# EDGAR Filing Document

**Accession Number:** 0000777535
**File Stem:** 0001193125-25-196738
**Filing Date:** 2025-9
**Character Count:** 1293524
**Document Hash:** c19957c8f08777dfd58888c8fe025892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196738.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196738

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLLEGE RETIREMENT EQUITIES FUND
- **CENTRAL INDEX KEY:** 0000777535

**ORGANIZATION NAME:**
- **EIN:** 136022042
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04415
- **FILM NUMBER:** 251295315

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129164905

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

## Series and Classes Contracts Data

### Stock Account (Series ID: S000005080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154473 | Class R1     | QCSTRX          |
| C000154474 | Class R2     | QCSTPX          |
| C000154475 | Class R3     | QCSTIX          |
| C000234671 | Class R4     | QCSTFX          |

### Global Equities Account (Series ID: S000005081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154476 | Class R1     | QCGLRX          |
| C000154477 | Class R2     | QCGLPX          |
| C000154478 | Class R3     | QCGLIX          |
| C000234672 | Class R4     | QCGLFX          |

### Growth Account (Series ID: S000005082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154479 | Class R1     | QCGRRX          |
| C000154480 | Class R2     | QCGRPX          |
| C000154481 | Class R3     | QCGRIX          |
| C000234673 | Class R4     | QCGRFX          |

### Equity Index Account (Series ID: S000005083)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154482 | Class R1     | QCEQRX          |
| C000154483 | Class R2     | QCEQPX          |
| C000154484 | Class R3     | QCEQIX          |
| C000234674 | Class R4     | QCEQFX          |

### Core Bond Account (Series ID: S000005084)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154485 | Class R1     | QCBMRX          |
| C000154486 | Class R2     | QCBMPX          |
| C000154487 | Class R3     | QCBMIX          |
| C000234675 | Class R4     | QCBMFX          |

### Inflation-Linked Bond Account (Series ID: S000005085)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154488 | Class R1     | QCILRX          |
| C000154489 | Class R2     | QCILPX          |
| C000154490 | Class R3     | QCILIX          |
| C000234676 | Class R4     | QCILFX          |

### Social Choice Account (Series ID: S000005086)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154491 | Class R1     | QCSCRX          |
| C000154492 | Class R2     | QCSCPX          |
| C000154493 | Class R3     | QCSCIX          |
| C000234677 | Class R4     | QSCCFX          |

### Money Market Account (Series ID: S000005087)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154494 | Class R1     | QCMMRX          |
| C000154495 | Class R2     | QCMMPX          |
| C000154496 | Class R3     | QCMMIX          |
| C000234678 | Class R4     | QCMMFX          |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number 811-04415

College Retirement Equities Fund

(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.

College Retirement Equities Fund

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 490-9000</u>

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

Date of reporting period: <u>June</u> <u>30, 2025</u>

------

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

------

![LOGO](g53660g69y15.jpg)

**This semi-annual report contains the Accounts' unaudited financial statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account Name** | **Class R4** | **Class R3** | **Class R2** | **Class R1** |
|  CREF Stock Account | QCSTFX | QCSTIX | QCSTPX | QCSTRX |
|  CREF Global Equities Account | QCGLFX | QCGLIX | QCGLPX | QCGLRX |
|  CREF Growth Account | QCGRFX | QCGRIX | QCGRPX | QCGRRX |
|  CREF Equity Index Account | QCEQFX | QCEQIX | QCEQPX | QCEQRX |
|  CREF Core Bond Account | QCBMFX | QCBMIX | QCBMPX | QCBMRX |
|  CREF Inflation-Linked Bond Account | QCILFX | QCILIX | QCILPX | QCILRX |
|  CREF Social Choice Account | QSCCFX | QCSCIX | QCSCPX | QCSCRX |
|  CREF Money Market Account | QCMMFX | QCMMIX | QCMMPX | QCMMRX |

---

![LOGO](g53660g19m56.jpg)

------

## **Table of Contents**

---

| | |
|:---|:---|
|  **[Important Notices](#sar53660_1)** | **3** |
|  **[Letter to CREF Participants](#sar53660_2)** | **4** |
|  **[About the Accounts' Benchmarks](#sar53660_3)** | **6** |
|  **[Account Performance](#sar53660_4)** | **8** |
|  **[Expense Examples](#sar53660_5)** | **16** |
|  **[Summary Portfolios of Investments](#sar53660_6)** | **18** |
|  **[Statement of Assets and Liabilities](#sar53660_7)** | **40** |
|  **[Statement of Operations](#sar53660_8)** | **42** |
|  **[Statement of Changes in Net Assets](#sar53660_9)** | **44** |
|  **[Financial Highlights](#sar53660_10)** | **48** |
|  **[Notes to Financial Statements](#sar53660_11)** | **64** |
|  **[Additional Account Information](#sar53660_12)** | **81** |
|  **[Approval of Investment Management Agreement](#sar53660_13)** | **82** |
|  **[Liquidity Risk Management Program](#sar53660_14)** | **88** |
|  **[Additional Information About Index Providers](#sar53660_15)** | **89** |

---

------

## Important Notices
**Name changes:** Effective November 30, 2025, the following Accounts will have a name change:

• CREF Stock Account to CREF Total Global Stock Account

• CREF Equity Index Account to CREF S&P 500 Index Account

• CREF Social Choice Account to CREF Responsible Balanced Account

**CREF Social Choice Account benchmark name change:** Effective November 30, 2025, the Account's composite index name will change from CREF Social Choice Account Composite Index to CREF Responsible Balanced Account Composite Index.

**CREF Stock Account and CREF Equity Index Account benchmark changes:** Effective May 1, 2025, benchmark changes for the Accounts are as follows:

• **CREF Stock Account:** CREF Stock Account Composite Index (which is comprised of 65% Russell 3000 Index (domestic
equities) and 35% MSCI ACWI ex USA IMI (foreign equities)) to the MSCI ACWI IMI.

• **CREF Equity Index Account:** Russell 300 Index to the S&P 500 Index due to a corresponding change in the
Account's investment strategy from tracking the Russell 3000 Index to the tracking the S&P 500 Index. The Account's performance for periods prior to May 1, 2025, reflects an investment strategy that tracked the Russell 3000
Index.

**Proposals for action at CREF's 2026 participant meeting:** We anticipate that the next meeting of participants will be held in 2026; however, the exact date, time and location of such meeting have yet to be determined. Proposals submitted by or on behalf of participants pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 for inclusion in the proxy materials for a potential 2026 participant meeting must be received by the CREF Corporate Secretary no earlier than October 9, 2025 and no later than February 6, 2026. The submission of a proposal does not assure its inclusion in CREF's proxy statement or presentation at the meeting. Unless CREF is notified by April 22, 2026 of other matters that may be properly brought before a potential 2026 participant meeting by or on behalf of participants, the persons named in the proxy will have the discretion to vote on those matters as they see fit.

------

---

| | |
|:---|:---|
|  ![LOGO](g53660g60i15.jpg) <br>Colbert Narcisse | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Letter to CREF Participants**<br>**Diversification may provide some balance during shifting market environments** <br> Financial markets generated positive returns in the first half of 2025. Yet, it was by no means smooth sailing to get there. The year began with the Trump administration unveiling broad increases to U.S. tariffs on nearly every major trading partner, resulting in sharp swings in the equity markets and uncertainty surrounding economic growth. By May, global trade talks brought some clarity to investors, steadying stocks and erasing earlier losses. However, volatility crept back into the financial markets in June as the conflict between Israel and Iran escalated, igniting concerns about prolonged geopolitical tensions and tempering investor sentiment.<br> The road ahead may continue to be bumpy at times and how investors react to those bumps can make all the difference. Adhering to a well-thought-out financial plan that includes a diversified portfolio of asset classes may be difficult during turbulent times. However, we believe this can be a prudent strategy to help investors navigate through the inevitable ups and downs of the financial markets. Nevertheless, please keep in mind that past performance cannot guarantee future results, and diversification does not guarantee against market losses.<br>**Overview of the markets and economy**<br> U.S. and international stock markets advanced for the six-month period despite ongoing geopolitical turmoil and uncertainty regarding tariff policy. The U.S. economy contracted by an annual rate of 0.5% in the first quarter of 2025, primarily due to a deceleration in consumer spending and a downturn in government expenditures. However, economies of the 20-nation euro area and China expanded during the same period, despite trade tensions with the United States, which have clouded the outlook for growth for the remainder of 2025. Global central banks had varying monetary policy decisions during the six months. The U.S. Federal Reserve left interest rates unchanged at 4.25%–4.50%, citing low unemployment and somewhat elevated inflation. However, the European Central Bank lowered its suite of benchmark rates on multiple occasions, and the Bank of England decreased its benchmark rate twice to 4.25%.<br>**Stocks and bonds posted gains**<br> For the six-month period, U.S. stocks, as represented by the S&P 500<sup>®</sup>Index, gained 6.20%. International equities, as measured by the MSCI EAFE<sup>®</sup>Index, advanced 19.45%. The U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 4.02% as yields on U.S. fixed-income securities declined across most maturities. Bond yields move in the opposite direction of prices.<br>**CREF performance review**<br> All CREF Accounts\* posted gains for the first six months of 2025. Generally, stocks outperformed bonds, and international equities surpassed U.S. stocks. However, account performance was mixed when compared to their respective benchmarks. The Stock Account gained 9.60% but trailed the 9.82% return of the MSCI All Country World (ACWI) Investable Market Index (IMI). The Global Equities Account rose 9.19% but underperformed the 10.05% return of the MSCI All Country World Index. The Social Choice Account, which is a balanced portfolio with equity and fixed income components that incorporates environmental, social and governance (ESG) and impact criteria, advanced 8.70% and outperformed the returns of its Composite benchmark and the Morningstar Moderate Target Risk Index at 7.74% and 8.66%, respectively. The Growth Account returned 6.51% and exceeded the 6.09% return of the Russell 1000<sup>®</sup>Growth Index. The passively managed Equity Index Account gained 5.60% but lagged the 6.20% return of the S&P 500 Index. |

---

------

Among fixed-income accounts, the Inflation-Linked Bond Account advanced 4.91%, but trailed the 5.08% return of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The Core Bond Account rose 4.19%, surpassing the 4.02% return of the Bloomberg U.S. Aggregate Bond Index. The Money Market Account gained 2.11% and outpaced the 2.00% return of the iMoneyNet Money Fund Averages™—All Government.

\*Account returns referenced are for the R3 Share Class.

**TIAA is here to help** 

If you have any questions or concerns about your investments, we encourage you to speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.

Best regards,

![LOGO](g53660g58u01.jpg)

**Colbert G. Narcisse** 

President and Chief Executive Officer of CREF

------

## About the Accounts' Benchmarks
**CREF Stock Account** 

The Account's new benchmark is the MSCI All Country World (ACWI) Investable Market Index (IMI): An index designed to measure the performance of large, mid and small cap stocks across 23 developed and 24 emerging markets countries. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

The Account's former composite benchmark is a weighted average of two unmanaged indexes: The Russell 3000<sup>®</sup>Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI), which measures the performance of large and mid-cap stocks in 46 developed- and emerging-markets nations throughout the world, excluding the United States.

**CREF Global Equities Account** 

The Account's benchmark is the MSCI All Country World Index (ACWI): An index designed to measure the performance of large and mid cap stocks across 23 developed and 24 emerging markets countries. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**CREF Growth Account** 

The Account's benchmark is the Russell 1000<sup>®</sup>Growth Index: An index designed to measure the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**CREF Equity Index Account** 

The Account's new benchmark is the S&P 500<sup>®</sup>Index: An index which is generally considered a representative of the U.S. equity market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

The Account's former benchmark is the Russell 3000 Index: An index designed to measure the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**CREF Core Bond Account** 

The Account's benchmark is the Bloomberg U.S. Aggregate Bond Index: An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**CREF Inflation-Linked Bond Account** 

The Account's benchmark is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index: An index designed to measure the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

**CREF Social Choice Account** 

The Account's composite benchmark is a weighted average of three unmanaged indexes: The S&P 500 Index, which is generally considered a representative of the U.S. equity market; Bloomberg U.S. Aggregate Bond Index, which measures the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market; and the MSCI EAFE<sup>®</sup>Index, which measures the performance of large and mid-cap securities across 21 developed market countries, excluding the United States and Canada.

The Morningstar Moderate Target Risk Index is a broad-based securities market index for the Social Choice Account. The index has a multi-asset class exposure (60% global equity, 40% global fixed income) that is similar to the Social Choice Account.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the accounts' latest prospectus.

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE®," "Russell®" and "FTSE Russell®" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East. S&P 500 is a registered trademark and service mark of Standard & Poor's Financial Services, LLC, a division of S&P Global.

------

## CREF Stock Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Stock Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 9.68% | 15.11% | 13.78 | %<sup>†</sup> | 10.32 | %<sup>†</sup> | 0.110% |
|  Class R3 | 7/31/1952 | 9.60 | 14.95 | 13.69 |  | 10.28 |  | 0.255 |
|  Class R2 | 4/24/2015 | 9.58 | 14.89 | 13.62 |  | 10.20 |  | 0.300 |
|  Class R1 | 4/24/2015 | 9.53 | 14.77 | 13.46 |  | 10.00 |  | 0.395 |
|  MSCI ACWI IMI | – | 9.82 | 15.89 | 13.39 |  | 9.69 |  | – |
|  CREF Stock Account Composite Index<sup>‡</sup> | – | 9.93 | 16.36 | 14.11 |  | 10.87 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

---

| | |
|:---|:---|
| <sup>‡</sup> | Effective May 1, 2025, the Stock Account changed its benchmark index from the CREF Stock Account Composite Index to the MSCI ACWI IMI Index because the new index is more publicly accessible and broadly recognized. The CREF Stock Account Composite Index is a weighted average of two unmanaged indices. As of the close of business on June 30, 2025, the CREF Stock Account Composite Index consisted of: 65.0% Russell 3000<sup>®</sup> Index and 35.0% MSCI ACWI ex USA IMI. The Account's benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark's performance may vary over time.  |

---

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $129.69 billion |
|  Total number of holdings | 7662 |
|  Portfolio turnover (%) | 29% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Information technology | 24.7 |
|  Financials | 17.5 |
|  Industrials | 12.3 |
|  Consumer discretionary | 10.4 |
|  Health care | 8.8 |
|  Communication services | 7.3 |
|  Consumer staples | 5.6 |
|  Materials | 4.2 |
|  Energy | 3.5 |
|  Utilities | 2.5 |
|  Real estate | 2.2 |
|  Government bonds | 0.0 |
|  Short-term investments | 0.6 |
|  Investments purchased with collateral from securities lending | 0.4 |

---

**Holdings by country** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  United States | 64.6 |
|  Japan | 5.6 |
|  United Kingdom | 2.8 |
|  China | 2.5 |
|  Taiwan | 2.3 |
|  Germany | 2.3 |
|  Canada | 2.3 |
|  France | 2.2 |
|  India | 1.9 |
|  Australia | 1.3 |
|  63 other nations | 11.2 |
|  Short-term investments | 0.6 |
|  Investments purchased with collateral from securities lending | 0.4 |

---

------

## CREF Global Equities Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total<br>return | Average annual total<br>return | Average annual total<br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Global Equities Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 9.27% | 15.23% | 14.30 | %<sup>†</sup> | 10.22 | %<sup>†</sup> | 0.095% |
|  Class R3 | 5/1/1992 | 9.19 | 15.07 | 14.21 |  | 10.18 |  | 0.240 |
|  Class R2 | 4/24/2015 | 9.17 | 15.01 | 14.14 |  | 10.11 |  | 0.285 |
|  Class R1 | 4/24/2015 | 9.12 | 14.89 | 13.98 |  | 9.90 |  | 0.380 |
|  MSCI All Country World Index | – | 10.05 | 16.17 | 13.65 |  | 9.99 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $31.86 billion |
|  Total number of holdings | 1855 |
|  Portfolio turnover (%) | 30% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Information technology | 26.1 |
|  Financials | 17.3 |
|  Consumer discretionary | 11.5 |
|  Industrials | 10.3 |
|  Health care | 9.4 |
|  Communication services | 7.3 |
|  Consumer staples | 6.4 |
|  Materials | 4.1 |
|  Energy | 3.5 |
|  Utilities | 2 |
|  Real estate | 0.8 |
|  Short-term investments | 1 |
|  Investments purchased with collateral from securities lending | 0.3 |

---

**Holdings by country** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  United States | 64.9 |
|  Japan | 5.4 |
|  United Kingdom | 2.7 |
|  Germany | 2.7 |
|  China | 2.7 |
|  Taiwan | 2.5 |
|  France | 2.4 |
|  Canada | 1.9 |
|  Netherlands | 1.5 |
|  India | 1.4 |
|  43 other nations | 10.6 |
|  Short-term investments | 1 |
|  Investments purchased with collateral from securities lending | 0.3 |

---

------

## CREF Growth Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Growth Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 6.58% | 15.21% | 16.23 | %<sup>†</sup> | 15.34 | %<sup>†</sup> | 0.060% |
|  Class R3 | 4/29/1994 | 6.51 | 15.05 | 16.13 |  | 15.29 |  | 0.205 |
|  Class R2 | 4/24/2015 | 6.49 | 14.99 | 16.06 |  | 15.22 |  | 0.250 |
|  Class R1 | 4/24/2015 | 6.44 | 14.86 | 15.89 |  | 15.00 |  | 0.345 |
|  Russell 1000® Growth Index | – | 6.09 | 17.22 | 18.15 |  | 17.01 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $41.16 billion |
|  Total number of holdings | 81 |
|  Portfolio turnover (%) | 21% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Information technology | 46.2 |
|  Consumer discretionary | 15.4 |
|  Communication services | 14.7 |
|  Financials | 8.3 |
|  Industrials | 5.9 |
|  Health care | 5.7 |
|  Consumer staples | 2.3 |
|  Utilities | 0.7 |
|  Materials | 0.5 |
|  Investments purchased with collateral from securities lending | 0.3 |

---

------

## CREF Equity Index Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Equity Index Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 5.67% | 15.15% | 15.87 | %<sup>†</sup> | 12.80 | %<sup>†</sup> | 0.025% |
|  Class R3 | 4/29/1994 | 5.60 | 14.99 | 15.77 |  | 12.75 |  | 0.170 |
|  Class R2 | 4/24/2015 | 5.57 | 14.93 | 15.70 |  | 12.68 |  | 0.215 |
|  Class R1 | 4/24/2015 | 5.52 | 14.81 | 15.54 |  | 12.47 |  | 0.310 |
|  S&P 500® Index | – | 6.20 | 15.16 | 16.64 |  | 13.65 |  | – |
|  Russell 3000® Index<sup>‡</sup> | – | 5.75 | 15.30 | 15.96 |  | 12.96 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

---

| | |
|:---|:---|
| <sup>‡</sup> | Effective May 1, 2025, the Equity Index Account changed its benchmark index from the Russell 3000<sup>®</sup> Index to the S&P 500<sup>®</sup> Index due to a corresponding change in the Account's investment strategy from tracking the Russell 3000<sup>®</sup> Index to tracking the S&P 500<sup>®</sup> Index. Therefore, performance of the Account for periods in the table before May 1, 2025 reflects when the Account was operated using an investment strategy of tracking the Russell 3000<sup>®</sup> Index.  |

---

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $25.98 billion |
|  Total number of holdings | 520 |
|  Portfolio turnover (%) | 13% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Information technology | 32.9 |
|  Financials | 13.8 |
|  Consumer discretionary | 10.4 |
|  Communication services | 9.7 |
|  Health care | 9.3 |
|  Industrials | 8.6 |
|  Consumer staples | 5.5 |
|  Energy | 2.9 |
|  Utilities | 2.4 |
|  Real estate | 2.0 |
|  Materials | 1.9 |
|  Short-term investments | 0.5 |
|  Investments purchased with collateralfrom securities lending | 0.1 |

---

------

## CREF Core Bond Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Core Bond Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 4.26% | 6.63% | 0.06 | %<sup>†</sup> | 2.19 | %<sup>†</sup> | 0.085% |
|  Class R3 | 3/1/1990 | 4.19 | 6.48 | -0.03 |  | 2.15 |  | 0.230 |
|  Class R2 | 4/24/2015 | 4.17 | 6.42 | -0.08 |  | 2.09 |  | 0.275 |
|  Class R1 | 4/24/2015 | 4.12 | 6.31 | -0.23 |  | 1.89 |  | 0.370 |
|  Bloomberg U.S. Aggregate Bond Index | – | 4.02 | 6.08 | -0.73 |  | 1.76 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $11.60 billion |
|  Total number of issues | 1715 |
|  Portfolio turnover (%) | 55% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Government bonds | 55.4 |
|  Corporate bonds | 27.5 |
|  Structured assets | 14.3 |
|  Bank loan obligations | 0.2 |
|  Preferred stocks | 0.1 |
|  Investments purchased with collateral from securities lending | 0.3 |
|  Short-term investments | 2.2 |

---

**Holdings by credit quality** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  AAA | 8.5% |
|  AA | 53.8% |
|  A | 15.1% |
|  BBB | 17.3% |
|  BB or Lower | 2.1% |
|  N/R (not rated) | 1.8% |
|  N/A (not applicable) | 1.4% |

---

Credit quality ratings are based on the Bloomberg 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.

------

## CREF Inflation-Linked Bond Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Inflation-Linked Bond Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 4.98% | 6.96% | 3.12 | %<sup>†</sup> | 2.99 | %<sup>†</sup> | 0.040% |
|  Class R3 | 5/1/1997 | 4.91 | 6.82 | 3.03 |  | 2.94 |  | 0.185 |
|  Class R2 | 4/24/2015 | 4.89 | 6.76 | 2.97 |  | 2.88 |  | 0.230 |
|  Class R1 | 4/24/2015 | 4.84 | 6.64 | 2.82 |  | 2.69 |  | 0.325 |
|  Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index | – | 5.08 | 6.85 | 2.89 |  | 2.93 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $7.79 billion |
|  Total number of issues | 201 |
|  Portfolio turnover (%) | 11% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Government bonds | 92.2 |
|  Structured assets | 4.0 |
|  Corporate bonds | 2.3 |
|  Bank loan obligations | 0.2 |
|  Investment companies | 0.1 |
|  Investments purchased with collateral from securities lending | 0.1 |
|  Short-term investments | 1.1 |

---

**Holdings by credit quality** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  AAA | 2.0% |
|  AA | 92.0% |
|  A | 1.1% |
|  BBB | 2.1% |
|  BB or Lower | 1.0% |
|  N/R (not rated) | 0.5% |
|  N/A (not applicable) | 1.3% |

---

Credit quality ratings are based on the Bloomberg 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.

------

## CREF Social Choice Account
**Performance as of June 30, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return | Average annual total <br>return | Average annual total <br>return | Average annual total <br>return |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
| Social Choice Account | Inception<br>date | 6 months | 1 year | 5 years |  | 10 years |  | Estimated<br>annual<br>operating<br>expenses<sup>\*</sup> |
|  Class R4 | 9/16/2022 | 8.78% | 12.21% | 8.31 | %<sup>†</sup> | 7.49 | %<sup>†</sup> | 0.070% |
|  Class R3 | 3/1/1990 | 8.70 | 12.05 | 8.22 |  | 7.45 |  | 0.215 |
|  Class R2 | 4/24/2015 | 8.68 | 11.99 | 8.16 |  | 7.38 |  | 0.260 |
|  Class R1 | 4/24/2015 | 8.63 | 11.87 | 8.00 |  | 7.18 |  | 0.355 |
|  Broad market index<br>Morningstar Moderate Target Risk Index | – | 8.66 | 12.92 | 7.64 |  | 6.82 |  | – |
|  CREF Social Choice Account Composite Index<sup>‡</sup> | – | 7.74 | 12.11 | 8.52 |  | 7.54 |  | – |

---

*The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.* 

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

<sup>\*</sup> The estimated annual operating expenses are taken from the Account's current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period. 

<sup>†</sup> The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account's Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

---

| | |
|:---|:---|
| <sup>‡</sup> | As of the close of business on June 30, 2025, the CREF Social Choice Composite Index consisted of: 42.0% S&P 500<sup>®</sup> Index, 40.0% Bloomberg U.S. Aggregate Bond Index and 18.0% MSCI EAFE<sup>®</sup> Index. The Account's benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark's performance may vary over time.  |

---

**Account statistics** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $21.34 billion |
|  Equity segment |  |
|  Total number of holdings | 1539 |
|  Fixed-income segment |  |
|  Total number of issues | 1055 |
|  Portfolio turnover (%) | 49% |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Equity Investments | 60.4 |
|  Fixed-income securities | 38.9 |
|  Short-term investments | 0.3 |
|  Investments purchased with collateral from securities lending | 0.4 |

---

**Holdings by country** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  United States | 75.1 |
|  Japan | 4.0 |
|  United Kingdom | 2.9 |
|  Supranational | 2.2 |
|  France | 2.0 |
|  Germany | 1.7 |
|  Australia | 1.5 |
|  Netherlands | 1.5 |
|  Canada | 1.4 |
|  Switzerland | 1.2 |
|  32 other nations | 5.8 |
|  Short-term investments | 0.3 |
|  Investments purchased with collateral from securities lending | 0.4 |

---

------

## CREF Money Market Account
**Account profile** 

---

| | |
|:---|:---|
| | <br> as of 6/30/2025 |
|  Account net assets | $10.88 billion |
|  Total number of issues | 60 |

---

**Portfolio composition** 

---

| | |
|:---|:---|
| | % of total investments<br>as of 6/30/2025 |
|  Repurchase agreements | 43.2 |
|  Variable rate securities, government | 26.8 |
|  U.S. Treasury securities\* | 15.8 |
|  U.S. government agency securities\* | 14.2 |

---

\* These securities are guaranteed by the full faith and credit of the U.S. government.

------

## Expense Examples
All participants in the CREF Accounts incur ongoing costs, including management fees and other account expenses.

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF Accounts do not incur a sales charge for purchases or other distributions.

The examples are based on an investment of $10,000 invested at the beginning and held for the entire reporting period. The examples are also based on each Account's actual expenses, which may vary from the expense rates shown in CREF's prospectus.

**What were the Accounts' costs for the last six months?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Stock Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $6 | 0.12% |
|  Class R3 | $13 | 0.26% |
|  Class R2 | $15 | 0.30% |
|  Class R1 | $20 | 0.39% |
| **Global Equities Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $5 | 0.10% |
|  Class R3 | $12 | 0.23% |
|  Class R2 | $14 | 0.28% |
|  Class R1 | $19 | 0.37% |
| **Growth Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $3 | 0.06% |
|  Class R3 | $10 | 0.20% |
|  Class R2 | $12 | 0.24% |
|  Class R1 | $17 | 0.33% |
| **Equity Index Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $1 | 0.03% |
|  Class R3 | $8 | 0.16% |
|  Class R2 | $10 | 0.20% |
|  Class R1 | $15 | 0.29% |
| **Core Bond Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $5 | 0.09% |
|  Class R3 | $11 | 0.23% |
|  Class R2 | $13 | 0.27% |
|  Class R1 | $18 | 0.37% |
| **Inflation-Linked Bond Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $2 | 0.04% |
|  Class R3 | $9 | 0.18% |
|  Class R2 | $11 | 0.22% |
|  Class R1 | $16 | 0.32% |

---

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Social Choice Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $4 | 0.08% |
|  Class R3 | $11 | 0.21% |
|  Class R2 | $13 | 0.25% |
|  Class R1 | $17 | 0.35% |
| **Money Market Account** | Cost of a<br>$10,000 investment | Cost paid as a percentage of<br>$10,000 investment\* |
|  Class R4 | $1 | 0.03% |
|  Class R3 | $8 | 0.16% |
|  Class R2 | $10 | 0.20% |
|  Class R1 | $15 | 0.30% |

---

\* Annualized for period less than one year.

------

## Summary Portfolio of Investments
Stock ◾ June 30, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  COMMON STOCKS | COMMON STOCKS | COMMON STOCKS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS |  |  |
| 2623882 | (a) | Tesla, Inc | $833502 | 0.7% |
|  |  | Other | 1063288 | 0.8 |
|  |  |  | 1896790 | 1.5 |
|  BANKS | BANKS | BANKS |  |  |
| 4304434 |  | JPMorgan Chase & Co | 1247898 | 1 |
| 33222226 |  | Mitsubishi UFJ Financial Group, Inc | 452938 | 0.4 |
| 10916340 |  | Wells Fargo & Co | 874617 | 0.7 |
|  |  | Other | 7903786 | 6 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10479239 | 8.1 |
|  CAPITAL GOODS | CAPITAL GOODS | CAPITAL GOODS |  |  |
| 1866499 |  | Eaton Corp plc | 666321 | 0.5 |
| 22120255 | (a) | Hitachi Ltd | 642910 | 0.5 |
| 2052974 |  | Honeywell International, Inc | 478097 | 0.4 |
| 588329 |  | Parker-Hannifin Corp | 410930 | 0.3 |
| 1823236 |  | Siemens AG. | 468313 | 0.4 |
|  |  | Other | 10258370 | 7.9 |
|  |  |  | 12924941 | 10 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | 1296165 | 1 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  |
| 15104549 | (a) | Amazon.com, Inc | 3313787 | 2.6 |
| 1523069 |  | Home Depot, Inc | 558418 | 0.5 |
| 4317299 | (a) | O'Reilly Automotive, Inc | 389118 | 0.3 |
|  |  | Other | 2303136 | 1.7 |
|  |  |  | 6564459 | 5.1 |
|  CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL |  |  |
| 21093230 |  | Sony Corp | 548430 | 0.4 |
|  |  | Other | 1767922 | 1.4 |
|  |  |  | 2316352 | 1.8 |
|  CONSUMER SERVICES | CONSUMER SERVICES | CONSUMER SERVICES |  |  |
| 6545321 | (b) | Arcos Dorados Holdings, Inc | 51643 | 0.1 |
|  |  | Other | 2652600 | 2 |
|  |  |  | 2704243 | 2.1 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  |
| 26282194 | (a),(b) | Cia Brasileira de Distribuicao | 14899 | 0 |
| 765023 |  | Costco Wholesale Corp | 757327 | 0.6 |
| 9097129 |  | Walmart, Inc | 889517 | 0.7 |
|  |  | Other | 781463 | 0.6 |
|  |  |  | 2443206 | 1.9 |
|  ENERGY | ENERGY | ENERGY |  |  |
| 7343849 |  | Exxon Mobil Corp | 791667 | 0.6 |
| 14605735 |  | Shell plc | 509587 | 0.4 |
|  |  | Other | 3245483 | 2.5 |
|  |  |  | 4546737 | 3.5 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 2396384 | 1.8 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | FINANCIAL SERVICES |  |  |
| 1667120 |  | American Express Co | 531778 | 0.4 |
| 1309693 | (a) | Berkshire Hathaway, Inc | 636210 | 0.5 |
| 2818266 | (a) | Fiserv, Inc | 485897 | 0.4 |
| 2106330 |  | Mastercard, Inc (Class A) | 1183631 | 0.9 |
| 1477174 |  | Visa, Inc (Class A) | 524471 | 0.4 |
|  |  | Other | 5019139 | 3.9 |
|  |  |  | 8381126 | 6.5 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO |  |  |
| 5891551 | Coca-Cola Co | $416827 | 0.3% |
| 3580561 | Philip Morris International, Inc | 652128 | 0.5 |
|  | Other | 2454545 | 1.9 |
|  |  | 3523500 | 2.7 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES |  |  |
| 4634252 | Abbott Laboratories | 630305 | 0.5 |
| 881790<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) | Intuitive Surgical, Inc | 479174 | 0.4 |
| 1473021 | UnitedHealth Group, Inc | 459538 | 0.4 |
|  | Other | 2924550 | 2.2 |
|  |  | 4493567 | 3.5 |
|  HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS |  |  |
| 3486931 | Procter & Gamble Co | 555538 | 0.4 |
|  | Other | 735162 | 0.6 |
|  |  | 1290700 | 1 |
|  INSURANCE |  | 3671356 | 2.8 |
|  MATERIALS | MATERIALS |  |  |
| 1341875<br> (a) | Linde plc | 629581 | 0.5 |
| 11098705 | Smurfit WestRock plc | 478909 | 0.4 |
|  | Other | 4328285 | 3.3 |
|  |  | 5436775 | 4.2 |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT |  |  |
| 6146844 | Alphabet, Inc | 1090389 | 0.9 |
| 5417281 | Alphabet, Inc (Class A) | 954687 | 0.7 |
| 3232854 | Meta Platforms, Inc | 2386137 | 1.8 |
| 496143<br> (a) | Netflix, Inc | 664400 | 0.5 |
| 9009254 | Tencent Holdings Ltd | 580517 | 0.4 |
| 4046536 | Walt Disney Co | 501811 | 0.4 |
|  | Other | 1880815 | 1.5 |
|  |  | 8058756 | 6.2 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  |
| 2324914 | AbbVie, Inc | 431551 | 0.4 |
| 1275309 | Eli Lilly & Co | 994142 | 0.8 |
| 1486769 | Roche Holding AG. | 485311 | 0.4 |
|  | Other | 4945476 | 3.7 |
|  |  | 6856480 | 5.3 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 558056 | 0.4 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  |
| 9918395 | Broadcom, Inc | 2734006 | 2.1 |
| 32082229 | Nvidia Corp | 5068671 | 3.9 |
| 47369458 | Taiwan Semiconductor |  |  |
|  | Manufacturing Co Ltd | 1732270 | 1.4 |
|  | Other | 3581645 | 2.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13116592 | 10.1 |
|  SOFTWARE & SERVICES | SOFTWARE & SERVICES |  |  |
| 11957318 | Microsoft Corp | 5947690 | 4.6 |
| 1786326 | SAP AG. | 546222 | 0.4 |
| 573233<br> (a) | ServiceNow, Inc | 589329 | 0.5 |
| 3654413<br> (a) | Shopify, Inc (Class A) | 421489 | 0.3 |
|  | Other | 4555350 | 3.5 |
|  |  | 12060080 | 9.3 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT |  |  |
| 16885598<br> (c) | Apple, Inc | 3464418 | 2.7 |
| 9974373 | Samsung Electronics Co Ltd | 441083 | 0.4 |
|  | Other | 2965098 | 2.2 |
|  |  | 6870599 | 5.3 |

---

18 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES |  |  |
| 13500218 | AT&T, Inc | $390696 | 0.3% |
|  | Other | 1099868 | 0.8 |
|  |  | 1490564 | 1.1 |
|  TRANSPORTATION | TRANSPORTATION | 1825365 | 1.4 |
|  UTILITIES | UTILITIES |  |  |
| 6112275 | NextEra Energy, Inc | 424314 | 0.4 |
|  | Other | 2830441 | 2.1 |
|  |  | 3254755 | 2.5 |
|  TOTAL COMMON STOCKS<br> (Cost $101,439,513) | TOTAL COMMON STOCKS<br> (Cost $101,439,513) | 128456787 | 99.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | Description | Value<br> (000) | % of net<br>assets |
|  GOVERNMENT BONDS | GOVERNMENT BONDS |  |  |
|  U.S. TREASURY SECURITIES | U.S. TREASURY SECURITIES | 201 | 0.0 |
|  TOTAL GOVERNMENT BONDS<br> (Cost $208) | TOTAL GOVERNMENT BONDS<br> (Cost $208) | 201 | 0.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENT COMPANIES | INVESTMENT COMPANIES | 296573 | 0.2 |
|  TOTAL INVESTMENT COMPANIES<br> (Cost $247,974) | TOTAL INVESTMENT COMPANIES<br> (Cost $247,974) | 296573 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  RIGHTS/WARRANTS | RIGHTS/WARRANTS |  |  |
|  BANKS | BANKS | 22 | 0.0 |
|  CAPITAL GOODS | CAPITAL GOODS | 1111 | 0.0 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 15 | 0.0 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | 0^ | 0.0 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | 4 | 0.0 |
|  MATERIALS | MATERIALS | 61 | 0.0 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1 | 0.0 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 0^ | 0.0 |
|  SOFTWARE & SERVICES | SOFTWARE & SERVICES | 99 | 0.0 |
|  UTILITIES | UTILITIES | 225 | 0.0 |
|  TOTAL RIGHTS/WARRANTS<br> (Cost $1) | TOTAL RIGHTS/WARRANTS<br> (Cost $1) | 1538 | 0.0 |
|  TOTAL LONG-TERM INVESTMENTS<br> (Cost $101,687,696) | TOTAL LONG-TERM INVESTMENTS<br> (Cost $101,687,696) | 128755099 | 99.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM | INVESTMENTS PURCHASED WITH COLLATERAL FROM |  |  |
|  SECURITIES LENDING | SECURITIES LENDING |  |  |
|  CERTIFICATE OF DEPOSIT | CERTIFICATE OF DEPOSIT | 191458 | 0.1 |
|  COMMERCIAL PAPER | COMMERCIAL PAPER | 148298 | 0.1 |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | 237791 | 0.2 |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $577,547) | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $577,547) | 577547 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | $296334 | 0.2% |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | 366935 | 0.3 |
|  TREASURY DEBT | TREASURY DEBT | 99815 | 0.1 |
|  TOTAL SHORT-TERM INVESTMENTS<br> (Cost $763,070) | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $763,070) | 763084 | 0.6 |
|  TOTAL PORTFOLIO<br> (Cost $103,028,313) | TOTAL PORTFOLIO<br> (Cost $103,028,313) | 130095730 | 100.3 |
|  OTHER ASSETS & LIABILITIES, NET | OTHER ASSETS & LIABILITIES, NET | (408847) | (0.3) |
| NET ASSETS | NET ASSETS | $129686883 | 100.0% |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

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

(b) Affiliated holding

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

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

At 6/30/25, the aggregate value of securities on loan is $1,546,133,580.

At 6/30/25, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,327,183,705 or 1.0% of Total Investments. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

*See Notes to Financial Statements* 19

------

## Summary Portfolio of Investments (continued)
Stock ◾ June 30, 2025

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>Date | Notional Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  Russell 2000 E-Mini Index | 172 | 09/19/25 | $18222 | $18849 | $627 |
|  S&P 500 E-Mini Index | 1233 | 09/19/25 | 371909 | 385544 | 13635 |
|  S&P Mid-Cap 400 E-Mini Index | 95 | 09/19/25 | 28795 | 29692 | 897 |
|  Total | 1500 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15159 |

---

20 *See Notes to Financial Statements*

------

## Summary Portfolio of Investments
Global Equities ◾ June 30, 2025

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  COMMON STOCKS | COMMON STOCKS |  |  |
|  AUSTRALIA | AUSTRALIA | $266059 | 0.8% |
|  AUSTRIA | AUSTRIA | 86164 | 0.3 |
|  BELGIUM | BELGIUM | 76519 | 0.2 |
|  BRAZIL | BRAZIL | 348288 | 1.1 |
|  CANADA | CANADA |  |  |
| 1876690<br> (a) | Shopify, Inc (Class A) | 216452 | 0.7 |
|  | Other | 386099 | 1.2 |
|  |  | 602551 | 1.9 |
|  CHILE | CHILE | 12489 | 0 |
|  CHINA | CHINA |  |  |
| 2334067 | Tencent Holdings Ltd | 150397 | 0.5 |
|  | Other | 697411 | 2.2 |
|  |  | 847808 | 2.7 |
|  COLOMBIA | COLOMBIA | 2291 | 0 |
|  CONGO, THE DEMOCRATIC REPUBLIC OF THE | CONGO, THE DEMOCRATIC REPUBLIC OF THE | 1207 | 0 |
|  COTE D'IVOIRE | COTE D'IVOIRE | 1217 | 0 |
|  CZECH REPUBLIC | CZECH REPUBLIC | 3217 | 0 |
|  DENMARK | DENMARK |  |  |
| 2273639 | Novo Nordisk A.S. | 157550 | 0.5 |
|  | Other | 73807 | 0.2 |
|  |  | 231357 | 0.7 |
|  EGYPT | EGYPT | 1236 | 0 |
|  FINLAND | FINLAND | 5761 | 0 |
|  FRANCE | FRANCE | 778138 | 2.4 |
|  GERMANY | GERMANY |  |  |
| 621290 | SAP AG. | 189978 | 0.6 |
| 634694 | Siemens AG. | 163026 | 0.5 |
|  | Other | 507619 | 1.6 |
|  |  | 860623 | 2.7 |
|  GREECE | GREECE | 22274 | 0.1 |
|  HONG KONG | HONG KONG | 15477 | 0.1 |
|  HUNGARY | HUNGARY | 4958 | 0 |
|  INDIA | INDIA | 456636 | 1.4 |
|  INDONESIA | INDONESIA | 34678 | 0.1 |
|  IRELAND | IRELAND | 87666 | 0.3 |
|  ISRAEL | ISRAEL | 1150 | 0 |
|  ITALY | ITALY | 268636 | 0.8 |
|  JAPAN | JAPAN |  |  |
| 9718420<br> (a) | Hitachi Ltd | 282459 | 0.9 |
| 12917100 | Mitsubishi UFJ Financial Group, Inc | 176106 | 0.6 |
| 11397425 | Sony Corp | 296337 | 0.9 |
|  | Other | 964927 | 3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1719829 | 5.4 |
|  KOREA, REPUBLIC OF | KOREA, REPUBLIC OF |  |  |
| 3500885 | Samsung Electronics Co Ltd | 154815 | 0.5 |
|  | Other | 169079 | 0.5 |
|  |  | 323894 | 1 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  KUWAIT | KUWAIT | $14426 | 0.1% |
|  LUXEMBOURG | LUXEMBOURG | 4159 | 0 |
|  MACAU | MACAU | 4886 | 0 |
|  MALAYSIA | MALAYSIA | 23457 | 0.1 |
|  MEXICO | MEXICO | 130707 | 0.4 |
|  NETHERLANDS | NETHERLANDS |  |  |
| 6717214 | ING Groep NV | 147226 | 0.5 |
|  | Other | 326291 | 1 |
|  |  | 473517 | 1.5 |
|  NORWAY | NORWAY | 20141 | 0.1 |
|  PERU | PERU | 3799 | 0 |
|  PHILIPPINES | PHILIPPINES | 12802 | 0 |
|  POLAND | POLAND | 21483 | 0.1 |
|  PORTUGAL | PORTUGAL | 26822 | 0.1 |
|  QATAR | QATAR | 13948 | 0 |
|  ROMANIA | ROMANIA | 944 | 0 |
|  RUSSIA | RUSSIA | 2 | 0 |
|  SAUDI ARABIA | SAUDI ARABIA | 65936 | 0.2 |
|  SINGAPORE | SINGAPORE | 277855 | 0.9 |
|  SOUTH AFRICA | SOUTH AFRICA | 63551 | 0.2 |
|  SPAIN | SPAIN |  |  |
| 17366788 | Banco Santander S.A. | 143812 | 0.5 |
|  | Other | 231813 | 0.7 |
|  |  | 375625 | 1.2 |
|  SWEDEN | SWEDEN | 61171 | 0.2 |
|  SWITZERLAND | SWITZERLAND |  |  |
| 196879 | Lonza Group AG. | 140801 | 0.5 |
|  | Other | 294313 | 0.9 |
|  |  | 435114 | 1.4 |
|  TAIWAN | TAIWAN |  |  |
| 16730349 | Taiwan Semiconductor |  |  |
|  | Manufacturing Co Ltd | 611818 | 2 |
|  | Other | 173992 | 0.5 |
|  |  | 785810 | 2.5 |
|  THAILAND | THAILAND | 17902 | 0.1 |
|  TURKEY | TURKEY | 9874 | 0 |
|  UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | 29711 | 0.1 |
|  UNITED KINGDOM | UNITED KINGDOM | 870796 | 2.7 |
|  UNITED STATES | UNITED STATES |  |  |
| 984146<br> (a) | Advanced Micro Devices, Inc | 139650 | 0.4 |
| 1581549 | Alphabet, Inc | 280551 | 0.9 |
| 1289654 | Alphabet, Inc (Class A) | 227276 | 0.7 |
| 4922124<br> (a) | Amazon.com, Inc | &nbsp;&nbsp;&nbsp;&nbsp;1079865 | 3.4 |
| 4641546<br> (b) | Apple, Inc | 952306 | 3 |
| 292729<br> (a) | Berkshire Hathaway, Inc | 142199 | 0.5 |
| 1891008<br> (a) | Boston Scientific Corp | 203113 | 0.6 |
| 2678651 | Broadcom, Inc | 738370 | 2.3 |
| 2618823 | Cisco Systems, Inc | 181694 | 0.6 |
| 3103151 | Coca-Cola Co | 219548 | 0.7 |
| 355394 | Costco Wholesale Corp | 351819 | 1.1 |
| 415080 | Eli Lilly & Co | 323567 | 1 |
| 2764631 | Exxon Mobil Corp | 298027 | 0.9 |

---

*See Notes to Financial Statements* 21

------

## Summary Portfolio of Investments (continued)
Global Equities ◾ June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  UNITED STATES (continued) | UNITED STATES (continued) |  |  |
| 928927<br> (a) | Fiserv, Inc | $160156 | 0.5% |
| 641690 | Home Depot, Inc | 235269 | 0.7 |
| 824102 | Honeywell International, Inc | 191917 | 0.6 |
| 1422308 | JPMorgan Chase & Co | 412341 | 1.3 |
| 182353 | KLA Corp | 163341 | 0.5 |
| 457947<br> (a) | Linde plc | 214860 | 0.7 |
| 424836 | Mastercard, Inc (Class A) | 238732 | 0.8 |
| 974618 | Meta Platforms, Inc | 719356 | 2.3 |
| 3344012 | Microsoft Corp | 1663345 | 5.2 |
| 173356<br> (a) | Netflix, Inc | 232146 | 0.7 |
| 9912783 | Nvidia Corp | 1566121 | 4.9 |
| 1534669<br> (a) | O'Reilly Automotive, Inc | 138320 | 0.4 |
| 849105 | Philip Morris International, Inc | 154647 | 0.5 |
| 1269501 | Procter & Gamble Co | 202257 | 0.6 |
| 255536<br> (a) | ServiceNow, Inc | 262711 | 0.8 |
| 4212574 | Shell plc | 146975 | 0.5 |
| 3367580 | Smurfit WestRock plc | 145311 | 0.5 |
| 796861<br> (a) | Snowflake, Inc | 178314 | 0.6 |
| 762708<br> (a) | Tesla, Inc | 242282 | 0.8 |
| 470859 | UnitedHealth Group, Inc | 146894 | 0.5 |
| 664712 | Visa, Inc (Class A) | 236006 | 0.7 |
| 3041892 | Walmart, Inc | 297436 | 0.9 |
| 3948186 | Wells Fargo & Co | 316329 | 1 |
|  | Other | 7369410 | 23.1 |
|  |  | 20772461 | 65.2 |
|  ZAMBIA | ZAMBIA | 2724 | 0 |
|  TOTAL COMMON STOCKS<br> (Cost $23,617,031) | TOTAL COMMON STOCKS<br> (Cost $23,617,031) | 31579746 | 99.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENT COMPANIES | INVESTMENT COMPANIES | 32126 | 0.1 |
|  TOTAL INVESTMENT COMPANIES<br> (Cost $28,332) | TOTAL INVESTMENT COMPANIES<br> (Cost $28,332) | 32126 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  RIGHTS/WARRANTS | RIGHTS/WARRANTS |  |  |
|  AUSTRALIA | AUSTRALIA | 0^ | 0 |
|  CHINA | CHINA | 0^ | 0 |
|  KOREA, REPUBLIC OF | KOREA, REPUBLIC OF | 78 | 0 |
|  MALAYSIA | MALAYSIA | 63 | 0 |
|  TOTAL RIGHTS/WARRANTS<br> (Cost $0) | TOTAL RIGHTS/WARRANTS<br> (Cost $0) | 141 | 0 |
|  TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,645,363) | TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,645,363) | 31612013 | 99.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | Description | Value<br> (000) | % of net<br>assets |
| INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
|  CERTIFICATE OF DEPOSIT | CERTIFICATE OF DEPOSIT | 25181 | 0.1 |
|  COMMERCIAL PAPER | COMMERCIAL PAPER | 19999 | 0.1 |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | 53001 | 0.2 |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $98,181) | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $98,181) | 98181 | 0.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | $103675 | 0.3% |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT |  |  |
|  | Fixed Income Clearing Corporation |  |  |
| $137500000<br> (c) | 4.370%, 07/01/25 | 137500 | 0.5 |
|  | Other | 40190 | 0.1 |
|  |  | 177690 | 0.6 |
|  TREASURY DEBT | TREASURY DEBT | 49742 | 0.1 |
|  TOTAL SHORT-TERM INVESTMENTS<br> (Cost $331,100) | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $331,100) | 331107 | 1 |
|  TOTAL PORTFOLIO<br> (Cost $24,074,644) | TOTAL PORTFOLIO<br> (Cost $24,074,644) | 32041301 | 100.6 |
|  OTHER ASSETS & LIABILITIES, NET | OTHER ASSETS & LIABILITIES, NET | (176904) | (0.6) |
|  NET ASSETS | NET ASSETS | $31864397 | 100.0% |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

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

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

(c) Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $137,516,691 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $140,250,000.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

At 6/30/25, the aggregate value of securities on loan is $256,063,836.

At 6/30/25, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $354,729,980 or 1.1% of Total Investments. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

22 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>Date | Notional Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br> (Depreciation)<br>(000) |
|  MSCI EAFE Index | 384 | 09/19/25 | $51003 | $51489 | $486 |
|  S&P 500 E-Mini Index | 470 | 09/19/25 | 141766 | 146963 | 5197 |
|  Total | 854 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 |

---

*See Notes to Financial Statements* 23

------

## Summary Portfolio of Investments
Growth ◾ June 30, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  COMMON STOCKS | COMMON STOCKS | COMMON STOCKS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS |  |  |
| 2582086 | (a) | Tesla, Inc | $820225 | 2.0% |
|  |  |  | 820225 | 2 |
|  BANKS | BANKS | BANKS | 68168 | 0.2 |
|  CAPITAL GOODS | CAPITAL GOODS | CAPITAL GOODS |  |  |
| 1080983 | (a) | Boeing Co | 226498 | 0.5 |
| 2664126 |  | Carrier Global Corp | 194987 | 0.5 |
| 535980 |  | Eaton Corp plc | 191340 | 0.5 |
| 356388 |  | GE Vernova, Inc | 188583 | 0.5 |
| 1313785 |  | General Electric Co | 338155 | 0.8 |
| 996530 |  | Howmet Aerospace, Inc | 185484 | 0.4 |
| 428377 |  | Quanta Services, Inc | 161961 | 0.4 |
|  |  | Other | 418686 | 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1905694 | 4.6 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES |  |  |
| 1222740 |  | Waste Connections, Inc | 228310 | 0.6 |
|  |  | Other | 212507 | 0.5 |
|  |  |  | 440817 | 1.1 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  |
| 15349631 | (a) | Amazon.com, Inc | 3367556 | 8.2 |
| 3073200 | (a) | O'Reilly Automotive, Inc | 276987 | 0.6 |
|  |  | Other | 118171 | 0.3 |
|  |  |  | 3762714 | 9.1 |
|  CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | 157529 | 0.4 |
|  CONSUMER SERVICES | CONSUMER SERVICES | CONSUMER SERVICES |  |  |
| 135695 |  | Booking Holdings, Inc | 785571 | 1.9 |
| 13396259 | (a) | Carnival Corp | 376703 | 0.9 |
| 2139849 |  | Starbucks Corp | 196074 | 0.5 |
|  |  | Other | 248468 | 0.6 |
|  |  |  | 1606816 | 3.9 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  |
| 753115 |  | Costco Wholesale Corp | 745539 | 1.8 |
|  |  |  | 745539 | 1.8 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | FINANCIAL SERVICES |  |  |
| 114515 | (a),(b) | Adyen NV | 210311 | 0.5 |
| 1693156 | (a) | Fiserv, Inc | 291917 | 0.7 |
| 2040165 |  | KKR & Co, Inc | 271403 | 0.7 |
| 1701750 |  | Mastercard, Inc (Class A) | 956281 | 2.3 |
| 2199819 | (a) | PayPal Holdings, Inc | 163491 | 0.4 |
| 1933555 |  | Visa, Inc (Class A) | 686509 | 1.7 |
|  |  | Other | 186161 | 0.4 |
|  |  |  | 2766073 | 6.7 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | 187907 | 0.5 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES |  |  |
| 3563570 | (a) | DexCom, Inc | 311064 | 0.8 |
| 1056956 | (a) | Intuitive Surgical, Inc | 574360 | 1.4 |
|  |  | Other | 182176 | 0.4 |
|  |  |  | 1067600 | 2.6 |
|  INSURANCE | INSURANCE | INSURANCE |  |  |
| 1161423 |  | Progressive Corp | 309937 | 0.8 |
|  |  |  | 309937 | 0.8 |
|  MATERIALS | MATERIALS | MATERIALS |  |  |
| 2589944 |  | Corteva, Inc | 193029 | 0.5 |
|  |  |  | 193029 | 0.5 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT |  |  |
| 6540715 | Alphabet, Inc | $1160258 | 2.8% |
| 4380976 | Alphabet, Inc (Class A) | 772059 | 1.9 |
| 1672411<br> (a) | Liberty Media Corp-Liberty Formula One (Class C) | 174767 | 0.4 |
| 4123554 | Meta Platforms, Inc | 3043554 | 7.4 |
| 447960<br> (a) | Netflix, Inc | 599877 | 1.5 |
| 1711559 | Walt Disney Co | 212250 | 0.5 |
|  | Other | 114258 | 0.3 |
|  |  | 6077023 | 14.8 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  |
| 1282149 | Eli Lilly & Co | 999474 | 2.4 |
| 1209268 | Galderma Group AG. | 175774 | 0.4 |
|  | Other | 100851 | 0.3 |
|  |  | 1276099 | 3.1 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  |
| 1838710 | Applied Materials, Inc | 336613 | 0.8 |
| 9692005 | Broadcom, Inc | 2671601 | 6.5 |
| 28675297 | Nvidia Corp | 4530410 | 11 |
| 5144000 | Taiwan Semiconductor Manufacturing Co Ltd | 188113 | 0.4 |
|  | Other | 110956 | 0.3 |
|  |  | 7837693 | 19 |
|  SOFTWARE & SERVICES | SOFTWARE & SERVICES |  |  |
| 628856<br> (a) | Crowdstrike Holdings, Inc | 320283 | 0.8 |
| 375326 | Intuit, Inc | 295618 | 0.7 |
| 9880978 | Microsoft Corp | 4914897 | 11.9 |
| 2173469<br> (a) | Palo Alto Networks, Inc | 444779 | 1.1 |
| 502712 | Roper Industries, Inc | 284957 | 0.7 |
| 1083580 | Salesforce, Inc | 295481 | 0.7 |
| 625878<br> (a) | ServiceNow, Inc | 643453 | 1.6 |
| 2185229<br> (a) | Shopify, Inc (Class A) | 252066 | 0.6 |
| 1394590<br> (a) | Snowflake, Inc | 312067 | 0.8 |
|  | Other | 448111 | 1 |
|  |  | 8211712 | 19.9 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT |  |  |
| 11920757 | Apple, Inc | 2445782 | 6 |
| 5726776<br> (a) | Arista Networks, Inc | 585906 | 1.4 |
|  |  | 3031688 | 7.4 |
|  TRANSPORTATION | TRANSPORTATION | 100569 | 0.2 |
|  UTILITIES | UTILITIES |  |  |
| 872888 | Vistra Corp | 169175 | 0.4 |
|  | Other | 120779 | 0.3 |
|  |  | 289954 | 0.7 |
|  TOTAL COMMON STOCKS<br> (Cost $22,882,812) | TOTAL COMMON STOCKS<br> (Cost $22,882,812) | 40856786 | 99.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENT COMPANIES | INVESTMENT COMPANIES |  |  |
| 717528<br> (c) | iShares Russell 1000 Growth ETF | 304648 | 0.7 |
|  TOTAL INVESTMENT COMPANIES<br> (Cost $285,177) | TOTAL INVESTMENT COMPANIES<br> (Cost $285,177) | 304648 | 0.7 |
|  TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,167,989) | TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,167,989) | 41161434 | 100 |

---

24 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
| 107835849<br> (d) | State Street Navigator Securities Lending Government Money Market Portfolio 4.350%(e) | $107836 | 0.3% |
|  TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $107,836) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $107,836) | 107836 | 0.3 |
|  TOTAL PORTFOLIO<br> (Cost $23,275,825) | TOTAL PORTFOLIO<br> (Cost $23,275,825) | 41269270 | 100.3 |
|  OTHER ASSETS & LIABILITIES, NET | OTHER ASSETS & LIABILITIES, NET | (104853) | (0.3) |
|  NET ASSETS | NET ASSETS | $41164417 | 100.0% |

---

ETF Exchange Traded Fund

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

(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 $210,311,037
or 0.5% of Total Investments.

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $142,754,125.

(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.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

*See Notes to Financial Statements* 25

------

## Summary Portfolio of Investments
Equity Index ◾ June 30, 2025

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  COMMON STOCKS | COMMON STOCKS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS |  |  |
| 1380184<br> (a) | Tesla, Inc | $438429 | 1.7% |
|  | Other | 52280 | 0.2 |
|  |  | 490709 | 1.9 |
|  BANKS |  |  |  |
| 3227216 | Bank of America Corp | 152712 | 0.6 |
| 1368834 | JPMorgan Chase & Co | 396839 | 1.5 |
| 1602801 | Wells Fargo & Co | 128416 | 0.5 |
|  | Other | 246384 | 0.9 |
|  |  | 924351 | 3.5 |
|  CAPITAL GOODS |  |  |  |
| 527251 | General Electric Co | 135709 | 0.5 |
| 654400 | RTX Corp | 95556 | 0.4 |
|  | Other | 1325530 | 5.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1556795 | 6.0 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | 308206 | 1.2 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |
| 4653719<br> (a) | Amazon.com, Inc | 1020979 | 3.9 |
| 487987 | Home Depot, Inc | 178916 | 0.7 |
|  | Other | 300030 | 1.2 |
|  |  | 1499925 | 5.8 |
|  CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | 150822 | 0.6 |
|  CONSUMER SERVICES | CONSUMER SERVICES |  |  |
| 16027 | Booking Holdings, Inc | 92784 | 0.4 |
| 352037 | McDonald's Corp | 102855 | 0.4 |
|  | Other | 346017 | 1.3 |
|  |  | 541656 | 2.1 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  |
| 218064 | Costco Wholesale Corp | 215870 | 0.8 |
| 2131040 | Walmart, Inc | 208373 | 0.8 |
|  | Other | 88091 | 0.4 |
|  |  | 512334 | 2.0 |
|  ENERGY |  |  |  |
| 799999 | Chevron Corp | 114552 | 0.4 |
| 2122825 | Exxon Mobil Corp | 228841 | 0.9 |
|  | Other | 426267 | 1.7 |
|  |  | 769660 | 3.0 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 489366 | 1.9 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES |  |  |
| 903152<br> (a) | Berkshire Hathaway, Inc | 438724 | 1.7 |
| 151098 | Goldman Sachs Group, Inc | 106940 | 0.4 |
| 400073 | Mastercard, Inc (Class A) | 224817 | 0.9 |
| 842718 | Visa, Inc (Class A) | 299207 | 1.2 |
|  | Other | 1102028 | 4.1 |
|  |  | 2171716 | 8.3 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO |  |  |
| 1902013 | Coca-Cola Co | 134567 | 0.5 |
| 763818 | Philip Morris International, Inc | 139114 | 0.5 |
|  | Other | 346989 | 1.4 |
|  |  | 620670 | 2.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value<br> (000) | % of net<br>assets |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES |  |  |
| 852045 | Abbott Laboratories | $115887 | 0.5% |
| 175207<br> (a) | Intuitive Surgical, Inc | 95209 | 0.4 |
| 446794 | UnitedHealth Group, Inc | 139386 | 0.5 |
|  | Other | 706948 | 2.7 |
|  |  | 1057430 | 4.1 |
|  HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS |  |  |
| 1151902 | Procter & Gamble Co | 183521 | 0.7 |
|  | Other | 105451 | 0.4 |
|  |  | 288972 | 1.1 |
|  INSURANCE |  | 533875 | 2.0 |
|  MATERIALS |  |  |  |
| 231864<br> (a) | Linde plc | 108786 | 0.4 |
|  | Other | 378731 | 1.5 |
|  |  | 487517 | 1.9 |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT |  |  |
| 2312276 | Alphabet, Inc | 410175 | 1.6 |
| 2865445 | Alphabet, Inc (Class A) | 504977 | 1.9 |
| 1069357 | Meta Platforms, Inc | 789282 | 3.0 |
| 210134<br> (a) | Netflix, Inc | 281397 | 1.1 |
| 888071 | Walt Disney Co | 110130 | 0.4 |
|  | Other | 189772 | 0.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2285733 | 8.8 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |
| 867222 | AbbVie, Inc | 160974 | 0.6 |
| 387069 | Eli Lilly & Co | 301732 | 1.2 |
| 1182733 | Johnson & Johnson | 180662 | 0.7 |
| 1242669 | Merck & Co, Inc | 98370 | 0.4 |
|  | Other | 606860 | 2.3 |
|  |  | 1348598 | 5.2 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 36843 | 0.1 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |
| 796056<br> (a) | Advanced Micro Devices, Inc | 112960 | 0.4 |
| 2315849 | Broadcom, Inc | 638364 | 2.5 |
| 12011541 | Nvidia Corp | 1897703 | 7.3 |
| 447199 | Texas Instruments, Inc | 92848 | 0.4 |
|  | Other | 551769 | 2.1 |
|  |  | 3293644 | 12.7 |
|  SOFTWARE & SERVICES | SOFTWARE & SERVICES |  |  |
| 307265<br> (b) | Accenture plc | 91838 | 0.4 |
| 457710 | International Business Machines |  |  |
|  | Corp | 134924 | 0.5 |
| 137509 | Intuit, Inc | 108306 | 0.4 |
| 3660754 | Microsoft Corp | 1820896 | 7.0 |
| 801088 | Oracle Corp | 175142 | 0.7 |
| 1047638<br> (a) | Palantir Technologies, Inc | 142814 | 0.6 |
| 470124 | Salesforce, Inc | 128198 | 0.5 |
| 101197<br> (a) | ServiceNow, Inc | 104039 | 0.4 |
|  | Other | 548823 | 2.0 |
|  |  | 3254980 | 12.5 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT |  |  |
| 7356385 | Apple, Inc | 1509310 | 5.8 |
| 1956519 | Cisco Systems, Inc | 135743 | 0.5 |
|  | Other | 361900 | 1.4 |
|  |  | 2006953 | 7.7 |

---

26 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES |  |  |
| 3526256 |  | AT&T, Inc | $102050 | 0.4% |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 145385 | 0.5 |
|  |  |  | 247435 | 0.9 |
|  TRANSPORTATION | TRANSPORTATION | TRANSPORTATION |  |  |
| 1026218 | (a) | Uber Technologies, Inc | 95746 | 0.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 260847 | 1 |
|  |  |  | 356593 | 1.4 |
|  UTILITIES |  |  | 616205 | 2.4 |
| TOTAL COMMON STOCKS<br> (Cost $8,201,056) | TOTAL COMMON STOCKS<br> (Cost $8,201,056) | TOTAL COMMON STOCKS<br> (Cost $8,201,056) | 25850988 | 99.5 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  RIGHTS/WARRANTS | RIGHTS/WARRANTS | RIGHTS/WARRANTS |  |  |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3 | 0 |
| TOTAL RIGHTS/WARRANTS<br> (Cost $3) | TOTAL RIGHTS/WARRANTS<br> (Cost $3) | TOTAL RIGHTS/WARRANTS<br> (Cost $3) | 3 | 0 |
| TOTAL LONG-TERM INVESTMENTS<br> (Cost $8,201,059) | TOTAL LONG-TERM INVESTMENTS<br> (Cost $8,201,059) | TOTAL LONG-TERM INVESTMENTS<br> (Cost $8,201,059) | 25850991 | 99.5 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
| 20751129 | (c) | State Street Navigator Securities Lending Government Money Market Portfolio 4.350%(d) | 20751 | 0.1 |
| TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $20,751) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $20,751) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $20,751) | 20751 | 0.1 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | 27886 | 0.1 |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | 72172 | 0.3 |
|  TREASURY DEBT | TREASURY DEBT | TREASURY DEBT | 25734 | 0.1 |
|  TOTAL SHORT-TERM INVESTMENTS <br> (Cost $125,793) | TOTAL SHORT-TERM INVESTMENTS <br> (Cost $125,793) | TOTAL SHORT-TERM INVESTMENTS <br> (Cost $125,793) | 125792 | 0.5 |
|  |  | TOTAL PORTFOLIO (Cost $8,347,603) | 25997534 | 100.1 |
| OTHER ASSETS & LIABILITIES, NET  | OTHER ASSETS & LIABILITIES, NET | OTHER ASSETS & LIABILITIES, NET | (20859) | (0.1) |
|  |  | NET ASSETS $25,976,675 | NET ASSETS $25,976,675 | 100.0% |

---

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

(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 $63,011,343.

(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.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br> Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br> (Depreciation)<br> (000) |
|  S&P 500 E-Mini Index | 367 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 |

---

*See Notes to Financial Statements* 27

------

Core Bond ◾ June 30, 2025

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  BANK LOAN OBLIGATIONS | BANK LOAN OBLIGATIONS |  |  |
|  CAPITAL GOODS |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 | 0.0% |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 1089 | 0.0 |
|  CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | 577 | 0.0 |
|  CONSUMER SERVICES | CONSUMER SERVICES | 5590 | 0.1 |
|  ENERGY |  | 349 | 0.0 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | 2277 | 0.0 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | 235 | 0.0 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | 1016 | 0.0 |
|  MATERIALS |  | 1180 | 0.0 |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT | 115 | 0.0 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 124 | 0.0 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 555 | 0.0 |
|  SOFTWARE & SERVICES |  | 4275 | 0.1 |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | 297 | 0.0 |
|  TRANSPORTATION |  | 387 | 0.0 |
|  TOTAL BANK LOAN OBLIGATIONS<br> (Cost $21,735) | TOTAL BANK LOAN OBLIGATIONS<br> (Cost $21,735) | 21669 | 0.2 |
| Principal | Description | Value<br> (000) | % of net<br>assets |
|  CORPORATE BONDS | CORPORATE BONDS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS | 41009 | 0.4 |
|  BANKS |  |  |  |
|  | Bank of America Corp |  |  |
| $55925000 | 2.592%, 04/29/31 | 51127 | 0.4 |
|  | Citigroup, Inc |  |  |
| 36375000 | 3.200%, 10/21/26 | 35855 | 0.3 |
|  | JPMorgan Chase & Co |  |  |
| 187100000<br> (a) | 1.953%-6.875%, 06/15/26-N/A | 186997 | 1.7 |
|  EUR 600,000 | 1.638%, 05/18/28 | 696 | 0.0 |
|  | Other | 419256 | 3.6 |
|  |  | 693931 | 6.0 |
|  CAPITAL GOODS |  | 100848 | 0.9 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | 27248 | 0.2 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 52086 | 0.5 |
|  CONSUMER SERVICES | CONSUMER SERVICES | 38181 | 0.3 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL | 23821 | 0.2 |
|  ENERGY |  | 268027 | 2.3 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  |
|  | SBA Tower Trust |  |  |
| 42100000<br> (b) | 1.840%, 04/15/27 | 40088 | 0.4 |
|  | Other | 153465 | 1.3 |
|  |  | 193553 | 1.7 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | 281369 | 2.4 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | 83587 | 0.7 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | 124968 | 1.1 |
|  HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS | 25299 | 0.2 |
|  INSURANCE | INSURANCE | 196605 | 1.7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  MATERIALS |  |  | $83801 | 0.7% |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT | 70368 | 0.6 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 95774 | 0.8 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 39300 | 0.3 |
|  SOFTWARE & SERVICES | SOFTWARE & SERVICES | SOFTWARE & SERVICES | 86829 | 0.8 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT | 40153 | 0.3 |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES |  |  |
|  |  | AT&T, Inc |  |  |
| $42943000 |  | 2.550%, 12/01/33 | 35939 | 0.3 |
|  |  | Verizon Communications, Inc |  |  |
| 38051000 |  | 2.355%, 03/15/32 | 32800 | 0.3 |
|  |  | Other | 153364 | 1.3 |
|  |  |  | 222103 | 1.9 |
|  TRANSPORTATION |  |  | 12628 | 0.1 |
|  UTILITIES |  |  | 344866 | 3 |
|  |  | TOTAL CORPORATE BONDS<br> (Cost $3,322,450)  | 3146354 | 27.1 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  GOVERNMENT BONDS | GOVERNMENT BONDS | GOVERNMENT BONDS |  |  |
|  AGENCY SECURITIES | AGENCY SECURITIES | AGENCY SECURITIES | 25440 | 0.2 |
|  FOREIGN GOVERNMENT BONDS | FOREIGN GOVERNMENT BONDS | FOREIGN GOVERNMENT BONDS | 359692 | 3.1 |
|  MORTGAGE BACKED | MORTGAGE BACKED | MORTGAGE BACKED |  |  |
|  |  | Fannie Mae Pool |  |  |
| 61525876 |  | 2.500%, 12/01/51 | 51514 | 0.5 |
| 36448011 |  | 4.000%, 05/01/52 | 33961 | 0.3 |
| 73937606 |  | 4.000%, 06/01/52 | 68897 | 0.6 |
| 40697157 |  | 3.000%, 07/01/52 | 35248 | 0.3 |
| 48238328 |  | 4.000%, 07/01/52 | 44949 | 0.4 |
| 42936413 |  | 5.000%, 08/01/52 | 42291 | 0.4 |
| 120700005 |  | 4.000%, 09/01/52 | 112464 | 1 |
| 127175629 |  | 4.500%, 09/01/52 | 121878 | 1.1 |
| 73949212 |  | 4.000%, 10/01/52 | 68789 | 0.6 |
| 68501060 |  | 4.500%, 10/01/52 | 65650 | 0.6 |
| 110515637 |  | 4.500%, 11/01/52 | 105920 | 0.9 |
| 59524582 |  | 5.000%, 02/01/53 | 58538 | 0.5 |
| 49049103 |  | 5.500%, 02/01/53 | 49172 | 0.4 |
| 52803538 |  | 5.000%, 04/01/53 | 51920 | 0.5 |
| 107729900 |  | 5.500%, 06/01/53 | 107889 | 0.9 |
| 153397017 |  | 5.500%, 04/01/54 | 153426 | 1.3 |
| 132067940 |  | 5.500%, 05/01/54 | 132093 | 1.1 |
| 40482207 |  | 5.500%, 10/01/54 | 40490 | 0.3 |
| 615412706 |  | 2.500%-6.000%, |  |  |
|  |  | 05/01/32-10/01/54 | 580654 | 5 |
|  |  | Freddie Mac Pool |  |  |
| 45421335 |  | 3.000%, 05/01/52 | 39371 | 0.3 |
| 48027915 |  | 5.000%, 06/01/53 | 47172 | 0.4 |
| 43864988 |  | 5.000%, 08/01/53 | 43192 | 0.4 |
| 153775147 |  | 2.500%-6.000%, |  |  |
|  |  | 11/01/49-08/01/53 | 143900 | 1.2 |
|  |  | Freddie Mac REMICS |  |  |
| 144157892 |  | 2.000%-5.500%, |  |  |
|  |  | 01/15/47-02/25/53 | 97267 | 0.8 |
|  |  | Freddie Mac STACR REMIC Trust |  |  |
| 101904800 | (b),(c) | 7.556%-11.405%, 01/25/42- |  |  |
|  |  | 05/25/43, SOFR30A + |  |  |
|  |  | 3.100%-SOFR30A + 7.100% | 107545 | 0.9 |
|  |  | Ginnie Mae II Pool |  |  |
| 50128772 |  | 3.500%,04/20/52 | 45734 | 0.4 |

---

28 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |  |  |
|  |  | Government National Mortgage Association |  |  |
| $207650997  |  | 2.500%-8.573%, |  |  |
|  |  | 01/20/40-08/20/53 | $135060 | 1.2% |
|  |  | Other | 488422 | 4.2 |
|  |  |  | 3073406 | 26.5 |
|  MUNICIPAL BONDS | MUNICIPAL BONDS | MUNICIPAL BONDS | 276050 | 2.4 |
|  U.S. TREASURY SECURITIES | U.S. TREASURY SECURITIES | U.S. TREASURY SECURITIES |  |  |
|  |  | United States Treasury Note |  |  |
| 94645000  |  | 4.250%, 11/30/26 | 95133 | 0.8 |
| 106000000  |  | 4.125%, 11/15/27 | 106981 | 0.9 |
| 655877000  |  | 3.875%, 06/30/30 | 658388 | 5.7 |
| 66260000  |  | 4.125%, 03/31/32 | 66848 | 0.6 |
| 71939000  |  | 4.250%, 05/15/35 | 72051 | 0.6 |
| 82495000  |  | 4.625%, 02/15/55 | 80304 | 0.7 |
| 125645000  |  | 3.750%-5.000%, |  |  |
|  |  | 10/31/26-05/15/45 | 126159 | 1.1 |
|  |  | United States Treasury Note/Bond |  |  |
| 240755000  |  | 3.500%, 04/30/28 | 239448 | 2.1 |
| 113120000  |  | 3.500%, 04/30/30 | 111666 | 1 |
| 50000000  |  | 3.750%, 12/31/30 | 49752 | 0.4 |
| 70450000  |  | 4.000%, 01/31/31 | 70948 | 0.6 |
| 57151000  |  | 4.125%, 07/31/31 | 57807 | 0.5 |
| 97957900  |  | 3.750%, 08/31/31 | 97043 | 0.8 |
| 85325800  |  | 2.375%, 02/15/42 | 62075 | 0.5 |
| 91758000  |  | 3.375%, 08/15/42 | 77016 | 0.7 |
| 56675000  |  | 3.875%, 02/15/43 | 50733 | 0.4 |
| 49620000  |  | 3.875%, 05/15/43 | 44321 | 0.4 |
| 52140000  |  | 2.500%, 05/15/46 | 36011 | 0.3 |
| 51995000  |  | 3.000%, 08/15/48 | 38454 | 0.3 |
| 256002000  |  | 2.250%, 02/15/52 | 156371 | 1.4 |
| 44786000  |  | 3.625%, 02/15/53 | 36560 | 0.3 |
| 328673500  |  | 0.250%-5.000%, |  |  |
|  |  | 09/30/25-11/15/48 | 281112 | 2.4 |
|  |  |  | 2615181 | 22.5 |
|  |  | TOTAL GOVERNMENT BONDS<br> (Cost $6,653,945) | 6349769 | 54.7 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  PREFERRED STOCKS | PREFERRED STOCKS | PREFERRED STOCKS |  |  |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | FINANCIAL SERVICES | 4475 | 0 |
|  |  | TOTAL PREFERRED STOCKS<br> (Cost $4,348) | 4475 | 0 |
| Principal |  | Description | Value<br>(000) | % of net<br>assets |
|  STRUCTURED ASSETS | STRUCTURED ASSETS | STRUCTURED ASSETS |  |  |
|  ASSET BACKED | ASSET BACKED | ASSET BACKED |  |  |
|  |  | DB Master Finance LLC<br> Series 2021 1A |  |  |
| 36187500  | (b) | 2.045%, 11/20/51 | 34838 | 0.3 |
|  |  | Other | 544598 | 4.7 |
|  |  |  | 579436 | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED |  |  |
|  |  | Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90865000 | (b),(c) | 7.305%-9.056%, 03/25/42-<br> 12/25/42, SOFR30A +<br> 3.000%-SOFR30A + 4.750% | $95359 | 0.9% |
|  |  | Other | 966201 | 8.3 |
|  |  |  | 1061560 | 9.2 |
|  |  | TOTAL STRUCTURED ASSETS |  |  |
|  |  | (Cost $1,728,229) | 1640996 | 14.2 |
|  |  | TOTAL LONG-TERM INVESTMENTS |  |  |
|  |  | (Cost $11,730,707) | 11163263 | 96.2 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATER | INVESTMENTS PURCHASED WITH COLLATER | INVESTMENTS PURCHASED WITH COLLATER |  |  |
|  SECURITIES LENDING AL FROM | SECURITIES LENDING AL FROM | SECURITIES LENDING AL FROM |  |  |
| 36717663 | (d) | State Street Navigator Securities Lending Government Money Market Portfolio 4.350%(e) | 36718 | 0.3 |
| TOTAL INVESTMENTS PURCHASED WITH COLLATERAL<br> FROM SECURITIES LENDING<br> (Cost $36,718) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL<br> FROM SECURITIES LENDING<br> (Cost $36,718) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL<br> FROM SECURITIES LENDING<br> (Cost $36,718) | 36718 | 0.3 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | 87303 | 0.7 |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | REPURCHASE AGREEMENT |  |  |
|  |  | Fixed Income Clearing Corporation |  |  |
| 116619000 | (f) | 4.390%, 07/01/25 | 116619 | 1 |
|  |  | Other | 10432 | 0.1 |
|  |  |  | 127051 | 1.1 |
|  TREASURY DEBT | TREASURY DEBT | TREASURY DEBT | 41465 | 0.4 |
|  |  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $255,804) | 255819 | 2.2 |
|  |  | TOTAL PORTFOLIO<br> (Cost $12,023,229) | 11455800 | 98.7 |
|  |  | OTHER ASSETS & LIABILITIES, NET | 145132 | 1.3 |
|  |  | NET ASSETS | $11600932 | 100.0% |

---

EUR Euro <br> SOFR30A 30 Day Average Secured Overnight Financing Rate

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

(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 $2,268,109,798
or 19.8% of Total Investments.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on
the underlying asset of the security. Coupon rate reflects the rate at period end.

(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, 4.390% dated 6/30/25 to be repurchased at $116,633,221 on
7/1/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 10/15/26, valued at $118,951,427.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

*See Notes to Financial Statements* 29

------

## Summary Portfolio of Investments (continued)
Core Bond ◾ June 30, 2025

At 6/30/25, the aggregate value of securities on loan is $44,649,140.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br>Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br> (000) |
|  U.S. Treasury 10-Year Note | 1890 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415 |
|  U.S. Treasury 2-Year Note | 1250 | 09/30/25 | 259016 | 260030 | 1014 |
|  U.S. Treasury 5-Year Note | 4125 | 09/30/25 | 445025 | 449625 | 4600 |
|  Total | 7265 |  | $912542 | $921571 | $9029 |

---

Forward Foreign Currency Contracts

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | Receive<br> (000) | Receive<br> (000) | Currency<br>Sold | Deliver<br>(000) | Deliver<br>(000) | Counterparty | Settlement Date | Unrealized<br>Appreciation<br>(Depreciation)<br> (000) |
|  | $— | 21810 |  |  | 157500 | Australia and New Zealand Banking Group Limited | 08/15/25 | (273) |
|  | $— | 2507 |  |  | 2190 | Australia and New Zealand Banking Group Limited | 07/11/25 | (75) |
|  | $— | 454 |  |  | 398 | Australia and New Zealand Banking Group Limited | 07/11/25 | (15) |
|  | $— | 1499 |  |  | 216772 | Australia and New Zealand Banking Group Limited | 07/11/25 | (8) |
|  | $— | 1255 |  |  | 42946 | Australia and New Zealand Banking Group Limited | 07/14/25 | (68) |
|  | $— | 4758 |  |  | 7872 | Bank of America, N.A. | 07/11/25 | (425) |
|  | $— | 12141 |  |  | 17133 | Bank of America, N.A. | 07/11/25 | (448) |
|  | $— | 556 |  |  | 443 | Bank of America, N.A. | 07/11/25 | (2) |
|  | $— | 2929 |  |  | 2642 | Bank of America, N.A. | 07/11/25 | (185) |
|  | $— | 458 |  |  | 400 | Bank of America, N.A. | 07/11/25 | (13) |
|  | $— | 337 |  |  | 300 | Bank of America, N.A. | 07/11/25 | (16) |
|  | $— | 2010 |  |  | 1507 | Bank of America, N.A. | 07/11/25 | (58) |
|  | $— | 1218 |  |  | 5666 | Bank of America, N.A. | 08/18/25 | (92) |
|  |  | 304 |  | $— | 348 | Bank of America, N.A. | 07/11/25 | 11 |
|  |  | 480 |  | $— | 554 | Bank of America, N.A. | 07/11/25 | 12 |
|  |  | 738 |  | $— | 853 | Bank of America, N.A. | 07/11/25 | 17 |
|  |  | 532 |  | $— | 610 | Bank of America, N.A. | 07/11/25 | 18 |
|  |  | 1900 |  | $— | 2181 | Bank of America, N.A. | 07/11/25 | 58 |
|  |  | 2196 |  | $— | 2840 | Bank of America, N.A. | 07/11/25 | 173 |
|  |  | 662 |  | $— | 872 | Bank of America, N.A. | 07/11/25 | 37 |
|  |  | 439 |  | $— | 587 | Bank of America, N.A. | 07/11/25 | 15 |
|  | $— | 586 |  |  | 477 | Citibank N.A. | 07/11/25 | (16) |
|  | $— | 25365 |  |  | 19775 | Citibank N.A. | 07/11/25 | (1780) |
|  | $— | 2245 |  |  | 38298160 | Citibank N.A. | 07/14/25 | (116) |
|  | $— | 7386 |  |  | 10825640 | Citibank N.A. | 07/14/25 | (622) |
|  | $— | 523 |  |  | 17052 | Citibank N.A. | 07/14/25 | (2) |
|  |  | 1879 |  | $— | 2099 | Citibank N.A. | 07/11/25 | 116 |
|  | $— | 721 |  |  | 13676 | Goldman Sachs | 07/11/25 | (7) |
|  | $— | 1001 |  |  | 895 | Morgan Stanley Capital Services | 07/11/25 | (54) |
|  | $— | 1317 |  |  | 1121 | Morgan Stanley Capital Services | 07/11/25 | (4) |
|  | $— | 2113 |  |  | 1799 | Morgan Stanley Capital Services | 07/11/25 | (7) |
|  | $— | 995 |  |  | 735 | Morgan Stanley Capital Services | 07/11/25 | (14) |
|  | $— | 35324 |  |  | 5049746 | Morgan Stanley Capital Services | 07/11/25 | 213 |
|  | $— | 606 |  |  | 6132 | Morgan Stanley Capital Services | 07/11/25 | (2) |
|  | $— | 1330 |  |  | 4904 | Morgan Stanley Capital Services | 07/11/25 | (31) |
|  |  | 1121 |  | $— | 1316 | Morgan Stanley Capital Services | 07/01/25 | 4 |
|  |  | 1772 |  | $— | 2027 | Morgan Stanley Capital Services | 07/11/25 | 63 |
|  |  | 375 |  | $— | 428 | Morgan Stanley Capital Services | 07/11/25 | 13 |
|  |  | 341 |  | $— | 390 | Morgan Stanley Capital Services | 07/11/25 | 12 |
|  |  | 236 |  | $— | 271 | Morgan Stanley Capital Services | 07/11/25 | 7 |
|  |  | 701 |  | $— | 808 | Morgan Stanley Capital Services | 07/11/25 | 18 |
|  |  | 1175 |  | $— | 699 | Morgan Stanley Capital Services | 07/11/25 | 18 |

---

30 *See Notes to Financial Statements*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Receive<br> (000) | Receive<br> (000) | Currency<br>Sold | Deliver<br>(000) | Deliver<br>(000) | Counterparty | Settlement Date | Unrealized<br>Appreciation<br>(Depreciation)<br> (000) |
|  | $— | 457 |  |  | 400 | Standard Chartered Bank | 07/11/25 | (15) |
|  | $— | 511 |  |  | 177181 | Standard Chartered Bank | 07/11/25 | (11) |
|  | $— | 432 |  |  | 1631 | Standard Chartered Bank | 07/14/25 | (28) |
|  |  | 278 |  | $— | 325 | Standard Chartered Bank | 07/11/25 | 2 |
|  |  | 487 |  | $— | 644 | Standard Chartered Bank | 07/11/25 | 24 |
|  |  | 15155 |  | $— | 458 | Standard Chartered Bank | 07/14/25 | 9 |
|  | $— | 834 |  |  | 17827 | Toronto Dominion Bank | 07/11/25 | (16) |
|  | $— | 107562 |  |  | 97012 | Toronto Dominion Bank | 07/11/25 | (6799) |
|  | $— | 2037 |  |  | 3636 | Toronto Dominion Bank | 07/11/25 | (180) |
|  | $— | 503 |  |  | 8944 | Toronto Dominion Bank | 07/11/25 | (2) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10544) |
|  | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | $840 |
|  | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | $(11384) |

---

---

| | |
|:---|:---|
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
|  CHF | Switzerland Franc |
|  CNH | Chinese Yuan Renminbi Offshore |
|  CZK | Czech Republic Koruna |
|  EUR | Euro |
|  GBP | Pound Sterling |
|  HUF | Hungary Forint |
|  IDR | Indonesia Rupiah |
|  JPY | Japanese Yen |
|  KRW | South Korean Won |
|  MXN | Mexican Peso |
|  NOK | Norwegian Krone |
|  NZD | New Zealand Dollar |
|  PEN | Peruvian Sol |
|  PLN | Polish Zloty |
|  RON | Romanian Leu |
|  THB | Thai Baht |
|  ZAR | South African Rand |

---

Credit Default Swaps - Centrally Cleared

SOLD

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference<br>Entity | Fixed Rate<br>(Annualized) | Current<br>Credit<br>Spread(a) | Fixed Rate<br>Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<br>(000)(b) | Value<br>(000) | Premiums<br>Paid<br> (Received)<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br> (000) |
|  Citigroup Global Markets, Inc | CDX-<br>NAHYS44V1-5Y | 5.000% | 5.000% | Quarterly | 06/27/30 | $150000 | $(11548) | $(8383) | $(3165) |

---

(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 Account 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.

*See Notes to Financial Statements* 31

------

## Summary Portfolio of Investments
Inflation-Linked Bond ◾ June 30, 2025

(Unaudited)

---

| | | |
|:---|:---|:---|
| Principal Description | Value<br> (000) | % of net<br>assets |
|  LONG-TERM INVESTMENTS |  |  |
|  BANK LOAN OBLIGATIONS |  |  |
|  CAPITAL GOODS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6656 | 0.1% |
|  CONSUMER DURABLES & APPAREL | 685 | 0.0 |
|  CONSUMER SERVICES | 5311 | 0.1 |
|  FINANCIAL SERVICES | 1511 | 0.0 |
|  HEALTH CARE EQUIPMENT & SERVICES | 532 | 0.0 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1717 | 0.0 |
|  SOFTWARE & SERVICES | 1693 | 0.0 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | 282 | 0.0 |
|  TOTAL BANK LOAN OBLIGATIONS<br> (Cost $18,276) | 18387 | 0.2 |
| Principal Description | Value<br> (000) | % of net<br>assets |
|  CORPORATE BONDS |  |  |
|  AUTOMOBILES & COMPONENTS | 2001 | 0.0 |
|  BANKS | 18339 | 0.2 |
|  CAPITAL GOODS | 4195 | 0.1 |
|  COMMERCIAL & PROFESSIONAL SERVICES | 3164 | 0.0 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | 3589 | 0.1 |
|  ENERGY | 48916 | 0.6 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 986 | 0.0 |
|  FINANCIAL SERVICES | 8123 | 0.1 |
|  FOOD, BEVERAGE & TOBACCO | 12338 | 0.2 |
|  HEALTH CARE EQUIPMENT & SERVICES | 13365 | 0.2 |
|  INSURANCE | 2053 | 0.0 |
|  MATERIALS | 14199 | 0.2 |
|  MEDIA & ENTERTAINMENT | 6867 | 0.1 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 2299 | 0.0 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3377 | 0.1 |
|  TELECOMMUNICATION SERVICES | 9953 | 0.1 |
|  TRANSPORTATION | 10043 | 0.1 |
|  UTILITIES | 11593 | 0.2 |
|  TOTAL CORPORATE BONDS<br> (Cost $176,848) | 175400 | 2.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br>(000) | % of net<br>assets |
|  GOVERNMENT BONDS | GOVERNMENT BONDS |  |  |  |
|  AGENCY SECURITIES |  |  | 6799 | 0.1 |
|  FOREIGN GOVERNMENT BONDS | FOREIGN GOVERNMENT BONDS | FOREIGN GOVERNMENT BONDS | 6266 | 0.1 |
|  MORTGAGE BACKED |  |  |  |  |
| 17000000 | (a),(b) | Freddie Mac STACR REMIC Trust 7.655%, 05/25/42, (SOFR30A + 3.350%) | 17679 | 0.2 |
|  |  | Ginnie Mae I Pool |  |  |
| 13703156  |  | 3.600%, 09/15/31 | 13335 | 0.2 |
| 30470536  |  | 1.730%, 07/15/37 | 25809 | 0.3 |
| 20769675  |  | 1.650%, 07/15/42 | 16128 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |  |  |
| $23319626  |  | 2.750%, 01/15/45 | $21797 | 0.3% |
|  |  | Other | 61173 | 0.8 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155921 | 2 |
|  U.S. TREASURY SECURITIES | U.S. TREASURY SECURITIES | U.S. TREASURY SECURITIES |  |  |
|  |  | United States Treasury Inflation Indexed Bonds |  |  |
| 13598420 | (c) | 0.125%, 10/15/25 | 13551 | 0.2 |
| 175527298 | (c) | 0.625%, 01/15/26 | 174563 | 2.2 |
| 71634076 | (c) | 2.000%, 01/15/26 | 71758 | 0.9 |
| 141085739 | (c) | 0.125%, 04/15/26 | 139518 | 1.8 |
| 121438928 | (c) | 0.125%, 07/15/26 | 120388 | 1.6 |
| 270293094 | (c) | 0.125%, 10/15/26 | 267191 | 3.4 |
| 210468980 | (c) | 0.375%, 01/15/27 | 207592 | 2.7 |
| 131953687 | (c) | 2.375%, 01/15/27 | 134164 | 1.7 |
| 150414344 | (c) | 0.125%, 04/15/27 | 147265 | 1.9 |
| 153418590 | (c) | 0.375%, 07/15/27 | 151341 | 1.9 |
| 146180700 | (c) | 1.625%, 10/15/27 | 148000 | 1.9 |
| 250325075 | (c) | 0.500%, 01/15/28 | 245666 | 3.2 |
| 187407864 | (c) | 1.750%, 01/15/28 | 189797 | 2.4 |
| 196446943 | (c) | 1.250%, 04/15/28 | 196077 | 2.5 |
| 134311543 | (c) | 3.625%, 04/15/28 | 142819 | 1.8 |
| 119734545 | (c) | 0.750%, 07/15/28 | 118273 | 1.5 |
| 59273784 | (c) | 2.375%, 10/15/28 | 61483 | 0.8 |
| 291540735 | (c) | 0.875%, 01/15/29 | 287006 | 3.7 |
| 146262600 | (c) | 2.500%, 01/15/29 | 152178 | 2 |
| 377841881 | (c) | 2.125%, 04/15/29 | 387999 | 5 |
| 53345535 | (c) | 3.875%, 04/15/29 | 58238 | 0.8 |
| 244528050 | (c) | 0.250%, 07/15/29 | 234813 | 3 |
| 149068324 | (c) | 1.625%, 10/15/29 | 150898 | 1.9 |
| 294007744 | (c) | 0.125%, 01/15/30 | 277454 | 3.6 |
| 75900483 | (c) | 1.625%, 04/15/30 | 76446 | 1 |
| 172001984 | (c) | 0.125%, 07/15/30 | 161568 | 2.1 |
| 291378334 | (c) | 0.125%, 01/15/31 | 269958 | 3.5 |
| 281795016 | (c) | 0.125%, 07/15/31 | 259304 | 3.3 |
| 159086847 | (c) | 0.125%, 01/15/32 | 144182 | 1.9 |
| 49876236 | (c) | 3.375%, 04/15/32 | 55516 | 0.7 |
| 253310506 | (c) | 0.625%, 07/15/32 | 236269 | 3 |
| 355650028 | (c),(d) | 1.125%, 01/15/33 | 339836 | 4.4 |
| 275950872 | (c) | 1.375%, 07/15/33 | 267971 | 3.4 |
| 448783263 | (c) | 1.750%, 01/15/34 | 444854 | 5.7 |
| 342297064 | (c) | 1.875%, 07/15/34 | 342560 | 4.4 |
| 255247032 | (c) | 2.125%, 01/15/35 | 259411 | 3.3 |
| 34519003 | (c) | 2.125%, 02/15/40 | 34068 | 0.4 |
|  |  | Other | 946 | 0 |
|  |  |  | 6970921 | 89.5 |
|  TOTAL GOVERNMENT BONDS<br> (Cost $7,241,203) | TOTAL GOVERNMENT BONDS<br> (Cost $7,241,203) | TOTAL GOVERNMENT BONDS<br> (Cost $7,241,203) | 7139907 | 91.7 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENT COMPANIES | INVESTMENT COMPANIES | INVESTMENT COMPANIES | 9952 | 0.1 |
| TOTAL INVESTMENT COMPANIES<br> (Cost $10,002) | TOTAL INVESTMENT COMPANIES<br> (Cost $10,002) | TOTAL INVESTMENT COMPANIES<br> (Cost $10,002) | 9952 | 0.1 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  STRUCTURED ASSETS | STRUCTURED ASSETS | STRUCTURED ASSETS |  |  |
|  ASSET BACKED |  |  |  |  |
|  |  | Ford Credit Auto Owner Trust |  |  |
|  |  | Series 2024 C |  |  |
| 14055000 |  | 4.070%, 07/15/29 | 14035 | 0.2 |
|  |  | Series 2024 1 |  |  |
| 18000000 | (b) | 4.870%, 08/15/36 | 18344 | 0.2 |

---

32 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  ASSET BACKED (continued) | ASSET BACKED (continued) | ASSET BACKED (continued) |  |  |
|  |  | Tesla Auto Lease Trust |  |  |
|  |  | Series 2024 B |  |  |
| $16425000 | (b) | 4.820%, 10/20/27 | $16499 | 0.2% |
|  |  | Toyota Auto Receivables Owner Trust |  |  |
|  |  | Series 2024 D |  |  |
| 18650000 |  | 4.400%, 06/15/29 | 18729 | 0.2 |
|  |  | Verizon Master Trust Series |  |  |
|  |  | Series 2024 5 |  |  |
| 25000000 | (b) | 5.000%, 06/21/32 | 25633 | 0.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 40622 | 0.6 |
|  |  |  | 133862 | 1.7 |
|  OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED |  |  |
|  |  | BX Commercial Mortgage Trust |  |  |
|  |  | Series 2021 XL2 |  |  |
| 12600000 | (a),(b) | 5.624%, 10/15/38, (TSFR1M + 1.312%) | 12601 | 0.2 |
|  |  | Connecticut Avenue Securities Trust |  |  |
|  |  | Series 2023 R01 |  |  |
| 10855000 | (a),(b) | 8.056%, 12/25/42, (SOFR30A + 3.750%) | 11462 | 0.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 154989 | 2.0 |
|  |  |  | 179052 | 2.3 |
|  |  | TOTAL STRUCTURED ASSETS |  |  |
|  |  | (Cost $317,403) | 312914 | 4.0 |
|  |  | TOTAL LONG-TERM INVESTMENTS |  |  |
|  |  | (Cost $7,763,732) | 7656560 | 98.3 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
| 5423414 | (e) | State Street Navigator Securities Lending Government Money Market Portfolio<br>4.350%(f) | 5423 | 0.1 |
|  TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
|  |  | (Cost $5,423) | 5423 | 0.1 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | REPURCHASE AGREEMENT |  |  |
|  |  | Fixed Income Clearing Corporation |  |  |
| 84972000 | (g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.390%, 07/01/25 | 84972 | 1.1 |
|  |  |  | 84972 | 1.1 |
|  |  | TOTAL SHORT-TERM INVESTMENTS |  |  |
|  |  | (Cost $84,972) | 84972 | 1.1 |
|  |  | TOTAL PORTFOLIO |  |  |
|  |  | (Cost $7,854,127) | 7746955 | 99.5 |
|  |  | OTHER ASSETS & LIABILITIES, NET | 40846 | 0.5 |
|  |  | NET ASSETS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787801 | 100.0% |

---

---

| | |
|:---|:---|
|  REMIC | Real Estate Mortgage Investment Conduit |
|  SOFR30A | 30 Day Average Secured Overnight Financing Rate |
|  TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |

---

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

(a) Floating or variable rate security includes the reference rate and spread, unless 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 $403,048,801
or 5.2% of Total Investments.

(c) Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price
Index.

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

(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, 4.390% dated 6/30/25 to be repurchased at $84,982,362 on
7/1/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 10/15/26, valued at $86,671,543.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

At 6/30/25, the aggregate value of securities on loan is $5,215,447.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

*See Notes to Financial Statements* 33

------

## Summary Portfolio of Investments (continued)
Inflation-Linked Bond ◾ June 30, 2025

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration<br>Date | Notional<br>Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br> (Depreciation)<br> (000) |
|  U.S. Treasury 10-Year Note | 988 | 09/19/25 | $108994 | $110780 | $1786 |
|  U.S. Treasury 2-Year Note | 1024 | 09/30/25 | 212049 | 213016 | 967 |
|  U.S. Treasury 5-Year Note | 1293 | 09/30/25 | 139495 | 140937 | 1442 |
|  Total | 3305 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 |

---

34 *See Notes to Financial Statements*

------

## Summary Portfolio of Investments
Social Choice ∎ June 30, 2025

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) |  | % of net<br>assets |
|  LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS | LONG-TERM INVESTMENTS |  |  |
|  BANK LOAN OBLIGATIONS | BANK LOAN OBLIGATIONS |  |  |  |
|  CAPITAL GOODS |  | $0 | ^ | 0.0% |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14912 |  | 0 |
|  UTILITIES |  | 15613 |  | 0.1 |
|  TOTAL BANK LOAN OBLIGATIONS | TOTAL BANK LOAN OBLIGATIONS |  |  |  |
|  | (Cost $31,245) | 30525 |  | 0.1 |
| Shares | Description | Value (000) |  | % of net<br>assets |
|  COMMON STOCKS | COMMON STOCKS | COMMON STOCKS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS | 71819 |  | 0.3 |
|  BANKS |  |  |  |  |
| 1148124 | Citigroup, Inc | 97728 |  | 0.5 |
| 717478 | JPMorgan Chase & Co | 208004 |  | 1 |
|  | Other | 414061 |  | 1.9 |
|  |  | 719793 |  | 3.4 |
|  CAPITAL GOODS |  |  |  |  |
| 99790<br> (a) | Axon Enterprise, Inc | 82620 |  | 0.4 |
| 263763 | Caterpillar, Inc | 102395 |  | 0.5 |
| 267608 | Eaton Corp plc | 95533 |  | 0.4 |
|  | Other | 1002391 |  | 4.7 |
|  |  | 1282939 |  | 6 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES |  |  |  |
| 271030 | Automatic Data Processing, Inc | 83586 |  | 0.4 |
|  | Other | 235617 |  | 1.1 |
|  |  | 319203 |  | 1.5 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  |
| 346345 | Home Depot, Inc | 126984 |  | 0.6 |
| 672833 | TJX Cos, Inc | 83088 |  | 0.4 |
|  | Other | 221815 |  | 1 |
|  |  | 431887 |  | 2 |
|  CONSUMER DURABLES & APPAREL | CONSUMER DURABLES & APPAREL | 151840 |  | 0.7 |
|  CONSUMER SERVICES |  |  |  |  |
| 17637 | Booking Holdings, Inc | 102105 |  | 0.5 |
| 322128 | McDonald's Corp | 94116 |  | 0.4 |
| 270471 | Royal Caribbean Cruises Ltd | 84695 |  | 0.4 |
|  | Other | 177640 |  | 0.9 |
|  |  | 458556 |  | 2.2 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  |  |
| 136748 | Costco Wholesale Corp | 135372 |  | 0.6 |
|  | Other | 125975 |  | 0.6 |
|  |  | 261347 |  | 1.2 |
|  ENERGY |  | 132848 |  | 0.6 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 283860 |  | 1.3 |
|  FINANCIAL SERVICES |  |  |  |  |
| 315449 | American Express Co | 100622 |  | 0.5 |
| 152769 | Goldman Sachs Group, Inc | 108122 |  | 0.5 |
| 253047 | Mastercard, Inc (Class A) | 142197 |  | 0.7 |
| 162104 | Moody's Corp | 81310 |  | 0.4 |
| 717550 | Morgan Stanley | 101074 |  | 0.5 |
| 181738 | S&P Global, Inc | 95829 |  | 0.4 |
| 475099 | Visa, Inc (Class A) | 168684 |  | 0.8 |
|  | Other | 443988 |  | 2 |
|  |  | 1241826 |  | 5.8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO |  |  |
| 637323 |  | PepsiCo, Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84152 | 0.4% |
|  |  | Other | 259589 | 1.2 |
|  |  |  | 343741 | 1.6 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES |  |  |
| 278262 |  | UnitedHealth Group, Inc | 86809 | 0.4 |
|  |  | Other | 305762 | 1.4 |
|  |  |  | 392571 | 1.8 |
|  HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS |  |  |
| 784156 |  | Procter & Gamble Co | 124932 | 0.6 |
|  |  | Other | 114534 | 0.5 |
|  |  |  | 239466 | 1.1 |
|  INSURANCE |  |  |  |  |
| 325570 |  | Progressive Corp | 86882 | 0.4 |
|  |  | Other | 468310 | 2.2 |
|  |  |  | 555192 | 2.6 |
|  MATERIALS |  |  | 357595 | 1.7 |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT |  |  |
| 127299 | (a) | Netflix, Inc | 170470 | 0.8 |
|  |  | Other | 477674 | 2.2 |
|  |  |  | 648144 | 3.0 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  |
| 297268 |  | Amgen, Inc | 83000 | 0.4 |
| 429541 |  | Danaher Corp | 84851 | 0.4 |
| 215908 |  | Eli Lilly & Co | 168307 | 0.8 |
|  |  | Other | 485113 | 2.3 |
|  |  |  | 821271 | 3.9 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 101155 | 0.5 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  |
| 759385 | (a) | Advanced Micro Devices, Inc | 107757 | 0.5 |
| 512279 |  | Applied Materials, Inc | 93783 | 0.4 |
| 3636258 |  | Intel Corp | 81452 | 0.4 |
| 949684 |  | Lam Research Corp | 92442 | 0.4 |
| 4660997 |  | Nvidia Corp | 736391 | 3.4 |
| 493684 |  | Texas Instruments, Inc | 102499 | 0.5 |
|  |  | Other | 268459 | 1.3 |
|  |  |  | 1482783 | 6.9 |
|  SOFTWARE & SERVICES |  |  |  |  |
| 226207 | (a) | Adobe, Inc | 87515 | 0.4 |
| 396701 |  | International Business Machines |  |  |
|  |  | Corp | 116940 | 0.5 |
| 134175 |  | Intuit, Inc | 105680 | 0.5 |
| 1421959 |  | Microsoft Corp | 707297 | 3.3 |
| 392945 |  | Salesforce, Inc | 107152 | 0.5 |
| 100477 | (a) | ServiceNow, Inc | 103298 | 0.5 |
|  |  | Other | 483948 | 2.3 |
|  |  |  | 1711830 | 8.0 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT | 293047 | 1.4 |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | 245663 | 1.2 |
|  TRANSPORTATION |  |  | 159897 | 0.8 |
|  UTILITIES |  |  | 144493 | 0.7 |
|  |  | TOTAL COMMON STOCKS |  |  |
|  |  | (Cost $9,638,010) | 12852766 | 60.2 |

---

*See Notes to Financial Statements* 35

------

## Summary Portfolio of Investments (continued)
Social Choice ∎ June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) | % of net<br>assets |
|  CORPORATE BONDS | CORPORATE BONDS |  |  |
|  AUTOMOBILES & COMPONENTS | AUTOMOBILES & COMPONENTS | $24621 | 0.1% |
|  BANKS | BANKS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341486 | 1.6 |
|  CAPITAL GOODS | CAPITAL GOODS | 53588 | 0.2 |
|  COMMERCIAL & PROFESSIONAL SERVICES | COMMERCIAL & PROFESSIONAL SERVICES | 36811 | 0.2 |
|  CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 9041 | 0.0 |
|  CONSUMER SERVICES | CONSUMER SERVICES | 54585 | 0.3 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL | CONSUMER STAPLES DISTRIBUTION & RETAIL | 53759 | 0.3 |
|  ENERGY | ENERGY | 270051 | 1.3 |
|  EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 7709 | 0.0 |
|  FINANCIAL SERVICES | FINANCIAL SERVICES | 357431 | 1.7 |
|  FOOD, BEVERAGE & TOBACCO | FOOD, BEVERAGE & TOBACCO | 45429 | 0.2 |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | 50441 | 0.2 |
|  HOUSEHOLD & PERSONAL PRODUCTS | HOUSEHOLD & PERSONAL PRODUCTS | 89407 | 0.4 |
|  INSURANCE | INSURANCE | 99167 | 0.5 |
|  MATERIALS | MATERIALS | 114074 | 0.5 |
|  MEDIA & ENTERTAINMENT | MEDIA & ENTERTAINMENT | 26485 | 0.1 |
|  PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 46673 | 0.2 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 20195 | 0.1 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 10950 | 0.0 |
|  TECHNOLOGY HARDWARE & EQUIPMENT | TECHNOLOGY HARDWARE & EQUIPMENT | 14003 | 0.1 |
|  TELECOMMUNICATION SERVICES | TELECOMMUNICATION SERVICES | 23726 | 0.1 |
|  TRANSPORTATION | TRANSPORTATION | 11559 | 0.1 |
|  UTILITIES | UTILITIES | 716457 | 3.4 |
|  | TOTAL CORPORATE BONDS |  |  |
|  | (Cost $2,593,540) | 2477648 | 11.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) | % of net<br>assets |
|  GOVERNMENT BONDS | GOVERNMENT BONDS |  |  |
|  AGENCY SECURITIES | AGENCY SECURITIES | 117238 | 0.6 |
|  FOREIGN GOVERNMENT BONDS | FOREIGN GOVERNMENT BONDS | 698800 | 3.3 |
|  MORTGAGE BACKED | MORTGAGE BACKED |  |  |
|  | Fannie Mae Pool |  |  |
| 199146400 | 4.500%, 09/01/52 | 190850 | 0.9 |
| 82269486 | 5.500%, 10/01/53 | 82359 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067967540 | 2.500%-6.000%,<br> 05/01/32-10/01/54<br> Freddie Mac Pool | 1020499 | 4.8 |
| 208089681 | 2.310%-6.000%,<br> 12/01/31-08/01/53<br> Ginnie Mae II Pool | 191821 | 0.9 |
| 321897029 | 2.500%-6.500%,<br> 11/20/38-08/20/53 | 296553 | 1.4 |
|  | Other | 549381 | 2.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 |
|  MUNICIPAL BONDS | MUNICIPAL BONDS | 346546 | 1.6 |
| &nbsp;&nbsp;&nbsp; U.S. TREASURY SECURITIES | &nbsp;&nbsp;&nbsp; U.S. TREASURY SECURITIES |  |  |
|  | United States Treasury Note |  |  |
| 240359000 | 3.750%, 06/30/27 | 240509 | 1.2 |
| 149866000 | 3.875%, 06/15/28 | 150662 | 0.7 |
| 132885000 | 3.875%, 06/30/30 | 133394 | 0.6 |
| 240013000 | 4.125%, 06/30/32 | 240201 | 1.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  U.S. TREASURY SECURITIES (continued) | U.S. TREASURY SECURITIES (continued) | U.S. TREASURY SECURITIES (continued) | U.S. TREASURY SECURITIES (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$208114000 |  | 4.250%, 05/15/35 | $208439 | 1.0% |
| 108579000 |  | 5.000%, 05/15/45 | 111531 | 0.5 |
| 158477000 |  | 4.625%, 02/15/55 | 154268 | 0.7 |
|  |  | United States Treasury Note/Bond |  |  |
| 202078800 |  | 2.375%, 02/15/42 | 147012 | 0.7 |
|  |  | Other | 104396 | 0.5 |
|  |  |  | 1490412 | 7 |
|  |  | TOTAL GOVERNMENT BONDS<br> (Cost $5,114,546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984459 | 23.4 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  PREFERRED STOCKS | PREFERRED STOCKS | PREFERRED STOCKS |  |  |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | REAL ESTATE MANAGEMENT & DEVELOPMENT | 14769 | 0.1 |
|  UTILITIES |  |  | 13535 | 0 |
|  |  | TOTAL PREFERRED STOCKS<br> (Cost $46,746) | 28304 | 0.1 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  RIGHTS/WARRANTS | RIGHTS/WARRANTS | RIGHTS/WARRANTS |  |  |
|  HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | HEALTH CARE EQUIPMENT & SERVICES | 1 | 0 |
|  |  | TOTAL RIGHTS/WARRANTS (Cost $1) | 1 | 0 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  STRUCTURED ASSETS | STRUCTURED ASSETS | STRUCTURED ASSETS |  |  |
|  ASSET BACKED | ASSET BACKED | ASSET BACKED | 248513 | 1.2 |
|  OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED | OTHER MORTGAGE BACKED | 557236 | 2.6 |
|  |  | TOTAL STRUCTURED ASSETS<br>(Cost $863,902) | 805749 | 3.8 |
|  |  | TOTAL LONG-TERM INVESTMENTS (Cost $18,287,990) | 21179452 | 99.2 |
| Shares |  | Description | Value<br> (000) | % of net<br>assets |
|  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING |  |  |
| 89617496 | (b) | State Street Navigator Securities Lending Government Money Market Portfolio 4.350%(c) | 89617 | 0.4 |
|  TOTAL INVESTMENTS PURCHASED WITH COLLATERAL | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL |  |  |
|  |  | FROM SECURITIES LENDING<br> (Cost $89,617) | 89617 | 0.4 |
| Principal |  | Description | Value<br> (000) | % of net<br>assets |
|  SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
|  GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT | 17411 | 0.1 |
|  REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | REPURCHASE AGREEMENT | 31533 | 0.2 |
|  TREASURY DEBT | TREASURY DEBT | TREASURY DEBT | 4992 | 0 |
|  TOTAL SHORT-TERM INVESTMENTS<br> (Cost $53,937) | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $53,937) | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $53,937) | 53936 | 0.3 |
|  |  | TOTAL PORTFOLIO<br> (Cost $18,431,544) | 21323005 | 99.9 |
|  |  | OTHER ASSETS & LIABILITIES, NET | 21452 | 0.1 |
|  |  | NET ASSETS | $21344457 | 100.0% |

---

36 *See Notes to Financial Statements*

------

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

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

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

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

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

At 6/30/25, the aggregate value of securities on loan is $204,480,289.

At 6/30/25, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,884,644,517 or 8.8% of Total Investments. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

Investments in Derivatives

Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Receive<br> (000) | Currency<br>Sold | Deliver<br> (000) | Counterparty | Settlement Date | Unrealized<br>Appreciation<br>(Depreciation)<br> (000) |
|  $ | 2867 | CAD | 4047 | Bank of America, N.A. | 07/11/25 | (107) |
|  $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11186 | Citibank N.A. | 07/11/25 | (785) |
|  $ | 6117 | EUR | 5265 | Morgan Stanley Capital Services | 07/11/25 | (89) |
|  Total |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981) |
|  Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts |  | $– |
|  Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts |  | $(981) |

---

CAD Canadian Dollar <br> EUR Euro

*See Notes to Financial Statements* 37

------

## Summary Portfolio of Investments
Money Market ◾ June 30, 2025

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) | % of net<br>assets |
| SHORT-TERM INVESTMENTS | SHORT-TERM INVESTMENTS |  |  |
| GOVERNMENT AGENCY DEBT | GOVERNMENT AGENCY DEBT |  |  |
|  | Federal Farm Credit Discount Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41000000 | 0.000%, 07/08/25 | $40966 | 0.4% |
|  | Federal Home Loan Bank Discount Notes |  |  |
| 205000000 | 0.000%, 07/07/25 | 204856 | 1.9 |
| 246500000 | 0.000%, 07/18/25 | 246016 | 2.3 |
| 31595000 | 0.000%, 08/18/25 | 31417 | 0.3 |
| 112538000 | 0.000%, 08/20/25 | 111877 | 1 |
| 165500000 | 0.000%, 08/22/25 | 164489 | 1.5 |
| 232250000 | 0.000%, 09/05/25 | 230449 | 2.1 |
| 41400000 | 0.000%, 09/17/25 | 41021 | 0.4 |
| 41000000 | 0.000%, 09/24/25 | 40590 | 0.4 |
| 242500000 | 0.000%, 09/26/25 | 240058 | 2.2 |
| 168000000 | 0.000%, 10/29/25 | 165654 | 1.5 |
|  | Federal Home Loan Mortgage Corp |  |  |
| 56100000 | 0.375%, 09/23/25 | 55614 | 0.5 |
|  | Other | 11072 | 0.1 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584079 | 14.6 |
| REPURCHASE AGREEMENT | REPURCHASE AGREEMENT |  |  |
|  | Fixed Income Clearing Corporation |  |  |
| 1642325000 (a) | 4.380%, 07/01/25 | 1642325 | 15.1 |
| 160583000 (b) | 4.390%,07/01/25 | 160583 | 1.5 |
| 3036060000 (c) | 4.400%, 07/01/25 | 3036060 | 27.9 |
|  |  | 4838968 | 44.5 |
| TREASURY DEBT | TREASURY DEBT |  |  |
|  | United States Treasury Bill |  |  |
| 40000000 | 0.000%, 09/04/25 | 39722 | 0.4 |
| 128000000 | 0.000%, 10/14/25 | 126425 | 1.2 |
| 205000000 | 0.000%, 11/20/25 | 201652 | 1.8 |
| 126000000 | 0.000%, 01/02/26 | 123368 | 1.1 |
| 33600000 | 0.000%, 06/11/26 | 32325 | 0.3 |
|  | United States Treasury Note/Bond |  |  |
| 117750000 | 0.250%, 09/30/25 | 116626 | 1.1 |
| 41500000 | 0.500%, 02/28/26 | 40509 | 0.4 |
| 82500000 | 4.625%, 02/28/26 | 82794 | 0.7 |
| 61500000 | 0.750%, 03/31/26 | 60048 | 0.5 |
| 42000000 | 4.500%, 03/31/26 | 42112 | 0.4 |
| 41000000 | 3.750%, 04/15/26 | 40898 | 0.4 |
| 163750000 | 0.750%, 04/30/26 | 159400 | 1.5 |
| 349325000 | 4.875%, 04/30/26 | 351695 | 3.2 |
| 234000000 | 1.625%, 05/15/26 | 229064 | 2.1 |
| 40500000 | 0.750%, 05/31/26 | 39255 | 0.3 |
| 41000000 | 4.875%, 05/31/26 | 41270 | 0.4 |
|  | Other | 39900 | 0.4 |
|  |  | 1767063 | 16.2 |
| VARIABLE RATE SECURITIES | VARIABLE RATE SECURITIES |  |  |
|  | Federal Farm Credit Banks Funding Corp |  |  |
| 24500000 (d) | 4.390%, 09/11/25, (SOFR - 0.000%) | 24500 | 0.2 |
| 20500000 (d) | 4.445%, 10/30/25, (SOFR + 0.055%) | 20503 | 0.2 |
| 33000000 (d) | 4.395%, 12/03/25, (SOFR + 0.005%) | 33000 | 0.3 |
|  | Federal Home Loan Banks |  |  |
| 82000000 (d) | 4.390%, 07/02/25, (SOFR - 0.000%) | 82000 | 0.8 |
| 82000000 (d) | 4.390%, 07/03/25, (SOFR - 0.000%) | 82000 | 0.8 |
| 163500000 (d) | 4.390%, 07/07/25, (SOFR - 0.000%) | 163500 | 1.5 |
| 205000000 (d) | 4.395%, 07/11/25, (SOFR + 0.005%) | 205000 | 1.9 |
| 20500000 (d) | 4.400%, 07/21/25, (SOFR + 0.010%) | 20500 | 0.2 |
| 82000000 (d) | 4.400%, 08/12/25, (SOFR + 0.010%) | 82000 | 0.8 |
| 82000000 (d) | 4.400%, 08/22/25, (SOFR + 0.010%) | 82000 | 0.8 |
| 204000000 (d) | 4.390%, 08/29/25, (SOFR - 0.000%) | 204000 | 1.9 |
| 204000000 (d) | 4.390%, 09/08/25, (SOFR - 0.000%) | 204000 | 1.9 |
| 165000000 (d) | 4.405%, 09/29/25, (SOFR + 0.015%) | 165000 | 1.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| Principal | Description | Value<br> (000) | % of net<br>assets |
| VARIABLE RATE SECURITIES (continued) | VARIABLE RATE SECURITIES (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$328000000 (d) | 4.320%, 10/14/25, (SOFR - 0.000%) | $328000 | 3.0% |
| 206000000 (d) | 4.390%, 12/05/25, (SOFR - 0.000%) | 205996 | 1.9 |
| 459000000 (d) | 4.320%, 12/18/25, (SOFR - 0.000%) | 459000 | 4.2 |
| 124750000 (d) | 4.320%, 12/22/25, (SOFR - 0.000%) | 124750 | 1.1 |
| 198000000 (d) | 4.440%, 01/05/26, (SOFR - 0.000%) | 198000 | 1.8 |
| 307500000 (d) | 4.395%, 02/03/26, (SOFR + 0.005%) | 307500 | 2.8 |
|  | Other | 12695 | 0.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003944 | 27.6 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $11,194,054) | 11194054 | 102.9 |
|  | TOTAL PORTFOLIO (Cost $11,194,054) | 11194054 | 102.9 |
|  | OTHER ASSETS & LIABILITIES, NET | (318276) | (2.9) |
|  | NET ASSETS | $10875778 | 100.0% |

---

SOFR Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 4.380% dated 6/30/25 to be repurchased at $1,642,524,816 on
7/1/25, collateralized by Government Agency Securities, with coupon rates 0.000%–4.875% and maturity dates 1/15/26–6/30/26, valued at $1,675,171,500.

(b) Agreement with Fixed Income Clearing Corporation, 4.390% dated 6/30/25 to be repurchased at $160,602,582 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 0.125%–1.875% and maturity dates 10/15/26–2/15/32, valued at $163,794,701.

(c) Agreement with Fixed Income Clearing Corporation, 4.400% dated 6/30/25 to be repurchased at $3,036,431,074 on
7/1/25, collateralized by Government Agency Securities, with coupon rates 0.375%–4.375% and maturity dates 6/30/27–7/15/27, valued at $3,096,781,203.

(d) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.

"Other" securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

For ease of presentation, a number of classification categories have been grouped together in the Summary Portfolio of Investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.

38 *See Notes to Financial Statements*

------

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------

## Statement of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; June 30, 2025 (Unaudited)<br> (amounts in thousands, except accumulation unit value) |  | Stock | Global Equities |
|  ASSETS |  |  |  |
|  Long-term investments, at value\*† |  | $128688557 | $31612013 |
|  Affiliated investments, at value‡ |  | 66542 |  |
|  Short-term investments, at value# |  | 763084 | 331107 |
|  Investments purchased with collateral from securities lending, at value (cost approximates value) |  | 577547 | 98181 |
|  Cash |  | 55013 | 654 |
|  Cash denominated in foreign currencies^ |  | 108233 | 7442 |
|  Cash collateral at brokers for investments in futures contracts |  | 47 |  |
|  Cash collateral at brokers for investments in mortgage dollar rolls |  |  |  |
|  Cash collateral at brokers for investments in swaps contracts |  |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 121999 | 29517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | 932 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 826327 | 213569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims |  | 71915 | 13509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 1867 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts |  |  |  |
|  Other |  | 22115 | 3538 |
|  Total assets |  | 131304178 | 32310422 |
|  LIABILITIES |  |  |  |
|  Due to affiliates |  | 156390 | 13032 |
|  Cash overdraft |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees |  | 6615 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain taxes |  | 103557 | 18178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending |  | 576334 | 97911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement |  | 747443 | 311858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees |  | 5539 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee compensation |  | 19308 | 3092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on swaps contracts |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts |  |  |  |
|  Other |  | 2109 | 67 |
|  Total liabilities |  | 1617295 | 446025 |
|  Net assets |  | $129686883 | $31864397 |
|  CLASS R4 (Accumulation): | Net assets | $3834283 | $1547152 |
|  | Units outstanding | 3798 | 4049 |
|  | Unit value | $1009.541 | $382.083 |
|  CLASS R3 (Accumulation): | Net assets | $65280584 | $15665875 |
|  | Units outstanding | 64938 | 41175 |
|  | Unit value | $1005.282 | $380.470 |
|  CLASS R2 (Accumulation): | Net assets | $35281531 | $9274814 |
|  | Units outstanding | 35328 | 24539 |
|  | Unit value | $998.672 | $377.967 |
|  CLASS R1 (Accumulation): | Net assets | $14482939 | $4794442 |
|  | Units outstanding | 14784 | 12931 |
|  | Unit value | $979.620 | $370.761 |
|  ANNUITY: | Net assets | $10807546 | $582114 |
|  <sup>§</sup> Consolidated Statement of Assets and Liabilities (see Notes to Financial Statements) | <sup>§</sup> Consolidated Statement of Assets and Liabilities (see Notes to Financial Statements) |  |  |
|  \* Includes securities loaned of | \* Includes securities loaned of | $1546134 | $256064 |
|  † Long-term investments, cost | † Long-term investments, cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101630476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23645363 |
|  ‡ Affiliated investments, cost | ‡ Affiliated investments, cost | $57220 | $– |
|  # Short-term investments, cost | # Short-term investments, cost | $763070 | $331100 |
|  ^ Cash denominated in foreign currencies, cost | ^ Cash denominated in foreign currencies, cost | $108260 | $7424 |

---

40 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth | Equity Index | Core Bond | Inflation-Linked Bond | Social Choice§ | Money Market |
| $41161434 | $25850991 | $11163263 | $7656560 | $21179452 | $– |
|  | 125792 | 255819 | 84972 | 53936 | 11194054 |
| <br> 107836 | 20751 | 36718 | 5423 | 89617 |  |
|  | 8 | 2143 | 54 | 995 |  |
|  |  | 1093 |  | 2489 |  |
|  | 47 | 10200 |  |  |  |
|  |  | 99000 |  | 31501 |  |
|  |  | 24 |  |  |  |
| 3679 | 12912 | 71 |  | 10420 |  |
|  | 9 | 79236 | 32836 | 57187 | 20313 |
| 162495 | 2698 | 228355 | 15695 | 540435 |  |
| 2232 |  | 42 |  | 10697 |  |
|  | 551 | 1207 | 536 |  |  |
|  |  | 840 |  |  |  |
| 5131 | 2935 | 3277 | 1450 | 3525 | 2276 |
| 41442807 | 26016694 | 11881288 | 7797526 | 21980254 | 11216643 |
| 24867 | 14977 | 454 | 705 | 10046 | 17325 |
| 27118 |  |  |  |  |  |
| 1105 | 528 | 587 | 272 | 2057 | 343 |
|  |  | 6 |  |  |  |
| 107836 | 20751 | 36718 | 5423 | 89617 |  |
| 111945 |  | 225970 |  | 524968 | 321368 |
|  |  | 2625 | 2000 | 5350 |  |
| 1972 | 1133 | 100 | 164 | 570 | 96 |
| 3530 | 2619 | 1920 | 1158 | 2199 | 1729 |
|  |  | 587 |  |  |  |
|  |  | 11384 |  | 981 |  |
| 17 | 11 | 5 | 3 | 9 | 4 |
| 278390 | 40019 | 280356 | 9725 | 635797 | 340865 |
| $41164417 | $25976675 | $11600932 | $7787801 | $21344457 | $10875778 |
| $947264 | $1071415 | $355191 | $355083 | $2043713 | $276331 |
| 1678 | 1953 | 2520 | 3973 | 5068 | 9036 |
| $564.684 | $548.547 | $140.934 | $89.378 | $403.295 | $30.580 |
| $19417405 | $11483713 | $5460624 | $3781619 | $9551268 | $5376399 |
| 34532 | 21023 | 38911 | 42490 | 23783 | 176519 |
| $562.302 | $546.240 | $140.337 | $89.000 | $401.597 | $30.458 |
| $12639703 | $7969837 | $3418290 | $1982539 | $6429006 | $3097930 |
| 22628 | 14687 | 24519 | 22423 | 16114 | 102389 |
| $558.599 | $542.649 | $139.416 | $88.416 | $398.959 | $30.257 |
| $7264794 | $4826083 | $2117646 | $1504271 | $2801247 | $1993990 |
| 13258 | 9066 | 15485 | 17344 | 7158 | 67067 |
| $547.938 | $532.302 | $136.756 | $86.730 | $391.356 | $29.731 |
| $895251 | $625627 | $249181 | $164289 | $519223 | $131128 |
| $142754 | $63011 | $44649 | $5215 | $204480 | $– |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23167989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730707 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18287990 | $– |
| $– | $– | $– | $– | $– | $– |
| $– | $125793 | $255804 | $84972 | $53937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11194054 |
| $– | $– | $1365 | $– | $2479 | $– |

---

*See Notes to Financial Statements* 41

------

## Statement of Operations

---

| | | |
|:---|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited)<br> (amounts in thousands) | Stock | Global Equities |
|  INVESTMENT INCOME |  |  |
|  Dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300744 |
|  Dividends from affiliated investments | 785 |  |
|  Interest | 13150 | 5192 |
|  Securities lending income, net | 6830 | 679 |
|  Tax withheld | (87921) | (19562) |
|  Total investment income | 1264938 | 287053 |
|  EXPENSES |  |  |
|  Investment management fees | 66186 | 12589 |
|  Administrative - Class R4 | 165 | 66 |
|  Administrative - Class R3 | 45346 | 9523 |
|  Administrative - Class R2 | 26932 | 6960 |
|  Administrative - Class R1 | 16722 | 5535 |
|  Distribution fees - Class R4 | 11 | 4 |
|  Distribution fees - Class R3 | 6443 | 1353 |
|  Distribution fees - Class R2 | 3899 | 1007 |
|  Distribution fees - Class R1 | 2545 | 844 |
|  Mortality and expense risk charges | 3058 | 739 |
|  Total expenses | 171307 | 38620 |
|  Net expenses | 171307 | 38620 |
|  Net investment income (loss) | 1093631 | 248433 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |
|  Realized gain (loss) from: Investments† | 6584803 | 1822102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (35588) | (865) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (18137) | 9520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (7226) | (3660) |
|  Net realized gain (loss) | 6523852 | 1827097 |
|  Change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments ‡ | 3712537 | 598743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 59001 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 29773 | 8994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 8645 | 1720 |
|  Net change in unrealized appreciation (depreciation) | 3809956 | 614148 |
|  Net realized and unrealized gain (loss) | 10333808 | 2441245 |
|  Net increase (decrease) in net assets from operations | $11427439 | $2689678 |
|  <sup>§</sup> Consolidated Statement of Operations (see Notes to Financial Statements) |  |  |
|  † Net of foreign capital gain taxes | $9758 | $403 |
|  ‡ Net of change in foreign capital gains tax | $(16403) | $(7181) |

---

42 *See Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Growth | Equity Index | Core Bond | Inflation-Linked Bond | Social Choice<sup>§</sup> | Money Market |
| $99814 | $153540 | $141 | $356 | $138186 | $– |
| 1714 | 2058 | 252183 | 163304 | 196498 | 226562 |
| 2198 | 312 | 127 | 41 | 461 |  |
| (1780) | (37) | (19) | – | (8162) | – |
| 101946 | 155873 | 252432 | 163701 | 326983 | 226562 |
| 8975 | 1200 | 4412 | 1133 | 6355 | 582 |
| 43 | 29 | 15 | 14 | 95 | 10 |
| 11955 | 7282 | 3511 | 2414 | 6178 | 3337 |
| 9455 | 6113 | 2716 | 1558 | 5024 | 2410 |
| 8293 | 5638 | 2492 | 1770 | 3288 | 2407 |
| 2 | 2 | 2 | 2 | 5 | 2 |
| 1697 | 1034 | 499 | 343 | 878 | 474 |
| 1370 | 885 | 392 | 224 | 727 | 346 |
| 1258 | 857 | 383 | 272 | 501 | 369 |
| 959 | 609 | 280 | 186 | 516 | 259 |
| 44007 | 23649 | 14702 | 7916 | 23567 | 10196 |
| 44007 | 23649 | 14702 | 7916 | 23567 | 10196 |
| 57939 | 132224 | 237730 | 155785 | 303416 | 216366 |
| 2102606 | 1720696 | (47742) | (9329) | 477798 | (52) |
|  | (1658) | 907 | (1368) |  |  |
|  |  | (1972) |  | (405) |  |
|  |  | (2278) |  |  |  |
| (328) | 3 | 1587 | 3 | 645 | – |
| 2102278 | 1719041 | (49498) | (10694) | 478038 | (52) |
| 222748 | (513512) | 281124 | 203403 | 955132 |  |
|  | 4884 | 15595 | 7320 |  |  |
|  |  | (21486) |  | (1594) |  |
|  |  | (1502) |  |  |  |
| 168 | – | 67 | – | 1290 | – |
| 222916 | (508628) | 273798 | 210723 | 954828 | – |
| 2325194 | 1210413 | 224300 | 200029 | 1432866 | (52) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2383133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216314 |
| $– | $– | $– | $– | $– | $– |
| $– | $– | $(1) | $– | $– | $– |

---

*See Notes to Financial Statements* 43

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Stock | Stock | Global Equities | Global Equities |
| (amounts in thousands) | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br> 12/31/24 | Unaudited<br>Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $1093631 | $1829480 | $248433 | $381161 |
|  Net realized gain (loss) | 6523852 | 11595117 | 1827097 | 2350229 |
|  Net change in unrealized appreciation (depreciation) | 3809956 | 5587934 | 614148 | 2170601 |
| Net increase (decrease) in net assets from operations | 11427439 | 19012531 | 2689678 | 4901991 |
|  FROM PARTICIPANT TRANSACTIONS |  |  |  |  |
|  Premiums and contributions | 2773610 | 5840869 | 1832181 | 3539005 |
|  Withdrawals and death benefits | (9134942) | (16539020) | (2596322) | (4360146) |
|  Annuity payments | (703692) | (1408581) | (29379) | (55751) |
| Net increase (decrease) from participant transactions | (7065024) | (12106732) | (793520) | (876892) |
|  Net increase (decrease) in net assets | 4362415 | 6905799 | 1896158 | 4025099 |
|  Net assets at the beginning of period | 125324468 | 118418669 | 29968239 | 25943140 |
|  Net assets at the end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129686883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125324468 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31864397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29968239 |

---

44 *See Notes to Financial Statements*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Growth | Growth | Equity Index | Equity Index | Core Bond | Core Bond | Inflation-Linked Bond | Inflation-Linked Bond |
| Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 |
| $57939 | $96803 | $132224 | $274796 | $237730 | $445829 | $155785 | $227554 |
| 2102278 | 955039 | 1719041 | 1700946 | (49498) | (139251) | (10694) | (33871) |
| 222916 | 9481015 | (508628) | 3160769 | 273798 | (61586) | 210723 | 38993 |
| 2383133 | 10532857 | 1342637 | 5136511 | 462030 | 244992 | 355814 | 232676 |
| 1143531 | 2784219 | 1196732 | 1524622 | 1225952 | 1932232 | 1082453 | 1261348 |
| (3774473) | (5858638) | (2135957) | (3641623) | (1107603) | (1885337) | (779809) | (1322552) |
| (43428) | (81698) | (33972) | (65465) | (13244) | (26744) | (9245) | (18270) |
| (2674370) | (3156117) | (973197) | (2182466) | 105105 | 20151 | 293399 | (79474) |
| (291237) | 7376740 | 369440 | 2954045 | 567135 | 265143 | 649213 | 153202 |
| 41455654 | 34078914 | 25607235 | 22653190 | 11033797 | 10768654 | 7138588 | 6985386 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41164417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41455654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25976675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25607235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11033797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138588 |

---

*See Notes to Financial Statements* 45

------

## Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Social Choice§ | Social Choice§ | Money Market | Money Market |
| (amounts in thousands) | Unaudited<br>Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Unaudited<br>Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $303416 | $572115 | $216366 | $476599 |
|  Net realized gain (loss) | 478038 | 1567927 | (52) | 534 |
|  Net change in unrealized appreciation (depreciation) | 954828 | (318182) | – | – |
| Net increase (decrease) in net assets from operations | 1736282 | 1821860 | 216314 | 477133 |
|  FROM PARTICIPANT TRANSACTIONS |  |  |  |  |
|  Premiums and contributions | 1185586 | 2773977 | 3302766 | 3868337 |
|  Withdrawals and death benefits | (2556770) | (4913022) | (2384047) | (4105076) |
|  Annuity payments | (25672) | (49788) | (7827) | (14922) |
| Net increase (decrease) from participant transactions | (1396856) | (2188833) | 910892 | (251661) |
|  Net increase (decrease) in net assets | 339426 | (366973) | 1127206 | 225472 |
|  Net assets at the beginning of period | 21005031 | 21372004 | 9748572 | 9523100 |
|  Net assets at the end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21344457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21005031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9748572 |

---

<sup>§</sup> Consolidated Statement of Changes in Net Assets (see Notes to Financial Statements)

46 *See Notes to Financial Statements*

------

[This page intentionally left blank.]

------

## Financial Highlights
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
|  Stock |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $9.673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.572 | $9.101 | $79.948 | $89.049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920.492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009.541 |
|  | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.357 | 1.007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117.895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132.245 | 788.247 | 920.492 |
|  | 12/31/23 | 14.362 | 0.845 | 13.517 | 131.587 | 145.104 | 643.143 | 788.247 |
|  | 12/31/22<sup>§</sup> | 3.271 | 0.203 | 3.068 | 9.589 | 12.657 | 630.486 | 643.143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 9.537 | 1.189 | 8.348 | 79.716 | 88.064 | 917.218 | 1005.282 |
|  | 12/31/24 | 15.388 | 2.343 | 13.045 | 117.519 | 130.564 | 786.654 | 917.218 |
|  | 12/31/23 | 14.470 | 1.961 | 12.509 | 131.291 | 143.800 | 642.854 | 786.654 |
|  | 12/31/22 | 13.834 | 1.691 | 12.143 | (157.619) | (145.476) | 788.330 | 642.854 |
|  | 12/31/21 | 11.872 | 1.688 | 10.184 | 115.218 | 125.402 | 662.928 | 788.330 |
|  | 12/31/20 | 10.044 | 1.598 | 8.446 | 92.234 | 100.680 | 562.248 | 662.928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 9.478 | 1.364 | 8.114 | 79.189 | 87.303 | 911.369 | 998.672 |
|  | 12/31/24 | 15.294 | 2.869 | 12.425 | 116.817 | 129.242 | 782.127 | 911.369 |
|  | 12/31/23 | 14.392 | 2.463 | 11.929 | 130.577 | 142.506 | 639.621 | 782.127 |
|  | 12/31/22 | 13.800 | 2.019 | 11.781 | (156.913) | (145.132) | 784.753 | 639.621 |
|  | 12/31/21 | 11.811 | 2.055 | 9.756 | 114.741 | 124.497 | 660.256 | 784.753 |
|  | 12/31/20 | 10.005 | 1.916 | 8.089 | 91.852 | 99.941 | 560.315 | 660.256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 9.300 | 1.769 | 7.531 | 77.678 | 85.209 | 894.411 | 979.620 |
|  | 12/31/24 | 15.018 | 4.001 | 11.017 | 114.747 | 125.764 | 768.647 | 894.411 |
|  | 12/31/23 | 14.159 | 3.447 | 10.712 | 128.410 | 139.122 | 629.525 | 768.647 |
|  | 12/31/22 | 13.580 | 3.012 | 10.568 | (154.604) | (144.036) | 773.561 | 629.525 |
|  | 12/31/21 | 11.657 | 3.132 | 8.525 | 113.206 | 121.731 | 651.830 | 773.561 |
|  | 12/31/20 | 9.890 | 2.810 | 7.080 | 90.652 | 97.732 | 554.098 | 651.830 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

48 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 9.68% | 0.12 %<sup>(f)</sup> | 1.97 %<sup>(f)</sup> | 29% | 4 | $3834 |
| 16.78 | 0.11 | 1.63 | 41 | 3 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 1557 |
| 2.01 | 0.11 <sup>(f)</sup> | 1.68 <sup>(f)</sup> | 41 | 1 | 566 |
| 9.60 | 0.26 <sup>(f)</sup> | 1.81 <sup>(f)</sup> | 29 | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65281 |
| 16.60 | 0.27 | 1.50 | 41 | 69 | 63157 |
| 22.37 | 0.28 | 1.76 | 36 | 77 | 60281 |
| (18.45) | 0.25 | 1.80 | 41 | 83 | 53295 |
| 18.92 | 0.23 | 1.38 | 50 | 87 | 68462 |
| 17.91 | 0.29 | 1.53 | 69 | 93 | 61616 |
| 9.58 | 0.30 <sup>(f)</sup> | 1.77 <sup>(f)</sup> | 29 | 35 | 35282 |
| 16.53 | 0.33 | 1.44 | 41 | 38 | 34352 |
| 22.28 | 0.35 | 1.69 | 36 | 42 | 32969 |
| (18.49) | 0.30 | 1.75 | 41 | 46 | 29554 |
| 18.86 | 0.28 | 1.33 | 50 | 52 | 41153 |
| 17.84 | 0.35 | 1.47 | 69 | 57 | 37943 |
| 9.53 | 0.39 <sup>(f)</sup> | 1.68 <sup>(f)</sup> | 29 | 15 | 14483 |
| 16.36 | 0.47 | 1.30 | 41 | 16 | 14137 |
| 22.10 | 0.50 | 1.54 | 36 | 18 | 13540 |
| (18.62) | 0.45 | 1.60 | 41 | 19 | 12179 |
| 18.67 | 0.43 | 1.17 | 50 | 21 | 16519 |
| 17.64 | 0.52 | 1.31 | 69 | 23 | 15270 |

---

*See Notes to Financial Statements* 49

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Equities |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.175 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349.682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382.083 |
|  | 12/31/24 | 5.254 | 0.338 | 4.916 | 51.539 | 56.455 | 293.227 | 349.682 |
|  | 12/31/23 | 5.303 | 0.296 | 5.007 | 52.031 | 57.038 | 236.189 | 293.227 |
|  | 12/31/22<sup>§</sup> | 1.069 | 0.070 | 0.999 | 4.803 | 5.802 | 230.387 | 236.189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 3.388 | 0.410 | 2.978 | 29.054 | 32.032 | 348.438 | 380.470 |
|  | 12/31/24 | 5.343 | 0.845 | 4.498 | 51.307 | 55.805 | 292.633 | 348.438 |
|  | 12/31/23 | 5.329 | 0.712 | 4.617 | 51.933 | 56.550 | 236.083 | 292.633 |
|  | 12/31/22 | 4.990 | 0.595 | 4.395 | (57.939) | (53.544) | 289.627 | 236.083 |
|  | 12/31/21 | 5.129 | 0.560 | 4.569 | 34.624 | 39.193 | 250.434 | 289.627 |
|  | 12/31/20 | 3.517 | 0.561 | 2.956 | 43.466 | 46.422 | 204.012 | 250.434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 3.367 | 0.477 | 2.890 | 28.861 | 31.751 | 346.216 | 377.967 |
|  | 12/31/24 | 5.310 | 1.044 | 4.266 | 51.001 | 55.267 | 290.949 | 346.216 |
|  | 12/31/23 | 5.303 | 0.899 | 4.404 | 51.649 | 56.053 | 234.896 | 290.949 |
|  | 12/31/22 | 4.976 | 0.715 | 4.261 | (57.679) | (53.418) | 288.314 | 234.896 |
|  | 12/31/21 | 5.099 | 0.697 | 4.402 | 34.488 | 38.890 | 249.424 | 288.314 |
|  | 12/31/20 | 3.505 | 0.678 | 2.827 | 43.288 | 46.115 | 203.309 | 249.424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 3.302 | 0.632 | 2.670 | 28.313 | 30.983 | 339.778 | 370.761 |
|  | 12/31/24 | 5.209 | 1.470 | 3.739 | 50.098 | 53.837 | 285.941 | 339.778 |
|  | 12/31/23 | 5.217 | 1.265 | 3.952 | 50.794 | 54.746 | 231.195 | 285.941 |
|  | 12/31/22 | 4.897 | 1.080 | 3.817 | (56.831) | (53.014) | 284.209 | 231.195 |
|  | 12/31/21 | 5.035 | 1.096 | 3.939 | 34.023 | 37.962 | 246.247 | 284.209 |
|  | 12/31/20 | 3.467 | 1.009 | 2.458 | 42.730 | 45.188 | 201.059 | 246.247 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

50 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 9.27% | 0.10 %<sup>(f)</sup> | 1.86 %<sup>(f)</sup> | 30% | 4 | $1547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 1297 |
| 24.13 | 0.11 | 1.89 | 32 | 2 | 680 |
| 2.52 | 0.10 <sup>(f)</sup> | 1.48 <sup>(f)</sup> | 36 | 2 | 400 |
| 9.19 | 0.23 <sup>(f)</sup> | 1.71 <sup>(f)</sup> | 30 | 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15666 |
| 19.08 | 0.26 | 1.37 | 35 | 42 | 14727 |
| 23.94 | 0.27 | 1.75 | 32 | 44 | 13019 |
| (18.49) | 0.24 | 1.77 | 36 | 46 | 10883 |
| 15.65 | 0.20 | 1.67 | 46 | 50 | 14427 |
| 22.75 | 0.27 | 1.45 | 63 | 47 | 11672 |
| 9.17 | 0.28 <sup>(f)</sup> | 1.67 <sup>(f)</sup> | 30 | 25 | 9275 |
| 19.01 | 0.32 | 1.31 | 35 | 25 | 8764 |
| 23.85 | 0.34 | 1.68 | 32 | 27 | 7871 |
| (18.53) | 0.29 | 1.73 | 36 | 29 | 6749 |
| 15.59 | 0.26 | 1.61 | 46 | 32 | 9290 |
| 22.68 | 0.33 | 1.39 | 63 | 33 | 8190 |
| 9.12 | 0.37 <sup>(f)</sup> | 1.57 <sup>(f)</sup> | 30 | 13 | 4794 |
| 18.84 | 0.46 | 1.17 | 35 | 14 | 4639 |
| 23.66 | 0.49 | 1.53 | 32 | 14 | 3902 |
| (18.65) | 0.44 | 1.57 | 36 | 14 | 3333 |
| 15.42 | 0.41 | 1.46 | 46 | 16 | 4495 |
| 22.48 | 0.50 | 1.23 | 63 | 16 | 4032 |

---

*See Notes to Financial Statements* 51

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $1.353 | $0.158 | $1.195 | $33.672 | $34.867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529.817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564.684 |
|  | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126.964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129.079 | 400.738 | 529.817 |
|  | 12/31/23 | 2.771 | 0.229 | 2.542 | 124.305 | 126.847 | 273.891 | 400.738 |
|  | 12/31/22<sup>§</sup> | 0.786 | 0.067 | 0.719 | (12.196) | (11.477) | 285.368 | 273.891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 1.346 | 0.497 | 0.849 | 33.519 | 34.368 | 527.934 | 562.302 |
|  | 12/31/24 | 2.474 | 1.041 | 1.433 | 126.573 | 128.006 | 399.928 | 527.934 |
|  | 12/31/23 | 2.725 | 0.764 | 1.961 | 124.201 | 126.162 | 273.766 | 399.928 |
|  | 12/31/22 | 2.445 | 0.684 | 1.761 | (132.602) | (130.841) | 404.607 | 273.766 |
|  | 12/31/21 | 1.935 | 0.658 | 1.277 | 67.368 | 68.645 | 335.962 | 404.607 |
|  | 12/31/20 | 2.003 | 0.644 | 1.359 | 95.929 | 97.288 | 238.674 | 335.962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 1.338 | 0.594 | 0.744 | 33.293 | 34.037 | 524.562 | 558.599 |
|  | 12/31/24 | 2.458 | 1.329 | 1.129 | 125.810 | 126.939 | 397.623 | 524.562 |
|  | 12/31/23 | 2.709 | 1.002 | 1.707 | 123.530 | 125.237 | 272.386 | 397.623 |
|  | 12/31/22 | 2.425 | 0.836 | 1.589 | (131.969) | (130.380) | 402.766 | 272.386 |
|  | 12/31/21 | 1.929 | 0.844 | 1.085 | 67.078 | 68.163 | 334.603 | 402.766 |
|  | 12/31/20 | 1.995 | 0.800 | 1.195 | 95.559 | 96.754 | 237.849 | 334.603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 1.312 | 0.818 | 0.494 | 32.650 | 33.144 | 514.794 | 547.938 |
|  | 12/31/24 | 2.413 | 1.947 | 0.466 | 123.558 | 124.024 | 390.770 | 514.794 |
|  | 12/31/23 | 2.664 | 1.477 | 1.187 | 121.494 | 122.681 | 268.089 | 390.770 |
|  | 12/31/22 | 2.391 | 1.293 | 1.098 | (130.033) | (128.935) | 397.024 | 268.089 |
|  | 12/31/21 | 1.902 | 1.389 | 0.513 | 66.175 | 66.688 | 330.336 | 397.024 |
|  | 12/31/20 | 1.972 | 1.242 | 0.730 | 94.391 | 95.121 | 235.215 | 330.336 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount represents less than 1,000,000. 

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

52 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 6.58% | 0.06 %<sup>(f)</sup> | 0.47 %<sup>(f)</sup> | 21% | 2 | $947 |
| 32.21 | 0.07 | 0.44 | 22 | 2 | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 265 |
| (4.02) | 0.08 <sup>(f)</sup> | 0.89 <sup>(f)</sup> | 41 | 0<sup>(g)</sup> | 90 |
| 6.51 | 0.20 <sup>(f)</sup> | 0.34 <sup>(f)</sup> | 21 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19417 |
| 32.01 | 0.22 | 0.30 | 22 | 37 | 19590 |
| 46.09 | 0.23 | 0.58 | 33 | 41 | 16457 |
| (32.34) | 0.22 | 0.57 | 41 | 44 | 12025 |
| 20.43 | 0.18 | 0.34 | 67 | 46 | 18614 |
| 40.76 | 0.24 | 0.50 | 82 | 49 | 16452 |
| 6.49 | 0.24 <sup>(f)</sup> | 0.30 <sup>(f)</sup> | 21 | 23 | 12640 |
| 31.92 | 0.28 | 0.24 | 22 | 24 | 12687 |
| 45.98 | 0.30 | 0.51 | 33 | 27 | 10614 |
| (32.37) | 0.27 | 0.51 | 41 | 29 | 7908 |
| 20.37 | 0.23 | 0.29 | 67 | 33 | 13218 |
| 40.68 | 0.30 | 0.44 | 82 | 36 | 12019 |
| 6.44 | 0.33 <sup>(f)</sup> | 0.20 <sup>(f)</sup> | 21 | 13 | 7265 |
| 31.74 | 0.42 | 0.10 | 22 | 14 | 7411 |
| 45.76 | 0.45 | 0.36 | 33 | 15 | 6055 |
| (32.48) | 0.42 | 0.36 | 41 | 17 | 4447 |
| 20.19 | 0.38 | 0.14 | 67 | 18 | 7208 |
| 40.44 | 0.47 | 0.27 | 82 | 20 | 6548 |

---

*See Notes to Financial Statements* 53

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.135 | $26.278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.413 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519.134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548.547 |
|  | 12/31/24 | 6.652 | 0.141 | 6.511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.995 | 99.506 | 419.628 | 519.134 |
|  | 12/31/23 | 6.312 | 0.115 | 6.197 | 80.314 | 86.511 | 333.117 | 419.628 |
|  | 12/31/22<sup>§</sup> | 1.690 | 0.037 | 1.653 | (4.237) | (2.584) | 335.701 | 333.117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 3.248 | 0.404 | 2.844 | 26.102 | 28.946 | 517.294 | 546.240 |
|  | 12/31/24 | 6.419 | 0.862 | 5.557 | 92.953 | 98.510 | 418.784 | 517.294 |
|  | 12/31/23 | 6.221 | 0.699 | 5.522 | 80.296 | 85.818 | 332.966 | 418.784 |
|  | 12/31/22 | 5.558 | 0.619 | 4.939 | (84.322) | (79.383) | 412.349 | 332.966 |
|  | 12/31/21 | 4.885 | 0.592 | 4.293 | 79.534 | 83.827 | 328.522 | 412.349 |
|  | 12/31/20 | 4.757 | 0.578 | 4.179 | 52.002 | 56.181 | 272.341 | 328.522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 3.227 | 0.502 | 2.725 | 25.928 | 28.653 | 513.996 | 542.649 |
|  | 12/31/24 | 6.381 | 1.152 | 5.229 | 92.392 | 97.621 | 416.375 | 513.996 |
|  | 12/31/23 | 6.187 | 0.965 | 5.222 | 79.861 | 85.083 | 331.292 | 416.375 |
|  | 12/31/22 | 5.518 | 0.791 | 4.727 | (83.915) | (79.188) | 410.480 | 331.292 |
|  | 12/31/21 | 4.858 | 0.779 | 4.079 | 79.203 | 83.282 | 327.198 | 410.480 |
|  | 12/31/20 | 4.739 | 0.737 | 4.002 | 51.792 | 55.794 | 271.404 | 327.198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 3.166 | 0.729 | 2.437 | 25.431 | 27.868 | 504.434 | 532.302 |
|  | 12/31/24 | 6.267 | 1.776 | 4.491 | 90.739 | 95.230 | 409.204 | 504.434 |
|  | 12/31/23 | 6.085 | 1.486 | 4.599 | 78.537 | 83.136 | 326.068 | 409.204 |
|  | 12/31/22 | 5.440 | 1.317 | 4.123 | (82.686) | (78.563) | 404.631 | 326.068 |
|  | 12/31/21 | 4.795 | 1.326 | 3.469 | 78.134 | 81.603 | 323.028 | 404.631 |
|  | 12/31/20 | 4.683 | 1.182 | 3.501 | 51.129 | 54.630 | 268.398 | 323.028 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount represents less than 1,000,000. 

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

54 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 5.67% | 0.03 %<sup>(f)</sup> | 1.23 %<sup>(f)</sup> | 13% | 2 | $1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 573 |
| 25.97 | 0.03 | 1.64 | 2 | 0<sup>(g)</sup> | 139 |
| (0.77) | 0.04 <sup>(f)</sup> | 1.71 <sup>(f)</sup> | 2 | 0<sup>(g)</sup> | 10 |
| 5.60 | 0.16 <sup>(f)</sup> | 1.12 <sup>(f)</sup> | 13 | 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11484 |
| 23.52 | 0.18 | 1.17 | 2 | 22 | 11540 |
| 25.77 | 0.19 | 1.48 | 2 | 25 | 10432 |
| (19.25) | 0.17 | 1.39 | 2 | 27 | 8937 |
| 25.52 | 0.16 | 1.15 | 4 | 28 | 11486 |
| 20.63 | 0.21 | 1.53 | 3 | 29 | 9584 |
| 5.57 | 0.20 <sup>(f)</sup> | 1.08 <sup>(f)</sup> | 13 | 15 | 7970 |
| 23.45 | 0.24 | 1.11 | 2 | 16 | 7996 |
| 25.68 | 0.26 | 1.41 | 2 | 17 | 7206 |
| (19.29) | 0.22 | 1.34 | 2 | 19 | 6275 |
| 25.45 | 0.21 | 1.10 | 4 | 21 | 8625 |
| 20.56 | 0.27 | 1.47 | 3 | 23 | 7481 |
| 5.52 | 0.29 <sup>(f)</sup> | 0.99 <sup>(f)</sup> | 13 | 9 | 4826 |
| 23.27 | 0.38 | 0.97 | 2 | 10 | 4879 |
| 25.50 | 0.41 | 1.26 | 2 | 11 | 4334 |
| (19.42) | 0.38 | 1.19 | 2 | 11 | 3703 |
| 25.26 | 0.36 | 0.95 | 4 | 12 | 4943 |
| 20.35 | 0.44 | 1.30 | 3 | 13 | 4230 |

---

*See Notes to Financial Statements* 55

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.755 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135.171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140.934 |
|  | 12/31/24 | 5.881 | 0.120 | 5.761 | (2.458) | 3.303 | 131.868 | 135.171 |
|  | 12/31/23 | 5.275 | 0.113 | 5.162 | 2.858 | 8.020 | 123.848 | 131.868 |
|  | 12/31/22<sup>§</sup> | 1.339 | 0.034 | 1.305 | (2.437) | (1.132) | 124.980 | 123.848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 3.062 | 0.156 | 2.906 | 2.743 | 5.649 | 134.688 | 140.337 |
|  | 12/31/24 | 5.853 | 0.328 | 5.525 | (2.436) | 3.089 | 131.599 | 134.688 |
|  | 12/31/23 | 5.249 | 0.313 | 4.936 | 2.871 | 7.807 | 123.792 | 131.599 |
|  | 12/31/22 | 4.037 | 0.304 | 3.733 | (22.465) | (18.732) | 142.524 | 123.792 |
|  | 12/31/21 | 3.242 | 0.296 | 2.946 | (4.720) | (1.774) | 144.298 | 142.524 |
|  | 12/31/20 | 3.756 | 0.346 | 3.410 | 7.176 | 10.586 | 133.712 | 144.298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 3.042 | 0.182 | 2.860 | 2.725 | 5.585 | 133.831 | 139.416 |
|  | 12/31/24 | 5.817 | 0.408 | 5.409 | (2.422) | 2.987 | 130.844 | 133.831 |
|  | 12/31/23 | 5.220 | 0.404 | 4.816 | 2.857 | 7.673 | 123.171 | 130.844 |
|  | 12/31/22 | 4.005 | 0.366 | 3.639 | (22.348) | (18.709) | 141.880 | 123.171 |
|  | 12/31/21 | 3.229 | 0.367 | 2.862 | (4.701) | (1.839) | 143.719 | 141.880 |
|  | 12/31/20 | 3.741 | 0.427 | 3.314 | 7.152 | 10.466 | 133.253 | 143.719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 2.984 | 0.244 | 2.740 | 2.673 | 5.413 | 131.343 | 136.756 |
|  | 12/31/24 | 5.715 | 0.580 | 5.135 | (2.383) | 2.752 | 128.591 | 131.343 |
|  | 12/31/23 | 5.137 | 0.579 | 4.558 | 2.804 | 7.362 | 121.229 | 128.591 |
|  | 12/31/22 | 3.950 | 0.557 | 3.393 | (22.022) | (18.629) | 139.858 | 121.229 |
|  | 12/31/21 | 3.185 | 0.574 | 2.611 | (4.639) | (2.028) | 141.886 | 139.858 |
|  | 12/31/20 | 3.696 | 0.655 | 3.041 | 7.068 | 10.109 | 131.777 | 141.886 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

56 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Portfolio Turnover Rate<br>Excluding Mortgage<br>Dollar Rolls | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 4.26% | 0.09 %<sup>(f)</sup> | 4.41 %<sup>(f)</sup> | 55% | 52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $355 |
| 2.51 | 0.09 | 4.30 | 99 | 88 | 2 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 78 | 1 | 148 |
| (0.91) | 0.09 <sup>(f)</sup> | 3.68 <sup>(f)</sup> | 176 | 105 | 1 | 69 |
| 4.19 | 0.23 <sup>(f)</sup> | 4.27 <sup>(f)</sup> | 55 | 52 | 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461 |
| 2.35 | 0.25 | 4.15 | 99 | 88 | 39 | 5212 |
| 6.31 | 0.25 | 3.90 | 80 | 78 | 39 | 5196 |
| (13.14) | 0.23 | 2.89 | 176 | 105 | 42 | 5246 |
| (1.23) | 0.21 | 2.07 | 207 | 49 | 46 | 6513 |
| 7.92 | 0.25 | 2.44 | 135 | 84 | 50 | 7152 |
| 4.17 | 0.27 <sup>(f)</sup> | 4.23 <sup>(f)</sup> | 55 | 52 | 25 | 3418 |
| 2.28 | 0.31 | 4.08 | 99 | 88 | 25 | 3345 |
| 6.23 | 0.32 | 3.83 | 80 | 78 | 26 | 3404 |
| (13.19) | 0.28 | 2.83 | 176 | 105 | 28 | 3496 |
| (1.28) | 0.26 | 2.02 | 207 | 49 | 33 | 4649 |
| 7.85 | 0.31 | 2.38 | 135 | 84 | 36 | 5179 |
| 4.12 | 0.37 <sup>(f)</sup> | 4.13 <sup>(f)</sup> | 55 | 52 | 15 | 2118 |
| 2.14 | 0.45 | 3.95 | 99 | 88 | 15 | 1956 |
| 6.07 | 0.47 | 3.69 | 80 | 78 | 14 | 1769 |
| (13.32) | 0.44 | 2.68 | 176 | 105 | 14 | 1669 |
| (1.43) | 0.41 | 1.87 | 207 | 49 | 15 | 2154 |
| 7.67 | 0.48 | 2.21 | 135 | 84 | 17 | 2373 |

---

*See Notes to Financial Statements* 57

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp; Inflation-Linked Bond | &nbsp;&nbsp; Inflation-Linked Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $1.957 | $0.020 | $1.937 | $2.303 | $4.240 | $85.138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.378 |
|  | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.948 | 82.190 | 85.138 |
|  | 12/31/23 | 3.097 | 0.036 | 3.061 | 0.690 | 3.751 | 78.439 | 82.190 |
|  | 12/31/22<sup>§</sup> | 0.578 | 0.011 | 0.567 | (1.691) | (1.124) | 79.563 | 78.439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 1.895 | 0.078 | 1.817 | 2.349 | 4.166 | 84.834 | 89.000 |
|  | 12/31/24 | 2.919 | 0.177 | 2.742 | 0.069 | 2.811 | 82.023 | 84.834 |
|  | 12/31/23 | 2.949 | 0.161 | 2.788 | 0.831 | 3.619 | 78.404 | 82.023 |
|  | 12/31/22 | 5.692 | 0.150 | 5.542 | (10.852) | (5.310) | 83.714 | 78.404 |
|  | 12/31/21 | 4.494 | 0.139 | 4.355 | (0.158) | 4.197 | 79.517 | 83.714 |
|  | 12/31/20 | 1.274 | 0.168 | 1.106 | 4.805 | 5.911 | 73.606 | 79.517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 1.880 | 0.095 | 1.785 | 2.336 | 4.121 | 84.295 | 88.416 |
|  | 12/31/24 | 2.909 | 0.228 | 2.681 | 0.062 | 2.743 | 81.552 | 84.295 |
|  | 12/31/23 | 2.928 | 0.219 | 2.709 | 0.833 | 3.542 | 78.010 | 81.552 |
|  | 12/31/22 | 5.740 | 0.188 | 5.552 | (10.877) | (5.325) | 83.335 | 78.010 |
|  | 12/31/21 | 4.462 | 0.181 | 4.281 | (0.143) | 4.138 | 79.197 | 83.335 |
|  | 12/31/20 | 1.270 | 0.213 | 1.057 | 4.787 | 5.844 | 73.353 | 79.197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 1.854 | 0.135 | 1.719 | 2.283 | 4.002 | 82.728 | 86.730 |
|  | 12/31/24 | 2.856 | 0.336 | 2.520 | 0.060 | 2.580 | 80.148 | 82.728 |
|  | 12/31/23 | 2.890 | 0.331 | 2.559 | 0.809 | 3.368 | 76.780 | 80.148 |
|  | 12/31/22 | 5.586 | 0.308 | 5.278 | (10.647) | (5.369) | 82.149 | 76.780 |
|  | 12/31/21 | 4.419 | 0.300 | 4.119 | (0.159) | 3.960 | 78.189 | 82.149 |
|  | 12/31/20 | 1.271 | 0.338 | 0.933 | 4.714 | 5.647 | 72.542 | 78.189 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Amount represents less than 1,000,000. 

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

58 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 4.98% | 0.04 %<sup>(f)</sup> | 4.47 %<sup>(f)</sup> | 11% | 4 | $355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | 0.05 | 3.40 | 32 | 3 | 251 |
| 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | 131 |
| (1.41) | 0.05 <sup>(f)</sup> | 2.51 <sup>(f)</sup> | 16 | 0<sup>(g)</sup> | 37 |
| 4.91 | 0.18 <sup>(f)</sup> | 4.21 <sup>(f)</sup> | 11 | 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3782 |
| 3.43 | 0.21 | 3.28 | 32 | 41 | 3504 |
| 4.62 | 0.20 | 3.49 | 27 | 43 | 3510 |
| (6.34) | 0.18 | 6.86 | 16 | 47 | 3706 |
| 5.28 | 0.17 | 5.34 | 24 | 47 | 3970 |
| 8.03 | 0.22 | 1.44 | 25 | 45 | 3590 |
| 4.89 | 0.22 <sup>(f)</sup> | 4.16 <sup>(f)</sup> | 11 | 22 | 1983 |
| 3.36 | 0.27 | 3.22 | 32 | 22 | 1863 |
| 4.54 | 0.28 | 3.41 | 27 | 23 | 1890 |
| (6.39) | 0.23 | 6.90 | 16 | 25 | 1964 |
| 5.22 | 0.22 | 5.27 | 24 | 28 | 2356 |
| 7.96 | 0.28 | 1.39 | 25 | 29 | 2267 |
| 4.84 | 0.32 <sup>(f)</sup> | 4.09 <sup>(f)</sup> | 11 | 17 | 1504 |
| 3.22 | 0.41 | 3.09 | 32 | 16 | 1361 |
| 4.39 | 0.42 | 3.28 | 27 | 16 | 1291 |
| (6.53) | 0.39 | 6.67 | 16 | 16 | 1230 |
| 5.06 | 0.37 | 5.14 | 24 | 16 | 1303 |
| 7.78 | 0.45 | 1.24 | 25 | 15 | 1182 |

---

*See Notes to Financial Statements* 59

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp; Social Choice<sup>(e)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(f)</sup> | $5.989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.145 | $5.844 | $26.694 | $32.538 | $370.757 | $403.295 |
|  | 12/31/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.533 | 0.234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370.757 |
|  | 12/31/23 | 9.658 | 0.211 | 9.447 | 34.898 | 44.345 | 295.684 | 340.029 |
|  | 12/31/22§ | 2.190 | 0.060 | 2.130 | 2.737 | 4.867 | 290.817 | 295.684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(f)</sup> | 5.950 | 0.396 | 5.554 | 26.602 | 32.156 | 369.441 | 401.597 |
|  | 12/31/24 | 10.506 | 0.785 | 9.721 | 20.375 | 30.096 | 339.345 | 369.441 |
|  | 12/31/23 | 9.579 | 0.703 | 8.876 | 34.917 | 43.793 | 295.552 | 339.345 |
|  | 12/31/22 | 7.561 | 0.639 | 6.922 | (61.010) | (54.088) | 349.640 | 295.552 |
|  | 12/31/21 | 6.601 | 0.639 | 5.962 | 33.286 | 39.248 | 310.392 | 349.640 |
|  | 12/31/20 | 6.218 | 0.672 | 5.546 | 31.423 | 36.969 | 273.423 | 310.392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(f)</sup> | 5.913 | 0.468 | 5.445 | 26.426 | 31.871 | 367.088 | 398.959 |
|  | 12/31/24 | 10.443 | 1.004 | 9.439 | 20.255 | 29.694 | 337.394 | 367.088 |
|  | 12/31/23 | 9.528 | 0.927 | 8.601 | 34.726 | 43.327 | 294.067 | 337.394 |
|  | 12/31/22 | 7.519 | 0.789 | 6.730 | (60.721) | (53.991) | 348.058 | 294.067 |
|  | 12/31/21 | 6.570 | 0.804 | 5.766 | 33.148 | 38.914 | 309.144 | 348.058 |
|  | 12/31/20 | 6.195 | 0.832 | 5.363 | 31.296 | 36.659 | 272.485 | 309.144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(f)</sup> | 5.805 | 0.636 | 5.169 | 25.921 | 31.090 | 360.266 | 391.356 |
|  | 12/31/24 | 10.255 | 1.475 | 8.780 | 19.902 | 28.682 | 331.584 | 360.266 |
|  | 12/31/23 | 9.370 | 1.365 | 8.005 | 34.148 | 42.153 | 289.431 | 331.584 |
|  | 12/31/22 | 7.407 | 1.242 | 6.165 | (59.835) | (53.670) | 343.101 | 289.431 |
|  | 12/31/21 | 6.484 | 1.289 | 5.195 | 32.701 | 37.896 | 305.205 | 343.101 |
|  | 12/31/20 | 6.129 | 1.279 | 4.850 | 30.887 | 35.737 | 269.468 | 305.205 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Consolidated Financial Highlights (see Notes to Financial Statements).

<sup>(f)</sup> Unaudited.

<sup>(g)</sup> Annualized.

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

60 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | | | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net<br> Investment<br>Income (Loss) | Portfolio<br> Turnover<br> Rate | Portfolio Turnover Rate<br>Excluding Mortgage<br>Dollar Rolls | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 8.78% | 0.08 %<sup>(g)</sup> | 3.10 %<sup>(g)</sup> | 49% | 49% | 5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 1862 |
| 15.00 | 0.07 | 3.00 | 81 | 80 | 3 | 1075 |
| 1.67 | 0.07 <sup>(g)</sup> | 2.53 <sup>(g)</sup> | 88 | 61 | 1 | 212 |
| 8.70 | 0.21 <sup>(g)</sup> | 2.96 <sup>(g)</sup> | 49 | 49 | 24 | 9551 |
| 8.87 | 0.22 | 2.70 | 102 | 100 | 26 | 9546 |
| 14.82 | 0.22 | 2.83 | 81 | 80 | 30 | 10289 |
| (15.47) | 0.21 | 2.26 | 88 | 61 | 30 | 8856 |
| 12.64 | 0.19 | 1.80 | 118 | 57 | 27 | 9541 |
| 13.52 | 0.24 | 2.01 | 100 | 73 | 27 | 8235 |
| 8.68 | 0.25 <sup>(g)</sup> | 2.92 <sup>(g)</sup> | 49 | 49 | 16 | 6429 |
| 8.80 | 0.28 | 2.64 | 102 | 100 | 17 | 6379 |
| 14.73 | 0.30 | 2.75 | 81 | 80 | 20 | 6694 |
| (15.51) | 0.26 | 2.20 | 88 | 61 | 20 | 5753 |
| 12.59 | 0.24 | 1.74 | 118 | 57 | 20 | 6868 |
| 13.45 | 0.30 | 1.96 | 100 | 73 | 20 | 6114 |
| 8.63 | 0.35 <sup>(g)</sup> | 2.83 <sup>(g)</sup> | 49 | 49 | 7 | 2801 |
| 8.65 | 0.42 | 2.50 | 102 | 100 | 8 | 2731 |
| 14.56 | 0.44 | 2.61 | 81 | 80 | 9 | 2858 |
| (15.64) | 0.41 | 2.05 | 88 | 61 | 9 | 2467 |
| 12.42 | 0.40 | 1.59 | 118 | 57 | 8 | 2841 |
| 13.26 | 0.47 | 1.79 | 100 | 73 | 9 | 2601 |

---

*See Notes to Financial Statements* 61

------

## Financial Highlights (continued)
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | | Investment<br>Income<sup>(a)</sup> | Expenses<sup>(a)</sup> | Net<br> Investment<br> Income (Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br> Gain (Loss) | Net Change in<br>Accumulation<br> Unit Value |<br>Accumulation<br>Unit Value,<br> Beginning of Period |<br>Accumulation<br>Unit Value,<br> End of Period |
| &nbsp;&nbsp; Money Market |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4: | 6/30/25<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.580 |
|  | 12/31/24 | 1.500 | 0.008 | 1.492 | 0.013 | 1.505 | 28.422 | 29.927 |
|  | 12/31/23 | 1.415 | 0.011 | 1.404 | (0.015) | 1.389 | 27.033 | 28.422 |
|  | 12/31/22<sup>§</sup> | 0.277 | 0.013 | 0.264 | (0.024) | 0.240 | 26.793 | 27.033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3: | 6/30/25<sup>(e)</sup> | 0.654 | 0.025 | 0.629 | 0.001 | 0.630 | 29.828 | 30.458 |
|  | 12/31/24 | 1.509 | 0.054 | 1.455 | 0.001 | 1.456 | 28.372 | 29.828 |
|  | 12/31/23 | 1.398 | 0.054 | 1.344 | 0.000 | 1.344 | 27.028 | 28.372 |
|  | 12/31/22 | 0.434 | 0.096 | 0.338 | (0.008) | 0.330 | 26.698 | 27.028 |
|  | 12/31/21 | 0.019 | 0.019 | 0.000 | 0.000 | 0.000 | 26.698 | 26.698 |
|  | 12/31/20 | 0.142 | 0.051 | 0.091 | 0.011 | 0.102 | 26.596 | 26.698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2: | 6/30/25<sup>(e)</sup> | 0.649 | 0.030 | 0.619 | 0.001 | 0.620 | 29.637 | 30.257 |
|  | 12/31/24 | 1.499 | 0.071 | 1.428 | 0.001 | 1.429 | 28.208 | 29.637 |
|  | 12/31/23 | 1.392 | 0.074 | 1.318 | (0.001) | 1.317 | 26.891 | 28.208 |
|  | 12/31/22 | 0.417 | 0.137 | 0.280 | 0.005 | 0.285 | 26.606 | 26.891 |
|  | 12/31/21 | 0.019 | 0.019 | 0.000 | 0.000 | 0.000 | 26.606 | 26.606 |
|  | 12/31/20 | 0.141 | 0.058 | 0.083 | 0.011 | 0.094 | 26.512 | 26.606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1: | 6/30/25<sup>(e)</sup> | 0.639 | 0.044 | 0.595 | (0.001) | 0.594 | 29.137 | 29.731 |
|  | 12/31/24 | 1.475 | 0.109 | 1.366 | 0.001 | 1.367 | 27.770 | 29.137 |
|  | 12/31/23 | 1.373 | 0.172 | 1.201 | (0.004) | 1.197 | 26.573 | 27.770 |
|  | 12/31/22 | 0.418 | 0.189 | 0.229 | 0.001 | 0.230 | 26.343 | 26.573 |
|  | 12/31/21 | 0.019 | 0.019 | 0.000 | 0.000 | 0.000 | 26.343 | 26.343 |
|  | 12/31/20 | 0.143 | 0.075 | 0.068 | 0.006 | 0.074 | 26.269 | 26.343 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Does not include annuity net assets.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> The Account's expenses includes recovery of expenses previously withheld by TIAA.

<sup>§</sup> Class R4 commenced operations on September 16, 2022.

62 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | | |
| Total<br> Return<sup>(b),(c)</sup> | Gross<br> Expenses | Expenses<br> Net of TIAA<br> Withholdi ng |  | Net<br> Investment<br>Income (Loss) | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Accumulation<br> Fund Net<br>Assets (in Millions)<sup>(d)</sup> |
| 2.18% | 0.03 %<sup>(f)</sup> | 0.03 | %<sup>(f)</sup> | 4.34 %<sup>(f)</sup> | 9 | $276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 155 |
| 5.14 | 0.04 | 0.04 | <sup>(g)</sup> | 5.07 | 2 | 70 |
| 0.90 | 0.06 <sup>(f)</sup> | 0.16 | <sup>(f),(g)</sup> | 3.43 <sup>(f)</sup> | 1 | 40 |
| 2.11 | 0.16 <sup>(f)</sup> | 0.16 | <sup>(f)</sup> | 4.21 <sup>(f)</sup> | 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376 |
| 5.13 | 0.18 | 0.18 |  | 5.00 | 160 | 4782 |
| 4.97 | 0.20 | 0.20 |  | 4.86 | 168 | 4755 |
| 1.24 | 0.20 | 0.36 | <sup>(g)</sup> | 1.26 | 163 | 4407 |
| 0.00 | 0.18 | 0.07 |  | 0.00 | 152 | 4066 |
| 0.38 | 0.22 | 0.19 |  | 0.34 | 197 | 5263 |
| 2.09 | 0.20 <sup>(f)</sup> | 0.20 | <sup>(f)</sup> | 4.17 <sup>(f)</sup> | 102 | 3098 |
| 5.07 | 0.25 | 0.25 |  | 4.94 | 94 | 2781 |
| 4.90 | 0.27 | 0.27 |  | 4.79 | 96 | 2695 |
| 1.07 | 0.25 | 0.51 | <sup>(g)</sup> | 1.05 | 91 | 2441 |
| 0.00 | 0.23 | 0.07 |  | 0.00 | 94 | 2513 |
| 0.35 | 0.28 | 0.22 |  | 0.31 | 121 | 3208 |
| 2.04 | 0.30 <sup>(f)</sup> | 0.30 | <sup>(f)</sup> | 4.08 <sup>(f)</sup> | 67 | 1994 |
| 4.92 | 0.39 | 0.39 |  | 4.80 | 65 | 1904 |
| 4.50 | 0.42 | 0.63 | <sup>(g)</sup> | 4.43 | 68 | 1884 |
| 0.87 | 0.40 | 0.72 | <sup>(g)</sup> | 0.87 | 64 | 1693 |
| 0.00 | 0.38 | 0.07 |  | 0.00 | 63 | 1660 |
| 0.28 | 0.45 | 0.28 |  | 0.26 | 76 | 2001 |

---

*See Notes to Financial Statements* 63

------

## Notes to Financial Statements
**(Unaudited)** 

1. General Information

**Account Information:** The purpose of the College Retirement Equities Fund ("CREF"), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is an open-end management investment company registered under the Investment Company Act of 1940, ("1940 Act"), as amended. CREF is comprised of the following (collectively the "Accounts" or individually, the "Account"):

---

| | |
|:---|:---|
| Account Name | Short Name |
|  CREF Stock Account | Stock |
|  CREF Global Equities Account | Global Equities |
|  CREF Growth Account | Growth |
|  CREF Equity Index Account | Equity Index |
|  CREF Core Bond Account | Core Bond |
|  CREF Inflation-Linked Bond Account | Inflation-Linked Bond |
|  CREF Social Choice Account | Social Choice |
|  CREF Money Market Account | Money Market |

---

**Current Fiscal Period:** The end of the reporting period for the Accounts is June 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (the "current fiscal period").

**Investment Adviser:** TIAA-CREF Investment Management, LLC (the "Adviser"), a wholly controlled 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 Accounts.

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 Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, *Financial Services—Investment Companies*. The accumulation unit value ("AUV") for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.

**Accumulation and Annuity Funds:** The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial annuity payments are calculated based on the value of a participant's accumulation on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return, and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance, Account expenses, and mortality experience. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.

**Basis for Consolidation:** Social Choice is presented on a consolidated basis with the CREF Social Choice Account Taxable Offshore Limited (the "TEFRA Bond Subsidiary"). The TEFRA Bond Subsidiary is a wholly owned subsidiary of Social Choice organized under the laws of the Cayman Islands. The TEFRA Bond Subsidiary commenced operations on January 3, 2025 and is intended to provide the Account with exposure to TEFRA fixed income securities. TEFRA securities are securities that are sold subject to selling restrictions generally designed to restrict the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes). The TEFRA Bond Subsidiary is advised by the Adviser and has the same investment objective as the Account (except that the TEFRA Bond Subsidiary may invest without limitation in TEFRA bonds). All inter-company transactions and balances have been eliminated.

Select financial information related to the TEFRA Bond Subsidiary is as follows (dollar amounts are in thousands):

---

| | |
|:---|:---|
| Social Choice | TEFRA Bond Subsidiary (000) |
|  Total market value of investments | $49735 |
|  Net assets | 50390 |
|  Net investment income (loss) | 645 |
|  Net realized gain (loss) | (74) |

---

64.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| Social Choice | TEFRA Bond Subsidiary (000) |
|  Net change in unrealized appreciation (depreciation) | 981 |
|  % of Account's consolidated net assets | 0%\* |

---

\* Amount represents less than 1%. 

**Compensation:** The Accounts pay the members of the Board of Trustees ("Board") all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. Amounts deferred are retained by the Accounts 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.

**Foreign Currency Transactions and Translation:** The books and records of the Accounts 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.

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 Accounts and the amounts actually received and 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) of 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.

As of the end of the reporting period, the percentage of investments in non-U.S. securities for Stock and Social Choice are as follows (dollar amounts are in thousands):

---

| | | |
|:---|:---|:---|
| Stock | Value (000) | % of Total Investments |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | $7238215 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3588939 | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 3313948 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 3051092 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2986680 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2933513 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 2811845 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2417526 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 1720356 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 14713705 | 11.2 |
|  Total non-U.S. Securities | $44775819 | 34.4% |
| Social Choice | Value (000) | % of Total Investments |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | $859145 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 609369 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supranational | 462524 | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 435447 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 368664 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 329611 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 312670 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 305729 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 260342 | 1.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1221430 | 5.8 |
|  Total non-U.S. Securities | $5164931 | 24.2% |

---

**Foreign Taxes:** The Accounts may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Accounts 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 Accounts invest.

------

## Notes to Financial Statements (continued)
**Indemnification:** In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. An Accounts' maximum exposure under these arrangements is unknown, as this would involve future claims against the Accounts that have not yet occurred. Also, under the Accounts' organizational documents, the trustees and officers of the Accounts are indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be unlikely.

**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 Accounts 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 Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

**Multiclass Operations and Allocations:** Income, expenses, realized gains and losses and unrealized appreciation and depreciation of an Account are allocated on a pro rata basis to each class of shares, except for administrative service fees and distribution fees, which are unique to each class of each Account. Most expenses of CREF can be directly attributed to an Account or class. Expenses that cannot be directly attributed are allocated based upon the average net assets of each Account or class.

**Netting Agreements:** In the ordinary course of business, the Accounts 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 Account 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 Account 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 Accounts is held in a segregated account by the Accounts' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Accounts' Summary Portfolio of Investments or Statement of Assets and Liabilities.

The Accounts' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

**Segment Reporting:** Each Account represents a single operating segment. The officers of the Accounts act as the chief operating decision maker ("CODM"). The CODM monitors the operating results of each Account as a whole and is responsible for each Account'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 Account's portfolio managers as a team. The financial information in the form of the Account'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 Account's comparative benchmarks and to make resource allocation decisions for the Account's single segment, is consistent with that presented within the Account'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.

**New Accounting Pronouncement:** 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. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Accounts' 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar
securities, interest rates, credit spreads, etc.).

66.0 ------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;• 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 Accounts' 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 Accounts' 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 Account'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 net asset value 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 Accounts' investments as of the end of the current fiscal period, based on the inputs used to value them (dollar amounts are in thousands):

------

## Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (000) |
|  Stock |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $88288542 | $40164780 | $3465 | $128456787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government bonds |  | 201 |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment companies | 296573 |  |  | 296573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants | 4 |  | 1534 | 1538 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 296334 |  | 296334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 366935 |  | 366935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 99815 |  | 99815 |
|  Investments purchased with collateral from securities lending: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposit |  | 191458 |  | 191458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper |  | 148298 |  | 148298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 237791 |  | 237791 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 15159 |  |  | 15159 |
|  Total | $88600278 | $41505612 | $4999 | $130110889 |
|  Global Equities |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $21481344 | $10098399 | $3 | $31579746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment companies | 32126 |  |  | 32126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | 141 | 141 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 103675 |  | 103675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 177690 |  | 177690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 49742 |  | 49742 |
|  Investments purchased with collateral from securities lending: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of deposit |  | 25181 |  | 25181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial paper |  | 19999 |  | 19999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 53001 |  | 53001 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 5683 |  |  | 5683 |
|  Total | $21519153 | $10527687 | $144 | $32046984 |
|  Growth |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $40033833 | $822953 | $— | $40856786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment companies | 304648 |  |  | 304648 |
|  Investments purchased with collateral from securities lending | 107836 |  |  | 107836 |
|  Total | $40446317 | $822953 | $— | $41269270 |
|  Equity Index |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $25850977 | $— | $11 | $25850988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | 3 | 3 |
|  Investments purchased with collateral from securities lending | 20751 |  |  | 20751 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 27886 |  | 27886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 72172 |  | 72172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 25734 |  | 25734 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 4027 |  |  | 4027 |
|  Total | $25875755 | $125792 | $14 | $26001561 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (000) |
|  Core Bond |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loan obligations | $— | $21669 | $— | $21669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  | 3146354 |  | 3146354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government bonds |  | 6349769 |  | 6349769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 4475 |  |  | 4475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured assets |  | 1640996 |  | 1640996 |
|  Investments purchased with collateral from securities lending | 36718 |  |  | 36718 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 87303 |  | 87303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 127051 |  | 127051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 41465 |  | 41465 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 9029 |  |  | 9029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts\* |  | (10544) |  | (10544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit default swap contracts\* |  | (3165) |  | (3165) |
|  Total | $50222 | $11400898 | $— | $11451120 |
|  Inflation-Linked Bond |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loan obligations | $— | $18387 | $— | $18387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  | 175400 |  | 175400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government bonds |  | 7139907 |  | 7139907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment companies | 9952 |  |  | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured assets |  | 310233 | 2681 | 312914 |
|  Investments purchased with collateral from securities lending | 5423 |  |  | 5423 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 84972 |  | 84972 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 4195 |  |  | 4195 |
|  Total | $19570 | $7728899 | $2681 | $7751150 |
|  Social Choice |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank loan obligations | $— | $30525 | $—^ | $30525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | 9152358 | 3700408 |  | 12852766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  | 2477648 |  | 2477648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government bonds |  | 4984458 | 1 | 4984459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 28304 |  |  | 28304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured assets |  | 805749 |  | 805749 |
|  Investments purchased with collateral from securities lending | 89617 |  |  | 89617 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 17411 |  | 17411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 31533 |  | 31533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 4992 |  | 4992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Derivatives:<br> Forward foreign currency contracts\* |  | (981) |  | (981) |
|  Total | $9270279 | $12051743 | $2 | $21322024 |
|  Money Market |  |  |  |  |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government agency debt | $— | $1584079 | $— | $1584079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 4838968 |  | 4838968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 1767063 |  | 1767063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variable rate securities |  | 3003944 |  | 3003944 |
|  Total | $— | $11194054 | $— | $11194054 |

---

\* Represents net unrealized appreciation (depreciation).

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

------

4. Portfolio Securities

Mortgage Dollar Roll Transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account 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, an Account forgoes principal and interest paid on the securities. The Account 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 Account'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 Accounts that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements (dollar amounts are in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Account | Counterparty | Short-term Investments,<br> at Value (000) | Collateral Pledged<br>(From) Counterparty<br> (000) |
|  Stock | Bank of Nova Scotia | $20000 | $(20403) |
|  | Calyon | 20000 | (20400) |
|  | Deutsche Bank | 35000 | (35700) |
|  | Fixed Income Clearing Corporation | 366935 | (374274) |
|  | HSBC | 45000 | (45900) |
|  | JP Morgan Securities LLC | 55000 | (56100) |
|  | Merrill Lynch | 32791 | (33447) |
|  | Nomura | 5000 | (5103) |
|  | Royal Bank of Scotland | 25000 | (25500) |
|  Total |  | $604726 | $(616827) |
|  Global Equities | Bank of Nova Scotia | $5000 | $(5101) |
|  | Calyon | 5000 | (5100) |
|  | Deutsche Bank | 5000 | (5100) |
|  | Fixed Income Clearing Corporation | 177690 | (181244) |
|  | HSBC | 10000 | (10200) |
|  | JP Morgan Securities LLC | 15001 | (15300) |
|  | Merrill Lynch | 13000 | (13260) |
|  Total |  | $230691 | $(235305) |
|  Equity Index | Fixed Income Clearing Corporation | $72172 | $(73615) |
|  Core Bond | Fixed Income Clearing Corporation | $127051 | $(129592) |
|  Inflation-Linked Bond | Fixed Income Clearing Corporation | $84972 | $(86672) |
|  Social Choice | Fixed Income Clearing Corporation | $31533 | $(32164) |
|  Money Market | Fixed Income Clearing Corporation | $4838968 | $(4935747) |

---

Securities Lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account 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 Account, 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 Accounts and any additional required collateral is delivered to the Accounts on the next business day. Cash collateral received by the Account 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 Accounts' 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 Accounts, and the Accounts 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 Accounts 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, an Account 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 Account. 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 Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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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 (dollar amounts are in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Aggregate value of securities on loan | Aggregate value of securities on loan | | | |
| Account | Equity<br>Securities (000) | Fixed Income<br>Securities (000) | Cash Collateral<br>Received (000)\* | Non-Cash Collateral<br>Received (000)\*\* | Total Collateral<br>Received (000) |
|  Stock | $1546134 | $— | $576334 | $1045836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622170 |
|  Global Equities | 256064 |  | 97911 | 168003 | 265914 |
|  Growth | 142754 |  | 107836 | 39902 | 147738 |
|  Equity Index | 63011 |  | 20751 | 43458 | 64209 |
|  Core Bond |  | 44649 | 36718 | 9585 | 46303 |
|  Inflation-Linked Bond | 314 | 4901 | 5423 |  | 5423 |
|  Social Choice | 147135 | 57345 | 89617 | 123213 | 212830 |

---

\* May include cash and investment of cash collateral.

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

Treasury Inflation-Protected Securities: The Accounts may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statement of Operations.

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.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows (dollar amounts are in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Account | Non-U.S.<br> Government<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases (000) | U.S.<br> Government<br> Purchases (000) | Non-U.S.<br> Government<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales (000) | U.S.<br> Government<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales (000) |
|  Stock | $36445322 | $— | $42601789 | $— |
|  Global Equities | 8844585 |  | 9465626 |  |
|  Growth | 8182450 |  | 10750998 |  |
|  Equity Index | 3238156 |  | 4101014 |  |
|  Core Bond | 885127 | 5609883 | 1065938 | 4943096 |
|  Inflation-Linked Bond | 100673 | 986426 | 101340 | 731298 |
|  Social Choice | 2956913 | 7149878 | 3723690 | 7316035 |

---

The Accounts 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 the Accounts have outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Account (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 Accounts are subject to equity price and interest-rate risk in the normal course of pursuing their investment objectives. The Accounts use 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 Account 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 Summary 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 Account 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" and 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 Account 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 (dollar amounts are in thousands):

---

| | |
|:---|:---|
| Account | Average Notional Amount of Futures Contracts Outstanding<br> (000)\* |
|  Stock | $415123 |
|  Global Equities | 175941 |
|  Equity Index | 119477 |
|  Core Bond | 913319 |
|  Inflation-Linked Bond | 380949 |

---

\* 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. 

Forward Foreign Currency Contracts: Certain Accounts 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.

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 Accounts 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 (dollar amounts are in thousands):

---

| | |
|:---|:---|
| Account | Average Notional Amount of Forward Contracts Outstanding<br> (000)\* |
|  Core Bond | $243457 |
|  Social Choice | 16079 |

---

\* 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. 

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those forward foreign currency contracts as of the end of the reporting period (dollar amounts are in thousands):

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Account | Counterparty | Gross<br> Unrealized<br>Appreciation on<br>Forward Foreign<br>Currency Contracts<br>(000)\* | Gross<br> Unrealized<br>Depreciation on<br>Forward Foreign<br>Currency Contracts<br>(000)\* | Net Unrealized<br> Appreciation<br>(Depreciation)<br>on Forward<br>Foreign Currency<br>Contracts (000) | Collateral<br> Pledged<br> to (from)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty<br> (000) | Net<br>Exposure (000) |
|  Core Bond | Australia and New Zealand Banking Group Limited | $— | $(439) | $(439) | $— | $(439) |
|  | Bank of America, N.A. | 341 | (1239) | (898) |  | (898) |
|  | Citibank N.A. | 116 | (2536) | (2420) |  | (2420) |
|  | Goldman Sachs |  | (7) | (7) |  | (7) |
|  | Morgan Stanley Capital Services | 348 | (112) | 236 |  | 236 |
|  | Standard Chartered Bank | 35 | (54) | (19) |  | (19) |
|  | Toronto Dominion Bank |  | (6997) | (6997) |  | (6997) |
|  | Total | $840 | $(11384) | $(10544) | $— | $(10544) |
|  Social Choice  | Bank of America, N.A. |  | (107) | (107) |  | (107) |
|  | Citibank N.A. |  | (785) | (785) |  | (785) |
|  | Morgan Stanley Capital Services |  | (89) | (89) |  | (89) |
|  | Total | $— | $(981) | $(981) | $— | $(981) |

---

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Account's Summary Portfolio of Investments.

Credit Default Swap Contracts: Certain Accounts are subject to credit risk in the normal course of pursuing their investment objectives. The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Accounts 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 an Account has bought (sold) protection in a credit default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Account 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, an Account 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 Summary Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Account 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 Account 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 (dollar amounts are in thousands):

---

| | |
|:---|:---|
| Account | Average Notional Amount of Swap Contracts Outstanding<br> (000)\* |
|  Core Bond | $258333 |

---

\* 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. 

------

As of the end of the reporting period, the following Accounts have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows (dollar amounts are in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Derivative Instrument | Risk Exposure | Location | Value (000) | Location | Value (000) |
| Stock |  |  |  |  |  |
| Futures contracts | Equity | Unrealized appreciation on futures contracts\* | $15159 | - | $– |
| <br> Global Equities |  |  |  |  |  |
| Futures contracts | Equity | Unrealized appreciation on futures contracts\* | 5683 | - | – |
| <br> Equity Index |  |  |  |  |  |
| Futures contracts | Equity | Unrealized appreciation on futures contracts\* | 4027 | - | – |
| <br> Core Bond |  |  |  |  |  |
| Futures contracts | Interest rate | Unrealized appreciation on futures contracts\* | 9029 |  |  |
| Forward foreign currency contracts | Foreign currency exchange rate | Unrealized appreciation on forward contracts | 840 | Unrealized depreciation on forward contracts | (11384) |
| Credit default swap contracts | Credit | - | – | Unrealized depreciation on swap contracts\* | (3165) |
| <br> Inflation-Linked Bond |  |  |  |  |  |
| Futures contracts | Interest rate | Unrealized appreciation on futures contracts\* | 4195 | - | – |
| <br> Social Choice |  |  |  |  |  |
| Forward foreign currency contracts | Foreign currency exchange rate | - | – | Unrealized depreciation on forward contracts | (981) |

---

\* Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Account's Summary Portfolio of Investments. The Statement 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 Accounts' Statement of Operations was as follows (dollar amounts are in thousands):

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| | | | |
|:---|:---|:---|:---|
| Derivative Instrument | Risk Exposure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain<br> (Loss) (000) | Change in Unrealized<br> Appreciation<br> (Depreciation) (000) |
|  Stock |  |  |  |
|  Futures contracts | Equity | $(18137) | $29773 |
|  <br> Global Equities |  |  |  |
|  Futures contracts | Equity | 9520 | 8994 |
|  <br> Equity Index |  |  |  |
|  Futures contracts | Equity | (1658) | 4884 |
|  <br> Core Bond |  |  |  |
|  Futures contracts | Interest rate | 907 | 15595 |
|  Forward foreign currency contracts | Foreign currency exchange rate | (1972) | (21486) |
|  Swap contracts | Credit | (2278) | (1502) |
|  <br> Inflation-Linked Bond |  |  |  |
|  Futures contracts | Interest rate | (1368) | 7320 |
|  <br> Social Choice |  |  |  |
|  Forward foreign currency contracts | Foreign currency exchange rate | (405) | (1594) |

---

Market and Counterparty Credit Risk: In the normal course of business each Account 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 Account to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Account'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 Account 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 Account with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Account has an unrealized loss, the Accounts have instructed the custodian to pledge assets of the Accounts 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.

6. Account Units

Transactions in Account units during the current and prior fiscal period were as follows (amounts are in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Stock | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 765 | $716823 | 2241 | $1958807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159240 | 2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 708 | 659740 | 1259 | 1085402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 263 | 237807 | 547 | 469872 |
|  Total premiums and contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878 | 2773610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482 | 5840869 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (457) | (425025) | (727) | (637106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (5062) | (4702364) | (10207) | (8936371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (3073) | (2840608) | (5719) | (4961584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1285) | (1166945) | (2356) | (2003959) |
|  Total withdrawals and death benefits | (9877) | (9134942) | (19009) | (16539020) |
|  Annuity payments: | – | (703692) | – | (1408581) |
|  Net increase (decrease) from participant transactions | (6999) | (7065024) | (12527) | (12106732) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Global Equities | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 871 | $307393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186 | $736101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 2318 | 834540 | 4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 1303 | 456061 | 2050 | 664369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 685 | 234187 | 1947 | 621728 |
|  Total premiums and contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832181 | 10717 | 3539005 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (530) | (187723) | (796) | (261513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3410) | (1198445) | (6756) | (2239595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (2077) | (726538) | (3788) | (1237934) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1407) | (483616) | (1939) | (621104) |
|  Total withdrawals and death benefits | (7424) | (2596322) | (13279) | (4360146) |
|  Annuity payments: | – | (29379) | – | (55751) |
|  Net increase (decrease) from participant transactions | (2247) | (793520) | (2562) | (876892) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Growth | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 388 | $197704 | 1463 | $702958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 837 | 447908 | 2091 | 1040708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 585 | 299860 | 1113 | 517451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 396 | 198059 | 1137 | 523102 |
|  Total premiums and contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784219 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (406) | (206061) | (428) | (201983) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3412) | (1726412) | (6135) | (2920611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (2143) | (1080236) | (3620) | (1705881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1533) | (761764) | (2236) | (1030163) |
|  Total withdrawals and death benefits | (7494) | (3774473) | (12419) | (5858638) |
|  Annuity payments: | – | (43428) | – | (81698) |
|  Net increase (decrease) from participant transactions | (5288) | (2674370) | (6615) | (3156117) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Equity Index | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 959 | $503927 | 1069 | $507260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 516 | 273362 | 831 | 418840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 517 | 262684 | 707 | 333554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 317 | 156759 | 568 | 264968 |
|  Total premiums and contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524622 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (109) | (56120) | (298) | (141559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (1801) | (917872) | (3433) | (1647092) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (1387) | (703196) | (2457) | (1162669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (922) | (458769) | (1488) | (690303) |
|  Total withdrawals and death benefits | (4219) | (2135957) | (7676) | (3641623) |
|  Annuity payments: | – | (33972) | – | (65465) |
|  Net increase (decrease) from participant transactions | (1910) | (973197) | (4501) | (2182466) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Core Bond | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 918 | $126444 | 1492 | $202202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | 547680 | 5980 | 816152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 2001 | 272954 | 3444 | 456760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 2085 | 278874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | 457118 |
|  Total premiums and contributions | 8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225952 | 14422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932232 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (438) | (60307) | (577) | (76630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3712) | (510383) | (6762) | (907795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (2474) | (337101) | (4464) | (591707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1495) | (199812) | (2371) | (309205) |
|  Total withdrawals and death benefits | (8119) | (1107603) | (14174) | (1885337) |
|  Annuity payments: | – | (13244) | – | (26744) |
|  Net increase (decrease) from participant transactions | 808 | 105105 | 248 | 20151 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Inflation-Linked Bond | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1488 | $129940 | 2120 | $179377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 5519 | 487152 | 6405 | 547143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 2692 | 232928 | 3215 | 267463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738 | 232433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272 | 267365 |
|  Total premiums and contributions | 12437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082453 | 15012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261348 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (467) | (40841) | (768) | (63973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (4328) | (377255) | (7895) | (662792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (2371) | (205017) | (4293) | (357091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (1846) | (156696) | (2922) | (238696) |
|  Total withdrawals and death benefits | (9012) | (779809) | (15878) | (1322552) |
|  Annuity payments: | – | (9245) | – | (18270) |
|  Net increase (decrease) from participant transactions | 3425 | 293399 | (866) | (79474) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Social Choice | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 994 | $377818 | 3080 | $1120640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 995 | 393525 | 2434 | 920267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 744 | 280190 | 1486 | 532536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 365 | 134053 | 567 | 200534 |
|  Total premiums and contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773977 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (948) | (359347) | (1220) | (441268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (3051) | (1154748) | (6915) | (2495018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (2006) | (752833) | (3949) | (1411659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (787) | (289842) | (1607) | (565077) |
|  Total withdrawals and death benefits | (6792) | (2556770) | (13691) | (4913022) |
|  Annuity payments: | – | (25672) | – | (49788) |
|  Net increase (decrease) from participant transactions | (3694) | (1396856) | (6124) | (2188833) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 6/30/25 | Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Money Market | Units (000) | Value (000) | Units (000) | Value (000) |
|  Premiums and contributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9156 | $276884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9261 | $271267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | 54922 | 1668132 | 61588 | 1813008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | 28346 | 848636 | 34279 | 991428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | 17309 | 509114 | 27872 | 792634 |
|  Total premiums and contributions | 109733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302766 | 133000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3868337 |
|  Withdrawals and death benefits: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (5305) | (160652) | (6522) | (191416) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R3 | (38718) | (1171875) | (68874) | (2007731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R2 | (19787) | (593025) | (35990) | (1041629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R1 | (15574) | (458495) | (30378) | (864300) |
|  Total withdrawals and death benefits | (79384) | (2384047) | (141764) | (4105076) |
|  Annuity payments: | – | (7827) | – | (14922) |
|  Net increase (decrease) from participant transactions | 30349 | 910892 | (8764) | (251661) |

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7. Income Tax Information

CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF's Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible.

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CREF files income tax returns in U.S. federal and applicable state jurisdictions. CREF's federal income tax return is 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 the Accounts' tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Accounts' financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows (dollar amounts are in thousands):

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| | | | | |
|:---|:---|:---|:---|:---|
| Account | Tax Cost (000) | Gross Unrealized<br> Appreciation (000) | Gross Unrealized<br> (Depreciation) (000) | Net Unrealized<br> Appreciation<br> (Depreciation) (000) |
|  Stock | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103070113 | $30738378 | $(3697602) | $27040776 |
|  Global Equities | 24080326 | 8649161 | (682504) | 7966657 |
|  Growth | 23275825 | 18376176 | (382731) | 17993445 |
|  Equity Index | 8351631 | 17779682 | (129752) | 17649930 |
|  Core Bond | 12022011 | 102564 | (673455) | (570891) |
|  Inflation-Linked Bond | 7858323 | 59020 | (166193) | (107173) |
|  Social Choice | 18430564 | 3640393 | (748933) | 2891460 |
|  Money Market | 11194054 | – | – | – |

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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.

8. Management Fees and Other Transactions with Affiliates

Management Fees: Investment advisory services for the Accounts are provided by the Adviser in accordance with an Investment Management Services Agreement. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.

The TEFRA Bond Subsidiary has entered into an investment management agreement with the Adviser. Under these agreements, the Adviser provides the same management services to the TEFRA Bond Subsidiary as it does to Social Choice. The Adviser is not compensated directly by the TEFRA Bond Subsidiary for their services, rather the Account reimburses the Adviser, on an at-cost basis, for its investment management expenses, including any expenses. The TEFRA Bond Subsidiary has also entered into separate contracts for the provision of custody and certain other services with the same service providers as those engaged by the Account.

Administrative services are provided to the Accounts by TIAA, pursuant to an Administrative Services Agreement with CREF. Distribution functions are provided to the Accounts by TIAA-CREF Individual & Institutional Services, LLC ("Services"), a wholly owned subsidiary of TIAA, pursuant to a Principal Underwriting and Distribution Services Agreement with CREF and the Rule 12b-1 plan. Participants invested in a particular CREF Account will be subject to different administrative and distribution expenses depending upon the class of the Account they own.

TIAA charges a mortality and expense charge of 0.005% to guarantee that CREF participants transferring Accounts to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. This charge is the same across all Accounts and classes.

The services provided by the Adviser, Services, and TIAA are provided to CREF at cost, and CREF also reimburses the Adviser, Services, and TIAA for certain third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made on a daily basis according to formulas established each year with the objective of keeping the estimated expenses as close as possible to each Account's actual expenses. Any differences between actual expenses and the estimated expenses remitted are adjusted.

As of the end of the current fiscal period, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment<br>Management<br>Fee | Administrative Fee | Administrative Fee | Administrative Fee | Administrative Fee | Distribution Fee | Distribution Fee | Distribution Fee | Distribution Fee |
| Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Classes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R1 |
|  Stock | 0.108% | 0.010% | 0.126% | 0.161% | 0.243% | 0.001% | 0.018% | 0.023% | 0.037% |
|  Global Equities | 0.085 | 0.010 | 0.127 | 0.162 | 0.244 | 0.001 | 0.018 | 0.023 | 0.037 |
|  Growth | 0.047 | 0.010 | 0.126 | 0.161 | 0.243 | 0.000 | 0.018 | 0.023 | 0.037 |
|  Equity Index | 0.010 | 0.010 | 0.126 | 0.161 | 0.243 | 0.001 | 0.018 | 0.023 | 0.037 |
|  Core Bond | 0.079 | 0.010 | 0.127 | 0.162 | 0.246 | 0.001 | 0.018 | 0.023 | 0.038 |
|  Inflation-Linked Bond | 0.030 | 0.009 | 0.127 | 0.163 | 0.247 | 0.001 | 0.018 | 0.023 | 0.038 |
|  Social Choice | 0.062 | 0.010 | 0.126 | 0.161 | 0.244 | 0.001 | 0.018 | 0.023 | 0.037 |
|  Money Market | 0.011 | 0.009 | 0.128 | 0.164 | 0.246 | 0.002 | 0.018 | 0.023 | 0.038 |

---

Amounts owed to Account affiliates for payment of Account expenses, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statement of Assets and Liabilities. Account expenses owed to affiliates are reflected in the Statement of Operations.

Other Transactions with Affiliates: The Accounts 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 Account 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 Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

---

| | | | |
|:---|:---|:---|:---|
| Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales (000) | Realized Gain (Loss)<br>(000) |
|  Stock | $642714 | $649656 | $215072 |
|  Global Equities | 69156 | 309961 | 120413 |
|  Growth | 84758 | 253553 | 87155 |
|  Equity Index | 39196 | 404028 | 346571 |
|  Social Choice | 184264 | 97875 | 33779 |

---

Companies in which an Account holds 5% or more of the outstanding voting shares are considered "affiliated companies" of the Account, pursuant to the 1940 Act. 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 companies is as follows (dollar amounts are in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>12/31/24<br>(000) | Purchases<br>Cost (000) | Sales<br>Proceeds<br>(000) | Realized<br>Gain (Loss)<br>(000) | Change in<br>Unrealized<br>Appreciation<br> (Depreciation)<br>(000) | Value at<br>6/30/25 (000) | Shares at<br>6/30/25 | Dividend<br>Income (000) |
|  Stock |  |  |  |  |  |  |  |  |
|  Common stocks |  |  |  |  |  |  |  |  |
|  Consumer Services |  |  |  |  |  |  |  |  |
|  Arcos Dorados Holdings, Inc | $64155 | $– | $16659 | $(1461) | $5608 | $51643 | 6545321 | $785 |
|  Consumer Staples Distribution & Retail |  |  |  |  |  |  |  |  |
|  Cia Brasileira de Distribuicao(a) | 12409 |  | 3015 | (1188) | 6693 | 14899 | 26282194 |  |
|  Guardian Pharmacy Services, Inc(a),(b) | 9481 |  |  |  | 492 | 9,973\* | 467,986\* |  |
|  Media & Entertainment |  |  |  |  |  |  |  |  |
|  HUYA, Inc (ADR) | 13129 | 114 | 14075 | (32455) | 33287 | –\* | –\* |  |
|  Infinity Natural Resources, Inc | –‡ | 25000 | 23343 | (1657) |  | –\* | –\* |  |
|  Software & Services |  |  |  |  |  |  |  |  |
|  Kaonavi, Inc | 8019 |  | 16938 | 4458 | 4461 | –\* | –\* |  |
|  Locaweb Servicos de Internet S.A.(c) | 17082 | – | 2667 | (3285) | 8460 | 19,590\* | 26,945,600\* | – |
|  Total | $124275 | 25114 | 76697 | (35588) | 59001 | $96105 | 60241101 | 785 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>12/31/24<br>(000) | Purchases<br>Cost (000) | Sales<br>Proceeds<br>(000) | Realized<br>Gain (Loss)<br>(000) | Change in<br>Unrealized<br>Appreciation<br> (Depreciation) (000) | Value at<br>6/30/25<br> (000) | Shares at<br>6/30/25 | Dividend<br>Income (000) |
|  Global Equities |  |  |  |  |  |  |  |  |
|  Common stocks |  |  |  |  |  |  |  |  |
|  Australia |  |  |  |  |  |  |  |  |
|  Tamboran Resources Corp(a) | $4,865‡ | $19133 | $15033 | $(871) | $571 | $8,665\* | 406,435\* | $– |
|  Tamboran Resources Ltd | 15060 | – | 19186 | 6 | 4120 | –\* | –\* | – |
|  Total | $19925 | 19133 | 34219 | (865) | 4691 | $8665 | 406435 | – |

---

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

<sup>(b)</sup> Security on loan.

<sup>(c)</sup> 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.

‡ At December 31, 2024, the issuer was not an affiliated company of the Account.

\* At June 30, 2025, the issuer was not an affiliated company of the Account.

9. Borrowing Arrangements

Line of Credit: The Accounts (other than Money Market) participate in a $500 million unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 10, 2025 expiring on June 9, 2026, replacing the previous facility, which expired June 2025. Certain affiliated accounts, each of which is managed by the Adviser, or an affiliate of the Adviser, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts. There were no borrowings under this credit facility by the Accounts during the current fiscal period.

10. Subsequent Events

Fund Name Changes: Effective November 30, 2025, the following Accounts will have a name change:

• CREF Stock Account to CREF Total Global Stock Account

• CREF Equity Index Account to CREF S&P 500 Index Account

• CREF Social Choice Account to CREF Responsible Balanced Account

------

## Additional Account Information
**(Unaudited)** 

**Portfolio holdings** 

Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports instead of providing complete portfolio listings. The CREF Accounts also file complete portfolio listings with the SEC, and are available to the public.

You can obtain a complete list of the CREF Accounts' holdings (Portfolios of Investments) as of the most recently completed fiscal quarter in the following ways:

• By visiting our website at TIAA.org; or

• By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the CREF Accounts' portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP filings are as of March 31 or September 30. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC's website at sec.gov; or

• From the SEC's Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

**Proxy voting** 

CREF's ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC's website at sec.gov. You can also call us at 800-842- 2252 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

**Contacting TIAA** 

There are three easy ways to contact us: by email, using the Contact Us link under Get Help at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.

**Account management** 

The CREF Accounts are managed by the portfolio management teams of TIAA-CREF Investment Management, LLC. The members of these teams are responsible for the day-to-day investment management of the accounts.

**CREF Rules of the Fund** 

From time to time, CREF updates its Rules of the Fund with the New York State Department of Financial Services. Current copies of the updated Rules of the Fund can be found on the TIAA.org website at the following location: https://www.tiaa.org/public/about-tiaa/ corporate-governance-leadership/document-library.

**You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 877-518-9161. Please read the prospectus carefully before investing.** 

**Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.** TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services LLC. TIAA-CREF Individual & Institutional Services, LLC, member

FINRA, distributes securities products. CREF variable annuities are issued by College Retirement Equities Fund, New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's own objectives and circumstances.

<sup>©</sup>2025 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

------

## Approval of Investment Management Agreement
**(Unaudited)** 

Board Renewal of the Investment Management Agreement for the College Retirement Equities Fund

The Board of Trustees (the "Board" or the "Trustees") of the College Retirement Equities Fund ("CREF") determines whether to initially approve and periodically renew the investment management agreement (the "Agreement") between TIAA-CREF Investment Management, LLC ("TCIM") and CREF, on behalf of each of its accounts (the "Accounts"). Under the Agreement, TCIM is responsible for providing investment advisory services to each Account. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement.

Most investment companies that are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides, in part, that, after an initial period of up to two years, the investment management agreement will remain in effect only if a fund's board, including a majority of those trustees who are independent trustees because they are not "interested persons" of the fund, as that term is defined in the 1940 Act, annually renews the agreement. The Agreement is not subject to this requirement due to its unique "at-cost" structure under which TCIM provides services to CREF on an at-cost basis. However, pursuant to Securities and Exchange Commission exemptive orders on which CREF relies, the Board must conduct an annual review of the Agreement, as described below, in a manner generally consistent with relevant 1940 Act requirements. None of the Trustees is an interested person of CREF. Rather, they are all deemed to be independent Trustees.

Overview of the Renewal Process

The Board held an in-person meeting on March 25, 2025, in order to consider the annual renewal of the Agreement with respect to each applicable Account using the process established by the Board described further below.

As part of the Board's established process, the Board or certain of its designated members worked with TCIM, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.

Among other matters, the Board or certain of its designated members, following consultations with representatives of TCIM and its affiliates, other Board members, legal counsel to the Trustees and legal counsel to TCIM and CREF, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. ("Broadridge"), using data from Lipper, Inc., an independent provider of investment company data. The Board considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Board or certain of its designated members, Broadridge produced, among other information, comparative performance and expense data for each Account, including data relating to the Account's actual expenses, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Account against a universe of investment companies (except for brokerage commission costs and portfolio turnover rates) and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge, and also compared the performance of each Account against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board considered, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its oversight and review duties. Broadridge also represented that the purpose of its reports is to provide an objective view of each Account's relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not TCIM or the Board). The Board considered the propriety of each Account's applicable peer group as selected by Broadridge and the use of Class R4 as the base class of Account units for comparison purposes.

------

Legal counsel to the Trustees also requested on behalf of the Board, and TCIM provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Broadridge as described above, the information that was provided for consideration included, but was not limited to, the following: (1) further information relating to each Account's investment performance and, as applicable, a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account's performance during the relevant period; (2) a comparison of each Account's actual expenses and performance to other accounts with comparable strategies managed by TCIM or its affiliates, if any; (3) any "fall-out" benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts in addition to the Accounts' direct payments to TCIM pursuant to the Agreement; (4) information regarding TCIM's financial resources, experienced professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Accounts at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest identified by TCIM in connection with rendering services to the Accounts; (5) a copy of the Agreement and certain related agreements between the Accounts and affiliates of TCIM; (6) a copy of TCIM's Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel to the Trustees); and (7) draft narrative explanations to be included in CREF's reports of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings by Morningstar, Inc. ("Morningstar"), which is a widely recognized mutual fund ranking service.

On March 11, 2025, the Board held a virtual meeting via videoconference with legal counsel to the Trustees to discuss TCIM's materials, which led to the Trustees providing additional questions to, and requesting additional information from, TCIM. Subsequently, at the March 25, 2025 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from TCIM to the Board's follow-up questions and requests presented by the Board after its initial review of the information described above.

In considering whether to renew the Agreement with respect to each Account, the Board considered various factors, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to each Account; (2) the qualifications of the portfolio managers of the Account and the Account's historical investment performance; (3) the costs of the services provided to the Account and CREF's at-cost expense structure; (4) fees charged to peer funds with similar investment objectives and strategies by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Account grows; (6) comparisons, if applicable, of the services provided by TCIM and its affiliates, including Teachers Advisors, LLC ("Advisors"), to, and the actual expenses and performance of, the Account to other clients to which TCIM and its affiliates provide comparable services; and (7) any other benefits identified by TCIM derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.

In addition to the March 25, 2025 meeting that included TCIM personnel, the Trustees met in executive sessions, at which no representatives of TCIM were present, to discuss the proposed renewal of the Agreement for each Account. The Board also received and considered information from legal counsel to the Trustees as to certain relevant guidance that relates to the renewal process and certain other legal authorities.

While the contract renewal process included a series of discussions and meetings leading up to the March 25, 2025 meeting, the oversight and evaluation of TCIM's services to the Accounts by the Board and its Committees is an ongoing process. The Board, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Board or its Committees for review during the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Board and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Accounts. Thus, in reaching its decisions regarding the renewal of the Agreement for each Account, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

The Board received and considered both CREF-level and Account-specific information, but made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 25, 2025, all Board members voted unanimously to renew the Agreement for each Account. Set forth below is a summary of the primary factors that the Board considered with respect to each Account.

------

## Approval of Investment Management Agreement (continued)
The Nature, Extent and Quality of Services

The Board examined the nature, extent and quality of the services that TCIM provides to the Account. The Board considered the level and depth of knowledge of TCIM, including the professional experience and qualifications of its personnel. The Board also considered that TCIM is an experienced investment adviser that has managed the Accounts since TCIM's operations commenced. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, identifying investments and placing orders to buy and sell securities for the Accounts' investment portfolios; active daily monitoring of the Accounts' investment portfolios; reporting on the investment performance and other metrics of the Accounts to the Board on a regular basis; responding to Account flows; and compliance monitoring. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner. The Board also considered that TCIM and its affiliates have committed significant resources to supporting the Accounts. It also considered CREF's, TCIM's and Teachers Insurance and Annuity Association's compliance programs and resources and their compliance records with respect to the Accounts.

The Board also considered, among other factors, the performance of each Account, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TCIM and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TCIM's and its affiliates' oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Board noted its ongoing review of the level of personnel and other resources available to TCIM to provide portfolio management and other services to the Accounts, including the impact of regulatory and other developments and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on all factors considered, the Board concluded that the nature, extent, and quality of services provided by TCIM to each Account under the Agreement were reasonable.

Investment Performance

The Board considered the investment performance of each Account, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account's performance as compared to its peer group and peer universe and each Account's benchmark index. The Board also discussed the three-year performance of the Equity Index Account before any reductions for fees and expenses, as well as the impact of securities lending, other assets and liabilities and class action recoveries, as applicable, on the Equity Index Account's performance as compared to the performance of its benchmark index. For details regarding each Account's performance, see the Account-by-Account synopsis below.

The Board concluded that, under the totality of circumstances considered, the investment performance of each Account was reasonable.

Cost and Expenses

The Board considered the amounts charged by TCIM to each Account, as well as certain direct costs, in 2024 and the estimated amounts to be charged by TCIM to each Account, as well as certain direct costs to be paid by CREF (for the period May 1, 2025 – April 30, 2026), expressed as a percentage of assets. The Board considered that TCIM charges expenses "at cost" and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board noted that, because TCIM provides its services on an at-cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.

Fees Charged by Other Advisers

The Board considered comparative information regarding each Account's actual expenses and the effective investment management fee rates paid by peer funds with similar investment objectives and strategies to other advisers, as analyzed by Broadridge and reflected in the Account-by-Account synopsis below. The Board determined that the effective investment management fee rate charged to an Account under the Agreement was lower than the investment management fee rates charged to many or most other peer funds with similar investment objectives and strategies. In this regard, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between an Account and its peer funds with similar investment objectives and strategies. Another limitation noted by the Board was Broadridge's treatment of all fund fee waivers, regardless of their type, as investment management fee waivers, which could materially impact how the Accounts' effective investment management fee rates compare to those of peer funds with similar investment objectives and strategies. Based on all factors considered, the Board concluded that the effective investment management fee rates under the Agreement with respect to each Account were reasonable in relation to those charged by peer funds with similar investment objectives and strategies.

------

Economies of Scale

The Board considered that certain economies of scale are already integrated into each Account's cost structure due to the at-cost expense arrangements pursuant to which TCIM renders investment advisory services to each Account. The Board also considered that, in certain circumstances, an increase in CREF assets can result in additional expenses being allocated to CREF pursuant to the cost allocation methodologies that are used to calculate payments to be made by CREF pursuant to the at-cost expense arrangements.

Fee and Performance Comparisons with Other Clients of TCIM's Affiliates

The Board considered that TCIM's affiliates provide investment management services to other investment companies, including mutual funds, collective investment trusts (CITs), foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Accounts. The Board also considered TCIM's comments that, in the future, its affiliates may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered TCIM's representation that, while the investment management fee rates charged to the Accounts may differ from the investment management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts may: (1) be offered through products that charge additional fees to their investors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; (5) target different investors; and/or (6) be packaged with other products and/or not be structured such that their expenses are charged on an "at cost" basis. The Board concluded that these factors, among others, could reasonably explain different investment management fee rate schedules.

Other Benefits

The Board also considered additional "fall-out benefits" to TCIM and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Accounts to TCIM's affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Accounts share investment resources and/or personnel with other clients of TCIM's affiliates, use of research obtained through the Accounts' use of soft dollars to manage the assets of other clients and the ability to utilize strategies within one or more Accounts to manage non-Account products in the future. TCIM and its affiliates may also benefit from the level of business and relationships the Accounts have with certain service providers. Also, TCIM and its affiliates may benefit from their relationship with the Accounts to the extent that this relationship results in potential investors viewing Teachers Insurance and Annuity Association of America, of which TCIM is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets.

Account-by-Account Synopsis of Factors

In addition to its considerations noted above, the Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the "1st" quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific expense and performance factors outlined below are based on the Class R4 units of each Account. Because Class R4 generally has lower non-management expenses than the other classes of these Accounts, the expenses and performance of these other classes will be more than the expenses and performance shown for Class R4. Except as otherwise noted, all time periods referenced below are ended December 31, 2024. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2024.

CREF Stock Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.095% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.095% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were each in the 1st quintile of both the group
of comparable funds selected by Broadridge for expense comparison purposes ("Expense Group") and the universe of comparable funds selected by Broadridge for expense comparison purposes ("Expense Universe").

• The Account ranked 1 out of 4 among the group of comparable funds selected by Broadridge for performance comparison
purposes ("Performance Group") for each of the one-, three- and five-year periods, and ranked 1 out of 2 in its Performance Group for the ten-year period. The Account was in the 1st, 2nd, 1st and 1st quintiles of the universe of
comparable funds selected by Broadridge for performance comparison purposes ("Performance Universe") for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 5 stars.

------

CREF Global Equities Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.080% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.083% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were each in the 1st quintile of both its
Expense Group and Expense Universe.

• The Account ranked 1 out of 4 among its Performance Group for each of the one-, three- and five-year periods, and
ranked 1 out of 2 in its Performance Group for the ten-year period. The Account was in the 1st quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods.

• The Account received an Overall Morningstar Rating of 4 stars.

CREF Growth Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.045% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.049% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were each in the 1st quintile of both its
Expense Group and Expense Universe.

• The Account was in the 2nd, 2nd, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and
ten-year periods, respectively. The Account was in the 2nd quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods.

• The Account received an Overall Morningstar Rating of 4 stars.

CREF Equity Index Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.010% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.009% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were in the 1st and 2nd quintiles of its
Expense Group, respectively, and each were in the 1st quintile of its Expense Universe.

• For the one-, three- and five-year periods, the Account's adjusted annualized gross performance (meaning the
Account's performance without any reductions for fees or expenses, and excluding the impacts of net asset value rounding, other assets and liabilities, securities lending and class action recoveries, as applicable) as compared to its
benchmark, the Russell 3000<sup>®</sup> Index, differed by -6, +2 and +3 basis points, respectively. For reference, one basis point equals 0.01%.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Core Bond Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.070% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.071% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment costs and total costs were each in the 1st quintile of its Expense Group and
Expense Universe.

• The Account was in the 1st, 2nd, 4th and 3rd quintiles of its Performance Group for the one-, three-, five- and
ten-year periods, respectively. The Account was in the 1st, 1st, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 4 stars.

CREF Inflation-Linked Bond Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.025% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.035% of average daily net
assets, which was used by Broadridge for comparative purposes.

------

• The Account's actual investment management costs and total costs were each in the 1st quintile of both its
Expense Group and Expense Universe.

• The Account was in the 2nd, 2nd and 1st quintiles of its Performance Group for the one-, three- and five-year periods,
respectively, and ranked 1 out of 5 within its Performance Group for the ten-year period. The Account was in the 2nd quintile of its Performance Universe for each of the one-, three-, five- and ten-year periods.

• The Account received an Overall Morningstar Rating of 5 stars.

CREF Social Choice Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.055% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.045% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were each in the 1st quintile of both its
Expense Group and Expense Universe.

• The Account was in the 3rd, 4th, 4th and 3rd quintiles of its Performance Group for the one-, three-, five- and
ten-year periods, respectively. The Account was in the 3rd, 3rd, 2nd and 1st quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively.

• The Account received an Overall Morningstar Rating of 3 stars.

CREF Money Market Account

• The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account's pro forma investment
management costs are expected to be 0.010% of average daily net assets for the year ending April 30, 2026. The Account's actual investment management costs for the year ended December 31, 2024 equaled 0.010% of average daily net
assets, which was used by Broadridge for comparative purposes.

• The Account's actual investment management costs and total costs were each in the 1st quintile of both its
Expense Group and Expense Universe.

• The Account was in the 1st, 2nd, 2nd and 3rd quintiles of its Performance Group for the one-, three-, five- and
ten-year periods, respectively. The Account was in the 1st quintile of its Performance Universe for each of the one, three-, five- and ten-year periods.

• Money market funds are not rated by Morningstar.

Based primarily on the foregoing, the Board renewed the Agreement for each Account.

------

## Liquidity Risk Management Program
**(Unaudited)** 

Discussion of the operation and effectiveness of the Accounts' liquidity risk management program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), each Account covered by this Report (the "Accounts") has adopted and implemented a liquidity risk management program (the "Program"), which is reasonably designed to assess and manage each Account's liquidity risk. The Program consists of various provisions relating to assessing and managing Account liquidity risk, as discussed further below. The Accounts' Board of Trustees (the "Board") previously approved the designation of TCIM (the "Administrator") as Program administrator. The Liquidity Monitoring and Analysis Team (the "LMAT") carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the "LOSC"). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.

At a February 10, 2025 Board meeting, the Administrator provided the Board with a written report addressing the Program's operation, adequacy, and effectiveness of implementation for the period from January 1, 2024 through December 31, 2024 (the "Review Period"), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Accounts' liquidity developments.

In accordance with the Program, the LMAT assesses each Account's liquidity risk no less frequently than annually based on various factors, such as (i) the Account's investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.

Each Account portfolio investment is classified into one of four liquidity categories (including "highly liquid investments" and "illiquid investments," discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment- specific considerations, as well as market depth, and utilize third-party vendor data.

Any Account that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Account net assets that must be invested in highly liquid investments (a "Highly Liquid Investment Minimum"). During the Review Period, each Account primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.

The Liquidity Rule also limits each Account's investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in an Account holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime an Account's holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Account exceeded the 15% limit on illiquid investments.

------

## Additional Information About Index Providers
**(Unaudited)** 

Russell Indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). <sup>©</sup> LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>," "Russell<sup>®</sup>" and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Bloomberg Indexes

Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg neither approves nor endorses this material, nor guarantees the accuracy or completeness of any information herein, nor makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

MSCI Indexes

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Morningstar Index

<sup>©</sup>2025 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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![LOGO](g53660g95c88.jpg)

730 Third Avenue

New York, NY 10017-3206

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4625698 A10922 (8/25)

------

**Item 2. Code of Ethics.** 

Not applicable to this filing.

------

**Item 3. Audit Committee Financial Expert.** 

Not applicable to this filing.

------

**Item 4. Principal Accountant Fees and Services.** 

Not applicable to this filing.

------

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable to this registrant.

------

**Item 6. Investments.** 

------

## Portfolio of Investments June 30, 2025
Stock

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | LONG-TERM INVESTMENTS - 99.3% |  |
|  |  | COMMON STOCKS - 99.1% |  |
|  |  | AUTOMOBILES & COMPONENTS - 1.5% |  |
| 14608 |  | AB Dynamics plc | $343 |
| 277770 | (a) | Adient plc | 5405 |
| 28500 |  | Aisan Industry Co Ltd | 332 |
| 109284 |  | Amotiv Ltd | 576 |
| 98700 |  | Anhui Jianghuai Automobile Group Corp Ltd | 552 |
| 245601 |  | Apollo Tyres Ltd | 1285 |
| 99333 | (a) | Aptiv plc | 6776 |
| 59468 | (b) | ARB Corp Ltd | 1280 |
| 59946 |  | Asahi India Glass Ltd | 531 |
| 11826 | (a) | ASK Automotive Ltd | 74 |
| 154802 | (a),(b),(c) | Aston Martin Lagonda Global Holdings plc | 170 |
| 2392 |  | Autoneum Holding AG. | 419 |
| 284500 | (a) | BAIC BluePark New Energy Technology Co Ltd | 293 |
| 1474000 | (c) | BAIC Motor Corp Ltd | 365 |
| 46767 |  | Bajaj Auto Ltd | 4568 |
| 54235 |  | Balkrishna Industries Ltd | 1547 |
| 23990 |  | Banco Products India Ltd | 179 |
| 172840 |  | Bayerische Motoren Werke AG. | 15393 |
| 33436 |  | Bayerische Motoren Werke AG. (Preference) | 2777 |
| 29080 |  | Bethel Automotive Safety Systems Co Ltd | 214 |
| 184921 |  | Bharat Forge Ltd | 2823 |
| 218656 |  | BorgWarner, Inc | 7321 |
| 5124 |  | Bosch Ltd | 1954 |
| 118981 |  | Brembo NV | 1138 |
| 2396000 | (b) | Brilliance China Automotive Holdings Ltd | 972 |
| 713205 |  | BYD Co Ltd | 33060 |
| 4584086 |  | BYD Co Ltd (H shares) | 71374 |
| 16678 |  | Ceat Ltd | 716 |
| 11039 |  | Changzhou Xingyu Automotive Lighting Systems Co Ltd | 193 |
| 1255885 |  | Cheng Shin Rubber Industry Co Ltd | 1624 |
| 146000 |  | China Motor Corp | 307 |
| 369708 | (a) | Chongqing Changan Automobile Co Ltd | 659 |
| 103508 |  | CIE Automotive India Ltd | 535 |
| 32030 | (b) | CIE Automotive S.A. | 922 |
| 421482 |  | Cie Generale des Etablissements Michelin S.C.A | 15677 |
| 38869 |  | Cie Plastic Omnium SA | 497 |
| 374863 | (a) | Cofide S.p.A. | 258 |
| 65580 |  | Continental AG. | 5724 |
| 430639 |  | Daimler AG. (Registered) | 25089 |
| 67000 |  | Depo Auto Parts Ind Co Ltd | 439 |
| 21472 |  | DN Automotive Corp | 353 |
| 240312 | (b),(c) | Dometic Group AB | 1008 |
| 1061582 |  | Dowlais Group plc | 973 |
| 292853 | (b) | Dr ING hc F Porsche AG. | 14474 |
| 2122 |  | Dynamatic Technologies Ltd | 178 |
| 9600 |  | Eagle Industry Co Ltd | 128 |
| 370 |  | EGE Endustri VE Ticaret AS. | 66 |
| 95993 |  | Eicher Motors Ltd | 6333 |
| 26260 | (c) | Endurance Technologies Ltd | 848 |
| 17182 |  | Exedy Corp | 491 |
| 320675 |  | Exide Industries Ltd | 1450 |
| 119586 |  | Faurecia | 1218 |
| 26400 |  | FCC Co Ltd | 511 |
| 169519 |  | Ferrari NV | 83049 |
| 2675798 |  | Ford Motor Co | 29032 |
| 462601 |  | Ford Otomotiv Sanayi AS | 1038 |
| 61400 |  | Fras-Le S.A. | 309 |
| 88063 |  | Fuyao Glass Industry Group Co Ltd - A | 700 |

---

**1** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | AUTOMOBILES & COMPONENTS (continued) |  |
| 425362 | (c) | Fuyao Glass Industry Group Co Ltd - H | $3039 |
| 42567 |  | Gabriel India Ltd | 349 |
| 155600 |  | Garrett Motion, Inc | 1635 |
| 4203302 |  | Geely Automobile Holdings Ltd | 8580 |
| 908029 |  | General Motors Co | 44684 |
| 95685 |  | Gentex Corp | 2104 |
| 39080 | (a) | Gentherm, Inc | 1106 |
| 108502 | (b),(c) | Gestamp Automocion S.A. | 375 |
| 361869 | (a) | Goodyear Tire & Rubber Co | 3753 |
| 1595746 | (a) | Great Wall Motor Co Ltd | 2464 |
| 116259 | (a) | Great Wall Motor Co Ltd | 349 |
| 251200 |  | Guangzhou Automobile Group Co Ltd | 263 |
| 51904 |  | Hankook Tire & Technology Co Ltd | 1525 |
| 20592 |  | Hankook Tire Worldwide Co Ltd | 292 |
| 105191 | (a) | Hanon Systems | 241 |
| 48189 |  | Harley-Davidson, Inc | 1137 |
| 618285 |  | Hero Honda Motors Ltd | 30548 |
| 26244 |  | HL Mando Co Ltd | 637 |
| 531400 |  | Honda Motor Co Ltd | 5124 |
| 154000 |  | Hota Industrial Manufacturing Co Ltd | 305 |
| 31400 |  | Hu Lane Associate, Inc | 141 |
| 161515 |  | Huayu Automotive Systems Co Ltd | 398 |
| 24176 |  | Huizhou Desay Sv Automotive Co Ltd | 345 |
| 41672 |  | Hyundai Mobis | 8841 |
| 332708 |  | Hyundai Motor Co | 49959 |
| 24610 |  | Hyundai Motor Co Ltd (2nd Preference) | 2890 |
| 265037 |  | Hyundai Motor Co Ltd (Preference) | 30266 |
| 53874 | (a) | Hyundai Motor India Ltd | 1394 |
| 13291 |  | Hyundai Wia Corp | 450 |
| 38840 |  | JBM Auto Ltd | 291 |
| 67689 |  | JK Tyre & Industries Ltd | 281 |
| 255842 |  | Johnson Electric Holdings Ltd | 706 |
| 143500 |  | JTEKT Corp | 1181 |
| 26492 |  | Kayaba Industry Co Ltd | 548 |
| 501904 |  | Kenda Rubber Industrial Co Ltd | 374 |
| 164214 |  | Kia Motors Corp | 11750 |
| 138800 |  | Koito Manufacturing Co Ltd | 1659 |
| 62505 | (a) | Kumho Tire Co, Inc | 208 |
| 22859 |  | Lear Corp | 2171 |
| 863000 | (a) | Li Auto, Inc | 11779 |
| 104343 | (a) | Li Auto, Inc (ADR) | 2829 |
| 29101 |  | Linamar Corp | 1385 |
| 426671 | (a),(b) | Lucid Group, Inc | 900 |
| 187041 |  | Magna International, Inc | 7230 |
| 645474 |  | Mahindra & Mahindra Ltd | 23958 |
| 27500 |  | Mahle Metal Leve S.A. | 153 |
| 140528 |  | Maruti Suzuki India Ltd | 20328 |
| 450100 |  | Mazda Motor Corp | 2707 |
| 81462 |  | Minda Corp Ltd | 495 |
| 572000 |  | Minth Group Ltd | 1637 |
| 496300 | (b) | Mitsubishi Motors Corp | 1403 |
| 329 | (a) | Mobileye Global, Inc | 6 |
| 1506024 |  | Motherson Sumi Wiring India Ltd | 1049 |
| 1682 |  | MRF Ltd | 2792 |
| 31938 |  | Musashi Seimitsu Industry Co Ltd | 678 |
| 434000 |  | Nan Kang Rubber Tire Co Ltd | 541 |
| 590000 | (b) | Nexteer Automotive Group Ltd | 429 |
| 112400 |  | NGK Spark Plug Co Ltd | 3737 |
| 134315 |  | NHK Spring Co Ltd | 1462 |
| 56312 |  | Nifco, Inc | 1334 |
| 75478 |  | Ningbo Tuopu Group Co Ltd | 497 |
| 1085730 | (a),(b) | NIO, Inc | 3716 |

---

**2** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | AUTOMOBILES & COMPONENTS (continued) |  |
| 47610 |  | Nissan Shatai Co Ltd | $357 |
| 58588 |  | NOK Corp | 864 |
| 99156 | (b) | Nokian Renkaat Oyj | 717 |
| 570846 | (a) | Ola Electric Mobility Ltd | 287 |
| 29100 |  | Pacific Industrial Co Ltd | 272 |
| 219376 | (b) | Patrick Industries, Inc | 20242 |
| 133362 | (b) | Piaggio & C S.p.A. | 295 |
| 13194 | (b) | Piolax, Inc | 163 |
| 299677 | (c) | Pirelli & C S.p.A | 2066 |
| 236100 | (a),(b) | Polestar Automotive Holding UK plc (ADR) | 253 |
| 91020 |  | Porsche AG. | 3613 |
| 43747 | (a) | Pricol Ltd | 234 |
| 1339100 |  | PT Selamat Sempurna Tbk | 158 |
| 72205 | (b) | PWR Holdings Ltd | 330 |
| 152612 | (a),(b) | QuantumScape Corp | 1026 |
| 114894 |  | Renault S.A. | 5302 |
| 353873 | (a),(b) | Rivian Automotive, Inc | 4862 |
| 36708 |  | SAF-Holland SE | 740 |
| 320723 |  | SAIC Motor Corp Ltd | 718 |
| 139100 |  | Sailun Group Co Ltd | 255 |
| 2238872 |  | Samvardhana Motherson International Ltd | 4042 |
| 24460 | (c) | Sansera Engineering Ltd | 393 |
| 376000 |  | Sanyang Motor Co Ltd | 799 |
| 161302 |  | Schaeffler AG. | 865 |
| 4049 |  | Sebang Global Battery Co Ltd | 205 |
| 37893 |  | Seiren Co Ltd | 613 |
| 68241 |  | Seres Group Co Ltd | 1279 |
| 6943 |  | Sharda Motor Industries Ltd | 152 |
| 196500 |  | Shoei Co Ltd | 2373 |
| 5884 |  | Shriram Pistons & Rings Ltd | 170 |
| 12221 |  | SL Corp | 282 |
| 11828 |  | SNT Motiv Co Ltd | 274 |
| 302253 | (c) | Sona Blw Precision Forgings Ltd | 1697 |
| 707700 |  | Sri Trang Agro-Industry PCL | 259 |
| 80000 |  | Stanley Electric Co Ltd | 1582 |
| 1520868 |  | Stellantis NV | 15233 |
| 267 | (a) | Stoneridge, Inc | 2 |
| 429300 |  | Sumitomo Electric Industries Ltd | 9206 |
| 134900 | (b) | Sumitomo Rubber Industries, Inc | 1532 |
| 62969 |  | Sundaram Finance Holdings Ltd | 392 |
| 1609 |  | Sundaram-Clayton DCD Pvt Ltd | 39 |
| 4258 |  | Sundaram-Clayton Ltd | 544 |
| 89899 |  | Sundram Fasteners Ltd | 1088 |
| 67753 |  | Suprajit Engineering Ltd | 381 |
| 890700 |  | Suzuki Motor Corp | 10738 |
| 2277087 |  | Tata Motors Ltd | 18268 |
| 2623882 | (a) | Tesla, Inc | 833502 |
| 21671 | (b) | Thor Industries, Inc | 1925 |
| 548000 |  | Tianneng Power International Ltd | 440 |
| 80911 |  | Tofas Turk Otomobil Fabrik | 399 |
| 39447 |  | Tokai Rika Co Ltd | 608 |
| 22117 |  | Tokai Rubber Industries, Inc | 256 |
| 304000 |  | Tong Yang Industry Co Ltd | 1021 |
| 17568 |  | Topre Corp | 233 |
| 81425 | (b) | Toyo Tire & Rubber Co Ltd | 1725 |
| 276900 |  | Toyoda Gosei Co Ltd | 5448 |
| 65595 |  | Toyota Boshoku Corp | 894 |
| 12781219 |  | Toyota Motor Corp | 220131 |
| 6550 | (b) | Trigano S.A. | 1145 |
| 62900 |  | TS Tech Co Ltd | 738 |
| 73700 |  | Tube Investments of India Ltd | 2673 |
| 167472 |  | TVS Motor Co Ltd | 5699 |

---

**3** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | AUTOMOBILES & COMPONENTS (continued) |  |
| 62000 |  | TYC Brother Industrial Co Ltd | $100 |
| 150739 |  | UNO Minda Ltd | 1940 |
| 165517 | (b) | Valeo | 1817 |
| 44391 | (a),(c) | Varroc Engineering Ltd | 294 |
| 22751 | (a) | Visteon Corp | 2123 |
| 122928 |  | Volkswagen AG. (Preference) | 12995 |
| 34500 |  | Weifu High-Technology Co Ltd | 53 |
| 854400 | (a) | XPeng, Inc | 7648 |
| 893031 | (c) | Yadea Group Holdings Ltd | 1433 |
| 95300 | (b) | Yokohama Rubber Co Ltd | 2620 |
| 364480 |  | Yulon Motor Co Ltd | 420 |
| 4738 |  | ZF Commercial Vehicle Control Systems India Ltd | 740 |
| 355800 | (a),(c) | Zhejiang Leapmotor Technologies Ltd | 2486 |
| 87600 |  | Zhejiang Wanfeng Auto Wheel Co Ltd | 194 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS | 1896790 |
|  |  | BANKS - 8.1% |  |
| 67744 |  | 1st Source Corp | 4205 |
| 46403 |  | 77 Bank Ltd | 1584 |
| 314587 | (c) | ABN AMRO Bank NV | 8590 |
| 584614 |  | Absa Group Ltd | 5819 |
| 2031689 |  | Abu Dhabi Commercial Bank PJSC | 7457 |
| 1013047 |  | Abu Dhabi Islamic Bank PJSC | 5931 |
| 559424 | (a) | AFFIN Holdings Bhd | 338 |
| 19158383 |  | Agricultural Bank of China Ltd | 13691 |
| 49316170 |  | Agricultural Bank of China Ltd (Class A) | 40477 |
| 12120566 |  | AIB Group plc | 100029 |
| 25600 |  | Aichi Financial Group, Inc | 450 |
| 903605 |  | Ajman Bank PJSC | 362 |
| 2142249 |  | Akbank TAS | 3671 |
| 999080 |  | Al Ahli Bank of Kuwait KSCP | 984 |
| 3567744 |  | Al Rajhi Bank | 89989 |
| 842987 |  | Alinma Bank | 6026 |
| 67973 |  | Alior Bank S.A. | 1787 |
| 667000 |  | Alliance Financial Group BHD | 683 |
| 1524138 | (a) | Alpha Bank S.A. | 5368 |
| 370501 |  | Ameris Bancorp | 23971 |
| 1703434 |  | AMMB Holdings BHD | 2064 |
| 79200 | (b) | Aozora Bank Ltd | 1189 |
| 611675 |  | Arab National Bank | 3542 |
| 251026 | (c) | AU Small Finance Bank Ltd | 2394 |
| 4269598 |  | Australia & New Zealand Banking Group Ltd | 81877 |
| 20244 |  | Awa Bank Ltd | 403 |
| 5155091 |  | Axis Bank Ltd | 72099 |
| 201287 | (a) | Axos Financial, Inc | 15306 |
| 2422993 |  | Banca Monte dei Paschi di Siena S.p.A | 20551 |
| 754793 |  | Banca Popolare di Sondrio SPA | 10482 |
| 39914 |  | Banco ABC Brasil S.A. | 164 |
| 17270143 |  | Banco Bilbao Vizcaya Argentaria S.A. | 265930 |
| 679039 | (b) | Banco BPM S.p.A. | 7926 |
| 1068356 |  | Banco Bradesco S.A. | 2853 |
| 3635730 |  | Banco Bradesco S.A. (Preference) | 11262 |
| 6270460 |  | Banco Comercial Portugues S.A. | 4885 |
| 31497169 |  | Banco de Chile | 4764 |
| 61798 |  | Banco de Credito e Inversiones | 2610 |
| 765017 | (c) | Banco del Bajio S.A. | 1849 |
| 14747 |  | Banco di Desio e della Brianza S.p.A. | 123 |
| 1170402 |  | Banco do Brasil S.A. | 4759 |
| 156600 |  | Banco do Estado do Rio Grande do Sul | 333 |
| 52467 |  | Banco Itau Chile S.A. | 727 |
| 209600 |  | Banco Pan S.A. | 312 |
| 45599035 |  | Banco Santander Chile S.A. | 2864 |
| 40973210 |  | Banco Santander S.A. | 339294 |

---

**4** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | BANKS (continued) |  |
| 577745<br> (c) | Bandhan Bank Ltd | $1278 |
| 5584900<br> (a) | Bank Aladin Syariah Tbk PT | 286 |
| 505053 | Bank AlBilad | 3543 |
| 427575<br> (a) | Bank Al-Jazira | 1465 |
| 48523370 | Bank Central Asia Tbk PT | 25938 |
| 48791<br> (a) | Bank Handlowy w Warszawie S.A. | 1616 |
| 561100 | Bank Islam Malaysia Bhd | 304 |
| 3767000<br> (a) | Bank Jago Tbk PT | 412 |
| 424601<br> (a) | Bank Millennium S.A. | 1687 |
| 10309006 | Bank Negara Indonesia Persero Tbk PT | 2616 |
| 6573732 | Bank of America Corp | 311069 |
| 725250 | Bank of Baroda | 2104 |
| 933762 | Bank of Beijing Co Ltd | 890 |
| 145800 | Bank of Changsha Co Ltd | 202 |
| 181720 | Bank of Chengdu Co Ltd | 510 |
| 1572044 | Bank of China Ltd - A | 1233 |
| 49156912 | Bank of China Ltd - H | 28617 |
| 2204812 | Bank of Communications Co Ltd - A | 2462 |
| 6103319 | Bank of Communications Co Ltd - H | 5687 |
| 2362000 | Bank of East Asia Ltd | 3641 |
| 26491 | Bank of Georgia Group plc | 2580 |
| 257795 | Bank of Hangzhou Co Ltd | 605 |
| 746918 | Bank of Jiangsu Co Ltd | 1245 |
| 599939 | Bank of Kaohsiung Co Ltd | 248 |
| 506837 | Bank of Montreal | 56168 |
| 8100 | Bank of Nagoya Ltd | 444 |
| 466790 | Bank of Nanjing Co Ltd | 757 |
| 274174 | Bank of Ningbo Co Ltd | 1047 |
|  871,866(b) | Bank of Nova Scotia | 48211 |
| 765210 | Bank of NT Butterfield & Son Ltd | 33884 |
| 501431 | Bank of Queensland Ltd | 2567 |
| 631973 | Bank of Shanghai Co Ltd | 936 |
| 169563<br> (a) | Bank of Sharjah | 44 |
| 158500 | Bank of Suzhou Co Ltd | 194 |
| 1471558 | Bank of the Philippine Islands | 3396 |
| 126661 | Bank Pekao S.A. | 6524 |
| 335848972 | Bank Rakyat Indonesia | 77433 |
| 4944462 | Bank Tabungan Negara Persero Tbk PT | 340 |
| 27946 | Bank Zachodni WBK S.A. | 3840 |
| 133520 | BankUnited, Inc | 4752 |
| 358324 | Banner Corp | 22986 |
| 23297 | Banque Cantonale Vaudoise | 2687 |
| 838028 | Banque Saudi Fransi | 3990 |
| 48115256 | Barclays plc | 222329 |
| 59088<br> (c) | BAWAG Group AG. | 7556 |
| 10157659 | BDO Unibank, Inc | 27553 |
| 428980 | Bendigo Bank Ltd | 3569 |
| 139025 | Berkshire Hills Bancorp, Inc | 3481 |
| 464852 | BNK Financial Group, Inc | 4279 |
| 2620500 | BOC Hong Kong Holdings Ltd | 11408 |
| 1083725 | Boubyan Bank KSCP | 2553 |
| 594971 | BPER Banca | 5400 |
| 10195<br> (a) | BRE Bank S.A. | 2257 |
| 5530299 | Bumiputra-Commerce Holdings BHD | 8920 |
| 866361 | Burgan Bank SAK | 780 |
| 3110 | Burke & Herbert Financial Services Corp | 186 |
| 184015 | Byline Bancorp, Inc | 4919 |
| 6983370 | CaixaBank S.A. | 60510 |
| 1251113<br> (b) | Canadian Imperial Bank of Commerce | 88807 |
| 1305978 | Canara Bank | 1739 |
| 38823<br> (b) | Capital Bancorp, Inc | 1304 |
| 85571 | Capitec Bank Holdings Ltd | 17110 |

---

**5** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | BANKS (continued) |  |
| 1185034 |  | Capitol Federal Financial, Inc | $7229 |
| 68218 |  | Cathay General Bancorp | 3106 |
| 89991 |  | Central Pacific Financial Corp | 2522 |
| 4071836 |  | Chang Hwa Commercial Bank | 2607 |
| 865000 | (a),(c) | China Bohai Bank Co Ltd | 98 |
| 5745490 |  | China Citic Bank | 5478 |
| 879907 |  | China Construction Bank Corp - A | 1160 |
| 66306546 |  | China Construction Bank Corp - H | 67099 |
| 1981304 |  | China Everbright Bank Co Ltd - A | 1148 |
| 2351845 |  | China Everbright Bank Co Ltd - H | 1174 |
| 2698481 |  | China Merchants Bank Co Ltd | 18930 |
| 5457659 |  | China Merchants Bank Co Ltd (Class A) | 35016 |
| 1417748 |  | China Minsheng Banking Corp Ltd - A | 940 |
| 4791491 |  | China Minsheng Banking Corp Ltd - H | 2718 |
| 793937 |  | China Zheshang Bank Co Ltd | 376 |
| 11521388 |  | Chinatrust Financial Holding Co | 17243 |
| 1689000 |  | Chongqing Rural Commercial Bank | 1428 |
| 452900 |  | Chongqing Rural Commercial Bank Co Ltd | 451 |
| 111900 |  | Chugin Financial Group, Inc | 1353 |
| 3206323 |  | Citigroup, Inc | 272922 |
| 278078 |  | City Union Bank Ltd | 709 |
| 27351 |  | Civista Bancshares, Inc | 635 |
| 417400 |  | CNPC Capital Co Ltd | 426 |
| 45544 | (a) | Coastal Financial Corp | 4412 |
| 40731 | (a) | Collector Bank AB | 219 |
| 88234 |  | Columbia Banking System, Inc | 2063 |
| 2176246 |  | Commercial Bank PSQC | 2719 |
| 1556326 |  | Commercial International Bank | 2645 |
| 1331288 |  | Commerzbank AG. | 41953 |
| 2290608 |  | Commonwealth Bank of Australia | 278786 |
| 50884 |  | Community Trust Bancorp, Inc | 2693 |
| 233407 |  | Credicorp Ltd | 52171 |
| 58772 |  | Credito Emiliano S.p.A. | 867 |
| 79350 | (a) | Customers Bancorp, Inc | 4661 |
| 5646074 | (a),(d) | Cyprus Popular Bank PCL | 67 |
| 314827 |  | Dah Sing Banking Group Ltd | 365 |
| 140708 |  | Dah Sing Financial Holdings Ltd | 534 |
| 51672 |  | Daishi Hokuetsu Financial Group, Inc | 1193 |
| 1001482 |  | Danske Bank AS | 40904 |
| 3488263 |  | DBS Group Holdings Ltd | 123143 |
| 1041597 |  | DGB Financial Group, Inc | 9673 |
| 1881040 |  | Doha Bank QPSC | 1314 |
| 2031432 |  | Dubai Islamic Bank PJSC | 5016 |
| 1285921 |  | Dukhan Bank | 1285 |
| 9867464 |  | E.Sun Financial Holding Co Ltd | 11092 |
| 58180 |  | East West Bancorp, Inc | 5875 |
| 1307817 |  | Emirates NBD Bank PJSC | 8119 |
| 76260 |  | Enterprise Financial Services Corp | 4202 |
| 21618 | (a) | Equitable Group, Inc | 1644 |
| 439174 | (c) | Equitas Small Finance Bank Ltd | 344 |
| 22770 |  | Equity Bancshares, Inc | 929 |
| 1246617 |  | Erste Bank der Oesterreichischen Sparkassen AG. | 106119 |
| 5194545 |  | Eurobank Ergasias Services and Holdings S.A. | 17891 |
| 1915020 |  | Far Eastern International Bank | 846 |
| 27493 |  | FB Financial Corp | 1245 |
| 1358460 |  | Federal Bank Ltd | 3377 |
| 11847 |  | FIBI Holdings Ltd | 883 |
| 4011565 |  | Fifth Third Bancorp | 164996 |
| 405804 |  | FinecoBank Banca Fineco S.p.A | 9002 |
| 3054547 |  | First Abu Dhabi Bank PJSC | 13804 |
| 286730 |  | First BanCorp | 5973 |
| 375527 |  | First Busey Corp | 8594 |

---

**6** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | BANKS (continued) |  |
| 38482 | First Citizens Bancshares, Inc (Class A) | $75289 |
| 456298 | First Financial Bankshares, Inc | 16418 |
| 21732<br> (b) | First Financial Corp | 1178 |
| 7636941 | First Financial Holding Co Ltd | 7594 |
| 211240 | First Hawaiian, Inc | 5273 |
| 651598 | First Horizon National Corp | 13814 |
| 41589 | First International Bank Of Israel Ltd | 3013 |
| 17798 | First Internet Bancorp | 479 |
| 403173 | First Merchants Corp | 15442 |
| 8150<br> (a) | First Western Financial, Inc | 184 |
| 12630 | Five Star Bancorp | 360 |
| 242900 | FNB Corp | 3541 |
| 130400 | Fukuoka Financial Group, Inc | 3484 |
| 179890 | Grupo Cibest S.A. | 2247 |
| 310248 | Grupo Cibest S.A. | 3510 |
| 5563698 | Grupo Financiero Banorte S.A. de C.V. | 50856 |
| 1257177<br> (b) | Grupo Financiero Inbursa S.A. | 3245 |
| 1402823 | Gulf Bank KSCP | 1648 |
| 230900 | Gunma Bank Ltd | 1938 |
| 261500 | Hachijuni Bank Ltd | 2124 |
| 793265 | Haci Omer Sabanci Holding AS | 1787 |
| 197719 | Hana Financial Group, Inc | 12594 |
| 102140 | Hancock Whitney Corp | 5863 |
| 533200 | Hang Seng Bank Ltd | 8001 |
| 31031 | HarborOne Bancorp, Inc | 362 |
| 9931061 | HDFC Bank Ltd | 231845 |
| 897742 | HDFC Bank Ltd (ADR) | 68830 |
| 47890 | Hilltop Holdings, Inc | 1453 |
| 631302 | Hirogin Holdings, Inc | 5279 |
| 13700 | Hokkoku Financial Holdings, Inc | 460 |
| 78260 | Hokuhoku Financial Group, Inc | 1483 |
| 1007912 | Home Bancshares, Inc | 28685 |
| 37092 | HomeTrust Bancshares, Inc | 1388 |
| 437212 | Hong Leong Bank BHD | 2035 |
| 4429850 | HSBC Holdings plc | 53584 |
| 6102985 | Hua Nan Financial Holdings Co Ltd | 5678 |
| 544586 | Huaxia Bank Co Ltd | 601 |
| 156474 | Hyakugo Bank Ltd | 749 |
| 8304003 | ICICI Bank Ltd | 140336 |
| 2461215<br> (a) | IDFC First Bank Ltd | 2091 |
| 374530<br> (a) | IndusInd Bank Ltd | 3809 |
| 2647339 | Industrial & Commercial Bank of China Ltd - A | 2805 |
| 44909914 | Industrial & Commercial Bank of China Ltd - H | 35661 |
| 866805 | Industrial Bank Co Ltd | 2824 |
| 186434 | Industrial Bank of Korea | 2518 |
| 15231403 | ING Groep NV | 333837 |
| 189700<br> (b) | Inter & Co, Inc | 1409 |
| 25222 | Intercorp Financial Services, Inc | 962 |
| 5358907 | Intesa Sanpaolo S.p.A. | 30870 |
| 3961043 | Investimentos Itau S.A. - PR | 7983 |
| 20843363 | Itau Unibanco Holding S.A. | 141754 |
| 177754 | Iyogin Holdings, Inc | 1948 |
| 312641 | Jammu & Kashmir Bank Ltd | 422 |
| 1014700 | Japan Post Bank Co Ltd | 10939 |
| 88415 | JB Financial Group Co Ltd | 1344 |
| 4304434 | JPMorgan Chase & Co | 1247898 |
| 576184<br> (a) | Judo Capital Holdings Ltd | 594 |
| 23140 | Juroku Financial Group, Inc | 777 |
| 33799 | Jyske Bank | 3420 |
| 113906 | KakaoBank Corp | 2524 |
| 96536 | Karnataka Bank Ltd | 220 |
| 332749 | Karur Vysya Bank Ltd | 1038 |

---

**7** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | BANKS (continued) |  |
| 405300 |  | Kasikornbank PCL (Foreign) | $1895 |
| 257124 |  | KB Financial Group, Inc | 21129 |
| 104563 |  | KBC Ancora | 7198 |
| 551373 |  | KBC Groep NV | 56907 |
| 55030 |  | Kearny Financial Corp | 355 |
| 186748 |  | Keiyo Bank Ltd | 1297 |
| 1754800 |  | Kiatnakin Phatra Bank PCL | 2443 |
| 522000 |  | King's Town Bank Co Ltd | 940 |
| 44119 |  | Kiyo Bank Ltd | 762 |
| 52404 |  | Komercni Banka AS | 2536 |
| 755015 |  | Kotak Mahindra Bank Ltd | 19048 |
| 2677796 |  | Krung Thai Bank PCL | 1755 |
| 9589694 |  | Kuwait Finance House KSCP | 25166 |
| 679995 |  | Kuwait International Bank KSCP | 616 |
| 1653792 |  | Kuwait Projects Co Holding KSCP | 482 |
| 170600 |  | Kyoto Financial Group, Inc | 3050 |
| 244700 |  | Kyushu Financial Group, Inc | 1235 |
| 29060 |  | Lakeland Financial Corp | 1786 |
| 30010 | (b) | Laurentian Bank of Canada | 686 |
| 214048 |  | Live Oak Bancshares, Inc | 6379 |
| 43977289 |  | Lloyds TSB Group plc | 46243 |
| 687287 |  | M&T Bank Corp | 133327 |
| 3690830 |  | Malayan Banking BHD | 8503 |
| 2393100 |  | Malaysia Building Society Bhd | 389 |
| 4132892 |  | Masraf Al Rayan QSC | 2642 |
| 669200 |  | Mebuki Financial Group, Inc | 3492 |
| 495161 |  | Mediobanca S.p.A. | 11523 |
| 8125731 |  | Mega Financial Holding Co Ltd | 11412 |
| 35703 |  | Mercantile Bank Corp | 1657 |
| 264167 | (a),(b) | Metro Bank Holdings plc | 479 |
| 1248904 |  | Metropolitan Bank & Trust | 1607 |
| 26210 | (b) | Mid Penn Bancorp, Inc | 739 |
| 116275 |  | Midland States Bancorp, Inc | 2014 |
| 8490 |  | MidWestOne Financial Group, Inc | 244 |
| 33222226 |  | Mitsubishi UFJ Financial Group, Inc | 452938 |
| 2992494 |  | Mizuho Financial Group, Inc | 83071 |
| 183471 | (c) | Moneta Money Bank AS | 1265 |
| 15068 |  | Musashino Bank Ltd | 341 |
| 73349 |  | Nanto Bank Ltd | 2087 |
| 2169161 |  | National Australia Bank Ltd | 56220 |
| 108195 |  | National Bank Holdings Corp | 4069 |
| 403762 | (b) | National Bank of Canada | 41665 |
| 1263519 |  | National Bank of Greece S.A. | 16111 |
| 5719207 |  | National Bank of Kuwait SAKP | 18694 |
| 29560609 |  | NatWest Group plc | 207603 |
| 58564 | (a) | NB Bancorp, Inc | 1046 |
| 318893 |  | Nedbank Group Ltd | 4378 |
| 658460 | (b) | New York Community Bancorp, Inc | 6980 |
| 88364 |  | Nishi-Nippon Financial Holdings, Inc | 1326 |
| 8104071 |  | Nordea Bank AB publ | 120246 |
| 184697 | (b) | North Pacific Bank Ltd | 739 |
| 44704 |  | Northeast Bank | 3978 |
| 14560 |  | Northeast Community Bancorp, Inc | 338 |
| 13320 | (b) | Northpointe Bancshares, Inc | 183 |
| 3851658 | (a) | NU Holdings Ltd | 52845 |
| 942000 |  | O-Bank Co Ltd | 298 |
| 373282 |  | OFG Bancorp | 15976 |
| 23407 |  | Ogaki Kyoritsu Bank Ltd | 406 |
| 720947 |  | Old National Bancorp | 15385 |
| 50324 |  | Optima bank S.A. | 1184 |
| 55044 |  | Origin Bancorp, Inc | 1967 |
| 154686 |  | OTP Bank Rt | 12364 |

---

**8** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | BANKS (continued) |  |
| 8074644 | Oversea-Chinese Banking Corp | $103544 |
| 207360 | Pacific Premier Bancorp, Inc | 4373 |
| 127772 | Pathward Financial, Inc | 10109 |
| 6580 | Peapack Gladstone Financial Corp | 186 |
| 48003 | Peoples Bancorp, Inc | 1466 |
| 804284 | Ping An Bank Co Ltd | 1355 |
| 738188 | Piraeus Financial Holdings S.A. | 5114 |
| 346718 | PNC Financial Services Group, Inc | 64635 |
| 1210637 | Postal Savings Bank of China Co Ltd - A | 925 |
| 6270972<br> (c) | Postal Savings Bank of China Co Ltd - H | 4385 |
| 602035 | Powszechna Kasa Oszczednosci Bank Polski S.A. | 12579 |
| 181107 | Preferred Bank | 15674 |
| 56140 | Primis Financial Corp | 609 |
| 79592 | Prosperity Bancshares, Inc | 5591 |
| 25700370 | PT Bank Mandiri Persero Tbk | 7720 |
| 9994380 | Public Bank Bhd | 10231 |
| 1585563 | Punjab National Bank | 2043 |
| 676513 | Qatar International Islamic Bank QSC | 2023 |
| 1217704 | Qatar Islamic Bank SAQ | 7408 |
| 3179462 | Qatar National Bank QPSC | 15149 |
| 69082 | QCR Holdings, Inc | 4691 |
| 98501 | Raiffeisen International Bank Holding AG. | 3013 |
| 72100<br> (a) | Rakuten Bank Ltd | 3305 |
| 334810<br> (c) | RBL Bank Ltd | 970 |
| 185600 | Regional SAB de C.V. | 1534 |
| 66010 | Renasant Corp | 2372 |
| 3229000 | Resona Holdings, Inc | 29822 |
| 1169374 | RHB Capital BHD | 1750 |
| 19000 | Ringkjoebing Landbobank A.S. | 4158 |
| 1012229 | Riyad Bank | 7754 |
| 990492 | Royal Bank of Canada | 130541 |
| 101064 | San-In Godo Bank Ltd | 835 |
| 693919 | Saudi Awwal Bank | 6233 |
| 404622 | Saudi Investment Bank | 1566 |
| 2022144 | Saudi National Bank | 19470 |
| 39900<br> (b) | SBI Sumishin Net Bank Ltd | 1349 |
| 612461 | SCB X PCL | 2192 |
| 187900 | Senshu Ikeda Holdings, Inc | 743 |
| 453700 | Seven Bank Ltd | 828 |
| 2661331 | Shanghai Commercial & Savings Bank Ltd | 4225 |
| 1216514 | Shanghai Pudong Development Bank Co Ltd | 2358 |
| 440700 | Shanghai Rural Commercial Bank Co Ltd | 597 |
| 122425 | Shiga Bank Ltd | 4911 |
| 294532 | Shinhan Financial Group Co Ltd | 13353 |
| 331900 | Shizuoka Financial Group, Inc | 3862 |
| 186837 | Shore Bancshares, Inc | 2937 |
| 7377874 | SinoPac Financial Holdings Co Ltd | 6111 |
| 130639 | Skandinaviska Enskilda Banken AB (Class A) | 2277 |
| 37831 | SmartFinancial, Inc | 1278 |
| 3699856 | Societe Generale | 211647 |
| 912307 | South Indian Bank Ltd | 328 |
| 12646 | South Plains Financial, Inc | 456 |
| 54470 | Southside Bancshares, Inc | 1603 |
| 36272 | Sparebank Oestlandet | 701 |
| 157571 | SpareBank SR-Bank ASA | 2899 |
| 99601 | Sparebanken Midt-Norge | 1921 |
| 73586 | Sparebanken Nord-Norge | 1074 |
| 3705833 | Standard Bank Group Ltd | 47582 |
| 6167108 | Standard Chartered plc | 102057 |
| 5333956 | State Bank of India | 51023 |
| 8760400 | Sumitomo Mitsui Financial Group, Inc | 220595 |
| 2932824 | Sumitomo Mitsui Trust Holdings, Inc | 78006 |

---

**9** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | BANKS (continued) |  |
| 94864 | (b) | Suruga Bank Ltd | $883 |
| 38844 |  | Sydbank AS | 2881 |
| 2726347 |  | Taichung Commercial Bank Co Ltd | 2049 |
| 7865034 |  | Taishin Financial Holdings Co Ltd | 4242 |
| 4597523 |  | Taiwan Business Bank | 2416 |
| 7226913 |  | Taiwan Cooperative Financial Holding Co Ltd | 6119 |
| 31123 |  | Tamilnad Mercantile Bank Ltd | 162 |
| 31692 |  | TBC Bank Group plc | 2019 |
| 1352200 |  | Thanachart Capital PCL | 1905 |
| 38823 | (a) | Third Coast Bancshares, Inc | 1268 |
| 3256700 |  | Tisco Bank PCL | 9697 |
| 18013800 |  | TMB Bank PCL (Foreign) | 1042 |
| 116343 |  | Toho Bank Ltd | 266 |
| 134100 |  | Tokyo Kiraboshi Financial Group, Inc | 5646 |
| 112664 |  | TOMONY Holdings, Inc | 422 |
| 1226180 |  | Toronto-Dominion Bank | 90189 |
| 11310 |  | TrustCo Bank Corp NY | 378 |
| 6014543 |  | Turkiye Is Bankasi (Series C) | 2019 |
| 752521 | (c) | Ujjivan Small Finance Bank Ltd | 430 |
| 152457 |  | UMB Financial Corp | 16032 |
| 7239043 | (c) | Unicaja Banco S.A. | 17098 |
| 2633611 |  | UniCredit S.p.A | 176671 |
| 1094503 |  | Union Bank of India | 1961 |
| 792817 |  | Union Bank Of Taiwan | 486 |
| 163050 |  | United Community Banks, Inc | 4857 |
| 894369 |  | United Overseas Bank Ltd | 25314 |
| 95317 |  | Univest Financial Corp | 2863 |
| 11916 |  | Valiant Holding AG. | 1815 |
| 741130 |  | Veritex Holdings, Inc | 19343 |
| 635093 | (a),(d) | VTB Bank PJSC (GDR) Equiduct | 6 |
| 664707 | (a),(d) | VTB Bank PJSC (GDR) Tradegate | 7 |
| 2055901 | (a) | Warba Bank KSCP | 1803 |
| 19800 |  | Washington Trust Bancorp, Inc | 560 |
| 10916340 |  | Wells Fargo & Co | 874617 |
| 236449 |  | WesBanco, Inc | 7479 |
| 87650 |  | Westamerica Bancorporation | 4246 |
| 168500 |  | Western Alliance Bancorp | 13140 |
| 2424632 |  | Westpac Banking Corp | 54037 |
| 98759 |  | Wintrust Financial Corp | 12244 |
| 459948 |  | Woori Financial Group, Inc | 7653 |
| 124699 |  | Yamaguchi Financial Group, Inc | 1342 |
| 2323235 |  | Yapi ve Kredi Bankasi | 1850 |
| 9872467 | (a) | Yes Bank Ltd | 2342 |
|  |  | TOTAL BANKS | 10479239 |
|  |  | CAPITAL GOODS - 10.0% |  |
| 149200 |  | 3M Co | 22714 |
| 12849 |  | 3M India Ltd | 4274 |
| 50307 |  | A.O. Smith Corp | 3299 |
| 450053 |  | Aalberts Industries NV | 16346 |
| 28602 |  | Aaon, Inc | 2109 |
| 1755907 |  | ABB Ltd | 105229 |
| 37546 |  | ABB Ltd India | 2663 |
| 850000 |  | Aboitiz Equity Ventures, Inc | 527 |
| 580749 |  | AcBel Polytech, Inc | 518 |
| 339865 |  | Accelleron Industries AG. | 23950 |
| 17624 |  | Ackermans & Van Haaren | 4512 |
| 134283 | (b) | ACS Actividades de Construccion y Servicios S.A. | 9334 |
| 74000 |  | Acter Co Ltd | 1007 |
| 28149 |  | Action Construction Equipment Ltd | 400 |
| 13700 |  | Acuity Brands, Inc | 4087 |
| 113492 |  | Adani Enterprises Ltd | 3468 |
| 155419 |  | AddTech AB | 5298 |

---

**10** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 13533 |  | ADENTRA, Inc | $287 |
| 24000 |  | Advanced Energy Solution Holding Co Ltd | 873 |
| 100352 |  | AECC Aviation Power Co Ltd | 540 |
| 252128 |  | Aecom Technology Corp | 28455 |
| 49782 |  | Aecon Group, Inc | 752 |
| 143443 |  | AerCap Holdings NV | 16783 |
| 73321 | (a) | Aerovironment, Inc | 20893 |
| 49408 | (a) | Afcons Infrastructure Ltd | 252 |
| 42115 | (b) | AFG Arbonia-Forster Hldg | 282 |
| 18108 |  | Ahluwalia Contracts India Ltd | 215 |
| 34797 |  | AIA Engineering Ltd | 1343 |
| 118500 |  | Aichi Corp | 1111 |
| 92032 |  | Air Lease Corp | 5383 |
| 1373433 |  | Airbus SE | 287323 |
| 96226 |  | Airtac International Group | 2865 |
| 17224 |  | Aker ASA (A Shares) | 1121 |
| 26348 |  | Al Babtain Power & Telecommunication Co | 385 |
| 143284 |  | Alarko Holding AS. | 299 |
| 61890 |  | Albany International Corp (Class A) | 4340 |
| 172619 |  | Alfa Laval AB | 7270 |
| 54828 | (c) | Alimak Group AB | 844 |
| 84001 | (a) | Allegheny Technologies, Inc | 7253 |
| 61400 |  | Allegion plc | 8849 |
| 2357300 |  | Alliance Global Group, Inc | 377 |
| 154627 |  | Allis Electric Co Ltd | 575 |
| 46598 |  | Allison Transmission Holdings, Inc | 4426 |
| 2352602 | (b) | Alstom RGPT | 54912 |
| 235700 |  | Amada Co Ltd | 2572 |
| 89962 |  | Amara Raja Batteries Ltd | 1012 |
| 444242 | (a) | American Superconductor Corp | 16299 |
| 19047 |  | Ametek, Inc | 3447 |
| 50655 |  | Andritz AG. | 3773 |
| 6694 |  | Anveshan Heavy Engineering Ltd | 216 |
| 13387 |  | Apar Industries Ltd | 1363 |
| 10000 |  | Apex Dynamics, Inc | 277 |
| 203045 | (a) | API Group Corp | 10365 |
| 108483 |  | Applied Industrial Technologies, Inc | 25217 |
| 47869 |  | AQ Group AB | 914 |
| 319462 | (a),(d) | Arabi Group Holding KSC | 302 |
| 1050205 | (a),(b) | Archer Aviation, Inc | 11395 |
| 241569 |  | Arcosa, Inc | 20946 |
| 57630 |  | Ariston Holding NV | 284 |
| 47784 |  | Armstrong World Industries, Inc | 7762 |
| 205130 | (a),(b) | Array Technologies, Inc | 1210 |
| 8366701 |  | Aselsan Elektronik Sanayi Ve Ticaret AS | 31684 |
| 1047444 |  | Ashok Leyland Ltd | 3066 |
| 102741 | (a) | Ashoka Buildcon Ltd | 255 |
| 1167330 |  | Ashtead Group plc | 74856 |
| 68862 |  | Ashtead Technology Holdings plc | 419 |
| 37919 |  | Ashtrom Group Ltd | 865 |
| 1469130 |  | Assa Abloy AB | 45930 |
| 59971 |  | Astec Industries, Inc | 2500 |
| 219413 |  | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS. | 513 |
| 31150 |  | Astra Industrial Group | 1336 |
| 133462807 |  | Astra International Tbk PT | 37011 |
| 86760 |  | Astral Ltd | 1525 |
| 88410 | (a) | Astronics Corp | 2960 |
| 130813 |  | AtkinsRealis Group, Inc | 9175 |
| 1016795 |  | Atlas Copco AB | 14472 |
| 1827162 |  | Atlas Copco AB | 29538 |
| 575465 |  | Atmus Filtration Technologies, Inc | 20958 |
| 62584 | (a),(b) | ATS Corp | 1996 |

---

**11** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 810228 |  | Austal Ltd | $3356 |
| 1021391 | (a),(c) | AutoStore Holdings Ltd | 612 |
| 1988037 |  | AviChina Industry & Technology Co Ltd | 1125 |
| 21359 |  | AVICOPTER plc | 116 |
| 30694 | (a) | Axon Enterprise, Inc | 25413 |
| 175891 |  | Ayala Corp | 1779 |
| 2215 | (a),(d) | Ayala Corp Preferred | 0^ |
| 20279 | (a) | Azad Engineering Ltd | 394 |
| 60102 | (a) | AZEK Co, Inc | 3267 |
| 127341 | (b) | Azelis Group NV | 2036 |
| 191712 |  | Babcock International Group | 3019 |
| 26641 |  | Badger Infrastructure Solutions Ltd | 931 |
| 1820001 |  | BAE Systems plc | 47234 |
| 377274 |  | Balfour Beatty plc | 2707 |
| 34021 |  | Balu Forge Industries Ltd | 282 |
| 112130 | (b) | Barloworld Ltd | 715 |
| 25444 |  | Bawan Co | 358 |
| 230343 | (b) | Beijer Ref AB | 3635 |
| 78812 |  | Beijing New Building Materials plc | 291 |
| 7384 |  | Belimo Holding AG. | 7527 |
| 14130 |  | BEML Ltd | 735 |
| 1053000 |  | BES Engineering Corp | 411 |
| 5811 | (a) | Bet Shemesh Engines Holdings 1997 Ltd | 968 |
| 589036 |  | Bharat Dynamics Ltd | 13350 |
| 2543322 |  | Bharat Electronics Ltd | 12508 |
| 752477 |  | Bharat Heavy Electricals Ltd | 2338 |
| 220835 |  | Bidvest Group Ltd | 2913 |
| 43297 | (b) | Bird Construction Income Fund | 915 |
| 719937 |  | Bizlink Holding, Inc | 20946 |
| 111561 | (a),(b) | Blue Bird Corp | 4815 |
| 100278 |  | Blue Star Ltd | 1913 |
| 146006 | (c) | BOC Aviation Ltd | 1211 |
| 134203 |  | Bodycote plc | 1077 |
| 1699297 | (a) | Boeing Co | 356054 |
| 65623 | (a) | Bombardier, Inc | 5717 |
| 3400 |  | Bondada Engineering Ltd | 17 |
| 4391 | (b) | Bossard Holding AG. | 968 |
| 112976 |  | Bouygues S.A. | 5109 |
| 17845 |  | Brenntag SE | 1182 |
| 244000 |  | Brighton-Best International Taiwan, Inc | 283 |
| 19762 | (b) | Brookfield Business Corp | 618 |
| 5053 |  | Bucher Industries AG. | 2512 |
| 8927 |  | Budimex S.A. | 1384 |
| 104870 |  | Bufab AB | 974 |
| 50655 | (a) | Builders FirstSource, Inc | 5911 |
| 40200 |  | Bunka Shutter Co Ltd | 658 |
| 253093 |  | Bunzl plc | 8065 |
| 2475 |  | Burckhardt Compression Holding AG. | 2058 |
| 26131 |  | Burkhalter Holding AG. | 4288 |
| 32909 |  | BWX Technologies, Inc | 4741 |
| 131041 | (a),(b) | Byrna Technologies, Inc | 4047 |
| 1170 | (b) | Bystronic AG. | 568 |
| 80000 |  | C Sun Manufacturing Ltd | 413 |
| 185595 | (a) | Cadeler A.S. | 924 |
| 212662 | (a) | CAE, Inc | 6233 |
| 15797 |  | Carbone Lorraine | 412 |
| 37988 | (b),(c) | Carel Industries S.p.A | 1013 |
| 28900 |  | Cargotec Oyj | 1750 |
| 9543 |  | Carlisle Cos, Inc | 3563 |
| 3576268 |  | Carrier Global Corp | 261747 |
| 435944 |  | Caterpillar, Inc | 169238 |
| 2124 |  | Cembre S.p.A | 142 |

---

**12** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 192700 |  | Central Glass Co Ltd | $3971 |
| 5180 | (a) | Cera Sanitaryware Ltd | 415 |
| 161139 |  | CG Power & Industrial Solutions Ltd | 1282 |
| 1049700 |  | CH Karnchang PCL | 365 |
| 633603 |  | Chemring Group plc | 4917 |
| 135000 |  | Chicony Power Technology Co Ltd | 493 |
| 907000 | (a) | Chin Hin Group Bhd | 489 |
| 1756000 |  | China Communications Services Corp Ltd | 953 |
| 1085500 |  | China Conch Venture Holdings Ltd | 1254 |
| 185100 |  | China CSSC Holdings Ltd | 841 |
| 1338300 |  | China Energy Engineering Corp Ltd | 417 |
| 7132000 |  | China Lesso Group Holdings Ltd | 3816 |
| 124200 |  | China National Chemical Engineering Co Ltd | 133 |
| 810718 |  | China Railway Group Ltd - A | 635 |
| 2933000 |  | China Railway Group Ltd - H | 1408 |
| 653300 | (a) | China State Construction Engineering Corp Ltd | 526 |
| 1286000 |  | China State Construction International Holdings Ltd | 1941 |
| 246500 |  | China XD Electric Co Ltd | 211 |
| 89445 | (a) | Chiyoda Corp | 212 |
| 164000 |  | Chudenko Corp | 3780 |
| 304000 |  | Chung-Hsin Electric & Machinery Manufacturing Corp | 1688 |
| 522000 |  | CIMC Enric Holdings Ltd | 435 |
| 2876517 |  | Citic Pacific Ltd | 3961 |
| 9546 |  | CJ Corp | 1133 |
| 1899053 |  | CK Hutchison Holdings Ltd | 11694 |
| 41593 |  | CKD Corp | 756 |
| 20820 |  | CNGR Advanced Material Co Ltd | 96 |
| 369440 |  | CNH Industrial NV | 4788 |
| 18689 |  | Cohort plc | 398 |
| 6123 |  | Colt CZ Group SE | 209 |
| 382310 |  | Columbus McKinnon Corp | 5838 |
| 64144 |  | Comfort Systems USA, Inc | 34395 |
| 1936315 |  | Compagnie de Saint-Gobain | 227469 |
| 84217 |  | COMSYS Holdings Corp | 1947 |
| 14661 |  | Construcciones y Auxiliar de Ferrocarriles S.A. | 807 |
| 65600 | (a),(b) | Contemporary Amperex Technology Co Ltd | 2751 |
| 1314732 |  | Contemporary Amperex Technology Co Ltd | 46347 |
| 345000 |  | Continental Holdings Corp | 274 |
| 169721 | (a) | Core & Main, Inc | 10243 |
| 8328 | (a) | Craftsman Automation Ltd | 541 |
| 91949 |  | Crane Co | 17460 |
| 3029000 |  | CRRC Corp Ltd | 1830 |
| 1058200 |  | CRRC Corp Ltd (Class A) | 1040 |
| 252594 |  | CS Wind Corp | 8764 |
| 563010 | (a) | CSBC Corp Taiwan | 351 |
| 514000 |  | CTCI Corp | 458 |
| 98554 |  | Cummins India Ltd | 3909 |
| 69696 |  | Cummins, Inc | 22825 |
| 75931 |  | Curtiss-Wright Corp | 37096 |
| 31000 |  | CyberPower Systems, Inc | 275 |
| 5921 | (b) | Daetwyler Holding AG. | 898 |
| 125833 | (a) | Daewoo Engineering & Construction Co Ltd | 390 |
| 38231 |  | Daewoo International Corp | 1403 |
| 74329 | (a) | Daewoo Shipbuilding & Marine Engineering Co Ltd | 4354 |
| 232800 |  | Dai-Dan Co Ltd | 7157 |
| 14548 |  | Daihen Corp | 642 |
| 186400 |  | Daikin Industries Ltd | 21880 |
| 313604 |  | Daimler Truck Holding AG. | 14879 |
| 23900 | (b) | Daiwa Industries Ltd | 275 |
| 9046 | (b) | Danieli & Co S.p.A. | 356 |
| 27822 |  | Danieli & Co S.p.A. (RSP) | 840 |
| 15291 |  | Dassault Aviation S.A. | 5406 |

---

**13** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 355081 |  | Data Patterns India Ltd | $12016 |
| 58975 |  | DCC plc | 3828 |
| 228308 |  | Deere & Co | 116092 |
| 91965 |  | Deutz AG. | 829 |
| 17853 | (c) | Dilip Buildcon Ltd | 106 |
| 117372 |  | Diploma plc | 7879 |
| 70263 |  | DiscoverIE Group plc | 629 |
| 27033 |  | DKSH Holding AG. | 2103 |
| 22517 |  | DL E&C Co Ltd | 861 |
| 6227600 |  | DMCI Holdings, Inc | 1206 |
| 332800 | (a) | DNOW, Inc | 4935 |
| 141329 |  | Dongfang Electric Corp Ltd | 330 |
| 37562 |  | Doosan Bobcat, Inc | 1615 |
| 5591 |  | Doosan Corp | 2706 |
| 30573 | (a) | Doosan Fuel Cell Co Ltd | 508 |
| 310105 | (a) | Doosan Heavy Industries and Construction Co Ltd | 15711 |
| 95669 |  | Doosan Infracore Co Ltd | 894 |
| 13480 |  | Douglas Dynamics, Inc | 397 |
| 1009156 |  | Dover Corp | 184908 |
| 10652 |  | Dredging Environmental & Marine Engineering NV | 1621 |
| 1610936 |  | Dubai Investments PJSC | 1124 |
| 87779 | (a) | Ducommun, Inc | 7253 |
| 39709 |  | Duerr AG. | 1059 |
| 67760 | (a) | Dycom Industries, Inc | 16560 |
| 1866499 |  | Eaton Corp plc | 666321 |
| 345800 |  | Ebara Corp | 6632 |
| 33655 |  | Ecopro BM Co Ltd | 2499 |
| 69508 |  | Ecopro Co Ltd | 2316 |
| 17831 | (a) | Ecopro Materials Co Ltd | 597 |
| 40910 |  | Eiffage S.A. | 5748 |
| 20652 |  | Elbit Systems Ltd | 9199 |
| 6785 |  | Elco Ltd | 375 |
| 66996 |  | Elecon Engineering Co Ltd | 512 |
| 1657 |  | Electra Israel Ltd | 1064 |
| 864681 |  | Electrical Industries Co | 1943 |
| 354383 |  | Electrocomponents plc | 2797 |
| 174740 |  | Electrolux Professional AB | 1239 |
| 227212 |  | Electrosteel Castings Ltd | 349 |
| 157618 |  | Elgi Equipments Ltd | 986 |
| 486200 |  | Embraer S.A. | 6892 |
| 43324 |  | EMCOR Group, Inc | 23174 |
| 2817548 |  | Emerson Electric Co | 375664 |
| 657890 |  | Empresa Brasileira de Aeronautica S.A. (ADR) | 37441 |
| 5558 |  | Energiekontor AG. | 287 |
| 24176 | (a) | Energy Recovery, Inc | 309 |
| 48800 |  | EnerSys | 4186 |
| 26392 | (b) | Engcon AB | 252 |
| 185693 |  | Engineers India Ltd | 522 |
| 104745 |  | EnPro Industries, Inc | 20064 |
| 535000 | (a),(b) | Envision Greenwise Holdings Ltd | 550 |
| 232969 |  | Epiroc AB | 4467 |
| 393410 |  | Epiroc AB | 8561 |
| 60128 |  | Esab Corp | 7248 |
| 22492 |  | ESAB India Ltd | 1353 |
| 182875 |  | ESCO Technologies, Inc | 35088 |
| 805589 | (a) | Estithmar Holding QPSC | 728 |
| 262266 | (a) | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS. | 169 |
| 83377 |  | Eve Energy Co Ltd | 533 |
| 90000 |  | Evergreen Aviation Technologies Corp | 324 |
| 21486 | (a) | Everus Construction Group, Inc | 1365 |
| 7453 | (a) | Exail Technologies S.A. | 869 |
| 19934 |  | Exosens SAS | 947 |

---

**14** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 2060631 |  | Far Eastern Textile Co Ltd | $2321 |
| 485412 |  | Fastenal Co | 20387 |
| 200210 |  | Federal Signal Corp | 21306 |
| 84830 |  | Ferguson Enterprises, Inc | 18472 |
| 386375 |  | Ferrovial SE | 20610 |
| 1021897 | (a) | Fincantieri S.p.A | 19675 |
| 100745 |  | Finning International, Inc | 4307 |
| 377109 |  | Finolex Cables Ltd | 4307 |
| 334000 | (b) | First Tractor Co Ltd | 294 |
| 816284 |  | Fletcher Building Ltd | 1439 |
| 1024935 |  | Flowserve Corp | 53655 |
| 32454 |  | FLSmidth & Co AS | 1989 |
| 530977 | (a),(b) | Fluence Energy, Inc | 3563 |
| 72200 | (b) | Fluidra S.A. | 1810 |
| 748 |  | Forbo Holding AG. | 778 |
| 3229 |  | Force Motors Ltd | 606 |
| 61113 |  | Fortive Corp | 3186 |
| 100300 |  | Fortune Electric Co Ltd | 1933 |
| 1781008 | (b) | Fosun International | 1061 |
| 48100 |  | Franklin Electric Co, Inc | 4317 |
| 1385 | (a),(b) | Freyr Battery, Inc | 2 |
| 83326 |  | Fugro NV | 1171 |
| 584245 |  | Fuji Machine Manufacturing Co Ltd | 10875 |
| 175400 |  | Fujikura Ltd | 9227 |
| 48039 |  | Fujitec Co Ltd | 2064 |
| 16678 |  | Fukushima Galilei Co Ltd | 352 |
| 50444 |  | Furukawa Electric Co Ltd | 2462 |
| 17934 |  | G R Infraprojects Ltd | 276 |
| 114000 |  | G Shank Enterprise Co Ltd | 278 |
| 3221912 |  | Gamuda BHD | 3667 |
| 18412 |  | Garden Reach Shipbuilders & Engineers Ltd | 648 |
| 100439 | (a) | Gates Industrial Corp plc | 2313 |
| 678127 |  | GE T&D India Ltd | 18691 |
| 197970 |  | GE Vernova, Inc | 104756 |
| 87111 |  | GEA Group AG. | 6107 |
| 19939 |  | Geberit AG. | 15703 |
| 44148 |  | GEK Group of Cos S.A. | 1043 |
| 245379 |  | GEM Co Ltd | 218 |
| 24389 | (a) | Generac Holdings, Inc | 3493 |
| 213780 |  | General Dynamics Corp | 62351 |
| 1397108 |  | General Electric Co | 359602 |
| 187385 |  | Genuit Group plc | 1013 |
| 58672 | (b) | Georg Fischer AG. | 4802 |
| 136000 |  | GFC Ltd | 526 |
| 61993 | (a) | Gibraltar Industries, Inc | 3658 |
| 85280 | (a) | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS. | 87 |
| 96202 |  | Global Industrial Co | 2598 |
| 280156 |  | Glory Ltd | 6531 |
| 25752 |  | GMM Pfaudler Ltd | 358 |
| 130903 | (a) | GMR Power and Urban Infra Ltd | 176 |
| 43736 |  | Gongniu Group Co Ltd | 295 |
| 48178 |  | Gorman-Rupp Co | 1769 |
| 83330 | (a) | Gotion High-tech Co Ltd | 378 |
| 132586 |  | Grafton Group plc | 1859 |
| 110570 |  | Granite Construction, Inc | 10339 |
| 49541 |  | Graphite India Ltd | 327 |
| 214284 | (a) | Great Lakes Dredge & Dock Corp | 2612 |
| 34486 | (a) | Greaves Cotton Ltd | 82 |
| 39442 |  | Greenlam Industries Ltd | 110 |
| 1875000 | (b),(c) | Greentown Management Holdings Co Ltd | 708 |
| 34945 |  | Griffon Corp | 2529 |
| 36423 |  | Grindwell Norton Ltd | 735 |

---

**15** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 383293 | (b) | Grupo Carso S.A. de C.V. (Series A1) | $2733 |
| 47189 |  | GS Engineering & Construction Corp | 724 |
| 33082 |  | GS Holdings Corp | 1141 |
| 59754 |  | GS Yuasa Corp | 1115 |
| 62490 |  | GT Capital Holdings, Inc | 637 |
| 68950 |  | Gulf Cables & Electrical Industries Group Co. KSCP | 456 |
| 48989 | (a),(b),(c) | GVS S.p.A | 290 |
| 454497 |  | Haitian International Holdings Ltd | 1184 |
| 6005 | (b) | Hammond Power Solutions, Inc | 553 |
| 265768 |  | Hangzhou Steam Turbine Power Group Co Ltd | 379 |
| 26479 |  | Hanwa Co Ltd | 997 |
| 19555 |  | Hanwha Corp | 1363 |
| 13757 |  | Hanwha Corp | 408 |
| 52622 |  | Hanwha Systems Co Ltd | 2257 |
| 300500 |  | HAP Seng Consolidated BHD | 181 |
| 7540 |  | Happy Forgings Ltd | 84 |
| 2958000 |  | Harbin Power Equipment | 2211 |
| 46200 |  | Harmonic Drive Systems, Inc | 895 |
| 176284 |  | Havells India Ltd | 3188 |
| 331229 | (a) | Hayward Holdings, Inc | 4571 |
| 110036 |  | Hazama Ando Corp | 1108 |
| 86703 |  | HBL Power Systems Ltd | 600 |
| 8490 |  | HD Hyundai Construction Equipment Co Ltd | 477 |
| 16096 |  | HD Hyundai Electric Co Ltd | 6034 |
| 15373 |  | HD Hyundai Heavy Industries Co Ltd | 4852 |
| 28827 |  | HDC Hyundai Development Co-Engineering & Construction | 479 |
| 47465 |  | HEG Ltd | 282 |
| 141292 |  | HEICO Corp | 46344 |
| 34528 |  | HEICO Corp (Class A) | 8934 |
| 17876 |  | Heijmans NV (ADR) | 1158 |
| 57100 |  | Helios Technologies, Inc | 1905 |
| 227977 |  | Hensoldt AG. | 26187 |
| 119162 | (a) | Hexagon Composites ASA | 215 |
| 135269 | (b) | Hexatronic Group AB | 356 |
| 34479 |  | Hexcel Corp | 1948 |
| 10368 |  | HG Infra Engineering Ltd | 130 |
| 1200 |  | Hikari Tsushin, Inc | 354 |
| 139996 |  | Hindustan Aeronautics Ltd | 7952 |
| 1164050 | (a) | Hindustan Construction Co | 415 |
| 229700 |  | Hino Motors Ltd | 571 |
| 72100 |  | Hitachi Construction Machinery Co Ltd | 2149 |
| 22120255 | (a) | Hitachi Ltd | 642910 |
| 122620 |  | Hitachi Zosen Corp | 829 |
| 213643 |  | Hiwin Technologies Corp | 1537 |
| 2052974 |  | Honeywell International, Inc | 478097 |
| 33074 |  | Hosken Consolidated Investments Ltd | 238 |
| 412085 |  | Howden Joinery Group plc | 4846 |
| 874091 |  | Howmet Aerospace, Inc | 162695 |
| 92384 | (a) | HSD Engine Co Ltd | 1942 |
| 2285000 | (a),(d) | Hsin Chong Group Holdings Ltd | 3 |
| 211000 |  | HUA ENG Wire & Cable | 185 |
| 195228 |  | Hubbell, Inc | 79733 |
| 48481 |  | Huber & Suhner AG. | 5427 |
| 278964 |  | Husqvarna AB (B Shares) | 1470 |
| 139696 |  | Hwang Chang General Contractor Co Ltd | 387 |
| 6055 |  | Hyosung Corp | 342 |
| 3870 |  | Hyosung Heavy Industries Corp | 2549 |
| 17195 |  | Hyundai Elevator Co Ltd | 1093 |
| 58859 |  | Hyundai Engineering & Construction Co Ltd | 3418 |
| 29450 |  | Hyundai Heavy Industries | 7953 |
| 113549 |  | Hyundai Mipo Dockyard | 17688 |
| 361723 |  | Hyundai Rotem Co Ltd | 52492 |

---

**16** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 23077 |  | Idec Corp | $364 |
| 1657900 |  | IJM Corp BHD | 1033 |
| 15421 |  | Iljin Electric Co Ltd | 470 |
| 46596 |  | Illinois Tool Works, Inc | 11521 |
| 33360 |  | IMCD NV | 4487 |
| 189719 |  | IMI plc | 5459 |
| 9952 |  | Implenia AG. | 697 |
| 192436 |  | Inaba Denki Sangyo Co Ltd | 5281 |
| 31698 |  | Inabata & Co Ltd | 707 |
| 24348 | (c) | IndiaMart InterMesh Ltd | 738 |
| 25964 | (b) | Industrie De Nora S.p.A | 202 |
| 1050091 |  | Industries Qatar QSC | 3562 |
| 163696 |  | Indutrade AB | 4470 |
| 651404 |  | Infratil Ltd | 4203 |
| 144625 |  | INFRONEER Holdings, Inc | 1213 |
| 35950 |  | Ingersoll Rand India Ltd | 1625 |
| 154329 |  | Ingersoll Rand, Inc | 12837 |
| 2803600 | (a),(d) | Inovisi Infracom Tbk PT | 0^ |
| 71547 | (a) | Inox Green Energy Services Ltd | 129 |
| 14456 |  | INOX India Ltd | 207 |
| 438741 | (a) | Inox Wind Ltd | 897 |
| 109210 | (a) | Inox Wind Ltd | 223 |
| 153949 | (a) | InPost S.A. | 2562 |
| 169087 |  | Instalco AB | 436 |
| 57013 |  | Interpump Group S.p.A. | 2372 |
| 555 |  | Interroll Holding AG. | 1385 |
| 40189 | (a) | Intracom S.A. Technical & Steel Constructions | 254 |
| 243935 | (a),(b) | Intuitive Machines, Inc | 2652 |
| 89235 |  | Investment AB Latour | 2354 |
| 28888 |  | INVISIO AB | 1091 |
| 40113 |  | Inwido AB | 893 |
| 1354991 |  | IRB Infrastructure Developers Ltd | 784 |
| 247396 | (c) | IRCON International Ltd | 586 |
| 24857 |  | ISGEC Heavy Engineering Ltd | 359 |
| 239500 |  | Ishikawajima-Harima Heavy Industries Co Ltd | 25905 |
| 59183 |  | ITD Cementation India Ltd | 645 |
| 847800 |  | Itochu Corp | 44395 |
| 411789 |  | ITT, Inc | 64581 |
| 132402 |  | Iveco Group NV | 2607 |
| 21570 |  | J Kumar Infraprojects Ltd | 182 |
| 173573 | (a) | Jain Irrigation Systems Ltd | 117 |
| 70220 |  | Japan Pulp & Paper Co Ltd | 302 |
| 47661 |  | Japan Steel Works Ltd | 2727 |
| 113577 |  | Jardine Matheson Holdings Ltd | 5459 |
| 1632900 |  | JG Summit Holdings (Series B) | 579 |
| 166200 |  | JGC Corp | 1438 |
| 54904 |  | Jiangsu Hengli Hydraulic Co Ltd | 552 |
| 182218 |  | Jiangsu Zhongtian Technology Co Ltd | 368 |
| 67400 |  | JL Mag Rare-Earth Co Ltd | 165 |
| 10600 |  | John Bean Technologies Corp | 1275 |
| 710063 |  | Johnson Controls International plc | 74997 |
| 9102 | (c) | JOST Werke SE | 577 |
| 3864 | (b) | Judges Scientific plc | 471 |
| 36039 |  | Jungheinrich AG. | 1701 |
| 72591 |  | Jupiter Wagons Ltd | 329 |
| 50941 | (a) | Jyoti CNC Automation Ltd | 629 |
| 15140 |  | Kaba Holding AG. | 13844 |
| 65457 |  | Kajaria Ceramics Ltd | 825 |
| 297950 |  | Kajima Corp | 7771 |
| 54529 |  | Kalmar Oyj | 2320 |
| 76047 |  | Kalpataru Projects International Ltd | 1089 |
| 174500 |  | Kanamoto Co Ltd | 3918 |

---

**17** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 190101 |  | Kandenko Co Ltd | $4388 |
| 57500 |  | Kanematsu Corp | 1094 |
| 59000 |  | Kaori Heat Treatment Co Ltd | 520 |
| 23160 |  | Karat Packaging, Inc | 652 |
| 4746 |  | Kardex Holding AG. | 1651 |
| 113300 |  | Kawasaki Heavy Industries Ltd | 8565 |
| 99827 |  | KEC International Ltd | 1069 |
| 46563 |  | KEI Industries Ltd | 2060 |
| 68500 |  | Keihan Electric Railway Co Ltd | 1451 |
| 54049 |  | Keller Group plc | 1087 |
| 18482 | (a),(b) | Kempower Oyj | 237 |
| 126594 |  | Kenmec Mechanical Engineering Co Ltd | 277 |
| 6320 |  | Kennametal India Ltd | 172 |
| 11670 |  | KEPCO Engineering & Construction Co, Inc | 900 |
| 1031600 |  | Keppel Corp Ltd | 6024 |
| 356466 |  | Kier Group plc | 1021 |
| 216674 | (a) | Kiler Holding AS. | 381 |
| 91171 |  | Kinden Corp | 2678 |
| 92279 |  | Kingspan Group plc | 7863 |
| 83000 |  | Kinik Co | 912 |
| 54744 |  | KION Group AG. | 3058 |
| 18681 |  | Kirloskar Brothers Ltd | 514 |
| 22735 |  | Kirloskar Pneumatic Co Ltd | 376 |
| 46900 |  | Kitz Corp | 385 |
| 47409 |  | Kloeckner & Co AG. | 334 |
| 42891 |  | Knorr-Bremse AG. | 4160 |
| 134623 |  | KNR Constructions Ltd | 350 |
| 528743 |  | KOC Holding AS | 2046 |
| 1068241 |  | Komatsu Ltd | 35245 |
| 3231 | (b) | Komax Holding AG | 395 |
| 202494 |  | Kone Oyj (Class B) | 13340 |
| 50232 |  | Konecranes Oyj | 3992 |
| 338086 | (a) | Kongsberg Gruppen ASA | 13110 |
| 203488 |  | Koninklijke BAM Groep NV | 1815 |
| 244861 |  | Kontrolmatik Enerji Ve Muhendislik AS. | 125 |
| 50050 |  | Korea Aerospace Industries Ltd | 3324 |
| 27303 |  | Korea Electric Terminal Co Ltd | 1316 |
| 34101 | (a) | Kornit Digital Ltd | 679 |
| 453025 | (a) | Kratos Defense & Security Solutions, Inc | 21043 |
| 10568 |  | Krones AG. | 1745 |
| 48435 |  | KSB Ltd | 462 |
| 98476 |  | Kuang-Chi Technologies Co Ltd | 549 |
| 287600 |  | Kubota Corp | 3243 |
| 26104 |  | Kumagai Gumi Co Ltd | 757 |
| 78600 |  | Kurita Water Industries Ltd | 3101 |
| 25016 |  | Kvutzat Acro Ltd | 408 |
| 24454 | (b) | Kyokuto Kaihatsu Kogyo Co Ltd | 454 |
| 142410 |  | Kyowa Exeo Corp | 1813 |
| 32222 |  | Kyudenko Corp | 1333 |
| 3627 |  | Kyung Dong Navien Co Ltd | 194 |
| 17880 |  | L&F Co Ltd | 651 |
| 539415 |  | L3Harris Technologies, Inc | 135307 |
| 3506 |  | Lakshmi Machine Works Ltd | 683 |
| 697140 |  | Larsen & Toubro Ltd | 29838 |
| 240446 |  | Legrand S.A. | 32227 |
| 92 |  | Lennox International, Inc | 53 |
| 244048 |  | Leonardo DRS, Inc | 11343 |
| 270988 | (b) | Leonardo S.p.A. | 15291 |
| 59427 |  | LG Corp | 3496 |
| 32210 | (a) | LG Energy Solution Ltd | 7071 |
| 139471 |  | Lifco AB | 5652 |
| 57129 |  | LIG Nex1 Co Ltd | 22831 |

---

**18** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 55177 | (b) | Lindab International AB | $1146 |
| 12448 |  | LISI | 555 |
| 213400 |  | LIXIL Group Corp | 2469 |
| 427500 | (b) | LK Technology Holdings Ltd | 186 |
| 80399 | (a) | Lloyds Engineering Works Ltd | 47 |
| 303733 | (a) | Lloyds Steels Industries Ltd | 252 |
| 18079 | (a),(b) | Loar Holdings, Inc | 1558 |
| 41444 |  | Lockheed Martin Corp | 19194 |
| 12667000 |  | Lonking Holdings Ltd | 3411 |
| 28013 |  | Lotte Corp | 577 |
| 13388 |  | LS Cable Ltd | 1949 |
| 7609 |  | LS Eco Energy Ltd | 195 |
| 10232 |  | LS Electric Co Ltd | 2262 |
| 26512 | (a) | LS Materials Ltd | 216 |
| 6388100 |  | LT Group, Inc | 1458 |
| 8582 |  | LU-VE S.p.A | 307 |
| 150774 |  | Luxfer Holdings plc | 1836 |
| 20292 |  | LX INTERNATIONAL CORP | 467 |
| 124312 | (b) | Maas Group Holdings Ltd | 347 |
| 1838864 | (b) | Mabuchi Motor Co Ltd | 27149 |
| 111995 |  | Maire Tecnimont S.p.A | 1476 |
| 16139 |  | Makino Milling Machine Co Ltd | 1288 |
| 167100 |  | Makita Corp | 5146 |
| 2025200 |  | Malaysian Resources Corp Bhd | 234 |
| 1500828 |  | Man Infraconstruction Ltd | 3174 |
| 7731 | (b) | Manitou BF S.A. | 191 |
| 4731900 |  | Marcopolo S.A. | 6933 |
| 53280 |  | Marcopolo S.A. | 64 |
| 691426 |  | Masco Corp | 44500 |
| 49514 | (a) | Mastec, Inc | 8439 |
| 17300 |  | Max Co Ltd | 558 |
| 1194 |  | MBB SE | 198 |
| 601256 | (a) | MDA Ltd | 15502 |
| 25471 |  | Meidensha Corp | 958 |
| 7177532 |  | Melrose Industries plc | 52275 |
| 847603 |  | Metallurgical Corp of China Ltd | 353 |
| 18900 |  | METAWATER Co Ltd | 291 |
| 371249 | (b) | Metso Outotec Oyj | 4811 |
| 30723 | (a) | Middleby Corp | 4424 |
| 31005 |  | Mildef Group AB | 650 |
| 4400 | (b) | Mirai Industry Co Ltd | 104 |
| 63762 |  | MIRAIT ONE corp | 1121 |
| 1218000 |  | MISUMI Group, Inc | 16271 |
| 4228700 |  | Mitsubishi Corp | 84497 |
| 9383100 |  | Mitsubishi Electric Corp | 201821 |
| 6741510 |  | Mitsubishi Heavy Industries Ltd | 168702 |
| 22200 | (b) | Mitsubishi Logisnext Co Ltd | 302 |
| 19250 | (b) | Mitsuboshi Belting Co Ltd | 459 |
| 4508000 |  | Mitsui & Co Ltd | 91873 |
| 70000 |  | Mitsui Engineering & Shipbuilding Co Ltd | 1381 |
| 127900 |  | Miura Co Ltd | 2571 |
| 71786 |  | Monadelphous Group Ltd | 830 |
| 1062300 |  | MonotaRO Co Ltd | 20912 |
| 28710 | (a),(c) | Montana Aerospace AG. | 940 |
| 213724 |  | Morgan Crucible Co plc | 645 |
| 34451 |  | Morgan Sindall plc | 2164 |
| 102144 | (b) | Mori Seiki Co Ltd | 2350 |
| 161300 |  | Morita Holdings Corp | 2408 |
| 73724 | (b) | Mota Engil SGPS S.A. | 334 |
| 259794 | (a) | MRC Global, Inc | 3562 |
| 19417 |  | MSC Industrial Direct Co (Class A) | 1651 |
| 14341 |  | MSTC Ltd | 92 |

---

**19** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | CAPITAL GOODS (continued) |  |
| 13325<br> (a) | MTAR Technologies Ltd | $247 |
| 71833 | MTU Aero Engines Holding AG. | 31912 |
| 550228 | Mueller Water Products, Inc (Class A) | 13227 |
| 2311494<br> (a) | Multiply Group PJSC | 1519 |
| 94210<br> (c) | Munters Group AB | 1381 |
| 42073<br> (a) | MYR Group, Inc | 7634 |
| 69089 | Mytilineos Holdings S.A. | 3745 |
| 82400<br> (b) | Nabtesco Corp | 1473 |
| 6733 | Nachi-Fujikoshi Corp | 144 |
| 60400 | Nagase & Co Ltd | 1164 |
| 673000<br> (b) | Namura Shipbuilding Co Ltd | 14634 |
| 321119 | NARI Technology Co Ltd | 1005 |
| 1510243 | National Industries Group Holding SAK | 1262 |
| 97670 | Nava Ltd | 691 |
| 705199 | NBCC India Ltd | 1010 |
| 64816 | NCC AB (B Shares) | 1213 |
| 296220 | NCC Ltd | 796 |
| 296660<br> (a) | Newpark Resources, Inc | 2525 |
| 24638 | Nexans S.A. | 3224 |
| 229452<br> (a) | NEXTracker, Inc | 12475 |
| 67488<br> (a) | NFI Group, Inc | 894 |
| 166000 | NGK Insulators Ltd | 2084 |
| 880461 | Nibe Industrier AB | 3759 |
| 41040 | Nichias Corp | 1570 |
| 10000 | Nichiden Corp | 191 |
| 12445 | Nichiha Corp | 257 |
| 36909 | Ningbo Deye Technology Co Ltd | 271 |
| 29500 | Ningbo Orient Wires & Cables Co Ltd | 213 |
| 45900 | Ningbo Sanxing Medical Electric Co Ltd | 144 |
| 94959 | Nippon Densetsu Kogyo Co Ltd | 1689 |
| 17800 | Nippon Road Co Ltd | 310 |
| 22365 | Nishimatsu Construction Co Ltd | 745 |
| 85800 | Nishio Rent All Co Ltd | 2391 |
| 109431 | Nisshinbo Industries, Inc | 701 |
| 59500 | Nitta Corp | 1593 |
| 15800 | Nitto Boseki Co Ltd | 665 |
| 19835 | Nitto Kogyo Corp | 428 |
| 40370<br> (a) | NKT Holding AS | 3275 |
| 342660 | Nolato AB | 2097 |
| 20600<br> (b) | Nomura Micro Science Co Ltd | 367 |
| 84828 | Norconsult Norge AS. | 383 |
| 517862<br> (a) | Nordex AG. | 10276 |
| 24012 | Nordson Corp | 5147 |
| 14266 | Noritake Co Ltd | 361 |
| 18631 | Noritz Corp | 239 |
| 24405 | Norma Group SE | 394 |
| 181275 | Northrop Grumman Corp | 90634 |
| 312773 | NRW Holdings Ltd | 616 |
| 1387600 | NSK Ltd | 6525 |
| 357361 | NTN Corp | 564 |
| 114370<br> (a) | NuScale Power Corp | 4524 |
| 1759612 | nVent Electric plc | 128892 |
| 840000 | NWS Holdings Ltd | 799 |
| 7346 | Obara Corp | 183 |
| 827000 | Obayashi Corp | 12531 |
| 156023 | OC Oerlikon Corp AG. | 727 |
| 9321 | Oiles Corp | 133 |
| 34734 | Okuma Holdings, Inc | 882 |
| 25200 | Okumura Corp | 752 |
| 23988 | Olectra Greentech Ltd | 328 |
| 14865 | Omega Flex, Inc | 481 |
| 193008<br> (b) | Opus Global Rt | 340 |

---

**20** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 19348 |  | Organo Corp | $1205 |
| 310221 | (a) | Orion Marine Group, Inc | 2814 |
| 51706 |  | OSG Corp | 610 |
| 62350 |  | Oshkosh Corp | 7079 |
| 9 |  | OSRAM Licht AG. | 1 |
| 34450 | (a) | Otokar Otomotiv Ve Savunma Sanayi A.S. | 355 |
| 74468 |  | Owens Corning, Inc | 10241 |
| 197124 |  | PACCAR, Inc | 18739 |
| 11801 |  | Palfinger AG. | 498 |
| 9843 | (a) | Paras Defence & Space Technologies Ltd | 183 |
| 588329 |  | Parker-Hannifin Corp | 410930 |
| 124351 |  | Peab AB (Series B) | 1018 |
| 85429 |  | Pentair plc | 8770 |
| 206946 |  | Penta-Ocean Construction Co Ltd | 1297 |
| 15169 |  | People & Technology, Inc | 347 |
| 13466 |  | Per Aarsleff Holding A.S. | 1399 |
| 2055 |  | Pfeiffer Vacuum Technology AG. | 393 |
| 93136 |  | PNC Infratech Ltd | 335 |
| 22080 | (b) | PNE AG. | 396 |
| 37253 |  | Polycab India Ltd | 2846 |
| 13743 |  | Porr AG. | 459 |
| 21998 |  | POSCO Future M Co Ltd | 2053 |
| 671269 |  | Power Construction Corp of China Ltd | 456 |
| 8572 |  | Power Mech Projects Ltd | 336 |
| 81990 |  | Praj Industries Ltd | 487 |
| 213994 |  | Primoris Services Corp | 16679 |
| 194141 |  | Prysmian S.p.A. | 13745 |
| 373147 |  | QinetiQ plc | 2640 |
| 138619 |  | Quanta Services, Inc | 52409 |
| 18193 |  | R&S Group Holding AG. | 664 |
| 370193 |  | Rail Vikas Nigam Ltd | 1718 |
| 6612 | (a) | Rainbow Robotics | 1369 |
| 463600 |  | Raito Kogyo Co Ltd | 9204 |
| 97573 | (a) | Ral Yatirim Holding AS. | 239 |
| 20371 | (a) | Ralliant Corp | 988 |
| 440401 |  | Ras Al Khaimah Ceramics | 296 |
| 3396 |  | Rational AG. | 2854 |
| 25195 | (a) | Raymond Ltd | 209 |
| 12028 | (a) | RBC Bearings, Inc | 4628 |
| 394000 | (a),(b) | Realord Group Holdings Ltd | 354 |
| 33898 | (b) | Recticel S.A. | 409 |
| 124392 |  | Redox Ltd | 176 |
| 194640 | (a),(b) | Redwire Corp | 3173 |
| 160141 |  | Reece Ltd | 1513 |
| 35522 | (a) | Refex Industries Ltd | 190 |
| 473940 |  | Regal-Beloit Corp | 68702 |
| 580395 |  | Reliance Worldwide Corp Ltd | 1566 |
| 64255 |  | Renew Holdings plc | 749 |
| 56353 |  | RENK Group AG. | 4508 |
| 174800 | (a) | REPT BATTERO Energy Co Ltd | 259 |
| 459556 | (a) | Resideo Technologies, Inc | 10138 |
| 144953 |  | Reunert Ltd | 470 |
| 161920 |  | REV Group, Inc | 7706 |
| 133501 |  | Rexel S.A. | 4118 |
| 148175 |  | Rheinmetall AG. | 313790 |
| 41591 |  | Richelieu Hardware Ltd | 1118 |
| 1682 | (b) | Rieter Holding AG. | 144 |
| 71374 |  | ROCKWOOL A.S. | 3345 |
| 8419 | (a) | Rolex Rings Ltd | 158 |
| 8060139 |  | Rolls-Royce Holdings plc | 106818 |
| 3317629 |  | Rotork plc | 14637 |
| 392068 |  | RR Kabel Ltd | 6170 |

---

**21** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | CAPITAL GOODS (continued) |  |
| 2574508 | RTX Corp | $375930 |
| 54000 | Ruentex Engineering & Construction Co | 323 |
| 283690 | Run Long Construction Co Ltd | 293 |
| 1189 | Rush Enterprises, Inc | 62 |
| 44144 | Russel Metals, Inc | 1422 |
| 224538 | Saab AB | 12555 |
| 413886 | Sacyr Vallehermoso S.A. | 1692 |
| 361771 | Safran S.A. | 117982 |
| 227125 | Sam Engineering & Equipment M Bhd | 224 |
| 58616 | Samsung C&T Corp | 6986 |
| 555681 | Samsung Engineering Co Ltd | 9072 |
| 486493<br> (a) | Samsung Heavy Industries Co Ltd | 6016 |
| 131953 | Samsung Techwin Co Ltd | 82804 |
| 1171880 | Sandvik AB | 26909 |
| 5589 | Sanil Electric Co Ltd | 367 |
| 253000 | Sanki Engineering Co Ltd | 7104 |
| 136341 | Sanwa Shutter Corp | 4522 |
| 863000 | Sany Heavy Equipment International Holdings Co Ltd | 744 |
| 381657 | Sany Heavy Industry Co Ltd | 957 |
| 6300 | Sanyo Denki Co Ltd | 421 |
| 39691<br> (a) | Saudi Ceramic Co | 317 |
| 398217<br> (b) | Savaria Corp | 5702 |
| 31245 | Schindler Holding AG. | 11635 |
| 17859 | Schindler Holding AG. (Registered) | 6488 |
| 33190<br> (a) | Schneider Electric Infrastructure Ltd | 322 |
| 1046471 | Schneider Electric S.A. | 280962 |
| 883<br> (b) | Schweiter Technologies AG. | 421 |
| 1665900<br> (b) | Seatrium Ltd | 2633 |
| 26100 | Sekisui Chemical Co Ltd | 473 |
| 202152 | Senior plc | 511 |
| 29435 | Sensata Technologies Holding plc | 886 |
| 9800 | Senshu Electric Co Ltd | 287 |
| 232188 | Service Stream Ltd | 303 |
| 12236 | SFA Engineering Corp | 213 |
| 13288 | SFS Group AG. | 1826 |
| 144137 | SGH Ltd | 5133 |
| 37129<br> (a) | SGL Carbon AG. | 154 |
| 15442 | Shaily Engineering Plastics Ltd | 300 |
| 26504 | Shakti Pumps India Ltd | 292 |
| 39000 | Shandong Himile Mechanical Science & Technology Co Ltd | 322 |
| 580303 | Shanghai Electric Group Co Ltd | 599 |
| 276000 | Shanghai Industrial Holdings Ltd | 478 |
| 227994 | Shanghai Mechanical and Electrical Industry Co Ltd | 251 |
| 120052 | Shapir Engineering and Industry Ltd | 1070 |
| 62740 | Shenzhen Inovance Technology Co Ltd | 566 |
| 17936 | Shibaura Machine Co Ltd | 395 |
| 7400 | Shibuya Corp | 165 |
| 169000 | Shihlin Electric & Engineering Corp | 1041 |
| 247775<br> (a) | Shikun & Binui Ltd | 1245 |
| 378400 | Shimizu Corp | 4227 |
| 19900 | Shin Nippon Air Technologies Co Ltd | 331 |
| 119026 | Shin Zu Shing Co Ltd | 873 |
| 16600 | Shinko Electric Co Ltd | 1120 |
| 115984 | Shinko Plantech Co Ltd | 1443 |
| 463600 | Shinmaywa Industries Ltd | 5204 |
| 244900 | Shinnihon Corp | 2826 |
| 11654 | Shinsung Delta Tech Co Ltd | 595 |
| 28808<br> (b) | SHO-BOND Holdings Co Ltd | 941 |
| 165988<br> (b) | Shyft Group, Inc | 2081 |
| 235760 | Sichuan Road and Bridge Group Co Ltd | 326 |
| 1823236 | Siemens AG. | 468313 |
| 704544<br> (a) | Siemens Energy AG. | 82348 |

---

**22** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 62716 |  | Siemens India Ltd | $2378 |
| 33000 | (a) | Sieyuan Electric Co Ltd | 336 |
| 95742 | (c) | Signify NV | 2600 |
| 149896 | (a),(b) | Silex Systems Ltd | 418 |
| 1898059 |  | Sime Darby BHD | 744 |
| 17934 |  | Simpson Manufacturing Co, Inc | 2785 |
| 1105800 |  | Singapore Technologies Engineering Ltd | 6780 |
| 28200 |  | Sinko Industries Ltd | 234 |
| 1167500 |  | Sinopec Engineering Group Co Ltd | 890 |
| 485000 |  | Sinotruk Hong Kong Ltd | 1417 |
| 18870 | (a) | SiteOne Landscape Supply, Inc | 2282 |
| 19393 | (a),(c) | SK IE Technology Co Ltd | 385 |
| 61603 |  | SK Networks Co Ltd | 204 |
| 21677 | (a) | SK oceanplant Co Ltd | 306 |
| 64501 | (a) | SK Square Co Ltd | 8670 |
| 25259 |  | SK, Inc | 3815 |
| 203819 |  | Skanska AB (B Shares) | 4748 |
| 203955 |  | SKF AB (B Shares) | 4685 |
| 39898 |  | SKF India Ltd | 2241 |
| 154318 |  | SM Investments Corp | 2389 |
| 145200 |  | SMC Corp | 52034 |
| 199898 |  | Smiths Group plc | 6166 |
| 25413 |  | Snap-On, Inc | 7908 |
| 98090 | (a) | Sociedad Quimica y Minera de Chile S.A. (Class B) | 3496 |
| 168702 |  | Sojitz Holdings Corp | 4146 |
| 43912 |  | Spirax-Sarco Engineering plc | 3591 |
| 105755 | (a) | Spirit Aerosystems Holdings, Inc (Class A) | 4035 |
| 294415 | (a) | SPX Technologies, Inc | 49368 |
| 18142 |  | Stabilus SE | 592 |
| 42246 | (b) | Stadler Rail AG. | 1043 |
| 185051 | (a) | StandardAero, Inc | 5857 |
| 75691 |  | Stanley Black & Decker, Inc | 5128 |
| 79786 |  | Stantec, Inc | 8681 |
| 16766 |  | Star Micronics Co Ltd | 195 |
| 5480900 | (a),(d) | STARK Corp PCL | 2 |
| 58888 | (a) | Sterling and Wilson Renewable | 220 |
| 1090835 |  | Storskogen Group AB | 1308 |
| 14804 | (a) | STX Enpaco Co Ltd | 550 |
| 14246 |  | Sulzer AG. | 2574 |
| 65797 |  | Sumitomo Densetsu Co Ltd | 2813 |
| 83900 |  | Sumitomo Heavy Industries Ltd | 1720 |
| 87798 |  | Sungrow Power Supply Co Ltd | 831 |
| 183000 |  | Sunonwealth Electric Machine Industry Co Ltd | 630 |
| 1739100 |  | Sunway BHD | 1942 |
| 225500 |  | Sunway Construction Group BHD | 322 |
| 78663 |  | Sunwoda Electronic Co Ltd | 220 |
| 2444500 | (a),(b),(d) | Superb Summit International Group Ltd | 3 |
| 6612229 | (a) | Suzlon Energy Ltd | 5224 |
| 22300 |  | SWCC Showa Holdings Co Ltd | 1163 |
| 151904 |  | Sweco AB | 2637 |
| 251500 |  | Swire Pacific Ltd (Class A) | 2156 |
| 565306 |  | Ta Ya Electric Wire & Cable | 734 |
| 77022 |  | Tadano Ltd | 513 |
| 57955 | (a) | Taihan Electric Wire Co Ltd | 738 |
| 16843 |  | Taihei Dengyo Kaisha Ltd | 627 |
| 495206 |  | Taikisha Ltd | 8860 |
| 494441 |  | Taisei Corp | 28797 |
| 787000 |  | Taiwan Glass Industrial Corp | 431 |
| 11439 |  | Takamatsu Corp | 233 |
| 30464 |  | Takara Standard Co Ltd | 513 |
| 32041 |  | Takasago Thermal Engineering Co Ltd | 1573 |
| 282600 |  | Takeuchi Manufacturing Co Ltd | 9171 |

---

**23** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 47400 |  | Takuma Co Ltd | $673 |
| 48667 | (a),(b),(c) | Talgo S.A. | 170 |
| 1555920 | (a) | Tanco Holdings Bhd | 338 |
| 1010600 |  | Tatung Co Ltd | 1373 |
| 209175 |  | TBEA Co Ltd | 348 |
| 1411452 |  | TD Power Systems Ltd | 8224 |
| 37693 |  | Techno Electric & Engineering Co Ltd | 704 |
| 3762000 |  | Techtronic Industries Co | 41510 |
| 891000 |  | Teco Electric and Machinery Co Ltd | 1441 |
| 9186 |  | Tega Industries Ltd | 167 |
| 87996 |  | Tekfen Holding AS | 240 |
| 34910 |  | Tennant Co | 2705 |
| 142738 |  | Texmaco Rail & Engineering Ltd | 293 |
| 245499 |  | Thales S.A. | 72490 |
| 4210000 | (a),(b) | Theme International Holdings Ltd | 366 |
| 29663 |  | Thermax Ltd | 1183 |
| 78800 | (b) | THK Co Ltd | 2103 |
| 20342 | (a),(b) | Thyssenkrupp Nucera AG. & Co KGaa | 237 |
| 464000 |  | Time Interconnect Technology Ltd | 439 |
| 27401 |  | Timken India Ltd | 1118 |
| 50954 |  | Titagarh Rail System Ltd | 560 |
| 28659 | (b) | TKH Group NV | 1313 |
| 42700 |  | Toa Corp/Tokyo | 447 |
| 34311 |  | Tocalo Co Ltd | 452 |
| 156056 |  | Toda Corp | 991 |
| 330875 |  | Toenec Corp | 2801 |
| 67000 |  | TOKAI Holdings Corp | 462 |
| 61602 |  | Tokyu Construction Co Ltd | 452 |
| 166707 |  | TOMRA Systems ASA | 2602 |
| 82600 |  | Toro Co | 5838 |
| 56868 |  | Toromont Industries Ltd | 5111 |
| 19700 |  | Totech Corp | 387 |
| 16977 |  | Totetsu Kogyo Co Ltd | 455 |
| 99600 |  | Toto Ltd | 2508 |
| 39003 |  | Toyo Construction Co Ltd | 388 |
| 11100 |  | Toyo Tanso Co Ltd | 377 |
| 187900 |  | Toyota Industries Corp | 21207 |
| 866016 |  | Trane Technologies plc | 378804 |
| 21860 |  | TransDigm Group, Inc | 33241 |
| 80278 |  | Transformers & Rectifiers India Ltd | 458 |
| 162235 |  | Travis Perkins plc | 1353 |
| 121010 |  | Trelleborg AB (B Shares) | 4508 |
| 265448 | (a) | Trex Co, Inc | 14435 |
| 1480361 |  | Triveni Turbine Ltd | 10575 |
| 31567 |  | Troax Group AB | 480 |
| 37510 |  | Trusco Nakayama Corp | 537 |
| 433570 |  | Tsubakimoto Chain Co | 5398 |
| 24000 |  | Tsugami Corp | 309 |
| 10300 |  | Tsurumi Manufacturing Co Ltd | 260 |
| 48600 |  | Tupy S.A. | 163 |
| 12483 |  | Turk Traktor ve Ziraat Makineleri AS | 182 |
| 816178 |  | Turkiye Sise ve Cam Fabrikalari AS | 739 |
| 98750 | (a),(b) | UBTech Robotics Corp Ltd | 1047 |
| 7200 |  | Union Tool Co | 275 |
| 346000 |  | United Integrated Services Co Ltd | 7384 |
| 112122 |  | United Rentals, Inc | 84473 |
| 56200 |  | Ushio, Inc | 698 |
| 32827 | (a) | V2X, Inc | 1594 |
| 109846 | (b) | Valmet Oyj | 3404 |
| 8832 |  | Valmont Industries, Inc | 2884 |
| 16528 | (c) | VAT Group AG. | 7003 |
| 14052 |  | VBG Group AB | 386 |

---

**24** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 4010251 |  | Ventia Services Group Pty Ltd | $13677 |
| 813742 |  | Vertiv Holdings Co | 104493 |
| 612970 |  | Vestas Wind Systems A.S. | 9207 |
| 56140 |  | Vesuvius India Ltd | 362 |
| 145821 |  | Vesuvius plc | 785 |
| 139495 |  | V-Guard Industries Ltd | 630 |
| 664301 |  | Vinci S.A. | 97965 |
| 87374 | (b) | Volex plc | 460 |
| 4815 |  | Voltamp Transformers Ltd | 535 |
| 84659 |  | Voltas Ltd | 1298 |
| 48000 |  | Voltronic Power Technology Corp | 2071 |
| 147218 |  | Volution Group plc | 1194 |
| 14794 |  | Volvo AB (A Shares) | 417 |
| 1109616 |  | Volvo AB (B Shares) | 31222 |
| 5902 |  | Vossloh AG. | 589 |
| 42051 |  | W.W. Grainger, Inc | 43743 |
| 10263 |  | Waaree Renewable Technologies Ltd | 120 |
| 23162 |  | Wacker Construction Equipment AG. | 664 |
| 27000 |  | Wakita & Co Ltd | 316 |
| 1999008 |  | Walsin Lihwa Corp | 1478 |
| 300125 |  | Wartsila Oyj (B Shares) | 7093 |
| 9448700 | (a),(d) | Waskita Karya Persero Tbk PT | 0^ |
| 14683 |  | Watsco, Inc | 6484 |
| 87785 |  | Watts Water Technologies, Inc (Class A) | 21585 |
| 375343 | (b) | Webuild SpA | 1591 |
| 9325950 |  | WEG S.A. | 73432 |
| 1357709 |  | Weichai Power Co Ltd | 2764 |
| 305586 |  | Weichai Power Co Ltd (Class A) | 656 |
| 194121 |  | Weir Group plc | 6639 |
| 24600 |  | Welspun Enterprises Ltd | 155 |
| 35909 |  | WESCO International, Inc | 6650 |
| 17430 |  | West Holdings Corp | 201 |
| 290963 |  | Westinghouse Air Brake Technologies Corp | 60913 |
| 14466600 | (a),(d) | Wijaya Karya Persero Tbk PT | 136 |
| 75987 |  | WillScot Mobile Mini Holdings Corp | 2082 |
| 43540 |  | Wilson Bayly Holmes-Ovcon Ltd | 454 |
| 25304 |  | Woodward Inc | 6202 |
| 1057594 |  | Worley Ltd | 9107 |
| 43740 |  | Worthington Enterprises, Inc | 2784 |
| 91498 |  | WSP Global, Inc | 18664 |
| 518038 |  | XCMG Construction Machinery Co Ltd | 562 |
| 85511 |  | Xiamen C & D, Inc | 124 |
| 135767 |  | Xinjiang Goldwind Science & Technology Co Ltd - A | 194 |
| 267200 | (a),(b) | Xinte Energy Co Ltd | 182 |
| 1396589 | (b) | Xinyi Glass Holdings Co Ltd | 1346 |
| 127499 | (a),(b) | Xometry, Inc | 4308 |
| 58933 |  | Xylem, Inc | 7624 |
| 18080 | (b) | YAMABIKO Corp | 266 |
| 38370 |  | Yamazen Corp | 333 |
| 6914300 |  | Yangzijiang Shipbuilding Holdings Ltd | 12066 |
| 44813 |  | Yankey Engineering Co Ltd | 668 |
| 167700 |  | Yaskawa Electric Corp | 3792 |
| 64963 |  | Yazicilar Holding AS | 424 |
| 21019 |  | YEO Teknoloji Enerji VE Endustri AS. | 19 |
| 25179 |  | Yokogawa Bridge Holdings Corp | 441 |
| 9852 |  | Yuasa Trading Co Ltd | 308 |
| 343000 |  | Yurtec Corp | 5039 |
| 6265 |  | Zehnder Group AG. | 531 |
| 28471 |  | Zen Technologies Ltd | 658 |
| 80663 |  | Zhejiang Chint Electrics Co Ltd | 255 |
| 77438 |  | Zhejiang Huayou Cobalt Co Ltd | 400 |
| 90200 |  | Zhejiang Sanhua Intelligent Controls Co Ltd | 332 |

---

**25** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 115800 |  | Zhengzhou Yutong Bus Co Ltd | $402 |
| 36233 |  | Zhuzhou CRRC Times Electric Co Ltd | 216 |
| 324200 |  | Zhuzhou CSR Times Electric Co Ltd | 1307 |
| 343339 |  | Zoomlion Heavy Industry Science and Technology Co Ltd - A | 347 |
|  |  | TOTAL CAPITAL GOODS | 12924941 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 1.0% |  |
| 176976 |  | ABM Industries, Inc | 8355 |
| 257180 | (a) | ACV Auctions, Inc | 4172 |
| 128298 |  | Adecco S.A. | 3823 |
| 75929 |  | AFRY AB | 1271 |
| 364166 |  | ALS Ltd | 4102 |
| 49959 | (a),(b) | Amentum Holdings, Inc | 1180 |
| 238162 |  | Arcadis NV | 11565 |
| 5442 | (b) | Assystem | 270 |
| 259994 |  | Automatic Data Processing, Inc | 80182 |
| 60190 |  | Barrett Business Services, Inc | 2509 |
| 99200 |  | BayCurrent Consulting, Inc | 5103 |
| 25786 | (c) | Befesa S.A. | 841 |
| 26500 |  | Bell System24 Holdings, Inc | 236 |
| 2318 |  | Benefit Systems S.A. | 2039 |
| 141914 |  | Bilfinger Berger AG. | 13660 |
| 61500 |  | Binjiang Service Group Co Ltd | 185 |
| 66617 |  | BLS International Services Ltd | 287 |
| 62023 |  | Booz Allen Hamilton Holding Corp | 6459 |
| 16161 |  | Boyd Group Services, Inc | 2539 |
| 972306 |  | Brambles Ltd | 15016 |
| 157955 | (c) | Bravida Holding AB | 1592 |
| 475710 | (a) | BrightView Holdings, Inc | 7921 |
| 49618 |  | Broadridge Financial Solutions, Inc | 12059 |
| 16445 | (b) | Brunel International NV | 174 |
| 436711 | (b) | Bureau Veritas S.A. | 14906 |
| 9341 | (a) | CACI International, Inc (Class A) | 4453 |
| 148310 | (a) | Casella Waste Systems, Inc (Class A) | 17112 |
| 640 | (a) | Ceridian HCM Holding, Inc | 35 |
| 9882 |  | Cewe Stiftung & Co KGAA | 1143 |
| 2785000 |  | China Everbright Environment Group Ltd | 1357 |
| 51100 | (a) | Cimpress plc | 2402 |
| 220861 |  | Cintas Corp | 49223 |
| 175266 | (a),(b) | Clarivate plc | 754 |
| 9212 | (a) | Clean Harbors, Inc | 2130 |
| 52000 |  | Cleanaway Co Ltd | 324 |
| 1685074 |  | Cleanaway Waste Management Ltd | 3020 |
| 115211 |  | CMS Info Systems Ltd | 672 |
| 35168 |  | Computer Age Management Services Ltd | 1759 |
| 372654 |  | Computershare Ltd | 9776 |
| 56800 | (b) | Concentrix Corp | 3002 |
| 369544 | (a) | Copart, Inc | 18134 |
| 371313 | (a) | CoreCivic, Inc | 7824 |
| 1320000 | (a),(b),(d) | CT Environmental Group Ltd | 2 |
| 1417700 |  | CTOS Digital Bhd | 318 |
| 32000 |  | Daiei Kankyo Co Ltd | 702 |
| 32465 |  | Daiseki Co Ltd | 783 |
| 3699 |  | Danel Adir Yeoshua Ltd | 529 |
| 1579 |  | Deluxe Corp | 25 |
| 71718 |  | Derichebourg | 487 |
| 21164 |  | dip Corp | 335 |
| 6028 | (a) | DO & CO AG. | 1288 |
| 14291 |  | Doms Industries Ltd | 420 |
| 502550 |  | Downer EDI Ltd | 2089 |
| 127980 |  | Dun & Bradstreet Holdings, Inc | 1163 |
| 31198 |  | Duskin Co Ltd | 858 |
| 18137 |  | eClerx Services Ltd | 740 |

---

**26** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES (continued) |  |
| 31000 |  | ECOVE Environment Corp | $318 |
| 283045 | (b) | Element Fleet Management Corp | 7090 |
| 123999 | (b) | Elis S.A. | 3558 |
| 19309 |  | eMudhra Ltd | 173 |
| 24520 |  | en-japan, Inc | 283 |
| 12988 |  | Equifax, Inc | 3369 |
| 230874 | (a) | ExlService Holdings, Inc | 10110 |
| 892518 |  | Experian Group Ltd | 46024 |
| 19850 |  | Fila S.p.A | 226 |
| 271322 |  | Firstsource Solutions Ltd | 1185 |
| 19891 | (a) | Fiverr International Ltd | 583 |
| 1105700 |  | Frontken Corp Bhd | 1041 |
| 15135 | (a) | FTI Consulting, Inc | 2444 |
| 27554 | (b) | Funai Soken Holdings, Inc | 464 |
| 11303 | (a) | GDI Integrated Facility Services, Inc | 263 |
| 186905 |  | Genpact Ltd | 8226 |
| 147291 |  | GFL Environmental, Inc | 7435 |
| 152096 | (b) | GlobalData plc | 308 |
| 315900 | (c) | GPS Participacoes e Empreendimentos S.A. | 919 |
| 1206273 |  | Hays plc | 1179 |
| 554247 | (a) | Healthcare Services Group | 8330 |
| 12126 |  | Hilan Ltd | 1030 |
| 13242 | (a) | Huron Consulting Group, Inc | 1821 |
| 176982 |  | Indian Railway Catering & Tourism Corp Ltd | 1614 |
| 6296800 |  | Infomart Corp | 18197 |
| 105291 | (a),(b) | Innodata, Inc | 5393 |
| 56512 |  | Insource Co Ltd | 389 |
| 242167 |  | Interface, Inc | 5069 |
| 78081 |  | International Gemmological Institute India Ltd | 344 |
| 54454 |  | ION Exchange India Ltd | 345 |
| 174585 |  | IPH Ltd | 526 |
| 111474 |  | ISS A.S. | 3111 |
| 32200 |  | Itoki Corp | 488 |
| 445600 |  | JAC Recruitment Co Ltd | 3127 |
| 472 |  | Jacobs Solutions, Inc | 62 |
| 54100 |  | Japan Elevator Service Holdings Co Ltd | 1557 |
| 922787 |  | Johnson Service Group plc | 1925 |
| 57113 |  | KBR, Inc | 2738 |
| 241082 |  | Kelly Services, Inc (Class A) | 2823 |
| 321511 |  | KEPCO Plant Service & Engineering Co Ltd | 14303 |
| 236032 | (b) | Kokuyo Co Ltd | 1354 |
| 118550 |  | L&K Engineering Co Ltd | 1244 |
| 162792 | (a) | Latent View Analytics Ltd | 781 |
| 444500 | (a) | Legalzoom.com, Inc | 3961 |
| 56430 |  | Leidos Holdings, Inc | 8902 |
| 158864 |  | Loomis AB | 6679 |
| 32564 | (b) | Mader Group Ltd | 144 |
| 198690 |  | Maharah Human Resources Co | 270 |
| 19510 |  | Manpower, Inc | 788 |
| 12162 |  | Matsuda Sangyo Co Ltd | 279 |
| 248971 |  | MAXIMUS, Inc | 17478 |
| 39042 |  | McMillan Shakespeare Ltd | 399 |
| 54384 |  | Meitec Corp | 1199 |
| 222932 |  | Michael Page International plc | 819 |
| 3169154 |  | Mitie Group | 6152 |
| 21644 | (b) | Mitsubishi Pencil Co Ltd | 306 |
| 259219 | (a),(b) | Montrose Environmental Group, Inc | 5674 |
| 16094 |  | MSA Safety, Inc | 2696 |
| 4425966 |  | My EG Services Bhd | 999 |
| 27312 |  | NICE Information Service Co Ltd | 330 |
| 28300 |  | Nippon Kanzai Holdings Co Ltd | 534 |
| 599948 |  | Nomura Co Ltd | 3833 |

---

**27** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES (continued) |  |
| 43728 |  | Okamura Corp | $673 |
| 43647 | (b) | Open Up Group, Inc | 517 |
| 170100 | (a) | OPENLANE, Inc | 4159 |
| 40700 | (a) | Orizon Valorizacao de Residuos S.A. | 404 |
| 92600 |  | Park24 Co Ltd | 1187 |
| 539319 |  | Parkin Co PJSC | 954 |
| 19787 | (a) | Parsons Corp | 1420 |
| 14100 |  | Pasona Group, Inc | 219 |
| 33957 |  | Paychex, Inc | 4939 |
| 207 |  | Paycom Software, Inc | 48 |
| 175 | (a) | Paylocity Holding Corp | 32 |
| 1277100 |  | Persol Holdings Co Ltd | 2493 |
| 20642 |  | Pilot Corp | 584 |
| 71827 |  | Prestige International, Inc | 301 |
| 1433492 | (c) | Prosegur Cash S.A. | 1378 |
| 777186 | (b) | Prosegur Cia de Seguridad S.A. | 2671 |
| 51175 | (c) | Quess Corp Ltd | 180 |
| 1470000 |  | Raksul, Inc | 11373 |
| 83830 |  | Randstad Holdings NV | 3875 |
| 129352 |  | RB Global, Inc | 13742 |
| 77608 |  | RB Global, Inc | 8241 |
| 619100 |  | Recruit Holdings Co Ltd | 36407 |
| 166130 |  | RELX plc | 8977 |
| 2103947 |  | RELX plc | 114029 |
| 2855732 |  | Rentokil Initial plc | 13778 |
| 115210 |  | Republic Services, Inc | 28412 |
| 34100 |  | Resources Connection, Inc | 183 |
| 77422 |  | RITES Ltd | 253 |
| 42864 |  | Robert Half International, Inc | 1760 |
| 119467 |  | Rollins, Inc | 6740 |
| 1067582 |  | RWS Holdings plc | 1298 |
| 38115 |  | S1 Corp (Korea) | 1932 |
| 479161 | (a) | Sagility India Ltd | 230 |
| 32110 |  | Saudi Airlines Catering Co | 1034 |
| 103613 |  | Saudi Manpower Solutions Co | 168 |
| 20496 |  | Science Applications International Corp | 2308 |
| 57087 | (a),(b) | Sdiptech AB | 1287 |
| 1845 |  | Seche Environnement S.A. | 219 |
| 347910 |  | Securitas AB (B Shares) | 5209 |
| 4507889 |  | Serco Group plc | 12499 |
| 19874 |  | SGS S.A. | 2018 |
| 35235 |  | Shanghai M&G Stationery, Inc | 143 |
| 34894 | (a) | SIS Ltd | 151 |
| 93051 |  | SmartGroup Corp Ltd | 452 |
| 236787 |  | SMS Co Ltd | 2429 |
| 15604 |  | Societe BIC S.A. | 972 |
| 270700 |  | Sohgo Security Services Co Ltd | 1895 |
| 419455 |  | SPIE S.A. | 23586 |
| 59000 |  | Sporton International, Inc | 343 |
| 108421 |  | Sthree plc | 364 |
| 23100 | (a),(b) | Synspective, Inc | 163 |
| 188000 |  | Taiwan Secom Co Ltd | 709 |
| 140000 |  | Taiwan-Sogo Shinkong Security Corp | 199 |
| 18773 |  | Takkt AG. | 147 |
| 78654 |  | TechnoPro Holdings, Inc | 2292 |
| 3781 | (b) | Teleperformance | 367 |
| 59590 | (a) | TELUS International CDA, Inc | 217 |
| 291617 |  | Tetra Tech, Inc | 10487 |
| 110411 |  | Thomson Reuters Corp | 22203 |
| 30800 | (a) | Timee, Inc | 439 |
| 166440 |  | TKC | 4871 |
| 16461 | (a) | Trans Cosmos, Inc/Japan | 400 |

---

**28** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES (continued) |  |
| 170591 |  | TransUnion | $15012 |
| 32200 |  | TRE Holdings Corp | 305 |
| 49930 |  | TriNet Group, Inc | 3652 |
| 134000 | (a) | TrueBlue, Inc | 868 |
| 126900 | (a),(c) | Tuhu Car, Inc | 313 |
| 19520 |  | Unifirst Corp | 3674 |
| 118500 | (a) | Upwork, Inc | 1593 |
| 21199 |  | UT Group Co Ltd | 362 |
| 484289 |  | Veralto Corp | 48889 |
| 144032 |  | Verisk Analytics, Inc | 44866 |
| 357060 | (a) | Verra Mobility Corp | 9066 |
| 118000 | (a) | Visional, Inc | 9085 |
| 367163 |  | Waste Connections, Inc | 68557 |
| 305613 |  | Waste Management, Inc | 69930 |
| 110652 | (a) | Willdan Group, Inc | 6917 |
| 343301 | (a) | WNS Holdings Ltd | 21710 |
| 320290 |  | Wolters Kluwer NV | 53565 |
| 231000 | (a),(b),(d) | Youyuan International Holdings Ltd | 0^ |
| 78360 |  | Zhejiang Weiming Environment Protection Co Ltd | 209 |
| 146000 | (b) | Zonqing Environmental Ltd | 116 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1296165 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.1% |  |
| 75100 |  | ABC-Mart, Inc | 1543 |
| 27600 | (a) | Abercrombie & Fitch Co (Class A) | 2287 |
| 42327 | (a) | About You Holding SE | 338 |
| 2134582 |  | Abu Dhabi National Oil Co for Distribution PJSC | 2133 |
| 353816 |  | Accent Group Ltd | 325 |
| 6071700 |  | ACE Hardware Indonesia Tbk PT | 186 |
| 20230 | (b) | Adastria Holdings Co Ltd | 418 |
| 273352 | (a) | Aditya Birla Fashion and Retail Ltd | 239 |
| 273352 | (a) | Aditya Birla Lifestyle Brands Ltd | 501 |
| 25878 | (c) | Aditya Vision Ltd | 112 |
| 2771 |  | Al Majed for Oud Co | 109 |
| 38912 |  | Aldrees Petroleum and Transport Services Co | 1322 |
| 120881 |  | Ali Alghanim Sons Automotive Co KSCC | 446 |
| 26465044 |  | Alibaba Group Holding Ltd | 374638 |
| 479003 | (b) | Alibaba Group Holding Ltd (ADR) | 54324 |
| 450320 | (a),(c) | Allegro.eu S.A. | 4335 |
| 11290 | (b) | Alpen Co Ltd | 186 |
| 127682 | (a) | AlSaif Stores For Development & Investment Co | 243 |
| 15104549 | (a) | Amazon.com, Inc | 3313787 |
| 359200 |  | American Eagle Outfitters, Inc | 3455 |
| 237703 | (a) | AO World plc | 316 |
| 18600 |  | AOKI Holdings, Inc | 215 |
| 34000 |  | Aoyama Trading Co Ltd | 517 |
| 21044 |  | Arata Corp | 443 |
| 37376 |  | Arc Land Sakamoto Co Ltd | 458 |
| 63892 | (a) | Aritzia, Inc | 3310 |
| 57317 |  | Arvind Fashions Ltd | 324 |
| 14700 | (a) | Asbury Automotive Group, Inc | 3507 |
| 34628 |  | ASKUL Corp | 369 |
| 15223 | (a),(b) | ASOS plc | 63 |
| 64182 |  | Auto Partner S.A. | 367 |
| 98848 | (a),(c) | Auto1 Group SE | 3200 |
| 47488 |  | Autobacs Seven Co Ltd | 473 |
| 14190 |  | Autohellas Tourist and Trading S.A. | 178 |
| 10906 | (a) | Autonation, Inc | 2166 |
| 38884 | (a) | Autozone, Inc | 144346 |
| 4266738 |  | B&M European Value Retail S.A. | 15891 |
| 236658 |  | Bapcor Ltd | 779 |
| 59810 | (a) | Barnes & Noble Education, Inc | 704 |
| 179920 |  | Bath & Body Works, Inc | 5390 |

---

**29** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 35205 | (b) | Belluna Co Ltd | $217 |
| 104505 |  | Best Buy Co, Inc | 7015 |
| 75400 | (b) | BIC CAMERA, Inc | 864 |
| 47594 |  | Bilia AB | 642 |
| 750974 | (a),(b) | boohoo Group plc | 211 |
| 138394 | (a) | Boot Barn Holdings, Inc | 21036 |
| 37956 | (a),(b),(c) | Boozt AB | 318 |
| 537000 | (a),(b),(d) | Boshiwa International Holding Ltd | 1 |
| 186870 |  | Buckle, Inc | 8475 |
| 39762900 | (a) | Bukalapak.com PT Tbk | 306 |
| 31676 | (a) | Burlington Stores, Inc | 7369 |
| 264970 | (b) | Camping World Holdings, Inc | 4555 |
| 39651 | (b) | Canadian Tire Corp Ltd | 5398 |
| 75827 | (a) | Carmax, Inc | 5096 |
| 29000 | (a) | Cartrade Tech Ltd | 575 |
| 53733 | (a) | Carvana Co | 18106 |
| 37538 | (a) | CCC S.A. | 2137 |
| 966600 | (a) | CCOOP Group Co Ltd | 313 |
| 728307 | (a) | Ceconomy AG | 3108 |
| 14700 |  | Central Automotive Products Ltd | 185 |
| 161000 |  | China Tobacco International HK Co Ltd | 632 |
| 84241 |  | China Tourism Group Duty Free Corp Ltd | 717 |
| 1415200 | (b) | Chow Tai Fook Jewellery Group Ltd | 2427 |
| 28236 |  | Clas Ohlson AB (B Shares) | 966 |
| 712200 |  | Com7 PCL (Foreign) | 406 |
| 491197 | (a) | Coupang, Inc | 14716 |
| 736625 |  | Currys plc | 1231 |
| 70546 |  | DCM Holdings Co Ltd | 652 |
| 35834 |  | Delek Automotive Systems Ltd | 302 |
| 4001 |  | Dick's Sporting Goods, Inc | 791 |
| 18032 |  | Dieteren S.A. | 3883 |
| 1357 | (b) | Dillard's, Inc (Class A) | 567 |
| 805494 |  | Dogan Sirketler Grubu Holdings | 315 |
| 62622 |  | Dogus Otomotiv Servis ve Ticaret AS | 274 |
| 862823 |  | Dollarama, Inc | 121571 |
| 214348 |  | Don Quijote Co Ltd | 7372 |
| 39400 |  | Doshisha Co Ltd | 677 |
| 27697 | (a) | Douglas AG. | 343 |
| 22151 |  | Dufry Group | 1207 |
| 98347 |  | Dunelm Group plc | 1603 |
| 107972 | (b) | Eagers Automotive Ltd | 1241 |
| 235273 |  | eBay, Inc | 17518 |
| 60678 |  | EDION Corp | 888 |
| 265998 |  | Empresas COPEC S.A. | 1811 |
| 7370 | (a) | Ethos Ltd | 227 |
| 118614 | (a) | Etsy, Inc | 5950 |
| 114689 | (c) | Europris ASA | 973 |
| 634000 |  | Far Eastern Department Stores Co Ltd | 467 |
| 20200 |  | Fast Retailing Co Ltd | 6926 |
| 19072 |  | Fielmann AG. | 1275 |
| 9035 | (b) | Fnac Darty SA | 358 |
| 249846 |  | Foschini Ltd | 1819 |
| 6386 |  | Fox Wizel Ltd | 640 |
| 89063 | (a) | Frasers Group plc | 832 |
| 330175 | (a) | FSN E-Commerce Ventures Ltd | 803 |
| 166516 | (a),(b) | GameStop Corp (Class A) | 4061 |
| 447212 |  | Gap, Inc | 9754 |
| 106931 | (a) | Global-e Online Ltd | 3586 |
| 21560 | (a) | Go Fashion India Ltd | 222 |
| 626158600 | (a) | GoTo Gojek Tokopedia Tbk PT | 2237 |
| 38100 |  | Gulliver International Co Ltd | 280 |
| 6000 | (a) | Happinet Corp | 238 |

---

**30** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 422766 | Harvey Norman Holdings Ltd | $1467 |
| 39181<br> (b) | Hennes & Mauritz AB (B Shares) | 552 |
| 182800 | HLA Corp Ltd | 178 |
| 1523069 | Home Depot, Inc | 558418 |
| 3354467 | Home Product Center PCL | 672 |
| 29100 | Hornbach Holding AG. & Co KGaA | 3639 |
| 211591<br> (a) | Hotai Motor Co Ltd | 4077 |
| 24557 | Hotel Shilla Co Ltd | 939 |
| 10775 | Hyundai Department Store Co Ltd | 603 |
| 246756 | Inchcape plc | 2459 |
| 311604 | Industria de Diseno Textil S.A. | 16255 |
| 242700 | Isetan Mitsukoshi Holdings Ltd | 3695 |
| 27200 | Izumi Co Ltd | 628 |
| 183700 | J Front Retailing Co Ltd | 2496 |
| 402730 | Jarir Marketing Co | 1346 |
| 82150 | JB Hi-Fi Ltd | 5970 |
| 3724860 | JD.com, Inc | 60836 |
| 8942 | JINS Holdings, Inc | 529 |
| 38274<br> (b) | Joyful Honda Co Ltd | 554 |
| 80133 | JUMBO S.A. | 2766 |
| 126226 | Kingfisher plc | 504 |
| 14205 | Kohnan Shoji Co Ltd | 384 |
| 15752 | Komeri Co Ltd | 322 |
| 96428 | K's Holdings Corp | 980 |
| 19418 | Leon's Furniture Ltd | 400 |
| 32427 | Lithia Motors, Inc (Class A) | 10954 |
| 109731 | LKQ Corp | 4061 |
| 798760 | Lojas Renner S.A. | 2893 |
| 9738 | Lotte Shopping Co Ltd | 535 |
| 48832<br> (b) | Lovisa Holdings Ltd | 1018 |
| 636970 | Lowe's Cos, Inc | 141325 |
| 222561 | Luk Fook Holdings International Ltd | 569 |
| 275500 | Magazine Luiza S.A. | 499 |
| 9142100 | Map Aktif Adiperkasa PT | 368 |
| 25803 | Matas A.S. | 543 |
| 32832 | Mekonomen AB | 373 |
| 39470<br> (a) | Mercadolibre, Inc | 103160 |
| 87100<br> (a) | Mercari, Inc | 1613 |
| 312000<br> (b) | MINISO Group Holding Ltd | 1422 |
| 6772200 | Mitra Adiperkasa Tbk PT | 492 |
| 30299<br> (b) | Mobilezone Holding AG. | 439 |
| 137000 | momo.com, Inc | 1263 |
| 220431 | Moonpig Group plc | 679 |
| 893396 | Motus Holdings Ltd | 4736 |
| 2380700<br> (c) | MR DIY Group M Bhd | 927 |
| 196143 | Mr Price Group Ltd | 2459 |
| 7774 | Murphy USA, Inc | 3162 |
| 845630 | Myer Holdings Ltd | 337 |
| 392398 | Naspers Ltd | 122433 |
| 64600<br> (a) | National Vision Holdings, Inc | 1486 |
| 8240 | Next plc | 1407 |
| 37720 | Nextage Co Ltd | 456 |
| 24379<br> (a) | Nice One Beauty Digital Marketing Co | 215 |
| 61868<br> (b) | Nick Scali Ltd | 742 |
| 25035 | Nishimatsuya Chain Co Ltd | 363 |
| 54262 | Nitori Co Ltd | 5223 |
| 48824 | Nojima Corp | 1067 |
| 114113 | North-Star International Co Ltd | 196 |
| 26169<br> (a) | Ollie's Bargain Outlet Holdings, Inc | 3449 |
| 4317299<br> (a) | O'Reilly Automotive, Inc | 389118 |
| 50100 | Oriental Holdings BHD | 81 |
| 389143<br> (a) | Overstock.com, Inc | 2677 |

---

**31** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 59677 | (a),(b),(d) | Ozon Holdings plc (ADR) | $1 |
| 33256 |  | Pal Co Ltd | 832 |
| 62215 |  | PALTAC Corp | 1742 |
| 15000 | (a) | Pan German Universal Motors Ltd | 148 |
| 1291610 | (a) | PC Jeweller Ltd | 186 |
| 478412 | (a) | PDD Holdings, Inc (ADR) | 50071 |
| 35587 |  | Penske Auto Group, Inc | 6114 |
| 132839 | (c) | Pepco Group NV | 800 |
| 1687058 | (c) | Pepkor Holdings Ltd | 2597 |
| 39831 | (b) | Pet Valu Holdings Ltd | 966 |
| 347405 |  | Pets at Home Group PLC | 1251 |
| 18640 |  | Pool Corp | 5433 |
| 371600 | (c) | Pop Mart International Group Ltd | 12660 |
| 48446 | (a) | Poya International Co Ltd | 833 |
| 72693 |  | Premier Investments Ltd | 968 |
| 895963 |  | Prosus NV | 50269 |
| 2424300 |  | PTT Oil & Retail Business PCL | 845 |
| 59602 |  | Puuilo Oyj | 917 |
| 59174325 |  | Raizen S.A. | 17971 |
| 104100 | (a) | Rakuten, Inc | 574 |
| 301230 | (a) | RattanIndia Enterprises Ltd | 228 |
| 78140 |  | Redtape Ltd | 119 |
| 15735 |  | Retailors Ltd | 304 |
| 62 | (a) | RH | 12 |
| 623918 |  | Ripley Corp S.A. | 290 |
| 417656 |  | Ross Stores, Inc | 53285 |
| 32028 |  | Rusta AB | 250 |
| 189800 |  | Ryohin Keikaku Co Ltd | 9103 |
| 440605 |  | SACI Falabella | 2341 |
| 120800 |  | Sanrio Co Ltd | 5841 |
| 27800 |  | Saudi Automotive Services Co | 467 |
| 51664 |  | Senco Gold Ltd | 207 |
| 36781 |  | Seria Co Ltd | 684 |
| 198600 |  | Shimamura Co Ltd | 13935 |
| 4528 |  | Shinsegae Co Ltd | 631 |
| 31534 | (a) | Shoppers Stop Ltd | 184 |
| 969508 |  | Siam Global House PCL | 149 |
| 203083 |  | Signet Jewelers Ltd | 16155 |
| 25667 | (a) | Silicon2 Co Ltd | 1167 |
| 177240 |  | Sonic Automotive, Inc (Class A) | 14167 |
| 233564 | (b) | Super Group Ltd | 209 |
| 118687 |  | Super Retail Group Ltd | 1113 |
| 143474 |  | Synsam AB | 812 |
| 2722 |  | Tadiran Group Ltd | 145 |
| 221302 |  | Takashimaya Co Ltd | 1730 |
| 62757 | (a) | Temple & Webster Group Ltd | 881 |
| 5988 |  | Thanga Mayil Jewellery Ltd | 130 |
| 483439 | (a),(b) | THG plc | 214 |
| 823110 | (a) | ThredUp, Inc | 6165 |
| 2785961 |  | TJX Cos, Inc | 344038 |
| 36740 | (b) | Tokmanni Group Corp | 457 |
| 1805000 | (c) | Topsports International Holdings Ltd | 706 |
| 37306 |  | Tractor Supply Co | 1969 |
| 125548 |  | Trent Ltd | 9102 |
| 292553 |  | Truworths International Ltd | 1180 |
| 22998 | (a) | Ulta Beauty, Inc | 10759 |
| 31690 |  | United Electronics Co | 746 |
| 353500 |  | Upbound Group, Inc | 8873 |
| 173575 | (a) | Urban Outfitters, Inc | 12591 |
| 310700 |  | USS Co Ltd | 3424 |
| 8915 | (a) | V2 Retail Ltd | 189 |
| 120620 | (a) | Valvoline, Inc | 4568 |

---

**32** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 694372 |  | Vibra Energia S.A. | $2768 |
| 152920 | (a) | Victoria's Secret & Co | 2832 |
| 227880 |  | Vipshop Holdings Ltd (ADR) | 3430 |
| 37260 | (a) | V-Mart Retail Ltd | 373 |
| 529574 | (a) | Warby Parker, Inc | 11614 |
| 168512 | (a),(c) | Watches of Switzerland Group plc | 949 |
| 40944 | (a) | Wayfair, Inc | 2094 |
| 183581 |  | We Buy Cars Holdings Ltd | 621 |
| 882250 |  | Wesfarmers Ltd | 49236 |
| 370841 |  | WH Smith plc | 5554 |
| 200299 |  | Williams-Sonoma, Inc | 32723 |
| 652220 |  | Woolworths Holdings Ltd | 1907 |
| 14400 |  | Workman Co Ltd | 631 |
| 482500 | (a),(b) | XXF Group Holdings Ltd | 384 |
| 383200 |  | Yamada Denki Co Ltd | 1206 |
| 51066 |  | Yellow Hat Ltd | 546 |
| 767844 | (a),(c) | Zalando SE | 25337 |
| 86700 |  | Zhejiang China Commodities City Group Co Ltd | 250 |
| 624072 |  | Zhongsheng Group Holdings Ltd | 965 |
| 28100 |  | ZOZO, Inc | 304 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 6564459 |
|  |  | CONSUMER DURABLES & APPAREL - 1.8% |  |
| 756000 |  | 361 Degrees International Ltd | 482 |
| 18800 | (b) | Acushnet Holdings Corp | 1369 |
| 162729 |  | Adidas-Salomon AG. | 37986 |
| 1281452 |  | Aksa Akrilik Kimya Sanayii AS. | 295 |
| 61209 |  | Alaseel Co | 67 |
| 974579 | (a) | Alok Industries Ltd | 232 |
| 165700 |  | Alpargatas S.A. | 282 |
| 15247 | (a) | Amber Enterprises India Ltd | 1204 |
| 154068 | (a) | Amer Sports, Inc | 5972 |
| 874155 |  | Anta Sports Products Ltd | 10577 |
| 50591 |  | Arcelik AS | 156 |
| 100047 |  | Arvind Ltd | 412 |
| 1608385 |  | Asics Corp | 41014 |
| 99664 | (a) | Asmodee Group AB | 1324 |
| 41457 |  | Azorim-Investment Development & Construction Co Ltd | 291 |
| 103457 |  | Azzas 2154 S.A. | 819 |
| 169725 |  | Bajaj Electricals Ltd | 1363 |
| 341700 |  | Bandai Namco Holdings, Inc | 12246 |
| 95341 |  | Barratt Developments plc | 597 |
| 39861 |  | Bata India Ltd | 568 |
| 5422 |  | Beijing Roborock Technology Co Ltd | 119 |
| 89245 |  | Bellway plc | 3535 |
| 26884 | (b) | Beneteau S.A. | 247 |
| 81673 |  | Berkeley Group Holdings plc | 4327 |
| 456683 | (a) | BK LC Lux Finco 2 Sarl | 22460 |
| 3244472 |  | Bosideng International Holdings Ltd | 1923 |
| 251200 |  | Bovis Homes Group plc | 2201 |
| 75702 | (b) | Breville Group Ltd | 1471 |
| 26026 | (b) | BRP, Inc | 1263 |
| 25542 |  | Brunello Cucinelli S.p.A | 3101 |
| 27837 |  | Brunswick Corp | 1538 |
| 268586 |  | Burberry Group plc | 4363 |
| 4470761 |  | Cairn Homes plc | 11296 |
| 1214 | (a) | Callaway Golf Co | 10 |
| 58262 |  | Campus Activewear Ltd | 190 |
| 33662 | (a) | Canada Goose Holdings, Inc | 377 |
| 58367 | (a) | Capri Holdings Ltd | 1033 |
| 142500 |  | Casio Computer Co Ltd | 1088 |
| 30229 |  | Cello World Pvt Ltd | 215 |
| 10777 |  | Century Communities, Inc | 607 |

---

**33** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DURABLES & APPAREL (continued) |  |
| 78500 |  | Chervon Holdings Ltd | $152 |
| 481000 |  | China Lilang Ltd | 229 |
| 1466692 |  | Cie Financiere Richemont S.A. | 277546 |
| 7313372 |  | Coats Group plc | 7983 |
| 37456 |  | Coway Co Ltd | 2677 |
| 187033 |  | Crest Nicholson Holdings plc | 480 |
| 24234 | (a),(b) | Crocs, Inc | 2454 |
| 509320 |  | Crompton Greaves Consumer Electricals Ltd | 2110 |
| 319000 | (c) | Crystal International Group Ltd | 190 |
| 117400 |  | Cury Construtora e Incorporadora S.A. | 638 |
| 208500 |  | Cyrela Brazil Realty S.A. | 1003 |
| 7630 |  | Danya Cebus Ltd | 281 |
| 54255 | (a) | Deckers Outdoor Corp | 5592 |
| 57984 |  | De'Longhi S.p.A. | 1947 |
| 7212 |  | Delta Galil Ltd | 383 |
| 11420 |  | DI Dong Il Corp | 327 |
| 92700 |  | Direcional Engenharia S.A. | 697 |
| 23461 |  | Dixon Technologies India Ltd | 4101 |
| 140700 |  | DR Horton, Inc | 18139 |
| 457878 |  | Dr. Martens PLC | 472 |
| 1321869 | (a) | Eclat Textile Co Ltd | 18572 |
| 27300 |  | Ecovacs Robotics Co Ltd | 222 |
| 3888 |  | Einhell Germany AG. | 344 |
| 7403 |  | Electra Consumer Products 1970 Ltd | 289 |
| 158512 | (a),(b) | Electrolux AB | 1127 |
| 37257 | (b) | ES-Con Japan Ltd | 256 |
| 45462 | (a) | Eureka Forbes Ltd | 316 |
| 11739 |  | F&F Co Ltd | 685 |
| 334755 |  | Feng TAY Enterprise Co Ltd | 1406 |
| 117726 | (b) | Ferretti S.p.A | 389 |
| 24654 | (a),(d) | FF Group | 0^ |
| 24500 | (b) | Fields Corp | 353 |
| 27792 |  | Fila Holdings Corp | 734 |
| 721000 |  | Formosa Taffeta Co Ltd | 385 |
| 339999 | (a),(b),(d) | Fuguiniao Co Ltd | 0^ |
| 98334 |  | Fulgent Sun International Holding Co Ltd | 352 |
| 74000 |  | Fusheng Precision Co Ltd | 752 |
| 24715 |  | Games Workshop Group plc | 5501 |
| 8335 |  | Ganesha Ecosphere Ltd | 145 |
| 30730 | (a) | Garmin Ltd | 6414 |
| 44685 |  | Garware Technical Fibres Ltd | 482 |
| 223000 |  | Giant Manufacturing Co Ltd | 828 |
| 60900 | (a) | G-III Apparel Group Ltd | 1364 |
| 110730 | (b) | Gildan Activewear, Inc | 5456 |
| 410735 | (a),(c) | Glenveagh Properties plc (London) | 826 |
| 101784 | (a) | GN Store Nord | 1570 |
| 45438 | (a) | Gokaldas Exports Ltd | 477 |
| 14447 |  | Goldwin, Inc | 812 |
| 121400 |  | Gree Electric Appliances, Inc of Zhuhai | 761 |
| 241300 |  | Grendene S.A. | 244 |
| 22136 |  | Gunze Ltd | 548 |
| 259807 |  | Haier Smart Home Co Ltd | 899 |
| 1682401 |  | Haier Smart Home Co Ltd | 4835 |
| 5846 |  | Hanssem Co Ltd | 199 |
| 13063 | (b) | Harvia Oyj | 746 |
| 133126 |  | Hasbro, Inc | 9827 |
| 181972 |  | Haseko Corp | 2733 |
| 19155 |  | Hermes International | 51927 |
| 267000 |  | Hisense Kelon Electrical Holdings Co Ltd | 729 |
| 466000 | (a),(d) | HOSA International Ltd | 1 |
| 34331 |  | Hugo Boss AG. | 1591 |
| 116200 |  | Iida Group Holdings Co Ltd | 1637 |

---

**34** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DURABLES & APPAREL (continued) |  |
| 75375 |  | Indo Count Industries Ltd | $261 |
| 110300 |  | JAKKS Pacific, Inc | 2292 |
| 25510 |  | Japan Wool Textile Co Ltd | 257 |
| 48066 | (b) | JM AB | 772 |
| 1457000 |  | JNBY Design Ltd | 3218 |
| 217000 |  | Johnson Health Tech Co Ltd | 1289 |
| 708000 | (b),(c) | JS Global Lifestyle Co Ltd | 179 |
| 116400 |  | JVC KENWOOD Holdings, Inc | 933 |
| 289635 |  | Kalyan Jewellers India Ltd | 1878 |
| 8660 |  | Kaufman & Broad S.A. | 338 |
| 213875 |  | Kering | 46594 |
| 71830 |  | Kontoor Brands, Inc | 4739 |
| 73551 |  | KPR Mill Ltd | 979 |
| 31000 |  | Lai Yih Footwear Co Ltd | 298 |
| 160300 |  | Leggett & Platt, Inc | 1430 |
| 114284 |  | Lennar Corp (Class A) | 12641 |
| 4853 | (b) | Lennar Corp (Class B) | 511 |
| 358 |  | Levi Strauss & Co | 7 |
| 682027 |  | LG Electronics, Inc | 37194 |
| 1607121 |  | Li Ning Co Ltd | 3483 |
| 768 |  | LPP S.A. | 3130 |
| 36460 | (a) | Lululemon Athletica, Inc | 8662 |
| 431981 |  | LVMH Moet Hennessy Louis Vuitton S.A. | 226090 |
| 173560 |  | Makalot Industrial Co Ltd | 1404 |
| 1290984 |  | Man Wah Holdings Ltd | 711 |
| 6442 | (a),(d) | Mariella Burani S.p.A. | 0^ |
| 28747 |  | Marimekko Oyj | 419 |
| 143389 | (a) | Mattel, Inc | 2828 |
| 7068567 | (c) | Mavi Giyim Sanayi Ve Ticaret AS. | 6830 |
| 140000 |  | Merida Industry Co Ltd | 494 |
| 2514112 |  | Merry Electronics Co Ltd | 9465 |
| 144300 |  | Midea Group Co Ltd | 1455 |
| 250400 |  | Midea Group Co Ltd | 2381 |
| 19681 |  | MIPS AB | 922 |
| 42300 |  | Mizuno Corp | 778 |
| 22223 | (a) | Mohawk Industries, Inc | 2330 |
| 1517234 |  | Moncler S.p.A | 86545 |
| 325700 | (a) | MRV Engenharia e Participacoes S.A. | 382 |
| 7600 | (b) | Nagawa Co Ltd | 326 |
| 19486 | (c) | Neinor Homes S.A. | 381 |
| 71678 |  | New Wave Group AB | 941 |
| 124448 |  | Nien Made Enterprise Co Ltd | 1735 |
| 1377707 |  | Nike, Inc (Class B) | 97872 |
| 188800 | (b) | Nikon Corp | 1936 |
| 650253 | (b) | Noritsu Koki Co Ltd | 6881 |
| 14724 | (a) | NVR, Inc | 108746 |
| 663965 | (a) | On Holding AG. | 34559 |
| 85300 |  | Onward Kashiyama Co Ltd | 352 |
| 54600 |  | Open House Group Co Ltd | 2469 |
| 19432 |  | Oppein Home Group, Inc | 153 |
| 126391 |  | Orient Electric Ltd | 330 |
| 119320 | (c) | OVS S.p.A | 520 |
| 3936 |  | Page Industries Ltd | 2268 |
| 640400 |  | Panasonic Corp | 6852 |
| 5671 |  | Pandora A.S. | 999 |
| 17691 |  | PDS Ltd | 84 |
| 402000 | (a),(d) | Peace Mark Holdings Ltd | 1 |
| 12202 |  | Pearl Global Industries Ltd | 213 |
| 1607355 | (a) | Peloton Interactive, Inc | 11155 |
| 267191 |  | Persimmon plc | 4753 |
| 20656 | (a),(d) | PIK Group (GDR) | 0^ |
| 1493006 | (a) | Pou Chen Corp | 1583 |

---

**35** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DURABLES & APPAREL (continued) |  |
| 4436305 |  | PRADA S.p.A | $27561 |
| 171478 |  | Pulte Homes, Inc | 18084 |
| 84947 |  | Puma AG. Rudolf Dassler Sport | 2322 |
| 50297 |  | Rajesh Exports Ltd | 118 |
| 20156 | (a) | Raymond Lifestyle Ltd | 308 |
| 43517 |  | Relaxo Footwears Ltd | 221 |
| 76500 |  | Rinnai Corp | 1897 |
| 7690 |  | Rocky Brands, Inc | 171 |
| 9500 |  | Roland Corp | 209 |
| 455027 |  | Ruentex Industries Ltd | 834 |
| 16656 |  | Safari Industries India Ltd | 419 |
| 29853 | (a),(b) | Salvatore Ferragamo S.p.A | 176 |
| 261224 |  | Sangetsu Co Ltd | 5356 |
| 137800 |  | Sankyo Co Ltd | 2551 |
| 12839 | (b) | Sanlorenzo S.p.A | 452 |
| 18410 |  | SEB S.A. | 1740 |
| 642400 |  | Sega Sammy Holdings, Inc | 15377 |
| 20900 |  | Seiko Holdings Corp | 634 |
| 112200 |  | Sekisui House Ltd | 2469 |
| 28007 | (a) | SharkNinja Global SPV Ltd | 2772 |
| 183200 | (a) | Sharp Corp | 891 |
| 30636 | (a) | Sheela Foam Ltd | 260 |
| 570938 |  | Shenzhou International Group Holdings Ltd | 4081 |
| 297899 |  | Shimano, Inc | 43190 |
| 225200 |  | Sichuan Changhong Electric Co Ltd | 306 |
| 32235 | (a) | Skyline Champion Corp | 2018 |
| 568000 |  | Skyworth Group Ltd | 222 |
| 21093230 |  | Sony Corp | 548430 |
| 25381 | (b),(c) | Spin Master Corp | 431 |
| 47000 |  | Sports Gear Co Ltd | 171 |
| 407000 |  | Stella International Holdings Ltd | 752 |
| 1344 |  | Steven Madden Ltd | 32 |
| 347691 | (b) | Sumitomo Forestry Co Ltd | 3511 |
| 71586 |  | Swan Energy Ltd | 373 |
| 2001 | (b) | Swatch Group AG. | 327 |
| 368667 |  | Symphony Ltd | 4622 |
| 1003000 |  | Tainan Spinning Co Ltd | 459 |
| 152000 |  | Taiwan Paiho Ltd | 281 |
| 74000 |  | Taiwan Sakura Corp | 217 |
| 13700 | (b) | Tama Home Co Ltd | 315 |
| 102400 | (b) | Tamron Co Ltd | 620 |
| 239136 |  | Tapestry, Inc | 20999 |
| 253766 | (a) | Taylor Morrison Home Corp | 15586 |
| 22188378 |  | Taylor Wimpey plc | 36183 |
| 767000 |  | TCL Electronics Holdings Ltd | 935 |
| 539650 | (c) | Technogym S.p.A | 7732 |
| 113127 |  | Tempur Sealy International, Inc | 7698 |
| 82560 | (c) | Thule Group AB | 2378 |
| 245543 | (a) | Titan Co Ltd | 10568 |
| 3990 |  | Token Corp | 391 |
| 326168 |  | Toll Brothers, Inc | 37226 |
| 64001 |  | Tomy Co Ltd | 1444 |
| 12391 | (a) | TopBuild Corp | 4011 |
| 36000 |  | Topkey Corp | 231 |
| 608921 | (a) | Tri Pointe Homes, Inc | 19455 |
| 1051807 |  | Trident Ltd | 384 |
| 44648 |  | TTK Prestige Ltd | 325 |
| 762450 | (a) | Under Armour, Inc (Class C) | 4948 |
| 47259 |  | Vaibhav Global Ltd | 132 |
| 82419 |  | Vardhman Textiles Ltd | 481 |
| 37252 |  | Vedant Fashions Ltd | 352 |
| 52655 | (a) | VIP Industries Ltd | 259 |

---

**36** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER DURABLES & APPAREL (continued) |  |
| 3168000 |  | Viva Goods Company Ltd | $164 |
| 100900 |  | Vivara Participacoes S.A. | 502 |
| 56700 |  | Vulcabras Azaleia S.A. | 220 |
| 27713 |  | Wacoal Holdings Corp | 954 |
| 170540 |  | Welspun India Ltd | 285 |
| 199040 | (b) | Whirlpool Corp | 20187 |
| 49893 |  | Whirlpool of India Ltd | 816 |
| 1187500 |  | Xtep International Holdings Ltd | 854 |
| 3079500 |  | Yamaha Corp | 22255 |
| 36043 | (a) | YETI Holdings, Inc | 1136 |
| 107409 | (b) | YIT Oyj | 301 |
| 45500 |  | Yonex Co Ltd | 915 |
| 16819 |  | Youngone Corp | 786 |
| 2511 |  | Youngone Holdings Co Ltd | 258 |
| 4876500 |  | Yue Yuen Industrial Holdings | 7481 |
| 14713 |  | Zhejiang Supor Co Ltd | 108 |
| 26900 |  | Zojirushi Corp | 249 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL | 2316352 |
|  |  | CONSUMER SERVICES - 2.1% |  |
| 5473630 |  | Abu Dhabi National Hotels | 742 |
| 364961 | (c) | AcadeMedia AB | 3220 |
| 729628 |  | Accor S.A. | 38239 |
| 522780 |  | ADT, Inc | 4428 |
| 12629 |  | Afya Ltd | 226 |
| 106656 | (a) | Airbnb, Inc | 14115 |
| 4458 |  | Alamar Foods | 67 |
| 1263243 |  | Alef Education Holding plc | 354 |
| 391000 | (a) | Alsea SAB de C.V. | 1062 |
| 736536 |  | Amadeus IT Holding S.A. | 62225 |
| 109000 |  | Ambassador Hotel | 165 |
| 2117648 |  | Americana Restaurants International plc | 1297 |
| 67715 |  | AmRest Holdings SE | 296 |
| 250981 |  | Aramark | 10509 |
| 6545321 | (e) | Arcos Dorados Holdings, Inc | 51643 |
| 437906 |  | Aristocrat Leisure Ltd | 18762 |
| 5111400 |  | Asset World Corp PCL | 282 |
| 17479 |  | Ataa Educational Co | 308 |
| 91600 | (a),(b) | Atom Corp | 420 |
| 25000 |  | Atour Lifestyle Holdings Ltd (ADR) | 813 |
| 63349 | (a) | Auction Technology Group plc | 396 |
| 35610 | (a),(b),(c) | Basic-Fit NV | 1085 |
| 535882 |  | Betsson AB | 11346 |
| 61565 |  | Booking Holdings, Inc | 356415 |
| 600925 |  | Boyd Gaming Corp | 47010 |
| 45388 | (a) | Bright Horizons Family Solutions, Inc | 5609 |
| 39722 | (a) | Brinker International, Inc | 7163 |
| 332000 |  | Cafe de Coral Holdings Ltd | 293 |
| 3431353 | (a) | Carnival Corp | 96490 |
| 616207 | (a) | Carnival plc | 15653 |
| 31928 | (a) | Cava Group, Inc | 2689 |
| 377500 |  | Central Plaza Hotel PCL | 281 |
| 65027 | (a) | Chalet Hotels Ltd | 699 |
| 491000 | (c) | China East Education Holdings Ltd | 419 |
| 849000 | (b) | China Education Group Holdings Ltd | 295 |
| 1836000 |  | China Travel International Inv HK | 349 |
| 2150396 | (a) | Chipotle Mexican Grill, Inc (Class A) | 120745 |
| 10514 |  | Cie des Alpes | 255 |
| 1379800 |  | Cogna Educacao S.A. | 714 |
| 76553 | (b) | Collins Foods Ltd | 468 |
| 70400 | (b) | Colowide Co Ltd | 926 |
| 2444693 |  | Compass Group plc | 82807 |
| 86723 | (b) | Corporate Travel Management Ltd | 790 |

---

**37** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER SERVICES (continued) |  |
| 30570 | (b) | Cracker Barrel Old Country Store, Inc | $1867 |
| 91600 |  | Create Restaurants Holdings, Inc | 905 |
| 141347 |  | Dalata Hotel Group plc | 1074 |
| 8128 |  | Darden Restaurants, Inc | 1772 |
| 734530 | (a),(c) | Deliveroo plc | 1773 |
| 117624 | (a),(c) | Delivery Hero SE | 3193 |
| 292520 | (a) | Devyani International Ltd | 573 |
| 950480 |  | DigiPlus Interactive Corp | 878 |
| 50142 | (b) | Domino's Pizza Enterprises Ltd | 636 |
| 245609 |  | Domino's Pizza Group plc | 868 |
| 2388 |  | Domino's Pizza, Inc | 1076 |
| 172802 | (a) | DoorDash, Inc | 42597 |
| 32436 |  | DoubleUGames Co Ltd | 1369 |
| 23118 |  | Doutor Nichires Holdings Co Ltd | 421 |
| 61700 | (a) | DPC Dash Ltd | 808 |
| 407311 | (a) | DraftKings, Inc | 17470 |
| 19303 | (a) | Duolingo, Inc | 7915 |
| 46741 | (a) | Dutch Bros, Inc | 3196 |
| 1146642 | (a) | Easy Trip Planners Ltd | 140 |
| 69714 | (a) | eDreams ODIGEO S.A. | 638 |
| 157036 |  | EIH Ltd | 676 |
| 1194319 | (a),(c) | Elior Group S.A. | 3650 |
| 898324 |  | Entain plc | 11126 |
| 191820 | (a) | Everi Holdings, Inc | 2731 |
| 107290 | (c) | Evolution AB | 8521 |
| 180980 |  | Expedia Group, Inc | 30528 |
| 5728 | (a) | Fattal Holdings 1998 Ltd | 996 |
| 605000 | (a),(b) | Fenbi Ltd | 189 |
| 134321 |  | Flight Centre Travel Group Ltd | 1102 |
| 143222 | (a),(b) | Flutter Entertainment plc | 40927 |
| 235959 | (a) | Flutter Entertainment plc | 67081 |
| 82993 |  | Food & Life Cos Ltd | 4036 |
| 32000 |  | Formosa International Hotels Corp | 210 |
| 181432 | (a) | Frontdoor, Inc | 10694 |
| 1149000 | (b) | Fu Shou Yuan International Group Ltd | 545 |
| 18499 |  | Fuji Kyuko Co Ltd | 267 |
| 4700 |  | Fujita Kanko, Inc | 363 |
| 571447 |  | G8 Education Ltd | 444 |
| 3248000 |  | Galaxy Entertainment Group Ltd | 14478 |
| 63200 | (a),(b) | GENDA,Inc | 383 |
| 1399997 |  | Genting BHD | 1014 |
| 1507600 |  | Genting Malaysia BHD | 691 |
| 4701200 | (b) | Genting Singapore Ltd | 2644 |
| 71000 |  | Gourmet Master Co Ltd | 199 |
| 12253 | (a) | Grand Canyon Education, Inc | 2316 |
| 28765 |  | Grand Korea Leisure Co Ltd | 322 |
| 251022 |  | Greggs plc | 6619 |
| 13897 | (a),(b) | Guzman y Gomez Ltd | 259 |
| 57352 |  | H&R Block, Inc | 3148 |
| 2837000 | (a),(b),(c) | Haichang Ocean Park Holdings Ltd | 286 |
| 1158776 | (c) | Haidilao International Holding Ltd | 2209 |
| 10172 |  | Hana Tour Service, Inc | 412 |
| 16123 |  | Hanjin Kal Corp | 1402 |
| 54719 | (a) | HBX Group International plc | 697 |
| 503089 |  | Heiwa Corp | 7335 |
| 19537 |  | Hiday Hidaka Corp | 448 |
| 482484 |  | Hilton Worldwide Holdings, Inc | 128505 |
| 42628 |  | HIS Co Ltd | 400 |
| 149434 |  | Hollywood Bowl Group plc | 517 |
| 233000 |  | Huangshan Tourism Development Co Ltd | 170 |
| 958229 | (b) | Huazhu Group Ltd (ADR) | 32503 |
| 1193000 |  | Humansoft Holding Co KSC | 9572 |

---

**38** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER SERVICES (continued) |  |
| 3287 | (b) | Hyatt Hotels Corp | $459 |
| 59500 |  | Ichibanya Co Ltd | 381 |
| 163025 | (b) | IDP Education Ltd | 395 |
| 51918 | (a) | IFA Hotels & Resorts-KPSC | 151 |
| 16900 |  | Imperial Hotel Ltd | 114 |
| 599508 |  | Indian Hotels Co Ltd | 5317 |
| 100891 |  | InterContinental Hotels Group plc | 11535 |
| 289117 |  | International Game Technology plc | 4571 |
| 249085 | (a) | Intralot S.A.-Integrated Lottery Systems & Services | 341 |
| 538273 | (a) | ITC Hotels Ltd | 1396 |
| 74972 | (a) | Jahez International Co | 560 |
| 724000 | (b),(c) | Jiumaojiu International Holdings Ltd | 259 |
| 344733 |  | Jollibee Foods Corp | 1322 |
| 251632 |  | Jubilant Foodworks Ltd | 2059 |
| 34833 | (a) | Juniper Hotels Ltd | 117 |
| 133340 | (a),(c) | Just Eat Takeaway.com NV | 3053 |
| 70598 |  | Kangwon Land, Inc | 956 |
| 33600 |  | KOMEDA Holdings Co Ltd | 693 |
| 41094 | (b) | Koshidaka Holdings Co Ltd | 320 |
| 17804 | (b) | Kura Sushi, Inc | 437 |
| 47966 | (b) | Kyoritsu Maintenance Co Ltd | 1171 |
| 7048 | (c) | La Francaise des Jeux SAEM | 277 |
| 1083444 |  | Las Vegas Sands Corp | 47141 |
| 529977 | (a) | Laureate Education, Inc | 12391 |
| 82670 | (a) | Le Travenues Technology Ltd | 170 |
| 20329 |  | Leejam Sports Co JSC | 703 |
| 279607 | (a),(c) | Lemon Tree Hotels Ltd | 457 |
| 494207 | (a) | Life Time Group Holdings, Inc | 14989 |
| 330 | (a) | Light & Wonder, Inc | 32 |
| 56525 | (a) | Lindblad Expeditions Holdings, Inc | 660 |
| 1730454 |  | Lottery Corp Ltd | 6070 |
| 189881 |  | Lottomatica Group Spa | 5270 |
| 94000 |  | Lung Yen Life Service Corp | 202 |
| 68987 | (a) | Mahindra Holidays & Resorts India Ltd | 272 |
| 69564 |  | Marriott International, Inc (Class A) | 19006 |
| 6600 |  | Matsuyafoods Holdings Co Ltd | 271 |
| 715216 |  | McDonald's Corp | 208965 |
| 127800 |  | McDonald's Holdings Co Japan Ltd | 5286 |
| 161422 |  | Me Group International plc | 509 |
| 4619133 | (a),(c) | Meituan | 74304 |
| 4201830 | (a) | Melco Crown Entertainment Ltd (ADR) | 30379 |
| 537817 | (a),(b) | Melco International Development | 277 |
| 226800 | (a),(b) | Metaplanet, Inc | 2590 |
| 15759 | (a) | MGM Resorts International | 542 |
| 2349500 |  | Minor International PCL | 1681 |
| 185501 | (a) | Mitchells & Butlers plc | 730 |
| 25002 | (b) | Monogatari Corp | 677 |
| 18800 |  | MOS Food Services, Inc | 484 |
| 15215 |  | MTY Food Group, Inc | 475 |
| 14061 |  | National Co for Learning & Education | 603 |
| 369941 | (a),(b) | Nerdy, Inc | 603 |
| 848440 |  | New Oriental Education & Technology Group, Inc | 4582 |
| 61234 |  | NIIT Learning Systems Ltd | 240 |
| 293800 |  | Ohsho Food Service Corp | 7755 |
| 173100 |  | OneSpaWorld Holdings Ltd | 3529 |
| 126623 |  | OPAP S.A. | 2871 |
| 438300 |  | Oriental Land Co Ltd | 10095 |
| 41856 |  | Paradise Co Ltd | 473 |
| 41473 |  | Pearson plc | 611 |
| 103830 |  | Perdoceo Education Corp | 3394 |
| 125019 | (a) | Pierre & Vacances | 259 |
| 36201 | (a) | Planet Fitness, Inc | 3948 |

---

**39** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER SERVICES (continued) |  |
| 170751 |  | Playtech PLC | $881 |
| 152352 | (a) | Potbelly Corp | 1866 |
| 131100 |  | Resorttrust, Inc | 1601 |
| 276062 | (a) | Restaurant Brands Asia Ltd | 266 |
| 239140 | (b) | Restaurant Brands International, Inc | 15863 |
| 130883 |  | Round One Corp | 1336 |
| 192186 | (b) | Royal Caribbean Cruises Ltd | 60181 |
| 25700 | (b) | Royal Holdings Co Ltd | 469 |
| 1140920 | (a) | Rush Street Interactive, Inc | 17000 |
| 23200 | (b) | Saizeriya Co Ltd | 804 |
| 1887159 |  | Sands China Ltd | 3944 |
| 163818 | (a) | Sapphire Foods India Ltd | 628 |
| 993396 | (c) | Scandic Hotels Group AB | 8663 |
| 118740 | (a) | Seera Group Holding | 804 |
| 59152 |  | Service Corp International | 4815 |
| 66133 | (a) | Shake Shack, Inc | 9298 |
| 192900 |  | SISB PCL | 86 |
| 2345000 | (a),(b) | SJM Holdings Ltd | 757 |
| 30584 | (b) | SkiStar AB | 501 |
| 171582 | (b) | Skylark Holdings Co Ltd | 3592 |
| 246300 |  | Smartfit Escola de Ginastica e Danca S.A. | 1126 |
| 137934 |  | Sodexho Alliance S.A. | 8489 |
| 87043 |  | Sol Melia S.A. | 731 |
| 595683 |  | SSP Group PLC | 1411 |
| 3218583 |  | Starbucks Corp | 294919 |
| 145096 |  | Strategic Education, Inc | 12352 |
| 9900 | (a) | Stride, Inc | 1437 |
| 1092848 |  | Super Group SGHC Ltd | 11989 |
| 1495000 | (a),(b) | Super Hi International Holding Ltd | 2942 |
| 163253 |  | Taaleem Holdings PJSC | 185 |
| 32117 |  | TAB Gida Sanayi Ve Ticaret AS. | 143 |
| 1643276 |  | TABCORP Holdings Ltd | 773 |
| 285683 | (a) | TAL Education Group (ADR) | 2920 |
| 25366 | (a) | Tbo Tek Ltd | 414 |
| 162503 |  | Texas Roadhouse, Inc (Class A) | 30455 |
| 100588 |  | Thomas Cook India Ltd | 192 |
| 976000 |  | Tianli Education International Holdings Ltd | 566 |
| 10885 |  | Tokyotokeiba Co Ltd | 360 |
| 887220 |  | Tongcheng Travel Holdings Ltd | 2219 |
| 38159 |  | Toridoll Holdings Corp | 1103 |
| 308650 | (a),(c) | Trainline plc | 1186 |
| 99300 |  | Travel & Leisure Co | 5125 |
| 680219 |  | Travelsky Technology Ltd | 912 |
| 561950 |  | Trip.com Group Ltd | 32910 |
| 1577470 | (a) | TUI AG. | 13824 |
| 298456 | (a) | Webjet Ltd | 873 |
| 150590 |  | Wendy's Co | 1720 |
| 51621 | (a) | Westlife Foodworld Ltd | 449 |
| 67280 |  | Wetherspoon (J.D.) plc | 715 |
| 193317 |  | Whitbread plc | 7502 |
| 147706 |  | Wingstop, Inc | 49738 |
| 7954 |  | Wonderla Holidays Ltd | 59 |
| 90075 |  | Wowprime Corp | 765 |
| 391599 |  | Wyndham Hotels & Resorts, Inc | 31802 |
| 43614600 | (b) | Wynn Macau Ltd | 30186 |
| 306593 |  | Wynn Resorts Ltd | 28719 |
| 50619 | (b) | Yoshinoya D&C Co Ltd | 1099 |
| 25094 | (b) | Young & Co's Brewery plc | 331 |
| 258627 |  | Yum China Holdings, Inc | 11563 |
| 19448 |  | Yum! Brands, Inc | 2882 |
| 6600 |  | Zensho Co Ltd | 399 |

---

**40** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER SERVICES (continued) |  |
| 3951262 | (a) | Zomato Ltd | $12169 |
|  |  | TOTAL CONSUMER SERVICES | 2704243 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% |  |
| 285353 |  | Abdullah Al Othaim Markets Co | 592 |
| 45200 |  | Aeon Co Ltd | 1386 |
| 27600 |  | Aeon Hokkaido Corp | 170 |
| 20383 |  | Ain Holdings, Inc | 769 |
| 76556 |  | Al Meera Consumer Goods Co QSC | 309 |
| 89828 |  | Albertsons Cos, Inc | 1932 |
| 23929 |  | Al-Dawaa Medical Services Co | 500 |
| 3941829 | (a),(b) | Alibaba Health Information Technology Ltd | 2392 |
| 1191646 |  | Alimentation Couche-Tard, Inc | 59234 |
| 48881936 |  | Almacenes Exito S.A. | 32726 |
| 11070 |  | Almunajem Foods Co | 212 |
| 21479 |  | Arcs Co Ltd | 445 |
| 112709 | (a),(c) | Avenue Supermarts Ltd | 5749 |
| 83489 |  | Axfood AB | 2468 |
| 84120 |  | Axial Retailing, Inc | 657 |
| 8300 |  | Belc Co Ltd | 427 |
| 551600 |  | Berli Jucker PCL | 325 |
| 7127 |  | BGF retail Co Ltd | 638 |
| 229855 |  | Bid Corp Ltd | 6069 |
| 1928808 |  | BIM Birlesik Magazalar AS | 23966 |
| 184333 |  | BinDawood Holding Co | 300 |
| 101139 | (a) | BJ's Wholesale Club Holdings, Inc | 10906 |
| 78631 | (a),(b) | Boxer Retail Ltd | 308 |
| 37516 |  | Carrefour S.A. | 529 |
| 41854 |  | Casey's General Stores, Inc | 21357 |
| 895601 |  | Cencosud S.A. | 3047 |
| 96670 | (a) | Chefs' Warehouse, Inc | 6169 |
| 333400 | (a),(d) | Chongqing Hongjiu Fruit Co Ltd | 18 |
| 26282194 | (a),(e) | Cia Brasileira de Distribuicao | 14899 |
| 162572 |  | Clicks Group Ltd | 3407 |
| 1042746 |  | Coles Group Ltd | 14298 |
| 104304 |  | Colruyt S.A. | 4514 |
| 30400 |  | Cosmos Pharmaceutical Corp | 1929 |
| 765023 |  | Costco Wholesale Corp | 757327 |
| 3895616 |  | CP ALL plc | 5276 |
| 1414827 |  | CP AXTRA PCL | 780 |
| 20900 |  | Create SD Holdings Co Ltd | 465 |
| 4418 | (b) | Daikokutenbussan Co Ltd | 215 |
| 256400 |  | DFI Retail Group Holdings Ltd | 708 |
| 33589 | (a),(c) | Dino Polska S.A. | 4908 |
| 368643 | (c) | Dis-Chem Pharmacies Ltd | 673 |
| 10820 | (a) | Distribuidora Internacional de Alimentacion S.A. | 342 |
| 15212 |  | Dollar General Corp | 1740 |
| 14127 | (a) | Dollar Tree, Inc | 1399 |
| 27214 |  | Dongsuh Cos, Inc | 571 |
| 260000 | (a),(b),(c) | East Buy Holding Ltd | 394 |
| 15202 |  | E-MART, Inc | 961 |
| 99018 |  | Empire Co Ltd | 4109 |
| 1844088 |  | Endeavour Group Ltd | 4868 |
| 20300 |  | Fuji Co Ltd | 280 |
| 13400 |  | Genky DrugStores Co Ltd | 355 |
| 44910 |  | George Weston Ltd | 9007 |
| 169572 |  | GrainCorp Ltd-A | 869 |
| 24992 | (a) | Grainturk Tarim AS. | 209 |
| 41734 |  | Great Tree Pharmacy Co Ltd | 215 |
| 194200 | (b) | Grupo Comercial Chedraui S.a. DE C.V. | 1542 |
| 421200 |  | Grupo Mateus S.A. | 633 |
| 26349 |  | GS Retail Co Ltd | 324 |
| 467986 | (a),(b) | Guardian Pharmacy Services, Inc | 9973 |

---

**41** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) |  |
| 6100 |  | Halows Co Ltd | $204 |
| 71125 |  | Hankyu Department Stores, Inc | 933 |
| 15958 |  | Heiwado Co Ltd | 313 |
| 182908 | (a) | HelloFresh SE | 1718 |
| 2770 |  | Itochu-Shokuhin Co Ltd | 190 |
| 122289 |  | J Sainsbury plc | 487 |
| 779950 | (a),(c) | JD Health International, Inc | 4296 |
| 1840061 |  | Jeronimo Martins SGPS S.A. | 46586 |
| 16723 |  | Kato Sangyo Co Ltd | 638 |
| 18892 |  | Kesko Oyj (B Shares) | 466 |
| 114600 |  | Kobe Bussan Co Ltd | 3559 |
| 64283 |  | Koninklijke Ahold Delhaize NV | 2685 |
| 47541 |  | Kroger Co | 3410 |
| 32402 |  | Kusuri no Aoki Holdings Co Ltd | 816 |
| 1097361 | (b) | La Comer SAB de C.V. | 2405 |
| 27292 |  | Life Corp | 419 |
| 115643 |  | Loblaw Cos Ltd | 19129 |
| 4053 |  | M Yochananof & Sons Ltd | 371 |
| 71541 | (a) | Maplebear, Inc | 3237 |
| 141869 |  | Marks & Spencer Group plc | 690 |
| 23973 | (b) | MARR S.p.A. | 274 |
| 1574200 |  | Matsumotokiyoshi Holdings Co Ltd | 32382 |
| 45300 |  | Maxvalu Tokai Co Ltd | 1008 |
| 40870 | (a) | Medplus Health Services Ltd | 431 |
| 787125 |  | Metcash Ltd | 2026 |
| 160567 |  | Metro, Inc | 12613 |
| 5014800 |  | Midi Utama Indonesia Tbk PT | 130 |
| 73969 |  | Migros Ticaret AS | 919 |
| 26936 |  | Nahdi Medical Co | 917 |
| 37438 |  | North West Co, Inc | 1327 |
| 410501 | (a) | Ocado Group plc | 1280 |
| 794744 | (b) | Olam Group Ltd | 595 |
| 524650 | (a) | Performance Food Group Co | 45891 |
| 449753 | (a),(b) | Pick'n Pay Stores Ltd | 681 |
| 531200 | (c) | Ping An Healthcare and Technology Co Ltd | 595 |
| 388195 |  | President Chain Store Corp | 3404 |
| 964800 | (a) | Puregold Price Club, Inc | 617 |
| 862824 |  | Raia Drogasil S.A. | 2401 |
| 6606 |  | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd | 638 |
| 12111 | (a),(b),(c) | Redcare Pharmacy NV | 1340 |
| 257250 |  | Robinsons Retail Holdings, Inc | 177 |
| 12541 |  | Ryoshoku Ltd | 551 |
| 30200 |  | San-A Co Ltd | 619 |
| 13686616 |  | Sendas Distribuidora S.A. | 28365 |
| 4191197 |  | Seven & I Holdings Co Ltd | 67459 |
| 1803310 |  | Sheng Siong Group Ltd | 2654 |
| 346711 |  | Shoprite Holdings Ltd | 5424 |
| 149082 |  | Shufersal Ltd | 1714 |
| 11072 |  | Sligro Food Group NV | 188 |
| 2263019 |  | SMU S.A. | 406 |
| 244733 |  | Sok Marketler Ticaret AS. | 214 |
| 4052317 |  | Sonae SPGS S.A. | 5766 |
| 154048 | (a),(b) | SPAR Group Ltd | 938 |
| 14270 |  | SpartanNash Co | 378 |
| 606790 |  | Spinneys 1961 Holding plc | 246 |
| 66635 | (a) | Sprouts Farmers Market, Inc | 10971 |
| 79688 |  | Sugi Pharmacy Co Ltd | 1822 |
| 13420600 |  | Sumber Alfaria Trijaya Tbk PT | 1977 |
| 1838000 |  | Sun Art Retail Group Ltd | 537 |
| 54500 |  | Sundrug Co Ltd | 1706 |
| 33979 |  | Sysco Corp | 2574 |
| 31865 |  | Target Corp | 3144 |

---

**42** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) |  |
| 23120128 |  | Tesco plc | $127473 |
| 26100 | (b) | Trial Holdings, Inc | 418 |
| 28100 | (b) | Tsuruha Holdings, Inc | 2193 |
| 248416 | (a) | United Natural Foods, Inc | 5791 |
| 59250 |  | United Super Markets Holdings, Inc | 375 |
| 110670 | (a) | US Foods Holding Corp | 8523 |
| 26194 |  | Valor Co Ltd | 458 |
| 223076 |  | Walgreens Boots Alliance, Inc | 2561 |
| 3605533 |  | Wal-Mart de Mexico SAB de C.V. | 11942 |
| 9097129 |  | Walmart, Inc | 889517 |
| 72900 |  | Welcia Holdings Co Ltd | 1284 |
| 949745 |  | Woolworths Ltd | 19454 |
| 13400 |  | Yaoko Co Ltd | 884 |
| 40830 |  | Yifeng Pharmacy Chain Co Ltd | 140 |
| 468500 |  | Yonghui Superstores Co Ltd | 322 |
| 204644 | (a) | Zabka Group S.A. | 1230 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 2443206 |
|  |  | ENERGY - 3.5% |  |
| 8483861 |  | Adaro Energy Indonesia Tbk PT | 958 |
| 230739 |  | Ades Holding Co | 843 |
| 2225339 |  | ADNOC Drilling Co PJSC | 3454 |
| 4204382 |  | Adnoc Gas plc | 3915 |
| 127262 | (a) | Advantage Energy Ltd | 1106 |
| 111057 |  | Aegis Logistics Ltd | 1005 |
| 276966 |  | Aker BP ASA | 7078 |
| 229315 |  | Aker Solutions ASA | 791 |
| 6220400 |  | AKR Corporindo Tbk PT | 444 |
| 179721 |  | Ampol Ltd | 3046 |
| 180474 |  | Antero Midstream Corp | 3420 |
| 164899 | (a) | Antero Resources Corp | 6642 |
| 552588 |  | APA Corp | 10107 |
| 14275 |  | Arabian Drilling Co | 304 |
| 490085 |  | ARC Resources Ltd | 10333 |
| 405708 |  | Archrock, Inc | 10074 |
| 384123 | (a) | Athabasca Oil Corp | 1591 |
| 580229 | (b) | Atlas Energy Solutions, Inc | 7758 |
| 1673893 |  | Baker Hughes Co | 64177 |
| 488200 |  | Bangchak Corp PCL | 458 |
| 6647200 |  | Banpu PCL (Foreign) | 823 |
| 547326 |  | Baytex Energy Corp | 981 |
| 1244923 |  | Beach Petroleum Ltd | 1080 |
| 1067563 |  | Bharat Petroleum Corp Ltd | 4134 |
| 206136 | (b) | Birchcliff Energy Ltd | 1131 |
| 47550 | (a) | BKV Corp | 1147 |
| 18623 |  | BLUENORD ASA | 911 |
| 315873 | (a),(b) | Boss Energy Ltd | 975 |
| 17533166 |  | BP plc | 87355 |
| 282352 | (a) | Brava Energia | 904 |
| 4650000 | (a),(d) | Brightoil Petroleum Holdings Ltd | 6 |
| 20938 | (a) | Bristow Group, Inc | 690 |
| 2542000 |  | Bumi Armada Bhd | 272 |
| 45529300 | (a) | Bumi Resources Minerals Tbk PT | 1116 |
| 66798 | (c) | BW LPG Ltd | 786 |
| 69135 |  | BW Offshore Ltd | 207 |
| 512282 |  | Cabot Oil & Gas Corp | 13002 |
| 16450 |  | Cactus, Inc | 719 |
| 140131 |  | California Resources Corp | 6400 |
| 246305 | (b) | Cameco Corp | 18283 |
| 363424 |  | Cameco Corp | 26990 |
| 1754896 |  | Canadian Natural Resources Ltd | 55157 |
| 106618 | (b) | Cardinal Energy Ltd | 528 |
| 1142488 |  | Cenovus Energy, Inc (Toronto) | 15546 |

---

**43** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | ENERGY (continued) |  |
| 183331 |  | CES Energy Solutions Corp | $893 |
| 2145000 | (b) | CGN Mining Co Ltd | 666 |
| 206329 |  | ChampionX Corp | 5125 |
| 263448 |  | Cheniere Energy, Inc | 64155 |
| 35868 |  | Chennai Petroleum Corp Ltd | 284 |
| 216263 |  | Chesapeake Energy Corp | 25290 |
| 2426191 |  | Chevron Corp | 347406 |
| 1473000 |  | China Coal Energy Co | 1705 |
| 349400 |  | China Merchants Energy Shipping Co Ltd | 306 |
| 1245122 |  | China Oilfield Services Ltd | 1023 |
| 16558000 |  | China Petroleum & Chemical Corp | 8687 |
| 1338900 |  | China Petroleum & Chemical Corp | 1054 |
| 272276 |  | China Shenhua Energy Co Ltd - A | 1541 |
| 2334455 | (b) | China Shenhua Energy Co Ltd - H | 9071 |
| 88999 |  | Chord Energy Corp | 8620 |
| 40544 |  | Civitas Resources, Inc | 1116 |
| 304200 |  | CNOOC Energy Technology & Services Ltd | 173 |
| 215385 | (a) | CNX Resources Corp | 7254 |
| 1300345 |  | Coal India Ltd | 5946 |
| 118 | (a),(d) | Cobalt International Energy, Inc | 0^ |
| 1902780 |  | ConocoPhillips | 170755 |
| 812900 |  | Cosan SA Industria e Comercio | 1026 |
| 124493 |  | COSCO SHIPPING Energy Transportation Co Ltd | 180 |
| 39958 |  | Cosmo Energy Holdings Co Ltd | 1711 |
| 242000 | (b) | Dalipal Holdings Ltd | 172 |
| 41843 |  | d'Amico International Shipping S.A. | 170 |
| 4168980 |  | Dana Gas PJSC | 837 |
| 702646 | (a),(b) | Deep Yellow Ltd | 775 |
| 6869 |  | Delek Group Ltd | 1424 |
| 46718 |  | Delek US Holdings, Inc | 989 |
| 674581 | (a) | Denison Mines Corp | 1233 |
| 436348 |  | Devon Energy Corp | 13880 |
| 140300 |  | DHT Holdings, Inc | 1517 |
| 2625000 |  | Dialog Group Bhd | 985 |
| 405319 |  | Diamondback Energy, Inc | 55691 |
| 41952 | (b) | Diversified Energy Co plc | 625 |
| 37620 |  | Diversified Energy Co plc | 552 |
| 378915 |  | DNO International ASA | 483 |
| 104218 | (a) | DOF Group ASA | 920 |
| 54983 |  | DT Midstream, Inc | 6043 |
| 1819311 |  | Enbridge, Inc | 82499 |
| 2272501 |  | ENEOS Holdings, Inc | 11264 |
| 98710 |  | Enerflex Ltd | 779 |
| 104094 |  | Energean plc | 1302 |
| 1168600 | (a),(d) | Energy Earth PCL | 0^ |
| 137896 | (a),(b) | Energy Fuels, Inc | 797 |
| 1 |  | Energy Transfer LP | 0^ |
| 2016403 |  | ENI S.p.A. | 32573 |
| 943399 |  | EOG Resources, Inc | 112840 |
| 538017 |  | EQT Corp | 31377 |
| 1409402 |  | Equinor ASA | 35593 |
| 16113 | (a) | Equital Ltd | 746 |
| 2085 | (b) | Esso SA Francaise | 369 |
| 52644 |  | Etablissements Maurel et Prom | 298 |
| 153820 |  | Exxaro Resources Ltd | 1277 |
| 7343849 |  | Exxon Mobil Corp | 791667 |
| 25213 |  | FLEX LNG Ltd | 562 |
| 97018 | (b) | Freehold Royalties Ltd | 911 |
| 4606 |  | Friedrich Vorwerk Group SE | 318 |
| 108993 |  | Frontline plc | 1797 |
| 426358 |  | FutureFuel Corp | 1654 |
| 407901 |  | Galp Energia SGPS S.A. | 7467 |

---

**44** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | ENERGY (continued) |  |
| 26391 |  | Gaztransport Et Technigaz S.A. | $5221 |
| 280180 | (a),(b) | Gevo, Inc | 370 |
| 121078 | (b) | Gibson Energy, Inc | 2125 |
| 198862 | (b) | Golar LNG Ltd | 8191 |
| 539013 | (b) | Granite Ridge Resources, Inc | 3434 |
| 74171 |  | Great Eastern Shipping Co Ltd | 847 |
| 271086 | (a) | Guanghui Energy Co Ltd | 228 |
| 42506 |  | Gujarat Mineral Development Corp Ltd | 204 |
| 906027 |  | Gulf International Services QSC | 796 |
| 29397 | (a) | Gulfport Energy Operating Corp | 5914 |
| 232951 |  | Hafnia Ltd | 1172 |
| 240470 | (a) | Hallador Energy Co | 3807 |
| 229570 |  | Halliburton Co | 4679 |
| 434582 |  | Harbour Energy plc | 1165 |
| 30028 |  | HD Hyundai Co Ltd | 2877 |
| 175642 | (b) | Headwater Exploration, Inc | 868 |
| 71944 |  | Hellenic Petroleum S.A. | 698 |
| 314607 |  | Hess Corp | 43586 |
| 253949 |  | HF Sinclair Corp | 10432 |
| 676136 |  | Hindustan Petroleum Corp Ltd | 3455 |
| 767467 |  | Hunting plc | 3173 |
| 123300 |  | Idemitsu Kosan Co Ltd | 748 |
| 149222 | (b) | Imperial Oil Ltd | 11854 |
| 1993359 |  | Indian Oil Corp Ltd | 3417 |
| 155800 |  | Indo Tambangraya Megah Tbk PT | 211 |
| 98200 |  | Inner Mongolia Dian Tou Energy Corp Ltd | 271 |
| 652400 |  | Inner Mongolia Yitai Coal Co | 1293 |
| 734400 | (b) | Inpex Holdings, Inc | 10309 |
| 59356 | (a) | International Petroleum Corp | 971 |
| 9554786 |  | IRPC PCL (Foreign) | 224 |
| 35350 |  | Itochu Enex Co Ltd | 423 |
| 140788 |  | Iwatani International Corp | 1496 |
| 95685 |  | Japan Petroleum Exploration Co | 673 |
| 571922 |  | Karoon Energy Ltd | 722 |
| 130199 | (a) | Kelt Exploration Ltd | 702 |
| 191004 | (b) | Keyera Corp | 6247 |
| 1358490 |  | Kinder Morgan, Inc | 39940 |
| 2352000 |  | Kinetic Development Group Ltd | 339 |
| 5405 |  | Kinetik Holdings, Inc | 238 |
| 44065 |  | Koninklijke Vopak NV | 2189 |
| 27550 | (a) | Lightbridge Corp | 368 |
| 372590 |  | Magnolia Oil & Gas Corp | 8376 |
| 230507 |  | Marathon Petroleum Corp | 38290 |
| 487862 |  | Matador Resources Co | 23281 |
| 5448300 |  | Medco Energi Internasional Tbk PT | 418 |
| 231459 | (b) | MEG Energy Corp | 4373 |
| 341817 |  | Meren Energy, Inc | 419 |
| 19300 |  | Mitsuuroko Co Ltd | 254 |
| 36130 | (b) | Modec, Inc | 1549 |
| 282129 |  | MOL Hungarian Oil & Gas plc | 2458 |
| 47615 |  | Motor Oil Hellas Corinth Refineries S.A. | 1328 |
| 361559 |  | Neste Oil Oyj | 4900 |
| 383037 |  | New Hope Corp Ltd | 933 |
| 406142 | (a),(b) | NexGen Energy Ltd | 2821 |
| 133357 | (a) | NextDecade Corp | 1188 |
| 580808 |  | NMDC Energy | 378 |
| 80900 |  | Noble Corp plc | 2148 |
| 559097 | (b) | Nordic American Tankers Ltd | 1470 |
| 19243 | (b) | North American Construction Group Ltd | 308 |
| 749249 |  | Northern Oil and Gas, Inc | 21241 |
| 1495800 |  | NOV, Inc | 18593 |
| 121992 | (a) | NuVista Energy Ltd | 1342 |

---

**45** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | ENERGY (continued) |  |
| 470585 |  | Occidental Petroleum Corp | $19769 |
| 50850 | (a) | Oceaneering International, Inc | 1054 |
| 64758 |  | Odfjell Drilling Ltd | 429 |
| 2184360 |  | Oil & Natural Gas Corp Ltd | 6221 |
| 291534 |  | Oil India Ltd | 1476 |
| 1622188 |  | Oil Refineries Ltd | 438 |
| 343750 | (a) | Oil States International, Inc | 1843 |
| 104350 |  | OMV AG. | 5675 |
| 421188 |  | ONEOK, Inc | 34382 |
| 184558 |  | Ovintiv, Inc | 7022 |
| 301476 | (a),(b) | Paladin Resources Ltd | 1607 |
| 107370 | (a) | Par Pacific Holdings, Inc | 2849 |
| 59888 | (b) | Paramount Resources Ltd (Class A) | 953 |
| 68911 |  | Paratus Energy Services Ltd | 237 |
| 74856 |  | Parex Resources, Inc | 765 |
| 118125 |  | Parkland Corp | 3341 |
| 52611 |  | Pason Systems, Inc | 474 |
| 568900 |  | Patterson-UTI Energy, Inc | 3374 |
| 7080 |  | Paz Oil Co Ltd | 1295 |
| 628856 |  | PBF Energy, Inc | 13627 |
| 100740 |  | Peabody Energy Corp | 1352 |
| 485883 | (b) | Pembina Pipeline Corp | 18244 |
| 4245322 |  | Permian Resources Corp | 57821 |
| 581600 | (a) | Petro Rio S.A. | 4539 |
| 891900 |  | PetroChina Co Ltd | 1064 |
| 14528000 |  | PetroChina Co Ltd | 12520 |
| 2557195 |  | Petroleo Brasileiro S.A. | 16045 |
| 3181027 |  | Petroleo Brasileiro S.A. (Preference) | 18373 |
| 215680 |  | Petronas Dagangan BHD | 1103 |
| 553824 |  | Petronet LNG Ltd | 1950 |
| 124500 |  | Petroreconcavo S.A. | 328 |
| 150100 | (b) | Peyto Exploration & Development Corp | 2144 |
| 291190 |  | Phillips 66 | 34739 |
| 399319 |  | Polski Koncern Naftowy Orlen S.A. | 9101 |
| 100100 | (a),(d) | Poseidon Concepts Corp | 1 |
| 160311 | (b) | PrairieSky Royalty Ltd | 2781 |
| 10446 | (a),(b) | Precision Drilling Corp | 495 |
| 91377400 | (a) | PT Bumi Resources Tbk | 670 |
| 3335400 |  | PT Tambang Batubara Bukit Asam Tbk | 506 |
| 1026806 |  | PT United Tractors Tbk | 1356 |
| 1096348 |  | PTT Exploration & Production PCL | 3695 |
| 7620609 |  | PTT PCL | 7037 |
| 407466 |  | Qatar Fuel QSC | 1676 |
| 1980225 |  | Qatar Gas Transport Co Ltd | 2698 |
| 125564 |  | Range Resources Corp | 5107 |
| 18213806 |  | Reliance Industries Ltd | 318800 |
| 1032298 | (b) | Repsol YPF S.A. | 15099 |
| 977916 | (b) | Saipem S.p.A | 2673 |
| 38652 |  | San-Ai Oil Co Ltd | 486 |
| 166676 |  | SandRidge Energy, Inc | 1803 |
| 2739053 |  | Santos Ltd | 13810 |
| 7951840 | (c) | Saudi Arabian Oil Co | 51559 |
| 105321 |  | SBM Offshore NV | 2785 |
| 733154 |  | Schlumberger Ltd | 24781 |
| 6768 |  | Schoeller-Bleckmann Oilfield Equipment AG. | 241 |
| 9955 | (a) | Seadrill Ltd | 261 |
| 148190 | (b) | Secure Waste Infrastructure Corp | 1694 |
| 2853500 |  | Semirara Mining & Power Corp | 1672 |
| 198333 |  | Serica Energy plc | 432 |
| 50 | (a),(d) | Serval Integrated Energy Services | 0^ |
| 396238 |  | Shaanxi Coal Industry Co Ltd | 1064 |
| 115586 |  | Shanxi Lu'an Environmental Energy Development Co Ltd | 170 |

---

**46** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | ENERGY (continued) |  |
| 210399 |  | Shanxi Xishan Coal & Electricity Power Co Ltd | $188 |
| 14605735 |  | Shell plc | 509587 |
| 967979 |  | Shell plc (ADR) | 68155 |
| 1236000 |  | Sinopec Kantons Holdings Ltd | 717 |
| 165700 |  | Sitio Royalties Corp | 3046 |
| 7350 |  | SK Discovery Co Ltd | 320 |
| 1551 |  | SK Gas Ltd | 296 |
| 46775 |  | SK Innovation Co Ltd | 4240 |
| 222810 |  | SM Energy Co | 5506 |
| 29283 |  | S-Oil Corp | 1298 |
| 155622 | (b) | South Bow Corp | 4040 |
| 1735500 |  | Star Petroleum Refining PCL | 270 |
| 171904 |  | Subsea 7 S.A. | 3227 |
| 1036351 |  | Suncor Energy, Inc | 38821 |
| 25900 | (c) | Tamar Petroleum Ltd | 319 |
| 386359 |  | Tamarack Valley Energy Ltd | 1370 |
| 123441 | (a) | Tamboran Resources Corp | 2632 |
| 146525 |  | Targa Resources Corp | 25507 |
| 867435 | (b) | TC Energy Corp | 42348 |
| 1593623 |  | Technip Energies NV | 67048 |
| 524837 |  | TechnipFMC plc | 18075 |
| 34399 | (a) | Tecnicas Reunidas S.A. | 794 |
| 287959 |  | Tenaris S.A. | 5398 |
| 12591 |  | TerraVest Industries, Inc | 1564 |
| 469420 | (a) | Tetra Technologies, Inc | 1577 |
| 7968 |  | Texas Pacific Land Corp | 8417 |
| 150389 |  | TGS Nopec Geophysical Co ASA | 1283 |
| 734300 |  | Thai Oil PCL | 611 |
| 108494 |  | Thungela Resources Ltd | 520 |
| 253144 | (b) | Topaz Energy Corp | 4770 |
| 46727 | (b) | TORM plc | 788 |
| 2518353 |  | Total S.A. | 153928 |
| 296845 |  | Tourmaline Oil Corp | 14322 |
| 587450 | (a),(b) | Transocean Ltd | 1521 |
| 123730 | (b) | Trican Well Service Ltd | 410 |
| 655872 |  | Turkiye Petrol Rafinerileri AS | 2306 |
| 504961 |  | Ultrapar Participacoes S.A. | 1630 |
| 5068000 |  | United Energy Group Ltd | 336 |
| 968823 |  | Valero Energy Corp | 130229 |
| 123389 | (b) | Vallourec S.A. | 2276 |
| 15626 |  | VERBIO Vereinigte BioEnergie AG. | 225 |
| 121343 | (b) | Vermilion Energy, Inc | 886 |
| 53997 |  | Viper Energy Partners LP | 2059 |
| 861188 | (c) | Viva Energy Group Ltd | 1225 |
| 82100 |  | Weatherford International plc | 4130 |
| 858940 | (b) | Whitecap Resources, Inc | 5771 |
| 630240 |  | Whitehaven Coal Ltd | 2250 |
| 853127 |  | Williams Cos, Inc | 53585 |
| 1601270 |  | Woodside Energy Group Ltd | 24735 |
| 73150 |  | World Fuel Services Corp | 2074 |
| 284481 | (b) | Yancoal Australia Ltd | 1081 |
| 46033 |  | Yantai Jereh Oilfield Services Group Co Ltd | 225 |
| 2253502 | (b) | Yanzhou Coal Mining Co Ltd | 2243 |
| 235088 |  | Yanzhou Coal Mining Co Ltd (Class A) | 399 |
| 164935 | (a),(c) | Yellow Cake plc | 1191 |
| 891060 |  | Yinson Holdings BHD | 497 |
|  |  | TOTAL ENERGY | 4546737 |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.8% |  |
| 2657708 | (b) | Abacus Property Group | 1960 |
| 429379 |  | Abacus Storage King | 433 |
| 2369 |  | Activia Properties, Inc | 2018 |
| 2159 |  | Advance Residence Investment Corp | 2241 |

---

**47** 

------

Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 36065 | Aedifica S.A. | $2814 |
| 1244 | AEON REIT Investment Corp | 1095 |
| 133361<br> (b) | Agree Realty Corp | 9743 |
| 414922 | AIMS AMP Capital Industrial REIT | 431 |
| 132094 | Al Rajhi REIT | 293 |
| 653509 | Alexander & Baldwin, Inc | 11652 |
| 74554 | Alexandria Real Estate Equities, Inc | 5415 |
| 49618 | Allied Properties Real Estate Investment Trust | 625 |
| 44703 | Alpine Income Property Trust, Inc | 658 |
| 4414<br> (b) | Altarea SCA | 528 |
| 487548 | American Assets Trust, Inc | 9629 |
| 1124103 | American Homes 4 Rent | 40546 |
| 1071278 | American Tower Corp | 236774 |
| 369621 | Americold Realty Trust, Inc | 6147 |
| 660079 | Apple Hospitality REIT, Inc | 7703 |
| 805200 | AREIT, Inc | 586 |
| 281749 | Arena REIT | 688 |
| 160132 | Armada Hoffler Properties, Inc | 1100 |
| 34977 | Artis Real Estate Investment Trust | 196 |
| 3105430 | Ascendas REIT | 6553 |
| 2453811 | Assura plc | 1691 |
| 246341 | AvalonBay Communities, Inc | 50130 |
| 1297996 | Axis Real Estate Investment Trust | 601 |
| 243257 | Big Yellow Group plc | 3382 |
| 215963 | Boardwalk REIT | 11100 |
| 18100<br> (b) | Boston Properties, Inc | 1221 |
| 4301990 | British Land Co plc | 22328 |
| 262187 | Brixmor Property Group, Inc | 6827 |
| 876990 | Broadstone Net Lease, Inc | 14076 |
| 232280<br> (c) | Brookfield India Real Estate Trust | 853 |
| 29199 | BSR Real Estate Investment Trust | 380 |
| 410267 | Bunnings Warehouse Property Trust | 952 |
| 115165 | Camden Property Trust | 12978 |
| 55320 | Canadian Apartment Properties REIT | 1804 |
| 2136461<br> (b) | CapitaLand Ascott Trust | 1485 |
| 4248903 | CapitaMall Trust | 7255 |
| 1047787<br> (b) | CapitaRetail China Trust | 581 |
| 488527 | CareTrust REIT, Inc | 14949 |
| 163775 | Carmila S.A. | 3221 |
| 661068<br> (b) | CDL Hospitality Trusts | 408 |
| 511921 | Centuria Capital Group | 568 |
| 419065 | Centuria Industrial REIT | 862 |
| 325189 | Centuria Office REIT | 241 |
| 354865 | Charter Hall Group | 4497 |
| 484730 | Charter Hall Long Wale REIT | 1304 |
| 226867 | Charter Hall Social Infrastructure REIT | 432 |
| 42737 | Chatham Lodging Trust | 298 |
| 120288 | Choice Properties Real Estate Investment Trust | 1314 |
| 28957 | Cofinimmo | 2648 |
| 507 | Comforia Residential REIT, Inc | 1009 |
| 82511 | Community Healthcare Trust, Inc | 1372 |
| 1017314 | Concentradora Fibra Danhos S.A. de C.V. | 1330 |
| 527609 | Corporate Office Properties Trust | 14551 |
| 70256 | Cousins Properties, Inc | 2110 |
| 385 | CRE Logistics REIT, Inc | 404 |
| 41673 | Crombie REIT | 455 |
| 1316575 | Cromwell Group | 295 |
| 555489 | Crown Castle, Inc | 57065 |
| 41657 | CT Real Estate Investment Trust | 486 |
| 162969 | CubeSmart | 6926 |
| 1997 | Daiwa House REIT Investment Corp | 3375 |
| 362 | Daiwa Office Investment Corp | 803 |

---

**48** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 1348 |  | Daiwa Securities Living Investments Corp | $895 |
| 581265 |  | Derwent London plc | 16532 |
| 212545 |  | Dexus Industria REIT | 380 |
| 808088 |  | Dexus Property Group | 3547 |
| 236800 |  | DiamondRock Hospitality Co | 1814 |
| 278552 | (b) | DigiCo Infrastructure REIT | 617 |
| 726800 |  | Digital Core REIT Management Pte Ltd | 385 |
| 184453 |  | Digital Realty Trust, Inc | 32156 |
| 378550 |  | Douglas Emmett, Inc | 5693 |
| 108034 |  | Dream Industrial Real Estate Investment Trust | 935 |
| 437000 | (a),(d) | Eagle Hospitality Trust | 4 |
| 198285 |  | EastGroup Properties, Inc | 33137 |
| 685737 |  | Embassy Office Parks REIT | 3115 |
| 1745119 |  | Emlak Konut Gayrimenkul Yatirim Ortakligi AS. | 789 |
| 519523 |  | Empiric Student Property plc | 733 |
| 60806 |  | Equinix, Inc | 48369 |
| 664877 |  | Equites Property Fund Ltd | 567 |
| 683164 |  | Equity Lifestyle Properties, Inc | 42131 |
| 74117 |  | Equity Residential | 5002 |
| 115908 |  | ESR Kendall Square REIT Co Ltd | 361 |
| 489396 |  | ESR-REIT | 948 |
| 132680 |  | Essential Properties Realty Trust, Inc | 4234 |
| 12607 | (b) | Essex Property Trust, Inc | 3573 |
| 30112 |  | Eurocommercial Properties NV | 952 |
| 200680 |  | Extra Space Storage, Inc | 29588 |
| 764905 |  | Far East Hospitality Trust | 340 |
| 2668201 | (c) | FIBRA Macquarie Mexico | 4264 |
| 1966397 |  | Fibra Uno Administracion S.A. de C.V. | 2716 |
| 333280 |  | First Capital Real Estate Investment Trust | 4442 |
| 183446 |  | First Industrial Realty Trust, Inc | 8829 |
| 1299000 |  | Fortune Real Estate Investment Trust | 798 |
| 1091 | (b) | Franklin Street Properties Corp | 2 |
| 958519 |  | Frasers Centrepoint Trust | 1722 |
| 690600 |  | Frasers Hospitality Trust | 381 |
| 2147645 | (b) | Frasers Logistics & Commercial Trust | 1445 |
| 1787 | (b) | Frontier Real Estate Investment Corp | 1019 |
| 42020 | (b) | FrontView REIT, Inc | 504 |
| 532 |  | Fukuoka REIT Corp | 637 |
| 240574 |  | Gaming and Leisure Properties, Inc | 11230 |
| 60894 |  | Gecina S.A. | 6704 |
| 1792 |  | Global One Real Estate Investment Corp | 1700 |
| 3421 |  | GLP J-Reit | 3081 |
| 1438651 |  | Goodman Group | 32434 |
| 767604 |  | Goodman Property Trust | 903 |
| 1468668 |  | GPT Group | 4689 |
| 22601 |  | Granite Real Estate Investment Trust | 1148 |
| 5089020 |  | Great Portland Estates plc | 25043 |
| 171928 |  | Growthpoint Properties Australia Ltd | 264 |
| 2628236 |  | Growthpoint Properties Ltd | 1987 |
| 100651 |  | H&R Real Estate Investment Trust | 789 |
| 49040 |  | Hamborner REIT AG. | 345 |
| 374272 |  | Hammerson plc | 1538 |
| 486 |  | Hankyu Reit, Inc | 527 |
| 136479 |  | Healthcare Realty Trust, Inc | 2165 |
| 470743 |  | Healthpeak Properties, Inc | 8243 |
| 832 |  | Heiwa Real Estate REIT, Inc | 781 |
| 2723 | (a) | Hiag Immobilien Holding AG. | 380 |
| 10589098 |  | HomeCo Daily Needs REIT | 8755 |
| 448 |  | Hoshino Resorts REIT, Inc | 750 |
| 613383 |  | Host Hotels & Resorts Inc | 9422 |
| 1540 |  | Hulic Reit, Inc | 1668 |
| 314223 |  | Hyprop Investments Ltd | 759 |

---

**49** 

------

Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 34031<br> (b) | ICADE | $961 |
| 778 | Ichigo Office REIT Investment Corp | 496 |
| 1081100 | IGB Real Estate Investment Trust | 653 |
| 44415 | Independence Realty Trust, Inc | 786 |
| 1802 | Industrial & Infrastructure Fund Investment Corp | 1521 |
| 39680 | Industrial Logistics Properties Trust | 181 |
| 296630 | Ingenia Communities Group | 1069 |
| 1963809<br> (b) | Inmobiliaria Colonial Socimi S.A. | 13977 |
| 10394 | Innovative Industrial Properties, Inc | 574 |
| 57096 | InterRent Real Estate Investment Trust | 567 |
| 112600 | InvenTrust Properties Corp | 3085 |
| 5793 | Invincible Investment Corp | 2495 |
| 41548 | Invitation Homes, Inc | 1363 |
| 325379 | Irish Residential Properties REIT plc | 391 |
| 123471 | Iron Mountain, Inc | 12664 |
| 123632 | Jadwa REIT Saudi Fund | 333 |
| 936<br> (b) | Japan Excellent, Inc | 867 |
| 3881 | Japan Hotel REIT Investment Corp | 2051 |
| 1855 | Japan Logistics Fund Inc | 1203 |
| 2552 | Japan Prime Realty Investment Corp | 1640 |
| 4813 | Japan Real Estate Investment Corp | 3940 |
| 5420 | Japan Retail Fund Investment Corp | 3842 |
| 3364 | Kenedix Realty Investment Corp | 3650 |
| 1361828 | Keppel DC REIT | 2496 |
| 1999191 | Keppel REIT | 1392 |
| 327634 | Killam Apartment REIT | 4718 |
| 15739<br> (b) | Kilroy Realty Corp | 540 |
| 381318 | Kimco Realty Corp | 8015 |
| 175280 | Kite Realty Group Trust | 3970 |
| 1293435 | Kiwi Property Group Ltd | 702 |
| 247997<br> (b) | Klepierre | 9806 |
| 37062 | Lamar Advertising Co | 4498 |
| 173090 | Land Securities Group plc | 1503 |
| 1400 | LaSalle Logiport REIT | 1353 |
| 1331344<br> (b) | Lendlease Global Commercial REIT | 545 |
| 26530<br> (b) | Lineage, Inc | 1155 |
| 2124670 | Link REIT | 11381 |
| 1735807 | LondonMetric Property plc | 4847 |
| 131886 | LOTTE Reit Co Ltd | 366 |
| 766943 | Mack-Cali Realty Corp | 11420 |
| 4027561 | Macquarie CountryWide Trust | 10182 |
| 3837947 | Mapletree Industrial Trust | 6160 |
| 2685000<br> (b) | Mapletree Logistics Trust | 2496 |
| 1791500<br> (b) | Mapletree Pan Asia Commercial Trust | 1778 |
| 73404<br> (b) | Medical Properties Trust, Inc | 316 |
| 70226 | Mercialys S.A | 883 |
| 1158378 | Merlin Properties Socimi S.A. | 15272 |
| 242931 | Mid-America Apartment Communities, Inc | 35956 |
| 167146 | Millrose Properties, Inc | 4765 |
| 187809<br> (c) | Mindspace Business Parks REIT | 877 |
| 1410 | Mirai Corp | 433 |
| 3019576 | Mirvac Group | 4381 |
| 1136<br> (b) | Mitsubishi Estate Logistics REIT Investment Corp | 939 |
| 6221<br> (b) | Mitsui Fudosan Logistics Park, Inc | 4516 |
| 14294 | Montea NV | 1099 |
| 1320 | Mori Hills REIT Investment Corp | 1227 |
| 1840 | Mori Trust Sogo Reit, Inc | 882 |
| 243261 | National Storage Affiliates Trust | 7782 |
| 903319 | National Storage REIT | 1369 |
| 400719 | NETSTREIT Corp | 6784 |
| 44970 | NexPoint Diversified Real Estate Trust | 188 |
| 1680 | Nippon Accommodations Fund, Inc | 1374 |

---

**50** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 5130 | Nippon ProLogis REIT, Inc | $2836 |
| 1114<br> (b) | NIPPON REIT Investment Corp | 684 |
| 3601 | Nomura Real Estate Master Fund, Inc | 3679 |
| 78028 | NorthWest Healthcare Properties Real Estate Investment Trust | 285 |
| 39953 | Omega Healthcare Investors, Inc | 1464 |
| 2402 | Orix JREIT, Inc | 3134 |
| 55055 | Park Hotels & Resorts, Inc | 563 |
| 312524 | Parkway Life Real Estate Investment Trust | 1009 |
| 1288000 | Pavilion Real Estate Investment Trust | 487 |
| 274407<br> (b) | Pebblebrook Hotel Trust | 2741 |
| 50000 | Phillips Edison & Co, Inc | 1752 |
| 1058 | Premier Investment Co | 940 |
| 32230 | Primaris REIT | 348 |
| 961187<br> (b) | Primary Health Properties plc | 1305 |
| 708598 | ProLogis Property Mexico S.A. de C.V. | 2678 |
| 3322903 | Prologis, Inc | 349304 |
| 382062 | PRS REIT PLC | 568 |
| 114226 | Public Storage, Inc | 33516 |
| 33472 | Rayonier, Inc | 742 |
| 139341 | Realty Income Corp | 8027 |
| 5245015 | Redefine Properties Ltd | 1358 |
| 562776 | Regency Centers Corp | 40087 |
| 879572 | Region RE Ltd | 1275 |
| 146010 | Reit Ltd | 981 |
| 259364 | Resilient REIT Ltd | 883 |
| 9260 | Retail Estates NV | 671 |
| 904277 | Rexford Industrial Realty, Inc | 32165 |
| 430449<br> (a) | Reysas Gayrimenkul Yatirim Ortakligi AS. | 215 |
| 940355 | RioCan Real Estate Investment Trust | 12230 |
| 14819 | Ryman Hospitality Properties, Inc | 1462 |
| 917704 | Sabra Health Care REIT, Inc | 16923 |
| 290932 | Safestore Holdings plc | 2827 |
| 180 | Samty Residential Investment Corp | 121 |
| 493300 | Sasseur REIT | 249 |
| 41413 | Saul Centers, Inc | 1414 |
| 96650 | SBA Communications Corp | 22697 |
| 3689264 | Scentre Group | 8665 |
| 196690 | Segro plc | 1841 |
| 3145 | Sekisui House Reit, Inc | 1659 |
| 176095 | Sella Capital Real Estate Ltd | 573 |
| 779745 | Service Properties Trust | 1864 |
| 7395099 | Shaftesbury Capital plc | 15835 |
| 26379<br> (b) | Shurgard Self Storage Ltd | 1152 |
| 1509790 | Simon Property Group, Inc | 242714 |
| 156380 | SITE Centers Corp | 1769 |
| 137842 | SK REITs Co Ltd | 472 |
| 191648 | SL Green Realty Corp | 11863 |
| 370337 | Slate Grocery REIT | 3908 |
| 581066 | SmartCentres REIT | 10919 |
| 107700<br> (b) | Smartstop Self Storage REIT, Inc | 3902 |
| 819 | SOSiLA Logistics REIT, Inc | 653 |
| 924579 | STAG Industrial, Inc | 33544 |
| 4697 | Star Asia Investment Corp | 1866 |
| 1100029 | Starhill Global REIT | 442 |
| 1699774 | Stockland Trust Group | 6007 |
| 239300 | Stoneweg Europe Stapled Trust | 429 |
| 16630 | Strawberry Fields REIT, Inc | 175 |
| 88180 | Sun Communities, Inc | 11154 |
| 1450800 | Suntec Real Estate Investment Trust | 1291 |
| 1425600 | Sunway Real Estate Investment Trust | 712 |
| 997869 | Supermarket Income Reit plc | 1163 |
| 700 | Takara Leben Real Estate Investment Corp | 438 |

---

**51** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 134200 |  | Tanger Factory Outlet Centers, Inc | $4104 |
| 494635 |  | Target Healthcare REIT plc | 707 |
| 39341 |  | Terreno Realty Corp | 2206 |
| 652 |  | Tokyu REIT, Inc | 882 |
| 817343 |  | Torunlar Gayrimenkul Yatirim Ortakligi AS | 1372 |
| 10238272 |  | Tritax Big Box REIT plc | 20847 |
| 367609 |  | UMH Properties, Inc | 6172 |
| 1013298 |  | Unite Group plc | 11810 |
| 2619 |  | United Urban Investment Corp | 2822 |
| 7716 |  | Vastned NV | 292 |
| 742888 |  | Ventas, Inc | 46913 |
| 2169707 |  | VICI Properties, Inc | 70732 |
| 2747076 |  | Vicinity Ltd | 4485 |
| 856393 |  | Vukile Property Fund Ltd | 951 |
| 299478 |  | Warehouses De Pauw CVA | 7336 |
| 468569 |  | Washington REIT | 7450 |
| 487131 |  | Waypoint REIT Ltd | 789 |
| 266632 |  | Welltower, Inc | 40989 |
| 29828 |  | Wereldhave NV | 601 |
| 377392 |  | Weyerhaeuser Co | 9695 |
| 194010 |  | Whitestone REIT | 2421 |
| 105139 |  | Workspace Group plc | 607 |
| 26448 |  | Xior Student Housing NV | 960 |
| 1991000 |  | Yuexiu Real Estate Investment Trust | 221 |
| 751914 |  | Ziraat Gayrimenkul Yatirim Ortakligi AS. | 459 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 2396384 |
|  |  | FINANCIAL SERVICES - 6.5% |  |
| 73700 |  | 360 Finance, Inc (ADR) | 3196 |
| 124425 |  | 360 ONE WAM Ltd | 1734 |
| 145578 |  | 3i Group plc | 8239 |
| 57746 | (a) | Aadhar Housing Finance Ltd | 306 |
| 33187 | (a) | Aavas Financiers Ltd | 810 |
| 1376664 |  | Abrdn plc | 3545 |
| 293000 |  | Acom Co Ltd | 868 |
| 29211 |  | Aditya Birla Sun Life Asset Management Co Ltd | 272 |
| 107751 | (a),(c) | Adyen NV | 197889 |
| 88000 |  | Aeon Credit Service M BHD | 124 |
| 562600 |  | AEON Financial Service Co Ltd | 5014 |
| 65800 |  | Aeon Thana Sinsap Thailand PCL | 190 |
| 12457 |  | Affiliated Managers Group, Inc | 2451 |
| 212568 | (a) | Affirm Holdings, Inc | 14697 |
| 363854 | (b) | AGNC Investment Corp | 3344 |
| 242100 |  | Aiful Corp | 708 |
| 244991 |  | AJ Bell plc | 1726 |
| 843932 |  | Al Waha Capital PJSC | 354 |
| 58634 |  | Alerus Financial Corp | 1269 |
| 804077 |  | Allfunds Group PLC | 6179 |
| 117326 |  | Ally Financial, Inc | 4570 |
| 28456 |  | Alpha Group International plc | 1248 |
| 871018 |  | Amanat Holdings PJSC | 266 |
| 1667120 |  | American Express Co | 531778 |
| 289384 |  | Ameriprise Financial, Inc | 154453 |
| 1810559 |  | AMP Ltd | 1502 |
| 20242 |  | Anand Rathi Wealth Ltd | 510 |
| 33853 |  | Angel One Ltd | 1155 |
| 91755 |  | Annaly Capital Management, Inc | 1727 |
| 83770 | (b) | Antin Infrastructure Partners S.A. | 1135 |
| 452946 |  | Apollo Global Management, Inc | 64259 |
| 141853 |  | Aptus Value Housing Finance India Ltd | 536 |
| 843239 |  | Ares Management Corp | 146049 |
| 378955 |  | Arzan Financial Group for Financing & Investment KPSC | 344 |
| 320933 |  | Ashmore Group plc | 689 |

---

**52** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |
| 137621 |  | Australian Stock Exchange Ltd | $6319 |
| 25249 |  | Authum Investment & Infrastucture Ltd | 775 |
| 95933 | (b) | Avanza Bank Holding AB | 3255 |
| 86155 |  | Azimut Holding S.p.A. | 2764 |
| 25005429 |  | B3 SA-Brasil Bolsa Balcao | 67103 |
| 2367602 |  | Bajaj Finance Ltd | 25857 |
| 265238 |  | Bajaj Finserv Ltd | 6359 |
| 18535 |  | Bajaj Holdings & Investment Ltd | 3110 |
| 44028 |  | Banca Generali SpA | 2446 |
| 18692 |  | Banca IFIS S.p.A. | 500 |
| 132982 |  | Banca Mediolanum S.p.A | 2292 |
| 815536 |  | Banco BTG Pactual S.A. - Unit | 6342 |
| 1691100 |  | Bangkok Commercial Asset Management PCL | 370 |
| 3501279 |  | Bank of New York Mellon Corp | 319002 |
| 348364 | (a),(d) | BBI EPS Ltd | 2 |
| 1309693 | (a) | Berkshire Hathaway, Inc | 636210 |
| 135043 | (a),(c) | BFF Bank S.p.A | 1483 |
| 5541800 |  | BFI Finance Indonesia Tbk PT | 278 |
| 2600096 |  | BGC Group, Inc | 26599 |
| 141092 |  | BlackRock, Inc | 148041 |
| 152772 |  | Blackstone, Inc | 22852 |
| 211799 | (a) | Block, Inc | 14387 |
| 221974 |  | Blue Owl Capital, Inc | 4264 |
| 100000 |  | BOC International China Co Ltd | 149 |
| 2330256 |  | Bolsa Mexicana de Valores SAB de C.V. | 5339 |
| 295471 |  | Boursa Kuwait Securities Co KPSC | 2935 |
| 187395 |  | Bridgepoint Group Holdings Ltd | 799 |
| 397758 |  | Brightsphere Investment Group, Inc | 14017 |
| 298394 | (b) | Brookfield Asset Management Ltd | 16515 |
| 1304828 |  | Brookfield Corp | 80757 |
| 138601 |  | BSE Ltd | 4484 |
| 220100 |  | Bure Equity AB | 6641 |
| 3070800 |  | Bursa Malaysia BHD | 5566 |
| 254752 |  | Caitong Securities Co Ltd | 281 |
| 65294 |  | Can Fin Homes Ltd | 604 |
| 267050 |  | Canaccord Financial, Inc | 2032 |
| 166497 |  | Cannae Holdings, Inc | 3471 |
| 81078 | (a) | Cantaloupe, Inc | 891 |
| 427925 |  | Capital One Financial Corp | 91045 |
| 75600 |  | Capital Securities Co Ltd | 210 |
| 1297000 |  | Capital Securities Corp | 871 |
| 22862 | (b) | Carlyle Group, Inc | 1175 |
| 10812 |  | Cboe Global Markets, Inc | 2521 |
| 22902 |  | Cembra Money Bank AG. | 2881 |
| 602000 |  | Central China Securities Co Ltd | 141 |
| 325208 |  | Central Depository Services India Ltd | 6809 |
| 110500 |  | Century Leasing System, Inc | 1244 |
| 1017103 |  | Chailease Holding Co Ltd | 4405 |
| 2811921 |  | Challenger Financial Services Group Ltd | 14964 |
| 228564 |  | Changjiang Securities Co Ltd | 221 |
| 1322048 |  | Charles Schwab Corp | 120624 |
| 229186 | (a),(b) | Chime Financial, Inc | 7909 |
| 512000 |  | China Bills Finance Corp | 261 |
| 772000 | (b) | China Everbright Ltd | 717 |
| 2472459 |  | China Galaxy Securities Co Ltd | 2793 |
| 309650 |  | China Galaxy Securities Co Ltd (Class A) | 742 |
| 129300 |  | China Great Wall Securities Co Ltd | 151 |
| 119800 |  | China International Capital Corp Ltd | 591 |
| 1132537 | (c) | China International Capital Corp Ltd | 2568 |
| 317936 |  | China Merchants Securities Co Ltd | 781 |
| 9355 | (a) | Choice International Ltd | 77 |
| 76922 |  | Cholamandalam Financial Holdings Ltd | 1944 |

---

**53** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |
| 289750 |  | Cholamandalam Investment and Finance Co Ltd | $5505 |
| 87005 | (b) | CI Financial Corp | 2025 |
| 1099465 |  | CITIC Securities Co Ltd | 3335 |
| 506816 |  | CITIC Securities Co Ltd (Class A) | 1954 |
| 65882 | (c) | CMC Markets plc | 228 |
| 68683 |  | CME Group, Inc | 18930 |
| 85265 | (a) | Coinbase Global, Inc | 29885 |
| 486 |  | Compass Diversified Trust | 3 |
| 1608847 |  | Corebridge Financial, Inc | 57114 |
| 292332 |  | Coronation Fund Managers Ltd | 653 |
| 131127 | (a) | Corpay, Inc | 43511 |
| 249427 | (b) | Creades AB | 1982 |
| 2631 | (a),(b) | Credit Acceptance Corp | 1340 |
| 42622 |  | Credit Corp Group Ltd | 379 |
| 97800 |  | Credit Saison Co Ltd | 2639 |
| 44826 |  | CreditAccess Grameen Ltd | 633 |
| 14441 |  | CRISIL Ltd | 1018 |
| 190925 |  | CSC Financial Co Ltd | 641 |
| 1096000 |  | CSSC Hong Kong Shipping Co Ltd | 294 |
| 642295 |  | CVC Capital Partners plc | 13206 |
| 17856 |  | Daishin Securities Co Ltd | 323 |
| 85151 |  | Daishin Securities Co Ltd PF | 1244 |
| 17593 |  | Daou Technology, Inc | 446 |
| 38647 | (a) | Dave, Inc | 10373 |
| 243727 | (a) | Defi Technologies, Inc | 707 |
| 62611 | (a) | Destek Finans Faktoring AS. | 577 |
| 204639 |  | Deutsche Boerse AG. | 66853 |
| 104653 | (c) | Deutsche Pfandbriefbank AG. | 648 |
| 827924 |  | DigitalBridge Group, Inc | 8569 |
| 165625 |  | Dongxing Securities Co Ltd | 258 |
| 1675555 |  | Dubai Financial Market PJSC | 771 |
| 650666 |  | East Money Information Co Ltd | 2102 |
| 41006865 |  | Edelweiss Financial Services Ltd | 55488 |
| 160944 |  | Edenred | 4999 |
| 233465 |  | EFG International | 4327 |
| 748621 |  | E-Finance for Digital & Financial Investments | 193 |
| 25886 |  | eGuarantee, Inc | 265 |
| 768414 | (a) | Egyptian Financial Group-Hermes Holding | 406 |
| 99800 |  | Enact Holdings, Inc | 3708 |
| 18200 | (a) | Enova International, Inc | 2030 |
| 216002 |  | EQT AB | 7246 |
| 863545 |  | Equitable Holdings, Inc | 48445 |
| 4242 | (a) | Euronet Worldwide, Inc | 430 |
| 387503 | (c) | Euronext NV | 66396 |
| 163606 |  | Everbright Securities Co Ltd | 411 |
| 21416 |  | Evercore Partners, Inc (Class A) | 5783 |
| 78660 |  | EVERTEC, Inc | 2836 |
| 66263 |  | EXOR NV | 6689 |
| 16003 |  | Factset Research Systems, Inc | 7158 |
| 512401 |  | Far East Horizon Ltd | 445 |
| 1391120 | (a) | Fawry for Banking & Payment Technology Services SAE | 338 |
| 7200 |  | Federal Agricultural Mortgage Corp | 1399 |
| 751075 |  | Fidelity National Information Services, Inc | 61145 |
| 259790 | (b) | Fiera Capital Corp | 1225 |
| 45000 |  | Financial Partners Group Co Ltd | 746 |
| 489100 | (b) | FinVolution Group (ADR) | 4637 |
| 11337 | (b) | First National Financial Corp | 342 |
| 247344 |  | FirstCash Holdings, Inc | 33426 |
| 3478868 |  | FirstRand Ltd | 14872 |
| 2818266 | (a) | Fiserv, Inc | 485897 |
| 150320 | (a) | Five-Star Business Finance Ltd | 1354 |
| 62438 |  | flatexDEGIRO AG. | 1768 |

---

**54** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | FINANCIAL SERVICES (continued) |  |
| 27419 | Flow Traders | $891 |
| 540322<br> (a) | Flywire Corp | 6322 |
| 58606 | Foresight Group Holdings Ltd | 357 |
| 374000 | Founder Securities Co Ltd | 413 |
| 130245 | Franklin Resources, Inc | 3106 |
| 7137534<br> (a) | Fuhwa Financial Holdings Co Ltd | 8353 |
| 43600 | Futu Holdings Ltd (ADR) | 5389 |
| 37352 | Fuyo General Lease Co Ltd | 1010 |
| 413154<br> (b) | GCM Grosvenor, Inc | 4776 |
| 635000<br> (c) | Genertec Universal Medical Group Co Ltd | 454 |
| 838600<br> (b) | Gentera SAB de C.V. | 1792 |
| 263608 | GF Securities Co Ltd (Class A) | 619 |
| 135915 | Global Payments, Inc | 10879 |
| 34201<br> (b) | GMO Financial Holdings, Inc | 187 |
| 31700 | GMO Payment Gateway, Inc | 2050 |
| 9768<br> (b) | goeasy Ltd | 1204 |
| 323788 | Goldman Sachs Group, Inc | 229161 |
| 1771100<br> (a) | Grab Holdings Ltd | 8909 |
| 22594 | GRENKE AG. | 415 |
| 85204 | Guolian Securities Co Ltd | 123 |
| 270549 | Guosen Securities Co Ltd | 435 |
| 2202800<br> (b) | Guotai Junan International Holdings Ltd | 967 |
| 556609 | Guotai Junan Securities Co Ltd | 1490 |
| 1340351<br> (c) | Guotai Junan Securities Co Ltd (Hong Kong) | 2156 |
| 235329 | Guoyuan Securities Co Ltd | 259 |
| 1330000<br> (c) | Haitong UniTrust International Leasing Co Ltd | 154 |
| 7188 | Hamilton Lane, Inc | 1022 |
| 76270<br> (a) | Hanwha Investment & Securities Co Ltd | 373 |
| 67884<br> (c) | HDFC Asset Management Co Ltd | 4111 |
| 214302 | Helia Group Ltd | 794 |
| 21586 | Hithink RoyalFlush Information Network Co Ltd | 823 |
| 3261460 | HMC Capital Ltd | 10957 |
| 36344<br> (c) | Hoist Finance AB | 320 |
| 58612<br> (c) | Home First Finance Co India Ltd | 942 |
| 853000 | Hong Kong Exchanges and Clearing Ltd | 45880 |
| 168500 | Hotai Finance Co Ltd | 388 |
| 22210 | Houlihan Lokey, Inc | 3997 |
| 901740<br> (c) | Huatai Securities Co Ltd | 1834 |
| 307034 | Huatai Securities Co Ltd (Class A) | 764 |
| 61395 | HUB24 Ltd | 3603 |
| 3265<br> (a) | Hypoport SE | 778 |
| 1116 | ICRA Ltd | 88 |
| 105200 | iFAST Corp Ltd | 546 |
| 563094<br> (a) | IFCI Ltd | 429 |
| 1189428 | IG Group Holdings plc | 17393 |
| 58256 | IGM Financial, Inc | 1840 |
| 158497<br> (a) | IIFL Finance Ltd | 874 |
| 90138 | IIFL Securities Ltd | 367 |
| 14320<br> (a) | India Shelter Finance Corp Ltd | 147 |
| 406577 | Indiabulls Housing Finance Ltd | 675 |
| 288281<br> (c) | Indian Energy Exchange Ltd | 650 |
| 393654 | Industrial Securities Co Ltd | 340 |
| 71883 | Industrivarden AB | 2613 |
| 860724 | Infibeam Avenues Ltd | 166 |
| 985996 | IntegraFin Holdings plc | 4410 |
| 5800<br> (b) | Integral Corp | 128 |
| 179340 | Interactive Brokers Group, Inc (Class A) | 9937 |
| 974931 | Intercontinental Exchange, Inc | 178871 |
| 362239 | Intermediate Capital Group plc | 9609 |
| 16793 | Inversiones La Construccion S.A. | 193 |
| 495326 | Invesco Ltd | 7811 |
| 202924 | Investcorp Capital plc | 93 |

---

**55** 

------

Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | FINANCIAL SERVICES (continued) |  |
| 786804 | Investec Ltd | $5879 |
| 457197 | Investec plc | 3420 |
| 377606 | IOOF Holdings Ltd | 900 |
| 712556 | IP Group plc | 509 |
| 356843 | Is Yatirim Menkul Degerler AS | 327 |
| 146395 | Isracard Ltd | 754 |
| 16725<br> (b) | Jaccs Co Ltd | 465 |
| 7509 | Jack Henry & Associates, Inc | 1353 |
| 741354 | Jafco Co Ltd | 12684 |
| 193928 | Janus Henderson Group plc | 7532 |
| 64600 | Japan Securities Finance Co Ltd | 786 |
| 73959 | Jefferies Financial Group, Inc | 4045 |
| 75500 | JF SmartInvest Holdings Ltd | 462 |
| 2424<br> (a) | Jindal South West Holdings Ltd | 638 |
| 301575 | JM Financial Ltd | 561 |
| 549200 | JMT Network Services PCL | 151 |
| 440572 | JSE Ltd | 3312 |
| 115891<br> (c) | JTC plc | 1358 |
| 13984 | Julius Baer Group Ltd | 949 |
| 347318 | Jupiter Fund Management plc | 477 |
| 25412<br> (a) | Kakaopay Corp | 1444 |
| 64907 | Kfin Technologies Ltd | 1021 |
| 190585<br> (a) | Kinnevik AB | 1689 |
| 10233 | KIWOOM Securities Co Ltd | 1731 |
| 1903536 | KKR & Co, Inc | 253227 |
| 29081 | Korea Investment Holdings Co Ltd | 3001 |
| 13457<br> (a) | KRUK S.A. | 1503 |
| 533338 | L&T Finance Holdings Ltd | 1282 |
| 1079311 | Ladder Capital Corp | 11603 |
| 46318 | Lazard, Inc | 2222 |
| 1044097<br> (a) | LendingClub Corp | 12560 |
| 227210 | LIC Housing Finance Ltd | 1641 |
| 708717 | London Stock Exchange Group plc | 103648 |
| 33697 | LPL Financial Holdings, Inc | 12635 |
| 3350960 | Lufax Holding Ltd (ADR) | 9349 |
| 12300 | M&A Capital Partners Co Ltd | 256 |
| 134800<br> (a) | M&A Research Institute Holdings, Inc | 1156 |
| 79232 | MA Financial Group Ltd | 397 |
| 362043 | Macquarie Group Ltd | 54453 |
| 1823171 | Magellan Financial Group Ltd | 10282 |
| 17030 | Maharashtra Scooters Ltd | 2879 |
| 385365 | Mahindra & Mahindra Financial Services Ltd | 1214 |
| 20760336 | Man Group plc | 48228 |
| 453779 | Manappuram Finance Ltd | 1458 |
| 32325 | MarketAxess Holdings, Inc | 7219 |
| 126500 | Marui Co Ltd | 2691 |
| 34143<br> (c) | MAS Financial Services Ltd | 123 |
| 2106330 | Mastercard, Inc (Class A) | 1183631 |
| 323700 | Matsui Securities Co Ltd | 1563 |
| 57545 | Meritz Financial Group, Inc | 4787 |
| 159618 | Mirae Asset Daewoo Co Ltd | 2530 |
| 105900 | Mizuho Leasing Co Ltd | 786 |
| 108436 | Moelis & Co | 6758 |
| 106332<br> (a) | Molten Ventures plc | 466 |
| 1553952 | Monex Group, Inc | 7632 |
| 16704 | Moody's Corp | 8379 |
| 739439 | Morgan Stanley | 104157 |
| 11295 | Morningstar, Inc | 3546 |
| 112824 | Motilal Oswal Financial Services Ltd | 1146 |
| 7791 | MSCI, Inc (Class A) | 4493 |
| 493600 | Muangthai Capital PCL | 536 |
| 18765 | Multi Commodity Exchange of India Ltd | 1959 |

---

**56** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |
| 11832 | (a) | Mutares SE & Co KGaA | $505 |
| 82889 |  | Muthoot Finance Ltd | 2538 |
| 138400 |  | Nanjing Securities Co Ltd | 156 |
| 1191426 |  | Nasdaq Stock Market, Inc | 106537 |
| 367093 |  | National Investments Co KSCP | 300 |
| 49330 |  | Nayifat Finance Co | 172 |
| 93620 | (a) | NCR Corp ATM | 2671 |
| 11973 | (a) | NerdWallet, Inc | 131 |
| 457279 |  | Netwealth Group Ltd | 10112 |
| 14052 |  | NewtekOne, Inc | 158 |
| 216100 |  | Nihon M&A Center Holdings, Inc | 1095 |
| 176850 |  | Ninety One Ltd | 432 |
| 181241 |  | Ninety One plc | 461 |
| 120074 | (c) | Nippon Life India Asset Management Ltd | 1121 |
| 427076 | (a) | NMI Holdings, Inc | 18018 |
| 204334 |  | Noah Holdings Ltd (ADR) | 2440 |
| 106032 |  | Nordnet AB publ | 2882 |
| 11293 |  | Nuvama Wealth Management Ltd | 1085 |
| 119593 |  | Okasan Holdings, Inc | 557 |
| 214829 | (a) | One 97 Communications Ltd | 2314 |
| 290623 |  | OneMain Holdings, Inc | 16565 |
| 45575 |  | Onex Corp | 3752 |
| 347950 |  | Orient Corp | 2336 |
| 271591 |  | Orient Securities Co Ltd | 367 |
| 1451870 |  | ORIX Corp | 32764 |
| 277986 |  | OSB Group plc | 1997 |
| 285500 | (a),(b) | OSL Group Ltd | 560 |
| 6068800 | (a) | Pacific Strategic Financial Tbk PT | 422 |
| 1639920 |  | Pagseguro Digital Ltd | 15809 |
| 152271 |  | Paragon Group of Cos plc | 1971 |
| 668129 | (b) | Patria Investments Ltd | 9394 |
| 663452 | (a) | Payoneer Global, Inc | 4545 |
| 751342 | (a) | PayPal Holdings, Inc | 55840 |
| 28410 | (a) | Paysign Inc | 205 |
| 1005412 | (a),(b) | Pensionbee Group plc | 2298 |
| 83885 |  | Perpetual Trustees Australia Ltd | 997 |
| 126108 | (b) | Pinnacle Investment Management Group Ltd | 1704 |
| 88133 |  | Piper Jaffray Cos | 24496 |
| 79588 |  | Piramal Enterprises Ltd | 1062 |
| 279574 |  | Plus500 Ltd | 13046 |
| 66554 | (b) | Pluxee France S.A. | 1451 |
| 117366 | (a),(c) | PNB Housing Finance Ltd | 1520 |
| 505532 |  | Polar Capital Holdings plc | 3297 |
| 173536 | (a) | Poonawalla Fincorp Ltd | 944 |
| 1040808 |  | Power Finance Corp Ltd | 5193 |
| 669000 |  | President Securities Corp | 517 |
| 154196 |  | PROG Holdings, Inc | 4526 |
| 17350 | (b) | Propel Holdings, Inc | 482 |
| 9988 |  | Prudent Corporate Advisory Services Ltd | 316 |
| 1051770 | (c) | Quilter plc | 2265 |
| 34916 |  | Rathbone Brothers | 836 |
| 156156 |  | Ratos AB (B Shares) | 663 |
| 85280 |  | Raymond James Financial, Inc | 13079 |
| 923653 |  | REC Ltd | 4340 |
| 93660 |  | Reinet Investments S.C.A | 3048 |
| 24530098 | (a) | Reliance Strategic Investments Ltd | 93570 |
| 348644 |  | Remgro Ltd | 3120 |
| 852343 | (a) | Remitly Global, Inc | 15998 |
| 8461 |  | Ricoh Leasing Co Ltd | 301 |
| 220090 |  | Rithm Capital Corp | 2485 |
| 402608 | (a) | Robinhood Markets, Inc | 37696 |
| 1463066 | (b) | Rocket Cos, Inc | 20746 |

---

**57** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |
| 499733 |  | S&P Global, Inc | $263504 |
| 166965 |  | Samsung Securities Co Ltd | 9081 |
| 25091 |  | Saudi Advanced Industries Co | 180 |
| 32748 |  | Saudi Tadawul Group Holding Co | 1541 |
| 128132 | (a) | SBFC Finance Ltd | 168 |
| 197039 |  | SBI Cards & Payment Services Ltd | 2190 |
| 667050 |  | SBI Holdings, Inc | 23243 |
| 309600 |  | SDIC Capital Co Ltd | 325 |
| 62339 |  | SEI Investments Co | 5602 |
| 11000 | (a),(b) | Sezzle, Inc | 1972 |
| 977144 |  | Shenwan Hongyuan Group Co Ltd | 685 |
| 26231 | (a),(b) | Shift4 Payments, Inc | 2600 |
| 3273 |  | Shinyoung Securities Co Ltd | 293 |
| 972805 |  | Shriram Finance Ltd | 8022 |
| 1224700 |  | Singapore Exchange Ltd | 14340 |
| 140500 |  | Sinolink Securities Co Ltd | 172 |
| 90966 |  | SLM Corp | 2983 |
| 3695 |  | Societe Fonciere Financiere et de Participations FFP | 321 |
| 1276153 | (a) | SoFi Technologies, Inc | 23239 |
| 11893 |  | Sofina S.A. | 3934 |
| 238635 |  | SooChow Securities Co Ltd | 291 |
| 311673 |  | Southwest Securities Co Ltd | 189 |
| 16820 |  | Sprott, Inc | 1163 |
| 559262 |  | Srisawad Corp PCL | 278 |
| 402293 |  | St. James's Place plc | 6555 |
| 876191 | (b) | Starwood Property Trust, Inc | 17585 |
| 143313 |  | State Street Corp | 15240 |
| 61420 |  | StepStone Group, Inc | 3409 |
| 42908 |  | Stifel Financial Corp | 4453 |
| 2315027 | (a) | StoneCo Ltd | 37133 |
| 43920 | (a) | StoneX Group, Inc | 4003 |
| 46280 |  | Sundaram Finance Ltd | 2795 |
| 107221 |  | Svolder AB | 628 |
| 8105 |  | Swissquote Group Holding S.A. | 4606 |
| 290000 | (b) | SY Holdings Group Ltd | 436 |
| 736076 |  | Synchrony Financial | 49126 |
| 92303 |  | T Rowe Price Group, Inc | 8907 |
| 84186 | (b) | Tamburi Investment Partners S.p.A. | 778 |
| 9370 |  | Tata Investment Corp Ltd | 750 |
| 71399 |  | Tel Aviv Stock Exchange Ltd | 1382 |
| 337900 |  | Tianfeng Securities Co Ltd | 233 |
| 1092000 |  | TIDLOR Holdings PCL | 507 |
| 359026 |  | TMX Group Ltd | 15218 |
| 107072 | (a) | Toast, Inc | 4742 |
| 1069280 |  | Tokai Tokyo Securities Co Ltd | 3666 |
| 566422 |  | TP ICAP Group plc | 2121 |
| 44693 |  | TPG, Inc | 2344 |
| 11897 |  | Tradeweb Markets, Inc | 1742 |
| 1058597 | (a) | Turkiye Sinai Kalkinma Bankasi AS | 332 |
| 1999471 | (b) | UBS Group AG | 67622 |
| 1567720 |  | UBS Group AG | 53227 |
| 5084 | (a) | United International Holding Co | 215 |
| 77100 | (a) | Up Fintech Holding Ltd (ADR) | 744 |
| 178000 | (a),(b) | Upstart Holdings, Inc | 11513 |
| 43062 |  | UTI Asset Management Co Ltd | 648 |
| 39913 |  | UWM Holdings Corp | 165 |
| 106379 |  | Van Lanschot Kempen NV | 6845 |
| 18430 | (a) | Velocity Financial, Inc | 342 |
| 18722 |  | Verusa Holding AS. | 137 |
| 56050 |  | Victory Capital Holdings, Inc | 3569 |
| 16066 | (b) | Vinci Partners Investments Ltd | 155 |
| 194450 |  | Virtu Financial, Inc | 8709 |

---

**58** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |
| 1477174 |  | Visa, Inc (Class A) | $524471 |
| 21524 |  | Vontobel Holding AG. | 1740 |
| 81700 |  | Voya Financial, Inc | 5801 |
| 200967 | (b) | Washington H Soul Pattinson & Co Ltd | 5556 |
| 1906914 |  | Waterland Financial Holdings | 878 |
| 17992 |  | Wendel | 1903 |
| 219303 |  | Western Securities Co Ltd | 241 |
| 34866 |  | Western Union Co | 294 |
| 4314 | (a) | WEX, Inc | 634 |
| 815289 |  | WisdomTree, Inc | 9384 |
| 513544 | (a) | Wise plc | 7336 |
| 105936 |  | Woori Investment & Securities Co Ltd | 1567 |
| 152699 | (a),(b),(c) | Worldline S.A. | 646 |
| 427470 |  | XP, Inc | 8635 |
| 147480 |  | XPS Pensions Group plc | 776 |
| 56552 | (c) | XTB S.A. | 1281 |
| 12711100 |  | Yangzijiang Financial Holding Ltd | 7406 |
| 11188750 | (b),(c) | Yixin Group Ltd | 3339 |
| 21655 |  | Yuanta Futures Co Ltd | 59 |
| 217129 |  | Yulon Finance Corp | 766 |
| 584430 |  | Zenkoku Hosho Co Ltd | 13108 |
| 200191 |  | Zheshang Securities Co Ltd | 305 |
| 265600 |  | Zhongtai Securities Co Ltd | 238 |
| 2851566 | (a) | Zip Co Ltd | 5754 |
|  |  | TOTAL FINANCIAL SERVICES | 8381126 |
|  |  | FOOD, BEVERAGE & TOBACCO - 2.7% |  |
| 138531 | (b) | AAK AB | 3640 |
| 87271 |  | AG. Barr plc | 825 |
| 221470 |  | Agthia Group PJSC | 263 |
| 1120546 |  | Ajinomoto Co, Inc | 30393 |
| 2544600 |  | Alfa S.A. de C.V. (Class A) | 1880 |
| 27194 |  | Allied Blenders & Distillers Ltd | 137 |
| 339185 |  | Almarai Co JSC | 4584 |
| 886424 |  | Altria Group, Inc | 51971 |
| 3253939 |  | Ambev S.A. | 7978 |
| 1545620 |  | Anadolu Efes Biracilik Ve Malt Sanayii AS | 581 |
| 27011 |  | Angel Yeast Co Ltd | 133 |
| 909667 |  | Anheuser-Busch InBev S.A. | 62585 |
| 83728 |  | Anhui Gujing Distillery Co Ltd | 1121 |
| 15514 |  | Anhui Gujing Distillery Co Ltd (Class A) | 289 |
| 27500 |  | Anhui Yingjia Distillery Co Ltd | 151 |
| 354626 |  | Arca Continental SAB de C.V. | 3748 |
| 242900 |  | Archer-Daniels-Midland Co | 12820 |
| 14672 |  | Ariake Japan Co Ltd | 674 |
| 17056 | (a) | Aryzta AG. | 1742 |
| 1181005 |  | Asahi Breweries Ltd | 15787 |
| 23092 |  | Associated British Foods plc | 652 |
| 60698 |  | Austevoll Seafood ASA | 584 |
| 32322 |  | Avanti Feeds Ltd | 276 |
| 244523 |  | AVI Ltd | 1300 |
| 206083 | (a) | AWL Agri Business Ltd | 625 |
| 37954 |  | Bakkafrost P | 1708 |
| 102146 | (c) | Bakkavor Group plc | 303 |
| 606556 | (a) | Baladna | 210 |
| 99297 |  | Balrampur Chini Mills Ltd | 688 |
| 24611 | (b) | Barry Callebaut AG. | 26902 |
| 222442 |  | Bega Cheese Ltd | 800 |
| 111200 |  | Beijing Yanjing Brewery Co Ltd | 201 |
| 650100 |  | Betagro PCL | 368 |
| 53080 | (a) | Bikaji Foods International Ltd | 458 |
| 3081 |  | Binggrae Co Ltd | 193 |
| 17447 |  | Bombay Burmah Trading Co | 409 |

---

**59** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 3675 | (a) | Boston Beer Co, Inc (Class A) | $701 |
| 134222 | (a),(b) | BRC, Inc | 176 |
| 361400 |  | BRF S.A. | 1340 |
| 75552 |  | Britannia Industries Ltd | 5155 |
| 4020738 |  | British American Tobacco plc | 191171 |
| 12598 |  | Brown-Forman Corp (Class B) | 339 |
| 63579 |  | Bunge Global S.A. | 5104 |
| 318269 |  | C&C Group plc | 711 |
| 26980 |  | Calavo Growers, Inc | 717 |
| 60600 |  | Calbee, Inc | 1154 |
| 86817 |  | Cal-Maine Foods, Inc | 8650 |
| 13380 | (b) | Campbell Soup Co | 410 |
| 208100 |  | Carabao Group PCL | 314 |
| 188096 |  | Carlsberg AS (Class B) | 26650 |
| 118200 |  | Carlsberg Brewery Malaysia Bhd | 541 |
| 59493 |  | CCL Products India Ltd | 590 |
| 74526 | (a) | Celsius Holdings, Inc | 3457 |
| 1040300 |  | Century Pacific Food, Inc | 743 |
| 132800 |  | Charoen Pokphand Enterprise | 579 |
| 2621831 |  | Charoen Pokphand Foods PCL | 1857 |
| 5006318 |  | Charoen Pokphand Indonesia Tbk PT | 1449 |
| 2546021 | (c) | China Feihe Ltd | 1857 |
| 5294000 |  | China Foods Ltd | 2071 |
| 4375889 | (a),(d) | China Huishan Dairy Holdings Co Ltd | 6 |
| 370000 | (a),(d) | China Huiyuan Juice Group Ltd | 0^ |
| 2160227 |  | China Mengniu Dairy Co Ltd | 4453 |
| 2404000 | (b) | China Modern Dairy Holdings Ltd | 316 |
| 1122357 |  | China Resources Beer Holdings Company Ltd | 3590 |
| 613000 | (a),(b),(c) | China Youran Dairy Group Ltd | 206 |
| 7 |  | Chocoladefabriken Lindt & Spruengli AG. | 1167 |
| 7527 |  | Chongqing Brewery Co Ltd | 58 |
| 105958 |  | Cia Cervecerias Unidas S.A. | 688 |
| 2369800 |  | Cisarua Mountain Dairy PT TBK | 711 |
| 5830 |  | CJ CheilJedang Corp | 1073 |
| 147520 |  | Cloetta AB | 531 |
| 5891551 |  | Coca-Cola Co | 416827 |
| 25900 |  | Coca-Cola Consolidated Inc | 2892 |
| 410037 |  | Coca-Cola Europacific Partners plc | 38019 |
| 363083 | (b) | Coca-Cola Femsa SAB de C.V. | 3518 |
| 15026 |  | Coca-Cola HBC AG. | 785 |
| 567949 |  | Coca-Cola Icecek AS | 702 |
| 97200 |  | Coca-Cola West Japan Co Ltd | 1570 |
| 2280000 | (a),(b) | COFCO Joycome Foods Ltd | 459 |
| 33013 |  | ConAgra Brands, Inc | 676 |
| 11301 |  | Constellation Brands, Inc (Class A) | 1838 |
| 40804 |  | Cranswick plc | 2997 |
| 17278 |  | Daesang Corp | 280 |
| 44654 |  | Danone | 3654 |
| 67092 | (a) | Darling International, Inc | 2545 |
| 4006169 | (b) | Davide Campari-Milano NV | 26971 |
| 2511404 |  | Diageo plc | 63328 |
| 10370 |  | Dodla Dairy Ltd | 173 |
| 280858 |  | Dole plc | 3929 |
| 10900 | (b) | Dydo Drinco, Inc | 201 |
| 1060514 |  | Eastern Tobacco | 641 |
| 21500 |  | Eastroc Beverage Group Co Ltd | 942 |
| 834738 |  | Embotelladora Andina S.A. | 3406 |
| 1638 |  | Emmi AG. | 1638 |
| 36315 |  | Ezaki Glico Co Ltd | 1162 |
| 591100 |  | Farm Fresh Bhd | 256 |
| 1231750 |  | Fevertree Drinks plc | 15819 |
| 5736 |  | First Milling Co | 83 |

---

**60** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 1790000 |  | First Pacific Co | $1269 |
| 339900 |  | First Resources Ltd | 393 |
| 1487883 |  | Fomento Economico Mexicano S.A. de C.V. | 15319 |
| 1635258 |  | Fomento Economico Mexicano SAB de C.V. (ADR) | 168399 |
| 191561 |  | Foshan Haitian Flavouring & Food Co Ltd | 1041 |
| 96600 |  | Fraser & Neave Holdings Bhd | 676 |
| 20045 | (a) | Freshpet, Inc | 1362 |
| 34727 |  | Fuji Oil Co Ltd | 680 |
| 143049 |  | Futuris Corp Ltd | 594 |
| 38400 |  | General Mills, Inc | 1990 |
| 79100 |  | Genting Plantations BHD | 94 |
| 948474 |  | Glanbia plc | 13984 |
| 9567 |  | Godfrey Phillips India Ltd | 1002 |
| 15265 | (a),(c) | Godrej Agrovet Ltd | 139 |
| 5288625 |  | Golden Agri-Resources Ltd | 1040 |
| 492500 |  | Great Wall Enterprise Co Ltd | 1111 |
| 315016 |  | Greencore Group plc | 1010 |
| 43975 |  | Grieg Seafood ASA | 331 |
| 109716 |  | Gruma SAB de C.V. | 1893 |
| 882441 | (b) | Grupo Bimbo S.A. de C.V. (Series A) | 2462 |
| 632090 |  | Guan Chong Bhd | 186 |
| 70145 |  | Guangdong Haid Group Co Ltd | 574 |
| 112464 |  | Gujarat Ambuja Exports Ltd | 146 |
| 2523 | (a) | Hain Celestial Group, Inc | 4 |
| 5519 | (a) | Halwani Brothers Co | 64 |
| 172314 |  | Health & Happiness H&H International Holdings Ltd | 251 |
| 62500 |  | Hebei Yangyuan Zhihui Beverage Co Ltd | 185 |
| 178925 |  | Heineken Holding NV | 13351 |
| 108200 |  | Heineken Malaysia Bhd | 648 |
| 2227702 |  | Heineken NV | 194351 |
| 131323 |  | Henan Shuanghui Investment & Development Co Ltd | 447 |
| 28689 |  | Heritage Foods Ltd | 166 |
| 11269 |  | Hershey Co | 1870 |
| 405213 |  | Hilton Food Group plc | 4817 |
| 33088 | (a) | Hindustan Foods Ltd | 207 |
| 22675 |  | Hite Jinro Co Ltd | 346 |
| 20862 |  | Hormel Foods Corp | 631 |
| 40462 |  | House Foods Corp | 787 |
| 530600 |  | Ichitan Group PCL | 165 |
| 55489 |  | Imperial Tobacco Group plc | 2192 |
| 1555009 |  | Indofood CBP Sukses Makmur Tbk PT | 1006 |
| 903411 |  | Inghams Group Ltd | 2111 |
| 24950 |  | Ingredion, Inc | 3384 |
| 272553 |  | Inner Mongolia Yili Industrial Group Co Ltd | 1061 |
| 9135000 | (a),(d) | Inti Agri Resources Tbk PT | 0^ |
| 1702706 |  | IOI Corp BHD | 1513 |
| 424500 |  | I-TAIL Corp PCL | 152 |
| 2077037 |  | ITC Ltd | 10087 |
| 38700 |  | Ito En Ltd | 877 |
| 65640 |  | Itoham Yonekyu Holdings, Inc | 2232 |
| 7360 |  | J.M. Smucker Co | 723 |
| 2345800 | (b) | Japan Tobacco, Inc | 69106 |
| 4685000 |  | Japfa Comfeed Indonesia Tbk PT | 437 |
| 289991 | (a) | JBS NV | 4237 |
| 8428 | (b) | JDE Peet's NV | 241 |
| 35526 |  | Jiangsu King's Luck Brewery JSC Ltd | 193 |
| 54181 |  | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | 488 |
| 8350 |  | John B Sanfilippo & Son, Inc | 528 |
| 60646 |  | Kagome Co Ltd | 1208 |
| 5700 |  | Kameda Seika Co Ltd | 158 |
| 23394 |  | Kaveri Seed Co Ltd | 322 |
| 19074 |  | Kellogg Co | 1517 |

---

**61** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 85364 |  | Kerry Group plc (Class A) | $9432 |
| 1252473 |  | Keurig Dr Pepper, Inc | 41407 |
| 75097 |  | Kewpie Corp | 1756 |
| 46900 |  | Kikkoman Corp | 435 |
| 53700 |  | Kirin Brewery Co Ltd | 753 |
| 80800 |  | Kotobuki Spirits Co Ltd | 1153 |
| 62725 |  | Kraft Heinz Co | 1620 |
| 42521 |  | KRBL Ltd | 181 |
| 67467 |  | KT&G Corp | 6368 |
| 336395 |  | Kuala Lumpur Kepong BHD | 1654 |
| 51843 |  | Kweichow Moutai Co Ltd | 10205 |
| 9863 |  | Lamb Weston Holdings, Inc | 511 |
| 2383 |  | Lassonde Industries, Inc | 365 |
| 189607 |  | Leroy Seafood Group ASA | 900 |
| 86332 |  | Lian HWA Food Corp | 415 |
| 721109 |  | Lien Hwa Industrial Corp | 1062 |
| 21700 |  | Lifedrink Co, Inc | 319 |
| 68 |  | Lindt & Spruengli AG. | 1146 |
| 2910 |  | Lotte Chilsung Beverage Co Ltd | 257 |
| 2162 |  | Lotte Wellfood Co Ltd | 185 |
| 340 |  | Lotus Bakeries NV | 3276 |
| 1228002 |  | LT Foods Ltd | 6969 |
| 60723 |  | Luzhou Laojiao Co Ltd | 962 |
| 425 | (a) | Lydia Yesil Enerji Kaynaklari Anonimsirketi | 131 |
| 30500 |  | M Dias Branco S.A. | 135 |
| 13126 |  | Manorama Industries Ltd | 224 |
| 537227 |  | Maple Leaf Foods, Inc | 11192 |
| 198978 |  | Marfrig Global Foods S.A. | 839 |
| 362395 |  | Marico Ltd | 3053 |
| 29100 |  | Maruha Nichiro Corp | 615 |
| 429527 |  | McCormick & Co, Inc | 32567 |
| 36187 |  | Megmilk Snow Brand Co Ltd | 686 |
| 16200 |  | MEIJI Holdings Co Ltd | 358 |
| 74407 |  | Mezzan Holding Co KSCC | 299 |
| 255300 | (a) | Minerva S.A. | 230 |
| 11700 |  | Mitsui Sugar Co Ltd | 248 |
| 19103 |  | Modern Mills Co | 164 |
| 12572 |  | Molson Coors Brewing Co (Class B) | 605 |
| 2006400 | (c) | Monde Nissin Corp | 264 |
| 4491897 |  | Mondelez International, Inc | 302934 |
| 2564882 | (a) | Monster Beverage Corp | 160664 |
| 49358 |  | Morinaga & Co Ltd | 814 |
| 53026 |  | Morinaga Milk Industry Co Ltd | 1191 |
| 32359 |  | Mowi ASA | 625 |
| 19551 |  | Mrs Bectors Food Specialities Ltd | 312 |
| 227138 |  | Muyuan Foods Co Ltd | 1332 |
| 116992 | (a) | National Agriculture Development Co | 659 |
| 233739 |  | Nestle India Ltd | 6720 |
| 46514 |  | Nestle Malaysia Bhd | 848 |
| 2469670 |  | Nestle S.A. | 245550 |
| 184805 | (a) | New Hope Liuhe Co Ltd | 242 |
| 13521 | (a),(b) | Newlat Food S.p.A | 273 |
| 155384 |  | Nichirei Corp | 2032 |
| 35197 |  | Nippon Flour Mills Co Ltd | 520 |
| 63700 |  | Nippon Meat Packers, Inc | 2206 |
| 204759 |  | Nippon Suisan Kaisha Ltd | 1244 |
| 21222 |  | Nisshin Oillio Group Ltd | 719 |
| 152700 |  | Nisshin Seifun Group, Inc | 1825 |
| 13800 |  | Nissin Food Products Co Ltd | 287 |
| 1392800 | (b),(c) | Nongfu Spring Co Ltd | 7145 |
| 2592 |  | NongShim Co Ltd | 753 |
| 75302 |  | OBA Makarnacilik Sanayi VE Ticaret AS. | 92 |

---

**62** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 15884 |  | Orion Corp/Republic of Korea | $1278 |
| 209424 |  | Orion Holdings Corp | 3406 |
| 49001 |  | Orkla ASA | 534 |
| 706100 |  | Osotspa PCL | 326 |
| 1332 |  | Ottogi Corp | 388 |
| 1238092 |  | PepsiCo, Inc | 163478 |
| 15109 | (b) | Pernod-Ricard S.A. | 1507 |
| 1443 |  | Philip Morris CR AS. | 1202 |
| 3580561 |  | Philip Morris International, Inc | 652128 |
| 17385 |  | Piccadily Agro Industries Ltd | 116 |
| 435441 |  | PPB Group BHD | 1064 |
| 688395 |  | Premier Foods plc | 1884 |
| 33888 | (b) | Premium Brands Holdings Corp | 2021 |
| 262038 |  | Prima Meat Packers Ltd | 4121 |
| 1146609 |  | Primo Brands Corp | 33963 |
| 409800 |  | PT Astra Agro Lestari Tbk | 146 |
| 282700 | (a) | PT Gudang Garam Tbk | 159 |
| 2975809 |  | PT Indofood Sukses Makmur Tbk | 1490 |
| 1122900 |  | QL Resources Bhd | 1227 |
| 60269 |  | Radico Khaitan Ltd | 1839 |
| 17713 | (b) | Remy Cointreau S.A. | 905 |
| 13700 |  | Riken Vitamin Co Ltd | 260 |
| 208700 |  | RLX Technology, Inc (ADR) | 461 |
| 55395 | (b) | Rogers Sugar, Inc | 228 |
| 37631 |  | Royal Unibrew A.S. | 3075 |
| 14294 |  | S Foods, Inc | 260 |
| 19255 |  | Sakata Seed Corp | 468 |
| 55588 |  | Salmar ASA | 2409 |
| 2877 |  | Samyang Foods Co Ltd | 2970 |
| 124300 |  | Sao Martinho S.A. | 402 |
| 47686 |  | Sapporo Holdings Ltd | 2456 |
| 193042 |  | Saputo, Inc | 3951 |
| 2949400 |  | Sariguna Primatirta Tbk PT | 112 |
| 11288 |  | Saudia Dairy & Foodstuff Co | 823 |
| 100482 |  | Savola Group | 743 |
| 2975600 |  | Sawit Sumbermas Sarana Tbk PT | 241 |
| 257778 | (c) | Scandinavian Tobacco Group A.S. | 3421 |
| 9571 |  | Schouw & Co | 911 |
| 109 |  | Seaboard Corp | 312 |
| 51042 |  | Shanxi Xinghuacun Fen Wine Factory Co Ltd | 1257 |
| 10387 |  | Showa Sangyo Co Ltd | 215 |
| 529285 | (a) | Shree Renuka Sugars Ltd | 204 |
| 1400978 |  | Sime Darby Plantation Bhd | 1545 |
| 136154 |  | SLC Agricola S.A. | 448 |
| 188879 |  | Smithfield Foods, Inc | 4444 |
| 1286171 | (b),(c) | Smoore International Holdings Ltd | 2993 |
| 263000 |  | Standard Foods Corp | 295 |
| 39521 |  | Strauss Group Ltd | 1085 |
| 45349 |  | Suedzucker AG. | 596 |
| 91360 | (a) | SunOpta, Inc | 530 |
| 60641 | (a) | SunOpta, Inc | 350 |
| 9600 | (b) | Suntory Beverage & Food Ltd | 307 |
| 100303 |  | Takara Holdings, Inc | 834 |
| 2037 |  | Tanmiah Food Co | 53 |
| 413140 |  | Tata Consumer Products Ltd | 5295 |
| 1477597 |  | Tate & Lyle plc | 10480 |
| 2271800 |  | Thai Union Group PCL | 721 |
| 399230 |  | Thai Vegetable Oil PCL (Foreign) | 262 |
| 121990 | (b) | Tiger Brands Ltd | 2197 |
| 87716 |  | Tilaknagar Industries Ltd | 355 |
| 1393301 |  | Tingyi Cayman Islands Holding Corp | 2045 |
| 66600 |  | Toyo Suisan Kaisha Ltd | 4427 |

---

**63** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 670580 |  | Treasury Wine Estates Ltd | $3450 |
| 80900 |  | Tres Tentos Agroindustrial S.A. | 225 |
| 52366 |  | Triveni Engineering & Industries Ltd | 232 |
| 431471 |  | Tsingtao Brewery Co Ltd | 2823 |
| 31093 |  | Tsingtao Brewery Co Ltd (Class A) | 302 |
| 18000 |  | Ttet Union Corp | 94 |
| 19770 |  | Tyson Foods, Inc (Class A) | 1106 |
| 157689 |  | Ulker Biskuvi Sanayi AS | 418 |
| 1872600 |  | Ultrajaya Milk Industry & Trading Co Tbk PT | 156 |
| 3328934 |  | Uni-President Enterprises Corp | 9227 |
| 476100 |  | United Plantations BHD | 2490 |
| 206255 |  | United Spirits Ltd | 3435 |
| 600790 |  | Universal Robina Corp | 955 |
| 936451 |  | Varun Beverages Ltd | 4997 |
| 394738 |  | Vina Concha y Toro S.A. | 456 |
| 29516 | (b) | Viscofan S.A. | 2100 |
| 342233 | (a) | Vital Farms, Inc | 13183 |
| 462000 |  | Vitasoy International Holdings Ltd | 541 |
| 3312694 |  | Want Want China Holdings Ltd | 2317 |
| 267570 |  | Wens Foodstuffs Group Co Ltd | 638 |
| 6484000 | (c) | WH Group Ltd | 6249 |
| 1493500 |  | Wilmar International Ltd | 3371 |
| 160821 |  | Wuliangye Yibin Co Ltd | 2670 |
| 17700 |  | Yakult Honsha Co Ltd | 333 |
| 91500 |  | Yamazaki Baking Co Ltd | 2048 |
| 390000 | (b) | Yihai International Holding Ltd | 692 |
| 62900 |  | Yihai Kerry Arawana Holdings Co Ltd | 259 |
| 903000 | (b),(c) | Zhou Hei Ya International Holdings Co Ltd | 289 |
| 13152 |  | Zydus Wellnes Ltd | 310 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO | 3523500 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 3.5% |  |
| 4634252 |  | Abbott Laboratories | 630305 |
| 51244 | (a) | Acadia Healthcare Co, Inc | 1163 |
| 139020 | (a) | Accuray, Inc | 190 |
| 198500 | (a) | Adicon Holdings Ltd | 168 |
| 180716 |  | Advanced Medical Solutions Group plc | 538 |
| 1003600 | (a) | agilon health, Inc | 2308 |
| 148149 |  | Aier Eye Hospital Group Co Ltd | 258 |
| 444000 | (c) | AK Medical Holdings Ltd | 340 |
| 65666 |  | Al Hammadi Holding | 674 |
| 485393 |  | Alcon, Inc | 43046 |
| 122200 |  | Alfresa Holdings Corp | 1672 |
| 58393 | (a) | Align Technology, Inc | 11056 |
| 494550 | (a) | Alignment Healthcare, Inc | 6924 |
| 7838 |  | Almoosa Health Co | 339 |
| 1617243 | (a) | Alphatec Holdings, Inc | 17951 |
| 461337 | (c) | Ambea AB | 5503 |
| 140553 |  | Ambu A.S. | 2211 |
| 9948 | (a) | Amedisys, Inc | 979 |
| 113519 |  | AmerisourceBergen Corp | 34039 |
| 93505 |  | Amplifon S.p.A. | 2196 |
| 14515 | (b) | Andlauer Healthcare Group, Inc | 561 |
| 30800 | (b),(c) | Angelalign Technology, Inc | 222 |
| 518577 | (a) | Angiodynamics, Inc | 5144 |
| 108985 |  | Ansell Ltd | 2173 |
| 45250 | (a) | Anteris Technologies Global Corp | 172 |
| 150069 |  | Apollo Hospitals Enterprise Ltd | 12677 |
| 6577 |  | APT Medical, Inc | 273 |
| 398533 | (a) | Ardent Health Partners, Inc | 5444 |
| 1210831 |  | Arjo AB | 4344 |
| 43088 |  | As One Corp | 744 |
| 376000 |  | Asahi Intecc Co Ltd | 5948 |

---

**64** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 151239 | (c) | Aster DM Healthcare Ltd | $1051 |
| 372357 | (a) | AtriCure, Inc | 12202 |
| 698019 | (c) | Attendo AB | 4689 |
| 92140 | (a) | Aveanna Healthcare Holdings, Inc | 482 |
| 1076200 |  | Bangkok Chain Hospital PCL | 424 |
| 2930471 |  | Bangkok Dusit Medical Services PCL | 1877 |
| 16713 |  | Becton Dickinson & Co | 2879 |
| 24614 | (b) | BioMerieux | 3405 |
| 20345 |  | BML, Inc | 467 |
| 2997432 | (a) | Boston Scientific Corp | 321954 |
| 674135 | (a),(b) | BrightSpring Health Services, Inc | 15903 |
| 419 | (a) | Brookdale Senior Living, Inc | 3 |
| 157138 |  | Bumrungrad Hospital PCL | 675 |
| 76495 |  | Cardinal Health, Inc | 12851 |
| 26592 |  | Carl Zeiss Meditec AG. | 1791 |
| 483597 | (a) | Castle Biosciences, Inc | 9875 |
| 743942 | (a) | Centene Corp | 40381 |
| 37070 | (a) | Ceribell, Inc | 694 |
| 50895 | (a) | Certara, Inc | 595 |
| 42707 | (a) | Chabiotech Co Ltd | 340 |
| 4698 |  | Chemed Corp | 2288 |
| 723500 |  | China Resources Medical Holdings Co Ltd | 378 |
| 4203000 |  | Chularat Hospital PCL | 197 |
| 655608 |  | Cigna Group | 216731 |
| 14752 |  | Classys, Inc | 684 |
| 97515 |  | Coloplast A.S. | 9284 |
| 1228041 | (c) | ConvaTec Group plc | 4864 |
| 1299 | (a) | Cooper Cos, Inc | 92 |
| 13860 | (a) | Corvel Corp | 1425 |
| 21586 |  | Craneware plc | 628 |
| 50388 |  | CVS Group plc | 865 |
| 678072 |  | CVS Health Corp | 46773 |
| 9795 |  | Dallah Healthcare Co | 341 |
| 14673 | (a) | DaVita, Inc | 2090 |
| 52520 | (a) | Delcath Systems, Inc | 714 |
| 51309 | (a) | Demant A.S. | 2144 |
| 217217 |  | dentalcorp Holdings Ltd | 1343 |
| 5873 |  | Dentium Co Ltd | 268 |
| 1716584 | (a) | DexCom, Inc | 149841 |
| 8810 |  | Diagnostyka S.A. | 409 |
| 13123 | (b) | DiaSorin S.p.A. | 1405 |
| 166936 | (a) | Doximity, Inc | 10240 |
| 41800 | (a) | Dr Agarwal's Health Care Ltd | 197 |
| 30870 | (c) | Dr Lal PathLabs Ltd | 1007 |
| 23056 |  | Dr Sulaiman Al Habib Medical Services Group Co | 1667 |
| 6027 |  | Draegerwerk AG. | 477 |
| 317734 |  | EBOS Group Ltd | 7447 |
| 11270 |  | Eckert & Ziegler Strahlen- und Medizintechnik AG. | 907 |
| 1272988 | (a) | Edwards Lifesciences Corp | 99560 |
| 20000 |  | Eiken Chemical Co Ltd | 296 |
| 30887 | (b) | El.En. S.p.A | 405 |
| 16820 | (a) | Electromed, Inc | 370 |
| 1754611 | (b) | Elekta AB (B Shares) | 9051 |
| 703271 |  | Elevance Health, Inc | 273544 |
| 56589 |  | Encompass Health Corp | 6940 |
| 142530 | (a) | Enhabit, Inc | 1374 |
| 49000 | (a) | Enovis Corp | 1537 |
| 26986 |  | Ensign Group, Inc | 4163 |
| 5401 | (a) | Entero Healthcare Solutions Ltd | 72 |
| 5186 | (b) | Equasens | 299 |
| 686196 |  | Essilor International S.A. | 188424 |
| 213299 | (a),(b) | Establishment Labs Holdings, Inc | 9110 |

---

**65** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 55736 | (b) | Extendicare, Inc | $579 |
| 184073 |  | Fagron NV | 4872 |
| 451036 |  | Fisher & Paykel Healthcare Corp | 9907 |
| 5238690 |  | Fleury S.A. | 12554 |
| 1692435 |  | Fortis Healthcare Ltd | 15684 |
| 785913 |  | Fresenius Medical Care AG. | 45155 |
| 11400 |  | Fukuda Denshi Co Ltd | 554 |
| 37840 | (c) | Galenica AG. | 4141 |
| 37107 |  | GE HealthCare Technologies, Inc | 2749 |
| 174541 |  | Getinge AB (B Shares) | 3507 |
| 66947 | (a) | Global Health Ltd | 887 |
| 84149 | (a) | Globus Medical, Inc | 4966 |
| 33812 |  | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | 124 |
| 95500 | (b) | Gushengtang Holdings Ltd | 419 |
| 16712 |  | Hanmi Science Co Ltd | 554 |
| 242500 | (a),(c) | Hapvida Participacoes e Investimentos S.A. | 1645 |
| 1346900 |  | Hartalega Holdings Bhd | 525 |
| 326568 |  | HCA, Inc | 125108 |
| 582720 |  | Healius Ltd | 301 |
| 6142 | (a) | HealthCare Global Enterprises Ltd | 39 |
| 206304 | (a) | HealthEquity, Inc | 21612 |
| 39047 | (a) | Henry Schein, Inc | 2852 |
| 84723 | (a),(b) | Hims & Hers Health, Inc | 4223 |
| 56362 | (a) | HLB Life Science CO Ltd | 206 |
| 80789 | (a) | HLB, Inc | 2928 |
| 13000 |  | Hogy Medical Co Ltd | 363 |
| 246200 | (a) | Hoya Corp | 29239 |
| 36278 |  | Huadong Medicine Co Ltd | 204 |
| 74797 |  | Humana, Inc | 18286 |
| 268000 | (a),(b),(c) | Hygeia Healthcare Holdings Co Ltd | 523 |
| 25551 | (a) | IDEXX Laboratories, Inc | 13704 |
| 580889 |  | IHH Healthcare Bhd | 941 |
| 42752 | (a) | Inmode Ltd | 617 |
| 206690 | (a) | Inogen, Inc | 1453 |
| 174 | (a) | Inspire Medical Systems, Inc | 23 |
| 276 | (a) | Insulet Corp | 87 |
| 9270 | (a) | Integer Holdings Corp | 1140 |
| 881790 | (a) | Intuitive Surgical, Inc | 479174 |
| 60150 | (a) | iRhythm Technologies, Inc | 9261 |
| 41600 | (b) | Japan Lifeline Co Ltd | 431 |
| 25350 |  | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | 126 |
| 1497500 | (a),(b),(c) | Jinxin Fertility Group Ltd | 586 |
| 20000 |  | JMDC, Inc | 551 |
| 10848 |  | Jupiter Life Line Hospitals Ltd | 189 |
| 244000 | (b) | Kangji Medical Holdings Ltd | 236 |
| 551920 |  | Koninklijke Philips Electronics NV | 13253 |
| 68038 | (b) | Korian-Medica | 417 |
| 1189600 |  | Kossan Rubber Industries Bhd | 418 |
| 2926 | (a) | Kovai Medical Center and Hospital Ltd | 199 |
| 1458800 |  | KPJ Healthcare Bhd | 922 |
| 178930 | (a),(c) | Krishna Institute of Medical Sciences Ltd | 1405 |
| 26045 |  | Labcorp Holdings, Inc | 6837 |
| 1118238 | (b) | Life Healthcare Group Holdings Ltd | 902 |
| 178400 | (a) | LifeMD, Inc | 2430 |
| 2538000 | (a) | Lifetech Scientific Corp | 658 |
| 309201 | (a) | LivaNova plc | 13920 |
| 153040 | (a),(b) | Lucid Diagnostics, Inc | 176 |
| 16854 | (a) | Lunit, Inc | 717 |
| 918400 |  | M3, Inc | 12616 |
| 60663 |  | Mani, Inc | 519 |
| 63669 | (a) | Masimo Corp | 10710 |
| 657843 |  | Max Healthcare Institute Ltd | 9788 |

---

**66** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 118173 |  | McKesson Corp | $86595 |
| 5388 | (c) | Medacta Group S.A. | 915 |
| 139700 |  | Mediceo Paltac Holdings Co Ltd | 2266 |
| 61928 |  | Medicover AB | 1655 |
| 7239500 |  | Medikaloka Hermina Tbk PT | 632 |
| 17400 | (a) | Medley, Inc | 383 |
| 197000 | (b),(c) | Medlive Technology Co Ltd | 369 |
| 21357 | (c) | Medmix AG. | 327 |
| 51111 |  | Medtronic plc | 4455 |
| 44084 |  | Menicon Co Ltd | 342 |
| 236175 | (a) | Merit Medical Systems, Inc | 22078 |
| 156 | (b) | Metall Zug AG.(B Shares) | 207 |
| 24367 | (a),(c) | Metropolis Healthcare Ltd | 485 |
| 147000 |  | MicroPort NeuroTech Ltd | 243 |
| 621700 | (a),(b) | Microport Scientific Corp | 696 |
| 34426 | (a) | Middle East Healthcare Co | 522 |
| 43600 |  | Miraca Holdings, Inc | 964 |
| 4158100 |  | Mitra Keluarga Karyasehat Tbk PT | 651 |
| 30901 | (a),(c) | MLP Saglik Hizmetleri AS. | 265 |
| 27637 | (a) | Molina Healthcare, Inc | 8233 |
| 25822 |  | Mouwasat Medical Services Co | 520 |
| 77170 | (a) | Myomo, Inc | 167 |
| 52122 |  | Nakanishi, Inc | 685 |
| 173601 | (a) | Nanosonics Ltd | 463 |
| 53796 |  | Narayana Hrudayalaya Ltd | 1361 |
| 17080 |  | National Healthcare Corp | 1828 |
| 17144 |  | National Medical Care Co | 747 |
| 1030394 |  | Network Healthcare Holdings Ltd | 812 |
| 220500 | (a),(b),(c),(d) | New Horizon Health Ltd | 0^ |
| 122254 |  | Nihon Kohden Corp | 1455 |
| 109152 |  | Nipro Corp | 967 |
| 159379 | (a),(d) | NMC Health plc | 0^ |
| 343780 | (a) | Novocure Ltd | 6119 |
| 2130586 |  | Odontoprev S.A. | 4596 |
| 621300 |  | Olympus Corp | 7380 |
| 36850 | (a),(b) | OptimizeRx Corp | 497 |
| 533080 | (a) | Option Care Health, Inc | 17314 |
| 205610 | (a) | OraSure Technologies, Inc | 617 |
| 48777 | (a) | Orpea S.A. | 646 |
| 139100 | (a) | PACS Group, Inc | 1797 |
| 23744 |  | Paramount Bed Holdings Co Ltd | 423 |
| 33885 |  | Pegavision Corp | 345 |
| 186138 | (a) | Pennant Group, Inc | 5556 |
| 21392 | (a) | Penumbra, Inc | 5490 |
| 20700 |  | PHC Holdings Corp | 131 |
| 626651 | (a) | Phreesia, Inc | 17834 |
| 79000 | (a),(d) | Pihsiang Machinery Manufacturing Co Ltd | 0^ |
| 23620 |  | Poly Medicure Ltd | 613 |
| 547475 | (a) | PolyNovo Ltd | 431 |
| 332966 | (a) | Privia Health Group, Inc | 7658 |
| 40694 |  | Pro Medicus Ltd | 7615 |
| 163557 | (a) | PROCEPT BioRobotics Corp | 9421 |
| 172800 | (a) | Progyny, Inc | 3802 |
| 34394 |  | Quest Diagnostics, Inc | 6178 |
| 244808 | (a) | RadNet, Inc | 13932 |
| 580299 |  | Raffles Medical Group Ltd | 454 |
| 41762 |  | Rainbow Children's Medicare Ltd | 761 |
| 149149 |  | Ramsay Health Care Ltd | 3603 |
| 23387 |  | RaySearch Laboratories AB | 829 |
| 211076 | (c) | Rede D'Or Sao Luiz S.A. | 1376 |
| 557166 |  | Regis Healthcare Ltd | 2873 |
| 16325 |  | Revenio Group Oyj | 533 |

---

**67** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 4749000 | (b) | Riverstone Holdings Ltd | $2502 |
| 713408 |  | Ryman Healthcare Ltd | 974 |
| 291840 |  | Saudi Chemical Co Holding | 553 |
| 26826 |  | SD Biosensor, Inc | 207 |
| 103364 |  | Sectra AB | 3832 |
| 102883 |  | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 233 |
| 655482 |  | Shandong Weigao Group Medical Polymer Co Ltd | 511 |
| 133000 | (b) | Shanghai Conant Optical Co Ltd | 634 |
| 234000 | (a) | Shanghai MicroPort MedBot Group Co Ltd | 483 |
| 58532 |  | Shanghai Pharmaceuticals Holding Co Ltd - A | 146 |
| 13030 |  | Shanghai United Imaging Healthcare Co Ltd | 232 |
| 37822 |  | Shenzhen Mindray Bio-Medical Electronics Co Ltd | 1187 |
| 15100 |  | Shenzhen New Industries Biomedical Engineering Co Ltd | 120 |
| 57836 |  | Ship Healthcare Holdings, Inc | 778 |
| 842360 | (a) | SI-BONE, Inc | 15853 |
| 667131 | (c) | Siemens Healthineers AG. | 37035 |
| 70001 | (b) | Sienna Senior Living, Inc | 979 |
| 3270530 |  | Sigma Healthcare Ltd | 6437 |
| 353387 |  | Sinopharm Group Co Ltd | 830 |
| 495933 |  | Smith & Nephew plc | 7595 |
| 33727 |  | Sonova Holdings AG | 10058 |
| 783648 | (c) | Spire Healthcare Group plc | 2413 |
| 1145900 |  | Sri Trang Gloves Thailand PCL | 214 |
| 67700 |  | Straumann Holding AG. | 8861 |
| 424367 |  | Stryker Corp | 167892 |
| 1829641 | (a) | Supermax Corp Bhd | 256 |
| 29166 | (a),(b) | Surgical Science Sweden AB | 472 |
| 220300 |  | Suzuken Co Ltd | 7965 |
| 615300 |  | Sysmex Corp | 10711 |
| 35120 | (a) | Tactile Systems Technology, Inc | 356 |
| 59420 | (a) | Talkspace, Inc | 165 |
| 358 | (a) | Teladoc Health, Inc | 3 |
| 321464 | (a) | Tenet Healthcare Corp | 56578 |
| 1293300 |  | Terumo Corp | 23734 |
| 38830 |  | Toho Pharmaceutical Co Ltd | 1255 |
| 9909 | (b) | Tokai Corp (GIFU) | 146 |
| 4061700 | (a) | Top Glove Corp Bhd | 685 |
| 179950 |  | Uniphar plc | 798 |
| 1473021 |  | UnitedHealth Group, Inc | 459538 |
| 17786 |  | Universal Health Services, Inc (Class B) | 3222 |
| 22425 |  | Universal Vision Biotechnology Co Ltd | 155 |
| 512820 | (a) | Veeva Systems, Inc | 147682 |
| 156500 | (a),(c) | Venus MedTech Hangzhou, Inc | 51 |
| 38093 |  | Vijaya Diagnostic Centre Pvt Ltd | 438 |
| 125248 | (a),(b) | Vimian Group AB | 531 |
| 139694 | (a) | Waystar Holding Corp | 5709 |
| 174279 | (a) | Well Health Technologies Corp | 520 |
| 20342 | (a) | Xvivo Perfusion AB | 609 |
| 523300 | (a),(c) | Yidu Tech, Inc | 388 |
| 3125 | (b) | Ypsomed Holding AG. | 1668 |
| 415239 |  | Zimmer Biomet Holdings, Inc | 37874 |
| 122000 | (c) | Zylox-Tonbridge Medical Technology Co Ltd | 324 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 4493567 |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS - 1.0% |  |
| 20253 |  | Amorepacific Corp | 2048 |
| 21325 |  | AMOREPACIFIC Group | 501 |
| 11358 | (a) | APR Corp | 1296 |
| 100895 |  | Beiersdorf AG. | 12682 |
| 151317 | (a) | BellRing Brands, Inc | 8766 |
| 892500 | (b),(c) | Blue Moon Group Holdings Ltd | 468 |
| 40610 | (a) | Central Garden and Pet Co (Class A) | 1271 |
| 16933 |  | Church & Dwight Co, Inc | 1627 |

---

**68** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS (continued) |  |
| 8553 |  | Clorox Co | $1027 |
| 56085 |  | Colgate-Palmolive Co | 5098 |
| 95845 |  | Colgate-Palmolive India Ltd | 2691 |
| 6462 |  | Cosmax, Inc | 1334 |
| 372821 |  | Dabur India Ltd | 2110 |
| 10830 |  | Earth Chemical Co Ltd | 367 |
| 7097 |  | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 8 |
| 22775 | (a),(b) | elf Beauty, Inc | 2834 |
| 150588 |  | Emami Ltd | 1004 |
| 42182 |  | Essity AB | 1168 |
| 16987 |  | Estee Lauder Cos (Class A) | 1373 |
| 223400 | (c) | Giant Biogene Holding Co ltd | 1649 |
| 4058 |  | Gillette India Ltd | 516 |
| 291089 |  | Godrej Consumer Products Ltd | 4000 |
| 95000 |  | Grape King Bio Ltd | 408 |
| 438136 |  | Hengan International Group Co Ltd | 1261 |
| 7189 |  | Henkel KGaA | 521 |
| 11707 |  | Henkel KGaA (Preference) | 920 |
| 434130 | (a) | Herbalife Ltd | 3742 |
| 567361 |  | Hindustan Lever Ltd | 15185 |
| 74570 | (a) | Honasa Consumer Ltd | 270 |
| 466358 | (a) | Honest Co, Inc | 2374 |
| 64460300 |  | Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 1961 |
| 18356 |  | Inter Parfums S.A. | 714 |
| 41420 |  | Intercos S.p.A | 630 |
| 33398 | (c) | Jamieson Wellness, Inc | 871 |
| 126668 |  | Jyothy Labs Ltd | 511 |
| 1085988 | (b) | Kao Corp | 48658 |
| 5792063 |  | Kenvue, Inc | 121228 |
| 479258 |  | Kimberly-Clark Corp | 61786 |
| 1046018 | (b) | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | 1914 |
| 35000 |  | Kobayashi Pharmaceutical Co Ltd | 1310 |
| 12403 |  | Kolmar Korea Co Ltd | 915 |
| 25100 | (b) | Kose Corp | 985 |
| 6421 |  | LG Household & Health Care Ltd | 1517 |
| 192200 |  | Lion Corp | 1987 |
| 286214 |  | L'Oreal S.A. | 122601 |
| 334880 | (a) | Microbio Co Ltd | 264 |
| 15398 |  | Milbon Co Ltd | 259 |
| 618064 | (a) | Natura & Co Holding S.A. | 1257 |
| 73100 |  | Noevir Holdings Co Ltd | 2197 |
| 140810 |  | Nu Skin Enterprises, Inc (Class A) | 1125 |
| 29930 | (a),(b) | Oddity Tech Ltd | 2259 |
| 47070 | (a),(b) | Ontex Group NV | 378 |
| 3381 | (b) | Pharmanutra S.p.A | 188 |
| 1022600 | (b) | Pigeon Corp | 12435 |
| 60400 | (b) | Pola Orbis Holdings, Inc | 537 |
| 3486931 |  | Procter & Gamble Co | 555538 |
| 720545 |  | Reckitt Benckiser Group plc | 49089 |
| 141890 |  | Rohto Pharmaceutical Co Ltd | 2011 |
| 73285 |  | Sarantis S.A. | 1139 |
| 50500 | (b) | Shanghai Chicmax Cosmetic Co Ltd | 529 |
| 27600 | (b) | Shiseido Co Ltd | 493 |
| 22100 | (b) | Spectrum Brands Holdings, Inc | 1171 |
| 77300 |  | Uni-Charm Corp | 558 |
| 3485497 |  | Unilever plc | 212707 |
| 17612 | (a) | VT Co Ltd | 459 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1290700 |
|  |  | INSURANCE - 2.8% |  |
| 154588 |  | Admiral Group plc | 6942 |
| 1052918 |  | Aegon NV | 7630 |
| 7574789 |  | AIA Group Ltd | 68616 |

---

**69** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | INSURANCE (continued) |  |
| 27167 | (a) | Al Rajhi Co for Co-operative Insurance | $932 |
| 317256 |  | Allianz AG. | 128753 |
| 630332 |  | Allstate Corp | 126892 |
| 3647215 |  | Alm Brand AS | 9743 |
| 350840 | (a) | AMBAC Financial Group, Inc | 2491 |
| 1939891 |  | American International Group, Inc | 166035 |
| 79517 |  | Amerisafe, Inc | 3477 |
| 43558 |  | Anadolu Hayat Emeklilik AS | 87 |
| 136239 |  | Anadolu Sigorta | 318 |
| 371530 |  | Aon plc | 132547 |
| 1820004 |  | Arch Capital Group Ltd | 165711 |
| 122613 |  | ASR Nederland NV | 8147 |
| 21155 |  | Assurant, Inc | 4178 |
| 20059 |  | Assured Guaranty Ltd | 1747 |
| 496470 | (a) | Ategrity Specialty Holdings LLC | 10684 |
| 88947 |  | AUB Group Ltd | 2081 |
| 2783240 |  | Aviva plc | 23662 |
| 2276335 |  | AXA S.A. | 111779 |
| 759104 |  | Axis Capital Holdings Ltd | 78810 |
| 3273900 |  | Bangkok Life Assurance PCL | 1553 |
| 242500 |  | Bangkok Life Assurance PCL | 115 |
| 206700 |  | Bangkok Life Assurance PCL | 98 |
| 480746 |  | BB Seguridade Participacoes S.A. | 3168 |
| 4283199 |  | Beazley plc | 54996 |
| 14708 |  | Brookfield Wealth Solutions Ltd | 909 |
| 56782 |  | Bupa Arabia for Cooperative Insurance Co | 2696 |
| 399800 |  | Caixa Seguridade Participacoes S | 1081 |
| 6561215 |  | Cathay Financial Holding Co Ltd | 14123 |
| 225000 |  | Central Reinsurance Co Ltd | 176 |
| 10951435 |  | China Development Financial Holding Corp | 5617 |
| 1017132 |  | China Insurance International Holdings Co Ltd | 1991 |
| 5166790 |  | China Life Insurance Co Ltd | 12467 |
| 118775 |  | China Life Insurance Co Ltd (Class A) | 683 |
| 283700 |  | China Pacific Insurance Group Co Ltd - A | 1486 |
| 1829009 |  | China Pacific Insurance Group Co Ltd - H | 6292 |
| 325478 |  | Chubb Ltd | 94297 |
| 54265 |  | Clal Insurance Enterprises Holdings Ltd | 2400 |
| 148900 |  | CNO Financial Group, Inc | 5745 |
| 49997 |  | Co for Cooperative Insurance | 2106 |
| 78162 |  | Coface S.A. | 1501 |
| 444080 |  | Conduit Holdings Ltd | 2290 |
| 3630000 | (a),(b),(d) | Convoy Global Holdings Ltd | 5 |
| 69845 |  | Definity Financial Corp | 4071 |
| 984126 |  | Direct Line Insurance Group plc | 4150 |
| 377161 |  | Discovery Ltd | 4585 |
| 31890 |  | Dongbu Insurance Co Ltd | 2910 |
| 41960 | (a) | eHealth, Inc | 183 |
| 34630 |  | Employers Holdings, Inc | 1634 |
| 70681 |  | Everest Re Group Ltd | 24021 |
| 13833 |  | Fairfax Financial Holdings Ltd | 24969 |
| 643582 |  | Fidelis Insurance Holdings Ltd | 10671 |
| 769729 |  | Fidelity National Financial, Inc | 43151 |
| 35845 |  | First American Financial Corp | 2201 |
| 5645283 |  | Fubon Financial Holding Co Ltd | 16906 |
| 140715 |  | Gallagher (Arthur J.) & Co | 45046 |
| 1222510 | (a) | Genworth Financial, Inc (Class A) | 9511 |
| 500960 |  | Globe Life, Inc | 62264 |
| 130710 | (a) | Go Digit General Insurance Ltd | 549 |
| 195505 | (b) | Great-West Lifeco Inc | 7435 |
| 1367360 | (a) | Hamilton Insurance Group Ltd | 29562 |
| 106895 |  | Hannover Rueckversicherung AG. | 33684 |
| 3159027 |  | Hanwha Life Insurance Co Ltd | 7700 |

---

**70** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | INSURANCE (continued) |  |
| 85467 |  | Harel Insurance Investments & Financial Services Ltd | $2394 |
| 673729 | (c) | HDFC Life Insurance Co Ltd | 6394 |
| 1130762 |  | Hiscox Ltd | 19518 |
| 564009 |  | Hyundai Marine & Fire Insurance Co Ltd | 11049 |
| 65280 |  | iA Financial Corp, Inc | 7157 |
| 161860 | (c) | ICICI Lombard General Insurance Co Ltd | 3851 |
| 252942 | (c) | ICICI Prudential Life Insurance Co Ltd | 1939 |
| 1675315 |  | Insurance Australia Group Ltd | 9960 |
| 124839 |  | Intact Financial Corp | 29029 |
| 33053 | (a) | IRB-Brasil Resseguros S.A. | 275 |
| 1078100 |  | Japan Post Holdings Co Ltd | 9986 |
| 776529 |  | Just Group plc | 1414 |
| 58928 |  | Kemper Corp | 3803 |
| 121 |  | Kinsale Capital Group, Inc | 59 |
| 109168 |  | Korean Reinsurance Co | 828 |
| 827491 |  | Lancashire Holdings Ltd | 6531 |
| 4746931 |  | Legal & General Group plc | 16609 |
| 46600 | (a),(b) | Lifenet Insurance Co | 736 |
| 402371 | (b) | Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros | 642 |
| 1668822 | (b) | Mandatum Holding Oy | 10920 |
| 1206209 |  | Manulife Financial Corp | 38567 |
| 1115747 |  | Marsh & McLennan Cos, Inc | 243947 |
| 199885 | (a) | Max Financial Services Ltd | 3838 |
| 1950643 |  | Medibank Pvt Ltd | 6478 |
| 32656 | (a) | Mediterranean and Gulf Cooperative Insurance and Reinsurance Co | 175 |
| 17156 |  | Menora Mivtachim Holdings Ltd | 1353 |
| 385933 |  | Mercuries & Associates Holding Ltd | 163 |
| 2490279 |  | Mercuries Life Insurance Co Ltd | 425 |
| 77800 |  | Mercury General Corp | 5239 |
| 1408004 |  | Metlife, Inc | 113232 |
| 346517 |  | Migdal Insurance & Financial Holdings Ltd | 955 |
| 7708718 |  | Momentum Metropolitan Holdings | 14931 |
| 122782 |  | Muenchener Rueckver AG. | 79727 |
| 96865 |  | New China Life Insurance Co Ltd - A | 792 |
| 655765 |  | New China Life insurance Co Ltd - H | 3591 |
| 380094 |  | nib holdings Ltd | 1769 |
| 926479 |  | NN Group NV | 61647 |
| 2880645 |  | Old Mutual Ltd | 1964 |
| 197190 |  | Old Republic International Corp | 7580 |
| 817852 | (a),(b) | Oscar Health, Inc | 17535 |
| 607220 |  | OUTsurance Group Ltd | 2687 |
| 9718600 | (a) | Panin Financial Tbk PT | 156 |
| 236328 | (a) | PB Fintech Ltd | 5024 |
| 6173388 |  | People's Insurance Co Group of China Ltd | 4712 |
| 488015 |  | People's Insurance Co Group of China Ltd (Class A) | 594 |
| 169925 |  | Phoenix Holdings Ltd | 4918 |
| 4793556 |  | PICC Property & Casualty Co Ltd | 9315 |
| 4629476 |  | Ping An Insurance Group Co of China Ltd | 29551 |
| 7829867 |  | Ping An Insurance Group Co of China Ltd (Class A) | 60675 |
| 353646 | (b),(c) | Poste Italiane S.p.A | 7598 |
| 390884 | (b) | Power Corp of Canada | 15268 |
| 418810 |  | Powszechny Zaklad Ubezpieczen S.A. | 7324 |
| 68565 |  | Primerica, Inc | 18764 |
| 93684 |  | Principal Financial Group | 7441 |
| 1232773 |  | Progressive Corp | 328978 |
| 40877 |  | Protector Forsikring ASA | 1740 |
| 6553754 |  | Prudential plc | 82028 |
| 1069534 |  | QBE Insurance Group Ltd | 16470 |
| 138200 | (b) | Qualitas Controladora SAB de C.V. | 1419 |
| 29944 | (a) | Rasan Information Technology Co | 694 |
| 190505 |  | Reinsurance Group of America, Inc (Class A) | 37789 |
| 81993 | (a) | Religare Enterprises Ltd | 212 |

---

**71** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | INSURANCE (continued) |  |
| 63840 |  | RenaissanceRe Holdings Ltd | $15507 |
| 5230 | (a) | Root, Inc | 669 |
| 43642 |  | Ryan Specialty Holdings, Inc | 2967 |
| 21224 |  | Samsung Fire & Marine Insurance Co Ltd | 6805 |
| 55114 |  | Samsung Life Insurance Co Ltd | 5190 |
| 1236153 |  | Sanlam Ltd | 6191 |
| 193872 |  | Santam Ltd | 4687 |
| 37552 | (a) | Saudi Reinsurance Co | 511 |
| 314989 | (c) | SBI Life Insurance Co Ltd | 6752 |
| 113851 |  | SCOR SE | 3781 |
| 145027 | (b) | Selective Insurance Group, Inc | 12567 |
| 10283980 |  | Shin Kong Financial Holding Co Ltd | 3978 |
| 120000 |  | Shinkong Insurance Co Ltd | 403 |
| 1792662 |  | Sompo Holdings, Inc | 54021 |
| 190750 | (a) | Star Health & Allied Insurance Co Ltd | 941 |
| 793225 |  | Steadfast Group Ltd | 3142 |
| 1230705 |  | Storebrand ASA | 17430 |
| 400997 | (b) | Sun Life Financial, Inc | 26682 |
| 767059 |  | Suncorp-Metway Ltd | 10932 |
| 22835 |  | Swiss Life Holding | 23117 |
| 248500 |  | Syarikat Takaful Malaysia Keluarga Bhd | 201 |
| 347700 |  | T&D Holdings, Inc | 7632 |
| 38331 |  | Talanx AG. | 4969 |
| 13125100 |  | Thai Life Insurance PCL | 4047 |
| 146392 |  | Tiptree, Inc | 3452 |
| 1961700 |  | Tokio Marine Holdings, Inc | 83139 |
| 948 |  | Travelers Cos, Inc | 254 |
| 137942 | (a) | Trisura Group Ltd | 4485 |
| 958471 |  | Tryg A.S. | 24778 |
| 10670255 |  | Turkiye Sigorta AS | 2238 |
| 499772 | (a) | TWFG, Inc | 17492 |
| 212357 |  | Unipol Gruppo S.p.A | 4206 |
| 494625 |  | Uniqa Versicherungen AG. | 6709 |
| 31390 |  | United Fire Group, Inc | 901 |
| 86549 |  | United Insurance Holdings Corp | 962 |
| 68320 |  | Universal Insurance Holdings, Inc | 1895 |
| 418243 |  | Unum Group | 33777 |
| 28809 |  | Vienna Insurance Group AG Wiener Versicherung Gruppe | 1484 |
| 58797 | (a) | Walaa Cooperative Insurance Co | 275 |
| 164670 |  | Willis Towers Watson plc | 50471 |
| 16546 |  | Wuestenrot & Wuerttembergische AG. | 266 |
| 485900 | (a),(b),(c) | ZhongAn Online P&C Insurance Co Ltd | 1136 |
| 296824 |  | Zurich Insurance Group AG | 207695 |
|  |  | TOTAL INSURANCE | 3671356 |
|  |  | MATERIALS - 4.2% |  |
| 140525 |  | Aarti Industries Ltd | 786 |
| 241659 |  | Abou Kir Fertilizers & Chemical Industries | 244 |
| 139727 |  | Acerinox S.A. | 1784 |
| 58038 |  | ADEKA Corp | 1110 |
| 7131 |  | Advanced Nano Products Co Ltd | 264 |
| 86030 | (a) | Advanced Petrochemical Co | 711 |
| 86117 |  | AECI Ltd | 516 |
| 79540 | (b) | African Rainbow Minerals Ltd | 776 |
| 99851 | (b) | Afrimat Ltd | 248 |
| 15643 |  | AGI Greenpac Ltd | 150 |
| 524111 | (b) | Agnico Eagle Mines Ltd | 62333 |
| 419598 |  | Agnico-Eagle Mines Ltd | 49991 |
| 41552 |  | Aica Kogyo Co Ltd | 1037 |
| 15200 | (a) | Aichi Steel Corp | 225 |
| 1052803 |  | Air Liquide | 217089 |
| 226302 |  | Air Products & Chemicals, Inc | 63831 |
| 136600 |  | Air Water, Inc | 2038 |

---

**72** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 8983 |  | Akcansa Cimento AS | $30 |
| 7443 |  | Akzo Nobel India Ltd | 296 |
| 65855 |  | Akzo Nobel NV | 4621 |
| 305997 |  | Al Masane Al Kobra Mining Co | 5174 |
| 294356 |  | Alamos Gold, Inc | 7829 |
| 15803 | (b) | Albemarle Corp | 990 |
| 109491 |  | Alcoa Corp | 3231 |
| 69751 | (b) | Algoma Steel Group, Inc | 482 |
| 14012 |  | Alkyl Amines Chemicals | 387 |
| 149780 |  | Alleima AB | 1183 |
| 771391 | (a) | Allied Gold Corp | 10355 |
| 33000 |  | Allied Supreme Corp | 284 |
| 292100 | (b) | Alpek SAB de C.V. | 159 |
| 722256 | (a) | Alpha HPA Ltd | 406 |
| 29886 |  | Altius Minerals Corp | 601 |
| 55470 | (b) | Altri SGPS S.A. | 319 |
| 28136 |  | Alujain Corp | 278 |
| 2715964 |  | Aluminum Corp of China Ltd | 1836 |
| 545587 |  | Aluminum Corp of China Ltd (Class A) | 537 |
| 4473 |  | AlzChem Group AG. | 732 |
| 437930 |  | Ambuja Cements Ltd | 2950 |
| 820739 |  | Amcor plc | 7543 |
| 25196 |  | AMG Advanced Metallurgical Group NV | 648 |
| 4468400 | (a) | Amman Mineral Internasional PT | 2330 |
| 386125 | (a) | Amrize Ltd | 19261 |
| 146200 |  | Anglo American Platinum Ltd | 6510 |
| 1905756 |  | Anglo American plc | 56178 |
| 346475 |  | AngloGold Ashanti UK Ltd | 15827 |
| 875565 |  | Anhui Conch Cement Co Ltd | 2231 |
| 150945 |  | Anhui Conch Cement Co Ltd (Class A) | 452 |
| 462320 |  | Antofagasta plc | 11495 |
| 18784 |  | Anupam Rasayan India Ltd | 250 |
| 32941 |  | APERAM S.A. | 1067 |
| 480633 | (a) | Apex Investment Co PSC | 509 |
| 124650 |  | APL Apollo Tubes Ltd | 2528 |
| 349630 |  | Arabian Cement Co | 2196 |
| 234092 |  | ArcelorMittal S.A. | 7433 |
| 29351 |  | Archean Chemical Industries Ltd | 216 |
| 58034 |  | ARE Holdings, Inc | 726 |
| 114487 | (a) | Aris Mining Corp | 771 |
| 216813 |  | Arkema | 16010 |
| 168900 |  | Asahi Kasei Corp | 1202 |
| 8700 | (b) | Asahi Organic Chemicals Industry Co Ltd | 244 |
| 107 |  | Ashland, Inc | 5 |
| 1585044 |  | Asia Cement Corp | 2314 |
| 12981 | (a),(d) | Asia Pacific Investment Partners Limited | 0^ |
| 265647 |  | Asian Paints Ltd | 7255 |
| 89948 |  | Atalaya Mining plc | 561 |
| 12057 |  | Atul Ltd | 1051 |
| 18044 |  | Aura Minerals, Inc | 480 |
| 23582 |  | Aurubis AG. | 2456 |
| 10906 |  | Avery Dennison Corp | 1914 |
| 12371000 |  | Avia Avian Tbk PT | 320 |
| 519208 |  | Avient Corp | 16776 |
| 729544 | (a) | Axalta Coating Systems Ltd | 21660 |
| 89270 | (a) | Aya Gold & Silver, Inc | 803 |
| 4936911 |  | B2Gold Corp | 17837 |
| 11265 |  | Balaji Amines Ltd | 242 |
| 99756 |  | Balchem Corp | 15881 |
| 109474 |  | Ball Corp | 6140 |
| 904767 |  | Baoshan Iron & Steel Co Ltd | 832 |
| 16742238 | (a) | Barito Pacific Tbk PT | 1713 |

---

**73** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 1439952 |  | Barrick Mining Corp | $29978 |
| 9291 |  | BASF India Ltd | 559 |
| 1178581 |  | BASF SE | 58292 |
| 1980869 | (a) | Baticim Bati Anadolu Cimento Sanayii AS | 228 |
| 11343 |  | Bayer CropScience Ltd | 833 |
| 1506000 |  | BBMG Corp (Class H) | 142 |
| 49800 |  | Beijing Oriental Yuhong Waterproof Technology Co Ltd | 75 |
| 26513 |  | Bekaert S.A. | 1097 |
| 1074275 | (a) | Bellevue Gold Ltd | 647 |
| 7244591 |  | BHP Billiton Ltd | 174287 |
| 266262 | (b) | BHP Group Ltd | 6375 |
| 165179 |  | Billerud AB | 1711 |
| 4000 | (a),(b),(d) | Bio On Spa | 0^ |
| 28588 |  | Birla Corp Ltd | 448 |
| 370329 |  | BlueScope Steel Ltd | 5643 |
| 85895 |  | Boliden AB | 2684 |
| 17127 | (a) | Borusan Mannesmann Boru Sanayi ve Ticaret AS. | 139 |
| 291056 |  | Boubyan Petrochemicals Co KSCP | 611 |
| 207700 |  | Bradespar S.A. | 600 |
| 167200 | (a) | Braskem S.A. | 279 |
| 447020 |  | Breedon Group plc | 2368 |
| 68255 |  | Brickworks Ltd | 1546 |
| 64932 |  | Buzzi Unicem S.p.A. | 3601 |
| 19800 |  | C Uyemura & Co Ltd | 1270 |
| 12870 |  | Caledonia Mining Corp plc | 249 |
| 41161 | (a) | Canfor Corp | 427 |
| 45797 | (a) | CAP S.A. | 236 |
| 269906 | (a) | Capricorn Metals Ltd | 1719 |
| 427850 | (a) | Capstone Copper Corp | 2627 |
| 85783 |  | Carborundum Universal Ltd | 966 |
| 43610 |  | Carpenter Technology Corp | 12053 |
| 56800 |  | Cascades, Inc | 372 |
| 312328 |  | Castrol India Ltd | 808 |
| 151544 | (a) | Catalyst Metals Ltd | 525 |
| 123403 |  | CCL Industries | 7196 |
| 60121 |  | Celanese Corp (Series A) | 3326 |
| 33242 |  | Cementir Holding NV | 581 |
| 511614 |  | Cementos Argos S.A. | 1291 |
| 10478730 | (b) | Cemex S.A. de C.V. | 7232 |
| 1790488 |  | Centerra Gold, Inc | 12899 |
| 132000 |  | Century Iron & Steel Industrial Co Ltd | 1072 |
| 45282 |  | Century Plyboards India Ltd | 402 |
| 41481 |  | Century Textiles & Industries Ltd | 1179 |
| 118265 |  | CF Industries Holdings, Inc | 10880 |
| 119148 |  | Chambal Fertilisers and Chemicals Ltd | 785 |
| 295381 |  | Champion Iron Ltd | 814 |
| 5991300 |  | Chandra Asri Pacific Tbk PT | 3646 |
| 59219 | (a) | Chemplast Sanmar Ltd | 303 |
| 632000 |  | Cheng Loong Corp | 381 |
| 25500 |  | Chifeng Jilong Gold Mining Co Ltd | 90 |
| 1448000 |  | China BlueChemical Ltd | 388 |
| 1951105 | (b) | China Hongqiao Group Ltd | 4493 |
| 202329 |  | China Jushi Co Ltd | 322 |
| 2573614 |  | China Molybdenum Co Ltd | 2627 |
| 708544 |  | China Molybdenum Co Ltd (Class A) | 834 |
| 2647635 |  | China National Building Material Co Ltd | 1267 |
| 1100000 |  | China Nonferrous Mining Corp Ltd | 1027 |
| 146529 |  | China Northern Rare Earth Group High-Tech Co Ltd | 509 |
| 2924000 |  | China Petrochemical Development Corp | 654 |
| 45000 |  | China Rare Earth Resources And Technology Co Ltd | 227 |
| 1758000 |  | China Resources Cement Holdings Ltd | 377 |
| 1067000 | (b) | China Risun Group Ltd | 344 |

---

**74** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 118000 |  | China Steel Chemical Corp | $372 |
| 8121568 |  | China Steel Corp | 5224 |
| 4016251 |  | China XLX Fertiliser Ltd | 2812 |
| 4462240 | (a),(b),(d) | China Zhongwang Holdings Ltd | 6 |
| 28078 |  | Chugoku Marine Paints Ltd | 527 |
| 712000 |  | Chung Hung Steel Corp | 347 |
| 328000 |  | Chung Hwa Pulp Corp | 135 |
| 73800 |  | Cia de Ferro Ligas da Bahia FERBASA | 92 |
| 113460 |  | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 1863 |
| 336300 |  | Cia Siderurgica Nacional S.A. | 461 |
| 300439 |  | Cimsa Cimento Sanayi VE Ticaret AS. | 363 |
| 124200 |  | Citic Pacific Special Steel Group Co Ltd | 204 |
| 102294 |  | City Cement Co | 475 |
| 187624 |  | Clariant AG. | 1999 |
| 20523 |  | Clean Science & Technology Ltd | 351 |
| 11937 | (a) | Clearwater Paper Corp | 325 |
| 214019 | (a),(b) | Cleveland-Cliffs, Inc | 1627 |
| 2269444 | (a) | Coeur Mining, Inc | 20107 |
| 34896 | (a) | Collective Mining Ltd | 382 |
| 320764 |  | Commercial Metals Co | 15689 |
| 86132 | (a) | Companhia Vale do Rio Doce | 5 |
| 1421505 |  | Companhia Vale do Rio Doce (ADR) | 13803 |
| 983197 | (a) | Constellium SE | 13077 |
| 2882100 | (a) | Controladora Alpek SAB de C.V. | 476 |
| 36423 |  | Corbion NV | 782 |
| 34094 |  | Coromandel International Ltd | 997 |
| 1971814 |  | Corteva, Inc | 146959 |
| 27315 | (b) | Corticeira Amorim SGPS S.A. | 255 |
| 131438 | (a) | Covestro AG. | 9352 |
| 2165724 |  | CRH plc | 198813 |
| 17896 |  | Croda International plc | 718 |
| 158168 |  | Crown Holdings, Inc | 16288 |
| 220100 |  | CSG Holding Co Ltd | 50 |
| 1389200 |  | D&L Industries, Inc | 132 |
| 9018 |  | Daelim Industrial Co | 305 |
| 163200 |  | Daicel Chemical Industries Ltd | 1368 |
| 93955 |  | Daido Steel Co Ltd | 649 |
| 60601 |  | Dainippon Ink and Chemicals, Inc | 1219 |
| 46399 |  | Daio Paper Corp | 257 |
| 54464 | (a) | Dakota Gold Corp | 201 |
| 29000 |  | Daxin Materials Corp | 266 |
| 13186 |  | DCM Shriram Ltd | 190 |
| 52261 |  | Deepak Fertilisers & Petrochemicals Corp Ltd | 1040 |
| 43916 |  | Deepak Nitrite Ltd | 1017 |
| 62349 |  | Denki Kagaku Kogyo KK | 856 |
| 3185916 |  | Deterra Royalties Ltd | 7889 |
| 335310 |  | Dexco S.A. | 350 |
| 6060 |  | Dhanuka Agritech Ltd | 123 |
| 431041 | (a) | Discovery Silver Corp | 943 |
| 27682 |  | Dongjin Semichem Co Ltd | 669 |
| 993000 | (b) | Dongyue Group Ltd | 1327 |
| 160933 |  | Dow, Inc | 4261 |
| 40379 |  | DOWA HOLDINGS CO Ltd | 1306 |
| 334880 | (b) | DRDGOLD Ltd | 452 |
| 996492 |  | DSM-Firmenich AG. | 106012 |
| 128320 | (b) | Dundee Precious Metals, Inc | 2062 |
| 4023894 |  | DuPont de Nemours, Inc | 275999 |
| 1407732 |  | Dyno Nobel Ltd | 2492 |
| 13880 |  | Eagle Materials, Inc | 2805 |
| 10598 |  | East Pipes Integrated Co for Industry | 357 |
| 116480 |  | Eastern Province Cement Co | 968 |
| 22500 |  | Eastman Chemical Co | 1680 |

---

**75** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 56503 |  | Ecolab, Inc | $15224 |
| 65163 | (a) | EID Parry India Ltd | 844 |
| 152917 | (a) | Eldorado Gold Corp | 3113 |
| 183390 |  | Element Solutions, Inc | 4154 |
| 419410 |  | Elementis plc | 922 |
| 191319 | (c) | Elkem ASA | 450 |
| 48446 | (a) | Elopak ASA | 226 |
| 403358 | (a) | Emerald Resources NL | 1053 |
| 764585 |  | Empresas CMPC S.A. | 1169 |
| 948 |  | EMS-Chemie Holding AG. | 717 |
| 76101 | (b) | Ence Energia y Celulosa S.A. | 260 |
| 10747 | (a) | Enchem Co Ltd | 443 |
| 197728 |  | Endeavour Mining plc | 6074 |
| 208072 | (a),(b) | Endeavour Silver Corp | 1025 |
| 122091 |  | EPL Ltd | 347 |
| 505223 | (a),(b) | Equinox Gold Corp | 2916 |
| 6620 | (b) | Eramet | 359 |
| 2378884 | (a) | Eregli Demir ve Celik Fabrikalari TAS | 1594 |
| 73525 | (a) | ERO Copper Corp | 1242 |
| 638850 |  | Eternal Chemical Co Ltd | 525 |
| 124000 |  | EVERGREEN Steel Corp | 361 |
| 1418273 |  | Evolution Mining Ltd | 7384 |
| 34773 |  | Evonik Industries AG. | 718 |
| 323000 |  | Feng Hsin Iron & Steel Co | 726 |
| 136442 |  | Ferrexpo plc | 87 |
| 7567 |  | Fine Organic Industries Ltd | 432 |
| 220875 |  | Finolex Industries Ltd | 562 |
| 1286478 | (a),(b),(d) | Firefinch Ltd | 8 |
| 326393 |  | First Majestic Silver Corp | 2701 |
| 590954 | (a) | First Quantum Minerals Ltd | 10498 |
| 73380 | (a),(b) | Flotek Industries, Inc | 1083 |
| 51952 |  | FMC Corp | 2169 |
| 202040 | (a) | Foran Mining Corp | 453 |
| 2402139 |  | Formosa Chemicals & Fibre Corp | 1885 |
| 2832019 |  | Formosa Plastics Corp | 3379 |
| 1428059 |  | Fortescue Metals Group Ltd | 14355 |
| 2022256 | (a) | Fortuna Silver Mines, Inc | 13232 |
| 37420 |  | FP Corp | 688 |
| 160722 |  | Franco-Nevada Corp | 26387 |
| 4072559 |  | Freeport-McMoRan, Inc (Class B) | 176545 |
| 49179 |  | FUCHS SE | 2718 |
| 1200000 |  | Fufeng Group Ltd | 1055 |
| 30877 |  | Fuji Seal International, Inc | 597 |
| 35325 |  | Fujimi, Inc | 500 |
| 10930 |  | Fujimori Kogyo Co Ltd | 285 |
| 15900 |  | Fuso Chemical Co Ltd | 426 |
| 102946 | (a) | G Mining Ventures Corp | 1344 |
| 11151 |  | Galaxy Surfactants Ltd | 341 |
| 57880 |  | Ganfeng Lithium Group Co Ltd | 273 |
| 5606 |  | Garware Hi-Tech Films Ltd | 275 |
| 690575 | (a) | Gascoyne Resources Ltd | 913 |
| 127000 |  | GCC SAB de C.V. | 1215 |
| 771424 | (a) | Genesis Minerals Ltd | 2218 |
| 943180 |  | Gerdau S.A. (Preference) | 2778 |
| 62969 |  | GHCL Ltd | 450 |
| 13658 |  | Givaudan S.A. | 66235 |
| 29172360 |  | Glencore plc | 113674 |
| 579000 | (a),(b) | Global New Material International Holdings Ltd | 345 |
| 369000 |  | Gloria Material Technology Corp | 438 |
| 197705 |  | Godawari Power and Ispat Ltd | 437 |
| 742894 |  | Gold Fields Ltd | 17591 |
| 808548 |  | Gold Road Resources Ltd | 1756 |

---

**76** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 665000 |  | Goldsun Development & Construction Co Ltd | $892 |
| 77561 |  | Granges AB | 996 |
| 193163 |  | Grasim Industries Ltd | 6408 |
| 23172 |  | Gravita India Ltd | 509 |
| 605755 | (a),(d) | Great Basin Gold Ltd | 4 |
| 344072 | (a) | Greatland Resources Ltd | 1559 |
| 5168 |  | Greif, Inc (Class B) | 357 |
| 30707 | (a) | Grupa Azoty S.A. | 200 |
| 7469 |  | Grupa Kety S.A. | 1855 |
| 2143138 |  | Grupo Mexico S.A. de C.V. (Series B) | 12981 |
| 63524 |  | Guangzhou Tinci Materials Technology Co Ltd | 161 |
| 57705 | (a) | Gubre Fabrikalari TAS | 331 |
| 21772 |  | Gujarat Fluorochemicals Ltd | 922 |
| 65223 |  | Gujarat Narmada Valley Fertilizers & Chemicals Ltd | 421 |
| 152884 |  | Gujarat State Fertilizers & Chemicals Ltd | 364 |
| 8530 |  | Gulf Oil Lubricants India Ltd | 126 |
| 19810 |  | Han Kuk Carbon Co Ltd | 381 |
| 15363 |  | Hanil Cement Co Ltd | 211 |
| 6935 |  | Hansol Chemical Co Ltd | 881 |
| 84376 |  | Hanwha Chemical Corp | 1969 |
| 393179 |  | Harmony Gold Mining Co Ltd | 5471 |
| 1462180 |  | Hecla Mining Co | 8758 |
| 728185 |  | HeidelbergCement AG. | 171485 |
| 2810871 | (a) | Hektas Ticaret TAS | 230 |
| 102800 |  | Henan Shenhuo Coal & Power Co Ltd | 239 |
| 292569 |  | Hengli Petrochemical Co Ltd | 582 |
| 208719 |  | Hexpol AB | 2019 |
| 1115700 |  | Hextar Global Bhd | 237 |
| 60406 |  | Hill & Smith Holdings plc | 1489 |
| 121598 |  | Himadri Speciality Chemical Ltd | 735 |
| 935538 |  | Hindalco Industries Ltd | 7569 |
| 215472 |  | Hindustan Copper Ltd | 703 |
| 274116 |  | Hochschild Mining plc | 966 |
| 65629 | (b) | Hokuetsu Paper Mills Ltd | 478 |
| 386125 |  | Holcim Ltd | 28673 |
| 10281 |  | Holmen AB | 407 |
| 11994 |  | Honam Petrochemical Corp | 521 |
| 26800 |  | Hoshine Silicon Industry Co Ltd | 177 |
| 103000 |  | Hsin Kuang Steel Co Ltd | 138 |
| 700000 | (b) | Huabao International Holdings Ltd | 265 |
| 227000 |  | Huafon Chemical Co Ltd | 209 |
| 98800 |  | Huaibei Mining Holdings Co Ltd | 156 |
| 295655 |  | HudBay Minerals, Inc | 3137 |
| 71690 |  | Huhtamaki Oyj | 2561 |
| 247011 |  | Hunan Valin Steel Co Ltd | 152 |
| 136600 |  | Huntsman Corp | 1423 |
| 1566 |  | Hyosung Advanced Materials Corp | 241 |
| 4525 |  | Hyosung TNC Corp | 836 |
| 7599 |  | Hyundai Development Co | 132 |
| 66251 |  | Hyundai Steel Co | 1436 |
| 2166225 | (a) | Iamgold Corp | 15955 |
| 319111 | (c) | Ibstock plc | 640 |
| 322120 |  | Iluka Resources Ltd | 808 |
| 407832 |  | Imdex Ltd | 730 |
| 25500 |  | Imerys S.A. | 839 |
| 622414 |  | Impala Platinum Holdings Ltd | 5593 |
| 1043300 |  | Indah Kiat Pulp & Paper Tbk PT | 370 |
| 515349 |  | Independence Group NL | 1420 |
| 58819 | (a) | India Cements Ltd | 237 |
| 9864 |  | Indigo Paints Ltd | 134 |
| 136721 | (a) | Industrias Penoles S.A. de C.V. | 3802 |
| 1873018 |  | Inner Mongolia BaoTou Steel Union Co Ltd | 468 |

---

**77** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 366388 |  | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | $282 |
| 128846 |  | Innospec, Inc | 10835 |
| 29212 | (a) | Interfor Corp | 269 |
| 99074 |  | International Flavors & Fragrances, Inc | 7287 |
| 67254 |  | International Paper Co | 3149 |
| 56170 | (a) | Intrepid Potash, Inc | 2007 |
| 201589 | (a),(b) | IperionX Ltd | 632 |
| 1100 | (b) | Ise Chemicals Corp | 204 |
| 107284 |  | Israel Chemicals Ltd | 737 |
| 2657 |  | Israel Corp Ltd | 888 |
| 15735 | (a) | ISU Specialty Chemical | 493 |
| 621244 | (a),(b) | Ivanhoe Mines Ltd | 4667 |
| 115890 | (a) | Jai Balaji Industries Ltd | 176 |
| 409800 | (a) | James Hardie Industries plc | 11004 |
| 34353 | (a) | Jastrzebska Spolka Weglowa S.A. | 205 |
| 12500 |  | JCU Corp | 287 |
| 77700 |  | JFE Holdings, Inc | 904 |
| 221100 |  | Jiangsu Eastern Shenghong Co Ltd | 257 |
| 15800 |  | Jiangsu Yoke Technology Co Ltd | 121 |
| 778115 |  | Jiangxi Copper Co Ltd | 1515 |
| 98809 |  | Jiangxi Copper Co Ltd (Class A) | 324 |
| 430270 |  | Jinan Acetate Chemical Co Ltd | 1335 |
| 2433000 | (b),(d) | Jinchuan Group International Resources Co Ltd | 149 |
| 184680 |  | Jindal Saw Ltd | 519 |
| 232616 |  | Jindal Stainless Ltd | 1914 |
| 285941 |  | Jindal Steel & Power Ltd | 3143 |
| 138900 |  | Jinduicheng Molybdenum Co Ltd | 212 |
| 179600 |  | Jinshan Gold Mines, Inc | 1638 |
| 28600 |  | JK Cement Ltd | 2052 |
| 45172 |  | JK Lakshmi Cement Ltd | 474 |
| 60349 |  | JK Paper Ltd | 261 |
| 120025 |  | Johnson Matthey plc | 2862 |
| 426814 |  | JSW Steel Ltd | 5084 |
| 60729 |  | Jubilant Ingrevia Ltd | 541 |
| 130346 |  | K&S AG. | 2391 |
| 179584 | (a) | K92 Mining, Inc | 2026 |
| 28515 |  | Kaneka Corp | 787 |
| 192368 |  | Kansai Nerolac Paints Ltd | 566 |
| 107000 |  | Kansai Paint Co Ltd | 1467 |
| 94288 |  | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class A) | 107 |
| 707162 |  | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS. | 429 |
| 3191 |  | KCC Corp | 736 |
| 11200 | (b) | KeePer Technical Laboratory Co Ltd | 275 |
| 86951 |  | Kemira Oyj | 2016 |
| 3507215 |  | Keppel Infrastructure Trust | 1104 |
| 97247 |  | KGHM Polska Miedz S.A. | 3481 |
| 25100 | (b) | KH Neochem Co Ltd | 440 |
| 1025271 |  | Kinross Gold Corp | 16022 |
| 48552 |  | Kirloskar Ferrous Industries Ltd | 328 |
| 61202 |  | Kirloskar Oil Engines Ltd | 607 |
| 548551 |  | Klabin S.A. | 1863 |
| 207615 | (a) | Knife River Corp | 16950 |
| 267900 | (b) | Kobe Steel Ltd | 2924 |
| 346413 |  | Kocaer Celik Sanayi Ve Ticaret AS. | 120 |
| 13947 |  | Kolon Industries, Inc | 454 |
| 40316 |  | Konishi Co Ltd | 314 |
| 851 | (a) | Konya Cimento Sanayii | 105 |
| 2882 |  | Korea Zinc Co Ltd | 1743 |
| 838418 | (a) | Koza Altin Isletmeleri AS | 505 |
| 110771 | (a) | Koza Anadolu Metal Madencilik Isletmeleri AS | 234 |
| 92996 |  | Kronos Worldwide, Inc | 577 |
| 13600 |  | Krosaki Harima Corp | 313 |

---

**78** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 36510 | (a),(d) | Kum Yang Co Ltd | $134 |
| 43590 |  | Kumba Iron Ore Ltd | 702 |
| 8940 |  | Kumho Petrochemical Co Ltd | 742 |
| 49548 |  | Kumiai Chemical Industry Co Ltd | 275 |
| 220000 |  | Kuraray Co Ltd | 2798 |
| 26600 |  | KUREHA CORP | 580 |
| 10716 |  | Kyoei Steel Ltd | 153 |
| 46173 | (b) | Labrador Iron Ore Royalty Corp | 962 |
| 203500 |  | Lafarge Malayan Cement BHD | 243 |
| 33409 |  | Lake Materials Co Ltd | 298 |
| 61672 |  | Lanxess AG. | 1839 |
| 63295 |  | Laxmi Organic Industries Ltd | 146 |
| 93054 |  | LB Group Co Ltd | 211 |
| 1196000 | (b) | Lee & Man Paper Manufacturing Ltd | 346 |
| 15343 |  | Lenzing AG. | 436 |
| 816893 | (b),(d) | Leo Lithium Ltd | 32 |
| 34059 |  | LG Chem Ltd | 5319 |
| 1341875 | (a) | Linde plc | 629581 |
| 306000 | (b) | Lingbao Gold Co Ltd | 406 |
| 28500 |  | Lintec Corp | 584 |
| 1303493 | (a),(b) | Liontown Resources Ltd | 602 |
| 116579 | (a),(b) | Lithium Americas Corp | 312 |
| 12252 |  | LOTTE Fine Chemical Co Ltd | 357 |
| 117190 | (a) | LSB Industries, Inc | 914 |
| 75828 |  | Lundin Gold, Inc | 4004 |
| 611273 |  | Lundin Mining Corp | 6428 |
| 635499 | (a),(b) | Lynas Corp Ltd | 3622 |
| 55738 |  | LyondellBasell Industries NV | 3225 |
| 1166000 |  | Maanshan Iron & Steel Co Ltd | 290 |
| 44849 | (a) | MAC Copper Ltd | 544 |
| 299466 |  | Maeda Kosen Co Ltd | 3940 |
| 73720 |  | MAG. Silver Corp | 1566 |
| 131120 | (a) | Magnera Corp | 1584 |
| 720249 |  | Maharashtra Seamless Ltd | 6412 |
| 50257 | (a) | Major Drilling Group International | 327 |
| 168448 |  | Marshalls plc | 622 |
| 25582 |  | Martin Marietta Materials, Inc | 14043 |
| 44900 |  | Maruichi Steel Tube Ltd | 1084 |
| 16140 |  | Materion Corp | 1281 |
| 12421 |  | Meghmani Finechem Ltd | 262 |
| 135000 |  | Meihua Holdings Group Co Ltd | 201 |
| 13294600 | (a) | Merdeka Battery Materials Tbk PT | 377 |
| 6804600 | (a) | Merdeka Copper Gold Tbk PT | 844 |
| 3912055 |  | Mesaieed Petrochemical Holding Co | 1447 |
| 479500 |  | Metalurgica Gerdau S.A. | 788 |
| 50459 |  | Methanex Corp | 1671 |
| 39208 | (a) | Middle East Paper Co | 303 |
| 157559 |  | Mineral Resources Ltd | 2239 |
| 60195 |  | Minerals Technologies, Inc | 3315 |
| 27572 | (c) | Mishra Dhatu Nigam Ltd | 140 |
| 7500 |  | Mitani Sekisan Co Ltd | 423 |
| 182900 |  | Mitsubishi Chemical Holdings Corp | 961 |
| 111300 |  | Mitsubishi Gas Chemical Co, Inc | 1709 |
| 88400 |  | Mitsubishi Materials Corp | 1397 |
| 159900 |  | Mitsui Chemicals, Inc | 3697 |
| 60464 |  | Mitsui Mining & Smelting Co Ltd | 2108 |
| 910 |  | Miwon Commercial Co Ltd | 110 |
| 2964000 | (a) | MMG Ltd | 1452 |
| 41763 |  | MOIL Ltd | 189 |
| 59349 | (a) | Mondi plc | 970 |
| 291912 |  | Mosaic Co | 10649 |
| 73783 | (a),(b) | MP Materials Corp | 2455 |

---

**79** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 131866 | (b) | M-real Oyj (B Shares) | $489 |
| 568170 |  | Myers Industries, Inc | 8233 |
| 36000 |  | Nan Pao Resins Chemical Co Ltd | 369 |
| 3530887 |  | Nan Ya Plastics Corp | 3299 |
| 314900 |  | Nanjing Iron & Steel Co Ltd | 185 |
| 613635 |  | National Aluminium Co Ltd | 1383 |
| 221707 | (a) | National Industrialization Co | 567 |
| 26332 |  | Navin Fluorine International Ltd | 1481 |
| 11762 |  | Neogen Chemicals Ltd | 227 |
| 755360 | (a) | New Gold, Inc | 3755 |
| 2846 |  | NewMarket Corp | 1966 |
| 1789508 |  | Newmont Goldcorp Corp | 104257 |
| 102239 | (a) | NGEx Minerals Ltd | 1194 |
| 1438513 |  | Nickel Industries Ltd | 659 |
| 318981 |  | Nihon Parkerizing Co Ltd | 2812 |
| 1368000 | (a),(b) | Nine Dragons Paper Holdings Ltd | 564 |
| 308506 |  | Ningxia Baofeng Energy Group Co Ltd | 695 |
| 102966 |  | Nippon Kayaku Co Ltd | 925 |
| 253203 |  | Nippon Light Metal Holdings Co Ltd | 2858 |
| 128200 |  | Nippon Paint Co Ltd | 1031 |
| 77980 |  | Nippon Paper Industries Co Ltd | 561 |
| 13700 |  | Nippon Pillar Packing Co Ltd | 368 |
| 79312 |  | Nippon Shokubai Co Ltd | 904 |
| 30368 |  | Nippon Soda Co Ltd | 639 |
| 122600 |  | Nippon Steel Corp | 2319 |
| 92400 |  | Nissan Chemical Industries Ltd | 2818 |
| 8314 |  | Nittetsu Mining Co Ltd | 428 |
| 95500 |  | Nitto Denko Corp | 1844 |
| 2207064 |  | NMDC Ltd | 1803 |
| 623733 | (a) | NMDC Steel Ltd | 299 |
| 151446 |  | NOF Corp | 2902 |
| 1589829 |  | Norsk Hydro ASA | 9104 |
| 268835 | (b) | Northam Platinum Holdings Ltd | 2911 |
| 93742 |  | Northern Region Cement Co | 196 |
| 1326862 |  | Northern Star Resources Ltd | 16390 |
| 204561 | (a),(b) | Novagold Resources, Inc | 841 |
| 262153 |  | Novozymes A.S. | 18822 |
| 140643 |  | Nucor Corp | 18219 |
| 224442 |  | Nufarm Ltd | 364 |
| 37940 |  | Nuh Cimento Sanayi AS. | 205 |
| 1037571 |  | Nutrien Ltd | 60460 |
| 109674 | (a) | Nuvoco Vistas Corp Ltd | 453 |
| 174880 |  | OceanaGold Corp | 2468 |
| 11051 |  | OCI Co Ltd | 596 |
| 75534 |  | OCI NV | 683 |
| 572900 |  | OJI Paper Co Ltd | 2884 |
| 7200 |  | Okamoto Industries, Inc | 241 |
| 41155 |  | Olympic Steel, Inc | 1341 |
| 125954 |  | Omnia Holdings Ltd | 566 |
| 125012 | (b) | OR Royalties, Inc | 3213 |
| 762836 | (a) | Ora Banda Mining Ltd | 391 |
| 739000 |  | Orbia Advance Corp SAB de C.V. | 515 |
| 435654 |  | Orica Ltd | 5594 |
| 57863 |  | Orient Cement Ltd | 163 |
| 169844 | (a) | Orla Mining Ltd | 1706 |
| 979625 |  | Orora Ltd | 1220 |
| 49700 |  | Osaka Soda Co Ltd | 618 |
| 7500 | (b) | Osaka Steel Co Ltd | 147 |
| 257173 | (b) | Outokumpu Oyj | 1064 |
| 863601 | (a) | Oyak Cimento Fabrikalari AS | 472 |
| 1064800 |  | Pabrik Kertas Tjiwi Kimia Tbk PT | 369 |
| 98771 |  | Packaging Corp of America | 18613 |

---

**80** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 1522670 |  | Pan African Resources plc | $956 |
| 309898 |  | Pan American Silver Corp (Toronto) | 8793 |
| 208817 | (a),(b) | Pantoro Gold Ltd | 424 |
| 229073 | (c) | Paradeep Phosphates Ltd | 428 |
| 136840 |  | PCBL Ltd | 669 |
| 6677154 |  | Perenti Ltd | 7132 |
| 5014035 |  | Perseus Mining Ltd | 11388 |
| 979003 | (a) | Petkim Petrokimya Holding | 423 |
| 1963815 |  | Petronas Chemicals Group Bhd | 1629 |
| 54580 |  | PI Industries Ltd | 2612 |
| 109449 |  | Pidilite Industries Ltd | 3901 |
| 2321319 |  | Pilbara Minerals Ltd | 2045 |
| 754 |  | Politeknik Metal Sanayi ve Ticaret AS. | 118 |
| 12773 |  | Poongsan Corp | 1217 |
| 138360 | (b) | Portucel Empresa Produtora de Pasta e Papel S.A. | 520 |
| 50021 |  | POSCO | 9636 |
| 151279 |  | PPG Industries, Inc | 17208 |
| 2551768 |  | Press Metal Aluminium Holdings Bhd | 3142 |
| 126676 | (a) | Prism Johnson Ltd | 229 |
| 32090800 |  | PT Aneka Tambang Tbk | 6039 |
| 984500 |  | PT Indocement Tunggal Prakarsa Tbk | 323 |
| 2808900 |  | PT Semen Gresik Persero Tbk | 465 |
| 1724100 |  | PT Vale Indonesia Tbk | 367 |
| 3411 | (a) | PTC Industries Ltd | 619 |
| 1486500 |  | PTT Global Chemical PCL | 913 |
| 40284 |  | Qassim Cement Co | 548 |
| 2214542 |  | Qatar Aluminum Manufacturing Co | 822 |
| 229100 | (a) | Qinghai Salt Lake Industry Co Ltd | 546 |
| 3566276 |  | Rain Industries Ltd | 6142 |
| 69861 |  | Rallis India Ltd | 264 |
| 87191 |  | Ramco Cements Ltd | 1093 |
| 7593670 |  | Ramelius Resources Ltd | 12787 |
| 54395 |  | Ramkrishna Forgings Ltd | 428 |
| 1562 | (a) | Ranpak Holdings Corp | 6 |
| 42885 |  | Rashtriya Chemicals & Fertilizers Ltd | 80 |
| 23009 |  | Ratnamani Metals & Tubes Ltd | 787 |
| 558639 |  | Regis Resources Ltd | 1640 |
| 172679 |  | Reliance Steel & Aluminum Co | 54204 |
| 143383 |  | Rengo Co Ltd | 777 |
| 11556854 | (a) | Resolute Mining Ltd | 4708 |
| 50762 |  | Rhi Magnesita India Ltd | 282 |
| 13206 |  | RHI Magnesita NV | 538 |
| 313026 |  | Rio Tinto Ltd | 22159 |
| 696448 |  | Rio Tinto plc | 40536 |
| 43253 |  | Riyadh Cement Co | 370 |
| 399224 |  | Rongsheng Petrochemical Co Ltd | 461 |
| 82541 |  | Royal Gold, Inc | 14679 |
| 70271 |  | RPM International, Inc | 7719 |
| 159442 |  | SABIC Agri-Nutrients Co | 4559 |
| 249963 |  | Sahara International Petrochemical Co | 1321 |
| 24500 | (b) | Sakata INX Corp | 330 |
| 19720 |  | Salzgitter AG. | 477 |
| 344189 | (a) | Sandfire Resources Ltd | 2557 |
| 198370 |  | Sandstorm Gold Ltd | 1866 |
| 28466 |  | Sandur Manganese & Iron Ores Ltd | 159 |
| 93411 |  | Sanyo Chemical Industries Ltd | 2368 |
| 418546 |  | Sappi Ltd | 704 |
| 67474 |  | Sarda Energy & Minerals Ltd | 349 |
| 7376718 | (a) | Sasa Polyester Sanayi AS | 567 |
| 403473 |  | Sasol Ltd | 1797 |
| 134520 |  | Satellite Chemical Co Ltd | 326 |
| 1113446 | (a) | Saudi Arabian Mining Co | 15901 |

---

**81** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 34962 |  | Saudi Aramco Base Oil Co | $953 |
| 619170 |  | Saudi Basic Industries Corp | 9022 |
| 233296 |  | Saudi Cement Co | 2462 |
| 239174 |  | Saudi Industrial Investment Group | 1070 |
| 549553 | (a) | Saudi Kayan Petrochemical Co | 758 |
| 11216 |  | Saudi Paper Manufacturing Co | 192 |
| 17510 |  | Saudi Steel Pipe Co | 261 |
| 726100 |  | SCG Packaging PCL | 381 |
| 697024 |  | Schweitzer-Mauduit International, Inc | 4754 |
| 577500 |  | Scientex BHD | 458 |
| 17972 |  | Scotts Miracle-Gro Co (Class A) | 1185 |
| 59493 | (a) | Seabridge Gold, Inc | 864 |
| 11934 |  | SeAH Besteel Holdings Corp | 290 |
| 1348 |  | SeAH Steel Holdings Corp | 219 |
| 60790 |  | Sealed Air Corp | 1886 |
| 8218300 | (a),(d) | Sekawan Intipratama Tbk PT | 0^ |
| 11148 |  | Semapa-Sociedade de Investimento e Gestao | 219 |
| 17491 |  | Sensient Technologies Corp | 1723 |
| 142348 |  | Shandong Gold Mining Co Ltd - A | 639 |
| 534755 | (b),(c) | Shandong Gold Mining Co Ltd - H | 1876 |
| 83707 |  | Shandong Hualu Hengsheng Chemical Co Ltd | 253 |
| 479566 |  | Shandong Nanshan Aluminum Co Ltd | 256 |
| 144311 |  | Shandong Sun Paper Industry JSC Ltd | 271 |
| 344170 |  | Shanghai Chlor-Alkali Chemical Co Ltd | 210 |
| 71277 |  | Shanghai Putailai New Energy Technology Co Ltd | 187 |
| 140396 |  | Sherwin-Williams Co | 48206 |
| 22800 |  | Shikoku Kasei Holdings Corp | 310 |
| 16500 |  | Shinagawa Refractories Co Ltd | 190 |
| 1099500 |  | Shin-Etsu Chemical Co Ltd | 36308 |
| 29903 |  | Shin-Etsu Polymer Co Ltd | 360 |
| 900000 |  | Shinkong Synthetic Fibers Corp | 375 |
| 97200 |  | Shiny Chemical Industrial Co Ltd | 404 |
| 17180000 |  | Shougang Fushan Resources Group Ltd | 6271 |
| 131400 |  | Showa Denko KK | 3045 |
| 6198 |  | Shree Cement Ltd | 2243 |
| 545883 |  | Siam Cement PCL | 2827 |
| 10600 |  | Siam City Cement PCL | 46 |
| 2069845 |  | Sibanye Stillwater Ltd | 3769 |
| 6148625 | (a),(b) | Sibanye Stillwater Ltd (ADR) | 44393 |
| 41083 |  | SIG Group AG. | 760 |
| 52879 | (a),(b) | Sigma Lithium Corp | 238 |
| 719662 | (a) | SigmaRoc plc | 1064 |
| 99163 |  | Sika AG. | 26981 |
| 76500 |  | Silgan Holdings, Inc | 4145 |
| 162896 | (b) | Silvercorp Metals, Inc | 690 |
| 124641 |  | Sims Ltd | 1260 |
| 1490000 |  | Sinofert Holdings Ltd | 243 |
| 279000 |  | Sinon Corp | 399 |
| 8054 |  | SK Chemicals Co Ltd | 429 |
| 12923 |  | SKC Co Ltd | 1051 |
| 55628 | (a) | Skeena Resources Ltd | 885 |
| 11098705 |  | Smurfit WestRock plc | 478909 |
| 30924 |  | SOL S.p.A. | 1752 |
| 388000 |  | Solar Applied Materials Technology Corp | 721 |
| 19033 |  | Solar Industries India Ltd | 3906 |
| 55802 | (b) | Solvay S.A. | 1933 |
| 2946 |  | Soulbrain Co Ltd | 391 |
| 3806123 |  | South32 Ltd | 7273 |
| 98514 |  | Southern Copper Corp | 9967 |
| 133455 | (a) | Southern Cross Gold Consolidated Ltd | 635 |
| 56825 |  | Southern Province Cement Co | 435 |
| 94146 |  | SRF Ltd | 3560 |

---

**82** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | MATERIALS (continued) |  |
| 175479 | Ssab Svenskt Stal AB (Series A) | $1056 |
| 884138<br> (b) | Ssab Svenskt Stal AB (Series B) | 5233 |
| 787276<br> (a) | SSR Mining, Inc | 10030 |
| 151290<br> (a) | SSR Mining, Inc | 1930 |
| 310956 | Stanmore Resources Ltd | 383 |
| 28639<br> (a) | Star Cement Ltd | 71 |
| 100292 | Steel Dynamics, Inc | 12838 |
| 37767 | Stella-Jones, Inc | 2177 |
| 1513 | STO AG. | 214 |
| 166760<br> (b) | Stora Enso Oyj (R Shares) | 1813 |
| 17420 | Sudarshan Chemical Industries Ltd | 251 |
| 56624 | Sumitomo Bakelite Co Ltd | 1633 |
| 1113700 | Sumitomo Chemical Co Ltd | 2692 |
| 94336 | Sumitomo Chemical India Ltd | 583 |
| 206900 | Sumitomo Metal Mining Co Ltd | 5099 |
| 62921 | Sumitomo Osaka Cement Co Ltd | 1648 |
| 44532 | Supreme Industries Ltd | 2281 |
| 64386 | Supreme Petrochem Ltd | 650 |
| 4993000 | Surya Esa Perkasa Tbk PT | 178 |
| 34554 | Surya Roshni Ltd | 140 |
| 481617 | Suzano SA | 4540 |
| 404857 | Svenska Cellulosa AB (B Shares) | 5264 |
| 54192 | Syensqo S.A. | 4198 |
| 43567 | Symrise AG. | 4569 |
| 25600 | T Hasegawa Co Ltd | 522 |
| 1359344 | TA Chen Stainless Pipe | 1613 |
| 83700 | Taiheiyo Cement Corp | 2077 |
| 4665145 | Taiwan Cement Corp | 4072 |
| 490000 | Taiwan Fertilizer Co Ltd | 892 |
| 223514 | Taiwan Hon Chuan Enterprise Co Ltd | 1210 |
| 54000<br> (a) | Taiwan Speciality Chemicals Corp | 427 |
| 28900 | Taiyo Ink Manufacturing Co Ltd | 1412 |
| 144300 | Taiyo Nippon Sanso Corp | 5461 |
| 9855 | Takasago International Corp | 477 |
| 231114<br> (a) | Taseko Mines Ltd | 730 |
| 101928 | Tata Chemicals Ltd | 1113 |
| 5192316 | Tata Steel Ltd | 9684 |
| 390408 | Teck Cominco Ltd (Class B) | 15788 |
| 813 | Teck Resources Ltd | 33 |
| 124700 | Teijin Ltd | 1011 |
| 16397<br> (b) | Tessenderlo Chemie NV | 489 |
| 374563 | ThyssenKrupp AG. | 4037 |
| 1306000<br> (b) | Tiangong International Co Ltd | 334 |
| 55800 | Tianqi Lithium Corp | 250 |
| 183600 | Tianshan Aluminum Group Co Ltd | 213 |
| 65777 | Time Technoplast Ltd | 341 |
| 525000 | Tipco Asphalt PCL | 220 |
| 28487 | Titan Cement International S.A. | 1289 |
| 12591 | TKG Huchems Co Ltd | 157 |
| 582400 | TOA Paint Thailand PCL | 197 |
| 53503<br> (b) | Toagosei Co Ltd | 519 |
| 153029<br> (b) | Tokai Carbon Co Ltd | 1081 |
| 49041 | Tokuyama Corp | 1025 |
| 72142 | Tokyo Ohka Kogyo Co Ltd | 2096 |
| 42204 | Tokyo Steel Manufacturing Co Ltd | 443 |
| 564000 | Ton Yi Industrial Corp | 380 |
| 560200 | Tongling Nonferrous Metals Group Co Ltd | 262 |
| 187900 | Toray Industries, Inc | 1286 |
| 64357<br> (a) | Torex Gold Resources, Inc | 2099 |
| 207300 | Tosoh Corp | 3034 |
| 27800<br> (b) | Toyo Ink Manufacturing Co Ltd | 581 |
| 80800 | Toyo Seikan Kaisha Ltd | 1582 |

---

**83** 

------

Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | MATERIALS (continued) |  |
| 44748 | Toyobo Co Ltd | $285 |
| 5268000 | TPI Polene PCL | 133 |
| 47774<br> (b) | Transcontinental, Inc | 734 |
| 8849<br> (a) | Tredegar Corp | 78 |
| 196850<br> (b) | Trimas Corp | 5632 |
| 414762 | Triple Flag Precious Metals Corp | 9835 |
| 234680 | Tronox Holdings plc | 1190 |
| 506000 | TSRC Corp | 311 |
| 381000 | Tung Ho Steel Enterprise Corp | 828 |
| 302343 | UACJ Corp | 11061 |
| 72226 | UBE Industries Ltd | 1134 |
| 81839 | Ultra Tech Cement Ltd | 11543 |
| 148371 | Umicore S.A. | 2190 |
| 42086 | Uniao de Industrias Petroquimicas S.A. | 450 |
| 343546 | Universal Cement Corp | 328 |
| 318509 | UPL Ltd | 2457 |
| 130576 | UPM-Kymmene Oyj | 3566 |
| 129890 | Usha Martin Ltd | 556 |
| 385300 | Usinas Siderurgicas de Minas Gerais S.A. (Preference) | 292 |
| 9842283 | Vale S.A. | 95378 |
| 108486<br> (a) | Valterra Platinum Ltd | 4765 |
| 4866988<br> (a) | Vault Minerals Ltd | 1368 |
| 946573 | Vedanta Ltd | 5097 |
| 54481<br> (c) | Verallia S.A. | 1811 |
| 11215 | Vetropack Holding AG. | 452 |
| 69588 | Vicat S.A. | 4821 |
| 60012 | Victrex plc | 639 |
| 16215 | Vidrala S.A. | 1884 |
| 20806 | Vinati Organics Ltd | 480 |
| 81104 | Voestalpine AG. | 2287 |
| 88251<br> (a) | Vulcan Energy Resources Ltd | 212 |
| 55222 | Vulcan Materials Co | 14403 |
| 60530 | Vulcan Steel Ltd | 232 |
| 26898<br> (a) | WA1 Resources Ltd | 280 |
| 14247 | Wacker Chemie AG. | 1045 |
| 168000 | Wanguo International Mining Group Ltd | 676 |
| 124196 | Wanhua Chemical Group Co Ltd | 941 |
| 63753<br> (a) | Welspun Corp Ltd | 688 |
| 1071232<br> (a) | Wesdome Gold Mines Ltd | 14923 |
| 813992<br> (a) | West African Resources Ltd | 1236 |
| 1702000<br> (b) | West China Cement Ltd | 328 |
| 45103 | West Fraser Timber Co Ltd | 3307 |
| 39500 | Western Mining Co Ltd | 92 |
| 15841 | Western Superconducting Technologies Co Ltd | 115 |
| 7082107 | Westgold Resources Ltd | 13550 |
| 447353 | Westlake Chemical Corp | 33968 |
| 377795 | Wheaton Precious Metals Corp | 33974 |
| 81646 | Wienerberger AG. | 3051 |
| 27895<br> (b) | Winpak Ltd | 914 |
| 55440 | Worthington Steel, Inc | 1654 |
| 70115 | Xiamen Tungsten Co Ltd | 205 |
| 80971 | Yamama Cement Co | 735 |
| 29505 | Yamato Kogyo Co Ltd | 1793 |
| 52086 | Yanbu Cement Co | 282 |
| 192822 | Yanbu National Petrochemical Co | 1554 |
| 99533 | Yara International ASA | 3673 |
| 702913 | Yieh Phui Enterprise Co Ltd | 368 |
| 121523 | Yintai Gold Co Ltd | 322 |
| 76275 | Yodogawa Steel Works Ltd | 606 |
| 9285 | Youlchon Chemical Co Ltd | 212 |
| 733000 | Yuen Foong Yu Paper Manufacturing Co Ltd | 575 |
| 147500 | Yunnan Aluminium Co Ltd | 329 |

---

**84** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 259000 |  | Yunnan Chihong Zinc&Germanium Co Ltd | $191 |
| 32884 |  | Yunnan Energy New Material Co Ltd | 135 |
| 84400 |  | Yunnan Yuntianhua Co Ltd | 259 |
| 80500 |  | Zangge Mining Co Ltd | 480 |
| 96716 |  | Zeon Corp | 982 |
| 1204500 |  | Zhaojin Mining Industry Co Ltd | 3166 |
| 124536 |  | Zhejiang Juhua Co Ltd | 499 |
| 153800 |  | Zhejiang Longsheng Group Co Ltd | 218 |
| 46599 |  | Zhejiang NHU Co Ltd | 138 |
| 200100 |  | Zhongjin Gold Corp Ltd | 412 |
| 25147 | (b) | Zignago Vetro S.p.A. | 248 |
| 3915232 |  | Zijin Mining Group Co Ltd | 10069 |
| 850197 |  | Zijin Mining Group Co Ltd (Class A) | 2326 |
|  |  | TOTAL MATERIALS | 5436775 |
|  |  | MEDIA & ENTERTAINMENT - 6.2% |  |
| 113523 |  | 37 Interactive Entertainment Network Technology Group Co Ltd | 274 |
| 22317 |  | 4imprint Group plc | 1120 |
| 582813 | (a) | Affle India Ltd | 13583 |
| 29296 |  | AfreecaTV Co Ltd | 1975 |
| 9160000 | (a),(b) | Alibaba Pictures Group Ltd | 1124 |
| 6146844 |  | Alphabet, Inc | 1090389 |
| 5417281 |  | Alphabet, Inc (Class A) | 954687 |
| 472920 | (a) | AMC Entertainment Holdings, Inc | 1466 |
| 22900 |  | Anycolor, Inc | 827 |
| 13704 | (a) | Arabian Contracting Services Co | 380 |
| 91510 |  | Arnoldo Mondadori Editore S.p.A. | 232 |
| 38930 | (a) | Atlanta Braves Holdings, Inc | 1821 |
| 67023 | (b) | Atresmedia Corp de Medios de Comunicacion S.A. | 408 |
| 1962990 | (c) | Auto Trader Group plc | 22234 |
| 46323 |  | Autohome, Inc (ADR) | 1195 |
| 1537618 | (a) | Baidu, Inc | 16479 |
| 300874 |  | Baltic Classifieds Group plc | 1540 |
| 134600 |  | Beijing Enlight Media Co Ltd | 381 |
| 31388 | (a),(b) | Better Collective A.S. | 435 |
| 162088 | (a) | Bilibili, Inc | 3479 |
| 524607 |  | Canal& S.A. | 1642 |
| 162500 |  | Capcom Co Ltd | 5550 |
| 82200 | (a) | Cargurus, Inc | 2751 |
| 267517 |  | carsales.com Ltd | 6588 |
| 45633 |  | CD Projekt S.A. | 3561 |
| 56488 |  | Cheil Worldwide, Inc | 838 |
| 161865 | (a),(d) | Chennai Super Kings Cricket Ltd | 13 |
| 296758 | (a),(c) | China Literature Ltd | 1133 |
| 6068000 | (a),(b) | China Ruyi Holdings Ltd | 1956 |
| 80018 | (a) | CJ CGV Co Ltd | 300 |
| 8936 |  | CJ ENM Co Ltd | 496 |
| 66200 | (a),(c) | Cloud Music, Inc | 2041 |
| 11137 |  | Cogeco Communications, Inc | 581 |
| 8329965 |  | Comcast Corp (Class A) | 297296 |
| 1824200 |  | Converge Information and Communications Technology Solutions, Inc | 631 |
| 22900 | (a),(b) | Cover Corp | 365 |
| 41531 |  | CTS Eventim AG. | 5164 |
| 325200 |  | CyberAgent, Inc | 3716 |
| 185241 |  | Cyfrowy Polsat S.A. | 909 |
| 55162 |  | Daiichikosho Co Ltd | 621 |
| 5935 |  | Dear U Co Ltd | 270 |
| 58211 |  | Dena Co Ltd | 1078 |
| 13700 | (b) | Dentsu, Inc | 304 |
| 132239 |  | Domain Holdings Australia Ltd | 382 |
| 11611500 |  | Elang Mahkota Teknologi Tbk PT | 346 |
| 804 |  | Electronic Arts, Inc | 128 |
| 945830 | (a),(b) | Embracer Group AB | 10796 |

---

**85** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MEDIA & ENTERTAINMENT (continued) |  |
| 92443 | (b) | Eutelsat Communications | $404 |
| 122710 | (a) | EverQuote, Inc | 2967 |
| 73032 |  | EVT Ltd | 800 |
| 705103 |  | Focus Media Information Technology Co Ltd | 719 |
| 15397 |  | Fox Corp (Class A) | 863 |
| 9777 |  | Fox Corp (Class B) | 505 |
| 2136120 | (a) | fuboTV, Inc | 8245 |
| 37300 |  | Fuji Television Network, Inc | 860 |
| 72948 |  | Future plc | 732 |
| 40630 | (a) | Gambling.com Group Ltd | 483 |
| 1131359 | (a) | Gannett Co, Inc | 4050 |
| 277050 |  | Gree, Inc | 1001 |
| 706260 | (a) | Grindr, Inc | 16032 |
| 1809300 | (b) | Grupo Televisa S.A. | 805 |
| 606043 |  | GungHo Online Entertainment, Inc | 11599 |
| 160900 |  | Hakuhodo DY Holdings, Inc | 1333 |
| 488871 |  | Havas NV | 840 |
| 269619 |  | Hello Group, Inc (ADR) | 2276 |
| 64551 |  | Hemnet Group AB | 1895 |
| 15624 |  | HYBE Co Ltd | 3572 |
| 32342 | (a) | IAC, Inc | 1208 |
| 129 | (a),(b) | Ibotta, Inc | 5 |
| 372298 | (a),(b) | iClick Interactive Asia Group Ltd (ADR) | 4106 |
| 250352 | (a) | Info Edge India Ltd | 4346 |
| 2083985 |  | Informa plc | 23072 |
| 13384 |  | Innocean Worldwide, Inc | 196 |
| 401600 | (a) | Integral Ad Science Holding Corp | 3337 |
| 175000 |  | International Games System Co Ltd | 5137 |
| 25979 |  | Interpublic Group of Cos, Inc | 636 |
| 26023 |  | IPSOS | 1398 |
| 1244439 | (a),(b) | iQIYI, Inc (ADR) | 2203 |
| 2522404 |  | ITV plc | 2858 |
| 111873 |  | JC Decaux S.A. | 2047 |
| 136800 |  | Jiangsu Phoenix Publishing & Media Corp Ltd | 213 |
| 282300 |  | JOYY, Inc (ADR) | 14372 |
| 23699 | (a) | Just Dial Ltd | 257 |
| 88611 | (a),(b) | Juventus Football Club S.p.A | 322 |
| 21742 |  | JYP Entertainment Corp | 1195 |
| 62124 |  | Kadokawa Corp | 1723 |
| 100600 |  | Kakaku.com, Inc | 1866 |
| 213949 |  | Kakao Corp | 9490 |
| 39599 | (a) | Kakao Games Corp | 560 |
| 203000 | (a) | Kanzhun Ltd (ADR) | 3621 |
| 10900 | (b) | Kinepolis Group NV | 462 |
| 664910 |  | Kingsoft Corp Ltd | 3475 |
| 687100 |  | Koei Tecmo Holdings Co Ltd | 11218 |
| 52600 |  | Konami Corp | 8316 |
| 19768 | (a),(c) | Krafton, Inc | 5307 |
| 12079900 | (a),(c) | Kuaishou Technology | 98060 |
| 47700 |  | Kunlun Tech Co Ltd | 224 |
| 9916 | (a) | Liberty Media Corp-Liberty Formula One (Class A) | 942 |
| 410475 | (a) | Liberty Media Corp-Liberty Formula One (Class C) | 42895 |
| 8602 | (a) | Liberty Media Corp-Liberty Live (Class A) | 684 |
| 20019 | (a) | Liberty Media Corp-Liberty Live (Class C) | 1625 |
| 490870 | (a) | Lionsgate Studios Corp | 2852 |
| 76999 | (a) | Live Nation, Inc | 11648 |
| 551035 |  | Louis Hachette Group | 1131 |
| 19785 |  | M6-Metropole Television | 306 |
| 43800 | (a) | Madison Square Garden Entertainment Corp | 1751 |
| 7868 | (a) | Madison Square Garden Sports Corp | 1644 |
| 1195758 | (a),(b) | Magnite, Inc | 28842 |
| 81622 |  | Mango Excellent Media Co Ltd | 249 |

---

**86** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MEDIA & ENTERTAINMENT (continued) |  |
| 356600 | (b),(c) | Maoyan Entertainment | $332 |
| 521872 |  | Match Group, Inc | 16121 |
| 1402500 |  | MD Entertainment Tbk PT | 168 |
| 249500 | (a) | MediaAlpha, Inc | 2732 |
| 353400 | (b) | Megacable Holdings SAB de C.V. | 990 |
| 2342500 | (c) | Meitu, Inc | 2704 |
| 3232854 |  | Meta Platforms, Inc | 2386137 |
| 30142 | (b) | MFE-MediaForEurope NV | 140 |
| 1097717 | (b) | MFE-MediaForEurope NV | 3766 |
| 414390 |  | Mixi Inc | 10005 |
| 358000 | (a),(c) | Mobvista, Inc | 325 |
| 407966 | (a) | Modern Times Group MTG AB | 5170 |
| 400551 |  | Moneysupermarket.com Group plc | 1218 |
| 185976 |  | MultiChoice Group | 1238 |
| 137554 |  | Naver Corp | 26711 |
| 26530 | (a) | Nazara Technologies Ltd | 402 |
| 9045 |  | NCSoft Corp | 1382 |
| 149000 |  | NetDragon Websoft Holdings Ltd | 204 |
| 1535130 |  | NetEase, Inc | 41371 |
| 496143 | (a) | Netflix, Inc | 664400 |
| 21149 | (c) | Netmarble Corp | 970 |
| 577190 | (a) | Network18 Media & Investments Ltd | 396 |
| 197433 |  | New York Times Co (Class A) | 11052 |
| 3762000 | (a),(b) | Newborn Town, Inc | 4724 |
| 326087 |  | News Corp (Class A) | 9691 |
| 48240 |  | News Corp (Class B) | 1655 |
| 238000 |  | Nexon Co Ltd | 4794 |
| 21265 | (a) | Nexon Games Co Ltd | 218 |
| 12344 |  | Nexstar Media Group, Inc | 2135 |
| 971575 |  | Nine Entertainment Co Holdings Ltd | 1039 |
| 3056210 |  | Nintendo Co Ltd | 293487 |
| 43200 |  | Nippon Television Holdings, Inc | 1001 |
| 13533 | (b) | Omnicom Group, Inc | 974 |
| 199922 |  | Paradox Interactive AB | 4019 |
| 3859 |  | Paramount Global (Class A) | 89 |
| 27607 | (a) | Pearl Abyss Corp | 863 |
| 292249 | (a) | Pinterest, Inc | 10480 |
| 1584400 |  | Plan B Media Pcl | 240 |
| 97578 |  | ProSiebenSat. Media AG. | 823 |
| 595516 | (b) | Publicis Groupe S.A. | 67260 |
| 58139 | (a) | PVR Ltd | 658 |
| 226440 | (a) | QuinStreet, Inc | 3646 |
| 37431 |  | REA Group Ltd | 5928 |
| 2086797 |  | Rightmove plc | 22586 |
| 147901 | (a) | ROBLOX Corp | 15559 |
| 122648 | (a) | Roku, Inc | 10780 |
| 27254 |  | RTL Group | 1196 |
| 64820 |  | Saregama India Ltd | 377 |
| 23693 | (a) | Saudi Research & Media Group | 1221 |
| 52207 |  | Schibsted ASA | 1846 |
| 75825 |  | Schibsted ASA (B Shares) | 2556 |
| 173797 | (c) | Scout24 SE | 23992 |
| 434201 | (a) | Sea Ltd (ADR) | 69446 |
| 469631 |  | Seek Ltd | 7432 |
| 61300 |  | Septeni Holdings Co Ltd | 180 |
| 274862 |  | SES S.A. | 1959 |
| 6392 | (a) | SHIFT UP Corp | 231 |
| 6901 |  | Shochiku Co Ltd | 649 |
| 20000 |  | Shutterstock, Inc | 379 |
| 120610 |  | Sinclair, Inc | 1667 |
| 119800 |  | Sky Perfect Jsat Corp | 1200 |
| 8952 |  | SM Entertainment Co Ltd | 934 |

---

**87** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MEDIA & ENTERTAINMENT (continued) |  |
| 617600 | (a),(b),(d) | SMI Holdings Group Ltd | $1 |
| 604 | (a) | Snap, Inc | 5 |
| 232065 | (b) | Societe Television Francaise 1 | 2411 |
| 52000 |  | Soft-World International Corp | 186 |
| 143060 | (a),(b) | Sphere Entertainment Co | 5980 |
| 172010 | (a) | Spotify Technology S.A. | 131990 |
| 306800 |  | Square Enix Co Ltd | 22948 |
| 40120 |  | Storytel AB | 397 |
| 25235 |  | Stroeer SE & Co KGaA | 1515 |
| 8878 | (a) | Studio Dragon Corp | 337 |
| 67014 |  | Sun TV Network Ltd | 468 |
| 143762 | (a) | Take-Two Interactive Software, Inc | 34913 |
| 9882 | (a) | TechTarget, Inc | 77 |
| 9009254 |  | Tencent Holdings Ltd | 580517 |
| 2094691 |  | Tencent Music Entertainment Group (ADR) | 40826 |
| 31353 |  | Tips Industries Ltd | 246 |
| 33685 |  | TKO Group Holdings, Inc | 6129 |
| 45500 |  | Toei Animation Co Ltd | 1038 |
| 23020 |  | Toei Co Ltd | 835 |
| 7700 |  | Toho Co Ltd | 454 |
| 23900 |  | Tokyo Broadcasting System, Inc | 838 |
| 859969 | (a),(b) | TripAdvisor, Inc | 11223 |
| 34304 | (a) | Trump Media & Technology Group Corp | 619 |
| 3948512 | (a),(c) | Trustpilot Group plc | 13139 |
| 17851 |  | TV Asahi Corp | 346 |
| 2450 |  | TX Group AG. | 642 |
| 1190257 | (a),(b) | Ubisoft Entertainment | 13196 |
| 833741 |  | Universal Music Group NV | 27047 |
| 8538100 |  | VGI PCL | 553 |
| 193759 | (a) | Vimeo, Inc | 783 |
| 4210429 |  | Vivendi Universal S.A. | 14524 |
| 1491976 | (a) | VTEX | 9847 |
| 4046536 |  | Walt Disney Co | 501811 |
| 627482 | (a) | Warner Bros Discovery, Inc | 7191 |
| 39870 | (a),(b) | Webtoon Entertainment, Inc | 362 |
| 1128300 | (b) | Weibo Corp (ADR) | 10753 |
| 13027 |  | Wemade Co Ltd | 330 |
| 1045535 |  | WPP plc | 7362 |
| 213000 |  | XD, Inc | 1314 |
| 1561000 |  | Xinhua Winshare Publishing and Media Co Ltd | 2266 |
| 10159 |  | YG Entertainment, Inc | 716 |
| 90177 |  | YouGov plc | 465 |
| 1275500 |  | Z Holdings Corp | 4697 |
| 577644 |  | ZEE Telefilms Ltd | 985 |
| 374522 | (a) | Ziff Davis, Inc | 11337 |
| 2400 | (a) | ZoomInfo Technologies, Inc | 24 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | 8058756 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.3% |  |
| 1348500 | (c) | 3SBio, Inc | 4077 |
| 233670 | (a) | 89bio, Inc | 2295 |
| 39449 |  | Aarti Pharmalabs Ltd | 410 |
| 2324914 |  | AbbVie, Inc | 431551 |
| 25635 | (a) | ABLBio, Inc | 1276 |
| 418713 | (a) | Acadia Pharmaceuticals, Inc | 9032 |
| 119810 | (a) | Aclaris Therapeutics, Inc | 170 |
| 1581 | (a) | Acrivon Therapeutics, Inc | 2 |
| 38550 |  | Acutaas Chemicals Ltd | 515 |
| 85886 |  | AddLife AB | 1714 |
| 2059775 | (a) | ADMA Biologics, Inc | 37509 |
| 16998 | (a) | Aether Industries Ltd | 151 |
| 79901 |  | Agilent Technologies, Inc | 9429 |
| 35351 |  | Ajanta Pharma Ltd | 1061 |

---

**88** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 459000 | (a),(b),(c) | Akeso, Inc | $5402 |
| 6949 | (a) | Akums Drugs & Pharmaceuticals Ltd | 48 |
| 39863 |  | Alembic Pharmaceuticals Ltd | 483 |
| 347238 | (a) | ALK-Abello A.S. | 10245 |
| 11027 |  | Alkem Laboratories Ltd | 635 |
| 454672 | (a) | Alkermes plc | 13008 |
| 58000 |  | Almirall S.A. | 728 |
| 309324 | (a) | Alnylam Pharmaceuticals, Inc | 100867 |
| 380000 | (a),(c) | Alphamab Oncology | 298 |
| 24696 | (a) | Alteogen, Inc | 6804 |
| 160080 |  | Amgen, Inc | 44696 |
| 1450219 | (a) | Amicus Therapeutics, Inc | 8310 |
| 915080 | (a) | Amneal Pharmaceuticals, Inc | 7403 |
| 211721 | (a) | ANI Pharmaceuticals, Inc | 13815 |
| 165492 | (a) | Apellis Pharmaceuticals, Inc | 2865 |
| 507544 | (a) | Arcutis Biotherapeutics, Inc | 7116 |
| 1116900 | (a) | Ardelyx, Inc | 4378 |
| 96365 | (a) | Argenx SE | 53346 |
| 196200 | (a),(c) | Ascentage Pharma Group International | 1917 |
| 1410512 |  | Aspen Pharmacare Holdings Ltd | 9520 |
| 1164800 |  | Astellas Pharma, Inc | 11405 |
| 5453 |  | AstraZeneca Pharma India Ltd | 567 |
| 2026977 |  | AstraZeneca plc | 282093 |
| 197503 |  | AstraZeneca plc (ADR) | 13802 |
| 266070 | (a),(b) | Astria Therapeutics, Inc | 1426 |
| 68866 | (a) | Aurobindo Pharma Ltd | 912 |
| 127792 | (a) | Axsome Therapeutics, Inc | 13340 |
| 63660 | (b) | Bachem Holding AG. | 4670 |
| 9860 | (a) | Basilea Pharmaceutica | 585 |
| 205770 | (a),(b) | Bausch Health Cos, Inc | 1372 |
| 58783 | (a) | Bavarian Nordic AS | 1567 |
| 174081 | (a) | BeiGene Ltd (ADR) | 42140 |
| 16480 |  | Beijing Tiantan Biological Products Corp Ltd | 44 |
| 106000 |  | Beijing Tong Ren Tang Chinese Medicine Co Ltd | 117 |
| 12300 |  | Beijing Tongrentang Co Ltd | 62 |
| 21758 |  | Beijing Wantai Biological Pharmacy Enterprise Co Ltd | 185 |
| 1213600 | (a) | BeOne Medicines Ltd | 22958 |
| 29262 | (a),(b),(c) | BioArctic AB | 554 |
| 399152 |  | Biocon Ltd | 1656 |
| 1278510 | (a) | BioCryst Pharmaceuticals, Inc | 11455 |
| 80980 |  | BioGaia AB | 910 |
| 155862 | (a) | Biohaven Ltd | 2199 |
| 119291 | (a) | BioMarin Pharmaceutical, Inc | 6557 |
| 54783 |  | Biotage AB | 831 |
| 138512 | (a) | Blueprint Medicines Corp | 17754 |
| 44115 | (a),(c) | BoneSupport Holding AB | 1306 |
| 43564 |  | Bora Pharmaceuticals Co Ltd | 1240 |
| 22082 |  | Boryung | 134 |
| 6500 | (a) | Bright Minds Biosciences, Inc | 170 |
| 552557 |  | Bristol-Myers Squibb Co | 25578 |
| 201270 | (a) | Brooks Automation, Inc | 6195 |
| 66283 |  | Cadila Healthcare Ltd | 766 |
| 75000 | (a) | Caliway Biopharmaceuticals Co Ltd | 3449 |
| 27631 | (a) | Camurus AB | 1776 |
| 50600 | (a),(b),(c) | CanSino Biologics, Inc | 223 |
| 18186 |  | Caplin Point Laboratories Ltd | 449 |
| 480049 | (a),(b) | Cardiff Oncology, Inc | 1512 |
| 16530 | (a) | CareDx, Inc | 323 |
| 13770 |  | Caregen Co Ltd | 348 |
| 260500 | (a),(c) | CARsgen Therapeutics Holdings Ltd | 769 |
| 140977 | (a) | Catalyst Pharmaceuticals, Inc | 3059 |
| 62618 | (a) | Celldex Therapeutics, Inc | 1274 |

---

**89** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 16722 | (a) | Celltrion Pharm Inc | $614 |
| 624368 |  | Celltrion, Inc | 73675 |
| 472385 |  | Center Laboratories, Inc | 618 |
| 3614 | (a) | Changchun High & New Technology Industry Group, Inc | 50 |
| 15860 | (a) | Charles River Laboratories International, Inc | 2406 |
| 12314 |  | Chemometec A.S. | 1137 |
| 1011000 |  | China Medical System Holdings Ltd | 1546 |
| 496500 | (c) | China Resources Pharmaceutical Group Ltd | 324 |
| 21080 |  | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | 92 |
| 250000 |  | China Shineway Pharmaceutical Group Ltd | 250 |
| 389 | (a),(d) | Chinook Therapeutics, Inc | 0^ |
| 5171 |  | Chong Kun Dang Pharmaceutical Corp | 317 |
| 37870 |  | Chongqing Zhifei Biological Products Co Ltd | 104 |
| 474180 | (a) | ChromaDex Corp | 6833 |
| 403700 |  | Chugai Pharmaceutical Co Ltd | 21080 |
| 15550 | (a),(b) | Cidara Therapeutics, Inc | 757 |
| 148961 |  | Cipla Ltd | 2617 |
| 122261 | (a) | Concord Biotech Ltd | 2623 |
| 1518000 |  | Consun Pharmaceutical Group Ltd | 2192 |
| 10599 | (a) | Corcept Therapeutics, Inc | 778 |
| 594210 | (a) | CorMedix, Inc | 7321 |
| 57165 |  | COSMO Pharmaceuticals NV | 4105 |
| 174975 | (a) | Crinetics Pharmaceuticals, Inc | 5032 |
| 189422 | (a),(b) | Cronos Group, Inc | 363 |
| 49900 | (a) | CryoPort, Inc | 372 |
| 210899 |  | CSL Ltd | 33314 |
| 22780 |  | CSPC Innovation Pharmaceutical Co Ltd | 164 |
| 4130054 |  | CSPC Pharmaceutical Group Ltd | 4063 |
| 61831 | (a) | CureVac NV | 334 |
| 14189 |  | Daewoong Co Ltd | 242 |
| 4004 |  | Daewoong Pharmaceutical Co Ltd | 427 |
| 7438600 |  | Daiichi Sankyo Co Ltd | 172338 |
| 1209640 |  | Danaher Corp | 238952 |
| 310440 | (a) | Denali Therapeutics, Inc | 4343 |
| 11871 |  | Dermapharm Holding SE | 485 |
| 87093 |  | Divi's Laboratories Ltd | 6919 |
| 13571 |  | Dong-E-E-Jiao Co Ltd | 99 |
| 13689 |  | DongKook Pharmaceutical Co Ltd | 176 |
| 2402 | (a),(b) | Dottikon Es Holding AG. | 926 |
| 1218066 |  | Dr Reddy's Laboratories Ltd | 18248 |
| 135820 | (a) | Edgewise Therapeutics, Inc | 1781 |
| 141000 | (a) | EirGenix, Inc | 296 |
| 2886858 | (a) | Elanco Animal Health, Inc | 41224 |
| 23913 | (a) | Elevation Oncology, Inc | 9 |
| 1275309 |  | Eli Lilly & Co | 994142 |
| 34908 | (c) | Eris Lifesciences Ltd | 686 |
| 70600 | (b) | Eurofins Scientific SE | 5031 |
| 160500 | (a),(b),(c) | Everest Medicines Ltd | 1275 |
| 331958 | (a) | Evolus, Inc | 3057 |
| 99443 | (a) | Evotec SE | 847 |
| 241751 | (a) | Exact Sciences Corp | 12847 |
| 831138 | (a) | Exelixis, Inc | 36632 |
| 49876 |  | FDC Ltd | 284 |
| 3938 | (a) | Formycon AG. | 130 |
| 210616 | (a),(b) | Galapagos NV | 5896 |
| 694489 |  | Galderma Group AG. | 100948 |
| 38215 |  | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS. | 147 |
| 452100 |  | Genomma Lab Internacional SAB de C.V. | 494 |
| 331386 | (a) | Genscript Biotech Corp | 627 |
| 49454 |  | Genus plc | 1389 |
| 26533 |  | Gerresheimer AG. | 1498 |
| 1298082 |  | Gilead Sciences, Inc | 143918 |

---

**90** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 24974 | (c) | Gland Pharma Ltd | $534 |
| 114758 |  | GlaxoSmithKline Pharmaceuticals Ltd | 4535 |
| 49443 | (a) | Glenmark Life Sciences Ltd | 580 |
| 513678 |  | Glenmark Pharmaceuticals Ltd | 10507 |
| 36501 | (a),(b) | GNI Group Ltd | 869 |
| 760000 | (b) | Grand Pharmaceutical Group Ltd | 846 |
| 105799 |  | Granules India Ltd | 611 |
| 4743 |  | Green Cross Corp | 443 |
| 18966 |  | Green Cross Holdings Corp | 225 |
| 1808182 |  | GSK plc | 34476 |
| 36003 | (a) | G-treeBNT Co Ltd | 127 |
| 3870 |  | Gubra A.S. | 286 |
| 1129173 |  | H Lundbeck A.S. | 6487 |
| 47800 |  | Haisco Pharmaceutical Group Co Ltd | 282 |
| 43243240 |  | Haleon plc | 222254 |
| 2289158 | (b) | Haleon plc (ADR) | 23739 |
| 141762 | (a) | Halozyme Therapeutics, Inc | 7374 |
| 25227 | (a) | Hanall Biopharma Co Ltd | 452 |
| 6521 |  | Hangzhou Tigermed Consulting Co Ltd - A | 49 |
| 4345 |  | Hanmi Pharm Co Ltd | 920 |
| 311839 | (c) | Hansoh Pharmaceutical Group Co Ltd | 1185 |
| 5094 | (a) | Harmony Biosciences Holdings, Inc | 161 |
| 476000 | (a),(c) | HBM Holdings Ltd | 515 |
| 39992 |  | Hikal Ltd | 167 |
| 38100 |  | Hisamitsu Pharmaceutical Co, Inc | 1085 |
| 10878 |  | HK inno N Corp | 344 |
| 18206 | (a) | Hlb Pharma Ceutical Co Ltd | 231 |
| 2548684 | (a),(b),(d) | Hua Han Health Industry Holdings Ltd | 3 |
| 23820 |  | Hualan Biological Engineering, Inc | 52 |
| 4291 | (a) | Hugel, Inc | 1229 |
| 24154 |  | Humanwell Healthcare Group Co Ltd | 71 |
| 427000 | (a) | HUTCHMED China Ltd | 1284 |
| 216600 |  | Hypera S.A. | 1084 |
| 2840 |  | Imeik Technology Development Co Ltd | 69 |
| 101600 | (a),(b) | Immunome, Inc | 945 |
| 50105 | (a) | Incyte Corp | 3412 |
| 28883 |  | Indegene Ltd | 194 |
| 72663 | (a) | Indivior plc | 1080 |
| 541000 | (a),(b),(c) | InnoCare Pharma Ltd | 904 |
| 1300573 | (a),(b),(c) | Innovent Biologics, Inc | 13038 |
| 279370 | (a) | Innoviva, Inc | 5613 |
| 98329 | (a) | Insmed, Inc | 9896 |
| 114682 |  | Ipca Laboratories Ltd | 1859 |
| 56725 | (a) | IQVIA Holdings, Inc | 8939 |
| 99389 | (a),(b) | iTeos Therapeutics, Inc | 991 |
| 17380 |  | Jade Biosciences, Inc | 174 |
| 16856 |  | Jamjoom Pharmaceuticals Factory Co | 778 |
| 42815 | (a) | Jazz Pharmaceuticals plc | 4544 |
| 247880 |  | JB Chemicals & Pharmaceuticals Ltd | 4854 |
| 101811 |  | Jiangsu Hengrui Pharmaceuticals Co Ltd | 738 |
| 1993981 |  | Johnson & Johnson | 304581 |
| 49061 |  | Jubilant Pharmova Ltd | 693 |
| 17679 |  | Kaken Pharmaceutical Co Ltd | 468 |
| 5346006 |  | Kalbe Farma Tbk PT | 503 |
| 4044 | (a) | Kangmei Pharmaceutical Co Ltd | 1 |
| 148000 | (a),(c) | Keymed Biosciences, Inc | 872 |
| 1029 | (a) | Kiniksa Pharmaceuticals Ltd | 28 |
| 22500 |  | Kissei Pharmaceutical Co Ltd | 630 |
| 92298 | (a) | Krystal Biotech, Inc | 12687 |
| 248719 | (a) | Kura Oncology, Inc | 1435 |
| 17986 | (a) | Kuros Biosciences AG. | 619 |
| 18481 |  | Kyorin Co Ltd | 194 |

---

**91** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 16102 |  | Laboratorios Farmaceuticos Rovi S.A | $1039 |
| 121820 | (a) | Larimar Therapeutics, Inc | 352 |
| 264635 | (c) | Laurus Labs Ltd | 2238 |
| 17277 | (a) | Legend Biotech Corp (ADR) | 613 |
| 19243 | (a) | LegoChem Biosciences, Inc | 1636 |
| 469000 | (a),(b),(c) | Lepu Biopharma Co Ltd | 324 |
| 309004 |  | Lonza Group AG. | 220988 |
| 115000 |  | Lotus Pharmaceutical Co Ltd | 873 |
| 57319 | (a) | Lumosa Therapeutics Co Ltd | 287 |
| 60151 |  | Lupin Ltd | 1360 |
| 1615000 | (a),(b),(c) | Luye Pharma Group Ltd | 738 |
| 81769 | (a) | Mankind Pharma Ltd | 2213 |
| 768415 | (a) | MannKind Corp | 2874 |
| 123332 |  | Marksans Pharma Ltd | 376 |
| 196466 | (a) | Medigen Vaccine Biologics Corp | 283 |
| 10921 | (a) | Medpace Holdings, Inc | 3428 |
| 4079 |  | Medytox, Inc | 536 |
| 287900 |  | Mega Lifesciences PCL | 228 |
| 1550030 |  | Merck & Co, Inc | 122700 |
| 693498 | (a),(b) | Mesoblast Ltd | 754 |
| 18208 | (a) | Mezzion Pharma Co Ltd | 512 |
| 5196 |  | Middle East Pharmaceutical Co | 171 |
| 204170 | (a) | Mirum Pharmaceuticals, Inc | 10390 |
| 10775 |  | Mochida Pharmaceutical Co Ltd | 222 |
| 389603 | (a),(b) | MoonLake Immunotherapeutics | 18389 |
| 63593 |  | Natco Pharma Ltd | 687 |
| 433860 | (a) | Natera, Inc | 73296 |
| 38038 | (a) | Naturecell Co Ltd | 785 |
| 5645 |  | Neuland Laboratories Ltd | 790 |
| 83566 | (a) | Neuren Pharmaceuticals Ltd | 777 |
| 31452 | (a) | Neurocrine Biosciences, Inc | 3953 |
| 38500 |  | Nippon Shinyaku Co Ltd | 840 |
| 55518 | (a),(d) | NKMax Co Ltd | 0^ |
| 1378135 |  | Novartis AG. | 167274 |
| 5164752 |  | Novo Nordisk A.S. | 357886 |
| 986308 |  | Novo Nordisk A.S. (ADR) | 68075 |
| 986880 | (a),(b) | Nuvation Bio, Inc | 1924 |
| 12122 | (a) | OliX Pharmaceuticals, Inc | 313 |
| 3120 | (a),(d) | OmniAb Operations, Inc | 0^ |
| 3120 | (a),(d) | OmniAb Operations, Inc | 0^ |
| 301470 | (a) | OmniAb, Inc | 525 |
| 222605 | (a) | Oneness Biotech Co Ltd | 482 |
| 32611 | (a) | Onesource Specialty Pharma Ltd | 836 |
| 79502 |  | Organon & Co | 770 |
| 27159 | (a) | Oscotec, Inc | 575 |
| 409500 |  | Otsuka Holdings Co Ltd | 20303 |
| 361903 | (a),(b) | Oxford Nanopore Technologies plc | 681 |
| 77000 | (a) | PeptiDream, Inc | 878 |
| 16611 | (a) | Peptron, Inc | 2309 |
| 930656 | (a),(b) | Perspective Therapeutics, Inc | 3201 |
| 1823660 |  | Pfizer, Inc | 44206 |
| 10322 | (b) | Pharma Mar S.A. | 969 |
| 68000 | (a) | PharmaEssentia Corp | 1276 |
| 69951 | (a),(d) | Pharmally International Holding Co Ltd | 0^ |
| 5166 |  | PharmaResearch Co Ltd | 1883 |
| 20825 | (a) | Pharmaron Beijing Co Ltd - A | 71 |
| 530257 | (a),(b) | Pharming Group NV | 569 |
| 9799 | (a),(b) | Pharvaris NV | 172 |
| 220157 |  | Phibro Animal Health Corp | 5623 |
| 1950513 |  | Piramal Pharma Ltd | 4628 |
| 174458 | (a) | Polaris Group | 230 |
| 9179 | (a),(c) | PolyPeptide Group AG. | 233 |

---

**92** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 19929 |  | Procter & Gamble Health Ltd | $1367 |
| 59520 | (a) | Protara Therapeutics, Inc | 180 |
| 302854 | (a) | PTC Therapeutics, Inc | 14791 |
| 154866 | (b) | QIAGEN NV | 7443 |
| 268142 |  | Regeneron Pharmaceuticals, Inc | 140775 |
| 136500 | (a),(b),(c) | Remegen Co Ltd | 950 |
| 24576 | (a) | Repligen Corp | 3057 |
| 85900 | (a) | Rezolute, Inc | 383 |
| 35203 |  | Richter Gedeon Rt | 1038 |
| 1486769 |  | Roche Holding AG. | 485311 |
| 450670 | (a) | Rocket Pharmaceuticals, Inc | 1104 |
| 1036871 | (a),(b) | Roivant Sciences Ltd | 11686 |
| 162230 |  | Royalty Pharma plc | 5845 |
| 36867 | (a),(c) | SAI Life Sciences Ltd | 333 |
| 11480 |  | Sam Chun Dang Pharm Co Ltd | 1248 |
| 12718 | (a),(c) | Samsung Biologics Co Ltd | 9333 |
| 41200 | (a) | SanBio Co Ltd | 687 |
| 35087 |  | Sandoz Group AG. | 1923 |
| 1127557 |  | Sanofi (ADR) | 54472 |
| 4157 |  | Sanofi Consumer Healthcare India Ltd | 276 |
| 7152 |  | Sanofi India Ltd | 531 |
| 2724095 |  | Sanofi-Aventis | 263730 |
| 1148400 |  | Santen Pharmaceutical Co Ltd | 13178 |
| 28208 | (a) | Sarepta Therapeutics, Inc | 482 |
| 15644 |  | Sartorius AG. | 3985 |
| 48352 |  | Saudi Pharmaceutical Industries & Medical Appliances Corp | 343 |
| 74351 |  | Sawai Group Holdings Co Ltd | 946 |
| 225851 | (a) | Scholar Rock Holding Corp | 8000 |
| 27982 |  | Schott Pharma AG.& Co KGaA | 938 |
| 24914 |  | Seegene, Inc | 611 |
| 34010 | (a) | Septerna, Inc | 360 |
| 82400 | (a) | Shandong BoAn Biotechnology Co Ltd | 120 |
| 44388 |  | Shanghai Fosun Pharmaceutical Group Co Ltd - A | 155 |
| 60700 | (a),(c) | Shanghai Henlius Biotech, Inc | 408 |
| 156737 |  | Shanghai RAAS Blood Products Co Ltd | 150 |
| 21125 |  | Shenzhen Salubris Pharmaceuticals Co Ltd | 140 |
| 27308 | (a) | Shilpa Medicare Ltd | 284 |
| 9287 | (a) | Sichuan Biokin Pharmaceutical Co Ltd | 384 |
| 23755 |  | Sichuan Kelun Pharmaceutical Co Ltd | 119 |
| 30555 |  | Siegfried Holding AG. | 3443 |
| 3616000 | (b) | Sihuan Pharmaceutical Holdings Group Ltd | 513 |
| 24 | (a),(b) | Silence Therapeutics plc (ADR) | 0^ |
| 477000 | (c) | Simcere Pharmaceutical Group Ltd | 676 |
| 2720236 |  | Sino Biopharmaceutical Ltd | 1830 |
| 8650 | (a) | SK Biopharmaceuticals Co Ltd | 589 |
| 21529 | (a) | SK Bioscience Co Ltd | 760 |
| 10197 |  | SKAN Group AG. | 919 |
| 80474 | (a) | Soleno Therapeutics, Inc | 6742 |
| 53108 | (a),(b) | Sosei Group Corp | 333 |
| 1112000 |  | SSY Group Ltd | 394 |
| 9870 |  | ST Pharm Co Ltd | 562 |
| 44598 |  | Strides Pharma Science Ltd | 468 |
| 124600 |  | Sumitomo Dainippon Pharma Co Ltd | 837 |
| 943037 |  | Sun Pharmaceutical Industries Ltd | 18435 |
| 87992 | (a) | Suven Pharmaceuticals Ltd | 993 |
| 418302 | (b) | SwedenCare AB | 1917 |
| 145680 | (c) | Syngene International Ltd | 1086 |
| 140484 | (a) | TaiMed Biologics, Inc | 438 |
| 39833 |  | Takara Bio, Inc | 222 |
| 1214700 |  | Takeda Pharmaceutical Co Ltd | 37501 |
| 95660 | (a) | Tarsus Pharmaceuticals, Inc | 3875 |
| 9627 |  | Tecan Group AG. | 1970 |

---

**93** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 202548 | (a) | Telix Pharmaceuticals Ltd | $3253 |
| 194113 | (a) | Terns Pharmaceuticals, Inc | 724 |
| 151699 | (a) | Teva Pharmaceutical Industries Ltd (ADR) | 2542 |
| 5100 | (a) | TG Therapeutics, Inc | 184 |
| 28374 | (a) | Theravance Biopharma, Inc | 313 |
| 261849 |  | Thermo Fisher Scientific, Inc | 106169 |
| 521000 |  | Tong Ren Tang Technologies Co Ltd | 328 |
| 114997 |  | Torrent Pharmaceuticals Ltd | 4571 |
| 20113 |  | Towa Pharmaceutical Co Ltd | 417 |
| 183000 | (a) | Travere Therapeutics, Inc | 2708 |
| 43800 |  | Tsumura & Co | 1057 |
| 108000 |  | TTY Biopharm Co Ltd | 280 |
| 53500 | (a) | Twist Bioscience Corp | 1968 |
| 37400 | (a) | Tyra Biosciences, Inc | 358 |
| 577647 |  | UCB S.A. | 113657 |
| 222184 | (a) | Ultragenyx Pharmaceutical, Inc | 8079 |
| 757562 |  | United Laboratories Ltd | 1452 |
| 60928 | (a) | United Therapeutics Corp | 17508 |
| 78180 | (a) | Vaxcyte, Inc | 2542 |
| 179170 | (a) | Veracyte, Inc | 4843 |
| 123107 | (a) | Vertex Pharmaceuticals, Inc | 54807 |
| 754408 |  | Viatris, Inc | 6737 |
| 44506 | (a),(b) | Viking Therapeutics, Inc | 1179 |
| 3130 |  | Virbac S.A. | 1178 |
| 58274 | (b) | Vitrolife AB | 864 |
| 8056 | (a) | Voronoi, Inc | 651 |
| 39871 | (a) | Waters Corp | 13917 |
| 422 |  | West Pharmaceutical Services, Inc | 92 |
| 2410000 | (b) | Winteam Pharmaceutical Group Ltd | 679 |
| 54308 | (a) | Wockhardt Ltd | 1086 |
| 39558 |  | WuXi AppTec Co Ltd - A | 384 |
| 82737 | (b),(c) | WuXi AppTec Co Ltd - H | 832 |
| 24281500 | (a),(c) | Wuxi Biologics Cayman, Inc | 79787 |
| 577572 | (a) | Xeris Biopharma Holdings, Inc | 2697 |
| 740000 | (a),(b) | XtalPi Holdings Ltd | 549 |
| 166200 | (a),(b),(c) | YiChang HEC ChangJiang Pharmaceutical Co Ltd | 314 |
| 14842 |  | Yuhan Corp | 1143 |
| 34107 |  | Yunnan Baiyao Group Co Ltd | 266 |
| 741900 | (a) | Zai Lab Ltd | 2615 |
| 498659 | (a) | Zealand Pharma AS | 27966 |
| 12600 |  | ZERIA Pharmaceutical Co Ltd | 182 |
| 10001 |  | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | 279 |
| 965365 |  | Zoetis, Inc | 150549 |
| 56820 | (a) | Zymeworks, Inc | 713 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6856480 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.4% |  |
| 152000 |  | Advancetek Enterprise Co Ltd | 374 |
| 5580 | (c) | Aedas Homes SAU | 160 |
| 1700 |  | Aeon Mall Co Ltd | 34 |
| 1 | (a) | AFI Properties Ltd | 0^ |
| 4045 |  | Africa Israel Residences Ltd | 362 |
| 43948 | (a) | Airport City Ltd | 807 |
| 28636 |  | Alandalus Property Co | 168 |
| 2641344 |  | Aldar Properties PJSC | 6418 |
| 303541 |  | Aliansce Sonae Shopping Centers sa | 1269 |
| 528250 | (b),(c) | A-Living Smart City Services Co Ltd | 194 |
| 52001 |  | Allreal Holding AG. | 12214 |
| 121627 |  | Alony Hetz Properties & Investments Ltd | 1261 |
| 34011 | (b) | Altus Group Ltd | 1316 |
| 634500 |  | Amata Corp PCL | 274 |
| 186465 |  | Amot Investments Ltd | 1263 |
| 74005 |  | Anant Raj Industries Ltd | 489 |

---

**94** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 2316500 | AP Thailand PCL | $446 |
| 149345<br> (c) | Arabian Centres Co | 773 |
| 1052016 | Aroundtown S.A. | 3870 |
| 72604 | Arriyadh Development Co | 683 |
| 212096<br> (a) | Atrium Ljungberg AB | 760 |
| 120445 | Aura Investments Ltd | 863 |
| 4570008 | Ayala Land, Inc | 2193 |
| 1492912 | Barwa Real Estate Co | 1138 |
| 12210<br> (a) | Big Shopping Centers Ltd | 2343 |
| 4328 | Blue Square Real Estate Ltd | 499 |
| 94276 | Brigade Enterprises Ltd | 1221 |
| 4940100<br> (a) | Bumi Serpong Damai Tbk PT | 239 |
| 509000 | C&D International Investment Group Ltd | 1034 |
| 1030000 | C&D Property Management Group Co Ltd | 352 |
| 27616 | CA Immobilien Anlagen AG. | 791 |
| 679498 | Capitaland India Trust | 561 |
| 2178635 | Capitaland Investment Ltd | 4542 |
| 312330<br> (b) | Castellum AB | 4110 |
| 35827 | Catena AB | 1829 |
| 490000 | Cathay Real Estate Development Co Ltd | 326 |
| 175167<br> (a) | CBRE Group, Inc | 24544 |
| 1371782 | Central Pattana PCL | 1952 |
| 3182000 | China Jinmao Holdings Group Ltd | 485 |
| 312527 | China Merchants Shekou Industrial Zone Holdings Co Ltd | 383 |
| 1134000 | China Overseas Grand Oceans Group Ltd | 258 |
| 2623786 | China Overseas Land & Investment Ltd | 4574 |
| 895000 | China Overseas Property Holdings Ltd | 627 |
| 2218102 | China Resources Land Ltd | 7552 |
| 501000<br> (c) | China Resources Mixc Lifestyle Services Ltd | 2434 |
| 1609938<br> (b) | China Vanke Co Ltd | 1004 |
| 393419 | China Vanke Co Ltd (Class A) | 353 |
| 115000 | Chong Hong Construction Co Ltd | 335 |
| 50805 | Cibus Nordic Real Estate AB | 1004 |
| 30467000 | Ciputra Development Tbk PT | 1796 |
| 370300 | City Developments Ltd | 1512 |
| 60892<br> (b) | Citycon Oyj | 273 |
| 1363269 | CK Asset Holdings Ltd | 6024 |
| 31454<br> (b) | Colliers International Group, Inc | 4115 |
| 1250090 | Commercial Real Estate Co KSC | 804 |
| 1073769<br> (a) | Compass, Inc | 6743 |
| 3478535<br> (b) | Corem Property Group AB | 1913 |
| 668200<br> (b) | Corp Inmobiliaria Vesta SAB de C.V. | 1836 |
| 176085<br> (a) | CoStar Group, Inc | 14157 |
| 1722000 | Country Garden Services Holdings Co Ltd | 1443 |
| 102000 | Crowell Development Corp | 109 |
| 839967<br> (a) | Cushman & Wakefield plc | 9298 |
| 145176<br> (a) | D B Realty Ltd | 397 |
| 8814 | Daito Trust Construction Co Ltd | 960 |
| 204730 | Da-Li Development Co Ltd | 339 |
| 363768<br> (a) | Dar Al Arkan Real Estate Development Co | 1863 |
| 310000 | Delpha Construction Co Ltd | 328 |
| 922284 | Deyaar Development PJSC | 249 |
| 88821 | Dios Fastigheter AB | 651 |
| 522599 | DLF Ltd | 5109 |
| 72850<br> (a) | Douglas Elliman, Inc | 169 |
| 20353 | DREAM Unlimited Corp | 309 |
| 860800 | Eco World Development Group BHD | 397 |
| 26337<br> (a) | Electra Real Estate Ltd | 392 |
| 696473 | Emaar Development PJSC | 2564 |
| 122988<br> (a) | Emaar Economic City | 440 |
| 4584214 | Emaar Properties PJSC | 17006 |
| 26853<br> (c) | Entra ASA | 356 |

---

**95** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 1194600 | (c),(d) | ESR Group Ltd | $1969 |
| 4118000 | (a),(c) | Evergrande Property Services Group Ltd | 448 |
| 281470 | (b) | eXp World Holdings, Inc | 2561 |
| 173476 |  | Fabege AB | 1552 |
| 208000 |  | Farglory Land Development Co Ltd | 457 |
| 731938 | (a) | Fastighets AB Balder | 5456 |
| 38989 |  | FastPartner AB | 239 |
| 28629 |  | FirstService Corp | 4996 |
| 116270 | (a) | Forestar Group, Inc | 2325 |
| 961271 |  | Fortress REIT Ltd | 1092 |
| 60105 |  | Gazit Globe Ltd | 238 |
| 6236000 | (b) | Gemdale Properties & Investment Corp Ltd | 251 |
| 103971 | (a) | Godrej Properties Ltd | 2843 |
| 9480 | (b) | Goldcrest Co Ltd | 217 |
| 534507 |  | Grainger plc | 1625 |
| 52895 |  | Grand City Properties S.A. | 693 |
| 728000 |  | Greentown China Holdings Ltd | 881 |
| 1186000 |  | Greentown Service Group Co Ltd | 664 |
| 1106800 | (a) | Guangzhou R&F Properties Co Ltd | 134 |
| 332100 | (a) | Hainan Airport Infrastructure Co Ltd | 164 |
| 573000 |  | Hang Lung Group Ltd | 998 |
| 25792479 |  | Hang Lung Properties Ltd | 24689 |
| 16315400 | (a),(d) | Hanson International Tbk PT | 0^ |
| 30244 |  | Heiwa Real Estate Co Ltd | 460 |
| 1266349 |  | Henderson Land Development Co Ltd | 4447 |
| 1022498 |  | Highwealth Construction Corp | 1450 |
| 30114 |  | Hiyes International Co Ltd | 105 |
| 280100 |  | Hong Fok Corp Ltd | 162 |
| 1175200 |  | Hongkong Land Holdings Ltd | 6781 |
| 1015477 | (a) | Hopson Development Holdings Ltd | 430 |
| 13104 | (a) | Howard Hughes Holdings, Inc | 885 |
| 200800 | (a) | Huaku Development Co Ltd | 737 |
| 94662 |  | Huang Hsiang Construction Co | 140 |
| 90141 | (b) | Hufvudstaden AB (Series A) | 1178 |
| 127000 | (b) | Hulic Co Ltd | 1281 |
| 419696 |  | Hysan Development Co Ltd | 754 |
| 158925 |  | Ichigo Holdings Co Ltd | 446 |
| 185500 |  | Iguatemi S.A. | 792 |
| 25564 | (a) | IMMOFINANZ AG. | 566 |
| 406933 | (a) | Indiabulls Real Estate Ltd | 590 |
| 51660 |  | Intea Fastigheter AB | 424 |
| 13100 |  | Intershop Holding AG. | 2346 |
| 1162100 |  | IOI Properties Group Bhd | 545 |
| 128855 |  | Israel Canada T.R Ltd | 580 |
| 2896 | (a) | Isras Holdings Ltd | 392 |
| 898 |  | Isras Investment Co Ltd | 256 |
| 150298 |  | I-Sunny Construction & Development Co Ltd | 405 |
| 567984 |  | IWG plc | 1629 |
| 396436 | (a) | Jabal Omar Development Co | 2131 |
| 16250 | (a) | Jones Lang LaSalle, Inc | 4156 |
| 5000 | (b) | Kasumigaseki Capital Co Ltd | 496 |
| 41152 |  | Katitas Co Ltd | 713 |
| 11900 |  | KE Holdings, Inc | 71 |
| 2258313 |  | KE Holdings, Inc (ADR) | 40063 |
| 20900 |  | Keihanshin Building Co Ltd | 217 |
| 630731 |  | Kennedy-Wilson Holdings, Inc | 4289 |
| 435500 |  | Kerry Properties Ltd | 1127 |
| 11807 |  | Keystone Realtors Ltd | 84 |
| 1469000 |  | Kindom Development Co Ltd | 2538 |
| 34864 | (a) | Knowledge Economic City Co | 122 |
| 103704 | (b) | Kojamo Oyj | 1347 |
| 531195 |  | Kuwait Real Estate Co KSC | 671 |

---

**96** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 75756 | (a) | Lamda Development S.A. | $563 |
| 5727600 |  | Land and Houses PCL | 603 |
| 11022 | (b) | LEG Immobilien SE | 981 |
| 470912 |  | Lend Lease Corp Ltd | 1669 |
| 109943 |  | Leopalace21 Corp | 473 |
| 71628 | (b) | Lifestyle Communities Ltd | 330 |
| 228057 |  | Lighthouse Properties plc | 105 |
| 1461593 | (c) | Longfor Group Holdings Ltd | 1732 |
| 473782 |  | Mabanee Co SAK | 1355 |
| 208343 | (c) | Macrotech Developers Ltd | 3368 |
| 1295300 |  | Mah Sing Group BHD | 367 |
| 63301 |  | Mahindra Lifespace Developers Ltd | 267 |
| 54390 |  | Makkah Construction & Development Co | 1337 |
| 35779 | (a),(b),(d) | Mapeley Ltd | 1 |
| 900750 |  | Matrix Concepts Holdings Bhd | 287 |
| 31680 | (a) | Max Estates Ltd | 185 |
| 833100 |  | MBK PCL | 436 |
| 16379 |  | Mega Or Holdings Ltd | 765 |
| 8221000 |  | Megaworld Corp | 288 |
| 19846 |  | Melisron Ltd | 2266 |
| 51025 | (a) | Milpa | 116 |
| 1040818 |  | Mitsubishi Estate Co Ltd | 19512 |
| 4538599 |  | Mitsui Fudosan Co Ltd | 43939 |
| 443460 |  | Mivne Real Estate KD Ltd | 1663 |
| 5609 |  | Mobimo Holding AG. | 2297 |
| 2178 |  | Morguard Corp | 181 |
| 215300 |  | Multiplan Empreendimentos Imobiliarios S.A. | 1078 |
| 920785 | (a) | National Real Estate Co KPSC | 230 |
| 390838 |  | NEPI Rockcastle NV | 2979 |
| 163751 |  | NESCO Ltd | 2224 |
| 1422000 | (b) | New World Development Co Ltd | 1037 |
| 820863 |  | Newmark Group, Inc | 9974 |
| 25248 | (b) | Nexity | 285 |
| 419100 |  | Nomura Real Estate Holdings, Inc | 2455 |
| 25880 | (b) | NP3 Fastigheter AB | 740 |
| 131965 |  | Nyfosa AB | 1318 |
| 38902 |  | Oberoi Realty Ltd | 865 |
| 141700 |  | Onewo, Inc | 381 |
| 269250 |  | OSK Holdings BHD | 75 |
| 13271400 | (a) | Pakuwon Jati Tbk PT | 305 |
| 85592 |  | Pandox AB | 1509 |
| 506213 |  | Parque Arauco S.A. | 1068 |
| 30375 |  | Patrizia Immobilien AG. | 294 |
| 95539 | (a) | PEXA Group Ltd | 855 |
| 139012 |  | Phoenix Mills Ltd | 2533 |
| 38766 |  | Platzer Fastigheter Holding AB | 328 |
| 482362 |  | Poly Developments and Holdings Group Co Ltd | 545 |
| 101600 | (b) | Poly Property Development Co Ltd | 429 |
| 1773000 |  | Poly Property Group Co Ltd | 342 |
| 3595 |  | Prashkovsky Investments and Construction Ltd | 126 |
| 119936 |  | Prestige Estates Projects Ltd | 2320 |
| 1075000 |  | Prince Housing & Development Corp | 341 |
| 42703 |  | PSP Swiss Property AG. | 7884 |
| 46047 | (a) | Puravankara Ltd | 160 |
| 5632100 |  | Quality Houses PCL | 222 |
| 733000 | (a),(b) | Radiance Holdings Group Co Ltd | 284 |
| 1188886 |  | RAK Properties PJSC | 467 |
| 25195 | (a),(d) | Raymond Realty Ltd | 304 |
| 199958 | (a) | Re/Max Holdings, Inc | 1636 |
| 788634 | (a) | Real Brokerage, Inc | 3557 |
| 69328 |  | Relo Group, Inc | 823 |
| 205950 |  | Retal Urban Development Co | 864 |

---

**97** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 89248 |  | RMR Group, Inc | $1459 |
| 1565100 |  | Robinsons Land Corp | 378 |
| 1036755 |  | Ruentex Development Co Ltd | 1057 |
| 131695 | (b) | Sagax AB | 3018 |
| 213244 |  | Sakura Development Co Ltd | 485 |
| 281375 |  | Salhia Real Estate Co KSCP | 376 |
| 820698 | (a),(b) | Samhallsbyggnadsbolaget i Norden AB | 491 |
| 11623600 |  | Sansiri PCL | 644 |
| 118221 | (a) | Saudi Real Estate Co | 629 |
| 104653 |  | Savills plc | 1430 |
| 1898000 | (a) | Seazen Group Ltd | 565 |
| 293192 |  | Shanghai Jinqiao Export Processing Zone Development Co Ltd | 237 |
| 78400 |  | Shanghai Zhangjiang High-Tech Park Development Co Ltd | 281 |
| 2584000 |  | Shenzhen Investment Ltd | 293 |
| 2594000 | (b) | Shoucheng Holdings Ltd | 529 |
| 3562500 |  | Shui On Land Ltd | 327 |
| 22816 | (a) | SignatureGlobal India Ltd | 329 |
| 2414000 |  | Sime Darby Property Bhd | 827 |
| 2553557 |  | Sino Land Co | 2720 |
| 236000 |  | Sinyi Realty, Inc | 203 |
| 1152744 |  | Sirius Real Estate Ltd | 1543 |
| 6942788 |  | SM Prime Holdings | 2890 |
| 31999 |  | Sobha Ltd | 549 |
| 1961500 |  | SP Setia BHD | 522 |
| 25800 |  | Starts Corp, Inc | 816 |
| 199916 | (b) | StorageVault Canada, Inc | 600 |
| 5 |  | Sumitomo Realty & Development Co Ltd | 0^ |
| 28261 |  | Summit Real Estate Holdings Ltd | 514 |
| 15161 |  | Sumou Real Estate Co | 162 |
| 173280 |  | Sun Frontier Fudousan Co Ltd | 2495 |
| 1262143 |  | Sun Hung Kai Properties Ltd | 14544 |
| 5574000 | (a),(b) | Sunac China Holdings Ltd | 1019 |
| 1022000 | (c) | Sunac Services Holdings Ltd | 226 |
| 58429 |  | Sunteck Realty Ltd | 304 |
| 1044600 |  | Supalai PCL | 466 |
| 69035 |  | Swiss Prime Site AG. | 10364 |
| 133945 |  | TAG Tegernsee Immobilien und Beteiligungs AG. | 2389 |
| 503751 |  | Talaat Moustafa Group | 564 |
| 54201 | (a) | TARC Ltd | 117 |
| 349593 | (b) | Tokyo Tatemono Co Ltd | 6222 |
| 434300 |  | Tokyu Fudosan Holdings Corp | 3104 |
| 20443 |  | Tosei Corp | 366 |
| 1361200 |  | UEM Sunrise Bhd | 230 |
| 1446676 |  | United Development Co QSC | 415 |
| 203672 | (a) | United Real Estate Co SAKP | 123 |
| 342100 |  | UOL Group Ltd | 1664 |
| 10646 |  | VGP NV | 1077 |
| 317968 | (b) | Vonovia SE | 11273 |
| 285255 | (b) | Wallenstam AB | 1458 |
| 6704900 |  | WHA Corp PCL | 653 |
| 757000 |  | Wharf Holdings Ltd | 2305 |
| 1382000 |  | Wharf Real Estate Investment Co Ltd | 3923 |
| 218921 |  | Wihlborgs Fastigheter AB | 2371 |
| 580642 | (b) | Yanlord Land Group Ltd | 228 |
| 7581 |  | YH Dimri Construction & Development Ltd | 828 |
| 45500 |  | Youngor Group Co Ltd | 46 |
| 1183000 | (b) | Yuexiu Property Co Ltd | 650 |
| 455000 |  | Yuexiu Services Group Ltd | 167 |
| 36000 |  | Yungshin Construction & Development Co Ltd | 153 |
| 20105 | (a) | Zillow Group, Inc (Class A) | 1377 |

---

**98** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 65770 | (a) | Zillow Group, Inc (Class C) | $4607 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 558056 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.1% |  |
| 11835 |  | ACM Research Shanghai, Inc | 188 |
| 219528 | (a) | ACM Research, Inc | 5686 |
| 233656 | (a) | ADATA Technology Co Ltd | 750 |
| 51000 | (a) | Advanced Echem Materials Co Ltd | 1117 |
| 932858 | (a) | Advanced Micro Devices, Inc | 132373 |
| 25514 | (a) | Advanced Micro-Fabrication Equipment, Inc China | 650 |
| 65000 |  | Advanced Wireless Semiconductor Co | 173 |
| 3026300 |  | Advantest Corp | 224343 |
| 26000 |  | Airoha Technology Corp | 472 |
| 85621 |  | Aixtron AG. | 1575 |
| 459000 |  | Alchip Technologies Ltd | 48669 |
| 50173 | (a) | Allegro MicroSystems, Inc | 1715 |
| 293204 | (a),(b) | Alphawave IP Group plc | 702 |
| 93958 | (a) | Ambarella, Inc | 6207 |
| 48197 |  | Amkor Technology, Inc | 1012 |
| 19951 | (a) | Amlogic Shanghai Co Ltd | 198 |
| 76201 | (a) | ams-OSRAM AG. | 1027 |
| 316147 |  | Analog Devices, Inc | 75249 |
| 32000 | (a) | Andes Technology Corp | 323 |
| 81000 |  | AP Memory Technology Corp | 829 |
| 1600243 |  | Applied Materials, Inc | 292956 |
| 319000 |  | Ardentec Corp | 829 |
| 2287925 |  | ASE Technology Holding Co Ltd | 11478 |
| 32859 |  | ASM International NV | 21078 |
| 236300 |  | ASM Pacific Technology | 1739 |
| 27000 |  | ASMedia Technology, Inc | 1767 |
| 469698 |  | ASML Holding NV | 376386 |
| 23000 |  | ASPEED Technology, Inc | 3740 |
| 46256 | (a) | Astera Labs, Inc | 4182 |
| 55061 |  | BE Semiconductor Industries NV | 8235 |
| 5658 |  | Bestechnic Shanghai Co Ltd | 275 |
| 84200 | (a),(b) | Black Sesame International Holding Ltd | 196 |
| 224878 | (a) | Borosil Renewables Ltd | 1390 |
| 9918395 |  | Broadcom, Inc | 2734006 |
| 17553 | (a) | Cambricon Technologies Corp Ltd | 1475 |
| 22335 | (a) | Camtek Ltd | 1930 |
| 259500 |  | Chang Wah Technology Co Ltd | 272 |
| 11538 | (a),(d) | China Energy Savings Technology, Inc | 0^ |
| 61423 |  | China Resources Microelectronics Ltd | 404 |
| 495000 |  | Chipbond Technology Corp | 905 |
| 5802000 |  | ChipMOS Technologies, Inc | 5357 |
| 46077 | (a) | Cirrus Logic, Inc | 4804 |
| 488443 | (a) | Credo Technology Group Holding Ltd | 45225 |
| 183580 |  | CSI Solar Co Ltd | 235 |
| 38200 | (a),(b) | Daqo New Energy Corp (ADR) | 579 |
| 23148 |  | DB HiTek Co Ltd | 802 |
| 64870 | (a) | Diodes, Inc | 3431 |
| 65100 |  | Disco Corp | 19285 |
| 10272 | (a) | Duk San Neolux Co Ltd | 270 |
| 225000 |  | Elan Microelectronics Corp | 936 |
| 94000 |  | Elite Advanced Laser Corp | 674 |
| 154000 |  | Elite Semiconductor Microelectronics Technology, Inc | 289 |
| 5450 |  | Elmos Semiconductor SE | 577 |
| 44000 |  | eMemory Technology, Inc | 3562 |
| 462000 |  | Ennostar, Inc | 560 |
| 56279 | (a) | Enphase Energy, Inc | 2231 |
| 64169 |  | Entegris, Inc | 5175 |
| 6091 |  | Eo Technics Co Ltd | 756 |
| 12098 |  | Eugene Technology Co Ltd | 350 |

---

**99** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 280000 |  | Everlight Electronics Co Ltd | $673 |
| 184913 |  | Faraday Technology Corp | 1177 |
| 33233 |  | Ferrotec Holdings Corp | 701 |
| 45455 | (a) | First Solar, Inc | 7525 |
| 80550 | (a) | Fitipower Integrated Technology, Inc | 602 |
| 85700 |  | Flat Glass Group Co Ltd | 182 |
| 105000 |  | FocalTech Systems Co Ltd | 237 |
| 25200 |  | Formosa Sumco Technology Corp | 68 |
| 71000 |  | Foxsemicon Integrated Technology, Inc | 723 |
| 74179 |  | GalaxyCore, Inc | 160 |
| 15739000 | (a),(b) | GCL Technology Holdings Ltd | 2010 |
| 23244 | (a) | GemVax & Kael Co Ltd | 1056 |
| 29134 | (a) | GigaDevice Semiconductor, Inc | 515 |
| 59000 |  | Global Mixed Mode Technology, Inc | 435 |
| 60000 |  | Global Unichip Corp | 2684 |
| 42034 | (a),(b) | GLOBALFOUNDRIES, Inc | 1606 |
| 178395 |  | Globalwafers Co Ltd | 1841 |
| 14000 |  | Grand Plastic Technology Corp | 784 |
| 822900 | (a) | Greatech Technology Bhd | 335 |
| 2373000 |  | Greatek Electronics, Inc | 4692 |
| 51457 |  | Gudeng Precision Industrial Co Ltd | 656 |
| 37578 |  | Hana Micron, Inc | 332 |
| 94218 |  | Hangzhou First Applied Material Co Ltd | 171 |
| 77944 |  | Hangzhou Silan Microelectronics Co Ltd | 270 |
| 29673 |  | Hanmi Semiconductor Co Ltd | 2228 |
| 34994 |  | HPSP Co Ltd | 716 |
| 464531 | (a),(b),(c) | Hua Hong Semiconductor Ltd | 2064 |
| 10288 |  | Hwatsing Technology Co Ltd | 242 |
| 94835 |  | Hygon Information Technology Co Ltd | 1873 |
| 855869 |  | Hynix Semiconductor, Inc | 184424 |
| 143771 | (a) | Impinj, Inc | 15969 |
| 1787200 |  | Inari Amertron Bhd | 859 |
| 1515706 |  | Infineon Technologies AG. | 64678 |
| 19856 |  | Ingenic Semiconductor Co Ltd | 192 |
| 1277139 |  | Intel Corp | 28608 |
| 8787 |  | ISC Co Ltd | 388 |
| 458000 |  | ITE Technology, Inc | 2213 |
| 125000 | (a) | ITH Corp | 229 |
| 104517 |  | JA Solar Technology Co Ltd | 146 |
| 50713 |  | Japan Material Co Ltd | 518 |
| 85100 |  | JCET Group Co Ltd | 400 |
| 60000 |  | Jentech Precision Industrial Co Ltd | 3105 |
| 381314 |  | Jinko Solar Co Ltd | 276 |
| 28100 | (b) | JinkoSolar Holding Co Ltd (ADR) | 596 |
| 21576 |  | Jusung Engineering Co Ltd | 495 |
| 1800000 |  | King Yuan Electronics Co Ltd | 6284 |
| 244000 |  | Kinsus Interconnect Technology Corp | 699 |
| 212248 |  | KLA Corp | 190119 |
| 39485 |  | Koh Young Technology, Inc | 468 |
| 116300 | (b) | Kokusai Electric Corp | 2783 |
| 2488071 |  | Lam Research Corp | 242189 |
| 58000 |  | LandMark Optoelectronics Corp | 652 |
| 55100 | (b) | Lasertec Corp | 7387 |
| 58115 | (a) | Lattice Semiconductor Corp | 2847 |
| 37626 |  | LEENO Industrial, Inc | 1415 |
| 312666 |  | LONGi Green Energy Technology Co Ltd | 656 |
| 12444 | (a) | Loongson Technology Corp Ltd | 232 |
| 7380 |  | LX Semicon Co Ltd | 353 |
| 16840 | (a) | M31 Technology Corp | 302 |
| 25000 |  | Machvision, Inc | 459 |
| 69171 | (a) | MACOM Technology Solutions Holdings, Inc | 9912 |
| 1351000 |  | Macronix International | 983 |

---

**100** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 57600 |  | Malaysian Pacific Industries Bhd | $290 |
| 61000 |  | Marketech International Corp | 395 |
| 170551 |  | Marvell Technology, Inc | 13201 |
| 2400865 |  | MediaTek, Inc | 102874 |
| 10689 |  | Megachips Corp | 395 |
| 15379 | (b) | Melexis NV | 1311 |
| 1891777 |  | Microchip Technology, Inc | 133124 |
| 1490549 |  | Micron Technology, Inc | 183710 |
| 19100 | (b) | Micronics Japan Co Ltd | 713 |
| 83030 | (b) | Mitsui High-Tec, Inc | 406 |
| 13455 |  | MKS Instruments, Inc | 1337 |
| 9432 |  | Monolithic Power Systems, Inc | 6898 |
| 47135 |  | Montage Technology Co Ltd | 540 |
| 64000 |  | MPI Corp | 2075 |
| 913000 |  | Nanya Technology Corp | 1600 |
| 129845 |  | National Silicon Industry Group Co Ltd | 340 |
| 21614 |  | NAURA Technology Group Co Ltd | 1335 |
| 99763 |  | Nexchip Semiconductor Corp | 282 |
| 5995 |  | NEXTIN, Inc | 224 |
| 130627 | (a) | Nordic Semiconductor ASA | 1766 |
| 71451 | (a) | Nova Measuring Instruments Ltd | 20255 |
| 399758 |  | Novatek Microelectronics Corp Ltd | 7456 |
| 132000 |  | Nuvoton Technology Corp | 327 |
| 32082229 |  | Nvidia Corp | 5068671 |
| 212373 | (b) | NXP Semiconductors NV | 46401 |
| 85532 | (a) | ON Semiconductor Corp | 4483 |
| 20914 | (a) | Onto Innovation, Inc | 2111 |
| 18752 |  | Optorun Co Ltd | 212 |
| 328000 |  | Orient Semiconductor Electronics Ltd | 432 |
| 240000 |  | Pan Jit International, Inc | 411 |
| 461000 |  | Parade Technologies Ltd | 9427 |
| 147070 | (a) | PDF Solutions, Inc | 3144 |
| 124000 |  | Phison Electronics Corp | 2135 |
| 112000 |  | Phoenix Silicon International Corp | 523 |
| 12655 |  | Piotech, Inc | 272 |
| 103000 |  | Pixart Imaging, Inc | 810 |
| 67070 |  | Power Integrations, Inc | 3749 |
| 2472000 |  | Powerchip Semiconductor Manufacturing Corp | 1303 |
| 513000 |  | Powertech Technology, Inc | 2309 |
| 3526 |  | PSK, Inc | 92 |
| 19105 | (a) | Qorvo, Inc | 1622 |
| 238566 |  | QUALCOMM, Inc | 37994 |
| 335000 |  | Radiant Opto-Electronics Corp | 1544 |
| 247642 | (a) | Rambus, Inc | 15854 |
| 53000 |  | Raydium Semiconductor Corp | 663 |
| 337261 |  | Realtek Semiconductor Corp | 6550 |
| 1873000 |  | Renesas Electronics Corp | 23172 |
| 1191725 | (a),(b) | Rigetti Computing, Inc | 14134 |
| 17800 |  | Rockchip Electronics Co Ltd | 378 |
| 257300 |  | Rohm Co Ltd | 3276 |
| 73270 |  | Rorze Corp | 1042 |
| 9400 |  | RS Technologies Co Ltd | 206 |
| 213800 | (a) | Sanan Optoelectronics Co Ltd | 371 |
| 16113 |  | Sanken Electric Co Ltd | 902 |
| 635207 | (a) | Semtech Corp | 28673 |
| 22059 |  | SG Micro Corp | 224 |
| 25200 |  | Shenzhen Goodix Technology Co Ltd | 250 |
| 9500 |  | Shibaura Mechatronics Corp | 716 |
| 34000 |  | ShunSin Technology Holding Ltd | 164 |
| 4650000 | (a) | Sigurd Microelectronics Corp | 12639 |
| 226960 |  | Silergy Corp | 2765 |
| 292200 |  | Silicon Integrated Systems Corp | 484 |

---

**101** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 10575 |  | Siltronic AG. | $509 |
| 425000 |  | Sino-American Silicon Products, Inc | 1330 |
| 79000 |  | Sitronix Technology Corp | 547 |
| 216690 | (a),(b) | SkyWater Technology, Inc | 2132 |
| 32173 |  | Skyworks Solutions, Inc | 2398 |
| 13010 | (a),(b) | SMA Solar Technology AG. | 327 |
| 80540 | (a) | SMART Global Holdings, Inc | 1596 |
| 203361 | (a) | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS. | 140 |
| 135900 | (b) | Socionext, Inc | 2604 |
| 20307 | (a) | SOITEC | 1120 |
| 3825499 |  | STMicroelectronics NV | 117297 |
| 12523 |  | SUESS MicroTec SE | 688 |
| 264400 | (b) | Sumco Corp | 2073 |
| 14813 | (a) | Taesung Co Ltd | 296 |
| 47369458 |  | Taiwan Semiconductor Manufacturing Co Ltd | 1732270 |
| 1260620 |  | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 285518 |
| 164081 |  | TCL Zhonghuan Renewable Energy Technology Co Ltd | 176 |
| 123203 | (a),(b) | Technoprobe S.p.A | 1077 |
| 23625 |  | TechWing, Inc | 582 |
| 31599 |  | Teradyne, Inc | 2841 |
| 1036715 |  | Texas Instruments, Inc | 215243 |
| 147261 |  | Tianshui Huatian Technology Co Ltd | 208 |
| 4237 |  | Tokai Carbon Korea Co Ltd | 337 |
| 160300 |  | Tokyo Electron Ltd | 30699 |
| 30000 |  | Tokyo Seimitsu Co Ltd | 1993 |
| 65948 |  | TongFu Microelectronics Co Ltd | 236 |
| 181639 |  | Tongwei Co Ltd | 425 |
| 132611 | (a) | Topco Scientific Co Ltd | 1246 |
| 48600 |  | Towa Corp | 677 |
| 83165 | (a) | Tower Semiconductor Ltd (Tel Aviv) | 3617 |
| 20000 |  | Tri Chemical Laboratories, Inc | 460 |
| 98843 |  | Trina Solar Co Ltd | 201 |
| 1746000 | (a),(d) | Trony Solar Holdings Co Ltd | 2 |
| 5757 |  | u-blox Holding AG. | 723 |
| 14819 | (a) | Ultra Clean Holdings | 334 |
| 35244 | (b) | Ulvac, Inc | 1293 |
| 2852600 | (b) | UMS Holdings Ltd | 2982 |
| 35229 |  | Unigroup Guoxin Microelectronics Co Ltd | 324 |
| 341600 |  | Unisem M Bhd | 184 |
| 23801071 |  | United Microelectronics Corp | 35899 |
| 9389 |  | Universal Display Corp | 1450 |
| 54000 |  | UPI Semiconductor Corp | 375 |
| 705301 |  | Vanguard International Semiconductor Corp | 2429 |
| 24101 | (a) | Verisilicon Microelectronics Shanghai Co Ltd | 325 |
| 158000 |  | Via Technologies, Inc | 334 |
| 77000 |  | VisEra Technologies Co Ltd | 612 |
| 109000 |  | Visual Photonics Epitaxy Co Ltd | 466 |
| 516400 |  | ViTrox Corp Bhd | 432 |
| 23036 | (a) | Websol Energy System Ltd | 351 |
| 54334 |  | Will Semiconductor Co Ltd | 969 |
| 268000 |  | Win Semiconductors Corp | 796 |
| 2396000 |  | Winbond Electronics Corp | 1655 |
| 18000 |  | WinWay Technology Co Ltd | 798 |
| 23150 |  | WONIK IPS Co Ltd | 452 |
| 48550 | (a),(b),(c) | X-Fab Silicon Foundries SE | 385 |
| 74243 |  | Xinjiang Daqo New Energy Co Ltd | 221 |
| 124000 |  | XinTec, Inc | 627 |
| 3146337 | (b) | Xinyi Solar Holdings Ltd | 1002 |
| 19710 | (a) | YC Corp | 146 |

---

**102** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 54906 |  | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | $208 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 13116592 |
|  |  | SOFTWARE & SERVICES - 9.3% |  |
| 310987 |  | 360 Security Technology, Inc | 443 |
| 1008370 |  | Accenture plc | 301392 |
| 97208 |  | Addnode Group AB | 1142 |
| 2913 |  | Adesso SE | 305 |
| 99367 | (a) | Adobe, Inc | 38443 |
| 168850 | (a),(b) | Airship AI Holdings, Inc | 995 |
| 506 | (a) | Akamai Technologies, Inc | 40 |
| 12050 |  | Al Moammar Information Systems Co | 434 |
| 105678 | (c) | Alfa Financial Software Holdings plc | 326 |
| 23175 |  | Alten | 2038 |
| 119582 |  | Amdocs Ltd | 10911 |
| 896620 | (a) | Amplitude, Inc | 11118 |
| 9136 | (a) | Ansys, Inc | 3209 |
| 9764 | (a) | Appfolio, Inc | 2248 |
| 255200 |  | Appier Group, Inc | 2884 |
| 111113 | (a) | AppLovin Corp | 38898 |
| 16607 |  | Arabian Internet & Communications Services Co | 1179 |
| 28900 |  | Argo Graphics, Inc | 1053 |
| 289600 | (b),(c) | AsiaInfo Technologies Ltd | 330 |
| 42270 |  | Asseco Poland S.A. | 2374 |
| 64044 |  | Atea ASA | 1012 |
| 231173 | (a) | Atlassian Corp Ltd | 46949 |
| 7408 |  | Atoss Software AG. | 1232 |
| 5789 |  | Aubay | 342 |
| 13574 |  | AurionPro Solutions Ltd | 228 |
| 1883 | (a) | AvePoint, Inc | 36 |
| 56872 |  | Bechtle AG. | 2670 |
| 91700 | (a),(b) | Beijing Fourth Paradigm Technology Co Ltd | 602 |
| 19415 | (a) | Beijing Kingsoft Office Software, Inc | 759 |
| 1193 |  | Bentley Systems, Inc | 64 |
| 42788 | (a) | BILL Holdings, Inc | 1979 |
| 133351 |  | Birlasoft Ltd | 674 |
| 66141 | (a),(b) | Bitdeer Technologies Group | 759 |
| 361995 | (a),(b) | Bitfarms Ltd | 300 |
| 22933 | (a) | Black Box Ltd | 140 |
| 417110 | (a),(b) | BlackBerry Ltd | 1917 |
| 159480 | (a) | Box, Inc | 5449 |
| 1223769 |  | Bytes Technology Group plc | 8596 |
| 43663 | (a) | Cadence Design Systems, Inc | 13455 |
| 9928 | (a) | Cafe24 Corp | 355 |
| 22425 |  | CANCOM SE | 741 |
| 347624 |  | Cap Gemini S.A. | 59526 |
| 9668 |  | cBrain A.S. | 328 |
| 207212 | (a) | CCC Intelligent Solutions Holdings, Inc | 1950 |
| 15363 |  | CE Info Systems Ltd | 315 |
| 1150957 | (a) | Cellebrite DI Ltd | 18415 |
| 15499 |  | Cerillion plc | 331 |
| 140825 |  | CGI, Inc | 14789 |
| 26000 | (b) | Change Holdings, Inc | 208 |
| 66853 | (a) | Check Point Software Technologies | 14791 |
| 39100 |  | China National Software & Service Co Ltd | 255 |
| 1838000 |  | Chinasoft International Ltd | 1173 |
| 220721 |  | Clear Secure, Inc | 6127 |
| 715693 | (a) | Clearwater Analytics Holdings, Inc | 15695 |
| 71202 | (a) | Cloudflare, Inc | 13944 |
| 239266 |  | Coforge Ltd | 5370 |
| 1538 |  | Cognizant Technology Solutions Corp (Class A) | 120 |
| 270391 | (a) | Commvault Systems, Inc | 47137 |
| 49588 |  | Computacenter plc | 1634 |

---

**103** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 55082 | (b) | Computer Modelling Group Ltd | $292 |
| 475751 | (a) | Confluent, Inc | 11860 |
| 18541 |  | Constellation Software, Inc | 67985 |
| 172080 | (a) | Core Scientific, Inc | 2937 |
| 68089 | (a),(c) | Crayon Group Holding ASA | 978 |
| 209499 | (a) | Crowdstrike Holdings, Inc | 106700 |
| 35499 | (a) | CyberArk Software Ltd | 14444 |
| 325100 |  | Cybozu, Inc | 8413 |
| 68430 |  | Cyient Ltd | 1028 |
| 461735 |  | Dassault Systemes SE | 16734 |
| 108230 |  | Data#3 Ltd | 542 |
| 191056 | (a) | Datadog, Inc | 25665 |
| 207554 | (a) | Descartes Systems Group, Inc | 21084 |
| 7800 |  | Digital Arts, Inc | 410 |
| 21913 |  | Digital Garage, Inc | 718 |
| 136610 | (a) | Digital Turbine, Inc | 806 |
| 12006 | (a) | Docebo, Inc | 348 |
| 12355 |  | Dolby Laboratories, Inc (Class A) | 918 |
| 211691 | (a) | Domo, Inc | 2957 |
| 13210 |  | Douzone Bizon Co Ltd | 660 |
| 1283 | (a) | Dropbox, Inc | 37 |
| 22200 |  | DTS Corp | 796 |
| 251950 | (a) | D-Wave Quantum, Inc | 3689 |
| 77979 | (a) | DXC Technology Co | 1192 |
| 49370 | (a) | Dynatrace, Inc | 2726 |
| 68657 | (a) | Elastic NV | 5790 |
| 16618 |  | Elm Co | 4437 |
| 19200 |  | Empyrean Technology Co Ltd | 332 |
| 5621 | (a) | EMRO, Inc | 219 |
| 33476 |  | Enghouse Systems Ltd | 575 |
| 197 | (a) | EPAM Systems, Inc | 35 |
| 11708 | (a) | Fair Isaac Corp | 21402 |
| 12231 | (a),(b) | FD Technologies plc | 410 |
| 202430 | (a) | Five9, Inc | 5360 |
| 31463 |  | Formula Systems 1985 Ltd | 4011 |
| 176175 | (a) | Fortinet, Inc | 18625 |
| 35100 | (a),(b) | Freee KK | 933 |
| 879621 | (a) | Freshworks, Inc | 13115 |
| 10003800 |  | Fujitsu Ltd | 242686 |
| 38800 |  | Future Architect, Inc | 577 |
| 31928 | (a) | Gartner, Inc | 12906 |
| 198945 |  | GB Group plc | 647 |
| 797900 | (a) | GDS Holdings Ltd | 3044 |
| 144400 | (a),(b) | GDS Holdings Ltd (ADR) | 4414 |
| 3343583 |  | Gen Digital, Inc | 98301 |
| 12591 |  | GFT Technologies SE | 371 |
| 70393 | (a),(b) | Gitlab, Inc | 3175 |
| 315489 | (a),(b) | Globant S.A. | 28659 |
| 50370 |  | GMO internet, Inc | 1259 |
| 59242 | (a) | GoDaddy, Inc | 10667 |
| 887165 | (a) | Grid Dynamics Holdings, Inc | 10247 |
| 35113 | (a) | Guidewire Software, Inc | 8267 |
| 19940 |  | Hackett Group, Inc | 507 |
| 147102 |  | Hansen Technologies Ltd | 483 |
| 52456 |  | Happiest Minds Technologies Ltd | 401 |
| 655490 |  | HCL Technologies Ltd | 13216 |
| 93193 |  | Hexaware Technologies Ltd | 924 |
| 29487 | (a) | HubSpot, Inc | 16413 |
| 73052 |  | Hundsun Technologies, Inc | 342 |
| 461720 | (a) | Hut 8 Corp | 8588 |
| 4334 |  | Hyundai Autoever Corp | 546 |
| 69062 | (a) | IBEX Holdings Ltd | 2010 |

---

**104** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 103783 |  | Iflytek Co Ltd | $694 |
| 60571 | (b) | Indra Sistemas S.A. | 2628 |
| 281000 | (a) | INESA Intelligent Tech, Inc | 210 |
| 35664 | (a) | Informatica, Inc | 868 |
| 20748 |  | Information Services International-Dentsu Ltd | 967 |
| 2290980 |  | Infosys Technologies Ltd | 42802 |
| 338000 | (a) | Inspur International Ltd | 325 |
| 126321 | (a) | Intapp, Inc | 6521 |
| 67768 | (a) | Intellect Design Arena Ltd | 908 |
| 207221 |  | International Business Machines Corp | 61085 |
| 371710 |  | Intuit, Inc | 292770 |
| 36455 | (a) | Ionos SE | 1715 |
| 148119 |  | Iress Market Technology Ltd | 779 |
| 40850 |  | Isoftstone Information Technology Group Co Ltd | 312 |
| 312940 | (a) | Jamf Holding Corp | 2976 |
| 34400 | (a) | Jiangsu Hoperun Software Co Ltd | 244 |
| 226857 |  | Justsystems Corp | 5806 |
| 69570 |  | Kainos Group plc | 709 |
| 125529 | (a) | Kinaxis, Inc | 18669 |
| 3238495 | (a) | Kingdee International Software Group Co Ltd | 6401 |
| 1656000 | (a),(b) | Kingsoft Cloud Holdings Ltd | 1389 |
| 298 | (a) | Klaviyo, Inc | 10 |
| 30118 |  | Kontron AG. | 889 |
| 122047 |  | KPIT Technologies Ltd | 1792 |
| 338647 | (a) | Kyndryl Holdings, Inc | 14210 |
| 109340 | (a) | Lightspeed Commerce, Inc | 1283 |
| 175010 | (a) | LiveRamp Holdings, Inc | 5782 |
| 26945600 | (c) | Locaweb Servicos de Internet S.A. | 19590 |
| 51885 | (c) | LTIMindtree Ltd | 3218 |
| 16108 | (a) | Macquarie Technology Group Ltd | 705 |
| 17875 |  | Magic Software Enterprises Ltd | 342 |
| 35560 | (a) | Manhattan Associates, Inc | 7022 |
| 318248 |  | Mastek Ltd | 9060 |
| 69702 |  | Matrix IT Ltd | 2427 |
| 105605 |  | Meeza QSTP LLC | 87 |
| 327301 | (a) | Megaport Ltd | 3112 |
| 217249 | (a) | MIA Teknoloji AS. | 157 |
| 11957318 |  | Microsoft Corp | 5947690 |
| 97253 | (a),(b) | MicroStrategy, Inc (Class A) | 39313 |
| 671000 |  | Ming Yuan Cloud Group Holdings Ltd | 238 |
| 47167 |  | Mitsubishi Research Institute, Inc | 1499 |
| 30760 | (a) | Monday.com Ltd | 9673 |
| 35088 | (a) | Money Forward, Inc | 1191 |
| 227 | (a) | MongoDB, Inc | 48 |
| 75032 |  | Mphasis Ltd | 2491 |
| 6371 | (a) | Nagarro SE | 456 |
| 852000 | (a),(b),(d) | National Agricultural Holdings Ltd | 1 |
| 266688 |  | NCC Group plc | 530 |
| 967 | (a),(b) | nCino OpCo, Inc | 27 |
| 868200 |  | NEC Corp | 25330 |
| 39417 |  | Nemetschek SE | 5715 |
| 31327 | (a),(c) | Netcompany Group A.S. | 1341 |
| 50636 |  | Newgen Software Technologies Ltd | 692 |
| 484541 | (a) | NEXTDC Ltd | 4625 |
| 48556 | (a) | Nice Systems Ltd | 8231 |
| 54538 |  | Nihon Unisys Ltd | 2280 |
| 52600 |  | Nippon System Development Co Ltd | 1303 |
| 11107 | (a),(b) | Northern Data AG. | 315 |
| 51284 |  | NS Solutions Corp | 1449 |
| 893039 | (a) | Nuix Ltd | 1287 |
| 266380 | (a) | Nutanix, Inc | 20362 |
| 132300 |  | OBIC Business Consultants Ltd | 7829 |

---

**105** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 159122 |  | Objective Corp Ltd | $2007 |
| 34162 | (a) | Okta, Inc | 3415 |
| 33565 | (a) | Olo, Inc | 299 |
| 35299 |  | One Software Technologies Ltd | 911 |
| 594 | (a),(b) | Onestream, Inc | 17 |
| 223887 | (a) | Ooma, Inc | 2888 |
| 181753 |  | Open Text Corp (Toronto) | 5311 |
| 840453 |  | Oracle Corp | 183748 |
| 27200 |  | Oracle Corp Japan | 3242 |
| 8964 |  | Oracle Financial Services Software Ltd | 940 |
| 624972 | (a),(b) | Pagaya Technologies Ltd | 13324 |
| 1667537 | (a) | Palantir Technologies, Inc | 227319 |
| 1828499 | (a) | Palo Alto Networks, Inc | 374184 |
| 101874 |  | Pegasystems, Inc | 5514 |
| 88340 | (a) | Perfect Presentation For Commercial Services Co | 266 |
| 76057 |  | Persistent Systems Ltd | 5361 |
| 610285 | (a) | Phoenix Group plc | 266 |
| 14600 | (a),(b) | PKSHA Technology, Inc | 356 |
| 13726 | (b) | Planisware S.A. | 384 |
| 49800 |  | Plus Alpha Consulting Co Ltd | 773 |
| 308480 | (a) | Porch Group, Inc | 3637 |
| 36648 |  | POSCO DX Co Ltd | 635 |
| 559 | (a) | Procore Technologies, Inc | 38 |
| 26486 |  | Progress Software Corp | 1691 |
| 12978 |  | Protean eGov Technologies Ltd | 133 |
| 325194 | (a) | PTC, Inc | 56044 |
| 245324 | (a) | Q2 Holdings, Inc | 22960 |
| 14886 | (a) | QT Group Oyj | 1008 |
| 29177 | (a),(b) | Rackspace Technology, Inc | 37 |
| 157646 | (a) | Radware Ltd | 4641 |
| 66900 |  | Rakus Co Ltd | 1072 |
| 59600 |  | Range Intelligent Computing Technology Group Co Ltd | 412 |
| 31556 | (a) | Rategain Travel Technologies Ltd | 168 |
| 20940 |  | Red Violet, Inc | 1030 |
| 17575 |  | Reply S.p.A | 3037 |
| 792 | (a) | RingCentral, Inc | 22 |
| 263650 | (a),(b) | Riot Platforms, Inc | 2979 |
| 381503 | (a) | Riskified Ltd | 1904 |
| 397959 |  | Roper Industries, Inc | 225579 |
| 20591 |  | Route Mobile Ltd | 246 |
| 759868 |  | Sage Group plc | 13049 |
| 413620 | (b) | Sakura Internet, Inc | 12906 |
| 1171217 |  | Salesforce, Inc | 319379 |
| 29634 |  | Samsung SDS Co Ltd | 3714 |
| 51300 | (a) | Sansan, Inc | 759 |
| 1786326 |  | SAP AG. | 546222 |
| 121234 |  | Sapiens International Corp NV | 3557 |
| 1315 |  | Secunet Security Networks AG. | 355 |
| 733205 | (a) | SEMrush Holdings, Inc | 6636 |
| 730599 | (a) | SentinelOne, Inc | 13355 |
| 573233 | (a) | ServiceNow, Inc | 589329 |
| 361 | (a) | ServiceTitan, Inc | 39 |
| 476286 |  | Shanghai Baosight Software Co Ltd | 646 |
| 91722 |  | Shanghai Baosight Software Co Ltd | 303 |
| 1497565 | (a) | SHIFT, Inc | 18137 |
| 3654413 | (a) | Shopify, Inc (Class A) | 421489 |
| 539683 | (a) | Shopify, Inc (Class A) | 62252 |
| 862921 | (a) | SimilarWeb Ltd | 6765 |
| 32700 |  | Simplex Holdings, Inc | 885 |
| 491559 | (a),(c) | Sinch AB | 1428 |
| 216577 | (a) | SiteMinder Ltd | 632 |
| 1162497 | (a) | Snowflake, Inc | 260132 |

---

**106** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 215606 |  | Softcat plc | $5081 |
| 113107 |  | Sonata Software Ltd | 541 |
| 11027 |  | Sopra Group S.A. | 2689 |
| 22190 | (a) | SoundThinking, Inc | 290 |
| 210895 | (a) | Sprout Social, Inc | 4410 |
| 23047 | (a) | SPS Commerce, Inc | 3136 |
| 110600 |  | Sumisho Computer Systems Corp | 3332 |
| 560224 |  | SUNeVision Holdings Ltd | 541 |
| 161048 | (a) | Synopsys, Inc | 82566 |
| 3486112 |  | Systena Corp | 9874 |
| 161000 |  | Systex Corp | 576 |
| 41798 |  | Tanla Platforms Ltd | 314 |
| 694213 |  | Tata Consultancy Services Ltd | 28033 |
| 24313 |  | Tata Elxsi Ltd | 1789 |
| 921794 |  | Tata Technologies Ltd | 7644 |
| 868839 | (a),(c) | TeamViewer SE | 9805 |
| 375529 |  | Tech Mahindra Ltd | 7390 |
| 290800 |  | TechMatrix Corp | 4560 |
| 972989 |  | Technology One Ltd | 26228 |
| 132499 | (a),(b) | Telos Corp | 420 |
| 34193 |  | Temenos Group AG. | 2456 |
| 130021 | (a) | Tenable Holdings, Inc | 4392 |
| 574433 | (a) | Teradata Corp | 12816 |
| 82354 | (b) | Tietoenator Oyj | 1562 |
| 149700 |  | TIS, Inc | 5016 |
| 46578 | (a),(b) | TomTom NV | 272 |
| 376952 |  | TOTVS S.A. | 2929 |
| 538610 | (a) | Trade Desk, Inc | 38775 |
| 53600 | (a) | Trend Micro, Inc | 3707 |
| 1618587 |  | Truecaller AB | 11474 |
| 1595582 |  | Tuya, Inc (ADR) | 3686 |
| 497 | (a) | Twilio, Inc | 62 |
| 182881 | (a) | UiPath, Inc | 2341 |
| 330922 | (a),(b) | Unity Software, Inc | 8008 |
| 111920 | (a) | Verint Systems, Inc | 2201 |
| 35028 |  | VeriSign, Inc | 10116 |
| 26277 | (b) | Vitec Software Group AB | 1329 |
| 37900 | (a),(b) | VNET Group, Inc (ADR) | 262 |
| 1170000 | (a),(b) | Vobile Group Ltd | 481 |
| 5804 | (b) | Wavestone | 405 |
| 9578 | (a) | Weave Communications, Inc | 80 |
| 2506000 | (a),(b),(c) | Weimob, Inc | 581 |
| 184000 | (a) | WellCell Holdings Co Ltd | 162 |
| 12559 | (b) | Wiit S.p.A | 229 |
| 15300 |  | WingArc1st, Inc | 437 |
| 1823965 |  | Wipro Ltd | 5659 |
| 142180 |  | WiseTech Global Ltd | 10197 |
| 44326 | (a) | Wix.com Ltd | 7024 |
| 252477 | (a) | Workday, Inc | 60595 |
| 264779 | (a) | Workiva, Inc | 18124 |
| 103031 | (a) | Xero Ltd | 12192 |
| 129287 |  | Yonyou Network Technology Co Ltd | 241 |
| 37360 | (a),(b) | Yubico AB | 538 |
| 47386 | (a) | Zaggle Prepaid Ocean Services Ltd | 228 |
| 88458 |  | Zensar Technologies Ltd | 869 |
| 707934 | (a) | Zeta Global Holdings Corp | 10966 |
| 94245 | (a) | Zscaler, Inc | 29587 |
| 20800 |  | Zuken, Inc | 773 |
|  |  | TOTAL SOFTWARE & SERVICES | 12060080 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 5.3% |  |
| 551444 |  | AAC Technologies Holdings, Inc | 2869 |
| 29000 |  | Ability Opto-Electronics Technology Co Ltd | 125 |

---

**107** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 41500 |  | Accelink Technologies Co Ltd | $287 |
| 350402 |  | Accton Technology Corp | 8758 |
| 2003532 |  | Acer, Inc | 2076 |
| 24000 |  | Adlink Technology, Inc | 50 |
| 330543 |  | Advantech Co Ltd | 3835 |
| 25006 |  | Ai Holdings Corp | 407 |
| 58000 |  | All Ring Tech Co Ltd | 803 |
| 682000 |  | Alpha Networks, Inc | 667 |
| 124800 |  | Alps Electric Co Ltd | 1343 |
| 4414 |  | ALSO Holding AG. | 1497 |
| 39950 |  | Amano Corp | 1241 |
| 2752908 |  | Amphenol Corp (Class A) | 271850 |
| 22360 |  | Anker Innovations Technology Co Ltd | 355 |
| 836193 |  | Anritsu Corp | 10810 |
| 1287120 | (a),(d) | Anxin-China Holdings Ltd | 2 |
| 16885598 | (f) | Apple, Inc | 3464418 |
| 1409000 |  | Arcadyan Technology Corp | 9675 |
| 2890694 | (a) | Arista Networks, Inc | 295747 |
| 8950 | (a) | Arlo Technologies, Inc | 152 |
| 10409 | (a) | Arrow Electronics, Inc | 1326 |
| 177000 |  | Asia Optical Co, Inc | 831 |
| 228000 |  | Asia Vital Components Co Ltd | 5824 |
| 41000 |  | ASROCK, Inc | 385 |
| 26174 |  | Astra Microwave Products Ltd | 317 |
| 489026 |  | Asustek Computer, Inc | 10811 |
| 4517827 |  | AU Optronics Corp | 1910 |
| 50000 |  | AURAS Technology Co Ltd | 1103 |
| 23565 | (a),(c) | Avalon Technologies Ltd | 232 |
| 106500 |  | Avary Holding Shenzhen Co Ltd | 477 |
| 83031 | (a) | Aviat Networks, Inc | 1997 |
| 17101 |  | Avnet, Inc | 908 |
| 337000 |  | Azbil Corp | 3196 |
| 3794 |  | Badger Meter, Inc | 929 |
| 49572 |  | Barco NV | 726 |
| 39500 |  | Benchmark Electronics, Inc | 1534 |
| 1126000 |  | Benq Corp | 1005 |
| 1621337 |  | BOE Technology Group Co Ltd | 903 |
| 931000 |  | BOE Varitronix Ltd | 785 |
| 269000 |  | Brother Industries Ltd | 4640 |
| 555939 |  | BYD Electronic International Co Ltd | 2263 |
| 2365300 |  | CalComp Electronics Thailand PCL | 398 |
| 97670 | (a) | Calix, Inc | 5195 |
| 150900 | (a),(b) | Canon Electronics, Inc | 2668 |
| 39090 | (b) | Canon Marketing Japan, Inc | 1432 |
| 430947 |  | Catcher Technology Co Ltd | 3129 |
| 56981 |  | CDW Corp | 10176 |
| 114659 | (a) | Celestica, Inc | 17914 |
| 278000 |  | Chang Wah Electromaterials, Inc | 362 |
| 3596000 |  | Channel Well Technology Co Ltd | 9974 |
| 80345 |  | Chaozhou Three-Circle Group Co Ltd | 375 |
| 1084000 |  | Chenbro Micom Co Ltd | 18186 |
| 207000 |  | Cheng Uei Precision Industry Co Ltd | 367 |
| 88000 |  | Chenming Mold Industry Corp | 398 |
| 486000 |  | Chicony Electronics Co Ltd | 2161 |
| 489600 | (a),(d) | China Fiber Optic Network System Group Ltd | 1 |
| 129557 |  | China Greatwall Technology Group Co Ltd | 268 |
| 302515 |  | China Railway Signal & Communication Corp Ltd | 217 |
| 287000 |  | Chroma ATE, Inc | 4345 |
| 18000 |  | Chunghwa Precision Test Tech Co Ltd | 516 |
| 545165 | (a) | Ciena Corp | 44338 |
| 5500915 |  | Cisco Systems, Inc | 381653 |
| 152000 |  | Citizen Watch Co Ltd | 901 |

---

**108** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 275000 |  | Clevo Co | $421 |
| 148848 |  | Codan Ltd | 1969 |
| 169230 |  | Cognex Corp | 5368 |
| 52926 | (a) | Coherent Corp | 4722 |
| 5616 |  | Comet Holding AG. | 1774 |
| 1511637 | (a) | CommScope Holding Co, Inc | 12516 |
| 2912524 |  | Compal Electronics, Inc | 2897 |
| 789000 |  | Compeq Manufacturing Co Ltd | 1564 |
| 1635 | (a),(b) | CompoSecure, Inc | 23 |
| 147000 |  | Coretronic Corp | 276 |
| 153134 |  | Corning, Inc | 8053 |
| 16941 | (a) | CosmoAM&T Co Ltd | 424 |
| 208000 | (a),(b) | Cowell e Holdings, Inc | 724 |
| 13618 | (a),(b) | CPI Card Group, Inc | 323 |
| 13581 | (a) | Cyient DLM Ltd | 75 |
| 26641 |  | Daeduck Electronics Co Ltd | 341 |
| 8723 |  | Daejoo Electronic Materials Co Ltd | 461 |
| 60870 |  | Daiwabo Co Ltd | 1094 |
| 170482 |  | DataTec Ltd | 630 |
| 116561 |  | Dell Technologies, Inc | 14290 |
| 2119170 |  | Delta Electronics Thailand PCL | 6291 |
| 2262673 |  | Delta Electronics, Inc | 32019 |
| 125903 |  | Dexerials Corp | 1946 |
| 69697 | (b) | Dicker Data Ltd | 371 |
| 20830 | (a) | Diebold Nixdorf, Inc | 1154 |
| 102000 |  | Dynapack International Technology Corp | 790 |
| 4912271 |  | E Ink Holdings, Inc | 37180 |
| 18548 |  | Eizo Nanao Corp | 278 |
| 31196 |  | Elecom Co Ltd | 391 |
| 203000 |  | Elite Material Co Ltd | 6138 |
| 78679 |  | Ennoconn Corp | 777 |
| 42580 |  | Eoptolink Technology, Inc Ltd | 759 |
| 1657518 |  | Ericsson (LM) (B Shares) | 14164 |
| 614298 | (a) | Everdisplay Optronics Shanghai Co Ltd | 201 |
| 150478 |  | Evertz Technologies Ltd | 1370 |
| 293260 | (a) | Evolv Technologies Holdings, Inc | 1830 |
| 730201 | (a) | Extreme Networks, Inc | 13107 |
| 11222 | (a) | F5 Networks, Inc | 3303 |
| 25987 | (a) | Fabrinet | 7658 |
| 247000 | (a) | FIH Mobile Ltd | 324 |
| 203000 |  | FLEXium Interconnect, Inc | 391 |
| 2319371 | (a) | Flextronics International Ltd | 115783 |
| 34000 |  | Fositek Corp | 946 |
| 566424 |  | Foxconn Industrial Internet Co Ltd | 1699 |
| 5781000 |  | Foxconn Technology Co Ltd | 12590 |
| 3266100 |  | FUJIFILM Holdings Corp | 70729 |
| 13700 |  | Furuya Metal Co Ltd | 240 |
| 171000 |  | General Interface Solution Holding Ltd | 235 |
| 63000 |  | Genius Electronic Optical Co Ltd | 903 |
| 72365 |  | Genus Power Infrastructures Ltd | 315 |
| 313000 |  | Getac Holdings Corp | 1191 |
| 371000 |  | Gigabyte Technology Co Ltd | 3605 |
| 222000 |  | Global Brands Manufacture Ltd | 679 |
| 160922 |  | GoerTek, Inc | 524 |
| 259400 |  | Gold Circuit Electronics Ltd | 2622 |
| 134136 |  | GRG Banking Equipment Co Ltd | 252 |
| 104597 |  | Guangzhou Haige Communications Group, Inc Co | 204 |
| 9700 | (b) | Hakuto Co Ltd | 248 |
| 607070 |  | Halma plc | 26683 |
| 223200 |  | Hamamatsu Photonics KK | 2712 |
| 637300 |  | Hana Microelectronics PCL (Foreign) | 384 |
| 194440 |  | Hannstar Board Corp | 410 |

---

**109** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 1669000 |  | HannStar Display Corp | $407 |
| 25172 | (a) | Hanwha Industrial Solutions Co Ltd | 933 |
| 782810 | (a) | Harmonic, Inc | 7413 |
| 121800 |  | Hengtong Optic-electric Co Ltd | 260 |
| 554859 |  | Hewlett Packard Enterprise Co | 11347 |
| 1239404 |  | Hexagon AB | 12493 |
| 502000 | (a) | High Tech Computer Corp | 678 |
| 7500 |  | Hioki EE Corp | 296 |
| 106300 |  | Hirose Electric Co Ltd | 12830 |
| 25733 | (b) | HMS Networks AB | 1127 |
| 8623640 |  | Hon Hai Precision Industry Co, Ltd | 47580 |
| 25399 |  | Horiba Ltd | 1976 |
| 353800 |  | Hosiden Corp | 5426 |
| 394481 |  | HP, Inc | 9649 |
| 52600 |  | Huagong Tech Co Ltd | 345 |
| 31500 |  | Huaqin Technology Co Ltd | 355 |
| 89800 |  | Ibiden Co Ltd | 3942 |
| 169000 |  | I-Chiun Precision Industry Co Ltd | 443 |
| 13022 |  | Inficon Holding AG. | 1749 |
| 7891 | (b) | Ingram Micro Holding Corp | 164 |
| 61007 |  | Innodisk Corp | 495 |
| 5331641 |  | InnoLux Display Corp | 2136 |
| 60500 |  | Inspur Electronic Information Industry Co Ltd | 431 |
| 81300 |  | Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira | 239 |
| 1832172 |  | Inventec Co Ltd | 2655 |
| 318429 | (a),(b) | IonQ, Inc | 13683 |
| 4987 | (a) | IPG Photonics Corp | 342 |
| 41293 |  | IsuPetasys Co Ltd | 1599 |
| 124000 |  | ITEQ Corp | 371 |
| 402800 |  | ITMAX SYSTEM Bhd | 357 |
| 248629 | (a) | Itron, Inc | 32727 |
| 12681 |  | Ituran Location and Control Ltd | 491 |
| 48799 |  | Jabil Inc | 10643 |
| 589842 |  | Japan Aviation Electronics Industry Ltd | 10484 |
| 38473 |  | Jenoptik AG. | 888 |
| 30788 |  | Jeol Ltd | 937 |
| 55000 |  | Jess-Link Products Co Ltd | 274 |
| 17909 | (a) | JNTC Co Ltd | 244 |
| 171641 |  | Juniper Networks, Inc | 6854 |
| 30000 |  | Kaga Electronics Co Ltd | 569 |
| 18278 | (a) | Kaynes Technology India Ltd | 1301 |
| 744200 |  | KCE Electronics PCL | 418 |
| 375000 |  | Keyence Corp | 149936 |
| 34715 | (a) | Keysight Technologies, Inc | 5688 |
| 43000 |  | King Slide Works Co Ltd | 2993 |
| 484500 |  | Kingboard Chemical Holdings Ltd | 1552 |
| 645000 |  | Kingboard Laminates Holdings Ltd | 788 |
| 828000 |  | Kinpo Electronics | 576 |
| 136087 |  | Kitron ASA | 845 |
| 341600 |  | Konica Minolta Holdings, Inc | 1111 |
| 907700 |  | Kyocera Corp | 10902 |
| 168840 |  | Landis&Gyr Group AG. | 11900 |
| 69625 |  | Largan Precision Co Ltd | 5686 |
| 458600 | (c) | Legend Holdings Corp | 521 |
| 371 |  | LEM Holding S.A. | 390 |
| 5622399 |  | Lenovo Group Ltd | 6793 |
| 229123 |  | Lens Technology Co Ltd | 714 |
| 208316 |  | LG Display Co Ltd | 1382 |
| 10026 |  | LG Innotek Co Ltd | 1092 |
| 304684 |  | Lingyi iTech Guangdong Co | 366 |
| 1460277 |  | Lite-On Technology Corp | 5536 |
| 34527 |  | Littelfuse, Inc | 7828 |

---

**110** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 97682 |  | Logitech International S.A. | $8858 |
| 58000 |  | Lotes Co Ltd | 2686 |
| 19982 |  | Lotte Energy Materials Corp | 323 |
| 229377 | (a),(b) | Lumentum Holdings, Inc | 21805 |
| 86956 |  | LuxNet Corp | 537 |
| 314024 |  | Luxshare Precision Industry Co Ltd | 1522 |
| 102621 |  | Macnica Holdings, Inc | 1377 |
| 6500 |  | Maruwa Co Ltd | 1863 |
| 31100 |  | Maxell Holdings Ltd | 410 |
| 19842 |  | Maxscend Microelectronics Co Ltd | 198 |
| 43191 |  | MCJ Co Ltd | 390 |
| 15100 |  | Meiko Electronics Co | 710 |
| 304471 |  | Methode Electronics, Inc | 2896 |
| 198000 | (a),(b),(d) | MH Development Ltd | 0^ |
| 487200 |  | Micro-Star International Co Ltd | 2395 |
| 722560 | (a) | Mirion Technologies, Inc | 15557 |
| 637000 | (a) | Mitac Holdings Corp | 1457 |
| 481391 |  | Motorola Solutions, Inc | 202406 |
| 2091300 |  | Murata Manufacturing Co Ltd | 30911 |
| 121836 | (b) | Mycronic AB | 2603 |
| 155000 |  | Nan Ya Printed Circuit Board Corp | 594 |
| 816000 |  | Nationgate Holdings Bhd | 319 |
| 34626 | (a) | Nayax Ltd | 1749 |
| 124384 |  | NCAB Group AB | 620 |
| 26183 |  | Neopost S.A. | 491 |
| 86151 |  | NetApp, Inc | 9179 |
| 12025 |  | Netweb Technologies India Ltd | 259 |
| 44685 |  | Next Vision Stabilized Systems Ltd | 1668 |
| 32450 | (b) | Nichicon Corp | 267 |
| 71615 |  | Ninestar Corp | 229 |
| 50576 | (b) | Nippon Electric Glass Co Ltd | 1200 |
| 26860 |  | Nissha Printing Co Ltd | 251 |
| 124290 | (a) | nLight, Inc | 2446 |
| 20372 |  | Nohmi Bosai Ltd | 516 |
| 1 |  | Nokia Corp (ADR) | 0^ |
| 3604675 |  | Nokia Oyj | 18703 |
| 20082 |  | NORBIT ASA | 430 |
| 142900 | (a) | OFILM Group Co Ltd | 237 |
| 764536 |  | Oki Electric Industry Co Ltd | 8526 |
| 38560 | (a) | OSI Systems, Inc | 8671 |
| 212080 | (a) | Ouster, Inc | 5143 |
| 45846 |  | Oxford Instruments plc | 1193 |
| 317000 |  | Pan-International Industrial | 436 |
| 236626 | (a),(b) | PAR Technology Corp | 16415 |
| 3586 |  | Park Systems Corp | 755 |
| 623000 |  | PAX Global Technology Ltd | 480 |
| 1408915 |  | Pegatron Corp | 3712 |
| 94285 |  | PG Electroplast Ltd | 831 |
| 37700 | (a) | Plexus Corp | 5101 |
| 33000 |  | Posiflex Technology, Inc | 327 |
| 345000 |  | Primax Electronics Ltd | 861 |
| 126000 |  | Promate Electronic Co Ltd | 329 |
| 130161 | (a) | Pure Storage, Inc | 7495 |
| 363000 |  | Q Technology Group Co Ltd | 385 |
| 1863390 |  | Quanta Computer, Inc | 17528 |
| 151000 |  | Quanta Storage, Inc | 459 |
| 57073 | (a),(b) | Raspberry PI Holdings plc | 358 |
| 436885 |  | Redington Ltd | 1658 |
| 30117 |  | Renishaw plc | 1182 |
| 14047 |  | Restar Holdings Corp | 249 |
| 88400 | (b) | Rigaku Holdings Corp | 471 |
| 26352 |  | Riken Keiki Co Ltd | 551 |

---

**111** 

------

Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 29796 |  | Riso Kagaku Corp | $229 |
| 196600 | (a),(b) | RoboSense Technology Co Ltd | 813 |
| 20559 |  | Ryoyo Ryosan Holdings, Inc | 379 |
| 38776 |  | Samsung Electro-Mechanics Co Ltd | 3853 |
| 9974373 |  | Samsung Electronics Co Ltd | 441083 |
| 562691 |  | Samsung Electronics Co Ltd (Preference) | 20642 |
| 43215 |  | Samsung SDI Co Ltd | 5518 |
| 26592 | (a) | SanDisk Corp | 1206 |
| 70319 | (a) | Sanmina Corp | 6879 |
| 40000 |  | Scientech Corp | 473 |
| 225700 |  | Seiko Epson Corp | 2966 |
| 7145 | (a),(b),(c) | Sensirion Holding AG. | 763 |
| 20027 |  | Seojin System Co Ltd | 313 |
| 223000 |  | Sercomm Corp | 725 |
| 6313 |  | Sesa S.p.A | 642 |
| 4857 | (b) | SES-imagotag S.A. | 1571 |
| 10970 |  | Shanghai Friendess Electronic Technology Corp Ltd | 202 |
| 113484 |  | Shengyi Technology Co Ltd | 478 |
| 28949 |  | Shennan Circuits Co Ltd | 436 |
| 46303 |  | Shenzhen Transsion Holdings Co Ltd | 516 |
| 125000 |  | Simplo Technology Co Ltd | 1648 |
| 180000 |  | Sinbon Electronics Co Ltd | 1349 |
| 291741 | (b) | Softwareone Holding AG. | 2913 |
| 73000 |  | Solomon Technology Corp | 342 |
| 23743 | (a) | SOLUM Co Ltd | 279 |
| 32438 |  | Solus Advanced Materials Co Ltd | 195 |
| 74760 |  | Spectris plc | 3940 |
| 403699 | (a) | Spirent Communications plc | 1081 |
| 2805031 |  | Sterlite Technologies Ltd | 3445 |
| 969407 | (a),(d) | STL Networks Ltd | 254 |
| 9500 |  | Sun Corp | 370 |
| 497549 |  | Sunny Optical Technology Group Co Ltd | 4419 |
| 208495 | (a),(b) | Super Micro Computer, Inc | 10218 |
| 423277 |  | Supreme Electronics Co Ltd | 652 |
| 70841 |  | Suzhou Dongshan Precision Manufacturing Co Ltd | 373 |
| 27804 |  | Suzhou TFC Optical Communication Co Ltd | 312 |
| 867621 |  | Synnex Technology International Corp | 1912 |
| 61224 |  | Syrma SGS Technology Ltd | 406 |
| 193000 |  | Taiwan Surface Mounting Technology Corp | 688 |
| 169000 |  | Taiwan Union Technology Corp | 1317 |
| 93140 |  | Taiyo Yuden Co Ltd | 1630 |
| 789429 | (a) | TCL Technology Group Corp | 477 |
| 331529 |  | TD SYNNEX Corp | 44988 |
| 445969 |  | TE Connectivity plc | 75222 |
| 40657 | (c) | Tejas Networks Ltd | 339 |
| 119000 |  | Test Research, Inc | 595 |
| 50000 |  | Thinking Electronic Industrial Co Ltd | 227 |
| 15900 |  | Tokyo Electron Device Ltd | 312 |
| 619640 |  | Tong Hsing Electronic Industries Ltd | 2272 |
| 74256 |  | Topcon Corp | 1680 |
| 15685 |  | Toshiba TEC Corp | 320 |
| 167000 |  | Transcend Information, Inc | 575 |
| 47618 | (a) | Trimble Inc | 3618 |
| 335000 |  | Tripod Technology Corp | 2842 |
| 545611 | (a) | TTM Technologies, Inc | 22272 |
| 39841 | (a),(b) | Turtle Beach Corp | 551 |
| 225000 |  | TXC Corp | 662 |
| 1776 | (b) | Ubiquiti, Inc | 731 |
| 895011 |  | Unimicron Technology Corp | 3493 |
| 120891 |  | Unisplendour Corp Ltd | 405 |
| 525412 |  | Unitech Printed Circuit Board Corp | 441 |
| 37000 |  | Universal Microwave Technology, Inc | 454 |

---

**112** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 1588000 |  | Venture Corp Ltd | $14251 |
| 1288552 | (a) | Viasat, Inc | 18813 |
| 37600 |  | Victory Giant Technology Huizhou Co Ltd | 707 |
| 399220 |  | Vishay Intertechnology, Inc | 6340 |
| 742313 |  | Vontier Corp | 27391 |
| 2543184 |  | VS Industry Bhd | 500 |
| 515042 |  | VSTECS Holdings Ltd | 512 |
| 114685 |  | Vtech Holdings Ltd | 833 |
| 81500 |  | Wacom Co Ltd | 387 |
| 144000 |  | Wah Lee Industrial Corp | 467 |
| 224000 |  | Walsin Technology Corp | 624 |
| 5416000 |  | Wasion Holdings Ltd | 5769 |
| 68245 |  | Western Digital Corp | 4367 |
| 42684 |  | Wingtech Technology Co Ltd | 200 |
| 190500 | (a),(d) | Wintek Corp | 0^ |
| 1897000 |  | Wistron Corp | 7981 |
| 484524 |  | Wistron NeWeb Corp | 2016 |
| 77049 |  | Wiwynn Corp | 6691 |
| 1106519 |  | WPG Holdings Ltd | 2660 |
| 503252 |  | WT Microelectronics Co Ltd | 2215 |
| 187508 |  | Wuhan Guide Infrared Co Ltd | 268 |
| 79632 |  | WUS Printed Circuit Kunshan Co Ltd | 474 |
| 18776600 | (a),(c) | Xiaomi Corp | 144537 |
| 15750 | (a),(d) | Ya Hsin Industrial Co Ltd | 0^ |
| 286650 |  | Yageo Corp | 4757 |
| 3758500 | (a),(b),(c) | Yangtze Optical Fibre and Cable Joint Stock Ltd | 10230 |
| 56465 |  | Yealink Network Technology Corp Ltd | 274 |
| 161900 |  | Yokogawa Electric Corp | 4325 |
| 21821 | (a) | Zebra Technologies Corp (Class A) | 6729 |
| 136818 |  | Zhejiang Dahua Technology Co Ltd | 303 |
| 35452 |  | Zhejiang Supcon Technology Co Ltd | 222 |
| 487558 |  | Zhen Ding Technology Holding Ltd | 1678 |
| 49392 |  | Zhongji Innolight Co Ltd | 1012 |
| 167503 |  | ZTE Corp | 761 |
| 542599 | (b) | ZTE Corp (Class H) | 1687 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 6870599 |
|  |  | TELECOMMUNICATION SERVICES - 1.1% |  |
| 796671 |  | Advanced Info Service PCL | 6788 |
| 697342 | (c) | Airtel Africa plc | 1727 |
| 12539884 |  | America Movil SAB de C.V. | 11214 |
| 21914 | (a) | Anterix, Inc | 562 |
| 13500218 |  | AT&T, Inc | 390696 |
| 202917 |  | Aussie Broadband Ltd | 523 |
| 1985106 |  | Axiata Group Bhd | 1089 |
| 52523 | (a) | Bandwidth, Inc | 835 |
| 50991 | (b) | BCE, Inc | 1131 |
| 1544604 |  | Bezeq Israeli Telecommunication Corp Ltd | 2640 |
| 1992276 |  | Bharti Airtel Ltd | 46707 |
| 3566193 |  | BT Group plc | 9496 |
| 75892 | (a) | Cellcom Israel Ltd | 617 |
| 327646 | (c) | Cellnex Telecom S.A. | 12758 |
| 23300 |  | Chief Telecom, Inc | 323 |
| 3070991 | (c) | China Tower Corp Ltd | 4403 |
| 1344700 |  | China United Network Communications Ltd | 1003 |
| 2625653 |  | Chunghwa Telecom Co Ltd | 12145 |
| 1348641 |  | Citic Telecom International Holdings Ltd | 412 |
| 4262300 |  | Dayamitra Telekomunikasi PT | 146 |
| 2820649 |  | Deutsche Telekom AG. | 103246 |
| 2344344 |  | Digi.Com BHD | 2190 |
| 28868 |  | Drillisch AG. | 634 |
| 84772 |  | Elisa Oyj (Series A) | 4712 |
| 3800169 |  | Emirates Telecommunications Group Co PJSC | 18211 |

---

**113** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TELECOMMUNICATION SERVICES (continued) |  |
| 169401 |  | Empresa Nacional de Telecomunicaciones S.A. | $546 |
| 10998 |  | Etihad Atheeb Telecommunication Co | 300 |
| 262022 |  | Etihad Etisalat Co | 4143 |
| 1226282 |  | Far EasTone Telecommunications Co Ltd | 3759 |
| 89974 |  | Freenet AG. | 2933 |
| 104582 | (a) | Frontier Communications Parent, Inc | 3807 |
| 67906 |  | Gamma Communications plc | 1061 |
| 186824 | (a),(d) | GCI Liberty, Inc | 2 |
| 410880 | (a),(b) | Gogo, Inc | 6032 |
| 566618 | (a) | Helios Towers plc | 946 |
| 113970 |  | Hellenic Telecommunications Organization S.A. | 2167 |
| 591272 |  | HFCL Ltd | 597 |
| 703620 |  | HKBN Ltd | 446 |
| 2684000 |  | HKT Trust & HKT Ltd | 4013 |
| 1271607 |  | Hutchison Telecommunications Hong Kong Holdings Ltd | 165 |
| 152529 |  | IDT Corp | 10421 |
| 897894 | (a) | Indus Towers Ltd | 4404 |
| 167003 |  | Infrastrutture Wireless Italiane S.p.A | 2042 |
| 83348 |  | Internet Initiative Japan, Inc | 1646 |
| 121983 |  | Iridium Communications, Inc | 3680 |
| 161300 | (a) | Jasmine Technology Solution PCL | 169 |
| 395400 |  | KDDI Corp | 6789 |
| 16458073 |  | Koninklijke KPN NV | 80286 |
| 1040730 |  | Kuwait Telecommunications Co | 1907 |
| 222725 | (a),(b),(d) | Let's GOWEX S.A. | 3 |
| 149771 |  | LG Telecom Ltd | 1586 |
| 374191 | (a) | Liberty Global Ltd | 3746 |
| 64933 | (a) | Liberty Global Ltd | 669 |
| 1583 | (a) | Liberty Latin America Ltd (Class A) | 10 |
| 326578 | (a) | Lumen Technologies, Inc | 1430 |
| 248118 |  | Magyar Telekom | 1304 |
| 1582683 |  | Maxis Bhd | 1358 |
| 241687 |  | Millicom International Cellular S.A. | 9056 |
| 1337258 |  | Mobile Telecommunications Co KSCP | 2115 |
| 243565 |  | Mobile Telecommunications Co Saudi Arabia | 700 |
| 1167270 |  | MTN Group Ltd | 9292 |
| 10372166 |  | NetLink NBN Trust | 7179 |
| 32279900 |  | Nippon Telegraph & Telephone Corp | 34511 |
| 787944 |  | NOS SGPS S.A. | 3596 |
| 15300 |  | Okinawa Cellular Telephone Co | 543 |
| 568104 |  | Ooredoo QPSC | 1997 |
| 832200 |  | Operadora De Sites Mexicanos SAB de C.V. | 760 |
| 1739494 |  | Orange S. A. | 26489 |
| 109339 |  | Partner Communications | 830 |
| 3259000 |  | PCCW Ltd | 2214 |
| 52594 |  | PLDT, Inc | 1137 |
| 867968 | (b) | Proximus plc | 8467 |
| 119349 | (b) | Quebecor, Inc | 3633 |
| 73794 | (c) | RAI Way S.p.A | 528 |
| 72696 |  | Railtel Corp of India Ltd | 363 |
| 253999 | (b) | Rogers Communications, Inc (Class B) | 7534 |
| 14598300 |  | Sarana Menara Nusantara Tbk PT | 444 |
| 1381528 |  | Saudi Telecom Co | 15671 |
| 5263700 |  | Singapore Telecommunications Ltd | 15869 |
| 87977 | (a),(d) | Sistema PJSFC (GDR) (London) | 1 |
| 35247 |  | SK Telecom Co Ltd | 1483 |
| 342641 |  | SmarTone Telecommunications Holding Ltd | 192 |
| 65414800 |  | SoftBank Corp | 101324 |
| 1136398 |  | Softbank Group Corp | 82623 |
| 1054211 | (a) | Space42 plc | 528 |
| 411614 |  | StarHub Ltd | 376 |
| 77459 |  | Sunrise Communications AG. | 4382 |

---

**114** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TELECOMMUNICATION SERVICES (continued) |  |
| 293074 | (a) | Superloop Ltd | $581 |
| 19881 |  | Swisscom AG. | 14117 |
| 1201506 |  | Taiwan Mobile Co Ltd | 4728 |
| 84143 |  | Tata Communications Ltd | 1659 |
| 325575 | (a) | Tata Teleservices Maharashtra Ltd | 251 |
| 327752 |  | Tele2 AB (B Shares) | 4784 |
| 1449676 |  | Telecom Corp of New Zealand Ltd | 2148 |
| 276074 |  | Telecom Egypt | 212 |
| 6257194 | (a),(b) | Telecom Italia S.p.A. | 3092 |
| 558520 |  | Telefonica Brasil S.A. | 3175 |
| 2199625 | (b) | Telefonica S.A. | 11577 |
| 807309 |  | Telekom Malaysia BHD | 1257 |
| 644702 |  | Telekomunikacja Polska S.A. | 1635 |
| 475030 |  | Telenor ASA | 7397 |
| 952 |  | Telephone and Data Systems, Inc | 34 |
| 1388717 |  | TeliaSonera AB | 4995 |
| 294315301 |  | Telkom Indonesia Persero Tbk PT | 50352 |
| 580145 | (a) | Telkom S.A. Ltd | 1773 |
| 2851498 |  | Telstra Corp Ltd | 9092 |
| 348444 |  | TELUS Corp | 5596 |
| 601049 |  | TIM S.A. | 2439 |
| 782100 |  | TIME dotCom Bhd | 975 |
| 618139 |  | T-Mobile US, Inc | 147278 |
| 7115353 | (a) | True Corp PCL | 2430 |
| 92740 | (a) | Tuas Ltd | 364 |
| 856027 |  | Turkcell Iletisim Hizmet AS | 2071 |
| 58701 |  | United Internet AG. | 1637 |
| 50100 |  | Usen-Next Holdings Co Ltd | 798 |
| 1261237 |  | Verizon Communications, Inc | 54574 |
| 430986 |  | Vodacom Group Ltd | 3328 |
| 11910916 |  | Vodafone Group plc | 12750 |
| 18850846 | (a) | Vodafone Idea Ltd | 1632 |
| 1304694 |  | Vodafone Qatar QSC | 852 |
| 4107900 |  | XL Axiata Tbk PT | 569 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 1490564 |
|  |  | TRANSPORTATION - 1.4% |  |
| 378496 |  | Adani Ports & Special Economic Zone Ltd | 6402 |
| 29731 |  | Aegean Airlines S.A. | 428 |
| 484980 | (c) | Aena SME S.A. | 12946 |
| 20767 | (b) | Aeroports de Paris | 2604 |
| 2522116 |  | Agility Global PLC | 817 |
| 1288031 |  | Agility Public Warehousing Co KSC | 826 |
| 1755166 |  | Air Arabia PJSC | 1639 |
| 115772 | (a) | Air Canada | 1791 |
| 503429 | (a) | Air China Ltd | 555 |
| 89871 | (a) | Air France-KLM | 984 |
| 1414105 |  | Air New Zealand Ltd | 504 |
| 2993188 |  | Airports of Thailand PCL | 2790 |
| 52265 | (a) | Alaska Air Group, Inc | 2586 |
| 217 | (a),(b) | Amerco, Inc | 13 |
| 278732 | (a) | American Airlines Group, Inc | 3127 |
| 2024000 | (a) | ANE Cayman, Inc | 2032 |
| 322000 |  | Anhui Expressway Co Ltd | 517 |
| 2167 |  | AP Moller - Maersk AS (Class A) | 3998 |
| 3038 |  | AP Moller - Maersk AS (Class B) | 5650 |
| 696376 |  | Aramex PJSC | 529 |
| 267602 |  | ArcBest Corp | 20608 |
| 10371100 | (a) | Asia Aviation PCL | 352 |
| 42815 | (a) | Asiana Airlines, Inc | 306 |
| 41537 |  | Athens International Airport S.A. | 484 |
| 820512 |  | Atlas Arteria Ltd | 2750 |
| 1195676 |  | Auckland International Airport Ltd | 5645 |

---

**115** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TRANSPORTATION (continued) |  |
| 1324920 |  | Aurizon Holdings Ltd | $2643 |
| 7382 | (a),(b) | Avis Budget Group, Inc | 1248 |
| 47850 |  | AZ-COM MARUWA Holdings, Inc | 339 |
| 641900 |  | Bangkok Airways PCL | 241 |
| 3504062 |  | Bangkok Expressway & Metro PCL | 515 |
| 1502000 | (a) | Beijing Capital International Airport Co Ltd | 567 |
| 2003100 | (a) | Beijing-Shanghai High Speed Railway Co Ltd | 1608 |
| 4426 |  | Blue Dart Express Ltd | 330 |
| 6649800 |  | BTS Group Holdings PCL | 737 |
| 684075 |  | Canadian National Railway Co | 71278 |
| 651171 |  | Canadian Pacific Railway Ltd | 51730 |
| 880000 | (b) | Canggang Railway Ltd | 188 |
| 4985 | (b) | Cargojet, Inc | 347 |
| 78700 |  | CH Robinson Worldwide, Inc | 7551 |
| 2037000 |  | China Airlines | 1505 |
| 663900 | (a) | China Eastern Airlines Corp Ltd | 374 |
| 274900 |  | China Merchants Expressway Network & Technology Holdings Co Ltd | 460 |
| 894667 |  | China Merchants Holdings International Co Ltd | 1630 |
| 410859 | (a) | China Southern Airlines Co Ltd (Class A) | 338 |
| 45724 |  | Cia de Distribucion Integral Logista Holdings S.A. | 1497 |
| 10499173 |  | Cia Sud Americana de Vapores S.A. | 537 |
| 5974 |  | CJ Logistics Corp | 386 |
| 22146 |  | Clarkson plc | 993 |
| 1615700 |  | ComfortDelgro Corp Ltd | 1817 |
| 179435 |  | Container Corp Of India Ltd | 1590 |
| 718700 | (a),(b) | Controladora Vuela Cia de Aviacion SAB de C.V. | 340 |
| 1000000 | (b) | COSCO Pacific Ltd | 664 |
| 545615 |  | COSCO SHIPPING Holdings Co Ltd - A | 1146 |
| 2007309 | (b) | COSCO SHIPPING Holdings Co Ltd - H | 3495 |
| 2568000 |  | COSCO SHIPPING International Hong Kong Co Ltd | 1807 |
| 541809 |  | CSX Corp | 17679 |
| 59829 |  | CTT-Correios de Portugal S.A. | 533 |
| 15564 |  | D/S Norden | 494 |
| 795900 |  | Daqin Railway Co Ltd | 734 |
| 378232 | (a) | Delhivery Ltd | 1689 |
| 1084355 |  | Delta Air Lines, Inc | 53329 |
| 357866 |  | Deutsche Lufthansa AG. | 3038 |
| 2316974 |  | Deutsche Post AG. | 107322 |
| 24735 |  | Dfds A.S. | 439 |
| 8423480 | (a) | DiDi Global, Inc (ADR) | 41275 |
| 545947 |  | DSV AS | 130948 |
| 539786 |  | Dubai Taxi Co PJSC | 367 |
| 2563900 |  | East Japan Railway Co | 55152 |
| 224952 |  | easyJet plc | 1646 |
| 195400 | (a) | EcoRodovias Infraestrutura e Logistica S.A. | 269 |
| 203007 | (a) | El Al Israel Airlines | 796 |
| 184392 |  | Enav S.p.A | 853 |
| 1849000 |  | Eva Airways Corp | 2524 |
| 369000 |  | Evergreen International Storage & Transport Corp | 428 |
| 744013 |  | Evergreen Marine Corp Taiwan Ltd | 5067 |
| 18157 | (b) | Exchange Income Corp | 836 |
| 448903 |  | FedEx Corp | 102040 |
| 68648 | (b) | Finnair Oyj | 217 |
| 439726 |  | Firstgroup plc | 1392 |
| 15055 |  | Flughafen Zuerich AG. | 4293 |
| 27789 | (a) | Fraport AG. Frankfurt Airport Services Worldwide | 2096 |
| 11560 |  | Fukuyama Transporting Co Ltd | 270 |
| 3151015 |  | Full Truck Alliance Co Ltd (ADR) | 37214 |
| 207591 |  | Getlink S.E. | 4007 |
| 1927181 | (a) | GMR Infrastructure Ltd | 1916 |
| 83733 |  | Golden Ocean Group Ltd | 621 |
| 9951229 | (a) | Grab Holdings Ltd | 50055 |

---

**116** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TRANSPORTATION (continued) |  |
| 519213 |  | Grindrod Ltd | $366 |
| 199300 |  | Grupo Aeroportuario del Centro Norte Sab de C.V. | 2618 |
| 266884 | (b) | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | 6126 |
| 124083 |  | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 3961 |
| 248552 |  | Gujarat Pipavav Port Ltd | 468 |
| 297189 | (a) | Gulf Navigation Holding PJSC | 460 |
| 243579 |  | Gulf Warehousing Co | 196 |
| 128700 | (a),(b) | GXO Logistics, Inc | 6268 |
| 1847600 | (a) | Hainan Airlines Holding Co Ltd | 346 |
| 84000 | (a),(b) | Hainan Meilan International Airport Co Ltd | 115 |
| 42200 |  | Hamakyorex Co Ltd | 397 |
| 145000 | (a),(b),(c) | Hangzhou SF Intra-City Industrial Co Ltd | 350 |
| 160995 |  | Heartland Express, Inc | 1391 |
| 180018 |  | HMM Co Ltd | 3002 |
| 72997 |  | Hoegh Autoliners ASA | 647 |
| 135445 |  | Hub Group, Inc (Class A) | 4528 |
| 6999951 |  | Hutchison Port Holdings Trust | 1219 |
| 25927 |  | Hyundai Glovis Co Ltd | 2581 |
| 2465 | (a) | ID Logistics Group | 1198 |
| 53638 | (b) | Iino Kaiun Kaisha Ltd | 376 |
| 131857 | (a),(c) | InterGlobe Aviation Ltd | 9196 |
| 741950 | (b) | International Consolidated Airlines Group S.A. | 3496 |
| 700685 |  | International Container Term Services, Inc | 5108 |
| 1737800 | (a) | J&T Global Express Ltd | 1505 |
| 2145200 |  | Japan Airlines Co Ltd | 43753 |
| 48700 |  | Japan Airport Terminal Co Ltd | 1555 |
| 1481000 |  | Jasa Marga Persero Tbk PT | 333 |
| 45221 |  | Jazeera Airways Co KSCP | 218 |
| 17367 |  | JB Hunt Transport Services, Inc | 2494 |
| 1424700 | (a),(c) | JD Logistics, Inc | 2395 |
| 78890 |  | JET2 plc | 2001 |
| 832915 |  | Jiangsu Express | 1177 |
| 1115178 | (a),(b) | Joby Aviation, Inc | 11765 |
| 82900 |  | Juneyao Airlines Co Ltd | 156 |
| 60000 |  | Kamigumi Co Ltd | 1667 |
| 155800 |  | Keihin Electric Express Railway Co Ltd | 1625 |
| 72800 |  | Keio Corp | 1770 |
| 290900 |  | Keisei Electric Railway Co Ltd | 2720 |
| 152765 | (b) | Kelsian Group Ltd | 382 |
| 260509 |  | Kerry Logistics Network Ltd | 252 |
| 137000 |  | Kerry TJ Logistics Co Ltd | 159 |
| 170100 |  | Kintetsu Corp | 3221 |
| 24340 | (a) | Kirby Corp | 2760 |
| 189582 |  | Knight-Swift Transportation Holdings, Inc | 8385 |
| 21568 |  | Konoike Transport Co Ltd | 440 |
| 124950 |  | Korean Air Lines Co Ltd | 2111 |
| 30727 | (b) | Kuehne & Nagel International AG. | 6654 |
| 107100 |  | Kyushu Railway Co | 2769 |
| 148075903 |  | Lan Airlines S.A. | 2998 |
| 169301 |  | Landstar System, Inc | 23536 |
| 36556 |  | LDR Turizm AS. | 232 |
| 842500 |  | Liaoning Port Co Ltd | 177 |
| 631142 |  | Localiza Rent A Car | 4707 |
| 10445 |  | Lotte Rental Co Ltd | 265 |
| 11557 | (a) | Lumi Rental Co | 190 |
| 516529 | (a) | Lyft, Inc (Class A) | 8141 |
| 480790 |  | Marten Transport Ltd | 6245 |
| 8830 |  | Maruzen Showa Unyu Co Ltd | 430 |
| 911240 |  | MISC Bhd | 1643 |
| 186940 |  | Mitsubishi Logistics Corp | 1532 |
| 44742 |  | Mitsui-Soko Co Ltd | 1220 |
| 683272 |  | Motiva Infraestrutura de Mobilidade S.A. | 1734 |

---

**117** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TRANSPORTATION (continued) |  |
| 365234 |  | MPC Container Ships ASA | $579 |
| 1102000 |  | MTR Corp | 3963 |
| 52512 | (b) | Mullen Group Ltd | 547 |
| 140100 |  | Nagoya Railroad Co Ltd | 1585 |
| 72127 |  | Nankai Electric Railway Co Ltd | 1091 |
| 353102 |  | National Express Group plc | 143 |
| 162200 | (b) | Nippon Express Holdings, Inc | 3254 |
| 69898 |  | Nippon Konpo Unyu Soko Co Ltd | 1555 |
| 40000 |  | Nishi-Nippon Railroad Co Ltd | 564 |
| 366381 |  | Norwegian Air Shuttle AS | 531 |
| 7461 | (a) | NTG Nordic Transport Group A.S. | 222 |
| 234800 |  | Odakyu Electric Railway Co Ltd | 2745 |
| 15016 |  | Odfjell SE | 161 |
| 22346 |  | Oesterreichische Post AG. | 798 |
| 121053 |  | Old Dominion Freight Line | 19647 |
| 93000 |  | Orient Overseas International Ltd | 1583 |
| 3794290 |  | Pacific Basin Shipping Ltd | 978 |
| 205821 |  | Pan Ocean Co Ltd | 566 |
| 167649 | (a) | Pasifik Eurasia Lojistik Dis Ticaret AS. | 372 |
| 166374 | (a) | Pegasus Hava Tasimaciligi AS. | 1074 |
| 1728 | (a) | Piraeus Port Authority | 92 |
| 129732 |  | Promotora y Operadora de Infraestructura SAB de C.V. | 1462 |
| 525177 |  | Qantas Airways Ltd | 3710 |
| 726965 |  | Qatar Navigation QSC | 2230 |
| 1260510 |  | Qube Holdings Ltd | 3553 |
| 29950 | (a) | Radiant Logistics, Inc | 182 |
| 922894 |  | Redde Northgate plc | 4501 |
| 7241400 |  | Regional Container Lines PCL | 5739 |
| 1047176 | (a) | Reysas Tasimacilik ve Lojistik Ticaret AS. | 407 |
| 874446 |  | Rumo S.A. | 2982 |
| 573470 | (a) | RXO, Inc | 9015 |
| 506923 |  | Ryanair Holdings plc | 14379 |
| 61597 |  | Sagami Railway Co Ltd | 970 |
| 11332 | (a) | Saia, Inc | 3105 |
| 96 | (a),(d) | SAir Group | 0^ |
| 12040 |  | Sakai Moving Service Co Ltd | 222 |
| 24689 |  | SAL Saudi Logistics Services | 1236 |
| 1312690 |  | Salik Co PJSC | 2162 |
| 33450 |  | Sankyu, Inc | 1794 |
| 331800 |  | Santos Brasil Participacoes S.A. | 845 |
| 72593 |  | Saudi Ground Services Co | 947 |
| 33129 |  | Saudi Industrial Services Co | 290 |
| 18584 | (a) | Saudi Public Transport Co | 70 |
| 11204 |  | SBS Holdings, Inc | 226 |
| 157900 |  | Seibu Holdings, Inc | 5659 |
| 65506 |  | Seino Holdings Corp | 1006 |
| 94796 |  | Senko Co Ltd | 1292 |
| 193639 |  | SF Holding Co Ltd | 1319 |
| 42696 |  | Shanghai International Airport Co Ltd | 189 |
| 1133000 |  | Shenzhen International Holdings Ltd | 1118 |
| 9327 |  | Shenzhen Investment Holdings Bay Area Development Co Ltd | 2 |
| 6900 | (b) | Shinwa Kaiun Kaisha Ltd | 187 |
| 99784 |  | Shipping Corp of India Ltd | 261 |
| 176600 |  | SIA Engineering Co Ltd | 437 |
| 558000 |  | Sichuan Expressway Co Ltd | 343 |
| 279400 |  | SIMPAR S.A. | 261 |
| 227000 | (a) | Sincere Navigation Corp | 169 |
| 1054450 | (b) | Singapore Airlines Ltd | 5783 |
| 675724 |  | Singapore Airport Terminal Services Ltd | 1616 |
| 1169419 | (b) | Singapore Post Ltd | 561 |
| 952000 |  | SITC International Holdings Co Ltd | 3050 |
| 10578 |  | Sixt AG. | 1032 |

---

**118** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TRANSPORTATION (continued) |  |
| 12426 |  | Sixt AG. (Preference) | $873 |
| 98787 | (a) | Skywest, Inc | 10172 |
| 253433 | (b) | Southwest Airlines Co | 8221 |
| 464532 | (a) | SpiceJet Ltd | 215 |
| 43300 |  | Spring Airlines Co Ltd | 336 |
| 645000 | (a) | Starlux Airlines Co Ltd | 567 |
| 18228 |  | Stolt-Nielsen Ltd | 464 |
| 31183 |  | Sumitomo Warehouse Co Ltd | 642 |
| 1257501 |  | Taiwan High Speed Rail Corp | 1216 |
| 142131 | (a) | TAV Havalimanlari Holding AS | 944 |
| 55788 | (b) | TFI International, Inc | 5008 |
| 16999 |  | Theeb Rent A Car Co | 304 |
| 108000 | (a) | Tigerair Taiwan Co Ltd | 320 |
| 250535 | (b) | TNT NV | 272 |
| 135100 |  | Tobu Railway Co Ltd | 2333 |
| 5648600 | (a),(d) | Trada Alam Minera Tbk PT | 0^ |
| 875700 |  | Transcoal Pacific Tbk PT | 298 |
| 26549 |  | Transport Corp of India Ltd | 350 |
| 2201645 |  | Transurban Group | 20257 |
| 173218 | (a) | Tureks Turizm Tasimacilik AS. | 73 |
| 385439 |  | Turk Hava Yollari AO | 2746 |
| 30859 | (a) | TVS Supply Chain Solutions Ltd | 49 |
| 1495565 | (a) | Uber Technologies, Inc | 139536 |
| 341000 |  | U-Ming Marine Transport Corp | 564 |
| 1491737 |  | Union Pacific Corp | 343219 |
| 137753 | (a) | United Airlines Holdings, Inc | 10969 |
| 32124 |  | United International Transportation Co | 620 |
| 270887 |  | United Parcel Service, Inc (Class B) | 27343 |
| 345600 |  | Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A. | 266 |
| 67336 | (a),(d) | Virgin Australia Holdings Pty Ltd | 0^ |
| 30917 |  | VRL Logistics Ltd | 208 |
| 1117982 |  | Wallenius Wilhelmsen ASA | 9192 |
| 471350 |  | Wan Hai Lines Ltd | 1433 |
| 689700 | (a) | WCE Holdings Bhd | 112 |
| 37122 | (b) | Westshore Terminals Investment Corp | 719 |
| 55344 |  | Wilh Wilhelmsen ASA | 2386 |
| 119600 |  | Wilson Sons Holdings Brasil S.A. | 384 |
| 321000 |  | Wisdom Marine Lines Co Ltd | 596 |
| 30026 | (a) | XPO, Inc | 3792 |
| 189200 |  | Yamato Transport Co Ltd | 2532 |
| 1195000 |  | Yang Ming Marine Transport | 2905 |
| 143059 |  | YTO Express Group Co Ltd | 257 |
| 640000 |  | Yuexiu Transport Infrastructure Ltd | 302 |
| 1144415 |  | Zhejiang Expressway Co Ltd | 1054 |
| 732263 | (b) | ZIM Integrated Shipping Services Ltd | 11782 |
| 289100 |  | ZTO Express Cayman, Inc | 5119 |
|  |  | TOTAL TRANSPORTATION | 1825365 |
|  |  | UTILITIES - 2.5% |  |
| 1181699 |  | A2A S.p.A. | 3183 |
| 14736 | (b) | Acciona S.A. | 2658 |
| 38041 | (b) | ACEA S.p.A. | 920 |
| 9224000 |  | ACEN Corp | 424 |
| 58319 |  | Acme Solar Holdings Ltd | 170 |
| 129355 | (a) | ACWA Power Co | 8817 |
| 408478 | (a) | Adani Power Ltd | 2786 |
| 852940 |  | AGL Energy Ltd | 5469 |
| 2182532 |  | Aguas Andinas S.A. | 797 |
| 520552 |  | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS. | 364 |
| 282547 | (a) | Akfen Yenilenebilir Enerji AS. | 113 |
| 169365 |  | Aksa Enerji Uretim AS | 142 |
| 549708 | (b) | Algonquin Power & Utilities Corp | 3145 |
| 14395 |  | AlKhorayef Water & Power Technologies Co | 553 |

---

**119** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | UTILITIES (continued) |  |
| 196474 | Allete, Inc | $12588 |
| 3663577 | Alliant Energy Corp | 221536 |
| 208452 | AltaGas Ltd | 6051 |
| 129134 | Alupar Investimento S.A. | 736 |
| 820834 | Ameren Corp | 78833 |
| 1705050 | American Electric Power Co, Inc | 176916 |
| 3170 | American States Water Co | 243 |
| 926406 | APA Group | 4981 |
| 27719 | Ascopiave S.p.A. | 100 |
| 55878 | Atco Ltd | 2084 |
| 37711 | Athens Water Supply & Sewage Co S.A. | 258 |
| 337903 | Auren Energia S.A. | 632 |
| 99600 | Avista Corp | 3780 |
| 32948 | Aygaz AS | 106 |
| 483900 | B Grimm Power PCL | 155 |
| 982000 | BCPG PCL | 172 |
| 362179 | Beijing Enterprises Holdings Ltd | 1493 |
| 2864586 | Beijing Enterprises Water Group Ltd | 865 |
| 1328000 | Beijing Jingneng Clean Energy Co Ltd | 400 |
| 16240 | BKW AG. | 3561 |
| 481170 | Black Hills Corp | 26994 |
| 63333<br> (b) | Boralex, Inc | 1472 |
| 79772 | Brookfield Infrastructure Corp | 3319 |
| 96656 | Brookfield Renewable Corp | 3168 |
| 56040<br> (a) | Cadiz, Inc | 168 |
| 94628 | Canadian Utilities Ltd | 2618 |
| 118643<br> (b) | Capital Power Corp | 4774 |
| 4188 | Centerpoint Energy, Inc | 154 |
| 163739 | Centrais Eletricas Brasileiras S.A. | 1338 |
| 834551 | Centrais Eletricas Brasileiras S.A. | 6178 |
| 488054 | CESC Ltd | 977 |
| 110641 | CEZ AS | 6499 |
| 910000 | CGN New Energy Holdings Co Ltd | 288 |
| 7364000<br> (c) | CGN Power Co Ltd | 2511 |
| 733100 | CGN Power Co Ltd | 373 |
| 10390 | Chesapeake Utilities Corp | 1249 |
| 2044000<br> (b) | China Datang Corp Renewable Power Co Ltd | 636 |
| 1916965 | China Gas Holdings Ltd | 1793 |
| 2192044 | China Longyuan Power Group Corp Ltd | 1978 |
| 842200 | China National Nuclear Power Co Ltd | 1096 |
| 2987847<br> (b) | China Power International Development Ltd | 1139 |
| 655012 | China Resources Gas Group Ltd | 1677 |
| 1432373<br> (b) | China Resources Power Holdings Co | 3461 |
| 1080900 | China Three Gorges Renewables Group Co Ltd | 643 |
| 580000<br> (b) | China Water Affairs Group Ltd | 466 |
| 1010101 | China Yangtze Power Co Ltd | 4249 |
| 246400<br> (b) | Chugoku Electric Power Co, Inc | 1221 |
| 331101 | Cia de Saneamento Basico do Estado de Sao Paulo | 7260 |
| 146400 | Cia de Saneamento de Minas Gerais Copasa MG | 754 |
| 107000 | Cia de Saneamento do Parana | 750 |
| 278100 | Cia de Saneamento do Parana | 386 |
| 1171421 | Cia Energetica de Minas Gerais | 2329 |
| 778000 | Cia Paranaense de Energia | 1784 |
| 446000 | CK Infrastructure Holdings Ltd | 2954 |
| 1921700 | CK Power PCL | 131 |
| 103072 | Clearway Energy, Inc (Class A) | 3119 |
| 1162948 | CLP Holdings Ltd | 9822 |
| 141679 | CMS Energy Corp | 9815 |
| 2682000 | Cnpc Hong Kong Ltd | 2607 |
| 6139234 | Colbun S.A. | 988 |
| 4660000 | Concord New Energy Group Ltd | 303 |
| 72555 | Consolidated Edison, Inc | 7281 |

---

**120** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | UTILITIES (continued) |  |
| 301331 |  | Constellation Energy Corp | $97258 |
| 568626 |  | Contact Energy Ltd | 3121 |
| 159400 |  | CPFL Energia S.A. | 1199 |
| 621500 |  | Datang International Power Generation Co Ltd | 275 |
| 268149 |  | Drax Group plc | 2556 |
| 4173778 |  | Dubai Electricity & Water Authority PJSC | 3205 |
| 1912695 |  | Duke Energy Corp | 225698 |
| 735477 |  | E.ON AG. | 13552 |
| 77110 |  | Edison International | 3979 |
| 145281 |  | EDP Renovaveis S.A. | 1626 |
| 576700 |  | Electric Power Development Co | 9840 |
| 107200 |  | Electricity Generating PCL | 333 |
| 207765 |  | Emera, Inc | 9517 |
| 1557755 |  | Emirates Central Cooling Systems Corp | 704 |
| 177337 | (b) | Enagas | 2986 |
| 201878 | (a) | Enea S.A. | 1096 |
| 19678523 |  | Enel Chile S.A. | 1457 |
| 16033947 |  | Enel S.p.A. | 152173 |
| 1160086 |  | Energias de Portugal S.A. | 5040 |
| 189178 |  | Energisa S.A. | 1682 |
| 224948 |  | Energix-Renewable Energies Ltd | 831 |
| 2950400 |  | Energy Absolute PCL | 225 |
| 208314 | (c) | Enerjisa Enerji AS. | 306 |
| 14002307 |  | Enersis S.A. | 1364 |
| 2288287 |  | Enerya Enerji AS. | 390 |
| 549900 | (a) | Eneva S.A. | 1382 |
| 134848 |  | Engie Brasil Energia S.A. | 1127 |
| 347261 |  | Engie Energia Chile S.A. | 485 |
| 830133 |  | Engie S.A. | 19510 |
| 90650 | (a) | Enlight Renewable Energy Ltd | 2060 |
| 547135 |  | ENN Energy Holdings Ltd | 4392 |
| 97300 |  | ENN Natural Gas Co Ltd | 257 |
| 128000 | (a),(d) | Epure International Ltd | 1 |
| 817883 |  | Equatorial Energia S.A. | 5413 |
| 42456 | (b) | ERG S.p.A. | 928 |
| 1448806 |  | Evergy, Inc | 99866 |
| 2249317 |  | Eversource Energy | 143102 |
| 27691 |  | EVN AG. | 765 |
| 109746 |  | Fersa Energias Renovables S.A. | 198 |
| 306366 |  | FirstEnergy Corp | 12334 |
| 351148 |  | Fortis, Inc | 16766 |
| 130638 |  | Fortum Oyj | 2450 |
| 1615295 |  | GAIL India Ltd | 3596 |
| 173700 |  | Gas Malaysia Bhd | 176 |
| 801700 |  | GD Power Development Co Ltd | 542 |
| 95966 |  | Genie Energy Ltd | 2580 |
| 428300 |  | Global Power Synergy PCL | 386 |
| 10195 | (a) | Grenergy Renovables S.A. | 740 |
| 2089210 |  | Guangdong Investments Ltd | 1751 |
| 108586 |  | Gujarat Gas Ltd | 601 |
| 229921 |  | Gujarat State Petronet Ltd | 883 |
| 3075507 | (a) | Gulf Development PCL | 3666 |
| 44795 |  | HD Renewable Energy Co Ltd | 361 |
| 618368 |  | Hera S.p.A. | 2987 |
| 137393 |  | Hokkaido Electric Power Co, Inc | 717 |
| 115077 |  | Hokuriku Electric Power Co | 575 |
| 97757 |  | Holding CO ADMIE IPTO S.A. | 365 |
| 7929247 |  | Hong Kong & China Gas Ltd | 6667 |
| 980500 |  | Hong Kong Electric Holdings Ltd | 6304 |
| 384619 |  | Huadian Power International Corp Ltd (Class A) | 294 |
| 214100 |  | Huaneng Lancang River Hydropower, Inc | 285 |
| 319866 |  | Huaneng Power International, Inc - A | 319 |

---

**121** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | UTILITIES (continued) |  |
| 2926751 |  | Huaneng Power International, Inc - H | $1888 |
| 230255 |  | Hydro One Ltd | 8297 |
| 8017125 |  | Iberdrola S.A. | 154234 |
| 491003 |  | Indraprastha Gas Ltd | 1247 |
| 133788 |  | Innergex Renewable Energy, Inc | 1348 |
| 1027900 | (a),(d) | Inter Far East Energy Corp | 0^ |
| 307442 |  | Interconexion Electrica S.A. ESP | 1489 |
| 439709 |  | Inversiones Aguas Metropolitanas S.A. | 404 |
| 441720 |  | Iride S.p.A. | 1365 |
| 465925 |  | Italgas S.p.A | 3952 |
| 41000 |  | J&V Energy Technology Co Ltd | 230 |
| 2578576 | (a) | Jaiprakash Power Ventures Ltd | 550 |
| 309222 |  | JSW Energy Ltd | 1884 |
| 10800 | (b) | K&O Energy Group, Inc | 211 |
| 446276 |  | Kansai Electric Power Co, Inc | 5293 |
| 13964 |  | Kenon Holdings Ltd | 577 |
| 176881 |  | Korea Electric Power Corp | 5111 |
| 19659 |  | Korea Gas Corp | 605 |
| 68639 | (c) | KPI Green Energy Ltd | 412 |
| 320700 |  | Kyushu Electric Power Co, Inc | 2867 |
| 43248 |  | Mahanagar Gas Ltd | 748 |
| 1794700 |  | Malakoff Corp Bhd | 343 |
| 196702 |  | Manila Electric Co | 1880 |
| 788500 |  | Manila Water Co, Inc | 553 |
| 5197 |  | MDU Resources Group, Inc | 87 |
| 462100 |  | Mega First Corp BHD | 406 |
| 521107 |  | Mercury NZ Ltd | 1909 |
| 926262 |  | Meridian Energy Ltd | 3331 |
| 28730 |  | MGE Energy, Inc | 2541 |
| 31363 |  | Miahona | 212 |
| 40077 |  | National Fuel Gas Co | 3395 |
| 30335 |  | National Gas & Industrialization Co | 638 |
| 12741908 |  | National Grid plc | 187034 |
| 102831 |  | New Jersey Resources Corp | 4609 |
| 6112275 |  | NextEra Energy, Inc | 424314 |
| 2135843 |  | NHPC Ltd | 2136 |
| 75287 |  | Nippon Gas Co Ltd | 1386 |
| 247738 |  | NLC India Ltd | 666 |
| 195332 | (b) | Northland Power Income Fund | 3065 |
| 185645 |  | NorthWestern Corp | 9524 |
| 195306 |  | NRG Energy, Inc | 31362 |
| 3022334 |  | NTPC Ltd | 11802 |
| 108600 |  | OGE Energy Corp | 4820 |
| 70630 |  | ONE Gas, Inc | 5075 |
| 97165 | (a) | OPC Energy Ltd | 1183 |
| 1452929 |  | Origin Energy Ltd | 10327 |
| 100414 |  | Orsted AS | 4326 |
| 16766 | (a) | OY Nofar Energy Ltd | 465 |
| 344186 |  | Pennon Group plc | 2375 |
| 544678 |  | Petronas Gas BHD | 2279 |
| 1048204 |  | PG&E Corp | 14612 |
| 636295 | (a) | PGE Polska Grupa Energetyczna S.A. | 2014 |
| 199406 |  | Pinnacle West Capital Corp | 17841 |
| 3222962 |  | Power Grid Corp of India Ltd | 11265 |
| 73654800 |  | PT Perusahaan Gas Negara Persero Tbk | 7330 |
| 126815 |  | PTC India Ltd | 267 |
| 126148 |  | Public Power Corp | 2062 |
| 25309 | (a) | Pure Cycle Corp | 271 |
| 302550 |  | Qatar Electricity & Water Co QSC | 1346 |
| 584200 |  | Ratch Group PCL | 435 |
| 1741908 | (a) | RattanIndia Power Ltd | 315 |
| 310267 |  | Redes Energeticas Nacionais S.A. | 1106 |

---

**122** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | UTILITIES (continued) |  |
| 1957511 | (a) | Reliance Power Ltd | $1605 |
| 57536 |  | Rubis S.C.A | 1860 |
| 3137715 |  | RWE AG. | 131119 |
| 551845 |  | Saudi Electricity Co | 2162 |
| 96982 | (a),(c) | Scatec ASA | 896 |
| 188572 |  | Scottish & Southern Energy plc | 4748 |
| 367600 |  | SDIC Power Holdings Co Ltd | 755 |
| 633000 |  | SembCorp Industries Ltd | 3410 |
| 510742 |  | Sempra Energy | 38699 |
| 193100 | (a) | Serena Energia S.A. | 415 |
| 353555 |  | Severn Trent plc | 13284 |
| 318999 |  | Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 153 |
| 214300 | (a) | Shenergy Co Ltd | 257 |
| 125142 |  | Shikoku Electric Power Co, Inc | 1049 |
| 89532 |  | Shinfox Energy Co Ltd | 246 |
| 262010 |  | Shizuoka Gas Co Ltd | 1947 |
| 196400 |  | Sichuan Chuantou Energy Co Ltd | 440 |
| 551941 |  | SJVN Ltd | 646 |
| 63023 | (a),(b) | Solaria Energia y Medio Ambiente S.A. | 731 |
| 1462698 |  | Southern Co | 134320 |
| 24320 | (b) | Southwest Gas Holdings Inc | 1809 |
| 381433 |  | Spire, Inc | 27841 |
| 647703 | (b) | Superior Plus Corp | 3796 |
| 1411100 | (a) | Synergy Grid & Development Phils, Inc | 274 |
| 362213 |  | Taiwan Cogeneration Corp | 554 |
| 1119803 |  | Tata Power Co Ltd | 5296 |
| 822110 | (a) | Tauron Polska Energia S.A. | 1920 |
| 51884 |  | Telecom Plus plc | 1375 |
| 1807104 |  | Tenaga Nasional BHD | 6176 |
| 52300 |  | Toho Gas Co Ltd | 1459 |
| 359600 |  | Tohoku Electric Power Co, Inc | 2626 |
| 1147800 | (a) | Tokyo Electric Power Co, Inc | 3821 |
| 122561 |  | Torrent Power Ltd | 2097 |
| 907000 |  | Towngas Smart Energy Co Ltd | 455 |
| 2315000 |  | TPI Polene Power PCL | 152 |
| 212983 |  | TransAlta Corp | 2298 |
| 144200 |  | Transmissora Alianca de Energia Eletrica S | 927 |
| 1147700 |  | TTW PCL | 305 |
| 539733 |  | United Utilities Group plc | 8475 |
| 32449 | (a) | VA Tech Wabag Ltd | 560 |
| 1231311 |  | Veolia Environnement | 43960 |
| 40226 |  | Verbund AG. | 3090 |
| 614739 |  | Vistra Corp | 119143 |
| 28190 | (a),(b) | Voltalia S.A. | 287 |
| 1333131 |  | WEC Energy Group, Inc | 138912 |
| 1124000 |  | Wintime Energy Group Co Ltd | 210 |
| 1418418 | (b) | Xinyi Energy Holdings Ltd | 208 |
| 2161900 |  | YTL Corp BHD | 1192 |
| 1605800 |  | YTL Power International BHD | 1518 |
| 499400 |  | Zhejiang Zheneng Electric Power Co Ltd | 369 |
| 350000 | (b) | Zhongyu Energy Holdings Ltd | 182 |
| 1446287 | (a) | Zorlu Enerji Elektrik Uretim AS | 110 |
|  |  | TOTAL UTILITIES | 3254755 |
|  |  | TOTAL COMMON STOCKS<br> (Cost $101,439,513) | 128456787 |

---

**123** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | GOVERNMENT BONDS - 0.0% |  |  |  |
|  |  | U.S. TREASURY SECURITIES - 0.0% |  |  |  |
| $200000 |  | United States Treasury Note/Bond | 4.125% | 11/15/32 | $201 |
|  |  | TOTAL U.S. TREASURY SECURITIES |  |  | 201 |
|  |  | TOTAL GOVERNMENT BONDS<br> (Cost $208) |  |  | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | <br> DESCRIPTION |  |  | VALUE (000) |
|  |  | INVESTMENT COMPANIES - 0.2% |  |  |  |
| 1855233 |  | iShares Core MSCI EAFE ETF |  |  | 154875 |
| 1965410 |  | iShares Core MSCI Emerging Markets ETF |  |  | 117984 |
| 2800 |  | iShares Core S&P 500 ETF |  |  | 1738 |
| 360577 | (b) | iShares MSCI Canada ETF |  |  | 16659 |
| 12500 |  | iShares MSCI EAFE ETF |  |  | 1117 |
| 6580 |  | iShares Russell 2000 ETF |  |  | 1420 |
| 4500 |  | SPDR S&P 500 ETF Trust |  |  | 2780 |
|  |  | TOTAL INVESTMENT COMPANIES<br> (Cost $247,974) |  |  | 296573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | <br> DESCRIPTION |  | EXPIRATION DATE | VALUE (000) |
|  |  | RIGHTS/WARRANTS - 0.0% |  |  |  |
|  |  | BANKS - 0.0% |  |  |  |
| 92011 | (d) | Alliance Bank Malaysia Bhd |  | 07/02/25 | 22 |
|  |  | TOTAL BANKS |  |  | 22 |
|  |  | CAPITAL GOODS - 0.0% |  |  |  |
| 8925 | (d) | Hanwha Aerospace Co Ltd |  | 07/02/25 | 1084 |
| 26206 | (b),(d) | Webuild S.p.A |  | 08/02/30 | 27 |
|  |  | TOTAL CAPITAL GOODS |  |  | 1111 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% |  |  |  |
| 215986 | (d) | Infibeam Avenues Ltd |  | 07/11/25 | 15 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 15 |
|  |  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 1059 |  | Magellan Financial Group Ltd |  | 04/16/27 | 0^ |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 0^ |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.0% |  |  |  |
| 67725 |  | Guan Chong Bhd |  | 06/19/28 | 4 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 4 |
|  |  | MATERIALS - 0.0% |  |  |  |
| 2690 | (d) | POSCO Future M Co Ltd |  | 07/22/25 | 61 |
|  |  | TOTAL MATERIALS |  |  | 61 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |  |
| 12599 | (d) | Chinook Therapeutics, Inc |  | 01/02/30 | 0^ |
| 23114 | (d) | Kangmei Pharmaceutical Co Ltd |  | 12/31/28 | 0^ |
| 20027 | (b),(d) | Tobira Therapeutics, Inc |  |  | 1 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 1 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0% |  |  |  |
| 17950 | (d) | ESR Kendall Square REIT Co Ltd |  | 07/04/25 | 0^ |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 0^ |
|  |  | SOFTWARE & SERVICES - 0.0% |  |  |  |
| 19369 | (d) | Constellation Software, Inc |  | 08/22/28 | 99 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 99 |
|  |  | UTILITIES - 0.0% |  |  |  |
| 540420 | (d) | YTL Corp Bhd |  |  | 95 |
| 399540 | (d) | YTL Power International Bhd |  |  | 130 |
|  |  | TOTAL UTILITIES |  |  | 225 |
|  |  | TOTAL RIGHTS/WARRANTS<br> (Cost $1) |  |  | 1538 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $101,687,696) |  |  | 128755099 |

---

**124** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4% |  |  |  |
|  | CERTIFICATE OF DEPOSIT - 0.1% |  |  |  |
| $4000000 | Bank of America, N.A. | 4.740% | 11/14/25 | $4000 |
| 9000000 | Bank of America, N.A. | 4.680 | 04/02/26 | 9000 |
| 6000000 | Bank of Montreal | 4.610 | 12/05/25 | 5999 |
| 9000000 | Bank of Montreal | 4.630 | 03/06/26 | 9000 |
| 6000000 | Bank of Nova Scotia | 4.660 | 03/18/26 | 6000 |
| 5000000 | Canadian Imperial Bank of Commerce | 4.740 | 09/25/25 | 5000 |
| 5000000 | Canadian Imperial Bank of Commerce | 4.720 | 11/17/25 | 5000 |
| 7600000 | Canadian Imperial Bank of Commerce | 4.760 | 01/23/26 | 7600 |
| 5000000 | Citibank | 4.740 | 09/19/25 | 5000 |
| 5000000 | Citibank | 4.750 | 10/27/25 | 5000 |
| 4250000 | Citibank | 4.720 | 12/10/25 | 4250 |
| 1250000 | Citibank | 4.480 | 01/22/26 | 1250 |
| 1750000 | Citibank | 4.680 | 01/23/26 | 1750 |
| 3250000 | Citibank | 4.690 | 02/24/26 | 3250 |
| 10310000 | Credit Agricole | 4.330 | 07/01/25 | 10310 |
| 20000000 | Mizuho Bank Ltd | 4.330 | 07/01/25 | 20000 |
| 6000000 | Mizuho Bank Ltd | 4.560 | 08/21/25 | 6000 |
| 9000000 | Mizuho Bank Ltd | 4.680 | 09/19/25 | 9000 |
| 5000000 | Mizuho Bank Ltd | 4.650 | 12/04/25 | 5000 |
| 9000000 | Natixis | 4.660 | 11/05/25 | 9000 |
| 9000000 | Nordea Bank AB | 4.670 | 10/20/25 | 9000 |
| 5000000 | Nordea Bank AB | 4.570 | 12/05/25 | 4999 |
| 9000000 | Royal Bank of Canada | 4.760 | 05/06/26 | 9000 |
| 4000000 | Royal Bank of Canada | 4.720 | 05/14/26 | 4000 |
| 6000000 | Sumitomo Mitsui Bank Ltd | 4.660 | 11/12/25 | 6000 |
| 15000000 | Svenska Handelsbanken AB | 4.300 | 07/01/25 | 15000 |
| 6300000 | Svenska Handelsbanken AB | 4.630 | 10/28/25 | 6300 |
| 3250000 | Toronto-Dominion Bank | 4.700 | 03/25/26 | 3250 |
| 2500000 | Wells Fargo Bank, N.A. | 4.700 | 06/01/26 | 2500 |
|  | TOTAL CERTIFICATE OF DEPOSIT |  |  | 191458 |
|  | COMMERCIAL PAPER - 0.1% |  |  |  |
| 4500000 | Australia and New Zealand Banking Group | 4.590 | 08/08/25 | 4500 |
| 9000000 | Australia and New Zealand Banking Group | 4.540 | 08/27/25 | 9000 |
| 4000000 | Commonwealth Bank of Australia | 4.670 | 10/24/25 | 4000 |
| 9000000 | Commonwealth Bank of Australia | 4.610 | 11/07/25 | 9000 |
| 2000000 | ING US Funding LLC | 4.610 | 09/15/25 | 2000 |
| 10000000 | ING US Funding LLC | 4.600 | 09/25/25 | 10000 |
| 2000000 | ING US Funding LLC | 4.640 | 11/14/25 | 2000 |
| 8000000 | ING US Funding LLC | 4.740 | 12/18/25 | 8000 |
| 5800000 | ING US Funding LLC | 4.740 | 12/24/25 | 5800 |
| 9000000 | Lloyds Bank PLC | 4.620 | 08/07/25 | 9000 |
| 9000000 | Lloyds Bank PLC | 4.650 | 08/25/25 | 9000 |
| 9000000 | Lloyds Bank PLC | 4.600 | 09/29/25 | 9000 |
| 9000000 | National Australia Bank Ltd | 4.600 | 10/20/25 | 9000 |
| 9000000 | National Bank of Canada | 4.620 | 11/10/25 | 9000 |
| 9000000 | Royal Bank of Canada | 4.660 | 03/03/26 | 9000 |
| 5000000 | Skandinaviska Enskilda Banken AG | 4.650 | 07/02/25 | 5000 |
| 9000000 | Skandinaviska Enskilda Banken AG | 4.600 | 09/26/25 | 9000 |
| 4000000 | Skandinaviska Enskilda Banken AG | 4.600 | 11/05/25 | 3998 |
| 9000000 | Swedbank AB | 4.600 | 11/26/25 | 9000 |
| 4000000 | Toronto-Dominion Bank | 4.700 | 02/13/26 | 4000 |
| 9000000 | Westpac Banking Corp | 4.630 | 03/05/26 | 9000 |
|  | TOTAL COMMERCIAL PAPER |  |  | 148298 |
|  | REPURCHASE AGREEMENT - 0.2% |  |  |  |
| 20000000<br> (g) | Bank of Nova Scotia | 4.390 | 07/01/25 | 20000 |
| 20000000<br> (h) | Calyon | 4.400 | 07/01/25 | 20000 |
| 35000000<br> (i) | Deutsche Bank | 4.390 | 07/01/25 | 35000 |
| 45000000<br> (j) | HSBC | 4.400 | 07/01/25 | 45000 |
| 40000000<br> (k) | JP Morgan Securities LLC | 4.400 | 07/01/25 | 40000 |
| 15000000<br> (l) | JP Morgan Securities LLC | 4.390 | 07/01/25 | 15000 |
| 32791000<br> (m) | Merrill Lynch | 4.400 | 07/01/25 | 32791 |

---

**125** 

------

## Portfolio of Investments June 30, 2025 (continued)
Stock

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | VALUE (000) |
|  | REPURCHASE AGREEMENT (continued) |  |  |  |
| $5000000<br> (n) | Nomura | 4.390% | 07/01/25 | $5000 |
| 25000000<br> (o) | Royal Bank of Scotland | 4.390 | 07/01/25 | 25000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 237791 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $577,547) |  |  | 577547 |
| PRINCIPAL | <br> DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | SHORT-TERM INVESTMENTS - 0.6% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 0.2% |  |  |  |
| 4000000 | Federal Agricultural Mortgage Corp Discount Notes | 0.000 | 07/15/25 | 3993 |
| 10000000 | Federal Farm Credit Discount Notes | 0.000 | 07/22/25 | 9975 |
| 5000000 | Federal Farm Credit Discount Notes | 0.000 | 07/31/25 | 4982 |
| 25000000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/14/25 | 24959 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 9979 |
| 55960000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/28/25 | 55778 |
| 900000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/01/25 | 897 |
| 30000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/06/25 | 29870 |
| 12000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/15/25 | 11935 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/29/25 | 9930 |
| 19000000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/17/25 | 18825 |
| 9845000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/24/25 | 9746 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/10/25 | 9883 |
| 40000000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/15/25 | 39510 |
| 30000000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/22/25 | 29609 |
| 20000000 | Federal Home Loan Bank Discount Notes | 0.000 | 01/06/26 | 19581 |
| 5000000 | Federal Home Loan Bank Discount Notes | 0.000 | 01/20/26 | 4888 |
| 2000000 | Freddie Mac Discount Notes | 0.000 | 07/28/25 | 1994 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 296334 |
|  | REPURCHASE AGREEMENT - 0.3% |  |  |  |
| 137500000<br> (p) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 137500 |
| 229435000<br> (q) | Fixed Income Clearing Corporation | 4.380 | 07/01/25 | 229435 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 366935 |
|  | TREASURY DEBT - 0.1% |  |  |  |
| 49936000 | United States Treasury Bill | 0.000 | 07/08/25 | 49896 |
| 50000000 | United States Treasury Bill | 0.000 | 07/15/25 | 49919 |
|  | TOTAL TREASURY DEBT |  |  | 99815 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $763,070) |  |  | 763084 |
|  | TOTAL INVESTMENTS - 100.3%<br> (Cost $103,028,313) |  |  | 130095730 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.3)% |  |  | (408847) |
|  | NET ASSETS - 100.0% |  |  | $129686883 |

---

---

| | |
|:---|:---|
|  ADR | American Depositary Receipt |
|  ETF | Exchange Traded Fund |
|  GDR | Global Depositary Receipt |
|  IFA | Industrial Finance Authority |
|  REIT | Real Estate Investment Trust |
|  SPDR | Standard & Poor's Depositary Receipts |

---

**126** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

(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 $1,546,133,580.

(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 $1,327,183,705
or 1.0% of Total Investments.

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

(e) Affiliated holding

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

(g) Agreement with Bank of Nova Scotia, 4.390% dated 6/30/25 to be repurchased at $20,216,275 on 7/1/25, collateralized
by Government Agency Securities, with coupon rates 0.880%– 4.000% and maturity dates 3/15/28–10/31/29, valued at $20,402,549.

(h) Agreement with Calyon, 4.400% dated 6/30/25 to be repurchased at $20,293,320 on 7/1/25, collateralized by
Government Agency Securities, with coupon rate 3.500% and maturity date 1/31/28, valued at $20,400,022.

(i) Agreement with Deutsche Bank, 4.390% dated 6/30/25 to be repurchased at $35,539,335 on 7/1/25, collateralized by
Government Agency Securities, with coupon rate 3.000% and maturity date 2/15/49, valued at $35,700,027.

(j) Agreement with HSBC, 4.400% dated 6/30/25 to be repurchased at $45,200,154 on 7/1/25, collateralized by Government
Agency Securities, with coupon rates 3.000%–5.500% and maturity dates 6/01/37–3/01/55, valued at $45,900,000.

(k) Agreement with JP Morgan Securities LLC, 4.400% dated 6/30/25 to be repurchased at $40,144,984 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 2.000%–7.000% and maturity dates 4/01/45–12/01/54, valued at $40,800,001.

(l) Agreement with JP Morgan Securities LLC, 4.390% dated 6/30/25 to be repurchased at $15,222,754 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 0.000%–3.000% and maturity dates 2/15/26–8/15/52, valued at $15,300,033.

(m) Agreement with Merrill Lynch, 4.400% dated 6/30/25 to be repurchased at $32,968,532 on 7/1/25, collateralized by
Government Agency Securities, with coupon rates 2.500%–7.000% and maturity dates 4/20/40–3/20/55, valued at $33,446,821.

(n) Agreement with Nomura, 4.390% dated 6/30/25 to be repurchased at $5,052,047 on 7/1/25, collateralized by Government
Agency Securities, with coupon rates 0.000%–3.625% and maturity dates 10/16/25–2/15/53, valued at $5,102,835.

(o) Agreement with Royal Bank of Scotland, 4.390% dated 6/30/25 to be repurchased at $25,055,924 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 2.625% and maturity date 5/31/27, valued at $25,500,009.

(p) Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $137,516,691 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 0.375%–4.125% and maturity dates 1/15/27–3/01/27, valued at $140,250,000.

(q) Agreement with Fixed Income Clearing Corporation, 4.380% dated 6/30/25 to be repurchased at $229,462,915 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 1/15/26, valued at $234,023,700.

Cost amounts are in thousands.

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | $— | $— | $— | $— | $— |
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br> Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  Russell 2000 E-Mini Index | 172 | 09/19/25 | $18222 | $18849 | $627 |
|  S&P 500 E-Mini Index | 1233 | 09/19/25 | 371909 | 385544 | 13635 |
|  S&P Mid-Cap 400 E-Mini Index | 95 | 09/19/25 | 28795 | 29692 | 897 |
|  Total | 1500 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15159 |

---

**127** 

------

## Portfolio of Investments June 30, 2025
Global Equities

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | LONG-TERM INVESTMENTS - 99.2% |  |
|  | COMMON STOCKS - 99.1% |  |
|  | AUSTRALIA - 0.8% |  |
| 7923 | APA Group | $43 |
| 2033324 | Australia & New Zealand Banking Group Ltd | 38993 |
| 1<br> (a) | Beetaloo Energy Australia Ltd | 0^ |
| 1097420 | BHP Billiton Ltd | 26401 |
| 94900 | BlueScope Steel Ltd | 1446 |
| 522628 | Commonwealth Bank of Australia | 63608 |
| 366268 | Fortescue Metals Group Ltd | 3682 |
| 13800515 | Glencore plc | 53776 |
| 169125 | Macquarie Group Ltd | 25437 |
| 350160<br> (a) | Megaport Ltd | 3330 |
| 38254<br> (b) | Mineral Resources Ltd | 543 |
| 248662 | Northern Star Resources Ltd | 3071 |
| 105335 | Orica Ltd | 1352 |
| 372609 | Origin Energy Ltd | 2648 |
| 80290 | Rio Tinto Ltd | 5684 |
| 243852 | Rio Tinto plc | 14193 |
| 702453 | Santos Ltd | 3542 |
| 979423 | South32 Ltd | 1872 |
| 406435<br> (a) | Tamboran Resources Corp | 8665 |
| 51678<br> (b) | Washington H Soul Pattinson & Co Ltd | 1429 |
| 410675 | Woodside Energy Group Ltd | 6344 |
|  | TOTAL AUSTRALIA | 266059 |
|  | AUSTRIA - 0.3% |  |
| 973524 | Erste Bank der Oesterreichischen Sparkassen AG. | 82872 |
| 95472<br> (a) | Mondi plc | 1560 |
| 31853 | OMV AG. | 1732 |
|  | TOTAL AUSTRIA | 86164 |
|  | BELGIUM - 0.2% |  |
| 280490<br> (b) | KBC Groep NV | 28949 |
| 16030 | Syensqo S.A. | 1242 |
| 235459 | UCB S.A. | 46328 |
|  | TOTAL BELGIUM | 76519 |
|  | BRAZIL - 1.1% |  |
| 1019300 | Ambev S.A. | 2499 |
| 1135091 | B3 SA-Brasil Bolsa Balcao | 3046 |
| 329991 | Banco Bradesco S.A. | 881 |
| 1135349 | Banco Bradesco S.A. (Preference) | 3517 |
| 253336 | Banco BTG Pactual S.A. - Unit | 1970 |
| 368364 | Banco do Brasil S.A. | 1498 |
| 144400 | BB Seguridade Participacoes S.A. | 952 |
| 102600 | BRF S.A. | 380 |
| 120100 | Caixa Seguridade Participacoes S | 325 |
| 260770 | Centrais Eletricas Brasileiras S.A. | 1930 |
| 48887 | Centrais Eletricas Brasileiras S.A. | 400 |
| 102300 | Cia de Saneamento Basico do Estado de Sao Paulo | 2243 |
| 368728 | Cia Energetica de Minas Gerais | 733 |
| 246904 | Cia Paranaense de Energia | 566 |
| 2065985 | Companhia Vale do Rio Doce (ADR) | 20061 |
| 49811 | CPFL Energia S.A. | 375 |
| 150900 | Embraer S.A. | 2139 |
| 472578 | Empresa Brasileira de Aeronautica S.A. (ADR) | 26894 |
| 59190 | Energisa S.A. | 526 |
| 171830<br> (a) | Eneva S.A. | 432 |
| 41683 | Engie Brasil Energia S.A. | 348 |
| 256309 | Equatorial Energia S.A. | 1696 |
| 287676 | Gerdau S.A. (Preference) | 847 |
| 1231138 | Investimentos Itau S.A. - PR | 2481 |
| 13646922 | Itau Unibanco Holding S.A. | 92811 |

---

**128** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | BRAZIL (continued) |  |
| 173360 | Klabin S.A. | $589 |
| 194910 | Localiza Rent A Car | 1454 |
| 31733<br> (a) | Mercadolibre, Inc | 82938 |
| 214217 | Motiva Infraestrutura de Mobilidade S.A. | 544 |
| 183695<br> (a) | Natura & Co Holding S.A. | 374 |
| 688866<br> (a) | NU Holdings Ltd | 9451 |
| 181270<br> (a) | Petro Rio S.A. | 1415 |
| 797984 | Petroleo Brasileiro S.A. | 5007 |
| 992730 | Petroleo Brasileiro S.A. (Preference) | 5734 |
| 267844 | Raia Drogasil S.A. | 745 |
| 62229<br> (c) | Rede D'Or Sao Luiz S.A. | 406 |
| 272200 | Rumo S.A. | 928 |
| 1541303<br> (a) | StoneCo Ltd | 24723 |
| 147022 | Suzano SA | 1386 |
| 176441 | Telefonica Brasil S.A. | 1003 |
| 192300 | TIM S.A. | 780 |
| 118058 | TOTVS S.A. | 917 |
| 162000 | Ultrapar Participacoes S.A. | 523 |
| 778404 | Vale S.A. | 7543 |
| 213500 | Vibra Energia S.A. | 851 |
| 2498420 | WEG S.A. | 19673 |
| 98122 | Wheaton Precious Metals Corp | 8824 |
| 79597 | XP, Inc | 1608 |
| 35811 | Yara International ASA | 1322 |
|  | TOTAL BRAZIL | 348288 |
|  | CANADA - 1.9% |  |
| 108485 | Agnico-Eagle Mines Ltd | 12925 |
| 266537 | Alimentation Couche-Tard, Inc | 13249 |
| 128177 | ARC Resources Ltd | 2702 |
| 379151 | Barrick Mining Corp | 7893 |
| 19049 | Brookfield Asset Management Ltd | 1054 |
| 290849 | Brookfield Corp | 18001 |
| 487 | Brookfield Wealth Solutions Ltd | 30 |
| 94124 | Cameco Corp | 6990 |
| 950010<br> (b) | Canadian Imperial Bank of Commerce | 67434 |
| 222857 | Canadian National Railway Co | 23221 |
| 457123 | Canadian Natural Resources Ltd | 14367 |
| 32352 | CCL Industries | 1887 |
| 296754 | Cenovus Energy, Inc (Toronto) | 4038 |
| 677956 | Dollarama, Inc | 95524 |
| 470949 | Enbridge, Inc | 21356 |
| 15071 | First Capital Real Estate Investment Trust | 201 |
| 41619 | Franco-Nevada Corp | 6833 |
| 39622<br> (b) | Imperial Oil Ltd | 3148 |
| 49563 | Keyera Corp | 1621 |
| 265816 | Kinross Gold Corp | 4154 |
| 57586 | MEG Energy Corp | 1088 |
| 208017<br> (b) | National Bank of Canada | 21465 |
| 107010 | Nutrien Ltd | 6236 |
| 78512 | Pan American Silver Corp (Toronto) | 2228 |
| 5174 | Parex Resources, Inc | 53 |
| 30234 | Parkland Corp | 855 |
| 125494<br> (b) | Pembina Pipeline Corp | 4712 |
| 151343 | RioCan Real Estate Investment Trust | 1968 |
| 1876690<br> (a) | Shopify, Inc (Class A) | 216452 |
| 272903 | Suncor Energy, Inc | 10223 |
| 224395<br> (b) | TC Energy Corp | 10955 |
| 98522 | Teck Cominco Ltd (Class B) | 3984 |
| 263196 | TMX Group Ltd | 11156 |
| 76296 | Tourmaline Oil Corp | 3681 |

---

**129** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CANADA (continued) |  |
| 11823 |  | West Fraser Timber Co Ltd | $867 |
|  |  | TOTAL CANADA | 602551 |
|  |  | CHILE - 0.0% |  |
| 85292 |  | Antofagasta plc | 2121 |
| 9692626 |  | Banco de Chile | 1466 |
| 19073 |  | Banco de Credito e Inversiones | 805 |
| 14164310 |  | Banco Santander Chile S.A. | 890 |
| 279149 |  | Cencosud S.A. | 950 |
| 240799 |  | Empresas CMPC S.A. | 368 |
| 84797 |  | Empresas COPEC S.A. | 577 |
| 6212550 |  | Enel Chile S.A. | 460 |
| 4421061 |  | Enersis S.A. | 431 |
| 45303160 |  | Lan Airlines S.A. | 917 |
| 159742 |  | Lundin Mining Corp | 1680 |
| 138426 |  | SACI Falabella | 735 |
| 30569 | (a) | Sociedad Quimica y Minera de Chile S.A. (Class B) | 1089 |
|  |  | TOTAL CHILE | 12489 |
|  |  | CHINA - 2.7% |  |
| 23077 |  | 360 Finance, Inc (ADR) | 1001 |
| 103800 |  | 360 Security Technology, Inc | 148 |
| 35400 |  | 37 Interactive Entertainment Network Technology Group Co Ltd | 85 |
| 170500 |  | AAC Technologies Holdings, Inc | 887 |
| 11300 |  | Accelink Technologies Co Ltd | 78 |
| 3289 |  | ACM Research Shanghai, Inc | 52 |
| 7693 | (a) | Advanced Micro-Fabrication Equipment, Inc China | 196 |
| 34000 |  | AECC Aviation Power Co Ltd | 183 |
| 6011374 |  | Agricultural Bank of China Ltd | 4296 |
| 1121200 |  | Agricultural Bank of China Ltd (Class A) | 920 |
| 41899 |  | Aier Eye Hospital Group Co Ltd | 73 |
| 158900 | (a) | Air China Ltd | 175 |
| 30207 |  | Airtac International Group | 899 |
| 210000 | (a),(b),(c) | Akeso, Inc | 2471 |
| 3697258 |  | Alibaba Group Holding Ltd | 52338 |
| 750676 |  | Alibaba Group Holding Ltd (ADR) | 85134 |
| 1222000 | (a),(b) | Alibaba Health Information Technology Ltd | 742 |
| 920000 |  | Aluminum Corp of China Ltd | 622 |
| 181800 |  | Aluminum Corp of China Ltd (Class A) | 179 |
| 5611 | (a) | Amlogic Shanghai Co Ltd | 56 |
| 6400 |  | Angel Yeast Co Ltd | 31 |
| 271292 |  | Anhui Conch Cement Co Ltd | 691 |
| 57600 |  | Anhui Conch Cement Co Ltd (Class A) | 173 |
| 27000 |  | Anhui Gujing Distillery Co Ltd | 361 |
| 5400 |  | Anhui Gujing Distillery Co Ltd (Class A) | 100 |
| 28400 |  | Anhui Jianghuai Automobile Group Corp Ltd | 159 |
| 7700 |  | Anhui Yingjia Distillery Co Ltd | 42 |
| 6510 |  | Anker Innovations Technology Co Ltd | 103 |
| 276000 |  | Anta Sports Products Ltd | 3340 |
| 1948 |  | APT Medical, Inc | 81 |
| 14783 |  | Autohome, Inc (ADR) | 381 |
| 33800 |  | Avary Holding Shenzhen Co Ltd | 151 |
| 608784 |  | AviChina Industry & Technology Co Ltd | 344 |
| 5600 |  | AVICOPTER plc | 30 |
| 86200 | (a) | BAIC BluePark New Energy Technology Co Ltd | 89 |
| 480179 | (a) | Baidu, Inc | 5146 |
| 287900 |  | Bank of Beijing Co Ltd | 275 |
| 52000 |  | Bank of Changsha Co Ltd | 72 |
| 50700 |  | Bank of Chengdu Co Ltd | 142 |
| 479200 |  | Bank of China Ltd - A | 376 |
| 15347693 |  | Bank of China Ltd - H | 8935 |
| 688200 |  | Bank of Communications Co Ltd - A | 769 |
| 1906937 |  | Bank of Communications Co Ltd - H | 1777 |
| 78900 |  | Bank of Hangzhou Co Ltd | 185 |

---

**130** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | CHINA (continued) |  |
| 243580 | Bank of Jiangsu Co Ltd | $406 |
| 134000 | Bank of Nanjing Co Ltd | 217 |
| 85700 | Bank of Ningbo Co Ltd | 327 |
| 187422 | Bank of Shanghai Co Ltd | 278 |
| 51400 | Bank of Suzhou Co Ltd | 63 |
| 296863 | Baoshan Iron & Steel Co Ltd | 273 |
| 124800<br> (a) | BeiGene Ltd (ADR) | 30210 |
| 39000 | Beijing Enlight Media Co Ltd | 110 |
| 113149 | Beijing Enterprises Holdings Ltd | 467 |
| 909322 | Beijing Enterprises Water Group Ltd | 275 |
| 5803<br> (a) | Beijing Kingsoft Office Software, Inc | 227 |
| 23500 | Beijing New Building Materials plc | 87 |
| 13300 | Beijing Oriental Yuhong Waterproof Technology Co Ltd | 20 |
| 1136 | Beijing Roborock Technology Co Ltd | 25 |
| 9600 | Beijing Tiantan Biological Products Corp Ltd | 26 |
| 6900 | Beijing Tongrentang Co Ltd | 35 |
| 5060 | Beijing Wantai Biological Pharmacy Enterprise Co Ltd | 43 |
| 32800 | Beijing Yanjing Brewery Co Ltd | 59 |
| 636549<br> (a) | Beijing-Shanghai High Speed Railway Co Ltd | 511 |
| 304000<br> (a) | BeOne Medicines Ltd | 5751 |
| 1569 | Bestechnic Shanghai Co Ltd | 76 |
| 6480 | Bethel Automotive Safety Systems Co Ltd | 48 |
| 50260<br> (a) | Bilibili, Inc | 1079 |
| 47398<br> (c) | BOC Aviation Ltd | 393 |
| 26900 | BOC International China Co Ltd | 40 |
| 500367 | BOE Technology Group Co Ltd | 279 |
| 1014571 | Bosideng International Holdings Ltd | 601 |
| 24022 | BYD Co Ltd | 1114 |
| 2062756 | BYD Co Ltd (H shares) | 32117 |
| 173500 | BYD Electronic International Co Ltd | 706 |
| 150000 | C&D International Investment Group Ltd | 305 |
| 74530 | Caitong Securities Co Ltd | 82 |
| 5333<br> (a) | Cambricon Technologies Corp Ltd | 448 |
| 22900 | Capital Securities Co Ltd | 64 |
| 266200<br> (a) | CCOOP Group Co Ltd | 86 |
| 262800 | CGN Power Co Ltd | 134 |
| 2348000<br> (c) | CGN Power Co Ltd | 801 |
| 2000<br> (a) | Changchun High & New Technology Industry Group, Inc | 28 |
| 73900 | Changjiang Securities Co Ltd | 72 |
| 2700 | Changzhou Xingyu Automotive Lighting Systems Co Ltd | 47 |
| 25700 | Chaozhou Three-Circle Group Co Ltd | 120 |
| 5500 | Chifeng Jilong Gold Mining Co Ltd | 19 |
| 1796050 | China Citic Bank | 1712 |
| 448531 | China Coal Energy Co | 519 |
| 576000 | China Communications Services Corp Ltd | 313 |
| 273300 | China Construction Bank Corp - A | 360 |
| 20697509 | China Construction Bank Corp - H | 20945 |
| 61000 | China CSSC Holdings Ltd | 277 |
| 198700<br> (a) | China Eastern Airlines Corp Ltd | 112 |
| 404400 | China Energy Engineering Corp Ltd | 126 |
| 640300 | China Everbright Bank Co Ltd - A | 371 |
| 763791 | China Everbright Bank Co Ltd - H | 381 |
| 830000<br> (c) | China Feihe Ltd | 605 |
| 775000 | China Galaxy Securities Co Ltd | 876 |
| 101200 | China Galaxy Securities Co Ltd (Class A) | 242 |
| 598825 | China Gas Holdings Ltd | 560 |
| 38100 | China Great Wall Securities Co Ltd | 45 |
| 35100 | China Greatwall Technology Group Co Ltd | 73 |
| 613644<br> (b) | China Hongqiao Group Ltd | 1413 |
| 329800 | China Insurance International Holdings Co Ltd | 645 |
| 36800 | China International Capital Corp Ltd | 182 |
| 346562<br> (c) | China International Capital Corp Ltd | 786 |

---

**131** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 55529 |  | China Jushi Co Ltd | $88 |
| 1622351 |  | China Life Insurance Co Ltd | 3915 |
| 38000 |  | China Life Insurance Co Ltd (Class A) | 219 |
| 91800 | (a),(c) | China Literature Ltd | 351 |
| 710000 |  | China Longyuan Power Group Corp Ltd | 641 |
| 689000 |  | China Mengniu Dairy Co Ltd | 1420 |
| 842828 |  | China Merchants Bank Co Ltd | 5912 |
| 266690 |  | China Merchants Bank Co Ltd (Class A) | 1711 |
| 99579 |  | China Merchants Energy Shipping Co Ltd | 87 |
| 78700 |  | China Merchants Expressway Network & Technology Holdings Co Ltd | 132 |
| 279431 |  | China Merchants Holdings International Co Ltd | 509 |
| 97720 |  | China Merchants Securities Co Ltd | 240 |
| 129600 |  | China Merchants Shekou Industrial Zone Holdings Co Ltd | 159 |
| 474020 |  | China Minsheng Banking Corp Ltd - A | 314 |
| 1471611 |  | China Minsheng Banking Corp Ltd - H | 835 |
| 852000 |  | China Molybdenum Co Ltd | 870 |
| 239900 |  | China Molybdenum Co Ltd (Class A) | 282 |
| 825217 |  | China National Building Material Co Ltd | 395 |
| 32900 |  | China National Chemical Engineering Co Ltd | 35 |
| 273800 |  | China National Nuclear Power Co Ltd | 356 |
| 11900 |  | China National Software & Service Co Ltd | 78 |
| 47600 |  | China Northern Rare Earth Group High-Tech Co Ltd | 166 |
| 404002 |  | China Oilfield Services Ltd | 332 |
| 808435 |  | China Overseas Land & Investment Ltd | 1409 |
| 92800 |  | China Pacific Insurance Group Co Ltd - A | 486 |
| 579800 |  | China Pacific Insurance Group Co Ltd - H | 1995 |
| 5168000 |  | China Petroleum & Chemical Corp | 2711 |
| 417900 |  | China Petroleum & Chemical Corp | 329 |
| 937723 | (b) | China Power International Development Ltd | 357 |
| 284900 |  | China Railway Group Ltd - A | 223 |
| 923000 |  | China Railway Group Ltd - H | 443 |
| 95452 |  | China Railway Signal & Communication Corp Ltd | 69 |
| 13600 |  | China Rare Earth Resources And Technology Co Ltd | 69 |
| 361000 |  | China Resources Beer Holdings Company Ltd | 1155 |
| 206995 |  | China Resources Gas Group Ltd | 530 |
| 692698 |  | China Resources Land Ltd | 2359 |
| 16431 |  | China Resources Microelectronics Ltd | 108 |
| 153400 | (c) | China Resources Mixc Lifestyle Services Ltd | 745 |
| 175500 | (c) | China Resources Pharmaceutical Group Ltd | 115 |
| 446885 |  | China Resources Power Holdings Co | 1080 |
| 7943 |  | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | 35 |
| 1859245 | (a),(b) | China Ruyi Holdings Ltd | 599 |
| 85490 |  | China Shenhua Energy Co Ltd - A | 484 |
| 728316 | (b) | China Shenhua Energy Co Ltd - H | 2830 |
| 142900 | (a) | China Southern Airlines Co Ltd (Class A) | 118 |
| 224800 | (a) | China State Construction Engineering Corp Ltd | 181 |
| 412974 |  | China State Construction International Holdings Ltd | 623 |
| 380500 |  | China Three Gorges Renewables Group Co Ltd | 226 |
| 24925 |  | China Tourism Group Duty Free Corp Ltd | 212 |
| 970700 | (c) | China Tower Corp Ltd | 1392 |
| 397900 |  | China United Network Communications Ltd | 297 |
| 496000 | (b) | China Vanke Co Ltd | 309 |
| 136300 |  | China Vanke Co Ltd (Class A) | 122 |
| 80500 |  | China XD Electric Co Ltd | 69 |
| 316078 |  | China Yangtze Power Co Ltd | 1330 |
| 204740 |  | China Zheshang Bank Co Ltd | 97 |
| 3000 |  | Chongqing Brewery Co Ltd | 23 |
| 106154 | (a) | Chongqing Changan Automobile Co Ltd | 189 |
| 520099 |  | Chongqing Rural Commercial Bank | 440 |
| 142000 |  | Chongqing Rural Commercial Bank Co Ltd | 142 |
| 10950 |  | Chongqing Zhifei Biological Products Co Ltd | 30 |
| 463000 | (b) | Chow Tai Fook Jewellery Group Ltd | 794 |

---

**132** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 911735 |  | Citic Pacific Ltd | $1255 |
| 32112 |  | Citic Pacific Special Steel Group Co Ltd | 53 |
| 344274 |  | CITIC Securities Co Ltd | 1044 |
| 165370 |  | CITIC Securities Co Ltd (Class A) | 638 |
| 4420 |  | CNGR Advanced Material Co Ltd | 20 |
| 86745 |  | CNOOC Energy Technology & Services Ltd | 49 |
| 116500 |  | CNPC Capital Co Ltd | 119 |
| 820000 |  | Cnpc Hong Kong Ltd | 797 |
| 13523 | (a),(b) | Contemporary Amperex Technology Co Ltd | 567 |
| 57098 |  | Contemporary Amperex Technology Co Ltd | 2013 |
| 52266 |  | COSCO SHIPPING Energy Transportation Co Ltd | 75 |
| 170060 |  | COSCO SHIPPING Holdings Co Ltd - A | 357 |
| 648150 | (b) | COSCO SHIPPING Holdings Co Ltd - H | 1128 |
| 939000 |  | CRRC Corp Ltd | 567 |
| 313300 |  | CRRC Corp Ltd (Class A) | 308 |
| 54100 |  | CSC Financial Co Ltd | 182 |
| 51660 |  | CSI Solar Co Ltd | 66 |
| 7680 |  | CSPC Innovation Pharmaceutical Co Ltd | 55 |
| 656880 |  | CSPC Pharmaceutical Group Ltd | 646 |
| 260600 |  | Daqin Railway Co Ltd | 240 |
| 144308 |  | Datang International Power Generation Co Ltd | 64 |
| 3100 |  | Dong-E-E-Jiao Co Ltd | 23 |
| 39000 |  | Dongfang Electric Corp Ltd | 91 |
| 44600 |  | Dongxing Securities Co Ltd | 69 |
| 202406 |  | East Money Information Co Ltd | 654 |
| 6850 |  | Eastroc Beverage Group Co Ltd | 300 |
| 5000 |  | Ecovacs Robotics Co Ltd | 41 |
| 5300 |  | Empyrean Technology Co Ltd | 92 |
| 175000 |  | ENN Energy Holdings Ltd | 1405 |
| 28200 |  | ENN Natural Gas Co Ltd | 74 |
| 13020 |  | Eoptolink Technology, Inc Ltd | 232 |
| 26470 |  | Eve Energy Co Ltd | 169 |
| 52300 |  | Everbright Securities Co Ltd | 131 |
| 125473 | (a) | Everdisplay Optronics Shanghai Co Ltd | 41 |
| 151000 |  | Far East Horizon Ltd | 131 |
| 23800 |  | Flat Glass Group Co Ltd | 51 |
| 223400 |  | Focus Media Information Technology Co Ltd | 228 |
| 58422 |  | Foshan Haitian Flavouring & Food Co Ltd | 318 |
| 573521 |  | Fosun International | 342 |
| 105500 |  | Founder Securities Co Ltd | 117 |
| 178000 |  | Foxconn Industrial Internet Co Ltd | 534 |
| 25800 |  | Fuyao Glass Industry Group Co Ltd - A | 205 |
| 135506 | (c) | Fuyao Glass Industry Group Co Ltd - H | 968 |
| 22387 |  | GalaxyCore, Inc | 48 |
| 21920 |  | Ganfeng Lithium Group Co Ltd | 103 |
| 4849000 | (a),(b) | GCL Technology Holdings Ltd | 619 |
| 220275 |  | GD Power Development Co Ltd | 149 |
| 233000 | (a),(b) | GDS Holdings Ltd (ADR) | 7123 |
| 1317362 |  | Geely Automobile Holdings Ltd | 2689 |
| 58500 |  | GEM Co Ltd | 52 |
| 92000 | (a) | Genscript Biotech Corp | 174 |
| 83400 |  | GF Securities Co Ltd (Class A) | 196 |
| 68000 | (c) | Giant Biogene Holding Co ltd | 502 |
| 8812 | (a) | GigaDevice Semiconductor, Inc | 156 |
| 47900 |  | GoerTek, Inc | 156 |
| 11977 |  | Gongniu Group Co Ltd | 81 |
| 22400 | (a) | Gotion High-tech Co Ltd | 102 |
| 511196 | (a) | Great Wall Motor Co Ltd | 789 |
| 31400 | (a) | Great Wall Motor Co Ltd | 94 |
| 40700 |  | Gree Electric Appliances, Inc of Zhuhai | 255 |
| 50100 |  | GRG Banking Equipment Co Ltd | 94 |
| 23500 |  | Guangdong Haid Group Co Ltd | 192 |

---

**133** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 662000 |  | Guangdong Investments Ltd | $555 |
| 93192 | (a) | Guanghui Energy Co Ltd | 78 |
| 71658 |  | Guangzhou Automobile Group Co Ltd | 75 |
| 10500 |  | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | 39 |
| 32600 |  | Guangzhou Haige Communications Group, Inc Co | 64 |
| 21800 |  | Guangzhou Tinci Materials Technology Co Ltd | 55 |
| 31000 |  | Guolian Securities Co Ltd | 45 |
| 84900 |  | Guosen Securities Co Ltd | 137 |
| 173822 |  | Guotai Junan Securities Co Ltd | 465 |
| 416785 | (c) | Guotai Junan Securities Co Ltd (Hong Kong) | 670 |
| 68990 |  | Guoyuan Securities Co Ltd | 76 |
| 377000 | (c) | Haidilao International Holding Ltd | 719 |
| 526884 |  | Haier Smart Home Co Ltd | 1514 |
| 79800 |  | Haier Smart Home Co Ltd | 276 |
| 524300 | (a) | Hainan Airlines Holding Co Ltd | 98 |
| 83000 | (a) | Hainan Airport Infrastructure Co Ltd | 41 |
| 13800 |  | Haisco Pharmaceutical Group Co Ltd | 81 |
| 153000 |  | Haitian International Holdings Ltd | 398 |
| 29105 |  | Hangzhou First Applied Material Co Ltd | 53 |
| 20900 |  | Hangzhou Silan Microelectronics Co Ltd | 73 |
| 1800 |  | Hangzhou Tigermed Consulting Co Ltd - A | 13 |
| 100000 | (c) | Hansoh Pharmaceutical Group Co Ltd | 380 |
| 22500 |  | Hebei Yangyuan Zhihui Beverage Co Ltd | 66 |
| 37700 |  | Henan Shenhuo Coal & Power Co Ltd | 88 |
| 41000 |  | Henan Shuanghui Investment & Development Co Ltd | 140 |
| 136490 |  | Hengan International Group Co Ltd | 393 |
| 100780 |  | Hengli Petrochemical Co Ltd | 201 |
| 32500 |  | Hengtong Optic-electric Co Ltd | 69 |
| 81000 |  | Hisense Kelon Electrical Holdings Co Ltd | 221 |
| 7300 |  | Hithink RoyalFlush Information Network Co Ltd | 278 |
| 72100 |  | HLA Corp Ltd | 70 |
| 8600 |  | Hoshine Silicon Industry Co Ltd | 57 |
| 144000 | (a),(b),(c) | Hua Hong Semiconductor Ltd | 640 |
| 121600 |  | Huadian Power International Corp Ltd (Class A) | 93 |
| 9740 |  | Huadong Medicine Co Ltd | 55 |
| 52800 |  | Huafon Chemical Co Ltd | 49 |
| 15500 |  | Huagong Tech Co Ltd | 102 |
| 51400 |  | Huaibei Mining Holdings Co Ltd | 81 |
| 9360 |  | Hualan Biological Engineering, Inc | 21 |
| 77615 |  | Huaneng Lancang River Hydropower, Inc | 103 |
| 129700 |  | Huaneng Power International, Inc - A | 129 |
| 944464 |  | Huaneng Power International, Inc - H | 609 |
| 11800 |  | Huaqin Technology Co Ltd | 133 |
| 292000 | (c) | Huatai Securities Co Ltd | 594 |
| 95300 |  | Huatai Securities Co Ltd (Class A) | 237 |
| 166200 |  | Huaxia Bank Co Ltd | 184 |
| 41449 |  | Huayu Automotive Systems Co Ltd | 102 |
| 44409 |  | Huazhu Group Ltd (ADR) | 1506 |
| 5800 |  | Huizhou Desay Sv Automotive Co Ltd | 83 |
| 9500 |  | Humanwell Healthcare Group Co Ltd | 28 |
| 94200 |  | Hunan Valin Steel Co Ltd | 58 |
| 23112 |  | Hundsun Technologies, Inc | 108 |
| 2845 |  | Hwatsing Technology Co Ltd | 67 |
| 30120 |  | Hygon Information Technology Co Ltd | 595 |
| 33800 |  | Iflytek Co Ltd | 226 |
| 1260 |  | Imeik Technology Development Co Ltd | 31 |
| 821300 |  | Industrial & Commercial Bank of China Ltd - A | 870 |
| 14019070 |  | Industrial & Commercial Bank of China Ltd - H | 11132 |
| 278600 |  | Industrial Bank Co Ltd | 908 |
| 102990 |  | Industrial Securities Co Ltd | 89 |
| 6600 |  | Ingenic Semiconductor Co Ltd | 64 |
| 622100 |  | Inner Mongolia BaoTou Steel Union Co Ltd | 156 |

---

**134** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 34847 |  | Inner Mongolia Dian Tou Energy Corp Ltd | $96 |
| 137600 |  | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | 106 |
| 83081 |  | Inner Mongolia Yili Industrial Group Co Ltd | 323 |
| 203413 |  | Inner Mongolia Yitai Coal Co | 403 |
| 290000 | (a),(b),(c) | Innovent Biologics, Inc | 2907 |
| 20900 |  | Inspur Electronic Information Industry Co Ltd | 149 |
| 14250 |  | Isoftstone Information Technology Group Co Ltd | 109 |
| 42300 |  | JA Solar Technology Co Ltd | 59 |
| 24700 |  | JCET Group Co Ltd | 116 |
| 244100 | (a),(c) | JD Health International, Inc | 1344 |
| 441702 | (a),(c) | JD Logistics, Inc | 743 |
| 1982855 |  | JD.com, Inc | 32385 |
| 68300 |  | Jiangsu Eastern Shenghong Co Ltd | 79 |
| 269277 |  | Jiangsu Express | 380 |
| 16804 |  | Jiangsu Hengli Hydraulic Co Ltd | 169 |
| 32882 |  | Jiangsu Hengrui Pharmaceuticals Co Ltd | 238 |
| 10700 | (a) | Jiangsu Hoperun Software Co Ltd | 76 |
| 13400 |  | Jiangsu King's Luck Brewery JSC Ltd | 73 |
| 35900 |  | Jiangsu Phoenix Publishing & Media Corp Ltd | 56 |
| 17900 |  | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | 161 |
| 4300 |  | Jiangsu Yoke Technology Co Ltd | 33 |
| 5200 |  | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | 26 |
| 47500 |  | Jiangsu Zhongtian Technology Co Ltd | 96 |
| 257000 |  | Jiangxi Copper Co Ltd | 500 |
| 29158 |  | Jiangxi Copper Co Ltd (Class A) | 96 |
| 40784 |  | Jinduicheng Molybdenum Co Ltd | 62 |
| 130215 |  | Jinko Solar Co Ltd | 94 |
| 19900 |  | Juneyao Airlines Co Ltd | 37 |
| 63469 | (a) | Kanzhun Ltd (ADR) | 1132 |
| 5585 |  | KE Holdings, Inc | 33 |
| 149914 |  | KE Holdings, Inc (ADR) | 2660 |
| 661000 | (a) | Kingdee International Software Group Co Ltd | 1306 |
| 210000 |  | Kingsoft Corp Ltd | 1098 |
| 578000 | (a),(c) | Kuaishou Technology | 4692 |
| 30400 |  | Kuang-Chi Technologies Co Ltd | 170 |
| 17300 |  | Kunlun Tech Co Ltd | 81 |
| 16200 |  | Kweichow Moutai Co Ltd | 3189 |
| 33700 |  | LB Group Co Ltd | 76 |
| 1756000 |  | Lenovo Group Ltd | 2122 |
| 69700 |  | Lens Technology Co Ltd | 217 |
| 268579 | (a) | Li Auto, Inc | 3666 |
| 506500 |  | Li Ning Co Ltd | 1098 |
| 176000 |  | Liaoning Port Co Ltd | 37 |
| 81900 |  | Lingyi iTech Guangdong Co | 98 |
| 449500 | (c) | Longfor Group Holdings Ltd | 533 |
| 105613 |  | LONGi Green Energy Technology Co Ltd | 222 |
| 3930 | (a) | Loongson Technology Corp Ltd | 73 |
| 95509 |  | Luxshare Precision Industry Co Ltd | 463 |
| 19200 |  | Luzhou Laojiao Co Ltd | 304 |
| 25790 |  | Mango Excellent Media Co Ltd | 79 |
| 6572 |  | Maxscend Microelectronics Co Ltd | 66 |
| 41243 |  | Meihua Holdings Group Co Ltd | 62 |
| 1070479 | (a),(c) | Meituan | 17220 |
| 225500 |  | Metallurgical Corp of China Ltd | 94 |
| 78252 |  | Midea Group Co Ltd | 744 |
| 48700 |  | Midea Group Co Ltd | 491 |
| 95600 | (b) | MINISO Group Holding Ltd | 436 |
| 944429 | (a) | MMG Ltd | 463 |
| 13863 |  | Montage Technology Co Ltd | 159 |
| 72344 |  | Muyuan Foods Co Ltd | 424 |
| 91000 |  | Nanjing Iron & Steel Co Ltd | 53 |
| 31400 |  | Nanjing Securities Co Ltd | 35 |

---

**135** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 106651 |  | NARI Technology Co Ltd | $334 |
| 35181 |  | National Silicon Industry Group Co Ltd | 92 |
| 6600 |  | NAURA Technology Group Co Ltd | 408 |
| 375026 |  | NetEase, Inc | 10107 |
| 27500 |  | New China Life Insurance Co Ltd - A | 225 |
| 207500 |  | New China Life insurance Co Ltd - H | 1136 |
| 50700 | (a) | New Hope Liuhe Co Ltd | 66 |
| 265044 |  | New Oriental Education & Technology Group, Inc | 1431 |
| 27932 |  | Nexchip Semiconductor Corp | 79 |
| 20200 |  | Ninestar Corp | 65 |
| 10225 |  | Ningbo Deye Technology Co Ltd | 75 |
| 8800 |  | Ningbo Orient Wires & Cables Co Ltd | 64 |
| 23200 |  | Ningbo Sanxing Medical Electric Co Ltd | 73 |
| 20735 |  | Ningbo Tuopu Group Co Ltd | 137 |
| 95449 |  | Ningxia Baofeng Energy Group Co Ltd | 215 |
| 338470 | (a),(b) | NIO, Inc | 1158 |
| 442200 | (c) | Nongfu Spring Co Ltd | 2268 |
| 49400 | (a) | OFILM Group Co Ltd | 82 |
| 5840 |  | Oppein Home Group, Inc | 46 |
| 78328 |  | Orient Securities Co Ltd | 106 |
| 149306 | (a) | PDD Holdings, Inc (ADR) | 15626 |
| 1929276 |  | People's Insurance Co Group of China Ltd | 1473 |
| 154600 |  | People's Insurance Co Group of China Ltd (Class A) | 188 |
| 278500 |  | PetroChina Co Ltd | 332 |
| 4530000 |  | PetroChina Co Ltd | 3904 |
| 7425 | (a) | Pharmaron Beijing Co Ltd - A | 25 |
| 1497959 |  | PICC Property & Casualty Co Ltd | 2911 |
| 241713 |  | Ping An Bank Co Ltd | 407 |
| 1449203 |  | Ping An Insurance Group Co of China Ltd | 9251 |
| 141100 |  | Ping An Insurance Group Co of China Ltd (Class A) | 1093 |
| 3471 |  | Piotech, Inc | 75 |
| 152000 |  | Poly Developments and Holdings Group Co Ltd | 172 |
| 115970 | (c) | Pop Mart International Group Ltd | 3951 |
| 410900 |  | Postal Savings Bank of China Co Ltd - A | 314 |
| 1942201 | (c) | Postal Savings Bank of China Co Ltd - H | 1358 |
| 199298 |  | Power Construction Corp of China Ltd | 136 |
| 72800 | (a) | Qinghai Salt Lake Industry Co Ltd | 173 |
| 18700 |  | Range Intelligent Computing Technology Group Co Ltd | 129 |
| 5000 |  | Rockchip Electronics Co Ltd | 106 |
| 117073 |  | Rongsheng Petrochemical Co Ltd | 135 |
| 107800 |  | SAIC Motor Corp Ltd | 241 |
| 31700 |  | Sailun Group Co Ltd | 58 |
| 67400 | (a) | Sanan Optoelectronics Co Ltd | 117 |
| 115400 |  | Sany Heavy Industry Co Ltd | 289 |
| 45573 |  | Satellite Chemical Co Ltd | 110 |
| 65200 |  | SDIC Capital Co Ltd | 68 |
| 113500 |  | SDIC Power Holdings Co Ltd | 233 |
| 21065 |  | Seres Group Co Ltd | 395 |
| 68700 |  | SF Holding Co Ltd | 468 |
| 8108 |  | SG Micro Corp | 83 |
| 123613 |  | Shaanxi Coal Industry Co Ltd | 332 |
| 48620 |  | Shandong Gold Mining Co Ltd - A | 218 |
| 179000 | (b),(c) | Shandong Gold Mining Co Ltd - H | 628 |
| 10700 |  | Shandong Himile Mechanical Science & Technology Co Ltd | 88 |
| 26483 |  | Shandong Hualu Hengsheng Chemical Co Ltd | 80 |
| 157900 |  | Shandong Nanshan Aluminum Co Ltd | 84 |
| 43600 |  | Shandong Sun Paper Industry JSC Ltd | 82 |
| 198400 |  | Shandong Weigao Group Medical Polymer Co Ltd | 155 |
| 177743 |  | Shanghai Baosight Software Co Ltd | 241 |
| 25798 |  | Shanghai Baosight Software Co Ltd | 85 |
| 182700 |  | Shanghai Electric Group Co Ltd | 189 |
| 8500 |  | Shanghai Fosun Pharmaceutical Group Co Ltd - A | 30 |

---

**136** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 3081 |  | Shanghai Friendess Electronic Technology Corp Ltd | $57 |
| 16300 |  | Shanghai International Airport Co Ltd | 72 |
| 9700 |  | Shanghai M&G Stationery, Inc | 39 |
| 16300 |  | Shanghai Pharmaceuticals Holding Co Ltd - A | 41 |
| 385400 |  | Shanghai Pudong Development Bank Co Ltd | 747 |
| 21136 |  | Shanghai Putailai New Energy Technology Co Ltd | 55 |
| 21200 |  | Shanghai RAAS Blood Products Co Ltd | 20 |
| 113000 |  | Shanghai Rural Commercial Bank Co Ltd | 153 |
| 3921 |  | Shanghai United Imaging Healthcare Co Ltd | 70 |
| 21500 |  | Shanghai Zhangjiang High-Tech Park Development Co Ltd | 77 |
| 32179 |  | Shanxi Lu'an Environmental Energy Development Co Ltd | 47 |
| 15580 |  | Shanxi Xinghuacun Fen Wine Factory Co Ltd | 384 |
| 60512 |  | Shanxi Xishan Coal & Electricity Power Co Ltd | 54 |
| 82800 | (a) | Shenergy Co Ltd | 99 |
| 30100 |  | Shengyi Technology Co Ltd | 127 |
| 7864 |  | Shennan Circuits Co Ltd | 119 |
| 307100 |  | Shenwan Hongyuan Group Co Ltd | 215 |
| 8400 |  | Shenzhen Goodix Technology Co Ltd | 83 |
| 17100 |  | Shenzhen Inovance Technology Co Ltd | 154 |
| 11260 |  | Shenzhen Investment Holdings Bay Area Development Co Ltd | 3 |
| 47200 |  | Shenzhen Mindray Bio-Medical Electronics Co Ltd | 1481 |
| 3200 |  | Shenzhen New Industries Biomedical Engineering Co Ltd | 25 |
| 6000 |  | Shenzhen Salubris Pharmaceuticals Co Ltd | 40 |
| 15777 |  | Shenzhen Transsion Holdings Co Ltd | 176 |
| 180500 |  | Shenzhou International Group Holdings Ltd | 1290 |
| 2717 | (a) | Sichuan Biokin Pharmaceutical Co Ltd | 112 |
| 62200 |  | Sichuan Changhong Electric Co Ltd | 84 |
| 60500 |  | Sichuan Chuantou Energy Co Ltd | 135 |
| 8500 |  | Sichuan Kelun Pharmaceutical Co Ltd | 43 |
| 85900 |  | Sichuan Road and Bridge Group Co Ltd | 119 |
| 10000 | (a) | Sieyuan Electric Co Ltd | 102 |
| 71000 |  | Silergy Corp | 865 |
| 32100 |  | Sinolink Securities Co Ltd | 39 |
| 109200 |  | Sinopharm Group Co Ltd | 256 |
| 156592 |  | Sinotruk Hong Kong Ltd | 457 |
| 400000 | (b),(c) | Smoore International Holdings Ltd | 931 |
| 69062 |  | SooChow Securities Co Ltd | 84 |
| 91100 |  | Southwest Securities Co Ltd | 55 |
| 13800 |  | Spring Airlines Co Ltd | 107 |
| 27440 |  | Sungrow Power Supply Co Ltd | 260 |
| 155700 |  | Sunny Optical Technology Group Co Ltd | 1383 |
| 21300 |  | Sunwoda Electronic Co Ltd | 60 |
| 22100 |  | Suzhou Dongshan Precision Manufacturing Co Ltd | 117 |
| 10668 |  | Suzhou TFC Optical Communication Co Ltd | 120 |
| 89300 | (a) | TAL Education Group (ADR) | 913 |
| 73060 |  | TBEA Co Ltd | 122 |
| 262510 | (a) | TCL Technology Group Corp | 159 |
| 49575 |  | TCL Zhonghuan Renewable Energy Technology Co Ltd | 53 |
| 2334067 |  | Tencent Holdings Ltd | 150397 |
| 1306060 |  | Tencent Music Entertainment Group (ADR) | 25455 |
| 105600 |  | Tianfeng Securities Co Ltd | 73 |
| 19600 |  | Tianqi Lithium Corp | 88 |
| 51600 |  | Tianshan Aluminum Group Co Ltd | 60 |
| 53500 |  | Tianshui Huatian Technology Co Ltd | 75 |
| 444000 |  | Tingyi Cayman Islands Holding Corp | 652 |
| 279200 |  | Tongcheng Travel Holdings Ltd | 698 |
| 19600 |  | TongFu Microelectronics Co Ltd | 70 |
| 156147 |  | Tongling Nonferrous Metals Group Co Ltd | 73 |
| 60700 |  | Tongwei Co Ltd | 142 |
| 233000 |  | Travelsky Technology Ltd | 312 |
| 25738 |  | Trina Solar Co Ltd | 52 |
| 133734 |  | Trip.com Group Ltd | 7832 |

---

**137** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 136000 |  | Tsingtao Brewery Co Ltd | $890 |
| 9800 |  | Tsingtao Brewery Co Ltd (Class A) | 95 |
| 10899 |  | Unigroup Guoxin Microelectronics Co Ltd | 100 |
| 38800 |  | Unisplendour Corp Ltd | 130 |
| 6981 | (a) | Verisilicon Microelectronics Shanghai Co Ltd | 94 |
| 11700 |  | Victory Giant Technology Huizhou Co Ltd | 220 |
| 72200 |  | Vipshop Holdings Ltd (ADR) | 1087 |
| 42700 |  | Wanhua Chemical Group Co Ltd | 324 |
| 1055471 |  | Want Want China Holdings Ltd | 738 |
| 430000 |  | Weichai Power Co Ltd | 876 |
| 105400 |  | Weichai Power Co Ltd (Class A) | 226 |
| 87483 |  | Wens Foodstuffs Group Co Ltd | 209 |
| 16000 |  | Western Mining Co Ltd | 37 |
| 64600 |  | Western Securities Co Ltd | 71 |
| 7014 |  | Western Superconducting Technologies Co Ltd | 51 |
| 17910 |  | Will Semiconductor Co Ltd | 319 |
| 17200 |  | Wingtech Technology Co Ltd | 81 |
| 378400 |  | Wintime Energy Group Co Ltd | 71 |
| 53574 |  | Wuhan Guide Infrared Co Ltd | 77 |
| 50900 |  | Wuliangye Yibin Co Ltd | 845 |
| 24210 |  | WUS Printed Circuit Kunshan Co Ltd | 144 |
| 13016 |  | WuXi AppTec Co Ltd - A | 126 |
| 25885 | (b),(c) | WuXi AppTec Co Ltd - H | 260 |
| 19522500 | (a),(c) | Wuxi Biologics Cayman, Inc | 64149 |
| 159600 |  | XCMG Construction Machinery Co Ltd | 173 |
| 33700 |  | Xiamen C & D, Inc | 49 |
| 26600 |  | Xiamen Tungsten Co Ltd | 78 |
| 3379200 | (a),(c) | Xiaomi Corp | 26012 |
| 20713 |  | Xinjiang Daqo New Energy Co Ltd | 62 |
| 53800 |  | Xinjiang Goldwind Science & Technology Co Ltd - A | 77 |
| 1039795 | (b) | Xinyi Solar Holdings Ltd | 331 |
| 267646 | (a) | XPeng, Inc | 2396 |
| 270000 | (c) | Yadea Group Holdings Ltd | 433 |
| 13118 |  | Yantai Jereh Oilfield Services Group Co Ltd | 64 |
| 704688 | (b) | Yanzhou Coal Mining Co Ltd | 701 |
| 77335 |  | Yanzhou Coal Mining Co Ltd (Class A) | 131 |
| 16470 |  | Yealink Network Technology Corp Ltd | 80 |
| 15088 |  | Yifeng Pharmacy Chain Co Ltd | 52 |
| 22800 |  | Yihai Kerry Arawana Holdings Co Ltd | 94 |
| 36820 |  | Yintai Gold Co Ltd | 98 |
| 130100 |  | Yonghui Superstores Co Ltd | 89 |
| 48659 |  | Yonyou Network Technology Co Ltd | 91 |
| 22100 |  | Youngor Group Co Ltd | 23 |
| 42700 |  | YTO Express Group Co Ltd | 77 |
| 80814 |  | Yum China Holdings, Inc | 3613 |
| 49200 |  | Yunnan Aluminium Co Ltd | 110 |
| 8900 |  | Yunnan Baiyao Group Co Ltd | 69 |
| 62477 |  | Yunnan Chihong Zinc&Germanium Co Ltd | 46 |
| 8400 |  | Yunnan Energy New Material Co Ltd | 34 |
| 24081 |  | Yunnan Yuntianhua Co Ltd | 74 |
| 23000 |  | Zangge Mining Co Ltd | 137 |
| 2800 |  | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | 78 |
| 376136 |  | Zhaojin Mining Industry Co Ltd | 989 |
| 28200 |  | Zhejiang China Commodities City Group Co Ltd | 81 |
| 28700 |  | Zhejiang Chint Electrics Co Ltd | 91 |
| 46800 |  | Zhejiang Dahua Technology Co Ltd | 104 |
| 359161 |  | Zhejiang Expressway Co Ltd | 331 |
| 21793 |  | Zhejiang Huayou Cobalt Co Ltd | 113 |
| 16200 |  | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | 61 |
| 39200 |  | Zhejiang Juhua Co Ltd | 157 |
| 110800 | (a),(c) | Zhejiang Leapmotor Technologies Ltd | 774 |
| 55900 |  | Zhejiang Longsheng Group Co Ltd | 79 |

---

**138** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CHINA (continued) |  |
| 16304 |  | Zhejiang NHU Co Ltd | $48 |
| 24800 |  | Zhejiang Sanhua Intelligent Controls Co Ltd | 91 |
| 9420 |  | Zhejiang Supcon Technology Co Ltd | 59 |
| 5600 |  | Zhejiang Supor Co Ltd | 41 |
| 35400 |  | Zhejiang Wanfeng Auto Wheel Co Ltd | 79 |
| 15790 |  | Zhejiang Weiming Environment Protection Co Ltd | 42 |
| 178800 |  | Zhejiang Zheneng Electric Power Co Ltd | 132 |
| 39600 |  | Zhengzhou Yutong Bus Co Ltd | 137 |
| 50000 |  | Zheshang Securities Co Ltd | 76 |
| 16380 |  | Zhongji Innolight Co Ltd | 336 |
| 65800 |  | Zhongjin Gold Corp Ltd | 135 |
| 189500 |  | Zhongsheng Group Holdings Ltd | 293 |
| 63400 |  | Zhongtai Securities Co Ltd | 57 |
| 9447 |  | Zhuzhou CRRC Times Electric Co Ltd | 56 |
| 104367 |  | Zhuzhou CSR Times Electric Co Ltd | 421 |
| 1228404 |  | Zijin Mining Group Co Ltd | 3159 |
| 272346 |  | Zijin Mining Group Co Ltd (Class A) | 745 |
| 93300 |  | Zoomlion Heavy Industry Science and Technology Co Ltd - A | 94 |
| 56800 |  | ZTE Corp | 258 |
| 168000 | (b) | ZTE Corp (Class H) | 522 |
| 91184 |  | ZTO Express Cayman, Inc | 1614 |
|  |  | TOTAL CHINA | 847808 |
|  |  | COLOMBIA - 0.0% |  |
| 55340 |  | Grupo Cibest S.A. | 691 |
| 99284 |  | Grupo Cibest S.A. | 1123 |
| 98464 |  | Interconexion Electrica S.A. ESP | 477 |
|  |  | TOTAL COLOMBIA | 2291 |
|  |  | CONGO, THE DEMOCRATIC REPUBLIC OF THE - 0.0% |  |
| 160704 | (a),(b) | Ivanhoe Mines Ltd | 1207 |
|  |  | TOTAL CONGO, THE DEMOCRATIC REPUBLIC OF THE | 1207 |
|  |  | COTE D'IVOIRE - 0.0% |  |
| 39630 |  | Endeavour Mining plc | 1217 |
|  |  | TOTAL COTE D'IVOIRE | 1217 |
|  |  | CZECH REPUBLIC - 0.0% |  |
| 34970 |  | CEZ AS | 2054 |
| 15902 |  | Komercni Banka AS | 770 |
| 56991 | (c) | Moneta Money Bank AS | 393 |
|  |  | TOTAL CZECH REPUBLIC | 3217 |
|  |  | DENMARK - 0.7% |  |
| 115139 |  | Carlsberg AS (Class B) | 16313 |
| 163633 |  | Danske Bank AS | 6684 |
| 100304 |  | DSV AS | 24058 |
| 2273639 |  | Novo Nordisk A.S. | 157550 |
| 76213 |  | Novozymes A.S. | 5472 |
| 379444 | (a) | Zealand Pharma AS | 21280 |
|  |  | TOTAL DENMARK | 231357 |
|  |  | EGYPT - 0.0% |  |
| 498523 |  | Commercial International Bank | 847 |
| 325621 |  | Eastern Tobacco | 197 |
| 171632 |  | Talaat Moustafa Group | 192 |
|  |  | TOTAL EGYPT | 1236 |
|  |  | FINLAND - 0.0% |  |
| 91504 |  | Neste Oil Oyj | 1240 |
| 125901 | (b) | Stora Enso Oyj (R Shares) | 1369 |
| 115441 | (b) | UPM-Kymmene Oyj | 3152 |
|  |  | TOTAL FINLAND | 5761 |
|  |  | FRANCE - 2.4% |  |
| 125064 |  | Air Liquide | 25788 |
| 524766 |  | Airbus SE | 109781 |
| 12173 |  | Arkema | 899 |
| 1159600 |  | AXA S.A. | 56942 |

---

**139** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | FRANCE (continued) |  |
| 667994 |  | Compagnie de Saint-Gobain | $78473 |
| 202121 |  | Essilor International S.A. | 55501 |
| 10086 |  | Gecina S.A. | 1110 |
| 13572 | (b) | ICADE | 383 |
| 93767 | (b) | Kering | 20428 |
| 129570 |  | Legrand S.A. | 17366 |
| 237694 |  | L'Oreal S.A. | 101817 |
| 190144 |  | LVMH Moet Hennessy Louis Vuitton S.A. | 99518 |
| 991731 | (b) | Orange S. A. | 15102 |
| 256692 |  | Safran S.A. | 83713 |
| 936694 |  | Societe Generale | 53583 |
| 466729 |  | Total S.A. | 28528 |
| 818044 |  | Veolia Environnement | 29206 |
|  |  | TOTAL FRANCE | 778138 |
|  |  | GERMANY - 2.7% |  |
| 49311 |  | Allianz AG. | 20012 |
| 756721 |  | Aroundtown S.A. | 2784 |
| 193041 |  | BASF SE | 9548 |
| 527054 | (a) | BK LC Lux Finco 2 Sarl | 25920 |
| 28105 |  | Brenntag SE | 1862 |
| 38835 | (a) | Covestro AG. | 2763 |
| 110356 |  | Deutsche Boerse AG. | 36052 |
| 546369 |  | Deutsche Telekom AG. | 19999 |
| 147331 | (b) | Dr ING hc F Porsche AG. | 7282 |
| 55434 |  | Evonik Industries AG. | 1145 |
| 32096 |  | Hannover Rueckversicherung AG. | 10114 |
| 441390 |  | HeidelbergCement AG. | 103946 |
| 17652 | (b) | LEG Immobilien SE | 1571 |
| 15215 |  | Muenchener Rueckver AG. | 9880 |
| 1043 |  | OSRAM Licht AG. | 63 |
| 47025 |  | Rheinmetall AG. | 99585 |
| 1909972 |  | RWE AG. | 79814 |
| 621290 |  | SAP AG. | 189978 |
| 634694 |  | Siemens AG. | 163026 |
| 418622 | (a) | Siemens Energy AG. | 48929 |
| 301313 | (c) | Siemens Healthineers AG. | 16727 |
| 28719 |  | Symrise AG. | 3012 |
| 186480 | (b) | Vonovia SE | 6611 |
|  |  | TOTAL GERMANY | 860623 |
|  |  | GREECE - 0.1% |  |
| 465635 | (a) | Alpha Bank S.A. | 1640 |
| 3618666 |  | Eurobank Ergasias Services and Holdings S.A. | 12464 |
| 5760 | (a),(d) | FF Group | 0^ |
| 35860 |  | Hellenic Telecommunications Organization S.A. | 682 |
| 24496 |  | JUMBO S.A. | 846 |
| 21645 |  | Mytilineos Holdings S.A. | 1173 |
| 186062 |  | National Bank of Greece S.A. | 2372 |
| 39998 |  | OPAP S.A. | 907 |
| 228268 |  | Piraeus Financial Holdings S.A. | 1581 |
| 37234 |  | Public Power Corp | 609 |
|  |  | TOTAL GREECE | 22274 |
|  |  | HONG KONG - 0.1% |  |
| 1004000 |  | Hang Lung Properties Ltd | 961 |
| 373000 |  | Henderson Land Development Co Ltd | 1310 |
| 630200 |  | Hongkong Land Holdings Ltd | 3636 |
| 532000 | (a) | J&T Global Express Ltd | 461 |
| 454739 |  | Link REIT | 2436 |
| 437000 | (b) | New World Development Co Ltd | 319 |
| 30000 |  | Orient Overseas International Ltd | 510 |
| 866250 |  | Sino Biopharmaceutical Ltd | 583 |
| 380500 |  | Sun Hung Kai Properties Ltd | 4384 |

---

**140** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | HONG KONG (continued) |  |
| 309000 |  | Wharf Real Estate Investment Co Ltd | $877 |
|  |  | TOTAL HONG KONG | 15477 |
|  |  | HUNGARY - 0.0% |  |
| 87941 |  | MOL Hungarian Oil & Gas plc | 766 |
| 48307 |  | OTP Bank Rt | 3861 |
| 11229 |  | Richter Gedeon Rt | 331 |
|  |  | TOTAL HUNGARY | 4958 |
|  |  | INDIA - 1.4% |  |
| 11741 |  | ABB Ltd India | 833 |
| 35166 |  | Adani Enterprises Ltd | 1075 |
| 117866 |  | Adani Ports & Special Economic Zone Ltd | 1994 |
| 127316 | (a) | Adani Power Ltd | 868 |
| 4163 |  | Alkem Laboratories Ltd | 240 |
| 138501 |  | Ambuja Cements Ltd | 933 |
| 38902 |  | APL Apollo Tubes Ltd | 789 |
| 53944 |  | Apollo Hospitals Enterprise Ltd | 4557 |
| 317860 |  | Ashok Leyland Ltd | 930 |
| 83242 |  | Asian Paints Ltd | 2273 |
| 26353 |  | Astral Ltd | 463 |
| 77498 | (c) | AU Small Finance Bank Ltd | 739 |
| 21109 | (a) | Aurobindo Pharma Ltd | 280 |
| 35213 | (a),(c) | Avenue Supermarts Ltd | 1796 |
| 1100806 |  | Axis Bank Ltd | 15396 |
| 14716 |  | Bajaj Auto Ltd | 1437 |
| 600780 |  | Bajaj Finance Ltd | 6561 |
| 82562 |  | Bajaj Finserv Ltd | 1979 |
| 5777 |  | Bajaj Holdings & Investment Ltd | 969 |
| 16494 |  | Balkrishna Industries Ltd | 471 |
| 234435 |  | Bank of Baroda | 680 |
| 797101 |  | Bharat Electronics Ltd | 3920 |
| 56470 |  | Bharat Forge Ltd | 862 |
| 240265 |  | Bharat Heavy Electricals Ltd | 746 |
| 334483 |  | Bharat Petroleum Corp Ltd | 1295 |
| 552018 |  | Bharti Airtel Ltd | 12942 |
| 1603 |  | Bosch Ltd | 611 |
| 23685 |  | Britannia Industries Ltd | 1616 |
| 43581 |  | BSE Ltd | 1410 |
| 21010 |  | Cadila Healthcare Ltd | 243 |
| 418229 |  | Canara Bank | 557 |
| 51080 |  | CG Power & Industrial Solutions Ltd | 406 |
| 90772 |  | Cholamandalam Investment and Finance Co Ltd | 1725 |
| 172979 |  | Cipla Ltd | 3039 |
| 399905 |  | Coal India Ltd | 1829 |
| 30067 |  | Colgate-Palmolive India Ltd | 844 |
| 55895 |  | Container Corp Of India Ltd | 495 |
| 12625 |  | Coromandel International Ltd | 369 |
| 30294 |  | Cummins India Ltd | 1202 |
| 114849 |  | Dabur India Ltd | 650 |
| 9839 |  | Divi's Laboratories Ltd | 782 |
| 7788 |  | Dixon Technologies India Ltd | 1361 |
| 163332 |  | DLF Ltd | 1597 |
| 47335 |  | Dr Reddy's Laboratories Ltd | 709 |
| 29562 |  | Eicher Motors Ltd | 1950 |
| 121836 | (a) | FSN E-Commerce Ventures Ltd | 296 |
| 501589 |  | GAIL India Ltd | 1117 |
| 578863 | (a) | GMR Infrastructure Ltd | 575 |
| 88770 |  | Godrej Consumer Products Ltd | 1220 |
| 32296 | (a) | Godrej Properties Ltd | 883 |
| 58763 |  | Grasim Industries Ltd | 1950 |
| 55161 |  | Havells India Ltd | 998 |
| 206494 |  | HCL Technologies Ltd | 4163 |
| 21040 | (c) | HDFC Asset Management Co Ltd | 1274 |

---

**141** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | INDIA (continued) |  |
| 1217546 |  | HDFC Bank Ltd | $28424 |
| 430408 |  | HDFC Bank Ltd (ADR) | 32999 |
| 208994 | (c) | HDFC Life Insurance Co Ltd | 1983 |
| 26404 |  | Hero Honda Motors Ltd | 1305 |
| 291185 |  | Hindalco Industries Ltd | 2356 |
| 43769 |  | Hindustan Aeronautics Ltd | 2486 |
| 176887 |  | Hindustan Lever Ltd | 4734 |
| 211053 |  | Hindustan Petroleum Corp Ltd | 1079 |
| 24391 | (a) | Hyundai Motor India Ltd | 631 |
| 1838516 |  | ICICI Bank Ltd | 31070 |
| 52052 | (c) | ICICI Lombard General Insurance Co Ltd | 1238 |
| 77399 | (c) | ICICI Prudential Life Insurance Co Ltd | 593 |
| 734090 | (a) | IDFC First Bank Ltd | 624 |
| 186034 |  | Indian Hotels Co Ltd | 1650 |
| 613707 |  | Indian Oil Corp Ltd | 1052 |
| 52717 |  | Indian Railway Catering & Tourism Corp Ltd | 481 |
| 286022 | (a) | Indus Towers Ltd | 1403 |
| 124400 | (a) | IndusInd Bank Ltd | 1265 |
| 77400 | (a) | Info Edge India Ltd | 1344 |
| 714320 |  | Infosys Technologies Ltd | 13345 |
| 40985 | (a),(c) | InterGlobe Aviation Ltd | 2858 |
| 653573 |  | ITC Ltd | 3174 |
| 72617 |  | Jindal Stainless Ltd | 597 |
| 88990 |  | Jindal Steel & Power Ltd | 978 |
| 95252 |  | JSW Energy Ltd | 580 |
| 132576 |  | JSW Steel Ltd | 1579 |
| 77595 |  | Jubilant Foodworks Ltd | 635 |
| 89103 |  | Kalyan Jewellers India Ltd | 578 |
| 235040 |  | Kotak Mahindra Bank Ltd | 5930 |
| 145985 |  | Larsen & Toubro Ltd | 6248 |
| 15937 | (c) | LTIMindtree Ltd | 989 |
| 18707 |  | Lupin Ltd | 423 |
| 64632 | (c) | Macrotech Developers Ltd | 1045 |
| 200479 |  | Mahindra & Mahindra Ltd | 7441 |
| 26501 | (a) | Mankind Pharma Ltd | 717 |
| 112761 |  | Marico Ltd | 950 |
| 27235 |  | Maruti Suzuki India Ltd | 3940 |
| 150054 |  | Max Healthcare Institute Ltd | 2233 |
| 23116 |  | Mphasis Ltd | 767 |
| 519 |  | MRF Ltd | 862 |
| 25175 |  | Muthoot Finance Ltd | 771 |
| 73335 |  | Nestle India Ltd | 2108 |
| 698140 |  | NHPC Ltd | 698 |
| 699006 |  | NMDC Ltd | 571 |
| 947576 |  | NTPC Ltd | 3700 |
| 17997 |  | Oberoi Realty Ltd | 400 |
| 676043 |  | Oil & Natural Gas Corp Ltd | 1925 |
| 106150 |  | Oil India Ltd | 538 |
| 4796 |  | Oracle Financial Services Software Ltd | 503 |
| 1343 |  | Page Industries Ltd | 774 |
| 73760 | (a) | PB Fintech Ltd | 1568 |
| 23594 |  | Persistent Systems Ltd | 1663 |
| 177403 |  | Petronet LNG Ltd | 625 |
| 42544 |  | Phoenix Mills Ltd | 775 |
| 16706 |  | PI Industries Ltd | 799 |
| 33411 |  | Pidilite Industries Ltd | 1191 |
| 437260 |  | Piramal Pharma Ltd | 1037 |
| 11449 |  | Polycab India Ltd | 875 |
| 324457 |  | Power Finance Corp Ltd | 1619 |
| 1003741 |  | Power Grid Corp of India Ltd | 3508 |
| 37458 |  | Prestige Estates Projects Ltd | 725 |
| 510838 |  | Punjab National Bank | 658 |

---

**142** 

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | INDIA (continued) |  |
| 114957 | Rail Vikas Nigam Ltd | $533 |
| 285837 | REC Ltd | 1343 |
| 3627723 | Reliance Industries Ltd | 63497 |
| 4557381<br> (a) | Reliance Strategic Investments Ltd | 17384 |
| 690932 | Samvardhana Motherson International Ltd | 1247 |
| 59328 | SBI Cards & Payment Services Ltd | 659 |
| 98514<br> (c) | SBI Life Insurance Co Ltd | 2112 |
| 2015 | Shree Cement Ltd | 729 |
| 304400 | Shriram Finance Ltd | 2510 |
| 19607 | Siemens India Ltd | 744 |
| 5919 | Solar Industries India Ltd | 1215 |
| 93648<br> (c) | Sona Blw Precision Forgings Ltd | 526 |
| 28851 | SRF Ltd | 1091 |
| 388481 | State Bank of India | 3716 |
| 441132 | Sun Pharmaceutical Industries Ltd | 8623 |
| 14296 | Sundaram Finance Ltd | 863 |
| 14018 | Supreme Industries Ltd | 718 |
| 2046776<br> (a) | Suzlon Energy Ltd | 1617 |
| 26229 | Tata Communications Ltd | 517 |
| 194614 | Tata Consultancy Services Ltd | 7859 |
| 128932 | Tata Consumer Products Ltd | 1653 |
| 7314 | Tata Elxsi Ltd | 538 |
| 437362 | Tata Motors Ltd | 3509 |
| 351934 | Tata Power Co Ltd | 1665 |
| 1626786 | Tata Steel Ltd | 3034 |
| 117598 | Tech Mahindra Ltd | 2314 |
| 8928 | Thermax Ltd | 356 |
| 76658<br> (a) | Titan Co Ltd | 3299 |
| 53963 | Torrent Pharmaceuticals Ltd | 2145 |
| 37952 | Torrent Power Ltd | 649 |
| 39253 | Trent Ltd | 2846 |
| 23025 | Tube Investments of India Ltd | 835 |
| 51868 | TVS Motor Co Ltd | 1765 |
| 25393 | Ultra Tech Cement Ltd | 3582 |
| 325195 | Union Bank of India | 583 |
| 64292 | United Spirits Ltd | 1071 |
| 100434 | UPL Ltd | 775 |
| 291541 | Varun Beverages Ltd | 1556 |
| 296154 | Vedanta Ltd | 1595 |
| 5339533<br> (a) | Vodafone Idea Ltd | 462 |
| 44677 | Voltas Ltd | 685 |
| 575177 | Wipro Ltd | 1785 |
| 2989242<br> (a) | Yes Bank Ltd | 709 |
| 1040938<br> (a) | Zomato Ltd | 3206 |
|  | TOTAL INDIA | 456636 |
|  | INDONESIA - 0.1% |  |
| 2645700 | Adaro Energy Indonesia Tbk PT | 299 |
| 1401300<br> (a) | Amman Mineral Internasional PT | 731 |
| 4341468 | Astra International Tbk PT | 1204 |
| 11897900 | Bank Central Asia Tbk PT | 6360 |
| 3141700 | Bank Negara Indonesia Persero Tbk PT | 797 |
| 70819193 | Bank Rakyat Indonesia | 16328 |
| 5147926<br> (a) | Barito Pacific Tbk PT | 527 |
| 1870355 | Chandra Asri Pacific Tbk PT | 1138 |
| 1537300 | Charoen Pokphand Indonesia Tbk PT | 445 |
| 190392200<br> (a) | GoTo Gojek Tokopedia Tbk PT | 680 |
| 459900 | Indofood CBP Sukses Makmur Tbk PT | 298 |
| 1641400 | Kalbe Farma Tbk PT | 154 |
| 8010094 | PT Bank Mandiri Persero Tbk | 2406 |
| 929200 | PT Indofood Sukses Makmur Tbk | 465 |
| 324498 | PT United Tractors Tbk | 429 |
| 4067900 | Sumber Alfaria Trijaya Tbk PT | 599 |

---

**143** 

------

Global Equities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | INDONESIA (continued) |  |
| 10623795 | Telkom Indonesia Persero Tbk PT | $1818 |
|  | TOTAL INDONESIA | 34678 |
|  | IRELAND - 0.3% |  |
| 10622446 | AIB Group plc | 87666 |
|  | TOTAL IRELAND | 87666 |
|  | ISRAEL - 0.0% |  |
| 167433 | Israel Chemicals Ltd | 1150 |
|  | TOTAL ISRAEL | 1150 |
|  | ITALY - 0.8% |  |
| 3636875<br> (b) | Davide Campari-Milano NV | 24485 |
| 8483229 | Enel S.p.A. | 80512 |
| 497276 | ENI S.p.A. | 8033 |
| 59133 | Ferrari NV | 28970 |
| 650943 | Moncler S.p.A | 37131 |
| 1858581 | PRADA S.p.A | 11546 |
| 1162125 | UniCredit S.p.A | 77959 |
|  | TOTAL ITALY | 268636 |
|  | JAPAN - 5.4% |  |
| 1306 | Activia Properties, Inc | 1113 |
| 1108200 | Advantest Corp | 82152 |
| 300 | Aeon Mall Co Ltd | 6 |
| 1515100 | Ajinomoto Co, Inc | 41094 |
| 271300 | Asahi Kasei Corp | 1931 |
| 3179491 | Daiichi Sankyo Co Ltd | 73663 |
| 9100 | Daito Trust Construction Co Ltd | 991 |
| 430 | Daiwa House REIT Investment Corp | 727 |
| 590400 | ENEOS Holdings, Inc | 2927 |
| 1357700 | Fujitsu Ltd | 32937 |
| 9718420<br> (a) | Hitachi Ltd | 282459 |
| 207200<br> (b) | Hulic Co Ltd | 2090 |
| 1003 | Hulic Reit, Inc | 1086 |
| 195800 | Idemitsu Kosan Co Ltd | 1187 |
| 190700<br> (b) | Inpex Holdings, Inc | 2677 |
| 8<br> (b) | Invincible Investment Corp | 3 |
| 4 | Japan Retail Fund Investment Corp | 3 |
| 1207300<br> (b) | Japan Tobacco, Inc | 35566 |
| 124500 | JFE Holdings, Inc | 1448 |
| 718100 | Kansai Electric Power Co, Inc | 8517 |
| 633800 | KDDI Corp | 10883 |
| 351 | Kenedix Realty Investment Corp | 381 |
| 50500 | Keyence Corp | 20191 |
| 729800 | Matsumotokiyoshi Holdings Co Ltd | 15012 |
| 293200 | Mitsubishi Chemical Holdings Corp | 1541 |
| 1105000 | Mitsubishi Corp | 22080 |
| 613200 | Mitsubishi Electric Corp | 13189 |
| 489573 | Mitsubishi Estate Co Ltd | 9178 |
| 3520500 | Mitsubishi Heavy Industries Ltd | 88098 |
| 12917100 | Mitsubishi UFJ Financial Group, Inc | 176106 |
| 2176400 | Mitsui & Co Ltd | 44355 |
| 36900 | Mitsui Chemicals, Inc | 853 |
| 30750 | Mitsui Fudosan Co Ltd | 298 |
| 6452<br> (b) | Mitsui Fudosan Logistics Park, Inc | 4684 |
| 179500 | MonotaRO Co Ltd | 3534 |
| 381 | Mori Hills REIT Investment Corp | 354 |
| 788200 | Murata Manufacturing Co Ltd | 11650 |
| 995700 | Nintendo Co Ltd | 95617 |
| 205100 | Nippon Paint Co Ltd | 1649 |
| 195900 | Nippon Steel Corp | 3705 |
| 6185800 | Nippon Telegraph & Telephone Corp | 6613 |
| 152900 | Nitto Denko Corp | 2953 |
| 1033 | Nomura Real Estate Master Fund, Inc | 1056 |
| 697 | Orix JREIT, Inc | 909 |

---

**144** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | JAPAN (continued) |  |
| 184500 |  | Sekisui House Ltd | $4061 |
| 179000 |  | Shimano, Inc | 25952 |
| 389600 |  | Shin-Etsu Chemical Co Ltd | 12865 |
| 183300 |  | Softbank Group Corp | 13327 |
| 11397425 |  | Sony Corp | 296337 |
| 4406 |  | Star Asia Investment Corp | 1751 |
| 53400 |  | Sumitomo Metal Mining Co Ltd | 1316 |
| 4590703 |  | Sumitomo Mitsui Financial Group, Inc | 115598 |
| 20 |  | Sumitomo Realty & Development Co Ltd | 1 |
| 37500 |  | Taiyo Nippon Sanso Corp | 1419 |
| 336400 | (b) | Tokyo Tatemono Co Ltd | 5987 |
| 300000 |  | Toray Industries, Inc | 2054 |
| 7606410 |  | Toyota Motor Corp | 131005 |
| 640 |  | United Urban Investment Corp | 690 |
|  |  | TOTAL JAPAN | 1719829 |
|  |  | KOREA, REPUBLIC OF - 1.0% |  |
| 12264 | (a) | Alteogen, Inc | 3379 |
| 6152 |  | Amorepacific Corp | 622 |
| 34795 |  | Celltrion, Inc | 4106 |
| 1825 |  | CJ CheilJedang Corp | 336 |
| 11755 |  | Coway Co Ltd | 840 |
| 11566 |  | Daewoo International Corp | 425 |
| 23205 | (a) | Daewoo Shipbuilding & Marine Engineering Co Ltd | 1359 |
| 9843 |  | Dongbu Insurance Co Ltd | 898 |
| 11971 |  | Doosan Bobcat, Inc | 515 |
| 96543 | (a) | Doosan Heavy Industries and Construction Co Ltd | 4891 |
| 10491 |  | Ecopro BM Co Ltd | 779 |
| 21653 |  | Ecopro Co Ltd | 722 |
| 61369 |  | Hana Financial Group, Inc | 3909 |
| 5179 |  | Hanjin Kal Corp | 450 |
| 16428 |  | Hankook Tire & Technology Co Ltd | 483 |
| 9340 |  | Hanmi Semiconductor Co Ltd | 701 |
| 238 |  | Hanwha Chemical Corp | 6 |
| 16437 |  | Hanwha Systems Co Ltd | 705 |
| 9602 |  | HD Hyundai Co Ltd | 920 |
| 5093 |  | HD Hyundai Electric Co Ltd | 1909 |
| 4744 |  | HD Hyundai Heavy Industries Co Ltd | 1497 |
| 25286 | (a) | HLB, Inc | 916 |
| 55389 |  | HMM Co Ltd | 923 |
| 4840 |  | HYBE Co Ltd | 1107 |
| 169287 |  | Hynix Semiconductor, Inc | 36478 |
| 7991 |  | Hyundai Glovis Co Ltd | 796 |
| 9204 |  | Hyundai Heavy Industries | 2485 |
| 12957 |  | Hyundai Mobis | 2749 |
| 29150 |  | Hyundai Motor Co | 4377 |
| 7671 |  | Hyundai Motor Co Ltd (2nd Preference) | 901 |
| 4838 |  | Hyundai Motor Co Ltd (Preference) | 552 |
| 16534 |  | Hyundai Rotem Co Ltd | 2399 |
| 59187 |  | Industrial Bank of Korea | 799 |
| 66661 |  | Kakao Corp | 2957 |
| 34954 |  | KakaoBank Corp | 775 |
| 80280 |  | KB Financial Group, Inc | 6597 |
| 51225 |  | Kia Motors Corp | 3665 |
| 15538 |  | Korea Aerospace Industries Ltd | 1032 |
| 55802 |  | Korea Electric Power Corp | 1612 |
| 9076 |  | Korea Investment Holdings Co Ltd | 937 |
| 932 |  | Korea Zinc Co Ltd | 564 |
| 37540 |  | Korean Air Lines Co Ltd | 634 |
| 6172 | (a),(c) | Krafton, Inc | 1657 |
| 21048 |  | KT&G Corp | 1987 |
| 10755 |  | LG Chem Ltd | 1680 |
| 18363 |  | LG Corp | 1080 |

---

**145** 

------

Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | KOREA, REPUBLIC OF (continued) |  |
| 68039 |  | LG Display Co Ltd | $451 |
| 22969 |  | LG Electronics, Inc | 1253 |
| 10047 | (a) | LG Energy Solution Ltd | 2206 |
| 1929 |  | LG Household & Health Care Ltd | 456 |
| 3010 |  | LG Innotek Co Ltd | 328 |
| 48796 |  | LG Telecom Ltd | 517 |
| 3334 |  | LS Electric Co Ltd | 737 |
| 17975 |  | Meritz Financial Group, Inc | 1495 |
| 48956 |  | Mirae Asset Daewoo Co Ltd | 776 |
| 30600 |  | Naver Corp | 5942 |
| 4995 |  | Orion Corp/Republic of Korea | 402 |
| 15612 |  | POSCO | 3008 |
| 6621 |  | POSCO Future M Co Ltd | 618 |
| 4290 | (a),(c) | Samsung Biologics Co Ltd | 3148 |
| 18294 |  | Samsung C&T Corp | 2180 |
| 12051 |  | Samsung Electro-Mechanics Co Ltd | 1197 |
| 3500885 |  | Samsung Electronics Co Ltd | 154815 |
| 176112 |  | Samsung Electronics Co Ltd (Preference) | 6461 |
| 6628 |  | Samsung Fire & Marine Insurance Co Ltd | 2125 |
| 151972 | (a) | Samsung Heavy Industries Co Ltd | 1879 |
| 17125 |  | Samsung Life Insurance Co Ltd | 1613 |
| 13431 |  | Samsung SDI Co Ltd | 1715 |
| 8924 |  | Samsung SDS Co Ltd | 1119 |
| 7262 |  | Samsung Techwin Co Ltd | 4557 |
| 899 |  | Samyang Foods Co Ltd | 928 |
| 92242 |  | Shinhan Financial Group Co Ltd | 4182 |
| 14665 | (a) | SK Biopharmaceuticals Co Ltd | 999 |
| 14597 |  | SK Innovation Co Ltd | 1323 |
| 20311 | (a) | SK Square Co Ltd | 2730 |
| 11017 |  | SK Telecom Co Ltd | 463 |
| 7988 |  | SK, Inc | 1207 |
| 3900 |  | SKC Co Ltd | 317 |
| 9260 |  | S-Oil Corp | 411 |
| 143500 |  | Woori Financial Group, Inc | 2388 |
| 32422 |  | Woori Investment & Securities Co Ltd | 479 |
| 4648 |  | Yuhan Corp | 358 |
|  |  | TOTAL KOREA, REPUBLIC OF | 323894 |
|  |  | KUWAIT - 0.1% |  |
| 322612 |  | Boubyan Bank KSCP | 760 |
| 442788 |  | Gulf Bank KSCP | 520 |
| 2380503 |  | Kuwait Finance House KSCP | 6247 |
| 144466 |  | Mabanee Co SAK | 413 |
| 412744 |  | Mobile Telecommunications Co KSCP | 653 |
| 1784339 |  | National Bank of Kuwait SAKP | 5833 |
|  |  | TOTAL KUWAIT | 14426 |
|  |  | LUXEMBOURG - 0.0% |  |
| 101448 |  | ArcelorMittal S.A. | 3221 |
| 28811 |  | Reinet Investments S.C.A | 938 |
|  |  | TOTAL LUXEMBOURG | 4159 |
|  |  | MACAU - 0.0% |  |
| 1096000 |  | Galaxy Entertainment Group Ltd | 4886 |
|  |  | TOTAL MACAU | 4886 |
|  |  | MALAYSIA - 0.1% |  |
| 512800 |  | AMMB Holdings BHD | 621 |
| 633643 |  | Axiata Group Bhd | 348 |
| 1730379 |  | Bumiputra-Commerce Holdings BHD | 2791 |
| 759600 |  | Digi.Com BHD | 709 |
| 1000461 |  | Gamuda BHD | 1139 |
| 445572 |  | Genting BHD | 323 |
| 138900 |  | Hong Leong Bank BHD | 647 |
| 170900 |  | IHH Healthcare Bhd | 277 |
| 500500 |  | IOI Corp BHD | 445 |

---

**146** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MALAYSIA (continued) |  |
| 98943 |  | Kuala Lumpur Kepong BHD | $486 |
| 1155600 |  | Malayan Banking BHD | 2662 |
| 506800 |  | Maxis Bhd | 435 |
| 282508 |  | MISC Bhd | 509 |
| 722509 | (c) | MR DIY Group M Bhd | 281 |
| 13900 |  | Nestle Malaysia Bhd | 253 |
| 619100 |  | Petronas Chemicals Group Bhd | 514 |
| 69600 |  | Petronas Dagangan BHD | 356 |
| 172116 |  | Petronas Gas BHD | 720 |
| 128780 |  | PPB Group BHD | 315 |
| 791158 |  | Press Metal Aluminium Holdings Bhd | 974 |
| 3132400 |  | Public Bank Bhd | 3207 |
| 330975 |  | QL Resources Bhd | 362 |
| 370428 |  | RHB Capital BHD | 554 |
| 598100 |  | Sime Darby BHD | 234 |
| 432600 |  | Sime Darby Plantation Bhd | 477 |
| 527400 |  | Sunway BHD | 589 |
| 250450 |  | Telekom Malaysia BHD | 390 |
| 564476 |  | Tenaga Nasional BHD | 1929 |
| 706587 |  | YTL Corp BHD | 390 |
| 550300 |  | YTL Power International BHD | 520 |
|  |  | TOTAL MALAYSIA | 23457 |
|  |  | MEXICO - 0.4% |  |
| 782300 | (b) | Alfa S.A. de C.V. (Class A) | 578 |
| 3911599 |  | America Movil SAB de C.V. | 3498 |
| 110000 | (b) | Arca Continental SAB de C.V. | 1163 |
| 3266994 | (b) | Cemex S.A. de C.V. | 2255 |
| 115665 | (b) | Coca-Cola Femsa SAB de C.V. | 1121 |
| 611600 |  | Fibra Uno Administracion S.A. de C.V. | 845 |
| 374100 |  | Fomento Economico Mexicano S.A. de C.V. | 3852 |
| 603696 |  | Fomento Economico Mexicano SAB de C.V. (ADR) | 62168 |
| 36210 |  | Gruma SAB de C.V. | 625 |
| 60600 |  | Grupo Aeroportuario del Centro Norte Sab de C.V. | 796 |
| 83526 | (b) | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | 1917 |
| 38365 |  | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | 1225 |
| 265400 | (b) | Grupo Bimbo S.A. de C.V. (Series A) | 740 |
| 118900 | (b) | Grupo Carso S.A. de C.V. (Series A1) | 848 |
| 60100 | (b) | Grupo Comercial Chedraui S.a. DE C.V. | 477 |
| 3763907 |  | Grupo Financiero Banorte S.A. de C.V. | 34404 |
| 390127 | (b) | Grupo Financiero Inbursa S.A. | 1007 |
| 670223 |  | Grupo Mexico S.A. de C.V. (Series B) | 4060 |
| 42086 | (a) | Industrias Penoles S.A. de C.V. | 1170 |
| 307800 | (b) | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | 563 |
| 216954 |  | ProLogis Property Mexico S.A. de C.V. | 820 |
| 39195 |  | Promotora y Operadora de Infraestructura SAB de C.V. | 442 |
| 43000 | (b) | Qualitas Controladora SAB de C.V. | 441 |
| 19215 |  | Southern Copper Corp | 1944 |
| 1131500 | (b) | Wal-Mart de Mexico SAB de C.V. | 3748 |
|  |  | TOTAL MEXICO | 130707 |
|  |  | NETHERLANDS - 1.5% |  |
| 73122 | (a),(c) | Adyen NV | 134291 |
| 36936 |  | Akzo Nobel NV | 2592 |
| 237 | (a) | Argenx SE | 131 |
| 38201 | (a) | Argenx SE | 21147 |
| 102902 |  | ASML Holding NV | 82459 |
| 176589 | (c) | Euronext NV | 30257 |
| 370713 |  | Heineken NV | 32342 |
| 12326 |  | IMCD NV | 1658 |
| 6717214 |  | ING Groep NV | 147226 |

---

**147** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | NETHERLANDS (continued) |  |
| 4389743 |  | Koninklijke KPN NV | $21414 |
|  |  | TOTAL NETHERLANDS | 473517 |
|  |  | NORWAY - 0.1% |  |
| 68349 |  | Aker BP ASA | 1746 |
| 659415 |  | Equinor ASA | 16653 |
| 304166 |  | Norsk Hydro ASA | 1742 |
|  |  | TOTAL NORWAY | 20141 |
|  |  | PERU - 0.0% |  |
| 35036 |  | Cia de Minas Buenaventura S.A. (ADR) (Series B) | 575 |
| 14421 |  | Credicorp Ltd | 3224 |
|  |  | TOTAL PERU | 3799 |
|  |  | PHILIPPINES - 0.0% |  |
| 51310 |  | Ayala Corp | 519 |
| 1449770 |  | Ayala Land, Inc | 696 |
| 460434 |  | Bank of the Philippine Islands | 1063 |
| 518465 |  | BDO Unibank, Inc | 1406 |
| 218690 |  | International Container Term Services, Inc | 1594 |
| 104148 |  | Jollibee Foods Corp | 400 |
| 62584 |  | Manila Electric Co | 598 |
| 392723 |  | Metropolitan Bank & Trust | 505 |
| 16198 |  | PLDT, Inc | 350 |
| 5843250 |  | Robinsons Retail Holdings, Inc | 4020 |
| 48570 |  | SM Investments Corp | 752 |
| 2159000 |  | SM Prime Holdings | 899 |
|  |  | TOTAL PHILIPPINES | 12802 |
|  |  | POLAND - 0.1% |  |
| 136102 | (a),(c) | Allegro.eu S.A. | 1310 |
| 132658 | (a) | Bank Millennium S.A. | 527 |
| 38913 |  | Bank Pekao S.A. | 2004 |
| 8727 |  | Bank Zachodni WBK S.A. | 1199 |
| 3087 | (a) | BRE Bank S.A. | 683 |
| 2774 |  | Budimex S.A. | 430 |
| 11725 | (a) | CCC S.A. | 668 |
| 13729 |  | CD Projekt S.A. | 1072 |
| 10518 | (a),(c) | Dino Polska S.A. | 1537 |
| 29484 |  | KGHM Polska Miedz S.A. | 1055 |
| 238 |  | LPP S.A. | 970 |
| 191563 | (a) | PGE Polska Grupa Energetyczna S.A. | 607 |
| 125610 |  | Polski Koncern Naftowy Orlen S.A. | 2863 |
| 187528 |  | Powszechna Kasa Oszczednosci Bank Polski S.A. | 3918 |
| 129886 |  | Powszechny Zaklad Ubezpieczen S.A. | 2271 |
| 61417 | (a) | Zabka Group S.A. | 369 |
|  |  | TOTAL POLAND | 21483 |
|  |  | PORTUGAL - 0.1% |  |
| 100520 |  | Galp Energia SGPS S.A. | 1840 |
| 986730 |  | Jeronimo Martins SGPS S.A. | 24982 |
|  |  | TOTAL PORTUGAL | 26822 |
|  |  | QATAR - 0.0% |  |
| 466783 |  | Barwa Real Estate Co | 356 |
| 670830 |  | Commercial Bank PSQC | 838 |
| 368388 |  | Dukhan Bank | 368 |
| 327576 |  | Industries Qatar QSC | 1111 |
| 1274072 |  | Masraf Al Rayan QSC | 814 |
| 1197337 |  | Mesaieed Petrochemical Holding Co | 443 |
| 175944 |  | Ooredoo QPSC | 618 |
| 93998 |  | Qatar Electricity & Water Co QSC | 418 |
| 126309 |  | Qatar Fuel QSC | 520 |
| 609345 |  | Qatar Gas Transport Co Ltd | 830 |
| 209871 |  | Qatar International Islamic Bank QSC | 628 |
| 376711 |  | Qatar Islamic Bank SAQ | 2292 |

---

**148** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | QATAR (continued) |  |
| 988965 |  | Qatar National Bank QPSC | $4712 |
|  |  | TOTAL QATAR | 13948 |
|  |  | ROMANIA - 0.0% |  |
| 123766 |  | NEPI Rockcastle NV | 944 |
|  |  | TOTAL ROMANIA | 944 |
|  |  | RUSSIA - 0.0% |  |
| 12672 | (a),(b),(d) | Ozon Holdings plc (ADR) | 0^ |
| 211169 | (a),(d) | VTB Bank PJSC (GDR) Tradegate | 2 |
|  |  | TOTAL RUSSIA | 2 |
|  |  | SAUDI ARABIA - 0.2% |  |
| 31345 | (a) | ACWA Power Co | 2137 |
| 75989 |  | Ades Holding Co | 278 |
| 421260 |  | Al Rajhi Bank | 10625 |
| 8360 | (a) | Al Rajhi Co for Co-operative Insurance | 287 |
| 261242 |  | Alinma Bank | 1868 |
| 106167 |  | Almarai Co JSC | 1435 |
| 190543 |  | Arab National Bank | 1103 |
| 5003 |  | Arabian Internet & Communications Services Co | 355 |
| 154317 |  | Bank AlBilad | 1083 |
| 126392 | (a) | Bank Al-Jazira | 433 |
| 261336 |  | Banque Saudi Fransi | 1244 |
| 17355 |  | Bupa Arabia for Cooperative Insurance Co | 824 |
| 15674 |  | Co for Cooperative Insurance | 660 |
| 2666 |  | Dallah Healthcare Co | 93 |
| 110967 | (a) | Dar Al Arkan Real Estate Development Co | 568 |
| 27636 |  | Dr Sulaiman Al Habib Medical Services Group Co | 1998 |
| 5114 |  | Elm Co | 1365 |
| 82553 |  | Etihad Etisalat Co | 1305 |
| 124175 | (a) | Jabal Omar Development Co | 668 |
| 123032 |  | Jarir Marketing Co | 411 |
| 21350 |  | Makkah Construction & Development Co | 525 |
| 7948 |  | Mouwasat Medical Services Co | 160 |
| 8495 |  | Nahdi Medical Co | 289 |
| 312339 |  | Riyad Bank | 2393 |
| 49696 |  | SABIC Agri-Nutrients Co | 1421 |
| 78866 |  | Sahara International Petrochemical Co | 417 |
| 7662 |  | SAL Saudi Logistics Services | 384 |
| 286441 | (a) | Saudi Arabian Mining Co | 4091 |
| 1298580 | (c) | Saudi Arabian Oil Co | 8420 |
| 11144 |  | Saudi Aramco Base Oil Co | 304 |
| 215042 |  | Saudi Awwal Bank | 1932 |
| 194024 |  | Saudi Basic Industries Corp | 2827 |
| 175381 |  | Saudi Electricity Co | 687 |
| 72917 |  | Saudi Industrial Investment Group | 326 |
| 130453 |  | Saudi Investment Bank | 505 |
| 177916 | (a) | Saudi Kayan Petrochemical Co | 245 |
| 629482 |  | Saudi National Bank | 6061 |
| 7129 | (a) | Saudi Research & Media Group | 367 |
| 10024 |  | Saudi Tadawul Group Holding Co | 472 |
| 432262 |  | Saudi Telecom Co | 4903 |
| 57973 |  | Yanbu National Petrochemical Co | 467 |
|  |  | TOTAL SAUDI ARABIA | 65936 |
|  |  | SINGAPORE - 0.9% |  |
| 750400 |  | Ascendas REIT | 1584 |
| 32201 | (b) | CapitaLand Ascott Trust | 22 |
| 606342 | (b) | Capitaland Investment Ltd | 1264 |
| 108592 |  | CapitaMall Trust | 186 |
| 2268880 |  | DBS Group Holdings Ltd | 80096 |
| 4651461 |  | Oversea-Chinese Banking Corp | 59647 |
| 992900 |  | Singapore Exchange Ltd | 11626 |

---

**149** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | SINGAPORE (continued) |  |
| 4025510 |  | STMicroelectronics NV | $123430 |
|  |  | TOTAL SINGAPORE | 277855 |
|  |  | SOUTH AFRICA - 0.2% |  |
| 181111 |  | Absa Group Ltd | 1803 |
| 45568 |  | Anglo American Platinum Ltd | 2029 |
| 242057 |  | Anglo American plc | 7135 |
| 211143 |  | Aspen Pharmacare Holdings Ltd | 1425 |
| 72550 |  | Bid Corp Ltd | 1916 |
| 71757 |  | Bidvest Group Ltd | 946 |
| 18806 |  | Capitec Bank Holdings Ltd | 3760 |
| 49822 |  | Clicks Group Ltd | 1044 |
| 114602 |  | Discovery Ltd | 1393 |
| 1085728 |  | FirstRand Ltd | 4641 |
| 191826 |  | Gold Fields Ltd | 4542 |
| 123032 |  | Harmony Gold Mining Co Ltd | 1712 |
| 196114 |  | Impala Platinum Holdings Ltd | 1762 |
| 13679 |  | Kumba Iron Ore Ltd | 220 |
| 365659 |  | MTN Group Ltd | 2911 |
| 35378 |  | Naspers Ltd | 11038 |
| 100350 |  | Nedbank Group Ltd | 1378 |
| 894795 |  | Old Mutual Ltd | 610 |
| 187048 |  | OUTsurance Group Ltd | 828 |
| 528121 | (c) | Pepkor Holdings Ltd | 813 |
| 107914 |  | Remgro Ltd | 966 |
| 385664 |  | Sanlam Ltd | 1932 |
| 128649 |  | Sasol Ltd | 573 |
| 106915 |  | Shoprite Holdings Ltd | 1673 |
| 284812 |  | Standard Bank Group Ltd | 3657 |
| 28122 | (a) | Valterra Platinum Ltd | 1235 |
| 133126 |  | Vodacom Group Ltd | 1028 |
| 198796 |  | Woolworths Holdings Ltd | 581 |
|  |  | TOTAL SOUTH AFRICA | 63551 |
|  |  | SPAIN - 1.2% |  |
| 301085 |  | Amadeus IT Holding S.A. | 25437 |
| 8129423 |  | Banco Bilbao Vizcaya Argentaria S.A. | 125179 |
| 17366788 |  | Banco Santander S.A. | 143812 |
| 3465773 |  | CaixaBank S.A. | 30030 |
| 2451711 |  | Iberdrola S.A. | 47166 |
| 108528 | (a),(b),(d) | Let's GOWEX S.A. | 1 |
| 20822 |  | Merlin Properties Socimi S.A. | 275 |
| 254656 | (b) | Repsol YPF S.A. | 3725 |
|  |  | TOTAL SPAIN | 375625 |
|  |  | SWEDEN - 0.2% |  |
| 1126260 |  | Assa Abloy AB | 35211 |
| 59157 |  | Boliden AB | 1848 |
| 484276 | (a) | Fastighets AB Balder | 3610 |
| 16485 |  | Holmen AB | 653 |
| 864409 |  | Sandvik AB | 19849 |
|  |  | TOTAL SWEDEN | 61171 |
|  |  | SWITZERLAND - 1.4% |  |
| 912303 |  | ABB Ltd | 54673 |
| 451487 |  | Cie Financiere Richemont S.A. | 85436 |
| 46666 |  | Clariant AG. | 497 |
| 40224 |  | DSM-Firmenich AG. | 4279 |
| 1517 | (b) | EMS-Chemie Holding AG. | 1147 |
| 295316 |  | Galderma Group AG. | 42926 |
| 6179 |  | Givaudan S.A. | 29965 |
| 196879 |  | Lonza Group AG. | 140801 |
| 102488 | (a) | On Holding AG. | 5335 |
| 12608 |  | PSP Swiss Property AG. | 2328 |
| 66144 |  | SIG Group AG. | 1223 |
| 12608 |  | Swiss Prime Site AG. | 1893 |

---

**150** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | SWITZERLAND (continued) |  |
| 92338<br> (b) | Zurich Insurance Group AG | $64611 |
|  | TOTAL SWITZERLAND | 435114 |
|  | TAIWAN - 2.5% |  |
| 109000 | Accton Technology Corp | 2724 |
| 622000 | Acer, Inc | 645 |
| 101725 | Advantech Co Ltd | 1180 |
| 16299 | Alchip Technologies Ltd | 1728 |
| 717000 | ASE Technology Holding Co Ltd | 3597 |
| 486000 | Asia Cement Corp | 709 |
| 71000 | Asia Vital Components Co Ltd | 1814 |
| 153000 | Asustek Computer, Inc | 3382 |
| 1471800 | AU Optronics Corp | 622 |
| 136189 | Catcher Technology Co Ltd | 989 |
| 2042947 | Cathay Financial Holding Co Ltd | 4398 |
| 318200 | Chailease Holding Co Ltd | 1378 |
| 1276035 | Chang Hwa Commercial Bank | 817 |
| 405000 | Cheng Shin Rubber Industry Co Ltd | 524 |
| 618000 | China Airlines | 457 |
| 3413844 | China Development Financial Holding Corp | 1751 |
| 2549517 | China Steel Corp | 1640 |
| 3579000 | Chinatrust Financial Holding Co | 5356 |
| 814849 | Chunghwa Telecom Co Ltd | 3769 |
| 916000 | Compal Electronics, Inc | 911 |
| 419000 | Delta Electronics, Inc | 5929 |
| 182916 | E Ink Holdings, Inc | 1384 |
| 3075674 | E.Sun Financial Holding Co Ltd | 3457 |
| 909000<br> (a) | Eclat Textile Co Ltd | 12772 |
| 63000 | Elite Material Co Ltd | 1905 |
| 13546 | eMemory Technology, Inc | 1097 |
| 597000 | Eva Airways Corp | 815 |
| 230292 | Evergreen Marine Corp Taiwan Ltd | 1568 |
| 653000 | Far Eastern Textile Co Ltd | 736 |
| 390000 | Far EasTone Telecommunications Co Ltd | 1196 |
| 97245 | Feng TAY Enterprise Co Ltd | 408 |
| 2385227 | First Financial Holding Co Ltd | 2372 |
| 762000 | Formosa Chemicals & Fibre Corp | 598 |
| 885000 | Formosa Plastics Corp | 1056 |
| 30700 | Fortune Electric Co Ltd | 592 |
| 1766651 | Fubon Financial Holding Co Ltd | 5291 |
| 2222633<br> (a) | Fuhwa Financial Holdings Co Ltd | 2601 |
| 113000 | Gigabyte Technology Co Ltd | 1098 |
| 19000 | Global Unichip Corp | 850 |
| 55274 | Globalwafers Co Ltd | 570 |
| 2690077 | Hon Hai Precision Industry Co, Ltd | 14842 |
| 64952<br> (a) | Hotai Motor Co Ltd | 1252 |
| 1907343 | Hua Nan Financial Holdings Co Ltd | 1775 |
| 1680676 | InnoLux Display Corp | 673 |
| 55000 | International Games System Co Ltd | 1615 |
| 576000 | Inventec Co Ltd | 835 |
| 18670 | Jentech Precision Industrial Co Ltd | 966 |
| 22063 | Largan Precision Co Ltd | 1802 |
| 449000 | Lite-On Technology Corp | 1702 |
| 18000 | Lotes Co Ltd | 833 |
| 327879 | MediaTek, Inc | 14049 |
| 2541412 | Mega Financial Holding Co Ltd | 3569 |
| 152000 | Micro-Star International Co Ltd | 747 |
| 1096000 | Nan Ya Plastics Corp | 1024 |
| 36000 | Nien Made Enterprise Co Ltd | 502 |
| 125000 | Novatek Microelectronics Corp Ltd | 2331 |
| 441000 | Pegatron Corp | 1162 |
| 21000<br> (a) | PharmaEssentia Corp | 394 |
| 469462<br> (a) | Pou Chen Corp | 498 |

---

**151** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | TAIWAN (continued) |  |
| 119522 | President Chain Store Corp | $1048 |
| 582721 | Quanta Computer, Inc | 5481 |
| 105000 | Realtek Semiconductor Corp | 2039 |
| 311679 | Ruentex Development Co Ltd | 318 |
| 823259 | Shanghai Commercial & Savings Bank Ltd | 1307 |
| 3194836 | Shin Kong Financial Holding Co Ltd | 1236 |
| 2299380 | SinoPac Financial Holdings Co Ltd | 1904 |
| 264000 | Synnex Technology International Corp | 582 |
| 2452611 | Taishin Financial Holdings Co Ltd | 1323 |
| 1407862 | Taiwan Business Bank | 740 |
| 1451579 | Taiwan Cement Corp | 1267 |
| 2249279 | Taiwan Cooperative Financial Holding Co Ltd | 1905 |
| 372000 | Taiwan High Speed Rail Corp | 360 |
| 374447 | Taiwan Mobile Co Ltd | 1473 |
| 16730349 | Taiwan Semiconductor Manufacturing Co Ltd | 611818 |
| 279888 | Unimicron Technology Corp | 1092 |
| 1038450 | Uni-President Enterprises Corp | 2879 |
| 2431000 | United Microelectronics Corp | 3667 |
| 219047 | Vanguard International Semiconductor Corp | 754 |
| 15000 | Voltronic Power Technology Corp | 647 |
| 145810 | Wan Hai Lines Ltd | 443 |
| 589000 | Wistron Corp | 2478 |
| 24000 | Wiwynn Corp | 2084 |
| 333640 | WPG Holdings Ltd | 802 |
| 89143 | Yageo Corp | 1479 |
| 372000 | Yang Ming Marine Transport | 904 |
| 152000 | Zhen Ding Technology Holding Ltd | 523 |
|  | TOTAL TAIWAN | 785810 |
|  | THAILAND - 0.1% |  |
| 246600 | Advanced Info Service PCL | 2101 |
| 911800 | Airports of Thailand PCL | 850 |
| 914400 | Bangkok Dusit Medical Services PCL | 586 |
| 47800 | Bumrungrad Hospital PCL | 205 |
| 428100 | Central Pattana PCL | 609 |
| 787900 | Charoen Pokphand Foods PCL | 558 |
| 1191100 | CP ALL plc | 1613 |
| 394031 | CP AXTRA PCL | 217 |
| 665000 | Delta Electronics Thailand PCL | 1974 |
| 960033<br> (a) | Gulf Development PCL | 1144 |
| 983300 | Home Product Center PCL | 197 |
| 124700 | Kasikornbank PCL (Foreign) | 583 |
| 820000 | Krung Thai Bank PCL | 537 |
| 702400 | Minor International PCL | 503 |
| 346600 | PTT Exploration & Production PCL | 1168 |
| 672400 | PTT Oil & Retail Business PCL | 234 |
| 2364800 | PTT PCL | 2184 |
| 194900 | SCB X PCL | 698 |
| 168600 | Siam Cement PCL | 873 |
| 5556800 | TMB Bank PCL (Foreign) | 322 |
| 100100<br> (a) | True Corp PCL | 34 |
| 2085726<br> (a) | True Corp PCL | 712 |
|  | TOTAL THAILAND | 17902 |
|  | TURKEY - 0.0% |  |
| 663443 | Akbank TAS | 1137 |
| 299202 | Aselsan Elektronik Sanayi Ve Ticaret AS | 1133 |
| 99343 | BIM Birlesik Magazalar AS | 1235 |
| 173303 | Coca-Cola Icecek AS | 214 |
| 744560<br> (a) | Eregli Demir ve Celik Fabrikalari TAS | 499 |
| 146300 | Ford Otomotiv Sanayi AS | 328 |
| 236758 | Haci Omer Sabanci Holding AS | 533 |
| 164254 | KOC Holding AS | 636 |
| 49603<br> (a) | Pegasus Hava Tasimaciligi AS. | 320 |

---

**152** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | TURKEY (continued) |  |
| 2257509 | (a) | Sasa Polyester Sanayi AS | $174 |
| 118372 |  | Turk Hava Yollari AO | 843 |
| 274238 |  | Turkcell Iletisim Hizmet AS | 663 |
| 1857436 |  | Turkiye Is Bankasi (Series C) | 624 |
| 204753 |  | Turkiye Petrol Rafinerileri AS | 720 |
| 268413 |  | Turkiye Sise ve Cam Fabrikalari AS | 243 |
| 717876 |  | Yapi ve Kredi Bankasi | 572 |
|  |  | TOTAL TURKEY | 9874 |
|  |  | UNITED ARAB EMIRATES - 0.1% |  |
| 628272 |  | Abu Dhabi Commercial Bank PJSC | 2306 |
| 318438 |  | Abu Dhabi Islamic Bank PJSC | 1864 |
| 679599 |  | Abu Dhabi National Oil Co for Distribution PJSC | 679 |
| 693824 |  | ADNOC Drilling Co PJSC | 1077 |
| 1326023 |  | Adnoc Gas plc | 1235 |
| 817827 |  | Aldar Properties PJSC | 1987 |
| 656227 |  | Americana Restaurants International plc | 402 |
| 1298977 |  | Dubai Electricity & Water Authority PJSC | 998 |
| 636503 |  | Dubai Islamic Bank PJSC | 1572 |
| 214961 |  | Emaar Development PJSC | 791 |
| 1427129 |  | Emaar Properties PJSC | 5294 |
| 408090 |  | Emirates NBD Bank PJSC | 2533 |
| 742053 |  | Emirates Telecommunications Group Co PJSC | 3556 |
| 945220 |  | First Abu Dhabi Bank PJSC | 4272 |
| 717770 | (a) | Multiply Group PJSC | 472 |
| 5358 | (a),(d) | NMC Health plc | 0^ |
| 408743 |  | Salik Co PJSC | 673 |
|  |  | TOTAL UNITED ARAB EMIRATES | 29711 |
|  |  | UNITED KINGDOM - 2.7% |  |
| 108467 |  | AngloGold Ashanti UK Ltd | 4955 |
| 435064 |  | Ashtead Group plc | 27899 |
| 688933 |  | AstraZeneca plc | 95878 |
| 17394508 |  | Barclays plc | 80376 |
| 2091622 |  | Beazley plc | 26857 |
| 163955 |  | Big Yellow Group plc | 2279 |
| 2595261 |  | British American Tobacco plc | 123395 |
| 378361 |  | British Land Co plc | 1964 |
| 324451 |  | Coca-Cola Europacific Partners plc | 30083 |
| 837965 |  | Compass Group plc | 28384 |
| 28691 |  | Croda International plc | 1152 |
| 50445 |  | Derwent London plc | 1435 |
| 272609 | (a) | Flutter Entertainment plc | 77500 |
| 403582 |  | Great Portland Estates plc | 1986 |
| 1800000 |  | Informa plc | 19928 |
| 277463 |  | Land Securities Group plc | 2410 |
| 6576767 |  | Lloyds TSB Group plc | 6916 |
| 286304 |  | London Stock Exchange Group plc | 41871 |
| 12061288 |  | Man Group plc | 28019 |
| 2917936 |  | National Grid plc | 42831 |
| 9685293 |  | NatWest Group plc | 68019 |
| 385455 |  | RELX plc | 20891 |
| 4237516 |  | Rolls-Royce Holdings plc | 56158 |
| 201789 |  | Safestore Holdings plc | 1961 |
| 324936 |  | Segro plc | 3042 |
| 3847418 |  | Standard Chartered plc | 63669 |
| 5371958 |  | Tritax Big Box REIT plc | 10938 |
|  |  | TOTAL UNITED KINGDOM | 870796 |
|  |  | UNITED STATES - 65.2% |  |
| 19796 |  | 3M Co | 3014 |
| 818815 |  | Abbott Laboratories | 111367 |
| 439771 |  | AbbVie, Inc | 81630 |
| 984146 | (a) | Advanced Micro Devices, Inc | 139650 |
| 42402 |  | Aecom Technology Corp | 4785 |

---

**153** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | UNITED STATES (continued) |  |
| 9755 | Agilent Technologies, Inc | $1151 |
| 14708 | Agree Realty Corp | 1075 |
| 73107 | Air Products & Chemicals, Inc | 20621 |
| 25421<br> (b) | Albemarle Corp | 1593 |
| 201743 | Alcon, Inc | 17891 |
| 78136 | Alexandria Real Estate Equities, Inc | 5675 |
| 625607 | Alliant Energy Corp | 37830 |
| 56009 | Allstate Corp | 11275 |
| 128813<br> (a) | Alnylam Pharmaceuticals, Inc | 42005 |
| 1581549 | Alphabet, Inc | 280551 |
| 1289654 | Alphabet, Inc (Class A) | 227276 |
| 485727 | Altria Group, Inc | 28478 |
| 4922124<br> (a) | Amazon.com, Inc | 1079865 |
| 312609 | Amcor plc | 2873 |
| 350168 | American Electric Power Co, Inc | 36333 |
| 252747 | American Express Co | 80621 |
| 357026 | American Homes 4 Rent | 12878 |
| 135771 | American International Group, Inc | 11621 |
| 85552 | American Tower Corp | 18909 |
| 114254 | Americold Realty Trust, Inc | 1900 |
| 103883 | Ameriprise Financial, Inc | 55445 |
| 93976 | AmerisourceBergen Corp | 28179 |
| 6843 | Ametek, Inc | 1238 |
| 207713 | Amphenol Corp (Class A) | 20512 |
| 31454 | Aon plc | 11222 |
| 80007 | APA Corp | 1463 |
| 118680 | Apollo Global Management, Inc | 16837 |
| 4641546<br> (e) | Apple, Inc | 952306 |
| 516146 | Arch Capital Group Ltd | 46995 |
| 220597<br> (a) | Arista Networks, Inc | 22569 |
| 2959039 | AT&T, Inc | 85635 |
| 9890<br> (a) | Atlassian Corp Ltd | 2009 |
| 2281<br> (a) | Autozone, Inc | 8468 |
| 58052 | AvalonBay Communities, Inc | 11814 |
| 17416 | Avery Dennison Corp | 3056 |
| 276190 | Baker Hughes Co | 10589 |
| 71789 | Ball Corp | 4027 |
| 1074148 | Bank of America Corp | 50829 |
| 867800 | Bank of New York Mellon Corp | 79065 |
| 1806 | Becton Dickinson & Co | 311 |
| 292729<br> (a) | Berkshire Hathaway, Inc | 142199 |
| 33461 | BlackRock, Inc | 35109 |
| 580526<br> (a) | Boeing Co | 121638 |
| 15235 | Booking Holdings, Inc | 88199 |
| 29007 | Boston Properties, Inc | 1957 |
| 1891008<br> (a) | Boston Scientific Corp | 203113 |
| 3498185 | BP plc | 17429 |
| 199378 | Bristol-Myers Squibb Co | 9229 |
| 2678651 | Broadcom, Inc | 738370 |
| 205532 | Cabot Oil & Gas Corp | 5216 |
| 613 | Capital One Financial Corp | 130 |
| 878817 | Carrier Global Corp | 64321 |
| 322826 | Caterpillar, Inc | 125324 |
| 23632 | Celanese Corp (Series A) | 1308 |
| 120789<br> (a) | Centene Corp | 6556 |
| 50063 | CF Industries Holdings, Inc | 4606 |
| 62908 | Cheniere Energy, Inc | 15319 |
| 56775 | Chesapeake Energy Corp | 6639 |
| 470794 | Chevron Corp | 67413 |
| 206660<br> (a) | Chipotle Mexican Grill, Inc (Class A) | 11604 |
| 115567 | Chubb Ltd | 33482 |
| 79380 | Cigna Group | 26241 |

---

**154** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | UNITED STATES (continued) |  |
| 2618823 | Cisco Systems, Inc | $181694 |
| 532685 | Citigroup, Inc | 45342 |
| 453 | CME Group, Inc | 125 |
| 3103151 | Coca-Cola Co | 219548 |
| 1306263 | Comcast Corp (Class A) | 46621 |
| 377789 | ConocoPhillips | 33903 |
| 89709 | Constellation Energy Corp | 28954 |
| 769138 | Corebridge Financial, Inc | 27304 |
| 16521<br> (a) | Corpay, Inc | 5482 |
| 1254368 | Corteva, Inc | 93488 |
| 355394 | Costco Wholesale Corp | 351819 |
| 1117230 | CRH plc | 102562 |
| 179794 | Crown Castle, Inc | 18470 |
| 32062 | Crown Holdings, Inc | 3302 |
| 222831 | CVS Health Corp | 15371 |
| 265366 | Danaher Corp | 52420 |
| 38086 | Deere & Co | 19366 |
| 450159 | Delta Air Lines, Inc | 22139 |
| 173859 | Devon Energy Corp | 5530 |
| 455259<br> (a) | DexCom, Inc | 39740 |
| 448452 | Diamondback Energy, Inc | 61617 |
| 51411 | Digital Realty Trust, Inc | 8962 |
| 330329 | Dover Corp | 60526 |
| 161726 | Dow, Inc | 4283 |
| 503104 | Duke Energy Corp | 59366 |
| 1051966 | DuPont de Nemours, Inc | 72154 |
| 25275 | Eastman Chemical Co | 1887 |
| 224352 | Eaton Corp plc | 80091 |
| 56272 | Ecolab, Inc | 15162 |
| 325766<br> (a) | Edwards Lifesciences Corp | 25478 |
| 42032 | Elevance Health, Inc | 16349 |
| 415080 | Eli Lilly & Co | 323567 |
| 947085 | Emerson Electric Co | 126275 |
| 167702 | EOG Resources, Inc | 20059 |
| 157071 | EQT Corp | 9160 |
| 11885 | Equinix, Inc | 9454 |
| 163733 | Equitable Holdings, Inc | 9185 |
| 188398 | Equity Lifestyle Properties, Inc | 11619 |
| 119399 | Equity Residential | 8058 |
| 20055 | Essex Property Trust, Inc | 5684 |
| 16346 | Everest Re Group Ltd | 5555 |
| 577722 | Evergy, Inc | 39822 |
| 782587 | Eversource Energy | 49788 |
| 37834 | Extra Space Storage, Inc | 5578 |
| 2764631 | Exxon Mobil Corp | 298027 |
| 218242 | FedEx Corp | 49609 |
| 1083234 | Fifth Third Bancorp | 44553 |
| 18465 | First Citizens Bancshares, Inc (Class A) | 36126 |
| 928927<br> (a) | Fiserv, Inc | 160156 |
| 2584572<br> (a) | Flextronics International Ltd | 129022 |
| 2738131 | Freeport-McMoRan, Inc (Class B) | 118698 |
| 115524 | Gaming and Leisure Properties, Inc | 5393 |
| 15933 | GE HealthCare Technologies, Inc | 1180 |
| 41040 | GE Vernova, Inc | 21716 |
| 199850 | General Electric Co | 51439 |
| 367057 | Gilead Sciences, Inc | 40696 |
| 175618 | Global Payments, Inc | 14056 |
| 213924 | Globe Life, Inc | 26589 |
| 114022<br> (a) | Globus Medical, Inc | 6730 |
| 71013 | Goldman Sachs Group, Inc | 50259 |
| 23832713 | Haleon plc | 122491 |
| 245442 | Halliburton Co | 5002 |

---

**155** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | UNITED STATES (continued) |  |
| 21030 | HCA, Inc | $8057 |
| 33425 | Healthcare Realty Trust, Inc | 530 |
| 196150 | Healthpeak Properties, Inc | 3435 |
| 77095 | Hess Corp | 10681 |
| 35080 | HF Sinclair Corp | 1441 |
| 36727 | Hilton Worldwide Holdings, Inc | 9782 |
| 641690 | Home Depot, Inc | 235269 |
| 824102 | Honeywell International, Inc | 191917 |
| 201789 | Host Hotels & Resorts Inc | 3099 |
| 64009 | Howmet Aerospace, Inc | 11914 |
| 153150 | Hubbell, Inc | 62548 |
| 7928 | Humana, Inc | 1938 |
| 13715 | Illinois Tool Works, Inc | 3391 |
| 70861 | Independence Realty Trust, Inc | 1254 |
| 25188 | Ingersoll Rand, Inc | 2095 |
| 16543 | Innovative Industrial Properties, Inc | 914 |
| 64345 | Intercontinental Exchange, Inc | 11805 |
| 64755 | International Flavors & Fragrances, Inc | 4763 |
| 107824 | International Paper Co | 5049 |
| 196491<br> (a) | Intuitive Surgical, Inc | 106775 |
| 66852 | Invitation Homes, Inc | 2193 |
| 177355 | ITT, Inc | 27815 |
| 83800<br> (a) | JBS NV | 1224 |
| 428345 | Johnson & Johnson | 65430 |
| 1422308 | JPMorgan Chase & Co | 412341 |
| 2154736 | Kenvue, Inc | 45099 |
| 25221<br> (b) | Kilroy Realty Corp | 865 |
| 552751 | Kinder Morgan, Inc | 16251 |
| 241465 | KKR & Co, Inc | 32122 |
| 182353 | KLA Corp | 163341 |
| 279788 | L3Harris Technologies, Inc | 70182 |
| 139042 | Las Vegas Sands Corp | 6050 |
| 27249<br> (a) | Legend Biotech Corp (ADR) | 967 |
| 457947<br> (a) | Linde plc | 214860 |
| 9887 | Lowe's Cos, Inc | 2194 |
| 56251 | LyondellBasell Industries NV | 3255 |
| 209802 | M&T Bank Corp | 40699 |
| 92439 | Marathon Petroleum Corp | 15355 |
| 424836 | Mastercard, Inc (Class A) | 238732 |
| 14974 | McDonald's Corp | 4375 |
| 79973 | McKesson Corp | 58603 |
| 165707 | Medtronic plc | 14445 |
| 495968 | Merck & Co, Inc | 39261 |
| 974618 | Meta Platforms, Inc | 719356 |
| 939342 | Microchip Technology, Inc | 66102 |
| 3344012 | Microsoft Corp | 1663345 |
| 30262 | Mid-America Apartment Communities, Inc | 4479 |
| 4898<br> (a) | Molina Healthcare, Inc | 1459 |
| 133726 | Mondelez International, Inc | 9018 |
| 1774970<br> (a) | Monster Beverage Corp | 111184 |
| 333294<br> (a) | MoonLake Immunotherapeutics | 15731 |
| 471704 | Morgan Stanley | 66444 |
| 68917 | Mosaic Co | 2514 |
| 2812 | MSCI, Inc (Class A) | 1622 |
| 670999 | Nasdaq Stock Market, Inc | 60001 |
| 25985<br> (a) | Natera, Inc | 4390 |
| 63771 | National Storage Affiliates Trust | 2040 |
| 1016608<br> (b) | Nestle S.A. | 101078 |
| 173356<br> (a) | Netflix, Inc | 232146 |
| 311551 | Newmont Goldcorp Corp | 18151 |
| 990797 | NextEra Energy, Inc | 68781 |
| 1407704 | Nike, Inc (Class B) | 100003 |

---

**156** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | UNITED STATES (continued) |  |
| 292156 | Novartis AG. | $35461 |
| 61539 | NRG Energy, Inc | 9882 |
| 51333 | Nucor Corp | 6650 |
| 338768 | nVent Electric plc | 24815 |
| 9912783 | Nvidia Corp | 1566121 |
| 1301<br> (a) | NVR, Inc | 9609 |
| 176246 | Occidental Petroleum Corp | 7404 |
| 169145 | ONEOK, Inc | 13807 |
| 1534669<br> (a) | O'Reilly Automotive, Inc | 138320 |
| 57016 | Ovintiv, Inc | 2169 |
| 24026 | Owens Corning, Inc | 3304 |
| 25167 | Packaging Corp of America | 4743 |
| 415753<br> (a) | Palantir Technologies, Inc | 56675 |
| 585118<br> (a) | Palo Alto Networks, Inc | 119739 |
| 138135 | Parker-Hannifin Corp | 96483 |
| 13918 | PepsiCo, Inc | 1838 |
| 427777 | Pfizer, Inc | 10369 |
| 107217 | PG&E Corp | 1495 |
| 849105 | Philip Morris International, Inc | 154647 |
| 116295 | Phillips 66 | 13874 |
| 55876 | PPG Industries, Inc | 6356 |
| 1269501 | Procter & Gamble Co | 202257 |
| 188393 | Progressive Corp | 50275 |
| 355027 | Prologis, Inc | 37320 |
| 44002 | Public Storage, Inc | 12911 |
| 64987 | Realty Income Corp | 3744 |
| 165247 | Regency Centers Corp | 11771 |
| 87935 | Regeneron Pharmaceuticals, Inc | 46166 |
| 18044 | Reliance Steel & Aluminum Co | 5664 |
| 463728 | Rexford Industrial Realty, Inc | 16495 |
| 352792 | Roche Holding AG. | 115158 |
| 707027<br> (a) | Roivant Sciences Ltd | 7968 |
| 121066 | Roper Industries, Inc | 68625 |
| 336267 | Ross Stores, Inc | 42901 |
| 27837 | RPM International, Inc | 3058 |
| 811589 | RTX Corp | 118508 |
| 32490 | S&P Global, Inc | 17132 |
| 135491 | Sabra Health Care REIT, Inc | 2498 |
| 334264 | Salesforce, Inc | 91150 |
| 559809 | Sanofi-Aventis | 54197 |
| 60259 | SBA Communications Corp | 14151 |
| 393248 | Schlumberger Ltd | 13292 |
| 493677 | Schneider Electric S.A. | 132545 |
| 180971 | Sempra Energy | 13712 |
| 255536<br> (a) | ServiceNow, Inc | 262711 |
| 4212574 | Shell plc | 146975 |
| 11461 | Sherwin-Williams Co | 3935 |
| 147323 | Simon Property Group, Inc | 23684 |
| 4892 | SL Green Realty Corp | 303 |
| 3367580 | Smurfit WestRock plc | 145311 |
| 796861<br> (a) | Snowflake, Inc | 178314 |
| 153719 | Southern Co | 14116 |
| 1429370 | Starbucks Corp | 130973 |
| 34461 | Steel Dynamics, Inc | 4411 |
| 258697 | Stryker Corp | 102348 |
| 92916 | Sun Communities, Inc | 11753 |
| 55331 | Targa Resources Corp | 9632 |
| 88021 | Tenaris S.A. | 1650 |
| 64987 | Terreno Realty Corp | 3644 |
| 762708<br> (a) | Tesla, Inc | 242282 |
| 92901 | Thermo Fisher Scientific, Inc | 37668 |
| 668971 | TJX Cos, Inc | 82611 |

---

**157** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE (000) |
|  | UNITED STATES (continued) |  |  |
| 181139 | T-Mobile US, Inc |  | $43158 |
| 146136 | Trane Technologies plc |  | 63921 |
| 81401<br> (a) | Uber Technologies, Inc |  | 7595 |
| 326266 | Union Pacific Corp |  | 75067 |
| 55354 | United Rentals, Inc |  | 41704 |
| 5440<br> (a) | United Therapeutics Corp |  | 1563 |
| 470859 | UnitedHealth Group, Inc |  | 146894 |
| 553332 | Valero Energy Corp |  | 74379 |
| 8432<br> (a) | Veeva Systems, Inc |  | 2428 |
| 150042 | Ventas, Inc |  | 9475 |
| 43891 | Veralto Corp |  | 4431 |
| 461286 | Verizon Communications, Inc |  | 19960 |
| 41832<br> (a) | Vertex Pharmaceuticals, Inc |  | 18624 |
| 233570 | Vertiv Holdings Co |  | 29993 |
| 235698 | VICI Properties, Inc |  | 7684 |
| 664712 | Visa, Inc (Class A) |  | 236006 |
| 213900 | Vistra Corp |  | 41456 |
| 494792 | Vontier Corp |  | 18258 |
| 2746 | W.W. Grainger, Inc |  | 2857 |
| 3041892 | Walmart, Inc |  | 297436 |
| 932610 | Walt Disney Co |  | 115653 |
| 52145 | Washington REIT |  | 829 |
| 144361 | Waste Connections, Inc |  | 26955 |
| 40596<br> (a) | Waters Corp |  | 14170 |
| 3948186 | Wells Fargo & Co |  | 316329 |
| 90209 | Welltower, Inc |  | 13868 |
| 47046 | Westlake Chemical Corp |  | 3572 |
| 157310 | Weyerhaeuser Co |  | 4041 |
| 214785<br> (b) | Whirlpool Corp |  | 21784 |
| 337391 | Williams Cos, Inc |  | 21192 |
|  | TOTAL UNITED STATES |  | 20772461 |
|  | ZAMBIA - 0.0% |  |  |
| 153363<br> (a) | First Quantum Minerals Ltd |  | 2724 |
|  | TOTAL ZAMBIA |  | 2724 |
|  | TOTAL COMMON STOCKS<br> (Cost $23,617,031) |  | 31579746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | <br> DESCRIPTION |  | VALUE (000) |
|  | INVESTMENT COMPANIES - 0.1% |  |  |
| 143284 | iShares MSCI Canada ETF |  | 6620 |
| 36359<br> (b) | iShares MSCI South Korea ETF |  | 2610 |
| 25000<br> (b) | Vanguard FTSE Developed Markets ETF |  | 1425 |
| 434119<br> (b) | Vanguard FTSE Emerging Markets ETF |  | 21471 |
|  | TOTAL INVESTMENT COMPANIES<br> (Cost $28,332) |  | 32126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | <br> DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPIRATION DATE | VALUE (000) |
|  | RIGHTS/WARRANTS - 0.0% |  |  |
|  | AUSTRALIA - 0.0% |  |  |
| 3698 | Magellan Financial Group Ltd | 04/16/27 | 0^ |
|  | TOTAL AUSTRALIA |  | 0^ |
|  | CHINA - 0.0% |  |  |
| 3380 (d) | Kangmei Pharmaceutical Co Ltd | 12/31/28 | 0^ |
|  | TOTAL CHINA |  | 0^ |
|  | KOREA, REPUBLIC OF - 0.0% |  |  |
| 496 (d) | Hanwha Aerospace Co Ltd | 07/02/25 | 60 |
| 785 (d) | POSCO Future M Co Ltd | 07/22/25 | 18 |
|  | TOTAL KOREA, REPUBLIC OF |  | 78 |
|  | MALAYSIA - 0.0% |  |  |
| 153340 (d) | YTL Corp Bhd |  | 27 |

---

**158** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXPIRATION DATE | VALUE (000) |
|  | MALAYSIA (continued) |  |  |  |
| 110060<br> (d) | YTL Power International Bhd |  |  | $36 |
|  | TOTAL MALAYSIA |  |  | 63 |
|  | TOTAL RIGHTS/WARRANTS<br> (Cost $0) |  |  | 141 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,645,363) |  |  | 31612013 |
| PRINCIPAL | <br> DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4% |  |  |  |
|  | CERTIFICATE OF DEPOSIT - 0.1% |  |  |  |
| $1000000 | Bank of America, N.A. | 4.740% | 11/14/25 | 1000 |
| 1000000 | Bank of America, N.A. | 4.680 | 04/02/26 | 1000 |
| 1000000 | Bank of Montreal | 4.610 | 12/05/25 | 1000 |
| 1000000 | Bank of Montreal | 4.630 | 03/06/26 | 1000 |
| 1000000 | Bank of Nova Scotia | 4.730 | 10/03/25 | 1000 |
| 1500000 | Canadian Imperial Bank of Commerce | 4.740 | 09/25/25 | 1500 |
| 1000000 | Canadian Imperial Bank of Commerce | 4.720 | 11/17/25 | 1000 |
| 1000000 | Canadian Imperial Bank of Commerce | 4.760 | 01/23/26 | 1000 |
| 1250000 | Citibank | 4.720 | 12/10/25 | 1250 |
| 250000 | Citibank | 4.480 | 01/22/26 | 250 |
| 250000 | Citibank | 4.680 | 01/23/26 | 250 |
| 400000 | Citibank | 4.680 | 02/24/26 | 400 |
| 1000000 | Citibank | 4.690 | 02/24/26 | 1000 |
| 1831000 | Mizuho Bank Ltd | 4.330 | 07/01/25 | 1831 |
| 1000000 | MUFG Bank Ltd | 4.560 | 08/21/25 | 1000 |
| 1000000 | MUFG Bank Ltd | 4.680 | 09/19/25 | 1000 |
| 1000000 | Natixis | 4.660 | 11/05/25 | 1000 |
| 1000000 | Nordea Bank AB | 4.670 | 10/20/25 | 1000 |
| 1000000 | Nordea Bank AB | 4.570 | 12/05/25 | 1000 |
| 1000000 | Royal Bank of Canada | 4.760 | 05/06/26 | 1000 |
| 1000000 | Royal Bank of Canada | 4.720 | 05/14/26 | 1000 |
| 1000000 | Sumitomo Mitsui Bank Ltd | 4.660 | 11/12/25 | 1000 |
| 1000000 | Svenska Handelsbanken AB | 4.300 | 07/01/25 | 1000 |
| 700000 | Svenska Handelsbanken AB | 4.630 | 10/28/25 | 700 |
| 1000000 | Swedbank AB | 4.770 | 07/28/25 | 1000 |
| 500000 | Toronto-Dominion Bank | 4.700 | 03/25/26 | 500 |
| 500000 | Wells Fargo Bank, N.A. | 4.700 | 06/01/26 | 500 |
|  | TOTAL CERTIFICATE OF DEPOSIT |  |  | 25181 |
|  | COMMERCIAL PAPER - 0.1% |  |  |  |
| 500000 | Australia and New Zealand Banking Group | 4.590 | 08/08/25 | 500 |
| 1000000 | Australia and New Zealand Banking Group | 4.540 | 08/27/25 | 1000 |
| 500000 | Australia and New Zealand Banking Group | 4.650 | 11/17/25 | 500 |
| 1000000 | Commonwealth Bank of Australia | 4.670 | 10/24/25 | 1000 |
| 1000000 | Commonwealth Bank of Australia | 4.610 | 11/07/25 | 1000 |
| 1000000 | ING US Funding LLC | 4.760 | 10/24/25 | 1000 |
| 2000000 | ING US Funding LLC | 4.740 | 12/18/25 | 2000 |
| 1500000 | ING US Funding LLC | 4.740 | 12/24/25 | 1500 |
| 1000000 | Lloyds Bank PLC | 4.620 | 08/07/25 | 1000 |
| 1000000 | Lloyds Bank PLC | 4.650 | 08/25/25 | 1000 |
| 1000000 | Lloyds Bank PLC | 4.600 | 09/29/25 | 1000 |
| 1000000 | National Australia Bank Ltd | 4.600 | 10/20/25 | 1000 |
| 1000000 | National Bank of Canada | 4.620 | 11/10/25 | 1000 |
| 1000000 | Royal Bank of Canada | 4.660 | 03/03/26 | 1000 |
| 500000 | Skandinaviska Enskilda Banken AG | 4.650 | 07/02/25 | 500 |
| 1000000 | Skandinaviska Enskilda Banken AG | 4.600 | 09/26/25 | 1000 |
| 1000000 | Skandinaviska Enskilda Banken AG | 4.600 | 11/05/25 | 999 |
| 1000000 | Swedbank AB | 4.600 | 11/26/25 | 1000 |
| 1000000 | Toronto-Dominion Bank | 4.700 | 02/13/26 | 1000 |
| 1000000 | Westpac Banking Corp | 4.630 | 03/05/26 | 1000 |
|  | TOTAL COMMERCIAL PAPER |  |  | 19999 |
|  | REPURCHASE AGREEMENT - 0.2% |  |  |  |
| 5000000<br> (f) | Bank of Nova Scotia | 4.390 | 07/01/25 | 5000 |

---

**159** 

------

## Portfolio of Investments June 30, 2025 (continued)
Global Equities

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | VALUE (000) |
|  | REPURCHASE AGREEMENT (continued) |  |  |  |
| $5000000<br> (g) | Calyon | 4.400% | 07/01/25 | $5000 |
| 5000000<br> (h) | Deutsche Bank | 4.390 | 07/01/25 | 5000 |
| 10000000<br> (i) | HSBC | 4.400 | 07/01/25 | 10000 |
| 15000000<br> (j) | JP Morgan Securities LLC | 4.400 | 07/01/25 | 15001 |
| 13000000<br> (k) | Merrill Lynch | 4.400 | 07/01/25 | 13000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 53001 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $98,181) |  |  | 98181 |
| PRINCIPAL | <br> DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | SHORT-TERM INVESTMENTS - 1.0% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 0.3% |  |  |  |
| 2500000 | Federal Agricultural Mortgage Corp Discount Notes | 0.000 | 07/15/25 | 2496 |
| 7500000 | Federal Farm Credit Discount Notes | 0.000 | 07/22/25 | 7481 |
| 5000000 | Federal Farm Credit Discount Notes | 0.000 | 07/31/25 | 4982 |
| 12500000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/14/25 | 12480 |
| 11000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/06/25 | 10952 |
| 5000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/15/25 | 4973 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/29/25 | 9930 |
| 10345000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/17/25 | 10249 |
| 5000000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/24/25 | 4950 |
| 6250000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/15/25 | 6173 |
| 12500000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/22/25 | 12337 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 01/06/26 | 9791 |
| 5000000 | Federal Home Loan Bank Discount Notes | 0.000 | 01/20/26 | 4888 |
| 2000000 | Freddie Mac Discount Notes | 0.000 | 07/28/25 | 1993 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 103675 |
|  | REPURCHASE AGREEMENT - 0.6% |  |  |  |
| 137500000<br> (l) | Fixed Income Clearing Corporation | 4.370 | 07/01/25 | 137500 |
| 40190000<br> (m) | Fixed Income Clearing Corporation | 4.380 | 07/01/25 | 40190 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 177690 |
|  | TREASURY DEBT - 0.1% |  |  |  |
| 24802000 | United States Treasury Bill | 0.000 | 07/08/25 | 24782 |
| 25000000 | United States Treasury Bill | 0.000 | 07/15/25 | 24960 |
|  | TOTAL TREASURY DEBT |  |  | 49742 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $331,100) |  |  | 331107 |
|  | TOTAL INVESTMENTS - 100.6%<br> (Cost $24,074,644) |  |  | 32041301 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.6)% |  |  | (176904) |
|  | NET ASSETS - 100.0% |  |  | $31864397 |

---

---

| | |
|:---|:---|
|  ADR  | American Depositary Receipt |
|  ETF | Exchange Traded Fund |
|  GDR | Global Depositary Receipt |
|  REIT | Real Estate Investment Trust |

---

**160** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

(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 $256,063,836.

(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 $354,729,980
or 1.1% of Total Investments.

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

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

(f) Agreement with Bank of Nova Scotia, 4.390% dated 6/30/25 to be repurchased at $5,014,809 on 7/1/25, collateralized
by Government Agency Securities, with coupon rates 1.000%–4.250% and maturity dates 12/31/25–2/15/42, valued at $5,100,626.

(g) Agreement with Calyon, 4.400% dated 6/30/25 to be repurchased at $5,073,330 on 7/1/25, collateralized by Government
Agency Securities, with coupon rate 3.500% and maturity date 1/31/28, valued at $5,100,031.

(h) Agreement with Deutsche Bank, 4.390% dated 6/30/25 to be repurchased at $5,030,456 on 7/1/25, collateralized by
Government Agency Securities, with coupon rate 4.625% and maturity date 5/15/54, valued at $5,100,063.

(i) Agreement with HSBC, 4.400% dated 6/30/25 to be repurchased at $10,044,001 on 7/1/25, collateralized by Government
Agency Securities, with coupon rates 1.500%–7.500% and maturity dates 9/15/25–4/20/65, valued at $10,200,000.

(j) Agreement with JP Morgan Securities LLC, 4.400% dated 6/30/25 to be repurchased at $15,067,769 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 4.500%–6.500% and maturity dates 3/01/48–5/01/55, valued at $15,300,001.

(k) Agreement with Merrill Lynch, 4.400% dated 6/30/25 to be repurchased at $13,043,911 on 7/1/25, collateralized by
Government Agency Securities, with coupon rates 2.500%–7.500% and maturity dates 6/15/45–1/20/54, valued at $13,260,001.

(l) Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $137,516,691 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 0.375% and maturity date 1/15/27, valued at $140,250,000.

(m) Agreement with Fixed Income Clearing Corporation, 4.380% dated 6/30/25 to be repurchased at $40,194,890 on 7/1/25,
collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 6/30/26, valued at $40,993,800.

Cost amounts are in thousands.

**Investments in Derivatives** 

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br> Amount<br> (000) | Value<br> (000) | Unrealized<br> Appreciation<br> (Depreciation)<br> (000) |
|  MSCI EAFE Index | 384 | 09/19/25 | $51003 | $51489 | $486 |
|  S&P 500 E-Mini Index | 470 | 09/19/25 | 141766 | 146963 | 5197 |
|  Total | 854 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 |

---

**161** 

------

## Portfolio of Investments June 30, 2025
Growth

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | LONG-TERM INVESTMENTS - 100.0% |  |
|  |  | COMMON STOCKS - 99.3% |  |
|  |  | AUTOMOBILES & COMPONENTS - 2.0% |  |
| 2582086 | (a) | Tesla, Inc | $820225 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS | 820225 |
|  |  | BANKS - 0.2% |  |
| 850830 |  | Wells Fargo & Co | 68168 |
|  |  | TOTAL BANKS | 68168 |
|  |  | CAPITAL GOODS - 4.6% |  |
| 1080983 | (a) | Boeing Co | 226498 |
| 2664126 |  | Carrier Global Corp | 194987 |
| 535980 |  | Eaton Corp plc | 191340 |
| 356388 |  | GE Vernova, Inc | 188583 |
| 1313785 |  | General Electric Co | 338155 |
| 465002 |  | HEICO Corp | 152521 |
| 996530 |  | Howmet Aerospace, Inc | 185484 |
| 428377 |  | Quanta Services, Inc | 161961 |
| 78996 |  | TransDigm Group, Inc | 120124 |
| 1137299 |  | Vertiv Holdings Co | 146041 |
|  |  | TOTAL CAPITAL GOODS | 1905694 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 1.1% |  |
| 1977867 |  | Experian Group Ltd | 101991 |
| 354787 |  | Verisk Analytics, Inc | 110516 |
| 1222740 |  | Waste Connections, Inc | 228310 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 440817 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 9.1% |  |
| 15349631 | (a) | Amazon.com, Inc | 3367556 |
| 31833 | (a) | Autozone, Inc | 118171 |
| 3073200 | (a) | O'Reilly Automotive, Inc | 276987 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 3762714 |
|  |  | CONSUMER DURABLES & APPAREL - 0.4% |  |
| 10941 | (a) | NVR, Inc | 80807 |
| 12349600 |  | PRADA S.p.A | 76722 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL | 157529 |
|  |  | CONSUMER SERVICES - 3.9% |  |
| 135695 |  | Booking Holdings, Inc | 785571 |
| 13396259 | (a) | Carnival Corp | 376703 |
| 2468478 | (a) | Chipotle Mexican Grill, Inc (Class A) | 138605 |
| 246375 | (a) | Flutter Entertainment plc | 70042 |
| 139350 | (a),(b) | Flutter Entertainment plc | 39821 |
| 2139849 |  | Starbucks Corp | 196074 |
|  |  | TOTAL CONSUMER SERVICES | 1606816 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8% |  |
| 753115 |  | Costco Wholesale Corp | 745539 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 745539 |
|  |  | FINANCIAL SERVICES - 6.7% |  |
| 114515 | (a),(c) | Adyen NV | 210311 |
| 1197683 | (a) | Chime Financial, Inc | 41332 |
| 1693156 | (a) | Fiserv, Inc | 291917 |
| 8050962 | (a) | Grab Holdings Ltd | 40496 |
| 2040165 |  | KKR & Co, Inc | 271403 |
| 1701750 |  | Mastercard, Inc (Class A) | 956281 |
| 2199819 | (a) | PayPal Holdings, Inc | 163491 |
| 7357736 | (b) | Rocket Cos, Inc | 104333 |
| 1933555 |  | Visa, Inc (Class A) | 686509 |
|  |  | TOTAL FINANCIAL SERVICES | 2766073 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.5% |  |
| 1232162 |  | Mondelez International, Inc | 83097 |

---

**162** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 1673220<br> (a) | Monster Beverage Corp | $104810 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 187907 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 2.6% |  |
| 327389<br> (a) | Align Technology, Inc | 61985 |
| 3563570<br> (a) | DexCom, Inc | 311064 |
| 1056956<br> (a) | Intuitive Surgical, Inc | 574360 |
| 417357<br> (a) | Veeva Systems, Inc | 120191 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1067600 |
|  | INSURANCE - 0.8% |  |
| 1161423 | Progressive Corp | 309937 |
|  | TOTAL INSURANCE | 309937 |
|  | MATERIALS - 0.5% |  |
| 2589944 | Corteva, Inc | 193029 |
|  | TOTAL MATERIALS | 193029 |
|  | MEDIA & ENTERTAINMENT - 14.8% |  |
| 6540715 | Alphabet, Inc | 1160258 |
| 4380976 | Alphabet, Inc (Class A) | 772059 |
| 1672411<br> (a) | Liberty Media Corp-Liberty Formula One (Class C) | 174767 |
| 2428172 | Match Group, Inc | 75006 |
| 4123554 | Meta Platforms, Inc | 3043554 |
| 447960<br> (a) | Netflix, Inc | 599877 |
| 373113<br> (a) | ROBLOX Corp | 39252 |
| 1711559 | Walt Disney Co | 212250 |
|  | TOTAL MEDIA & ENTERTAINMENT | 6077023 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.1% |  |
| 1282149 | Eli Lilly & Co | 999474 |
| 1209268 | Galderma Group AG. | 175774 |
| 192097 | Regeneron Pharmaceuticals, Inc | 100851 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1276099 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.0% |  |
| 1838710 | Applied Materials, Inc | 336613 |
| 9692005 | Broadcom, Inc | 2671601 |
| 1576754 | Microchip Technology, Inc | 110956 |
| 28675297 | Nvidia Corp | 4530410 |
| 5144000 | Taiwan Semiconductor Manufacturing Co Ltd | 188113 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 7837693 |
|  | SOFTWARE & SERVICES - 19.9% |  |
| 669301<br> (a) | Atlassian Corp Ltd | 135928 |
| 628856<br> (a) | Crowdstrike Holdings, Inc | 320283 |
| 375326 | Intuit, Inc | 295618 |
| 9880978 | Microsoft Corp | 4914897 |
| 768035<br> (a) | Palantir Technologies, Inc | 104699 |
| 2173469<br> (a) | Palo Alto Networks, Inc | 444779 |
| 515502<br> (a) | PTC, Inc | 88842 |
| 502712 | Roper Industries, Inc | 284957 |
| 1083580 | Salesforce, Inc | 295481 |
| 625878<br> (a) | ServiceNow, Inc | 643453 |
| 2185229<br> (a) | Shopify, Inc (Class A) | 252066 |
| 1394590<br> (a) | Snowflake, Inc | 312067 |
| 827536<br> (a) | Trade Desk, Inc | 59574 |
| 188150<br> (a) | Zscaler, Inc | 59068 |
|  | TOTAL SOFTWARE & SERVICES | 8211712 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 7.4% |  |
| 11920757 | Apple, Inc | 2445782 |
| 5726776<br> (a) | Arista Networks, Inc | 585906 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 3031688 |
|  | TRANSPORTATION - 0.2% |  |
| 1077907<br> (a) | Uber Technologies, Inc | 100569 |
|  | TOTAL TRANSPORTATION | 100569 |
|  | UTILITIES - 0.7% |  |
| 374208 | Constellation Energy Corp | 120779 |

---

**163** 

------

## Portfolio of Investments June 30, 2025 (continued)
Growth

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE (000) |
|  | UTILITIES (continued) |  |  |
| 872888 | Vistra Corp |  | $169175 |
|  | TOTAL UTILITIES |  | 289954 |
|  | TOTAL COMMON STOCKS<br> (Cost $22,882,812) |  | 40856786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE (000) |
|  | INVESTMENT COMPANIES - 0.7% |  |  |
| 717528<br> (b) | iShares Russell 1000 Growth ETF |  | 304648 |
|  | TOTAL INVESTMENT COMPANIES<br> (Cost $285,177) |  | 304648 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $23,167,989) |  | 41161434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | RATE | VALUE (000) |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3% |  |  |
| 107835849<br> (d) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(e) | 107836 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $107,836) |  | 107836 |
|  | TOTAL INVESTMENTS - 100.3%<br> (Cost $23,275,825) |  | 41269270 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.3)% |  | (104853) |
|  | NET ASSETS - 100.0% |  | $41164417 |

---

ETF Exchange Traded Fund

(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 $142,754,125.

(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 $210,311,037
or 0.5% 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.

Cost amounts are in thousands.

**164** 

------

## Portfolio of Investments June 30, 2025
Equity Index

(Unaudited)

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | LONG-TERM INVESTMENTS - 99.5% |  |
|  | COMMON STOCKS - 99.5% |  |
|  | AUTOMOBILES & COMPONENTS - 1.9% |  |
| 112263<br> (a) | Aptiv plc | $7658 |
| 1904579 | Ford Motor Co | 20665 |
| 486831 | General Motors Co | 23957 |
| 1380184<br> (a) | Tesla, Inc | 438429 |
|  | TOTAL AUTOMOBILES & COMPONENTS | 490709 |
|  | BANKS - 3.5% |  |
| 3227216 | Bank of America Corp | 152712 |
| 918434 | Citigroup, Inc | 78177 |
| 213887 | Citizens Financial Group, Inc | 9571 |
| 329050 | Fifth Third Bancorp | 13534 |
| 711308 | Huntington Bancshares, Inc | 11922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368834 | JPMorgan Chase & Co | 396839 |
| 489336 | Keycorp | 8524 |
| 81183 | M&T Bank Corp | 15749 |
| 194503 | PNC Financial Services Group, Inc | 36259 |
| 443439 | Regions Financial Corp | 10430 |
| 643863 | Truist Financial Corp | 27680 |
| 763279 | US Bancorp | 34538 |
| 1602801 | Wells Fargo & Co | 128416 |
|  | TOTAL BANKS | 924351 |
|  | CAPITAL GOODS - 6.0% |  |
| 266699 | 3M Co | 40602 |
| 59030 | A.O. Smith Corp | 3871 |
| 42794 | Allegion plc | 6168 |
| 113629 | Ametek, Inc | 20562 |
| 35587<br> (a) | Axon Enterprise, Inc | 29464 |
| 368472<br> (a) | Boeing Co | 77206 |
| 56308<br> (a) | Builders FirstSource, Inc | 6571 |
| 395123 | Carrier Global Corp | 28919 |
| 231661 | Caterpillar, Inc | 89933 |
| 67266 | Cummins, Inc | 22030 |
| 124426 | Deere & Co | 63269 |
| 67142 | Dover Corp | 12302 |
| 194142 | Eaton Corp plc | 69307 |
| 275907 | Emerson Electric Co | 36787 |
| 561130 | Fastenal Co | 23567 |
| 166942 | Fortive Corp | 8703 |
| 135535 | GE Vernova, Inc | 71718 |
| 29168<br> (a) | Generac Holdings, Inc | 4177 |
| 124156 | General Dynamics Corp | 36211 |
| 527251 | General Electric Co | 135709 |
| 319432 | Honeywell International, Inc | 74389 |
| 202465 | Howmet Aerospace, Inc | 37685 |
| 26259 | Hubbell, Inc | 10724 |
| 19269 | Huntington Ingalls Industries, Inc | 4653 |
| 37050 | IDEX Corp | 6505 |
| 131204 | Illinois Tool Works, Inc | 32440 |
| 197122 | Ingersoll Rand, Inc | 16397 |
| 324292 | Johnson Controls International plc | 34252 |
| 92139 | L3Harris Technologies, Inc | 23112 |
| 15668 | Lennox International, Inc | 8982 |
| 102913 | Lockheed Martin Corp | 47663 |
| 103720 | Masco Corp | 6675 |
| 25712 | Nordson Corp | 5512 |
| 66844 | Northrop Grumman Corp | 33421 |
| 194010 | Otis Worldwide Corp | 19211 |
| 256577 | PACCAR, Inc | 24390 |
| 63003 | Parker-Hannifin Corp | 44006 |

---

**165** 

------

## Portfolio of Investments June 30, 2025 (continued)
Equity Index

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | CAPITAL GOODS (continued) |  |
| 80845 | Pentair plc | $8300 |
| 72224 | Quanta Services, Inc | 27306 |
| 55324 | Rockwell Automation, Inc | 18377 |
| 654400 | RTX Corp | 95556 |
| 25635 | Snap-On, Inc | 7977 |
| 75430 | Stanley Black & Decker, Inc | 5110 |
| 89330 | Textron, Inc | 7172 |
| 109741 | Trane Technologies plc | 48002 |
| 27441 | TransDigm Group, Inc | 41728 |
| 31954 | United Rentals, Inc | 24074 |
| 21530 | W.W. Grainger, Inc | 22396 |
| 83928 | Westinghouse Air Brake Technologies Corp | 17570 |
| 124718 | Xylem, Inc | 16134 |
|  | TOTAL CAPITAL GOODS | 1556795 |
|  | COMMERCIAL & PROFESSIONAL SERVICES - 1.2% |  |
| 199874 | Automatic Data Processing, Inc | 61641 |
| 57255 | Broadridge Financial Solutions, Inc | 13915 |
| 77794<br> (a) | Ceridian HCM Holding, Inc | 4309 |
| 168504 | Cintas Corp | 37555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430732<br> (a) | Copart, Inc | 21136 |
| 60671 | Equifax, Inc | 15736 |
| 59958 | Jacobs Solutions, Inc | 7882 |
| 64178 | Leidos Holdings, Inc | 10125 |
| 156793 | Paychex, Inc | 22807 |
| 23040 | Paycom Software, Inc | 5331 |
| 102279 | Republic Services, Inc | 25223 |
| 137413 | Rollins, Inc | 7753 |
| 121002 | Veralto Corp | 12215 |
| 69092 | Verisk Analytics, Inc | 21522 |
| 179426 | Waste Management, Inc | 41056 |
|  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 308206 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.8% |  |
| 4653719<br> (a) | Amazon.com, Inc | 1020979 |
| 8211<br> (a) | Autozone, Inc | 30481 |
| 92887 | Best Buy Co, Inc | 6236 |
| 76140<br> (a) | Carmax, Inc | 5117 |
| 234365 | eBay, Inc | 17451 |
| 68028 | Genuine Parts Co | 8252 |
| 487987 | Home Depot, Inc | 178916 |
| 127195 | LKQ Corp | 4708 |
| 276272 | Lowe's Cos, Inc | 61296 |
| 421875<br> (a) | O'Reilly Automotive, Inc | 38024 |
| 18620 | Pool Corp | 5427 |
| 161427 | Ross Stores, Inc | 20595 |
| 552239 | TJX Cos, Inc | 68196 |
| 261370 | Tractor Supply Co | 13793 |
| 22689<br> (a) | Ulta Beauty, Inc | 10614 |
| 60230 | Williams-Sonoma, Inc | 9840 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499925 |
|  | CONSUMER DURABLES & APPAREL - 0.6% |  |
| 74259<br> (a) | Deckers Outdoor Corp | 7654 |
| 136081 | DR Horton, Inc | 17544 |
| 75162<br> (a) | Garmin Ltd | 15688 |
| 64157 | Hasbro, Inc | 4736 |
| 114712 | Lennar Corp (Class A) | 12688 |
| 55662<br> (a) | Lululemon Athletica, Inc | 13224 |
| 25635<br> (a) | Mohawk Industries, Inc | 2688 |
| 577958 | Nike, Inc (Class B) | 41058 |
| 1469<br> (a) | NVR, Inc | 10849 |
| 99060 | Pulte Homes, Inc | 10447 |
| 19514 | Ralph Lauren Corp | 5352 |

---

**166** 

------

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | CONSUMER DURABLES & APPAREL (continued) |  |
| 101288 | Tapestry, Inc | $8894 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 150822 |
|  | CONSUMER SERVICES - 2.1% |  |
| 212650<br> (a) | Airbnb, Inc | 28142 |
| 16027 | Booking Holdings, Inc | 92784 |
| 124823<br> (a) | Caesars Entertainment, Inc | 3544 |
| 512659<br> (a) | Carnival Corp | 14416 |
| 663138<br> (a) | Chipotle Mexican Grill, Inc (Class A) | 37235 |
| 57318 | Darden Restaurants, Inc | 12494 |
| 16896 | Domino's Pizza, Inc | 7613 |
| 165992<br> (a) | DoorDash, Inc | 40919 |
| 60345 | Expedia Group, Inc | 10179 |
| 117719 | Hilton Worldwide Holdings, Inc | 31353 |
| 168135 | Las Vegas Sands Corp | 7316 |
| 111962 | Marriott International, Inc (Class A) | 30589 |
| 352037 | McDonald's Corp | 102855 |
| 109464<br> (a) | MGM Resorts International | 3764 |
| 244918<br> (a) | Norwegian Cruise Line Holdings Ltd | 4967 |
| 121146 | Royal Caribbean Cruises Ltd | 37936 |
| 558010 | Starbucks Corp | 51130 |
| 43827 | Wynn Resorts Ltd | 4105 |
| 137094 | Yum! Brands, Inc | 20315 |
|  | TOTAL CONSUMER SERVICES | 541656 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0% |  |
| 218064 | Costco Wholesale Corp | 215870 |
| 108038 | Dollar General Corp | 12357 |
| 98901<br> (a) | Dollar Tree, Inc | 9795 |
| 301757 | Kroger Co | 21645 |
| 239370 | Sysco Corp | 18130 |
| 224195 | Target Corp | 22117 |
| 352487 | Walgreens Boots Alliance, Inc | 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131040 | Walmart, Inc | 208373 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 512334 |
|  | ENERGY - 3.0% |  |
| 178005 | APA Corp | 3256 |
| 486390 | Baker Hughes Co | 18648 |
| 361774 | Cabot Oil & Gas Corp | 9182 |
| 102893 | Chesapeake Energy Corp | 12032 |
| 799999 | Chevron Corp | 114552 |
| 624257 | ConocoPhillips | 56021 |
| 321417 | Devon Energy Corp | 10224 |
| 91433 | Diamondback Energy, Inc | 12563 |
| 268969 | EOG Resources, Inc | 32171 |
| 291945 | EQT Corp | 17026 |
| 2122825 | Exxon Mobil Corp | 228841 |
| 426436 | Halliburton Co | 8691 |
| 135231 | Hess Corp | 18735 |
| 972775 | Kinder Morgan, Inc | 28600 |
| 154613 | Marathon Petroleum Corp | 25683 |
| 348426 | Occidental Petroleum Corp | 14637 |
| 303565 | ONEOK, Inc | 24780 |
| 202065 | Phillips 66 | 24106 |
| 685397 | Schlumberger Ltd | 23166 |
| 106695 | Targa Resources Corp | 18573 |
| 9218 | Texas Pacific Land Corp | 9738 |
| 154899 | Valero Energy Corp | 20822 |
| 598833 | Williams Cos, Inc | 37613 |
|  | TOTAL ENERGY | 769660 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9% |  |
| 75679 | Alexandria Real Estate Equities, Inc | 5497 |
| 228635 | American Tower Corp | 50533 |
| 69511 | AvalonBay Communities, Inc | 14145 |

---

**167** 

------

Equity Index

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 70810 | Boston Properties, Inc | $4778 |
| 52198 | Camden Property Trust | 5882 |
| 213572 | Crown Castle, Inc | 21940 |
| 154826 | Digital Realty Trust, Inc | 26991 |
| 47623 | Equinix, Inc | 37883 |
| 167206 | Equity Residential | 11285 |
| 31445 | Essex Property Trust, Inc | 8911 |
| 103720 | Extra Space Storage, Inc | 15292 |
| 37730 | Federal Realty Investment Trust | 3584 |
| 345261 | Healthpeak Properties, Inc | 6046 |
| 342006 | Host Hotels & Resorts Inc | 5253 |
| 278737 | Invitation Homes, Inc | 9143 |
| 143722 | Iron Mountain, Inc | 14742 |
| 332470 | Kimco Realty Corp | 6988 |
| 57199 | Mid-America Apartment Communities, Inc | 8466 |
| 1059 | National Retail Properties, Inc | 46 |
| 453492 | Prologis, Inc | 47671 |
| 77110 | Public Storage, Inc | 22626 |
| 444416 | Realty Income Corp | 25603 |
| 79865 | Regency Centers Corp | 5689 |
| 55851 | SBA Communications Corp | 13116 |
| 150057 | Simon Property Group, Inc | 24123 |
| 143555 | UDR, Inc | 5861 |
| 225655 | Ventas, Inc | 14250 |
| 517859 | VICI Properties, Inc | 16882 |
| 305861<br> (b) | Welltower, Inc | 47020 |
| 355016 | Weyerhaeuser Co | 9120 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 489366 |
|  | FINANCIAL SERVICES - 8.3% |  |
| 272642 | American Express Co | 86967 |
| 47069 | Ameriprise Financial, Inc | 25122 |
| 219585 | Apollo Global Management, Inc | 31153 |
| 351141 | Bank of New York Mellon Corp | 31993 |
| 903152<br> (a) | Berkshire Hathaway, Inc | 438724 |
| 71519 | BlackRock, Inc | 75041 |
| 359557 | Blackstone, Inc | 53783 |
| 312934 | Capital One Financial Corp | 66580 |
| 51221 | Cboe Global Markets, Inc | 11945 |
| 837141 | Charles Schwab Corp | 76381 |
| 179045 | CME Group, Inc | 49348 |
| 105207<br> (a) | Coinbase Global, Inc | 36874 |
| 34109<br> (a) | Corpay, Inc | 11318 |
| 18756 | Factset Research Systems, Inc | 8389 |
| 259169 | Fidelity National Information Services, Inc | 21099 |
| 272949<br> (a) | Fiserv, Inc | 47059 |
| 151675 | Franklin Resources, Inc | 3618 |
| 121154 | Global Payments, Inc | 9697 |
| 151098 | Goldman Sachs Group, Inc | 106940 |
| 282254 | Intercontinental Exchange, Inc | 51785 |
| 219210 | Invesco Ltd | 3457 |
| 35667 | Jack Henry & Associates, Inc | 6426 |
| 331620 | KKR & Co, Inc | 44115 |
| 18671 | MarketAxess Holdings, Inc | 4170 |
| 400073 | Mastercard, Inc (Class A) | 224817 |
| 76045 | Moody's Corp | 38143 |
| 607866 | Morgan Stanley | 85624 |
| 37994 | MSCI, Inc (Class A) | 21913 |
| 202479 | Nasdaq Stock Market, Inc | 18106 |
| 95885 | Northern Trust Corp | 12157 |
| 485963<br> (a) | PayPal Holdings, Inc | 36117 |
| 90231 | Raymond James Financial, Inc | 13839 |
| 154743 | S&P Global, Inc | 81594 |

---

**168** 

------

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | FINANCIAL SERVICES (continued) |  |
| 141144 | State Street Corp | $15009 |
| 190206 | Synchrony Financial | 12694 |
| 108932 | T Rowe Price Group, Inc | 10512 |
| 842718 | Visa, Inc (Class A) | 299207 |
|  | TOTAL FINANCIAL SERVICES | 2171716 |
|  | FOOD, BEVERAGE & TOBACCO - 2.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832573 | Altria Group, Inc | 48814 |
| 234137 | Archer-Daniels-Midland Co | 12358 |
| 89107 | Brown-Forman Corp (Class B) | 2398 |
| 65309 | Bunge Global S.A. | 5243 |
| 119334 | Campbell Soup Co | 3657 |
| 1902013 | Coca-Cola Co | 134567 |
| 237364 | ConAgra Brands, Inc | 4859 |
| 76037 | Constellation Brands, Inc (Class A) | 12370 |
| 283643 | General Mills, Inc | 14695 |
| 72287 | Hershey Co | 11996 |
| 142932 | Hormel Foods Corp | 4324 |
| 52067 | J.M. Smucker Co | 5113 |
| 132320 | Kellogg Co | 10523 |
| 664591 | Keurig Dr Pepper, Inc | 21971 |
| 428539 | Kraft Heinz Co | 11065 |
| 66946 | Lamb Weston Holdings, Inc | 3471 |
| 123554 | McCormick & Co, Inc | 9368 |
| 86940 | Molson Coors Brewing Co (Class B) | 4181 |
| 632902 | Mondelez International, Inc | 42683 |
| 342605<br> (a) | Monster Beverage Corp | 21461 |
| 671052 | PepsiCo, Inc | 88606 |
| 763818 | Philip Morris International, Inc | 139114 |
| 140020 | Tyson Foods, Inc (Class A) | 7833 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 620670 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 4.1% |  |
| 852045 | Abbott Laboratories | 115887 |
| 34335<br> (a) | Align Technology, Inc | 6501 |
| 86931 | AmerisourceBergen Corp | 26066 |
| 249824 | Baxter International, Inc | 7565 |
| 140491 | Becton Dickinson & Co | 24200 |
| 724015<br> (a) | Boston Scientific Corp | 77766 |
| 118195 | Cardinal Health, Inc | 19857 |
| 244828<br> (a) | Centene Corp | 13289 |
| 131576 | Cigna Group | 43496 |
| 97654<br> (a) | Cooper Cos, Inc | 6949 |
| 619360 | CVS Health Corp | 42723 |
| 21529<br> (a) | DaVita, Inc | 3067 |
| 191161<br> (a) | DexCom, Inc | 16686 |
| 289740<br> (a) | Edwards Lifesciences Corp | 22661 |
| 111285 | Elevance Health, Inc | 43285 |
| 223747 | GE HealthCare Technologies, Inc | 16573 |
| 85307 | HCA, Inc | 32681 |
| 61005<br> (a) | Henry Schein, Inc | 4456 |
| 109787<br> (a) | Hologic, Inc | 7154 |
| 59028 | Humana, Inc | 14431 |
| 40065<br> (a) | IDEXX Laboratories, Inc | 21489 |
| 34321<br> (a) | Insulet Corp | 10783 |
| 175207<br> (a) | Intuitive Surgical, Inc | 95209 |
| 40806 | Labcorp Holdings, Inc | 10712 |
| 61566 | McKesson Corp | 45114 |
| 627400 | Medtronic plc | 54691 |
| 27276<br> (a) | Molina Healthcare, Inc | 8126 |
| 54311 | Quest Diagnostics, Inc | 9756 |
| 74784 | Resmed, Inc | 19294 |
| 67893<br> (a) | Solventum Corp | 5149 |
| 48266 | STERIS plc | 11595 |

---

**169** 

------

Equity index

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 168705 | Stryker Corp | $66745 |
| 446794 | UnitedHealth Group, Inc | 139386 |
| 28727 | Universal Health Services, Inc (Class B) | 5204 |
| 97404 | Zimmer Biomet Holdings, Inc | 8884 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 1057430 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 1.1% |  |
| 120348 | Church & Dwight Co, Inc | 11566 |
| 60275 | Clorox Co | 7237 |
| 397070 | Colgate-Palmolive Co | 36094 |
| 114578 | Estee Lauder Cos (Class A) | 9258 |
| 938073 | Kenvue, Inc | 19634 |
| 168027 | Kimberly-Clark Corp | 21662 |
| 1151902 | Procter & Gamble Co | 183521 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 288972 |
|  | INSURANCE - 2.0% |  |
| 242182 | Aflac, Inc | 25540 |
| 129660 | Allstate Corp | 26102 |
| 290302 | American International Group, Inc | 24847 |
| 106241 | Aon plc | 37903 |
| 183415 | Arch Capital Group Ltd | 16700 |
| 25095 | Assurant, Inc | 4956 |
| 138016 | Brown & Brown, Inc | 15302 |
| 184940 | Chubb Ltd | 53581 |
| 76525 | Cincinnati Financial Corp | 11396 |
| 14294 | Erie Indemnity Co (Class A) | 4957 |
| 21113 | Everest Re Group Ltd | 7175 |
| 124453 | Gallagher (Arthur J.) & Co | 39840 |
| 41073 | Globe Life, Inc | 5105 |
| 140711 | Hartford Financial Services Group, Inc | 17852 |
| 86862 | Loews Corp | 7962 |
| 241269 | Marsh & McLennan Cos, Inc | 52751 |
| 283251 | Metlife, Inc | 22779 |
| 102961 | Principal Financial Group | 8178 |
| 287778 | Progressive Corp | 76796 |
| 173209 | Prudential Financial, Inc | 18610 |
| 110932 | Travelers Cos, Inc | 29679 |
| 147496 | W.R. Berkley Corp | 10836 |
| 49030 | Willis Towers Watson plc | 15028 |
|  | TOTAL INSURANCE | 533875 |
|  | MATERIALS - 1.9% |  |
| 111504 | Air Products & Chemicals, Inc | 31451 |
| 56068<br> (c) | Albemarle Corp | 3514 |
| 1112555 | Amcor plc | 10224 |
| 39311 | Avery Dennison Corp | 6898 |
| 146013 | Ball Corp | 8190 |
| 85143 | CF Industries Holdings, Inc | 7833 |
| 335430 | Corteva, Inc | 25000 |
| 344361 | Dow, Inc | 9119 |
| 204546 | DuPont de Nemours, Inc | 14030 |
| 54856 | Eastman Chemical Co | 4096 |
| 123802 | Ecolab, Inc | 33357 |
| 705961 | Freeport-McMoRan, Inc (Class B) | 30603 |
| 125101 | International Flavors & Fragrances, Inc | 9201 |
| 257978 | International Paper Co | 12081 |
| 231864<br> (a) | Linde plc | 108786 |
| 126824 | LyondellBasell Industries NV | 7338 |
| 29904 | Martin Marietta Materials, Inc | 16416 |
| 155414 | Mosaic Co | 5669 |
| 557023 | Newmont Goldcorp Corp | 32452 |
| 114886 | Nucor Corp | 14882 |
| 43629 | Packaging Corp of America | 8222 |
| 113513 | PPG Industries, Inc | 12912 |

---

**170** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | MATERIALS (continued) |  |
| 113825 |  | Sherwin-Williams Co | $39083 |
| 241913 |  | Smurfit WestRock plc | 10439 |
| 69278 |  | Steel Dynamics, Inc | 8868 |
| 64615 |  | Vulcan Materials Co | 16853 |
|  |  | TOTAL MATERIALS | 487517 |
|  |  | MEDIA & ENTERTAINMENT - 8.8% | MEDIA & ENTERTAINMENT - 8.8% |
| 2312276 |  | Alphabet, Inc | 410175 |
| 2865445 |  | Alphabet, Inc (Class A) | 504977 |
| 47228 | (a) | Charter Communications, Inc | 19307 |
| 1852771 |  | Comcast Corp (Class A) | 66125 |
| 115784 |  | Electronic Arts, Inc | 18491 |
| 106591 |  | Fox Corp (Class A) | 5973 |
| 64549 |  | Fox Corp (Class B) | 3333 |
| 182267 |  | Interpublic Group of Cos, Inc | 4462 |
| 76721 | (a) | Live Nation, Inc | 11606 |
| 122847 |  | Match Group, Inc | 3795 |
| 1069357 |  | Meta Platforms, Inc | 789282 |
| 210134 | (a) | Netflix, Inc | 281397 |
| 184964 |  | News Corp (Class A) | 5497 |
| 54650 |  | News Corp (Class B) | 1875 |
| 96140 |  | Omnicom Group, Inc | 6916 |
| 292267 | (c) | Paramount Global (Class B) | 3770 |
| 83395 | (a) | Take-Two Interactive Software, Inc | 20253 |
| 32161 |  | TKO Group Holdings, Inc | 5852 |
| 888071 |  | Walt Disney Co | 110130 |
| 1092265 | (a) | Warner Bros Discovery, Inc | 12517 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | 2285733 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2% | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.2% |
| 867222 |  | AbbVie, Inc | 160974 |
| 139587 |  | Agilent Technologies, Inc | 16473 |
| 263898 |  | Amgen, Inc | 73683 |
| 71619 | (a) | Biogen, Inc | 8995 |
| 77348 |  | Bio-Techne Corp | 3980 |
| 992902 |  | Bristol-Myers Squibb Co | 45961 |
| 25019 | (a) | Charles River Laboratories International, Inc | 3796 |
| 28644 | (a),(d) | Chinook Therapeutics, Inc | 0^ |
| 314395 |  | Danaher Corp | 62106 |
| 387069 |  | Eli Lilly & Co | 301732 |
| 612219 |  | Gilead Sciences, Inc | 67877 |
| 78591 | (a) | Incyte Corp | 5352 |
| 15231 | (a),(d) | Inhibrx, Inc | 10 |
| 81253 | (a) | IQVIA Holdings, Inc | 12805 |
| 1182733 |  | Johnson & Johnson | 180662 |
| 1242669 |  | Merck & Co, Inc | 98370 |
| 10234 | (a) | Mettler-Toledo International, Inc | 12022 |
| 165691 | (a) | Moderna, Inc | 4571 |
| 3255 | (a),(d) | OmniAb Operations, Inc | 0^ |
| 3255 | (a),(d) | OmniAb Operations, Inc | 0^ |
| 59289 |  | PerkinElmer, Inc | 5734 |
| 2783876 |  | Pfizer, Inc | 67481 |
| 51476 |  | Regeneron Pharmaceuticals, Inc | 27025 |
| 185935 |  | Thermo Fisher Scientific, Inc | 75389 |
| 126146 | (a) | Vertex Pharmaceuticals, Inc | 56160 |
| 587020 |  | Viatris, Inc | 5242 |
| 29052 | (a) | Waters Corp | 10140 |
| 35435 |  | West Pharmaceutical Services, Inc | 7753 |
| 219975 |  | Zoetis, Inc | 34305 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 1348598 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
| 144623 | (a) | CBRE Group, Inc | 20265 |

---

**171** 

------

Equity index

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE (000) |
|  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |
| 206199<br> (a) | CoStar Group, Inc | $16578 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 36843 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.7% |  |
| 796056<br> (a) | Advanced Micro Devices, Inc | 112960 |
| 243712 | Analog Devices, Inc | 58008 |
| 401873 | Applied Materials, Inc | 73571 |
| 2315849 | Broadcom, Inc | 638364 |
| 64818<br> (a) | Enphase Energy, Inc | 2570 |
| 52381<br> (a) | First Solar, Inc | 8671 |
| 2127109 | Intel Corp | 47647 |
| 65281 | KLA Corp | 58475 |
| 630595 | Lam Research Corp | 61382 |
| 273864 | Microchip Technology, Inc | 19272 |
| 547334 | Micron Technology, Inc | 67459 |
| 23493 | Monolithic Power Systems, Inc | 17182 |
| 12011541 | Nvidia Corp | 1897703 |
| 124353<br> (c) | NXP Semiconductors NV | 27170 |
| 206196<br> (a) | ON Semiconductor Corp | 10807 |
| 543319 | QUALCOMM, Inc | 86529 |
| 78647 | Skyworks Solutions, Inc | 5861 |
| 79687 | Teradyne, Inc | 7165 |
| 447199 | Texas Instruments, Inc | 92848 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 3293644 |
|  | SOFTWARE & SERVICES - 12.5% |  |
| 307265<br> (c) | Accenture plc | 91838 |
| 209918<br> (a) | Adobe, Inc | 81213 |
| 73503<br> (a) | Akamai Technologies, Inc | 5863 |
| 42788<br> (a) | Ansys, Inc | 15028 |
| 105619<br> (a) | Autodesk, Inc | 32696 |
| 134731<br> (a) | Cadence Design Systems, Inc | 41517 |
| 242007 | Cognizant Technology Solutions Corp (Class A) | 18884 |
| 122676<br> (a) | Crowdstrike Holdings, Inc | 62480 |
| 27752<br> (a) | EPAM Systems, Inc | 4907 |
| 12363<br> (a) | Fair Isaac Corp | 22599 |
| 312510<br> (a) | Fortinet, Inc | 33039 |
| 37586<br> (a) | Gartner, Inc | 15193 |
| 265360 | Gen Digital, Inc | 7802 |
| 69090<br> (a) | GoDaddy, Inc | 12440 |
| 457710 | International Business Machines Corp | 134924 |
| 137509 | Intuit, Inc | 108306 |
| 3660754 | Microsoft Corp | 1820896 |
| 801088 | Oracle Corp | 175142 |
| 1047638<br> (a) | Palantir Technologies, Inc | 142814 |
| 325256<br> (a) | Palo Alto Networks, Inc | 66560 |
| 58873<br> (a) | PTC, Inc | 10146 |
| 53780 | Roper Industries, Inc | 30485 |
| 470124 | Salesforce, Inc | 128198 |
| 101197<br> (a) | ServiceNow, Inc | 104039 |
| 75936<br> (a) | Synopsys, Inc | 38931 |
| 20941<br> (a) | Tyler Technologies, Inc | 12415 |
| 39807 | VeriSign, Inc | 11496 |
| 104706<br> (a) | Workday, Inc | 25129 |
|  | TOTAL SOFTWARE & SERVICES | 3254980 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 7.7% |  |
| 594941 | Amphenol Corp (Class A) | 58750 |
| 7356385 | Apple, Inc | 1509310 |
| 507460<br> (a) | Arista Networks, Inc | 51918 |
| 65203 | CDW Corp | 11645 |
| 1956519 | Cisco Systems, Inc | 135743 |
| 377193 | Corning, Inc | 19837 |
| 153250 | Dell Technologies, Inc | 18788 |
| 28208<br> (a) | F5 Networks, Inc | 8302 |

---

**172** 

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 642632 |  | Hewlett Packard Enterprise Co | $13142 |
| 458846 |  | HP, Inc | 11223 |
| 53594 |  | Jabil Inc | 11689 |
| 161991 |  | Juniper Networks, Inc | 6468 |
| 84,600(a) |  | Keysight Technologies, Inc | 13863 |
| 82098 |  | Motorola Solutions, Inc | 34519 |
| 99473 |  | NetApp, Inc | 10599 |
| 103584 |  | Seagate Technology Holdings plc | 14950 |
| 247387 | (a),(c) | Super Micro Computer, Inc | 12124 |
| 145978 |  | TE Connectivity plc | 24622 |
| 22801 | (a) | Teledyne Technologies, Inc | 11681 |
| 120262 | (a) | Trimble Inc | 9138 |
| 170182 |  | Western Digital Corp | 10890 |
| 25139 | (a) | Zebra Technologies Corp (Class A) | 7752 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2006953 |
|  |  | TELECOMMUNICATION SERVICES - 0.9% |  |
| 3526256 |  | AT&T, Inc | 102050 |
| 52848 | (a),(d) | GCI Liberty, Inc | 1 |
| 234625 |  | T-Mobile US, Inc | 55902 |
| 2068001 |  | Verizon Communications, Inc | 89482 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 247435 |
|  |  | TRANSPORTATION - 1.4% |  |
| 58082 |  | CH Robinson Worldwide, Inc | 5573 |
| 943540 |  | CSX Corp | 30788 |
| 313936 |  | Delta Air Lines, Inc | 15439 |
| 68488 |  | Expeditors International Washington, Inc | 7825 |
| 108415 |  | FedEx Corp | 24644 |
| 38868 |  | JB Hunt Transport Services, Inc | 5582 |
| 111236 |  | Norfolk Southern Corp | 28473 |
| 91925 |  | Old Dominion Freight Line | 14919 |
| 291150 | (c) | Southwest Airlines Co | 9445 |
| 1026218 | (a) | Uber Technologies, Inc | 95746 |
| 296854 |  | Union Pacific Corp | 68300 |
| 170706 | (a) | United Airlines Holdings, Inc | 13593 |
| 359286 |  | United Parcel Service, Inc (Class B) | 36266 |
|  |  | TOTAL TRANSPORTATION | 356593 |
|  |  | UTILITIES - 2.4% |  |
| 417761 |  | AES Corp | 4395 |
| 125547 |  | Alliant Energy Corp | 7592 |
| 132057 |  | Ameren Corp | 12683 |
| 260892 |  | American Electric Power Co, Inc | 27070 |
| 95951 |  | American Water Works Co, Inc | 13348 |
| 77662 |  | Atmos Energy Corp | 11969 |
| 318878 |  | Centerpoint Energy, Inc | 11716 |
| 146784 |  | CMS Energy Corp | 10169 |
| 170518 |  | Consolidated Edison, Inc | 17112 |
| 153681 |  | Constellation Energy Corp | 49602 |
| 410990 |  | Dominion Energy, Inc | 23229 |
| 101400 |  | DTE Energy Co | 13431 |
| 381209 |  | Duke Energy Corp | 44983 |
| 189427 |  | Edison International | 9774 |
| 219694 |  | Entergy Corp | 18261 |
| 123622 |  | Evergy, Inc | 8521 |
| 179459 |  | Eversource Energy | 11417 |
| 493815 |  | Exelon Corp | 21441 |
| 250962 |  | FirstEnergy Corp | 10104 |
| 1010203 |  | NextEra Energy, Inc | 70128 |
| 229935 |  | NiSource, Inc | 9276 |
| 99112 |  | NRG Energy, Inc | 15915 |
| 1073277 |  | PG&E Corp | 14962 |
| 56547 |  | Pinnacle West Capital Corp | 5059 |
| 361237 |  | PPL Corp | 12242 |

---

**173** 

------

Equity Index

---

| | | | | |
|:---|:---|:---|:---|:---|
| SHARES | DESCRIPTION |  |  | VALUE (000) |
|  | UTILITIES (continued) |  |  |  |
| 243772 | Public Service Enterprise Group, Inc |  |  | $20521 |
| 321145 | Sempra Energy |  |  | 24333 |
| 536099 | Southern Co |  |  | 49230 |
| 167134 | Vistra Corp |  |  | 32392 |
| 155435 | WEC Energy Group, Inc |  |  | 16196 |
| 280968 | Xcel Energy, Inc |  |  | 19134 |
|  | TOTAL UTILITIES |  |  | 616205 |
|  | TOTAL COMMON STOCKS<br> (Cost $8,201,056) |  |  | 25850988 |
| SHARES | DESCRIPTION |  | EXPIRATION DATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  | RIGHTS/WARRANTS - 0.0% |  |  |  |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |  |
| 7208 (d) | AstraZeneca plc |  | 02/20/29 | 2 |
| 7917 (d) | Chinook Therapeutics, Inc |  | 01/02/30 | 1 |
| 6981 (d) | Tobira Therapeutics, Inc |  |  | 0^ |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 3 |
|  | TOTAL RIGHTS/WARRANTS<br> (Cost $3) |  |  | 3 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $8,201,059) |  |  | 25850991 |
| SHARES | DESCRIPTION | RATE |  | VALUE (000) |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1% |  |  |  |
| 20751129 (e) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(f) |  | 20751 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $20,751) |  |  | 20751 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | SHORT-TERM INVESTMENTS - 0.5% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 0.1% |  |  |  |
| $3000000 | Federal Agricultural Mortgage Corp Discount Notes | 0.000 | 07/15/25 | 2995 |
| 5000000 | Federal Farm Credit Discount Notes | 0.000 | 07/31/25 | 4982 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 9979 |
| 10000000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/29/25 | 9930 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 27886 |
|  | REPURCHASE AGREEMENT - 0.3% |  |  |  |
| 72172000 (g) | Fixed Income Clearing Corporation | 4.390 | 07/01/25 | 72172 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 72172 |
|  | TREASURY DEBT - 0.1% |  |  |  |
| 775000 | United States Treasury Bill | 0.000 | 07/08/25 | 774 |
| 25000000 | United States Treasury Bill | 0.000 | 07/15/25 | 24960 |
|  | TOTAL TREASURY DEBT |  |  | 25734 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $125,793) |  |  | 125792 |
|  | TOTAL INVESTMENTS - 100.1%<br> (Cost $8,347,603) |  |  | 25997534 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.1)% |  |  | (20859) |
|  | NET ASSETS - 100.0% |  |  | $25976675 |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

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

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

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $63,011,343.

(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, 4.390% dated 6/30/25 to be repurchased at $72,180,801 on
7/1/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 10/15/26, valued at $73,615,457.

Cost amounts are in thousands.

**174** 

------

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br> Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  S&P 500 E-Mini Index | 367 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027 |

---

**175** 

------

## Portfolio of Investments June 30, 2025
Core Bond

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | LONG-TERM INVESTMENTS - 96.2% |  |  |  |
|  |  | BANK LOAN OBLIGATIONS - 0.2% |  |  |  |
|  |  | CAPITAL GOODS - 0.0% |  |  |  |
| $358638 | (a),(b) | Cornerstone Building Brands, Inc., Term Loan B, (TBD) | TBD | TBD | $321 |
| 166869 | (b) | Oregon Tool Lux LP, (TSFR3M + 4.000%) | 8.586% | 10/15/29 | 136 |
|  42,026(b) | (b) | Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%) | 9.674 | 10/15/29 | 43 |
| 1242031 | (b) | TK Elevator Midco GmbH, Term Loan B, (TSFR1M + 3.000%) | 7.237 | 04/30/30 | 1247 |
| 892419 | (b) | TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%) | 6.796 | 02/28/31 | 895 |
| 957003 | (b) | TransDigm, Inc., Term Loan K, (TSFR3M + 2.750%) | 7.046 | 03/22/30 | 961 |
|  |  | TOTAL CAPITAL GOODS |  |  | 3603 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% |  |  |  |
| 681789 | (b) | CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%) | 6.780 | 11/08/32 | 684 |
| 404812 | (b) | LS Group OpCo Acquistion LLC, (TSFR1M + 2.500%) | 6.830 | 04/23/31 | 405 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 1089 |
|  |  | CONSUMER DURABLES & APPAREL - 0.0% |  |  |  |
| 165655 | (b) | Samsonite International S.A., Term Loan B, (TSFR1M + 2.000%) | 6.327 | 06/21/30 | 166 |
| 412577 | (b) | Weber-Stephen Products LLC, Term Loan B, (TSFR1M + 3.250%) | 7.691 | 10/29/27 | 411 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 577 |
|  |  | CONSUMER SERVICES - 0.1% |  |  |  |
| 425981 | (b) | 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%) | 6.077 | 09/20/30 | 425 |
| 754708 | (b) | Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 01/31/31 | 748 |
| 663109 | (b) | Carnival Corporation, Term Loan (2028), (TSFR1M + 2.000%) | 6.312 | 10/18/28 | 664 |
| 1970000 | (b) | Flutter Financing B.V., Term Loan B, (TSFR1M + 1.750%) | 6.049 | 11/29/30 | 1968 |
| 351433 | (b) | IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%) | 6.827 | 12/15/27 | 352 |
| 920430 | (b) | KFC Holding Co., Term Loan B, (TSFR1M + 1.750%) | 6.179 | 03/15/28 | 926 |
| 575917 | (b) | Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%) | 8.577 | 03/04/28 | 507 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 5590 |
|  |  | ENERGY - 0.0% |  |  |  |
| 348400 | (b) | Buckeye Partners, L.P., Term Loan B5, (TSFR1M + 1.750%) | 6.077 | 11/01/26 | 349 |
|  |  | TOTAL ENERGY |  |  | 349 |
|  |  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 171458 | (b) | Avolon TLB Borrower 1 (US) LLC, Term Loan B6, (TSFR1M + 1.750%) | 6.071 | 06/22/30 | 172 |
| 2101083 | (b) | Trans Union, LLC, Term Loan B9, (TSFR1M + 1.750%) | 6.077 | 06/24/31 | 2105 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 2277 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.0% |  |  |  |
| 237001 | (b) | Arterra Wines Canada, Inc., Term Loan, (TSFR3M + 3.500%) | 8.057 | 11/24/27 | 235 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 235 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 0.0% |  |  |  |
| 514341 | (b) | Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%) | 6.577 | 10/23/28 | 515 |
| 376076 | (b) | Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 12/03/31 | 378 |
| 123388 | (b) | Team Health Holdings, Inc., Term Loan B, (TSFR3M + 5.250%) | 9.530 | 03/02/27 | 123 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 1016 |
|  |  | MATERIALS - 0.0% |  |  |  |
| 1175517 | (b) | Asplundh Tree Expert, LLC, Term Loan B, (TSFR1M + 1.750%) | 6.177 | 09/07/27 | 1180 |
|  |  | TOTAL MATERIALS |  |  | 1180 |
|  |  | MEDIA & ENTERTAINMENT - 0.0% |  |  |  |
| 114344 | (b) | DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%) | 9.541 | 08/02/27 | 115 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 115 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |  |
| 27583 | (b) | Avantor Funding, Inc., Term Loan, (TSFR1M + 2.000%) | 6.427 | 11/08/27 | 28 |
| 96705 | (b) | Grifols Worldwide Operations USA, Inc., Term Loan B, (TSFR3M + 2.000%) | 6.483 | 11/15/27 | 96 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 124 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0% |  |  |  |
| 551185 | (b) | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%) | 7.077 | 01/31/30 | 555 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 555 |
|  |  | SOFTWARE & SERVICES - 0.1% |  |  |  |
| 1227140 | (b) | Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M + 3.000%) | 7.327 | 10/09/29 | 1231 |
| 1236492 | (b) | Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%) | 6.077 | 09/12/29 | 1236 |
| 70227 | (b) | Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%) | 10.679 | 05/15/28 | 71 |
| 345263 | (b) | Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%) | 7.179 | 05/15/28 | 160 |

---

**176** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | SOFTWARE & SERVICES (continued) |  |  |  |
| $690371 | (b) | Rocket Software, Inc., Term Loan B, (TSFR1M + 4.250%) | 8.577% | 11/28/28 | $693 |
| 879909 | (b) | UKG Inc., Term Loan B, (TSFR1M + 3.000%) | 7.311 | 02/10/31 | 884 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 4275 |
|  |  | TELECOMMUNICATION SERVICES - 0.0% |  |  |  |
| 296071 | (b) | Cablevision Lightpath LLC, Repriced Term Loan, (TSFR1M + 3.000%) | 7.312 | 11/30/27 | 297 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 297 |
|  |  | TRANSPORTATION - 0.0% |  |  |  |
| 202438 | (b) | Air Canada, Term Loan B, (TSFR3M + 2.000%) | 6.325 | 03/21/31 | 203 |
| 182135 | (b) | SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%) | 8.022 | 10/20/27 | 184 |
|  |  | TOTAL TRANSPORTATION |  |  | 387 |
|  |  | TOTAL BANK LOAN OBLIGATIONS<br>(Cost $21,735) |  |  | 21669 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | CORPORATE BONDS - 27.1% |  |  |  |
|  |  | AUTOMOBILES & COMPONENTS - 0.4% |  |  |  |
| 225000 |  | Dana, Inc | 5.375 | 11/15/27 | 226 |
| 350000 |  | Dana, Inc | 5.625 | 06/15/28 | 352 |
| EUR 300,000 |  | Ford Motor Credit Co LLC | 5.125 | 02/20/29 | 370 |
| 3500000 | (c) | Ford Otomotiv Sanayi AS. | 7.125 | 04/25/29 | 3502 |
| EUR 500,000 |  | General Motors Financial Co, Inc | 0.600 | 05/20/27 | 569 |
| EUR 300,000 |  | General Motors Financial Co, Inc | 4.300 | 02/15/29 | 369 |
| 10550000 |  | General Motors Financial Co, Inc | 4.900 | 10/06/29 | 10532 |
| 6250000 |  | General Motors Financial Co, Inc | 5.850 | 04/06/30 | 6461 |
| 2550000 |  | General Motors Financial Co, Inc | 5.750 | 02/08/31 | 2620 |
| 12000000 |  | General Motors Financial Co, Inc | 2.700 | 06/10/31 | 10505 |
| 4975000 |  | General Motors Financial Co, Inc | 5.600 | 06/18/31 | 5074 |
| EUR 205,000 | (c) | Goodyear Europe BV | 2.750 | 08/15/28 | 234 |
| 200000 | (c) | Kia Corp | 2.750 | 02/14/27 | 195 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 41009 |
|  |  | BANKS - 6.0% |  |  |  |
| EUR 500,000 |  | ABN AMRO Bank NV | 4.250 | 02/21/30 | 620 |
| 2000000 | (c) | Akbank T.A.S. | 6.800 | 06/22/31 | 1990 |
| 1775000 | (c) | Banco de Credito del Peru | 3.125 | 07/01/30 | 1775 |
| 700000 | (c),(d) | Banco de Credito e Inversiones S.A. | 8.750 | N/A | 739 |
| 2000000 | (c) | Banco Nacional de Panama | 2.500 | 08/11/30 | 1672 |
| 2175000 | (c) | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | 5.621 | 12/10/29 | 2215 |
| EUR 600,000 | (b) | Banco Santander S.A. | 0.500 | 03/24/27 | 697 |
| GBP 400,000 |  | Banco Santander S.A. | 4.750 | 08/30/28 | 551 |
| 2000000 |  | Bancolombia S.A. | 8.625 | 12/24/34 | 2103 |
| 3010000 | (c) | Bangkok Bank PCL | 3.466 | 09/23/36 | 2677 |
| 1750000 | (c) | Banistmo S.A. | 4.250 | 07/31/27 | 1715 |
| 5300000 | (c) | Bank Hapoalim BM | 3.255 | 01/21/32 | 5066 |
| 6300000 | (c) | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 6180 |
| EUR 300,000 |  | Bank of America Corp | 1.776 | 05/04/27 | 352 |
| 55925000 |  | Bank of America Corp | 2.592 | 04/29/31 | 51127 |
| 12400000 |  | Bank of America Corp | 5.288 | 04/25/34 | 12648 |
| 4600000 |  | Bank of America Corp | 5.511 | 01/24/36 | 4730 |
| 25175000 |  | Bank of America Corp | 5.744 | 02/12/36 | 25581 |
| 34550000 |  | Bank of America Corp | 2.676 | 06/19/41 | 24643 |
| 20000000 | (d) | Bank of America Corp | 6.625 | N/A | 20713 |
| 10175000 | (d) | Bank of New York Mellon Corp | 6.300 | N/A | 10453 |
| GBP 300,000 |  | Banque Federative du Credit Mutuel S.A. | 4.875 | 09/25/25 | 412 |
| EUR 400,000 |  | Barclays plc | 0.577 | 08/09/29 | 440 |
| EUR 500,000 |  | Barclays plc | 4.918 | 08/08/30 | 628 |
| 5000000 |  | Barclays plc | 4.942 | 09/10/30 | 5037 |
| 8425000 |  | Barclays plc | 5.367 | 02/25/31 | 8606 |
| 6075000 |  | Barclays plc | 3.330 | 11/24/42 | 4510 |
| 1500000 | (c) | BBVA Bancomer S.A. | 5.125 | 01/18/33 | 1442 |
| 1400000 | (c) | BBVA Bancomer S.A. | 8.450 | 06/29/38 | 1481 |
| 1825000 | (c) | BBVA Bancomer S.A. Institucion de Banca Multiple Grupo Financiero BBVA Mexico | 7.625 | 02/11/35 | 1874 |
| 5600000 | (c) | BNP Paribas S.A. | 1.904 | 09/30/28 | 5285 |

---

**177** 

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | BANKS (continued) |  |  |  |
|  EUR 700,000 |  | BNP Paribas S.A. | 3.875% | 02/23/29 | $852 |
| $5000000 | (c) | BNP Paribas S.A. | 2.159 | 09/15/29 | 4635 |
| 8400000 |  | CitiBank NA | 4.914 | 05/29/30 | 8561 |
| 7900000 |  | CitiBank NA | 5.570 | 04/30/34 | 8229 |
| 36375000 |  | Citigroup, Inc | 3.200 | 10/21/26 | 35855 |
| 8750000 |  | Citigroup, Inc | 4.450 | 09/29/27 | 8758 |
| 5245000 |  | Citigroup, Inc | 4.125 | 07/25/28 | 5208 |
| 7100000 |  | Citigroup, Inc | 4.542 | 09/19/30 | 7068 |
| 7125000 |  | Citigroup, Inc | 2.572 | 06/03/31 | 6462 |
| 6750000 | (d) | Citigroup, Inc | 7.625 | N/A | 7104 |
| 8425000 |  | Cooperatieve Rabobank UA | 3.750 | 07/21/26 | 8357 |
| 9150000 | (c) | Credit Agricole S.A. | 5.222 | 05/27/31 | 9321 |
|  GBP 600,000 |  | Danske Bank A.S. | 2.250 | 01/14/28 | 795 |
| 7350000 |  | Deutsche Bank AG. | 5.371 | 09/09/27 | 7539 |
| 5575000 |  | Deutsche Bank AG. | 2.311 | 11/16/27 | 5409 |
| 4325000 |  | Deutsche Bank AG. | 6.819 | 11/20/29 | 4613 |
| 2325000 |  | Deutsche Bank AG. | 4.999 | 09/11/30 | 2343 |
| 2425000 | (c) | Development Bank of Kazakhstan JSC | 2.950 | 05/06/31 | 2115 |
| 3325000 | (c) | Grupo Aval Ltd | 4.375 | 02/04/30 | 3049 |
| 855000 | (c),(d) | Hana Bank | 3.500 | N/A | 832 |
| 12400000 |  | HSBC Holdings plc | 7.390 | 11/03/28 | 13169 |
| 3750000 |  | HSBC Holdings plc | 3.973 | 05/22/30 | 3652 |
| 5625000 |  | HSBC Holdings plc | 5.130 | 03/03/31 | 5700 |
| 6675000 | (d),(e) | HSBC Holdings plc | 6.950 | N/A | 6710 |
| 7000000 | (d) | Huntington Bancshares, Inc | 5.625 | N/A | 7111 |
|  UGX 2,000,000,000 | (c) | ICBC Standard Bank plc | 14.250 | 06/26/34 | 442 |
| 2125000 | (c) | Intercorp Financial Services, Inc | 4.125 | 10/19/27 | 2065 |
| 200000 | (c) | Intesa Sanpaolo S.p.A | 4.198 | 06/01/32 | 184 |
| 2400000 | (c),(e) | Itau Unibanco Holding S.A. | 6.000 | 02/27/30 | 2462 |
| 14600000 |  | JPMorgan Chase & Co | 3.200 | 06/15/26 | 14460 |
| 8325000 |  | JPMorgan Chase & Co | 4.323 | 04/26/28 | 8317 |
|  EUR 600,000 |  | JPMorgan Chase & Co | 1.638 | 05/18/28 | 696 |
| 16900000 |  | JPMorgan Chase & Co | 5.581 | 04/22/30 | 17548 |
| 10500000 |  | JPMorgan Chase & Co | 3.702 | 05/06/30 | 10220 |
| 12450000 |  | JPMorgan Chase & Co | 5.140 | 01/24/31 | 12767 |
| 2150000 |  | JPMorgan Chase & Co | 1.953 | 02/04/32 | 1864 |
| 19775000 |  | JPMorgan Chase & Co | 4.912 | 07/25/33 | 19889 |
| 24425000 |  | JPMorgan Chase & Co | 5.350 | 06/01/34 | 25129 |
| 3200000 |  | JPMorgan Chase & Co | 6.254 | 10/23/34 | 3478 |
| 22925000 |  | JPMorgan Chase & Co | 5.766 | 04/22/35 | 24085 |
| 9200000 |  | JPMorgan Chase & Co | 4.946 | 10/22/35 | 9104 |
| 13650000 |  | JPMorgan Chase & Co | 5.572 | 04/22/36 | 14146 |
| 2625000 |  | JPMorgan Chase & Co | 2.525 | 11/19/41 | 1840 |
| 10750000 |  | JPMorgan Chase & Co | 3.157 | 04/22/42 | 8106 |
| 6250000 | (d) | JPMorgan Chase & Co | 3.650 | N/A | 6149 |
| 9375000 | (d) | JPMorgan Chase & Co | 6.875 | N/A | 9895 |
|  EUR 1,675,000 |  | Kreditanstalt fuer Wiederaufbau | 2.625 | 01/10/34 | 1954 |
| 2600000 |  | Lloyds Banking Group plc | 6.068 | 06/13/36 | 2673 |
| 5950000 | (d) | M&T Bank Corp | 3.500 | N/A | 5746 |
| 3675000 | (c) | Mizrahi Tefahot Bank Ltd | 3.077 | 04/07/31 | 3583 |
|  EUR 500,000 |  | Mizuho Financial Group, Inc | 1.598 | 04/10/28 | 576 |
| 6150000 | (c) | NBK SPC Ltd | 1.625 | 09/15/27 | 5923 |
| 2100000 | (c) | Oversea-Chinese Banking Corp Ltd | 1.832 | 09/10/30 | 2088 |
| 6350000 |  | PNC Financial Services Group, Inc | 5.575 | 01/29/36 | 6545 |
| 7465000 | (d) | PNC Financial Services Group, Inc | 3.400 | N/A | 7209 |
|  CNY 8,000,000 |  | QNB Finance Ltd | 3.150 | 02/04/26 | 1124 |
|  EUR 400,000 |  | Skandinaviska Enskilda Banken AB | 3.875 | 05/09/28 | 490 |
|  EUR 500,000 |  | Societe Generale S.A. | 4.875 | 11/21/31 | 629 |
| 5000000 | (d) | Truist Financial Corp | 4.950 | N/A | 4990 |
| 9000000 | (d) | Truist Financial Corp | 6.669 | N/A | 9013 |
| 3500000 | (c) | United Overseas Bank Ltd | 2.000 | 10/14/31 | 3387 |
| 5300000 |  | Wells Fargo & Co | 3.550 | 09/29/25 | 5285 |

---

**178** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | BANKS (continued) |  |  |  |
| $16375000 |  | Wells Fargo & Co | 2.393% | 06/02/28 | $15776 |
| 9600000 |  | Wells Fargo & Co | 6.303 | 10/23/29 | 10146 |
| 15925000 |  | Wells Fargo & Co | 5.605 | 04/23/36 | 16438 |
| 5775000 | (d),(e) | Wells Fargo & Co | 7.625 | N/A | 6203 |
| 10000000 | (d) | Wells Fargo & Co | 3.900 | N/A | 9898 |
|  |  | TOTAL BANKS |  |  | 693931 |
|  |  | CAPITAL GOODS - 0.9% |  |  |  |
| 3250000 |  | Air Lease Corp | 3.125 | 12/01/30 | 3003 |
| 25400000 |  | Boeing Co | 2.196 | 02/04/26 | 25004 |
| 5350000 |  | Boeing Co | 3.250 | 02/01/28 | 5189 |
| 3350000 |  | Boeing Co | 5.705 | 05/01/40 | 3310 |
| 18750000 |  | Boeing Co | 5.805 | 05/01/50 | 17981 |
|  EUR 400,000 |  | Carrier Global Corp | 4.125 | 05/29/28 | 490 |
|  EUR 700,000 |  | Carrier Global Corp | 4.500 | 11/29/32 | 878 |
| 1300000 | (c) | Embraer Netherlands Finance BV | 7.000 | 07/28/30 | 1404 |
| 60000 |  | Embraer Netherlands Finance BV | 5.980 | 02/11/35 | 62 |
| 20250000 |  | Honeywell International, Inc | 5.000 | 03/01/35 | 20380 |
|  EUR 500,000 |  | Honeywell International, Inc | 3.750 | 03/01/36 | 586 |
|  EUR 300,000 |  | Illinois Tool Works, Inc | 3.250 | 05/17/28 | 360 |
| 12000000 |  | L3Harris Technologies, Inc | 5.400 | 07/31/33 | 12326 |
|  EUR 500,000 |  | Raytheon Technologies Corp | 2.150 | 05/18/30 | 568 |
| 5575000 |  | Raytheon Technologies Corp | 2.250 | 07/01/30 | 5038 |
| 1925000 | (c) | Sociedad Quimica y Minera de Chile S.A. | 6.500 | 11/07/33 | 2044 |
| 3000000 | (c) | Sociedad Quimica y Minera de Chile S.A. | 3.500 | 09/10/51 | 1921 |
| 300000 | (c) | WESCO Distribution, Inc | 7.250 | 06/15/28 | 304 |
|  |  | TOTAL CAPITAL GOODS |  |  | 100848 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 0.2% |  |  |  |
| 325000 | (c) | ASGN, Inc | 4.625 | 05/15/28 | 317 |
| 1259000 | (c) | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 1265 |
| 1325000 | (c) | Prime Security Services Borrower LLC | 3.375 | 08/31/27 | 1283 |
| 725000 | (c) | Prime Security Services Borrower LLC | 6.250 | 01/15/28 | 726 |
| 4550000 |  | Verisk Analytics, Inc | 5.250 | 03/15/35 | 4576 |
| 19000000 |  | Waste Management, Inc | 4.950 | 03/15/35 | 19081 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 27248 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.5% |  |  |  |
| 4425000 |  | AutoNation, Inc | 5.890 | 03/15/35 | 4488 |
| 925000 | (c) | Bath & Body Works, Inc | 6.625 | 10/01/30 | 953 |
| 550000 | (c) | Group 1 Automotive, Inc | 4.000 | 08/15/28 | 531 |
| 8400000 |  | Home Depot, Inc | 4.950 | 06/25/34 | 8501 |
| 875000 | (c) | Lithia Motors, Inc | 4.625 | 12/15/27 | 868 |
| 8850000 |  | Lowe's Cos, Inc | 4.250 | 04/01/52 | 6927 |
| 5100000 |  | O'Reilly Automotive, Inc | 3.550 | 03/15/26 | 5068 |
| 6875000 |  | O'Reilly Automotive, Inc | 3.600 | 09/01/27 | 6783 |
| 4075000 |  | O'Reilly Automotive, Inc | 4.200 | 04/01/30 | 4034 |
| 12400000 |  | O'Reilly Automotive, Inc | 1.750 | 03/15/31 | 10671 |
| 3225000 |  | Walmart, Inc | 4.350 | 04/28/30 | 3262 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 52086 |
|  |  | CONSUMER SERVICES - 0.3% |  |  |  |
| 9820000 |  | Amherst College | 4.100 | 11/01/45 | 8237 |
| 2500000 | (c) | Arcos Dorados BV | 6.375 | 01/29/32 | 2597 |
| 125000 | (c) | Hilton Domestic Operating Co, Inc | 5.750 | 05/01/28 | 125 |
| 8000000 |  | President and Fellows of Harvard College | 3.529 | 10/01/31 | 7635 |
| 14250000 |  | President and Fellows of Harvard College | 3.619 | 10/01/37 | 12509 |
| 2100000 |  | Sands China Ltd | 5.900 | 08/08/28 | 2116 |
| 5619000 |  | Smith College | 4.620 | 07/01/45 | 4962 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 38181 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2% |  |  |  |
| 4000000 |  | Kroger Co | 5.000 | 09/15/34 | 3971 |
| 3250000 |  | Kroger Co | 5.500 | 09/15/54 | 3085 |
| 2600000 |  | SYSCO Corp | 5.400 | 03/23/35 | 2644 |
| 5450000 |  | SYSCO Corp | 3.150 | 12/14/51 | 3482 |
|  GBP 500,000 |  | Tesco Corporate Treasury Services plc | 2.750 | 04/27/30 | 627 |

---

**179** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) | CONSUMER STAPLES DISTRIBUTION & RETAIL (continued) |
|  EUR 600,000 |  | Tesco Corporate Treasury Services plc | 3.375% | 05/06/32 | $706 |
| $4000000 |  | Walmart, Inc | 2.500 | 09/22/41 | 2825 |
| 7400000 |  | Walmart, Inc | 4.500 | 04/15/53 | 6481 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  | 23821 |
|  |  | ENERGY - 2.3% |  |  |  |
| 11500000 |  | BP Capital Markets America, Inc | 5.227 | 11/17/34 | 11701 |
|  EUR 500,000 |  | BP Capital Markets plc | 1.231 | 05/08/31 | 531 |
| 13100000 |  | Cheniere Energy Partners LP | 4.000 | 03/01/31 | 12466 |
| 6850000 |  | Cheniere Energy Partners LP | 3.250 | 01/31/32 | 6141 |
| 8625000 |  | Cheniere Energy Partners LP | 5.750 | 08/15/34 | 8858 |
| 1832822 | (c) | Chile Electricity Lux Mpc II Sarl | 5.580 | 10/20/35 | 1833 |
| 2000000 |  | Ecopetrol S.A. | 6.875 | 04/29/30 | 1982 |
| 2125000 |  | Ecopetrol S.A. | 4.625 | 11/02/31 | 1795 |
| 200000 |  | Ecopetrol S.A. | 8.875 | 01/13/33 | 206 |
| 400000 |  | Ecopetrol S.A. | 8.375 | 01/19/36 | 386 |
| 2977929 | (c) | EIG Pearl Holdings Sarl | 3.545 | 08/31/36 | 2650 |
| 3000000 | (c) | Empresa Nacional del Petroleo | 5.250 | 11/06/29 | 3021 |
| 12968000 |  | Enbridge, Inc | 3.125 | 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12250 |
| 3925000 |  | Enbridge, Inc | 5.700 | 03/08/33 | 4069 |
| 2950000 |  | Enbridge, Inc | 3.400 | 08/01/51 | 1950 |
| 4725000 |  | Energy Transfer LP | 4.750 | 01/15/26 | 4725 |
| 2900000 |  | Energy Transfer LP | 5.750 | 02/15/33 | 3010 |
| 5100000 |  | Energy Transfer LP | 6.550 | 12/01/33 | 5533 |
| 3100000 |  | Energy Transfer LP | 5.550 | 05/15/34 | 3138 |
| 775000 |  | Energy Transfer LP | 5.400 | 10/01/47 | 690 |
| 8700000 |  | Energy Transfer LP | 6.250 | 04/15/49 | 8581 |
| 9125000 |  | Energy Transfer LP | 5.000 | 05/15/50 | 7625 |
| 7600000 |  | Energy Transfer LP | 5.950 | 05/15/54 | 7230 |
| 2950000 |  | Energy Transfer Operating LP | 5.500 | 06/01/27 | 3003 |
| 2650000 |  | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 2147 |
| 6200000 |  | Enterprise Products Operating LLC | 4.200 | 01/31/50 | 4914 |
| 4500000 |  | Enterprise Products Operating LLC | 3.200 | 02/15/52 | 2936 |
| 6500000 |  | Enterprise Products Operating LLC | 3.300 | 02/15/53 | 4298 |
| 4600000 |  | Expand Energy Corp | 5.700 | 01/15/35 | 4666 |
| 2211450 | (c) | Galaxy Pipeline Assets Bidco Ltd | 2.160 | 03/31/34 | 1961 |
| 3300000 | (c) | Galaxy Pipeline Assets Bidco Ltd | 2.625 | 03/31/36 | 2804 |
| 8375000 |  | Marathon Petroleum Corp | 3.800 | 04/01/28 | 8257 |
| 5060000 |  | Marathon Petroleum Corp | 4.750 | 09/15/44 | 4209 |
| 5500000 |  | Marathon Petroleum Corp | 5.000 | 09/15/54 | 4515 |
| 3525000 | (c) | Midwest Connector Capital Co LLC | 4.625 | 04/01/29 | 3495 |
| 8950000 |  | MPLX LP | 1.750 | 03/01/26 | 8777 |
| 4850000 |  | MPLX LP | 2.650 | 08/15/30 | 4389 |
| 5325000 |  | ONEOK, Inc | 3.250 | 06/01/30 | 4988 |
| 5000000 |  | ONEOK, Inc | 4.500 | 03/15/50 | 3859 |
| 1900000 |  | ONEOK, Inc | 5.700 | 11/01/54 | 1754 |
| 1275000 | (c) | ORLEN S.A. | 6.000 | 01/30/35 | 1307 |
| 3900000 | (c) | Pertamina Hulu Energi PT | 5.250 | 05/21/30 | 3941 |
| 200000 | (c),(e) | Pertamina Persero PT | 3.650 | 07/30/29 | 192 |
| 1650000 | (e) | Petrobras Global Finance BV | 6.000 | 01/13/35 | 1616 |
| 300000 |  | Petroleos Mexicanos | 6.840 | 01/23/30 | 290 |
| 2000000 |  | Petroleos Mexicanos | 5.950 | 01/28/31 | 1808 |
| 3000000 |  | Petroleos Mexicanos | 6.700 | 02/16/32 | 2787 |
| 6000000 | (c) | Petronas Capital Ltd | 4.950 | 01/03/31 | 6119 |
| 360000 | (c) | Petronas Capital Ltd | 5.340 | 04/03/35 | 369 |
| 13575000 |  | Phillips 66 | 2.150 | 12/15/30 | 11955 |
| 2375000 |  | Phillips 66 Co | 4.680 | 02/15/45 | 1987 |
| 475000 |  | Plains All American Pipeline LP | 3.800 | 09/15/30 | 454 |
| 2950000 | (c) | QazaqGaz NC JSC | 4.375 | 09/26/27 | 2890 |
| 2500000 | (c) | Raizen Fuels Finance S.A. | 5.700 | 01/17/35 | 2341 |
| 1473400 | (c) | Rio Oil Finance Trust | 8.200 | 04/06/28 | 1536 |
| 6200000 |  | Sabine Pass Liquefaction LLC | 5.875 | 06/30/26 | 6234 |
| 4800000 |  | Sabine Pass Liquefaction LLC | 4.500 | 05/15/30 | 4792 |

---

**180** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | ENERGY (continued) |  |  |  |
| $1475000 | (c) | Saudi Arabian Oil Co | 5.250% | 07/17/34 | $1490 |
| 6500000 |  | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 6451 |
| 425000 |  | Targa Resources Partners LP | 6.500 | 07/15/27 | 425 |
| 350000 | (c) | Tengizchevroil Finance Co International Ltd | 2.625 | 08/15/25 | 349 |
| 2500000 | (c) | Thaioil Treasury Center Co Ltd | 2.500 | 06/18/30 | 2181 |
| 11000000 |  | TotalEnergies Capital International S.A. | 3.127 | 05/29/50 | 7257 |
| 2500000 |  | TotalEnergies Capital S.A. | 5.488 | 04/05/54 | 2406 |
| 1825000 |  | TotalEnergies Capital S.A. | 5.425 | 09/10/64 | 1707 |
| 4675000 |  | Williams Cos, Inc | 2.600 | 03/15/31 | 4188 |
| 9250000 |  | Williams Cos, Inc | 5.650 | 03/15/33 | 9612 |
|  |  | TOTAL ENERGY |  |  | 268027 |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7% |  |  |  |
| 5100000 |  | Agree LP | 2.000 | 06/15/28 | 4780 |
| 2725000 |  | American Homes 4 Rent LP | 5.250 | 03/15/35 | 2705 |
| 2418000 |  | American Tower Corp | 3.375 | 10/15/26 | 2387 |
|  EUR 750,000 |  | American Tower Corp | 0.450 | 01/15/27 | 857 |
| 1600000 |  | American Tower Corp | 3.600 | 01/15/28 | 1571 |
| 4350000 |  | American Tower Corp | 3.800 | 08/15/29 | 4229 |
| 13700000 |  | American Tower Corp | 2.900 | 01/15/30 | 12766 |
| 2750000 |  | American Tower Corp | 2.100 | 06/15/30 | 2442 |
| 3825000 |  | American Tower Corp | 1.875 | 10/15/30 | 3325 |
| 6725000 |  | American Tower Corp | 5.400 | 01/31/35 | 6865 |
| 1075000 |  | Brixmor Operating Partnership LP | 2.250 | 04/01/28 | 1017 |
|  GBP 400,000 |  | Digital Stout Holding LLC | 3.750 | 10/17/30 | 520 |
| 6700000 |  | Essex Portfolio LP | 3.000 | 01/15/30 | 6265 |
| 6975000 |  | Essex Portfolio LP | 5.375 | 04/01/35 | 7078 |
| 6250000 |  | Healthcare Realty Holdings LP | 3.500 | 08/01/26 | 6172 |
| 3000000 |  | Healthcare Realty Holdings LP | 3.625 | 01/15/28 | 2927 |
| 8975000 |  | Healthcare Realty Holdings LP | 3.100 | 02/15/30 | 8324 |
| 1750000 |  | Healthcare Realty Holdings LP | 2.400 | 03/15/30 | 1560 |
| 1050000 |  | Healthcare Realty Holdings LP | 2.050 | 03/15/31 | 878 |
| 7950000 |  | Highwoods Realty LP | 3.875 | 03/01/27 | 7804 |
| 2900000 |  | Highwoods Realty LP | 4.125 | 03/15/28 | 2838 |
| 2875000 |  | Highwoods Realty LP | 4.200 | 04/15/29 | 2796 |
| 4000000 |  | Highwoods Realty LP | 3.050 | 02/15/30 | 3653 |
| 3845000 | (c) | Iron Mountain, Inc | 7.000 | 02/15/29 | 3980 |
| 5250000 |  | Kite Realty Group LP | 4.950 | 12/15/31 | 5268 |
|  EUR 400,000 |  | ProLogis Euro Finance LLC | 4.000 | 05/05/34 | 482 |
|  GBP 300,000 |  | ProLogis International Funding II S.A. | 2.750 | 02/22/32 | 359 |
| 1275000 |  | ProLogis LP | 2.875 | 11/15/29 | 1202 |
| 3125000 |  | ProLogis LP | 1.750 | 07/01/30 | 2748 |
| 6350000 |  | Regency Centers LP | 3.900 | 11/01/25 | 6328 |
| 1025000 |  | Regency Centers LP | 3.600 | 02/01/27 | 1015 |
| 3350000 |  | Regency Centers LP | 2.950 | 09/15/29 | 3170 |
| 11046000 | (c) | SBA Tower Trust | 1.884 | 01/15/26 | 10866 |
| 25315000 | (c) | SBA Tower Trust | 1.631 | 11/15/26 | 24288 |
| 42100000 | (c) | SBA Tower Trust | 1.840 | 04/15/27 | 40088 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 193553 |
|  |  | FINANCIAL SERVICES - 2.4% |  |  |  |
| 8975000 |  | AerCap Ireland Capital DAC | 1.750 | 01/30/26 | 8818 |
| 21944000 |  | AerCap Ireland Capital DAC | 3.000 | 10/29/28 | 20906 |
| 2250000 |  | AerCap Ireland Capital DAC | 3.850 | 10/29/41 | 1799 |
| 7500000 | (d) | American Express Co | 3.550 | N/A | 7325 |
| 10000000 | (d) | Bank of New York Mellon Corp | 4.700 | N/A | 9972 |
|  EUR 400,000 | (c) | Blackstone Private Credit Fund | 1.750 | 11/30/26 | 462 |
| 1170000 | (c) | Brazil Minas SPE via State of Minas Gerais | 5.333 | 02/15/28 | 1161 |
| 6635000 | (d),(e) | Capital One Financial Corp | 3.950 | N/A | 6474 |
| 6250000 |  | Community Preservation Corp | 2.867 | 02/01/30 | 5747 |
| 3200000 |  | Corebridge Financial, Inc | 6.050 | 09/15/33 | 3368 |
| 4350000 |  | Corebridge Financial, Inc | 5.750 | 01/15/34 | 4519 |
|  GBP 500,000 |  | Credit Suisse Group AG. | 2.250 | 06/09/28 | 657 |
|  EUR 500,000 |  | Deutsche Bank AG. | 5.000 | 09/05/30 | 628 |

---

**181** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | FINANCIAL SERVICES (continued) |  |  |  |
| $600000 |  | Deutsche Bank AG. | 3.742% | 01/07/33 | $540 |
| 7305000 |  | Discover Bank | 3.450 | 07/27/26 | 7224 |
| 3750000 |  | Discover Bank | 2.700 | 02/06/30 | 3455 |
| 6575000 |  | Fiserv, Inc | 5.450 | 03/15/34 | 6735 |
| 13000000 | (e) | Fiserv, Inc | 5.150 | 08/12/34 | 13048 |
|  EUR 500,000 |  | Goldman Sachs Group, Inc | 1.250 | 02/07/29 | 559 |
| 12425000 |  | Goldman Sachs Group, Inc | 5.330 | 07/23/35 | 12533 |
| 3500000 |  | Goldman Sachs Group, Inc | 4.411 | 04/23/39 | 3155 |
| 6825000 |  | Goldman Sachs Group, Inc | 3.436 | 02/24/43 | 5204 |
| 7200000 | (d) | Goldman Sachs Group, Inc | 6.850 | N/A | 7430 |
| 2600000 | (c) | Indian Railway Finance Corp Ltd | 2.800 | 02/10/31 | 2340 |
| 1700000 | (c),(e) | Indian Railway Finance Corp Ltd | 3.570 | 01/21/32 | 1563 |
| 2368200 | (c) | Minejesa Capital BV | 4.625 | 08/10/30 | 2335 |
| 31425000 |  | Morgan Stanley | 3.125 | 07/27/26 | 31032 |
|  EUR 700,000 |  | Morgan Stanley | 1.342 | 10/23/26 | 822 |
| 7225000 |  | Morgan Stanley | 5.192 | 04/17/31 | 7407 |
|  EUR 500,000 |  | Morgan Stanley | 2.950 | 05/07/32 | 579 |
| 14250000 |  | Morgan Stanley | 5.250 | 04/21/34 | 14496 |
| 5150000 |  | Morgan Stanley | 5.424 | 07/21/34 | 5276 |
| 4000000 |  | Morgan Stanley | 5.831 | 04/19/35 | 4191 |
| 4925000 |  | Morgan Stanley | 5.320 | 07/19/35 | 4985 |
| 14850000 |  | Morgan Stanley | 5.587 | 01/18/36 | 15244 |
| 13550000 |  | Morgan Stanley | 5.664 | 04/17/36 | 14041 |
| 4440000 | (d),(e) | Northern Trust Corp | 4.600 | N/A | 4431 |
| 3350000 | (c),(e) | Power Finance Corp Ltd | 3.950 | 04/23/30 | 3210 |
| 550000 |  | Springleaf Finance Corp | 5.375 | 11/15/29 | 541 |
| 6950000 | (d) | State Street Corp | 6.700 | N/A | 7258 |
|  EUR 400,000 |  | UBS AG. | 0.500 | 03/31/31 | 410 |
|  EUR 800,000 |  | UBS Group AG | 0.250 | 11/05/28 | 892 |
| 9100000 | (c) | UBS Group AG. | 1.305 | 02/02/27 | 8928 |
| 6200000 | (c) | UBS Group AG. | 6.442 | 08/11/28 | 6442 |
| 7500000 | (c) | UBS Group AG. | 5.617 | 09/13/30 | 7788 |
| 3065000 | (c) | UBS Group AG. | 3.179 | 02/11/43 | 2247 |
| 4225000 |  | Visa, Inc | 2.700 | 04/15/40 | 3192 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 281369 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.7% |  |  |  |
| 1600000 | (c) | Anadolu Efes Biracilik Ve Malt Sanayii AS. | 3.375 | 06/29/28 | 1443 |
| 23700000 |  | Anheuser-Busch Cos LLC | 4.700 | 02/01/36 | 23125 |
| 16223000 |  | Anheuser-Busch Cos LLC | 4.900 | 02/01/46 | 14871 |
| 1800000 | (c) | Bimbo Bakeries USA, Inc | 6.050 | 01/15/29 | 1882 |
| 3875000 | (c) | Cia Cervecerias Unidas S.A. | 3.350 | 01/19/32 | 3438 |
| 3000000 | (c) | Coca-Cola Icecek AS. | 4.500 | 01/20/29 | 2916 |
| 2975000 | (c) | Gruma SAB de C.V. | 5.390 | 12/09/34 | 2987 |
| 750000 | (c) | Gruma SAB de C.V. | 5.761 | 12/09/54 | 709 |
| 2500000 | (c) | Grupo Bimbo SAB de C.V. | 4.700 | 11/10/47 | 2079 |
| 6950000 | (c) | Mars, Inc | 5.200 | 03/01/35 | 7033 |
| 6225000 | (c) | Mars, Inc | 5.650 | 05/01/45 | 6240 |
| 4950000 | (c) | Mars, Inc | 5.700 | 05/01/55 | 4938 |
|  EUR 300,000 | (c) | Mondelez International Holdings Netherlands BV | 1.250 | 09/09/41 | 239 |
|  EUR 400,000 |  | Philip Morris International, Inc | 2.750 | 06/06/29 | 468 |
| 11000000 |  | Philip Morris International, Inc | 5.250 | 02/13/34 | 11219 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 83587 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 1.1% |  |  |  |
| EUR 200,000 |  | Becton Dickinson & Co | 3.519 | 02/08/31 | 241 |
|  EUR 500,000 |  | Becton Dickinson Euro Finance Sarl | 0.334 | 08/13/28 | 550 |
| 1925000 |  | Boston Scientific Corp | 2.650 | 06/01/30 | 1782 |
| 4600000 |  | Cardinal Health, Inc | 5.750 | 11/15/54 | 4534 |
| 3285000 |  | Centene Corp | 2.450 | 07/15/28 | 3051 |
| 2910000 |  | Centene Corp | 3.000 | 10/15/30 | 2600 |
| 19230000 |  | Children's Hospital Medic | 4.268 | 05/15/44 | 16210 |
| 9750000 |  | CVS Health Corp | 4.780 | 03/25/38 | 8948 |
| 15555000 |  | CVS Health Corp | 5.050 | 03/25/48 | 13431 |

---

**182** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |  |  |
| $4105000 | Dartmouth-Hitchcock Health | 4.178% | 08/01/48 | $3096 |
| 10775000 | Elevance Health, Inc | 2.250 | 05/15/30 | 9727 |
| 4750000 | Elevance Health, Inc | 5.125 | 02/15/53 | 4241 |
| 4225000 | HCA, Inc | 5.625 | 09/01/28 | 4350 |
|  11,200,&000 | HCA, Inc | 3.625 | 03/15/32 | 10331 |
| 18375000 | HCA, Inc | 5.750 | 03/01/35 | 18896 |
| 3500000<br> (c) | Hologic, Inc | 3.250 | 02/15/29 | 3335 |
|  EUR 250,000<br> (c) | IQVIA, Inc | 1.750 | 03/15/26 | 292 |
|  GBP 500,000 | McKesson Corp | 3.125 | 02/17/29 | 655 |
| 5000000 | New York and Presbyterian Hospital | 3.563 | 08/01/36 | 4358 |
| 375000 | Tenet Healthcare Corp | 4.625 | 06/15/28 | 370 |
| 10700000 | UnitedHealth Group, Inc | 2.300 | 05/15/31 | 9430 |
| 2100000<br> (e) | UnitedHealth Group, Inc | 5.150 | 07/15/34 | 2121 |
| 3250000 | UnitedHealth Group, Inc | 3.750 | 10/15/47 | 2419 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 124968 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 0.2% |  |  |  |
| 6220000 | Church & Dwight Co, Inc | 2.300 | 12/15/31 | 5427 |
|  EUR 750,000<br> (c) | Coty, Inc | 3.875 | 04/15/26 | 883 |
| 8175000 | Haleon US Capital LLC | 3.625 | 03/24/32 | 7649 |
|  EUR 300,000 | Procter & Gamble Co | 3.250 | 08/02/31 | 362 |
|  EUR 400,000 | The Procter & Gamble Company | 1.875 | 10/30/38 | 401 |
| 10075000 | Unilever Capital Corp | 4.625 | 08/12/34 | 9998 |
|  EUR 500,000 | Unilever Finance Netherlands BV | 1.125 | 02/12/27 | 579 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS |  |  | 25299 |
|  | INSURANCE - 1.7% |  |  |  |
| 825000<br> (c) | Alliant Holdings Intermediate LLC | 4.250 | 10/15/27 | 810 |
| 6800000<br> (c) | Allianz SE | 6.350 | 09/06/53 | 7119 |
| 4925000 | Aon Corp | 2.800 | 05/15/30 | 4563 |
| 3900000 | Aon Corp | 5.350 | 02/28/33 | 4015 |
| 5250000 | AXIS Specialty Finance LLC | 4.900 | 01/15/40 | 5029 |
| 16000000 | Berkshire Hathaway Finance Corp | 2.850 | 10/15/50 | 10325 |
| 1400000 | Berkshire Hathaway Finance Corp | 3.850 | 03/15/52 | 1083 |
| 1350000 | Brown & Brown, Inc | 5.550 | 06/23/35 | 1377 |
|  EUR 500,000 | Chubb INA Holdings, Inc | 1.550 | 03/15/28 | 573 |
|  EUR 450,000 | Chubb INA Holdings, Inc | 1.400 | 06/15/31 | 482 |
|  EUR 300,000 | Credit Agricole Assurances S.A. | 1.500 | 10/06/31 | 312 |
|  EUR 400,000 | Equitable Financial Life Global Funding | 0.600 | 06/16/28 | 444 |
|  EUR 250,000<br> (c) | Fairfax Financial Holdings Ltd | 2.750 | 03/29/28 | 293 |
| 7325000<br> (c) | Five Corners Funding Trust II | 2.850 | 05/15/30 | 6800 |
| 3000000<br> (c) | Hanwha Life Insurance Co Ltd | 3.379 | 02/04/32 | 2919 |
| 22408000 | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 21078 |
| 1100000 | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 927 |
| 2500000 | Hartford Financial Services Group, Inc | 2.900 | 09/15/51 | 1563 |
|  EUR 750,000 | Liberty Mutual Group, Inc | 2.750 | 05/04/26 | 885 |
|  EUR 400,000<br> (c) | Liberty Mutual Group, Inc | 4.625 | 12/02/30 | 497 |
| 4100000<br> (c) | Liberty Mutual Group, Inc | 3.951 | 10/15/50 | 2998 |
| 1250000 | MetLife, Inc | 3.600 | 11/13/25 | 1246 |
| 1750000 | MetLife, Inc | 5.000 | 07/15/52 | 1586 |
| 10250000 | MetLife, Inc | 6.350 | 03/15/55 | 10528 |
| 11820000<br> (d) | MetLife, Inc | 3.850 | N/A | 11759 |
|  GBP 200,000 | Metropolitan Life Global Funding I | 4.125 | 09/02/25 | 274 |
| 8200000<br> (c) | Muenchener Rueckversicherungs-Gesellschaft AG. in Muenchen | 5.875 | 05/23/42 | 8384 |
| 9425000<br> (c) | Omnis Funding Trust | 6.722 | 05/15/55 | 9767 |
|  GBP 300,000 | Pacific Life Global Funding II | 5.375 | 11/30/28 | 423 |
| 11875000 | PartnerRe Finance B LLC | 4.500 | 10/01/50 | 11173 |
| 5250000 | Principal Financial Group, Inc | 2.125 | 06/15/30 | 4673 |
| 6575000 | Prudential Financial, Inc | 5.200 | 03/14/35 | 6646 |
| 1450000 | Prudential Financial, Inc | 3.905 | 12/07/47 | 1133 |
| 6960000 | Prudential Financial, Inc | 3.700 | 10/01/50 | 6348 |
| 3875000 | Prudential Financial, Inc | 5.125 | 03/01/52 | 3748 |
| 3950000 | Prudential Financial, Inc | 6.500 | 03/15/54 | 4058 |
| 10950000 | Reinsurance Group of America, Inc | 5.750 | 09/15/34 | 11239 |

---

**183** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | INSURANCE (continued) |  |  |  |
| $6600000 |  | RenaissanceRe Holdings Ltd | 5.800% | 04/01/35 | $6781 |
| 5600000 | (c) | Swiss Re Finance Luxembourg S.A. | 5.000 | 04/02/49 | 5578 |
| 17700000 |  | UnitedHealth Group, Inc | 5.625 | 07/15/54 | 17169 |
|  |  | TOTAL INSURANCE |  |  | 196605 |
|  |  | MATERIALS - 0.7% |  |  |  |
| 2600000 | (c) | Alpek SAB de C.V. | 3.250 | 02/25/31 | 2279 |
| 852000 |  | Amcor Flexibles North America, Inc | 3.100 | 09/15/26 | 837 |
| 4879000 |  | Amcor Flexibles North America, Inc | 2.630 | 06/19/30 | 4427 |
| 9400000 |  | Amcor Flexibles North America, Inc | 2.690 | 05/25/31 | 8417 |
| EUR 400,000 |  | Amcor UK Finance plc | 3.950 | 05/29/32 | 479 |
| 2825000 |  | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 2636 |
| 2000000 | (c),(e) | Antofagasta plc | 5.625 | 05/13/32 | 2035 |
| 1150000 | (c) | Antofagasta plc | 6.250 | 05/02/34 | 1206 |
| 1875000 |  | Ball Corp | 2.875 | 08/15/30 | 1690 |
| 14250000 |  | Berry Global, Inc | 1.570 | 01/15/26 | 13995 |
| 200000 |  | Celulosa Arauco y Constitucion S.A. | 3.875 | 11/02/27 | 196 |
| 3000000 | (c) | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 2907 |
| 200000 | (c) | Celulosa Arauco y Constitucion S.A. | 4.200 | 01/29/30 | 191 |
| 1650000 | (c) | Celulosa Arauco y Constitucion S.A. | 6.180 | 05/05/32 | 1681 |
| 2600000 | (c),(d) | Cemex SAB de C.V. | 7.200 | N/A | 2627 |
| 3200000 | (c) | Corp Nacional del Cobre de Chile | 3.625 | 08/01/27 | 3137 |
| 3000000 | (c) | Corp Nacional del Cobre de Chile | 6.330 | 01/13/35 | 3113 |
| 1250000 | (c) | Corp Nacional del Cobre de Chile | 6.440 | 01/26/36 | 1308 |
| 1800000 | (c) | Freeport Indonesia PT | 4.763 | 04/14/27 | 1795 |
| 1000000 | (c) | Fresnillo plc | 4.250 | 10/02/50 | 729 |
| 3600000 | (c) | Inversiones CMPC S.A. | 3.000 | 04/06/31 | 3176 |
| 3000000 | (c) | Klabin Austria GmbH | 5.750 | 04/03/29 | 3021 |
| 2800000 | (c) | MEGlobal BV | 2.625 | 04/28/28 | 2636 |
| 6675000 |  | Nutrien Ltd | 2.950 | 05/13/30 | 6214 |
| 1000000 | (c) | OCP S.A. | 6.100 | 04/30/30 | 1013 |
| 2150000 | (c) | OCP S.A. | 6.750 | 05/02/34 | 2227 |
| EUR 250,000 | (c) | OI European Group BV | 6.250 | 05/15/28 | 304 |
| 300000 |  | Sasol Financing USA LLC | 5.500 | 03/18/31 | 246 |
| 4300000 |  | Suzano Austria GmbH | 3.125 | 01/15/32 | 3789 |
| 200000 | (c) | UltraTech Cement Ltd | 2.800 | 02/16/31 | 179 |
| 5200000 | (c) | Windfall Mining Group, Inc | 5.854 | 05/13/32 | 5311 |
|  |  | TOTAL MATERIALS |  |  | 83801 |
|  |  | MEDIA & ENTERTAINMENT - 0.6% |  |  |  |
| EUR 750,000 | (c) | BOI Finance BV | 7.500 | 02/16/27 | 898 |
| 5000000 | (c) | CCO Holdings LLC | 4.250 | 02/01/31 | 4671 |
| 10200000 |  | Charter Communications Operating LLC | 4.400 | 04/01/33 | 9604 |
| 12800000 |  | Charter Communications Operating LLC | 6.550 | 06/01/34 | 13657 |
| 6100000 |  | Charter Communications Operating LLC | 3.500 | 03/01/42 | 4350 |
| 4000000 |  | Charter Communications Operating LLC | 4.800 | 03/01/50 | 3200 |
| EUR 450,000 |  | Comcast Corp | 0.250 | 05/20/27 | 509 |
| 1925000 |  | Comcast Corp | 3.900 | 03/01/38 | 1674 |
| 25050000 |  | Comcast Corp | 2.887 | 11/01/51 | 15245 |
| 650000 |  | Lamar Media Corp | 3.750 | 02/15/28 | 630 |
| 1000000 |  | Lamar Media Corp | 4.000 | 02/15/30 | 955 |
| 2675000 | (c) | Sirius XM Radio, Inc | 4.125 | 07/01/30 | 2467 |
| GBP 200,000 |  | Time Warner Cable LLC | 5.750 | 06/02/31 | 276 |
| 4400000 |  | Time Warner Cable LLC | 5.875 | 11/15/40 | 4224 |
| 3450000 |  | Time Warner Cable LLC | 4.500 | 09/15/42 | 2748 |
| EUR 700,000 | (c) | VZ Secured Financing BV | 3.500 | 01/15/32 | 757 |
| 1087000 | (a) | Warnermedia Holdings, Inc | 5.141 | 03/15/52 | 671 |
| 2700000 | (e) | Weibo Corp | 3.375 | 07/08/30 | 2513 |
| 1413000 | (c) | Ziff Davis, Inc | 4.625 | 10/15/30 | 1319 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 70368 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8% |  |  |  |
| EUR 500,000 |  | AbbVie, Inc | 2.125 | 06/01/29 | 577 |
| 9850000 |  | AbbVie, Inc | 4.050 | 11/21/39 | 8634 |
| 25675000 |  | Amgen, Inc | 5.650 | 03/02/53 | 25069 |

---

**184** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |  |  |
|  EUR 500,000 | (c) | Avantor Funding, Inc | 3.875% | 07/15/28 | $587 |
| $1500000 | (c) | Avantor Funding, Inc | 4.625 | 07/15/28 | 1473 |
| 15000000 |  | Bristol-Myers Squibb Co | 5.550 | 02/22/54 | 14634 |
| 10600000 |  | Gilead Sciences, Inc | 5.250 | 10/15/33 | 10966 |
| 16450000 |  | Gilead Sciences, Inc | 5.100 | 06/15/35 | 16661 |
| 1900000 |  | Gilead Sciences, Inc | 2.600 | 10/01/40 | 1363 |
|  EUR 200,000 |  | Johnson & Johnson | 2.700 | 02/26/29 | 238 |
|  EUR 400,000 |  | Johnson & Johnson | 3.200 | 06/01/32 | 480 |
|  EUR 400,000 |  | Johnson & Johnson | 3.600 | 02/26/45 | 457 |
|  EUR 400,000 |  | MSD Netherlands Capital BV | 3.750 | 05/30/54 | 433 |
|  EUR 600,000 | (c) | Organon Finance LLC | 2.875 | 04/30/28 | 689 |
| 12650000 |  | Pfizer Investment Enterprises Pte Ltd | 5.300 | 05/19/53 | 11942 |
|  EUR 300,000 |  | Pfizer Netherlands International Finance BV | 2.875 | 05/19/29 | 356 |
|  EUR 300,000 |  | Sartorius Finance BV | 4.375 | 09/14/29 | 370 |
|  EUR 800,000 |  | Thermo Fisher Scientific Finance I BV | 0.800 | 10/18/30 | 845 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 95774 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.3% |  |  |  |
| 6375000 |  | Broadcom, Inc | 4.800 | 10/15/34 | 6298 |
| 25131000 | (c) | Broadcom, Inc | 4.926 | 05/15/37 | 24390 |
| 1675000 |  | Intel Corp | 3.734 | 12/08/47 | 1182 |
| 8375000 |  | NVIDIA Corp | 2.000 | 06/15/31 | 7430 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 39300 |
|  |  | SOFTWARE & SERVICES - 0.8% |  |  |  |
| 4175000 |  | Accenture Capital, Inc | 4.500 | 10/04/34 | 4063 |
| 7350000 |  | Adobe, Inc | 2.300 | 02/01/30 | 6778 |
|  EUR 400,000 |  | Fiserv Funding ULC | 2.875 | 06/15/28 | 473 |
| 26300000 |  | Microsoft Corp | 2.400 | 08/08/26 | 25852 |
| 2200000 |  | Microsoft Corp | 3.400 | 09/15/26 | 2186 |
| 4120000 |  | Microsoft Corp | 2.525 | 06/01/50 | 2546 |
| 550000 | (c) | Open Text Holdings, Inc | 4.125 | 02/15/30 | 520 |
| 8025000 |  | Oracle Corp | 4.900 | 02/06/33 | 8046 |
| 17700000 |  | Oracle Corp | 6.000 | 08/03/55 | 17670 |
| 3000000 |  | Roper Technologies, Inc | 1.400 | 09/15/27 | 2822 |
| 10050000 |  | Roper Technologies, Inc | 2.000 | 06/30/30 | 8931 |
| 9650000 |  | Salesforce, Inc | 2.700 | 07/15/41 | 6942 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 86829 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 0.3% |  |  |  |
| 4325000 |  | Amphenol Corp | 2.800 | 02/15/30 | 4058 |
| 4825000 |  | Apple, Inc | 2.450 | 08/04/26 | 4743 |
| 26100000 |  | Apple, Inc | 2.050 | 09/11/26 | 25501 |
| 3225000 |  | Apple, Inc | 4.650 | 02/23/46 | 2948 |
| 4675000 |  | Apple, Inc | 2.650 | 02/08/51 | 2903 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 40153 |
|  |  | TELECOMMUNICATION SERVICES - 1.9% |  |  |  |
|  GBP 300,000 |  | AT&T, Inc | 2.900 | 12/04/26 | 403 |
|  EUR 500,000 |  | AT&T, Inc | 2.350 | 09/05/29 | 577 |
| 42943000 |  | AT&T, Inc | 2.550 | 12/01/33 | 35939 |
| 8325000 |  | AT&T, Inc | 4.500 | 05/15/35 | 7933 |
|  EUR 400,000 |  | AT&T, Inc | 3.150 | 09/04/36 | 444 |
| 46670000 |  | AT&T, Inc | 3.550 | 09/15/55 | 31490 |
| 6553000 |  | AT&T, Inc | 3.800 | 12/01/57 | 4585 |
| 225000 | (c),(e) | Bharti Airtel Ltd | 3.250 | 06/03/31 | 208 |
| 850000 |  | Deutsche Telekom International Finance BV | 8.750 | 06/15/30 | 1003 |
| 1375000 | (c) | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 1256 |
| 2750000 | (c),(e) | Millicom International Cellular S.A. | 7.375 | 04/02/32 | 2823 |
| 295000 | (c) | Sable International Finance Ltd | 7.125 | 10/15/32 | 296 |
| 3300000 | (c) | Sitios Latinoamerica SAB de C.V. | 5.375 | 04/04/32 | 3253 |
| 900000 | (c) | Telecomunicaciones Digitales S.A. | 4.500 | 01/30/30 | 840 |
| 9625000 |  | T-Mobile US, Inc | 5.875 | 11/15/55 | 9621 |
| 22975000 |  | T-Mobile USA, Inc | 2.625 | 02/15/29 | 21554 |
| 30200000 |  | T-Mobile USA, Inc | 3.875 | 04/15/30 | 29331 |
| 8800000 |  | T-Mobile USA, Inc | 5.050 | 07/15/33 | 8860 |

---

**185** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | TELECOMMUNICATION SERVICES (continued) |  |  |  |
| $2225000 |  | T-Mobile USA, Inc | 3.000% | 02/15/41 | $1628 |
| 7800000 |  | T-Mobile USA, Inc | 3.300 | 02/15/51 | 5177 |
|  EUR 400,000 |  | Verizon Communications, Inc | 1.875 | 10/26/29 | 453 |
|  EUR 200,000 |  | Verizon Communications, Inc | 4.250 | 10/31/30 | 249 |
| 10300000 |  | Verizon Communications, Inc | 1.750 | 01/20/31 | 8875 |
| 8450000 |  | Verizon Communications, Inc | 2.550 | 03/21/31 | 7579 |
| 38051000 |  | Verizon Communications, Inc | 2.355 | 03/15/32 | 32800 |
|  EUR 300,000 |  | Verizon Communications, Inc | 2.875 | 01/15/38 | 317 |
|  GBP 500,000 | (c) | Vmed O2 UK Financing I plc | 4.500 | 07/15/31 | 614 |
| 5125000 |  | Vodafone Group plc | 4.250 | 09/17/50 | 3995 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 222103 |
|  |  | TRANSPORTATION - 0.1% |  |  |  |
| 1850000 | (c) | Adani Ports & Special Economic Zone Ltd | 4.000 | 07/30/27 | 1784 |
| 2000000 | (c),(e) | Adani Ports & Special Economic Zone Ltd | 4.200 | 08/04/27 | 1926 |
| 2700000 | (c) | Adani Ports & Special Economic Zone Ltd | 3.100 | 02/02/31 | 2284 |
| 1450000 | (c) | Aeropuerto Internacional de Tocumen S.A. | 4.000 | 08/11/41 | 1089 |
| 1300000 |  | Canadian Pacific Railway Co | 2.050 | 03/05/30 | 1171 |
| 3800000 | (c) | ENA Master Trust | 4.000 | 05/19/48 | 2737 |
| 2275000 |  | Union Pacific Corp | 3.839 | 03/20/60 | 1637 |
|  |  | TOTAL TRANSPORTATION |  |  | 12628 |
|  |  | UTILITIES - 3.0% |  |  |  |
| 1950000 | (c) | Adani Electricity Mumbai Ltd | 3.867 | 07/22/31 | 1666 |
| 1650000 |  | AEP Transmission Co LLC | 4.000 | 12/01/46 | 1304 |
| 1175000 |  | AEP Transmission Co LLC | 5.400 | 03/15/53 | 1132 |
| 3475000 |  | Alabama Power Co | 4.150 | 08/15/44 | 2869 |
| 6025000 |  | Alabama Power Co | 3.450 | 10/01/49 | 4276 |
| 3952185 | (c) | Alfa Desarrollo S.p.A | 4.550 | 09/27/51 | 2907 |
| 17400000 |  | Ameren Illinois Co | 4.950 | 06/01/33 | 17633 |
| 2750000 |  | American Water Capital Corp | 3.000 | 12/01/26 | 2703 |
| 4000000 |  | American Water Capital Corp | 2.800 | 05/01/30 | 3716 |
| 8500000 |  | American Water Capital Corp | 2.300 | 06/01/31 | 7469 |
| 2375000 |  | American Water Capital Corp | 4.000 | 12/01/46 | 1880 |
| 4500000 |  | American Water Capital Corp | 3.750 | 09/01/47 | 3421 |
| 5788000 |  | Appalachian Power Co | 4.450 | 06/01/45 | 4700 |
| 8475000 |  | Atmos Energy Corp | 1.500 | 01/15/31 | 7235 |
| 1175000 |  | Atmos Energy Corp | 4.125 | 10/15/44 | 973 |
| 8875000 |  | Atmos Energy Corp | 5.000 | 12/15/54 | 8070 |
| 6500000 |  | Baltimore Gas and Electric Co | 3.750 | 08/15/47 | 4924 |
| 2100000 | (c) | Banco Nacional de Comercio Exterior SNC | 5.875 | 05/07/30 | 2128 |
| 5925000 |  | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 5799 |
| 1075000 |  | CenterPoint Energy Houston Electric LLC | 3.000 | 03/01/32 | 973 |
|  EUR 350,000 |  | CEZ AS. | 0.875 | 12/02/26 | 403 |
| 1200000 | (c) | Chile Electricity Lux Mpc II Sarl | 5.672 | 10/20/35 | 1209 |
| 3000000 | (c) | Cikarang Listrindo Tbk PT | 5.650 | 03/12/35 | 2991 |
| 2975000 |  | CMS Energy Corp | 3.600 | 11/15/25 | 2963 |
| 6875000 |  | CMS Energy Corp | 6.500 | 06/01/55 | 6891 |
| 1475000 | (c) | Comision Federal de Electricidad | 5.700 | 01/24/30 | 1473 |
| 200000 | (c) | Comision Federal de Electricidad | 6.450 | 01/24/35 | 197 |
| 8250000 |  | Commonwealth Edison Co | 3.000 | 03/01/50 | 5346 |
| 6600000 |  | Commonwealth Edison Co | 2.750 | 09/01/51 | 3990 |
| 12000000 |  | Consolidated Edison Co of New York, Inc | 5.500 | 03/15/55 | 11631 |
| 2178000 |  | Consumers Energy Co | 2.650 | 08/15/52 | 1327 |
|  EUR 215,000 | (c) | ContourGlobal Power Holdings S.A. | 5.000 | 02/28/30 | 256 |
| 2500000 |  | DTE Electric Co | 3.650 | 03/01/52 | 1837 |
| 4125000 |  | DTE Electric Co | 5.400 | 04/01/53 | 4027 |
| 2800000 |  | DTE Energy Co | 5.850 | 05/15/55 | 2867 |
|  EUR 500,000 |  | Duke Energy Corp | 3.100 | 06/15/28 | 593 |
|  EUR 400,000 |  | Duke Energy Corp | 3.750 | 04/01/31 | 478 |
| 3650000 |  | Duke Energy Corp | 6.450 | 09/01/54 | 3751 |
| 4600000 |  | Duke Energy Florida LLC | 3.400 | 10/01/46 | 3294 |
| 8850000 |  | Duke Energy Indiana LLC | 2.750 | 04/01/50 | 5452 |
| 6100000 |  | Duke Energy Progress LLC | 2.500 | 08/15/50 | 3529 |

---

**186** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | UTILITIES (continued) |  |  |  |
|  EUR 600,000 |  | E.ON SE | 3.500% | 03/25/32 | $721 |
|  EUR 500,000 |  | EDP Finance BV | 3.875 | 03/11/30 | 610 |
|  EUR 500,000 |  | Electricite de France S.A. | 2.000 | 10/02/30 | 557 |
| $3445000 | (c) | Empresas Publicas de Medellin ESP | 4.250 | 07/18/29 | 3172 |
| 5600000 |  | Entergy Corp | 0.900 | 09/15/25 | 5558 |
| 2225000 |  | Entergy Louisiana LLC | 5.800 | 03/15/55 | 2225 |
| 10600000 |  | Enterprise Products Operating LLC | 3.700 | 01/31/51 | 7654 |
| 4700000 |  | Exelon Corp | 6.500 | 03/15/55 | 4781 |
| 2237063 | (c) | FIEMEX Energia-Banco Actinver S.A. Institucion de Banca Multiple | 7.250 | 01/31/41 | 2269 |
| 8200000 |  | Florida Power & Light Co | 4.800 | 05/15/33 | 8221 |
| 5775000 |  | Florida Power & Light Co | 3.990 | 03/01/49 | 4546 |
| 4825000 |  | Florida Power & Light Co | 5.700 | 03/15/55 | 4880 |
| 2900000 |  | Indiana Michigan Power Co | 3.750 | 07/01/47 | 2155 |
| 3525000 | (c) | Israel Electric Corp Ltd | 4.250 | 08/14/28 | 3423 |
| 6975000 |  | MidAmerican Energy Co | 3.650 | 04/15/29 | 6841 |
| 5400000 |  | MidAmerican Energy Co | 3.650 | 08/01/48 | 4039 |
| 7350000 |  | Nevada Power Co | 2.400 | 05/01/30 | 6740 |
| 3335000 |  | Nevada Power Co | 5.450 | 05/15/41 | 3290 |
| 5200000 |  | NextEra Energy Capital Holdings, Inc | 6.750 | 06/15/54 | 5395 |
| 2000000 | (c) | Niagara Energy SAC | 5.746 | 10/03/34 | 1980 |
| 20060000 |  | NiSource, Inc | 1.700 | 02/15/31 | 17175 |
| 3300000 |  | NiSource, Inc | 5.850 | 04/01/55 | 3265 |
| 6000000 | (c) | NRG Energy, Inc | 2.450 | 12/02/27 | 5695 |
| 1280000 |  | Oncor Electric Delivery Co LLC | 5.250 | 09/30/40 | 1257 |
| 600000 | (c) | Pattern Energy Operations LP | 4.500 | 08/15/28 | 581 |
| 2775000 |  | PECO Energy Co | 3.000 | 09/15/49 | 1821 |
| 3700000 |  | PECO Energy Co | 2.800 | 06/15/50 | 2320 |
| 3000000 | (c),(e) | Perusahaan Listrik Negara PT | 3.375 | 02/05/30 | 2830 |
| 200000 | (c) | Perusahaan Listrik Negara PT | 4.875 | 07/17/49 | 163 |
| 5000000 | (c) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 4.000 | 06/30/50 | 3519 |
| 750000 |  | Potomac Electric Power Co | 7.900 | 12/15/38 | 933 |
| 2100000 |  | Public Service Co of Colorado | 4.050 | 09/15/49 | 1598 |
| 4450000 |  | Public Service Co of Colorado | 3.200 | 03/01/50 | 2961 |
| 5150000 |  | Public Service Electric and Gas Co | 4.900 | 12/15/32 | 5242 |
| 6970000 |  | Public Service Electric and Gas Co | 3.150 | 01/01/50 | 4733 |
| 5000000 |  | Public Service Electric and Gas Co | 5.450 | 03/01/54 | 4895 |
| 20000000 |  | Southern Co | 4.000 | 01/15/51 | 19884 |
| 8475000 |  | Southern Co Gas Capital Corp | 3.875 | 11/15/25 | 8440 |
|  EUR 500,000 |  | Southern Power Co | 1.850 | 06/20/26 | 586 |
| 3873408 | (c) | Sweihan PV Power Co PJSC | 3.625 | 01/31/49 | 3194 |
| 6700000 |  | Union Electric Co | 5.450 | 03/15/53 | 6464 |
| 2775000 |  | Union Electric Co | 5.125 | 03/15/55 | 2565 |
| 3250000 |  | Virginia Electric and Power Co | 2.950 | 11/15/26 | 3191 |
| 1900000 |  | Virginia Electric and Power Co | 5.700 | 08/15/53 | 1871 |
| 2200000 |  | Virginia Electric and Power Co | 5.550 | 08/15/54 | 2129 |
| 3000000 |  | Wisconsin Power and Light Co | 4.950 | 04/01/33 | 3003 |
| 4125000 |  | Wisconsin Power and Light Co | 4.100 | 10/15/44 | 3276 |
| 2240000 |  | Xcel Energy, Inc | 4.800 | 09/15/41 | 1935 |
|  |  | TOTAL UTILITIES |  |  | 344866 |
|  |  | TOTAL CORPORATE BONDS<br>(Cost $3,322,450) |  |  | 3146354 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | GOVERNMENT BONDS - 54.7% |  |  |  |
|  |  | AGENCY SECURITIES - 0.2% |  |  |  |
| 25000000 |  | Federal Home Loan Mortgage Corp | 1.540 | 08/17/35 | 18641 |
| 9000000 |  | Federal National Mortgage Association | 1.625 | 08/24/35 | 6799 |
|  |  | TOTAL AGENCY SECURITIES |  |  | 25440 |
|  |  | FOREIGN GOVERNMENT BONDS - 3.1% |  |  |  |
| 750000 | (c) | Africa Finance Corp | 2.875 | 04/28/28 | 694 |
| 3350000 | (c) | Angolan Government International Bond | 8.750 | 04/14/32 | 2957 |
|  AUD 1,250,000 |  | Australia Government Bond | 1.000 | 12/21/30 | 718 |

---

**187** 

------

Core Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
| $1375000<br> (c) | Baiterek National Managing Holding JSC | 5.450% | 05/08/28 | $1391 |
| 200000<br> (c) | Bank Gospodarstwa Krajowego | 6.250 | 10/31/28 | 211 |
| 3815000<br> (c) | Bank Gospodarstwa Krajowego | 5.375 | 05/22/33 | 3846 |
|  EUR 925,000 | Bank Gospodarstwa Krajowego | 4.375 | 03/13/39 | 1088 |
|  EUR 3,650,000<br> (c) | Banque Ouest Africaine de Developpement | 2.750 | 01/22/33 | 3642 |
| 2100000<br> (c) | Barbados Government International Bond | 8.000 | 06/26/35 | 2107 |
|  EUR 850,000<br> (c) | Benin Government International Bond | 4.950 | 01/22/35 | 859 |
| 1750000<br> (c) | Benin Government International Bond | 8.375 | 01/23/41 | 1680 |
| 8000000<br> (c) | BNG Bank NV | 0.875 | 05/18/26 | 7780 |
|  BRL 4,700,000 | Brazil Notas do Tesouro Nacional Serie F | 10.000 | 01/01/31 | 759 |
| 600000 | Brazilian Government International Bond | 5.500 | 11/06/30 | 601 |
| 2910000 | Brazilian Government International Bond | 6.000 | 10/20/33 | 2885 |
|  EUR 545,000 | Bundesobligation | 0.000 | 10/10/25 | 639 |
|  EUR 6,450,000 | Bundesrepublik Deutschland | 0.000 | 08/15/31 | 6632 |
|  EUR 380,000 | Bundesrepublik Deutschland | 0.000 | 02/15/32 | 385 |
|  EUR 1,400,000 | Bundesrepublik Deutschland | 2.300 | 02/15/33 | 1638 |
|  EUR 1,750,000 | Bundesrepublik Deutschland | 1.000 | 05/15/38 | 1661 |
|  EUR 925,000 | Bundesrepublik Deutschland | 0.000 | 08/15/52 | 487 |
|  EUR 750,000 | Bundesschatzanweisungen | 2.500 | 03/19/26 | 887 |
|  CAD 1,400,000<br> (c) | Canada Housing Trust No | 1.100 | 12/15/26 | 1006 |
|  CAD 1,525,000<br> (c) | Canada Housing Trust No | 3.550 | 09/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137 |
|  CAD 1,100,000 | Canada Housing Trust No | 3.450 | 03/15/35 | 799 |
|  CAD 1,250,000 | Canadian Government Bond | 3.500 | 09/01/29 | 943 |
|  CAD 2,425,000 | Canadian Government Bond | 1.500 | 12/01/31 | 1624 |
|  CAD 875,000 | Canadian Government International Bond | 3.500 | 08/01/25 | 643 |
|  CAD 1,475,000 | Canadian Government International Bond | 2.000 | 06/01/28 | 1063 |
|  CAD 850,000 | Canadian Government International Bond | 2.000 | 06/01/32 | 583 |
| 2305253 | Canal Barge Co, Inc | 4.500 | 11/12/34 | 2279 |
|  EUR 700,000 | Chile Government International Bond | 3.875 | 07/09/31 | 848 |
| 1250000 | Chile Government International Bond | 2.550 | 01/27/32 | 1098 |
| 1850000 | Chile Government International Bond | 3.500 | 01/31/34 | 1657 |
|  EUR 1,125,000 | Chile Government International Bond | 3.800 | 07/01/35 | 1320 |
|  CNY 16,100,000 | China Government Bond | 3.270 | 11/19/30 | 2460 |
|  CNY 47,200,000 | China Government Bond | 2.040 | 11/25/34 | 6775 |
|  CNY 36,850,000 | China Government Bond | 1.610 | 02/15/35 | 5105 |
|  CNY 18,900,000 | China Government Bond | 3.860 | 07/22/49 | 3600 |
|  CNY 10,000,000 | China Government Bond | 3.390 | 03/16/50 | 1787 |
|  CNY 4,700,000 | China Government Bond | 3.810 | 09/14/50 | 905 |
|  CNY 4,700,000 | China Government Bond | 3.720 | 04/12/51 | 892 |
| 600000 | Colombia Government International Bond | 8.000 | 11/14/35 | 603 |
| 1700000 | Colombia Government International Bond | 5.000 | 06/15/45 | 1145 |
|  COP 3,300,000,000 | Colombian TES | 7.750 | 09/18/30 | 698 |
| 2200000<br> (c) | Costa Rica Government International Bond | 5.625 | 04/30/43 | 1969 |
|  CZK 20,500,000 | Czech Republic Government Bond | 0.950 | 05/15/30 | 856 |
|  DOP 29,000,000<br> (c) | Dominican Republic Central Bank Notes | 13.000 | 12/05/25 | 486 |
| 200000<br> (c) | Dominican Republic Government International Bond | 7.050 | 02/03/31 | 210 |
| 1575000<br> (c) | Dominican Republic Government International Bond | 4.875 | 09/23/32 | 1453 |
|  DOP 8,500,000<br> (c) | Dominican Republic Government International Bond | 11.250 | 09/15/35 | 151 |
| 3050000<br> (c) | Dominican Republic Government International Bond | 5.875 | 01/30/60 | 2558 |
| 141600<br> (c) | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/30 | 123 |
| 99120<br> (c) | Ecuador Government International Bond (Step Bond) | 1.000 | 07/31/35 | 72 |
| 28000<br> (c) | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/40 | 18 |
| 1500000<br> (c) | Egypt Government International Bond | 5.800 | 09/30/27 | 1468 |
| 2000000<br> (c) | Egypt Government International Bond | 8.625 | 02/04/30 | 2020 |
| 2050000<br> (c) | Egypt Government International Bond | 8.500 | 01/31/47 | 1661 |
| 1425000 | Emirate of Dubai Government International Bonds | 3.900 | 09/09/50 | 1006 |
| 3500000 | European Investment Bank | 4.875 | 02/15/36 | 3664 |
| 2000000<br> (c) | Export-Import Bank of India | 3.875 | 02/01/28 | 1964 |
| 2000000<br> (c) | Export-Import Bank of India | 2.250 | 01/13/31 | 1758 |
| 3350000 | Export-Import Bank of Korea | 1.250 | 09/21/30 | 2893 |
|  EUR 1,325,000<br> (c) | French Republic Government Bond OAT | 0.750 | 11/25/28 | 1483 |
|  EUR 2,150,000<br> (c) | French Republic Government Bond OAT | 2.750 | 02/25/30 | 2560 |

---

**188** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
|  EUR 290,000<br> (c) | French Republic Government Bond OAT | 4.750% | 04/25/35 | $385 |
|  EUR 1,525,000 | French Republic Government Bond OAT | 1.250 | 05/25/36 | 1452 |
|  EUR 2,225,000<br> (c) | French Republic Government Bond OAT | 0.500 | 05/25/40 | 1684 |
|  EUR 860,000<br> (c) | French Republic Government Bond OAT | 0.750 | 05/25/52 | 482 |
|  EUR 960,000<br> (c) | French Republic Government Bond OAT | 0.750 | 05/25/53 | 524 |
| $804650<br> (c) | Ghana Government International Bond | 5.000 | 07/03/29 | 753 |
| 1432100<br> (c) | Ghana Government International Bond | 5.000 | 07/03/35 | 1112 |
| 450000<br> (c) | Guatemala Government International Bond | 4.375 | 06/05/27 | 442 |
| 500000<br> (c) | Guatemala Government International Bond | 4.650 | 10/07/41 | 396 |
|  EUR 590,000<br> (c) | Hellenic Republic Government Bond | 3.625 | 06/15/35 | 714 |
|  EUR 1,250,000<br> (c) | Hellenic Republic Government International Bond | 1.500 | 06/18/30 | 1398 |
|  EUR 725,000<br> (c) | Hellenic Republic Government International Bond | 0.750 | 06/18/31 | 760 |
|  EUR 975,000<br> (c) | Hellenic Republic Government International Bond | 3.375 | 06/15/34 | 1167 |
|  EUR 750,000<br> (c) | Hellenic Republic Government International Bond | 4.375 | 07/18/38 | 952 |
|  EUR 390,000<br> (c) | Hellenic Republic Government International Bond | 4.125 | 06/15/54 | 458 |
| 1875000<br> (c) | Honduras Government International Bond | 8.625 | 11/27/34 | 1968 |
|  HUF 370,000,000 | Hungary Government Bond | 4.500 | 03/23/28 | 1040 |
| 1565000<br> (c) | Hungary Government International Bond | 6.125 | 05/22/28 | 1616 |
| 1150000<br> (c) | Hungary Government International Bond | 2.125 | 09/22/31 | 956 |
|  EUR 1,500,000 | Hungary Government International Bond | 1.750 | 06/05/35 | 1406 |
| 1500000<br> (c) | Hungary Government International Bond | 6.000 | 09/26/35 | 1507 |
|  CAD 1,475,000 | Hydro-Quebec | 5.000 | 02/15/45 | 1156 |
|  INR 48,000,000 | India Government International Bond | 7.180 | 08/14/33 | 584 |
| 3625000<br> (c) | Indonesia Government International Bond | 4.625 | 04/15/43 | 3253 |
|  IDR 16,500,000,000 | Indonesia Treasury Bond | 7.000 | 09/15/30 | 1040 |
|  INR 17,000,000 | Inter-American Development Bank | 7.000 | 04/17/33 | 203 |
|  INR 56,000,000 | International Bank for Reconstruction & Development | 5.500 | 01/21/27 | 650 |
|  IDR 20,900,000,000 | International Bank for Reconstruction & Development | 6.250 | 01/12/28 | 1295 |
| 768750<br> (c) | Iraq Government International Bond | 5.800 | 01/15/28 | 759 |
|  EUR 725,000 | Ireland Government Bond | 2.600 | 10/18/34 | 833 |
|  EUR 400,000 | Ireland Government Bond | 1.700 | 05/15/37 | 407 |
|  EUR 400,000 | Ireland Government Bond | 3.000 | 10/18/43 | 449 |
| 1750000 | Israel Government International Bond | 5.375 | 03/12/29 | 1784 |
| 3100000 | Israel Government International Bond | 3.375 | 01/15/50 | 2012 |
|  EUR 4,315,000 | Italy Buoni Poliennali Del Tesoro | 0.450 | 02/15/29 | 4758 |
|  EUR 1,875,000 | Italy Buoni Poliennali Del Tesoro | 0.950 | 08/01/30 | 2034 |
|  EUR 675,000 | Italy Buoni Poliennali Del Tesoro | 4.000 | 10/30/31 | 849 |
|  EUR 1,450,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 3.150 | 11/15/31 | 1731 |
|  EUR 400,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 3.250 | 07/15/32 | 477 |
|  EUR 750,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 3.650 | 08/01/35 | 900 |
|  EUR 785,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 5.000 | 08/01/39 | 1054 |
|  EUR 425,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 4.450 | 09/01/43 | 531 |
|  EUR 925,000<br> (c) | Italy Buoni Poliennali Del Tesoro | 4.300 | 10/01/54 | 1092 |
|  EUR 1,000,000<br> (c) | Ivory Coast Government International Bond | 5.875 | 10/17/31 | 1115 |
|  EUR 100,000<br> (c) | Ivory Coast Government International Bond | 4.875 | 01/30/32 | 106 |
| 2900000<br> (c) | Ivory Coast Government International Bond | 8.450 | 04/01/36 | 2790 |
| 1027973<br> (c) | Ivory Coast Government International Bond (Step Bond) | 5.750 | 12/31/32 | 977 |
| 1050000<br> (c) | Ivory Coast Government International Bond (Step Bond) | 8.250 | 01/30/37 | 1011 |
| 2350000 | Jamaica Government International Bond | 7.875 | 07/28/45 | 2737 |
|  JPY 140,000,000 | Japan Finance Organization for Municipalities | 0.020 | 03/13/26 | 968 |
|  JPY 498,000,000 | Japan Government Five Year Bond | 0.000 | 09/20/26 | 3434 |
|  JPY 445,000,000 | Japan Government Five Year Bond | 0.300 | 09/20/28 | 3040 |
|  JPY 191,000,000 | Japan Government Five Year Bond | 0.500 | 03/20/29 | 1308 |
|  JPY 258,000,000 | Japan Government Forty Year Bond | 0.700 | 03/20/61 | 907 |
|  JPY 239,000,000 | Japan Government Forty Year Bond | 1.300 | 03/20/63 | 1018 |
|  JPY 475,000,000 | Japan Government Ten Year Bond | 0.100 | 09/20/26 | 3279 |
|  JPY 449,600,000 | Japan Government Ten Year Bond | 0.100 | 12/20/30 | 2970 |
|  JPY 351,000,000 | Japan Government Ten Year Bond | 0.900 | 09/20/34 | 2340 |
|  JPY 355,000,000 | Japan Government Ten Year Bond | 1.200 | 12/20/34 | 2422 |
|  JPY 225,000,000 | Japan Government Thirty Year Bond | 0.500 | 09/20/46 | 1068 |
|  JPY 105,000,000 | Japan Government Thirty Year Bond | 0.600 | 09/20/50 | 457 |
|  JPY 132,000,000 | Japan Government Thirty Year Bond | 0.700 | 09/20/51 | 574 |

---

**189** 

------

Core Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
| JPY 118,500,000 | Japan Government Thirty Year Bond | 1.300% | 06/20/52 | $599 |
| JPY 105,000,000 | Japan Government Thirty Year Bond | 2.200 | 06/20/54 | 642 |
| JPY 116,000,000 | Japan Government Thirty Year Bond | 2.100 | 09/20/54 | 692 |
| JPY 151,000,000 | Japan Government Thirty Year Bond | 2.300 | 12/20/54 | 943 |
| JPY 202,000,000 | Japan Government Twenty Year Bond | 1.400 | 09/20/34 | 1407 |
| JPY 93,000,000 | Japan Government Twenty Year Bond | 0.600 | 12/20/36 | 577 |
| JPY 153,000,000 | Japan Government Twenty Year Bond | 0.300 | 06/20/39 | 853 |
| JPY 190,000,000 | Japan Government Twenty Year Bond | 0.300 | 09/20/39 | 1052 |
| JPY 178,000,000 | Japan Government Twenty Year Bond | 0.400 | 03/20/40 | 987 |
| JPY 385,000,000 | Japan Government Twenty Year Bond | 1.100 | 09/20/42 | 2258 |
| JPY 142,000,000 | Japan Government Twenty Year Bond | 1.600 | 03/20/44 | 883 |
| $1000000 (c) | Jordan Government International Bond | 7.500 | 01/13/29 | 1026 |
| 1025000 (c) | Jordan Government International Bond | 5.850 | 07/07/30 | 985 |
| 1250000 (c) | Kazakhstan Government International Bond | 5.500 | 07/01/37 | 1258 |
| EUR 875,000 (c) | Kingdom of Belgium Government Bond | 0.350 | 06/22/32 | 875 |
| EUR 2,325,000 (c) | Kingdom of Belgium Government Bond | 1.450 | 06/22/37 | 2238 |
| 3000000 (c) | Kommunalbanken AS. | 1.125 | 06/14/30 | 2623 |
| KRW 1,800,000,000 | Korea Treasury Bond | 1.500 | 12/10/26 | 1317 |
| KRW 2,660,000,000 | Korea Treasury Bond | 1.375 | 12/10/29 | 1871 |
| KRW 2,400,000,000 | Korea Treasury Bond | 2.000 | 06/10/31 | 1712 |
| KRW 1,225,000,000 | Korea Treasury Bond | 2.375 | 12/10/31 | 891 |
| KRW 2,380,000,000 | Korea Treasury Bond | 2.375 | 09/10/38 | 1675 |
| KRW 400,000,000 | Korea Treasury Bond | 1.875 | 09/10/41 | 260 |
| KRW 365,000,000 | Korea Treasury Bond | 2.500 | 03/10/52 | 256 |
| 1750000 (f) | Lebanon Government International Bond | 6.750 | 11/29/27 | 329 |
| MYR 3,000,000 | Malaysia Government Bond | 4.642 | 11/07/33 | 770 |
| MXN 24,700,000 | Mexican Bonos | 8.500 | 11/18/38 | 1209 |
| 3375000 | Mexico Government International Bond | 3.250 | 04/16/30 | 3103 |
| 1715000 (a) | Mexico Government International Bond | 5.850 | 07/02/32 | 1736 |
| 3001000 | Mexico Government International Bond | 6.050 | 01/11/40 | 2861 |
| 6650000 | Mexico Government International Bond | 4.280 | 08/14/41 | 5096 |
| 3500000 | Mexico Government International Bond | 4.600 | 02/10/48 | 2596 |
| 5075000 | Mexico Government International Bond | 4.400 | 02/12/52 | 3552 |
| 1525000 | Mexico Government International Bond | 7.375 | 05/13/55 | 1572 |
| 4050000 (c) | Morocco Government International Bond | 5.500 | 12/11/42 | 3615 |
| AUD 500,000 | New South Wales Treasury Corp | 4.000 | 05/20/26 | 331 |
| AUD 2,690,000 | New South Wales Treasury Corp | 3.000 | 04/20/29 | 1731 |
| NZD 2,650,000 | New Zealand Government International Bond | 3.500 | 04/14/33 | 1528 |
| 1500000 (c) | Nigeria Government International Bond | 10.375 | 12/09/34 | 1580 |
| NOK 7,000,000 (c) | Norway Government International Bond | 1.250 | 09/17/31 | 600 |
| 1000000 (c) | Oman Government International Bond | 5.375 | 03/08/27 | 1010 |
| 625000 (c) | Oman Government International Bond | 6.000 | 08/01/29 | 654 |
| 1800000 (c) | OPEC Fund for International Development | 4.500 | 01/26/26 | 1800 |
| 2100000 | Panama Bonos del Tesoro | 3.362 | 06/30/31 | 1705 |
| 1100000 | Panama Government International Bond | 6.700 | 01/26/36 | 1092 |
| 750000 (c) | Paraguay Government International Bond | 6.000 | 02/09/36 | 761 |
| 1000000 (c) | Paraguay Government International Bond | 6.100 | 08/11/44 | 957 |
| 675000 (c) | Paraguay Government International Bond | 6.650 | 03/04/55 | 674 |
| 3000000 | Peruvian Government International Bond | 1.862 | 12/01/32 | 2387 |
| 1195000 | Peruvian Government International Bond | 3.000 | 01/15/34 | 1006 |
| PEN 3,515,000 (c) | Peruvian Government International Bond | 5.400 | 08/12/34 | 935 |
| 165000 | Peruvian Government International Bond | 5.375 | 02/08/35 | 165 |
| 1040000 | Peruvian Government International Bond | 5.875 | 08/08/54 | 1002 |
| 4920000 | Philippine Government International Bond | 4.200 | 03/29/47 | 4018 |
| CAD 875,000 | Province of Ontario Canada | 2.150 | 06/02/31 | 606 |
| CAD 875,000 | Province of Ontario Canada | 1.900 | 12/02/51 | 391 |
| CAD 650,000 | Province of Quebec Canada | 2.750 | 09/01/27 | 478 |
| 6000000 | Province of Quebec Canada | 7.500 | 09/15/29 | 6807 |
| CAD 2,025,000 | Province of Quebec Canada | 5.000 | 12/01/41 | 1597 |
| EUR 950,000 | Republic of Bulgaria | 3.125 | 03/26/35 | 1100 |
| EUR 425,000 (c) | Republic of Cameroon International Bond | 5.950 | 07/07/32 | 392 |
| 7000000 | Republic of Italy Government International Bond | 4.000 | 10/17/49 | 5100 |

---

**190** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
|  PLN 5,650,000 |  | Republic of Poland Government International Bond | 5.750% | 04/25/29 | $1624 |
| $950000 |  | Republic of Poland Government International Bond | 5.750 | 11/16/32 | 1002 |
|  PLN 3,700,000 |  | Republic of Poland Government International Bond | 6.000 | 10/25/33 | 1070 |
| 2245000 |  | Republic of Poland Government International Bond | 5.500 | 04/04/53 | 2092 |
|  ZAR 18,725,000 |  | Republic of South Africa Government International Bond | 8.875 | 02/28/35 | 989 |
| 1500000 | (c) | Republic of South Africa Government International Bond | 7.100 | 11/19/36 | 1488 |
| 2800000 |  | Republic of South Africa Government International Bond | 5.375 | 07/24/44 | 2131 |
| 350000 |  | Republic of South Africa Government International Bond | 7.300 | 04/20/52 | 315 |
|  UZS 5,990,000,000 | (c) | Republic of Uzbekistan International Bond | 16.625 | 05/29/27 | 482 |
| 675000 | (c) | Republic of Uzbekistan International Bond | 3.700 | 11/25/30 | 602 |
| 1525000 | (c) | Republic of Uzbekistan International Bond | 6.900 | 02/28/32 | 1567 |
|  RON 5,655,000 |  | Romanian Government International Bond | 8.000 | 04/29/30 | 1343 |
| 1850000 | (c) | Romanian Government International Bond | 3.000 | 02/14/31 | 1582 |
|  EUR 1,100,000 | (c) | Romanian Government International Bond | 2.000 | 04/14/33 | 994 |
| 3300000 | (c) | Romanian Government International Bond | 4.000 | 02/14/51 | 2061 |
| 2550000 | (c) | Rwanda International Government Bond | 5.500 | 08/09/31 | 2171 |
| 1750000 | (c) | Saudi Government International Bond | 5.625 | 01/13/35 | 1825 |
| 4200000 | (c),(e) | Saudi Government International Bond | 3.750 | 01/21/55 | 2863 |
|  EUR 425,000 | (c) | Senegal Government International Bond | 5.375 | 06/08/37 | 309 |
| 1000000 | (c) | Senegal Government International Bond | 6.750 | 03/13/48 | 600 |
|  EUR 1,250,000 | (c) | Serbia Government International Bond | 1.500 | 06/26/29 | 1344 |
| 3450000 | (c) | Serbia Government International Bond | 2.125 | 12/01/30 | 2910 |
|  EUR 525,000 | (c) | Serbia Government International Bond | 1.650 | 03/03/33 | 508 |
| 560000 | (c) | Serbia Government International Bond | 6.500 | 09/26/33 | 590 |
|  RSD 31,700,000 |  | Serbia Treasury Bonds | 4.500 | 08/20/32 | 309 |
|  EUR 725,000 | (c) | Spain Government Bond | 3.150 | 04/30/35 | 854 |
|  EUR 700,000 | (c) | Spain Government Bond | 5.150 | 10/31/44 | 982 |
|  EUR 845,000 | (c) | Spain Government International Bond | 1.400 | 07/30/28 | 973 |
|  EUR 1,475,000 | (c) | Spain Government International Bond | 0.600 | 10/31/29 | 1611 |
|  EUR 900,000 | (c) | Spain Government International Bond | 3.250 | 04/30/34 | 1077 |
|  EUR 475,000 | (c) | Spain Government International Bond | 3.900 | 07/30/39 | 581 |
|  EUR 2,350,000 | (c) | Spain Government International Bond | 1.200 | 10/31/40 | 1990 |
|  EUR 2,025,000 | (c) | Spain Government International Bond | 1.900 | 10/31/52 | 1586 |
|  CHF 925,000 |  | Swiss Confederation Government Bond | 0.250 | 06/23/35 | 1147 |
|  THB 13,900,000 |  | Thailand Government Bond | 3.450 | 06/17/43 | 514 |
|  THB 24,400,000 |  | Thailand Government International Bond | 3.300 | 06/17/38 | 887 |
|  AUD 4,650,000 |  | Treasury Corp of Victoria | 2.250 | 11/20/34 | 2461 |
|  TRY 25,000,000 |  | Turkiye Government International Bond | 12.600 | 10/01/25 | 589 |
|  EUR 750,000 |  | Turkiye Government International Bond | 5.875 | 05/21/30 | 945 |
| 1850000 |  | Turkiye Government International Bond | 7.625 | 05/15/34 | 1896 |
| 1400000 | (e) | Turkiye Government International Bond | 6.500 | 01/03/35 | 1323 |
| 250000 | (c) | Ukraine Government International Bond | 1.750 | 02/01/29 | 154 |
| 363440 | (c) | Ukraine Government International Bond | 0.000 | 02/01/35 | 170 |
| 73700 | (c) | Ukraine Government International Bond | 0.000 | 02/01/36 | 34 |
|  GBP 1,500,000 |  | United Kingdom Gilt | 3.750 | 03/07/27 | 2057 |
|  GBP 1,220,000 |  | United Kingdom Gilt | 1.625 | 10/22/28 | 1569 |
|  GBP 425,000 |  | United Kingdom Gilt | 0.500 | 01/31/29 | 521 |
|  GBP 790,000 |  | United Kingdom Gilt | 4.000 | 10/22/31 | 1078 |
|  GBP 440,000 |  | United Kingdom Gilt | 3.250 | 01/31/33 | 565 |
|  GBP 550,000 |  | United Kingdom Gilt | 0.875 | 07/31/33 | 580 |
|  GBP 760,000 |  | United Kingdom Gilt | 4.625 | 01/31/34 | 1063 |
|  GBP 725,000 |  | United Kingdom Gilt | 4.500 | 03/07/35 | 997 |
|  GBP 2,665,000 |  | United Kingdom Gilt | 1.750 | 09/07/37 | 2673 |
|  GBP 900,000 |  | United Kingdom Gilt | 3.750 | 01/29/38 | 1123 |
|  GBP 275,000 |  | United Kingdom Gilt | 1.250 | 10/22/41 | 222 |
|  GBP 575,000 |  | United Kingdom Gilt | 1.500 | 07/22/47 | 411 |
|  GBP 800,000 |  | United Kingdom Gilt | 4.250 | 12/07/49 | 950 |
|  GBP 1,875,000 |  | United Kingdom Gilt | 0.625 | 10/22/50 | 950 |
|  GBP 675,000 |  | United Kingdom Gilt | 4.375 | 07/31/54 | 804 |
| 545000 |  | Uruguay Government International Bond | 4.375 | 01/23/31 | 544 |
|  UYU 20,300,000 |  | Uruguay Government International Bond | 8.250 | 05/21/31 | 496 |
| 2048000 |  | Uruguay Government International Bond | 5.442 | 02/14/37 | 2093 |

---

**191** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
| $1400000 |  | Uruguay Government International Bond | 5.100% | 06/18/50 | $1291 |
|  |  | TOTAL FOREIGN GOVERNMENT BONDS |  |  | 359692 |
|  |  | MORTGAGE BACKED - 26.5% |  |  |  |
| 5176000 | (b),(c) | Angel Oak Mortgage Trust | 2.837 | 11/25/66 | 3710 |
| 5861441 | (b),(c) | Bayview Opportunity Master Fund VI Trust | 3.000 | 10/25/51 | 4964 |
| 70167674 | (b),(c) | Citigroup Mortgage Loan Trust | 0.154 | 02/25/52 | 635 |
| 7867082 | (b),(c) | Citigroup Mortgage Loan Trust | 0.250 | 02/25/52 | 109 |
| 19340000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.405 | 03/25/42 | 19937 |
| 23145000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 4.650%) | 8.956 | 06/25/42 | 24694 |
| 340000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.350%) | 7.655 | 01/25/43 | 355 |
| 3759000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.856 | 05/25/43 | 3973 |
| 1770600 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 5.350%) | 9.656 | 05/25/43 | 1938 |
| 2255000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.406 | 06/25/43 | 2356 |
| 915000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 6.850%) | 11.156 | 06/25/43 | 999 |
| 3995000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 2.700%) | 7.005 | 07/25/43 | 4129 |
| 3960000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 4190 |
| 2425000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 5.900%) | 10.205 | 07/25/43 | 2589 |
| 5755000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.855 | 10/25/43 | 6071 |
| 1294184 |  | Fannie Mae Pool | 3.500 | 05/01/32 | 1277 |
| 146307 |  | Fannie Mae Pool | 4.500 | 10/01/33 | 146 |
| 275800 |  | Fannie Mae Pool | 4.500 | 05/01/35 | 274 |
| 1722660 |  | Fannie Mae Pool | 5.000 | 05/01/35 | 1746 |
| 824061 |  | Fannie Mae Pool | 5.000 | 10/01/35 | 836 |
| 700538 |  | Fannie Mae Pool | 5.000 | 02/01/36 | 711 |
| 2269007 |  | Fannie Mae Pool | 5.500 | 11/01/38 | 2331 |
| 790478 |  | Fannie Mae Pool | 3.000 | 10/01/39 | 740 |
| 9622372 |  | Fannie Mae Pool | 3.000 | 05/01/40 | 8981 |
| 1167080 |  | Fannie Mae Pool | 5.000 | 09/01/40 | 1182 |
| 2597813 |  | Fannie Mae Pool | 5.000 | 05/01/41 | 2630 |
| 7202812 |  | Fannie Mae Pool | 4.000 | 09/01/42 | 6915 |
| 5613739 |  | Fannie Mae Pool | 3.500 | 04/01/43 | 5262 |
| 5039991 |  | Fannie Mae Pool | 3.500 | 09/01/43 | 4736 |
| 5340715 |  | Fannie Mae Pool | 4.500 | 03/01/44 | 5283 |
| 24307498 |  | Fannie Mae Pool | 4.000 | 05/01/44 | 23276 |
| 2342141 |  | Fannie Mae Pool | 4.500 | 06/01/44 | 2288 |
| 2236242 |  | Fannie Mae Pool | 4.500 | 10/01/44 | 2184 |
| 3870648 |  | Fannie Mae Pool | 4.500 | 11/01/44 | 3781 |
| 1176244 |  | Fannie Mae Pool | 5.000 | 11/01/44 | 1191 |
| 1456925 |  | Fannie Mae Pool | 4.500 | 12/01/44 | 1423 |
| 1592409 |  | Fannie Mae Pool | 4.000 | 01/01/45 | 1523 |
| 411503 |  | Fannie Mae Pool | 4.500 | 03/01/45 | 402 |
| 249400 |  | Fannie Mae Pool | 4.500 | 04/01/45 | 244 |
| 5221425 |  | Fannie Mae Pool | 3.500 | 05/01/45 | 4857 |
| 6686619 |  | Fannie Mae Pool | 3.500 | 01/01/46 | 6206 |
| 788068 |  | Fannie Mae Pool | 4.000 | 04/01/46 | 747 |
| 5523281 |  | Fannie Mae Pool | 3.500 | 06/01/46 | 5104 |
| 7117929 |  | Fannie Mae Pool | 3.500 | 07/01/46 | 6583 |
| 12322678 |  | Fannie Mae Pool | 3.500 | 07/01/46 | 11554 |
| 1236711 |  | Fannie Mae Pool | 3.000 | 10/01/46 | 1076 |
| 6941723 |  | Fannie Mae Pool | 3.500 | 10/01/46 | 6410 |
| 2785652 |  | Fannie Mae Pool | 4.500 | 05/01/47 | 2773 |
| 304007 |  | Fannie Mae Pool | 3.000 | 11/01/47 | 264 |
| 5349466 |  | Fannie Mae Pool | 3.500 | 11/01/47 | 5006 |
| 11091440 |  | Fannie Mae Pool | 3.500 | 01/01/48 | 10225 |
| 4692000 |  | Fannie Mae Pool | 4.500 | 01/01/48 | 4565 |
| 3921173 |  | Fannie Mae Pool | 4.500 | 02/01/48 | 3815 |
| 3068654 |  | Fannie Mae Pool | 4.500 | 05/01/48 | 2985 |
| 2108741 |  | Fannie Mae Pool | 4.500 | 05/01/48 | 2051 |
| 422390 |  | Fannie Mae Pool | 3.000 | 06/01/49 | 364 |
| 14368066 |  | Fannie Mae Pool | 3.000 | 07/01/50 | 12742 |
| 9658562 |  | Fannie Mae Pool | 3.000 | 09/01/51 | 8508 |
| 61525876 |  | Fannie Mae Pool | 2.500 | 12/01/51 | 51514 |

---

**192** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  | MORTGAGE BACKED (continued) |  |  |  |
| $2038807 | Fannie Mae Pool | 2.500% | 01/01/52 | $1697 |
| 23131918 | Fannie Mae Pool | 2.500 | 02/01/52 | 19416 |
| 13589745 | Fannie Mae Pool | 3.000 | 02/01/52 | 11816 |
| 10174617 | Fannie Mae Pool | 3.500 | 02/01/52 | 9277 |
| 25855243 | Fannie Mae Pool | 3.000 | 04/01/52 | 22633 |
| 15015687 | Fannie Mae Pool | 3.000 | 04/01/52 | 13115 |
| 872800 | Fannie Mae Pool | 3.000 | 04/01/52 | 757 |
| 11567326 | Fannie Mae Pool | 3.000 | 05/01/52 | 10129 |
| 36448011 | Fannie Mae Pool | 4.000 | 05/01/52 | 33961 |
| 32353744 | Fannie Mae Pool | 3.500 | 06/01/52 | 29244 |
| 17980783 | Fannie Mae Pool | 3.500 | 06/01/52 | 16246 |
| 73937606 | Fannie Mae Pool | 4.000 | 06/01/52 | 68897 |
| 6980840 | Fannie Mae Pool | 4.500 | 06/01/52 | 6693 |
| 40697157 | Fannie Mae Pool | 3.000 | 07/01/52 | 35248 |
| 48238328 | Fannie Mae Pool | 4.000 | 07/01/52 | 44949 |
| 6843154 | Fannie Mae Pool | 4.500 | 07/01/52 | 6557 |
| 7699283 | Fannie Mae Pool | 4.500 | 07/01/52 | 7379 |
| 8288280 | Fannie Mae Pool | 4.500 | 08/01/52 | 7943 |
| 42936413 | Fannie Mae Pool | 5.000 | 08/01/52 | 42291 |
| 120700005 | Fannie Mae Pool | 4.000 | 09/01/52 | 112464 |
| 127175629 | Fannie Mae Pool | 4.500 | 09/01/52 | 121878 |
| 25270441 | Fannie Mae Pool | 5.000 | 09/01/52 | 24889 |
| 73949212 | Fannie Mae Pool | 4.000 | 10/01/52 | 68789 |
| 68501060 | Fannie Mae Pool | 4.500 | 10/01/52 | 65650 |
| 13587747 | Fannie Mae Pool | 5.000 | 10/01/52 | 13382 |
| 110515637 | Fannie Mae Pool | 4.500 | 11/01/52 | 105920 |
| 313521 | Fannie Mae Pool | 5.000 | 01/01/53 | 309 |
| 59524582 | Fannie Mae Pool | 5.000 | 02/01/53 | 58538 |
| 49049103 | Fannie Mae Pool | 5.500 | 02/01/53 | 49172 |
| 13841038 | Fannie Mae Pool | 6.000 | 02/01/53 | 14103 |
| 52803538 | Fannie Mae Pool | 5.000 | 04/01/53 | 51920 |
| 17914083 | Fannie Mae Pool | 5.000 | 06/01/53 | 17721 |
| 107729900 | Fannie Mae Pool | 5.500 | 06/01/53 | 107889 |
| 25378534 | Fannie Mae Pool | 4.000 | 07/01/53 | 23626 |
| 22196786 | Fannie Mae Pool | 4.500 | 07/01/53 | 21267 |
| 25286945 | Fannie Mae Pool | 4.500 | 08/01/53 | 24220 |
| 30426165 | Fannie Mae Pool | 5.000 | 08/01/53 | 29895 |
| 12807397 | Fannie Mae Pool | 5.500 | 08/01/53 | 12824 |
| 13118257 | Fannie Mae Pool | 5.500 | 10/01/53 | 13133 |
| 14367459 | Fannie Mae Pool | 6.000 | 01/01/54 | 14616 |
| 7399513 | Fannie Mae Pool | 4.000 | 02/01/54 | 6900 |
| 153397017 | Fannie Mae Pool | 5.500 | 04/01/54 | 153426 |
| 132067940 | Fannie Mae Pool | 5.500 | 05/01/54 | 132093 |
| 1986767 | Fannie Mae Pool | 6.000 | 06/01/54 | 2020 |
| 40482207 | Fannie Mae Pool | 5.500 | 10/01/54 | 40490 |
| 23266674 | Fannie Mae Pool | 6.000 | 10/01/54 | 23650 |
| 3991480 (b) | Fannie Mae REMICS, (SOFR30A + 5.836%) | 1.530 | 09/25/43 | 417 |
| 3028403 | Fannie Mae REMICS | 3.000 | 07/25/45 | 2760 |
| 6176260 | Fannie Mae REMICS | 3.500 | 02/25/48 | 5468 |
| 4439500 | Fannie Mae REMICS | 4.000 | 07/25/48 | 4208 |
| 10209309 | Fannie Mae REMICS | 2.000 | 08/25/50 | 1305 |
| 19993383 | Fannie Mae REMICS | 2.000 | 08/25/50 | 13256 |
| 9320242 | Fannie Mae REMICS | 2.000 | 10/25/50 | 6301 |
| 26234513 | Fannie Mae REMICS | 2.500 | 11/25/50 | 3663 |
| 9002449 | Fannie Mae REMICS | 3.000 | 12/25/50 | 1618 |
| 3411054 | Fannie Mae REMICS | 3.000 | 02/25/51 | 571 |
| 10587069 | Fannie Mae REMICS | 2.500 | 11/25/51 | 1221 |
| 15067190 | Fannie Mae REMICS | 3.500 | 04/25/52 | 11554 |
| 3608936 | Fannie Mae REMICS | 4.000 | 05/25/52 | 2895 |
| 10124229 | Fannie Mae REMICS | 4.500 | 07/25/52 | 8871 |
| 5927859 | Fannie Mae REMICS | 4.500 | 08/25/52 | 5086 |
| 4451182 | Fannie Mae REMICS | 4.000 | 09/25/52 | 3835 |

---

**193** 

------

Core Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | MORTGAGE BACKED (continued) |  |  |  |
| $5078266 | Fannie Mae REMICS | 4.000% | 09/25/52 | $4226 |
| 4299590 | Fannie Mae REMICS | 4.500 | 10/25/52 | 3832 |
| 4910584 | Fannie Mae REMICS | 4.500 | 10/25/52 | 4451 |
| 8149363 | Fannie Mae REMICS | 5.500 | 11/25/52 | 8144 |
| 6432754 | Federal National Mortgage Association (FNMA) | 2.500 | 02/01/52 | 5351 |
| 4408 | Freddie Mac Gold Pool | 8.000 | 01/01/31 | 4 |
| 3314 | Freddie Mac Gold Pool | 7.000 | 01/01/32 | 3 |
| 153045 | Freddie Mac Gold Pool | 4.500 | 07/01/33 | 153 |
| 1031568 | Freddie Mac Gold Pool | 7.000 | 12/01/33 | 1089 |
| 294422 | Freddie Mac Gold Pool | 4.500 | 10/01/34 | 291 |
| 207785 | Freddie Mac Gold Pool | 4.500 | 04/01/35 | 207 |
| 198098 | Freddie Mac Gold Pool | 7.000 | 05/01/35 | 209 |
| 900460 | Freddie Mac Gold Pool | 5.000 | 06/01/36 | 915 |
| 344638 | Freddie Mac Gold Pool | 5.000 | 07/01/39 | 349 |
| 27521 | Freddie Mac Gold Pool | 4.500 | 02/01/44 | 27 |
| 931753 | Freddie Mac Gold Pool | 4.500 | 10/01/44 | 911 |
| 491043 | Freddie Mac Gold Pool | 4.500 | 11/01/44 | 480 |
| 888201 | Freddie Mac Gold Pool | 4.500 | 11/01/44 | 869 |
| 456355 | Freddie Mac Gold Pool | 4.500 | 12/01/44 | 442 |
| 440719 | Freddie Mac Gold Pool | 4.500 | 12/01/44 | 431 |
| 2705674 | Freddie Mac Gold Pool | 3.500 | 04/01/45 | 2519 |
| 278425 | Freddie Mac Gold Pool | 4.500 | 05/01/45 | 268 |
| 11462451 | Freddie Mac Gold Pool | 3.500 | 08/01/45 | 10676 |
| 1030605 | Freddie Mac Gold Pool | 4.500 | 06/01/47 | 1008 |
| 1836630 | Freddie Mac Gold Pool | 4.000 | 09/01/47 | 1743 |
| 2030122 | Freddie Mac Gold Pool | 3.500 | 12/01/47 | 1875 |
| 7184542 | Freddie Mac Gold Pool | 4.500 | 08/01/48 | 7030 |
| 3374971 | Freddie Mac Gold Pool | 4.500 | 10/01/48 | 3288 |
| 5409286 | Freddie Mac Gold Pool | 3.500 | 11/01/48 | 4991 |
| 11046452 | Freddie Mac Pool | 3.000 | 11/01/49 | 9773 |
| 27269740 | Freddie Mac Pool | 3.000 | 11/01/51 | 24091 |
| 3894064 | Freddie Mac Pool | 3.000 | 11/01/51 | 3428 |
| 2399523 | Freddie Mac Pool | 3.000 | 11/01/51 | 2133 |
| 3547958 | Freddie Mac Pool | 3.000 | 11/01/51 | 3134 |
| 11639113 | Freddie Mac Pool | 2.500 | 04/01/52 | 9713 |
| 9075947 | Freddie Mac Pool | 3.000 | 04/01/52 | 7968 |
| 5902820 | Freddie Mac Pool | 4.000 | 04/01/52 | 5505 |
| 45421335 | Freddie Mac Pool | 3.000 | 05/01/52 | 39371 |
| 92310 | Freddie Mac Pool | 3.000 | 06/01/52 | 80 |
| 1097697 | Freddie Mac Pool | 3.500 | 06/01/52 | 995 |
| 14855819 | Freddie Mac Pool | 4.500 | 06/01/52 | 14235 |
| 637725 | Freddie Mac Pool | 4.500 | 07/01/52 | 610 |
| 14847490 | Freddie Mac Pool | 4.500 | 07/01/52 | 14227 |
| 26470226 | Freddie Mac Pool | 6.000 | 11/01/52 | 26979 |
| 48027915 | Freddie Mac Pool | 5.000 | 06/01/53 | 47172 |
| 43864988 | Freddie Mac Pool | 5.000 | 08/01/53 | 43192 |
| 20998263 | Freddie Mac Pool | 5.500 | 08/01/53 | 21029 |
| 8993979 | Freddie Mac REMICS | 3.500 | 01/15/47 | 8035 |
| 1569600 | Freddie Mac REMICS | 4.000 | 10/15/47 | 1479 |
| 1515357 | Freddie Mac REMICS | 4.000 | 11/15/47 | 1445 |
| 7768944 | Freddie Mac REMICS | 4.000 | 01/15/48 | 7393 |
| 8899627 | Freddie Mac REMICS | 4.000 | 03/15/48 | 8450 |
| 2299779 | Freddie Mac REMICS | 4.000 | 04/15/48 | 2188 |
| 5440219 | Freddie Mac REMICS | 4.000 | 04/15/48 | 5140 |
| 6603898<br> (b) | Freddie Mac REMICS, (SOFR30A + 9.737%) | 2.851 | 06/15/48 | 6123 |
| 4927761<br> (b) | Freddie Mac REMICS, (SOFR30A + 9.657%) | 2.771 | 10/15/48 | 4318 |
| 7225214 | Freddie Mac REMICS | 2.000 | 09/25/50 | 4834 |
| 4456991 | Freddie Mac REMICS | 2.000 | 09/25/50 | 578 |
| 14020443 | Freddie Mac REMICS | 3.000 | 09/25/50 | 10249 |
| 7101735 | Freddie Mac REMICS | 3.000 | 10/25/50 | 5033 |
| 32400872 | Freddie Mac REMICS | 2.500 | 02/25/51 | 5333 |
| 8750372 | Freddie Mac REMICS | 2.500 | 05/25/51 | 5489 |

---

**194** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | MORTGAGE BACKED (continued) |  |  |  |
| $3550345 |  | Freddie Mac REMICS | 4.000% | 08/25/52 | $2974 |
| 6641735 |  | Freddie Mac REMICS | 4.500 | 10/25/52 | 6173 |
| 8126211 |  | Freddie Mac REMICS | 5.500 | 11/25/52 | 8231 |
| 3864810 |  | Freddie Mac REMICS | 5.500 | 02/25/53 | 3802 |
| 860000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 7.100%) | 11.405 | 01/25/42 | 918 |
| 3925000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.750%) | 9.055 | 02/25/42 | 4114 |
| 6630000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 5.650%) | 8.647 | 04/25/42 | 7093 |
| 17883800 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%) | 7.655 | 05/25/42 | 18598 |
| 28325000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.500%) | 8.805 | 06/25/42 | 30128 |
| 18610000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.000%) | 8.305 | 07/25/42 | 19656 |
| 1875000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.550%) | 7.855 | 08/25/42 | 1964 |
| 14531000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.700%) | 8.005 | 09/25/42 | 15318 |
| 790000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.100%) | 8.444 | 03/25/43 | 824 |
| 3440000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%) | 7.556 | 04/25/43 | 3609 |
| 5035000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.500%) | 7.805 | 05/25/43 | 5323 |
| 140861 | (b),(c) | Freddie Mac STACR Securitized Participation Interests Trust | 3.782 | 02/25/48 | 137 |
| 29416 | (b),(c) | Freddie Mac STACR Securitized Participation Interests Trust | 3.848 | 05/25/48 | 29 |
| 8853552 |  | Ginnie Mae I Pool | 3.700 | 10/15/33 | 8560 |
| 147070 |  | Ginnie Mae I Pool | 5.000 | 04/15/38 | 148 |
| 635869 |  | Ginnie Mae I Pool | 5.000 | 06/15/39 | 641 |
| 334054 |  | Ginnie Mae I Pool | 5.000 | 06/15/39 | 336 |
| 8855378 |  | Ginnie Mae I Pool | 3.700 | 08/15/40 | 8201 |
| 167258 |  | Ginnie Mae II Pool | 6.500 | 11/20/38 | 175 |
| 7086987 |  | Ginnie Mae II Pool | 3.000 | 06/20/51 | 6276 |
| 8142100 |  | Ginnie Mae II Pool | 3.000 | 12/20/51 | 7205 |
| 5930659 |  | Ginnie Mae II Pool | 2.500 | 02/20/52 | 4946 |
| 50128772 |  | Ginnie Mae II Pool | 3.500 | 04/20/52 | 45734 |
| 4011713 |  | Ginnie Mae II Pool | 3.500 | 07/20/52 | 3659 |
| 10589137 |  | Ginnie Mae II Pool | 4.000 | 08/20/52 | 9894 |
| 6604064 |  | Ginnie Mae II Pool | 4.000 | 09/20/52 | 6172 |
| 8385961 |  | Ginnie Mae II Pool | 5.000 | 11/20/52 | 8280 |
| 12311429 |  | Ginnie Mae II Pool | 4.500 | 03/20/53 | 11862 |
| 14099896 |  | Government National Mortgage Association | 5.000 | 01/20/40 | 2717 |
| 6317986 |  | Government National Mortgage Association | 4.500 | 03/20/40 | 1110 |
| 10195599 |  | Government National Mortgage Association | 5.000 | 03/20/40 | 1962 |
| 8194771 |  | Government National Mortgage Association | 2.500 | 12/20/43 | 7352 |
| 4286195 |  | Government National Mortgage Association | 3.000 | 03/20/45 | 3856 |
| 2620260 |  | Government National Mortgage Association | 4.000 | 06/20/46 | 296 |
| 3692335 |  | Government National Mortgage Association | 5.000 | 09/20/46 | 688 |
| 17091021 |  | Government National Mortgage Association | 3.000 | 11/20/51 | 12238 |
| 18939678 |  | Government National Mortgage Association | 3.000 | 12/20/51 | 13783 |
| 17254024 |  | Government National Mortgage Association | 3.000 | 01/20/52 | 12811 |
| 15847021 |  | Government National Mortgage Association | 3.000 | 02/20/52 | 10774 |
| 11143877 |  | Government National Mortgage Association | 4.000 | 04/20/52 | 9449 |
| 10754606 |  | Government National Mortgage Association | 5.000 | 04/20/52 | 1962 |
| 5721326 |  | Government National Mortgage Association | 4.000 | 07/20/52 | 4718 |
| 10280464 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 9127 |
| 8729773 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 8138 |
| 7276490 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 6898 |
| 4955843 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 4406 |
| 5674890 |  | Government National Mortgage Association | 4.500 | 02/20/53 | 5193 |
| 4914601 |  | Government National Mortgage Association | 5.500 | 02/20/53 | 4888 |
| 9096605 | (b) | Government National Mortgage Association, (SOFR30A + 6.950%) | 2.648 | 05/20/53 | 762 |
| 6733124 | (b) | Government National Mortgage Association, (SOFR30A + 23.205%) | 6.428 | 08/20/53 | 7400 |
| 3830612 | (b) | Government National Mortgage Association, (SOFR30A + 25.350%) | 8.573 | 08/20/53 | 4532 |
| 82863515 | (b),(c) | GS Mortgage-Backed Securities Corp Trust | 0.151 | 08/25/51 | 715 |
| 15870091 | (b),(c) | GS Mortgage-Backed Securities Trust | 2.500 | 11/25/51 | 12814 |
| 9473754 | (b),(c) | GS Mortgage-Backed Securities Trust | 2.500 | 03/25/52 | 7682 |
| 2866546 | (b),(c) | GS Mortgage-Backed Securities Trust | 2.825 | 05/28/52 | 2376 |
| 9846073 | (b),(c) | GS Mortgage-Backed Securities Trust | 3.000 | 08/26/52 | 8338 |
| 197965 | (b) | Impac CMB Trust, (TSFR1M + 0.774%) | 5.094 | 03/25/35 | 181 |
| 1038274 | (b),(c) | J.P. Morgan Mortgage Trust | 3.242 | 10/25/52 | 842 |

---

**195** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | MORTGAGE BACKED (continued) |  |  |  |
| $921924 | (b),(c) | JP Morgan Mortgage Trust | 3.500% | 05/25/47 | $839 |
| 967633 | (b),(c) | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 866 |
| 196717 | (b),(c) | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 184 |
| 23018108 | (b),(c) | JP Morgan Mortgage Trust | 0.118 | 06/25/51 | 149 |
| 40393668 | (b),(c) | JP Morgan Mortgage Trust | 0.108 | 11/25/51 | 241 |
| 4648188 | (b),(c) | JP Morgan Mortgage Trust | 2.500 | 11/25/51 | 3770 |
| 40540671 | (b),(c) | JP Morgan Mortgage Trust | 0.115 | 12/25/51 | 260 |
| 5729846 | (b),(c) | JP Morgan Mortgage Trust | 2.500 | 12/25/51 | 4647 |
| 898751 | (b),(c) | JP Morgan Mortgage Trust | 2.845 | 12/25/51 | 722 |
| 7633923 | (b),(c) | JP Morgan Mortgage Trust | 2.500 | 01/25/52 | 6178 |
| 9046651 | (b),(c) | JP Morgan Mortgage Trust | 0.500 | 04/25/52 | 262 |
| 8442097 | (b),(c) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 7161 |
| 5402032 | (b),(c) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 4532 |
| 2453487 | (b),(c) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 1999 |
| 9796095 | (b),(c) | JP Morgan Mortgage Trust | 2.500 | 06/25/52 | 7908 |
| 2737178 | (b),(c) | JP Morgan Mortgage Trust | 3.000 | 06/25/52 | 2333 |
| 80559305 | (c) | JP Morgan Mortgage Trust | 0.224 | 07/25/52 | 779 |
| 12403974 | (b),(c) | JP Morgan Mortgage Trust | 2.500 | 07/25/52 | 10015 |
| 19841937 | (b),(c) | JP Morgan Mortgage Trust | 3.250 | 07/25/52 | 17566 |
| 16848510 | (b),(c) | JP Morgan Mortgage Trust | 3.000 | 08/25/52 | 14257 |
| 8907745 | (b),(c) | JP Morgan Mortgage Trust | 3.000 | 10/25/52 | 7538 |
| 5433867 | (b),(c) | JP Morgan Mortgage Trust | 3.000 | 11/25/52 | 4595 |
| 7377636 | (b),(c) | JP Morgan Mortgage Trust | 3.000 | 04/25/53 | 6243 |
| 3351121 | (b),(c) | JP Morgan Mortgage Trust | 5.000 | 06/25/53 | 3241 |
| 3354891 | (b),(c) | JP Morgan Mortgage Trust | 5.500 | 06/25/53 | 3317 |
| 7129384 | (b),(c) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 08/25/51 | 5777 |
| 1653372 | (b),(c) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 1471 |
| 4798627 | (b),(c) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 3884 |
| 5140137 | (b),(c) | OBX | 3.000 | 01/25/52 | 4350 |
| 2280199 | (b),(c) | RCKT Mortgage Trust | 3.006 | 09/25/51 | 1828 |
| 12858576 | (b),(c) | RCKT Mortgage Trust | 2.500 | 02/25/52 | 10427 |
| 5478571 | (b),(c) | RCKT Mortgage Trust | 3.000 | 05/25/52 | 4640 |
| 357688 | (b),(c) | RCKT Mortgage Trust | 3.189 | 05/25/52 | 297 |
| 801296 | (b),(c) | RCKT Mortgage Trust | 4.000 | 06/25/52 | 724 |
| 219138 | (b),(c) | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 208 |
| 1125702 | (b),(c) | Sequoia Mortgage Trust | 3.500 | 12/25/49 | 1011 |
| 5256115 | (b),(c) | Sequoia Mortgage Trust | 2.500 | 06/25/51 | 4262 |
| 2535000 | (b),(c) | Verus Securitization Trust | 7.487 | 02/25/68 | 2548 |
| 664217 | (c) | Verus Securitization Trust (Step Bond) | 2.733 | 05/25/65 | 643 |
| 4092463 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust | 3.000 | 08/25/51 | 3470 |
| 5154245 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust | 3.309 | 08/25/51 | 4351 |
|  |  | TOTAL MORTGAGE BACKED |  |  | 3073406 |
|  |  | MUNICIPAL BONDS - 2.4% |  |  |  |
| 245000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 3.264 | 09/01/25 | 245 |
| 1000000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 4.038 | 09/01/34 | 946 |
| 845000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 3.750 | 09/01/37 | 752 |
| 2000000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 4.000 | 09/01/48 | 1600 |
| 3995000 |  | City of Los Angeles CA Wastewater System Revenue | 4.029 | 06/01/39 | 3586 |
| 4940000 |  | City of New York NY | 3.200 | 12/01/26 | 4874 |
| 1575000 |  | City of San Antonio TX Customer Facility Charge Revenue | 4.353 | 07/01/25 | 1575 |
| 4055000 |  | Commonwealth Financing Authority | 3.864 | 06/01/38 | 3671 |
| 19355000 |  | Commonwealth Financing Authority | 3.807 | 06/01/41 | 16250 |
| 4365000 |  | County of Miami-Dade FL Aviation Revenue | 2.604 | 10/01/25 | 4344 |
| 2375000 |  | County of Miami-Dade FL Aviation Revenue | 3.505 | 10/01/25 | 2369 |
| 2500000 |  | County of Miami-Dade FL Aviation Revenue | 2.704 | 10/01/26 | 2457 |
| 3940000 |  | County of Miami-Dade FL Aviation Revenue | 3.049 | 10/01/26 | 3888 |
| 3750000 |  | County of Miami-Dade FL Aviation Revenue | 3.612 | 10/01/26 | 3726 |
| 4700000 |  | County of Miami-Dade FL Aviation Revenue | 2.529 | 10/01/30 | 4325 |
| 3730000 |  | County of Miami-Dade FL Aviation Revenue | 3.732 | 10/01/37 | 3263 |
| 3900000 |  | County of Miami-Dade FL Aviation Revenue | 3.982 | 10/01/41 | 3270 |
| 9160000 |  | County of Miami-Dade FL Aviation Revenue | 4.280 | 10/01/41 | 8197 |
| 2000000 |  | Duke University | 3.199 | 10/01/38 | 1628 |

---

**196** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | MUNICIPAL BONDS (continued) |  |  |  |
| $5080000 | Illinois Finance Authority | 3.944% | 08/15/47 | $4039 |
| 4805000 | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | 3.375 | 09/01/35 | 4256 |
| 5680000 | New York State Dormitory Authority | 3.998 | 07/01/39 | 5018 |
| 10605000 | New York State Dormitory Authority | 4.294 | 07/01/44 | 9017 |
| 6000000 | New York State Dormitory Authority | 3.879 | 07/01/46 | 4607 |
| 6460000 | New York State Thruway Authority | 2.406 | 01/01/26 | 6404 |
| 4750000 | New York State Thruway Authority | 2.500 | 01/01/27 | 4640 |
| 1000000 | Port of Corpus Christi Authority of Nueces County | 3.487 | 12/01/25 | 997 |
| 1910000 | Public Finance Authority | 4.269 | 07/01/40 | 1708 |
| 6360000 | San Jose Redevelopment Agency Successor Agency | 3.375 | 08/01/34 | 5883 |
| 13060000 | State of California | 4.600 | 04/01/38 | 13283 |
| 10500000 | State of Illinois | 3.150 | 06/15/26 | 10393 |
| 12500000 | State of Illinois | 3.250 | 06/15/27 | 12293 |
| 23689706 | State of Illinois | 5.100 | 06/01/33 | 23781 |
| 9700000 | State of Oregon Department of Administrative Services | 4.103 | 05/01/39 | 8627 |
| 9900000 | State of Wisconsin | 3.154 | 05/01/27 | 9771 |
| 25860000 | University of California | 3.063 | 07/01/25 | 25860 |
| 17045000 | University of California | 3.931 | 05/15/45 | 15377 |
| 7620000 | University of Massachusetts Building Authority | 3.097 | 11/01/35 | 6563 |
| 13000000 | University of Massachusetts Building Authority | 3.434 | 11/01/40 | 10653 |
| 20000000 | University of New Mexico | 3.532 | 06/20/32 | 19502 |
| 2160000 | Virginia Port Authority | 4.228 | 07/01/36 | 2030 |
| 390000 | Washington Convention & Sports Authority | 3.969 | 10/01/30 | 382 |
|  | TOTAL MUNICIPAL BONDS |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276050 |
|  | U.S. TREASURY SECURITIES - 22.5% |  |  |  |
| 5730000 | United States Treasury Note | 4.125 | 10/31/26 | 5746 |
| 94645000 | United States Treasury Note | 4.250 | 11/30/26 | 95133 |
| 9725000 | United States Treasury Note | 4.125 | 01/31/27 | 9769 |
| 19475000 | United States Treasury Note | 4.125 | 02/28/27 | 19576 |
| 6025000 | United States Treasury Note | 3.875 | 03/31/27 | 6034 |
| 8375000 | United States Treasury Note | 3.750 | 04/30/27 | 8374 |
| 16720000 | United States Treasury Note | 3.875 | 05/31/27 | 16759 |
| 106000000 | United States Treasury Note | 4.125 | 11/15/27 | 106981 |
| 1580000 | United States Treasury Note | 4.250 | 01/15/28 | 1600 |
| 12825000 | United States Treasury Note | 4.250 | 02/15/28 | 12998 |
| 10470000 | United States Treasury Note | 3.750 | 04/15/28 | 10483 |
| 1025000 | United States Treasury Note | 3.750 | 05/15/28 | 1027 |
| 655877000 | United States Treasury Note | 3.875 | 06/30/30 | 658388 |
| 66260000 | United States Treasury Note | 4.125 | 03/31/32 | 66848 |
| 13925000 | United States Treasury Note | 4.125 | 05/31/32 | 14042 |
| 71939000 | United States Treasury Note | 4.250 | 05/15/35 | 72051 |
| 17120000 | United States Treasury Note | 4.750 | 02/15/45 | 17029 |
| 2650000 | United States Treasury Note | 5.000 | 05/15/45 | 2722 |
| 82495000 | United States Treasury Note | 4.625 | 02/15/55 | 80304 |
| 12930000 | United States Treasury Note/Bond | 5.000 | 09/30/25 | 12950 |
| 2205000 | United States Treasury Note/Bond | 0.250 | 10/31/25 | 2176 |
| 10000000 | United States Treasury Note/Bond | 4.875 | 11/30/25 | 10021 |
| 825000 | United States Treasury Note/Bond | 4.250 | 12/31/25 | 825 |
| 2765000 | United States Treasury Note/Bond | 4.625 | 03/15/26 | 2775 |
| 3540000 | United States Treasury Note/Bond | 4.500 | 03/31/26 | 3550 |
| 6075000 | United States Treasury Note/Bond | 4.625 | 06/30/26 | 6111 |
| 5515000 | United States Treasury Note/Bond | 4.500 | 07/15/26 | 5544 |
| 985000 | United States Treasury Note/Bond | 4.625 | 09/15/26 | 993 |
| 1025000 | United States Treasury Note/Bond | 3.500 | 09/30/26 | 1020 |
| 700000 | United States Treasury Note/Bond | 4.625 | 10/15/26 | 706 |
| 5510000 | United States Treasury Note/Bond | 4.375 | 12/15/26 | 5551 |
| 29505000 | United States Treasury Note/Bond | 0.500 | 10/31/27 | 27403 |
| 240755000 | United States Treasury Note/Bond | 3.500 | 04/30/28 | 239448 |
| 80000 | United States Treasury Note/Bond | 1.250 | 09/30/28 | 74 |
| 113120000 | United States Treasury Note/Bond | 3.500 | 04/30/30 | 111666 |
| 2312500 | United States Treasury Note/Bond | 4.000 | 07/31/30 | 2333 |
| 5650000 | United States Treasury Note/Bond | 4.375 | 11/30/30 | 5796 |

---

**197** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | U.S. TREASURY SECURITIES (continued) |  |  |  |
| $50000000 |  | United States Treasury Note/Bond | 3.750% | 12/31/30 | $49752 |
| 70450000 |  | United States Treasury Note/Bond | 4.000 | 01/31/31 | 70948 |
| 57151000 |  | United States Treasury Note/Bond | 4.125 | 07/31/31 | 57807 |
| 97957900 |  | United States Treasury Note/Bond | 3.750 | 08/31/31 | 97043 |
| 10000000 |  | United States Treasury Note/Bond | 1.125 | 08/15/40 | 6152 |
| 12050000 |  | United States Treasury Note/Bond | 3.875 | 08/15/40 | 11086 |
| 20935000 |  | United States Treasury Note/Bond | 4.375 | 05/15/41 | 20288 |
| 85325800 |  | United States Treasury Note/Bond | 2.375 | 02/15/42 | 62075 |
| 26721000 |  | United States Treasury Note/Bond | 3.250 | 05/15/42 | 22102 |
| 91758000 |  | United States Treasury Note/Bond | 3.375 | 08/15/42 | 77016 |
| 6000000 |  | United States Treasury Note/Bond | 2.750 | 11/15/42 | 4571 |
| 56675000 |  | United States Treasury Note/Bond | 3.875 | 02/15/43 | 50733 |
| 49620000 |  | United States Treasury Note/Bond | 3.875 | 05/15/43 | 44321 |
| 9560000 |  | United States Treasury Note/Bond | 4.375 | 08/15/43 | 9112 |
| 13535000 |  | United States Treasury Note/Bond | 4.750 | 11/15/43 | 13521 |
| 4800000 |  | United States Treasury Note/Bond | 4.625 | 05/15/44 | 4707 |
| 35680000 |  | United States Treasury Note/Bond | 3.000 | 05/15/45 | 27330 |
| 41710000 |  | United States Treasury Note/Bond | 2.875 | 08/15/45 | 31186 |
| 52140000 |  | United States Treasury Note/Bond | 2.500 | 05/15/46 | 36011 |
| 1075000 |  | United States Treasury Note/Bond | 3.000 | 05/15/47 | 805 |
| 30710000 |  | United States Treasury Note/Bond | 2.750 | 11/15/47 | 21838 |
| 6155000 |  | United States Treasury Note/Bond | 3.125 | 05/15/48 | 4670 |
| 51995000 |  | United States Treasury Note/Bond | 3.000 | 08/15/48 | 38454 |
| 20120000 |  | United States Treasury Note/Bond | 3.375 | 11/15/48 | 15916 |
| 256002000 |  | United States Treasury Note/Bond | 2.250 | 02/15/52 | 156371 |
| 44786000 |  | United States Treasury Note/Bond | 3.625 | 02/15/53 | 36560 |
|  |  | TOTAL U.S. TREASURY SECURITIES |  |  | 2615181 |
|  |  | TOTAL GOVERNMENT BONDS<br>(Cost $6,653,945) |  |  | 6349769 |
| SHARES |  | DESCRIPTION |  |  | VALUE (000) |
|  |  | PREFERRED STOCKS - 0.0% |  |  |  |
|  |  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 173925 |  | Morgan Stanley |  |  | 4475 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 4475 |
|  |  | TOTAL PREFERRED STOCKS<br>(Cost $4,348) |  |  | 4475 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | STRUCTURED ASSETS - 14.2% |  |  |  |
|  |  | ASSET BACKED - 5.0% |  |  |  |
| 1000000 | (c) | Affirm Asset Securitization Trust, Series 2023 B | 6.820 | 09/15/28 | 1004 |
| 5000000 | (b),(c) | AGL CLO 19 Ltd, (TSFR3M + 2.750%), Series 2022 19A | 7.022 | 07/21/35 | 5000 |
| 15000000 | (b),(c) | AIMCO CLO 16 Ltd, (TSFR3M + 1.650%), Series 2021 16A | 5.930 | 07/17/37 | 15060 |
| 26600000 | (b),(c) | AIMCO CLO Series, (TSFR3M + 1.500%), Series 2017 AA | 5.769 | 01/20/38 | 26697 |
| 74236 | (c) | Asset Backed Funding Corp NIM Trust, Series 2005 WMC1 | 5.900 | 07/26/35 | 0^ |
| 9500000 | (c) | Avis Budget Rental Car Funding AESOP LLC, Series 2021 1A | 1.380 | 08/20/27 | 9225 |
| 575000 | (c) | Avis Budget Rental Car Funding AESOP LLC, Series 2023 8A | 6.660 | 02/20/30 | 606 |
| 3398147 | (c) | BHG Securitization Trust, Series 2021 B | 1.670 | 10/17/34 | 3327 |
| 850814 | (c) | BRE Grand Islander Timeshare Issuer LLC, Series 2019 A | 3.280 | 09/26/33 | 838 |
|  EUR 674,248 | (b),(c) | Bruegel 2021 DAC, (EURIBOR 3 M + 2.470%), Series 2021 1A | 4.530 | 05/22/31 | 778 |
| 1500000 | (b),(c) | BX Trust, (TSFR1M + 3.339%), Series 2023 DELC | 7.681 | 05/15/38 | 1515 |
| 5647139 | (c) | Capital Automotive REIT, Series 2021 1A | 1.440 | 08/15/51 | 5412 |
| 4178006 | (c) | Capital Automotive REIT, Series 2021 1A | 1.920 | 08/15/51 | 4001 |
| 11082250 | (c) | Capital Automotive REIT, Series 2024 3A | 4.400 | 10/15/54 | 10782 |
| 9675000 | (c) | Cars Net Lease Mortgage Notes, Series 2020 1A | 2.010 | 12/15/50 | 9034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1687771 |  | Carvana Auto Receivables Trust, Series 2021 N2 | 0.970 | 03/10/28 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93857 |  | Carvana Auto Receivables Trust, Series 2021 N2 | 1.270 | 03/10/28 | 91 |
|  EUR 573,960 | (b),(c) | Cassia SRL, (EURIBOR 3 M + 3.500%), Series 2022 1A | 5.560 | 05/22/34 | 675 |
| 4150000 | (b),(c) | Cayuga Park CLO Ltd, (TSFR3M + 1.912%), Series 2020 1A | 1.000 | 07/17/34 | 4163 |
| 88957 | (b) | C-BASS Trust, (TSFR1M + 0.274%), Series 2006 CB6 | 3.364 | 07/25/36 | 88 |
| 17179533 | (c) | CF Hippolyta LLC, Series 2020 1 | 1.690 | 07/15/60 | 16996 |

---

**198** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | ASSET BACKED (continued) |  |  |  |
| $4995594 | (c) | CF Hippolyta LLC, Series 2020 1 | 1.990% | 07/15/60 | $4618 |
| 2941208 | (c) | CF Hippolyta LLC, Series 2020 1 | 2.280 | 07/15/60 | 2910 |
| 18848951 | (c) | CF Hippolyta LLC, Series 2021 1A | 1.530 | 03/15/61 | 18135 |
| 4476626 | (c) | CF Hippolyta LLC, Series 2021 1A | 1.980 | 03/15/61 | 4205 |
| 428194 | (b) | Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004 2 | 5.700 | 02/26/35 | 380 |
| 25000000 | (b),(c) | CIFC Funding Ltd, (TSFR3M + 1.600%), Series 2019 3A | 5.861 | 01/16/38 | 25085 |
| 2408 |  | CIT Group Home Equity Loan Trust (Step Bond), Series 2002 1 | 6.200 | 02/25/30 | 2 |
| 6520000 | (b) | Citibank Credit Card Issuance Trust, (TSFR1M + 0.884%), Series 2017 A6 | 5.196 | 05/14/29 | 6581 |
| 500000 | (c) | Cologix Data Centers US Issuer LLC, Series 2021 1A | 3.300 | 12/26/51 | 484 |
| 500000 | (c) | Compass Datacenters Issuer III LLC, Series 2025 1A | 5.656 | 02/25/50 | 505 |
| 7756775 | (c) | DB Master Finance LLC, Series 2019 1A | 4.021 | 05/20/49 | 7689 |
| 36187500 | (c) | DB Master Finance LLC, Series 2021 1A | 2.045 | 11/20/51 | 34838 |
| 28564000 | (c) | DB Master Finance LLC, Series 2021 1A | 2.493 | 11/20/51 | 26448 |
| 156250 | (c) | Diamond Resorts Owner Trust, Series 2021 1A | 2.700 | 11/21/33 | 155 |
| 27789188 | (c) | Domino's Pizza Master Issuer LLC, Series 2021 1A | 2.662 | 04/25/51 | 25928 |
| 3800000 | (b),(c) | Dryden 49 Senior Loan Fund, (TSFR3M + 1.862%), Series 2017 49A | 6.131 | 07/18/30 | 3805 |
| 2392810 | (c) | FNA VI LLC, Series 2021 1A | 1.350 | 01/10/32 | 2225 |
| 2580000 | (c) | Frontier Issuer LLC, Series 2023 1 | 6.600 | 08/20/53 | 2621 |
| 12460000 | (c) | Frontier Issuer LLC, Series 2024 1 | 6.190 | 06/20/54 | 12830 |
| 11000000 | (b),(c) | Goldentree Loan Management US CLO 6 Ltd, (TSFR3M + 1.400%), Series 2019 6A | 0.000 | 04/20/35 | 10936 |
| 918906 | (b),(c) | Gracie Point International Funding LLC, (SOFR90A + 1.950%), Series 2023 1A | 6.298 | 09/01/26 | 920 |
| 13000000 | (b),(c) | Gracie Point International Funding LLC, (SOFR90A + 1.700%), Series 2024 1A | 6.122 | 03/01/28 | 13024 |
| 3500000 | (c) | GSCG Trust, Series 2019 600C | 2.936 | 09/06/34 | 2800 |
| 181421 | (c) | HERO Funding Trust, Series 2017 2A | 3.280 | 09/20/48 | 162 |
| 362841 | (c) | HERO Funding Trust, Series 2017 2A | 4.070 | 09/20/48 | 331 |
| 1297869 | (c) | Hilton Grand Vacations Trust, Series 2019 AA | 2.340 | 07/25/33 | 1275 |
| 181342 | (b) | Home Equity Asset Trust, (TSFR1M + 1.614%), Series 2003 1 | 3.986 | 06/25/33 | 178 |
| 13540000 | (c) | Hotwire Funding LLC, Series 2024 1A | 5.893 | 06/20/54 | 13743 |
| 1228235 | (c) | JG Wentworth XXII LLC, Series 2010 3A | 3.820 | 12/15/48 | 1215 |
| 5500000 | (b),(c) | Madison Park Funding XXI Ltd, (TSFR3M + 1.912%), Series 2016 21A | 6.229 | 10/15/32 | 5507 |
| 3500000 | (b),(c) | Massachusetts St, (TSFR3M + 1.912%), Series 2021 3A | 6.168 | 01/15/35 | 3506 |
| 6650000 | (c) | MetroNet Infrastructure Issuer LLC, Series 2024 1A | 6.230 | 04/20/54 | 6795 |
| 1521134 | (c) | MVW LLC, Series 2021 1WA | 1.140 | 01/22/41 | 1457 |
| 2121730 | (c) | MVW Owner Trust, Series 2019 2A | 2.220 | 10/20/38 | 2087 |
| 1415343 | (c) | Navient Private Education Refi Loan Trust, Series 2020 HA | 1.310 | 01/15/69 | 1330 |
| 3143602 | (c) | Navient Private Education Refi Loan Trust, Series 2021 A | 0.840 | 05/15/69 | 2865 |
| 1200742 | (c) | Navient Student Loan Trust, Series 2019 BA | 3.390 | 12/15/59 | 1174 |
| 573081 | (b),(c) | Navient Student Loan Trust, (LIBOR 1 M + 1.094%), Series 2019 BA | 5.406 | 12/15/59 | 572 |
| 10000000 | (b),(c) | Neuberger Berman CLO Ltd, (TSFR3M + 1.800%), Series 2022 48A | 6.082 | 04/25/36 | 10018 |
| 6650000 | (b),(c) | OHA Credit Funding 10 Ltd, (TSFR3M + 1.912%), Series 2021 10A | 6.181 | 01/18/36 | 6660 |
| 10000000 | (b),(c) | OHA Credit Funding 6 Ltd, (TSFR3M + 1.650%), Series 2020 6A | 5.919 | 10/20/37 | 10020 |
| 4370913 | (c) | OneMain Financial Issuance Trust, Series 2022 2A | 4.890 | 10/14/34 | 4370 |
| 17350000 | (c) | OneMain Financial Issuance Trust, Series 2020 2A | 1.750 | 09/14/35 | 16916 |
| 21646000 | (b),(c) | OneMain Financial Issuance Trust, (SOFR30A + 0.760%), Series 2021 1A | 5.358 | 06/16/36 | 21633 |
| 8000000 | (b),(c) | Palmer Square CLO Ltd, (TSFR3M + 1.800%), Series 2022 1A | 6.072 | 04/20/35 | 8014 |
| 1450000 | (c) | Progress Residential Trust, Series 2021 SFR9 | 2.711 | 11/17/40 | 1367 |
| 16636929 |  | Santander Drive Auto Receivables Trust, Series 2021 4 | 1.670 | 10/15/27 | 16476 |
| 19824000 | (c) | SERVPRO Master Issuer LLC, Series 2021 1A | 2.394 | 04/25/51 | 18485 |
| 512650 | (c) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 0.990 | 11/20/37 | 504 |
| 555851 | (c) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 1.340 | 11/20/37 | 546 |
| 308166 | (c) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 1.790 | 11/20/37 | 303 |
| 271496 | (c) | SMB Private Education Loan Trust, Series 2017 A | 2.880 | 09/15/34 | 271 |
| 1076927 | (c) | SMB Private Education Loan Trust, Series 2017 B | 2.820 | 10/15/35 | 1065 |
| 750065 | (c) | SMB Private Education Loan Trust, Series 2018 A | 3.500 | 02/15/36 | 741 |
| 379910 | (c) | SoFi Professional Loan Program LLC, Series 2017 F | 2.840 | 01/25/41 | 378 |
| 380451 | (c) | SoFi Professional Loan Program LLC, Series 2018 A | 2.950 | 02/25/42 | 379 |
| 750577 | (c) | SoFi Professional Loan Program LLC, Series 2019 A | 3.690 | 06/15/48 | 742 |
| 2058581 | (c) | SpringCastle America Funding LLC, Series 2020 AA | 1.970 | 09/25/37 | 1938 |
| 9021000 | (c) | SpringCastle America Funding LLC, Series 2020 AA | 2.660 | 09/25/37 | 7291 |
| 5875000 | (c) | Stack Infrastructure Issuer LLC, Series 2021 1A | 1.877 | 03/26/46 | 5738 |
| 252182 | (b) | Structured Asset Investment Loan Trust, (TSFR1M + 1.014%), Series 2004 8 | 5.334 | 09/25/34 | 242 |
| 1781250 | (c) | Taco Bell Funding LLC, Series 2016 1A | 4.970 | 05/25/46 | 1781 |

---

**199** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | ASSET BACKED (continued) |  |  |  |
| $26399775 | (c) | Taco Bell Funding LLC, Series 2021 1A | 1.946% | 08/25/51 | $25162 |
| 16122825 | (c) | Taco Bell Funding LLC, Series 2021 1A | 2.294 | 08/25/51 | 14661 |
| 1050000 | (c) | Tesla Auto Lease Trust, Series 2023 B | 6.570 | 08/20/27 | 1059 |
|  EUR 186,104 | (b),(c) | Thunder Logistics DAC, (EURIBOR 3 M + 2.550%), Series 2024 1A | 4.677 | 11/17/36 | 220 |
| 18928204 | (c) | Wendy's Funding LLC, Series 2021 1A | 2.370 | 06/15/51 | 17397 |
| 18300000 | (c) | Ziply Fiber Issuer LLC, Series 2024 1A | 6.640 | 04/20/54 | 18792 |
|  |  | TOTAL ASSET BACKED |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579436 |
|  |  | OTHER MORTGAGE BACKED - 9.2% |  |  |  |
| 12000000 | (b),(c) | 20 Times Square Trust, Series 2018 20TS | 3.100 | 05/15/35 | 10575 |
| 1600000 | (b),(c) | 20 Times Square Trust, Series 2018 20TS | 3.203 | 05/15/35 | 1491 |
| 5450000 | (c) | 225 Liberty Street Trust, Series 2016 225L | 3.597 | 02/10/36 | 5205 |
| 864126 | (b),(c) | Agate Bay Mortgage Trust, Series 2015 6 | 3.500 | 09/25/45 | 802 |
| 2500000 | (b),(c) | Alen Mortgage Trust, (TSFR1M + 2.364%), Series 2021 ACEN | 6.676 | 04/15/34 | 2281 |
| 6000000 | (b),(c) | ARDN Mortgage Trust, (TSFR1M + 1.750%), Series 2025 ARCP | 6.092 | 06/15/35 | 6014 |
| 2500000 | (b),(c) | ARDN Mortgage Trust, (TSFR1M + 2.000%), Series 2025 ARCP | 6.342 | 06/15/35 | 2506 |
| 5000000 | (b),(c) | ARDN Mortgage Trust, (TSFR1M + 3.000%), Series 2025 ARCP | 7.300 | 06/15/35 | 5018 |
|  GBP 420,888 | (b),(c) | Atom Mortgage Securities DAC, (SONIA Interest Rate Benchmark + 1.900%), Series 2021 1A | 6.198 | 07/22/31 | 542 |
| 6910000 | (b),(c) | BAMLL Trust, (TSFR1M + 2.350%), Series 2025 ASHF | 6.692 | 02/15/42 | 6912 |
| 1067340 | (b) | BANK, Series 2017 BNK8 | 4.083 | 11/15/50 | 966 |
| 2500000 | (b) | BANK, Series 2017 BNK8 | 4.227 | 11/15/50 | 2052 |
| 1000000 |  | BANK, Series 2019 BN21 | 3.093 | 10/17/52 | 912 |
| 3800000 |  | BANK, Series 2019 BN23 | 3.203 | 12/15/52 | 3516 |
| 1000000 | (b) | BANK, Series 2017 BNK6 | 3.851 | 07/15/60 | 917 |
| 1618918 |  | BANK, Series 2019 BN20 | 2.758 | 09/15/62 | 1515 |
| 8000000 | (b) | BANK, Series 2019 BN24 | 3.283 | 11/15/62 | 7434 |
| 1183000 | (b) | BANK, Series 2019 BN24 | 3.634 | 11/15/62 | 1043 |
| 1250000 | (b),(c) | BBCMS Mortgage Trust, Series 2018 CHRS | 4.409 | 08/05/38 | 1044 |
| 1610124 |  | BBCMS Mortgage Trust, Series 2017 C1 | 3.488 | 02/15/50 | 1591 |
| 4000000 |  | BBCMS Mortgage Trust, Series 2023 C19 | 5.753 | 04/15/56 | 4076 |
| 4615550 | (b) | BBCMS Mortgage Trust, Series 2023 C20 | 6.383 | 07/15/56 | 4779 |
| 5000000 | (c) | BBCMS Trust, Series 2015 SRCH | 4.798 | 08/10/35 | 4752 |
| 4600000 | (b),(c) | Benchmark Mortgage Trust, Series 2020 IG2 | 2.791 | 09/15/48 | 3996 |
| 2740000 | (b),(c) | Benchmark Mortgage Trust, Series 2020 IG3 | 3.199 | 09/15/48 | 2262 |
| 2500000 | (b),(c) | Benchmark Mortgage Trust, Series 2020 IG3 | 3.654 | 09/15/48 | 2383 |
| 3000000 | (b) | Benchmark Mortgage Trust, Series 2018 B2 | 4.450 | 02/15/51 | 2408 |
| 4000000 | (b) | Benchmark Mortgage Trust, Series 2018 B5 | 4.598 | 07/15/51 | 3464 |
| 3452143 |  | Benchmark Mortgage Trust, Series 2019 B9 | 4.016 | 03/15/52 | 3363 |
| 3000000 |  | Benchmark Mortgage Trust, Series 2019 B11 | 3.784 | 05/15/52 | 2780 |
| 830000 |  | Benchmark Mortgage Trust, Series 2018 B7 | 4.241 | 05/15/53 | 820 |
| 3500000 | (b) | Benchmark Mortgage Trust, Series 2018 B7 | 4.510 | 05/15/53 | 3478 |
| 1000000 |  | Benchmark Mortgage Trust, Series 2021 B27 | 2.355 | 07/15/54 | 799 |
| 10000000 | (b) | Benchmark Mortgage Trust, Series 2021 B28 | 2.244 | 08/15/54 | 8219 |
| 3150000 |  | Benchmark Mortgage Trust, Series 2021 B28 | 2.429 | 08/15/54 | 2681 |
| 9500000 |  | Benchmark Mortgage Trust, Series 2021 B29 | 2.612 | 09/15/54 | 8160 |
| 3000000 |  | Benchmark Mortgage Trust, Series 2019 B14 | 3.352 | 12/15/62 | 2693 |
| 2000000 |  | Benchmark Mortgage Trust, Series 2019 B14 | 3.493 | 12/15/62 | 1669 |
| 2265000 |  | Benchmark Mortgage Trust, Series 2019 B15 | 3.231 | 12/15/72 | 2043 |
| 1641000 | (b) | Benchmark Mortgage Trust, Series 2019 B15 | 3.830 | 12/15/72 | 1316 |
| 4963648 | (b) | BMO Mortgage Trust, Series 2024 C10 | 6.013 | 11/15/57 | 5166 |
| 2500000 | (b) | BMO Mortgage Trust, Series 2025 C12 | 6.195 | 06/15/58 | 2665 |
| 2360000 | (c) | BWAY Mortgage Trust, Series 2022 26BW | 3.402 | 02/10/44 | 1957 |
| 5000000 | (b),(c) | BX Commercial Mortgage Trust, (TSFR1M + 1.646%), Series 2019 IMC | 5.958 | 04/15/34 | 4922 |
| 6597338 | (b),(c) | BX Commercial Mortgage Trust, (TSFR1M + 1.385%), Series 2021 CIP | 5.697 | 12/15/38 | 6597 |
| 10000000 | (b),(c) | BX Commercial Mortgage Trust, (TSFR1M + 4.874%), Series 2024 BRBK | 9.188 | 10/15/41 | 10066 |
|  CAD 700,000 | (b),(c) | BX Commercial Mortgage Trust, Series 2024 PURE | 5.806 | 11/15/41 | 517 |
| 875000 | (b),(c) | BX TRUST, (TSFR1M + 2.949%), Series 2022 PSB | 7.261 | 08/15/39 | 876 |
| 1325000 | (c) | BXP Trust, Series 2017 CC | 3.459 | 08/13/37 | 1260 |
| 5000000 | (c) | BXP Trust, Series 2021 601L | 2.618 | 01/15/44 | 4304 |
| 7000000 | (b),(c) | BXP Trust, Series 2021 601L | 2.775 | 01/15/44 | 5802 |
| 2000000 | (b),(c) | BXP Trust, Series 2021 601L | 2.868 | 01/15/44 | 1572 |
| 2000000 | (b) | Cantor Commercial Real Estate Lending, Series 2019 CF1 | 4.352 | 05/15/52 | 1676 |
| 1647233 |  | CD Mortgage Trust, Series 2016 CD1 | 2.622 | 08/10/49 | 1633 |

---

**200** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $9000000 |  | CD Mortgage Trust, Series 2016 CD1 | 2.926% | 08/10/49 | $8488 |
| 5750000 | (b) | CD Mortgage Trust, Series 2016 CD2 | 3.879 | 11/10/49 | 5034 |
| 1000000 | (b) | CD Mortgage Trust, Series 2016 CD2 | 4.107 | 11/10/49 | 607 |
| 500000 | (b) | CD Mortgage Trust, Series 2017 CD3 | 4.682 | 02/10/50 | 234 |
| 1975937 |  | CD Mortgage Trust, Series 2017 CD5 | 3.220 | 08/15/50 | 1955 |
| 1475748 |  | CD Mortgage Trust, Series 2019 CD8 | 2.812 | 08/15/57 | 1425 |
| 798325 |  | CFCRE Commercial Mortgage Trust, Series 2016 C4 | 3.121 | 05/10/58 | 745 |
| 184206 | (b) | CHL Mortgage Pass-Through Trust, Series 2004 HYB9 | 5.393 | 02/20/35 | 186 |
| 357582 | (b),(c) | CIM Trust, Series 2021 J2 | 2.671 | 04/25/51 | 290 |
| 3000000 | (b),(c) | Citigroup Commercial Mortgage Trust, (TSFR1M + 1.064%), Series 2021 PRM2 | 5.376 | 10/15/38 | 2990 |
| 1020628 | (b) | Citigroup Commercial Mortgage Trust, Series 2015 GC29 | 3.758 | 04/10/48 | 983 |
| 3000000 | (b) | Citigroup Commercial Mortgage Trust, Series 2015 GC29 | 4.113 | 04/10/48 | 2733 |
| 1952000 |  | Citigroup Commercial Mortgage Trust, Series 2016 P3 | 3.585 | 04/15/49 | 1886 |
| 7765000 |  | Citigroup Commercial Mortgage Trust, Series 2017 C4 | 3.764 | 10/12/50 | 7472 |
| 1744564 |  | Citigroup Commercial Mortgage Trust, Series 2015 GC33 | 3.778 | 09/10/58 | 1739 |
| 1997468 | (b),(c) | CITIGROUP MORTGAGE LOAN TRUST, Series 2021 INV1 | 2.709 | 05/25/51 | 1626 |
| 3000000 | (c) | COMM Mortgage Trust, Series 2022 HC | 3.376 | 01/10/39 | 2797 |
| 123617 |  | COMM Mortgage Trust, Series 2012 CR4 | 2.853 | 10/15/45 | 118 |
| 2500000 | (b),(c) | COMM Mortgage Trust, Series 2014 UBS3 | 4.767 | 06/10/47 | 1075 |
| 2825979 | (b) | COMM Mortgage Trust, Series 2015 LC19 | 3.829 | 02/10/48 | 2791 |
| 1000000 | (c) | COMM Mortgage Trust, Series 2015 CR22 | 3.000 | 03/10/48 | 687 |
| 5296402 | (b) | COMM Mortgage Trust, Series 2015 CR22 | 3.603 | 03/10/48 | 5209 |
| 2500000 | (b) | COMM Mortgage Trust, Series 2015 CR22 | 3.926 | 03/10/48 | 2387 |
| 2696000 | (b) | COMM Mortgage Trust, Series 2015 CR22 | 3.975 | 03/10/48 | 2439 |
| 4000000 | (b) | COMM Mortgage Trust, Series 2015 CR24 | 3.463 | 08/10/48 | 3631 |
| 1404647 |  | COMM Mortgage Trust, Series 2015 CR24 | 3.696 | 08/10/48 | 1403 |
| 5000000 | (b) | COMM Mortgage Trust, Series 2015 CR24 | 4.028 | 08/10/48 | 4992 |
| 1467000 | (b) | COMM Mortgage Trust, Series 2015 CR24 | 4.320 | 08/10/48 | 1400 |
| 2000000 | (b) | COMM Mortgage Trust, Series 2015 CR24 | 4.474 | 08/10/48 | 1984 |
| 1352000 |  | COMM Mortgage Trust, Series 2015 CR27 | 3.612 | 10/10/48 | 1346 |
| 2907233 |  | COMM Mortgage Trust, Series 2015 CR26 | 3.630 | 10/10/48 | 2894 |
| 2075000 |  | COMM Mortgage Trust, Series 2015 LC23 | 3.774 | 10/10/48 | 2067 |
| 4855000 | (b) | COMM Mortgage Trust, Series 2015 LC23 | 4.570 | 10/10/48 | 4670 |
| 1875000 | (b) | COMM Mortgage Trust, Series 2015 CR26 | 4.668 | 10/10/48 | 1843 |
| 894124 |  | COMM Mortgage Trust, Series 2016 CR28 | 3.651 | 02/10/49 | 885 |
| 4742262 | (b) | COMM Mortgage Trust, Series 2016 CR28 | 4.737 | 02/10/49 | 4616 |
| 4600000 | (b) | COMM Mortgage Trust, Series 2018 COR3 | 4.497 | 05/10/51 | 4247 |
| 2055000 | (b) | COMM Mortgage Trust, Series 2018 COR3 | 4.668 | 05/10/51 | 1729 |
| 1550000 |  | COMM Mortgage Trust, Series 2019 GC44 | 3.263 | 08/15/57 | 1427 |
| 2000000 | (b) | COMM Mortgage Trust, Series 2019 GC44 | 3.625 | 08/15/57 | 1666 |
| 15465000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.500%), Series 2022 R03 | 7.805 | 03/25/42 | 16078 |
| 5970000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.000%), Series 2022 R05 | 7.305 | 04/25/42 | 6133 |
| 28280000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.850%), Series 2022 R06 | 8.155 | 05/25/42 | 29596 |
| 10260000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.600%), Series 2022 R08 | 7.950 | 07/25/42 | 10713 |
| 13640000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 4.750%), Series 2022 R09 | 9.056 | 09/25/42 | 14625 |
| 17250000 | (b),(c) | Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01 | 8.056 | 12/25/42 | 18214 |
| 4270400 | (b),(c) | CSMC, Series 2019 NQM1 | 3.388 | 10/25/59 | 4094 |
| 6528211 | (b),(c) | CSMC, Series 2021 NQM8 | 2.405 | 10/25/66 | 5722 |
| 7400000 | (b),(c) | CSMC Trust, Series 2017 CALI | 3.854 | 11/10/32 | 5014 |
| 9500000 |  | DBGS Mortgage Trust, Series 2018 C1 | 4.466 | 10/15/51 | 9385 |
| 3681133 |  | DBJPM Mortgage Trust, Series 2017 C6 | 3.121 | 06/10/50 | 3640 |
| 7737500 |  | DBJPM Mortgage Trust, Series 2020 C9 | 2.340 | 08/15/53 | 6731 |
| 4215000 | (b),(c) | DBSG Mortgage Trust, Series 2024 ALTA | 6.144 | 06/10/37 | 4292 |
| 2000000 | (b),(c) | DBSG Mortgage Trust, Series 2024 ALTA | 6.595 | 06/10/37 | 2038 |
| 9817500 | (b),(c) | DBWF Mortgage Trust, Series 2015 LCM | 3.535 | 06/10/34 | 9385 |
| 2497093 | (b),(c) | ELP Commercial Mortgage Trust, (TSFR1M + 1.235%), Series 2021 ELP | 5.547 | 11/15/38 | 2495 |
| 6991862 | (b),(c) | ELP Commercial Mortgage Trust, (TSFR1M + 1.434%), Series 2021 ELP | 5.746 | 11/15/38 | 6987 |
| 4414861 | (b),(c) | ELP Commercial Mortgage Trust, (TSFR1M + 2.233%), Series 2021 ELP | 6.545 | 11/15/38 | 4413 |
| 10751000 | (b),(c) | EQT Trust, Series 2024 EXTR | 5.331 | 07/05/41 | 11001 |
| 1499831 | (b),(c) | EQUS Mortgage Trust, (TSFR1M + 1.019%), Series 2021 EQAZ | 5.331 | 10/15/38 | 1500 |
| 2127574 | (b),(c) | Flagstar Mortgage Trust, Series 2017 2 | 3.978 | 10/25/47 | 1947 |
| 78189 | (b),(c) | Flagstar Mortgage Trust, Series 2018 5 | 4.000 | 09/25/48 | 74 |

---

**201** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $2862100 | (b),(c) | Flagstar Mortgage Trust, Series 2021 2 | 2.500% | 04/25/51 | $2321 |
| 8264357 | (b),(c) | Flagstar Mortgage Trust, Series 2021 4 | 2.500 | 06/01/51 | 6702 |
| 2471063 | (b),(c) | Flagstar Mortgage Trust, Series 2021 5INV | 3.339 | 07/25/51 | 2019 |
| 769420 | (b),(c) | Flagstar Mortgage Trust, Series 2021 7 | 2.925 | 08/25/51 | 627 |
| 3324153 | (b),(c) | Flagstar Mortgage Trust, Series 2021 10IN | 3.501 | 10/25/51 | 2716 |
| 405000 | (b),(c) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%), Series 2023 HQA3 | 7.702 | 11/25/43 | 428 |
|  GBP 864,854 | (b),(c) | Frost CMBS DAC, (SONIA Interest Rate Benchmark + 2.900%), Series 2021 1A | 7.137 | 11/20/33 | 1182 |
| 2000000 | (b),(c) | GS Mortgage Securities Corp Trust, (TSFR1M + 1.747%), Series 2018 TWR | 6.089 | 07/15/31 | 421 |
| 5235000 | (b),(c) | GS Mortgage Securities Corp Trust, (TSFR1M + 1.897%), Series 2018 TWR | 6.209 | 07/15/31 | 741 |
| 2000000 | (b),(c) | GS Mortgage Securities Corp Trust, (TSFR1M + 0.999%), Series 2021 DM | 5.311 | 11/15/36 | 1986 |
| 1130000 | (b),(c) | GS Mortgage Securities Corp Trust, Series 2017 375H | 3.591 | 09/10/37 | 1090 |
| 2500000 | (b),(c) | GS Mortgage Securities Corp Trust, Series 2017 375H | 3.599 | 09/10/37 | 2351 |
| 7400000 | (b) | GS Mortgage Securities Trust, Series 2015 GC32 | 4.018 | 07/10/48 | 7390 |
| 45 |  | GS Mortgage Securities Trust, Series 2015 GC34 | 3.278 | 10/10/48 | 0^ |
| 2530450 |  | GS Mortgage Securities Trust, Series 2016 GS3 | 3.143 | 10/10/49 | 2445 |
| 1500000 | (b) | GS Mortgage Securities Trust, Series 2016 GS4 | 4.073 | 11/10/49 | 1340 |
| 2000000 |  | GS Mortgage Securities Trust, Series 2017 GS5 | 3.674 | 03/10/50 | 1956 |
| 4250000 | (b) | GS Mortgage Securities Trust, Series 2017 GS5 | 3.826 | 03/10/50 | 4031 |
| 3563951 |  | GS Mortgage Securities Trust, Series 2017 GS6 | 3.230 | 05/10/50 | 3527 |
| 6000000 |  | GS Mortgage Securities Trust, Series 2017 GS6 | 3.433 | 05/10/50 | 5843 |
| 219036 | (b) | GS Mortgage Securities Trust, Series 2015 GC30 | 3.777 | 05/10/50 | 215 |
| 5000000 | (b) | GS Mortgage Securities Trust, Series 2015 GC30 | 4.032 | 05/10/50 | 4430 |
| 2540000 | (b) | GS Mortgage Securities Trust, Series 2015 GC30 | 4.152 | 05/10/50 | 2416 |
| 3000000 |  | GS Mortgage Securities Trust, Series 2017 GS8 | 3.837 | 11/10/50 | 2937 |
| 4844000 | (b) | GS Mortgage Securities Trust, Series 2017 GS8 | 4.460 | 11/10/50 | 4404 |
| 3050000 | (b) | GS Mortgage Securities Trust, Series 2019 GC38 | 4.158 | 02/10/52 | 2941 |
| 2500000 | (b) | GS Mortgage Securities Trust, Series 2020 GC45 | 3.173 | 02/13/53 | 2286 |
| 2190000 |  | GS Mortgage Securities Trust, Series 2020 GSA2 | 2.012 | 12/12/53 | 1910 |
| 121889 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2 | 4.000 | 11/25/49 | 115 |
| 318399 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2 | 4.000 | 11/25/49 | 301 |
| 773960 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4 | 3.000 | 01/25/51 | 664 |
| 32663627 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 0.251 | 03/27/51 | 425 |
| 1116468 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 3.000 | 03/27/51 | 958 |
| 1768727 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6 | 2.500 | 05/25/51 | 1446 |
| 10980833 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5 | 2.500 | 10/25/51 | 8903 |
| 10507810 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2 | 3.000 | 06/25/52 | 8892 |
| 3872411 | (b),(c) | GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ4 | 3.000 | 09/25/52 | 3275 |
| 966653 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2020 PJ1 | 3.611 | 05/25/50 | 853 |
| 861297 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2021 GR1 | 3.091 | 11/25/51 | 723 |
| 1175644 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2021 INV1 | 3.022 | 12/25/51 | 944 |
| 19579550 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.500 | 01/25/52 | 15877 |
| 8868705 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2021 PJ8 | 2.500 | 01/25/52 | 7192 |
| 3238908 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.721 | 01/25/52 | 2604 |
| 2182756 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2022 LTV1 | 3.243 | 06/25/52 | 1794 |
| 6192828 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2022 INV1 | 3.000 | 07/25/52 | 5254 |
| 8385992 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2022 HP1 | 3.000 | 09/25/52 | 7102 |
| 6415721 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2022 PJ5 | 3.000 | 10/25/52 | 5429 |
| 5059580 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2022 PJ6 | 3.000 | 01/25/53 | 4284 |
| 7344518 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2023 PJ1 | 3.500 | 02/25/53 | 6423 |
| 1593272 | (b),(c) | GS Mortgage-Backed Securities Trust, Series 2025 PJ4 | 6.000 | 09/25/55 | 1598 |
| 8000000 | (b),(c) | Houston Galleria Mall Trust, Series 2025 HGLR | 5.462 | 02/05/45 | 8224 |
| 2500000 | (b),(c) | Hudson Yards Mortgage Trust, Series 2016 10HY | 3.076 | 08/10/38 | 2437 |
| 3500000 | (b),(c) | Hudson Yards Mortgage Trust, Series 2016 10HY | 3.076 | 08/10/38 | 3401 |
| 4750000 | (b),(c) | Hudson Yards Mortgage Trust, Series 2019 55HY | 3.041 | 12/10/41 | 4202 |
| 2500000 | (b),(c) | Hudson Yards Mortgage Trust, Series 2019 55HY | 3.041 | 12/10/41 | 2151 |
| 2000000 | (c) | ICNQ Mortgage Trust, Series 2024 MF | 5.778 | 12/10/34 | 2060 |
| 3750000 | (c) | ICNQ Mortgage Trust, Series 2024 MF | 6.074 | 12/10/34 | 3856 |
| 2000000 | (c) | Ilpt Commercial Mortgage Trust, Series 2022 LPFX | 3.385 | 03/15/32 | 1793 |
| 1741309 | (b),(c) | Imperial Fund Mortgage Trust, Series 2020 NQM1 | 2.051 | 10/25/55 | 1647 |
| 1043500 | (b),(c) | Imperial Fund Mortgage Trust, Series 2020 NQM1 | 3.531 | 10/25/55 | 962 |
| 2800000 | (b),(c) | IP Mortgage Trust, Series 2025 IP | 5.250 | 06/10/42 | 2844 |
| 1118269 | (b),(c) | J.P. Morgan Mortgage Trust, Series 2022 5 | 2.953 | 09/25/52 | 883 |

---

**202** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $1000000 | (b),(c) | JP Morgan Chase Commercial Mortgage Securities Corp, Series 2018 AON | 4.613% | 07/05/31 | $480 |
| 1780000 |  | JP Morgan Chase Commercial Mortgage Securities Corp, Series 2015 JP1 | 3.914 | 01/15/49 | 1765 |
| 842839 |  | JP Morgan Chase Commercial Mortgage Securities Corp, Series 2016 JP2 | 2.713 | 08/15/49 | 839 |
| 3155000 | (c) | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020 NNN | 3.065 | 01/16/37 | 2556 |
| 9000000 | (b),(c) | JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 1.600%), Series 2025 BMS | 5.912 | 01/15/42 | 8971 |
| 1733975 | (b),(c) | JP Morgan Mortgage Trust, (LIBOR 1 M - 0.000%), Series 2015 1 | 5.661 | 12/25/44 | 1689 |
| 172303 | (b),(c) | JP Morgan Mortgage Trust, Series 2015 3 | 3.500 | 05/25/45 | 161 |
| 1698215 | (b),(c) | JP Morgan Mortgage Trust, Series 2015 6 | 3.500 | 10/25/45 | 1569 |
| 2004405 | (b),(c) | JP Morgan Mortgage Trust, Series 2018 3 | 3.500 | 09/25/48 | 1799 |
| 2770439 | (b),(c) | JP Morgan Mortgage Trust, Series 2018 5 | 3.500 | 10/25/48 | 2507 |
| 1586464 | (b),(c) | JP Morgan Mortgage Trust, Series 2017 5 | 4.921 | 10/26/48 | 1589 |
| 561157 | (b),(c) | JP Morgan Mortgage Trust, Series 2018 9 | 4.000 | 02/25/49 | 525 |
| 442756 | (b),(c) | JP Morgan Mortgage Trust, Series 2019 1 | 4.000 | 05/25/49 | 415 |
| 6232688 | (b),(c) | JP Morgan Mortgage Trust, Series 2020 1 | 3.818 | 06/25/50 | 5606 |
| 25942903 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 3 | 0.136 | 07/25/51 | 197 |
| 18291068 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 4 | 0.130 | 08/25/51 | 134 |
| 2282823 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 4 | 2.880 | 08/25/51 | 1841 |
| 35194385 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 6 | 0.133 | 10/25/51 | 268 |
| 6578049 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 6 | 2.500 | 10/25/51 | 5336 |
| 9413477 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 INV2 | 0.400 | 12/25/51 | 233 |
| 2228152 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 10 | 2.500 | 12/25/51 | 1807 |
| 1976492 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 INV4 | 3.205 | 01/25/52 | 1592 |
| 2217333 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 12 | 2.500 | 02/25/52 | 1802 |
| 1363976 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 INV1 | 3.293 | 03/25/52 | 1140 |
| 3403782 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 14 | 2.500 | 05/25/52 | 2760 |
| 2218678 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 LTV2 | 2.927 | 05/25/52 | 1919 |
| 672595 | (b),(c) | JP Morgan Mortgage Trust, Series 2021 INV8 | 3.281 | 05/25/52 | 547 |
| 14899455 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 2 | 3.000 | 08/25/52 | 12618 |
| 6546089 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 INV3 | 3.000 | 09/25/52 | 5546 |
| 10521402 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 LTV2 | 3.500 | 09/25/52 | 9189 |
| 6323601 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 7 | 3.000 | 12/25/52 | 5346 |
| 2033244 | (b),(c) | JP Morgan Mortgage Trust, Series 2022 7 | 4.000 | 12/25/52 | 1838 |
| 1779164 |  | JPMBB Commercial Mortgage Securities Trust, Series 2014 C22 | 4.110 | 09/15/47 | 1732 |
| 2686000 | (b) | JPMBB Commercial Mortgage Securities Trust, Series 2014 C23 | 4.700 | 09/15/47 | 2511 |
| 3000000 |  | JPMBB Commercial Mortgage Securities Trust, Series 2015 C27 | 3.898 | 02/15/48 | 2589 |
| 1872854 | (b) | JPMBB Commercial Mortgage Securities Trust, Series 2015 C29 | 4.118 | 05/15/48 | 1861 |
| 3500000 |  | JPMBB Commercial Mortgage Securities Trust, Series 2015 C31 | 4.106 | 08/15/48 | 3448 |
| 3000000 | (b) | JPMBB Commercial Mortgage Securities Trust, Series 2015 C31 | 4.593 | 08/15/48 | 2378 |
| 8452000 | (b) | JPMBB Commercial Mortgage Securities Trust, Series 2015 C31 | 4.754 | 08/15/48 | 7996 |
| 1820000 | (b) | JPMBB Commercial Mortgage Securities Trust, Series 2016 C1 | 4.695 | 03/17/49 | 1738 |
| 868186 |  | JPMCC Commercial Mortgage Securities Trust, Series 2017 JP5 | 3.457 | 03/15/50 | 858 |
| 1000000 | (b) | JPMCC Commercial Mortgage Securities Trust, Series 2017 JP5 | 3.904 | 03/15/50 | 878 |
| 872630 |  | JPMCC Commercial Mortgage Securities Trust, Series 2017 JP7 | 3.379 | 09/15/50 | 853 |
| 1000000 | (b) | JPMDB Commercial Mortgage Securities Trust, Series 2016 C4 | 3.163 | 12/15/49 | 859 |
| 3000000 |  | JPMDB Commercial Mortgage Securities Trust, Series 2017 C5 | 3.694 | 03/15/50 | 2923 |
| 7575000 |  | JPMDB Commercial Mortgage Securities Trust, Series 2020 COR7 | 2.536 | 05/13/53 | 6095 |
| 3500000 | (b),(c) | KSL Commercial Mortgage Trust, (TSFR1M + 2.341%), Series 2024 HT2 | 6.653 | 12/15/39 | 3497 |
| 1491248 | (c) | Ladder Capital Commercial Mortgage Securities, Series 2013 GCP | 3.575 | 02/15/36 | 1444 |
|  EUR 599,877 | (b),(c) | Last Mile Securities, (EURIBOR 3 M + 2.350%), Series 2021 1A | 4.477 | 08/17/31 | 708 |
| 1826991 | (c) | LCCM, Series 2017 LC26 | 3.357 | 07/12/50 | 1807 |
| 5000000 | (c) | Legends Outlets Kansas City KS Mortgage Secured Trust, Series 2024 LGND | 6.021 | 11/05/39 | 5020 |
| 5000000 | (c) | LSTAR Commercial Mortgage Trust, Series 2017 5 | 4.021 | 03/10/50 | 4803 |
| 353437 | (b) | Merrill Lynch Mortgage Investors Trust, (TSFR1M + 0.634%), Series 2006 WMC1 | 2.278 | 01/25/37 | 346 |
| 3500000 | (b),(c) | MF1 LLC, (TSFR1M + 1.488%), Series 2025 FL19 | 5.838 | 05/18/42 | 3508 |
| 145030 |  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015 C21 | 3.652 | 03/15/48 | 145 |
| 3000000 |  | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015 C22 | 3.561 | 04/15/48 | 2927 |
| 1323745 |  | Morgan Stanley Capital I Trust, Series 2017 H1 | 3.304 | 06/15/50 | 1317 |
| 1458000 |  | Morgan Stanley Capital I Trust, Series 2017 HR2 | 3.587 | 12/15/50 | 1422 |
| 2840000 | (b) | Morgan Stanley Capital I Trust, Series 2018 H3 | 4.429 | 07/15/51 | 2787 |
| 1050000 |  | Morgan Stanley Capital I Trust, Series 2019 L2 | 4.272 | 03/15/52 | 1014 |
| 24377683 | (b),(c) | Morgan Stanley Capital I Trust, Series 2024 NSTB | 3.900 | 09/24/57 | 23625 |
| 527489 | (b),(c) | Morgan Stanley Residential Mortgage Loan Trust, Series 2021 4 | 2.500 | 07/25/51 | 470 |

---

**203** 

------

Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $5684156 | (b),(c) | Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1 | 4.000% | 02/25/53 | $5150 |
| 2500000 | (c) | MRCD Mortgage Trust, Series 2019 PARK | 2.718 | 12/15/36 | 2227 |
| 3380820 | (b),(c) | MSC Trust, (TSFR1M + 1.491%), Series 2021 ILP | 5.803 | 11/15/36 | 3378 |
| 3000000 | (b),(c) | MSDB Trust, Series 2017 712F | 3.427 | 07/11/39 | 2879 |
| 2250000 | (b),(c) | MTN Commercial Mortgage Trust, (TSFR1M + 1.397%), Series 2022 LPFL | 5.717 | 03/15/39 | 2250 |
| 12741348 | (b),(c) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.579%), Series 2019 MILE | 5.915 | 07/15/36 | 12142 |
| 5000000 | (b),(c) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.879%), Series 2019 MILE | 6.191 | 07/15/36 | 4607 |
| 2900000 | (b),(c) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE | 6.591 | 07/15/36 | 2448 |
| 5000000 | (b),(c) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.829%), Series 2019 MILE | 7.141 | 07/15/36 | 3935 |
| 565499 | (c) | Natixis Commercial Mortgage Securities Trust, Series 2020 2PAC | 2.966 | 12/15/38 | 536 |
| 1645150 | (b),(c) | New Residential Mortgage Loan Trust, Series 2022 INV1 | 3.514 | 03/25/52 | 1333 |
| 141200 | (b) | New York Mortgage Trust, (TSFR1M + 0.594%), Series 2005 3 | 4.914 | 02/25/36 | 141 |
| 5000000 | (b),(c) | NYC Trust, (TSFR1M + 1.991%), Series 2024 3ELV | 6.303 | 08/15/29 | 5035 |
| 3800000 | (b),(c) | NYC Trust, (TSFR1M + 2.291%), Series 2024 3ELV | 6.602 | 08/15/29 | 3800 |
| 10039352 | (b),(c) | OBX Trust, Series 2021 J2 | 2.500 | 07/25/51 | 8141 |
| 372762 | (b),(c) | OBX Trust, Series 2022 J2 | 3.436 | 08/25/52 | 317 |
| 8682708 | (b),(c) | OBX Trust, Series 2022 INV5 | 4.000 | 10/25/52 | 7850 |
| 3022342 | (b),(c) | Oceanview Mortgage Trust, Series 2021 1 | 2.500 | 05/25/51 | 2451 |
| 2234228 | (b),(c) | Oceanview Mortgage Trust, Series 2022 1 | 4.500 | 11/25/52 | 2105 |
| 8234000 | (c) | Olympic Tower Mortgage Trust, Series 2017 OT | 3.566 | 05/10/39 | 7289 |
| 11190000 | (c) | One Bryant Park Trust, Series 2019 OBP | 2.516 | 09/15/54 | 10199 |
| 9580000 | (b),(c) | ONNI Commerical Mortgage Trust, Series 2024 APT | 5.753 | 07/15/39 | 9802 |
| 7000000 | (b),(c) | ONNI Commerical Mortgage Trust, Series 2024 APT | 6.150 | 07/15/39 | 7150 |
| 2400000 | (b),(c) | OPEN Trust, (TSFR1M + 5.236%), Series 2023 AIR | 9.548 | 11/15/40 | 2410 |
| 2500000 | (b),(c) | PKHL Commercial Mortgage Trust, (TSFR1M + 0.994%), Series 2021 MF | 5.306 | 07/15/38 | 2366 |
| 2829977 | (b),(c) | RCKT Mortgage Trust, Series 2022 4 | 3.500 | 06/25/52 | 2475 |
| 522778 | (b),(c) | Sequoia Mortgage Trust, Series 2015 2 | 3.500 | 05/25/45 | 482 |
| 467908 | (b),(c) | Sequoia Mortgage Trust, Series 2016 1 | 3.500 | 06/25/46 | 431 |
| 116725 | (b),(c) | Sequoia Mortgage Trust, Series 2017 2 | 3.500 | 02/25/47 | 106 |
| 1818209 | (b),(c) | Sequoia Mortgage Trust, Series 2017 6 | 3.720 | 09/25/47 | 1726 |
| 781957 | (b),(c) | Sequoia Mortgage Trust, Series 2018 3 | 3.500 | 03/25/48 | 710 |
| 58698 | (b),(c) | Sequoia Mortgage Trust, Series 2018 7 | 4.000 | 09/25/48 | 56 |
| 5030462 | (b),(c) | Sequoia Mortgage Trust, Series 2020 3 | 3.000 | 04/25/50 | 4305 |
| 378795 | (b),(c) | Sequoia Mortgage Trust, Series 2021 1 | 2.658 | 03/25/51 | 311 |
| 4239055 | (b),(c) | Sequoia Mortgage Trust, Series 2023 1 | 5.000 | 01/25/53 | 4057 |
| 345593 | (b),(c) | Shellpoint Co-Originator Trust, Series 2017 1 | 3.500 | 04/25/47 | 315 |
| 4350000 | (c) | SLG Office Trust, Series 2021 OVA | 2.585 | 07/15/41 | 3821 |
| 17215000 | (c) | SLG Office Trust, Series 2021 OVA | 2.851 | 07/15/41 | 14758 |
| 9614610 | (b),(c) | SMR Mortgage Trust, (TSFR1M + 1.650%), Series 2022 IND | 5.962 | 02/15/39 | 9637 |
| 9156771 | (b),(c) | SMR Mortgage Trust, (TSFR1M + 2.950%), Series 2022 IND | 7.262 | 02/15/39 | 9181 |
| 3000000 | (b),(c) | SREIT Trust, (TSFR1M + 1.286%), Series 2021 MFP2 | 5.598 | 11/15/36 | 2999 |
|  GBP 347,448 | (b),(c) | Taurus UK DAC, (SONIA Interest Rate Benchmark + 1.300%), Series 2021 UK1A | 5.533 | 05/17/31 | 477 |
|  GBP 506,281 | (b),(c) | Taurus UK DAC, (SONIA Interest Rate Benchmark + 1.650%), Series 2021 UK1A | 5.887 | 05/17/31 | 696 |
| 3500000 | (b),(c) | TX Trust, (TSFR1M + 1.591%), Series 2024 HOU | 5.903 | 06/15/39 | 3484 |
| 3500000 | (b),(c) | TX Trust, (TSFR1M + 2.640%), Series 2024 HOU | 6.959 | 06/15/39 | 3500 |
| 3054931 |  | UBS Commercial Mortgage Trust, Series 2017 C1 | 3.256 | 06/15/50 | 3030 |
| 823390 |  | UBS Commercial Mortgage Trust, Series 2017 C4 | 3.366 | 10/15/50 | 814 |
| 1570000 |  | UBS Commercial Mortgage Trust, Series 2017 C4 | 3.563 | 10/15/50 | 1529 |
| 2000000 | (b) | UBS Commercial Mortgage Trust, Series 2018 C11 | 4.492 | 06/15/51 | 1948 |
| 2500000 | (b) | UBS Commercial Mortgage Trust, Series 2018 C11 | 4.713 | 06/15/51 | 2349 |
| 1750000 |  | UBS Commercial Mortgage Trust, Series 2018 C13 | 4.334 | 10/15/51 | 1721 |
| 1511014 | (b),(c) | Verus Securitization Trust, Series 2021 7 | 2.240 | 10/25/66 | 1316 |
| 4000000 | (b),(c) | Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.742%), Series 2025 NYCH | 6.084 | 06/15/42 | 3999 |
| 2279000 | (b) | Wells Fargo Commercial Mortgage Trust, Series 2015 NXS1 | 4.041 | 05/15/48 | 2212 |
| 754792 |  | Wells Fargo Commercial Mortgage Trust, Series 2016 C35 | 2.788 | 07/15/48 | 752 |
| 1304122 |  | Wells Fargo Commercial Mortgage Trust, Series 2016 BNK1 | 2.514 | 08/15/49 | 1298 |
| 872111 |  | Wells Fargo Commercial Mortgage Trust, Series 2017 RB1 | 3.635 | 03/15/50 | 843 |
| 2000000 |  | Wells Fargo Commercial Mortgage Trust, Series 2017 RB1 | 3.757 | 03/15/50 | 1911 |
| 4019900 |  | Wells Fargo Commercial Mortgage Trust, Series 2017 C38 | 3.261 | 07/15/50 | 3984 |
| 2197255 | (b) | Wells Fargo Commercial Mortgage Trust, Series 2017 C38 | 3.903 | 07/15/50 | 2029 |
| 3563543 |  | Wells Fargo Commercial Mortgage Trust, Series 2017 C39 | 3.212 | 09/15/50 | 3515 |
| 1254000 | (b) | Wells Fargo Commercial Mortgage Trust, Series 2018 C45 | 4.405 | 06/15/51 | 1226 |

---

**204** 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $1700000 |  | Wells Fargo Commercial Mortgage Trust, Series 2021 21-C60 | 2.547% | 08/15/54 | $1464 |
| 1000000 | (b) | Wells Fargo Commercial Mortgage Trust, Series 2015 NXS2 | 4.186 | 07/15/58 | 958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900000 |  | Wells Fargo Commercial Mortgage Trust, Series 2016 C33 | 3.749 | 03/15/59 | 6811 |
| 146293 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2019 2 | 4.000 | 04/25/49 | 139 |
| 1938566 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2019 4 | 3.500 | 09/25/49 | 1751 |
| 820238 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2020 4 | 3.000 | 07/25/50 | 700 |
| 10136751 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2021 2 | 2.500 | 06/25/51 | 8232 |
| 1228856 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2021 INV2 | 3.641 | 09/25/51 | 1025 |
| 4097849 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 2 | 2.500 | 12/25/51 | 3323 |
| 3483289 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.000 | 03/25/52 | 2952 |
| 3959465 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.426 | 03/25/52 | 3279 |
| 5984133 | (b),(c) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.500 | 03/25/52 | 5237 |
| 3006096 | (b) | WFRBS Commercial Mortgage Trust, Series 2013 C11 | 3.714 | 03/15/45 | 2958 |
| 247062 | (b),(c) | WinWater Mortgage Loan Trust, Series 2014 1 | 3.928 | 06/20/44 | 210 |
|  |  | TOTAL OTHER MORTGAGE BACKED |  |  | 1061560 |
|  |  | TOTAL STRUCTURED ASSETS<br>(Cost $1,728,229) |  |  | 1640996 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $11,730,707) |  |  | 11163263 |
| SHARES |  | DESCRIPTION | RATE |  | VALUE (000) |
|  |  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3% |  |  |
| 36717663 | (g) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350 (h) |  | 36718 |
|  |  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $36,718) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $36,718) |  | 36718 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | SHORT-TERM INVESTMENTS - 2.2% |  |  |  |
|  |  | GOVERNMENT AGENCY DEBT - 0.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000000 |  | Federal Agricultural Mortgage Corp Discount Notes | 0.000 | 07/15/25 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |  | Federal Farm Credit Discount Notes | 0.000 | 07/22/25 | 7481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |  | Federal Farm Credit Discount Notes | 0.000 | 07/31/25 | 4982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 9979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 08/06/25 | 10952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 08/15/25 | 4973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10345000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 09/17/25 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 09/24/25 | 4950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6250000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 10/15/25 | 6173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 10/22/25 | 12337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7500000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 01/06/26 | 7343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 01/20/26 | 4888 |
|  |  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 87303 |
|  |  | REPURCHASE AGREEMENT - 1.1% |  |  |  |
| 10432000 | (i) | Fixed Income Clearing Corporation | 4.350 | 07/01/25 | 10432 |
| 116619000 | (j) | Fixed Income Clearing Corporation | 4.390 | 07/01/25 | 116619 |
|  |  | TOTAL REPURCHASE AGREEMENT |  |  | 127051 |
|  |  | TREASURY DEBT - 0.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPY 217,000,000 |  | Japan Treasury Discount Bill | 0.000 | 09/29/25 | 1505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000000 |  | United States Treasury Bill | 0.000 | 07/08/25 | 29976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000000 |  | United States Treasury Bill | 0.000 | 07/15/25 | 9984 |
|  |  | TOTAL TREASURY DEBT |  |  | 41465 |
|  |  | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $255,804) |  |  | 255819 |
|  |  | TOTAL INVESTMENTS - 98.7%<br>(Cost $12,023,229) |  |  | 11455800 |
|  |  | OTHER ASSETS & LIABILITIES, NET - 1.3% |  |  | 145132 |
|  |  | NET ASSETS - 100.0% |  |  | $11600932 |

---

**205** 

------

Core Bond

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Switzerland Franc |
| CNY | Chinese Yuan |
| COP | Colombia Peso |
| CZK | Czech Republic Koruna |
| DOP | Dominican Republic Peso |
| EUR | Euro |
| EURIBOR | EURO Interbank Offer Rate |
| GBP | Pound Sterling |
| HUF | Hungary Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| LIBOR | London Interbank Offered Rate |
| M | Month |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Sol |
| PLN | Polish Zloty |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| RON | Romanian Leu |
| RSD | Serbian Dinar |
| SOFR30A 30 Day Average Secured Overnight Financing Rate | SOFR30A 30 Day Average Secured Overnight Financing Rate |
| SOFR90A 90 Day Average Secured Overnight Financing Rate | SOFR90A 90 Day Average Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| THB | Thai Baht |
| TBD | Bank loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the final coupon rate and maturity date. |
| TRY | Turkish Lira |
| TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |
| UGX | Ugandan Shilling |
| UYU | Uruguayan Peso |
| UZS | Uzbekistani Som |
| ZAR | South African Rand |
| ^ | Amount represents less than $1,000. |
| (a) | When-issued or delayed delivery security. |
| (b) | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| (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 $2,268,109,798 or 19.8% of Total Investments. |
| (d) | Perpetual security. Maturity date is not applicable. |
| (e) | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $44,649,140. |
| (f) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (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, 4.350% dated 6/30/25 to be repurchased at $10,433,261 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $10,640,710. |
| (j) | Agreement with Fixed Income Clearing Corporation, 4.390% dated 6/30/25 to be repurchased at $116,633,221 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 10/15/26, valued at $118,951,427. |

---

Cost amounts are in thousands.

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

**206** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**Investments in Derivatives** 

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br> Contracts<br>(000) | Expiration<br>Date | Notional<br>Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br> (Depreciation)<br> (000) |
|  U.S. Treasury 10-Year Note | 1890 | 09/19/25 | $208501 | $211916 | $3415 |
|  U.S. Treasury 2-Year Note | 1250 | 09/30/25 | 259016 | 260030 | 1014 |
|  U.S. Treasury 5-Year Note | 4125 | 09/30/25 | 445025 | 449625 | 4600 |
|  Total | 7265 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921571 | $9029 |

---

Forward Foreign Currency Contracts

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency<br>Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver<br> (000) | Counterparty | Settlement Date | Unrealized<br>Appreciation<br> (Depreciation)<br>(000) |
|  | $— | 21810 |  |  | 157500 | Australia and New Zealand Banking Group Limited | 08/15/25 | (273) |
|  | $— | 2507 |  |  | 2190 | Australia and New Zealand Banking Group Limited | 07/11/25 | (75) |
|  | $— | 454 |  |  | 398 | Australia and New Zealand Banking Group Limited | 07/11/25 | (15) |
|  | $— | 1499 |  |  | 216772 | Australia and New Zealand Banking Group Limited | 07/11/25 | (8) |
|  | $— | 1255 |  |  | 42946 | Australia and New Zealand Banking Group Limited | 07/14/25 | (68) |
|  | $— | 4758 |  |  | 7872 | Bank of America, N.A. | 07/11/25 | (425) |
|  | $— | 12141 |  |  | 17133 | Bank of America, N.A. | 07/11/25 | (448) |
|  | $— | 556 |  |  | 443 | Bank of America, N.A. | 07/11/25 | (2) |
|  | $— | 2929 |  |  | 2642 | Bank of America, N.A. | 07/11/25 | (185) |
|  | $— | 458 |  |  | 400 | Bank of America, N.A. | 07/11/25 | (13) |
|  | $— | 337 |  |  | 300 | Bank of America, N.A. | 07/11/25 | (16) |
|  | $— | 2010 |  |  | 1507 | Bank of America, N.A. | 07/11/25 | (58) |
|  | $— | 1218 |  |  | 5666 | Bank of America, N.A. | 08/18/25 | (92) |
|  |  | 304 |  | $— | 348 | Bank of America, N.A. | 07/11/25 | 11 |
|  |  | 480 |  | $— | 554 | Bank of America, N.A. | 07/11/25 | 12 |
|  |  | 738 |  | $— | 853 | Bank of America, N.A. | 07/11/25 | 17 |
|  |  | 532 |  | $— | 610 | Bank of America, N.A. | 07/11/25 | 18 |
|  |  | 1900 |  | $— | 2181 | Bank of America, N.A. | 07/11/25 | 58 |
|  |  | 2196 |  | $— | 2840 | Bank of America, N.A. | 07/11/25 | 173 |
|  |  | 662 |  | $— | 872 | Bank of America, N.A. | 07/11/25 | 37 |
|  |  | 439 |  | $— | 587 | Bank of America, N.A. | 07/11/25 | 15 |
|  | $— | 586 |  |  | 477 | Citibank N.A. | 07/11/25 | (16) |
|  | $— | 25365 |  |  | 19775 | Citibank N.A. | 07/11/25 | (1780) |
|  | $— | 2245 |  |  | 38298160 | Citibank N.A. | 07/14/25 | (116) |
|  | $— | 7386 |  |  | 10825640 | Citibank N.A. | 07/14/25 | (622) |
|  | $— | 523 |  |  | 17052 | Citibank N.A. | 07/14/25 | (2) |
|  |  | 1879 |  | $— | 2099 | Citibank N.A. | 07/11/25 | 116 |
|  | $— | 721 |  |  | 13676 | Goldman Sachs | 07/11/25 | (7) |
|  | $— | 1001 |  |  | 895 | Morgan Stanley Capital Services | 07/11/25 | (54) |
|  | $— | 1317 |  |  | 1121 | Morgan Stanley Capital Services | 07/11/25 | (4) |
|  | $— | 2113 |  |  | 1799 | Morgan Stanley Capital Services | 07/11/25 | (7) |
|  | $— | 995 |  |  | 735 | Morgan Stanley Capital Services | 07/11/25 | (14) |
|  | $— | 35324 |  |  | 5049746 | Morgan Stanley Capital Services | 07/11/25 | 213 |
|  | $— | 606 |  |  | 6132 | Morgan Stanley Capital Services | 07/11/25 | (2) |
|  | $— | 1330 |  |  | 4904 | Morgan Stanley Capital Services | 07/11/25 | (31) |
|  |  | 1121 |  | $— | 1316 | Morgan Stanley Capital Services | 07/01/25 | 4 |
|  |  | 1772 |  | $— | 2027 | Morgan Stanley Capital Services | 07/11/25 | 63 |
|  |  | 375 |  | $— | 428 | Morgan Stanley Capital Services | 07/11/25 | 13 |
|  |  | 341 |  | $— | 390 | Morgan Stanley Capital Services | 07/11/25 | 12 |
|  |  | 236 |  | $— | 271 | Morgan Stanley Capital Services | 07/11/25 | 7 |
|  |  | 701 |  | $— | 808 | Morgan Stanley Capital Services | 07/11/25 | 18 |
|  |  | 1175 |  | $— | 699 | Morgan Stanley Capital Services | 07/11/25 | 18 |
|  | $— | 457 |  |  | 400 | Standard Chartered Bank | 07/11/25 | (15) |
|  | $— | 511 |  |  | 177181 | Standard Chartered Bank | 07/11/25 | (11) |
|  | $— | 432 |  |  | 1631 | Standard Chartered Bank | 07/14/25 | (28) |
|  |  | 278 |  | $— | 325 | Standard Chartered Bank | 07/11/25 | 2 |
|  |  | 487 |  | $— | 644 | Standard Chartered Bank | 07/11/25 | 24 |

---

**207** 

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency<br>Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver<br> (000) | Counterparty | Settlement Date | Unrealized<br>Appreciation<br> (Depreciation)<br>(000) |
|  THB | 15155 |  | $— | 458 | Standard Chartered Bank | 07/14/25 | 9 |
|  $ | 834 |  |  | 17827 | Toronto Dominion Bank | 07/11/25 | (16) |
|  $ | 107562 |  |  | 97012 | Toronto Dominion Bank | 07/11/25 | (6799) |
|  $ | 2037 |  |  | 3636 | Toronto Dominion Bank | 07/11/25 | (180) |
|  $ | 503 |  |  | 8944 | Toronto Dominion Bank | 07/11/25 | (2) |
| Total |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10544) |
| Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts |  | $840 |
| Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts |  | $(11384) |

---

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Switzerland Franc |
| CNH | Chinese Yuan Renminbi Offshore |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | Pound Sterling |
| HUF | Hungary Forint |
| IDR | Indonesia Rupiah |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| THB | Thai Baht |
| ZAR | South African Rand |
| Credit Default Swaps - Centrally Cleared | Credit Default Swaps - Centrally Cleared |

---

SOLD

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | $|  | $|  | $— | $— | $— | $— | $— | $— |
| Counterparty | Reference<br> Entity | Fixed Rate<br>(Annualized) | Fixed Rate<br>(Annualized) | Current<br>Credit<br>Spread(a) | Current<br>Credit<br>Spread(a) | Fixed Rate<br>Payment<br>Frequency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity<br> Date | Notional<br>Amount<br>(000)(b) | Value<br> (000) | Premiums<br>Paid<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Received)<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  Citigroup Global Markets, Inc | CDX-NAHYS44V1-5Y |  | 5.000% |  | 5.000% | Quarterly | 06/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(11548) | $(8383) | $(3165) |

---

(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 Account 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.

**208** 

------

## Portfolio of Investments June 30, 2025
Inflation-Linked Bond

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | LONG-TERM INVESTMENTS - 98.3% |  |  |  |
|  |  | BANK LOAN OBLIGATIONS - 0.2% |  |  |  |
|  |  | CAPITAL GOODS - 0.1% |  |  |  |
| $2078801 | (a) | Core & Main LP, Term Loan B, (TSFR1M + 2.000%) | 6.270% | 07/27/28 | $2083 |
| 1930000 | (a) | Fluidra, S.A., Term Loan B, (TSFR1M + 1.925%) | 6.352 | 01/29/29 | 1933 |
| 2620227 | (a) | Zurn Holdings, Inc., Term Loan B, (TSFR1M + 2.000%) | 6.441 | 10/04/28 | 2640 |
|  |  | TOTAL CAPITAL GOODS |  |  | 6656 |
|  |  | CONSUMER DURABLES & APPAREL - 0.0% |  |  |  |
| 680000 | (a) | Crocs, Inc., Term Loan, (TSFR3M + 2.250%) | 6.577 | 02/20/29 | 685 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 685 |
|  |  | CONSUMER SERVICES - 0.1% |  |  |  |
| 2909806 | (a) | 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%) | 6.077 | 09/20/30 | 2901 |
| 2413250 | (a) | Flutter Financing B.V., Term Loan B, (TSFR1M + 1.750%) | 6.049 | 11/29/30 | 2410 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 5311 |
|  |  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 1507393 | (a) | Trans Union, LLC, Term Loan B9, (TSFR1M + 1.750%) | 6.077 | 06/24/31 | 1511 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 1511 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 0.0% |  |  |  |
| 529411 | (a) | Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 12/03/31 | 532 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 532 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |
| 150334 | (a) | Avantor Funding, Inc., Term Loan, (TSFR1M + 2.000%) | 6.427 | 11/08/27 | 151 |
| 1557119 | (a) | Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%) | 6.577 | 05/05/28 | 1566 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 1717 |
|  |  | SOFTWARE & SERVICES - 0.0% |  |  |  |
| 1694000 | (a) | Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%) | 6.077 | 09/12/29 | 1693 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 1693 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% |  |  |  |
| 281566 | (a) | II-VI Incorporated, First Lien Term Loan B, (TSFR1M + 2.000%) | 6.327 | 07/02/29 | 282 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 282 |
|  |  | TOTAL BANK LOAN OBLIGATIONS<br> (Cost $18,276) |  |  | 18387 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | CORPORATE BONDS - 2.3% |  |  |  |
|  |  | AUTOMOBILES & COMPONENTS - 0.0% |  |  |  |
| 2000000 | (b) | Ford Otomotiv Sanayi AS. | 7.125 | 04/25/29 | 2001 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 2001 |
|  |  | BANKS - 0.2% |  |  |  |
| 1125000 | (b),(c) | Banco Bradesco S.A. | 6.500 | 01/22/30 | 1178 |
| 1625000 | (b) | Banco de Chile | 2.990 | 12/09/31 | 1448 |
| 3000000 |  | Bank of America Corp | 5.162 | 01/24/31 | 3075 |
| 1500000 |  | Bank of America Corp | 5.511 | 01/24/36 | 1542 |
| 1825000 | (b) | BBVA Bancomer S.A. Institucion de Banca Multiple Grupo Financiero BBVA Mexico | 7.625 | 02/11/35 | 1874 |
| 2000000 |  | CitiBank NA | 4.576 | 05/29/27 | 2011 |
| 3500000 |  | JPMorgan Chase & Co | 5.103 | 04/22/31 | 3587 |
| 1500000 |  | JPMorgan Chase & Co | 5.766 | 04/22/35 | 1576 |
| 2000000 |  | Wells Fargo & Co | 5.150 | 04/23/31 | 2048 |
|  |  | TOTAL BANKS |  |  | 18339 |
|  |  | CAPITAL GOODS - 0.1% |  |  |  |
| 2000000 |  | Boeing Co | 3.250 | 02/01/28 | 1940 |
| 875000 |  | Embraer Netherlands Finance BV | 5.980 | 02/11/35 | 902 |

---

**209** 

------

## Portfolio of Investments June 30, 2025 (continued)
Inflation-Linked Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |  |  |
| $1275000 | (b) | Sociedad Quimica y Minera de Chile S.A. | 6.500% | 11/07/33 | $1353 |
|  |  | TOTAL CAPITAL GOODS |  |  | 4195 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 0.0% |  |  |  |
| 3148000 | (b) | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 3164 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 3164 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.1% |  |  |  |
| 3505000 | (b),(c) | Albertsons Cos, Inc | 6.500 | 02/15/28 | 3589 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  | 3589 |
|  |  | ENERGY - 0.6% |  |  |  |
| 2275000 |  | Ecopetrol S.A. | 4.625 | 11/02/31 | 1922 |
| 4000000 |  | Ecopetrol S.A. | 7.750 | 02/01/32 | 3931 |
| 2977929 | (b) | EIG Pearl Holdings Sarl | 3.545 | 08/31/36 | 2650 |
| 2500000 |  | Enbridge, Inc | 6.000 | 11/15/28 | 2625 |
| 2000000 |  | Energy Transfer LP | 6.400 | 12/01/30 | 2155 |
| 680000 | (b) | EQT Corp | 7.500 | 06/01/27 | 692 |
| 2000000 | (b) | EQT Corp | 6.500 | 07/01/27 | 2045 |
| 5000000 | (b) | Hilcorp Energy I LP | 6.000 | 04/15/30 | 4861 |
| 2000000 | (b) | Hilcorp Energy I LP | 6.250 | 04/15/32 | 1910 |
| 5000000 | (b) | Kinetik Holdings LP | 5.875 | 06/15/30 | 5042 |
| 5000000 |  | Occidental Petroleum Corp | 3.500 | 08/15/29 | 4648 |
| 3150000 | (b) | Parkland Corp | 4.625 | 05/01/30 | 3016 |
| 1000000 |  | Petroleos Mexicanos | 5.350 | 02/12/28 | 960 |
| 2375000 |  | Petroleos Mexicanos | 6.700 | 02/16/32 | 2207 |
| 4480000 | (b) | Petronas Capital Ltd | 4.950 | 01/03/31 | 4569 |
| 2000000 | (b) | Petronas Capital Ltd | 5.340 | 04/03/35 | 2048 |
| 657895 |  | Reliance Industries Ltd | 2.444 | 01/15/26 | 654 |
| 2950000 | (b) | Saudi Arabian Oil Co | 5.250 | 07/17/34 | 2981 |
|  |  | TOTAL ENERGY |  |  | 48916 |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% |  |  |  |
| 1000000 |  | Healthcare Realty Holdings LP | 3.750 | 07/01/27 | 986 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 986 |
|  |  | FINANCIAL SERVICES - 0.1% |  |  |  |
| 2250000 |  | AerCap Ireland Capital DAC | 3.000 | 10/29/28 | 2144 |
| 1500000 | (b),(c) | Indian Railway Finance Corp Ltd | 3.570 | 01/21/32 | 1379 |
| 3500000 |  | Morgan Stanley | 5.192 | 04/17/31 | 3588 |
| 1000000 |  | Morgan Stanley | 5.320 | 07/19/35 | 1012 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 8123 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.2% |  |  |  |
| 4200000 | (b) | Bimbo Bakeries USA, Inc | 6.400 | 01/15/34 | 4484 |
| 2100000 |  | Coca-Cola Femsa SAB de C.V. | 5.100 | 05/06/35 | 2087 |
| 3725000 | (b) | Gruma SAB de C.V. | 5.390 | 12/09/34 | 3740 |
| 2000000 | (b) | Mars, Inc | 4.800 | 03/01/30 | 2027 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 12338 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 0.2% |  |  |  |
| 2000000 |  | CVS Health Corp | 1.300 | 08/21/27 | 1875 |
| 11380000 |  | Montefiore Medical Center | 2.895 | 04/20/32 | 10007 |
| 1500000 |  | UnitedHealth Group, Inc | 4.000 | 05/15/29 | 1483 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 13365 |
|  |  | INSURANCE - 0.0% |  |  |  |
| 2000000 |  | Reinsurance Group of America, Inc | 5.750 | 09/15/34 | 2053 |
|  |  | TOTAL INSURANCE |  |  | 2053 |
|  |  | MATERIALS - 0.2% |  |  |  |
| 1750000 |  | Amcor Group Finance plc | 5.450 | 05/23/29 | 1799 |
| 600000 | (b) | Antofagasta plc | 5.625 | 05/13/32 | 610 |
| 1575000 | (b),(c) | Antofagasta plc | 6.250 | 05/02/34 | 1652 |
| 4700000 | (b) | Corp Nacional del Cobre de Chile | 5.125 | 02/02/33 | 4571 |
| 2500000 | (b) | Freeport Indonesia PT | 5.315 | 04/14/32 | 2506 |
| 650000 | (b),(c) | Nexa Resources S.A. | 6.750 | 04/09/34 | 679 |

---

**210** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MATERIALS (continued) |  |  |  |
| $2300000 | (b) | OCP S.A. | 6.750% | 05/02/34 | $2382 |
|  |  | TOTAL MATERIALS |  |  | 14199 |
|  |  | MEDIA & ENTERTAINMENT - 0.1% |  |  |  |
| 5000000 | (b) | CCO Holdings LLC | 5.125 | 05/01/27 | 4984 |
| 2000000 |  | Charter Communications Operating LLC | 4.400 | 04/01/33 | 1883 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 6867 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |  |
| 2250000 |  | Amgen, Inc | 5.150 | 03/02/28 | 2299 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 2299 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |  |  |  |
| 1715000 | (b),(c) | SK Hynix, Inc | 6.500 | 01/17/33 | 1853 |
| 1575000 |  | TSMC Arizona Corp | 1.750 | 10/25/26 | 1524 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 3377 |
|  |  | TELECOMMUNICATION SERVICES - 0.1% |  |  |  |
| 2000000 |  | AT&T, Inc | 2.550 | 12/01/33 | 1674 |
| 3550000 | (b) | Sitios Latinoamerica SAB de C.V. | 6.000 | 11/25/29 | 3615 |
| 1500000 | (b) | Telefonica Moviles Chile S.A. | 3.537 | 11/18/31 | 927 |
| 2000000 |  | T-Mobile USA, Inc | 5.050 | 07/15/33 | 2013 |
| 2000000 |  | Verizon Communications, Inc | 2.355 | 03/15/32 | 1724 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 9953 |
|  |  | TRANSPORTATION - 0.1% |  |  |  |
| 2500000 | (b),(c) | Grupo Aeromexico SAB de C.V. | 8.625 | 11/15/31 | 2388 |
| 2000000 | (b),(d) | Latam Airlines Group S.A. | 7.625 | 01/07/31 | 2008 |
| 5460000 | (b) | Transnet SOC Ltd | 8.250 | 02/06/28 | 5647 |
|  |  | TOTAL TRANSPORTATION |  |  | 10043 |
|  |  | UTILITIES - 0.2% |  |  |  |
| 1450000 | (b) | Banco Nacional de Comercio Exterior SNC | 5.875 | 05/07/30 | 1469 |
| 1700000 | (b) | Comision Federal de Electricidad | 5.700 | 01/24/30 | 1697 |
| 2000000 |  | Duke Energy Carolinas LLC | 2.550 | 04/15/31 | 1810 |
| 2500000 | (b) | Ferrellgas LP | 5.875 | 04/01/29 | 2313 |
| 3000000 |  | Florida Power & Light Co | 4.800 | 05/15/33 | 3008 |
| 1450000 | (b) | Israel Electric Corp Ltd | 3.750 | 02/22/32 | 1296 |
|  |  | TOTAL UTILITIES |  |  | 11593 |
|  |  | TOTAL CORPORATE BONDS<br> (Cost $176,848) |  |  | 175400 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | GOVERNMENT BONDS - 91.7% |  |  |  |
|  |  | AGENCY SECURITIES - 0.1% |  |  |  |
| 9000000 |  | Federal National Mortgage Association | 1.625 | 08/24/35 | 6799 |
|  |  | TOTAL AGENCY SECURITIES |  |  | 6799 |
|  |  | FOREIGN GOVERNMENT BONDS - 0.1% |  |  |  |
| 6250000 | (b) | Central American Bank for Economic Integration | 5.000 | 02/09/26 | 6266 |
|  |  | TOTAL FOREIGN GOVERNMENT BONDS |  |  | 6266 |
|  |  | MORTGAGE BACKED - 2.0% |  |  |  |
| 360000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.405 | 03/25/42 | 371 |
| 6235000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.350%) | 7.655 | 01/25/43 | 6510 |
| 4365000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.856 | 05/25/43 | 4614 |
| 918000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 2.700%) | 7.005 | 07/25/43 | 949 |
| 6324200 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 6691 |
| 4510000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.855 | 10/25/43 | 4758 |
| 5929331 | (a) | Fannie Mae REMICS, (SOFR30A + 1.400%) | 5.705 | 08/25/54 | 5948 |
| 17000000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%) | 7.655 | 05/25/42 | 17679 |
| 4355000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.500%) | 8.805 | 06/25/42 | 4632 |
| 10605000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%) | 7.556 | 04/25/43 | 11127 |
| 13703156 |  | Ginnie Mae I Pool | 3.600 | 09/15/31 | 13335 |
| 6990492 |  | Ginnie Mae I Pool | 3.650 | 02/15/32 | 6800 |
| 1766148 |  | Ginnie Mae I Pool | 3.380 | 07/15/35 | 1666 |
| 2383322 |  | Ginnie Mae I Pool | 3.870 | 10/15/36 | 2283 |
| 30470536 |  | Ginnie Mae I Pool | 1.730 | 07/15/37 | 25809 |
| 20769675 |  | Ginnie Mae I Pool | 1.650 | 07/15/42 | 16128 |

---

**211** 

------

## Portfolio of Investments June 30, 2025 (continued)
Inflation-Linked Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MORTGAGE BACKED (continued) |  |  |  |
| $23319626 |  | Ginnie Mae I Pool | 2.750% | 01/15/45 | $21797 |
| 4839911 |  | Ginnie Mae I Pool | 4.930 | 10/15/45 | 4824 |
|  |  | TOTAL MORTGAGE BACKED |  |  | 155921 |
|  |  | U.S. TREASURY SECURITIES - 89.5% |  |  |  |
| 946827 | (e) | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/25 | 946 |
| 13598420 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 10/15/25 | 13551 |
| 175527298 | (e) | United States Treasury Inflation Indexed Bonds | 0.625 | 01/15/26 | 174563 |
| 71634076 | (e) | United States Treasury Inflation Indexed Bonds | 2.000 | 01/15/26 | 71758 |
| 141085739 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/26 | 139518 |
| 121438928 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/26 | 120388 |
| 270293094 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 10/15/26 | 267191 |
| 210468980 | (e) | United States Treasury Inflation Indexed Bonds | 0.375 | 01/15/27 | 207592 |
| 131953687 | (e) | United States Treasury Inflation Indexed Bonds | 2.375 | 01/15/27 | 134164 |
| 150414344 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 04/15/27 | 147265 |
| 153418590 | (e) | United States Treasury Inflation Indexed Bonds | 0.375 | 07/15/27 | 151341 |
| 146180700 | (e) | United States Treasury Inflation Indexed Bonds | 1.625 | 10/15/27 | 148000 |
| 250325075 | (e) | United States Treasury Inflation Indexed Bonds | 0.500 | 01/15/28 | 245666 |
| 187407864 | (e) | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/28 | 189797 |
| 196446943 | (e) | United States Treasury Inflation Indexed Bonds | 1.250 | 04/15/28 | 196077 |
| 134311543 | (e) | United States Treasury Inflation Indexed Bonds | 3.625 | 04/15/28 | 142819 |
| 119734545 | (e) | United States Treasury Inflation Indexed Bonds | 0.750 | 07/15/28 | 118273 |
| 59273784 | (e) | United States Treasury Inflation Indexed Bonds | 2.375 | 10/15/28 | 61483 |
| 291540735 | (e) | United States Treasury Inflation Indexed Bonds | 0.875 | 01/15/29 | 287006 |
| 146262600 | (e) | United States Treasury Inflation Indexed Bonds | 2.500 | 01/15/29 | 152178 |
| 377841881 | (e) | United States Treasury Inflation Indexed Bonds | 2.125 | 04/15/29 | 387999 |
| 53345535 | (e) | United States Treasury Inflation Indexed Bonds | 3.875 | 04/15/29 | 58238 |
| 244528050 | (e) | United States Treasury Inflation Indexed Bonds | 0.250 | 07/15/29 | 234813 |
| 149068324 | (e) | United States Treasury Inflation Indexed Bonds | 1.625 | 10/15/29 | 150898 |
| 294007744 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/30 | 277454 |
| 75900483 | (e) | United States Treasury Inflation Indexed Bonds | 1.625 | 04/15/30 | 76446 |
| 172001984 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/30 | 161568 |
| 291378334 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/31 | 269958 |
| 281795016 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 07/15/31 | 259304 |
| 159086847 | (e) | United States Treasury Inflation Indexed Bonds | 0.125 | 01/15/32 | 144182 |
| 49876236 | (e) | United States Treasury Inflation Indexed Bonds | 3.375 | 04/15/32 | 55516 |
| 253310506 | (e) | United States Treasury Inflation Indexed Bonds | 0.625 | 07/15/32 | 236269 |
| 355650028 | (e),(f) | United States Treasury Inflation Indexed Bonds | 1.125 | 01/15/33 | 339836 |
| 275950872 | (e) | United States Treasury Inflation Indexed Bonds | 1.375 | 07/15/33 | 267971 |
| 448783263 | (e) | United States Treasury Inflation Indexed Bonds | 1.750 | 01/15/34 | 444854 |
| 342297064 | (e) | United States Treasury Inflation Indexed Bonds | 1.875 | 07/15/34 | 342560 |
| 255247032 | (e) | United States Treasury Inflation Indexed Bonds | 2.125 | 01/15/35 | 259411 |
| 34519003 | (e) | United States Treasury Inflation Indexed Bonds | 2.125 | 02/15/40 | 34068 |
|  |  | TOTAL U.S. TREASURY SECURITIES |  |  | 6970921 |
|  |  | TOTAL GOVERNMENT BONDS<br> (Cost $7,241,203) |  |  | 7139907 |
| SHARES |  | DESCRIPTION |  |  | VALUE (000) |
|  |  | INVESTMENT COMPANIES - 0.1% |  |  |  |
| 475737 | (c) | Invesco Senior Loan ETF |  |  | 9952 |
|  |  | TOTAL INVESTMENT COMPANIES<br> (Cost $10,002) |  |  | 9952 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | STRUCTURED ASSETS - 4.0% |  |  |  |
|  |  | ASSET BACKED - 1.7% |  |  |  |
| 4925000 |  | CNH Equipment Trust, Series 2024 C | 4.030 | 01/15/30 | 4917 |
| 2895000 | (b) | DB Master Finance LLC, Series 2021 1A | 2.045 | 11/20/51 | 2787 |
| 5693500 | (b) | DB Master Finance LLC, Series 2021 1A | 2.493 | 11/20/51 | 5272 |
| 4246000 | (b) | DB Master Finance LLC, Series 2021 1A | 2.791 | 11/20/51 | 3702 |
| 14055000 |  | Ford Credit Auto Owner Trust, Series 2024 C | 4.070 | 07/15/29 | 14035 |
| 18000000 | (b) | Ford Credit Auto Owner Trust, Series 2024 1 | 4.870 | 08/15/36 | 18344 |
| 9900000 |  | GM Financial Consumer Automobile Receivables Trust, Series 2024 4 | 4.400 | 08/16/29 | 9929 |

---

**212** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | ASSET BACKED (continued) |  |  |  |
| $3000000 | (b),(g) | Industrial DPR Funding Ltd, Series 2022 1A | 5.380% | 04/15/34 | $2681 |
| 2229763 | (b) | MVW LLC, Series 2021 2A | 1.830 | 05/20/39 | 2106 |
| 6253709 | (b) | Oak Street Investment Grade Net Lease Fund Series, Series 2021 2A | 2.380 | 11/20/51 | 5964 |
| 3906510 | (b) | Sunnova Helios VIII Issuer LLC, Series 2022 A | 2.790 | 02/22/49 | 3264 |
| 16425000 | (b) | Tesla Auto Lease Trust, Series 2024 B | 4.820 | 10/20/27 | 16499 |
| 18650000 |  | Toyota Auto Receivables Owner Trust, Series 2024 D | 4.400 | 06/15/29 | 18729 |
| 25000000 | (b) | Verizon Master Trust Series, Series 2024 5 | 5.000 | 06/21/32 | 25633 |
|  |  | TOTAL ASSET BACKED |  |  | 133862 |
|  |  | OTHER MORTGAGE BACKED - 2.3% |  |  |  |
| 5000000 | (a),(b) | ARDN Mortgage Trust, (TSFR1M + 1.750%), Series 2025 ARCP | 6.092 | 06/15/35 | 5012 |
| 3000000 | (a),(b) | ARDN Mortgage Trust, (TSFR1M + 3.000%), Series 2025 ARCP | 7.300 | 06/15/35 | 3011 |
| 4987983 | (a),(b) | BAMLL Commercial Mortgage Securities Trust, (TSFR1M + 2.150%), Series 2022 DKLX | 6.462 | 01/15/39 | 4947 |
| 2267265 | (a),(b) | BAMLL Commercial Mortgage Securities Trust, (TSFR1M + 3.000%), Series 2022 DKLX | 7.312 | 01/15/39 | 2250 |
| 2000000 | (a) | Benchmark Mortgage Trust, Series 2018 B2 | 4.450 | 02/15/51 | 1606 |
| 2100000 | (a),(b) | BX Commercial Mortgage Trust, (TSFR1M + 1.092%), Series 2021 21M | 5.404 | 10/15/36 | 2099 |
| 12600000 | (a),(b) | BX Commercial Mortgage Trust, (TSFR1M + 1.312%), Series 2021 XL2 | 5.624 | 10/15/38 | 12601 |
| 5277870 | (a),(b) | BX Commercial Mortgage Trust, (TSFR1M + 1.385%), Series 2021 CIP | 5.697 | 12/15/38 | 5277 |
| 5253069 | (a),(b) | BX Commercial Mortgage Trust, (TSFR1M + 1.392%), Series 2024 XL5 | 5.703 | 03/15/41 | 5264 |
| 1883841 | (a),(b) | BX Trust, (TSFR1M + 1.501%), Series 2021 SDMF | 6.598 | 09/15/34 | 1866 |
| 2000000 | (a),(b) | BX TRUST, (TSFR1M + 1.840%), Series 2022 AHP | 6.182 | 01/17/39 | 1995 |
| 5650000 | (a),(b) | Citigroup Commercial Mortgage Trust, (TSFR1M + 2.014%), Series 2021 PRM2 | 6.326 | 10/15/38 | 5634 |
| 7500000 | (a),(b) | Citigroup Commercial Mortgage Trust, (TSFR1M + 2.514%), Series 2021 PRM2 | 6.826 | 10/15/38 | 7484 |
| 706540 | (b) | COMM Mortgage Trust, Series 2013 CR6 | 3.397 | 03/10/46 | 676 |
| 2882269 | (a) | COMM Mortgage Trust, Series 2014 CR14 | 3.793 | 02/10/47 | 2778 |
| 5155651 |  | COMM Mortgage Trust, Series 2014 CR17 | 4.377 | 05/10/47 | 4980 |
| 2500000 | (a) | COMM Mortgage Trust, Series 2015 CR26 | 4.668 | 10/10/48 | 2458 |
| 150000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.850%), Series 2022 R06 | 8.155 | 05/25/42 | 157 |
| 4000000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.600%), Series 2022 R08 | 7.950 | 07/25/42 | 4177 |
| 4500000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 4.750%), Series 2022 R09 | 9.056 | 09/25/42 | 4825 |
| 10855000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01 | 8.056 | 12/25/42 | 11462 |
| 4070262 | (a),(b) | ELP Commercial Mortgage Trust, (TSFR1M + 1.434%), Series 2021 ELP | 5.746 | 11/15/38 | 4067 |
| 1997675 | (a),(b) | ELP Commercial Mortgage Trust, (TSFR1M + 2.233%), Series 2021 ELP | 6.545 | 11/15/38 | 1997 |
| 11000000 | (b) | GM Financial Revolving Receivables Trust, Series 2024 1 | 4.980 | 12/11/36 | 11243 |
| 5000000 | (a),(b) | INTOWN Mortgage Trust, (TSFR1M + 2.250%), Series 2025 STAY | 6.500 | 03/15/42 | 4993 |
| 2000000 | (b) | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020 NNN | 3.620 | 01/16/37 | 840 |
| 2391000 | (a),(b) | JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 2.064%), Series 2021 MHC | 6.376 | 04/15/38 | 2394 |
| 2200000 | (a) | JPMBB Commercial Mortgage Securities Trust, Series 2014 C23 | 4.700 | 09/15/47 | 2057 |
| 5750000 | (a),(b) | MF1 LLC, (TSFR1M + 1.488%), Series 2025 FL19 | 5.838 | 05/18/42 | 5763 |
| 2500000 | (b) | MRCD Mortgage Trust, Series 2019 PARK | 2.718 | 12/15/36 | 1853 |
| 2500000 | (b) | MRCD Mortgage Trust, Series 2019 PARK | 2.718 | 12/15/36 | 1753 |
| 3986816 | (a),(b) | MSC Trust, (TSFR1M + 1.491%), Series 2021 ILP | 5.803 | 11/15/36 | 3984 |
| 8497000 | (a),(b) | MTN Commercial Mortgage Trust, (TSFR1M + 1.397%), Series 2022 LPFL | 5.717 | 03/15/39 | 8497 |
| 6555000 | (a),(b) | MTN Commercial Mortgage Trust, (TSFR1M + 2.943%), Series 2022 LPFL | 7.773 | 03/15/39 | 6554 |
| 2500000 | (a),(b) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE | 6.591 | 07/15/36 | 2110 |
| 2000000 | (a),(b) | NYC Trust, (TSFR1M + 2.291%), Series 2024 3ELV | 6.602 | 08/15/29 | 2000 |
| 2000000 | (a),(b) | PKHL Commercial Mortgage Trust, (TSFR1M + 0.994%), Series 2021 MF | 5.306 | 07/15/38 | 1893 |
| 7325417 | (a),(b) | SMR Mortgage Trust, (TSFR1M + 2.400%), Series 2022 IND | 6.742 | 02/15/39 | 7344 |
| 5000000 | (a),(b) | TX Trust, (TSFR1M + 1.591%), Series 2024 HOU | 5.903 | 06/15/39 | 4977 |
| 7165000 |  | UBS Commercial Mortgage Trust, Series 2017 C1 | 4.036 | 06/15/50 | 6755 |
| 6375588 | (a),(b) | Verus Securitization Trust, Series 2021 7 | 2.240 | 10/25/66 | 5552 |
| 1951000 | (a) | WFRBS Commercial Mortgage Trust, Series 2013 C11 | 4.010 | 03/15/45 | 1867 |
|  |  | TOTAL OTHER MORTGAGE BACKED |  |  | 179052 |
|  |  | TOTAL STRUCTURED ASSETS<br> (Cost $317,403) |  |  | 312914 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $7,763,732) |  |  | 7656560 |

---

**213** 

------

## Portfolio of Investments June 30, 2025 (continued)
Inflation-Linked Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| SHARES | DESCRIPTION | RATE |  | VALUE (000) |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1% |  |  |  |
| 5423414<br> (h) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(i) |  | $5423 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $5,423) |  |  | 5423 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | SHORT-TERM INVESTMENTS - 1.1% |  |  |  |
|  | REPURCHASE AGREEMENT - 1.1% |  |  |  |
| $84972000<br> (j) | Fixed Income Clearing Corporation | 4.390 | 07/01/25 | 84972 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 84972 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $84,972) |  |  | 84972 |
|  | TOTAL INVESTMENTS - 99.5%<br> (Cost $7,854,127) |  |  | 7746955 |
|  | OTHER ASSETS & LIABILITIES, NET - 0.5% |  |  | 40846 |
|  | NET ASSETS - 100.0% |  |  | $7787801 |

---

---

| | |
|:---|:---|
| ETF | Exchange Traded Fund |
| 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 |
| (a) | Floating or variable rate security includes the reference rate and spread, unless 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 $403,048,801 or 5.2% of Total Investments. |
| (c) | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $5,215,447. |
| (d) | When-issued or delayed delivery security. |
| (e) | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| (f) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
| (g) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (h) | Investments made with cash collateral received from securities on loan. |
| (i) | The rate shown is the one-day yield as of the end of the reporting period. |
| (j) | Agreement with Fixed Income Clearing Corporation, 4.390% dated 6/30/25 to be repurchased at $84,982,362 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 0.125% and maturity date 10/15/26, valued at $86,671,543. |

---

Cost amounts are in thousands.

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>(000) | Expiration<br>Date | Notional<br>Amount<br> (000) | Value<br> (000) | Unrealized<br>Appreciation<br>(Depreciation)<br>(000) |
|  U.S. Treasury 10-Year Note | 988 | 09/19/25 | $108994 | $110780 | $1786 |
|  U.S. Treasury 2-Year Note | 1024 | 09/30/25 | 212049 | 213016 | 967 |
|  U.S. Treasury 5-Year Note | 1293 | 09/30/25 | 139495 | 140937 | 1442 |
|  Total | 3305 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464733 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 |

---

**214** 

------

## Portfolio of Investments June 30, 2025
Social Choice

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | LONG-TERM INVESTMENTS - 99.4% |  |  |  |
|  |  | BANK LOAN OBLIGATIONS - 0.1% |  |  |  |
|  |  | CAPITAL GOODS - 0.0% |  |  |  |
| $450366 | (a),(b) | KDC Agribusiness Fairless Hills LLC | 12.000% | 09/17/25 | $0^ |
|  |  | TOTAL CAPITAL GOODS |  |  | 0^ |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 0.0% |  |  |  |
| 15360000 | (c) | Liberty Tire Recycling Holdco, LLC, Term Loan, (TSFR1M + 4.500%) | 8.941 | 05/05/28 | 14912 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 14912 |
|  |  | UTILITIES - 0.1% |  |  |  |
| 10972195 | (c) | TerraForm Power Operating, LLC, Term Loan B, (TSFR3M + 2.000%) | 6.296 | 05/21/29 | 10988 |
| 4676500 | (c) | Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M + 2.000%) | 6.327 | 04/30/31 | 4625 |
|  |  | TOTAL UTILITIES |  |  | 15613 |
|  |  | TOTAL BANK LOAN OBLIGATIONS<br> (Cost $31,245) |  |  | 30525 |
| SHARES |  | DESCRIPTION |  |  | VALUE (000) |
|  |  | COMMON STOCKS - 60.2% |  |  |  |
|  |  | AUTOMOBILES & COMPONENTS - 0.3% |  |  |  |
| 114949 | (d) | Aptiv plc |  |  | 7842 |
| 195558 |  | Bayerische Motoren Werke AG. |  |  | 17416 |
| 352700 | (e) | Bridgestone Corp |  |  | 14423 |
| 402579 |  | Cie Generale des Etablissements Michelin S.C.A |  |  | 14973 |
| 680200 |  | Isuzu Motors Ltd |  |  | 8617 |
| 22944 | (d),(e) | Rivian Automotive, Inc |  |  | 315 |
| 1100169 | (e) | Yamaha Motor Co Ltd |  |  | 8233 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 71819 |
|  |  | BANKS - 3.4% |  |  |  |
| 1133384 |  | Australia & New Zealand Banking Group Ltd |  |  | 21735 |
| 1898617 |  | Banco Bilbao Vizcaya Argentaria S.A. |  |  | 29235 |
| 893140 |  | Bank Hapoalim Ltd |  |  | 17155 |
| 3201757 |  | BOC Hong Kong Holdings Ltd |  |  | 13938 |
| 1148124 |  | Citigroup, Inc |  |  | 97728 |
| 1366 |  | Citizens Financial Group, Inc |  |  | 61 |
| 430790 |  | Commonwealth Bank of Australia |  |  | 52431 |
| 1224300 |  | Concordia Financial Group Ltd |  |  | 7945 |
| 588871 |  | DNB Bank ASA |  |  | 16285 |
| 196616 |  | Erste Bank der Oesterreichischen Sparkassen AG. |  |  | 16737 |
| 4488424 |  | HSBC Holdings plc |  |  | 54293 |
| 5128575 |  | Intesa Sanpaolo S.p.A. |  |  | 29543 |
| 717478 |  | JPMorgan Chase & Co |  |  | 208004 |
| 155913 |  | KBC Groep NV |  |  | 16092 |
| 532061 |  | Mediobanca S.p.A. |  |  | 12382 |
| 895421 |  | Mizuho Financial Group, Inc |  |  | 24857 |
| 1545767 |  | Oversea-Chinese Banking Corp |  |  | 19822 |
| 2518 |  | PNC Financial Services Group, Inc |  |  | 469 |
| 11713 |  | Regions Financial Corp |  |  | 276 |
| 334087 |  | Societe Generale |  |  | 19111 |
| 1128450 |  | Standard Chartered plc |  |  | 18674 |
| 1130900 |  | Sumitomo Mitsui Financial Group, Inc |  |  | 28477 |
| 1058935 |  | Svenska Handelsbanken AB |  |  | 14176 |
| 8538 |  | Truist Financial Corp |  |  | 367 |
|  |  | TOTAL BANKS |  |  | 719793 |
|  |  | CAPITAL GOODS - 6.0% |  |  |  |
| 3206 |  | 3M Co |  |  | 488 |
| 504492 |  | ABB Ltd |  |  | 30234 |
| 191871 | (e) | ACS Actividades de Construccion y Servicios S.A. |  |  | 13336 |
| 125264 |  | AerCap Holdings NV |  |  | 14656 |
| 234818 |  | Alfa Laval AB |  |  | 9890 |
| 411368 |  | Alstom RGPT |  |  | 9602 |
| 242971 |  | Ashtead Group plc |  |  | 15581 |
| 494254 |  | Assa Abloy AB |  |  | 15452 |

---

**215** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | CAPITAL GOODS (continued) |  |
| 982989 | Atlas Copco AB | $13990 |
| 1170785 | Atlas Copco AB | 18927 |
| 99790<br> (d) | Axon Enterprise, Inc | 82620 |
| 225822 | Bouygues S.A. | 10213 |
| 183980 | Bunzl plc | 5863 |
| 585802 | Carrier Global Corp | 42875 |
| 263763 | Caterpillar, Inc | 102395 |
| 17300 | CNH Industrial NV | 224 |
| 3787 | Cummins, Inc | 1240 |
| 381000 | Daifuku Co Ltd | 9802 |
| 115800 | Daikin Industries Ltd | 13593 |
| 117139 | DCC plc | 7602 |
| 136349 | Deere & Co | 69332 |
| 396 | Dover Corp | 73 |
| 267608 | Eaton Corp plc | 95533 |
| 81697 | Eiffage S.A. | 11479 |
| 87215 | Epiroc AB | 1672 |
| 141727 | Epiroc AB | 3084 |
| 575755 | Fanuc Ltd | 15630 |
| 3164 | Fastenal Co | 133 |
| 576 | Ferguson Enterprises, Inc | 125 |
| 1880 | Fortive Corp | 98 |
| 181266 | GEA Group AG. | 12707 |
| 9401 | Geberit AG. | 7404 |
| 2855 | Graco, Inc | 245 |
| 386 | IDEX Corp | 68 |
| 286305 | Illinois Tool Works, Inc | 70789 |
| 693015 | Ingersoll Rand, Inc | 57645 |
| 134600 | Ishikawajima-Harima Heavy Industries Co Ltd | 14559 |
| 6519 | Johnson Controls International plc | 689 |
| 1752870 | Keppel Corp Ltd | 10236 |
| 146725 | Kingspan Group plc | 12502 |
| 86213 | Knorr-Bremse AG. | 8362 |
| 521600 | Komatsu Ltd | 17209 |
| 1098300 | Kubota Corp | 12385 |
| 140501 | Legrand S.A. | 18831 |
| 739265<br> (e) | Metso Outotec Oyj | 9581 |
| 907800 | Mitsubishi Electric Corp | 19526 |
| 717600 | Nidec Corp | 13945 |
| 160100 | Obayashi Corp | 2426 |
| 386 | Owens Corning, Inc | 53 |
| 61043 | Parker-Hannifin Corp | 42637 |
| 455 | Pentair plc | 47 |
| 207135 | Quanta Services, Inc | 78314 |
| 627<br> (d) | Ralliant Corp | 30 |
| 265961 | Rexel S.A. | 8203 |
| 957 | Rockwell Automation, Inc | 318 |
| 683899 | Sandvik AB | 15704 |
| 154057 | Schneider Electric S.A. | 41362 |
| 41500 | Sekisui Chemical Co Ltd | 752 |
| 195582 | Siemens AG. | 50237 |
| 404598 | Smiths Group plc | 12480 |
| 492500 | Swire Pacific Ltd (Class A) | 4222 |
| 75898 | Trane Technologies plc | 33199 |
| 716 | United Rentals, Inc | 539 |
| 14642<br> (f) | VAT Group AG. | 6204 |
| 769740 | Vestas Wind Systems A.S. | 11562 |
| 42843 | W.W. Grainger, Inc | 44567 |
| 582629 | Wartsila Oyj (B Shares) | 13770 |

---

**216** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| <br>SHARES |  | DESCRIPTION | VALUE (000) |
|  |  | CAPITAL GOODS (continued) |  |
| 107357 |  | Xylem, Inc | $13888 |
|  |  | TOTAL CAPITAL GOODS | 1282939 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 1.5% |  |
| 271030 |  | Automatic Data Processing, Inc | 83586 |
| 988068 |  | Brambles Ltd | 15260 |
| 2380 |  | Broadridge Financial Solutions, Inc | 578 |
| 252569 |  | Bureau Veritas S.A. | 8621 |
| 490092 |  | Computershare Ltd | 12857 |
| 1160262 | (d) | Copart, Inc | 56934 |
| 217428 |  | Dai Nippon Printing Co Ltd | 3301 |
| 86652 |  | Paychex, Inc | 12604 |
| 45233 |  | Randstad Holdings NV | 2091 |
| 460300 |  | Recruit Holdings Co Ltd | 27069 |
| 556617 |  | RELX plc | 30167 |
| 142242 |  | Secom Co Ltd | 5110 |
| 62514 |  | SGS S.A. | 6347 |
| 1371 |  | TransUnion | 121 |
| 1081 |  | Veralto Corp | 109 |
| 130680 |  | Verisk Analytics, Inc | 40707 |
| 82167 |  | Wolters Kluwer NV | 13741 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 319203 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.0% |  |
| 93 | (d) | Autozone, Inc | 345 |
| 184 | (d) | Burlington Stores, Inc | 43 |
| 1212 | (d) | Carvana Co | 408 |
| 25675 |  | Dieteren S.A. | 5529 |
| 933197 |  | eBay, Inc | 69486 |
| 65700 |  | Fast Retailing Co Ltd | 22526 |
| 679 |  | Genuine Parts Co | 82 |
| 54291 | (e) | Hennes & Mauritz AB (B Shares) | 765 |
| 346345 |  | Home Depot, Inc | 126984 |
| 407307 |  | Industria de Diseno Textil S.A. | 21248 |
| 1505698 |  | Kingfisher plc | 6013 |
| 4907 |  | LKQ Corp | 182 |
| 139826 |  | Lowe's Cos, Inc | 31023 |
| 342 | (d) | Mercadolibre, Inc | 894 |
| 21474 |  | Pool Corp | 6259 |
| 464314 |  | Prosus NV | 26051 |
| 790600 | (d) | Rakuten, Inc | 4356 |
| 672833 |  | TJX Cos, Inc | 83088 |
| 4840 |  | Tractor Supply Co | 256 |
| 30 | (d) | Ulta Beauty, Inc | 14 |
| 407469 |  | Wesfarmers Ltd | 22740 |
| 1624 |  | Williams-Sonoma, Inc | 265 |
| 100912 | (d),(f) | Zalando SE | 3330 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 431887 |
|  |  | CONSUMER DURABLES & APPAREL - 0.7% |  |
| 67096 |  | Adidas-Salomon AG. | 15662 |
| 483300 |  | Asics Corp | 12324 |
| 519680 |  | Barratt Developments plc | 3254 |
| 138135 | (d) | Deckers Outdoor Corp | 14238 |
| 2369 |  | DR Horton, Inc | 305 |
| 9585 |  | Hermes International | 25984 |
| 48572 |  | Kering | 10582 |
| 520 | (d) | Lululemon Athletica, Inc | 123 |
| 173836 |  | Moncler S.p.A | 9916 |
| 10 | (d) | NVR, Inc | 74 |
| 1380000 |  | Panasonic Corp | 14765 |
| 714 |  | Pulte Homes, Inc | 75 |
| 89500 |  | Sekisui House Ltd | 1970 |

---

**217** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | CONSUMER DURABLES & APPAREL (continued) |  |
| 1637200 | Sony Corp | $42568 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 151840 |
|  | CONSUMER SERVICES - 2.2% |  |
| 219756 | Amadeus IT Holding S.A. | 18566 |
| 17637 | Booking Holdings, Inc | 102105 |
| 606607 | Compass Group plc | 20547 |
| 1439 | Darden Restaurants, Inc | 314 |
| 89113<br> (d) | DoorDash, Inc | 21967 |
| 128286 | Expedia Group, Inc | 21639 |
| 322128 | McDonald's Corp | 94116 |
| 559800 | Oriental Land Co Ltd | 12893 |
| 669423 | Pearson plc | 9861 |
| 270471 | Royal Caribbean Cruises Ltd | 84695 |
| 691127 | Starbucks Corp | 63328 |
| 206997 | Whitbread plc | 8033 |
| 3316 | Yum! Brands, Inc | 492 |
|  | TOTAL CONSUMER SERVICES | 458556 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2% |  |
| 223100 | Aeon Co Ltd | 6839 |
| 646818 | Carrefour S.A. | 9124 |
| 942143 | Coles Group Ltd | 12919 |
| 136748 | Costco Wholesale Corp | 135372 |
| 2001<br> (d) | Dollar Tree, Inc | 198 |
| 1961637 | J Sainsbury plc | 7807 |
| 24505 | Kesko Oyj (B Shares) | 604 |
| 424161 | Koninklijke Ahold Delhaize NV | 17716 |
| 1136620 | Marks & Spencer Group plc | 5532 |
| 341445 | Target Corp | 33684 |
| 3413464 | Tesco plc | 18820 |
| 621556 | Woolworths Ltd | 12732 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 261347 |
|  | ENERGY - 0.6% |  |
| 1636563 | Baker Hughes Co | 62746 |
| 6504 | Cheniere Energy, Inc | 1584 |
| 515395<br> (e) | Neste Oil Oyj | 6985 |
| 753808 | ONEOK, Inc | 61533 |
|  | TOTAL ENERGY | 132848 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.3% |  |
| 2351 | American Tower Corp | 520 |
| 817 | Boston Properties, Inc | 55 |
| 1190 | Crown Castle, Inc | 122 |
| 86919 | Equinix, Inc | 69141 |
| 67396 | Fonciere Des Regions | 4273 |
| 53066 | Gecina S.A. | 5842 |
| 702072 | Goodman Group | 15828 |
| 241870 | Iron Mountain, Inc | 24809 |
| 642185 | Prologis, Inc | 67507 |
| 491848 | Segro plc | 4604 |
| 164003 | Stockland Trust Group | 580 |
| 136539 | Unibail-Rodamco-Westfield | 13125 |
| 503833 | Welltower, Inc | 77454 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 283860 |
|  | FINANCIAL SERVICES - 5.8% |  |
| 400713 | 3i Group plc | 22677 |
| 315449 | American Express Co | 100622 |
| 135711 | Ameriprise Financial, Inc | 72433 |
| 6128 | Annaly Capital Management, Inc | 115 |
| 58468 | Australian Stock Exchange Ltd | 2685 |
| 545135 | Bank of New York Mellon Corp | 49667 |
| 1586100 | Daiwa Securities Group, Inc | 11264 |
| 69294 | Deutsche Boerse AG. | 22638 |
| 426928 | EQT AB | 14322 |

---

**218** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | FINANCIAL SERVICES (continued) |  |
| 50597 | Eurazeo | $3617 |
| 80 | Factset Research Systems, Inc | 36 |
| 1680 | Fidelity National Information Services, Inc | 137 |
| 152769 | Goldman Sachs Group, Inc | 108122 |
| 451846 | Hong Kong Exchanges and Clearing Ltd | 24303 |
| 162663 | London Stock Exchange Group plc | 23789 |
| 130984 | Macquarie Group Ltd | 19701 |
| 253047 | Mastercard, Inc (Class A) | 142197 |
| 162104 | Moody's Corp | 81310 |
| 717550 | Morgan Stanley | 101074 |
| 188823 | Nasdaq Stock Market, Inc | 16884 |
| 2399200 | Nomura Holdings, Inc | 15810 |
| 927723<br> (d) | PayPal Holdings, Inc | 68948 |
| 181738 | S&P Global, Inc | 95829 |
| 962632 | Schroders plc | 4787 |
| 545139 | Synchrony Financial | 36383 |
| 995283 | UBS Group AG | 33792 |
| 475099 | Visa, Inc (Class A) | 168684 |
|  | TOTAL FINANCIAL SERVICES | 1241826 |
|  | FOOD, BEVERAGE & TOBACCO - 1.6% |  |
| 605426 | Ajinomoto Co, Inc | 16421 |
| 3327 | Archer-Daniels-Midland Co | 176 |
| 343770 | Associated British Foods plc | 9713 |
| 2702<br> (e) | Barry Callebaut AG. | 2954 |
| 1758 | Bunge Global S.A. | 141 |
| 3095 | Campbell Soup Co | 95 |
| 1148740 | Coca-Cola Co | 81273 |
| 149711 | Coca-Cola Europacific Partners plc | 13881 |
| 231288 | Coca-Cola HBC AG. | 12083 |
| 1330 | ConAgra Brands, Inc | 27 |
| 243237 | Danone | 19902 |
| 5927 | General Mills, Inc | 307 |
| 5201 | Hormel Foods Corp | 157 |
| 120016 | Kerry Group plc (Class A) | 13260 |
| 2155 | Keurig Dr Pepper, Inc | 71 |
| 245500 | Kikkoman Corp | 2277 |
| 16685 | Kraft Heinz Co | 431 |
| 2818 | McCormick & Co, Inc | 214 |
| 560099 | Mowi ASA | 10817 |
| 618423 | Nestle S.A. | 61488 |
| 810713 | Orkla ASA | 8830 |
| 637323 | PepsiCo, Inc | 84152 |
| 2246314 | Wilmar International Ltd | 5071 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 343741 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 1.8% |  |
| 201255 | Alcon, Inc | 17848 |
| 1659 | Cigna Group | 548 |
| 27210 | Cochlear Ltd | 5382 |
| 31854 | Coloplast A.S. | 3033 |
| 156640<br> (d) | Cooper Cos, Inc | 11147 |
| 484813<br> (d) | Edwards Lifesciences Corp | 37917 |
| 671 | Elevance Health, Inc | 261 |
| 95512 | Essilor International S.A. | 26227 |
| 156874 | HCA, Inc | 60098 |
| 4376<br> (d) | Hologic, Inc | 285 |
| 137200<br> (d) | Hoya Corp | 16294 |
| 89753<br> (d) | IDEXX Laboratories, Inc | 48138 |
| 41453<br> (d) | Insulet Corp | 13024 |
| 543 | Labcorp Holdings, Inc | 143 |
| 79063 | McKesson Corp | 57936 |
| 4292<br> (d) | Solventum Corp | 326 |
| 28309 | STERIS plc | 6800 |

---

**219** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 278262 | UnitedHealth Group, Inc | $86809 |
| 3897 | Zimmer Biomet Holdings, Inc | 355 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 392571 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 1.1% |  |
| 2111 | Church & Dwight Co, Inc | 203 |
| 301410 | Essity AB | 8346 |
| 122910 | Henkel KGaA | 8914 |
| 136179 | Henkel KGaA (Preference) | 10701 |
| 1125 | Kimberly-Clark Corp | 145 |
| 67458 | L'Oreal S.A. | 28896 |
| 784156 | Procter & Gamble Co | 124932 |
| 274379 | Reckitt Benckiser Group plc | 18693 |
| 6300 | Uni-Charm Corp | 45 |
| 632377 | Unilever plc | 38591 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 239466 |
|  | INSURANCE - 2.6% |  |
| 14679 | Admiral Group plc | 659 |
| 1572203 | Aegon NV | 11393 |
| 104143 | Allianz AG. | 42265 |
| 463911 | Assicurazioni Generali S.p.A. | 16502 |
| 1841472 | Aviva plc | 15656 |
| 579296 | AXA S.A. | 28446 |
| 240696 | Gjensidige Forsikring ASA | 6102 |
| 20459 | Hartford Financial Services Group, Inc | 2596 |
| 2053763 | Insurance Australia Group Ltd | 12210 |
| 4209476 | Legal & General Group plc | 14729 |
| 337169 | Marsh & McLennan Cos, Inc | 73719 |
| 217511 | NN Group NV | 14473 |
| 779953 | Phoenix Group Holdings plc | 7056 |
| 325570 | Progressive Corp | 86882 |
| 4019 | Prudential Financial, Inc | 432 |
| 994094 | QBE Insurance Group Ltd | 15308 |
| 1457980 | Sampo Oyj | 15691 |
| 517200 | Sompo Holdings, Inc | 15586 |
| 970950 | Suncorp-Metway Ltd | 13838 |
| 15495 | Swiss Life Holding | 15686 |
| 119771 | Swiss Re AG. | 20719 |
| 613300 | Tokio Marine Holdings, Inc | 25992 |
| 255868 | Travelers Cos, Inc | 68455 |
| 44014 | Zurich Insurance Group AG | 30797 |
|  | TOTAL INSURANCE | 555192 |
|  | MATERIALS - 1.7% |  |
| 66556 | Akzo Nobel NV | 4670 |
| 4235 | Amcor plc | 39 |
| 480404 | Antofagasta plc | 11944 |
| 490900 | Asahi Kasei Corp | 3495 |
| 1098 | Avery Dennison Corp | 193 |
| 13415 | Ball Corp | 752 |
| 346091 | Boliden AB | 10815 |
| 66361 | Croda International plc | 2664 |
| 107720 | DSM-Firmenich AG. | 11460 |
| 288028 | Ecolab, Inc | 77606 |
| 309382 | Evonik Industries AG. | 6391 |
| 1410567 | Fortescue Metals Group Ltd | 14179 |
| 3907 | Givaudan S.A. | 18947 |
| 3900 | International Flavors & Fragrances, Inc | 287 |
| 607518 | International Paper Co | 28450 |
| 148640<br> (d) | James Hardie Industries plc | 3991 |
| 7539 | LyondellBasell Industries NV | 436 |
| 182201<br> (d) | Mondi plc | 2977 |
| 1293369 | Newmont Goldcorp Corp | 75352 |
| 520700 | Nippon Paint Co Ltd | 4188 |

---

**220** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | MATERIALS (continued) |  |
| 709200 | Nitto Denko Corp | $13696 |
| 111973 | Novozymes A.S. | 8039 |
| 653 | PPG Industries, Inc | 74 |
| 133477 | SIG Group AG. | 2469 |
| 60307 | Sika AG. | 16409 |
| 3310 | Steel Dynamics, Inc | 424 |
| 624898<br> (e) | Stora Enso Oyj (R Shares) | 6794 |
| 301200 | Sumitomo Metal Mining Co Ltd | 7423 |
| 62840 | Svenska Cellulosa AB (B Shares) | 817 |
| 1637600 | Toray Industries, Inc | 11210 |
| 417593 | UPM-Kymmene Oyj | 11404 |
|  | TOTAL MATERIALS | 357595 |
|  | MEDIA & ENTERTAINMENT - 3.0% |  |
| 25664<br> (f) | Auto Trader Group plc | 291 |
| 11025 | carsales.com Ltd | 271 |
| 736<br> (d) | Charter Communications, Inc | 301 |
| 1819361 | Comcast Corp (Class A) | 64933 |
| 460213 | Electronic Arts, Inc | 73496 |
| 1121207 | Informa plc | 12413 |
| 3576<br> (d) | Liberty Media Corp-Liberty Formula One (Class C) | 374 |
| 425617<br> (d) | Live Nation, Inc | 64387 |
| 127299<br> (d) | Netflix, Inc | 170470 |
| 1037198 | News Corp (Class A) | 30826 |
| 172800 | Nintendo Co Ltd | 16594 |
| 3513 | Omnicom Group, Inc | 253 |
| 17331<br> (d) | Pinterest, Inc | 621 |
| 140813<br> (e) | Publicis Groupe S.A. | 15904 |
| 59055<br> (e) | REA Group Ltd | 9352 |
| 8607<br> (d) | ROBLOX Corp | 905 |
| 2189<br> (f) | Scout24 SE | 302 |
| 47562<br> (d) | Spotify Technology S.A. | 36496 |
| 299263<br> (d) | Take-Two Interactive Software, Inc | 72676 |
| 499215 | Universal Music Group NV | 16195 |
| 3709048<br> (d) | Warner Bros Discovery, Inc | 42506 |
| 1297978 | WPP plc | 9139 |
| 2563025 | Z Holdings Corp | 9439 |
|  | TOTAL MEDIA & ENTERTAINMENT | 648144 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.9% |  |
| 63436 | Agilent Technologies, Inc | 7486 |
| 244<br> (d) | Alnylam Pharmaceuticals, Inc | 80 |
| 297268 | Amgen, Inc | 83000 |
| 17598<br> (d) | Argenx SE | 9742 |
| 870426 | Astellas Pharma, Inc | 8522 |
| 226050 | AstraZeneca plc | 31459 |
| 6777<br> (d) | Avantor, Inc | 91 |
| 397<br> (d) | Biogen, Inc | 50 |
| 372739 | Bristol-Myers Squibb Co | 17254 |
| 146823 | CSL Ltd | 23192 |
| 679747 | Daiichi Sankyo Co Ltd | 15748 |
| 429541 | Danaher Corp | 84851 |
| 121400 | Eisai Co Ltd | 3487 |
| 215908 | Eli Lilly & Co | 168307 |
| 159435 | Eurofins Scientific SE | 11362 |
| 33918<br> (d) | Genmab AS | 7044 |
| 472714 | Gilead Sciences, Inc | 52410 |
| 2379<br> (d) | IQVIA Holdings, Inc | 375 |
| 28799 | Lonza Group AG. | 20596 |
| 104336 | Merck KGaA | 13528 |
| 130<br> (d) | Mettler-Toledo International, Inc | 153 |
| 476616 | Novartis AG. | 57850 |
| 751739 | Novo Nordisk A.S. | 52091 |
| 1172 | Regeneron Pharmaceuticals, Inc | 615 |

---

**221** 

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## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE (000) |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 31149 | Sartorius AG. | $7934 |
| 165847<br> (d) | Vertex Pharmaceuticals, Inc | 73835 |
| 303<br> (d) | Waters Corp | 106 |
| 37160 | West Pharmaceutical Services, Inc | 8131 |
| 397382 | Zoetis, Inc | 61972 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 821271 |
|  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5% |  |
| 352355<br> (d) | CBRE Group, Inc | 49372 |
| 382300 | Daiwa House Industry Co Ltd | 13137 |
| 68840<br> (e) | LEG Immobilien SE | 6127 |
| 772372 | Mitsubishi Estate Co Ltd | 14480 |
| 1535251 | Mitsui Fudosan Co Ltd | 14863 |
| 2982000 | Sino Land Co | 3176 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 101155 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.9% |  |
| 759385<br> (d) | Advanced Micro Devices, Inc | 107757 |
| 318799 | Advantest Corp | 23633 |
| 512279 | Applied Materials, Inc | 93783 |
| 93918 | ASML Holding NV | 75260 |
| 293561<br> (d) | First Solar, Inc | 48596 |
| 3636258 | Intel Corp | 81452 |
| 949684 | Lam Research Corp | 92442 |
| 6475 | Marvell Technology, Inc | 501 |
| 4660997 | Nvidia Corp | 736391 |
| 346764<br> (e) | NXP Semiconductors NV | 75764 |
| 1187808 | Renesas Electronics Corp | 14695 |
| 493684 | Texas Instruments, Inc | 102499 |
| 156700 | Tokyo Electron Ltd | 30010 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1482783 |
|  | SOFTWARE & SERVICES - 8.0% |  |
| 226207<br> (d) | Adobe, Inc | 87515 |
| 4265<br> (d) | Akamai Technologies, Inc | 340 |
| 18573<br> (d) | Ansys, Inc | 6523 |
| 253339<br> (d) | Autodesk, Inc | 78426 |
| 256589<br> (d) | Cadence Design Systems, Inc | 79068 |
| 383124 | Dassault Systemes SE | 13885 |
| 816900 | Fujitsu Ltd | 19817 |
| 4126<br> (d) | GoDaddy, Inc | 743 |
| 724<br> (d) | HubSpot, Inc | 403 |
| 396701 | International Business Machines Corp | 116940 |
| 134175 | Intuit, Inc | 105680 |
| 1421959 | Microsoft Corp | 707297 |
| 2370<br> (d) | MongoDB, Inc | 498 |
| 676205 | NEC Corp | 19728 |
| 224100 | Nomura Research Institute Ltd | 8963 |
| 75438<br> (d) | PTC, Inc | 13001 |
| 392945 | Salesforce, Inc | 107152 |
| 246601 | SAP AG. | 75406 |
| 100477<br> (d) | ServiceNow, Inc | 103298 |
| 153746<br> (d) | Synopsys, Inc | 78823 |
| 3509<br> (d) | Trade Desk, Inc | 253 |
| 4250<br> (d) | Twilio, Inc | 529 |
| 160719 | WiseTech Global Ltd | 11526 |
| 280157<br> (d) | Workday, Inc | 67238 |
| 74185<br> (d) | Xero Ltd | 8778 |
|  | TOTAL SOFTWARE & SERVICES | 1711830 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 1.4% |  |
| 13515<br> (d) | Arista Networks, Inc | 1383 |
| 699000 | FUJIFILM Holdings Corp | 15137 |
| 3603273 | Hewlett Packard Enterprise Co | 73687 |
| 2282485 | HP, Inc | 55829 |
| 435218<br> (d) | Keysight Technologies, Inc | 71315 |

---

**222** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| SHARES | DESCRIPTION |  |  | VALUE (000) |
|  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |  |  |
| 652055 | Ricoh Co Ltd |  |  | $6154 |
| 55 | Shimadzu Corp |  |  | 1 |
| 674330<br> (d) | Trimble Inc |  |  | 51236 |
| 215207 | Western Digital Corp |  |  | 13771 |
| 169732 | Yokogawa Electric Corp |  |  | 4534 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 293047 |
|  | TELECOMMUNICATION SERVICES - 1.2% |  |  |  |
| 5452319 | BT Group plc |  |  | 14518 |
| 322463<br> (f) | Cellnex Telecom S.A. |  |  | 12556 |
| 1170964 | KDDI Corp |  |  | 20106 |
| 908087 | Koninklijke KPN NV |  |  | 4430 |
| 1043657 | Orange S. A. |  |  | 15893 |
| 12581000 | SoftBank Corp |  |  | 19487 |
| 377761 | Softbank Group Corp |  |  | 27466 |
| 13786 | Swisscom AG. |  |  | 9789 |
| 735926 | Telenor ASA |  |  | 11460 |
| 2085289 | TeliaSonera AB |  |  | 7500 |
| 4263016 | Telstra Corp Ltd |  |  | 13593 |
| 1701399 | Verizon Communications, Inc |  |  | 73620 |
| 14241619 | Vodafone Group plc |  |  | 15245 |
|  | TOTAL TELECOMMUNICATION SERVICES |  |  | 245663 |
|  | TRANSPORTATION - 0.8% |  |  |  |
| 1983051 | Auckland International Airport Ltd |  |  | 9362 |
| 363 | CH Robinson Worldwide, Inc |  |  | 35 |
| 827282 | CSX Corp |  |  | 26994 |
| 85821 | DSV AS |  |  | 20585 |
| 631400 | East Japan Railway Co |  |  | 13582 |
| 450 | Expeditors International Washington, Inc |  |  | 51 |
| 2679137<br> (d) | Grab Holdings Ltd |  |  | 13476 |
| 181700 | Hankyu Hanshin Holdings, Inc |  |  | 4939 |
| 1288 | JB Hunt Transport Services, Inc |  |  | 185 |
| 36991 | Kuehne & Nagel International AG. |  |  | 8010 |
| 1875864 | MTR Corp |  |  | 6745 |
| 204221 | Old Dominion Freight Line |  |  | 33145 |
| 30400 | Tokyu Corp |  |  | 362 |
| 1724695 | Transurban Group |  |  | 15869 |
| 2079 | Union Pacific Corp |  |  | 478 |
| 265900 | West Japan Railway Co |  |  | 6079 |
|  | TOTAL TRANSPORTATION |  |  | 159897 |
|  | UTILITIES - 0.7% |  |  |  |
| 752 | American Water Works Co, Inc |  |  | 105 |
| 7380 | Consolidated Edison, Inc |  |  | 740 |
| 109223 | Edison International |  |  | 5636 |
| 3103290 | Energias de Portugal S.A. |  |  | 13481 |
| 4761 | Essential Utilities, Inc |  |  | 177 |
| 51886 | Eversource Energy |  |  | 3301 |
| 1100403 | Exelon Corp |  |  | 47779 |
| 1766339 | Iberdrola S.A. |  |  | 33981 |
| 740517 | Meridian Energy Ltd |  |  | 2663 |
| 1682969 | National Grid plc |  |  | 24704 |
| 190992 | Orsted AS |  |  | 8228 |
| 172805<br> (e) | Redeia Corp S.A. |  |  | 3698 |
|  | TOTAL UTILITIES |  |  | 144493 |
|  | TOTAL COMMON STOCKS<br>(Cost $9,638,010) |  |  | 12852766 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | CORPORATE BONDS - 11.6% |  |  |  |
|  | AUTOMOBILES & COMPONENTS - 0.1% |  |  |  |
| $6760000 | Ford Motor Co | 3.250% | 02/12/32 | 5700 |
| 2025000 | Toyota Motor Corp | 4.450 | 06/30/30 | 2033 |
| 10727000 | Toyota Motor Credit Corp | 2.150 | 02/13/30 | 9752 |

---

**223** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | AUTOMOBILES & COMPONENTS (continued) |  |  |  |
| $2260000 | (f) | ZF North America Capital, Inc | 6.875% | 04/14/28 | $2267 |
| 4980000 | (e),(f) | ZF North America Capital, Inc | 7.125 | 04/14/30 | 4869 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 24621 |
|  |  | BANKS - 1.6% |  |  |  |
| 6925000 | (f) | Banco Nacional de Comercio Exterior SNC | 2.720 | 08/11/31 | 6553 |
| 12125000 | (g) | Bank of America Corp | 6.625 | N/A | 12557 |
| 8023000 | (f) | Bank of Ireland Group plc | 6.253 | 09/16/26 | 8049 |
| 10000000 |  | Bank of Montreal | 3.803 | 12/15/32 | 9740 |
| 8875000 |  | Bank of Montreal | 7.700 | 05/26/84 | 9164 |
| 8895000 | (g) | Bank of New York Mellon Corp | 6.300 | N/A | 9138 |
| 11500000 | (e),(f),(g) | BNP Paribas S.A. | 7.450 | N/A | 11569 |
| 2500000 | (e),(f),(g) | BNP Paribas S.A. | 8.500 | N/A | 2644 |
| 5350000 | (f),(h) | CaixaBank S.A. | 5.581 | 07/03/36 | 5405 |
| 16775000 |  | Canadian Imperial Bank of Commerce | 6.950 | 01/28/85 | 16822 |
| 12375000 |  | CitiBank NA | 4.876 | 11/19/27 | 12450 |
| 2274000 | (c) | CitiBank NA, (SOFR + 0.712%) | 5.083 | 11/19/27 | 2275 |
| 797000 | (f) | Cooperatieve Rabobank UA | 1.106 | 02/24/27 | 779 |
| 9100000 | (f) | Credit Agricole S.A. | 5.222 | 05/27/31 | 9270 |
| 7500000 |  | Deutsche Bank AG. | 6.819 | 11/20/29 | 8000 |
| 4950000 | (f) | Federation des Caisses Desjardins du Quebec | 5.147 | 11/27/28 | 5130 |
| 9125000 | (e),(f) | Federation des Caisses Desjardins du Quebec | 5.250 | 04/26/29 | 9369 |
| 10050000 |  | HSBC Holdings plc | 5.240 | 05/13/31 | 10233 |
| 10000000 |  | HSBC Holdings plc | 5.874 | 11/18/35 | 10119 |
| 10000000 | (f) | ING Groep NV | 1.400 | 07/01/26 | 10000 |
| 12500000 |  | ING Groep NV | 5.525 | 03/25/36 | 12725 |
| 3650000 | (f) | Intesa Sanpaolo S.p.A | 6.625 | 06/20/33 | 3963 |
| 13800000 | (f) | Intesa Sanpaolo S.p.A | 7.200 | 11/28/33 | 15497 |
| 15000000 | (f) | Intesa Sanpaolo S.p.A | 7.800 | 11/28/53 | 17544 |
| 7000000 | (f),(g) | Intesa Sanpaolo SpA | 7.700 | N/A | 7013 |
| 5000000 |  | JPMorgan Chase & Co | 6.070 | 10/22/27 | 5109 |
| 12575000 |  | JPMorgan Chase & Co | 5.571 | 04/22/28 | 12833 |
| 4500000 |  | JPMorgan Chase & Co | 5.766 | 04/22/35 | 4728 |
| 12475000 | (e),(g) | JPMorgan Chase & Co | 6.875 | N/A | 13168 |
| 3250000 |  | Lloyds Banking Group plc | 6.068 | 06/13/36 | 3341 |
| 3075000 |  | M&T Bank Corp | 4.833 | 01/16/29 | 3100 |
| 7750000 |  | Morgan Stanley Bank NA | 5.504 | 05/26/28 | 7914 |
| 3700000 | (e),(g) | NatWest Group plc | 8.125 | N/A | 3991 |
| 14600000 |  | PNC Bank NA | 4.543 | 05/13/27 | 14607 |
| 3375000 | (f) | Royal Bank of Canada | 1.050 | 09/14/26 | 3255 |
| 10750000 | (e),(f) | Royal Bank of Canada | 4.851 | 12/14/26 | 10868 |
| 22100000 |  | Royal Bank of Canada | 6.750 | 08/24/85 | 22116 |
| 10450000 |  | Wells Fargo & Co | 4.540 | 08/15/26 | 10448 |
|  |  | TOTAL BANKS |  |  | 341486 |
|  |  | CAPITAL GOODS - 0.2% |  |  |  |
| 10625000 |  | Air Lease Corp | 5.100 | 03/01/29 | 10851 |
| 10384000 |  | Conservation Fund | 3.474 | 12/15/29 | 9804 |
| 8725000 |  | Cummins, Inc | 5.450 | 02/20/54 | 8449 |
| 7500000 |  | Deere & Co | 5.450 | 01/16/35 | 7813 |
| 2000000 |  | Johnson Controls International plc | 1.750 | 09/15/30 | 1755 |
| 1720000 |  | Nature Conservancy | 2.668 | 03/01/26 | 1696 |
| 3000000 |  | Nature Conservancy | 3.001 | 03/01/29 | 2833 |
| 6200000 | (f) | Siemens Funding BV | 5.200 | 05/28/35 | 6314 |
| 4376000 | (f) | Sociedad de Transmision Austral S.A. | 4.000 | 01/27/32 | 4073 |
|  |  | TOTAL CAPITAL GOODS |  |  | 53588 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 0.2% |  |  |  |
| 1968000 | (f) | Ambipar Lux Sarl | 9.875 | 02/06/31 | 1860 |
| 9500000 |  | Automatic Data Processing, Inc | 1.700 | 05/15/28 | 8933 |
| 10000000 |  | Automatic Data Processing, Inc | 1.250 | 09/01/30 | 8661 |
| 8200000 |  | Automatic Data Processing, Inc | 4.450 | 09/09/34 | 8041 |

---

**224** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | COMMERCIAL & PROFESSIONAL SERVICES (continued) |  |  |  |
| $15810000 | Rockefeller Foundation | 2.492% | 10/01/50 | $9316 |
|  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 36811 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0% |  |  |  |
| 5525000 | Lowe's Cos, Inc | 2.800 | 09/15/41 | 3860 |
| 5300000 | Lowe's Cos, Inc | 5.750 | 07/01/53 | 5181 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 9041 |
|  | CONSUMER SERVICES - 0.3% |  |  |  |
| 1250000 | Bush Foundation | 2.754 | 10/01/50 | 778 |
| 5915000 | Enterprise Community Loan Fund, Inc | 4.152 | 11/01/28 | 5789 |
| 2250000 | Mary Free Bed Rehabilitation Hospital | 3.786 | 04/01/51 | 1564 |
| 7725000 | Massachusetts Higher Education Assistance Corp | 2.673 | 07/01/31 | 6714 |
| 10000000 | Mather Foundation | 2.675 | 10/01/31 | 8574 |
| 1505000 | Salvation Army | 5.637 | 09/01/26 | 1515 |
| 20000000 | Salvation Army | 4.528 | 09/01/48 | 17320 |
| 8400000 | Starbucks Corp | 2.450 | 06/15/26 | 8242 |
| 5000000 | Starbucks Corp | 4.450 | 08/15/49 | 4089 |
|  | TOTAL CONSUMER SERVICES |  |  | 54585 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3% |  |  |  |
| 2000000<br> (f) | Alimentation Couche-Tard, Inc | 3.625 | 05/13/51 | 1353 |
| 10625000 | SYSCO Corp | 5.750 | 01/17/29 | 11078 |
| 13598000 | SYSCO Corp | 2.400 | 02/15/30 | 12438 |
| 6125000 | SYSCO Corp | 5.100 | 09/23/30 | 6275 |
| 6000000 | SYSCO Corp | 5.400 | 03/23/35 | 6103 |
| 18954000 | Walmart, Inc | 1.800 | 09/22/31 | 16512 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  | 53759 |
|  | ENERGY - 1.3% |  |  |  |
| 10300000<br> (f) | Amazon Conservation DAC | 6.034 | 01/16/42 | 10326 |
| 9875000 | BP Capital Markets America, Inc | 2.772 | 11/10/50 | 6025 |
| 6925000<br> (g) | BP Capital Markets plc | 6.450 | N/A | 7079 |
| 4473000 | Canadian Natural Resources Ltd | 7.200 | 01/15/32 | 4917 |
| 13500000 | Cheniere Energy Partners LP | 4.000 | 03/01/31 | 12846 |
| 4850000 | Cheniere Energy Partners LP | 5.950 | 06/30/33 | 5063 |
| 19050000<br> (i) | CIF Capital Markets Mechanism plc | 4.750 | 01/22/28 | 19413 |
| 8350000 | ConocoPhillips Co | 5.050 | 09/15/33 | 8498 |
| 8875000 | ConocoPhillips Co | 5.300 | 05/15/53 | 8185 |
| 4515000 | ConocoPhillips Co | 5.550 | 03/15/54 | 4315 |
| 6100000 | Diamondback Energy, Inc | 5.550 | 04/01/35 | 6166 |
| 10000000 | Enbridge, Inc | 5.625 | 04/05/34 | 10274 |
| 8125000 | Equinor ASA | 2.375 | 05/22/30 | 7459 |
| 13750000 | Equinor ASA | 5.125 | 06/03/35 | 13986 |
| 7932000 | Equinor ASA | 3.950 | 05/15/43 | 6645 |
| 12450000 | Equinor ASA | 3.250 | 11/18/49 | 8703 |
| 2950000 | Kinder Morgan, Inc | 5.850 | 06/01/35 | 3058 |
| 6850000 | MPLX LP | 5.500 | 06/01/34 | 6878 |
| 16777000<br> (f) | New York State Electric & Gas Corp | 5.650 | 08/15/28 | 17389 |
| 2000000<br> (f) | New York State Electric & Gas Corp | 5.850 | 08/15/33 | 2098 |
| 2025000 | Occidental Petroleum Corp | 6.050 | 10/01/54 | 1855 |
| 6800000 | Pioneer Natural Resources Co | 5.100 | 03/29/26 | 6832 |
| 2975000<br> (f) | Raizen Fuels Finance S.A. | 6.450 | 03/05/34 | 2978 |
| 6800000<br> (f) | Raizen Fuels Finance S.A. | 6.950 | 03/05/54 | 6309 |
| 7875000 | TotalEnergies Capital S.A. | 4.724 | 09/10/34 | 7824 |
| 4350000 | TotalEnergies Capital S.A. | 5.488 | 04/05/54 | 4186 |
| 14025000 | TotalEnergies Capital S.A. | 5.275 | 09/10/54 | 13128 |
| 10550000 | TotalEnergies Capital S.A. | 5.638 | 04/05/64 | 10227 |
| 10850000 | TotalEnergies Capital S.A. | 5.425 | 09/10/64 | 10151 |
| 9483000 | Williams Cos, Inc | 5.400 | 03/02/26 | 9537 |
| 10000000 | Williams Cos, Inc | 5.300 | 08/15/28 | 10272 |
| 18000000 | Woodside Finance Ltd | 5.100 | 09/12/34 | 17429 |
|  | TOTAL ENERGY |  |  | 270051 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0% |  |  |  |
| 2500000 | ERP Operating LP | 4.150 | 12/01/28 | 2499 |

---

**225** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |  |  |
| $5946000 |  | Host Hotels & Resorts LP | 2.900% | 12/15/31 | $5210 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 7709 |
|  |  | FINANCIAL SERVICES - 1.7% |  |  |  |
| 10875000 |  | Ameriprise Financial, Inc | 5.200 | 04/15/35 | 10955 |
| 5000000 |  | BB Blue Financing DAC | 4.395 | 09/20/29 | 5024 |
| 10839600 |  | BB Blue Financing DAC | 4.395 | 09/20/37 | 10566 |
| 2250000 | (f) | Clearinghouse Community Development Financial Institution | 7.000 | 10/15/30 | 2250 |
| 11645000 |  | Community Preservation Corp | 2.867 | 02/01/30 | 10707 |
| 12150000 | (e) | Ford Foundation | 2.815 | 06/01/70 | 6776 |
| 2500000 |  | Goldman Sachs Group, Inc | 4.387 | 06/15/27 | 2496 |
| 14242000 | (f) | GPS Blue Financing DAC | 5.645 | 11/09/41 | 13815 |
| 20500000 |  | HA Sustainable Infrastructure Capital, Inc | 6.150 | 01/15/31 | 20756 |
| 16362000 |  | HA Sustainable Infrastructure Capital, Inc | 6.375 | 07/01/34 | 16363 |
| 9900000 |  | HA Sustainable Infrastructure Capital, Inc | 6.750 | 07/15/35 | 10080 |
| 4470000 | (f) | HAT Holdings I LLC | 3.375 | 06/15/26 | 4375 |
| 3480000 | (e),(f) | HAT Holdings I LLC | 8.000 | 06/15/27 | 3626 |
| 9585000 | (e),(f) | HAT Holdings I LLC | 3.750 | 09/15/30 | 8759 |
| 6955000 |  | Kreditanstalt fuer Wiederaufbau | 4.375 | 02/28/34 | 7031 |
| 9875000 |  | Low Income Investment Fund | 3.711 | 07/01/29 | 9285 |
| 7725000 |  | Mastercard, Inc | 1.900 | 03/15/31 | 6819 |
| 1644000 |  | National Rural Utilities Cooperative Finance Corp | 1.350 | 03/15/31 | 1384 |
| 12255000 |  | National Rural Utilities Cooperative Finance Corp | 4.150 | 12/15/32 | 11751 |
| 1925000 |  | NHP Foundation | 5.850 | 12/01/28 | 2013 |
| 4850000 |  | NHP Foundation | 6.000 | 12/01/33 | 5193 |
| 16475000 |  | Private Export Funding Corp | 1.400 | 07/15/28 | 15350 |
| 13500000 |  | Private Export Funding Corp | 4.300 | 12/15/28 | 13722 |
| 14050000 |  | Private Export Funding Corp | 4.600 | 02/15/34 | 14228 |
| 2570000 |  | Reinvestment Fund, Inc | 3.513 | 11/01/25 | 2539 |
| 15240000 |  | Reinvestment Fund, Inc | 3.880 | 02/15/27 | 14490 |
| 7435000 |  | Reinvestment Fund, Inc | 3.930 | 02/15/28 | 6874 |
| 2200000 | (f) | Siemens Funding BV | 5.800 | 05/28/55 | 2265 |
| 4430000 | (f) | Starwood Property Trust, Inc | 4.375 | 01/15/27 | 4388 |
| 2800000 | (f) | Starwood Property Trust, Inc | 7.250 | 04/01/29 | 2945 |
| 13170000 | (f) | Starwood Property Trust, Inc | 6.000 | 04/15/30 | 13321 |
| 6668944 |  | Thirax LLC | 1.462 | 03/07/33 | 5938 |
| 10250000 | (f) | UBS Group AG. | 5.428 | 02/08/30 | 10527 |
| 9375000 | (f) | UBS Group AG. | 5.617 | 09/13/30 | 9735 |
| 9925000 | (f) | UBS Group AG. | 6.301 | 09/22/34 | 10659 |
| 4050000 | (e),(f),(g) | UBS Group AG. | 9.250 | N/A | 4420 |
| 3375000 | (f),(g) | UBS Group AG. | 9.250 | N/A | 3903 |
| 7500000 |  | Visa, Inc | 1.900 | 04/15/27 | 7240 |
| 17000000 |  | Visa, Inc | 1.100 | 02/15/31 | 14502 |
| 5308211 | (f) | WLB Asset II C Pte Ltd | 3.900 | 12/23/25 | 5184 |
| 15750000 | (f) | WLB Asset II D Pte Ltd | 6.500 | 12/21/26 | 15052 |
| 9750000 | (f) | WLB Asset VI Pte Ltd | 7.250 | 12/21/27 | 10125 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 357431 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.2% |  |  |  |
| 3725000 |  | Campbell Soup Co | 5.200 | 03/21/29 | 3814 |
| 10807000 | (f) | Mars, Inc | 4.650 | 04/20/31 | 10940 |
| 10000000 | (f) | NBM US Holdings, Inc | 6.625 | 08/06/29 | 10058 |
| 10000000 |  | PepsiCo, Inc | 3.900 | 07/18/32 | 9665 |
| 16674000 |  | PepsiCo, Inc | 2.875 | 10/15/49 | 10952 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 45429 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 0.2% |  |  |  |
| 12125000 | (i) | International Finance Facility for Immunisation Co | 4.125 | 10/29/27 | 12194 |
| 21213000 |  | Kaiser Foundation Hospitals | 2.810 | 06/01/41 | 15128 |
| 11175000 |  | McKesson Corp | 5.250 | 05/30/35 | 11352 |
| 11180000 |  | Montefiore Medical Center | 2.895 | 04/20/32 | 9831 |
| 3170000 |  | Seattle Children's Hospital | 2.719 | 10/01/50 | 1936 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 50441 |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS - 0.4% |  |  |  |
| 3800000 |  | Ecolab, Inc | 4.300 | 06/15/28 | 3826 |

---

**226** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS (continued) |  |  |  |
| $5300000 |  | Procter & Gamble Co | 3.000% | 03/25/30 | $5057 |
| 12975000 |  | Procter & Gamble Co | 1.200 | 10/29/30 | 11199 |
| 10875000 |  | Procter & Gamble Co | 4.550 | 01/29/34 | 10907 |
| 11075000 |  | Unilever Capital Corp | 2.000 | 07/28/26 | 10826 |
| 12300000 |  | Unilever Capital Corp | 4.875 | 09/08/28 | 12597 |
| 5523000 |  | Unilever Capital Corp | 2.125 | 09/06/29 | 5092 |
| 6125000 |  | Unilever Capital Corp | 1.375 | 09/14/30 | 5316 |
| 8475000 |  | Unilever Capital Corp | 1.750 | 08/12/31 | 7319 |
| 11600000 |  | Unilever Capital Corp | 4.625 | 08/12/34 | 11512 |
| 9425000 |  | Unilever Capital Corp | 2.625 | 08/12/51 | 5756 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS |  |  | 89407 |
|  |  | INSURANCE - 0.5% |  |  |  |
| 7850000 | (f) | 200 Park Funding Trust | 5.740 | 02/15/55 | 7745 |
| 14425000 | (f) | Five Corners Funding Trust II | 2.850 | 05/15/30 | 13391 |
| 5400000 |  | MetLife, Inc | 6.350 | 03/15/55 | 5546 |
| 11600000 | (f) | Muenchener Rueckversicherungs-Gesellschaft AG. in Muenchen | 5.875 | 05/23/42 | 11861 |
| 19725000 | (f) | Omnis Funding Trust | 6.722 | 05/15/55 | 20441 |
|  EUR 5,300,000 | (i) | Pacific Life Global Funding II | 3.125 | 06/18/31 | 6200 |
| 10000000 |  | Principal Financial Group, Inc | 2.125 | 06/15/30 | 8901 |
| 9850000 |  | Prudential Financial, Inc | 5.200 | 03/14/35 | 9956 |
| 2152000 |  | Prudential Financial, Inc | 3.700 | 10/01/50 | 1963 |
| 14473000 | (f) | USAA Capital Corp | 2.125 | 05/01/30 | 13163 |
|  |  | TOTAL INSURANCE |  |  | 99167 |
|  |  | MATERIALS - 0.5% |  |  |  |
| 10500000 |  | Air Products and Chemicals, Inc | 4.800 | 03/03/33 | 10584 |
| 5000000 |  | Air Products and Chemicals, Inc | 4.850 | 02/08/34 | 5012 |
| 2755000 | (f) | Alcoa Nederland Holding BV | 7.125 | 03/15/31 | 2891 |
| 10000000 |  | Amcor Group Finance plc | 5.450 | 05/23/29 | 10282 |
| 6550000 | (f) | Celulosa Arauco y Constitucion S.A. | 4.200 | 01/29/30 | 6271 |
| 9145000 | (f) | Celulosa Arauco y Constitucion S.A. | 5.150 | 01/29/50 | 7567 |
| 9000000 | (e) | Dow Chemical Co | 5.150 | 02/15/34 | 8996 |
| 8000000 | (e) | Dow Chemical Co | 5.600 | 02/15/54 | 7282 |
| 11000000 | (e),(f) | FMG Resources August 2006 Pty Ltd | 6.125 | 04/15/32 | 11189 |
| 9000000 | (f) | Inversiones CMPC S.A. | 4.375 | 04/04/27 | 8918 |
| 2150000 | (f) | Inversiones CMPC S.A. | 6.125 | 06/23/33 | 2211 |
| 4000000 | (f) | Klabin Austria GmbH | 7.000 | 04/03/49 | 4058 |
| 4000000 | (f) | Klabin Finance S.A. | 4.875 | 09/19/27 | 3962 |
| 1500000 | (e),(f) | LD Celulose International GmbH | 7.950 | 01/26/32 | 1579 |
| 11125000 | (e) | Nutrien Ltd | 5.400 | 06/21/34 | 11310 |
| 11773400 | (f) | Star Energy Geothermal Wayang Windu Ltd | 6.750 | 04/24/33 | 11962 |
|  |  | TOTAL MATERIALS |  |  | 114074 |
|  |  | MEDIA & ENTERTAINMENT - 0.1% |  |  |  |
| 5500000 |  | Alphabet, Inc | 1.100 | 08/15/30 | 4751 |
| 10275000 |  | Asian Infrastructure Investment Bank | 4.500 | 01/16/30 | 10554 |
| 11250000 |  | Comcast Corp | 4.650 | 02/15/33 | 11180 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 26485 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2% |  |  |  |
| 13250000 |  | Johnson & Johnson | 4.900 | 06/01/31 | 13701 |
| 7396000 |  | Johnson & Johnson | 2.100 | 09/01/40 | 5081 |
| 8315000 |  | Johnson & Johnson | 2.250 | 09/01/50 | 4869 |
| 15000000 |  | Pfizer Investment Enterprises Pte Ltd | 5.300 | 05/19/53 | 14160 |
| 4497000 |  | Pfizer, Inc | 2.625 | 04/01/30 | 4187 |
| 5400000 | (e) | Pfizer, Inc | 1.750 | 08/18/31 | 4675 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 46673 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |  |  |  |
| 4000000 |  | Bridge Housing Corp | 3.250 | 07/15/30 | 3666 |
| 8550000 |  | National Community Renaissance of California | 3.270 | 12/01/32 | 7371 |

---

**227** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) |  |  |  |
| $9770000 |  | Preservation Of Affordable Housing, Inc | 4.479% | 12/01/32 | $9158 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 20195 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0% |  |  |  |
| 11550000 |  | Intel Corp | 4.150 | 08/05/32 | 10950 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 10950 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% |  |  |  |
| 14250000 |  | Apple, Inc | 3.000 | 06/20/27 | 14003 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 14003 |
|  |  | TELECOMMUNICATION SERVICES - 0.1% |  |  |  |
| 7250000 | (f) | Central American Bank for Economic Integration | 4.750 | 01/24/28 | 7366 |
| 7675000 | (f) | Turkcell Iletisim Hizmetleri AS. | 7.650 | 01/24/32 | 7796 |
| 9548000 |  | Verizon Communications, Inc | 2.550 | 03/21/31 | 8564 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 23726 |
|  |  | TRANSPORTATION - 0.1% |  |  |  |
| 9475000 |  | Canadian Pacific Railway Co | 3.100 | 12/02/51 | 6226 |
| 6000000 |  | Norfolk Southern Corp | 2.300 | 05/15/31 | 5333 |
|  |  | TOTAL TRANSPORTATION |  |  | 11559 |
|  |  | UTILITIES - 3.4% |  |  |  |
| 3750000 |  | AES Corp | 1.375 | 01/15/26 | 3679 |
| 5704000 |  | AES Corp | 5.450 | 06/01/28 | 5829 |
| 4500000 |  | AES Corp | 2.450 | 01/15/31 | 3934 |
| 4950000 | (f) | AIB Group plc | 5.320 | 05/15/31 | 5037 |
| 3325000 | (f) | AltaGas Ltd | 7.200 | 10/15/54 | 3326 |
| 12325000 |  | Ameren Illinois Co | 2.900 | 06/15/51 | 7765 |
| 9325000 |  | American Water Capital Corp | 5.250 | 03/01/35 | 9449 |
| 4500000 |  | Atlantic City Electric Co | 2.300 | 03/15/31 | 3993 |
| 13200000 |  | Avangrid, Inc | 3.800 | 06/01/29 | 12895 |
|  CAD 4,125,000 | (i) | Brookfield Renewable Partners ULC | 4.542 | 10/12/35 | 3002 |
| 7050000 | (f) | Brooklyn Union Gas Co | 4.632 | 08/05/27 | 7069 |
| 10000000 | (f) | Brooklyn Union Gas Co | 4.866 | 08/05/32 | 9663 |
|  EUR 4,400,000 | (f) | California Buyer Ltd | 5.625 | 02/15/32 | 5333 |
| 5810000 | (f) | California Buyer Ltd | 6.375 | 02/15/32 | 5819 |
| 5375000 |  | CMS Energy Corp | 6.500 | 06/01/55 | 5388 |
| 5300000 | (f) | Colbun S.A. | 3.150 | 01/19/32 | 4708 |
| 2125000 | (f) | Comision Federal de Electricidad | 6.450 | 01/24/35 | 2099 |
| 17500000 |  | Commonwealth Edison Co | 2.750 | 09/01/51 | 10579 |
| 5600000 |  | Connecticut Light and Power Co | 4.650 | 01/01/29 | 5669 |
| 7525000 | (f) | Consorcio Transmantaro SA | 4.700 | 04/16/34 | 7225 |
| 6200000 |  | Consumers Energy Co | 4.600 | 05/30/29 | 6264 |
| 13366222 | (f) | Continental Wind LLC | 6.000 | 02/28/33 | 13733 |
| 2250000 | (f) | ContourGlobal Power Holdings S.A. | 6.750 | 02/28/30 | 2318 |
| 14752000 |  | Dominion Energy, Inc | 2.250 | 08/15/31 | 12899 |
| 11750000 |  | Dominion Energy, Inc | 7.000 | 06/01/54 | 12607 |
| 11736000 |  | DTE Electric Co | 3.950 | 03/01/49 | 9211 |
| 9025000 |  | DTE Electric Co | 3.250 | 04/01/51 | 6165 |
| 3000000 |  | DTE Electric Co | 3.650 | 03/01/52 | 2205 |
| 3688000 |  | Duke Energy Carolinas LLC | 2.850 | 03/15/32 | 3308 |
| 4975000 |  | Duke Energy Carolinas LLC | 3.550 | 03/15/52 | 3586 |
| 10000000 |  | Duke Energy Florida LLC | 2.500 | 12/01/29 | 9286 |
| 7931000 |  | Duke Energy Florida LLC | 2.400 | 12/15/31 | 7017 |
| 10000000 |  | Duke Energy Florida LLC | 3.000 | 12/15/51 | 6316 |
| 4000000 |  | Duke Energy Progress LLC | 3.450 | 03/15/29 | 3891 |
| 5276000 |  | Duke Energy Progress LLC | 4.000 | 04/01/52 | 4048 |
| 20250000 | (f) | Electricite de France S.A. | 3.625 | 10/13/25 | 20168 |
| 6375000 |  | Florida Power & Light Co | 4.625 | 05/15/30 | 6459 |
| 9885000 |  | Georgia Power Co | 3.250 | 04/01/26 | 9801 |
| 12125000 | (f) | International Development Association | 4.375 | 11/27/29 | 12368 |
| 13375000 | (e),(f) | International Development Association | 4.000 | 06/11/30 | 13432 |
| 4925000 | (f) | International Development Association | 4.500 | 02/12/35 | 4988 |
| 14641000 | (f) | Liberty Utilities Finance GP | 2.050 | 09/15/30 | 12855 |
| 5550000 | (i) | Masdar Abu Dhabi Future Energy Co | 4.875 | 05/21/30 | 5609 |
| 7511000 |  | MidAmerican Energy Co | 3.650 | 04/15/29 | 7366 |

---

**228** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | UTILITIES (continued) | UTILITIES (continued) | UTILITIES (continued) | UTILITIES (continued) |
| $5725000 |  | MidAmerican Energy Co | 5.350% | 01/15/34 | $5932 |
| 1000000 |  | MidAmerican Energy Co | 3.950 | 08/01/47 | 789 |
| 1925000 |  | MidAmerican Energy Co | 5.850 | 09/15/54 | 1981 |
| 11250000 |  | National Fuel Gas Co | 2.950 | 03/01/31 | 10031 |
| 3375000 |  | National Fuel Gas Co | 5.950 | 03/15/35 | 3450 |
| 11610000 | (f) | New York State Electric & Gas Corp | 2.150 | 10/01/31 | 9956 |
| 6275000 |  | NextEra Energy Capital Holdings, Inc | 6.750 | 06/15/54 | 6510 |
| 3829000 | (e),(f) | NextEra Energy Operating Partners LP | 7.250 | 01/15/29 | 3925 |
| 13000000 | (f) | Niagara Mohawk Power Corp | 1.960 | 06/27/30 | 11477 |
| 9750000 | (f) | Niagara Mohawk Power Corp | 4.119 | 11/28/42 | 7924 |
| 11436000 |  | Northern States Power Co | 2.900 | 03/01/50 | 7444 |
| 623000 |  | Northern States Power Co | 2.600 | 06/01/51 | 376 |
| 7868000 |  | Northern States Power Co | 3.200 | 04/01/52 | 5350 |
| 8125000 |  | Northern States Power Co | 5.400 | 03/15/54 | 7833 |
| 5250000 |  | Northwest Natural Gas Co | 3.078 | 12/01/51 | 3200 |
| 21737000 |  | Pacific Gas and Electric Co | 6.700 | 04/01/53 | 21796 |
| 10534000 |  | PacifiCorp | 2.900 | 06/15/52 | 6237 |
| 5512008 |  | PG&E Recovery Funding LLC | 4.838 | 06/01/33 | 5540 |
| 11375000 |  | PG&E Recovery Funding LLC | 5.231 | 06/01/42 | 11279 |
| 4750000 |  | PG&E Recovery Funding LLC | 5.529 | 06/01/49 | 4675 |
| 7113000 |  | Piedmont Natural Gas Co, Inc | 3.350 | 06/01/50 | 4742 |
| 2100000 |  | PPL Electric Utilities Corp | 4.850 | 02/15/34 | 2100 |
| 5000000 |  | Public Service Co of Colorado | 3.200 | 03/01/50 | 3327 |
| 16100000 |  | Public Service Co of Colorado | 5.750 | 05/15/54 | 15835 |
| 11879000 |  | Public Service Co of Oklahoma | 2.200 | 08/15/31 | 10277 |
| 1651000 |  | Public Service Electric and Gas Co | 3.100 | 03/15/32 | 1510 |
| 4875000 |  | Public Service Electric and Gas Co | 4.650 | 03/15/33 | 4845 |
| 6134000 |  | Public Service Electric and Gas Co | 3.200 | 08/01/49 | 4256 |
| 9300000 |  | Public Service Electric and Gas Co | 5.125 | 03/15/53 | 8748 |
| 13315000 | (f) | RWE Finance US LLC | 6.250 | 04/16/54 | 13257 |
| 16684000 |  | San Diego Gas & Electric Co | 4.950 | 08/15/28 | 17034 |
| 19738000 |  | San Diego Gas & Electric Co | 2.950 | 08/15/51 | 12419 |
| 1801527 |  | SCE Recovery Funding LLC | 1.977 | 11/15/28 | 1719 |
| 7100000 |  | SCE Recovery Funding LLC | 2.943 | 11/15/42 | 5724 |
| 2640000 |  | SCE Recovery Funding LLC | 3.240 | 11/15/46 | 1870 |
| 17356154 | (f) | Solar Star Funding LLC | 3.950 | 06/30/35 | 16496 |
| 16781308 | (f) | Solar Star Funding LLC | 5.375 | 06/30/35 | 17268 |
| 8429000 |  | Southern California Edison Co | 2.750 | 02/01/32 | 7255 |
| 8300000 |  | Southern California Edison Co | 5.200 | 06/01/34 | 8050 |
| 1493000 |  | Southern California Edison Co | 3.650 | 06/01/51 | 987 |
| 5000000 |  | Southern California Edison Co | 3.450 | 02/01/52 | 3141 |
| 12318000 |  | Southwestern Electric Power Co | 3.250 | 11/01/51 | 7959 |
| 18650000 |  | Southwestern Public Service Co | 3.150 | 05/01/50 | 12076 |
| 3690000 | (b),(e),(f) | Sunnova Energy Corp | 5.875 | 09/01/26 | 74 |
| 15678080 | (f) | Sweihan PV Power Co PJSC | 3.625 | 01/31/49 | 12926 |
| 8612000 | (f) | TerraForm Power Operating LLC | 5.000 | 01/31/28 | 8524 |
| 14841701 | (f) | Topaz Solar Farms LLC | 4.875 | 09/30/39 | 13061 |
| 12408093 | (f) | Topaz Solar Farms LLC | 5.750 | 09/30/39 | 12182 |
| 7101255 | (f) | UEP Penonome II S.A. | 6.500 | 10/01/38 | 6283 |
| 12250000 |  | Union Electric Co | 2.150 | 03/15/32 | 10553 |
| 19626000 |  | Union Electric Co | 2.625 | 03/15/51 | 11676 |
| 3146000 |  | Union Electric Co | 3.900 | 04/01/52 | 2397 |
| 3775000 | (f),(g) | Vistra Corp | 7.000 | N/A | 3820 |
|  |  | TOTAL UTILITIES |  |  | 716457 |
|  |  | TOTAL CORPORATE BONDS<br> (Cost $2,593,540) |  |  | 2477648 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | GOVERNMENT BONDS - 23.4% |  |  |  |
|  |  | AGENCY SECURITIES - 0.6% |  |  |  |
| 180027 |  | Abay Leasing LLC | 2.654 | 11/09/26 | 177 |
| 11603572 |  | Crowley Conro LLC | 4.181 | 08/15/43 | 10259 |

---

**229** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | AGENCY SECURITIES (continued) | AGENCY SECURITIES (continued) | AGENCY SECURITIES (continued) | AGENCY SECURITIES (continued) |
| $1628592 |  | Ethiopian Leasing LLC | 2.566% | 08/14/26 | $1594 |
| 125705 |  | Export-Import Bank of the United States | 2.578 | 12/10/25 | 125 |
| 25000000 |  | Federal Home Loan Mortgage Corp | 1.540 | 08/17/35 | 18641 |
| 18880000 |  | Federal National Mortgage Association | 0.875 | 08/05/30 | 16312 |
| 9000000 |  | Federal National Mortgage Association | 1.625 | 08/24/35 | 6799 |
| 1500000 | (c) | India Government AID Bond, (LIBOR 3 M + 0.100%) | 4.954 | 02/01/27 | 1480 |
| 7765000 |  | Private Export Funding Corp | 3.900 | 10/15/27 | 7767 |
| 71904 |  | Sandalwood LLC | 2.836 | 07/10/25 | 72 |
| 333101 |  | Sandalwood LLC | 2.821 | 02/12/26 | 332 |
| 18768660 |  | Thirax LLC | 0.968 | 01/14/33 | 16475 |
| 3023579 |  | Thirax 2 LLC | 2.320 | 01/22/34 | 2756 |
| 5000000 |  | United States Department of Housing and Urban Development | 3.535 | 08/01/36 | 4421 |
| 1775000 |  | United States International Development Finance Corp | 1.440 | 04/15/28 | 1677 |
| 1000000 |  | United States International Development Finance Corp | 1.650 | 04/15/28 | 950 |
| 3283848 |  | United States International Development Finance Corp | 1.790 | 10/15/29 | 3127 |
| 10262024 |  | United States International Development Finance Corp | 2.360 | 10/15/29 | 9882 |
| 1776500 |  | United States International Development Finance Corp | 2.930 | 05/15/30 | 1715 |
| 2935900 |  | United States International Development Finance Corp | 3.040 | 05/15/30 | 2842 |
| 7271856 |  | United States International Development Finance Corp | 1.630 | 07/15/38 | 5960 |
| 4487774 |  | United States International Development Finance Corp | 2.450 | 07/15/38 | 3875 |
|  |  | TOTAL AGENCY SECURITIES |  |  | 117238 |
|  |  | FOREIGN GOVERNMENT BONDS - 3.3% |  |  |  |
| 9623000 |  | African Development Bank | 4.125 | 02/25/27 | 9662 |
| 6100000 |  | African Development Bank | 3.500 | 09/18/29 | 6023 |
| 10200000 | (i) | Agence Francaise de Developpement EPIC | 4.875 | 01/16/30 | 10501 |
| 11850000 | (f) | Arab Petroleum Investments Corp | 1.483 | 10/06/26 | 11413 |
| 14000000 | (f) | Arab Petroleum Investments Corp | 5.428 | 05/02/29 | 14389 |
| 22676000 |  | Asian Development Bank | 3.125 | 09/26/28 | 22234 |
| 10000000 |  | Asian Development Bank | 3.875 | 06/14/33 | 9829 |
| 6263000 |  | Asian Infrastructure Investment Bank | 0.500 | 01/27/26 | 6130 |
| 5375000 | (e) | Asian Infrastructure Investment Bank | 4.875 | 09/14/26 | 5433 |
| 5600000 | (c) | Asian Infrastructure Investment Bank, (SOFR Compounded Index + 0.620%) | 4.986 | 08/16/27 | 5636 |
| 3000000 | (c),(f) | Asian Infrastructure Investment Bank, (SOFR Compounded Index + 0.620%) | 4.986 | 08/16/27 | 3019 |
| 7000000 |  | Asian Infrastructure Investment Bank | 4.125 | 01/18/29 | 7076 |
| 6400000 |  | Asian Infrastructure Investment Bank | 4.250 | 03/13/34 | 6413 |
|  EUR 7,925,000 | (f) | Banque Ouest Africaine de Developpement | 2.750 | 01/22/33 | 7908 |
| 4500000 | (f) | Caisse d'Amortissement de la Dette Sociale | 4.875 | 09/19/26 | 4545 |
| 4750000 | (f) | Caisse d'Amortissement de la Dette Sociale | 1.375 | 01/20/31 | 4109 |
| 5000000 | (f) | Caisse d'Amortissement de la Dette Sociale | 2.125 | 01/26/32 | 4391 |
| 10000000 |  | Canada Government International Bond | 3.750 | 04/26/28 | 10003 |
| 13600000 |  | Canada Government International Bond | 4.000 | 03/18/30 | 13704 |
| 2877898 |  | Canal Barge Co, Inc | 4.500 | 11/12/34 | 2846 |
| 4450000 | (f) | Central American Bank for Economic Integration | 5.000 | 02/09/26 | 4462 |
| 2000000 |  | Central American Bank for Economic Integration | 5.000 | 02/09/26 | 2005 |
| 10075000 |  | Chile Government International Bond | 3.100 | 05/07/41 | 7479 |
| 8025000 |  | Colombia Government International Bond | 8.000 | 11/14/35 | 8059 |
| 4800000 |  | Colombia Government International Bond | 8.750 | 11/14/53 | 4748 |
| 5725000 | (f) | Dominican Republic International Bond | 6.600 | 06/01/36 | 5756 |
| 13711000 |  | European Investment Bank | 2.125 | 04/13/26 | 13503 |
| 2250000 |  | European Investment Bank | 2.375 | 05/24/27 | 2192 |
| 11961000 |  | European Investment Bank | 0.625 | 10/21/27 | 11147 |
| 6250000 |  | European Investment Bank | 3.250 | 11/15/27 | 6182 |
| 11600000 |  | European Investment Bank | 1.625 | 10/09/29 | 10618 |
| 10000000 |  | European Investment Bank | 0.875 | 05/17/30 | 8692 |
| 19749000 |  | European Investment Bank | 0.750 | 09/23/30 | 16867 |
| 7700000 |  | European Investment Bank | 4.375 | 10/10/31 | 7866 |
| 6445000 |  | European Investment Bank | 3.750 | 02/14/33 | 6314 |
| 2000000 |  | European Investment Bank | 4.875 | 02/15/36 | 2094 |
| 11250000 |  | Export Development Canada | 3.750 | 09/07/27 | 11244 |
| 13050000 |  | Export Development Canada | 3.875 | 02/14/28 | 13083 |
| 10000000 |  | Export Development Canada | 4.125 | 02/13/29 | 10109 |
| 11400000 |  | Export Development Canada | 4.000 | 06/20/30 | 11531 |

---

**230** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | FOREIGN GOVERNMENT BONDS (continued) | FOREIGN GOVERNMENT BONDS (continued) | FOREIGN GOVERNMENT BONDS (continued) | FOREIGN GOVERNMENT BONDS (continued) |
| $18675000 |  | Export Development Canada | 4.750% | 06/05/34 | $19345 |
| 4500000 |  | Inter-American Development Bank | 4.500 | 05/15/26 | 4516 |
| 4868000 |  | Inter-American Development Bank | 1.125 | 07/20/28 | 4500 |
| 5000000 |  | Inter-American Development Bank | 1.125 | 01/13/31 | 4310 |
| 15800000 |  | Inter-American Development Bank | 3.500 | 04/12/33 | 15123 |
| 2644000 |  | Inter-American Investment Corp | 0.625 | 02/10/26 | 2586 |
| 19785000 |  | Inter-American Investment Corp | 4.126 | 02/15/28 | 19918 |
| 14750000 |  | International Bank for Reconstruction & Development | 3.125 | 11/20/25 | 14676 |
| 23780000 |  | International Bank for Reconstruction & Development | 0.000 | 03/31/27 | 22163 |
| 5250000 |  | International Bank for Reconstruction & Development | 0.000 | 03/31/28 | 5153 |
| 25000000 |  | International Bank for Reconstruction & Development | 1.745 | 07/31/33 | 25000 |
| 5000000 | (f) | International Development Association | 0.875 | 04/28/26 | 4869 |
| 14750000 |  | International Finance Corp | 4.750 | 03/16/26 | 14776 |
| 13000000 |  | International Finance Corp | 2.126 | 04/07/26 | 12806 |
| 4300000 |  | International Finance Corp | 4.375 | 01/15/27 | 4332 |
| 10643000 |  | International Finance Facility for Immunisation Co | 1.000 | 04/21/26 | 10373 |
| 3050000 |  | Japan Bank for International Cooperation | 1.625 | 01/20/27 | 2941 |
| 1750000 |  | Japan Bank for International Cooperation | 4.875 | 10/18/28 | 1800 |
| 3930000 |  | Japan International Cooperation Agency | 4.250 | 05/22/30 | 3962 |
| 8750000 |  | Japan International Cooperation Agency | 1.750 | 04/28/31 | 7645 |
| 4175000 | (f) | Kommuninvest I Sverige AB | 4.625 | 09/29/28 | 4285 |
| 8250000 | (f) | Korea Electric Power Corp | 4.875 | 01/31/27 | 8319 |
| 6500000 |  | Kreditanstalt fuer Wiederaufbau | 1.750 | 09/14/29 | 5995 |
| 6500000 | (f) | Kuntarahoitus Oyj | 3.625 | 10/09/29 | 6434 |
| 13000000 |  | Landwirtschaftliche Rentenbank | 0.875 | 09/03/30 | 11199 |
| 12375000 | (f) | Nederlandse Waterschapsbank NV | 4.000 | 06/01/28 | 12432 |
| 4450000 | (f) | Nederlandse Waterschapsbank NV | 4.375 | 02/28/29 | 4520 |
| 10250000 | (f) | Nederlandse Waterschapsbank NV | 4.500 | 01/16/30 | 10494 |
| 7000000 |  | Nederlandse Waterschapsbank NV | 1.000 | 05/28/30 | 6082 |
| 4430000 |  | Nederlandse Waterschapsbank NV | 1.000 | 05/28/30 | 3849 |
| 15641000 |  | OMERS Finance Trust | 3.500 | 04/19/32 | 14800 |
| 7666000 | (f) | OMERS Finance Trust | 3.500 | 04/19/32 | 7254 |
| 750000 |  | OMERS Finance Trust | 4.000 | 04/19/52 | 580 |
| 4825000 | (f) | OMERS Finance Trust | 4.000 | 04/19/52 | 3731 |
| 5030000 |  | OPEC Fund for International Development | 4.500 | 01/26/26 | 5030 |
| 4970000 | (f) | OPEC Fund for International Development | 4.500 | 01/26/26 | 4970 |
| 11750000 |  | Province of Ontario Canada | 5.050 | 04/24/34 | 12185 |
| 9100000 |  | Province of Ontario Canada | 4.850 | 06/11/35 | 9274 |
| 5000000 |  | Province of Quebec Canada | 7.500 | 09/15/29 | 5673 |
| 10625000 |  | Province of Quebec Canada | 4.500 | 09/08/33 | 10637 |
| 10500000 |  | Province of Quebec Canada | 4.250 | 09/05/34 | 10261 |
| 7750000 |  | Republic of Italy Government International Bond | 4.000 | 10/17/49 | 5646 |
| 5100000 | (f) | Serbia International Bond | 6.000 | 06/12/34 | 5141 |
|  |  | TOTAL FOREIGN GOVERNMENT BONDS |  |  | 698800 |
|  |  | MORTGAGE BACKED - 10.9% | MORTGAGE BACKED - 10.9% | MORTGAGE BACKED - 10.9% | MORTGAGE BACKED - 10.9% |
| 2115000 | (c),(f) | Angel Oak Mortgage Trust | 2.837 | 11/25/66 | 1516 |
| 52044691 | (c),(f) | Citigroup Mortgage Loan Trust | 0.154 | 02/25/52 | 471 |
| 5834553 | (c),(f) | Citigroup Mortgage Loan Trust | 0.250 | 02/25/52 | 81 |
| 10555000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.405 | 03/25/42 | 10881 |
| 19159000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 4.650%) | 8.956 | 06/25/42 | 20441 |
| 2930000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.350%) | 7.655 | 01/25/43 | 3059 |
| 3840000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.856 | 05/25/43 | 4059 |
| 13540482 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.406 | 06/25/43 | 14145 |
| 4574000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 2.700%) | 7.005 | 07/25/43 | 4727 |
| 5720000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 6052 |
| 4470000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.855 | 10/25/43 | 4715 |
| 627540 |  | Fannie Mae Pool | 3.500 | 05/01/32 | 619 |
| 803908 |  | Fannie Mae Pool | 5.000 | 05/01/35 | 815 |
| 549374 |  | Fannie Mae Pool | 5.000 | 10/01/35 | 557 |
| 418755 |  | Fannie Mae Pool | 5.000 | 02/01/36 | 425 |
| 907603 |  | Fannie Mae Pool | 5.500 | 11/01/38 | 932 |
| 118892 |  | Fannie Mae Pool | 3.000 | 05/01/40 | 111 |

---

**231** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | MORTGAGE BACKED (continued) |  |  |  |
| $325270 | Fannie Mae Pool | 5.000% | 09/01/40 | $329 |
| 820362 | Fannie Mae Pool | 5.000 | 05/01/41 | 831 |
| 575114 | Fannie Mae Pool | 4.000 | 09/01/42 | 552 |
| 1011659 | Fannie Mae Pool | 4.500 | 03/01/44 | 1001 |
| 46322044 | Fannie Mae Pool | 4.000 | 05/01/44 | 44356 |
| 268656 | Fannie Mae Pool | 4.500 | 06/01/44 | 262 |
| 2972250 | Fannie Mae Pool | 4.500 | 06/01/44 | 2903 |
| 601601 | Fannie Mae Pool | 4.500 | 08/01/44 | 588 |
| 1564939 | Fannie Mae Pool | 4.500 | 10/01/44 | 1529 |
| 2902528 | Fannie Mae Pool | 4.500 | 11/01/44 | 2835 |
| 516513 | Fannie Mae Pool | 5.000 | 11/01/44 | 523 |
| 811965 | Fannie Mae Pool | 4.500 | 12/01/44 | 793 |
| 336080 | Fannie Mae Pool | 4.000 | 01/01/45 | 321 |
| 137168 | Fannie Mae Pool | 4.500 | 03/01/45 | 134 |
| 249400 | Fannie Mae Pool | 4.500 | 04/01/45 | 244 |
| 1662874 | Fannie Mae Pool | 3.500 | 05/01/45 | 1547 |
| 2388078 | Fannie Mae Pool | 3.500 | 01/01/46 | 2217 |
| 475801 | Fannie Mae Pool | 4.000 | 04/01/46 | 451 |
| 2761640 | Fannie Mae Pool | 3.500 | 06/01/46 | 2552 |
| 1852275 | Fannie Mae Pool | 3.500 | 07/01/46 | 1713 |
| 2984670 | Fannie Mae Pool | 3.500 | 07/01/46 | 2798 |
| 819229 | Fannie Mae Pool | 3.500 | 08/01/46 | 757 |
| 257648 | Fannie Mae Pool | 3.000 | 10/01/46 | 224 |
| 2253991 | Fannie Mae Pool | 3.500 | 10/01/46 | 2081 |
| 943431 | Fannie Mae Pool | 4.500 | 05/01/47 | 939 |
| 1122929 | Fannie Mae Pool | 4.000 | 10/01/47 | 1063 |
| 227120 | Fannie Mae Pool | 3.500 | 11/01/47 | 213 |
| 232561 | Fannie Mae Pool | 4.500 | 11/01/47 | 227 |
| 12606 | Fannie Mae Pool | 3.500 | 01/01/48 | 12 |
| 2554337 | Fannie Mae Pool | 3.500 | 01/01/48 | 2342 |
| 1681055 | Fannie Mae Pool | 4.500 | 01/01/48 | 1636 |
| 1299967 | Fannie Mae Pool | 4.500 | 02/01/48 | 1265 |
| 1104155 | Fannie Mae Pool | 4.500 | 05/01/48 | 1074 |
| 752642 | Fannie Mae Pool | 4.500 | 05/01/48 | 732 |
| 9688037 | Fannie Mae Pool | 3.000 | 07/01/50 | 8592 |
| 5819213 | Fannie Mae Pool | 2.500 | 08/01/51 | 4883 |
| 3706623 | Fannie Mae Pool | 3.000 | 09/01/51 | 3265 |
| 3992156 | Fannie Mae Pool | 2.500 | 12/01/51 | 3343 |
| 11577978 | Fannie Mae Pool | 2.500 | 02/01/52 | 9717 |
| 3907053 | Fannie Mae Pool | 3.500 | 02/01/52 | 3562 |
| 10154262 | Fannie Mae Pool | 3.000 | 04/01/52 | 8803 |
| 1151243 | Fannie Mae Pool | 3.500 | 04/01/52 | 1038 |
| 9852210 | Fannie Mae Pool | 3.500 | 05/01/52 | 8923 |
| 23277552 | Fannie Mae Pool | 3.500 | 05/01/52 | 20996 |
| 19213026 | Fannie Mae Pool | 4.000 | 05/01/52 | 17902 |
| 12344676 | Fannie Mae Pool | 3.000 | 06/01/52 | 10692 |
| 11415412 | Fannie Mae Pool | 3.500 | 06/01/52 | 10318 |
| 37207306 | Fannie Mae Pool | 3.500 | 06/01/52 | 33617 |
| 51376641 | Fannie Mae Pool | 4.000 | 06/01/52 | 47874 |
| 3775610 | Fannie Mae Pool | 4.500 | 06/01/52 | 3620 |
| 37069960 | Fannie Mae Pool | 4.000 | 07/01/52 | 34542 |
| 3519672 | Fannie Mae Pool | 4.500 | 07/01/52 | 3372 |
| 16485168 | Fannie Mae Pool | 4.000 | 08/01/52 | 15360 |
| 30826087 | Fannie Mae Pool | 4.500 | 08/01/52 | 29541 |
| 24195410 | Fannie Mae Pool | 5.000 | 08/01/52 | 23832 |
| 72405542 | Fannie Mae Pool | 4.000 | 09/01/52 | 67465 |
| 199146400 | Fannie Mae Pool | 4.500 | 09/01/52 | 190850 |
| 10073282 | Fannie Mae Pool | 5.000 | 09/01/52 | 9921 |
| 62049909 | Fannie Mae Pool | 4.000 | 10/01/52 | 57720 |
| 53752517 | Fannie Mae Pool | 4.500 | 10/01/52 | 51515 |
| 63988402 | Fannie Mae Pool | 5.000 | 10/01/52 | 63020 |
| 52117615 | Fannie Mae Pool | 4.500 | 11/01/52 | 49950 |

---

**232** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |
| $27218062 | Fannie Mae Pool | 5.500% | 12/01/52 | $27297 |
| 154671 | Fannie Mae Pool | 5.000 | 01/01/53 | 152 |
| 34757634 | Fannie Mae Pool | 5.000 | 02/01/53 | 34181 |
| 5171869 | Fannie Mae Pool | 6.000 | 02/01/53 | 5270 |
| 2750548 | Fannie Mae Pool | 6.000 | 03/01/53 | 2802 |
| 30069569 | Fannie Mae Pool | 5.000 | 04/01/53 | 29566 |
| 2468633 | Fannie Mae Pool | 6.000 | 05/01/53 | 2517 |
| 8622065 | Fannie Mae Pool | 5.000 | 06/01/53 | 8529 |
| 41329092 | Fannie Mae Pool | 5.500 | 06/01/53 | 41390 |
| 7600180 | Fannie Mae Pool | 4.500 | 07/01/53 | 7282 |
| 8203697 | Fannie Mae Pool | 5.000 | 07/01/53 | 8061 |
| 14245497 | Fannie Mae Pool | 5.000 | 08/01/53 | 13997 |
| 43671675 | Fannie Mae Pool | 5.500 | 08/01/53 | 43729 |
| 82269486 | Fannie Mae Pool | 5.500 | 10/01/53 | 82359 |
| 665233 | Fannie Mae Pool | 6.000 | 01/01/54 | 677 |
| 12978732 | Fannie Mae Pool | 4.000 | 02/01/54 | 12103 |
| 48517967 | Fannie Mae Pool | 5.500 | 05/01/54 | 48527 |
| 3822040 | Fannie Mae Pool | 6.000 | 06/01/54 | 3886 |
| 37053016 | Fannie Mae Pool | 5.500 | 10/01/54 | 37060 |
| 5496169 | Fannie Mae Pool | 6.000 | 10/01/54 | 5587 |
| 1162431<br> (c) | Fannie Mae REMICS, (SOFR30A + 5.836%) | 1.530 | 09/25/43 | 121 |
| 2396839 | Fannie Mae REMICS | 3.000 | 07/25/45 | 2184 |
| 4341265 | Fannie Mae REMICS | 3.500 | 02/25/48 | 3843 |
| 3226934 | Fannie Mae REMICS | 4.000 | 07/25/48 | 3059 |
| 4722895 | Fannie Mae REMICS | 2.000 | 08/25/50 | 604 |
| 16043549 | Fannie Mae REMICS | 2.000 | 08/25/50 | 10637 |
| 6515692 | Fannie Mae REMICS | 2.000 | 10/25/50 | 4405 |
| 11618141 | Fannie Mae REMICS | 2.500 | 11/25/50 | 1622 |
| 4142080 | Fannie Mae REMICS | 3.000 | 12/25/50 | 744 |
| 3473073 | Fannie Mae REMICS | 3.000 | 02/25/51 | 582 |
| 4541387 | Fannie Mae REMICS | 2.500 | 11/25/51 | 524 |
| 12401571 | Fannie Mae REMICS | 3.500 | 04/25/52 | 9510 |
| 2600258 | Fannie Mae REMICS | 4.000 | 05/25/52 | 2086 |
| 7079680 | Fannie Mae REMICS | 4.500 | 07/25/52 | 6204 |
| 2599138 | Fannie Mae REMICS | 4.500 | 08/25/52 | 2230 |
| 1959640 | Fannie Mae REMICS | 4.000 | 09/25/52 | 1688 |
| 2441151 | Fannie Mae REMICS | 4.000 | 09/25/52 | 2031 |
| 1889557 | Fannie Mae REMICS | 4.500 | 10/25/52 | 1684 |
| 2168651 | Fannie Mae REMICS | 4.500 | 10/25/52 | 1966 |
| 3889469 | Fannie Mae REMICS | 5.500 | 11/25/52 | 3887 |
| 9792851<br> (c) | Fannie Mae-Aces | 2.907 | 02/25/27 | 9596 |
| 3142214<br> (c) | Fannie Mae-Aces | 3.413 | 06/25/28 | 3080 |
| 2620 | Freddie Mac Gold Pool | 8.000 | 01/01/31 | 3 |
| 67168 | Freddie Mac Gold Pool | 4.500 | 07/01/33 | 67 |
| 453271 | Freddie Mac Gold Pool | 7.000 | 12/01/33 | 478 |
| 87008 | Freddie Mac Gold Pool | 7.000 | 05/01/35 | 92 |
| 333615 | Freddie Mac Gold Pool | 5.000 | 06/01/36 | 339 |
| 107616 | Freddie Mac Gold Pool | 5.000 | 07/01/39 | 109 |
| 71027 | Freddie Mac Gold Pool | 4.000 | 06/01/42 | 68 |
| 155292 | Freddie Mac Gold Pool | 4.500 | 10/01/44 | 152 |
| 218241 | Freddie Mac Gold Pool | 4.500 | 11/01/44 | 213 |
| 394756 | Freddie Mac Gold Pool | 4.500 | 11/01/44 | 386 |
| 202824 | Freddie Mac Gold Pool | 4.500 | 12/01/44 | 196 |
| 195875 | Freddie Mac Gold Pool | 4.500 | 12/01/44 | 192 |
| 895065 | Freddie Mac Gold Pool | 3.500 | 04/01/45 | 833 |
| 3340880 | Freddie Mac Gold Pool | 3.500 | 10/01/45 | 3109 |
| 60180 | Freddie Mac Gold Pool | 3.000 | 04/01/47 | 53 |
| 371373 | Freddie Mac Gold Pool | 4.500 | 06/01/47 | 363 |
| 785294 | Freddie Mac Gold Pool | 4.000 | 09/01/47 | 745 |
| 637458 | Freddie Mac Gold Pool | 3.500 | 12/01/47 | 589 |
| 2575548 | Freddie Mac Gold Pool | 4.500 | 08/01/48 | 2520 |
| 5160958 | Freddie Mac Pool | 2.310 | 12/01/31 | 4594 |

---

**233** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |
| $6799386 |  | Freddie Mac Pool | 3.740% | 06/01/37 | $6149 |
| 7236443 |  | Freddie Mac Pool | 3.350 | 08/01/37 | 6379 |
| 2236631 |  | Freddie Mac Pool | 3.400 | 12/01/37 | 1970 |
| 5646500 |  | Freddie Mac Pool | 4.300 | 12/01/37 | 5365 |
| 1817046 |  | Freddie Mac Pool | 3.500 | 03/01/38 | 1630 |
| 640000 |  | Freddie Mac Pool | 4.330 | 05/01/38 | 612 |
| 3143189 |  | Freddie Mac Pool | 2.970 | 07/01/38 | 2639 |
| 3365383 |  | Freddie Mac Pool | 4.550 | 07/01/38 | 3241 |
| 5775000 |  | Freddie Mac Pool | 3.500 | 10/01/38 | 5066 |
| 395071 |  | Freddie Mac Pool | 3.160 | 11/01/38 | 336 |
| 1853500 |  | Freddie Mac Pool | 3.910 | 01/01/39 | 1688 |
| 2293500 |  | Freddie Mac Pool | 4.750 | 12/01/39 | 2256 |
| 3338302 |  | Freddie Mac Pool | 3.000 | 01/01/41 | 2712 |
| 759540 |  | Freddie Mac Pool | 4.250 | 09/01/42 | 720 |
| 4062065 |  | Freddie Mac Pool | 3.000 | 11/01/49 | 3594 |
| 3530020 |  | Freddie Mac Pool | 2.500 | 11/01/51 | 2940 |
| 9545173 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 8433 |
| 1142740 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 1006 |
| 984211 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 875 |
| 1389120 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 1227 |
| 3985285 |  | Freddie Mac Pool | 2.500 | 01/01/52 | 3314 |
| 9485058 |  | Freddie Mac Pool | 2.500 | 02/01/52 | 7962 |
| 301582 |  | Freddie Mac Pool | 3.000 | 02/01/52 | 261 |
| 6038616 |  | Freddie Mac Pool | 3.000 | 03/01/52 | 5230 |
| 4738995 |  | Freddie Mac Pool | 2.500 | 04/01/52 | 3955 |
| 13684291 |  | Freddie Mac Pool | 4.000 | 04/01/52 | 12761 |
| 20497727 |  | Freddie Mac Pool | 3.000 | 05/01/52 | 17767 |
| 456808 |  | Freddie Mac Pool | 3.000 | 06/01/52 | 398 |
| 37763 |  | Freddie Mac Pool | 3.000 | 06/01/52 | 33 |
| 8021816 |  | Freddie Mac Pool | 4.500 | 06/01/52 | 7687 |
| 239655 |  | Freddie Mac Pool | 4.500 | 07/01/52 | 229 |
| 8030769 |  | Freddie Mac Pool | 4.500 | 07/01/52 | 7695 |
| 8817621 |  | Freddie Mac Pool | 6.000 | 11/01/52 | 8987 |
| 14251621 |  | Freddie Mac Pool | 5.000 | 01/01/53 | 14034 |
| 10620722 |  | Freddie Mac Pool | 5.000 | 06/01/53 | 10431 |
| 9698878 |  | Freddie Mac Pool | 5.000 | 08/01/53 | 9550 |
| 18068696 |  | Freddie Mac Pool | 5.500 | 08/01/53 | 18095 |
| 6291841 |  | Freddie Mac REMICS | 3.500 | 01/15/47 | 5621 |
| 1241357 |  | Freddie Mac REMICS | 4.000 | 10/15/47 | 1169 |
| 2217286 |  | Freddie Mac REMICS | 4.000 | 11/15/47 | 2114 |
| 5549246 |  | Freddie Mac REMICS | 4.000 | 01/15/48 | 5281 |
| 6471869 |  | Freddie Mac REMICS | 4.000 | 03/15/48 | 6145 |
| 1811727 |  | Freddie Mac REMICS | 4.000 | 04/15/48 | 1724 |
| 5850465 |  | Freddie Mac REMICS | 4.000 | 04/15/48 | 5528 |
| 2516094 | (c) | Freddie Mac REMICS, (SOFR30A + 9.737%) | 2.851 | 06/15/48 | 2333 |
| 1712983 | (c) | Freddie Mac REMICS, (SOFR30A + 9.657%) | 2.771 | 10/15/48 | 1501 |
| 5798895 |  | Freddie Mac REMICS | 2.000 | 09/25/50 | 3880 |
| 2377062 |  | Freddie Mac REMICS | 2.000 | 09/25/50 | 308 |
| 6493255 |  | Freddie Mac REMICS | 3.000 | 09/25/50 | 4747 |
| 4955315 |  | Freddie Mac REMICS | 3.000 | 10/25/50 | 3512 |
| 15127484 |  | Freddie Mac REMICS | 2.500 | 02/25/51 | 2490 |
| 6119803 |  | Freddie Mac REMICS | 2.500 | 05/25/51 | 3839 |
| 1702143 |  | Freddie Mac REMICS | 4.000 | 08/25/52 | 1426 |
| 2913538 |  | Freddie Mac REMICS | 4.500 | 10/25/52 | 2708 |
| 3600074 |  | Freddie Mac REMICS | 5.500 | 11/25/52 | 3646 |
| 2864229 |  | Freddie Mac REMICS | 5.500 | 02/25/53 | 2818 |
| 500000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 7.100%) | 11.405 | 01/25/42 | 534 |
| 2285000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.750%) | 9.055 | 02/25/42 | 2395 |
| 3000000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 5.650%) | 8.647 | 04/25/42 | 3210 |
| 12695000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%) | 7.655 | 05/25/42 | 13202 |
| 15033292 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.500%) | 8.805 | 06/25/42 | 15990 |
| 7881000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.000%) | 8.305 | 07/25/42 | 8324 |

---

**234** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |
| $11830000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.550%) | 7.855% | 08/25/42 | $12389 |
| 6442557 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.700%) | 8.005 | 09/25/42 | 6792 |
| 9695000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%) | 7.556 | 04/25/43 | 10172 |
| 7970000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.500%) | 7.805 | 05/25/43 | 8425 |
| 58931 | (c),(f) | Freddie Mac STACR Securitized Participation Interests Trust | 3.782 | 02/25/48 | 57 |
| 74055 | (c),(f) | Freddie Mac STACR Securitized Participation Interests Trust | 3.848 | 05/25/48 | 72 |
| 6480804 |  | Ginnie Mae I Pool | 2.690 | 06/15/33 | 6037 |
| 5504188 |  | Ginnie Mae I Pool | 3.700 | 10/15/33 | 5322 |
| 44753 |  | Ginnie Mae I Pool | 5.000 | 04/15/38 | 45 |
| 6377167 |  | Ginnie Mae I Pool | 3.700 | 08/15/40 | 5906 |
| 10523747 |  | Ginnie Mae I Pool | 2.750 | 01/15/45 | 9837 |
| 83629 |  | Ginnie Mae II Pool | 6.500 | 11/20/38 | 87 |
| 3517195 |  | Ginnie Mae II Pool | 3.500 | 12/20/46 | 3255 |
| 2409095 |  | Ginnie Mae II Pool | 3.500 | 01/20/47 | 2232 |
| 1287752 |  | Ginnie Mae II Pool | 3.500 | 10/20/50 | 1184 |
| 24236454 |  | Ginnie Mae II Pool | 3.000 | 06/20/51 | 21462 |
| 39232949 |  | Ginnie Mae II Pool | 3.000 | 12/20/51 | 34718 |
| 22563138 |  | Ginnie Mae II Pool | 3.000 | 01/20/52 | 19972 |
| 4787981 |  | Ginnie Mae II Pool | 2.500 | 02/20/52 | 3993 |
| 19944802 |  | Ginnie Mae II Pool | 3.500 | 04/20/52 | 18196 |
| 34661198 |  | Ginnie Mae II Pool | 3.500 | 07/20/52 | 31617 |
| 6248526 |  | Ginnie Mae II Pool | 4.000 | 08/20/52 | 5839 |
| 14533952 |  | Ginnie Mae II Pool | 4.500 | 08/20/52 | 14029 |
| 54243021 |  | Ginnie Mae II Pool | 4.000 | 09/20/52 | 50695 |
| 3269132 |  | Ginnie Mae II Pool | 5.000 | 09/20/52 | 3229 |
| 7927668 |  | Ginnie Mae II Pool | 5.000 | 11/20/52 | 7827 |
| 26974296 |  | Ginnie Mae II Pool | 3.500 | 12/20/52 | 24622 |
| 34584242 |  | Ginnie Mae II Pool | 4.500 | 12/20/52 | 33358 |
| 15077996 |  | Ginnie Mae II Pool | 4.500 | 02/20/53 | 14528 |
| 1169068 |  | Ginnie Mae II Pool | 5.000 | 02/20/53 | 1153 |
| 5144935 |  | Ginnie Mae II Pool | 3.000 | 08/20/53 | 4557 |
| 10735700 |  | Government National Mortgage Association | 5.000 | 01/20/40 | 2069 |
| 5002813 |  | Government National Mortgage Association | 4.500 | 03/20/40 | 879 |
| 8095026 |  | Government National Mortgage Association | 5.000 | 03/20/40 | 1558 |
| 6411204 |  | Government National Mortgage Association | 2.500 | 10/16/43 | 5727 |
| 6412591 |  | Government National Mortgage Association | 2.500 | 12/20/43 | 5753 |
| 2185959 |  | Government National Mortgage Association | 3.000 | 03/20/45 | 1967 |
| 878377 |  | Government National Mortgage Association | 4.000 | 06/20/46 | 99 |
| 2918910 |  | Government National Mortgage Association | 5.000 | 09/20/46 | 544 |
| 11388300 |  | Government National Mortgage Association | 3.000 | 11/20/51 | 8154 |
| 13536419 |  | Government National Mortgage Association | 3.000 | 12/20/51 | 9851 |
| 9338301 |  | Government National Mortgage Association | 3.000 | 01/20/52 | 6934 |
| 11092915 |  | Government National Mortgage Association | 3.000 | 02/20/52 | 7542 |
| 7836898 |  | Government National Mortgage Association | 4.000 | 04/20/52 | 6645 |
| 8500732 |  | Government National Mortgage Association | 5.000 | 04/20/52 | 1551 |
| 2629053 |  | Government National Mortgage Association | 4.000 | 07/20/52 | 2168 |
| 4706243 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 4178 |
| 3841344 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 3581 |
| 3230350 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 3062 |
| 3473616 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 3088 |
| 4097717 |  | Government National Mortgage Association | 4.500 | 02/20/53 | 3750 |
| 3631433 |  | Government National Mortgage Association | 5.500 | 02/20/53 | 3612 |
| 6369586 | (c) | Government National Mortgage Association, (SOFR30A + 6.950%) | 2.648 | 05/20/53 | 533 |
| 4737360 | (c) | Government National Mortgage Association, (SOFR30A + 23.205%) | 6.428 | 08/20/53 | 5207 |
| 2689579 | (c) | Government National Mortgage Association, (SOFR30A + 25.350%) | 8.573 | 08/20/53 | 3182 |
| 7517071 |  | Government National Mortgage Association | 5.000 | 12/20/53 | 7178 |
| 6692172 |  | Government National Mortgage Association | 2.500 | 04/20/54 | 4783 |
| 4529266 |  | Government National Mortgage Association (GNMA) | 3.000 | 02/20/51 | 4019 |
| 14637684 |  | Government National Mortgage Association (GNMA) | 4.500 | 10/20/52 | 14135 |
| 57999795 | (c),(f) | GS Mortgage-Backed Securities Corp Trust | 0.151 | 08/25/51 | 501 |
| 1823148 | (c),(f) | GS Mortgage-Backed Securities Corp Trust | 2.500 | 08/25/51 | 1474 |
| 7250601 | (c),(f) | GS Mortgage-Backed Securities Trust | 2.500 | 11/25/51 | 5854 |

---

**235** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) | MORTGAGE BACKED (continued) |
| $4074649 | (c),(f) | GS Mortgage-Backed Securities Trust | 2.500% | 03/25/52 | $3304 |
| 1999288 | (c),(f) | GS Mortgage-Backed Securities Trust | 2.825 | 05/28/52 | 1657 |
| 17611554 | (c),(f) | GS Mortgage-Backed Securities Trust | 3.000 | 01/25/53 | 14986 |
| 95293 | (c) | Impac CMB Trust, (TSFR1M + 0.774%) | 5.094 | 03/25/35 | 87 |
| 2911802 | (c),(f) | J.P. Morgan Mortgage Trust | 3.242 | 10/25/52 | 2362 |
| 182425 | (c),(f) | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 166 |
| 220517 | (c),(f) | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 197 |
| 76822 | (c),(f) | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 72 |
| 16295271 | (c),(f) | JP Morgan Mortgage Trust | 0.118 | 06/25/51 | 106 |
| 28654714 | (c),(f) | JP Morgan Mortgage Trust | 0.108 | 11/25/51 | 171 |
| 2103533 | (c),(f) | JP Morgan Mortgage Trust | 2.500 | 11/25/51 | 1706 |
| 28758996 | (c),(f) | JP Morgan Mortgage Trust | 0.115 | 12/25/51 | 184 |
| 2510009 | (c),(f) | JP Morgan Mortgage Trust | 2.500 | 12/25/51 | 2036 |
| 3016914 | (c),(f) | JP Morgan Mortgage Trust | 2.845 | 12/25/51 | 2422 |
| 3623353 | (c),(f) | JP Morgan Mortgage Trust | 2.500 | 01/25/52 | 2932 |
| 5828534 | (c),(f) | JP Morgan Mortgage Trust | 2.500 | 06/25/52 | 4705 |
| 7576325 | (c),(f) | JP Morgan Mortgage Trust | 3.000 | 06/25/52 | 6459 |
| 32942496 | (f) | JP Morgan Mortgage Trust | 0.224 | 07/25/52 | 319 |
| 5659065 | (c),(f) | JP Morgan Mortgage Trust | 2.500 | 07/25/52 | 4569 |
| 8112842 | (c),(f) | JP Morgan Mortgage Trust | 3.250 | 07/25/52 | 7182 |
| 8746732 | (c),(f) | JP Morgan Mortgage Trust | 3.000 | 08/25/52 | 7402 |
| 4495796 | (c),(f) | JP Morgan Mortgage Trust | 3.000 | 10/25/52 | 3804 |
| 4469463 | (c),(f) | JP Morgan Mortgage Trust | 3.000 | 11/25/52 | 3779 |
| 6093346 | (c),(f) | JP Morgan Mortgage Trust | 3.000 | 04/25/53 | 5156 |
| 339259 | (c),(f) | JP Morgan Mortgage Trust | 5.000 | 06/25/53 | 328 |
| 2322037 | (c),(f) | JP Morgan Mortgage Trust | 5.500 | 06/25/53 | 2296 |
| 3320735 | (c),(f) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 08/25/51 | 2691 |
| 2327817 | (c),(f) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 2071 |
| 2153639 | (c),(f) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 1743 |
| 1824159 | (c),(f) | RCKT Mortgage Trust | 3.006 | 09/25/51 | 1463 |
| 5998055 | (c),(f) | RCKT Mortgage Trust | 2.500 | 02/25/52 | 4864 |
| 2889372 | (c),(f) | RCKT Mortgage Trust | 3.000 | 05/25/52 | 2447 |
| 1192294 | (c),(f) | RCKT Mortgage Trust | 3.189 | 05/25/52 | 989 |
| 52849 | (c),(f) | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 50 |
| 147812 | (c),(f) | Sequoia Mortgage Trust | 3.500 | 12/25/49 | 133 |
| 2552321 | (c),(f) | Sequoia Mortgage Trust | 2.500 | 06/25/51 | 2070 |
| 226585 | (c),(f) | Shellpoint Co-Originator Trust | 3.500 | 10/25/47 | 208 |
| 255468 | (f) | Verus Securitization Trust (Step Bond) | 2.733 | 05/25/65 | 247 |
|  |  | TOTAL MORTGAGE BACKED |  |  | 2331463 |
|  |  | MUNICIPAL BONDS - 1.6% | MUNICIPAL BONDS - 1.6% | MUNICIPAL BONDS - 1.6% | MUNICIPAL BONDS - 1.6% |
| 9835000 |  | American Municipal Power, Inc | 6.270 | 02/15/50 | 10120 |
| 1990000 |  | California Health Facilities Financing Authority | 2.984 | 06/01/33 | 1764 |
| 2430000 |  | California Health Facilities Financing Authority | 4.190 | 06/01/37 | 2277 |
| 2130000 |  | California Health Facilities Financing Authority | 4.353 | 06/01/41 | 1934 |
| 50000 |  | California Municipal Finance Authority | 2.288 | 08/15/28 | 47 |
| 3035000 |  | City & County of Honolulu HI | 2.668 | 10/01/27 | 2958 |
| 5645000 |  | City & County of Honolulu HI | 3.974 | 09/01/35 | 5314 |
| 1615000 |  | City & County of Honolulu HI | 4.004 | 09/01/36 | 1500 |
| 10250000 |  | City & County of San Francisco CA | 5.770 | 06/15/45 | 10350 |
| 7085000 |  | City & County of San Francisco CA | 4.000 | 04/01/47 | 5442 |
| 4910000 |  | City & County of San Francisco CA | 5.450 | 06/15/64 | 4706 |
| 350000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 3.091 | 09/01/36 | 300 |
| 5500000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 4.000 | 09/01/48 | 4399 |
| 7790000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 3.482 | 09/01/50 | 5548 |
| 1240000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 6.332 | 09/01/51 | 1279 |
| 7500000 |  | City of Los Angeles CA | 3.880 | 09/01/38 | 6705 |
| 1125000 |  | City of Los Angeles CA | 4.750 | 09/01/38 | 1071 |
| 5445000 |  | City of Los Angeles CA | 4.800 | 09/01/39 | 5156 |
| 7190000 |  | City of Los Angeles CA | 5.000 | 09/01/42 | 6813 |
| 1530000 |  | City of Los Angeles Department of Airports Customer Facility Charge Revenue | 3.158 | 05/15/29 | 1472 |
| 1780000 | (f) | City of Miami FL | 4.808 | 01/01/39 | 1692 |
| 3300000 |  | City of New York NY | 5.094 | 10/01/49 | 3118 |

---

**236** 

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) |
| $3000000 |  | City of New York NY | 5.828% | 10/01/53 | $3096 |
| 4835000 |  | City of Oakland CA | 2.070 | 01/15/29 | 4490 |
| 3025000 |  | City of Port Lions AK | 7.500 | 10/01/52 | 3143 |
| 3725000 |  | City of San Francisco CA Public Utilities Commission Water Revenue | 3.950 | 11/01/36 | 3389 |
| 1000000 |  | City of San Juan Capistrano CA | 3.700 | 08/01/31 | 975 |
| 5255000 |  | City of Seattle WA Local Improvement District No 6751 | 2.999 | 11/01/43 | 4394 |
| 5235000 |  | City of Seattle WA Local Improvement District No 6751 | 3.079 | 11/01/43 | 4326 |
| 4000000 |  | Columbus Metropolitan Housing Authority | 5.050 | 04/01/30 | 3995 |
| 1000000 | (f) | County of Gallatin MT | 11.500 | 09/01/27 | 1031 |
| 3500000 | (f) | County of Gallatin MT | 11.500 | 09/01/27 | 3607 |
| 5000000 |  | County of Santa Clara CA | 4.970 | 08/01/39 | 4929 |
| 10000000 |  | District of Columbia Water & Sewer Authority | 4.814 | 10/01/14 | 8540 |
| 17963743 |  | Freddie Mac Multifamily Variable Rate Certificate | 4.050 | 08/25/38 | 16999 |
| 640000 |  | Henry County Water Authority | 3.000 | 01/01/43 | 464 |
| 850000 |  | Henry County Water Authority | 3.200 | 01/01/49 | 573 |
| 1000000 |  | Honolulu City & County Board of Water Supply | 2.327 | 07/01/32 | 885 |
| 6430000 |  | Lavaca-Navidad River Authority | 4.430 | 08/01/35 | 6333 |
| 1025000 |  | Maine State Housing Authority | 2.331 | 11/15/30 | 908 |
| 2495000 |  | Maryland Community Development Administration Housing Revenue | 3.797 | 03/01/39 | 2175 |
| 1500000 |  | Maryland Economic Development Corp | 5.433 | 05/31/56 | 1430 |
| 3925000 |  | Maryland Economic Development Corp | 5.942 | 05/31/57 | 3897 |
| 3000000 |  | Massachusetts Clean Energy Cooperative Corp | 2.020 | 07/01/28 | 2822 |
| 3000000 |  | Massachusetts Clean Energy Cooperative Corp | 2.485 | 07/01/32 | 2630 |
| 11675000 |  | Metropolitan Water Reclamation District of Greater Chicago | 5.720 | 12/01/38 | 12080 |
| 4225000 |  | Minnesota Housing Finance Agency | 5.897 | 08/01/49 | 4224 |
| 6580000 |  | Minnesota Housing Finance Agency | 5.947 | 08/01/54 | 6589 |
| 22250000 | (c),(f) | New Hampshire Business Finance Authority | 4.650 | 02/01/29 | 22250 |
| 8295000 | (c),(f) | New Hampshire Business Finance Authority | 4.520 | 07/01/33 | 8295 |
| 6750000 |  | New Hampshire Business Finance Authority | 5.876 | 12/01/35 | 7007 |
| 2740000 |  | New Hampshire Business Finance Authority | 5.694 | 11/01/45 | 2647 |
| 1960000 |  | New Hampshire Business Finance Authority | 5.775 | 11/01/54 | 1866 |
| 720000 |  | New Jersey Economic Development Authority | 5.298 | 03/01/32 | 742 |
| 2500000 |  | New York City Housing Development Corp | 3.720 | 11/01/39 | 2071 |
| 5500000 |  | New York City Housing Development Corp | 5.448 | 08/01/54 | 5177 |
| 2400000 |  | New York State Energy Research & Development Authority | 6.222 | 04/01/40 | 2417 |
| 17500000 |  | New York Transportation Development Corp | 5.000 | 01/01/26 | 17575 |
| 7420000 |  | New York Transportation Development Corp | 6.971 | 06/30/51 | 7319 |
| 6925000 | (a),(b),(f) | Pennsylvania Economic Development Financing Authority | 10.000 | 12/01/29 | 1 |
| 1170000 |  | Pharr Economic Development Corp | 3.513 | 08/15/30 | 1130 |
| 1140000 |  | Pharr Economic Development Corp | 3.893 | 08/15/33 | 1083 |
| 405000 | (a),(b) | Public Finance Authority | 15.000 | 12/31/25 | 0^ |
| 1735000 | (f) | Public Finance Authority | 7.500 | 06/01/29 | 1681 |
| 6700000 |  | Public Finance Authority | 5.292 | 07/01/29 | 6831 |
| 5000000 | (f) | Public Finance Authority | 6.250 | 06/01/31 | 5030 |
| 1250000 |  | Redevelopment Authority of the City of Philadelphia | 1.927 | 09/01/27 | 1195 |
| 640000 |  | Redevelopment Authority of the City of Philadelphia | 4.711 | 09/01/30 | 652 |
| 1935000 |  | Redevelopment Authority of the City of Philadelphia | 5.226 | 09/01/40 | 1892 |
| 1005000 |  | Sales Tax Securitization Corp | 5.293 | 01/01/41 | 984 |
| 10045000 |  | San Francisco City & County Public Utilities Commission Wastewater Revenue | 4.655 | 10/01/27 | 10189 |
| 2000000 |  | San Francisco City & County Redevelopment Agency | 4.375 | 08/01/44 | 1682 |
| 1315000 |  | South Dakota Housing Development Authority | 5.460 | 05/01/53 | 1337 |
| 3770000 |  | State of Oregon | 5.832 | 05/01/45 | 3885 |
| 3000 |  | State of Wisconsin | 5.700 | 05/01/26 | 3 |
| 1650000 | (f) | Syracuse Industrial Development Agency | 5.000 | 01/01/36 | 1230 |
| 315000 |  | Tampa Bay Water | 2.612 | 10/01/25 | 314 |
| 1965000 |  | Tampa Bay Water | 2.612 | 10/01/25 | 1957 |
| 3225000 |  | Tampa Bay Water | 2.782 | 10/01/26 | 3221 |
| 3000000 |  | Tampa Bay Water | 2.952 | 10/01/27 | 2997 |
| 1255000 |  | Texas Water Development Board | 4.248 | 10/15/35 | 1224 |
| 4170000 |  | Texas Water Development Board | 4.648 | 04/15/50 | 3776 |
| 3020000 |  | Toledo-Lucas County Port Authority | 5.850 | 11/15/49 | 2909 |
| 1830000 |  | United Nations Development Corp | 6.536 | 08/01/55 | 1914 |

---

**237** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) | MUNICIPAL BONDS (continued) |
| $1000000 |  | University of Cincinnati | 3.250% | 06/01/29 | $1000 |
| 18000000 |  | University of New Mexico | 3.532 | 06/20/32 | 17551 |
| 500000 |  | Upper Allegheny Joint Sanitary Authority | 3.550 | 09/01/39 | 431 |
| 1500000 |  | Upper Allegheny Joint Sanitary Authority | 3.800 | 09/01/49 | 1192 |
|  |  | TOTAL MUNICIPAL BONDS |  |  | 346546 |
|  |  | U.S. TREASURY SECURITIES - 7.0% |  |  |  |
| 240359000 |  | United States Treasury Note | 3.750 | 06/30/27 | 240509 |
| 149866000 |  | United States Treasury Note | 3.875 | 06/15/28 | 150662 |
| 132885000 |  | United States Treasury Note | 3.875 | 06/30/30 | 133394 |
| 240013000 |  | United States Treasury Note | 4.125 | 06/30/32 | 240201 |
| 208114000 |  | United States Treasury Note | 4.250 | 05/15/35 | 208439 |
| 108579000 |  | United States Treasury Note | 5.000 | 05/15/45 | 111531 |
| 158477000 |  | United States Treasury Note | 4.625 | 02/15/55 | 154268 |
| 10000000 |  | United States Treasury Note/Bond | 2.625 | 05/31/27 | 9793 |
| 14508000 |  | United States Treasury Note/Bond | 1.875 | 02/15/41 | 9979 |
| 4700000 |  | United States Treasury Note/Bond | 2.250 | 05/15/41 | 3413 |
| 202078800 |  | United States Treasury Note/Bond | 2.375 | 02/15/42 | 147012 |
| 29796000 |  | United States Treasury Note/Bond | 3.250 | 05/15/42 | 24646 |
| 35830000 |  | United States Treasury Note/Bond | 2.875 | 11/15/46 | 26380 |
| 2500000 |  | United States Treasury Note/Bond | 3.000 | 02/15/49 | 1842 |
| 40008000 |  | United States Treasury Note/Bond | 2.250 | 02/15/52 | 24438 |
| 4021000 |  | United States Treasury Note/Bond | 4.625 | 05/15/54 | 3905 |
|  |  | TOTAL U.S. TREASURY SECURITIES |  |  | 1490412 |
|  |  | TOTAL GOVERNMENT BONDS<br> (Cost $5,114,546) |  |  | 4984459 |
| SHARES |  | DESCRIPTION |  |  | VALUE (000) |
|  |  | PREFERRED STOCKS - 0.1% |  |  |  |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |  |  |  |
| 390000 |  | Brookfield Property Partners LP |  |  | 5905 |
| 681850 |  | Brookfield Property Partners LP |  |  | 8864 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 14769 |
|  |  | UTILITIES - 0.0% |  |  |  |
| 490000 |  | Brookfield Infrastructure Partners LP |  |  | 8198 |
| 308000 | (e) | Brookfield Renewable Partners LP |  |  | 5337 |
|  |  | TOTAL UTILITIES |  |  | 13535 |
|  |  | TOTAL PREFERRED STOCKS<br> (Cost $46,746) |  |  | 28304 |
| SHARES |  | DESCRIPTION |  | EXPIRATION DATE | VALUE (000) |
|  |  | RIGHTS/WARRANTS - 0.0% |  |  |  |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 0.0% |  |  |  |
| 774 | (a) | ABIOMED, Inc |  | 12/31/29 | 1 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 1 |
|  |  | TOTAL RIGHTS/WARRANTS<br> (Cost $1) |  |  | 1 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | STRUCTURED ASSETS - 3.8% |  |  |  |
|  |  | ASSET BACKED - 1.2% |  |  |  |
| 2043634 | (f) | Air Canada Pass Through Trust, Series 2017 1 | 3.550 | 01/15/30 | 1910 |
| 1000000 | (c),(f) | BFLD Trust, (TSFR1M + 2.214%), Series 2020 EYP | 6.526 | 10/15/35 | 42 |
| 31914 | (c) | C-BASS Trust, (TSFR1M + 0.274%), Series 2006 CB6 | 3.364 | 07/25/36 | 32 |
| 6270000 | (f) | Centersquare Issuer LLC, Series 2025 1A | 5.500 | 03/26/55 | 6063 |
| 3505152 |  | Delta Air Lines Pass Through Trust, Series 2020 1 | 2.000 | 06/10/28 | 3299 |
| 12497439 |  | Delta Air Lines Pass Through Trust, Series 2020 1 | 2.500 | 06/10/28 | 11806 |
| 11875000 | (f) | Frontier Issuer LLC, Series 2023 1 | 6.600 | 08/20/53 | 12063 |
| 5750000 | (f) | Frontier Issuer LLC, Series 2023 1 | 8.300 | 08/20/53 | 5935 |
| 7540000 | (f) | Frontier Issuer LLC, Series 2024 1 | 6.190 | 06/20/54 | 7764 |
| 1500000 | (f) | Frontier Issuer LLC, Series 2024 1 | 11.160 | 06/20/54 | 1684 |
| 2733837 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2021 3CS | 2.100 | 05/20/48 | 2141 |

---

**238** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | ASSET BACKED (continued) | ASSET BACKED (continued) | ASSET BACKED (continued) | ASSET BACKED (continued) |
| $2923334 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2021 4GS | 1.930% | 07/20/48 | $2342 |
| 10643246 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2021 5CS | 2.310 | 10/20/48 | 8771 |
| 3705974 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2022 1GS | 2.700 | 01/20/49 | 3198 |
| 2912593 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2022 1GS | 2.940 | 01/20/49 | 2102 |
| 13160088 | (f) | GoodLeap Sustainable Home Solutions Trust, Series 2022 3CS | 4.950 | 07/20/49 | 11864 |
| 8297000 | (f) | Grace Trust, Series 2020 GRCE | 2.347 | 12/10/40 | 7298 |
| 1664597 | (f) | HERO Funding Trust, Series 2015 1A | 3.840 | 09/21/40 | 1565 |
| 441595 | (f) | HERO Funding Trust, Series 2014 2A | 3.990 | 09/21/40 | 414 |
| 837823 | (f) | HERO Funding Trust, Series 2016 2A | 3.750 | 09/20/41 | 784 |
| 773783 | (f) | HERO Funding Trust, Series 2016 1A | 4.050 | 09/20/41 | 732 |
| 296983 | (f) | HERO Funding Trust, Series 2016 3A | 3.080 | 09/20/42 | 270 |
| 2394752 | (f) | HERO Funding Trust, Series 2017 1A | 3.710 | 09/20/47 | 2163 |
| 2326736 | (f) | HERO Funding Trust, Series 2017 3A | 3.190 | 09/20/48 | 2055 |
| 544262 | (f) | HERO Funding Trust, Series 2017 2A | 3.280 | 09/20/48 | 485 |
| 2512807 | (f) | HERO Funding Trust, Series 2018 1A | 4.670 | 09/20/48 | 2336 |
| 1900537 | (f) | HERO Funding Trust, Series 2021 1A | 2.240 | 09/20/51 | 1550 |
| 7375000 | (f) | Hertz Vehicle Financing III LLC, Series 2023 2A | 5.570 | 09/25/29 | 7527 |
| 6955 | (c) | Home Equity Asset Trust, (TSFR1M + 1.614%), Series 2003 1 | 3.986 | 06/25/33 | 7 |
| 2667515 | (f) | Loanpal Solar Loan Ltd, Series 2021 1GS | 2.290 | 01/20/48 | 2223 |
| 4654822 | (f) | Loanpal Solar Loan Ltd, Series 2021 2GS | 2.220 | 03/20/48 | 3767 |
| 971897 | (f) | Mosaic Solar Loan Trust, Series 2020 1A | 2.100 | 04/20/46 | 863 |
| 1345036 | (f) | Mosaic Solar Loan Trust, Series 2020 1A | 3.100 | 04/20/46 | 1181 |
| 1623994 | (f) | Mosaic Solar Loan Trust, Series 2021 1A | 2.050 | 12/20/46 | 1292 |
| 1305000 | (f) | Mosaic Solar Loan Trust, Series 2024 1A | 10.000 | 09/20/49 | 813 |
| 2499174 | (f) | Mosaic Solar Loan Trust, Series 2021 3A | 1.440 | 06/20/52 | 2034 |
| 2081794 | (f) | Mosaic Solar Loans LLC, Series 2017 2A | 3.820 | 06/22/43 | 1950 |
| 2666329 | (f) | Mosaic Solar Loans LLC, Series 2021 2A | 1.640 | 04/22/47 | 2196 |
| 750000 | (f) | Progress Residential Trust, Series 2021 SFR9 | 2.711 | 11/17/40 | 707 |
| 1659432 | (f) | Renew, Series 2017 1A | 3.670 | 09/20/52 | 1539 |
| 3353374 | (f) | Renew, Series 2018 1 | 3.950 | 09/20/53 | 3133 |
| 3087573 | (f) | Renew, Series 2021 1 | 2.060 | 11/20/56 | 2473 |
| 4010407 |  | SCE Recovery Funding LLC, Series 2021 A-1 | 0.861 | 11/15/31 | 3563 |
| 194514 | (c) | Structured Asset Investment Loan Trust, (TSFR1M + 1.014%), Series 2004 8 | 5.334 | 09/25/34 | 186 |
| 5844491 | (f) | Sunnova Helios VII Issuer LLC, Series 2021 C | 2.030 | 10/20/48 | 4835 |
| 3316464 | (f) | Sunnova Helios VIII Issuer LLC, Series 2022 A | 2.790 | 02/22/49 | 2771 |
| 2169510 | (f) | Sunnova Helios XII Issuer LLC, Series 2023 B | 5.600 | 08/22/50 | 1615 |
| 2389196 | (f) | Sunrun Athena Issuer LLC, Series 2018 1 | 5.310 | 04/30/49 | 2269 |
| 8041498 | (f) | Sunrun Atlas Issuer LLC, Series 2019 2 | 3.610 | 02/01/55 | 7613 |
| 4970583 | (f) | Sunrun Callisto Issuer LLC, Series 2021 2A | 2.270 | 01/30/57 | 4398 |
| 4914715 | (f) | Sunrun Julius Issuer LLC, Series 2023 2A | 6.600 | 01/30/59 | 4918 |
| 6512371 | (f) | Sunrun Jupiter Issuer LLC, Series 2022 1A | 4.750 | 07/30/57 | 6165 |
| 2885218 | (f) | Sunrun Neptune Issuer LLC, Series 2024 1A | 6.270 | 02/01/55 | 2805 |
| 8250000 | (f) | Switch ABS Issuer LLC, Series 2025 1A | 5.036 | 03/25/55 | 8138 |
| 804293 | (f) | Tesla Auto Lease Trust, Series 2023 A | 5.890 | 06/22/26 | 805 |
| 4585535 | (f) | Tesla Auto Lease Trust, Series 2023 B | 6.130 | 09/21/26 | 4600 |
| 1413319 | (f) | Tesla Auto Lease Trust, Series 2024 B | 4.790 | 01/20/27 | 1414 |
| 2385000 | (f) | Tesla Auto Lease Trust, Series 2023 B | 6.220 | 03/22/27 | 2398 |
| 5390000 | (f) | Tesla Auto Lease Trust, Series 2024 A | 5.300 | 06/21/27 | 5406 |
| 5380000 | (f) | Tesla Auto Lease Trust, Series 2023 B | 6.570 | 08/20/27 | 5427 |
| 10265000 | (f) | Tesla Auto Lease Trust, Series 2024 B | 4.820 | 10/20/27 | 10312 |
| 10013000 | (f) | Tesla Auto Lease Trust, Series 2024 B | 4.880 | 06/20/28 | 10068 |
| 2232229 | (f) | Tesla Electric Vehicle Trust, Series 2023 1 | 5.540 | 12/21/26 | 2236 |
| 4650000 | (f) | Tesla Electric Vehicle Trust, Series 2023 1 | 5.380 | 06/20/28 | 4689 |
| 1500000 | (f) | Tesla Electric Vehicle Trust, Series 2023 1 | 5.380 | 02/20/29 | 1527 |
| 2562476 |  | Toyota Auto Receivables Owner Trust, Series 2021 B | 0.530 | 10/15/26 | 2558 |
| 12350348 | (f) | Vivint Colar Financing V LLC, Series 2018 1A | 4.730 | 04/30/48 | 11692 |
| 4165932 | (f) | Vivint Solar Financing VII LLC, Series 2020 1A | 2.210 | 07/31/51 | 3732 |
|  |  | TOTAL ASSET BACKED |  |  | 248513 |
|  |  | OTHER MORTGAGE BACKED - 2.6% |  |  |  |
| 4000000 | (f) | 225 Liberty Street Trust, Series 2016 225L | 3.597 | 02/10/36 | 3820 |
| 61723 | (c),(f) | Agate Bay Mortgage Trust, Series 2015 6 | 3.500 | 09/25/45 | 57 |
| 1500000 | (c),(f) | Alen Mortgage Trust, (TSFR1M + 2.364%), Series 2021 ACEN | 6.676 | 04/15/34 | 1368 |

---

**239** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) | OTHER MORTGAGE BACKED (continued) | OTHER MORTGAGE BACKED (continued) | OTHER MORTGAGE BACKED (continued) |
| $4000000 | (f) | BANK, Series 2019 BN21 | 2.500% | 10/17/52 | $2928 |
| 6500000 | (c) | BANK, Series 2019 BN21 | 3.517 | 10/17/52 | 5605 |
| 8000000 | (c) | BANK, Series 2019 BN22 | 3.570 | 11/15/62 | 7066 |
| 4940000 | (c),(f) | BBCMS Mortgage Trust, Series 2018 CHRS | 4.409 | 08/05/38 | 4127 |
| 2750000 | (f) | BBCMS Trust, Series 2015 SRCH | 4.798 | 08/10/35 | 2614 |
| 1316000 | (c),(f) | BBCMS Trust, Series 2015 SRCH | 5.122 | 08/10/35 | 1233 |
| 8870000 | (c),(f) | Benchmark Mortgage Trust, Series 2019 B10 | 4.029 | 03/15/62 | 6627 |
| 5200000 | (f) | BMO 360A, Series 2022 C1 | 3.776 | 02/17/55 | 4648 |
| 4690000 | (c),(f) | BX Commercial Mortgage Trust, (TSFR1M + 1.312%), Series 2021 XL2 | 5.624 | 10/15/38 | 4690 |
| 6000000 | (c),(f) | BX TRUST, (TSFR1M + 1.490%), Series 2022 AHP | 5.802 | 01/17/39 | 5989 |
| 6000000 | (c),(f) | BX TRUST, (TSFR1M + 1.840%), Series 2022 AHP | 6.182 | 01/17/39 | 5986 |
| 2901500 | (c),(f) | CCRC Affordable Multifamily Housing Mortgage Trust, Series 2017 Q005 | 5.631 | 06/25/34 | 2647 |
| 2000000 | (c) | CD Mortgage Trust, Series 2016 CD2 | 3.879 | 11/10/49 | 1751 |
| 14270000 | (f) | Century Plaza Towers, Series 2019 CPT | 2.865 | 11/13/39 | 13027 |
| 1000000 | (c),(f) | Century Plaza Towers, Series 2019 CPT | 3.097 | 11/13/39 | 899 |
| 1750000 | (c),(f) | Century Plaza Towers, Series 2019 CPT | 3.097 | 11/13/39 | 1428 |
| 1206840 | (c),(f) | CIM Trust, Series 2021 J2 | 2.671 | 04/25/51 | 980 |
| 2000000 | (c) | Citigroup Commercial Mortgage Trust, Series 2015 GC29 | 4.113 | 04/10/48 | 1822 |
| 1615000 |  | Citigroup Commercial Mortgage Trust, Series 2019 GC41 | 3.018 | 08/10/56 | 1475 |
| 5120000 | (f) | COMM Mortgage Trust, Series 2013 300P | 4.353 | 08/10/30 | 5113 |
| 4375000 | (f) | COMM Mortgage Trust, Series 2022 HC | 3.376 | 01/10/39 | 4079 |
| 3500000 | (c),(f) | COMM Mortgage Trust, Series 2015 CR22 | 3.975 | 03/10/48 | 2702 |
| 436197 | (c) | COMM Mortgage Trust, Series 2015 CR23 | 4.221 | 05/10/48 | 424 |
| 960000 | (c) | COMM Mortgage Trust, Series 2015 CR24 | 3.463 | 08/10/48 | 871 |
| 1000000 |  | COMM Mortgage Trust, Series 2019 GC44 | 3.263 | 08/15/57 | 920 |
| 4000000 | (c),(f) | Commercial Mortgage Pass Through Certificates, Series 2022 HC | 4.084 | 01/10/39 | 3697 |
| 22929198 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.500%), Series 2022 R03 | 7.805 | 03/25/42 | 23839 |
| 4985000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.000%), Series 2022 R05 | 7.305 | 04/25/42 | 5121 |
| 15710000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.850%), Series 2022 R06 | 8.155 | 05/25/42 | 16441 |
| 4918240 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.600%), Series 2022 R08 | 7.950 | 07/25/42 | 5136 |
| 20120000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 4.750%), Series 2022 R09 | 9.056 | 09/25/42 | 21573 |
| 25804000 | (c),(f) | Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01 | 8.056 | 12/25/42 | 27246 |
| 6650000 | (c),(f) | CSAIL Commercial Mortgage Trust, Series 2017 C8 | 3.800 | 06/15/37 | 6301 |
| 6100000 | (c),(f) | CSAIL Commercial Mortgage Trust, Series 2017 C8 | 3.800 | 06/15/37 | 5524 |
| 2000000 | (c),(f) | CSMC, Series 2019 NQM1 | 3.388 | 10/25/59 | 1917 |
| 2560364 | (c),(f) | CSMC, Series 2021 NQM8 | 2.405 | 10/25/66 | 2244 |
| 5000000 | (c),(f) | CSMC Trust, Series 2017 CALI | 3.854 | 11/10/32 | 3388 |
| 102725000 | (c),(f) | DOLP Trust, Series 2021 NYC | 0.665 | 05/10/41 | 3070 |
| 3745000 | (c),(f) | EFMT, Series 2023 1 | 6.746 | 02/25/68 | 3743 |
| 7491280 | (c),(f) | ELP Commercial Mortgage Trust, (TSFR1M + 1.434%), Series 2021 ELP | 5.746 | 11/15/38 | 7486 |
| 2996512 | (c),(f) | ELP Commercial Mortgage Trust, (TSFR1M + 2.233%), Series 2021 ELP | 6.545 | 11/15/38 | 2995 |
| 465722 | (c),(f) | Flagstar Mortgage Trust, Series 2017 2 | 3.978 | 10/25/47 | 426 |
| 2013761 | (c),(f) | Flagstar Mortgage Trust, Series 2018 2 | 4.002 | 04/25/48 | 1847 |
| 27371 | (c),(f) | Flagstar Mortgage Trust, Series 2018 5 | 4.000 | 09/25/48 | 26 |
| 801586 | (c),(f) | Flagstar Mortgage Trust, Series 2019 2 | 4.001 | 12/25/49 | 723 |
| 1254516 | (c),(f) | Flagstar Mortgage Trust, Series 2021 2 | 2.500 | 04/25/51 | 1017 |
| 3905007 | (c),(f) | Flagstar Mortgage Trust, Series 2021 4 | 2.500 | 06/01/51 | 3167 |
| 2563528 | (c),(f) | Flagstar Mortgage Trust, Series 2021 7 | 2.925 | 08/25/51 | 2088 |
| 2128221 | (c),(f) | Flagstar Mortgage Trust, Series 2021 12 | 2.964 | 11/25/51 | 1706 |
| 10260000 |  | Freddie Mac Multiclass Certificates Series, Series 2021 P009 | 1.878 | 01/25/31 | 9120 |
| 7324000 | (c) | Freddie Mac Multiclass Certificates Series, Series 2022 P013 | 2.852 | 02/25/32 | 6566 |
| 13750000 | (c) | Freddie Mac Multiclass Certificates Series, Series 2024 P016 | 4.764 | 09/25/33 | 13845 |
| 7975723 |  | Freddie Mac Multifamily ML Certificates, Series 2021 21-ML08 | 1.877 | 07/25/37 | 6410 |
| 38208554 | (f) | Freddie Mac Multifamily ML Certificates, Series 2021 ML08 | 1.746 | 11/25/37 | 4081 |
| 15315779 |  | Freddie Mac Multifamily ML Certificates, Series 2021 ML12 | 2.340 | 07/25/41 | 12600 |
| 3170446 |  | Freddie Mac Multifamily Structured Pass Through Certificates, Series 2015 Q002 | 3.871 | 07/25/33 | 3039 |
| 1024792 |  | Freddie Mac Multifamily Structured Pass Through Certificates, Series 2020 Q012 | 1.518 | 09/25/35 | 821 |
| 4209917 |  | Freddie Mac Multifamily Structured Pass Through Certificates, Series 2020 Q014 | 1.555 | 01/25/36 | 3492 |
| 16074793 |  | Freddie Mac Multifamily Variable Rate Certificate, Series 2022 M068 | 3.150 | 10/15/36 | 14126 |
| 1685000 |  | Freddie Mac Multifamily Variable Rate Certificate, Series 2022 M069 | 4.013 | 04/15/37 | 1623 |
| 5820000 |  | Freddie Mac Multifamily Variable Rate Certificate, Series 2020 M061 | 1.761 | 09/15/38 | 4688 |
| 3755000 | (c),(f) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%), Series 2023 HQA3 | 7.702 | 11/25/43 | 3966 |

---

**240** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $3000000 |  | GS Mortgage Securities Trust, Series 2016 GS3 | 3.143% | 10/10/49 | $2898 |
| 306915 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4 | 3.000 | 01/25/51 | 263 |
| 22990412 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 0.251 | 03/27/51 | 299 |
| 626014 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 3.000 | 03/27/51 | 537 |
| 1504300 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6 | 2.500 | 05/25/51 | 1230 |
| 4863993 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5 | 2.500 | 10/25/51 | 3944 |
| 4242042 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2 | 3.000 | 06/25/52 | 3590 |
| 2070895 | (c),(f) | GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ4 | 3.000 | 09/25/52 | 1751 |
| 386661 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2020 PJ1 | 3.611 | 05/25/50 | 341 |
| 9385875 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.500 | 01/25/52 | 7611 |
| 4124136 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2021 PJ8 | 2.500 | 01/25/52 | 3345 |
| 2404370 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.721 | 01/25/52 | 1933 |
| 4860395 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2022 PJ5 | 3.000 | 10/25/52 | 4113 |
| 2656279 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2022 PJ6 | 3.000 | 01/25/53 | 2249 |
| 5164381 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2023 PJ1 | 3.500 | 02/25/53 | 4517 |
| 1175524 | (c),(f) | GS Mortgage-Backed Securities Trust, Series 2025 PJ4 | 6.000 | 09/25/55 | 1179 |
| 3785000 | (f) | Hudson Yards Mortgage Trust, Series 2016 10HY | 2.835 | 08/10/38 | 3696 |
| 5000000 | (c),(f) | Hudson Yards Mortgage Trust, Series 2016 10HY | 3.076 | 08/10/38 | 4874 |
| 7000000 | (f) | Hudson Yards Mortgage Trust, Series 2019 30HY | 3.228 | 07/10/39 | 6578 |
| 4000000 | (c),(f) | Hudson Yards Mortgage Trust, Series 2019 55HY | 3.041 | 12/10/41 | 3538 |
| 6000000 | (c),(f) | Hudson Yards Mortgage Trust, Series 2019 55HY | 3.041 | 12/10/41 | 5163 |
| 480000 | (c),(f) | Imperial Fund Mortgage Trust, Series 2020 NQM1 | 3.531 | 10/25/55 | 443 |
| 2615000 | (c),(f) | Imperial Fund Mortgage Trust, Series 2022 NQM6 | 7.100 | 10/25/67 | 2610 |
| 3105276 | (c),(f) | J.P. Morgan Mortgage Trust, Series 2022 5 | 2.953 | 09/25/52 | 2453 |
| 3500000 | (f) | Jackson Park Trust, Series 2019 LIC | 2.766 | 10/14/39 | 3169 |
| 1700000 | (c),(f) | JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 2.134%), Series 2020 609M | 6.476 | 10/15/33 | 1684 |
| 2000000 | (c),(f) | JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 2.534%), Series 2020 609M | 6.846 | 10/15/33 | 1981 |
| 779665 | (c),(f) | JP Morgan Mortgage Trust, (LIBOR 1 M - 0.000%), Series 2015 1 | 5.661 | 12/25/44 | 759 |
| 65863 | (c),(f) | JP Morgan Mortgage Trust, Series 2015 3 | 3.500 | 05/25/45 | 61 |
| 341133 | (c),(f) | JP Morgan Mortgage Trust, Series 2015 6 | 3.500 | 10/25/45 | 315 |
| 269417 | (c),(f) | JP Morgan Mortgage Trust, Series 2018 3 | 3.500 | 09/25/48 | 242 |
| 742763 | (c),(f) | JP Morgan Mortgage Trust, Series 2018 5 | 3.500 | 10/25/48 | 672 |
| 1166518 | (c),(f) | JP Morgan Mortgage Trust, Series 2017 5 | 4.921 | 10/26/48 | 1169 |
| 829693 | (c),(f) | JP Morgan Mortgage Trust, Series 2017 4 | 3.870 | 11/25/48 | 727 |
| 159200 | (c),(f) | JP Morgan Mortgage Trust, Series 2018 9 | 4.000 | 02/25/49 | 149 |
| 140998 | (c),(f) | JP Morgan Mortgage Trust, Series 2019 1 | 4.000 | 05/25/49 | 132 |
| 1468617 | (c),(f) | JP Morgan Mortgage Trust, Series 2020 1 | 3.818 | 06/25/50 | 1321 |
| 18738336 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 3 | 0.136 | 07/25/51 | 143 |
| 13199212 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 4 | 0.130 | 08/25/51 | 97 |
| 2521514 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 4 | 2.880 | 08/25/51 | 2033 |
| 25543799 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 6 | 0.133 | 10/25/51 | 194 |
| 2854557 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 6 | 2.500 | 10/25/51 | 2316 |
| 1075660 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 10 | 2.500 | 12/25/51 | 872 |
| 965613 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 12 | 2.500 | 02/25/52 | 785 |
| 3419416 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 13 | 3.138 | 04/25/52 | 2745 |
| 1592457 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 14 | 2.500 | 05/25/52 | 1291 |
| 2949915 | (c),(f) | JP Morgan Mortgage Trust, Series 2021 LTV2 | 2.927 | 05/25/52 | 2551 |
| 6062810 | (c),(f) | JP Morgan Mortgage Trust, Series 2022 2 | 3.000 | 08/25/52 | 5135 |
| 5489146 | (c),(f) | JP Morgan Mortgage Trust, Series 2022 LTV2 | 3.500 | 09/25/52 | 4794 |
| 3054451 | (c),(f) | JP Morgan Mortgage Trust, Series 2022 7 | 3.000 | 12/25/52 | 2582 |
| 1429655 | (c),(f) | JP Morgan Mortgage Trust, Series 2022 7 | 4.000 | 12/25/52 | 1293 |
| 19637037 | (c),(f) | JP Morgan Mortgage Trust Series, Series 2024 3 | 3.000 | 05/25/54 | 16617 |
| 2000000 | (c),(f) | Manhattan West Mortgage Trust, Series 2020 1MW | 2.335 | 09/10/39 | 1874 |
| 1850000 | (f) | MCR Mortgage Trust, Series 2024 TWA | 5.924 | 06/12/39 | 1874 |
| 2169000 | (c),(f) | Menora Mivtachim Holdings Ltd, Series 2022 C1 | 4.070 | 02/17/55 | 1480 |
| 743726 | (c),(f) | Morgan Stanley Residential Mortgage Loan Trust, Series 2021 4 | 2.500 | 07/25/51 | 662 |
| 6283747 | (c),(f) | Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1 | 4.000 | 02/25/53 | 5693 |
| 3000000 | (c),(f) | MSDB Trust, Series 2017 712F | 3.427 | 07/11/39 | 2879 |
| 4880929 | (c),(f) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.579%), Series 2019 MILE | 5.915 | 07/15/36 | 4651 |
| 6750000 | (c),(f) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.879%), Series 2019 MILE | 6.191 | 07/15/36 | 6219 |
| 4250000 | (c),(f) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE | 6.591 | 07/15/36 | 3587 |

---

**241** 

------

## Portfolio of Investments June 30, 2025 (continued)
Social Choice

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $9800000 | (c),(f) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 3.579%), Series 2019 MILE | 7.891% | 07/15/36 | $7104 |
| 1500000 | (c),(f) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 4.329%), Series 2019 MILE | 8.641 | 07/15/36 | 1004 |
| 20515 | (c) | New York Mortgage Trust, (TSFR1M + 0.594%), Series 2005 3 | 4.914 | 02/25/36 | 20 |
| 4612260 | (c),(f) | OBX Trust, Series 2021 J2 | 2.500 | 07/25/51 | 3740 |
| 1255426 | (c),(f) | OBX Trust, Series 2022 J2 | 3.436 | 08/25/52 | 1066 |
| 1369218 | (c),(f) | Oceanview Mortgage Trust, Series 2021 1 | 2.500 | 05/25/51 | 1110 |
| 1598207 | (c),(f) | Oceanview Mortgage Trust, Series 2022 1 | 4.500 | 11/25/52 | 1506 |
| 11800000 | (f) | One Bryant Park Trust, Series 2019 OBP | 2.516 | 09/15/54 | 10755 |
| 3432374 | (f) | One Market Plaza Trust, Series 2017 1MKT | 3.614 | 02/10/32 | 3283 |
| 2346397 | (c),(f) | RCKT Mortgage Trust, Series 2021 3 | 2.775 | 07/25/51 | 1843 |
| 4429261 | (c),(f) | RCKT Mortgage Trust, Series 2021 4 | 2.500 | 09/25/51 | 3592 |
| 4755961 | (c),(f) | RCKT Mortgage Trust, Series 2021 5 | 2.919 | 11/25/51 | 3775 |
| 4551362 | (c),(f) | RCKT Mortgage Trust, Series 2022 4 | 3.500 | 06/25/52 | 3980 |
| 355099 | (c),(f) | Sequoia Mortgage Trust, Series 2015 2 | 3.500 | 05/25/45 | 328 |
| 155968 | (c),(f) | Sequoia Mortgage Trust, Series 2016 1 | 3.500 | 06/25/46 | 144 |
| 569657 | (c),(f) | Sequoia Mortgage Trust, Series 2017 6 | 3.720 | 09/25/47 | 541 |
| 7826 | (c),(f) | Sequoia Mortgage Trust, Series 2018 7 | 4.000 | 09/25/48 | 7 |
| 1338026 | (c),(f) | Sequoia Mortgage Trust, Series 2020 3 | 3.000 | 04/25/50 | 1145 |
| 1249579 | (c),(f) | Sequoia Mortgage Trust, Series 2021 1 | 2.658 | 03/25/51 | 1026 |
| 3172699 | (c),(f) | Sequoia Mortgage Trust, Series 2023 1 | 5.000 | 01/25/53 | 3036 |
| 78068000 | (c),(f) | SLG Office Trust, Series 2021 OVA | 0.258 | 07/15/41 | 961 |
| 1125000 | (c),(f) | STWD Mortgage Trust, (TSFR1M + 1.371%), Series 2021 LIH | 5.683 | 11/15/36 | 1122 |
| 4000000 | (f) | SUMIT Mortgage Trust, Series 2022 BVUE | 2.789 | 02/12/41 | 3575 |
| 2119883 | (c),(f) | Verus Securitization Trust, Series 2021 7 | 2.240 | 10/25/66 | 1846 |
| 1095000 | (c),(f) | WB Commercial Mortgage Trust, Series 2024 HQ | 6.134 | 03/15/40 | 1100 |
| 1000000 | (c),(f) | Wells Fargo Commercial Mortgage Trust, (TSFR1M + 0.921%), Series 2017 SMP | 6.258 | 12/15/34 | 927 |
| 7150000 | (f) | Wells Fargo Commercial Mortgage Trust, Series 2024 SVEN | 6.011 | 06/10/37 | 7365 |
| 81961 | (c),(f) | Wells Fargo Mortgage Backed Securities Trust, Series 2019 2 | 4.000 | 04/25/49 | 78 |
| 602642 | (c),(f) | Wells Fargo Mortgage Backed Securities Trust, Series 2020 4 | 3.000 | 07/25/50 | 514 |
| 6158990 | (c),(f) | Wells Fargo Mortgage Backed Securities Trust, Series 2021 2 | 2.500 | 06/25/51 | 5002 |
| 2121729 | (c),(f) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 2 | 2.500 | 12/25/51 | 1720 |
| 145780 | (c),(f) | WinWater Mortgage Loan Trust, Series 2014 1 | 3.928 | 06/20/44 | 124 |
|  |  | TOTAL OTHER MORTGAGE BACKED |  |  | 557236 |
|  |  | TOTAL STRUCTURED ASSETS<br>(Cost $863,902) |  |  | 805749 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $18,287,990) |  |  | 21179452 |
| SHARES |  | DESCRIPTION | RATE |  | VALUE (000) |
|  |  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4% |  |  |  |
| 89617496 | (j) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350 (k) |  | 89617 |
|  |  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $89,617) |  |  | 89617 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  |  | SHORT-TERM INVESTMENTS - 0.3% |  |  |  |
|  |  | GOVERNMENT AGENCY DEBT - 0.1% |  |  |  |
| 5000000 |  | Federal Farm Credit Discount Notes | 0.000 | 07/22/25 | 4987 |
| 10000000 |  | Federal Home Loan Bank Discount Notes | 0.000 | 08/29/25 | 9930 |
| 1500000 |  | Freddie Mac Discount Notes | 0.000 | 07/28/25 | 1495 |

---

**242** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | GOVERNMENT AGENCY DEBT (continued) |  |  |  |
| $1000000 | Tennessee Valley Authority Discount Notes | 0.000% | 07/09/25 | $999 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 17411 |
|  | REPURCHASE AGREEMENT - 0.2% |  |  |  |
| 31533000<br> (l) | Fixed Income Clearing Corporation | 4.350 | 07/01/25 | 31533 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 31533 |
|  | TREASURY DEBT - 0.0% |  |  |  |
| 5000000 | United States Treasury Bill | 0.000 | 07/15/25 | 4992 |
|  | TOTAL TREASURY DEBT |  |  | 4992 |
|  | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $53,937) |  |  | 53936 |
|  | TOTAL INVESTMENTS - 99.9%<br>(Cost $18,431,544) |  |  | 21323005 |
|  | OTHER ASSETS & LIABILITIES, NET - 0.1% |  |  | 21452 |
|  | NET ASSETS - 100.0% |  |  | $21344457 |

---

CAD Canadian Dollar

---

| | |
|:---|:---|
| EUR | Euro  |

---

LIBOR London Interbank Offered Rate

M Month 

REMIC Real Estate Mortgage Investment Conduit SOFR Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

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

(b) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is
under the protection of bankruptcy.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on
the underlying asset of the security. Coupon rate reflects the rate at period end.

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

(e) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $204,480,289.

(f) 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 $1,884,644,517
or 8.8% of Total Investments.

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

(h) When-issued or delayed delivery security.

(i) All or a portion of this security is owned by CREF Social Choice Account Taxable Offshore Limited which is a
100% owned subsidiary of the account.

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

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

(l) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $31,536,810 on
7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $32,163,712.

Cost amounts are in thousands.

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

**Investments in Derivatives** 

Forward Foreign Currency Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency<br> Purchased | Receive<br>(000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency<br> Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver<br> (000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparty | Settlement Date | Unrealized<br>Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br> (000) |
|  $ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | CAD | 4047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America, N.A. | 07/11/25 | (107) |
|  $ | 12402 | EUR | 11186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citibank N.A. | 07/11/25 | (785) |
|  $ | 6117 | EUR | 5265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley Capital Services | 07/11/25 | (89) |
|  Total |  |  |  |  |  | $(981) |
|  Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | $– |
|  Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | $(981) |

---

CAD Canadian Dollar

---

| | |
|:---|:---|
| EUR | Euro  |

---

**243** 

------

## Portfolio of Investments June 30, 2025
Money Market

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | SHORT-TERM INVESTMENTS - 102.9% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 14.6% |  |  |  |
| $41000000 | Federal Farm Credit Discount Notes | 0.000% | 07/08/25 | $40966 |
| 205000000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/07/25 | 204856 |
| 246500000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 246016 |
| 31595000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/18/25 | 31417 |
| 112538000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/20/25 | 111877 |
| 165500000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/22/25 | 164489 |
| 232250000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/05/25 | 230449 |
| 41400000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/17/25 | 41021 |
| 41000000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/24/25 | 40590 |
| 242500000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/26/25 | 240058 |
| 168000000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/29/25 | 165654 |
| 56100000 | Federal Home Loan Mortgage Corp | 0.375 | 09/23/25 | 55614 |
| 11245000 | Federal National Mortgage Association | 2.125 | 04/24/26 | 11072 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 1584079 |
|  | REPURCHASE AGREEMENT - 44.5% |  |  |  |
| 1642325000<br> (a) | Fixed Income Clearing Corporation | 4.380 | 07/01/25 | 1642325 |
| 160583000<br> (b) | Fixed Income Clearing Corporation | 4.390 | 07/01/25 | 160583 |
| 3036060000<br> (c) | Fixed Income Clearing Corporation | 4.400 | 07/01/25 | 3036060 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 4838968 |
|  | TREASURY DEBT - 16.2% |  |  |  |
| 40000000 | United States Treasury Bill | 0.000 | 09/04/25 | 39722 |
| 128000000 | United States Treasury Bill | 0.000 | 10/14/25 | 126425 |
| 205000000 | United States Treasury Bill | 0.000 | 11/20/25 | 201652 |
| 126000000 | United States Treasury Bill | 0.000 | 01/02/26 | 123368 |
| 20500000 | United States Treasury Bill | 0.000 | 05/14/26 | 19790 |
| 33600000 | United States Treasury Bill | 0.000 | 06/11/26 | 32325 |
| 117750000 | United States Treasury Note/Bond | 0.250 | 09/30/25 | 116626 |
| 20500000 | United States Treasury Note/Bond | 0.375 | 12/31/25 | 20110 |
| 41500000 | United States Treasury Note/Bond | 0.500 | 02/28/26 | 40509 |
| 82500000 | United States Treasury Note/Bond | 4.625 | 02/28/26 | 82794 |
| 61500000 | United States Treasury Note/Bond | 0.750 | 03/31/26 | 60048 |
| 42000000 | United States Treasury Note/Bond | 4.500 | 03/31/26 | 42112 |
| 41000000 | United States Treasury Note/Bond | 3.750 | 04/15/26 | 40898 |
| 163750000 | United States Treasury Note/Bond | 0.750 | 04/30/26 | 159400 |
| 349325000 | United States Treasury Note/Bond | 4.875 | 04/30/26 | 351695 |
| 234000000 | United States Treasury Note/Bond | 1.625 | 05/15/26 | 229064 |
| 40500000 | United States Treasury Note/Bond | 0.750 | 05/31/26 | 39255 |
| 41000000 | United States Treasury Note/Bond | 4.875 | 05/31/26 | 41270 |
|  | TOTAL TREASURY DEBT |  |  | 1767063 |
| 24500000<br> (d) | VARIABLE RATE SECURITIES - 27.6%<br> Federal Farm Credit Banks Funding Corp, (SOFR - 0.000%) | 4.390 | 09/11/25 | 24500 |
| 20500000<br> (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.055%) | 4.445 | 10/30/25 | 20503 |
| 33000000<br> (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.005%) | 4.395 | 12/03/25 | 33000 |
| 1525000<br> (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.330%) | 4.720 | 12/29/25 | 1527 |
| 1040000<br> (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.100%) | 4.490 | 01/15/26 | 1040 |
| 2050000<br> (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.090%) | 4.480 | 02/12/26 | 2050 |
| 82000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/02/25 | 82000 |
| 82000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/03/25 | 82000 |
| 163500000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/07/25 | 163500 |
| 205000000<br> (d) | Federal Home Loan Banks, (SOFR + 0.005%) | 4.395 | 07/11/25 | 205000 |
| 20500000<br> (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 07/21/25 | 20500 |
| 82000000<br> (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 08/12/25 | 82000 |
| 82000000<br> (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 08/22/25 | 82000 |
| 204000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 08/29/25 | 204000 |
| 204000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 09/08/25 | 204000 |
| 165000000<br> (d) | Federal Home Loan Banks, (SOFR + 0.015%) | 4.405 | 09/29/25 | 165000 |
| 328000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320 | 10/14/25 | 328000 |
| 206000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 12/05/25 | 205996 |
| 459000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320 | 12/18/25 | 459000 |

---

**244** 

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE (000) |
|  | VARIABLE RATE SECURITIES (continued) |  |  |  |
| $124750000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320% | 12/22/25 | $124750 |
| 1290000<br> (d) | Federal Home Loan Banks, (SOFR + 0.145%) | 4.535 | 01/02/26 | 1291 |
| 198000000<br> (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.440 | 01/05/26 | 198000 |
| 2975000<br> (d) | Federal Home Loan Banks, (SOFR + 0.090%) | 4.480 | 02/02/26 | 2976 |
| 307500000<br> (d) | Federal Home Loan Banks, (SOFR + 0.005%) | 4.395 | 02/03/26 | 307500 |
| 2770000<br> (d) | Federal Home Loan Banks, (SOFR + 0.090%) | 4.410 | 02/19/26 | 2771 |
| 1040000<br> (d) | Federal Home Loan Mortgage Corp, (SOFR + 0.100%) | 4.420 | 02/09/26 | 1040 |
|  | TOTAL VARIABLE RATE SECURITIES |  |  | 3003944 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $11,194,054) |  |  | 11194054 |
|  | TOTAL INVESTMENTS - 102.9%<br> (Cost $11,194,054) |  |  | 11194054 |
|  | OTHER ASSETS & LIABILITIES, NET - (2.9)% |  |  | (318276) |
|  | NET ASSETS - 100.0% |  |  | $10875778 |

---

SOFR Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 4.380% dated 6/30/25 to be repurchased at $1,642,524,816 on
7/1/25, collateralized by Government Agency Securities, with coupon rates 0.000%–4.875% and maturity dates 1/15/26–6/30/26, valued at $1,675,171,500.

(b) Agreement with Fixed Income Clearing Corporation, 4.390% dated 6/30/25 to be repurchased at $160,602,582 on 7/1/25,
collateralized by Government Agency Securities, with coupon rates 0.125%–1.875% and maturity dates 10/15/26–2/15/32, valued at $163,794,701.

(c) Agreement with Fixed Income Clearing Corporation, 4.400% dated 6/30/25 to be repurchased at $3,036,431,074 on
7/1/25, collateralized by Government Agency Securities, with coupon rates 0.375%–4.375% and maturity dates 6/30/27–7/15/27, valued at $3,096,781,203.

(d) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end. Cost amounts are in thousands.

**245** 

------

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

Not applicable.

------

**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>

Not applicable.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

See Approval of Investment Management Agreement in Item 1.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

------

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable.

------

**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.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

---

| | |
|:---|:---|
| [(a)(3)](d53660dex9919a3.htm) | [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.](d53660dex9919a3.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d53660dex9919b.htm) [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.](d53660dex9919b.htm) 

------

**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>College Retirement Equities Fund</u>

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President |

---

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.

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Exhibit 99.19

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>** 

I, Christopher Stickrod, certify that:

1. I have reviewed this report on Form N-CSR of College Retirement
Equities Fund;

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;&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;&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;&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;&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;&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;&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: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

---

------

**<u>CERTIFICATION</u>** 

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of College Retirement
Equities Fund;

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;&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;&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;&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;&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;&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;&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.

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| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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## Exhibit 99.19

**Exhibit 19(b)** 

**CERTIFICATION** 

**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 semi-annual report of College Retirement Equities Fund (the "Registrant") on Form N-CSR for the period ended June 30, 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.

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| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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