# EDGAR Filing Document

**Accession Number:** 0001068204
**File Stem:** 0001193125-26-096058
**Filing Date:** 2026-3
**Character Count:** 426576
**Document Hash:** 8c2c0f8598e918e23451e99ca4a56135
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096058.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096058

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA-CREF LIFE FUNDS
- **CENTRAL INDEX KEY:** 0001068204

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08961
- **FILM NUMBER:** 26730051

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-490-9000

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIAA CREF LIFE FUND
- **DATE OF NAME CHANGE:** 19980813

## Series and Classes Contracts Data

### Nuveen Life Growth Equity Fund (Series ID: S000005088)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000013875 | Nuveen Life Growth Equity Fund | TLGQX           |

### Nuveen Life Money Market Fund (Series ID: S000005089)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000013876 | Nuveen Life Money Market Fund | TLMXX           |

### Nuveen Life Core Equity Fund (Series ID: S000005090)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013877 | Nuveen Life Core Equity Fund | TLGWX           |

### Nuveen Life International Equity Fund (Series ID: S000005091)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000013878 | Nuveen Life International Equity Fund | TLINX           |

### Nuveen Life Large Cap Value Fund (Series ID: S000005092)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000013879 | Nuveen Life Large Cap Value Fund | TLLVX           |

### Nuveen Life Small Cap Equity Fund (Series ID: S000005093)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013880 | Nuveen Life Small Cap Equity Fund | TLEQX           |

### Nuveen Life Stock Index Fund (Series ID: S000005094)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013881 | Nuveen Life Stock Index Fund | TLSTX           |

### Nuveen Life Large Cap Responsible Equity Fund (Series ID: S000005095)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000013882 | Nuveen Life Large Cap Responsible Equity Fund | TLCHX           |

### Nuveen Life Real Estate Securities Select Fund (Series ID: S000005096)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013883 | Nuveen Life Real Estate Securities Select Fund | TLRSX           |

### Nuveen Life Core Bond Fund (Series ID: S000005097)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000013884 | Nuveen Life Core Bond Fund | TLBDX           |

### Nuveen Life Balanced Fund (Series ID: S000043737)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000135632 | Nuveen Life Balanced Fund | TLBAX           |

?xml version='1.0' encoding='ASCII'? N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-08961</u> 

TIAA-CREF Life Funds

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 842-2733</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>December</u> <u>31, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Balanced Fund

TLBAX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Balanced Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Balanced Fund | $11 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds related to the Balanced Fund. Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Balanced Fund returned 12.71% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Balanced Fund Composite Index, which returned 13.60%.<br>•  The Fund's Composite Index consisted of: 50.0% Bloomberg U.S. Aggregate Bond Index; 40.0% Russell 3000<sup>®</sup> Index; 10.0% MSCI EAFE<sup>®</sup> Index.<br>•  Top contributors to relative performance<br>•  An allocation to the Nuveen Life Large Cap Value Fund.<br>•  Holding the Nuveen Life Small Cap Equity Fund.<br>•  Top detractors from relative performance<br>•  An allocation to the Nuveen Life Core Equity Fund.<br>•  A position in the Nuveen Life Growth Equity Fund.<br>•  Holding the Nuveen Life Core Bond Fund.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Balanced Fund at NAV | 12.71% | 5.69% | 7.40% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| &nbsp;&nbsp;&nbsp; Balanced Fund Composite Index | 13.60% | 6.00% | 7.68% |
| &nbsp;&nbsp;&nbsp; Morningstar Moderately Conservative Target Risk Index | 12.87% | 4.06% | 6.10% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $70106000 |
|  Total number of portfolio holdings | 9 |
|  Portfolio turnover (%) | 12% |
|  Total management fees paid for the year | $66705 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g00v04.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Affiliated investment companies (Underlying Funds), except for repurchase agreements.

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

How has the Fund changed?

• **Portfolio manager update:** Effective October 1, 2025, Jeff Sun, CFA has been added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V864_AR_1225<br> 5092493 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Core Bond Fund

TLBDX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Core Bond Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Bond Fund | $36 | 0.35% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Core Bond Fund returned 7.07% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund performed in line with the Bloomberg U.S. Aggregate Bond Index, which returned 7.30%.<br>•  Top contributors to relative performance<br>•  Broadly diversified overweights to non-treasury sectors, including small, out-of-benchmark allocations to emerging-markets debt, positions in mortgage-backed securities (MBS) and an overweight to corporate bonds.<br>•  A corresponding underweight to U.S. Treasuries.<br>•  Security selection, especially within commercial mortgage-backed securities and corporate bonds.<br>•  Top detractors from relative performance<br>•  Yield curve positioning.<br>•  Security selection in agency MBS.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Bond Fund at NAV | 7.07% | 0.09% | 2.52% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $215980551 |
|  Total number of portfolio holdings | 1008 |
|  Portfolio turnover (%) | 86% |
|  Total management fees paid for the year | $619775 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g09a01.jpg)

![LOGO](g83091g1g09a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V880_AR_1225<br> 5092497 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Core Equity Fund

TLGWX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Core Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Equity Fund | $55 | 0.51% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Core Equity Fund returned 13.80% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund significantly underperformed the S&P 500 Index, which returned 17.88%.<br>•  Top contributors to relative performance<br>•  An overweight to Lam Research Corporation.<br>•  An overweight to Bank of New York Mellon Corporation.<br>•  An overweight to HCA Healthcare, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including overweights to Intuit Inc., Arista Networks, Inc. and Gen Digital Inc.<br>•  An overweight position and security selection in the health care sector, including overweights to Eli Lilly and Company and Merck & Co., Inc.<br>•  Security selection in the financials sector, including an overweight to Progressive Corporation.<br>•  An overweight to Freeport-McMoRan, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v12.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Equity Fund at NAV | 13.80% | 13.66% | 14.01% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $221475684 |
|  Total number of portfolio holdings | 60 |
|  Portfolio turnover (%) | 103% |
|  Total management fees paid for the year | $951973 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g14a01.jpg)

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V302_AR_1225<br> 5092499 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Growth Equity Fund

TLGQX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Growth Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Growth Equity Fund | $56 | 0.52% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Growth Equity Fund returned 15.30% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the Russell 1000 Growth Index, which returned 18.56%.<br>•  Top contributors to relative performance<br>•  An overweight to Alphabet Inc.<br>•  Security selection in the industrials sector, led by an overweight to Vertiv Holdings Co. and an underweight to Uber Technologies, Inc.<br>•  An out-of-benchmark position in Galderma Group AG.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including underweights to Palantir Technologies Inc. and NVIDIA Corporation, an overweight to Salesforce, Inc. and a lack of exposure to Lam Research Corporation.<br>•  Security selection in the health care sector, including an overweight to UnitedHealth Group Incorporated and an underweight to Eli Lilly and Company.<br>•  An overweight to Amazon.com, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v17.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Growth Equity Fund at NAV | 15.30% | 11.03% | 15.49% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Growth Index | 18.56% | 15.32% | 18.13% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $201083664 |
|  Total number of portfolio holdings | 68 |
|  Portfolio turnover (%) | 41% |
|  Total management fees paid for the year | $850344 |

---

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g19a01.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V104_AR_1225<br> 5092501 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life International Equity Fund

TLINX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life International Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life International Equity Fund | $70 | 0.60% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life International Equity Fund returned 32.44% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund outperformed the MSCI EAFE Index (Net), which returned 31.22%.<br>•  Top contributors to relative performance<br>•  Security selection in the financials sector, led by overweights to Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A. and ING Groep N.V.<br>•  Security selection in the information technology sector, led by an out-of-benchmark position in Samsung Electronics Co., Ltd. and an overweight to Advantest Corporation.<br>•  An overweight to Heidelberg Materials AG.<br>•  Top detractors from relative performance<br>•  Security selection and an overweight allocation in the health care sector, including overweights to Novo Nordisk A/S and Daiichi Sankyo Company, Limited.<br>•  An out-of-benchmark position in Smurfit WestRock Plc.<br>•  Security selection in the industrials sector, including a lack of exposure to Rolls-Royce Holdings plc and Siemens Energy AG.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life International Equity Fund at NAV | 32.44% | 8.09% | 7.96% |
| &nbsp;&nbsp;&nbsp; MSCI EAFE<sup>®</sup> Index | 31.22% | 8.92% | 8.18% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $187532768 |
|  Total number of portfolio holdings | 70 |
|  Portfolio turnover (%) | 23% |
|  Total management fees paid for the year | $835587 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g24t01.jpg)

![LOGO](g83091g1g24g02.jpg)

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus    •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V203_AR_1225<br> 5092502 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Large Cap Responsible Equity Fund

TLCHX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Large Cap Responsible Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Responsible Equity Fund | $24 | 0.22% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Large Cap Responsible Equity Fund returned 16.63% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the S&P 500 Index, which returned 17.88%.<br>•  Top contributors to relative performance<br>•  Security selection in the financials sector, led by overweights to Citigroup Inc., Goldman Sachs Group, Inc. and Morgan Stanley.<br>•  Security selection in the materials sector, led by an overweight to Newmont Corporation.<br>•  Security selection and an underweight allocation in the consumer discretionary sector, including a lack of exposure to Amazon.com, Inc. and an overweight to eBay Inc.<br>•  Top detractors from relative performance<br>•  Security selection and an underweight allocation in the communication services sector, including a lack of exposure to Alphabet Inc. and an overweight to Comcast Corporation.<br>•  Security selection in the industrials sector, including an overweight to Copart, Inc. and a lack of exposure to GE Aerospace.<br>•  An underweight to Broadcom Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Responsible Equity Fund at NAV | 16.63% | 11.83% | 13.62% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $103237812 |
|  Total number of portfolio holdings | 120 |
|  Portfolio turnover (%) | 34% |
|  Total management fees paid for the year | $149132 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g29t01.jpg)

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V500_AR_1225<br> 5092504 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report<br>December 31, 2025 |

---

Nuveen Life Large Cap Value Fund

TLLVX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Large Cap Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Value Fund | $56 | 0.52% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Large Cap Value Fund returned 17.23% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund outperformed the Russell 1000 Value Index, which returned 15.91%.<br>•  Top contributors to relative performance<br>•  Security selection in the information technology sector, led by out-of-benchmark positions to Lam Research Corporation and TE Connectivity Plc.<br>•  Security selection and an underweight allocation in the real estate sector, including a lack of exposure to Equinix, Inc. and an overweight to Prologis, Inc.<br>•  Security selection and an underweight allocation in the consumer staples sector, led by an overweight to Philip Morris International Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the materials sector, including an overweight to Smurfit WestRock Plc and a lack of exposure to Newmont Corporation.<br>•  An overweight to UnitedHealth Group Incorporated.<br>•  Security selection in the industrials sector, including a lack of exposure to Caterpillar Inc. and GE Vernova Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g00v32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Value Fund at NAV | 17.23% | 12.63% | 10.76% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 15.91% | 11.33% | 10.53% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $91646843 |
|  Total number of portfolio holdings | 78 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $383529 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g00v34.jpg)

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V609_AR_1225<br> 5092507 | <br> ![LOGO](g83091g1g01w02.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Money Market Fund

TLMXX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Money Market Fund | $15 | 0.15% |

---

\* Annualized for period less than one year.

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

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $141331971 |
|  Total number of portfolio holdings | 62 |
|  Portfolio turnover (%) | 0% |
|  Total management fees paid for the year | $144279 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g88a36.jpg)

1 continued>>

------

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   • financial statements and other information   • fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V872_AR_1225<br> 5092508 | <br>![LOGO](g83091g1g01w02.jpg)  |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Real Estate Securities Select Fund

TLRSX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Real Estate Securities Select Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

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

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Real Estate Securities Select Fund | $58 | 0.57% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Real Estate Securities Select Fund returned 1.86% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund underperformed the FTSE Nareit All Equity REITs Index, which returned 2.27%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to American Healthcare REIT, Inc. and Ventas, Inc. and a lack of exposure to Alexandria Real Estate Equities, Inc.<br>•  Security selection in the industrial sector, including an overweight to Prologis, Inc., and a lack of exposure to Americold Realty Trust, Inc.<br>•  An overweight allocation in the regional malls sector, led by an overweight to Simon Property Group, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the specialty sector, including an out-of-benchmark position in Fermi Inc.<br>•  An overweight allocation and security selection in the shopping centers sector, including overweights to Kimco Realty Corporation and Kite Realty Group Trust.<br>•  An overweight to SL Green Realty Corp, which is included in the office property sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g39a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Real Estate Securities Select Fund at NAV | 1.86% | 3.55% | 5.88% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp; FTSE Nareit All Equity REITs Index | 2.27% | 4.85% | 5.77% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $60287226 |
|  Total number of portfolio holdings | 44 |
|  Portfolio turnover (%) | 29% |
|  Total management fees paid for the year | $312963 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g88a41.jpg)

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

How has the Fund changed?

• **Portfolio manager update**: Effective January 7, 2026, Benjamin Kerl and Griffin Bazor, CFA were added as portfolio managers of the Fund and David Copp and Brendan Lee were removed as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V807_AR_1225<br> 5092511 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Small Cap Equity Fund

TLEQX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Small Cap Equity Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Small Cap Equity Fund | $57 | 0.53% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Small Cap Equity Fund returned 16.40% at net asset value (NAV) for the 12 months ended December 31, 2025. The Fund outperformed the Russell 2000 Index, which returned 12.81%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, led by overweights to Terns Pharmaceuticals, Inc., Hims & Hers Health, Inc. and Nuvation Bio, Inc.<br>•  Security selection in the industrials sector, led by overweights to Bloom Energy Corporation and Nextpower Inc.<br>•  Security selection in the consumer discretionary sector, including overweights to GigaCloud Technology, Inc. and FIGS, Inc. and a lack of exposure to Six Flags Entertainment Corporation.<br>•  Security selection in the financials sector, led by an overweight to Dave, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the communication services sector, including a lack of exposure to EchoStar Corporation and AST SpaceMobile, Inc.<br>•  Security selection in the consumer staples sector, including an overweight to Sprouts Farmers Market, Inc.<br>•  An overweight to Praxis Precision Medicines, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g44a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Small Cap Equity Fund at NAV | 16.40% | 11.02% | 11.04% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $74484991 |
|  Total number of portfolio holdings | 384 |
|  Portfolio turnover (%) | 75% |
|  Total management fees paid for the year | $312784 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g88a46.jpg)

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

How has the Fund changed?

• **Portfolio manager update:** Effective March 1, 2025, Nan Zhang, CFA has been added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V708_AR_1225<br> 5092514 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83091g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Life Stock Index Fund

TLSTX

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Life Stock Index Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Stock Index Fund | $9 | 0.08% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Life Stock Index Fund's total return at net asset value (NAV) was 17.04% for the 12 months ended December 31, 2025. The Fund's index, the Russell 3000 Index, returned 17.15%.<br>•  The difference between the Fund's total return at NAV and that of the index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the index.<br>•  The Fund had a risk profile similar to that of its benchmark. As such, there were no material contributors or detractors relative to the Fund's benchmark during the period.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (January 1, 2016 through December 31, 2025) **Initial Investment of $10,000**

![LOGO](g83091g1g49a01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Stock Index Fund at NAV | 17.04% | 13.10% | 14.21% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 17.15% | 13.15% | 14.29% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.tiaa.org/public/prospectuses/ or call (800) 842-2252.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $939752765 |
|  Total number of portfolio holdings | 2600 |
|  Portfolio turnover (%) | 2% |
|  Total management fees paid for the year | $529054 |

---

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

What did the Fund invest in? (as of December 31, 2025)

![LOGO](g83091g1g88a51.jpg)

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

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by May 1, 2026 at https://www.tiaa.org/public/prospectuses/ or upon request at (800) 842-2252.**

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V401_AR_1225<br> 5092516 | ![LOGO](g83091g1g01w02.jpg) |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the Registrant's code of ethics is available without charge by calling 800-842-2252.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the Registrant's Board of Directors or Trustees ("Board") had determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the Registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

TIAA-CREF Life Funds

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  December 31, 2025 | $282264 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  December 31, 2024 | $291025 | $0 | $9 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Teachers Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the

------

time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **Tax Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **All Other Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** |
|  December 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  December 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $0 | $0 | $11542000 | $11542000 |
|  December 31, 2024 | $9 | $0 | $293312 | $293321 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this Registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of TIAA-CREF Life Funds and Shareholders of Nuveen Life Balanced Fund, Nuveen Life Core Bond Fund,

Nuveen Life Core Equity Fund, Nuveen Life Growth Equity Fund, Nuveen Life International Equity Fund, Nuveen Life Large Cap

Responsible Equity Fund, Nuveen Life Large Cap Value Fund, Nuveen Life Money Market Fund, Nuveen Life Real Estate Securities

Select Fund, Nuveen Life Small Cap Equity Fund and Nuveen Life Stock Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Life

Balanced Fund, Nuveen Life Core Bond Fund, Nuveen Life Core Equity Fund, Nuveen Life Growth Equity Fund, Nuveen Life International

Equity Fund, Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Large Cap Value Fund, Nuveen Life Money Market Fund,

Nuveen Life Real Estate Securities Select Fund, Nuveen Life Small Cap Equity Fund and Nuveen Life Stock Index Fund (constituting

TIAA-CREF Life Funds, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of

operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period

ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended

December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in

all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations

for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025

and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting

principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the

Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting

Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles

used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian, transfer

agents, agent banks and brokers; when replies were not received from agent banks or brokers, we performed other auditing

procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

February 27, 2026

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Balanced

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

NUVEEN LIFE FUNDS—99.9%(a)

FIXED INCOME—49.9%

3,766,629

Nuveen Life Core Bond Fund

$

34,991,985

TOTAL FIXED INCOME

34,991,985

INTERNATIONAL EQUITY—10.1%

582,558

Nuveen Life International Equity Fund

7,101,377

TOTAL INTERNATIONAL EQUITY

7,101,377

U.S. EQUITY—39.9%

314,472

Nuveen Life Core Equity Fund

6,978,133

255,568

Nuveen Life Growth Equity Fund

6,583,437

287,212

Nuveen Life Large Cap Value Fund

6,022,827

104,065

Nuveen Life Real Estate Securities Select Fund

1,397,596

88,178

Nuveen Life Small Cap Equity Fund

1,393,209

107,148

Nuveen Life Stock Index Fund

5,592,069

TOTAL U.S. EQUITY

27,967,271

TOTAL AFFILIATED INVESTMENT COMPANIES

(Cost $55,302,367)

70,060,633

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS—0.1%

REPURCHASE AGREEMENT—0.1%

$71,000

(b) Fixed Income Clearing Corporation

.810

%

01/02/26

71,000

TOTAL REPURCHASE AGREEMENT

71,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $71,000)

71,000

TOTAL INVESTMENTS—100.0%

(Cost $55,373,367)

70,131,633

OTHER ASSETS & LIABILITIES, NET—(0.0)%

(25,633)

NET ASSETS—100.0%

$

70,106,000

(a) The Fund invests its assets in the affiliated Nuveen Life Funds.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $71,015 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $72,502.

Portfolio of Investments December 31, 2025

Core Bond

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.2%

BANK LOAN OBLIGATIONS - 1.4%

CAPITAL GOODS - 0.0%

$

93,407

(a) TransDigm, Inc., Term Loan K, (TSFR1M + 2.250%)

.966

%

03/22/30

$

93,782

TOTAL CAPITAL GOODS

93,782

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.1%

143,193

(a) Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.250%)

.120

10/16/31

144,177

61,333

(a) CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)

.090

11/08/32

61,547

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

205,724

CONSUMER SERVICES - 0.1%

35,088

(a) 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%)

.466

09/23/30

35,176

17,759

(a) Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)

.466

01/31/31

17,557

156,265

(a) Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%)

.172

11/30/29

138,979

TOTAL CONSUMER SERVICES

191,712

ENERGY - 0.0%

19,400

(a) Oryx Midstream Services Permian Basin LLC, Term Loan B, (TSFR1M + 2.250%)

.977

10/05/28

19,565

TOTAL ENERGY

19,565

FINANCIAL SERVICES - 0.0%

38,995

(a) Trans Union, LLC, Term Loan B9, (TSFR1M + 1.750%)

.466

06/24/31

39,113

TOTAL FINANCIAL SERVICES

39,113

FOOD, BEVERAGE & TOBACCO - 0.0%

56,238

(a) Triton Water Holdings, Inc, Term Loan B, (TSFR1M + 2.250%)

.922

03/31/28

56,463

TOTAL FOOD, BEVERAGE & TOBACCO

56,463

HEALTH CARE EQUIPMENT & SERVICES - 0.3%

88,717

(a) Global Medical Response, Inc., Term Loan B, (TSFR3M + 3.500%)

.384

09/20/32

89,376

24,849

(a) ICU Medical, Inc., Term Loan B, (TSFR3M + 2.250%)

.072

01/08/29

25,011

15,470

(a) Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)

.466

10/23/28

15,533

505,218

(a) Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.500%)

.216

12/19/30

507,790

TOTAL HEALTH CARE EQUIPMENT & SERVICES

637,710

INSURANCE - 0.4%

98,754

(a) Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M + 2.500%)

.216

09/19/31

99,088

427,768

(a) Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)

.466

06/16/31

429,674

84,220

(a) HUB International Limited, Term Loan B, (TSFR3M + 2.250%)

.120

06/20/30

84,752

98,744

(a) Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)

.716

09/15/31

99,042

136,299

(a) Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR1M + 2.500%)

.216

07/31/31

136,882

37,357

(a) USI, Inc., Term Loan D, (TSFR1M + 2.250%)

.922

11/23/29

37,483

TOTAL INSURANCE

886,921

MATERIALS - 0.1%

45,410

(a) Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%)

.891

04/13/29

45,499

10,000

(a) ECO Services Operations Corp, Term Loan B, (TSFR3M + 2.000%)

.840

06/12/31

10,027

89,325

(a) INEOS Quattro Holdings UK Ltd, Term Loan B, (TSFR1M + 4.250%)

.966

10/07/31

60,239

14,544

(a) TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)

.966

03/03/31

14,120

TOTAL MATERIALS

129,885

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

82,500

(a) Parexel International Corporation, Repriced Term Loan B, (TSFR1M + 2.750%)

.720

12/12/31

82,879

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

82,879

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%

46,171

(a) Cushman & Wakefield U.S. Borrower, LLC, Term Loan, (TSFR1M + 2.500%)

.216

01/31/30

46,691

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

46,691

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%

124,376

(a) Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M + 2.750%)

.445

11/13/31

124,741

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

124,741

SOFTWARE & SERVICES - 0.2%

34,260

(a) Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)

.822

07/30/31

34,211

37,533

(a) Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)

.216

05/30/31

37,698

148,125

(a) Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%)

.966

06/17/31

148,792

14,369

(a) Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%)

.115

05/15/28

14,659

74,579

(a) Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%)

.615

05/15/28

27,884

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE & SERVICES

(continued)

$

56,609

(a) UKG Inc., Term Loan B, (TSFR3M + 2.500%)

.338

%

02/10/31

$

56,734

TOTAL SOFTWARE & SERVICES

319,978

TRANSPORTATION - 0.0%

76,144

(a) Air Canada, Term Loan B, (TSFR1M + 2.000%)

.716

03/21/31

76,739

TOTAL TRANSPORTATION

76,739

UTILITIES - 0.1%

161,232

(a) Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)

.353

05/17/30

162,089

TOTAL UTILITIES

162,089

TOTAL BANK LOAN OBLIGATIONS

(Cost $3,111,862)

3,073,992

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CORPORATE BONDS - 30.2%

AUTOMOBILES & COMPONENTS - 0.4%

20,000

(b) Clarios Global LP

.750

02/15/30

20,876

5,000

Dana, Inc

.375

11/15/27

4,992

25,000

Dana, Inc

.250

09/01/30

24,206

150,000

General Motors Financial Co, Inc

.900

10/06/29

152,377

75,000

General Motors Financial Co, Inc

.850

04/06/30

78,788

300,000

General Motors Financial Co, Inc

.600

06/18/31

312,644

100,000

(c) Goodyear Tire & Rubber Co

.250

04/30/31

96,007

150,000

(b) ZF North America Capital, Inc

.875

04/14/28

153,061

TOTAL AUTOMOBILES & COMPONENTS

842,951

BANKS - 6.7%

200,000

(b),(d),(e)

Banco del Estado de Chile

.950

N/A

212,000

200,000

(b) Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand

.621

12/10/29

207,800

200,000

(d),(e)

Banco Santander S.A.

.625

N/A

240,787

200,000

(e) Bancolombia S.A.

.625

12/24/34

214,358

200,000

(b),(e)

Bangkok Bank PCL

.466

09/23/36

181,964

200,000

(b),(e)

Bank Leumi Le-Israel BM, Reg S

.275

01/29/31

199,420

1,000,000

Bank of America Corp

.592

04/29/31

931,781

300,000

Bank of America Corp

.288

04/25/34

308,864

150,000

Bank of America Corp

.511

01/24/36

156,390

475,000

Bank of America Corp

.744

02/12/36

494,949

475,000

Bank of America Corp

.676

06/19/41

350,231

290,000

(d) Bank of America Corp

.625

N/A

302,166

175,000

(d) Bank of New York Mellon Corp

.300

N/A

180,961

200,000

Barclays plc

.367

02/25/31

206,714

200,000

Barclays plc

.330

11/24/42

154,309

200,000

(d),(e)

Barclays plc

.625

N/A

226,559

400,000

(b),(d),(e)

BNP Paribas S.A.

.450

N/A

418,527

850,000

CitiBank NA

.914

05/29/30

874,403

150,000

Citigroup, Inc

.200

10/21/26

149,124

125,000

Citigroup, Inc

.300

11/20/26

125,307

50,000

Citigroup, Inc

.450

09/29/27

50,322

30,000

Citigroup, Inc

.125

07/25/28

29,988

100,000

Citigroup, Inc

.542

09/19/30

100,795

140,000

Citigroup, Inc

.572

06/03/31

129,715

175,000

(d) Citigroup, Inc

.625

N/A

183,491

100,000

(d) Citigroup, Inc

.625

N/A

101,627

250,000

(b) Credit Agricole S.A.

.222

05/27/31

256,654

200,000

(b),(d),(e)

Credit Agricole S.A.

.125

N/A

208,254

150,000

Deutsche Bank AG.

.371

09/09/27

153,569

150,000

Deutsche Bank AG.

.819

11/20/29

159,944

125,000

Deutsche Bank AG.

.999

09/11/30

126,919

200,000

(c),(d),(e)

HSBC Holdings plc

.950

N/A

209,760

200,000

(d),(e)

HSBC Holdings plc

.000

N/A

210,778

200,000

(d),(e)

ING Groep NV

.000

N/A

208,627

125,000

JPMorgan Chase & Co

.323

04/26/28

125,509

400,000

JPMorgan Chase & Co

.581

04/22/30

417,291

275,000

JPMorgan Chase & Co

.702

05/06/30

270,860

250,000

JPMorgan Chase & Co

.140

01/24/31

258,398

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS - 6.7%

(continued)

$

75,000

JPMorgan Chase & Co

.953

%

02/04/32

$

66,877

125,000

JPMorgan Chase & Co

.912

07/25/33

127,339

650,000

JPMorgan Chase & Co

.350

06/01/34

675,356

100,000

JPMorgan Chase & Co

.254

10/23/34

109,794

200,000

JPMorgan Chase & Co

.766

04/22/35

213,119

500,000

JPMorgan Chase & Co

.572

04/22/36

524,580

150,000

JPMorgan Chase & Co

.576

07/23/36

155,167

50,000

JPMorgan Chase & Co

.525

11/19/41

35,968

250,000

JPMorgan Chase & Co

.157

04/22/42

194,188

175,000

(d) JPMorgan Chase & Co

.875

N/A

185,590

160,000

(d) JPMorgan Chase & Co

.650

N/A

159,098

250,000

(d) M&T Bank Corp

.500

N/A

242,213

250,000

Morgan Stanley Private Bank NA

.734

07/18/31

253,424

350,000

Morgan Stanley Private Bank NA

.465

11/19/31

350,916

125,000

PNC Financial Services Group, Inc

.575

01/29/36

130,328

125,000

(d) PNC Financial Services Group, Inc

.200

N/A

127,057

200,000

Saudi Awwal Bank, Reg S

.947

09/04/35

202,863

100,000

US Bancorp

.839

02/01/34

100,735

375,000

Wells Fargo & Co

.393

06/02/28

366,410

100,000

Wells Fargo & Co

.303

10/23/29

105,659

450,000

Wells Fargo & Co

.605

04/23/36

471,650

250,000

(d) Wells Fargo & Co

.900

N/A

249,222

125,000

(d) Wells Fargo & Co

.625

N/A

133,326

TOTAL BANKS

14,519,994

CAPITAL GOODS - 1.3%

60,000

(b) AECOM

.000

08/01/33

61,492

40,000

(b) Albion Financing SARL

.000

05/21/30

41,748

450,000

Boeing Co

.196

02/04/26

449,143

75,000

Boeing Co

.705

05/01/40

76,558

625,000

Boeing Co

.805

05/01/50

614,746

50,000

(b) Chart Industries, Inc

.500

01/01/30

52,112

60,000

Embraer Netherlands Finance BV

.980

02/11/35

63,759

20,000

(b) Herc Holdings, Inc

.000

06/15/30

21,049

20,000

(b) Herc Holdings, Inc

.250

06/15/33

21,208

350,000

Honeywell International, Inc

.000

03/01/35

356,490

100,000

Howmet Aerospace, Inc

.550

11/15/32

100,446

150,000

L3Harris Technologies, Inc

.400

07/31/33

156,232

40,000

(b) Quikrete Holdings, Inc

.375

03/01/32

41,635

175,000

Raytheon Technologies Corp

.125

11/16/28

175,582

50,000

Raytheon Technologies Corp

.250

07/01/30

46,035

150,000

Raytheon Technologies Corp

.000

03/15/31

161,573

200,000

(b) Sociedad Quimica y Minera de Chile S.A.

.500

11/07/33

217,296

40,000

(b) Standard Building Solutions, Inc

.250

08/01/33

40,861

80,000

(b) TransDigm, Inc

.875

12/15/30

83,720

15,000

(b) WESCO Distribution, Inc

.250

06/15/28

15,218

20,000

(b) WESCO Distribution, Inc

.375

03/15/33

20,882

55,000

(b) Windsor Holdings III LLC

.500

06/15/30

58,100

TOTAL CAPITAL GOODS

2,875,885

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%

40,000

(b) ADT Corp

.875

07/15/32

38,743

30,000

(b) AMN Healthcare, Inc

.500

01/15/31

30,006

15,000

(b) ASGN, Inc

.625

05/15/28

14,739

200,000

(b) Bidvest Group UK plc

.200

09/17/32

203,773

20,000

(b) CACI International, Inc

.375

06/15/33

20,693

200,000

(b) GTCR W-2 MERGER SUB LLC

.500

01/15/31

212,570

3,000

(b) Prime Security Services Borrower LLC

.750

04/15/26

3,001

26,000

(b) Prime Security Services Borrower LLC

.375

08/31/27

25,492

20,000

(b) Science Applications International Corp

.875

11/01/33

20,275

75,000

Verisk Analytics, Inc

.500

08/15/30

75,567

100,000

Verisk Analytics, Inc

.250

03/15/35

101,765

75,000

Verisk Analytics, Inc

.625

05/15/50

54,117

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL & PROFESSIONAL SERVICES - 0.5%

(continued)

$

200,000

Waste Management, Inc

.950

%

03/15/35

$

203,127

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,003,868

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5%

25,000

(b) Asbury Automotive Group, Inc

.625

11/15/29

24,579

50,000

(b) Asbury Automotive Group, Inc

.000

02/15/32

48,590

32,000

Kohl's Corp

.125

05/01/31

28,148

80,000

(b) LCM Investments Holdings II LLC

.875

05/01/29

78,817

40,000

(b) LCM Investments Holdings II LLC

.250

08/01/31

42,308

45,000

(b) Lithia Motors, Inc

.625

12/15/27

44,932

50,000

(b) Macy's Retail Holdings LLC

.125

03/15/32

50,606

38,000

(b) Magic Mergeco, Inc

.250

05/01/28

36,531

125,000

O'Reilly Automotive, Inc

.600

09/01/27

124,264

250,000

O'Reilly Automotive, Inc

.750

03/15/31

219,112

200,000

(b) Prosus NV

.193

01/19/32

191,409

40,000

(b) QXO Building Products, Inc

.750

04/30/32

41,777

75,000

Walmart, Inc

.350

04/28/30

76,183

15,000

(b) Wand NewCo 3, Inc

.625

01/30/32

15,875

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,023,131

CONSUMER DURABLES & APPAREL - 0.0%

50,000

Newell Brands, Inc

.375

09/15/27

50,272

20,000

(b) TopBuild Corp

.625

01/31/34

20,232

TOTAL CONSUMER DURABLES & APPAREL

70,504

CONSUMER SERVICES - 0.2%

60,000

(b) Carnival Corp

.750

08/01/32

61,577

150,000

(b) Churchill Downs, Inc

.750

05/01/31

155,539

74,000

(b) Hilton Domestic Operating Co, Inc

.625

02/15/32

68,693

20,000

(b) Light & Wonder International, Inc

.500

09/01/31

20,867

20,000

(b) Light & Wonder International, Inc

.250

10/01/33

20,248

25,000

(b) Marriott Ownership Resorts, Inc

.500

06/15/29

23,885

20,000

(b) NCL Corp Ltd

.875

01/15/31

19,924

20,000

(b) NCL Corp Ltd

.250

09/15/33

19,991

TOTAL CONSUMER SERVICES

390,724

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%

70,000

(b) Albertsons Cos, Inc

.500

02/15/28

71,499

20,000

(b) Albertsons Cos, Inc

.500

03/31/31

20,211

20,000

(b) Albertsons Cos, Inc

.250

03/15/33

20,560

40,000

(b) Albertsons Cos, Inc

.750

03/31/34

40,162

75,000

Kroger Co

.000

09/15/34

75,414

100,000

Kroger Co

.500

09/15/54

95,230

75,000

SYSCO Corp

.400

03/23/35

77,684

100,000

SYSCO Corp

.150

12/14/51

66,654

175,000

Walmart, Inc

.500

04/15/53

154,759

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

622,173

ENERGY - 3.2%

100,000

(b) Antero Midstream Partners LP

.625

02/01/32

103,508

20,000

(b) Antero Midstream Partners LP

.750

10/15/33

20,121

19,000

(b) Archrock Partners LP

.250

04/01/28

19,109

20,000

(b) Archrock Partners LP

.625

09/01/32

20,627

200,000

BP Capital Markets America, Inc

.227

11/17/34

206,325

20,000

(b) Buckeye Partners LP

.750

02/01/30

20,995

250,000

Cheniere Energy Partners LP

.000

03/01/31

243,440

150,000

Cheniere Energy Partners LP

.250

01/31/32

138,155

150,000

Cheniere Energy Partners LP

.750

08/15/34

156,618

20,000

(b) Chord Energy Corp

.000

10/01/30

20,245

35,000

(b) Civitas Resources, Inc

.375

07/01/28

36,064

40,000

(b) Civitas Resources, Inc

.750

07/01/31

41,496

65,000

(b) CNX Resources Corp

.250

03/01/32

67,854

35,000

(b) DT Midstream, Inc

.125

06/15/29

34,539

30,000

(b) DT Midstream, Inc

.375

06/15/31

29,371

45,000

Ecopetrol S.A.

.875

04/29/30

45,643

200,000

Ecopetrol S.A.

.625

11/02/31

179,162

200,000

(b) Empresa Nacional del Petroleo

.450

09/16/31

184,345

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY - 3.2%

(continued)

$

250,000

Enbridge, Inc

.700

%

03/08/33

$

263,322

150,000

Enbridge, Inc

.500

01/15/84

172,000

25,000

Energy Transfer LP

.400

10/01/47

22,466

125,000

Energy Transfer LP

.000

05/15/50

104,581

250,000

Energy Transfer LP

.950

05/15/54

236,913

100,000

Enterprise Products Operating LLC

.200

01/31/50

80,200

25,000

Enterprise Products Operating LLC

.300

02/15/53

16,693

25,000

(b) EQT Corp

.125

05/15/26

24,857

93,000

EQT Corp

.500

01/15/29

93,219

35,000

EQT Corp

.375

04/01/29

36,217

150,000

Expand Energy Corp

.700

01/15/35

155,231

200,000

(b) Galaxy Pipeline Assets Bidco Ltd

.625

03/31/36

176,259

50,000

Genesis Energy LP

.250

01/15/29

52,194

10,000

(b) Hilcorp Energy I LP

.750

02/01/29

9,894

25,000

(b) Hilcorp Energy I LP

.000

04/15/30

24,293

9,000

(b) Hilcorp Energy I LP

.000

02/01/31

8,556

100,000

(b) Hilcorp Energy I LP

.375

11/01/33

102,106

100,000

(b) Kinetik Holdings LP

.625

12/15/28

102,968

40,000

(b) Kodiak Gas Services LLC

.250

02/15/29

41,614

20,000

(b) Kodiak Gas Services LLC

.750

10/01/35

20,564

75,000

Marathon Petroleum Corp

.800

04/01/28

74,567

100,000

Marathon Petroleum Corp

.000

09/15/54

83,575

400,000

(b) Matador Resources Co

.250

04/15/33

400,532

30,000

(b) Noble Finance II LLC

.000

04/15/30

31,167

100,000

ONEOK, Inc

.700

11/01/54

93,194

200,000

(b) ORLEN S.A.

.000

01/30/35

210,815

30,000

(b) PBF Holding Co LLC

.875

09/15/30

28,891

200,000

(b) Pertamina Persero PT

.400

02/09/26

199,226

200,000

Petrobras Global Finance BV

.250

01/10/36

196,237

100,000

Petroleos Mexicanos

.950

01/28/31

96,784

67,000

Petroleos Mexicanos

.700

02/16/32

66,821

200,000

(b) Petronas Energy Canada Ltd

.112

03/23/28

192,113

200,000

(b) Raizen Fuels Finance S.A.

.700

01/17/35

153,013

23,000

Sabine Pass Liquefaction LLC

.875

06/30/26

23,033

200,000

(b) Saudi Arabian Oil Co

.250

11/24/30

180,740

200,000

(b) SIERRACOL EN AND

.000

11/14/30

190,137

23,000

Sunoco LP

.500

05/15/29

22,581

67,000

(b) Sunoco LP

.500

10/01/29

65,302

20,000

(b) Sunoco LP

.625

03/31/31

20,147

20,000

(b) Sunoco LP

.875

03/15/34

19,998

200,000

Targa Resources Corp

.550

08/15/35

204,702

150,000

TotalEnergies Capital International S.A.

.127

05/29/50

99,982

50,000

TotalEnergies Capital S.A.

.488

04/05/54

48,346

200,000

TransCanada Trust

.500

09/15/79

198,496

15,000

(b) Transocean, Inc

.750

02/15/30

15,674

20,000

(b) USA Compression Partners LP

.250

10/01/33

20,240

100,000

(b) Venture Global Calcasieu Pass LLC

.125

08/15/31

90,997

90,000

(b) Venture Global LNG, Inc

.125

06/01/28

91,161

100,000

(b) Venture Global LNG, Inc

.875

02/01/32

103,307

20,000

(b) Venture Global Plaquemines LNG LLC

.500

01/15/34

20,485

300,000

Williams Cos, Inc

.650

03/15/33

315,506

TOTAL ENERGY

6,869,533

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%

150,000

Agree LP

.000

06/15/28

142,910

150,000

American Homes 4 Rent LP

.250

03/15/35

152,141

50,000

American Tower Corp

.375

10/15/26

49,733

150,000

American Tower Corp

.800

08/15/29

147,690

175,000

American Tower Corp

.900

01/15/30

166,123

50,000

American Tower Corp

.100

06/15/30

45,377

50,000

American Tower Corp

.875

10/15/30

44,662

125,000

American Tower Corp

.400

01/31/35

128,670

200,000

American Tower Corp

.350

03/15/35

205,043

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%

(continued)

$

100,000

Brixmor Operating Partnership LP

.250

%

04/01/28

$

96,015

150,000

Essential Properties LP

.950

07/15/31

136,927

50,000

Essex Portfolio LP

.000

01/15/30

47,497

175,000

Essex Portfolio LP

.375

04/01/35

180,033

125,000

GLP Capital LP

.000

01/15/30

121,520

200,000

Healthcare Realty Holdings LP

.500

08/01/26

198,921

250,000

Healthcare Realty Holdings LP

.100

02/15/30

237,478

100,000

Healthcare Realty Holdings LP

.400

03/15/30

90,886

100,000

Healthcare Realty Holdings LP

.050

03/15/31

86,489

100,000

Highwoods Realty LP

.875

03/01/27

99,302

50,000

Highwoods Realty LP

.600

02/01/31

44,842

155,000

(b) Iron Mountain, Inc

.000

02/15/29

159,218

20,000

(b) Millrose Properties, Inc

.250

09/15/32

20,180

67,000

MPT Operating Partnership LP

.500

03/15/31

48,715

20,000

(b) MPT Operating Partnership LP

.500

02/15/32

21,359

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,671,731

FINANCIAL SERVICES - 2.3%

250,000

AerCap Ireland Capital DAC

.000

10/29/28

242,372

20,000

Block, Inc

.500

05/15/32

20,797

20,000

(b) Block, Inc

.000

08/15/33

20,532

185,000

(c),(d)

Capital One Financial Corp

.950

N/A

182,776

30,881

(b) Compass Group Diversified Holdings LLC

.250

04/15/29

28,643

100,000

Corebridge Financial, Inc

.050

09/15/33

106,115

75,000

Corebridge Financial, Inc

.750

01/15/34

78,412

200,000

(d),(e)

Deutsche Bank AG., Reg S

.130

N/A

213,569

250,000

Discover Bank

.700

02/06/30

235,616

40,000

(b) Encore Capital Group, Inc

.625

04/15/31

40,200

85,000

(b) FirstCash, Inc

.875

03/01/32

88,417

300,000

Goldman Sachs Group, Inc

.482

08/23/28

302,105

150,000

Goldman Sachs Group, Inc

.330

07/23/35

154,119

50,000

Goldman Sachs Group, Inc

.411

04/23/39

46,194

100,000

Goldman Sachs Group, Inc

.436

02/24/43

78,328

150,000

(d) Goldman Sachs Group, Inc

.500

N/A

159,703

50,000

Icahn Enterprises LP

.250

05/15/27

49,313

38,000

Icahn Enterprises LP

.375

02/01/29

32,786

200,000

(b) Indian Railway Finance Corp Ltd

.249

02/13/30

190,682

20,000

(b) Jane Street Group

.125

11/01/32

20,351

20,000

(b) Jane Street Group

.750

05/01/33

20,876

475,000

Morgan Stanley

.125

07/27/26

472,869

250,000

Morgan Stanley

.250

04/21/34

257,390

100,000

Morgan Stanley

.424

07/21/34

104,032

75,000

Morgan Stanley

.831

04/19/35

79,699

50,000

Morgan Stanley

.320

07/19/35

51,470

175,000

Morgan Stanley

.587

01/18/36

182,872

500,000

Morgan Stanley

.664

04/17/36

524,833

50,000

(c) Navient Corp

.500

03/15/29

49,633

40,000

OneMain Finance Corp

.125

05/15/30

40,784

20,000

OneMain Finance Corp

.500

03/15/33

20,173

15,000

(b) PennyMac Financial Services, Inc

.875

12/15/29

15,961

20,000

(b) PennyMac Financial Services, Inc

.875

05/15/32

20,938

40,000

(b) Rocket Cos, Inc

.125

08/01/30

41,347

40,000

(b) Rocket Cos, Inc

.375

08/01/33

41,705

15,000

Springleaf Finance Corp

.375

11/15/29

15,010

175,000

(d) State Street Corp

.700

N/A

182,582

125,000

(b) UBS Group AG.

.305

02/02/27

124,620

200,000

(b) UBS Group AG.

.179

02/11/43

151,825

20,000

(b) Walker & Dunlop, Inc

.625

04/01/33

20,519

20,000

(b) WEX, Inc

.500

03/15/33

20,473

175,000

(b) Wynnton Funding Trust II

.991

08/15/55

176,068

TOTAL FINANCIAL SERVICES

4,906,709

FOOD, BEVERAGE & TOBACCO - 1.1%

375,000

Anheuser-Busch Cos LLC

.700

02/01/36

371,192

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD, BEVERAGE & TOBACCO - 1.1%

(continued)

$

186,000

Anheuser-Busch Cos LLC

.900

%

02/01/46

$

172,029

200,000

(b) Bimbo Bakeries USA, Inc

.050

01/15/29

209,096

175,000

(b) Cia Cervecerias Unidas S.A.

.350

01/19/32

158,752

300,000

Kraft Heinz Foods Co

.500

06/01/50

280,663

125,000

(b) Mars, Inc

.200

03/01/35

128,479

125,000

(b) Mars, Inc

.650

05/01/45

126,002

225,000

(b) Mars, Inc

.700

05/01/55

224,129

300,000

Philip Morris International, Inc

.250

02/13/34

310,083

35,000

(b) Post Holdings, Inc

.250

02/15/32

35,962

75,000

(b) Primo Water Holdings, Inc

.375

04/30/29

72,966

200,000

(b) Ulker Biskuvi Sanayi AS.

.875

07/08/31

210,578

TOTAL FOOD, BEVERAGE & TOBACCO

2,299,931

HEALTH CARE EQUIPMENT & SERVICES - 1.1%

100,000

Cardinal Health, Inc

.750

11/15/54

99,757

40,000

(b) CHS

.250

05/15/30

37,568

500,000

CVS Health Corp

.450

09/15/35

511,805

550,000

CVS Health Corp

.050

03/25/48

484,852

50,000

(b) DaVita, Inc

.625

06/01/30

48,620

60,000

(b) DaVita, Inc

.750

07/15/33

62,214

20,000

(b) Global Medical Response, Inc

.375

10/01/32

20,787

160,000

HCA, Inc

.625

09/01/28

164,924

350,000

HCA, Inc

.625

03/15/32

330,586

275,000

HCA, Inc

.200

03/01/55

280,263

60,000

(b) IQVIA, Inc

.250

06/01/32

62,695

10,000

Tenet Healthcare Corp

.625

06/15/28

10,019

80,000

Tenet Healthcare Corp

.375

01/15/30

78,494

240,000

UnitedHealth Group, Inc

.300

05/15/31

216,434

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,409,018

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%

100,000

Haleon US Capital LLC

.625

03/24/32

95,129

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

95,129

INSURANCE - 2.0%

62,000

(b) Acrisure LLC

.250

02/15/29

60,462

20,000

(b) Acrisure LLC

.750

07/01/32

20,602

85,000

(b) Alliant Holdings Intermediate LLC

.750

04/15/28

86,545

20,000

(b) Alliant Holdings Intermediate LLC

.500

10/01/31

20,614

200,000

(b) Allianz SE

.350

09/06/53

214,737

200,000

(b),(d),(e)

Allianz SE

.550

N/A

207,608

150,000

Aon Corp

.350

02/28/33

156,205

30,000

(b) APH Somerset Investor 2 LLC

.875

11/01/29

30,300

200,000

(b) Ardonagh Finco Ltd

.750

02/15/31

209,671

75,000

Berkshire Hathaway Finance Corp

.850

03/15/52

57,713

50,000

Brown & Brown, Inc

.550

06/23/35

51,268

400,000

Hartford Financial Services Group, Inc

.800

08/19/29

382,422

50,000

Hartford Financial Services Group, Inc

.300

04/15/43

42,973

50,000

Hartford Financial Services Group, Inc

.900

09/15/51

31,853

55,000

(b) HUB International Ltd

.250

06/15/30

57,746

50,000

(b) Liberty Mutual Group, Inc

.951

10/15/50

36,974

175,000

MetLife, Inc

.350

03/15/55

184,547

175,000

(b) Omnis Funding Trust

.722

05/15/55

181,974

130,000

(b) Panther Escrow Issuer LLC

.125

06/01/31

134,712

150,000

PartnerRe Finance B LLC

.500

10/01/50

141,035

225,000

Prudential Financial, Inc

.200

03/14/35

230,757

300,000

Prudential Financial, Inc

.125

03/01/52

297,257

100,000

Prudential Financial, Inc

.500

03/15/54

105,693

200,000

Reinsurance Group of America, Inc

.750

09/15/34

208,576

150,000

RenaissanceRe Holdings Ltd

.800

04/01/35

156,666

200,000

(b) Swiss Re Finance Luxembourg S.A.

.000

04/02/49

201,340

325,000

UnitedHealth Group, Inc

.625

07/15/54

318,766

300,000

(a),(b)

Vitality Re XIV Ltd, (UTIXX + 3.500%)

.812

01/05/27

305,910

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE - 2.0%

(continued)

$

250,000

(a),(b)

Vitality Re XV Ltd, (UTIXX + 2.500%)

.000

%

01/07/28

$

253,225

TOTAL INSURANCE

4,388,151

MATERIALS - 1.6%

150,000

Amcor Flexibles North America, Inc

.630

06/19/30

139,061

200,000

Amcor Flexibles North America, Inc

.690

05/25/31

182,870

200,000

AngloGold Ashanti Holdings plc

.750

10/01/30

191,512

200,000

(b) Antofagasta plc

.625

09/09/35

205,900

95,000

(b) Arsenal AIC Parent LLC

.000

10/01/30

100,810

38,000

Ball Corp

.875

08/15/30

35,135

225,000

Berry Global, Inc

.570

01/15/26

224,775

150,000

Berry Global, Inc

.650

01/15/27

146,029

200,000

(b) Celulosa Arauco y Constitucion S.A.

.250

04/30/29

194,479

200,000

(b),(d)

Cemex SAB de C.V.

.200

N/A

208,580

25,000

(b) Commercial Metals Co

.000

12/15/35

25,629

200,000

(b) Corp Nacional del Cobre de Chile

.330

01/13/35

213,400

200,000

(b) Freeport Indonesia PT

.315

04/14/32

203,909

65,000

(b) Mineral Resources Ltd

.250

10/01/28

68,218

20,000

(b) Mineral Resources Ltd

.000

04/01/31

20,856

100,000

Nutrien Ltd

.950

05/13/30

94,477

200,000

(b) OCP S.A.

.750

06/23/31

187,076

20,000

(b) Olin Corp

.625

04/01/33

19,849

200,000

(b) Orbia Advance Corp SAB de C.V.

.800

05/13/30

197,516

200,000

(b) POSCO

.500

08/04/27

200,986

40,000

(b) Qnity Electronics, Inc

.750

08/15/32

40,898

20,000

(b) Qnity Electronics, Inc

.250

08/15/33

20,731

30,000

(b) Sealed Air Corp

.250

02/15/31

31,240

20,000

(b) Solstice Advanced Materials, Inc

.625

09/30/33

20,176

140,000

Suzano Netherlands BV

.500

01/15/36

138,793

200,000

(b) UltraTech Cement Ltd

.800

02/16/31

183,288

200,000

(b) Windfall Mining Group, Inc

.854

05/13/32

208,882

TOTAL MATERIALS

3,505,075

MEDIA & ENTERTAINMENT - 0.8%

400,000

Alphabet, Inc

.100

11/15/30

401,228

100,000

(b) CCO Holdings LLC

.125

05/01/27

99,863

225,000

Charter Communications Operating LLC

.550

06/01/34

236,645

100,000

Charter Communications Operating LLC

.850

12/01/35

99,757

250,000

Comcast Corp

.887

11/01/51

146,198

40,000

(b) DIRECTV Holdings LLC

.875

08/15/27

40,235

40,000

(b) Gray Media, Inc

.250

08/15/33

40,873

15,000

Lamar Media Corp

.625

01/15/31

14,121

225,000

Meta Platforms, Inc

.875

11/15/35

224,698

175,000

Meta Platforms, Inc

.625

11/15/55

167,960

110,000

(b) Sirius XM Radio, Inc

.000

07/15/28

107,532

50,000

(b) Sirius XM Radio, Inc

.125

07/01/30

47,553

50,000

Time Warner Cable LLC

.875

11/15/40

46,268

TOTAL MEDIA & ENTERTAINMENT

1,672,931

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%

150,000

AbbVie, Inc

.050

11/21/39

133,900

625,000

Amgen, Inc

.650

03/02/53

611,998

30,000

(b) Avantor Funding, Inc

.625

07/15/28

29,837

250,000

Gilead Sciences, Inc

.250

10/15/33

262,711

100,000

Gilead Sciences, Inc

.600

10/01/40

73,977

200,000

(b) Organon Finance LLC

.125

04/30/31

165,639

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,278,062

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%

28,000

Kennedy-Wilson, Inc

.750

03/01/29

27,189

29,000

(c) Kennedy-Wilson, Inc

.000

03/01/31

27,274

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

54,463

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%

175,000

Broadcom, Inc

.600

07/15/30

177,806

250,000

Broadcom, Inc

.469

04/15/34

227,961

100,000

Broadcom, Inc

.800

10/15/34

100,192

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%

(continued)

$

365,000

(b) Broadcom, Inc

.926

%

05/15/37

$

360,258

115,000

NVIDIA Corp

.000

06/15/31

103,511

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

969,728

SOFTWARE & SERVICES - 0.8%

75,000

Accenture Capital, Inc

.500

10/04/34

73,932

105,000

Adobe, Inc

.300

02/01/30

98,311

500,000

AppLovin Corp

.125

12/01/29

512,862

20,000

(b) Fair Isaac Corp

.000

05/15/33

20,543

90,000

(b) Gen Digital, Inc

.750

09/30/27

91,341

20,000

(b) Gen Digital, Inc

.250

04/01/33

20,625

100,000

Microsoft Corp

.350

09/15/30

89,619

147,000

Microsoft Corp

.525

06/01/50

89,751

55,000

(b) Open Text Corp

.875

12/01/29

52,197

15,000

(b) Open Text Holdings, Inc

.125

02/15/30

14,337

175,000

Oracle Corp

.450

09/26/30

171,209

200,000

Oracle Corp

.500

08/03/35

195,976

125,000

Oracle Corp

.200

09/26/35

119,760

125,000

Roper Technologies, Inc

.400

09/15/27

119,682

75,000

Roper Technologies, Inc

.000

06/30/30

67,849

TOTAL SOFTWARE & SERVICES

1,737,994

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

60,000

Apple, Inc

.650

02/08/51

37,090

80,000

(b) Imola Merger Corp

.750

05/15/29

78,961

50,000

(b) Sensata Technologies BV

.000

04/15/29

48,785

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

164,836

TELECOMMUNICATION SERVICES - 2.3%

564,000

AT&T, Inc

.550

12/01/33

481,357

150,000

AT&T, Inc

.500

05/15/35

144,086

300,000

AT&T, Inc

.900

11/01/35

296,298

855,000

AT&T, Inc

.550

09/15/55

569,124

190,000

Bell Telephone Co of Canada or Bell Canada

.000

09/15/55

199,659

250,000

(b) Bharti Airtel Ltd

.250

06/03/31

236,586

40,000

(b) Level 3 Financing, Inc

.875

06/30/33

40,931

60,000

(b) Level 3 Financing, Inc

.000

03/31/34

61,834

200,000

(b) Millicom International Cellular S.A.

.500

04/27/31

186,291

455,000

T-Mobile USA, Inc

.625

02/15/29

434,291

225,000

T-Mobile USA, Inc

.875

04/15/30

221,259

325,000

T-Mobile USA, Inc

.050

07/15/33

331,647

100,000

T-Mobile USA, Inc

.000

02/15/41

74,515

125,000

T-Mobile USA, Inc

.300

02/15/51

83,560

175,000

T-Mobile USA, Inc

.875

11/15/55

174,813

225,000

(b) Turk Telekomunikasyon AS.

.950

10/07/32

229,914

250,000

Verizon Communications, Inc

.780

02/15/35

246,143

600,000

Verizon Communications, Inc

.250

04/02/35

609,833

50,000

Verizon Communications, Inc

.875

11/30/55

49,400

200,000

(b) Vmed O2 UK Financing I plc

.750

07/15/31

184,643

20,000

(b) Windstream Services LLC

.500

10/15/33

20,502

TOTAL TELECOMMUNICATION SERVICES

4,876,686

TRANSPORTATION - 0.3%

200,000

(b) Aeropuerto Internacional de Tocumen S.A.

.000

08/11/41

166,970

200,000

(b) Kingston Airport Revenue Finance Ltd

.750

12/15/36

205,500

20,000

(b) Stonepeak Nile Parent LLC

.250

03/15/32

21,166

160,000

(b) XPO, Inc

.250

06/01/28

163,141

TOTAL TRANSPORTATION

556,777

UTILITIES - 2.5%

275,000

AEP Transmission Co LLC

.375

06/15/35

283,629

200,000

Alabama Power Co

.125

07/15/51

132,300

100,000

American Water Capital Corp

.000

12/01/26

99,018

250,000

American Water Capital Corp

.800

05/01/30

236,982

60,000

American Water Capital Corp

.000

12/01/46

48,254

50,000

American Water Capital Corp

.750

09/01/47

38,439

100,000

American Water Capital Corp

.450

05/01/50

71,204

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES - 2.5%

(continued)

$

50,000

American Water Capital Corp

.700

%

09/01/55

$

50,065

100,000

Atmos Energy Corp

.500

01/15/31

87,711

175,000

Atmos Energy Corp

.000

12/15/54

159,166

125,000

Baltimore Gas and Electric Co

.750

08/15/47

95,401

200,000

(b) Banco Nacional de Comercio Exterior SNC

.875

05/07/30

206,740

50,000

Berkshire Hathaway Energy Co

.250

04/15/28

49,283

100,000

Black Hills Corp

.150

01/15/27

99,010

100,000

CenterPoint Energy Houston Electric LLC

.000

03/01/32

91,790

100,000

Commonwealth Edison Co

.750

09/01/51

61,326

150,000

Consolidated Edison Co of New York, Inc

.500

03/15/55

145,410

58,000

Consumers Energy Co

.650

08/15/52

35,850

20,000

(b) ContourGlobal Power Holdings S.A.

.750

02/28/30

20,622

100,000

Dominion Energy, Inc

.000

06/01/54

108,275

50,000

Dominion Energy, Inc

.625

05/15/55

51,523

125,000

DTE Electric Co

.400

04/01/53

121,303

50,000

DTE Electric Co

.850

05/15/55

51,314

50,000

Duke Energy Progress LLC

.500

08/15/50

29,150

50,000

Entergy Louisiana LLC

.800

03/15/55

50,248

100,000

Exelon Corp

.500

03/15/55

104,054

44,000

(b) Ferrellgas LP

.875

04/01/29

42,280

250,000

Florida Power & Light Co

.800

05/15/33

254,858

200,000

Florida Power & Light Co

.990

03/01/49

158,749

75,000

Florida Power & Light Co

.700

03/15/55

75,992

150,000

MidAmerican Energy Co

.650

04/15/29

148,221

95,000

MidAmerican Energy Co

.650

08/01/48

71,102

100,000

MPLX LP

.200

09/15/55

99,150

310,000

NiSource, Inc

.700

02/15/31

272,028

75,000

NiSource, Inc

.850

04/01/55

74,764

85,000

(b) NRG Energy, Inc

.450

12/02/27

82,141

50,000

NRG Energy, Inc

.750

01/15/28

50,191

6,000

(b) ONEOK, Inc

.625

01/15/28

6,121

12,000

(b) Pattern Energy Operations LP

.500

08/15/28

11,835

100,000

PECO Energy Co

.000

09/15/49

65,628

100,000

PECO Energy Co

.800

06/15/50

62,584

200,000

(b) Perusahaan Listrik Negara PT

.875

07/17/29

195,246

125,000

Public Service Co of Colorado

.200

03/01/50

85,129

100,000

Public Service Electric and Gas Co

.900

12/15/32

102,194

200,000

Public Service Electric and Gas Co

.450

03/01/54

195,441

28,000

(b) Superior Plus LP

.500

03/15/29

27,332

190,000

(b) Talen Energy Supply LLC

.625

06/01/30

201,163

60,000

(b) Talen Energy Supply LLC

.250

02/01/34

61,195

40,000

(b) Talen Energy Supply LLC

.500

02/01/36

41,364

50,000

Union Electric Co

.125

03/15/55

45,790

75,000

Virginia Electric and Power Co

.950

11/15/26

74,415

50,000

Virginia Electric and Power Co

.550

08/15/54

48,467

100,000

Virginia Electric and Power Co

.600

09/15/55

97,124

250,000

Wisconsin Power and Light Co

.950

04/01/33

253,154

30,000

(b) XPLR Infrastructure Operating Partners LP

.375

01/15/31

31,489

TOTAL UTILITIES

5,463,214

TOTAL CORPORATE BONDS

(Cost $66,347,248)

65,269,198

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT BONDS - 50.2%

FOREIGN GOVERNMENT BONDS - 2.3%

EUR

100,000

(b) Banque Ouest Africaine de Developpement

.750

01/22/33

99,371

50,000

(b) Bermuda Government International Bond

.750

02/15/29

50,325

225,000

Brazilian Government International Bond

.000

10/20/33

227,362

EUR

50,000

Chile Government International Bond

.800

07/01/35

58,747

200,000

Colombia Government International Bond

.000

11/14/35

213,100

200,000

(b) Costa Rica Government International Bond

.000

04/04/44

219,000

79,525

(b) Ecuador Government International Bond (Step Bond)

.000

07/31/30

78,393

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOREIGN GOVERNMENT BONDS

(continued)

$

56,442

(b) Ecuador Government International Bond (Step Bond)

.000

%

07/31/35

$

49,754

14,000

(b) Ecuador Government International Bond (Step Bond)

.000

07/31/40

10,955

200,000

(b) Egypt Government International Bond

.053

01/15/32

208,082

100,000

European Investment Bank

.875

02/15/36

104,969

200,000

(b) Export-Import Bank of India

.250

01/13/31

180,339

200,000

(b) Guatemala Government International Bond

.700

10/07/33

178,700

200,000

(b) Hungary Government International Bond

.125

05/22/28

207,399

78,125

(b) Iraq Government International Bond

.800

01/15/28

77,810

200,000

Israel Government International Bond

.375

03/12/29

205,825

200,000

(b) Ivory Coast Government International Bond (Step Bond)

.250

01/30/37

217,358

200,000

Japan Bank for International Cooperation

.375

04/20/26

199,113

25,000

Mexico Government International Bond

.250

04/16/30

23,612

205,000

Mexico Government International Bond

.850

07/02/32

210,619

32,000

Mexico Government International Bond

.050

01/11/40

31,840

275,000

Mexico Government International Bond

.280

08/14/41

220,825

250,000

Mexico Government International Bond

.400

05/07/54

240,125

85,000

Panama Government International Bond

.700

01/26/36

91,341

200,000

(b) Paraguay Government International Bond

.000

02/09/36

214,298

130,000

Peruvian Government International Bond

.000

01/15/34

113,080

100,000

Republic of Poland Government International Bond

.875

10/04/33

101,692

140,000

Republic of Poland Government International Bond

.500

04/04/53

134,346

102,000

(b) Romanian Government International Bond

.875

01/30/29

105,247

275,000

(b) Rwanda International Government Bond

.500

08/09/31

254,945

200,000

(b) Saudi Government International Bond

.750

01/21/55

141,322

200,000

(b) Serbia Government International Bond

.125

12/01/30

174,628

200,000

Turkiye Government International Bond

.625

05/15/34

217,296

TOTAL FOREIGN GOVERNMENT BONDS

4,861,818

MORTGAGE BACKED - 25.5%

100,000

(a),(b)

Angel Oak Mortgage Trust

.837

11/25/66

74,310

75,366

(a),(b)

Bayview Opportunity Master Fund VI Trust

.000

10/25/51

65,437

500,000

(a),(b)

BLP Commercial Mortgage Trust, (TSFR1M + 1.500%)

.250

12/15/42

501,266

1,356,169

(a),(b)

Citigroup Mortgage Loan Trust

.153

02/25/52

12,074

430,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 4.650%)

.524

06/25/42

452,120

183,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.600%)

.474

07/25/42

189,313

85,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.350%)

.706

01/25/43

88,195

35,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 5.350%)

.224

05/25/43

37,888

565,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

.456

06/25/43

586,558

325,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 2.700%)

.574

07/25/43

334,351

125,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.900%)

.188

07/25/43

131,782

80,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

10/25/43

83,716

50,454

Fannie Mae Pool

.500

06/01/32

49,700

42,572

Fannie Mae Pool

.000

05/01/35

43,670

5,268

Fannie Mae Pool

.500

07/01/35

5,428

50,631

Fannie Mae Pool

.000

02/01/36

52,000

56,003

Fannie Mae Pool

.000

10/01/39

52,503

43,894

Fannie Mae Pool

.000

05/01/40

40,914

76,995

Fannie Mae Pool

.000

09/01/40

79,178

42,023

Fannie Mae Pool

.000

09/01/42

40,917

30,764

Fannie Mae Pool

.500

03/01/44

30,903

253,582

Fannie Mae Pool

.000

05/01/44

247,534

103,799

Fannie Mae Pool

.500

10/01/44

103,415

193,826

Fannie Mae Pool

.500

11/01/44

193,110

45,329

Fannie Mae Pool

.000

11/01/44

46,612

16,860

Fannie Mae Pool

.000

01/01/45

16,416

228,621

Fannie Mae Pool

.500

01/01/46

216,983

13,526

Fannie Mae Pool

.000

04/01/46

13,069

93,850

Fannie Mae Pool

.500

07/01/46

88,840

231,768

Fannie Mae Pool

.500

07/01/46

221,009

43,897

Fannie Mae Pool

.000

10/01/46

39,015

5,241

Fannie Mae Pool

.000

11/01/47

4,658

111,027

Fannie Mae Pool

.500

11/01/47

105,746

138,424

Fannie Mae Pool

.500

01/01/48

130,603

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE BACKED

(continued)

$

63,009

Fannie Mae Pool

.500

%

01/01/48

$

62,627

56,972

Fannie Mae Pool

.500

02/01/48

56,626

46,151

Fannie Mae Pool

.500

05/01/48

45,870

29,971

Fannie Mae Pool

.500

05/01/48

29,789

182,170

Fannie Mae Pool

.000

07/01/50

164,805

161,433

Fannie Mae Pool

.500

08/01/51

139,112

123,420

Fannie Mae Pool

.000

09/01/51

111,454

590,754

Fannie Mae Pool

.500

12/01/51

503,882

18,875

Fannie Mae Pool

.500

01/01/52

16,099

277,522

Fannie Mae Pool

.500

02/01/52

237,851

322,528

Fannie Mae Pool

.000

02/01/52

285,887

215,929

Fannie Mae Pool

.500

02/01/52

202,025

431,934

Fannie Mae Pool

.500

04/01/52

367,226

342,943

Fannie Mae Pool

.000

04/01/52

307,216

752,618

Fannie Mae Pool

.000

04/01/52

667,554

129,844

Fannie Mae Pool

.000

05/01/52

116,296

357,678

Fannie Mae Pool

.500

05/01/52

332,691

438,294

Fannie Mae Pool

.500

05/01/52

406,196

432,324

Fannie Mae Pool

.000

05/01/52

412,074

110,609

Fannie Mae Pool

.500

06/01/52

102,840

379,541

Fannie Mae Pool

.500

06/01/52

351,849

718,794

Fannie Mae Pool

.000

06/01/52

685,985

156,985

Fannie Mae Pool

.500

06/01/52

154,009

374,985

Fannie Mae Pool

.500

06/01/52

367,604

1,354,818

Fannie Mae Pool

.000

07/01/52

1,292,976

155,220

Fannie Mae Pool

.500

07/01/52

152,228

91,106

Fannie Mae Pool

.500

07/01/52

89,275

1,364,006

Fannie Mae Pool

.000

08/01/52

1,295,267

636,403

Fannie Mae Pool

.500

08/01/52

623,876

1,269,234

Fannie Mae Pool

.000

08/01/52

1,271,187

704,919

Fannie Mae Pool

.000

09/01/52

671,596

2,742,442

Fannie Mae Pool

.500

09/01/52

2,688,178

86,293

Fannie Mae Pool

.000

09/01/52

86,426

1,361,078

Fannie Mae Pool

.000

10/01/52

1,296,948

308,787

Fannie Mae Pool

.500

10/01/52

302,868

200,999

Fannie Mae Pool

.000

10/01/52

201,619

282,681

Fannie Mae Pool

.000

11/01/52

269,690

927,753

Fannie Mae Pool

.500

11/01/52

909,109

253,229

Fannie Mae Pool

.500

12/01/52

248,166

7,901

Fannie Mae Pool

.000

01/01/53

7,915

870,509

Fannie Mae Pool

.000

02/01/53

871,669

309,666

Fannie Mae Pool

.500

02/01/53

314,264

428,353

Fannie Mae Pool

.000

04/01/53

428,879

27,876

Fannie Mae Pool

.000

06/01/53

28,093

1,564,166

Fannie Mae Pool

.500

06/01/53

1,591,367

935,244

Fannie Mae Pool

.000

08/01/53

935,671

201,534

Fannie Mae Pool

.500

08/01/53

204,945

1,703,414

Fannie Mae Pool

.500

10/01/53

1,731,857

476,154

Fannie Mae Pool

.000

02/01/54

454,310

412,321

Fannie Mae Pool

.000

03/01/54

423,496

842,005

Fannie Mae Pool

.500

04/01/54

854,482

1,876,693

Fannie Mae Pool

.500

05/01/54

1,904,405

509,280

Fannie Mae Pool

.000

06/01/54

523,075

3,323,793

Fannie Mae Pool

.500

10/01/54

3,371,686

52,868

(a) Fannie Mae REMICS, (SOFR30A + 5.836%)

.961

09/25/43

5,410

112,093

Fannie Mae REMICS

.500

02/25/48

101,031

78,709

Fannie Mae REMICS

.000

07/25/48

75,237

133,211

Fannie Mae REMICS

.000

08/25/50

16,779

179,007

Fannie Mae REMICS

.000

10/25/50

126,774

384,491

Fannie Mae REMICS

.500

11/25/50

53,334

74,791

Fannie Mae REMICS

.000

02/25/51

14,370

176,078

Fannie Mae REMICS

.500

11/25/51

19,272

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE BACKED

(continued)

$

270,188

Fannie Mae REMICS

.500

%

04/25/52

$

211,171

187,577

Fannie Mae REMICS

.500

07/25/52

169,490

116,586

Fannie Mae REMICS

.500

08/25/52

101,801

84,536

Fannie Mae REMICS

.000

09/25/52

74,989

102,814

Fannie Mae REMICS

.000

09/25/52

91,617

86,788

Fannie Mae REMICS

.500

10/25/52

83,056

92,574

Fannie Mae REMICS

.500

10/25/52

89,474

136,825

Fannie Mae REMICS

.500

11/25/52

139,798

57,501

Federal National Mortgage Association

.500

02/01/52

48,923

9,920

Freddie Mac Gold Pool

.000

06/01/36

10,198

3,497

Freddie Mac Gold Pool

.000

07/01/39

3,600

104,489

Freddie Mac Gold Pool

.500

04/01/45

99,592

285,494

Freddie Mac Gold Pool

.500

08/01/45

272,301

6,544

Freddie Mac Gold Pool

.500

06/01/47

6,528

171,210

Freddie Mac Gold Pool

.000

09/01/47

165,625

66,447

Freddie Mac Gold Pool

.500

12/01/47

62,934

58,185

Freddie Mac Gold Pool

.500

08/01/48

57,900

672,886

Freddie Mac Pool

.000

11/01/49

607,513

147,082

Freddie Mac Pool

.500

11/01/51

125,255

175,591

Freddie Mac Pool

.000

11/01/51

159,301

150,112

Freddie Mac Pool

.000

11/01/51

135,326

26,312

Freddie Mac Pool

.000

11/01/51

23,948

45,566

Freddie Mac Pool

.000

11/01/51

41,379

109,596

Freddie Mac Pool

.000

02/01/52

97,159

148,876

Freddie Mac Pool

.000

03/01/52

131,942

192,275

Freddie Mac Pool

.500

04/01/52

163,861

449,193

Freddie Mac Pool

.000

04/01/52

428,762

1,010,441

Freddie Mac Pool

.000

05/01/52

896,858

67,699

Freddie Mac Pool

.000

06/01/52

60,281

328,043

Freddie Mac Pool

.500

06/01/52

321,688

1,369,644

Freddie Mac Pool

.500

07/01/52

1,342,685

327,463

Freddie Mac Pool

.500

07/01/52

321,119

105,670

Freddie Mac Pool

.000

11/01/52

108,955

1,906,421

Freddie Mac Pool

.000

06/01/53

1,908,275

507,780

Freddie Mac Pool

.000

08/01/53

508,405

422,494

Freddie Mac Pool

.500

08/01/53

429,777

173,952

Freddie Mac REMICS

.500

01/15/47

159,755

132,462

Freddie Mac REMICS

.000

01/15/48

126,828

148,556

Freddie Mac REMICS

.000

03/15/48

142,158

108,017

Freddie Mac REMICS

.000

04/15/48

102,988

69,074

(a) Freddie Mac REMICS, (SOFR30A + 9.737%)

.363

06/15/48

63,747

91,101

(a) Freddie Mac REMICS, (SOFR30A + 9.657%)

.283

10/15/48

81,286

136,833

Freddie Mac REMICS

.000

09/25/50

94,320

62,299

Freddie Mac REMICS

.000

09/25/50

46,160

134,495

Freddie Mac REMICS

.000

10/25/50

98,168

404,752

Freddie Mac REMICS

.500

02/25/51

68,264

68,771

Freddie Mac REMICS

.000

08/25/52

61,599

15,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 7.100%)

.974

01/25/42

15,802

60,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 4.750%)

.106

02/25/42

62,395

95,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 5.650%)

.647

04/25/42

100,433

130,400

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%)

.224

05/25/42

134,627

435,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 4.500%)

.374

06/25/42

457,827

270,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.700%)

.574

09/25/42

281,802

70,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.100%)

.444

03/25/43

72,609

1,573

(a),(b)

Freddie Mac STACR Securitized Participation Interests Trust

.784

02/25/48

1,538

2,721

(a),(b)

Freddie Mac STACR Securitized Participation Interests Trust

.850

05/25/48

2,654

2,897

Ginnie Mae I Pool

.000

03/15/34

2,897

9,771

Ginnie Mae I Pool

.000

06/15/34

9,910

1,447

Ginnie Mae I Pool

.000

04/15/38

1,482

2,977

Ginnie Mae I Pool

.500

04/15/40

2,971

79,931

Ginnie Mae II Pool

.000

06/20/51

71,914

51,122

Ginnie Mae II Pool

.000

12/20/51

45,995

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE BACKED

(continued)

$

85,520

Ginnie Mae II Pool

.500

%

02/20/52

$

72,114

762,707

Ginnie Mae II Pool

.500

07/20/52

701,331

454,462

Ginnie Mae II Pool

.000

08/20/52

432,314

299,980

Ginnie Mae II Pool

.500

08/20/52

294,503

37,879

Ginnie Mae II Pool

.000

11/20/52

37,940

204,438

Ginnie Mae II Pool

.500

03/20/53

200,409

245,746

Government National Mortgage Association

.000

01/20/40

48,886

169,823

Government National Mortgage Association

.000

03/20/40

32,151

48,500

Government National Mortgage Association

.500

12/20/43

43,807

58,149

Government National Mortgage Association

.000

03/20/45

52,585

53,164

Government National Mortgage Association

.000

06/20/46

5,776

252,938

Government National Mortgage Association

.000

11/20/51

186,903

347,584

Government National Mortgage Association

.000

12/20/51

260,930

268,793

Government National Mortgage Association

.000

01/20/52

205,721

321,724

Government National Mortgage Association

.000

02/20/52

226,108

206,321

Government National Mortgage Association

.000

04/20/52

173,505

177,873

Government National Mortgage Association

.000

04/20/52

32,347

114,619

Government National Mortgage Association

.000

07/20/52

98,000

161,398

Government National Mortgage Association

.500

09/20/52

151,163

167,790

Government National Mortgage Association

.500

09/20/52

157,248

113,571

Government National Mortgage Association

.500

02/20/53

108,003

93,457

Government National Mortgage Association

.500

02/20/53

94,393

146,465

(a) Government National Mortgage Association, (SOFR30A + 6.950%)

.032

05/20/53

11,753

106,314

(a) Government National Mortgage Association, (SOFR30A + 23.205%)

.926

08/20/53

117,270

43,827

(a) Government National Mortgage Association, (SOFR30A + 25.350%)

.071

08/20/53

52,107

1,500,863

(a),(b)

GS Mortgage-Backed Securities Corp Trust

.145

08/25/51

12,493

206,517

(a),(b)

GS Mortgage-Backed Securities Trust

.500

11/25/51

171,184

150,134

(a),(b)

GS Mortgage-Backed Securities Trust

.500

03/25/52

124,494

88,535

(a),(b)

GS Mortgage-Backed Securities Trust

.820

05/28/52

74,651

172,703

(a),(b)

GS Mortgage-Backed Securities Trust

.000

08/26/52

149,950

16,264

(a),(b)

JP Morgan Mortgage Trust

.500

05/25/47

14,799

123,478

(a),(b)

JP Morgan Mortgage Trust

.500

10/25/48

111,444

3,066

(a),(b)

JP Morgan Mortgage Trust

.000

01/25/49

2,867

396,473

(a),(b)

JP Morgan Mortgage Trust

.116

06/25/51

2,502

701,707

(a),(b)

JP Morgan Mortgage Trust

.106

11/25/51

4,053

59,645

(a),(b)

JP Morgan Mortgage Trust

.500

11/25/51

49,463

733,778

(a),(b)

JP Morgan Mortgage Trust

.112

12/25/51

4,532

82,550

(a),(b)

JP Morgan Mortgage Trust

.500

12/25/51

68,458

22,254

(a),(b)

JP Morgan Mortgage Trust

.836

12/25/51

18,239

124,164

(a),(b)

JP Morgan Mortgage Trust

.500

01/25/52

102,920

169,236

(a),(b)

JP Morgan Mortgage Trust

.500

04/25/52

4,983

112,119

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

96,881

67,271

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

57,392

89,695

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

74,388

185,207

(a),(b)

JP Morgan Mortgage Trust

.500

06/25/52

153,519

1,013,848

(b) JP Morgan Mortgage Trust

.224

07/25/52

9,697

191,454

(a),(b)

JP Morgan Mortgage Trust

.500

07/25/52

158,697

177,573

(a),(b)

JP Morgan Mortgage Trust

.250

07/25/52

159,453

294,231

(a),(b)

JP Morgan Mortgage Trust

.000

08/25/52

255,270

153,437

(a),(b)

JP Morgan Mortgage Trust

.000

10/25/52

133,119

98,170

(a),(b)

JP Morgan Mortgage Trust

.000

11/25/52

85,237

122,080

(a),(b)

JP Morgan Mortgage Trust

.000

04/25/53

105,914

70,042

(a),(b)

JP Morgan Mortgage Trust

.000

06/25/53

69,221

70,042

(a),(b)

JP Morgan Mortgage Trust

.500

06/25/53

70,278

106,483

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

08/25/51

88,297

101,514

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

09/25/51

91,632

88,929

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

09/25/51

73,714

95,283

(a),(b)

OBX

.000

01/25/52

82,666

189,308

(a),(b)

RCKT Mortgage Trust

.500

02/25/52

156,978

172,972

(a),(b)

RCKT Mortgage Trust

.000

05/25/52

150,184

77,450

(a),(b)

RCKT Mortgage Trust

.000

06/25/52

71,632

4,875

(a),(b)

Sequoia Mortgage Trust

.000

06/25/49

4,614

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE BACKED

(continued)

$

25,570

(a),(b)

Sequoia Mortgage Trust

.500

%

12/25/49

$

23,025

72,565

(a),(b)

Sequoia Mortgage Trust

.500

06/25/51

60,586

149,234

(a),(b)

Sequoia Mortgage Trust

.000

11/25/55

139,889

100,000

(a),(b)

Verus Securitization Trust

.451

02/25/68

99,868

70,210

(a),(b)

Wells Fargo Mortgage Backed Securities Trust

.000

08/25/51

61,026

91,175

(a),(b)

Wells Fargo Mortgage Backed Securities Trust

.304

08/25/51

78,389

TOTAL MORTGAGE BACKED

55,102,010

MUNICIPAL BONDS - 0.3%

200,000

City & County of San Francisco CA Community Facilities District No 2014-1

.038

09/01/34

189,825

170,000

New York State Dormitory Authority

.294

07/01/44

149,482

300,000

State of Oregon Department of Administrative Services

.103

05/01/39

279,304

TOTAL MUNICIPAL BONDS

618,611

U.S. TREASURY SECURITIES - 22.1%

1,060,000

United States Treasury Note/Bond

.250

01/31/26

1,060,424

3,100,000

United States Treasury Note/Bond

.500

03/31/26

3,106,534

595,000

United States Treasury Note/Bond

.875

04/30/26

597,415

125,000

United States Treasury Note/Bond

.625

06/30/26

125,649

790,000

United States Treasury Note/Bond

.125

10/31/26

793,375

250,000

United States Treasury Note/Bond

.375

12/15/26

251,961

180,000

United States Treasury Note/Bond

.125

01/31/27

181,118

1,055,000

United States Treasury Note/Bond

.125

02/28/27

1,062,088

550,000

United States Treasury Note/Bond

.875

03/31/27

552,385

150,000

United States Treasury Note/Bond

.500

05/15/27

151,992

210,000

United States Treasury Note/Bond

.875

07/31/27

211,222

673,000

United States Treasury Note/Bond

.375

11/30/27

671,712

276,000

United States Treasury Note/Bond

.375

12/31/27

275,461

250,000

United States Treasury Note/Bond

.750

04/15/28

251,299

370,000

United States Treasury Note/Bond

.375

09/15/28

368,482

1,735,000

United States Treasury Note/Bond

.500

12/15/28

1,732,967

170,000

United States Treasury Note/Bond

.625

08/31/30

169,396

95,000

United States Treasury Note/Bond

.875

10/31/30

99,794

3,475,000

United States Treasury Note/Bond

.625

12/31/30

3,458,439

1,575,000

United States Treasury Note/Bond

.125

03/31/31

1,601,763

325,000

United States Treasury Note/Bond

.625

04/30/31

338,292

2,309,000

United States Treasury Note/Bond

.125

07/31/31

2,346,521

1,741,000

United States Treasury Note/Bond

.875

12/31/32

1,733,383

526,000

United States Treasury Note/Bond

.000

11/15/35

518,439

300,000

United States Treasury Note/Bond

.250

05/15/41

220,652

500,000

United States Treasury Note/Bond

.000

11/15/41

348,965

5,111,800

(f) United States Treasury Note/Bond

.375

02/15/42

3,762,764

3,005,000

United States Treasury Note/Bond

.875

02/15/43

2,703,326

3,668,000

United States Treasury Note/Bond

.750

11/15/43

3,668,430

1,114,000

United States Treasury Note/Bond

.750

02/15/45

1,108,343

675,000

United States Treasury Note/Bond

.000

05/15/45

692,930

1,535,700

United States Treasury Note/Bond

.000

11/15/45

1,173,431

400,000

United States Treasury Note/Bond

.625

11/15/45

390,875

1,615,000

United States Treasury Note/Bond

.875

11/15/46

1,192,577

765,000

United States Treasury Note/Bond

.000

05/15/47

574,467

176,000

United States Treasury Note/Bond

.375

11/15/48

139,253

9,391,000

United States Treasury Note/Bond

.750

08/15/55

9,232,527

1,000,000

United States Treasury Note/Bond

.625

11/15/55

963,437

TOTAL U.S. TREASURY SECURITIES

47,832,088

TOTAL GOVERNMENT BONDS

(Cost $111,526,192)

108,414,527

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

PREFERRED STOCKS - 0.0%

FINANCIAL SERVICES - 0.0%

2,600

Morgan Stanley

$

66,222

TOTAL FINANCIAL SERVICES

66,222

TOTAL PREFERRED STOCKS

(Cost $65,000)

66,222

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

STRUCTURED ASSETS - 15.4%

ASSET BACKED - 5.5%

$

400,000

(a) 3650R Commercial Mortgage Trust, Series 2022 PF2

.291

%

11/15/55

399,746

500,000

(a),(b)

AGL CLO 19 Ltd, (TSFR3M + 1.650%), Series 2022 19A

.970

07/21/38

501,888

183,452

(b) Alterna Funding III LLC, Series 2024 1A

.260

05/16/39

183,864

84,314

(b) Apollo aviation securitization, Series 2021 2A

.798

01/15/47

79,978

51,500

(b) BRE Grand Islander Timeshare Issuer LLC, Series 2019 A

.280

09/26/33

51,174

92,178

(b) Capital Automotive REIT, Series 2021 1A

.440

08/15/51

90,218

98,521

(b) Capital Automotive REIT, Series 2021 1A

.920

08/15/51

96,356

150,000

Capital One Prime Auto Receivables Trust, Series 2025 1

.850

07/15/30

150,070

96,500

(b) Cars Net Lease Mortgage Notes, Series 2020 1A

.010

12/15/50

91,494

97,500

(b) Cars Net Lease Mortgage Notes Series, Series 2020 1A

.100

12/15/50

94,043

100,000

(b) Cars Net Lease Mortgage Notes Series, Series 2020 1A

.690

12/15/50

94,817

9,026

Carvana Auto Receivables Trust, Series 2021 N4

.720

09/11/28

8,810

76,389

(b) Carvana Auto Receivables Trust, Series 2022 N1

.130

12/11/28

75,800

144,702

(a),(b)

CBRE Realty Finance, (LIBOR 3 M + 0.300%), Series 2007 1A

.847

04/07/52

1,037

Centex Home Equity, Series 2002 A

.540

01/25/32

1,038

444,419

(b) CF Hippolyta LLC, Series 2020 1

.690

07/15/60

373,928

214,547

(b) CF Hippolyta LLC, Series 2020 1

.990

07/15/60

179,882

89,945

(b) CF Hippolyta LLC, Series 2020 1

.280

07/15/60

56,079

232,832

(b) CF Hippolyta LLC, Series 2021 1A

.530

03/15/61

187,946

235,612

(b) CF Hippolyta LLC, Series 2021 1A

.980

03/15/61

143,419

230,000

(b) Cologix Data Centers US Issuer LLC, Series 2021 1A

.300

12/26/51

226,049

395,000

(b) CPS Auto Receivables Trust, Series 2025 C

.910

10/15/31

397,728

439,000

CSAIL Commercial Mortgage Trust, Series 2019 C17

.278

09/15/52

398,953

117,188

(b) DB Master Finance LLC, Series 2019 1A

.352

05/20/49

115,566

192,000

(b) DB Master Finance LLC, Series 2021 1A

.045

11/20/51

188,336

96,000

(b) DB Master Finance LLC, Series 2021 1A

.493

11/20/51

90,852

145,875

(b) Domino's Pizza Master Issuer LLC, Series 2021 1A

.662

04/25/51

138,658

250,000

(a),(b)

Elmwood CLO 14 Ltd, (TSFR3M + 1.700%), Series 2022 1A

.584

10/20/38

251,201

500,000

(a),(b)

ELP Commercial Mortgage Trust, Series 2025 ELP

.604

11/13/42

500,047

47,450

(b) FNA VI LLC, Series 2021 1A

.350

01/10/32

44,447

250,000

Gm Financial Consumer Automobile Receivables Trust, Series 2025 3

.180

08/16/30

252,016

44,930

(b) HERO Funding Trust, Series 2017 3A

.190

09/20/48

41,200

44,930

(b) HERO Funding Trust, Series 2017 3A

.950

09/20/48

42,191

24,908

(b) Hilton Grand Vacations Trust, Series 2019 AA

.340

07/25/33

24,837

1,854

(a) Home Equity Asset Trust, (TSFR1M + 1.614%), Series 2003 1

.986

06/25/33

1,832

1,000,000

Honda Auto Receivables Owner Trust, Series 2025 1

.570

09/21/29

1,011,086

133,881

(b) Horizon Aircraft Finance II Ltd, Series 2019 1

.721

07/15/39

131,599

129,060

(b) Horizon Aircraft Finance III Ltd, Series 2019 2

.425

11/15/39

126,135

350,000

(b) Hotwire Funding LLC, Series 2023 1A

.687

05/20/53

353,236

500,000

(b) M&T Bank Auto Receivables Trust, Series 2025 1A

.730

06/17/30

506,782

400,000

MSWF Commercial Mortgage Trust, Series 2023 1

.752

05/15/56

424,156

34,975

(b) MVW LLC, Series 2021 2A

.830

05/20/39

33,339

246,854

(b) MVW Owner Trust, Series 2025 2A

.480

10/20/44

247,206

14,259

(b) Navient Private Education Refi Loan Trust, Series 2020 HA

.310

01/15/69

13,496

56,192

(b) Navient Student Loan Trust, Series 2019 BA

.390

12/15/59

55,404

250,000

(a),(b)

Neuberger Berman Loan Advisers CLO 48 Ltd, (TSFR3M + 1.550%), Series 2022 48A

.868

04/25/36

250,132

192,247

(b) Oak Street Investment Grade Net Lease Fund Series, Series 2021 1A

.480

01/20/51

175,307

78,835

(b) Oak Street Investment Grade Net Lease Fund Series, Series 2021 2A

.380

11/20/51

71,845

115,138

(b) OneMain Financial Issuance Trust, Series 2020 2A

.750

09/14/35

113,336

250,000

(a),(b)

OSD CLO Ltd., (TSFR3M + 1.650%), Series 2023 27A

.941

07/15/38

251,152

170,000

(b) PFS Financing Corp, Series 2024 D

.340

04/15/29

172,953

250,000

(b) PFS Financing Corp, Series 2025 B

.850

02/15/30

254,476

8,870

(b) Sierra Timeshare Receivables Funding LLC, Series 2021 1A

.990

11/20/37

8,853

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET BACKED

(continued)

$

8,870

(b) Sierra Timeshare Receivables Funding LLC, Series 2021 1A

.340

%

11/20/37

$

8,853

8,870

(b) Sierra Timeshare Receivables Funding LLC, Series 2021 1A

.790

11/20/37

8,853

250,000

(b) Stack Infrastructure Issuer LLC, Series 2021 1A

.877

03/26/46

248,163

2,889

(a) Structured Asset Investment Loan Trust, (TSFR1M + 1.014%), Series 2004 8

.746

09/25/34

2,786

247,500

(b) Subway Funding LLC, Series 2024 1A

.028

07/30/54

250,901

500,000

(a),(b)

SYCA Commercial Mortgage Trust, Series 2025 WAG

.258

11/10/42

502,704

127,725

(b) Taco Bell Funding LLC, Series 2021 1A

.946

08/25/51

124,432

98,250

(b) Taco Bell Funding LLC, Series 2021 1A

.294

08/25/51

91,592

276,712

(b) Wendy's Funding LLC, Series 2021 1A

.370

06/15/51

257,886

500,000

(b) Zayo Issuer LLC, Series 2025 1A

.648

03/20/55

508,539

TOTAL ASSET BACKED

11,779,679

OTHER MORTGAGE BACKED - 9.9%

83,019

(a),(b)

Agate Bay Mortgage Trust, Series 2015 6

.500

09/25/45

77,236

500,000

(b) BANK, Series 2019 BN21

.500

10/17/52

375,385

71,242

(a),(b)

Bayview MSR Opportunity Master Fund Trust, Series 2021 4

.500

10/25/51

59,075

400,000

BBCMS Mortgage Trust, Series 2023 C19

.753

04/15/56

405,919

200,000

(b) BBCMS Trust, Series 2015 SRCH

.197

08/10/35

197,007

500,000

(a) Benchmark Mortgage Trust, Series 2018 B1

.878

01/15/51

487,654

400,000

Benchmark Mortgage Trust, Series 2019 B9

.267

03/15/52

382,163

200,000

Benchmark Mortgage Trust, Series 2019 B12

.419

08/15/52

188,067

400,000

Benchmark Mortgage Trust, Series 2021 B24

.584

03/15/54

358,950

500,000

(a) Benchmark Mortgage Trust, Series 2021 B28

.244

08/15/54

418,215

450,000

Benchmark Mortgage Trust, Series 2019 B14

.049

12/15/62

426,725

125,000

Benchmark Mortgage Trust, Series 2019 B14

.493

12/15/62

105,318

360,000

BMO Mortgage Trust, Series 2023 C5

.765

06/15/56

377,458

252,380

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.392%), Series 2024 XL5

.142

03/15/41

252,791

250,000

CD Mortgage Trust, Series 2017 CD4

.746

05/10/50

244,802

250,000

(a),(b)

CF Mortgage Trust, Series 2020 P1

.603

04/15/52

232,701

80,396

CFCRE Commercial Mortgage Trust, Series 2016 C7

.644

12/10/54

80,160

2,443

(a) CHL Mortgage Pass-Through Trust, Series 2004 HYB9

.087

02/20/35

2,437

43,084

(a),(b)

Citigroup Commercial Mortgage Trust, Series 2014 GC23

.599

07/10/47

41,449

400,000

(a) Citigroup Commercial Mortgage Trust, Series 2015 GC29

.976

04/10/48

365,475

250,000

Citigroup Commercial Mortgage Trust, Series 2019 GC41

.018

08/10/56

231,637

24,723

COMM Mortgage Trust, Series 2012 CR4

.853

10/15/45

24,236

376,011

COMM Mortgage Trust, Series 2014 CR17

.377

05/10/47

365,960

500,000

(a),(b)

COMM Mortgage Trust, Series 2014 UBS3

.767

06/10/47

233,845

200,000

(a),(b)

COMM Mortgage Trust, Series 2015 CR22

.699

03/10/48

160,645

105,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.000%), Series 2022 R05

.874

04/25/42

107,362

480,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.850%), Series 2022 R06

.206

05/25/42

497,655

490,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 4.750%), Series 2022 R09

.624

09/25/42

519,877

360,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01

.106

12/25/42

376,380

250,000

(a),(b)

CSTL Commercial Mortgage Trust, Series 2024 GATE

.052

11/10/41

250,906

200,000

DBJPM Mortgage Trust, Series 2020 C9

.340

08/15/53

178,145

400,000

(a),(b)

DBSG Mortgage Trust, Series 2024 ALTA

.946

06/10/37

406,330

250,000

(a),(b)

DBSG Mortgage Trust, Series 2024 ALTA

.625

06/10/37

252,841

400,000

(a),(b)

EQT Trust, Series 2024 EXTR

.331

07/05/41

409,675

74,289

(a),(b)

Flagstar Mortgage Trust, Series 2017 2

.969

10/25/47

68,419

1,626

(a),(b)

Flagstar Mortgage Trust, Series 2018 5

.000

09/25/48

1,532

150,857

(a),(b)

Flagstar Mortgage Trust, Series 2021 4

.500

06/01/51

125,084

90,444

(a),(b)

Flagstar Mortgage Trust, Series 2021 5INV

.333

07/25/51

75,239

91,368

(a),(b)

Flagstar Mortgage Trust, Series 2021 10IN

.498

10/25/51

76,338

160,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%), Series 2023 HQA3

.702

11/25/43

167,569

100,000

GS Mortgage Securities Trust, Series 2017 GS6

.869

05/10/50

89,034

300,000

GS Mortgage Securities Trust, Series 2017 GS7

.236

08/10/50

264,796

500,000

(a) GS Mortgage Securities Trust, Series 2020 GC45

.173

02/13/53

465,446

2,521

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2

.000

11/25/49

2,376

25,309

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4

.000

01/25/51

21,998

577,093

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

.253

03/27/51

7,464

87,660

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

.000

03/27/51

76,226

56,130

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6

.500

05/25/51

47,010

142,125

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5

.500

10/25/51

117,835

150,318

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2

.000

06/25/52

130,413

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OTHER MORTGAGE BACKED

(continued)

$

279,020

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

.500

%

01/25/52

$

231,369

130,558

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ8

.500

01/25/52

108,271

88,908

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

.721

01/25/52

72,853

91,167

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 INV1

.000

07/25/52

79,299

149,363

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 HP1

.000

09/25/52

129,685

115,101

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 PJ5

.000

10/25/52

99,860

97,301

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 PJ6

.000

01/25/53

84,463

123,333

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2023 PJ1

.500

02/25/53

111,328

900,000

(a),(b)

Houston Galleria Mall Trust, Series 2025 HGLR

.462

02/05/45

934,186

500,000

(a),(b)

HTL Commercial Mortgage Trust, Series 2024 T53

.088

05/10/39

508,197

225,000

(a),(b)

ILPT Commercial Mortgage Trust, Series 2025 LPF2

.292

07/13/42

229,615

17,425

(a),(b)

Imperial Fund Mortgage Trust, Series 2020 NQM1

.051

10/25/55

16,706

150,000

(b) JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020 NNN

.065

01/16/37

122,212

21,178

(a),(b)

JP Morgan Mortgage Trust, Series 2015 1

.502

12/25/44

20,912

18,839

(a),(b)

JP Morgan Mortgage Trust, Series 2018 3

.500

09/25/48

17,009

75,261

(a),(b)

JP Morgan Mortgage Trust, Series 2018 5

.500

10/25/48

67,865

52,704

(a),(b)

JP Morgan Mortgage Trust, Series 2017 5

.746

10/26/48

52,863

1,644

(a),(b)

JP Morgan Mortgage Trust, Series 2018 9

.000

02/25/49

1,541

5,606

(a),(b)

JP Morgan Mortgage Trust, Series 2019 1

.000

05/25/49

5,261

89,521

(a),(b)

JP Morgan Mortgage Trust, Series 2020 1

.819

06/25/50

81,479

499,349

(a),(b)

JP Morgan Mortgage Trust, Series 2021 3

.133

07/25/51

3,672

341,161

(a),(b)

JP Morgan Mortgage Trust, Series 2021 4

.129

08/25/51

2,447

44,211

(a),(b)

JP Morgan Mortgage Trust, Series 2021 4

.879

08/25/51

36,287

555,474

(a),(b)

JP Morgan Mortgage Trust, Series 2021 6

.131

10/25/51

4,094

93,736

(a),(b)

JP Morgan Mortgage Trust, Series 2021 6

.500

10/25/51

77,811

182,694

(a),(b)

JP Morgan Mortgage Trust, Series 2021 INV2

.400

12/25/51

4,305

74,319

(a),(b)

JP Morgan Mortgage Trust, Series 2021 10

.500

12/25/51

61,627

89,574

(a),(b)

JP Morgan Mortgage Trust, Series 2021 INV4

.207

01/25/52

73,503

68,849

(a),(b)

JP Morgan Mortgage Trust, Series 2021 12

.500

02/25/52

57,229

22,822

(a),(b)

JP Morgan Mortgage Trust, Series 2022 INV1

.291

03/25/52

19,412

51,079

(a),(b)

JP Morgan Mortgage Trust, Series 2021 14

.500

05/25/52

42,355

41,154

(a),(b)

JP Morgan Mortgage Trust, Series 2021 LTV2

.927

05/25/52

35,818

190,848

(a),(b)

JP Morgan Mortgage Trust, Series 2022 2

.000

08/25/52

165,705

96,848

(a),(b)

JP Morgan Mortgage Trust, Series 2022 INV3

.000

09/25/52

84,119

291,510

(a),(b)

JP Morgan Mortgage Trust, Series 2022 LTV2

.500

09/25/52

262,769

110,045

(a),(b)

JP Morgan Mortgage Trust, Series 2022 7

.000

12/25/52

95,381

35,681

(a),(b)

JP Morgan Mortgage Trust, Series 2022 7

.000

12/25/52

33,000

164,679

(a) JPMBB Commercial Mortgage Securities Trust, Series 2015 C29

.118

05/15/48

163,888

188,887

JPMBB Commercial Mortgage Securities Trust, Series 2015 C31

.106

08/15/48

187,241

450,000

(a) JPMBB Commercial Mortgage Securities Trust, Series 2015 C31

.543

08/15/48

427,213

500,000

(a),(b)

JPMBB Commercial Mortgage Securities Trust, Series 2016 C1

.206

03/17/49

439,365

115,000

(a) JPMDB Commercial Mortgage Securities Trust, Series 2017 C5

.858

03/15/50

106,092

225,000

JPMDB Commercial Mortgage Securities Trust, Series 2017 C7

.985

10/15/50

213,856

30,516

(a) Merrill Lynch Mortgage Investors Trust, (TSFR1M + 0.634%), Series 2006 WMC1

.278

01/25/37

29,292

250,000

(b) MetroNet Infrastructure Issuer LLC, Series 2025 2A

.400

08/20/55

253,524

81,105

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1

.000

02/25/53

75,112

400,000

(a),(b)

MTN Commercial Mortgage Trust, (TSFR1M + 2.394%), Series 2022 LPFL

.673

03/15/39

400,842

424,429

(a),(b)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.579%), Series 2019 MILE

.915

07/15/36

403,278

500,000

(b) Natixis Commercial Mortgage Securities Trust, Series 2019 LVL

.885

08/15/38

487,520

260,000

(a),(b)

NRTH PARK Mortgage Trust, (TSFR1M + 1.393%), Series 2025 PARK

.543

10/15/40

260,620

185,787

(a),(b)

OBX Trust, Series 2021 J2

.500

07/25/51

154,059

159,056

(a),(b)

OBX Trust, Series 2022 INV5

.000

10/25/52

147,108

72,371

(a),(b)

Oceanview Mortgage Trust, Series 2021 1

.500

05/25/51

60,011

550,000

(b) Olympic Tower Mortgage Trust, Series 2017 OT

.566

05/10/39

530,260

500,000

(b) One Bryant Park Trust, Series 2019 OBP

.516

09/15/54

464,527

77,450

(a),(b)

RCKT Mortgage Trust, Series 2022 4

.500

06/25/52

69,911

7,741

(a),(b)

Sequoia Mortgage Trust, Series 2015 2

.500

05/25/45

7,190

12,200

(a),(b)

Sequoia Mortgage Trust, Series 2017 2

.500

02/25/47

11,128

22,703

(a),(b)

Sequoia Mortgage Trust, Series 2018 3

.500

03/25/48

20,722

2,167

(a),(b)

Sequoia Mortgage Trust, Series 2018 7

.000

09/25/48

2,063

37,724

(a),(b)

Sequoia Mortgage Trust, Series 2020 3

.000

04/25/50

32,810

85,938

(a),(b)

Sequoia Mortgage Trust, Series 2023 1

.000

01/25/53

83,647

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OTHER MORTGAGE BACKED

(continued)

$

9,752

(a),(b)

Shellpoint Co-Originator Trust, Series 2017 1

.500

%

04/25/47

$

8,920

190,000

(a) UBS Commercial Mortgage Trust, Series 2018 C11

.713

06/15/51

180,839

200,000

(a) UBS Commercial Mortgage Trust, Series 2018 C12

.788

08/15/51

189,082

88,999

(a),(b)

Verus Securitization Trust, Series 2021 7

.240

10/25/66

78,800

350,000

(a),(b)

Verus Securitization Trust, Series 2025 12

.760

12/25/70

352,417

200,000

Wells Fargo Commercial Mortgage Trust, Series 2024 C63

.309

08/15/57

207,136

18,837

Wells Fargo Commercial Mortgage Trust, Series 2016 C32

.560

01/15/59

18,794

1,304

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2019 2

.000

04/25/49

1,240

10,285

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2019 4

.500

09/25/49

9,340

95,910

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2020 4

.000

07/25/50

83,749

171,575

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2021 2

.500

06/25/51

142,488

92,006

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2021 INV2

.633

09/25/51

78,069

76,037

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.000

03/25/52

66,067

92,068

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.422

03/25/52

77,565

95,047

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.500

03/25/52

85,846

TOTAL OTHER MORTGAGE BACKED

21,477,399

TOTAL STRUCTURED ASSETS

(Cost $34,405,466)

33,257,078

TOTAL LONG-TERM INVESTMENTS

(Cost $215,455,768)

210,081,017

SHARES

DESCRIPTION

RATE

EXP

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

529,399

(g) State Street Navigator Securities Lending Government Money Market Portfolio

3.830 (h)

529,399

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $529,399)

529,399

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%

REPURCHASE AGREEMENT - 1.1%

2,303,000

(i) Fixed Income Clearing Corporation

.810

01/02/26

2,303,000

TOTAL REPURCHASE AGREEMENT

2,303,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,303,000)

2,303,000

TOTAL INVESTMENTS - 98.6%

(Cost $218,288,167)

212,913,416

OTHER ASSETS & LIABILITIES, NET - 1.4%

3,067,135

NET ASSETS - 100.0%

$

215,980,551

EUR

Euro

LIBOR

London Interbank Offered Rate

M

Month

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange

Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers

that are made outside the United States.

REIT

Real Estate Investment Trust

REMIC

Real Estate Mortgage Investment Conduit

SOFR30A

30 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

UTIXX

Federated Hermes U.S. Treasury Cash Reserves

Core Bond

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

Principal denominated in U.S. Dollars, unless otherwise noted.

Investments in Derivatives

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration,

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $51,149,277 or 24.0% of Total

Investments.

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $560,582.

(d) Perpetual security. Maturity date is not applicable.

(e) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an

automatic write-down of principal or a mandatory conversion into the issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified

level. As of the end of the reporting period, the Fund's total investment in CoCos was 1.4% of Total Investments.

(f) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(g) Investments made with cash collateral received from securities on loan.

(h) The rate shown is the one-day yield as of the end of the reporting period.

(i) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $2,303,487 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $2,349,071.

Forward Foreign Currency Contracts

Currency

Purchased

Receive

Currency

Sold

Deliver

Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

$

163,649

EUR

139,453

Citibank N.A.

01/08/26

$

(8)

Total

$

(8)

Total unrealized appreciation on forward foreign currency contracts

$

–

Total unrealized depreciation on forward foreign currency contracts

$

(8)

EUR

Euro

Credit Default Swaps - Centrally Cleared

SOLD

Counterparty

Reference

Entity

Fixed Rate

(Annualized)

Current Credit

Spread(a)

Fixed Rate

Payment

Frequency

Maturity

Date

Notional

Amount(b)

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Citigroup Global Markets,

Inc

CDX-NAHYS45V1-5Y

5.000%

3.17%

Quarterly

12/20/30

$

1,500,000

$

(117,108)

$

(108,833)

$

(8,275)

(a) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the

cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by

the seller of protection.

(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that

particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

Portfolio of Investments December 31, 2025

Core Equity

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.9%

COMMON STOCKS - 99.9%

AUTOMOBILES & COMPONENTS - 1.8%

8,950

(a) Tesla, Inc

$

4,024,994

TOTAL AUTOMOBILES & COMPONENTS

4,024,994

BANKS - 3.4%

43,470

Citigroup, Inc

5,072,515

7,433

JPMorgan Chase & Co

2,395,061

TOTAL BANKS

7,467,576

CAPITAL GOODS - 7.7%

7,588

Cummins, Inc

3,873,295

3,704

Eaton Corp plc

1,179,761

3,536

GE Vernova, Inc

2,311,023

12,763

Howmet Aerospace, Inc

2,616,670

22,326

Ingersoll Rand, Inc

1,768,666

22,640

RTX Corp

4,152,176

3,058

Trane Technologies plc

1,190,174

TOTAL CAPITAL GOODS

17,091,765

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 8.4%

42,363

(a) Amazon.com, Inc

9,778,228

(a) Autozone, Inc

1,665,226

3,803

Home Depot, Inc

1,308,612

30,220

TJX Cos, Inc

4,642,094

7,486

Williams-Sonoma, Inc

1,336,925

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

18,731,085

CONSUMER DURABLES & APPAREL - 0.7%

12,826

Pulte Homes, Inc

1,503,977

TOTAL CONSUMER DURABLES & APPAREL

1,503,977

CONSUMER SERVICES - 1.9%

56,225

(a) Carnival Corp

1,717,111

8,757

Expedia Group, Inc

2,480,946

TOTAL CONSUMER SERVICES

4,198,057

CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.9%

58,356

Walmart, Inc

6,501,442

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

6,501,442

ENERGY - 0.4%

5,606

Chevron Corp

854,411

TOTAL ENERGY

854,411

FINANCIAL SERVICES - 6.7%

5,550

Ameriprise Financial, Inc

2,721,387

23,183

Bank of New York Mellon Corp

2,691,314

1,393

Goldman Sachs Group, Inc

1,224,447

10,187

Mastercard, Inc (Class A)

5,815,555

6,567

Visa, Inc (Class A)

2,303,113

TOTAL FINANCIAL SERVICES

14,755,816

FOOD, BEVERAGE & TOBACCO - 0.8%

30,499

Altria Group, Inc

1,758,572

TOTAL FOOD, BEVERAGE & TOBACCO

1,758,572

HEALTH CARE EQUIPMENT & SERVICES - 4.3%

33,308

(a) Boston Scientific Corp

3,175,918

5,161

HCA, Inc

2,409,464

1,750

McKesson Corp

1,435,507

13,005

(a) Tenet Healthcare Corp

2,584,354

TOTAL HEALTH CARE EQUIPMENT & SERVICES

9,605,243

MATERIALS - 2.8%

16,330

Royal Gold, Inc

3,629,996

15,030

Steel Dynamics, Inc

2,546,833

TOTAL MATERIALS

6,176,829

MEDIA & ENTERTAINMENT - 8.8%

21,512

Alphabet, Inc

6,750,466

Core Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

MEDIA & ENTERTAINMENT

(continued)

25,621

Alphabet, Inc (Class A)

$

8,019,373

7,269

Meta Platforms, Inc

4,798,194

TOTAL MEDIA & ENTERTAINMENT

19,568,033

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.3%

14,022

AbbVie, Inc

3,203,887

2,663

(a) Alnylam Pharmaceuticals, Inc

1,058,942

6,148

Eli Lilly & Co

6,607,132

25,257

Johnson & Johnson

5,226,936

5,740

Regeneron Pharmaceuticals, Inc

4,430,534

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

20,527,431

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.1%

10,499

(a) Advanced Micro Devices, Inc

2,248,466

21,773

Broadcom, Inc

7,535,635

14,671

Lam Research Corp

2,511,382

101,539

Nvidia Corp

18,937,023

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

31,232,506

SOFTWARE & SERVICES - 12.5%

1,048

(a) AppLovin Corp

706,163

67,103

Gen Digital, Inc

1,824,531

3,879

Intuit, Inc

2,569,527

33,271

Microsoft Corp

16,090,521

14,664

(a) Palantir Technologies, Inc

2,606,526

11,168

(a) Palo Alto Networks, Inc

2,057,146

6,567

Salesforce, Inc

1,739,664

TOTAL SOFTWARE & SERVICES

27,594,078

TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%

46,209

Apple, Inc

12,562,379

46,895

Cisco Systems, Inc

3,612,322

3,575

Seagate Technology Holdings plc

984,519

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

17,159,220

TRANSPORTATION - 3.0%

29,527

Delta Air Lines, Inc

2,049,174

31,279

(a) Uber Technologies, Inc

2,555,807

17,861

(a) United Airlines Holdings, Inc

1,997,217

TOTAL TRANSPORTATION

6,602,198

UTILITIES - 2.7%

39,240

Alliant Energy Corp

2,550,992

30,002

American Electric Power Co, Inc

3,459,531

TOTAL UTILITIES

6,010,523

TOTAL COMMON STOCKS

(Cost $133,248,624)

221,363,756

TOTAL LONG-TERM INVESTMENTS

(Cost $133,248,624)

221,363,756

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

REPURCHASE AGREEMENT - 0.3%

$

634,000

(b) Fixed Income Clearing Corporation

.810

%

01/02/26

634,000

TOTAL REPURCHASE AGREEMENT

634,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $634,000)

634,000

TOTAL INVESTMENTS - 100.2%

(Cost $133,882,624)

221,997,756

OTHER ASSETS & LIABILITIES, NET - (0.2)%

(522,072)

NET ASSETS - 100.0%

$

221,475,684

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $634,134 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $646,761.

Portfolio of Investments December 31, 2025

Growth Equity

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.5%

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 3.2%

14,284

(a) Tesla, Inc

$

6,423,800

TOTAL AUTOMOBILES & COMPONENTS

6,423,800

BANKS - 0.5%

10,805

Wells Fargo & Co

1,007,026

TOTAL BANKS

1,007,026

CAPITAL GOODS - 4.7%

3M Co

54,274

(a) Axon Enterprise, Inc

73,263

9,040

(a) Boeing Co

1,962,765

1,587

GE Vernova, Inc

1,037,216

4,719

General Electric Co

1,453,593

1,165

Parker-Hannifin Corp

1,023,988

4,319

Quanta Services, Inc

1,822,877

586

TransDigm Group, Inc

779,292

7,977

Vertiv Holdings Co

1,292,354

TOTAL CAPITAL GOODS

9,499,622

COMMERCIAL & PROFESSIONAL SERVICES - 0.6%

7,210

Waste Connections, Inc

1,264,346

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,264,346

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 9.2%

71,378

(a) Amazon.com, Inc

16,475,470

(a) Autozone, Inc

1,193,808

12,943

Prosus NV

801,417

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

18,470,695

CONSUMER DURABLES & APPAREL - 0.3%

112,600

PRADA S.p.A

651,059

TOTAL CONSUMER DURABLES & APPAREL

651,059

CONSUMER SERVICES - 3.6%

Booking Holdings, Inc

1,649,441

126,633

(a) Carnival Corp

3,867,372

1,614

(a),(b)

Flutter Entertainment plc

348,663

2,021

(a) Flutter Entertainment plc

434,596

11,809

Starbucks Corp

994,436

TOTAL CONSUMER SERVICES

7,294,508

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%

782

Costco Wholesale Corp

674,350

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

674,350

FINANCIAL SERVICES - 6.4%

854

(a),(c)

Adyen NV

1,377,139

3,852

American Express Co

1,425,047

18,892

(a) Chime Financial, Inc

475,512

77,546

(a) Grab Holdings Ltd

386,955

7,055

KKR & Co, Inc

899,371

202,145

Rocket Cos, Inc

3,913,527

12,755

Visa, Inc (Class A)

4,473,306

TOTAL FINANCIAL SERVICES

12,950,857

FOOD, BEVERAGE & TOBACCO - 1.2%

14,989

Mondelez International, Inc

806,858

19,686

(a) Monster Beverage Corp

1,509,326

TOTAL FOOD, BEVERAGE & TOBACCO

2,316,184

HEALTH CARE EQUIPMENT & SERVICES - 1.8%

15,180

(a) DexCom, Inc

1,007,496

3,919

(a) Intuitive Surgical, Inc

2,219,565

Growth Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

9,620

(a) Medline, Inc

$

404,040

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,631,101

INSURANCE - 0.5%

4,489

Progressive Corp

1,022,235

TOTAL INSURANCE

1,022,235

MEDIA & ENTERTAINMENT - 13.9%

53,502

Alphabet, Inc

16,788,928

17,171

(a) Liberty Media Corp-Liberty Formula One (Class C)

1,691,515

8,809

Meta Platforms, Inc

5,814,733

22,962

(a) ROBLOX Corp

1,860,611

15,008

Walt Disney Co

1,707,460

TOTAL MEDIA & ENTERTAINMENT

27,863,247

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6%

3,556

Eli Lilly & Co

3,821,562

15,220

Galderma Group AG.

3,099,290

2,799

Regeneron Pharmaceuticals, Inc

2,160,464

3,560

Thermo Fisher Scientific, Inc

2,062,842

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

11,144,158

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%

15,854

(a) CoStar Group, Inc

1,066,023

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,066,023

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.7%

9,088

Applied Materials, Inc

2,335,525

8,934

(a) ARM Holdings plc (ADR)

976,576

28,155

Broadcom, Inc

9,744,445

129,164

Nvidia Corp

24,089,086

43,000

Taiwan Semiconductor Manufacturing Co Ltd

2,113,762

1,673

Texas Instruments, Inc

290,249

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

39,549,643

SOFTWARE & SERVICES - 17.5%

6,704

(a) Atlassian Corp Ltd

1,086,987

1,114

(a) Crowdstrike Holdings, Inc

522,199

12,093

(a) Figma, Inc

451,915

4,837

Intuit, Inc

3,204,125

44,899

Microsoft Corp

21,714,054

5,040

Oracle Corp

982,346

5,753

(a) Palantir Technologies, Inc

1,022,596

11,446

(a) Palo Alto Networks, Inc

2,108,353

2,030

Roper Industries, Inc

903,614

6,931

(a) ServiceNow, Inc

1,061,760

9,555

(a) Snowflake, Inc

2,095,985

TOTAL SOFTWARE & SERVICES

35,153,934

TECHNOLOGY HARDWARE & EQUIPMENT - 9.1%

55,329

Apple, Inc

15,041,742

15,792

(a) Arista Networks, Inc

2,069,226

7,168

Western Digital Corp

1,234,831

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

18,345,799

UTILITIES - 0.9%

4,968

Constellation Energy Corp

1,755,045

TOTAL UTILITIES

1,755,045

TOTAL COMMON STOCKS

(Cost $85,798,641)

200,083,632

TOTAL LONG-TERM INVESTMENTS

(Cost $85,798,641)

200,083,632

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

EXP

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%

362,306

(d) State Street Navigator Securities Lending Government Money Market Portfolio

3.830%(e)

$

362,306

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $362,306)

362,306

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.1%

REPURCHASE AGREEMENT - 0.1%

$

283,000

(f) Fixed Income Clearing Corporation

.810

01/02/26

283,000

TOTAL REPURCHASE AGREEMENT

283,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $283,000)

283,000

TOTAL INVESTMENTS - 99.8%

(Cost $86,443,947)

200,728,938

OTHER ASSETS & LIABILITIES, NET - 0.2%

354,726

NET ASSETS - 100.0%

$

201,083,664

ADR

American Depositary Receipt

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $343,301.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration,

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $1,377,139 or 0.7% of Total Investments.

(d) Investments made with cash collateral received from securities on loan.

(e) The rate shown is the one-day yield as of the end of the reporting period.

(f) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $283,060 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $288,672.

International Equity

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.6%

COMMON STOCKS - 99.6%

AUSTRALIA - 4.5%

82,505

BHP Billiton Ltd

$

2,489,929

32,709

Commonwealth Bank of Australia

3,491,326

443,206

Glencore plc

2,422,857

TOTAL AUSTRALIA

8,404,112

BRAZIL - 1.0%

258,396

Itau Unibanco Holding S.A.

1,846,721

TOTAL BRAZIL

1,846,721

DENMARK - 3.0%

12,217

DSV AS

3,076,928

51,716

Novo Nordisk A.S.

2,622,956

TOTAL DENMARK

5,699,884

FINLAND - 1.5%

152,177

Nordea Bank AB publ

2,863,096

TOTAL FINLAND

2,863,096

FRANCE - 10.0%

11,318

Air Liquide

2,127,262

24,569

Airbus SE

5,705,506

16,372

Compagnie de Saint-Gobain

1,664,899

8,417

Essilor International S.A.

2,661,437

3,723

Kering

1,300,956

4,242

LVMH Moet Hennessy Louis Vuitton S.A.

3,197,347

15,349

Vinci S.A.

2,159,345

TOTAL FRANCE

18,816,752

GERMANY - 10.2%

85,002

E.ON AG.

1,609,506

14,236

HeidelbergCement AG.

3,690,780

2,066

Rheinmetall AG.

3,769,198

40,617

RWE AG.

2,152,167

8,685

SAP AG.

2,110,181

20,426

Siemens AG.

5,720,840

TOTAL GERMANY

19,052,672

INDIA - 0.8%

19,971

HDFC Bank Ltd (ADR)

729,740

40,118

Reliance Industries Ltd

702,010

TOTAL INDIA

1,431,750

INDONESIA - 0.2%

1,783,200

Bank Rakyat Indonesia

390,533

TOTAL INDONESIA

390,533

ITALY - 2.3%

30,105

Moncler S.p.A

1,924,317

28,311

UniCredit S.p.A

2,344,907

TOTAL ITALY

4,269,224

JAPAN - 21.0%

28,200

Advantest Corp

3,565,828

104,500

Daiichi Sankyo Co Ltd, Reg S

2,219,009

75,700

Fujitsu Ltd

2,080,456

215,455

Hitachi Ltd

6,757,006

118,800

Mitsubishi Electric Corp

3,463,833

368,800

Mitsubishi UFJ Financial Group, Inc

5,853,251

48,640

Nintendo Co Ltd

3,283,906

48,000

ORIX Corp

1,403,869

26,400

SBI Holdings, Inc

568,920

163,160

Sony Corp

4,185,212

133,000

Sumitomo Mitsui Financial Group, Inc

4,277,468

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

JAPAN

(continued)

83,515

Toyota Motor Corp

$

1,793,659

TOTAL JAPAN

39,452,417

KOREA, REPUBLIC OF - 1.4%

31,495

Samsung Electronics Co Ltd

2,639,750

TOTAL KOREA, REPUBLIC OF

2,639,750

MEXICO - 0.7%

6,818

Fomento Economico Mexicano SAB de C.V. (ADR)

689,095

67,200

Grupo Financiero Banorte S.A. de C.V.

622,983

TOTAL MEXICO

1,312,078

NETHERLANDS - 6.0%

2,989

ASML Holding NV

3,220,708

22,368

Heineken NV

1,845,515

136,742

ING Groep NV

3,843,575

448,402

Koninklijke KPN NV

2,095,255

10,152

(a),(b)

Magnum Ice Cream Co NV

161,134

TOTAL NETHERLANDS

11,166,187

SOUTH AFRICA - 0.9%

39,188

Anglo American plc

1,620,914

TOTAL SOUTH AFRICA

1,620,914

SPAIN - 7.6%

285,245

Banco Bilbao Vizcaya Argentaria S.A.

6,691,048

420,128

Banco Santander S.A.

4,945,112

122,051

Iberdrola S.A.

2,642,818

TOTAL SPAIN

14,278,978

SWITZERLAND - 5.6%

39,481

ABB Ltd

2,910,440

10,895

Cie Financiere Richemont S.A.

2,349,517

2,960

Lonza Group AG.

1,995,690

4,274

Zurich Insurance Group AG

3,234,145

TOTAL SWITZERLAND

10,489,792

TAIWAN - 1.2%

7,332

Taiwan Semiconductor Manufacturing Co Ltd (ADR)

2,228,121

TOTAL TAIWAN

2,228,121

UNITED KINGDOM - 8.2%

23,148

AstraZeneca plc

4,283,752

478,693

Barclays plc

3,064,176

53,225

British American Tobacco plc

3,017,361

102,526

National Grid plc

1,572,593

6,755

Reckitt Benckiser Group plc

546,610

45,128

Unilever plc

2,948,538

TOTAL UNITED KINGDOM

15,433,030

UNITED STATES - 13.5%

340,566

BP plc

1,986,168

37,324

CRH plc

4,658,035

645,082

Haleon plc

3,259,846

5,776

Linde plc

2,462,829

11,073

Nestle S.A.

1,099,096

7,235

Novartis AG.

996,953

11,158

Roche Holding AG.

4,607,921

124,527

Shell plc

4,589,101

45,041

Smurfit WestRock plc

1,741,736

TOTAL UNITED STATES

25,401,685

TOTAL COMMON STOCKS

(Cost $115,871,718)

186,797,696

TOTAL LONG-TERM INVESTMENTS

(Cost $115,871,718)

186,797,696

International Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

165,379

(c) State Street Navigator Securities Lending Government Money Market Portfolio

3.830%(d)

$

165,379

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $165,379)

165,379

TOTAL INVESTMENTS - 99.7%

(Cost $116,037,097)

186,963,075

BORROWINGS - (0.0)%(e)

(69,835)

OTHER ASSETS & LIABILITIES, NET - 0.3%

639,528

NET ASSETS - 100.0%

$

187,532,768

ADR

American Depositary Receipt

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange

Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers

that are made outside the United States.

(a) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $157,691.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Investments made with cash collateral received from securities on loan.

(d) The rate shown is the one-day yield as of the end of the reporting period.

(e) Borrowings as a percentage of Total Investments is 0.0%.

Portfolio of Investments December 31, 2025

Large Cap Responsible Equity

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.8%

COMMON STOCKS - 99.8%

AUTOMOBILES & COMPONENTS - 0.1%

1,259

(a) Aptiv plc

$

95,797

TOTAL AUTOMOBILES & COMPONENTS

95,797

BANKS - 3.7%

11,372

Citigroup, Inc

1,326,999

7,624

JPMorgan Chase & Co

2,456,605

TOTAL BANKS

3,783,604

CAPITAL GOODS - 8.1%

853

(a) Axon Enterprise, Inc

484,444

2,600

Caterpillar, Inc

1,489,462

1,580

Deere & Co

735,601

2,801

Eaton Corp plc

892,146

1,571

GE Vernova, Inc

1,026,758

3,322

Illinois Tool Works, Inc

818,209

7,039

Ingersoll Rand, Inc

557,630

707

Parker-Hannifin Corp

621,425

2,175

Quanta Services, Inc

917,980

866

Trane Technologies plc

337,047

W.W. Grainger, Inc

331,977

1,242

Xylem, Inc

169,136

TOTAL CAPITAL GOODS

8,381,815

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%

3,140

Automatic Data Processing, Inc

807,702

8,470

(a) Copart, Inc

331,601

947

Paychex, Inc

106,234

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,245,537

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.5%

8,894

eBay, Inc

774,667

3,763

Home Depot, Inc

1,294,848

1,598

Lowe's Cos, Inc

385,374

7,750

TJX Cos, Inc

1,190,478

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,645,367

CONSUMER DURABLES & APPAREL - 0.1%

1,040

(a) Deckers Outdoor Corp

107,817

TOTAL CONSUMER DURABLES & APPAREL

107,817

CONSUMER SERVICES - 4.0%

Booking Holdings, Inc

1,076,421

1,725

(a) DoorDash, Inc

390,678

1,484

Expedia Group, Inc

420,432

3,277

McDonald's Corp

1,001,550

2,295

Royal Caribbean Cruises Ltd

640,121

6,647

Starbucks Corp

559,744

TOTAL CONSUMER SERVICES

4,088,946

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.4%

4,054

Target Corp

396,279

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

396,279

ENERGY - 1.5%

17,968

Baker Hughes Co

818,263

9,644

ONEOK, Inc

708,834

TOTAL ENERGY

1,527,097

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.8%

1,011

Equinix, Inc

774,588

1,560

Iron Mountain, Inc

129,402

7,480

Prologis, Inc

954,897

5,861

Welltower, Inc

1,087,860

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,946,747

FINANCIAL SERVICES - 11.6%

3,380

American Express Co

1,250,431

Large Cap Responsible Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

1,186

Ameriprise Financial, Inc

$

581,543

6,313

Bank of New York Mellon Corp

732,876

1,584

Goldman Sachs Group, Inc

1,392,336

2,924

Mastercard, Inc (Class A)

1,669,253

1,841

Moody's Corp

940,475

7,303

Morgan Stanley

1,296,502

2,189

Nasdaq Stock Market, Inc

212,617

6,244

PayPal Holdings, Inc

364,525

2,034

S&P Global, Inc

1,062,948

6,348

Synchrony Financial

529,614

5,497

Visa, Inc (Class A)

1,927,853

TOTAL FINANCIAL SERVICES

11,960,973

FOOD, BEVERAGE & TOBACCO - 1.9%

13,252

Coca-Cola Co

926,447

7,383

PepsiCo, Inc

1,059,608

TOTAL FOOD, BEVERAGE & TOBACCO

1,986,055

HEALTH CARE EQUIPMENT & SERVICES - 2.6%

1,788

(a) Cooper Cos, Inc

146,545

5,610

(a) Edwards Lifesciences Corp

478,253

1,820

HCA, Inc

849,685

1,046

(a) IDEXX Laboratories, Inc

707,650

(a) Insulet Corp

136,719

McKesson Corp

321,554

STERIS plc

77,577

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,717,983

HOUSEHOLD & PERSONAL PRODUCTS - 1.3%

9,046

Procter & Gamble Co

1,296,382

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,296,382

INSURANCE - 2.2%

Hartford Financial Services Group, Inc

30,454

2,707

Marsh & McLennan Cos, Inc

502,203

3,737

Progressive Corp

850,990

2,975

Travelers Cos, Inc

862,928

TOTAL INSURANCE

2,246,575

MATERIALS - 2.1%

3,348

Ecolab, Inc

878,917

4,548

International Paper Co

179,146

11,226

Newmont Goldcorp Corp

1,120,916

TOTAL MATERIALS

2,178,979

MEDIA & ENTERTAINMENT - 3.5%

2,464

Comcast Corp (Class A)

73,649

3,253

Electronic Arts, Inc

664,686

3,070

(a) Live Nation, Inc

437,475

14,442

(a) Netflix, Inc

1,354,082

7,328

News Corp (Class A)

191,407

3,375

(a) Take-Two Interactive Software, Inc

864,101

TOTAL MEDIA & ENTERTAINMENT

3,585,400

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.9%

669

Agilent Technologies, Inc

91,031

3,026

Amgen, Inc

990,440

3,081

Bristol-Myers Squibb Co

166,189

4,985

Danaher Corp

1,141,166

2,469

Eli Lilly & Co

2,653,385

5,425

Gilead Sciences, Inc

665,865

1,927

(a) Vertex Pharmaceuticals, Inc

873,625

West Pharmaceutical Services, Inc

116,659

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

3,210

Zoetis, Inc

$

403,882

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

7,102,242

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%

4,086

(a) CBRE Group, Inc

656,988

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

656,988

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.1%

6,454

(a) Advanced Micro Devices, Inc

1,382,189

5,431

Applied Materials, Inc

1,395,713

6,908

Broadcom, Inc

2,390,859

606

(a) First Solar, Inc

158,305

15,619

(a) Intel Corp

576,341

8,575

Lam Research Corp

1,467,868

49,284

Nvidia Corp

9,191,466

1,430

NXP Semiconductors NV

310,396

4,276

Texas Instruments, Inc

741,843

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

17,614,980

SOFTWARE & SERVICES - 16.9%

4,071

Accenture plc

1,092,249

2,400

(a) Adobe, Inc

839,976

2,948

(a) Autodesk, Inc

872,637

2,286

(a) Cadence Design Systems, Inc

714,558

1,474

(a) Gartner, Inc

371,861

4,613

International Business Machines Corp

1,366,417

1,538

Intuit, Inc

1,018,802

15,245

Microsoft Corp

7,372,787

627

(a) PTC, Inc

109,230

4,527

Salesforce, Inc

1,199,247

5,775

(a) ServiceNow, Inc

884,672

1,482

(a) Synopsys, Inc

696,125

5,148

(a) Trade Desk, Inc

195,418

3,260

(a) Workday, Inc

700,183

TOTAL SOFTWARE & SERVICES

17,434,162

TECHNOLOGY HARDWARE & EQUIPMENT - 5.7%

7,625

(a) Arista Networks, Inc

999,104

18,416

Cisco Systems, Inc

1,418,584

25,537

Hewlett Packard Enterprise Co

613,399

18,279

HP, Inc

407,256

3,350

(a) Keysight Technologies, Inc

680,686

1,152

Seagate Technology Holdings plc

317,249

4,633

(a) Trimble Inc

362,996

6,307

Western Digital Corp

1,086,507

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

5,885,781

TELECOMMUNICATION SERVICES - 0.7%

18,572

Verizon Communications, Inc

756,438

TOTAL TELECOMMUNICATION SERVICES

756,438

TRANSPORTATION - 0.7%

9,397

CSX Corp

340,641

2,345

Old Dominion Freight Line

367,696

Union Pacific Corp

7,402

TOTAL TRANSPORTATION

715,739

UTILITIES - 0.6%

1,252

(a) Edison International

75,145

Eversource Energy

32,924

Large Cap Responsible Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

12,693

Exelon Corp

$

553,288

TOTAL UTILITIES

661,357

TOTAL COMMON STOCKS

(Cost $51,705,169)

103,019,040

TOTAL LONG-TERM INVESTMENTS

(Cost $51,705,169)

103,019,040

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

REPURCHASE AGREEMENT - 0.3%

$

324,000

(b) Fixed Income Clearing Corporation

.810

%

01/02/26

324,000

TOTAL REPURCHASE AGREEMENT

324,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $324,000)

324,000

TOTAL INVESTMENTS - 100.1%

(Cost $52,029,169)

103,343,040

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(105,228)

NET ASSETS - 100.0%

$

103,237,812

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $324,069 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $330,528.

Portfolio of Investments December 31, 2025

Large Cap Value

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.6%

COMMON STOCKS - 99.6%

BANKS - 10.9%

39,651

Bank of America Corp

$

2,180,805

14,535

Fifth Third Bancorp

680,383

11,767

JPMorgan Chase & Co

3,791,563

5,659

PNC Financial Services Group, Inc

1,181,203

23,353

Wells Fargo & Co

2,176,500

TOTAL BANKS

10,010,454

CAPITAL GOODS - 12.7%

7,106

(a) Boeing Co

1,542,855

1,530

Deere & Co

712,322

5,980

Dover Corp

1,167,535

4,337

Eaton Corp plc

1,381,378

9,905

Emerson Electric Co

1,314,592

4,582

Honeywell International, Inc

893,902

8,718

Masco Corp

553,244

1,903

Parker-Hannifin Corp

1,672,661

11,173

RTX Corp

2,049,128

806

Trane Technologies plc

313,695

TOTAL CAPITAL GOODS

11,601,312

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.2%

8,657

(a) Amazon.com, Inc

1,998,209

3,035

Home Depot, Inc

1,044,344

9,135

(a) O'Reilly Automotive, Inc

833,203

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,875,756

CONSUMER DURABLES & APPAREL - 1.1%

(a) NVR, Inc

991,817

TOTAL CONSUMER DURABLES & APPAREL

991,817

CONSUMER SERVICES - 2.0%

Booking Holdings, Inc

840,787

3,397

Hilton Worldwide Holdings, Inc

975,788

TOTAL CONSUMER SERVICES

1,816,575

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.4%

11,698

Walmart, Inc

1,303,274

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

1,303,274

ENERGY - 5.8%

6,849

Chevron Corp

1,043,856

11,847

ConocoPhillips

1,108,998

7,511

EOG Resources, Inc

788,730

14,200

Exxon Mobil Corp

1,708,828

4,330

Valero Energy Corp

704,881

TOTAL ENERGY

5,355,293

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.3%

11,244

Prologis, Inc

1,435,409

3,749

Simon Property Group, Inc

693,977

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,129,386

FINANCIAL SERVICES - 10.9%

4,357

American Express Co

1,611,872

4,566

(a) Berkshire Hathaway, Inc

2,295,100

1,216

BlackRock, Inc

1,301,534

10,830

Charles Schwab Corp

1,082,025

1,960

Goldman Sachs Group, Inc

1,722,840

7,567

Intercontinental Exchange, Inc

1,225,551

5,544

KKR & Co, Inc

706,749

TOTAL FINANCIAL SERVICES

9,945,671

FOOD, BEVERAGE & TOBACCO - 2.0%

16,028

Mondelez International, Inc

862,787

Large Cap Value

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

FOOD, BEVERAGE & TOBACCO

(continued)

6,229

Philip Morris International, Inc

$

999,132

TOTAL FOOD, BEVERAGE & TOBACCO

1,861,919

HEALTH CARE EQUIPMENT & SERVICES - 6.3%

12,806

Abbott Laboratories

1,604,464

3,826

Cigna Group

1,053,030

2,680

Elevance Health, Inc

939,474

1,764

HCA, Inc

823,541

4,145

UnitedHealth Group, Inc

1,368,306

TOTAL HEALTH CARE EQUIPMENT & SERVICES

5,788,815

HOUSEHOLD & PERSONAL PRODUCTS - 1.1%

7,234

Procter & Gamble Co

1,036,705

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,036,705

INSURANCE - 3.4%

12,991

American International Group, Inc

1,111,380

3,119

Chubb Ltd

973,502

5,731

Marsh & McLennan Cos, Inc

1,063,215

TOTAL INSURANCE

3,148,097

MATERIALS - 3.8%

12,780

DuPont de Nemours, Inc

513,756

3,574

Linde plc

1,523,918

2,173

Reliance Steel & Aluminum Co

627,715

19,850

Smurfit WestRock plc

767,599

TOTAL MATERIALS

3,432,988

MEDIA & ENTERTAINMENT - 6.9%

13,129

Alphabet, Inc

4,119,880

625

Meta Platforms, Inc

412,556

15,417

Walt Disney Co

1,753,992

TOTAL MEDIA & ENTERTAINMENT

6,286,428

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9%

3,701

AbbVie, Inc

845,641

4,897

Danaher Corp

1,121,021

12,056

Johnson & Johnson

2,494,989

1,265

Regeneron Pharmaceuticals, Inc

976,416

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

5,438,067

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7%

3,836

Analog Devices, Inc

1,040,323

4,995

Applied Materials, Inc

1,283,665

1,171

Broadcom, Inc

405,283

12,497

(a) Intel Corp

461,139

5,160

Lam Research Corp

883,289

3,131

Micron Technology, Inc

893,619

3,237

NXP Semiconductors NV

702,623

5,412

Qnity Electronics, Inc

441,890

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

6,111,831

SOFTWARE & SERVICES - 2.3%

4,159

Accenture plc

1,115,860

2,078

Microsoft Corp

1,004,962

TOTAL SOFTWARE & SERVICES

2,120,822

TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%

15,620

Cisco Systems, Inc

1,203,209

4,832

TE Connectivity plc

1,099,328

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

2,302,537

TELECOMMUNICATION SERVICES - 0.7%

2,939

T-Mobile US, Inc

596,735

TOTAL TELECOMMUNICATION SERVICES

596,735

TRANSPORTATION - 2.1%

1,749

FedEx Corp

505,216

5,957

Union Pacific Corp

1,377,973

TOTAL TRANSPORTATION

1,883,189

UTILITIES - 4.6%

8,713

Ameren Corp

870,080

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

8,187

American Electric Power Co, Inc

$

944,043

11,609

Duke Energy Corp

1,360,691

12,964

NextEra Energy, Inc

1,040,750

TOTAL UTILITIES

4,215,564

TOTAL COMMON STOCKS

(Cost $52,523,356)

91,253,235

TOTAL LONG-TERM INVESTMENTS

(Cost $52,523,356)

91,253,235

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

REPURCHASE AGREEMENT - 0.3%

$

284,000

(b) Fixed Income Clearing Corporation

.810

%

01/02/26

284,000

TOTAL REPURCHASE AGREEMENT

284,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $284,000)

284,000

TOTAL INVESTMENTS - 99.9%

(Cost $52,807,356)

91,537,235

OTHER ASSETS & LIABILITIES, NET - 0.1%

109,608

NET ASSETS - 100.0%

$

91,646,843

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $284,060 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $289,700.

Money Market

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 104.9%

GOVERNMENT AGENCY DEBT - 11.8%

$

540,000

Federal Agricultural Mortgage Corp Discount Notes

.000

%

08/27/26

$

527,576

400,000

Federal Farm Credit Discount Notes

.000

06/11/26

393,417

4,000,000

Federal Home Loan Bank Discount Notes

.000

01/07/26

3,997,428

200,000

Federal Home Loan Bank Discount Notes

.000

01/12/26

199,765

1,000,000

Federal Home Loan Bank Discount Notes

.000

01/15/26

998,499

1,000,000

Federal Home Loan Bank Discount Notes

.000

01/21/26

997,878

2,000,000

Federal Home Loan Bank Discount Notes

.000

01/22/26

1,995,333

3,070,000

Federal Home Loan Bank Discount Notes

.000

02/13/26

3,056,441

1,100,000

Federal Home Loan Bank Discount Notes

.000

03/04/26

1,093,218

100,000

Federal Home Loan Bank Discount Notes

.000

04/24/26

98,876

1,625,000

Federal Home Loan Bank Discount Notes

.000

06/12/26

1,599,209

1,000,000

Federal Home Loan Bank Discount Notes

.000

08/07/26

978,593

350,000

Federal Home Loan Banks

.625

09/04/26

349,651

300,000

Federal Home Loan Mortgage Corp

.000

01/22/26

299,331

135,000

Federal National Mortgage Association

.125

04/24/26

134,211

TOTAL GOVERNMENT AGENCY DEBT

16,719,426

REPURCHASE AGREEMENT - 45.9%

34,490,000

(a) Fixed Income Clearing Corporation

.810

01/02/26

34,490,000

30,408,000

(b) Fixed Income Clearing Corporation

.820

01/02/26

30,408,000

TOTAL REPURCHASE AGREEMENT

64,898,000

TREASURY DEBT - 27.5%

1,500,000

United States Treasury Bill

.000

01/06/26

1,499,240

245,000

United States Treasury Bill

.000

01/13/26

244,686

2,625,000

United States Treasury Bill

.000

01/29/26

2,617,606

1,000,000

United States Treasury Bill

.000

02/10/26

995,989

1,000,000

United States Treasury Bill

.000

02/17/26

995,044

1,120,000

United States Treasury Bill

.000

03/10/26

1,112,024

1,120,000

United States Treasury Bill

.000

03/19/26

1,111,508

2,000,000

United States Treasury Bill

.000

03/31/26

1,981,508

3,500,000

United States Treasury Bill

.000

05/14/26

3,452,103

3,625,000

United States Treasury Bill

.000

05/21/26

3,572,697

500,000

United States Treasury Note/Bond

.500

02/28/26

497,138

1,000,000

United States Treasury Note/Bond

.625

02/28/26

1,000,854

750,000

United States Treasury Note/Bond

.750

03/31/26

744,227

500,000

United States Treasury Note/Bond

.500

03/31/26

500,436

500,000

United States Treasury Note/Bond

.750

04/15/26

499,553

2,250,000

United States Treasury Note/Bond

.750

04/30/26

2,226,541

5,125,000

United States Treasury Note/Bond

.875

04/30/26

5,138,654

2,875,000

United States Treasury Note/Bond

.625

05/15/26

2,849,455

1,000,000

United States Treasury Note/Bond

.750

05/31/26

986,200

500,000

United States Treasury Note/Bond

.875

05/31/26

501,476

1,725,000

United States Treasury Note/Bond

.625

07/31/26

1,692,478

500,000

United States Treasury Note/Bond

.500

08/15/26

493,245

2,000,000

United States Treasury Note/Bond

.750

08/31/26

1,959,524

1,000,000

United States Treasury Note/Bond

.375

08/31/26

984,524

1,200,000

United States Treasury Note/Bond

.500

09/30/26

1,198,065

TOTAL TREASURY DEBT

38,854,775

VARIABLE RATE SECURITIES - 19.7%

15,000

(c) Federal Farm Credit Banks Funding Corp, (SOFR + 0.100%)

.810

01/15/26

15,000

30,000

(c) Federal Farm Credit Banks Funding Corp, (SOFR + 0.090%)

.800

02/12/26

30,001

1,000,000

(c) Federal Farm Credit Banks Funding Corp, (SOFR + 0.020%)

.730

05/07/26

1,000,000

950,000

(c) Federal Farm Credit Banks Funding Corp, (SOFR + 0.005%)

.715

06/23/26

950,000

20,000

(c) Federal Home Loan Banks, (SOFR + 0.145%)

.915

01/02/26

20,000

2,400,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

01/05/26

2,400,000

1,000,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

01/08/26

1,000,000

1,250,000

(c) Federal Home Loan Banks, (SOFR + 0.005%)

.715

01/28/26

1,250,000

40,000

(c) Federal Home Loan Banks, (SOFR + 0.090%)

.800

02/02/26

40,002

3,750,000

(c) Federal Home Loan Banks, (SOFR + 0.005%)

.715

02/03/26

3,750,000

6,055,000

(c) Federal Home Loan Banks, (SOFR + 0.010%)

.720

02/11/26

6,055,000

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VARIABLE RATE SECURITIES

(continued)

$

40,000

(c) Federal Home Loan Banks, (SOFR + 0.090%)

.800

%

02/19/26

$

40,002

1,250,000

(c) Federal Home Loan Banks, (SOFR + 0.010%)

.720

02/25/26

1,250,000

1,250,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

03/20/26

1,250,000

2,250,000

(c) Federal Home Loan Banks, (SOFR + 0.010%)

.720

03/23/26

2,250,000

1,500,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

03/25/26

1,500,000

1,000,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

04/16/26

1,000,000

2,000,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.650

07/02/26

2,000,000

2,000,000

(c) Federal Home Loan Banks, (SOFR - 0.000%)

.710

07/02/26

2,000,000

15,000

(c) Federal Home Loan Mortgage Corp, (SOFR + 0.100%)

.810

02/09/26

15,001

TOTAL VARIABLE RATE SECURITIES

27,815,006

TOTAL SHORT-TERM INVESTMENTS

(Cost $148,287,207)

148,287,207

TOTAL INVESTMENTS - 104.9%

(Cost $148,287,207)

148,287,207

OTHER ASSETS & LIABILITIES, NET - (4.9)%

(6,955,236)

NET ASSETS - 100.0%

$

141,331,971

SOFR

Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $34,497,300 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $35,179,816.

(b) Agreement with Fixed Income Clearing Corporation, 3.820% dated 12/31/25 to be repurchased at $30,414,453 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.625% and maturity date 11/15/55, valued at $31,016,293.

(c) Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

Real Estate Securities Select

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.8%

COMMON STOCKS - 98.0%

ASSET MANAGEMENT & CUSTODY BANKS - 0.6%

2,400

Blackstone, Inc

$

369,936

TOTAL ASSET MANAGEMENT & CUSTODY BANKS

369,936

DATA CENTER REITS - 10.2%

18,000

Digital Realty Trust, Inc

2,784,780

4,200

Equinix, Inc

3,217,872

21,000

(a) Fermi, Inc

168,000

TOTAL DATA CENTER REITS

6,170,652

DIVERSIFIED REITS - 0.7%

13,800

Essential Properties Realty Trust, Inc

409,308

TOTAL DIVERSIFIED REITS

409,308

HEALTH CARE REITS - 17.7%

28,000

American Healthcare REIT, Inc

1,317,680

38,000

Sabra Health Care REIT, Inc

719,720

35,500

Ventas, Inc

2,746,990

31,700

Welltower, Inc

5,883,837

TOTAL HEALTH CARE REITS

10,668,227

HOTELS, RESORTS & CRUISE LINES - 1.5%

3,000

Hyatt Hotels Corp

480,960

1,400

Marriott International, Inc (Class A)

434,336

TOTAL HOTELS, RESORTS & CRUISE LINES

915,296

INDUSTRIAL REITS - 13.1%

4,200

EastGroup Properties, Inc

748,188

48,000

Prologis, Inc

6,127,680

14,500

Rexford Industrial Realty, Inc

561,440

8,200

Terreno Realty Corp

481,422

TOTAL INDUSTRIAL REITS

7,918,730

MULTI-FAMILY RESIDENTIAL REITS - 10.4%

8,300

AvalonBay Communities, Inc

1,504,873

7,700

Camden Property Trust

847,616

12,500

Equity Residential

788,000

6,500

Essex Property Trust, Inc

1,700,920

10,500

Mid-America Apartment Communities, Inc

1,458,555

TOTAL MULTI-FAMILY RESIDENTIAL REITS

6,299,964

OFFICE REITS - 1.9%

12,500

Boston Properties, Inc

843,500

6,000

SL Green Realty Corp

275,220

TOTAL OFFICE REITS

1,118,720

OTHER SPECIALIZED REITS - 4.5%

22,500

Gaming and Leisure Properties, Inc

1,005,525

8,200

Iron Mountain, Inc

680,190

37,000

VICI Properties, Inc

1,040,440

TOTAL OTHER SPECIALIZED REITS

2,726,155

RETAIL REITS - 17.1%

12,500

Agree Realty Corp

900,375

30,500

Curbline Properties Corp

707,905

40,000

Kimco Realty Corp

810,800

31,000

Macerich Co

572,260

31,000

Realty Income Corp

1,747,470

15,000

Regency Centers Corp

1,035,450

22,200

Simon Property Group, Inc

4,109,442

12,300

Tanger Factory Outlet Centers, Inc

410,451

TOTAL RETAIL REITS

10,294,153

SELF STORAGE REITS - 5.0%

11,800

Extra Space Storage, Inc

1,536,596

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

SELF STORAGE REITS

(continued)

5,700

Public Storage, Inc

$

1,479,150

TOTAL SELF STORAGE REITS

3,015,746

SINGLE-FAMILY RESIDENTIAL REITS - 6.3%

20,000

American Homes 4 Rent

642,000

16,000

Equity Lifestyle Properties, Inc

969,760

37,500

Invitation Homes, Inc

1,042,125

9,000

Sun Communities, Inc

1,115,190

TOTAL SINGLE-FAMILY RESIDENTIAL REITS

3,769,075

TELECOM TOWER REITS - 9.0%

17,600

American Tower Corp

3,090,032

19,000

Crown Castle, Inc

1,688,530

3,200

SBA Communications Corp

618,976

TOTAL TELECOM TOWER REITS

5,397,538

TOTAL COMMON STOCKS

(Cost $37,691,199)

59,073,500

SHARES

DESCRIPTION

VALUE

INVESTMENT COMPANIES - 0.8%

5,000

iShares U.S. Real Estate ETF

469,450

TOTAL INVESTMENT COMPANIES

(Cost $469,280)

469,450

TOTAL LONG-TERM INVESTMENTS

(Cost $38,160,479)

59,542,950

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%

REPURCHASE AGREEMENT - 1.1%

$

665,000

(b) Fixed Income Clearing Corporation

.810

%

01/02/26

665,000

TOTAL REPURCHASE AGREEMENT

665,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $665,000)

665,000

TOTAL INVESTMENTS - 99.9%

(Cost $38,825,479)

60,207,950

OTHER ASSETS & LIABILITIES, NET - 0.1%

79,276

NET ASSETS - 100.0%

$

60,287,226

ETF

Exchange Traded Fund

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $665,141 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $678,333.

Small Cap Equity

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 97.5%

COMMON STOCKS - 97.5%

AUTOMOBILES & COMPONENTS - 0.9%

6,224

(a) Fox Factory Holding Corp

$

106,493

13,832

Garrett Motion, Inc

241,092

899

(a) Gentherm, Inc

32,697

30,046

(a) Solid Power, Inc

127,695

4,614

Winnebago Industries, Inc

186,959

TOTAL AUTOMOBILES & COMPONENTS

694,936

BANKS - 10.1%

3,120

Amalgamated Financial Corp

99,934

4,647

Ameris Bancorp

345,133

11,501

Associated Banc-Corp

296,266

2,717

(a) Axos Financial, Inc

234,097

4,310

Bank of Hawaii Corp

294,675

5,176

Bank of NT Butterfield & Son Ltd

257,868

1,755

Banner Corp

109,968

9,950

Berkshire Hills Bancorp, Inc

262,381

4,627

Cadence Bank

198,221

2,725

Central Pacific Financial Corp

84,911

5,715

Columbia Banking System, Inc

159,734

5,271

ConnectOne Bancorp, Inc

138,206

5,339

(a) Customers Bancorp, Inc

390,388

12,030

Eastern Bankshares, Inc

221,713

2,883

First Bancorp

146,428

8,117

First Busey Corp

193,103

9,701

First Financial Bancorp

242,719

1,729

(a) First Financial Corp

104,466

5,376

First Merchants Corp

201,492

8,112

Heritage Commerce Corp

97,425

3,278

Heritage Financial Corp

77,525

2,586

(a) Horizon Bancorp, Inc

43,858

2,053

Independent Bank Corp

66,784

2,039

Metropolitan Bank Holding Corp

155,698

5,369

National Bank Holdings Corp

204,076

6,273

Northwest Bancshares, Inc

75,276

3,608

OceanFirst Financial Corp

64,764

6,504

OFG Bancorp

266,534

2,401

Pathward Financial, Inc

170,471

11,974

Provident Financial Services, Inc

236,486

3,044

S&T Bancorp, Inc

119,781

6,164

Towne Bank

205,693

5,261

Trustmark Corp

204,916

4,082

UMB Financial Corp

469,593

8,055

United Bankshares, Inc

309,312

8,954

United Community Banks, Inc

279,544

7,718

WesBanco, Inc

256,546

2,967

Westamerica Bancorporation

141,912

1,173

WSFS Financial Corp

64,796

TOTAL BANKS

7,492,693

CAPITAL GOODS - 12.9%

50,148

(a) 3D Systems Corp

88,762

1,930

Albany International Corp (Class A)

97,851

7,250

(a) American Superconductor Corp

208,655

627

Arcosa, Inc

66,663

5,191

(a) Astronics Corp

281,560

3,497

Atmus Filtration Technologies, Inc

181,529

10,132

(a) Bloom Energy Corp

880,369

4,793

(a) Blue Bird Corp

225,271

2,312

(a) CECO Environmental Corp

138,373

9,189

(a) Centuri Holdings, Inc

232,022

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

Comfort Systems USA, Inc

$

125,994

3,523

(a) DNOW, Inc

46,680

630

(a) Ducommun, Inc

59,932

530

(a) Dycom Industries, Inc

179,087

1,734

ESCO Technologies, Inc

338,806

3,422

Federal Signal Corp

371,595

2,929

Franklin Electric Co, Inc

279,807

3,018

Granite Construction, Inc

348,126

1,670

Griffon Corp

122,995

17,138

(a) Hillman Solutions Corp

148,415

3,051

Leonardo DRS, Inc

104,009

607

McGrath RentCorp

63,693

3,958

(a) Mercury Computer Systems, Inc

288,974

1,269

Moog, Inc (Class A)

309,065

1,276

Mueller Industries, Inc

146,485

10,969

Mueller Water Products, Inc (Class A)

261,282

12,099

(a) Newpark Resources, Inc

144,220

8,088

(a) NEXTracker, Inc

704,546

77,587

(a),(b)

Plug Power, Inc

152,846

1,598

Primoris Services Corp

198,376

3,000

(a) Proto Labs, Inc

151,770

7,387

(a) Resideo Technologies, Inc

259,431

4,109

REV Group, Inc

249,868

11,890

(a) Shoals Technologies Group, Inc

101,065

2,546

(a) SPX Technologies, Inc

509,353

1,572

(a) Sterling Construction Co, Inc

481,394

4,536

Tutor Perini Corp

304,003

3,030

(a) V2X, Inc

165,286

Watts Water Technologies, Inc (Class A)

55,756

547

Worthington Enterprises, Inc

28,209

5,553

(a) Xometry, Inc

330,237

3,624

Zurn Elkay Water Solutions Corp

168,480

TOTAL CAPITAL GOODS

9,600,840

COMMERCIAL & PROFESSIONAL SERVICES - 3.3%

2,909

Barrett Business Services, Inc

105,335

2,717

Brink's Co

317,155

6,057

(a) ExlService Holdings, Inc

257,059

2,273

Exponent, Inc

157,883

10,145

(a) Healthcare Services Group

193,972

3,580

(a) Innodata, Inc

182,401

3,637

Interface, Inc

101,545

14,106

(a) Legalzoom.com, Inc

140,073

6,922

(a) Montrose Environmental Group, Inc

171,873

20,543

(a) Planet Labs PBC

405,108

11,995

(a) Upwork, Inc

237,741

1,572

(a) Willdan Group, Inc

162,954

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

2,433,099

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.0%

3,882

(a) Abercrombie & Fitch Co (Class A)

488,627

3,742

A-Mark Precious Metals, Inc

127,415

11,874

(a) American Eagle Outfitters, Inc

313,118

13,450

(a) Arhaus, Inc

150,775

3,282

(a) Buckle, Inc

175,325

1,842

(b) Build-A-Bear Workshop, Inc

112,859

7,119

(a) GigaCloud Technology, Inc

279,634

16,772

(a) Overstock.com, Inc

91,575

38,225

(a) Petco Health & Wellness Co, Inc

107,412

6,172

(a) Revolve Group, Inc

186,333

1,205

(a) Urban Outfitters, Inc

90,688

Small Cap Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

2,514

(a) Victoria's Secret & Co

$

136,183

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,259,944

CONSUMER DURABLES & APPAREL - 2.2%

564

(a) Cavco Industries, Inc

333,177

21,885

(a) Figs, Inc

248,614

31,455

(a) Peloton Interactive, Inc

193,763

3,899

(a) Skyline Champion Corp

329,465

13,019

(a) Sonos, Inc

228,614

3,326

(a) Taylor Morrison Home Corp

195,802

1,458

(a) Tri Pointe Homes, Inc

45,883

5,515

(a) Wolverine World Wide, Inc

100,097

TOTAL CONSUMER DURABLES & APPAREL

1,675,415

CONSUMER SERVICES - 2.7%

16,522

(a) Coursera, Inc

121,602

4,911

(a) Frontdoor, Inc

283,316

19,691

(a) Genius Sports Ltd

216,995

9,545

(a) Laureate Education, Inc

321,380

1,526

Monarch Casino & Resort, Inc

146,038

6,113

Perdoceo Education Corp

179,294

14,083

(a) Rush Street Interactive, Inc

273,633

9,307

(a),(b)

Serve Robotics, Inc

96,607

1,436

Strategic Education, Inc

115,167

13,030

Super Group SGHC Ltd

155,708

2,794

(a) Universal Technical Institute, Inc

73,007

TOTAL CONSUMER SERVICES

1,982,747

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.4%

3,074

(a) Chefs' Warehouse, Inc

191,602

1,419

(a) Sprouts Farmers Market, Inc

113,052

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

304,654

ENERGY - 4.9%

11,500

Archrock, Inc

299,230

7,840

Ardmore Shipping Corp

83,026

5,380

(a) BKV Corp

146,067

5,153

California Resources Corp

230,391

8,777

(a) CNX Resources Corp

322,730

1,778

CVR Energy, Inc

45,232

9,147

Delek US Holdings, Inc

271,300

56,084

(a) Gevo, Inc

112,168

18,231

(a) Green Plains, Inc

178,664

7,013

Liberty Energy, Inc

129,460

5,939

(a),(b)

Lightbridge Corp

75,069

8,721

Magnolia Oil & Gas Corp

190,903

8,177

(a),(b)

NextDecade Corp

43,093

8,958

(a) Oceaneering International, Inc

215,261

9,130

(a) Par Pacific Holdings, Inc

320,828

31,029

Patterson-UTI Energy, Inc

189,587

7,582

PBF Energy, Inc

205,624

18,927

(a) ProPetro Holding Corp

179,996

3,519

(a) Rex American Resources Corp

113,734

7,372

SM Energy Co

137,856

8,230

(a) Talos Energy, Inc

90,695

10,734

(a) Tetra Technologies, Inc

100,577

TOTAL ENERGY

3,681,491

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.8%

6,896

American Assets Trust, Inc

130,541

12,215

Broadstone Net Lease, Inc

212,174

3,660

CareTrust REIT, Inc

132,345

8,859

Corporate Office Properties Trust

246,280

14,048

Douglas Emmett, Inc

154,387

3,439

Easterly Government Properties, Inc

72,872

6,703

InvenTrust Properties Corp

189,092

14,644

Kite Realty Group Trust

351,017

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

5,402

LTC Properties, Inc

$

185,721

10,845

NETSTREIT Corp

191,306

8,824

Phillips Edison & Co, Inc

313,870

18,126

RLJ Lodging Trust

135,039

7,149

Summit Hotel Properties, Inc

34,816

9,126

(c) Tanger Factory Outlet Centers, Inc

304,535

10,474

Urban Edge Properties

200,996

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,854,991

FINANCIAL SERVICES - 5.4%

4,867

Artisan Partners Asset Management, Inc

198,282

35,656

(c) BGC Group, Inc

318,408

3,415

Bread Financial Holdings, Inc

252,812

788

(a) Dave, Inc

174,471

4,297

Enact Holdings, Inc

170,333

3,977

(a) Encore Capital Group, Inc

216,150

1,401

Essent Group Ltd

91,079

12,404

(a) Green Dot Corp

158,895

4,237

Jackson Financial, Inc

451,876

7,014

(a) LendingClub Corp

132,845

1,468

(a) LendingTree, Inc

77,936

6,270

(a) NCR Corp ATM

238,950

7,287

(a) NMI Holdings, Inc

297,237

11,822

OppFi, Inc

123,658

8,151

P10, Inc

79,961

20,726

(a) Pagseguro Digital Ltd

199,799

31,616

(a) Payoneer Global, Inc

177,682

7,831

Radian Group, Inc

281,838

21,390

(a) Repay Holdings Corp

78,073

3,564

Victory Capital Holdings, Inc

224,853

(a) Virtus Investment Partners, Inc

70,481

TOTAL FINANCIAL SERVICES

4,015,619

FOOD, BEVERAGE & TOBACCO - 0.7%

2,884

Cal-Maine Foods, Inc

229,480

7,660

Dole plc

114,823

3,576

(a) Vita Coco Co, Inc

189,564

TOTAL FOOD, BEVERAGE & TOBACCO

533,867

HEALTH CARE EQUIPMENT & SERVICES - 6.1%

12,864

(a) Alignment Healthcare, Inc

254,064

8,306

(a) Angiodynamics, Inc

106,649

4,943

(a) AtriCure, Inc

195,545

15,958

(a) Aveanna Healthcare Holdings, Inc

130,377

6,362

(a) BrightSpring Health Services, Inc

238,257

24,214

(a) Brookdale Senior Living, Inc

261,269

4,145

(a) Castle Biosciences, Inc

161,241

10,131

Concentra Group Holdings Parent, Inc

199,378

1,763

(a) CryoLife, Inc

80,410

6,054

(a) Enovis Corp

161,279

705

Ensign Group, Inc

122,811

4,884

(a) Fulgent Genetics, Inc

128,303

2,103

(a) Guardant Health, Inc

214,800

2,136

(a) Haemonetics Corp

171,200

(a) iRhythm Technologies, Inc

85,171

28,556

(a) LifeStance Health Group, Inc

201,034

4,396

(a) LivaNova plc

270,486

14,931

(a) Neogen Corp

104,368

13,400

(a) Novocure Ltd

173,262

5,174

(a) Omnicell, Inc

234,382

3,134

(a) Option Care Health, Inc

99,849

2,155

(a) PACS Group, Inc

82,730

5,191

(a) Pediatrix Medical Group, Inc

111,036

5,417

(a) Pennant Group, Inc

152,489

6,120

(a) Phreesia, Inc

103,550

Small Cap Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

2,818

(a) Privia Health Group, Inc

$

66,815

5,932

(a) Progyny, Inc

152,334

4,398

(a) Tandem Diabetes Care, Inc

96,668

21,680

(a) Teladoc Health, Inc

151,760

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,511,517

HOUSEHOLD & PERSONAL PRODUCTS - 0.1%

1,813

(a) BellRing Brands, Inc

48,462

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

48,462

INSURANCE - 1.3%

8,588

Fidelis Insurance Holdings Ltd

168,067

7,728

(a) Hamilton Insurance Group Ltd

215,611

2,234

(a) Heritage Insurance Holdings, Inc

65,367

3,664

Kingstone Cos, Inc

61,665

837

(a) Palomar Holdings, Inc

112,794

9,454

(a) Slide Insurance Holdings, Inc

184,164

3,977

Universal Insurance Holdings, Inc

134,423

TOTAL INSURANCE

942,091

MATERIALS - 4.4%

29,720

Ardagh Metal Packaging S.A.

121,852

6,130

Avient Corp

191,501

2,230

Balchem Corp

341,993

35,361

(a) Coeur Mining, Inc

630,487

5,055

Commercial Metals Co

349,907

14,672

(a) Constellium SE

276,567

9,277

(a),(b)

Critical Metals Corp

64,382

20,417

Hecla Mining Co

391,802

1,009

Innospec, Inc

77,229

1,931

(a) Intrepid Potash, Inc

53,547

10,128

(a) Magnera Corp

153,338

10,355

(a) NioCorp Developments Ltd

54,882

1,781

Olympic Steel, Inc

76,200

8,660

Schweitzer-Mauduit International, Inc

105,219

10,789

(a) SSR Mining, Inc

236,495

5,447

Trimas Corp

193,096

TOTAL MATERIALS

3,318,497

MEDIA & ENTERTAINMENT - 1.5%

1,362

(a) Atlanta Braves Holdings, Inc

53,731

1,821

(a) Cargurus, Inc

69,835

6,524

(a) EverQuote, Inc

176,148

11,871

(a) Grindr, Inc

160,733

4,536

(a) Madison Square Garden Entertainment Corp

244,445

11,269

(a) Magnite, Inc

182,896

8,315

(a) QuinStreet, Inc

119,487

989

(a),(b)

Sphere Entertainment Co

94,034

TOTAL MEDIA & ENTERTAINMENT

1,101,309

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.7%

8,742

(a) Acadia Pharmaceuticals, Inc

233,499

7,970

(a) Adaptive Biotechnologies Corp

129,433

13,318

(a) ADMA Biologics, Inc

242,920

3,760

(a) Agios Pharmaceuticals, Inc

102,347

8,203

(a) Alkermes plc

229,520

21,658

(a) Altimmune, Inc

78,185

28,063

(a) Amicus Therapeutics, Inc

399,617

19,090

(a) Amneal Pharmaceuticals, Inc

240,534

5,740

(a) AnaptysBio, Inc

278,275

24,100

(a) Annexon, Inc

120,982

9,581

(a) Arcutis Biotherapeutics, Inc

278,232

34,629

(a) Ardelyx, Inc

201,887

7,483

(a) Aurinia Pharmaceuticals, Inc

119,354

6,466

(a) Avadel Pharmaceuticals plc

139,342

21,529

(a) BioCryst Pharmaceuticals, Inc

167,926

6,550

(a) ChromaDex Corp

41,658

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

7,004

(a) Cogent Biosciences, Inc

$

248,782

7,739

(a) Day One Biopharmaceuticals, Inc

72,127

15,341

(a) Dynavax Technologies Corp

235,945

6,030

(a) Dyne Therapeutics, Inc

117,947

35,738

(a) Editas Medicine, Inc

73,263

64,294

(a),(b)

Esperion Thereapeutics, Inc

237,888

16,282

(a) Fortrea Holdings, Inc

280,864

4,154

(a) Ideaya Biosciences, Inc

143,604

7,132

(a) Indivior plc

255,896

1,720

(a) Insmed, Inc

299,349

(a) Madrigal Pharmaceuticals, Inc

262,635

32,545

(a) MannKind Corp

184,530

2,788

(a) Mirum Pharmaceuticals, Inc

220,224

3,800

(a) Monte Rosa Therapeutics, Inc

59,584

12,840

(a) Myriad Genetics, Inc

78,966

28,067

(a) Nuvation Bio, Inc

251,480

3,264

(a) Pacira BioSciences, Inc

84,472

16,530

(a) Perspective Therapeutics, Inc

45,458

3,874

Phibro Animal Health Corp

144,733

13,901

(a) Prothena Corp plc

132,755

4,760

(a) PTC Therapeutics, Inc

361,570

10,009

(a) REGENXBIO, Inc

144,130

2,841

(a) Rigel Pharmaceuticals, Inc

121,680

11,060

(a) Syndax Pharmaceuticals, Inc

232,371

3,160

(a) Tarsus Pharmaceuticals, Inc

258,741

13,562

(a) Terns Pharmaceuticals, Inc

547,905

7,247

(a) TG Therapeutics, Inc

216,033

7,573

(a) Travere Therapeutics, Inc

289,364

3,233

(a) Twist Bioscience Corp

102,551

4,097

(a) UroGen Pharma Ltd

95,952

7,680

(a) Vir Biotechnology, Inc

46,310

6,534

(a) Viridian Therapeutics, Inc

203,338

26,087

(a) Xeris Biopharma Holdings, Inc

204,783

8,946

(a) Zymeworks, Inc

235,548

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

9,494,489

REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%

31,350

(a) Compass, Inc

331,370

17,765

(a) Cushman & Wakefield Ltd

287,615

15,935

Kennedy-Wilson Holdings, Inc

154,091

13,991

Newmark Group, Inc

242,604

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,015,680

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.9%

1,778

(a) Ambarella, Inc

125,954

4,142

(a) Credo Technology Group Holding Ltd

595,992

4,405

(a) Formfactor, Inc

245,711

6,357

(a) Rambus, Inc

584,145

4,908

(a),(b)

Rigetti Computing, Inc

108,712

4,586

(a) Semtech Corp

337,942

9,904

(a) SkyWater Technology, Inc

179,857

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

2,178,313

SOFTWARE & SERVICES - 5.6%

2,760

(a) ACI Worldwide, Inc

131,956

16,393

(a) Amplitude, Inc

189,831

5,741

(a) Appian Corp

203,346

10,022

(a) Arteris, Inc

155,341

12,236

(a) Asana, Inc

167,755

12,153

(a) AvePoint, Inc

168,805

13,430

(a),(b)

BigBear.ai Holdings, Inc

72,522

2,841

(a) Blackbaud, Inc

179,892

2,194

(a) Box, Inc

65,622

7,700

(a) Braze, Inc

264,033

11,471

(a) Cerence, Inc

122,625

Small Cap Equity

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

SOFTWARE & SERVICES

(continued)

3,125

(a),(b)

Cipher Mining, Inc

$

46,125

6,240

(a),(b)

Cleanspark, Inc

63,149

5,995

(a) Clearwater Analytics Holdings, Inc

144,599

1,799

(a) Commvault Systems, Inc

225,523

2,270

(a),(b)

D-Wave Quantum, Inc

59,360

9,587

(a) Fastly, Inc

97,596

5,937

(a) Five9, Inc

119,037

14,604

(a) Freshworks, Inc

178,899

5,291

(a) Intapp, Inc

242,434

16,904

(a) Jamf Holding Corp

219,921

8,653

(a) Pagaya Technologies Ltd

180,848

6,734

(a) Rapid7, Inc

102,357

7,565

(a) Sprout Social, Inc

85,257

1,804

(a) SPS Commerce, Inc

160,790

7,320

(a) Tenable Holdings, Inc

172,240

10,252

(a) Weave Communications, Inc

77,813

14,497

(a) Zeta Global Holdings Corp

295,014

TOTAL SOFTWARE & SERVICES

4,192,690

TECHNOLOGY HARDWARE & EQUIPMENT - 5.2%

24,759

(a) CommScope Holding Co, Inc

448,881

2,870

(a) Daktronics, Inc

56,740

3,258

(a) Diebold Nixdorf, Inc

221,186

2,631

ePlus, Inc

230,739

12,468

(a) Extreme Networks, Inc

207,592

1,202

(a) Fabrinet

547,247

2,361

(a),(b)

IonQ, Inc

105,938

6,686

(a) Netscout Systems, Inc

180,923

(a) OSI Systems, Inc

127,275

6,769

(a),(b)

Quantum Computing, Inc

69,450

4,739

(a) Sanmina Corp

711,182

3,756

(a) Scansource, Inc

146,709

1,681

(a) Super Micro Computer, Inc

49,203

5,744

(a) TTM Technologies, Inc

396,336

5,327

(a) Viasat, Inc

183,568

13,401

Vishay Intertechnology, Inc

194,180

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

3,877,149

TELECOMMUNICATION SERVICES - 0.8%

5,577

(a) Bandwidth, Inc

86,164

2,632

IDT Corp

134,785

44,631

(a) Lumen Technologies, Inc

346,783

TOTAL TELECOMMUNICATION SERVICES

567,732

TRANSPORTATION - 1.4%

1,215

(a) Allegiant Travel Co

103,603

7,886

Costamare, Inc

124,520

4,046

(a) Forward Air Corp

101,150

613

Matson, Inc

75,736

4,460

(a) Skywest, Inc

447,829

11,009

(a) Sun Country Airlines Holdings, Inc

158,419

TOTAL TRANSPORTATION

1,011,257

UTILITIES - 3.8%

735

American States Water Co

53,273

5,521

Avista Corp

212,779

4,676

Black Hills Corp

324,608

7,122

Brookfield Infrastructure Corp

323,339

4,058

California Water Service Group

175,833

15,232

(a) Hawaiian Electric Industries, Inc

187,353

3,723

Northwest Natural Holding Co

174,013

4,556

NorthWestern Corp

294,044

3,047

ONE Gas, Inc

235,381

7,416

Portland General Electric Co

355,894

1,960

SJW Corp

96,020

3,818

Spire, Inc

315,749

See Notes to Financial Statements

Investments in Derivatives

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

1,400

Unitil Corp

$

67,816

TOTAL UTILITIES

2,816,102

TOTAL COMMON STOCKS

(Cost $55,219,058)

72,605,584

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

RIGHTS/WARRANTS - 0.0%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

3,099

(d) Eli Lilly & Co

12/31/49

1,952

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,952

TOTAL RIGHTS/WARRANTS

(Cost $1,952)

1,952

TOTAL LONG-TERM INVESTMENTS

(Cost $55,221,010)

72,607,536

SHARES

DESCRIPTION

RATE

EXP

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.3%

947,513

(e) State Street Navigator Securities Lending Government Money Market Portfolio

3.830%(f)

947,513

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $947,513)

947,513

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.6%

REPURCHASE AGREEMENT - 2.6%

$

1,987,000

(g) Fixed Income Clearing Corporation

.810

01/02/26

1,987,000

TOTAL REPURCHASE AGREEMENT

1,987,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,987,000)

1,987,000

TOTAL INVESTMENTS - 101.4%

(Cost $58,155,523)

75,542,049

OTHER ASSETS & LIABILITIES, NET - (1.4)%

(1,057,058)

NET ASSETS - 100.0%

$

74,484,991

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,077,548.

(c) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(d) For fair value measurement disclosure purposes, investment classified as Level 3.

(e) Investments made with cash collateral received from securities on loan.

(f) The rate shown is the one-day yield as of the end of the reporting period.

(g) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $1,987,421 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $2,026,771.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Russell 2000 E-Mini Index

03/20/26

$

1,926,220

$

1,873,500

$

(52,720)

Stock Index

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.0%

COMMON STOCKS - 99.0%

AUTOMOBILES & COMPONENTS - 2.3%

1,634

(a) Adient plc

$

31,324

1,752

(a),(b)

American Axle & Manufacturing Holdings, Inc

11,230

2,826

(a) Aptiv plc

215,030

3,319

BorgWarner, Inc

149,554

(a) Cooper-Standard Holdings, Inc

8,897

1,652

Dana Inc

39,251

(a) Dorman Products, Inc

58,638

55,008

Ford Motor Co

721,705

713

(a) Fox Factory Holding Corp

12,199

890

Garrett Motion, Inc

15,513

13,437

General Motors Co

1,092,697

3,486

Gentex Corp

81,119

573

(a) Gentherm, Inc

20,840

4,151

(a) Goodyear Tire & Rubber Co

36,363

1,042

Harley-Davidson, Inc

21,351

LCI Industries

45,745

586

Lear Corp

67,156

1,635

(a),(b)

Lucid Group, Inc

17,282

571

Patrick Industries, Inc

61,914

817

Phinia, Inc

51,218

4,728

(a),(b)

QuantumScape Corp

49,266

11,551

(a),(b)

Rivian Automotive, Inc

227,670

2,129

(a) Solid Power, Inc

9,048

Standard Motor Products, Inc

12,160

40,042

(a) Tesla, Inc

18,007,688

900

Thor Industries, Inc

92,403

Visteon Corp

47,170

Winnebago Industries, Inc

19,693

(a) XPEL, Inc

17,119

TOTAL AUTOMOBILES & COMPONENTS

21,241,243

BANKS - 4.0%

1st Source Corp

15,872

ACNB Corp

4,593

Amalgamated Financial Corp

6,310

Amerant Bancorp, Inc

8,623

1,222

Ameris Bancorp

90,758

Arrow Financial Corp

6,406

1,508

Associated Banc-Corp

38,846

1,895

Atlantic Union Bankshares Corp

66,893

945

(a) Axos Financial, Inc

81,421

1,824

Banc of California, Inc

35,185

Bancfirst Corp

47,285

814

(a) Bancorp, Inc

54,961

Bank First Corp

14,253

94,370

Bank of America Corp

5,190,350

Bank of Hawaii Corp

34,117

Bank of Marin Bancorp

4,526

Bank of NT Butterfield & Son Ltd

20,675

1,270

Bank OZK

58,445

802

(a) BankUnited, Inc

35,745

511

Banner Corp

32,019

Bar Harbor Bankshares

6,800

BayCom Corp

4,351

BCB Bancorp, Inc

1,404

1,169

Berkshire Hills Bancorp, Inc

30,827

(a) Blue Foundry Bancorp

3,704

BOK Financial Corp

22,863

(a) Bridgewater Bancshares, Inc

6,749

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

BANKS

(continued)

Burke & Herbert Financial Services Corp

$

12,275

Business First Bancshares, Inc

8,469

Byline Bancorp, Inc

6,734

2,684

Cadence Bank

114,983

(a) Camden National Corp

10,324

693

Capital Bancorp, Inc

19,522

Capital City Bank Group, Inc

6,641

2,332

(a) Capitol Federal Financial, Inc

15,881

641

(a) Carter Bankshares, Inc

12,602

1,220

Cathay General Bancorp

59,036

Central Pacific Financial Corp

14,645

25,192

Citigroup, Inc

2,939,654

Citizens & Northern Corp

3,368

6,079

Citizens Financial Group, Inc

355,074

Citizens Financial Services, Inc

3,592

(a) City Holding Co

28,131

Civista Bancshares, Inc

3,489

CNB Financial Corp

10,991

(a) Coastal Financial Corp

47,555

Colony Bankcorp, Inc

2,905

3,539

Columbia Banking System, Inc

98,915

599

(a) Columbia Financial, Inc

9,308

1,878

Comerica, Inc

163,255

1,842

Commerce Bancshares, Inc

96,410

1,009

Community Bank System, Inc

57,957

Community Trust Bancorp, Inc

13,447

588

ConnectOne Bancorp, Inc

15,417

890

Cullen/Frost Bankers, Inc

112,701

(a) Customers Bancorp, Inc

32,027

2,357

CVB Financial Corp

43,840

611

(a) Dime Community Bancshares, Inc

18,385

638

Eagle Bancorp, Inc

13,666

2,034

East West Bancorp, Inc

228,601

3,755

Eastern Bankshares, Inc

69,205

Enterprise Financial Services Corp

22,896

Equity Bancshares, Inc

7,189

Esquire Financial Holdings, Inc

10,717

Farmers & Merchants Bancorp, Inc

4,771

Farmers National Banc Corp

5,035

560

FB Financial Corp

31,248

9,453

Fifth Third Bancorp

442,495

Financial Institutions, Inc

6,296

First Bancorp

22,348

2,142

First BanCorp

44,404

(a) First Bancorp, Inc

4,283

First Bank

5,827

1,158

First Busey Corp

27,549

First Business Financial Services, Inc

4,724

First Citizens Bancshares, Inc (Class A)

289,734

1,371

First Commonwealth Financial Corp

23,115

(a) First Community Bancshares, Inc

8,163

688

First Financial Bancorp

17,214

2,288

First Financial Bankshares, Inc

68,343

(a) First Foundation, Inc

2,741

2,293

First Hawaiian, Inc

58,013

8,270

First Horizon National Corp

197,653

1,459

First Interstate BancSystem, Inc

50,481

First Merchants Corp

10,682

First Mid Bancshares, Inc

3,627

(a) First Western Financial, Inc

4,558

Five Star Bancorp

6,333

Flushing Financial Corp

5,431

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

BANKS

(continued)

5,298

FNB Corp

$

90,596

2,673

Fulton Financial Corp

51,669

FVCBankcorp, Inc

2,198

German American Bancorp, Inc

12,734

1,676

Glacier Bancorp, Inc

73,828

Great Southern Bancorp, Inc

1,601

Greene County Bancorp, Inc

2,934

1,246

Hancock Whitney Corp

79,345

Hanmi Financial Corp

13,083

1,217

Heritage Commerce Corp

14,616

Heritage Financial Corp

10,879

1,168

Hilltop Holdings, Inc

39,642

(a),(b)

Hingham Institution For Savings The

6,247

Home Bancorp, Inc

5,144

2,960

Home Bancshares, Inc

82,229

HomeStreet, Inc

4,594

HomeTrust Bancshares, Inc

11,379

1,956

Hope Bancorp, Inc

21,438

501

(a) Horizon Bancorp, Inc

8,497

22,263

Huntington Bancshares, Inc

386,263

814

Independent Bank Corp

59,487

Independent Bank Corp

10,019

843

International Bancshares Corp

56,009

(b) John Marshall Bancorp, Inc

3,278

38,553

JPMorgan Chase & Co

12,422,548

2,079

Kearny Financial Corp

15,405

14,139

Keycorp

291,829

525

Lakeland Financial Corp

29,957

Live Oak Bancshares, Inc

16,660

2,249

M&T Bank Corp

453,129

Mercantile Bank Corp

10,871

Metrocity Bankshares, Inc

5,945

Metropolitan Bank Holding Corp

7,712

Mid Penn Bancorp, Inc

4,002

Midland States Bancorp, Inc

6,859

MidWestOne Financial Group, Inc

6,507

MVB Financial Corp

3,668

535

National Bank Holdings Corp

20,335

National Bankshares, Inc

8,148

NB Bancorp, Inc

9,434

669

NBT Bancorp, Inc

27,777

3,872

New York Community Bancorp, Inc

48,748

Nicolet Bankshares, Inc

16,982

Northeast Bank

9,354

643

Northfield Bancorp, Inc

7,349

1,369

Northwest Bancshares, Inc

16,428

46,401

(a) NU Holdings Ltd

776,753

714

OceanFirst Financial Corp

12,816

596

OFG Bancorp

24,424

5,024

Old National Bancorp

112,085

Old Second Bancorp, Inc

8,424

Origin Bancorp, Inc

9,365

Orrstown Financial Services, Inc

3,932

Park National Corp

31,197

(a) Parke Bancorp, Inc

3,155

513

Pathward Financial, Inc

36,423

PCB Bancorp

3,118

Peapack Gladstone Financial Corp

7,213

532

Peoples Bancorp, Inc

15,976

Peoples Financial Services Corp

4,920

1,051

Pinnacle Financial Partners, Inc

100,276

(a) Pioneer Bancorp, Inc

3,046

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

BANKS

(continued)

5,609

PNC Financial Services Group, Inc

$

1,170,767

(a) Ponce Financial Group, Inc

6,867

973

Popular, Inc

121,158

Preferred Bank

17,753

Primis Financial Corp

2,351

965

Prosperity Bancshares, Inc

66,691

1,724

Provident Financial Services, Inc

34,049

QCR Holdings, Inc

15,827

RBB Bancorp

2,147

Red River Bancshares, Inc

6,500

13,052

Regions Financial Corp

353,709

970

Renasant Corp

34,163

Republic Bancorp, Inc (Class A)

10,073

540

S&T Bancorp, Inc

21,249

977

Seacoast Banking Corp of Florida

30,697

726

(a) ServisFirst Bancshares, Inc

52,120

Shore Bancshares, Inc

2,298

Sierra Bancorp

6,275

1,550

Simmons First National Corp (Class A)

29,218

SmartFinancial, Inc

4,291

South Plains Financial, Inc

5,354

(a) Southern First Bancshares, Inc

5,204

Southern Missouri Bancorp, Inc

5,084

Southside Bancshares, Inc

13,128

1,443

SOUTHSTATE BANK CORP

135,801

522

Stellar Bancorp, Inc

16,151

(c) Sterling Bancorp, Inc

Stock Yards Bancorp, Inc

27,344

2,014

Synovus Financial Corp

100,801

932

(a) Texas Capital Bancshares, Inc

84,383

TFS Financial Corp

1,913

(a) Third Coast Bancshares, Inc

7,298

Tompkins Trustco, Inc

16,607

996

Towne Bank

33,237

618

Trico Bancshares

29,275

513

(a) Triumph Financial, Inc

32,129

18,573

Truist Financial Corp

913,977

TrustCo Bank Corp NY

11,448

1,035

Trustmark Corp

40,313

920

UMB Financial Corp

105,837

1,802

United Bankshares, Inc

69,197

1,315

United Community Banks, Inc

41,054

Univest Financial Corp

11,917

22,502

US Bancorp

1,200,707

USCB Financial Holdings, Inc

6,042

6,140

Valley National Bancorp

71,715

741

Washington Federal, Inc

23,734

(a) Washington Trust Bancorp, Inc

6,856

2,747

Webster Financial Corp

172,896

44,612

Wells Fargo & Co

4,157,838

1,357

WesBanco, Inc

45,107

West Bancorporation, Inc

5,303

533

Westamerica Bancorporation

25,493

1,585

Western Alliance Bancorp

133,251

940

Wintrust Financial Corp

131,431

1,054

WSFS Financial Corp

58,223

2,395

Zions Bancorporation

140,203

TOTAL BANKS

37,473,792

CAPITAL GOODS - 6.8%

2,107

(a) 3D Systems Corp

3,729

7,435

3M Co

1,190,344

1,763

A.O. Smith Corp

117,909

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

1,086

(b) Aaon, Inc

$

82,807

511

(a) AAR Corp

42,306

Acuity Brands, Inc

138,255

1,058

Advanced Drainage Systems, Inc

153,230

534

(b) Aebi Schmidt Holding AG.

6,755

1,906

Aecom Technology Corp

181,699

532

(a) Aerovironment, Inc

128,685

(a) AerSale Corp

1,059

840

AGCO Corp

87,629

1,050

Air Lease Corp

67,441

Alamo Group, Inc

24,845

620

Albany International Corp (Class A)

31,434

1,896

(a) Allegheny Technologies, Inc

217,585

1,145

Allegion plc

182,307

629

(a) Alliance Laundry Holdings, Inc

12,800

Allied Motion Technologies, Inc

10,589

980

Allison Transmission Holdings, Inc

95,942

Alta Equipment Group, Inc

1,518

512

(a) Ameresco, Inc

14,996

520

(a) American Superconductor Corp

14,966

(a) American Woodmark Corp

13,691

3,256

Ametek, Inc

668,489

1,323

(a) Amprius Technologies, Inc

10,438

5,034

(a) API Group Corp

192,601

Apogee Enterprises, Inc

15,948

567

Applied Industrial Technologies, Inc

145,589

7,557

(a),(b)

Archer Aviation, Inc

56,829

619

Arcosa, Inc

65,812

(a) Argan, Inc

76,450

564

Armstrong World Industries, Inc

107,780

2,492

(a) Array Technologies, Inc

22,976

Astec Industries, Inc

14,469

(a) Astronics Corp

18,442

587

Atkore, Inc

37,128

1,242

Atmus Filtration Technologies, Inc

64,472

1,070

(a) Axon Enterprise, Inc

607,685

AZZ, Inc

43,515

2,944

(a) Bloom Energy Corp

255,804

(a) Blue Bird Corp

23,218

(a) BlueLinx Holdings, Inc

10,197

10,685

(a) Boeing Co

2,319,927

597

Boise Cascade Co

43,939

(a) Bowman Consulting Group Ltd

4,788

(b) Brookfield Business Corp

10,298

1,655

(a) Builders FirstSource, Inc

170,283

1,195

BWX Technologies, Inc

206,544

(a),(b)

Byrna Technologies, Inc

3,711

Cadre Holdings, Inc

9,312

652

Carlisle Cos, Inc

208,549

658

Carpenter Technology Corp

207,165

11,086

Carrier Global Corp

585,784

6,585

Caterpillar, Inc

3,772,349

(a) CECO Environmental Corp

22,444

993

(a) Centuri Holdings, Inc

25,073

531

(a) Chart Industries, Inc

109,508

11,796

CNH Industrial NV

108,759

Columbus McKinnon Corp

7,124

516

Comfort Systems USA, Inc

481,578

708

Concrete Pumping Holdings, Inc

4,751

596

(a) Construction Partners, Inc

64,696

2,541

(a) Core & Main, Inc

132,056

624

Crane Co

115,084

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

CSW Industrials, Inc

$

66,044

1,950

Cummins, Inc

995,377

564

Curtiss-Wright Corp

310,916

688

(a) Custom Truck One Source, Inc

3,963

3,495

Deere & Co

1,627,167

3,004

(a) DNOW, Inc

39,803

1,516

Donaldson Co, Inc

134,409

Douglas Dynamics, Inc

11,330

1,814

Dover Corp

354,165

(a) Ducommun, Inc

15,221

(a) DXP Enterprises, Inc

26,350

(a) Dycom Industries, Inc

118,941

5,565

Eaton Corp plc

1,772,508

651

EMCOR Group, Inc

398,275

7,916

Emerson Electric Co

1,050,612

738

(a) Energy Recovery, Inc

9,956

917

Enerpac Tool Group Corp

35,066

EnerSys

60,608

2,221

(a) Enovix Corp

16,236

EnPro Industries, Inc

70,663

3,077

(a) Eos Energy Enterprises, Inc

35,262

752

Esab Corp

84,013

ESCO Technologies, Inc

89,489

749

(a) Everus Construction Group, Inc

64,084

16,750

Fastenal Co

672,177

867

Federal Signal Corp

94,148

2,746

Ferguson Enterprises, Inc

611,342

1,930

Flowserve Corp

133,903

503

(a),(b)

Fluence Energy, Inc

9,949

2,585

(a) Fluor Corp

102,444

4,971

Fortive Corp

274,449

1,891

Fortune Brands Innovations, Inc

94,588

719

Franklin Electric Co, Inc

68,686

1,871

(a),(b)

Freyr Battery, Inc

12,498

1,340

FTAI Aviation Ltd

263,779

2,911

(a) Gates Industrial Corp plc

62,499

GATX Corp

83,274

3,900

GE Vernova, Inc

2,548,923

768

(a) Generac Holdings, Inc

104,732

3,567

General Dynamics Corp

1,200,866

14,762

General Electric Co

4,547,139

567

(a) Gibraltar Industries, Inc

28,032

Global Industrial Co

5,464

Gorman-Rupp Co

17,572

2,391

Graco, Inc

195,990

(a) Graham Corp

10,020

696

Granite Construction, Inc

80,284

890

(a) Great Lakes Dredge & Dock Corp

11,677

Greenbrier Cos, Inc

8,553

552

Griffon Corp

40,655

2,020

(a) Hayward Holdings, Inc

31,209

627

HEICO Corp

202,891

1,001

(a) HEICO Corp (Class A)

252,682

629

(a) Helios Technologies, Inc

33,645

Herc Holdings, Inc

68,106

1,145

Hexcel Corp

84,616

1,406

Hillenbrand, Inc

44,598

1,910

(a) Hillman Solutions Corp

16,541

9,044

Honeywell International, Inc

1,764,394

5,719

Howmet Aerospace, Inc

1,172,509

789

Hubbell, Inc

350,403

699

(a) Hudson Technologies, Inc

4,788

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

625

Huntington Ingalls Industries, Inc

$

212,544

1,987

(a),(b)

Hyliion Holdings Corp

3,656

Hyster-Yale Materials Handling, Inc

4,694

1,168

IDEX Corp

207,834

(a) IES Holdings, Inc

53,296

4,182

Illinois Tool Works, Inc

1,030,027

5,893

Ingersoll Rand, Inc

466,843

Insteel Industries, Inc

9,153

1,437

(a),(b)

Intuitive Machines, Inc

23,323

1,125

ITT, Inc

195,199

2,008

(a) Janus International Group, Inc

13,132

1,178

(a) JELD-WEN Holding, Inc

2,898

595

John Bean Technologies Corp

89,649

9,368

Johnson Controls International plc

1,121,818

(a) Kadant, Inc

47,313

Karat Packaging, Inc

3,882

723

(a) Karman Holdings, Inc

52,902

1,307

Kennametal, Inc

37,132

2,379

(a) Kratos Defense & Security Solutions, Inc

180,590

2,639

L3Harris Technologies, Inc

774,731

(a) Lawson Products, Inc

5,259

518

(a) Legence Corp

22,295

Lennox International, Inc

227,737

1,065

Leonardo DRS, Inc

36,306

(a) Limbach Holdings, Inc

11,911

829

Lincoln Electric Holdings, Inc

198,662

Lindsay Corp

19,449

549

(a) Loar Holdings, Inc

37,332

2,979

Lockheed Martin Corp

1,440,853

LSI Industries, Inc

7,053

Luxfer Holdings plc

6,467

539

(a) Manitowoc Co, Inc

6,463

2,830

Masco Corp

179,592

863

(a) Mastec, Inc

187,590

2,359

(a) Masterbrand, Inc

26,043

McGrath RentCorp

39,768

952

(a) Mercury Computer Systems, Inc

69,506

2,687

(a),(b)

Microvast Holdings, Inc

7,524

820

(a) Middleby Corp

121,909

Miller Industries, Inc

6,278

772

(a) Modine Manufacturing Co

103,070

Moog, Inc (Class A)

87,922

524

(a) MSC Industrial Direct Co (Class A)

44,068

1,438

Mueller Industries, Inc

165,082

2,381

Mueller Water Products, Inc (Class A)

56,715

(a) MYR Group, Inc

65,769

(a),(b)

NANO Nuclear Energy, Inc

8,692

National Presto Industries, Inc

8,114

2,497

(a) Newpark Resources, Inc

29,764

1,758

(a) NEXTracker, Inc

153,139

742

Nordson Corp

178,399

1,964

Northrop Grumman Corp

1,119,892

(a) Northwest Pipe Co

9,311

1,795

(a),(b)

NuScale Power Corp

25,435

2,416

nVent Electric plc

246,360

Omega Flex, Inc

1,295

954

Oshkosh Corp

119,851

5,330

Otis Worldwide Corp

465,576

987

Owens Corning, Inc

110,455

7,528

PACCAR, Inc

824,391

(a) Park Aerospace Corp

6,210

1,809

Parker-Hannifin Corp

1,590,039

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

2,300

Pentair plc

$

239,522

9,728

(a),(b)

Plug Power, Inc

19,164

(b) Powell Industries, Inc

44,948

(a),(b)

Power Solutions International, Inc

4,914

(a),(b)

Preformed Line Products Co

10,542

729

Primoris Services Corp

90,498

509

(a) Proto Labs, Inc

25,750

Quanex Building Products Corp

7,567

2,107

Quanta Services, Inc

889,280

8,790

(a),(b)

QXO, Inc

169,559

(a) RBC Bearings, Inc

181,614

(a) Redwire Corp

3,055

1,033

Regal-Beloit Corp

144,951

2,451

(a) Resideo Technologies, Inc

86,079

562

REV Group, Inc

34,175

5,598

(a) Rocket Lab Corp

390,516

1,621

Rockwell Automation, Inc

630,682

19,067

RTX Corp

3,496,888

Rush Enterprises, Inc

12,152

1,036

Rush Enterprises, Inc (Class A)

55,882

2,324

Sensata Technologies Holding plc

77,366

2,761

(a) Shoals Technologies Group, Inc

23,469

537

(a) Simpson Manufacturing Co, Inc

86,709

727

(a) SiteOne Landscape Supply, Inc

90,555

701

Snap-On, Inc

241,565

647

(a) SPX Technologies, Inc

129,439

1,578

(a) StandardAero, Inc

45,257

Standex International Corp

42,370

2,281

Stanley Black & Decker, Inc

169,433

(a) Sterling Construction Co, Inc

120,655

3,438

(a) Sunrun, Inc

63,259

(b) Tecnoglass, Inc

16,505

Tennant Co

19,752

939

Terex Corp

50,124

2,439

Textron, Inc

212,608

509

(a) Thermon Group Holdings, Inc

18,914

881

Timken Co

74,119

638

(a) Titan International, Inc

4,996

(a) Titan Machinery, Inc

4,241

1,203

Toro Co

94,700

3,154

Trane Technologies plc

1,227,537

(a) Transcat, Inc

6,864

785

TransDigm Group, Inc

1,043,932

1,561

(a) Trex Co, Inc

54,760

642

Trinity Industries, Inc

16,974

553

Tutor Perini Corp

37,062

901

UFP Industries, Inc

82,036

916

United Rentals, Inc

741,337

(a) V2X, Inc

8,510

Valmont Industries, Inc

105,408

5,469

Vertiv Holdings Co

886,033

(a) Vicor Corp

37,154

(a) VSE Corp

36,109

608

W.W. Grainger, Inc

613,502

918

(a) Wabash National Corp

7,941

535

Watsco, Inc

180,268

Watts Water Technologies, Inc (Class A)

112,064

605

WESCO International, Inc

148,007

2,351

Westinghouse Air Brake Technologies Corp

501,821

Willis Lease Finance Corp

5,019

2,174

WillScot Mobile Mini Holdings Corp

40,936

893

Woodward Inc

269,972

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CAPITAL GOODS

(continued)

702

Worthington Enterprises, Inc

$

36,202

576

(a) Xometry, Inc

34,255

3,351

Xylem, Inc

456,339

2,011

Zurn Elkay Water Solutions Corp

93,491

TOTAL CAPITAL GOODS

64,090,037

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%

1,238

(a) ABM Industries, Inc

52,367

1,696

ACCO Brands Corp

6,326

1,880

(a) ACV Auctions, Inc

15,078

7,145

Alight, Inc

13,933

1,964

(a) Amentum Holdings, Inc

56,956

(a) Asure Software, Inc

3,231

5,706

Automatic Data Processing, Inc

1,467,754

Barrett Business Services, Inc

15,932

(a),(b)

BlackSky Technology, Inc

4,894

1,701

Booz Allen Hamilton Holding Corp

143,496

(a) BrightView Holdings, Inc

4,168

599

Brink's Co

69,921

1,631

Broadridge Financial Solutions, Inc

363,990

(a) CACI International, Inc (Class A)

157,179

801

(a) Casella Waste Systems, Inc (Class A)

78,450

778

(a),(b)

CBIZ, Inc

39,250

1,829

(a) Ceridian HCM Holding, Inc

126,494

(a) Cimpress plc

17,979

4,844

Cintas Corp

911,011

3,616

(a),(b)

Clarivate plc

12,077

706

(a) Clean Harbors, Inc

165,543

Compx International, Inc

4,119

Concentrix Corp

18,628

3,045

(a) Conduent, Inc

5,846

12,759

(a) Copart, Inc

499,515

2,056

(a) CoreCivic, Inc

39,290

CRA International, Inc

25,689

520

CSG Systems International, Inc

39,879

754

Deluxe Corp

16,837

(a) Ennis, Inc

7,096

1,834

Equifax, Inc

397,941

2,555

(a) ExlService Holdings, Inc

108,434

645

Exponent, Inc

44,802

804

(a) First Advantage Corp

11,682

(a) Forrester Research, Inc

1,445

(a) Franklin Covey Co

2,483

524

(a) FTI Consulting, Inc

89,515

2,244

Genpact Ltd

104,974

1,830

(a) GEO Group, Inc

29,500

1,393

(a) Harsco Corp

24,963

1,153

(a) Healthcare Services Group

22,045

1,168

Herman Miller, Inc

21,351

1,146

HNI Corp

48,178

(a) Huron Consulting Group, Inc

57,752

ICF International, Inc

24,055

(a) Innodata, Inc

20,584

674

Insperity, Inc

26,097

961

Interface, Inc

26,831

1,562

Jacobs Solutions, Inc

206,903

2,016

KBR, Inc

81,043

654

Kelly Services, Inc (Class A)

5,755

Kforce, Inc

11,317

1,048

Korn/Ferry International

69,189

1,550

(a) Legalzoom.com, Inc

15,392

1,726

Leidos Holdings, Inc

311,370

(a) Liquidity Services, Inc

14,670

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

931

Manpower, Inc

$

27,679

902

MAXIMUS, Inc

77,861

(a) Montrose Environmental Group, Inc

8,964

529

MSA Safety, Inc

84,714

2,200

(a) OPENLANE, Inc

65,516

633

(a) Parsons Corp

39,119

4,689

Paychex, Inc

526,012

737

Paycom Software, Inc

117,448

665

(a) Paylocity Holding Corp

101,413

2,896

Pitney Bowes, Inc

30,611

2,398

(a) Planet Labs PBC

47,289

2,533

RB Global, Inc

260,570

2,850

Republic Services, Inc

604,001

(a) Resolute Holdings Management, Inc

12,386

514

Resources Connection, Inc

2,591

1,790

Robert Half International, Inc

48,616

3,886

Rollins, Inc

233,238

591

Science Applications International Corp

59,490

2,686

SS&C Technologies Holdings, Inc

234,810

4,060

Tetra Tech, Inc

136,172

1,032

(a) TIC Solutions, Inc

10,434

2,830

TransUnion

242,673

(a) TriNet Group, Inc

28,382

645

(a) TrueBlue, Inc

2,935

(a),(b)

TTEC Holdings, Inc

1,328

Unifirst Corp

45,717

1,953

(a) Upwork, Inc

38,708

3,159

Veralto Corp

315,205

2,049

Verisk Analytics, Inc

458,341

2,291

(a) Verra Mobility Corp

51,341

2,027

Vestis Corp

13,520

5,171

Waste Management, Inc

1,136,120

(a) Willdan Group, Inc

12,025

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

11,236,428

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.3%

(a),(b)

1-800-FLOWERS.COM, Inc (Class A)

1,674

(a) Abercrombie & Fitch Co (Class A)

60,543

1,229

Academy Sports & Outdoors, Inc

61,401

887

(b) Advance Auto Parts, Inc

34,859

A-Mark Precious Metals, Inc

9,806

136,130

(a) Amazon.com, Inc

31,421,527

2,547

(a) American Eagle Outfitters, Inc

67,164

(a),(b)

America's Car-Mart, Inc

3,082

1,083

(a),(b)

AMMO, Inc

1,852

758

(a) Arhaus, Inc

8,497

1,783

Arko Corp

8,095

(a) Asbury Automotive Group, Inc

55,342

(a) Autonation, Inc

54,924

(a) Autozone, Inc

817,351

1,577

(a),(b)

BARK, Inc

950

2,789

Bath & Body Works, Inc

56,003

2,879

Best Buy Co, Inc

192,691

(a) Boot Barn Holdings, Inc

80,294

526

(a) Buckle, Inc

28,099

(b) Build-A-Bear Workshop, Inc

12,254

945

(a) Burlington Stores, Inc

272,963

Caleres, Inc

4,028

670

Camping World Holdings, Inc

6,519

1,875

(a) Carmax, Inc

72,450

1,862

(a) Carvana Co

785,801

2,902

(a) Chewy, Inc

95,911

17,607

(a) Coupang, Inc

415,349

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

892

Designer Brands, Inc

$

6,628

864

Dick's Sporting Goods, Inc

171,046

(b) Dillard's, Inc (Class A)

18,796

6,670

eBay, Inc

580,957

1,599

(a) Etsy, Inc

88,649

1,181

(a) EVgo, Inc

3,437

739

(a) Five Below, Inc

139,198

1,672

(a) Floor & Decor Holdings, Inc

101,808

5,773

(a) GameStop Corp (Class A)

115,922

3,094

Gap, Inc

79,206

(a) Genesco, Inc

3,146

2,011

Genuine Parts Co

247,273

(a) GigaCloud Technology, Inc

14,259

Group 1 Automotive, Inc

54,275

(a),(b)

Groupon, Inc

5,970

Haverty Furniture Cos, Inc

6,681

14,148

Home Depot, Inc

4,868,327

1,622

Kohl's Corp

33,105

(a) Lands' End, Inc

3,209

Lithia Motors, Inc (Class A)

97,705

3,494

LKQ Corp

105,519

8,026

Lowe's Cos, Inc

1,935,550

4,222

Macy's, Inc

93,095

(a) MarineMax, Inc

9,425

566

(b) Monro Muffler, Inc

11,343

Murphy USA, Inc

81,915

1,406

(a) National Vision Holdings, Inc

36,303

827

(a) Ollie's Bargain Outlet Holdings, Inc

90,647

(a),(b)

OneWater Marine, Inc

1,948

12,253

(a) O'Reilly Automotive, Inc

1,117,596

752

(a) Overstock.com, Inc

4,106

Penske Auto Group, Inc

40,522

1,122

(a) Petco Health & Wellness Co, Inc

3,153

531

Pool Corp

121,466

1,291

(a) RealReal, Inc

20,372

610

(a) Revolve Group, Inc

18,416

(a),(b)

RH

39,234

4,539

Ross Stores, Inc

817,655

1,437

(a) Sally Beauty Holdings, Inc

20,492

Shoe Carnival, Inc

6,853

583

Signet Jewelers Ltd

48,319

(a),(b)

Sleep Number Corp

3,731

Sonic Automotive, Inc (Class A)

21,342

1,508

(a) Stitch Fix, Inc

7,917

1,347

(a) ThredUp, Inc

8,607

15,886

TJX Cos, Inc

2,440,248

7,677

Tractor Supply Co

383,927

617

(a) Ulta Beauty, Inc

373,291

941

Upbound Group, Inc

16,524

760

(a) Urban Outfitters, Inc

57,198

1,485

(a) Valvoline, Inc

43,154

788

(a) Victoria's Secret & Co

42,686

1,287

(a) Warby Parker, Inc

28,044

1,297

(a) Wayfair, Inc

130,232

Weyco Group, Inc

6,210

1,754

Williams-Sonoma, Inc

313,247

Winmark Corp

14,983

(a) Zumiez, Inc

8,180

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

49,792,476

CONSUMER DURABLES & APPAREL - 0.7%

Acushnet Holdings Corp

26,979

2,031

(a) Amer Sports, Inc

75,858

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

CONSUMER DURABLES & APPAREL

(continued)

(a) Beazer Homes USA, Inc

$

5,777

539

(a) BK LC Lux Finco 2 Sarl

22,045

974

Brunswick Corp

72,310

2,097

(a) Callaway Golf Co

24,472

1,736

(a) Capri Holdings Ltd

42,358

Carter's, Inc

14,593

(a) Cavco Industries, Inc

77,978

Century Communities, Inc

16,559

Clarus Corp

1,028

604

Columbia Sportswear Co

33,274

761

(b) Cricut, Inc

3,767

817

(a) Crocs, Inc

69,870

2,236

(a) Deckers Outdoor Corp

231,806

3,805

DR Horton, Inc

548,034

(a),(b)

Dream Finders Homes, Inc

3,369

Ethan Allen Interiors, Inc

7,469

2,133

(a) Figs, Inc

24,231

(a),(b)

Funko, Inc

1,323

2,304

(a) Garmin Ltd

467,366

682

G-III Apparel Group Ltd

19,751

(a) Green Brick Partners, Inc

26,693

1,790

Hasbro, Inc

146,780

(a) Helen of Troy Ltd

9,435

(a) Hovnanian Enterprises, Inc

7,901

Installed Building Products, Inc

98,309

(a) Johnson Outdoors, Inc

3,184

917

KB Home

51,728

811

Kontoor Brands, Inc

49,544

706

(a) Latham Group, Inc

4,483

696

La-Z-Boy, Inc

25,940

2,404

Leggett & Platt, Inc

26,444

3,170

Lennar Corp (Class A)

325,876

(b) Lennar Corp (Class B)

1,522

(a) LGI Homes, Inc

1,847

(a),(b)

Lovesac Co

3,289

1,391

(a) Lululemon Athletica, Inc

289,064

(a) M/I Homes, Inc

38,513

(a) Malibu Boats, Inc

8,096

Marine Products Corp

1,367

(a) MasterCraft Boat Holdings, Inc

5,578

4,838

(a) Mattel, Inc

95,986

708

Meritage Homes Corp

46,586

694

(a) Mohawk Industries, Inc

75,854

Movado Group, Inc

4,681

6,236

Newell Rubbermaid, Inc

23,198

16,459

Nike, Inc (Class B)

1,048,603

(a) NVR, Inc

284,418

3,016

(a) On Holding AG.

140,184

Oxford Industries, Inc

9,439

4,992

(a) Peloton Interactive, Inc

30,751

Polaris Industries, Inc

23,086

2,783

Pulte Homes, Inc

326,335

PVH Corp

28,953

543

Ralph Lauren Corp

192,010

Rocky Brands, Inc

5,866

1,024

(a) SharkNinja Global SPV Ltd

114,586

703

(a) Skyline Champion Corp

59,403

840

Smith & Wesson Brands, Inc

8,291

2,102

(a) Sonos, Inc

36,911

1,383

Steven Madden Ltd

57,588

Sturm Ruger & Co, Inc

8,881

2,969

Tapestry, Inc

379,349

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CONSUMER DURABLES & APPAREL

(continued)

1,140

(a) Taylor Morrison Home Corp

$

67,112

2,622

Tempur Sealy International, Inc

234,092

1,447

Toll Brothers, Inc

195,663

(a) TopBuild Corp

187,318

(a),(b)

Traeger, Inc

707

(a) Tri Pointe Homes, Inc

22,249

3,425

(a),(b)

Under Armour, Inc (Class A)

17,022

3,626

(a) Under Armour, Inc (Class C)

17,405

5,338

VF Corp

96,511

646

(b) Whirlpool Corp

46,602

1,465

(a) Wolverine World Wide, Inc

26,590

1,421

(a) YETI Holdings, Inc

62,766

TOTAL CONSUMER DURABLES & APPAREL

6,890,308

CONSUMER SERVICES - 2.1%

700

(a) Accel Entertainment, Inc

7,987

4,134

ADT, Inc

33,361

586

(a) Adtalem Global Education, Inc

60,633

5,912

(a) Airbnb, Inc

802,377

(a) American Public Education, Inc

7,636

3,327

Aramark

122,633

(a) Biglari Holdings, Inc (B Shares)

5,651

(a) BJ's Restaurants, Inc

14,026

1,539

Bloomin' Brands, Inc

9,496

Booking Holdings, Inc

2,463,452

729

Boyd Gaming Corp

62,140

804

(a) Bright Horizons Family Solutions, Inc

81,526

615

(a) Brinker International, Inc

88,265

3,464

(a) Caesars Entertainment, Inc

81,023

14,994

(a) Carnival Corp

457,917

Carriage Services, Inc

9,898

1,368

(a) Cava Group, Inc

80,288

702

Cheesecake Factory

35,437

19,004

(a) Chipotle Mexican Grill, Inc (Class A)

703,148

(a),(b)

Choice Hotels International, Inc

40,962

947

Churchill Downs, Inc

107,750

1,836

(a) Coursera, Inc

13,513

(a),(b)

Cracker Barrel Old Country Store, Inc

11,760

1,711

Darden Restaurants, Inc

314,858

539

(a) Dave & Buster's Entertainment, Inc

8,737

1,168

(a) Denny's Corp

7,265

(b) Dine Brands Global Inc.

8,549

Domino's Pizza, Inc

182,567

5,163

(a) DoorDash, Inc

1,169,316

6,847

(a) DraftKings, Inc

235,948

633

(a) Driven Brands Holdings, Inc

9,381

542

(a) Duolingo, Inc

95,121

1,616

(a) Dutch Bros, Inc

98,932

(a) El Pollo Loco Holdings, Inc

3,159

(a) European Wax Center, Inc

1,012

1,685

Expedia Group, Inc

477,377

620

(a) First Watch Restaurant Group, Inc

9,350

2,240

(a) Flutter Entertainment plc

481,690

1,135

(a) Frontdoor, Inc

65,478

2,710

(a) Genius Sports Ltd

29,864

1,807

(a),(b)

Global Business Travel Group I

13,824

Golden Entertainment, Inc

6,227

Graham Holdings Co

63,719

(a) Grand Canyon Education, Inc

68,187

1,703

H&R Block, Inc

74,217

1,409

(a) Hilton Grand Vacations, Inc

63,053

3,159

Hilton Worldwide Holdings, Inc

907,423

573

Hyatt Hotels Corp

91,863

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

CONSUMER SERVICES

(continued)

(a) Inspired Entertainment, Inc

$

3,342

1,684

International Game Technology plc

26,068

Jack in the Box, Inc

8,167

1,311

Krispy Kreme, Inc

5,270

(a),(b)

Kura Sushi USA, Inc

4,657

4,501

Las Vegas Sands Corp

292,970

1,806

(a) Laureate Education, Inc

60,808

1,730

(a) Life Time Group Holdings, Inc

45,983

(a) Lincoln Educational Services Corp

6,834

(a) Lindblad Expeditions Holdings, Inc

6,691

3,192

Marriott International, Inc (Class A)

990,286

Marriott Vacations Worldwide Corp

24,114

Matthews International Corp (Class A)

12,825

10,084

McDonald's Corp

3,081,973

3,190

(a) MGM Resorts International

116,403

844

(a) Mister Car Wash, Inc

4,693

Monarch Casino & Resort, Inc

16,556

911

(a),(b)

Nerdy, Inc

947

5,272

(a) Norwegian Cruise Line Holdings Ltd

117,671

1,026

OneSpaWorld Holdings Ltd

21,279

565

(b) Papa John's International, Inc

21,747

2,314

(a) Penn National Gaming, Inc

34,132

1,137

Perdoceo Education Corp

33,348

1,210

(a) Planet Fitness, Inc

131,249

525

(a),(b)

Portillo's, Inc

2,384

(b) RCI Hospitality Holdings, Inc

3,385

924

Red Rock Resorts, Inc

57,242

4,664

Restaurant Brands International, Inc

318,225

3,597

Royal Caribbean Cruises Ltd

1,003,275

822

(a) Rush Street Interactive, Inc

15,971

5,391

(a) Sabre Corp

7,332

764

(a) SeaWorld Entertainment, Inc

27,733

613

(a),(b)

Serve Robotics, Inc

6,363

2,052

Service Corp International

159,994

596

(a) Shake Shack, Inc

48,377

1,080

Six Flags Entertainment Corp

16,567

16,200

Starbucks Corp

1,364,202

Strategic Education, Inc

32,321

644

(a) Stride, Inc

41,815

1,928

Super Group SGHC Ltd

23,040

1,443

(a),(b)

Sweetgreen, Inc

9,755

877

(a) Target Hospitality Corp

7,025

913

Texas Roadhouse, Inc (Class A)

151,558

776

Travel & Leisure Co

54,731

1,149

(a) Udemy, Inc

6,722

(a) Universal Technical Institute, Inc

11,340

600

(b) Vail Resorts, Inc

79,680

(a) Viad Corp

14,819

2,538

(a) Viking Holdings Ltd

181,239

2,362

Wendy's Co

19,675

Wingstop, Inc

94,919

1,311

Wyndham Hotels & Resorts, Inc

99,059

1,274

Wynn Resorts Ltd

153,300

(a) Xponential Fitness, Inc

2,206

3,833

Yum! Brands, Inc

579,856

TOTAL CONSUMER SERVICES

19,450,119

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%

5,179

Albertsons Cos, Inc

88,923

Andersons, Inc

22,225

1,935

(a) BJ's Wholesale Club Holdings, Inc

174,208

550

Casey's General Stores, Inc

303,990

515

(a) Chefs' Warehouse, Inc

32,100

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

CONSUMER STAPLES DISTRIBUTION & RETAIL

(continued)

6,274

Costco Wholesale Corp

$

5,410,321

3,152

Dollar General Corp

418,491

2,867

(a) Dollar Tree, Inc

352,670

1,460

(a) Grocery Outlet Holding Corp

14,746

(a) Guardian Pharmacy Services, Inc

9,809

626

(a) HF Foods Group, Inc

1,346

(a) Ingles Markets, Inc (Class A)

14,601

8,622

Kroger Co

538,703

2,675

(a) Maplebear, Inc

120,322

Natural Grocers by Vitamin Cottage, Inc

7,164

1,968

(a) Performance Food Group Co

176,963

Pricesmart, Inc

47,228

1,482

(a) Sprouts Farmers Market, Inc

118,071

6,812

Sysco Corp

501,976

6,655

Target Corp

650,526

943

(a) United Natural Foods, Inc

31,751

3,115

(a) US Foods Holding Corp

234,622

Village Super Market (Class A)

4,495

61,805

Walmart, Inc

6,885,695

Weis Markets, Inc

13,972

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

16,174,918

ENERGY - 2.9%

3,955

Antero Midstream Corp

70,359

4,251

(a) Antero Resources Corp

146,489

5,314

APA Corp

129,980

2,039

Archrock, Inc

53,055

667

Ardmore Shipping Corp

7,064

937

(b) Atlas Energy Solutions, Inc

8,827

14,199

Baker Hughes Co

646,622

3,755

(b) Borr Drilling Ltd

15,133

(a) Bristow Group, Inc

12,854

10,702

Cabot Oil & Gas Corp

281,677

845

Cactus, Inc

38,600

1,047

California Resources Corp

46,811

868

(a),(b)

Calumet, Inc

17,247

(a),(b)

Centrus Energy Corp

58,991

3,071

Cheniere Energy, Inc

596,972

3,168

Chesapeake Energy Corp

349,620

26,599

Chevron Corp

4,053,954

845

Chord Energy Corp

78,331

966

Civitas Resources, Inc

26,169

2,877

(a) Clean Energy Fuels Corp

6,042

2,191

(a) CNX Resources Corp

80,563

1,500

(a),(b)

Comstock Resources, Inc

34,770

17,769

ConocoPhillips

1,663,356

809

(b) Core Laboratories, Inc

12,968

692

Core Natural Resources, Inc

61,249

2,426

Crescent Energy Co

20,354

583

CVR Energy, Inc

14,832

1,373

Delek US Holdings, Inc

40,723

9,048

Devon Energy Corp

331,428

2,136

DHT Holdings, Inc

26,081

2,815

Diamondback Energy, Inc

423,179

626

(a) DIVERSIFIED ENERGY CO

9,064

(a) DMC Global, Inc

2,228

Dorian LPG Ltd

9,614

1,440

DT Midstream, Inc

172,339

(a),(b)

Empire Petroleum Corp

502

2,241

(a),(b)

Encore Energy Corp

5,558

2,496

(a),(b)

Energy Fuels, Inc

36,292

7,809

EOG Resources, Inc

820,023

8,868

EQT Corp

475,325

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

ENERGY

(continued)

Excelerate Energy, Inc

$

7,714

1,226

(a) Expro Group Holdings NV

16,367

59,974

Exxon Mobil Corp

7,217,271

FLEX LNG Ltd

10,180

(a) Forum Energy Technologies, Inc

8,351

(a),(b)

FutureFuel Corp

1,276

1,122

Golar LNG Ltd

41,750

842

(a) Green Plains, Inc

8,252

(a) Gulfport Energy Operating Corp

37,230

11,949

Halliburton Co

337,679

2,743

(a) Helix Energy Solutions Group, Inc

17,199

1,274

(a) Helmerich & Payne, Inc

36,538

2,393

HF Sinclair Corp

110,269

(b) HighPeak Energy, Inc

521

582

(a) Innovex International, Inc

12,728

International Seaways, Inc

13,351

27,714

Kinder Morgan, Inc

761,858

(b) Kinetik Holdings, Inc

16,763

553

Kodiak Gas Services, Inc

20,682

6,795

(a),(b)

Kosmos Energy Ltd

6,166

2,207

Liberty Energy, Inc

40,741

2,448

Magnolia Oil & Gas Corp

53,587

767

(a) Mammoth Energy Services, Inc

1,419

4,442

Marathon Petroleum Corp

722,402

1,395

Matador Resources Co

59,204

1,623

Murphy Oil Corp

50,719

(a),(b)

Nabors Industries Ltd

7,928

Nacco Industries, Inc (Class A)

3,678

863

(a) National Energy Services Reunited Corp

13,515

1,095

National Fuel Gas Co

87,666

1,716

(a),(b)

NextDecade Corp

9,043

2,086

(b) Noble Corp plc

58,909

3,490

(b) Nordic American Tankers Ltd

12,006

1,326

Northern Oil and Gas, Inc

28,469

5,678

NOV, Inc

88,747

9,895

Occidental Petroleum Corp

406,882

1,532

(a) Oceaneering International, Inc

36,814

1,209

(a) Oil States International, Inc

8,185

8,837

ONEOK, Inc

649,519

3,516

Ovintiv, Inc

137,792

677

(a) Par Pacific Holdings, Inc

23,790

5,496

Patterson-UTI Energy, Inc

33,581

1,808

PBF Energy, Inc

49,033

1,975

Peabody Energy Corp

58,657

9,481

Permian Resources Corp

133,018

5,887

Phillips 66

759,658

1,367

(a) ProPetro Holding Corp

13,000

3,375

Range Resources Corp

119,002

Ranger Energy Services, Inc

6,640

552

(a) Rex American Resources Corp

17,841

Riley Exploration Permian, Inc

3,986

1,202

RPC, Inc

6,539

532

SandRidge Energy, Inc

7,677

21,449

Schlumberger Ltd

823,213

Scorpio Tankers, Inc

24,246

649

(a) SEACOR Marine Holdings, Inc

3,907

1,139

(a) Seadrill Ltd

39,409

988

Select Water Solutions, Inc

10,394

1,567

(b) SFL Corp Ltd

12,238

743

SM Energy Co

13,894

678

Solaris Oilfield Infrastructure, Inc

31,168

1,711

(a) Talos Energy, Inc

18,855

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

ENERGY

(continued)

3,114

Targa Resources Corp

$

574,533

5,780

TechnipFMC plc

257,557

1,069

Teekay Corp Ltd

9,653

Teekay Tankers Ltd

20,086

2,062

(a) Tetra Technologies, Inc

19,321

846

Texas Pacific Land Corp

242,988

854

(a) Tidewater, Inc

43,136

13,020

(a) Transocean Ltd

53,773

4,698

(a) Uranium Energy Corp

54,873

1,000

Vaalco Energy, Inc

3,640

993

(a) Valaris Ltd

50,047

4,299

Valero Energy Corp

699,834

1,861

Viper Energy, Inc

71,890

Vitesse Energy, Inc

8,340

2,083

(b) W&T Offshore, Inc

3,395

774

Weatherford International plc

60,573

Western Midstream Partners LP

3,990

17,548

Williams Cos, Inc

1,054,810

1,068

World Fuel Services Corp

25,023

TOTAL ENERGY

27,511,823

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%

1,492

Acadia Realty Trust

30,646

1,608

Agree Realty Corp

115,824

1,192

Alexander & Baldwin, Inc

24,603

Alexander's, Inc

12,423

2,524

Alexandria Real Estate Equities, Inc

123,525

Alpine Income Property Trust, Inc

5,969

714

American Assets Trust, Inc

13,516

2,047

American Healthcare REIT, Inc

96,332

4,773

American Homes 4 Rent

153,213

6,678

American Tower Corp

1,172,456

4,437

Americold Realty Trust, Inc

57,060

1,848

Apartment Investment and Management Co

10,977

2,947

Apple Hospitality REIT, Inc

34,922

1,769

Armada Hoffler Properties, Inc

11,711

1,970

AvalonBay Communities, Inc

357,181

2,348

Boston Properties, Inc

158,443

1,429

Braemar Hotels & Resorts, Inc

4,101

2,649

(a) Brandywine Realty Trust

7,735

4,252

Brixmor Property Group, Inc

111,487

2,559

Broadstone Net Lease, Inc

44,450

572

BRT Apartments Corp

8,408

1,599

Camden Property Trust

176,018

3,028

CareTrust REIT, Inc

109,493

CBL & Associates Properties, Inc

18,241

Centerspace

18,348

919

Chatham Lodging Trust

6,258

707

City Office REIT, Inc

4,942

588

Clipper Realty, Inc

2,246

544

Community Healthcare Trust, Inc

8,933

1,123

Corporate Office Properties Trust

31,219

2,578

Cousins Properties, Inc

66,461

6,420

Crown Castle, Inc

570,545

CTO Realty Growth, Inc

5,026

2,885

CubeSmart

104,004

1,290

Curbline Properties Corp

29,941

3,453

DiamondRock Hospitality Co

30,939

4,778

Digital Realty Trust, Inc

739,204

5,068

Diversified Healthcare Trust

24,580

2,323

Douglas Emmett, Inc

25,530

570

Easterly Government Properties, Inc

12,078

673

EastGroup Properties, Inc

119,888

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

3,012

Empire State Realty Trust, Inc

$

19,638

787

EPR Properties

39,271

1,384

Equinix, Inc

1,060,365

2,701

Equity Lifestyle Properties, Inc

163,708

5,586

Equity Residential

352,141

2,334

Essential Properties Realty Trust, Inc

69,226

896

Essex Property Trust, Inc

234,465

3,159

Extra Space Storage, Inc

411,365

729

(a) Farmland Partners, Inc

7,064

1,347

Federal Realty Investment Trust

135,778

1,998

First Industrial Realty Trust, Inc

114,425

1,235

Four Corners Property Trust, Inc

28,479

3,355

Gaming and Leisure Properties, Inc

149,935

763

Getty Realty Corp

20,883

Gladstone Commercial Corp

5,068

687

Gladstone Land Corp

6,286

Global Medical REIT, Inc

7,760

3,106

Global Net Lease, Inc

26,712

4,463

Healthcare Realty Trust, Inc

75,648

10,142

Healthpeak Properties, Inc

163,083

1,796

Highwoods Properties, Inc

46,373

9,517

Host Hotels & Resorts Inc

168,736

(a) Hudson Pacific Properties, Inc

3,769

3,525

Independence Realty Trust, Inc

61,617

1,204

Industrial Logistics Properties Trust

6,670

Innovative Industrial Properties, Inc

20,791

1,140

InvenTrust Properties Corp

32,159

8,599

Invitation Homes, Inc

238,966

4,395

Iron Mountain, Inc

364,565

841

JBG SMITH Properties

14,305

1,970

Kilroy Realty Corp

73,619

9,833

Kimco Realty Corp

199,315

3,663

Kite Realty Group Trust

87,802

1,307

Lamar Advertising Co

165,440

768

Lineage, Inc

26,880

LTC Properties, Inc

14,818

LXP Industrial Trust

21,815

3,615

Macerich Co

66,733

1,437

Mack-Cali Realty Corp

21,383

3,534

Medical Properties Trust, Inc

17,670

1,755

Mid-America Apartment Communities, Inc

243,787

2,102

Millrose Properties, Inc

62,787

National Health Investors, Inc

35,130

2,085

National Retail Properties, Inc

82,629

National Storage Affiliates Trust

10,551

(a) NET Lease Office Properties

5,545

1,149

NETSTREIT Corp

20,268

1,148

NexPoint Diversified Real Estate Trust

4,397

NexPoint Residential Trust, Inc

14,388

3,987

Omega Healthcare Investors, Inc

176,784

One Liberty Properties, Inc

5,154

1,605

Outfront Media, Inc

38,681

2,538

Park Hotels & Resorts, Inc

26,548

554

Peakstone Realty Trust

7,950

2,135

Pebblebrook Hotel Trust

24,168

1,776

Phillips Edison & Co, Inc

63,172

2,219

Piedmont Office Realty Trust, Inc

18,506

Plymouth Industrial REIT, Inc

9,737

Postal Realty Trust, Inc

4,116

1,459

PotlatchDeltic Corp

58,039

13,159

Prologis, Inc

1,679,878

2,263

Public Storage, Inc

587,249

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

1,750

Rayonier, Inc

$

37,888

12,822

Realty Income Corp

722,776

2,232

Regency Centers Corp

154,075

3,142

Rexford Industrial Realty, Inc

121,658

1,824

RLJ Lodging Trust

13,589

875

Ryman Hospitality Properties, Inc

82,793

3,697

Sabra Health Care REIT, Inc

70,021

571

Safehold, Inc

7,817

(a) Saul Centers, Inc

11,666

1,572

SBA Communications Corp

304,072

2,237

Service Properties Trust

4,116

659

Sila Realty Trust, Inc

15,361

4,465

Simon Property Group, Inc

826,516

645

SITE Centers Corp

4,141

1,013

SL Green Realty Corp

46,466

Smartstop Self Storage REIT, Inc

15,346

2,713

STAG Industrial, Inc

99,730

2,137

Summit Hotel Properties, Inc

10,407

1,739

Sun Communities, Inc

215,480

4,344

Sunstone Hotel Investors, Inc

38,835

1,735

Tanger Factory Outlet Centers, Inc

57,897

1,413

Terreno Realty Corp

82,957

4,667

UDR, Inc

171,186

567

UMH Properties, Inc

9,021

Universal Health Realty Income Trust

7,764

2,537

Urban Edge Properties

48,685

6,423

Ventas, Inc

497,012

15,160

VICI Properties, Inc

426,299

3,062

Vornado Realty Trust

101,903

1,848

Washington REIT

32,155

9,757

(d) Welltower, Inc

1,810,997

11,281

Weyerhaeuser Co

267,247

550

(a) Whitestone REIT

7,640

2,793

WP Carey, Inc

179,758

2,302

Xenia Hotels & Resorts, Inc

32,550

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

19,118,890

FINANCIAL SERVICES - 7.9%

906

(a) Acacia Research (Acacia Technologies)

3,388

Affiliated Managers Group, Inc

103,781

3,902

(a) Affirm Holdings, Inc

290,426

14,490

AGNC Investment Corp

155,333

Alerus Financial Corp

5,472

4,069

Ally Financial, Inc

184,285

7,664

American Express Co

2,835,297

1,308

Ameriprise Financial, Inc

641,365

Angel Oak Mortgage REIT, Inc

2,178

9,716

Annaly Capital Management, Inc

217,250

2,943

Apollo Commercial Real Estate Finance, Inc

28,488

5,960

Apollo Global Management, Inc

862,770

2,387

Arbor Realty Trust, Inc

18,523

645

Ares Commercial Real Estate Corp

3,083

2,756

Ares Management Corp

445,452

(a) ARMOUR Residential REIT, Inc

4,971

870

Artisan Partners Asset Management, Inc

35,444

(a) Atlanticus Holdings Corp

8,235

(a),(b)

Bakkt Holdings, Inc

4,136

Banco Latinoamericano de Exportaciones S.A. (Class E)

20,561

9,880

Bank of New York Mellon Corp

1,146,969

26,173

(a) Berkshire Hathaway, Inc

13,155,858

5,076

BGC Group, Inc

45,329

2,164

BlackRock, Inc

2,316,216

2,460

Blackstone Mortgage Trust, Inc

47,060

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

10,349

Blackstone, Inc

$

1,595,195

7,684

(a) Block, Inc

500,152

7,723

Blue Owl Capital, Inc

115,382

829

Bread Financial Holdings, Inc

61,371

642

Brightsphere Investment Group, Inc

30,174

1,289

BrightSpire Capital, Inc

7,218

5,504

(b) Brookfield Asset Management Ltd

288,355

(a),(b)

Bullish

17,685

3,022

Burford Capital Ltd

26,956

1,450

Cannae Holdings, Inc

22,809

923

(a) Cantaloupe, Inc

9,802

8,883

Capital One Financial Corp

2,152,884

3,768

Carlyle Group, Inc

222,726

Cass Information Systems, Inc

9,217

1,493

Cboe Global Markets, Inc

374,743

24,134

Charles Schwab Corp

2,411,228

Chicago Atlantic Real Estate Finance, Inc

1,864

1,022

Chimera Investment Corp

12,703

1,435

(a) Claros Mortgage Trust, Inc

4,391

5,068

CME Group, Inc

1,383,969

Cohen & Steers, Inc

28,942

3,163

(a) Coinbase Global, Inc

715,281

797

Compass Diversified Trust

3,826

(a),(b)

Consumer Portfolio Services, Inc

3,042

3,377

Corebridge Financial, Inc

101,884

972

(a) Corpay, Inc

292,504

(a) Credit Acceptance Corp

35,033

(a) Dave, Inc

29,226

Diamond Hill Investment Group, Inc

8,306

2,419

DigitalBridge Group, Inc

37,107

(a) Donnelley Financial Solutions, Inc

21,524

(a) Dynex Capital, Inc

3,615

718

Ellington Financial, Inc

9,750

Enact Holdings, Inc

14,865

502

(a) Encore Capital Group, Inc

27,284

(a) Enova International, Inc

58,164

3,922

Equitable Holdings, Inc

186,883

1,475

Essent Group Ltd

95,890

728

(a) Euronet Worldwide, Inc

55,408

584

Evercore Partners, Inc (Class A)

198,706

941

EVERTEC, Inc

27,374

541

Factset Research Systems, Inc

156,993

Federal Agricultural Mortgage Corp

24,404

7,395

Fidelity National Information Services, Inc

491,472

(a) Figure Technology Solutions, Inc

19,971

556

FirstCash Holdings, Inc

88,615

7,738

(a) Fiserv, Inc

519,761

1,440

(a) Flywire Corp

20,390

(a) Forge Global Holdings, Inc

6,105

1,010

Franklin BSP Realty Trust, Inc

10,130

3,439

Franklin Resources, Inc

82,158

(a) Freedom Holding Corp

27,256

GCM Grosvenor, Inc

2,909

3,512

Global Payments, Inc

271,829

4,171

Goldman Sachs Group, Inc

3,666,309

905

(a) Green Dot Corp

11,593

562

Hamilton Lane, Inc

75,482

1,655

Hannon Armstrong Sustainable Infrastructure Capital, Inc

52,017

796

Houlihan Lokey, Inc

138,655

5,976

Interactive Brokers Group, Inc (Class A)

384,317

8,074

Intercontinental Exchange, Inc

1,307,665

(a) International Money Express, Inc

5,207

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

6,004

Invesco Ltd

$

157,725

Invesco Mortgage Capital, Inc

3,078

1,116

Jack Henry & Associates, Inc

203,648

911

Jackson Financial, Inc

97,158

2,276

Janus Henderson Group plc

108,269

2,217

Jefferies Financial Group, Inc

137,388

9,837

KKR & Co, Inc

1,254,021

648

KKR Real Estate Finance Trust, Inc

5,327

1,766

Ladder Capital Corp

19,408

1,345

Lazard, Inc

65,313

1,618

(a) LendingClub Corp

30,645

(a) LendingTree, Inc

10,406

1,109

LPL Financial Holdings, Inc

396,102

Marex Group plc

11,892

528

MarketAxess Holdings, Inc

95,700

7,301

(a) Marqeta, Inc

34,680

11,416

Mastercard, Inc (Class A)

6,517,166

Merchants Bancorp

7,902

2,131

MFA Financial, Inc

19,840

3,558

MGIC Investment Corp

103,965

(a) Miami International Holdings, Inc

14,823

877

Moelis & Co

60,285

2,201

Moody's Corp

1,124,381

16,348

Morgan Stanley

2,902,260

Morningstar, Inc

85,186

1,033

MSCI, Inc (Class A)

592,663

6,423

Nasdaq Stock Market, Inc

623,866

1,245

Navient Corp

16,185

1,156

(a) NCR Corp ATM

44,055

Nelnet, Inc (Class A)

28,188

(a) NerdWallet, Inc

5,556

1,613

New York Mortgage Trust, Inc

11,775

NewtekOne, Inc

3,382

Nexpoint Real Estate Finance, Inc

1,844

1,272

(a) NMI Holdings, Inc

51,885

2,753

Northern Trust Corp

376,032

(a) Ocwen Financial Corp

6,777

1,689

OneMain Holdings, Inc

114,092

1,687

(a) Open Lending Corp

2,615

Orchid Island Capital, Inc

2,894

600

P10, Inc

5,886

3,227

(a) Pagseguro Digital Ltd

31,108

Patria Investments Ltd

3,893

3,424

(a) Payoneer Global, Inc

19,243

13,727

PayPal Holdings, Inc

801,382

652

(a),(b)

Paysafe Ltd

5,275

1,316

(a) Paysign Inc

6,777

PennyMac Financial Services, Inc

52,604

1,723

PennyMac Mortgage Investment Trust

21,624

904

Perella Weinberg Partners

15,639

Piper Jaffray Cos

92,741

PJT Partners, Inc

66,378

719

(a) PRA Group, Inc

12,719

675

PROG Holdings, Inc

19,906

1,751

Radian Group, Inc

63,019

2,564

Raymond James Financial, Inc

411,753

1,941

Ready Capital Corp

4,231

1,612

Redwood Trust, Inc

8,914

Regional Management Corp

5,541

2,189

(a) Remitly Global, Inc

30,208

1,337

(a) Repay Holdings Corp

4,880

6,918

Rithm Capital Corp

75,406

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

10,538

(a) Robinhood Markets, Inc

$

1,191,848

12,884

Rocket Cos, Inc

249,434

4,319

S&P Global, Inc

2,257,066

1,255

SEI Investments Co

102,935

(a),(b)

Sezzle, Inc

13,520

854

(a),(b)

Shift4 Payments, Inc

53,776

Silvercrest Asset Management Group, Inc

2,795

3,536

SLM Corp

95,684

16,229

(a) SoFi Technologies, Inc

424,875

3,745

Starwood Property Trust, Inc

67,447

4,014

State Street Corp

517,846

809

StepStone Group, Inc

51,914

1,478

Stifel Financial Corp

185,075

3,904

(a) StoneCo Ltd

57,740

541

(a) StoneX Group, Inc

51,465

Sunrise Realty Trust, Inc

(b) SWK Holdings Corp

8,153

5,175

Synchrony Financial

431,750

3,029

T Rowe Price Group, Inc

310,109

6,729

(a) Toast, Inc

238,947

867

TPG RE Finance Trust, Inc

7,465

1,909

TPG, Inc

121,871

1,734

Tradeweb Markets, Inc

186,474

1,156

Two Harbors Investment Corp

12,138

1,255

(a),(b)

Upstart Holdings, Inc

54,881

1,161

UWM Holdings Corp

5,085

(a) Velocity Financial, Inc

4,318

544

Victory Capital Holdings, Inc

34,321

1,409

Virtu Financial, Inc

46,948

(a) Virtus Investment Partners, Inc

18,762

23,889

Visa, Inc (Class A)

8,378,111

1,195

Voya Financial, Inc

89,016

543

Walker & Dunlop, Inc

32,661

(a) Waterstone Financial, Inc

6,355

3,836

(a),(b)

Webull Corp

29,806

1,705

(b) Western Union Co

15,874

530

(a) WEX, Inc

78,959

1,867

(b) WisdomTree, Inc

22,759

(a) World Acceptance Corp

12,635

6,368

XP, Inc

104,244

TOTAL FINANCIAL SERVICES

73,831,499

FOOD, BEVERAGE & TOBACCO - 1.9%

(a),(b)

Alico, Inc

6,403

23,829

Altria Group, Inc

1,373,980

6,926

Archer-Daniels-Midland Co

398,176

1,190

(b) B&G Foods, Inc (Class A)

5,117

(a) Boston Beer Co, Inc (Class A)

30,635

(a),(b)

BRC, Inc

711

Brown-Forman Corp (Class A)

18,706

2,220

(b) Brown-Forman Corp (Class B)

57,853

1,774

Bunge Global S.A.

158,028

(a) Calavo Growers, Inc

7,504

610

Cal-Maine Foods, Inc

48,538

2,625

Campbell Soup Co

73,159

2,463

(a) Celsius Holdings, Inc

112,658

54,829

Coca-Cola Co

3,833,095

671

Coca-Cola Consolidated Inc

102,864

5,931

ConAgra Brands, Inc

102,666

1,956

Constellation Brands, Inc (Class A)

269,850

2,102

(a) Darling International, Inc

75,672

751

Dole plc

11,258

2,984

Flowers Foods, Inc

32,466

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

FOOD, BEVERAGE & TOBACCO

(continued)

Fresh Del Monte Produce, Inc

$

17,779

722

(a) Freshpet, Inc

43,991

7,741

General Mills, Inc

359,957

1,593

(a) Hain Celestial Group, Inc

1,705

2,193

Hershey Co

399,082

4,050

Hormel Foods Corp

95,985

877

Ingredion, Inc

96,698

1,388

(a),(b)

Ispire Technology, Inc

3,886

J&J Snack Foods Corp

25,032

1,619

J.M. Smucker Co

158,354

John B Sanfilippo & Son, Inc

14,049

17,944

Keurig Dr Pepper, Inc

502,611

12,706

Kraft Heinz Co

308,121

2,143

Lamb Weston Holdings, Inc

89,770

Lancaster Colony Corp

59,849

Limoneira Co

3,813

3,655

McCormick & Co, Inc

248,942

MGP Ingredients, Inc

4,933

926

(a) Mission Produce, Inc

10,742

2,211

Molson Coors Brewing Co (Class B)

103,209

18,404

Mondelez International, Inc

990,687

10,056

(a) Monster Beverage Corp

770,994

(a) National Beverage Corp

11,672

19,456

PepsiCo, Inc

2,792,325

22,213

Philip Morris International, Inc

3,562,965

538

Pilgrim's Pride Corp

20,977

511

(a) Post Holdings, Inc

50,615

3,184

Primo Brands Corp

52,058

Seaboard Corp

17,779

(a) Seneca Foods Corp

14,824

1,484

(a) Simply Good Foods Co

29,799

561

Smithfield Foods, Inc

12,527

1,555

(a) SunOpta, Inc

5,909

(b) Tootsie Roll Industries, Inc

10,623

964

(a) TreeHouse Foods, Inc

22,741

Turning Point Brands, Inc

20,596

4,102

Tyson Foods, Inc (Class A)

240,459

(a) Universal Corp

16,775

803

Utz Brands, Inc

8,335

(a) Vita Coco Co, Inc

24,067

(a),(b)

Vital Farms, Inc

13,415

TOTAL FOOD, BEVERAGE & TOBACCO

17,957,665

HEALTH CARE EQUIPMENT & SERVICES - 3.7%

24,534

Abbott Laboratories

3,073,865

911

(a),(b)

Acadia Healthcare Co, Inc

12,927

1,473

(a) Accuray, Inc

1,215

1,314

(a) AdaptHealth Corp

13,087

(a) Addus HomeCare Corp

24,700

4,406

(a) agilon health, Inc

3,034

1,015

(a) Align Technology, Inc

158,492

1,430

(a) Alignment Healthcare, Inc

28,243

1,508

(a) Alphatec Holdings, Inc

31,728

2,554

AmerisourceBergen Corp

862,614

740

(a) AMN Healthcare Services, Inc

11,662

563

(a) Angiodynamics, Inc

7,229

640

(a) Apollo Medical Holdings, Inc

15,878

673

(a) AtriCure, Inc

26,624

725

(a) Avanos Medical, Inc

8,142

2,914

(a) Aveanna Healthcare Holdings, Inc

23,807

560

(a) Axogen, Inc

18,329

7,747

Baxter International, Inc

148,045

4,082

Becton Dickinson & Co

792,194

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

554

(a) Beta Bionics, Inc

$

16,880

969

(a) Blade Air Mobility, Inc

4,661

20,924

(a) Boston Scientific Corp

1,995,103

961

(a) BrightSpring Health Services, Inc

35,989

2,873

(a) Brookdale Senior Living, Inc

31,000

2,763

(a) Butterfly Network, Inc

10,499

3,398

Cardinal Health, Inc

698,289

(a) Castle Biosciences, Inc

14,510

7,053

(a) Centene Corp

290,231

1,866

(a) Certara, Inc

16,439

2,819

(a) Cerus Corp

5,807

Chemed Corp

95,413

3,773

Cigna Group

1,038,443

5,253

(a) Clover Health Investments Corp

12,345

1,354

Concentra Group Holdings Parent, Inc

26,647

Conmed Corp

17,133

2,978

(a) Cooper Cos, Inc

244,077

(a) Corvel Corp

33,091

544

(a) Cross Country Healthcare, Inc

4,406

(a) CryoLife, Inc

21,893

(a),(b)

CVRx, Inc

1,491

17,885

CVS Health Corp

1,419,354

607

(a) DaVita, Inc

68,961

(a) Definitive Healthcare Corp

1,392

(a) Delcath Systems, Inc

3,707

2,739

Dentsply Sirona, Inc

31,307

5,647

(a) DexCom, Inc

374,791

1,250

(a) DocGo, Inc

1,097

1,826

(a) Doximity, Inc

80,855

7,930

(a) Edwards Lifesciences Corp

676,033

3,228

Elevance Health, Inc

1,131,575

985

Embecta Corp

11,702

1,470

Encompass Health Corp

156,026

804

(a) Enhabit, Inc

7,413

653

(a) Enovis Corp

17,396

804

Ensign Group, Inc

140,057

2,830

(a) Envista Holdings Corp

61,439

1,677

(a) Evolent Health, Inc

6,708

(a) Fulgent Genetics, Inc

9,195

6,421

GE HealthCare Technologies, Inc

526,650

(a) GeneDx Holdings Corp

34,076

710

(a) Glaukos Corp

80,166

1,754

(a) Globus Medical, Inc

153,142

1,770

(a) Guardant Health, Inc

180,788

520

(a) Haemonetics Corp

41,678

2,302

HCA, Inc

1,074,712

737

(a) Health Catalyst, Inc

1,761

1,162

(a) HealthEquity, Inc

106,451

HealthStream, Inc

9,205

1,761

(a) Henry Schein, Inc

133,096

2,546

(a),(b)

Hims & Hers Health, Inc

82,669

2,915

(a) Hologic, Inc

217,138

1,711

Humana, Inc

438,238

(a) ICU Medical, Inc

51,647

1,166

(a) IDEXX Laboratories, Inc

788,834

655

(a) Inogen, Inc

4,402

(a) Inspire Medical Systems, Inc

42,887

968

(a) Insulet Corp

275,144

572

(a) Integer Holdings Corp

44,862

1,378

(a) Integra LifeSciences Holdings Corp

17,115

5,055

(a) Intuitive Surgical, Inc

2,862,950

iRadimed Corp

9,339

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

(a) iRhythm Technologies, Inc

$

84,639

(a),(b)

Joint Corp

1,997

1,173

Labcorp Holdings, Inc

294,282

847

(a) Lantheus Holdings, Inc

56,368

LeMaitre Vascular, Inc

19,140

529

(a),(b)

LifeMD, Inc

1,804

1,584

(a) LifeStance Health Group, Inc

11,151

892

(a) LivaNova plc

54,885

671

(a) Masimo Corp

87,270

1,782

McKesson Corp

1,461,757

18,287

Medtronic plc

1,756,649

985

(a) Merit Medical Systems, Inc

86,818

669

(a) Molina Healthcare, Inc

116,098

734

(a),(b)

Nano-X Imaging Ltd

2,055

National Healthcare Corp

23,717

National Research Corp

3,904

3,187

(a) Neogen Corp

22,277

2,015

(a) NeoGenomics, Inc

23,696

1,767

(a) Novocure Ltd

22,847

(a),(b)

Nutex Health, Inc

8,560

758

(a) Omnicell, Inc

34,337

8,804

(a) Opko Health, Inc

11,093

(a) OptimizeRx Corp

4,487

2,503

(a) Option Care Health, Inc

79,746

1,144

(a) OraSure Technologies, Inc

2,769

(a) Orthofix Medical, Inc

7,171

(a) OrthoPediatrics Corp

5,914

(a) Outset Medical, Inc

939

1,223

(a) Owens & Minor, Inc

3,424

(a) PACS Group, Inc

11,325

1,431

(a) Pediatrix Medical Group, Inc

30,609

524

(a) Pennant Group, Inc

14,751

506

(a) Penumbra, Inc

157,320

771

(a) Phreesia, Inc

13,045

1,501

(a) Privia Health Group, Inc

35,589

666

(a) PROCEPT BioRobotics Corp

20,952

1,198

(a) Progyny, Inc

30,765

1,215

(a) Pulmonx Corp

2,685

1,569

Quest Diagnostics, Inc

272,269

828

(a) QuidelOrtho Corp

23,648

1,004

(a) RadNet, Inc

71,635

2,064

Resmed, Inc

497,156

524

(a) RxSight, Inc

5,460

896

(a) Schrodinger, Inc

16,020

1,678

Select Medical Holdings Corp

24,918

(a) SI-BONE, Inc

8,716

Simulations Plus, Inc

4,138

1,913

(a) Solventum Corp

151,586

793

(a) STAAR Surgical Co

18,310

1,422

STERIS plc

360,505

4,856

Stryker Corp

1,706,738

987

(a) Surgery Partners, Inc

15,249

(a) Tactile Systems Technology, Inc

8,120

1,069

(a) Tandem Diabetes Care, Inc

23,497

2,648

(a) Teladoc Health, Inc

18,536

671

Teleflex, Inc

81,889

1,269

(a) Tenet Healthcare Corp

252,176

(a),(b)

TransMedics Group, Inc

60,217

533

(a),(b)

Treace Medical Concepts, Inc

1,306

(a) UFP Technologies, Inc

35,303

12,957

UnitedHealth Group, Inc

4,277,235

723

Universal Health Services, Inc (Class B)

157,628

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

US Physical Therapy, Inc

$

14,603

Utah Medical Products, Inc

4,477

587

(a) Varex Imaging Corp

6,839

2,061

(a) Veeva Systems, Inc

460,077

611

(a) Viemed Healthcare, Inc

4,540

1,015

(a) Waystar Holding Corp

33,241

2,839

Zimmer Biomet Holdings, Inc

255,283

TOTAL HEALTH CARE EQUIPMENT & SERVICES

34,730,270

HOUSEHOLD & PERSONAL PRODUCTS - 0.8%

2,141

(a) BellRing Brands, Inc

57,229

(a) Central Garden & Pet Co

5,144

765

(a) Central Garden and Pet Co (Class A)

22,330

3,346

Church & Dwight Co, Inc

280,562

1,793

(a) Clorox Co

180,788

11,432

Colgate-Palmolive Co

903,357

5,109

(a) Coty, Inc

15,736

893

Edgewell Personal Care Co

15,226

830

(a) elf Beauty, Inc

63,113

Energizer Holdings, Inc

9,627

3,300

Estee Lauder Cos (Class A)

345,576

1,810

(a) Herbalife Ltd

23,331

Inter Parfums, Inc

21,462

28,159

Kenvue, Inc

485,743

4,553

Kimberly-Clark Corp

459,352

(a) Medifast, Inc

2,008

(a) Nature's Sunshine Products, Inc

3,021

938

Nu Skin Enterprises, Inc (Class A)

9,023

(a) Oil-Dri Corp of America

5,971

1,877

(a),(b)

Olaplex Holdings, Inc

2,515

33,346

Procter & Gamble Co

4,778,815

Reynolds Consumer Products, Inc

10,429

(b) Spectrum Brands Holdings, Inc

25,523

(a) USANA Health Sciences, Inc

3,533

1,168

(a) Waldencast plc

2,196

WD-40 Co

52,375

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

7,783,985

INSURANCE - 1.9%

6,832

Aflac, Inc

753,365

3,720

Allstate Corp

774,318

699

(a) AMBAC Financial Group, Inc

5,438

972

American Financial Group, Inc

132,853

7,860

American International Group, Inc

672,423

Amerisafe, Inc

11,485

2,944

Aon plc

1,038,879

4,993

(a) Arch Capital Group Ltd

478,929

801

Assurant, Inc

192,921

670

Assured Guaranty Ltd

60,213

1,011

Axis Capital Holdings Ltd

108,268

735

(a) Brighthouse Financial, Inc

47,621

3,989

Brown & Brown, Inc

317,923

891

(a) BRP Group, Inc

21,411

5,213

Chubb Ltd

1,627,082

2,215

Cincinnati Financial Corp

361,754

CNA Financial Corp

12,460

1,716

CNO Financial Group, Inc

72,879

(a) Donegal Group, Inc (Class A)

8,551

Employers Holdings, Inc

21,067

581

Everest Re Group Ltd

197,162

528

(e) F&G Annuities & Life, Inc

16,289

774

Fidelis Insurance Holdings Ltd

15,147

3,617

Fidelity National Financial, Inc

197,452

1,450

First American Financial Corp

89,088

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

INSURANCE

(continued)

3,612

Gallagher (Arthur J.) & Co

$

934,749

5,182

(a) Genworth Financial, Inc (Class A)

46,793

1,028

Globe Life, Inc

143,776

Goosehead Insurance, Inc

21,064

928

(a) Greenlight Capital Re Ltd (Class A)

13,530

564

(a) Hamilton Insurance Group Ltd

15,736

Hanover Insurance Group, Inc

86,999

3,986

Hartford Financial Services Group, Inc

549,271

HCI Group, Inc

23,194

(a) Heritage Insurance Holdings, Inc

9,188

(a) Hippo Holdings, Inc

11,130

637

Horace Mann Educators Corp

29,417

Investors Title Co

5,742

648

James River Group Holdings Ltd

4,121

911

Kemper Corp

36,932

Kinsale Capital Group, Inc

115,772

657

(a),(b)

Lemonade, Inc

46,765

1,867

Lincoln National Corp

83,137

2,242

Loews Corp

236,105

(a) Markel Corp

399,835

7,106

Marsh & McLennan Cos, Inc

1,318,305

1,028

(a) MBIA, Inc

7,360

Mercury General Corp

40,352

7,782

Metlife, Inc

614,311

579

(a) NI Holdings, Inc

7,701

3,323

Old Republic International Corp

151,662

3,027

(a) Oscar Health, Inc

43,498

(a) Palomar Holdings, Inc

52,691

515

Primerica, Inc

133,055

3,151

Principal Financial Group

277,950

820

(a) ProAssurance Corp

19,811

8,337

Progressive Corp

1,898,502

5,041

Prudential Financial, Inc

569,028

903

Reinsurance Group of America, Inc (Class A)

183,724

629

RenaissanceRe Holdings Ltd

176,850

1,200

RLI Corp

76,776

(a),(b)

Root, Inc

10,762

1,568

Ryan Specialty Holdings, Inc

80,956

Safety Insurance Group, Inc

17,686

1,030

Selective Insurance Group, Inc

86,180

1,153

(a) SiriusPoint Ltd

25,239

(a) Skyward Specialty Insurance Group, Inc

18,144

Stewart Information Services Corp

24,661

Tiptree, Inc

7,911

3,172

Travelers Cos, Inc

920,070

628

(a) Trupanion, Inc

23,468

United Fire Group, Inc

12,286

503

Universal Insurance Holdings, Inc

17,001

2,357

Unum Group

182,667

4,395

W.R. Berkley Corp

308,177

White Mountains Insurance Group Ltd

85,199

1,397

Willis Towers Watson plc

459,054

TOTAL INSURANCE

17,899,271

MATERIALS - 2.2%

AdvanSix, Inc

7,975

3,164

Air Products & Chemicals, Inc

781,571

1,837

Albemarle Corp

259,825

3,744

Alcoa Corp

198,956

(a) Alpha Metallurgical Resources, Inc

37,577

32,683

Amcor plc

272,576

(a),(b)

American Vanguard Corp

1,639

7,264

AngloGold Ashanti PLC

619,474

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

MATERIALS

(continued)

939

Aptargroup, Inc

$

114,520

1,615

Ardagh Metal Packaging S.A.

6,621

912

Ashland, Inc

53,507

767

(a) ASP Isotopes, Inc

4,103

821

(a) Aspen Aerogels, Inc

2,323

1,141

Avery Dennison Corp

207,525

1,490

Avient Corp

46,548

3,004

(a) Axalta Coating Systems Ltd

97,059

Balchem Corp

70,086

3,677

Ball Corp

194,771

520

Cabot Corp

34,466

Caledonia Mining Corp plc

6,150

1,299

Celanese Corp (Series A)

54,922

831

(a) Century Aluminum Co

32,559

2,472

CF Industries Holdings, Inc

191,184

2,145

Chemours Co

25,290

(a) Clearwater Paper Corp

4,541

7,384

(a) Cleveland-Cliffs, Inc

98,060

8,643

(a) Coeur Mining, Inc

154,105

1,719

Commercial Metals Co

118,989

532

(a) Compass Minerals International, Inc

10,448

1,802

(a) Constellium SE

33,968

9,739

Corteva, Inc

652,805

9,555

CRH plc

1,192,464

1,713

(a),(b)

Critical Metals Corp

11,888

1,481

Crown Holdings, Inc

152,499

1,053

(a) Dakota Gold Corp

5,981

10,963

Dow, Inc

256,315

5,839

DuPont de Nemours, Inc

234,728

Eagle Materials, Inc

101,480

1,608

Eastman Chemical Co

102,639

3,502

Ecolab, Inc

919,345

868

(a) Ecovyst, Inc

8,446

3,499

Element Solutions, Inc

87,440

1,510

FMC Corp

20,944

20,114

Freeport-McMoRan, Inc (Class B)

1,021,590

3,855

Graphic Packaging Holding Co

58,056

Greif, Inc (Class A)

26,741

Greif, Inc (Class B)

6,498

784

H.B. Fuller Co

46,617

Hawkins, Inc

40,345

9,435

Hecla Mining Co

181,058

3,269

Huntsman Corp

32,690

(a) Ingevity Corp

17,281

Innospec, Inc

28,549

3,821

International Flavors & Fragrances, Inc

257,497

7,433

International Paper Co

292,786

(a) Intrepid Potash, Inc

4,132

806

(a) Ivanhoe Electric, Inc

12,880

2,244

(a) James Hardie Industries plc

46,563

Kaiser Aluminum Corp

29,978

749

(a) Knife River Corp

52,692

Koppers Holdings, Inc

8,530

Kronos Worldwide, Inc

1,578

6,672

Linde plc

2,844,874

948

Louisiana-Pacific Corp

76,560

542

(a) LSB Industries, Inc

4,607

3,212

LyondellBasell Industries NV

139,080

875

Martin Marietta Materials, Inc

544,827

Materion Corp

37,296

Minerals Technologies, Inc

24,502

4,782

(a) Mosaic Co

115,198

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

MATERIALS

(continued)

1,657

(a) MP Materials Corp

$

83,712

Myers Industries, Inc

6,945

NewMarket Corp

65,290

15,818

Newmont Goldcorp Corp

1,579,427

3,868

(a) Novagold Resources, Inc

36,050

3,280

Nucor Corp

535,001

2,284

(a) O-I Glass, Inc

33,712

1,412

Olin Corp

29,412

Olympic Steel, Inc

6,974

1,050

Orion S.A.

5,544

1,266

Packaging Corp of America

261,087

2,514

(a) Perimeter Solutions, Inc

69,210

657

(a) Perpetua Resources Corp

15,906

3,116

PPG Industries, Inc

319,265

1,897

(a),(b)

PureCycle Technologies, Inc

16,295

Quaker Chemical Corp

27,599

(a),(b)

Ramaco Resources, Inc

6,768

564

(a) Ranpak Holdings Corp

3,051

877

(a) Rayonier Advanced Materials, Inc

5,166

673

Reliance Steel & Aluminum Co

194,410

1,171

Royal Gold, Inc

260,302

1,793

RPM International, Inc

186,472

Ryerson Holding Corp

6,844

1,019

Schweitzer-Mauduit International, Inc

12,381

716

Scotts Miracle-Gro Co (Class A)

41,779

1,816

Sealed Air Corp

75,237

804

Sensient Technologies Corp

75,536

3,276

Sherwin-Williams Co

1,061,522

1,204

(b) Silgan Holdings, Inc

48,605

7,872

Smurfit WestRock plc

304,410

2,261

(a) Solstice Advanced Materials, Inc

109,839

1,381

Sonoco Products Co

60,267

1,132

Southern Copper Corp

162,408

3,317

(a) SSR Mining, Inc

72,709

1,995

Steel Dynamics, Inc

338,053

Stepan Co

19,418

1,010

SunCoke Energy, Inc

7,272

(a) Sylvamo Corp

1,493

717

(a) TimkenSteel Corp

12,304

(a) Tredegar Corp

2,829

716

Trimas Corp

25,382

1,767

Tronox Holdings plc

7,368

United States Lime & Minerals, Inc

17,961

1,233

(a),(b)

USA Rare Earth, Inc

14,673

1,869

Vulcan Materials Co

533,076

816

Warrior Met Coal, Inc

71,947

Westlake Chemical Corp

24,178

702

Worthington Steel, Inc

24,303

TOTAL MATERIALS

20,320,709

MEDIA & ENTERTAINMENT - 9.2%

988

(a),(b)

Advantage Solutions, Inc

869

67,099

Alphabet, Inc

21,055,666

82,405

Alphabet, Inc (Class A)

25,792,765

2,686

(a) Altice USA, Inc

4,432

4,333

(a) AMC Entertainment Holdings, Inc

6,760

543

(a) AMC Networks, Inc

5,169

710

(a) Angi, Inc

9,180

(a),(b)

Atlanta Braves Holdings, Inc

7,223

632

(a) Atlanta Braves Holdings, Inc

24,932

(a),(b)

Boston Omaha Corp

4,701

1,441

(a) Bumble, Inc

5,144

Cable One, Inc

10,382

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

MEDIA & ENTERTAINMENT

(continued)

1,657

(a) Cargurus, Inc

$

63,546

1,131

(a) Cars.com, Inc

13,798

1,230

(a) Charter Communications, Inc

256,763

1,232

Cinemark Holdings, Inc

28,632

51,496

Comcast Corp (Class A)

1,539,215

(a),(b)

Daily Journal Corp

8,284

1,815

(a) DoubleVerify Holdings, Inc

20,764

1,719

(a) EchoStar Corp (Class A)

186,855

3,558

Electronic Arts, Inc

727,006

1,005

(b) Entravision Communications Corp (Class A)

2,945

1,205

(a) Eventbrite, Inc

5,362

(a) EverQuote, Inc

6,723

3,048

Fox Corp (Class A)

222,717

2,154

Fox Corp (Class B)

139,859

4,657

(a),(b)

fuboTV, Inc

11,736

2,328

(a),(b)

Gannett Co, Inc

11,989

1,547

Gray Television, Inc

7,488

(a) Grindr, Inc

4,157

1,354

(a) IAC, Inc

52,941

902

(a) IMAX Corp

33,338

693

John Wiley & Sons, Inc (Class A)

21,227

1,489

(a) Liberty Broadband Corp

72,365

(a) Liberty Broadband Corp (Class A)

4,973

869

(a) Liberty Live Holdings, Inc

72,266

(a) Liberty Live Holdings, Inc

31,133

(a) Liberty Media Corp-Liberty Formula One (Class A)

35,573

3,000

(a) Liberty Media Corp-Liberty Formula One (Class C)

295,530

2,655

(a) Lionsgate Studios Corp

24,240

2,320

(a) Live Nation, Inc

330,600

585

(a) Madison Square Garden Entertainment Corp

31,526

(a) Madison Square Garden Sports Corp

75,784

2,210

(a) Magnite, Inc

35,868

Marcus Corp

4,560

3,476

Match Group, Inc

112,240

(a) MediaAlpha, Inc

3,600

30,985

Meta Platforms, Inc

20,452,889

60,149

(a) Netflix, Inc

5,639,570

2,321

New York Times Co (Class A)

161,124

5,430

News Corp (Class A)

141,832

1,096

News Corp (Class B)

32,475

Nexstar Media Group, Inc

68,631

1,900

(a) Nextdoor Holdings, Inc

3,990

703

(a) NIQ Global Intelligence PLC

11,592

4,683

Omnicom Group, Inc

378,152

692

(a),(b)

Outbrain, Inc

8,286

(a) Pinterest, Inc

214,525

1,390

(a) Playstudios, Inc

906

896

Playtika Holding Corp

3,539

683

(a) PubMatic, Inc

6,058

1,085

(a) QuinStreet, Inc

15,591

1,670

(a) Reddit, Inc

383,883

(a) Reservoir Media, Inc

2,861

8,787

(a) ROBLOX Corp

712,011

1,784

(a) Roku, Inc

193,546

810

(a),(b)

Rumble, Inc

5,119

(a) Scholastic Corp

12,978

Shutterstock, Inc

6,991

862

Sinclair, Inc

13,189

2,484

Sirius XM Holdings, Inc

49,668

(a),(b)

Sphere Entertainment Co

47,160

2,188

(a) Spotify Technology S.A.

1,270,594

1,314

(a) Stagwell, Inc

6,425

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

MEDIA & ENTERTAINMENT

(continued)

(a) Starz Entertainment Corp

$

2,059

2,593

(a) Take-Two Interactive Software, Inc

663,886

(a) TechTarget, Inc

2,041

2,032

TEGNA, Inc

39,441

(a) Thryv Holdings, Inc

2,299

907

TKO Group Holdings, Inc

189,563

1,758

(a) TripAdvisor, Inc

25,597

1,632

(a) TrueCar, Inc

3,688

1,426

(a) Trump Media & Technology Group Corp

18,880

(a),(b)

Vivid Seats, Inc

25,552

Walt Disney Co

2,907,051

33,011

(a) Warner Bros Discovery, Inc

951,377

1,209

(a) Yelp, Inc

36,742

795

(a) Ziff Davis, Inc

27,944

1,228

(a) ZipRecruiter, Inc

4,789

4,927

(a) ZoomInfo Technologies, Inc

50,108

TOTAL MEDIA & ENTERTAINMENT

86,184,236

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%

1,510

(a) 10X Genomics, Inc

24,628

684

(a) 4D Molecular Therapeutics, Inc

5,130

25,204

AbbVie, Inc

5,758,862

2,077

(a) Acadia Pharmaceuticals, Inc

55,477

2,888

(a) Adaptive Biotechnologies Corp

46,901

3,230

(a) ADMA Biologics, Inc

58,915

4,145

Agilent Technologies, Inc

564,010

1,081

(a) Agios Pharmaceuticals, Inc

29,425

3,465

(a) Akebia Therapeutics, Inc

5,579

717

(a) Aldeyra Therapeutics, Inc

3,714

1,021

(a) Alector, Inc

1,593

2,120

(a) Alkermes plc

59,318

1,319

(a) Allogene Therapeutics, Inc

1,807

1,780

(a) Alnylam Pharmaceuticals, Inc

707,817

827

(a),(b)

Altimmune, Inc

2,985

524

(a),(b)

Alumis, Inc

5,114

7,705

Amgen, Inc

2,521,924

4,499

(a) Amicus Therapeutics, Inc

64,066

2,013

(a) Amneal Pharmaceuticals, Inc

25,364

552

(a) Amphastar Pharmaceuticals, Inc

14,783

1,055

(a) Amylyx Pharmaceuticals, Inc

12,744

(a) AnaptysBio, Inc

14,786

1,126

(a),(b)

Anavex Life Sciences Corp

4,009

(a) ANI Pharmaceuticals, Inc

20,367

(a) Anika Therapeutics, Inc

2,076

1,130

(a) Annexon, Inc

5,673

1,622

(a) Apellis Pharmaceuticals, Inc

40,745

655

(a) Apogee Therapeutics, Inc

49,439

1,513

(a) Arbutus Biopharma Corp

7,278

630

(a) Arcellx, Inc

41,076

607

(a),(b)

Arcturus Therapeutics Holdings, Inc

3,721

799

(a) Arcus Biosciences, Inc

19,040

1,658

(a) Arcutis Biotherapeutics, Inc

48,148

3,415

(a) Ardelyx, Inc

19,909

(a) ArriVent Biopharma, Inc

8,792

1,723

(a) Arrowhead Pharmaceuticals, Inc

114,390

552

(a),(b)

ARS Pharmaceuticals, Inc

6,431

937

(a) Arvinas, Inc

11,113

(a) Astria Therapeutics, Inc

5,563

1,067

(a),(b)

Atea Pharmaceuticals, Inc

3,809

1,175

(a),(b)

aTyr Pharma, Inc

920

(a) Aura Biosciences, Inc

1,842

2,219

(a) Aurinia Pharmaceuticals, Inc

35,393

1,424

(a) Avadel Pharmaceuticals plc

30,687

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

10,369

(a) Avantor, Inc

$

118,829

1,580

(a) Avidity Biosciences, Inc

113,965

(a),(b)

Avita Medical, Inc

1,428

533

(a) Axsome Therapeutics, Inc

97,347

1,068

(a) Beam Therapeutics, Inc

29,605

2,996

(a) BioCryst Pharmaceuticals, Inc

23,369

2,177

(a) Biogen, Inc

383,130

1,167

(a) Biohaven Ltd

13,175

571

(a) BioLife Solutions, Inc

13,807

2,848

(a) BioMarin Pharmaceutical, Inc

169,257

(a) Bio-Rad Laboratories, Inc (Class A)

95,442

2,406

Bio-Techne Corp

141,497

2,174

(a) Bridgebio Pharma, Inc

166,289

29,119

Bristol-Myers Squibb Co

1,570,679

894

(a),(b)

Brooks Automation, Inc

29,734

1,736

Bruker BioSciences Corp

81,783

2,009

(a),(b)

Candel Therapeutics, Inc

11,351

787

(a) Capricor Therapeutics, Inc

22,713

831

(a) CareDx, Inc

15,656

2,132

(a) Catalyst Pharmaceuticals, Inc

49,761

(a) Celcuity, Inc

42,090

777

(a) Celldex Therapeutics, Inc

21,103

668

(a) CG oncology, Inc

27,735

742

(a) Charles River Laboratories International, Inc

148,014

854

(a),(c)

Chinook Therapeutics, Inc

690

(a) ChromaDex Corp

4,388

(a) Cidara Therapeutics, Inc

60,745

5,038

(a) Codexis, Inc

8,212

1,952

(a) Cogent Biosciences, Inc

69,335

773

(a) Collegium Pharmaceutical, Inc

35,790

1,591

(a) Compass Therapeutics, Inc

8,544

1,298

(a) Corcept Therapeutics, Inc

45,170

889

(a),(b)

CorMedix, Inc

10,339

1,198

(a) Crinetics Pharmaceuticals, Inc

55,767

1,068

(a) CRISPR Therapeutics AG.

56,006

670

(a) CryoPort, Inc

6,432

(a) Cullinan Oncology, Inc

4,419

1,861

(a) Cytek Biosciences, Inc

9,398

1,742

(a) Cytokinetics, Inc

110,687

8,936

Danaher Corp

2,045,629

722

(a) Day One Biopharmaceuticals, Inc

6,729

1,799

(a) Denali Therapeutics, Inc

29,702

578

(a) Design Therapeutics, Inc

5,422

(a) Disc Medicine, Inc

23,744

1,903

(a) Dynavax Technologies Corp

29,268

1,256

(a) Dyne Therapeutics, Inc

24,567

1,121

(a) Edgewise Therapeutics, Inc

27,818

1,580

(a) Editas Medicine, Inc

3,239

7,744

(a) Elanco Animal Health, Inc

175,247

11,370

Eli Lilly & Co

12,219,112

(a) Enanta Pharmaceuticals, Inc

4,747

(a),(b)

Enliven Therapeutics, Inc

5,421

(a) Entrada Therapeutics, Inc

3,906

1,213

(a) Erasca, Inc

4,512

3,326

(a) Esperion Thereapeutics, Inc

12,306

(a),(b)

Eton Pharmaceuticals, Inc

7,390

533

(a) Evolus, Inc

3,544

2,598

(a) Exact Sciences Corp

263,853

3,387

(a) Exelixis, Inc

148,452

625

(a) EyePoint Pharmaceuticals, Inc

11,419

2,725

(a) Fate Therapeutics, Inc

2,678

(a) Foghorn Therapeutics, Inc

2,214

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

1,498

(a) Fortrea Holdings, Inc

$

25,841

800

(a) Fulcrum Therapeutics, Inc

9,048

7,738

(a) Geron Corp

10,214

17,593

Gilead Sciences, Inc

2,159,365

537

(a) Ginkgo Bioworks Holdings, Inc

4,462

(a) Gossamer Bio, Inc

1,463

(a) GRAIL, Inc

37,660

1,788

(a) Halozyme Therapeutics, Inc

120,332

(a) Harmony Biosciences Holdings, Inc

15,155

(a),(b)

Harrow Health, Inc

17,983

(a),(b)

Heron Therapeutics, Inc

1,440

(a) Humacyte, Inc

1,383

1,134

(a) Ideaya Biosciences, Inc

39,202

2,344

(a) Illumina, Inc

307,439

2,150

(a),(b)

ImmunityBio, Inc

4,257

800

(a) Immunome, Inc

17,184

892

(a) Immunovant, Inc

22,675

2,172

(a) Incyte Corp

214,528

1,524

(a) Indivior plc

54,681

(a),(b)

Inhibrx Biosciences, Inc

9,401

(a),(c)

Inhibrx, Inc

1,186

(a) Innoviva, Inc

23,708

2,972

(a) Insmed, Inc

517,247

1,443

(a),(b)

Intellia Therapeutics, Inc

12,973

2,335

(a) Ionis Pharmaceuticals, Inc

184,722

3,405

(a),(b)

Iovance Biotherapeutics, Inc

9,296

2,429

(a) IQVIA Holdings, Inc

547,521

Jade Biosciences, Inc

(a) Janux Therapeutics, Inc

6,003

780

(a) Jazz Pharmaceuticals plc

132,600

34,058

Johnson & Johnson

7,048,303

(a),(b)

KalVista Pharmaceuticals, Inc

6,299

(a) Keros Therapeutics, Inc

5,721

557

(a) Kodiak Sciences, Inc

15,574

(a) Krystal Biotech, Inc

93,685

1,038

(a) Kura Oncology, Inc

10,785

584

(a) Kymera Therapeutics, Inc

45,441

969

(a),(b)

Larimar Therapeutics, Inc

3,692

(a),(b)

LENZ Therapeutics, Inc

2,624

(a) Ligand Pharmaceuticals, Inc (Class B)

57,666

933

(a) Liquidia Corp

32,179

(a) Madrigal Pharmaceuticals, Inc

122,874

(a) Magenta Therapeutics, Inc

15,289

4,140

(a) MannKind Corp

23,474

1,760

(a) Maravai LifeSciences Holdings, Inc

5,720

1,600

(a) MaxCyte, Inc

2,480

(a) Maze Therapeutics, Inc

12,553

(a) MBX Biosciences, Inc

12,679

(a) Medpace Holdings, Inc

198,824

1,264

(a) MeiraGTx Holdings plc

10,049

35,943

Merck & Co, Inc

3,783,360

Mesa Laboratories, Inc

3,847

(a) Mettler-Toledo International, Inc

429,411

1,942

(a) MiMedx Group, Inc

13,147

948

(a) Mind Medicine MindMed, Inc

12,694

(a) Mineralys Therapeutics, Inc

7,802

(a) Mirum Pharmaceuticals, Inc

36,414

5,135

(a) Moderna, Inc

151,431

579

(a),(b)

Monte Rosa Therapeutics, Inc

9,079

1,296

(a) Myriad Genetics, Inc

7,970

1,833

(a) Natera, Inc

419,922

1,406

(a) Neurocrine Biosciences, Inc

199,413

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

1,017

(a),(b)

Nkarta, Inc

$

1,881

1,714

(a),(b)

Novavax, Inc

11,518

774

(a) Nurix Therapeutics, Inc

14,683

(a) Nuvalent, Inc

49,189

4,693

(a) Nuvation Bio, Inc

42,049

2,421

(a) Ocular Therapeutix, Inc

29,391

(a),(b)

Olema Pharmaceuticals, Inc

12,150

1,954

(a),(b)

Omeros Corp

33,560

(a),(c)

OmniAb Operations, Inc

(a),(c)

OmniAb Operations, Inc

1,496

(a) OmniAb, Inc

2,768

1,082

(a) Organogenesis Holdings, Inc

5,605

2,757

Organon & Co

19,768

684

(a) ORIC Pharmaceuticals, Inc

5,595

535

(a),(b)

Oruka Therapeutics, Inc

16,216

686

(a) Pacira BioSciences, Inc

17,754

(a) Palvella Therapeutics, Inc

10,467

1,832

PerkinElmer, Inc

177,246

1,306

Perrigo Co plc

18,180

81,119

Pfizer, Inc

2,019,863

(a),(b)

Phathom Pharmaceuticals, Inc

5,408

Phibro Animal Health Corp

10,946

(a) Praxis Precision Medicines, Inc

78,990

4,045

(a),(b)

Precigen, Inc

16,908

817

(a) Prestige Consumer Healthcare, Inc.

50,401

667

(a) Prime Medicine, Inc

2,314

892

(a) Protagonist Therapeutics, Inc

77,907

672

(a) Prothena Corp plc

6,418

1,091

(a) PTC Therapeutics, Inc

82,872

3,309

(b) QIAGEN NV

148,806

537

(a) Quanterix Corp

3,415

4,583

(a) Quantum-Si, Inc

5,041

(a) Rapport Therapeutics, Inc

11,954

4,449

(a),(b)

Recursion Pharmaceuticals, Inc

18,196

1,440

Regeneron Pharmaceuticals, Inc

1,111,493

696

(a) REGENXBIO, Inc

10,022

1,583

(a) Relay Therapeutics, Inc

13,392

754

(a) Repligen Corp

123,550

2,331

(a) REVOLUTION Medicines, Inc

185,664

818

(a) Rhythm Pharmaceuticals, Inc

87,559

(a) Rigel Pharmaceuticals, Inc

10,536

870

(a) Rocket Pharmaceuticals, Inc

3,054

5,899

(a) Roivant Sciences Ltd

128,008

5,021

Royalty Pharma plc

194,011

2,069

(a) Sana Biotechnology, Inc

8,421

1,450

(a) Sarepta Therapeutics, Inc

31,204

1,798

(a) Savara, Inc

10,842

1,134

(a) Scholar Rock Holding Corp

49,953

842

SIGA Technologies, Inc

5,145

(a) Sionna Therapeutics, Inc

9,380

531

(a) Soleno Therapeutics, Inc

24,585

1,436

(a) Sotera Health Co

25,331

538

(a),(b)

Spyre Therapeutics, Inc

17,625

622

(a) Stoke Therapeutics, Inc

19,742

1,658

(a),(b)

Summit Therapeutics, Inc

28,998

725

(a) Supernus Pharmaceuticals, Inc

36,033

1,070

(a) Syndax Pharmaceuticals, Inc

22,481

905

(a),(b)

Tango Therapeutics, Inc

8,018

501

(a) Tarsus Pharmaceuticals, Inc

41,022

4,750

(a) Taysha Gene Therapies, Inc

26,125

1,179

(a),(b)

Tempus AI, Inc

69,620

693

(a) Terns Pharmaceuticals, Inc

27,997

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

2,027

(a) TG Therapeutics, Inc

$

60,425

1,031

(a) Theravance Biopharma, Inc

19,290

5,390

Thermo Fisher Scientific, Inc

3,123,236

1,139

(a),(c)

Third Harmonic Bio, Inc

974

(a) Tonix Pharmaceuticals Holding Corp

15,214

940

(a) Travere Therapeutics, Inc

35,917

983

(a) Trevi Therapeutics, Inc

12,307

941

(a) Twist Bioscience Corp

29,849

(a),(b)

Tyra Biosciences, Inc

9,359

1,344

(a) Ultragenyx Pharmaceutical, Inc

30,912

621

(a) United Therapeutics Corp

302,582

(a),(b)

Upstream Bio, Inc

12,000

(a) UroGen Pharma Ltd

9,930

819

(a) Vanda Pharmaceuticals, Inc

7,224

1,691

(a) Vaxcyte, Inc

78,023

550

(a) Vera Therapeutics, Inc

27,852

1,155

(a) Veracyte, Inc

48,626

796

(a) Vericel Corp

28,664

3,679

(a) Vertex Pharmaceuticals, Inc

1,667,911

16,135

Viatris, Inc

200,881

1,580

(a),(b)

Viking Therapeutics, Inc

55,584

1,193

(a) Vir Biotechnology, Inc

7,194

609

(a) Viridian Therapeutics, Inc

18,952

(a),(b)

Voyager Therapeutics, Inc

1,949

891

(a) Waters Corp

338,429

909

(a) WaVe Life Sciences Ltd

15,453

1,076

West Pharmaceutical Services, Inc

296,051

962

(a) Xencor, Inc

14,728

712

(a) Xenon Pharmaceuticals, Inc

31,912

3,180

(a) Xeris Biopharma Holdings, Inc

24,963

597

(a),(b)

Zevra Therapeutics, Inc

5,349

6,366

Zoetis, Inc

800,970

888

(a) Zymeworks, Inc

23,381

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

59,399,183

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%

2,208

(a) Anywhere Real Estate, Inc

31,265

4,131

(a) CBRE Group, Inc

664,224

6,120

(a) Compass, Inc

64,688

6,012

(a) CoStar Group, Inc

404,247

3,367

(a) Cushman & Wakefield Ltd

54,512

1,235

(b) eXp World Holdings, Inc

11,177

(a) Forestar Group, Inc

5,911

(a) FRP Holdings, Inc

4,649

(a) Howard Hughes Holdings, Inc

27,281

680

(a) Jones Lang LaSalle, Inc

228,800

2,137

Kennedy-Wilson Holdings, Inc

20,665

Marcus & Millichap, Inc

11,080

(a) Maui Land & Pineapple Co, Inc

4,269

2,520

Newmark Group, Inc

43,697

(a) Re/Max Holdings, Inc

2,649

1,246

(a) Real Brokerage, Inc

4,548

RMR Group, Inc

7,405

(a),(b)

Seaport Entertainment Group, Inc

751

747

St. Joe Co

44,349

(a),(b)

Stratus Properties, Inc

3,675

(a) Tejon Ranch Co

4,226

(a) Transcontinental Realty Investors, Inc

10,610

567

(a) Zillow Group, Inc (Class A)

38,687

2,204

(a) Zillow Group, Inc (Class C)

150,357

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,843,722

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.5%

759

(a) ACM Research, Inc

29,943

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

22,856

(a) Advanced Micro Devices, Inc

$

4,894,841

(a) Aehr Test Systems

8,217

1,615

(a) Allegro MicroSystems, Inc

42,604

(a) Alpha & Omega Semiconductor Ltd

8,736

567

(a) Ambarella, Inc

40,166

1,705

Amkor Technology, Inc

67,313

7,010

Analog Devices, Inc

1,901,112

11,299

Applied Materials, Inc

2,903,730

1,809

(a) Astera Labs, Inc

300,945

510

(a) Axcelis Technologies, Inc

40,973

65,486

Broadcom, Inc

22,664,705

(a) Ceva, Inc

7,166

821

(a) Cirrus Logic, Inc

97,289

772

(a) Cohu, Inc

17,964

2,082

(a) Credo Technology Group Holding Ltd

299,579

836

(a) Diodes, Inc

41,248

1,966

(a) Enphase Energy, Inc

63,010

2,213

Entegris, Inc

186,445

1,375

(a) First Solar, Inc

359,191

1,150

(a) Formfactor, Inc

64,147

1,472

(a) GLOBALFOUNDRIES, Inc

51,402

(a) Ichor Holdings Ltd

7,999

(a) Impinj, Inc

60,207

2,044

(a),(b)

indie Semiconductor, Inc

7,215

62,622

(a) Intel Corp

2,310,752

1,864

KLA Corp

2,264,909

970

Kulicke & Soffa Industries, Inc

44,193

17,814

Lam Research Corp

3,049,401

1,951

(a) Lattice Semiconductor Corp

143,555

799

(a) MACOM Technology Solutions Holdings, Inc

136,853

12,190

Marvell Technology, Inc

1,035,906

1,137

(a) MaxLinear, Inc

19,818

7,872

Microchip Technology, Inc

501,604

15,823

Micron Technology, Inc

4,516,042

1,013

MKS Instruments, Inc

161,877

652

Monolithic Power Systems, Inc

590,947

1,749

(a),(b)

Navitas Semiconductor Corp

12,488

(b) NVE Corp

5,043

332,132

Nvidia Corp

61,942,618

6,217

(a) ON Semiconductor Corp

336,651

783

(a) Onto Innovation, Inc

123,604

(a) PDF Solutions, Inc

11,669

592

(a) Penguin Solutions, Inc

11,580

1,020

(a) Photronics, Inc

32,640

990

Power Integrations, Inc

35,185

2,919

Qnity Electronics, Inc

238,336

1,161

(a) Qorvo, Inc

98,116

15,201

QUALCOMM, Inc

2,600,131

1,355

(a) Rambus, Inc

124,511

4,628

(a),(b)

Rigetti Computing, Inc

102,510

1,200

(a) Semtech Corp

88,428

517

(a) Silicon Laboratories, Inc

67,572

(a) SiTime Corp

96,068

(a) SkyWater Technology, Inc

1,925

1,989

Skyworks Solutions, Inc

126,123

653

(a) Synaptics, Inc

48,335

2,323

Teradyne, Inc

449,640

12,877

Texas Instruments, Inc

2,234,031

789

(a) Ultra Clean Holdings

19,985

681

Universal Display Corp

79,527

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

729

(a) Veeco Instruments, Inc

$

20,835

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

117,849,555

SOFTWARE & SERVICES - 10.9%

1,702

(a) 8x8, Inc

3,353

978

A10 Networks, Inc

17,301

8,915

Accenture plc

2,391,894

1,575

(a) ACI Worldwide, Inc

75,301

1,587

Adeia, Inc

27,376

5,931

(a) Adobe, Inc

2,075,791

(a) Agilysys, Inc

47,536

1,831

(a) Akamai Technologies, Inc

159,755

790

(a) Alarm.com Holdings, Inc

40,306

641

(a),(b)

Alkami Technology, Inc

14,788

1,524

Amdocs Ltd

122,697

894

(a) Amplitude, Inc

10,353

(a) Appfolio, Inc

71,191

674

(a) Appian Corp

23,873

3,052

(a),(b)

Applied Digital Corp

74,835

3,389

(a) AppLovin Corp

2,283,576

1,411

(a) Asana, Inc

19,345

777

(a) ASGN, Inc

37,428

2,345

(a) Atlassian Corp Ltd

380,218

13,223

(a),(b)

Aurora Innovation, Inc

50,776

2,969

(a) Autodesk, Inc

878,854

2,036

(a) AvePoint, Inc

28,280

1,862

Bentley Systems, Inc

71,063

3,982

(a),(b)

BigBear.ai Holdings, Inc

21,503

1,087

(a) BigCommerce Holdings, Inc

4,478

1,385

(a) BILL Holdings, Inc

75,538

4,938

(a),(b)

Bit Digital, Inc

9,333

1,235

(a),(b)

Bitdeer Technologies Group

13,844

538

(a) Blackbaud, Inc

34,066

875

(a) BlackLine, Inc

48,379

4,515

(a) Blend Labs, Inc

13,726

2,369

(a) Box, Inc

70,857

862

(a) Braze, Inc

29,558

1,519

(a),(b)

C3.ai, Inc

20,476

3,880

(a) Cadence Design Systems, Inc

1,212,810

6,392

(a) CCC Intelligent Solutions Holdings, Inc

50,816

664

(a) Cerence, Inc

7,098

3,823

(a),(b)

Cipher Mining, Inc

56,427

676

(a) Circle Internet Group, Inc

53,607

3,480

(a),(b)

Cleanspark, Inc

35,218

1,277

Clear Secure, Inc

44,797

3,044

(a) Clearwater Analytics Holdings, Inc

73,421

4,404

(a) Cloudflare, Inc

868,249

6,993

Cognizant Technology Solutions Corp (Class A)

580,419

679

(a) Commvault Systems, Inc

85,119

3,788

(a) Confluent, Inc

114,549

(a) Consensus Cloud Solutions, Inc

5,782

3,902

(a) Core Scientific, Inc

56,813

3,508

(a) Crowdstrike Holdings, Inc

1,644,410

(a) CS Disco, Inc

3,337

4,416

(a) Datadog, Inc

600,532

(a),(b)

Digimarc Corp

2,283

1,549

(a) Digital Turbine, Inc

7,745

1,139

(a) DigitalOcean Holdings, Inc

54,809

2,984

(a) DocuSign, Inc

204,106

895

Dolby Laboratories, Inc (Class A)

57,477

549

(a),(b)

Domo, Inc

4,628

2,620

(a) Dropbox, Inc

72,836

4,081

(a),(b)

D-Wave Quantum, Inc

106,718

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

SOFTWARE & SERVICES

(continued)

2,153

(a) DXC Technology Co

$

31,541

4,449

(a) Dynatrace, Inc

192,820

543

(a) eGain Corp

5,587

1,268

(a) Elastic NV

95,658

718

(a) EPAM Systems, Inc

147,104

(a),(b)

EverCommerce, Inc

5,716

(a) Fair Isaac Corp

561,286

1,817

(a) Fastly, Inc

18,497

1,139

(a) Five9, Inc

22,837

8,933

(a) Fortinet, Inc

709,370

3,124

(a) Freshworks, Inc

38,269

1,070

(a) Gartner, Inc

269,940

7,650

Gen Digital, Inc

208,004

1,859

(a) Gitlab, Inc

69,768

671

(a) Globant S.A.

43,863

1,888

(a) GoDaddy, Inc

234,263

699

(a) Grid Dynamics Holdings, Inc

6,312

1,136

(a) Guidewire Software, Inc

228,347

Hackett Group, Inc

8,834

734

(a) HubSpot, Inc

294,554

1,256

(a),(b)

Hut 8 Corp

57,701

(a),(b)

I3 Verticals, Inc

7,053

(a) IBEX Holdings Ltd

4,276

Information Services Group, Inc

2,381

596

(a) Intapp, Inc

27,309

(b) InterDigital, Inc

102,518

13,195

International Business Machines Corp

3,908,491

3,837

Intuit, Inc

2,541,706

1,086

(a) Jamf Holding Corp

14,129

1,692

(a) Kaltura, Inc

2,775

3,355

(a) Kyndryl Holdings, Inc

89,109

(a),(b)

Life360, Inc

12,636

1,208

(a) LiveRamp Holdings, Inc

35,479

782

(a) Manhattan Associates, Inc

135,528

4,895

(a),(b)

Marathon Digital Holdings, Inc

43,957

105,247

Microsoft Corp

50,899,554

3,638

(a) MicroStrategy, Inc (Class A)

552,794

781

(a) Mitek Systems, Inc

8,240

1,102

(a) MongoDB, Inc

462,498

1,055

(a) N-able, Inc

7,891

1,156

(a) nCino OpCo, Inc

29,640

2,313

(a) NCR Corp

23,593

1,555

(a),(b)

NextNav, Inc

25,875

3,653

(a) Nutanix, Inc

188,824

2,287

(a) Okta, Inc

197,757

710

(a) ON24, Inc

5,652

634

OneSpan, Inc

8,141

(a) Ooma, Inc

4,281

23,889

Oracle Corp

4,656,205

571

(a) Pagaya Technologies Ltd

11,934

1,327

(a) PagerDuty, Inc

17,397

31,003

(a) Palantir Technologies, Inc

5,510,783

9,527

(a) Palo Alto Networks, Inc

1,754,873

(a),(b)

PAR Technology Corp

14,657

1,496

Pegasystems, Inc

89,341

(a) Porch Group, Inc

3,716

1,625

(a) Procore Technologies, Inc

118,203

766

(a) Progress Software Corp

32,907

1,723

(a) PTC, Inc

300,164

877

(a) Q2 Holdings, Inc

63,284

667

(a) Qualys, Inc

88,644

930

(a) Rapid7, Inc

14,136

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

SOFTWARE & SERVICES

(continued)

Red Violet, Inc

$

9,966

2,110

(a),(b)

Rezolve AI plc

5,423

1,545

(a) Rimini Street, Inc

5,995

1,417

(a) RingCentral, Inc

40,923

4,615

(a) Riot Platforms, Inc

58,472

1,506

Roper Industries, Inc

670,366

1,897

(a) Rubrik, Inc

145,083

536

(a),(b)

SailPoint, Inc

10,843

13,257

Salesforce, Inc

3,511,912

3,766

(a) Samsara, Inc

133,505

(a) SEMrush Holdings, Inc

4,138

3,816

(a) SentinelOne, Inc

57,240

14,600

(a) ServiceNow, Inc

2,236,574

4,659

(a) Snowflake, Inc

1,021,998

5,166

(a),(b)

SoundHound AI, Inc

51,505

(a) SoundThinking, Inc

2,465

1,168

(a) Sprinklr, Inc

9,087

904

(a) Sprout Social, Inc

10,188

599

(a) SPS Commerce, Inc

53,389

2,654

(a) Synopsys, Inc

1,246,637

1,778

(a) Tenable Holdings, Inc

41,836

1,844

(a) Teradata Corp

56,131

3,595

(a),(b)

Terawulf, Inc

41,307

6,568

(a) Trade Desk, Inc

249,321

(a),(b)

TSS, Inc

1,810

(a) Tucows, Inc

3,206

1,932

(a) Twilio, Inc

274,808

620

(a) Tyler Technologies, Inc

281,449

6,303

(a) UiPath, Inc

103,306

1,098

(a) Unisys Corp

3,030

4,707

(a) Unity Software, Inc

207,908

1,710

(a) Varonis Systems, Inc

56,088

1,236

VeriSign, Inc

300,286

823

(a) Vertex, Inc

16,435

945

(a) Viant Technology, Inc

11,378

514

(a) Weave Communications, Inc

3,901

3,039

(a) Workday, Inc

652,716

767

(a) Workiva, Inc

66,154

634

(a),(b)

Xperi, Inc

3,715

1,753

(a) Yext, Inc

14,129

2,537

(a) Zeta Global Holdings Corp

51,628

3,559

(a) Zoom Video Communications, Inc

307,106

1,377

(a) Zscaler, Inc

309,715

TOTAL SOFTWARE & SERVICES

102,863,328

TECHNOLOGY HARDWARE & EQUIPMENT - 8.2%

(a),(b)

908 Devices, Inc

1,995

806

(a) ADTRAN Holdings, Inc

7,004

617

Advanced Energy Industries, Inc

129,181

(a),(b)

Aeva Technologies, Inc

5,192

17,125

Amphenol Corp (Class A)

2,314,273

206,892

Apple, Inc

56,245,659

623

(a),(b)

Applied Optoelectronics, Inc

21,718

14,757

(a) Arista Networks, Inc

1,933,610

1,538

(a) Arlo Technologies, Inc

21,517

599

(a) Arrow Electronics, Inc

65,998

(a) Aviat Networks, Inc

3,635

1,087

Avnet, Inc

52,263

Badger Meter, Inc

76,392

(a) Bel Fuse, Inc (Class B)

21,373

636

Belden CDT, Inc

74,126

773

Benchmark Electronics, Inc

33,053

909

(a) Calix, Inc

48,113

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

1,922

CDW Corp

$

261,776

1,944

(a) Ciena Corp

454,643

56,307

Cisco Systems, Inc

4,337,328

(a) Clearfield, Inc

4,460

2,269

Cognex Corp

81,639

2,137

(a) Coherent Corp

394,426

1,818

(a) CommScope Holding Co, Inc

32,960

641

(a) CompoSecure, Inc

12,358

10,920

Corning, Inc

956,155

(a) Corsair Gaming, Inc

2,530

775

Crane NXT Co

36,479

CTS Corp

20,792

610

(a) Daktronics, Inc

12,060

4,338

Dell Technologies, Inc

546,067

(a) Diebold Nixdorf, Inc

24,508

(a) Digi International, Inc

17,316

830

(a) Eastman Kodak Co

7,022

ePlus, Inc

35,431

1,500

(a) Evolv Technologies Holdings, Inc

10,740

1,698

(a) Extreme Networks, Inc

28,272

822

(a) F5 Networks, Inc

209,824

545

(a) Fabrinet

248,128

4,974

(a) Flextronics International Ltd

300,529

1,454

(a) Harmonic, Inc

14,380

18,398

Hewlett Packard Enterprise Co

441,920

13,386

HP, Inc

298,240

(a) Insight Enterprises, Inc

37,721

4,754

(a),(b)

IonQ, Inc

213,312

549

(a) IPG Photonics Corp

39,308

678

(a) Itron, Inc

62,959

1,500

Jabil Inc

342,030

2,444

(a) Keysight Technologies, Inc

496,596

548

(a) Kimball Electronics, Inc

15,245

1,352

(a) Knowles Corp

28,973

Littelfuse, Inc

94,845

948

(a),(b)

Lumentum Holdings, Inc

349,423

569

(a) Methode Electronics, Inc

3,778

2,725

(a),(b)

MicroVision, Inc

2,257

2,874

(a),(b)

Mirion Technologies, Inc

67,309

2,394

Motorola Solutions, Inc

917,668

533

Napco Security Technologies, Inc

22,226

2,753

NetApp, Inc

294,819

505

(a) Netgear, Inc

12,388

1,389

(a) Netscout Systems, Inc

37,586

829

(a) nLight, Inc

31,096

592

(a) Novanta, Inc

70,442

(a) OSI Systems, Inc

71,417

679

(a) Ouster, Inc

14,694

PC Connection, Inc

11,321

521

(a) Plexus Corp

76,587

1,393

(a) Powerfleet, Inc

7,411

4,619

(a) Pure Storage, Inc

309,519

4,289

(a) Quantum Computing, Inc

44,005

1,657

Ralliant Corp

84,358

996

(a),(b)

Red Cat Holdings, Inc

7,898

1,053

(a) Ribbon Communications, Inc

3,033

(a) Rogers Corp

23,991

1,816

(a) SanDisk Corp

431,082

822

(a) Sanmina Corp

123,358

(a) Scansource, Inc

18,085

7,411

(a) Super Micro Computer, Inc

216,920

1,107

TD SYNNEX Corp

166,305

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

646

(a) Teledyne Technologies, Inc

$

329,932

3,286

(a) Trimble Inc

257,458

1,439

(a) TTM Technologies, Inc

99,291

(a) Turtle Beach Corp

4,223

Ubiquiti, Inc

28,774

1,868

(a) Viasat, Inc

64,371

2,645

(a) Viavi Solutions, Inc

47,134

2,099

Vishay Intertechnology, Inc

30,415

(a) Vishay Precision Group, Inc

11,589

2,108

Vontier Corp

78,375

4,924

Western Digital Corp

848,257

2,215

(b) Xerox Holdings Corp

5,250

725

(a) Zebra Technologies Corp (Class A)

176,045

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

76,576,164

TELECOMMUNICATION SERVICES - 0.8%

(a) Anterix, Inc

9,212

3,124

(a),(b)

AST SpaceMobile, Inc

226,896

98,081

AT&T, Inc

2,436,332

ATN International, Inc

5,723

(a) Bandwidth, Inc

5,840

772

Cogent Communications Group, Inc

16,644

3,199

(a) Frontier Communications Parent, Inc

121,786

1,815

(a),(c)

GCI Liberty, Inc

(a) GCI Liberty, Inc

11,051

(a) GCI Liberty, Inc

737

701

(a) Globalstar, Inc

42,789

987

(a) Gogo, Inc

4,599

IDT Corp

17,924

1,551

Iridium Communications, Inc

26,956

2,326

(a) Liberty Global Ltd

25,912

2,448

(a) Liberty Global Ltd

27,026

681

(a) Liberty Latin America Ltd (Class A)

5,033

2,483

(a) Liberty Latin America Ltd (Class C)

18,523

14,080

(a) Lumen Technologies, Inc

109,402

1,285

(a) Millicom International Cellular S.A.

71,240

869

Shenandoah Telecom Co

10,046

Spok Holdings, Inc

4,208

1,219

Telephone and Data Systems, Inc

49,979

6,842

T-Mobile US, Inc

1,389,200

2,207

(a) Uniti Group, Inc

15,471

59,777

Verizon Communications, Inc

2,434,717

TOTAL TELECOMMUNICATION SERVICES

7,087,264

TRANSPORTATION - 1.3%

1,857

(a) Alaska Air Group, Inc

93,407

(a) Allegiant Travel Co

22,852

(a) Amerco, Inc

7,108

9,378

(a) American Airlines Group, Inc

143,765

ArcBest Corp

31,457

(a),(b)

Avis Budget Group, Inc

33,107

1,731

CH Robinson Worldwide, Inc

278,276

(a) Costamare Bulkers Holdings Ltd

2,358

767

Costamare, Inc

12,111

Covenant Logistics Group, Inc

8,155

26,443

CSX Corp

958,559

9,118

Delta Air Lines, Inc

632,789

1,952

Expeditors International Washington, Inc

290,868

3,034

FedEx Corp

876,401

(a) Forward Air Corp

6,025

(a),(b)

Frontier Group Holdings, Inc

2,063

2,042

(b) FTAI Infrastructure, Inc

9,414

Genco Shipping & Trading Ltd

9,160

1,764

(a) GXO Logistics, Inc

92,857

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TRANSPORTATION

(continued)

728

Heartland Express, Inc

$

6,574

2,161

(a),(b)

Hertz Global Holdings, Inc

11,108

1,010

Hub Group, Inc (Class A)

43,036

1,145

JB Hunt Transport Services, Inc

222,519

5,315

(a) JetBlue Airways Corp

24,183

6,206

(a),(b)

Joby Aviation, Inc

81,919

877

(a) Kirby Corp

96,628

2,433

Knight-Swift Transportation Holdings, Inc

127,197

505

(a) Landstar System, Inc

72,569

5,632

(a) Lyft, Inc (Class A)

109,092

796

Marten Transport Ltd

9,058

Matson, Inc

39,536

3,144

Norfolk Southern Corp

907,736

2,766

Old Dominion Freight Line

433,709

(a) PAM Transportation Services, Inc

1,643

580

(a) Radiant Logistics, Inc

3,671

1,622

(a) RXO, Inc

20,502

582

Ryder System, Inc

111,389

1,291

Safe Bulkers, Inc

6,223

(a) Saia, Inc

138,771

932

Schneider National, Inc

24,726

547

(a) Skywest, Inc

54,924

6,759

Southwest Airlines Co

279,349

(a) Sun Country Airlines Holdings, Inc

5,511

28,357

(a) Uber Technologies, Inc

2,317,050

1,022

U-Haul Holding Co

47,768

8,374

Union Pacific Corp

1,937,074

4,515

(a) United Airlines Holdings, Inc

504,867

10,339

United Parcel Service, Inc (Class B)

1,025,525

(b) Universal Truckload Services, Inc

1,853

1,147

(a) Werner Enterprises, Inc

34,421

1,710

(a) XPO, Inc

232,406

TOTAL TRANSPORTATION

12,443,269

UTILITIES - 2.2%

9,453

AES Corp

135,556

3,722

Alliant Energy Corp

241,967

3,655

Ameren Corp

364,988

7,770

American Electric Power Co, Inc

895,959

American States Water Co

30,442

2,804

American Water Works Co, Inc

365,922

2,236

Atmos Energy Corp

374,821

580

Avista Corp

22,353

1,043

Black Hills Corp

72,405

1,571

Brookfield Infrastructure Corp

71,323

2,251

(b) Brookfield Renewable Corp

86,303

829

(a) Cadiz, Inc

4,651

934

California Water Service Group

40,470

8,763

Centerpoint Energy, Inc

335,973

Chesapeake Utilities Corp

44,664

545

Clearway Energy, Inc (Class A)

17,124

1,281

Clearway Energy, Inc (Class C)

42,606

4,154

CMS Energy Corp

290,489

5,088

Consolidated Edison, Inc

505,340

(a) Consolidated Water Co, Inc

9,458

4,425

Constellation Energy Corp

1,563,220

12,323

Dominion Energy, Inc

722,005

2,956

DTE Energy Co

381,265

11,040

Duke Energy Corp

1,293,998

5,289

(a) Edison International

317,446

6,384

Entergy Corp

590,073

3,407

Essential Utilities, Inc

130,693

3,168

Evergy, Inc

229,648

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

5,408

Eversource Energy

$

364,121

14,248

Exelon Corp

621,070

7,852

FirstEnergy Corp

351,534

572

Genie Energy Ltd

7,882

765

(a) Global Water Resources, Inc

6,464

(a) Hallador Energy Co

6,569

2,154

(a) Hawaiian Electric Industries, Inc

26,494

772

Idacorp, Inc

97,704

2,999

MDU Resources Group, Inc

58,540

685

MGE Energy, Inc

53,718

Middlesex Water Co

12,101

1,443

(a),(b)

Montauk Renewables, Inc

2,410

933

New Jersey Resources Corp

43,030

29,384

NextEra Energy, Inc

2,358,948

6,256

NiSource, Inc

261,251

666

Northwest Natural Holding Co

31,129

812

NorthWestern Corp

52,406

2,785

NRG Energy, Inc

443,483

2,668

OGE Energy Corp

113,924

1,461

(a) Oklo, Inc

104,841

919

ONE Gas, Inc

70,993

846

Ormat Technologies, Inc

93,458

743

Otter Tail Corp

60,042

31,893

PG&E Corp

512,520

1,604

Pinnacle West Capital Corp

142,275

1,358

PNM Resources, Inc

79,959

1,106

Portland General Electric Co

53,077

10,591

PPL Corp

370,897

7,169

Public Service Enterprise Group, Inc

575,671

(a) Pure Cycle Corp

2,747

(a) RGC Resources, Inc

4,068

9,323

Sempra Energy

823,128

SJW Corp

10,582

15,467

Southern Co

1,348,722

728

Southwest Gas Holdings Inc

58,255

880

Spire, Inc

72,776

654

(a) Talen Energy Corp

245,145

3,105

UGI Corp

116,220

537

Unitil Corp

26,012

4,811

Vistra Corp

776,159

4,628

WEC Energy Group, Inc

488,069

8,497

Xcel Energy, Inc

627,588

York Water Co

6,464

TOTAL UTILITIES

20,763,608

TOTAL COMMON STOCKS

(Cost $192,123,365)

930,513,762

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

RIGHTS/WARRANTS - 0.0%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

735

(c) AstraZeneca plc

02/20/29

854

(c) Chinook Therapeutics, Inc

01/02/30

1,048

(c) Novo Nordisk A.S.

02/25/26

681

(c) Tobira Therapeutics, Inc

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

926

TOTAL RIGHTS/WARRANTS

(Cost $918)

926

TOTAL LONG-TERM INVESTMENTS

(Cost $192,124,283)

930,514,688

See Notes to Financial Statements

Investments in Derivatives

SHARES

DESCRIPTION

RATE

EXP

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%

3,044,329

(f) State Street Navigator Securities Lending Government Money Market Portfolio

3.830%(g)

$

3,044,329

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $3,044,329)

3,044,329

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.0%

REPURCHASE AGREEMENT - 1.0%

$

9,540,000

(h) Fixed Income Clearing Corporation

.810

01/02/26

9,540,000

TOTAL REPURCHASE AGREEMENT

9,540,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $9,540,000)

9,540,000

TOTAL INVESTMENTS - 100.4%

(Cost $204,708,612)

943,099,017

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(3,346,252)

NET ASSETS - 100.0%

$

939,752,765

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,027,977.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

(d) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(e) When-issued or delayed delivery security.

(f) Investments made with cash collateral received from securities on loan.

(g) The rate shown is the one-day yield as of the end of the reporting period.

(h) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $9,542,019 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

3.750% and maturity date 6/30/27, valued at $9,730,834.

Futures Contracts - Long

Description

Number of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

S&P 500 E-Mini Index

03/20/26

$

9,299,994

$

9,304,875

$

4,881

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

22.1 Balanced

22.2 Core Bond

22.3 Core Equity

22.4 Growth Equity

ASSETS

Affiliated investments, at value

‡

$

70,060,633

$

–

$

–

$

–

Long-term investments, at value

\*†

–

210,081,017

221,363,756

200,083,632

Short-term investments, at value

#

71,000

2,303,000

634,000

283,000

Investments purchased with collateral from securities lending, at

value (cost approximates value)

–

529,399

–

362,306

Cash

158,512

Cash denominated in foreign currencies

^

–

–

–

–

Cash collateral at brokers for investments in mortgage dollar rolls

–

1,960,000

–

–

Receivables:

Dividends

–

1,056

68,758

27,582

Interest

1,754,616

Investments sold

127,041

34,898

–

1,562,595

Reclaims

–

1,723

2,257

10,774

Reimbursement from Adviser

5,795

16,520

10,929

6,124

Shares sold

–

121,284

10,754

Variation margin on centrally cleared swap contracts

–

–

–

Other

5,710

80,586

54,584

38,173

Total assets

70,270,482

217,043,076

222,145,434

202,374,793

LIABILITIES

Due to affiliates

1,570

1,677

1,682

1,669

Cash collateral due to broker

–

–

–

Cash overdraft

–

–

–

–

Borrowings

–

–

–

–

Unrealized depreciation on forward foreign currency contracts

–

–

–

Payables:

Management fees

5,947

54,656

84,947

77,087

Collateral from securities lending

–

529,399

–

362,306

Interest

–

–

–

–

Investments purchased - regular settlement

127,611

–

–

594,533

Investments purchased - when-issued/delayed-delivery

settlement

–

–

–

–

Shares redeemed

1,418

250,780

482,697

179,392

Variation margin on futures contracts

–

–

–

–

Accrued expenses:

Custodian fees

7,761

112,970

17,297

22,603

Professional fees

Shareholder reporting expenses

7,417

16,343

16,018

10,694

Shareholder servicing agent fees

Trustees fees

5,843

80,000

55,003

31,967

Other

6,569

15,859

11,592

10,431

Total liabilities

164,482

1,062,525

669,750

1,291,129

Net assets

$

70,106,000

$

215,980,551

$

221,475,684

$

201,083,664

NET ASSETS CONSIST OF:

Paid-in capital

$

54,227,638

$

233,259,221

$

110,104,477

$

67,407,719

Total distributable earnings (loss)

15,878,362

(17,278,670)

111,371,207

133,675,945

Net assets

$

70,106,000

$

215,980,551

$

221,475,684

$

201,083,664

Shares outstanding

5,232,023

23,238,995

9,982,294

7,805,633

Net asset value per share

$13.40

$9.29

$22.19

$25.76

\*

Includes securities loaned of

$

–

$

560,582

$

–

$

343,301

‡

Affiliated investments, cost

$

55,302,367

$

–

$

–

$

–

†

Long-term investments, cost

$

–

$

215,455,768

$

133,248,624

$

85,798,641

#

Short-term investments, cost

$

71,000

$

2,303,000

$

634,000

$

283,000

^

Cash denominated in foreign currencies, cost

$

–

$

–

$

–

$

–

Authorized shares - per class

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

.0001

$

.0001

$

.0001

$

.0001

See Notes to Financial Statements

22.5 International Equity

22.6 Large Cap

Responsible Equity

22.7 Large Cap Value

22.8 Money Market

22.9 Real Estate

Securities Select

23.01 Small Cap Equity

23.01 Stock Index

$

–

$

–

$

–

$

–

$

–

$

–

$

–

186,797,696

103,019,040

91,253,235

–

59,542,950

72,607,536

930,514,688

–

324,000

284,000

148,287,207

665,000

1,987,000

9,540,000

165,379

–

–

–

–

947,513

3,044,329

–

148,993

541

–

–

–

–

–

–

–

–

–

–

–

–

–

–

98,288

49,942

51,270

–

207,937

48,802

514,107

–

246,275

1,010

596,125

–

334,769

–

–

–

22,663

431,700

–

–

–

–

–

1,322

2,393

4,964

3,906

4,268

4,828

–

2,113

–

–

–

3,433

6,012

–

–

–

–

–

–

–

63,474

28,807

43,449

–

56,231

37,054

325,990

188,156,131

103,573,209

91,972,218

148,537,929

60,476,643

75,636,776

943,968,799

4,992

1,614

1,604

1,643

1,590

1,590

2,094

–

–

–

–

514

–

–

–

–

–

–

6,992

69,835

–

–

–

–

–

–

–

–

–

–

–

–

–

79,234

13,248

35,048

12,053

25,726

29,533

48,125

165,379

–

–

–

–

947,513

3,044,329

–

–

–

–

–

–

–

–

–

4,000,000

–

–

–

–

–

–

–

–

–

7,484

181,038

101,812

205,911

3,118,752

70,659

66,178

660,026

–

–

–

–

–

14,775

69,863

30,679

20,203

18,542

51,089

15,430

35,804

29,296

15,073

11,174

13,682

17,330

11,377

11,521

18,107

635

63,758

29,001

43,615

56,370

36,341

324,782

12,936

157,793

6,612

4,447

7,918

7,714

3,736

623,363

335,397

325,375

7,205,958

189,417

1,151,785

4,216,034

$

187,532,768

$

103,237,812

$

91,646,843

$

141,331,971

$

60,287,226

$

74,484,991

$

939,752,765

$

123,670,986

$

49,735,711

$

46,583,154

$

141,315,379

$

35,816,989

$

50,644,233

$

150,299,421

63,861,782

53,502,101

45,063,689

16,592

24,470,237

23,840,758

789,453,344

$

187,532,768

$

103,237,812

$

91,646,843

$

141,331,971

$

60,287,226

$

74,484,991

$

939,752,765

15,388,211

4,852,434

4,370,396

141,299,323

4,489,092

4,714,170

18,007,711

$12.19

$21.28

$20.97

$1.00

$13.43

$15.80

$52.19

$

157,691

$

–

$

–

$

–

$

–

$

1,077,548

$

5,027,977

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

115,871,718

$

51,705,169

$

52,523,356

$

–

$

38,160,479

$

55,221,010

$

192,124,283

$

–

$

324,000

$

284,000

$

148,287,207

$

665,000

$

1,987,000

$

9,540,000

$

$

–

$

–

$

–

$

–

$

–

$

–

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

$

.0001

$

.0001

$

.0001

$

.0001

$

.0001

$

.0001

$

.0001

Statement of Operations

See Notes to Financial Statements

Year Ended December 31, 2025

22.1 Balanced

22.2 Core Bond

22.3 Core Equity

22.4 Growth Equity

22.5 International

Equity

INVESTMENT INCOME

Affiliated income

$

–

$

–

$

58,661

$

21,830

$

11,776

Dividends from unaffiliated investments

–

4,225

2,143,774

935,719

4,800,243

Dividends from affiliated investments

1,800,315

–

–

–

–

Interest

2,494

9,922,434

30,191

47,302

140,613

Securities lending income, net

–

6,877

–

42,337

5,482

Tax withheld

–

–

–

(15,938)

(474,939)

Total investment income

1,802,809

9,933,536

2,232,626

1,031,250

4,483,175

EXPENSES

Management fees

66,705

619,775

951,973

850,344

835,587

Shareholder servicing agent fees

1,757

2,365

2,802

2,473

2,316

Administrative service fees

9,665

10,623

10,656

10,566

10,457

Trustees fees

603

1,926

1,991

1,768

1,527

Custodian expenses

7,868

112,313

18,022

23,132

48,475

Overdraft expense

1,005

–

–

1,932

Professional fees

14,801

41,409

26,173

25,596

34,838

Shareholder reporting expenses

27,787

31,830

30,623

31,385

31,908

Other

22,886

36,074

35,230

33,181

47,889

Total expenses

153,077

856,315

1,077,470

980,377

1,013,006

Expenses reimbursed by the investment adviser

(85,308)

(131,923)

–

–

(10,062)

Net expenses

67,769

724,392

1,077,470

980,377

1,002,944

Net investment income (loss)

1,735,040

9,209,144

1,155,156

50,873

3,480,231

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

–

(2,019,873)

22,726,444

20,242,393

2,988,659

Affiliated investments

687,207

–

–

–

–

Futures contracts

–

–

–

–

–

Forward foreign currency contracts

–

–

–

–

Swap contracts

–

(318,021)

–

–

–

Foreign currency transactions

–

(2,522)

620

(2,477)

(26,756)

Distributions from affiliated investments

1,821,441

–

–

–

–

Net realized gain (loss)

2,508,648

(2,340,394)

22,727,064

20,239,916

2,961,903

Change in unrealized appreciation (depreciation)

on:

Investments

–

7,432,841

3,509,519

7,029,037

40,120,970

Affiliated investments

3,759,991

–

–

–

–

Futures contracts

–

–

–

–

–

Forward foreign currency contracts

–

(5,204)

–

–

–

Swap contracts

–

32,894

–

–

–

Foreign currency translations

–

1,080

47,736

Net change in unrealized appreciation

(depreciation)

3,759,991

7,460,760

3,509,683

7,030,117

40,168,706

Net realized and unrealized gain (loss)

6,268,639

5,120,366

26,236,747

27,270,033

43,130,609

Net increase (decrease) in net assets from

operations

$

8,003,679

$

14,329,510

$

27,391,903

$

27,320,906

$

46,610,840

See Notes to Financial Statements

22.6 Large Cap

Responsible Equity

22.7 Large Cap

Value

22.8 Money Market

22.9 Real Estate

Securities Select

23.01 Small Cap

Equity

23.01 Stock Index

$

–

$

6,572

$

–

$

2,865

$

–

$

–

1,232,385

1,596,268

–

1,927,197

742,120

10,878,895

–

–

–

–

–

–

40,118

22,445

6,168,984

25,136

40,476

250,504

–

788

–

–

21,034

34,769

(2,330)

(6,230)

–

–

(3,712)

(4,282)

1,270,173

1,619,843

6,168,984

1,955,198

799,918

11,159,886

149,132

383,529

144,279

312,963

312,784

529,054

2,157

1,871

1,825

1,743

1,576

6,457

10,223

10,151

10,407

10,076

10,089

13,290

931

782

1,406

617

644

8,245

20,885

34,812

50,473

15,620

38,628

29,492

583

–

–

633

–

19,991

25,331

20,916

26,145

23,425

41,391

41,846

29,652

31,656

29,590

31,513

32,543

37,622

23,795

15,557

28,679

29,749

32,332

283,370

510,090

276,519

425,433

449,041

692,804

(64,001)

(66,609)

(58,202)

(68,555)

(87,916)

–

219,369

443,481

218,317

356,878

361,125

692,804

1,050,804

1,176,362

5,950,667

1,598,320

438,793

10,467,082

2,130,172

6,115,761

6,740

1,888,410

6,791,332

47,703,615

–

–

–

–

–

–

64,563

–

–

–

91,710

547,777

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

2,194,804

6,115,794

6,750

1,888,438

6,883,109

48,251,661

12,154,421

6,388,830

–

(2,306,247)

3,270,874

81,376,026

–

–

–

–

–

–

2,535

–

–

–

(33,567)

80,791

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

–

12,156,956

6,388,855

–

(2,306,247)

3,237,307

81,456,817

14,351,760

12,504,649

6,750

(417,809)

10,120,416

129,708,478

$

15,402,564

$

13,681,011

$

5,957,417

$

1,180,511

$

10,559,209

$

140,175,560

Statement of Changes in Net Assets

See Notes to Financial Statements

22.1 Balanced

22.2 Core Bond

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

1,735,040

$

1,648,436

$

9,209,144

$

8,821,753

Net realized gain (loss)

2,508,648

2,471,858

(2,340,394)

(2,934,408)

Net change in unrealized appreciation

(depreciation)

3,759,991

2,623,634

7,460,760

(637,689)

Net increase (decrease) in net assets from

operations

8,003,679

6,743,928

14,329,510

5,249,656

Distributions to shareholders

(4,455,481)

(3,150,395)

(8,718,397)

(7,706,663)

Total distributions

(4,455,481)

(3,150,395)

(8,718,397)

(7,706,663)

FUND SHARE TRANSACTIONS

Subscriptions

1,220,036

1,744,222

18,689,174

17,182,088

Reinvestments of distributions

4,454,579

3,149,775

8,718,150

7,706,438

Redemptions

(3,467,979)

(12,017,358)

(18,282,674)

(22,081,178)

Net increase (decrease) from Fund share

transactions

2,206,636

(7,123,361)

9,124,650

2,807,348

Net increase (decrease) in net assets

5,754,834

(3,529,828)

14,735,763

350,341

Net assets at the beginning of period

64,351,166

67,880,994

201,244,788

200,894,447

Net assets at the end of period

$

70,106,000

$

64,351,166

$

215,980,551

$

201,244,788

See Notes to Financial Statements

22.3 Core Equity

22.4 Growth Equity

22.5 International Equity

22.6 Large Cap Responsible Equity

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

$

1,155,156

$

1,820,259

$

50,873

$

122,458

$

3,480,231

$

2,935,484

$

1,050,804

$

1,094,263

22,727,064

26,757,676

20,239,916

8,531,169

2,961,903

4,256

2,194,804

11,196,315

3,509,683

22,727,138

7,030,117

34,768,755

40,168,706

1,944,525

12,156,956

3,181,668

27,391,903

51,305,073

27,320,906

43,422,382

46,610,840

4,884,265

15,402,564

15,472,246

(28,434,924)

(8,702,763)

(4,824,083)

(440,583)

(3,127,125)

(3,279,596)

(12,519,318)

(6,107,652)

(28,434,924)

(8,702,763)

(4,824,083)

(440,583)

(3,127,125)

(3,279,596)

(12,519,318)

(6,107,652)

6,697,936

14,935,449

15,331,220

19,308,576

16,274,462

15,446,204

2,816,960

8,110,708

28,432,925

8,702,193

4,824,082

440,583

3,127,125

3,279,596

12,517,552

6,106,805

(29,241,656)

(33,328,383)

(29,897,332)

(31,871,078)

(20,674,172)

(14,671,914)

(12,127,177)

(15,403,343)

5,889,205

(9,690,741)

(9,742,030)

(12,121,919)

(1,272,585)

4,053,886

3,207,335

(1,185,830)

4,846,184

32,911,569

12,754,793

30,859,880

42,211,130

5,658,555

6,090,581

8,178,764

216,629,500

183,717,931

188,328,871

157,468,991

145,321,638

139,663,083

97,147,231

88,968,467

$

221,475,684

$

216,629,50

$

201,083,664

$

188,328,871

$

187,532,768

$

145,321,638

$

103,237,812

$

97,147,231

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

(continued)

(continued)

Statement of Changes in Net Assets

(continued)

22.7 Large Cap Value

22.8 Money Market

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

1,176,362

$

1,219,700

$

5,950,667

$

6,735,393

Net realized gain (loss)

6,115,794

5,965,650

6,750

7,747

Net change in unrealized appreciation

(depreciation)

6,388,855

4,395,833

–

–

Net increase (decrease) in net assets from

operations

13,681,011

11,581,183

5,957,417

6,743,140

Distributions to shareholders

(7,205,778)

(6,685,760)

(5,950,678)

(6,735,853)

Total distributions

(7,205,778)

(6,685,760)

(5,950,678)

(6,735,853)

FUND SHARE TRANSACTIONS

Subscriptions

7,212,222

7,352,430

98,037,131

106,680,927

Reinvestments of distributions

7,204,672

6,684,727

5,950,654

6,736,745

Redemptions

(10,553,741)

(18,029,490)

(95,264,048)

(112,732,239)

Net increase (decrease) from Fund share

transactions

3,863,153

(3,992,333)

8,723,737

685,433

Net increase (decrease) in net assets

10,338,386

903,090

8,730,476

692,720

Net assets at the beginning of period

81,308,457

80,405,367

132,601,495

131,908,775

Net assets at the end of period

$

91,646,843

$

81,308,457

$

141,331,971

$

132,601,495

See Notes to Financial Statements

22.9 Real Estate Securities Select

23.01 Small Cap Equity

23.01 Stock Index

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

$

1,598,320

$

1,708,624

$

438,793

$

485,184

$

10,467,082

$

10,657,471

1,888,438

3,431,949

6,883,109

7,996,034

48,251,661

39,885,488

(2,306,247)

(2,061,932)

3,237,307

1,312,770

81,456,817

125,821,577

1,180,511

3,078,641

10,559,209

9,793,988

140,175,560

176,364,536

(3,332,576)

(1,870,883)

(8,993,673)

(1,345,173)

(49,608,644)

(23,783,232)

(3,332,576)

(1,870,883)

(8,993,673)

(1,345,173)

(49,608,644)

(23,783,232)

3,502,396

6,679,014

4,748,115

13,932,319

29,385,996

29,321,180

3,332,268

1,870,722

8,993,672

1,345,173

49,608,644

23,783,232

(9,106,381)

(15,499,743)

(10,968,870)

(19,154,324)

(104,102,395)

(106,939,594)

(2,271,717)

(6,950,007)

2,772,917

(3,876,832)

(25,107,755)

(53,835,182)

(4,423,782)

(5,742,249)

4,338,453

4,571,983

65,459,161

98,746,122

64,711,008

70,453,257

70,146,538

65,574,555

874,293,604

775,547,482

$

60,287,226

$

64,711,008

$

74,484,991

$

70,146,538

$

939,752,765

$

874,293,604

Financial Highlights

See Notes to Financial Statements

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

22.1 Balanced

12/31/25

$

12.71 $

0.34 $

1.25 $

1.59 $

(0.37)

$

(0.53)

$

(0.90)

$

13.40 12/31/24

12.07 0.31 0.95 1.26 (0.27)

(0.35)

(0.62)

12.71 12/31/23

11.01 0.25 1.44 1.69 (0.30)

(0.33)

(0.63)

12.07 12/31/22

14.29 0.20 (2.60)

(2.40)

(0.33)

(0.55)

(0.88)

11.01 12/31/21

13.57 0.22 1.10 1.32 (0.26)

(0.34)

(0.60)

14.29 22.2 Core Bond

12/31/25

9.05 0.41 0.22 0.63 (0.39)

—

(0.39)

9.29 12/31/24

9.15 0.40 (0.14)

0.26 (0.36)

—

(0.36)

9.05 12/31/23

8.89 0.37 0.17 0.54 (0.28)

—

(0.28)

9.15 12/31/22

10.56 0.27 (1.67)

(1.40)

(0.21)

(0.06)

(0.27)

8.89 12/31/21

11.10 0.22 (0.33)

(0.11)

(0.25)

(0.18)

(0.43)

10.56 22.3 Core Equity

12/31/25

22.41 0.12 2.86 2.98 (0.21)

(2.99)

(3.20)

22.19 12/31/24

18.12 0.19 5.01 5.20 (0.18)

(0.73)

(0.91)

22.41 12/31/23

17.53 0.19 5.08 5.27 (0.23)

(4.45)

(4.68)

18.12 12/31/22

26.06 0.23 (6.11)

(5.88)

(0.17)

(2.48)

(2.65)

17.53 12/31/21

21.40 0.15 5.19 5.34 (0.19)

(0.49)

(0.68)

26.06 22.4 Growth Equity

12/31/25

22.89 0.01 3.48 3.49 (0.02)

(0.60)

(0.62)

25.76 12/31/24

17.89 0.01 5.04 5.05 (0.05)

—

(0.05)

22.89 12/31/23

12.25 0.05 5.63 5.68 (0.04)

—

(0.04)

17.89 12/31/22

20.88 0.04 (6.92)

(6.88)

—

(1.75)

(1.75)

12.25 12/31/21

21.88 (0.02)

3.55 3.53 (0.06)

(4.47)

(4.53)

20.88 (a) Based on average shares outstanding.

(b) Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did,

returns for the shares of the Funds would have been lower.

(c) Total returns are not annualized.

(d) The Fund's ratios do not include the expenses or income of the Underlying Funds related to the Balanced Fund.

(e) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Net Assets,

End of

Period (000)

Gross

Expenses

(d) Net

Expenses

(d) Net

Investment

Income (Loss)

(d),(e)

Portfolio

Turnover

Rate

Portfolio

Turnover

Rate Excluding

Mortgage

Dollar Rolls

12.71 %

$

70,106

0.23 %

0.10 %

2.60 %

%

%

10.38 64,351

0.22 0.10 2.46 12

15.77 67,881

0.21 0.10 2.13 15

(16.59)

62,013

0.21 0.10 1.63 18

9.78 81,075

0.18 0.10 1.52 16

7.07 215,981

0.41 0.35 4.45 86

2.71 201,245

0.42 0.35 4.39 79

6.27 200,894

0.42 0.35 4.13 75

(13.21)

191,255

0.42 0.35 2.90 181

(0.99)

230,014

0.42 0.35 2.03 258

13.80 221,476

0.51 0.51 0.55 103

28.83 216,630

0.51 0.51 0.87 43

32.93 183,718

0.53 0.51 1.02 46

(22.24)

147,881

0.54 0.52 1.07 123

25.17 210,649

0.52 0.52 0.63 63

15.30 201,084

0.52 0.52 0.03 41

28.26 188,329

0.52 0.52 0.07 33

46.42 157,469

0.53 0.52 0.32 46

(32.92)

114,369

0.56 0.52 0.27 52

16.16 177,066

0.52 0.52 (0.09)

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

22.5 International Equity

12/31/25

$

.37

$

.24

$

.78

$

.02

$

(0

.20)

$

—

$

(0

.20)

$

.19

12/31/24

.24

.20

.15

.35

(0

.22)

—

(0

.22)

.37

12/31/23

.11

.21

.11

.32

(0

.19)

—

(0

.19)

.24

12/31/22

.11

.21

(1

.94)

(1

.73)

(0

.27)

—

(0

.27)

.11

12/31/21

.22

.27

.73

.00

(0

.11)

—

(0

.11)

.11

22.6 Large Cap Responsible Equity

12/31/25

.73

.23

.15

.38

(0

.26)

(2

.57)

(2

.83)

.28

12/31/24

.72

.23

.14

.37

(0

.31)

(1

.05)

(1

.36)

.73

12/31/23

.98

.29

.20

.49

(0

.25)

(0

.50)

(0

.75)

.72

12/31/22

.74

.26

(4

.50)

(4

.24)

(0

.24)

(2

.28)

(2

.52)

.98

12/31/21

.67

.23

.64

.87

(0

.23)

(0

.57)

(0

.80)

.74

22.7 Large Cap Value

12/31/25

.46

.28

.00

.28

(0

.31)

(1

.46)

(1

.77)

.97

12/31/24

.38

.29

.44

.73

(0

.32)

(1

.33)

(1

.65)

.46

12/31/23

.60

.29

.04

.33

(0

.29)

(0

.26)

(0

.55)

.38

12/31/22

.02

.27

(1

.73)

(1

.46)

(0

.23)

(0

.73)

(0

.96)

.60

12/31/21

.20

.21

.85

.06

(0

.24)

—

(0

.24)

.02

22.8 Money Market

12/31/25

.00

.04

—

.04

(0

.04)

—

(0

.04)

.00

12/31/24

.00

.05

—

.05

(0

.05)

(0

.00)

(e) (0

.05)

.00

12/31/23

.00

.05

.00

(e) 0

.05

(0

.05)

—

(0

.05)

.00

12/31/22

.00

.02

(0

.01)

.01

(0

.01)

—

(0

.01)

.00

12/31/21

.00

—

—

—

—

—

—

.00

(a) Based on average shares outstanding.

(b) Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did,

returns for the shares of the Funds would have been lower.

(c) Total returns are not annualized.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

(e) Value rounded to zero.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

(d) Portfolio

Turnover

Rate

.44

%

$

187,533

.61

%

.60

%

.21

%

%

.64

145,322

.61

.60

.00

.41

139,663

.61

.60

.41

(16

.70)

121,540

.63

.60

.50

.84

143,490

.61

.60

.71

.63

103,238

.29

.22

.06

.02

97,147

.26

.22

.14

.41

88,968

.29

.22

.69

(17

.83)

77,038

.29

.22

.37

.35

102,130

.26

.22

.09

.23

91,647

.60

.52

.38

.78

81,308

.60

.52

.45

.30

80,405

.60

.52

.70

(7

.10)

77,516

.60

.52

.55

.85

91,789

.58

.52

.19

.21

141,332

.19

.15

.12

—

.17

132,601

.21

.15

.05

—

.02

131,909

.20

.15

.91

—

.46

133,926

.21

.15

.55

—

.00

96,930

.22

.06

.00

—

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Total

From Net

Investment

Income

From Net

Realized

Gains

Total

Net Asset

Value,

End of

Period

22.9 Real Estate Securities Select

12/31/25

$

.93

$

.35

$

(0

.09)

$

.26

$

(0

.40)

$

(0

.36)

$

(0

.76)

$

.43

12/31/24

.65

.35

.33

.68

(0

.40)

—

(0

.40)

.93

12/31/23

.54

.35

.10

.45

(0

.34)

—

(0

.34)

.65

12/31/22

.94

.33

(6

.04)

(5

.71)

(0

.25)

(1

.44)

(1

.69)

.54

12/31/21

.53

.23

.48

.71

(0

.26)

(0

.04)

(0

.30)

.94

23.01 Small Cap Equity

12/31/25

.51

.10

.35

.45

(0

.17)

(1

.99)

(2

.16)

.80

12/31/24

.63

.11

.07

.18

(0

.14)

(0

.16)

(0

.30)

.51

12/31/23

.89

.11

.05

.16

(0

.11)

(0

.31)

(0

.42)

.63

12/31/22

.52

.11

(3

.05)

(2

.94)

(0

.08)

(2

.61)

(2

.69)

.89

12/31/21

.11

.07

.42

.49

(0

.08)

—

(0

.08)

.52

23.01 Stock Index

12/31/25

.11

.58

.36

.94

(0

.64)

(2

.22)

(2

.86)

.19

12/31/24

.17

.56

.67

.23

(0

.62)

(0

.67)

(1

.29)

.11

12/31/23

.88

.57

.58

.15

(0

.53)

(0

.33)

(0

.86)

.17

12/31/22

.02

.52

(8

.44)

(7

.92)

(0

.47)

(0

.75)

(1

.22)

.88

12/31/21

.13

.46

.00

.46

(0

.47)

(0

.10)

(0

.57)

.02

(a) Based on average shares outstanding.

(b) Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did,

returns for the shares of the Funds would have been lower.

(c) Total returns are not annualized.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Net Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

Net

Investment

Income (Loss)

(d) Portfolio

Turnover

Rate

.86

%

$

60,287

.68

%

.57

%

.55

%

%

.78

64,711

.66

.57

.55

.01

70,453

.65

.57

.76

(28

.62)

71,123

.63

.57

.09

.53

108,168

.61

.57

.37

.40

74,485

.66

.53

.64

.01

70,147

.63

.53

.71

.65

65,575

.64

.53

.86

(15

.63)

57,667

.66

.53

.78

.76

74,964

.62

.53

.44

.04

939,753

.08

.08

.19

.67

874,294

.10

.09

.27

.91

775,547

.08

.08

.60

(19

.18)

653,220

.09

.09

.48

.63

833,428

.08

.08

.22

Notes to Financial Statements

1. General Information

Trust and Fund Information:

TIAA-CREF Life Funds (the "Trust") is an open-end management investment company registered under

the Investment Company Act of 1940 ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or

individually, the "Fund"):

Current Fiscal Period:

The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to

Financial Statements is the fiscal year ended December 31, 2025 (the "current fiscal period").

Investment Adviser:

Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity

Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and

provides investment management services for the Funds.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United

States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent

events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance

in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services — Investment

Companies. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing security and common

share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of

the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is

a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Funds pay the members of the Board of Trustees ("Board") all of whom are independent, certain remuneration

for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees

that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from

certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in

shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for

compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred

compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received

from securities held in the Funds' portfolios. Distributions received from certain securities in which the Real Estate Securities Select

invest, most notably real estate investment trust ("REIT") securities, may be characterized for tax purposes as ordinary income,

long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per

year, generally during the first two months of the calendar year for the previous year. The distribution is included in the Fund's ordinary

income until such time the Fund is notified by the issuer of the actual tax character. For the current fiscal period, dividend income,

net realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of

ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities as of the current calendar year

end.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including

investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and

sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of

the transactions.

Fund Name

Short Name

Nuveen Life Balanced Fund

Balanced

Nuveen Life Core Bond Fund

Core Bond

Nuveen Life Core Equity Fund

Core Equity

Nuveen Life Growth Equity Fund

Growth Equity

Nuveen Life International Equity Fund

International Equity

Nuveen Life Large Cap Responsible Equity Fund

Large Cap International Equity

Nuveen Life Large Cap Value Fund

Large Cap Value

Nuveen Life Money Market Fund

Money Market

Nuveen Life Real Estate Securities Select Fund

Real Estate Securities Select

Nuveen Life Small Cap Equity Fund

Small Cap Equity

Nuveen Life Stock Index Fund

Stock Index

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the

amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange

restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-

local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more

reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated

securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than

the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency,

(ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the

transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books

of the

Funds

and the amounts actually received are recognized as a component of "Net realized gain (loss) from foreign currency

transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange

rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized

appreciation (depreciation) on foreign currency translations" on the Statement of Operations, when applicable. The unrealized

gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a

component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations,

when applicable.

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion

of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of

tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications:

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities

arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into

contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is

unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has

not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the trade date for financial reporting purposes.

Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income

is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after

the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers

and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific

identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a

reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be

considered return of capital distributions or capital gain distributions. Interest income also reflects payment-in kind ("PIK") interest,

paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master

repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar

arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain

securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that

counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a

counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or

repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in

these Notes to Financial Statements.

Segment Reporting:

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision

maker ("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible

for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment

strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio

composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations,

subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative

benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within

the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and

significant segment revenues and expenses are listed on the Statement of Operations.

Notes to Financial Statements

(continued)

New Accounting Pronouncement (ASU No. 2023-09):

In December 2023, the FASB issued Accounting Standard Update ("ASU") No.

2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the

amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related

to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods

beginning after December 15, 2024. During the current fiscal period, the Funds adopted the new guidance. See Note 7 for more

information.

New Accounting Pronouncement (ASU No. 2025-11):

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic

270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim

disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events

since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are

effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted

for all entities. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the

Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment

or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the

investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize

the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable

inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market

data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the

assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information

available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest

rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the

fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value

follows:

Prices of fixed-income securities are provided by pricing services approved by the Adviser, which is subject to review by the

Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration

of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or

indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other

information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly

less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity

provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported

sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered

investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the

principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events

affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when

the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the

Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are

applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official

closing price, these securities are generally classified as Level 2.

The Money Market Fund's portfolio securities are valued on an amortized cost basis. Money Market investments are generally

classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally

classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are

generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are

generally classified as Level 1.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the

pricing service using the procedures approved by the Adviser, subject to the oversight of the Board, and are classified as Level 2.

Swap contracts are marked-to-market daily based upon a price supplied by pricing services. Swaps are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the

valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in

good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair

value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may

be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of

investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security

dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including

the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be

classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the

inputs used to value them:

Fund

Level 1

Level 2

Level 3

Total

Balanced

Affiliated investment companies

$70,060,633

$—

$—

$70,060,633

Short-Term Investments

:

Repurchase agreement

—

71,000

—

71,000

Total

$70,060,633

$71,000

$—

$70,131,633

Core Bond

Long-Term Investments

:

Bank loan obligations

$—

$3,073,992

$—

$3,073,992

Corporate bonds

—

65,269,198

—

65,269,198

Government bonds

—

108,414,527

—

108,414,527

Preferred stocks

66,222

—

—

66,222

Structured assets

—

33,257,078

—

33,257,078

Investments purchased with collateral from securities lending

529,399

—

—

529,399

Short-Term Investments

:

Repurchase agreement

—

2,303,000

—

2,303,000

Investments in Derivatives

:

Credit default swap contracts\*

—

(8,275)

—

(8,275)

Forward foreign currency contracts\*

—

(8) —

(8) Total

$595,621

$212,309,512

$—

$212,905,133

Core Equity

Long-Term Investments

:

Common stocks

$221,363,756

$—

$—

$221,363,756

Short-Term Investments

:

Repurchase agreement

—

634,000

—

634,000

Total

$221,363,756

$634,000

$—

$221,997,756

Growth Equity

Long-Term Investments

:

Common stocks

$192,343,361

$7,740,271

$—

$200,083,632

Investments purchased with collateral from securities lending

362,306

—

—

362,306

Short-Term Investments

:

Repurchase agreement

—

283,000

—

283,000

Total

$192,705,667

$8,023,271

$—

$200,728,938

International Equity

Long-Term Investments

:

Common stocks

$13,293,673

$173,504,023

$—

$186,797,696

Investments purchased with collateral from securities lending

165,379

—

—

165,379

Total

$13,459,052

$173,504,023

$—

$186,963,075

Large Cap Responsible Equity

Long-Term Investments

:

Common stocks

$103,019,040

$—

$—

$103,019,040

Short-Term Investments

:

Repurchase agreement

—

324,000

—

324,000

Total

$103,019,040

$324,000

$—

$103,343,040

Notes to Financial Statements

(continued)

4. Portfolio Securities

Mortgage Dollar Roll Transactions:

Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities

for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified

future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the

interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between

the sales proceeds and the repurchase price is recorded as a realized gain or loss.

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take

possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction,

including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the

collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of

the current fiscal period, and the collateral delivered related to those repurchase agreements.

Fund

Level 1

Level 2

Level 3

Total

Large Cap Value

Long-Term Investments

:

Common stocks

$91,253,235

$—

$—

$91,253,235

Short-Term Investments

:

Repurchase agreement

—

284,000

—

284,000

Total

$91,253,235

$284,000

$—

$91,537,235

Money Market

Short-Term Investments:

Government agency debt

$

—

$

16,719,426

$

—

$

16,719,426

Repurchase agreement

—

64,898,000

—

64,898,000

Treasury debt

—

38,854,775

—

38,854,775

Variable rate securities

—

27,815,006

—

27,815,006

Total

$—

$148,287,207

$—

$148,287,207

Real Estate Securities Select

Long-Term Investments

:

Common stocks

$59,073,500

$—

$—

$59,073,500

Investment companies

469,450

—

—

469,450

Short-Term Investments

:

Repurchase agreement

—

665,000

—

665,000

Total

$59,542,950

$665,000

$—

$60,207,950

Small Cap Equity

Long-Term Investments

:

Common stocks

$72,605,584

$—

$—

$72,605,584

Rights/Warrants

—

—

1,952

1,952

Investments purchased with collateral from securities lending

947,513

—

—

947,513

Short-Term Investments

:

Repurchase agreement

—

1,987,000

—

1,987,000

Investments in Derivatives

:

Futures contracts\*

(52,720)

—

—

(52,720)

Total

$73,500,377

$1,987,000

$1,952

$75,489,329

Stock Index

Long-Term Investments

:

Common stocks

$930,513,387

$—

$375

$930,513,762

Rights/Warrants

—

—

926

926

Investments purchased with collateral from securities lending

3,044,329

—

—

3,044,329

Short-Term Investments

:

Repurchase agreement

—

9,540,000

—

9,540,000

Investments in Derivatives

:

Futures contracts\*

4,881

—

—

4,881

Total

$933,562,597

$9,540,000

$1,301

$943,103,898

\*

Represents net unrealized appreciation (depreciation).

Securities Lending:

Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A

Fund receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable

law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities

during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral

to the Fund, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at

the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. Cash

collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by

the securities lending agent ("Agent") for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and

Liabilities. Non-cash collateral is not disclosed in the Funds' Statement of Assets and Liabilities as it is held by the Agent or by a

third-party bank engaged by the Agent as a special "tri-party" custodian on behalf of the Funds, and the Funds do not have the ability

to sell or re-hypothecate those securities.

As of the end of the current fiscal period, securities lending transactions are for equity and fixed income securities, and the

resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the

Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the

Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, a Fund bears the market risk with

respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent

bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to

indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

As of the end of the current fiscal period, the total value of securities on loan and the total value of collateral received were as

follows:

Zero Coupon Securities:

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security.

Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at

issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities

generally are more volatile than the market prices of securities that pay interest periodically.

Fund

Counterparty

Short-term Investments,

at Value

Collateral Pledged

(From) Counterparty

Balanced

Fixed Income Clearing Corporation

$

71,000

$

(72,502)

Core Bond

Fixed Income Clearing Corporation

2,303,000

(2,349,071)

Core Equity

Fixed Income Clearing Corporation

634,000

(646,761)

Growth Equity

Fixed Income Clearing Corporation

283,000

(288,672)

Large Cap Responsible Equity

Fixed Income Clearing Corporation

324,000

(330,528)

Large Cap Value

Fixed Income Clearing Corporation

284,000

(289,700)

Money Market

Fixed Income Clearing Corporation

64,898,000

(66,196,109)

Real Estate Securities Select

Fixed Income Clearing Corporation

665,000

(678,333)

Small Cap Equity

Fixed Income Clearing Corporation

1,987,000

(2,026,771)

Stock Index

Fixed Income Clearing Corporation

9,540,000

(9,730,834)

Aggregate Value of Securities on Loan

Fund

Equity

Securities

Fixed Income

Securities

Cash Collateral

Received\*

Non-Cash Collateral

Received\*\*

Total Collateral

Received

22.2 Core Bond

$–

$560,582

$529,399

$50,345

$579,744

22.4 Growth Equity

343,301

–

362,306

–

362,306

22.5 International Equity

157,691

–

165,379

–

165,379

23.01 Small Cap Equity

1,077,548

–

947,513

166,733

1,114,246

23.01 Stock Index

5,027,977

–

3,044,329

2,184,418

5,228,747

\*May include cash and investment of cash collateral.

\*\*As of the end of the current fiscal period, the non-cash collateral received by the Funds was comprised of U.S. Treasury securities.

Notes to Financial Statements

(continued)

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-

delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so

purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases

commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund (other than Money Market) is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is

a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or

rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within

the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Futures Contracts:

Certain Funds are subject to equity price and interest rate risk in the normal course of pursuing their investment

objectives. The Fund listed below used futures contracts to manage exposure to the equity and bond markets and for cash

management purposes to remain highly invested in these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon

execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an

account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any,

are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and

Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain

or loss by "marking-to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis

representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" which are

recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the

contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on

the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized

appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying

the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value

of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

Forward Foreign Currency Contracts:

Certain Funds may use forward foreign currency contracts ("forward contracts") to hedge portfolio

currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing their

investment objectives.

Fund

Non-U.S. Government

Purchases

U.S. Government

Purchases

Non-U.S. Government

Sales

U.S. Government

Sales

22.1 Balanced

$

9,257,106

$

–

$

7,934,357

$

–

22.2 Core Bond

49,318,378

140,971,635

43,293,590

129,042,252

22.3 Core Equity

220,030,068

–

240,765,438

–

22.4 Growth Equity

77,412,430

–

91,873,031

–

22.5 International Equity

38,419,161

–

37,279,360

–

22.6 Large Cap Responsible Equity

33,632,467

–

41,574,966

–

22.7 Large Cap Value

22,745,089

–

25,149,155

–

22.9 Real Estate Securities Select

18,330,558

–

21,311,793

–

23.01 Small Cap Equity

50,672,790

–

57,849,778

–

23.01 Stock Index

13,667,626

–

83,160,469

–

Fund

Average Notional Amount of Futures Contracts Outstanding\*

22.6 Large Cap Responsible Equity

$

723,850

23.01 Small Cap Equity

868,139

23.01 Stock Index

6,669,818

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at

the end of each fiscal quarter within the current fiscal period.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified

date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty

in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all

details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily

and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statement of Assets and Liabilities.

The Funds realize gains and losses at the time the forward contracts are closed and are included on the Statement of Operations.

Risks may arise upon entering into forward contracts from unanticipated movements in the value of a foreign currency relative to the

U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets and Liabilities.

The average notional amount of forward contracts outstanding during the current fiscal period was as follows:

The following table presents the forward contracts subject to netting agreements and the collateral delivered related to those forward

contracts as of the end of the reporting period.

Credit Default Swap Contracts:

Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives.

The Funds invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate

the implementation of portfolio strategies to seek to increase the total return.

Credit default swap contracts involve one party making a stream of payments (buyer of protection) to another party (seller of

protection) in exchange for the right to receive a specified return if/when there is a credit event by a third party. Credit events are

agreement specific but may include bankruptcy, failure to pay, or restructuring. When a Fund has bought (sold) protection in a credit

default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) receive

(deliver) that security, or an equivalent amount of cash, from the counterparty in exchange for receipt (payment) of the notional

amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit default swap contract less the recovery value of

the referenced obligation or underlying securities comprising the referenced index. Payments paid (received) at the beginning of the

measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable.

Credit default swaps are "marked-to-market" on a daily basis to reflect the value of the swap agreement at the end of each trading

day and are recognized as unrealized appreciation (depreciation) on the Statement of Operations.

Credit default swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally

cleared"). For OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are

recognized as unrealized appreciation (depreciation) on credit default swaps on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial

margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial

margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement

of Assets and Liabilities. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in

the value of the swap contracts. These daily cash settlements are known as "variation margin" and are recognized on the Statement

of Assets and Liabilities as a receivable or payable for variation margin on credit default swaps.

The difference between the value of the security received (delivered) and the notional amount delivered (received) as well as

payments received or made as a result of a credit event or termination of a contract are recognized as realized gains or losses on the

Statement of Operations.

The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap

contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if

any, of the respective referenced entity.

The average notional amount of credit default swap contracts outstanding during the current fiscal period was as follows:

Fund

Average Notional Amount of Forward Contracts Outstanding\*

22.2 Core Bond

$

143,392

\*

The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal

quarter within the current fiscal period.

Fund

Counterparty

Gross

Unrealized

Appreciation on

Forward Foreign

Currency

Contracts\*

Gross

Unrealized

Depreciation on

Forward Foreign

Currency

Contracts\*

Net Unrealized

Appreciation

(Depreciation)

on Forward

Foreign Currency

Contracts

Collateral

Pledged

to (from)

Counterparty

Net

Exposure

Core Bond

Citibank N.A.

$

—

$

(8) $

(8) $

—

$

(8) \* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Notes to Financial Statements

(continued)

As of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the

Statement of Assets and Liabilities as follows:

\*

Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Fund's Portfolio of investments. The Statements of Assets

and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into

financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the

transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the

financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due

from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty

credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and

Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have

the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.

Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf

of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally,

when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a

value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored

and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Fund

Average Notional Amount of Swap Contracts Outstanding\*

22.2 Core Bond

$

7,900,000

\*

The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal

quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Core Bond

Forward foreign currency contracts

Foreign currency

exchange rate

-

$

–

Unrealized depreciation

on forward contracts

$

(8) Credit default swap contracts

Credit

-

–

Unrealized depreciation

on swap contracts

\*

(8,275)

Small Cap Equity

Futures contracts

Equity

-

–

Unrealized depreciation

on futures contracts

\*

(52,720)

Stock Index

Futures contracts

Equity

Unrealized appreciation

on futures contracts

\*

4,881

-

–

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in Unrealized

Appreciation

(Depreciation)

22.2 Core Bond

Forward foreign currency contracts

Foreign currency exchange rate

$

$

(5,204)

Swap contracts

Credit

(318,021)

32,894

22.6 Large Cap Responsible Equity

Futures contracts

Equity

64,563

2,535

23.01 Small Cap Equity

Futures contracts

Equity

91,710

(33,567)

23.01 Stock Index

Futures contracts

Equity

547,777

80,791

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Year Ended

12/31/25

Year Ended

12/31/24

22.1 Balanced

Shares

Value

Shares

Value

Subscriptions

91,748

$

1,220,036

138,683

$

1,744,222

Reinvestments of distributions

340,825

4,454,579

245,119

3,149,775

Redemptions

(262,028)

(3,467,979)

(948,463)

(12,017,358)

Net increase (decrease) from shareholder transactions

170,545

$

2,206,636

(564,661)

$

(7,123,361)

Year Ended

12/31/25

Year Ended

12/31/24

22.2 Core Bond

Shares

Value

Shares

Value

Subscriptions

2,011,192

$

18,689,174

1,876,370

$

17,182,088

Reinvestments of distributions

949,690

8,718,150

826,871

7,706,438

Redemptions

(1,969,430)

(18,282,674)

(2,407,198)

(22,081,178)

Net increase (decrease) from shareholder transactions

991,452

$

9,124,650

296,043

$

2,807,348

Year Ended

12/31/25

Year Ended

12/31/24

22.3 Core Equity

Shares

Value

Shares

Value

Subscriptions

301,472

$

6,697,936

705,757

$

14,935,449

Reinvestments of distributions

1,326,781

28,432,925

397,905

8,702,193

Redemptions

(1,312,269)

(29,241,656)

(1,575,751)

(33,328,383)

Net increase (decrease) from shareholder transactions

315,984

$

5,889,205

(472,089)

$

(9,690,741)

Year Ended

12/31/25

Year Ended

12/31/24

22.4 Growth Equity

Shares

Value

Shares

Value

Subscriptions

655,523

$

15,331,220

956,403

$

19,308,576

Reinvestments of distributions

191,812

4,824,082

20,675

440,583

Redemptions

(1,268,275)

(29,897,332)

(1,552,858)

(31,871,078)

Net increase (decrease) from shareholder transactions

(420,940)

$

(9,742,030)

(575,780)

$

(12,121,919)

Year Ended

12/31/25

Year Ended

12/31/24

22.5 International Equity

Shares

Value

Shares

Value

Subscriptions

1,507,166

$

16,274,462

1,574,300

$

15,446,204

Reinvestments of distributions

275,033

3,127,125

329,277

3,279,596

Redemptions

(1,900,123)

(20,674,172)

(1,504,680)

(14,671,914)

Net increase (decrease) from shareholder transactions

(117,924)

$

(1,272,585)

398,897

$

4,053,886

Year Ended

12/31/25

Year Ended

12/31/24

22.6 Large Cap Responsible Equity

Shares

Value

Shares

Value

Subscriptions

130,946

$

2,816,960

385,114

$

8,110,708

Reinvestments of distributions

605,590

12,517,552

296,303

6,106,805

Redemptions

(570,208)

(12,127,177)

(748,614)

(15,403,343)

Net increase (decrease) from shareholder transactions

166,328

$

3,207,335

(67,197)

$

(1,185,830)

Year Ended

12/31/25

Year Ended

12/31/24

22.7 Large Cap Value

Shares

Value

Shares

Value

Subscriptions

352,257

$

7,212,222

372,234

$

7,352,430

Reinvestments of distributions

357,907

7,204,672

339,844

6,684,727

Redemptions

(518,651)

(10,553,741)

(906,754)

(18,029,490)

Net increase (decrease) from shareholder transactions

191,513

$

3,863,153

(194,676)

$

(3,992,333)

Year Ended

12/31/25

Year Ended

12/31/24

22.8 Money Market

Shares

Value

Shares

Value

Subscriptions

98,037,131

$

98,037,131

106,680,927

$

106,680,927

Reinvestments of distributions

5,950,654

5,950,654

6,736,745

6,736,745

Redemptions

(95,264,048)

(95,264,048)

(112,732,239)

(112,732,239)

Net increase (decrease) from shareholder transactions

8,723,737

$

8,723,737

685,433

$

685,433

Notes to Financial Statements

(continued)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net

investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal

Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns

are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to

examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken

for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in

recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end,

permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution

reallocations, foreign currency transactions, investments in passive foreign investment companies, investments in underlying funds,

net operating losses, return of capital and long-term capital gain distributions received from portfolio investments, and treatment of

notional principal contracts. Temporary and permanent differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums

exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax

reporting, if applicable.

Year Ended

12/31/25

Year Ended

12/31/24

22.9 Real Estate Securities Select

Shares

Value

Shares

Value

Subscriptions

251,014

$

3,502,396

473,945

$

6,679,014

Reinvestments of distributions

246,470

3,332,268

125,805

1,870,722

Redemptions

(654,854)

(9,106,381)

(1,116,360)

(15,499,743)

Net increase (decrease) from shareholder transactions

(157,370)

$

(2,271,717)

(516,610)

$

(6,950,007)

Year Ended

12/31/25

Year Ended

12/31/24

23.01 Small Cap Equity

Shares

Value

Shares

Value

Subscriptions

310,154

$

4,748,115

931,594

$

13,932,319

Reinvestments of distributions

593,250

8,993,672

87,292

1,345,173

Redemptions

(713,151)

(10,968,870)

(1,305,768)

(19,154,324)

Net increase (decrease) from shareholder transactions

190,253

$

2,772,917

(286,882)

$

(3,876,832)

Year Ended

12/31/25

Year Ended

12/31/24

23.01 Stock Index

Shares

Value

Shares

Value

Subscriptions

601,116

$

29,385,996

669,384

$

29,321,180

Reinvestments of distributions

979,054

49,608,644

523,053

23,783,232

Redemptions

(2,131,497)

(104,102,395)

(2,432,705)

(106,939,594)

Net increase (decrease) from shareholder transactions

(551,327)

$

(25,107,755)

(1,240,268)

$

(53,835,182)

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net Unrealized

Appreciation

(Depreciation)

22.1 Balanced

$58,627,395

$15,638,768

$(4,134,530)

$11,504,238

22.2 Core Bond

218,331,494

2,863,888

(8,290,249)

(5,426,361)

22.3 Core Equity

134,430,051

89,797,987

(2,230,282)

87,567,705

22.4 Growth Equity

87,370,699

117,531,394

(4,173,155)

113,358,239

22.5 International Equity

116,980,439

75,131,747

(5,149,111)

69,982,636

22.6 Large Cap Responsible Equity

52,878,173

52,288,622

(1,823,755)

50,464,867

22.7 Large Cap Value

53,757,422

39,173,294

(1,393,481)

37,779,813

22.8 Money Market

148,287,207

–

–

–

22.9 Real Estate Securities Select

39,110,116

22,068,670

(970,836)

21,097,834

23.01 Small Cap Equity

58,528,364

20,711,912

(3,750,947)

16,960,965

23.01 Stock Index

210,591,406

752,720,264

(20,207,772)

732,512,492

As of year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was as follows:

As of year end, the Funds had capital loss carryforwards, which will not expire:

As of year end, the Funds utilized the following capital loss carryforwards:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year

Loss Deferrals

Other

Book-to-Tax

Differences

Total

22.1 Balanced

$1,927,873

$2,451,962

$11,504,238

$–

$–

$(5,711)

$15,878,362

22.2 Core Bond

9,040,766

–

(5,426,250)

(20,816,097)

–

(77,089)

(17,278,670)

22.3 Core Equity

1,101,200

22,749,428

87,567,729

–

–

(47,150)

111,371,207

22.4 Growth Equity

–

20,348,536

113,359,018

–

–

(31,609)

133,675,945

22.5 International Equity

4,043,153

–

70,007,534

(10,125,448)

–

(63,457)

63,861,782

22.6 Large Cap Responsible Equity

1,986,850

1,079,190

50,464,867

–

–

(28,806)

53,502,101

22.7 Large Cap Value

1,434,380

5,892,954

37,779,804

–

–

(43,449)

45,063,689

22.8 Money Market

16,587

–

–

–

–

16,592

22.9 Real Estate Securities Select

1,601,076

1,827,559

21,097,834

–

–

(56,232)

24,470,237

23.01 Small Cap Equity

509,212

6,406,793

16,960,965

–

–

(36,212)

23,840,758

23.01 Stock Index

11,215,807

46,048,135

732,512,491

–

–

(323,089)

789,453,344

12/31/25

12/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Ordinary

Income

Long-Term

Capital Gains

22.1 Balanced

$

2,225,147

$

2,230,334

$

1,532,580

$

1,617,815

22.2 Core Bond

8,718,397

–

7,706,663

–

22.3 Core Equity

2,946,071

25,488,853

5,399,214

3,303,549

22.4 Growth Equity

148,930

4,675,153

440,583

–

22.5 International Equity

3,127,125

–

3,279,596

–

22.6 Large Cap Responsible Equity

3,065,744

9,453,574

1,882,244

4,225,408

22.7 Large Cap Value

1,317,048

5,888,730

2,464,209

4,221,551

22.8 Money Market

5,950,678

–

6,735,812

22.9 Real Estate Securities Select

1,839,866

1,492,710

1,870,883

–

23.01 Small Cap Equity

1,151,774

7,841,899

608,145

737,028

23.01 Stock Index

12,779,290

36,829,354

11,667,382

12,115,850

Fund

Short-Term

Long-Term

Total

22.1 Balanced

$

–

$

–

$

–

22.2 Core Bond

10,717,515

10,098,582

20,816,097

22.3 Core Equity

–

–

–

22.4 Growth Equity

–

–

–

22.5 International Equity

2,512,891

7,612,557

10,125,448

22.6 Large Cap Responsible Equity

–

–

–

22.7 Large Cap Value

–

–

–

22.8 Money Market

–

–

–

22.9 Real Estate Securities Select

–

–

–

23.01 Small Cap Equity

–

–

–

23.01 Stock Index

–

–

–

Fund

Utilized

22.1 Balanced

$–

22.2 Core Bond

–

22.3 Core Equity

–

22.4 Growth Equity

–

22.5 International Equity

2,875,702

22.6 Large Cap Responsible Equity

–

22.7 Large Cap Value

–

22.8 Money Market

–

22.9 Real Estate Securities Select

–

23.01 Small Cap Equity

–

23.01 Stock Index

–

Notes to Financial Statements

(continued)

The following table presents income taxes paid by the Funds in foreign jurisdictions during the current fiscal period. The Funds did not

pay any other income taxes.

8. Management Fees and Other Transactions with Affiliates

Management Fees:

The Adviser provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement

between the Adviser and the Funds. The Funds have also entered into an Administrative Service Agreement with the Adviser under

which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser

has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year

period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the

Funds under the Administrative Services Agreement.

The management fee schedule for each Fund, other than Balanced, Large Cap Responsible Equity, Money Market and Stock Index,

consists of two components: a Fund-level fee, based only on the amount of assets within a Fund, and a complex-level fee, based on

the aggregate amount of all eligible assets managed by the Adviser and Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"). For

Balanced, Large Cap Responsible Equity, Money Market and Stock Index, the advisory fee schedule consists of one component, a

Fund-level fee, based on the amount of assets within a Fund.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other

transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of the end of

the current fiscal period, the investment management fees and maximum expense amounts (after waivers and reimbursements) are

equal to the following noted annual percentage of average daily net assets:

Fund

Balanced

Core

Bond

Core

Equity

Growth

Equity

International

Equity

Large

Cap

Responsible

Equity

Large

Cap

Value

Money

Market

Real

Estate

Securities

Select

Small Cap

Equity

Stock

Index

Income taxes by foreign jurisdictions:

Austria

$–

$–

$–

$–

$(2,800)

$–

$–

$–

$–

$–

$–

Brazil

–

–

–

–

11,630

–

–

–

–

–

–

Canada

–

–

–

1,973

–

–

–

–

–

1,860

2,470

Denmark

–

–

–

7,069

27,629

–

–

–

–

–

–

Finland

–

–

–

–

23,926

–

–

–

–

–

–

France

–

–

–

–

64,579

–

4,255

–

–

–

–

Germany

–

–

–

–

50,860

–

–

–

–

–

–

India

–

–

–

–

1,597

–

–

–

–

–

–

Indonesia

–

–

–

–

5,527

–

–

–

–

–

–

Israel

–

–

–

–

–

–

–

–

–

–

Italy

–

–

–

5,407

32,963

–

–

–

–

–

–

Japan

–

–

–

–

74,970

–

–

–

–

–

–

Luxembourg

–

–

–

–

–

–

–

–

–

926

640

Mexico

–

–

–

–

10,516

–

–

–

–

–

–

Netherlands

–

–

–

–

65,225

2,312

1,998

–

–

–

Puerto Rico

–

–

–

–

–

–

–

–

–

968

542

South Korea

–

–

–

–

7,479

–

–

–

–

–

–

Spain

–

–

–

–

51,143

–

–

–

–

–

–

Switzerland

–

–

(2,922)

(68) 91,376

–

–

–

–

–

–

Taiwan

–

–

–

4,106

5,894

–

–

–

–

–

–

Total income taxes

paid, net of refunds

$–

$–

$(2,922)

$18,487

$522,514

$2,312

$6,253

$–

$–

$3,754

$3,847

Fund

Fund-Level Fee

Maximum Expense Amounts‡

22.1 Balanced

0.10%

0.10%

22.2 Core Bond

0.14 0.35 22.3 Core Equity

0.29 0.52 22.4 Growth Equity

0.29 0.52 22.5 International Equity

0.34 0.60 22.6 Large Cap Responsible Equity

0.15 0.22 22.7 Large Cap Value

0.29 0.52 22.8 Money Market

0.10 0.15 22.9 Real Estate Securities Select

0.34 0.57 23.01 Small Cap Equity

0.30 0.53 23.01 Stock Index

0.06 0.09 121

For each Fund subject to the complex-level fee, each Fund's overall complex-level fee begins at a maximum rate of 0.1600% of a

Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum

management fee rate for each such Fund is the Fund-level fee plus 0.1600%. The complex-level fee rate for each such Fund is

determined by taking the current overall complex-level fee rate and applying that rate to all eligible assets of the Fund. With respect

to the assets of each such Fund that are not eligible assets, those assets are subject to the maximum complex-level fee rate

(0.1600%). As of May 1, 2025, 21% of the net assets of each such Fund are eligible assets, and that percentage will increase

annually until May 1, 2033, at which time eligible assets will include all of the net assets of a Fund. The current overall complex-level

fee schedule is as follows:

As of the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost

of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly.

This income received by the Funds, which is disclosed below, is recognized in "Affiliated Income" on the Statement of Operations and

any amounts due to the Funds at the end of the reporting period are recognized in "Reimbursement from Adviser" on the Statement

of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an

affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-

trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity

by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies

with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent

pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security

transactions with affiliated entities:

‡

Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and

extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2026. The reimbursement arrangements can only be changed with

the approval of the Board.

Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600%

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 \*

The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen-branded open-end funds

("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in

the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible

Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and

fixed income Nuveen Mutual Funds advised by the Adviser (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time

eligible assets will include all of the aggregate net assets of Adviser-advised active equity and fixed income Nuveen Mutual Funds (except those identified above). Eligible

assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the

closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender

option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to

an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

For Balanced, Large Cap Responsible Equity, Money Market and Stock Index, the management fee schedule consists of one component, a Fund-level fee, based on the

amount of assets within a Fund.

Fund

Complex-Level Fee

22.2 Core Bond

0.1592%

22.3 Core Equity

0.1592%

22.4 Growth Equity

0.1592%

22.5 International Equity

0.1592%

22.7 Large Cap Value

0.1592%

22.9 Real Estate Securities Select

0.1592%

23.01 Small Cap Equity

0.1592%

Fund

Value

22.3 Core Equity

$58,661

22.4 Growth Equity

21,830

22.5 International Equity

11,776

22.7 Large Cap Value

6,572

22.9 Real Estate Securities Select

2,865

Notes to Financial Statements

(continued)

Affiliated Owned Shares:

As of the end of the fiscal period, certain registered separate accounts of Nuveen Life, which is a wholly

owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.The following is the percentage of the Funds' shares

owned by affiliates as of the end of the current fiscal period:

Affiliated Investment Companies:

Investments in other investment companies advised by the Adviser are deemed to be affiliated

investments. Balanced invests its assets in shares of the affiliated Nuveen Life Funds. A complete schedule of the portfolio holdings

for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is

available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available

for each of the affiliated investments at https://www.tiaa.org/public/prospectuses, or upon request by calling (800) 842-2252.

Information regarding transactions with affiliated investment companies is as follows:

9. Borrowing Arrangements

Line of Credit:

The Funds (other than Balanced and Money Market) along with certain funds managed by the Adviser or by an affiliate

of the Adviser ("Participating Funds"), have established a 364-day, $2.7 billion standby credit facility with a group of lenders, under

which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes). Each

Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below)

based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its

anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the

other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

Fund

Purchases

Sales

Realized Gain (Loss)

Core Equity

$

1,110,614

$

1,147,491

$

206,970

Growth Equity

670,804

1,976,792

541,778

International Equity

3,735,543

–

–

Large Cap Responsible Equity

967,999

81,235

(12,253)

Large Cap Value

–

66,456

12,093

Small Cap Equity

77,209

26,797

23,805

Stock Index

–

235,111

10,978

Underlying Fund

Investments in funds

held by TIAA

Investments in funds

held by Life Balanced

Total

22.1 Balanced

%

–

%

%

22.2 Core Bond

22.3 Core Equity

22.4 Growth Equity

22.5 International Equity

22.6 Large Cap Responsible Equity

–

22.7 Large Cap Value

22.8 Money Market

–

22.9 Real Estate Securities Select

23.01 Small Cap Equity

23.01 Stock Index

Issue

Value at

12/31/24

Purchases

Cost

Sales

Proceeds

Realized

Gain (Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Value at

12/31/25

Shares at

12/31/25

Dividend

Income

Capital Gain

Distributions

Balanced

Nuveen Life Funds:

Core Bond

$

32,247,276

$

4,399,574

$

2,533,964

$

(238,497)

$

1,117,596

$

34,991,985

3,766,629

$

1,410,029

$

–

Core Equity

6,404,378

1,515,212

943,977

83,985

(81,465)

6,978,133

314,472

59,955

842,839

Growth Equity

6,283,903

745,905

1,244,915

345,490

453,054

6,583,437

255,568

4,856

152,424

International Equity

6,413,110

329,342

1,418,832

260,609

1,517,148

7,101,377

582,558

121,972

–

Large Cap Value

5,256,645

981,596

639,879

2,027

422,438

6,022,827

287,212

83,699

398,485

Real Estate

Securities Select

1,283,581

321,724

160,763

(1,089)

(45,857)

1,397,596

104,065

39,217

35,305

Small Cap Equity

1,261,309

396,918

308,581

14,428

29,135

1,393,209

88,178

13,491

161,184

Stock Index

5,140,484

566,835

683,446

220,254

347,942

5,592,069

107,148

67,096

231,204

$64,290,686

$9,257,106

$7,934,357

$687,207

$3,759,991

$70,060,633

5,505,830

$1,800,315

$1,821,441

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to

the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per

annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component

of "Interest expense" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which

are recognized as a component of "Interest expense" on the Statement of Operations, and along with commitment fees, have been

allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them

and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Funds utilized this facility. The Fund's maximum outstanding balance during the

utilization period was as follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual

interest rate on the Borrowings were as follows:

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and

Liabilities.

Fund

#### Maximum

#### Outstanding

#### Balance
Balanced

$

—

Core Bond

—

Core Equity

—

Growth Equity

—

International Equity

69,835

Large Cap Responsible Equity

—

Large Cap Value

—

Money Market

—

Real Estate Securities Select

—

Small Cap Equity

—

Stock Index

—

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Balanced

—

$

—

—

%

Core Bond

—

—

—

Core Equity

—

—

—

Growth Equity

—

—

—

International Equity

69,835

4.84 Large Cap Responsible Equity

—

—

—

Large Cap Value

—

—

—

Money Market

—

—

—

Real Estate Securities Select

—

—

—

Small Cap Equity

—

—

—

Stock Index

—

—

—

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided

to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The

amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after

calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from Section 1250

gains and net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the

dividends received deduction for corporate shareholders:

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:

Fund

Section 1250 Gains

Net Long-Term Capital

Gains

22.1 Balanced

$

–

$

2,230,334

22.2 Core Bond

–

–

22.3 Core Equity

–

25,488,853

22.4 Growth Equity

–

4,675,153

22.5 International Equity

–

–

22.6 Large Cap Responsible Equity

–

9,453,574

22.7 Large Cap Value

–

5,888,730

22.8 Money Market

–

–

22.9 Real Estate Securities Select

85,085

1,4

,

625

23.01 Small Cap Equity

–

7,841,899

23.01 Stock Index

–

36,829,354

Fund

Percentage

22.1 Balanced

10.0 %

22.2 Core Bond

—

22.3 Core Equity

64.4 22.4 Growth Equity

100.0 22.5 International Equity

—

22.6 Large Cap Responsible Equity

36.4 22.7 Large Cap Value

100.0 22.8 Money Market

—

22.9 Real Estate Securities Select

0.4 23.01 Small Cap Equity

45.6 23.01 Stock Index

75.5 Fund

Foreign

Source Income

Foreign

Source Income

Per Share

Qualifying

Foreign

Taxes Paid

Qualifying

Foreign Taxes

Paid per Share

22.1 Balanced

$

—

$

—

$

—

$

—

22.2 Core Bond

—

—

—

—

22.3 Core Equity

—

—

—

—

22.4 Growth Equity

—

—

—

—

22.5 International Equity

4,022,257

0.26139 386,442

0.02511 22.6 Large Cap Responsible Equity

—

—

—

—

22.7 Large Cap Value

—

—

—

—

22.8 Money Market

—

—

—

—

22.9 Real Estate Securities Select

—

—

—

—

23.01 Small Cap Equity

—

—

—

—

23.01 Stock Index

—

—

—

—

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The Funds do not pay any remuneration to their officers. Remuneration paid to trustees, officers and Teachers Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is included in the Statement of Operations under the line items "Trustees fees", "Management fees" and "Administrative service fees" as part of the financial statements filed under Item 7 of this Form N-CSR.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees implemented after the Registrant last provided disclosure in response to this Item.

------

**Item 16.** **Controls and Procedures.** <br>

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

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| | |
|:---|:---|
|  (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-842-2252 and there were no amendments during the period covered by this report. |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d83091dex99a3.htm) |
|  (a)(4) | Not applicable. |
|  (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d83091dex99b.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>TIAA-CREF Life Funds</u> 

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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## Ex-99.(A)(3)

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.(B)

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of TIAA-CREF Life Funds (the "Registrant") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---