# EDGAR Filing Document

**Accession Number:** 0000742212
**File Stem:** 0001410368-25-029461
**Filing Date:** 2025-11
**Character Count:** 79597
**Document Hash:** 29d36c9f6652de52a93657eb785f6aa1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029461.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029461

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03990
- **FILM NUMBER:** 251511969

**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

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

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

## Nport-Ex

Long-Term U.S. Government Bond Portfolio

SCHEDULE OF INVESTMENTS

**September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
| Corporate Bonds (0.2%) | Shares/ Par <sup>+</sup> | Value<br> $(000's) |
|  **Industrial (0.2%)** |  |  |
|  Vessel Management Services, Inc.<br>3.432%, 8/15/36 | 305000 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | **272** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Corporate Bonds (Cost: $305)** |  | **272** |
| Governments (127.0%) |  |  |
|  **Governments (127.0%)** |  |  |
|  Resolution Funding Corp. Stripped |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 4/15/28 IO | 400000 | 364 |
|  Tennessee Valley Authority Stripped<br>0.000%, 5/1/30 PO | 500000 | 418 |
|  US Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 5/15/40 | 1650000 | 1051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 8/15/40 | 44690000 | 28183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/40 | 9800000 | 6394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 8/15/50 | 1080000 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 11/30/28 | 700000 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 11/15/50 | 400000 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 2/15/41 | 1900000 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 2/15/50 | 12920000 | 7726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 8/15/49 | 300000 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 5/15/51 | 2300000 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 3/31/29 | 900000 | 862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/45 | 1440000 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 2/15/46 | 850000 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/15/49 | 1750000 | 1277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 | 1620000 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 5/15/45 | 1410000 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/45 | 370000 | 287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/48 | 330000 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/48 b | 4000000 | 3008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 2/15/49 | 10470000 | 7839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 8/15/52 | 4500000 | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 2/15/43 | 600000 | 490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 8/15/44 | 1620000 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 5/15/48 | 2430000 | 1874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 6/30/29 | 400000 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 8/15/42 | 9500000 | 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/15/48 | 1600000 | 1285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 3/31/30 | 200000 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 2/15/53 | 2900000 | 2398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 5/15/53 | 1400000 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 5/31/30 | 200000 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 6/30/30 | 400000 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 2/15/43 | 300000 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 5/15/43 | 3100000 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 7/15/28 | 2500000 | 2516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 5/31/30 | 200000 | 202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 6/30/32 | 400000 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/42 | 2800000 | 2589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/52 | 15830000 | 14009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/31/30 | 200000 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 8/15/44 | 1600000 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/27 | 100000 | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/30 | 600000 | 617 |

---

---

| | | |
|:---|:---|:---|
| Governments (127.0%) | Shares/ Par <sup>+</sup> | Value<br> $(000's) |
|  **Governments continued** | **Governments continued** | **Governments continued** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 5/15/41 | 16080000 | 15801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 8/15/43 | 1600000 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 2/15/44 | 400000 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 9/30/30 | 300000 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 5/15/44 | 500000 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/15/44 | 3300000 | 3269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 2/15/55 | 10900000 | 10714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/43 | 1790000 | 1809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 2/15/45 | 300000 | 302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 5/15/55 | 900000 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/31/30 | 200000 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 5/15/45 | 500000 | 519 |
|  US Treasury Inflation Index Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.125%, 1/15/32 | 466132 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 7/15/32 | 1779296 | 1684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 1/15/33 | 2321279 | 2250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 1/15/34 | 2417599 | 2429 |
|  US Treasury Stripped |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/34 IO | 850000 | 585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/41 IO | 40000 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/41 IO | 50000 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 11/15/41 IO | 80000 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 5/15/42 IO | 70000 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 8/15/42 IO | 220000 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 11/15/42 IO | 50000 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | **156234** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Governments (Cost: $172,712)** |  | **156234** |
| Structured Products (21.2%) |  |  |
|  **Asset Backed Securities (0.3%)** | **Asset Backed Securities (0.3%)** | **Asset Backed Securities (0.3%)** |
|  ECMC Group Student Loan Trust, Series<br>2018-1A, Class A<br>5.221%, (US 30 Day Average SOFR plus<br>0.865%), 2/27/68 144A | 37488 | 38 |
|  Hertz Vehicle Financing LLC, Series 2022-2A,<br>Class A<br>2.330%, 6/26/28 144A | 300000 | 291 |
|  Massachusetts Educational Financing Authority,<br>Series 2008-1, Class A1<br>5.552%, (US 90 Day Average SOFR plus<br>1.212%), 4/25/38 | 8924 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | **338** |
|  **Mortgage Securities (20.9%)** |  |  |
|  Benchmark Mortgage Trust, Series 2019-B9,<br>Class A5<br>4.015%, 3/15/52 | 600000 | 588 |
|  Benchmark Mortgage Trust, Series 2024-V6,<br>Class A3<br>5.925%, 3/15/57 | 200000 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMM Mortgage Trust, Series 2018-HOME,<br>Class A<br>3.942%, (CSTR, AFC), 4/10/33 144A | 200000 | 196 |

---

**1** 

------

Long-Term U.S. Government Bond Portfolio

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

---

| | | |
|:---|:---|:---|
| Structured Products (21.2%) | Shares/ Par <sup>+</sup> | Value<br> $(000's) |
|  **Mortgage Securities continued** |  |  |
|  Extended Stay America Trust, Series 2021-<br>ESH, Class A<br>5.344%, (US SOFR 1 Month plus 1.195%),<br>7/15/38 144A | 337310 | 337 |
|  Federal Home Loan Mortgage Corp.<br>4.500%, 5/1/54 | 1642748 | 1594 |
|  Federal Home Loan Mortgage Corp., Series<br>2752, Class EZ<br>5.500%, 2/15/34 | 72566 | 75 |
|  Federal Home Loan Mortgage Corp., Series<br>3759, Class FB<br>4.987%, (US 30 Day Average SOFR plus<br>0.615%), 11/15/40 | 13260 | 13 |
|  Federal Home Loan Mortgage Corp., Series<br>4092, Class AY<br>3.000%, 8/15/32 | 2200000 | 2137 |
|  Federal Home Loan Mortgage Corp., Series<br>4387, Class AZ<br>4.000%, 9/15/44 | 1855476 | 1786 |
|  Federal Home Loan Mortgage Corp., Series<br>4398, Class ZX<br>4.000%, 9/15/54 | 927850 | 860 |
|  Federal Home Loan Mortgage Corp., Series<br>4830, Class ZG<br>3.000%, 4/15/53 | 621775 | 513 |
|  Federal Home Loan Mortgage Corp., Series<br>T-61, Class 1A1<br>5.553%, (Federal Reserve US 12 Month<br>Cumulative Avg 1 year CMT plus 1.400%),<br>7/25/44 | 3062 | 3 |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 2/1/40 | 499913 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 6/1/35 | 14225 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 2/1/36 | 22935 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 5/1/49 | 18673 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 5/1/54 | 820054 | 848 |
|  Federal National Mortgage Association, Series<br>2007-39, Class NZ<br>4.250%, 5/25/37 | 18253 | 18 |
|  Federal National Mortgage Association, Series<br>2012-101, Class FC<br>4.971%, (US 30 Day Average SOFR plus<br>0.615%), 9/25/42 | 20610 | 20 |
|  Federal National Mortgage Association, Series<br>2016-61, Class ML<br>3.000%, 9/25/46 | 900000 | 759 |

---

---

| | | |
|:---|:---|:---|
| Structured Products (21.2%) | Shares/ Par <sup>+</sup> | Value<br> $(000's) |
|  **Mortgage Securities continued** |  |  |
|  Freddie Mac Military Housing Bonds<br>Resecuritization Trust, Series 2015-R1, Class A2<br>4.305%, (CSTR), 10/25/52 144A | 541500 | 461 |
|  Government National Mortgage Association TBA<br>4.000%, 10/20/55 | 800000 | 752 |
|  Government National Mortgage Association,<br>Series 2010-26, Class OW<br>0.000%, 2/20/40 PO | 209645 | 168 |
|  Government National Mortgage Association,<br>Series 2010-75, Class OA<br>0.000%, 9/20/35 PO | 130386 | 109 |
|  Hilton USA Trust, Series 2016-HHV, Class A<br>3.719%, 11/5/38 144A | 600000 | 594 |
|  Merrill Lynch Mortgage Investors Trust, Series<br>2003-A4, Class 3A<br>7.000%, (CSTR, AFC), 5/25/33 | 390 |  |
|  New Residential Mortgage Loan Trust, Series<br>2020-RPL1, Class A1<br>2.750%, (AFC), 11/25/59 144A | 62209 | 60 |
|  Structured Asset Mortgage Investments II<br>Trust, Series 2004-AR5, Class 1A1<br>4.908%, (US SOFR 1 Month plus 0.775%),<br>(AFC), 10/19/34 | 870 | 1 |
|  Towd Point Mortgage Trust, Series 2020-1,<br>Class A2A<br>3.100%, (AFC), 1/25/60 144A | 200000 | 185 |
|  Uniform Mortgage Backed Security TBA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/14/52 | 700000 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/11/48 | 1200000 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/13/55 | 1300000 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 11/15/54 | 6800000 | 6945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/15/54 | 2800000 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | **25767** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Structured Products (Cost: $26,845)** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Structured Products (Cost: $26,845)** | **26105** |
| Short-Term Investments (0.6%) |  |  |
|  **Governments (0.6%)** |  |  |
|  US Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 1/13/26 | 688000 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total** |  | **680** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost: $680)** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Short-Term Investments (Cost: $680)** | **680** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments (149.0%) (Cost: $200,542)<sup>@</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments (149.0%) (Cost: $200,542)<sup>@</sup>** | **183291** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Assets, Less Liabilities (-49.0%)** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Assets, Less Liabilities (-49.0%)** | **(60263)** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets (100.0%)** |  | **123028** |

---

**2** 

------

Long-Term U.S. Government Bond Portfolio

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

**Exchange Traded or Centrally Cleared Derivatives** 

**Futures** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issuer | Long/<br>Short | Currency | Notional Par<br>(000's) | Number<br>of<br>Contracts | Expriation<br> Date | Notional Value<br>(000's) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000's) | Variation Margin<br>(000's) |
|  Five-Year US Treasury Note Future | Short | USD | 10100 | 101 | 12/25 | $11029 | $(12) | $(4) |
|  Ten-Year US Treasury Note Future | Long | USD | 2200 | 22 | 12/25 | 2475 | 20 | –π |
|  Ten-Year US Treasury Note Future | Short | USD | 19000 | 190 | 12/25 | 21865 | (208) | 12 |
|  Two-Year US Treasury Note Future | Short | USD | 1600 | 8 | 12/25 | 1667 | (3) | (1) |
|  Ultra Long-Term US Treasury Bond Future | Short | USD | 400 | 4 | 12/25 | 480 | (14) | 2 |
|  US Treasury Long Bond Future | Short | USD | 7400 | 74 | 12/25 | 8628 | (191) | 19 |
|  |  |  |  |  |  |  | $(408) | $28 |

---

**Centrally Cleared Interest Rate Swaps - Receive Floating Rate** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Floating Rate Index | Fixed<br>Rate | Expiration<br>Date | Notional<br> Amount<br> (000's) | Currency | Upfront<br>Premium Paid/<br>(Received)<br>(000's) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000's) | Market Value<br>(000's) | Variation <br> Margin(000's)  |
|  1-Day USD-SOFR Compounded-OIS | 1.250% | 6/41 | 3110 | USD | $87 | $987 | $1074 | $2 |
|  1-Day USD-SOFR Compounded-OIS | 1.750% | 10/53 | 500 | USD | (7) | 195 | 188 | 1 |
|  1-Day USD-SOFR Compounded-OIS | 3.500% | 12/54 | 2800 | USD | 66 | 151 | 217 | 5 |
|  |  |  |  |  | $146 | $1333 | $1479 | $8 |

---

**Centrally Cleared Interest Rate Swaps - Pay Floating Rate** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Floating Rate Index | Fixed<br>Rate | Expiration<br>Date | Notional<br>Amount<br>(000's) | Currency | Upfront<br>Premium Paid/<br>(Received)<br>(000's) | Unrealized<br>Appreciation/<br>(Depreciation)<br>(000's) | Market Value<br>(000's) | Variation<br>Margin(000's) |
|  1-Day USD-SOFR Compounded-OIS | 1.000% | 12/25 | 3170 | USD | $3 | $(25) | $(22) | $–π |
|  1-Day USD-SOFR Compounded-OIS | 1.600% | 10/28 | 7580 | USD | 6 | (390) | (384) | 5 |
|  |  |  |  |  | $9 | $(415) | $(406) | $5 |

---

**Written Options** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Currency | Notional Par<br>(000's) | Exercise Price | Expiration<br>Date | Number of<br>Contracts | Value (000's) |
|  Call - Ten-Year US Treasury Note Future | USD | 28 | $114.000 | 10/25 | 28 | $(4) |
|  Put - Ten-Year US Treasury Note Future | USD | 28 | 111.500 | 10/25 | 28 | (6) |
|  (Premiums Received $13) |  |  |  |  |  | $(10) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | |
|  | | | | | | | Market Value |
|  | Variation Margin (000's) | Variation Margin (000's) | Variation Margin (000's) | Variation Margin (000's) | Variation Margin (000's) | Variation Margin (000's) | (000's) |
|  | Swaps | Futures | Total | Swaps | Futures | Total | Options |
|  Total Exchange-Traded or Centrally Cleared Derivatives | $13 | $33 | $46 | $– | $(5) | $(5) | $(10) |

---

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

ß Part or all of the security has been pledged as collateral.

---

| | |
|:---|:---|
| 144A | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025 the value of these securities (in thousands) was $2,162 representing 1.8% of the net assets.  |

---

---

| | |
|:---|:---|
| π | Amount is less than one thousand.  |

---

**3** 

------

Long-Term U.S. Government Bond Portfolio

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

---

| | |
|:---|:---|
| @ | At September 30, 2025, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $184,347 and the net unrealized depreciation of investments based on that cost was $401 which is comprised of $1,834 aggregate gross unrealized appreciation and $2,235 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year's federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio's most recent annual report.  |

---

The Fair value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio's perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio's Investments at September 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | Valuation Inputs | Valuation Inputs | Valuation Inputs |
| **Description** | **Level 1 - Quoted<br>Prices** | **Level 2 - Other<br>Significant<br>Observable Inputs** | **Level 3** <br> **- Significant <br>Unobservable** <br> **Inputs**  |
|  | *(Amounts in thousands)* | *(Amounts in thousands)* | *(Amounts in thousands)* |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $272 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governments |  | 156234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured Products |  | 26105 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  | 680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financial lnstruments^ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 20 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | 1479 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets: | $20 | $184770 | $— |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financial lnstruments^ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (428) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Swaps |  | (406) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities: | $(438) | $(406) | $— |

---

^ 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.

**4** 

------

Abbreviations (unaudited)

**Abbreviations that may be used in the preceding statements** 

---

| | |
|:---|:---|
|  ADR | American Depositary Receipt |
|  AFC | Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate. |
|  CSTR | Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral. |
|  IO | Interest Only Security |
|  PO | Principal Only Security |
|  RB | Revenue Bond |
|  CPURNSA | U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted |
|  IBOR | Interbank Offered Rate |
|  LIBOR | London Interbank Offered Rate |
|  SOFR | Secured Overnight Financing Rate |
|  CME | Chicago Mercantile Exchange |
|  ICE | Intercontinental Exchange |
|  FTSE | Financial Times Stock Exchange |
|  SONIO | Sterling Overnight Interbank Average Rate |
|  MUTKCALM | Bank of Japan Unsecured Overnight Call Rate |
|  DAC | Designated Activity Company |
|  RSC | Restricted Scope Company |
|  KSC | Kuwait Shareholding 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 |
|  EURIBOR | Euro Interbank Offered Rate |
|  PRIBOR | Prague Interbank Offered Rate |
|  SDR | Swedish Depository Receipt |
|  ETF | Exchange Traded Fund |
|  **Currency Abbreviations** | **Currency Abbreviations** |
|  AED | United Arab Emirates Dirham |
|  AUD | Australian Dollar |
|  BRL | Brazilian Real |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  CNH | Chinese Yuan Renminbi - Offshore |
|  CNY | Chinese Yuan Renminbi |
|  CZK | Czech Koruna |
|  DKK | Danish Krone |
|  EGP | Egyptian Pound |
|  EUR | Euro |
|  GBP | British Pound |
|  HKD | Hong Kong Dollar |
|  IDR | Indonesian Rupiah |
|  ILS | Israeli Shekel |
|  INR | Indian Rupee |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  MXN | Mexican New Peso |
|  NGN | Nigerian Naira |
|  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 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** NORTHWESTERN MUTUAL SERIES FUND INC

- **b. Investment Company Act file number:** 811-03990

- **c. CIK number of Registrant:** 0000742212

- **d. LEI of Registrant:** 549300T1UBX7MDSNZA55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 720 E WISCONSIN AVE

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-271-1444

**Item A.2. Information about the Series.**

- **a. Name of Series:** Long-Term US Government Bond Portfolio

- **b. EDGAR series identifier (if any):** S000018234

- **c. LEI of Series:** G1NIKRLT4013DJUHQR28

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $341408608.84

**Total Liabilities:** $218393990.44

**Net Assets:** $123014618.40

**Delayed Delivery Securities:** $213422446.99

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -9.90000000 | **1-Year:** -294.40000000 | **5-Year:** -193.84000000 | **10-Year:** -8.14000000 | **30-Year:** -0.29000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.68000000 | **1-Year:** -89.95000000 | **5-Year:** -265.28000000 | **10-Year:** -574.63000000 | **30-Year:** -131.40000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050282 | -0.64%               | 0.49%                | 2.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $303969.95               | $-2107861.88                               |
| Month 2  | $872758.54               | $-374199.51                                |
| Month 3  | $6007747.12              | $-2555903.19                               |

**Designated Index Information**

- **Index Name:** Bloomberg Long-Term U.S. Treasury Index

- **Index Identifier:** LUTLTRUU

### Schedule of Portfolio Investments

| Name                                           | Title                                                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15830000 | PA      | $14008931.68  | 11.39%            | 2052-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1285312.50   | 1.04%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Merrill Lynch Mortgage Investors Trust         | Merrill Lynch Mortgage Investors Trust MLMI Series 2003-A4                                                    | CUSIP: 589929W87<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | ABS-MBS          | CORP              | US        |       390 | PA      | $384.08       | 0.00%             | 2033-05-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CJM4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $616945.31    | 0.50%             | 2030-11-30      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bills                                                                                           | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | STIV             | UST               | US        |    688000 | PA      | $680400.91    | 0.55%             | 2026-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CEV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $394015.62    | 0.32%             | 2029-06-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CLX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $101019.53    | 0.08%             | 2027-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac Pool                                                                                              | CUSIP: 3132DWLJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1642748 | PA      | $1593829.27   | 1.30%             | 2054-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Government National Mortgage Association                                                                      | CUSIP: 38377GMM8<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    130386 | PA      | $108488.31    | 0.09%             | 2035-09-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ECMC Group Student Loan Trust                  | ECMC Group Student Loan Trust 2018-1                                                                          | CUSIP: 26828HAA5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     37488 | PA      | $37320.20     | 0.03%             | 2068-02-27      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834KP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $23411.57     | 0.02%             | 2041-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UJ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $301875.00    | 0.25%             | 2045-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR FUT OPTN NOV25P 111.5                                                                                 | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -28 | NC      | $-5687.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| FHLMC STRUCTURED PASS THROUGH                  | Freddie Mac Structured Pass-Through Certificates                                                              | CUSIP: 31395A3J2<br>LEI: 254900HROIFWPRGM1V77 | Long             | ABS-MBS          | USGSE             | US        |      3062 | PA      | $2966.60      | 0.00%             | 2044-07-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                    | Long: BWU01D5J2 IRS USD R V 12MSOFR SWUV1D5J4 CCPOIS / Short: BWU01D5J2 IRS USD P F  1.75000 SWU01D5J2 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |    500000 | OU      | $187559.50    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Inflation-Indexed Notes                                                                         | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2417599 | PA      | $2428855.58   | 1.97%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                                                             | CUSIP: 3136A76U1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     20610 | PA      | $20340.19     | 0.02%             | 2042-09-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                                                         | CUSIP: 01F0626B2<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2800000 | PA      | $2895333.70   | 2.35%             | 2054-11-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VESSEL MANAGEMENT SERVIC                       | Vessel Management Services Inc                                                                                | CUSIP: 228027AA6<br>LEI: 549300FGG4OD84UNFA43 | Long             | DBT              | CORP              | US        |    305000 | PA      | $272432.26    | 0.22%             | 2036-08-15      | Fixed         | 3.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac Military Housing Bonds Resec Trust | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates 2015-R1                                | CUSIP: 35563CAJ7<br>LEI: 549300ZG8WH0M4JSUM77 | Long             | ABS-MBS          | USGSE             | US        |    541500 | PA      | $461160.93    | 0.37%             | 2052-10-25      | Variable      | 4.31%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1900000 | PA      | $1335714.84   | 1.09%             | 2041-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CDL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    700000 | PA      | $655457.03    | 0.53%             | 2028-11-30      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2800000 | PA      | $2588687.50   | 2.10%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Inflation-Indexed Notes                                                                         | CUSIP: 91282CGK1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2321279 | PA      | $2249670.58   | 1.83%             | 2033-01-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1440000 | PA      | $1031456.25   | 0.84%             | 2045-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CNG2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $202343.75    | 0.16%             | 2030-05-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TQ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $272285.16    | 0.22%             | 2043-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12920000 | PA      | $7726260.91   | 6.28%             | 2050-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Hilton USA Trust                               | Hilton USA Trust 2016-HHV                                                                                     | CUSIP: 43300LAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $593904.48    | 0.48%             | 2038-11-05      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2430000 | PA      | $1873757.81   | 1.52%             | 2048-05-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 3137BD4R4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    621775 | PA      | $512797.26    | 0.42%             | 2053-04-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 5YR NOTE (CBT) DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -101 | NC      | $-11958.19    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834LX4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $21759.83     | 0.02%             | 2042-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UF3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3300000 | PA      | $3269320.30   | 2.66%             | 2044-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Towd Point Mortgage Trust                      | Towd Point Mortgage Trust 2020-1                                                                              | CUSIP: 89178WBB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $184749.54    | 0.15%             | 2060-01-25      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US LONG BOND(CBT) DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -74 | NC      | $-191461.53   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $519218.75    | 0.42%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1276679.69   | 1.04%             | 2049-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Extended Stay America Trust                    | Extended Stay America Trust 2021-ESH                                                                          | CUSIP: 30227FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    337310 | PA      | $337310.42    | 0.27%             | 2038-07-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTH                               | Tennessee Valley Authority Principal Strip                                                                    | CUSIP: 88059FBG5<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    500000 | PA      | $418114.18    | 0.34%             | 2030-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $496347.66    | 0.40%             | 2044-05-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    370000 | PA      | $286504.30    | 0.23%             | 2045-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 3137AT2J0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2200000 | PA      | $2136738.56   | 1.74%             | 2032-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                                                             | CUSIP: 31396VSR0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18253 | PA      | $18081.70     | 0.01%             | 2037-05-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SX7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $1479726.57   | 1.20%             | 2051-05-15      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2900000 | PA      | $2397597.65   | 1.95%             | 2053-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RM2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1410000 | PA      | $1097266.40   | 0.89%             | 2045-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9500000 | PA      | $8094296.88   | 6.58%             | 2042-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                                                         | CUSIP: 01F0506B7<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1300000 | PA      | $1288443.36   | 1.05%             | 2055-11-13      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 3137BDY34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1855476 | PA      | $1786159.27   | 1.45%             | 2044-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Government National Mortgage Association                                                                      | CUSIP: 38376VKK2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    209645 | PA      | $167797.49    | 0.14%             | 2040-02-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                                                         | CUSIP: 01F0426A6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1200000 | PA      | $1163829.42   | 0.95%             | 2055-10-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association       | Ginnie Mae                                                                                                    | CUSIP: 21H0406A6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    800000 | PA      | $752079.14    | 0.61%             | 2055-10-20      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US ULTRA BOND CBT DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $-14349.59    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| RESOLUTION FUNDING STRIP                       | Resolution Funding Corp Interest Strip                                                                        | CUSIP: 76116EHK9<br>LEI: N/A                  | Long             | DBT              | USGA              | US        |    400000 | PA      | $363685.66    | 0.30%             | 2028-04-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Hertz Vehicle Financing LLC                    | Hertz Vehicle Financing LLC                                                                                   | CUSIP: 42806MAN9<br>LEI: 5493004IHDYOZ9K9WF47 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $291226.26    | 0.24%             | 2028-06-26      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3007500.00   | 2.44%             | 2048-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 3137A2SY8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     13260 | PA      | $13142.36     | 0.01%             | 2040-11-15      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834LR7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    220000 | PA      | $97109.46     | 0.08%             | 2042-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CHZ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $311835.94    | 0.25%             | 2030-09-30      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $191484.38    | 0.16%             | 2049-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1400000 | PA      | $1156312.50   | 0.94%             | 2053-05-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TZ1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $391234.38    | 0.32%             | 2044-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2019-B9 Mortgage Trust                                                                              | CUSIP: 08160JAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $588446.04    | 0.48%             | 2052-03-15      | Fixed         | 4.02%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834KH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $19027.27     | 0.02%             | 2041-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                    | Long: BWU025U84 IRS USD R V 12MSOFR SWUV25U86 CCPOIS / Short: BWU025U84 IRS USD P F  3.50000 SWU025U84 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   2800000 | OU      | $216014.96    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CJG7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $210226.56    | 0.17%             | 2030-10-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3100000 | PA      | $2808042.96   | 2.28%             | 2043-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 31394RLM9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     72566 | PA      | $74767.67     | 0.06%             | 2034-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust                            | COMM 2018-HOME Mortgage Trust                                                                                 | CUSIP: 20048JAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $196053.44    | 0.16%             | 2033-04-10      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TU2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1544124.99   | 1.26%             | 2043-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1650000 | PA      | $1050779.30   | 0.85%             | 2040-05-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| Massachusetts Educational Financing Authority  | Massachusetts Educational Financing Authority                                                                 | CUSIP: 57563NAA6<br>LEI: 5493007K5OP7V6CL0Y88 | Long             | ABS-O            | CORP              | US        |      8924 | PA      | $8947.09      | 0.01%             | 2038-04-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| LCH Ltd.                                       | Long: BWU01UNW5 IRS USD R V 03MSOFR SWUV1UNW7 CCPOIS / Short: BWU01UNW5 IRS USD P F  1.25000 SWU01UNW5 CCPOIS | CUSIP: 000000000<br>LEI: F226TOH6YD6XJB17KS62 | N/A              | DIR              |  | US        |   3110000 | OU      | $1074265.53   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                    | Long: SWU01PG53 IRS USD R F  1.00000 SWU01PG53 CCPOIS / Short: SWU01PG53 IRS USD P V 03MSOFR SWUV1PG55 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   3170000 | OU      | $-22176.69    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Structured Asset Mortgage Investments Inc      | Structured Asset Mortgage Investments II Trust 2004-AR5                                                       | CUSIP: 86359LDX4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |       870 | PA      | $837.22       | 0.00%             | 2034-10-19      | Floating      | 4.91%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4500000 | PA      | $3291328.13   | 2.68%             | 2052-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR NOTE (CBT)DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        22 | NC      | $20252.43     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                                               | CUSIP: 3138L8YJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    499913 | PA      | $471984.42    | 0.38%             | 2040-02-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  44690000 | PA      | $28182631.25  | 22.91%            | 2040-08-15      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $600013.67    | 0.49%             | 2046-02-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CEE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $862382.81    | 0.70%             | 2029-03-31      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10470000 | PA      | $7839412.50   | 6.37%             | 2049-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 2YR NOTE (CBT) DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -8 | NC      | $-2947.18     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CNM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2516210.95   | 2.05%             | 2028-07-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                                               | CUSIP: 31402RFV6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     14225 | PA      | $14424.27     | 0.01%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RJ9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1620000 | PA      | $1267460.15   | 1.03%             | 2044-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810RH3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1620000 | PA      | $1297075.78   | 1.05%             | 2044-08-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                    | Freddie Mac REMICS                                                                                            | CUSIP: 3137BERC0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    927850 | PA      | $860131.67    | 0.70%             | 2054-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                       | Benchmark 2024-V6 Mortgage Trust                                                                              | CUSIP: 081927AB1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $209134.18    | 0.17%             | 2057-03-15      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CHW4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $203351.56    | 0.17%             | 2030-08-31      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $200140.62    | 0.16%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CNJ6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $402062.50    | 0.33%             | 2032-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                    | Long: SWU01D5I4 IRS USD R F  1.60000 SWU01D5I4 CCPOIS / Short: SWU01D5I4 IRS USD P V 12MSOFR SWUV1D5I6 CCPOIS | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |   7580000 | OU      | $-383209.17   | -0.31%            |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 9128334Y3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    850000 | PA      | $584881.43    | 0.48%             | 2034-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                                                         | CUSIP: 01F0606B6<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   6800000 | PA      | $6945468.05   | 5.65%             | 2054-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | U.S. Treasury Bonds                                                                                           | CUSIP: 912810QZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $489726.56    | 0.40%             | 2043-02-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR FUT OPTN NOV25C 114                                                                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -28 | NC      | $-3937.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | PA      | $902812.50    | 0.73%             | 2055-05-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1080000 | PA      | $543037.50    | 0.44%             | 2050-08-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| New Residential Mortgage Loan Trust            | New Residential Mortgage Loan Trust 2020-RPL1                                                                 | CUSIP: 64828XAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     62209 | PA      | $59841.40     | 0.05%             | 2059-11-25      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Inflation-Indexed Notes                                                                         | CUSIP: 91282CEZ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1779296 | PA      | $1683893.67   | 1.37%             | 2032-07-15      | Fixed         | 0.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    330000 | PA      | $249201.56    | 0.20%             | 2048-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UD8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1485124.99   | 1.21%             | 2044-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae REMICS                                                                                             | CUSIP: 3136ATQS6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    900000 | PA      | $758500.38    | 0.62%             | 2046-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                                               | CUSIP: 31403C6L0<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     22935 | PA      | $23485.92     | 0.02%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Inflation-Indexed Notes                                                                         | CUSIP: 91282CDX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    466132 | PA      | $429168.60    | 0.35%             | 2032-01-15      | Fixed         | 0.13%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                         | US 10YR ULTRA FUT DEC25                                                                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |      -190 | NC      | $-207653.62   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10900000 | PA      | $10714359.38  | 8.71%             | 2055-02-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810ST6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   9800000 | PA      | $6393734.42   | 5.20%             | 2040-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                                               | CUSIP: 31418E5R7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    820054 | PA      | $847659.22    | 0.69%             | 2054-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                     | Fannie Mae Pool                                                                                               | CUSIP: 31418DDL3<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     18673 | PA      | $19152.39     | 0.02%             | 2049-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CHJ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $400171.88    | 0.33%             | 2030-06-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| UMBS, TBA                                      | Uniform Mortgage-Backed Security, TBA                                                                         | CUSIP: 01F0406B8<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    700000 | PA      | $659544.35    | 0.54%             | 2055-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834KV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | PA      | $36936.28     | 0.03%             | 2041-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810QQ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  16080000 | PA      | $15800484.42  | 12.84%            | 2041-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Notes                                                                                           | CUSIP: 91282CGS4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199179.69    | 0.16%             | 2030-03-31      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury STRIPS Coupon                                                                                   | CUSIP: 912834LK2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     70000 | PA      | $31348.64     | 0.03%             | 2042-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810TW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1790000 | PA      | $1809018.75   | 1.47%             | 2043-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury                         | U.S. Treasury Bonds                                                                                           | CUSIP: 912810SS8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | PA      | $214625.00    | 0.17%             | 2050-11-15      | Fixed         | 1.63%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** NORTHWESTERN MUTUAL SERIES FUND INC

**Signature:** Linda Wisniewski

**Name of Signer:** Linda Wisniewski

**Title:** Controller and Chief Accounting Officer