A,

Class

B

144A

144A

5.770%,

11/15/28 144A

1,200,000

1,208

GLS

Auto

Select

Receivables

Trust,

Series

2023-2A,

Class

B

144A

144A

6.670%,

12/17/29 144A

2,000,000

2,059

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A2

144A

144A

5.880%,

7/25/59 144A

114,508

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

A3

144A

144A

5.550%,

7/25/59 144A

500,000

513

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

B

144A

144A

5.870%,

7/25/59 144A

1,157,847

1,184

GreenSky

Home

Improvement

Trust,

Series

2024-1,

Class

C

144A

144A

6.360%,

7/25/59 144A

413,517

GSAA

Home

Equity

Trust,

Series

2006-17,

Class

A1

3.966%,

(US

SOFR

Month

plus

0.235%),

11/25/36

43,738

GSAMP

Trust,

Series

2004-WF,

Class

M2

5.496%,

(US

SOFR

Month

plus

1.765%),

10/25/34

12,172

GSAMP

Trust,

Series

2007-FM2,

Class

A2B

3.936%,

(US

SOFR

Month

plus

0.205%),

1/25/37

131,880

GSAMP

Trust,

Series

2007-NC1,

Class

A2A

3.946%,

(US

SOFR

Month

plus

0.215%),

12/25/46

10,791

Henley

Funding,

Ltd.,

Series

2024-7A,

Class AR

144A

144A

3.055%,

(EURIBOR

Month

ACT/360

plus

0.990%),

4/25/34 144A

EUR ∞

1,351,013

1,588

Hertz

Vehicle

Financing

III

LLC,

Series

2023-

1A,

Class

A

144A

144A

5.490%,

6/25/27 144A

2,600,000

2,608

Home

Equity

Loan

Trust,

Series

2007-FRE1,

Class

2AV4

4.186%,

(US

SOFR

Month

plus

0.455%),

4/25/37

500,000

HSI

Asset

Securitization

Corp.

Trust,

Series

2005-I1,

Class

2A4

4.626%,

(US

SOFR

Month

plus

0.895%),

11/25/35

95,394

IndyMac

Residential

Asset

Backed

Trust,

Series

2007-B,

Class

2A2

4.166%,

(US

SOFR

Month

plus

0.435%),

7/25/37

280,848

JP

Morgan

Mortgage

Acquisition

Trust,

Series

2007-CH3,

Class

M1

4.146%,

(US

SOFR

Month

plus

0.415%),

3/25/37

400,000

LCM,

Ltd.,

Series

31A,

Class

AR

144A

144A

5.164%,

(US

SOFR

Month

plus

1.280%),

7/20/34 144A

1,000,000

1,001

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Long

Beach

Mortgage

Loan

Trust,

Series

2006-1,

Class

2A4

4.446%,

(US

SOFR

Month

plus

0.715%),

2/25/36

48,106

Long

Beach

Mortgage

Loan

Trust,

Series

2006-3,

Class

2A4

4.386%,

(US

SOFR

Month

plus

0.655%),

5/25/46

258,418

Long

Beach

Mortgage

Loan

Trust,

Series

2006-4,

Class

1A

4.146%,

(US

SOFR

Month

plus

0.415%),

5/25/36

1,274,001

670

Madison

Park

Euro

Funding

XIV

DAC,

Series

14A,

Class

A1R

144A

144A

2.826%,

(EURIBOR

Month

ACT/360

plus

0.800%),

7/15/32 144A

EUR ∞

297,048

MASTR

Asset

Backed

Securities

Trust,

Series

2004-OPT1,

Class

M1

4.626%,

(US

SOFR

Month

plus

0.895%),

2/25/34

544,206

577

MASTR

Asset

Backed

Securities

Trust,

Series

2004-WMC2,

Class

M1

4.746%,

(US

SOFR

Month

plus

1.015%),

4/25/34

46,450

MASTR

Asset

Backed

Securities

Trust,

Series

2006-FRE2,

Class

A1

4.146%,

(US

SOFR

Month

plus

0.415%),

3/25/36

6,573,602

6,203

MASTR

Asset

Backed

Securities

Trust,

Series

2006-HE3,

Class

A2

4.046%,

(US

SOFR

Month

plus

0.315%),

8/25/36

1,825,263

518

MASTR

Asset

Backed

Securities

Trust,

Series

2006-HE5,

Class

A3

4.166%,

(US

SOFR

Month

plus

0.435%),

11/25/36

1,928,190

1,139

MASTR

Asset

Backed

Securities

Trust,

Series

2006-WMC4,

Class

A5

4.146%,

(US

SOFR

Month

plus

0.415%),

10/25/36

1,153,221

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2007-SD1,

Class

A1

4.746%,

(US

SOFR

Month

plus

1.015%),

2/25/47

601,558

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-HE5,

Class

M4

4.716%,

(US

SOFR

Month

plus

0.985%),

9/25/35

6,241,102

5,252

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-NC1,

Class

M2

4.551%,

(US

SOFR

Month

plus

0.820%),

1/25/35

162,120

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2005-WMC5,

Class

M5

4.836%,

(US

SOFR

Month

plus

1.105%),

6/25/35

9,814

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2006-HE7,

Class

A2C

4.166%,

(US

SOFR

Month

plus

0.435%),

9/25/36

54,457

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 131
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2006-HE8,

Class

A2C

3.986%,

(US

SOFR

Month

plus

0.255%),

10/25/36

48,974

Morgan

Stanley

ABS

Capital

I,

Inc.

Trust,

Series

2007-HE5,

Class

A2C

4.096%,

(US

SOFR

Month

plus

0.365%),

3/25/37

49,243

Morgan

Stanley

Dean

Witter

Capital

I,

Inc.,

Series

2003-NC2,

Class

M1

5.196%,

(US

SOFR

Month

plus

1.465%),

2/25/33

7,594

Morgan

Stanley

Home

Equity

Loan

Trust,

Series

2007-2,

Class

A3

4.076%,

(US

SOFR

Month

plus

0.345%),

4/25/37

2,555,465

1,313

Nelnet

Student

Loan

Trust,

Series

2025-BA,

Class

A1A

144A

144A

4.840%,

5/17/55 144A

1,029,282

1,032

Nelnet

Student

Loan

Trust,

Series

2025-BA,

Class

A1B

144A

144A

5.334%,

(US

Day

Average

SOFR

plus

1.350%),

5/17/55 144A

1,216,424

1,225

Nelnet

Student

Loan

Trust,

Series

2025-CA,

Class

A1A

144A

144A

4.670%,

6/22/65 144A

3,058,090

3,046

Nelnet

Student

Loan

Trust,

Series

2025-DA,

Class

A1A

144A

144A

4.650%,

8/20/54 144A

2,200,000

2,191

OneMain

Direct

Auto

Receivables

Trust,

Series

2023-1A,

Class

A

144A

144A

5.410%,

11/14/29 144A

2,000,000

2,015

OneMain

Financial

Issuance

Trust,

Series

2023-2A,

Class

A2

144A

144A

5.484%,

(US

Day

Average

SOFR

plus

1.500%),

9/15/36 144A

2,100,000

2,118

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

A

144A

144A

5.183%,

6/15/32 144A

356,786

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

B

144A

144A

5.750%,

6/15/32 144A

318,711

Pagaya

AI

Debt

Grantor

Trust,

Series

2024-10,

Class

C

144A

144A

5.992%,

6/15/32 144A

327,478

Pagaya

AI

Debt

Trust,

Series

2024-3,

Class

A

144A

144A

6.258%,

10/15/31 144A

1,001,207

1,004

Pagaya

AI

Debt

Trust,

Series

2025-5,

Class

B

144A

144A

5.440%,

3/15/33 144A

4,499,826

4,519

Pagaya

AI

Debt

Trust,

Series

2025-6,

Class

B

144A

144A

4.883%,

4/15/33 144A

4,500,000

4,486

RAAC

Series,

Series

2007-RP4,

Class

A

144A

144A

4.546%,

(US

SOFR

Month

plus

0.465%),

(AFC),

11/25/46 144A

125,815

RCKT

Mortgage

Trust,

Series

2024-CES4,

Class

A1A

144A

144A

6.147%,

(AFC),

6/25/44 144A ∑

1,534,511

1,553

RCKT

Mortgage

Trust,

Series

2024-CES5,

Class

A1A

144A

144A

5.846%,

(AFC),

8/25/44 144A ∑

1,192,134

1,204

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
RCKT

Mortgage

Trust,

Series

2024-CES6,

Class

A1A

144A

144A

5.344%,

(AFC),

9/25/44 144A ∑

704,483

708

RCKT

Mortgage

Trust,

Series

2024-CES7,

Class

A1A

144A

144A

5.158%,

(AFC),

10/25/44 144A ∑

816,903

819

Reach

ABS

Trust,

Series

2024-2A,

Class

A

144A

144A

5.880%,

7/15/31 144A

103,840

Reach

ABS

Trust,

Series

2024-2A,

Class

B

144A

144A

5.840%,

7/15/31 144A

3,500,000

3,551

Renaissance

Home

Equity

Loan

Trust,

Series

2006-4,

Class

AF6

5.340%,

1/25/37 ∑

1,514,158

Residential

Asset

Securities

Corp.,

Series

2007-KS3,

Class

AI4

4.526%,

(US

SOFR

Month

plus

0.795%),

(AFC),

4/25/37

824,378

808

Santander

Drive

Auto

Receivables

Trust,

Series

2023-5,

Class

C

6.430%,

2/18/31

1,600,000

1,659

Santander

Drive

Auto

Receivables

Trust,

Series

2023-6,

Class

C

6.400%,

3/17/31

812,500

840

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

3,036

Santander

Drive

Auto

Receivables

Trust,

Series

2025-3,

Class

B

4.490%,

9/15/31

3,600,000

3,628

Santander

Drive

Auto

Receivables

Trust,

Series

2025-3,

Class

C

4.680%,

9/15/31

2,600,000

2,616

Saranac

CLO,

Ltd.,

Series

2018-6A,

Class A1R

144A

144A

5.125%,

(US

SOFR

Month

plus

1.402%),

8/13/31 144A

303,513

Saxon

Asset

Securities

Trust,

Series

2006-1,

Class

M1

4.311%,

(US

SOFR

Month

plus

0.580%),

(AFC),

3/25/36

94,915

SMB

Private

Education

Loan

Trust,

Series

2024-C,

Class

A1A

144A

144A

5.500%,

6/17/52 144A

1,117,354

1,146

SMB

Private

Education

Loan

Trust,

Series

2024-C,

Class

A1B

144A

144A

5.074%,

(US

Day

Average

SOFR

plus

1.100%),

6/17/52 144A

399,055

SMB

Private

Education

Loan

Trust,

Series

2024-D,

Class

A1A

144A

144A

5.380%,

7/15/53 144A

1,896,608

1,935

SMB

Private

Education

Loan

Trust,

Series

2024-D,

Class

A1B

144A

144A

5.074%,

(US

Day

Average

SOFR

plus

1.100%),

7/15/53 144A

2,226,453

2,208

Soundview

Home

Loan

Trust,

Series

2006-

OPT2,

Class

A4

4.406%,

(US

SOFR

Month

plus

0.675%),

5/25/36

51,226

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 132
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Soundview

Home

Loan

Trust,

Series

2006-

OPT3,

Class

M1

4.311%,

(US

SOFR

Month

plus

0.580%),

6/25/36

6,689,510

5,980

Stream

Innovations

Issuer

Trust,

Series

2024-

1A,

Class

A

144A

144A

6.270%,

7/15/44 144A

319,158

Structured

Asset

Investment

Loan

Trust,

Series

2005-7,

Class

M2

4.611%,

(US

SOFR

Month

plus

0.880%),

8/25/35

151,683

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2006-BC4,

Class

A4

4.186%,

(US

SOFR

Month

plus

0.455%),

12/25/36

63,017

Structured

Asset

Securities

Corp.

Mortgage

Loan

Trust,

Series

2007-WF1,

Class

A6

4.266%,

(US

SOFR

Month

plus

0.535%),

2/25/37

27,926

Switch

ABS

Issuer

LLC,

Series

2025-2A,

Class A21

144A

144A

5.121%,

10/25/55 144A

4,000,000

3,994

Tesla

Lease

Electric

Vehicle

Securitization,

Series

2025-A,

Class

A2

144A

144A

4.140%,

6/20/28 144A

1,800,000

1,804

Toro

European

CLO

DAC,

Series

6A,

Class AR

144A

144A

2.945%,

(EURIBOR

Month

ACT/360

plus

0.920%),

1/12/32 144A

EUR ∞

393,157

Toro

European

CLO

DAC,

Series

7A,

Class ARE

144A

144A

2.874%,

(EURIBOR

Month

ACT/360

plus

0.810%),

2/15/34 144A

EUR ∞

201,193

Towd

Point

Mortgage

Trust,

Series

2024-

CES6,

Class

A1

144A

144A

5.725%,

(AFC),

11/25/64 144A ∑

839,810

848

UPG

HI,

Series

2025-2,

Class

A

144A

144A

5.000%,

9/25/47 144A

3,300,000

3,299

Upgrade

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A1

144A

144A

4.234%,

10/15/26 144A

1,381,270

1,382

Upgrade

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A2

144A

144A

4.540%,

5/15/29 144A

800,000

801

Upgrade

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A3

144A

144A

4.600%,

1/15/31 144A

3,400,000

3,407

Upgrade

Auto

Receivables

Trust,

Series

2025-

1A,

Class

A4

144A

144A

4.590%,

10/15/31 144A

1,000,000

993

Venture

CDO,

Ltd.,

Series

2018-33A,

Class A1LR

144A

144A

5.226%,

(US

SOFR

Month

plus

1.322%),

7/15/31 144A

193,751

WaMu

Asset-Backed

Certificates,

Series

2007-

HE1,

Class

1A

4.146%,

(US

SOFR

Month

plus

0.415%),

1/25/37

85,419

Westlake

Automobiles

Receivables

Trust,

Series

2025-3A,

Class

A2

144A

144A

4.310%,

4/17/28 144A

3,300,000

3,304

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Asset

#### Backed

#### Securities

#### continued
Westlake

Automobiles

Receivables

Trust,

Series

2025-3A,

Class

A3

144A

144A

4.220%,

6/15/29 144A

3,200,000

3,211

#### Total

#### 193,635

#### Mortgage

#### Securities

#### (23.9%)
Angel

Oak

Mortgage

Trust,

Series

2024-8,

Class

A1

144A

144A

5.338%,

(AFC),

5/27/69 144A ∑

2,842,585

2,855

ATLX

Trust,

Series

2024-RPL1,

Class

A1

144A

144A

3.850%,

(AFC),

4/25/64 144A ∑

884,883

865

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2020-BOC,

Class

A

144A

144A

2.627%,

1/15/32 144A

2,350,000

2,077

Banc

of

America

Funding

Trust,

Series

2006-J,

Class

4A1

4.787%,

(CSTR),

1/20/47

18,188

Banc

of

America

Funding

Trust,

Series

2007-6,

Class

A1

4.426%,

(US

SOFR

Month

plus

0.695%),

7/25/37

30,092

BANK5,

Series

2025-5YR19,

Class

A3

5.270%,

12/15/58

6,000,000

6,201

BCAP

LLC

Trust,

Series

2009-RR14,

Class 2A2

144A

144A

3.833%,

(CSTR),

7/26/36 144A

13,201

BCAP

LLC

Trust,

Series

2009-RR5,

Class

3A3

144A

144A

6.250%,

(CSTR),

8/26/36 144A

1,986,720

721

Bear

Stearns

Adjustable

Rate

Mortgage

Trust,

Series

2004-3,

Class

4A

5.368%,

(CSTR),

7/25/34

626

Bear

Stearns

Adjustable

Rate

Mortgage

Trust,

Series

2007-4,

Class 22A1

4.244%,

(CSTR),

6/25/47

45,551

Bear

Stearns

ALT-A

Trust,

Series

2006-6,

Class

2A1

4.139%,

(CSTR),

11/25/36

101,343

Benchmark

Mortgage

Trust,

Series

2018-B5,

Class

A2

4.076%,

7/15/51

1,696,282

1,686

Benchmark

Mortgage

Trust,

Series

2024-V12,

Class

A3

5.738%,

12/15/57

2,200,000

2,302

BMO

Mortgage

Trust,

Series

2024-5C5,

Class A2

5.462%,

2/15/57

1,500,000

1,541

BMO

Mortgage

Trust,

Series

2024-5C5,

Class A3

5.857%,

2/15/57

8,300,000

8,669

BMO

Mortgage

Trust,

Series

2024-5C8,

Class A2

5.152%,

12/15/57

2,100,000

2,152

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL3,

Class

A1

144A

144A

3.250%,

(AFC),

9/25/63 144A

5,895,721

5,317

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL1,

Class

A1A

144A

144A

3.250%,

(AFC),

3/25/64 144A

1,209,271

1,082

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL2,

Class

A1A

144A

144A

3.250%,

(AFC),

8/25/64 144A

1,248,599

1,113

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 133
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL3,

Class

A1A

144A

144A

3.250%,

(AFC),

9/25/64 144A

1,248,791

1,115

Chase

Home

Lending

Mortgage

Trust,

Series

2024-RPL4,

Class

A1A

144A

144A

3.375%,

(AFC),

12/25/64 144A

2,998,192

2,683

CIM

Trust,

Series

2024-R1,

Class

A1

144A

144A

4.750%,

(AFC),

6/25/64 144A

776,366

772

Citicorp

Mortgage

Securities

Trust,

Series

2007-8,

Class

1A3

6.000%,

9/25/37

889

Citigroup

Mortgage

Loan

Trust,

Series

2007-

10,

Class

22AA

4.457%,

(CSTR),

9/25/37

4,575

Citigroup

Mortgage

Loan

Trust,

Series

2007-

10,

Class

2A3A

6.625%,

(CSTR),

9/25/37

3,165

Citigroup

Mortgage

Loan

Trust,

Series

2007-

AR4,

Class

2A2A

4.765%,

(CSTR),

3/25/37

230,112

COLT

Mortgage

Loan

Trust,

Series

2024-3,

Class

A1

144A

144A

6.393%,

(AFC),

6/25/69 144A ∑

684,237

693

Countrywide

Alternative

Loan

Trust,

Series

2004-28CB,

Class

5A1

5.750%,

1/25/35

6,103

Countrywide

Alternative

Loan

Trust,

Series

2005-1CB,

Class

2A1

6.000%,

3/25/35

256,108

Countrywide

Alternative

Loan

Trust,

Series

2005-59,

Class

1A1

4.508%,

(US

SOFR

Month

plus

0.775%),

11/20/35

2,884

Countrywide

Alternative

Loan

Trust,

Series

2005-76,

Class

1A1

5.509%,

(Federal

Reserve

US

Month

Cumulative

Avg

year

CMT

plus

1.480%),

1/25/36

7,321

Countrywide

Alternative

Loan

Trust,

Series

2005-79CB,

Class

A3

5.500%,

1/25/36

95,510

Countrywide

Alternative

Loan

Trust,

Series

2005-J1,

Class

1A8

5.500%,

2/25/35

72,150

Countrywide

Alternative

Loan

Trust,

Series

2005-J1,

Class

3A1

6.500%,

8/25/32

524

Countrywide

Alternative

Loan

Trust,

Series

2005-J11,

Class

1A13

5.500%,

11/25/35

140,870

Countrywide

Alternative

Loan

Trust,

Series

2006-45T1,

Class

1A13

6.000%,

2/25/37

104,004

Countrywide

Alternative

Loan

Trust,

Series

2006-5T2,

Class

A1

4.346%,

(US

SOFR

Month

plus

0.615%),

4/25/36

315,955

Countrywide

Alternative

Loan

Trust,

Series

2006-HY10,

Class

2A1

5.335%,

(CSTR),

5/25/36

3,689

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Countrywide

Alternative

Loan

Trust,

Series

2006-OA12,

Class

A1B

4.228%,

(US

SOFR

Month

plus

0.305%),

9/20/46

2,891

Countrywide

Alternative

Loan

Trust,

Series

2006-OA17,

Class

1A1A

4.043%,

(US

SOFR

Month

plus

0.310%),

12/20/46

16,528

Countrywide

Alternative

Loan

Trust,

Series

2006-OA2,

Class

A1

4.268%,

(US

SOFR

Month

plus

0.535%),

5/20/46

221,544

Countrywide

Alternative

Loan

Trust,

Series

2006-OA9,

Class

2A1A

4.268%,

(US

SOFR

Month

plus

0.535%),

7/20/46

4,491

Countrywide

Alternative

Loan

Trust,

Series

2007-9T1,

Class

2A2

6.000%,

5/25/37

215,200

Countrywide

Alternative

Loan

Trust,

Series

2007-AL1,

Class

A1

4.346%,

(US

SOFR

Month

plus

0.615%),

6/25/37

2,831,085

2,399

Countrywide

Alternative

Loan

Trust,

Series

2007-OA3,

Class

1A1

4.126%,

(US

SOFR

Month

plus

0.395%),

4/25/47

19,748

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2005-22,

Class

3A1

3.883%,

(CSTR),

10/25/35

5,428

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2005-HYB8,

Class 1A1

5.327%,

(CSTR),

12/20/35

–π

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-16,

Class

2A1

6.500%,

11/25/36

13,095

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-9,

Class

A1

6.000%,

5/25/36

94,341

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-OA4,

Class

A1

4.989%,

(Federal

Reserve

US

Month

Cumulative

Avg

year

CMT

plus

0.960%),

4/25/46

33,967

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2006-OA4,

Class

A2

4.386%,

(US

SOFR

Month

plus

0.655%),

4/25/46

900,138

Countrywide

Home

Loan

Mortgage

Pass-

Through

Trust,

Series

2007-HYB1,

Class 3A1

4.166%,

(CSTR),

3/25/37

4,068

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.,

Series

2003-8,

Class

5A1

6.500%,

4/25/33

–π

Credit

Suisse

Mortgage

Trust,

Series

2014-6R,

Class

3A2

144A

144A

5.138%,

(CSTR),

9/27/35 144A

100,551

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 134
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Credit

Suisse

Mortgage

Trust,

Series

2021-

RPL3,

Class

A1

144A

144A

2.000%,

1/25/60 144A

5,308,794

4,726

Cross

Mortgage

Trust,

Series

2024-H4,

Class A1

144A

144A

6.147%,

(AFC),

7/25/69 144A ∑

655,989

664

Cross

Mortgage

Trust,

Series

2024-H6,

Class A1

144A

144A

5.129%,

(AFC),

9/25/69 144A

1,811,769

1,814

Cross

Mortgage

Trust,

Series

2025-H6,

Class A1

144A

144A

5.181%,

(AFC),

7/25/70 144A

1,801,797

1,809

Deutsche

ALT-A

Securities,

Inc.

Mortgage

Loan

Trust,

Series

2005-6,

Class

2A3

5.500%,

12/25/35

221,843

EMF-NL

BV,

Series

2008-APRX,

Class

A2

2.816%,

(EURIBOR

Month

ACT/360

plus

0.800%),

4/17/41

EUR §,∞

11,950

Federal

Home

Loan

Mortgage

Corp.,

Series

5426,

Class

CF

5.109%,

(US

Day

Average

SOFR

plus

0.900%),

12/15/50

1,737,796

1,734

Federal

National

Mortgage

Association,

Series

2003-W6,

Class

F

4.536%,

(US

Day

Average

SOFR

plus

0.465%),

9/25/42

9,568

Federal

National

Mortgage

Association,

Series

2024-54,

Class

FC

4.844%,

(US

Day

Average

SOFR

plus

0.970%),

8/25/54

1,304,484

1,310

First

Horizon

Mortgage

Pass-Through

Trust,

Series

2007-2,

Class

1A5

5.750%,

5/25/37

142,024

GCAT

Trust,

Series

2024-NQM2,

Class

A1

144A

144A

6.085%,

(AFC),

6/25/59 144A ∑

554,788

561

Government

National

Mortgage

Association,

Series

2019-H20,

Class

FC

4.614%,

(US

SOFR

Month

plus

0.615%),

11/20/69

60,707

Government

National

Mortgage

Association,

Series

2020-H08,

Class

FC

4.764%,

(US

SOFR

Month

plus

0.765%),

2/20/70

27,369

Greystone

CRE

Notes

LLC,

Series

2025-FL4,

Class

A

144A

144A

5.231%,

(US

SOFR

Month

plus

1.481%),

1/15/43 144A

2,300,000

2,304

GSR

Mortgage

Loan

Trust,

Series

2005-AR6,

Class

1A1

6.117%,

(CSTR),

9/25/35

–π

GSR

Mortgage

Loan

Trust,

Series

2006-2F,

Class

3A6

6.000%,

2/25/36

68,494

GSR

Mortgage

Loan

Trust,

Series

2006-AR1,

Class

2A1

4.521%,

(CSTR),

1/25/36

665

GSR

Mortgage

Loan

Trust,

Series

2007-AR1,

Class

2A1

4.147%,

(CSTR),

3/25/47

5,624

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
HarborView

Mortgage

Loan

Trust,

Series

2005-10,

Class

2A1A

4.466%,

(US

SOFR

Month

plus

0.735%),

(AFC),

11/19/35

2,730

HarborView

Mortgage

Loan

Trust,

Series

2005-3,

Class

2A1A

4.326%,

(US

SOFR

Month

plus

0.595%),

(AFC),

6/19/35

4,895

HomeBanc

Mortgage

Trust,

Series

2005-1,

Class

A1

4.346%,

(US

SOFR

Month

plus

0.615%),

3/25/35

1,975

HSI

Asset

Securitization

Corp.

Trust,

Series

2006-NC1,

Class

2A

4.286%,

(US

SOFR

Month

plus

0.555%),

11/25/35

694,991

663

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2004-AR6,

Class

5A1

4.855%,

(CSTR),

10/25/34

10,078

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2005-AR12,

Class

2A1A

4.326%,

(US

SOFR

Month

plus

0.595%),

(AFC),

7/25/35

880

IndyMac

INDX

Mortgage

Loan

Trust,

Series

2005-AR14,

Class

2A1A

4.446%,

(US

SOFR

Month

plus

0.715%),

7/25/35

6,407

JP

Morgan

Mortgage

Trust,

Series

2005-ALT1,

Class

2A1

5.323%,

(CSTR),

10/25/35

4,398

JP

Morgan

Mortgage

Trust,

Series

2007-A1,

Class

6A1

5.386%,

(CSTR),

7/25/35

2,023

JP

Morgan

Mortgage

Trust,

Series

2007-A4,

Class

3A1

5.021%,

(CSTR),

6/25/37

24,042

JP

Morgan

Mortgage

Trust,

Series

2024-5,

Class

A11

144A

144A

5.124%,

(US

Day

Average

SOFR

plus

1.250%),

(AFC),

11/25/54 144A

893,493

892

LoanCore

Issuer,

Ltd.,

Series

2022-CRE7,

Class A

144A

144A

5.493%,

(US

Day

Average

SOFR

plus

1.550%),

1/17/37 144A

1,156,357

1,155

Luminent

Mortgage

Trust,

Series

2006-6,

Class

A1

4.246%,

(US

SOFR

Month

plus

0.515%),

10/25/46

523,842

Merrill

Lynch

Mortgage

Investors

Trust,

Series

2006-A3,

Class

6A1

5.199%,

(CSTR),

5/25/36

4,971

MF1,

Series

2022-FL8,

Class

A

144A

144A

5.081%,

(US

SOFR

Month

plus

1.350%),

2/19/37 144A

649,314

649

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1

144A

144A

3.250%,

(AFC),

5/25/62 144A

113,068

New

Residential

Mortgage

Loan

Trust,

Series

2021-NQ1R,

Class

A3

144A

144A

1.198%,

(AFC),

7/25/55 144A

422,319

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 135
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A1A

144A

144A

6.864%,

(AFC),

10/25/63 144A ∑

2,386,116

2,413

OBX

Trust,

Series

2023-NQM8,

Class

A1

144A

144A

7.045%,

(AFC),

9/25/63 144A ∑

1,600,858

1,617

OBX

Trust,

Series

2023-NQM9,

Class

A1

144A

144A

7.159%,

(AFC),

10/25/63 144A ∑

2,799,001

2,833

OBX

Trust,

Series

2024-HYB2,

Class

A1

144A

144A

3.695%,

(CSTR),

4/25/53 144A

2,261,542

2,243

OBX

Trust,

Series

2024-NQM8,

Class

A1

144A

144A

6.233%,

(AFC),

5/25/64 144A ∑

617,500

625

Project

Cashmere,

Class

A1

144A

144A

4.543%,

12/30/57 144A

AUD ∞,Æ

25,200,000

16,817

PRPM

Trust,

Series

2023-NQM2,

Class

A1

144A

144A

6.250%,

(AFC),

8/25/68 144A ∑

1,902,352

1,911

PRPM

Trust,

Series

2024-6,

Class

A1

144A

144A

5.699%,

(AFC),

11/25/29 144A ∑

868,665

869

PRPM

Trust,

Series

2024-NQM1,

Class

A1

144A

144A

6.265%,

(AFC),

12/25/68 144A ∑

640,992

648

PRPM

Trust,

Series

2024-NQM2,

Class

A1

144A

144A

6.327%,

(AFC),

6/25/69 144A ∑

717,286

726

PRPM

Trust,

Series

2024-NQM3,

Class

A1

144A

144A

5.228%,

(AFC),

8/25/69 144A ∑

2,169,444

2,170

Residential

Accredit

Loans,

Inc.,

Series

2006-

QA7,

Class

1A1

4.226%,

(US

SOFR

Month

plus

0.495%),

8/25/36

2,996

Residential

Accredit

Loans,

Inc.,

Series

2006-

QA8,

Class

A1

4.226%,

(US

SOFR

Month

plus

0.495%),

9/25/36

8,751

Residential

Asset

Securitization

Trust,

Series

2007-A2,

Class

2A2

6.500%,

4/25/37

3,311,462

874

Securitized

Asset

Backed

Receivables

LLC

Trust,

Series

2005-FR4,

Class

M2

4.806%,

(US

SOFR

Month

plus

1.075%),

1/25/36

21,486

Sequoia

Mortgage

Trust,

Series

2024-HYB1,

Class

A1A

144A

144A

4.507%,

11/25/63 144A

1,230,943

1,234

Specialty

Underwriting

&

Residential

Finance

Trust,

Series

2005-BC2,

Class

M3

4.821%,

(US

SOFR

Month

plus

1.090%),

12/25/35

28,781

Starwood

Commercial

Mortgage

Trust,

Series

2025-FL4,

Class

A

144A

144A

5.181%,

(US

SOFR

Month

plus

1.450%),

11/19/42 144A

3,000,000

3,004

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2005-19XS,

Class

1A1

4.166%,

(US

SOFR

Month

plus

0.435%),

10/25/35

22,503

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR8,

Class

A2

6.226%,

(Federal

Reserve

US

Month

Cumulative

Avg

year

CMT

plus

1.480%),

2/25/36

169,414

Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR6,

Class

1A1

4.206%,

(US

SOFR

Month

plus

0.475%),

(AFC),

7/25/46

105,224

Suntrust

Alternative

Loan

Trust,

Series

2005-

1F,

Class

1A1

4.496%,

(US

SOFR

Month

plus

0.765%),

12/25/35

3,455

Towd

Point

Mortgage

Trust,

Series

2015-4,

Class

B2

144A

144A

4.081%,

(CSTR,

AFC),

4/25/55 144A

2,500,000

2,453

Towd

Point

Mortgage

Trust,

Series

2017-2,

Class

M1

144A

144A

3.750%,

(AFC),

4/25/57 144A

2,274,204

2,251

Towd

Point

Mortgage

Trust,

Series

2024-4,

Class

A1A

144A

144A

4.578%,

(AFC),

10/27/64 144A

1,837,421

1,843

Uniform

Mortgage

Backed

Security

TBA

4.000%,

2/12/56

6,000,000

5,687

4.500%,

1/15/55

12,400,000

12,104

4.500%,

2/15/56

14,600,000

14,240

5.000%,

1/15/55

21,100,000

21,041

5.000%,

2/12/56

21,900,000

21,819

6.000%,

3/15/55

47,500,000

48,742

6.500%,

2/15/56

77,700,000

80,764

Verus

Securitization

Trust,

Series

2023-4,

Class

A1

144A

144A

5.811%,

(AFC),

5/25/68 144A ∑

527,724

528

Verus

Securitization

Trust,

Series

2023-7,

Class

A1

144A

144A

7.070%,

(AFC),

10/25/68 144A ∑

1,654,262

1,675

Verus

Securitization

Trust,

Series

2024-INV1,

Class

A1

144A

144A

6.116%,

(AFC),

3/25/69 144A ∑

2,395,153

2,420

Verus

Securitization

Trust,

Series

2024-R1,

Class

A1

144A

144A

5.218%,

9/25/69 144A

800,933

802

Verus

Securitization

Trust,

Series

2025-12,

Class

A1FC

144A

144A

4.858%,

(AFC),

12/25/70 144A ∑

1,300,000

1,301

Verus

Securitization

Trust,

Series

2025-R2,

Class

A1

144A

144A

5.086%,

7/25/67 144A

2,000,000

2,005

WaMu

Mortgage

Pass-Through

Certificates,

Series

2002-AR19,

Class

A6

5.494%,

(CSTR,

AFC),

2/25/33

–π

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR12,

Class

3A3

3.865%,

(CSTR),

10/25/36

9,486

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR2,

Class

1A1

4.569%,

(CSTR),

3/25/36

83,121

WaMu

Mortgage

Pass-Through

Certificates,

Series

2006-AR8,

Class

2A1

4.550%,

(CSTR),

8/25/36

4,850

WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-HY1,

Class

3A1

4.104%,

(CSTR),

2/25/37

1,847

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 136
Structured

Products

(38.0%)

Shares/

Par

+

Value

$

(000's)

#### Mortgage

#### Securities

#### continued
WaMu

Mortgage

Pass-Through

Certificates,

Series

2007-OA3,

Class

4A2

4.729%,

(Federal

Reserve

US

Month

Cumulative

Avg

year

CMT

plus

0.700%),

4/25/47

188,770

Wells

Fargo

Alternative

Loan

Trust,

Series

2007-PA4,

Class

2A1

6.442%,

(CSTR),

7/25/37

18,256

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-5C2,

Class

A2

5.439%,

11/15/57

3,300,000

3,415

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2024-5C2,

Class

A3

5.920%,

(AFC),

11/15/57

2,600,000

2,737

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2006-AR5,

Class

2A1

6.673%,

(CSTR),

4/25/36

12,587

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2007-AR8,

Class

A1

5.851%,

(CSTR),

11/25/37

10,085

#### Total

#### 329,917

#### Total

#### Structured

#### Products

#### (Cost: $524,401)

#### 523,552
144A

144A

144A

Bank

Loan

Obligations

(4.9%)

#### Bank

#### Loan

#### Obligations

#### (4.9%)
Albion

Financing

SARL,

5.010%,

(EURIBOR

Month

ACT/360

plus

3.000%),

5/21/31

EUR∞

1,400,000

1,663

Amentum

Holdings,

Inc.,

5.716%,

(US

SOFR

Month

plus

2.000%),

9/29/31

1,036,750

1,038

AmSurg

Corp.

First

Out,

11.862%,

(US

SOFR

Month

plus

7.875%),

7/20/26Æ,Þ

286,194

AmSurg

Corp.

Last

Out,

11.862%,

(US

SOFR

Month

plus

7.875%),

11/3/28Þ

1,077,766

1,110

Avolon

TLB

Borrower

US

LLC,

5.484%,

(US

SOFR

Month

plus

1.750%),

6/24/30

1,149,561

1,156

Bank

of

Industry,

Ltd.,

3.754%,

(EURIBOR

Month

ACT/360

plus

1.700%),

8/23/27

EUR∞

3,000,000

3,506

Charter

Communications

Operating

LLC,

6.235%,

(US

SOFR

Month

plus

2.250%),

12/15/31

562,520

563

Cotiviti,

Inc.,

6.623%,

(US

SOFR

Month

plus

2.750%),

5/1/31

2,849,431

2,733

Directv

Financing

LLC,

9.352%,

(US

SOFR

Month

plus

5.250%),

8/2/29

902,000

904

Finastra

USA,

Inc.,

7.723%,

(US

SOFR

Month

plus

4.000%),

9/15/32

2,000,000

1,955

First

Student

Bidco,

Inc.,

6.172%,

(US

SOFR

Month

plus

2.500%),

8/15/30

994,924

998

Fortress

Intermediate

3,

Inc.,

6.784%,

(US

SOFR

Month

plus

3.000%),

6/27/31

1,386,026

1,385

GFL

Environmental

Services,

Inc.,

6.273%,

(US

SOFR

Month

plus

2.500%),

3/3/32

723,188

725

Global

Medical

Response,

Inc.,

7.384%,

(US

SOFR

Month

plus

3.500%),

10/1/32

400,000

Goat

Holdco

LLC,

6.466%,

(US

SOFR

Month

plus

2.750%),

1/27/32

1,179,509

1,181

Bank

Loan

Obligations

(4.9%)

Shares/

Par

+

Value

$

(000's)

#### Bank

#### Loan

#### Obligations

#### continued
INEOS

US

Finance

LLC,

6.966%,

(US

SOFR

Month

plus

3.250%),

2/18/30

796,978

642

INEOS

US

Finance

LLC,

6.716%,

(US

SOFR

Month

plus

3.000%),

2/7/31

102,451

ION

Platform

Finance

US,

Inc.,

7.422%,

(US

SOFR

Month

plus

3.750%),

10/7/32

1,400,000

1,311

Kaseya,

Inc.,

6.716%,

(US

SOFR

Month

plus

3.000%),

3/20/32

995,000

995

LifePoint

Health,

Inc.,

7.335%,

(US

SOFR

Month

plus

3.500%),

5/19/31

284,310

LifePoint

Health,

Inc.,

7.655%,

(US

SOFR

Month

plus

3.750%),

5/19/31

192,015

Modena

Buyer

LLC,

8.090%,

(US

SOFR

Month

plus

4.500%),

7/1/31

636,624

633

Newfold

Digital

Holdings

Group,

Inc.,

9.488%,

(US

SOFR

Month

plus

5.750%),

4/30/29

126,428

Newfold

Digital

Holdings

Group,

Inc.

-

Term

A,

7.384%,

(US

SOFR

Month

plus

3.500%),

4/30/29

2,117,204

1,763

Newfold

Digital

Holdings

Group,

Inc.

-

Term

B,

7.384%,

(US

SOFR

Month

plus

3.500%),

4/30/29

373,664

OCS

Group

Holdings,

Ltd.,

9.719%,

(SONIO

plus

5.750%),

11/28/31

GBP∞

2,500,000

3,366

Paradigm

Parent

LLC,

8.172%,

(US

SOFR

Month

plus

4.500%),

4/16/32

1,596,000

1,400

Polaris

Newco

LLC,

7.852%,

(US

SOFR

Month

plus

4.000%),

6/2/28

961,962

926

Qnity

Electronics,

Inc.,

5.804%,

(US

SOFR

Month

plus

2.000%),

11/1/32

700,000

703

QualityTech

LP,

7.284%,

(US

SOFR

plus

3.500%),

10/30/31

1,389,500

1,390

QuidelOrtho

Corp.,

7.716%,

(US

SOFR

Month

plus

4.000%),

8/20/32

1,396,500

1,395

Quikrete

Holdings,

Inc.,

5.966%,

(US

SOFR

Month

plus

2.250%),

2/10/32

1,290,250

1,294

Republic

of

Panama,

3.837%,

(EURIBOR

Month

ACT/360

plus

1.750%),

3/5/27

EUR∞,Æ

1,900,000

2,237

Republic

of

Turkey,

8.315%,

(EURIBOR

Month

ACT/360

plus

6.210%),

4/27/31

EUR∞,Æ

1,700,000

2,230

Restaurant

Brands

International,

5.466%,

(US

SOFR

Month

plus

1.750%),

9/20/30

2,262,947

2,264

Rockpoint

Gas

Storage

Partners

LP,

6.128%,

(US

SOFR

Month

plus

2.500%),

9/18/31

1,285,263

1,290

Setanta

Aircraft

Leasing

DAC,

5.422%,

(US

SOFR

Month

plus

1.750%),

11/5/28

1,400,000

1,406

SOCAR

Turkey

Enerji

AS,

5.535%,

(EURIBOR

Month

ACT/360

plus

3.450%),

8/11/26

EUR∞

5,800,000

6,816

Standard

Industries,

Inc.,

5.484%,

(US

SOFR

Month

plus

1.750%),

9/22/28

380,475

Station

Casinos

LLC,

5.716%,

(US

SOFR

Month

plus

2.000%),

3/14/31

1,179,000

1,182

Stepstone

Group

MidCo

GmbH,

6.599%,

(EURIBOR

Month

ACT/360

plus

4.500%),

4/26/32

EUR∞

1,650,000

1,817

Stonepeak

Nile

Parent

LLC,

6.162%,

(US

SOFR

Month

plus

2.250%),

4/9/32

1,200,000

1,199

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 137
Bank

Loan

Obligations

(4.9%)

Shares/

Par

+

Value

$

(000's)

#### Bank

#### Loan

#### Obligations

#### continued
US

Renal

Care,

Inc.,

8.831%,

(US

SOFR

Month

plus

5.000%),

6/28/28

987,342

927

US

Renal

Care,

Inc.,

9.835%,

(US

SOFR

Month

plus

6.000%),

9/25/30Æ

5,400,000

5,292

VEON

Amsterdam,

8.207%,

(US

SOFR

Month

plus

4.250%),

3/25/27Æ

950,000

950

Wand

NewCo

3,

Inc.,

6.216%,

(US

SOFR

Month

plus

2.500%),

1/30/31

320,837

X

Corp.,

9.500%,

10/26/29

1,100,000

1,095

X

Corp.,

10.448%,

(US

SOFR

Month

plus

6.500%),

10/26/29

2,078,571

2,040

#### Total

#### Bank

#### Loan

#### Obligations

#### (Cost:

#### $67,003)

#### 67,783
Warrants

(0.0%)

#### Consumer,

#### Cyclical

#### (0.0%)
Spirit

Airlines,

Inc. \*,Æ

7,627

Spirit

Airlines,

Inc.

144A\*,Æ

5,499

–π

#### Total

#### 1

#### Total

#### Warrants

#### (Cost: $162)

#### 1
Short-Term

Investments

(5.7%)

#### Financial

#### (0.0%)
Samhallsbyggnadsbolaget

I

Norden

Holding

AB

2.375%,

8/4/26

EUR

§,∞

600,000

696

#### Total

#### 696

#### Governments

#### (0.5%)
South

Africa

Treasury

Bill

0.000%,

5/6/26

ZAR

∞

14,900,000

879

0.000%,

5/20/26

ZAR

∞

13,500,000

795

Short-Term

Investments

(5.7%)

Shares/

Par

+

Value

$

(000's)

#### Governments

#### continued
0.000%,

8/5/26

ZAR

∞

21,500,000

1,247

0.000%,

8/19/26

ZAR

∞

15,500,000

897

US

Treasury

0.000%,

1/2/26

408,000

0.000%,

1/27/26β

4,000

0.000%,

3/31/26β

512,000

508

0.000%,

4/7/26β

1,184,000

1,173

0.000%,

4/14/26β

235,000

0.000%,

4/21/26β

603,000

596

#### Total

#### 6,740

#### Repurchase

#### Agreements

#### (5.2%)
Citigroup

Global

Markets,

Inc.,

3.930%,

1/2/26

(Purchased

on

12/31/25,

to

be

repurchased

at

$5,001,092,

collateralized

by

a

US

Treasury

Bill,

0.000%,

due

12/24/26,

par

and

fair

value

of

$5,276,500

and

$5,101,953,

respectively)

5,000,000

5,000

Deutsche

Bank

Securities,

Inc.,

3.840%,

1/5/26

(Purchased

on

12/30/25,

to

be

repurchased

at

$66,435,413,

collateralized

by

a

US

Treasury

Bond,

3.250%,

due

5/15/42,

par

and

fair

value

of

$80,484,900

and

$67,248,907,

respectively)

66,400,000

66,400

#### Total

#### 71,400

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $78,667)

#### 78,836

#### Total

#### Investments

#### (114.2%)

#### (Cost:

#### $1,587,274)

#### @

#### 1,574,336

#### Other

#### Assets,

#### Less

#### Liabilities (-14.2%)

#### (196,052)

#### Net

#### Assets

#### (100.0%)

#### 1,378,284

#### Reverse

#### Repurchase

#### Agreements
Reference

Entity

Counterparty

Interest

Rate

Borrowing

Date

Maturity

Date

Currency

Amount

Borrowed

(000's)

Payable

for

Reverse

Repurchase

Agreements

(000s)

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

Barclays

Bank

PLC

3.000%

12/11/25

1/30/2026

USD

(979) $

(979) Crescent

Energy

Finance

LLC

Morgan

Stanley

&

Co.

LLC

3.550%

12/10/25

1/30/2026

USD

(338) (338) Panama

Government

International

Bond

Morgan

Stanley

&

Co.

International

PLC

3.150%

12/11/25

Open

USD

(1,364)

(1,364)

Panama

Government

International

Bond

Morgan

Stanley

&

Co.

International

PLC

3.500%

12/11/25

Open

USD

(546) (546) Petroleos

Mexicanos

Morgan

Stanley

&

Co.

International

PLC

3.600%

12/11/25

Open

USD

(389) (389) Serbia

International

Bond

Barclays

Bank

PLC

3.450%

12/11/25

Open

USD

(870) (870) Tesco

Property

Finance

PLC

JP

Morgan

Securities

PLC

3.400%

12/18/25

Open

GBP

(661) (890) $

(5,376)

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 138

#### 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

36,500

3/26

$

49,827

$

(356) $

–π

Euro-Bund

Future

Long

EUR

4,000

3/26

5,997

(80) –π

Euro-

Buxl

Future

Long

EUR

2,400

3/26

3,106

(66) –π

Euro-Oat

Future

Short

EUR

6,100

3/26

8,645

–π

Euro-Schatz

Future

Long

EUR

40,700

3/26

51,078

(71) –π

Five-Year

US

Treasury

Note

Future

Long

USD

33,900

3/26

37,054

(114) (34) Long

Gilt

Future

Long

GBP

18,200

3/26

22,416

Ten-Year

Canada

Government

Bond

Future

Long

CAD

4,300

3/26

3,788

(38) –π

Ten-Year

US

Treasury

Note

Future

Long

USD

30,500

3/26

34,293

(70) (62) Two-Year

US

Treasury

Note

Future

Long

USD

59,000

3/26

61,593

(21) Ultra

Long-Term

US

Treasury

Bond

Future

Long

USD

15,000

3/26

17,700

(110) (56) Ultra

Ten-Year

US

Treasury

Note

Future

Long

USD

67,500

675

3/26

77,636

(194) (127) US

Treasury

Long

Bond

Future

Short

USD

600

3/26

694

$

(828) $

(260) #### 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

$

$

(15) $

$

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/30

34,300

USD

(27) 252

1-Day

USD-SOFR

Compounded-OIS

3.750%

12/30

23,600

USD

(547) 233

(314) 41

1-Day

USD-SOFR

Compounded-OIS

3.908%

3/35

500

USD

–

(6) (6) 1

1-Day

USD-SOFR

Compounded-OIS

3.874%

3/35

800

USD

–

(8) (8) 2

1-Day

USD-SOFR

Compounded-OIS

3.899%

3/35

800

USD

–

(10) (10) 2

1-Day

USD-SOFR

Compounded-OIS

3.905%

3/35

800

USD

–

(10) (10) 2

1-Day

USD-SOFR

Compounded-OIS

3.250%

3/35

35,600

USD

2,201

(821) 1,380

1-Day

USD-SOFR

Compounded-OIS

3.930%

3/35

1,600

USD

–

(23) (23) 4

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/35

14,400

USD

619

(29) 590

1-Day

USD-SOFR

Compounded-OIS

3.640%

8/35

6,000

USD

1-Day

USD-SOFR

Compounded-OIS

3.700%

8/35

6,100

USD

(5) 39

1-Day

USD-SOFR

Compounded-OIS

3.715%

8/35

10,272

USD

1-Day

USD-SOFR

Compounded-OIS

3.736%

8/35

35,200

USD

–

1-Day

USD-SOFR

Compounded-OIS

3.750%

12/35

9,000

USD

(25) 56

1-Day

USD-SOFR

Compounded-OIS

3.500%

12/54

3,100

USD

1-Day

USD-SOFR

Compounded-OIS

3.250%

6/55

7,600

USD

1,002

1,198

6-Month

CZK-PRIBOR

3.575%

7/30

70,795

CZK

(19) 31

(4) 6-Month

EURIBOR

2.510%

4/35

1,000

EUR

–

(1) Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 139

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### -

#### Receive

#### Floating

#### Rate
(continued)

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)

6-Month

EURIBOR

3.000%

3/56

7,700

EUR

(6) $

3,972

$

$

4,214

$

#### 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-Year

BRL-CDI

13.926%

1/27

6,400

BRL

$

–

$

(4) $

(4) $

–π

1-Year

BRL-CDI

13.927%

1/27

50,900

BRL

–

(34) (34) (1) 1-Year

BRL-CDI

12.905%

1/29

3,400

BRL

–

(3) (3) –π

1-Year

BRL-CDI

13.320%

1/29

3,600

BRL

–

(1) (1) –π

1-Year

BRL-CDI

13.258%

1/29

28,900

BRL

–

–π

1-Year

BRL-CDI

13.320%

1/29

30,800

BRL

–π

1-Year

BRL-CDI

13.291%

1/29

33,700

BRL

–

(17) (17) –π

1-Year

BRL-CDI

12.867%

1/31

25,000

BRL

–

(49) (49) –π

6-Month

AUD-BBR-BBSW

4.750%

12/33

45,700

AUD

(421) (165) 28

6-Month

AUD-BBR-BBSW

4.250%

3/36

10,200

AUD

(328) (302) 8

6-Month

CZK-PRIBOR

3.365%

11/29

78,900

CZK

(28) (26) (54) 3

6-Month

EURIBOR

2.750%

3/36

13,700

EUR

(187) (103) (290) 11

CAONREPO

2.500%

6/29

8,000

CAD

(184) 154

(30) (3) CAONREPO

2.500%

12/30

3,900

CAD

(1) (37) (38) (4) $

(116) $

(847) $

(963) $

#### 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

1.000%

12/26

0.399%

16,491

USD

$

(203) $

$

$

(9) Markit

CDX

Emerging

Markets

Index,

Series

1.000%

6/27

0.524%

USD

(12) 15

–π

Markit

CDX

Emerging

Markets

Index,

Series

1.000%

12/27

0.586%

4,200

USD

(133) 166

(1) Markit

CDX

Emerging

Markets

Index,

Series

1.000%

6/28

0.695%

600

USD

(19) 23

–π

Markit

CDX

Emerging

Markets

Index,

Series

1.000%

12/28

0.796%

10,200

USD

(273) 331

(1) Markit

CDX

Emerging

Markets

Index,

Series

1.000%

6/29

0.901%

3,200

USD

(82) 92

–π

Markit

CDX

Emerging

Markets

Index,

Series

1.000%

12/29

0.988%

4,500

USD

(100) 102

Markit

CDX

Emerging

Markets

Index,

Series

1.000%

6/30

1.127%

USD

(12) 10

(2) –π

Markit

CDX

Emerging

Markets

Index,

Series

1.000%

12/30

1.242%

13,100

USD

(277) 136

(141) 3

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 140

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps

#### on

#### Credit

#### Indices

#### -

#### 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)

Markit

CDX

North

America

High

Yield

Index,

Series

5.000%

12/29

2.809%

13,225

USD

$

742

$

$

1,004

$

(10) Markit

CDX

North

America

High

Yield

Index,

Series

5.000%

6/30

2.921%

2,200

USD

(1) Markit

CDX

North

America

High

Yield

Index,

Series

5.000%

12/30

3.155%

62,100

USD

4,533

4,732

(37) Markit

CDX

North

America

Investment

Grade

Index,

Series

1.000%

6/30

0.456%

17,400

USD

(1) Markit

CDX

North

America

Investment

Grade

Index,

Series

1.000%

12/30

0.500%

80,100

USD

1,734

1,814

(2) $

6,379

$

1,797

$

8,176

$

(57) #### 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

0.246%

USD

$

–π

$

–

$

–π

$

–π

Carnival

Corp.

1.000%

12/28

0.655%

600

USD

(79) 85

–π

Ford

Motor

Co.

5.000%

6/26

0.432%

1,000

USD

–π

Ford

Motor

Co.

5.000%

6/27

0.807%

USD

–π

Ford

Motor

Co.

5.000%

6/27

0.778%

900

USD

–π

General

Electric

Co.

1.000%

6/26

0.051%

3,800

USD

–π

General

Electric

Co.

1.000%

12/26

0.064%

USD

–π

Glencore

Finance

Europe,

Ltd.

5.000%

6/31

0.920%

1,000

EUR

–π

Glencore

Finance

Europe,

Ltd.

5.000%

12/31

1.026%

500

EUR

–π

Marks

&

Spencer

PLC

1.000%

6/27

0.231%

EUR

(3) 4

–π

Marks

&

Spencer

PLC

1.000%

12/28

0.397%

500

EUR

(17) 27

–π

Volkswagen

International

Finance

NV

1.000%

6/29

0.630%

3,100

EUR

–π

$

$

$

548

$

–π

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

$

$

$

508

$

(81) $

(300) $

(381) $

–

#### Over

#### the

#### Counter

#### Derivatives

#### Forward

#### Foreign

#### Currency

#### Contracts
Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

AUD

7,619

5,085

1/14/26

$

—

$

(5) $

(5) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

AUD

1,309

873

1/14/26

—

(23) (23) Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

AUD

1,890

1,262

1/14/26

—

(23) (23) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

BRL

7,453

1,360

1/5/26

—

(16) (16) Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 141

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

BRL

44,960

8,205

1/5/26

$

—

$

(45) $

(45) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

52,611

9,601

1/5/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

6,715

1,216

2/3/26

—

(3) (3) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

23,593

4,249

3/3/26

—

(9) (9) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

53,774

9,612

4/2/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

BRL

7,453

1,360

1/5/26

—

(6) (6) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

BRL

44,960

8,205

1/5/26

—

(34) (34) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

52,611

9,601

1/5/26

—

(210) (210) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

BRL

3/3/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

CAD

7,625

5,558

1/14/26

—

(8) (8) Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

CAD

569

1/14/26

—

(10) (10) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Royal

Bank

of

Canada

CAD

558

1/14/26

—

(7) (7) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

CHF

787

994

1/14/26

—

(2) (2) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

CHF

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

CHF

1/14/26

—

(1) (1) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

CNH

2,865

1/5/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

CNH

594

1/5/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

559

1/5/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Westpac

Banking

Corporation

CNH

4,675

670

1/6/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

CNH

2,941

1/21/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

CNH

1,596

1/21/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

CNH

1,102

1/21/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

CNH

6,973

1,001

1/21/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

CNH

7,617

1,092

1/21/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

CNH

42,186

6,053

1/21/26

—

(59) (59) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

COP

86,786

1/26/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

COP

355,586

1/20/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

COP

28,290,284

7,423

1/22/26

—

(226) (226) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

COP

1,275,028

1/26/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

COP

1,270,025

1/26/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

COP

4,706,075

1,226

2/4/26

—

(27) (27) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

COP

—π

2/5/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

COP

893,489

2/5/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

COP

16,332,307

4,248

2/9/26

—

(48) (48) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

COP

137,276

2/26/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

COP

—π

3/5/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

COP

2,167,528

559

3/26/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

CZK

3,446

3/11/26

—

(2) (2) Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

EGP

19,236

1/5/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

EGP

9,894

1/12/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

EGP

18,356

1/26/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

EGP

33,170

664

5/20/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

EUR

1,880

2,210

1/14/26

—

(9) (9) Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

EUR

822

966

1/14/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

EUR

790

929

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

EUR

2,353

2,766

1/14/26

—

(2) (2) Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

EUR

119,659

140,684

1/14/26

—

(1,802)

(1,802)

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

EUR

1,008

1,185

1/14/26

—

(11) (11) Sell&nbsp;&nbsp;&nbsp;&nbsp;

NatWest

Markets

PLC

EUR

1,244

1,463

1/14/26

—

(10) (10) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

GBP

1,006

1,356

1/14/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

GBP

3,911

5,272

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

GBP

17,477

23,558

1/14/26

—

(548) (548) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

GBP

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

GBP

1,148

1,547

1/14/26

—

(23) (23) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

IDR

5,671,390

1/22/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

IDR

5,690,506

1/22/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

ILS

7,197

2,260

1/15/26

—

(11) (11) Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 142

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

ILS

895

1/15/26

$

$

—

$

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

ILS

1/15/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

ILS

1/15/26

—

(1) (1) Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

ILS

1/15/26

—

(1) (1) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

ILS

809

1/22/26

—

(3) (3) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

ILS

2/19/26

—

(2) (2) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

ILS

2,968

932

2/19/26

—

(7) (7) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

INR

695,959

7,735

1/15/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

INR

14,452

1/30/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

INR

2,703

2/2/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

INR

36,947

2/2/26

—π

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

INR

2,704

2/2/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

INR

2,724

1/20/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

INR

2,740

1/20/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

JPY

110,393

705

1/14/26

—

(4) (4) Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

JPY

1,100,324

7,030

1/14/26

—

(37) (37) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

JPY

68,400

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

JPY

917,100

5,859

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

JPY

268,000

1,712

1/14/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

KRW

1,405,825

975

1/8/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

KRW

1,405,642

975

1/8/26

—

(18) (18) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

6/17/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

6/30/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

7/7/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

7/13/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

595

1,990

5/9/30

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

KWD

5/13/30

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

MXN

79,520

4,405

1/30/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

MXN

—π

3/18/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

MXN

149,554

8,221

4/17/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

MXN

2/25/26

—

(1) (1) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

NOK

3,969

1/14/26

—

(3) (3) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

NZD

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

NZD

1,262

727

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

NZD

4,397

2,532

1/14/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

NZD

1/14/26

—

—π

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

PEN

22,378

6,640

3/18/26

—

(2) (2) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

PLN

1,726

1/16/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

PLN

13,789

3,841

1/16/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

PLN

1,758

1/22/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

PLN

923

1/23/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

PLN

700

1/23/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

PLN

510

1/23/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

PLN

1/23/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

PLN

1/16/26

—

(2) (2) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

PLN

572

1/16/26

—

(4) (4) Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

PLN

1/16/26

—

(2) (2) Sell&nbsp;&nbsp;&nbsp;&nbsp;

HSBC

Bank

PLC

SGD

10,628

8,274

1/14/26

—

(71) (71) Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

THB

1/21/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

1/22/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

1/23/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

65,206

1,494

1/27/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

7,244

2/9/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

TRY

24,650

555

2/18/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

59,320

1,330

2/25/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

94,079

2,101

3/2/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

7,860

3/4/26

—

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 143

#### Forward

#### Foreign

#### Currency

#### Contracts
(continued)

Type&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

150,196

3,337

3/9/26

$

$

—

$

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

612

3/11/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

TRY

6,426

3/12/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TRY

701

3/19/26

—

—π

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

43,581

1,387

1/20/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

TWD

8,804

1/20/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

12,851

1/23/26

—

(3) (3) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

13,205

1/30/26

—π

—

—π

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

18,022

574

2/2/26

—

(1) (1) Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

21,044

669

2/5/26

—

(1) (1) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

193,163

6,155

1/15/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

TWD

1/22/26

—π

—

—π

Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

TWD

13,336

1/22/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

ZAR

1,687

1/26/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

ZAR

11,061

666

1/26/26

—

Buy&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

ZAR

4,370

2/23/26

—

Sell&nbsp;&nbsp;&nbsp;&nbsp;

Barclays

Bank

PLC

ZAR

6,223

1/26/26

—

(16) (16) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

ZAR

7,310

1/26/26

—

(5) (5) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

ZAR

5,718

1/26/26

—

(13) (13) Sell&nbsp;&nbsp;&nbsp;&nbsp;

JP

Morgan

Chase

Bank

NA

ZAR

9,788

590

1/26/26

—

(20) (20) Sell&nbsp;&nbsp;&nbsp;&nbsp;

UBS

AG

ZAR

60,937

3,674

1/26/26

—

(119) (119) Sell&nbsp;&nbsp;&nbsp;&nbsp;

BNP

Paribas

SA

ZAR

15,089

903

5/6/26

—

(50) (50) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

ZAR

13,198

789

5/20/26

—

(26) (26) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Goldman

Sachs

Bank

USA

ZAR

21,940

1,304

8/5/26

—

(73) (73) Sell&nbsp;&nbsp;&nbsp;&nbsp;

Bank

of

America

NA

ZAR

15,002

891

8/19/26

—

(30) (30) $

1,030

$

(3,695)

$

(2,665)

#### 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)

Markit

CDX

iTraxx

Europe

Crossover

Index

BNP

Paribas

SA

5.000%

12/30

0.585%

EUR

900

$

$

$

Markit

CDX

iTraxx

Europe

Crossover

Index

JP

Morgan

Chase

Bank

NA

5.000%

12/30

0.585%

EUR

1,900

Republic

of

Argentina

Morgan

Stanley

Capital

Services

LLC

5.000%

6/27

5.525%

USD

650

(72) 67

(5) Republic

of

Indonesia

Barclays

Bank

PLC

1.000%

6/31

0.757%

USD

5,700

(131) 199

Republic

of

Poland

JP

Morgan

Chase

Bank

NA

1.000%

6/29

0.448%

USD

2,000

Republic

of

Turkey

Morgan

Stanley

Capital

Services

LLC

1.000%

12/28

1.313%

USD

3,000

(137) 111

(26) Softbank

Group

Corp.

Goldman

Sachs

International

1.000%

6/26

1.706%

USD

3,600

(8) (4) (12) United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

12/26

0.290%

USD

–π

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

6/27

0.362%

USD

–π

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 144

#### Credit

#### Default

#### Swaps

#### on

#### Corporate

#### or

#### Sovereign

#### Issues

#### -

#### Sell

#### Protection
(continued)

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)

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

6/28

0.480%

USD

$

(1) $

$

United

Mexican

States

Morgan

Stanley

Capital

Services

LLC

1.000%

12/28

0.534%

USD

(2) 6

$

$

$

724

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

$

1,030

$

767

$

1,797

$

(3,695)

—

$

(43) $

(3,738)

#### Restricted

#### Securities
Description&nbsp;&nbsp;&nbsp;&nbsp;

Coupon

Maturity

Date

Acquisition

Date

Cost

(000's)

Value

(000's)

Value

as

a

Percentage

of

Net

Assets

Altice

France

Luxco

SA

10/1/25

$

$

0.02%

AmSurg

Corp.

11/2/23

0.03%

Corestate

Capital

Holding

SA

8/22/23

–π

–π

–%

DrillCo

Holding

Lux

SA

-

Class

B

6/8/23

0.01%

DrillCo

Holding

Lux

SA

-

Class

C

6/8/23

545

0.04%

Turkiye

Is

Bankasi

AS,

Series

2024-H

6.75%

11/15/34

9/18/24

1,250

1,257

0.09%

VakifBank

DPR,

Series

2025-E,

Class

4A2

6.83%

3/15/35

1/31/25

2,000

2,149

0.16%

+

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

December

31,

2025

the

value

of

these

securities

(in

thousands)

was

$560,602

representing

40.8%

of

the

net

assets.

φ

Defaulted

Security

-

not

accruing

income

as

of

the

date

of

this

report.

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.

∞

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

December

31,

2025,

the

aggregate

value

of

these

securities

was

$179,322

(in

thousands),

representing

13.0%

of

net

assets.

β

Part

or

all

of

the

security

has

been

pledged

as

collateral.

Þ

PIK

-

Payment

In

Kind.

PIK

rate

of

AmSurg

Corp.

First

Out

is

8.875%,

AmSurg

Corp.

Last

Out

is

8.875%,

Corestate

Capital

Holding

SA

is

10.000%,

Kaisa

Group

Holdings,

Ltd.

due

12/28/27,

12/28/28,

12/28/29,

12/28/30,

12/28/31,

and

12/28/32

is

7.721%,

6.250%,

6.500%,

6.750%,

7.000%,

and

7.250%,

respectively.

Ψ

Contingent

convertible

security

∑

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,598,863

and

the

net

unrealized

depreciation

of

investments

based

on

that

cost

was

$20,025

which

is

comprised

of

$53,619

aggregate

gross

unrealized

appreciation

and

$73,644

aggregate

gross

unrealized

depreciation.

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 145
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

—

$

56,788

$

10,995

Common

Stocks

Consumer,

Cyclical

—

—

Real

Estate

—

—π

All

Others

—

—

1,419

Convertible

Corporate

Bonds

—

—

Corporate

Bonds

Basic

Materials

—

10,718

520

Financial

—

159,218

4,806

All

Others

—

404,832

—

Governments

—

320,198

—

Municipal

Bonds

—

2,404

—

Structured

Products

Asset

Backed

Securities

—

193,635

—

Mortgage

Securities

—

313,100

16,817

Short-Term

Investments

—

78,836

—

Other

Financial

Instruments^

Futures

—

—

Forward

Foreign

Currency

Contracts

—

1,030

—

Interest

Rate

Swaps

—

4,609

—

Credit

Default

Swaps

—

9,634

—

Warrants

—

—

Total

Assets:

$

$

1,555,048

$

34,558

Liabilities:

Other

Financial

Instruments^

Futures

(1,099)

—

—

Forward

Foreign

Currency

Contracts

—

(3,695)

—

Interest

Rate

Swaps

—

(1,358)

—

Credit

Default

Swaps

—

(186) —

Reverse

Repurchase

Agreements

—

(5,376)

—

Total

Liabilities:

$

(1,099)

$

(10,615)

$

—

^

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.

Multi-Sector

Bond

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 146
The

following

is

a

reconciliation

of

the

fair

valuations

using

significant

unobservable

inputs

(Level

3)

for

the

period

ended

December

31,

2025:

#### Category

#### Value

#### at

#### 12/31/2024

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### Transfers

#### into

#### Level

#### 3

#### Transfers

#### out

#### of

#### Level

#### 3

#### Value

#### at

#### 12/31/2025

#### Change

#### in

#### Unrealized

#### Appreciation/

#### Depreciation

#### on

#### investments

#### held

#### at

#### 12/31/2025
Bank

Loan

Obligations

$

4,322

$

8,292

$

2,172

$

(100) $

653

$

-

$

-

$

10,995

$

503

Common

Stocks

1,421

(883) 608

-

-

1,419

Corporate

Bonds

2,011

3,170

-

-

5,326

Structured

Products

-

16,477

-

-

16,817

Warrants

-

-

-

-

-

$

7,754

$

28,383

$

2,343

$

(983) $

1,746

$

$

-

$

34,558

$

1,058

The

following

is

a

summary

of

significant

unobservable

inputs

used

in

the

fair

valuations

of

assets

categorized

within

Level

of

the

fair

value

hierarchy:

#### Category

#### Value

#### at

#### 12/31/2025

#### Valuation

#### Techniques

#### Unobservable

#### Inputs

#### Input

#### values

#### Weighted

#### Average
Bank

Loan

Obligations

$

Comparable

Companies

EBITDA

Multiple

16.360x

-

5,417

Discounted

Cash

Flow

Discount

Rate

3.939%

-

7.436%

4.806%

5,292

Recent

Transaction

Purchase

Price

$98.000

-

Common

Stocks

Comparable

Companies

EBITDA

Multiple

16.360x

-

-

Expected

Recovery

Recovery

Rate

$-

-

993

Indicative

Market

Quotation

Broker

Quote

$15.012

-

$22.563

$19.698

Corporate

Bonds

4,581

Discounted

Cash

Flow

Discount

Rate

5.359%

-

6.309%

5.636%

745

Third

Party

Vendor

Expected

Recovery

$5.000

-

Structured

Products

16,817

Recent

Transaction

Purchase

Price

$100.000

-

Warrants

Indicative

Market

Quotation

Broker

Quote

$0.080

-

$

34,558

Schedule

of

Investments

#### December

#### 31,

#### 2025
Active/Passive

Very

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 147
Investment

Companies

(97.3%)

Shares/

Par

+

Value

$

(000's)

#### Commodities

#### (2.0%)
abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

50,250

981

#### Total

#### 981

#### Domestic

#### Equity

#### (60.3%)
Invesco

S&P

500

Equal

Weight

ETF

13,505

2,587

iShares

Core

S&P

500

ETF

9,447

6,471

iShares

MSCI

USA

Value

Factor

ETF

10,880

1,487

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

1,732,595

2,717

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

574,520

2,717

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

2,413,624

2,720

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

369,562

1,129

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

747,522

1,139

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

189,247

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

257,129

501

Schwab

U.S.

REIT

ETF

29,290

612

State

Street

SPDR

Dow

Jones

REIT

ETF

6,152

604

State

Street

SPDR

Portfolio

S&P

Mid

Cap

ETF

71,242

4,126

Investment

Companies

(97.3%)

Shares/

Par

+

Value

$

(000's)

#### Domestic

#### Equity

#### continued
State

Street

SPDR

Portfolio

S&P

600

Small

Cap

ETF

57,684

2,703

#### Total

#### 29,998

#### Foreign

#### Equity

#### (35.0%)
Dimensional

International

Value

ETF

17,488

873

iShares

Core

MSCI

EAFE

ETF

31,365

2,806

iShares

Core

MSCI

Emerging

Markets

ETF

4,480

iShares

MSCI

International

Quality

Factor

ETF

35,408

1,609

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

3,233,632

4,110

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

2,270,621

4,832

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

1,303,846

2,866

#### Total

#### 17,397

#### Total

#### Investment

#### Companies

#### (Cost: $47,140)

#### 48,376
Short-Term

Investments

(1.0%)

#### Investment

#### Companies

#### (1.0%)
JPMorgan

Ultra-Short

Income

ETF

9,815

#### Total

#### 497

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $497)

#### 497

#### Total

#### Investments

#### (98.3%)

#### (Cost:

#### $47,637)

#### @

#### 48,873

#### Other

#### Assets,

#### Less

#### Liabilities (1.7%)

#### 843

#### Net

#### Assets

#### (100.0%)

#### 49,716
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$47,652

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$1,221

which

is

comprised

of

$1,614

aggregate

gross

unrealized

appreciation

and

$393

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

48,376

$

—

$

—

Short-Term

Investments

—

—

Total

Assets:

$

48,873

$

—

$

—

Active/Passive

Very

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 148

#### 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

December

31,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

12/31/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

12/31/2025

*(amount* 

*in* 

*thousands)*

Domestic

Equity

$

–

$

2,672

$

–

$

2,717

$

$

–

$

$

1,733

Emerging

Markets

–

3,686

–

4,110

–

–

3,234

Focused

Appreciation

–

2,826

–

2,717

(109) –

–

575

International

Equity

–

4,562

–

4,832

–

2,271

International

Growth

–

2,869

–

2,866

(3) –

1,304

Large

Cap

Blend

–

2,776

–

2,720

(56) –

2,414

Mid

Cap

Growth

Stock

–

1,245

–

1,129

(116) –

–

Mid

Cap

Value

–

1,162

–

1,139

(23) –

748

Small

Cap

Growth

Stock

–

–

–

–

Small

Cap

Value

–

500

–

501

–

$

–

$

22,762

$

–

$

23,216

$

$

–

$

$

867

13,09

Schedule

of

Investments

#### December

#### 31,

#### 2025
Active/Passive

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 149
Investment

Companies

(98.0%)

Shares/

Par

+

Value

$

(000's)

#### Commodities

#### (2.5%)
abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

67,671

1,321

#### Total

#### 1,321

#### Domestic

#### Equity

#### (49.6%)
Invesco

S&P

500

Equal

Weight

ETF

11,793

2,259

iShares

Core

S&P

500

ETF

7,847

5,375

iShares

MSCI

USA

Value

Factor

ETF

12,170

1,664

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

1,528,781

2,397

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

506,709

2,396

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

2,125,420

2,395

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

336,572

1,028

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

679,180

1,035

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

124,375

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

169,825

Schwab

U.S.

REIT

ETF

44,415

928

State

Street

SPDR

Dow

Jones

REIT

ETF

9,460

929

State

Street

SPDR

Portfolio

S&P

Mid

Cap

ETF

60,472

3,502

State

Street

SPDR

Portfolio

S&P

600

Small

Cap

ETF

39,531

1,853

#### Total

#### 26,411

#### Fixed

#### Income

#### (19.1%)
iShares

Core

U.S.

Aggregate

Bond

ETF

37,459

3,741

Investment

Companies

(98.0%)

Shares/

Par

+

Value

$

(000's)

#### Fixed

#### Income

#### continued
Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

1,308,836

1,342

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

4,329,614

4,810

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

253,632

#### Total

#### 10,160

#### Foreign

#### Equity

#### (26.8%)
Dimensional

International

Value

ETF

16,460

821

iShares

Core

MSCI

EAFE

ETF

30,739

2,750

iShares

Core

MSCI

Emerging

Markets

ETF

1,220

iShares

MSCI

International

Quality

Factor

ETF

32,229

1,465

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

1,860,654

2,365

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

2,036,431

4,334

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

1,130,767

2,485

#### Total

#### 14,302

#### Total

#### Investment

#### Companies

#### (Cost: $51,305)

#### 52,194
Short-Term

Investments

(1.0%)

#### Investment

#### Companies

#### (1.0%)
JPMorgan

Ultra-Short

Income

ETF

10,600

536

#### Total

#### 536

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $537)

#### 536

#### Total

#### Investments

#### (99.0%)

#### (Cost:

#### $51,842)

#### @

#### 52,730

#### Other

#### Assets,

#### Less

#### Liabilities (1.0%)

#### 542

#### Net

#### Assets

#### (100.0%)

#### 53,272
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$51,848

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$882

which

is

comprised

of

$1,314

aggregate

gross

unrealized

appreciation

and

$432

aggregate

gross

unrealized

depreciation.

Active/Passive

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 150
The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

52,194

$

—

$

—

Short-Term

Investments

536

—

—

Total

Assets:

$

52,730

$

—

$

—

Active/Passive

Aggressive

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 151

#### 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

December

31,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

12/31/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

12/31/2025

*(amount* 

*in* 

*thousands)*

Domestic

Equity

$

–

$

2,357

$

–

$

2,397

$

$

–

$

$

1,529

Emerging

Markets

–

2,129

–

2,365

–

–

1,861

Focused

Appreciation

–

2,498

–

2,396

(102) –

–

507

International

Equity

–

4,087

–

4,334

–

2,036

International

Growth

–

2,490

–

2,485

(5) –

1,131

Large

Cap

Blend

–

2,447

–

2,395

(52) –

2,125

Mid

Cap

Growth

Stock

–

1,124

–

1,028

(96) –

–

Mid

Cap

Value

–

1,054

–

1,035

(19) –

679

Multi-Sector

Bond

–

1,344

–

1,342

(2) –

–

1,309

Select

Bond

–

4,847

–

4,810

(37) –

–

4,330

Short-Term

Bond

–

–

(2) –

–

Small

Cap

Growth

Stock

–

–

–

–

Small

Cap

Value

–

–

–

$

–

$

25,283

$

–

$

25,504

$

$

–

$

$

750

16,39

Schedule

of

Investments

#### December

#### 31,

#### 2025
Active/Passive

Moderate

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 152
Investment

Companies

(95.7%)

Shares/

Par

+

Value

$

(000's)

#### Commodities

#### (0.2%)
abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

25,100

#### Total

#### 490

#### Domestic

#### Equity

#### (41.8%)
Invesco

S&P

500

Equal

Weight

ETF

53,450

10,239

iShares

Core

S&P

500

ETF

40,390

27,665

iShares

MSCI

USA

Value

Factor

ETF

48,980

6,697

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

7,143,070

11,201

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

2,366,659

11,192

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

9,942,330

11,205

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

1,701,074

5,195

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

3,425,313

5,220

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

1,163,273

2,980

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

1,575,496

3,072

Schwab

U.S.

REIT

ETF

213,800

4,466

State

Street

SPDR

Dow

Jones

REIT

ETF

45,430

4,463

State

Street

SPDR

Portfolio

S&P

Mid

Cap

ETF

244,690

14,170

State

Street

SPDR

Portfolio

S&P

600

Small

Cap

ETF

155,950

7,308

#### Total

#### 125,073

#### Fixed

#### Income

#### (33.8%)
iShares

Core

U.S.

Aggregate

Bond

ETF

231,481

23,120

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

14,674,890

15,042

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

48,594,613

53,989

Investment

Companies

(95.7%)

Shares/

Par

+

Value

$

(000's)

#### Fixed

#### Income

#### continued
Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

2,834,799

2,979

State

Street

SPDR

Portfolio

Long

Term

Treasury

ETF

226,110

5,985

#### Total

#### 101,115

#### Foreign

#### Equity

#### (19.9%)
Dimensional

International

Value

ETF

59,870

2,988

iShares

Core

MSCI

EAFE

ETF

110,210

9,859

iShares

MSCI

International

Quality

Factor

ETF

133,830

6,083

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

9,399,245

11,946

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

8,469,348

18,023

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

4,756,281

10,454

#### Total

#### 59,353

#### Total

#### Investment

#### Companies

#### (Cost: $262,831)

#### 286,031
Short-Term

Investments

(3.1%)

#### Governments

#### (2.1%)
US

Treasury

0.000%,

1/29/26

2,000,000

1,995

0.000%,

2/26/26

2,000,000

1,989

0.000%,

3/31/26

2,300,000

2,280

#### Total

#### 6,264

#### Investment

#### Companies

#### (1.0%)
JPMorgan

Ultra-Short

Income

ETF

59,520

3,011

#### Total

#### 3,011

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $9,284)

#### 9,275

#### Total

#### Investments

#### (98.8%)

#### (Cost:

#### $272,115)

#### @

#### 295,306

#### Other

#### Assets,

#### Less

#### Liabilities (1.2%)

#### 3,675

#### Net

#### Assets

#### (100.0%)

#### 298,981

#### 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

Month

Forward

Citibank

NA

0.120%

Bloomberg

Commodity

Index

Month

Forward

4/26

6,897

$

—

$

—

$

—

$

—

Active/Passive

Moderate

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 153
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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$273,285

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$22,021

which

is

comprised

of

$30,911

aggregate

gross

unrealized

appreciation

and

$8,890

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

286,031

$

—

$

—

Short-Term

Investments

Governments

—

6,264

—

Investment

Companies

3,011

—

—

Other

Financial

Instruments^

Total

Return

Swaps

—

—

—

Total

Assets:

$

289,042

$

6,264

$

—

^

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.

Active/Passive

Moderate

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 154

#### 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

December

31,

2025

are

as

follows:

Portfolio

Value

at

12/31/2024

Purchases

Sales

Value

at

12/31/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

12/31/2025

*(amount* 

*in* 

*thousands)*

Domestic

Equity

$

12,770

$

1,252

$

3,169

$

11,201

$

755

$

(407) $

$

1,034

7,143

Emerging

Markets

10,411

788

2,457

11,946

2,764

–

9,399

Focused

Appreciation

12,648

2,453

4,097

11,192

(1,251)

1,439

–

1,593

2,367

International

Equity

14,510

608

1,878

18,023

4,639

8,469

International

Growth

14,854

769

6,800

10,454

1,589

4,756

Large

Cap

Blend

12,849

1,474

3,267

11,205

(96) 59

1,415

9,942

Mid

Cap

Growth

Stock

6,262

1,678

2,234

5,195

(294) (217) –

1,168

1,701

Mid

Cap

Value

6,274

593

1,631

5,220

(178) 163

3,425

Multi-Sector

Bond

13,659

1,378

560

15,042

649

(84) 782

–

14,675

Select

Bond

46,842

8,298

2,487

53,989

1,595

(259) 2,293

–

48,595

Short-Term

Bond

2,871

2,979

–

2,835

Small

Cap

Growth

Stock

3,488

739

2,980

–

1,163

Small

Cap

Value

3,462

619

3,072

(188) 66

1,575

$

160,900

$

20,053

$

30,108

$

162,498

$

9,181

$

2,472

$

4,305

$

6,676

116,046

Schedule

of

Investments

#### December

#### 31,

#### 2025
Active/Passive

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 155
Investment

Companies

(96.2%)

Shares/

Par

+

Value

$

(000's)

#### Commodities

#### (0.2%)
abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

172,090

3,361

#### Total

#### 3,361

#### Domestic

#### Equity

#### (28.9%)
Invesco

S&P

500

Equal

Weight

ETF

179,170

34,322

iShares

Core

S&P

500

ETF

151,810

103,981

iShares

MSCI

USA

Value

Factor

ETF

215,670

29,488

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

28,147,429

44,135

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

9,357,933

44,254

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

41,014,085

46,223

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

8,077,053

24,667

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

16,258,407

24,778

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Growth

Stock

Portfolio ₤

7,721,947

19,784

Northwestern

Mutual

Series

Fund,

Inc.,

Small

Cap

Value

Portfolio ₤

10,490,390

20,456

Schwab

U.S.

REIT

ETF

1,408,040

29,414

State

Street

SPDR

Dow

Jones

REIT

ETF

301,750

29,641

State

Street

SPDR

Portfolio

S&P

Mid

Cap

ETF

1,199,360

69,455

State

Street

SPDR

Portfolio

S&P

600

Small

Cap

ETF

1,034,260

48,465

#### Total

#### 569,063

#### Fixed

#### Income

#### (53.1%)
iShares

Core

U.S.

Aggregate

Bond

ETF

2,751,003

274,770

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

144,729,363

148,348

Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

444,385,435

493,712

Investment

Companies

(96.2%)

Shares/

Par

+

Value

$

(000's)

#### Fixed

#### Income

#### continued
Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

28,024,560

29,454

State

Street

SPDR

Portfolio

Long

Term

Treasury

ETF

3,715,420

98,347

#### Total

#### 1,044,631

#### Foreign

#### Equity

#### (14.0%)
Dimensional

International

Value

ETF

296,590

14,800

iShares

Core

MSCI

EAFE

ETF

462,400

41,366

iShares

MSCI

International

Quality

Factor

ETF

541,820

24,626

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

55,729,669

70,832

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

36,325,517

77,301

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

21,706,145

47,710

#### Total

#### 276,635

#### Total

#### Investment

#### Companies

#### (Cost: $1,825,506)

#### 1,893,690
Short-Term

Investments

(2.7%)

#### Governments

#### (1.7%)
US

Treasury

0.000%,

1/29/26

11,300,000

11,270

0.000%,

2/26/26

11,300,000

11,238

0.000%,

3/31/26

11,900,000

11,798

#### Total

#### 34,306

#### Investment

#### Companies

#### (1.0%)
JPMorgan

Ultra-Short

Income

ETF

394,940

19,980

#### Total

#### 19,980

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $54,344)

#### 54,286

#### Total

#### Investments

#### (98.9%)

#### (Cost:

#### $

#### 1,879,850)

#### @

#### 1,947,976

#### Other

#### Assets,

#### Less

#### Liabilities (1.1%)

#### 20,685

#### Net

#### Assets

#### (100.0%)

#### 1,968,661

#### 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

Month

Forward

Citibank

NA

0.120%

Bloomberg

Commodity

Index

Month

Forward

4/26

35,492

$

—

$

—

$

—

$

—

Active/Passive

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 156
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

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$1,889,361

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$58,615

which

is

comprised

of

$140,730

aggregate

gross

unrealized

appreciation

and

$82,115

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

1,893,690

$

—

$

—

Short-Term

Investments

Governments

—

34,306

—

Investment

Companies

19,980

—

—

Other

Financial

Instruments^

Total

Return

Swaps

—

—

—

Total

Assets:

$

1,913,670

$

34,306

$

—

^

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.

Active/Passive

Balanced

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 157

#### 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

December

31,

2025

are

as

follows:

Portfolio

Value

at

12/31/2024

Purchases

Sales

Value

at

12/31/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

12/31/2025

*(*

*amount*

*in* 

*thousands)*

Domestic

Equity

$

54,270

$

5,370

$

16,899

$

44,135

$

3,699

$

(2,305)

$

939

$

4,431

28,147

Emerging

Markets

65,975

4,743

19,700

70,832

16,090

3,724

811

–

55,730

Focused

Appreciation

53,753

10,686

21,044

44,254

(6,421)

7,280

–

6,746

9,358

International

Equity

70,965

2,772

18,895

77,301

19,694

2,765

1,960

812

36,326

International

Growth

72,497

2,087

34,834

47,710

(691) 8,651

1,684

21,706

Large

Cap

Blend

55,144

6,306

15,872

46,223

766

(121) 254

6,052

41,014

Mid

Cap

Growth

Stock

32,590

8,745

13,828

24,667

(213) (2,627)

–

6,305

8,077

Mid

Cap

Value

32,647

3,085

10,876

24,778

548

(626) 848

2,237

16,258

Multi-Sector

Bond

143,799

8,619

9,981

148,348

7,310

(1,399)

8,039

–

144,729

Select

Bond

523,773

22,183

66,885

493,712

25,254

(10,613)

22,182

–

444,385

Short-Term

Bond

30,286

1,197

2,480

29,454

1,197

–

28,025

Small

Cap

Growth

Stock

22,717

1,202

4,550

19,784

(121) 536

–

1,202

7,722

Small

Cap

Value

24,885

2,213

5,838

20,456

(898) 162

2,051

10,490

$

1,183,301

$

79,208

$

241,682

$

1,091,654

$

66,367

$

4,460

$

36,795

$

31,520

851,96

Schedule

of

Investments

#### December

#### 31,

#### 2025
Active/Passive

Conservative

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 158
Investment

Companies

(98.8%)

Shares/

Par

+

Value

$

(000's)

#### Commodities

#### (1.5%)
abrdn

Bloomberg

All

Commodity

Strategy

Free

ETF

22,604

#### Total

#### 441

#### Domestic

#### Equity

#### (16.0%)
Invesco

S&P

500

Equal

Weight

ETF

1,512

iShares

Core

S&P

500

ETF

1,299

890

iShares

MSCI

USA

Value

Factor

ETF

2,160

Northwestern

Mutual

Series

Fund,

Inc.,

Domestic

Equity

Portfolio ₤

231,598

Northwestern

Mutual

Series

Fund,

Inc.,

Focused

Appreciation

Portfolio ₤

78,844

Northwestern

Mutual

Series

Fund,

Inc.,

Large

Cap

Blend

Portfolio ₤

328,767

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Growth

Stock

Portfolio ₤

72,995

Northwestern

Mutual

Series

Fund,

Inc.,

Mid

Cap

Value

Portfolio ₤

146,387

Schwab

U.S.

REIT

ETF

17,540

State

Street

SPDR

Dow

Jones

REIT

ETF

3,763

State

Street

SPDR

Portfolio

S&P

Mid

Cap

ETF

11,626

673

State

Street

SPDR

Portfolio

S&P

600

Small

Cap

ETF

6,455

#### Total

#### 4,739

#### Fixed

#### Income

#### (72.9%)
iShares

Core

U.S.

Aggregate

Bond

ETF

87,287

8,718

Northwestern

Mutual

Series

Fund,

Inc.,

Multi-

Sector

Bond

Portfolio ₤

3,060,179

3,137

Investment

Companies

(98.8%)

Shares/

Par

+

Value

$

(000's)

#### Fixed

#### Income

#### continued
Northwestern

Mutual

Series

Fund,

Inc.,

Select

Bond

Portfolio ₤

6,709,732

7,455

Northwestern

Mutual

Series

Fund,

Inc.,

Short-

Term

Bond

Portfolio ₤

710,655

747

State

Street

SPDR

Portfolio

Long

Term

Treasury

ETF

56,150

1,486

#### Total

#### 21,543

#### Foreign

#### Equity

#### (8.4%)
Dimensional

International

Value

ETF

2,957

iShares

Core

MSCI

EAFE

ETF

4,291

iShares

MSCI

International

Quality

Factor

ETF

4,953

Northwestern

Mutual

Series

Fund,

Inc.,

Emerging

Markets

Equity

Portfolio ₤

466,339

593

Northwestern

Mutual

Series

Fund,

Inc.,

International

Equity

Portfolio ₤

337,399

718

Northwestern

Mutual

Series

Fund,

Inc.,

International

Growth

Portfolio ₤

181,984

#### Total

#### 2,467

#### Total

#### Investment

#### Companies

#### (Cost: $29,013)

#### 29,190
Short-Term

Investments

(1.0%)

#### Investment

#### Companies

#### (1.0%)
JPMorgan

Ultra-Short

Income

ETF

5,860

#### Total

#### 297

#### Total

#### Short-Term

#### Investments

#### (Cost:

#### $297)

#### 297

#### Total

#### Investments

#### (99.8%)

#### (Cost:

#### $29,310)

#### @

#### 29,487

#### Other

#### Assets,

#### Less

#### Liabilities (0.2%)

#### 57

#### Net

#### Assets

#### (100.0%)

#### 29,544
+

All

par

is

stated

in

U.S.

Dollar

unless

otherwise

noted.

₤

Affiliated

Company

@

At

December

31,

2025,

the

aggregate

cost

of

investments,

including

derivatives,

for

federal

tax

purposes

(in

thousands)

was

$29,319

and

the

net

unrealized

appreciation

of

investments

based

on

that

cost

was

$168

which

is

comprised

of

$376

aggregate

gross

unrealized

appreciation

and

$208

aggregate

gross

unrealized

depreciation.

The

following

is

a

summary

of

the

inputs

used

in

valuing

the

Portfolio's

Investments

at

December

31,

2025. See

Note

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

$

29,190

$

—

$

—

Short-Term

Investments

—

—

Total

Assets:

$

29,487

$

—

$

—

Active/Passive

Conservative

Portfolio

The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 159

#### 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

December

31,

2025

are

as

follows:

Portfolio

Value

at

Beginning

of

Period

Purchases

Sales

Value

at

12/31/2025

Change

in

Unrealized

Appreciation/

(Depreciation)

Realized

Gain

(Loss)

Income

Dividends

Capital

Gain

Distributions

Shares

at

12/31/2025

*(amount* 

*in* 

*thousands)*

Domestic

Equity

$

–

$

$

$

$

$

(5) $

$

Emerging

Markets

–

555

593

–

Focused

Appreciation

–

506

(19) (7) –

International

Equity

–

664

–

718

–

International

Growth

–

–

(1) –

Large

Cap

Blend

–

(10) (5) 2

Mid

Cap

Growth

Stock

–

–

(29) –

–

Mid

Cap

Value

–

–

(6) –

Multi-Sector

Bond

–

3,147

–

3,137

(10) –

–

3,060

Select

Bond

–

7,538

–

7,455

(83) –

–

6,710

Short-Term

Bond

–

758

–

747

(11) –

–

711

$

–

$

15,009

$

$

14,603

$

(26) $

(11) $

503

$

12,325

Northwestern

Mutual

Series

Fund,

Inc.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 160
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) ..............................

$

1,496,310

$

1,531,953

$

821,484

$

168,809

$

7,427,875

Cash

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

4,877

10,507

3,221

585

37,748

Collateral

with

Counterparty

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

—

—

—

—

2,713

Receivable

for

Portfolio

Shares

Sold

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

1,437

1,184

1,412

Receivable

for

Investment

Securities

Sold

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

—

10,090

—

1,572

—

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

806

530

3,788

#### Total

#### Assets

#### .......................................................
1,501,479

1,554,803

825,271

172,266

7,473,594

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

4,998

2,403

1,157

Payable

for

Investment

Securities

Purchased

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

—

—

—

Variation

Margin

Payable

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

—

—

—

—

Investment

Advisory

Fees

Payable

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

549

835

1,255

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
879

5,872

505

2,796

2,816

#### Net

#### Assets

#### .........................................................
$

1,500,600

$

1,548,931

$

824,766

$

169,470

$

7,470,778

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

508,392

$

565,332

$

541,361

$

116,980

$

1,690,241

Total

Distributable

Earnings

(Loss)

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

992,208

983,599

283,405

52,490

5,780,537

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

1,500,600

$

1,548,931

$

824,766

$

169,470

$

7,470,778

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.94

$

.73

$

.90

$

.13

$

.75

(1) Unaffiliated

Investments,

at

Cost

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

$

625,221

$

639,794

$

625,489

$

134,956

$

1,933,741

(10) Shares

Outstanding

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

304,018

327,533

433,281

150,414

695,009

(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.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 161
Statements

of

Assets

and

Liabilities

Large

Company

Value

Portfolio

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

Index

Stock

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1) ..............................

$

168,375

$

1,150,544

$

764,949

$

1,024,049

$

1,480,715

Cash

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

2,820

27,002

6,728

8,654

11,075

Foreign

Currency,

at

Value

(4) .......................................

—

—

—

—

Receivable

for

Portfolio

Shares

Sold

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

1,006

Receivable

for

Investment

Securities

Sold

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

812

—

—

—

Receivable

for

Foreign

Currency

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

—

—

—

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

927

1,560

1,328

#### Total

#### Assets

#### .......................................................
172,360

1,179,521

773,421

1,032,994

1,493,411

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

5,539

Payable

for

Investment

Securities

Purchased

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

634

—

1,154

3,200

Variation

Margin

Payable

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

—

—

—

—

Payable

for

Foreign

Currency

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

—

—

—

Collateral

from

Counterparty

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

—

—

—

Investment

Advisory

Fees

Payable

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

505

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
839

6,199

1,746

1,122

4,126

#### Net

#### Assets

#### .........................................................
$

171,521

$

1,173,322

$

771,675

$

1,031,872

$

1,489,285

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

143,674

$

923,394

$

518,931

$

911,542

$

983,739

Total

Distributable

Earnings

(Loss)

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

27,847

249,928

252,744

120,330

505,546

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

171,521

$

1,173,322

$

771,675

$

1,031,872

$

1,489,285

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.89

$

.57

$

.78

$

.05

$

.33

(1) Unaffiliated

Investments,

at

Cost

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

$

151,327

$

1,009,750

$

591,906

$

914,542

$

1,060,932

(4) Foreign

Currency,

at

Cost

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

—

—

—

—

(10) Shares

Outstanding

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

193,135

748,145

434,328

337,854

638,207

(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.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 162
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) ..............................

$

640,886

$

756,523

$

510,480

$

567,975

$

1,105,347

Cash

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

15,602

2,753

3,672

7,894

36,661

Foreign

Currency,

at

Value

(4) .......................................

—

—

—

—

Receivable

for

Portfolio

Shares

Sold

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

Receivable

for

Investment

Securities

Sold

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

634

—

—

—

Receivable

for

Foreign

Currency

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

—

—

—

—

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

1,500

612

699

1,267

#### Total

#### Assets

#### .......................................................
658,791

759,569

514,884

576,591

1,143,407

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

Payable

for

Investment

Securities

Purchased

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

865

—

—

—

Accrued

Foreign

Capital

Gains

Tax

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

—

—

—

—

520

Variation

Margin

Payable

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

—

—

—

—

Payable

for

Foreign

Currency

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

—

—

—

—

Collateral

from

Counterparty

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

—

—

—

—

Investment

Advisory

Fees

Payable

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

596

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
1,690

622

630

1,528

#### Net

#### Assets

#### .........................................................
$

657,101

$

758,947

$

514,579

$

575,961

$

1,141,879

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

600,210

$

588,586

$

402,291

$

416,513

$

700,567

Total

Distributable

Earnings

(Loss)

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

56,891

170,361

112,288

159,448

441,312

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

657,101

$

758,947

$

514,579

$

575,961

$

1,141,879

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.52

$

.56

$

.59

$

.95

$

.20

(1) Unaffiliated

Investments,

at

Cost

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

$

625,610

$

623,373

$

439,440

$

453,606

$

826,572

(4) Foreign

Currency,

at

Cost

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

—

—

—

—

(10) Shares

Outstanding

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

430,995

296,257

323,896

295,380

519,447

(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.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 163
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) ..............................

$

980,475

$

2,346,081

$

1,289,945

$

295,393

$

395,901

Investments

in

Repurchase

Agreements,

at

Value

(3) .........

—

—

—

205,000

—

Cash

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

14,288

31,680

16,330

7,047

Foreign

Currency,

at

Value

(4) .......................................

—

—

—

Collateral

with

Counterparty

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

—

—

—

Receivable

for

Portfolio

Shares

Sold

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

815

Receivable

for

Investment

Securities

Sold

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

—

2,678

—

1,693

—

Variation

Margin

Receivable

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

—

—

—

—

Receivable

for

Foreign

Currency

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

—

3,755

—

—

—

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

3,364

5,537

772

647

2,741

#### Total

#### Assets

#### .......................................................
998,247

2,390,661

1,307,689

503,701

406,005

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

986

915

Payable

for

Investment

Securities

Purchased

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

—

—

—

2,600

3,328

Accrued

Foreign

Capital

Gains

Tax

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

1,002

4,906

7,142

—

—

Variation

Margin

Payable

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

—

—

—

—

Payable

for

Foreign

Currency

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

—

2,475

—

—

—

Collateral

from

Counterparty

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

—

1,760

—

—

—

Investment

Advisory

Fees

Payable

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

595

1,389

845

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
2,073

11,649

8,588

3,669

3,604

#### Net

#### Assets

#### .........................................................
$

996,174

$

2,379,012

$

1,299,101

$

500,032

$

402,401

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

671,419

$

1,693,215

$

951,590

$

500,032

$

397,695

Total

Distributable

Earnings

(Loss)

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

324,755

685,797

347,511

—

4,706

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

996,174

$

2,379,012

$

1,299,101

$

500,032

$

402,401

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.29

$

.13

$

.27

$

.00

$

.05

(1) Unaffiliated

Investments,

at

Cost

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

$

765,347

$

1,798,064

$

942,568

$

295,393

$

394,217

(3) Investments

in

Repurchase

Agreements,

at

Cost

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

—

—

—

205,000

—

(4) Foreign

Currency,

at

Cost

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

—

613

—

—

(10) Shares

Outstanding

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

774,312

1,117,737

1,022,021

500,033

382,900

(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.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 164
Statements

of

Assets

and

Liabilities

Select

Bond

Portfolio

Long-Term

U.S.

Government

Bond

Portfolio

Inflation

Managed

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1) ..............................

$

2,834,699

$

185,136

$

410,983

$

678,406

$

1,502,936

Investments

in

Repurchase

Agreements,

at

Value

(3) .........

—

—

—

—

71,400

Cash

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

76,857

508

5,237

23,403

6,302

Foreign

Currency,

at

Value

(4) .......................................

—

—

—

—

2,235

Collateral

with

Counterparty

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

—

1,358

3,411

—

10,890

Receivable

for

Portfolio

Shares

Sold

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

1,802

573

Receivable

for

Investment

Securities

Sold

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

90,304

5,316

—

221,344

Receivable

for

Financing

Transactions

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

—

168,150

—

—

—

Variation

Margin

Receivable

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

—

—

508

Outstanding

Swap

Contracts,

at

Value

(8) ........................

—

—

6,512

—

767

Receivable

for

Foreign

Currency

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

—

—

—

1,038

Deferred

Expense

for

Financing

Transactions

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

—

—

—

—

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

18,696

1,556

2,095

11,282

18,262

#### Total

#### Assets

#### .......................................................
3,022,376

362,146

428,604

713,187

1,836,276

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

634

3,181

Payable

for

Investment

Securities

Purchased

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

166,200

20,302

—

—

442,867

Payable

for

Financing

Transactions

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

—

220,284

—

—

—

Variation

Margin

Payable

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

—

—

Outstanding

Options

Written,

at

Value

(6) .........................

—

—

—

—

Payable

for

Reverse

Repurchase

Agreements

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

—

—

—

—

5,376

Outstanding

Swap

Contracts,

at

Value

(9) ........................

—

—

—

Payable

for

Foreign

Currency

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

—

—

—

3,702

Collateral

from

Counterparty

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

—

—

8,217

—

1,441

Investment

Advisory

Fees

Payable

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

759

827

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
167,699

241,071

9,093

546

457,992

#### Net

#### Assets

#### .........................................................
$

2,854,677

$

121,075

$

419,511

$

712,641

$

1,378,284

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

3,213,042

$

191,297

$

451,966

$

728,321

$

1,436,322

Total

Distributable

Earnings

(Loss)

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

(358,365)

(70,222)

(32,455)

(15,680)

(58,038)

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

2,854,677

$

121,075

$

419,511

$

712,641

$

1,378,284

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.11

$

.61

$

.04

$

.68

$

.03

(1) Unaffiliated

Investments,

at

Cost

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

$

2,839,810

$

204,498

$

440,247

$

684,490

$

1,515,874

(3) Investments

in

Repurchase

Agreements,

at

Cost

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

—

—

—

—

71,400

(4) Foreign

Currency,

at

Cost

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

—

—

—

—

2,215

(6) Premiums

Received

on

Options

Written

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

—

—

—

—

(8) Premiums

Paid

on

Swap

Contracts

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

—

—

13,297

(9) Premiums

Received

from

Swap

Contracts

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

—

—

—

2,538

(10) Shares

Outstanding

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

2,569,197

196,978

401,698

1,044,472

1,344,554

(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.

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 165
Statements

of

Assets

and

Liabilities

Active/

Passive

Very

Aggressive

Portfolio

Active/Passive

Aggressive

Portfolio

Active/Passive

Moderate

Portfolio

Active/Passive

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

Assets

Unaffiliated

Investments,

at

Value

(1) ..............................

$

25,657

$

27,226

$

132,808

$

856,322

$

14,884

Affiliated

Investments,

at

Value

(2) ..................................

23,216

25,504

162,498

1,091,654

14,603

Cash

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

822

1,157

2,991

12,671

500

Receivable

for

Portfolio

Shares

Sold

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

—

Receivable

for

Investment

Securities

Sold

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

1,752

2,590

17,101

92,944

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

#### Total

#### Assets

#### .......................................................
51,798

56,501

315,425

2,053,928

30,144

Liabilities

Payable

for

Portfolio

Shares

Redeemed

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

—

1,388

Payable

for

Investment

Securities

Purchased

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

2,042

3,187

16,318

82,698

Collateral

from

Counterparty

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

—

—

—

961

—

Investment

Advisory

Fees

Payable

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

Compliance

Fees

Payable

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

Directors

Fees

Payable

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

—

—

—

—

Accrued

Expenses

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

#### Total

#### Liabilities

#### ...................................................
2,082

3,229

16,444

85,267

600

#### Net

#### Assets

#### .........................................................
$

49,716

$

53,272

$

298,981

$

1,968,661

$

29,544

Represented

By:

Aggregate

Paid

in

Capital

(10) (11) .................................

$

48,143

$

52,072

$

251,748

$

1,771,581

$

29,323

Total

Distributable

Earnings

(Loss)

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

1,573

1,200

47,233

197,080

Net

Assets

for

Shares

Outstanding

(10) (11) .....................

$

49,716

$

53,272

$

298,981

$

1,968,661

$

29,544

Net

Asset

Value,

Offering

and

Redemption

Price

per

Share

.

$

.06

$

.05

$

.22

$

.41

$

.01

(1) Unaffiliated

Investments,

at

Cost

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

$

24,875

$

26,559

$

115,269

$

781,746

$

14,681

(2) Affiliated

Investments,

at

Cost

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

22,762

25,283

156,846

1,098,104

14,629

(10) Shares

Outstanding

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

46,776

50,859

245,387

1,396,194

29,205

(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

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 166
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) ...............................................................

$

$

550

$

$

$

2,244

Unaffiliated

Dividends

(1) ........................................

6,456

7,192

7,827

1,815

84,983

#### Total

#### Income

#### ..................................................
6,738

7,742

7,991

1,859

87,227

Expenses

Investment

Advisory

Fees

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

5,714

10,709

3,240

1,284

13,707

Custodian

Fees

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

—

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

—

—

—

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Trade

Name

Fees

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

—

—

—

—

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................
5,876

10,892

3,403

1,386

14,211

Less

Waived

Fees:

Advisory

Fees

Waived

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

(78)

(1,833)

(81)

(206)

(970)

#### Net

#### Expenses

#### .................................................
5,798

9,059

3,322

1,180

13,241

Net

Investment

Income

(Loss)

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

940

(1,317)

4,669

679

73,986

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

128,587

100,626

85,568

19,021

206,815

Futures

Contracts

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

—

—

—

—

5,741

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
128,587

100,626

85,568

19,021

212,556

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

120,711

110,765

29,843

3,583

849,321

Futures

Contracts

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

—

—

—

—

1,793

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
120,711

110,765

29,843

3,583

851,114

Net

Gain

(Loss)

on

Investments

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

249,298

211,391

115,411

22,604

1,063,670

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

250,238

$

210,074

$

120,080

$

23,283

$

1,137,656

(1) Net

of

Foreign

Witholding

Tax

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

$

$

$

$

$

Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 167
Statements

of

Operations

Large

Company

Value

Portfolio

Domestic

Equity

Portfolio

Equity

Income

Portfolio

Mid

Cap

Growth

Stock

Portfolio

Index

Stock

Portfolio

Investment

Income

Income

Interest

(1) ...............................................................

$

$

681

$

$

$

536

Unaffiliated

Dividends

(1) ........................................

4,193

21,332

17,675

3,740

20,527

#### Total

#### Income

#### ..................................................
4,349

22,013

17,944

4,163

21,063

Expenses

Investment

Advisory

Fees

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

1,136

5,626

4,683

5,398

3,532

Custodian

Fees

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

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

—

—

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Trade

Name

Fees

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

—

—

—

—

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................
1,286

5,839

4,839

5,559

3,891

Less

Waived

Fees:

Advisory

Fees

Waived

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

(81)

(423)

(617)

(5)

(457)

#### Net

#### Expenses

#### .................................................
1,205

5,416

4,222

5,554

3,434

Net

Investment

Income

(Loss)

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

3,144

16,597

13,722

(1,391)

17,629

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

9,788

92,960

67,109

20,060

68,417

Futures

Contracts

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

—

—

—

—

908

Foreign

Currency

Transactions

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

(890)

(375)

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
8,898

92,585

67,151

20,060

69,325

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

10,136

42,244

19,534

65,088

15,411

Futures

Contracts

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

—

—

—

—

Foreign

Currency

Transactions

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

(172)

(48)

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
9,964

42,196

19,540

65,088

15,779

Net

Gain

(Loss)

on

Investments

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

18,862

134,781

86,691

85,148

85,104

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

22,006

$

151,378

$

100,413

$

83,757

$

102,733

(1) Net

of

Foreign

Witholding

Tax

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

$

$

—

$

$

—

$

Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 168
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) ...............................................................

$

530

$

$

$

$

1,076

Unaffiliated

Dividends

(1) ........................................

17,344

3,158

7,098

8,335

15,632

#### Total

#### Income

#### ..................................................
17,874

3,381

7,219

8,694

16,708

Expenses

Investment

Advisory

Fees

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

5,506

3,782

1,058

4,754

6,446

Custodian

Fees

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

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

—

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Trade

Name

Fees

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

—

—

—

—

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................
5,721

3,952

1,268

4,908

6,820

Less

Waived

Fees:

Advisory

Fees

Waived

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

(1,095)

—

—

(30)

(11)

#### Net

#### Expenses

#### .................................................
4,626

3,952

1,268

4,878

6,809

Net

Investment

Income

(Loss)

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

13,248

(571)

5,951

3,816

9,899

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

36,295

38,890

36,115

42,526

155,692

Futures

Contracts

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

—

—

—

—

Foreign

Currency

Transactions

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

(3,647)

—

—

—

(55)

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
32,648

38,890

36,317

42,526

155,637

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

12,254

12,521

(12,145)

(5,927)

22,662

Futures

Contracts

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

—

—

(44)

—

—

Foreign

Currency

Transactions

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

(643)

—

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
11,611

12,521

(12,189)

(5,927)

22,848

Net

Gain

(Loss)

on

Investments

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

44,259

51,411

24,128

36,599

178,485

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

57,507

$

50,840

$

30,079

$

40,415

$

188,384

(1) Net

of

Foreign

Witholding

Tax

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

$

$

—

$

$

$

(58)

Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 169
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) ...............................................................

$

677

$

1,589

$

594

$

21,574

$

18,196

Unaffiliated

Dividends

(1) ........................................

25,745

67,883

28,027

—

—

#### Total

#### Income

#### ..................................................
26,422

69,472

28,621

21,574

18,196

Expenses

Investment

Advisory

Fees

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

7,055

14,227

11,463

1,513

1,275

Custodian

Fees

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

518

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................
7,406

14,748

12,241

1,664

1,567

Less

Waived

Fees:

Advisory

Fees

Waived

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

(754)

(37)

(2,263)

—

—

#### Net

#### Expenses

#### .................................................
6,652

14,711

9,978

1,664

1,567

Net

Investment

Income

(Loss)

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

19,770

54,761

18,643

19,910

16,629

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

95,902

98,867

101,702

524

Futures

Contracts

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

—

—

—

—

(19)

Swap

Contracts

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

—

—

—

—

Foreign

Currency

Transactions

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

4,275

(934)

—

—

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
96,028

103,142

100,768

537

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

77,351

542,199

230,394

—

4,748

Futures

Contracts

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

—

—

—

—

(280)

Foreign

Currency

Transactions

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

(3,631)

—

—

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
77,790

538,568

230,526

—

4,468

Net

Gain

(Loss)

on

Investments

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

173,818

641,710

331,294

5,005

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

193,588

$

696,471

$

349,937

$

19,932

$

21,634

(1) Net

of

Foreign

Witholding

Tax

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

$

$

1,609

$

1,474

$

—

$

—

Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 170
Statements

of

Operations

Select

Bond

Portfolio

Long-

Term

U.S.

Government

Bond

Portfolio

Inflation

Managed

Portfolio

High

Yield

Bond

Portfolio

Multi-Sector

Bond

Portfolio

Investment

Income

Income

Interest

(1) ...............................................................

$

132,156

$

7,034

$

18,084

$

44,259

$

78,554

Unaffiliated

Dividends

(1) ........................................

—

—

—

—

#### Total

#### Income

#### ..................................................
132,156

7,034

18,084

44,259

78,734

Expenses

Investment

Advisory

Fees

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

8,466

661

2,215

2,950

10,286

Custodian

Fees

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

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Interest

Expense

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

—

2,175

—

—

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................
8,908

3,014

2,470

3,228

11,377

Less

Waived

Fees:

Advisory

Fees

Waived

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

(164)

—

(567)

—

(1,431)

Expenses

Waived

—

(55)

—

—

—

#### Net

#### Expenses

#### .................................................
8,744

2,959

1,903

3,228

9,946

Net

Investment

Income

(Loss)

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

123,412

4,075

16,181

41,031

68,788

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

(5,527)

(3,207)

(5,948)

4,906

Futures

Contracts

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

—

(740)

—

2,075

Options

Written

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

—

—

—

703

Swap

Contracts

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

—

(561)

2,010

—

12,128

Foreign

Currency

Transactions

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

—

—

—

(15,922)

Reverse

Repurchase

Agreements

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

—

—

—

—

(103)

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
(5,527)

(796)

(608)

(5,948)

3,787

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

85,951

2,897

12,068

21,825

65,456

Futures

Contracts

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

—

(229)

(32)

—

630

Options

Written

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

—

—

—

Swap

Contracts

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

—

857

(1,294)

—

(4,976)

Foreign

Currency

Transactions

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

—

—

(69)

—

(7,119)

Reverse

Repurchase

Agreements

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

—

—

—

—

(20)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
85,951

3,526

10,673

21,825

54,003

Net

Gain

(Loss)

on

Investments

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

80,424

2,730

10,065

15,877

57,790

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

203,836

$

6,805

$

26,246

$

56,908

$

126,578

(1) Net

of

Foreign

Witholding

Tax

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

$

—

$

—

$

—

$

—

$

Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 171
Statements

of

Operations

Active/

Passive

Very

Aggressive

Portfolio

\*\*\*

Active/Passive

Aggressive

Portfolio

\*\*\*

Active/Passive

Moderate

Portfolio

Active/Passive

Balanced

Portfolio

Active/Passive

Conservative

Portfolio

\*\*\*

Investment

Income

Income

Interest

(1) ...............................................................

$

$

$

$

2,277

$

Unaffiliated

Dividends

(1) ........................................

2,994

23,191

Affiliated

Dividends

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

4,305

36,795

503

#### Total

#### Income

#### ..................................................
581

829

7,702

62,263

839

Expenses

Investment

Advisory

Fees

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

761

3,835

Custodian

Fees

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

Shareholder

Reporting

Fees

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

Audit

Fees

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

Valuation

Services

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

—

—

—

Compliance

Fees

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

Directors

Fees

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

Professional

Fees

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

Other

Expenses

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

#### Total

#### Expenses

#### ..............................................

897

4,030

Less

Waived

Fees:

Advisory

Fees

Waived

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

(9)

(10)

(478)

(1,904)

(7)

Expenses

Waived

(45)

(42)

—

—

(52)

#### Net

#### Expenses

#### .................................................

2,126

Net

Investment

Income

(Loss)

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

533

777

7,283

60,137

802

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

Realized

Gain

(Loss)

on:

Unaffiliated

Investment

Securities

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

510

7,908

35,034

Affiliated

Investment

Securities

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

—

—

2,472

4,460

(11)

Distributions

of

Realized

Gains

by

Affiliated

Investment

Companies

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

867

750

6,676

31,520

Swap

Contracts

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

—

—

677

3,685

—

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Investments

#### ...
1,377

1,226

17,733

74,699

Net

Unrealized

Appreciation

(Depreciation)

of:

Unaffiliated

Investment

Securities

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

781

667

4,213

21,019

Affiliated

Investment

Securities

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

9,181

66,367

(26)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### of

#### Investments

#### ..................
1,235

888

13,394

87,386

Net

Gain

(Loss)

on

Investments

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

2,612

2,114

31,127

162,085

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

3,145

$

2,891

$

38,410

$

222,222

$

1,244

\*\*\*

For

the

period

June

30,

2025

(commencement

of

operations)

to

December

31,

2025. 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

#### Growth

#### Stock

#### Portfolio

#### Focused

#### Appreciation

#### Portfolio

#### Large

#### Cap

#### Core

#### Stock

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

940

$

1,227

$

(1,317)

$

(258) $

4,669

$

4,680

Net

Realized

Gain

(Loss)

on

Investments

128,587

59,334

100,626

197,096

85,568

113,077

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

120,711

330,399

110,765

211,585

29,843

26,077

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

250,238

390,960

210,074

408,423

120,080

143,834

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(26,091)

(1,260)

(201,020)

(121,060)

(116,941)

(39,889)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(26,091)

(1,260)

(201,020)

(121,060)

(116,941)

(39,889)

Capital

Transactions:

Shares

Sold

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

28,621

36,144

75,904

58,822

18,550

16,011

Reinvestment

of

Distributions

Paid

..........

26,091

1,260

201,020

121,060

116,941

39,889

Shares

Redeemed

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

(147,783)

(124,683)

(230,860)

(252,551)

(70,658)

(71,947)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(93,071)

(87,279)

46,064

(72,669)

64,833

(16,047)

Total

Increase

(Decrease)

in

Net

Assets

.....

131,076

302,421

55,118

214,694

67,972

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

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

$

1,500,600

$

1,369,524

$

1,548,931

$

1,493,813

$

824,766

$

756,794

Portfolio

Share

Transactions:

Shares

Sold

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

6,500

9,739

16,227

13,500

9,760

8,740

Reinvestment

of

Distributions

Paid

.........

5,562

43,795

29,723

64,644

22,435

Shares

Redeemed

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

(33,436)

(33,730)

(48,419)

(58,101)

(36,973)

(39,096)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

(21,374)

(23,652)

11,603

(14,878)

37,431

(7,921)

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

#### Large

#### Cap

#### Blend

#### Portfolio

#### Index

#### 500

#### Stock

#### Portfolio

#### Large

#### Company

#### Value

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

679

$

859

$

73,986

$

73,199

$

3,144

$

3,103

Net

Realized

Gain

(Loss)

on

Investments

19,021

20,096

212,556

239,043

8,898

9,276

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

3,583

16,572

851,114

1,024,524

9,964

3,233

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

23,283

37,527

1,137,656

1,336,766

22,006

15,612

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(21,620)

(39,875)

(308,770)

(178,920)

(12,521)

(8,865)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(21,620)

(39,875)

(308,770)

(178,920)

(12,521)

(8,865)

Capital

Transactions:

Shares

Sold

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

14,276

10,917

447,201

370,667

21,811

12,807

Reinvestment

of

Distributions

Paid

..........

21,620

39,875

308,770

178,920

12,521

8,865

Shares

Redeemed

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

(40,043)

(64,223)

(676,852)

(629,741)

(28,229)

(24,484)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(4,147)

(13,431)

79,119

(80,154)

6,103

(2,812)

Total

Increase

(Decrease)

in

Net

Assets

.....

(2,484)

(15,779)

908,005

1,077,692

15,588

3,935

Net

Assets

Beginning

of

Period

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

171,954

187,733

6,562,773

5,485,081

155,933

151,998

End

of

Period

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

$

169,470

$

171,954

$

7,470,778

$

6,562,773

$

171,521

$

155,933

Portfolio

Share

Transactions:

Shares

Sold

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

12,664

8,476

45,197

41,738

25,229

15,120

Reinvestment

of

Distributions

Paid

.........

19,817

37,832

30,364

20,122

14,679

10,592

Shares

Redeemed

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

(35,592)

(50,866)

(67,770)

(70,563)

(32,902)

(29,067)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

(3,111)

(4,558)

7,791

(8,703)

7,006

(3,355)

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

#### Domestic

#### Equity

#### Portfolio

#### Equity

#### Income

#### Portfolio

#### Mid

#### Cap

#### Growth

#### Stock

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

16,597

$

20,649

$

13,722

$

13,983

$

(1,391)

$

(946) Net

Realized

Gain

(Loss)

on

Investments

92,585

97,521

67,151

69,601

20,060

214,253

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

42,196

(44,310)

19,540

(1,307)

65,088

(130,060)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

151,378

73,860

100,413

82,277

83,757

83,247

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(118,092)

(102,181)

(83,423)

(41,793)

(176,688)

(944) Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(118,092)

(102,181)

(83,423)

(41,793)

(176,688)

(944) Capital

Transactions:

Shares

Sold

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

95,402

74,737

32,870

23,076

27,377

20,337

Reinvestment

of

Distributions

Paid

..........

118,092

102,181

83,423

41,793

176,688

944

Shares

Redeemed

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

(127,954)

(151,167)

(84,301)

(100,151)

(107,134)

(157,686)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

85,540

25,751

31,992

(35,282)

96,931

(136,405)

Total

Increase

(Decrease)

in

Net

Assets

.....

118,826

(2,570)

48,982

5,202

4,000

(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

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

$

1,173,322

$

1,054,496

$

771,675

$

722,693

$

1,031,872

$

1,027,872

Portfolio

Share

Transactions:

Shares

Sold

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

62,661

45,856

18,533

12,970

8,319

6,292

Reinvestment

of

Distributions

Paid

.........

81,499

65,459

49,450

24,005

56,486

Shares

Redeemed

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

(83,592)

(92,472)

(47,379)

(56,673)

(32,664)

(48,768)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

60,568

18,843

20,604

(19,698)

32,141

(42,171)

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

#### Index

#### 400

#### Stock

#### Portfolio

#### Mid

#### Cap

#### Value

#### Portfolio

#### Small

#### Cap

#### Growth

#### Stock

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

17,629

$

17,271

$

13,248

$

13,353

$

(571) $

(425) Net

Realized

Gain

(Loss)

on

Investments

69,325

92,039

32,648

43,200

38,890

81,667

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

15,779

64,764

11,611

(1,602)

12,521

7,416

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

102,733

174,074

57,507

54,951

50,840

88,658

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(108,966)

(62,287)

(58,639)

(32,615)

(38,477)

(2,597)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(108,966)

(62,287)

(58,639)

(32,615)

(38,477)

(2,597)

Capital

Transactions:

Shares

Sold

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

115,138

86,044

49,769

45,944

46,158

32,142

Reinvestment

of

Distributions

Paid

..........

108,966

62,287

58,639

32,615

38,477

2,597

Shares

Redeemed

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

(131,101)

(148,417)

(82,610)

(134,003)

(71,082)

(74,438)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

93,003

(86) 25,798

(55,444)

13,553

(39,699)

Total

Increase

(Decrease)

in

Net

Assets

.....

86,770

111,701

24,666

(33,108)

25,916

46,362

Net

Assets

Beginning

of

Period

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

1,402,515

1,290,814

632,435

665,543

733,031

686,669

End

of

Period

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

$

1,489,285

$

1,402,515

$

657,101

$

632,435

$

758,947

$

733,031

Portfolio

Share

Transactions:

Shares

Sold

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

50,300

37,246

32,266

30,048

19,468

13,322

Reinvestment

of

Distributions

Paid

.........

47,029

28,210

38,629

21,303

15,737

1,088

Shares

Redeemed

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

(56,608)

(63,889)

(53,425)

(87,425)

(28,972)

(30,757)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

40,721

1,567

17,470

(36,074)

6,233

(16,347)

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

#### Index

#### 600

#### Stock

#### Portfolio

#### Small

#### Cap

#### Value

#### Portfolio

#### International

#### Growth

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

5,951

$

5,911

$

3,816

$

4,167

$

9,899

$

8,509

Net

Realized

Gain

(Loss)

on

Investments

36,317

24,801

42,526

54,616

155,637

41,732

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

(12,189)

7,126

(5,927)

(2,103)

22,848

3,805

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

30,079

37,838

40,415

56,680

188,384

54,046

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(30,524)

(15,464)

(58,457)

(24,321)

(50,584)

(35,524)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(30,524)

(15,464)

(58,457)

(24,321)

(50,584)

(35,524)

Capital

Transactions:

Shares

Sold

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

65,840

56,623

19,709

16,076

76,048

85,236

Reinvestment

of

Distributions

Paid

..........

30,524

15,464

58,457

24,321

50,584

35,524

Shares

Redeemed

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

(57,700)

(55,647)

(62,842)

(69,926)

(166,713)

(113,994)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

38,664

16,440

15,324

(29,529)

(40,081)

6,766

Total

Increase

(Decrease)

in

Net

Assets

.....

38,219

38,814

(2,718)

2,830

97,719

25,288

Net

Assets

Beginning

of

Period

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

476,360

437,546

578,679

575,849

1,044,160

1,018,872

End

of

Period

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

$

514,579

$

476,360

$

575,961

$

578,679

$

1,141,879

$

1,044,160

Portfolio

Share

Transactions:

Shares

Sold

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

43,474

36,537

10,231

8,218

36,066

42,339

Reinvestment

of

Distributions

Paid

.........

19,579

10,289

30,574

12,714

23,527

17,978

Shares

Redeemed

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

(37,300)

(35,426)

(32,129)

(35,584)

(78,792)

(56,663)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

25,753

11,400

8,676

(14,652)

(19,199)

3,654

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

#### Research

#### International

#### Core

#### Portfolio

#### International

#### Equity

#### Portfolio

#### Emerging

#### Markets

#### Equity

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

19,770

$

15,424

$

54,761

$

48,765

$

18,643

$

16,983

Net

Realized

Gain

(Loss)

on

Investments

96,028

14,189

103,142

43,489

100,768

(54,864)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

77,790

(2,933)

538,568

(17,384)

230,526

79,621

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

193,588

26,680

696,471

74,870

349,937

41,740

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(30,617)

(20,820)

(80,299)

(55,095)

(13,959)

(15,666)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(30,617)

(20,820)

(80,299)

(55,095)

(13,959)

(15,666)

Capital

Transactions:

Shares

Sold

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

85,950

101,845

114,227

113,139

108,175

194,607

Reinvestment

of

Distributions

Paid

..........

30,617

20,820

80,299

55,095

13,959

15,666

Shares

Redeemed

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

(141,668)

(98,872)

(309,036)

(187,934)

(203,162)

(114,013)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(25,101)

23,793

(114,510)

(19,700)

(81,028)

96,260

Total

Increase

(Decrease)

in

Net

Assets

.....

137,870

29,653

501,662

254,950

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

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

$

996,174

$

858,304

$

2,379,012

$

1,877,350

$

1,299,101

$

1,044,151

Portfolio

Share

Transactions:

Shares

Sold

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

72,209

91,129

61,840

69,402

100,805

204,668

Reinvestment

of

Distributions

Paid

.........

24,912

18,327

40,576

33,533

12,107

16,473

Shares

Redeemed

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

(117,401)

(88,181)

(162,567)

(114,100)

(180,786)

(117,419)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

(20,280)

21,275

(60,151)

(11,165)

(67,874)

103,722

Northwestern

Mutual

Series

Fund,

Inc.

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 178
Statements

of

Changes

in

Net

Assets

#### Government

#### Money

#### Market

#### Portfolio

#### Short-Term

#### Bond

#### Portfolio

#### Select

#### Bond

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

19,910

$

25,269

$

16,629

$

15,995

$

123,412

$

124,240

Net

Realized

Gain

(Loss)

on

Investments

537

(1,207)

(5,527)

(38,407)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

—

—

4,468

4,318

85,951

(34,601)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

19,932

25,293

21,634

19,106

203,836

51,232

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(19,935)

(25,295)

(16,160)

(13,119)

(125,101)

(110,410)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(19,935)

(25,295)

(16,160)

(13,119)

(125,101)

(110,410)

Capital

Transactions:

Shares

Sold

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

301,741

294,741

47,195

49,924

188,745

239,410

Reinvestment

of

Distributions

Paid

..........

19,935

25,295

16,160

13,119

125,101

110,410

Shares

Redeemed

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

(326,373)

(341,686)

(56,681)

(64,009)

(342,340)

(389,903)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(4,697)

(21,650)

6,674

(966) (28,494)

(40,083)

Total

Increase

(Decrease)

in

Net

Assets

.....

(4,700)

(21,652)

12,148

5,021

50,241

(99,261)

Net

Assets

Beginning

of

Period

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

504,732

526,384

390,253

385,232

2,804,436

2,903,697

End

of

Period

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

$

500,032

$

504,732

$

402,401

$

390,253

$

2,854,677

$

2,804,436

Portfolio

Share

Transactions:

Shares

Sold

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

301,741

294,741

44,902

48,118

170,294

218,470

Reinvestment

of

Distributions

Paid

.........

19,935

25,295

15,569

12,688

113,522

98,757

Shares

Redeemed

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

(326,373)

(341,686)

(53,808)

(61,920)

(309,210)

(353,090)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

(4,697)

(21,650)

6,663

(1,114)

(25,394)

(35,863)

Northwestern

Mutual

Series

Fund,

Inc.

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 179
Statements

of

Changes

in

Net

Assets

#### Long-Term

#### U.S.

#### Government

#### Bond

#### Portfolio

#### Inflation

#### Managed

#### Portfolio

#### High

#### Yield

#### Bond

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

4,075

$

3,277

$

16,181

$

13,310

$

41,031

$

41,678

Net

Realized

Gain

(Loss)

on

Investments

(796) (10,535)

(608) (1,614)

(5,948)

(20,262)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

3,526

10,673

(3,451)

21,825

21,310

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

6,805

(6,876)

26,246

8,245

56,908

42,726

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(4,085)

(3,761)

(18,119)

(12,928)

(41,921)

(43,835)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(4,085)

(3,761)

(18,119)

(12,928)

(41,921)

(43,835)

Capital

Transactions:

Shares

Sold

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

29,376

17,448

40,635

40,431

44,937

55,105

Reinvestment

of

Distributions

Paid

..........

4,085

3,761

18,119

12,928

41,921

43,835

Shares

Redeemed

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

(29,564)

(17,163)

(55,868)

(57,467)

(84,981)

(146,398)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

3,897

4,046

2,886

(4,108)

1,877

(47,458)

Total

Increase

(Decrease)

in

Net

Assets

.....

6,617

(6,591)

11,013

(8,791)

16,864

(48,567)

Net

Assets

Beginning

of

Period

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

114,458

121,049

408,498

417,289

695,777

744,344

End

of

Period

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

$

121,075

$

114,458

$

419,511

$

408,498

$

712,641

$

695,777

Portfolio

Share

Transactions:

Shares

Sold

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

47,218

27,836

38,572

38,978

65,932

81,518

Reinvestment

of

Distributions

Paid

.........

6,589

5,630

17,289

12,312

62,475

66,215

Shares

Redeemed

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

(47,971)

(27,106)

(53,105)

(55,260)

(124,925)

(217,799)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

5,836

6,360

2,756

(3,970)

3,482

(70,066)

Northwestern

Mutual

Series

Fund,

Inc.

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 180
Statements

of

Changes

in

Net

Assets

#### Multi-Sector

#### Bond

#### Portfolio

#### Active/

#### Passive

#### Very

#### Aggressive

#### Portfolio

#### Active/Passive

#### Aggressive

#### Portfolio

#### Active/Passive

#### Moderate

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### \*\*\*

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### \*\*\*

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

68,788

$

64,752

$

533

$

777

$

7,283

$

6,361

Net

Realized

Gain

(Loss)

on

Investments

3,787

(14,918)

1,377

1,226

17,733

8,187

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

54,003

29,774

1,235

888

13,394

11,103

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

126,578

79,608

3,145

2,891

38,410

25,651

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(73,244)

(65,277)

(1,575)

(1,694)

(14,766)

(13,706)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(73,244)

(65,277)

(1,575)

(1,694)

(14,766)

(13,706)

Capital

Transactions:

Shares

Sold

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

102,225

164,823

47,540

50,658

24,000

20,061

Reinvestment

of

Distributions

Paid

..........

73,244

65,277

1,575

1,694

14,766

13,706

Shares

Redeemed

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

(155,531)

(139,098)

(969) (277) (36,202)

(46,762)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

19,938

91,002

48,146

52,075

2,564

(12,995)

Total

Increase

(Decrease)

in

Net

Assets

.....

73,272

105,333

49,716

53,272

26,208

(1,050)

Net

Assets

Beginning

of

Period

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

1,305,012

1,199,679

—

—

272,773

273,823

End

of

Period

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

$

1,378,284

$

1,305,012

$

49,716

$

53,272

$

298,981

$

272,773

Portfolio

Share

Transactions:

Shares

Sold

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

100,871

167,730

46,208

49,511

20,421

17,810

Reinvestment

of

Distributions

Paid

.........

73,244

66,406

1,475

1,611

12,545

12,337

Shares

Redeemed

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

(153,955)

(140,929)

(907) (263) (30,879)

(41,490)

Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

20,160

93,207

46,776

50,859

2,087

(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.

#### 181
Statements

of

Changes

in

Net

Assets

#### Active/Passive

#### Balanced

#### Portfolio

#### Active/Passive

#### Conservative

#### Portfolio

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2024

#### For

#### the

#### Period

#### Ended

#### December

#### 31,

#### 2025

#### \*\*\*
Change

in

Net

Assets

Operations

Net

Investment

Income

(Loss)

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

$

60,137

$

53,646

$

802

Net

Realized

Gain

(Loss)

on

Investments

74,699

48,561

Net

Change

in

Unrealized

Appreciation

(Depreciation)

of

Investments

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

87,386

39,057

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

222,222

141,264

1,244

Distributions

to

Shareholders

from:

Net

Investment

Income

&

Net

Realized

Gain

on

Investments

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

(102,926)

(81,180)

(1,026)

Net

Decrease

in

Net

Assets

Resulting

from

Distributions

to

Shareholders

....

(102,926)

(81,180)

(1,026)

Capital

Transactions:

Shares

Sold

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

81,013

63,347

28,674

Reinvestment

of

Distributions

Paid

..........

102,926

81,180

1,026

Shares

Redeemed

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

(250,394)

(251,233)

(374) Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Capital

Transactions

..

(66,455)

(106,706)

29,326

Total

Increase

(Decrease)

in

Net

Assets

.....

52,841

(46,622)

29,544

Net

Assets

Beginning

of

Period

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

1,915,820

1,962,442

—

End

of

Period

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

$

1,968,661

$

1,915,820

$

29,544

Portfolio

Share

Transactions:

Shares

Sold

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

59,080

47,687

28,558

Reinvestment

of

Distributions

Paid

.........

74,909

60,854

1,014

Shares

Redeemed

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

(182,416)

(188,775)

(367) Net

Increase

(Decrease)

in

Shares

Resulting

from

Portfolio

Share

Transactions

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

(48,427)

(80,234)

29,205

\*\*\*

Portfolio

commenced

operations

on

June

30,

2025. Northwestern

Mutual

Series

Fund,

Inc.

#### For

#### the

#### Year

#### Ended

#### December

#### 31,

#### 2025

#### (in

#### thousands)
The

Accompanying

Notes

are

an

Integral

Part

of

the

Financial

Statements.

#### 182
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:

Non-cash

financing

activities

not

included

herein

consist

of

reinvestment

of

dividends

and

distributions

of

$4,085.

Interest

paid

was

$2,173

for

the

period

ended

December

31,

2025. #### Long-Term

#### U.S.

#### Government

#### Bond

#### Portfolio
Cash

Flows

from

Operating

Activities

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

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

$

6,805

Adjustments

to

Reconcile

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

to

Net

Cash

from

Operating

Activities

Purchase

of

Investment

Securities

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

(218,891)

Proceeds

from

Disposition

of

Investment

Securities

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

168,148

(Purchase)

or

Sale

of

Short-Term

Investment

Securities,

net

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

39,902

Proceeds

from

(Payments

for)

Closed

Futures

Contracts

and

Cleared

Swaps

(700) Cash

Paid

for

Terminated

Options

Written

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

(1) Premiums

Received

for

Options

Written

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

Amortization

(Accretion)

of

Premium/Discount,

net

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

(895) (Increase)

Decrease

in:

Prepaid

Expenses

and

Other

Assets

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

Dividends

and

Interest

Receivable

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

(261) Increase

(Decrease)

in:

Directors

Fees

Payable

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

Payable

for

Investment

Advisory

Fees

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

Accrued

Expenses

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

(14) Change

in

Net

Unrealized

(Appreciation)

Depreciation

of:

Investment

Securities

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

(2,897)

Futures

Contracts

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

Options

Written

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

(1) Swap

Contracts

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

(857) Net

Realized

(Gain)

Loss

from:

Investment

Securities

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

(412) Futures

Contracts

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

740

Options

Written

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

(93) Paydowns

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

Swap

Contracts

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

561

Total

Adjustments

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

(15,332)

Net

Cash

(Used

in)

Provided

by

Operating

Activities

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

(8,527)

Cash

Flows

from

Financing

Activities

Cash

Received

from

Financing

Transactions

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

2,604,635

Cash

(Used

for)

Financing

Transactions

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

(2,595,718)

Proceeds

from

Reverse

Repurchase

Agreements

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

1,089

Payment

on

Reverse

Repurchase

Agreements

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

(1,089)

Proceeds

from

Portfolio

Shares

Sold

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

29,403

Payment

on

Portfolio

Shares

Redeemed

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

(29,196)

Net

Cash

(Used

in)

Provided

by

Financing

Activities

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

9,124

Net

Increase

(Decrease)

in

Cash

and

Cash

Equivalents

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

597

Cash

and

Restricted

Cash,

Beginning

of

Period

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

1,269

Cash

and

Restricted

Cash,

End

of

Period

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

$

1,866

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
Growth

Stock

Portfolio

2025 .

.

.

.

$

4.21 $

0.00 ‡

$

0.81 $

0.81 $

(0.00)

‡

$

(0.08)

$

(0.08)

$

4.94 19.40%

$

1,500,600

0.42%

0.42%

0.07%

11%

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)

Focused

Appreciation

Portfolio

2025 .

.

.

.

$

4.73 $

(0.00)

‡

$

0.68 $

0.68 $

—

$

(0.68)

$

(0.68)

$

4.73 14.91%

$

1,548,931

0.73%

0.61%

(0.09)%

2%

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)

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)

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)

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)

Large

Cap

Core

Stock

Portfolio

2025 .

.

.

.

$

1.91 $

0.01 $

0.29 $

0.30 $

(0.01)

$

(0.30)

$

(0.31)

$

1.90 16.59%

$

824,766

0.44%

0.43%

0.60%

70%

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

Large

Cap

Blend

Portfolio

2025 .

.

.

.

$

1.12 $

0.00 ‡

$

0.16 $

0.16 $

(0.01)

$

(0.14)

$

(0.15)

$

1.13 14.34%

$

169,470

0.82%

0.70%

0.40%

40%

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

#

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.

‡

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
Index

500

Stock

Portfolio

2025 .

.

.

.

$

9.55 $

0.11 $

1.55 $

1.66 $

(0.11)

$

(0.35)

$

(0.46)

$

10.75 17.64%

$

7,470,778

0.21%

0.19%

1.08%

2%

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

Large

Company

Value

Portfolio

2025 .

.

.

.

$

0.84 $

0.02 $

0.10 $

0.12 $

(0.02)

$

(0.05)

$

(0.07)

$

0.89 14.58%

$

171,521

0.79%

0.74%

1.94%

102%

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

Domestic

Equity

Portfolio

2025 .

.

.

.

$

1.53 $

0.02 $

0.19 $

0.21 $

(0.03)

$

(0.14)

$

(0.17)

$

1.57 14.43%

$

1,173,322

0.54%

0.50%

1.54%

105%

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

Equity

Income

Portfolio

2025 .

.

.

.

$

1.75 $

0.03 $

0.22 $

0.25 $

(0.04)

$

(0.18)

$

(0.22)

$

1.78 14.48%

$

771,675

0.65%

0.57%

1.86%

28%

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

#

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.

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
Mid

Cap

Growth

Stock

Portfolio

2025 .

.

.

.

$

3.36 $

(0.00)

‡

$

0.29 $

0.29 $

—

$

(0.60)

$

(0.60)

$

3.05 8.32%

$

1,031,872

0.54%

0.54%

(0.13)%

64%

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)

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

Index

Stock

Portfolio

2025 .

.

.

.

$

2.35 $

0.03 $

0.13 $

0.16 $

(0.03)

$

(0.15)

$

(0.18)

$

2.33 7.24%

$

1,489,285

0.28%

0.24%

1.25%

15%

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

Mid

Cap

Value

Portfolio

2025 .

.

.

.

$

1.53 $

0.03 $

0.10 $

0.13 $

(0.04)

$

(0.10)

$

(0.14)

$

1.52 9.16%

$

657,101

0.88%

0.71%

2.04%

75%

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

Small

Cap

Growth

Stock

Portfolio

2025 .

.

.

.

$

2.53 $

(0.00)

‡

$

0.16 $

0.16 $

—

$

(0.13)

$

(0.13)

$

2.56 6.93%

$

758,947

0.56%

0.56%

(0.08)%

88%

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)

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)

#

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.

‡

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.

#### 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
Index

600

Stock

Portfolio

2025 .

.

.

.

$

1.60 $

0.02 $

0.07 $

0.09 $

(0.02)

$

(0.08)

$

(0.10)

$

1.59 5.78%

$

514,579

0.26%

0.26%

1.24%

24%

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

Small

Cap

Value

Portfolio

2025 .

.

.

.

$

2.02 $

0.01 $

0.14 $

0.15 $

(0.02)

$

(0.20)

$

(0.22)

$

1.95 7.41%

$

575,961

0.88%

0.87%

0.68%

40%

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

International

Growth

Portfolio

2025 .

.

.

.

$

1.94 $

0.02 $

0.34 $

0.36 $

(0.02)

$

(0.08)

$

(0.10)

$

2.20 18.70%

$

1,141,879

0.62%

0.61%

0.89%

39%

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

Research

International

Core

Portfolio

2025 .

.

.

.

$

1.08 $

0.03 $

0.22 $

0.25 $

(0.02)

$

(0.02)

$

(0.04)

$

1.29 22.98%

$

996,174

0.79%

0.71%

2.10%

42%

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

#

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.

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
International

Equity

Portfolio

2025 .

.

.

.

$

1.59 $

0.05 $

0.56 $

0.61 $

(0.05)

$

(0.02)

$

(0.07)

$

2.13 38.35%

$

2,379,012

0.68%

0.68%

2.52%

16%

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

Emerging

Markets

Equity

Portfolio

2025 .

.

.

.

$

0.96 $

0.02 $

0.30 $

0.32 $

(0.01)

$

—

$

(0.01)

$

1.27 34.19%

$

1,299,101

1.05%

0.85%

1.59%

35%

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

Government

Money

Market

Portfolio

2025 .

.

.

.

$

1.00 $

0.04 $

0.00 ‡

$

0.04 $

(0.04)

$

(0.00)

‡

$

(0.04)

$

1.00 4.03%

$

500,032

0.33%

0.33%

3.95%

—%

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 —

Short-Term

Bond

Portfolio

2025 .

.

.

.

$

1.04 $

0.04 $

0.01 $

0.05 $

(0.04)

$

—

$

(0.04)

$

1.05 5.70%

$

402,401

0.40%

0.40%

4.23%

113%

§

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

§

#

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.

‡

Amount

is

less

than

$0.005.

\*\*

During

the

years

ended

December

31,

2022

and

2021,

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%

and

0.25%,

respectively,

if

such

voluntary

waiver

were

excluded

for

the

years

ended

December

31,

2022

and

2021. §

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.

#### 188

#### 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 $

0.05 $

0.03 $

0.08 $

(0.05)

$

—

$

(0.05)

$

1.11 7.45%

$

2,854,677

0.32%

0.31%

4.37%

234%

§

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

§

Long-Term

U.S.

Government

Bond

Portfolio

2025 .

.

.

.

$

0.60 $

0.02 $

0.01 $

0.03 $

(0.02)

$

—

$

(0.02)

$

0.61 6.15%

$

121,075

2.50%

\*\*

2.45%

\*\*

3.38%

14%

§

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

§

Inflation

Managed

Portfolio

2025 .

.

.

.

$

1.02 $

0.04 $

0.03 $

0.07 $

(0.05)

$

—

$

(0.05)

$

1.04 6.51%

$

419,511

0.59%

0.46%

3.90%

42%

§

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

High

Yield

Bond

Portfolio

2025 .

.

.

.

$

0.67 $

0.04 $

0.01 $

0.05 $

(0.04)

$

—

$

(0.04)

$

0.68 8.49%

$

712,641

0.46%

0.46%

5.86%

35%

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

#

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.

§

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

in

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,

and

0.65%

and

0.65%

respectively

in

2021. 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.

#### 189

#### 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 $

0.05 $

0.05 $

0.10 $

(0.06)

$

—

$

(0.06)

$

1.03 10.00%

$

1,378,284

0.85%

\*\*

0.75%

\*\*

5.17%

36%

§

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

Active/Passive

Very

Aggressive

Portfolio

2025

\*\*\*

.

.

.

$

1.00 $

0.02 $

0.07 $

0.09 $

(0.01)

$

(0.02)

$

(0.03)

$

1.06 9.81%

$

49,716

0. 45

%

+

0.27%

+

2.99%

+

25%

++

Active/Passive

Aggressive

Portfolio

2025

\*\*\*

.

.

.

$

1.00 $

0.02 $

0.07 $

0.09 $

(0.02)

$

(0.02)

$

(0.04)

$

1.05 8.22%

$

53,272

0. 43

%

+

0.27%

+

4.01%

+

28%

++

Active/Passive

Moderate

Portfolio

2025 .

.

.

.

$

1.12 $

0.03 $

0.13 $

0.16 $

(0.03)

$

(0.03)

$

(0.06)

$

1.22 14.46%

$

298,981

0.32%

0.15%

2.58%

22%

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

#

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.

\*\*

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

0.83%

and

0.72%

respectively

in

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,

and

0.80%

and

0.71%

respectively

in

2021. §

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

December

31,

2025. +

Computed

on

an

annualized

basis.

++

Not

annualized

for

periods

less

than

one

year.

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.

#### 190

#### 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
Active/Passive

Balanced

Portfolio

2025 .

.

.

.

$

1.33 $

0.04 $

0.12 $

0.16 $

(0.04)

$

(0.04)

$

(0.08)

$

1.41 12.19%

$

1,968,661

0.21%

0.11%

3.11%

16%

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

Active/Passive

Conservative

Portfolio

2025

\*\*\*

.

.

.

$

1.00 $

0.03 $

0.02 $

0.05 $

(0.03)

$

(0.01)

$

(0.04)

$

1.01 4.81%

$

29,544

0. 54

%

+

0.27%

+

5.79%

+

9%

++

#

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

period

June

30,

2025

(commencement

of

operations)

to

December

31,

2025. +

Computed

on

an

annualized

basis.

++

Not

annualized

for

periods

less

than

one

year.

Notes

to

Financial

Statements

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

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

Managed

Portfolio,

High

Yield

Bond

Portfolio,

Multi-Sector

Bond

Portfolio,

Active/Passive

Very

Aggressive

Portfolio,

Active/Passive

Aggressive

Portfolio,

Active/Passive

Moderate

Portfolio,

Active/Passive

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

Very

Aggressive

Portfolio,

Active/Passive

Aggressive

Portfolio,

Active/Passive

Moderate

Portfolio,

Active/

Passive

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.

The

following

Portfolio

names

changed

in

2025:

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.

#### Former

#### Name

#### New

#### Name

#### Effective

#### Date
Inflation

Protection

Portfolio

Inflation

Managed

Portfolio

September

15,

2025

Active/Passive

All

Equity

Portfolio

Active/Passive

Very

Aggressive

Portfolio

September

15,

2025

Asset

Allocation

Portfolio

Active/Passive

Moderate

Portfolio

July

1,

2025

Balanced

Portfolio

Active/Passive

Balanced

Portfolio

July

1,

2025

Notes

to

Financial

Statements

In

accordance

with

the

authoritative

guidance

for

uncertainty

in

income

taxes,

management

of

the

Series

Fund

has

reviewed

all

open

tax

years

(2022

to

2025)

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

months.

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. #### 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

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.

F. #### 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

—

fair

value

is

determined

by

unadjusted

quoted

prices

in

active

markets

for

identical

securities

or

derivatives

Level

—

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

—

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'

Notes

to

Financial

Statements

investments

classified

as

Level

and

Level

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

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

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

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

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

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

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

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

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

in

the

fair

value

hierarchy.

The

following

is

a

description

of

the

valuation

techniques

and

significant

inputs

used

in

determining

the

value

the

Portfolios'

Notes

to

Financial

Statements

investments

classified

as

Level

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

December

31,

2025

included,

but

were

not

limited

to,

broker

quotes,

liquidity,

prepayment

speed,

duration,

geopolitical

events

and

recoverability.

Significant

changes

in

the

unobservable

inputs

would

result

in

direct

and

proportional

changes

in

the

fair

value

of

the

security.

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

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

in

the

fair

value

hierarchy.

In

accordance

with

the

requirements,

a

Level

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

investments.

As

of

December

31,

2025,

there

were

no

Portfolios,

other

than

the

Multi-

Sector

Bond

Portfolio,

that

owned

a

material

amount

of

Level

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.

The

Board

has

designated

MSA

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.

Notes

to

Financial

Statements

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

Notes

to

Financial

Statements

of

those

securities.

For

the

year

ended

December

31,

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.

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.

Notes

to

Financial

Statements

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")

or

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.

Notes

to

Financial

Statements

*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

December

31,

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)

$

-

Payables

–

Variation

Margin

(Futures)

$

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

Payables

–

Foreign

Currency

Notes

to

Financial

Statements

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Portfolio

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Value
Domestic

Equity

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

$

Payables

–

Foreign

Currency

$

Index

Stock

Portfolio

Equity

contracts

Receivables

–

Variation

Margin

(Futures)

-

Payables

–

Variation

Margin

(Futures)

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

Payables

–

Foreign

Currency

Index

600

Portfolio

Equity

contracts

Receivables

–

Variation

Margin

(Futures)

-

Payables

–

Variation

Margin

(Futures)

International

Equity

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

3,755

Payables

–

Foreign

Currency

2,475

Short-Term

Bond

Portfolio

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

Payables

–

Variation

Margin

(Futures)

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

Payables

–

Variation

Margin

(Futures)

Interest

rate

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

Payables

–

Variation

Margin

(Cleared

Swap)

-

Interest

rate

contracts

Receivables

–

Outstanding

Options

Written,

at

Value

-

Payables

–

Outstanding

Options

Written,

at

Value

Inflation

Managed

Portfolio

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

Payables

–

Foreign

Currency

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

-

Payables

–

Variation

Margin

(Futures)

Inflation

contracts

Receivables

–Variation

Margin

(Cleared

Swap)

Payables

–

Variation

Margin

(Cleared

Swap)

Inflation

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

6,512

Payables

–

Outstanding

Swaps

Contracts,

at

Value

Multi-Sector

Bond

Portfolio

Credit

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

767

Payables

–

Outstanding

Swaps

Contracts,

at

Value

Credit

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

Payables

–

Variation

Margin

(Cleared

Swap)

Forward

foreign

currency

contracts

Receivables

–

Foreign

Currency

1,038

Payables

–

Foreign

Currency

3,702

Interest

rate

contracts

Receivables

–

Variation

Margin

(Futures)

Payables

–

Variation

Margin

(Futures)

Interest

rate

contracts

Receivables

–

Variation

Margin

(Cleared

Swap)

Payables

–

Variation

Margin

(Cleared

Swap)

Active/Passive

Moderate

Portfolio

Commodity

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

-

Payables

–

Outstanding

Swaps

Contracts,

at

Value

-

Active

Passive

Balanced

Portfolio

Commodity

contracts

Receivables

–

Outstanding

Swaps

Contracts,

at

Value

-

Payables

–

Outstanding

Swaps

Contracts,

at

Value

-

Notes

to

Financial

Statements

Realized

gains

and

losses

on

derivative

instruments,

by

contract

type

and

primary

risk

exposure,

for

the

year

ended

December

31,

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

$

-

$

5,741

$

-

$

-

$

5,741

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

-

-

(890) -

(890) Domestic

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

(375) -

(375) Equity

Income

Portfolio

Forward

foreign

currency

contracts

-

Index

Stock

Portfolio

Equity

contracts

-

908

-

-

908

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

-

-

(3,647)

-

(3,647)

Index

600

Stock

Portfolio

Equity

contracts

-

International

Growth

Portfolio

Forward

foreign

currency

contracts

-

-

(55) -

(55) Research

International

Core

Portfolio

Forward

foreign

currency

contracts

-

International

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

4,275

-

4,275

Emerging

Markets

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

(934) -

(934) Short-Term

Bond

Portfolio

Credit

contracts

-

-

-

Interest

rate

contracts

-

(19) -

-

(19) Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

(740) -

(561) (1,208)

Inflation

Managed

Portfolio

Forward

foreign

currency

contracts

-

Interest

rate

contracts

-

Inflation

contracts

-

-

-

2,010

2,010

Multi-Sector

Bond

Portfolio

Credit

contracts

-

-

-

7,900

7,900

Forward

foreign

currency

contracts

-

-

(15,922)

-

(15,922)

Interest

rate

contracts

703

2,075

-

4,228

7,006

Active/Passive

Moderate

Portfolio

Commodity

contracts

-

-

-

677

677

Active/Passive

Balanced

Portfolio

Commodity

contracts

-

-

-

3,685

3,685

Notes

to

Financial

Statements

Change

in

unrealized

appreciation

and

depreciation

on

derivative

instruments,

by

contract

type

and

primary

risk

exposure

for

the

year

ended

December

31,

2025

are

(amounts

in

thousands):

Volumes

on

derivative

instruments

by

contract

type

and

primary

risk

exposure,

for

the

year

ended

December

31,

2025

are:

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Derivative

#### Instruments

#### Portfolio

#### Options

#### Written

#### Futures

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total
Index

500

Stock

Portfolio

Equity

contracts

$

-

$

1,793

$

-

$

-

$

1,793

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

-

-

(172) -

(172) Domestic

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

(48) -

(48) Equity

Income

Portfolio

Forward

foreign

currency

contracts

-

Index

Stock

Portfolio

Equity

contracts

-

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

-

-

(643) -

(643) Index

600

Stock

Portfolio

Equity

Contracts

-

(44) -

-

(44) International

Growth

Portfolio

Forward

foreign

currency

contracts

-

Research

International

Core

Portfolio

Forward

foreign

currency

contracts

-

International

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

(3,631)

-

(3,631)

Emerging

Markets

Equity

Portfolio

Forward

foreign

currency

contracts

-

Short-Term

Bond

Portfolio

Interest

rate

contracts

-

(280) -

-

(280) Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

(229) -

857

629

Inflation

Managed

Portfolio

Forward

foreign

currency

contracts

-

-

(69) -

(69) Interest

rate

contracts

-

(32) -

-

(32) Inflation

contracts

-

-

-

(1,294)

(1,294)

Multi-Sector

Bond

Portfolio

Credit

contracts

-

-

-

(39) (39) Forward

foreign

currency

contracts

-

-

(7,119)

-

(7,119)

Interest

rate

contracts

630

-

(4,937)

(4,275)

Active/Passive

Moderate

Portfolio

Commodity

contracts

-

-

-

-

-

Active/Passive

Balanced

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

-

-

Large

Company

Value

Portfolio

Forward

foreign

currency

contracts

-

-

14,771

-

-

Notes

to

Financial

Statements

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,

#### 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
Domestic

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

18,180

-

-

Index

Stock

Portfolio

Equity

contracts

-

-

Mid

Cap

Value

Portfolio

Forward

foreign

currency

contracts

-

-

52,905

-

-

Index

600

Stock

Portfolio

Equity

contracts

-

-

International

Equity

Portfolio

Forward

foreign

currency

contracts

-

-

183,550

-

-

Short-Term

Bond

Portfolio

Credit

contracts

-

-

Interest

rate

contracts

-

654

-

-

-

Long-Term

U.S.

Government

Bond

Portfolio

Interest

rate

contracts

-

16,264

-

Inflation

Managed

Portfolio

Forward

foreign

currency

contracts

-

-

19,494

-

-

Interest

rate

contracts

-

-

Inflation

contracts

-

-

-

170,883

-

Multi-Sector

Bond

Portfolio

Credit

contracts

-

-

-

257,095

-

Forward

foreign

currency

contracts

-

-

740,827

-

-

Interest

rate

contracts

2,455

-

895,945

14,200

Active/Passive

Moderate

Portfolio

Commodity

contracts

-

-

-

6,321

-

Active/Passive

Balanced

Portfolio

Commodity

contracts

-

-

-

34,401

-

Notes

to

Financial

Statements

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.

#### 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

year

ended

December

31,

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:

Notes

to

Financial

Statements

#### Large

#### Company

#### Value

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

-

$

-

$

-

$

(29) $

-

$

(29) $

(29) $

-

$

(29) Goldman

Sachs

International

-

-

-

(1) -

(1) (1) -

(1) Morgan

Stanley

Capital

Services

LLC

-

(4) -

(4) 1

(1) -

Total

$

$

-

$

$

(34) $

-

$

(34) $

(29) $

(1) $

(30) #### Domestic

#### Equity

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

$

-

$

$

-

$

-

$

-

$

$

-

$

Goldman

Sachs

International

-

(82) -

(82) (64) -

(64) Total

$

$

-

$

$

(82) $

-

$

(82) $

(48) $

-

$

(48) #### Mid

#### Cap

#### Value

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

$

-

$

$

(113) $

-

$

(113) $

(103) $

-

$

(103) Goldman

Sachs

International

-

Morgan

Stanley

Capital

Services

LLC

-

-

(42) -

Total

$

$

-

$

$

(113) $

-

$

(113) $

(60) $

(42) $

(102) #### International

#### Equity

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

$

-

$

$

(142) $

-

$

(142) $

$

-

$

Barclays

Bank

PLC

-

(139) -

(139) (35) -

(35) Citibank

NA

997

-

997

(346) -

(346) 651

(651) -

Goldman

Sachs

Bank

USA

-

(16) -

(16) 36

-

HSBC

Bank

USA

736

-

736

(784) -

(784) (48) 48

-

JP

Morgan

Chase

Bank

NA

-

(169) -

(169) 126

-

Morgan

Stanley

And

Co.

International

PLC

-

(105) -

(105) (104) 104

-

Standard

Chartered

Bank

-

(42) -

(42) 73

-

State

Street

Bank

And

Trust

Company

-

(54) -

(54) 31

-

UBS

AG

1,115

-

1,115

(675) -

(675) 440

(440) -

Total

$

3,752

$

-

$

3,752

$

(2,472)

$

-

$

(2,472)

$

1,280

$

(939) $

Notes

to

Financial

Statements

π

-

Amount

is

less

than

one

thousand.

The

following

is

a

summary

by

counterparty

of

the

market

value

of

repurchase

agreements,

financing

transactions,

collateral

and

net

exposure

as

of

period

end:

.

.

.

.

.

#### Inflation

#### Managed

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

-

$

1,525

$

1,525

$

-

$

-

$

-

$

1,525

$

(1,525)

$

-

Barclays

Bank

PLC

-

-

-

-

(310) (310) (310) -

(310) Goldman

Sachs

International

-

4,987

4,987

-

-

-

4,987

(4,970)

Morgan

Stanley

Capital

Services

LLC

-

(173) -

(173) (71) -

(71) Total

$

$

6,512

$

6,614

$

(173) $

(310) $

(483) $

6,131

$

(6,495)

$

(364) #### Multi-Sector

#### Bond

#### Portfolio

#### Derivative

#### Assets

#### (000's)

#### Derivative

#### Liabilities

#### (000's)

#### Counterparty

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Swaps

#### Total

#### Assets

#### Forward

#### Foreign

#### Currency

#### Contracts

#### Written

#### Options

#### Swaps

#### Total

#### Liabilities

#### Net

#### Market

#### Value

#### Collateral

#### Pledged/
(Received)

#### Net

#### Exposure
Bank

of

America

NA

$

$

-

$

$

(646) $

-

$

-

$

(646) $

(623) $

623

$

-

Barclays

Bank

PLC

(47) -

-

(47) 235

(90) 145

BNP

Paribas

SA

(175) -

-

(175) 210

(210) -

Goldman

Sachs

Bank

USA

-

(388) -

(12) (400) (119) -

(119) HSBC

Bank

PLC

-

(1,922)

-

-

(1,922)

(1,803)

1,803

-

JP

Morgan

Chase

Bank

NA

694

(155) -

-

(155) 539

(511) 28

Morgan

Stanley

Capital

Services

LLC

-

-

-

(31) (31) (23) 23

-

NatWest Markets PLC

-

-

-

(10) -

-

(10) (10) -

(10) Royal

Bank

of

Canada

-

-

-

(7) -

-

(7) (7) -

(7) UBS

AG

-

(345) -

-

(345) (340) 340

-

Westpac

Banking

Corporation

-π

-

-π

-

-

-

-

-π

-

-π

Total

$

1,030

$

767

$

1,797

$

(3,695)

$

-

$

(43) $

(3,738)

$

(1,941)

$

1,978

$

#### 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

$

25,000

$

-

$

-

$

25,000

$

(25,000)

$

-

Bank

of

Nova

Scotia

5,000

-

-

5,000

(5,000)

-

BNP

Paribas

20,000

-

-

20,000

(20,000)

-

Citigroup

Global

Markets,

Inc.

20,000

-

-

20,000

(20,000)

-

Goldman

Sachs

Group

LP

25,000

-

-

25,000

(25,000)

-

Mitsubishi

UFJ

25,000

-

-

25,000

(25,000)

-

Mizuho

Securities

30,000

-

-

30,000

(30,000)

-

Natixis

S.A.

30,000

-

-

30,000

(30,000)

-

TD

Securities

25,000

-

-

25,000

(25,000)

-

Total

$

205,000

$

-

$

-

$

205,000

$

(205,000)

$

-

Notes

to

Financial

Statements

The

Long-Term

U.S.

Government

Bond

Portfolio

average

amount

of

borrowings

outstanding

during

the

year

ended

December

31,

2025

was

$68,616

(amount

in

thousands)

at

a

weighted

average

interest

rate

of

4.388%.

Average

borrowings

include

sale-

buyback

transactions.

The

Multi-Sector

Bond

Portfolio

average

amount

of

borrowings

outstanding

during

the

year

ended

December

31,

2025

was

$4,401

(amount

in

thousands)

at

a

weighted

average

interest

rate

of

3.250%.

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:

#### 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

$

-

$

-

$

(52,113)

$

(52,113)

$

52,001

$

(112) Morgan

Stanley

&

Co.

LLC

-

-

(168,171)

(168,171)

168,150

(21) Total

$

-

$

-

$(220,284)

$

(220,284)

$

220,151

$

(133) #### 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
Barclays

Bank

PLC

$

-

$

(1,849)

$

-

$

(1,849)

$

1,849

$

-

Citigroup

Global

Markets,

Inc

5,000

-

-

5,000

(5,000)

-

Deutsche

Bank

Securities,

Inc.

66,400

-

-

66,400

(66,400)

-

JP

Morgan

Securities

PLC

-

(890) -

(890) 890

-

Morgan

Stanley

&

Co.

International

PLC

-

(2,299)

-

(2,299)

2,270

(29) Morgan

Stanley

&

Co.

LLC

-

(338) -

(338) 338

-

Total

$

71,400

$

(5,376)

$

-

$

66,024

$

(66,053)

$

(29) #### Portfolio

#### Fee
Index

500

Stock

Portfolio

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

0.20%

Index

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

Very

Aggressive

Portfolio

......

0.15%

Active/Passive

Aggressive

Portfolio

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

0.15%

Active/Passive

Moderate

Portfolio\*

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

0.15%

Active/Passive

Balanced

Portfolio\*\*

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

0.15%

Active/Passive

Conservative

Portfolio

...........

0.15%

Notes

to

Financial

Statements

For

certain

Portfolios,

MSA

contractually

agreed

to

waive

the

investment

advisory

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

#### $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%

#### 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

Managed

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

Notes

to

Financial

Statements

Growth

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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. #### Portfolio

#### Expiration
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

Managed

Portfolio

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

0.65%

April

30,

2026

Multi-Sector

Bond

Portfolio

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

0.90%

April

30,

2026

Active/Passive

Very

Aggressive

Portfolio

......

0.27%

April

30,

2026

Active/Passive

Aggressive

Portfolio

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

0.27%

April

30,

2026

Active/Passive

Moderate

Portfolio

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

0.75%

April

30,

2026

Active/Passive

Conservative

Portfolio

...........

0.27%

April

30,

2026

Notes

to

Financial

Statements

Mid

Cap

Growth

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

Stock

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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. Small

Cap

Value

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

–

For

the

period

from

January

1,

2025

through

July

31,

2025,

MSA

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

its

investment

advisory

fee

was

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.

Effective

August

1,

2025,

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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. Government

Money

Market

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

fee

is

0.555%

on

the

Portfolio's

first

$100

million

of

average

net

assets,

0.515%

on

the

next

$150

million,

Notes

to

Financial

Statements

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

Managed

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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. Active/Passive

Very

Aggressive

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

Moderate

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

Balanced

Portfolio

–

MSA

has

agreed

to

waive

a

portion

of

its

investment

advisory

fee

such

that

the

investment

advisory

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

investment

advisory

fee

such

that

the

investment

advisory

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

advisory

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. Income

Taxes

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

Notes

to

Financial

Statements

and

paydowns

on

structured

product

investments.

A

summary

of

the

Portfolios'

capital

loss

carryovers

as

of

December

31,

2025

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.

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

years

ended

December

31,

2025

and

2024

was

as

follows:

#### Capital

#### Loss

#### Carryover

#### Losses

#### Utilized
(Amounts

in

thousands)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Emerging

Markets

Equity

Portfolio

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

$

4,141

$

102,389

Short-Term

Bond

Portfolio

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

13,713

799

Select

Bond

Portfolio

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

474,187

4,366

Long-Term

U.S.

Government

Bond

Portfolio

..

28,069

–

Inflation

Managed

Portfolio

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

29,621

652

High

Yield

Bond

Portfolio

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

50,818

Multi-Sector

Bond

Portfolio

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

115,598

12,699

#### 2025 Distributions

#### Paid

#### From:

#### 2024 Distributions

#### Paid

#### From:

#### Portfolio

#### Ordinary

#### Income

#### Long-term

#### Capital

#### Gain

#### Ordinary

#### Income

#### Long-term

#### Capital

#### Gain
(Amounts

in

thousands)

Growth

Stock

Portfolio

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

$

1,228

$

24,863

$

1,260

$

—

Focused

Appreciation

Portfolio

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

—

201,020

—

121,060

Large

Cap

Core

Stock

Portfolio

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

9,455

107,486

5,581

34,308

Large

Cap

Blend

Portfolio

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

11,434

10,187

6,98

32,889

Index

500

Stock

Portfolio

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

75,427

233,342

76,347

102,573

Large

Company

Value

Portfolio

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

4,404

8,117

3,915

4,950

Domestic

Equity

Portfolio

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

24,240

93,852

21,844

80,337

Equity

Income

Portfolio

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

15,703

67,720

18,517

23,276

Mid

Cap

Growth

Stock

Portfolio

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

7,537

169,150

944

—

Index

Stock

Portfolio

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

39,843

69,123

18,277

44,010

Mid

Cap

Value

Portfolio

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

26,509

32,130

18,818

13,797

Small

Cap

Growth

Stock

Portfolio

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

—

38,477

2,597

—

Index

600

Stock

Portfolio

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

6,888

23,636

5,413

10,051

Small

Cap

Value

Portfolio

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

7,101

51,356

4,766

19,55

International

Growth

Portfolio

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

9,765

40,819

9,209

26,315

Research

International

Core

Portfolio

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

16,766

13,851

15,

800

5,020

International

Equity

Portfolio

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

58,822

21,478

55,095

—

Emerging

Markets

Equity

Portfolio

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

13,959

—

15,666

—

Government

Money

Market

Portfolio

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

19,935

—

25,286

Short-Term

Bond

Portfolio

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

16,160

—

13,119

—

Select

Bond

Portfolio

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

125,101

—

110,410

—

Long-Term

U.S.

Government

Bond

Portfolio

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

4,085

—

3,761

—

Inflation

Managed

Portfolio

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

18,119

—

12,928

—

High

Yield

Bond

Portfolio

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

41,921

—

43,835

—

Multi-Sector

Bond

Portfolio

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

73,244

—

65,277

—

Active/Passive

Very

Aggressive

Portfolio

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

840

735

—

—

Active/Passive

Aggressive

Portfolio

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

1,060

634

—

—

Active/Passive

Moderate

Portfolio

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

6,882

7,883

5,50

8,203

Active/Passive

Balanced

Portfolio

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

56,628

46,298

42,536

38,644

Active/Passive

Conservative

Portfolio

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

869

—

—

Notes

to

Financial

Statements

As

of

December

31,

2025,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

Any

differences

between

distributable

earnings

on

a

tax

basis

and

distributable

earnings

as

shown

on

the

statement

of

assets

and

liabilities

are

due

to

timing

differences,

which

include

capital

gains

taxes

on

unrealized

appreciation

and

reserves

for

past

due

receivables.

During

the

year

ended

December

31,

2025,

the

Portfolios

paid

income

and/or

capital

gains

taxes

in

various

foreign

jurisdictions.

Where

material,

taxes

paid,

net

of

any

refunds

received,

with

respect

to

the

following

jurisdictions

representing

5%

or

more

of

the

total

were

as

follows

(in

thousands):

#### Portfolio

#### Undistributed

#### Ordinary

#### Income

#### Undistributed

#### Long-Term

#### Gains

#### Accumulated

#### Losses

#### Unrealized

#### Appreciation
(Depreciation)

(Amounts

in

thousands)

Growth

Stock

Portfolio

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

$

939

$

126,196

$

–

$

865,072

Focused

Appreciation

Portfolio

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

–

100,704

–

883,767

Large

Cap

Core

Stock

Portfolio

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

18,036

71,395

–

194,012

Large

Cap

Blend

Portfolio

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

2,193

17,506

–

32,858

Index

500

Stock

Portfolio

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

77,530

210,806

–

5,492,201

Large

Company

Value

Portfolio

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

4,880

7,510

–

15,518

Domestic

Equity

Portfolio

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

24,764

84,370

–

140,794

Equity

Income

Portfolio

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

15,652

65,865

–

171,517

Mid

Cap

Growth

Stock

Portfolio

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

15,089

785

–

104,456

Index

Stock

Portfolio

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

19,270

68,165

–

418,111

Mid

Cap

Value

Portfolio

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

26,080

21,408

–

9,422

Small

Cap

Growth

Stock

Portfolio

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

–

39,097

–

131,263

Index

600

Stock

Portfolio

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

26,835

16,556

–

68,905

Small

Cap

Value

Portfolio

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

3,878

42,307

–

113,262

International

Growth

Portfolio

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

12,955

151,270

–

278,308

Research

International

Core

Portfolio

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

40,747

75,053

–

211,488

International

Equity

Portfolio

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

84,228

78,736

–

531,317

Emerging

Markets

Equity

Portfolio

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

21,570

–

(4,141)

337,399

Government

Money

Market

Portfolio

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

–

–

–

–

Short-Term

Bond

Portfolio

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

16,741

–

(13,713)

1,684

Select

Bond

Portfolio

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

124,283

–

(474,187)

(8,460)

Long-Term

U.S.

Government

Bond

Portfolio

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

4,569

–

(28,069)

(46,687)

Inflation

Managed

Portfolio

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

17,556

–

(29,621)

(20,358)

High

Yield

Bond

Portfolio

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

40,986

–

(50,818)

(5,848)

Multi-Sector

Bond

Portfolio

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

78,033

–

(115,598)

(20,025)

Active/Passive

Very

Aggressive

Portfolio

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

–

1,221

Active/Passive

Aggressive

Portfolio

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

–

882

Active/Passive

Moderate

Portfolio

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

9,056

16,156

–

22,021

Active/Passive

Balanced

Portfolio

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

69,039

69,427

–

58,615

Active/Passive

Conservative

Portfolio

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

–

#### International

#### Growth

#### Portfolio

#### Research

#### International

#### Core

#### Portfolio

#### International

#### Equity

#### Portfolio

#### Emerging

#### Markets

#### Equity

#### Portfolio
(Amounts

in

thousands)

Belgium

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

$

$

–

$

–

$

–

Brazil

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

–

–

–

Canada

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

–

–

–

China

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

–

–

–

Denmark

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

–

–

–

Finland

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

–

–

–

France

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

701

2,022

–

Germany

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

734

–

India

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

–

–

3,462

Indonesia

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

–

–

–

Italy

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

–

–

–

Japan

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

–

Republic

of

Korea

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

–

–

–

652

Mexico

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

–

–

–

Notes

to

Financial

Statements

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

year

ended

December

31,

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

year

ended

December

31,

2025,

transactions

in

securities

other

than

short

term

investments

were:

#### International

#### Growth

#### Portfolio

#### Research

#### International

#### Core

#### Portfolio

#### International

#### Equity

#### Portfolio

#### Emerging

#### Markets

#### Equity

#### Portfolio
(Amounts

in

thousands)

Netherlands

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

$

$

$

$

–

Sweden

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

–

–

–

Switzerland

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

(777) (152) –

–

Taiwan

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

–

–

752

All

Others

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

629

1,087

Total

$

871

$

2,055

$

5,424

$

6,364

#### 2025

#### Reimbursements
International

Growth

Portfolio

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

$

1,070

International

Equity

Portfolio

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

4,137

Research

International

Core

Portfolio

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

1,834

Emerging

Markets

Equity

Portfolio

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

1,965

#### 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

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

$

157,090

$

—

$

275,643

$

—

Focused

Appreciation

Portfolio

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

33,530

—

190,924

—

Large

Cap

Core

Stock

Portfolio

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

544,678

—

591,867

—

Large

Cap

Blend

Portfolio

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

67,270

—

92,042

—

Index

500

Stock

Portfolio

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

155,301

—

285,286

—

Large

Company

Value

Portfolio

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

161,551

—

166,053

—

Domestic

Equity

Portfolio

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

1,119,402

—

1,139,987

—

Equity

Income

Portfolio

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

203,301

—

239,161

—

Mid

Cap

Growth

Stock

Portfolio

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

659,984

—

737,505

—

Index

Stock

Portfolio

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

214,650

—

205,335

—

Mid

Cap

Value

Portfolio

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

476,122

—

496,888

—

Small

Cap

Growth

Stock

Portfolio

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

624,022

—

647,232

—

Index

600

Stock

Portfolio

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

127,004

—

114,942

—

Small

Cap

Value

Portfolio

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

219,267

—

247,186

—

International

Growth

Portfolio

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

421,468

—

508,743

—

Research

International

Core

Portfolio

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

383,606

—

406,014

—

Notes

to

Financial

Statements

#### 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

year

ended

December

31,

2025,

the

Series

Fund

Portfolios

engaged

in

the

following

cross-trades

(amounts

in

thousands):

#### 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

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

$

347,292

$

—

$

471,050

$

—

Emerging

Markets

Equity

Portfolio

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

404,583

—

492,345

—

Short-Term

Bond

Portfolio

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

176,582

276,184

141,089

289,027

Select

Bond

Portfolio

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

2,135,348

4,531,628

1,969,866

4,540,022

Long-Term

U.S.

Government

Bond

Portfolio

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

1,300

33,507

588

21,905

Inflation

Managed

Portfolio

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

151,162

33,947

108,135

54,135

High

Yield

Bond

Portfolio

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

235,694

—

232,722

—

Multi-Sector

Bond

Portfolio

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

480,205

4,382

438,094

5,751

Active/Passive

Very

Aggressive

Portfolio

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

56,012

—

8,862

—

Active/Passive

Aggressive

Portfolio

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

61,822

—

10,428

—

Active/Passive

Moderate

Portfolio

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

62,141

—

59,735

—

Active/Passive

Balanced

Portfolio

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

304,008

—

371,019

—

Active/Passive

Conservative

Portfolio

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

31,746

—

2,484

—

#### Cross

#### Trade

#### Sales

#### Portfolio

#### Cross

#### Trade

#### Purchases

#### Portfolio

#### Proceeds

#### Net

#### Realized

#### Gain
(Loss)

#### on

#### Sales
Equity

Income

Portfolio

$290

International

Growth

Portfolio

$18,226

$8,284

International

Growth

Portfolio

29,187

Mid

Cap

Value

Portfolio

(19) Mid

Cap

Value

Portfolio

Small

Cap

Growth

Stock

Portfolio

1,739

(450) Small

Cap

Growth

Stock

Portfolio

Small

Cap

Value

Portfolio

1,942

(466) 215

Report

of

Independent

Registered

Public

Accounting

Firm

![](epub39848706572288.jpg)

To

the

Board

of

Directors

of

Northwestern

Mutual

Series

Fund,

Inc.

and

Shareholders

of

each

of

the

thirty

funds

listed

below

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

of

each

of

the

funds

listed

in

the

table

below

(constituting

Northwestern

Mutual

Series

Fund,

Inc.,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2025,

the

related

statements

of

operations,

of

changes

in

net

assets

and,

for

the

fund

indicated

in

the

table

below,

of

cash

flows,

for

each

of

the

periods

indicated

in

the

table

below,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

listed

in

the

table

below

as

of

December

31,

2025,

the

results

of

each

of

their

operations,

the

changes

in

each

of

their

net

assets

and,

for

the

fund

indicated

in

the

table

below,

its

cash

flows,

for

the

periods

indicated

in

the

table

below,

and

each

of

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

(1) Statement

of

operations

for

the

year

ended

December

31,

2025

and

statement

of

changes

in

net

assets

for

the

years

ended

December

31,

2025

and

2024

(2) Statement

of

operations

and

statement

of

cash

flows

for

the

year

ended

December

31,

2025,

and

statement

of

changes

in

net

assets

for

the

years

ended

December

31,

2025

and

2024

(3) Statement

of

operations

and

statement

of

changes

in

net

assets

for

the

period

June

30,

2025

(commencement

of

operations)

through

December

31,

2025

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

Milwaukee,

WI

February

20,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Northwestern

Mutual

Series

Fund,

Inc.

since

1984. Growth

Stock

Portfolio

(1) Mid

Cap

Value

Portfolio

(1) Select

Bond

Portfolio

(1) Focused

Appreciation

Portfolio

(1) Small

Cap

Growth

Stock

Portfolio

(1) Long-Term

U.S.

Government

Bond

Portfolio

(2) Large

Cap

Core

Stock

Portfolio

(1) Index

600

Stock

Portfolio

(1) Inflation

Managed

Portfolio

(1) Large

Cap

Blend

Portfolio

(1) Small

Cap

Value

Portfolio

(1) High

Yield

Bond

Portfolio

(1) Index

500

Stock

Portfolio

(1) International

Growth

Portfolio

(1) Multi-Sector

Bond

Portfolio

(1) Large

Company

Value

Portfolio

(1) Research

International

Core

Portfolio

(1) Active/Passive

Very

Aggressive

Portfolio

(3) Domestic

Equity

Portfolio

(1) International

Equity

Portfolio

(1) Active/Passive

Aggressive

Portfolio

(3) Equity

Income

Portfolio

(1) Emerging

Markets

Equity

Portfolio

(1) Active/Passive

Moderate

Portfolio

(1) Mid

Cap

Growth

Stock

Portfolio

(1) Government

Money

Market

Portfolio

(1) Active/Passive

Balanced

Portfolio

(1) Index

Stock

Portfolio

(1) Short-Term

Bond

Portfolio

(1) Active/Passive

Conservative

Portfolio

(3) 216

Abbreviations

(unaudited)

#### Abbreviations

#### that

#### may

#### be

#### used

#### in

#### the

#### preceding

#### statements
ADR

American

Depositary

Receipt

AFC

Available

Funds

Cap

security

-

Security

accrues

interest

at

an

assumed

or

uncapped

rate. If

the

interest

rate

on

the

underlying

loans

is

lower

than

the

uncapped

rate,

then

the

security

will

pay

at

the

lower

rate.

CSTR

Collateral

Strip

Rate

security

-

interest

is

based

on

the

weighted

net

interest

rate

of

the

collateral.

IO

Interest

Only

Security

PO

Principal

Only

Security

GDR

Global

Depositary

Receipt

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

CAONREPO

Canadian

Overnight

Repo

Rate

Average

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

COP

Colombian

Peso

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

KZT

Kazakhstani

Tenge

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

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

in

its

annual

or

semi-annual

report,

as

applicable,

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

sub-advisory

agreements

between

Mason

Street

Advisors,

LLC

("Mason

Street

Advisors")

and

each

of

the

sub-advisers

of

those

portfolios

of

the

Series

Fund

(each,

a

"Portfolio"

and

collectively,

the

"Portfolios")

for

which

Mason

Street

Advisors

and

the

Board

have

appointed

a

sub-adviser.

In

order

to

afford

the

Board

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

#### December

#### 31,

#### 2025
At

its

August

28,

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"

or

"Directors"),

unanimously

approved

the

continuance

of

the

following

Investment

Sub-Advisory

Agreements:

(1) a

Fourth

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

American

Century

Investment

Management,

Inc.

("American

Century"),

relating

to

the

Series

Fund's

Mid

Cap

Value,

Large

Company

Value

and

Inflation

Managed

Portfolios;

(2) a

Third

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Federated

Investment

Management

Company

("Federated")

relating

to

the

Series

Fund's

High

Yield

Bond

Portfolio

(together

with

an

amendment

thereto

incorporating

a

sub-advisory

fee

reduction);

and

(3) a

Third

Amended

and

Restated

Investment

Sub-

Advisory

Agreement

between

Mason

Street

Advisors

and

Loomis,

Sayles

&

Company,

L.P.

("Loomis

Sayles")

relating

to

the

Series

Fund's

Focused

Appreciation

Portfolio.

Each

of

the

foregoing

Investment

Sub-Advisory

Agreements

approved

by

the

Board

at

its

August

28,

2025

meeting

continued

the

existing

sub-advisory

contract

relationship

with

the

named

sub-advisers.

At

its

December

16,

2025

meeting,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of:

(1) the

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

T. Rowe

Price

Investment

Management,

Inc.

("TRPIM")

dated

November

30,

2022,

relating

to

the

Small

Cap

Value

Portfolio;

(2) the

Sixth

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

T. Rowe

Price

Associates,

Inc.

("TRPA")

dated

November

30,

2022,

relating

to

the

Equity

Income,

Growth

Stock

and

Short-Term

Bond

Portfolios

(together

with

an

amendment

thereto

incorporating

a

sub-advisory

fee

reduction

for

the

Short-Term

Bond

Portfolio);

(3) the

Fourth

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Pacific

Investment

Management

Company

LLC

("PIMCO")

dated

November

30,

2022,

relating

to

the

Long-Term

U.S.

Government

Bond

and

Multi-Sector

Bond

Portfolios;

(4) the

Third

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

BlackRock

Advisors,

LLC

("BlackRock"),

dated

November

30,

2022,

relating

to

the

Government

Money

Market

Portfolio,

and

the

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

BlackRock,

dated

November

30,

2022

related

to

the

Index

500

Stock

Portfolio;

and

(5) the

Amended

and

Restated

Investment

Sub-Advisory

Agreement

between

Mason

Street

Advisors

and

Allspring

Global

Investments,

LLC

("Allspring")

dated

November

30,

2022,

relating

to

the

Select

Bond

Portfolio.

American

Century,

Federated,

Loomis

Sayles,

TRPIM,

TRPA,

PIMCO,

BlackRock

and

Allspring

are

sometimes

collectively

referred

to

hereinafter

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

American

Century,

Federated,

Loomis

Sayles,

TRPIM,

TRPA,

PIMCO,

BlackRock

and

Allspring

are

collectively

referred

to

herein

as

the

"Sub-Advisory

Agreements."

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

In

determining

whether

to

approve

the

Sub-Advisory

Agreements

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

of

the

foregoing

meetings

to

assist

them

in

their

evaluation,

including

information

compiled

by

certain

independent

providers

of

evaluative

data.

With

respect

to

the

approval

and

continuation

of

the

Sub-Advisory

Agreements,

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

approval

was

formally

considered,

the

evaluation

process

with

respect

to

the

Sub-Advisers

and

the

nature,

extent

and

quality

of

the

services

they

provide

to

the

Sub-Advised

Portfolios

pursuant

to

the

terms

of

the

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

informed

by

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

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

the

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

or

the

Sub-Advisers

present,

and

were

represented

throughout

the

process

by

legal

counsel.

#### Approval

#### and

#### Continuation

#### of

#### the

#### Sub-Advisory

#### Agreements

#### between

#### Mason

#### Street

#### Advisors

#### and

#### Certain

#### Sub-Advisors
At

its

August

28,

2025

and

December

16,

2025

meetings,

the

Board,

including

the

Independent

Directors,

unanimously

approved

the

continuance

of

the

Sub-Advisory

Agreements.

In

connection

with

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

the

Sub-Advisers

during

the

course

of

those

meetings,

the

Directors

also

had

available

for

consideration

each

Sub-Adviser's

Section

15(c)

Report,

which

contained

questionnaire

responses

from

the

Sub-

Advisers

designed

to

assist

the

Directors

in

fulfilling

their

responsibilities

when

considering

the

approval

of

the

Sub-Advisory

Agreements.

The

Directors

also

had

available

Mason

Street

Advisors'

Executive

Summary

and

Overview

regarding

each

of

the

Sub-Advisers,

and

other

materials

prepared

by

Mason

Street

Advisors.

The

materials

contained

detailed

information

on

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

of

the

Sub-Advisers.

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

each

of

the

Sub-Advisory

Agreements

include

those

discussed

below.

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,

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

each

Sub-Advised

Portfolio.

With

respect

to

Loomis

Sayles,

sub-adviser

to

the

Focused

Appreciation

Portfolio,

the

Directors

remarked

favorably

about

the

impressive

investment

process

the

firm

undertakes.

The

Directors

additionally

noted

their

appreciation

of

examples

provided

by

Loomis

Sayles

of

long-term

investments

that

they

continue

to

hold

in

the

strategy.

With

respect

to

the

High

Yield

Bond

Portfolio,

sub-advised

by

Federated,

the

Directors

viewed

favorably

the

portfolio

manager's

long

history

of

investing

in

the

strategy.

The

Directors

additionally

noted

their

appreciation

of

the

level

of

detail

and

thoughtfulness

of

the

Federated

presentation.

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

With

respect

to

TRPA

and

TRPIM,

sub-advisers

to

the

Growth

Stock,

Equity

Income,

Short-Term

Bond

and

Small

Cap

Value

Portfolios,

respectively,

the

Directors

noted

favorably

the

thoughtfulness

of

both

firms'

presentations.

They

additionally

remarked

favorably

on

each

firm's

focus

on

stock

selection

and

their

efforts

around

risk

management.

Additionally,

with

respect

to

the

Short-Term

Bond

Portfolio,

the

Directors

considered

positively

the

portfolio

manager's

experience

with

securitized

investments.

With

respect

to

BlackRock,

the

Directors

noted

that

they

had

no

concerns

with

the

personnel

or

extent

of

services

provided

by

the

firm

to

the

Government

Money

Market

Portfolio

or

the

Index

500

Stock

Portfolio.

The

Directors

additionally

noted

that

the

Portfolios

benefitted

from

the

firm's

substantial

resources

and

top-class

technology.

With

respect

to

PIMCO,

the

Directors

noted

the

portfolio

managers

for

the

Long-Term

U.S.

Government

Bond

and

Multi-Sector

Bond

Portfolios

provided

impressive

presentations

and

thoughtful

responses

to

questions.

With

respect

to

Allspring,

sub-adviser

to

the

Select

Bond

Portfolio,

the

Directors

noted

their

appreciation

for

the

portfolio

management

team's

research

and

investment

process,

including

their

ability

to

enter

into

and

exit

out

of

positions

at

opportune

times.

The

Directors

considered

informational

updates

given

by

the

portfolio

managers

associated

with

each

Sub-Adviser,

which

included

reports

regarding

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

certain

of

the

Sub-Advisers.

The

Directors

also

considered

and

expressed

satisfaction

with

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

their

respective

Sub-Advised

Portfolios,

the

Board

concluded,

within

the

context

of

their

overall

determinations

regarding

the

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

a

variety

of

time

periods.

In

addition

to

reviewing

the

performance

of

each

Sub-Advised

Portfolio

for

both

short-term

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

benchmarks

and

indices,

and

to

the

performance

averages

of

each

Sub-Advised

Portfolio's

respective

Morningstar

peer

groups

for

the

same

periods,

(ii) the

Morningstar

overall

star

rating

for

each

Sub-Advised

Portfolio

and

(iii) the

Morningstar

performance

rankings

for

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

benchmark

against

which

they

could

assess

the

performance

of

the

Sub-Advised

Portfolios.

The

Directors

further

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

Loomis

Sayles,

the

Directors

considered

that

the

Focused

Appreciation

Portfolio

had

experienced

strong

returns

over

a

long

period.

The

Directors

affirmed

there

were

no

current

concerns

with

respect

to

performance

of

the

Portfolio.

With

respect

to

Federated,

the

Directors

commented

on

the

very

positive

long-term

performance

record

and

observed

favorably

that

the

portfolio

manager

had

been

consistent

in

adhering

to

the

firm's

investment

strategy

as

applied

to

the

High

Yield

Portfolio.

The

Directors

noted

that

Federated

had

achieved

strong

performance

results

despite

the

defensive

spread

positioning

amidst

a

"risk

on"

environment.

The

Directors

also

noted

that

the

portfolio

manager

had

provided

thoughtful

answers

to

the

questions

posed

by

the

Board

members

at

the

firm's

presentation.

With

respect

to

American

Century,

the

Directors

considered

that

the

Mid

Cap

Value

and

Large

Company

Value

Portfolios

had

experienced

near-term

negative

performance,

but

that

negative

performance

was

expected

given

the

Portfolios'

strategies

and

the

market

environment.

The

Directors

additionally

noted

with

respect

to

the

Mid

Cap

Value

and

Large

Company

Value

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

Portfolios

that

the

portfolio

management

teams

had

done

well

to

ensure

sufficient

downside

protection

in

the

event

of

market

downturn.

Finally,

the

Directors

discussed

favorably

the

consistent

implementation

of

the

firm's

investment

process,

noting

that

company

fundamentals

continued

to

drive

investment

decisions.

With

respect

to

the

Inflation

Managed

Portfolio,

the

Directors

were

satisfied

with

the

Portfolio's

performance,

expressed

a

high

level

of

confidence

in

the

individual

who

had

been

identified

as

the

current

portfolio

manager's

successor

for

the

Portfolio,

and

cited

no

overall

concerns.

With

respect

to

Allspring,

the

Directors

appreciated

the

Select

Bond

Portfolio's

near-term

positive

performance,

and

commented

that

it

was

especially

notable

given

the

Portfolio's

neutral

positioning

on

duration.

The

Directors

noted

that

the

firm

excelled

in

finding

value

within

sectors.

With

respect

to

PIMCO,

the

Directors

indicated

that

the

portfolio

manager

for

the

Multi-Sector

Bond

Portfolio

in

particular

had

delivered

exceedingly

positive

results

over

the

past

few

years.

Additionally,

with

respect

to

the

Multi-Sector

Bond

Portfolio,

the

Directors

noted

their

appreciation

of

the

portfolio

management

team's

ability

to

assess

market

opportunities

across

various

sectors.

With

respect

to

the

Small

Cap

Value

Portfolio

managed

by

TRPIM,

the

Directors

considered

the

Small

Cap

Value

Portfolio's

performance

in

light

of

the

investment

team's

fundamentally-driven

strategy,

noting

that

the

firm's

analytical

work

and

research

process

was

very

robust.

With

regard

to

the

Growth

Stock

Portfolio,

the

Directors

considered

that

the

portfolio

managers

demonstrated

a

thoughtful

understanding

of

risk

factors

and

observed

positively

the

firm's

use

of

certain

risk

management

tools.

The

Directors

observed

that

the

portfolio

managers

for

each

of

the

Sub-Advised

Portfolios

had

provided

thoughtful

answers

to

the

questions

posed

by

the

Directors

and

that

in

each

case

the

Sub-Advisers

firm

had

been

disciplined

in

consistently

adhering

to

the

investment

style

applicable

to

the

individual

Portfolio.

In

addition

to

performance

information

presented

at

the

meeting,

the

Directors

considered

the

performance

information,

market

commentary,

portfolio

analysis

and

portfolio

manager

presentations

they

received

periodically

throughout

the

year.

Generally

speaking,

while

attentive

to

short-term

performance

results

because

of

the

trend

that

such

performance

might

signal,

the

Directors

placed

greater

weight

on

longer-term

performance.

For

the

reasons

summarized

above,

the

Board

concluded

that,

considering

the

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

actual

and

contractual

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

also

considered

the

size

of

the

Sub-Advised

Portfolios,

expenses

assumed

by

Mason

Street

Advisors,

and

the

applicable

expense

limitation

and/or

fee

waiver

arrangements

agreed

to

by

Mason

Street

Advisors

with

respect

to

each

Sub-Advised

Portfolio.

As

part

of

their

evaluation,

the

Directors

received

and

reviewed

an

independent

analysis

prepared

by

Broadridge

of

comparative

expense

data

for

each

Sub-Advised

Portfolio.

Broadridge

provided

data

comparing

each

Sub-Advised

Portfolio's

net

and

total

expenses

with

those

in

a

category

of

funds

underlying

variable

insurance

products.

Categories

were

selected

by

Broadridge

based

upon

having

similar

investment

classifications,

objectives,

and

asset

allocations.

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

the

Broadridge

expense

rankings

of

the

Mid

Cap

Value

and

Inflation

Managed

Portfolios

sub-advised

by

American

Century,

the

High

Yield

Bond

Portfolio

sub-advised

by

Federated,

the

Focused

Appreciation

Portfolio

sub-advised

by

Loomis

Sayles,

the

Short-Term

Bond,

Equity

Income

and

Growth

Stock

Portfolios

sub-advised

by

TRPA,

the

Select

Bond

Portfolio

sub-advised

by

Allspring,

and

the

Index

500

Stock

Portfolio

sub-advised

by

BlackRock,

were

in

the

top

Broadridge

quartile

(meaning

lowest

net

expenses)

of

their

respective

categories.

The

Directors

considered

that

the

expense

rankings

of

the

Large

Company

Value

Portfolio

sub-advised

by

American

Century,

the

Small

Cap

Value

Portfolio

sub-advised

by

TRPIM,

the

Long-Term

U.S.

Government

Bond

and

Multi-Sector

Bond

Portfolios

sub-advised

by

PIMCO,

and

the

Government

Money

Market

Portfolio

sub-advised

by

BlackRock

were

within

the

second

quartile

of

their

respective

categories.

The

Directors

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

also

considered

that

reduced

sub-advisory

fee

schedules

would

be

put

into

place

for

the

High

Yield

Bond

Portfolio

(sub-advised

by

Federated)

and

Short-Term

Bond

Portfolio

(sub-advised

by

TRPA)

in

connection

with

the

approval

of

the

each

Sub-Advisory

Agreement.

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

over

time

and

the

expense

limitation

and

fee

waivers

that

are

in

place.

#### 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'

fee

and

expense

analysis

regarding

fees,

expenses

and

profit

margins

related

to

the

Sub-Advised

Portfolios

on

a

per

Portfolio

basis,

and

Mason

Street

Advisors'

allocation

methodology

with

respect

to

expenses.

The

profitability

information

presented

for

the

Directors'

consideration

was

supplemented

by

the

aforementioned

information

regarding

the

expense-based

ranking

of

each

Sub-Advised

Portfolio

within

the

Portfolio's

respective

Broadridge

peer

group

category.

The

Directors

recognized

that

the

sub-advisory

fees

were

the

result

of

arm's-length

negotiations

between

Mason

Street

Advisors

and

such

Sub-Advisers.

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

may

have

been

developed

using

a

variety

of

assumptions

and

other

factors.

The

Directors

concluded

that

they

had

received

sufficient

information

to

evaluate

the

issues

related

to

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

the

participation

of

mutual

fund

families

advised

by

certain

Sub-

Advisers

to

the

Sub-Advised

Portfolios

on

the

brokerage

platform

maintained

by

a

brokerage

affiliate

of

Mason

Street

Advisors,

the

participation

of

such

fund

families

in

mutual

fund

partner

programs

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

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

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.

#### Economies

#### of

#### Scale.
The

Directors

considered

whether

each

Sub-Advised

Portfolio's

expense

structure

permitted

economies

of

scale

to

be

shared

with

the

Sub-Advised

Portfolio's

investors.

The

Directors

considered

the

breakpoints

contained

in

the

advisory

fee

schedules

for

the

Sub-Advised

Portfolios,

as

applicable,

and

the

extent

to

which

each

Sub-Advised

Portfolio

may

benefit

from

economies

of

scale

through

those

breakpoints.

The

Directors

took

into

account

the

expense

limitation

arrangements

in

place

for

the

Mid

Cap

Value,

Large

Company

Value,

Inflation

Managed,

Focused

Appreciation,

Short-Term

Bond,

Small

Cap

Value,

Equity

Income,

Long-Term

U.S.

Government

Bond

and

Multi-Sector

Bond

Portfolios,

and

the

fee

waiver

arrangements

in

place

with

respect

to

the

Mid

Cap

Value,

Large

Company

Value,

Inflation

Managed,

High

Yield

Bond,

Focused

Appreciation,

Short-Term

Bond,

Small

Cap

Value,

Equity

Income,

Growth

Stock,

Select

Bond,

Long-Term

U.S.

Government

Bond,

Multi-Sector

Bond,

Government

Money

Market,

and

Index

500

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

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

intended

to

assist

them

in

their

consideration

of

the

continuation

of

the

Sub-Advisory

Agreements,

including

information

about

the

services

provided

by

affiliates

of

Mason

Street

Advisors

to

the

Sub-Advised

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

Approval

and

Continuance

of

Investment

Advisory

and

Sub-Advisory

Agreements

(unaudited)

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,

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

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

their

reasonable

business

judgment

concluded

that

the

terms

of

the

Sub-Advisory

Agreements

were

fair

and

reasonable

and

approved

each

Sub-Advisory

Agreement

as

being

in

the

best

interests

of

each

Portfolio.

REPORT ON FORM N-CSR

**RESPONSES FOR NORTHWESTERN MUTUAL SERIES FUND, INC.**

(b) Financial Highlights are included within the Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** None.

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proxy Disclosures for Open-End Management Investment Companies**

None.

**Item 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

**Item 11. &nbsp;&nbsp;&nbsp;&nbsp; Statement Regarding Basis for Approval of Investment Advisory Contract**

Full list of the approved investment advisory contracts are included within the Annual Financial Statements and Other Information filed under Item 7(a) of this Form.

## Item 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

## Item 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

## Item 14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.
**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 16. &nbsp;&nbsp;&nbsp;&nbsp; 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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

## Item 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recovery of Erroneously Awarded Compensation.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Not applicable.

(b) Not applicable.

## Item 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits
(a)(1) The code of ethics referred to in the response to Item 2 above is attached as exhibit [EX-99.12(a)(1).](NMSFCodeofEthics2025.htm)

(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.](SignatureEX99CERT.htm)

(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.](NCSRSOX906.htm)

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:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Paul A. Mikelson</u>

Paul A. Mikelson

President and Principal Executive Officer

Date: February 16, 2026&nbsp;&nbsp;&nbsp;&nbsp;

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:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Paul A. Mikelson</u>

Paul A. Mikelson

President and Principal Executive Officer

Date: February 16, 2026&nbsp;&nbsp;&nbsp;&nbsp;

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Phillip J. Rinzel</u>

Phillip J. Rinzel

Treasurer and Principal Financial Officer

Date: February 16, 2026&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-99.Code

![](word940597837824.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> **Code of Ethics for Principal Executive** <br>**and Senior Financial Officers** | &nbsp;&nbsp; <br> **Code of Ethics for Principal Executive** <br>**and Senior Financial Officers** |
| &nbsp;&nbsp; **Applicability: All NMSF Portfolios**<br>| &nbsp;&nbsp; **Last Amended Date: January 10, 2024**<br>**(Exhibit A is amended and dated from time to time in the event of a change in Covered Officers)** <br>|
| &nbsp;&nbsp; **Regulatory Authority:**<br>**Section 406 of the Sarbanes-Oxley Act**<br>| &nbsp;&nbsp; **Owner: Chief Compliance Officer**<br>|
| &nbsp;&nbsp; **Compliance Contact: EC-MSACOMPLIANCETEAM@northwesternmutual.com** | &nbsp;&nbsp; **Compliance Contact: EC-MSACOMPLIANCETEAM@northwesternmutual.com** |

---

I. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers/Purpose of the Code

This code of ethics ("Code") for the Northwestern Mutual Series Fund, Inc. (the "Fund") applies to the Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

![*](word940597837825.gif)

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

![*](word940597837825.gif)

full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

![*](word940597837825.gif)

compliance with applicable laws and governmental rules and regulations;

![*](word940597837825.gif)

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

![*](word940597837825.gif)

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

## Overview
A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The compliance programs and procedures for the Fund and the Fund's investment adviser, Mason Street Advisors, LLC ("MSA") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and MSA and/or the Fund and the Fund's administrator, The Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), of which the Covered Officers are also officers, directors, or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties be involved in establishing policies and implementing decisions that will have different effects on MSA, Northwestern Mutual and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between these parties and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must:

![*](word940597837825.gif)

avoid affiliations and activities that would conflict with his/her duty to, and the exercise of independent judgement for, the Fund;

![*](word940597837825.gif)

handle any actual or apparent conflict of interest ethically;

![*](word940597837825.gif)

not use his/her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

![*](word940597837825.gif)

not use knowledge of portfolio transactions made or contemplated for the Fund to profit or cause others to profit, by the market effect of such transactions;

![*](word940597837825.gif)

discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Fund's Chief Compliance Officer;

![*](word940597837825.gif)

report at least annually affiliations and relationships required to be reported in annual disclosure questionnaires administered by the Northwestern Mutual Law Department ("Law Department") or that may otherwise give rise to an actual or potential conflict of interest; and

![*](word940597837825.gif)

not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

There are some situations that, depending upon the circumstances, have the potential to create a conflict of interest for the Covered Officer. Examples of these situations may include[\[1\]](#_ftn1):

![*](word940597837825.gif)

any outside business activity that detracts from an individual's ability to devote appropriate time and attention to his or her responsibilities with the Fund;

![*](word940597837825.gif)

service as a director on the board of any public or private company;

![*](word940597837825.gif)

the receipt of any gift of more than nominal value (i.e., a fair market value of $100);

![*](word940597837825.gif)

the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, is not lavish, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

![*](word940597837825.gif)

any ownership interest in, or any consulting, employment or director relationship with, any of the Fund's service providers, other than its investment adviser, administrator or any affiliated person thereof;

![*](word940597837825.gif)

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership, or holding Fund shares.

Questions regarding whether a particular situation may potentially create a conflict of interest for the Covered Officer prohibited under this Code or otherwise may be discussed with the Fund's Chief Compliance Officer and/or the Law Department, which provides legal services to the Fund.

III. &nbsp;&nbsp;&nbsp;&nbsp; Disclosure and Compliance

![*](word940597837825.gif)

each Covered Officer must familiarize himself/herself with the disclosure requirements generally applicable to the Fund;

![*](word940597837825.gif)

each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and to governmental regulators and self-regulatory organizations;

![*](word940597837825.gif)

each Covered Officer must, to the extent appropriate within his/her area of responsibility, consult with other officers and employees of the Fund and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submit to, the SEC and in other public communications made by the Fund; and

![*](word940597837825.gif)

it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

![*](word940597837825.gif)

it is the Fund's policy to comply in all material respects with all applicable governmental laws, rules and regulations.

IV. &nbsp;&nbsp;&nbsp;&nbsp; Reporting and Accountability

Each Covered Officer must:

![*](word940597837825.gif)

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer) and annually thereafter, affirm in writing to the Board of Directors of the Fund ("Board") that he/she has received, read, understood and has complied with the requirements of the Code (see Acknowledgement Form at Appendix B);

![*](word940597837825.gif)

report at least annually any affiliations or other relationships related to conflicts of interest;

![*](word940597837825.gif)

notify the Fund's Chief Compliance Officer promptly if he/she knows of any violation of this Code. Failure to do so is itself a violation of this Code; and

![*](word940597837825.gif)

not retaliate against any other Covered Officer or any employee of the Fund or their affiliated persons for reports of potential violations of this Code, any other code applicable to Fund personnel or law that are made in good faith.

The Fund's Chief Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.[\[2\]](#_ftn2) However, any approvals or waivers[\[3\]](#_ftn3) sought by the Principal Executive Officer will be considered by the Audit Committee of the Board (the "Committee").

The Fund will follow these procedures in investigating and enforcing this Code:

![*](word940597837825.gif)

the Fund's Chief Compliance Officer will take all appropriate action to investigate any potential violations reported to him/her;

![*](word940597837825.gif)

if, after such investigation, the Fund's Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;

![*](word940597837825.gif)

any matter that the Fund's Chief Compliance Officer believes is a violation will be reported to the Committee;

![*](word940597837825.gif)

if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Northwestern Mutual, MSA, or their respective boards; a letter of censure or suspension; a recommendation to dismiss the Covered Officer; or, in the event of criminal or other serious violations of law, notification to the SEC or other appropriate law enforcement authorities;

![*](word940597837825.gif)

the Committee will be responsible for granting waivers, as appropriate; and

![*](word940597837825.gif)

any changes to or waivers (including implicit waivers[\[4\]](#_ftn4)) of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, Northwestern Mutual, MSA or other service providers govern the behavior or activities of the Covered Officers who are subject to this Code, such other policies and procedures continue to be applicable to such Covered Officers. The Fund's and their investment adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser's more detailed policies and procedures set forth in MSA's Policies and Procedures Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. &nbsp;&nbsp;&nbsp;&nbsp; Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent directors.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than (i) the Fund's Board or appropriate officers or (ii) appropriate employees, officers or directors of Northwestern Mutual or MSA.

VIII. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of the Fund, as to any fact, circumstance, or legal conclusion.

Exhibit A

**Persons Covered by this Code of Ethics:**

Paul A. Mikelson

![*](word940597837825.gif)

President of the Northwestern Mutual Series Fund, Inc. (Principal Executive Officer)

Phil J. Rinzel

![*](word940597837825.gif)

Vice President, Chief Financial Officer and Treasurer of the Northwestern Mutual Series Fund, Inc. (Principal Financial Officer)

Linda L. Wisniewski

![*](word940597837825.gif)

Controller and Chief Accounting Officer of the Northwestern Mutual Series Fund, Inc. (Principal Accounting Officer)

This Exhibit A was last amended effective September 1, 2024

Exhibit B

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NORTHWESTERN MUTUAL SERIES FUND, INC.**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**ACKNOWLEDGEMENT FORM**

I hereby acknowledge receipt of a copy of the Code of Ethics for Principal Executive and Senior Financial Officers for the Northwestern Mutual Series Fund, Inc. (the "Code"), which I have read and understood. I have and will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment or association with the Fund.

I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, up to and including termination of employment or association.

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Print Name

<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Signature&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date

------

[\[1\]](#_ftnref1)

Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

[\[2\]](#_ftnref2)

The Fund's Chief Compliance Officer is authorized to consult, as appropriate, with Northwestern Mutual's Law Department and/or the chair of the Fund's Audit Committee and is encouraged to do so.

[\[3\]](#_ftnref3)

Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics."

[\[4\]](#_ftnref4)

Item 2 of Form N-CSR defines "implicit waiver" as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer … of the registrant."

## Ex-99.Cert

CERTIFICATIONS

I, Paul A. Mikelson, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Northwestern Mutual Series Fund, Inc;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 16, 2026

<u>/s/</u> <u>Paul A. Mikelson</u>

Paul A. Mikelson

President and Principal Executive Officer

CERTIFICATIONS

I, Phillip J. Rinzel, certify that:

1. &nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Northwestern Mutual Series Fund, Inc;

2. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. &nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. &nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 16, 2026

<u>/s/Phillip J. Rinzel</u>

Phillip J. Rinzel

Treasurer and Principal Financial Officer

## Exhibit 99.906

Item 19(b)

**Exhibit to Form N-CSR**

**Section 906 Certification**

**Registrant Name: Northwestern Mutual Series Fund, Inc.**

**File Number: 811-03990**

# Registrant CIK Number: 0000742212
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solely for purposes of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), I, Paul A. Mikelson, certify that to my knowledge, the Annual Report to Shareholders for the fiscal year ended December 31, 2025 included in this Form N-CSR filing (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of Northwestern Mutual Series Fund, Inc.

February 16, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Paul A. Mikelson</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paul A. Mikelson

President and Principal Executive Officer

## A signed original of this written statement required by Section 906 has been provided to Northwestern Mutual Series Fund, Inc. and will be retained by Northwestern Mutual Series Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Item 19(b)

**Exhibit to Form N-CSR**

**Section 906 Certification**

**Registrant Name: Northwestern Mutual Series Fund, Inc.**

**File Number: 811-03990**

# Registrant CIK Number: 0000742212
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solely for purposes of Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350), I, Phillip J. Rinzel, certify that to my knowledge, the Annual Report to Shareholders for the fiscal year ended December 31, 2025 included in this Form N-CSR filing (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in the Report fairly represents, in all material respects, the financial condition and results of operations of Northwestern Mutual Series Fund, Inc.

February 16, 2026&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Phillip J. Rinzel</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phillip J. Rinzel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer and Principal Financial Officer

## A signed original of this written statement required by Section 906 has been provided to Northwestern Mutual Series Fund, Inc. and will be retained by Northwestern Mutual Series Fund, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.