|        |                                                                                           |  |  |  |  |
|--------|-------------------------------------------------------------------------------------------|--|--|--|--|
| ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |

|   |                                                                                  |  |  |  |  |
|---|----------------------------------------------------------------------------------|--|--|--|--|
| o | TRANSITION REPORT PURSUANT TO 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |

----

|                                                                                                                                |        |  |  |  |  |
|--------------------------------------------------------------------------------------------------------------------------------|--------|--|--|--|--|
|                                                                                                                           | PAGE   |
|                                                                                                                           |   |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                                                                        | 1      |
|                                                                                                                           |   |
| FINANCIAL STATEMENTS:                                                                                                      |   |
|                                                                                                                           |   |
| Statements of Net Assets Available for Benefits as of December 31, 2021 and 2020                                          | 2      |
|                                                                                                                           |   |
| Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2021                            | 3      |
|                                                                                                                           |   |
| Notes to the Financial Statements as of December 31, 2021 and 2020 and for the Year Ended December 31, 2021                    | 4      |
|                                                                                                                           |   |
| SUPPLEMENTAL SCHEDULE -                                                                                                        |   |
|                                                                                                                           |   |
| Form 5500, Schedule H, Part IV, Line 4i— Schedule of Assets (Held at End of Year) as of December 31, 2021 | 14     |
|                                                                                                                           |   |
| EXHIBITS FILED                                                                                                                 | 24     |
|                                                                                                                           |   |
| SIGNATURE                                                                                                                      | 25     |

----

----

|                                                                    |  |                     |                     |        |                     |   |                     |  |  |  |  |  |  |  |
|--------------------------------------------------------------------|--|---------------------|---------------------|--------|---------------------|---|---------------------|--|--|--|--|--|--|--|
|                                                               |  | 2021                |                     | 2020   |
| ASSETS:                                                        |  |                |                     |   |
| Participant-directed investments at fair value (Notes 2 and 5)     |  | $                   | 1,422,057,020  |        |                     | $ | 1,306,180,420  |  |
| Participant-directed investments at contract value (Notes 2 and 4) |  | 129,598,370    |                     |        | 139,314,432    |   |
| Total investments                                                  |  | 1,551,655,390  |                     |        | 1,445,494,852  |   |
| Receivables:                                                   |  |                |                     |   |
| Notes receivable from participants (Note 1)                        |  | 22,266,818     |                     |        | 23,374,236     |   |
| Participant contributions                                          |  | 1,049,266      |                     |        | 815,871        |   |
| Employer contributions                                             |  | 325,493        |                     |        | 257,744        |   |
| Interest and other                                                 |  | 1,127,790      |                     |        | 10,511,054     |   |
| Total receivables                                                  |  | 24,769,367     |                     |        | 34,958,905     |   |
| Total assets                                                       |  | 1,576,424,757  |                     |        | 1,480,453,757  |   |
| LIABILITIES:                                                   |  |                |                     |   |
| Payable for securities purchased                                   |  | 92,350         |                     |        | 9,083,805      |   |
| Accrued administrative expenses                                    |  | 343,198        |                     |        | 324,692        |   |
| Total liabilities                                                  |  | 435,548        |                     |        | 9,408,497      |   |
| NET ASSETS AVAILABLE FOR BENEFITS                                  |  | $                   | 1,575,989,209  |        |                     | $ | 1,471,045,260  |  |

----

|                                                                       |                     |                     |  |  |  |
|-----------------------------------------------------------------------|---------------------|---------------------|--|--|--|
| ADDITIONS:                                                        |                |
|                                                                  |                |
| Contributions (Note 1):                                           |                |
| Participants                                                          | $                   | 67,610,637     |  |
| Employer                                                              | 23,589,646     |                     |
| Rollover                                                              | 7,175,664      |                     |
| Total contributions                                                   | 98,375,947     |                     |
|                                                                  |                |
| Investment income (Note 2):                                       |                |
| Dividend, interest, and other income                                  | 24,659,504     |                     |
| Net realized/unrealized appreciation in fair value of investments | 130,252,259    |                     |
| Total investment gain                                                 | 154,911,763    |                     |
|                                                                  |                |
| Interest income on notes receivable from participants                 | 1,180,093      |                     |
|                                                                  |                |
| Total additions                                                       | 254,467,803    |                     |
|                                                                  |                |
| DEDUCTIONS:                                                       |                |
|                                                                  |                |
| Distributions to participants                                         | 146,866,894    |                     |
| Administrative expenses (Note 2)                                      | 2,656,960      |                     |
| Total deductions                                                      | 149,523,854    |                     |
|                                                                  |                |
| INCREASE IN NET ASSETS                                                | 104,943,949    |                     |
|                                                                  |                |
| NET ASSETS AVAILABLE FOR BENEFITS:                                |                |
|                                                                  |                |
| Beginning of year                                                     | 1,471,045,260  |                     |
| End of year                                                           | $                   | 1,575,989,209  |  |

----

----

----

----

----

----

----

----

----

|                                                                              |                   |                     |      |                   |   |                     |  |  |  |  |  |
|------------------------------------------------------------------------------|-------------------|---------------------|------|-------------------|---|---------------------|--|--|--|--|--|
|                                                                         | December 31,      |
| Quoted Prices in Active Markets (Level 1):                               | 2021              |                     | 2020 |
| Common Stocks                                                                | $                 | 94,332,364     |      |                   | $ | 79,982,382     |  |
| Short-Term Investments                                                       | 6,650,683    |                     |      | 6,729,854    |   |
| Mutual Funds                                                                 | 199,487,751  |                     |      | 191,322,775  |   |
| Pinnacle West Common Stock                                                   | 57,733,655   |                     |      | 76,420,207   |   |
| Self-Directed Brokerage Account                                              | 121,860,769  |                     |      | 114,452,907  |   |
| Total Level 1 assets and total assets classified in the fair value hierarchy | 480,065,222  |                     |      | 468,908,125  |   |
| Other:                                                                   |                   |                     |      |
| Common and Collective Trusts (a)                                             | 941,991,798  |                     |      | 837,272,295  |   |
| Total Investments at fair value                                              | $                 | 1,422,057,020  |      |                   | $ | 1,306,180,420  |  |

----

|                                                                                                |  |                 |                     |      |                 |   |                     |  |  |  |  |  |  |  |
|------------------------------------------------------------------------------------------------|--|-----------------|---------------------|------|-----------------|---|---------------------|--|--|--|--|--|--|--|
|                                                                                           |  | 2021            |                     | 2020 |
| Net Assets Available for Benefits per the financial statements                                 |  | $               | 1,575,989,209  |      |                 | $ | 1,471,045,260  |  |
| Adjustment from contract value to fair value for fully benefit-responsive investment contracts |  | 1,770,108  |                     |      | 5,536,735  |   |
| Deemed distribution of participant loans                                                       |  | (638,522)       |                     |      | (582,287)       |   |
| Net Assets per Form 5500                                                                  |  | $               | 1,577,120,795  |      |                 | $ | 1,475,999,708  |  |

|                                                                                                                 |  |                 |                   |  |  |  |  |  |
|-----------------------------------------------------------------------------------------------------------------|--|-----------------|-------------------|--|--|--|--|--|
| Increase in Net Assets Available for Benefits per the financial statements                                      |  | $               | 104,943,949  |  |
| Adjustment from contract value to fair value for fully benefit-responsive stable value fund - December 31, 2021 |  | 1,770,108  |                   |
| Adjustment from contract value to fair value for fully benefit-responsive stable value fund - December 31, 2020 |  | (5,536,735)     |                   |
| Deemed distribution of participant loans - 2021                                                                 |  | (638,522)       |                   |
| Deemed distribution of participant loans - 2020                                                                 |  | 582,287    |                   |
| Net gain per the Form 5500                                                                                 |  | $               | 101,121,087  |  |

----

|     |                                                                                               |                         |            |                        |               |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-------------------------|------------|------------------------|---------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description         | (d) Cost** | (e) Current Value |
|     | Common Stocks                                                                                 |                         |            |                        |
|     | MFS Large Capitalization Growth Equity Fund                                                   | US Large Cap Stock Fund |            |                        |
|     | ABBOTT LAB                                                                                    |                         |            | $                      | 571,264  |  |
|     | ACTIVISION BLIZZARD INC                                                                       |                         |            | 112,635           |               |
|     | ADOBE INC                                                                                     |                         |            | 1,299,702         |               |
|     | AIR PRODUCTS & CHEMICALS                                                                  |                         |            | 68,154            |               |
|     | AIRBNB INC CLASS A                                                                            |                         |            | 8,158             |               |
|     | ALNYLAM PHARMACEUTICALS I                                                                     |                         |            | 64,271            |               |
|     | ALPHABET INC CL A                                                                             |                         |            | 2,094,560         |               |
|     | ALPHABET INC CL C                                                                             |                         |            | 633,696           |               |
|     | AMAZON.COM INC                                                                                |                         |            | 2,587,448         |               |
|     | AMERICAN TOWER CORP                                                                           |                         |            | 211,770           |               |
|     | AMETEK INC NEW                                                                                |                         |            | 324,223           |               |
|     | AON PLC                                                                                       |                         |            | 225,420           |               |
|     | APPLE INC                                                                                     |                         |            | 1,529,055         |               |
|     | APPLIED MATERIALS INC                                                                         |                         |            | 277,898           |               |
|     | ASML HLDG NV (NY REG SHS)                                                                     |                         |            | 374,186           |               |
|     | ATLASSIAN CORP PLC CLS A                                                                      |                         |            | 188,739           |               |
|     | AUTODESK INC                                                                                  |                         |            | 407,444           |               |
|     | BECTON DICKINSON & CO                                                                     |                         |            | 90,784            |               |
|     | BLACK KNIGHT INC                                                                              |                         |            | 85,128            |               |
|     | BLOCK INC CL A                                                                                |                         |            | 230,636           |               |
|     | BOSTON SCIENTIFIC CORP                                                                        |                         |            | 394,809           |               |
|     | BUMBLE INC CL A                                                                               |                         |            | 37,585            |               |
|     | CADENCE DESIGN SYS INC                                                                        |                         |            | 277,102           |               |
|     | CANADIAN PAC RAILWAY LTD                                                                      |                         |            | 135,391           |               |
|     | CHARTER COMM INC A                                                                            |                         |            | 383,358           |               |
|     | CHIPOTLE MEXICAN GRILL IN                                                                     |                         |            | 195,804           |               |
|     | CLARIVATE PLC                                                                                 |                         |            | 181,457           |               |
|     | CME GROUP INC CL A                                                                            |                         |            | 126,795           |               |
|     | COLGATE-PALMOLIVE CO                                                                          |                         |            | 316,697           |               |
|     | COSTAR GROUP INC                                                                              |                         |            | 235,272           |               |
|     | DANAHER CORP                                                                                  |                         |            | 834,040           |               |
|     | DOLLAR GEN CORP                                                                               |                         |            | 127,820           |               |
|     | EDWARDS LIFESCIENCES CORP                                                                     |                         |            | 314,029           |               |
|     | ELECTRONIC ARTS INC                                                                           |                         |            | 237,288           |               |
|     | EQUIFAX INC                                                                                   |                         |            | 307,722           |               |
|     | EQUINIX INC                                                                                   |                         |            | 170,014           |               |
|     | ESTEE LAUDER COS INC CL A                                                                     |                         |            | 538,271           |               |
|     | HILTON WORLDWIDE HLDGS IN                                                                     |                         |            | 186,408           |               |
|     | ICON PLC                                                                                      |                         |            | 383,718           |               |
|     | INTUIT INC                                                                                    |                         |            | 982,197           |               |
|     | JOHNSON CONTROLS INTL PLC                                                                     |                         |            | 205,633           |               |

----

|     |                                                                                               |                         |            |                        |                  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-------------------------|------------|------------------------|------------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description         | (d) Cost** | (e) Current Value |
|     | LAM RESEARCH CORP                                                                             |                         |            | 558,780           |                  |
|     | LULULEMON ATHLETICA INC                                                                       |                         |            | 137,790           |                  |
|     | MASTERCARD INC CL A                                                                           |                         |            | 967,649           |                  |
|     | MATCH GROUP INC                                                                               |                         |            | 284,470           |                  |
|     | META PLATFORMS INC CL A                                                                       |                         |            | 1,007,705         |                  |
|     | MGM RESORTS INTL                                                                              |                         |            | 82,355            |                  |
|     | MICROSOFT CORP                                                                                |                         |            | 4,102,561         |                  |
|     | MSCI INC                                                                                      |                         |            | 652,515           |                  |
|     | NETFLIX INC                                                                                   |                         |            | 512,074           |                  |
|     | NIKE INC CL B                                                                                 |                         |            | 318,506           |                  |
|     | NVIDIA CORP                                                                                   |                         |            | 1,152,029         |                  |
|     | PAYPAL HLDGS INC                                                                              |                         |            | 530,098           |                  |
|     | ROBLOX CORP                                                                                   |                         |            | 126,165           |                  |
|     | ROPER TECH INC                                                                                |                         |            | 196,252           |                  |
|     | ROSS STORES INC                                                                               |                         |            | 113,366           |                  |
|     | SALESFORCE.COM INC                                                                            |                         |            | 444,982           |                  |
|     | SCHWAB CHARLES CORP                                                                           |                         |            | 391,822           |                  |
|     | SEA LTD ADR                                                                                   |                         |            | 214,314           |                  |
|     | SHERWIN WILLIAMS CO                                                                           |                         |            | 611,702           |                  |
|     | SHOPIFY INC CL A                                                                              |                         |            | 161,155           |                  |
|     | STARBUCKS CORP                                                                                |                         |            | 105,273           |                  |
|     | STERIS PLC                                                                                    |                         |            | 126,573           |                  |
|     | SVCSNOW INC                                                                                   |                         |            | 412,185           |                  |
|     | SYNOPSYS INC                                                                                  |                         |            | 215,204           |                  |
|     | TAKE-TWO INTERACTV SOFTWR                                                                     |                         |            | 87,616            |                  |
|     | THERMO FISHER SCIENTIFIC                                                                      |                         |            | 734,631           |                  |
|     | TRANSUNION                                                                                    |                         |            | 334,158           |                  |
|     | UBER TECH INC                                                                                 |                         |            | 143,862           |                  |
|     | VERISK ANALYTICS INC                                                                          |                         |            | 512,813           |                  |
|     | VERTEX PHARMACEUTICALS IN                                                                     |                         |            | 176,339           |                  |
|     | VISA INC CL A                                                                                 |                         |            | 767,587           |                  |
|     | VULCAN MATERIALS CO                                                                           |                         |            | 493,418           |                  |
|     | ZOETIS INC CL A                                                                               |                         |            | 511,243           |                  |
|     | SUBTOTAL                                                                                      |                         |            | $                      | 35,143,773  |  |
|     |                                                                                               |                         |            |                        |
|     | Robeco Boston Partners Large Capitalization Value Equity Fund                                 | US Large Cap Stock Fund |            |                        |
|     | ABBVIE INC                                                                                    |                         |            | $                      | 434,905     |  |
|     | ACTIVISION BLIZZARD INC                                                                       |                         |            | 237,978           |                  |
|     | ALLEGION PLC                                                                                  |                         |            | 109,660           |                  |
|     | ALPHABET INC CL A                                                                             |                         |            | 848,833           |                  |
|     | AMERICAN INTL GROUP                                                                           |                         |            | 181,838           |                  |
|     | AMERISOURCEBERGEN CORP                                                                        |                         |            | 301,395           |                  |
|     | APPLIED MATERIALS INC                                                                         |                         |            | 461,694           |                  |

----

|     |                                                                                               |                 |            |                        |  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-----------------|------------|------------------------|--|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description | (d) Cost** | (e) Current Value |
|     | AUTOZONE INC                                                                                  |                 |            | 916,122           |  |
|     | AVANTOR INC                                                                                   |                 |            | 443,945           |  |
|     | AXALTA COATING SYS LTD                                                                        |                 |            | 335,009           |  |
|     | BANK OF AMERICA CORPORATI                                                                     |                 |            | 485,208           |  |
|     | BERKSHIRE HATHAWAY INC CL                                                                     |                 |            | 1,041,417         |  |
|     | BRISTOL-MYERS SQUIBB CO                                                                       |                 |            | 383,453           |  |
|     | CANADIAN NATL RAILWAY CO                                                                      |                 |            | 314,644           |  |
|     | CANADIAN NATL RESOURCES L                                                                     |                 |            | 351,309           |  |
|     | CAPITAL ONE FIN CORP                                                                          |                 |            | 481,989           |  |
|     | CATERPILLAR INC                                                                               |                 |            | 274,344           |  |
|     | CENOVUS ENERGY INC                                                                            |                 |            | 159,382           |  |
|     | CENTENE CORP                                                                                  |                 |            | 540,214           |  |
|     | CENTERPOINT ENERGY INC                                                                        |                 |            | 320,156           |  |
|     | CHARTER COMM INC A                                                                            |                 |            | 204,719           |  |
|     | CHUBB LTD                                                                                     |                 |            | 421,996           |  |
|     | CIGNA CORP                                                                                    |                 |            | 717,134           |  |
|     | CISCO SYS INC                                                                                 |                 |            | 888,004           |  |
|     | CITIGROUP INC                                                                                 |                 |            | 386,013           |  |
|     | COCA-COLA EUROPACIFIC PAR                                                                     |                 |            | 333,902           |  |
|     | COGNIZANT TECH SOLUTIONS                                                                      |                 |            | 298,543           |  |
|     | CONOCOPHILLIPS                                                                                |                 |            | 863,273           |  |
|     | CRH PLC SPON ADR                                                                              |                 |            | 244,992           |  |
|     | CVS HEALTH CORP                                                                               |                 |            | 651,043           |  |
|     | DEERE & CO                                                                                |                 |            | 452,958           |  |
|     | DOMINION ENERGY INC                                                                           |                 |            | 359,726           |  |
|     | DOVER CORP                                                                                    |                 |            | 227,726           |  |
|     | DUPONT DE NEMOURS INC                                                                         |                 |            | 610,697           |  |
|     | EATON CORP PLC                                                                                |                 |            | 563,912           |  |
|     | EOG RESOURCES INC                                                                             |                 |            | 330,803           |  |
|     | EVEREST REINSURANCE GROUP                                                                     |                 |            | 253,924           |  |
|     | FIDELITY NATL INFORM SVCS                                                                     |                 |            | 537,236           |  |
|     | FIFTH THIRD BANCORP                                                                           |                 |            | 272,275           |  |
|     | FLEETCOR TECH INC                                                                             |                 |            | 263,236           |  |
|     | GEN DYNAMICS CORPORATION                                                                      |                 |            | 534,309           |  |
|     | GLOBAL PAYMENTS INC                                                                           |                 |            | 349,575           |  |
|     | GOLDMAN SACHS GROUP INC                                                                       |                 |            | 466,328           |  |
|     | HARLEY-DAVIDSON INC                                                                           |                 |            | 105,984           |  |
|     | HOLLYFRONTIER CORP                                                                            |                 |            | 156,525           |  |
|     | HOWMET AEROSPACE INC                                                                          |                 |            | 354,809           |  |
|     | ICON PLC                                                                                      |                 |            | 302,577           |  |
|     | JOHNSON & JOHNSON                                                                         |                 |            | 1,178,300         |  |
|     | JPMORGAN CHASE & CO                                                                       |                 |            | 1,067,121         |  |
|     | KEURIG DR PEPPER INC                                                                          |                 |            | 475,973           |  |

----

|     |                                                                                               |                 |            |                        |                  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-----------------|------------|------------------------|------------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description | (d) Cost** | (e) Current Value |
|     | KLA CORP                                                                                      |                 |            | 258,496           |                  |
|     | KOHLS CORP                                                                                    |                 |            | 155,628           |                  |
|     | LAM RESEARCH CORP                                                                             |                 |            | 245,230           |                  |
|     | LENNAR CORP CL A                                                                              |                 |            | 180,048           |                  |
|     | LKQ CORP                                                                                      |                 |            | 329,625           |                  |
|     | MARATHON PETROLEUM CORP                                                                       |                 |            | 536,812           |                  |
|     | MCKESSON CORP                                                                                 |                 |            | 302,013           |                  |
|     | META PLATFORMS INC CL A                                                                       |                 |            | 472,572           |                  |
|     | MICRON TECH INC                                                                               |                 |            | 665,743           |                  |
|     | MIDDLEBY CORP                                                                                 |                 |            | 152,489           |                  |
|     | MOHAWK INDU INC                                                                               |                 |            | 315,354           |                  |
|     | NETAPP INC                                                                                    |                 |            | 156,383           |                  |
|     | NEWMONT CORP                                                                                  |                 |            | 186,928           |                  |
|     | NORTONLIFELOCK INC                                                                            |                 |            | 225,662           |                  |
|     | NOVARTIS AG SPON ADR                                                                          |                 |            | 319,965           |                  |
|     | NXP SEMICONDUCTORS NV                                                                         |                 |            | 243,952           |                  |
|     | OTIS WORLDWIDE CORP                                                                           |                 |            | 341,489           |                  |
|     | OWENS CORNING INC                                                                             |                 |            | 178,285           |                  |
|     | PIONEER NATURAL RESOURCES                                                                     |                 |            | 449,062           |                  |
|     | POLARIS INC                                                                                   |                 |            | 116,505           |                  |
|     | QORVO INC                                                                                     |                 |            | 355,005           |                  |
|     | QUALCOMM INC                                                                                  |                 |            | 704,232           |                  |
|     | RESTAURANT BRANDS INTL IN                                                                     |                 |            | 101,700           |                  |
|     | SANOFI SPON ADR                                                                               |                 |            | 439,227           |                  |
|     | SCHLUMBERGER LTD                                                                              |                 |            | 315,643           |                  |
|     | SCHWAB CHARLES CORP                                                                           |                 |            | 525,709           |                  |
|     | SONY GROUP CORP ADR                                                                           |                 |            | 452,006           |                  |
|     | SS&C TECH HLDGS INC                                                                       |                 |            | 307,343           |                  |
|     | TAPESTRY INC                                                                                  |                 |            | 185,217           |                  |
|     | TJX COMPANIES INC NEW                                                                         |                 |            | 348,169           |                  |
|     | T-MOBILE US INC                                                                               |                 |            | 263,970           |                  |
|     | TRUIST FINL CORP                                                                              |                 |            | 456,514           |                  |
|     | UNION PACIFIC CORP                                                                            |                 |            | 332,548           |                  |
|     | UNITED RENTALS INC                                                                            |                 |            | 376,152           |                  |
|     | UNITEDHEALTH GROUP INC                                                                        |                 |            | 784,343           |                  |
|     | US FOODS HLDGS CORP                                                                           |                 |            | 234,127           |                  |
|     | VERTIV HLDGS CO                                                                               |                 |            | 189,872           |                  |
|     | WELLS FARGO & CO                                                                          |                 |            | 724,066           |                  |
|     | WESTINGHOUSE AIR BRAKE TE                                                                     |                 |            | 257,632           |                  |
|     | SUBTOTAL                                                                                      |                 |            | $                      | 35,682,824  |  |

----

|     |                                                                                               |                                 |            |                        |               |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|---------------------------------|------------|------------------------|---------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description                 | (d) Cost** | (e) Current Value |
|     | Robeco Small/Mid Capitalization Value Equity Fund                                         | US Small/Mid Cap Stock Fund |            |                        |
|     | ABM INDU INC                                                                                  |                                 |            | $                      | 148,653  |  |
|     | ACCO BRANDS CORP                                                                              |                                 |            | 77,371            |               |
|     | AES CORP                                                                                      |                                 |            | 154,086           |               |
|     | AGNC INVESTMENT CORP                                                                          |                                 |            | 88,195            |               |
|     | ALLEGHANY CORP DEL                                                                            |                                 |            | 149,540           |               |
|     | ALLISON TRANSMISSION HLDG                                                                     |                                 |            | 94,292            |               |
|     | ALTRA INDU MOTION CORP                                                                        |                                 |            | 57,191            |               |
|     | AMERICAN EAGLE OUTFITTERS                                                                     |                                 |            | 67,174            |               |
|     | AMERICOLD REALTY TR                                                                           |                                 |            | 47,546            |               |
|     | AMERIS BANCORP                                                                                |                                 |            | 62,398            |               |
|     | ARES COMMERCIAL REAL ESTA                                                                     |                                 |            | 43,009            |               |
|     | ARROW ELECTRONICS INC                                                                         |                                 |            | 165,958           |               |
|     | ARTISAN PARTNERS ASSET MA                                                                     |                                 |            | 129,676           |               |
|     | ASGN INC                                                                                      |                                 |            | 291,101           |               |
|     | ASSURANT INC                                                                                  |                                 |            | 113,310           |               |
|     | ASSURED GUARANTY LTD                                                                          |                                 |            | 207,627           |               |
|     | AVNET INC                                                                                     |                                 |            | 100,684           |               |
|     | AXALTA COATING SYS LTD                                                                        |                                 |            | 119,596           |               |
|     | AXIS CAPITAL HLDGS LTD                                                                        |                                 |            | 146,034           |               |
|     | BANKUNITED INC                                                                                |                                 |            | 154,347           |               |
|     | BELDEN INC                                                                                    |                                 |            | 196,664           |               |
|     | BLACKSTONE MORTGAGE TR CL                                                                     |                                 |            | 70,824            |               |
|     | BLOCK H & R INC                                                                           |                                 |            | 53,293            |               |
|     | BOOZ ALLEN HAMILTON HLDG                                                                      |                                 |            | 61,981            |               |
|     | BRIGHT HEALTH GROUP INC                                                                       |                                 |            | 46,464            |               |
|     | BRIGHTVIEW HLDGS INC                                                                          |                                 |            | 97,208            |               |
|     | BRINKS CO                                                                                     |                                 |            | 167,597           |               |
|     | BUILDERS FIRSTSOURCE                                                                          |                                 |            | 122,908           |               |
|     | BWX TECH INC                                                                                  |                                 |            | 112,183           |               |
|     | CALLAWAY GOLF CO                                                                              |                                 |            | 248,112           |               |
|     | CARTERS INC                                                                                   |                                 |            | 67,919            |               |
|     | CENOVUS ENERGY INC                                                                            |                                 |            | 130,757           |               |
|     | CENTERPOINT ENERGY INC                                                                        |                                 |            | 86,074            |               |
|     | CHAMPIONX CORP                                                                                |                                 |            | 114,207           |               |
|     | CHANGE HEALTHCARE INC                                                                         |                                 |            | 308,428           |               |
|     | CHEMED CORP                                                                                   |                                 |            | 141,783           |               |
|     | COLUMBIA BANKING SYS INC                                                                      |                                 |            | 65,505            |               |
|     | COMMSCOPE HLDG CO INC                                                                         |                                 |            | 96,964            |               |
|     | CONCENTRIX CORP                                                                               |                                 |            | 309,191           |               |
|     | COUSINS PROPERTIES INC                                                                        |                                 |            | 214,370           |               |
|     | CROWN HLDGS INC                                                                               |                                 |            | 72,456            |               |
|     | CURTISS WRIGHT CORPORATIO                                                                     |                                 |            | 150,596           |               |

----

|     |                                                                                               |                 |            |                        |  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-----------------|------------|------------------------|--|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description | (d) Cost** | (e) Current Value |
|     | DELEK US HLDGS INC                                                                            |                 |            | 107,643           |  |
|     | DIAMONDBACK ENERGY INC                                                                        |                 |            | 405,840           |  |
|     | EAST WEST BANCORP INC                                                                         |                 |            | 142,411           |  |
|     | ECOVYST INC                                                                                   |                 |            | 48,169            |  |
|     | EMCOR GROUP INC                                                                               |                 |            | 79,364            |  |
|     | EMPLOYERS HLDGS INC                                                                           |                 |            | 72,870            |  |
|     | ENERGIZER HLDGS INC                                                                           |                 |            | 167,458           |  |
|     | ENERPLUS CORP                                                                                 |                 |            | 145,412           |  |
|     | ENERSYS INC                                                                                   |                 |            | 129,896           |  |
|     | ENVISTA HLDGS CORP                                                                            |                 |            | 308,165           |  |
|     | ESSENT GROUP LTD                                                                              |                 |            | 187,493           |  |
|     | EVERCORE INC A                                                                                |                 |            | 245,753           |  |
|     | EVEREST REINSURANCE GROUP                                                                     |                 |            | 125,729           |  |
|     | EVERTEC INC                                                                                   |                 |            | 138,145           |  |
|     | FEDERAL AGRI MTG NON VTG                                                                      |                 |            | 148,964           |  |
|     | FIRST AMERICAN FIN CORP                                                                       |                 |            | 75,727            |  |
|     | FIRST CITIZENS BANCSHARES                                                                     |                 |            | 103,730           |  |
|     | FIRST HAWAIIAN INC                                                                            |                 |            | 137,306           |  |
|     | FIRST HORIZON CORP                                                                            |                 |            | 80,882            |  |
|     | FIRST MERCHANTS CORP                                                                          |                 |            | 83,654            |  |
|     | FLEX LTD                                                                                      |                 |            | 93,373            |  |
|     | FMC CORP NEW                                                                                  |                 |            | 141,428           |  |
|     | FOOT LOCKER INC                                                                               |                 |            | 200,480           |  |
|     | FRESH DEL MONTE PRODUCE I                                                                     |                 |            | 136,758           |  |
|     | FRONTDOOR INC                                                                                 |                 |            | 99,248            |  |
|     | FTI CONSULTING INC                                                                            |                 |            | 75,022            |  |
|     | GLOBE LIFE INC                                                                                |                 |            | 116,494           |  |
|     | GRAFTECH INTL LTD                                                                             |                 |            | 92,724            |  |
|     | GRAPHIC PACKAGING HLDGS C                                                                     |                 |            | 382,610           |  |
|     | GRAY TELEVISION INC                                                                           |                 |            | 72,253            |  |
|     | HAEMONETICS CORP MASS                                                                         |                 |            | 60,837            |  |
|     | HANESBRANDS INC                                                                               |                 |            | 65,576            |  |
|     | HANOVER INSURANCE GROUP I                                                                     |                 |            | 58,322            |  |
|     | HARLEY-DAVIDSON INC                                                                           |                 |            | 219,959           |  |
|     | HARSCO CORP                                                                                   |                 |            | 84,653            |  |
|     | HASBRO INC                                                                                    |                 |            | 108,497           |  |
|     | HELMERICH & PAYNE INC                                                                     |                 |            | 106,318           |  |
|     | HILLENBRAND INC                                                                               |                 |            | 98,521            |  |
|     | HOLLYFRONTIER CORP                                                                            |                 |            | 158,786           |  |
|     | HOLOGIC INC                                                                                   |                 |            | 87,049            |  |
|     | HOWMET AEROSPACE INC                                                                          |                 |            | 71,808            |  |
|     | HUB GROUP INC CL A                                                                            |                 |            | 85,588            |  |
|     | HUNTINGTON INGALLS INDU I                                                                     |                 |            | 106,068           |  |

----

|     |                                                                                               |                 |            |                        |  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-----------------|------------|------------------------|--|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description | (d) Cost** | (e) Current Value |
|     | ICON PLC                                                                                      |                 |            | 86,716            |  |
|     | INGEVITY CORP                                                                                 |                 |            | 100,308           |  |
|     | INGREDION INC                                                                                 |                 |            | 95,480            |  |
|     | INSIGHT ENTERPRISES INC                                                                       |                 |            | 232,921           |  |
|     | INTERDIGITAL INC                                                                              |                 |            | 153,718           |  |
|     | INTL GAME TECH PLC                                                                            |                 |            | 65,828            |  |
|     | INVESTORS BANCORP INC                                                                         |                 |            | 114,943           |  |
|     | JAZZ PHARMA PLC                                                                               |                 |            | 46,883            |  |
|     | JONES LANG LASALLE INC                                                                        |                 |            | 75,146            |  |
|     | KAR AUCTION SVCS INC                                                                          |                 |            | 186,893           |  |
|     | KOSMOS ENERGY LTD                                                                             |                 |            | 117,723           |  |
|     | LANDSTAR SYS INC                                                                              |                 |            | 59,435            |  |
|     | LCI INDU                                                                                      |                 |            | 187,979           |  |
|     | LITHIA MOTORS INC CL A                                                                        |                 |            | 88,788            |  |
|     | LPL FINL HLDGS INC                                                                            |                 |            | 243,337           |  |
|     | MASONITE WORLDWIDE HLDGS                                                                      |                 |            | 100,847           |  |
|     | MERITAGE HOMES CORP                                                                           |                 |            | 86,418            |  |
|     | MIDLAND STATES BANCORP IN                                                                     |                 |            | 64,280            |  |
|     | MINERALS TECH INC                                                                             |                 |            | 55,228            |  |
|     | MOLINA HEALTHCARE INC                                                                         |                 |            | 278,002           |  |
|     | MOSAIC CO NEW                                                                                 |                 |            | 76,616            |  |
|     | MR COOPER GROUP INC                                                                           |                 |            | 134,858           |  |
|     | NATIONAL ENERGY SVCS REUN                                                                     |                 |            | 45,388            |  |
|     | NAVIENT CORP                                                                                  |                 |            | 100,922           |  |
|     | NCR CORP                                                                                      |                 |            | 187,734           |  |
|     | NEXSTAR MEDIA GROUP INC A                                                                     |                 |            | 230,999           |  |
|     | NEXTIER OILFIELD SOLUTION                                                                     |                 |            | 38,691            |  |
|     | NMI HLDGS INC                                                                                 |                 |            | 67,801            |  |
|     | NOMAD FOODS LTD                                                                               |                 |            | 98,970            |  |
|     | NORTONLIFELOCK INC                                                                            |                 |            | 128,601           |  |
|     | OMNICOM GROUP INC                                                                             |                 |            | 97,742            |  |
|     | ORTHO CLINICAL DIAGNOSTIC                                                                     |                 |            | 170,200           |  |
|     | OWENS CORNING INC                                                                             |                 |            | 99,369            |  |
|     | PACWEST BANCORP                                                                               |                 |            | 157,418           |  |
|     | PDC ENERGY INC                                                                                |                 |            | 135,706           |  |
|     | PENNYMAC FIN SVCS INC                                                                         |                 |            | 124,976           |  |
|     | PETIQ INC CL A                                                                                |                 |            | 133,262           |  |
|     | PRA GROUP INC                                                                                 |                 |            | 106,345           |  |
|     | PREFERRED BANK LOS ANGELE                                                                     |                 |            | 75,092            |  |
|     | PROASSURANCE CORPORATION                                                                      |                 |            | 127,841           |  |
|     | QORVO INC                                                                                     |                 |            | 146,225           |  |
|     | R1 RCM INC                                                                                    |                 |            | 216,563           |  |
|     | RACKSPACE TECH INC                                                                            |                 |            | 40,599            |  |

----

|     |                                                                                               |                 |            |                        |  |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|-----------------|------------|------------------------|--|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description | (d) Cost** | (e) Current Value |
|     | RANGE RESOURCES CORP                                                                          |                 |            | 53,597            |  |
|     | REALOGY HLDGS CORP                                                                            |                 |            | 85,513            |  |
|     | REINSURANCE GROUP OF AMER                                                                     |                 |            | 91,862            |  |
|     | RENAISSANCERE HLDGS LTD                                                                       |                 |            | 154,429           |  |
|     | RESIDEO TECH INC                                                                              |                 |            | 69,006            |  |
|     | SALLY BEAUTY HLDGS INC                                                                        |                 |            | 130,697           |  |
|     | SCHWEITZER-MAUDUIT INTL I                                                                     |                 |            | 113,829           |  |
|     | SCIENCE APPLICATIONS INTL                                                                     |                 |            | 265,565           |  |
|     | SENSATA TECH HLDGS PLC                                                                        |                 |            | 150,092           |  |
|     | SKECHERS USA INC CL A                                                                         |                 |            | 80,203            |  |
|     | SLM CORP                                                                                      |                 |            | 360,158           |  |
|     | SOTERA HEALTH CO                                                                              |                 |            | 192,663           |  |
|     | SOUTHSTATE CORP                                                                               |                 |            | 78,187            |  |
|     | SPECTRUM BRANDS HLDGS INC                                                                     |                 |            | 89,310            |  |
|     | SPIRIT RLTY CAP INC                                                                           |                 |            | 76,140            |  |
|     | STANDARD MOTOR PRODUCTS I                                                                     |                 |            | 45,894            |  |
|     | STARWOOD PROPERTY TR INC                                                                      |                 |            | 132,119           |  |
|     | STEELCASE INC CLASS A                                                                         |                 |            | 68,445            |  |
|     | STEVEN MADDEN LTD                                                                             |                 |            | 204,003           |  |
|     | STRIDE INC                                                                                    |                 |            | 264,207           |  |
|     | SYNEOS HEALTH INC                                                                             |                 |            | 331,862           |  |
|     | SYNOVUS FIN CORP.                                                                             |                 |            | 155,195           |  |
|     | TD SYNNEX CORP                                                                                |                 |            | 235,582           |  |
|     | TEGNA INC                                                                                     |                 |            | 216,373           |  |
|     | TEMPUR SEALY INTL INC                                                                         |                 |            | 136,058           |  |
|     | TEREX CORP                                                                                    |                 |            | 67,815            |  |
|     | TEXTRON INC                                                                                   |                 |            | 89,629            |  |
|     | TOLL BROTHERS INC                                                                             |                 |            | 85,999            |  |
|     | TRAVEL+LEISURE CO                                                                             |                 |            | 120,820           |  |
|     | TTEC HLDGS INC                                                                                |                 |            | 102,412           |  |
|     | TURNING POINT BRANDS INC                                                                      |                 |            | 70,006            |  |
|     | ULTRA CLEAN HLDGS INC                                                                         |                 |            | 173,858           |  |
|     | UMPQUA HLDGS CORP                                                                             |                 |            | 116,075           |  |
|     | UNISYS CORP NEW                                                                               |                 |            | 45,048            |  |
|     | UNIVERSAL CORP                                                                                |                 |            | 117,474           |  |
|     | UNIVERSAL HEALTH SVCS INC                                                                     |                 |            | 140,811           |  |
|     | US FOODS HLDGS CORP                                                                           |                 |            | 71,332            |  |
|     | VALLEY NATL BANCORP                                                                           |                 |            | 122,196           |  |
|     | VALVOLINE INC                                                                                 |                 |            | 320,992           |  |
|     | VIAD CORP                                                                                     |                 |            | 43,346            |  |
|     | VIPER ENERGY PARTNERS LP                                                                      |                 |            | 151,109           |  |
|     | VISTRA CORP                                                                                   |                 |            | 82,086            |  |
|     | WABASH NATIONAL CORP                                                                          |                 |            | 88,016            |  |

----

|     |                                                                                                               |                                           |            |                        |                   |  |  |  |  |  |  |  |  |  |
|-----|---------------------------------------------------------------------------------------------------------------|-------------------------------------------|------------|------------------------|-------------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party                 | (c) Description                           | (d) Cost** | (e) Current Value |
|     | WALKER & DUNLOP INC                                                                                       |                                           |            | 267,812           |                   |
|     | WEBSTER FIN                                                                                                   |                                           |            | 113,634           |                   |
|     | WERNER ENTERPRISES INC                                                                                        |                                           |            | 66,104            |                   |
|     | WESCO INTL INC                                                                                                |                                           |            | 474,892           |                   |
|     | WESTERN UNION CO                                                                                              |                                           |            | 78,086            |                   |
|     | WHITE MOUNTAINS INS GROUP                                                                                     |                                           |            | 131,807           |                   |
|     | WHITING PETROLEUM CORP NE                                                                                     |                                           |            | 88,935            |                   |
|     | WINTR FIN CORP                                                                                                |                                           |            | 72,928            |                   |
|     | WORLD FUEL SVCS CORP                                                                                          |                                           |            | 110,512           |                   |
|     | YELP INC                                                                                                      |                                           |            | 117,998           |                   |
|     | SUBTOTAL                                                                                                      |                                           |            | $                      | 23,505,767   |  |
|     |                                                                                                               |                                           |            |                        |
|     | Total common stocks                                                                                           |                                           |            | $                      | 94,332,364   |  |
|     |                                                                                                               |                                           |            |                        |
|     | Common and Collective Trusts                                                                                  |                                      |       |                   |
|     | Blackrock US Debt Index NL Fund M                                                                             | US Bond Index                             |            | $                      | 170,596,143  |  |
|     | Northern Trust Collective 1-10 Yr Treasury Inflation-Protected Securities (TIPS) Index Fund - NL - Tier Three | Diversified Inflation Fund                |            | 51,785,225             |
|     | SSgA Global All Cap Equity Ex US Index Non-Lending Series Fund Class A                                        | Non-US Stock Index                        |            | 171,245,673            |
|     | SSgA S&P 500 Index Non-Lending Series Fund Class A                                                        | US Large Cap Stock Fund/Index         |            | 399,238,685            |
|     | SSgA Russell Small/Mid Cap Index Non-Lending Series Fund Class A                                          | US Small/Mid Cap Stock Fund/Index |            | 124,914,973            |
|     | William Blair Small/Mid Cap Growth Collective Fund                                                        | US Small/Mid Cap Stock Fund           |            | 24,211,098             |
|     | Total common and collective trusts                                                                            |                                      |       | $                      | 941,991,797  |  |
|     |                                                                                                          |                                      |       |                   |
|     | Mutual Funds                                                                                                  |                                      |       |                   |
| *   | Fidelity Institutional Money Market: Government Portfolio - Class I                                  | Short-Term Investments***                 |       | $                      | 4,466,554    |  |
| *   | Fidelity Institutional Money Market: Treasury Portfolio - Class I                                    | Short-Term Investments***                 |       | 863,992                |
|     |                                                                                                               |                                           |            |                        |
|     | American Funds EuroPacific Growth Fund R6 Shares                                                              | Non-US Stock Fund                         |       | 123,278,655            |
|     | Dodge & Cox Income Fund 1 Shares                                                                          | Bond Fund                                 |       | 38,638,779             |
|     | Metropolitan West Total Return Bond Fund Institutional Shares                                                 | Bond Fund                                 |       | 37,570,317             |
|     | Total mutual funds                                                                                            |                                      |       | $                      | 204,818,297  |  |
|     |                                                                                                          |                                      |       |                   |
|     | SGICs                                                                                                         | Stable Value Fund                         |       |                   |
|     | RGA Reinsurance Co yield 1.546%                                                                               |                                      |       |                   |
|     | Morley Stable Income Bond Fund Common and Collective Trust                                                    |                                      |       | $                      | 43,127,532   |  |
|     | Principal Life Ins Co yield 1.537%                                                                            |                                           |            |                        |
|     | Morley Stable Income Bond Fund Common and Collective Trust                                                    |                                           |            | 44,667,260             |
|     | Transamerica Premier Life Ins Co yield 1.595%                                                                 |                                           |            |                        |
|     | Morley Stable Income Bond Fund Common and Collective Trust                                                    |                                           |            | 43,573,686             |
|     | Total SGICs                                                                                                   |                                      |       | $                      | 131,368,478  |  |
|     |                                                                                                          |                                      |       |                   |

----

|     |                                                                                               |                                 |            |                        |                     |  |  |  |  |  |  |  |  |  |
|-----|-----------------------------------------------------------------------------------------------|---------------------------------|------------|------------------------|---------------------|--|--|--|--|--|--|--|--|--|
| (a) | (b) Identity of Issuer, Borrower, Lessor, or Similar Party | (c) Description                 | (d) Cost** | (e) Current Value |
|     | Other Investments                                                                             |                            |       |                   |
| *   | Pinnacle West Common Stock                                                                    | Pinnacle West Stock Fund        |       | $                      | 57,733,655     |  |
|     | Self-Directed Brokerage Account                                                               | Self-Directed Brokerage Account |       | 121,860,769            |
|     | BBH STIF Fund                                                                                 | Short-Term Investments***       |            | 1,310,137              |
| *   | Various participants****                                                                      | Participant loans               |       | 21,628,296             |
|     | Total other investments                                                                       |                            |       | $                      | 202,532,857    |  |
|     |                                                                                          |                            |       |                   |
|     | Total Assets Held for Investment Purposes                                                     |                            |       | $                      | 1,575,043,793  |  |
|     |                                                                                               |                                 |            |                        |

----

|                  |        |                                                          |  |  |  |  |  |  |
|------------------|--------|----------------------------------------------------------|--|--|--|--|--|--|
| Exhibit No. |   | Description                                              |
|             |   |                                                     |
| 23.1             |   | Consent of Independent Registered Public Accounting Firm |

----

|           |               |                           |                                                    |  |  |  |  |  |  |  |  |
|-----------|---------------|---------------------------|----------------------------------------------------|--|--|--|--|--|--|--|--|
|      |          | THE PINNACLE WEST CAPITAL |
|      |          | CORPORATION SAVINGS PLAN  |
|      |          |                      |                                               |
|      |          |                      |                                               |
| Date: | June 22, 2022 | By                        | /s/ Donna M. Easterly                      |
|      |          |                      | Donna M. Easterly                                  |
|      |          |                      | Senior Vice President Human Resources & Ethics |
|      |          |                      | Arizona Public Service Company                     |