# EDGAR Filing Document

**Accession Number:** 0000777535
**File Stem:** 0001193125-26-096129
**Filing Date:** 2026-3
**Character Count:** 971962
**Document Hash:** 9877c5945a102c131822d20c1320b2d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096129.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096129

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04415
- **FILM NUMBER:** 26730144

**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

### Total Global 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          |

### S&P 500 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          |

### Responsible Balanced 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>December</u> <u>31, 2025</u>

------

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

------

December 31, 2025

College Retirement

Equities Fund

Account Name

Class R4

Class R3

Class R2

Class R1

CREF Total Global Stock Account

(formerly CREF Stock Account)

QCSTFX

QCSTIX

QCSTPX

QCSTRX

CREF Global Equities Account

QCGLFX

QCGLIX

QCGLPX

QCGLRX

CREF Growth Account

QCGRFX

QCGRIX

QCGRPX

QCGRRX

CREF S&P 500 Index Account

(formerly 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 Responsible Balanced Account

(formerly CREF Social Choice Account)

QSCCFX

QCSCIX

QCSCPX

QCSCRX

CREF Money Market Account

QCMMFX

QCMMIX

QCMMPX

QCMMRX

**Table of Contents**

Letter to CREF Participants

Important Notices

About the Accounts' Benchmarks

Portfolio Managers' Comments

Account Performance

Expense Examples

Report of Independent Registered Public Accounting Firm

Summary Portfolios of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Additional Account Information

Trustees and Officers

Additional Information About Index Providers

Letter to CREF Participants

![](g855715epub120675696115712.jpg)

Colbert Narcisse

Maintaining perspective when unexpected events arise

Financial markets generated impressive returns in 2025 as both stocks and bonds

posted solid gains. Yet, the year unfolded against a backdrop of uncertainty. It

began with broad increases to U.S. tariffs on nearly every major trading partner,

followed by heighted turmoil in the Middle East and concluded with a 43-day U.S.

government shutdown—the longest in modern history. The fiscal impasse in

Washington, D.C., which ended on November 12th, limited visibility into the state

of the economy as key economic reports were delayed during the closure. However,

lower interest rates and a strong corporate earnings season appeared to outweigh

concerns about the lack of timely economic data, ultimately leaving investors more

optimistic than uneasy.

It's important to maintain perspective during uncertain times as short-term

challenges can sometimes distract investors from their long-term investment

goals. Of course, no one can predict the future direction of the markets, but we

believe that adhering to a well-thought-out financial plan that includes a diversified

portfolio of asset classes can be a prudent strategy to help investors navigate

through fluctuations in the financial markets. Nevertheless, please keep in mind

that past performance cannot guarantee future results, and diversification does

not guarantee against market losses.

Overview of the markets and economy

U.S. and international stock markets advanced for the twelve-month period amid

global economic growth and lower interest rates. After contracting modestly in the

first quarter of 2025, the U.S. economy expanded in the second and third quarters

by an annual rate of 3.8% and 4.3% (initial estimate), respectively. Economies

of the 20-nation euro area and China also grew during the same period, but the

rate of growth slowed as pressure from trade tensions with the United States

continued. Major global central banks lowered interest rates in 2025 as the pace

of inflation eased. The U.S. Federal Reserve reduced the federal funds target

rate to 3.50%–3.75% in a series of decreases in the latter part of the year. The

European Central Bank lowered its suite of benchmark rates on multiple occasions

in the first half of 2025, while the Bank of England decreased its benchmark rate

several times to 3.75%.

Stocks and bonds posted gains

For the twelve-month period, international equities, as measured by the MSCI

EAFE® Index, gained 31.22%. U.S. stocks, as represented by the S&P 500® Index,

advanced 17.88%. The U.S. investment-grade fixed-rate bond market, as measured

by the Bloomberg U.S. Aggregate Bond Index, returned 7.30% as yields on U.S.

fixed-income securities declined across nearly all maturities. Bond yields move in

the opposite direction of prices.

CREF performance review

All CREF Accounts\* posted gains in 2025. However, most accounts

underperformed their respective benchmarks during the period. The Global

Equities Account rose 21.67% but trailed the 22.34% return of the MSCI All

Country World Index. The Total Global Stock Account gained 21.46% but fell behind

the 22.06% return of the MSCI All Country World (ACWI) Investable Market Index

(IMI). The passively managed S&P 500 Index Account advanced 17.11% but lagged

the 17.88% return of the S&P 500 Index. The Growth Account returned 16.81%

but underperformed the 18.56% return of the Russell 1000® Growth Index. The

Responsible Balanced Account, which is a balanced portfolio with equity and

fixed income components that incorporates environmental, social and governance

(ESG) and impact criteria, rose 15.03% but trailed the 15.95% return of both its

Composite benchmark and the Morningstar Moderate Target Risk Index.

Letter to CREF Participants

(continued)

Among fixed-income accounts, the Core Bond Account rose 7.50%, surpassing the 7.30% return of the Bloomberg U.S.

Aggregate Bond Index. The Inflation-Linked Bond Account advanced 7.19% but trailed the 7.47% return of the Bloomberg U.S.

Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The Money Market Account gained 4.20% and outpaced the

3.96% 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,

Colbert G. Narcisse

President and Chief Executive Officer of CREF

Important Notices

CREF Total Global Stock Account

Name change:

Effective November 30, 2025, the Account's name changed from CREF Stock Account to CREF Total

Global Stock Account.

Benchmark change:

Effective May 1, 2025, the benchmark for the Account changed from 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.

PM changes:

Effective May 1, 2025, David Chalupnik is no longer a portfolio manager of the Account. Additionally,

Willis Tsai was added as a portfolio manager of the Account.

CREF Growth Account – PM changes (subsequent to the reporting period):

Effective January 7, 2026, Scott Tonneson and Willis

Tsai have been added as portfolio managers on the Account. Terrence Kontos and Saira Malik are no longer portfolio

managers on the Account. Karen Hiatt continues to serve as a portfolio manager on the Account.

CREF S&P 500 Index Account

Name change:

Effective November 30, 2025, the Account's name changed from CREF Equity Index Account to CREF

S&P 500 Index Account.

Benchmark change:

Effective May 1, 2025, the benchmark for the Account changed from the Russell 3000 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.

CREF Inflation-Linked Bond Account – PM change:

Effective May 1, 2025, Nick Travaglino is no longer a portfolio manager of

the Account.

CREF Responsible Balanced Account

Name change:

Effective November 30, 2025, the Account's name changed from CREF Social Choice Account to CREF

Responsible Balanced Account.

Benchmark name change:

Effective November 30, 2025, the name of the Account's composite index changed from

CREF Social Choice Account Composite Index to CREF Responsible Balanced Account Composite Index.

Proposals for action at the 2026 meeting of CREF participants

The next meeting of CREF participants will be held on July 21, 2026; the meeting will be held virtually at 12:00PM ET. Participants

who own CREF units as of the meeting's record date will have the right to vote at the meeting and will receive proxy materials

outlining the meeting's proposals. Unless CREF is notified by April 22, 2026 of other matters that may be properly brought before the

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.

About the Accounts' Benchmarks

CREF Total Global 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® 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® 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 S&P 500 Index Account

The Account's new benchmark is the S&P 500® 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 Responsible Balanced 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® 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 Responsible Balanced

Account. The index has a multi-asset class exposure (60% global equity, 40% global fixed income) that is similar to the

Responsible Balanced 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.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. 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.

Portfolio Managers' Comments

Total Global Stock Account

Performance for the twelve months ended December 31, 2025

The Total Global Stock Account returned 21.46% for the year, compared with the 22.06% return of its benchmark, the MSCI

ACWI IMI. (All returns for the Account are for Class R3.)

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal

funds target rate to 3.50%–3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the

year but ended the period lower.

International stocks in both developed- and emerging-markets countries gained ground over the twelve-month period, while

economies around the world generally expanded. Economies of the 20-nation euro area and China grew during the period,

but the rate of growth slowed as pressure from trade tensions with the United States continued. Major global central banks

reduced interest rates in 2025 as the pace of inflation eased. The European Central Bank lowered its suite of benchmark

rates on multiple occasions in the first half of 2025, while the Bank of England decreased its benchmark rate several times to

3.75%.

Account trailed its benchmark

For the twelve-month period, the Account underperformed its benchmark, hurt most by overweight positions in insurance

provider UnitedHealth Group and sustainable packaging firm Smurfit WestRock as both companies struggled in 2025. The

next-largest detractor was an underweight position in software developer Palantir Technologies.

Conversely, the largest contributor was an overweight position in global technology solutions provider Broadcom, which

performed strongly. Overweight allocations to Taiwan Semiconductor Manufacturing Company and Samsung Electronics also

benefited relative performance.

The Account's returns may sometimes diverge from the returns of its benchmark more than would be expected. This

divergence may be the result of the Account's fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the Account's accumulation unit value (AUV) is calculated (see the current

CREF prospectus for more details on AUV calculations). In the intervening hours, the values of foreign securities can change,

and these changes are not reflected immediately in the returns of the Account's benchmark. These changes are, however,

taken into account to value the Account's portfolio holdings at the time the Account's AUV is calculated; these are known as

fair value pricing adjustments.

Global Equities Account

Performance for the twelve months ended December 31, 2025

The Global Equities Account returned 21.67% for the year, compared with the 22.34% return of its benchmark, the MSCI All

Country World Index. (All returns for the Account are for Class R3.)

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal

funds target rate to 3.50%–3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the

year but ended the period lower.

International stocks in both developed- and emerging-markets countries gained ground over the twelve-month period, while

economies around the world generally expanded. Economies of the 20-nation euro area and China grew during the period,

but the rate of growth slowed as pressure from trade tensions with the United States continued. Major global central banks

reduced interest rates in 2025 as the pace of inflation eased. The European Central Bank lowered its suite of benchmark

rates on multiple occasions in the first half of 2025, while the Bank of England decreased its benchmark rate several times to

3.75%.

Account trailed its benchmark

For the twelve-month period, the Account underperformed its benchmark, hurt most by overweight positions in software

company ServiceNow and sustainable packaging firm Smurfit WestRock. The next-largest detractor was a lack of exposure to

computer data storage provider Micron Technology, which performed strongly in 2025.

Portfolio Managers' Comments

Conversely, the largest contributors were overweight allocations to Samsung Electronics, Taiwan Semiconductor

Manufacturing Company and Banco Bilbao Vizcaya Argentaria. All three companies delivered impressive results.

The Account's returns may sometimes diverge from the returns of its benchmark more than would be expected. This

divergence may be the result of the Account's fair value pricing adjustments or of the timing of foreign currency valuations.

Many foreign exchanges close for trading before the Account's accumulation unit value (AUV) is calculated (see the current

CREF prospectus for more details on AUV calculations). In the intervening hours, the values of foreign securities can change,

and these changes are not reflected immediately in the returns of the Account's benchmark. These changes are, however,

taken into account to value the Account's portfolio holdings at the time the Account's AUV is calculated; these are known as

fair value pricing adjustments.

Growth Account

Performance for the twelve months ended December 31, 2025

The Growth Account returned 16.81% for the year, compared with the 18.56% return of its benchmark, the Russell 1000®

Growth Index. (All returns for the Account are for Class R3.)

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal

funds target rate to 3.50%–3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the

year but ended the period lower.

The broad U.S. stock market, as measured by the Russell 3000 Index, returned 17.15% for the period. Large cap equities

outperformed small- and mid-sized stocks, while growth shares mostly outpaced value stocks. (Returns by investment style

and capitalization size are based on the Russell indexes.)

Account trailed its benchmark

Most of the eleven industry sectors in the Russell 1000 Growth Index posted gains for the twelve months. Communication

services (up 30.7%) produced the strongest increase. Utilities (up 28.8%), which is the smallest sector in the benchmark, also

posted a solid gain. Information technology (up 22.4%)—the largest sector, representing nearly 50.0% of the benchmark's

total market capitalization on December 31, 2025—was next in line. Together, these three sectors represented more than

60% of the benchmark's total market capitalization on December 31, 2025. Energy (down 4.5%) and consumer staples (down

2.9%) were the worst performers.

For the twelve-month period, the Account trailed its benchmark. The largest detractor was an underweight position in

software developer Palantir Technologies which experienced a substantial gain in 2025. Next in line were overweight positions

in poorly performing insurance provider UnitedHealth Group and software company ServiceNow.

Conversely, the top contributors were overweight positions in global technology solutions provider Broadcom and Alphabet

(the parent company of Google). The next-largest contributor was a lack of exposure to Home Depot, which struggled in a

challenging consumer environment.

S&P 500 Index Account

Performance for the twelve months ended December 31, 2025

The S&P 500 Index Account returned 17.11% for the year, compared with the 17.88% return of its benchmark, the S&P 500®

Index. (All returns for the Account are for Class R3.)

For the twelve-month period, the Account's return underperformed that of its benchmark index due to the effect of

expenses. The Account's return includes a deduction for expenses, while the benchmark's does not. The Account had a risk

profile similar to that of its benchmark.

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal

funds target rate to 3.50%–3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the

year but ended the period lower.

For the twelve months, the large-cap-oriented S&P 500 Index outperformed the 17.15% return of the Russell 3000®

Index, a broad measure of the U.S. stock market. A portion of the Russell 3000 Index consists of small-cap equities, which

underperformed large caps for the period.

Portfolio Managers' Comments

(continued)

All benchmark sectors advanced

All eleven industry sectors in the S&P 500 Index posted gains for the twelve months. Communication services (up 33.6%)

produced the strongest increase. Information technology (up 24.0%)—the benchmark's largest sector— also posted a solid

gain. The next-best performers were industrials (up 19.4%) and utilities (up 16.0%). Together, these four sectors accounted for

more than 55.0% of the index's total market capitalization on December 31, 2025. The worst performer was real estate (up

3.4%), as higher interest rates impacted affordability, putting pressure on the sector.

For the twelve-month period, two of the five largest stocks in the S&P 500 Index generated impressive gains that exceeded

the overall return of the benchmark. Communication services company Alphabet (the parent company of Google) performed

especially well, driven by robust demand for cloud services and significant artificial intelligence (AI) integration. Technology

company NVIDIA was next in line with strong double-digit gains. Microsoft, Apple and Amazon.com posted positive returns, but

all trailed the performance of the benchmark.

Core Bond Account

Performance for the twelve months ended December 31, 2025

The Core Bond Account returned 7.50% for the year, compared with the 7.30% return of its benchmark, the Bloomberg U.S.

Aggregate Bond Index. (All returns for the Account are for Class R3.)

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. Crude oil prices fluctuated during the year but

ended the period lower.

Major central banks around the world decreased interest rates in 2025 amid evidence that inflation was moderating. The

U.S. Federal Reserve lowered the federal funds target rate to 3.50%–3.75% in a series of decreases in the last few months of

the year. Yields on U.S. Treasury bonds declined across all maturities except the 30-year. (Bond yields move in the opposite

direction of prices.) The European Central Bank lowered its suite of benchmark rates on multiple occasions in the first half of

2025, while the Bank of England decreased its benchmark rate several times to 3.75%.

Account surpassed its benchmark

All sectors in the Bloomberg U.S. Aggregate Bond Index posted gains for the twelve-month period. U.S. Treasuries, the largest

sector accounting for 45.1% of the index's total market capitalization at year-end, advanced 6.3%. Mortgage-backed securities

(MBS), the second-largest sector with a weighting of 24.3%, performed best, returning 8.6%. Corporate bonds—the third-

largest sector at 24.0%—gained 7.8%. Among smaller sectors in the benchmark, commercial mortgage-backed securities

(CMBS) and asset-backed securities (ABS) rose 7.8% and 5.9%, respectively.

For the twelve-month period, the Account outperformed its benchmark, primarily due to asset allocation decisions—which

lifted the Account's relative return. In particular, overweight positions in MBS and corporate bonds, including a small emerging-

markets allocation, proved beneficial. Modest allocations to emerging-markets sovereign bonds and CMBS also benefited. A

corresponding underweight to U.S. Treasuries, also aided. Rates and yield curve were small positives as well, mostly driven by

an underweight to the long end of the yield curve. Favorable security selection, especially within the CMBS and corporate bond

sectors, also bolstered the Account's performance relative to the benchmark.

By contrast, asset allocation and security selection in ABS detracted from the Account's performance.

Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2025

The Inflation-Linked Bond Account returned 7.19% for the year, compared with the 7.47% return of its benchmark, the

Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. (All returns for the Account are for Class R3.)

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. Crude oil prices fluctuated during the year but

ended the period lower.

Portfolio Managers' Comments

Major central banks around the world decreased interest rates in 2025 amid evidence that inflation was moderating. The

U.S. Federal Reserve lowered the federal funds target rate to 3.50%–3.75% in a series of decreases in the last few months of

the year. Yields on U.S. Treasury bonds declined across all maturities except the 30-year. (Bond yields move in the opposite

direction of prices.) The European Central Bank lowered its suite of benchmark rates on multiple occasions in the first half of

2025, while the Bank of England decreased its benchmark rate several times to 3.75%.

Account trailed its benchmark

For the twelve-month period, the TIPS 1-10 Year Index outperformed the 7.30% return of the broad U.S. investment-grade fixed-

rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index.

Bond yields were mostly lower in 2025 as all maturities declined except for the 30-year. Investors anxiously awaited U.S.

interest rate cuts for most of the year and were rewarded with a series of reductions starting in September amid easing

inflation data. Against this backdrop, the major segments of the fixed-income market, including TIPS, finished 2025 in positive

territory.

For the twelve-month period, the Account underperformed its benchmark. The Account's return includes a deduction for

expenses, while the benchmark's does not. A position in U.S. Treasuries and unfavorable yield curve positioning were the

largest detractors from performance. By contrast, out-of-benchmark allocations in the corporate bond, mortgage-backed

securities, asset-backed securities and commercial mortgage-backed securities sectors benefited the Account's performance.

Responsible Balanced Account

Performance for the twelve months ended December 31, 2025

The Responsible Balanced Account returned 15.03% for the year, compared with the 15.95% return of its benchmark, the

CREF Responsible Balanced Account Composite Index. (All returns for the Account are for Class R3.)

The CREF Responsible Balanced Account Composite Index is a weighted average of the S&P 500® Index, the Bloomberg

U.S. Aggregate Bond Index and the MSCI EAFE® Index.

The Account utilizes environmental, social and governance (ESG) and impact criteria, while the benchmark does not.

Because of its ESG criteria, the Account did not invest in a number of stocks that were included in the S&P 500 Index and the

MSCI EAFE Index. Avoiding these companies produced mixed results, but the net effect was that the Account underperformed

its benchmark for the twelve-month period.

Relative to the S&P 500 Index, the performance of the Account's domestic equity component was hurt most by the

exclusion of Alphabet (the parent company of Google), computer data storage provider Micron Technology and software

developer Palantir Technologies. Conversely, avoiding Apple, Amazon.com and financial technology company Fiserv helped

most. Compared to the MSCI EAFE Index, the Account's international holdings were hurt most by avoiding Banco Santander,

British aerospace and defense company Rolls-Royce Holdings and Siemens Energy. Alternatively, omitting Toyota Motor, British

alcoholic beverage company Diageo and technology equipment manufacturer Keyence Corporation were most beneficial.

Account trailed its composite benchmark

To compensate for the Account's exclusion of some stocks, its managers use quantitative (mathematical) modeling and

other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its composite

benchmark.

Relative to the S&P 500 Index, the Account's domestic equity holdings were most negatively impacted by an underweight

position in global technology solutions provider Broadcom and overweight positions in PayPal Holdings and software company

ServiceNow. In contrast, overweight positions in gold mining company Newmont Corporation, semiconductor equipment

supplier Lam Research Corporation and data storage company Western Digital Corporation contributed most.

Compared with the MSCI EAFE Index, overweight positions in communication services company WPP, audio streaming and

media service provider Spotify Technology and cloud-based software developer WiseTech Global detracted most. On the plus

side, the top contributors to relative performance were overweight positions in financial services company Societe Generale,

semiconductor automatic test equipment manufacturer Advantest Corporation and Banco Bilbao Vizcaya Argentaria.

The Account's fixed-income component outperformed the Bloomberg U.S. Aggregate Bond Index, primarily due to overweight

positions in the mortgage-backed securities and corporate bond sectors. Account holdings in the commercial mortgage-backed

securities sector also benefited. Yield curve positioning detracted from the Account's relative performance.

CREF Total Global Stock Account

Performance as of

December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the values

of the Account's composite benchmark and broad market index during the same period. The performance of the other share

classes varies due to differences in expense charges.

Total

return

Average annual total

return

Estimated

annual

Total Global Stock Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

21.62%

11.05%

†

11.94%

†

0.110%

Class R3

7/31/1952

21.46 10.94 11.89 0.255 Class R2

4/24/2015

21.41 10.88 11.82 0.300 Class R1

4/24/2015

21.28 10.72 11.62 0.395 MSCI ACWI IMI

–

22.06 10.75 11.45 –

CREF Stock Account Composite Index

‡

–

22. 25

.

.4

–

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

‡

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 December

31, 2025, the CREF Stock Account Composite Index consisted of: 65.0% Russell 3000® 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.

CREF Total Global Stock Account

Account statistics

Portfolio composition

Holdings by country

as of 12/31/2025

Account net assets

$

135.11 billion

Total number of holdings

7,495

Portfolio turnover (%)

50%

Total management fees

paid for the year (amount

in thousands)

$129,337

% of total investments

as of 12/31/2025

Information technology

25.2 Financials

17.4 Industrials

12.4 Consumer discretionary

10.2 Health care

9.3 Communication services

7.4 Consumer staples

4.8 Materials

4.4 Energy

3.3 Utilities

2.5 Real estate

2.3 Government bonds

0.0 Short-term investments

0.6 Investments purchased with collateral

from securities lending

0.2 % of total investments

as of 12/31/2025

United States

63.9 Japan

5.8 United Kingdom

2.8 China

2.8 Taiwan

2.6 Canada

2.4 France

2.2 Germany

2.0 India

1.8 Korea, Republic of

1.5 62 other nations

11.4 Short-term investments

0.6 Investments purchased with

collateral from securities lending

0.2 CREF Global Equities Account

Performance as of

December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period. The performance of the other share classes varies due to differences in

expense charges.

Total

return

Average annual total

return

Estimated

annual

Global Equities Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

21.84%

11.21%

†

11.91%

†

0.095%

Class R3

5/1/1992

21.67 11.10 11.85 0.240 Class R2

4/24/2015

21.62 11.04 11.78 0.285 Class R1

4/24/2015

21.50 10.89 11.58 0.380 MSCI All Country World Index

–

22.34 11.19 11.72 –

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

CREF Global Equities Account

Account statistics

Portfolio composition

Holdings by country

as of 12/31/2025

Account net assets

$

34.07 billion

Total number of holdings

1,808

Portfolio turnover (%)

47%

Total management fees

paid for the year (amount

in thousands)

$24,970

% of total investments

as of 12/31/2025

Information technology

27.6 Financials

16.4 Consumer discretionary

11.5 Industrials

10.9 Health care

8.6 Communication services

7.8 Consumer staples

5.3 Materials

4.0 Energy

3.1 Utilities

2.0 Real estate

0.7 Short-term investments

1.8 Investments purchased with collateral

from securities lending

0.3 % of total investments

as of 12/31/2025

United States

63.7 Japan

5.5 United Kingdom

3.0 China

2.8 France

2.7 Taiwan

2.6 Germany

2.4 Canada

1.7 Netherlands

1.6 Korea, Republic of

1.6 43 other nations

10.3 Short-term investments

1.8 Investments purchased with

collateral from securities lending

0.3 CREF Growth Account

Performance as of December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period. The performance of the other share classes varies due to differences in

expense charges.

Total

return

Average annual total

return

Estimated

annual

Growth Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

16.96%

13.03%

†

16.29%

†

0.060%

Class R3

4/29/1994

16.81 12.92 16.23 0.205 Class R2

4/24/2015

16.76 12.85 16.16 0.250 Class R1

4/24/2015

16.64 12.70 15.96 0.345 Russell 1000® Growth Index

–

18.56 15.32 18.13 –

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

CREF Growth Account

Account statistics

Portfolio composition

as of 12/31/2025

Account net assets

$

42.64 billion

Total number of holdings

Portfolio turnover (%)

35%

Total management fees

paid for the year (amount

in thousands)

$17,827

% of total investments

as of 12/31/2025

Information technology

50.3 Consumer discretionary

14.3 Communication services

13.1 Health care

7.3 Financials

6.5 Industrials

6.3 Consumer staples

1.0 Utilities

0.7 Real estate

0.3 Short-term investments

0.1 Investments purchased with collateral

from securities lending

0.1 CREF S&P 500 Index Account

Performance as of December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period. The performance of the other share classes varies due to differences in

expense charges.

Total

return

Average annual total

return

Estimated

annual

S&P 500 Index Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

17.27%

13.13%

†

14.16%

†

0.025%

Class R3

4/29/1994

17.11 13.02 14.10 0.170 Class R2

4/24/2015

17.06 12.96 14.03 0.215 Class R1

4/24/2015

16.94 12.80 13.83 0.310 S&P 500® Index

–

17.88 14.42 14.82 –

Russell 3000® Index

‡

–

17. 15

.

14. 29

–

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

‡

Effective May 1, 2025, the Equity Index Account changed its benchmark index from the Russell 3000® 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 tracking the S&P 500® 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® Index.

CREF S&P 500 Index Account

Account statistics

Portfolio composition

as of 12/31/2025

Account net assets

$

27.28 billion

Total number of holdings

519

Portfolio turnover (%)

14%

Total management fees

paid for the year (amount

in thousands)

$2,603

% of total investments

as of 12/31/2025

Information technology

34.2 Financials

13.3 Communication services

10.5 Consumer discretionary

10.3 Health care

9.6 Industrials

8.1 Consumer staples

4.7 Energy

2.8 Utilities

2.3 Materials

1.8 Real estate

1.8 Short-term investments

0.5 Investments purchased with collateral

from securities lending

0.1 CREF Core Bond Account

Performance as of

December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period. The performance of the other share classes varies due to differences in

expense charges.

Total

return

Average annual total

return

Estimated

annual

Core Bond Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

7.65%

0.17%

†

2.47%

†

0.085%

Class R3

3/1/1990

7.50 0.07 2.42 0.230 Class R2

4/24/2015

7.46 0.01 2.35 0.275 Class R1

4/24/2015

7.35 -0.13

2.17 0.370 Bloomberg U.S. Aggregate Bond Index

–

7.30 -0.36

2.01 –

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

CREF Core Bond Account

Account statistics

Portfolio composition

Holdings by credit quality

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.

as of 12/31/2025

Account net assets

$

12.27 billion

Total number of issues

1,649

Portfolio turnover (%)

105%

Total management fees

paid for the year (amount

in thousands)

$8,151

% of total investments

as of 12/31/2025

Government bonds

58.6 Corporate bonds

25.9 Structured assets

12.8 Bank loan obligations

0.2 Preferred stocks

0.0 Investments purchased with collateral

from securities lending

0.1 Short-term investments

2.4 % of total investments

as of 12/31/2025

AAA

8.5%

AA

57.3%

A

14.0%

BBB

15.0%

BB or Lower

2.1%

N/R (not rated)

3.0%

N/A (not applicable)

0.1%

CREF Inflation-Linked Bond Account

Performance as of

December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period. The performance of the other share classes varies due to differences in

expense charges.

Total

return

Average annual total

return

Estimated

annual

Inflation-Linked Bond Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

7.33%

2.82%

†

3.40%

†

0.040%

Class R3

5/1/1997

7.19 2.72 3.35 0.185 Class R2

4/24/2015

7.15 2.66 3.29 0.230 Class R1

4/24/2015

7.04 2.52 3.10 0.325 Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index

–

7.47 2.52 3.32 –

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

CREF Inflation-Linked Bond Account

Account statistics

Portfolio composition

Holdings by credit quality

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.

as of 12/31/2025

Account net assets

$

8.20 billion

Total number of issues

Portfolio turnover (%)

20%

Total management fees

paid for the year (amount

in thousands)

$1,845

% of total investments

as of 12/31/2025

Government bonds

93.6 Structured assets

3.6 Corporate bonds

2.2 Bank loan obligations

0.2 Investment companies

0.1 Investments purchased with collateral

from securities lending

0.0 Short-term investments

0.3 % of total investments

as of 12/31/2025

AAA

2.0%

AA

93.5%

A

0.8%

BBB

1.9%

BB or Lower

1.0%

N/R (not rated)

0.6%

N/A (not applicable)

0.2%

CREF Responsible Balanced Account

Performance as of December 31, 2025

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.

$10,000 over 10 years (Class R3)

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the values

of the Account's composite benchmark and broad market index during the same period. The performance of the other share

classes varies due to differences in expense charges.

Total

return

Average annual total

return

Estimated

annual

Responsible Balanced Account

Inception

date

1 year

5 years

10 years

operating

expenses

\*

Class R4

9/16/2022

15.18%

6.59%

†

8.28%

†

0.070%

Class R3

3/1/1990

15.03 6.49 8.23 0.215 Class R2

4/24/2015

14.98 6.43 8.16 0.260 Class R1

4/24/2015

14.87 6.28 7.97 0.355 Broad market index

Morningstar Moderate Target Risk Index

–

15.95 5.95 7.83 –

CREF Responsible Balanced Account Composite Index

‡

–

15.95 7.13 8.50 –

\*

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.

†

The performance shown for Class R4 that is prior to its 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.

‡

As of the close of business on December 31, 2025, the CREF Responsible Balanced Account Composite Index consisted of: 42.0% S&P 500® Index, 40.0% Bloomberg U.S.

Aggregate Bond Index and 18.0% MSCI EAFE® 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.

CREF Responsible Balanced Account

Account statistics

Portfolio composition

Holdings by country

as of 12/31/2025

Account net assets

$

21.63 billion

Equity segment

Total number of holdings

1,550

Fixed-income segment

Total number of issues

1,077

Portfolio turnover (%)

90%

Total management fees

paid for the year (amount

in thousands)

$12,548

% of total investments

as of 12/31/2025

Equity Investments

60.2 Fixed-income securities

39.3 Short-term investments

0.2 Investments purchased with collateral

from securities lending

0.3 % of total investments

as of 12/31/2025

United States

74.0 Japan

4.3 United Kingdom

3.0 Supranational

2.1 France

1.9 Germany

1.8 Canada

1.8 Australia

1.4 Netherlands

1.3 Switzerland

1.3 30 other nations

6.6 Short-term investments

0.2 Investments purchased with

collateral from securities lending

0.3 CREF Money Market Account

Account profile

Portfolio composition

as of 12/31/2025

Account net assets

$

10.76 billion

Total number of issues

Total management fees

paid for the year (amount

in thousands)

$906

% of total investments

as of 12/31/2025

Repurchase agreements

38.4 U.S. Treasury securities\*

26.1 Variable rate securities, government

20.7 U.S. government agency securities\*

14.8 \*

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 year?

(based on a hypothetical $10,000 investment)

Total Global Stock Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$13

0.12%

Class R3

$28

0.25%

Class R2

$32

0.29%

Class R1

$44

0.39%

Global Equities Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$11

0.09%

Class R3

$25

0.23%

Class R2

$30

0.27%

Class R1

$41

0.37%

Growth Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$6

0.06%

Class R3

$21

0.19%

Class R2

$25

0.23%

Class R1

$36

0.34%

S&P 500 Index Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$3

0.03%

Class R3

$17

0.16%

Class R2

$22

0.20%

Class R1

$33

0.30%

Core Bond Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$9

0.08%

Class R3

$23

0.22%

Class R2

$27

0.26%

Class R1

$38

0.36%

Inflation-Linked Bond Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$4

0.04%

Class R3

$18

0.17%

Class R2

$22

0.22%

Class R1

$33

0.32%

Expense Examples

(continued)

Responsible Balanced Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$8

0.08%

Class R3

$22

0.21%

Class R2

$27

0.25%

Class R1

$38

0.35%

Money Market Account

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Class R4

$2

0.02%

Class R3

$16

0.16%

Class R2

$20

0.20%

Class R1

$31

0.30%

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of College Retirement Equities Fund and Participants of CREF Total Global Stock Account, CREF Global

Equities Account, CREF Growth Account, CREF S&P 500 Index Account, CREF Core Bond Account, CREF Inflation-Linked Bond

Account, CREF Responsible Balanced Account and CREF Money Market Account

Opinions on the Financial Statements

We have audited (i) the accompanying statements of assets and liabilities, including the summary portfolios of investments, of CREF

Total Global Stock Account, CREF Global Equities Account, CREF Growth Account, CREF S&P 500 Index Account, CREF Core Bond

Account, CREF Inflation-Linked Bond Account and CREF Money Market Account as of December 31, 2025, the related statements

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

period ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein

and (ii) the accompanying consolidated statement of assets and liabilities, including the summary portfolio of investments, of CREF

Responsible Balanced Account and its subsidiaries as of December 31, 2025, the related consolidated statement of operations for

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

ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated

therein (constituting College Retirement Equities Fund, hereafter collectively referred to as the "Accounts") (collectively referred to as

the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of

each of the Accounts as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each

of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of

the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

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

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

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

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

misstatement, whether due to error or fraud.

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

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

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

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

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

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

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

/s/PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 27, 2026

We have served as the auditor of one or more investment companies in TIAA-CREF Funds' investment company group since 2005.

Total Global Stock December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

Shares

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

COMMON STOCKS

AUTOMOBILES & COMPONENTS

2,647,791

(a) Tesla, Inc

$

1,190,765

0.9 %

Other

1,140,651

0.8 2,331,416

1.7 BANKS

17,456,238

Banco Bilbao Vizcaya Argentaria

S.A.

409,474

0.3 39,161,331

Banco Santander S.A.

460,948

0.4 4,144,741

JPMorgan Chase & Co

1,335,518

1.0 27,505,887

Mitsubishi UFJ Financial Group, Inc

436,548

0.3 9,242,763

Wells Fargo & Co

861,426

0.7 Other

8,248,167

6.0 11,752,081

8.7 CAPITAL GOODS

1,636,429

Eaton Corp plc

521,219

0.4 20,133,032

Hitachi Ltd

631,403

0.5 2,726,723

Honeywell International, Inc

531,956

0.4 14,515,400

Mitsubishi Electric Corp

423,223

0.3 2,580,676

RTX Corp

473,296

0.4 1,719,423

Siemens AG.

481,570

0.4 Other

10,558,336

7.7 13,621,003

10.1 COMMERCIAL & PROFESSIONAL SERVICES

1,121,143

0.8 CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

25,017,544

Alibaba Group Holding Ltd

459,346

0.4 13,629,200

(a) Amazon.com, Inc

3,145,892

2.3 1,529,909

Home Depot, Inc

526,442

0.4 3,031,646

TJX Cos, Inc

465,691

0.4 Other

2,004,384

1.4 6,601,755

4.9 CONSUMER DURABLES & APPAREL

23,623,072

Sony Corp

605,955

0.5 Other

1,793,401

1.3 2,399,356

1.8 CONSUMER SERVICES

2,401,255

1.8 CONSUMER STAPLES DISTRIBUTION & RETAIL

532,285

Costco Wholesale Corp

459,011

0.4 8,049,576

Walmart, Inc

896,803

0.7 Other

804,885

0.5 2,160,699

1.6 ENERGY

3,030,893

Chevron Corp

461,938

0.4 6,243,272

Exxon Mobil Corp

751,315

0.6 12,362,730

Shell plc

455,595

0.3 Other

2,824,002

2.0 4,492,850

3.3 EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

3,291,080

Prologis, Inc

420,139

0.3 Other

1,956,195

1.5 2,376,334

1.8 Shares

Description

Value

(000) % of net

assets

FINANCIAL SERVICES

1,483,635

American Express Co

$

548,871

0.4 %

1,202,539

(a) Berkshire Hathaway, Inc

604,456

0.5 1,978,516

Mastercard, Inc (Class A)

1,129,495

0.9 1,318,502

Visa, Inc (Class A)

462,412

0.3 Other

5,262,163

3.8 8,007,397

5.9 FOOD, BEVERAGE & TOBACCO

3,570,106

Philip Morris International, Inc

572,645

0.4 Other

2,638,505

2.0 3,211,150

2.4 HEALTH CARE EQUIPMENT & SERVICES

4,410,061

Abbott Laboratories

552,537

0.4 Other

3,552,712

2.6 4,105,249

3.0 HOUSEHOLD & PERSONAL PRODUCTS

1,120,626

0.8 INSURANCE

3,467,696

2.6 MATERIALS

1,413,889

Linde plc

602,868

0.5 Other

5,375,346

3.9 5,978,214

4.4 MEDIA & ENTERTAINMENT

6,502,585

Alphabet, Inc

2,040,511

1.5 7,254,452

Alphabet, Inc (Class A)

2,270,644

1.7 2,146,886

Meta Platforms, Inc

1,417,138

1.1 8,574,354

Tencent Holdings Ltd

658,026

0.5 3,908,393

Walt Disney Co

444,658

0.4 Other

1,923,015

1.3 8,753,992

6.5 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,216,557

AbbVie, Inc

506,461

0.4 1,105,017

Eli Lilly & Co

1,187,540

0.9 3,041,116

Johnson & Johnson

629,359

0.5 615,357

Regeneron Pharmaceuticals, Inc

474,976

0.4 1,334,046

Roche Holding AG.

550,921

0.4 Other

5,143,133

3.7 8,492,390

6.3 REAL ESTATE MANAGEMENT & DEVELOPMENT

726,137

0.5 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,890,171

Applied Materials, Inc

485,755

0.4 595,485

ASML Holding NV

641,647

0.5 8,450,792

Broadcom, Inc

2,924,819

2.2 3,228,717

Lam Research Corp

552,692

0.4 26,095,945

Nvidia Corp

4,866,894

3.6 40,781,458

Taiwan Semiconductor

Manufacturing Co Ltd

2,004,705

1.5 Other

3,259,283

2.3 14,735,795

10.9 SOFTWARE & SERVICES

10,982,283

Microsoft Corp

5,311,252

3.9 Other

5,060,903

3.8 10,372,155

7.7 TECHNOLOGY HARDWARE & EQUIPMENT

17,855,806

(b) Apple, Inc

4,854,279

3.6 9,844,138

Samsung Electronics Co Ltd

825,085

0.6 Other

3,293,503

2.4 8,972,867

6.6 31

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $889,346,769.

At 12/31/25, the aggregate value of securities exempt from registration under Rule 144(A) of

the Securities Act of 1933, as amended, amounted to $1,058,334,983 or 0.8% 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.

Shares

Description

Value

(000) % of net

assets

TELECOMMUNICATION SERVICES

$

1,211,343

0.9 %

TRANSPORTATION

1,981,166

1.5 UTILITIES

6,143,815

NextEra Energy, Inc

493,225

0.4 Other

2,960,508

2.2 3,453,733

2.6 TOTAL COMMON STOCKS

(Cost $103,068,932)

133,847,802

99.1 a

a

a

a

Principal

Description

Value

(000) % of net

assets

GOVERNMENT BONDS

U.S. TREASURY SECURITIES

0.0 $

200,000

TOTAL GOVERNMENT BONDS

(Cost $208)

0.0 Shares

Description

Value

(000) % of net

assets

INVESTMENT COMPANIES

291,730

0.2 TOTAL INVESTMENT COMPANIES

(Cost $235,824)

291,730

0.2 a

a

a

a

Shares

Description

Value

(000) % of net

assets

PREFERRED STOCKS

AUTOMOBILES & COMPONENTS

0^

–

TOTAL PREFERRED STOCKS

(Cost $0)

0^

0.0 a

a

a

a

Shares

Description

Value

(000) % of net

assets

RIGHTS/WARRANTS

BANKS

0.0 CAPITAL GOODS

0.0 EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

0.0 FINANCIAL SERVICES

0^

0.0 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

0.0 SOFTWARE & SERVICES

0.0 UTILITIES

0.0 TOTAL RIGHTS/WARRANTS

(Cost $1)

0.0 a

a

a

a

TOTAL LONG-TERM INVESTMENTS

(Cost $103,304,965)

134,140,008

99.3 a

a

a

a

Principal

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

CERTIFICATE OF DEPOSIT

62,600

0.1 COMMERCIAL PAPER

5,000

0.0 REPURCHASE AGREEMENT

180,000

0.1 VARIABLE RATE SECURITIES

22,000

0.0 INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

(Cost $269,600)

269,600

0.2 Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

$

212,401

0.1 %

REPURCHASE AGREEMENT

369,598

0.3 TREASURY DEBT

235,501

0.2 TOTAL SHORT-TERM INVESTMENTS

(Cost $817,463)

817,500

0.6 a

a

a

a

TOTAL PORTFOLIO

(Cost $104,392,028)

135,227,108

100.1 OTHER ASSETS & LIABILITIES, NET

(114,432)

(0.1)

NET ASSETS

$

135,112,676

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.

Summary Portfolio of Investments

(continued)

Total Global Stock December 31, 2025

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) Russell 2000 E-Mini Index

03/20/26

$

19,171

$

18,610

$

(561) S&P 500 E-Mini Index

1,114

03/20/26

383,710

383,912

S&P Mid-Cap 400 E-Mini Index

03/20/26

32,414

31,922

(492) Total

1,359

$

435,295

$

434,444

$

(851) 33

See Notes to Financial Statements

Global Equities December 31, 2025

Summary Portfolio of Investments

Shares

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

COMMON STOCKS

AUSTRALIA

$

225,043

0.7 %

AUSTRIA

94,059

0.3 BELGIUM

96,051

0.3 BRAZIL

295,464

0.9 CANADA

1,152,642

(a) Shopify, Inc (Class A)

185,592

0.5 Other

406,265

1.2 591,857

1.7 CAYMAN ISLANDS

599

0.0 CHILE

19,388

0.1 CHINA

2,405,367

Tencent Holdings Ltd

184,596

0.6 Other

765,185

2.2 949,781

2.8 COLOMBIA

3,152

0.0 CONGO, THE DEMOCRATIC REPUBLIC OF THE

1,829

0.0 CZECH REPUBLIC

3,231

0.0 DENMARK

106,030

0.3 EGYPT

1,693

0.0 FINLAND

6,935

0.0 FRANCE

587,704

Airbus SE

136,479

0.4 226,375

LVMH Moet Hennessy Louis Vuitton

S.A.

170,627

0.5 Other

619,467

1.8 926,573

2.7 GERMANY

634,554

SAP AG.

154,177

0.5 592,359

Siemens AG.

165,906

0.5 Other

506,543

1.4 826,626

2.4 GREECE

23,370

0.1 HONG KONG

146,921

0.4 HUNGARY

6,219

0.0 INDIA

466,593

1.4 INDONESIA

31,921

0.1 IRELAND

69,648

0.2 ISRAEL

7,120

0.0 ITALY

181,536

0.5 JAPAN

8,208,920

Hitachi Ltd

257,445

0.8 11,622,800

Mitsubishi UFJ Financial Group, Inc

184,466

0.6 12,574,925

Sony Corp

322,559

1.0 Other

1,103,533

3.1 1,868,003

5.5 Shares

Description

Value

(000) % of net

assets

KOREA, REPUBLIC OF

3,836,707

Samsung Electronics Co Ltd

$

321,573

1.0 %

Other

219,034

0.6 540,607

1.6 KUWAIT

14,841

0.0 LUXEMBOURG

5,662

0.0 MACAU

10,685

0.0 MALAYSIA

25,383

0.1 MEXICO

134,665

0.4 NETHERLANDS

286,849

ASML Holding NV

309,085

0.9 Other

233,153

0.7 542,238

1.6 NORWAY

7,954

0.0 PERU

5,056

0.0 PHILIPPINES

8,113

0.0 POLAND

24,094

0.1 PORTUGAL

15,833

0.0 QATAR

14,153

0.0 ROMANIA

1,122

0.0 RUSSIA

0.0 SAUDI ARABIA

60,275

0.2 SINGAPORE

195,385

0.6 SOUTH AFRICA

131,491

0.4 SPAIN

7,368,107

Banco Bilbao Vizcaya Argentaria

S.A.

172,835

0.5 17,473,196

Banco Santander S.A.

205,668

0.6 Other

92,884

0.3 471,387

1.4 SWEDEN

118,445

0.4 SWITZERLAND

394,618

1.2 TAIWAN

14,431,349

Taiwan Semiconductor

Manufacturing Co Ltd

709,406

2.1 Other

195,526

0.6 904,932

2.7 THAILAND

21,303

0.1 TURKEY

9,107

0.0 UNITED ARAB EMIRATES

34,203

0.1 UNITED KINGDOM

2,650,434

British American Tobacco plc

150,255

0.4 Other

883,847

2.6 1,034,102

3.0 UNITED STATES

2,027,433

Alphabet, Inc

636,208

1.9 2,331,897

Alphabet, Inc (Class A)

729,884

2.2 4,719,804

(a) Amazon.com, Inc

1,089,425

3.2 5,892,520

(b) Apple, Inc

1,601,941

4.7 1,713,941

(a) Boston Scientific Corp

163,424

0.5 2,580,120

Broadcom, Inc

892,980

2.6 Summary Portfolio of Investments

(continued)

Global Equities December 31, 2025

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $180,580,152.

At 12/31/25, the aggregate value of securities exempt from registration under Rule 144(A) of

the Securities Act of 1933, as amended, amounted to $250,300,194 or 0.7% 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.

Shares

Description

Value

(000) % of net

assets

UNITED STATES (continued)

296,138

Caterpillar, Inc

$

169,649

0.5 %

2,064,936

Cisco Systems, Inc

159,062

0.5 2,696,514

Coca-Cola Co

188,513

0.6 274,201

Costco Wholesale Corp

236,455

0.7 386,850

Eli Lilly & Co

415,740

1.2 2,207,173

Exxon Mobil Corp

265,611

0.8 620,890

Home Depot, Inc

213,648

0.6 808,517

Honeywell International, Inc

157,734

0.5 811,313

Johnson & Johnson

167,901

0.5 1,313,612

JPMorgan Chase & Co

423,272

1.2 900,861

Lam Research Corp

154,209

0.5 433,746

Linde plc

184,945

0.6 515,427

Mastercard, Inc (Class A)

294,247

0.9 587,820

Meta Platforms, Inc

388,014

1.1 3,114,719

Microsoft Corp

1,506,340

4.4 1,440,910

(a) Netflix, Inc

135,100

0.4 8,590,762

Nvidia Corp

1,602,177

4.7 1,147,059

Procter & Gamble Co

164,385

0.5 354,532

Roche Holding AG.

146,411

0.4 789,624

RTX Corp

144,817

0.4 500,795

Schneider Electric S.A.

137,005

0.4 1,184,760

(a) ServiceNow, Inc

181,493

0.5 3,851,599

Shell plc

141,940

0.4 648,518

(a) Snowflake, Inc

142,259

0.4 740,689

(a) Tesla, Inc

333,103

1.0 613,955

Visa, Inc (Class A)

215,320

0.6 2,551,955

Walmart, Inc

284,313

0.8 3,607,112

Wells Fargo & Co

336,183

1.0 Other

7,731,951

22.6 21,735,659

63.8 ZAMBIA

4,107

0.0 TOTAL COMMON STOCKS

(Cost $24,095,873)

33,415,064

98.1 a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENT COMPANIES

80,144

0.3 TOTAL INVESTMENT COMPANIES

(Cost $79,248)

80,144

0.3 a

a

a

a

Shares

Description

Value

(000) % of net

assets

PREFERRED STOCKS

INDIA

0^

0.0 TOTAL PREFERRED STOCKS

(Cost $0)

0^

0.0 a

a

a

a

Shares

Description

Value

(000) % of net

assets

RIGHTS/WARRANTS

AUSTRALIA

0^

0.0 CHINA

0^

0.0 MALAYSIA

0.0 TOTAL RIGHTS/WARRANTS

(Cost $0)

0.0 a

a

a

a

TOTAL LONG-TERM INVESTMENTS

(Cost $24,175,121)

33,495,247

98.4 a

a

a

a

Principal

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

Principal

Description

Value

(000) % of net

assets

CERTIFICATE OF DEPOSIT

$

4,650

0.0 %

REPURCHASE AGREEMENT

95,000

0.3 VARIABLE RATE SECURITIES

2,000

0.0 INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

(Cost $101,650)

101,650

0.3 Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

90,546

0.3 REPURCHASE AGREEMENT

Fixed Income Clearing Corporation

$

413,256,000

(c) 3.810%, 01/02/26

413,256

1.2 413,256

1.2 TREASURY DEBT

120,692

0.3 TOTAL SHORT-TERM INVESTMENTS

(Cost $624,480)

624,494

1.8 a

a

a

a

TOTAL PORTFOLIO

(Cost $24,901,251)

34,221,391

100.5 OTHER ASSETS & LIABILITIES, NET

(155,000)

(0.5)

NET ASSETS

$

34,066,391

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, 3.810% dated 12/31/25 to be repurchased

at $413,343,473 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.125% and maturity date 11/02/26, valued at $421,521,120.

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) MSCI EAFE Index

857

03/20/26

$

123,950

$

124,355

$

S&P 500 E-Mini Index

1,055

03/20/26

363,365

363,579

Total

1,912

$

487,315

$

487,934

$

619

Growth December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

Shares

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

COMMON STOCKS

AUTOMOBILES & COMPONENTS

2,444,267

(a) Tesla, Inc

$

1,099,236

.6

%

1,099,236

.6

BANKS

100,740

.2

CAPITAL GOODS

1,007,949

(a) Boeing Co

218,846

.5

576,336

Eaton Corp plc

183,569

.4

562,967

GE Vernova, Inc

367,938

.9

1,621,637

General Electric Co

499,513

.2

1,132,802

Howmet Aerospace, Inc

232,247

.6

423,621

Quanta Services, Inc

178,794

.4

1,768,177

Vertiv Holdings Co

286,462

.7

Other

363,630

.8

2,330,999

.5

COMMERCIAL & PROFESSIONAL SERVICES

133,499

.3

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

13,616,414

(a) Amazon.com, Inc

3,142,941

.4

2,965,804

(a) O'Reilly Automotive, Inc

270,511

.6

Other

227,550

.5

3,641,002

.5

CONSUMER DURABLES & APPAREL

71,406

.2

CONSUMER SERVICES

97,747

Booking Holdings, Inc

523,468

.2

13,247,539

(a) Carnival Corp

404,580

.0

Other

335,330

.8

1,263,378

.0

CONSUMER STAPLES DISTRIBUTION & RETAIL

237,001

Costco Wholesale Corp

204,375

.5

204,375

.5

FINANCIAL SERVICES

411,630

American Express Co

152,283

.4

1,500,411

KKR & Co, Inc

191,272

.4

1,424,152

Mastercard, Inc (Class A)

813,020

.9

21,491,973

Rocket Cos, Inc

416,085

.0

1,206,190

Visa, Inc (Class A)

423,023

.0

Other

231,110

.5

2,226,793

.2

FOOD, BEVERAGE & TOBACCO

204,739

.5

HEALTH CARE EQUIPMENT & SERVICES

959,618

(a) Intuitive Surgical, Inc

543,489

.3

Other

191,834

.4

735,323

.7

INSURANCE

114,166

.3

MEDIA & ENTERTAINMENT

6,540,715

Alphabet, Inc

2,052,476

.8

4,336,054

Alphabet, Inc (Class A)

1,357,185

.2

1,814,171

(a) Liberty Media Corp-Liberty Formula

One (Class C)

178,714

.4

2,113,049

Meta Platforms, Inc

1,394,803

.3

2,844,087

(a) Netflix, Inc

266,662

.6

2,270,757

(a) ROBLOX Corp

183,999

.4

1,467,785

Walt Disney Co

166,990

.4

5,600,829

.1

Shares

Description

Value

(000) % of net

assets

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,212,901

Eli Lilly & Co

$

1,303,480

.0

%

1,694,362

Galderma Group AG.

345,028

.8

528,831

Regeneron Pharmaceuticals, Inc

408,189

.0

577,900

Thermo Fisher Scientific, Inc

334,864

.8

2,391,561

.6

REAL ESTATE MANAGEMENT & DEVELOPMENT

108,966

.3

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,773,209

Applied Materials, Inc

455,697

.1

9,562,681

Broadcom, Inc

3,309,644

.8

2,590,948

Microchip Technology, Inc

165,095

.4

28,675,297

Nvidia Corp

5,347,943

.5

5,144,000

Taiwan Semiconductor

Manufacturing Co Ltd

252,865

.6

Other

322,086

.7

9,853,330

.1

SOFTWARE & SERVICES

352,284

(a) Crowdstrike Holdings, Inc

165,137

.4

513,341

Intuit, Inc

340,047

.8

9,833,375

Microsoft Corp

4,755,617

.1

778,441

Oracle Corp

151,726

.4

1,356,313

(a) Palantir Technologies, Inc

241,085

.6

2,119,357

(a) Palo Alto Networks, Inc

390,385

.9

2,504,662

(a) ServiceNow, Inc

383,689

.9

1,854,432

(a) Shopify, Inc (Class A)

298,508

.7

2,292,449

(a) Snowflake, Inc

502,872

.2

Other

281,970

.6

7,511,036

.6

TECHNOLOGY HARDWARE & EQUIPMENT

11,847,127

Apple, Inc

3,220,760

.5

4,826,190

(a) Arista Networks, Inc

632,376

.5

1,456,640

Western Digital Corp

250,935

.6

4,104,071

.6

TRANSPORTATION

2,844,841

(a) Uber Technologies, Inc

232,452

.5

232,452

.5

UTILITIES

427,064

Constellation Energy Corp

150,869

.4

Other

135,902

.3

286,771

.7

TOTAL COMMON STOCKS

(Cost $22,836,865)

42,214,672

.0

a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENT COMPANIES

699,506

iShares Russell 1000 Growth ETF

331,076

.8

TOTAL INVESTMENT COMPANIES

(Cost $334,310)

331,076

.8

a

a

a

a

TOTAL LONG-TERM INVESTMENTS

(Cost $23,171,175)

42,545,748

.8

a

a

a

a

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $37,081,935.

At 12/31/25, the aggregate value of securities exempt from registration under Rule 144(A) of

the Securities Act of 1933, as amended, amounted to $144,651,155 or 0.3% 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.

Shares

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

39,289,232

(b) State Street Navigator Securities

Lending Government Money Market

Portfolio 3.830%(c)

$

39,289

.1

%

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL

FROM SECURITIES LENDING

(Cost $39,289)

39,289

.1

a

a

a

a

a

a

a

a

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

5,416

.0

REPURCHASE AGREEMENT

42,909

.1

TOTAL SHORT-TERM INVESTMENTS

(Cost $48,324)

48,325

.1

a

a

a

a

TOTAL PORTFOLIO

(Cost $23,258,788)

42,633,362

.0

OTHER ASSETS & LIABILITIES, NET

8,125

.0

NET ASSETS

$

42,641,487

.0

%

ETF

Exchange Traded Fund

(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.

S&P 500 Index December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

Shares

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

COMMON STOCKS

AUTOMOBILES & COMPONENTS

1,305,540

(a) Tesla, Inc

$

587,128

2.2 %

Other

67,390

0.2 654,518

2.4 BANKS

3,134,018

Bank of America Corp

172,371

0.6 834,680

Citigroup, Inc

97,399

0.4 1,263,873

JPMorgan Chase & Co

407,245

1.5 1,455,653

Wells Fargo & Co

135,667

0.5 Other

179,259

0.6 991,941

3.6 CAPITAL GOODS

217,144

Caterpillar, Inc

124,395

0.5 489,058

General Electric Co

150,645

0.6 622,572

RTX Corp

114,180

0.4 Other

1,219,026

4.4 1,608,246

5.9 COMMERCIAL & PROFESSIONAL SERVICES

255,291

0.9 CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

4,519,063

(a) Amazon.com, Inc

1,043,090

3.8 462,076

Home Depot, Inc

159,000

0.6 Other

331,271

1.2 1,533,361

5.6 CONSUMER DURABLES & APPAREL

139,032

0.5 CONSUMER SERVICES

331,799

McDonald's Corp

101,408

0.4 Other

398,104

1.4 499,512

1.8 CONSUMER STAPLES DISTRIBUTION & RETAIL

205,513

Costco Wholesale Corp

177,222

0.7 2,034,914

Walmart, Inc

226,710

0.8 Other

79,456

0.3 483,388

1.8 ENERGY

877,177

Chevron Corp

133,691

0.5 1,954,887

Exxon Mobil Corp

235,251

0.9 Other

394,924

1.4 763,866

2.8 EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

460,225

1.7 FINANCIAL SERVICES

850,913

(a) Berkshire Hathaway, Inc

427,711

1.6 139,911

Goldman Sachs Group, Inc

122,982

0.4 380,031

Mastercard, Inc (Class A)

216,952

.8

561,476

Morgan Stanley

99,679

0.4 782,689

Visa, Inc (Class A)

274,497

1.0 Other

1,023,658

3.7 2,165,479

7.9 FOOD, BEVERAGE & TOBACCO

1,794,745

Coca-Cola Co

125,471

0.5 723,789

Philip Morris International, Inc

116,096

0.4 Other

310,265

1.1 551,832

2.0 Shares

Description

Value

(000) % of net

assets

HEALTH CARE EQUIPMENT & SERVICES

808,281

Abbott Laboratories

$

101,269

0.4 %

164,944

(a) Intuitive Surgical, Inc

93,418

0.4 420,707

UnitedHealth Group, Inc

138,880

0.5 Other

667,268

2.4 1,000,835

3.7 HOUSEHOLD & PERSONAL PRODUCTS

1,087,893

Procter & Gamble Co

155,906

0.6 Other

87,254

0.3 243,160

0.9 INSURANCE

480,693

1.8 MATERIALS

217,845

Linde plc

92,887

0.4 Other

405,398

1.4 498,285

1.8 MEDIA & ENTERTAINMENT

2,160,080

Alphabet, Inc

677,833

2.5 2,702,790

Alphabet, Inc (Class A)

845,973

3.1 1,011,808

Meta Platforms, Inc

667,885

2.5 1,966,561

(a) Netflix, Inc

184,385

0.7 832,864

Walt Disney Co

94,755

0.4 Other

186,049

0.6 2,656,880

9.8 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

821,007

AbbVie, Inc

187,592

0.7 368,927

Eli Lilly & Co

396,478

1.5 1,118,335

Johnson & Johnson

231,439

0.9 1,157,906

Merck & Co, Inc

121,881

0.4 174,603

Thermo Fisher Scientific, Inc

101,174

0.4 Other

565,526

2.0 1,604,090

5.9 REAL ESTATE MANAGEMENT & DEVELOPMENT

35,512

0.1 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

757,758

(a) Advanced Micro Devices, Inc

162,281

0.6 368,484

Applied Materials, Inc

94,697

0.3 2,194,158

Broadcom, Inc

759,398

2.8 583,441

Lam Research Corp

99,873

0.4 520,774

Micron Technology, Inc

148,634

0.5 11,289,968

Nvidia Corp

2,105,580

7.7 Other

481,817

1.8 3,852,280

14.1 SOFTWARE & SERVICES

434,705

International Business Machines

Corp

128,764

0.5 3,452,547

Microsoft Corp

1,669,721

6.1 780,417

Oracle Corp

152,111

0.6 1,061,737

(a) Palantir Technologies, Inc

188,724

0.7 444,115

Salesforce, Inc

117,651

0.4 Other

808,113

2.9 3,065,084

11.2 TECHNOLOGY HARDWARE & EQUIPMENT

6,864,756

Apple, Inc

1,866,253

6.8 1,825,194

Cisco Systems, Inc

140,595

0.5 Other

430,219

1.6 2,437,067

8.9 TELECOMMUNICATION SERVICES

207,256

0.8 TRANSPORTATION

353,047

1.3 39

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $19,368,709.

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

Shares

Description

Value

(000) % of net

assets

UTILITIES

$

610,810

2.3 %

TOTAL COMMON STOCKS

(Cost $8,311,036)

27,151,690

99.5 a

a

a

a

Shares

Description

Value

(000) % of net

assets

RIGHTS/WARRANTS

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

0.0 TOTAL RIGHTS/WARRANTS

(Cost $2)

0.0 a

a

a

a

TOTAL LONG-TERM INVESTMENTS

(Cost $8,311,038)

27,151,692

99.5 a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

19,993,752

(b) State Street Navigator Securities

Lending Government Money Market

Portfolio 3.830%(c)

19,994

0.1 TOTAL INVESTMENTS PURCHASED WITH COLLATERAL

FROM SECURITIES LENDING

(Cost $19,994)

19,994

0.1 a

a

a

a

a

a

a

a

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

9,938

0.0 REPURCHASE AGREEMENT

89,645

0.3 TREASURY DEBT

38,300

0.2 TOTAL SHORT-TERM INVESTMENTS

(Cost $137,881)

137,883

0.5 a

a

a

a

TOTAL PORTFOLIO

(Cost $8,468,913)

27,309,569

100.1 OTHER ASSETS & LIABILITIES, NET

(30,011)

(0.1)

NET ASSETS

$

27,279,558

100.0%

(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.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) S&P 500 E-Mini Index

03/20/26

$

113,248

$

112,348

$

(900) Core Bond December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

Principal

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

BANK LOAN OBLIGATIONS

CAPITAL GOODS

$

3,579

0.0 %

COMMERCIAL & PROFESSIONAL SERVICES

0.0 CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,086

0.0 CONSUMER DURABLES & APPAREL

0.0 CONSUMER SERVICES

4,857

0.1 ENERGY

0.0 FINANCIAL SERVICES

2,269

0.0 FOOD, BEVERAGE & TOBACCO

0.0 HEALTH CARE EQUIPMENT & SERVICES

0.0 MATERIALS

1,175

0.0 MEDIA & ENTERTAINMENT

0.0 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

0.0 REAL ESTATE MANAGEMENT & DEVELOPMENT

0.0 SOFTWARE & SERVICES

4,523

0.1 TELECOMMUNICATION SERVICES

0.0 TRANSPORTATION

0.0 TOTAL BANK LOAN OBLIGATIONS

(Cost $20,379)

20,133

0.2 Principal

Description

Value

(000) % of net

assets

CORPORATE BONDS

AUTOMOBILES & COMPONENTS

39,268

0.3 BANKS

Bank of America Corp

$

55,925,000

2.592%, 04/29/31

52,110

0.4 JPMorgan Chase & Co

195,100,000

(a) 1.953%-6.875%, 06/15/26-N/A

197,773

1.7 EUR

600,000

1.638%, 05/18/28

696

0.0 Other

504,493

4.0 755,072

6.1 CAPITAL GOODS

107,028

0.9 COMMERCIAL & PROFESSIONAL SERVICES

32,846

0.3 CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

32,495

0.3 CONSUMER SERVICES

38,404

0.3 CONSUMER STAPLES DISTRIBUTION & RETAIL

24,214

0.2 ENERGY

208,181

1.7 EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

SBA Tower Trust

42,100,000

(b) 1.840%, 04/15/27

40,784

0.3 Other

167,435

1.4 208,219

1.7 FINANCIAL SERVICES

242,391

2.0 FOOD, BEVERAGE & TOBACCO

98,054

0.8 HEALTH CARE EQUIPMENT & SERVICES

123,855

1.0 HOUSEHOLD & PERSONAL PRODUCTS

25,879

0.2 INSURANCE

203,204

1.7 Principal

Description

Value

(000) % of net

assets

MATERIALS

$

93,200

0.8 %

MEDIA & ENTERTAINMENT

88,684

0.7 PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

73,807

0.6 SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

48,941

0.4 SOFTWARE & SERVICES

70,395

0.6 TECHNOLOGY HARDWARE & EQUIPMENT

41,135

0.3 TELECOMMUNICATION SERVICES

AT&T, Inc

$

42,943,000

2.550%, 12/01/33

36,650

0.3 Other

178,736

1.4 215,386

1.7 TRANSPORTATION

14,884

0.1 UTILITIES

358,973

2.9 5,569,670,310

TOTAL CORPORATE BONDS

(Cost $3,266,431)

3,144,515

25.6 Principal

Description

Value

(000) % of net

assets

GOVERNMENT BONDS

AGENCY SECURITIES

19,310

0.1 FOREIGN GOVERNMENT BONDS

362,884

3.0 MORTGAGE BACKED

Fannie Mae Pool

59,114,300

2.500%, 12/01/51

50,421

0.4 43,836,343

3.000%, 04/01/52

38,882

0.3 70,820,023

4.000%, 06/01/52

67,587

0.6 46,141,128

4.000%, 07/01/52

44,035

.4

40,339,138

5.000%, 08/01/52

40,401

0.3 125,231,649

4.000%, 09/01/52

119,312

1.0 122,517,790

4.500%, 09/01/52

120,094

1.0 76,495,189

4.000%, 10/01/52

72,891

0.6 64,845,199

4.500%, 10/01/52

63,602

0.5 105,381,864

4.500%, 11/01/52

103,264

0.8 56,372,359

5.000%, 02/01/53

56,448

0.5 45,265,185

5.500%, 02/01/53

45,937

0.4 58,130,753

5.000%, 04/01/53

58,202

0.5 99,020,848

5.500%, 06/01/53

100,743

0.8 172,000,142

5.500%, 04/01/54

174,549

1.4 124,842,613

5.500%, 05/01/54

126,686

1.0 39,243,030

5.500%, 10/01/54

39,809

0.3 655,205,401

2.500%-6.000%,

05/01/32-10/01/54

628,165

5.1 Freddie Mac Pool

86,512,907

3.000%, 05/01/52

76,788

0.6 104,435,505

5.000%, 06/01/53

104,537

0.9 45,503,756

5.000%, 08/01/53

45,560

0.4 170,163,850

2.500%-6.000%,

11/01/49-08/01/53

163,155

1.4 Ginnie Mae II Pool

47,612,248

3.500%, 04/20/52

43,722

0.4 Government National Mortgage

Association

203,386,173

2.500%-10.071%,

01/20/40-08/20/53

136,727

1.1 Other

677,077

5.4 3,198,594

26.1 MUNICIPAL BONDS

220,192

1.8 OTHER MORTGAGE BACKED

21,006

0.2 41

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $42,101,922.

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.

Principal

Description

Value

(000) % of net

assets

U.S. TREASURY SECURITIES

United States Treasury Note/Bond

$

94,645,000

4.250%, 11/30/26

$

95,225

0.8 %

126,225,000

3.875%, 07/31/27

126,960

1.0 147,820,000

3.500%, 09/30/27

147,849

1.2 97,925,000

4.125%, 11/15/27

99,042

0.8 239,280,000

3.500%, 04/30/28

239,243

2.0 78,957,000

3.375%, 09/15/28

78,633

0.6 101,950,000

3.500%, 11/15/28

101,838

0.8 113,120,000

3.500%, 04/30/30

112,303

0.9 654,399,000

3.625%, 12/31/30

651,280

5.3 50,000,000

3.750%, 12/31/30

50,025

0.4 70,450,000

4.000%, 01/31/31

71,262

0.6 57,151,000

4.125%, 07/31/31

58,080

0.5 97,957,900

3.750%, 08/31/31

97,633

0.8 66,260,000

4.125%, 03/31/32

67,168

0.6 52,791,000

3.875%, 08/31/32

52,653

0.4 100,000,000

3.750%, 11/30/32

98,844

0.8 77,391,000

4.000%, 11/15/35

76,278

0.6 85,325,800

2.375%, 02/15/42

62,808

0.5 91,758,000

3.375%, 08/15/42

77,535

0.6 56,675,000

3.875%, 02/15/43

50,985

0.4 49,620,000

3.875%, 05/15/43

44,513

0.4 51,995,000

3.000%, 08/15/48

38,499

0.3 256,002,000

2.250%, 02/15/52

155,321

1.3 44,786,000

3.625%, 02/15/53

36,259

0.3 162,893,000

4.750%, 08/15/55

160,144

1.3 494,033,500

0.500%-5.000%,

03/15/26-11/15/48

432,531

3.5 3,282,911

26.7 74,308,360,425

TOTAL GOVERNMENT BONDS

(Cost $7,341,391)

7,104,897

57.9 Shares

Description

Value

(000) % of net

assets

PREFERRED STOCKS

FINANCIAL SERVICES

4,430

0.0 TOTAL PREFERRED STOCKS

(Cost $4,348)

4,430

0.0 a

a

a

a

Principal

Description

Value

(000) % of net

assets

STRUCTURED ASSETS

ASSET BACKED

531,248

4.3 OTHER MORTGAGE BACKED

1,017,266

8.3 1,762,868,099

TOTAL STRUCTURED ASSETS

(Cost $1,626,237)

1,548,514

12.6 TOTAL LONG-TERM INVESTMENTS

(Cost $12,258,786)

11,822,489

96.3 a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

18,071,088

(c) State Street Navigator Securities

Lending Government Money Market

Portfolio 3.830%(d)

18,071

0.2 TOTAL INVESTMENTS PURCHASED WITH COLLATERAL

FROM SECURITIES LENDING

(Cost $18,071)

18,071

0.2 a

a

a

a

a

a

a

a

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

$

82,160

0.7 %

REPURCHASE AGREEMENT

Fixed Income Clearing Corporation

$

111,180,000

(e) 3.810%, 01/02/26

111,180

0.9 Other

2,268

0.0 113,448

0.9 TREASURY DEBT

94,507

0.8 TOTAL SHORT-TERM INVESTMENTS

(Cost $290,084)

290,115

2.4 a

a

a

a

TOTAL PORTFOLIO

(Cost $12,566,941)

12,130,675

98.9 OTHER ASSETS & LIABILITIES, NET

139,452

1.1 NET ASSETS

$

12,270,127

100.0%

EUR

Euro

(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 $2,282,360,297 or 18.8% of Total

Investments.

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

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

(e) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased

at $111,203,533 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

0.000% and maturity date 12/24/26, valued at $113,403,600.

Summary Portfolio of Investments

(continued)

Core Bond December 31, 2025

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) U.S. Treasury 10-Year Note

1,824

03/20/26

$

205,659

$

205,086

$

(573) U.S. Treasury 5-Year Note

3,762

03/31/26

411,617

411,204

(413) Total

5,586

$

617,276

$

616,290

$

(986) Forward Foreign Currency Contracts

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) $

6,766

AUD

10,245

Australia and New Zealand Banking Group Limited

01/09/26

(72) $

1,167

CHF

923

Australia and New Zealand Banking Group Limited

01/08/26

$

578

EUR

Australia and New Zealand Banking Group Limited

01/08/26

(9) $

922

EUR

800

Australia and New Zealand Banking Group Limited

01/08/26

(18) $

728

GBP

545

Australia and New Zealand Banking Group Limited

01/08/26

(7) $

1,520

NZD

2,603

Australia and New Zealand Banking Group Limited

01/09/26

EUR

$

Australia and New Zealand Banking Group Limited

01/08/26

EUR

826

$

953

Australia and New Zealand Banking Group Limited

01/08/26

$

550

HUF

184,135

Bank of America, N.A.

01/08/26

(12) $

677

KRW

990,172

Bank of America, N.A.

01/12/26

(9) $

988

SGD

1,279

Bank of America, N.A.

01/12/26

(9) $

907

MYR

3,746

Barclays Bank PLC

01/12/26

(17) $

2,012

CAD

2,803

Citibank N.A.

01/08/26

(31) $

1,163

CZK

24,321

Citibank N.A.

01/08/26

(20) $

5,747

EUR

4,904

Citibank N.A.

01/08/26

(18) $

112,545

EUR

96,023

Citibank N.A.

01/08/26

(345) $

EUR

Citibank N.A.

01/08/26

(1) $

791

EUR

684

Citibank N.A.

01/08/26

(13) $

EUR

Citibank N.A.

01/08/26

(2) $

581

EUR

Citibank N.A.

01/08/26

(6) $

1,000

EUR

862

Citibank N.A.

01/08/26

(14) $

1,008

GBP

752

Citibank N.A.

01/08/26

(5) $

GBP

Citibank N.A.

01/08/26

(14) $

2,331

IDR

39,101,230

Citibank N.A.

01/12/26

(11) $

7,330

KRW

10,732,100

Citibank N.A.

01/12/26

(105) $

697

RON

3,069

Citibank N.A.

01/08/26

(11) $

1,382

THB

44,567

Goldman Sachs

01/12/26

(34) $

997

CHF

786

Morgan Stanley Capital Services

01/08/26

$

EUR

Morgan Stanley Capital Services

01/08/26

(9) $

2,048

EUR

1,763

Morgan Stanley Capital Services

01/08/26

(25) $

575

EUR

Morgan Stanley Capital Services

01/08/26

(9) $

808

EUR

700

Morgan Stanley Capital Services

01/08/26

(15) $

1,016

EUR

879

Morgan Stanley Capital Services

01/08/26

(18) $

23,426

GBP

17,453

Morgan Stanley Capital Services

01/08/26

(100) $

23,603

JPY

3,514,061

Morgan Stanley Capital Services

01/09/26

1,150

$

2,007

JPY

299,567

Morgan Stanley Capital Services

01/09/26

$

MXN

8,394

Morgan Stanley Capital Services

01/08/26

(10) $

605

NOK

6,025

Morgan Stanley Capital Services

01/08/26

$

1,362

PLN

4,982

Morgan Stanley Capital Services

01/08/26

(25) EUR

509

$

587

Morgan Stanley Capital Services

01/08/26

EUR

$

Morgan Stanley Capital Services

01/08/26

$

1,065

ZAR

18,291

Morgan Stanley Capital Services

01/08/26

(39) $

997

AUD

1,519

Standard Chartered Bank

01/09/26

(17) $

2,008

EUR

1,713

Standard Chartered Bank

01/08/26

(7) $

516

PEN

1,740

Standard Chartered Bank

01/12/26

(1) EUR

1,917

$

2,229

Standard Chartered Bank

01/08/26

$

10,760

CAD

14,943

Toronto Dominion Bank

01/08/26

(131) $

3,020

JPY

472,000

Toronto Dominion Bank

02/02/26

(2) EUR

1,996

$

2,325

Toronto Dominion Bank

01/08/26

See Notes to Financial Statements

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) EUR

2,080

$

2,426

Toronto Dominion Bank

01/08/26

Total

$

Total unrealized appreciation on forward foreign currency contracts

$

1,381

Total unrealized depreciation on forward foreign currency contracts

$

(1,191)

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Switzerland Franc

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

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PEN

Peruvian Sol

PLN

Polish Zloty

RON

Romanian Leu

SGD

Singapore Dollar

THB

Thai Baht

ZAR

South African Rand

Inflation-Linked Bond December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

Principal

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

BANK LOAN OBLIGATIONS

CAPITAL GOODS

$

6,651

.1

%

CONSUMER DURABLES & APPAREL

686

.0

CONSUMER SERVICES

5,180

.1

FINANCIAL SERVICES

1,504

.0

HEALTH CARE EQUIPMENT & SERVICES

527

.0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,553

.0

SOFTWARE & SERVICES

1,685

.0

TECHNOLOGY HARDWARE & EQUIPMENT

.0

TOTAL BANK LOAN OBLIGATIONS

(Cost $17,790)

17,931

.2

Principal

Description

Value

(000) % of net

assets

CORPORATE BONDS

AUTOMOBILES & COMPONENTS

2,069

.0

BANKS

20,806

.3

CAPITAL GOODS

4,281

.1

COMMERCIAL & PROFESSIONAL SERVICES

2,570

.0

CONSUMER STAPLES DISTRIBUTION & RETAIL

3,580

.1

ENERGY

48,594

.6

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

993

.0

FINANCIAL SERVICES

4,408

.1

FOOD, BEVERAGE & TOBACCO

8,398

.1

HEALTH CARE EQUIPMENT & SERVICES

15,505

.2

INSURANCE

2,086

.0

MATERIALS

16,691

.2

MEDIA & ENTERTAINMENT

6,945

.1

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,047

.0

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

3,436

.0

SOFTWARE & SERVICES

934

.0

TELECOMMUNICATION SERVICES

14,058

.2

TRANSPORTATION

10,416

.1

UTILITIES

10,866

.1

$

178,162,300

TOTAL CORPORATE BONDS

(Cost $176,838)

178,683

.2

Principal

Description

Value

(000) % of net

assets

GOVERNMENT BONDS

FOREIGN GOVERNMENT BONDS

6,254

.1

MORTGAGE BACKED

Freddie Mac STACR REMIC Trust

17,000,000

(a),(b)

7.224%, 05/25/42, (SOFR30A +

3.350%)

17,551

.2

Ginnie Mae I Pool

12,723,938

3.600%, 09/15/31

12,456

.1

29,348,854

1.730%, 07/15/37

25,106

.3

20,252,590

1.650%, 07/15/42

15,958

.2

Principal

Description

Value

(000) % of net

assets

MORTGAGE BACKED (continued)

$

22,878,630

2.750%, 01/15/45

$

21,565

.3

%

Other

58,818

.7

151,454

.8

OTHER MORTGAGE BACKED

4,866

.1

U.S. TREASURY SECURITIES

United States Treasury Inflation

Indexed Bonds

82,248,225

(c) 0.625%, 01/15/26

82,055

.0

15,460,582

(c) 2.000%, 01/15/26

15,432

.2

60,646,298

(c) 0.125%, 04/15/26

60,118

.7

192,738,753

(c) 0.125%, 10/15/26

190,947

.3

181,282,870

(c) 0.375%, 01/15/27

179,041

.2

133,934,772

(c) 2.375%, 01/15/27

135,001

.6

166,510,528

(c) 0.125%, 04/15/27

163,485

.0

141,081,760

(c) 0.375%, 07/15/27

139,434

.7

148,375,800

(c) 1.625%, 10/15/27

149,486

.8

254,084,600

(c) 0.500%, 01/15/28

249,596

.0

190,221,840

(c) 1.750%, 01/15/28

191,601

.3

215,676,928

(c) 1.250%, 04/15/28

214,795

.6

136,328,393

(c) 3.625%, 04/15/28

143,015

.7

121,532,648

(c) 0.750%, 07/15/28

120,076

.5

60,163,536

(c) 2.375%, 10/15/28

61,954

.8

295,919,595

(c) 0.875%, 01/15/29

291,315

.6

148,458,497

(c) 2.500%, 01/15/29

153,219

.9

390,840,906

(c) 2.125%, 04/15/29

399,077

.9

54,146,323

(c) 3.875%, 04/15/29

58,319

.7

248,199,900

(c) 0.250%, 07/15/29

239,113

.9

151,305,643

(c) 1.625%, 10/15/29

152,790

.9

299,434,740

(c) 0.125%, 01/15/30

283,982

.5

320,551,460

(c) 1.625%, 04/15/30

322,123

.9

174,585,327

(c) 0.125%, 07/15/30

164,753

.0

56,909,206

(c) 1.125%, 10/15/30

56,037

.7

335,056,277

(c) 0.125%, 01/15/31

312,304

.8

304,247,500

(c) 0.125%, 07/15/31

281,883

.4

161,474,923

(c) 0.125%, 01/15/32

147,537

.8

50,625,024

(c) 3.375%, 04/15/32

55,875

.7

272,071,968

(c) 0.625%, 07/15/32

255,229

.1

360,990,575

(c) 1.125%, 01/15/33

346,356

.2

280,094,773

(c) 1.375%, 07/15/33

272,998

.3

437,516,648

(c) 1.750%, 01/15/34

435,009

.3

347,437,012

(c) 1.875%, 07/15/34

348,804

.3

382,312,563

(c) 2.125%, 01/15/35

389,062

.7

310,299,119

(c) 1.875%, 07/15/35

309,468

.8

Other

5,946

.1

7,377,235

.9

7,659,289,530

TOTAL GOVERNMENT BONDS

(Cost $7,637,956)

7,539,809

.9

Shares

Description

Value

(000) % of net

assets

INVESTMENT COMPANIES

9,990

.1

TOTAL INVESTMENT COMPANIES

(Cost $10,002)

9,990

.1

a

a

a

a

Principal

Description

Value

(000) % of net

assets

STRUCTURED ASSETS

ASSET BACKED

Ford Credit Auto Owner Trust

Series 2024 C

14,055,000

4.070%, 07/15/29

14,099

.2

Series 2024 1

18,000,000

(b) 4.870%, 08/15/36

18,459

.2

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $2,204,553.

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.

Principal

Description

Value

(000) % of net

assets

ASSET BACKED (continued)

Tesla Auto Lease Trust

Series 2024 B

$

16,425,000

(b) 4.820%, 10/20/27

$

16,492

.2

%

Toyota Auto Receivables Owner Trust

Series 2024 D

18,650,000

4.400%, 06/15/29

18,780

.2

Verizon Master Trust Series

Series 2024 5

25,000,000

(b) 5.000%, 06/21/32

25,767

.3

Other

39,481

.5

133,078

.6

OTHER MORTGAGE BACKED

BX Commercial Mortgage Trust

Series 2021 XL2

12,600,000

(a),(b)

5.062%, 10/15/38, (TSFR1M +

1.312%)

12,596

.2

Connecticut Avenue Securities Trust

Series 2023 R01

10,855,000

(a),(b)

8.106%, 12/25/42, (SOFR30A +

3.750%)

11,349

.1

GM Financial Revolving Receivables

Trust

Series 2024 1

11,000,000

(b) 4.980%, 12/11/36

11,312

.1

Other

117,615

.5

152,872

.9

290,107,355

TOTAL STRUCTURED ASSETS

(Cost $289,063)

285,950

.5

TOTAL LONG-TERM INVESTMENTS

(Cost $8,131,649)

8,032,363

.9

a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

2,311,809

(d) State Street Navigator Securities

Lending Government Money Market

Portfolio 3.830%(e)

2,312

.0

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL

FROM SECURITIES LENDING

(Cost $2,312)

2,312

.0

a

a

a

a

a

a

a

a

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

REPURCHASE AGREEMENT

Fixed Income Clearing Corporation

21,740,000

(f) 3.810%, 01/02/26

21,740

.3

21,740

.3

TOTAL SHORT-TERM INVESTMENTS

(Cost $21,740)

21,740

.3

a

a

a

a

TOTAL PORTFOLIO

(Cost $8,155,701)

8,056,415

.2

OTHER ASSETS & LIABILITIES, NET

147,264

.8

NET ASSETS

$

8,203,679

.0

%

REMIC

Real Estate Mortgage Investment Conduit

SOFR30A

30 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

(a) Floating or variable rate security includes the reference rate and spread, when applicable. For

mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

These securities are deemed liquid and may be resold in transactions exempt from registration,

which are normally those transactions with qualified institutional buyers. As of the end of the

reporting period, the aggregate value of these securities is $382,988,509 or 4.8% of Total

Investments.

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

Consumer Price Index.

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

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

(f) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased

at $21,744,602 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $22,174,875.

Summary Portfolio of Investments

(continued)

Inflation-Linked Bond December 31, 2025

See Notes to Financial Statements

Investments in Derivatives

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) U.S. Treasury 10-Year Note

1,166

03/20/26

$

131,244

$

131,102

$

(142)

U.S. Treasury 5-Year Note

1,635

03/31/26

178,893

178,713

(180)

Total

2,801

$

310,137

$

309,815

$

(322)

See Notes to Financial Statements

Responsible Balanced December 31, 2025

Consolidated Summary Portfolio of Investments

Principal

Description

Value

(000) % of net

assets

LONG-TERM INVESTMENTS

BANK LOAN OBLIGATIONS

CAPITAL GOODS

$

^

.0

%

UTILITIES

15,583

.1

TOTAL BANK LOAN OBLIGATIONS

(Cost $15,924)

15,583

.1

Shares

Description

Value

(000) % of net

assets

COMMON STOCKS

AUTOMOBILES & COMPONENTS

78,686

.4

BANKS

987,565

Citigroup, Inc

115,239

.5

669,741

JPMorgan Chase & Co

215,804

.0

Other

477,220

.2

808,263

.7

CAPITAL GOODS

227,038

Caterpillar, Inc

130,063

.6

136,329

GE Vernova, Inc

89,101

.4

187,850

Quanta Services, Inc

79,284

.4

Other

1,070,242

.9

1,368,690

.3

COMMERCIAL & PROFESSIONAL SERVICES

217,137

.0

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

328,591

Home Depot, Inc

113,068

.5

679,919

TJX Cos, Inc

104,442

.5

Other

222,535

.0

440,045

.0

CONSUMER DURABLES & APPAREL

152,635

.7

CONSUMER SERVICES

17,598

Booking Holdings, Inc

94,243

.4

287,735

McDonald's Corp

87,940

.4

Other

239,026

.2

421,209

.0

CONSUMER STAPLES DISTRIBUTION & RETAIL

133,378

.6

ENERGY

147,093

.7

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

648,606

Prologis, Inc

82,801

.4

509,282

Welltower, Inc

94,528

.4

Other

122,985

.6

300,314

.4

FINANCIAL SERVICES

294,878

American Express Co

109,090

.5

138,272

Goldman Sachs Group, Inc

121,541

.6

255,719

Mastercard, Inc (Class A)

145,985

.7

159,983

Moody's Corp

81,727

.4

638,104

Morgan Stanley

113,282

.5

178,862

S&P Global, Inc

93,471

.4

479,990

Visa, Inc (Class A)

168,337

.8

Other

409,825

.9

1,243,258

.8

FOOD, BEVERAGE & TOBACCO

1,161,010

Coca-Cola Co

81,166

.4

644,066

PepsiCo, Inc

92,436

.4

Other

178,746

.8

352,348

.6

Shares

Description

Value

(000) % of net

assets

HEALTH CARE EQUIPMENT & SERVICES

$

312,221

.4

%

HOUSEHOLD & PERSONAL PRODUCTS

791,605

Procter & Gamble Co

113,445

.5

Other

107,212

.5

220,657

.0

INSURANCE

535,334

.5

MATERIALS

983,413

Newmont Goldcorp Corp

98,194

.5

Other

273,889

.2

372,083

.7

MEDIA & ENTERTAINMENT

1,262,572

(a) Netflix, Inc

118,379

.5

Other

289,969

.4

408,348

.9

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

264,930

Amgen, Inc

86,714

.4

433,815

Danaher Corp

99,309

.5

216,561

Eli Lilly & Co

232,734

.1

Other

490,426

.2

909,183

.2

REAL ESTATE MANAGEMENT & DEVELOPMENT

115,975

.5

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

562,060

(a) Advanced Micro Devices, Inc

120,371

.6

474,266

Applied Materials, Inc

121,882

.6

89,510

ASML Holding NV

96,449

.4

595,457

Broadcom, Inc

206,088

.0

751,229

Lam Research Corp

128,595

.6

4,321,568

Nvidia Corp

805,972

.7

Other

239,495

.0

1,718,852

.9

SOFTWARE & SERVICES

350,933

Accenture plc

94,155

.4

405,168

International Business Machines

Corp

120,015

.6

134,840

Intuit, Inc

89,321

.4

1,335,833

Microsoft Corp

646,036

.0

396,833

Salesforce, Inc

105,125

.5

Other

601,589

.8

1,656,241

.7

TECHNOLOGY HARDWARE & EQUIPMENT

670,823

(a) Arista Networks, Inc

87,898

.4

1,587,477

Cisco Systems, Inc

122,283

.6

554,436

Western Digital Corp

95,513

.4

Other

227,872

.1

533,566

.5

TELECOMMUNICATION SERVICES

222,389

.0

TRANSPORTATION

165,423

.8

UTILITIES

155,027

.7

TOTAL COMMON STOCKS

(Cost $9,370,742)

12,988,355

.0

a

a

a

a

Principal

Description

Value

(000) % of net

assets

CORPORATE BONDS

AUTOMOBILES & COMPONENTS

19,324

.1

BANKS

447,507

.1

Consolidated Summary Portfolio of Investments

(continued)

Responsible Balanced December 31, 2025

See Notes to Financial Statements

Principal

Description

Value

(000) % of net

assets

CAPITAL GOODS

$

54,209

.2

%

COMMERCIAL & PROFESSIONAL SERVICES

87,558

.4

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

12,901

.1

CONSUMER SERVICES

61,099

.3

CONSUMER STAPLES DISTRIBUTION & RETAIL

54,623

.2

ENERGY

240,509

.1

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

9,832

.0

FINANCIAL SERVICES

383,283

.8

FOOD, BEVERAGE & TOBACCO

46,635

.2

HEALTH CARE EQUIPMENT & SERVICES

41,861

.2

HOUSEHOLD & PERSONAL PRODUCTS

90,602

.4

INSURANCE

141,999

.7

MATERIALS

112,977

.5

MEDIA & ENTERTAINMENT

26,704

.1

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

22,506

.1

REAL ESTATE MANAGEMENT & DEVELOPMENT

26,245

.1

TECHNOLOGY HARDWARE & EQUIPMENT

14,128

.1

TELECOMMUNICATION SERVICES

22,149

.1

TRANSPORTATION

11,719

.1

UTILITIES

787,418

.6

$

2,858,305,112

TOTAL CORPORATE BONDS

(Cost $2,795,490)

2,715,788

.5

Principal

Description

Value

(000) % of net

assets

GOVERNMENT BONDS

AGENCY SECURITIES

114,875

.5

FOREIGN GOVERNMENT BONDS

680,740

.2

MORTGAGE BACKED

Fannie Mae Pool

133,820,332

4.500%, 09/01/52

131,172

.6

81,724,188

5.500%, 10/01/54

82,902

.4

985,534,203

2.500%-6.000%,

05/01/32-10/01/54

968,347

.5

Freddie Mac Pool

204,271,132

2.310%-6.000%,

12/01/31-08/01/53

192,747

.9

Ginnie Mae II Pool

305,041,118

2.500%-6.500%,

11/20/38-08/20/53

285,009

.3

Other

509,445

.3

2,169,622

.0

MUNICIPAL BONDS

336,849

.6

U.S. TREASURY SECURITIES

United States Treasury Note/Bond

180,203,000

3.375%, 11/30/27

179,858

.8

142,838,000

3.500%, 12/15/28

142,671

.7

159,121,000

3.625%, 12/31/30

158,363

.7

177,956,000

3.875%, 12/31/32

177,177

.8

301,481,000

4.000%, 11/15/35

297,147

.4

202,078,800

2.375%, 02/15/42

148,749

.7

207,916,000

4.625%, 11/15/45

203,173

.9

Principal

Description

Value

(000) % of net

assets

U.S. TREASURY SECURITIES (continued)

$

169,151,000

4.750%, 08/15/55

$

166,297

.8

%

Other

173,797

.8

1,647,232

.6

5,485,867,012

TOTAL GOVERNMENT BONDS

(Cost $5,049,682)

4,949,318

.9

Shares

Description

Value

(000) % of net

assets

PREFERRED STOCKS

REAL ESTATE MANAGEMENT & DEVELOPMENT

14,638

.1

UTILITIES

13,828

.0

TOTAL PREFERRED STOCKS

(Cost $46,746)

28,466

.1

a

a

a

a

Shares

Description

Value

(000) % of net

assets

RIGHTS/WARRANTS

HEALTH CARE EQUIPMENT & SERVICES

.0

TOTAL RIGHTS/WARRANTS

(Cost $1)

.0

a

a

a

a

Principal

Description

Value

(000) % of net

assets

STRUCTURED ASSETS

ASSET BACKED

236,180

.1

OTHER MORTGAGE BACKED

558,332

.6

1,145,883,742

TOTAL STRUCTURED ASSETS

(Cost $843,362)

794,512

.7

TOTAL LONG-TERM INVESTMENTS

(Cost $18,121,947)

21,492,023

.3

a

a

a

a

Shares

Description

Value

(000) % of net

assets

INVESTMENTS PURCHASED WITH COLLATERAL FROM

SECURITIES LENDING

70,642,222

(b) State Street Navigator Securities

Lending Government Money Market

Portfolio 3.830%(c)

70,642

.3

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL

FROM SECURITIES LENDING

(Cost $70,642)

70,642

.3

a

a

a

a

a

a

a

a

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

REPURCHASE AGREEMENT

38,035

.2

TOTAL SHORT-TERM INVESTMENTS

(Cost $38,035)

38,035

.2

a

a

a

a

TOTAL PORTFOLIO

(Cost $18,230,624)

21,600,700

.8

OTHER ASSETS & LIABILITIES, NET

34,259

.2

NET ASSETS

$

21,634,959

.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) 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.

See Notes to Financial Statements

"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 12/31/25, the aggregate value of securities on loan is $92,240,190.

At 12/31/25, the aggregate value of securities exempt from registration under Rule 144(A) of

the Securities Act of 1933, as amended, amounted to $1,948,858,503 or 9.0% 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.

Investments in Derivatives

Forward Foreign Currency Contracts

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) $

19,981

EUR

17,034

Citibank N.A.

01/08/26

(45)

$

3,060

CAD

4,249

Morgan Stanley Capital Services

01/08/26

(37)

Total

$

(82)

Total unrealized appreciation on forward foreign currency contracts

$

–

Total unrealized depreciation on forward foreign currency contracts

$

(82)

CAD

Canadian Dollar

EUR

Euro

Money Market December 31, 2025

Summary Portfolio of Investments

See Notes to Financial Statements

"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.

Principal

Description

Value

(000) % of net

assets

SHORT-TERM INVESTMENTS

GOVERNMENT AGENCY DEBT

Federal Agricultural Mortgage Corp

Discount Notes

$

41,600,000

0.000%, 08/27/26

$

40,643

.4

%

Federal Home Loan Bank (FHLB)

333,000,000

0.000%, 01/07/26

332,786

.1

169,800,000

0.000%, 01/12/26

169,601

.6

84,000,000

0.000%, 01/21/26

83,822

.8

257,880,000

0.000%, 02/13/26

256,741

.4

82,900,000

0.000%, 03/04/26

82,389

.8

147,000,000

0.000%, 06/12/26

144,667

.3

171,000,000

0.000%, 08/07/26

167,340

.5

Federal Home Loan Bank Discount Notes

83,000,000

0.000%, 01/15/26

82,875

.8

170,000,000

0.000%, 01/22/26

169,603

.6

Other

111,660

.0

1,642,127

.3

REPURCHASE AGREEMENT

Fixed Income Clearing Corporation

1,155,010,000

(a) 3.810%, 01/02/26

1,155,010

.7

779,517,000

(b) 3.810%, 01/02/26

779,517

.3

2,312,720,000

(c) 3.820%, 01/02/26

2,312,720

.5

4,247,247

.5

TREASURY DEBT

United States Treasury Bill

126,000,000

0.000%, 01/06/26

125,936

.2

272,250,000

0.000%, 01/29/26

271,483

.5

127,000,000

0.000%, 02/10/26

126,491

.2

84,000,000

0.000%, 02/17/26

83,584

.8

83,100,000

0.000%, 03/10/26

82,508

.8

83,100,000

0.000%, 03/19/26

82,470

.7

166,000,000

0.000%, 03/31/26

164,465

.5

227,500,000

0.000%, 05/14/26

224,383

.1

United States Treasury Bill- When Issued

208,375,000

0.000%, 05/21/26

205,368

.9

United States Treasury Note/Bond

41,500,000

0.500%, 02/28/26

41,262

.4

82,500,000

4.625%, 02/28/26

82,570

.8

61,500,000

0.750%, 03/31/26

61,027

.6

42,000,000

4.500%, 03/31/26

42,037

.4

41,000,000

3.750%, 04/15/26

40,963

.4

163,750,000

0.750%, 04/30/26

162,041

.5

349,325,000

4.875%, 04/30/26

350,256

.2

234,000,000

1.625%, 05/15/26

231,920

.1

41,000,000

4.875%, 05/31/26

41,121

.4

124,775,000

0.625%, 07/31/26

122,423

.1

42,500,000

1.500%, 08/15/26

41,926

.4

123,500,000

0.750%, 08/31/26

121,001

.1

45,000,000

1.375%, 08/31/26

44,304

.4

87,000,000

3.500%, 09/30/26

86,860

.8

Other

58,217

.6

2,894,616

.9

VARIABLE RATE SECURITIES

Federal Farm Credit Banks Funding Corp

88,000,000

(d) 3.730%, 05/07/26, (SOFR + 0.020%)

88,000

.8

79,500,000

(d) 3.715%, 06/23/26, (SOFR + 0.005%)

79,500

.7

Federal Home Loan Banks

198,000,000

(d) 3.710%, 01/05/26, (SOFR - 0.000%)

198,000

.8

82,000,000

(d) 3.710%, 01/08/26, (SOFR - 0.000%)

82,000

.8

103,750,000

(d) 3.715%, 01/28/26, (SOFR + 0.005%)

103,750

.0

307,500,000

(d) 3.715%, 02/03/26, (SOFR + 0.005%)

307,500

.9

Principal

Description

Value

(000) % of net

assets

VARIABLE RATE SECURITIES (continued)

$

502,160,000

(d) 3.720%, 02/11/26, (SOFR + 0.010%)

$

502,160

.7

%

103,750,000

(d) 3.720%, 02/25/26, (SOFR + 0.010%)

103,750

.0

105,000,000

(d) 3.710%, 03/20/26, (SOFR - 0.000%)

105,000

.0

165,900,000

(d) 3.720%, 03/23/26, (SOFR + 0.010%)

165,900

.5

124,500,000

(d) 3.710%, 03/25/26, (SOFR - 0.000%)

124,500

.2

84,000,000

(d) 3.710%, 04/16/26, (SOFR - 0.000%)

84,000

.8

166,000,000

(d) 3.650%, 07/02/26, (SOFR - 0.000%)

166,000

.5

166,000,000

(d) 3.710%, 07/02/26, (SOFR - 0.000%)

166,000

.5

Other

11,165

.0

2,287,225

.2

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,071,215)

11,071,215

.9

a

a

a

a

TOTAL PORTFOLIO

(Cost $11,071,215)

11,071,215

.9

OTHER ASSETS & LIABILITIES, NET

(310,274)

(2

.9)

NET ASSETS

$

10,760,941

.0

%

SOFR

Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased

at $1,155,254,477 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $1,178,110,256.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased

at $779,681,998 on 1/2/26, collateralized by Government Agency Securities, with coupon rates

2.500%–4.125% and maturity dates 3/01/27–3/31/27, valued at $795,107,340.

(c) Agreement with Fixed Income Clearing Corporation, 3.820% dated 12/31/25 to be repurchased

at $2,313,210,811 on 1/2/26, collateralized by Government Agency Securities, with coupon

rates 0.500%–4.375% and maturity dates 6/30/27–7/15/27, valued at $2,358,974,520.

(d) Floating or variable rate security includes the reference rate and spread, when applicable. For

mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

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

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

(amounts in thousands, except accumulation unit value)

20.1 Total Global Stock

20.2 Global Equities

ASSETS

Long-term investments, at value\*†

$

134,140,008

$

33,495,247

Short-term investments, at value#

817,500

624,494

Investments purchased with collateral from securities lending, at value (cost

approximates value)

269,600

101,650

Cash

–

Cash denominated in foreign currencies^

5,917

640

Cash collateral at brokers for investments in futures contracts

–

Cash collateral at brokers for investments in mortgage dollar rolls

–

–

Cash collateral for securities loaned

22,421

3,148

Due from affiliates

–

–

Receivables:

Dividends

94,376

20,335

Interest

Investments sold

402,338

Reclaims

59,219

11,821

Unrealized appreciation on forward foreign currency contracts

–

–

Other

27,633

4,885

Total assets

135,839,440

34,262,450

LIABILITIES

Due to affiliates

134,517

878

Cash overdraft

1,301

–

Cash collateral due to broker

–

–

Payables:

Investment management fees

6,055

980

Capital gain taxes

81,077

15,957

Collateral from securities lending

290,301

104,412

Investments purchased - regular settlement

182,247

66,554

Investments purchased - when-issued/delayed-delivery settlement

1,663

–

Service agreement fees

3,900

Trustee compensation

22,253

3,591

Variation margin on futures contracts

3,390

3,424

Unrealized depreciation on forward foreign currency contracts

–

–

Other

Total liabilities

726,764

196,059

Net assets

$

135,112,676

$

34,066,391

CLASS R4 (Accumulation):

Net assets

$

4,437,668

$

1,813,655

Units outstanding

3,964

4,257

Unit value

$

1,119

.516

$

.040

CLASS R3 (Accumulation):

Net assets

$

73,025,299

$

18,226,200

Units outstanding

65,550

42,991

Unit value

$

1,114

.047

$

.957

CLASS R2 (Accumulation):

Net assets

$

36,397,128

$

9,863,307

Units outstanding

32,894

23,424

Unit value

$

1,106

.487

$

.079

CLASS R1 (Accumulation):

Net assets

$

9,907,678

$

3,525,315

Units outstanding

9,133

8,539

Unit value

$

1,084

.785

$

.825

ANNUITY:

Net assets

$

11,344,903

$

637,914

§

Consolidated Statement of Assets and Liabilities (see Notes to Financial Statements)

\* Includes securities loaned of

$

889,347

$

180,580

† Long-term investments, cost

$

103,304,965

$

24,175,121

# Short-term investments, cost

$

817,463

$

624,480

^ Cash denominated in foreign currencies, cost

$

5,859

$

640

See Notes to Financial Statements

20.3 Growth

20.4 S&P 500 Index

20.5 Core Bond

20.6 Inflation-Linked Bond

20.7 Responsible Balanced§

20.8 Money Market

$

42,545,748

$

27,151,692

$

11,822,489

$

8,032,363

$

21,492,023

$

–

48,325

137,883

290,115

21,740

38,035

11,071,215

39,289

19,994

18,071

2,312

70,642

–

4,168

891

1,698

–

–

680

–

–

–

–

8,123

–

–

–

–

–

99,000

–

31,501

–

–

–

–

–

–

–

–

–

–

1,023

–

1,798

3,557

13,924

–

6,922

–

87,053

37,003

61,002

19,175

99,083

–

28,577

110,859

61,569

–

2,227

–

8,670

–

–

–

1,381

–

–

–

5,687

4,028

4,052

1,913

4,332

3,025

42,743,922

27,327,531

12,363,832

8,208,112

21,776,397

11,095,215

12,821

7,840

1,828

–

3,610

–

–

–

–

–

–

–

–

–

–

–

–

572

2,736

–

–

–

–

–

39,289

19,994

18,071

2,312

70,642

–

43,972

14,944

69,124

–

–

332,000

–

–

–

–

61,796

–

1,669

966

4,106

3,033

2,201

1,332

2,544

1,990

–

844

811

–

–

–

–

1,191

–

–

–

–

102,435

47,973

93,705

4,433

141,438

334,274

$

42,641,487

$

27,279,558

$

12,270,127

$

8,203,679

$

21,634,959

$

10,760,941

$

1,043,815

$

1,280,983

$

516,147

$

475,488

$

2,166,475

$

331,437

1,684

2,104

3,547

5,203

5,073

10,614

$

619

.693

$

608

.765

$

.507

$

.383

$

.053

$

.226

$

22,416,876

$

13,637,287

$

6,777,276

$

4,850,133

$

10,578,595

$

5,818,223

36,352

22,511

46,807

53,337

24,893

187,198

$

616

.666

$

605

.797

$

.792

$

.934

$

.971

$

.081

$

12,958,068

$

8,296,186

$

3,492,505

$

2,047,741

$

6,452,559

$

3,097,372

21,157

13,788

24,285

22,672

15,287

100,340

$

612

.475

$

601

.688

$

.812

$

.319

$

.090

$

.869

$

5,270,351

$

3,397,288

$

1,232,648

$

665,284

$

1,896,706

$

1,385,792

8,777

5,759

8,743

7,513

4,583

45,711

$

600

.455

$

589

.891

$

.992

$

.550

$

.820

$

.316

$

952,377

$

667,814

$

251,551

$

165,033

$

540,624

$

128,117

$

37,082

$

19,369

$

42,102

$

2,205

$

92,240

$

–

$

23,171,175

$

8,311,038

$

12,258,786

$

8,131,649

$

18,121,947

$

–

$

48,324

$

137,881

$

290,084

$

21,740

$

38,035

$

11,071,215

$

–

$

–

$

957

$

–

$

$

–

Statement of Operations

See Notes to Financial Statements

Year Ended December 31, 2025

(amounts in thousands)

20.1 Total Global Stock

20.2 Global Equities

INVESTMENT INCOME

Dividends

$

2,344,386

$

528,776

Dividends from affiliated investments

–

–

Interest

27,158

10,390

Securities lending income, net

14,448

1,415

Tax withheld

(133,951)

(30,474)

Total investment income

2,252,041

510,107

EXPENSES

Investment management fees

129,337

24,970

Administrative - Class R4

Administrative - Class R3

97,821

21,033

Administrative - Class R2

56,795

14,927

Administrative - Class R1

30,541

10,333

Distribution fees - Class R4

Distribution fees - Class R3

13,868

2,984

Distribution fees - Class R2

7,971

2,094

Distribution fees - Class R1

4,572

1,547

Mortality and expense risk charges

6,426

1,573

Total expenses

347,748

79,628

Net expenses

347,748

79,628

Net investment income (loss)

1,904,293

430,479

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments†

15,648,708

3,833,493

Affiliated investments

(40,831)

(987)

Futures contracts

30,010

33,214

Forward foreign currency contracts

–

–

Swaps contracts

–

–

Foreign currency transactions

(17,625)

(5,660)

Net realized gain (loss)

15,620,262

3,860,060

Change in unrealized appreciation (depreciation) on:

Investments‡

7,495,805

1,954,355

Affiliated investments

65,875

4,784

Futures contracts

13,762

3,930

Forward foreign currency contracts

–

–

Swaps contracts

–

–

Foreign currency translations

6,621

1,289

Net change in unrealized appreciation (depreciation)

7,582,063

1,964,358

Net realized and unrealized gain (loss)

23,202,325

5,824,418

Net increase (decrease) in net assets from operations

$

25,106,618

$

6,254,897

§

&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Operations (see Notes to Financial Statements)

† Net of foreign capital gain taxes

$

20,891

$

822

‡ Net of change in foreign capital gains tax

$

6,077

$

(4,960)

See Notes to Financial Statements

20.3 Growth

20.4 S&P 500 Index

20.5 Core Bond

20.6 Inflation-Linked Bond

20.7 Responsible Balanced

§

20.8 Money Market

$

179,364

$

316,777

$

$

694

$

228,978

$

–

4,057

–

–

–

–

–

3,605

3,741

514,639

331,454

399,372

453,068

7,319

765

–

(2,208)

(75)

(19)

(3)

(10,685)

–

192,137

320,805

515,307

332,227

618,430

453,068

17,827

2,603

8,151

1,845

12,548

906

26,587

16,134

7,758

5,458

13,124

7,081

20,252

12,930

5,563

3,226

10,346

4,963

15,666

10,356

4,265

2,791

5,934

4,346

3,772

2,289

1,101

775

1,859

1,003

2,843

1,815

780

1,452

694

2,337

1,549

644

890

654

2,036

1,289

581

1,058

531

91,423

49,063

28,884

15,398

47,429

20,208

91,423

49,063

28,884

15,398

47,429

20,208

100,714

271,742

486,423

316,829

571,001

432,860

4,589,525

3,159,131

(59,546)

(9,972)

946,475

573

(3,316)

–

–

–

–

–

–

9,898

12,183

4,083

–

–

–

–

(7,075)

–

(984)

–

–

–

(9,128)

–

–

–

(345)

628

4,585,864

3,169,035

(63,538)

(5,883)

946,119

575

1,518,310

677,214

412,290

211,289

1,433,748

–

85,567

–

–

–

–

–

–

(43)

5,581

2,804

–

–

–

–

(10,751)

–

(694)

–

–

–

1,663

–

–

–

–

(415)

–

954

–

1,604,013

677,171

408,368

214,093

1,434,008

–

6,189,877

3,846,206

344,830

208,210

2,380,127

575

$

6,290,591

$

4,117,948

$

831,253

$

525,039

$

2,951,128

$

433,435

$

–

$

–

$

$

–

$

–

$

–

$

–

$

–

$

$

–

$

–

$

–

Statement of Changes in Net Assets

See Notes to Financial Statements

20.1 Total Global Stock

20.2 Global Equities

(amounts in thousands)

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

1,904,293

$

1,829,480

$

430,479

$

381,161

Net realized gain (loss)

15,620,262

11,595,117

3,860,060

2,350,229

Net change in unrealized appreciation

(depreciation)

7,582,063

5,587,934

1,964,358

2,170,601

Net increase (decrease) in net assets from

operations

25,106,618

19,012,531

6,254,897

4,901,991

FROM PARTICIPANT TRANSACTIONS

Premiums and contributions

10,550,090

5,840,869

4,979,248

3,539,005

Withdrawals and death benefits

(24,470,970)

(16,539,020)

(7,076,260)

(4,360,146)

Annuity payments

(1,397,530)

(1,408,581)

(59,733)

(55,751)

Net increase (decrease) from participant

transactions

(15,318,410)

(12,106,732)

(2,156,745)

(876,892)

Net increase (decrease) in net assets

9,788,208

6,905,799

4,098,152

4,025,099

Net assets at the beginning of period

125,324,468

118,418,669

29,968,239

25,943,140

Net assets at the end of period

$

135,112,676

$

125,324,468

$

34,066,391

$

29,968,239

See Notes to Financial Statements

20.3 Growth

20.4 S&P 500 Index

20.5 Core Bond

20.6 Inflation-Linked Bond

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

$

100,714

$

96,803

$

271,742

$

274,796

$

486,423

$

445,829

$

316,829

$

227,554

4,585,864

955,039

3,169,035

1,700,946

(63,538)

(139,251)

(5,883)

(33,871)

1,604,013

9,481,015

677,171

3,160,769

408,368

(61,586)

214,093

38,993

6,290,591

10,532,857

4,117,948

5,136,511

831,253

244,992

525,039

232,676

4,556,270

2,784,219

3,721,619

1,524,622

3,571,547

1,932,232

2,984,840

1,261,348

(9,573,221)

(5,858,638)

(6,098,860)

(3,641,623)

(3,139,838)

(1,885,337)

(2,426,233)

(1,322,552)

(87,807)

(81,698)

(68,384)

(65,465)

(26,632)

(26,744)

(18,555)

(18,270)

(5,104,758)

(3,156,117)

(2,445,625)

(2,182,466)

405,077

20,151

540,052

(79,474)

1,185,833

7,376,740

1,672,323

2,954,045

1,236,330

265,143

1,065,091

153,202

41,455,654

34,078,914

25,607,235

22,653,190

11,033,797

10,768,654

7,138,588

6,985,386

$

42,641,487

$

41,455,654

$

27,279,558

$

25,607,235

$

12,270,127

$

11,033,797

$

8,203,679

$

7,138,588

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

(continued)

(continued)

Statement of Changes in Net Assets

(continued)

20.7 Responsible Balanced§

20.8 Money Market

(amounts in thousands)

Year Ended

12/31/25

Year Ended

12/31/24

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

571,001

$

572,115

$

432,860

$

476,599

Net realized gain (loss)

946,119

1,567,927

575

534

Net change in unrealized appreciation

(depreciation)

1,434,008

(318,182)

–

–

Net increase (decrease) in net assets from

operations

2,951,128

1,821,860

433,435

477,133

FROM PARTICIPANT TRANSACTIONS

Premiums and contributions

3,487,220

2,773,977

6,009,140

3,868,337

Withdrawals and death benefits

(5,756,600)

(4,913,022)

(5,414,360)

(4,105,076)

Annuity payments

(51,820)

(49,788)

(15,846)

(14,922)

Net increase (decrease) from participant

transactions

(2,321,200)

(2,188,833)

578,934

(251,661)

Net increase (decrease) in net assets

629,928

(366,973)

1,012,369

225,472

Net assets at the beginning of period

21,005,031

21,372,004

9,748,572

9,523,100

Net assets at the end of period

$

21,634,959

$

21,005,031

$

10,760,941

$

9,748,572

§

Consolidated Statement of Changes in Net Assets (see Notes to Financial Statements)

Financial Highlights

See Notes to Financial Statements

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.1 Total Global Stock

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.526

$

.165

$

.361

$

.663

$

.024

$

920

.492

$

1,119

.516

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.357

.007

.350

.895

.245

788

.247

920

.492

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.362

.845

.517

.587

.104

643

.143

788

.247

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.271

.203

.068

.589

.657

630

.486

643

.143

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.432

.493

.939

.890

.829

917

.218

1,114

.047

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.388

.343

.045

.519

.564

786

.654

917

.218

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.470

.961

.509

.291

.800

642

.854

786

.654

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.834

.691

.143

(157

.619)

(145

.476)

788

.330

642

.854

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.872

.688

.184

.218

.402

662

.928

788

.330

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.360

.881

.479

.639

.118

911

.369

1,106

.487

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.294

.869

.425

.817

.242

782

.127

911

.369

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.392

.463

.929

.577

.506

639

.621

782

.127

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.800

.019

.781

(156

.913)

(145

.132)

784

.753

639

.621

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.811

.055

.756

.741

.497

660

.256

784

.753

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.172

.776

.396

.978

.374

894

.411

1,084

.785

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.018

.001

.017

.747

.764

768

.647

894

.411

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.159

.447

.712

.410

.122

629

.525

768

.647

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.580

.012

.568

(154

.604)

(144

.036)

773

.561

629

.525

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.657

.132

.525

.206

.731

651

.830

773

.561

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 21

.62

%

.12

%

.63

%

%

$

4,438

.78

.11

.63

3,213

.56

.12

.89

1,557

.01

.11

(e) 1

.68

(e) 41

566

.46

.25

.50

73,025

.60

.27

.50

63,157

.37

.28

.76

60,281

(18

.45)

.25

.80

53,295

.92

.23

.38

68,462

.41

.29

.46

36,397

.53

.33

.44

34,352

.28

.35

.69

32,969

(18

.49)

.30

.75

29,554

.86

.28

.33

41,153

.28

.39

.40

9,908

.36

.47

.30

14,137

.10

.50

.54

13,540

(18

.62)

.45

.60

12,179

.67

.43

.17

16,519

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.2 Global Equities

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.158

$

.361

$

.797

$

.561

$

.358

$

.682

$

.040

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.254

.338

.916

.539

.455

.227

.682

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.303

.296

.007

.031

.038

.189

.227

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.069

.070

.999

.803

.802

.387

.189

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.120

.866

.254

.265

.519

.438

.957

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.343

.845

.498

.307

.805

.633

.438

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.329

.712

.617

.933

.550

.083

.633

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.990

.595

.395

(57

.939)

(53

.544)

.627

.083

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.129

.560

.569

.624

.193

.434

.627

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.088

.014

.074

.789

.863

.216

.079

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.310

.044

.266

.001

.267

.949

.216

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.303

.899

.404

.649

.053

.896

.949

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.976

.715

.261

(57

.679)

(53

.418)

.314

.896

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.099

.697

.402

.488

.890

.424

.314

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.998

.358

.640

.407

.047

.778

.825

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.209

.470

.739

.098

.837

.941

.778

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.217

.265

.952

.794

.746

.195

.941

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.897

.080

.817

(56

.831)

(53

.014)

.209

.195

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.035

.096

.939

.023

.962

.247

.209

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 21

.84

%

.09

%

.52

%

%

$

1,814

.27

.10

.48

1,297

.13

.11

.89

680

.52

.10

(e) 1

.48

(e) 36

.67

.23

.39

18,226

.08

.26

.37

14,727

.94

.27

.75

13,019

(18

.49)

.24

.77

10,883

.65

.20

.67

14,427

.62

.27

.35

9,863

.01

.32

.31

8,764

.85

.34

.68

7,871

(18

.53)

.29

.73

6,749

.59

.26

.61

9,290

.50

.37

.27

3,525

.84

.46

.17

4,639

.66

.49

.53

3,902

(18

.65)

.44

.57

3,333

.42

.41

.46

4,495

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.3 Growth

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.628

$

.332

$

.296

$

.580

$

.876

$

529

.817

$

619

.693

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.448

.333

.115

.964

.079

.738

529

.817

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.771

.229

.542

.305

.847

.891

.738

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.786

.067

.719

(12

.196)

(11

.477)

.368

.891

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.626

.074

.552

.180

.732

527

.934

616

.666

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.474

.041

.433

.573

.006

.928

527

.934

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.725

.764

.961

.201

.162

.766

.928

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.445

.684

.761

(132

.602)

(130

.841)

.607

.766

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.935

.658

.277

.368

.645

.962

.607

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.600

.290

.310

.603

.913

524

.562

612

.475

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.458

.329

.129

.810

.939

.623

524

.562

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.709

.002

.707

.530

.237

.386

.623

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.425

.836

.589

(131

.969)

(130

.380)

.766

.386

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.929

.844

.085

.078

.163

.603

.766

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.520

.794

.726

.935

.661

514

.794

600

.455

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.413

.947

.466

.558

.024

.770

514

.794

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.664

.477

.187

.494

.681

.089

.770

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.391

.293

.098

(130

.033)

(128

.935)

.024

.089

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.902

.389

.513

.175

.688

.336

.024

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Annualized.

(f) Amount represents less than 1,000,000.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 16

.96

%

.06

%

.41

%

%

$

1,044

.21

.07

.44

899

.31

.07

.74

(4

.02)

.08

(e) 0

.89

(e) 41

(f) 90

.81

.19

.28

22,417

.01

.22

.30

19,590

.09

.23

.58

16,457

(32

.34)

.22

.57

12,025

.43

.18

.34

18,614

.76

.23

.24

12,958

.92

.28

.24

12,687

.98

.30

.51

10,614

(32

.37)

.27

.51

7,908

.37

.23

.29

13,218

.64

.34

.14

5,270

.74

.42

.10

7,411

.76

.45

.36

6,055

(32

.48)

.42

.36

4,447

.19

.38

.14

7,208

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.4 S&P 500 Index

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.880

$

.145

$

.735

$

.896

$

.631

$

519

.134

$

608

.765

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.652

.141

.511

.995

.506

.628

519

.134

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.312

.115

.197

.314

.511

.117

.628

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.690

.037

.653

(4

.237)

(2

.584)

.701

.117

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.832

.874

.958

.545

.503

517

.294

605

.797

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.419

.862

.557

.953

.510

.784

517

.294

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.221

.699

.522

.296

.818

.966

.784

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.558

.619

.939

(84

.322)

(79

.383)

.349

.966

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.885

.592

.293

.534

.827

.522

.349

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.755

.087

.668

.024

.692

513

.996

601

.688

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.381

.152

.229

.392

.621

.375

513

.996

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.187

.965

.222

.861

.083

.292

.375

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.518

.791

.727

(83

.915)

(79

.188)

.480

.292

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.858

.779

.079

.203

.282

.198

.480

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.530

.588

.942

.515

.457

504

.434

589

.891

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.267

.776

.491

.739

.230

.204

504

.434

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.085

.486

.599

.537

.136

.068

.204

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.440

.317

.123

(82

.686)

(78

.563)

.631

.068

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.795

.326

.469

.134

.603

.028

.631

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Amount represents less than 1,000,000.

(f) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 17

.27

%

.03

%

.20

%

%

$

1,281

.71

.03

.33

573

.97

.03

.64

(e) 139

(0

.77)

.04

(f) 1

.71

(f) 2

(e) 10

.11

.16

.09

13,637

.52

.18

.17

11,540

.77

.19

.48

10,432

(19

.25)

.17

.39

8,937

.52

.16

.15

11,486

.06

.20

.04

8,296

.45

.24

.11

7,996

.68

.26

.41

7,206

(19

.29)

.22

.34

6,275

.45

.21

.10

8,625

.94

.30

.94

3,397

.27

.38

.97

4,879

.50

.41

.26

4,334

(19

.42)

.38

.19

3,703

.26

.36

.95

4,943

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.5 Core Bond

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.232

$

.119

$

.113

$

.223

$

.336

$

.171

$

.507

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.881

.120

.761

(2

.458)

.303

.868

.171

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.275

.113

.162

.858

.020

.848

.868

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.339

.034

.305

(2

.437)

(1

.132)

.980

.848

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.208

.307

.901

.203

.104

.688

.792

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.853

.328

.525

(2

.436)

.089

.599

.688

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.249

.313

.936

.871

.807

.792

.599

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.037

.304

.733

(22

.465)

(18

.732)

.524

.792

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.242

.296

.946

(4

.720)

(1

.774)

.298

.524

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.167

.363

.804

.177

.981

.831

.812

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.817

.408

.409

(2

.422)

.987

.844

.831

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.220

.404

.816

.857

.673

.171

.844

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.005

.366

.639

(22

.348)

(18

.709)

.880

.171

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.229

.367

.862

(4

.701)

(1

.839)

.719

.880

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.049

.496

.553

.096

.649

.343

.992

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.715

.580

.135

(2

.383)

.752

.591

.343

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.137

.579

.558

.804

.362

.229

.591

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.950

.557

.393

(22

.022)

(18

.629)

.858

.229

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.185

.574

.611

(4

.639)

(2

.028)

.886

.858

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Portfolio Turnover Rate

Excluding Mortgage

Dollar Rolls

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 7

.65

%

.08

%

.34

%

%

%

$

516

.51

.09

.30

.48

.09

.09

(0

.91)

.09

(e) 3

.68

(e) 176

.50

.22

.21

6,777

.35

.25

.15

5,212

.31

.25

.90

5,196

(13

.14)

.23

.89

5,246

(1

.23)

.21

.07

6,513

.46

.26

.17

3,493

.28

.31

.08

3,345

.23

.32

.83

3,404

(13

.19)

.28

.83

3,496

(1

.28)

.26

.02

4,649

.35

.36

.09

1,233

.14

.45

.95

1,956

.07

.47

.69

1,769

(13

.32)

.44

.68

1,669

(1

.43)

.41

.87

2,154

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.6 Inflation-Linked Bond

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.857

$

.034

$

.823

$

.422

$

.245

$

.138

$

.383

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.898

.045

.853

.095

.948

.190

.138

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.097

.036

.061

.690

.751

.439

.190

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.578

.011

.567

(1

.691)

(1

.124)

.563

.439

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.800

.154

.646

.454

.100

.834

.934

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.919

.177

.742

.069

.811

.023

.834

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.949

.161

.788

.831

.619

.404

.023

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.692

.150

.542

(10

.852)

(5

.310)

.714

.404

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.494

.139

.355

(0

.158)

.197

.517

.714

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.768

.189

.579

.445

.024

.295

.319

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.909

.228

.681

.062

.743

.552

.295

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.928

.219

.709

.833

.542

.010

.552

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.740

.188

.552

(10

.877)

(5

.325)

.335

.010

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.462

.181

.281

(0

.143)

.138

.197

.335

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.696

.274

.422

.400

.822

.728

.550

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.856

.336

.520

.060

.580

.148

.728

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.890

.331

.559

.809

.368

.780

.148

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.586

.308

.278

(10

.647)

(5

.369)

.149

.780

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.419

.300

.119

(0

.159)

.960

.189

.149

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Annualized.

(f) Amount represents less than 1,000,000.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 7

.33

%

.04

%

.28

%

%

$

.59

.05

.40

.78

.04

.84

(1

.41)

.05

(e) 2

.51

(e) 16

(f) 37

.19

.17

.10

4,850

.43

.21

.28

3,504

.62

.20

.49

3,510

(6

.34)

.18

.86

3,706

.28

.17

.34

3,970

.15

.22

.06

2,048

.36

.27

.22

1,863

.54

.28

.41

1,890

(6

.39)

.23

.90

1,964

.22

.22

.27

2,356

.04

.32

.98

665

.22

.41

.09

1,361

.39

.42

.28

1,291

(6

.53)

.39

.67

1,230

.06

.37

.14

1,303

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.7 Responsible Balanced

(e) Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.623

$

.299

$

.324

$

.972

$

.296

$

.757

$

.053

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.533

.234

.299

.429

.728

.029

.757

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.658

.211

.447

.898

.345

.684

.029

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.190

.060

.130

.737

.867

.817

.684

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.564

.827

.737

.793

.530

.441

.971

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.506

.785

.721

.375

.096

.345

.441

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.579

.703

.876

.917

.793

.552

.345

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.561

.639

.922

(61

.010)

(54

.088)

.640

.552

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.601

.639

.962

.286

.248

.392

.640

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.498

.982

.516

.486

.002

.088

.090

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.443

.004

.439

.255

.694

.394

.088

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.528

.927

.601

.726

.327

.067

.394

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.519

.789

.730

(60

.721)

(53

.991)

.058

.067

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.570

.804

.766

.148

.914

.144

.058

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.312

.347

.965

.589

.554

.266

.820

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.255

.475

.780

.902

.682

.584

.266

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.370

.365

.005

.148

.153

.431

.584

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.407

.242

.165

(59

.835)

(53

.670)

.101

.431

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.484

.289

.195

.701

.896

.205

.101

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) Consolidated Financial Highlights (see Notes to Financial Statements).

(f) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Portfolio Turnover Rate

Excluding Mortgage

Dollar Rolls

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 15

.18

%

.08

%

.84

%

%

%

$

2,166

.04

.06

.84

1,862

.00

.07

.00

1,075

.67

.07

(f) 2

.53

(f) 88

.03

.21

.71

10,579

.87

.22

.70

9,546

.82

.22

.83

10,289

(15

.47)

.21

.26

8,856

.64

.19

.80

9,541

.98

.25

.67

6,453

.80

.28

.64

6,379

.73

.30

.75

6,694

(15

.51)

.26

.20

5,753

.59

.24

.74

6,868

.87

.35

.60

1,897

.65

.42

.50

2,731

.56

.44

.61

2,858

(15

.64)

.41

.05

2,467

.42

.40

.59

2,841

Financial Highlights

(continued)

See Notes to Financial Statements

Financial Highlights

(continued)

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

Investment Operations

Investment

Income

(a) Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

20.8 Money Market

Class R4:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

.298

$

.008

$

.290

$

.009

$

.299

$

.927

$

.226

&nbsp;&nbsp;&nbsp;&nbsp;12/31/24

.500

.008

.492

.013

.505

.422

.927

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.415

.011

.404

(0

.015)

.389

.033

.422

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

§

.277

.013

.264

(0

.024)

.240

.793

.033

Class R3:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.297

.048

.249

.004

.253

.828

.081

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.509

.054

.455

.001

.456

.372

.828

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.398

.054

.344

.000

.344

.028

.372

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.434

.096

.338

(0

.008)

.330

.698

.028

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.019

.019

.000

.000

.000

.698

.698

Class R2:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.290

.061

.229

.003

.232

.637

.869

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.499

.071

.428

.001

.429

.208

.637

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.392

.074

.318

(0

.001)

.317

.891

.208

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.417

.137

.280

.005

.285

.606

.891

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.019

.019

.000

.000

.000

.606

.606

Class R1:&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

.273

.090

.183

(0

.004)

.179

.137

.316

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24

.475

.109

.366

.001

.367

.770

.137

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23

.373

.172

.201

(0

.004)

.197

.573

.770

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22

.418

.189

.229

.001

.230

.343

.573

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21

.019

.019

.000

.000

.000

.343

.343

(a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

(d) Does not include annuity net assets.

(e) The Account's expenses includes recovery of expenses previously withheld by TIAA.

(f) Annualized.

§

Class R4 commenced operations on September 16, 2022.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Expenses

Net of TIAA

Withholding

Net

Investment

Income (Loss)

Accumulation Units

Outstanding, End of

Period (in Millions)

Accumulation

Fund Net

Assets (in Millions)

(d) 4

.34

%

.02

%

.02

%

.22

%

$

.29

.03

.03

.10

.14

.04

.04

(e) 5

.07

.90

.06

(f) 0

.16

(e) (f) 3

.43

(f) 1

.20

.16

.16

.10

5,818

.13

.18

.18

.00

4,782

.97

.20

.20

.86

4,755

.24

.20

.36

(e) 1

.26

4,407

0.00 0

.18

.07

.00

4,066

.16

.20

.20

.06

3,097

.07

.25

.25

.94

2,781

.90

.27

.27

.79

2,695

.07

.25

.51

(e) 1

.05

2,441

0.00 0

.23

.07

.00

2,513

.05

.30

.30

.98

1,386

.92

.39

.39

.80

1,904

.50

.42

.63

(e) 4

.43

1,884

.87

.40

.72

(e) 0

.87

1,693

0.00 0

.38

.07

.00

1,660

Notes to Financial Statements

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 Changes:

Effective November 30, 2025, CREF Stock Account, CREF Equity Index Account and CREF Social Choice

Account changed its names as noted above to CREF Total Global Stock Account, CREF S&P 500 Index Account and CREF Responsible

Balanced Account, respectively. Therefore, all the references to the names of these Accounts in this report have been updated.

Current Fiscal Period:

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

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

Investment Adviser:

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 security and

participant 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 security and participant 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:

Responsible Balanced is presented on a consolidated basis with the CREF Responsible Balanced

Account Taxable Offshore Limited (the "TEFRA Bond Subsidiary"). The TEFRA Bond Subsidiary is a wholly owned subsidiary

of Responsible Balanced 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):

Account Name

Short Name

CREF Total Global Stock Account

Total Global Stock

CREF Global Equities Account

Global Equities

CREF Growth Account

Growth

CREF S&P 500 Index Account

S&P 500 Index

CREF Core Bond Account

Core Bond

CREF Inflation-Linked Bond Account

Inflation-Linked Bond

CREF Responsible Balanced Account

Responsible Balanced

CREF Money Market Account

Money Market

Responsible Balanced

TEFRA Bond Subsidiary (000)

Total market value of investments

$49,755

Net assets

50,960

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.

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

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

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

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

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

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

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

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

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

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

of the

Accounts

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

transactions" on the Statement of Operations, when applicable.

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

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

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

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

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

when applicable.

As of the end of the reporting period, the percentage of investments in non-U.S. securities for Responsible Balanced are as follows

(dollar amounts are in thousands):

Responsible Balanced

TEFRA Bond Subsidiary (000)

Net investment income (loss)

1,731

Net realized gain (loss)

(72) Net change in unrealized appreciation (depreciation)

996

% of Account's consolidated net assets

0%\*

\*

Amount represents less than 1%.

Total Global Stock

Value (000)

% of Total Investments

Country:

Japan

$

7,841,550

5.8 %

United Kingdom

3,809,111

2.8 China

3,722,554

2.8 Taiwan

3,515,258

2.6 Canada

3,180,442

2.4 France

2,991,248

2.2 Germany

2,768,120

2.0 India

2,373,530

1.8 Korea, Republic of

2,074,803

1.5 Other

15,381,632

11. 3

Total non-U.S. Securities

$47,658,248

35.2 %

Notes to Financial Statements

(continued)

Foreign Taxes:

The Accounts may be subject to foreign taxes on income, gains on investments or foreign 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.

Indemnifications:

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 current fiscal 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"), as defined in U.S. GAAP. 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.

Responsible Balanced

Value (000)

% of Total Investments

Country:

Japan

$

920,576

4.3 %

United Kingdom

651,578

3.0 Supranational

458,287

2.1 France

410,061

1.9 Germany

393,439

1.8 Canada

387,840

1.8 Australia

308,888

1.4 Netherlands

283,405

1.3 Switzerland

277,494

1.3 Other

1,428,764

6. 7

Total non-U.S. Securities

$5,520,332

25.6 %

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

In December 2025, the FASB issued Accounting Standard Update ("ASU") No.

2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide

a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that

requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The

amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December

15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

The 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.

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

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

rates, credit spreads, etc.).

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

fair value of investments).

A description of the valuation techniques applied to the 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.

Notes to Financial Statements

(continued)

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):

Account

Level 1 (000)

Level 2 (000)

Level 3 (000)

Total (000)

Total Global Stock

Long-Term Investments

:

Common stocks

$90,736,069

$43,109,052

$2,681

$133,847,802

Government bonds

—

—

Investment companies

291,730

—

—

291,730

Preferred stocks

—

—

—^

—^

Rights/Warrants

—

—

Short-Term Investments

:

Government agency debt

—

212,401

—

212,401

Repurchase agreement

—

369,598

—

369,598

Treasury debt

—

235,501

—

235,501

Investments purchased with collateral from securities lending:

Certificate of deposit

—

62,600

—

62,600

Commercial paper

—

5,000

—

5,000

Repurchase agreement

—

180,000

—

180,000

Variable rate securities

—

22,000

—

22,000

Investments in Derivatives

:

Futures contracts\*

(851) —

—

(851) Total

$91,026,948

$44,196,354

$2,955

$135,226,257

Global Equities

Long-Term Investments

:

Common stocks

$22,342,076

$11,072,783

$205

$33,415,064

Investment companies

80,144

—

—

80,144

Preferred stocks

—

—

—^

—^

Rights/Warrants

—

—

Short-Term Investments

:

Government agency debt

—

90,546

—

90,546

Repurchase agreement

—

413,256

—

413,256

Treasury debt

—

120,692

—

120,692

Investments purchased with collateral from securities lending:

Certificate of deposit

—

4,650

—

4,650

Repurchase agreement

—

95,000

—

95,000

Variable rate securities

—

2,000

—

2,000

Investments in Derivatives

:

Futures contracts\*

619

—

—

619

Total

$22,422,839

$11,798,927

$244

$34,222,010

Growth

Long-Term Investments

:

Common stocks

$41,355,764

$858,908

$—

$42,214,672

Investment companies

331,076

—

—

331,076

Investments purchased with collateral from securities lending

39,289

—

—

39,289

Short-Term Investments

:

Government agency debt

—

5,416

—

5,416

Repurchase agreement

—

42,909

—

42,909

Total

$41,726,129

$907,233

$—

$42,633,362

Account

Level 1 (000)

Level 2 (000)

Level 3 (000)

Total (000)

S&P 500 Index

Long-Term Investments

:

Common stocks

$27,151,680

$—

$10

$27,151,690

Rights/Warrants

—

—

Investments purchased with collateral from securities lending

19,994

—

—

19,994

Short-Term Investments

:

Government agency debt

—

9,938

—

9,938

Repurchase agreement

—

89,645

—

89,645

Treasury debt

—

38,300

—

38,300

Investments in Derivatives

:

Futures contracts\*

(900) —

—

(900) Total

$27,170,774

$137,883

$12

$27,308,669

Core Bond

Long-Term Investments

:

Bank loan obligations

$—

$20,133

$—

$20,133

Corporate bonds

—

3,144,515

—

3,144,515

Government bonds

—

7,104,897

—

7,104,897

Preferred stocks

4,430

—

—

4,430

Structured assets

—

1,548,514

—

1,548,514

Investments purchased with collateral from securities lending

18,071

—

—

18,071

Short-Term Investments

:

Government agency debt

—

82,160

—

82,160

Repurchase agreement

—

113,448

—

113,448

Treasury debt

—

94,507

—

94,507

Investments in Derivatives

:

Futures contracts\*

(986) —

—

(986) Forward foreign currency contracts\*

—

—

Total

$21,515

$12,108,364

$—

$12,129,879

Inflation-Linked Bond

Long-Term Investments

:

Bank loan obligations

$—

$17,931

$—

$17,931

Corporate bonds

—

178,683

—

178,683

Government bonds

—

7,539,809

—

7,539,809

Investment companies

9,990

—

—

9,990

Structured assets

—

283,344

2,606

285,950

Investments purchased with collateral from securities lending

2,312

—

—

2,312

Short-Term Investments

:

Repurchase agreement

—

21,740

—

21,740

Investments in Derivatives

:

Futures contracts\*

(322) —

—

(322) Total

$11,980

$8,041,507

$2,606

$8,056,093

Responsible Balanced

Long-Term Investments

:

Bank loan obligations

$—

$15,583

$—^

$15,583

Common stocks

9,138,535

3,849,820

—

12,988,355

Corporate bonds

—

2,692,991

22,797

2,715,788

Government bonds

—

4,944,115

5,203

4,949,318

Preferred stocks

28,466

—

—

28,466

Rights/Warrants

—

—

Structured assets

—

794,512

—

794,512

Investments purchased with collateral from securities lending

70,642

—

—

70,642

Short-Term Investments

:

Repurchase agreement

—

38,035

—

38,035

Investments in Derivatives

:

Forward foreign currency contracts\*

—

(82) —

(82) Total

$9,237,643

$12,334,974

$28,001

$21,600,618

Money Market

Short-Term Investments:

Government agency debt

$

—

$

1,642,127

$

—

$

1,642,127

Repurchase agreement

—

4,247,247

—

4,247,247

Treasury debt

—

2,894,616

—

2,894,616

Variable rate securities

—

2,287,225

—

2,287,225

Total

$—

$11,071,215

$—

$11,071,215

Notes to Financial Statements

(continued)

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 current fiscal period, and the collateral delivered related to those repurchase agreements (dollar amounts are in thousands).

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.

^

Amount represents less than $1,000.

\*

Represents net unrealized appreciation (depreciation).

Account

Counterparty

Short-term Investments,

at Value (000)

Collateral Pledged

(From) Counterparty

(000) Total Global Stock

Bank of Nova Scotia

$10,000

$(10,202)

Calyon

20,000

(20,400)

Deutsche Bank

20,000

(20,400)

Fixed Income Clearing Corporation

369,598

(376,990)

HSBC

5,000

(5,100)

JP Morgan Securities LLC

35,000

(35,700)

Merrill Lynch

40,000

(40,800)

Nomura

25,000

(25,514)

Royal Bank of Scotland

25,000

(25,500)

Total

$549,598

$(560,606)

Global Equities

Bank of Nova Scotia

$15,000

$(15,303)

Calyon

15,000

(15,300)

Fixed Income Clearing Corporation

413,256

(421,521)

HSBC

15,000

(15,300)

JP Morgan Securities LLC

15,000

(15,300)

Merrill Lynch

15,000

(15,300)

Nomura

10,000

(10,207)

Royal Bank of Scotland

10,000

(10,200)

Total

$508,256

$(518,431)

Growth

Fixed Income Clearing Corporation

$42,909

$(43,767)

S&P 500 Index

Fixed Income Clearing Corporation

$89,645

$(91,438)

Core Bond

Fixed Income Clearing Corporation

$113,448

$(115,717)

Inflation-Linked Bond

Fixed Income Clearing Corporation

$21,740

$(22,175)

Responsible Balanced

Fixed Income Clearing Corporation

$38,035

$(38,796)

Money Market

Fixed Income Clearing Corporation

$4,247,247

$(4,332,192)

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.

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):

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):

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 a Account has outstanding when-issued/delayed-delivery purchases

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

5. Derivative Investments

Each 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.

Aggregate value of securities on loan

Account

Equity

Securities (000)

Fixed Income

Securities (000)

Cash Collateral

Received (000)\*

Non-Cash Collateral

Received (000)\*\*

Total Collateral

Received (000)

20.1 Total Global Stock

$

889,347

$

—

$

290,301

$

647,921

$

938,222

20.2 Global Equities

180,580

—

104,412

84,059

188,471

20.3 Growth

37,082

—

39,289

—

39,289

20.4 S&P 500 Index

19,369

—

19,994

20,135

20.5 Core Bond

—

42,102

18,071

25,282

43,353

20.6 Inflation-Linked Bond

—

2,205

2,312

—

2,312

20.7 Responsible Balanced

50,061

42,179

70,642

25,670

96,312

\*

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.

Account

Non-U.S.

Government

Purchases (000)

U.S.

Government

Purchases (000)

Non-U.S.

Government

Sales (000)

U.S.

Government

Sales (000)

20.1 Total Global Stock

$

63,584,700

$

—

$

77,159,263

$

—

20.2 Global Equities

14,605,731

—

16,689,180

—

20.3 Growth

14,243,200

—

19,290,944

—

20.4 S&P 500 Index

3,668,033

—

5,838,896

—

20.5 Core Bond

1,558,095

11,547,196

1,809,621

10,033,169

20.6 Inflation-Linked Bond

136,557

1,901,705

151,552

1,356,668

20.7 Responsible Balanced

4,906,397

13,984,833

6,222,155

14,088,290

Notes to Financial Statements

(continued)

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):

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):

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

Average Notional Amount of Futures Contracts Outstanding

(000)\*

20.1 Total Global Stock

$

420,119

20.2 Global Equities

224,432

20.4 S&P 500 Index

117,356

20.5 Core Bond

798,080

20.6 Inflation-Linked Bond

362,547

\*

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.

Account

Average Notional Amount of Forward Contracts Outstanding

(000)\*

20.5 Core Bond

$

243,419

20.7 Responsible Balanced

18,816

\*

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.

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

Counterparty

Gross

Unrealized

Appreciation on

Forward Foreign

Currency Contracts

(000)\*

Gross

Unrealized

Depreciation on

Forward Foreign

Currency Contracts

(000)\*

Net Unrealized

Appreciation

(Depreciation)

on Forward

Foreign Currency

Contracts (000)

Collateral

Pledged

to (from)

Counterparty

(000) Net

Exposure (000)

Core Bond

Australia and New Zealand Banking Group

Limited

$

$

(106) $

(65) $

—

$

(65) Bank of America, N.A.

—

(30) (30) —

(30) Barclays Bank PLC

—

(17) (17) —

(17) Citibank N.A.

—

(596) (596) —

(596) Goldman Sachs

—

(34) (34) —

(34) Morgan Stanley Capital Services

1,274

(250) 1,024

—

1,024

Standard Chartered Bank

(25) —

—

—

Toronto Dominion Bank

(133) (92) —

(92) Total

$1,381

$(1,191)

$190

$—

$190

Responsible Balanced

Citibank N.A.

—

(45) (45) —

(45) Morgan Stanley Capital Services

—

(37) (37) —

(37) Total

$—

$(82)

$(82)

$—

$(82)

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

Account

Average Notional Amount of Swap Contracts Outstanding

(000)\*

20.5 Core Bond

$

185,000

\*

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

quarter within the current fiscal period.

Notes to Financial Statements

(continued)

As of the end of the current fiscal 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):

During the current fiscal period, the effect of derivative contracts on the Accounts' Statement of Operations was as follows (dollar

amounts are in thousands):

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.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value (000)

Location

Value (000)

Total Global Stock

Futures contracts

Equity

Unrealized depreciation

on futures contracts

\*

$

Unrealized depreciation

on futures contracts

\*

$

(1,053)

Global Equities

Futures contracts

Equity

Unrealized appreciation

on futures contracts

\*

619

-

–

S&P 500 Index

Futures contracts

Equity

-

–

Unrealized depreciation

on futures contracts

\*

(900) 1

Core Bond

Futures contracts

Interest rate

-

–

Unrealized depreciation

on futures contracts

\*

(986) Forward foreign currency contracts

Foreign currency

exchange rate

Unrealized appreciation

on forward contracts

1,381

Unrealized depreciation

on forward contracts

(1,191)

Inflation-Linked Bond

Futures contracts

Interest rate

-

–

Unrealized depreciation

on futures contracts

\*

(322) 1

Responsible Balanced

Forward foreign currency contracts

Foreign currency

exchange rate

-

–

Unrealized depreciation

on forward contracts

(82) 1

\*

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.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss) (000)

Change in Unrealized

Appreciation

(Depreciation) (000)

20.1 Total Global Stock

Futures contracts

Equity

$

30,010

$

13,762

20.2 Global Equities

Futures contracts

Equity

33,214

3,930

20.4 S&P 500 Index

Futures contracts

Equity

9,898

(43) 20.5 Core Bond

Futures contracts

Interest rate

12,183

5,581

Forward foreign currency contracts

Foreign currency exchange rate

(7,075)

(10,751)

Swap contracts

Credit

(9,128)

1,663

20.6 Inflation-Linked Bond

Futures contracts

Interest rate

4,083

2,804

20.7 Responsible Balanced

Forward foreign currency contracts

Foreign currency exchange rate

(984) (694) 87

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):

Year Ended

12/31/25

Year Ended

12/31/24

20.1 Total Global Stock

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

1,598

$

1,604,524

2,241

$

1,958,807

Class R3

7,166

7,430,315

2,435

2,326,788

Class R2

1,162

1,141,566

1,259

1,085,402

Class R1

373,685

547

469,872

Total premiums and contributions

10,321

10,550,090

6,482

5,840,869

Withdrawals and death benefits:

Class R4

(1,124)

(1,146,967)

(727) (637,106)

Class R3

(10,474)

(10,494,469)

(10,207)

(8,936,371)

Class R2

(5,961)

(5,906,521)

(5,719)

(4,961,584)

Class R1

(7,068)

(6,923,013)

(2,356)

(2,003,959)

Total withdrawals and death benefits

(24,627)

(24,470,970)

(19,009)

(16,539,020)

Annuity payments:

–

(1,397,530)

–

(1,408,581)

Net increase (decrease) from participant transactions

(14,306)

$

(15,318,410)

(12,527)

$

(12,106,732)

Year Ended

12/31/25

Year Ended

12/31/24

20.2 Global Equities

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

1,760

$

666,314

2,186

$

736,101

Class R3

8,179

3,160,351

4,534

1,516,807

Class R2

2,153

798,958

2,050

664,369

Class R1

987

353,625

1,947

621,728

Total premiums and contributions

13,079

4,979,248

10,717

3,539,005

Withdrawals and death benefits:

Class R4

(1,211)

(463,863)

(796) (261,513)

Class R3

(7,455)

(2,835,764)

(6,756)

(2,239,595)

Class R2

(4,042)

(1,517,489)

(3,788)

(1,237,934)

Class R1

(6,101)

(2,259,144)

(1,939)

(621,104)

Total withdrawals and death benefits

(18,809)

(7,076,260)

(13,279)

(4,360,146)

Annuity payments:

–

(59,733)

–

(55,751)

Net increase (decrease) from participant transactions

(5,730)

$

(2,156,745)

(2,562)

$

(876,892)

Notes to Financial Statements

(continued)

Year Ended

12/31/25

Year Ended

12/31/24

20.3 Growth

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

688

$

379,886

1,463

$

702,958

Class R3

5,711

3,333,494

2,091

1,040,708

Class R2

998

547,020

1,113

517,451

Class R1

564

295,870

1,137

523,102

Total premiums and contributions

7,961

4,556,270

5,804

2,784,219

Withdrawals and death benefits:

Class R4

(700) (384,261)

(428) (201,983)

Class R3

(6,466)

(3,571,155)

(6,135)

(2,920,611)

Class R2

(4,027)

(2,205,465)

(3,620)

(1,705,881)

Class R1

(6,182)

(3,412,340)

(2,236)

(1,030,163)

Total withdrawals and death benefits

(17,375)

(9,573,221)

(12,419)

(5,858,638)

Annuity payments:

–

(87,807)

–

(81,698)

Net increase (decrease) from participant transactions

(9,414)

$

(5,104,758)

(6,615)

$

(3,156,117)

Year Ended

12/31/25

Year Ended

12/31/24

20.4 S&P 500 Index

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

1,334

$

720,724

1,069

$

507,260

Class R3

4,047

2,275,467

831

418,840

Class R2

873

468,185

707

333,554

Class R1

257,243

568

264,968

Total premiums and contributions

6,750

3,721,619

3,175

1,524,622

Withdrawals and death benefits:

Class R4

(333) (187,618)

(298) (141,559)

Class R3

(3,844)

(2,113,285)

(3,433)

(1,647,092)

Class R2

(2,642)

(1,430,405)

(2,457)

(1,162,669)

Class R1

(4,408)

(2,367,552)

(1,488)

(690,303)

Total withdrawals and death benefits

(11,227)

(6,098,860)

(7,676)

(3,641,623)

Annuity payments:

–

(68,384)

–

(65,465)

Net increase (decrease) from participant transactions

(4,477)

$

(2,445,625)

(4,501)

$

(2,182,466)

Year Ended

12/31/25

Year Ended

12/31/24

20.5 Core Bond

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

2,330

$

329,056

1,492

$

202,202

Class R3

16,181

2,291,663

5,980

816,152

Class R2

4,012

559,013

3,444

456,760

Class R1

2,900

391,815

3,506

457,118

Total premiums and contributions

25,423

3,571,547

14,422

1,932,232

Withdrawals and death benefits:

Class R4

(823) (115,787)

(577) (76,630)

Class R3

(8,074)

(1,135,088)

(6,762)

(907,795)

Class R2

(4,719)

(655,924)

(4,464)

(591,707)

Class R1

(9,052)

(1,233,039)

(2,371)

(309,205)

Total withdrawals and death benefits

(22,668)

(3,139,838)

(14,174)

(1,885,337)

Annuity payments:

–

(26,632)

–

(26,744)

Net increase (decrease) from participant transactions

2,755

$

405,077

$

20,151

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.

Year Ended

12/31/25

Year Ended

12/31/24

20.6 Inflation-Linked Bond

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

3,334

$

297,672

2,120

$

179,377

Class R3

21,499

1,927,927

6,405

547,143

Class R2

5,071

446,956

3,215

267,463

Class R1

3,646

312,285

3,272

267,365

Total premiums and contributions

33,550

2,984,840

15,012

1,261,348

Withdrawals and death benefits:

Class R4

(1,083)

(96,917)

(768) (63,973)

Class R3

(9,461)

(841,943)

(7,895)

(662,792)

Class R2

(4,501)

(396,556)

(4,293)

(357,091)

Class R1

(12,585)

(1,090,817)

(2,922)

(238,696)

Total withdrawals and death benefits

(27,630)

(2,426,233)

(15,878)

(1,322,552)

Annuity payments:

–

(18,555)

–

(18,270)

Net increase (decrease) from participant transactions

5,920

$

540,052

(866) $

(79,474)

Year Ended

12/31/25

Year Ended

12/31/24

20.7 Responsible Balanced

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

2,051

$

818,237

3,080

$

1,120,640

Class R3

4,540

1,853,049

2,434

920,267

Class R2

1,447

569,452

1,486

532,536

Class R1

642

246,482

567

200,534

Total premiums and contributions

8,680

3,487,220

7,567

2,773,977

Withdrawals and death benefits:

Class R4

(2,000)

(796,678)

(1,220)

(441,268)

Class R3

(5,486)

(2,164,268)

(6,915)

(2,495,018)

Class R2

(3,536)

(1,382,066)

(3,949)

(1,411,659)

Class R1

(3,639)

(1,413,588)

(1,607)

(565,077)

Total withdrawals and death benefits

(14,661)

(5,756,600)

(13,691)

(4,913,022)

Annuity payments:

–

(51,820)

–

(49,788)

Net increase (decrease) from participant transactions

(5,981)

$

(2,321,200)

(6,124)

$

(2,188,833)

Year Ended

12/31/25

Year Ended

12/31/24

20.8 Money Market

Units (000)

Value (000)

Units (000)

Value (000)

Premiums and contributions:

Class R4

17,091

$

522,149

9,261

$

271,267

Class R3

111,601

3,417,607

61,588

1,813,008

Class R2

45,185

1,363,442

34,279

991,428

Class R1

23,876

705,942

27,872

792,634

Total premiums and contributions

197,753

6,009,140

133,000

3,868,337

Withdrawals and death benefits:

Class R4

(11,662)

(357,185)

(6,522)

(191,416)

Class R3

(84,718)

(2,593,913)

(68,874)

(2,007,731)

Class R2

(38,675)

(1,170,445)

(35,990)

(1,041,629)

Class R1

(43,497)

(1,292,817)

(30,378)

(864,300)

Total withdrawals and death benefits

(178,552)

(5,414,360)

(141,764)

(4,105,076)

Annuity payments:

–

(15,846)

–

(14,922)

Net increase (decrease) from participant transactions

19,201

$

578,934

(8,764)

$

(251,661)

Notes to Financial Statements

(continued)

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):

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 Responsible Balanced. 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:

Account

Tax Cost (000)

Gross Unrealized

Appreciation (000)

Gross Unrealized

(Depreciation) (000)

Net Unrealized

Appreciation

(Depreciation) (000)

Total Global Stock

$

104,391,177

$

34,311,063

$

(3,475,983)

$

30,835,080

Global Equities

24,901,869

9,909,897

(589,758)

9,320,139

Growth

23,258,789

19,953,651

(579,078)

19,374,573

S&P 500 Index

8,468,012

18,979,750

(139,094)

18,840,656

Core Bond

12,566,173

142,667

(578,962)

(436,295)

Inflation-Linked Bond

8,155,379

49,940

(149,227)

(99,287)

Responsible Balanced

18,230,542

4,007,313

(637,237)

3,370,076

Money Market

11,071,215

—

—

—

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):

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. Information regarding transactions with affiliated companies is as follows (dollar amounts are in

thousands):

Investment

Management

Fee

Administrative Fee

Distribution Fee

Account

All Classes

Class R4

Class R3

Class R2

Class R1

Class R4

Class R3

Class R2

Class R1

20.1 Total Global Stock

0.101 %

0.010 %

0.126 %

0.163 %

0.249 %

0.001 %

0.018 %

0.023 %

0.037 %

20.2 Global Equities

0.079 0.010 0.126 0.163 0.250 0.001 0.018 0.023 0.037 20.3 Growth

0.044 0.010 0.126 0.163 0.250 0.000 0.018 0.023 0.037 20.4 S&P 500 Index

0.010 0.010 0.126 0.163 0.249 0.001 0.018 0.023 0.037 20.5 Core Bond

0.070 0.010 0.127 0.163 0.250 0.001 0.018 0.023 0.038 20.6 Inflation-Linked Bond

0.024 0.010 0.127 0.163 0.249 0.001 0.018 0.023 0.038 20.7 Responsible Balanced

0.059 0.010 0.126 0.162 0.249 0.000 0.018 0.023 0.037 20.8 Money Market

0.009 0.010 0.127 0.163 0.251 0.001 0.018 0.023 0.038 Account

Purchases (000)

Sales (000)

Realized Gain (Loss)

(000) Total Global Stock

$

1,399,954

$

996,131

$

392,590

Global Equities

102,467

930,338

393,381

Growth

126,009

282,438

100,841

S&P 500 Index

39,196

614,370

532,587

Responsible Balanced

381,185

103,314

33,273

Issue

Value at

12/31/24

(000) Purchases

Cost (000)

Sales

Proceeds

(000) Realized

Gain (Loss)

(000) Change in

Unrealized

Appreciation

(Depreciation)

(000) Value at

12/31/25

(000) Shares at

12/31/25

Dividend

Income (000)

Total Global Stock

Common Stocks

Consumer Services

Arcos Dorados Holdings, Inc

$64,155

$–

$63,963

$3,308

$(3,500)

$–\*

–\*

$–

Consumer Staples Distribution & Retail

Cia Brasileira de Distribuicao(a)

12,409

–

19,077

6,480

–\*

–\*

–

Guardian Pharmacy Services, Inc(a)

9,481

951

4,123

13,546\*

450,186\*

–

Media & Entertainment

HUYA, Inc (ADR)

13,129

14,075

(32,455)

33,287

–\*

–\*

–

Infinity Natural Resources, Inc(a)

–‡

27,021

23,343

(1,657)

2,342\*

159,010\*

–

Software & Services

Kaonavi, Inc

8,019

–

16,938

4,458

4,461

–\*

–\*

–

Locaweb Servicos de Internet S.A.(b)

17,082

–

22,642

(15,143)

20,703

–\*

–\*

–

Total

$124,275

$27,558

$160,989

$(40,831)

$65,875

$15,888

609,196

$–

Notes to Financial Statements

(continued)

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. During the current fiscal period, the Accounts did not utilize this facility.

Issue

Value at

12/31/24

(000) Purchases

Cost (000)

Sales

Proceeds

(000) Realized

Gain (Loss)

(000) Change in

Unrealized

Appreciation

(Depreciation)

(000) Value at

12/31/25

(000) Shares at

12/31/25

Dividend

Income (000)

Global Equities

Common Stocks

Australia

Tamboran Resources Corp(a)

$4,865‡

$19,133

$23,646

$(993)

$668

$27\*

984\*

$–

Tamboran Resources Ltd

15,060

–

19,182

4,116

–\*

–\*

–

Total

$19,925

$19,133

$42,828

$(987)

$4,784

$27

984

$–

Issue

Value at

12/31/24

(000) Purchases

Cost (000)

Sales

Proceeds

(000) Realized

Gain (Loss)

(000) Change in

Unrealized

Appreciation

(Depreciation)(000)

Value at

12/31/25

(000) Shares at

12/31/25

Dividend

Income (000)

Growth Account

Common Stocks

Financial Services

Rocket Cos, Inc

$56,038‡

$285,567

$7,771

$(3,316)

$85,567

$416,085\*

21,491,973\*

$4,057

Total

$56,038

$285,567

$7,771

$(3,316)

$85,567

$416,085

21,491,973

$4,057

(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.

‡

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

\*

At December 31, 2025, the issuer was not an affiliated company of the Account.

Additional Account Information©2026 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

(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.

January 1, 2026

Trustees and Officers

(Unaudited)

Trustees

Name, Address and

Year of Birth

Position(s)

Held with CREF

Term of Office and

Length of Time

Served

Principal Occupation(s) During Past 5 Years and

Other Relevant Experience and Qualifications

Number of

Portfolios in

Fund Complex

Overseen by

Trustee

Other Directorship(s) and Positions Held

by Trustee

Forrest Berkley

730 Third Avenue

New York, NY 10017

1954

Trustee

Four-year term.

Trustee since 2006.

Partner (1990–2005) and Head of Global Product

Management (2003–2005), GMO (formerly,

Grantham, Mayo, Van Otterloo & Co.) (investment

management); and member of asset allocation

portfolio management team, GMO (2003–2005).

Investment Committee Member, Maine

Community Foundation.

Joseph A. Carrier

730 Third Avenue

New York, NY 10017

1960

Trustee

Four-year term.

Trustee since 2023.

Senior Vice President, Enterprise Risk Management,

Franklin Resources, Inc. (2020–2022). Senior

Managing Director, Chief Risk Officer and Chief Audit

Executive, Legg Mason, Inc. (2008–2020).

Director, Franklin Templeton Irish

Funds; Director, CAIS Sports, Media &

Entertainment Fund; Board and Executive

Committee Member, Cal Ripken, Sr.

Foundation; Director, University of Maryland

Medical Center; Advisory Board Member,

Loyola University Maryland, Sellinger School

of Business and Management.

Janice C. Eberly

730 Third Avenue

New York, NY 10017

1962

Trustee

Four-year term.

Trustee since 2018.

Executive Editor, Journal of Finance: Insights and

Perspectives (since 2025). Distinguished Senior

Fellow, MIT Sloan and Golub Center for Finance

and Policy (2023–2024). James R. and Helen D.

Russell Professor of Finance at the Kellogg School of

Management, Northwestern University (2002–2011

and since 2013), Senior Associate Dean for Strategy

and Academics (2020-2023) and Chair of the

Finance Department (2005–2007). President-Elect

(since 2026) and Vice President (2020–2021),

American Economic Association. Assistant Secretary

for Economic Policy, United States Department of the

Treasury (2011–2013).

Director, Avant, LLC; Executive Committee

Member, American Finance Association.

Nancy A. Eckl

730 Third Avenue

New York, NY 10017

1962

Trustee

Four-year term.

Trustee since 2007.

Vice President (1990–2006), American Beacon

Advisors, Inc., and of certain funds advised by

American Beacon Advisors, Inc.

Independent Director/Trustee and Audit

Committee Chair, The Lazard Funds, Inc.,

Lazard Retirement Series, Inc., Lazard

Global Total Return and Income Fund, Inc.,

and Lazard Active ETF Trust.

Howell E. Jackson

730 Third Avenue

New York, NY 10017

1954

Trustee

Four-year term.

Trustee since 2005.

James S. Reid, Jr. Professor of Law (since 2004),

Senior Adviser to President and Provost (2010–

2012), Acting Dean (2009), Vice Dean for Budget

(2003–2006) and on the faculty (since 1989) of

Harvard Law School. Special Adviser, White House

Council of Economic Advisers (2023–2024).

Nicole Thorne Jenkins

730 Third Avenue

New York, NY 10017

1970

Trustee

Four-year term.

Trustee since 2023.

Professor of Accountancy (2020–present), John

A. Griffin Dean (2020–2025), McIntire School of

Commerce at the University of Virginia. Vice Dean

(2016–2020), Von Allmen Chaired Professor of

Accountancy (2017–2020), Associate Professor and

EY Research Fellow (2012–2017), Gatton College of

Business and Economics at the University of Kentucky.

Trustee and Chair of the Investment, Audit

& Finance Committee, Strada Education

Foundation; Treasurer and Director, The

Montpelier Foundation: Advisory Board

Member, University of Iowa Tippie College

of Business.

James M. Poterba

730 Third Avenue

New York, NY 10017

1958

Chair of the

Board and

Trustee

Four-year term.

Trustee since 2006.

Chair for term

ending December

31, 2027. Chair

since January 1,

2024. President and Chief Executive Officer (since 2008)

and Program Director (1990–2008), National

Bureau of Economic Research. Mitsui Professor of

Economics, Massachusetts Institute of Technology

("MIT") (since 1996); Affiliated Faculty Member of the

Finance Group, Alfred P. Sloan School of Management

(since 2014); Head (2006–2008) and Associate

Head (1994–2000 and 2001–2006), Economics

Department of MIT.

Director, National Bureau of Economic

Research; Member, Congressional Budget

Office Panel of Economic Advisers.

Officers

Please note that the Funds' Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, through our

website, tiaa.org, or by calling 800 223-1200.

Name, Address and

Year of Birth

Position(s)

Held with

CREF

Term of Office

and Length of

Time Served

Principal Occupation(s) During Past 5 Years

Richard S. Biegen

730 Third Avenue

New York, NY 10017

1962

Chief

Compliance

Officer

One-year term.

Chief Compliance

Officer since 2008.

Senior Managing Director, TIAA. Chief Compliance Officer of College Retirement Equities Fund ("CREF") and TIAA

Separate Account VA-1. Formerly, Chief Compliance Officer of TIAA-CREF Funds and TIAA-CREF Life Funds.

Marc Cardella

730 Third Avenue

New York, NY 10017

1984

Principal

Financial

Officer, Principal

Accounting

Officer and

Treasurer

One-year term.

Principal Financial

Officer, Principal

Accounting Officer

and Treasurer since

2024. Senior Managing Director, Head, Public Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting

Officer and Treasurer of CREF and TIAA Separate Account VA-1. Formerly, Managing Director and Deputy Head of

Fund Administration, Nuveen.

Derek B. Dorn

730 Third Avenue

New York, NY 10017

1976

Senior Managing

Director, General

Counsel and

Corporate

Secretary

One-year term.

Senior Managing

Director, General

Counsel and

Corporate

Secretary since

2020. Senior Managing Director, General Counsel, Governance and Operations, and Corporate Secretary, TIAA, CREF and

TIAA Separate Account VA-1. Formerly, Senior Managing Director and Corporate Secretary of the TIAA-CREF Funds

and TIAA-CREF Life Funds, Managing Director, Special Assistant to the CEO and Managing Director, Regulatory

Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of

Law at Georgetown University Law Center.

Deirdre Hykal

730 Third Avenue

New York, NY 10017

1976

Executive Vice

President,

General Counsel,

and Assistant

Secretary

One-year

term. Executive

Vice President,

General Counsel,

and Assistant

Secretary since

2025. Executive Vice President and General Counsel, Product & Distribution, TIAA. Formerly, General Counsel, TIAA

Financial Solutions, and Head of Litigation, TIAA. Prior to joining TIAA, Ms. Hykal served as a partner at Willkie Farr

& Gallagher LLP.

Colbert Narcisse

730 Third Avenue

New York, NY 10017

1965

President and

Chief

Executive Officer

One-year term.

President and

Chief Executive

Officer since

2022. Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions & New Markets of TIAA.

President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President of

TIAA-CREF Funds and TIAA-CREF Life Funds. Executive Vice President and Head of Advisory and Corporate Solutions,

TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management

and Head of Traditional and Alternative Investment Products at Morgan Stanley.

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(Unaudited)

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------

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

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

------

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

As of the end of the period covered by this report, the Registrant's Board of Trustees ("Board") had determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit and Compliance Committee. Joseph A. Carrier is the Registrant's audit committee financial expert and is "independent" for purposes of Item 3 of Form N-CSR.

------

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

College Retirement Equities Fund

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  December 31, 2025 | $817890 | $38000 | $53931 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  December 31, 2024 | $813990 | $140000 | $152812 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

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

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

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

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

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

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

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

------

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

---

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

---

NON-AUDIT SERVICES

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $53931 | $0 | $11542000 | $11595931 |
|  December 31, 2024 | $152812 | $0 | $293312 | $446124 |

---

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

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

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

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

------

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

Not applicable to this Registrant.

------

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

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of College Retirement Equities Fund and Participants of CREF Total Global Stock Account, CREF Global

Equities Account, CREF Growth Account, CREF S&P 500 Index Account, CREF Core Bond Account, CREF Inflation-Linked Bond

Account, CREF Responsible Balanced Account and CREF Money Market Account

Opinions on the Financial Statements

We have audited (i) the accompanying statements of assets and liabilities, including the summary portfolios of investments, of CREF

Total Global Stock Account, CREF Global Equities Account, CREF Growth Account, CREF S&P 500 Index Account, CREF Core Bond

Account, CREF Inflation-Linked Bond Account and CREF Money Market Account as of December 31, 2025, the related statements of

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

ended December 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (included

in Item 1 of this Form N-CSR) and the portfolios of investments (included in Item 6 of this Form N-CSR) as of December 31, 2025

and (ii) the accompanying consolidated statement of assets and liabilities, including the summary portfolio of investments, of CREF

Responsible Balanced Account and its subsidiaries as of December 31, 2025, the related consolidated statement of operations for

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

ended December 31, 2025, including the related notes, and the consolidated financial highlights for each of the periods indicated

therein (included in Item 1 of this Form N-CSR) and the portfolio of investments (included in Item 6 of this Form N-CSR) as of

December 31, 2025 (constituting College Retirement Equities Fund, hereafter collectively referred to as the "Accounts") (collectively

referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial

position of each of the Accounts as of December 31, 2025, the results of each of their operations for the year then ended, the

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

highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of

America.

Basis for Opinions

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

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

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

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

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

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

misstatement, whether due to error or fraud.

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

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

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

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

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

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

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

/s/PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 27, 2026

We have served as the auditor of one or more investment companies in TIAA-CREF Funds' investment company group since 2005.

Portfolio of Investments December 31, 2025

Total Global Stock

SHARES

DESCRIPTION

VALUE (000)

LONG-TERM INVESTMENTS - 99.3%

COMMON STOCKS - 99.1%

AUTOMOBILES & COMPONENTS - 1.7%

343,270

(a) Adient plc

$

6,580

28,500

(a) Aisan Industry Co Ltd

737,700

(a),(b)

American Axle & Manufacturing Holdings, Inc

4,729

109,284

Amotiv Ltd

652

87,400

Anhui Jianghuai Automobile Group Corp Ltd

620

245,601

Apollo Tyres Ltd

1,367

91,351

(a) Aptiv plc

6,951

60,768

(b) ARB Corp Ltd

1,270

59,946

Asahi India Glass Ltd

678

11,826

ASK Automotive Ltd

154,802

(a),(b),(c)

Aston Martin Lagonda Global Holdings plc

38,873

(a) Aumovio SE

1,962

2,392

(b) Autoneum Holding AG.

505

227,000

(a) BAIC BluePark New Energy Technology Co Ltd

1,474,000

(c) BAIC Motor Corp Ltd

42,971

Bajaj Auto Ltd

4,470

54,235

Balkrishna Industries Ltd

1,402

41,237

Banco Products India Ltd

167,227

Bayerische Motoren Werke AG.

18,133

34,008

Bayerische Motoren Werke AG. (Preference)

3,624

165,966

Belrise Industries Ltd

160,195

Bharat Forge Ltd

2,624

215,759

BorgWarner, Inc

9,722

4,808

Bosch Ltd

1,929

118,981

Brembo NV

1,307

2,396,000

Brilliance China Automotive Holdings Ltd

1,247

1,736,809

BYD Co Ltd

24,286

4,537,885

BYD Co Ltd (H shares)

55,456

16,678

Ceat Ltd

707

15,439

Changzhou Xingyu Automotive Lighting Systems Co Ltd

1,170,885

Cheng Shin Rubber Industry Co Ltd

1,099

146,000

China Motor Corp

329,608

Chongqing Changan Automobile Co Ltd

560

201,100

(a) Chongqing Qianli Technology Co Ltd

183,575

CIE Automotive India Ltd

868

32,030

(a) CIE Automotive S.A.

1,117

407,521

Cie Generale des Etablissements Michelin S.C.A

13,508

38,869

Cie Plastic Omnium SA

726

374,863

(a) Cofide S.p.A.

64,745

Continental AG.

5,138

24,840

(a) Cooper-Standard Holdings, Inc

816

427,070

Daimler AG. (Registered)

29,605

67,000

Depo Auto Parts Ind Co Ltd

21,472

DN Automotive Corp

240,312

(b),(c)

Dometic Group AB

1,212

1,438,000

Dongfeng Motor Group Co Ltd

1,633

1,061,582

Dowlais Group plc

1,200

99,900

(b) Dr ING hc F Porsche AG.

5,321

2,122

(a) Dynamatic Technologies Ltd

9,600

(a) Eagle Industry Co Ltd

940

EGE Endustri VE Ticaret AS.

87,126

Eicher Motors Ltd

7,092

26,260

(c) Endurance Technologies Ltd

758

189,682

(a) Exedy Corp

6,803

320,675

Exide Industries Ltd

1,294

119,586

Faurecia

1,898

26,400

(a) FCC Co Ltd

628

161,463

Ferrari NV

60,002

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

AUTOMOBILES & COMPONENTS

(continued)

2,656,188

Ford Motor Co

$

34,849

462,601

Ford Otomotiv Sanayi AS

997

61,400

Fras-Le S.A.

88,063

Fuyao Glass Industry Group Co Ltd - A

816

377,762

(c) Fuyao Glass Industry Group Co Ltd - H

3,265

51,518

Gabriel India Ltd

579

1,098,860

Garrett Motion, Inc

19,153

3,795,302

Geely Automobile Holdings Ltd

8,778

817,288

General Motors Co

66,462

92,321

Gentex Corp

2,148

63,320

(a) Gentherm, Inc

2,303

108,502

(a),(c)

Gestamp Automocion S.A.

1,079,330

(a) Goodyear Tire & Rubber Co

9,455

143,959

Great Wall Motor Co Ltd

1,485,246

Great Wall Motor Co Ltd

2,920

59,754

(a) GS Yuasa Corp

1,433

351,300

Guangzhou Automobile Group Co Ltd

46,979

Hankook Tire & Technology Co Ltd

1,904

20,592

Hankook Tire Worldwide Co Ltd

217,710

(a) Hanon Systems

46,052

(b) Harley-Davidson, Inc

944

76,232

Hero Honda Motors Ltd

4,898

26,244

HL Mando Co Ltd

1,070

357,150

(a) Holley, Inc

1,475

154,000

Hota Industrial Manufacturing Co Ltd

66,970

Hu Lane Associate, Inc

159,215

Huayu Automotive Systems Co Ltd

24,876

Huizhou Desay Sv Automotive Co Ltd

36,954

Hyundai Mobis

9,589

82,070

Hyundai Motor Co

16,948

21,874

Hyundai Motor Co Ltd (2nd Preference)

3,232

263,642

Hyundai Motor Co Ltd (Preference)

37,783

60,404

Hyundai Motor India Ltd

1,544

48,832

Hyundai Wia Corp

2,570

38,840

JBM Auto Ltd

67,689

JK Tyre & Industries Ltd

286,342

Johnson Electric Holdings Ltd

1,095

143,500

(a) JTEKT Corp

1,590

26,492

(a) Kayaba Industry Co Ltd

756

501,904

Kenda Rubber Industrial Co Ltd

146,012

Kia Motors Corp

12,378

138,800

(a) Koito Manufacturing Co Ltd

2,051

62,505

(a) Kumho Tire Co, Inc

128,500

(b) Launch Tech Co Ltd

21,725

Lear Corp

2,490

776,300

(a),(b)

Li Auto, Inc

6,552

104,343

(a) Li Auto, Inc (ADR)

1,767

29,101

Linamar Corp

1,759

52,323

(a),(b)

Lucid Group, Inc

553

22,431

Lumax Auto Technologies Ltd

187,041

Magna International, Inc

9,971

577,102

Mahindra & Mahindra Ltd

23,834

27,500

Mahle Metal Leve S.A.

131,231

Maruti Suzuki India Ltd

24,406

450,100

(a),(b)

Mazda Motor Corp

3,476

81,462

Minda Corp Ltd

521

572,000

Minth Group Ltd

2,343

496,300

(a) Mitsubishi Motors Corp

1,180

2,259,036

Motherson Sumi Wiring India Ltd

1,222

1,566

MRF Ltd

2,665

31,938

(a) Musashi Seimitsu Industry Co Ltd

521

381,957

Nan Kang Rubber Tire Co Ltd

SHARES

DESCRIPTION

VALUE (000)

AUTOMOBILES & COMPONENTS

(continued)

590,000

Nexteer Automotive Group Ltd

$

112,400

(a) NGK Spark Plug Co Ltd

4,952

134,315

(a) NHK Spring Co Ltd

2,164

56,312

(a) Nifco, Inc

1,744

75,478

Ningbo Tuopu Group Co Ltd

835

774,840

(a) NIO, Inc

3,983

47,610

(a) Nissan Shatai Co Ltd

58,588

(a) NOK Corp

1,051

99,156

(b) Nokian Renkaat Oyj

1,098

950,394

(a) Ola Electric Mobility Ltd

29,100

(a) Pacific Industrial Co Ltd

600

219,376

Patrick Industries, Inc

23,787

133,362

(b) Piaggio & C S.p.A.

299,677

(c) Pirelli & C S.p.A

2,046

7,870

(a),(b)

Polestar Automotive Holding UK plc (ADR)

92,345

Porsche AG.

4,308

43,747

Pricol Ltd

72,205

(b) PWR Holdings Ltd

370,619

(a) QuantumScape Corp

3,862

115,734

Renault S.A.

4,791

411,019

(a),(b)

Rivian Automotive, Inc

8,101

36,708

SAF-Holland SE

656

320,723

SAIC Motor Corp Ltd

699

139,100

Sailun Group Co Ltd

2,833,359

Samvardhana Motherson International Ltd

3,785

24,460

(c) Sansera Engineering Ltd

376,000

Sanyang Motor Co Ltd

734

161,302

Schaeffler AG.

1,570

4,049

(a) Sebang Global Battery Co Ltd

37,893

(a) Seiren Co Ltd

739

63,741

Seres Group Co Ltd

1,102

13,886

Sharda Motor Industries Ltd

395,300

(a) Shoei Co Ltd

4,489

9,858

Shriram Pistons & Rings Ltd

20,347

SKF India Ltd

12,221

(a) SL Corp

11,828

SNT Motiv Co Ltd

124,250

(a) Solid Power, Inc

528

325,885

(c) Sona Blw Precision Forgings Ltd

1,743

707,700

Sri Trang Agro-Industry PCL

60,920

Standard Motor Products, Inc

2,245

80,000

(a) Stanley Electric Co Ltd

1,575

1,274,698

Stellantis NV

13,959

134,900

Sumitomo Rubber Industries, Inc

2,085

62,969

Sundaram Finance Holdings Ltd

4,258

Sundaram-Clayton Ltd

653

89,899

Sundram Fasteners Ltd

936

67,753

Suprajit Engineering Ltd

1,999,316

Tata Motors Ltd

8,182

2,647,791

(a) Tesla, Inc

1,190,765

21,522

Thor Industries, Inc

2,210

548,000

Tianneng Power International Ltd

500

80,911

Tofas Turk Otomobil Fabrik

39,447

(a) Tokai Rika Co Ltd

787

304,000

Tong Yang Industry Co Ltd

938

17,568

(a) Topre Corp

81,425

Toyo Tire & Rubber Co Ltd

2,260

71,800

(a) Toyoda Gosei Co Ltd

1,810

65,595

(a) Toyota Boshoku Corp

1,055

13,088,419

Toyota Motor Corp

281,101

6,550

Trigano S.A.

1,344

62,900

(a) TS Tech Co Ltd

740

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

AUTOMOBILES & COMPONENTS

(continued)

67,523

Tube Investments of India Ltd

$

1,964

150,855

TVS Motor Co Ltd

6,251

150,739

UNO Minda Ltd

2,156

165,517

Valeo

2,246

44,391

(c) Varroc Engineering Ltd

123,937

Volkswagen AG. (Preference)

15,125

34,500

Weifu High-Technology Co Ltd

41,000

Winnebago Industries, Inc

1,661

5,522,000

(a),(b)

XPeng, Inc

56,147

835,031

(c) Yadea Group Holdings Ltd

1,223

95,300

Yokohama Rubber Co Ltd

3,667

364,480

Yulon Motor Co Ltd

4,738

ZF Commercial Vehicle Control Systems India Ltd

784

323,900

(a),(c)

Zhejiang Leapmotor Technologies Ltd

2,029

87,600

Zhejiang Wanfeng Auto Wheel Co Ltd

TOTAL AUTOMOBILES & COMPONENTS

2,331,416

BANKS - 8.7%

67,744

1st Source Corp

4,233

46,403

(a) 77 Bank Ltd

2,235

275,241

(c) ABN AMRO Bank NV

9,617

521,555

Absa Group Ltd

7,538

1,992,975

Abu Dhabi Commercial Bank PJSC

7,760

906,057

Abu Dhabi Islamic Bank PJSC

5,117

559,424

(a) AFFIN Holdings Bhd

17,087,383

Agricultural Bank of China Ltd

12,712

3,157,262

Agricultural Bank of China Ltd (Class A)

3,470

7,506,862

AIB Group plc

80,251

25,600

(a) Aichi Financial Group, Inc

753

903,605

Ajman Bank PJSC

1,930,921

Akbank TAS

3,133

999,080

Al Ahli Bank of Kuwait KSCP

954

3,243,126

Al Rajhi Bank

84,241

754,126

Alinma Bank

4,901

67,973

Alior Bank S.A.

2,086

759,011

Alliance Financial Group BHD

944

1,356,594

Alpha Bank S.A.

5,702

390,354

Ameris Bancorp

28,992

1,538,034

AMMB Holdings BHD

2,463

79,200

(b) Aozora Bank Ltd

1,267

551,302

Arab National Bank

3,178

663,177

Atlantic Union Bankshares Corp

23,410

229,693

(c) AU Small Finance Bank Ltd

2,543

4,179,710

Australia and New Zealand Banking Group

101,055

20,244

(a) Awa Bank Ltd

566

5,982,964

Axis Bank Ltd

84,602

159,277

(a) Axos Financial, Inc

13,723

1,765,824

Banca Monte dei Paschi di Siena S.p.A

18,801

68,034

Banca Popolare di Sondrio SPA

1,323

39,914

Banco ABC Brasil S.A.

17,456,238

Banco Bilbao Vizcaya Argentaria S.A.

409,474

680,182

(b) Banco BPM S.p.A.

10,329

991,856

(a) Banco Bradesco S.A.

2,806

3,252,330

(a) Banco Bradesco S.A. (Preference)

10,648

4,521,052

Banco Comercial Portugues S.A.

4,759

28,433,673

Banco de Chile

5,492

54,249

Banco de Credito e Inversiones

3,514

628,500

(c) Banco del Bajio S.A.

1,587

71,013

Banco di Desio e della Brianza S.p.A.

785

1,053,902

(a) Banco do Brasil S.A.

4,206

1,238,263

Banco do Estado do Rio Grande do Sul

3,439

52,467

Banco Itau Chile S.A.

1,162

209,600

(a) Banco Pan S.A.

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

41,731,030

Banco Santander Chile S.A.

$

3,294

39,161,331

Banco Santander S.A.

460,948

577,745

(c) Bandhan Bank Ltd

938

5,584,900

(a) Bank Aladin Syariah Tbk PT

456,130

Bank AlBilad

3,013

379,456

(a) Bank Al-Jazira

1,127

77,792,370

Bank Central Asia Tbk PT

37,566

22,066

Bank Handlowy w Warszawie S.A.

650

561,100

Bank Islam Malaysia Bhd

3,767,000

(a) Bank Jago Tbk PT

372,968

(a) Bank Millennium S.A.

1,722

9,314,206

Bank Negara Indonesia Persero Tbk PT

2,433

6,508,138

Bank of America Corp

357,948

651,984

Bank of Baroda

2,149

739,562

(a) Bank of Beijing Co Ltd

580

98,800

Bank of Changsha Co Ltd

149,720

Bank of Chengdu Co Ltd

1,477,044

Bank of China Ltd - A

1,212

43,827,912

Bank of China Ltd - H

25,128

1,992,712

Bank of Communications Co Ltd - A

2,069

5,428,319

Bank of Communications Co Ltd - H

4,506

688,200

Bank of East Asia Ltd

1,177

26,491

Bank of Georgia Group plc

3,312

228,195

Bank of Hangzhou Co Ltd

85,600

Bank of Hawaii Corp

5,852

703,018

Bank of Jiangsu Co Ltd

1,046

617,937

Bank of Kaohsiung Co Ltd

500,096

(a) Bank of Montreal

64,946

24,300

(a) Bank of Nagoya Ltd

674

424,890

Bank of Nanjing Co Ltd

695

255,574

Bank of Ningbo Co Ltd

1,027

867,929

(a) Bank of Nova Scotia

64,013

398,575

Bank of NT Butterfield & Son Ltd

19,857

501,431

Bank of Queensland Ltd

2,181

529,473

Bank of Shanghai Co Ltd

765

796,638

(a) Bank of Sharjah

100,300

Bank of Suzhou Co Ltd

1,137,368

Bank of the Philippine Islands

2,244

246,000

(c) Bank of Zhengzhou Co Ltd

113,122

Bank Pekao S.A.

6,416

130,222,972

Bank Rakyat Indonesia

28,520

22,717,862

Bank Tabungan Negara Persero Tbk PT

1,595

25,325

Bank Zachodni WBK S.A.

3,828

133,520

(a) BankUnited, Inc

5,951

32,280

Bankwell Financial Group, Inc

1,479

358,324

Banner Corp

22,453

18,402

Banque Cantonale Vaudoise

2,326

761,830

Banque Saudi Fransi

3,417

34,400

Bar Harbor Bankshares

1,068

51,043,486

Barclays plc

326,736

89,232

(c) BAWAG Group AG.

13,440

53,820

BCB Bancorp, Inc

1,487,009

BDO Unibank, Inc

3,396

663,870

Bendigo Bank Ltd

4,651

192,961

BNK Financial Group, Inc

2,123

2,657,000

BOC Hong Kong Holdings Ltd

13,484

1,001,620

Boubyan Bank KSCP

2,327

881,295

BPER Banca

11,908

9,239

(a) BRE Bank S.A.

2,732

4,964,699

Bumiputra-Commerce Holdings BHD

10,082

866,361

Burgan Bank SAK

616

384,345

Byline Bancorp, Inc

11,204

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

5,762,330

CaixaBank S.A.

$

70,451

43,140

(a) Camden National Corp

1,871

1,204,187

Canadian Imperial Bank of Commerce

109,167

1,177,130

Canara Bank

2,030

50,963

(b) Capital Bancorp, Inc

1,436

79,166

Capitec Bank Holdings Ltd

19,872

320,530

(a) Capitol Federal Financial, Inc

2,183

68,218

Cathay General Bancorp

3,301

89,991

Central Pacific Financial Corp

2,804

4,259,428

Chang Hwa Commercial Bank

2,770

407,000

(a) Chiba Bank Ltd

4,542

865,000

(a),(c)

China Bohai Bank Co Ltd

5,072,490

China Citic Bank

4,527

450,100

China CITIC Bank Corp Ltd

805,907

China Construction Bank Corp - A

1,071

59,203,546

China Construction Bank Corp - H

58,600

1,637,004

China Everbright Bank Co Ltd - A

818

2,406,981

China Merchants Bank Co Ltd

16,374

755,940

China Merchants Bank Co Ltd (Class A)

4,556

1,298,048

China Minsheng Banking Corp Ltd - A

711

4,165,991

China Minsheng Banking Corp Ltd - H

2,106

793,937

China Zheshang Bank Co Ltd

25,213,388

Chinatrust Financial Holding Co

40,286

1,506,000

(a) Chongqing Rural Commercial Bank

1,190

377,400

Chongqing Rural Commercial Bank Co Ltd

111,900

(a) Chugin Financial Group, Inc

1,767

3,500,776

Citigroup, Inc

408,506

278,078

City Union Bank Ltd

900

38,381

Civista Bancshares, Inc

853

104,766

Close Brothers Group plc

737

72,720

CNB Financial Corp

1,903

326,600

(a) CNPC Capital Co Ltd

45,544

(a) Coastal Financial Corp

5,219

40,731

(a) Collector Bank AB

124,618

Columbia Banking System, Inc

3,483

47,200

Commerce Bancshares, Inc

2,470

1,969,691

Commercial Bank PSQC

2,272

1,536,805

Commercial International Bank

3,318

577,486

Commerzbank AG.

24,373

1,981,590

Commonwealth Bank of Australia

211,513

26,484

Community Trust Bancorp, Inc

1,496

743,500

Concordia Financial Group Ltd

6,147

203,719

Credicorp Ltd

58,467

58,772

Credito Emiliano S.p.A.

1,050

19,213

(a) CSB Bank Ltd

116,860

(a) Customers Bancorp, Inc

8,545

5,646,074

(a),(d)

Cyprus Popular Bank PCL

1,738,827

Dah Sing Banking Group Ltd

2,386

140,708

Dah Sing Financial Holdings Ltd

639

155,016

(a) Daishi Hokuetsu Financial Group, Inc

1,611

826,374

Danske Bank AS

41,266

3,662,363

DBS Group Holdings Ltd

160,428

1,313,443

DGB Financial Group, Inc

14,159

1,881,040

Doha Bank QPSC

1,483

1,794,136

Dubai Islamic Bank PJSC

4,527

1,032,023

Dukhan Bank

991

8,957,288

E.Sun Financial Holding Co Ltd

9,621

33,680

East West Bancorp, Inc

3,785

1,166,474

Emirates NBD Bank PJSC

8,845

76,260

Enterprise Financial Services Corp

4,118

21,618

(a) Equitable Group, Inc

1,636

439,174

(c) Equitas Small Finance Bank Ltd

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

966,743

Erste Bank der Oesterreichischen Sparkassen AG.

$

115,922

4,535,829

Eurobank S.A.

18,237

2,135,969

Far Eastern International Bank

873

39,000

FB Financial Corp

2,176

1,358,460

Federal Bank Ltd

4,041

11,847

FIBI Holdings Ltd

989

5,337,965

Fifth Third Bancorp

249,870

390,198

FinecoBank Banca Fineco S.p.A

10,110

2,724,979

First Abu Dhabi Bank PJSC

12,940

432,680

First BanCorp

8,969

480,727

First Busey Corp

11,437

281,858

First Financial Bankshares, Inc

8,419

7,087,865

First Financial Holding Co Ltd

6,628

140,740

First Hawaiian, Inc

3,561

491,727

First Horizon National Corp

11,752

41,589

First International Bank Of Israel Ltd

3,271

8,108

First Internet Bancorp

384,464

First Merchants Corp

14,410

5,510

(a) First United Corp

242,900

FNB Corp

4,154

3,870

Franklin Financial Services Corp

130,400

(a) Fukuoka Financial Group, Inc

4,218

504,190

Fulton Financial Corp

9,746

135,153

Glacier Bancorp, Inc

5,954

156,665

Grupo Cibest S.A.

2,870

275,783

Grupo Cibest S.A.

4,362

9,061,198

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

84,003

925,577

Grupo Financiero Inbursa S.A.

2,239

1,271,046

Gulf Bank KSCP

1,473

230,900

(a) Gunma Bank Ltd

2,551

261,500

(a) Hachijuni Bank Ltd

2,832

713,895

Haci Omer Sabanci Holding AS

1,398

171,238

Hana Financial Group, Inc

11,173

538,700

Hang Seng Bank Ltd

10,627

8,430

HBT Financial, Inc

19,400,853

HDFC Bank Ltd

214,319

1,173,470

HDFC Bank Ltd (ADR)

42,879

113,420

Heritage Commerce Corp

1,362

133,800

Hilltop Holdings, Inc

4,541

185,202

(a) Hirogin Holdings, Inc

1,873

137,000

(a) Hokkoku Financial Holdings, Inc

708

78,260

(a) Hokuhoku Financial Group, Inc

2,292

1,598,243

Home Bancshares, Inc

44,399

379,412

Hong Leong Bank BHD

2,069

12,271,282

HSBC Holdings plc

193,100

5,586,015

Hua Nan Financial Holdings Co Ltd

5,511

472,186

Huaxia Bank Co Ltd

156,474

(a) Hyakugo Bank Ltd

1,145

14,600

(a) Hyakujushi Bank Ltd

621

5,075,447

ICICI Bank Ltd

75,962

2,322,583

IDFC First Bank Ltd

2,214

180,580

Independent Bank Corp

5,874

357,992

(a) IndusInd Bank Ltd

3,444

2,317,239

Industrial & Commercial Bank of China Ltd - A

2,631

40,102,914

Industrial & Commercial Bank of China Ltd - H

32,452

782,505

Industrial Bank Co Ltd

2,359

170,127

Industrial Bank of Korea

2,473

12,561,962

ING Groep NV

353,095

189,700

Inter & Co, Inc

1,609

25,222

Intercorp Financial Services, Inc

1,068

2,766,767

Intesa Sanpaolo S.p.A.

19,119

3,609,517

Investimentos Itau S.A. - PR

7,688

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

30,387,948

Itau Unibanco Holding S.A.

$

217,179

177,754

(a) Iyogin Holdings, Inc

2,896

312,641

Jammu & Kashmir Bank Ltd

88,415

JB Financial Group Co Ltd

1,574

4,144,741

JPMorgan Chase & Co

1,335,518

576,184

(a) Judo Capital Holdings Ltd

660

23,140

(a) Juroku Financial Group, Inc

1,064

49,425

Jyske Bank

6,764

103,021

KakaoBank Corp

1,544

96,536

Karnataka Bank Ltd

399,298

Karur Vysya Bank Ltd

1,173

5,580,700

Kasikornbank PCL

34,420

345,700

Kasikornbank PCL (Foreign)

2,132

223,083

KB Financial Group, Inc

19,204

125,554

KBC Ancora

10,786

525,597

KBC Groep NV

68,452

111,670

Kearny Financial Corp

827

64,048

(a) Keiyo Bank Ltd

681

1,204,100

Kiatnakin Phatra Bank PCL

2,595

44,119

(a) Kiyo Bank Ltd

921

47,445

Komercni Banka AS

2,675

3,380,378

Kotak Mahindra Bank Ltd

82,922

2,440,296

Krung Thai Bank PCL

2,187

8,733,136

Kuwait Finance House KSCP

23,010

679,995

Kuwait International Bank KSCP

605

1,653,792

Kuwait Projects Co Holding KSCP

170,600

(a) Kyoto Financial Group, Inc

3,736

244,700

(a) Kyushu Financial Group, Inc

1,589

29,060

Lakeland Financial Corp

1,658

30,010

(a) Laurentian Bank of Canada

881

34,308

Live Oak Bancshares, Inc

1,178

51,760,883

Lloyds TSB Group plc

68,465

702,004

M&T Bank Corp

141,440

10,891,430

Malayan Banking BHD

28,120

2,393,100

Malaysia Building Society Bhd

3,851,924

Masraf Al Rayan QSC

2,321

669,200

(a) Mebuki Financial Group, Inc

4,437

7,303,731

Mega Financial Holding Co Ltd

9,301

117,220

Meridian Corp

2,061

264,167

(a) Metro Bank Holdings plc

1,088,054

Metropolitan Bank & Trust

1,267

62,370

Mid Penn Bancorp, Inc

1,935

152,085

Midland States Bancorp, Inc

3,220

63,080

MidWestOne Financial Group, Inc

2,429

27,505,887

Mitsubishi UFJ Financial Group, Inc

436,548

3,740,094

Mizuho Financial Group, Inc

136,493

165,721

(c) Moneta Money Bank AS

1,557

15,068

(a) Musashino Bank Ltd

73,549

(a) Nanto Bank Ltd

2,795

2,199,373

National Australia Bank Ltd

61,839

126,595

National Bank Holdings Corp

4,812

400,350

National Bank of Canada

50,347

1,022,194

National Bank of Greece S.A.

15,591

5,114,672

National Bank of Kuwait SAKP

16,863

17,009,333

NatWest Group plc

149,211

290,764

NB Bancorp, Inc

5,763

181,060

NBT Bancorp, Inc

7,518

284,979

Nedbank Group Ltd

4,582

88,364

(a) Nishi-Nippon Financial Holdings, Inc

1,813

194,497

(a) NOBA Bank Group AB

2,489

5,511,641

Nordea Bank AB publ

103,697

184,697

(a) North Pacific Bank Ltd

999

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

14,560

(a) Northeast Community Bancorp, Inc

$

49,260

Northpointe Bancshares, Inc

827

3,764,405

(a) NU Holdings Ltd

63,016

942,000

O-Bank Co Ltd

389,232

OFG Bancorp

15,951

23,407

(a) Ogaki Kyoritsu Bank Ltd

701

763,161

Old National Bancorp

17,026

150,972

Optima bank S.A.

1,366

15,760

Orange County Bancorp, Inc

217,524

Origin Bancorp, Inc

8,181

138,278

OTP Bank Rt

14,827

7,943,744

Oversea-Chinese Banking Corp

122,042

24,532

Pathward Financial, Inc

1,742

126,620

(a) Patriot National Bancorp, Inc

15,060

Peapack Gladstone Financial Corp

240,740

Philippine National Bank

680,984

Ping An Bank Co Ltd

1,112

685,761

Piraeus Bank S.A.

5,475

382,499

PNC Financial Services Group, Inc

79,839

1,113,637

Postal Savings Bank of China Co Ltd - A

869

5,530,972

(c) Postal Savings Bank of China Co Ltd - H

3,784

537,569

Powszechna Kasa Oszczednosci Bank Polski S.A.

12,688

171,292

Preferred Bank

16,175

109,200

Primis Financial Corp

1,519

22,910,370

PT Bank Mandiri Persero Tbk

6,986

8,932,180

Public Bank Bhd

9,987

1,501,723

Punjab National Bank

2,066

635,147

Qatar International Islamic Bank QSC

1,994

1,096,548

Qatar Islamic Bank SAQ

7,216

2,836,916

Qatar National Bank QPSC

14,539

21,192

QCR Holdings, Inc

1,765

72,100

(a) Rakuten Bank Ltd

3,183

334,810

(c) RBL Bank Ltd

1,178

185,600

Regional SAB de C.V.

1,470

2,611,600

(a) Resona Holdings, Inc

24,856

1,055,074

RHB Capital BHD

2,004

19,000

Ringkjoebing Landbobank A.S.

4,581

67,500

(a),(b)

Riverview Bancorp, Inc

898,404

Riyad Bank

6,502

983,073

Royal Bank of Canada

167,593

43,740

S&T Bancorp, Inc

1,721

101,064

(a) San-In Godo Bank Ltd

961

614,006

Saudi Awwal Bank

5,296

356,082

Saudi Investment Bank

1,246

1,804,733

Saudi National Bank

18,226

555,061

SCB X PCL

2,440

217,148

Seacoast Banking Corp of Florida

6,823

187,900

(a) Senshu Ikeda Holdings, Inc

949

453,700

(a) Seven Bank Ltd

883

2,422,331

Shanghai Commercial & Savings Bank Ltd

3,128

1,203,714

Shanghai Pudong Development Bank Co Ltd

2,143

326,400

Shanghai Rural Commercial Bank Co Ltd

619,126

Sharjah Islamic Bank

526

4,877,886

(a),(c)

Shawbrook Group plc

31,955

99,225

(a) Shiga Bank Ltd

4,546

269,078

Shinhan Financial Group Co Ltd

14,328

331,900

(a) Shizuoka Financial Group, Inc

5,153

301,677

Shore Bancshares, Inc

5,334

7,575,697

SinoPac Financial Holdings Co Ltd

6,892

66,298

Skandinaviska Enskilda Banken AB (Class A)

1,398

89,191

SmartFinancial, Inc

3,299

2,967,559

Societe Generale

238,900

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

912,307

South Indian Bank Ltd

$

81,350

SOUTHSTATE BANK CORP

7,656

36,272

Sparebank Oestlandet

740

157,571

SpareBank SR-Bank ASA

3,096

99,601

Sparebanken Midt-Norge

2,034

73,586

Sparebanken Nord-Norge

1,106

10,020

(b) SR Bancorp, Inc

3,320,130

Standard Bank Group Ltd

58,237

5,195,771

Standard Chartered plc

126,779

5,825,005

State Bank of India

63,720

9,351,700

Sumitomo Mitsui Financial Group, Inc

300,764

2,724,224

Sumitomo Mitsui Trust Holdings, Inc

83,020

430,764

(a) Suruga Bank Ltd

4,698

38,844

Sydbank AS

3,469

2,962,421

Taichung Commercial Bank Co Ltd

1,960

13,072,868

Taishin Financial Holdings Co Ltd

8,487

4,455,374

Taiwan Business Bank

2,269

6,751,720

Taiwan Cooperative Financial Holding Co Ltd

5,221

31,123

Tamilnad Mercantile Bank Ltd

31,692

(a) TBC Bank Group plc

1,732

69,141

(a) Texas Capital Bancshares, Inc

6,260

12,796

TF Bank AB

208,200

Thanachart Capital PCL

3,536,300

Tisco Bank PCL

12,403

16,105,600

TMB Bank PCL (Foreign)

1,032

116,343

(a),(b)

Toho Bank Ltd

137,600

(a) Tokyo Kiraboshi Financial Group, Inc

7,646

127,264

(a) TOMONY Holdings, Inc

637

1,299,896

(a) Toronto-Dominion Bank

122,513

5,669,866

Turkiye Is Bankasi (Series C)

1,856

752,521

(a),(c)

Ujjivan Small Finance Bank Ltd

311,369

UMB Financial Corp

35,820

7,579,559

(c) Unicaja Banco S.A.

24,664

2,400,465

UniCredit S.p.A

198,823

979,517

Union Bank of India

1,678

848,314

Union Bank Of Taiwan

522

100,000

United Bankshares, Inc

3,840

163,050

United Community Banks, Inc

5,090

899,969

United Overseas Bank Ltd

24,511

13,390

Unity Bancorp, Inc

693

95,317

Univest Financial Corp

3,121

11,916

(b) Valiant Holding AG.

2,267

569,471

Valley National Bancorp

6,651

635,093

(a),(d)

VTB Bank PJSC (GDR) Equiduct, Reg S

664,707

(a),(d)

VTB Bank PJSC (GDR) Tradegate, Reg S

1,433,023

(a) Warba Bank KSCP

1,365

130,600

Webster Financial Corp

8,220

9,242,763

Wells Fargo & Co

861,426

403,929

WesBanco, Inc

13,427

68,670

Westamerica Bancorporation

3,285

159,952

Western Alliance Bancorp

13,447

2,455,943

Westpac Banking Corp

63,023

98,759

Wintrust Financial Corp

13,809

405,672

Woori Financial Group, Inc

7,874

138,699

(a) Yamaguchi Financial Group, Inc

1,883

2,089,979

Yapi ve Kredi Bankasi

1,760

9,979,732

(a) Yes Bank Ltd

2,401

TOTAL BANKS

11,752,081

CAPITAL GOODS - 10.1%

155,683

3M Co

24,925

4,963

3M India Ltd

1,940

47,778

A.O. Smith Corp

3,195

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

521,124

Aalberts Industries NV

$

17,178

28,602

(b) Aaon, Inc

2,181

19,156

(a) AAR Corp

1,586

2,727,437

ABB Ltd

201,060

33,578

ABB Ltd India

1,933

850,000

Aboitiz Equity Ventures, Inc

580,749

AcBel Polytech, Inc

782

338,364

Accelleron Industries AG.

26,097

17,624

Ackermans & Van Haaren

4,785

110,656

ACS Actividades de Construccion y Servicios S.A.

10,984

74,000

(a) Acter Co Ltd

1,837

308,875

Action Construction Equipment Ltd

3,255

17,200

Acuity Brands, Inc

6,193

101,085

Adani Enterprises Ltd

2,519

155,466

AddTech AB

5,475

13,533

(a) ADENTRA, Inc

27,000

Advanced Energy Solution Holding Co Ltd

1,145

85,752

AECC Aviation Power Co Ltd

149,038

Aecom Technology Corp

14,208

49,782

(b) Aecon Group, Inc

1,135

115,345

AerCap Holdings NV

16,582

51,828

(a) Aerovironment, Inc

12,537

85,871

Afcons Infrastructure Ltd

18,108

Ahluwalia Contracts India Ltd

34,797

AIA Engineering Ltd

1,555

297,000

(a) Aichi Corp

2,599

44,132

Air Lease Corp

2,835

1,683,024

Airbus SE

390,838

87,226

Airtac International Group

2,571

17,224

Aker ASA (A Shares)

1,309

26,348

Al Babtain Power & Telecommunication Co

143,284

Alarko Holding AS.

149,010

Albany International Corp (Class A)

7,555

54,828

(c) Alimak Group AB

861

134,573

(a) Allegheny Technologies, Inc

15,444

61,400

Allegion plc

9,776

2,357,300

Alliance Global Group, Inc

157,718

Allis Electric Co Ltd

70,080

Allison Transmission Holdings, Inc

6,861

2,353,493

Alstom RGPT

69,433

235,700

(a) Amada Co Ltd

2,789

89,962

Amara Raja Batteries Ltd

911

385,097

(a) American Superconductor Corp

11,083

50,655

Andritz AG.

3,950

6,694

Anveshan Heavy Engineering Ltd

13,387

Apar Industries Ltd

1,248

10,000

Apex Dynamics, Inc

414,424

(a) API Group Corp

15,856

46,212

Applied Industrial Technologies, Inc

11,866

47,869

AQ Group AB

1,019

319,462

(a),(d)

Arabi Group Holding KSC

330,065

(a),(b)

Archer Aviation, Inc

2,482

208,370

Arcosa, Inc

22,154

57,630

Ariston Holding NV

55,509

Armstrong World Industries, Inc

10,608

308,330

(a) Array Technologies, Inc

2,843

42,781

Aryt Industries Ltd

611

1,433,297

Aselsan Elektronik Sanayi Ve Ticaret AS

7,723

1,838,548

Ashok Leyland Ltd

3,669

102,741

(a) Ashoka Buildcon Ltd

930,981

Ashtead Group plc

63,474

37,919

Ashtrom Group Ltd

836

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

2,387,621

Assa Abloy AB

$

92,236

270,920

Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS.

738

31,150

Astra Industrial Group

1,176

132,101,507

Astra International Tbk PT

53,020

78,986

Astral Ltd

1,222

37,300

(a) Astronics Corp

2,023

115,804

AtkinsRealis Group, Inc

7,475

53,892

Atkore, Inc

3,409

1,551,650

Atlas Copco AB

24,806

2,864,792

Atlas Copco AB

51,001

751,020

Atmus Filtration Technologies, Inc

38,985

62,584

(a),(b)

ATS Corp

1,724

775,248

Austal Ltd

3,456

1,021,391

(a),(c)

AutoStore Holdings Ltd

1,186

1,830,037

(b) AviChina Industry & Technology Co Ltd

934

19,953

Avio S.p.A

681

18,750

(a) Avon Protection plc

33,078

(a) Axon Enterprise, Inc

18,786

148,731

(a) Ayala Corp

1,183

2,215

(a),(d)

Ayala Corp Preferred

0^

20,279

(a) Azad Engineering Ltd

127,341

Azelis Group NV

1,391

191,712

Babcock International Group

3,195

285,724

Badger Infrastructure Solutions Ltd

15,223

1,491,136

BAE Systems plc

34,319

377,274

Balfour Beatty plc

3,598

180,638

(a) Ballard Power Systems, Inc

34,021

Balu Forge Industries Ltd

25,444

Bawan Co

245,194

(b) Beijer Ref AB

3,935

54,412

Beijing New Building Materials plc

5,891

Belimo Holding AG.

5,756

28,260

BEML Ltd

585

1,105,965

(a) BES Engineering Corp

5,811

(a) Bet Shemesh Engines Holdings 1997 Ltd

1,367

5,167,036

Bharat Electronics Ltd

23,000

684,288

Bharat Heavy Electricals Ltd

2,191

13,593

(a) BHI Co Ltd

200,472

Bidvest Group Ltd

2,875

43,297

(b) Bird Construction Income Fund

900

108,000

Bizlink Holding, Inc

5,218

302,320

(a) Bloom Energy Corp

26,269

152,911

(a) Blue Bird Corp

7,187

100,278

Blue Star Ltd

1,934

129,706

(c) BOC Aviation Ltd

1,215

134,203

Bodycote plc

1,263

1,760,437

(a) Boeing Co

382,226

28,000

Boise Cascade Co

2,061

61,677

(a) Bombardier, Inc

10,493

4,391

(b) Bossard Holding AG.

863

114,910

Bouygues S.A.

5,974

17,751

Brenntag SE

1,030

244,000

Brighton-Best International Taiwan, Inc

19,762

(b) Brookfield Business Corp

706

5,053

(b) Bucher Industries AG.

2,332

7,991

Budimex S.A.

1,414

104,870

Bufab AB

1,140

23,009

(a) Builders FirstSource, Inc

2,367

40,200

(a) Bunka Shutter Co Ltd

526

200,488

Bunzl plc

5,598

2,475

Burckhardt Compression Holding AG.

1,696

36,322

Burkhalter Holding AG.

6,410

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

16,300

BWX Technologies, Inc

$

2,817

15,480

(a),(b)

Byrna Technologies, Inc

1,170

Bystronic AG.

80,000

C Sun Manufacturing Ltd

637

185,595

(a) Cadeler A.S.

874

212,662

(a) CAE, Inc

6,467

15,797

Carbone Lorraine

136,333

(a) Cardinal Infrastructure Group, Inc

3,297

37,988

(b),(c)

Carel Industries S.p.A

1,091

28,900

Cargotec Oyj

1,670

9,057

Carlisle Cos, Inc

2,897

67,272

Carpenter Technology Corp

21,180

2,229,400

Carrier Global Corp

117,802

458,605

Caterpillar, Inc

262,721

79,830

(a) CECO Environmental Corp

4,778

2,124

Cembre S.p.A

47,562

Cenergy Holdings S.A.

837

204,900

(a) Central Glass Co Ltd

4,567

575,340

(a),(b)

Centuri Holdings, Inc

14,527

5,180

Cera Sanitaryware Ltd

142,793

CG Power & Industrial Solutions Ltd

1,030

1,049,700

CH Karnchang PCL

684,746

(a) Chemring Group plc

4,344

135,000

Chicony Power Technology Co Ltd

1,640,000

China Communications Services Corp Ltd

945

1,085,500

China Conch Venture Holdings Ltd

1,313

281,200

China CSSC Holdings Ltd

1,338

1,073,700

(a) China Energy Engineering Corp Ltd

4,045,000

China Lesso Group Holdings Ltd

2,412

59,500

China National Chemical Engineering Co Ltd

682,518

China Railway Group Ltd - A

528

2,743,000

China Railway Group Ltd - H

1,350

431,600

China State Construction Engineering Corp Ltd

802,000

China State Construction International Holdings Ltd

938

174,900

China XD Electric Co Ltd

6,604

China Yuchai International Ltd

116,945

(a) Chiyoda Corp

548

720,000

Chongqing Machinery & Electric Co Ltd

168,600

(a) Chudenko Corp

4,851

304,000

Chung-Hsin Electric & Machinery Manufacturing Corp

1,444

522,000

CIMC Enric Holdings Ltd

635

53,300

Cirrus Aircraft Ltd

2,540,517

Citic Pacific Ltd

3,948

9,546

CJ Corp

1,141

1,924,553

CK Hutchison Holdings Ltd

13,084

41,593

(a) CKD Corp

813

23,420

CNGR Advanced Material Co Ltd

369,440

CNH Industrial NV

3,406

144,012

(a) Cohort plc

1,753

9,399

Colt CZ Group SE

30,000

Columbus McKinnon Corp

518

41,481

Comfort Systems USA, Inc

38,714

1,386,403

Compagnie de Saint-Gobain

140,986

84,217

(a) COMSYS Holdings Corp

2,451

14,661

Construcciones y Auxiliar de Ferrocarriles S.A.

1,012

847,057

Contemporary Amperex Technology Co Ltd

44,540

48,000

(b) Contemporary Amperex Technology Co Ltd

3,122

345,000

Continental Holdings Corp

79,899

(a) Core & Main, Inc

4,152

8,328

Craftsman Automation Ltd

713

90,044

Crane Co

16,607

2,750,000

CRRC Corp Ltd

2,110

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

967,400

CRRC Corp Ltd (Class A)

$

944

259,522

(a) CS Wind Corp

7,508

563,010

(a) CSBC Corp Taiwan

565,496

CTCI Corp

557

88,304

Cummins India Ltd

4,358

143,680

Cummins, Inc

73,341

40,922

Curtiss-Wright Corp

22,559

31,000

CyberPower Systems, Inc

5,921

(b) Daetwyler Holding AG.

1,216

125,833

(a) Daewoo Engineering & Construction Co Ltd

32,410

Daewoo International Corp

1,117

84,979

(a) Daewoo Shipbuilding & Marine Engineering Co Ltd

6,710

1,039,800

(a) Dai-Dan Co Ltd

16,453

231,700

Daifuku Co Ltd

7,293

14,548

(a) Daihen Corp

928

283,948

Daimler Truck Holding AG.

12,299

23,900

Daiwa Industries Ltd

9,046

Danieli & Co S.p.A.

533

27,822

Danieli & Co S.p.A. (RSP)

1,196

15,012

Dassault Aviation S.A.

4,813

345,206

Data Patterns India Ltd

10,092

58,039

DCC plc

3,616

232,323

Deere & Co

108,163

1,120,781

Deutz AG.

11,063

17,853

(c) Dilip Buildcon Ltd

100,780

(a) Diploma plc

7,170

70,263

DiscoverIE Group plc

568

182,305

DKSH Holding AG.

13,106

22,517

(a) DL E&C Co Ltd

643

2,172,700

DMCI Holdings, Inc

559,739

(a) DNOW, Inc

7,417

115,529

Dongfang Electric Corp Ltd

32,757

Doosan Bobcat, Inc

1,310

4,696

Doosan Corp

2,553

30,573

(a) Doosan Fuel Cell Co Ltd

611

656,268

(a) Doosan Heavy Industries and Construction Co Ltd

34,325

95,669

(d) Doosan Infracore Co Ltd

916

15,535

(a) Doosan Robotics, Inc

842

23,770

(b) dormakaba Holding AG.

1,923

181,123

Douglas Dynamics, Inc

5,914

1,097,426

Dover Corp

214,261

5,769

Dredging Environmental & Marine Engineering NV

942

600,549

(a),(b)

DroneShield Ltd

1,226

1,610,936

Dubai Investments PJSC

1,567

39,709

Duerr AG.

1,042

99,802

(a) Dycom Industries, Inc

33,723

1,636,429

Eaton Corp plc

521,219

314,900

Ebara Corp

7,422

30,548

(a) Ecopro BM Co Ltd

3,107

62,984

Ecopro Co Ltd

3,968

17,831

(a) Ecopro Materials Co Ltd

643

41,121

Eiffage S.A.

5,892

16,665

Elbit Systems Ltd

9,568

9,027

Elco Ltd

520

22,517

(b) Elecnor S.A.

645

66,996

Elecon Engineering Co Ltd

33,140

Electra Israel Ltd

1,133

5,609,942

Electrical Industries Co

16,734

354,383

Electrocomponents plc

2,971

174,740

Electrolux Professional AB

1,228

227,212

Electrosteel Castings Ltd

157,618

Elgi Equipments Ltd

833

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

434,200

Embraer S.A.

$

6,964

42,636

EMCOR Group, Inc

26,084

2,495,651

Emerson Electric Co

331,223

583,611

Empresa Brasileira de Aeronautica S.A. (ADR)

37,567

5,558

Energiekontor AG.

45,100

EnerSys

6,618

26,392

(b) Engcon AB

185,693

Engineers India Ltd

95,676

EnPro Industries, Inc

20,487

1,070,000

(a),(b)

Envision Greenwise Holdings Ltd

57,280

(a),(b)

Eos Energy Enterprises, Inc

656

394,658

Epiroc AB

8,896

233,649

Epiroc AB

4,701

46,928

Esab Corp

5,243

19,358

ESAB India Ltd

1,313

127,314

ESCO Technologies, Inc

24,876

805,589

(a) Estithmar Holding QPSC

891

76,877

Eve Energy Co Ltd

723

90,000

Evergreen Aviation Technologies Corp

48,986

(a) Everus Construction Group, Inc

4,191

7,453

(a),(b)

Exail Technologies S.A.

711

23,081

(b) Exosens SAS

1,312

1,964,631

Far Eastern Textile Co Ltd

1,737

483,522

Fastenal Co

19,404

181,721

Federal Signal Corp

19,733

80,380

Ferguson Enterprises, Inc

17,895

325,857

Ferrovial SE

21,112

863,999

(a) Fincantieri S.p.A

16,789

100,745

(b) Finning International, Inc

5,459

254,277

Finolex Cables Ltd

2,122

334,000

(b) First Tractor Co Ltd

816,284

Fletcher Building Ltd

1,728

1,118,067

Flowserve Corp

77,572

32,454

FLSmidth & Co AS

2,257

32,680

(a),(b)

Fluence Energy, Inc

646

72,200

Fluidra S.A.

1,956

748

(b) Forbo Holding AG.

819

3,229

Force Motors Ltd

739

58,596

Fortive Corp

3,235

75,903

Fortune Brands Innovations, Inc

3,797

98,330

Fortune Electric Co Ltd

2,385

1,781,008

(b) Fosun International

1,004

60,300

Franklin Electric Co, Inc

5,760

2,393

Frequentis AG.

156,140

(a),(b)

Freyr Battery, Inc

1,043

42,903

FTAI Aviation Ltd

8,445

83,326

Fugro NV

830

386,745

(a) Fuji Machine Manufacturing Co Ltd

9,011

16,678

(a) Fukushima Galilei Co Ltd

50,444

(a) Furukawa Electric Co Ltd

3,216

17,934

G R Infraprojects Ltd

114,000

G Shank Enterprise Co Ltd

2,881,412

Gamuda BHD

3,529

190,164

Garden Reach Shipbuilders & Engineers Ltd

5,171

901,848

(a) Gates Industrial Corp plc

19,363

627,621

GE T&D India Ltd

21,874

265,790

GE Vernova, Inc

173,712

87,914

GEA Group AG.

5,941

20,304

Geberit AG.

15,769

44,148

GEK Group of Cos S.A.

1,318

186,079

GEM Co Ltd

24,329

(a) Generac Holdings, Inc

3,318

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

177,512

General Dynamics Corp

$

59,761

1,232,854

General Electric Co

379,756

187,385

Genuit Group plc

822

58,672

Georg Fischer AG.

3,931

24,000

GFC Ltd

78,072

Global Industrial Co

2,281

27,156

(a) Glory Ltd

688

25,752

GMM Pfaudler Ltd

130,903

(a) GMR Power and Urban Infra Ltd

30,336

Gongniu Group Co Ltd

70,630

Gotion High-tech Co Ltd

132,586

Grafton Group plc

1,667

304,129

Granite Construction, Inc

35,081

49,541

Graphite India Ltd

83,041

Greaves Cotton Ltd

39,442

Greenlam Industries Ltd

442,000

(b),(c)

Greentown Management Holdings Co Ltd

36,423

Grindwell Norton Ltd

634

356,793

(b) Grupo Carso S.A. de C.V. (Series A1)

2,337

47,189

GS Engineering & Construction Corp

644

33,082

GS Holdings Corp

1,293

74,910

GT Capital Holdings, Inc

758

63,065

Gulf Cables & Electrical Industries Group Co. KSCP

426,497

Haitian International Holdings Ltd

1,215

6,005

Hammond Power Solutions, Inc

698

26,479

(a) Hanwa Co Ltd

1,213

15,055

(a) Hanwha Corp

852

13,757

(a) Hanwha Corp

46,774

(a) Hanwha Systems Co Ltd

1,767

300,500

HAP Seng Consolidated BHD

7,540

Happy Forgings Ltd

1,722,000

Harbin Power Equipment

3,691

46,200

(a) Harmonic Drive Systems, Inc

1,115

149,800

Havells India Ltd

2,375

254,791

(a) Hayward Holdings, Inc

3,937

110,036

(a) Hazama Ando Corp

1,330

86,703

HBL Power Systems Ltd

894

8,490

HD Hyundai Construction Equipment Co Ltd

580

14,466

HD Hyundai Electric Co Ltd

7,769

54,837

HD Hyundai Heavy Industries Co Ltd

19,327

9,755

HD Hyundai Marine Solution Co Ltd

1,307

28,827

HDC Hyundai Development Co-Engineering & Construction

47,465

HEG Ltd

132,301

HEICO Corp

42,811

31,587

(a) HEICO Corp (Class A)

7,974

17,876

Heijmans NV (ADR)

1,418

109,200

(a) Helios Technologies, Inc

5,841

211,114

Hensoldt AG.

18,082

33,695

Hexcel Corp

2,490

10,368

HG Infra Engineering Ltd

107,330

Hillenbrand, Inc

3,405

42,240

(a) Hillman Solutions Corp

126,375

Hindustan Aeronautics Ltd

6,177

1,164,050

(a) Hindustan Construction Co

229,700

(a) Hino Motors Ltd

567

72,100

(a) Hitachi Construction Machinery Co Ltd

2,131

4,573

Hitachi Energy India Ltd

932

20,133,032

Hitachi Ltd

631,403

122,620

(a) Hitachi Zosen Corp

743

213,643

Hiwin Technologies Corp

1,318

9,272

Hochtief AG.

3,630

2,726,723

Honeywell International, Inc

531,956

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

119,900

Hong Leong Asia Ltd

$

43,900

Hong Leong Industries BHD

81,500

Hoshizaki Corp

2,715

33,074

Hosken Consolidated Investments Ltd

412,085

Howden Joinery Group plc

4,612

990,374

Howmet Aerospace, Inc

203,046

364,328

(a) HSD Engine Co Ltd

10,848

2,285,000

(a),(d)

Hsin Chong Group Holdings Ltd

211,000

HUA ENG Wire & Cable

202,040

Hubbell, Inc

89,728

31,837

Huber & Suhner AG.

5,774

278,964

Husqvarna AB (B Shares)

1,398

163,444

Hwang Chang General Contractor Co Ltd

6,055

(a) Hyosung Corp

3,465

(a) Hyosung Heavy Industries Corp

4,280

20,050

Hyundai Development Co

17,195

Hyundai Elevator Co Ltd

1,052

58,859

Hyundai Engineering & Construction Co Ltd

2,868

31,347

Hyundai Greenfood Co Ltd

26,165

Hyundai Heavy Industries

7,383

47,519

Hyundai Rotem Co Ltd

6,197

4,150

(a) IES Holdings, Inc

1,614

1,657,900

IJM Corp BHD

926

18,346

Iljin Electric Co Ltd

693

43,927

Illinois Tool Works, Inc

10,819

8,409

IMCD NV

763

189,719

IMI plc

6,328

9,952

(b) Implenia AG.

954

484,172

(a) Inaba Denki Sangyo Co Ltd

7,899

31,698

(a) Inabata & Co Ltd

758

24,348

(c) IndiaMart InterMesh Ltd

603

25,964

Industrie De Nora S.p.A

931,915

Industries Qatar QSC

3,054

163,599

Indutrade AB

4,241

144,625

(a) INFRONEER Holdings, Inc

1,976

9,108

Ingersoll Rand India Ltd

321,971

Ingersoll Rand, Inc

25,507

2,803,600

(a),(d)

Inovisi Infracom Tbk PT

0^

71,547

(a) Inox Green Energy Services Ltd

14,456

INOX India Ltd

547,950

(a) Inox Wind Ltd

754

150,201

(a) InPost S.A.

1,846

78,947

Inrom Construction Industries Ltd

545

169,087

Instalco AB

57,013

(b) Interpump Group S.p.A.

3,101

555

Interroll Holding AG.

1,536

40,189

(a) Intracom S.A. Technical & Steel Constructions

14,280

(a),(b)

Intuitive Machines, Inc

90,763

Investment AB Latour

2,205

28,888

(b) INVISIO AB

821

40,113

Inwido AB

712

1,354,991

IRB Infrastructure Developers Ltd

635

247,396

(c) IRCON International Ltd

24,857

ISGEC Heavy Engineering Ltd

4,541

(b) Italmobiliare S.p.A

59,183

ITD Cementation India Ltd

519

6,816,500

Itochu Corp

86,139

379,145

ITT, Inc

65,785

145,102

Iveco Group NV

3,178

21,570

J Kumar Infraprojects Ltd

70,220

(a) Japan Pulp & Paper Co Ltd

47,661

(a) Japan Steel Works Ltd

2,347

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

116,477

Jardine Matheson Holdings Ltd

$

7,949

1,632,900

JG Summit Holdings (Series B)

656

166,200

(a) JGC Corp

2,016

49,304

Jiangsu Hengli Hydraulic Co Ltd

775

149,018

Jiangsu Zhongtian Technology Co Ltd

43,700

JL Mag Rare-Earth Co Ltd

138,186

John Bean Technologies Corp

20,820

577,745

Johnson Controls International plc

69,185

26,315

(c) JOST Werke SE

1,666

36,039

Jungheinrich AG.

1,486

102,820

Jupiter Wagons Ltd

61,110

(a) Jyoti CNC Automation Ltd

673

65,457

Kajaria Ceramics Ltd

707

303,800

(a) Kajima Corp

11,328

50,109

(b) Kalmar Oyj

2,372

76,047

Kalpataru Projects International Ltd

1,020

67,600

(a) Kanamoto Co Ltd

1,691

196,501

(a) Kandenko Co Ltd

6,311

115,000

(a) Kanematsu Corp

1,323

59,000

Kaori Heat Treatment Co Ltd

1,088

4,746

Kardex Holding AG.

1,644

21,397

(a) Karman Holdings, Inc

1,566

99,827

KEC International Ltd

819

46,563

KEI Industries Ltd

2,313

68,500

(a) Keihan Electric Railway Co Ltd

1,478

354,400

(a) Kelington Group Bhd

333,615

Keller Group plc

7,492

18,482

(a) Kempower Oyj

126,594

Kenmec Mechanical Engineering Co Ltd

11,670

(a) KEPCO Engineering & Construction Co, Inc

730

1,045,700

Keppel Corp Ltd

8,407

356,466

Kier Group plc

1,062

300,280

(a) Kiler Holding AS.

2,143

91,171

(a) Kinden Corp

3,955

91,130

Kingspan Group plc

7,853

83,000

Kinik Co

1,042

54,744

KION Group AG.

4,326

18,681

Kirloskar Brothers Ltd

22,735

Kirloskar Pneumatic Co Ltd

46,900

Kitz Corp

523

47,409

Kloeckner & Co AG.

43,524

Knorr-Bremse AG.

4,829

134,623

KNR Constructions Ltd

460,168

KOC Holding AS

1,805

1,068,241

Komatsu Ltd

33,898

203,558

(b) Kone Oyj (Class B)

14,421

50,232

Konecranes Oyj

5,501

262,585

Kongsberg Gruppen ASA

6,729

1,510,860

Koninklijke BAM Groep NV

16,477

45,265

Korea Aerospace Industries Ltd

3,586

34,101

(a) Kornit Digital Ltd

249,289

(a) Kratos Defense & Security Solutions, Inc

18,924

10,568

Krones AG.

1,674

48,435

KSB Ltd

77,276

(a) Kuang-Chi Technologies Co Ltd

539

104,416

(a) Kumagai Gumi Co Ltd

1,031

78,600

(a) Kurita Water Industries Ltd

3,194

25,016

Kvutzat Acro Ltd

24,454

(a) Kyokuto Kaihatsu Kogyo Co Ltd

142,410

(a) Kyowa Exeo Corp

2,364

32,222

(a) Kyudenko Corp

1,585

3,627

Kyung Dong Navien Co Ltd

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

19,179

(a) L&F Co Ltd

$

1,268

582,844

L3Harris Technologies, Inc

171,106

3,506

Lakshmi Machine Works Ltd

584

649,183

Larsen & Toubro Ltd

29,504

3,900

Legrand S.A.

580

468,805

Leonardo DRS, Inc

15,982

244,257

Leonardo S.p.A.

13,972

56,684

LG Corp

3,176

28,854

(a) LG Energy Solution Ltd

7,379

139,406

Lifco AB

5,283

41,528

(a) LIG Nex1 Co Ltd

12,100

27,200

Lincoln Electric Holdings, Inc

6,518

55,177

Lindab International AB

1,240

15,334

LISI

955

213,400

(a) LIXIL Group Corp

2,581

427,500

(b) LK Technology Holdings Ltd

186,226

Lloyds Enterprises Ltd

303,733

(a) Lloyds Steels Industries Ltd

17,814

(a) Loar Holdings, Inc

1,211

80,263

Lockheed Martin Corp

38,821

93,000

Longwell Co

533

28,977,000

Lonking Holdings Ltd

11,045

28,013

Lotte Corp

515

13,388

LS Cable Ltd

1,863

7,609

(a) LS Eco Energy Ltd

9,257

(a) LS Electric Co Ltd

2,966

9,933

LS Marine Solution Co Ltd

4,996,000

LT Group, Inc

1,255

8,582

LU-VE S.p.A

231,734

Luxfer Holdings plc

3,135

20,292

LX INTERNATIONAL CORP

124,312

(b) Maas Group Holdings Ltd

2,950,528

Mabuchi Motor Co Ltd

27,135

111,995

Maire Tecnimont S.p.A

1,701

16,139

(a) Makino Milling Machine Co Ltd

1,137

2,025,200

Malaysian Resources Corp Bhd

7,731

(b) Manitou BF S.A.

3,326,840

Marcopolo S.A.

3,621

58,608

Marcopolo S.A.

727,085

Masco Corp

46,141

42,099

(a) Mastec, Inc

9,151

16,060

(a) Matrix Service Co

17,300

(a) Max Co Ltd

765

38,250

(a) Mayville Engineering Co Inc

716

1,194

MBB SE

658,454

(a) MDA Ltd

12,780

37,000

Mega Union Technology, Inc

814

25,471

Meidensha Corp

907

7,170,870

Melrose Industries plc

56,556

650,103

Metallurgical Corp of China Ltd

18,900

(a) METAWATER Co Ltd

75,128

(a),(b)

Metlen Energy & Metals plc

3,885

390,897

(b) Metso Outotec Oyj

6,801

29,458

(a) Middleby Corp

4,380

31,005

(b) Mildef Group AB

4,400

(a),(b)

Mirai Industry Co Ltd

63,762

(a) MIRAIT ONE corp

1,428

214,000

(a) MISUMI Group, Inc

3,340

14,515,400

Mitsubishi Electric Corp

423,223

7,113,310

(a) Mitsubishi Heavy Industries Ltd

173,653

22,200

(a) Mitsubishi Logisnext Co Ltd

19,250

(a),(b)

Mitsuboshi Belting Co Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

6,526,900

Mitsui & Co Ltd

$

193,831

73,300

(a) Mitsui Engineering & Shipbuilding Co Ltd

2,617

293,400

(a) Miura Co Ltd

5,698

2,077

(a) MNC Solution Co Ltd

3,380

(a) Modine Manufacturing Co

71,786

Monadelphous Group Ltd

1,267

488,800

MonotaRO Co Ltd

7,783

21,527

(a),(c)

Montana Aerospace AG.

766

66,580

Moog, Inc (Class A)

16,216

213,724

Morgan Crucible Co plc

628

34,451

Morgan Sindall plc

2,159

102,144

Mori Seiki Co Ltd

1,721

152,000

(a) Morita Holdings Corp

2,679

1,671,811

(b) Mota Engil SGPS S.A.

9,705

18,506

(a) MSC Industrial Direct Co (Class A)

1,556

13,325

(a) MTAR Technologies Ltd

38,468

MTU Aero Engines Holding AG.

15,946

131,476

Mueller Industries, Inc

15,093

769,078

Mueller Water Products, Inc (Class A)

18,319

2,105,896

(a) Multiply Group PJSC

1,496

94,210

(c) Munters Group AB

1,728

26,286

(a) MYR Group, Inc

5,744

82,400

Nabtesco Corp

1,974

6,733

Nachi-Fujikoshi Corp

60,400

(a) Nagase & Co Ltd

1,471

617,300

(a),(b)

Namura Shipbuilding Co Ltd

13,934

301,419

NARI Technology Co Ltd

970

1,510,243

National Industries Group Holding SAK

1,466

97,670

Nava Ltd

617

705,199

NBCC India Ltd

958

168,481

NCC AB (B Shares)

4,012

296,220

NCC Ltd

529

296,660

(a) Newpark Resources, Inc

3,536

27,464

Nexans S.A.

4,037

216,612

(a) NEXTracker, Inc

18,869

67,488

(a) NFI Group, Inc

763

677,500

(a) NGK Insulators Ltd

14,539

895,535

Nibe Industrier AB

3,423

41,040

(a) Nichias Corp

1,773

12,445

(a) Nichiha Corp

1,895,400

Nidec Corp

25,736

36,909

Ningbo Deye Technology Co Ltd

20,900

Ningbo Orient Wires & Cables Co Ltd

45,900

Ningbo Sanxing Medical Electric Co Ltd

97,059

(a) Nippon Densetsu Kogyo Co Ltd

2,056

22,365

(a) Nishimatsu Construction Co Ltd

817

101,900

(a) Nishio Rent All Co Ltd

3,081

109,431

Nisshinbo Industries, Inc

918

9,300

(a) Nitta Corp

18,100

(a) Nitto Boseki Co Ltd

1,177

19,835

(a) Nitto Kogyo Corp

522

40,370

(a) NKT Holding AS

5,041

560,814

Nolato AB

3,754

20,600

(a) Nomura Micro Science Co Ltd

448,286

Norconsult Norge AS.

2,040

436,855

(a) Nordex AG.

14,807

22,368

Nordson Corp

5,378

14,266

(a) Noritake Co Ltd

521

24,405

Norma Group SE

204,013

Northrop Grumman Corp

116,330

312,773

NRW Holdings Ltd

1,071

1,422,200

(a) NSK Ltd

8,874

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

357,361

(a) NTN Corp

$

840

106,080

(a) NuScale Power Corp

1,503

1,266,427

nVent Electric plc

129,138

924,000

NWS Holdings Ltd

887

7,346

(a) Obara Corp

456,000

(a) Obayashi Corp

9,543

156,023

(b) OC Oerlikon Corp AG.

631

34,734

(a) Okuma Holdings, Inc

805

25,200

(a) Okumura Corp

997

23,988

Olectra Greentech Ltd

7,330

Omega Flex, Inc

193,008

(b) Opus Global Rt

35,436

Orascom Construction plc

19,348

(a) Organo Corp

1,602

51,706

OSG Corp

755

OSRAM Licht AG.

34,450

(a) Otokar Otomotiv Ve Savunma Sanayi A.S.

34,831

Owens Corning, Inc

3,898

164,470

PACCAR, Inc

18,011

11,801

Palfinger AG.

33,198

Paras Defence & Space Technologies Ltd

431,927

Parker-Hannifin Corp

379,647

124,351

Peab AB (Series B)

1,147

81,353

Pentair plc

8,472

206,946

(a) Penta-Ocean Construction Co Ltd

2,087

15,169

People & Technology, Inc

13,466

Per Aarsleff Holding A.S.

1,845

5,054

(a) Pfisterer Holding SE

4,611

(a),(b)

Plejd AB

2,978,730

(a),(b)

Plug Power, Inc

5,868

93,136

PNC Infratech Ltd

22,080

(b) PNE AG.

33,980

Polycab India Ltd

2,884

13,743

Porr AG.

517

21,736

POSCO Future M Co Ltd

2,822

671,269

Power Construction Corp of China Ltd

500

8,572

Power Mech Projects Ltd

81,990

Praj Industries Ltd

93,000

Precision Tsugami China Corp Ltd

93,940

Primoris Services Corp

11,662

66,278

(a) Proto Labs, Inc

3,353

168,462

Prysmian S.p.A.

16,805

373,147

(a) QinetiQ plc

2,211

132,783

Quanta Services, Inc

56,042

256,911

(a),(b)

QXO, Inc

4,956

18,193

(b) R&S Group Holding AG.

326,607

Rail Vikas Nigam Ltd

1,299

6,612

(a) Rainbow Robotics

2,159

85,800

(a) Raito Kogyo Co Ltd

1,854

97,573

(a) Ral Yatirim Holding AS.

520

2,931

Rational AG.

2,263

13,054

(a) RBC Bearings, Inc

5,854

394,000

(a),(b)

Realord Group Holdings Ltd

679

33,898

(b) Recticel S.A.

124,392

Redox Ltd

168,671

(b) Reece Ltd

1,501

35,522

Refex Industries Ltd

485,013

Regal-Beloit Corp

68,057

580,395

Reliance Worldwide Corp Ltd

1,490

64,255

(a) Renew Holdings plc

770

63,244

RENK Group AG.

3,941

174,800

(a),(b)

REPT BATTERO Energy Co Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

333,556

(a) Resideo Technologies, Inc

$

11,715

144,953

(a) Reunert Ltd

547

116,290

REV Group, Inc

7,072

135,787

Rexel S.A.

5,326

130,887

Rheinmetall AG.

238,789

41,591

Richelieu Hardware Ltd

1,199

252,895

(a) Rocket Lab Corp

17,642

57,010

ROCKWOOL A.S.

2,003

8,133,557

Rolls-Royce Holdings plc

125,791

3,912,290

Rotork plc

17,126

416,209

RR Kabel Ltd

6,739

2,580,676

RTX Corp

473,296

64,800

Ruentex Engineering & Construction Co

255,321

Run Long Construction Co Ltd

44,144

Russel Metals, Inc

1,409

6,214

S&T Dynamics Co Ltd

191,065

Saab AB

11,086

413,886

Sacyr Vallehermoso S.A.

1,874

350,203

Safran S.A.

121,982

227,125

Sam Engineering & Equipment M Bhd

52,365

(a) Samsung C&T Corp

8,697

315,661

(a) Samsung Engineering Co Ltd

5,259

434,353

(a) Samsung Heavy Industries Co Ltd

7,263

92,506

(a) Samsung Techwin Co Ltd

60,411

1,184,188

Sandvik AB

38,251

7,776

Sanil Electric Co Ltd

701

263,800

(a) Sanki Engineering Co Ltd

9,662

136,341

(a) Sanwa Shutter Corp

3,550

863,000

Sany Heavy Equipment International Holdings Co Ltd

962

347,657

Sany Heavy Industry Co Ltd

1,051

18,900

(a) Sanyo Denki Co Ltd

507

39,691

Saudi Ceramic Co

113,310

Savaria Corp

1,881

25,917

Schindler Holding AG.

9,746

14,061

Schindler Holding AG. (Registered)

4,975

33,190

(a) Schneider Electric Infrastructure Ltd

940,663

Schneider Electric S.A.

257,342

1,665,900

(b) Seatrium Ltd

2,793

17,828

Sejin Heavy Industries Co Ltd

738,791

Senior plc

1,943

27,142

Sensata Technologies Holding plc

904

9,800

(a) Senshu Electric Co Ltd

362,973

Service Stream Ltd

542

12,236

SFA Engineering Corp

13,288

(b) SFS Group AG.

1,808

146,120

SGH Ltd

4,510

15,442

Shaily Engineering Plastics Ltd

40,791

Shakti Pumps India Ltd

31,600

Shandong Himile Mechanical Science & Technology Co Ltd

475,303

(a) Shanghai Electric Group Co Ltd

587

276,000

Shanghai Industrial Holdings Ltd

511

227,994

Shanghai Mechanical and Electrical Industry Co Ltd

229,100

(a) Shanghai Zhenhua Port Machinery Co

120,052

Shapir Engineering and Industry Ltd

1,181

37,900

Shenzhen Envicool Technology Co Ltd

580

54,340

Shenzhen Inovance Technology Co Ltd

586

17,936

(a) Shibaura Machine Co Ltd

7,400

(a) Shibuya Corp

194,000

Shihlin Electric & Engineering Corp

1,044

269,890

(a) Shikun & Binui Ltd

1,561

378,400

(a) Shimizu Corp

6,461

77,900

(a) Shin Nippon Air Technologies Co Ltd

1,566

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

119,026

Shin Zu Shing Co Ltd

$

765

16,600

(a) Shinko Electric Co Ltd

962

109,184

(a) Shinko Plantech Co Ltd

1,697

215,500

(a) Shinmaywa Industries Ltd

2,636

250,700

(a) Shinnihon Corp

3,260

11,654

Shinsung Delta Tech Co Ltd

226,200

(a) Shoals Technologies Group, Inc

1,923

115,232

(a),(b)

SHO-BOND Holdings Co Ltd

975

235,760

Sichuan Road and Bridge Group Co Ltd

1,719,423

Siemens AG.

481,570

754,491

(a) Siemens Energy AG.

105,846

21,327

(a) Siemens Energy India Ltd

606

58,333

Siemens India Ltd

1,991

95,742

(c) Signify NV, Reg S

2,354

170,701

(a) Silex Systems Ltd

972

1,946,300

Sime Darby BHD

1,030

17,642

(a) Simpson Manufacturing Co, Inc

2,849

1,121,000

Singapore Technologies Engineering Ltd

7,325

28,200

(a) Sinko Industries Ltd

1,167,500

Sinopec Engineering Group Co Ltd

1,149

441,000

Sinotruk Hong Kong Ltd

1,565

18,870

(a) SiteOne Landscape Supply, Inc

2,350

19,393

(a),(c)

SK IE Technology Co Ltd

61,603

SK Networks Co Ltd

21,677

(a) SK oceanplant Co Ltd

57,092

(a) SK Square Co Ltd

14,539

22,530

SK, Inc

4,021

203,986

Skanska AB (B Shares)

5,558

205,049

SKF AB (B Shares)

5,427

20,347

(a) SKF India Industrial Ltd

589

139,628

SM Investments Corp

1,660

13,010

(a),(b)

SMA Solar Technology AG.

512

159,600

SMC Corp

55,222

196,052

Smiths Group plc

6,201

21,584

Snap-On, Inc

7,438

87,980

(a) Sociedad Quimica y Minera de Chile S.A. (Class B)

6,198

168,702

(a) Sojitz Holdings Corp

5,247

44,664

Spirax-Sarco Engineering plc

4,082

190,899

(a) SPX Technologies, Inc

38,191

393,679

SRG Global Ltd

787

18,142

(a) Stabilus SE

42,246

(b) Stadler Rail AG.

1,068

215,468

(a) StandardAero, Inc

6,180

65,042

Stanley Black & Decker, Inc

4,831

79,786

Stantec, Inc

7,529

16,766

Star Micronics Co Ltd

5,480,900

(a),(d)

STARK Corp PCL

96,315

(a) Sterling and Wilson Renewable

2,983,767

Storskogen Group AB

3,760

11,023

(a) STX Engine Co Ltd

14,804

(a) STX Enpaco Co Ltd

919

14,246

(b) Sulzer AG.

2,630

150,300

Sumitomo Heavy Industries Ltd

3,986

77,398

Sungrow Power Supply Co Ltd

1,894

183,000

Sunonwealth Electric Machine Industry Co Ltd

929

144,070

(a) Sunrun, Inc

2,651

1,568,800

Sunway BHD

2,173

342,900

Sunway Construction Group BHD

63,263

Sunwoda Electronic Co Ltd

2,444,500

(a),(b),(d)

Superb Summit International Group Ltd

6,435,678

(a) Suzlon Energy Ltd

3,777

22,300

(a) SWCC Showa Holdings Co Ltd

1,471

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

151,904

Sweco AB

$

2,478

251,500

Swire Pacific Ltd (Class A)

2,027

573,785

Ta Ya Electric Wire & Cable

691

77,022

Tadano Ltd

523

57,955

(a) Taihan Electric Wire Co Ltd

923

30,429

(a) Taihei Dengyo Kaisha Ltd

38,006

(a) Taikisha Ltd

801

685,741

(a) Taisei Corp

64,988

787,000

Taiwan Glass Industrial Corp

865

11,439

(a) Takamatsu Corp

30,464

(a) Takara Standard Co Ltd

568

64,082

(a) Takasago Thermal Engineering Co Ltd

1,815

58,600

(a) Takeuchi Manufacturing Co Ltd

2,523

47,400

(a) Takuma Co Ltd

749

1,555,920

(a) Tanco Holdings Bhd

1,933,208

(a) Tata Motors Ltd

8,937

1,010,600

Tatung Co Ltd

1,014

207,975

TBEA Co Ltd

661

1,311,056

TD Power Systems Ltd

10,241

37,693

Techno Electric & Engineering Co Ltd

3,680,500

Techtronic Industries Co

42,337

740,000

Teco Electric and Machinery Co Ltd

1,983

9,186

Tega Industries Ltd

87,996

Tekfen Holding AS

17,010

Tennant Co

1,254

142,738

Texmaco Rail & Engineering Ltd

227,628

Thales S.A.

61,406

4,210,000

(a) Theme International Holdings Ltd

28,259

Thermax Ltd

952

155,620

(a) Thermon Group Holdings, Inc

5,783

78,800

THK Co Ltd

2,017

20,342

(a),(b)

Thyssenkrupp Nucera AG. & Co KGaa

464,000

(b) Time Interconnect Technology Ltd

1,014

27,401

Timken India Ltd

916

62,601

Titagarh Rail System Ltd

622

28,659

TKH Group NV

1,229

18,728

(a) Tkms AG.& Co KGaA

1,455

42,700

(a) Toa Corp/Tokyo

773

34,311

(a) Tocalo Co Ltd

156,056

(a) Toda Corp

1,263

339,275

(a) Toenec Corp

4,191

67,000

(a) TOKAI Holdings Corp

61,602

(a) Tokyu Construction Co Ltd

515

166,707

TOMRA Systems ASA

2,234

68,500

Toro Co

5,392

56,868

Toromont Industries Ltd

6,880

19,700

(a) Totech Corp

16,977

(a) Totetsu Kogyo Co Ltd

99,600

(a) Toto Ltd

2,752

11,100

(b) Toyo Tanso Co Ltd

117,100

(a) Toyota Industries Corp

13,275

745,990

Trane Technologies plc

290,339

8,612

TransDigm Group, Inc

11,453

80,278

Transformers & Rectifiers India Ltd

27,537

Transrail Lighting Ltd

162,235

Travis Perkins plc

1,385

121,563

Trelleborg AB (B Shares)

5,139

378,406

(a) Trex Co, Inc

13,274

113,100

Trinity Industries, Inc

2,990

1,508,958

Triveni Turbine Ltd

9,043

31,567

Troax Group AB

510

37,510

Trusco Nakayama Corp

576

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

53,170

(a) Tsubakimoto Chain Co

$

785

24,000

(a) Tsugami Corp

20,600

(a) Tsurumi Manufacturing Co Ltd

12,483

Turk Traktor ve Ziraat Makineleri AS

508,416

Turkiye Sise ve Cam Fabrikalari AS

123,140

Tutor Perini Corp

8,253

132,100

(a) UBTech Robotics Corp Ltd

2,153

7,200

(b) Union Tool Co

685,000

United Integrated Services Co Ltd

20,751

70,647

United Rentals, Inc

57,176

56,200

(a) Ushio, Inc

899

252,400

(a) UWC BHD

103,927

(a) V2X, Inc

5,669

109,846

(b) Valmet Oyj

3,630

3,557

Valmont Industries, Inc

1,431

16,157

(b),(c)

VAT Group AG.

7,757

14,052

(b) VBG Group AB

604

617,856

Ventia Services Group Pty Ltd

2,450

685,519

Vertiv Holdings Co

111,061

604,402

Vestas Wind Systems A.S.

16,347

56,140

Vesuvius India Ltd

145,821

Vesuvius plc

778

139,495

V-Guard Industries Ltd

510

68,616

(a) Vicor Corp

7,520

632,373

Vinci S.A.

88,964

87,374

Volex plc

4,815

Voltamp Transformers Ltd

79,254

Voltas Ltd

1,200

51,000

Voltronic Power Technology Corp

1,570

147,218

Volution Group plc

1,280

992,763

Volvo AB (B Shares)

31,594

5,902

Vossloh AG.

527

44,088

W.W. Grainger, Inc

44,487

19,991

Waaree Renewable Technologies Ltd

23,162

Wacker Construction Equipment AG.

664

303,100

(a) Wakita & Co Ltd

3,734

2,240,008

Walsin Lihwa Corp

2,264

301,457

Wartsila Oyj (B Shares)

10,673

9,448,700

(a),(d)

Waskita Karya Persero Tbk PT

0^

14,657

(b) Watsco, Inc

4,939

48,483

Watts Water Technologies, Inc (Class A)

13,382

307,334

Webuild SpA

1,224

11,571,050

WEG S.A.

102,218

1,207,709

Weichai Power Co Ltd

2,931

264,486

Weichai Power Co Ltd (Class A)

651

194,121

Weir Group plc

7,420

24,600

Welspun Enterprises Ltd

35,183

WESCO International, Inc

8,607

17,430

(a) West Holdings Corp

287,807

Westinghouse Air Brake Technologies Corp

61,432

14,466,600

(a),(d)

Wijaya Karya Persero Tbk PT

75,987

WillScot Mobile Mini Holdings Corp

1,431

43,540

Wilson Bayly Holmes-Ovcon Ltd

61,700

Wolong Electric Group Co Ltd

23,974

Woodward Inc

7,248

1,116,095

Worley Ltd

9,320

91,424

WSP Global, Inc

16,554

472,838

XCMG Construction Machinery Co Ltd

784

135,767

Xinjiang Goldwind Science & Technology Co Ltd - A

267,200

(a) Xinte Energy Co Ltd

1,396,589

(b) Xinyi Glass Holdings Co Ltd

1,485

9,429

(a),(b)

Xometry, Inc

561

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

56,505

Xylem, Inc

$

7,695

18,080

YAMABIKO Corp

38,370

(a) Yamazen Corp

7,101,600

Yangzijiang Shipbuilding Holdings Ltd

19,185

921,534

Yankey Engineering Co Ltd

16,327

167,700

(a) Yaskawa Electric Corp

5,098

323,430

Yazicilar Holding AS

25,179

(a) Yokogawa Bridge Holdings Corp

9,852

(a) Yuasa Trading Co Ltd

214,500

(a) Yurtec Corp

3,772

6,265

Zehnder Group AG.

639

35,071

Zen Technologies Ltd

535

80,663

Zhejiang Chint Electrics Co Ltd

66,538

Zhejiang Huayou Cobalt Co Ltd

650

75,700

Zhejiang Sanhua Intelligent Controls Co Ltd

600

96,900

Zhengzhou Yutong Bus Co Ltd

36,233

Zhuzhou CRRC Times Electric Co Ltd

295,200

Zhuzhou CSR Times Electric Co Ltd

1,428

343,339

(a) Zoomlion Heavy Industry Science and Technology Co Ltd - A

TOTAL CAPITAL GOODS

13,621,003

COMMERCIAL & PROFESSIONAL SERVICES - 0.8%

257,180

(a) ACV Auctions, Inc

2,063

128,298

(b) Adecco S.A.

3,695

75,929

(b) AFRY AB

1,229

448,683

ALS Ltd

6,573

248,689

(a) Amentum Holdings, Inc

7,212

151,028

Arcadis NV

6,300

5,442

(b) Assystem

183,865

Automatic Data Processing, Inc

47,296

60,190

Barrett Business Services, Inc

2,179

104,400

(a) BayCurrent Consulting, Inc

4,329

25,786

(c) Befesa S.A.

891

26,500

(a) Bell System24 Holdings, Inc

2,318

(a) Benefit Systems S.A.

2,262

145,358

Bilfinger Berger AG.

18,187

61,500

Binjiang Service Group Co Ltd

94,170

BLS International Services Ltd

50,347

Booz Allen Hamilton Holding Corp

4,247

19,539

Boyd Group Services, Inc

3,112

978,282

Brambles Ltd

14,939

157,955

(c) Bravida Holding AB

1,534

152,830

Brink's Co

17,840

49,078

Broadridge Financial Solutions, Inc

10,953

9,145

(a) CACI International, Inc (Class A)

4,873

210,292

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

20,596

16,826

Cewe Stiftung & Co KGAA

2,047

2,785,000

China Everbright Environment Group Ltd

1,724

51,100

(a) Cimpress plc

3,403

219,105

Cintas Corp

41,207

149,107

(a),(b)

Clarivate plc

8,762

(a) Clean Harbors, Inc

2,054

520,000

Cleanaway Co Ltd

522

1,704,711

Cleanaway Waste Management Ltd

2,939

115,211

CMS Info Systems Ltd

175,840

(a) Computer Age Management Services Ltd

1,452

373,774

Computershare Ltd

8,471

72,700

Concentrix Corp

3,023

713,590

(a) Copart, Inc

27,937

1,320,000

(a),(b),(d)

CT Environmental Group Ltd

1,417,700

CTOS Digital Bhd

32,000

(a) Daiei Kankyo Co Ltd

794

32,465

(a) Daiseki Co Ltd

704

SHARES

DESCRIPTION

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

3,699

Danel Adir Yeoshua Ltd

$

548

71,718

(a) Derichebourg

570

21,164

(a) dip Corp

6,028

DO & CO AG.

1,466

14,291

Doms Industries Ltd

502,550

Downer EDI Ltd

2,655

31,198

(a) Duskin Co Ltd

848

198,000

Dynagreen Environmental Protection Group Co Ltd

18,137

eClerx Services Ltd

947

27,000

ECOVE Environment Corp

280,321

Element Fleet Management Corp

7,363

123,999

(b) Elis S.A.

3,519

19,309

eMudhra Ltd

29,402

Equifax, Inc

6,380

273,146

(a) ExlService Holdings, Inc

11,592

318,454

Experian Group Ltd

14,358

19,850

(b) Fila S.p.A

271,322

Firstsource Solutions Ltd

1,014

25,589

(a) Fiverr International Ltd

506

1,105,700

Frontken Corp Bhd

1,136

12,724

(a) FTI Consulting, Inc

2,174

55,108

(b) Funai Soken Holdings, Inc

11,303

(a) GDI Integrated Facility Services, Inc

67,792

Genpact Ltd

3,171

344,689

GFL Environmental, Inc

14,807

4,868

GL Events

152,096

GlobalData plc

349,822

(c) GPS Participacoes e Empreendimentos S.A.

1,029

1,206,273

Hays plc

912

645,997

(a) Healthcare Services Group

12,351

12,126

Hilan Ltd

1,005

163,670

HNI Corp

6,881

170,896

Indian Railway Catering & Tourism Corp Ltd

1,303

5,730,200

Infomart Corp

15,499

9,301

(a),(b)

Innodata, Inc

86,600

Insperity, Inc

3,353

78,081

International Gemmological Institute India Ltd

56,160

Intrum Justitia AB

54,454

ION Exchange India Ltd

174,585

IPH Ltd

111,474

ISS A.S.

3,798

32,200

Itoki Corp

501

457,400

JAC Recruitment Co Ltd

3,108

108,200

(a) Japan Elevator Service Holdings Co Ltd

1,199

317,342

Johnson Service Group plc

577

231,900

Kanzhun Ltd (ADR)

4,726

52,792

KBR, Inc

2,122

330,311

(a) KEPCO Plant Service & Engineering Co Ltd

11,346

236,032

Kokuyo Co Ltd

1,319

118,550

L&K Engineering Co Ltd

2,077

41,370

(a) Latent View Analytics Ltd

546,910

(a) Legalzoom.com, Inc

5,431

53,706

Leidos Holdings, Inc

9,689

245,516

Loomis AB

10,371

32,564

(b) Mader Group Ltd

198,690

Maharah Human Resources Co

19,510

Manpower, Inc

580

12,162

(a) Matsuda Sangyo Co Ltd

271,766

MAXIMUS, Inc

23,459

39,042

McMillan Shakespeare Ltd

54,384

(a) Meitec Corp

1,231

222,932

Michael Page International plc

702

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

936,950

(a) Mitie Group

$

2,102

21,644

(b) Mitsubishi Pencil Co Ltd

117,449

(a) Montrose Environmental Group, Inc

2,916

15,661

MSA Safety, Inc

2,508

4,425,966

My EG Services Bhd

882

27,312

NICE Information Service Co Ltd

13,700

(a) Nippon Kanzai Holdings Co Ltd

629,448

(a) Nomura Co Ltd

5,350

43,728

(a) Okamura Corp

640

43,647

(a) Open Up Group, Inc

514

160,240

(a) OPENLANE, Inc

4,772

40,700

(a) Orizon Valorizacao de Residuos S.A.

518

92,600

(a) Park24 Co Ltd

1,235

539,319

Parkin Co PJSC

835

22,219

(a) Parsons Corp

1,373

14,100

(a) Pasona Group, Inc

34,198

Paychex, Inc

3,836

21,400

(a) Paylocity Holding Corp

3,263

1,277,100

(a) Persol Holdings Co Ltd

2,370

20,642

Pilot Corp

643

1,172,410

(a) Planet Labs PBC

23,120

71,827

(a) Prestige International, Inc

220,743

(b),(c)

Prosegur Cash S.A.

672,665

Prosegur Cia de Seguridad S.A.

2,051

520,700

(a) Raksul, Inc

5,859

65,919

Randstad Holdings NV

2,503

129,925

RB Global, Inc

13,376

78,071

RB Global, Inc

8,031

1,014,400

Recruit Holdings Co Ltd

57,001

1,760,062

RELX plc

70,907

2,689,925

Rentokil Initial plc

16,049

179,355

Republic Services, Inc

38,011

77,422

RITES Ltd

41,654

Robert Half International, Inc

1,131

118,260

Rollins, Inc

7,098

13,785

(a) S1 Corp (Korea)

690

1,229,861

Sagility Ltd

712

32,110

Saudi Airlines Catering Co

688

103,613

Saudi Manpower Solutions Co

19,324

Science Applications International Corp

1,945

22,214

(a),(b)

Sdiptech AB

1,845

(b) Seche Environnement S.A.

299,108

Securitas AB (B Shares)

4,757

4,640,557

Serco Group plc

17,444

144,344

(b) SGS S.A.

16,557

34,894

(a) SIS Ltd

93,051

SmartGroup Corp Ltd

566

57,187

(a) SMS Co Ltd

15,604

(b) Societe BIC S.A.

943

270,700

(a) Sohgo Security Services Co Ltd

2,127

441,306

SPIE S.A.

25,442

59,000

Sporton International, Inc

188,000

Taiwan Secom Co Ltd

645

140,000

Taiwan-Sogo Shinkong Security Corp

39,597

Teleperformance

2,866

309,614

Tetra Tech, Inc

10,384

110,035

Thomson Reuters Corp

14,521

45,000

(a),(b)

Timee, Inc

159,440

(a) TKC

4,391

16,461

(a) Trans Cosmos, Inc/Japan

259,337

TransUnion

22,238

32,200

(a) TRE Holdings Corp

SHARES

DESCRIPTION

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

73,030

(a) TriNet Group, Inc

$

4,318

126,900

(a),(c)

Tuhu Car, Inc

1,612,364

(a) Union Properties PJSC

350,400

(a) Upwork, Inc

6,945

317,985

(a),(b)

UT Group Co Ltd

385,613

Veralto Corp

38,476

58,951

Verisk Analytics, Inc

13,187

780,960

(a) Verra Mobility Corp

17,501

18,100

(a) Visional, Inc

1,157

151,153

Waste Connections, Inc

26,506

43,637

Waste Connections, Inc

7,653

334,692

Waste Management, Inc

73,535

26,972

(a) Willdan Group, Inc

2,796

338,668

Wolters Kluwer NV

35,078

231,000

(a),(b),(d)

Youyuan International Holdings Ltd

0^

51,960

Zhejiang Weiming Environment Protection Co Ltd

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

1,121,143

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.9%

75,100

(a) ABC-Mart, Inc

1,273

1,952,245

Abu Dhabi National Oil Co for Distribution PJSC

2,073

88,115

Academy Sports & Outdoors, Inc

4,402

353,816

Accent Group Ltd

6,071,700

ACE Hardware Indonesia Tbk PT

20,230

(a) Adastria Holdings Co Ltd

273,352

(a) Aditya Birla Fashion and Retail Ltd

273,352

(a) Aditya Birla Lifestyle Brands Ltd

44,575

(c) Aditya Vision Ltd

46,238

Aldrees Petroleum and Transport Services Co

1,576

120,881

Ali Alghanim Sons Automotive Co KSCC

25,017,544

Alibaba Group Holding Ltd

459,346

372,507

(b) Alibaba Group Holding Ltd (ADR)

54,602

2,243,297

(a),(c)

Allegro.eu S.A.

19,250

11,290

(a),(b)

Alpen Co Ltd

127,682

(a) AlSaif Stores For Development & Investment Co

13,629,200

(a) Amazon.com, Inc

3,145,892

513,390

(a) American Eagle Outfitters, Inc

13,538

237,703

(a) AO World plc

18,600

(a) AOKI Holdings, Inc

34,000

(a) Aoyama Trading Co Ltd

551

21,044

(a) Arata Corp

37,376

(a) Arc Land Sakamoto Co Ltd

63,892

(a) Aritzia, Inc

5,463

57,317

Arvind Fashions Ltd

14,700

(a) Asbury Automotive Group, Inc

3,418

34,628

(a) ASKUL Corp

64,182

Auto Partner S.A.

98,848

(a),(c)

Auto1 Group SE

3,134

47,488

(a) Autobacs Seven Co Ltd

500

14,190

Autohellas Tourist and Trading S.A.

11,234

(a) Autonation, Inc

2,320

37,987

(a) Autozone, Inc

128,833

2,713,401

B&M European Value Retail S.A.

6,151

236,658

(b) Bapcor Ltd

127,220

Bath & Body Works, Inc

2,555

35,205

(a) Belluna Co Ltd

81,410

Best Buy Co, Inc

5,449

75,400

(a),(b)

BIC CAMERA, Inc

809

47,594

(a) Bilia AB

693

92,977

(a) Boot Barn Holdings, Inc

16,408

37,956

(a),(b),(c)

Boozt AB

537,000

(a),(b),(d)

Boshiwa International Holding Ltd

65,149

(a) BrainBees Solutions Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

171,780

(a) Buckle, Inc

$

9,176

39,762,900

(a) Bukalapak.com PT Tbk

110,800

C&A Modas Ltd

35,115

(a),(b)

Canadian Tire Corp Ltd

4,450

24,044

(a) Carasso Motors Ltd

61,861

(a) Carmax, Inc

2,390

32,258

(a) Cartrade Tech Ltd

1,015

56,909

(a) Carvana Co

24,017

33,934

(a) CCC S.A.

1,126

755,000

(a) CCOOP Group Co Ltd

110,602

(a) CECONOMY AG.

582

14,700

(a) Central Automotive Products Ltd

91,919

(a) Chewy, Inc

3,038

161,000

China Tobacco International HK Co Ltd

736

4,521,617

China Tourism Group Duty Free Corp Ltd

61,229

1,244,600

(b) Chow Tai Fook Jewellery Group Ltd

1,988

66,112

(a) Clas Ohlson AB (B Shares)

2,174

712,200

Com7 PCL (Foreign)

894,900

Cosan SA Industria e Comercio

863

550,786

(a) Coupang, Inc

12,993

1,806,992

Currys plc

3,061

70,546

(a) DCM Holdings Co Ltd

732

35,834

Delek Automotive Systems Ltd

14,742

Dieteren S.A.

2,655

1,245

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

755

805,494

Dogan Sirketler Grubu Holdings

62,622

Dogus Otomotiv Servis ve Ticaret AS

711,742

(a) Dollarama, Inc

106,376

193,000

(a) Doshisha Co Ltd

4,073

27,697

(a) Douglas AG.

98,347

Dunelm Group plc

1,498

126,829

Eagers Automotive Ltd

2,081

190,108

eBay, Inc

16,558

60,678

(a) EDION Corp

821

240,082

Empresas COPEC S.A.

1,880

7,370

(a) Ethos Ltd

138,657

(a) Etsy, Inc

7,687

114,689

(c) Europris ASA

1,088

634,000

Far Eastern Department Stores Co Ltd

59,546

(a) Fawaz Abdulaziz Al Hokair & Co

19,072

Fielmann AG.

973

39,900

(a) Five Below, Inc

7,516

9,035

(b) Fnac Darty SA

249,846

Foschini Ltd

1,261

6,386

Fox Wizel Ltd

628

89,063

(a) Frasers Group plc

810

301,900

(a) FSN E-Commerce Ventures Ltd

891

172,587

(a) GameStop Corp (Class A)

3,466

52,500

Gap, Inc

1,344

67,218

(a) GigaCloud Technology, Inc

2,640

82,739

(a) Global-e Online Ltd

3,252

557,532,700

(a) GoTo Gojek Tokopedia Tbk PT

2,132

11,377

Groupe Dynamite, Inc

685

38,100

(a) Gulliver International Co Ltd

290,200

(a) Happinet Corp

5,452

422,766

Harvey Norman Holdings Ltd

1,952

1,529,909

Home Depot, Inc

526,442

3,395,300

Home Product Center PCL

716

29,076

Hornbach Holding AG. & Co KGaA

2,849

187,591

Hotai Motor Co Ltd

3,278

24,557

(a) Hotel Shilla Co Ltd

761

10,775

Hyundai Department Store Co Ltd

662

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

246,756

Inchcape plc

$

2,558

187,534

Industria de Diseno Textil S.A.

12,371

242,700

(a) Isetan Mitsukoshi Holdings Ltd

3,525

27,200

(a) Izumi Co Ltd

521

183,700

(a) J Front Retailing Co Ltd

2,575

378,770

Jarir Marketing Co

1,291

82,150

JB Hi-Fi Ltd

5,259

5,290,510

JD.com, Inc

76,073

8,942

(a),(b)

JINS Holdings, Inc

38,274

(a) Joyful Honda Co Ltd

520

72,734

JUMBO S.A.

2,385

14,205

(a) Kohnan Shoji Co Ltd

15,752

(a) Komeri Co Ltd

96,428

(a) K's Holdings Corp

996

19,418

Leon's Furniture Ltd

27,922

Lithia Motors, Inc (Class A)

9,279

107,995

LKQ Corp

3,261

798,760

Lojas Renner S.A.

1,956

9,738

Lotte Shopping Co Ltd

48,832

(b) Lovisa Holdings Ltd

951

553,327

Lowe's Cos, Inc

133,440

222,561

Luk Fook Holdings International Ltd

672

316,700

Macy's, Inc

6,983

289,275

Magazine Luiza S.A.

9,142,100

Map Aktif Adiperkasa PT

25,803

Matas A.S.

506

23,924

(a) Mercadolibre, Inc

48,189

87,100

(a) Mercari, Inc

1,754

311,400

MINISO Group Holding Ltd

1,462

6,772,200

Mitra Adiperkasa Tbk PT

30,299

Mobilezone Holding AG.

504

58,800

momo.com, Inc

512,296

(b) Monro Muffler, Inc

10,266

220,431

(a) Moonpig Group plc

603

99,704

Motus Holdings Ltd

734

2,176,300

(c) MR DIY Group M Bhd

819

196,143

Mr Price Group Ltd

2,073

7,162

Murphy USA, Inc

2,890

4,070,768

Myer Holdings Ltd

1,289

1,738,007

Naspers Ltd

115,910

37,720

Nextage Co Ltd

666

24,379

(a) Nice One Beauty Digital Marketing Co

61,868

Nick Scali Ltd

970

25,035

(a) Nishimatsuya Chain Co Ltd

146,472

(a) Nojima Corp

1,113

25,796

(a) Ollie's Bargain Outlet Holdings, Inc

2,827

3,801,227

(a) O'Reilly Automotive, Inc

346,710

50,100

Oriental Holdings BHD

678,260

(a),(b)

Overstock.com, Inc

3,703

59,677

(a),(b),(d)

Ozon Holdings plc (ADR)

66,512

(a) Pal Co Ltd

862

88,015

(a) PALTAC Corp

2,713

15,000

(a) Pan German Universal Motors Ltd

1,291,610

(a) PC Jeweller Ltd

739,228

(a) PDD Holdings, Inc (ADR)

83,821

7,807

Penske Auto Group, Inc

1,236

132,839

(c) Pepco Group NV

1,105

2,185,643

(a),(c)

Pepkor Holdings Ltd

3,492

44,161

Pet Valu Holdings Ltd

897

860,500

(a) Petco Health & Wellness Co, Inc

2,418

191,680

Petronas Dagangan BHD

942

1,754,750

Pets at Home Group PLC

4,671

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

13,878

Pool Corp

$

3,175

331,800

(c) Pop Mart International Group Ltd

8,005

48,930

Poya International Co Ltd

684

72,693

Premier Investments Ltd

667

996,191

Prosus NV

61,683

59,602

Puuilo Oyj

888

301,230

(a) RattanIndia Enterprises Ltd

1,213,980

(a) RealReal, Inc

19,157

78,140

Redtape Ltd

15,735

Retailors Ltd

64,762

(a),(b)

RH

11,602

623,918

Ripley Corp S.A.

618,470

Ross Stores, Inc

111,411

177,421

(b) Rusta AB

1,662

215,000

(a) Ryohin Keikaku Co Ltd

3,796

395,335

SACI Falabella

2,758

135,620

(a) Sally Beauty Holdings, Inc

1,934

27,800

(a) Saudi Automotive Services Co

51,664

Senco Gold Ltd

36,781

(a) Seria Co Ltd

815

235,500

(a) Shimamura Co Ltd

15,345

4,528

Shinsegae Co Ltd

776

31,534

(a) Shoppers Stop Ltd

969,508

Siam Global House PCL

250,888

Signet Jewelers Ltd

20,794

25,667

(a) Silicon2 Co Ltd

688

169,370

Sonic Automotive, Inc (Class A)

10,477

118,687

Super Retail Group Ltd

1,267

11,510

(b) Supply Network Ltd

74,901

Synsam AB

548

221,302

(a) Takashimaya Co Ltd

2,321

62,757

(a) Temple & Webster Group Ltd

571

5,988

Thanga Mayil Jewellery Ltd

483,439

(a),(b)

THG plc

755,270

(a) ThredUp, Inc

4,826

3,031,646

TJX Cos, Inc

465,691

198,605

(b) Tokmanni Group Corp

1,797

1,805,000

(c) Topsports International Holdings Ltd

676

113,614

Trent Ltd

5,418

292,553

Truworths International Ltd

1,006

60,965

(a) Ulta Beauty, Inc

36,884

467,161

Ultrapar Participacoes S.A.

1,764

31,690

United Electronics Co

713

182,000

Upbound Group, Inc

3,196

310,700

(a) USS Co Ltd

3,400

8,915

(a) V2 Retail Ltd

120,620

(a) Valvoline, Inc

3,505

671,016

Vibra Energia S.A.

3,097

38,930

(a) Victoria's Secret & Co

2,109

194,280

Vipshop Holdings Ltd (ADR)

3,437

617,111

(a) Vishal Mega Mart Ltd

937

37,260

(a) V-Mart Retail Ltd

227,254

(a) Warby Parker, Inc

4,952

168,512

(a),(c)

Watches of Switzerland Group plc

1,068

41,251

(a) Wayfair, Inc

4,142

225,975

We Buy Cars Holdings Ltd

653

814,816

Wesfarmers Ltd

43,897

96,843

(a) WH Smith plc

832

349,510

Williams-Sonoma, Inc

62,419

672,862

Woolworths Holdings Ltd

2,275

14,400

(a) Workman Co Ltd

604

740,000

(a),(b)

XXF Group Holdings Ltd

762

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

383,200

(a) Yamada Denki Co Ltd

$

1,269

51,066

(a) Yellow Hat Ltd

535

302,558

(a),(c)

Zalando SE

8,928

86,700

Zhejiang China Commodities City Group Co Ltd

480,500

Zhongsheng Group Holdings Ltd

719

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

6,601,755

CONSUMER DURABLES & APPAREL - 1.8%

756,000

361 Degrees International Ltd

588

181,000

Ability Enterprise Co Ltd

89,119

(b) Adidas-Salomon AG.

17,635

1,281,452

Aksa Akrilik Kimya Sanayii AS.

974,579

(a) Alok Industries Ltd

970,777

Alpargatas S.A.

2,112

15,247

(a) Amber Enterprises India Ltd

1,084

210,429

(a) Amer Sports, Inc

7,859

781,355

Anta Sports Products Ltd

8,114

50,591

Arcelik AS

100,047

Arvind Ltd

505,400

Asics Corp

12,133

99,664

(a) Asmodee Group AB

1,143

60,889

Azorim-Investment Development & Construction Co Ltd

103,457

Azzas 2154 S.A.

37,484

Bajaj Electricals Ltd

39,861

Bata India Ltd

2,939

Beijing Roborock Technology Co Ltd

89,245

Bellway plc

3,286

26,884

(b) Beneteau S.A.

74,605

Berkeley Group Holdings plc

3,927

533,001

(a),(b)

BK LC Lux Finco 2 Sarl

21,800

2,956,472

Bosideng International Holdings Ltd

1,696

251,200

Bovis Homes Group plc

2,162

75,702

(b) Breville Group Ltd

1,482

26,026

(b) BRP, Inc

1,840

25,542

(b) Brunello Cucinelli S.p.A

2,930

27,837

Brunswick Corp

2,067

268,586

Burberry Group plc

4,567

4,169,464

Cairn Homes plc

10,143

58,262

Campus Activewear Ltd

33,662

(a) Canada Goose Holdings, Inc

142,500

Casio Computer Co Ltd

1,155

8,180

(a) Cavco Industries, Inc

4,832

30,229

Cello World Pvt Ltd

125,300

Chervon Holdings Ltd

225,000

Chow Sang Sang Hldg

819,881

Cie Financiere Richemont S.A.

176,808

11,347,851

Coats Group plc

12,897

33,852

(a) Coway Co Ltd

2,038

187,033

Crest Nicholson Holdings plc

66,167

(a) Crocs, Inc

5,659

1,249,565

Crompton Greaves Consumer Electricals Ltd

3,511

319,000

(c) Crystal International Group Ltd

117,400

Cury Construtora e Incorporadora S.A.

691

208,500

Cyrela Brazil Realty S.A.

1,124

7,630

Danya Cebus Ltd

52,837

De'Longhi S.p.A.

2,249

7,212

Delta Galil Ltd

278,100

Direcional Engenharia S.A.

717

22,671

Dixon Technologies India Ltd

3,059

110,775

DR Horton, Inc

15,955

457,878

(a) Dr. Martens PLC

74,000

Dream International Ltd

122,869

Eclat Textile Co Ltd

1,503

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DURABLES & APPAREL

(continued)

21,600

Ecovacs Robotics Co Ltd

$

10,436

Electra Consumer Products 1970 Ltd

158,512

(a) Electrolux AB

1,088

37,257

(a) ES-Con Japan Ltd

45,462

(a) Eureka Forbes Ltd

11,739

(a) F&F Co Ltd

556

298,755

Feng TAY Enterprise Co Ltd

1,106

117,726

(b) Ferretti S.p.A

24,654

(a),(d)

FF Group

0^

94,600

(a),(b)

Fields Corp

1,117

27,792

Fila Holdings Corp

824

721,000

Formosa Taffeta Co Ltd

339,999

(a),(d)

Fuguiniao Co Ltd

0^

98,334

Fulgent Sun International Holding Co Ltd

74,000

Fusheng Precision Co Ltd

601

24,715

(a) Games Workshop Group plc

6,288

30,610

(a) Garmin Ltd

6,209

44,685

Garware Technical Fibres Ltd

223,000

Giant Manufacturing Co Ltd

656

122,962

Gildan Activewear, Inc

7,686

410,735

(a),(c)

Glenveagh Properties plc (London)

939

101,784

(a) GN Store Nord

1,692

45,438

(a) Gokaldas Exports Ltd

43,341

(a) Goldwin, Inc

694

107,100

Gree Electric Appliances, Inc of Zhuhai

616

241,300

Grendene S.A.

22,136

(a) Gunze Ltd

605

1,510,801

Haier Smart Home Co Ltd

4,718

239,707

Haier Smart Home Co Ltd

895

5,846

(a) Hanssem Co Ltd

13,063

(b) Harvia Oyj

656

162,069

Hasbro, Inc

13,290

181,972

(a) Haseko Corp

3,615

12,251

Hermes International

30,417

466,000

(a),(d)

HOSA International Ltd

34,331

Hugo Boss AG.

1,447

116,200

(a) Iida Group Holdings Co Ltd

1,868

75,375

Indo Count Industries Ltd

25,510

Japan Wool Textile Co Ltd

48,066

(b) JM AB

723

996,000

JNBY Design Ltd

2,484

81,000

Johnson Health Tech Co Ltd

708,000

(c) JS Global Lifestyle Co Ltd

116,400

(a) JVC KENWOOD Holdings, Inc

896

262,323

Kalyan Jewellers India Ltd

1,419

8,660

Kaufman & Broad S.A.

426,032

Kering

148,872

83,835

KPR Mill Ltd

882

8,800

(a) Kurabo Industries Ltd

46,000

Lai Yih Footwear Co Ltd

156,700

Laopu Gold Co Ltd

12,523

152,259

Lennar Corp (Class A)

15,652

4,023

(b) Lennar Corp (Class B)

64,866

LG Electronics, Inc

4,139

1,466,121

Li Ning Co Ltd

3,523

687

LPP S.A.

3,970

44,856

(a) Lululemon Athletica, Inc

9,321

518,562

LVMH Moet Hennessy Louis Vuitton S.A.

390,859

5,970

(a) M/I Homes, Inc

764

173,560

Makalot Industrial Co Ltd

1,593

1,290,984

Man Wah Holdings Ltd

759

6,442

(a),(d)

Mariella Burani S.p.A.

0^

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DURABLES & APPAREL

(continued)

28,747

(b) Marimekko Oyj

$

130,163

(a) Mattel, Inc

2,582

7,267,289

(c) Mavi Giyim Sanayi Ve Ticaret AS.

7,356

140,000

Merida Industry Co Ltd

174,112

Merry Electronics Co Ltd

541

262,500

Midea Group Co Ltd

2,869

136,600

Midea Group Co Ltd

1,527

19,681

MIPS AB

751

42,300

(a) Mizuno Corp

836

21,603

(a) Mohawk Industries, Inc

2,361

1,537,657

Moncler S.p.A

98,287

325,700

(a) MRV Engenharia e Participacoes S.A.

7,600

(a) Nagawa Co Ltd

19,486

(c) Neinor Homes S.A.

71,678

(b) New Wave Group AB

886

113,448

Nien Made Enterprise Co Ltd

1,303

2,189,763

Nike, Inc (Class B)

139,510

188,800

(a) Nikon Corp

2,108

667,253

Noritsu Koki Co Ltd

7,921

18,631

(b) Noritz Corp

17,331

(a) NVR, Inc

126,391

33,743

(a) On Holding AG.

1,568

85,300

(a) Onward Kashiyama Co Ltd

54,600

Open House Group Co Ltd

3,205

119,320

(c) OVS S.p.A

677

3,530

Page Industries Ltd

1,418

402,000

(a),(d)

Peace Mark Holdings Ltd

0^

12,202

Pearl Global Industries Ltd

1,942,025

(a),(b)

Peloton Interactive, Inc

11,963

1,247,583

Persimmon plc

22,804

20,656

(a),(d)

PIK Group (GDR)

0^

1,545,000

Pou Chen Corp

1,479

4,258,429

PRADA S.p.A

24,622

250,594

Pulte Homes, Inc

29,385

77,644

Puma AG. Rudolf Dassler Sport

2,015

50,297

(a) Rajesh Exports Ltd

53,519

Ralph Lauren Corp

18,925

20,156

(a) Raymond Lifestyle Ltd

43,517

Relaxo Footwears Ltd

76,500

(a) Rinnai Corp

1,936

28,380

Rocky Brands, Inc

832

9,500

Roland Corp

455,027

Ruentex Industries Ltd

798

16,656

Safari Industries India Ltd

29,853

(a),(b)

Salvatore Ferragamo S.p.A

268,124

(a) Sangetsu Co Ltd

5,329

137,800

(a) Sankyo Co Ltd

2,237

12,839

(b) Sanlorenzo S.p.A

16,687

(b) SEB S.A.

962

650,500

(a) Sega Sammy Holdings, Inc

10,155

20,900

(a) Seiko Holdings Corp

972

117,600

Sekisui House Ltd

2,624

34,826

(a) SharkNinja Global SPV Ltd

3,897

183,200

(a) Sharp Corp

901

30,636

(a) Sheela Foam Ltd

515,538

Shenzhou International Group Holdings Ltd

4,062

53,199

Shimano, Inc

5,563

181,400

Sichuan Changhong Electric Co Ltd

94,120

(a) Skyline Champion Corp

7,953

568,000

(b) Skyworth Group Ltd

376,030

(a) Sonos, Inc

6,603

23,623,072

Sony Corp

605,955

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DURABLES & APPAREL

(continued)

118,590

(c) Spin Master Corp

$

1,646

47,000

Sports Gear Co Ltd

407,000

Stella International Holdings Ltd

782

554,905

Steven Madden Ltd

23,106

347,691

(b) Sumitomo Forestry Co Ltd

3,539

71,586

Swan Energy Ltd

271,097

Symphony Ltd

2,660

1,003,000

Tainan Spinning Co Ltd

152,000

Taiwan Paiho Ltd

74,000

Taiwan Sakura Corp

13,700

(a),(b)

Tama Home Co Ltd

102,400

Tamron Co Ltd

677

181,388

Tapestry, Inc

23,176

231,254

(a) Taylor Morrison Home Corp

13,614

21,943,520

Taylor Wimpey plc

31,752

767,000

TCL Electronics Holdings Ltd

1,025

534,992

(c) Technogym S.p.A

10,096

102,347

Tempur Sealy International, Inc

9,137

82,560

(b),(c)

Thule Group AB

2,132

220,803

Titan Co Ltd

9,968

3,990

(a) Token Corp

40,325

Toll Brothers, Inc

5,453

64,001

(a) Tomy Co Ltd

1,127

11,803

(a) TopBuild Corp

4,924

36,000

Topkey Corp

500,121

(a) Tri Pointe Homes, Inc

15,739

1,051,807

Trident Ltd

44,648

TTK Prestige Ltd

82,419

Vardhman Textiles Ltd

37,252

Vedant Fashions Ltd

52,655

VIP Industries Ltd

3,168,000

(a) Viva Goods Company Ltd

100,900

Vivara Participacoes S.A.

610

56,700

Vulcabras Azaleia S.A.

27,713

(a) Wacoal Holdings Corp

782

170,540

Welspun India Ltd

22,389

(b) Whirlpool Corp

1,615

49,893

Whirlpool of India Ltd

500

102,993

Wiselink Co Ltd

548

1,187,500

Xtep International Holdings Ltd

811

279,200

(a) Yamaha Corp

1,947

147,704

(a) YETI Holdings, Inc

6,524

107,409

(a),(b)

YIT Oyj

45,500

(a) Yonex Co Ltd

964

16,819

Youngone Corp

955

2,511

Youngone Holdings Co Ltd

568,000

Yue Yuen Industrial Holdings

1,165

26,900

(a) Zojirushi Corp

TOTAL CONSUMER DURABLES & APPAREL

2,399,356

CONSUMER SERVICES - 1.8%

363,323

(c) AcadeMedia AB

3,894

719,510

Accor S.A.

40,563

928,638

ADT, Inc

7,494

12,629

Afya Ltd

82,031

(a) Airbnb, Inc

11,133

1,263,243

Alef Education Holding plc

391,000

Alsea SAB de C.V.

1,170

277,033

Amadeus IT Holding S.A.

20,504

109,000

Ambassador Hotel

1,910,462

Americana Restaurants International plc

843

67,715

AmRest Holdings SE

299,967

Aramark

11,057

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

398,644

Aristocrat Leisure Ltd

$

15,433

5,111,400

Asset World Corp PCL

17,479

Ataa Educational Co

91,600

(a),(b)

Atom Corp

25,000

Atour Lifestyle Holdings Ltd (ADR)

985

35,610

(a),(b),(c)

Basic-Fit NV

1,236

254,000

Beauty Farm Medical And Health Industry, Inc

888

86,985

Betsson AB

1,388

364,900

Bloomin' Brands, Inc

2,251

62,884

Booking Holdings, Inc

336,765

700,757

Boyd Gaming Corp

59,733

86,741

(a) Bright Horizons Family Solutions, Inc

8,796

49,210

(a) Brinker International, Inc

7,063

3,352,000

Cafe de Coral Holdings Ltd

2,119

4,013,414

(a) Carnival Corp

122,570

103,550

(a) Carnival plc

3,138

377,500

Central Plaza Hotel PCL

65,027

Chalet Hotels Ltd

630

491,000

(c) China East Education Holdings Ltd

849,000

(b) China Education Group Holdings Ltd

1,836,000

China Travel International Inv HK

2,533,557

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

93,742

15,735

Cie des Alpes

11,448

(a) Cirsa Enterprises S.A.

1,517,780

Cogna Educacao S.A.

875

76,553

Collins Foods Ltd

530

70,400

(a),(b)

Colowide Co Ltd

790

2,055,067

Compass Group plc

65,115

86,723

(b),(d)

Corporate Travel Management Ltd

183,200

(a),(b)

Create Restaurants Holdings, Inc

907

115,949

(a),(c)

Delivery Hero SE

3,056

292,520

(a) Devyani International Ltd

950,480

DigiPlus Interactive Corp

50,157

(b) Domino's Pizza Enterprises Ltd

701

245,609

Domino's Pizza Group plc

573

304,848

(a) DoorDash, Inc

69,042

128,601

DoubleUGames Co Ltd

4,783

23,118

(a) Doutor Nichires Holdings Co Ltd

61,700

(a) DPC Dash Ltd

569

520,066

(a) DraftKings, Inc

17,921

16,007

(a) Duolingo, Inc

2,809

101,770

(a) Dutch Bros, Inc

6,230

69,714

(a) eDreams ODIGEO S.A.

157,036

EIH Ltd

645

94,275

(a),(b),(c)

Elior Group S.A.

685,271

Entain plc

7,044

57,858

(c) Evolution AB

3,929

253,831

Expedia Group, Inc

71,913

5,728

(a) Fattal Holdings 1998 Ltd

1,172

901,000

(a),(b)

Fenbi Ltd

134,321

(b) Flight Centre Travel Group Ltd

1,342

125,787

(a) Flutter Entertainment plc

27,049

104,628

(a) Flutter Entertainment plc

22,602

82,993

(a) Food & Life Cos Ltd

4,187

32,000

Formosa International Hotels Corp

177,072

(a) Frontdoor, Inc

10,215

1,149,000

(b) Fu Shou Yuan International Group Ltd

18,499

(a) Fuji Kyuko Co Ltd

23,500

Fujita Kanko, Inc

4,460,000

Galaxy Entertainment Group Ltd

21,991

63,200

(a),(b)

GENDA,Inc

88,050

(a) Genius Sports Ltd

970

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

1,504,100

Genting BHD

$

1,119

2,074,000

Genting Malaysia BHD

1,041

4,195,600

Genting Singapore Ltd

2,364

11,722

(a) Grand Canyon Education, Inc

1,949

28,765

Grand Korea Leisure Co Ltd

77,251

(b) Greggs plc

1,741

35,486

(b) Guzman y Gomez Ltd

511

151,555

H&R Block, Inc

6,605

2,837,000

(a),(b),(c)

Haichang Ocean Park Holdings Ltd

1,052,776

(b),(c)

Haidilao International Holding Ltd

1,935

10,172

(a) Hana Tour Service, Inc

14,100

(a) Hanjin Kal Corp

1,208

54,719

(a) HBX Group International plc

605,989

(a) Heiwa Corp

7,861

19,537

(a) Hiday Hidaka Corp

489,463

Hilton Worldwide Holdings, Inc

140,598

42,628

(a) HIS Co Ltd

149,434

(a) Hollywood Bowl Group plc

555

1,641,069

Huazhu Group Ltd (ADR)

77,212

969,570

Humansoft Holding Co KSC

8,272

59,500

(a),(b)

Ichibanya Co Ltd

203,022

(b) IDP Education Ltd

780

16,900

(a) Imperial Hotel Ltd

530,607

Indian Hotels Co Ltd

4,367

113,445

(a) InterContinental Hotels Group plc

15,942

488,393

(a) Intralot S.A.-Integrated Lottery Systems & Services

607

13,187

Isrotel Ltd

650

538,273

(a) ITC Hotels Ltd

1,184

346,778

(a) Jabal Omar Development Co

1,364

74,972

(a) Jahez International Co

320,093

Jollibee Foods Corp

978

251,632

Jubilant Foodworks Ltd

1,565

34,833

(a) Juniper Hotels Ltd

70,598

Kangwon Land, Inc

928

33,600

(a) KOMEDA Holdings Co Ltd

651

41,094

(a) Koshidaka Holdings Co Ltd

17,804

(a),(b)

Kura Sushi, Inc

47,966

(a) Kyoritsu Maintenance Co Ltd

855

772,444

(a) Laureate Education, Inc

26,008

143,095

(a) Le Travenues Technology Ltd

20,329

Leejam Sports Co JSC

539

41,992

(a) Leela Palaces Hotels & Resorts Ltd

356,117

(a),(c)

Lemon Tree Hotels Ltd

632

136,440

(a) Life Time Group Holdings, Inc

3,627

57,085

(a) Lindblad Expeditions Holdings, Inc

823

33,808

(a) Lotte Tour Development Co Ltd

546

1,598,191

Lottery Corp Ltd

5,491

189,881

Lottomatica Group Spa

4,976

94,000

Lung Yen Life Service Corp

68,987

(a) Mahindra Holidays & Resorts India Ltd

45,019

Marriott International, Inc (Class A)

13,967

6,600

(a) Matsuyafoods Holdings Co Ltd

552,524

McDonald's Corp

168,868

121,900

McDonald's Holdings Co Japan Ltd

4,967

161,422

Me Group International plc

5,272,233

(a),(c)

Meituan

69,869

133,800

(a) Melco Crown Entertainment Ltd (ADR)

1,013

537,817

(a) Melco International Development

356,000

(a),(b)

Metaplanet, Inc

909

647,200

MGM China Holdings Ltd

1,091

2,085,300

Minor International PCL

1,603

185,501

(a) Mitchells & Butlers plc

654

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

181,300

MK Restaurants Group PCL

$

25,002

(a) Monogatari Corp

703

18,800

(a) MOS Food Services, Inc

510

15,215

MTY Food Group, Inc

14,061

(a) National Co for Learning & Education

539

831,840

New Oriental Education & Technology Group, Inc

4,569

61,234

NIIT Learning Systems Ltd

27,500

(a) Ohsho Food Service Corp

564

173,100

OneSpaWorld Holdings Ltd

3,590

114,884

OPAP S.A.

2,579

33,200

(b) Papa John's International, Inc

1,278

41,856

(a) Paradise Co Ltd

408,900

Perdoceo Education Corp

11,993

125,019

(a) Pierre & Vacances

35,344

(a) Planet Fitness, Inc

3,834

170,751

Playtech PLC

649

12,850

(b) PPHE Hotel Group Ltd

138,292

Rank Group plc

40,400

Red Rock Resorts, Inc

2,503

131,100

(a) Resorttrust, Inc

1,640

217,854

Restaurant Brands International, Inc

14,866

130,883

(a) Round One Corp

935

94,843

Royal Caribbean Cruises Ltd

26,454

51,400

(b) Royal Holdings Co Ltd

875,740

(a) Rush Street Interactive, Inc

17,016

23,200

(a) Saizeriya Co Ltd

810

1,743,159

Sands China Ltd

4,397

163,818

(a) Sapphire Foods India Ltd

1,390,067

(c) Scandic Hotels Group AB

14,611

118,740

(a) Seera Group Holding

848

57,394

Service Corp International

4,475

212,400

Sichuan Baicha Baidao Industrial Co Ltd

2,345,000

(a) SJM Holdings Ltd

727

30,584

(b) SkiStar AB

548

171,582

(b) Skylark Holdings Co Ltd

3,686

246,300

Smartfit Escola de Ginastica e Danca S.A.

1,045

38,008

Sodexho Alliance S.A.

1,947

87,043

Sol Melia S.A.

807

595,683

(a) SSP Group PLC

1,652

2,933,388

Starbucks Corp

247,021

145,096

Strategic Education, Inc

11,637

924,038

Super Group SGHC Ltd

11,042

149,000

(a),(b)

Super Hi International Holding Ltd

7,198

(a),(b)

SuperX AI Technology Ltd

851,921

(a) Swiggy Ltd

3,667

163,253

Taaleem Holdings PJSC

32,117

TAB Gida Sanayi Ve Ticaret AS.

1,643,276

TABCORP Holdings Ltd

1,080

259,583

(a) TAL Education Group (ADR)

2,832

25,366

(a) Tbo Tek Ltd

322,477

Texas Roadhouse, Inc (Class A)

53,531

100,588

Thomas Cook India Ltd

976,000

(a),(b)

Tianli Education International Holdings Ltd

10,885

(b) Tokyotokeiba Co Ltd

806,020

Tongcheng Travel Holdings Ltd

2,327

38,159

(a),(b)

Toridoll Holdings Corp

1,032

308,650

(a),(c)

Trainline plc

915

226,464

Travel & Leisure Co

15,973

630,000

Travelsky Technology Ltd

832

515,800

Trip.com Group Ltd

36,984

1,631,083

(a) TUI AG.

17,047

161,800

(a) Udemy, Inc

947

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

555,404

(a) Universal Technical Institute, Inc

$

14,513

73,301

(a) Viking Holdings Ltd

5,234

298,456

(a) Webjet Ltd

949

51,621

Westlife Foodworld Ltd

67,280

Wetherspoon (J.D.) plc

669

76,697

Whitbread plc

2,629

154,791

Wingstop, Inc

36,916

90,075

Wowprime Corp

622

603,889

Wyndham Hotels & Resorts, Inc

45,630

1,255,200

Wynn Macau Ltd

960

218,390

Wynn Resorts Ltd

26,279

50,619

(a),(b)

Yoshinoya D&C Co Ltd

990

25,094

(b) Young & Co's Brewery plc

75,227

Yum China Holdings, Inc

3,591

154,800

Yum China Holdings, Inc

7,330

3,300,893

(a) Zomato Ltd

10,229

TOTAL CONSUMER SERVICES

2,401,255

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%

285,353

Abdullah Al Othaim Markets Co

3,415

(a) Aeon Co Ltd

27,600

(a) Aeon Hokkaido Corp

20,383

(a) Ain Holdings, Inc

869

76,556

Al Meera Consumer Goods Co QSC

23,929

Al-Dawaa Medical Services Co

3,517,829

(a) Alibaba Health Information Technology Ltd

2,297

522,977

Alimentation Couche-Tard, Inc

28,562

11,070

Almunajem Foods Co

42,830

(a) Apotea AB

21,479

(a) Arcs Co Ltd

102,073

(a),(c)

Avenue Supermarts Ltd

4,298

83,489

Axfood AB

2,629

93,120

(a) Axial Retailing, Inc

685

153,211

(a) BBB Foods, Inc

5,116

8,300

(a) Belc Co Ltd

551,600

Berli Jucker PCL

7,127

BGF retail Co Ltd

518

207,647

Bid Corp Ltd

5,290

276,862

BIM Birlesik Magazalar AS

3,456

184,333

BinDawood Holding Co

13,400

(a) Blue Zones Holdings Co Ltd

729

119,792

(b) Boxer Retail Ltd

516

41,583

Casey's General Stores, Inc

22,983

753,333

Cencosud S.A.

2,419

61,070

(a) Chefs' Warehouse, Inc

3,807

333,400

(a),(d)

Chongqing Hongjiu Fruit Co Ltd

0^

145,474

(a) Clicks Group Ltd

2,964

963,706

Coles Group Ltd

13,775

102,743

(b) Colruyt S.A.

3,803

30,400

(a) Cosmos Pharmaceutical Corp

1,539

532,285

Costco Wholesale Corp

459,011

3,552,016

CP ALL plc

4,876

1,244,727

CP AXTRA PCL

620

22,821,100

CP Seven Eleven PCL (ADR)

31,515

20,900

(a) Create SD Holdings Co Ltd

4,418

(a),(b)

Daikokutenbussan Co Ltd

256,400

DFI Retail Group Holdings Ltd

1,012

303,485

(a),(c)

Dino Polska S.A.

3,484

368,643

(b),(c)

Dis-Chem Pharmacies Ltd

779

10,820

(a) Distribuidora Internacional de Alimentacion S.A.

27,214

Dongsuh Cos, Inc

507

306,000

(a),(b),(c)

East Buy Holding Ltd

706

544,800

ECO-Shop Marketing Bhd

SHARES

DESCRIPTION

VALUE (000)

CONSUMER STAPLES DISTRIBUTION & RETAIL

(continued)

15,202

E-MART, Inc

$

857

88,518

(a) Empire Co Ltd

3,078

1,738,787

Endeavour Group Ltd

4,239

20,300

(a),(b)

Fuji Co Ltd

13,400

(a) Genky DrugStores Co Ltd

121,216

George Weston Ltd

8,363

169,572

GrainCorp Ltd-A

811

24,992

(a) Grainturk Tarim AS.

47,153

Great Tree Pharmacy Co Ltd

207,200

(b) Grupo Comercial Chedraui S.a. DE C.V.

1,419

421,200

Grupo Mateus S.A.

26,349

GS Retail Co Ltd

450,186

(a) Guardian Pharmacy Services, Inc

13,546

466,800

Guoquan Food Shanghai Co Ltd

6,100

(a) Halows Co Ltd

71,125

(a) Hankyu Department Stores, Inc

935

15,958

(a) Heiwado Co Ltd

117,321

(a) HelloFresh SE

842

2,770

(a) Itochu-Shokuhin Co Ltd

696,250

(a),(c)

JD Health International, Inc

4,986

838,061

Jeronimo Martins SGPS S.A.

19,943

16,723

(a) Kato Sangyo Co Ltd

686

32,402

(a),(b)

Kusuri no Aoki Holdings Co Ltd

968

1,097,261

La Comer SAB de C.V.

2,365

27,292

(a) Life Corp

417,692

Loblaw Cos Ltd

18,883

4,053

M Yochananof & Sons Ltd

150,071

(a) Maplebear, Inc

6,750

4,437,553

Marks & Spencer Group plc

19,747

23,973

(b) MARR S.p.A.

2,729,700

(a) Matsumotokiyoshi Holdings Co Ltd

47,261

32,800

(a) Maxvalu Tokai Co Ltd

776

40,870

(a) Medplus Health Services Ltd

787,125

Metcash Ltd

1,731

142,918

Metro, Inc

10,287

5,014,800

Midi Utama Indonesia Tbk PT

73,969

Migros Ticaret AS

899

37,438

(b) North West Co, Inc

1,334

437,228

(a) Ocado Group plc

1,383

794,744

(b) Olam Group Ltd

593

735,084

(a) Performance Food Group Co

66,099

449,753

(a) Pick'n Pay Stores Ltd

676

616,500

(a),(b),(c)

Ping An Healthcare and Technology Co Ltd

1,119

353,195

President Chain Store Corp

2,487

807,200

Puregold Price Club, Inc

522

11,110,578

Raia Drogasil S.A.

47,387

6,606

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd

730

12,111

(a),(b),(c)

Redcare Pharmacy NV

916

117,810

Robinsons Retail Holdings, Inc

30,200

(a) San-A Co Ltd

571

1,026,200

(a) Sendas Distribuidora S.A.

1,360

1,908,800

Seven & I Holdings Co Ltd

27,424

1,515,410

Sheng Siong Group Ltd

3,098

2,805,114

Shoprite Holdings Ltd

45,767

149,082

Shufersal Ltd

1,860

11,072

Sligro Food Group NV

2,263,019

SMU S.A.

244,733

Sok Marketler Ticaret AS.

626,105

Sonae SPGS S.A.

1,186

154,048

(a) SPAR Group Ltd

888

606,790

Spinneys 1961 Holding plc

106,299

(a) Sprouts Farmers Market, Inc

8,469

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER STAPLES DISTRIBUTION & RETAIL

(continued)

79,688

(a) Sugi Pharmacy Co Ltd

$

1,873

11,989,300

Sumber Alfaria Trijaya Tbk PT

1,417

1,838,000

Sun Art Retail Group Ltd

54,500

(a) Sundrug Co Ltd

1,498

542,386

Target Corp

53,018

20,624,129

Tesco plc

122,648

26,100

(a),(b)

Trial Holdings, Inc

517

229,135

(a),(b)

Tsuruha Holdings, Inc

4,210

383,086

(a) United Natural Foods, Inc

12,899

59,250

(a) United Super Markets Holdings, Inc

41,970

(a) US Foods Holding Corp

3,161

26,194

(a) Valor Co Ltd

564

13,021,933

(b) Wal-Mart de Mexico SAB de C.V.

40,590

8,049,576

Walmart, Inc

896,803

877,153

Woolworths Ltd

17,162

468,500

Yonghui Superstores Co Ltd

224,886

(a) Zabka Group S.A.

1,431

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

2,160,699

ENERGY - 3.3%

1,150,700

Adaro Andalan Indonesia PT

4,645,500

Adaro Energy Indonesia Tbk PT

503

213,940

Ades Holding Co

994

2,036,738

ADNOC Drilling Co PJSC

2,961

21,692,871

Adnoc Gas plc

20,966

1,152,980

ADNOC Logistics & Services

1,858

127,262

(a) Advantage Energy Ltd

1,089

111,057

Aegis Logistics Ltd

887

44,958

Aker BP ASA

1,144

229,315

Aker Solutions ASA

701

6,220,400

AKR Corporindo Tbk PT

179,721

Ampol Ltd

3,820

275,801

Antero Midstream Corp

4,907

467,458

(a) Antero Resources Corp

16,109

257,556

APA Corp

6,300

19,998

Arabian Drilling Co

526

490,609

ARC Resources Ltd

9,204

524,308

Archrock, Inc

13,643

384,123

(a) Athabasca Oil Corp

1,967

1,543,316

Baker Hughes Co

70,283

488,200

Bangchak Corp PCL

6,647,200

Banpu PCL (Foreign)

1,036

509,375

Baytex Energy Corp

1,648

1,244,923

Beach Petroleum Ltd

975

946,971

Bharat Petroleum Corp Ltd

4,051

206,136

Birchcliff Energy Ltd

1,122

167,730

(a) BKV Corp

4,554

18,623

BLUENORD ASA

823

315,873

(a),(b)

Boss Energy Ltd

24,178,517

BP plc

141,008

282,352

(a) Brava Energia

862

4,650,000

(a),(d)

Brightoil Petroleum Holdings Ltd

35,056,100

(a) Bumi Resources Minerals Tbk PT

2,311

66,798

(c) BW LPG Ltd

870

69,135

BW Offshore Ltd

487,013

Cabot Oil & Gas Corp

12,818

140,131

California Resources Corp

6,265

108,544

Cameco Corp

9,931

366,516

Cameco Corp

33,561

1,758,683

Canadian Natural Resources Ltd

59,569

106,618

(b) Cardinal Energy Ltd

675

1,184,418

Cenovus Energy, Inc (Toronto)

20,037

11,390

(a),(b)

Centrus Energy Corp

2,765

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

183,331

CES Energy Solutions Corp

$

1,639

2,145,000

CGN Mining Co Ltd

850

434,547

Cheniere Energy, Inc

84,472

35,868

Chennai Petroleum Corp Ltd

59,571

Chesapeake Energy Corp

6,574

3,030,893

Chevron Corp

461,938

1,170,000

China Coal Energy Co

1,499

281,400

China Merchants Energy Shipping Co Ltd

1,129,122

China Oilfield Services Ltd

1,015

1,226,100

China Petroleum & Chemical Corp

1,084

14,056,000

China Petroleum & Chemical Corp

8,443

640,000

China Qinfa Group Ltd

245,876

China Shenhua Energy Co Ltd - A

1,425

2,085,955

China Shenhua Energy Co Ltd - H

10,415

45,900

Chord Energy Corp

4,255

48,800

Civitas Resources, Inc

1,322

235,735

(a) CNX Resources Corp

8,668

1,155,276

Coal India Ltd

5,132

(a),(d),(e)

Cobalt International Energy, Inc

0^

3,094,387

ConocoPhillips

289,666

124,493

COSCO SHIPPING Energy Transportation Co Ltd

79,916

(a) Cosmo Energy Holdings Co Ltd

2,132

242,000

(b) Dalipal Holdings Ltd

41,843

d'Amico International Shipping S.A.

4,168,980

Dana Gas PJSC

976

702,646

(a) Deep Yellow Ltd

856

6,869

Delek Group Ltd

1,833

235,950

Delek US Holdings, Inc

6,998

674,581

(a) Denison Mines Corp

1,789

86,783

Devon Energy Corp

3,179

206,400

DHT Holdings, Inc

2,520

2,625,000

Dialog Group Bhd

1,085

27,018

Diamondback Energy, Inc

4,062

259,300

(a) DIVERSIFIED ENERGY CO

3,755

41,952

(a) DIVERSIFIED ENERGY CO

608

378,915

DNO International ASA

598

104,218

(a) DOF Group ASA

981

1,835,606

Enbridge, Inc

87,838

2,212,801

(a) ENEOS Holdings, Inc

15,656

98,710

Enerflex Ltd

1,522

104,094

(b) Energean plc

1,238

9,290,400

(a) Energi Mega Persada Tbk PT

888

1,168,600

(a),(d)

Energy Earth PCL

0^

167,602

(a),(b)

Energy Fuels, Inc

2,428

Energy Transfer LP

0^

854,646

ENI S.p.A.

16,201

633,227

EOG Resources, Inc

66,495

759,246

EQT Corp

40,696

751,134

(a) Equinor ASA

17,713

16,113

(a) Equital Ltd

821

52,644

Etablissements Maurel et Prom

91,122

(a),(b)

Euronav NV

864

170,448

Exxaro Resources Ltd

1,842

6,243,272

Exxon Mobil Corp

751,315

145,540

Flowco Holdings, Inc

2,727

97,018

(b) Freehold Royalties Ltd

1,074

4,606

Friedrich Vorwerk Group SE

108,993

Frontline plc

2,399

295,998

(a),(b)

FutureFuel Corp

944

266,264

Galp Energia SGPS S.A.

4,585

27,565

Gaztransport Et Technigaz S.A.

5,058

121,078

(b) Gibson Energy, Inc

2,216

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

539,013

Granite Ridge Resources, Inc

$

2,533

74,171

Great Eastern Shipping Co Ltd

932

469,910

(a) Green Plains, Inc

4,605

271,086

Guanghui Energy Co Ltd

42,506

Gujarat Mineral Development Corp Ltd

906,027

Gulf International Services QSC

635

232,951

Hafnia Ltd

1,255

229,235

Halliburton Co

6,478

434,582

Harbour Energy plc

1,143

26,739

HD Hyundai Co Ltd

3,500

175,642

Headwater Exploration, Inc

1,199

71,944

(a) Hellenic Petroleum S.A.

706

112,000

HF Sinclair Corp

5,161

599,660

Hindustan Petroleum Corp Ltd

3,333

773,619

Hunting plc

3,840

110,000

(a) Idemitsu Kosan Co Ltd

833

147,003

Imperial Oil Ltd

12,700

1,771,260

Indian Oil Corp Ltd

3,284

155,800

Indo Tambangraya Megah Tbk PT

79,000

Inner Mongolia Dian Tou Energy Corp Ltd

575,500

Inner Mongolia Yitai Coal Co

1,099

142,619

(a) Innovex International, Inc

3,119

715,600

Inpex Holdings, Inc

14,312

59,356

(a),(b)

International Petroleum Corp

1,074

9,554,786

IRPC PCL (Foreign)

35,350

(a) Itochu Enex Co Ltd

140,788

(a) Iwatani International Corp

1,480

95,685

(a) Japan Petroleum Exploration Co

962

571,922

Karoon Energy Ltd

587

130,199

(a) Kelt Exploration Ltd

728

192,756

Keyera Corp

6,179

912,755

Kinder Morgan, Inc

25,092

2,352,000

Kinetic Development Group Ltd

44,065

Koninklijke Vopak NV

1,964

348,874

Magnolia Oil & Gas Corp

7,637

83,765

Marathon Petroleum Corp

13,623

462,917

Matador Resources Co

19,646

5,448,300

Medco Energi Internasional Tbk PT

341,817

Meren Energy, Inc

19,300

(a) Mitsuuroko Co Ltd

36,130

Modec, Inc

2,743

246,999

MOL Hungarian Oil & Gas plc

2,214

47,615

Motor Oil Hellas Corinth Refineries S.A.

1,757

134,400

Navigator Holdings Ltd

2,328

226,573

(b) Neste Oil Oyj

5,126

383,037

New Hope Corp Ltd

1,028

451,293

(a),(b)

NexGen Energy Ltd

4,153

258,417

(a),(b)

NextDecade Corp

1,362

580,808

NMDC Energy

762,408

Northern Oil and Gas, Inc

16,369

46,597

NOV, Inc

728

121,992

(a) NuVista Energy Ltd

1,611

105,008

Occidental Petroleum Corp

4,318

50,850

(a) Oceaneering International, Inc

1,222

64,758

Odfjell Drilling Ltd

560

1,960,946

Oil & Natural Gas Corp Ltd

5,247

278,268

Oil India Ltd

1,315

1,622,188

Oil Refineries Ltd

505

47,014

OMV AG.

2,616

504,873

ONEOK, Inc

37,108

325,864

(a),(b)

Paladin Resources Ltd

2,065

160,180

(a) Par Pacific Holdings, Inc

5,629

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

59,888

(b) Paramount Resources Ltd (Class A)

$

1,055

68,911

Paratus Energy Services Ltd

74,856

Parex Resources, Inc

1,006

52,611

Pason Systems, Inc

715,000

Patterson-UTI Energy, Inc

4,369

7,080

Paz Oil Co Ltd

1,590

346,336

PBF Energy, Inc

9,393

488,055

Pembina Pipeline Corp

18,593

6,896,284

Permian Resources Corp

96,755

13,899,400

Petrindo Jaya Kreasi Tbk PT

1,945

513,800

(a) Petro Rio S.A.

3,862

13,006,000

PetroChina Co Ltd

14,019

829,100

PetroChina Co Ltd

1,235

2,283,895

Petroleo Brasileiro S.A.

13,559

2,838,427

Petroleo Brasileiro S.A. (Preference)

15,933

495,810

Petronet LNG Ltd

1,567

124,500

(a) Petroreconcavo S.A.

150,100

(b) Peyto Exploration & Development Corp

2,484

405,611

Phillips 66

52,340

353,932

Polski Koncern Naftowy Orlen S.A.

9,449

100,100

(a),(d)

Poseidon Concepts Corp

160,311

(b) PrairieSky Royalty Ltd

3,157

10,446

(a) Precision Drilling Corp

750

326,950

(a) ProPetro Holding Corp

3,109

91,377,400

(a) PT Bumi Resources Tbk

2,003

623,800

(a) PT Dian Swastatika Sentosa Tbk

3,778

3,335,400

PT Tambang Batubara Bukit Asam Tbk

868,006

PT United Tractors Tbk

1,535

1,000,748

PTT Exploration & Production PCL

3,569

6,943,809

PTT PCL

7,051

347,777

Qatar Fuel QSC

1,449

1,709,783

Qatar Gas Transport Co Ltd

2,108

437,300

Raharja Energi Cepu PT

29,443

Range Resources Corp

1,038

16,494,471

Reliance Industries Ltd

288,630

1,045,557

(a),(b)

Repsol YPF S.A.

19,508

38,530

(a) Rex American Resources Corp

1,245

657,800

(a) Rukun Raharja Tbk PT

977,916

(b) Saipem S.p.A

2,768

38,652

(a) San-Ai Oil Co Ltd

522

46,206

SandRidge Energy, Inc

667

2,794,079

Santos Ltd

11,476

3,715,649

(c) Saudi Arabian Oil Co

23,595

105,321

SBM Offshore NV

3,030

725,015

Schlumberger Ltd

27,826

4,090

Scorpio Tankers, Inc

148,190

Secure Waste Infrastructure Corp

1,865

902,200

Semirara Mining & Power Corp

198,333

Serica Energy plc

(a),(d)

Serval Integrated Energy Services

0^

352,638

Shaanxi Coal Industry Co Ltd

1,076

77,686

Shanxi Lu'an Environmental Energy Development Co Ltd

132,099

Shanxi Xishan Coal & Electricity Power Co Ltd

12,362,730

Shell plc

455,595

869,080

Shell plc (ADR)

63,860

684,000

Sinopec Kantons Holdings Ltd

7,350

SK Discovery Co Ltd

1,551

SK Gas Ltd

41,391

SK Innovation Co Ltd

2,905

222,810

SM Energy Co

4,167

27,318

(a) S-Oil Corp

1,572

366,444

Solaris Oilfield Infrastructure, Inc

16,845

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

155,622

(b) South Bow Corp

$

4,280

1,735,500

Star Petroleum Refining PCL

31,948

Strathcona Resources Ltd

659

171,904

Subsea 7 S.A.

3,450

1,020,438

Suncor Energy, Inc

45,292

305,700

(a) Talos Energy, Inc

3,369

25,900

(c) Tamar Petroleum Ltd

386,359

Tamarack Valley Energy Ltd

2,246

192,082

Targa Resources Corp

35,439

875,409

(b) TC Energy Corp

48,205

1,341,555

Technip Energies NV

51,089

493,333

TechnipFMC plc

21,983

34,399

(a) Tecnicas Reunidas S.A.

1,112

115,439

Tenaris S.A.

2,228

12,591

(b) TerraVest Industries, Inc

1,509

24,297

Texas Pacific Land Corp

6,979

150,389

TGS Nopec Geophysical Co ASA

1,363

734,300

Thai Oil PCL

837

108,494

(b) Thungela Resources Ltd

629

84,265

Topaz Energy Corp

1,691

46,727

TORM plc

931

1,210,977

Total S.A.

78,953

308,749

Tourmaline Oil Corp

13,850

871,100

(a) Transocean Ltd

3,598

123,730

Trican Well Service Ltd

535

591,821

Turkiye Petrol Rafinerileri AS

2,539

7,398,000

(b) United Energy Group Ltd

315,870

(a) Uranium Energy Corp

3,689

818,271

Valero Energy Corp

133,206

123,389

(b) Vallourec S.A.

2,266

15,626

VERBIO Vereinigte BioEnergie AG.

121,343

Vermilion Energy, Inc

1,010

861,188

(c) Viva Energy Group Ltd

1,175

58,266

Weatherford International plc

4,560

1,024,200

(b) Whitecap Resources, Inc

8,581

630,240

Whitehaven Coal Ltd

3,244

1,545,859

Williams Cos, Inc

92,922

1,635,193

Woodside Energy Group Ltd

25,497

73,150

World Fuel Services Corp

1,714

284,481

(b) Yancoal Australia Ltd

938

34,433

Yantai Jereh Oilfield Services Group Co Ltd

2,047,502

Yanzhou Coal Mining Co Ltd

2,530

195,888

Yanzhou Coal Mining Co Ltd (Class A)

164,935

(a),(c)

Yellow Cake plc

1,306

891,060

(a) Yinson Holdings BHD

518

TOTAL ENERGY

4,492,850

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.8%

1,320,930

(b) Abacus Property Group

1,066

429,379

Abacus Storage King

2,409

(a) Activia Properties, Inc

2,163

2,159

(a) Advance Residence Investment Corp

2,362

36,065

Aedifica S.A.

2,855

1,244

(a) AEON REIT Investment Corp

1,089

153,049

Agree Realty Corp

11,024

414,922

AIMS AMP Capital Industrial REIT

132,094

Al Rajhi REIT

271,589

Alexander & Baldwin, Inc

5,606

77,775

Alexandria Real Estate Equities, Inc

3,806

995,191

Allied Properties Real Estate Investment Trust

9,694

4,414

(b) Altarea SCA

567

92,020

American Assets Trust, Inc

1,742

325,850

American Healthcare REIT, Inc

15,335

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

1,214,235

American Homes 4 Rent

$

38,977

960,136

American Tower Corp

168,571

428,007

(b) Americold Realty Trust, Inc

5,504

760,259

Apple Hospitality REIT, Inc

9,009

805,200

AREIT, Inc

595

289,499

Arena REIT

687

8,841

ARGAN SA

684

3,291,130

Ascendas REIT

7,236

251,111

AvalonBay Communities, Inc

45,529

1,297,996

Axis Real Estate Investment Trust

614

248,262

Big Yellow Group plc

3,491

18,178

Boardwalk REIT

854

18,986

Boston Properties, Inc

1,281

47,220

Braemar Hotels & Resorts, Inc

4,312,792

British Land Co plc

23,403

260,450

Brixmor Property Group, Inc

6,829

849,500

Broadstone Net Lease, Inc

14,756

232,280

(c) Brookfield India Real Estate Trust

858

29,199

BSR Real Estate Investment Trust

410,267

Bunnings Warehouse Property Trust

1,077

115,165

Camden Property Trust

12,677

55,320

Canadian Apartment Properties REIT

1,486

2,136,461

CapitaLand Ascott Trust

1,586

4,480,003

CapitaMall Trust

8,315

1,047,787

(b) CapitaRetail China Trust

632

727,680

CareTrust REIT, Inc

26,313

167,333

Carmila S.A.

3,338

661,068

(b) CDL Hospitality Trusts

511,921

Centuria Capital Group

687

419,065

(b) Centuria Industrial REIT

924

325,189

(b) Centuria Office REIT

354,865

Charter Hall Group

5,772

492,006

Charter Hall Long Wale REIT

1,336

226,867

Charter Hall Social Infrastructure REIT

120,288

Choice Properties Real Estate Investment Trust

1,298

28,957

Cofinimmo

2,688

507

(a) Comforia Residential REIT, Inc

1,078

987,214

Concentradora Fibra Danhos S.A. de C.V.

1,538

281,716

Corporate Office Properties Trust

7,832

70,256

Cousins Properties, Inc

1,811

(a) CRE Logistics REIT, Inc

41,673

Crombie REIT

1,316,575

Cromwell Group

556,142

Crown Castle, Inc

49,424

41,657

CT Real Estate Investment Trust

146,200

CubeSmart

5,271

188,003

Curbline Properties Corp

4,364

4,020

(a) Daiwa House REIT Investment Corp

3,674

(a) Daiwa Office Investment Corp

865

1,348

Daiwa Securities Living Investments Corp

981

564,757

Derwent London plc

13,175

212,545

Dexus Industria REIT

808,088

Dexus Property Group

3,727

278,552

(b) DigiCo Infrastructure REIT

510

726,800

Digital Core REIT Management Pte Ltd

267,073

Digital Realty Trust, Inc

41,319

89,900

Diversified Healthcare Trust

378,550

Douglas Emmett, Inc

4,160

108,034

Dream Industrial Real Estate Investment Trust

990

437,000

(a),(d)

Eagle Hospitality Trust

197,504

EastGroup Properties, Inc

35,183

685,737

Embassy Office Parks REIT

3,324

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

1,745,119

Emlak Konut Gayrimenkul Yatirim Ortakligi AS.

$

829

519,523

Empiric Student Property plc

546

62,136

Equinix, Inc

47,606

664,877

Equites Property Fund Ltd

736

552,736

Equity Lifestyle Properties, Inc

33,501

77,744

Equity Residential

4,901

133,858

ESR Kendall Square REIT Co Ltd

489,396

ESR-REIT

1,030

43,680

Essential Properties Realty Trust, Inc

1,296

13,224

(b) Essex Property Trust, Inc

3,460

30,112

Eurocommercial Properties NV

921

207,068

Extra Space Storage, Inc

26,964

764,905

Far East Hospitality Trust

448,907

(a),(b)

Fermi, Inc

3,591

2,723,301

(c) FIBRA Macquarie Mexico

5,131

1,772,397

Fibra Uno Administracion S.A. de C.V.

2,657

95,910

First Capital Real Estate Investment Trust

1,321

180,630

First Industrial Realty Trust, Inc

10,345

1,795,000

Fortune Real Estate Investment Trust

1,129

958,519

Frasers Centrepoint Trust

1,735

2,147,645

(b) Frasers Logistics & Commercial Trust

1,660

1,787

(a) Frontier Real Estate Investment Corp

1,060

89,390

FrontView REIT, Inc

1,319

532

(a) Fukuoka REIT Corp

639

290,103

Gaming and Leisure Properties, Inc

12,965

59,104

Gecina S.A.

5,613

95,000

Getty Realty Corp

2,600

1,833

(a) Global One Real Estate Investment Corp

1,612

3,421

GLP J-Reit

3,252

1,468,239

Goodman Group

30,214

767,604

Goodman Property Trust

868

1,468,668

GPT Group

5,300

22,601

Granite Real Estate Investment Trust

1,346

4,925,417

Great Portland Estates plc

21,088

464,928

Growthpoint Properties Australia Ltd

756

2,628,236

Growthpoint Properties Ltd

2,723

100,651

H&R Real Estate Investment Trust

750

374,272

Hammerson plc

1,661

(a) Hankyu Reit, Inc

515

21,042

Healthcare Realty Trust, Inc

127,097

Healthpeak Properties, Inc

2,044

832

(a) Heiwa Real Estate REIT, Inc

835

7,233,892

HomeCo Daily Needs REIT

6,575

(a) Hoshino Resorts REIT, Inc

746

606,629

Host Hotels & Resorts Inc

10,756

1,571

(a) Hulic Reit, Inc

1,767

314,223

Hyprop Investments Ltd

1,084

34,416

(b) ICADE

887

2,067

(a) Ichigo Office REIT Investment Corp

1,283

1,081,100

IGB Real Estate Investment Trust

727

46,588

Independence Realty Trust, Inc

814

1,802

(a) Industrial & Infrastructure Fund Investment Corp

1,771

296,630

Ingenia Communities Group

1,020

2,210,146

(b) Inmobiliaria Colonial Socimi S.A.

14,156

10,903

Innovative Industrial Properties, Inc

516

57,096

InterRent Real Estate Investment Trust

549

75,000

InvenTrust Properties Corp

2,116

5,793

Invincible Investment Corp

2,379

43,581

Invitation Homes, Inc

1,211

325,379

Irish Residential Properties REIT plc

123,571

Iron Mountain, Inc

10,250

123,632

Jadwa REIT Saudi Fund

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

936

(a) Japan Excellent, Inc

$

890

3,881

Japan Hotel REIT Investment Corp

2,026

1,855

(a) Japan Logistics Fund Inc

1,232

2,552

(a) Japan Prime Realty Investment Corp

1,722

4,813

(a) Japan Real Estate Investment Corp

4,021

5,420

Japan Retail Fund Investment Corp

4,288

3,376

Kenedix Realty Investment Corp

3,789

1,470,774

Keppel DC REIT

2,572

1,999,191

Keppel REIT

1,515

47,321

Killam Apartment REIT

565

16,509

(b) Kilroy Realty Corp

617

573,118

Kimco Realty Corp

11,617

120,980

Kite Realty Group Trust

2,900

1,313,283

Kiwi Property Group Ltd

798

325,585

Klepierre

12,882

36,383

Lamar Advertising Co

4,605

181,559

Land Securities Group plc

1,518

1,400

LaSalle Logiport REIT

1,417

1,331,344

Lendlease Global Commercial REIT

642

29,744

(b) Lineage, Inc

1,041

2,167,370

Link REIT

9,677

1,735,807

LondonMetric Property plc

4,425

131,886

LOTTE Reit Co Ltd

295,700

LTC Properties, Inc

10,166

232,750

Mack-Cali Realty Corp

3,463

4,135,239

Macquarie CountryWide Trust

11,216

1,613,747

(b) Mapletree Industrial Trust

2,609

2,685,000

(b) Mapletree Logistics Trust

2,752

1,791,500

(b) Mapletree Pan Asia Commercial Trust

2,046

70,226

Mercialys S.A

909

1,300,305

Merlin Properties Socimi S.A.

18,931

247,586

Mid-America Apartment Communities, Inc

34,392

251,867

Millrose Properties, Inc

7,523

187,809

(c) Mindspace Business Parks REIT

993

1,410

(a) Mirai Corp

3,019,576

Mirvac Group

4,116

1,136

(a) Mitsubishi Estate Logistics REIT Investment Corp

964

6,407

(a) Mitsui Fudosan Logistics Park, Inc

4,984

14,294

Montea NV

1,227

1,332

(a) Mori Hills REIT Investment Corp

1,267

1,840

(a) Mori Trust Sogo Reit, Inc

917

503,441

National Storage Affiliates Trust

14,202

926,820

National Storage REIT

1,684

983,839

(b) NETSTREIT Corp

17,355

46,116

(b) NexPoint Diversified Real Estate Trust

510,259

Nexus Select Trust

879

1,680

Nippon Accommodations Fund, Inc

1,440

5,130

Nippon ProLogis REIT, Inc

3,039

1,114

(a) NIPPON REIT Investment Corp

703

3,632

(a) Nomura Real Estate Master Fund, Inc

4,014

567,510

NorthWest Healthcare Properties Real Estate Investment Trust

2,113

439,300

(a),(b)

NTT DC REIT

4,845

Orix JREIT, Inc

3,284

312,524

Parkway Life Real Estate Investment Trust

991

1,288,000

Pavilion Real Estate Investment Trust

574

274,407

Pebblebrook Hotel Trust

3,106

3,161,234

(a) Peker Gayrimenkul Yatirim Ortakligi AS.

928

287,910

Phillips Edison & Co, Inc

10,241

1,058

(a) Premier Investment Co

947

32,230

Primaris REIT

1,926,590

Primary Health Properties plc

2,537

650,769

ProLogis Property Mexico S.A. de C.V.

2,726

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

3,291,080

Prologis, Inc

$

420,139

382,062

PRS REIT PLC

584

118,521

Public Storage, Inc

30,756

1,535

Rayonier, Inc

146,335

Realty Income Corp

8,249

5,245,015

Redefine Properties Ltd

1,901

549,839

Regency Centers Corp

37,955

879,572

Region RE Ltd

1,376

146,010

Reit Ltd

1,248

230,190

(b) Resilient REIT Ltd

1,114

9,260

Retail Estates NV

693

929,070

Rexford Industrial Realty, Inc

35,974

430,449

(a) Reysas Gayrimenkul Yatirim Ortakligi AS.

987,727

RioCan Real Estate Investment Trust

13,457

3,943,000

RL Commercial REIT, Inc

538

1,586,193

Sabra Health Care REIT, Inc

30,043

297,092

Safestore Holdings plc

2,947

(a) Samty Residential Investment Corp

493,300

Sasseur REIT

133,475

SBA Communications Corp

25,818

3,745,588

Scentre Group

10,470

206,314

Segro plc

1,999

3,145

(a) Sekisui House Reit, Inc

1,805

176,095

Sella Capital Real Estate Ltd

653

7,579,407

Shaftesbury Capital plc

14,785

26,379

Shurgard Self Storage Ltd

907

1,054,909

Simon Property Group, Inc

195,274

192,300

SITE Centers Corp

1,235

296,297

SK REITs Co Ltd

1,191

109,568

(b) SL Green Realty Corp

5,026

400,764

Slate Grocery REIT

4,453

52,996

SmartCentres REIT

994

844

(a) SOSiLA Logistics REIT, Inc

679

878,789

STAG Industrial, Inc

32,304

4,829

Star Asia Investment Corp

1,901

1,100,029

Starhill Global REIT

509

1,739,351

Stockland Trust Group

6,632

239,300

Stoneweg Europe Stapled Trust

16,630

Strawberry Fields REIT, Inc

91,636

Sun Communities, Inc

11,355

1,450,800

Suntec Real Estate Investment Trust

1,622

1,425,600

Sunway Real Estate Investment Trust

811

997,869

Supermarket Income Reit plc

1,095

700

(a) Takara Leben Real Estate Investment Corp

134,200

Tanger Factory Outlet Centers, Inc

4,478

494,635

Target Healthcare REIT plc

649

41,266

Terreno Realty Corp

2,423

652

(a) Tokyu REIT, Inc

861

835,931

Torunlar Gayrimenkul Yatirim Ortakligi AS

1,440

2,293,756

Tritax Big Box REIT plc

4,687

293,598

Unite Group plc

2,210

2,639

United Urban Investment Corp

3,078

10,430

Universal Health Realty Income Trust

7,716

(a) Vastned NV

1,077,707

Ventas, Inc

83,393

2,150,129

VICI Properties, Inc

60,462

2,807,342

Vicinity Ltd

4,780

856,393

Vukile Property Fund Ltd

1,295

137,049

Warehouses De Pauw CVA

3,554

281,663

Washington REIT

4,901

487,131

Waypoint REIT Ltd

827

382,262

Welltower, Inc

70,952

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

29,828

Wereldhave NV

$

675

380,769

Weyerhaeuser Co

9,020

108,960

(a) Whitestone REIT

1,513

105,139

(a) Workspace Group plc

565

26,448

(a) Xior Student Housing NV

898

1,991,000

Yuexiu Real Estate Investment Trust

751,914

Ziraat Gayrimenkul Yatirim Ortakligi AS.

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,376,334

FINANCIAL SERVICES - 5.9%

62,400

360 Finance, Inc (ADR)

1,202

162,719

360 ONE WAM Ltd

2,156

57,746

(a) Aadhar Housing Finance Ltd

33,187

(a) Aavas Financiers Ltd

541

1,376,664

Abrdn plc

3,798

293,000

(a) Acom Co Ltd

926

46,751

Aditya Birla Sun Life Asset Management Co Ltd

19,390

(a),(c)

Adyen NV

31,268

88,000

Aeon Credit Service M BHD

568,700

(a) AEON Financial Service Co Ltd

6,306

65,800

Aeon Thana Sinsap Thailand PCL

11,772

Affiliated Managers Group, Inc

3,394

143,286

(a) Affirm Holdings, Inc

10,665

448,591

(b) AGNC Investment Corp

4,809

242,100

(a) Aiful Corp

864

244,991

(a) AJ Bell plc

1,457

843,932

Al Waha Capital PJSC

228,879

Allfunds Group PLC

2,161

116,151

Ally Financial, Inc

5,260

871,018

Amanat Holdings PJSC

1,483,635

American Express Co

548,871

265,858

Ameriprise Financial, Inc

130,361

1,810,559

AMP Ltd

2,197

29,430

Anand Rathi Wealth Ltd

1,018

33,853

Angel One Ltd

884

108,162

Annaly Capital Management, Inc

2,419

26,492

(b) Antin Infrastructure Partners S.A.

319,520

Apollo Global Management, Inc

46,254

225,103

Aptus Value Housing Finance India Ltd

700

856,876

Ares Management Corp

138,497

378,955

Arzan Financial Group for Financing & Investment KPSC

320,933

Ashmore Group plc

764

139,514

Australian Stock Exchange Ltd

4,777

25,249

Authum Investment & Infrastucture Ltd

881

95,933

Avanza Bank Holding AB

3,643

462,750

Azimut Holding S.p.A.

19,277

28,984,029

B3 SA-Brasil Bolsa Balcao

73,791

2,174,346

Bajaj Finance Ltd

23,911

240,991

Bajaj Finserv Ltd

5,476

16,796

Bajaj Holdings & Investment Ltd

2,117

44,028

(a) Banca Generali SpA

2,939

18,692

Banca IFIS S.p.A.

555

502,777

Banca Mediolanum S.p.A

11,416

6,588,636

Banco BTG Pactual S.A. - Unit

63,118

157,550

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

7,027

1,691,100

Bangkok Commercial Asset Management PCL

2,371,629

Bank of New York Mellon Corp

275,322

348,364

(a),(d)

BBI EPS Ltd

21,400

(a) Beijing Compass Technology Development Co Ltd

1,202,539

(a) Berkshire Hathaway, Inc

604,456

135,043

(a),(c)

BFF Bank S.p.A

1,497

5,541,800

BFI Finance Indonesia Tbk PT

3,768,126

BGC Group, Inc

33,649

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

213,911

BlackRock, Inc

$

228,957

232,215

Blackstone, Inc

35,794

333,360

(a) Block, Inc

21,698

266,818

Blue Owl Capital, Inc

3,986

102,000

BOC International China Co Ltd

338,400

Bolsa Mexicana de Valores SAB de C.V.

696

325,058

Boursa Kuwait Securities Co KPSC

3,907

187,395

Bridgepoint Group Holdings Ltd

714

634,000

Bright Smart Securities & Commodities Group Ltd

658

397,758

Brightsphere Investment Group, Inc

18,695

161,065

(b) Brookfield Asset Management Ltd

8,438

298,106

Brookfield Asset Management Ltd

15,616

2,412,293

Brookfield Corp

110,759

125,534

BSE Ltd

3,682

24,297

(a),(b)

Bullish

920

219,469

Bure Equity AB

5,836

2,456,600

Bursa Malaysia BHD

5,097

125,452

Caitong Securities Co Ltd

65,294

Can Fin Homes Ltd

677

60,295

(b) Canaccord Financial, Inc

166,497

Cannae Holdings, Inc

2,619

515,931

Capital One Financial Corp

125,041

49,700

Capital Securities Co Ltd

4,216,000

Capital Securities Corp

3,213

134,691

Capri Global Capital Ltd

165,969

Carlyle Group, Inc

9,810

11,087

Cboe Global Markets, Inc

2,783

22,902

(b) Cembra Money Bank AG.

2,868

602,000

(b) Central China Securities Co Ltd

554,270

Central Depository Services India Ltd

8,911

110,500

(a) Century Leasing System, Inc

1,433

940,445

Chailease Holding Co Ltd

3,152

391,455

Challenger Financial Services Group Ltd

2,451

228,564

Changjiang Securities Co Ltd

1,516,226

Charles Schwab Corp

151,486

261,345

(a),(b)

Chime Financial, Inc

6,578

541,000

China Bills Finance Corp

772,000

China Everbright Ltd

895

2,171,959

China Galaxy Securities Co Ltd

2,809

279,050

China Galaxy Securities Co Ltd (Class A)

628

129,300

China Great Wall Securities Co Ltd

9,137,000

(a),(c)

China Huarong Asset Management Co Ltd

975

1,072,537

(c) China International Capital Corp Ltd

2,709

104,900

China International Capital Corp Ltd

526

284,936

China Merchants Securities Co Ltd

679

35,818

(a) Choice International Ltd

76,922

Cholamandalam Financial Holdings Ltd

1,553

262,809

Cholamandalam Investment and Finance Co Ltd

4,985

978,965

CITIC Securities Co Ltd

3,455

454,716

CITIC Securities Co Ltd (Class A)

1,869

65,882

(c) CMC Markets plc

88,901

CME Group, Inc

24,277

197,320

Cohen & Steers, Inc

12,388

93,803

(a) Coinbase Global, Inc

21,213

613

Compagnie Financiere Tradition S.A.

893,462

Corebridge Financial, Inc

26,956

299,543

Coronation Fund Managers Ltd

845

133,114

(a) Corpay, Inc

40,058

256,035

(a) Creades AB

2,067

1,878

(a),(b)

Credit Acceptance Corp

833

42,622

Credit Corp Group Ltd

97,800

(a) Credit Saison Co Ltd

2,624

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

44,826

(a) CreditAccess Grameen Ltd

$

635

14,441

CRISIL Ltd

695

170,325

(a) CSC Financial Co Ltd

653

1,096,000

CSSC Hong Kong Shipping Co Ltd

389,284

CVC Capital Partners plc

6,520

17,856

Daishin Securities Co Ltd

87,593

Daishin Securities Co Ltd PF

1,278

17,593

Daou Technology, Inc

41,587

(a) Dave, Inc

9,208

243,727

(a),(b)

Defi Technologies, Inc

62,611

(a) Destek Finans Faktoring AS.

810

123,341

Deutsche Boerse AG.

32,417

104,653

(c) Deutsche Pfandbriefbank AG.

515

687,984

DigitalBridge Group, Inc

10,554

123,125

Dongxing Securities Co Ltd

1,675,555

Dubai Financial Market PJSC

752

581,066

East Money Information Co Ltd

1,926

23,598,415

Edelweiss Financial Services Ltd

28,387

143,778

(b) Edenred

3,178

72,802

(b) EFG International

1,746

2,860,924

E-Finance for Digital & Financial Investments

1,109

768,414

(a) Egyptian Financial Group-Hermes Holding

80,700

Enact Holdings, Inc

3,199

10,200

(a) Enova International, Inc

1,603

295,605

EQT AB

11,548

760,752

Equitable Holdings, Inc

36,250

10,665

(a),(b)

Etoro Group Ltd

28,447

Eurazeo

1,772

4,350

(a) Euronet Worldwide, Inc

475,374

(c) Euronext NV

71,410

134,706

Everbright Securities Co Ltd

15,525

Evercore Partners, Inc (Class A)

5,282

99,070

EVERTEC, Inc

2,882

54,730

EXOR NV

4,649

15,754

Factset Research Systems, Inc

4,572

512,401

Far East Horizon Ltd

529

1,391,120

(a) Fawry for Banking & Payment Technology Services SAE

1,309,996

Fidelity National Information Services, Inc

87,062

423,536

Fiera Capital Corp

1,913

14,505

(a) Figure Technology Solutions, Inc

592

45,000

(a) Financial Partners Group Co Ltd

551

74,900

FinVolution Group (ADR)

225,367

FirstCash Holdings, Inc

35,919

8,510,997

FirstRand Ltd

46,640

296,337

(a) Fiserv, Inc

19,905

150,320

Five-Star Business Finance Ltd

913

62,438

flatexDEGIRO AG.

2,675

27,419

(a) Flow Traders

810

279,400

(a) Flywire Corp

3,956

58,606

(a) Foresight Group Holdings Ltd

304,800

Founder Securities Co Ltd

127,362

Franklin Resources, Inc

3,043

7,432

(a),(b)

Freedom Holding Corp

904

6,563,660

Fuhwa Financial Holdings Co Ltd

8,202

40,800

(a) Futu Holdings Ltd (ADR)

6,700

37,352

(a) Fuyo General Lease Co Ltd

1,024

413,154

(b) GCM Grosvenor, Inc

4,677

838,600

(b) Gentera SAB de C.V.

2,146

21,857

(a) Georgia Capital plc

911

549,000

(b) GF Securities Co Ltd

1,246

237,508

GF Securities Co Ltd (Class A)

749

13,694

Gimv NV

717

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

25,872

Global Payments, Inc

$

2,002

487,301

GMO Financial Holdings, Inc

2,712

31,700

(a) GMO Payment Gateway, Inc

1,966

9,768

(b) goeasy Ltd

934

303,434

Goldman Sachs Group, Inc

266,718

1,771,100

(a) Grab Holdings Ltd

8,838

22,594

GRENKE AG.

93,667

(a) Grupo de Inversiones Suramericana S.A.

1,337

112,471

(a) Grupo de Inversiones Suramericana S.A. (Preference)

1,267

118,104

Guolian Securities Co Ltd

270,549

Guosen Securities Co Ltd

508

2,202,800

(b) Guotai Junan International Holdings Ltd

722

531,609

Guotai Junan Securities Co Ltd

1,563

1,212,951

(c) Guotai Junan Securities Co Ltd (Hong Kong)

2,597

179,529

Guoyuan Securities Co Ltd

38,132

Hamilton Lane, Inc

5,122

76,270

(a) Hanwha Investment & Securities Co Ltd

122,822

(c) HDFC Asset Management Co Ltd

3,653

214,302

Helia Group Ltd

786

20,086

Hithink RoyalFlush Information Network Co Ltd

926

1,199,185

(b) HMC Capital Ltd

3,151

36,344

(c) Hoist Finance AB

58,612

(c) Home First Finance Co India Ltd

720

1,030,800

Hong Kong Exchanges and Clearing Ltd

53,933

168,500

Hotai Finance Co Ltd

22,779

Houlihan Lokey, Inc

3,968

860,340

(c) Huatai Securities Co Ltd

2,088

273,234

Huatai Securities Co Ltd (Class A)

923

61,395

HUB24 Ltd

3,928

3,265

(a) Hypoport SE

1,116

ICRA Ltd

105,200

iFAST Corp Ltd

778

563,094

(a) IFCI Ltd

1,335,725

IG Group Holdings plc

23,647

58,256

(b) IGM Financial, Inc

2,623

177,017

(a) IIFL Finance Ltd

1,203

90,138

IIFL Securities Ltd

14,320

India Shelter Finance Corp Ltd

406,577

Indiabulls Housing Finance Ltd

659

288,281

(c) Indian Energy Exchange Ltd

303,154

Industrial Securities Co Ltd

71,128

Industrivarden AB

3,186

860,724

(a) Infibeam Avenues Ltd

672,911

Infratil Ltd

4,294

469,140

(a) IntegraFin Holdings plc

2,268

5,800

(b) Integral Corp

180,352

Interactive Brokers Group, Inc (Class A)

11,598

1,218,791

Intercontinental Exchange, Inc

197,395

217,055

Intermediate Capital Group plc

5,986

26,209

Inversiones La Construccion S.A.

530

459,569

Invesco Ltd

12,073

202,924

Investcorp Capital plc

191,954

Investec Ltd

1,416

457,197

Investec plc

3,394

377,606

IOOF Holdings Ltd

1,146

712,556

IP Group plc

563

356,843

Is Yatirim Menkul Degerler AS

146,395

Isracard Ltd

718

16,725

(a) Jaccs Co Ltd

7,700

Jack Henry & Associates, Inc

1,405

791,054

(a) Jafco Co Ltd

12,171

192,583

Janus Henderson Group plc

9,161

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

350,600

(a) Japan Securities Finance Co Ltd

$

4,532

64,483

Jefferies Financial Group, Inc

3,996

87,000

JF SmartInvest Holdings Ltd

552

2,424

(a) Jindal South West Holdings Ltd

550

301,575

JM Financial Ltd

504

549,200

JMT Network Services PCL

498,629

JSE Ltd

4,319

115,891

(c) JTC plc

2,006

135,520

Julius Baer Group Ltd

10,588

347,318

Jupiter Fund Management plc

742

76,008

Kfin Technologies Ltd

917

190,585

(a) Kinnevik AB

1,718

10,233

KIWOOM Securities Co Ltd

2,057

1,903,346

KKR & Co, Inc

242,639

417,083

(a),(b)

Klarna Group plc

12,058

25,581

Korea Investment Holdings Co Ltd

2,880

13,457

KRUK S.A.

1,841

751,500

Krungthai Card PCL

626

601,131

L&T Finance Holdings Ltd

2,115

539,271

L1 Group Ltd

1,182,301

Ladder Capital Corp

12,993

38,687

Lazard, Inc

1,879

987,797

(a) LendingClub Corp

18,709

58,650

(a) LendingTree, Inc

3,114

149,500

(a) Lianlian DigiTech Co Ltd

227,210

LIC Housing Finance Ltd

1,365

435,341

London Stock Exchange Group plc

52,367

33,562

LPL Financial Holdings, Inc

11,987

167,100

(a) Lufax Holding Ltd (ADR)

12,300

(a) M&A Capital Partners Co Ltd

4,242,000

M&G plc

16,331

79,232

MA Financial Group Ltd

575

259,988

Macquarie Group Ltd

35,132

1,935,838

Magellan Financial Group Ltd

12,849

23,784

Maharashtra Scooters Ltd

3,766

385,365

Mahindra & Mahindra Financial Services Ltd

1,729

15,170,002

Man Group plc

46,587

453,779

Manappuram Finance Ltd

1,556

124,325

Marex Group plc

4,769

21,422

MarketAxess Holdings, Inc

3,883

126,500

(a) Marui Co Ltd

2,599

34,143

(c) MAS Financial Services Ltd

1,978,516

Mastercard, Inc (Class A)

1,129,495

333,200

(a) Matsui Securities Co Ltd

1,819

26,978

Meitav Investment House Ltd

980

48,329

Meritz Financial Group, Inc

3,794

175,600

MGIC Investment Corp

5,131

123,736

Mirae Asset Daewoo Co Ltd

2,007

105,900

(a) Mizuho Leasing Co Ltd

955

106,332

(a) Molten Ventures plc

720

920,952

(a) Monex Group, Inc

4,274

16,579

Moody's Corp

8,469

901,299

Morgan Stanley

160,008

9,517

Morningstar, Inc

2,068

112,824

Motilal Oswal Financial Services Ltd

1,075

7,765

MSCI, Inc (Class A)

4,455

493,600

Muangthai Capital PCL

18,765

Multi Commodity Exchange of India Ltd

2,328

11,832

Mutares SE & Co KGaA

74,375

Muthoot Finance Ltd

3,155

2,491,003

Nasdaq Stock Market, Inc

241,951

367,093

National Investments Co KSCP

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

215,135

(a) NCR Corp ATM

$

8,199

241,240

(a) NerdWallet, Inc

3,269

464,567

Netwealth Group Ltd

7,919

235,082

(b) NewtekOne, Inc

2,668

216,100

(a) Nihon M&A Center Holdings, Inc

992

176,850

Ninety One Ltd

511

181,241

Ninety One plc

528

120,074

(c) Nippon Life India Asset Management Ltd

1,176

427,076

(a) NMI Holdings, Inc

17,420

317,091

Noah Holdings Ltd (ADR)

3,184

106,032

Nordnet AB publ

3,093

56,465

Nuvama Wealth Management Ltd

930

119,593

(a) Okasan Holdings, Inc

575

99,594

(a) One 97 Communications Ltd

1,440

291,060

OneMain Holdings, Inc

19,661

45,575

(a) Onex Corp

3,751

112,750

OppFi, Inc

1,179

610,450

(a) Orient Corp

4,150

226,091

Orient Securities Co Ltd

1,977,070

ORIX Corp

57,824

277,986

OSB Group plc

2,381

340,500

(a),(b)

OSL Group Ltd

743

6,068,800

(a) Pacific Strategic Financial Tbk PT

531

132,000

(a) Pagseguro Digital Ltd

1,272

152,271

(a) Paragon Group of Cos plc

1,754

15,867

Partners Group

19,468

357,130

Patria Investments Ltd

5,675

629,710

(a) Payoneer Global, Inc

3,539

245,874

PayPal Holdings, Inc

14,354

31,522

PennyMac Financial Services, Inc

4,156

730,110

PennyMac Mortgage Investment Trust

9,163

966,747

(a),(b)

Pensionbee Group plc

2,108

1,219,989

Perella Weinberg Partners

21,106

83,885

Perpetual Trustees Australia Ltd

1,041

628,773

Pinnacle Investment Management Group Ltd

7,151

71,742

Piper Jaffray Cos

24,371

79,588

(a) Piramal Finance Ltd

1,455

364,295

Plus500 Ltd

17,793

66,554

(b) Pluxee France S.A.

1,044

146,336

(c) PNB Housing Finance Ltd

1,550

64,698

Polar Capital Holdings plc

173,536

(a) Poonawalla Fincorp Ltd

933

926,896

Power Finance Corp Ltd

3,670

51,050

(a) PRA Group, Inc

903

735,900

President Securities Corp

559

67,100

PROG Holdings, Inc

1,979

17,350

(b) Propel Holdings, Inc

9,988

Prudent Corporate Advisory Services Ltd

1,051,770

(c) Quilter plc

2,594

64,500

Radian Group, Inc

2,321

61,227

Rathbone Brothers

1,586

156,156

Ratos AB (B Shares)

641

75,134

Raymond James Financial, Inc

12,066

759,640

REC Ltd

3,021

83,623

Reinet Investments S.C.A

2,929

21,886,860

Reliance Strategic Investments Ltd

71,884

319,449

Remgro Ltd

3,505

377,000

(a) Remitly Global, Inc

5,203

8,461

(a) Ricoh Leasing Co Ltd

898,822

Rithm Capital Corp

9,797

323,915

(a) Robinhood Markets, Inc

36,635

2,849,517

Rocket Cos, Inc

55,167

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

482,679

S&P Global, Inc

$

252,243

47,431

Samsung Securities Co Ltd

2,483

30,887

Saudi Tadawul Group Holding Co

1,155

128,132

(a) SBFC Finance Ltd

179,763

SBI Cards & Payment Services Ltd

1,723

993,700

SBI Holdings, Inc

21,414

237,100

SDIC Capital Co Ltd

43,825

SEI Investments Co

3,595

869,844

Shenwan Hongyuan Group Co Ltd

656

27,459

(a),(b)

Shift4 Payments, Inc

1,729

2,574

Shinyoung Securities Co Ltd

880,231

Shriram Finance Ltd

9,768

2,006,300

Singapore Exchange Ltd

26,411

84,700

Sinolink Securities Co Ltd

85,141

SLM Corp

2,304

3,695

Societe Fonciere Financiere et de Participations FFP

1,181,769

(a) SoFi Technologies, Inc

30,939

9,917

Sofina S.A.

2,868

2,695,000

(a) Sony Financial Holdings, Inc

2,856

182,535

SooChow Securities Co Ltd

16,820

Sprott, Inc

1,648

559,262

Srisawad Corp PCL

402,293

St. James's Place plc

7,472

144,064

Starwood Property Trust, Inc

2,595

123,172

State Street Corp

15,890

61,420

StepStone Group, Inc

3,941

42,008

Stifel Financial Corp

5,260

139,000

(a) StoneCo Ltd

2,056

65,720

(a) StoneX Group, Inc

6,252

42,147

Sundaram Finance Ltd

2,479

63,277

(a) Svolder AB

8,105

Swissquote Group Holding S.A.

4,921

377,500

SY Holdings Group Ltd

527

542,583

Synchrony Financial

45,268

91,163

T Rowe Price Group, Inc

9,333

84,186

Tamburi Investment Partners S.p.A.

906

405,606

Tata Investment Corp Ltd

3,146

71,399

Tel Aviv Stock Exchange Ltd

2,128

130,173

(a) Tera Yatirim Menkul Degerler AS.

522

337,900

Tianfeng Securities Co Ltd

1,092,000

TIDLOR Holdings PCL

587

353,406

TMX Group Ltd

13,448

112,402

(a) Toast, Inc

3,991

1,295,280

(a) Tokai Tokyo Securities Co Ltd

5,684

3,982,789

TP ICAP Group plc

13,908

55,623

TPG, Inc

3,551

12,348

Tradeweb Markets, Inc

1,328

1,058,597

(a) Turkiye Sinai Kalkinma Bankasi AS

1,999,471

UBS Group AG

92,596

1,185,734

UBS Group AG

54,751

5,084

(a) United International Holding Co

77,100

(a) Up Fintech Holding Ltd (ADR)

737

43,062

UTI Asset Management Co Ltd

542

386,597

UWM Holdings Corp

1,693

50,810

Van Lanschot Kempen NV

3,150

41,170

(a) Velocity Financial, Inc

855

114,330

(b) Victory Capital Holdings, Inc

7,213

16,066

(b) Vinci Partners Investments Ltd

96,950

Virtu Financial, Inc

3,230

1,318,502

Visa, Inc (Class A)

462,412

21,524

Vontobel Holding AG.

1,739

44,300

Voya Financial, Inc

3,300

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

278,010

Washington H Soul Pattinson & Co Ltd

$

6,879

1,961,642

Waterland Financial Holdings

1,033

197,599

(a) Wealthfront Corp

2,685

160,186

Wendel

15,427

152,603

Western Securities Co Ltd

35,753

(b) Western Union Co

3,595

(a) WEX, Inc

536

815,289

(b) WisdomTree, Inc

9,938

391,861

(a) Wise plc

4,695

85,232

Woori Investment & Securities Co Ltd

1,248

152,699

(a),(b),(c)

Worldline S.A.

413,523

XP, Inc

6,769

147,480

(a) XPS Pensions Group plc

674

268,422

(c) XTB S.A.

5,358

8,601,000

Yangzijiang Financial Holding Ltd

2,671

30,314

YD More Investments Ltd

538

126,400

(a),(b)

Yeahka Ltd

11,485,750

(b),(c)

Yixin Group Ltd

3,789

21,655

Yuanta Futures Co Ltd

227,985

Yulon Finance Corp

621

609,530

(a) Zenkoku Hosho Co Ltd

12,151

150,791

Zheshang Securities Co Ltd

265,600

Zhongtai Securities Co Ltd

949,894

(a) Zip Co Ltd

2,062

TOTAL FINANCIAL SERVICES

8,007,397

FOOD, BEVERAGE & TOBACCO - 2.4%

138,531

(b) AAK AB

3,951

87,271

AG. Barr plc

733

221,470

Agthia Group PJSC

477,000

Ajinomoto Co, Inc

10,084

2,237,700

Alfa S.A. de C.V. (Class A)

1,956

42,613

Allied Blenders & Distillers Ltd

299,258

Almarai Co JSC

3,453

944,398

Altria Group, Inc

54,454

2,910,939

Ambev S.A.

7,327

1,545,620

Anadolu Efes Biracilik Ve Malt Sanayii AS

565

27,011

Angel Yeast Co Ltd

772,545

Anheuser-Busch InBev S.A.

49,583

77,928

Anhui Gujing Distillery Co Ltd

874

11,614

Anhui Gujing Distillery Co Ltd (Class A)

322,226

Arca Continental SAB de C.V.

3,487

137,719

Archer-Daniels-Midland Co

7,917

14,672

(a) Ariake Japan Co Ltd

17,056

(a),(b)

Aryzta AG.

1,103

60,698

Austevoll Seafood ASA

585

32,322

Avanti Feeds Ltd

244,523

AVI Ltd

1,558

291,769

(a) AWL Agri Business Ltd

771

37,954

Bakkafrost P

1,940

102,146

(c) Bakkavor Group plc

649,881

(a) Baladna

99,297

Balrampur Chini Mills Ltd

24,364

(b) Barry Callebaut AG.

39,833

222,442

Bega Cheese Ltd

898

61,400

Beijing Yanjing Brewery Co Ltd

650,100

Betagro PCL

53,080

Bikaji Foods International Ltd

3,081

Binggrae Co Ltd

17,447

Bombay Burmah Trading Co

3,439

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

671

133,910

(a),(b)

BRC, Inc

68,314

Britannia Industries Ltd

4,584

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

5,125,819

British American Tobacco plc

$

290,586

236,500

(a) Bumitama Agri Ltd

96,263

Bunge Global S.A.

8,575

318,269

C&C Group plc

579

26,980

(a) Calavo Growers, Inc

587

60,600

(a) Calbee, Inc

1,156

208,100

Carabao Group PCL

Carlsberg AS (Class B)

118,200

Carlsberg Brewery Malaysia Bhd

59,493

CCL Products India Ltd

626

125,342

(a) Celsius Holdings, Inc

5,733

1,040,300

Century Pacific Food, Inc

690

132,800

Charoen Pokphand Enterprise

556

2,375,031

Charoen Pokphand Foods PCL

1,644

4,656,218

Charoen Pokphand Indonesia Tbk PT

1,258

2,380,021

(c) China Feihe Ltd

1,243

4,058,000

China Foods Ltd

2,263

4,375,889

(a),(d)

China Huishan Dairy Holdings Co Ltd

370,000

(a),(d)

China Huiyuan Juice Group Ltd

1,991,227

China Mengniu Dairy Co Ltd

3,822

2,404,000

(b) China Modern Dairy Holdings Ltd

500

1,023,357

China Resources Beer Holdings Company Ltd

3,456

989,000

(a),(c)

China Youran Dairy Group Ltd

647

105,958

Cia Cervecerias Unidas S.A.

690

2,369,800

Cisarua Mountain Dairy PT TBK

803

6,201

CJ CheilJedang Corp

894

147,520

Cloetta AB

648

4,887,448

Coca-Cola Co

341,682

23,817

Coca-Cola Consolidated Inc

3,651

289,776

Coca-Cola Europacific Partners plc

26,283

326,783

(b) Coca-Cola Femsa SAB de C.V.

3,104

97,200

Coca-Cola West Japan Co Ltd

1,964

2,280,000

(a),(b)

COFCO Joycome Foods Ltd

40,804

Cranswick plc

2,725

17,278

Daesang Corp

65,867

(a) Darling International, Inc

2,371

1,922,500

Dharma Satya Nusantara Tbk PT

2,170,541

Diageo plc

46,771

10,370

Dodla Dairy Ltd

773,768

Dole plc

11,599

6,907

Dongwon Industries Co Ltd

10,900

(a),(b)

Dydo Drinco, Inc

882,000

Eastern Tobacco

686

19,600

Eastroc Beverage Group Co Ltd

750

464,958

Efor Yatirim Sanayi Ticaret AS.

292,115

Embotelladora Andina S.A.

1,368

1,638

(b) Emmi AG.

1,516

36,315

(b) Ezaki Glico Co Ltd

1,256

591,100

Farm Fresh Bhd

81,863

Fevertree Drinks plc

900

5,736

First Milling Co

1,790,000

First Pacific Co

1,370

339,900

First Resources Ltd

553

1,341,783

(a),(b)

Fomento Economico Mexicano S.A. de C.V.

13,551

2,123,463

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

214,618

153,200

Food Empire Holdings Ltd

176,361

Foshan Haitian Flavouring & Food Co Ltd

935

96,600

(a) Fraser & Neave Holdings Bhd

845

19,698

(a) Freshpet, Inc

1,200

34,727

(a) Fuji Oil Co Ltd

809

146,714

Futuris Corp Ltd

669

201,400

Genting Plantations BHD

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

246,510

Glanbia plc

$

4,227

28,701

Godfrey Phillips India Ltd

882

15,265

(c) Godrej Agrovet Ltd

5,288,625

Golden Agri-Resources Ltd

1,171

492,500

Great Wall Enterprise Co Ltd

797

315,016

(a) Greencore Group plc

1,079

43,975

Grieg Seafood ASA

95,121

(a) Gruma SAB de C.V.

1,639

796,841

(b) Grupo Bimbo S.A. de C.V. (Series A)

2,616

632,100

Guan Chong Bhd

60,945

Guangdong Haid Group Co Ltd

28,045

(a) Harim Holdings Co Ltd

172,314

Health & Happiness H&H International Holdings Ltd

108,200

Heineken Malaysia Bhd

612

1,833,135

Heineken NV

151,246

108,323

Henan Shuanghui Investment & Development Co Ltd

28,689

Heritage Foods Ltd

849,422

Hilton Food Group plc

5,771

33,088

(a) Hindustan Foods Ltd

22,675

(a) Hite Jinro Co Ltd

40,462

(a) House Foods Corp

744

294,604

Inghams Group Ltd

235,453

Inner Mongolia Yili Industrial Group Co Ltd

964

9,135,000

(a),(d)

Inti Agri Resources Tbk PT

0^

1,498,706

IOI Corp BHD

1,478

424,500

I-TAIL Corp PCL

1,866,760

ITC Ltd

8,378

38,700

(a) Ito En Ltd

759

19,240

(a) Itoham Yonekyu Holdings, Inc

687

3,958,800

Japan Tobacco, Inc

142,288

4,685,000

Japfa Comfeed Indonesia Tbk PT

734

246,871

(a) JBS NV

3,560

35,526

Jiangsu King's Luck Brewery JSC Ltd

50,881

Jiangsu Yanghe Brewery Joint-Stock Co Ltd

8,350

John B Sanfilippo & Son, Inc

590

565,900

Johor Plantations Group Bhd

60,646

(b) Kagome Co Ltd

1,043

10,300

(a) Kameda Seika Co Ltd

23,394

Kaveri Seed Co Ltd

48,842

Kerry Group plc (Class A)

4,463

75,097

Kewpie Corp

2,074

80,800

(a) Kotobuki Spirits Co Ltd

946

42,521

KRBL Ltd

59,139

KT&G Corp

5,834

314,695

(a) Kuala Lumpur Kepong BHD

1,551

513,534

(a),(d)

Kwality Wall's India Ltd

45,943

Kweichow Moutai Co Ltd

9,059

14,920

Lancaster Colony Corp

2,453

2,383

(a) Lassonde Industries, Inc

189,607

Leroy Seafood Group ASA

952

94,965

Lian HWA Food Corp

757,164

Lien Hwa Industrial Corp

1,144

34,100

(a) Lifedrink Co, Inc

15,450

(a) Lifeway Foods, Inc

2,910

Lotte Chilsung Beverage Co Ltd

2,162

Lotte Wellfood Co Ltd

(b) Lotus Bakeries NV

2,264

113,162

LT Foods Ltd

52,923

Luzhou Laojiao Co Ltd

881

30,500

(a) M Dias Branco S.A.

783,596

(a) Magnum Ice Cream Co NV

12,437

292,806

(a) Magnum Ice Cream Co NV

4,685

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

13,126

Manorama Industries Ltd

$

252,854

Maple Leaf Foods, Inc

4,593

386,200

Marfrig Global Foods S.A.

1,408

327,484

Marico Ltd

2,734

87,300

(a) Maruha Nichiro Corp

717

383,662

McCormick & Co, Inc

26,131

36,187

(a) Megmilk Snow Brand Co Ltd

747

181,200

(a) MEIJI Holdings Co Ltd

4,027

74,407

Mezzan Holding Co KSCC

348,400

Minerva S.A.

11,700

(a) Mitsui Sugar Co Ltd

19,103

Modern Mills Co

2,006,400

(c) Monde Nissin Corp

4,690,280

Mondelez International, Inc

252,478

2,876,834

(a) Monster Beverage Corp

220,567

49,358

(a) Morinaga & Co Ltd

836

53,026

(a) Morinaga Milk Industry Co Ltd

1,261

Mowi ASA

97,755

Mrs Bectors Food Specialities Ltd

198,238

Muyuan Foods Co Ltd

1,435

116,992

(a) National Agriculture Development Co

573

423,268

Nestle India Ltd

6,065

43,814

Nestle Malaysia Bhd

1,231

2,005,550

Nestle S.A.

199,069

132,605

New Hope Liuhe Co Ltd

13,521

(a) Newlat Food S.p.A

155,384

(a) Nichirei Corp

1,847

35,197

(a) Nippon Flour Mills Co Ltd

535

63,700

(a) Nippon Meat Packers, Inc

2,660

204,759

(a) Nippon Suisan Kaisha Ltd

1,493

21,222

(a) Nisshin Oillio Group Ltd

711

152,700

(a) Nisshin Seifun Group, Inc

1,871

140,600

(a) Nissin Food Products Co Ltd

2,614

1,245,400

(c) Nongfu Spring Co Ltd

7,518

2,592

(a) NongShim Co Ltd

776

16,048

Orion Corp/Republic of Korea

1,176

19,727

Orion Holdings Corp

513

Orkla ASA

706,100

Osotspa PCL

1,332

Ottogi Corp

1,052,976

PepsiCo, Inc

151,123

1,472

Philip Morris CR AS.

1,326

3,570,106

Philip Morris International, Inc

572,645

17,385

(a) Piccadily Agro Industries Ltd

442,800

PPB Group BHD

1,207

467,194

Premier Foods plc

1,087

33,888

(b) Premium Brands Holdings Corp

2,511

90,038

(a) Prima Meat Packers Ltd

1,532

108,125

Primo Brands Corp

1,768

409,800

PT Astra Agro Lestari Tbk

282,700

PT Gudang Garam Tbk

2,697,209

PT Indofood Sukses Makmur Tbk

1,094

1,007,700

QL Resources Bhd

941

60,269

Radico Khaitan Ltd

2,213

17,713

(b) Remy Cointreau S.A.

759

13,700

(a) Riken Vitamin Co Ltd

208,700

(a) RLX Technology, Inc (ADR)

55,395

(b) Rogers Sugar, Inc

37,631

Royal Unibrew A.S.

3,396

14,294

(a) S Foods, Inc

19,255

(a) Sakata Seed Corp

525

40,300

Salmar ASA

2,463

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

2,626

Samyang Foods Co Ltd

$

2,242

124,300

Sao Martinho S.A.

238,430

Sapporo Holdings Ltd

2,563

173,254

Saputo, Inc

5,215

2,949,400

Sariguna Primatirta Tbk PT

11,288

Saudia Dairy & Foodstuff Co

743

116,506

Savola Group

679

2,975,600

Sawit Sumbermas Sarana Tbk PT

292,135

(c) Scandinavian Tobacco Group A.S.

4,383

9,571

Schouw & Co

989

Seaboard Corp

43,242

Shanxi Xinghuacun Fen Wine Factory Co Ltd

1,064

10,387

(a) Showa Sangyo Co Ltd

529,285

(a) Shree Renuka Sugars Ltd

1,294,078

Sime Darby Plantation Bhd

1,827

408,696

(a) Simply Good Foods Co

8,207

136,154

SLC Agricola S.A.

228,489

Smithfield Foods, Inc

5,102

1,191,171

(b),(c)

Smoore International Holdings Ltd

1,823

263,000

Standard Foods Corp

160,000

(a),(b)

Star Plus Legend Holdings Ltd

43,737

Strauss Group Ltd

1,525

45,349

Suedzucker AG.

60,641

(a) SunOpta, Inc

100,303

(a) Takara Holdings, Inc

1,027

374,515

Tata Consumer Products Ltd

4,967

1,303,544

Tate & Lyle plc

6,572

2,271,800

Thai Union Group PCL

922

399,230

Thai Vegetable Oil PCL (Foreign)

121,990

(a),(b)

Tiger Brands Ltd

2,698

87,716

Tilaknagar Industries Ltd

1,283,301

Tingyi Cayman Islands Holding Corp

1,946

66,600

(a) Toyo Suisan Kaisha Ltd

4,569

614,454

Treasury Wine Estates Ltd

2,144

80,900

(a) Tres Tentos Agroindustrial S.A.

2,300,700

Triputra Agro Persada PT

52,366

Triveni Engineering & Industries Ltd

399,471

Tsingtao Brewery Co Ltd

2,504

22,193

Tsingtao Brewery Co Ltd (Class A)

18,000

Ttet Union Corp

157,689

Ulker Biskuvi Sanayi AS

2,958,934

Uni-President Enterprises Corp

7,255

755,600

United Plantations BHD

5,597

186,672

United Spirits Ltd

2,998

600,790

Universal Robina Corp

687

858,695

Varun Beverages Ltd

4,688

394,738

(a) Vina Concha y Toro S.A.

30,359

Viscofan S.A.

1,903

57,620

(a) Vita Coco Co, Inc

3,054

462,000

Vitasoy International Holdings Ltd

3,058,694

Want Want China Holdings Ltd

1,824

235,670

Wens Foodstuffs Group Co Ltd

569

5,987,500

(c) WH Group Ltd

6,670

1,379,300

Wilmar International Ltd

3,299

138,021

Wuliangye Yibin Co Ltd

2,093

181,300

(a) Yakult Honsha Co Ltd

2,834

91,500

Yamazaki Baking Co Ltd

1,920

61,400

Yantai Changyu Pioneer Wine Co

390,000

(b) Yihai International Holding Ltd

631

87,550

(a) Zevia PBC

903,000

(c) Zhou Hei Ya International Holdings Co Ltd

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

65,760

Zydus Wellness Ltd

$

TOTAL FOOD, BEVERAGE & TOBACCO

3,211,150

HEALTH CARE EQUIPMENT & SERVICES - 3.0%

4,410,061

Abbott Laboratories

552,537

27,748

(a),(b)

Acadia Healthcare Co, Inc

33,677

(a) Addus HomeCare Corp

3,617

198,500

(a) Adicon Holdings Ltd

180,716

Advanced Medical Solutions Group plc

530

109,949

Aier Eye Hospital Group Co Ltd

444,000

(b),(c)

AK Medical Holdings Ltd

65,666

Al Hammadi Holding

298,839

Alcon, Inc

23,647

122,200

(a) Alfresa Holdings Corp

1,900

19,617

(a) Align Technology, Inc

3,063

667,060

(a) Alignment Healthcare, Inc

13,174

7,838

Almoosa Health Co

1,666,766

(a) Alphatec Holdings, Inc

35,069

898,706

(c) Ambea AB

13,793

140,553

Ambu A.S.

1,937

132,682

AmerisourceBergen Corp

44,813

87,816

Amplifon S.p.A.

1,408

44,800

(b),(c)

Angelalign Technology, Inc

822,367

(a) Angiodynamics, Inc

10,559

108,985

Ansell Ltd

2,544

92,012

Apollo Hospitals Enterprise Ltd

7,215

4,626

APT Medical, Inc

1,493,116

Arjo AB

5,169

43,088

(a) As One Corp

660

382,600

(a) Asahi Intecc Co Ltd

7,172

147,270

(a) Asker Healthcare Group AB

1,342

174,540

(c) Aster DM Healthcare Ltd

1,198

1,192,355

(c) Attendo AB

10,561

622,150

(a) Aveanna Healthcare Holdings, Inc

5,083

1,076,200

Bangkok Chain Hospital PCL

2,186,171

Bangkok Dusit Medical Services PCL

1,339

28,447

Becton Dickinson & Co

5,521

25,035

(b) BioMerieux

3,239

20,345

(a) BML, Inc

501

3,123,989

(a) Boston Scientific Corp

297,872

698,325

(a) BrightSpring Health Services, Inc

26,152

116,938

Bumrungrad Hospital PCL

584

235,729

Cardinal Health, Inc

48,442

26,592

(a) Carl Zeiss Meditec AG.

1,236

108,902

(a) Castle Biosciences, Inc

4,236

214,772

(a) Centene Corp

8,838

257,464

(a) Certara, Inc

2,268

449,420

(a) Cerus Corp

926

42,707

(a) Chabiotech Co Ltd

4,361

Chemed Corp

1,866

723,500

(b) China Resources Medical Holdings Co Ltd

4,203,000

Chularat Hospital PCL

782,277

Cigna Group

215,306

14,752

(a) Classys, Inc

557

80,342

Coloplast A.S.

6,888

1,228,041

(c) ConvaTec Group plc

4,009

13,860

(a) Corvel Corp

938

21,586

Craneware plc

563

50,388

CVS Group plc

872

1,439,108

CVS Health Corp

114,208

7,708

Dallah Healthcare Co

11,012

(a) DaVita, Inc

1,251

57,920

(a) Demant A.S.

1,952

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

92,578

dentalcorp Holdings Ltd

$

739

902,388

(a) DexCom, Inc

59,892

8,810

Diagnostyka S.A.

14,385

DiaSorin S.p.A.

1,155

154,144

(a) Doximity, Inc

6,826

41,800

(a) Dr Agarwal's Health Care Ltd

61,740

(c) Dr Lal PathLabs Ltd

1,018

31,751

Dr Soliman Abdel Kader Fakeeh Hospital Co

17,508

Dr Sulaiman Al Habib Medical Services Group Co

1,200

6,027

Draegerwerk AG.

469,036

EBOS Group Ltd

7,459

33,810

Eckert & Ziegler Strahlen- und Medizintechnik AG.

601

827,958

(a) Edwards Lifesciences Corp

70,583

20,000

(a) Eiken Chemical Co Ltd

30,887

El.En. S.p.A

502

1,752,457

(a),(b)

Elekta AB (B Shares)

10,717

764,537

Elevance Health, Inc

268,008

68,241

Encompass Health Corp

7,243

142,530

(a) Enhabit, Inc

1,314

410,670

(a) Enovis Corp

10,940

65,380

Ensign Group, Inc

11,389

5,401

(a) Entero Healthcare Solutions Ltd

5,186

(b) Equasens

536,655

Essilor International S.A.

169,689

220,045

(a),(b)

Establishment Labs Holdings, Inc

16,037

82,550

(a) Evolent Health, Inc

55,736

Extendicare, Inc

867

212,843

Fagron NV

5,311

251,036

Fisher & Paykel Healthcare Corp

5,454

4,439,641

Fleury S.A.

12,151

103,971

Fortis Healthcare Ltd

1,023

777,297

Fresenius Medical Care AG.

37,128

20,900

(a) Fukuda Denshi Co Ltd

1,009

48,840

(a) Fulgent Genetics, Inc

1,283

37,840

(c) Galenica AG.

4,667

635,000

(c) Genertec Universal Medical Group Co Ltd

174,541

Getinge AB (B Shares)

4,121

128,964

(a) Glaukos Corp

14,561

66,947

Global Health Ltd

884

10,212

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd

2,170

(a) Guardant Health, Inc

95,500

Gushengtang Holdings Ltd

48,989

(a),(b),(c)

GVS S.p.A

16,712

(a) Hanmi Science Co Ltd

242,500

(a),(c)

Hapvida Participacoes e Investimentos S.A.

650

1,346,900

(a) Hartalega Holdings Bhd

219,162

HCA, Inc

102,318

20,633

(a) HealthCare Global Enterprises Ltd

245,025

(a) HealthEquity, Inc

22,447

32,835

(a) Henry Schein, Inc

2,482

72,240

(a) HLB, Inc

2,546

13,000

(a),(b)

Hogy Medical Co Ltd

554

971,900

(a) Hoya Corp

147,408

21,978

Huadong Medicine Co Ltd

48,142

Humana, Inc

12,331

268,000

(a),(b),(c)

Hygeia Healthcare Holdings Co Ltd

47,720

(a) ICU Medical, Inc

6,808

33,664

(a) IDEXX Laboratories, Inc

22,775

424,089

IHH Healthcare Bhd

915

42,752

(a) Inmode Ltd

628

361,360

(a) Inogen, Inc

2,428

33,400

(a) Inspire Medical Systems, Inc

3,081

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

2,700

(a) Integer Holdings Corp

$

584,028

(a) Intuitive Surgical, Inc

330,770

27,157

(a) Inventurus Knowledge Solutions Ltd

501

41,700

(a) iRhythm Technologies, Inc

7,399

41,600

(a) Japan Lifeline Co Ltd

9,150

Jiangsu Yuyue Medical Equipment & Supply Co Ltd

138,500

(a) Jiangxi Rimag Group Co Ltd

1,497,500

(a),(b),(c)

Jinxin Fertility Group Ltd

20,000

JMDC, Inc

508

10,848

Jupiter Life Line Hospitals Ltd

460,855

Koninklijke Philips Electronics NV

12,549

68,038

Korian-Medica

1,189,600

Kossan Rubber Industries Bhd

2,926

Kovai Medical Center and Hospital Ltd

1,458,800

KPJ Healthcare Bhd

966

178,930

(a),(c)

Krishna Institute of Medical Sciences Ltd

1,212

26,219

Labcorp Holdings, Inc

6,578

9,702,717

(b) Life Healthcare Group Holdings Ltd

6,674

1,197,080

(a) LifeStance Health Group, Inc

8,427

2,538,000

(a),(b)

Lifetech Scientific Corp

509

382,428

(a) LivaNova plc

23,531

21,480

(a) Lunit, Inc

614

1,858,200

(a) M3, Inc

24,998

60,663

(a),(b)

Mani, Inc

562

98,829

(a) Masimo Corp

12,854

644,145

Max Healthcare Institute Ltd

7,492

123,992

McKesson Corp

101,709

5,388

(c) Medacta Group S.A.

1,059

139,700

(a) Mediceo Paltac Holdings Co Ltd

2,473

52,529

Medicover AB

1,254

7,239,500

Medikaloka Hermina Tbk PT

598

156,963

(a) Medline, Inc

6,592

197,000

(b),(c)

Medlive Technology Co Ltd

44,084

(a) Menicon Co Ltd

245,535

(a) Merit Medical Systems, Inc

21,641

24,367

(c) Metropolis Healthcare Ltd

523

147,000

(b) MicroPort NeuroTech Ltd

692,100

(a),(b)

Microport Scientific Corp

963

34,426

Middle East Healthcare Co

43,600

(a) Miraca Holdings, Inc

942

4,158,100

Mitra Keluarga Karyasehat Tbk PT

593

64,461

(a),(c)

MLP Saglik Hizmetleri AS.

571

22,631

(a) Molina Healthcare, Inc

3,927

18,697

Mouwasat Medical Services Co

180,030

(a),(b)

Myomo, Inc

52,122

Nakanishi, Inc

660

173,601

(a) Nanosonics Ltd

53,796

Narayana Hrudayalaya Ltd

1,133

4,410

National Healthcare Corp

605

17,144

National Medical Care Co

652

1,030,394

(a) Network Healthcare Holdings Ltd

985

61,550

(a) NeuroPace, Inc

950

220,500

(a),(c),(d)

New Horizon Health Ltd

0^

122,254

(a) Nihon Kohden Corp

1,316

109,152

(a) Nipro Corp

1,030

159,379

(a),(d)

NMC Health plc

0^

123,300

(a) Novocure Ltd

1,594

198,550

Odontoprev S.A.

596,500

(a) Olympus Corp

7,563

580,021

(a) Option Care Health, Inc

18,479

55,766

(a) Orpea S.A.

935

254,810

(a) Orthofix Medical, Inc

3,863

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

298,180

(a) PACS Group, Inc

$

11,447

347,653

(a) Pediatrix Medical Group, Inc

7,436

33,885

Pegavision Corp

380,068

(a) Pennant Group, Inc

10,699

2,327

(a) Penumbra, Inc

724

20,700

(a) PHC Holdings Corp

1,042,491

(a) Phreesia, Inc

17,639

79,000

(a),(d)

Pihsiang Machinery Manufacturing Co Ltd

0^

23,620

Poly Medicure Ltd

547,475

(a),(b)

PolyNovo Ltd

287,536

(a) Privia Health Group, Inc

6,817

41,274

Pro Medicus Ltd

6,062

172,800

(a) Progyny, Inc

4,438

34,977

Quest Diagnostics, Inc

6,070

287,264

(a) RadNet, Inc

20,496

580,299

Raffles Medical Group Ltd

41,762

Rainbow Children's Medicare Ltd

614

149,149

Ramsay Health Care Ltd

3,410

23,387

RaySearch Laboratories AB

575

490,076

(c) Rede D'Or Sao Luiz S.A.

3,630

548,124

Regis Healthcare Ltd

2,540

16,325

Revenio Group Oyj

491,300

(b) Riverstone Holdings Ltd

461,260

(a) RxSight, Inc

4,806

713,408

(a) Ryman Healthcare Ltd

1,191

291,840

Saudi Chemical Co Holding

26,826

(a) SD Biosensor, Inc

103,364

Sectra AB

2,805

102,883

Selcuk Ecza Deposu Ticaret ve Sanayi A.S.

503,082

Shandong Weigao Group Medical Polymer Co Ltd

133,000

Shanghai Conant Optical Co Ltd

922

274,500

(a) Shanghai MicroPort MedBot Group Co Ltd

860

25,932

(a) Shanghai Pharmaceuticals Holding Co Ltd - A

9,520

Shanghai United Imaging Healthcare Co Ltd

14,222

Shenzhen Mindray Bio-Medical Electronics Co Ltd

7,300

Shenzhen New Industries Biomedical Engineering Co Ltd

57,836

(a) Ship Healthcare Holdings, Inc

969

863,640

(a) SI-BONE, Inc

17,031

627,247

(a),(c)

Siemens Healthineers AG.

32,879

70,001

Sienna Senior Living, Inc

1,042

3,729,966

Sigma Healthcare Ltd

7,302

262,587

Sinopharm Group Co Ltd

657

481,943

Smith & Nephew plc

8,015

30,275

Sonova Holdings AG

7,831

222,121

(c) Spire Healthcare Group plc

500

1,145,900

Sri Trang Gloves Thailand PCL

66,718

(b) Straumann Holding AG.

7,793

401,713

Stryker Corp

141,190

125,500

(a) Suzuken Co Ltd

4,911

315,300

(a) Sysmex Corp

3,096

89,900

(a) Tandem Diabetes Care, Inc

1,976

513,900

(a),(b)

Teladoc Health, Inc

3,597

388,794

(a) Tenet Healthcare Corp

77,261

1,198,300

(a) Terumo Corp

17,418

38,830

(a) Toho Pharmaceutical Co Ltd

1,157

4,061,700

Top Glove Corp Bhd

645

179,950

Uniphar plc

739

1,001,554

UnitedHealth Group, Inc

330,623

16,947

Universal Health Services, Inc (Class B)

3,695

132,140

(a) Varex Imaging Corp

1,539

325,935

(a) Veeva Systems, Inc

72,758

38,093

Vijaya Diagnostic Centre Pvt Ltd

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

125,248

(a),(b)

Vimian Group AB

$

125,833

(a) Waystar Holding Corp

4,121

174,279

(a),(b)

Well Health Technologies Corp

507

36,711

Won Tech Co Ltd

20,342

(a),(b)

Xvivo Perfusion AB

14,946

(a) Yatharth Hospital & Trauma Care Services Ltd

523,300

(a),(b),(c)

Yidu Tech, Inc

3,125

(b) Ypsomed Holding AG.

1,286

156,000

YSB, Inc

377,648

Zimmer Biomet Holdings, Inc

33,958

122,000

(c) Zylox-Tonbridge Medical Technology Co Ltd

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,105,249

HOUSEHOLD & PERSONAL PRODUCTS - 0.8%

6,884

Al Majed for Oud Co

18,383

Amorepacific Corp

1,522

21,325

AMOREPACIFIC Group

15,008

APR Corp

2,406

53,452

(a) BellRing Brands, Inc

1,429

892,500

(b),(c)

Blue Moon Group Holdings Ltd

574,544

Colgate-Palmolive Co

45,400

81,101

Colgate-Palmolive India Ltd

1,874

6,462

(a) Cosmax, Inc

732

339,087

Dabur India Ltd

1,901

3,590

D'Alba Global Co Ltd

10,830

Earth Chemical Co Ltd

90,363

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS

22,775

(a) elf Beauty, Inc

1,732

581,752

Emami Ltd

3,426

98,581

Estee Lauder Cos (Class A)

10,323

245,200

(b),(c)

Giant Biogene Holding Co ltd

1,050

4,058

Gillette India Ltd

258,745

Godrej Consumer Products Ltd

3,522

95,000

(a) Grape King Bio Ltd

394,136

Hengan International Group Co Ltd

1,416

138,200

(a) Herbalife Ltd

1,781

509,136

Hindustan Lever Ltd

13,121

74,570

(a) Honasa Consumer Ltd

46,667,100

Industri Jamu Dan Farmasi Sido Muncul Tbk PT

1,511

18,356

Inter Parfums S.A.

542

41,420

Intercos S.p.A

538

33,398

(c) Jamieson Wellness, Inc

819

126,668

Jyothy Labs Ltd

334,888

Kao Corp

13,366

1,842,747

Kenvue, Inc

31,787

107,524

Kimberly-Clark Corp

10,848

918,018

Kimberly-Clark de Mexico S.A. de C.V. (Class A)

1,958

35,000

Kobayashi Pharmaceutical Co Ltd

1,214

12,403

Kolmar Korea Co Ltd

534

25,100

Kose Corp

840

5,665

LG Household & Health Care Ltd

1,016

192,200

Lion Corp

2,023

475,134

L'Oreal S.A.

203,982

15,398

Milbon Co Ltd

7,900

(a) MTG Co Ltd

666,700

(a) Natura Cosmeticos S.A.

904

106,880

(a) Nature's Sunshine Products, Inc

2,306

95,400

(a) Noevir Holdings Co Ltd

2,790

29,930

(a) Oddity Tech Ltd

1,203

47,070

(a),(b)

Ontex Group NV

3,381

(b) Pharmanutra S.p.A

1,032,900

(b) Pigeon Corp

10,619

60,400

(b) Pola Orbis Holdings, Inc

502

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HOUSEHOLD & PERSONAL PRODUCTS

(continued)

2,804,598

Procter & Gamble Co

$

401,927

1,209,583

Reckitt Benckiser Group plc

97,879

202,900

Reynolds Consumer Products, Inc

4,650

141,890

(a) Rohto Pharmaceutical Co Ltd

2,379

23,816

Sarantis S.A.

50,500

Shanghai Chicmax Cosmetic Co Ltd

3,483,329

Unilever plc

227,591

17,612

(a) VT Co Ltd

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,120,626

INSURANCE - 2.6%

156,016

Admiral Group plc

6,674

2,323,380

Aegon NV

18,067

13,817,989

AIA Group Ltd

142,230

28,856

(a) Al Rajhi Co for Co-operative Insurance

598

300,511

Allianz AG.

138,949

611,984

Allstate Corp

127,384

3,661,921

Alm Brand AS

10,890

705,520

(a) AMBAC Financial Group, Inc

5,489

1,842,766

American International Group, Inc

157,649

79,517

Amerisafe, Inc

3,054

43,558

Anadolu Hayat Emeklilik AS

544,956

Anadolu Sigorta

235,956

Aon plc

83,264

1,010,383

(a) Arch Capital Group Ltd

96,916

212,242

ASR Nederland NV

15,101

1,093,128

Assicurazioni Generali S.p.A.

45,680

21,081

Assurant, Inc

5,077

19,050

Assured Guaranty Ltd

1,712

491,821

(a) Ategrity Specialty Holdings LLC

10,333

88,947

AUB Group Ltd

1,828

4,374,214

Aviva plc

40,221

2,281,263

AXA S.A.

109,457

758,804

Axis Capital Holdings Ltd

81,260

206,700

Bangkok Life Assurance PCL

242,500

Bangkok Life Assurance PCL

4,757,500

Bangkok Life Assurance PCL

3,030

425,146

BB Seguridade Participacoes S.A.

2,808

461,514

Beazley plc

5,161

500,741

(a) Brighthouse Financial, Inc

32,443

22,062

Brookfield Wealth Solutions Ltd

1,016

51,414

Bupa Arabia for Cooperative Insurance Co

1,905

390,100

(a) Caixa Seguridade Participacoes S

1,182

5,840,215

Cathay Financial Holding Co Ltd

14,088

225,000

Central Reinsurance Co Ltd

104,164

Chesnara plc

9,711,951

China Development Financial Holding Corp

5,324

898,132

China Insurance International Holdings Co Ltd

2,163

4,591,790

China Life Insurance Co Ltd

16,232

108,275

China Life Insurance Co Ltd (Class A)

706

264,400

China Pacific Insurance Group Co Ltd - A

1,587

1,630,009

China Pacific Insurance Group Co Ltd - H

7,392

253,431

Chubb Ltd

79,101

54,265

Clal Insurance Enterprises Holdings Ltd

3,502

148,900

CNO Financial Group, Inc

6,324

44,960

Co for Cooperative Insurance

1,402

78,162

Coface S.A.

1,438

127,847

Conduit Holdings Ltd

674

3,630,000

(a),(d)

Convoy Global Holdings Ltd

2,472,100

Dai-ichi Life Holdings, Inc

20,545

69,845

Definity Financial Corp

3,864

356,858

Discovery Ltd

4,904

28,714

Dongbu Insurance Co Ltd

2,607

SHARES

DESCRIPTION

VALUE (000)

INSURANCE

(continued)

60,507

Everest Re Group Ltd

$

20,533

121,273

(f) F&G Annuities & Life, Inc

3,741

14,581

Fairfax Financial Holdings Ltd

27,789

803,389

Fidelity National Financial, Inc

43,857

12,543,965

Fubon Financial Holding Co Ltd

38,393

146,481

Gallagher (Arthur J.) & Co

37,908

220,771

(b) Generation Development Group Ltd

865

4,649,090

(a) Genworth Financial, Inc (Class A)

41,981

119,846

Gjensidige Forsikring ASA

3,582

729,107

Globe Life, Inc

101,973

159,385

(a) Go Digit General Insurance Ltd

611

194,188

Great-West Lifeco Inc

9,577

1,284,972

(a) Hamilton Insurance Group Ltd

35,851

119,971

Hannover Rueckversicherung AG.

37,333

2,282,144

Hanwha Life Insurance Co Ltd

5,153

85,467

Harel Insurance Investments & Financial Services Ltd

3,333

4,335,498

(c) HDFC Life Insurance Co Ltd

36,220

122,715

Helvetia Holding AG.

32,276

99,020

(a) Hippo Holdings, Inc

2,978

1,156,813

Hiscox Ltd

22,119

704,931

Hyundai Marine & Fire Insurance Co Ltd

15,054

64,761

iA Financial Corp, Inc

8,391

146,432

(c) ICICI Lombard General Insurance Co Ltd

3,202

231,516

(c) ICICI Prudential Life Insurance Co Ltd

1,723

1,698,364

Insurance Australia Group Ltd

9,014

124,464

Intact Financial Corp

25,910

33,053

(a) IRB-Brasil Resseguros S.A.

1,220,500

(a) Japan Post Holdings Co Ltd

12,878

735,246

Just Group plc

2,134

25,787

Kemper Corp

1,045

109,168

Korean Reinsurance Co

875

355,698

Lancashire Holdings Ltd

3,068

125,390

(a),(b)

Lemonade, Inc

8,925

46,600

(a),(b)

Lifenet Insurance Co

577

446,517

Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros

587

319,873

Mandatum Holding Oy

2,576

1,185,417

Manulife Financial Corp

43,045

1,099,805

Marsh & McLennan Cos, Inc

204,036

557,832

(a) Max Financial Services Ltd

10,386

1,977,476

Medibank Pvt Ltd

6,311

17,156

Menora Mivtachim Holdings Ltd

2,149

2,560,187

Mercuries Life Insurance Co Ltd

652

141,360

Mercury General Corp

13,296

634,375

Metlife, Inc

50,078

415,109

(a) Migdal Insurance & Financial Holdings Ltd

2,014

7,816,502

Momentum Metropolitan Holdings

18,050

97,025

Muenchener Rueckver AG.

63,851

400,000

(a) Neptune Insurance Holdings, Inc

11,664

78,065

New China Life Insurance Co Ltd - A

779

578,065

New China Life insurance Co Ltd - H

4,050

380,094

nib holdings Ltd

1,737

538,348

NN Group NV

41,531

2,943,633

Old Mutual Ltd

2,649

197,190

Old Republic International Corp

9,000

381,167

(a) Oscar Health, Inc

5,477

523,759

OUTsurance Group Ltd

2,266

213,816

(a) PB Fintech Ltd

4,349

5,421,388

People's Insurance Co Group of China Ltd

4,710

343,215

People's Insurance Co Group of China Ltd (Class A)

970,192

Phoenix Group Holdings plc

9,605

136,991

Phoenix Holdings Ltd

5,666

4,269,556

PICC Property & Casualty Co Ltd

8,976

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

INSURANCE

(continued)

4,134,476

Ping An Insurance Group Co of China Ltd

$

34,728

6,216,145

Ping An Insurance Group Co of China Ltd (Class A)

60,894

127,000

Porto Seguro S.A.

1,119

389,220

(b) Power Corp of Canada

20,687

370,865

Powszechny Zaklad Ubezpieczen S.A.

6,864

42,965

Primerica, Inc

11,100

92,384

Principal Financial Group

8,149

710,233

Progressive Corp

161,734

40,877

Protector Forsikring ASA

2,117

9,837,845

Prudential plc

151,336

1,084,378

QBE Insurance Group Ltd

14,357

135,100

(b) Qualitas Controladora SAB de C.V.

1,400

146,076

(a) Rasan Information Technology Co

4,511

8,930

Reinsurance Group of America, Inc (Class A)

1,817

81,993

(a) Religare Enterprises Ltd

60,571

RenaissanceRe Holdings Ltd

17,030

44,287

Ryan Specialty Holdings, Inc

2,287

18,406

Samsung Fire & Marine Insurance Co Ltd

6,350

49,307

Samsung Life Insurance Co Ltd

5,390

1,097,262

Sanlam Ltd

6,526

252,590

Santam Ltd

6,520

54,241

(a) Saudi Reinsurance Co

283,688

(c) SBI Life Insurance Co Ltd

6,430

118,325

SCOR SE

3,983

145,027

(b) Selective Insurance Group, Inc

12,134

6,126

Seoul Guarantee Insurance Co

120,000

Shinkong Insurance Co Ltd

180,100

(a) SiriusPoint Ltd

3,942

1,516,312

Sompo Holdings, Inc

51,467

159,099

(a) Star Health & Allied Insurance Co Ltd

805

808,739

Steadfast Group Ltd

2,841

1,366,894

Storebrand ASA

23,361

392,091

Sun Life Financial, Inc

24,476

777,540

Suncorp-Metway Ltd

9,128

1,400

Swiss Life Holding

1,613

248,500

Syarikat Takaful Malaysia Keluarga Bhd

16,395,200

Thai Life Insurance PCL

5,167

162,427

Tiptree, Inc

2,968

2,587,800

Tokio Marine Holdings, Inc

95,661

30,538

Tongyang Life Insurance Co Ltd

139,064

(a) Trisura Group Ltd

4,328

856,841

Tryg A.S.

22,408

17,560,305

Turkiye Sigorta AS

4,832

495,092

(a) TWFG, Inc

14,244

213,707

Unipol Gruppo S.p.A

5,127

479,156

Uniqa Versicherungen AG.

8,660

397,681

Unum Group

30,820

28,809

Vienna Insurance Group AG Wiener Versicherung Gruppe

2,269

90,925

Willis Towers Watson plc

29,878

16,546

Wuestenrot & Wuerttembergische AG.

795,000

(a),(b),(c)

ZhongAn Online P&C Insurance Co Ltd

1,645

159,985

Zurich Insurance Group AG

121,061

TOTAL INSURANCE

3,467,696

MATERIALS - 4.4%

63,558

(a) 5N Plus, Inc

821

140,525

Aarti Industries Ltd

585

241,659

Abou Kir Fertilizers & Chemical Industries

139,727

(a) Acerinox S.A.

2,068

58,038

(a) ADEKA Corp

1,439

22,027

(a) Advanced Building Industries Co

86,030

(a) Advanced Petrochemical Co

668

86,117

AECI Ltd

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

79,540

(b) African Rainbow Minerals Ltd

$

952

15,643

AGI Greenpac Ltd

524,111

Agnico Eagle Mines Ltd

88,853

423,352

Agnico-Eagle Mines Ltd

71,793

41,552

(a) Aica Kogyo Co Ltd

934

24,200

(a) Aichi Steel Corp

874,453

Air Liquide

164,357

294,638

Air Products & Chemicals, Inc

72,781

136,600

(a) Air Water, Inc

1,970

7,443

Akzo Nobel India Ltd

24,297

Akzo Nobel NV

1,691

382,840

Al Masane Al Kobra Mining Co

8,976

354,041

Alamos Gold, Inc

13,671

64,399

Albemarle Corp

9,109

32,363

Alcoa Corp

1,720

736,714

(a) Alkane Resources Ltd

656

14,012

Alkyl Amines Chemicals

149,780

Alleima AB

1,320

761,958

(a) Allied Gold Corp

17,459

33,000

Allied Supreme Corp

117,023

(a),(b)

Almonty Industries, Inc

1,029

1,185,360

(a),(b)

Alpek SAB de C.V.

610

722,256

(a) Alpha HPA Ltd

29,886

Altius Minerals Corp

889

55,470

(b) Altri SGPS S.A.

28,136

Alujain Corp

2,337,964

Aluminum Corp of China Ltd

3,660

487,887

Aluminum Corp of China Ltd (Class A)

851

4,473

AlzChem Group AG.

808

395,824

Ambuja Cements Ltd

2,453

492,758

Amcor plc

4,110

165,550

(a),(b)

Americas Gold & Silver Corp

849

25,196

AMG Advanced Metallurgical Group NV

839

9,012,100

(a) Amman Mineral Internasional PT

3,470

162,506

Anglo American Platinum Ltd

13,762

4,180,451

Anglo American plc

172,914

198,359

AngloGold Ashanti PLC

16,916

308,481

AngloGold Ashanti UK Ltd

26,566

786,565

Anhui Conch Cement Co Ltd

2,233

150,945

Anhui Conch Cement Co Ltd (Class A)

219,638

Antofagasta plc

9,648

32,941

APERAM S.A.

1,360

645,396

(a) Apex Investment Co PSC

636

112,778

APL Apollo Tubes Ltd

2,404

279,736

Arabian Cement Co

1,583

236,566

ArcelorMittal S.A.

10,863

29,351

Archean Chemical Industries Ltd

58,034

(a) ARE Holdings, Inc

1,183

133,596

(a) Aris Mining Corp

2,167

47,156

Arkema

2,874

174,900

(a) Asahi Kasei Corp

1,555

8,700

(a),(b)

Asahi Organic Chemicals Industry Co Ltd

Ashland, Inc

1,449,044

Asia Cement Corp

1,714

12,981

(a),(d)

Asia Pacific Investment Partners Limited

0^

238,564

Asian Paints Ltd

7,360

40,871

Associated Cement Co Ltd

791

89,948

Atalaya Mining plc

1,030

12,057

Atul Ltd

824

23,852

Aura Minerals, Inc

1,203

23,582

(a) Aurubis AG.

3,414

11,122

Avery Dennison Corp

2,023

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

12,371,000

Avia Avian Tbk PT

$

553,582

Avient Corp

17,294

109,287

(a),(b)

Avino Silver & Gold Mines Ltd

680

175,955

(a) Axalta Coating Systems Ltd

5,685

416,835

(a),(b)

Aya Gold & Silver, Inc

5,965

982,333

B2Gold Corp

4,423

126,876

Balchem Corp

19,458

189,342

Ball Corp

10,029

839,567

Baoshan Iron & Steel Co Ltd

895

14,468,138

(a) Barito Pacific Tbk PT

2,829

1,433,306

Barrick Mining Corp

62,437

9,291

BASF India Ltd

1,407,330

BASF SE

74,052

1,980,869

(a) Baticim Bati Anadolu Cimento Sanayii AS

11,343

Bayer CropScience Ltd

575

1,506,000

BBMG Corp (Class H)

26,513

Bekaert S.A.

1,174

1,074,275

(a) Bellevue Gold Ltd

1,202

6,263,691

BHP Billiton Ltd

189,033

146,061

(b) BHP Group Ltd

4,423

165,179

Billerud AB

1,676

4,000

(a),(b),(d)

Bio On Spa

0^

28,588

Birla Corp Ltd

375,136

BlueScope Steel Ltd

5,990

323,509

Boliden AB

17,921

27,146

(a) Borusan Mannesmann Boru Sanayi ve Ticaret AS.

1,567,842

Boubyan Petrochemicals Co KSCP

2,990

1,927,234

Bradespar S.A.

6,976

167,200

(a) Braskem S.A.

60,588

(a) Brazilian Rare Earths Ltd

185,280

Breedon Group plc

822

46,077

Buzzi Unicem S.p.A.

2,785

65,300

(a) C Uyemura & Co Ltd

6,115

41,161

(a) Canfor Corp

45,797

(a) CAP S.A.

286,694

(a) Capricorn Metals Ltd

2,713

611,444

(a) Capstone Copper Corp

6,139

85,783

Carborundum Universal Ltd

818

56,800

Cascades, Inc

516

312,328

Castrol India Ltd

670

179,840

(a) Catalyst Metals Ltd

875

123,260

CCL Industries

7,786

45,392

Celanese Corp (Series A)

1,919

33,242

Cementir Holding NV

729

467,157

Cementos Argos S.A.

1,331

9,340,630

Cemex S.A. de C.V.

10,722

1,833,026

Centerra Gold, Inc

26,389

132,000

Century Iron & Steel Industrial Co Ltd

584

45,282

Century Plyboards India Ltd

111,367

CF Industries Holdings, Inc

8,613

119,148

Chambal Fertilisers and Chemicals Ltd

640

295,381

(b) Champion Iron Ltd

1,190

5,433,100

Chandra Asri Pacific Tbk PT

2,276

59,219

(a) Chemplast Sanmar Ltd

632,000

Cheng Loong Corp

25,500

Chifeng Jilong Gold Mining Co Ltd

1,448,000

China BlueChemical Ltd

1,775,605

China Hongqiao Group Ltd

7,457

169,529

China Jushi Co Ltd

2,333,614

China Molybdenum Co Ltd

5,798

656,844

China Molybdenum Co Ltd (Class A)

1,880

2,333,635

China National Building Material Co Ltd

1,537

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

859,000

China Nonferrous Mining Corp Ltd

$

1,630

136,329

China Northern Rare Earth Group High-Tech Co Ltd

899

2,924,000

China Petrochemical Development Corp

723

34,800

China Rare Earth Resources And Technology Co Ltd

1,758,000

China Resources Cement Holdings Ltd

1,067,000

(b) China Risun Group Ltd

118,000

China Steel Chemical Corp

7,232,568

China Steel Corp

4,370

2,939,251

China XLX Fertiliser Ltd

3,405

4,462,240

(a),(b),(d)

China Zhongwang Holdings Ltd

28,078

(a) Chugoku Marine Paints Ltd

791

712,000

Chung Hung Steel Corp

73,800

Cia de Ferro Ligas da Bahia FERBASA

97,960

Cia de Minas Buenaventura S.A. (ADR) (Series B)

2,726

336,300

Cia Siderurgica Nacional S.A.

544

300,439

Cimsa Cimento Sanayi VE Ticaret AS.

87,300

Citic Pacific Special Steel Group Co Ltd

440,178

City Cement Co

1,480

158,664

(b) Clariant AG.

1,419

35,762

Clean Science & Technology Ltd

2,048,744

(a) Coeur Mining, Inc

36,529

34,896

(a) Collective Mining Ltd

508

285,383

Commercial Metals Co

19,754

86,132

(a) Companhia Vale do Rio Doce

2,123,590

Companhia Vale do Rio Doce (ADR)

27,670

1,177,557

(a) Constellium SE

22,197

36,423

Corbion NV

794

28,480

Coromandel International Ltd

719

475,679

Corteva, Inc

31,885

27,315

Corticeira Amorim SGPS S.A.

2,349,281

CRH plc

293,190

91,492

Croda International plc

3,319

111,656

Crown Holdings, Inc

11,497

220,100

CSG Holding Co Ltd

9,018

(a) Daelim Industrial Co

163,200

(a) Daicel Chemical Industries Ltd

1,461

93,955

(a) Daido Steel Co Ltd

961

60,601

Dainippon Ink and Chemicals, Inc

1,415

46,399

(a) Daio Paper Corp

40,000

Daxin Materials Corp

13,186

DCM Shriram Ltd

52,261

Deepak Fertilisers & Petrochemicals Corp Ltd

750

43,916

Deepak Nitrite Ltd

848

62,349

(a) Denki Kagaku Kogyo KK

1,097

315,898

Deterra Royalties Ltd

854

155,003

(a) Develop Global Ltd

375,547

Dexco S.A.

6,060

Dhanuka Agritech Ltd

487,627

(a) Discovery Silver Corp

2,977

27,682

Dongjin Semichem Co Ltd

704

993,000

Dongyue Group Ltd

1,382

284,906

Dow, Inc

6,661

40,379

(a) DOWA HOLDINGS CO Ltd

1,917

334,880

DRDGOLD Ltd

1,058

723,121

DSM-Firmenich AG.

58,334

161,686

Dundee Precious Metals, Inc

4,997

5,171,526

DuPont de Nemours, Inc

207,895

1,407,732

Dyno Nobel Ltd

3,009

Eagle Materials, Inc

10,598

East Pipes Integrated Co for Industry

38,009

Eastern Province Cement Co

63,359

Eastman Chemical Co

4,044

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

128,801

Ecolab, Inc

$

33,813

65,163

(a) EID Parry India Ltd

750

152,917

(a) Eldorado Gold Corp

5,496

226,495

Element Solutions, Inc

5,660

419,410

Elementis plc

938

191,319

(c) Elkem ASA

577

86,979

Elopak ASA

403,358

(a) Emerald Resources NL

1,678

655,245

Empresas CMPC S.A.

1,028

999

EMS-Chemie Holding AG.

689

76,101

(a),(b)

Ence Energia y Celulosa S.A.

13,512

(a) Enchem Co Ltd

591

114,561

Endeavour Mining plc

5,986

224,019

(a) Endeavour Silver Corp

2,107

122,091

EPL Ltd

2,417,104

(a) Equinox Gold Corp

33,970

6,620

(b) Eramet

2,186,974

Eregli Demir ve Celik Fabrikalari TAS

1,212

73,525

(a),(b)

ERO Copper Corp

2,080

638,850

Eternal Chemical Co Ltd

831

124,000

EVERGREEN Steel Corp

1,742,869

Evolution Mining Ltd

14,586

36,463

Evonik Industries AG.

569

323,000

Feng Hsin Iron & Steel Co

630

7,567

Fine Organic Industries Ltd

220,875

Finolex Industries Ltd

1,286,478

(a),(d)

Firefinch Ltd

929,192

First Majestic Silver Corp

15,503

596,926

(a) First Quantum Minerals Ltd

16,004

236,094

(a),(b)

Flotek Industries, Inc

4,068

202,040

(a) Foran Mining Corp

742

2,193,139

Formosa Chemicals & Fibre Corp

2,237

2,402,019

Formosa Plastics Corp

2,979

1,456,870

Fortescue Metals Group Ltd

21,303

1,769,485

(a) Fortuna Silver Mines, Inc

17,340

37,420

(a) FP Corp

628

162,216

Franco-Nevada Corp

33,625

3,495,732

Freeport-McMoRan, Inc (Class B)

177,548

164,014

Fresnillo plc

7,313

49,179

(b) FUCHS SE

2,190

1,200,000

Fufeng Group Ltd

1,218

30,877

(a) Fuji Seal International, Inc

620

35,325

(a) Fujimi, Inc

536

43,720

(a) Fujimori Kogyo Co Ltd

15,900

(a) Fuso Chemical Co Ltd

648

121,786

(a) G Mining Ventures Corp

3,681

11,151

Galaxy Surfactants Ltd

277,200

(b),(c)

Ganfeng Lithium Group Co Ltd

1,855

57,880

Ganfeng Lithium Group Co Ltd

521

5,606

Garware Hi-Tech Films Ltd

127,000

GCC SAB de C.V.

1,288

771,424

(a) Genesis Minerals Ltd

3,690

795,580

Gerdau S.A. (Preference)

2,936

62,969

GHCL Ltd

15,801

Givaudan S.A.

62,513

29,954,830

Glencore plc

163,753

579,000

(a),(b)

Global New Material International Holdings Ltd

769

369,000

Gloria Material Technology Corp

197,705

Godawari Power and Ispat Ltd

587

677,109

Gold Fields Ltd

29,524

665,000

Goldsun Development & Construction Co Ltd

801

77,561

Granges AB

1,223

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

173,776

Grasim Industries Ltd

$

5,472

23,172

Gravita India Ltd

605,755

(a),(d)

Great Basin Gold Ltd

372,800

(a) Greatland Resources Ltd

2,566

30,707

(a) Grupa Azoty S.A.

7,469

Grupa Kety S.A.

1,896

243,491

(a) Grupo Argos S.A.

1,094

6,463,838

Grupo Mexico S.A. de C.V. (Series B)

61,033

116,400

(a) Guangdong HEC Technology Holding Co Ltd

63,524

Guangzhou Tinci Materials Technology Co Ltd

57,705

(a) Gubre Fabrikalari TAS

21,772

Gujarat Fluorochemicals Ltd

889

65,223

Gujarat Narmada Valley Fertilizers & Chemicals Ltd

152,884

Gujarat State Fertilizers & Chemicals Ltd

8,530

Gulf Oil Lubricants India Ltd

25,192

(a) Han Kuk Carbon Co Ltd

522

15,363

Hanil Cement Co Ltd

6,935

Hansol Chemical Co Ltd

1,094

84,376

(a) Hanwha Chemical Corp

1,572

351,371

Harmony Gold Mining Co Ltd

7,049

816,450

Hecla Mining Co

15,668

821,979

HeidelbergCement AG.

213,104

2,810,871

(a) Hektas Ticaret TAS

81,000

Henan Shenhuo Coal & Power Co Ltd

262,569

Hengli Petrochemical Co Ltd

847

208,719

Hexpol AB

1,985

1,115,700

Hextar Global Bhd

60,406

Hill & Smith Holdings plc

1,734

121,598

Himadri Speciality Chemical Ltd

660

835,414

Hindalco Industries Ltd

8,245

215,472

Hindustan Copper Ltd

1,243

1,505,758

Hochschild Mining plc

10,352

87,329

(a),(b)

Hokuetsu Paper Mills Ltd

234,808

Holcim Ltd

22,859

10,844

Holmen AB

14,427

Honam Petrochemical Corp

704

33,700

Hoshine Silicon Industry Co Ltd

700,000

(b) Huabao International Holdings Ltd

167,000

Huafon Chemical Co Ltd

58,300

Huaibei Mining Holdings Co Ltd

295,655

HudBay Minerals, Inc

5,870

71,690

Huhtamaki Oyj

2,496

247,011

Hunan Valin Steel Co Ltd

1,566

(a) Hyosung Advanced Materials Corp

2,114

(a) Hyosung TNC Corp

66,251

Hyundai Steel Co

1,427

533,933

(a) i-80 Gold Corp

786

428,797

(a) Iamgold Corp

7,076

319,111

(c) Ibstock plc

599

35,100

(a),(b)

Idaho Strategic Resources, Inc

1,415

322,120

Iluka Resources Ltd

1,238

407,832

Imdex Ltd

932

25,500

Imerys S.A.

715

555,277

Impala Platinum Holdings Ltd

8,726

1,499,300

Indah Kiat Pulp & Paper Tbk PT

762

515,349

Independence Group NL

2,809

58,819

(a) India Cements Ltd

17,984

India Glycols Ltd

9,864

Indigo Paints Ltd

122,321

(a),(b)

Industrias Penoles S.A. de C.V.

6,431

1,873,018

Inner Mongolia BaoTou Steel Union Co Ltd

638

366,388

Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

67,400

Inner Mongolia Xingye Silver&Tin Mining Co Ltd

$

202,146

Innospec, Inc

15,472

176,746

International Flavors & Fragrances, Inc

11,911

71,348

International Paper Co

2,810

237,351

(a),(b)

IperionX Ltd

883

11,000

(b) Ise Chemicals Corp

112,887

Israel Chemicals Ltd

649

2,657

Israel Corp Ltd

767

15,735

(a) ISU Specialty Chemical

645

652,094

(a),(b)

Ivanhoe Mines Ltd

7,416

115,890

(a) Jai Balaji Industries Ltd

61,482

(a) James Hardie Industries plc

1,276

34,353

(a) Jastrzebska Spolka Weglowa S.A.

12,500

(a) JCU Corp

81,900

(a) JFE Holdings, Inc

1,044

220,100

Jiangsu Eastern Shenghong Co Ltd

650,115

Jiangxi Copper Co Ltd

3,593

83,509

Jiangxi Copper Co Ltd (Class A)

656

67,200

(a) Jiaxin International Resources Investment Ltd

430,270

Jinan Acetate Chemical Co Ltd

710

184,680

Jindal Saw Ltd

211,381

Jindal Stainless Ltd

1,975

241,943

Jindal Steel & Power Ltd

2,836

138,900

Jinduicheng Molybdenum Co Ltd

147,800

Jinshan Gold Mines, Inc

2,981

28,600

JK Cement Ltd

1,763

45,172

JK Lakshmi Cement Ltd

60,349

JK Paper Ltd

120,025

Johnson Matthey plc

3,443

387,130

JSW Steel Ltd

5,021

60,729

Jubilant Ingrevia Ltd

130,346

K&S AG.

1,897

179,584

(a) K92 Mining, Inc

2,969

28,515

(a) Kaneka Corp

800

190,312

Kansai Nerolac Paints Ltd

107,000

(a) Kansai Paint Co Ltd

1,690

707,162

Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS.

3,191

KCC Corp

931

11,200

(a),(b)

KeePer Technical Laboratory Co Ltd

86,951

(b) Kemira Oyj

1,995

3,507,215

Keppel Infrastructure Trust

1,336

84,950

KGHM Polska Miedz S.A.

6,600

25,100

KH Neochem Co Ltd

32,900

Kingfa Sci & Tech Co Ltd

1,022,686

Kinross Gold Corp

28,806

48,552

Kirloskar Ferrous Industries Ltd

61,202

Kirloskar Oil Engines Ltd

832

506,566

Klabin S.A.

1,730

230,336

(a) Knife River Corp

16,204

267,900

(a) Kobe Steel Ltd

3,540

13,947

Kolon Industries, Inc

40,316

(a) Konishi Co Ltd

2,411

Korea Zinc Co Ltd

2,194

838,418

Koza Altin Isletmeleri AS

798

110,771

(a) Koza Anadolu Metal Madencilik Isletmeleri AS

13,600

(a) Krosaki Harima Corp

36,510

(a),(d)

Kum Yang Co Ltd

10,868

(a) Kumho Petrochemical Co Ltd

910

49,548

(a) Kumiai Chemical Industry Co Ltd

220,000

Kuraray Co Ltd

2,232

26,600

(a) KUREHA CORP

693

10,716

(a) Kyoei Steel Ltd

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

46,173

(b) Labrador Iron Ore Royalty Corp

$

1,005

309,500

Lafarge Malayan Cement BHD

584

33,409

Lake Materials Co Ltd

61,672

Lanxess AG.

1,264

63,295

Laxmi Organic Industries Ltd

93,054

LB Group Co Ltd

1,196,000

Lee & Man Paper Manufacturing Ltd

15,343

Lenzing AG.

816,893

(a),(b),(d)

Leo Lithium Ltd

172,508

LG Chem Ltd

39,903

1,413,889

Linde plc

602,868

385,000

(b) Lingbao Gold Co Ltd

886

28,500

(a) Lintec Corp

804

1,427,644

(a),(b)

Liontown Resources Ltd

1,495

157,284

(a),(b)

Lithium Americas Corp

684

12,252

LOTTE Fine Chemical Co Ltd

34,781

Louisiana-Pacific Corp

2,809

91,274

Lundin Gold, Inc

7,582

605,966

Lundin Mining Corp

13,024

25,559

(a) LunR Royalties Corp

2,065,753

(a) Lynas Corp Ltd

16,942

100,766

LyondellBasell Industries NV

4,363

1,166,000

Maanshan Iron & Steel Co Ltd

33,766

(a) Maeda Kosen Co Ltd

285,750

(a) Magnera Corp

4,326

323,523

Maharashtra Seamless Ltd

2,020

50,257

(a) Major Drilling Group International

168,448

Marshalls plc

15,634

Martin Marietta Materials, Inc

9,735

134,700

(a) Maruichi Steel Tube Ltd

1,247

12,421

Meghmani Finechem Ltd

6,804,600

(a) Merdeka Copper Gold Tbk PT

927

3,515,081

Mesaieed Petrochemical Holding Co

1,055

5,909,427

Metalurgica Gerdau S.A.

9,649

43,709

(b) Methanex Corp

1,734

39,208

(a) Middle East Paper Co

133,756

Mineral Resources Ltd

4,828

106,724

Minerals Technologies, Inc

6,505

70,176

(a) Mineros S.A.

27,572

(c) Mishra Dhatu Nigam Ltd

7,500

(a) Mitani Sekisan Co Ltd

182,200

(a) Mitsubishi Chemical Holdings Corp

1,067

111,300

(a) Mitsubishi Gas Chemical Co, Inc

2,022

888,400

(a) Mitsubishi Materials Corp

20,851

273,800

(a) Mitsui Chemicals, Inc

3,501

62,164

(a) Mitsui Mining & Smelting Co Ltd

7,011

2,632,000

(a) MMG Ltd

2,974

41,763

MOIL Ltd

373,675

(a) Mondi plc

4,559

178,991

(a) Montage Gold Corp

1,288

343,758

(a) Mosaic Co

8,281

87,687

(a),(b)

MP Materials Corp

4,430

131,866

(b) M-real Oyj (B Shares)

247,658

(b) Myers Industries, Inc

4,636

36,000

Nan Pao Resins Chemical Co Ltd

3,198,887

Nan Ya Plastics Corp

6,117

3,310,866

National Aluminium Co Ltd

11,571

221,707

(a) National Industrialization Co

545

26,332

Navin Fluorine International Ltd

1,735

593,004

(a) New Gold, Inc

5,167

2,355

NewMarket Corp

1,619

770,980

Newmont Goldcorp Corp

76,982

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

102,239

(a) NGEx Minerals Ltd

$

1,907

1,438,513

Nickel Industries Ltd

798

54,381

(a) Nihon Parkerizing Co Ltd

1,368,000

(a) Nine Dragons Paper Holdings Ltd

1,041

281,806

Ningxia Baofeng Energy Group Co Ltd

792

102,966

(a) Nippon Kayaku Co Ltd

1,106

278,103

(a) Nippon Light Metal Holdings Co Ltd

4,526

379,500

(a) Nippon Mining Holdings, Inc

4,744

134,900

(b) Nippon Paint Co Ltd

903

77,980

(a) Nippon Paper Industries Co Ltd

579

13,700

(a),(b)

Nippon Pillar Packing Co Ltd

79,312

(a) Nippon Shokubai Co Ltd

1,016

30,368

(a) Nippon Soda Co Ltd

703

688,000

(a) Nippon Steel Corp

2,815

92,400

(a) Nissan Chemical Industries Ltd

3,175

41,570

(a) Nittetsu Mining Co Ltd

594

100,600

Nitto Denko Corp

2,395

1,964,207

NMDC Ltd

1,818

623,733

(a) NMDC Steel Ltd

151,446

(a) NOF Corp

2,919

316,009

Norsk Hydro ASA

2,439

221,304

Northam Platinum Holdings Ltd

4,491

1,378,658

Northern Star Resources Ltd

24,261

301,590

(a) Novagold Resources, Inc

2,811

225,612

(a) Novagold Resources, Inc

2,104

217,824

Novozymes A.S.

13,937

99,886

Nucor Corp

16,292

224,442

Nufarm Ltd

37,940

Nuh Cimento Sanayi AS.

925,410

(b) Nutrien Ltd

57,121

109,674

(a) Nuvoco Vistas Corp Ltd

174,880

OceanaGold Corp

4,956

11,051

OCI Co Ltd

882

75,534

OCI NV

572,900

(a) OJI Paper Co Ltd

3,145

7,200

(a) Okamoto Industries, Inc

34,955

Olympic Steel, Inc

1,496

125,954

Omnia Holdings Ltd

600

270,963

OR Royalties, Inc

9,598

935,956

(a) Ora Banda Mining Ltd

946

739,000

Orbia Advance Corp SAB de C.V.

640

369,423

Orica Ltd

5,967

226,059

(a) Orla Mining Ltd

3,040

979,625

Orora Ltd

1,441

49,700

(a) Osaka Soda Co Ltd

689

7,500

(a) Osaka Steel Co Ltd

257,173

Outokumpu Oyj

1,338

863,601

Oyak Cimento Fabrikalari AS

1,064,800

Pabrik Kertas Tjiwi Kimia Tbk PT

59,239

Packaging Corp of America

12,217

1,522,670

Pan African Resources plc

2,479

356,455

Pan American Silver Corp (Toronto)

18,480

249,472

(a) Pantoro Gold Ltd

806

2,719,450

(c) Paradeep Phosphates Ltd

4,993

136,840

PCBL Ltd

647,487

Perenti Ltd

1,202

3,454,248

Perseus Mining Ltd

12,986

979,003

(a) Petkim Petrokimya Holding

1,571,315

Petronas Chemicals Group Bhd

1,403

2,195,100

Petrosea Tbk PT

1,432

49,590

PI Industries Ltd

1,789

198,422

Pidilite Industries Ltd

3,273

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

2,408,148

(b) Pilbara Minerals Ltd

$

6,746

12,773

Poongsan Corp

946

138,360

(b) Portucel Empresa Produtora de Pasta e Papel S.A.

510

44,721

POSCO

9,481

58,625

PPG Industries, Inc

6,007

1,352,542

(a) Predictive Discovery Ltd

657

2,310,868

Press Metal Aluminium Holdings Bhd

4,053

126,676

(a) Prism Johnson Ltd

2,798

Privi Speciality Chemicals Ltd

80,011,700

PT Aneka Tambang Tbk

15,073

984,500

PT Indocement Tunggal Prakarsa Tbk

2,808,900

PT Semen Gresik Persero Tbk

1,724,100

PT Vale Indonesia Tbk

534

4,000

(a) PTC Industries Ltd

827

1,486,500

PTT Global Chemical PCL

988

40,284

Qassim Cement Co

2,214,542

Qatar Aluminum Manufacturing Co

974

203,900

(a) Qinghai Salt Lake Industry Co Ltd

822

69,861

Rallis India Ltd

87,191

Ramco Cements Ltd

1,026

1,451,907

Ramelius Resources Ltd

3,993

54,395

Ramkrishna Forgings Ltd

42,885

Rashtriya Chemicals & Fertilizers Ltd

23,009

Ratnamani Metals & Tubes Ltd

609

558,639

Regis Resources Ltd

2,786

204,051

Reliance Steel & Aluminum Co

58,944

143,383

(a) Rengo Co Ltd

1,113

25,455,342

(a) Resolute Mining Ltd

20,617

50,762

Rhi Magnesita India Ltd

13,206

RHI Magnesita NV

319,360

Rio Tinto Ltd

31,155

515,830

Rio Tinto plc

41,551

521,342

Riyadh Cement Co

3,290

582

(b) Robertet S.A.

601

399,224

Rongsheng Petrochemical Co Ltd

669

206,825

Royal Gold, Inc

45,975

43,279

RPM International, Inc

4,501

143,482

SABIC Agri-Nutrients Co

4,231

218,789

Sahara International Petrochemical Co

875

24,500

(b) Sakata INX Corp

19,720

Salzgitter AG.

922

344,189

(a) Sandfire Resources Ltd

4,088

85,398

Sandur Manganese & Iron Ores Ltd

95,711

(a) Sanyo Chemical Industries Ltd

3,191

418,546

(b) Sappi Ltd

621

67,474

Sarda Energy & Minerals Ltd

357,124

Sasol Ltd

2,279

134,520

Satellite Chemical Co Ltd

1,035,615

(a) Saudi Arabian Mining Co

16,822

554,802

Saudi Basic Industries Corp

7,588

51,590

Saudi Cement Co

220,241

Saudi Industrial Investment Group

728

550,046

(a) Saudi Kayan Petrochemical Co

693

11,216

(a) Saudi Paper Manufacturing Co

17,510

Saudi Steel Pipe Co

726,100

SCG Packaging PCL

692,448

Schweitzer-Mauduit International, Inc

8,413

577,500

(a) Scientex BHD

76,572

Scotts Miracle-Gro Co (Class A)

4,468

59,493

(a) Seabridge Gold, Inc

1,764

11,934

SeAH Besteel Holdings Corp

78,977

Sealed Air Corp

3,272

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

8,218,300

(a),(d)

Sekawan Intipratama Tbk PT

$0^

11,148

Semapa-Sociedade de Investimento e Gestao

142,348

Shandong Gold Mining Co Ltd - A

785

585,755

(b),(c)

Shandong Gold Mining Co Ltd - H

2,608

60,607

Shandong Hualu Hengsheng Chemical Co Ltd

479,566

Shandong Nanshan Aluminum Co Ltd

79,511

Shandong Sun Paper Industry JSC Ltd

344,170

Shanghai Chlor-Alkali Chemical Co Ltd

71,177

Shanghai Putailai New Energy Technology Co Ltd

90,290

Sherwin-Williams Co

29,257

22,800

(b) Shikoku Kasei Holdings Corp

16,500

(a) Shinagawa Refractories Co Ltd

240,000

Shin-Etsu Chemical Co Ltd

7,455

29,903

(a) Shin-Etsu Polymer Co Ltd

900,000

Shinkong Synthetic Fibers Corp

97,200

Shiny Chemical Industrial Co Ltd

22,094,000

Shougang Fushan Resources Group Ltd

8,331

131,400

Showa Denko KK

5,479

5,599

Shree Cement Ltd

1,656

497,683

Siam Cement PCL

2,897

10,600

Siam City Cement PCL

1,740,066

(b) Sibanye Stillwater Ltd

6,344

258,351

(b) SIG Group AG.

3,685

52,879

(a),(b)

Sigma Lithium Corp

697

719,662

(a) SigmaRoc plc

1,231

50,112

Sika AG.

10,174

162,896

Silvercorp Metals, Inc

1,362

124,641

Sims Ltd

1,487

1,490,000

Sinofert Holdings Ltd

65,600

Sinoma Science & Technology Co Ltd

279,000

Sinon Corp

8,054

SK Chemicals Co Ltd

14,234

(a) SKC Co Ltd

1,034

55,628

(a) Skeena Resources Ltd

1,321

10,312,263

Smurfit WestRock plc

398,775

30,924

SOL S.p.A.

1,779

388,000

Solar Applied Materials Technology Corp

821

17,273

Solar Industries India Ltd

2,355

64,050

(a) Solaris Resources, Inc

513

202,411

(a) Solstice Advanced Materials, Inc

9,833

55,802

(a),(b)

Solvay S.A.

1,776

2,946

Soulbrain Co Ltd

535

3,871,566

South32 Ltd

9,164

101,025

Southern Copper Corp

14,494

162,046

(a) Southern Cross Gold Consolidated Ltd

1,250

56,825

(a) Southern Province Cement Co

88,460

SRF Ltd

3,031

175,479

Ssab Svenskt Stal AB (Series A)

1,329

1,124,829

(b) Ssab Svenskt Stal AB (Series B)

8,422

508,569

(a) SSR Mining, Inc

11,148

151,290

(a) SSR Mining, Inc

3,317

310,956

Stanmore Resources Ltd

28,639

Star Cement Ltd

257,175

Steel Dynamics, Inc

43,578

37,767

Stella-Jones, Inc

2,342

1,513

STO AG.

82,859

(b) Stora Enso Oyj (R Shares)

1,035

17,420

Sudarshan Chemical Industries Ltd

56,624

(a) Sumitomo Bakelite Co Ltd

1,874

1,113,700

(a) Sumitomo Chemical Co Ltd

3,171

94,336

Sumitomo Chemical India Ltd

201,700

Sumitomo Metal Mining Co Ltd

8,077

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

444,621

(a) Sumitomo Osaka Cement Co Ltd

$

10,804

40,442

Supreme Industries Ltd

1,510

64,386

Supreme Petrochem Ltd

4,993,000

Surya Esa Perkasa Tbk PT

34,554

Surya Roshni Ltd

430,217

Suzano SA

4,034

364,062

Svenska Cellulosa AB (B Shares)

4,828

51,405

Syensqo S.A.

4,117

57,419

Symrise AG.

4,652

25,600

(a) T Hasegawa Co Ltd

1,422,166

TA Chen Stainless Pipe

1,612

83,700

(a) Taiheiyo Cement Corp

2,079

4,167,145

Taiwan Cement Corp

3,073

490,000

Taiwan Fertilizer Co Ltd

745

223,514

Taiwan Hon Chuan Enterprise Co Ltd

860

54,000

Taiwan Speciality Chemicals Corp

542

199,200

(a) Taiyo Ink Manufacturing Co Ltd

6,057

24,600

(a) Taiyo Nippon Sanso Corp

735

49,275

(a) Takasago International Corp

266,620

(a) Taseko Mines Ltd

1,509

101,928

Tata Chemicals Ltd

870

4,671,142

Tata Steel Ltd

9,358

386,147

Teck Cominco Ltd (Class B)

18,487

124,700

(a) Teijin Ltd

1,080

16,397

(b) Tessenderlo Chemie NV

503

374,563

(a) ThyssenKrupp AG.

4,027

1,306,000

(b) Tiangong International Co Ltd

517

55,800

Tianqi Lithium Corp

183,600

Tianshan Aluminum Group Co Ltd

131,554

Time Technoplast Ltd

525,000

Tipco Asphalt PCL

239,114

Titan America S.A.

3,941

28,487

Titan Cement International S.A.

1,755

12,591

(a) TKG Huchems Co Ltd

582,400

TOA Paint Thailand PCL

53,503

Toagosei Co Ltd

562

153,029

Tokai Carbon Co Ltd

947

49,041

(a) Tokuyama Corp

1,291

72,142

Tokyo Ohka Kogyo Co Ltd

2,674

42,204

(a) Tokyo Steel Manufacturing Co Ltd

564,000

Ton Yi Industrial Corp

1,402,000

Tongguan Gold Group Ltd

505

426,200

Tongling Nonferrous Metals Group Co Ltd

197,300

(a) Toray Industries, Inc

1,286

70,753

Torex Gold Resources, Inc

3,379

207,300

(a) Tosoh Corp

3,115

27,800

(b) Toyo Ink Manufacturing Co Ltd

611

80,800

(a) Toyo Seikan Kaisha Ltd

1,973

44,748

(a) Toyobo Co Ltd

47,774

(a) Transcontinental, Inc

791

380,020

Trimas Corp

13,472

586,421

Triple Flag Precious Metals Corp

19,487

381,000

Tung Ho Steel Enterprise Corp

771

39,102

(a) Turpaz Industries Ltd

809

1,265,572

(a) UACJ Corp

17,142

72,226

(a) UBE Industries Ltd

1,186

73,993

Ultra Tech Cement Ltd

9,709

148,371

Umicore S.A.

3,102

42,086

Uniao de Industrias Petroquimicas S.A.

343,546

Universal Cement Corp

300,626

UPL Ltd

2,662

75,080

UPM-Kymmene Oyj

2,171

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

129,890

Usha Martin Ltd

$

657

385,300

Usinas Siderurgicas de Minas Gerais S.A. (Preference)

7,861,483

Vale S.A.

102,648

43,157

Valterra Platinum Ltd

3,602

5,234,542

(a) Vault Minerals Ltd

18,840

850,970

Vedanta Ltd

5,726

11,215

(b) Vetropack Holding AG.

10,912

Vicat S.A.

971

60,012

(a) Victrex plc

530

17,025

(a) Vidrala S.A.

1,798

20,806

Vinati Organics Ltd

38,696

Viohalco S.A.

541

263,339

(a) Vizsla Silver Corp

1,443

81,104

Voestalpine AG.

3,572

120,678

(a) Vulcan Energy Resources Ltd

55,870

Vulcan Materials Co

15,935

67,256

Vulcan Steel Ltd

38,846

(a) WA1 Resources Ltd

510

14,247

Wacker Chemie AG.

1,151

816,000

Wanguo Gold Group Ltd

800

115,596

Wanhua Chemical Group Co Ltd

1,268

63,753

Welspun Corp Ltd

578

111,580

(a) Wesdome Gold Mines Ltd

1,849

813,992

(a) West African Resources Ltd

1,611

1,702,000

West China Cement Ltd

679

37,934

West Fraser Timber Co Ltd

2,321

39,500

Western Mining Co Ltd

15,841

Western Superconducting Technologies Co Ltd

6,662,512

Westgold Resources Ltd

28,297

244,120

(b) Westlake Chemical Corp

18,050

382,140

Wheaton Precious Metals Corp

44,925

81,646

Wienerberger AG.

2,913

21,295

(a),(b)

Winpak Ltd

692

101,029

Worthington Steel, Inc

3,498

56,415

Xiamen Tungsten Co Ltd

550,000

Xinjiang Xinxin Mining Industry Co Ltd

80,971

Yamama Cement Co

504

29,505

(a) Yamato Kogyo Co Ltd

2,014

52,086

Yanbu Cement Co

178,864

Yanbu National Petrochemical Co

1,310

23,556

Yara International ASA

964

702,913

Yieh Phui Enterprise Co Ltd

101,223

Yintai Gold Co Ltd

675,775

(a) Yodogawa Steel Works Ltd

5,873

9,285

(a) Youlchon Chemical Co Ltd

733,000

Yuen Foong Yu Paper Manufacturing Co Ltd

610

126,800

Yunnan Aluminium Co Ltd

595

65,100

Yunnan Yuntianhua Co Ltd

66,200

Zangge Mining Co Ltd

800

96,716

(a) Zeon Corp

1,107

1,055,000

Zhaojin Mining Industry Co Ltd

4,166

108,936

Zhejiang Juhua Co Ltd

599

102,700

Zhejiang Longsheng Group Co Ltd

26,399

Zhejiang NHU Co Ltd

175,800

Zhongjin Gold Corp Ltd

586

25,147

(b) Zignago Vetro S.p.A.

132,800

(a) Zijin Gold International Co Ltd

2,491

3,695,232

Zijin Mining Group Co Ltd

16,918

7,516,461

Zijin Mining Group Co Ltd (Class A)

36,998

TOTAL MATERIALS

5,978,214

MEDIA & ENTERTAINMENT - 6.5%

92,523

37 Interactive Entertainment Network Technology Group Co Ltd

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

22,317

4imprint Group plc

$

1,149

47,589

(a) Affle India Ltd

954

15,647

AfreecaTV Co Ltd

735

9,160,000

(a) Alibaba Pictures Group Ltd

1,121

6,502,585

Alphabet, Inc

2,040,511

7,254,452

Alphabet, Inc (Class A)

2,270,644

22,900

(a) Anycolor, Inc

706

13,704

(a) Arabian Contracting Services Co

91,510

Arnoldo Mondadori Editore S.p.A.

38,930

(a) Atlanta Braves Holdings, Inc

1,536

67,023

(b) Atresmedia Corp de Medios de Comunicacion S.A.

1,623,495

(a),(c)

Auto Trader Group plc

12,808

43,223

Autohome, Inc (ADR)

962

8,646,568

(a) Baidu, Inc

142,195

300,874

Baltic Classifieds Group plc

823

99,800

Beijing Enlight Media Co Ltd

31,388

(a),(b)

Better Collective A.S.

155,768

(a) Bilibili, Inc

3,845

270,000

(b) Boyaa Interactive International Ltd

524,607

Canal& S.A.

1,883

82,200

(a) Cargurus, Inc

3,152

271,729

carsales.com Ltd

5,565

41,119

CD Projekt S.A.

2,747

99,013

(a) Charter Communications, Inc

20,669

56,488

(a) Cheil Worldwide, Inc

823

161,865

(a),(d)

Chennai Super Kings Cricket Ltd

266,758

(a),(b),(c)

China Literature Ltd

1,133

7,080,000

(a),(b)

China Ruyi Holdings Ltd

1,994

80,018

(a) CJ CGV Co Ltd

8,936

(a) CJ ENM Co Ltd

55,200

(a),(c)

Cloud Music, Inc

1,322

11,137

Cogeco Communications, Inc

539

4,977,569

Comcast Corp (Class A)

148,780

1,824,200

Converge Information and Communications Technology Solutions, Inc

22,900

(a),(b)

Cover Corp

37,852

CTS Eventim AG.

3,465

48,080

CuriosityStream, Inc

325,200

(a) CyberAgent, Inc

2,771

185,241

Cyfrowy Polsat S.A.

628

55,162

(a) Daiichikosho Co Ltd

593

5,935

Dear U Co Ltd

58,211

(a) Dena Co Ltd

938

148,800

Dentsu, Inc

3,158

67,090

(a) EchoStar Corp (Class A)

7,293

9,504,200

Elang Mahkota Teknologi Tbk PT

616

105,429

Electronic Arts, Inc

21,542

1,402,847

(a),(b)

Embracer Group AB

9,185

216,871

Eutelsat Communications

304,920

(a) Eventbrite, Inc

1,357

102,500

(a) EverQuote, Inc

2,768

73,032

EVT Ltd

610

567,503

Focus Media Information Technology Co Ltd

599

37,300

(a) Fuji Television Network, Inc

880

72,948

(a) Future plc

518

83,200

Giant Network Group Co Ltd

516

307,890

(a) Grindr, Inc

4,169

1,809,300

(b) Grupo Televisa S.A.

1,054

648,343

(a) GungHo Online Entertainment, Inc

10,414

17,933

(a),(b)

Hacksaw AB

160,900

(a) Hakuhodo DY Holdings, Inc

1,200

48,887

Havas NV

977

93,100

Hello Group, Inc (ADR)

610

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

64,551

Hemnet Group AB

$

1,207

14,117

HYBE Co Ltd

3,230

28,291

(a) IAC, Inc

1,106

312,510

(a) iHeartMedia, Inc

1,300

263,552

(a) IMAX Corp

9,741

1,402,847

(a),(b)

Indie Games Holding AB

3,528

159,010

(a) Infinity Natural Resources, Inc

2,342

227,398

Info Edge India Ltd

3,376

1,212,547

Informa plc

14,387

139,000

International Games System Co Ltd

3,189

26,023

IPSOS

1,044

1,178,139

(a),(b)

iQIYI, Inc (ADR)

2,262

2,522,404

ITV plc

2,782

51,382

JC Decaux S.A.

931

294,425

(a) JOYY, Inc (ADR)

19,067

23,699

(a) Just Dial Ltd

88,611

(a),(b)

Juventus Football Club S.p.A

21,742

(a) JYP Entertainment Corp

1,092

62,124

(a) Kadokawa Corp

1,258

100,600

(a) Kakaku.com, Inc

1,483

190,480

Kakao Corp

7,943

39,599

(a) Kakao Games Corp

10,900

(b) Kinepolis Group NV

80,600

Kingnet Network Co Ltd

653,110

Kingsoft Corp Ltd

2,396

966,300

(a) Koei Tecmo Holdings Co Ltd

11,734

17,355

(a),(c)

Krafton, Inc

2,957

8,051,300

(c) Kuaishou Technology

66,555

47,700

Kunlun Tech Co Ltd

19,647

(a) Liberty Live Holdings, Inc

1,634

8,301

(a) Liberty Live Holdings, Inc

677

9,816

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

877

353,874

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

34,860

195,310

(a) Lionsgate Studios Corp

1,783

551,035

Louis Hachette Group

1,010

524,810

(b) M6-Metropole Television

7,494

302,050

(a) Madison Square Garden Entertainment Corp

16,277

6,784

(a) Madison Square Garden Sports Corp

1,755

1,326,366

(a) Magnite, Inc

21,527

62,222

Mango Excellent Media Co Ltd

356,600

(b),(c)

Maoyan Entertainment

100,805

Match Group, Inc

3,255

2,137,350

(a) MD Entertainment Tbk PT

1,859

249,500

(a) MediaAlpha, Inc

3,231

353,400

Megacable Holdings SAB de C.V.

1,015

2,244,500

(c) Meitu, Inc

2,021

2,146,886

Meta Platforms, Inc

1,417,138

490,165

MFE-MediaForEurope NV

1,770

30,142

(b) MFE-MediaForEurope NV

446,590

(a) Mixi Inc

7,765

5,261,100

(a) MNC Digital Entertainment Tbk PT

428,000

(a),(c)

Mobvista, Inc

840

226,926

(a) Modern Times Group MTG AB

2,819

400,551

Moneysupermarket.com Group plc

990

126,312

Naver Corp

21,233

106,120

(a) Nazara Technologies Ltd

9,045

NCSoft Corp

1,267

149,000

NetDragon Websoft Holdings Ltd

1,312,130

NetEase, Inc

36,117

3,909,964

(a) Netflix, Inc

366,598

315,510

(a),(c)

Netmarble Corp

10,556

577,190

(a) Network18 Media & Investments Ltd

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

68,033

New York Times Co (Class A)

$

4,723

3,744,000

(a) Newborn Town, Inc

5,389

298,242

News Corp (Class A)

7,790

52,980

(b) News Corp (Class B)

1,570

228,500

Nexon Co Ltd

5,581

21,265

(a) Nexon Games Co Ltd

11,871

Nexstar Media Group, Inc

2,410

10,218

NHN Corp

15,070,185

Nine Entertainment Co Holdings Ltd

11,132

2,036,710

Nintendo Co Ltd

137,508

43,200

(a) Nippon Television Holdings, Inc

1,051

20,018

(a) NIQ Global Intelligence PLC

344,979

Omnicom Group, Inc

27,857

106,665

Paradox Interactive AB

1,880

27,607

(a) Pearl Abyss Corp

715

248,722

(a) Pinterest, Inc

6,439

1,584,400

Plan B Media Pcl

30,419

ProSiebenSat. Media AG.

586,762

Publicis Groupe S.A.

60,934

58,139

(a) PVR Ltd

657

350,883

(a) QuinStreet, Inc

5,042

55,900

(a) Qunabox Group Ltd

37,946

(b) REA Group Ltd

4,626

52,280

(a) Reddit, Inc

12,018

2,683,804

Rightmove plc

18,751

553,897

(a) ROBLOX Corp

44,882

144,385

(a) Roku, Inc

15,664

27,254

RTL Group

1,097

64,820

Saregama India Ltd

21,715

(a) Saudi Research & Media Group

721

128,032

Schibsted ASA (B Shares)

3,556

154,218

(c) Scout24 SE

15,490

274,621

(a) Sea Ltd (ADR)

35,033

359,417

Seek Ltd

5,519

572,100

(b) Septeni Holdings Co Ltd

1,784

744,390

(b) SES S.A.

4,814

10,999

(a) SHIFT UP Corp

6,901

(a) Shochiku Co Ltd

523

119,800

(a) Sky Perfect Jsat Corp

1,531

8,952

(a) SM Entertainment Co Ltd

837

617,600

(a),(b),(d)

SMI Holdings Group Ltd

301,234

(b) Societe Television Francaise 1

2,942

1,677,200

Solusi Sinergi Digital Tbk PT

26,530

(a),(b)

Sphere Entertainment Co

2,522

197,734

(a) Spotify Technology S.A.

114,826

952,600

(a) Square Enix Co Ltd

17,390

75,220

(a) Starz Entertainment Corp

880

40,120

Storytel AB

25,235

Stroeer SE & Co KGaA

1,091

8,878

(a) Studio Dragon Corp

67,014

Sun TV Network Ltd

76,172

(a) Take-Two Interactive Software, Inc

19,502

82,080

(a) TechTarget, Inc

8,574,354

Tencent Holdings Ltd

658,026

1,324,957

Tencent Music Entertainment Group (ADR)

23,227

232,281

Tips Industries Ltd

1,428

28,952

TKO Group Holdings, Inc

6,051

55,000

(a) Toei Animation Co Ltd

953

23,020

(a) Toei Co Ltd

803

23,900

(a) Tokyo Broadcasting System, Inc

882

1,150,316

(a) TripAdvisor, Inc

16,749

67,452

(a),(b)

Trump Media & Technology Group Corp

893

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

251,440

(a),(c)

Trustpilot Group plc

$

557

17,851

(a) TV Asahi Corp

2,450

(b) TX Group AG.

509

1,222,353

(a),(b)

Ubisoft Entertainment

9,143

742,963

Universal Music Group NV

19,369

8,538,100

VGI PCL

5,129,131

Vivendi Universal S.A.

14,224

3,908,393

Walt Disney Co

444,658

683,318

(a) Warner Bros Discovery, Inc

19,693

1,164,860

Weibo Corp

11,856

13,027

(a) Wemade Co Ltd

768,801

WPP plc

3,454

213,000

XD, Inc

1,776

198,000

Xinhua Winshare Publishing and Media Co Ltd

126,934

(a),(b)

Yandex NV

10,625

10,159

YG Entertainment, Inc

577,644

ZEE Telefilms Ltd

578

428,002

(a) Ziff Davis, Inc

15,044

TOTAL MEDIA & ENTERTAINMENT

8,753,992

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%

362,000

(c) 3SBio, Inc

1,124

64,850

(a) 4D Molecular Therapeutics, Inc

25,710

(a),(b)

Aardvark Therapeutics, Inc

39,449

Aarti Pharmalabs Ltd

341,000

(a) Abbisko Cayman Ltd

571

2,216,557

AbbVie, Inc

506,461

28,856

(a) ABLBio, Inc

3,994

356,183

(a) Acadia Pharmaceuticals, Inc

9,514

119,810

(a) Aclaris Therapeutics, Inc

38,550

Acutaas Chemicals Ltd

731

80,390

(a) Adaptive Biotechnologies Corp

1,306

85,886

AddLife AB

1,476

2,303,047

(a) ADMA Biologics, Inc

42,008

16,998

(a) Aether Industries Ltd

35,351

Ajanta Pharma Ltd

1,090

386,000

(a),(c)

Akeso, Inc

5,618

146,206

Alembic Pharmaceuticals Ltd

1,376

98,559

(a) ALK-Abello A.S.

3,527

9,230

Alkem Laboratories Ltd

565

738,824

(a) Alkermes plc

20,672

57,999

Almirall S.A.

872

159,415

(a) Alnylam Pharmaceuticals, Inc

63,391

380,000

(a),(c)

Alphamab Oncology

20,384

(a) Alteogen, Inc

6,360

62,790

(a) Alumis, Inc

613

115,961

Amgen, Inc

37,955

1,679,519

(a) Amicus Therapeutics, Inc

23,916

1,239,910

(a) Amneal Pharmaceuticals, Inc

15,623

233,099

(a) ANI Pharmaceuticals, Inc

18,401

22,830

(a) Anika Therapeutics, Inc

1,499,900

(a) Annexon, Inc

7,529

248,992

(a) Apellis Pharmaceuticals, Inc

6,255

36,630

(a) Apogee Therapeutics, Inc

2,765

137,130

(a),(b)

Aquestive Therapeutics, Inc

886

477,654

(a) Arcutis Biotherapeutics, Inc

13,871

2,035,630

(a) Ardelyx, Inc

11,868

66,240

(a) Argenx SE

55,705

110,599

(a) Argenx SE

93,295

210,100

(a),(c)

Ascentage Pharma Group International

1,413

178,000

(a),(c)

Ascletis Pharma, Inc

262,852

Aspen Pharmacare Holdings Ltd

1,854

1,119,800

Astellas Pharma, Inc

14,904

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

5,453

AstraZeneca Pharma India Ltd

$

548

2,090,025

AstraZeneca plc

386,779

197,503

AstraZeneca plc (ADR)

18,156

50,556

Aurobindo Pharma Ltd

665

283,198

(a) Avantor, Inc

3,245

171,647

(a) Axsome Therapeutics, Inc

31,350

25,394

(b) Bachem Holding AG.

1,902

9,860

(a) Basilea Pharmaceutica

680

288,304

(a) Bausch Health Cos, Inc

2,002

58,783

(a) Bavarian Nordic AS

1,753

77,500

(a) BeiGene Ltd (ADR)

23,545

16,480

Beijing Tiantan Biological Products Corp Ltd

106,000

Beijing Tong Ren Tang Chinese Medicine Co Ltd

12,300

Beijing Tongrentang Co Ltd

11,258

Beijing Wantai Biological Pharmacy Enterprise Co Ltd

1,353,000

(a) BeOne Medicines Ltd

31,141

33,338

(a),(c)

BioArctic AB

1,118

399,152

Biocon Ltd

1,750

1,314,770

(a) BioCryst Pharmaceuticals, Inc

10,255

889,640

BioGaia AB

10,230

29,242

(a) Biogen, Inc

5,146

409,032

(a) Biohaven Ltd

4,618

96,546

(a) BioMarin Pharmaceutical, Inc

5,738

293,552

Bio-Techne Corp

17,264

21,883

Blue Jet Healthcare Ltd

44,115

(a),(c)

BoneSupport Holding AB

897

52,267

Bora Pharmaceuticals Co Ltd

809

76,406

(a) Bridgebio Pharma, Inc

5,844

138,100

(a),(b)

Brooks Automation, Inc

4,593

718,682

Bruker BioSciences Corp

33,857

38,004

Cadila Healthcare Ltd

625,000

(a) Caliway Biopharmaceuticals Co Ltd

3,085

50,586

(a) Camurus AB

3,358

50,600

(a),(b),(c)

CanSino Biologics, Inc

18,186

Caplin Point Laboratories Ltd

172,400

(a) CareDx, Inc

3,248

13,770

Caregen Co Ltd

685

9,412

(a) Caris Life Sciences, Inc

310,500

(a),(c)

CARsgen Therapeutics Holdings Ltd

594

12,880

(a) Celcuity, Inc

1,285

17,056

Celltrion Pharm Inc

686

772,967

Celltrion, Inc

96,994

496,331

Center Laboratories, Inc

657

3,614

Changchun High & New Technology Industry Group, Inc

21,260

(a) Charles River Laboratories International, Inc

4,241

12,314

Chemometec A.S.

1,318

1,011,000

China Medical System Holdings Ltd

1,679

1,069,000

(b),(c)

China Resources Pharmaceutical Group Ltd

612

21,080

China Resources Sanjiu Medical & Pharmaceutical Co Ltd

250,000

China Shineway Pharmaceutical Group Ltd

(a),(d)

Chinook Therapeutics, Inc

0^

5,171

Chong Kun Dang Pharmaceutical Corp

9,370

(a) Chongqing Zhifei Biological Products Co Ltd

752,200

Chugai Pharmaceutical Co Ltd

39,462

374,501

Cipla Ltd

6,295

200,917

(a) Clarity Pharmaceuticals Ltd

292,080

(a) Cogent Biosciences, Inc

10,375

19,523

Concord Biotech Ltd

335,000

Consun Pharmaceutical Group Ltd

674

39,583

(a) Corcept Therapeutics, Inc

1,377

6,900

COSMO Pharmaceuticals NV

909

144,159

(a) Crinetics Pharmaceuticals, Inc

6,711

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

189,422

(a),(b)

Cronos Group, Inc

$

274,690

(a) CryoPort, Inc

2,637

127,899

CSL Ltd

14,719

5,980

CSPC Innovation Pharmaceutical Co Ltd

4,242,054

CSPC Pharmaceutical Group Ltd

4,603

686,500

(a),(b),(c)

CStone Pharmaceuticals

398,410

(a) Cullinan Oncology, Inc

4,124

14,668

(a) D&D PharmaTech, Inc

934

14,189

(a) Daewoong Co Ltd

4,004

(a) Daewoong Pharmaceutical Co Ltd

7,442,200

Daiichi Sankyo Co Ltd, Reg S

158,032

1,691,080

Danaher Corp

387,122

11,871

Dermapharm Holding SE

547

70,360

(a),(b)

DiaMedica Therapeutics, Inc

560

97,056

Divi's Laboratories Ltd

6,898

13,689

DongKook Pharmaceutical Co Ltd

2,402

(a),(b)

Dottikon Es Holding AG.

1,050

106,295

Dr Reddy's Laboratories Ltd

1,503

19,600

(a),(b)

Duality Biotherapeutics, Inc

750

464,560

(a) Dynavax Technologies Corp

7,145

86,770

(a) Dyne Therapeutics, Inc

1,697

141,000

(a) EirGenix, Inc

2,269,611

(a),(b)

Elanco Animal Health, Inc

51,361

1,105,017

Eli Lilly & Co

1,187,540

34,070

(a) Enanta Pharmaceuticals, Inc

537

34,908

(c) Eris Lifesciences Ltd

585

70,630

Eurofins Scientific SE

5,165

198,000

(a),(b),(c)

Everest Medicines Ltd

943

99,443

(a) Evotec SE

629

210,554

(a) Exact Sciences Corp

21,384

605,587

(a) Exelixis, Inc

26,543

49,876

(a) FDC Ltd

11,843

Financiere de Tubize S.A.

2,890

491,500

(a) Fortrea Holdings, Inc

8,478

261,257

(a),(b)

Galapagos NV

8,577

648,322

Galderma Group AG.

132,020

61,300

GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS.

34,333

(a) Genmab AS

10,643

452,100

(b) Genomma Lab Internacional SAB de C.V.

233,386

(a) Genscript Biotech Corp

49,454

Genus plc

1,726

26,533

(b) Gerresheimer AG.

855

35,376

(a) GI Innovation, Inc

1,534,355

Gilead Sciences, Inc

188,327

207,243

(c) Gland Pharma Ltd

3,969

193,089

GlaxoSmithKline Pharmaceuticals Ltd

5,316

17,535

Glenmark Life Sciences Ltd

112,635

Glenmark Pharmaceuticals Ltd

2,551

43,801

(a),(b)

GNI Group Ltd

672

927,000

Grand Pharmaceutical Group Ltd

934

105,799

Granules India Ltd

705

4,743

(a) Green Cross Corp

523

18,966

(a) Green Cross Holdings Corp

2,641,281

GSK plc

64,757

5,345

Gubra A.S.

1,052,475

H Lundbeck A.S.

7,111

36,300

Haisco Pharmaceutical Group Co Ltd

46,847,221

Haleon plc

236,737

2,289,158

(b) Haleon plc (ADR)

23,143

162,037

(a) Halozyme Therapeutics, Inc

10,905

25,227

(a) Hanall Biopharma Co Ltd

764

6,521

Hangzhou Tigermed Consulting Co Ltd - A

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

4,345

(a) Hanmi Pharm Co Ltd

$

1,367

301,839

(c) Hansoh Pharmaceutical Group Co Ltd

1,399

476,000

(a),(c)

HBM Holdings Ltd

744

38,100

(a) Hisamitsu Pharmaceutical Co, Inc

1,068

10,878

HK inno N Corp

2,548,684

(a),(b),(d)

Hua Han Health Industry Holdings Ltd

4,291

(a) Hugel, Inc

686

Humanwell Healthcare Group Co Ltd

0^

427,000

(a),(b)

HUTCHMED China Ltd

1,132

216,600

Hypera S.A.

930

106,945

(a),(b)

Idorsia Ltd

568

139,305

(a) Illumina, Inc

18,271

2,840

Imeik Technology Development Co Ltd

76,860

(a),(b)

ImmunityBio, Inc

70,037

(a) Incyte Corp

6,918

63,046

Indegene Ltd

334,760

(a) Indivior plc

12,011

613,000

(a),(c)

InnoCare Pharma Ltd

970

1,104,573

(a),(c)

Innovent Biologics, Inc

10,810

223,600

(a) Innoviva, Inc

4,470

157,618

(a) Insmed, Inc

27,432

253,099

(a) Ionis Pharmaceuticals, Inc

20,023

521,100

(a),(b)

Iovance Biotherapeutics, Inc

1,423

114,682

Ipca Laboratories Ltd

1,811

108,450

(a) IQVIA Holdings, Inc

24,446

286,800

(a),(b),(c)

Jacobio Pharmaceuticals Group Co Ltd

60,730

(b) Jade Biosciences, Inc

937

16,856

Jamjoom Pharmaceuticals Factory Co

639

67,156

(a) Jazz Pharmaceuticals plc

11,417

366,472

JB Chemicals & Pharmaceuticals Ltd

7,420

79,611

Jiangsu Hengrui Pharmaceuticals Co Ltd

679

3,041,116

Johnson & Johnson

629,359

113,100

(b),(c)

Joinn Laboratories China Co Ltd

49,061

Jubilant Pharmova Ltd

586

302,779

(a) Kaken Pharmaceutical Co Ltd

7,767

11,916,200

Kalbe Farma Tbk PT

860

4,044

(a) Kangmei Pharmaceutical Co Ltd

148,000

(a),(c)

Keymed Biosciences, Inc

1,021

22,500

(a) Kissei Pharmaceutical Co Ltd

667

85,125

(a) Krystal Biotech, Inc

20,987

21,356

(a),(b)

Kuros Biosciences AG.

735

18,481

(a) Kyorin Co Ltd

16,102

Laboratorios Farmaceuticos Rovi S.A

1,198

264,635

(c) Laurus Labs Ltd

3,262

14,977

(a) Legend Biotech Corp (ADR)

19,243

(a) LegoChem Biosciences, Inc

2,314

572,000

(a),(c)

Lepu Biopharma Co Ltd

30,320

(a) Lexeo Therapeutics, Inc

332,096

Lonza Group AG.

223,906

115,000

Lotus Pharmaceutical Co Ltd

1,034

75,319

(a) Lumosa Therapeutics Co Ltd

1,166,445

Lupin Ltd

27,399

1,615,000

(a),(c)

Luye Pharma Group Ltd

570

42,920

(a) Madrigal Pharmaceuticals, Inc

24,994

138,640

(a) Magenta Therapeutics, Inc

5,713

75,456

Mankind Pharma Ltd

1,847

175,586

Marksans Pharma Ltd

9,014

(a) Medcap AB

537

13,722

(a) Medincell S.A.

20,188

(a) Medpace Holdings, Inc

11,339

4,079

Medytox, Inc

287,900

Mega Lifesciences PCL

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

1,236,451

Merck & Co, Inc

$

130,149

693,498

(a),(b)

Mesoblast Ltd

1,253

8,799

(a) Mettler-Toledo International, Inc

12,267

18,208

(a) Mezzion Pharma Co Ltd

1,138

5,196

Middle East Pharmaceutical Co

11,780

(a) Mineralys Therapeutics, Inc

206,070

(a) Mirum Pharmaceuticals, Inc

16,277

10,775

(a) Mochida Pharmaceutical Co Ltd

43,902

(a) Moderna, Inc

1,295

375,988

(a) MoonLake Immunotherapeutics

4,956

291,900

(a) Myriad Genetics, Inc

1,795

21,100

(a) Nanjing Leads Biolabs Co Ltd

23,457

(a) Nanobiotix S.A.

538

63,593

Natco Pharma Ltd

640

193,652

(a) Natera, Inc

44,364

45,799

(a) Naturecell Co Ltd

691

5,645

Neuland Laboratories Ltd

953

83,566

(a) Neuren Pharmaceuticals Ltd

1,032

30,393

(a) Neurocrine Biosciences, Inc

4,311

38,500

(a) Nippon Shinyaku Co Ltd

1,387

95,120

(a),(b)

Nkarta, Inc

55,518

(a),(d)

NKMax Co Ltd

0^

1,220,120

Novartis AG.

168,128

3,070,113

Novo Nordisk A.S.

155,711

255,300

(a) Nurix Therapeutics, Inc

4,843

995,260

(a),(b)

Nuvation Bio, Inc

8,918

65,590

(a) Ocular Therapeutix, Inc

796

224,000

(a),(c)

Ocumension Therapeutics

95,000

(a),(b)

Olema Pharmaceuticals, Inc

2,375

13,332

(a) OliX Pharmaceuticals, Inc

1,299

3,120

(a),(d)

OmniAb Operations, Inc

0^

3,120

(a),(d)

OmniAb Operations, Inc

0^

688,720

(a) OmniAb, Inc

1,274

222,605

(a) Oneness Biotech Co Ltd

32,611

(a) Onesource Specialty Pharma Ltd

657

279,300

(a) Ono Pharmaceutical Co Ltd

3,870

115,890

(a) Organogenesis Holdings, Inc

600

80,659

Organon & Co

578

27,159

(a) Oscotec, Inc

850

422,500

Otsuka Holdings Co Ltd

23,896

53,307

(a) Oxford Biomedica plc

361,903

(a),(b)

Oxford Nanopore Technologies plc

623

77,000

(a) PeptiDream, Inc

812

16,611

(a) Peptron, Inc

2,928

981,737

Pfizer, Inc

24,445

10,322

Pharma Mar S.A.

905

59,462

PharmaEssentia Corp

888

69,951

(a),(d)

Pharmally International Holding Co Ltd

0^

5,427

PharmaResearch Co Ltd

1,519

4,725

Pharmaron Beijing Co Ltd - A

530,257

(a) Pharming Group NV

886

17,007

(a) Pharvaris NV

194,097

Phibro Animal Health Corp

7,251

496,634

Piramal Pharma Ltd

952

174,458

(a) Polaris Group

9,179

(a),(c)

PolyPeptide Group AG.

1,070

(a) Praxis Precision Medicines, Inc

51,708

(a) Prestige Consumer Healthcare, Inc.

3,190

5,613

Procter & Gamble Health Ltd

44,420

(a) Protara Therapeutics, Inc

137,470

(a) PTC Therapeutics, Inc

10,442

57,966

(b) QIAGEN NV

2,607

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

157,740

(a),(b)

Recursion Pharmaceuticals, Inc

$

645

615,357

Regeneron Pharmaceuticals, Inc

474,976

76,770

(a) REGENXBIO, Inc

1,105

118,000

(a),(c)

Remegen Co Ltd

1,095

108,256

(a) Repligen Corp

17,739

167,708

(a) REVOLUTION Medicines, Inc

13,358

89,643

Richter Gedeon Rt

2,710

65,070

(a) Rigel Pharmaceuticals, Inc

2,787

1,334,046

Roche Holding AG.

550,921

695,657

(a) Roivant Sciences Ltd

15,096

163,512

Royalty Pharma plc

6,318

101,274

(a),(c)

SAI Life Sciences Ltd

1,023

11,480

Sam Chun Dang Pharm Co Ltd

1,848

6,874

(a),(c)

Samsung Biologics Co Ltd

8,071

2,469

(a) Samsung Episholdings Co Ltd

1,273

41,200

(a),(b)

SanBio Co Ltd

415,228

Sanofi (ADR)

20,122

4,157

Sanofi Consumer Healthcare India Ltd

7,152

Sanofi India Ltd

1,130,313

Sanofi-Aventis

109,364

1,197,800

(a) Santen Pharmaceutical Co Ltd

12,424

28,969

(a) Sarepta Therapeutics, Inc

623

15,912

Sartorius AG.

4,582

88,617

Sartorius Stedim Biotech

21,766

48,352

Saudi Pharmaceutical Industries & Medical Appliances Corp

74,351

(a) Sawai Group Holdings Co Ltd

1,119

258,077

(a) Scholar Rock Holding Corp

11,368

27,982

(a) Schott Pharma AG.& Co KGaA

24,914

Seegene, Inc

163,200

(a) Shandong BoAn Biotechnology Co Ltd

12,803

Shanghai Allist Pharmaceuticals Co Ltd

24,188

Shanghai Fosun Pharmaceutical Group Co Ltd - A

60,700

(a),(c)

Shanghai Henlius Biotech, Inc

51,037

Shanghai RAAS Blood Products Co Ltd

10,825

Shenzhen Salubris Pharmaceuticals Co Ltd

54,616

Shilpa Medicare Ltd

250,000

(a) Shionogi & Co Ltd

4,525

7,843

(a) Sichuan Biokin Pharmaceutical Co Ltd

6,955

Sichuan Kelun Pharmaceutical Co Ltd

31,200

(a),(b)

Sichuan Kelun-Biotech Biopharmaceutical Co Ltd

1,566

30,555

(b) Siegfried Holding AG.

2,868

3,616,000

(b) Sihuan Pharmaceutical Holdings Group Ltd

572

(a) Silence Therapeutics plc (ADR)

0^

658,000

(c) Simcere Pharmaceutical Group Ltd

1,011

2,060,236

Sino Biopharmaceutical Ltd

1,639

6,310

(a) SK Biopharmaceuticals Co Ltd

545

21,529

(a) SK Bioscience Co Ltd

721

10,197

(b) SKAN Group AG.

677

53,108

(a) Sosei Group Corp

1,112,000

(b) SSY Group Ltd

9,870

(a) ST Pharm Co Ltd

816

44,598

Strides Pharma Science Ltd

132,900

(a) Sumitomo Dainippon Pharma Co Ltd

1,963

49,200

(a),(b)

Summit Therapeutics, Inc

860

2,174,597

Sun Pharmaceutical Industries Ltd

41,639

73,411

(a),(b)

Sunshine Lake Pharma Co Ltd

87,992

(a) Suven Pharmaceuticals Ltd

517

439,820

(a) Syndax Pharmaceuticals, Inc

9,241

502,289

(c) Syngene International Ltd

3,641

140,484

(a) TaiMed Biologics, Inc

39,833

(a) Takara Bio, Inc

814,700

(a) Takeda Pharmaceutical Co Ltd

25,309

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

68,830

(a) Tarsus Pharmaceuticals, Inc

$

5,636

9,627

Tecan Group AG.

1,546

202,548

(a),(b)

Telix Pharmaceuticals Ltd

1,514

50,407

(a),(b)

Tempus AI, Inc

2,977

244,735

(a) Terns Pharmaceuticals, Inc

9,887

541,300

(a) Teva Pharmaceutical Industries Ltd (ADR)

16,894

275,480

(a) TG Therapeutics, Inc

8,212

508,136

Thermo Fisher Scientific, Inc

294,439

521,000

Tong Ren Tang Technologies Co Ltd

143,271

Torrent Pharmaceuticals Ltd

6,132

20,113

(a) Towa Pharmaceutical Co Ltd

194,990

(a) Travere Therapeutics, Inc

7,451

43,800

(a) Tsumura & Co

1,138

108,000

TTY Biopharm Co Ltd

522,055

UCB S.A.

145,458

351,063

(a) Ultragenyx Pharmaceutical, Inc

8,074

757,562

United Laboratories Ltd

1,130

70,050

(a) United Therapeutics Corp

34,132

20,250

(a),(b)

UroGen Pharma Ltd

102,710

(a),(b)

Valneva SE

174,700

(a) Vanda Pharmaceuticals, Inc

1,541

115,350

(a) Vera Therapeutics, Inc

5,841

148,470

(a) Veracyte, Inc

6,251

129,476

(a) Vertex Pharmaceuticals, Inc

58,699

1,244,941

Viatris, Inc

15,500

59,446

(a),(b)

Viking Therapeutics, Inc

2,091

3,130

Virbac S.A.

1,312

252,810

(a) Viridian Therapeutics, Inc

7,867

58,274

Vitrolife AB

863

9,404

(a) Voronoi, Inc

1,418

45,297

(a) Waters Corp

17,205

75,735

(a) WaVe Life Sciences Ltd

1,287

97,875

West Pharmaceutical Services, Inc

26,929

2,410,000

Winteam Pharmaceutical Group Ltd

647

54,308

(a) Wockhardt Ltd

875

34,158

WuXi AppTec Co Ltd - A

72,937

(c) WuXi AppTec Co Ltd - H

925

22,152,000

(a),(c)

Wuxi Biologics Cayman, Inc

89,579

230,000

(a) WuXi XDC Cayman, Inc

1,798

635,342

(a) Xeris Biopharma Holdings, Inc

4,987

1,080,000

(a) XtalPi Holdings Ltd

1,316

11,549

(a) Yuhan Corp

899

17,607

Yunnan Baiyao Group Co Ltd

741,900

(a) Zai Lab Ltd

1,310

478,448

(a) Zealand Pharma AS

34,760

12,600

(a) ZERIA Pharmaceutical Co Ltd

6,701

Zhangzhou Pientzehuang Pharmaceutical Co Ltd

895,031

Zoetis, Inc

112,613

93,890

(a) Zymeworks, Inc

2,472

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

8,492,390

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%

5,580

(c) Aedas Homes SAU

4,045

Africa Israel Residences Ltd

43,948

(a) Airport City Ltd

861

2,381,461

Aldar Properties PJSC

5,636

303,541

(a) Aliansce Sonae Shopping Centers sa

1,571

528,250

(b),(c)

A-Living Smart City Services Co Ltd

31,566

Allreal Holding AG.

8,123

121,627

Alony Hetz Properties & Investments Ltd

1,498

368,343

Altus Group Ltd

15,219

634,500

Amata Corp PCL

186,465

Amot Investments Ltd

1,464

SHARES

DESCRIPTION

VALUE (000)

REAL ESTATE MANAGEMENT & DEVELOPMENT

(continued)

90,309

Anant Raj Industries Ltd

$

550

2,316,500

AP Thailand PCL

631

1,909,770

(c) Arabian Centres Co

9,611

1,075,114

Aroundtown S.A.

3,329

72,604

Arriyadh Development Co

212,096

Atrium Ljungberg AB

764

120,445

Aura Investments Ltd

770

4,125,308

Ayala Land, Inc

1,573

1,209,630

Barwa Real Estate Co

868

12,210

Big Shopping Centers Ltd

2,937

4,328

(a) Blue Square Real Estate Ltd

539

94,276

Brigade Enterprises Ltd

928

4,940,100

(a) Bumi Serpong Damai Tbk PT

542,000

C&D International Investment Group Ltd

1,092

1,030,000

C&D Property Management Group Co Ltd

27,616

CA Immobilien Anlagen AG.

728

679,498

Capitaland India Trust

644

2,226,835

Capitaland Investment Ltd

4,686

268,930

Castellum AB

3,099

35,827

(b) Catena AB

1,754

490,000

Cathay Real Estate Development Co Ltd

178,467

(a) CBRE Group, Inc

28,696

1,239,082

Central Pattana PCL

2,170

93,400

Centurion Corp Ltd

41,481

Century Textiles & Industries Ltd

773

3,182,000

China Jinmao Holdings Group Ltd

312,527

China Merchants Shekou Industrial Zone Holdings Co Ltd

1,134,000

China Overseas Grand Oceans Group Ltd

2,407,786

China Overseas Land & Investment Ltd

3,803

895,000

China Overseas Property Holdings Ltd

520

1,984,102

China Resources Land Ltd

6,941

443,800

(c) China Resources Mixc Lifestyle Services Ltd

2,456

1,479,838

(b) China Vanke Co Ltd

626

393,419

China Vanke Co Ltd (Class A)

115,000

Chong Hong Construction Co Ltd

50,805

(b) Cibus Nordic Real Estate AB

811

8,098,100

Ciputra Development Tbk PT

370,300

City Developments Ltd

2,303

60,892

Citycon Oyj

1,381,769

CK Asset Holdings Ltd

6,987

31,454

Colliers International Group, Inc

4,623

1,250,090

Commercial Real Estate Co KSC

824

1,604,999

(a) Compass, Inc

16,965

516,627

(a),(b)

Corem Property Group AB

668,200

(b) Corp Inmobiliaria Vesta SAB de C.V.

2,044

379,684

(a) CoStar Group, Inc

25,530

1,722,000

Country Garden Services Holdings Co Ltd

1,337

889,137

(a) Cushman & Wakefield Ltd

14,395

145,176

(a) D B Realty Ltd

46,070

(a) Daito Trust Construction Co Ltd

877

214,966

Da-Li Development Co Ltd

324,184

(a) Dar Al Arkan Real Estate Development Co

1,378

310,000

Delpha Construction Co Ltd

922,284

Deyaar Development PJSC

194,652

Dios Fastigheter AB

1,384

479,509

DLF Ltd

3,669

20,353

DREAM Unlimited Corp

860,800

Eco World Development Group BHD

26,337

(a) Electra Real Estate Ltd

604,166

Emaar Development PJSC

2,491

122,988

(a) Emaar Economic City

11,129,608

Emaar Properties PJSC

42,477

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

REAL ESTATE MANAGEMENT & DEVELOPMENT

(continued)

26,853

(c) Entra ASA

$

4,118,000

(a),(c)

Evergrande Property Services Group Ltd

603

365,470

(b) eXp World Holdings, Inc

3,308

143,736

(a) Fabege AB

1,289

208,000

Farglory Land Development Co Ltd

505

744,457

(a) Fastighets AB Balder

5,495

35,843

FastPartner AB

28,629

FirstService Corp

4,452

32,630

(a) Forestar Group, Inc

804

961,271

Fortress REIT Ltd

1,387

37,903

Gav-Yam Lands Corp Ltd

270,823

Gazit Globe Ltd

680

86,828

(a) Gemlife Communities Group

92,369

(a) Godrej Properties Ltd

2,061

9,480

(a) Goldcrest Co Ltd

534,507

(a) Grainger plc

1,309

52,895

(a) Grand City Properties S.A.

610

728,000

(b) Greentown China Holdings Ltd

794

1,186,000

Greentown Service Group Co Ltd

717

416,900

Hainan Airport Infrastructure Co Ltd

759,000

Hang Lung Group Ltd

1,486

25,822,479

Hang Lung Properties Ltd

28,594

16,315,400

(a),(d)

Hanson International Tbk PT

0^

131,944

(a) Heiwa Real Estate Co Ltd

1,881

1,291,349

Henderson Land Development Co Ltd

4,676

2,723

Hiag Immobilien Holding AG.

1,073,622

Highwealth Construction Corp

1,374

1,192,300

Hongkong Land Holdings Ltd

8,283

1,015,477

(a) Hopson Development Holdings Ltd

13,104

(a) Howard Hughes Holdings, Inc

1,045

210,840

Huaku Development Co Ltd

782

90,141

(b) Hufvudstaden AB (Series A)

1,212

133,200

Hulic Co Ltd

1,457

1,407,696

Hysan Development Co Ltd

3,420

158,925

(a) Ichigo Holdings Co Ltd

185,500

(a) Iguatemi S.A.

865

25,564

(a) IMMOFINANZ AG.

362,815

(a) Indiabulls Real Estate Ltd

51,660

Intea Fastigheter AB

13,298

(b) Intershop Holding AG.

2,756

1,162,100

IOI Properties Group Bhd

755

128,855

Israel Canada T.R Ltd

668

2,896

(a) Isras Holdings Ltd

898

Isras Investment Co Ltd

210,417

I-Sunny Construction & Development Co Ltd

567,984

IWG plc

1,771

543,000

K Wah International Holdings Ltd

13,600

(a) Kasumigaseki Capital Co Ltd

637

41,152

(a) Katitas Co Ltd

837

1,260,700

KE Holdings, Inc

6,668

2,580,097

KE Holdings, Inc (ADR)

40,662

20,900

(a) Keihanshin Building Co Ltd

435,500

Kerry Properties Ltd

1,135

11,807

Keystone Realtors Ltd

222,200

Kindom Development Co Ltd

34,864

(a) Knowledge Economic City Co

103,704

(b) Kojamo Oyj

1,247

628,365

(a) Kuwait Real Estate Co KSC

783

39,827

(a) Lamda Development S.A.

5,727,600

Land and Houses PCL

686

11,561

LEG Immobilien SE

843

470,912

Lend Lease Corp Ltd

1,627

SHARES

DESCRIPTION

VALUE (000)

REAL ESTATE MANAGEMENT & DEVELOPMENT

(continued)

150,243

(a) Leopalace21 Corp

$

631

503,478

Lighthouse Properties plc

140,943

Logistea AB

1,337,593

(a),(b),(c)

Longfor Group Holdings Ltd

1,475

417,991

Mabanee Co SAK

1,480

188,843

(c) Macrotech Developers Ltd

2,233

1,295,300

Mah Sing Group BHD

63,301

Mahindra Lifespace Developers Ltd

59,413

Makkah Construction & Development Co

1,260

35,779

(a),(b),(d)

Mapeley Ltd

22,340

Marcus & Millichap, Inc

610

900,750

Matrix Concepts Holdings Bhd

31,680

(a) Max Estates Ltd

833,100

MBK PCL

16,379

Mega Or Holdings Ltd

1,389

8,221,000

Megaworld Corp

19,846

Melisron Ltd

2,578

77,546

(a) Milpa

1,081,372

Mitsubishi Estate Co Ltd

26,272

10,574,299

Mitsui Fudosan Co Ltd

120,169

443,460

Mivne Real Estate KD Ltd

2,173

43,625,900

(a) MNC Tourism Indonesia Tbk PT

5,609

(b) Mobimo Holding AG.

2,589

2,178

Morguard Corp

215,300

Multiplan Empreendimentos Imobiliarios S.A.

1,069

920,785

(a) National Real Estate Co KPSC

374,402

NEPI Rockcastle NV

3,298

21,640

NESCO Ltd

1,435,000

New World Development Co Ltd

1,344

986,913

Newmark Group, Inc

17,113

25,248

(b) Nexity

419,100

(a) Nomura Real Estate Holdings, Inc

2,587

25,880

(a),(b)

NP3 Fastigheter AB

728

131,965

(a) Nyfosa AB

1,062

29,929

Oberoi Realty Ltd

557

141,700

Onewo, Inc

7,265

(a) Orion Retail Properties Ltd

269,250

OSK Holdings BHD

13,271,400

Pakuwon Jati Tbk PT

85,592

(b) Pandox AB

1,887

506,213

Parque Arauco S.A.

1,678

30,375

Patrizia Immobilien AG.

95,539

(a) PEXA Group Ltd

855

125,924

Phoenix Mills Ltd

2,600

38,766

Platzer Fastigheter Holding AB

469,716

Plaza S.A.

1,661

403,962

Poly Developments and Holdings Group Co Ltd

101,600

Poly Property Development Co Ltd

1,773,000

(b) Poly Property Group Co Ltd

6,149

(a) Prashkovsky Investments and Construction Ltd

108,578

Prestige Estates Projects Ltd

1,927

122,400

Propnex Ltd

43,088

PSP Swiss Property AG.

7,796

44,643

(a) Public Property Invest AS.

46,047

(a) Puravankara Ltd

1,987,000

(a),(b)

Radiance Holdings Group Co Ltd

1,188,886

RAK Properties PJSC

257,718

(a) Re/Max Holdings, Inc

1,956

1,818,704

(a),(b)

Real Brokerage, Inc

6,638

69,328

(a) Relo Group, Inc

759

205,950

Retal Urban Development Co

643

49,408

RMR Group, Inc

736

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

REAL ESTATE MANAGEMENT & DEVELOPMENT

(continued)

1,565,100

Robinsons Land Corp

$

969,000

Ruentex Development Co Ltd

918

133,950

Sagax AB

2,865

255,892

Sakura Development Co Ltd

281,375

Salhia Real Estate Co KSCP

820,698

(a),(b)

Samhallsbyggnadsbolaget i Norden AB

11,623,600

Sansiri PCL

118,221

(a) Saudi Real Estate Co

104,653

Savills plc

1,405

1,898,000

(a) Seazen Group Ltd

501

293,192

Shanghai Jinqiao Export Processing Zone Development Co Ltd

63,700

Shanghai Zhangjiang High-Tech Park Development Co Ltd

2,584,000

(b) Shenzhen Investment Ltd

2,040,000

Shoucheng Holdings Ltd

558

3,562,500

Shui On Land Ltd

22,816

(a) SignatureGlobal India Ltd

2,414,000

Sime Darby Property Bhd

826

2,625,557

Sino Land Co

3,455

1,152,744

Sirius Real Estate Ltd

1,496

6,253,088

SM Prime Holdings

2,418

31,999

Sobha Ltd

519

1,961,500

SP Setia BHD

25,800

(a) Starts Corp, Inc

789

199,916

(b) StorageVault Canada, Inc

680

Sumitomo Realty & Development Co Ltd

0^

28,261

Summit Real Estate Holdings Ltd

550

15,161

Sumou Real Estate Co

177,880

(a) Sun Frontier Fudousan Co Ltd

2,724

1,288,143

Sun Hung Kai Properties Ltd

15,685

6,322,000

(b) Sunac China Holdings Ltd

1,066

1,022,000

(b),(c)

Sunac Services Holdings Ltd

58,429

Sunteck Realty Ltd

1,044,600

Supalai PCL

564

60,238

Swiss Prime Site AG.

9,353

133,945

TAG Tegernsee Immobilien und Beteiligungs AG.

2,075

79,917

Taiba Investments Co

683

447,354

Talaat Moustafa Group

750

820,980

(a) Tera Yatirim Teknoloji Holding AS.

603

359,693

Tokyo Tatemono Co Ltd

8,154

434,300

(a) Tokyu Fudosan Holdings Corp

3,967

40,886

Tosei Corp

1,361,200

UEM Sunrise Bhd

1,446,676

United Development Co QSC

342,100

UOL Group Ltd

2,323

10,646

VGP NV

1,228

356,771

Vonovia SE

10,268

285,255

(b) Wallenstam AB

1,278

6,704,900

WHA Corp PCL

695

768,000

Wharf Holdings Ltd

2,145

1,408,000

Wharf Real Estate Investment Co Ltd

4,450

218,921

Wihlborgs Fastigheter AB

2,165

580,642

(b) Yanlord Land Group Ltd

7,581

YH Dimri Construction & Development Ltd

893

45,500

Youngor Group Co Ltd

1,183,000

Yuexiu Property Co Ltd

603

83,000

Yungshin Construction & Development Co Ltd

20,250

(a),(b)

Zillow Group, Inc (Class A)

1,382

69,450

(a) Zillow Group, Inc (Class C)

4,738

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

726,137

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.9%

5,000

ABLEPRINT TECHNOLOGY CO Ltd

8,964

ACM Research Shanghai, Inc

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

233,656

ADATA Technology Co Ltd

$

2,081

51,000

Advanced Echem Materials Co Ltd

1,419

383,805

(a) Advanced Micro Devices, Inc

82,196

1,069,499

Advanced Micro-Fabrication Equipment, Inc China

41,738

65,000

Advanced Wireless Semiconductor Co

2,589,400

Advantest Corp

327,424

26,000

Airoha Technology Corp

85,621

Aixtron AG.

1,719

542,000

Alchip Technologies Ltd

60,501

51,835

(a) Allegro MicroSystems, Inc

1,367

121,047

(a) Ambarella, Inc

8,575

249,909

Amkor Technology, Inc

9,866

14,748

(a) Amlogic Shanghai Co Ltd

148,283

(a) ams-OSRAM AG.

1,441

333,534

Analog Devices, Inc

90,454

32,000

(a) Andes Technology Corp

81,000

AP Memory Technology Corp

1,153

1,890,171

Applied Materials, Inc

485,755

319,000

Ardentec Corp

1,263

126,888

(a) ARM Holdings plc (ADR)

13,870

2,042,925

ASE Technology Holding Co Ltd

16,108

28,464

ASM International NV

17,232

236,300

ASM Pacific Technology

2,354

27,000

ASMedia Technology, Inc

1,038

595,485

ASML Holding NV

641,647

19,000

ASPEED Technology, Inc

4,371

52,979

(a) Astera Labs, Inc

8,814

44,581

BE Semiconductor Industries NV

6,970

7,921

Bestechnic Shanghai Co Ltd

128,100

(a),(b)

Black Sesame International Holding Ltd

203,977

(a) Borosil Renewables Ltd

1,234

8,450,792

Broadcom, Inc

2,924,819

15,531

(a) Cambricon Technologies Corp Ltd

3,011

127,892

(a) Camtek Ltd

13,730

259,500

(a) Chang Wah Technology Co Ltd

11,538

(a),(d)

China Energy Savings Technology, Inc

0^

49,449

China Resources Microelectronics Ltd

495,000

Chipbond Technology Corp

848

4,078,000

ChipMOS Technologies, Inc

6,113

21,492

(a) Cirrus Logic, Inc

2,547

389,395

(a) Credo Technology Group Holding Ltd

56,030

144,264

CSI Solar Co Ltd

34,600

(a) Daqo New Energy Corp (ADR)

1,021

23,148

DB HiTek Co Ltd

1,088

10,272

(a) Duk San Neolux Co Ltd

225,000

Elan Microelectronics Corp

847

94,000

Elite Advanced Laser Corp

806

154,000

Elite Semiconductor Microelectronics Technology, Inc

577

5,450

Elmos Semiconductor SE

615

39,000

eMemory Technology, Inc

2,142

462,000

Ennostar, Inc

524

53,607

(a) Enphase Energy, Inc

1,718

63,128

Entegris, Inc

5,319

6,091

(a) Eo Technics Co Ltd

1,150

12,098

Eugene Technology Co Ltd

628

280,000

Everlight Electronics Co Ltd

20,346

(a),(d)

Fadu, Inc

184,913

Faraday Technology Corp

1,001

33,233

(a) Ferrotec Holdings Corp

1,067

42,753

(a) First Solar, Inc

11,168

80,550

Fitipower Integrated Technology, Inc

58,900

Flat Glass Group Co Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

221,780

(a) Formfactor, Inc

$

12,371

25,200

Formosa Sumco Technology Corp

5,900

(a),(b)

Fortior Technology Shenzhen Co Ltd

71,000

Foxsemicon Integrated Technology, Inc

626

74,179

GalaxyCore, Inc

15,627,000

(a),(b)

GCL Technology Holdings Ltd

2,130

23,244

(a) GemVax & Kael Co Ltd

26,634

GigaDevice Semiconductor, Inc

816

59,000

Global Mixed Mode Technology, Inc

54,000

Global Unichip Corp

3,631

43,275

(a) GLOBALFOUNDRIES, Inc

1,511

161,395

Globalwafers Co Ltd

2,083

16,000

Grand Plastic Technology Corp

794

822,900

(a) Greatech Technology Bhd

3,057,000

Greatek Electronics, Inc

8,652

51,457

Gudeng Precision Industrial Co Ltd

581

37,578

Hana Micron, Inc

672

24,100

Hangzhou Chang Chuan Technology Co Ltd

94,218

Hangzhou First Applied Material Co Ltd

77,944

Hangzhou Silan Microelectronics Co Ltd

26,435

Hanmi Semiconductor Co Ltd

2,344

34,994

HPSP Co Ltd

815

16,116

(a) Hua Hong Semiconductor Ltd

452,531

(a),(c)

Hua Hong Semiconductor Ltd

4,331

11,818

Hwatsing Technology Co Ltd

85,705

Hygon Information Technology Co Ltd

2,754

572,924

Hynix Semiconductor, Inc

259,465

820,414

(a) Ichor Holdings Ltd

15,120

90,759

(a) Impinj, Inc

15,793

1,787,200

Inari Amertron Bhd

737

1,313,587

Infineon Technologies AG.

57,313

19,856

Ingenic Semiconductor Co Ltd

8,339,661

(a) Intel Corp

307,733

130,190

(a) ISC Co Ltd

10,060

117,000

ITE Technology, Inc

125,000

ITH Corp

104,517

JA Solar Technology Co Ltd

1,024,113

(a) Japan Material Co Ltd

10,122

70,800

JCET Group Co Ltd

53,000

Jentech Precision Industrial Co Ltd

4,621

381,314

Jinko Solar Co Ltd

28,100

JinkoSolar Holding Co Ltd (ADR)

725

21,576

(a) Jusung Engineering Co Ltd

1,566,000

King Yuan Electronics Co Ltd

12,327

244,000

Kinsus Interconnect Technology Corp

1,228

91,900

(a) Kioxia Holdings Corp

6,116

28,603

KLA Corp

34,755

39,485

Koh Young Technology, Inc

629

141,000

(a) Kokusai Electric Corp

4,931

4,214

(a) KoMiCo Ltd

3,228,717

Lam Research Corp

552,692

58,000

LandMark Optoelectronics Corp

1,132

365,300

(a) Lasertec Corp

69,605

57,630

(a) Lattice Semiconductor Corp

4,240

122,096

(a) LEENO Industrial, Inc

5,120

287,366

LONGi Green Energy Technology Co Ltd

748

15,486

(a) Loongson Technology Corp Ltd

7,380

LX Semicon Co Ltd

16,840

M31 Technology Corp

27,500

Machvision, Inc

56,848

(a) MACOM Technology Solutions Holdings, Inc

9,737

1,351,000

Macronix International

1,700

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

57,600

Malaysian Pacific Industries Bhd

$

61,000

Marketech International Corp

533

174,514

Marvell Technology, Inc

14,830

313,719

(a) MaxLinear, Inc

5,468

2,888,865

(a) MediaTek, Inc

131,169

10,689

(a) Megachips Corp

540

15,379

(b) Melexis NV

1,032

949,313

Microchip Technology, Inc

60,490

839,580

Micron Technology, Inc

239,625

313,500

Micronics Japan Co Ltd

14,107

83,030

(a) Mitsui High-Tec, Inc

39,623

MKS Instruments, Inc

6,332

8,937

Monolithic Power Systems, Inc

8,100

42,550

Montage Technology Co Ltd

717

64,000

MPI Corp

4,576

936,000

Nanya Technology Corp

5,745

105,049

(a) National Silicon Industry Group Co Ltd

691,201

NAURA Technology Group Co Ltd

45,402

82,131

Nexchip Semiconductor Corp

288,649

(a) Nordic Semiconductor ASA

3,782

68,620

(a) Nova Measuring Instruments Ltd

22,939

354,758

Novatek Microelectronics Corp Ltd

4,218

132,000

Nuvoton Technology Corp

26,095,945

Nvidia Corp

4,866,894

187,377

NXP Semiconductors NV

40,672

76,669

(a) ON Semiconductor Corp

4,152

20,441

(a) Onto Innovation, Inc

3,227

328,000

Orient Semiconductor Electronics Ltd

584

240,000

Pan Jit International, Inc

609

61,000

(a) Parade Technologies Ltd

1,131

124,000

Phison Electronics Corp

5,714

112,000

Phoenix Silicon International Corp

631

10,870

Piotech, Inc

513

103,000

Pixart Imaging, Inc

662

2,472,000

(a) Powerchip Semiconductor Manufacturing Corp

3,116

1,009,000

Powertech Technology, Inc

5,562

3,526

(a) PSK, Inc

1,058,300

Qnity Electronics, Inc

86,410

15,893

(a) Qorvo, Inc

1,343

233,453

QUALCOMM, Inc

39,932

335,000

Radiant Opto-Electronics Corp

1,320

196,753

(a) Rambus, Inc

18,080

53,000

Raydium Semiconductor Corp

299,261

Realtek Semiconductor Corp

4,647

608,606

(a) Rigetti Computing, Inc

13,481

17,800

Rockchip Electronics Co Ltd

257,300

(a) Rohm Co Ltd

3,655

73,270

(a) Rorze Corp

1,050

9,400

RS Technologies Co Ltd

8,142

S&S Tech Corp

213,800

Sanan Optoelectronics Co Ltd

16,113

Sanken Electric Co Ltd

594

411,500

(a) SCREEN Holdings Co Ltd

40,082

362,476

(a) Semtech Corp

26,711

22,059

SG Micro Corp

18,200

Shenzhen Goodix Technology Co Ltd

9,500

(a) Shibaura Mechatronics Corp

1,148

34,000

ShunSin Technology Holding Ltd

5,046,000

Sigurd Microelectronics Corp

18,668

239,000

Silergy Corp

1,449

292,200

Silicon Integrated Systems Corp

10,575

Siltronic AG.

599

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

16,851

SIMMTECH Co Ltd

$

577

425,000

(a) Sino-American Silicon Products, Inc

1,436

79,000

Sitronix Technology Corp

129,069

(a) SkyWater Technology, Inc

2,344

27,594

Skyworks Solutions, Inc

1,750

135,900

(a) Socionext, Inc

1,904

20,307

(a) SOITEC

549

405,280

(a) STMicroelectronics NV

10,592

15,306

SUESS MicroTec SE

692

264,400

Sumco Corp

2,419

19,208

(a) Taesung Co Ltd

594

40,781,458

Taiwan Semiconductor Manufacturing Co Ltd

2,004,705

1,161,531

Taiwan Semiconductor Manufacturing Co Ltd (ADR)

352,978

164,081

TCL Zhonghuan Renewable Energy Technology Co Ltd

101,921

(a) Technoprobe S.p.A

1,450

98,980

TechWing, Inc

3,150

30,602

Teradyne, Inc

5,923

415,157

Texas Instruments, Inc

72,026

147,261

Tianshui Huatian Technology Co Ltd

4,237

(a) Tokai Carbon Korea Co Ltd

621,000

(a) Tokyo Electron Ltd

138,314

30,000

(a) Tokyo Seimitsu Co Ltd

2,127

65,948

TongFu Microelectronics Co Ltd

181,639

Tongwei Co Ltd

533

132,611

Topco Scientific Co Ltd

1,230

48,600

(a) Towa Corp

666

83,165

(a) Tower Semiconductor Ltd (Tel Aviv)

9,726

20,000

(a) Tri Chemical Laboratories, Inc

77,938

Trina Solar Co Ltd

1,746,000

(a),(d)

Trony Solar Holdings Co Ltd

35,244

(a) Ulvac, Inc

1,596

436,300

(b) UMS Holdings Ltd

35,229

(d) Unigroup Guoxin Microelectronics Co Ltd

341,600

Unisem M Bhd

326,913

(a) United ,NV Technology Co Ltd

6,935,071

United Microelectronics Corp

10,830

8,786

Universal Display Corp

1,026

54,000

UPI Semiconductor Corp

704,301

Vanguard International Semiconductor Corp

2,057

20,725

(a) Verisilicon Microelectronics Shanghai Co Ltd

158,000

Via Technologies, Inc

77,000

VisEra Technologies Co Ltd

696

1,387,000

Visual Photonics Epitaxy Co Ltd

6,672

516,400

ViTrox Corp Bhd

505

53,388

WAAREE Energies Ltd

1,766

230,360

(a) Websol Energy System Ltd

45,534

Will Semiconductor Co Ltd

820

268,000

Win Semiconductors Corp

1,560

2,396,000

Winbond Electronics Corp

6,304

18,000

WinWay Technology Co Ltd

1,624

23,150

(a) WONIK IPS Co Ltd

1,090

48,550

(a),(c)

X-Fab Silicon Foundries SE

74,243

Xinjiang Daqo New Energy Co Ltd

124,000

XinTec, Inc

547

2,888,337

(b) Xinyi Solar Holdings Ltd

1,105

19,710

(a) YC Corp

54,906

Zhejiang Jingsheng Mechanical & Electrical Co Ltd

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

14,735,795

SOFTWARE & SERVICES - 7.7%

275,487

360 Security Technology, Inc

22,458

(a) Abaxx Technologies, Inc

834

894,342

Accenture plc

239,952

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

110,900

(a) ACI Worldwide, Inc

$

5,302

97,208

Addnode Group AB

1,017

323,657

Adeia, Inc

5,583

2,913

Adesso SE

37,449

(a) Adobe, Inc

13,107

304,470

(a),(b)

Airship AI Holdings, Inc

880

143,485

(a) Akamai Technologies, Inc

12,519

12,050

Al Moammar Information Systems Co

559

212,060

(a) Alarm.com Holdings, Inc

10,819

105,678

(c) Alfa Financial Software Holdings plc

23,175

Alten

1,957

117,802

Amdocs Ltd

9,484

1,231,480

(a) Amplitude, Inc

14,261

9,260

(a) Appfolio, Inc

2,154

186,750

(a) Appian Corp

6,615

236,100

Appier Group, Inc

1,617

38,170

(a),(b)

Applied Digital Corp

936

101,056

(a) AppLovin Corp

68,094

14,974

Arabian Internet & Communications Services Co

899

49,600

(a) Argo Graphics, Inc

513

179,370

(a) Arteris, Inc

2,780

289,600

(b),(c)

AsiaInfo Technologies Ltd

42,270

Asseco Poland S.A.

2,678

64,044

Atea ASA

1,001

436,329

(a) Atlassian Corp Ltd

70,746

47,118

Atoss Software AG.

6,367

5,789

Aubay

13,574

AurionPro Solutions Ltd

490,838

(a) Aurora Innovation, Inc

1,885

198,600

(a) AvePoint, Inc

2,759

56,872

Bechtle AG.

2,897

112,600

(a) Beijing Fourth Paradigm Technology Co Ltd

637

16,496

Beijing Kingsoft Office Software, Inc

725

351,000

(a),(b)

BigBear.ai Holdings, Inc

1,895

33,848

(a) BILL Holdings, Inc

1,846

133,351

Birlasoft Ltd

643

115,390

(a),(b)

Bit Digital, Inc

77,292

(a),(b)

Bitdeer Technologies Group

866

404,991

(a),(b)

Bitfarms Ltd

953

22,933

Black Box Ltd

417,110

(a),(b)

BlackBerry Ltd

1,574

159,480

(a) Box, Inc

4,770

211,001

Bravura Solutions Ltd

497,862

(a) Braze, Inc

17,072

71,237

(a),(b)

BTQ Technologies Corp

180,668

(b) Bytes Technology Group plc

869

46,500

(a) Cadence Design Systems, Inc

14,535

135,002

(a) Cafe24 Corp

2,826

22,425

CANCOM SE

698

339,642

Cap Gemini S.A.

56,397

169,423

(a) Catapult Group International Ltd

9,668

cBrain A.S.

241,112

(a) CCC Intelligent Solutions Holdings, Inc

1,917

15,363

CE Info Systems Ltd

1,488,436

(a) Cellebrite DI Ltd

26,837

15,499

(a) Cerillion plc

137,074

CGI, Inc

12,661

26,000

(a),(b)

Change Holdings, Inc

51,370

(a) Check Point Software Technologies

9,532

28,800

China National Software & Service Co Ltd

15,412,000

(a) China Youzan Ltd

1,838,000

(b) Chinasoft International Ltd

1,176

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

119,660

(a),(b)

Cipher Mining, Inc

$

1,766

19,847

(a) Circle Internet Group, Inc

1,574

334,780

(a),(b)

Cleanspark, Inc

3,388

256,230

Clear Secure, Inc

8,989

279,975

(a) Clearwater Analytics Holdings, Inc

6,753

138,287

(a) Cloudflare, Inc

27,263

239,266

Coforge Ltd

4,433

264,293

(a) Commvault Systems, Inc

33,132

49,588

Computacenter plc

1,949

209,900

(a) Confluent, Inc

6,347

18,615

Constellation Software, Inc

44,775

173,450

(a) Core Scientific, Inc

2,525

41,982

(a) Crowdstrike Holdings, Inc

19,679

276,730

(a) CS Disco, Inc

2,147

30,187

(a) CyberArk Software Ltd

13,465

337,100

(a),(b)

Cybozu, Inc

6,049

68,430

Cyient Ltd

853

399,418

Dassault Systemes SE

11,159

126,203

Data#3 Ltd

756

202,553

(a) Datadog, Inc

27,545

179,413

(a) Descartes Systems Group, Inc

15,739

7,800

(a) Digital Arts, Inc

130,213

(a) Digital Garage, Inc

2,245

136,610

(a) Digital Turbine, Inc

683

12,006

(a) Docebo, Inc

11,166

Dolby Laboratories, Inc (Class A)

717

13,210

Douzone Bizon Co Ltd

783

88,800

(a) DTS Corp

698

370,220

(a),(b)

D-Wave Quantum, Inc

9,681

72,717

(a) DXC Technology Co

1,065

48,800

(a) Dynatrace, Inc

2,115

80,100

(a) Elastic NV

6,043

15,249

Elm Co

3,041

14,600

Empyrean Technology Co Ltd

33,476

(a) Enghouse Systems Ltd

7,920

(a) Fair Isaac Corp

13,390

409,900

(a) Fastly, Inc

4,173

177,608

(a) Figma, Inc

6,637

31,172

Formula Systems 1985 Ltd

5,265

35,100

(a),(b)

Freee KK

670

857,576

(a) Freshworks, Inc

10,505

9,177,063

Fujitsu Ltd

252,212

38,800

Future Architect, Inc

31,015

(a) Gartner, Inc

7,824

198,945

GB Group plc

689

695,000

(a) GDS Holdings Ltd

3,035

151,400

(a),(b)

GDS Holdings Ltd (ADR)

5,284

2,809,112

Gen Digital, Inc

76,380

12,591

GFT Technologies SE

117,574

(a) Gitlab, Inc

4,413

696,544

(a) Globant S.A.

45,533

50,370

GMO internet, Inc

1,259

56,600

(a) GoDaddy, Inc

7,023

305,074

(a) Guidewire Software, Inc

61,323

147,102

Hansen Technologies Ltd

518

52,456

Happiest Minds Technologies Ltd

589,075

HCL Technologies Ltd

10,647

113,912

Hexaware Technologies Ltd

971

3,126,600

(a),(b)

Horizon Robotics, Inc

3,490

108,242

(a) HubSpot, Inc

43,438

73,052

Hundsun Technologies, Inc

182,020

(a),(b)

Hut 8 Corp

8,362

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

4,334

Hyundai Autoever Corp

$

1,003

88,482

(a) IBEX Holdings Ltd

3,378

93,783

Iflytek Co Ltd

676

65,120

(a) Imergent, Inc

60,571

(b) Indra Sistemas S.A.

3,443

281,000

INESA Intelligent Tech, Inc

62,244

Information Services International-Dentsu Ltd

1,088

4,378,454

Infosys Technologies Ltd

78,851

338,000

(b) Inspur International Ltd

342,701

Intellect Design Arena Ltd

3,706

19,000

(a) Intelligo Technology, Inc

6,210

(b) InterDigital, Inc

1,977

225,141

International Business Machines Corp

66,689

566,945

Intuit, Inc

375,556

36,455

(a) Ionos SE

1,137

148,119

Iress Market Technology Ltd

837

40,850

Isoftstone Information Technology Group Co Ltd

318,600

(a) Jamf Holding Corp

4,145

24,800

Jiangsu Hoperun Software Co Ltd

229,657

(a) Justsystems Corp

7,424

69,570

Kainos Group plc

939

100,900

(a) Kinaxis, Inc

12,724

3,006,495

(a) Kingdee International Software Group Co Ltd

5,154

2,004,000

(a),(b)

Kingsoft Cloud Holdings Ltd

1,400

30,118

Kontron AG.

799

490,598

KPIT Technologies Ltd

6,406

97,416

(a) Kyndryl Holdings, Inc

2,587

99,067

(a) Lightspeed Commerce, Inc

1,195

179,406

(a) LINK Mobility Group Holding ASA

602

547,000

(c) Linklogis, Inc

47,042

(c) LTIMindtree Ltd

3,177

7,624

(a) Macquarie Technology Group Ltd

17,875

Magic Software Enterprises Ltd

15,560

(a) Manhattan Associates, Inc

2,697

70,700

(a) Marketingforce Management Ltd

14,076

Mastek Ltd

26,246

Matrix IT Ltd

1,151

105,605

Meeza QSTP LLC

337,695

(a) Megaport Ltd

2,729

24,684

(a),(b)

Mercurity Fintech Holding, Inc

10,982,283

Microsoft Corp

5,311,252

112,739

(a) MicroStrategy, Inc (Class A)

17,131

671,000

(b) Ming Yuan Cloud Group Holdings Ltd

48,267

(a) Mitsubishi Research Institute, Inc

1,537

25,563

(a) Monday.com Ltd

3,772

35,088

(a) Money Forward, Inc

1,044

68,114

Mphasis Ltd

2,114

6,371

Nagarro SE

567

852,000

(a),(b),(d)

National Agricultural Holdings Ltd

266,688

(a) NCC Group plc

930,200

NEC Corp

31,474

35,048

Nemetschek SE

3,792

31,327

(a),(c)

Netcompany Group A.S.

1,752

50,636

Newgen Software Technologies Ltd

484,541

(a) NEXTDC Ltd

4,034

36,953

(a) Nice Systems Ltd

4,177

54,538

(a) Nihon Unisys Ltd

1,884

52,600

(a) Nippon System Development Co Ltd

1,163

193,100

(a) Nomura Research Institute Ltd

7,348

11,107

(a) Northern Data AG.

51,284

(a),(b)

NS Solutions Corp

1,446

185,279

(a) Nuix Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

109,016

(a) Nutanix, Inc

$

5,635

134,400

(a) OBIC Business Consultants Ltd

7,255

25,295

Objective Corp Ltd

35,299

One Software Technologies Ltd

977

247,113

(a) Ooma, Inc

2,899

176,935

Open Text Corp (Toronto)

5,762

1,075,636

Oracle Corp

209,652

9,661

Oracle Financial Services Software Ltd

828

23,199

(a),(b)

OVH Groupe SAS

428,912

(a),(b)

Pagaya Technologies Ltd

8,964

1,720,740

(a) Palantir Technologies, Inc

305,862

1,728,428

(a) Palo Alto Networks, Inc

318,376

49,000

Pegasystems, Inc

2,926

88,340

(a) Perfect Presentation For Commercial Services Co

69,629

Persistent Systems Ltd

4,861

610,285

(a) Phoenix Group plc

14,600

(a),(b)

PKSHA Technology, Inc

13,726

Planisware S.A.

19,900

(a) Plus Alpha Consulting Co Ltd

36,648

POSCO DX Co Ltd

732

52,692

(a) PTC, Inc

9,179

280,452

(a) Q2 Holdings, Inc

20,237

14,886

(a),(b)

QT Group Oyj

571

249,313

(a) Radware Ltd

6,006

133,800

(a) Rakus Co Ltd

888

49,900

Range Intelligent Computing Technology Group Co Ltd

31,556

(a) Rategain Travel Technologies Ltd

15,553

Red Violet, Inc

886

17,575

Reply S.p.A

2,353

179,600

(a) RingCentral, Inc

5,187

81,880

(a),(b)

Riot Platforms, Inc

1,037

991,522

(a) Riskified Ltd

4,928

255,875

Roper Industries, Inc

113,898

56,314

(a) Rubrik, Inc

4,307

587,804

(a) Sage Group plc

8,549

25,324

(a),(b)

SailPoint, Inc

512

15,400

(a),(b)

Sakura Internet, Inc

370,206

Salesforce, Inc

98,071

131,352

(a) Samsara, Inc

4,656

26,488

(a) Samsung SDS Co Ltd

3,152

51,300

(a) Sansan, Inc

568

1,521,424

SAP AG.

369,658

1,315

Secunet Security Networks AG.

333,635

(a) SEMrush Holdings, Inc

3,967

133,660

(a) SentinelOne, Inc

2,005

1,871,089

(a) ServiceNow, Inc

286,632

68,322

Shanghai Baosight Software Co Ltd

1,381,965

(a),(b)

SHIFT, Inc

8,636

433,340

(a) Shopify, Inc (Class A)

69,755

2,022,281

(a) Shopify, Inc (Class A)

325,616

1,011,411

(a),(b)

SimilarWeb Ltd

7,575

130,800

(a) Simplex Holdings, Inc

879

491,559

(a),(b),(c)

Sinch AB

1,656

216,577

(a) SiteMinder Ltd

875

1,331,170

(a) Snowflake, Inc

292,005

223,311

Softcat plc

4,251

113,107

Sonata Software Ltd

11,027

(b) Sopra Group S.A.

1,996

86,720

(a),(b)

SoundHound AI, Inc

865

231,700

(a) Sprinklr, Inc

1,803

187,748

(a) Sprout Social, Inc

2,116

23,047

(a) SPS Commerce, Inc

2,054

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

560,224

(b) SUNeVision Holdings Ltd

$

99,587

(a) Synopsys, Inc

46,778

3,447,412

(a) Systena Corp

11,334

161,000

Systex Corp

603

41,798

Tanla Platforms Ltd

627,519

(a) Tata Consultancy Services Ltd

22,421

175,315

Tata Elxsi Ltd

10,233

1,615,743

Tata Technologies Ltd

11,571

104,768

(a),(c)

TeamViewer SE

738

336,193

Tech Mahindra Ltd

5,955

215,350

(a) TechMatrix Corp

3,207

371,939

Technology One Ltd

6,898

143,440

(a) Telos Corp

732

40,214

Temenos Group AG.

3,999

160,000

(a) Tenable Holdings, Inc

3,765

358,758

(a) Teradata Corp

10,921

306,340

(a),(b)

Terawulf, Inc

3,520

82,354

(b) Tietoenator Oyj

1,761

46,578

(a) TomTom NV

341,552

TOTVS S.A.

2,610

589,463

Truecaller AB

1,225

3,571,882

Tuya, Inc (ADR)

7,537

645,894

(a) UiPath, Inc

10,586

452,805

(a),(b)

Unity Software, Inc

20,000

35,046

VeriSign, Inc

8,514

26,277

(a),(b)

Vitec Software Group AB

879

120,100

(a),(b)

VNET Group, Inc (ADR)

1,016

1,170,000

(a) Vobile Group Ltd

619

49,986

(a) VTEX

5,804

(b) Wavestone

2,506,000

(a),(b),(c)

Weimob, Inc

594

252,800

(a),(b)

WellCell Holdings Co Ltd

23,087

(b) Wiit S.p.A

546

15,300

(a) WingArc1st, Inc

1,650,715

Wipro Ltd

4,840

144,770

WiseTech Global Ltd

6,582

33,235

(a) Wix.com Ltd

3,453

268,333

(a) Workday, Inc

57,633

215,258

(a) Workiva, Inc

18,566

118,800

(a) Xero Ltd

9,000

129,287

Yonyou Network Technology Co Ltd

37,360

(a) Yubico AB

47,386

(a) Zaggle Prepaid Ocean Services Ltd

88,458

Zensar Technologies Ltd

693

734,714

(a) Zeta Global Holdings Corp

14,951

69,974

(a) Zinka Logistics Solutions Ltd

529

96,423

(a) Zscaler, Inc

21,687

45,600

(a) Zuken, Inc

1,425

TOTAL SOFTWARE & SERVICES

10,372,155

TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%

481,944

AAC Technologies Holdings, Inc

2,416

58,000

Ability Opto-Electronics Technology Co Ltd

33,100

Accelink Technologies Co Ltd

311,402

Accton Technology Corp

11,751

2,062,000

Acer, Inc

1,730

298,543

Advantech Co Ltd

2,730

25,006

(a) Ai Holdings Corp

58,000

All Ring Tech Co Ltd

670

112,000

Alpha Networks, Inc

124,800

(a) Alps Electric Co Ltd

1,593

4,414

(b) ALSO Holding AG.

1,191

39,950

(a) Amano Corp

1,077

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

2,622,630

Amphenol Corp (Class A)

$

354,422

22,360

Anker Innovations Technology Co Ltd

852,993

(a) Anritsu Corp

12,226

1,287,120

(a),(d)

Anxin-China Holdings Ltd

17,855,806

(g) Apple, Inc

4,854,279

90,000

(a),(b)

Applied Optoelectronics, Inc

3,137

1,492,000

Arcadyan Technology Corp

8,247

2,368,091

(a) Arista Networks, Inc

310,291

503,930

(a) Arlo Technologies, Inc

7,050

10,002

(a) Arrow Electronics, Inc

1,102

177,000

Asia Optical Co, Inc

784

203,000

Asia Vital Components Co Ltd

9,743

297,000

ASROCK, Inc

2,340

26,174

Astra Microwave Products Ltd

435,026

Asustek Computer, Inc

7,562

18,915

AT&S Austria Technologie & Systemtechnik AG.

708

4,101,000

AU Optronics Corp

1,595

50,000

AURAS Technology Co Ltd

1,606

23,565

(a),(c)

Avalon Technologies Ltd

88,400

Avary Holding Shenzhen Co Ltd

638

14,396

Avnet, Inc

692

337,000

(a) Azbil Corp

3,065

49,572

Barco NV

687

1,640

Bel Fuse, Inc

923,320

Benq Corp

689

1,382,537

BOE Technology Group Co Ltd

833

266,000

(b) BOE Varitronix Ltd

269,000

(a) Brother Industries Ltd

5,374

493,439

BYD Electronic International Co Ltd

2,137

2,365,300

CalComp Electronics Thailand PCL

97,670

(a) Calix, Inc

5,170

12,700

(a) Canon Electronics, Inc

39,090

Canon Marketing Japan, Inc

1,720

325,947

Catcher Technology Co Ltd

2,154

55,411

CDW Corp

7,547

80,473

(a) Celestica, Inc

23,804

278,000

Chang Wah Electromaterials, Inc

5,140,000

Channel Well Technology Co Ltd

11,420

80,345

Chaozhou Three-Circle Group Co Ltd

525

48,000

Chenbro Micom Co Ltd

1,527

207,000

Cheng Uei Precision Industry Co Ltd

88,000

Chenming Mold Industry Corp

486,000

Chicony Electronics Co Ltd

1,811

489,600

(a),(d)

China Fiber Optic Network System Group Ltd

129,557

China Greatwall Technology Group Co Ltd

302,515

China Railway Signal & Communication Corp Ltd

237,000

Chroma ATE, Inc

5,862

18,000

Chunghwa Precision Test Tech Co Ltd

1,309

1,631

(a) Cicor Technologies Ltd

402,716

(a) Ciena Corp

94,183

3,673,437

Cisco Systems, Inc

282,965

152,000

(a) Citizen Watch Co Ltd

1,237

275,000

Clevo Co

78,018

Codan Ltd

1,475

70,685

Cognex Corp

2,543

29,799

(a) Coherent Corp

5,500

1,268,000

Comba Telecom Systems Holdings Ltd

5,616

(b) Comet Holding AG.

1,571

864,691

(a) CommScope Holding Co, Inc

15,677

2,673,524

Compal Electronics, Inc

2,583

6,615,000

Compeq Manufacturing Co Ltd

19,537

178,000

Coretronic Corp

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

150,659

Corning, Inc

$

13,192

16,941

(a) CosmoAM&T Co Ltd

509

208,000

(a),(b)

Cowell e Holdings, Inc

735

26,641

Daeduck Electronics Co Ltd

871

8,723

Daejoo Electronic Materials Co Ltd

60,870

(a) Daiwabo Co Ltd

1,200

170,482

DataTec Ltd

814

134,115

Dell Technologies, Inc

16,882

1,916,370

Delta Electronics Thailand PCL

10,459

1,510,673

Delta Electronics, Inc

46,081

125,903

(a) Dexerials Corp

2,120

69,697

Dicker Data Ltd

16,540

(a) Diebold Nixdorf, Inc

1,123

185,093

Dynamic Holding Co Ltd

751

102,000

Dynapack International Technology Corp

1,093

536,247

E Ink Holdings, Inc

3,369

18,548

(a) Eizo Nanao Corp

317,596

(a) Elecom Co Ltd

3,499

184,000

Elite Material Co Ltd

9,640

78,679

Ennoconn Corp

717

37,580

Eoptolink Technology, Inc Ltd

2,303

1,674,879

Ericsson (LM) (B Shares)

16,300

614,298

(a) Everdisplay Optronics Shanghai Co Ltd

21,091

Evertz Technologies Ltd

492,460

(a) Evolv Technologies Holdings, Inc

3,526

730,201

(a) Extreme Networks, Inc

12,158

10,822

(a) F5 Networks, Inc

2,762

29,900

(a) Fabrinet

13,613

247,000

(a) FIH Mobile Ltd

618

54,000

First Hi-Tec Enterprise Co Ltd

544

203,000

FLEXium Interconnect, Inc

1,913,334

(a) Flextronics International Ltd

115,604

38,000

Fositek Corp

1,966

492,724

Foxconn Industrial Internet Co Ltd

4,366

2,472,000

Foxconn Technology Co Ltd

4,827

1,861,700

FUJIFILM Holdings Corp

39,502

16,400

(a) Furuno Electric Co Ltd

833

171,000

General Interface Solution Holding Ltd

63,000

Genius Electronic Optical Co Ltd

899

72,365

Genus Power Infrastructures Ltd

313,000

Getac Holdings Corp

1,164

334,000

Gigabyte Technology Co Ltd

2,642

231,392

Global Brands Manufacture Ltd

820

144,422

GoerTek, Inc

593

198,000

Gold Circuit Electronics Ltd

4,325

9,700

(a),(b)

Hakuto Co Ltd

452,319

Halma plc

21,469

223,200

(a) Hamamatsu Photonics KK

2,374

637,300

Hana Microelectronics PCL (Foreign)

194,440

Hannstar Board Corp

570

1,669,000

HannStar Display Corp

25,172

(a) Hanwha Industrial Solutions Co Ltd

784

691,220

(a) Harmonic, Inc

6,836

97,100

Hengtong Optic-electric Co Ltd

553,164

Hewlett Packard Enterprise Co

13,287

1,242,286

Hexagon AB

14,633

502,000

(a) High Tech Computer Corp

788

7,500

(b) Hioki EE Corp

133,000

(a) Hirose Electric Co Ltd

14,718

25,733

(b) HMS Networks AB

1,165

7,735,640

Hon Hai Precision Industry Co, Ltd

56,705

1,272

Honeywell Automation India Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

25,399

Horiba Ltd

$

2,593

178,000

(a) Hosiden Corp

2,828

397,286

HP, Inc

8,852

46,300

Huagong Tech Co Ltd

525

31,500

Huaqin Technology Co Ltd

179,600

(a),(b)

Ibiden Co Ltd

7,757

169,000

I-Chiun Precision Industry Co Ltd

503

13,022

Inficon Holding AG.

1,611

7,516

(b) Ingram Micro Holding Corp

62,224

Innodisk Corp

1,141

4,710,641

InnoLux Display Corp

2,556

60,500

Inspur Electronic Information Industry Co Ltd

577

81,300

Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira

1,717,172

Inventec Co Ltd

2,342

373,629

(a),(b)

IonQ, Inc

16,765

4,792

(a) IPG Photonics Corp

41,293

IsuPetasys Co Ltd

3,424

161,000

ITEQ Corp

579

402,800

ITMAX SYSTEM Bhd

74,593

Ituran Location and Control Ltd

3,208

46,634

Jabil Inc

10,634

612,542

(a) Japan Aviation Electronics Industry Ltd

9,865

38,473

Jenoptik AG.

874

30,788

(a) Jeol Ltd

990

55,000

Jess-Link Products Co Ltd

17,909

(a) JNTC Co Ltd

30,000

(a) Kaga Electronics Co Ltd

743

22,545

(a) Kaynes Technology India Ltd

1,007

5,881,700

KCE Electronics PCL

3,388

287,300

(a) Keyence Corp

103,924

32,809

(a) Keysight Technologies, Inc

6,666

35,000

King Slide Works Co Ltd

4,179

855,500

Kingboard Chemical Holdings Ltd

3,231

645,000

Kingboard Laminates Holdings Ltd

1,094

828,000

Kinpo Electronics

590

136,087

Kitron ASA

980

144,763

(a) Knowles Corp

3,102

341,600

(a) Konica Minolta Holdings, Inc

1,486

138,468

Lagercrantz Group AB

3,176

20,837

Landis&Gyr Group AG.

1,340

61,625

Largan Precision Co Ltd

4,877

2,709,275

(c) Legend Holdings Corp

3,103

LEM Holding S.A.

4,998,399

Lenovo Group Ltd

5,944

197,323

Lens Technology Co Ltd

854

183,525

(a) LG Display Co Ltd

1,508

10,213

LG Innotek Co Ltd

1,921

269,984

Lingyi iTech Guangdong Co

600

1,219,277

Lite-On Technology Corp

6,343

29,727

Littelfuse, Inc

7,519

91,038

Logitech International S.A.

9,242

52,000

Lotes Co Ltd

2,144

19,982

(a) Lotte Energy Materials Corp

212,212

(a),(b)

Lumentum Holdings, Inc

78,219

1,449,956

LuxNet Corp

15,006

273,224

Luxshare Precision Industry Co Ltd

2,222

102,621

(a) Macnica Holdings, Inc

1,573

6,500

(a) Maruwa Co Ltd

1,766

31,100

(a) Maxell Holdings Ltd

19,842

Maxscend Microelectronics Co Ltd

43,191

(a) MCJ Co Ltd

15,100

(a) Meiko Electronics Co

1,033

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

75,441

(a) Methode Electronics, Inc

$

501

198,000

(a),(b),(d)

MH Development Ltd

0^

506,000

Micro-Star International Co Ltd

1,543

761,322

(a) Mirion Technologies, Inc

17,830

700,700

Mitac Holdings Corp

1,918

464,463

Motorola Solutions, Inc

178,038

915,000

(a) Murata Manufacturing Co Ltd

18,911

121,836

(b) Mycronic AB

2,927

169,000

Nan Ya Printed Circuit Board Corp

1,295

816,000

Nationgate Holdings Bhd

9,621

(a) Nayax Ltd

124,384

NCAB Group AB

646

16,405

(b) Neopost S.A.

84,030

NetApp, Inc

8,999

14,959

Netweb Technologies India Ltd

517

54,347

Next Vision Stabilized Systems Ltd

3,582

32,450

(a) Nichicon Corp

50,576

Nippon Electric Glass Co Ltd

1,988

259,390

(a) nLight, Inc

9,730

20,372

(a) Nohmi Bosai Ltd

501

(a) Nokia Corp (ADR)

0^

3,170,729

Nokia Oyj

20,442

20,082

NORBIT ASA

104,400

(a) OFILM Group Co Ltd

767,936

(a) Oki Electric Industry Co Ltd

9,769

134,200

(a) Omron Corp

3,395

10,090

(a) OSI Systems, Inc

2,574

77,000

(a) Ouster, Inc

1,666

45,846

Oxford Instruments plc

1,257

317,000

Pan-International Industrial

500

3,586

(a) Park Systems Corp

521

623,000

PAX Global Technology Ltd

10,840

PC Connection, Inc

626

1,221,915

Pegatron Corp

2,666

128,769

PG Electroplast Ltd

824

174,239

(a) Plexus Corp

25,613

33,000

Posiflex Technology, Inc

2,175,514

(a),(b)

Powerfleet, Inc

11,574

345,000

Primax Electronics Ltd

841

Promate Electronic Co Ltd

0^

130,812

(a) Pure Storage, Inc

8,766

363,000

Q Technology Group Co Ltd

1,666,390

Quanta Computer, Inc

14,392

151,000

Quanta Storage, Inc

513

127,070

(a),(b)

Quantum Computing, Inc

1,304

19,532

Ralliant Corp

994

57,073

(a) Raspberry PI Holdings plc

436,885

Redington Ltd

1,325

30,117

Renishaw plc

1,425

386,800

(a) Ricoh Co Ltd

3,403

88,400

Rigaku Holdings Corp

692

26,352

(a) Riken Keiki Co Ltd

539

29,796

(a) Riso Kagaku Corp

196,600

(a),(b)

RoboSense Technology Co Ltd

927

7,436

(a) Robotis Co Ltd

1,347

20,559

(a) Ryoyo Ryosan Holdings, Inc

34,614

(a) Samsung Electro-Mechanics Co Ltd

6,126

9,844,138

Samsung Electronics Co Ltd

825,085

501,906

Samsung Electronics Co Ltd (Preference)

31,154

201,383

(a) Samsung SDI Co Ltd

37,657

73,384

(a) SanDisk Corp

17,420

153,995

(a) Sanmina Corp

23,110

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

40,000

Scientech Corp

$

257,633

Seagate Technology Holdings plc

70,950

225,700

(a) Seiko Epson Corp

2,861

7,145

(a),(b),(c)

Sensirion Holding AG.

549

20,027

(a) Seojin System Co Ltd

223,000

Sercomm Corp

565

6,313

(b) Sesa S.p.A

660

6,000

SES-imagotag S.A.

1,433

10,970

Shanghai Friendess Electronic Technology Corp Ltd

13,327

Sharetronic Data Technology Co Ltd

27,115

Shengyi Electronics Co Ltd

94,484

Shengyi Technology Co Ltd

962

26,849

Shennan Circuits Co Ltd

891

54,200

Shenzhen Everwin Precision Technology Co Ltd

43,200

Shenzhen Kinwong Electronic Co Ltd

13,400

(a) Shenzhen Longsys Electronics Co Ltd

38,775

Shenzhen Transsion Holdings Co Ltd

125,000

Simplo Technology Co Ltd

1,426

180,000

Sinbon Electronics Co Ltd

1,101

56,057

(a) Softwareone Holding AG.

642

73,649

(b) Softwareone Holding AG.

837

73,000

Solomon Technology Corp

23,743

(a) SOLUM Co Ltd

7,522,805

Sterlite Technologies Ltd

8,633

9,500

Sun Corp

546

444,149

Sunny Optical Technology Group Co Ltd

3,751

216,264

(a) Super Micro Computer, Inc

6,330

423,277

Supreme Electronics Co Ltd

1,005

70,841

Suzhou Dongshan Precision Manufacturing Co Ltd

859

27,804

Suzhou TFC Optical Communication Co Ltd

803

886,000

Synnex Technology International Corp

1,633

61,224

Syrma SGS Technology Ltd

500

193,000

Taiwan Surface Mounting Technology Corp

585

180,000

Taiwan Union Technology Corp

2,831

93,140

(a) Taiyo Yuden Co Ltd

2,104

789,429

TCL Technology Group Corp

513

367,557

TD SYNNEX Corp

55,218

3,563,900

(a) TDK Corp

50,421

312,743

TE Connectivity plc

71,152

57,332

(c) Tejas Networks Ltd

119,000

Test Research, Inc

724

50,000

Thinking Electronic Industrial Co Ltd

72,879

(a) Tobii Dynavox AB

805

15,900

(a) Tokyo Electron Device Ltd

2,542,640

Tong Hsing Electronic Industries Ltd

10,761

15,685

(a) Toshiba TEC Corp

167,000

Transcend Information, Inc

1,040

44,517

(a) Trimble Inc

3,488

1,802,000

Tripod Technology Corp

18,185

174,944

(a) TTM Technologies, Inc

12,071

225,000

TXC Corp

575

1,758

Ubiquiti, Inc

973

817,011

Unimicron Technology Corp

5,705

120,891

Unisplendour Corp Ltd

525,412

Unitech Printed Circuit Board Corp

45,000

Universal Microwave Technology, Inc

972

1,627,500

Venture Corp Ltd

19,147

1,059,037

(a) Viasat, Inc

36,494

32,300

Victory Giant Technology Huizhou Co Ltd

1,320

993,748

Vishay Intertechnology, Inc

14,399

176,900

Vontier Corp

6,577

2,543,184

(a) VS Industry Bhd

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

515,042

VSTECS Holdings Ltd

$

517

114,685

Vtech Holdings Ltd

905

385,000

(a) Wacom Co Ltd

1,996

144,000

Wah Lee Industrial Corp

224,000

Walsin Technology Corp

831

402,000

Wasion Holdings Ltd

888

922,600

Western Digital Corp

158,936

42,684

Wingtech Technology Co Ltd

190,500

(a),(d)

Wintek Corp

0^

1,867,000

Wistron Corp

8,922

1,020,524

Wistron NeWeb Corp

3,212

69,049

Wiwynn Corp

9,837

1,132,000

WPG Holdings Ltd

2,094

503,252

WT Microelectronics Co Ltd

2,193

187,508

Wuhan Guide Infrared Co Ltd

72,732

WUS Printed Circuit Kunshan Co Ltd

757

13,835,800

(a),(c)

Xiaomi Corp

69,827

15,750

(a),(d)

Ya Hsin Industrial Co Ltd

0^

1,022,600

Yageo Corp

7,496

42,765

Yealink Network Technology Corp Ltd

21,410

(a) Zebra Technologies Corp (Class A)

5,199

136,818

Zhejiang Dahua Technology Co Ltd

35,452

Zhejiang Supcon Technology Co Ltd

440,558

Zhen Ding Technology Holding Ltd

1,985

41,792

Zhongji Innolight Co Ltd

3,631

155,603

ZTE Corp

843

473,399

(b) ZTE Corp (Class H)

1,654

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

8,972,867

TELECOMMUNICATION SERVICES - 0.9%

726,871

Advanced Info Service PCL

7,198

11,173,384

America Movil SAB de C.V.

11,560

30,420

(a) Anterix, Inc

664

115,539

(a),(b)

AST SpaceMobile, Inc

8,392

5,326,433

AT&T, Inc

132,309

19,850

ATN International, Inc

202,917

Aussie Broadband Ltd

681

1,739,806

Axiata Group Bhd

1,080

28,690

(a) Bandwidth, Inc

50,991

BCE, Inc

1,216

3,763,205

Bezeq Israeli Telecommunication Corp Ltd

8,401

5,016,688

Bharti Airtel Ltd

117,749

393,391

(a) Blue Label Telecoms Ltd

3,573,705

BT Group plc

8,854

88,582

Cellcom Israel Ltd

1,043

300,364

(c) Cellnex Telecom S.A.

9,672

23,300

Chief Telecom, Inc

2,749,491

(c) China Tower Corp Ltd

4,087

1,223,900

China United Network Communications Ltd

896

8,213,653

Chunghwa Telecom Co Ltd

34,140

1,348,641

Citic Telecom International Holdings Ltd

4,262,300

Dayamitra Telekomunikasi PT

2,744,510

(a) Deutsche Telekom AG.

89,337

2,136,044

Digi.Com BHD

1,679

28,868

Drillisch AG.

836

72,084

(b) Elisa Oyj (Series A)

3,194

3,551,698

Emirates Telecommunications Group Co PJSC

17,735

105,726

Empresa Nacional de Telecomunicaciones S.A.

552

10,998

Etihad Atheeb Telecommunication Co

234,241

Etihad Etisalat Co

4,116

1,096,282

Far EasTone Telecommunications Co Ltd

3,078

89,974

Freenet AG.

3,099

102,611

(a) Frontier Communications Parent, Inc

3,906

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TELECOMMUNICATION SERVICES

(continued)

67,906

Gamma Communications plc

$

846

186,824

(a),(d)

GCI Liberty, Inc

13,018

(a) GCI Liberty, Inc

565,130

(a) Gogo, Inc

2,633

566,618

(a) Helios Towers plc

1,251

100,997

Hellenic Telecommunications Organization S.A.

2,001

591,272

HFCL Ltd

208,000

HKBN Ltd

2,720,000

HKT Trust & HKT Ltd

4,028

824,404

(a) Indus Towers Ltd

3,845

164,962

(c) Infrastrutture Wireless Italiane S.p.A

1,527

83,348

(a) Internet Initiative Japan, Inc

1,474

114,247

Iridium Communications, Inc

1,986

405,600

KDDI Corp

7,020

15,476,007

Koninklijke KPN NV

72,315

2,998,381

Kuwait Telecommunications Co

6,721

222,725

(a),(b),(d)

Let's GOWEX S.A.

123,687

LG Telecom Ltd

1,264

58,986

(a) Liberty Global Ltd

651

374,191

(a) Liberty Global Ltd

4,168

76,780

(a) Liberty Latin America Ltd (Class A)

567

98,490

(a) Liberty Latin America Ltd (Class C)

735

625,838

(a) Lumen Technologies, Inc

4,863

248,118

Magyar Telekom

1,359

1,475,083

Maxis Bhd

1,377

120,560

(a) Millicom International Cellular S.A.

6,684

1,194,274

Mobile Telecommunications Co KSCP

2,014

286,591

Mobile Telecommunications Co Saudi Arabia

797

1,057,224

MTN Group Ltd

10,823

2,151,966

NetLink NBN Trust

1,615

3,989,000

Nippon Telegraph & Telephone Corp

4,027

135,048

NOS SGPS S.A.

637

30,600

(a) Okinawa Cellular Telephone Co

553

597,729

Ooredoo QPSC

2,137

1,972,351

Orange S. A.

32,912

109,339

Partner Communications

1,321

3,775,000

PCCW Ltd

2,621

45,599

PLDT, Inc

977

890,210

Proximus plc

7,393

110,837

Quebecor, Inc

4,175

73,794

(c) RAI Way S.p.A

72,696

Railtel Corp of India Ltd

255,437

Rogers Communications, Inc (Class B)

9,642

14,598,300

Sarana Menara Nusantara Tbk PT

512

1,228,054

Saudi Telecom Co

14,063

5,336,200

Singapore Telecommunications Ltd

18,879

87,977

(a),(d)

Sistema PJSFC (GDR) (London)

63,485

SK Telecom Co Ltd

2,357

993,641

SmarTone Telecommunications Holding Ltd

600

13,919,300

(a) SoftBank Corp

19,111

1,437,192

Softbank Group Corp

40,318

1,054,211

(a) Space42 plc

411,614

(b) StarHub Ltd

50,291

Sunrise Communications AG.

2,685

366,852

(a) Superloop Ltd

634

16,474

Swisscom AG.

11,966

1,088,506

Taiwan Mobile Co Ltd

3,756

76,884

Tata Communications Ltd

1,561

325,575

(a) Tata Teleservices Maharashtra Ltd

327,633

Tele2 AB (B Shares)

5,490

1,449,676

Telecom Corp of New Zealand Ltd

1,903

366,732

Telecom Egypt

506

SHARES

DESCRIPTION

VALUE (000)

TELECOMMUNICATION SERVICES

(continued)

6,843,789

(a) Telecom Italia S.p.A.

$

4,111

511,920

Telefonica Brasil S.A.

3,065

1,033,065

(b) Telefonica S.A.

4,241

731,609

Telekom Malaysia BHD

1,450

514,587

Telekomunikacja Polska S.A.

1,458

444,539

Telenor ASA

6,466

1,409,511

(a) TeliaSonera AB

6,024

30,504,501

Telkom Indonesia Persero Tbk PT

6,383

2,075,699

Telkom S.A. Ltd

7,397

2,852,526

Telstra Corp Ltd

9,255

356,056

TELUS Corp

4,693

536,500

TIM S.A.

2,082

782,100

TIME dotCom Bhd

1,077

866,288

T-Mobile US, Inc

175,891

6,469,253

True Corp PCL

2,236

201,758

(a) Tuas Ltd

950

761,836

Turkcell Iletisim Hizmet AS

1,650

58,701

United Internet AG.

1,895

50,100

(a) Usen-Next Holdings Co Ltd

640

3,290,266

Verizon Communications, Inc

134,012

379,964

Vodacom Group Ltd

3,242

11,467,266

Vodafone Group plc

15,286

17,500,043

(a) Vodafone Idea Ltd

2,098

1,304,694

Vodafone Qatar QSC

873

4,107,900

XL Axiata Tbk PT

924

TOTAL TELECOMMUNICATION SERVICES

1,211,343

TRANSPORTATION - 1.5%

339,912

Adani Ports & Special Economic Zone Ltd

5,564

34,088

Aegean Airlines S.A.

571

457,194

(c) Aena SME S.A.

12,774

20,088

(b) Aeroports de Paris

2,621

7,717,369

Agility Global PLC

2,564

1,288,031

Agility Public Warehousing Co KSC

590

1,755,166

Air Arabia PJSC

2,224

115,772

(a) Air Canada

1,627

440,429

(a) Air China Ltd

591

89,871

(a),(b)

Air France-KLM

1,215

1,414,105

Air New Zealand Ltd

2,714,388

Airports of Thailand PCL

4,566

48,304

(a) Alaska Air Group, Inc

2,430

541,104

(a) American Airlines Group, Inc

8,295

512,000

ANE Cayman, Inc

779

322,000

Anhui Expressway Co Ltd

541

1,747

AP Moller - Maersk AS (Class A)

4,007

2,486

AP Moller - Maersk AS (Class B)

5,704

221,332

ArcBest Corp

16,421

42,815

(a) Asiana Airlines, Inc

41,537

Athens International Airport S.A.

524

820,512

Atlas Arteria Ltd

2,669

1,217,057

Auckland International Airport Ltd

5,837

1,324,920

Aurizon Holdings Ltd

3,224

7,275

(a),(b)

Avis Budget Group, Inc

934

47,850

(a) AZ-COM MARUWA Holdings, Inc

641,900

Bangkok Airways PCL

3,504,062

Bangkok Expressway & Metro PCL

594

1,502,000

(a) Beijing Capital International Airport Co Ltd

533

1,782,300

Beijing-Shanghai High Speed Railway Co Ltd

1,314

4,426

Blue Dart Express Ltd

6,649,800

BTS Group Holdings PCL

655,520

Canadian National Railway Co

64,833

634,441

Canadian Pacific Railway Ltd

46,709

4,985

Cargojet, Inc

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TRANSPORTATION

(continued)

96,415

CH Robinson Worldwide, Inc

$

15,500

1,648,000

China Airlines

1,058

663,900

(a) China Eastern Airlines Corp Ltd

570

219,000

China Merchants Expressway Network & Technology Holdings Co Ltd

816,667

China Merchants Holdings International Co Ltd

1,590

410,859

(a) China Southern Airlines Co Ltd (Class A)

45,724

Cia de Distribucion Integral Logista Holdings S.A.

1,617

10,499,173

Cia Sud Americana de Vapores S.A.

545

5,974

CJ Logistics Corp

22,146

Clarkson plc

1,136

1,615,700

ComfortDelgro Corp Ltd

1,858

150,124

Container Corp Of India Ltd

877

718,700

(a),(b)

Controladora Vuela Cia de Aviacion SAB de C.V.

638

1,000,000

(b) COSCO Pacific Ltd

720

438,015

COSCO SHIPPING Holdings Co Ltd - A

951

1,627,809

(b) COSCO SHIPPING Holdings Co Ltd - H

2,874

424,000

COSCO SHIPPING International Hong Kong Co Ltd

97,560

(a) Costamare Bulkers Holdings Ltd

1,503

564,424

CSX Corp

20,460

59,829

CTT-Correios de Portugal S.A.

522

15,564

D/S Norden

615

678,500

Daqin Railway Co Ltd

501

378,232

(a) Delhivery Ltd

1,701

1,285,437

Delta Air Lines, Inc

89,209

360,911

Deutsche Lufthansa AG.

3,546

1,625,826

Deutsche Post AG.

88,649

24,735

Dfds A.S.

9,324,388

(a) DiDi Global, Inc (ADR)

49,233

625,396

DSV AS

157,510

539,786

Dubai Taxi Co PJSC

3,130,100

(a) East Japan Railway Co

82,500

224,952

(a) easyJet plc

1,543

195,400

EcoRodovias Infraestrutura e Logistica S.A.

233,014

(a) El Al Israel Airlines

1,196

184,392

(c) Enav S.p.A

1,019

1,547,000

Eva Airways Corp

1,799

184,500

Evergreen International Storage & Transport Corp

657,013

Evergreen Marine Corp Taiwan Ltd

3,963

18,157

Exchange Income Corp

1,084

470,177

FedEx Corp

135,815

10,439

Ferrari Group plc

68,648

(b) Finnair Oyj

439,726

Firstgroup plc

1,130

15,055

Flughafen Zuerich AG.

4,766

34,464

(a) flynas Co SJSC

598

27,789

(a) Fraport AG. Frankfurt Airport Services Worldwide

2,272

11,560

(a) Fukuyama Transporting Co Ltd

183,616

Getlink S.E.

3,389

1,709,724

(a) GMR Infrastructure Ltd

1,988

1,703,021

(a) Grab Holdings Ltd

8,498

519,213

Grindrod Ltd

533

177,700

Grupo Aeroportuario del Centro Norte Sab de C.V.

2,403

238,279

(b) Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)

6,260

112,293

Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)

3,612

708,000

Guangshen Railway Co Ltd

248,552

Gujarat Pipavav Port Ltd

503

297,189

(a) Gulf Navigation Holding PJSC

128,700

(a) GXO Logistics, Inc

6,775

1,528,300

(a) Hainan Airlines Holding Co Ltd

84,000

(a),(b)

Hainan Meilan International Airport Co Ltd

42,200

(a) Hamakyorex Co Ltd

145,000

(a),(b),(c)

Hangzhou SF Intra-City Industrial Co Ltd

SHARES

DESCRIPTION

VALUE (000)

TRANSPORTATION

(continued)

273,500

(a) Hidrovias do Brasil S.A.

$

142,163

HMM Co Ltd

2,022

72,997

Hoegh Autoliners ASA

707

34,305

Hub Group, Inc (Class A)

1,462

8,185,251

Hutchison Port Holdings Trust

1,801

23,180

Hyundai Glovis Co Ltd

2,910

2,465

(a) ID Logistics Group

1,188

53,638

(a),(b)

Iino Kaiun Kaisha Ltd

117,889

(c) InterGlobe Aviation Ltd

6,650

707,930

International Consolidated Airlines Group S.A.

3,931

621,785

International Container Term Services, Inc

5,967

1,461,600

(a) J&T Global Express Ltd

1,967

2,145,200

Japan Airlines Co Ltd

39,784

48,700

(a) Japan Airport Terminal Co Ltd

1,366

1,481,000

Jasa Marga Persero Tbk PT

65,532

Jazeera Airways Co KSCP

16,530

JB Hunt Transport Services, Inc

3,212

1,268,800

(a),(c)

JD Logistics, Inc

1,867

78,890

(a) JET2 plc

1,488

865,770

(a) JetBlue Airways Corp

3,939

778,915

Jiangsu Express

1,000

585,958

(a),(b)

Joby Aviation, Inc

7,735

60,000

(a) Kamigumi Co Ltd

1,940

155,800

(a) Keihin Electric Express Railway Co Ltd

1,525

72,800

(a) Keio Corp

1,883

290,900

(a) Keisei Electric Railway Co Ltd

2,388

152,765

Kelsian Group Ltd

260,509

Kerry Logistics Network Ltd

137,000

Kerry TJ Logistics Co Ltd

135,900

(a) Kintetsu Corp

2,662

23,473

(a) Kirby Corp

2,586

343,996

Knight-Swift Transportation Holdings, Inc

17,984

21,568

(a) Konoike Transport Co Ltd

109,092

(a) Korean Air Lines Co Ltd

1,705

28,927

(b) Kuehne & Nagel International AG.

6,204

107,100

(a) Kyushu Railway Co

2,786

193,791,644

Lan Airlines S.A.

5,246

146,933

(a) Landstar System, Inc

21,114

182,780

LDR Turizm AS.

6,875,942

Localiza Rent A Car

54,420

264,459

(a) Localiza Rent a Car S.A.

2,003

10,445

Lotte Rental Co Ltd

11,557

(a) Lumi Rental Co

388,660

(a) Lyft, Inc (Class A)

7,528

554,560

Marten Transport Ltd

6,311

8,830

(a) Maruzen Showa Unyu Co Ltd

826,340

MISC Bhd

1,588

186,940

(a) Mitsubishi Logistics Corp

1,428

44,742

(a) Mitsui-Soko Co Ltd

1,064

620,572

Motiva Infraestrutura de Mobilidade S.A.

1,702

295,387

MPC Container Ships ASA

515

1,117,000

(b) MTR Corp

4,278

52,512

(b) Mullen Group Ltd

602

140,100

(a) Nagoya Railroad Co Ltd

1,505

72,127

(a) Nankai Electric Railway Co Ltd

1,369

162,200

Nippon Express Holdings, Inc

3,472

69,898

(a),(b)

Nippon Konpo Unyu Soko Co Ltd

1,522

40,000

(a) Nishi-Nippon Railroad Co Ltd

713

8,796,598

Norwegian Air Shuttle AS

15,163

7,461

(a) NTG Nordic Transport Group A.S.

234,800

(a) Odakyu Electric Railway Co Ltd

2,558

15,016

Odfjell SE

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TRANSPORTATION

(continued)

22,346

Oesterreichische Post AG.

$

815

111,770

Old Dominion Freight Line

17,526

84,000

(b) Orient Overseas International Ltd

1,354

3,794,290

Pacific Basin Shipping Ltd

1,138

205,821

(a) Pan Ocean Co Ltd

549

59,580

(b) Pangaea Logistics Solutions Ltd

242,959

(a) Pasifik Eurasia Lojistik Dis Ticaret AS.

767

186,569

(a) Pegasus Hava Tasimaciligi AS.

832

4,223

Piraeus Port Authority

113,872

Promotora y Operadora de Infraestructura SAB de C.V.

1,691

532,401

Qantas Airways Ltd

3,678

726,965

Qatar Navigation QSC

2,153

1,260,510

Qube Holdings Ltd

3,999

201,123

Redde Northgate plc

1,040

442,100

Regional Container Lines PCL

1,047,176

(a) Reysas Tasimacilik ve Lojistik Ticaret AS.

797,446

Rumo S.A.

2,144

505,361

(a) Ryanair Holdings plc

17,424

21,021

Ryder System, Inc

4,023

47,880

Safe Bulkers, Inc

61,597

(a) Sagami Railway Co Ltd

1,108

14,850

(a) Saia, Inc

4,849

(a),(d)

SAir Group

0^

12,040

(a) Sakai Moving Service Co Ltd

21,592

SAL Saudi Logistics Services

923

3,565,732

Salik Co PJSC

6,165

33,450

(a) Sankyu, Inc

1,808

72,593

Saudi Ground Services Co

703

33,129

Saudi Industrial Services Co

11,204

(b) SBS Holdings, Inc

72,900

(a) Seibu Holdings, Inc

2,003

65,506

(a) Seino Holdings Corp

985

94,796

(a) Senko Co Ltd

1,182

180,239

SF Holding Co Ltd

988

21,896

Shanghai International Airport Co Ltd

1,133,000

Shenzhen International Holdings Ltd

1,259

9,327

Shenzhen Investment Holdings Bay Area Development Co Ltd

6,900

(a) Shinwa Kaiun Kaisha Ltd

99,784

Shipping Corp of India Ltd

176,600

SIA Engineering Co Ltd

558,000

Sichuan Expressway Co Ltd

279,400

SIMPAR S.A.

227,000

Sincere Navigation Corp

1,124,150

(b) Singapore Airlines Ltd

5,581

675,724

Singapore Airport Terminal Services Ltd

2,000

1,169,419

(b) Singapore Post Ltd

969,000

(a) SITC International Holdings Co Ltd

3,467

10,578

Sixt AG.

874

12,426

Sixt AG. (Preference)

770

43,687

(a) Skywest, Inc

4,387

193,917

Southwest Airlines Co

8,015

33,200

Spring Airlines Co Ltd

891,000

(a) Starlux Airlines Co Ltd

669

18,228

Stolt-Nielsen Ltd

588

31,183

(a) Sumitomo Warehouse Co Ltd

707

1,140,501

Taiwan High Speed Rail Corp

1,016

142,131

(a) TAV Havalimanlari Holding AS

986

55,044

(b) TFI International, Inc

5,689

25,498

Theeb Rent A Car Co

108,000

Tigerair Taiwan Co Ltd

250,535

(b) TNT NV

135,100

(a) Tobu Railway Co Ltd

2,276

SHARES

DESCRIPTION

VALUE (000)

TRANSPORTATION

(continued)

5,648,600

(a),(d)

Trada Alam Minera Tbk PT

$0^

875,700

Transcoal Pacific Tbk PT

26,549

Transport Corp of India Ltd

2,236,105

Transurban Group

21,162

335,718

Turk Hava Yollari AO

2,097

2,094,902

(a) Uber Technologies, Inc

171,174

341,000

U-Ming Marine Transport Corp

654

1,679,145

Union Pacific Corp

388,420

274,547

(a) United Airlines Holdings, Inc

30,700

32,124

United International Transportation Co

534

257,114

United Parcel Service, Inc (Class B)

25,503

345,600

Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.

205,467

(a) Virgin Australia Holdings Ltd

67,336

(a),(d)

Virgin Australia Holdings Pty Ltd

0^

61,834

VRL Logistics Ltd

262,746

Wallenius Wilhelmsen ASA

2,616

414,350

Wan Hai Lines Ltd

1,036

25,502

(b) Westshore Terminals Investment Corp

7,853

Wilh Wilhelmsen ASA

321,000

Wisdom Marine Lines Co Ltd

692

28,885

(a) XPO, Inc

3,926

189,200

(a) Yamato Transport Co Ltd

2,664

1,072,000

Yang Ming Marine Transport

1,896

1,754,300

(a) Yangzijiang Maritime Development Ltd

846

111,559

YTO Express Group Co Ltd

640,000

Yuexiu Transport Infrastructure Ltd

1,054,415

Zhejiang Expressway Co Ltd

971

90,239

(b) ZIM Integrated Shipping Services Ltd

1,916

259,700

ZTO Express Cayman, Inc

5,417

TOTAL TRANSPORTATION

1,981,166

UTILITIES - 2.6%

1,181,699

A2A S.p.A.

3,198

14,988

Acciona S.A.

3,262

38,041

ACEA S.p.A.

986

9,224,000

ACEN Corp

99,598

Acme Solar Holdings Ltd

124,253

(a) ACWA Power Co

6,019

1,800,523

(a) Adani Power Ltd

2,862

297,600

AES Corp

4,268

852,270

AGL Energy Ltd

5,281

2,182,532

Aguas Andinas S.A.

894

520,552

(a) Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS.

169,365

Aksa Enerji Uretim AS

549,708

(b) Algonquin Power & Utilities Corp

3,380

14,395

(a) AlKhorayef Water & Power Technologies Co

516

2,889,189

Alliant Energy Corp

187,826

208,452

AltaGas Ltd

6,356

129,133

Alupar Investimento S.A.

749

832,525

Ameren Corp

83,136

1,866,728

American Electric Power Co, Inc

215,252

946,886

APA Group

5,658

27,719

Ascopiave S.p.A.

55,878

Atco Ltd

2,295

37,711

Athens Water Supply & Sewage Co S.A.

337,903

Auren Energia S.A.

732

32,948

Aygaz AS

483,900

B Grimm Power PCL

4,959,300

(a) Barito Renewables Energy Tbk PT

2,883

982,000

BCPG PCL

328,179

Beijing Enterprises Holdings Ltd

1,343

2,632,000

Beijing Enterprises Water Group Ltd

832

1,328,000

Beijing Jingneng Clean Energy Co Ltd

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

12,891

BKW AG.

$

2,734

576,970

Black Hills Corp

40,053

63,333

(b) Boralex, Inc

1,169

84,204

Brookfield Infrastructure Corp

3,823

96,434

Brookfield Renewable Corp

3,699

136,080

(a) Cadiz, Inc

763

46,700

California Water Service Group

2,024

94,628

Canadian Utilities Ltd

2,946

118,643

(b) Capital Power Corp

5,061

747,851

Centrais Eletricas Brasileiras S.A.

6,901

235,500

(a) Centrais Eletricas Brasileiras S.A.

2,111

148,139

Centrais Eletricas Brasileiras S.A.

1,417

488,054

CESC Ltd

911

82,185

CEZ AS

5,172

910,000

CGN New Energy Holdings Co Ltd

6,688,000

(c) CGN Power Co Ltd

2,516

733,100

CGN Power Co Ltd

5,500

Chesapeake Utilities Corp

686

2,044,000

China Datang Corp Renewable Power Co Ltd

542

1,738,765

(a) China Gas Holdings Ltd

1,716

1,655,044

China Longyuan Power Group Corp Ltd

1,413

782,200

China National Nuclear Power Co Ltd

968

2,486,847

(b) China Power International Development Ltd

1,033

597,012

China Resources Gas Group Ltd

1,738

1,296,373

China Resources Power Holdings Co

2,886

1,080,900

China Three Gorges Renewables Group Co Ltd

633

580,000

(a),(b)

China Water Affairs Group Ltd

906,101

China Yangtze Power Co Ltd

3,526

488,900

(a) Chubu Electric Power Co, Inc

7,532

246,400

(a),(b)

Chugoku Electric Power Co, Inc

1,568

304,261

Cia de Saneamento Basico do Estado de Sao Paulo

7,324

146,400

Cia de Saneamento de Minas Gerais Copasa MG

1,171

278,100

(a) Cia de Saneamento do Parana

107,000

(a) Cia de Saneamento do Parana

782

1,037,321

Cia Energetica de Minas Gerais

2,101

682,200

(a) Cia Paranaense de Energia

1,627

452,000

CK Infrastructure Holdings Ltd

3,349

103,072

Clearway Energy, Inc (Class A)

3,239

1,178,948

CLP Holdings Ltd

10,546

2,424,000

Cnpc Hong Kong Ltd

2,317

6,139,234

Colbun S.A.

982

81,407

Consolidated Edison, Inc

8,085

273,719

Constellation Energy Corp

96,697

606,450

Contact Energy Ltd

3,226

140,200

CPFL Energia S.A.

1,363

509,900

Datang International Power Generation Co Ltd

70,812

(a) Doral Group Renewable Energy Resources Ltd

815

268,149

Drax Group plc

3,025

3,839,870

Dubai Electricity & Water Authority PJSC

2,893

2,366,763

Duke Energy Corp

277,408

5,390,664

E.ON AG.

102,072

74,587

(a) Edison International

4,477

590,500

(a) Electric Power Development Co

11,941

107,200

Electricity Generating PCL

209,381

Emera, Inc

10,318

1,557,755

Emirates Central Cooling Systems Corp

653

177,337

Enagas

2,741

201,878

Enea S.A.

1,091

17,079,682

(a) Enel Chile S.A.

1,403

5,072,965

Enel S.p.A.

52,745

111,764

Energias de Portugal S.A.

515

181,745

Energisa S.A.

1,562

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

224,948

Energix-Renewable Energies Ltd

$

1,139

2,950,400

Energy Absolute PCL

208,314

(c) Enerjisa Enerji AS.

12,454,797

(a) Enersis S.A.

1,182

2,288,287

Enerya Enerji AS.

511

593,300

(a) Eneva S.A.

2,182

178,767

Engie Brasil Energia S.A.

1,023

347,261

Engie Energia Chile S.A.

518

763,756

Engie S.A.

20,063

97,252

(a) Enlight Renewable Energy Ltd

4,421

496,535

ENN Energy Holdings Ltd

4,417

66,800

ENN Natural Gas Co Ltd

128,000

(a),(d)

Epure International Ltd

728,083

Equatorial Energia S.A.

5,110

42,456

ERG S.p.A.

1,092

1,297,408

Evergy, Inc

94,049

1,865,450

Eversource Energy

125,601

27,691

EVN AG.

880

352,338

(a),(b)

Fortis, Inc

18,318

1,452,401

GAIL India Ltd

2,786

173,700

Gas Malaysia Bhd

664,300

GD Power Development Co Ltd

428,300

Global Power Synergy PCL

10,195

(a) Grenergy Renovables S.A.

1,028

1,831,210

Guangdong Investments Ltd

1,598

108,586

Gujarat Gas Ltd

229,921

Gujarat State Petronet Ltd

783

2,801,007

(a) Gulf Development PCL

3,697

545,990

(a) Hallador Energy Co

10,396

51,159

HD Renewable Energy Co Ltd

618,368

Hera S.p.A.

2,916

137,393

(a) Hokkaido Electric Power Co, Inc

921

115,077

(a) Hokuriku Electric Power Co

719

97,757

Holding CO ADMIE IPTO S.A.

8,039,247

Hong Kong & China Gas Ltd

7,247

994,500

Hong Kong Electric Holdings Ltd

7,047

384,619

Huadian Power International Corp Ltd (Class A)

319,866

Huaneng Power International, Inc - A

2,660,751

Huaneng Power International, Inc - H

1,961

230,255

Hydro One Ltd

9,166

8,349,792

Iberdrola S.A.

180,801

41,599

Idacorp, Inc

5,265

491,003

Indraprastha Gas Ltd

1,064

1,027,900

(a),(d)

Inter Far East Energy Corp

0^

273,237

Interconexion Electrica S.A. ESP

1,784

1,046,692

Inversiones Aguas Metropolitanas S.A.

1,190

441,720

Iride S.p.A.

1,323

465,925

Italgas S.p.A

5,197

41,000

J&V Energy Technology Co Ltd

2,578,576

(a) Jaiprakash Power Ventures Ltd

274,459

JSW Energy Ltd

1,475

10,800

K&O Energy Group, Inc

1,139,176

(a) Kansai Electric Power Co, Inc

17,890

13,964

Kenon Holdings Ltd

920

157,550

(a) Korea Electric Power Corp

5,171

19,659

(a) Korea Gas Corp

536

68,639

(c) KPI Green Energy Ltd

320,700

(a) Kyushu Electric Power Co, Inc

3,441

43,248

Mahanagar Gas Ltd

547

1,794,700

Malakoff Corp Bhd

173,882

Manila Electric Co

1,696

788,500

Manila Water Co, Inc

540

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

434,352

Margun Enerji Uretim Sanayi VE Ticaret AS.

$

462,100

Mega First Corp BHD

749,284

Mercury NZ Ltd

2,791

947,164

Meridian Energy Ltd

3,059

233,276

(a) Meshek Energy Renewable Energies Ltd

608

28,730

MGE Energy, Inc

2,253

31,363

Miahona

271,720

National Central Cooling Co PJSC

30,335

(a) National Gas & Industrialization Co

767

12,521,514

National Grid plc

192,061

6,143,815

NextEra Energy, Inc

493,225

1,862,849

NHPC Ltd

1,643

75,287

(a) Nippon Gas Co Ltd

1,428

247,738

NLC India Ltd

690

195,332

Northland Power Income Fund

2,540

122,845

NorthWestern Corp

7,928

184,797

NRG Energy, Inc

29,427

2,728,113

NTPC Ltd

10,014

163,500

OGE Energy Corp

6,981

35,940

(a) Oklo, Inc

2,579

261,209

ONE Gas, Inc

20,178

118,081

(a) OPC Energy Ltd

2,764

1,482,091

Origin Energy Ltd

11,318

50,937

Ormat Technologies, Inc

5,627

326,617

Orsted AS

6,235

16,766

(a) OY Nofar Energy Ltd

590

344,186

Pennon Group plc

2,439

480,878

Petronas Gas BHD

2,150

1,012,789

PG&E Corp

16,276

565,263

(a) PGE Polska Grupa Energetyczna S.A.

1,381

247,056

Pinnacle West Capital Corp

21,914

144,480

Portland General Electric Co

6,934

55,922

(a) Power & Water Utility Co for Jubail & Yanbu

549

2,910,943

Power Grid Corp of India Ltd

8,584

76,098,800

PT Perusahaan Gas Negara Persero Tbk

8,696

126,815

PTC India Ltd

113,994

Public Power Corp

2,436

25,309

(a) Pure Cycle Corp

269,547

Qatar Electricity & Water Co QSC

1,114

584,200

Ratch Group PCL

546

1,741,908

(a) RattanIndia Power Ltd

310,267

Redes Energeticas Nacionais S.A.

1,172

1,957,511

(a) Reliance Power Ltd

761

57,536

Rubis S.C.A

2,160

3,293,059

RWE AG.

174,489

518,227

Saudi Electricity Co

1,941

96,982

(a),(c)

Scatec ASA

1,020

674,646

Scottish & Southern Energy plc

19,779

294,800

SDIC Power Holdings Co Ltd

554

641,700

(b) SembCorp Industries Ltd

3,000

511,354

Sempra Energy

45,147

90,542

Severn Trent plc

3,400

318,999

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC

108,800

Shanghai Electric Power Co Ltd

143,100

Shenergy Co Ltd

125,142

(a) Shikoku Electric Power Co, Inc

1,241

89,532

Shinfox Energy Co Ltd

241,610

Shizuoka Gas Co Ltd

1,854

157,400

Sichuan Chuantou Energy Co Ltd

551,941

SJVN Ltd

63,023

(a) Solaria Energia y Medio Ambiente S.A.

1,340

1,144,158

Southern Co

99,771

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

140,450

Southwest Gas Holdings Inc

$

11,239

509,543

Spire, Inc

42,139

175,395

(b) Superior Plus Corp

900

1,411,100

Synergy Grid & Development Phils, Inc

362,213

Taiwan Cogeneration Corp

19,105

(a) Talen Energy Corp

7,161

1,030,502

Tata Power Co Ltd

4,356

822,110

(a) Tauron Polska Energia S.A.

1,974

51,884

Telecom Plus plc

950

1,607,404

Tenaga Nasional BHD

5,430

52,300

(a) Toho Gas Co Ltd

1,559

359,600

(a) Tohoku Electric Power Co, Inc

2,650

1,147,800

(a) Tokyo Electric Power Co, Inc

4,826

110,687

Torrent Power Ltd

1,611

907,000

(b) Towngas Smart Energy Co Ltd

212,983

(a) TransAlta Corp

2,694

144,200

Transmissora Alianca de Energia Eletrica S

1,108

1,147,700

TTW PCL

32,449

VA Tech Wabag Ltd

1,761,820

Veolia Environnement

61,307

40,915

Verbund AG.

2,971

569,761

Vistra Corp

91,920

28,190

(a),(b)

Voltalia S.A.

1,283,663

WEC Energy Group, Inc

135,375

1,124,000

(a) Wintime Energy Group Co Ltd

1,418,418

(b) Xinyi Energy Holdings Ltd

1,580,500

YTL Corp BHD

793

1,722,700

YTL Power International BHD

1,403

417,900

Zhejiang Zheneng Electric Power Co Ltd

350,000

(b) Zhongyu Energy Holdings Ltd

(a) Zorlu Enerji Elektrik Uretim AS

0^

TOTAL UTILITIES

3,453,733

TOTAL COMMON STOCKS

(Cost $103,068,932)

133,847,802

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

GOVERNMENT BONDS - 0.0%

U.S. TREASURY SECURITIES - 0.0%

$

200,000

United States Treasury Note/Bond

4.125 %

11/15/32

TOTAL U.S. TREASURY SECURITIES

TOTAL GOVERNMENT BONDS

(Cost $208)

SHARES

DESCRIPTION

VALUE (000)

INVESTMENT COMPANIES - 0.2%

1,748,830

iShares Core MSCI EAFE ETF

156,450

1,619,763

iShares Core MSCI Emerging Markets ETF

108,880

2,800

iShares Core S&P 500 ETF

1,918

344,759

(b) iShares MSCI Canada ETF

18,593

12,500

iShares MSCI EAFE ETF

1,200

6,580

iShares Russell 2000 ETF

1,620

4,500

SPDR S&P 500 ETF Trust

3,069

TOTAL INVESTMENT COMPANIES

(Cost $235,824)

291,730

SHARES

DESCRIPTION

VALUE (000)

PREFERRED STOCKS - 0.0%

AUTOMOBILES & COMPONENTS - 0.0%

669,888

(a),(d)

TVS Motor Co Ltd

0^

TOTAL AUTOMOBILES & COMPONENTS

0^

TOTAL PREFERRED STOCKS

(Cost $–)

0^

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

AUTOMOBILES & COMPONENTS

(continued)

SHARES

DESCRIPTION

EXPIRATION DATE

VALUE (000)

RIGHTS/WARRANTS - 0.0%

BANKS - 0.0%

2,638

(d) Banco ABC Brasil S.A.

02/02/26

$

TOTAL BANKS

CAPITAL GOODS - 0.0%

26,206

(b),(d)

Webuild S.p.A

08/02/30

TOTAL CAPITAL GOODS

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0%

459,813

(d) Keppel REIT

01/09/26

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

FINANCIAL SERVICES - 0.0%

1,059

Magellan Financial Group Ltd

04/16/27

0^

TOTAL FINANCIAL SERVICES

0^

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

12,599

(d) Chinook Therapeutics, Inc

01/02/30

0^

22,850

(d) Kangmei Pharmaceutical Co Ltd

12/31/28

0^

20,027

(b),(d)

Tobira Therapeutics, Inc

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

SOFTWARE & SERVICES - 0.0%

19,369

(d) Constellation Software, Inc

08/22/28

TOTAL SOFTWARE & SERVICES

UTILITIES - 0.0%

540,420

(d) YTL Corp Bhd

12/31/99

399,540

(d) YTL Power International Bhd

12/31/99

TOTAL UTILITIES

TOTAL RIGHTS/WARRANTS

(Cost $1)

TOTAL LONG-TERM INVESTMENTS

(Cost $103,304,965)

134,140,008

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%

CERTIFICATE OF DEPOSIT - 0.1%

$

9,000,000

Bank of Montreal

3.950 %

03/06/26

9,000

6,000,000

Bank of Nova Scotia

3.980 03/18/26

6,000

5,000,000

Bank of Nova Scotia

4.050 11/10/26

5,000

7,600,000

Canadian Imperial Bank of Commerce

4.080 01/23/26

7,600

1,250,000

Citibank

4.480 01/22/26

1,250

1,750,000

Citibank

4.050 01/23/26

1,750

3,250,000

Citibank

4.060 02/24/26

3,250

5,000,000

Nordea Bank AB

3.980 08/14/26

5,000

9,000,000

Royal Bank of Canada

4.080 05/06/26

9,000

4,000,000

Royal Bank of Canada

4.040 05/14/26

4,000

3,250,000

Toronto-Dominion Bank

4.070 03/25/26

3,250

5,000,000

Toronto-Dominion Bank

4.070 09/02/26

5,000

2,500,000

Wells Fargo Bank, N.A.

4.020 06/01/26

2,500

TOTAL CERTIFICATE OF DEPOSIT

62,600

COMMERCIAL PAPER - 0.0%

5,000,000

ING US Funding LLC

4.020 06/18/26

5,000

TOTAL COMMERCIAL PAPER

5,000

REPURCHASE AGREEMENT - 0.1%

10,000,000

(h) Bank of Nova Scotia

3.810 01/02/26

10,000

20,000,000

(i) Calyon

3.830 01/02/26

20,000

20,000,000

(j) Deutsche Bank

3.820 01/02/26

20,000

5,000,000

(k) HSBC

3.840 01/02/26

5,000

20,000,000

(l) JP Morgan Securities LLC

3.830 01/02/26

20,000

15,000,000

(m) JP Morgan Securities LLC

3.820 01/02/26

15,000

15,000,000

(n) Merrill Lynch

3.820 01/02/26

15,000

25,000,000

(o) Merrill Lynch

3.850 01/02/26

25,000

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

REPURCHASE AGREEMENT

(continued)

$

25,000,000

(p) Nomura

3.820 %

01/02/26

$

25,000

25,000,000

(q) Royal Bank of Scotland

3.850 01/02/26

25,000

TOTAL REPURCHASE AGREEMENT

180,000

VARIABLE RATE SECURITIES - 0.0%

9,000,000

Royal Bank of Canada

3.980 03/03/26

9,000

4,000,000

Toronto-Dominion Bank

4.070 02/13/26

4,000

9,000,000

Westpac Banking Corp

3.950 03/05/26

9,000

TOTAL VARIABLE RATE SECURITIES

22,000

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $269,600)

269,600

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.6%

GOVERNMENT AGENCY DEBT - 0.1%

5,000,000

Federal Agricultural Mortgage Corp Discount Notes

0.000 05/21/26

4,924

500,000

Federal Farm Credit Discount Notes

0.000 04/02/26

20,000,000

Federal Home Loan Bank Discount Notes

0.000 01/06/26

19,988

10,185,000

Federal Home Loan Bank Discount Notes

0.000 01/07/26

10,178

500,000

Federal Home Loan Bank Discount Notes

0.000 01/08/26

500

2,400,000

Federal Home Loan Bank Discount Notes

0.000 01/09/26

2,398

5,000,000

Federal Home Loan Bank Discount Notes

0.000 01/20/26

4,990

10,000,000

Federal Home Loan Bank Discount Notes

0.000 01/23/26

9,978

10,000,000

Federal Home Loan Bank Discount Notes

0.000 02/04/26

9,966

33,855,000

Federal Home Loan Bank Discount Notes

0.000 02/13/26

33,709

61,424,000

Federal Home Loan Bank Discount Notes

0.000 02/20/26

61,117

14,595,000

Federal Home Loan Bank Discount Notes

0.000 02/27/26

14,512

10,000,000

Federal Home Loan Bank Discount Notes

0.000 03/04/26

9,938

25,000,000

Federal Home Loan Bank Discount Notes

0.000 03/27/26

24,790

4,957,000

Freddie Mac Discount Notes

0.000 03/23/26

4,917

TOTAL GOVERNMENT AGENCY DEBT

212,401

REPURCHASE AGREEMENT - 0.3%

369,598,000

(r) Fixed Income Clearing Corporation

3.810 01/02/26

369,598

TOTAL REPURCHASE AGREEMENT

369,598

TREASURY DEBT - 0.2%

20,000,000

United States Treasury Bill

0.000 01/06/26

19,992

25,000,000

United States Treasury Bill

0.000 01/08/26

24,985

25,000,000

United States Treasury Bill

0.000 01/13/26

24,973

16,265,000

United States Treasury Bill

0.000 01/22/26

16,233

50,000,000

United States Treasury Bill

0.000 01/29/26

49,868

10,000,000

United States Treasury Bill

0.000 02/03/26

9,972

25,000,000

United States Treasury Bill

0.000 02/12/26

24,898

25,000,000

United States Treasury Bill

0.000 02/17/26

24,887

20,000,000

United States Treasury Bill

0.000 03/03/26

19,889

10,000,000

United States Treasury Bill

0.000 03/24/26

9,921

10,000,000

United States Treasury Bill

0.000 05/05/26

9,883

TOTAL TREASURY DEBT

235,501

TOTAL SHORT-TERM INVESTMENTS

(Cost $817,463)

817,500

TOTAL INVESTMENTS - 100.1%

(Cost $104,392,028)

135,227,108

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(114,432)

NET ASSETS - 100.0%

$135,112,676

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

GDR

Global Depositary Receipt

Reg S

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

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

that are made outside the United States.

REIT

Real Estate Investment Trust

SPDR

Standard & Poor's Depositary Receipts

Total Global Stock

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

Investments in Derivatives

^

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 $889,346,769.

(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 $1,059,861,573 or 0.8% of Total

Investments.

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

(e) In bankruptcy

(f) When-issued or delayed delivery security.

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

(h) Agreement with Bank of Nova Scotia, 3.810% dated 12/31/25 to be repurchased at $10,122,973 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 2.500%–

3.625% and maturity dates 3/31/27–8/31/29, valued at $10,202,245.

(i) Agreement with Calyon, 3.830% dated 12/31/25 to be repurchased at $20,038,477 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 3.875%–4.250% and

maturity dates 1/15/28–6/30/30, valued at $20,400,008.

(j) Agreement with Deutsche Bank, 3.820% dated 12/31/25 to be repurchased at $20,000,000 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 0.000% and maturity

date 8/15/31, valued at $20,400,000.

(k) Agreement with HSBC, 3.840% dated 12/31/25 to be repurchased at $5,020,450 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 2.000%–7.000% and maturity

dates 3/31/27–7/01/55, valued at $5,100,001.

(l) Agreement with JP Morgan Securities LLC, 3.830% dated 12/31/25 to be repurchased at $20,098,076 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 6.000%

and maturity date 10/01/55, valued at $20,400,001.

(m) Agreement with JP Morgan Securities LLC, 3.820% dated 12/31/25 to be repurchased at $15,045,631 on 1/2/26, collateralized by Government Agency Securities, with coupon rates

0.000%–3.500% and maturity dates 6/30/27–11/30/30, valued at $15,300,068.

(n) Agreement with Merrill Lynch, 3.820% dated 12/31/25 to be repurchased at $15,189,284 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 0.000%–4.750% and

maturity dates 1/15/27–11/15/53, valued at $15,300,000.

(o) Agreement with Merrill Lynch, 3.850% dated 12/31/25 to be repurchased at $25,090,006 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 3.000%–6.500% and

maturity dates 4/01/39–12/20/55, valued at $25,500,000.

(p) Agreement with Nomura, 3.820% dated 12/31/25 to be repurchased at $25,162,053 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 0.875%–4.625% and

maturity dates 12/31/27–5/15/54, valued at $25,514,499.

(q) Agreement with Royal Bank of Scotland, 3.850% dated 12/31/25 to be repurchased at $25,141,501 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 2.375%–

4.500% and maturity dates 3/31/29–11/15/33, valued at $25,500,063.

(r) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $369,676,232 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.125% and maturity date 1/31/27, valued at $376,989,960.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) Russell 2000 E-Mini Index

03/20/26

$

19,171

$

18,610

$

(561) S&P 500 E-Mini Index

1,114

03/20/26

383,710

383,912

S&P Mid-Cap 400 E-Mini Index

03/20/26

32,414

31,922

(492) Total

1,359

$

435,295

$

434,444

$

(851) Portfolio of Investments December 31, 2025

Global Equities

SHARES

DESCRIPTION

VALUE (000)

LONG-TERM INVESTMENTS - 98.4%

COMMON STOCKS - 98.1%

AUSTRALIA - 0.7%

8,214

APA Group

$

2,549,023

Australia and New Zealand Banking Group

61,629

(a) Beetaloo Energy Australia Ltd

0^

1,096,589

BHP Billiton Ltd

33,094

94,754

BlueScope Steel Ltd

1,513

432,581

Evolution Mining Ltd

3,620

365,838

Fortescue Metals Group Ltd

5,349

12,571,348

Glencore plc

68,723

340,142

(a),(b)

Megaport Ltd

2,749

293,184

Northern Star Resources Ltd

5,159

372,171

Origin Energy Ltd

2,842

80,195

Rio Tinto Ltd

7,824

243,822

Rio Tinto plc

19,640

701,628

Santos Ltd

2,882

972,964

South32 Ltd

2,303

984

(a) Tamboran Resources Corp

50,271

Washington H Soul Pattinson & Co Ltd

1,244

410,194

Woodside Energy Group Ltd

6,396

TOTAL AUSTRALIA

225,043

AUSTRIA - 0.3%

759,946

Erste Bank der Oesterreichischen Sparkassen AG.

91,125

95,363

(a) Mondi plc

1,163

31,816

OMV AG.

1,771

TOTAL AUSTRIA

94,059

BELGIUM - 0.3%

258,257

KBC Groep NV

33,634

15,716

(b) Syensqo S.A.

1,259

219,497

(b) UCB S.A.

61,158

TOTAL BELGIUM

96,051

BRAZIL - 0.9%

999,700

Ambev S.A.

2,516

1,112,991

B3 SA-Brasil Bolsa Balcao

2,834

340,391

(a) Banco Bradesco S.A.

963

1,109,749

(a) Banco Bradesco S.A. (Preference)

3,633

248,436

Banco BTG Pactual S.A. - Unit

2,380

368,364

(a) Banco do Brasil S.A.

1,470

144,400

BB Seguridade Participacoes S.A.

954

120,100

(a) Caixa Seguridade Participacoes S

51,387

Centrais Eletricas Brasileiras S.A.

257,170

Centrais Eletricas Brasileiras S.A.

2,373

81,100

(a) Centrais Eletricas Brasileiras S.A.

727

104,097

Cia de Saneamento Basico do Estado de Sao Paulo

2,506

368,728

Cia Energetica de Minas Gerais

747

246,904

(a) Cia Paranaense de Energia

589

49,811

CPFL Energia S.A.

150,900

Embraer S.A.

2,420

414,292

Empresa Brasileira de Aeronautica S.A. (ADR)

26,668

65,109

Energisa S.A.

560

208,830

(a) Eneva S.A.

768

58,356

Engie Brasil Energia S.A.

252,209

Equatorial Energia S.A.

1,770

272,176

Gerdau S.A. (Preference)

1,005

1,229,138

Investimentos Itau S.A. - PR

2,618

12,938,604

Itau Unibanco Holding S.A.

92,471

175,093

Klabin S.A.

598

194,910

Localiza Rent A Car

1,543

7,496

(a) Localiza Rent a Car S.A.

137,425

Marfrig Global Foods S.A.

501

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BRAZIL

(continued)

27,763

(a) Mercadolibre, Inc

$

55,922

214,217

Motiva Infraestrutura de Mobilidade S.A.

587

713,566

(a) NU Holdings Ltd

11,945

181,270

(a) Petro Rio S.A.

1,362

780,084

Petroleo Brasileiro S.A.

4,631

969,730

Petroleo Brasileiro S.A. (Preference)

5,444

42,400

Porto Seguro S.A.

273,200

Raia Drogasil S.A.

1,165

62,229

(c) Rede D'Or Sao Luiz S.A.

272,200

Rumo S.A.

732

47,400

(a) StoneCo Ltd

701

147,022

Suzano SA

1,379

171,741

Telefonica Brasil S.A.

1,028

182,500

TIM S.A.

708

118,058

TOTVS S.A.

902

156,100

Ultrapar Participacoes S.A.

589

761,604

Vale S.A.

9,944

228,680

Vibra Energia S.A.

1,056

3,147,920

WEG S.A.

27,809

98,044

Wheaton Precious Metals Corp

11,526

84,997

XP, Inc

1,391

35,769

Yara International ASA

1,464

TOTAL BRAZIL

295,464

CANADA - 1.7%

108,723

Agnico-Eagle Mines Ltd

18,438

90,858

Alamos Gold, Inc

3,508

126,309

ARC Resources Ltd

2,370

368,555

Barrick Mining Corp

16,055

18,504

Brookfield Asset Management Ltd

969

742,176

Brookfield Corp

34,077

730

Brookfield Wealth Solutions Ltd

94,043

Cameco Corp

8,611

841,032

Canadian Imperial Bank of Commerce

76,245

204,016

Canadian National Railway Co

20,178

452,219

Canadian Natural Resources Ltd

15,317

31,739

CCL Industries

2,005

293,156

Cenovus Energy, Inc (Toronto)

4,959

374,850

(a) Dollarama, Inc

56,025

471,016

Enbridge, Inc

22,539

13,876

First Capital Real Estate Investment Trust

41,619

Franco-Nevada Corp

8,627

38,490

Imperial Oil Ltd

3,325

49,505

Keyera Corp

1,587

265,028

Kinross Gold Corp

7,465

23,456

Lundin Gold, Inc

1,949

191,528

National Bank of Canada

24,086

105,314

(b) Nutrien Ltd

6,500

91,142

Pan American Silver Corp (Toronto)

4,725

125,496

Pembina Pipeline Corp

4,781

147,013

RioCan Real Estate Investment Trust

2,003

1,152,642

(a) Shopify, Inc (Class A)

185,592

265,199

Suncor Energy, Inc

11,771

224,522

(b) TC Energy Corp

12,363

100,646

Teck Cominco Ltd (Class B)

4,818

242,333

TMX Group Ltd

9,222

166,923

(a) Toronto-Dominion Bank

15,732

79,390

Tourmaline Oil Corp

3,561

SHARES

DESCRIPTION

VALUE (000)

CANADA

(continued)

266,001

(b) Whitecap Resources, Inc

$

2,229

TOTAL CANADA

591,857

CAYMAN ISLANDS - 0.0%

15,826

(a),(b)

Bullish

599

TOTAL CAYMAN ISLANDS

599

CHILE - 0.1%

85,191

Antofagasta plc

3,742

9,692,626

Banco de Chile

1,872

18,587

Banco de Credito e Inversiones

1,204

14,164,310

Banco Santander Chile S.A.

1,118

259,606

Cencosud S.A.

834

240,799

Empresas CMPC S.A.

84,797

Empresas COPEC S.A.

664

6,212,550

(a) Enel Chile S.A.

510

4,421,061

(a) Enersis S.A.

66,730,672

Lan Airlines S.A.

1,807

147,908

Lundin Mining Corp

3,179

160,938

Plaza S.A.

569

134,503

SACI Falabella

938

30,569

(a) Sociedad Quimica y Minera de Chile S.A. (Class B)

2,154

TOTAL CHILE

19,388

CHINA - 2.8%

21,777

360 Finance, Inc (ADR)

103,800

360 Security Technology, Inc

35,400

37 Interactive Entertainment Network Technology Group Co Ltd

145,500

(c) 3SBio, Inc

170,500

AAC Technologies Holdings, Inc

855

11,300

Accelink Technologies Co Ltd

3,289

ACM Research Shanghai, Inc

7,693

Advanced Micro-Fabrication Equipment, Inc China

34,000

AECC Aviation Power Co Ltd

5,855,374

Agricultural Bank of China Ltd

4,356

1,097,900

Agricultural Bank of China Ltd (Class A)

1,207

41,899

Aier Eye Hospital Group Co Ltd

158,900

(a) Air China Ltd

30,207

Airtac International Group

890

179,000

(a),(b),(c)

Akeso, Inc

2,605

4,616,658

Alibaba Group Holding Ltd

84,766

507,919

(b) Alibaba Group Holding Ltd (ADR)

74,451

1,222,000

(a) Alibaba Health Information Technology Ltd

798

796,000

Aluminum Corp of China Ltd

1,246

181,800

Aluminum Corp of China Ltd (Class A)

5,611

(a) Amlogic Shanghai Co Ltd

6,400

Angel Yeast Co Ltd

271,292

Anhui Conch Cement Co Ltd

770

57,600

Anhui Conch Cement Co Ltd (Class A)

27,000

Anhui Gujing Distillery Co Ltd

5,400

Anhui Gujing Distillery Co Ltd (Class A)

28,400

Anhui Jianghuai Automobile Group Corp Ltd

6,510

Anker Innovations Technology Co Ltd

267,600

Anta Sports Products Ltd

2,779

1,948

APT Medical, Inc

14,783

Autohome, Inc (ADR)

33,800

Avary Holding Shenzhen Co Ltd

608,784

(b) AviChina Industry & Technology Co Ltd

86,200

(a) BAIC BluePark New Energy Technology Co Ltd

468,879

(a) Baidu, Inc

7,711

287,900

(a) Bank of Beijing Co Ltd

52,000

Bank of Changsha Co Ltd

50,700

Bank of Chengdu Co Ltd

479,200

Bank of China Ltd - A

14,976,693

Bank of China Ltd - H

8,587

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

688,200

Bank of Communications Co Ltd - A

$

714

1,861,937

Bank of Communications Co Ltd - H

1,545

78,900

Bank of Hangzhou Co Ltd

243,580

Bank of Jiangsu Co Ltd

148,800

Bank of Nanjing Co Ltd

85,700

Bank of Ningbo Co Ltd

187,422

Bank of Shanghai Co Ltd

51,400

Bank of Suzhou Co Ltd

296,863

Baoshan Iron & Steel Co Ltd

116,540

(a) BeiGene Ltd (ADR)

35,406

7,800

(a) Beijing Compass Technology Development Co Ltd

39,000

Beijing Enlight Media Co Ltd

113,149

Beijing Enterprises Holdings Ltd

5,803

Beijing Kingsoft Office Software, Inc

23,500

Beijing New Building Materials plc

1,136

Beijing Roborock Technology Co Ltd

9,600

Beijing Tiantan Biological Products Corp Ltd

6,900

Beijing Tongrentang Co Ltd

5,060

Beijing Wantai Biological Pharmacy Enterprise Co Ltd

32,800

Beijing Yanjing Brewery Co Ltd

636,549

Beijing-Shanghai High Speed Railway Co Ltd

798,400

(a) BeOne Medicines Ltd

18,376

2,196

Bestechnic Shanghai Co Ltd

53,080

(a) Bilibili, Inc

1,310

47,398

(c) BOC Aviation Ltd

40,300

BOC International China Co Ltd

500,367

BOE Technology Group Co Ltd

1,014,571

Bosideng International Holdings Ltd

582

70,165

BYD Co Ltd

981

2,254,456

BYD Co Ltd (H shares)

27,551

173,500

(b) BYD Electronic International Co Ltd

751

192,000

C&D International Investment Group Ltd

74,530

Caitong Securities Co Ltd

5,333

(a) Cambricon Technologies Corp Ltd

1,034

22,900

Capital Securities Co Ltd

266,200

(a) CCOOP Group Co Ltd

2,263,000

(c) CGN Power Co Ltd

851

262,800

CGN Power Co Ltd

2,000

Changchun High & New Technology Industry Group, Inc

73,900

Changjiang Securities Co Ltd

4,500

Changzhou Xingyu Automotive Lighting Systems Co Ltd

25,700

Chaozhou Three-Circle Group Co Ltd

5,500

Chifeng Jilong Gold Mining Co Ltd

1,745,050

China Citic Bank

1,557

159,600

China CITIC Bank Corp Ltd

402,531

China Coal Energy Co

516

576,000

China Communications Services Corp Ltd

273,300

China Construction Bank Corp - A

20,232,509

China Construction Bank Corp - H

20,026

97,200

China CSSC Holdings Ltd

198,700

(a) China Eastern Airlines Corp Ltd

404,400

(a) China Energy Engineering Corp Ltd

581,900

China Everbright Bank Co Ltd - A

776,000

(c) China Feihe Ltd

754,500

China Galaxy Securities Co Ltd

976

101,200

China Galaxy Securities Co Ltd (Class A)

598,825

(a) China Gas Holdings Ltd

591

38,100

China Great Wall Securities Co Ltd

44,400

China Greatwall Technology Group Co Ltd

604,144

China Hongqiao Group Ltd

2,537

3,100,000

(a),(c)

China Huarong Asset Management Co Ltd

309,000

China Insurance International Holdings Co Ltd

744

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

36,800

China International Capital Corp Ltd

$

346,562

(c) China International Capital Corp Ltd

875

55,529

China Jushi Co Ltd

1,575,351

China Life Insurance Co Ltd

5,569

38,000

China Life Insurance Co Ltd (Class A)

91,800

(a),(b),(c)

China Literature Ltd

542,000

China Longyuan Power Group Corp Ltd

671,000

China Mengniu Dairy Co Ltd

1,288

822,828

China Merchants Bank Co Ltd

5,598

261,190

China Merchants Bank Co Ltd (Class A)

1,574

99,579

China Merchants Energy Shipping Co Ltd

78,700

China Merchants Expressway Network & Technology Holdings Co Ltd

279,431

China Merchants Holdings International Co Ltd

544

97,720

China Merchants Securities Co Ltd

129,600

China Merchants Shekou Industrial Zone Holdings Co Ltd

474,020

China Minsheng Banking Corp Ltd - A

1,423,111

China Minsheng Banking Corp Ltd - H

719

801,000

China Molybdenum Co Ltd

1,990

223,800

China Molybdenum Co Ltd (Class A)

641

825,217

China National Building Material Co Ltd

543

32,900

China National Chemical Engineering Co Ltd

273,800

China National Nuclear Power Co Ltd

11,900

China National Software & Service Co Ltd

293,000

China Nonferrous Mining Corp Ltd

556

47,600

China Northern Rare Earth Group High-Tech Co Ltd

404,002

China Oilfield Services Ltd

794,435

China Overseas Land & Investment Ltd

1,255

92,800

China Pacific Insurance Group Co Ltd - A

557

557,200

China Pacific Insurance Group Co Ltd - H

2,527

417,900

China Petroleum & Chemical Corp

4,816,000

China Petroleum & Chemical Corp

2,893

858,723

China Power International Development Ltd

284,900

China Railway Group Ltd - A

923,000

China Railway Group Ltd - H

95,452

China Railway Signal & Communication Corp Ltd

13,600

China Rare Earth Resources And Technology Co Ltd

344,500

China Resources Beer Holdings Company Ltd

1,163

206,995

China Resources Gas Group Ltd

603

681,698

China Resources Land Ltd

2,385

16,431

China Resources Microelectronics Ltd

153,400

(c) China Resources Mixc Lifestyle Services Ltd

849

446,885

(b) China Resources Power Holdings Co

995

7,943

China Resources Sanjiu Medical & Pharmaceutical Co Ltd

2,443,245

(a),(b)

China Ruyi Holdings Ltd

688

85,490

China Shenhua Energy Co Ltd - A

716,316

China Shenhua Energy Co Ltd - H

3,577

142,900

(a) China Southern Airlines Co Ltd (Class A)

174,600

China State Construction Engineering Corp Ltd

286,974

China State Construction International Holdings Ltd

380,500

China Three Gorges Renewables Group Co Ltd

24,925

China Tourism Group Duty Free Corp Ltd

942,700

(c) China Tower Corp Ltd

1,401

397,900

China United Network Communications Ltd

496,000

(b) China Vanke Co Ltd

136,300

China Vanke Co Ltd (Class A)

80,500

China XD Electric Co Ltd

316,078

China Yangtze Power Co Ltd

1,230

204,740

China Zheshang Bank Co Ltd

106,154

Chongqing Changan Automobile Co Ltd

69,600

(a) Chongqing Qianli Technology Co Ltd

520,099

(a) Chongqing Rural Commercial Bank

142,000

Chongqing Rural Commercial Bank Co Ltd

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

10,950

(a) Chongqing Zhifei Biological Products Co Ltd

$

433,600

(b) Chow Tai Fook Jewellery Group Ltd

693

883,735

Citic Pacific Ltd

1,373

32,112

Citic Pacific Special Steel Group Co Ltd

344,274

CITIC Securities Co Ltd

1,215

159,870

CITIC Securities Co Ltd (Class A)

657

19,100

(a),(b),(c)

Cloud Music, Inc

9,220

CNGR Advanced Material Co Ltd

116,500

(a) CNPC Capital Co Ltd

820,000

Cnpc Hong Kong Ltd

784

56,098

Contemporary Amperex Technology Co Ltd

2,950

16,623

(b) Contemporary Amperex Technology Co Ltd

1,081

52,266

COSCO SHIPPING Energy Transportation Co Ltd

170,060

COSCO SHIPPING Holdings Co Ltd - A

563,150

(b) COSCO SHIPPING Holdings Co Ltd - H

994

939,000

CRRC Corp Ltd

721

313,300

CRRC Corp Ltd (Class A)

54,100

(a) CSC Financial Co Ltd

51,660

CSI Solar Co Ltd

7,680

CSPC Innovation Pharmaceutical Co Ltd

656,880

CSPC Pharmaceutical Group Ltd

713

260,600

Daqin Railway Co Ltd

144,308

Datang International Power Generation Co Ltd

39,000

Dongfang Electric Corp Ltd

490,000

Dongfeng Motor Group Co Ltd

556

44,600

Dongxing Securities Co Ltd

202,406

East Money Information Co Ltd

671

6,850

Eastroc Beverage Group Co Ltd

7,500

Ecovacs Robotics Co Ltd

5,300

Empyrean Technology Co Ltd

167,700

ENN Energy Holdings Ltd

1,492

28,200

ENN Natural Gas Co Ltd

13,020

Eoptolink Technology, Inc Ltd

798

26,470

Eve Energy Co Ltd

52,300

Everbright Securities Co Ltd

190,857

(a) Everdisplay Optronics Shanghai Co Ltd

200,000

Far East Horizon Ltd

23,800

Flat Glass Group Co Ltd

195,900

Focus Media Information Technology Co Ltd

58,422

Foshan Haitian Flavouring & Food Co Ltd

573,521

Fosun International

105,500

Founder Securities Co Ltd

168,100

Foxconn Industrial Internet Co Ltd

1,489

31,100

Fuyao Glass Industry Group Co Ltd - A

133,106

(c) Fuyao Glass Industry Group Co Ltd - H

1,151

22,387

GalaxyCore, Inc

21,920

Ganfeng Lithium Group Co Ltd

95,200

(b),(c)

Ganfeng Lithium Group Co Ltd

637

5,039,000

(a),(b)

GCL Technology Holdings Ltd

687

220,275

GD Power Development Co Ltd

238,500

(a) GDS Holdings Ltd

1,042

226,400

(a),(b)

GDS Holdings Ltd (ADR)

7,901

1,290,362

Geely Automobile Holdings Ltd

2,984

58,500

GEM Co Ltd

92,000

(a) Genscript Biotech Corp

186,600

(b) GF Securities Co Ltd

83,400

GF Securities Co Ltd (Class A)

81,600

(b),(c)

Giant Biogene Holding Co ltd

26,100

Giant Network Group Co Ltd

8,812

GigaDevice Semiconductor, Inc

47,900

GoerTek, Inc

11,977

Gongniu Group Co Ltd

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

22,400

Gotion High-tech Co Ltd

$

54,100

Great Wall Motor Co Ltd

511,196

Great Wall Motor Co Ltd

1,005

35,400

Gree Electric Appliances, Inc of Zhuhai

20,700

Guangdong Haid Group Co Ltd

39,100

(a) Guangdong HEC Technology Holding Co Ltd

662,000

Guangdong Investments Ltd

578

93,192

Guanghui Energy Co Ltd

130,358

Guangzhou Automobile Group Co Ltd

3,500

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd

21,800

Guangzhou Tinci Materials Technology Co Ltd

31,000

Guolian Securities Co Ltd

84,900

Guosen Securities Co Ltd

173,822

Guotai Junan Securities Co Ltd

511

416,785

(c) Guotai Junan Securities Co Ltd (Hong Kong)

892

68,990

Guoyuan Securities Co Ltd

359,000

(b),(c)

Haidilao International Holding Ltd

660

79,800

Haier Smart Home Co Ltd

518,884

Haier Smart Home Co Ltd

1,620

524,300

(a) Hainan Airlines Holding Co Ltd

122,600

Hainan Airport Infrastructure Co Ltd

13,800

Haisco Pharmaceutical Group Co Ltd

144,000

Haitian International Holdings Ltd

8,300

Hangzhou Chang Chuan Technology Co Ltd

29,105

Hangzhou First Applied Material Co Ltd

20,900

Hangzhou Silan Microelectronics Co Ltd

1,800

Hangzhou Tigermed Consulting Co Ltd - A

122,000

(c) Hansoh Pharmaceutical Group Co Ltd

565

37,700

Henan Shenhuo Coal & Power Co Ltd

41,000

Henan Shuanghui Investment & Development Co Ltd

136,490

Hengan International Group Co Ltd

90,180

Hengli Petrochemical Co Ltd

32,500

Hengtong Optic-electric Co Ltd

7,300

Hithink RoyalFlush Information Network Co Ltd

1,077,000

(a),(b)

Horizon Robotics, Inc

1,202

8,600

Hoshine Silicon Industry Co Ltd

155,000

(a),(c)

Hua Hong Semiconductor Ltd

1,483

5,544

(a) Hua Hong Semiconductor Ltd

121,600

Huadian Power International Corp Ltd (Class A)

9,740

Huadong Medicine Co Ltd

52,800

Huafon Chemical Co Ltd

15,500

Huagong Tech Co Ltd

51,400

Huaibei Mining Holdings Co Ltd

129,700

Huaneng Power International, Inc - A

912,464

Huaneng Power International, Inc - H

672

11,800

Huaqin Technology Co Ltd

280,000

(c) Huatai Securities Co Ltd

680

95,300

Huatai Securities Co Ltd (Class A)

166,200

Huaxia Bank Co Ltd

51,749

Huayu Automotive Systems Co Ltd

42,309

Huazhu Group Ltd (ADR)

1,991

8,500

Huizhou Desay Sv Automotive Co Ltd

9,500

Humanwell Healthcare Group Co Ltd

94,200

Hunan Valin Steel Co Ltd

23,112

Hundsun Technologies, Inc

4,239

Hwatsing Technology Co Ltd

30,120

Hygon Information Technology Co Ltd

968

33,800

Iflytek Co Ltd

1,260

Imeik Technology Development Co Ltd

798,900

Industrial & Commercial Bank of China Ltd - A

907

13,705,070

Industrial & Commercial Bank of China Ltd - H

11,090

268,800

Industrial Bank Co Ltd

810

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

102,990

Industrial Securities Co Ltd

$

6,600

Ingenic Semiconductor Co Ltd

622,100

Inner Mongolia BaoTou Steel Union Co Ltd

26,747

Inner Mongolia Dian Tou Energy Corp Ltd

137,600

Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd

23,000

Inner Mongolia Xingye Silver&Tin Mining Co Ltd

83,081

Inner Mongolia Yili Industrial Group Co Ltd

203,413

Inner Mongolia Yitai Coal Co

268,500

(a),(c)

Innovent Biologics, Inc

2,628

20,900

Inspur Electronic Information Industry Co Ltd

14,250

Isoftstone Information Technology Group Co Ltd

42,300

JA Solar Technology Co Ltd

24,700

JCET Group Co Ltd

240,000

(a),(c)

JD Health International, Inc

1,719

441,702

(a),(c)

JD Logistics, Inc

650

1,961,755

JD.com, Inc

28,209

68,300

Jiangsu Eastern Shenghong Co Ltd

269,277

Jiangsu Express

16,804

Jiangsu Hengli Hydraulic Co Ltd

32,882

Jiangsu Hengrui Pharmaceuticals Co Ltd

10,700

Jiangsu Hoperun Software Co Ltd

13,400

Jiangsu King's Luck Brewery JSC Ltd

17,900

Jiangsu Yanghe Brewery Joint-Stock Co Ltd

5,200

Jiangsu Yuyue Medical Equipment & Supply Co Ltd

47,500

Jiangsu Zhongtian Technology Co Ltd

221,000

Jiangxi Copper Co Ltd

1,222

29,158

Jiangxi Copper Co Ltd (Class A)

40,784

Jinduicheng Molybdenum Co Ltd

130,215

Jinko Solar Co Ltd

50,400

Jinshan Gold Mines, Inc

1,017

15,100

JL Mag Rare-Earth Co Ltd

79,769

Kanzhun Ltd (ADR)

1,626

433,985

KE Holdings, Inc

2,295

646,000

(a) Kingdee International Software Group Co Ltd

1,107

13,300

Kingfa Sci & Tech Co Ltd

27,600

Kingnet Network Co Ltd

218,800

(b) Kingsoft Corp Ltd

803

531,800

(c) Kuaishou Technology

4,396

30,400

(a) Kuang-Chi Technologies Co Ltd

17,300

Kunlun Tech Co Ltd

15,700

Kweichow Moutai Co Ltd

3,096

102,800

(b) Laopu Gold Co Ltd

8,216

33,700

LB Group Co Ltd

1,706,000

Lenovo Group Ltd

2,029

63,400

Lens Technology Co Ltd

263,879

(a),(b)

Li Auto, Inc

2,227

506,500

Li Ning Co Ltd

1,217

81,900

Lingyi iTech Guangdong Co

449,500

(a),(b),(c)

Longfor Group Holdings Ltd

105,613

LONGi Green Energy Technology Co Ltd

3,930

(a) Loongson Technology Corp Ltd

91,209

Luxshare Precision Industry Co Ltd

742

19,200

Luzhou Laojiao Co Ltd

25,790

Mango Excellent Media Co Ltd

6,572

Maxscend Microelectronics Co Ltd

741,000

(c) Meitu, Inc

667

1,047,479

(a),(c)

Meituan

13,881

225,500

Metallurgical Corp of China Ltd

46,200

Midea Group Co Ltd

517

90,752

Midea Group Co Ltd

992

108,600

MINISO Group Holding Ltd

510

920,429

(a) MMG Ltd

1,040

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

13,863

Montage Technology Co Ltd

$

72,344

Muyuan Foods Co Ltd

524

106,651

NARI Technology Co Ltd

35,181

(a) National Silicon Industry Group Co Ltd

8,910

NAURA Technology Group Co Ltd

585

366,626

NetEase, Inc

10,091

27,500

New China Life Insurance Co Ltd - A

198,500

New China Life insurance Co Ltd - H

1,391

50,700

New Hope Liuhe Co Ltd

285,644

New Oriental Education & Technology Group, Inc

1,569

27,932

Nexchip Semiconductor Corp

10,225

Ningbo Deye Technology Co Ltd

8,800

Ningbo Orient Wires & Cables Co Ltd

23,200

Ningbo Sanxing Medical Electric Co Ltd

25,835

Ningbo Tuopu Group Co Ltd

95,449

Ningxia Baofeng Energy Group Co Ltd

241,880

(a) NIO, Inc

1,243

426,600

(c) Nongfu Spring Co Ltd

2,575

49,400

(a) OFILM Group Co Ltd

78,328

Orient Securities Co Ltd

149,306

(a) PDD Holdings, Inc (ADR)

16,930

1,865,276

People's Insurance Co Group of China Ltd

1,620

114,000

People's Insurance Co Group of China Ltd (Class A)

4,442,000

PetroChina Co Ltd

4,788

278,500

PetroChina Co Ltd

7,425

Pharmaron Beijing Co Ltd - A

1,457,959

PICC Property & Casualty Co Ltd

3,065

241,713

Ping An Bank Co Ltd

1,413,203

Ping An Insurance Group Co of China Ltd

11,870

136,100

Ping An Insurance Group Co of China Ltd (Class A)

1,333

3,471

Piotech, Inc

152,000

Poly Developments and Holdings Group Co Ltd

113,970

(c) Pop Mart International Group Ltd

2,750

410,900

Postal Savings Bank of China Co Ltd - A

1,903,201

(c) Postal Savings Bank of China Co Ltd - H

1,302

199,298

Power Construction Corp of China Ltd

72,800

(a) Qinghai Salt Lake Industry Co Ltd

18,700

Range Intelligent Computing Technology Group Co Ltd

40,500

(a),(c)

Remegen Co Ltd

5,000

Rockchip Electronics Co Ltd

117,073

Rongsheng Petrochemical Co Ltd

107,800

SAIC Motor Corp Ltd

48,200

Sailun Group Co Ltd

67,400

Sanan Optoelectronics Co Ltd

115,400

Sany Heavy Industry Co Ltd

45,573

Satellite Chemical Co Ltd

65,200

SDIC Capital Co Ltd

113,500

SDIC Power Holdings Co Ltd

21,065

Seres Group Co Ltd

58,800

SF Holding Co Ltd

8,108

SG Micro Corp

123,613

Shaanxi Coal Industry Co Ltd

48,620

Shandong Gold Mining Co Ltd - A

200,750

(b),(c)

Shandong Gold Mining Co Ltd - H

894

10,700

Shandong Himile Mechanical Science & Technology Co Ltd

26,483

Shandong Hualu Hengsheng Chemical Co Ltd

157,900

Shandong Nanshan Aluminum Co Ltd

43,600

Shandong Sun Paper Industry JSC Ltd

198,400

Shandong Weigao Group Medical Polymer Co Ltd

5,885

Shanghai Allist Pharmaceuticals Co Ltd

25,798

Shanghai Baosight Software Co Ltd

182,700

(a) Shanghai Electric Group Co Ltd

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

37,000

Shanghai Electric Power Co Ltd

$

8,500

Shanghai Fosun Pharmaceutical Group Co Ltd - A

3,081

Shanghai Friendess Electronic Technology Corp Ltd

16,300

Shanghai International Airport Co Ltd

16,300

(a) Shanghai Pharmaceuticals Holding Co Ltd - A

385,400

Shanghai Pudong Development Bank Co Ltd

686

21,136

Shanghai Putailai New Energy Technology Co Ltd

21,200

Shanghai RAAS Blood Products Co Ltd

113,000

Shanghai Rural Commercial Bank Co Ltd

3,921

Shanghai United Imaging Healthcare Co Ltd

21,500

Shanghai Zhangjiang High-Tech Park Development Co Ltd

32,179

Shanxi Lu'an Environmental Energy Development Co Ltd

15,580

Shanxi Xinghuacun Fen Wine Factory Co Ltd

60,512

Shanxi Xishan Coal & Electricity Power Co Ltd

4,677

Sharetronic Data Technology Co Ltd

82,800

Shenergy Co Ltd

9,123

Shengyi Electronics Co Ltd

30,100

Shengyi Technology Co Ltd

9,464

Shennan Circuits Co Ltd

307,100

Shenwan Hongyuan Group Co Ltd

12,800

Shenzhen Envicool Technology Co Ltd

18,200

Shenzhen Everwin Precision Technology Co Ltd

8,400

Shenzhen Goodix Technology Co Ltd

17,100

Shenzhen Inovance Technology Co Ltd

11,260

Shenzhen Investment Holdings Bay Area Development Co Ltd

13,200

Shenzhen Kinwong Electronic Co Ltd

4,600

(a) Shenzhen Longsys Electronics Co Ltd

6,200

Shenzhen Mindray Bio-Medical Electronics Co Ltd

3,200

Shenzhen New Industries Biomedical Engineering Co Ltd

6,000

Shenzhen Salubris Pharmaceuticals Co Ltd

15,777

Shenzhen Transsion Holdings Co Ltd

176,300

Shenzhou International Group Holdings Ltd

1,389

2,717

(a) Sichuan Biokin Pharmaceutical Co Ltd

62,200

Sichuan Changhong Electric Co Ltd

60,500

Sichuan Chuantou Energy Co Ltd

8,500

Sichuan Kelun Pharmaceutical Co Ltd

10,600

(a),(b)

Sichuan Kelun-Biotech Biopharmaceutical Co Ltd

532

85,900

Sichuan Road and Bridge Group Co Ltd

32,100

Sinolink Securities Co Ltd

22,100

Sinoma Science & Technology Co Ltd

109,200

Sinopharm Group Co Ltd

156,592

Sinotruk Hong Kong Ltd

556

400,000

(b),(c)

Smoore International Holdings Ltd

612

69,062

SooChow Securities Co Ltd

13,800

Spring Airlines Co Ltd

25,940

Sungrow Power Supply Co Ltd

635

152,500

Sunny Optical Technology Group Co Ltd

1,288

21,300

Sunwoda Electronic Co Ltd

22,100

Suzhou Dongshan Precision Manufacturing Co Ltd

10,668

Suzhou TFC Optical Communication Co Ltd

89,300

(a) TAL Education Group (ADR)

974

73,060

TBEA Co Ltd

262,510

TCL Technology Group Corp

49,575

TCL Zhonghuan Renewable Energy Technology Co Ltd

2,405,367

Tencent Holdings Ltd

184,596

829,658

Tencent Music Entertainment Group (ADR)

14,544

105,600

Tianfeng Securities Co Ltd

19,600

Tianqi Lithium Corp

51,600

Tianshan Aluminum Group Co Ltd

53,500

Tianshui Huatian Technology Co Ltd

420,000

Tingyi Cayman Islands Holding Corp

637

279,200

Tongcheng Travel Holdings Ltd

806

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

19,600

TongFu Microelectronics Co Ltd

$

156,147

Tongling Nonferrous Metals Group Co Ltd

60,700

Tongwei Co Ltd

25,738

Trina Solar Co Ltd

130,684

Trip.com Group Ltd

9,370

132,000

Tsingtao Brewery Co Ltd

827

9,800

Tsingtao Brewery Co Ltd (Class A)

44,850

(a) UBTech Robotics Corp Ltd

731

10,899

(d) Unigroup Guoxin Microelectronics Co Ltd

38,800

Unisplendour Corp Ltd

115,524

(a) United ,NV Technology Co Ltd

6,981

(a) Verisilicon Microelectronics Shanghai Co Ltd

11,000

Victory Giant Technology Huizhou Co Ltd

66,000

Vipshop Holdings Ltd (ADR)

1,168

42,700

Wanhua Chemical Group Co Ltd

1,055,471

Want Want China Holdings Ltd

629

414,000

Weichai Power Co Ltd

1,005

105,400

Weichai Power Co Ltd (Class A)

87,483

Wens Foodstuffs Group Co Ltd

16,000

Western Mining Co Ltd

64,600

Western Securities Co Ltd

7,014

Western Superconducting Technologies Co Ltd

17,910

Will Semiconductor Co Ltd

17,200

Wingtech Technology Co Ltd

378,400

(a) Wintime Energy Group Co Ltd

20,600

Wolong Electric Group Co Ltd

53,574

Wuhan Guide Infrared Co Ltd

49,100

Wuliangye Yibin Co Ltd

745

24,210

WUS Printed Circuit Kunshan Co Ltd

13,016

WuXi AppTec Co Ltd - A

185,485

(c) WuXi AppTec Co Ltd - H

2,352

18,081,000

(a),(c)

Wuxi Biologics Cayman, Inc

73,116

79,000

(a) WuXi XDC Cayman, Inc

618

159,600

XCMG Construction Machinery Co Ltd

21,400

Xiamen Tungsten Co Ltd

3,364,800

(a),(c)

Xiaomi Corp

16,982

20,713

Xinjiang Daqo New Energy Co Ltd

53,800

Xinjiang Goldwind Science & Technology Co Ltd - A

1,039,795

(b) Xinyi Solar Holdings Ltd

263,646

(a),(b)

XPeng, Inc

2,681

367,000

(a) XtalPi Holdings Ltd

288,000

(c) Yadea Group Holdings Ltd

13,118

Yantai Jereh Oilfield Services Group Co Ltd

704,688

Yanzhou Coal Mining Co Ltd

871

77,335

Yanzhou Coal Mining Co Ltd (Class A)

16,470

Yealink Network Technology Corp Ltd

36,820

Yintai Gold Co Ltd

130,100

Yonghui Superstores Co Ltd

48,659

Yonyou Network Technology Co Ltd

22,100

Youngor Group Co Ltd

42,700

YTO Express Group Co Ltd

29,921

Yum China Holdings, Inc

1,428

48,400

Yum China Holdings, Inc

2,292

49,200

Yunnan Aluminium Co Ltd

8,900

Yunnan Baiyao Group Co Ltd

24,081

Yunnan Yuntianhua Co Ltd

23,000

Zangge Mining Co Ltd

2,800

Zhangzhou Pientzehuang Pharmaceutical Co Ltd

367,136

Zhaojin Mining Industry Co Ltd

1,450

28,200

Zhejiang China Commodities City Group Co Ltd

28,700

Zhejiang Chint Electrics Co Ltd

46,800

Zhejiang Dahua Technology Co Ltd

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CHINA

(continued)

359,161

Zhejiang Expressway Co Ltd

$

21,793

Zhejiang Huayou Cobalt Co Ltd

16,200

Zhejiang Jingsheng Mechanical & Electrical Co Ltd

39,200

Zhejiang Juhua Co Ltd

110,800

(a),(c)

Zhejiang Leapmotor Technologies Ltd

694

55,900

Zhejiang Longsheng Group Co Ltd

16,304

Zhejiang NHU Co Ltd

24,800

Zhejiang Sanhua Intelligent Controls Co Ltd

9,420

Zhejiang Supcon Technology Co Ltd

35,400

Zhejiang Wanfeng Auto Wheel Co Ltd

15,790

Zhejiang Weiming Environment Protection Co Ltd

178,800

Zhejiang Zheneng Electric Power Co Ltd

32,300

Zhengzhou Yutong Bus Co Ltd

50,000

Zheshang Securities Co Ltd

14,180

Zhongji Innolight Co Ltd

1,232

65,800

Zhongjin Gold Corp Ltd

63,400

Zhongtai Securities Co Ltd

9,447

Zhuzhou CRRC Times Electric Co Ltd

98,767

Zhuzhou CSR Times Electric Co Ltd

1,262,404

Zijin Mining Group Co Ltd

5,780

264,346

Zijin Mining Group Co Ltd (Class A)

1,301

93,300

(a) Zoomlion Heavy Industry Science and Technology Co Ltd - A

56,800

ZTE Corp

168,000

(b) ZTE Corp (Class H)

587

89,884

ZTO Express Cayman, Inc

1,875

TOTAL CHINA

949,781

COLOMBIA - 0.0%

53,349

Grupo Cibest S.A.

977

96,825

Grupo Cibest S.A.

1,532

98,464

Interconexion Electrica S.A. ESP

643

TOTAL COLOMBIA

3,152

CONGO, THE DEMOCRATIC REPUBLIC OF THE - 0.0%

160,843

(a),(b)

Ivanhoe Mines Ltd

1,829

TOTAL CONGO, THE DEMOCRATIC REPUBLIC OF THE

1,829

CZECH REPUBLIC - 0.0%

28,574

CEZ AS

1,798

15,902

Komercni Banka AS

897

56,991

(c) Moneta Money Bank AS

536

TOTAL CZECH REPUBLIC

3,231

DENMARK - 0.3%

150,663

Danske Bank AS

7,524

156,217

DSV AS

39,344

557,311

Novo Nordisk A.S.

28,266

76,124

Novozymes A.S.

4,870

358,225

(a) Zealand Pharma AS

26,026

TOTAL DENMARK

106,030

EGYPT - 0.0%

548,375

Commercial International Bank

1,184

325,621

Eastern Tobacco

152,192

Talaat Moustafa Group

TOTAL EGYPT

1,693

FINLAND - 0.0%

91,396

(b) Neste Oil Oyj

2,068

125,821

(b) Stora Enso Oyj (R Shares)

1,571

114,009

UPM-Kymmene Oyj

3,296

TOTAL FINLAND

6,935

FRANCE - 2.7%

124,971

Air Liquide

23,489

587,704

Airbus SE

136,479

12,324

Arkema

751

1,067,685

AXA S.A.

51,229

SHARES

DESCRIPTION

VALUE (000)

FRANCE

(continued)

619,466

Compagnie de Saint-Gobain

$

62,995

168,907

Essilor International S.A.

53,408

9,797

Gecina S.A.

930

13,184

(b) ICADE

212,541

(b) Kering

74,270

234,993

(b) L'Oreal S.A.

100,886

226,375

LVMH Moet Hennessy Louis Vuitton S.A.

170,627

962,090

Orange S. A.

16,054

247,688

Safran S.A.

86,274

47,351

Sartorius Stedim Biotech

11,630

882,496

Societe Generale

71,044

443,537

Total S.A.

28,918

1,070,451

Veolia Environnement

37,249

TOTAL FRANCE

926,573

GERMANY - 2.4%

45,402

Allianz AG.

20,993

735,072

Aroundtown S.A.

2,276

192,815

BASF SE

10,146

664,838

(a) BK LC Lux Finco 2 Sarl

27,192

26,513

Brenntag SE

1,539

71,189

Deutsche Boerse AG.

18,710

530,039

(a) Deutsche Telekom AG.

17,253

25,932

Dr ING hc F Porsche AG.

1,381

1,676,344

E.ON AG.

31,741

55,369

Evonik Industries AG.

864

29,552

Hannover Rueckversicherung AG.

9,196

396,472

HeidelbergCement AG.

102,788

17,147

LEG Immobilien SE

1,251

1,010

OSRAM Licht AG.

44,820

Rheinmetall AG.

81,769

1,768,502

RWE AG.

93,707

634,554

SAP AG.

154,177

592,359

Siemens AG.

165,906

444,392

(a) Siemens Energy AG.

62,343

301,313

(a),(c)

Siemens Healthineers AG.

15,794

28,686

Symrise AG.

2,324

181,145

Vonovia SE

5,213

TOTAL GERMANY

826,626

GREECE - 0.1%

462,956

Alpha Bank S.A.

1,946

3,368,917

Eurobank S.A.

13,545

5,760

(a),(d)

FF Group

0^

34,237

Hellenic Telecommunications Organization S.A.

678

24,496

JUMBO S.A.

803

184,215

National Bank of Greece S.A.

2,810

39,998

OPAP S.A.

898

237,252

Piraeus Bank S.A.

1,894

37,234

Public Power Corp

796

TOTAL GREECE

23,370

HONG KONG - 0.4%

7,481,200

AIA Group Ltd

77,005

976,000

Hang Lung Properties Ltd

1,081

363,000

Henderson Land Development Co Ltd

1,315

251,700

Hong Kong Exchanges and Clearing Ltd

13,169

612,200

Hongkong Land Holdings Ltd

4,253

532,000

(a) J&T Global Express Ltd

716

441,739

Link REIT

1,972

425,000

New World Development Co Ltd

28,000

(b) Orient Overseas International Ltd

2,573,419

Prudential plc

39,587

834,250

Sino Biopharmaceutical Ltd

664

370,000

Sun Hung Kai Properties Ltd

4,505

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HONG KONG

(continued)

301,000

Wharf Real Estate Investment Co Ltd

$

951

45,500

(a) Zijin Gold International Co Ltd

854

TOTAL HONG KONG

146,921

HUNGARY - 0.0%

87,941

MOL Hungarian Oil & Gas plc

788

47,481

OTP Bank Rt

5,091

11,229

Richter Gedeon Rt

TOTAL HUNGARY

6,219

INDIA - 1.4%

11,741

ABB Ltd India

676

35,166

Adani Enterprises Ltd

876

115,966

Adani Ports & Special Economic Zone Ltd

1,898

636,580

(a) Adani Power Ltd

1,012

4,163

Alkem Laboratories Ltd

138,501

Ambuja Cements Ltd

858

38,902

APL Apollo Tubes Ltd

829

44,809

Apollo Hospitals Enterprise Ltd

3,514

635,720

Ashok Leyland Ltd

1,269

81,163

Asian Paints Ltd

2,504

26,353

Astral Ltd

77,498

(c) AU Small Finance Bank Ltd

858

21,109

Aurobindo Pharma Ltd

35,213

(a),(c)

Avenue Supermarts Ltd

1,483

955,149

Axis Bank Ltd

13,506

14,716

Bajaj Auto Ltd

1,531

591,394

Bajaj Finance Ltd

6,503

82,562

Bajaj Finserv Ltd

1,876

5,777

Bajaj Holdings & Investment Ltd

728

17,867

Balkrishna Industries Ltd

234,435

Bank of Baroda

773

2,822,792

Bharat Electronics Ltd

12,565

53,096

Bharat Forge Ltd

870

232,561

Bharat Heavy Electricals Ltd

744

324,992

Bharat Petroleum Corp Ltd

1,390

1,835,486

Bharti Airtel Ltd

43,082

1,603

Bosch Ltd

643

23,268

Britannia Industries Ltd

1,561

42,694

BSE Ltd

1,252

15,370

Cadila Healthcare Ltd

418,229

Canara Bank

721

57,293

CG Power & Industrial Solutions Ltd

90,772

Cholamandalam Investment and Finance Co Ltd

1,722

146,636

Cipla Ltd

2,465

392,070

Coal India Ltd

1,742

26,221

Colgate-Palmolive India Ltd

606

16,278

Coromandel International Ltd

30,294

Cummins India Ltd

1,495

114,849

Dabur India Ltd

644

9,839

Divi's Laboratories Ltd

699

7,788

Dixon Technologies India Ltd

1,051

163,332

DLF Ltd

1,250

42,963

Dr Reddy's Laboratories Ltd

607

29,248

Eicher Motors Ltd

2,381

46,475

Fortis Healthcare Ltd

176,088

(a) FSN E-Commerce Ventures Ltd

520

501,589

GAIL India Ltd

962

14,049

GE T&D India Ltd

578,863

(a) GMR Infrastructure Ltd

673

88,770

Godrej Consumer Products Ltd

1,208

32,296

(a) Godrej Properties Ltd

720

58,763

Grasim Industries Ltd

1,850

49,057

Havells India Ltd

778

SHARES

DESCRIPTION

VALUE (000)

INDIA

(continued)

200,467

HCL Technologies Ltd

$

3,623

42,080

(c) HDFC Asset Management Co Ltd

1,252

2,392,507

HDFC Bank Ltd

26,430

773,406

HDFC Bank Ltd (ADR)

28,260

208,994

(c) HDFC Life Insurance Co Ltd

1,746

25,648

Hero Honda Motors Ltd

1,648

286,639

Hindalco Industries Ltd

2,829

43,047

Hindustan Aeronautics Ltd

2,104

173,480

Hindustan Lever Ltd

4,471

205,332

Hindustan Petroleum Corp Ltd

1,141

2,871

Hitachi Energy India Ltd

585

35,114

Hyundai Motor India Ltd

898

2,043,673

ICICI Bank Ltd

30,587

52,052

(c) ICICI Lombard General Insurance Co Ltd

1,138

77,399

(c) ICICI Prudential Life Insurance Co Ltd

576

734,090

IDFC First Bank Ltd

700

186,034

Indian Hotels Co Ltd

1,531

613,707

Indian Oil Corp Ltd

1,138

52,717

Indian Railway Catering & Tourism Corp Ltd

286,022

(a) Indus Towers Ltd

1,334

124,400

(a) IndusInd Bank Ltd

1,197

77,400

Info Edge India Ltd

1,149

699,650

Infosys Technologies Ltd

12,600

40,317

(c) InterGlobe Aviation Ltd

2,274

633,175

ITC Ltd

2,842

72,617

Jindal Stainless Ltd

679

78,291

Jindal Steel & Power Ltd

918

95,252

JSW Energy Ltd

512

132,576

JSW Steel Ltd

1,720

82,800

Jubilant Foodworks Ltd

515

89,103

Kalyan Jewellers India Ltd

230,864

Kotak Mahindra Bank Ltd

5,663

175,860

(a),(d)

Kwality Wall's India Ltd

142,410

Larsen & Toubro Ltd

6,472

15,937

(c) LTIMindtree Ltd

1,076

18,707

Lupin Ltd

64,632

(c) Macrotech Developers Ltd

764

196,940

Mahindra & Mahindra Ltd

8,133

26,501

Mankind Pharma Ltd

649

112,761

Marico Ltd

941

26,693

Maruti Suzuki India Ltd

4,964

132,005

Max Healthcare Institute Ltd

1,535

23,116

Mphasis Ltd

717

538

MRF Ltd

915

25,175

Muthoot Finance Ltd

1,068

144,132

Nestle India Ltd

2,065

698,140

NHPC Ltd

616

699,006

NMDC Ltd

647

921,457

NTPC Ltd

3,382

21,021

Oberoi Realty Ltd

676,043

Oil & Natural Gas Corp Ltd

1,809

106,150

Oil India Ltd

501

54,220

(a) One 97 Communications Ltd

784

4,796

Oracle Financial Services Software Ltd

1,343

Page Industries Ltd

539

73,760

(a) PB Fintech Ltd

1,500

23,594

Persistent Systems Ltd

1,647

160,076

Petronet LNG Ltd

506

42,544

Phoenix Mills Ltd

878

16,706

PI Industries Ltd

603

66,822

Pidilite Industries Ltd

1,102

11,459

Polycab India Ltd

973

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

INDIA

(continued)

317,061

Power Finance Corp Ltd

$

1,255

982,050

Power Grid Corp of India Ltd

2,896

37,458

Prestige Estates Projects Ltd

665

510,838

Punjab National Bank

703

114,957

Rail Vikas Nigam Ltd

251,732

REC Ltd

1,001

3,364,244

Reliance Industries Ltd

58,870

4,557,381

Reliance Strategic Investments Ltd

14,968

949,127

Samvardhana Motherson International Ltd

1,268

59,328

SBI Cards & Payment Services Ltd

569

96,632

(c) SBI Life Insurance Co Ltd

2,190

2,015

Shree Cement Ltd

596

299,859

Shriram Finance Ltd

3,328

10,686

(a) Siemens Energy India Ltd

19,607

Siemens India Ltd

669

5,919

Solar Industries India Ltd

807

31,219

SRF Ltd

1,070

388,481

State Bank of India

4,250

179,248

Sun Pharmaceutical Industries Ltd

3,432

14,296

Sundaram Finance Ltd

841

14,018

Supreme Industries Ltd

523

2,189,330

(a) Suzlon Energy Ltd

1,285

291,287

(a) Swiggy Ltd

1,254

26,229

Tata Communications Ltd

533

190,505

(a) Tata Consultancy Services Ltd

6,807

128,932

Tata Consumer Products Ltd

1,710

417,275

(a) Tata Motors Ltd

1,929

444,088

Tata Motors Ltd

1,817

351,934

Tata Power Co Ltd

1,488

1,586,707

Tata Steel Ltd

3,179

115,444

Tech Mahindra Ltd

2,045

75,661

Titan Co Ltd

3,416

44,187

Torrent Pharmaceuticals Ltd

1,891

37,952

Torrent Power Ltd

552

39,253

Trent Ltd

1,872

23,025

Tube Investments of India Ltd

670

51,022

TVS Motor Co Ltd

2,114

25,088

Ultra Tech Cement Ltd

3,292

325,195

Union Bank of India

557

64,292

United Spirits Ltd

1,033

108,317

UPL Ltd

959

291,541

Varun Beverages Ltd

1,592

296,154

Vedanta Ltd

1,993

389,472

(a) Vishal Mega Mart Ltd

591

5,827,309

(a) Vodafone Idea Ltd

699

46,399

Voltas Ltd

703

18,652

WAAREE Energies Ltd

617

563,307

Wipro Ltd

1,651

3,381,143

(a) Yes Bank Ltd

813

514,011

(a) Zomato Ltd

1,593

TOTAL INDIA

466,593

INDONESIA - 0.1%

3,112,600

(a) Amman Mineral Internasional PT

1,198

4,266,568

Astra International Tbk PT

1,712

11,650,400

Bank Central Asia Tbk PT

5,626

3,141,700

Bank Negara Indonesia Persero Tbk PT

821

45,499,493

Bank Rakyat Indonesia

9,965

4,879,526

(a) Barito Pacific Tbk PT

954

1,692,400

(a) Barito Renewables Energy Tbk PT

984

11,989,300

(a) Bumi Resources Minerals Tbk PT

790

1,870,355

Chandra Asri Pacific Tbk PT

783

1,537,300

Charoen Pokphand Indonesia Tbk PT

SHARES

DESCRIPTION

VALUE (000)

INDONESIA

(continued)

190,392,200

(a) GoTo Gojek Tokopedia Tbk PT

$

728

4,838,200

Petrindo Jaya Kreasi Tbk PT

677

7,874,494

PT Bank Mandiri Persero Tbk

2,401

211,800

(a) PT Dian Swastatika Sentosa Tbk

1,283

929,200

PT Indofood Sukses Makmur Tbk

301,798

PT United Tractors Tbk

534

4,067,900

Sumber Alfaria Trijaya Tbk PT

10,474,795

Telkom Indonesia Persero Tbk PT

2,192

TOTAL INDONESIA

31,921

IRELAND - 0.2%

6,515,024

AIB Group plc

69,648

TOTAL IRELAND

69,648

ISRAEL - 0.0%

167,292

Israel Chemicals Ltd

962

197,300

(a) Teva Pharmaceutical Industries Ltd (ADR)

6,158

TOTAL ISRAEL

7,120

ITALY - 0.5%

498,984

Assicurazioni Generali S.p.A.

20,852

441,876

ENI S.p.A.

8,376

59,133

Ferrari NV

21,974

594,959

Moncler S.p.A

38,030

1,792,481

PRADA S.p.A

10,364

989,291

UniCredit S.p.A

81,940

TOTAL ITALY

181,536

JAPAN - 5.5%

1,269

(a) Activia Properties, Inc

1,140

967,700

Advantest Corp

122,364

585

(a) Aeon Co Ltd

724,200

Ajinomoto Co, Inc

15,310

265,500

(a) Asahi Kasei Corp

2,360

296,000

Chugai Pharmaceutical Co Ltd

15,529

2,865,391

Daiichi Sankyo Co Ltd, Reg S

60,845

44,200

(a) Daito Trust Construction Co Ltd

842

835

(a) Daiwa House REIT Investment Corp

763

584,800

(a) ENEOS Holdings, Inc

4,138

1,357,700

Fujitsu Ltd

37,314

8,208,920

Hitachi Ltd

257,445

286,000

(a) Hoya Corp

43,378

201,300

(b) Hulic Co Ltd

2,202

974

(a) Hulic Reit, Inc

1,096

167,000

(a) Idemitsu Kosan Co Ltd

1,264

190,400

Inpex Holdings, Inc

3,808

Invincible Investment Corp

Japan Retail Fund Investment Corp

1,172,900

Japan Tobacco, Inc

42,157

124,300

(a) JFE Holdings, Inc

1,585

696,800

(a) Kansai Electric Power Co, Inc

10,943

615,000

KDDI Corp

10,644

Kenedix Realty Investment Corp

79,700

(a) Keyence Corp

28,829

276,600

(a) Mitsubishi Chemical Holdings Corp

1,619

4,628,900

Mitsubishi Electric Corp

134,964

475,573

Mitsubishi Estate Co Ltd

11,554

3,213,800

(a) Mitsubishi Heavy Industries Ltd

78,457

11,622,800

Mitsubishi UFJ Financial Group, Inc

184,466

2,100,200

Mitsui & Co Ltd

62,370

29,950

Mitsui Fudosan Co Ltd

6,267

(a) Mitsui Fudosan Logistics Park, Inc

4,875

(a) Mori Hills REIT Investment Corp

788,200

(a) Murata Manufacturing Co Ltd

16,291

1,080,400

Nintendo Co Ltd

72,943

204,800

(b) Nippon Paint Co Ltd

1,371

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

JAPAN

(continued)

1,045,000

(a) Nippon Steel Corp

$

4,276

6,001,000

Nippon Telegraph & Telephone Corp

6,058

152,700

Nitto Denko Corp

3,636

1,003

(a) Nomura Real Estate Master Fund, Inc

1,108

1,354

Orix JREIT, Inc

918

179,300

Sekisui House Ltd

4,001

364,500

Shin-Etsu Chemical Co Ltd

11,322

1,321,600

Softbank Group Corp

37,075

12,574,925

Sony Corp

322,559

1,190,100

(a) Sony Financial Holdings, Inc

1,261

4,280

Star Asia Investment Corp

1,685

53,400

Sumitomo Metal Mining Co Ltd

2,138

4,141,403

Sumitomo Mitsui Financial Group, Inc

133,193

Sumitomo Realty & Development Co Ltd

37,400

(a) Taiyo Nippon Sanso Corp

1,117

326,800

Tokyo Tatemono Co Ltd

7,409

299,600

(a) Toray Industries, Inc

1,953

4,358,705

Toyota Motor Corp

93,612

622

United Urban Investment Corp

725

TOTAL JAPAN

1,868,003

KOREA, REPUBLIC OF - 1.6%

10,397

(a) Alteogen, Inc

3,244

6,152

Amorepacific Corp

509

5,135

APR Corp

823

31,573

Celltrion, Inc

3,962

11,755

(a) Coway Co Ltd

708

11,566

Daewoo International Corp

29,056

(a) Daewoo Shipbuilding & Marine Engineering Co Ltd

2,294

9,843

Dongbu Insurance Co Ltd

894

11,971

Doosan Bobcat, Inc

1,610

Doosan Corp

875

360,404

(a) Doosan Heavy Industries and Construction Co Ltd

18,851

10,491

(a) Ecopro BM Co Ltd

1,067

21,653

Ecopro Co Ltd

1,364

58,461

Hana Financial Group, Inc

3,814

5,179

(a) Hanjin Kal Corp

15,687

Hankook Tire & Technology Co Ltd

636

9,340

Hanmi Semiconductor Co Ltd

828

(a) Hanwha Chemical Corp

16,437

(a) Hanwha Systems Co Ltd

621

9,310

HD Hyundai Co Ltd

1,219

4,939

HD Hyundai Electric Co Ltd

2,652

7,354

HD Hyundai Heavy Industries Co Ltd

2,592

3,325

HD Hyundai Marine Solution Co Ltd

25,286

(a) HLB, Inc

891

49,182

HMM Co Ltd

699

4,840

HYBE Co Ltd

1,107

114,791

Hynix Semiconductor, Inc

51,986

1,186

(a) Hyosung Heavy Industries Corp

1,465

7,991

Hyundai Glovis Co Ltd

1,003

8,937

Hyundai Heavy Industries

2,522

12,610

Hyundai Mobis

3,272

28,075

Hyundai Motor Co

5,798

7,485

Hyundai Motor Co Ltd (2nd Preference)

1,106

4,838

Hyundai Motor Co Ltd (Preference)

693

16,224

Hyundai Rotem Co Ltd

2,116

59,187

Industrial Bank of Korea

860

65,344

Kakao Corp

2,725

34,954

KakaoBank Corp

524

76,170

KB Financial Group, Inc

6,557

50,124

Kia Motors Corp

4,249

15,538

Korea Aerospace Industries Ltd

1,231

SHARES

DESCRIPTION

VALUE (000)

KOREA, REPUBLIC OF

(continued)

54,914

(a) Korea Electric Power Corp

$

1,802

9,076

Korea Investment Holdings Co Ltd

1,022

838

Korea Zinc Co Ltd

763

37,540

(a) Korean Air Lines Co Ltd

587

6,172

(a),(c)

Krafton, Inc

1,052

20,142

KT&G Corp

1,987

10,401

LG Chem Ltd

2,406

18,991

LG Corp

1,064

64,962

(a) LG Display Co Ltd

534

22,444

LG Electronics, Inc

1,432

9,907

(a) LG Energy Solution Ltd

2,534

1,929

LG Household & Health Care Ltd

45,343

LG Telecom Ltd

2,842

(a) LIG Nex1 Co Ltd

828

3,214

(a) LS Electric Co Ltd

1,030

16,593

Meritz Financial Group, Inc

1,303

42,087

Mirae Asset Daewoo Co Ltd

683

29,669

Naver Corp

4,987

15,384

POSCO

3,261

7,406

POSCO Future M Co Ltd

962

2,405

(a),(c)

Samsung Biologics Co Ltd

2,824

18,005

(a) Samsung C&T Corp

2,990

11,869

(a) Samsung Electro-Mechanics Co Ltd

2,101

3,836,707

Samsung Electronics Co Ltd

321,573

171,488

Samsung Electronics Co Ltd (Preference)

10,644

789

(a) Samsung Episholdings Co Ltd

6,312

Samsung Fire & Marine Insurance Co Ltd

2,178

149,258

(a) Samsung Heavy Industries Co Ltd

2,496

17,125

Samsung Life Insurance Co Ltd

1,872

12,717

(a) Samsung SDI Co Ltd

2,378

9,157

(a) Samsung SDS Co Ltd

1,090

7,037

(a) Samsung Techwin Co Ltd

4,595

899

Samyang Foods Co Ltd

768

92,011

Shinhan Financial Group Co Ltd

4,900

12,138

(a) SK Biopharmaceuticals Co Ltd

1,049

14,597

SK Innovation Co Ltd

1,024

19,499

(a) SK Square Co Ltd

4,966

21,222

SK Telecom Co Ltd

788

7,628

SK, Inc

1,361

9,260

(a) S-Oil Corp

533

138,414

Woori Financial Group, Inc

2,686

30,520

Woori Investment & Securities Co Ltd

4,648

(a) Yuhan Corp

TOTAL KOREA, REPUBLIC OF

540,607

KUWAIT - 0.0%

322,612

Boubyan Bank KSCP

750

442,788

Gulf Bank KSCP

513

2,334,540

Kuwait Finance House KSCP

6,151

144,466

Mabanee Co SAK

512

412,744

Mobile Telecommunications Co KSCP

696

1,744,694

National Bank of Kuwait SAKP

5,752

490,663

(a) Warba Bank KSCP

TOTAL KUWAIT

14,841

LUXEMBOURG - 0.0%

101,331

ArcelorMittal S.A.

4,653

28,811

Reinet Investments S.C.A

1,009

TOTAL LUXEMBOURG

5,662

MACAU - 0.0%

2,167,000

Galaxy Entertainment Group Ltd

10,685

TOTAL MACAU

10,685

MALAYSIA - 0.1%

512,800

AMMB Holdings BHD

821

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MALAYSIA

(continued)

586,443

Axiata Group Bhd

$

1,707,279

Bumiputra-Commerce Holdings BHD

3,467

759,600

Digi.Com BHD

597

1,000,461

Gamuda BHD

1,225

138,900

Hong Leong Bank BHD

758

170,900

IHH Healthcare Bhd

538,500

IOI Corp BHD

531

104,743

(a) Kuala Lumpur Kepong BHD

516

1,269,800

Malayan Banking BHD

3,278

496,400

Maxis Bhd

282,508

MISC Bhd

543

722,509

(c) MR DIY Group M Bhd

13,900

Nestle Malaysia Bhd

517,000

Petronas Chemicals Group Bhd

69,600

Petronas Dagangan BHD

166,116

Petronas Gas BHD

743

774,258

Press Metal Aluminium Holdings Bhd

1,358

3,048,500

Public Bank Bhd

3,409

330,975

QL Resources Bhd

370,428

RHB Capital BHD

704

432,600

Sime Darby Plantation Bhd

611

527,400

Sunway BHD

730

250,450

Telekom Malaysia BHD

553,576

Tenaga Nasional BHD

1,870

554,887

YTL Corp BHD

584,900

YTL Power International BHD

TOTAL MALAYSIA

25,383

MEXICO - 0.4%

782,300

(b) Alfa S.A. de C.V. (Class A)

684

3,819,099

America Movil SAB de C.V.

3,951

110,000

Arca Continental SAB de C.V.

1,190

108,681

(a) BBB Foods, Inc

3,629

3,213,594

Cemex S.A. de C.V.

3,689

112,665

(b) Coca-Cola Femsa SAB de C.V.

1,070

611,600

Fibra Uno Administracion S.A. de C.V.

917

361,800

(a),(b)

Fomento Economico Mexicano S.A. de C.V.

3,654

569,757

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

57,585

47,758

Fresnillo plc

2,130

32,185

(a) Gruma SAB de C.V.

554

60,600

Grupo Aeroportuario del Centro Norte Sab de C.V.

820

82,011

(b) Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)

2,154

38,365

Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)

1,234

275,100

(b) Grupo Bimbo S.A. de C.V. (Series A)

903

118,900

(b) Grupo Carso S.A. de C.V. (Series A1)

779

72,900

(b) Grupo Comercial Chedraui S.a. DE C.V.

3,424,007

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

31,743

316,227

Grupo Financiero Inbursa S.A.

765

654,623

Grupo Mexico S.A. de C.V. (Series B)

6,181

41,986

(a),(b)

Industrias Penoles S.A. de C.V.

2,207

323,600

(b) Kimberly-Clark de Mexico S.A. de C.V. (Class A)

690

221,713

ProLogis Property Mexico S.A. de C.V.

929

39,195

Promotora y Operadora de Infraestructura SAB de C.V.

582

18,963

Southern Copper Corp

2,721

1,092,400

Wal-Mart de Mexico SAB de C.V.

3,405

TOTAL MEXICO

134,665

NETHERLANDS - 1.6%

36,895

Akzo Nobel NV

2,567

(a) Argenx SE

49,416

(a) Argenx SE

41,684

286,849

ASML Holding NV

309,085

277,084

(c) Euronext NV

41,623

230,511

Heineken NV

19,019

SHARES

DESCRIPTION

VALUE (000)

NETHERLANDS

(continued)

12,770

IMCD NV

$

1,159

3,747,895

ING Groep NV

105,347

4,258,541

Koninklijke KPN NV

19,899

104,259

(a),(b)

Magnum Ice Cream Co NV

1,655

TOTAL NETHERLANDS

542,238

NORWAY - 0.0%

68,269

Aker BP ASA

1,737

165,707

(a) Equinor ASA

3,908

299,194

Norsk Hydro ASA

2,309

TOTAL NORWAY

7,954

PERU - 0.0%

35,036

Cia de Minas Buenaventura S.A. (ADR) (Series B)

975

14,221

Credicorp Ltd

4,081

TOTAL PERU

5,056

PHILIPPINES - 0.0%

51,310

(a) Ayala Corp

1,449,770

Ayala Land, Inc

553

388,134

Bank of the Philippine Islands

766

518,465

BDO Unibank, Inc

1,184

214,290

International Container Term Services, Inc

2,056

104,148

Jollibee Foods Corp

62,584

Manila Electric Co

611

392,723

Metropolitan Bank & Trust

16,198

PLDT, Inc

48,570

SM Investments Corp

578

2,159,000

SM Prime Holdings

835

TOTAL PHILIPPINES

8,113

POLAND - 0.1%

168,175

(a),(c)

Allegro.eu S.A.

1,443

132,658

(a) Bank Millennium S.A.

612

38,913

Bank Pekao S.A.

2,207

8,727

Bank Zachodni WBK S.A.

1,319

3,087

(a) BRE Bank S.A.

913

2,774

Budimex S.A.

11,725

(a) CCC S.A.

13,729

CD Projekt S.A.

917

105,180

(a),(c)

Dino Polska S.A.

1,208

29,484

KGHM Polska Miedz S.A.

2,291

LPP S.A.

1,375

191,563

(a) PGE Polska Grupa Energetyczna S.A.

122,040

Polski Koncern Naftowy Orlen S.A.

3,258

184,719

Powszechna Kasa Oszczednosci Bank Polski S.A.

4,360

127,677

Powszechny Zaklad Ubezpieczen S.A.

2,363

75,396

(a) Zabka Group S.A.

TOTAL POLAND

24,094

PORTUGAL - 0.0%

90,140

Galp Energia SGPS S.A.

1,552

600,139

Jeronimo Martins SGPS S.A.

14,281

TOTAL PORTUGAL

15,833

QATAR - 0.0%

466,783

Barwa Real Estate Co

670,830

Commercial Bank PSQC

774

368,388

Dukhan Bank

327,576

Industries Qatar QSC

1,073

1,274,072

Masraf Al Rayan QSC

768

1,197,337

Mesaieed Petrochemical Holding Co

200,475

Ooredoo QPSC

717

93,998

Qatar Electricity & Water Co QSC

126,309

Qatar Fuel QSC

526

588,476

Qatar Gas Transport Co Ltd

725

209,871

Qatar International Islamic Bank QSC

659

376,711

Qatar Islamic Bank SAQ

2,479

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

QATAR

(continued)

974,726

Qatar National Bank QPSC

$

4,995

TOTAL QATAR

14,153

ROMANIA - 0.0%

127,370

NEPI Rockcastle NV

1,122

TOTAL ROMANIA

1,122

RUSSIA - 0.0%

12,672

(a),(b),(d)

Ozon Holdings plc (ADR)

0^

211,169

(a),(d)

VTB Bank PJSC (GDR) Tradegate, Reg S

TOTAL RUSSIA

SAUDI ARABIA - 0.2%

32,796

(a) ACWA Power Co

1,589

75,989

Ades Holding Co

412,278

Al Rajhi Bank

10,709

261,242

Alinma Bank

1,698

103,648

Almarai Co JSC

1,196

190,543

Arab National Bank

1,098

5,003

Arabian Internet & Communications Services Co

154,317

Bank AlBilad

1,019

126,392

(a) Bank Al-Jazira

261,336

Banque Saudi Fransi

1,172

17,355

Bupa Arabia for Cooperative Insurance Co

643

15,674

Co for Cooperative Insurance

2,666

Dallah Healthcare Co

110,967

(a) Dar Al Arkan Real Estate Development Co

7,188

Dr Sulaiman Al Habib Medical Services Group Co

5,114

Elm Co

1,020

79,144

Etihad Etisalat Co

1,391

124,175

(a) Jabal Omar Development Co

123,032

Jarir Marketing Co

21,350

Makkah Construction & Development Co

7,948

Mouwasat Medical Services Co

306,933

Riyad Bank

2,221

49,696

SABIC Agri-Nutrients Co

1,465

78,866

Sahara International Petrochemical Co

7,662

SAL Saudi Logistics Services

287,420

(a) Saudi Arabian Mining Co

4,669

1,270,208

(c) Saudi Arabian Oil Co

8,066

211,377

Saudi Awwal Bank

1,823

189,363

Saudi Basic Industries Corp

2,590

175,381

Saudi Electricity Co

657

130,453

Saudi Investment Bank

617,961

Saudi National Bank

6,241

7,129

(a) Saudi Research & Media Group

10,024

Saudi Tadawul Group Holding Co

419,164

Saudi Telecom Co

4,800

57,973

Yanbu National Petrochemical Co

TOTAL SAUDI ARABIA

60,275

SINGAPORE - 0.6%

729,000

Ascendas REIT

1,603

32,201

CapitaLand Ascott Trust

589,042

Capitaland Investment Ltd

1,239

105,492

CapitaMall Trust

2,329,280

DBS Group Holdings Ltd

102,033

4,160,061

Oversea-Chinese Banking Corp

63,912

2,003,800

Singapore Exchange Ltd

26,378

TOTAL SINGAPORE

195,385

SOUTH AFRICA - 0.4%

178,862

Absa Group Ltd

2,585

56,034

Anglo American Platinum Ltd

4,746

1,469,600

Anglo American plc

60,786

71,402

Bid Corp Ltd

1,819

67,901

Bidvest Group Ltd

974

SHARES

DESCRIPTION

VALUE (000)

SOUTH AFRICA

(continued)

18,364

Capitec Bank Holdings Ltd

$

4,610

49,822

(a) Clicks Group Ltd

1,015

121,762

Discovery Ltd

1,673

1,061,841

FirstRand Ltd

5,819

188,028

Gold Fields Ltd

8,199

120,993

Harmony Gold Mining Co Ltd

2,427

189,813

Impala Platinum Holdings Ltd

2,983

365,669

MTN Group Ltd

3,744

164,817

Naspers Ltd

10,992

98,526

Nedbank Group Ltd

1,584

75,674

Northam Platinum Holdings Ltd

1,536

187,048

OUTsurance Group Ltd

809

754,471

(a),(c)

Pepkor Holdings Ltd

1,205

107,914

Remgro Ltd

1,184

379,813

Sanlam Ltd

2,259

124,495

Sasol Ltd

794

99,252

Shoprite Holdings Ltd

1,619

596,515

(b) Sibanye Stillwater Ltd

2,175

276,515

Standard Bank Group Ltd

4,850

129,356

Vodacom Group Ltd

1,104

TOTAL SOUTH AFRICA

131,491

SPAIN - 1.4%

7,368,107

Banco Bilbao Vizcaya Argentaria S.A.

172,835

17,473,196

Banco Santander S.A.

205,668

3,191,062

CaixaBank S.A.

39,015

2,258,678

Iberdrola S.A.

48,908

108,528

(a),(b),(d)

Let's GOWEX S.A.

20,226

Merlin Properties Socimi S.A.

250,037

(a) Repsol YPF S.A.

4,665

TOTAL SPAIN

471,387

SWEDEN - 0.4%

1,772,571

Assa Abloy AB

68,476

871,894

Atlas Copco AB

15,522

61,404

Boliden AB

3,401

470,421

(a),(b)

Fastighets AB Balder

3,472

16,467

Holmen AB

632

834,086

Sandvik AB

26,942

TOTAL SWEDEN

118,445

SWITZERLAND - 1.2%

1,526,990

ABB Ltd

112,566

412,396

Cie Financiere Richemont S.A.

88,934

40,177

DSM-Firmenich AG.

3,241

1,516

(b) EMS-Chemie Holding AG.

1,046

205,704

Galderma Group AG.

41,888

6,625

Givaudan S.A.

26,210

171,567

Lonza Group AG.

115,674

12,247

PSP Swiss Property AG.

2,216

66,066

(b) SIG Group AG.

942

12,247

Swiss Prime Site AG.

1,901

TOTAL SWITZERLAND

394,618

TAIWAN - 2.7%

107,000

Accton Technology Corp

4,038

101,725

Advantech Co Ltd

930

16,299

Alchip Technologies Ltd

1,819

698,000

ASE Technology Holding Co Ltd

5,504

486,000

Asia Cement Corp

575

69,000

Asia Vital Components Co Ltd

3,312

6,000

ASPEED Technology, Inc

1,380

148,000

Asustek Computer, Inc

2,573

37,000

Bizlink Holding, Inc

1,788

217,000

(a) Caliway Biopharmaceuticals Co Ltd

1,071

113,189

Catcher Technology Co Ltd

748

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TAIWAN

(continued)

2,011,947

Cathay Financial Holding Co Ltd

$

4,853

324,564

Chailease Holding Co Ltd

1,088

1,443,836

Chang Hwa Commercial Bank

939

377,000

Cheng Shin Rubber Industry Co Ltd

618,000

China Airlines

3,364,983

China Development Financial Holding Corp

1,845

2,500,517

China Steel Corp

1,511

3,506,000

Chinatrust Financial Holding Co

5,602

81,000

Chroma ATE, Inc

2,003

794,849

Chunghwa Telecom Co Ltd

3,304

916,000

Compal Electronics, Inc

885

410,000

Delta Electronics, Inc

12,507

182,916

E Ink Holdings, Inc

1,149

3,061,477

E.Sun Financial Holding Co Ltd

3,289

40,000

Eclat Textile Co Ltd

63,000

Elite Material Co Ltd

3,301

13,546

eMemory Technology, Inc

744

569,000

Eva Airways Corp

662

230,292

Evergreen Marine Corp Taiwan Ltd

1,389

653,000

Far Eastern Textile Co Ltd

577

369,000

Far EasTone Telecommunications Co Ltd

1,036

97,245

Feng TAY Enterprise Co Ltd

2,444,857

First Financial Holding Co Ltd

2,286

762,000

Formosa Chemicals & Fibre Corp

777

818,000

Formosa Plastics Corp

1,014

33,770

Fortune Electric Co Ltd

819

1,762,817

Fubon Financial Holding Co Ltd

5,395

2,255,312

Fuhwa Financial Holdings Co Ltd

2,818

113,000

Gigabyte Technology Co Ltd

894

18,000

Global Unichip Corp

1,210

55,274

Globalwafers Co Ltd

713

68,000

Gold Circuit Electronics Ltd

1,485

2,643,077

Hon Hai Precision Industry Co, Ltd

19,375

64,952

Hotai Motor Co Ltd

1,135

1,926,416

Hua Nan Financial Holdings Co Ltd

1,901

1,611,676

InnoLux Display Corp

875

48,000

International Games System Co Ltd

1,101

576,000

Inventec Co Ltd

786

18,670

Jentech Precision Industrial Co Ltd

1,628

13,000

King Slide Works Co Ltd

1,552

232,000

King Yuan Electronics Co Ltd

1,826

21,063

Largan Precision Co Ltd

1,667

416,000

Lite-On Technology Corp

2,164

18,000

Lotes Co Ltd

742

521,879

(a) MediaTek, Inc

23,696

2,509,412

Mega Financial Holding Co Ltd

3,196

1,096,000

Nan Ya Plastics Corp

2,096

36,000

Nien Made Enterprise Co Ltd

123,000

Novatek Microelectronics Corp Ltd

1,462

424,000

Pegatron Corp

925

23,304

PharmaEssentia Corp

119,522

President Chain Store Corp

842

568,721

Quanta Computer, Inc

4,912

105,000

Realtek Semiconductor Corp

1,630

823,259

Shanghai Commercial & Savings Bank Ltd

1,063

2,603,558

SinoPac Financial Holdings Co Ltd

2,369

4,453,541

Taishin Financial Holdings Co Ltd

2,891

1,492,334

Taiwan Business Bank

760

1,414,579

Taiwan Cement Corp

1,043

2,316,757

Taiwan Cooperative Financial Holding Co Ltd

1,792

372,000

Taiwan High Speed Rail Corp

374,447

Taiwan Mobile Co Ltd

1,292

SHARES

DESCRIPTION

VALUE (000)

TAIWAN

(continued)

14,431,349

Taiwan Semiconductor Manufacturing Co Ltd

$

709,406

252,000

Teco Electric and Machinery Co Ltd

675

279,888

Unimicron Technology Corp

1,954

1,011,450

Uni-President Enterprises Corp

2,480

2,385,000

United Microelectronics Corp

3,724

236,047

Vanguard International Semiconductor Corp

689

145,810

Wan Hai Lines Ltd

642,000

Wistron Corp

3,068

24,000

Wiwynn Corp

3,419

349,572

Yageo Corp

2,562

372,000

Yang Ming Marine Transport

658

152,000

Zhen Ding Technology Holding Ltd

685

TOTAL TAIWAN

904,932

THAILAND - 0.1%

246,600

Advanced Info Service PCL

2,442

911,800

Airports of Thailand PCL

1,534

914,400

Bangkok Dusit Medical Services PCL

560

47,800

Bumrungrad Hospital PCL

428,100

Central Pattana PCL

750

787,900

Charoen Pokphand Foods PCL

545

1,207,400

CP ALL plc

1,658

394,031

CP AXTRA PCL

654,200

Delta Electronics Thailand PCL

3,570

960,033

(a) Gulf Development PCL

1,267

115,400

Kasikornbank PCL (Foreign)

712

820,000

Krung Thai Bank PCL

735

702,400

Minor International PCL

540

337,700

PTT Exploration & Production PCL

1,204

2,364,800

PTT PCL

2,401

194,900

SCB X PCL

857

168,600

Siam Cement PCL

981

5,556,800

TMB Bank PCL (Foreign)

100,100

True Corp PCL

2,085,726

True Corp PCL

721

TOTAL THAILAND

21,303

TURKEY - 0.0%

663,443

Akbank TAS

1,076

299,202

Aselsan Elektronik Sanayi Ve Ticaret AS

1,612

94,607

BIM Birlesik Magazalar AS

1,181

744,560

Eregli Demir ve Celik Fabrikalari TAS

158,940

Ford Otomotiv Sanayi AS

236,758

Haci Omer Sabanci Holding AS

164,254

KOC Holding AS

644

118,372

Turk Hava Yollari AO

740

251,064

Turkcell Iletisim Hizmet AS

544

1,857,436

Turkiye Is Bankasi (Series C)

608

204,753

Turkiye Petrol Rafinerileri AS

878

717,876

Yapi ve Kredi Bankasi

604

TOTAL TURKEY

9,107

UNITED ARAB EMIRATES - 0.1%

682,841

Abu Dhabi Commercial Bank PJSC

2,659

310,237

Abu Dhabi Islamic Bank PJSC

1,752

657,968

Abu Dhabi National Oil Co for Distribution PJSC

699

693,824

ADNOC Drilling Co PJSC

1,009

1,326,023

Adnoc Gas plc

1,282

392,623

ADNOC Logistics & Services

633

817,827

Aldar Properties PJSC

1,936

656,227

Americana Restaurants International plc

1,298,977

Dubai Electricity & Water Authority PJSC

979

609,705

Dubai Islamic Bank PJSC

1,538

214,961

Emaar Development PJSC

886

1,390,671

Emaar Properties PJSC

5,307

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UNITED ARAB EMIRATES

(continued)

398,762

Emirates NBD Bank PJSC

$

3,024

731,229

Emirates Telecommunications Group Co PJSC

3,651

929,321

First Abu Dhabi Bank PJSC

4,413

717,770

(a) Multiply Group PJSC

510

5,358

(a),(d)

NMC Health plc

0^

2,102,804

Salik Co PJSC

3,636

TOTAL UNITED ARAB EMIRATES

34,203

UNITED KINGDOM - 3.0%

105,816

AngloGold Ashanti UK Ltd

9,113

385,259

Ashtead Group plc

26,267

675,903

AstraZeneca plc

125,082

2,498,867

Aviva plc

22,977

19,906,155

Barclays plc

127,422

159,264

Big Yellow Group plc

2,240

2,650,434

British American Tobacco plc

150,255

367,536

British Land Co plc

1,994

315,751

Coca-Cola Europacific Partners plc

28,639

628,073

Compass Group plc

19,900

49,002

Derwent London plc

1,143

122,270

(a) Flutter Entertainment plc

26,413

392,036

Great Portland Estates plc

1,678

2,730,455

HSBC Holdings plc

42,966

634,132

(a),(b)

Klarna Group plc

18,333

269,525

Land Securities Group plc

2,254

18,010,514

Lloyds TSB Group plc

23,823

263,610

London Stock Exchange Group plc

31,709

5,443,152

Man Group plc

16,716

2,830,723

National Grid plc

43,419

8,676,840

NatWest Group plc

76,116

333,319

Reckitt Benckiser Group plc

26,972

355,018

RELX plc

14,302

4,088,867

Rolls-Royce Holdings plc

63,237

196,016

Safestore Holdings plc

1,945

315,640

Segro plc

3,058

3,124,579

(a),(c)

Shawbrook Group plc

20,469

3,089,465

Standard Chartered plc

75,384

463,376

Unilever plc

30,276

TOTAL UNITED KINGDOM

1,034,102

UNITED STATES - 63.8%

20,062

3M Co

3,212

712,039

Abbott Laboratories

89,211

427,873

AbbVie, Inc

97,765

14,287

Agree Realty Corp

1,029

74,703

Air Products & Chemicals, Inc

18,453

77,409

Alexandria Real Estate Equities, Inc

3,788

37,289

(a) Align Technology, Inc

5,823

606,683

Alliant Energy Corp

39,440

243,018

Allstate Corp

50,584

61,445

(a) Alnylam Pharmaceuticals, Inc

24,434

2,027,433

Alphabet, Inc

636,208

2,331,897

Alphabet, Inc (Class A)

729,884

468,428

Altria Group, Inc

27,010

4,719,804

(a) Amazon.com, Inc

1,089,425

494,971

Amcor plc

4,128

404,121

American Electric Power Co, Inc

46,599

234,546

American Express Co

86,770

363,711

American Homes 4 Rent

11,675

137,611

American International Group, Inc

11,773

82,955

American Tower Corp

14,564

110,985

(b) Americold Realty Trust, Inc

1,427

19,764

Ameriprise Financial, Inc

9,691

96,856

AmerisourceBergen Corp

32,713

SHARES

DESCRIPTION

VALUE (000)

UNITED STATES

(continued)

202,564

Amphenol Corp (Class A)

$

27,375

31,883

Aon plc

11,251

112,926

Apollo Global Management, Inc

16,347

5,892,520

(e) Apple, Inc

1,601,941

190,902

Applied Materials, Inc

49,060

431,190

(a) Arch Capital Group Ltd

41,360

219,386

(a) Arista Networks, Inc

28,746

2,869,577

AT&T, Inc

71,280

439,992

(a) Atlassian Corp Ltd

71,340

2,995

(a) Autozone, Inc

10,158

57,964

AvalonBay Communities, Inc

10,509

16,891

Avery Dennison Corp

3,072

277,554

Baker Hughes Co

12,640

66,106

Ball Corp

3,502

1,030,632

Bank of America Corp

56,685

788,520

Bank of New York Mellon Corp

91,539

202,068

(a) Berkshire Hathaway, Inc

101,569

21,493

(a) Biogen, Inc

3,783

30,901

BlackRock, Inc

33,075

613,381

(a) Boeing Co

133,177

15,383

Booking Holdings, Inc

82,381

28,177

Boston Properties, Inc

1,901

1,713,941

(a) Boston Scientific Corp

163,424

3,426,482

BP plc

19,983

2,580,120

Broadcom, Inc

892,980

164,866

Cabot Oil & Gas Corp

4,339

9,536

Capital One Financial Corp

2,311

10,761

Cardinal Health, Inc

2,211

125,671

Carlyle Group, Inc

7,428

798,734

(a) Carnival Corp

24,393

715,461

Carrier Global Corp

37,805

296,138

Caterpillar, Inc

169,649

30,946

(a) Centene Corp

1,273

45,372

CF Industries Holdings, Inc

3,509

67,567

Cheniere Energy, Inc

13,134

63,574

Chesapeake Energy Corp

7,016

554,145

Chevron Corp

84,457

913,824

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

33,812

74,315

Chubb Ltd

23,195

66,430

Cigna Group

18,284

2,064,936

Cisco Systems, Inc

159,062

877,884

Citigroup, Inc

102,440

CME Group, Inc

2,696,514

Coca-Cola Co

188,513

1,266,692

Comcast Corp (Class A)

37,861

985,175

ConocoPhillips

92,222

86,993

Constellation Energy Corp

30,732

160,407

Corebridge Financial, Inc

4,839

41,633

(a) Corpay, Inc

12,529

180,067

Corteva, Inc

12,070

274,201

Costco Wholesale Corp

236,455

1,009,254

CRH plc

125,955

174,362

Crown Castle, Inc

15,496

32,752

Crown Holdings, Inc

3,372

9,431

Cummins, Inc

4,814

498,166

CVS Health Corp

39,534

253,713

Danaher Corp

58,080

37,117

Deere & Co

17,281

439,063

Delta Air Lines, Inc

30,471

131,779

Devon Energy Corp

4,827

362,564

(a) DexCom, Inc

24,063

41,028

Diamondback Energy, Inc

6,168

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UNITED STATES

(continued)

49,940

Digital Realty Trust, Inc

$

7,726

3,812

(a) DoorDash, Inc

863

414,114

Dover Corp

80,852

187,382

Dow, Inc

4,381

487,890

Duke Energy Corp

57,186

1,697,780

DuPont de Nemours, Inc

68,251

412,578

Eaton Corp plc

131,410

57,724

Ecolab, Inc

15,154

282,267

(a) Edwards Lifesciences Corp

24,063

20,540

Elevance Health, Inc

7,200

386,850

Eli Lilly & Co

415,740

928,635

Emerson Electric Co

123,248

160,219

EOG Resources, Inc

16,825

190,963

EQT Corp

10,236

12,285

Equinix, Inc

9,412

165,952

Equitable Holdings, Inc

7,908

187,097

Equity Lifestyle Properties, Inc

11,340

115,983

Equity Residential

7,312

19,495

Essex Property Trust, Inc

5,101

10,151

Everest Re Group Ltd

3,445

560,265

Evergy, Inc

40,614

631,195

Eversource Energy

42,498

36,752

Extra Space Storage, Inc

4,786

2,207,173

Exxon Mobil Corp

265,611

223,421

FedEx Corp

64,537

1,410,741

Fifth Third Bancorp

66,037

(a) Fiserv, Inc

1,462,233

(a) Flextronics International Ltd

88,348

2,479,080

Freeport-McMoRan, Inc (Class B)

125,912

112,219

Gaming and Leisure Properties, Inc

5,015

40,015

GE Vernova, Inc

26,153

343,566

General Electric Co

105,829

123,320

GFL Environmental, Inc

5,297

436,813

Gilead Sciences, Inc

53,614

442,002

Globe Life, Inc

61,818

67,040

Goldman Sachs Group, Inc

58,928

493,237

GSK plc

12,093

22,062,323

Haleon plc

111,489

240,243

Halliburton Co

6,789

14,948

HCA, Inc

6,979

32,469

Healthcare Realty Trust, Inc

550

190,538

Healthpeak Properties, Inc

3,064

36,971

Hilton Worldwide Holdings, Inc

10,620

620,890

Home Depot, Inc

213,648

808,517

Honeywell International, Inc

157,734

196,016

Host Hotels & Resorts Inc

3,475

176,542

Howmet Aerospace, Inc

36,195

150,547

Hubbell, Inc

66,859

2,475

(a) IDEXX Laboratories, Inc

1,674

9,587

Illinois Tool Works, Inc

2,361

52,528

(a) Illumina, Inc

6,890

68,834

Independence Realty Trust, Inc

1,203

16,070

Innovative Industrial Properties, Inc

761

50,000

(a) Insmed, Inc

8,702

3,162,520

(a) Intel Corp

116,697

65,217

Intercontinental Exchange, Inc

10,563

71,632

International Flavors & Fragrances, Inc

4,827

108,336

International Paper Co

4,267

159,225

Intuit, Inc

105,474

139,949

(a) Intuitive Surgical, Inc

79,262

64,939

Invitation Homes, Inc

1,805

15,029

(a) IQVIA Holdings, Inc

3,388

SHARES

DESCRIPTION

VALUE (000)

UNITED STATES

(continued)

133,477

ITT, Inc

$

23,160

85,272

(a) JBS NV

1,230

811,313

Johnson & Johnson

167,901

1,313,612

JPMorgan Chase & Co

423,272

24,499

(b) Kilroy Realty Corp

916

515,288

Kinder Morgan, Inc

14,165

230,266

KKR & Co, Inc

29,354

KLA Corp

271,866

L3Harris Technologies, Inc

79,812

900,861

Lam Research Corp

154,209

64,042

Las Vegas Sands Corp

4,169

5,949

(a) Legend Biotech Corp (ADR)

100,183

(b) Lennar Corp (Class A)

10,299

433,746

Linde plc

184,945

30,653

Lockheed Martin Corp

14,826

9,983

Lowe's Cos, Inc

2,408

5,621

(a) Lululemon Athletica, Inc

1,168

68,409

LyondellBasell Industries NV

2,962

203,002

M&T Bank Corp

40,901

86,423

Marathon Petroleum Corp

14,055

515,427

Mastercard, Inc (Class A)

294,247

2,115

McDonald's Corp

646

68,409

McKesson Corp

56,115

45,330

(a) Medline, Inc

1,904

154,474

Medtronic plc

14,839

406,792

Merck & Co, Inc

42,819

587,820

Meta Platforms, Inc

388,014

71,269

Micron Technology, Inc

20,341

3,114,719

Microsoft Corp

1,506,340

29,396

Mid-America Apartment Communities, Inc

4,083

134,572

Mondelez International, Inc

7,244

1,651,810

(a) Monster Beverage Corp

126,644

226,850

(a) MoonLake Immunotherapeutics

2,990

455,900

Morgan Stanley

80,936

2,868

MSCI, Inc (Class A)

1,645

809,407

Nasdaq Stock Market, Inc

78,618

35,044

(a) Natera, Inc

8,028

68,765

National Storage Affiliates Trust

1,940

556,338

(b) Nestle S.A.

55,222

1,440,910

(a) Netflix, Inc

135,100

298,240

Newmont Goldcorp Corp

29,779

960,852

NextEra Energy, Inc

77,137

1,493,310

Nike, Inc (Class B)

95,139

272,351

Novartis AG.

37,529

59,678

NRG Energy, Inc

9,503

49,850

Nucor Corp

8,131

329,279

nVent Electric plc

33,577

8,590,762

Nvidia Corp

1,602,177

4,174

(a) NVR, Inc

30,440

159,455

Occidental Petroleum Corp

6,557

158,955

ONEOK, Inc

11,683

96,273

Oracle Corp

18,765

1,433,473

(a) O'Reilly Automotive, Inc

130,747

25,184

Packaging Corp of America

5,194

335,011

(a) Palantir Technologies, Inc

59,548

686,659

(a) Palo Alto Networks, Inc

126,483

134,394

Parker-Hannifin Corp

118,127

398,780

Pfizer, Inc

9,930

103,831

PG&E Corp

1,669

782,082

Philip Morris International, Inc

125,446

113,782

Phillips 66

14,682

49,041

PPG Industries, Inc

5,025

Global Equities

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UNITED STATES

(continued)

1,147,059

Procter & Gamble Co

$

164,385

60,844

Progressive Corp

13,855

347,483

Prologis, Inc

44,360

43,962

Public Storage, Inc

11,408

59,916

Qnity Electronics, Inc

4,892

63,128

Realty Income Corp

3,559

166,052

Regency Centers Corp

11,463

91,991

Regeneron Pharmaceuticals, Inc

71,005

14,749

Reliance Steel & Aluminum Co

4,261

461,127

Rexford Industrial Realty, Inc

17,855

109,682

(a) ROBLOX Corp

8,888

354,532

Roche Holding AG.

146,411

491,399

(a) Roivant Sciences Ltd

10,663

106,667

Roper Industries, Inc

47,481

298,377

Ross Stores, Inc

53,750

27,745

RPM International, Inc

2,885

789,624

RTX Corp

144,817

31,164

S&P Global, Inc

16,286

146,101

Sabra Health Care REIT, Inc

2,767

58,440

SBA Communications Corp

11,304

388,673

Schlumberger Ltd

14,917

500,795

Schneider Electric S.A.

137,005

175,493

Sempra Energy

15,494

1,184,760

(a) ServiceNow, Inc

181,493

3,851,599

Shell plc

141,940

11,552

Sherwin-Williams Co

3,743

148,904

Simon Property Group, Inc

27,564

5,275

(b) SL Green Realty Corp

3,110,797

Smurfit WestRock plc

120,295

648,518

(a) Snowflake, Inc

142,259

243,882

Southern Co

21,267

890,439

Starbucks Corp

74,984

38,633

Steel Dynamics, Inc

6,546

233,197

Stryker Corp

81,962

91,999

Sun Communities, Inc

11,400

65,998

Targa Resources Corp

12,177

14,722

Target Corp

1,439

81,057

Tenaris S.A.

1,564

63,128

Terreno Realty Corp

3,706

740,689

(a) Tesla, Inc

333,103

200,421

Texas Instruments, Inc

34,771

133,115

Thermo Fisher Scientific, Inc

77,133

559,153

TJX Cos, Inc

85,892

175,668

T-Mobile US, Inc

35,668

142,548

Trane Technologies plc

55,480

325,423

(a) Uber Technologies, Inc

26,590

63,489

(a) Ulta Beauty, Inc

38,411

317,336

Union Pacific Corp

73,406

49,725

United Rentals, Inc

40,243

20,108

(a) United Therapeutics Corp

9,798

244,298

UnitedHealth Group, Inc

80,645

504,455

Valero Energy Corp

82,120

48,598

(a) Veeva Systems, Inc

10,849

153,701

Ventas, Inc

11,893

447,245

Verizon Communications, Inc

18,216

40,649

(a) Vertex Pharmaceuticals, Inc

18,429

227,329

Vertiv Holdings Co

36,830

239,860

VICI Properties, Inc

6,745

613,955

Visa, Inc (Class A)

215,320

185,884

Vistra Corp

29,989

2,551,955

Walmart, Inc

284,313

1,116,154

Walt Disney Co

126,985

SHARES

DESCRIPTION

VALUE (000)

UNITED STATES

(continued)

50,653

Washington REIT

$

881

30,755

Waste Connections, Inc

5,394

3,850

(a) Waters Corp

1,462

3,607,112

Wells Fargo & Co

336,183

87,628

Welltower, Inc

16,265

59,541

West Pharmaceutical Services, Inc

16,382

13,502

Westlake Chemical Corp

998

202,535

Weyerhaeuser Co

4,798

372,315

Williams Cos, Inc

22,380

203,035

Williams-Sonoma, Inc

36,260

TOTAL UNITED STATES

21,735,659

ZAMBIA - 0.0%

153,184

(a) First Quantum Minerals Ltd

4,107

TOTAL ZAMBIA

4,107

TOTAL COMMON STOCKS

(Cost $24,095,873)

33,415,064

SHARES

DESCRIPTION

VALUE (000)

INVESTMENT COMPANIES - 0.3%

314,584

(b) iShares MSCI Canada ETF

16,965

84,200

(b) iShares MSCI South Korea ETF

8,186

25,000

Vanguard FTSE Developed Markets ETF

1,562

993,874

Vanguard FTSE Emerging Markets ETF

53,431

TOTAL INVESTMENT COMPANIES

(Cost $79,248)

80,144

SHARES

DESCRIPTION

VALUE (000)

PREFERRED STOCKS - 0.0%

INDIA - 0.0%

207,472

(a),(d)

TVS Motor Co Ltd

0^

TOTAL INDIA

0^

TOTAL PREFERRED STOCKS

(Cost $–)

0^

SHARES

DESCRIPTION

EXPIRATION DATE

VALUE (000)

RIGHTS/WARRANTS - 0.0%

AUSTRALIA - 0.0%

3,698

Magellan Financial Group Ltd

04/16/27

0^

TOTAL AUSTRALIA

0^

CHINA - 0.0%

3,342

(d) Kangmei Pharmaceutical Co Ltd

12/31/28

0^

TOTAL CHINA

0^

MALAYSIA - 0.0%

153,340

(d) YTL Corp Bhd

12/31/99

110,060

(d) YTL Power International Bhd

12/31/99

TOTAL MALAYSIA

TOTAL RIGHTS/WARRANTS

(Cost $0)

TOTAL LONG-TERM INVESTMENTS

(Cost $24,175,121)

33,495,247

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

CERTIFICATE OF DEPOSIT - 0.0%

$

1,000,000

Canadian Imperial Bank of Commerce

.080

%

01/23/26

1,000

250,000

Citibank

.050

01/23/26

400,000

Citibank

.000

02/24/26

1,000,000

Citibank

.060

02/24/26

1,000

1,000,000

Royal Bank of Canada

.080

05/06/26

1,000

500,000

Toronto-Dominion Bank

.070

03/25/26

500

Global Equities

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CERTIFICATE OF DEPOSIT

(continued)

$

500,000

Wells Fargo Bank, N.A.

.020

%

06/01/26

$

500

TOTAL CERTIFICATE OF DEPOSIT

4,650

REPURCHASE AGREEMENT - 0.3%

15,000,000

(f) Bank of Nova Scotia

.810

01/02/26

15,000

5,000,000

(g) Calyon

.820

01/02/26

5,000

10,000,000

(h) Calyon

.830

01/02/26

10,000

15,000,000

(i) HSBC

.840

01/02/26

15,000

15,000,000

(j) JP Morgan Securities LLC

.830

01/02/26

15,000

10,000,000

(k) Merrill Lynch

.820

01/02/26

10,000

5,000,000

(l) Merrill Lynch

.850

01/02/26

5,000

10,000,000

(m) Nomura

.820

01/02/26

10,000

10,000,000

(n) Royal Bank of Scotland

.850

01/02/26

10,000

TOTAL REPURCHASE AGREEMENT

95,000

VARIABLE RATE SECURITIES - 0.0%

1,000,000

Toronto-Dominion Bank

.070

02/13/26

1,000

1,000,000

Westpac Banking Corp

.950

03/05/26

1,000

TOTAL VARIABLE RATE SECURITIES

2,000

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $101,650)

101,650

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 1.8%

GOVERNMENT AGENCY DEBT - 0.3%

5,000,000

Federal Agricultural Mortgage Corp Discount Notes

.000

05/21/26

4,931

5,000,000

Federal Home Loan Bank Discount Notes

.000

01/07/26

4,997

4,610,000

Federal Home Loan Bank Discount Notes

.000

01/14/26

4,604

10,000,000

Federal Home Loan Bank Discount Notes

.000

01/23/26

9,978

10,000,000

Federal Home Loan Bank Discount Notes

.000

02/04/26

9,966

12,500,000

Federal Home Loan Bank Discount Notes

.000

02/13/26

12,446

15,000,000

Federal Home Loan Bank Discount Notes

.000

02/20/26

14,918

14,595,000

Federal Home Loan Bank Discount Notes

.000

02/27/26

14,512

10,000,000

Federal Home Loan Bank Discount Notes

.000

03/04/26

9,938

4,289,000

Federal Home Loan Mortgage Corp Discount Notes

.000

03/19/26

4,256

TOTAL GOVERNMENT AGENCY DEBT

90,546

REPURCHASE AGREEMENT - 1.2%

413,256,000

(o) Fixed Income Clearing Corporation

.810

01/02/26

413,256

TOTAL REPURCHASE AGREEMENT

413,256

TREASURY DEBT - 0.3%

5,000,000

United States Treasury Bill

.000

01/06/26

4,998

16,265,000

United States Treasury Bill

.000

01/22/26

16,233

10,000,000

United States Treasury Bill

.000

02/03/26

9,972

10,000,000

United States Treasury Bill

.000

02/05/26

9,966

25,000,000

United States Treasury Bill

.000

02/12/26

24,898

15,000,000

United States Treasury Bill

.000

02/17/26

14,932

20,000,000

United States Treasury Bill

.000

03/03/26

19,889

10,000,000

United States Treasury Bill

.000

03/24/26

9,921

10,000,000

United States Treasury Bill

.000

05/05/26

9,883

TOTAL TREASURY DEBT

120,692

TOTAL SHORT-TERM INVESTMENTS

(Cost $624,480)

624,494

TOTAL INVESTMENTS - 100.5%

(Cost $24,901,251)

34,221,391

OTHER ASSETS & LIABILITIES, NET - (0.5)%

(155,000)

NET ASSETS - 100.0%

$34,066,391

Cost amounts are in thousands.

Investments in Derivatives

ADR

American Depositary Receipt

ETF

Exchange Traded Fund

GDR

Global Depositary Receipt

Reg S

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

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

that are made outside the United States.

REIT

Real Estate Investment Trust

^

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 $180,580,152.

(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 $250,300,194 or 0.7% 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, 3.810% dated 12/31/25 to be repurchased at $15,123,921 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 1.250%–

5.000% and maturity dates 7/31/26–2/15/54, valued at $15,303,307.

(g) Agreement with Calyon, 3.820% dated 12/31/25 to be repurchased at $5,096,201 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date

1/15/28, valued at $5,100,020.

(h) Agreement with Calyon, 3.830% dated 12/31/25 to be repurchased at $10,192,401 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date

1/15/28, valued at $10,200,040.

(i) Agreement with HSBC, 3.840% dated 12/31/25 to be repurchased at $15,058,834 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 2.000%–8.500% and

maturity dates 5/01/31–2/01/55, valued at $15,300,001.

(j) Agreement with JP Morgan Securities LLC, 3.830% dated 12/31/25 to be repurchased at $15,069,655 on 1/2/26, collateralized by Government Agency Securities, with coupon rates

2.500%–6.500% and maturity dates 6/01/36–1/01/56, valued at $15,300,001.

(k) Agreement with Merrill Lynch, 3.820% dated 12/31/25 to be repurchased at $10,056,548 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 1.625%–4.750% and

maturity dates 8/15/27–11/15/53, valued at $10,200,042.

(l) Agreement with Merrill Lynch, 3.850% dated 12/31/25 to be repurchased at $5,017,226 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 3.000%–4.500% and

maturity dates 1/01/35–10/01/55, valued at $5,100,000.

(m) Agreement with Nomura, 3.820% dated 12/31/25 to be repurchased at $10,021,375 on 1/2/26, collateralized by Government Agency Securities, with coupon rates 0.125%–3.625% and

maturity dates 2/28/27–2/15/53, valued at $10,206,639.

(n) Agreement with Royal Bank of Scotland, 3.850% dated 12/31/25 to be repurchased at $10,122,970 on 1/2/26, collateralized by Government Agency Securities, with coupon rate 3.625% and

maturity date 8/31/29, valued at $10,200,075.

(o) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $413,343,473 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.125% and maturity date 11/02/26, valued at $421,521,120.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) MSCI EAFE Index

857

03/20/26

$

123,950

$

124,355

$

S&P 500 E-Mini Index

1,055

03/20/26

363,365

363,579

Total

1,912

$

487,315

$

487,934

$

619

Growth

Portfolio of Investments December 31, 2025

SHARES

DESCRIPTION

VALUE (000)

LONG-TERM INVESTMENTS - 99.8%

COMMON STOCKS - 99.0%

AUTOMOBILES & COMPONENTS - 2.6%

2,444,267

(a) Tesla, Inc

$

1,099,236

TOTAL AUTOMOBILES & COMPONENTS

1,099,236

BANKS - 0.2%

1,080,904

Wells Fargo & Co

100,740

TOTAL BANKS

100,740

CAPITAL GOODS - 5.5%

35,721

3M Co

5,719

13,610

(a) Axon Enterprise, Inc

7,730

1,007,949

(a) Boeing Co

218,846

576,336

Eaton Corp plc

183,569

562,967

GE Vernova, Inc

367,938

1,621,637

General Electric Co

499,513

453,401

HEICO Corp

146,716

1,132,802

Howmet Aerospace, Inc

232,247

124,526

Parker-Hannifin Corp

109,453

423,621

Quanta Services, Inc

178,794

70,694

TransDigm Group, Inc

94,012

1,768,177

Vertiv Holdings Co

286,462

TOTAL CAPITAL GOODS

2,330,999

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

761,288

Waste Connections, Inc

133,499

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

133,499

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 8.5%

13,616,414

(a) Amazon.com, Inc

3,142,941

42,308

(a) Autozone, Inc

143,487

2,965,804

(a) O'Reilly Automotive, Inc

270,511

1,357,629

Prosus NV

84,063

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,641,002

CONSUMER DURABLES & APPAREL - 0.2%

12,349,600

PRADA S.p.A

71,406

TOTAL CONSUMER DURABLES & APPAREL

71,406

CONSUMER SERVICES - 3.0%

97,747

Booking Holdings, Inc

523,468

13,247,539

(a) Carnival Corp

404,580

1,093,442

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

40,457

425,185

(a) DoorDash, Inc

96,296

149,526

(a),(b)

Flutter Entertainment plc

32,301

214,997

(a) Flutter Entertainment plc

46,233

1,425,521

Starbucks Corp

120,043

TOTAL CONSUMER SERVICES

1,263,378

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.5%

237,001

Costco Wholesale Corp

204,375

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

204,375

FINANCIAL SERVICES - 5.2%

89,702

(a),(c)

Adyen NV

144,651

411,630

American Express Co

152,283

1,838,906

(a),(b)

Chime Financial, Inc

46,285

8,050,962

(a) Grab Holdings Ltd

40,174

1,500,411

KKR & Co, Inc

191,272

1,424,152

Mastercard, Inc (Class A)

813,020

21,491,973

Rocket Cos, Inc

416,085

1,206,190

Visa, Inc (Class A)

423,023

TOTAL FINANCIAL SERVICES

2,226,793

FOOD, BEVERAGE & TOBACCO - 0.5%

1,325,376

Mondelez International, Inc

71,345

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

1,739,849

(a) Monster Beverage Corp

$

133,394

TOTAL FOOD, BEVERAGE & TOBACCO

204,739

HEALTH CARE EQUIPMENT & SERVICES - 1.7%

2,244,516

(a) DexCom, Inc

148,969

959,618

(a) Intuitive Surgical, Inc

543,489

1,020,595

(a) Medline, Inc

42,865

TOTAL HEALTH CARE EQUIPMENT & SERVICES

735,323

INSURANCE - 0.3%

501,342

Progressive Corp

114,166

TOTAL INSURANCE

114,166

MEDIA & ENTERTAINMENT - 13.1%

6,540,715

Alphabet, Inc

2,052,476

4,336,054

Alphabet, Inc (Class A)

1,357,185

1,814,171

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

178,714

2,113,049

Meta Platforms, Inc

1,394,803

2,844,087

(a) Netflix, Inc

266,662

2,270,757

(a) ROBLOX Corp

183,999

1,467,785

Walt Disney Co

166,990

TOTAL MEDIA & ENTERTAINMENT

5,600,829

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6%

1,212,901

Eli Lilly & Co

1,303,480

1,694,362

Galderma Group AG.

345,028

528,831

Regeneron Pharmaceuticals, Inc

408,189

577,900

Thermo Fisher Scientific, Inc

334,864

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,391,561

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.3%

1,620,549

(a) CoStar Group, Inc

108,966

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

108,966

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 23.1%

399,492

(a) Advanced Micro Devices, Inc

85,555

1,773,209

Applied Materials, Inc

455,697

943,519

(a) ARM Holdings plc (ADR)

103,136

9,562,681

Broadcom, Inc

3,309,644

715,225

Lam Research Corp

122,432

2,590,948

Microchip Technology, Inc

165,095

28,675,297

Nvidia Corp

5,347,943

5,144,000

Taiwan Semiconductor Manufacturing Co Ltd

252,865

63,187

Texas Instruments, Inc

10,963

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

9,853,330

SOFTWARE & SERVICES - 17.6%

656,000

(a) Atlassian Corp Ltd

106,364

352,284

(a) Crowdstrike Holdings, Inc

165,137

1,274,833

(a) Figma, Inc

47,640

513,341

Intuit, Inc

340,047

9,833,375

Microsoft Corp

4,755,617

778,441

Oracle Corp

151,726

1,356,313

(a) Palantir Technologies, Inc

241,085

2,119,357

(a) Palo Alto Networks, Inc

390,385

195,732

Roper Industries, Inc

87,126

2,504,662

(a) ServiceNow, Inc

383,689

1,854,432

(a) Shopify, Inc (Class A)

298,508

2,292,449

(a) Snowflake, Inc

502,872

181,576

(a) Zscaler, Inc

40,840

TOTAL SOFTWARE & SERVICES

7,511,036

TECHNOLOGY HARDWARE & EQUIPMENT - 9.6%

11,847,127

Apple, Inc

3,220,760

4,826,190

(a) Arista Networks, Inc

632,376

Growth

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

1,456,640

Western Digital Corp

$

250,935

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

4,104,071

TRANSPORTATION - 0.5%

2,844,841

(a) Uber Technologies, Inc

232,452

TOTAL TRANSPORTATION

232,452

UTILITIES - 0.7%

427,064

Constellation Energy Corp

150,869

842,385

Vistra Corp

135,902

TOTAL UTILITIES

286,771

TOTAL COMMON STOCKS

(Cost $22,836,865)

42,214,672

SHARES

DESCRIPTION

VALUE (000)

INVESTMENT COMPANIES - 0.8%

699,506

iShares Russell 1000 Growth ETF

331,076

TOTAL INVESTMENT COMPANIES

(Cost $334,310)

331,076

TOTAL LONG-TERM INVESTMENTS

(Cost $23,171,175)

42,545,748

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

39,289,232

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

3.830%(e)

39,289

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $39,289)

39,289

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.1%

GOVERNMENT AGENCY DEBT - 0.0%

$

5,435,000

Federal Home Loan Bank Discount Notes

.000

02/04/26

5,416

TOTAL GOVERNMENT AGENCY DEBT

5,416

REPURCHASE AGREEMENT - 0.1%

42,909,000

(f) Fixed Income Clearing Corporation

.810

01/02/26

42,909

TOTAL REPURCHASE AGREEMENT

42,909

TOTAL SHORT-TERM INVESTMENTS

(Cost $48,324)

48,325

TOTAL INVESTMENTS - 100.0%

(Cost $23,258,788)

42,633,362

OTHER ASSETS & LIABILITIES, NET - 0.0%

8,125

NET ASSETS - 100.0%

$42,641,487

ADR

American Depositary Receipt

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 $37,081,935.

(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 $144,651,155 or 0.3% of Total

Investments.

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

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

(f) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $42,918,082 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.125% and maturity date 1/31/27, valued at $43,767,180.

Portfolio of Investments December 31, 2025

S&P 500 Index

SHARES

DESCRIPTION

VALUE (000)

LONG-TERM INVESTMENTS - 99.5%

COMMON STOCKS - 99.5%

AUTOMOBILES & COMPONENTS - 2.4%

101,015

(a) Aptiv plc

$

7,686

1,857,102

Ford Motor Co

24,365

434,569

General Motors Co

35,339

1,305,540

(a) Tesla, Inc

587,128

TOTAL AUTOMOBILES & COMPONENTS

654,518

BANKS - 3.6%

3,134,018

Bank of America Corp

172,371

834,680

Citigroup, Inc

97,399

196,124

Citizens Financial Group, Inc

11,456

310,160

Fifth Third Bancorp

14,518

711,308

Huntington Bancshares, Inc

12,341

1,263,873

JPMorgan Chase & Co

407,245

446,425

Keycorp

9,214

73,222

M&T Bank Corp

14,753

181,901

PNC Financial Services Group, Inc

37,968

409,143

Regions Financial Corp

11,088

596,748

Truist Financial Corp

29,366

722,550

US Bancorp

38,555

1,455,653

Wells Fargo & Co

135,667

TOTAL BANKS

991,941

CAPITAL GOODS - 5.9%

248,030

3M Co

39,710

47,598

A.O. Smith Corp

3,183

37,718

Allegion plc

6,005

105,092

Ametek, Inc

21,576

36,965

(a) Axon Enterprise, Inc

20,994

363,732

(a) Boeing Co

78,973

50,478

(a) Builders FirstSource, Inc

5,194

367,954

Carrier Global Corp

19,443

217,144

Caterpillar, Inc

124,395

16,416

Comfort Systems USA, Inc

15,321

64,294

Cummins, Inc

32,819

117,278

Deere & Co

54,601

67,142

Dover Corp

13,109

180,633

Eaton Corp plc

57,533

20,515

EMCOR Group, Inc

12,551

263,579

Emerson Electric Co

34,982

543,740

Fastenal Co

21,820

148,203

Fortive Corp

8,182

125,988

GE Vernova, Inc

82,342

24,455

(a) Generac Holdings, Inc

3,335

116,786

General Dynamics Corp

39,317

489,058

General Electric Co

150,645

295,708

Honeywell International, Inc

57,690

186,007

Howmet Aerospace, Inc

38,135

25,116

Hubbell, Inc

11,154

16,673

Huntington Ingalls Industries, Inc

5,670

37,050

IDEX Corp

6,593

124,819

Illinois Tool Works, Inc

30,743

173,706

Ingersoll Rand, Inc

13,761

285,084

Johnson Controls International plc

34,139

89,205

L3Harris Technologies, Inc

26,188

15,668

Lennox International, Inc

7,608

93,631

Lockheed Martin Corp

45,287

91,048

Masco Corp

5,778

25,712

Nordson Corp

6,182

62,721

Northrop Grumman Corp

35,764

175,608

Otis Worldwide Corp

15,339

S&P 500 Index

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

248,314

PACCAR, Inc

$

27,193

58,656

Parker-Hannifin Corp

51,556

73,009

Pentair plc

7,603

70,097

Quanta Services, Inc

29,585

52,912

Rockwell Automation, Inc

20,586

622,572

RTX Corp

114,180

23,180

Snap-On, Inc

7,988

62,943

Stanley Black & Decker, Inc

4,675

79,477

Textron, Inc

6,928

103,846

Trane Technologies plc

40,417

26,102

TransDigm Group, Inc

34,712

29,882

United Rentals, Inc

24,184

19,964

W.W. Grainger, Inc

20,145

79,816

Westinghouse Air Brake Technologies Corp

17,037

113,055

Xylem, Inc

15,396

TOTAL CAPITAL GOODS

1,608,246

COMMERCIAL & PROFESSIONAL SERVICES - 0.9%

188,656

Automatic Data Processing, Inc

48,528

53,651

Broadridge Financial Solutions, Inc

11,973

65,828

(a) Ceridian HCM Holding, Inc

4,553

160,401

Cintas Corp

30,166

419,509

(a) Copart, Inc

16,424

56,696

Equifax, Inc

12,302

54,485

Jacobs Solutions, Inc

7,217

59,769

Leidos Holdings, Inc

10,782

156,793

Paychex, Inc

17,589

23,040

Paycom Software, Inc

3,672

95,322

Republic Services, Inc

20,201

136,920

Rollins, Inc

8,218

112,926

Veralto Corp

11,268

65,362

Verisk Analytics, Inc

14,621

171,940

Waste Management, Inc

37,777

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

255,291

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.6%

4,519,063

(a) Amazon.com, Inc

1,043,090

7,809

(a) Autozone, Inc

26,484

92,887

Best Buy Co, Inc

6,217

65,973

(a) Carvana Co

27,842

207,485

eBay, Inc

18,072

68,028

Genuine Parts Co

8,365

462,076

Home Depot, Inc

159,000

261,634

Lowe's Cos, Inc

63,096

394,795

(a) O'Reilly Automotive, Inc

36,009

15,773

Pool Corp

3,608

151,180

Ross Stores, Inc

27,234

514,406

TJX Cos, Inc

79,018

246,022

Tractor Supply Co

12,304

21,040

(a) Ulta Beauty, Inc

12,729

57,634

Williams-Sonoma, Inc

10,293

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,533,361

CONSUMER DURABLES & APPAREL - 0.5%

69,394

(a) Deckers Outdoor Corp

7,194

125,623

DR Horton, Inc

18,093

75,162

(a) Garmin Ltd

15,247

64,157

Hasbro, Inc

5,261

100,786

Lennar Corp (Class A)

10,361

48,107

(a) Lululemon Athletica, Inc

9,997

554,834

Nike, Inc (Class B)

35,348

1,300

(a) NVR, Inc

9,481

85,969

Pulte Homes, Inc

10,081

17,028

Ralph Lauren Corp

6,021

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DURABLES & APPAREL

(continued)

93,508

Tapestry, Inc

$

11,948

TOTAL CONSUMER DURABLES & APPAREL

139,032

CONSUMER SERVICES - 1.8%

195,621

(a) Airbnb, Inc

26,550

15,123

Booking Holdings, Inc

80,989

512,659

(a) Carnival Corp

15,657

616,906

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

22,825

52,652

Darden Restaurants, Inc

9,689

12,981

Domino's Pizza, Inc

5,411

171,856

(a) DoorDash, Inc

38,922

53,614

Expedia Group, Inc

15,189

108,118

Hilton Worldwide Holdings, Inc

31,057

136,206

Las Vegas Sands Corp

8,866

105,343

Marriott International, Inc (Class A)

32,682

331,799

McDonald's Corp

101,408

87,026

(a) MGM Resorts International

3,175

209,706

(a) Norwegian Cruise Line Holdings Ltd

4,681

119,471

Royal Caribbean Cruises Ltd

33,323

530,560

Starbucks Corp

44,678

37,541

Wynn Resorts Ltd

4,517

131,500

Yum! Brands, Inc

19,893

TOTAL CONSUMER SERVICES

499,512

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8%

205,513

Costco Wholesale Corp

177,222

100,131

Dollar General Corp

13,294

90,317

(a) Dollar Tree, Inc

11,110

283,555

Kroger Co

17,716

218,211

Sysco Corp

16,080

217,449

Target Corp

21,256

2,034,914

Walmart, Inc

226,710

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

483,388

ENERGY - 2.8%

178,005

APA Corp

4,354

452,321

Baker Hughes Co

20,599

330,901

Cabot Oil & Gas Corp

8,709

114,332

Chesapeake Energy Corp

12,618

877,177

Chevron Corp

133,691

576,530

ConocoPhillips

53,969

297,737

Devon Energy Corp

10,906

85,629

Diamondback Energy, Inc

12,873

254,370

EOG Resources, Inc

26,712

291,945

EQT Corp

15,648

1,954,887

Exxon Mobil Corp

235,251

391,411

Halliburton Co

11,061

912,778

Kinder Morgan, Inc

25,092

141,252

Marathon Petroleum Corp

22,972

348,426

Occidental Petroleum Corp

14,327

291,783

ONEOK, Inc

21,446

188,463

Phillips 66

24,319

690,955

Schlumberger Ltd

26,519

101,514

Targa Resources Corp

18,729

24,838

Texas Pacific Land Corp

7,134

142,319

Valero Energy Corp

23,168

561,793

Williams Cos, Inc

33,769

TOTAL ENERGY

763,866

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%

63,452

Alexandria Real Estate Equities, Inc

3,105

218,969

American Tower Corp

38,444

64,941

AvalonBay Communities, Inc

11,774

70,810

(b) Boston Properties, Inc

4,778

52,198

Camden Property Trust

5,746

196,400

Crown Castle, Inc

17,454

S&P 500 Index

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

149,930

Digital Realty Trust, Inc

$

23,196

45,459

Equinix, Inc

34,829

167,206

Equity Residential

10,541

31,445

Essex Property Trust, Inc

8,229

103,720

Extra Space Storage, Inc

13,506

37,730

Federal Realty Investment Trust

3,803

297,830

Healthpeak Properties, Inc

4,789

274,669

Host Hotels & Resorts Inc

4,870

251,172

Invitation Homes, Inc

6,980

133,867

Iron Mountain, Inc

11,104

292,000

Kimco Realty Corp

5,919

51,113

Mid-America Apartment Communities, Inc

7,100

436,387

Prologis, Inc

55,709

73,688

Public Storage, Inc

19,122

427,322

Realty Income Corp

24,088

79,865

Regency Centers Corp

5,513

48,316

SBA Communications Corp

9,346

152,324

Simon Property Group, Inc

28,197

129,570

UDR, Inc

4,753

213,593

Ventas, Inc

16,528

492,451

VICI Properties, Inc

13,848

320,171

(c) Welltower, Inc

59,427

317,721

Weyerhaeuser Co

7,527

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

460,225

FINANCIAL SERVICES - 7.9%

248,473

American Express Co

91,923

43,701

Ameriprise Financial, Inc

21,428

213,503

Apollo Global Management, Inc

30,907

95,770

Ares Management Corp

15,479

325,241

Bank of New York Mellon Corp

37,757

850,913

(a) Berkshire Hathaway, Inc

427,711

66,889

BlackRock, Inc

71,594

346,536

Blackstone, Inc

53,415

249,179

(a) Block, Inc

16,219

296,572

Capital One Financial Corp

71,877

47,864

Cboe Global Markets, Inc

12,014

771,034

Charles Schwab Corp

77,034

166,936

CME Group, Inc

45,587

106,350

(a) Coinbase Global, Inc

24,050

34,109

(a) Corpay, Inc

10,264

15,569

Factset Research Systems, Inc

4,518

235,799

Fidelity National Information Services, Inc

15,671

248,408

(a) Fiserv, Inc

16,686

114,634

Franklin Resources, Inc

2,739

110,896

Global Payments, Inc

8,583

139,911

Goldman Sachs Group, Inc

122,982

211,899

Interactive Brokers Group, Inc (Class A)

13,627

267,535

Intercontinental Exchange, Inc

43,330

219,210

Invesco Ltd

5,759

35,667

Jack Henry & Associates, Inc

6,508

321,338

KKR & Co, Inc

40,964

380,031

Mastercard, Inc (Class A)

216,952

71,163

Moody's Corp

36,354

561,476

Morgan Stanley

99,679

35,053

MSCI, Inc (Class A)

20,111

208,263

Nasdaq Stock Market, Inc

20,229

89,429

Northern Trust Corp

12,215

436,539

PayPal Holdings, Inc

25,485

85,211

Raymond James Financial, Inc

13,684

366,809

(a) Robinhood Markets, Inc

41,486

143,490

S&P Global, Inc

74,986

130,279

State Street Corp

16,807

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

168,102

Synchrony Financial

$

14,025

101,022

T Rowe Price Group, Inc

10,343

782,689

Visa, Inc (Class A)

274,497

TOTAL FINANCIAL SERVICES

2,165,479

FOOD, BEVERAGE & TOBACCO - 2.0%

768,779

Altria Group, Inc

44,328

234,137

Archer-Daniels-Midland Co

13,460

89,107

(b) Brown-Forman Corp (Class B)

2,322

65,309

Bunge Global S.A.

5,818

77,777

Campbell Soup Co

2,168

1,794,745

Coca-Cola Co

125,471

196,809

ConAgra Brands, Inc

3,407

62,210

Constellation Brands, Inc (Class A)

8,582

234,340

General Mills, Inc

10,897

72,287

Hershey Co

13,155

111,636

Hormel Foods Corp

2,646

52,067

J.M. Smucker Co

5,093

632,817

Keurig Dr Pepper, Inc

17,725

367,228

Kraft Heinz Co

8,905

66,946

Lamb Weston Holdings, Inc

2,804

123,554

McCormick & Co, Inc

8,415

71,024

Molson Coors Brewing Co (Class B)

3,315

602,007

Mondelez International, Inc

32,406

331,607

(a) Monster Beverage Corp

25,424

641,915

PepsiCo, Inc

92,128

723,789

Philip Morris International, Inc

116,096

123,961

Tyson Foods, Inc (Class A)

7,267

TOTAL FOOD, BEVERAGE & TOBACCO

551,832

HEALTH CARE EQUIPMENT & SERVICES - 3.7%

808,281

Abbott Laboratories

101,269

34,335

(a) Align Technology, Inc

5,361

90,578

AmerisourceBergen Corp

30,593

206,696

Baxter International, Inc

3,950

136,105

Becton Dickinson & Co

26,414

685,785

(a) Boston Scientific Corp

65,390

108,804

Cardinal Health, Inc

22,359

219,471

(a) Centene Corp

9,031

124,958

Cigna Group

34,392

97,654

(a) Cooper Cos, Inc

8,004

595,572

CVS Health Corp

47,265

16,055

(a) DaVita, Inc

1,824

182,344

(a) DexCom, Inc

12,102

270,260

(a) Edwards Lifesciences Corp

23,040

103,007

Elevance Health, Inc

36,109

206,888

GE HealthCare Technologies, Inc

16,969

74,516

HCA, Inc

34,788

49,069

(a) Henry Schein, Inc

3,709

97,860

(a) Hologic, Inc

7,290

56,090

Humana, Inc

14,366

37,497

(a) IDEXX Laboratories, Inc

25,368

32,231

(a) Insulet Corp

9,161

164,944

(a) Intuitive Surgical, Inc

93,418

37,537

Labcorp Holdings, Inc

9,417

57,530

McKesson Corp

47,191

593,258

Medtronic plc

56,988

23,690

(a) Molina Healthcare, Inc

4,111

49,869

Quest Diagnostics, Inc

8,654

68,711

Resmed, Inc

16,550

71,444

(a) Solventum Corp

5,661

45,001

STERIS plc

11,409

160,152

Stryker Corp

56,289

420,707

UnitedHealth Group, Inc

138,880

S&P 500 Index

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

25,194

Universal Health Services, Inc (Class B)

$

5,493

89,187

Zimmer Biomet Holdings, Inc

8,020

TOTAL HEALTH CARE EQUIPMENT & SERVICES

1,000,835

HOUSEHOLD & PERSONAL PRODUCTS - 0.9%

111,432

Church & Dwight Co, Inc

9,343

53,740

(a) Clorox Co

5,419

372,838

Colgate-Palmolive Co

29,462

114,578

Estee Lauder Cos (Class A)

11,999

888,842

Kenvue, Inc

15,332

155,607

Kimberly-Clark Corp

15,699

1,087,893

Procter & Gamble Co

155,906

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

243,160

INSURANCE - 1.8%

219,112

Aflac, Inc

24,162

121,370

Allstate Corp

25,263

258,030

American International Group, Inc

22,074

100,031

Aon plc

35,299

165,353

(a) Arch Capital Group Ltd

15,861

21,206

Assurant, Inc

5,107

127,679

Brown & Brown, Inc

10,176

170,764

Chubb Ltd

53,299

71,503

Cincinnati Financial Corp

11,678

9,214

(a) Erie Indemnity Co (Class A)

2,641

18,721

Everest Re Group Ltd

6,353

120,574

Gallagher (Arthur J.) & Co

31,203

35,406

Globe Life, Inc

4,952

133,538

Hartford Financial Services Group, Inc

18,402

78,126

Loews Corp

8,227

229,967

Marsh & McLennan Cos, Inc

42,663

258,306

Metlife, Inc

20,391

93,185

Principal Financial Group

8,220

275,530

Progressive Corp

62,744

157,810

Prudential Financial, Inc

17,814

104,070

Travelers Cos, Inc

30,187

136,344

W.R. Berkley Corp

9,560

43,874

(b) Willis Towers Watson plc

14,417

TOTAL INSURANCE

480,693

MATERIALS - 1.8%

102,859

Air Products & Chemicals, Inc

25,408

56,068

Albemarle Corp

7,930

1,016,172

Amcor plc

8,475

39,311

Avery Dennison Corp

7,150

115,476

Ball Corp

6,117

66,417

CF Industries Holdings, Inc

5,137

317,584

Corteva, Inc

21,288

312,631

CRH plc

39,016

311,981

Dow, Inc

7,294

204,546

DuPont de Nemours, Inc

8,223

117,831

Ecolab, Inc

30,933

670,661

Freeport-McMoRan, Inc (Class B)

34,063

112,725

International Flavors & Fragrances, Inc

7,596

240,698

International Paper Co

9,481

217,845

Linde plc

92,887

109,118

LyondellBasell Industries NV

4,725

28,586

Martin Marietta Materials, Inc

17,799

155,414

(a) Mosaic Co

3,744

509,102

Newmont Goldcorp Corp

50,834

105,078

Nucor Corp

17,139

43,629

Packaging Corp of America

8,998

108,007

PPG Industries, Inc

11,066

109,018

Sherwin-Williams Co

35,325

241,913

Smurfit WestRock plc

9,355

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

63,162

Steel Dynamics, Inc

$

10,703

61,705

Vulcan Materials Co

17,599

TOTAL MATERIALS

498,285

MEDIA & ENTERTAINMENT - 9.8%

2,160,080

Alphabet, Inc

677,833

2,702,790

Alphabet, Inc (Class A)

845,973

40,225

(a),(b)

Charter Communications, Inc

8,397

1,675,420

Comcast Corp (Class A)

50,078

101,789

Electronic Arts, Inc

20,799

106,591

Fox Corp (Class A)

7,789

64,549

Fox Corp (Class B)

4,191

73,476

(a) Live Nation, Inc

10,470

122,847

Match Group, Inc

3,967

1,011,808

Meta Platforms, Inc

667,885

1,966,561

(a) Netflix, Inc

184,385

184,964

News Corp (Class A)

4,831

54,650

News Corp (Class B)

1,619

148,820

Omnicom Group, Inc

12,017

114,201

(b) Paramount Skydance Corp

1,530

79,929

(a) Take-Two Interactive Software, Inc

20,464

32,161

TKO Group Holdings, Inc

6,722

832,864

Walt Disney Co

94,755

1,151,120

(a) Warner Bros Discovery, Inc

33,175

TOTAL MEDIA & ENTERTAINMENT

2,656,880

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.9%

821,007

AbbVie, Inc

187,592

133,613

Agilent Technologies, Inc

18,181

250,549

Amgen, Inc

82,007

65,911

(a) Biogen, Inc

11,600

77,348

Bio-Techne Corp

4,549

954,046

Bristol-Myers Squibb Co

51,461

20,367

(a) Charles River Laboratories International, Inc

4,063

28,644

(a),(d)

Chinook Therapeutics, Inc

0^

293,275

Danaher Corp

67,137

368,927

Eli Lilly & Co

396,478

574,840

Gilead Sciences, Inc

70,556

78,591

(a) Incyte Corp

7,762

15,231

(a),(d)

Inhibrx, Inc

81,253

(a) IQVIA Holdings, Inc

18,315

1,118,335

Johnson & Johnson

231,439

1,157,906

Merck & Co, Inc

121,881

9,652

(a) Mettler-Toledo International, Inc

13,457

165,691

(a) Moderna, Inc

4,886

3,255

(a),(d)

OmniAb Operations, Inc

0^

3,255

(a),(d)

OmniAb Operations, Inc

0^

50,124

PerkinElmer, Inc

4,849

2,668,573

Pfizer, Inc

66,447

46,493

Regeneron Pharmaceuticals, Inc

35,887

174,603

Thermo Fisher Scientific, Inc

101,174

118,361

(a) Vertex Pharmaceuticals, Inc

53,660

501,406

Viatris, Inc

6,243

27,005

(a) Waters Corp

10,257

32,171

West Pharmaceutical Services, Inc

8,852

201,453

Zoetis, Inc

25,347

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,604,090

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

139,678

(a) CBRE Group, Inc

22,459

194,125

(a) CoStar Group, Inc

13,053

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

35,512

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.1%

757,758

(a) Advanced Micro Devices, Inc

162,281

227,408

Analog Devices, Inc

61,673

S&P 500 Index

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

368,484

Applied Materials, Inc

$

94,697

2,194,158

Broadcom, Inc

759,398

49,253

(a) First Solar, Inc

12,866

2,069,062

(a) Intel Corp

76,348

60,705

KLA Corp

73,761

583,441

Lam Research Corp

99,873

250,309

Microchip Technology, Inc

15,950

520,774

Micron Technology, Inc

148,634

21,676

Monolithic Power Systems, Inc

19,646

11,289,968

Nvidia Corp

2,105,580

117,124

NXP Semiconductors NV

25,423

190,111

(a) ON Semiconductor Corp

10,295

102,273

Qnity Electronics, Inc

8,351

499,658

QUALCOMM, Inc

85,467

68,045

Skyworks Solutions, Inc

4,315

72,966

Teradyne, Inc

14,123

424,225

Texas Instruments, Inc

73,599

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

3,852,280

SOFTWARE & SERVICES - 11.2%

288,996

Accenture plc

77,538

195,284

(a) Adobe, Inc

68,347

64,314

(a) Akamai Technologies, Inc

5,611

125,987

(a) AppLovin Corp

84,893

97,621

(a) Autodesk, Inc

28,897

124,965

(a) Cadence Design Systems, Inc

39,062

230,329

Cognizant Technology Solutions Corp (Class A)

19,117

115,333

(a) Crowdstrike Holdings, Inc

54,063

151,589

(a) Datadog, Inc

20,615

23,865

(a) EPAM Systems, Inc

4,889

10,857

(a) Fair Isaac Corp

18,355

292,822

(a) Fortinet, Inc

23,253

33,642

(a) Gartner, Inc

8,487

265,360

Gen Digital, Inc

7,215

63,490

(a) GoDaddy, Inc

7,878

434,705

International Business Machines Corp

128,764

128,936

Intuit, Inc

85,410

3,452,547

Microsoft Corp

1,669,721

780,417

Oracle Corp

152,111

1,061,737

(a) Palantir Technologies, Inc

188,724

319,045

(a) Palo Alto Networks, Inc

58,768

58,873

(a) PTC, Inc

10,256

50,211

Roper Industries, Inc

22,350

444,115

Salesforce, Inc

117,651

484,950

(a) ServiceNow, Inc

74,289

85,478

(a) Synopsys, Inc

40,151

203,928

(a) Trade Desk, Inc

7,741

20,941

(a) Tyler Technologies, Inc

9,506

39,807

VeriSign, Inc

9,671

101,270

(a) Workday, Inc

21,751

TOTAL SOFTWARE & SERVICES

3,065,084

TECHNOLOGY HARDWARE & EQUIPMENT - 8.9%

569,022

Amphenol Corp (Class A)

76,898

6,864,756

Apple, Inc

1,866,253

476,687

(a) Arista Networks, Inc

62,460

62,135

CDW Corp

8,463

1,825,194

Cisco Systems, Inc

140,595

357,607

Corning, Inc

31,312

141,415

Dell Technologies, Inc

17,801

25,715

(a) F5 Networks, Inc

6,564

609,438

Hewlett Packard Enterprise Co

14,639

458,846

HP, Inc

10,223

50,124

Jabil Inc

11,429

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

80,395

(a) Keysight Technologies, Inc

$

16,335

78,612

Motorola Solutions, Inc

30,134

91,924

NetApp, Inc

9,844

61,532

(a) SanDisk Corp

14,606

99,768

Seagate Technology Holdings plc

27,475

229,540

(a),(b)

Super Micro Computer, Inc

6,719

138,758

TE Connectivity plc

31,569

22,801

(a) Teledyne Technologies, Inc

11,645

110,999

(a) Trimble Inc

8,697

158,485

Western Digital Corp

27,302

25,139

(a) Zebra Technologies Corp (Class A)

6,104

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

2,437,067

TELECOMMUNICATION SERVICES - 0.8%

3,307,154

AT&T, Inc

82,150

52,848

(a),(d)

GCI Liberty, Inc

0^

225,147

T-Mobile US, Inc

45,714

1,949,219

Verizon Communications, Inc

79,392

TOTAL TELECOMMUNICATION SERVICES

207,256

TRANSPORTATION - 1.3%

52,645

CH Robinson Worldwide, Inc

8,463

869,449

CSX Corp

31,518

299,791

Delta Air Lines, Inc

20,806

64,396

Expeditors International Washington, Inc

9,596

101,209

FedEx Corp

29,235

32,744

JB Hunt Transport Services, Inc

6,363

102,741

Norfolk Southern Corp

29,663

85,738

Old Dominion Freight Line

13,444

244,790

Southwest Airlines Co

10,117

965,397

(a) Uber Technologies, Inc

78,883

276,613

Union Pacific Corp

63,986

145,207

(a) United Airlines Holdings, Inc

16,237

350,197

United Parcel Service, Inc (Class B)

34,736

TOTAL TRANSPORTATION

353,047

UTILITIES - 2.3%

286,177

AES Corp

4,104

112,778

Alliant Energy Corp

7,332

127,259

Ameren Corp

12,708

254,093

American Electric Power Co, Inc

29,300

90,224

(b) American Water Works Co, Inc

11,774

72,849

Atmos Energy Corp

12,212

297,418

Centerpoint Energy, Inc

11,403

135,539

CMS Energy Corp

9,478

162,567

Consolidated Edison, Inc

16,146

144,210

Constellation Energy Corp

50,945

410,990

Dominion Energy, Inc

24,080

95,605

DTE Energy Co

12,331

366,570

Duke Energy Corp

42,966

174,332

(a) Edison International

10,463

209,990

Entergy Corp

19,409

112,119

Evergy, Inc

8,128

179,459

Eversource Energy

12,083

475,892

Exelon Corp

20,744

232,653

FirstEnergy Corp

10,416

971,553

NextEra Energy, Inc

77,996

229,935

NiSource, Inc

9,602

89,222

NRG Energy, Inc

14,208

1,023,841

PG&E Corp

16,453

47,262

Pinnacle West Capital Corp

4,192

337,779

PPL Corp

11,829

237,071

Public Service Enterprise Group, Inc

19,037

302,878

Sempra Energy

26,741

518,868

Southern Co

45,245

S&P 500 Index

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

Investments in Derivatives

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

148,298

Vistra Corp

$

23,925

147,762

WEC Energy Group, Inc

15,583

270,470

Xcel Energy, Inc

19,977

TOTAL UTILITIES

610,810

TOTAL COMMON STOCKS

(Cost $8,311,036)

27,151,690

SHARES

DESCRIPTION

EXPIRATION DATE

VALUE (000)

RIGHTS/WARRANTS - 0.0%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

7,208

(d) AstraZeneca plc

02/20/29

7,917

(d) Chinook Therapeutics, Inc

01/02/30

0^

6,981

(d) Tobira Therapeutics, Inc

0^

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

TOTAL RIGHTS/WARRANTS

(Cost $2)

TOTAL LONG-TERM INVESTMENTS

(Cost $8,311,038)

27,151,692

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

19,993,752

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

3.830%(f)

19,994

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $19,994)

19,994

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.5%

GOVERNMENT AGENCY DEBT - 0.0%

$

10,000,000

Federal Home Loan Bank Discount Notes

0.000 03/04/26

9,938

TOTAL GOVERNMENT AGENCY DEBT

9,938

REPURCHASE AGREEMENT - 0.3%

89,645,000

(g) Fixed Income Clearing Corporation

3.810 01/02/26

89,645

TOTAL REPURCHASE AGREEMENT

89,645

TREASURY DEBT - 0.2%

3,384,000

United States Treasury Bill

0.000 01/06/26

3,383

10,000,000

United States Treasury Bill

0.000 01/08/26

9,992

10,000,000

United States Treasury Bill

0.000 01/22/26

9,981

10,000,000

United States Treasury Bill

0.000 02/03/26

9,972

5,000,000

United States Treasury Bill

0.000 03/03/26

4,972

TOTAL TREASURY DEBT

38,300

TOTAL SHORT-TERM INVESTMENTS

(Cost $137,881)

137,883

TOTAL INVESTMENTS - 100.1%

(Cost $8,468,913)

27,309,569

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(30,011)

NET ASSETS - 100.0%

$27,279,558

^

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 $19,368,709.

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

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

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

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

(g) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $89,663,975 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $91,437,924.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) S&P 500 E-Mini Index

03/20/26

$

113,248

$

112,348

$

(900) Core Bond

Portfolio of Investments December 31, 2025

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

LONG-TERM INVESTMENTS - 96.3%

BANK LOAN OBLIGATIONS - 0.2%

CAPITAL GOODS - 0.0%

$

406,570

(a) Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M + 3.250%)

.100

%

04/12/28

$

166,030

(a) Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)

.140

10/15/29

42,026

(a) Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)

.228

10/15/29

1,235,829

(a) TK Elevator Midco GmbH, Term Loan B, (TSFR1M + 3.000%)

.947

04/30/30

1,245

887,912

(a) TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)

.216

02/28/31

892

954,610

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

.966

03/22/30

958

TOTAL CAPITAL GOODS

3,579

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%

318,000

(a) WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M + 2.750%)

.581

03/27/28

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.0%

680,076

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

.090

11/08/32

682

402,783

(a) Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M + 2.500%)

.269

04/23/31

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

1,086

CONSUMER DURABLES & APPAREL - 0.0%

165,237

(a) Samsonite International S.A., Term Loan B, (TSFR1M + 1.750%)

.466

11/08/32

TOTAL CONSUMER DURABLES & APPAREL

CONSUMER SERVICES - 0.1%

405,713

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

.466

09/23/30

754,708

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

.466

01/31/31

746

1,960,000

(a) Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)

.422

11/29/30

1,961

349,674

(a) IRB Holding Corp, Term Loan B, (TSFR1M + 2.500%)

.216

12/16/30

915,623

(a) KFC Holding Co., Term Loan B, (TSFR1M + 1.750%)

.599

03/15/28

920

607,727

(a) Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)

.022

03/06/28

TOTAL CONSUMER SERVICES

4,857

ENERGY - 0.0%

346,748

(a) Buckeye Partners, L.P., Term Loan B7, (TSFR1M + 1.750%)

.466

11/22/32

TOTAL ENERGY

FINANCIAL SERVICES - 0.0%

170,597

(a) Avolon TLB Borrower 1 (US) LLC, Term Loan B6, (TSFR1M + 1.750%)

.484

06/24/30

2,090,525

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

.466

06/24/31

2,097

TOTAL FINANCIAL SERVICES

2,269

FOOD, BEVERAGE & TOBACCO - 0.0%

235,758

(a) Arterra Wines Canada, Inc., Term Loan, (TSFR3M + 3.500%)

.434

11/26/27

TOTAL FOOD, BEVERAGE & TOBACCO

HEALTH CARE EQUIPMENT & SERVICES - 0.0%

95,054

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

.466

10/23/28

374,186

(a) Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)

.716

12/03/31

TOTAL HEALTH CARE EQUIPMENT & SERVICES

MATERIALS - 0.0%

1,169,128

(a) Asplundh Tree Expert, LLC, Term Loan B, (TSFR1M + 1.750%)

.566

09/07/27

1,175

TOTAL MATERIALS

1,175

MEDIA & ENTERTAINMENT - 0.0%

40,113

(a) DirecTV Financing, LLC, Term Loan, (TSFR3M + 5.000%)

.102

08/02/27

TOTAL MEDIA & ENTERTAINMENT

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

96,705

(a) Grifols Worldwide Operations USA, Inc., Term Loan B, (TSFR3M + 2.000%)

.972

11/15/27

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0%

467,674

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

.216

01/31/30

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

SOFTWARE & SERVICES - 0.1%

1,220,989

(a) Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M + 2.750%)

.466

10/09/29

1,229

1,226,857

(a) Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)

.466

09/12/29

1,230

69,871

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

.115

05/15/28

343,464

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

.615

05/15/28

686,920

(a) Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)

.466

11/28/28

688

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SOFTWARE & SERVICES (continued)

$

877,709

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

.338

%

02/10/31

$

880

317,172

(a) Vision Solutions, Inc., Incremental Term Loan, (TSFR3M + 4.000%)

.102

04/24/28

TOTAL SOFTWARE & SERVICES

4,523

TELECOMMUNICATION SERVICES - 0.0%

294,587

(a) Cablevision Lightpath LLC, Repriced Term Loan, (TSFR1M + 3.000%)

.750

11/30/27

TOTAL TELECOMMUNICATION SERVICES

TRANSPORTATION - 0.0%

201,413

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

.716

03/21/31

TOTAL TRANSPORTATION

TOTAL BANK LOAN OBLIGATIONS

(Cost $20,379)

20,133

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CORPORATE BONDS - 25.6%

AUTOMOBILES & COMPONENTS - 0.3%

225,000

Dana, Inc

.375

11/15/27

350,000

Dana, Inc

.625

06/15/28

EUR

300,000

Ford Motor Credit Co LLC

.125

02/20/29

3,500,000

(b) Ford Otomotiv Sanayi AS.

.125

04/25/29

3,620

EUR

500,000

General Motors Financial Co, Inc, Reg S

.600

05/20/27

573

EUR

300,000

General Motors Financial Co, Inc, Reg S

.300

02/15/29

10,550,000

General Motors Financial Co, Inc

.900

10/06/29

10,717

6,250,000

General Motors Financial Co, Inc

.850

04/06/30

6,566

12,000,000

General Motors Financial Co, Inc

.700

06/10/31

10,866

4,975,000

General Motors Financial Co, Inc

.600

06/18/31

5,185

EUR

205,000

(b) Goodyear Europe BV

.750

08/15/28

200,000

(b) Kia Corp

.750

02/14/27

TOTAL AUTOMOBILES & COMPONENTS

39,268

BANKS - 6.1%

EUR

500,000

ABN AMRO Bank NV, Reg S

.250

02/21/30

613

2,000,000

(b) Akbank T.A.S.

.800

06/22/31

2,009

700,000

(b),(c)

Banco de Credito e Inversiones S.A.

.750

N/A

757

2,175,000

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

.621

12/10/29

2,260

EUR

600,000

(a) Banco Santander S.A.

.500

03/24/27

702

GBP

400,000

Banco Santander S.A., Reg S

.750

08/30/28

543

EUR

700,000

Banco Santander S.A., Reg S

.875

10/18/31

884

5,000,000

(b) Bangkok Bank PCL

.507

11/26/30

5,012

2,400,000

(b) Bangkok Bank PCL

.082

11/26/35

2,398

3,010,000

(b) Bangkok Bank PCL

.466

09/23/36

2,739

1,750,000

(b) Banistmo S.A.

.250

07/31/27

1,729

5,000,000

(b) Bank Hapoalim BM, Reg S

.255

01/21/32

4,902

6,300,000

(b) Bank Leumi Le-Israel BM, Reg S

.275

01/29/31

6,282

EUR

300,000

Bank of America Corp, Reg S

.776

05/04/27

55,925,000

Bank of America Corp

.592

04/29/31

52,110

12,400,000

Bank of America Corp

.288

04/25/34

12,766

4,600,000

Bank of America Corp

.511

01/24/36

4,796

25,175,000

Bank of America Corp

.744

02/12/36

26,232

34,550,000

Bank of America Corp

.676

06/19/41

25,475

20,000,000

(c) Bank of America Corp

.625

N/A

20,839

EUR

500,000

Bank of Ireland Group plc, Reg S

.000

07/04/31

630

10,175,000

(c) Bank of New York Mellon Corp

.300

N/A

10,522

EUR

400,000

Barclays plc, Reg S

.577

08/09/29

EUR

500,000

Barclays plc, Reg S

.918

08/08/30

622

5,000,000

Barclays plc

.942

09/10/30

5,099

8,425,000

Barclays plc

.367

02/25/31

8,708

6,075,000

Barclays plc

.330

11/24/42

4,687

1,500,000

(b) BBVA Bancomer S.A.

.125

01/18/33

1,475

1,400,000

(b) BBVA Bancomer S.A.

.450

06/29/38

1,548

1,825,000

(b) BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico

.625

02/11/35

1,916

5,600,000

(b) BNP Paribas S.A.

.904

09/30/28

5,388

EUR

700,000

BNP Paribas S.A., Reg S

.875

02/23/29

844

5,000,000

(b) BNP Paribas S.A.

.159

09/15/29

4,729

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

BANKS

(continued)

$

22,100,000

CitiBank NA

.914

%

05/29/30

$

22,734

36,375,000

Citigroup, Inc

.200

10/21/26

36,162

8,750,000

Citigroup, Inc

.450

09/29/27

8,806

5,245,000

Citigroup, Inc

.125

07/25/28

5,243

EUR

200,000

Citigroup, Inc

.928

10/22/30

7,125,000

Citigroup, Inc

.572

06/03/31

6,602

9,600,000

Citigroup, Inc

.503

09/11/31

9,630

EUR

200,000

Citigroup, Inc, Reg S

.750

05/14/32

6,750,000

(c) Citigroup, Inc

.625

N/A

7,077

8,425,000

Cooperatieve Rabobank UA

.750

07/21/26

8,406

9,150,000

(b) Credit Agricole S.A.

.222

05/27/31

9,394

GBP

600,000

Danske Bank A.S., Reg S

.250

01/14/28

793

7,350,000

Deutsche Bank AG.

.371

09/09/27

7,525

5,575,000

Deutsche Bank AG.

.311

11/16/27

5,485

4,325,000

Deutsche Bank AG.

.819

11/20/29

4,612

2,325,000

Deutsche Bank AG.

.999

09/11/30

2,361

600,000

Deutsche Bank AG.

.742

01/07/33

557

2,425,000

(b) Development Bank of Kazakhstan JSC

.950

05/06/31

2,180

3,325,000

(b) Grupo Aval Ltd

.375

02/04/30

3,116

7,400,000

HSBC Holdings plc

.390

11/03/28

7,823

3,750,000

HSBC Holdings plc

.973

05/22/30

3,704

5,625,000

HSBC Holdings plc

.130

03/03/31

5,765

6,675,000

(c),(d)

HSBC Holdings plc

.950

N/A

7,001

7,000,000

(c) Huntington Bancshares, Inc

.625

N/A

7,123

UGX

2,000,000,000

(b) ICBC Standard Bank plc

.250

06/26/34

2,125,000

(b) Intercorp Financial Services, Inc

.125

10/19/27

2,113

200,000

(b) Intesa Sanpaolo S.p.A

.198

06/01/32

2,000,000

(b) Itau Unibanco Holding S.A.

.000

02/27/30

2,075

14,600,000

JPMorgan Chase & Co

.200

06/15/26

14,556

8,325,000

JPMorgan Chase & Co

.323

04/26/28

8,359

EUR

600,000

JPMorgan Chase & Co, Reg S

.638

05/18/28

696

16,900,000

JPMorgan Chase & Co

.581

04/22/30

17,631

10,500,000

JPMorgan Chase & Co

.702

05/06/30

10,342

12,450,000

JPMorgan Chase & Co

.140

01/24/31

12,868

2,150,000

JPMorgan Chase & Co

.953

02/04/32

1,917

19,775,000

JPMorgan Chase & Co

.912

07/25/33

20,145

24,425,000

JPMorgan Chase & Co

.350

06/01/34

25,378

3,200,000

JPMorgan Chase & Co

.254

10/23/34

3,513

22,925,000

JPMorgan Chase & Co

.766

04/22/35

24,429

22,250,000

JPMorgan Chase & Co

.572

04/22/36

23,344

8,600,000

JPMorgan Chase & Co

.576

07/23/36

8,896

2,625,000

JPMorgan Chase & Co

.525

11/19/41

1,888

10,750,000

JPMorgan Chase & Co

.157

04/22/42

8,350

9,375,000

(c) JPMorgan Chase & Co

.875

N/A

9,942

6,250,000

(c) JPMorgan Chase & Co

.650

N/A

6,215

EUR

1,675,000

Kreditanstalt fuer Wiederaufbau, Reg S

.625

01/10/34

1,918

2,600,000

Lloyds Banking Group plc

.068

06/13/36

2,734

5,950,000

(c),(d)

M&T Bank Corp

.500

N/A

5,765

25,000,000

(c) Mitsubishi UFJ Financial Group, Inc

.350

N/A

25,484

3,675,000

(b) Mizrahi Tefahot Bank Ltd, Reg S

.077

04/07/31

3,643

EUR

500,000

Mizuho Financial Group, Inc, Reg S

.598

04/10/28

574

7,200,000

Morgan Stanley Private Bank NA

.734

07/18/31

7,299

18,050,000

Morgan Stanley Private Bank NA

.465

11/19/31

18,097

6,150,000

(b) NBK SPC Ltd

.625

09/15/27

6,027

6,350,000

PNC Financial Services Group, Inc

.575

01/29/36

6,621

7,465,000

(c) PNC Financial Services Group, Inc

.400

N/A

7,318

CNY

8,000,000

QNB Finance Ltd, Reg S

.150

02/04/26

1,146

EUR

400,000

Skandinaviska Enskilda Banken AB, Reg S

.875

05/09/28

EUR

500,000

(d) Societe Generale S.A., Reg S

.875

11/21/31

624

9,000,000

(c) Truist Financial Corp

.669

N/A

9,025

3,500,000

(b) United Overseas Bank Ltd

.000

10/14/31

3,436

16,375,000

Wells Fargo & Co

.393

06/02/28

16,000

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

BANKS

(continued)

$

9,600,000

Wells Fargo & Co

.303

%

10/23/29

$

10,143

15,925,000

Wells Fargo & Co

.605

04/23/36

16,691

10,000,000

(c) Wells Fargo & Co

.900

N/A

9,969

5,775,000

(c),(d)

Wells Fargo & Co

.625

N/A

6,160

TOTAL BANKS

755,072

CAPITAL GOODS - 0.9%

25,400,000

Boeing Co

.196

02/04/26

25,352

5,350,000

Boeing Co

.250

02/01/28

5,258

3,350,000

Boeing Co

.705

05/01/40

3,420

18,750,000

Boeing Co

.805

05/01/50

18,442

EUR

400,000

Carrier Global Corp

.125

05/29/28

EUR

700,000

Carrier Global Corp

.500

11/29/32

866

1,300,000

(b) Embraer Netherlands Finance BV

.000

07/28/30

1,434

60,000

Embraer Netherlands Finance BV

.980

02/11/35

20,250,000

Honeywell International, Inc

.000

03/01/35

20,625

5,850,000

Howmet Aerospace, Inc

.550

11/15/32

5,876

EUR

300,000

Illinois Tool Works, Inc

.250

05/17/28

12,000,000

L3Harris Technologies, Inc

.400

07/31/33

12,499

EUR

500,000

Raytheon Technologies Corp

.150

05/18/30

566

5,575,000

Raytheon Technologies Corp

.250

07/01/30

5,133

3,875,000

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

.500

11/07/33

4,210

3,000,000

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

.500

09/10/51

2,137

300,000

(b) WESCO Distribution, Inc

.250

06/15/28

TOTAL CAPITAL GOODS

107,028

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%

325,000

(b) ASGN, Inc

.625

05/15/28

2,450,000

(b) Bidvest Group UK plc

.200

09/17/32

2,496

KZT

277,000,000

International Bank for Reconstruction & Development

.750

06/11/26

537

111,000

(b) Prime Security Services Borrower LLC

.750

04/15/26

1,325,000

(b) Prime Security Services Borrower LLC

.375

08/31/27

1,299

4,125,000

Verisk Analytics, Inc

.500

08/15/30

4,156

4,550,000

Verisk Analytics, Inc

.250

03/15/35

4,630

19,000,000

Waste Management, Inc

.950

03/15/35

19,297

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

32,846

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.3%

925,000

(b) Bath & Body Works, Inc

.625

10/01/30

946

550,000

(b) Group 1 Automotive, Inc

.000

08/15/28

539

875,000

(b) Lithia Motors, Inc

.625

12/15/27

874

5,100,000

O'Reilly Automotive, Inc

.550

03/15/26

5,094

6,875,000

O'Reilly Automotive, Inc

.600

09/01/27

6,834

4,075,000

O'Reilly Automotive, Inc

.200

04/01/30

4,064

12,400,000

O'Reilly Automotive, Inc

.750

03/15/31

10,868

3,225,000

Walmart, Inc

.350

04/28/30

3,276

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

32,495

CONSUMER SERVICES - 0.3%

9,820,000

Amherst College

.100

11/01/45

8,303

2,500,000

(b) Arcos Dorados BV

.375

01/29/32

2,647

8,000,000

(d) President and Fellows of Harvard College

.529

10/01/31

7,635

14,250,000

President and Fellows of Harvard College

.619

10/01/37

12,720

2,100,000

Sands China Ltd

.900

08/08/28

2,138

5,619,000

Smith College

.620

07/01/45

4,961

TOTAL CONSUMER SERVICES

38,404

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%

4,000,000

Kroger Co

.000

09/15/34

4,022

3,250,000

Kroger Co

.500

09/15/54

3,095

2,600,000

SYSCO Corp

.400

03/23/35

2,693

5,450,000

SYSCO Corp

.150

12/14/51

3,633

GBP

500,000

Tesco Corporate Treasury Services plc, Reg S

.750

04/27/30

627

EUR

600,000

Tesco Corporate Treasury Services plc, Reg S

.375

05/06/32

702

4,000,000

Walmart, Inc

.500

09/22/41

2,898

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CONSUMER STAPLES DISTRIBUTION & RETAIL

(continued)

$

7,400,000

Walmart, Inc

.500

%

04/15/53

$

6,544

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

24,214

ENERGY - 1.7%

11,500,000

BP Capital Markets America, Inc

.227

11/17/34

11,864

EUR

500,000

BP Capital Markets plc, Reg S

.231

05/08/31

532

13,100,000

Cheniere Energy Partners LP

.000

03/01/31

12,756

6,850,000

Cheniere Energy Partners LP

.250

01/31/32

6,309

8,625,000

Cheniere Energy Partners LP

.750

08/15/34

9,005

1,832,822

(b) Chile Electricity Lux Mpc II Sarl

.580

10/20/35

1,878

2,000,000

Ecopetrol S.A.

.875

04/29/30

2,029

2,125,000

Ecopetrol S.A.

.625

11/02/31

1,904

200,000

Ecopetrol S.A.

.875

01/13/33

2,950,353

(b) EIG Pearl Holdings Sarl

.545

08/31/36

2,732

3,000,000

(b) Empresa Nacional del Petroleo

.250

11/06/29

3,056

12,968,000

Enbridge, Inc

.125

11/15/29

12,418

3,925,000

Enbridge, Inc

.700

03/08/33

4,134

2,950,000

Enbridge, Inc

.400

08/01/51

2,016

4,725,000

Energy Transfer LP

.750

01/15/26

4,726

775,000

Energy Transfer LP

.400

10/01/47

696

9,125,000

Energy Transfer LP

.000

05/15/50

7,634

7,600,000

Energy Transfer LP

.950

05/15/54

7,202

2,650,000

Enterprise Products Operating LLC

.250

02/15/48

2,176

6,200,000

Enterprise Products Operating LLC

.200

01/31/50

4,972

4,500,000

Enterprise Products Operating LLC

.200

02/15/52

2,985

6,500,000

Enterprise Products Operating LLC

.300

02/15/53

4,340

4,600,000

Expand Energy Corp

.700

01/15/35

4,760

2,097,570

(b) Galaxy Pipeline Assets Bidco Ltd

.160

03/31/34

1,898

3,300,000

(b) Galaxy Pipeline Assets Bidco Ltd

.625

03/31/36

2,908

8,375,000

Marathon Petroleum Corp

.800

04/01/28

8,327

5,060,000

Marathon Petroleum Corp

.750

09/15/44

4,325

5,500,000

Marathon Petroleum Corp

.000

09/15/54

4,597

3,525,000

(b) Midwest Connector Capital Co LLC

.625

04/01/29

3,529

8,950,000

MPLX LP

.750

03/01/26

8,915

4,850,000

MPLX LP

.650

08/15/30

4,492

3,600,000

ONEOK, Inc

.700

11/01/54

3,355

1,275,000

(b) ORLEN S.A.

.000

01/30/35

1,344

3,900,000

(b) Pertamina Hulu Energi PT

.250

05/21/30

3,976

200,000

(b),(d)

Pertamina Persero PT

.650

07/30/29

2,450,000

Petrobras Global Finance BV

.250

01/10/36

2,404

300,000

Petroleos Mexicanos

.840

01/23/30

2,000,000

Petroleos Mexicanos

.950

01/28/31

1,936

3,000,000

Petroleos Mexicanos

.700

02/16/32

2,992

3,500,000

(b) Petronas Capital Ltd

.950

01/03/31

3,613

360,000

(b) Petronas Capital Ltd

.340

04/03/35

2,375,000

Phillips 66 Co

.680

02/15/45

2,009

475,000

Plains All American Pipeline LP

.800

09/15/30

2,950,000

(b) QazaqGaz NC JSC

.375

09/26/27

2,940

2,500,000

(b) Raizen Fuels Finance S.A.

.700

01/17/35

1,913

1,258,750

(b) Rio Oil Finance Trust

.200

04/06/28

1,300

4,000,000

(b) S.A. Global Sukuk Ltd

.125

09/17/30

3,932

827,000

Sabine Pass Liquefaction LLC

.875

06/30/26

828

1,475,000

(b) Saudi Arabian Oil Co

.250

07/17/34

1,518

2,500,000

(b) Thaioil Treasury Center Co Ltd

.500

06/18/30

2,272

11,000,000

TotalEnergies Capital International S.A.

.127

05/29/50

7,332

2,500,000

TotalEnergies Capital S.A.

.488

04/05/54

2,417

1,825,000

TotalEnergies Capital S.A.

.425

09/10/64

1,708

9,250,000

Williams Cos, Inc

.650

03/15/33

9,728

TOTAL ENERGY

208,181

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%

5,100,000

Agree LP

.000

06/15/28

4,859

2,725,000

American Homes 4 Rent LP

.250

03/15/35

2,764

2,418,000

American Tower Corp

.375

10/15/26

2,405

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

EUR

750,000

American Tower Corp

.450

%

01/15/27

$

863

$

1,600,000

American Tower Corp

.600

01/15/28

1,585

4,350,000

American Tower Corp

.800

08/15/29

4,283

13,700,000

American Tower Corp

.900

01/15/30

13,005

2,750,000

American Tower Corp

.100

06/15/30

2,496

3,825,000

American Tower Corp

.875

10/15/30

3,417

6,725,000

American Tower Corp

.400

01/31/35

6,922

10,250,000

American Tower Corp

.350

03/15/35

10,508

1,075,000

Brixmor Operating Partnership LP

.250

04/01/28

1,032

GBP

400,000

Digital Stout Holding LLC, Reg S

.750

10/17/30

515

6,700,000

Essex Portfolio LP

.000

01/15/30

6,365

6,975,000

Essex Portfolio LP

.375

04/01/35

7,176

1,440,000

(b) FIBRA ProLogis

.500

11/26/35

1,446

11,375,000

Healthcare Realty Holdings LP

.500

08/01/26

11,314

3,000,000

Healthcare Realty Holdings LP

.625

01/15/28

2,959

8,975,000

Healthcare Realty Holdings LP

.100

02/15/30

8,525

1,750,000

Healthcare Realty Holdings LP

.400

03/15/30

1,590

1,050,000

Healthcare Realty Holdings LP

.050

03/15/31

908

7,950,000

Highwoods Realty LP

.875

03/01/27

7,894

2,900,000

Highwoods Realty LP

.125

03/15/28

2,874

2,875,000

Highwoods Realty LP

.200

04/15/29

2,831

4,000,000

Highwoods Realty LP

.050

02/15/30

3,724

3,845,000

(b) Iron Mountain, Inc

.000

02/15/29

3,950

5,250,000

Kite Realty Group LP

.950

12/15/31

5,338

EUR

500,000

(b) Lineage Europe Finco BV

.125

11/26/31

579

EUR

350,000

ProLogis Euro Finance LLC

.250

09/22/32

EUR

400,000

ProLogis Euro Finance LLC

.000

05/05/34

GBP

300,000

ProLogis International Funding II S.A., Reg S

.750

02/22/32

1,275,000

ProLogis LP

.875

11/15/29

1,219

3,125,000

ProLogis LP

.750

07/01/30

2,811

1,025,000

Regency Centers LP

.600

02/01/27

1,020

3,350,000

Regency Centers LP

.950

09/15/29

3,213

11,046,000

(b) SBA Tower Trust

.884

01/15/26

11,034

25,315,000

(b) SBA Tower Trust

.631

11/15/26

24,768

42,100,000

(b) SBA Tower Trust

.840

04/15/27

40,784

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

208,219

FINANCIAL SERVICES - 2.0%

8,975,000

AerCap Ireland Capital DAC

.750

01/30/26

8,959

13,369,000

AerCap Ireland Capital DAC

.000

10/29/28

12,961

2,250,000

AerCap Ireland Capital DAC

.850

10/29/41

1,839

7,500,000

(c) American Express Co

.550

N/A

7,397

1,170,000

(b) Brazil Minas SPE via State of Minas Gerais

.333

02/15/28

1,171

6,635,000

(c),(d)

Capital One Financial Corp

.950

N/A

6,555

6,250,000

Community Preservation Corp

.867

02/01/30

5,840

3,200,000

Corebridge Financial, Inc

.050

09/15/33

3,396

4,350,000

Corebridge Financial, Inc

.750

01/15/34

4,548

GBP

500,000

Credit Suisse Group AG., Reg S

.250

06/09/28

655

EUR

500,000

Deutsche Bank AG., Reg S

.000

09/05/30

620

7,305,000

Discover Bank

.450

07/27/26

7,283

3,750,000

Discover Bank

.700

02/06/30

3,534

EUR

500,000

Goldman Sachs Group, Inc, Reg S

.250

02/07/29

560

12,425,000

Goldman Sachs Group, Inc

.330

07/23/35

12,766

3,500,000

Goldman Sachs Group, Inc

.411

04/23/39

3,233

6,825,000

Goldman Sachs Group, Inc

.436

02/24/43

5,346

7,200,000

(c) Goldman Sachs Group, Inc

.850

N/A

7,487

2,600,000

(b) Indian Railway Finance Corp Ltd

.800

02/10/31

2,397

1,700,000

(b),(d)

Indian Railway Finance Corp Ltd

.570

01/21/32

1,614

2,157,600

(b) Minejesa Capital BV

.625

08/10/30

2,146

31,425,000

Morgan Stanley

.125

07/27/26

31,284

EUR

800,000

Morgan Stanley

.149

11/07/31

931

EUR

500,000

Morgan Stanley

.950

05/07/32

575

14,250,000

Morgan Stanley

.250

04/21/34

14,671

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FINANCIAL SERVICES

(continued)

$

5,150,000

Morgan Stanley

.424

%

07/21/34

$

5,358

4,000,000

Morgan Stanley

.831

04/19/35

4,251

4,925,000

Morgan Stanley

.320

07/19/35

5,070

14,850,000

Morgan Stanley

.587

01/18/36

15,518

13,550,000

Morgan Stanley

.664

04/17/36

14,223

4,440,000

(c) Northern Trust Corp

.600

N/A

4,429

1,500,000

(b) Perusahaan Penerbit SBSN Indonesia III

.500

12/01/30

1,503

3,350,000

(b) Power Finance Corp Ltd

.950

04/23/30

3,267

550,000

Springleaf Finance Corp

.375

11/15/29

550

6,950,000

(c) State Street Corp

.700

N/A

7,251

EUR

400,000

UBS AG., Reg S

.500

03/31/31

EUR

800,000

UBS Group AG, Reg S

.250

11/05/28

900

9,100,000

(b) UBS Group AG.

.305

02/02/27

9,072

7,500,000

(b) UBS Group AG.

.617

09/13/30

7,830

3,065,000

(b) UBS Group AG.

.179

02/11/43

2,327

4,225,000

Visa, Inc

.700

04/15/40

3,255

9,350,000

(b) Wynnton Funding Trust II

.991

08/15/55

9,407

TOTAL FINANCIAL SERVICES

242,391

FOOD, BEVERAGE & TOBACCO - 0.8%

1,600,000

(b) Anadolu Efes Biracilik Ve Malt Sanayii AS.

.375

06/29/28

1,496

23,700,000

Anheuser-Busch Cos LLC

.700

02/01/36

23,459

16,223,000

Anheuser-Busch Cos LLC

.900

02/01/46

15,005

1,800,000

(b) Bimbo Bakeries USA, Inc

.050

01/15/29

1,882

3,875,000

(b) Cia Cervecerias Unidas S.A.

.350

01/19/32

3,515

3,000,000

(b) Coca-Cola Icecek AS.

.500

01/20/29

2,956

2,975,000

(b) Gruma SAB de C.V.

.390

12/09/34

3,058

750,000

(b) Gruma SAB de C.V.

.761

12/09/54

753

2,500,000

(b) Grupo Bimbo SAB de C.V.

.700

11/10/47

2,152

4,700,000

Kraft Heinz Foods Co

.500

06/01/50

4,397

6,950,000

(b) Mars, Inc

.200

03/01/35

7,143

6,225,000

(b) Mars, Inc

.650

05/01/45

6,275

13,950,000

(b) Mars, Inc

.700

05/01/55

13,896

EUR

300,000

(b) Mondelez International Holdings Netherlands BV

.250

09/09/41

EUR

400,000

Philip Morris International, Inc

.750

06/06/29

11,000,000

Philip Morris International, Inc

.250

02/13/34

11,370

TOTAL FOOD, BEVERAGE & TOBACCO

98,054

HEALTH CARE EQUIPMENT & SERVICES - 1.0%

EUR

500,000

Becton Dickinson Euro Finance Sarl

.334

08/13/28

552

1,925,000

Boston Scientific Corp

.650

06/01/30

1,811

4,600,000

Cardinal Health, Inc

.750

11/15/54

4,589

19,230,000

Children's Hospital Medic

.268

05/15/44

16,868

25,125,000

CVS Health Corp

.450

09/15/35

25,718

25,555,000

CVS Health Corp

.050

03/25/48

22,528

4,105,000

Dartmouth-Hitchcock Health

.178

08/01/48

3,175

4,225,000

HCA, Inc

.625

09/01/28

4,355

11,200,000

HCA, Inc

.625

03/15/32

10,579

10,000,000

HCA, Inc

.200

03/01/55

10,191

3,500,000

(b) Hologic, Inc

.250

02/15/29

3,450

EUR

250,000

(b) IQVIA, Inc

.750

03/15/26

GBP

500,000

McKesson Corp

.125

02/17/29

652

5,000,000

New York and Presbyterian Hospital

.563

08/01/36

4,436

375,000

Tenet Healthcare Corp

.625

06/15/28

10,700,000

UnitedHealth Group, Inc

.300

05/15/31

9,649

2,100,000

UnitedHealth Group, Inc

.150

07/15/34

2,151

3,250,000

UnitedHealth Group, Inc

.750

10/15/47

2,482

TOTAL HEALTH CARE EQUIPMENT & SERVICES

123,855

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%

6,220,000

Church & Dwight Co, Inc

.300

12/15/31

5,527

EUR

690,000

Colgate-Palmolive Co

.250

11/10/35

790

EUR

267,857

(b) Coty, Inc

.875

04/15/26

8,175,000

Haleon US Capital LLC

.625

03/24/32

7,777

EUR

300,000

Procter & Gamble Co

.250

08/02/31

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

HOUSEHOLD & PERSONAL PRODUCTS

(continued)

EUR

400,000

The Procter & Gamble Company

.875

%

10/30/38

$

$

10,075,000

Unilever Capital Corp

.625

08/12/34

10,145

EUR

500,000

Unilever Finance Netherlands BV, Reg S

.125

02/12/27

580

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

25,879

INSURANCE - 1.7%

825,000

(b) Alliant Holdings Intermediate LLC

.250

10/15/27

820

6,800,000

(b) Allianz SE

.350

09/06/53

7,301

19,600,000

(b),(c),(d)

Allianz SE

.550

N/A

20,346

4,925,000

Aon Corp

.800

05/15/30

4,650

3,900,000

Aon Corp

.350

02/28/33

4,061

5,250,000

AXIS Specialty Finance LLC

.900

01/15/40

5,051

16,000,000

Berkshire Hathaway Finance Corp

.850

10/15/50

10,292

1,400,000

Berkshire Hathaway Finance Corp

.850

03/15/52

1,077

1,350,000

Brown & Brown, Inc

.550

06/23/35

1,384

EUR

500,000

Chubb INA Holdings, Inc

.550

03/15/28

574

EUR

450,000

Chubb INA Holdings, Inc

.400

06/15/31

EUR

300,000

Credit Agricole Assurances S.A., Reg S

.500

10/06/31

EUR

400,000

Equitable Financial Life Global Funding, Reg S

.600

06/16/28

EUR

250,000

(b) Fairfax Financial Holdings Ltd

.750

03/29/28

7,325,000

(b) Five Corners Funding Trust II

.850

05/15/30

6,896

3,000,000

(b) Hanwha Life Insurance Co Ltd

.379

02/04/32

2,957

22,408,000

Hartford Financial Services Group, Inc

.800

08/19/29

21,423

1,100,000

Hartford Financial Services Group, Inc

.300

04/15/43

945

2,500,000

Hartford Financial Services Group, Inc

.900

09/15/51

1,593

EUR

400,000

(b) Liberty Mutual Group, Inc

.625

12/02/30

EUR

600,000

(b) Liberty Mutual Group, Inc

.875

09/26/35

692

4,100,000

(b) Liberty Mutual Group, Inc

.951

10/15/50

3,032

10,250,000

MetLife, Inc

.350

03/15/55

10,809

8,200,000

(b) Muenchener Rueckversicherungs-Gesellschaft AG. in Muenchen

.875

05/23/42

8,562

9,425,000

(b) Omnis Funding Trust

.722

05/15/55

9,801

GBP

300,000

Pacific Life Global Funding II, Reg S

.375

11/30/28

11,875,000

PartnerRe Finance B LLC

.500

10/01/50

11,165

5,250,000

Principal Financial Group, Inc

.125

06/15/30

4,782

6,575,000

Prudential Financial, Inc

.200

03/14/35

6,743

6,960,000

Prudential Financial, Inc

.700

10/01/50

6,474

3,875,000

Prudential Financial, Inc

.125

03/01/52

3,840

3,950,000

Prudential Financial, Inc

.500

03/15/54

4,175

10,950,000

Reinsurance Group of America, Inc

.750

09/15/34

11,420

6,600,000

RenaissanceRe Holdings Ltd

.800

04/01/35

6,893

5,600,000

(b) Swiss Re Finance Luxembourg S.A.

.000

04/02/49

5,638

17,700,000

UnitedHealth Group, Inc

.625

07/15/54

17,360

TOTAL INSURANCE

203,204

MATERIALS - 0.8%

2,600,000

(b) Alpek SAB de C.V.

.250

02/25/31

2,212

852,000

Amcor Flexibles North America, Inc

.100

09/15/26

845

4,879,000

Amcor Flexibles North America, Inc

.630

06/19/30

4,523

9,400,000

Amcor Flexibles North America, Inc

.690

05/25/31

8,595

EUR

500,000

Amcor UK Finance plc

.200

11/17/29

587

EUR

400,000

Amcor UK Finance plc

.950

05/29/32

2,825,000

AngloGold Ashanti Holdings plc

.750

10/01/30

2,705

2,000,000

(b),(d)

Antofagasta plc

.625

05/13/32

2,080

1,150,000

(b) Antofagasta plc

.250

05/02/34

1,239

1,375,000

(b) Antofagasta plc

.625

09/09/35

1,416

1,875,000

Ball Corp

.875

08/15/30

1,734

14,250,000

Berry Global, Inc

.570

01/15/26

14,236

200,000

(d) Celulosa Arauco y Constitucion S.A.

.875

11/02/27

3,000,000

(b) Celulosa Arauco y Constitucion S.A.

.250

04/30/29

2,917

200,000

(b) Celulosa Arauco y Constitucion S.A.

.200

01/29/30

1,450,000

(b) Celulosa Arauco y Constitucion S.A.

.180

05/05/32

1,496

2,600,000

(b),(c)

Cemex SAB de C.V.

.200

N/A

2,712

200,000

(b) Corp Nacional del Cobre de Chile

.625

08/01/27

8,000,000

(b) Corp Nacional del Cobre de Chile

.330

01/13/35

8,536

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MATERIALS

(continued)

$

1,250,000

(b) Corp Nacional del Cobre de Chile

.440

%

01/26/36

$

1,355

200,000

(b) Corp Nacional del Cobre de Chile

.780

01/13/55

1,800,000

(b) Freeport Indonesia PT

.763

04/14/27

1,803

3,600,000

(b) Inversiones CMPC S.A.

.000

04/06/31

3,222

3,000,000

(b) Klabin Austria GmbH

.750

04/03/29

3,048

4,000,000

(b) Momentive Performance Materials, Inc

.125

10/22/28

3,993

6,675,000

Nutrien Ltd

.950

05/13/30

6,306

1,000,000

(b) OCP S.A.

.100

04/30/30

1,045

2,150,000

(b) OCP S.A.

.750

05/02/34

2,316

EUR

250,000

(b) OI European Group BV

.250

05/15/28

300,000

Sasol Financing USA LLC

.500

03/18/31

4,300,000

Suzano Austria GmbH

.125

01/15/32

3,846

3,010,000

Suzano Netherlands BV

.500

01/15/36

2,984

200,000

(b) UltraTech Cement Ltd

.800

02/16/31

5,200,000

(b) Windfall Mining Group, Inc

.854

05/13/32

5,431

TOTAL MATERIALS

93,200

MEDIA & ENTERTAINMENT - 0.7%

21,450,000

Alphabet, Inc

.100

11/15/30

21,516

EUR

750,000

(b) BOI Finance BV

.500

02/16/27

904

5,000,000

(b) CCO Holdings LLC

.250

02/01/31

4,594

8,150,000

Charter Communications Operating LLC

.850

12/01/35

8,130

6,100,000

Charter Communications Operating LLC

.500

03/01/42

4,232

EUR

450,000

Comcast Corp

.250

05/20/27

513

15,000,000

Comcast Corp

.887

11/01/51

8,772

650,000

Lamar Media Corp

.750

02/15/28

638

1,000,000

Lamar Media Corp

.000

02/15/30

966

12,150,000

Meta Platforms, Inc

.875

11/15/35

12,134

15,250,000

Meta Platforms, Inc

.625

11/15/55

14,636

2,675,000

(b) Sirius XM Radio, Inc

.125

07/01/30

2,544

GBP

200,000

Time Warner Cable LLC

.750

06/02/31

4,400,000

Time Warner Cable LLC

.875

11/15/40

4,072

3,450,000

Time Warner Cable LLC

.500

09/15/42

2,653

EUR

700,000

(b) VZ Secured Financing BV

.500

01/15/32

766

1,413,000

(b) Ziff Davis, Inc

.625

10/15/30

1,342

TOTAL MEDIA & ENTERTAINMENT

88,684

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.6%

EUR

500,000

AbbVie, Inc

.125

06/01/29

575

9,850,000

AbbVie, Inc

.050

11/21/39

8,793

29,850,000

Amgen, Inc

.650

03/02/53

29,229

EUR

500,000

(b) Avantor Funding, Inc

.875

07/15/28

586

1,500,000

(b) Avantor Funding, Inc

.625

07/15/28

1,492

EUR

400,000

BMS Ireland Capital Funding Designated Activity Co

.973

11/10/30

15,000,000

Bristol-Myers Squibb Co

.550

02/22/54

14,731

10,600,000

Gilead Sciences, Inc

.250

10/15/33

11,139

1,900,000

Gilead Sciences, Inc

.600

10/01/40

1,405

EUR

200,000

Johnson & Johnson

.700

02/26/29

EUR

400,000

Johnson & Johnson

.200

06/01/32

EUR

400,000

Johnson & Johnson

.600

02/26/45

EUR

400,000

MSD Netherlands Capital BV

.750

05/30/54

EUR

600,000

(b) Organon Finance LLC

.875

04/30/28

685

EUR

500,000

Pfizer Netherlands International Finance BV

.875

05/19/29

589

EUR

300,000

Sartorius Finance BV, Reg S

.375

09/14/29

EUR

500,000

Takeda Pharmaceutical Co Ltd

.375

07/09/32

516

EUR

800,000

Thermo Fisher Scientific Finance I BV

.800

10/18/30

850

EUR

700,000

Thermo Fisher Scientific Finance I BV

.628

12/01/35

819

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

73,807

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4%

10,050,000

Broadcom, Inc

.600

07/15/30

10,211

6,375,000

Broadcom, Inc

.800

10/15/34

6,387

25,131,000

(b) Broadcom, Inc

.926

05/15/37

24,805

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

$

8,375,000

NVIDIA Corp

.000

%

06/15/31

$

7,538

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

48,941

SOFTWARE & SERVICES - 0.6%

4,175,000

Accenture Capital, Inc

.500

10/04/34

4,116

7,350,000

Adobe, Inc

.300

02/01/30

6,882

EUR

400,000

Fiserv Funding ULC

.875

06/15/28

26,300,000

Microsoft Corp

.400

08/08/26

26,102

2,200,000

Microsoft Corp

.400

09/15/26

2,196

4,120,000

Microsoft Corp

.525

06/01/50

2,515

550,000

(b) Open Text Holdings, Inc

.125

02/15/30

526

9,900,000

Oracle Corp

.450

09/26/30

9,685

6,200,000

Oracle Corp

.200

09/26/35

5,940

3,000,000

Roper Technologies, Inc

.400

09/15/27

2,872

10,050,000

Roper Technologies, Inc

.000

06/30/30

9,092

TOTAL SOFTWARE & SERVICES

70,395

TECHNOLOGY HARDWARE & EQUIPMENT - 0.3%

EUR

500,000

Alphabet, Inc

.875

11/06/31

581

4,325,000

Amphenol Corp

.800

02/15/30

4,106

4,825,000

Apple, Inc

.450

08/04/26

4,789

26,100,000

Apple, Inc

.050

09/11/26

25,808

3,225,000

Apple, Inc

.650

02/23/46

2,961

4,675,000

Apple, Inc

.650

02/08/51

2,890

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

41,135

TELECOMMUNICATION SERVICES - 1.7%

GBP

300,000

AT&T, Inc

.900

12/04/26

EUR

500,000

AT&T, Inc

.350

09/05/29

575

42,943,000

AT&T, Inc

.550

12/01/33

36,650

8,325,000

AT&T, Inc

.500

05/15/35

7,997

9,750,000

AT&T, Inc

.900

11/01/35

9,630

EUR

400,000

AT&T, Inc

.150

09/04/36

46,670,000

AT&T, Inc

.550

09/15/55

31,065

225,000

(b) Bharti Airtel Ltd

.250

06/03/31

850,000

Deutsche Telekom International Finance BV

.750

06/15/30

992

1,375,000

(b) Millicom International Cellular S.A.

.500

04/27/31

1,281

2,750,000

(b) Millicom International Cellular S.A.

.375

04/02/32

2,858

295,000

(b) Sable International Finance Ltd

.125

10/15/32

3,300,000

(b) Sitios Latinoamerica SAB de C.V.

.375

04/04/32

3,315

900,000

(b) Telecomunicaciones Digitales S.A.

.500

01/30/30

857

22,975,000

T-Mobile USA, Inc

.625

02/15/29

21,929

30,200,000

T-Mobile USA, Inc

.875

04/15/30

29,698

8,800,000

T-Mobile USA, Inc

.050

07/15/33

8,980

2,225,000

T-Mobile USA, Inc

.000

02/15/41

1,658

7,800,000

T-Mobile USA, Inc

.300

02/15/51

5,214

9,625,000

T-Mobile USA, Inc

.875

11/15/55

9,615

4,725,000

(b) Turk Telekomunikasyon AS.

.950

10/07/32

4,828

EUR

400,000

Verizon Communications, Inc

.875

10/26/29

EUR

200,000

Verizon Communications, Inc

.250

10/31/30

31,900,000

Verizon Communications, Inc

.250

04/02/35

32,423

EUR

300,000

Verizon Communications, Inc

.875

01/15/38

2,900,000

Verizon Communications, Inc

.875

11/30/55

2,865

GBP

500,000

(b) Vmed O2 UK Financing I plc

.500

07/15/31

598

TOTAL TELECOMMUNICATION SERVICES

215,386

TRANSPORTATION - 0.1%

1,850,000

(b) Adani Ports & Special Economic Zone Ltd

.000

07/30/27

1,817

2,000,000

(b) Adani Ports & Special Economic Zone Ltd

.200

08/04/27

1,974

2,700,000

(b) Adani Ports & Special Economic Zone Ltd

.100

02/02/31

2,393

1,450,000

(b) Aeropuerto Internacional de Tocumen S.A.

.000

08/11/41

1,211

3,800,000

(b) ENA Master Trust

.000

05/19/48

2,906

4,600,000

(b) Montego Bay Airport Revenue Finance Ltd

.600

06/15/35

4,583

TOTAL TRANSPORTATION

14,884

UTILITIES - 2.9%

1,950,000

(b) Adani Electricity Mumbai Ltd

.867

07/22/31

1,753

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

UTILITIES

(continued)

$

1,650,000

AEP Transmission Co LLC

.000

%

12/01/46

$

1,322

1,175,000

AEP Transmission Co LLC

.400

03/15/53

1,142

3,475,000

Alabama Power Co

.150

08/15/44

2,903

6,025,000

Alabama Power Co

.450

10/01/49

4,285

3,937,912

(b) Alfa Desarrollo S.p.A

.550

09/27/51

3,168

17,400,000

Ameren Illinois Co

.950

06/01/33

17,776

2,750,000

American Water Capital Corp

.000

12/01/26

2,723

4,000,000

American Water Capital Corp

.800

05/01/30

3,792

8,500,000

American Water Capital Corp

.300

06/01/31

7,677

2,375,000

American Water Capital Corp

.000

12/01/46

1,910

4,500,000

American Water Capital Corp

.750

09/01/47

3,459

2,200,000

American Water Capital Corp

.700

09/01/55

2,203

5,788,000

Appalachian Power Co

.450

06/01/45

4,827

8,475,000

Atmos Energy Corp

.500

01/15/31

7,433

1,175,000

Atmos Energy Corp

.125

10/15/44

991

8,875,000

Atmos Energy Corp

.000

12/15/54

8,072

6,500,000

Baltimore Gas and Electric Co

.750

08/15/47

4,961

2,100,000

(b) Banco Nacional de Comercio Exterior SNC

.875

05/07/30

2,171

5,925,000

Berkshire Hathaway Energy Co

.250

04/15/28

5,840

1,075,000

CenterPoint Energy Houston Electric LLC

.000

03/01/32

987

EUR

350,000

CEZ AS., Reg S

.875

12/02/26

1,165,045

(b) Chile Electricity Lux Mpc II Sarl

.672

10/20/35

1,210

3,000,000

(b) Cikarang Listrindo Tbk PT

.650

03/12/35

3,044

6,875,000

CMS Energy Corp

.500

06/01/55

7,069

3,500,000

(b) Colbun S.A.

.375

09/11/35

3,504

200,000

(b) Comision Federal de Electricidad

.450

01/24/35

8,250,000

Commonwealth Edison Co

.000

03/01/50

5,394

6,600,000

Commonwealth Edison Co

.750

09/01/51

4,047

8,000,000

Consolidated Edison Co of New York, Inc

.500

03/15/55

7,755

2,178,000

Consumers Energy Co

.650

08/15/52

1,346

EUR

215,000

(b) ContourGlobal Power Holdings S.A.

.000

02/28/30

2,500,000

DTE Electric Co

.650

03/01/52

1,840

4,125,000

DTE Electric Co

.400

04/01/53

4,003

2,800,000

DTE Electric Co

.850

05/15/55

2,874

EUR

500,000

Duke Energy Corp

.100

06/15/28

591

EUR

400,000

Duke Energy Corp

.750

04/01/31

4,600,000

Duke Energy Florida LLC

.400

10/01/46

3,355

8,850,000

Duke Energy Indiana LLC

.750

04/01/50

5,528

6,100,000

Duke Energy Progress LLC

.500

08/15/50

3,556

EUR

600,000

E.ON SE, Reg S

.500

03/25/32

714

EUR

500,000

EDP Finance BV, Reg S

.875

03/11/30

606

EUR

500,000

Electricite de France S.A., Reg S

.000

10/02/30

560

3,445,000

(b) Empresas Publicas de Medellin ESP

.250

07/18/29

3,237

2,225,000

Entergy Louisiana LLC

.800

03/15/55

2,236

10,600,000

Enterprise Products Operating LLC

.700

01/31/51

7,773

4,700,000

Exelon Corp

.500

03/15/55

4,891

8,200,000

Florida Power & Light Co

.800

05/15/33

8,359

5,775,000

Florida Power & Light Co

.990

03/01/49

4,584

4,825,000

Florida Power & Light Co

.700

03/15/55

4,889

2,900,000

Indiana Michigan Power Co

.750

07/01/47

2,221

3,525,000

(b) Israel Electric Corp Ltd, Reg S

.250

08/14/28

3,482

6,975,000

MidAmerican Energy Co

.650

04/15/29

6,892

5,400,000

MidAmerican Energy Co

.650

08/01/48

4,042

6,000,000

MPLX LP

.200

09/15/55

5,949

7,350,000

Nevada Power Co

.400

05/01/30

6,791

3,335,000

Nevada Power Co

.450

05/15/41

3,302

5,200,000

NextEra Energy Capital Holdings, Inc

.750

06/15/54

5,551

2,000,000

(b) Niagara Energy SAC

.746

10/03/34

2,037

20,060,000

NiSource, Inc

.700

02/15/31

17,603

3,300,000

NiSource, Inc

.850

04/01/55

3,290

6,000,000

(b) NRG Energy, Inc

.450

12/02/27

5,798

1,280,000

Oncor Electric Delivery Co LLC

.250

09/30/40

1,267

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

UTILITIES

(continued)

$

600,000

(b) Pattern Energy Operations LP

.500

%

08/15/28

$

592

2,775,000

PECO Energy Co

.000

09/15/49

1,821

3,700,000

PECO Energy Co

.800

06/15/50

2,316

3,000,000

(b) Perusahaan Listrik Negara PT

.375

02/05/30

2,867

200,000

(b) Perusahaan Listrik Negara PT

.875

07/17/49

5,000,000

(b) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

.000

06/30/50

3,695

750,000

Potomac Electric Power Co

.900

12/15/38

943

2,100,000

Public Service Co of Colorado

.050

09/15/49

1,640

4,450,000

Public Service Co of Colorado

.200

03/01/50

3,031

5,150,000

Public Service Electric and Gas Co

.900

12/15/32

5,263

6,970,000

Public Service Electric and Gas Co

.150

01/01/50

4,742

5,000,000

Public Service Electric and Gas Co

.450

03/01/54

4,886

20,000,000

Southern Co

.000

01/15/51

19,988

EUR

500,000

Southern Power Co

.850

06/20/26

586

3,664,400

(b) Sweihan PV Power Co PJSC

.625

01/31/49

3,150

6,700,000

Union Electric Co

.450

03/15/53

6,458

2,775,000

Union Electric Co

.125

03/15/55

2,541

3,250,000

Virginia Electric and Power Co

.950

11/15/26

3,225

1,900,000

Virginia Electric and Power Co

.700

08/15/53

1,871

2,200,000

Virginia Electric and Power Co

.550

08/15/54

2,132

5,675,000

Virginia Electric and Power Co

.600

09/15/55

5,512

21,075,000

WEC Energy Group, Inc

.625

05/15/56

21,208

3,000,000

Wisconsin Power and Light Co

.950

04/01/33

3,038

4,125,000

Wisconsin Power and Light Co

.100

10/15/44

3,308

2,240,000

Xcel Energy, Inc

.800

09/15/41

2,057

TOTAL UTILITIES

358,973

TOTAL CORPORATE BONDS

(Cost $3,266,431)

3,144,515

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

GOVERNMENT BONDS - 57.9%

AGENCY SECURITIES - 0.1%

25,000,000

Federal Home Loan Mortgage Corp

.540

08/17/35

19,310

TOTAL AGENCY SECURITIES

19,310

FOREIGN GOVERNMENT BONDS - 3.0%

AUD

1,550,000

Australia Government Bond, Reg S

.750

11/21/27

1,010

AUD

2,460,000

Australia Government Bond, Reg S

.000

12/21/30

1,400

AUD

1,300,000

Australia Government Bond, Reg S

.750

06/21/35

734

200,000

(b) Bank Gospodarstwa Krajowego

.250

10/31/28

3,815,000

(b) Bank Gospodarstwa Krajowego

.375

05/22/33

3,920

EUR

925,000

Bank Gospodarstwa Krajowego, Reg S

.375

03/13/39

1,093

EUR

3,650,000

(b) Banque Ouest Africaine de Developpement

.750

01/22/33

3,627

2,100,000

(b) Barbados Government International Bond

.000

06/26/35

2,207

1,750,000

(b) Benin Government International Bond

.375

01/23/41

1,836

8,000,000

(b) BNG Bank NV

.875

05/18/26

7,914

CLP

535,000,000

(b) Bonos de la Tesoreria de la Republica en pesos, Reg S

.000

04/01/33

619

BRL

4,700,000

Brazil Notas do Tesouro Nacional Serie F

.000

01/01/31

753

600,000

Brazilian Government International Bond

.500

11/06/30

609

2,910,000

Brazilian Government International Bond

.000

10/20/33

2,941

EUR

2,575,000

Bundesobligation, Reg S

.200

10/10/30

2,990

EUR

4,450,000

Bundesrepublik Deutschland, Reg S

.000

08/15/31

4,551

EUR

1,400,000

Bundesrepublik Deutschland, Reg S

.300

02/15/33

1,606

EUR

1,750,000

Bundesrepublik Deutschland, Reg S

.000

05/15/38

1,615

EUR

925,000

Bundesrepublik Deutschland, Reg S

.000

08/15/52

EUR

750,000

Bundesschatzanweisungen, Reg S

.500

03/19/26

882

CAD

1,525,000

(b) Canada Housing Trust No

.550

09/15/32

1,126

CAD

1,100,000

Canada Housing Trust No

.450

03/15/35

795

CAD

3,950,000

Canadian Government Bond

.500

09/01/29

2,944

CAD

2,425,000

Canadian Government Bond

.500

12/01/31

1,614

CAD

1,475,000

Canadian Government International Bond

.000

06/01/28

1,059

CAD

850,000

Canadian Government International Bond

.000

06/01/32

578

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FOREIGN GOVERNMENT BONDS

(continued)

$

2,184,253

Canal Barge Co, Inc

.500

%

11/12/34

$

2,167

EUR

700,000

Chile Government International Bond

.875

07/09/31

842

1,250,000

Chile Government International Bond

.550

01/27/32

1,120

1,850,000

Chile Government International Bond

.500

01/31/34

1,700

EUR

1,125,000

Chile Government International Bond

.800

07/01/35

1,322

CNY

46,100,000

China Government Bond

.550

10/15/28

6,810

CNY

16,100,000

China Government Bond

.270

11/19/30

2,504

CNY

47,200,000

China Government Bond

.040

11/25/34

6,855

CNY

36,850,000

China Government Bond

.610

02/15/35

5,160

CNY

18,900,000

China Government Bond

.860

07/22/49

3,425

CNY

10,000,000

China Government Bond

.390

03/16/50

1,697

CNY

4,700,000

China Government Bond

.810

09/14/50

852

CNY

4,700,000

China Government Bond

.720

04/12/51

844

EUR

435,000

Colombia Government International Bond

.000

09/19/32

600,000

Colombia Government International Bond

.000

11/14/35

639

COP

3,300,000,000

Colombian TES

.750

09/18/30

716

1,900,000

(b) Costa Rica Government International Bond

.000

04/04/44

2,081

CZK

27,700,000

Czech Republic Government Bond, Reg S

.950

05/15/30

1,182

200,000

(b) Dominican Republic Government International Bond

.050

02/03/31

1,575,000

(b) Dominican Republic Government International Bond

.875

09/23/32

1,514

3,050,000

(b) Dominican Republic Government International Bond

.875

01/30/60

2,716

2,000,000

(b) Dominican Republic International Bond

.875

10/28/35

2,003

1,625,000

(b) Eagle Funding Luxco Sarl

.500

08/17/30

1,655

141,600

(b) Ecuador Government International Bond (Step Bond)

.000

07/31/30

99,120

(b) Ecuador Government International Bond (Step Bond)

.000

07/31/35

28,000

(b) Ecuador Government International Bond (Step Bond)

.000

07/31/40

2,000,000

(b) Egypt Government International Bond

.625

02/04/30

2,219

2,050,000

(b) Egypt Government International Bond

.500

01/31/47

2,011

1,425,000

Emirate of Dubai Government International Bonds, Reg S

.900

09/09/50

1,076

3,500,000

European Investment Bank

.875

02/15/36

3,674

2,000,000

(b) Export-Import Bank of India

.875

02/01/28

1,988

2,000,000

(b) Export-Import Bank of India

.250

01/13/31

1,803

3,350,000

Export-Import Bank of Korea

.250

09/21/30

2,966

EUR

1,325,000

(b) French Republic Government Bond OAT, Reg S

.750

11/25/28

1,484

EUR

2,150,000

(b) French Republic Government Bond OAT, Reg S

.750

02/25/30

2,532

EUR

290,000

(b) French Republic Government Bond OAT, Reg S

.750

04/25/35

EUR

1,525,000

French Republic Government Bond OAT

.250

05/25/36

1,426

EUR

2,225,000

(b) French Republic Government Bond OAT, Reg S

.500

05/25/40

1,639

EUR

860,000

(b) French Republic Government Bond OAT, Reg S

.750

05/25/52

EUR

960,000

(b) French Republic Government Bond OAT, Reg S

.750

05/25/53

804,650

(b) Ghana Government International Bond

.000

07/03/29

789

1,432,100

(b) Ghana Government International Bond

.000

07/03/35

1,308

450,000

(b) Guatemala Government International Bond

.375

06/05/27

500,000

(b) Guatemala Government International Bond

.650

10/07/41

EUR

590,000

(b) Hellenic Republic Government Bond, Reg S

.625

06/15/35

704

EUR

1,250,000

(b) Hellenic Republic Government International Bond, Reg S

.500

06/18/30

1,400

EUR

725,000

(b) Hellenic Republic Government International Bond, Reg S

.750

06/18/31

763

EUR

975,000

(b) Hellenic Republic Government International Bond, Reg S

.375

06/15/34

1,152

EUR

750,000

(b) Hellenic Republic Government International Bond, Reg S

.375

07/18/38

943

EUR

390,000

(b) Hellenic Republic Government International Bond, Reg S

.125

06/15/54

1,350,000

(b) Honduras Government International Bond

.625

11/27/34

1,519

HUF

370,000,000

Hungary Government Bond

.500

03/23/28

1,091

1,565,000

(b) Hungary Government International Bond

.125

05/22/28

1,623

1,150,000

(b) Hungary Government International Bond

.125

09/22/31

991

EUR

1,500,000

Hungary Government International Bond, Reg S

.750

06/05/35

1,409

1,500,000

(b) Hungary Government International Bond

.000

09/26/35

1,559

CAD

1,475,000

Hydro-Quebec

.000

02/15/45

1,122

INR

94,100,000

India Government International Bond

.180

08/14/33

1,077

1,800,000

(b) Indonesia Government International Bond

.625

04/15/43

1,678

IDR

15,665,000,000

Indonesia Treasury Bond

.625

02/15/34

970

INR

17,000,000

Inter-American Development Bank

.000

04/17/33

IDR

20,900,000,000

International Bank for Reconstruction & Development

.250

01/12/28

1,283

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FOREIGN GOVERNMENT BONDS

(continued)

$

640,625

(b) Iraq Government International Bond

.800

%

01/15/28

$

638

EUR

725,000

Ireland Government Bond

.600

10/18/34

825

EUR

400,000

Ireland Government Bond, Reg S

.700

05/15/37

EUR

400,000

Ireland Government Bond, Reg S

.000

10/18/43

3,100,000

Israel Government International Bond

.375

01/15/50

2,079

EUR

2,015,000

Italy Buoni Poliennali Del Tesoro, Reg S

.450

02/15/29

2,226

EUR

1,875,000

Italy Buoni Poliennali Del Tesoro, Reg S

.950

08/01/30

2,036

EUR

675,000

Italy Buoni Poliennali Del Tesoro

.000

10/30/31

839

EUR

1,450,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.150

11/15/31

1,721

EUR

400,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.250

07/15/32

EUR

2,850,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.650

08/01/35

3,402

EUR

785,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.000

08/01/39

1,042

EUR

425,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.450

09/01/43

523

EUR

925,000

(b) Italy Buoni Poliennali Del Tesoro, Reg S

.300

10/01/54

1,079

2,900,000

(b) Ivory Coast Government International Bond

.075

04/01/36

3,127

1,050,000

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

.250

01/30/37

1,141

2,350,000

Jamaica Government International Bond

.875

07/28/45

2,839

JPY

140,000,000

Japan Finance Organization for Municipalities

.020

03/13/26

892

JPY

277,000,000

Japan Government Five Year Bond

.005

09/20/26

1,758

JPY

445,000,000

Japan Government Five Year Bond

.300

09/20/28

2,770

JPY

191,000,000

Japan Government Five Year Bond

.500

03/20/29

1,188

JPY

408,000,000

Japan Government Forty Year Bond

.700

03/20/61

1,196

JPY

118,000,000

Japan Government Ten Year Bond

.100

09/20/26

749

JPY

449,600,000

Japan Government Ten Year Bond

.100

12/20/30

2,671

JPY

355,000,000

Japan Government Ten Year Bond

.200

12/20/34

2,122

JPY

415,000,000

Japan Government Thirty Year Bond

.500

09/20/46

1,633

JPY

105,000,000

Japan Government Thirty Year Bond

.600

09/20/50

JPY

453,000,000

Japan Government Thirty Year Bond

.700

09/20/51

1,573

JPY

118,500,000

Japan Government Thirty Year Bond

.300

06/20/52

JPY

202,000,000

Japan Government Twenty Year Bond

.400

09/20/34

1,232

JPY

93,000,000

Japan Government Twenty Year Bond

.600

12/20/36

503

JPY

153,000,000

Japan Government Twenty Year Bond

.300

06/20/39

736

JPY

190,000,000

Japan Government Twenty Year Bond

.300

09/20/39

906

JPY

561,000,000

Japan Government Twenty Year Bond

.400

03/20/40

2,672

1,000,000

(b) Jordan Government International Bond

.500

01/13/29

1,052

1,025,000

(b) Jordan Government International Bond

.850

07/07/30

1,032

1,000,000

(b) Jordan Government International Bond

.750

11/12/32

981

1,250,000

(b) Kazakhstan Government International Bond

.500

07/01/37

1,288

EUR

875,000

(b) Kingdom of Belgium Government Bond, Reg S

.350

06/22/32

872

EUR

2,325,000

(b) Kingdom of Belgium Government Bond, Reg S

.450

06/22/37

2,190

3,000,000

(b) Kommunalbanken AS.

.125

06/14/30

2,673

KRW

3,740,000,000

Korea Treasury Bond

.375

12/10/29

2,422

KRW

1,340,000,000

Korea Treasury Bond

.625

03/10/30

908

KRW

1,225,000,000

Korea Treasury Bond

.375

12/10/31

807

KRW

2,995,000,000

Korea Treasury Bond

.625

06/10/35

1,947

KRW

2,380,000,000

Korea Treasury Bond

.375

09/10/38

1,481

KRW

400,000,000

Korea Treasury Bond

.875

09/10/41

KRW

365,000,000

Korea Treasury Bond

.500

03/10/52

MYR

7,800,000

Malaysia Government Bond

.642

11/07/33

2,074

MXN

9,000,000

Mexican Bonos

.500

03/01/29

504

MXN

24,700,000

Mexican Bonos

.500

11/18/38

1,285

3,375,000

Mexico Government International Bond

.250

04/16/30

3,188

1,715,000

Mexico Government International Bond

.850

07/02/32

1,762

EUR

600,000

Mexico Government International Bond

.500

03/19/34

702

3,001,000

Mexico Government International Bond

.050

01/11/40

2,986

6,000,000

Mexico Government International Bond

.280

08/14/41

4,818

3,500,000

Mexico Government International Bond

.600

02/10/48

2,704

5,075,000

Mexico Government International Bond

.400

02/12/52

3,697

1,525,000

Mexico Government International Bond

.375

05/13/55

1,642

4,050,000

(b) Morocco Government International Bond

.500

12/11/42

3,854

AUD

500,000

New South Wales Treasury Corp, Reg S

.000

05/20/26

AUD

2,690,000

New South Wales Treasury Corp, Reg S

.000

04/20/29

1,718

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FOREIGN GOVERNMENT BONDS

(continued)

NZD

3,871,000

New Zealand Government Bond

.750

%

05/15/41

$

1,469

$

1,500,000

(b) Nigeria Government International Bond

.375

12/09/34

1,779

1,000,000

(b) Nigeria Government International Bond

.631

01/13/36

1,074

NOK

7,000,000

(b) Norway Government International Bond, Reg S

.250

09/17/31

600

1,000,000

(b) Oman Government International Bond

.375

03/08/27

1,010

2,250,000

(b) Oman Government International Bond

.000

08/01/29

2,358

1,800,000

(b) OPEC Fund for International Development

.500

01/26/26

1,800

1,100,000

Panama Government International Bond

.700

01/26/36

1,182

750,000

(b) Paraguay Government International Bond

.000

02/09/36

804

1,000,000

(b) Paraguay Government International Bond

.100

08/11/44

1,034

675,000

(b) Paraguay Government International Bond

.650

03/04/55

733

3,000,000

Peruvian Government International Bond

.862

12/01/32

2,474

1,195,000

Peruvian Government International Bond

.000

01/15/34

1,039

PEN

3,515,000

(b) Peruvian Government International Bond

.400

08/12/34

1,041

165,000

Peruvian Government International Bond

.375

02/08/35

1,040,000

Peruvian Government International Bond

.875

08/08/54

1,029

4,920,000

Philippine Government International Bond

.200

03/29/47

4,119

CAD

875,000

Province of Ontario Canada

.150

06/02/31

603

CAD

875,000

Province of Ontario Canada

.900

12/02/51

CAD

650,000

Province of Quebec Canada

.750

09/01/27

6,000,000

Province of Quebec Canada

.500

09/15/29

6,756

CAD

2,025,000

Province of Quebec Canada

.000

12/01/41

1,564

7,000,000

Republic of Italy Government International Bond

.000

10/17/49

5,358

PLN

5,650,000

Republic of Poland Government International Bond

.750

04/25/29

1,650

950,000

Republic of Poland Government International Bond

.750

11/16/32

1,019

PLN

3,700,000

Republic of Poland Government International Bond

.000

10/25/33

1,101

EUR

875,000

Republic of Poland Government International Bond, Reg S

.875

07/07/37

1,023

2,245,000

Republic of Poland Government International Bond

.500

04/04/53

2,154

ZAR

28,350,000

Republic of South Africa Government International Bond

.875

02/28/35

1,779

1,500,000

(b) Republic of South Africa Government International Bond

.100

11/19/36

1,611

ZAR

8,000,000

Republic of South Africa Government International Bond

.750

01/31/44

2,800,000

Republic of South Africa Government International Bond

.375

07/24/44

2,388

UGX

2,000,000,000

Republic of Uganda Government Bonds

.250

06/22/34

UZS

5,990,000,000

(b) Republic of Uzbekistan International Bond

.625

05/29/27

521

675,000

(b) Republic of Uzbekistan International Bond

.700

11/25/30

626

375,000

(b) Republic of Uzbekistan International Bond

.900

02/28/32

RON

5,655,000

Romanian Government International Bond

.000

04/29/30

1,367

1,850,000

(b) Romanian Government International Bond

.000

02/14/31

1,676

EUR

1,100,000

(b) Romanian Government International Bond

.000

04/14/33

1,050

3,300,000

(b) Romanian Government International Bond

.000

02/14/51

2,256

2,550,000

(b) Rwanda International Government Bond

.500

08/09/31

2,364

1,750,000

(b) Saudi Government International Bond

.625

01/13/35

1,855

4,200,000

(b) Saudi Government International Bond

.750

01/21/55

2,968

1,000,000

(b) Senegal Government International Bond

.750

03/13/48

536

EUR

1,250,000

(b) Serbia Government International Bond

.500

06/26/29

1,362

3,450,000

(b) Serbia Government International Bond

.125

12/01/30

3,012

EUR

525,000

(b) Serbia Government International Bond

.650

03/03/33

515

560,000

(b) Serbia Government International Bond

.500

09/26/33

599

SGD

600,000

Singapore Government Bond

.750

03/01/35

SGD

600,000

Singapore Government International Bond

.875

09/01/30

EUR

725,000

(b) Spain Government Bond, Reg S

.150

04/30/35

845

EUR

700,000

(b) Spain Government Bond, Reg S

.150

10/31/44

966

EUR

850,000

(b) Spain Government Bond, Reg S

.000

10/31/54

977

EUR

845,000

(b) Spain Government International Bond, Reg S

.400

07/30/28

971

EUR

1,475,000

(b) Spain Government International Bond, Reg S

.600

10/31/29

1,615

EUR

900,000

(b) Spain Government International Bond, Reg S

.250

04/30/34

1,066

EUR

475,000

(b) Spain Government International Bond, Reg S

.900

07/30/39

574

EUR

2,350,000

(b) Spain Government International Bond, Reg S

.200

10/31/40

1,981

EUR

1,000,000

(b) Spain Government International Bond, Reg S

.900

10/31/52

765

CHF

1,700,000

Swiss Confederation Government Bond, Reg S

.250

06/23/35

2,136

THB

13,900,000

Thailand Government Bond

.450

06/17/43

514

THB

24,400,000

Thailand Government International Bond

.300

06/17/38

892

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FOREIGN GOVERNMENT BONDS

(continued)

AUD

4,650,000

Treasury Corp of Victoria

.250

%

11/20/34

$

2,432

EUR

1,925,000

Turkiye Government International Bond

.200

08/17/31

2,352

$

1,850,000

Turkiye Government International Bond

.625

05/15/34

2,010

250,000

(b) Ukraine Government International Bond

.750

02/01/29

363,440

(b) Ukraine Government International Bond

.000

02/01/35

73,700

(b) Ukraine Government International Bond

.000

02/01/36

GBP

2,225,000

United Kingdom Gilt, Reg S

.750

03/07/27

3,000

GBP

1,220,000

United Kingdom Gilt, Reg S

.625

10/22/28

1,555

GBP

425,000

United Kingdom Gilt, Reg S

.500

01/31/29

520

GBP

2,625,000

United Kingdom Gilt, Reg S

.000

10/22/31

3,522

GBP

440,000

United Kingdom Gilt, Reg S

.250

01/31/33

556

GBP

550,000

United Kingdom Gilt, Reg S

.875

07/31/33

579

GBP

760,000

United Kingdom Gilt, Reg S

.625

01/31/34

1,043

GBP

750,000

United Kingdom Gilt, Reg S

.500

03/07/35

1,013

GBP

2,665,000

United Kingdom Gilt, Reg S

.750

09/07/37

2,648

GBP

900,000

United Kingdom Gilt, Reg S

.750

01/29/38

1,102

GBP

275,000

United Kingdom Gilt, Reg S

.250

10/22/41

GBP

575,000

United Kingdom Gilt, Reg S

.500

07/22/47

GBP

800,000

United Kingdom Gilt, Reg S

.250

12/07/49

944

GBP

1,875,000

United Kingdom Gilt, Reg S

.625

10/22/50

932

GBP

1,100,000

United Kingdom Gilt, Reg S

.375

07/31/54

1,301

545,000

Uruguay Government International Bond

.375

01/23/31

552

UYU

44,700,000

Uruguay Government International Bond

.250

05/21/31

1,176

2,758,000

Uruguay Government International Bond

.442

02/14/37

2,866

1,400,000

Uruguay Government International Bond

.100

06/18/50

1,320

TOTAL FOREIGN GOVERNMENT BONDS

362,884

MORTGAGE BACKED - 26.1%

5,176,000

(a),(b)

Angel Oak Mortgage Trust

.837

11/25/66

3,846

5,607,211

(a),(b)

Bayview Opportunity Master Fund VI Trust

.000

10/25/51

4,869

11,000,000

(a),(b)

BLP Commercial Mortgage Trust, (TSFR1M + 1.500%)

.250

12/15/42

11,028

68,026,359

(a),(b)

Citigroup Mortgage Loan Trust

.153

02/25/52

606

7,627,001

(a),(b)

Citigroup Mortgage Loan Trust

.250

02/25/52

16,740,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

.974

03/25/42

17,154

23,145,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 4.650%)

.524

06/25/42

24,336

10,260,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.600%)

.474

07/25/42

10,614

340,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.350%)

.706

01/25/43

3,844,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

05/25/43

4,034

1,770,600

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 5.350%)

.224

05/25/43

1,917

2,255,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

.456

06/25/43

2,341

915,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 6.850%)

.724

06/25/43

1,017

3,995,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 2.700%)

.574

07/25/43

4,110

3,215,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.900%)

.188

07/25/43

3,389

2,425,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 5.900%)

.774

07/25/43

2,627

5,755,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

10/25/43

6,022

1,635,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 1.800%)

.150

02/25/44

1,646

1,108,214

Fannie Mae Pool

.500

05/01/32

1,099

129,790

Fannie Mae Pool

.500

10/01/33

245,279

Fannie Mae Pool

.500

05/01/35

1,580,181

Fannie Mae Pool

.000

05/01/35

1,621

764,881

Fannie Mae Pool

.000

10/01/35

785

646,165

Fannie Mae Pool

.000

02/01/36

664

2,182,035

Fannie Mae Pool

.500

11/01/38

2,277

742,041

Fannie Mae Pool

.000

10/01/39

696

9,053,046

Fannie Mae Pool

.000

05/01/40

8,438

1,103,728

Fannie Mae Pool

.000

09/01/40

1,135

2,396,760

Fannie Mae Pool

.000

05/01/41

2,465

6,774,712

Fannie Mae Pool

.000

09/01/42

6,596

5,183,650

Fannie Mae Pool

.500

04/01/43

4,942

4,739,478

Fannie Mae Pool

.500

09/01/43

4,530

5,208,438

Fannie Mae Pool

.500

03/01/44

5,232

22,978,735

Fannie Mae Pool

.000

05/01/44

22,431

2,209,886

Fannie Mae Pool

.500

06/01/44

2,207

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

2,110,869

Fannie Mae Pool

.500

%

10/01/44

$

2,103

3,711,642

Fannie Mae Pool

.500

11/01/44

3,698

1,110,614

Fannie Mae Pool

.000

11/01/44

1,142

1,407,765

Fannie Mae Pool

.500

12/01/44

1,403

1,529,600

Fannie Mae Pool

.000

01/01/45

1,489

374,173

Fannie Mae Pool

.500

03/01/45

228,348

Fannie Mae Pool

.500

04/01/45

4,898,420

Fannie Mae Pool

.500

05/01/45

4,667

6,401,397

Fannie Mae Pool

.500

01/01/46

6,076

761,678

Fannie Mae Pool

.000

04/01/46

736

5,264,716

Fannie Mae Pool

.500

06/01/46

4,982

6,749,267

Fannie Mae Pool

.500

07/01/46

6,389

11,666,703

Fannie Mae Pool

.500

07/01/46

11,125

1,202,252

Fannie Mae Pool

.000

10/01/46

1,069

6,538,763

Fannie Mae Pool

.500

10/01/46

6,187

2,631,939

Fannie Mae Pool

.500

05/01/47

2,649

294,806

Fannie Mae Pool

.000

11/01/47

5,039,951

Fannie Mae Pool

.500

11/01/47

4,800

10,590,469

Fannie Mae Pool

.500

01/01/48

9,992

4,459,929

Fannie Mae Pool

.500

01/01/48

4,433

3,780,647

Fannie Mae Pool

.500

02/01/48

3,758

2,901,911

Fannie Mae Pool

.500

05/01/48

2,884

1,917,337

Fannie Mae Pool

.500

05/01/48

1,906

413,954

Fannie Mae Pool

.000

06/01/49

13,650,735

Fannie Mae Pool

.000

07/01/50

12,350

9,183,532

Fannie Mae Pool

.000

09/01/51

8,293

59,114,300

Fannie Mae Pool

.500

12/01/51

50,421

1,955,494

Fannie Mae Pool

.500

01/01/52

1,668

22,178,487

Fannie Mae Pool

.500

02/01/52

19,008

13,091,366

Fannie Mae Pool

.000

02/01/52

11,604

9,615,593

Fannie Mae Pool

.500

02/01/52

8,996

24,562,887

Fannie Mae Pool

.000

04/01/52

22,004

14,405,045

Fannie Mae Pool

.000

04/01/52

12,895

43,836,343

Fannie Mae Pool

.000

04/01/52

38,882

23,351,389

Fannie Mae Pool

.500

05/01/52

19,853

10,951,164

Fannie Mae Pool

.000

05/01/52

9,809

5,382,552

Fannie Mae Pool

.500

05/01/52

4,988

34,656,105

Fannie Mae Pool

.000

05/01/52

33,033

1,629,735

Fannie Mae Pool

.000

06/01/52

1,444

31,172,076

Fannie Mae Pool

.500

06/01/52

28,983

17,067,097

Fannie Mae Pool

.500

06/01/52

15,822

70,820,023

Fannie Mae Pool

.000

06/01/52

67,587

6,740,367

Fannie Mae Pool

.500

06/01/52

6,613

46,141,128

Fannie Mae Pool

.000

07/01/52

44,035

6,767,572

Fannie Mae Pool

.500

07/01/52

6,637

6,945,559

Fannie Mae Pool

.500

07/01/52

6,806

7,899,107

Fannie Mae Pool

.500

08/01/52

7,744

40,339,138

Fannie Mae Pool

.000

08/01/52

40,401

125,231,649

Fannie Mae Pool

.000

09/01/52

119,312

122,517,790

Fannie Mae Pool

.500

09/01/52

120,094

23,821,970

Fannie Mae Pool

.000

09/01/52

23,859

76,495,189

Fannie Mae Pool

.000

10/01/52

72,891

64,845,199

Fannie Mae Pool

.500

10/01/52

63,602

12,809,118

Fannie Mae Pool

.000

10/01/52

12,849

105,381,864

Fannie Mae Pool

.500

11/01/52

103,264

296,273

Fannie Mae Pool

.000

01/01/53

56,372,359

Fannie Mae Pool

.000

02/01/53

56,448

45,265,185

Fannie Mae Pool

.500

02/01/53

45,937

12,063,761

Fannie Mae Pool

.000

02/01/53

12,413

58,130,753

Fannie Mae Pool

.000

04/01/53

58,202

16,412,554

Fannie Mae Pool

.000

06/01/53

16,540

99,020,848

Fannie Mae Pool

.500

06/01/53

100,743

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

16,358,537

Fannie Mae Pool

.000

%

07/01/53

$

15,548

21,317,500

Fannie Mae Pool

.500

07/01/53

20,871

24,206,112

Fannie Mae Pool

.500

08/01/53

23,687

24,748,646

Fannie Mae Pool

.000

08/01/53

24,760

15,785,517

Fannie Mae Pool

.500

08/01/53

16,053

10,949,965

Fannie Mae Pool

.500

10/01/53

11,133

33,360,346

Fannie Mae Pool

.000

01/01/54

34,302

7,076,092

Fannie Mae Pool

.000

02/01/54

6,751

172,000,142

Fannie Mae Pool

.500

04/01/54

174,549

124,842,613

Fannie Mae Pool

.500

05/01/54

126,686

1,691,664

Fannie Mae Pool

.000

06/01/54

1,737

39,243,030

Fannie Mae Pool

.500

10/01/54

39,809

20,067,315

Fannie Mae Pool

.000

10/01/54

20,606

3,766,855

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

.961

09/25/43

6,285,136

Fannie Mae REMICS

.500

02/25/48

5,665

4,403,585

Fannie Mae REMICS

.000

07/25/48

4,209

9,702,894

Fannie Mae REMICS

.000

08/25/50

1,222

9,413,834

Fannie Mae REMICS

.000

10/25/50

6,667

24,844,029

Fannie Mae REMICS

.500

11/25/50

3,446

8,621,565

Fannie Mae REMICS

.000

12/25/50

1,486

3,290,782

Fannie Mae REMICS

.000

02/25/51

632

10,033,950

Fannie Mae REMICS

.500

11/25/51

1,098

15,332,796

Fannie Mae REMICS

.500

04/25/52

11,984

3,681,719

Fannie Mae REMICS

.000

05/25/52

3,014

10,354,170

Fannie Mae REMICS

.500

07/25/52

9,356

6,062,493

Fannie Mae REMICS

.500

08/25/52

5,294

4,540,950

Fannie Mae REMICS

.000

09/25/52

4,028

5,180,682

Fannie Mae REMICS

.000

09/25/52

4,616

4,397,242

Fannie Mae REMICS

.500

10/25/52

4,208

5,022,113

Fannie Mae REMICS

.500

10/25/52

4,854

8,376,054

Fannie Mae REMICS

.500

11/25/52

8,558

6,171,779

Federal National Mortgage Association

.500

02/01/52

5,251

4,023

Freddie Mac Gold Pool

.000

01/01/31

3,113

Freddie Mac Gold Pool

.000

01/01/32

135,863

Freddie Mac Gold Pool

.500

07/01/33

912,454

Freddie Mac Gold Pool

.000

12/01/33

959

271,737

Freddie Mac Gold Pool

.500

10/01/34

187,313

Freddie Mac Gold Pool

.500

04/01/35

155,947

Freddie Mac Gold Pool

.000

05/01/35

828,580

Freddie Mac Gold Pool

.000

06/01/36

852

323,947

Freddie Mac Gold Pool

.000

07/01/39

25,931

Freddie Mac Gold Pool

.500

02/01/44

910,328

Freddie Mac Gold Pool

.500

10/01/44

908

436,367

Freddie Mac Gold Pool

.500

11/01/44

872,307

Freddie Mac Gold Pool

.500

11/01/44

870

448,091

Freddie Mac Gold Pool

.500

12/01/44

430,946

Freddie Mac Gold Pool

.500

12/01/44

2,526,872

Freddie Mac Gold Pool

.500

04/01/45

2,408

273,708

Freddie Mac Gold Pool

.500

05/01/45

10,842,395

Freddie Mac Gold Pool

.500

08/01/45

10,341

948,902

Freddie Mac Gold Pool

.500

06/01/47

947

1,784,287

Freddie Mac Gold Pool

.000

09/01/47

1,726

1,916,739

Freddie Mac Gold Pool

.500

12/01/47

1,815

6,757,883

Freddie Mac Gold Pool

.500

08/01/48

6,725

3,177,535

Freddie Mac Gold Pool

.500

10/01/48

3,162

5,112,257

Freddie Mac Gold Pool

.500

11/01/48

4,833

10,470,847

Freddie Mac Pool

.000

11/01/49

9,454

2,941,649

Freddie Mac Pool

.500

11/01/51

2,505

26,169,749

Freddie Mac Pool

.000

11/01/51

23,742

3,687,526

Freddie Mac Pool

.000

11/01/51

3,324

2,217,712

Freddie Mac Pool

.000

11/01/51

2,018

3,396,423

Freddie Mac Pool

.000

11/01/51

3,084

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

11,165,712

Freddie Mac Pool

.500

%

04/01/52

$

9,516

5,569,996

Freddie Mac Pool

.000

04/01/52

5,317

86,512,907

Freddie Mac Pool

.000

05/01/52

76,788

6,168,875

Freddie Mac Pool

.000

06/01/52

5,466

1,038,122

Freddie Mac Pool

.500

06/01/52

966

14,218,511

Freddie Mac Pool

.500

06/01/52

13,943

607,441

Freddie Mac Pool

.500

07/01/52

595

14,112,111

Freddie Mac Pool

.500

07/01/52

13,839

8,539,110

Freddie Mac Pool

.500

09/01/52

8,375

25,377,542

Freddie Mac Pool

.000

11/01/52

26,166

14,582,183

Freddie Mac Pool

.000

01/01/53

14,602

104,435,505

Freddie Mac Pool

.000

06/01/53

104,537

45,503,756

Freddie Mac Pool

.000

08/01/53

45,560

19,900,342

Freddie Mac Pool

.500

08/01/53

20,243

9,152,526

Freddie Mac REMICS

.500

01/15/47

8,406

1,525,365

Freddie Mac REMICS

.000

10/15/47

1,449

1,452,981

Freddie Mac REMICS

.000

11/15/47

1,392

7,417,848

Freddie Mac REMICS

.000

01/15/48

7,102

8,606,523

Freddie Mac REMICS

.000

03/15/48

8,236

2,188,018

Freddie Mac REMICS

.000

04/15/48

2,093

5,371,435

Freddie Mac REMICS

.000

04/15/48

5,121

6,249,931

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

.363

06/15/48

5,768

4,666,172

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

.283

10/15/48

4,163

7,297,768

Freddie Mac REMICS

.000

09/25/50

5,030

4,291,389

Freddie Mac REMICS

.000

09/25/50

529

14,232,068

Freddie Mac REMICS

.000

09/25/50

10,545

7,208,929

Freddie Mac REMICS

.000

10/25/50

5,262

31,445,548

Freddie Mac REMICS

.500

02/25/51

5,303

3,621,946

Freddie Mac REMICS

.000

08/25/52

3,244

6,792,582

Freddie Mac REMICS

.500

10/25/52

6,403

8,352,258

Freddie Mac REMICS

.500

11/25/52

8,596

860,000

(a),(b)

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

.974

01/25/42

906

3,925,000

(a),(b)

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

.106

02/25/42

4,082

6,630,000

(a),(b)

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

.647

04/25/42

7,009

6,333,800

(a),(b)

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

.224

05/25/42

6,539

22,500,000

(a),(b)

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

.374

06/25/42

23,681

17,060,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 4.000%)

.874

07/25/42

17,833

13,591,000

(a),(b)

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

.574

09/25/42

14,185

790,000

(a),(b)

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

.444

03/25/43

819

3,440,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%)

.115

04/25/43

3,583

5,035,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.500%)

.374

05/25/43

5,278

140,861

(a),(b)

Freddie Mac STACR Securitized Participation Interests Trust

.784

02/25/48

29,416

(a),(b)

Freddie Mac STACR Securitized Participation Interests Trust

.850

05/25/48

8,401,335

Ginnie Mae I Pool

.700

10/15/33

8,167

138,922

Ginnie Mae I Pool

.000

04/15/38

615,243

Ginnie Mae I Pool

.000

06/15/39

630

324,745

Ginnie Mae I Pool

.000

06/15/39

8,640,844

Ginnie Mae I Pool

.700

08/15/40

7,999

156,188

Ginnie Mae II Pool

.500

11/20/38

6,716,852

Ginnie Mae II Pool

.000

06/20/51

6,043

7,733,114

Ginnie Mae II Pool

.000

12/20/51

6,957

5,729,851

Ginnie Mae II Pool

.500

02/20/52

4,832

47,612,248

Ginnie Mae II Pool

.500

04/20/52

43,722

3,813,533

Ginnie Mae II Pool

.500

07/20/52

3,507

10,025,133

Ginnie Mae II Pool

.000

08/20/52

9,537

6,260,133

Ginnie Mae II Pool

.000

09/20/52

5,963

7,901,462

Ginnie Mae II Pool

.000

11/20/52

7,914

5,210,776

Ginnie Mae II Pool

.000

12/20/52

4,963

16,571,486

Ginnie Mae II Pool

.500

03/20/53

16,245

13,242,512

Government National Mortgage Association

.000

01/20/40

2,634

5,944,388

Government National Mortgage Association

.500

03/20/40

1,031

9,574,132

Government National Mortgage Association

.000

03/20/40

1,813

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

7,781,420

Government National Mortgage Association

.500

%

12/20/43

$

7,029

4,070,395

Government National Mortgage Association

.000

03/20/45

3,681

2,324,674

Government National Mortgage Association

.000

06/20/46

3,474,458

Government National Mortgage Association

.000

09/20/46

642

17,348,994

Government National Mortgage Association

.000

11/20/51

12,820

19,225,555

Government National Mortgage Association

.000

12/20/51

14,433

17,514,458

Government National Mortgage Association

.000

01/20/52

13,405

16,086,217

Government National Mortgage Association

.000

02/20/52

11,305

11,368,620

Government National Mortgage Association

.000

04/20/52

9,560

10,098,388

Government National Mortgage Association

.000

04/20/52

1,836

5,836,711

Government National Mortgage Association

.000

07/20/52

4,990

10,513,954

Government National Mortgage Association

.500

09/20/52

9,847

8,928,043

Government National Mortgage Association

.500

09/20/52

8,367

7,441,754

Government National Mortgage Association

.500

09/20/52

7,229

5,068,400

Government National Mortgage Association

.500

09/20/52

4,572

5,803,778

Government National Mortgage Association

.500

02/20/53

5,519

5,051,311

Government National Mortgage Association

.500

02/20/53

5,102

7,835,875

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

.032

05/20/53

629

5,762,326

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

.926

08/20/53

6,356

3,089,810

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

.071

08/20/53

3,674

80,402,362

(a),(b)

GS Mortgage-Backed Securities Corp Trust

.145

08/25/51

669

15,289,506

(a),(b)

GS Mortgage-Backed Securities Trust

.500

11/25/51

12,674

9,128,145

(a),(b)

GS Mortgage-Backed Securities Trust

.500

03/25/52

7,569

2,818,064

(a),(b)

GS Mortgage-Backed Securities Trust

.820

05/28/52

2,376

9,511,594

(a),(b)

GS Mortgage-Backed Securities Trust

.000

08/26/52

8,259

192,576

(a) Impac CMB Trust, (TSFR1M + 0.774%)

.506

03/25/35

1,024,218

(a),(b)

J.P. Morgan Mortgage Trust

.240

10/25/52

853

863,013

(a),(b)

JP Morgan Mortgage Trust

.500

05/25/47

785

931,260

(a),(b)

JP Morgan Mortgage Trust

.500

10/25/48

841

187,664

(a),(b)

JP Morgan Mortgage Trust

.000

01/25/49

21,991,018

(a),(b)

JP Morgan Mortgage Trust

.116

06/25/51

38,874,558

(a),(b)

JP Morgan Mortgage Trust

.106

11/25/51

4,473,381

(a),(b)

JP Morgan Mortgage Trust

.500

11/25/51

3,710

40,738,799

(a),(b)

JP Morgan Mortgage Trust

.112

12/25/51

5,524,503

(a),(b)

JP Morgan Mortgage Trust

.500

12/25/51

4,581

885,727

(a),(b)

JP Morgan Mortgage Trust

.836

12/25/51

726

7,357,597

(a),(b)

JP Morgan Mortgage Trust

.500

01/25/52

6,099

8,571,606

(a),(b)

JP Morgan Mortgage Trust

.500

04/25/52

8,319,215

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

7,189

5,323,401

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

4,542

2,417,775

(a),(b)

JP Morgan Mortgage Trust

.342

04/25/52

2,005

9,501,548

(a),(b)

JP Morgan Mortgage Trust

.500

06/25/52

7,876

2,654,877

(a),(b)

JP Morgan Mortgage Trust

.000

06/25/52

2,332

76,525,262

(b) JP Morgan Mortgage Trust

.224

07/25/52

732

11,984,995

(a),(b)

JP Morgan Mortgage Trust

.500

07/25/52

9,934

18,786,473

(a),(b)

JP Morgan Mortgage Trust

.250

07/25/52

16,870

16,202,061

(a),(b)

JP Morgan Mortgage Trust

.000

08/25/52

14,057

8,557,925

(a),(b)

JP Morgan Mortgage Trust

.000

10/25/52

7,425

5,222,657

(a),(b)

JP Morgan Mortgage Trust

.000

11/25/52

4,535

7,116,795

(a),(b)

JP Morgan Mortgage Trust

.000

04/25/53

6,174

3,113,370

(a),(b)

JP Morgan Mortgage Trust

.000

06/25/53

3,077

3,116,872

(a),(b)

JP Morgan Mortgage Trust

.500

06/25/53

3,127

6,949,792

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

08/25/51

5,763

1,553,477

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

09/25/51

1,402

4,606,501

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust

.500

09/25/51

3,818

4,986,744

(a),(b)

OBX

.000

01/25/52

4,326

2,247,157

(a),(b)

RCKT Mortgage Trust

.008

09/25/51

1,838

12,418,594

(a),(b)

RCKT Mortgage Trust

.500

02/25/52

10,298

5,366,847

(a),(b)

RCKT Mortgage Trust

.000

05/25/52

4,660

352,895

(a),(b)

RCKT Mortgage Trust

.187

05/25/52

774,502

(a),(b)

RCKT Mortgage Trust

.000

06/25/52

716

202,157

(a),(b)

Sequoia Mortgage Trust

.000

06/25/49

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

1,027,764

(a),(b)

Sequoia Mortgage Trust

.500

%

12/25/49

$

925

5,035,981

(a),(b)

Sequoia Mortgage Trust

.500

06/25/51

4,205

8,237,699

(a),(b)

Sequoia Mortgage Trust

.000

11/25/55

7,722

2,535,000

(a),(b)

Verus Securitization Trust

.451

02/25/68

2,532

3,917,699

(a),(b)

Wells Fargo Mortgage Backed Securities Trust

.000

08/25/51

3,405

5,089,414

(a),(b)

Wells Fargo Mortgage Backed Securities Trust

.304

08/25/51

4,376

TOTAL MORTGAGE BACKED

3,198,594

MUNICIPAL BONDS - 1.8%

1,000,000

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

.038

09/01/34

949

845,000

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

.750

09/01/37

761

2,000,000

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

.000

09/01/48

1,602

3,995,000

City of Los Angeles CA Wastewater System Revenue

.029

06/01/39

3,680

4,940,000

City of New York NY

.200

12/01/26

4,922

4,055,000

Commonwealth Financing Authority

.864

06/01/38

3,766

19,355,000

Commonwealth Financing Authority

.807

06/01/41

16,839

2,500,000

County of Miami-Dade FL Aviation Revenue

.704

10/01/26

2,481

3,940,000

County of Miami-Dade FL Aviation Revenue

.049

10/01/26

3,920

3,750,000

County of Miami-Dade FL Aviation Revenue

.612

10/01/26

3,746

4,700,000

County of Miami-Dade FL Aviation Revenue

.529

10/01/30

4,379

3,730,000

County of Miami-Dade FL Aviation Revenue

.732

10/01/37

3,359

3,900,000

County of Miami-Dade FL Aviation Revenue

.982

10/01/41

3,377

9,160,000

County of Miami-Dade FL Aviation Revenue

.280

10/01/41

8,486

2,000,000

Duke University

.199

10/01/38

1,678

5,080,000

Illinois Finance Authority

.944

08/15/47

4,155

4,805,000

Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy

.375

09/01/35

4,345

5,680,000

New York State Dormitory Authority

.998

07/01/39

5,108

10,605,000

New York State Dormitory Authority

.294

07/01/44

9,325

6,000,000

New York State Dormitory Authority

.879

07/01/46

4,776

6,460,000

New York State Thruway Authority

.406

01/01/26

6,460

4,750,000

New York State Thruway Authority

.500

01/01/27

4,691

1,910,000

Public Finance Authority

.269

07/01/40

1,755

6,360,000

San Jose Redevelopment Agency Successor Agency

.375

08/01/34

5,986

13,060,000

State of California

.600

04/01/38

13,303

10,500,000

State of Illinois

.150

06/15/26

10,458

12,500,000

State of Illinois

.250

06/15/27

12,383

9,700,000

State of Oregon Department of Administrative Services

.103

05/01/39

9,031

9,900,000

State of Wisconsin

.154

05/01/27

9,850

17,045,000

University of California

.931

05/15/45

15,794

7,620,000

University of Massachusetts Building Authority

.097

11/01/35

6,755

13,000,000

University of Massachusetts Building Authority

.434

11/01/40

11,106

18,740,000

University of New Mexico

.532

06/20/32

18,418

2,160,000

Virginia Port Authority

.228

07/01/36

2,161

390,000

Washington Convention & Sports Authority

.969

10/01/30

TOTAL MUNICIPAL BONDS

220,192

OTHER MORTGAGE BACKED - 0.2%

1,465,000

(a),(b)

ARES Trust, (TSFR1M + 1.500%)

.250

04/15/42

1,468

7,300,000

(a) BMO Mortgage Trust

.162

06/15/56

7,664

3,700,000

(a),(b)

DK Trust, (TSFR1M + 1.593%)

.943

08/15/37

3,711

8,150,000

(a),(b)

MHP Commercial Mortgage Trust, (TSFR1M + 1.500%)

.250

09/15/40

8,163

TOTAL OTHER MORTGAGE BACKED

21,006

U.S. TREASURY SECURITIES - 26.7%

2,765,000

United States Treasury Note/Bond

.625

03/15/26

2,770

3,540,000

United States Treasury Note/Bond

.500

03/31/26

3,547

6,075,000

United States Treasury Note/Bond

.625

06/30/26

6,106

5,515,000

United States Treasury Note/Bond

.500

07/15/26

5,543

985,000

United States Treasury Note/Bond

.625

09/15/26

992

1,025,000

United States Treasury Note/Bond

.500

09/30/26

1,024

700,000

(d) United States Treasury Note/Bond

.625

10/15/26

706

5,030,000

United States Treasury Note/Bond

.125

10/31/26

5,051

94,645,000

United States Treasury Note/Bond

.250

11/30/26

95,225

5,510,000

United States Treasury Note/Bond

.375

12/15/26

5,553

9,725,000

United States Treasury Note/Bond

.125

01/31/27

9,785

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

U.S. TREASURY SECURITIES

(continued)

$

19,475,000

United States Treasury Note/Bond

.125

%

02/28/27

$

19,606

6,025,000

United States Treasury Note/Bond

.875

03/31/27

6,051

8,375,000

United States Treasury Note/Bond

.750

04/30/27

8,401

16,720,000

United States Treasury Note/Bond

.875

05/31/27

16,806

126,225,000

United States Treasury Note/Bond

.875

07/31/27

126,960

2,820,000

United States Treasury Note/Bond

.625

08/31/27

2,826

147,820,000

United States Treasury Note/Bond

.500

09/30/27

147,849

29,505,000

United States Treasury Note/Bond

.500

10/31/27

27,957

97,925,000

United States Treasury Note/Bond

.125

11/15/27

99,042

1,580,000

United States Treasury Note/Bond

.250

01/15/28

1,603

12,825,000

United States Treasury Note/Bond

.250

02/15/28

13,021

10,470,000

United States Treasury Note/Bond

.750

04/15/28

10,524

239,280,000

United States Treasury Note/Bond

.500

04/30/28

239,243

1,025,000

United States Treasury Note/Bond

.750

05/15/28

1,031

1,925,000

United States Treasury Note/Bond

.875

06/15/28

1,942

3,660,000

United States Treasury Note/Bond

.625

08/15/28

3,669

78,957,000

United States Treasury Note/Bond

.375

09/15/28

78,633

80,000

United States Treasury Note/Bond

.250

09/30/28

101,950,000

United States Treasury Note/Bond

.500

11/15/28

101,838

113,120,000

United States Treasury Note/Bond

.500

04/30/30

112,303

2,312,500

United States Treasury Note/Bond

.000

07/31/30

2,342

1,250,000

United States Treasury Note/Bond

.625

08/31/30

1,246

5,650,000

United States Treasury Note/Bond

.375

11/30/30

5,813

654,399,000

United States Treasury Note/Bond

.625

12/31/30

651,280

50,000,000

United States Treasury Note/Bond

.750

12/31/30

50,025

70,450,000

United States Treasury Note/Bond

.000

01/31/31

71,262

57,151,000

United States Treasury Note/Bond

.125

07/31/31

58,080

97,957,900

United States Treasury Note/Bond

.750

08/31/31

97,633

66,260,000

United States Treasury Note/Bond

.125

03/31/32

67,168

6,150,000

United States Treasury Note/Bond

.125

05/31/32

6,231

52,791,000

United States Treasury Note/Bond

.875

08/31/32

52,653

100,000,000

United States Treasury Note/Bond

.750

11/30/32

98,844

77,391,000

United States Treasury Note/Bond

.000

11/15/35

76,278

10,000,000

United States Treasury Note/Bond

.125

08/15/40

6,280

12,050,000

United States Treasury Note/Bond

.875

08/15/40

11,160

20,935,000

United States Treasury Note/Bond

.375

05/15/41

20,399

85,325,800

United States Treasury Note/Bond

.375

02/15/42

62,808

26,721,000

United States Treasury Note/Bond

.250

05/15/42

22,285

91,758,000

United States Treasury Note/Bond

.375

08/15/42

77,535

6,000,000

United States Treasury Note/Bond

.750

11/15/42

4,611

56,675,000

United States Treasury Note/Bond

.875

02/15/43

50,985

49,620,000

United States Treasury Note/Bond

.875

05/15/43

44,513

9,560,000

United States Treasury Note/Bond

.375

08/15/43

9,132

13,535,000

United States Treasury Note/Bond

.750

11/15/43

13,537

4,800,000

United States Treasury Note/Bond

.625

05/15/44

4,713

17,120,000

United States Treasury Note/Bond

.750

02/15/45

17,033

35,680,000

United States Treasury Note/Bond

.000

05/15/45

27,460

2,650,000

United States Treasury Note/Bond

.000

05/15/45

2,720

41,710,000

United States Treasury Note/Bond

.875

08/15/45

31,286

5,505,000

United States Treasury Note/Bond

.750

08/15/45

5,558

6,850,000

United States Treasury Note/Bond

.625

11/15/45

6,694

52,140,000

United States Treasury Note/Bond

.500

05/15/46

36,164

1,075,000

United States Treasury Note/Bond

.000

05/15/47

807

30,710,000

United States Treasury Note/Bond

.750

11/15/47

21,877

6,155,000

United States Treasury Note/Bond

.125

05/15/48

4,675

51,995,000

United States Treasury Note/Bond

.000

08/15/48

38,499

20,120,000

United States Treasury Note/Bond

.375

11/15/48

15,919

256,002,000

United States Treasury Note/Bond

.250

02/15/52

155,321

44,786,000

United States Treasury Note/Bond

.625

02/15/53

36,259

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

U.S. TREASURY SECURITIES

(continued)

$

162,893,000

United States Treasury Note/Bond

.750

%

08/15/55

$

160,144

TOTAL U.S. TREASURY SECURITIES

3,282,911

TOTAL GOVERNMENT BONDS

(Cost $7,341,391)

7,104,897

SHARES

DESCRIPTION

VALUE (000)

PREFERRED STOCKS - 0.0%

FINANCIAL SERVICES - 0.0%

173,925

Morgan Stanley

4,430

TOTAL FINANCIAL SERVICES

4,430

TOTAL PREFERRED STOCKS

(Cost $4,348)

4,430

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

STRUCTURED ASSETS - 12.6%

ASSET BACKED - 4.3%

15,000,000

(a),(b)

AIMCO CLO 16 Ltd, (TSFR3M + 1.650%), Series 2021 16A

.532

07/17/37

15,024

26,600,000

(a),(b)

AIMCO CLO Series, (TSFR3M + 1.500%), Series 2017 AA

.384

01/20/38

26,620

74,236

(b) Asset Backed Funding Corp NIM Trust, Series 2005 WMC1

.900

07/26/35

0^

9,500,000

(b) Avis Budget Rental Car Funding AESOP LLC, Series 2021 1A

.380

08/20/27

9,388

575,000

(b) Avis Budget Rental Car Funding AESOP LLC, Series 2023 8A

.660

02/20/30

607

12,000,000

BANK, Series 2025 BNK51

.290

12/25/67

12,369

8,000,000

BANK, Series 2025 BNK51

.544

12/25/67

8,243

1,861,359

(b) BHG Securitization Trust, Series 2021 B

.670

10/17/34

1,844

663,982

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

.280

09/26/33

660

EUR

667,033

(a),(b)

Bruegel 2021 DAC, (EURIBOR 3 M + 2.470%), Series 2021 1A

.524

05/22/31

775

5,632,056

(b) Capital Automotive REIT, Series 2021 1A

.440

08/15/51

5,512

4,167,431

(b) Capital Automotive REIT, Series 2021 1A

.920

08/15/51

4,076

10,853,750

(b) Capital Automotive REIT, Series 2024 3A

.400

10/15/54

10,583

9,650,000

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

.010

12/15/50

9,149

1,015,334

Carvana Auto Receivables Trust, Series 2021 N2

.970

03/10/28

1,004

67,509

Carvana Auto Receivables Trust, Series 2021 N2

.270

03/10/28

EUR

573,948

(a),(b)

Cassia SRL, (EURIBOR 3 M + 3.500%), Series 2022 1A

.554

05/22/34

680

49,985

(a) C-BASS Trust, (TSFR1M + 0.274%), Series 2006 CB6

.129

07/25/36

16,976,824

(b) CF Hippolyta LLC, Series 2020 1

.690

07/15/60

14,284

4,934,592

(b) CF Hippolyta LLC, Series 2020 1

.990

07/15/60

4,137

2,941,208

(b) CF Hippolyta LLC, Series 2020 1

.280

07/15/60

1,834

18,626,544

(b) CF Hippolyta LLC, Series 2021 1A

.530

03/15/61

15,036

4,476,626

(b) CF Hippolyta LLC, Series 2021 1A

.980

03/15/61

2,725

428,194

(a) Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2004 2

.700

02/26/35

25,000,000

(a),(b)

CIFC Funding Ltd, (TSFR3M + 1.600%), Series 2019 3A

.494

01/16/38

25,081

799

CIT Group Home Equity Loan Trust (Step Bond), Series 2002 1

.200

02/25/30

6,520,000

(a) Citibank Credit Card Issuance Trust, (TSFR1M + 0.884%), Series 2017 A6

.635

05/14/29

6,575

500,000

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

.300

12/26/51

500,000

(b) Compass Datacenters Issuer III LLC, Series 2025 1A

.656

02/25/50

506

36,000,000

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

.045

11/20/51

35,313

28,416,000

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

.493

11/20/51

26,892

27,789,188

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

.662

04/25/51

26,414

3,800,000

(a),(b)

Dryden 49 Senior Loan Fund, (TSFR3M + 1.862%), Series 2017 49A

.746

07/18/30

3,812

7,000,000

(a),(b)

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

.584

10/20/38

7,034

11,500,000

(a),(b)

ELP Commercial Mortgage Trust, Series 2025 ELP

.604

11/13/42

11,501

1,898,017

(b) FNA VI LLC, Series 2021 1A

.350

01/10/32

1,778

2,580,000

(b) Frontier Issuer LLC, Series 2023 1

.600

08/20/53

2,604

12,460,000

(b) Frontier Issuer LLC, Series 2024 1

.190

06/20/54

12,847

11,000,000

(a),(b)

Goldentree Loan Management US CLO 6 Ltd, (TSFR3M + 1.400%), Series 2019 6A

.000

04/20/35

11,007

13,000,000

(a),(b)

Gracie Point International Funding LLC, (SOFR90A + 1.700%), Series 2024 1A

.890

03/01/28

13,010

3,500,000

(b) GSCG Trust, Series 2019 600C

.936

09/06/34

2,940

160,733

(b) HERO Funding Trust, Series 2017 2A

.280

09/20/48

321,465

(b) HERO Funding Trust, Series 2017 2A

.070

09/20/48

996,325

(b) Hilton Grand Vacations Trust, Series 2019 AA

.340

07/25/33

993

161,116

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

.986

06/25/33

13,540,000

(b) Hotwire Funding LLC, Series 2024 1A

.893

06/20/54

13,771

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

ASSET BACKED

(continued)

$

880,404

(b) JG Wentworth XXII LLC, Series 2010 3A

.820

%

12/15/48

$

876

1,251,199

(b) MVW LLC, Series 2021 1WA

.140

01/22/41

1,210

1,700,757

(b) MVW Owner Trust, Series 2019 2A

.220

10/20/38

1,699

1,197,736

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

.310

01/15/69

1,134

2,749,408

(b) Navient Private Education Refi Loan Trust, Series 2021 A

.840

05/15/69

2,526

988,974

(b) Navient Student Loan Trust, Series 2019 BA

.390

12/15/59

975

472,010

(a),(b)

Navient Student Loan Trust, (TSFR1M + 1.094%), Series 2019 BA

.845

12/15/59

15,000,000

(a),(b)

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

.868

04/25/36

15,008

4,200,000

(b) Octane Receivables Trust, Series 2025 1A

.250

02/20/31

4,203

10,000,000

(a),(b)

OHA Credit Funding 6 Ltd, (TSFR3M + 1.650%), Series 2020 6A

.534

10/20/37

10,027

1,330,184

(b) OneMain Financial Issuance Trust, Series 2022 2A

.890

10/14/34

1,331

13,317,665

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

.750

09/14/35

13,109

21,646,000

(a),(b)

OneMain Financial Issuance Trust, (SOFR30A + 0.760%), Series 2021 1A

.358

06/16/36

21,671

7,050,000

(a),(b)

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

.941

07/15/38

7,082

1,450,000

(b) Progress Residential Trust, Series 2021 SFR9

.711

11/17/40

1,362

4,643,222

Santander Drive Auto Receivables Trust, Series 2021 4

.670

10/15/27

4,638

19,720,750

(b) SERVPRO Master Issuer LLC, Series 2021 1A

.394

04/25/51

18,648

394,728

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

.990

11/20/37

427,992

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

.340

11/20/37

237,281

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

.790

11/20/37

394,991

(b) SMB Private Education Loan Trust, Series 2017 B

.820

10/15/35

500,938

(b) SMB Private Education Loan Trust, Series 2018 A

.500

02/15/36

538,194

(b) SoFi Professional Loan Program LLC, Series 2019 A

.690

06/15/48

535

1,751,194

(b) SpringCastle America Funding LLC, Series 2020 AA

.970

09/25/37

1,654

9,021,000

(b) SpringCastle America Funding LLC, Series 2020 AA

.660

09/25/37

7,319

5,875,000

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

.877

03/26/46

5,832

196,444

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

.746

09/25/34

26,399,775

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

.946

08/25/51

25,719

16,122,825

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

.294

08/25/51

15,030

1,050,000

(b) Tesla Auto Lease Trust, Series 2023 B

.570

08/20/27

1,053

EUR

186,104

(a),(b)

Thunder Logistics DAC, (EURIBOR 3 M + 2.550%), Series 2024 1A

.614

11/17/36

18,825,956

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

.370

06/15/51

17,545

TOTAL ASSET BACKED

531,248

OTHER MORTGAGE BACKED - 8.3%

1,600,000

(a),(b)

20 Times Square Trust, Series 2018 20TS

.100

05/15/35

1,514

12,000,000

(a),(b)

20 Times Square Trust, Series 2018 20TS

.100

05/15/35

10,948

5,450,000

(b) 225 Liberty Street Trust, Series 2016 225L

.597

02/10/36

5,343

830,191

(a),(b)

Agate Bay Mortgage Trust, Series 2015 6

.500

09/25/45

772

2,500,000

(a),(b)

Alen Mortgage Trust, (TSFR1M + 2.364%), Series 2021 ACEN

.115

04/15/34

2,173

6,000,000

(a),(b)

ARDN Mortgage Trust, (TSFR1M + 1.750%), Series 2025 ARCP

.500

06/15/35

6,020

2,500,000

(a),(b)

ARDN Mortgage Trust, (TSFR1M + 2.000%), Series 2025 ARCP

.750

06/15/35

2,509

5,000,000

(a),(b)

ARDN Mortgage Trust, (TSFR1M + 3.000%), Series 2025 ARCP

.750

06/15/35

5,020

GBP

420,888

(a),(b)

Atom Mortgage Securities DAC, (SONIA Interest Rate Benchmark + 1.900%), Series 2021 1A

.825

07/22/31

543

6,910,000

(a),(b)

BAMLL Trust, (TSFR1M + 2.350%), Series 2025 ASHF

.101

02/15/42

6,925

1,067,340

(a) BANK, Series 2017 BNK8

.946

11/15/50

986

2,500,000

(a) BANK, Series 2017 BNK8

.090

11/15/50

2,103

1,000,000

BANK, Series 2019 BN21

.093

10/17/52

941

3,800,000

BANK, Series 2019 BN23

.203

12/15/52

3,469

1,000,000

(a) BANK, Series 2017 BNK6

.851

07/15/60

931

1,618,918

BANK, Series 2019 BN20

.758

09/15/62

1,535

8,000,000

(a) BANK, Series 2019 BN24

.283

11/15/62

7,528

1,183,000

(a) BANK, Series 2019 BN24

.516

11/15/62

1,056

2,025,073

(a),(b)

Bayview MSR Opportunity Master Fund Trust, Series 2021 4

.500

10/25/51

1,679

1,250,000

(a),(b)

BBCMS Mortgage Trust, Series 2018 CHRS

.267

08/05/38

1,069

1,112,811

BBCMS Mortgage Trust, Series 2017 C1

.488

02/15/50

1,107

4,250,000

BBCMS Mortgage Trust, Series 2023 C19

.753

04/15/56

4,313

4,600,328

(a) BBCMS Mortgage Trust, Series 2023 C20

.383

07/15/56

4,765

4,000,000

(b) BBCMS Trust, Series 2015 SRCH

.197

08/10/35

3,940

5,000,000

(b) BBCMS Trust, Series 2015 SRCH

.798

08/10/35

4,815

4,600,000

(a),(b)

Benchmark Mortgage Trust, Series 2020 IG2

.791

09/15/48

3,869

2,740,000

(a),(b)

Benchmark Mortgage Trust, Series 2020 IG3

.099

09/15/48

2,266

2,500,000

(a),(b)

Benchmark Mortgage Trust, Series 2020 IG3

.536

09/15/48

2,430

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

3,000,000

(a) Benchmark Mortgage Trust, Series 2018 B2

.292

%

02/15/51

$

2,332

4,000,000

(a) Benchmark Mortgage Trust, Series 2018 B5

.598

07/15/51

3,544

3,452,143

Benchmark Mortgage Trust, Series 2019 B9

.016

03/15/52

3,401

4,000,000

Benchmark Mortgage Trust, Series 2019 B11

.784

05/15/52

3,697

830,000

Benchmark Mortgage Trust, Series 2018 B7

.241

05/15/53

829

4,960,000

(a) Benchmark Mortgage Trust, Series 2018 B7

.510

05/15/53

4,983

1,000,000

Benchmark Mortgage Trust, Series 2021 B27

.355

07/15/54

815

10,000,000

(a) Benchmark Mortgage Trust, Series 2021 B28

.244

08/15/54

8,364

3,150,000

Benchmark Mortgage Trust, Series 2021 B28

.429

08/15/54

2,738

9,500,000

Benchmark Mortgage Trust, Series 2021 B29

.612

09/15/54

8,315

3,000,000

Benchmark Mortgage Trust, Series 2019 B14

.352

12/15/62

2,747

2,000,000

Benchmark Mortgage Trust, Series 2019 B14

.493

12/15/62

1,685

2,665,000

Benchmark Mortgage Trust, Series 2019 B15

.231

12/15/72

2,347

1,641,000

(a) Benchmark Mortgage Trust, Series 2019 B15

.714

12/15/72

1,326

4,955,317

(a) BMO Mortgage Trust, Series 2024 C10

.013

11/15/57

5,195

2,500,000

(a) BMO Mortgage Trust, Series 2025 C12

.195

06/15/58

2,675

2,360,000

(b) BWAY Mortgage Trust, Series 2022 26BW

.402

02/10/44

1,952

5,000,000

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.646%), Series 2019 IMC

.396

04/15/34

4,956

6,597,338

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.385%), Series 2021 CIP

.135

12/15/38

6,593

10,000,000

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 4.874%), Series 2024 BRBK

.608

10/15/41

10,074

CAD

671,469

(a),(b)

BX Commercial Mortgage Trust, (CAONREPO + 3.050%), Series 2024 PURE

.305

11/15/41

9,582,848

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.380%), Series 2025 BCAT

.730

08/15/42

9,608

1,325,000

(b) BXP Trust, Series 2017 CC

.459

08/13/37

1,236

5,000,000

(b) BXP Trust, Series 2021 601L

.618

01/15/44

4,407

7,000,000

(a),(b)

BXP Trust, Series 2021 601L

.775

01/15/44

5,970

2,000,000

(a),(b)

BXP Trust, Series 2021 601L

.775

01/15/44

1,657

2,000,000

(a) Cantor Commercial Real Estate Lending, Series 2019 CF1

.352

05/15/52

1,709

1,414,818

CD Mortgage Trust, Series 2016 CD1

.622

08/10/49

1,412

9,000,000

CD Mortgage Trust, Series 2016 CD1

.926

08/10/49

8,746

5,750,000

(a) CD Mortgage Trust, Series 2016 CD2

.879

11/10/49

4,705

1,000,000

(a) CD Mortgage Trust, Series 2016 CD2

.972

11/10/49

610

500,000

(a) CD Mortgage Trust, Series 2017 CD3

.575

02/10/50

1,263,554

CD Mortgage Trust, Series 2017 CD5

.220

08/15/50

1,255

1,309,361

CD Mortgage Trust, Series 2019 CD8

.812

08/15/57

1,278

786,091

CFCRE Commercial Mortgage Trust, Series 2016 C4

.121

05/10/58

764

132,030

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

.087

02/20/35

352,068

(a),(b)

CIM Trust, Series 2021 J2

.671

04/25/51

3,300,000

(a),(b)

CIP Commercial Mortgage Trust, (TSFR1M + 1.400%), Series 2025 SBAY

.500

10/15/37

3,308

886,339

(a) Citigroup Commercial Mortgage Trust, Series 2015 GC29

.758

04/10/48

858

3,000,000

(a) Citigroup Commercial Mortgage Trust, Series 2015 GC29

.976

04/10/48

2,741

1,952,000

Citigroup Commercial Mortgage Trust, Series 2016 P3

.585

04/15/49

1,917

7,765,000

Citigroup Commercial Mortgage Trust, Series 2017 C4

.764

10/12/50

7,559

1,965,271

(a),(b)

CITIGROUP MORTGAGE LOAN TRUST, Series 2021 INV1

.709

05/25/51

1,641

3,000,000

(b) COMM Mortgage Trust, Series 2022 HC

.376

01/10/39

2,842

123,617

COMM Mortgage Trust, Series 2012 CR4

.853

10/15/45

2,500,000

(a),(b)

COMM Mortgage Trust, Series 2014 UBS3

.767

06/10/47

1,169

1,000,000

(b) COMM Mortgage Trust, Series 2015 CR22

.000

03/10/48

592

2,696,000

(a) COMM Mortgage Trust, Series 2015 CR22

.699

03/10/48

2,532

2,464,038

(a) COMM Mortgage Trust, Series 2015 CR22

.926

03/10/48

2,372

3,000,000

(a) COMM Mortgage Trust, Series 2015 CR24

.463

08/10/48

2,759

1,374,866

(a) COMM Mortgage Trust, Series 2015 CR24

.208

08/10/48

1,338

1,454,842

(a) COMM Mortgage Trust, Series 2015 CR26

.613

10/10/48

1,437

3,914,328

(a) COMM Mortgage Trust, Series 2015 LC23

.695

10/10/48

3,791

474,496

COMM Mortgage Trust, Series 2016 CR28

.651

02/10/49

4,742,262

(a) COMM Mortgage Trust, Series 2016 CR28

.593

02/10/49

4,641

4,600,000

(a) COMM Mortgage Trust, Series 2018 COR3

.345

05/10/51

4,281

2,055,000

(a) COMM Mortgage Trust, Series 2018 COR3

.516

05/10/51

1,773

1,550,000

COMM Mortgage Trust, Series 2019 GC44

.263

08/15/57

1,452

2,000,000

(a) COMM Mortgage Trust, Series 2019 GC44

.515

08/15/57

1,660

13,830,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.500%), Series 2022 R03

.856

03/25/42

14,211

6,000,000

(a),(b)

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

.874

04/25/42

6,135

28,280,000

(a),(b)

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

.206

05/25/42

29,320

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

13,640,000

(a),(b)

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

.624

%

09/25/42

$

14,472

17,250,000

(a),(b)

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

.106

12/25/42

18,035

4,270,400

(a),(b)

CSMC, Series 2019 NQM1

.388

10/25/59

4,150

7,400,000

(a),(b)

CSMC Trust, Series 2017 CALI

.728

11/10/32

4,884

5,000,000

(b) DB Master Finance LLC, Series 2025 1A

.891

08/20/55

5,010

9,500,000

DBGS Mortgage Trust, Series 2018 C1

.466

10/15/51

9,513

3,500,000

DBJPM Mortgage Trust, Series 2016 C3

.041

08/10/49

3,442

2,607,352

DBJPM Mortgage Trust, Series 2017 C6

.121

06/10/50

2,592

7,737,500

DBJPM Mortgage Trust, Series 2020 C9

.340

08/15/53

6,892

4,215,000

(a),(b)

DBSG Mortgage Trust, Series 2024 ALTA

.946

06/10/37

4,282

2,000,000

(a),(b)

DBSG Mortgage Trust, Series 2024 ALTA

.595

06/10/37

2,032

9,817,500

(a),(b)

DBWF Mortgage Trust, Series 2015 LCM

.421

06/10/34

9,597

10,751,000

(a),(b)

EQT Trust, Series 2024 EXTR

.331

07/05/41

11,011

2,036,256

(a),(b)

Flagstar Mortgage Trust, Series 2017 2

.969

10/25/47

1,875

69,655

(a),(b)

Flagstar Mortgage Trust, Series 2018 5

.000

09/25/48

2,791,513

(a),(b)

Flagstar Mortgage Trust, Series 2021 2

.500

04/25/51

2,315

7,957,696

(a),(b)

Flagstar Mortgage Trust, Series 2021 4

.500

06/01/51

6,598

2,439,951

(a),(b)

Flagstar Mortgage Trust, Series 2021 5INV

.333

07/25/51

2,030

758,059

(a),(b)

Flagstar Mortgage Trust, Series 2021 7

.923

08/25/51

629

3,283,869

(a),(b)

Flagstar Mortgage Trust, Series 2021 10IN

.498

10/25/51

2,744

405,000

(a),(b)

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

.702

11/25/43

2,000,000

(a),(b)

GS Mortgage Securities Corp Trust, (TSFR1M + 1.747%), Series 2018 TWR

.498

07/15/31

5,235,000

(a),(b)

GS Mortgage Securities Corp Trust, (TSFR1M + 1.897%), Series 2018 TWR

.648

07/15/31

739

1,130,000

(a),(b)

GS Mortgage Securities Corp Trust, Series 2017 375H

.475

09/10/37

1,102

2,500,000

(a),(b)

GS Mortgage Securities Corp Trust, Series 2017 375H

.483

09/10/37

2,415

2,530,450

GS Mortgage Securities Trust, Series 2016 GS3

.143

10/10/49

2,484

1,500,000

(a) GS Mortgage Securities Trust, Series 2016 GS4

.908

11/10/49

1,402

4,250,000

(a) GS Mortgage Securities Trust, Series 2017 GS5

.826

03/10/50

4,042

2,102,423

GS Mortgage Securities Trust, Series 2017 GS6

.230

05/10/50

2,094

6,000,000

GS Mortgage Securities Trust, Series 2017 GS6

.433

05/10/50

5,934

1,677,816

(a) GS Mortgage Securities Trust, Series 2015 GC30

.961

05/10/50

1,608

5,000,000

(a) GS Mortgage Securities Trust, Series 2015 GC30

.005

05/10/50

4,299

3,000,000

GS Mortgage Securities Trust, Series 2017 GS8

.837

11/10/50

2,961

4,844,000

(a) GS Mortgage Securities Trust, Series 2017 GS8

.314

11/10/50

4,472

3,050,000

(a) GS Mortgage Securities Trust, Series 2019 GC38

.158

02/10/52

2,967

2,500,000

(a) GS Mortgage Securities Trust, Series 2020 GC45

.173

02/13/53

2,327

2,190,000

GS Mortgage Securities Trust, Series 2020 GSA2

.012

12/12/53

1,936

286,122

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2

.000

11/25/49

733,947

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4

.000

01/25/51

638

31,330,729

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

.253

03/27/51

1,070,909

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

.000

03/27/51

931

1,689,501

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6

.500

05/25/51

1,415

10,588,299

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5

.500

10/25/51

8,779

10,146,461

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2

.000

06/25/52

8,803

3,736,570

(a),(b)

GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ4

.000

09/25/52

3,248

947,501

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2020 PJ1

.613

05/25/50

847

848,099

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 GR1

.089

11/25/51

725

1,158,144

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 INV1

.020

12/25/51

973

18,936,176

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

.500

01/25/52

15,702

8,522,517

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ8

.500

01/25/52

7,068

3,191,804

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

.721

01/25/52

2,615

2,154,182

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 LTV1

.240

06/25/52

1,803

6,013,381

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 INV1

.000

07/25/52

5,231

8,162,459

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 HP1

.000

09/25/52

7,087

6,169,585

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 PJ5

.000

10/25/52

5,353

4,865,043

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2022 PJ6

.000

01/25/53

4,223

7,074,358

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2023 PJ1

.500

02/25/53

6,386

1,265,653

(a),(b)

GS Mortgage-Backed Securities Trust, Series 2025 PJ4

.000

09/25/55

1,284

8,000,000

(a),(b)

Houston Galleria Mall Trust, Series 2025 HGLR

.462

02/05/45

8,304

2,500,000

(a),(b)

Hudson Yards Mortgage Trust, Series 2016 10HY

.977

08/10/38

2,471

3,500,000

(a),(b)

Hudson Yards Mortgage Trust, Series 2016 10HY

.977

08/10/38

3,456

4,750,000

(a),(b)

Hudson Yards Mortgage Trust, Series 2019 55HY

.943

12/10/41

4,283

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

2,500,000

(a),(b)

Hudson Yards Mortgage Trust, Series 2019 55HY

.943

%

12/10/41

$

2,199

2,000,000

(b) ICNQ Mortgage Trust, Series 2024 MF

.778

12/10/34

2,066

3,750,000

(b) ICNQ Mortgage Trust, Series 2024 MF

.074

12/10/34

3,858

2,000,000

(b) Ilpt Commercial Mortgage Trust, Series 2022 LPFX

.385

03/15/32

1,829

1,361,585

(a),(b)

Imperial Fund Mortgage Trust, Series 2020 NQM1

.051

10/25/55

1,305

1,043,500

(a),(b)

Imperial Fund Mortgage Trust, Series 2020 NQM1

.531

10/25/55

978

5,182,000

(a),(b)

IP Mortgage Trust, Series 2025 IP

.425

06/10/42

5,279

1,102,829

(a),(b)

J.P. Morgan Mortgage Trust, Series 2022 5

.953

09/25/52

895

1,000,000

(a),(b)

JP Morgan Chase Commercial Mortgage Securities Corp, Series 2018 AON

.613

07/05/31

278,199

JP Morgan Chase Commercial Mortgage Securities Corp, Series 2015 JP1

.914

01/15/49

3,155,000

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

.065

01/16/37

2,571

1,530,781

(a),(b)

JP Morgan Mortgage Trust, Series 2015 1

.502

12/25/44

1,512

168,161

(a),(b)

JP Morgan Mortgage Trust, Series 2015 3

.500

05/25/45

1,591,561

(a),(b)

JP Morgan Mortgage Trust, Series 2015 6

.500

10/25/45

1,476

1,906,187

(a),(b)

JP Morgan Mortgage Trust, Series 2018 3

.500

09/25/48

1,721

2,657,181

(a),(b)

JP Morgan Mortgage Trust, Series 2018 5

.500

10/25/48

2,396

1,553,010

(a),(b)

JP Morgan Mortgage Trust, Series 2017 5

.746

10/26/48

1,558

531,318

(a),(b)

JP Morgan Mortgage Trust, Series 2018 9

.000

02/25/49

400,269

(a),(b)

JP Morgan Mortgage Trust, Series 2019 1

.000

05/25/49

6,096,788

(a),(b)

JP Morgan Mortgage Trust, Series 2020 1

.819

06/25/50

5,549

25,061,073

(a),(b)

JP Morgan Mortgage Trust, Series 2021 3

.133

07/25/51

17,569,781

(a),(b)

JP Morgan Mortgage Trust, Series 2021 4

.129

08/25/51

2,249,475

(a),(b)

JP Morgan Mortgage Trust, Series 2021 4

.879

08/25/51

1,846

34,028,735

(a),(b)

JP Morgan Mortgage Trust, Series 2021 6

.131

10/25/51

6,360,182

(a),(b)

JP Morgan Mortgage Trust, Series 2021 6

.500

10/25/51

5,280

9,099,604

(a),(b)

JP Morgan Mortgage Trust, Series 2021 INV2

.400

12/25/51

2,155,248

(a),(b)

JP Morgan Mortgage Trust, Series 2021 10

.500

12/25/51

1,787

1,948,224

(a),(b)

JP Morgan Mortgage Trust, Series 2021 INV4

.207

01/25/52

1,599

2,134,334

(a),(b)

JP Morgan Mortgage Trust, Series 2021 12

.500

02/25/52

1,774

1,346,476

(a),(b)

JP Morgan Mortgage Trust, Series 2022 INV1

.291

03/25/52

1,145

3,290,925

(a),(b)

JP Morgan Mortgage Trust, Series 2021 14

.500

05/25/52

2,729

2,133,144

(a),(b)

JP Morgan Mortgage Trust, Series 2021 LTV2

.927

05/25/52

1,857

663,090

(a),(b)

JP Morgan Mortgage Trust, Series 2021 INV8

.280

05/25/52

558

14,351,760

(a),(b)

JP Morgan Mortgage Trust, Series 2022 2

.000

08/25/52

12,461

6,260,851

(a),(b)

JP Morgan Mortgage Trust, Series 2022 INV3

.000

09/25/52

5,438

9,998,803

(a),(b)

JP Morgan Mortgage Trust, Series 2022 LTV2

.500

09/25/52

9,013

6,158,304

(a),(b)

JP Morgan Mortgage Trust, Series 2022 7

.000

12/25/52

5,338

1,897,861

(a),(b)

JP Morgan Mortgage Trust, Series 2022 7

.000

12/25/52

1,755

1,328,465

JPMBB Commercial Mortgage Securities Trust, Series 2014 C22

.110

09/15/47

1,312

2,686,000

(a) JPMBB Commercial Mortgage Securities Trust, Series 2014 C23

.536

09/15/47

2,613

3,000,000

JPMBB Commercial Mortgage Securities Trust, Series 2015 C27

.898

02/15/48

2,615

967,490

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

.118

05/15/48

963

1,322,210

JPMBB Commercial Mortgage Securities Trust, Series 2015 C31

.106

08/15/48

1,311

3,000,000

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

.543

08/15/48

2,374

8,452,000

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

.543

08/15/48

8,024

1,820,000

(a) JPMBB Commercial Mortgage Securities Trust, Series 2016 C1

.706

03/17/49

1,776

868,186

JPMCC Commercial Mortgage Securities Trust, Series 2017 JP5

.457

03/15/50

866

1,000,000

(a) JPMCC Commercial Mortgage Securities Trust, Series 2017 JP5

.904

03/15/50

915

182,655

JPMCC Commercial Mortgage Securities Trust, Series 2017 JP7

.379

09/15/50

1,000,000

(a) JPMDB Commercial Mortgage Securities Trust, Series 2016 C4

.018

12/15/49

857

3,000,000

JPMDB Commercial Mortgage Securities Trust, Series 2017 C5

.694

03/15/50

2,968

7,575,000

JPMDB Commercial Mortgage Securities Trust, Series 2020 COR7

.536

05/13/53

6,149

3,398,176

(a),(b)

KSL Commercial Mortgage Trust, (TSFR1M + 2.341%), Series 2024 HT2

.091

12/15/39

3,400

1,225,947

(b) Ladder Capital Commercial Mortgage Securities, Series 2013 GCP

.575

02/15/36

1,195

EUR

599,877

(a),(b)

Last Mile Securities, (EURIBOR 3 M + 2.350%), Series 2021 1A

.414

08/17/31

706

1,235,847

(b) LCCM, Series 2017 LC26

.357

07/12/50

1,229

5,000,000

(b) Legends Outlets Kansas City KS Mortgage Secured Trust, Series 2024 LGND

.021

11/05/39

5,035

5,000,000

(b) LSTAR Commercial Mortgage Trust, Series 2017 5

.021

03/10/50

4,877

339,069

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

.278

01/25/37

3,500,000

(a),(b)

MF1 LLC, (TSFR1M + 1.488%), Series 2025 FL19

.223

05/18/42

3,511

1,687,000

(b) MIRA Trust, Series 2023 MILE

.755

06/10/38

1,754

3,000,000

Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015 C22

.561

04/15/48

2,912

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

191,679

Morgan Stanley Capital I Trust, Series 2017 H1

.304

%

06/15/50

$

2,840,000

(a) Morgan Stanley Capital I Trust, Series 2018 H3

.429

07/15/51

2,818

1,900,000

Morgan Stanley Capital I Trust, Series 2019 L2

.272

03/15/52

1,831

24,287,900

(a),(b)

Morgan Stanley Capital I Trust, Series 2024 NSTB

.900

09/24/57

24,003

509,137

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust, Series 2021 4

.500

07/25/51

5,397,563

(a),(b)

Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1

.000

02/25/53

4,999

2,500,000

(b) MRCD Mortgage Trust, Series 2019 PARK

.718

12/15/36

2,120

3,000,000

(a),(b)

MSDB Trust, Series 2017 712F

.316

07/11/39

2,902

2,250,000

(a),(b)

MTN Commercial Mortgage Trust, (TSFR1M + 1.397%), Series 2022 LPFL

.157

03/15/39

2,250

5,000,000

(a),(b)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.879%), Series 2019 MILE

.630

07/15/36

4,641

12,741,348

(a),(b)

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

.915

07/15/36

12,106

2,900,000

(a),(b)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE

.430

07/15/36

2,508

5,000,000

(a),(b)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.829%), Series 2019 MILE

.580

07/15/36

4,087

2,700,000

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

.885

08/15/38

2,633

520,516

(b) Natixis Commercial Mortgage Securities Trust, Series 2020 2PAC

.966

12/15/38

506

1,623,760

(a),(b)

New Residential Mortgage Loan Trust, Series 2022 INV1

.515

03/25/52

1,337

87,742

(a) New York Mortgage Trust, (TSFR1M + 0.594%), Series 2005 3

.326

02/25/36

5,200,000

(a),(b)

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

.543

10/15/40

5,212

5,000,000

(a),(b)

NYC Trust, (TSFR1M + 1.991%), Series 2024 3ELV

.741

08/15/29

5,022

3,800,000

(a),(b)

NYC Trust, (TSFR1M + 2.291%), Series 2024 3ELV

.041

08/15/29

3,809

9,705,530

(a),(b)

OBX Trust, Series 2021 J2

.500

07/25/51

8,048

366,814

(a),(b)

OBX Trust, Series 2022 J2

.409

08/25/52

8,403,174

(a),(b)

OBX Trust, Series 2022 INV5

.000

10/25/52

7,772

2,898,281

(a),(b)

Oceanview Mortgage Trust, Series 2021 1

.500

05/25/51

2,403

2,109,953

(a),(b)

Oceanview Mortgage Trust, Series 2022 1

.500

11/25/52

2,033

8,234,000

(b) Olympic Tower Mortgage Trust, Series 2017 OT

.566

05/10/39

7,938

11,190,000

(b) One Bryant Park Trust, Series 2019 OBP

.516

09/15/54

10,396

7,180,000

(a),(b)

ONNI Commerical Mortgage Trust, Series 2024 APT

.567

07/15/39

7,325

7,000,000

(a),(b)

ONNI Commerical Mortgage Trust, Series 2024 APT

.951

07/15/39

7,150

2,500,000

(a),(b)

PKHL Commercial Mortgage Trust, (TSFR1M + 0.994%), Series 2021 MF

.745

07/15/38

2,362

2,735,349

(a),(b)

RCKT Mortgage Trust, Series 2022 4

.500

06/25/52

2,469

10,000,000

(a),(b)

SCG Trust, (TSFR1M + 1.500%), Series 2025 SNIP

.250

09/15/42

10,031

506,316

(a),(b)

Sequoia Mortgage Trust, Series 2015 2

.500

05/25/45

450,286

(a),(b)

Sequoia Mortgage Trust, Series 2016 1

.500

06/25/46

109,804

(a),(b)

Sequoia Mortgage Trust, Series 2017 2

.500

02/25/47

1,725,406

(a),(b)

Sequoia Mortgage Trust, Series 2017 6

.725

09/25/47

1,653

719,030

(a),(b)

Sequoia Mortgage Trust, Series 2018 3

.500

03/25/48

656

55,123

(a),(b)

Sequoia Mortgage Trust, Series 2018 7

.000

09/25/48

4,890,422

(a),(b)

Sequoia Mortgage Trust, Series 2020 3

.000

04/25/50

4,253

372,969

(a),(b)

Sequoia Mortgage Trust, Series 2021 1

.657

03/25/51

4,018,753

(a),(b)

Sequoia Mortgage Trust, Series 2023 1

.000

01/25/53

3,912

322,195

(a),(b)

Shellpoint Co-Originator Trust, Series 2017 1

.500

04/25/47

4,350,000

(b) SLG Office Trust, Series 2021 OVA

.585

07/15/41

3,894

17,215,000

(b) SLG Office Trust, Series 2021 OVA

.851

07/15/41

15,042

9,614,610

(a),(b)

SMR Mortgage Trust, (TSFR1M + 1.650%), Series 2022 IND

.400

02/15/39

9,617

9,156,771

(a),(b)

SMR Mortgage Trust, (TSFR1M + 2.950%), Series 2022 IND

.700

02/15/39

9,195

3,000,000

(a),(b)

SREIT Trust, (TSFR1M + 1.286%), Series 2021 MFP2

.036

11/15/36

3,000

3,500,000

(a),(b)

TX Trust, (TSFR1M + 1.591%), Series 2024 HOU

.341

06/15/39

3,507

3,500,000

(a),(b)

TX Trust, (TSFR1M + 2.640%), Series 2024 HOU

.959

06/15/39

3,516

1,321,621

UBS Commercial Mortgage Trust, Series 2017 C1

.256

06/15/50

1,318

594,384

UBS Commercial Mortgage Trust, Series 2017 C4

.366

10/15/50

592

1,570,000

UBS Commercial Mortgage Trust, Series 2017 C4

.563

10/15/50

1,548

7,665,000

(a) UBS Commercial Mortgage Trust, Series 2018 C9

.318

03/15/51

7,367

2,000,000

(a) UBS Commercial Mortgage Trust, Series 2018 C11

.492

06/15/51

1,961

2,500,000

(a) UBS Commercial Mortgage Trust, Series 2018 C11

.713

06/15/51

2,379

1,750,000

UBS Commercial Mortgage Trust, Series 2018 C13

.334

10/15/51

1,749

1,406,187

(a),(b)

Verus Securitization Trust, Series 2021 7

.240

10/25/66

1,245

3,985,000

(a),(b)

Verus Securitization Trust, Series 2025 12

.760

12/25/70

4,013

4,000,000

(a),(b)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.742%), Series 2025 NYCH

.492

06/15/42

4,007

10,000,000

(a),(b)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.350%), Series 2025 B33RP

.100

08/15/42

10,010

2,279,000

(a) Wells Fargo Commercial Mortgage Trust, Series 2015 NXS1

.858

05/15/48

2,131

872,111

Wells Fargo Commercial Mortgage Trust, Series 2017 RB1

.635

03/15/50

854

Core Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

2,000,000

Wells Fargo Commercial Mortgage Trust, Series 2017 RB1

.757

%

03/15/50

$

1,935

2,032,940

Wells Fargo Commercial Mortgage Trust, Series 2017 C38

.261

07/15/50

2,026

2,197,255

(a) Wells Fargo Commercial Mortgage Trust, Series 2017 C38

.903

07/15/50

2,035

2,287,903

Wells Fargo Commercial Mortgage Trust, Series 2017 C39

.212

09/15/50

2,272

1,254,000

(a) Wells Fargo Commercial Mortgage Trust, Series 2018 C45

.405

06/15/51

1,239

1,700,000

Wells Fargo Commercial Mortgage Trust, Series 2021 21-C60

.547

08/15/54

1,495

1,000,000

(a) Wells Fargo Commercial Mortgage Trust, Series 2015 NXS2

.849

07/15/58

962

6,900,000

Wells Fargo Commercial Mortgage Trust, Series 2016 C33

.749

03/15/59

6,878

123,363

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2019 2

.000

04/25/49

1,854,851

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2019 4

.500

09/25/49

1,684

778,732

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2020 4

.000

07/25/50

680

9,828,266

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2021 2

.500

06/25/51

8,162

1,214,476

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2021 INV2

.633

09/25/51

1,031

3,987,565

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 2

.500

12/25/51

3,302

3,345,644

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.000

03/25/52

2,907

3,909,194

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.422

03/25/52

3,293

5,747,665

(a),(b)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1

.500

03/25/52

5,191

2,365,781

(a) WFRBS Commercial Mortgage Trust, Series 2013 C11

.714

03/15/45

2,359

247,062

(a),(b)

WinWater Mortgage Loan Trust, Series 2014 1

.929

06/20/44

TOTAL OTHER MORTGAGE BACKED

1,017,266

TOTAL STRUCTURED ASSETS

(Cost $1,626,237)

1,548,514

TOTAL LONG-TERM INVESTMENTS

(Cost $12,258,786)

11,822,489

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%

18,071,088

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

3.830 (f)

18,071

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $18,071)

18,071

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 2.4%

GOVERNMENT AGENCY DEBT - 0.7%

5,000,000

Federal Agricultural Mortgage Corp Discount Notes

.000

05/21/26

4,931

7,500,000

Federal Home Loan Bank Discount Notes

.000

01/06/26

7,496

10,000,000

Federal Home Loan Bank Discount Notes

.000

01/07/26

9,993

5,000,000

Federal Home Loan Bank Discount Notes

.000

01/20/26

4,990

10,000,000

Federal Home Loan Bank Discount Notes

.000

01/23/26

9,978

10,000,000

Federal Home Loan Bank Discount Notes

.000

02/04/26

9,966

15,000,000

Federal Home Loan Bank Discount Notes

.000

02/20/26

14,925

10,000,000

Federal Home Loan Bank Discount Notes

.000

02/27/26

9,943

10,000,000

Federal Home Loan Bank Discount Notes

.000

03/04/26

9,938

TOTAL GOVERNMENT AGENCY DEBT

82,160

REPURCHASE AGREEMENT - 0.9%

2,268,000

(g) Fixed Income Clearing Corporation

.810

01/02/26

2,268

111,180,000

(h) Fixed Income Clearing Corporation

.810

01/02/26

111,180

TOTAL REPURCHASE AGREEMENT

113,448

TREASURY DEBT - 0.8%

EGP

30,900,000

Egypt Treasury Bills

.000

04/21/26

603

JPY

472,000,000

Japan Treasury Discount Bill

.000

02/02/26

3,012

10,000,000

United States Treasury Bill

.000

01/06/26

9,996

25,000,000

United States Treasury Bill

.000

01/08/26

24,978

6,265,000

United States Treasury Bill

.000

01/22/26

6,253

10,000,000

United States Treasury Bill

.000

02/03/26

9,972

20,000,000

United States Treasury Bill

.000

03/03/26

19,889

10,000,000

(d) United States Treasury Bill

.000

03/24/26

9,921

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

TREASURY DEBT

(continued)

$

10,000,000

United States Treasury Bill

.000

%

05/05/26

$

9,883

TOTAL TREASURY DEBT

94,507

TOTAL SHORT-TERM INVESTMENTS

(Cost $290,084)

290,115

TOTAL INVESTMENTS - 98.9%

(Cost $12,566,941)

12,130,675

OTHER ASSETS & LIABILITIES, NET - 1.1%

139,452

NET ASSETS - 100.0%

$12,270,127

AUD

Australian Dollar

BRL

Brazilian Real

CAONREPO

Canadian Overnight Repo Rate Average

CAD

Canadian Dollar

CHF

Switzerland Franc

CLP

Chilean Peso

CNY

Chinese Yuan

COP

Colombia Peso

CZK

Czech Republic Koruna

EGP

Egyptian Pound

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

KZT

Kazakhstani Tenge

M

Month

MXN

Mexican Peso

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PEN

Peruvian Sol

PLN

Polish Zloty

Reg S

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

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

that are made outside the United States.

REIT

Real Estate Investment Trust

REMIC

Real Estate Mortgage Investment Conduit

RON

Romanian Leu

SGD

Singapore Dollar

SOFR30A

30 Day Average Secured Overnight Financing Rate

SOFR90A

90 Day Average Secured Overnight Financing Rate

SONIA

Sterling Overnight Interbank Average Rate

THB

Thai Baht

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

Core Bond

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

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

Investments in Derivatives

^

Amount represents less than $1,000.

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

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

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

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $2,282,360,297 or 18.8% of Total

Investments.

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

(d) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $42,101,922.

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

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

(g) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $2,268,480 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $2,313,386.

(h) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $111,203,533 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

0.000% and maturity date 12/24/26, valued at $113,403,600.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) U.S. Treasury 10-Year Note

1,824

03/20/26

$

205,659

$

205,086

$

(573)

U.S. Treasury 5-Year Note

3,762

03/31/26

411,617

411,204

(413)

Total

5,586

$

617,276

$

616,290

$

(986)

Forward Foreign Currency Contracts

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) $

6,766

AUD

10,245

Australia and New Zealand Banking Group Limited

01/09/26

(72)

$

1,167

CHF

923

Australia and New Zealand Banking Group Limited

01/08/26

$

578

EUR

Australia and New Zealand Banking Group Limited

01/08/26

(9)

$

922

EUR

800

Australia and New Zealand Banking Group Limited

01/08/26

(18)

$

728

GBP

545

Australia and New Zealand Banking Group Limited

01/08/26

(7)

$

1,520

NZD

2,603

Australia and New Zealand Banking Group Limited

01/09/26

EUR

$

Australia and New Zealand Banking Group Limited

01/08/26

EUR

826

$

953

Australia and New Zealand Banking Group Limited

01/08/26

$

550

HUF

184,135

Bank of America, N.A.

01/08/26

(12)

$

677

KRW

990,172

Bank of America, N.A.

01/12/26

(9)

$

988

SGD

1,279

Bank of America, N.A.

01/12/26

(9)

$

907

MYR

3,746

Barclays Bank PLC

01/12/26

(17)

$

2,012

CAD

2,803

Citibank N.A.

01/08/26

(31)

$

1,163

CZK

24,321

Citibank N.A.

01/08/26

(20)

$

5,747

EUR

4,904

Citibank N.A.

01/08/26

(18)

$

112,545

EUR

96,023

Citibank N.A.

01/08/26

(345)

$

EUR

Citibank N.A.

01/08/26

(1)

$

791

EUR

684

Citibank N.A.

01/08/26

(13)

$

EUR

Citibank N.A.

01/08/26

(2)

$

581

EUR

Citibank N.A.

01/08/26

(6)

$

1,000

EUR

862

Citibank N.A.

01/08/26

(14)

$

1,008

GBP

752

Citibank N.A.

01/08/26

(5)

$

GBP

Citibank N.A.

01/08/26

(14)

$

2,331

IDR

39,101,230

Citibank N.A.

01/12/26

(11)

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) $

7,330

KRW

10,732,100

Citibank N.A.

01/12/26

(105)

$

697

RON

3,069

Citibank N.A.

01/08/26

(11)

$

1,382

THB

44,567

Goldman Sachs

01/12/26

(34)

$

997

CHF

786

Morgan Stanley Capital Services

01/08/26

$

EUR

Morgan Stanley Capital Services

01/08/26

(9)

$

2,048

EUR

1,763

Morgan Stanley Capital Services

01/08/26

(25)

$

575

EUR

Morgan Stanley Capital Services

01/08/26

(9)

$

808

EUR

700

Morgan Stanley Capital Services

01/08/26

(15)

$

1,016

EUR

879

Morgan Stanley Capital Services

01/08/26

(18)

$

23,426

GBP

17,453

Morgan Stanley Capital Services

01/08/26

(100)

$

23,603

JPY

3,514,061

Morgan Stanley Capital Services

01/09/26

1,150

$

2,007

JPY

299,567

Morgan Stanley Capital Services

01/09/26

$

MXN

8,394

Morgan Stanley Capital Services

01/08/26

(10)

$

605

NOK

6,025

Morgan Stanley Capital Services

01/08/26

$

1,362

PLN

4,982

Morgan Stanley Capital Services

01/08/26

(25)

EUR

509

$

587

Morgan Stanley Capital Services

01/08/26

EUR

$

Morgan Stanley Capital Services

01/08/26

$

1,065

ZAR

18,291

Morgan Stanley Capital Services

01/08/26

(39)

$

997

AUD

1,519

Standard Chartered Bank

01/09/26

(17)

$

2,008

EUR

1,713

Standard Chartered Bank

01/08/26

(7)

$

516

PEN

1,740

Standard Chartered Bank

01/12/26

(1)

EUR

1,917

$

2,229

Standard Chartered Bank

01/08/26

$

10,760

CAD

14,943

Toronto Dominion Bank

01/08/26

(131)

$

3,020

JPY

472,000

Toronto Dominion Bank

02/02/26

(2)

EUR

1,996

$

2,325

Toronto Dominion Bank

01/08/26

EUR

2,080

$

2,426

Toronto Dominion Bank

01/08/26

Total

$

Total unrealized appreciation on forward foreign currency contracts

$

1,381

Total unrealized depreciation on forward foreign currency contracts

$

(1,191)

AUD

Australian Dollar

CAD

Canadian Dollar

CHF

Switzerland Franc

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

MYR

Malaysian Ringgit

NOK

Norwegian Krone

NZD

New Zealand Dollar

PEN

Peruvian Sol

PLN

Polish Zloty

RON

Romanian Leu

SGD

Singapore Dollar

THB

Thai Baht

ZAR

South African Rand

Inflation-Linked Bond

Portfolio of Investments December 31, 2025

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

LONG-TERM INVESTMENTS - 97.9%

BANK LOAN OBLIGATIONS - 0.2%

CAPITAL GOODS - 0.1%

$

2,066,615

(a) Core & Main LP, Term Loan B, (TSFR3M + 2.000%)

.690

%

07/27/28

$

2,076

1,920,000

(a) Fluidra, S.A., Term Loan B, (TSFR1M + 1.925%)

.741

01/29/29

1,933

2,620,227

(a) Zurn Holdings, Inc., Term Loan B, (TSFR1M + 2.000%)

.831

10/04/28

2,642

TOTAL CAPITAL GOODS

6,651

CONSUMER DURABLES & APPAREL - 0.0%

680,000

(a) Crocs, Inc., Term Loan, (TSFR3M + 2.250%)

.922

02/20/29

686

TOTAL CONSUMER DURABLES & APPAREL

686

CONSUMER SERVICES - 0.1%

2,771,355

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

.466

09/23/30

2,778

2,401,000

(a) Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)

.422

11/29/30

2,402

TOTAL CONSUMER SERVICES

5,180

FINANCIAL SERVICES - 0.0%

1,499,818

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

.466

06/24/31

1,504

TOTAL FINANCIAL SERVICES

1,504

HEALTH CARE EQUIPMENT & SERVICES - 0.0%

526,751

(a) Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)

.716

12/03/31

527

TOTAL HEALTH CARE EQUIPMENT & SERVICES

527

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

1,544,587

(a) Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M + 2.250%)

.966

05/05/28

1,553

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

1,553

SOFTWARE & SERVICES - 0.0%

1,680,800

(a) Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)

.466

09/12/29

1,685

TOTAL SOFTWARE & SERVICES

1,685

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%

144,643

(a) Coherent Corp, Term Loan B2, (TSFR1M + 1.750%)

.466

07/02/29

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

TOTAL BANK LOAN OBLIGATIONS

(Cost $17,790)

17,931

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CORPORATE BONDS - 2.2%

AUTOMOBILES & COMPONENTS - 0.0%

2,000,000

(b) Ford Otomotiv Sanayi AS.

.125

04/25/29

2,069

TOTAL AUTOMOBILES & COMPONENTS

2,069

BANKS - 0.3%

1,625,000

(b) Banco de Chile

.990

12/09/31

1,482

3,000,000

Bank of America Corp

.162

01/24/31

3,097

1,500,000

Bank of America Corp

.511

01/24/36

1,564

1,825,000

(b) BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico

.625

02/11/35

1,916

2,000,000

CitiBank NA

.576

05/29/27

2,020

3,500,000

JPMorgan Chase & Co

.103

04/22/31

3,614

2,000,000

JPMorgan Chase & Co

.502

01/24/36

2,090

2,950,000

Morgan Stanley Private Bank NA

.465

11/19/31

2,958

2,000,000

Wells Fargo & Co

.150

04/23/31

2,065

TOTAL BANKS

20,806

CAPITAL GOODS - 0.1%

2,000,000

Boeing Co

.250

02/01/28

1,966

875,000

Embraer Netherlands Finance BV

.980

02/11/35

930

1,275,000

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

.500

11/07/33

1,385

TOTAL CAPITAL GOODS

4,281

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%

2,250,000

(b) Bidvest Group UK plc

.200

09/17/32

2,292

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

$

278,000

(b) Prime Security Services Borrower LLC

.750

%

04/15/26

$

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

2,570

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.1%

3,505,000

(b) Albertsons Cos, Inc

.500

02/15/28

3,580

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

3,580

ENERGY - 0.6%

2,275,000

Ecopetrol S.A.

.625

11/02/31

2,038

4,000,000

Ecopetrol S.A.

.750

02/01/32

4,116

2,950,353

(b) EIG Pearl Holdings Sarl

.545

08/31/36

2,732

1,000,000

Enbridge, Inc

.000

11/15/28

1,051

1,500,000

Energy Transfer LP

.400

12/01/30

1,620

2,000,000

EQT Corp

.500

07/01/27

2,039

5,000,000

(b) Hilcorp Energy I LP

.000

04/15/30

4,858

2,000,000

(b) Hilcorp Energy I LP

.250

04/15/32

1,883

5,000,000

(b) Kinetik Holdings LP

.875

06/15/30

5,045

5,000,000

Occidental Petroleum Corp

.500

08/15/29

4,826

4,000,000

Petrobras Global Finance BV

.125

09/10/30

3,920

2,375,000

Petroleos Mexicanos

.700

02/16/32

2,369

3,480,000

(b) Petronas Capital Ltd

.950

01/03/31

3,592

2,000,000

(b) Petronas Capital Ltd

.340

04/03/35

2,080

328,947

Reliance Industries Ltd

.444

01/15/26

2,950,000

(b) Saudi Arabian Oil Co

.250

07/17/34

3,036

3,150,000

(b) Sunoco LP

.625

05/01/30

3,060

TOTAL ENERGY

48,594

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0%

1,000,000

Healthcare Realty Holdings LP

.750

07/01/27

993

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

993

FINANCIAL SERVICES - 0.1%

2,000,000

AerCap Ireland Capital DAC

.000

10/29/28

1,939

1,500,000

(b),(c)

Indian Railway Finance Corp Ltd

.570

01/21/32

1,424

1,000,000

Morgan Stanley

.587

01/18/36

1,045

TOTAL FINANCIAL SERVICES

4,408

FOOD, BEVERAGE & TOBACCO - 0.1%

3,000,000

(b) Bimbo Bakeries USA, Inc

.400

01/15/34

3,270

3,000,000

(b) Gruma SAB de C.V.

.390

12/09/34

3,084

2,000,000

(b) Mars, Inc

.800

03/01/30

2,044

TOTAL FOOD, BEVERAGE & TOBACCO

8,398

HEALTH CARE EQUIPMENT & SERVICES - 0.2%

2,000,000

CVS Health Corp

.300

08/21/27

1,913

2,000,000

HCA, Inc

.625

09/01/28

2,062

10,645,000

Montefiore Medical Center

.895

04/20/32

9,532

2,000,000

UnitedHealth Group, Inc

.000

05/15/29

1,998

TOTAL HEALTH CARE EQUIPMENT & SERVICES

15,505

INSURANCE - 0.0%

2,000,000

Reinsurance Group of America, Inc

.750

09/15/34

2,086

TOTAL INSURANCE

2,086

MATERIALS - 0.2%

1,750,000

Amcor Group Finance plc

.450

05/23/29

1,809

600,000

(b) Antofagasta plc

.625

05/13/32

624

1,575,000

(b) Antofagasta plc

.250

05/02/34

1,697

1,175,000

(b) Antofagasta plc

.625

09/09/35

1,210

4,700,000

(b) Corp Nacional del Cobre de Chile

.125

02/02/33

4,725

1,500,000

(b) Corp Nacional del Cobre de Chile

.330

01/13/35

1,600

2,500,000

(b) Freeport Indonesia PT

.315

04/14/32

2,549

2,300,000

(b) OCP S.A.

.750

05/02/34

2,477

TOTAL MATERIALS

16,691

MEDIA & ENTERTAINMENT - 0.1%

1,000,000

Alphabet, Inc

.100

11/15/30

1,003

5,000,000

(b) CCO Holdings LLC

.125

05/01/27

4,993

Inflation-Linked Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

$

950,000

Meta Platforms, Inc

.875

%

11/15/35

$

949

TOTAL MEDIA & ENTERTAINMENT

6,945

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

2,000,000

Amgen, Inc

.150

03/02/28

2,047

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,047

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%

1,715,000

(b),(c)

SK Hynix, Inc

.500

01/17/33

1,888

1,575,000

TSMC Arizona Corp

.750

10/25/26

1,548

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

3,436

SOFTWARE & SERVICES - 0.0%

975,000

Oracle Corp

.200

09/26/35

934

TOTAL SOFTWARE & SERVICES

934

TELECOMMUNICATION SERVICES - 0.2%

2,000,000

AT&T, Inc

.550

12/01/33

1,707

3,550,000

(b) Sitios Latinoamerica SAB de C.V.

.000

11/25/29

3,679

2,000,000

T-Mobile USA, Inc

.050

07/15/33

2,041

4,500,000

(b) Turk Telekomunikasyon AS.

.950

10/07/32

4,598

2,000,000

Verizon Communications, Inc

.250

04/02/35

2,033

TOTAL TELECOMMUNICATION SERVICES

14,058

TRANSPORTATION - 0.1%

2,500,000

(b) Grupo Aeromexico SAB de C.V.

.625

11/15/31

2,552

2,000,000

(b) Latam Airlines Group S.A.

.625

01/07/31

2,100

5,460,000

(b) Transnet SOC Ltd

.250

02/06/28

5,764

TOTAL TRANSPORTATION

10,416

UTILITIES - 0.1%

1,450,000

(b) Banco Nacional de Comercio Exterior SNC

.875

05/07/30

1,499

1,700,000

(b) Comision Federal de Electricidad

.700

01/24/30

1,731

2,000,000

Duke Energy Carolinas LLC

.550

04/15/31

1,841

2,500,000

(b) Ferrellgas LP

.875

04/01/29

2,402

2,000,000

Florida Power & Light Co

.800

05/15/33

2,039

1,450,000

(b) Israel Electric Corp Ltd, Reg S

.750

02/22/32

1,354

TOTAL UTILITIES

10,866

TOTAL CORPORATE BONDS

(Cost $176,838)

178,683

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

GOVERNMENT BONDS - 91.9%

FOREIGN GOVERNMENT BONDS - 0.1%

6,250,000

(b) Central American Bank for Economic Integration

.000

02/09/26

6,254

TOTAL FOREIGN GOVERNMENT BONDS

6,254

MORTGAGE BACKED - 1.8%

360,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

.974

03/25/42

4,000,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.600%)

.474

07/25/42

4,138

6,235,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.350%)

.706

01/25/43

6,469

4,465,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

05/25/43

4,685

918,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 2.700%)

.574

07/25/43

944

6,324,200

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.900%)

.188

07/25/43

6,667

4,510,000

(a),(b)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

.424

10/25/43

4,720

4,945,942

(a) Fannie Mae REMICS, (SOFR30A + 1.400%)

.274

08/25/54

4,988

17,000,000

(a),(b)

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

.224

05/25/42

17,551

4,355,000

(a),(b)

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

.374

06/25/42

4,584

10,605,000

(a),(b)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%)

.115

04/25/43

11,046

12,723,938

Ginnie Mae I Pool

.600

09/15/31

12,456

6,527,558

Ginnie Mae I Pool

.650

02/15/32

6,387

1,692,940

Ginnie Mae I Pool

.380

07/15/35

1,606

2,299,930

Ginnie Mae I Pool

.870

10/15/36

2,215

29,348,854

Ginnie Mae I Pool

.730

07/15/37

25,106

20,252,590

Ginnie Mae I Pool

.650

07/15/42

15,958

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

22,878,630

Ginnie Mae I Pool

.750

%

01/15/45

$

21,565

TOTAL MORTGAGE BACKED

151,454

OTHER MORTGAGE BACKED - 0.1%

1,150,000

(a),(b)

DK Trust, (TSFR1M + 1.843%)

.577

08/15/37

1,154

3,700,000

(a),(b)

DK Trust, (TSFR1M + 1.593%)

.943

08/15/37

3,712

TOTAL OTHER MORTGAGE BACKED

4,866

U.S. TREASURY SECURITIES - 89.9%

82,248,225

(d) United States Treasury Inflation Indexed Bonds

.625

01/15/26

82,055

15,460,582

(d) United States Treasury Inflation Indexed Bonds

.000

01/15/26

15,432

60,646,298

(d) United States Treasury Inflation Indexed Bonds

.125

04/15/26

60,118

5,981,438

(d) United States Treasury Inflation Indexed Bonds

.125

07/15/26

5,946

192,738,753

(d) United States Treasury Inflation Indexed Bonds

.125

10/15/26

190,947

181,282,870

(d) United States Treasury Inflation Indexed Bonds

.375

01/15/27

179,041

133,934,772

(d) United States Treasury Inflation Indexed Bonds

.375

01/15/27

135,001

166,510,528

(d) United States Treasury Inflation Indexed Bonds

.125

04/15/27

163,485

141,081,760

(d) United States Treasury Inflation Indexed Bonds

.375

07/15/27

139,434

148,375,800

(d) United States Treasury Inflation Indexed Bonds

.625

10/15/27

149,486

254,084,600

(d) United States Treasury Inflation Indexed Bonds

.500

01/15/28

249,596

190,221,840

(d) United States Treasury Inflation Indexed Bonds

.750

01/15/28

191,601

215,676,928

(d) United States Treasury Inflation Indexed Bonds

.250

04/15/28

214,795

136,328,393

(d) United States Treasury Inflation Indexed Bonds

.625

04/15/28

143,015

121,532,648

(d) United States Treasury Inflation Indexed Bonds

.750

07/15/28

120,076

60,163,536

(d) United States Treasury Inflation Indexed Bonds

.375

10/15/28

61,954

295,919,595

(d) United States Treasury Inflation Indexed Bonds

.875

01/15/29

291,315

148,458,497

(d) United States Treasury Inflation Indexed Bonds

.500

01/15/29

153,219

390,840,906

(d) United States Treasury Inflation Indexed Bonds

.125

04/15/29

399,077

54,146,323

(d) United States Treasury Inflation Indexed Bonds

.875

04/15/29

58,319

248,199,900

(d) United States Treasury Inflation Indexed Bonds

.250

07/15/29

239,113

151,305,643

(d) United States Treasury Inflation Indexed Bonds

.625

10/15/29

152,790

299,434,740

(d) United States Treasury Inflation Indexed Bonds

.125

01/15/30

283,982

320,551,460

(d) United States Treasury Inflation Indexed Bonds

.625

04/15/30

322,123

174,585,327

(d) United States Treasury Inflation Indexed Bonds

.125

07/15/30

164,753

56,909,206

(d) United States Treasury Inflation Indexed Bonds

.125

10/15/30

56,037

335,056,277

(d) United States Treasury Inflation Indexed Bonds

.125

01/15/31

312,304

304,247,500

(d) United States Treasury Inflation Indexed Bonds

.125

07/15/31

281,883

161,474,923

(d) United States Treasury Inflation Indexed Bonds

.125

01/15/32

147,537

50,625,024

(d) United States Treasury Inflation Indexed Bonds

.375

04/15/32

55,875

272,071,968

(d) United States Treasury Inflation Indexed Bonds

.625

07/15/32

255,229

360,990,575

(d) United States Treasury Inflation Indexed Bonds

.125

01/15/33

346,356

280,094,773

(d) United States Treasury Inflation Indexed Bonds

.375

07/15/33

272,998

437,516,648

(d) United States Treasury Inflation Indexed Bonds

.750

01/15/34

435,009

347,437,012

(d) United States Treasury Inflation Indexed Bonds

.875

07/15/34

348,804

382,312,563

(d) United States Treasury Inflation Indexed Bonds

.125

01/15/35

389,062

310,299,119

(d) United States Treasury Inflation Indexed Bonds

.875

07/15/35

309,468

TOTAL U.S. TREASURY SECURITIES

7,377,235

TOTAL GOVERNMENT BONDS

(Cost $7,637,956)

7,539,809

SHARES

DESCRIPTION

VALUE (000)

INVESTMENT COMPANIES - 0.1%

475,737

Invesco Senior Loan ETF

9,990

TOTAL INVESTMENT COMPANIES

(Cost $10,002)

9,990

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

STRUCTURED ASSETS - 3.5%

ASSET BACKED - 1.6%

4,925,000

CNH Equipment Trust, Series 2024 C

.030

01/15/30

4,941

2,880,000

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

.045

11/20/51

2,825

5,664,000

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

.493

11/20/51

5,360

4,224,000

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

.791

11/20/51

3,761

14,055,000

Ford Credit Auto Owner Trust, Series 2024 C

.070

07/15/29

14,099

Inflation-Linked Bond

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

ASSET BACKED

(continued)

$

18,000,000

(b) Ford Credit Auto Owner Trust, Series 2024 1

.870

%

08/15/36

$

18,459

9,900,000

GM Financial Consumer Automobile Receivables Trust, Series 2024 4

.400

08/16/29

9,974

2,867,985

(b),(e)

Industrial DPR Funding Ltd, Series 2022 1A

.380

04/15/34

2,606

1,865,316

(b) MVW LLC, Series 2021 2A

.830

05/20/39

1,778

5,518,457

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

.380

11/20/51

5,029

3,808,062

(b) Sunnova Helios VIII Issuer LLC, Series 2022 A

.790

02/22/49

3,207

16,425,000

(b) Tesla Auto Lease Trust, Series 2024 B

.820

10/20/27

16,492

18,650,000

Toyota Auto Receivables Owner Trust, Series 2024 D

.400

06/15/29

18,780

25,000,000

(b) Verizon Master Trust Series, Series 2024 5

.000

06/21/32

25,767

TOTAL ASSET BACKED

133,078

OTHER MORTGAGE BACKED - 1.9%

5,000,000

(a),(b)

ARDN Mortgage Trust, (TSFR1M + 1.750%), Series 2025 ARCP

.500

06/15/35

5,016

3,000,000

(a),(b)

ARDN Mortgage Trust, (TSFR1M + 3.000%), Series 2025 ARCP

.750

06/15/35

3,012

3,285,000

(b) BBCMS Trust, Series 2015 SRCH

.197

08/10/35

3,236

2,000,000

(a) Benchmark Mortgage Trust, Series 2018 B2

.292

02/15/51

1,555

12,600,000

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.312%), Series 2021 XL2

.062

10/15/38

12,596

5,277,870

(a),(b)

BX Commercial Mortgage Trust, (TSFR1M + 1.385%), Series 2021 CIP

.135

12/15/38

5,274

4,549,573

(a),(b)

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

.142

03/15/41

4,557

1,855,952

(a),(b)

BX Trust, (TSFR1M + 1.501%), Series 2021 SDMF

.598

09/15/34

1,850

2,000,000

(a),(b)

BX TRUST, (TSFR1M + 1.840%), Series 2022 AHP

.590

01/17/39

1,999

706,540

(b) COMM Mortgage Trust, Series 2013 CR6

.397

03/10/46

701

1,758,053

(a) COMM Mortgage Trust, Series 2014 CR14

.792

02/10/47

1,721

5,130,062

COMM Mortgage Trust, Series 2014 CR17

.377

05/10/47

4,993

1,939,789

(a) COMM Mortgage Trust, Series 2015 CR26

.613

10/10/48

1,916

150,000

(a),(b)

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

.206

05/25/42

4,500,000

(a),(b)

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

.624

09/25/42

4,774

10,855,000

(a),(b)

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

.106

12/25/42

11,349

2,949,000

DBJPMortgage Trust, Series 2016 C1

.539

05/10/49

2,923

11,000,000

(b) GM Financial Revolving Receivables Trust, Series 2024 1

.980

12/11/36

11,312

5,000,000

(a),(b)

INTOWN Mortgage Trust, (TSFR1M + 2.250%), Series 2025 STAY

.500

03/15/42

5,016

2,000,000

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

.620

01/16/37

940

2,391,000

(a),(b)

JP Morgan Chase Commercial Mortgage Securities Trust, (TSFR1M + 2.064%), Series 2021

MHC

.815

04/15/38

2,393

2,200,000

(a) JPMBB Commercial Mortgage Securities Trust, Series 2014 C23

.536

09/15/47

2,140

5,750,000

(a),(b)

MF1 LLC, (TSFR1M + 1.488%), Series 2025 FL19

.223

05/18/42

5,768

2,500,000

(b) MRCD Mortgage Trust, Series 2019 PARK

.718

12/15/36

1,883

2,500,000

(b) MRCD Mortgage Trust, Series 2019 PARK

.718

12/15/36

1,788

8,497,000

(a),(b)

MTN Commercial Mortgage Trust, (TSFR1M + 1.397%), Series 2022 LPFL

.157

03/15/39

8,495

6,555,000

(a),(b)

MTN Commercial Mortgage Trust, (TSFR1M + 2.943%), Series 2022 LPFL

.773

03/15/39

6,562

2,500,000

(a),(b)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE

.430

07/15/36

2,162

2,000,000

(a),(b)

NYC Trust, (TSFR1M + 2.291%), Series 2024 3ELV

.041

08/15/29

2,005

2,000,000

(a),(b)

PKHL Commercial Mortgage Trust, (TSFR1M + 0.994%), Series 2021 MF

.745

07/15/38

1,890

2,100,000

(a),(b)

SCG Trust, (TSFR1M + 1.500%), Series 2025 SNIP

.250

09/15/42

2,107

7,325,417

(a),(b)

SMR Mortgage Trust, (TSFR1M + 2.400%), Series 2022 IND

.150

02/15/39

7,349

5,000,000

(a),(b)

TX Trust, (TSFR1M + 1.591%), Series 2024 HOU

.341

06/15/39

5,009

7,165,000

UBS Commercial Mortgage Trust, Series 2017 C1

.036

06/15/50

6,875

5,933,278

(a),(b)

Verus Securitization Trust, Series 2021 7

.240

10/25/66

5,253

4,400,000

(a),(b)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.350%), Series 2025 B33RP

.100

08/15/42

4,404

1,951,000

(a) WFRBS Commercial Mortgage Trust, Series 2013 C11

.011

03/15/45

1,893

TOTAL OTHER MORTGAGE BACKED

152,872

TOTAL STRUCTURED ASSETS

(Cost $289,063)

285,950

TOTAL LONG-TERM INVESTMENTS

(Cost $8,131,649)

8,032,363

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%

2,311,809

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

3.830 (g)

2,312

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,312)

2,312

Cost amounts are in thousands.

Investments in Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.3%

REPURCHASE AGREEMENT - 0.3%

$

21,740,000

(h) Fixed Income Clearing Corporation

.810

%

01/02/26

$

21,740

TOTAL REPURCHASE AGREEMENT

21,740

TOTAL SHORT-TERM INVESTMENTS

(Cost $21,740)

21,740

TOTAL INVESTMENTS - 98.2%

(Cost $8,155,701)

8,056,415

OTHER ASSETS & LIABILITIES, NET - 1.8%

147,264

NET ASSETS - 100.0%

$8,203,679

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, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

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

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

which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $382,988,509 or 4.8% of Total

Investments.

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $2,204,553.

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

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

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

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

(h) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $21,744,602 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.375% and maturity date 12/31/29, valued at $22,174,875.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) U.S. Treasury 10-Year Note

1,166

03/20/26

$

131,244

$

131,102

$

(142)

U.S. Treasury 5-Year Note

1,635

03/31/26

178,893

178,713

(180)

Total

2,801

$

310,137

$

309,815

$

(322)

Responsible Balanced

Portfolio of Investments December 31, 2025

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

LONG-TERM INVESTMENTS - 99.3%

BANK LOAN OBLIGATIONS - 0.1%

CAPITAL GOODS - 0.0%

$

450,366

(a),(b)

KDC Agribusiness Fairless Hills LLC

12.000 %

09/17/26

$0^

TOTAL CAPITAL GOODS

0^

UTILITIES - 0.1%

10,917,058

(c) TerraForm Power Operating, LLC, Term Loan B, (TSFR3M + 2.000%)

5.672 05/30/29

10,944

4,676,500

(c) Vistra Zero Operating Company, LLC, Term Loan B, (TSFR1M + 2.000%)

5.716 04/30/31

4,639

TOTAL UTILITIES

15,583

TOTAL BANK LOAN OBLIGATIONS

(Cost $15,924)

15,583

SHARES

DESCRIPTION

VALUE (000)

COMMON STOCKS - 60.0%

AUTOMOBILES & COMPONENTS - 0.4%

116,765

(d) Aptiv plc

8,885

187,837

Bayerische Motoren Werke AG.

20,368

739,800

Bridgestone Corp

16,645

416,728

Cie Generale des Etablissements Michelin S.C.A

13,813

671,100

Isuzu Motors Ltd

10,474

22,944

(d),(e)

Rivian Automotive, Inc

1,085,269

(e) Yamaha Motor Co Ltd

8,049

TOTAL AUTOMOBILES & COMPONENTS

78,686

BANKS - 3.7%

1,061,142

Australia and New Zealand Banking Group

25,656

1,770,711

Banco Bilbao Vizcaya Argentaria S.A.

41,536

853,140

Bank Hapoalim Ltd

19,296

3,182,257

BOC Hong Kong Holdings Ltd

16,150

987,565

Citigroup, Inc

115,239

1,366

Citizens Financial Group, Inc

433,921

Commonwealth Bank of Australia

46,316

1,207,500

Concordia Financial Group Ltd

9,982

598,145

DNB Bank ASA

16,665

174,759

Erste Bank der Oesterreichischen Sparkassen AG.

20,955

4,352,653

HSBC Holdings plc

68,493

4,896,209

Intesa Sanpaolo S.p.A.

33,833

669,741

JPMorgan Chase & Co

215,804

144,366

KBC Groep NV

18,802

855,621

Mizuho Financial Group, Inc

31,225

1,532,867

Oversea-Chinese Banking Corp

23,550

2,518

PNC Financial Services Group, Inc

526

11,713

Regions Financial Corp

313,206

Societe Generale

25,214

1,047,295

Standard Chartered plc

25,554

1,128,800

Sumitomo Mitsui Financial Group, Inc

36,304

1,128,265

Svenska Handelsbanken AB

16,346

8,538

Truist Financial Corp

TOTAL BANKS

808,263

CAPITAL GOODS - 6.3%

3,206

3M Co

513

482,066

ABB Ltd

35,537

183,196

ACS Actividades de Construccion y Servicios S.A.

18,185

124,509

AerCap Holdings NV

17,899

234,229

Alfa Laval AB

11,745

405,655

Alstom RGPT

11,968

241,429

Ashtead Group plc

16,460

491,074

Assa Abloy AB

18,971

978,479

Atlas Copco AB

15,643

1,165,404

Atlas Copco AB

20,747

75,538

(d) Axon Enterprise, Inc

42,900

222,654

Bouygues S.A.

11,575

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

183,980

Bunzl plc

$

5,137

12,267

Carrier Global Corp

648

227,038

Caterpillar, Inc

130,063

17,300

CNH Industrial NV

3,787

Cummins, Inc

1,933

375,800

Daifuku Co Ltd

11,829

115,200

(d) Daikin Industries Ltd

14,733

115,536

DCC plc

7,198

137,795

Deere & Co

64,153

Dover Corp

245,911

Eaton Corp plc

78,325

81,542

Eiffage S.A.

11,683

87,215

Epiroc AB

1,755

141,727

Epiroc AB

3,195

572,455

(d) Fanuc Ltd

22,278

3,164

Fastenal Co

576

Ferguson Enterprises, Inc

1,880

Fortive Corp

136,329

GE Vernova, Inc

89,101

180,487

GEA Group AG.

12,198

9,137

Geberit AG.

7,096

2,855

Graco, Inc

IDEX Corp

289,143

Illinois Tool Works, Inc

71,216

606,640

Ingersoll Rand, Inc

48,058

780,300

(d) Ishikawajima-Harima Heavy Industries Co Ltd

13,718

6,519

Johnson Controls International plc

781

1,751,970

Keppel Corp Ltd

14,085

144,706

Kingspan Group plc

12,469

85,003

Knorr-Bremse AG.

9,430

518,900

Komatsu Ltd

16,466

1,107,300

Kubota Corp

15,691

118,642

Legrand S.A.

17,638

729,018

Metso Outotec Oyj

12,684

839,100

Mitsubishi Electric Corp

24,466

707,700

Nidec Corp

9,609

160,100

(d) Obayashi Corp

3,351

Owens Corning, Inc

61,695

Parker-Hannifin Corp

54,227

Pentair plc

163,977

Prysmian S.p.A.

16,358

187,850

Quanta Services, Inc

79,284

262,284

Rexel S.A.

10,287

957

Rockwell Automation, Inc

586,535

Sandvik AB

18,946

149,442

Schneider Electric S.A.

40,884

41,500

(d) Sekisui Chemical Co Ltd

698

194,673

Siemens AG.

54,523

398,959

Smiths Group plc

12,619

475,500

Swire Pacific Ltd (Class A)

3,833

76,695

Trane Technologies plc

29,850

716

United Rentals, Inc

579

22,190

(e),(f)

VAT Group AG.

10,653

744,037

Vestas Wind Systems A.S.

20,124

28,620

W.W. Grainger, Inc

28,879

499,347

Wartsila Oyj (B Shares)

17,679

108,500

Xylem, Inc

14,776

TOTAL CAPITAL GOODS

1,368,690

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%

273,898

Automatic Data Processing, Inc

70,455

931,069

Brambles Ltd

14,218

2,380

Broadridge Financial Solutions, Inc

531

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

249,071

Bureau Veritas S.A.

$

7,924

483,397

Computershare Ltd

10,955

740,088

(d) Copart, Inc

28,974

217,428

Dai Nippon Printing Co Ltd

3,743

87,532

(e) Paychex, Inc

9,819

45,233

Randstad Holdings NV

1,717

458,300

Recruit Holdings Co Ltd

25,753

554,861

RELX plc

22,354

138,042

(d) Secom Co Ltd

4,905

62,514

SGS S.A.

7,171

1,371

TransUnion

1,081

Veralto Corp

81,027

Wolters Kluwer NV

8,392

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

217,137

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.0%

(d) Autozone, Inc

(d) Burlington Stores, Inc

1,212

(d) Carvana Co

512

25,834

Dieteren S.A.

4,653

771,488

eBay, Inc

67,197

65,300

(d) Fast Retailing Co Ltd

23,677

679

Genuine Parts Co

54,291

(e) Hennes & Mauritz AB (B Shares)

1,088

328,591

Home Depot, Inc

113,068

404,429

Industria de Diseno Textil S.A.

26,678

1,505,698

Kingfisher plc

6,338

141,283

(e) Lowe's Cos, Inc

34,072

(d) Mercadolibre, Inc

689

435,378

Prosus NV

26,958

764,700

(d) Rakuten, Inc

4,900

679,919

TJX Cos, Inc

104,442

4,840

Tractor Supply Co

(d) Ulta Beauty, Inc

404,510

Wesfarmers Ltd

21,792

1,624

Williams-Sonoma, Inc

100,912

(d),(f)

Zalando SE

2,978

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

440,045

CONSUMER DURABLES & APPAREL - 0.7%

66,177

Adidas-Salomon AG.

13,095

476,600

Asics Corp

11,441

519,680

Barratt Developments plc

2,670

91,446

(d) Deckers Outdoor Corp

9,480

2,369

DR Horton, Inc

9,528

Hermes International

23,657

47,470

Kering

16,588

520

(d) Lululemon Athletica, Inc

171,437

Moncler S.p.A

10,958

(d) NVR, Inc

1,495,500

Panasonic Corp

19,388

714

Pulte Homes, Inc

89,500

Sekisui House Ltd

1,997

1,666,800

Sony Corp

42,755

TOTAL CONSUMER DURABLES & APPAREL

152,635

CONSUMER SERVICES - 2.0%

223,779

Amadeus IT Holding S.A.

16,562

17,598

Booking Holdings, Inc

94,243

603,320

Compass Group plc

19,116

1,439

Darden Restaurants, Inc

152,286

(d) DoorDash, Inc

34,490

128,468

Expedia Group, Inc

36,396

287,735

McDonald's Corp

87,940

552,200

Oriental Land Co Ltd

10,216

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

660,083

Pearson plc

$

9,333

201,497

Royal Caribbean Cruises Ltd

56,202

580,026

Starbucks Corp

48,844

207,157

Whitbread plc

7,100

3,316

Yum! Brands, Inc

502

TOTAL CONSUMER SERVICES

421,209

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.6%

660,000

(d) Aeon Co Ltd

10,426

637,964

Carrefour S.A.

10,645

938,193

Coles Group Ltd

13,410

2,001

(d) Dollar Tree, Inc

1,934,483

J Sainsbury plc

8,475

24,505

(d),(e)

Kesko Oyj (B Shares)

553

422,978

Koninklijke Ahold Delhaize NV

17,345

6,319

Kroger Co

1,136,620

Marks & Spencer Group plc

5,058

354,252

Target Corp

34,628

3,397,663

Tesco plc

20,205

612,941

Woolworths Ltd

11,992

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

133,378

ENERGY - 0.7%

1,577,778

Baker Hughes Co

71,852

6,504

Cheniere Energy, Inc

1,264

1,124

Halliburton Co

508,413

Neste Oil Oyj

11,502

849,567

(e) ONEOK, Inc

62,443

TOTAL ENERGY

147,093

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.4%

2,351

American Tower Corp

817

(e) Boston Properties, Inc

1,190

Crown Castle, Inc

87,844

Equinix, Inc

67,303

65,487

Fonciere Des Regions

4,347

53,066

Gecina S.A.

5,040

692,525

Goodman Group

14,251

138,015

Iron Mountain, Inc

11,448

648,606

Prologis, Inc

82,801

475,164

Segro plc

4,603

169,197

Stockland Trust Group

645

135,860

Unibail-Rodamco-Westfield

14,774

509,282

Welltower, Inc

94,528

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

300,314

FINANCIAL SERVICES - 5.8%

406,239

3i Group plc

17,813

294,878

American Express Co

109,090

104,256

Ameriprise Financial, Inc

51,121

6,128

Annaly Capital Management, Inc

58,468

(e) Australian Stock Exchange Ltd

2,002

550,943

Bank of New York Mellon Corp

63,959

1,580,900

(d) Daiwa Securities Group, Inc

13,855

73,159

Deutsche Boerse AG.

19,228

383,171

(e) EQT AB

14,969

Factset Research Systems, Inc

1,680

Fidelity National Information Services, Inc

138,272

Goldman Sachs Group, Inc

121,541

449,346

Hong Kong Exchanges and Clearing Ltd

23,510

161,867

London Stock Exchange Group plc

19,471

144,400

Macquarie Group Ltd

19,513

255,719

Mastercard, Inc (Class A)

145,985

159,983

Moody's Corp

81,727

638,104

Morgan Stanley

113,282

190,828

Nasdaq Stock Market, Inc

18,535

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

2,207,400

(d) Nomura Holdings, Inc

$

18,389

542,601

PayPal Holdings, Inc

31,677

178,862

S&P Global, Inc

93,471

929,630

Schroders plc

5,082

1,652,000

(d) Sony Financial Holdings, Inc

1,751

551,023

Synchrony Financial

45,972

924,879

UBS Group AG

42,706

479,990

Visa, Inc (Class A)

168,337

TOTAL FINANCIAL SERVICES

1,243,258

FOOD, BEVERAGE & TOBACCO - 1.6%

581,526

Ajinomoto Co, Inc

12,294

3,327

Archer-Daniels-Midland Co

339,066

Associated British Foods plc

9,685

2,612

(e) Barry Callebaut AG.

4,270

1,758

Bunge Global S.A.

1,161,010

Coca-Cola Co

81,166

148,969

Coca-Cola Europacific Partners plc

13,512

228,053

Coca-Cola HBC AG.

11,798

242,693

Danone

21,891

5,927

(e) General Mills, Inc

5,201

Hormel Foods Corp

119,727

Kerry Group plc (Class A)

10,941

2,155

Keurig Dr Pepper, Inc

245,500

(d) Kikkoman Corp

2,229

16,685

Kraft Heinz Co

126,148

(d) Magnum Ice Cream Co NV

2,002

2,818

McCormick & Co, Inc

552,521

Mowi ASA

13,291

616,115

Nestle S.A.

61,155

799,409

Orkla ASA

8,902

644,066

PepsiCo, Inc

92,436

2,246,314

Wilmar International Ltd

5,372

TOTAL FOOD, BEVERAGE & TOBACCO

352,348

HEALTH CARE EQUIPMENT & SERVICES - 1.4%

198,511

Alcon, Inc

15,708

AmerisourceBergen Corp

1,659

Cigna Group

26,274

Cochlear Ltd

4,562

31,854

Coloplast A.S.

2,731

155,081

(d) Cooper Cos, Inc

12,710

491,029

(d) Edwards Lifesciences Corp

41,860

671

Elevance Health, Inc

92,919

Essilor International S.A.

29,381

158,435

HCA, Inc

73,967

4,376

(d) Hologic, Inc

136,500

(d) Hoya Corp

20,703

90,649

(d) IDEXX Laboratories, Inc

61,327

41,893

(d) Insulet Corp

11,908

543

Labcorp Holdings, Inc

34,742

McKesson Corp

28,498

4,292

(d) Solventum Corp

27,121

(e) STERIS plc

6,876

3,897

Zimmer Biomet Holdings, Inc

TOTAL HEALTH CARE EQUIPMENT & SERVICES

312,221

HOUSEHOLD & PERSONAL PRODUCTS - 1.0%

2,111

(e) Church & Dwight Co, Inc

171,731

Essity AB

4,937

121,258

Henkel KGaA

9,228

135,869

Henkel KGaA (Preference)

11,085

1,125

Kimberly-Clark Corp

53,344

L'Oreal S.A.

22,901

791,605

Procter & Gamble Co

113,445

SHARES

DESCRIPTION

VALUE (000)

HOUSEHOLD & PERSONAL PRODUCTS

(continued)

273,131

Reckitt Benckiser Group plc

$

22,102

6,300

Uni-Charm Corp

560,658

Unilever plc

36,632

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

220,657

INSURANCE - 2.5%

31,054

Admiral Group plc

1,329

1,550,449

Aegon NV

12,057

104,277

Allianz AG.

48,215

462,838

Assicurazioni Generali S.p.A.

19,341

1,815,795

Aviva plc

16,696

589,241

AXA S.A.

28,272

240,555

Gjensidige Forsikring ASA

7,190

19,606

Hartford Financial Services Group, Inc

2,702

2,025,228

Insurance Australia Group Ltd

10,748

4,150,908

Legal & General Group plc

14,610

239,212

Marsh & McLennan Cos, Inc

44,379

216,342

NN Group NV

16,690

824,080

Phoenix Group Holdings plc

8,158

328,774

Progressive Corp

74,868

4,019

Prudential Financial, Inc

980,321

QBE Insurance Group Ltd

12,979

1,457,682

Sampo Oyj

17,636

525,800

Sompo Holdings, Inc

17,847

966,798

Suncorp-Metway Ltd

11,349

15,508

Swiss Life Holding

17,863

120,430

Swiss Re AG.

20,062

627,500

Tokio Marine Holdings, Inc

23,196

258,592

Travelers Cos, Inc

75,007

44,517

Zurich Insurance Group AG

33,686

TOTAL INSURANCE

535,334

MATERIALS - 1.7%

64,451

Akzo Nobel NV

4,484

4,235

Amcor plc

416,970

Antofagasta plc

18,316

476,300

(d) Asahi Kasei Corp

4,234

1,098

Avery Dennison Corp

1,862

Ball Corp

314,854

Boliden AB

17,442

106,265

DSM-Firmenich AG.

8,572

290,896

Ecolab, Inc

76,366

742,354

Evolution Mining Ltd

6,213

301,254

Evonik Industries AG.

4,701

1,232,191

Fortescue Metals Group Ltd

18,018

3,898

Givaudan S.A.

15,421

3,900

International Flavors & Fragrances, Inc

393,663

International Paper Co

15,506

7,539

LyondellBasell Industries NV

983,413

Newmont Goldcorp Corp

98,194

504,200

(e) Nippon Paint Co Ltd

3,376

637,600

Nitto Denko Corp

15,181

110,452

Novozymes A.S.

7,067

653

PPG Industries, Inc

59,516

Sika AG.

12,083

3,310

Steel Dynamics, Inc

561

685,268

(e) Stora Enso Oyj (R Shares)

8,556

297,200

Sumitomo Metal Mining Co Ltd

11,901

62,840

Svenska Cellulosa AB (B Shares)

833

1,637,200

(d) Toray Industries, Inc

10,674

463,295

UPM-Kymmene Oyj

13,394

TOTAL MATERIALS

372,083

MEDIA & ENTERTAINMENT - 1.9%

25,664

(d),(f)

Auto Trader Group plc

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

11,025

carsales.com Ltd

$

736

(d),(e)

Charter Communications, Inc

234,010

(e) Comcast Corp (Class A)

6,994

285,537

Electronic Arts, Inc

58,344

1,105,758

Informa plc

13,120

3,576

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

264,065

(d),(e)

Live Nation, Inc

37,629

1,262,572

(d) Netflix, Inc

118,379

649,061

News Corp (Class A)

16,953

213,400

Nintendo Co Ltd

14,408

17,331

(d) Pinterest, Inc

140,135

Publicis Groupe S.A.

14,553

25,270

REA Group Ltd

3,080

9,208

(d) ROBLOX Corp

746

2,189

(f) Scout24 SE

47,812

(d) Spotify Technology S.A.

27,765

293,226

(d) Take-Two Interactive Software, Inc

75,075

497,540

Universal Music Group NV

12,971

2,528,425

(d) Z Holdings Corp

6,728

TOTAL MEDIA & ENTERTAINMENT

408,348

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.2%

1,519

AbbVie, Inc

62,829

Agilent Technologies, Inc

8,549

(d) Alnylam Pharmaceuticals, Inc

264,930

Amgen, Inc

86,714

19,790

(d) Argenx SE

16,694

858,426

Astellas Pharma, Inc

11,425

295,144

AstraZeneca plc

54,619

(d) Biogen, Inc

279,783

Bristol-Myers Squibb Co

15,092

146,033

CSL Ltd

16,806

676,747

Daiichi Sankyo Co Ltd, Reg S

14,370

433,815

Danaher Corp

99,309

117,600

(d) Eisai Co Ltd

3,492

216,561

Eli Lilly & Co

232,734

157,207

Eurofins Scientific SE

11,496

33,445

(d) Genmab AS

10,367

477,706

Gilead Sciences, Inc

58,634

2,379

(d) IQVIA Holdings, Inc

536

28,632

Lonza Group AG.

19,304

107,185

Merck KGaA

15,298

(d) Mettler-Toledo International, Inc

466,833

Novartis AG.

64,328

748,589

Novo Nordisk A.S.

37,967

1,172

Regeneron Pharmaceuticals, Inc

905

31,149

Sartorius AG.

8,970

166,129

(d) Vertex Pharmaceuticals, Inc

75,316

(d) Waters Corp

37,775

West Pharmaceutical Services, Inc

10,393

278,613

Zoetis, Inc

35,055

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

909,183

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%

356,109

(d) CBRE Group, Inc

57,259

383,400

Daiwa House Industry Co Ltd

12,736

67,880

LEG Immobilien SE

4,951

737,672

Mitsubishi Estate Co Ltd

17,922

1,531,051

Mitsui Fudosan Co Ltd

17,399

4,338,000

Sino Land Co

5,708

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

115,975

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.9%

562,060

(d) Advanced Micro Devices, Inc

120,371

232,292

Advantest Corp

29,373

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

474,266

Applied Materials, Inc

$

121,882

89,510

ASML Holding NV

96,449

595,457

Broadcom, Inc

206,088

55,215

(d) First Solar, Inc

14,424

1,420,671

(d) Intel Corp

52,423

751,229

Lam Research Corp

128,595

6,475

Marvell Technology, Inc

550

4,321,568

Nvidia Corp

805,972

129,550

NXP Semiconductors NV

28,120

1,252,008

(d) Renesas Electronics Corp

17,148

377,487

Texas Instruments, Inc

65,490

143,524

(d) Tokyo Electron Ltd

31,967

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

1,718,852

SOFTWARE & SERVICES - 7.7%

350,933

Accenture plc

94,155

209,428

(d) Adobe, Inc

73,298

4,265

(d) Akamai Technologies, Inc

254,162

(d) Autodesk, Inc

75,234

200,608

(d) Cadence Design Systems, Inc

62,706

377,865

Dassault Systemes SE

10,557

813,300

Fujitsu Ltd

22,352

126,797

(d) Gartner, Inc

31,988

4,126

(d) GoDaddy, Inc

512

724

(d) HubSpot, Inc

405,168

International Business Machines Corp

120,015

134,840

Intuit, Inc

89,321

1,335,833

Microsoft Corp

646,036

2,370

(d) MongoDB, Inc

995

602,405

NEC Corp

20,383

221,000

(d) Nomura Research Institute Ltd

8,410

54,068

(d) PTC, Inc

9,419

396,833

Salesforce, Inc

105,125

249,147

SAP AG.

60,535

507,355

(d) ServiceNow, Inc

77,722

129,629

(d) Synopsys, Inc

60,889

447,309

(d) Trade Desk, Inc

16,980

4,420

(d) Twilio, Inc

629

43,142

(e) WiseTech Global Ltd

1,961

283,141

(d) Workday, Inc

60,813

73,181

(d) Xero Ltd

5,544

TOTAL SOFTWARE & SERVICES

1,656,241

TECHNOLOGY HARDWARE & EQUIPMENT - 2.5%

670,823

(d) Arista Networks, Inc

87,898

1,587,477

Cisco Systems, Inc

122,283

695,900

FUJIFILM Holdings Corp

14,766

2,235,247

Hewlett Packard Enterprise Co

53,691

1,600,040

HP, Inc

35,649

293,188

(d) Keysight Technologies, Inc

59,573

98,581

Seagate Technology Holdings plc

27,148

(d) Shimadzu Corp

405,581

(d) Trimble Inc

31,777

554,436

Western Digital Corp

95,513

164,232

(d) Yokogawa Electric Corp

5,267

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

533,566

TELECOMMUNICATION SERVICES - 1.0%

5,373,522

BT Group plc

13,312

318,015

(f) Cellnex Telecom S.A.

10,241

1,165,764

KDDI Corp

20,177

875,467

Koninklijke KPN NV

4,091

12,526,800

(d) SoftBank Corp

17,199

1,055,380

Softbank Group Corp

29,607

13,591

Swisscom AG.

9,872

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TELECOMMUNICATION SERVICES

(continued)

725,943

Telenor ASA

$

10,558

2,055,997

(d) TeliaSonera AB

8,787

4,204,466

Telstra Corp Ltd

13,642

1,624,837

Verizon Communications, Inc

66,180

14,046,043

Vodafone Group plc

18,723

TOTAL TELECOMMUNICATION SERVICES

222,389

TRANSPORTATION - 0.8%

1,976,681

Auckland International Airport Ltd

9,480

CH Robinson Worldwide, Inc

835,878

CSX Corp

30,301

85,174

DSV AS

21,452

627,400

(d) East Japan Railway Co

16,536

Expeditors International Washington, Inc

2,655,037

(d) Grab Holdings Ltd

13,249

176,000

(d) Hankyu Hanshin Holdings, Inc

4,426

1,288

JB Hunt Transport Services, Inc

36,480

Kuehne & Nagel International AG.

7,823

1,869,364

(e) MTR Corp

7,160

206,378

Old Dominion Freight Line

32,360

30,400

(d) Tokyu Corp

1,700,973

Transurban Group

16,097

2,947

Union Pacific Corp

682

257,300

(d) West Japan Railway Co

5,127

TOTAL TRANSPORTATION

165,423

UTILITIES - 0.7%

752

(e) American Water Works Co, Inc

7,380

Consolidated Edison, Inc

733

106,654

(d) Edison International

6,401

3,089,599

Energias de Portugal S.A.

14,230

4,761

Essential Utilities, Inc

49,944

Eversource Energy

3,363

1,112,130

Exelon Corp

48,478

1,806,177

Iberdrola S.A.

39,110

762,455

Meridian Energy Ltd

2,462

1,675,124

National Grid plc

25,694

592,038

Orsted AS

11,302

166,783

Redeia Corp S.A.

2,973

TOTAL UTILITIES

155,027

TOTAL COMMON STOCKS

(Cost $9,370,742)

12,988,355

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CORPORATE BONDS - 12.5%

AUTOMOBILES & COMPONENTS - 0.1%

$

2,025,000

Toyota Motor Corp

4.450 %

06/30/30

2,050

10,727,000

Toyota Motor Credit Corp

2.150 02/13/30

9,950

2,260,000

(f) ZF North America Capital, Inc

6.875 04/14/28

2,306

4,980,000

(f) ZF North America Capital, Inc

7.125 04/14/30

5,018

TOTAL AUTOMOBILES & COMPONENTS

19,324

BANKS - 2.1%

6,925,000

(f) Banco Nacional de Comercio Exterior SNC

2.720 08/11/31

6,796

13,000,000

Banco Santander S.A.

5.127 11/06/35

12,995

13,900,000

Bank of ,NV Scotia

6.875 10/27/85

14,251

12,125,000

(g) Bank of America Corp

6.625 N/A

12,634

10,000,000

Bank of Montreal

3.803 12/15/32

9,881

8,875,000

Bank of Montreal

7.700 05/26/84

9,423

15,125,000

Bank of Montreal

6.875 11/26/85

15,563

8,895,000

(e),(g)

Bank of New York Mellon Corp

6.300 N/A

9,198

11,350,000

(f) BPCE S.A.

6.293 01/14/36

12,114

16,775,000

Canadian Imperial Bank of Commerce

6.950 01/28/85

17,213

10,075,000

Canadian Imperial Bank of Commerce

7.000 10/28/85

10,503

2,274,000

(c) CitiBank NA, (SOFR + 0.712%)

4.507 11/19/27

2,279

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

BANKS

(continued)

$

12,375,000

CitiBank NA

4.876 %

11/19/27

$

12,464

5,500,000

(e),(g)

Citigroup, Inc

6.625 N/A

5,589

4,747,000

(f) Cooperatieve Rabobank UA

1.106 02/24/27

4,726

10,000,000

Credit Agricole Corporate & Investment Bank S.A.

4.570 08/25/30

9,975

5,775,000

(f) Credit Agricole S.A.

5.222 05/27/31

5,929

7,500,000

Deutsche Bank AG.

6.819 11/20/29

7,997

4,950,000

(f) Federation des Caisses Desjardins du Quebec

5.147 11/27/28

5,129

9,125,000

(e),(f)

Federation des Caisses Desjardins du Quebec

5.250 04/26/29

9,443

8,300,000

(f) Federation des Caisses Desjardins du Quebec

4.565 08/26/30

8,354

10,050,000

HSBC Holdings plc

5.240 05/13/31

10,354

10,000,000

HSBC Holdings plc

5.874 11/18/35

10,441

4,650,000

HSBC Holdings plc

5.741 09/10/36

4,787

12,500,000

ING Groep NV

5.525 03/25/36

12,981

6,725,000

(g) ING Groep NV

7.000 N/A

7,015

4,000,000

(c) Inter-American Development Bank, (SOFR Compounded Index + 0.300%)

4.093 02/15/29

3,994

4,500,000

Inter-American Development Bank

3.802 11/12/30

4,494

3,650,000

(f) Intesa Sanpaolo S.p.A

6.625 06/20/33

4,017

13,800,000

(f) Intesa Sanpaolo S.p.A

7.200 11/28/33

15,760

15,000,000

(f) Intesa Sanpaolo S.p.A

7.800 11/28/53

18,324

15,193,000

JPMorgan Chase & Co

6.070 10/22/27

15,432

12,575,000

JPMorgan Chase & Co

5.571 04/22/28

12,825

4,500,000

JPMorgan Chase & Co

5.766 04/22/35

4,795

6,575,000

JPMorgan Chase & Co

5.576 07/23/36

6,802

12,475,000

(e),(g)

JPMorgan Chase & Co

6.875 N/A

13,230

3,250,000

Lloyds Banking Group plc

6.068 06/13/36

3,417

3,075,000

M&T Bank Corp

4.833 01/16/29

3,124

7,750,000

Morgan Stanley Bank NA

5.504 05/26/28

7,905

3,675,000

Morgan Stanley Private Bank NA

4.734 07/18/31

3,725

13,975,000

Morgan Stanley Private Bank NA

4.465 11/19/31

14,012

3,700,000

(e),(g)

NatWest Group plc

8.125 N/A

4,163

5,500,000

(f),(g)

Nordea Bank Abp

6.750 N/A

5,647

14,600,000

PNC Bank NA

4.543 05/13/27

14,621

3,375,000

(e),(f)

Royal Bank of Canada

1.050 09/14/26

3,311

10,750,000

(e),(f)

Royal Bank of Canada

4.851 12/14/26

10,856

22,100,000

Royal Bank of Canada

6.750 08/24/85

22,935

6,100,000

Santander UK Group Holdings plc

5.136 09/22/36

6,084

TOTAL BANKS

447,507

CAPITAL GOODS - 0.2%

10,625,000

Air Lease Corp

5.100 03/01/29

10,787

10,384,000

Conservation Fund

3.474 12/15/29

9,960

8,725,000

Cummins, Inc

5.450 02/20/54

8,597

7,500,000

Deere & Co

5.450 01/16/35

7,909

2,000,000

(e) Johnson Controls International plc

1.750 09/15/30

1,783

1,720,000

Nature Conservancy

2.668 03/01/26

1,717

3,000,000

Nature Conservancy

3.001 03/01/29

2,835

6,200,000

(f) Siemens Funding BV

5.200 05/28/35

6,432

4,376,000

(f) Sociedad de Transmision Austral S.A.

4.000 01/27/32

4,189

TOTAL CAPITAL GOODS

54,209

COMMERCIAL & PROFESSIONAL SERVICES - 0.4%

9,500,000

(e) Automatic Data Processing, Inc

1.700 05/15/28

9,073

10,000,000

Automatic Data Processing, Inc

1.250 09/01/30

8,844

8,200,000

(e) Automatic Data Processing, Inc

4.450 09/09/34

8,175

11,875,000

Capital Impact Partners

5.335 08/01/30

12,163

16,195,000

Capital Impact Partners

5.999 08/01/35

16,949

22,770,000

(a) International Bank for Reconstruction & Development

1.093 03/31/32

22,797

15,810,000

Rockefeller Foundation

2.492 10/01/50

9,557

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

87,558

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.1%

3,675,000

AutoNation, Inc

4.450 01/15/29

3,685

5,525,000

Lowe's Cos, Inc

2.800 09/15/41

3,972

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

$

5,300,000

Lowe's Cos, Inc

5.750 %

07/01/53

$

5,244

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

12,901

CONSUMER SERVICES - 0.3%

1,250,000

Bush Foundation

2.754 10/01/50

774

5,915,000

Enterprise Community Loan Fund, Inc

4.152 11/01/28

5,908

4,000,000

Henry J Kaiser Family Foundation

4.214 12/01/30

4,004

2,250,000

Mary Free Bed Rehabilitation Hospital

3.786 04/01/51

1,591

7,725,000

Massachusetts Higher Education Assistance Corp

2.673 07/01/31

6,826

2,500,000

Massachusetts Institute of Technology

3.959 07/01/38

2,320

10,000,000

Mather Foundation

2.675 10/01/31

8,992

3,500,000

Oberlin College

2.874 10/01/51

2,187

775,000

Salvation Army

5.637 09/01/26

783

21,500,000

Salvation Army

4.528 09/01/48

18,720

5,000,000

Starbucks Corp

4.450 08/15/49

4,135

3,335,000

Trustees of Dartmouth College

4.273 06/01/30

3,364

2,500,000

(f) WK Kellogg Foundation Trust

2.443 10/01/50

1,495

TOTAL CONSUMER SERVICES

61,099

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.2%

2,000,000

(f) Alimentation Couche-Tard, Inc

3.625 05/13/51

1,434

10,625,000

(e) SYSCO Corp

5.750 01/17/29

11,105

13,598,000

SYSCO Corp

2.400 02/15/30

12,655

6,125,000

SYSCO Corp

5.100 09/23/30

6,324

6,000,000

SYSCO Corp

5.400 03/23/35

6,215

18,954,000

Walmart, Inc

1.800 09/22/31

16,890

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

54,623

ENERGY - 1.1%

10,300,000

(f) Amazon Conservation DAC

6.034 01/16/42

10,653

13,500,000

Cheniere Energy Partners LP

4.000 03/01/31

13,146

4,850,000

Cheniere Energy Partners LP

5.950 06/30/33

5,143

19,050,000

(h) CIF Capital Markets Mechanism plc, Reg S

4.750 01/22/28

19,406

8,350,000

ConocoPhillips Co

5.050 09/15/33

8,590

8,875,000

ConocoPhillips Co

5.300 05/15/53

8,268

4,515,000

ConocoPhillips Co

5.550 03/15/54

4,344

6,100,000

Diamondback Energy, Inc

5.550 04/01/35

6,270

3,675,000

EOG Resources, Inc

4.400 01/15/31

3,689

8,125,000

Equinor ASA

2.375 05/22/30

7,562

13,750,000

Equinor ASA

5.125 06/03/35

14,121

7,932,000

Equinor ASA

3.950 05/15/43

6,669

12,450,000

Equinor ASA

3.250 11/18/49

8,678

2,950,000

(e) Kinder Morgan, Inc

5.850 06/01/35

3,120

2,500,000

Magellan Midstream Partners LP

3.950 03/01/50

1,813

6,850,000

MPLX LP

5.500 06/01/34

6,988

16,777,000

(f) New York State Electric & Gas Corp

5.650 08/15/28

17,451

2,000,000

(f) New York State Electric & Gas Corp

5.850 08/15/33

2,121

2,025,000

Occidental Petroleum Corp

6.050 10/01/54

1,937

2,575,000

(f) Raizen Fuels Finance S.A.

6.450 03/05/34

2,100

6,800,000

(f) Raizen Fuels Finance S.A.

6.950 03/05/54

5,185

7,875,000

TotalEnergies Capital S.A.

4.724 09/10/34

7,943

4,350,000

TotalEnergies Capital S.A.

5.488 04/05/54

4,206

14,025,000

TotalEnergies Capital S.A.

5.275 09/10/54

13,178

10,550,000

TotalEnergies Capital S.A.

5.638 04/05/64

10,190

10,850,000

TotalEnergies Capital S.A.

5.425 09/10/64

10,155

9,483,000

Williams Cos, Inc

5.400 03/02/26

9,504

10,000,000

Williams Cos, Inc

5.300 08/15/28

10,295

18,000,000

Woodside Finance Ltd

5.100 09/12/34

17,784

TOTAL ENERGY

240,509

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.0%

2,500,000

ERP Operating LP

4.150 12/01/28

2,512

5,946,000

Host Hotels & Resorts LP

2.900 12/15/31

5,386

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

$

1,920,000

(f) Starwood Property Trust, Inc

5.250 %

10/15/28

$

1,934

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

9,832

FINANCIAL SERVICES - 1.8%

9,750,000

Bank of Montreal

4.100 12/15/27

9,768

5,000,000

BB Blue Financing DAC

4.395 09/20/29

4,884

10,839,600

BB Blue Financing DAC

4.395 09/20/37

10,509

3,325,000

Brookfield Asset Management Ltd

6.077 09/15/55

3,399

2,250,000

(f) Clearinghouse Community Development Financial Institution

7.000 10/15/30

2,409

9,645,000

Community Preservation Corp

2.867 02/01/30

9,012

1,500,000

(e) Ford Foundation

2.415 06/01/50

893

12,150,000

(e) Ford Foundation

2.815 06/01/70

6,850

2,500,000

Goldman Sachs Group, Inc

4.387 06/15/27

2,504

14,242,000

(f) GPS Blue Financing DAC

5.645 11/09/41

14,147

20,500,000

HA Sustainable Infrastructure Capital, Inc

6.150 01/15/31

21,072

16,362,000

HA Sustainable Infrastructure Capital, Inc

6.375 07/01/34

16,670

9,900,000

HA Sustainable Infrastructure Capital, Inc

6.750 07/15/35

10,343

2,975,000

HA Sustainable Infrastructure Capital, Inc

8.000 06/01/56

3,109

958,000

(f) HAT Holdings I LLC

3.375 06/15/26

952

9,585,000

(f) HAT Holdings I LLC

3.750 09/15/30

8,871

10,000,000

(c) International Finance Corp, (SOFR Compounded Index + 0.270%)

4.166 07/30/27

10,004

6,955,000

Kreditanstalt fuer Wiederaufbau

4.375 02/28/34

7,083

9,875,000

Low Income Investment Fund

3.711 07/01/29

9,518

7,725,000

Mastercard, Inc

1.900 03/15/31

6,930

2,963,000

National Rural Utilities Cooperative Finance Corp

1.350 03/15/31

2,558

12,255,000

National Rural Utilities Cooperative Finance Corp

4.150 12/15/32

11,979

1,925,000

NHP Foundation

5.850 12/01/28

2,004

4,850,000

NHP Foundation

6.000 12/01/33

5,202

16,475,000

Private Export Funding Corp

1.400 07/15/28

15,547

13,500,000

Private Export Funding Corp

4.300 12/15/28

13,737

15,240,000

Reinvestment Fund, Inc

3.880 02/15/27

15,058

7,435,000

Reinvestment Fund, Inc

3.930 02/15/28

7,246

4,430,000

(f) Starwood Property Trust, Inc

4.375 01/15/27

4,402

2,800,000

(f) Starwood Property Trust, Inc

7.250 04/01/29

2,957

13,170,000

(f) Starwood Property Trust, Inc

6.000 04/15/30

13,518

6,262,435

Thirax LLC

1.462 03/07/33

5,672

16,500,000

Toronto-Dominion Bank, Reg S

4.701 06/05/26

16,556

10,250,000

(f) UBS Group AG.

5.428 02/08/30

10,601

9,375,000

(f) UBS Group AG.

5.617 09/13/30

9,788

9,925,000

(f) UBS Group AG.

6.301 09/22/34

10,827

5,700,000

(f),(g)

UBS Group AG.

7.000 N/A

5,818

3,375,000

(f),(g)

UBS Group AG.

9.250 N/A

3,958

4,050,000

(f),(g)

UBS Group AG.

9.250 N/A

4,444

7,500,000

Visa, Inc

1.900 04/15/27

7,346

17,000,000

Visa, Inc

1.100 02/15/31

14,816

15,411,727

(f) WLB Asset II D Pte Ltd

6.500 12/21/26

14,936

9,631,908

(f) WLB Asset VI Pte Ltd

7.250 12/21/27

10,016

6,000,000

(f) WLB Asset VII Pte Ltd

5.880 07/30/29

6,013

9,300,000

(f) Wynnton Funding Trust II

5.991 08/15/55

9,357

TOTAL FINANCIAL SERVICES

383,283

FOOD, BEVERAGE & TOBACCO - 0.2%

3,725,000

Campbell Soup Co

5.200 03/21/29

3,816

10,807,000

(f) Mars, Inc

4.650 04/20/31

11,033

10,000,000

(e),(f)

NBM US Holdings, Inc

6.625 08/06/29

10,110

10,000,000

PepsiCo, Inc

3.900 07/18/32

9,828

18,014,000

PepsiCo, Inc

2.875 10/15/49

11,848

TOTAL FOOD, BEVERAGE & TOBACCO

46,635

HEALTH CARE EQUIPMENT & SERVICES - 0.2%

2,500,000

(f) 180 Medical, Inc

5.300 10/08/35

2,491

12,125,000

(h) International Finance Facility for Immunisation Co, Reg S

4.125 10/29/27

12,221

21,213,000

Kaiser Foundation Hospitals

2.810 06/01/41

15,754

10,540,000

Montefiore Medical Center

2.895 04/20/32

9,438

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

$

3,170,000

(e) Seattle Children's Hospital

2.719 %

10/01/50

$

1,957

TOTAL HEALTH CARE EQUIPMENT & SERVICES

41,861

HOUSEHOLD & PERSONAL PRODUCTS - 0.4%

3,800,000

Ecolab, Inc

4.300 06/15/28

3,840

5,300,000

Procter & Gamble Co

3.000 03/25/30

5,110

12,975,000

Procter & Gamble Co

1.200 10/29/30

11,422

10,875,000

Procter & Gamble Co

4.550 01/29/34

11,043

11,075,000

Unilever Capital Corp

2.000 07/28/26

10,964

12,300,000

Unilever Capital Corp

4.875 09/08/28

12,628

5,523,000

Unilever Capital Corp

2.125 09/06/29

5,189

6,125,000

Unilever Capital Corp

1.375 09/14/30

5,439

8,475,000

Unilever Capital Corp

1.750 08/12/31

7,472

11,600,000

Unilever Capital Corp

4.625 08/12/34

11,681

9,425,000

Unilever Capital Corp

2.625 08/12/51

5,814

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

90,602

INSURANCE - 0.7%

7,850,000

(f) 200 Park Funding Trust

5.740 02/15/55

7,808

14,425,000

(f) Five Corners Funding Trust II

2.850 05/15/30

13,580

5,400,000

MetLife, Inc

6.350 03/15/55

5,695

11,600,000

(f) Muenchener Rueckversicherungs-Gesellschaft AG. in Muenchen

5.875 05/23/42

12,112

19,725,000

(f) Omnis Funding Trust

6.722 05/15/55

20,511

EUR

5,300,000

(h) Pacific Life Global Funding II, Reg S

3.125 06/18/31

6,157

10,000,000

Principal Financial Group, Inc

2.125 06/15/30

9,109

4,825,000

(f) Protective Life Corp

4.700 01/15/31

4,840

12,350,000

(f) Protective Life Corp

5.350 12/15/35

12,487

9,850,000

Prudential Financial, Inc

5.200 03/14/35

10,102

2,152,000

Prudential Financial, Inc

3.700 10/01/50

2,002

3,000,000

Travelers Cos, Inc

5.050 07/24/35

3,047

2,650,000

Travelers Cos, Inc

5.700 07/24/55

2,706

14,473,000

(f) USAA Capital Corp

2.125 05/01/30

13,350

18,375,000

(f) Wynnton Funding Trust

5.251 08/15/35

18,493

TOTAL INSURANCE

141,999

MATERIALS - 0.5%

5,000,000

Air Products and Chemicals, Inc

4.850 02/08/34

5,083

2,755,000

(f) Alcoa Nederland Holding BV

7.125 03/15/31

2,927

10,000,000

Amcor Group Finance plc

5.450 05/23/29

10,337

6,550,000

(f) Celulosa Arauco y Constitucion S.A.

4.200 01/29/30

6,253

9,145,000

(f) Celulosa Arauco y Constitucion S.A.

5.150 01/29/50

7,684

9,000,000

(e) Dow Chemical Co

5.150 02/15/34

8,934

8,000,000

Dow Chemical Co

5.600 02/15/54

6,952

11,000,000

(e),(f)

FMG Resources August 2006 Pty Ltd

6.125 04/15/32

11,478

9,000,000

(f) Inversiones CMPC S.A.

4.375 04/04/27

8,999

1,210,000

(f) Inversiones CMPC S.A.

6.125 06/23/33

1,242

4,000,000

(f) Klabin Austria GmbH

7.000 04/03/49

4,184

4,000,000

(f) Klabin Finance S.A.

4.875 09/19/27

3,989

1,500,000

(e),(f)

LD Celulose International GmbH

7.950 01/26/32

1,563

11,125,000

(e) Nutrien Ltd

5.400 06/21/34

11,476

10,500,000

(e) Smurfit Westrock Financing DAC

5.185 01/15/36

10,575

10,965,000

(f) Star Energy Geothermal Wayang Windu Ltd

6.750 04/24/33

11,301

TOTAL MATERIALS

112,977

MEDIA & ENTERTAINMENT - 0.1%

5,500,000

Alphabet, Inc

1.100 08/15/30

4,848

10,275,000

Asian Infrastructure Investment Bank

4.500 01/16/30

10,564

11,250,000

Comcast Corp

4.650 02/15/33

11,292

TOTAL MEDIA & ENTERTAINMENT

26,704

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%

2,400,000

(e) Eli Lilly & Co

5.550 10/15/55

2,416

2,450,000

Eli Lilly & Co

5.650 10/15/65

2,469

13,619,000

Pfizer, Inc

2.625 04/01/30

12,850

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

$

5,400,000

Pfizer, Inc

1.750 %

08/18/31

$

4,771

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

22,506

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

4,000,000

Bridge Housing Corp

3.250 07/15/30

3,765

5,625,000

Bridge Housing Corp

5.321 07/15/35

5,622

8,550,000

National Community Renaissance of California

3.270 12/01/32

7,548

9,770,000

Preservation Of Affordable Housing, Inc

4.479 12/01/32

9,310

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

26,245

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%

14,250,000

Apple, Inc

3.000 06/20/27

14,128

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

14,128

TELECOMMUNICATION SERVICES - 0.1%

7,250,000

(f) Central American Bank for Economic Integration

4.750 01/24/28

7,369

7,675,000

(e),(f)

Turkcell Iletisim Hizmetleri AS.

7.650 01/24/32

8,161

6,425,000

(f) WULF COMPUTE LLC

7.750 10/15/30

6,619

TOTAL TELECOMMUNICATION SERVICES

22,149

TRANSPORTATION - 0.1%

9,475,000

Canadian Pacific Railway Co

3.100 12/02/51

6,286

6,000,000

Norfolk Southern Corp

2.300 05/15/31

5,433

TOTAL TRANSPORTATION

11,719

UTILITIES - 3.6%

8,050,000

(h) Abu Dhabi Future Energy Co Pjsc Masdar, Reg S

4.875 05/21/30

8,189

3,750,000

AES Corp

1.375 01/15/26

3,746

5,704,000

AES Corp

5.450 06/01/28

5,833

8,000,000

(e) AES Corp

2.450 01/15/31

7,253

4,950,000

(f) AIB Group plc

5.320 05/15/31

5,108

3,325,000

(f) AltaGas Ltd

7.200 10/15/54

3,447

12,325,000

Ameren Illinois Co

2.900 06/15/51

7,785

9,325,000

American Water Capital Corp

5.250 03/01/35

9,613

5,750,000

American Water Capital Corp

5.700 09/01/55

5,757

4,500,000

Atlantic City Electric Co

2.300 03/15/31

4,078

13,200,000

Avangrid, Inc

3.800 06/01/29

13,027

CAD

4,125,000

(h) Brookfield Renewable Partners ULC

4.542 10/12/35

3,002

7,050,000

(f) Brooklyn Union Gas Co

4.632 08/05/27

7,092

10,000,000

(f) Brooklyn Union Gas Co

4.866 08/05/32

9,894

EUR

4,400,000

(f) California Buyer Ltd

5.625 02/15/32

5,280

11,560,000

(f) California Buyer Ltd

6.375 02/15/32

11,579

5,300,000

(f) Colbun S.A.

3.150 01/19/32

4,845

1,425,000

(f) Comision Federal de Electricidad

6.450 01/24/35

1,467

17,500,000

Commonwealth Edison Co

2.750 09/01/51

10,732

5,600,000

Connecticut Light and Power Co

4.650 01/01/29

5,704

7,525,000

(f) Consorcio Transmantaro SA

4.700 04/16/34

7,485

6,200,000

Consumers Energy Co

4.600 05/30/29

6,301

12,730,258

(f) Continental Wind LLC

6.000 02/28/33

13,034

2,250,000

(f) ContourGlobal Power Holdings S.A.

6.750 02/28/30

2,320

14,752,000

Dominion Energy, Inc

2.250 08/15/31

13,132

11,750,000

Dominion Energy, Inc

7.000 06/01/54

12,722

11,736,000

DTE Electric Co

3.950 03/01/49

9,215

9,025,000

DTE Electric Co

3.250 04/01/51

6,183

3,000,000

DTE Electric Co

3.650 03/01/52

2,209

3,688,000

Duke Energy Carolinas LLC

2.850 03/15/32

3,377

4,975,000

Duke Energy Carolinas LLC

3.550 03/15/52

3,574

10,000,000

Duke Energy Florida LLC

2.500 12/01/29

9,438

9,699,000

Duke Energy Florida LLC

2.400 12/15/31

8,762

10,000,000

Duke Energy Florida LLC

3.000 12/15/51

6,471

4,000,000

Duke Energy Progress LLC

3.450 03/15/29

3,937

5,276,000

Duke Energy Progress LLC

4.000 04/01/52

4,090

6,375,000

Florida Power & Light Co

4.625 05/15/30

6,500

9,885,000

Georgia Power Co

3.250 04/01/26

9,866

12,125,000

(f) International Development Association

4.375 11/27/29

12,412

13,375,000

(f) International Development Association

4.000 06/11/30

13,481

5,375,000

(f) International Development Association

3.875 09/17/32

5,325

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

UTILITIES

(continued)

$

4,925,000

(f) International Development Association

4.500 %

02/12/35

$

5,016

14,641,000

(f) Liberty Utilities Finance GP

2.050 09/15/30

13,276

7,511,000

MidAmerican Energy Co

3.650 04/15/29

7,422

5,725,000

MidAmerican Energy Co

5.350 01/15/34

5,976

1,000,000

MidAmerican Energy Co

3.950 08/01/47

792

1,925,000

MidAmerican Energy Co

5.850 09/15/54

1,980

11,250,000

National Fuel Gas Co

2.950 03/01/31

10,263

3,375,000

National Fuel Gas Co

5.950 03/15/35

3,528

11,610,000

(f) New York State Electric & Gas Corp

2.150 10/01/31

10,255

9,500,000

(f) New York State Electric & Gas Corp

5.050 08/15/35

9,575

6,275,000

NextEra Energy Capital Holdings, Inc

6.750 06/15/54

6,699

3,829,000

(e),(f)

NextEra Energy Operating Partners LP

7.250 01/15/29

3,923

13,000,000

(f) Niagara Mohawk Power Corp

1.960 06/27/30

11,754

9,750,000

(f) Niagara Mohawk Power Corp

4.119 11/28/42

8,207

11,436,000

Northern States Power Co

2.900 03/01/50

7,497

623,000

Northern States Power Co

2.600 06/01/51

7,868,000

Northern States Power Co

3.200 04/01/52

5,381

8,125,000

Northern States Power Co

5.400 03/15/54

7,876

5,250,000

Northwest Natural Gas Co

3.078 12/01/51

3,281

21,737,000

Pacific Gas and Electric Co

6.700 04/01/53

22,937

10,534,000

(e) PacifiCorp

2.900 06/15/52

6,169

5,207,323

PG&E Recovery Funding LLC

4.838 06/01/33

5,294

11,375,000

PG&E Recovery Funding LLC

5.231 06/01/42

11,502

4,750,000

PG&E Recovery Funding LLC

5.529 06/01/49

4,743

7,113,000

Piedmont Natural Gas Co, Inc

3.350 06/01/50

4,881

2,100,000

PPL Electric Utilities Corp

4.850 02/15/34

2,122

5,000,000

Public Service Co of Colorado

3.200 03/01/50

3,405

16,100,000

Public Service Co of Colorado

5.750 05/15/54

16,113

11,879,000

Public Service Co of Oklahoma

2.200 08/15/31

10,539

1,651,000

Public Service Electric and Gas Co

3.100 03/15/32

1,530

4,875,000

Public Service Electric and Gas Co

4.650 03/15/33

4,903

6,134,000

Public Service Electric and Gas Co

3.200 08/01/49

4,202

9,300,000

Public Service Electric and Gas Co

5.125 03/15/53

8,689

6,800,000

(f) RWE Finance US LLC

5.125 09/18/35

6,762

13,315,000

(f) RWE Finance US LLC

6.250 04/16/54

13,664

20,000,000

(f) RWE Finance US LLC

5.875 09/18/55

19,556

16,684,000

San Diego Gas & Electric Co

4.950 08/15/28

17,099

19,738,000

San Diego Gas & Electric Co

2.950 08/15/51

12,531

1,524,665

SCE Recovery Funding LLC

1.977 11/15/28

1,474

7,100,000

SCE Recovery Funding LLC

2.943 11/15/42

5,986

2,640,000

SCE Recovery Funding LLC

3.240 11/15/46

1,882

16,379,839

(f) Solar Star Funding LLC

3.950 06/30/35

15,646

22,433,439

(f) Solar Star Funding LLC

5.375 06/30/35

22,861

8,429,000

Southern California Edison Co

2.750 02/01/32

7,500

8,300,000

Southern California Edison Co

5.200 06/01/34

8,336

1,493,000

Southern California Edison Co

3.650 06/01/51

1,019

5,000,000

Southern California Edison Co

3.450 02/01/52

3,322

12,318,000

Southwestern Electric Power Co

3.250 11/01/51

8,101

18,650,000

Southwestern Public Service Co

3.150 05/01/50

12,304

3,690,000

(b),(e)

Sunnova Energy Corp

0.000 09/01/26

15,573,700

(f) Sweihan PV Power Co PJSC

3.625 01/31/49

13,387

8,612,000

(f) TerraForm Power Operating LLC

5.000 01/31/28

8,604

14,144,341

(f) Topaz Solar Farms LLC

4.875 09/30/39

12,606

11,863,966

(f) Topaz Solar Farms LLC

5.750 09/30/39

11,935

6,649,910

(f) UEP Penonome II S.A.

6.500 10/01/38

5,922

12,250,000

Union Electric Co

2.150 03/15/32

10,747

19,626,000

Union Electric Co

2.625 03/15/51

11,830

3,146,000

Union Electric Co

3.900 04/01/52

2,405

3,775,000

(f),(g)

Vistra Corp

7.000 N/A

3,841

6,100,000

Western Midstream Operating LP

5.500 12/15/35

6,068

6,293,000

(e),(f)

XPLR Infrastructure Operating Partners LP

7.750 04/15/34

6,396

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

UTILITIES

(continued)

$

12,250,000

Zions Bancorp NA

4.704 %

08/18/28

$

12,250

TOTAL UTILITIES

787,418

TOTAL CORPORATE BONDS

(Cost $2,795,490)

2,715,788

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

GOVERNMENT BONDS - 22.9%

AGENCY SECURITIES - 0.5%

120,018

Abay Leasing LLC

2.654 11/09/26

11,289,962

Crowley Conro LLC

4.181 08/15/43

10,365

983,395

Ethiopian Leasing LLC

2.566 08/14/26

972

25,000,000

Federal Home Loan Mortgage Corp

1.540 08/17/35

19,309

18,880,000

Federal National Mortgage Association

0.875 08/05/30

16,657

9,000,000

Federal National Mortgage Association

1.625 08/24/35

7,021

1,125,000

(c) India Government AID Bond, (TSFR3M + 0.100%)

4.954 02/01/27

1,116

7,765,000

Private Export Funding Corp

3.900 10/15/27

7,777

111,825

Sandalwood LLC

2.821 02/12/26

17,609,276

Thirax LLC

0.968 01/14/33

15,717

2,866,754

Thirax 2 LLC

2.320 01/22/34

2,633

5,000,000

United States Department of Housing and Urban Development

3.535 08/01/36

4,497

1,775,000

United States International Development Finance Corp

1.440 04/15/28

1,702

1,000,000

United States International Development Finance Corp

1.650 04/15/28

962

3,008,263

United States International Development Finance Corp

1.790 10/15/29

2,886

9,400,822

United States International Development Finance Corp

2.360 10/15/29

9,115

1,634,000

United States International Development Finance Corp

2.930 05/15/30

1,588

2,700,400

United States International Development Finance Corp

3.040 05/15/30

2,630

7,082,936

United States International Development Finance Corp

1.630 07/15/38

5,882

4,371,183

United States International Development Finance Corp

2.450 07/15/38

3,815

TOTAL AGENCY SECURITIES

114,875

FOREIGN GOVERNMENT BONDS - 3.2%

9,623,000

African Development Bank

4.125 02/25/27

9,673

6,100,000

African Development Bank

3.500 09/18/29

6,061

10,563,000

(e) African Development Bank

5.750 08/07/74

10,539

10,200,000

(h) Agence Francaise de Developpement EPIC, Reg S

4.875 01/16/30

10,505

2,400,000

Arab Petroleum Investments Corp, Reg S

1.483 10/06/26

2,351

11,850,000

(f) Arab Petroleum Investments Corp

1.483 10/06/26

11,608

14,000,000

(f) Arab Petroleum Investments Corp

5.428 05/02/29

14,471

22,676,000

Asian Development Bank

3.125 09/26/28

22,397

10,000,000

Asian Development Bank

3.875 06/14/33

9,884

5,375,000

Asian Infrastructure Investment Bank

4.875 09/14/26

5,418

5,600,000

(c) Asian Infrastructure Investment Bank, (SOFR Compounded Index + 0.620%), Reg S

4.440 08/16/27

5,632

3,000,000

(c),(f)

Asian Infrastructure Investment Bank, (SOFR Compounded Index + 0.620%)

4.440 08/16/27

3,017

7,000,000

Asian Infrastructure Investment Bank

4.125 01/18/29

7,105

6,400,000

Asian Infrastructure Investment Bank

4.250 03/13/34

6,453

EUR

7,925,000

(f) Banque Ouest Africaine de Developpement

2.750 01/22/33

7,875

17,375,000

Brazilian Government International Bond

5.500 02/04/33

17,127

4,500,000

(f) Caisse d'Amortissement de la Dette Sociale

4.875 09/19/26

4,532

4,750,000

(f) Caisse d'Amortissement de la Dette Sociale

1.375 01/20/31

4,176

5,000,000

(f) Caisse d'Amortissement de la Dette Sociale

2.125 01/26/32

4,452

10,000,000

Canada Government International Bond

3.750 04/26/28

10,043

13,600,000

Canada Government International Bond

4.000 03/18/30

13,742

2,725,898

Canal Barge Co, Inc

4.500 11/12/34

2,705

4,450,000

(f) Central American Bank for Economic Integration

5.000 02/09/26

4,453

2,000,000

Central American Bank for Economic Integration, Reg S

5.000 02/09/26

2,001

10,075,000

Chile Government International Bond

3.100 05/07/41

7,752

725,000

(f) Dominican Republic International Bond

6.600 06/01/36

763

2,250,000

European Investment Bank

2.375 05/24/27

2,214

11,961,000

European Investment Bank

0.625 10/21/27

11,356

6,250,000

European Investment Bank

3.250 11/15/27

6,219

11,600,000

European Investment Bank

1.625 10/09/29

10,772

10,000,000

European Investment Bank

0.875 05/17/30

8,852

19,749,000

European Investment Bank

0.750 09/23/30

17,195

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

FOREIGN GOVERNMENT BONDS

(continued)

$

6,445,000

European Investment Bank

3.750 %

02/14/33

$

6,338

2,000,000

European Investment Bank

4.875 02/15/36

2,099

11,250,000

Export Development Canada

3.750 09/07/27

11,282

13,050,000

Export Development Canada

3.875 02/14/28

13,125

10,000,000

Export Development Canada

4.125 02/13/29

10,142

11,400,000

Export Development Canada

4.000 06/20/30

11,507

18,675,000

Export Development Canada

4.750 06/05/34

19,490

3,500,000

Inter-American Development Bank

1.125 01/13/31

3,072

15,800,000

Inter-American Development Bank

3.500 04/12/33

15,234

2,644,000

Inter-American Investment Corp, Reg S

0.625 02/10/26

2,635

19,785,000

Inter-American Investment Corp

4.126 02/15/28

19,958

21,780,000

International Bank for Reconstruction & Development

0.000 03/31/27

20,769

5,250,000

(a) International Bank for Reconstruction & Development

0.000 03/31/28

5,202

25,000,000

International Bank for Reconstruction & Development

1.745 07/31/33

25,743

5,000,000

(f) International Development Association

0.875 04/28/26

4,952

14,750,000

International Finance Corp

4.750 03/16/26

14,769

4,300,000

International Finance Corp

4.375 01/15/27

4,330

10,643,000

International Finance Facility for Immunisation Co, Reg S

1.000 04/21/26

10,553

3,050,000

Japan Bank for International Cooperation

1.625 01/20/27

2,984

1,750,000

Japan Bank for International Cooperation

4.875 10/18/28

1,801

3,930,000

Japan International Cooperation Agency

4.250 05/22/30

3,978

8,750,000

Japan International Cooperation Agency

1.750 04/28/31

7,806

4,175,000

(f) Kommuninvest I Sverige AB

4.625 09/29/28

4,283

8,250,000

(f) Korea Electric Power Corp

4.875 01/31/27

8,329

8,500,000

(c),(f)

Korea Electric Power Corp, (SOFR + 0.620%)

4.442 11/12/28

8,490

7,125,000

(f) Korea Electric Power Corp

4.125 11/12/30

7,101

6,500,000

Kreditanstalt fuer Wiederaufbau

1.750 09/14/29

6,084

6,500,000

(f) Kuntarahoitus Oyj

3.625 10/09/29

6,490

13,000,000

Landwirtschaftliche Rentenbank

0.875 09/03/30

11,401

12,375,000

(f) Nederlandse Waterschapsbank NV

4.000 06/01/28

12,471

4,450,000

(f) Nederlandse Waterschapsbank NV

4.375 02/28/29

4,539

10,250,000

(f) Nederlandse Waterschapsbank NV

4.500 01/16/30

10,522

7,000,000

Nederlandse Waterschapsbank NV, Reg S

1.000 05/28/30

6,209

4,430,000

(f) Nederlandse Waterschapsbank NV

1.000 05/28/30

3,929

15,641,000

OMERS Finance Trust, Reg S

3.500 04/19/32

15,009

14,916,000

(f) OMERS Finance Trust

3.500 04/19/32

14,313

750,000

OMERS Finance Trust, Reg S

4.000 04/19/52

575

4,825,000

(f) OMERS Finance Trust

4.000 04/19/52

3,696

5,030,000

OPEC Fund for International Development, Reg S

4.500 01/26/26

5,031

4,970,000

(f) OPEC Fund for International Development

4.500 01/26/26

4,971

9,750,000

Province of Ontario Canada

1.125 10/07/30

8,582

11,750,000

Province of Ontario Canada

5.050 04/24/34

12,288

9,100,000

Province of Ontario Canada

4.850 06/11/35

9,354

5,000,000

Province of Quebec Canada

7.500 09/15/29

5,630

10,625,000

Province of Quebec Canada

4.500 09/08/33

10,756

10,500,000

Province of Quebec Canada

4.250 09/05/34

10,369

7,750,000

Republic of Italy Government International Bond

4.000 10/17/49

5,933

5,100,000

(f) Serbia International Bond

6.000 06/12/34

5,273

TOTAL FOREIGN GOVERNMENT BONDS

680,740

MORTGAGE BACKED - 10.0%

2,115,000

(c),(f)

Angel Oak Mortgage Trust

2.837 11/25/66

1,572

50,456,437

(c),(f)

Citigroup Mortgage Loan Trust

0.153 02/25/52

5,656,499

(c),(f)

Citigroup Mortgage Loan Trust

0.250 02/25/52

9,130,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

6.974 03/25/42

9,356

19,159,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 4.650%)

8.524 06/25/42

20,145

4,918,240

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.600%)

7.474 07/25/42

5,088

2,930,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.350%)

7.706 01/25/43

3,040

3,930,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

7.424 05/25/43

4,124

13,540,482

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.100%)

7.456 06/25/43

14,057

4,574,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 2.700%)

6.574 07/25/43

4,706

4,645,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.900%)

9.188 07/25/43

4,897

4,470,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.550%)

7.424 10/25/43

4,678

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

2,420,000

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 1.800%)

6.150 %

02/25/44

$

2,436

537,365

Fannie Mae Pool

3.500 05/01/32

533

737,418

Fannie Mae Pool

5.000 05/01/35

756

509,920

Fannie Mae Pool

5.000 10/01/35

523

386,253

Fannie Mae Pool

5.000 02/01/36

872,814

Fannie Mae Pool

5.500 11/01/38

911

111,858

Fannie Mae Pool

3.000 05/01/40

307,613

Fannie Mae Pool

5.000 09/01/40

756,871

Fannie Mae Pool

5.000 05/01/41

778

540,932

Fannie Mae Pool

4.000 09/01/42

527

986,603

Fannie Mae Pool

4.500 03/01/44

991

43,789,861

Fannie Mae Pool

4.000 05/01/44

42,745

264,305

Fannie Mae Pool

4.500 06/01/44

2,804,414

Fannie Mae Pool

4.500 06/01/44

2,801

568,736

Fannie Mae Pool

4.500 08/01/44

567

1,477,201

Fannie Mae Pool

4.500 10/01/44

1,472

2,783,291

Fannie Mae Pool

4.500 11/01/44

2,773

487,694

Fannie Mae Pool

5.000 11/01/44

502

784,567

Fannie Mae Pool

4.500 12/01/44

782

322,824

Fannie Mae Pool

4.000 01/01/45

124,724

Fannie Mae Pool

4.500 03/01/45

228,348

Fannie Mae Pool

4.500 04/01/45

1,560,006

Fannie Mae Pool

3.500 05/01/45

1,486

2,286,213

Fannie Mae Pool

3.500 01/01/46

2,170

459,868

Fannie Mae Pool

4.000 04/01/46

2,632,358

Fannie Mae Pool

3.500 06/01/46

2,491

1,756,340

Fannie Mae Pool

3.500 07/01/46

1,663

2,825,787

Fannie Mae Pool

3.500 07/01/46

2,695

785,397

Fannie Mae Pool

3.500 08/01/46

743

250,469

Fannie Mae Pool

3.000 10/01/46

2,123,149

Fannie Mae Pool

3.500 10/01/46

2,009

891,372

Fannie Mae Pool

4.500 05/01/47

897

1,088,205

Fannie Mae Pool

4.000 10/01/47

1,052

213,979

Fannie Mae Pool

3.500 11/01/47

220,622

Fannie Mae Pool

4.500 11/01/47

12,037

Fannie Mae Pool

3.500 01/01/48

1,597,909

Fannie Mae Pool

4.500 01/01/48

1,588

1,253,379

Fannie Mae Pool

4.500 02/01/48

1,246

1,044,158

Fannie Mae Pool

4.500 05/01/48

1,038

684,326

Fannie Mae Pool

4.500 05/01/48

680

9,204,359

Fannie Mae Pool

3.000 07/01/50

8,327

5,565,935

Fannie Mae Pool

2.500 08/01/51

4,796

3,524,323

Fannie Mae Pool

3.000 09/01/51

3,183

3,835,679

Fannie Mae Pool

2.500 12/01/51

3,272

10,971,543

Fannie Mae Pool

2.500 02/01/52

9,430

35,399

Fannie Mae Pool

3.000 02/01/52

3,692,388

Fannie Mae Pool

3.500 02/01/52

3,455

19,295,904

Fannie Mae Pool

3.000 04/01/52

17,115

1,091,430

Fannie Mae Pool

3.500 04/01/52

1,012

380,623

Fannie Mae Pool

3.500 05/01/52

18,268,449

Fannie Mae Pool

4.000 05/01/52

17,413

10,998,483

Fannie Mae Pool

3.500 06/01/52

10,226

35,316,634

Fannie Mae Pool

3.500 06/01/52

32,740

49,210,342

Fannie Mae Pool

4.000 06/01/52

46,964

3,645,549

Fannie Mae Pool

4.500 06/01/52

3,576

35,458,314

Fannie Mae Pool

4.000 07/01/52

33,840

3,480,798

Fannie Mae Pool

4.500 07/01/52

3,414

15,768,464

Fannie Mae Pool

4.000 08/01/52

14,974

29,378,659

Fannie Mae Pool

4.500 08/01/52

28,800

22,731,801

Fannie Mae Pool

5.000 08/01/52

22,767

49,324,323

Fannie Mae Pool

4.000 09/01/52

46,993

133,820,332

Fannie Mae Pool

4.500 09/01/52

131,172

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

9,495,894

Fannie Mae Pool

5.000 %

09/01/52

$

9,511

11,760,446

Fannie Mae Pool

4.000 10/01/52

11,206

50,883,776

Fannie Mae Pool

4.500 10/01/52

49,908

60,321,626

Fannie Mae Pool

5.000 10/01/52

60,508

35,387,048

Fannie Mae Pool

4.500 11/01/52

34,676

25,494,769

Fannie Mae Pool

5.500 12/01/52

25,984

146,161

Fannie Mae Pool

5.000 01/01/53

32,916,986

Fannie Mae Pool

5.000 02/01/53

32,961

4,507,768

Fannie Mae Pool

6.000 02/01/53

4,638

2,383,194

Fannie Mae Pool

6.000 03/01/53

2,456

30,292,929

Fannie Mae Pool

5.000 04/01/53

30,330

2,188,872

Fannie Mae Pool

6.000 05/01/53

2,259

7,899,377

Fannie Mae Pool

5.000 06/01/53

7,961

37,987,984

Fannie Mae Pool

5.500 06/01/53

38,649

2,182,912

Fannie Mae Pool

4.500 07/01/53

2,137

7,767,594

Fannie Mae Pool

5.000 07/01/53

7,775

11,422,452

Fannie Mae Pool

5.000 08/01/53

11,428

43,197,979

Fannie Mae Pool

5.500 08/01/53

43,929

74,465,192

Fannie Mae Pool

5.500 10/01/53

75,709

34,695,634

Fannie Mae Pool

6.000 11/01/53

35,691

569,025

Fannie Mae Pool

6.000 01/01/54

585

12,411,452

Fannie Mae Pool

4.000 02/01/54

11,842

3,886,176

Fannie Mae Pool

5.500 04/01/54

3,944

63,025,636

Fannie Mae Pool

5.500 05/01/54

63,956

3,254,335

Fannie Mae Pool

6.000 06/01/54

3,342

81,724,188

Fannie Mae Pool

5.500 10/01/54

82,902

4,740,401

Fannie Mae Pool

6.000 10/01/54

4,868

1,097,014

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

1.961 09/25/43

4,417,794

Fannie Mae REMICS

3.500 02/25/48

3,982

3,200,828

Fannie Mae REMICS

4.000 07/25/48

3,060

4,488,624

Fannie Mae REMICS

2.000 08/25/50

565

6,581,121

Fannie Mae REMICS

2.000 10/25/50

4,661

11,002,356

Fannie Mae REMICS

2.500 11/25/50

1,526

3,966,833

Fannie Mae REMICS

3.000 12/25/50

684

3,350,615

Fannie Mae REMICS

3.000 02/25/51

644

4,304,124

Fannie Mae REMICS

2.500 11/25/51

12,620,187

Fannie Mae REMICS

3.500 04/25/52

9,864

2,652,698

Fannie Mae REMICS

4.000 05/25/52

2,172

7,240,474

Fannie Mae REMICS

4.500 07/25/52

6,542

2,658,170

Fannie Mae REMICS

4.500 08/25/52

2,321

1,999,161

Fannie Mae REMICS

4.000 09/25/52

1,773

2,490,383

Fannie Mae REMICS

4.000 09/25/52

2,219

1,932,472

Fannie Mae REMICS

4.500 10/25/52

1,849

2,217,905

Fannie Mae REMICS

4.500 10/25/52

2,144

3,997,662

Fannie Mae REMICS

5.500 11/25/52

4,085

8,090,676

(c) Fannie Mae-Aces

2.861 02/25/27

8,005

2,757,810

(c) Fannie Mae-Aces

3.311 06/25/28

2,728

2,391

Freddie Mac Gold Pool

8.000 01/01/31

59,628

Freddie Mac Gold Pool

4.500 07/01/33

400,932

Freddie Mac Gold Pool

7.000 12/01/33

68,494

Freddie Mac Gold Pool

7.000 05/01/35

306,984

Freddie Mac Gold Pool

5.000 06/01/36

101,155

Freddie Mac Gold Pool

5.000 07/01/39

65,637

Freddie Mac Gold Pool

4.000 06/01/42

151,721

Freddie Mac Gold Pool

4.500 10/01/44

193,941

Freddie Mac Gold Pool

4.500 11/01/44

387,692

Freddie Mac Gold Pool

4.500 11/01/44

199,152

Freddie Mac Gold Pool

4.500 12/01/44

191,531

Freddie Mac Gold Pool

4.500 12/01/44

835,915

Freddie Mac Gold Pool

3.500 04/01/45

797

3,145,066

Freddie Mac Gold Pool

3.500 10/01/45

2,991

56,965

Freddie Mac Gold Pool

3.000 04/01/47

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

341,932

Freddie Mac Gold Pool

4.500 %

06/01/47

$

762,914

Freddie Mac Gold Pool

4.000 09/01/47

738

601,856

Freddie Mac Gold Pool

3.500 12/01/47

570

2,422,597

Freddie Mac Gold Pool

4.500 08/01/48

2,411

5,100,690

Freddie Mac Pool

2.310 12/01/31

4,600

6,760,662

Freddie Mac Pool

3.740 06/01/37

6,180

7,182,922

Freddie Mac Pool

3.350 08/01/37

6,426

2,222,319

Freddie Mac Pool

3.400 12/01/37

1,963

5,646,500

Freddie Mac Pool

4.300 12/01/37

5,421

1,804,600

Freddie Mac Pool

3.500 03/01/38

1,634

640,000

Freddie Mac Pool

4.330 05/01/38

616

3,120,843

Freddie Mac Pool

2.970 07/01/38

2,649

3,348,817

Freddie Mac Pool

4.550 07/01/38

3,268

5,763,322

Freddie Mac Pool

3.500 10/01/38

5,121

392,636

Freddie Mac Pool

3.160 11/01/38

1,853,500

Freddie Mac Pool

3.910 01/01/39

1,707

2,293,500

Freddie Mac Pool

4.750 12/01/39

2,280

3,320,619

Freddie Mac Pool

3.000 01/01/41

2,739

745,900

Freddie Mac Pool

4.250 09/01/42

715

3,850,401

Freddie Mac Pool

3.000 11/01/49

3,476

3,382,896

Freddie Mac Pool

2.500 11/01/51

2,881

9,160,146

Freddie Mac Pool

3.000 11/01/51

8,310

1,082,130

Freddie Mac Pool

3.000 11/01/51

976

909,638

Freddie Mac Pool

3.000 11/01/51

828

1,329,790

Freddie Mac Pool

3.000 11/01/51

1,208

3,815,931

Freddie Mac Pool

2.500 01/01/52

3,248

9,060,340

Freddie Mac Pool

2.500 02/01/52

7,788

288,603

Freddie Mac Pool

3.000 02/01/52

5,766,975

Freddie Mac Pool

3.000 03/01/52

5,111

4,546,245

Freddie Mac Pool

2.500 04/01/52

3,874

12,912,717

Freddie Mac Pool

4.000 04/01/52

12,325

12,632,508

Freddie Mac Pool

3.000 05/01/52

11,213

438,055

Freddie Mac Pool

3.000 06/01/52

7,677,684

Freddie Mac Pool

4.500 06/01/52

7,529

228,274

Freddie Mac Pool

4.500 07/01/52

7,633,015

Freddie Mac Pool

4.500 07/01/52

7,485

8,453,632

Freddie Mac Pool

6.000 11/01/52

8,716

13,572,462

Freddie Mac Pool

5.000 01/01/53

13,591

18,127,972

Freddie Mac Pool

5.000 06/01/53

18,146

12,080,937

Freddie Mac Pool

5.000 08/01/53

12,096

17,123,951

Freddie Mac Pool

5.500 08/01/53

17,419

6,402,754

Freddie Mac REMICS

3.500 01/15/47

5,880

1,206,372

Freddie Mac REMICS

4.000 10/15/47

1,146

2,126,017

Freddie Mac REMICS

4.000 11/15/47

2,036

5,298,463

Freddie Mac REMICS

4.000 01/15/48

5,073

6,258,722

Freddie Mac REMICS

4.000 03/15/48

5,989

1,723,683

Freddie Mac REMICS

4.000 04/15/48

1,649

5,776,494

Freddie Mac REMICS

4.000 04/15/48

5,508

2,381,232

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

3.363 06/15/48

2,198

1,622,050

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

3.283 10/15/48

1,447

5,857,126

Freddie Mac REMICS

2.000 09/25/50

4,037

2,288,741

Freddie Mac REMICS

2.000 09/25/50

6,591,264

Freddie Mac REMICS

3.000 09/25/50

4,884

5,030,111

Freddie Mac REMICS

3.000 10/25/50

3,671

14,681,457

Freddie Mac REMICS

2.500 02/25/51

2,476

1,736,471

Freddie Mac REMICS

4.000 08/25/52

1,555

2,979,710

Freddie Mac REMICS

4.500 10/25/52

2,809

3,700,217

Freddie Mac REMICS

5.500 11/25/52

3,808

500,000

(c),(f)

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

10.974 01/25/42

527

2,285,000

(c),(f)

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

9.106 02/25/42

2,376

3,000,000

(c),(f)

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

8.647 04/25/42

3,172

4,500,000

(c),(f)

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

7.224 05/25/42

4,646

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

11,943,292

(c),(f)

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

8.374 %

06/25/42

$

12,570

4,441,000

(c),(f)

Freddie Mac STACR REMIC Trust, (SOFR30A + 4.000%)

7.874 07/25/42

4,642

8,495,000

(c),(f)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.550%)

7.424 08/25/42

8,840

6,022,557

(c),(f)

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

7.574 09/25/42

6,286

500,000

(c),(f)

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

8.444 03/25/43

519

9,695,000

(c),(f)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.250%)

7.115 04/25/43

10,098

7,970,000

(c),(f)

Freddie Mac STACR REMIC Trust, (SOFR30A + 3.500%)

7.374 05/25/43

8,354

58,931

(c),(f)

Freddie Mac STACR Securitized Participation Interests Trust

3.784 02/25/48

74,055

(c),(f)

Freddie Mac STACR Securitized Participation Interests Trust

3.850 05/25/48

6,118,817

Ginnie Mae I Pool

2.690 06/15/33

5,745

5,223,048

Ginnie Mae I Pool

3.700 10/15/33

5,077

42,273

Ginnie Mae I Pool

5.000 04/15/38

6,222,671

Ginnie Mae I Pool

3.700 08/15/40

5,760

10,324,733

Ginnie Mae I Pool

2.750 01/15/45

9,732

78,094

Ginnie Mae II Pool

6.500 11/20/38

3,352,016

Ginnie Mae II Pool

3.500 12/20/46

3,113

2,283,532

Ginnie Mae II Pool

3.500 01/20/47

2,120

1,217,697

Ginnie Mae II Pool

3.500 10/20/50

1,121

22,970,647

Ginnie Mae II Pool

3.000 06/20/51

20,667

37,262,238

Ginnie Mae II Pool

3.000 12/20/51

33,525

21,408,914

Ginnie Mae II Pool

3.000 01/20/52

19,278

4,625,863

Ginnie Mae II Pool

2.500 02/20/52

3,901

18,984,536

Ginnie Mae II Pool

3.500 04/20/52

17,433

32,948,926

Ginnie Mae II Pool

3.500 07/20/52

30,297

5,915,714

Ginnie Mae II Pool

4.000 08/20/52

5,627

13,649,073

Ginnie Mae II Pool

4.500 08/20/52

13,400

51,418,119

Ginnie Mae II Pool

4.000 09/20/52

48,981

3,066,855

Ginnie Mae II Pool

5.000 09/20/52

3,075

7,469,646

Ginnie Mae II Pool

5.000 11/20/52

7,482

25,630,114

Ginnie Mae II Pool

3.500 12/20/52

23,508

32,706,788

Ginnie Mae II Pool

4.500 12/20/52

32,078

14,208,901

Ginnie Mae II Pool

4.500 02/20/53

13,929

1,088,207

Ginnie Mae II Pool

5.000 02/20/53

1,092

4,755,238

Ginnie Mae II Pool

3.000 08/20/53

4,299

10,082,887

Government National Mortgage Association

5.000 01/20/40

2,006

4,706,985

Government National Mortgage Association

4.500 03/20/40

816

7,601,599

Government National Mortgage Association

5.000 03/20/40

1,439

6,040,854

Government National Mortgage Association

2.500 10/16/43

5,439

6,089,135

Government National Mortgage Association

2.500 12/20/43

5,500

2,075,901

Government National Mortgage Association

3.000 03/20/45

1,877

779,289

Government National Mortgage Association

4.000 06/20/46

2,746,671

Government National Mortgage Association

5.000 09/20/46

507

4,292,709

Government National Mortgage Association

3.000 02/20/51

3,862

11,560,195

Government National Mortgage Association

3.000 11/20/51

8,542

13,740,739

Government National Mortgage Association

3.000 12/20/51

10,315

9,479,254

Government National Mortgage Association

3.000 01/20/52

7,255

11,260,352

Government National Mortgage Association

3.000 02/20/52

7,914

7,994,948

Government National Mortgage Association

4.000 04/20/52

6,723

7,982,040

Government National Mortgage Association

5.000 04/20/52

1,452

2,682,074

Government National Mortgage Association

4.000 07/20/52

2,293

4,813,131

Government National Mortgage Association

4.500 09/20/52

4,508

3,928,589

Government National Mortgage Association

4.500 09/20/52

3,682

3,303,717

Government National Mortgage Association

4.500 09/20/52

3,209

3,552,509

Government National Mortgage Association

4.500 09/20/52

3,205

13,853,898

Government National Mortgage Association

4.500 10/20/52

13,595

4,190,785

Government National Mortgage Association

4.500 02/20/53

3,985

3,732,448

Government National Mortgage Association

5.500 02/20/53

3,770

5,486,803

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

3.032 05/20/53

4,054,316

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

7.926 08/20/53

4,472

2,169,441

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

10.071 08/20/53

2,579

7,706,966

Government National Mortgage Association

5.000 12/20/53

7,583

6,776,261

Government National Mortgage Association

2.500 04/20/54

4,962

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MORTGAGE BACKED

(continued)

$

56,277,126

(c),(f)

GS Mortgage-Backed Securities Corp Trust

0.145 %

08/25/51

$

1,768,998

(c),(f)

GS Mortgage-Backed Securities Corp Trust

2.500 08/25/51

1,468

6,985,348

(c),(f)

GS Mortgage-Backed Securities Trust

2.500 11/25/51

5,790

3,926,003

(c),(f)

GS Mortgage-Backed Securities Trust

2.500 03/25/52

3,256

1,965,474

(c),(f)

GS Mortgage-Backed Securities Trust

2.820 05/28/52

1,657

92,699

(c) Impac CMB Trust, (TSFR1M + 0.774%)

4.506 03/25/35

2,872,384

(c),(f)

J.P. Morgan Mortgage Trust

3.240 10/25/52

2,392

170,768

(c),(f)

JP Morgan Mortgage Trust

3.500 05/25/47

212,228

(c),(f)

JP Morgan Mortgage Trust

3.500 10/25/48

73,287

(c),(f)

JP Morgan Mortgage Trust

4.000 01/25/49

15,568,161

(c),(f)

JP Morgan Mortgage Trust

0.116 06/25/51

27,577,078

(c),(f)

JP Morgan Mortgage Trust

0.106 11/25/51

2,024,424

(c),(f)

JP Morgan Mortgage Trust

2.500 11/25/51

1,679

28,899,570

(c),(f)

JP Morgan Mortgage Trust

0.112 12/25/51

2,420,057

(c),(f)

JP Morgan Mortgage Trust

2.500 12/25/51

2,007

2,973,195

(c),(f)

JP Morgan Mortgage Trust

2.836 12/25/51

2,437

3,492,198

(c),(f)

JP Morgan Mortgage Trust

2.500 01/25/52

2,895

5,653,283

(c),(f)

JP Morgan Mortgage Trust

2.500 06/25/52

4,686

7,348,521

(c),(f)

JP Morgan Mortgage Trust

3.000 06/25/52

6,454

31,292,885

(f) JP Morgan Mortgage Trust

0.224 07/25/52

5,467,915

(c),(f)

JP Morgan Mortgage Trust

2.500 07/25/52

4,532

14,584,884

(c),(f)

JP Morgan Mortgage Trust

3.250 07/25/52

13,097

8,411,134

(c),(f)

JP Morgan Mortgage Trust

3.000 08/25/52

7,297

4,319,240

(c),(f)

JP Morgan Mortgage Trust

3.000 10/25/52

3,747

4,295,890

(c),(f)

JP Morgan Mortgage Trust

3.000 11/25/52

3,730

5,877,912

(c),(f)

JP Morgan Mortgage Trust

3.000 04/25/53

5,100

315,189

(c),(f)

JP Morgan Mortgage Trust

5.000 06/25/53

2,157,296

(c),(f)

JP Morgan Mortgage Trust

5.500 06/25/53

2,165

3,237,084

(c),(f)

Morgan Stanley Residential Mortgage Loan Trust

2.500 08/25/51

2,684

2,187,172

(c),(f)

Morgan Stanley Residential Mortgage Loan Trust

2.500 09/25/51

1,974

2,067,412

(c),(f)

Morgan Stanley Residential Mortgage Loan Trust

2.500 09/25/51

1,714

1,797,726

(c),(f)

RCKT Mortgage Trust

3.008 09/25/51

1,471

5,792,820

(c),(f)

RCKT Mortgage Trust

2.500 02/25/52

4,804

2,830,450

(c),(f)

RCKT Mortgage Trust

3.000 05/25/52

2,458

1,176,315

(c),(f)

RCKT Mortgage Trust

3.187 05/25/52

1,001

48,754

(c),(f)

Sequoia Mortgage Trust

4.000 06/25/49

134,952

(c),(f)

Sequoia Mortgage Trust

3.500 12/25/49

2,445,426

(c),(f)

Sequoia Mortgage Trust

2.500 06/25/51

2,042

5,820,114

(c),(f)

Sequoia Mortgage Trust

4.000 11/25/55

5,456

212,272

(c),(f)

Shellpoint Co-Originator Trust

3.500 10/25/47

TOTAL MORTGAGE BACKED

2,169,622

MUNICIPAL BONDS - 1.6%

390,000

American Municipal Power, Inc

6.270 02/15/50

2,950,000

Arizona Industrial Development Authority

4.936 10/01/31

2,983

2,500,000

Arizona Industrial Development Authority

5.459 10/01/35

2,535

1,125,000

California Earthquake Authority

5.603 07/01/27

1,139

1,990,000

California Health Facilities Financing Authority

2.984 06/01/33

1,821

2,430,000

California Health Facilities Financing Authority

4.190 06/01/37

2,324

1,305,000

California Health Facilities Financing Authority

4.353 06/01/41

1,200

50,000

California Municipal Finance Authority

2.288 08/15/28

330,000

California State Public Works Board

3.770 11/01/26

3,035,000

City & County of Honolulu HI

2.668 10/01/27

2,987

5,645,000

City & County of Honolulu HI

3.974 09/01/35

5,421

1,615,000

City & County of Honolulu HI

4.004 09/01/36

1,537

5,750,000

City & County of San Francisco CA

3.700 06/15/26

5,754

5,250,000

City & County of San Francisco CA

5.770 06/15/45

5,380

7,085,000

City & County of San Francisco CA

4.000 04/01/47

5,532

4,910,000

City & County of San Francisco CA

5.450 06/15/64

4,760

350,000

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

3.091 09/01/36

5,500,000

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

4.000 09/01/48

4,406

7,790,000

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

3.482 09/01/50

5,531

1,240,000

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

6.332 09/01/51

1,272

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MUNICIPAL BONDS

(continued)

$

7,500,000

City of Los Angeles CA

3.880 %

09/01/38

$

6,960

1,125,000

City of Los Angeles CA

4.750 09/01/38

1,128

5,445,000

City of Los Angeles CA

4.800 09/01/39

5,444

7,190,000

City of Los Angeles CA

5.000 09/01/42

7,087

1,530,000

City of Los Angeles Department of Airports Customer Facility Charge Revenue

3.158 05/15/29

1,494

1,780,000

(f) City of Miami FL

4.808 01/01/39

1,721

3,300,000

City of New York NY

5.094 10/01/49

3,109

3,000,000

City of New York NY

5.828 10/01/53

3,091

5,265,000

City of New York NY

5.392 10/01/55

5,095

755,000

City of Oakland CA

4.005 07/15/27

758

4,835,000

City of Oakland CA

2.070 01/15/29

4,596

4,250,000

City of Oakland CA

5.792 07/15/45

4,267

3,025,000

City of Port Lions AK

7.500 10/01/52

3,156

3,725,000

City of San Francisco CA Public Utilities Commission Water Revenue

3.950 11/01/36

3,498

1,000,000

City of San Juan Capistrano CA

3.700 08/01/31

982

5,255,000

City of Seattle WA Local Improvement District No 6751

2.999 11/01/43

4,506

5,235,000

City of Seattle WA Local Improvement District No 6751

3.079 11/01/43

4,440

4,000,000

Columbus Metropolitan Housing Authority

5.050 04/01/30

4,057

5,000,000

County of Santa Clara CA

4.970 08/01/39

5,026

2,870,000

Denver City & County Housing Authority

4.125 06/01/28

2,873

10,000,000

District of Columbia Water & Sewer Authority

4.814 10/01/14

8,606

17,837,038

Freddie Mac Multifamily Variable Rate Certificate

4.050 08/25/38

17,030

640,000

Henry County Water Authority

3.000 01/01/43

850,000

Henry County Water Authority

3.200 01/01/49

590

1,000,000

Honolulu City & County Board of Water Supply

2.327 07/01/32

898

6,430,000

Lavaca-Navidad River Authority

4.430 08/01/35

6,430

1,500,000

Maryland Economic Development Corp

5.433 05/31/56

1,442

3,925,000

Maryland Economic Development Corp

5.942 05/31/57

3,943

3,000,000

Massachusetts Clean Energy Cooperative Corp

2.485 07/01/32

2,698

2,000,000

Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue

2.942 07/01/43

1,522

11,675,000

Metropolitan Water Reclamation District of Greater Chicago

5.720 12/01/38

12,121

4,225,000

Minnesota Housing Finance Agency

5.897 08/01/49

4,245

6,580,000

Minnesota Housing Finance Agency

5.947 08/01/54

6,592

22,250,000

(c),(f)

New Hampshire Business Finance Authority

4.080 02/01/29

22,250

8,295,000

(c),(f)

New Hampshire Business Finance Authority

3.950 07/01/33

8,295

6,750,000

New Hampshire Business Finance Authority

5.876 12/01/35

7,214

2,740,000

New Hampshire Business Finance Authority

5.694 11/01/45

2,722

1,960,000

New Hampshire Business Finance Authority

5.775 11/01/54

1,895

720,000

New Jersey Economic Development Authority

5.298 03/01/32

749

2,400,000

New York City Housing Development Corp

4.269 02/01/30

2,417

2,500,000

New York City Housing Development Corp

3.720 11/01/39

2,160

5,500,000

New York City Housing Development Corp

5.448 08/01/54

5,259

3,430,000

New York City Housing Development Corp

5.884 02/01/55

3,416

6,645,000

New York City Housing Development Corp

6.001 08/01/55

6,659

2,400,000

New York State Energy Research & Development Authority

6.222 04/01/40

2,476

7,420,000

New York Transportation Development Corp

6.971 06/30/51

7,266

6,925,000

(a),(b),(f)

Pennsylvania Economic Development Financing Authority

10.000 12/01/29

1,170,000

Pharr Economic Development Corp

3.513 08/15/30

1,144

1,140,000

Pharr Economic Development Corp

3.893 08/15/33

1,100

405,000

(a),(b)

Public Finance Authority

15.000 12/31/26

0^

1,735,000

(f) Public Finance Authority

7.500 06/01/29

1,693

6,700,000

Public Finance Authority

5.292 07/01/29

6,783

5,000,000

(f) Public Finance Authority

6.250 06/01/31

5,072

1,250,000

Redevelopment Authority of the City of Philadelphia

1.927 09/01/27

1,214

640,000

Redevelopment Authority of the City of Philadelphia

4.711 09/01/30

658

1,935,000

Redevelopment Authority of the City of Philadelphia

5.226 09/01/40

1,950

1,005,000

Sales Tax Securitization Corp

5.293 01/01/41

1,012

9,045,000

San Francisco City & County Public Utilities Commission Wastewater Revenue

4.655 10/01/27

9,186

2,000,000

San Francisco City & County Redevelopment Agency

4.375 08/01/44

1,740

1,325,000

San Luis Obispo County Financing Authority

5.571 09/01/40

1,378

1,165,000

South Dakota Housing Development Authority

5.460 05/01/53

1,188

3,770,000

State of Oregon

5.832 05/01/45

3,951

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

MUNICIPAL BONDS

(continued)

$

3,000

State of Wisconsin

5.700 %

05/01/26

$

1,650,000

(f) Syracuse Industrial Development Agency

5.000 01/01/36

1,252

1,255,000

Texas Water Development Board

4.248 10/15/35

1,239

4,170,000

Texas Water Development Board

4.648 04/15/50

3,810

3,020,000

Toledo-Lucas County Port Authority

5.850 11/15/49

2,957

1,830,000

United Nations Development Corp

6.536 08/01/55

1,954

1,000,000

University of Cincinnati

3.250 06/01/29

1,000

16,865,000

University of New Mexico

3.532 06/20/32

16,575

500,000

Upper Allegheny Joint Sanitary Authority

3.550 09/01/39

1,500,000

Upper Allegheny Joint Sanitary Authority

3.800 09/01/49

1,213

TOTAL MUNICIPAL BONDS

336,849

U.S. TREASURY SECURITIES - 7.6%

180,203,000

United States Treasury Note/Bond

3.375 11/30/27

179,858

79,064,000

United States Treasury Note/Bond

3.375 12/31/27

78,910

142,838,000

United States Treasury Note/Bond

3.500 12/15/28

142,671

159,121,000

United States Treasury Note/Bond

3.625 12/31/30

158,363

177,956,000

United States Treasury Note/Bond

3.875 12/31/32

177,177

301,481,000

United States Treasury Note/Bond

4.000 11/15/35

297,147

14,508,000

United States Treasury Note/Bond

1.875 02/15/41

10,135

4,700,000

United States Treasury Note/Bond

2.250 05/15/41

3,457

202,078,800

United States Treasury Note/Bond

2.375 02/15/42

148,749

29,796,000

United States Treasury Note/Bond

3.250 05/15/42

24,849

207,916,000

United States Treasury Note/Bond

4.625 11/15/45

203,173

35,830,000

United States Treasury Note/Bond

2.875 11/15/46

26,458

2,500,000

United States Treasury Note/Bond

3.000 02/15/49

1,842

40,008,000

United States Treasury Note/Bond

2.250 02/15/52

24,274

4,021,000

United States Treasury Note/Bond

4.625 05/15/54

3,872

169,151,000

United States Treasury Note/Bond

4.750 08/15/55

166,297

TOTAL U.S. TREASURY SECURITIES

1,647,232

TOTAL GOVERNMENT BONDS

(Cost $5,049,682)

4,949,318

SHARES

DESCRIPTION

VALUE (000)

PREFERRED STOCKS - 0.1%

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%

390,000

(e) Brookfield Property Partners LP

5,569

681,850

(e) Brookfield Property Partners LP

9,069

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

14,638

UTILITIES - 0.0%

490,000

Brookfield Infrastructure Partners LP

8,207

308,000

Brookfield Renewable Partners LP

5,621

TOTAL UTILITIES

13,828

TOTAL PREFERRED STOCKS

(Cost $46,746)

28,466

SHARES

DESCRIPTION

EXPIRATION DATE

VALUE (000)

RIGHTS/WARRANTS - 0.0%

HEALTH CARE EQUIPMENT & SERVICES - 0.0%

774

(a) ABIOMED, Inc

12/31/29

TOTAL HEALTH CARE EQUIPMENT & SERVICES

TOTAL RIGHTS/WARRANTS

(Cost $1)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

STRUCTURED ASSETS - 3.7%

ASSET BACKED - 1.1%

1,965,221

(f) Air Canada Pass Through Trust, Series 2017 1

3.550 01/15/30

1,881

1,000,000

(c),(f)

BFLD Trust, (TSFR1M + 2.214%), Series 2020 EYP

5.965 10/15/35

17,933

(c) C-BASS Trust, (TSFR1M + 0.274%), Series 2006 CB6

3.129 07/25/36

6,270,000

(f) Centersquare Issuer LLC, Series 2025 1A

5.500 03/26/55

6,149

2,125,000

(f) Centersquare Issuer LLC, Series 2025 3A

5.000 08/25/55

2,050

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

ASSET BACKED

(continued)

$

3,355,667

Delta Air Lines Pass Through Trust, Series 2020 1

2.000 %

06/10/28

$

3,205

11,467,483

Delta Air Lines Pass Through Trust, Series 2020 1

2.500 06/10/28

11,043

11,875,000

(f) Frontier Issuer LLC, Series 2023 1

6.600 08/20/53

11,984

5,750,000

(f) Frontier Issuer LLC, Series 2023 1

8.300 08/20/53

5,850

7,540,000

(f) Frontier Issuer LLC, Series 2024 1

6.190 06/20/54

7,774

1,500,000

(f) Frontier Issuer LLC, Series 2024 1

11.160 06/20/54

1,672

2,597,977

(f) GoodLeap Sustainable Home Solutions Trust, Series 2021 3CS

2.100 05/20/48

2,112

2,763,154

(f) GoodLeap Sustainable Home Solutions Trust, Series 2021 4GS

1.930 07/20/48

2,270

10,099,729

(f) GoodLeap Sustainable Home Solutions Trust, Series 2021 5CS

2.310 10/20/48

8,402

3,478,535

(f) GoodLeap Sustainable Home Solutions Trust, Series 2022 1GS

2.700 01/20/49

3,062

2,907,728

(f) GoodLeap Sustainable Home Solutions Trust, Series 2022 1GS

2.940 01/20/49

1,832

12,575,243

(f) GoodLeap Sustainable Home Solutions Trust, Series 2022 3CS

4.950 07/20/49

11,439

8,297,000

(f) Grace Trust, Series 2020 GRCE

2.347 12/10/40

7,454

1,408,489

(f) HERO Funding Trust, Series 2015 1A

3.840 09/21/40

1,356

413,348

(f) HERO Funding Trust, Series 2014 2A

3.990 09/21/40

721,008

(f) HERO Funding Trust, Series 2016 2A

3.750 09/20/41

693

675,794

(f) HERO Funding Trust, Series 2016 1A

4.050 09/20/41

657

255,507

(f) HERO Funding Trust, Series 2016 3A

3.080 09/20/42

2,139,324

(f) HERO Funding Trust, Series 2017 1A

3.710 09/20/47

1,997

2,066,758

(f) HERO Funding Trust, Series 2017 3A

3.190 09/20/48

1,895

482,198

(f) HERO Funding Trust, Series 2017 2A

3.280 09/20/48

2,254,222

(f) HERO Funding Trust, Series 2018 1A

4.670 09/20/48

2,191

1,772,591

(f) HERO Funding Trust, Series 2021 1A

2.240 09/20/51

1,511

7,375,000

(f) Hertz Vehicle Financing III LLC, Series 2023 2A

5.570 09/25/29

7,594

6,179

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

3.986 06/25/33

2,521,759

(f) Loanpal Solar Loan Ltd, Series 2021 1GS

2.290 01/20/48

2,127

4,419,226

(f) Loanpal Solar Loan Ltd, Series 2021 2GS

2.220 03/20/48

3,596

894,907

(f) Mosaic Solar Loan Trust, Series 2020 1A

2.100 04/20/46

792

1,238,487

(f) Mosaic Solar Loan Trust, Series 2020 1A

3.100 04/20/46

1,082

1,512,915

(f) Mosaic Solar Loan Trust, Series 2021 1A

2.050 12/20/46

1,220

2,332,024

(f) Mosaic Solar Loan Trust, Series 2021 3A

1.440 06/20/52

1,936

1,891,203

(f) Mosaic Solar Loans LLC, Series 2017 2A

3.820 06/22/43

1,788

2,508,085

(f) Mosaic Solar Loans LLC, Series 2021 2A

1.640 04/22/47

2,094

3,075,000

(c),(f)

NYC Commercial Mortgage Trust, (TSFR1M + 1.743%), Series 2025 11X

5.493 10/15/40

3,090

750,000

(f) Progress Residential Trust, Series 2021 SFR9

2.711 11/17/40

704

1,531,014

(f) Renew, Series 2017 1A

3.670 09/20/52

1,426

3,082,785

(f) Renew, Series 2018 1

3.950 09/20/53

2,899

2,854,506

(f) Renew, Series 2021 1

2.060 11/20/56

2,306

3,693,125

SCE Recovery Funding LLC, Series 2021 A-1

0.861 11/15/31

3,338

151,522

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

4.746 09/25/34

5,666,852

(f) Sunnova Helios VII Issuer LLC, Series 2021 C

2.030 10/20/48

4,821

3,232,886

(f) Sunnova Helios VIII Issuer LLC, Series 2022 A

2.790 02/22/49

2,723

2,112,133

(f) Sunnova Helios XII Issuer LLC, Series 2023 B

5.600 08/22/50

1,678

2,274,263

(f) Sunrun Athena Issuer LLC, Series 2018 1

5.310 04/30/49

2,213

7,851,655

(f) Sunrun Atlas Issuer LLC, Series 2019 2

3.610 02/01/55

7,569

4,808,170

(f) Sunrun Callisto Issuer LLC, Series 2021 2A

2.270 01/30/57

4,384

4,853,539

(f) Sunrun Julius Issuer LLC, Series 2023 2A

6.600 01/30/59

4,913

6,428,639

(f) Sunrun Jupiter Issuer LLC, Series 2022 1A

4.750 07/30/57

6,220

2,748,226

(f) Sunrun Neptune Issuer LLC, Series 2024 1A

6.270 02/01/55

2,717

8,250,000

(f) Switch ABS Issuer LLC, Series 2025 1A

5.036 03/25/55

8,110

332,060

(f) Tesla Auto Lease Trust, Series 2024 B

4.790 01/20/27

796,959

(f) Tesla Auto Lease Trust, Series 2023 B

6.220 03/22/27

798

2,847,703

(f) Tesla Auto Lease Trust, Series 2024 A

5.300 06/21/27

2,857

5,380,000

(f) Tesla Auto Lease Trust, Series 2023 B

6.570 08/20/27

5,394

10,265,000

(f) Tesla Auto Lease Trust, Series 2024 B

4.820 10/20/27

10,307

10,013,000

(f) Tesla Auto Lease Trust, Series 2024 B

4.880 06/20/28

10,086

4,294,622

(f) Tesla Electric Vehicle Trust, Series 2023 1

5.380 06/20/28

4,327

1,500,000

(f) Tesla Electric Vehicle Trust, Series 2023 1

5.380 02/20/29

1,526

4,099,683

(f) Trinity Rail Leasing L.P., Series 2025 1A

5.090 10/19/55

4,076

12,027,667

(f) Vivint Colar Financing V LLC, Series 2018 1A

4.730 04/30/48

11,587

4,053,106

(f) Vivint Solar Financing VII LLC, Series 2020 1A

2.210 07/31/51

3,788

TOTAL ASSET BACKED

236,180

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED - 2.6%

$

4,000,000

(f) 225 Liberty Street Trust, Series 2016 225L

3.597 %

02/10/36

$

3,921

59,299

(c),(f)

Agate Bay Mortgage Trust, Series 2015 6

3.500 09/25/45

1,500,000

(c),(f)

Alen Mortgage Trust, (TSFR1M + 2.364%), Series 2021 ACEN

6.115 04/15/34

1,304

2,035,000

(c),(f)

Angel Oak Mortgage Trust, Series 2025 13

5.738 10/25/70

2,050

4,000,000

(f) BANK, Series 2019 BN21

2.500 10/17/52

3,003

6,500,000

(c) BANK, Series 2019 BN21

3.517 10/17/52

5,657

8,000,000

(c) BANK, Series 2019 BN22

3.455 11/15/62

7,174

4,940,000

(c),(f)

BBCMS Mortgage Trust, Series 2018 CHRS

4.267 08/05/38

4,224

2,750,000

(f) BBCMS Trust, Series 2015 SRCH

4.798 08/10/35

2,648

1,316,000

(c),(f)

BBCMS Trust, Series 2015 SRCH

4.957 08/10/35

1,253

8,870,000

(c),(f)

Benchmark Mortgage Trust, Series 2019 B10

3.899 03/15/62

6,884

5,200,000

(f) BMO 360A, Series 2022 C1

3.776 02/17/55

4,694

4,690,000

(c),(f)

BX Commercial Mortgage Trust, (TSFR1M + 1.312%), Series 2021 XL2

5.062 10/15/38

4,688

6,000,000

(c),(f)

BX TRUST, (TSFR1M + 1.490%), Series 2022 AHP

5.240 01/17/39

5,999

6,000,000

(c),(f)

BX TRUST, (TSFR1M + 1.840%), Series 2022 AHP

5.590 01/17/39

5,997

2,901,500

(c),(f)

CCRC Affordable Multifamily Housing Mortgage Trust, Series 2017 Q005

5.648 06/25/34

2,669

2,000,000

(c) CD Mortgage Trust, Series 2016 CD2

3.879 11/10/49

1,637

14,270,000

(f) Century Plaza Towers, Series 2019 CPT

2.865 11/13/39

13,262

1,000,000

(c),(f)

Century Plaza Towers, Series 2019 CPT

2.997 11/13/39

921

1,750,000

(c),(f)

Century Plaza Towers, Series 2019 CPT

2.997 11/13/39

1,466

1,188,231

(c),(f)

CIM Trust, Series 2021 J2

2.671 04/25/51

987

2,000,000

(c) Citigroup Commercial Mortgage Trust, Series 2015 GC29

3.976 04/10/48

1,827

1,615,000

Citigroup Commercial Mortgage Trust, Series 2019 GC41

3.018 08/10/56

1,496

4,375,000

(f) COMM Mortgage Trust, Series 2022 HC

3.376 01/10/39

4,145

3,600,000

(f) COMM Mortgage Trust, Series 2025 167G

5.503 08/10/40

3,617

3,500,000

(c),(f)

COMM Mortgage Trust, Series 2015 CR22

3.699 03/10/48

2,811

71,164

(c) COMM Mortgage Trust, Series 2015 CR23

4.188 05/10/48

1,000,000

COMM Mortgage Trust, Series 2019 GC44

3.263 08/15/57

937

4,000,000

(c),(f)

Commercial Mortgage Pass Through Certificates, Series 2022 HC

4.084 01/10/39

3,770

20,509,198

(c),(f)

Connecticut Avenue Securities Trust, (SOFR30A + 3.500%), Series 2022 R03

7.856 03/25/42

21,074

5,015,000

(c),(f)

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

6.874 04/25/42

5,128

15,710,000

(c),(f)

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

8.206 05/25/42

16,288

20,120,000

(c),(f)

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

8.624 09/25/42

21,347

25,804,000

(c),(f)

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

8.106 12/25/42

26,978

6,650,000

(c),(f)

CSAIL Commercial Mortgage Trust, Series 2017 C8

3.677 06/15/37

6,352

6,100,000

(c),(f)

CSAIL Commercial Mortgage Trust, Series 2017 C8

3.677 06/15/37

5,442

2,000,000

(c),(f)

CSMC, Series 2019 NQM1

3.388 10/25/59

1,944

5,000,000

(c),(f)

CSMC Trust, Series 2017 CALI

3.728 11/10/32

3,300

102,725,000

(c),(f)

DOLP Trust, Series 2021 NYC

0.665 05/10/41

2,838

3,745,000

(c),(f)

EFMT, Series 2023 1

6.687 02/25/68

3,756

520,022

(c),(f)

Flagstar Mortgage Trust, Series 2017 2

3.969 10/25/47

1,989,956

(c),(f)

Flagstar Mortgage Trust, Series 2018 2

4.000 04/25/48

1,844

24,383

(c),(f)

Flagstar Mortgage Trust, Series 2018 5

4.000 09/25/48

782,448

(c),(f)

Flagstar Mortgage Trust, Series 2019 2

3.999 12/25/49

714

1,223,577

(c),(f)

Flagstar Mortgage Trust, Series 2021 2

2.500 04/25/51

1,015

3,760,105

(c),(f)

Flagstar Mortgage Trust, Series 2021 4

2.500 06/01/51

3,118

2,525,674

(c),(f)

Flagstar Mortgage Trust, Series 2021 7

2.923 08/25/51

2,096

2,097,680

(c),(f)

Flagstar Mortgage Trust, Series 2021 12

2.962 11/25/51

1,715

10,260,000

Freddie Mac Multiclass Certificates Series, Series 2021 P009

1.878 01/25/31

9,297

7,324,000

(c) Freddie Mac Multiclass Certificates Series, Series 2022 P013

2.760 02/25/32

6,750

13,750,000

(c) Freddie Mac Multiclass Certificates Series, Series 2024 P016

4.615 09/25/33

13,899

7,906,456

Freddie Mac Multifamily ML Certificates, Series 2021 21-ML08

1.877 07/25/37

6,470

37,885,869

Freddie Mac Multifamily ML Certificates, Series 2021 ML08

1.746 11/25/37

3,879

15,199,492

Freddie Mac Multifamily ML Certificates, Series 2021 ML12

2.340 07/25/41

12,524

3,060,846

Freddie Mac Multifamily Structured Pass Through Certificates, Series 2015 Q002

3.871 07/25/33

2,952

1,024,755

Freddie Mac Multifamily Structured Pass Through Certificates, Series 2020 Q012

1.518 09/25/35

837

4,112,656

Freddie Mac Multifamily Structured Pass Through Certificates, Series 2020 Q014

1.555 01/25/36

3,456

15,950,800

Freddie Mac Multifamily Variable Rate Certificate, Series 2022 M068

3.150 10/15/36

14,285

1,680,000

Freddie Mac Multifamily Variable Rate Certificate, Series 2022 M069

4.013 04/15/37

1,644

5,765,000

Freddie Mac Multifamily Variable Rate Certificate, Series 2020 M061

1.761 09/15/38

4,783

3,755,000

(c),(f)

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

7.702 11/25/43

3,933

3,000,000

GS Mortgage Securities Trust, Series 2016 GS3

3.143 10/10/49

2,945

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

88,716

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2

4.000 %

11/25/49

$

291,048

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4

3.000 01/25/51

22,052,247

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

0.253 03/27/51

600,469

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5

3.000 03/27/51

522

1,436,918

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6

2.500 05/25/51

1,203

4,690,119

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5

2.500 10/25/51

3,889

4,096,164

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2

3.000 06/25/52

3,554

1,998,250

(c),(f)

GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ4

3.000 09/25/52

1,737

379,000

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2020 PJ1

3.613 05/25/50

2,443,987

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2021 GR1

2.500 11/25/51

2,027

9,077,460

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

2.500 01/25/52

7,527

3,963,152

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2021 PJ8

2.500 01/25/52

3,287

2,369,403

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2021 PJ7

2.721 01/25/52

1,942

4,673,928

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2022 PJ5

3.000 10/25/52

4,055

2,554,148

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2022 PJ6

3.000 01/25/53

2,217

4,974,415

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2023 PJ1

3.500 02/25/53

4,490

933,805

(c),(f)

GS Mortgage-Backed Securities Trust, Series 2025 PJ4

6.000 09/25/55

947

3,785,000

(f) Hudson Yards Mortgage Trust, Series 2016 10HY

2.835 08/10/38

3,746

5,000,000

(c),(f)

Hudson Yards Mortgage Trust, Series 2016 10HY

2.977 08/10/38

4,942

7,000,000

(f) Hudson Yards Mortgage Trust, Series 2019 30HY

3.228 07/10/39

6,705

4,000,000

(c),(f)

Hudson Yards Mortgage Trust, Series 2019 55HY

2.943 12/10/41

3,607

6,000,000

(c),(f)

Hudson Yards Mortgage Trust, Series 2019 55HY

2.943 12/10/41

5,278

480,000

(c),(f)

Imperial Fund Mortgage Trust, Series 2020 NQM1

3.531 10/25/55

2,615,000

(c),(f)

Imperial Fund Mortgage Trust, Series 2022 NQM6

7.100 10/25/67

2,608

3,062,401

(c),(f)

J.P. Morgan Mortgage Trust, Series 2022 5

2.953 09/25/52

2,487

3,500,000

(f) Jackson Park Trust, Series 2019 LIC

2.766 10/14/39

3,252

688,301

(c),(f)

JP Morgan Mortgage Trust, Series 2015 1

5.502 12/25/44

680

64,280

(c),(f)

JP Morgan Mortgage Trust, Series 2015 3

3.500 05/25/45

319,708

(c),(f)

JP Morgan Mortgage Trust, Series 2015 6

3.500 10/25/45

256,215

(c),(f)

JP Morgan Mortgage Trust, Series 2018 3

3.500 09/25/48

712,398

(c),(f)

JP Morgan Mortgage Trust, Series 2018 5

3.500 10/25/48

642

1,141,919

(c),(f)

JP Morgan Mortgage Trust, Series 2017 5

4.746 10/26/48

1,145

800,047

(c),(f)

JP Morgan Mortgage Trust, Series 2017 4

3.874 11/25/48

709

150,735

(c),(f)

JP Morgan Mortgage Trust, Series 2018 9

4.000 02/25/49

127,468

(c),(f)

JP Morgan Mortgage Trust, Series 2019 1

4.000 05/25/49

1,436,595

(c),(f)

JP Morgan Mortgage Trust, Series 2020 1

3.819 06/25/50

1,308

18,101,398

(c),(f)

JP Morgan Mortgage Trust, Series 2021 3

0.133 07/25/51

12,678,716

(c),(f)

JP Morgan Mortgage Trust, Series 2021 4

0.129 08/25/51

2,484,679

(c),(f)

JP Morgan Mortgage Trust, Series 2021 4

2.879 08/25/51

2,039

24,697,779

(c),(f)

JP Morgan Mortgage Trust, Series 2021 6

0.131 10/25/51

2,760,013

(c),(f)

JP Morgan Mortgage Trust, Series 2021 6

2.500 10/25/51

2,291

1,040,465

(c),(f)

JP Morgan Mortgage Trust, Series 2021 10

2.500 12/25/51

863

929,468

(c),(f)

JP Morgan Mortgage Trust, Series 2021 12

2.500 02/25/52

773

3,376,751

(c),(f)

JP Morgan Mortgage Trust, Series 2021 13

3.135 04/25/52

2,762

1,539,657

(c),(f)

JP Morgan Mortgage Trust, Series 2021 14

2.500 05/25/52

1,277

2,836,190

(c),(f)

JP Morgan Mortgage Trust, Series 2021 LTV2

2.927 05/25/52

2,468

5,839,945

(c),(f)

JP Morgan Mortgage Trust, Series 2022 2

3.000 08/25/52

5,071

5,216,500

(c),(f)

JP Morgan Mortgage Trust, Series 2022 LTV2

3.500 09/25/52

4,702

2,974,609

(c),(f)

JP Morgan Mortgage Trust, Series 2022 7

3.000 12/25/52

2,578

1,334,461

(c),(f)

JP Morgan Mortgage Trust, Series 2022 7

4.000 12/25/52

1,234

18,616,477

(c),(f)

JP Morgan Mortgage Trust Series, Series 2024 3

3.000 05/25/54

16,151

1,110,000

(c),(f)

MAC Trust, (TSFR1M + 1.700%), Series 2025 801B

5.450 10/15/40

1,113

2,000,000

(c),(f)

Manhattan West Mortgage Trust, Series 2020 1MW

2.335 09/10/39

1,918

1,850,000

(f) MCR Mortgage Trust, Series 2024 TWA

5.924 06/12/39

1,876

2,169,000

(c),(f)

Menora Mivtachim Holdings Ltd, Series 2022 C1

3.939 02/17/55

1,517

717,851

(c),(f)

Morgan Stanley Residential Mortgage Loan Trust, Series 2021 4

2.500 07/25/51

647

5,966,923

(c),(f)

Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1

4.000 02/25/53

5,526

3,000,000

(c),(f)

MSDB Trust, Series 2017 712F

3.316 07/11/39

2,902

6,750,000

(c),(f)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.879%), Series 2019 MILE

5.630 07/15/36

6,265

4,880,929

(c),(f)

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

5.915 07/15/36

4,638

4,250,000

(c),(f)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 2.279%), Series 2019 MILE

6.430 07/15/36

3,675

9,800,000

(c),(f)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 3.579%), Series 2019 MILE

7.330 07/15/36

7,544

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

OTHER MORTGAGE BACKED

(continued)

$

1,500,000

(c),(f)

Natixis Commercial Mortgage Securities Trust, (TSFR1M + 4.329%), Series 2019 MILE

8.080 %

07/15/36

$

1,047

12,748

(c) New York Mortgage Trust, (TSFR1M + 0.594%), Series 2005 3

4.326 02/25/36

9,135,000

(c),(f)

NYC Commercial Mortgage Trust, Series 2025 300P

4.879 07/13/42

9,181

1,375,000

(c),(f)

NYC Commercial Mortgage Trust, Series 2025 300P

6.161 07/13/42

1,391

4,458,896

(c),(f)

OBX Trust, Series 2021 J2

2.500 07/25/51

3,697

1,235,393

(c),(f)

OBX Trust, Series 2022 J2

3.409 08/25/52

1,065

1,313,014

(c),(f)

Oceanview Mortgage Trust, Series 2021 1

2.500 05/25/51

1,089

1,509,309

(c),(f)

Oceanview Mortgage Trust, Series 2022 1

4.500 11/25/52

1,454

11,800,000

(f) One Bryant Park Trust, Series 2019 OBP

2.516 09/15/54

10,963

3,432,374

(f) One Market Plaza Trust, Series 2017 1MKT

3.614 02/10/32

3,282

1,000,000

(c),(f)

PENN Commercial Mortgage Trust, Series 2025 P11

5.344 08/10/42

1,026

2,309,310

(c),(f)

RCKT Mortgage Trust, Series 2021 3

2.774 07/25/51

1,850

4,273,632

(c),(f)

RCKT Mortgage Trust, Series 2021 4

2.500 09/25/51

3,544

4,690,886

(c),(f)

RCKT Mortgage Trust, Series 2021 5

2.920 11/25/51

3,797

4,399,173

(c),(f)

RCKT Mortgage Trust, Series 2022 4

3.500 06/25/52

3,971

343,917

(c),(f)

Sequoia Mortgage Trust, Series 2015 2

3.500 05/25/45

150,094

(c),(f)

Sequoia Mortgage Trust, Series 2016 1

3.500 06/25/46

540,581

(c),(f)

Sequoia Mortgage Trust, Series 2017 6

3.725 09/25/47

518

14,394

(c),(f)

Sequoia Mortgage Trust, Series 2018 7

4.000 09/25/48

1,300,778

(c),(f)

Sequoia Mortgage Trust, Series 2020 3

3.000 04/25/50

1,131

1,230,359

(c),(f)

Sequoia Mortgage Trust, Series 2021 1

2.657 03/25/51

1,030

3,007,815

(c),(f)

Sequoia Mortgage Trust, Series 2023 1

5.000 01/25/53

2,928

78,068,000

(c),(f)

SLG Office Trust, Series 2021 OVA

0.258 07/15/41

886

1,125,000

(c),(f)

STWD Mortgage Trust, (TSFR1M + 1.371%), Series 2021 LIH

5.122 11/15/36

1,123

4,000,000

(f) SUMIT Mortgage Trust, Series 2022 BVUE

2.789 02/12/41

3,636

1,972,815

(c),(f)

Verus Securitization Trust, Series 2021 7

2.240 10/25/66

1,747

1,095,000

(c),(f)

WB Commercial Mortgage Trust, Series 2024 HQ

5.937 03/15/40

1,094

1,000,000

(c),(f)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 0.921%), Series 2017 SMP

6.258 12/15/34

935

7,150,000

(f) Wells Fargo Commercial Mortgage Trust, Series 2024 SVEN

6.011 06/10/37

7,434

8,500,000

(c),(f)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.542%), Series 2025 609M

5.293 08/15/42

8,521

1,700,000

(c),(f)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 1.842%), Series 2025 609M

5.592 08/15/42

1,701

1,175,000

(c),(f)

Wells Fargo Commercial Mortgage Trust, (TSFR1M + 2.341%), Series 2025 609M

6.091 08/15/42

1,176

69,115

(c),(f)

Wells Fargo Mortgage Backed Securities Trust, Series 2019 2

4.000 04/25/49

572,147

(c),(f)

Wells Fargo Mortgage Backed Securities Trust, Series 2020 4

3.000 07/25/50

500

5,971,558

(c),(f)

Wells Fargo Mortgage Backed Securities Trust, Series 2021 2

2.500 06/25/51

4,959

2,064,628

(c),(f)

Wells Fargo Mortgage Backed Securities Trust, Series 2022 2

2.500 12/25/51

1,709

145,780

(c),(f)

WinWater Mortgage Loan Trust, Series 2014 1

3.929 06/20/44

TOTAL OTHER MORTGAGE BACKED

558,332

TOTAL STRUCTURED ASSETS

(Cost $843,362)

794,512

TOTAL LONG-TERM INVESTMENTS

(Cost $18,121,947)

21,492,023

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

70,642,222

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

3.830 (j)

70,642

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $70,642)

70,642

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.2%

REPURCHASE AGREEMENT - 0.2%

38,035,000

(k) Fixed Income Clearing Corporation

3.810 01/02/26

38,035

TOTAL REPURCHASE AGREEMENT

38,035

TOTAL SHORT-TERM INVESTMENTS

(Cost $38,035)

38,035

TOTAL INVESTMENTS - 99.8%

(Cost $18,230,624)

21,600,700

OTHER ASSETS & LIABILITIES, NET - 0.2%

34,259

NET ASSETS - 100.0%

$21,634,959

Responsible Balanced

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

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

Investments in Derivatives

CAD

Canadian Dollar

EUR

Euro

Reg S

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

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

that are made outside the United States.

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, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of

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

(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 $92,240,190.

(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 $1,948,858,503 or 9.0% of Total

Investments.

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

(h) All or a portion of this security is owned by CREF Responsible Balanced Account Taxable Offshore Limited which is a 100% owned subsidiary of the account.

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

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

(k) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $38,043,051 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

0.000% and maturity date 12/24/26, valued at $38,795,700.

Forward Foreign Currency Contracts

Currency

Purchased

Receive

(000) Currency

Sold

Deliver

(000) Counterparty

Settlement Date

Unrealized

Appreciation

(Depreciation)

(000) $

19,981

EUR

17,034

Citibank N.A.

01/08/26

(45) $

3,060

CAD

4,249

Morgan Stanley Capital Services

01/08/26

(37) Total

$

(82) Total unrealized appreciation on forward foreign currency contracts

$

–

Total unrealized depreciation on forward foreign currency contracts

$

(82) CAD

Canadian Dollar

EUR

Euro

Portfolio of Investments December 31, 2025

Money Market

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 102.9%

GOVERNMENT AGENCY DEBT - 15.3%

$

41,600,000

Federal Agricultural Mortgage Corp Discount Notes

.000

%

08/27/26

$

40,643

33,600,000

Federal Farm Credit Discount Notes

.000

06/11/26

33,047

333,000,000

Federal Home Loan Bank Discount Notes

.000

01/07/26

332,786

169,800,000

Federal Home Loan Bank Discount Notes

.000

01/12/26

169,601

83,000,000

Federal Home Loan Bank Discount Notes

.000

01/15/26

82,875

84,000,000

Federal Home Loan Bank Discount Notes

.000

01/21/26

83,822

170,000,000

Federal Home Loan Bank Discount Notes

.000

01/22/26

169,603

257,880,000

Federal Home Loan Bank Discount Notes

.000

02/13/26

256,741

82,900,000

Federal Home Loan Bank Discount Notes

.000

03/04/26

82,389

8,500,000

Federal Home Loan Bank Discount Notes

.000

04/24/26

8,404

147,000,000

Federal Home Loan Bank Discount Notes

.000

06/12/26

144,667

171,000,000

Federal Home Loan Bank Discount Notes

.000

08/07/26

167,340

29,230,000

Federal Home Loan Banks

.625

09/04/26

29,201

3,000,000

Federal Home Loan Banks

.875

09/11/26

3,022

26,867,000

Federal Home Loan Mortgage Corp

.000

01/22/26

26,807

11,245,000

Federal National Mortgage Association

.125

04/24/26

11,179

TOTAL GOVERNMENT AGENCY DEBT

1,642,127

REPURCHASE AGREEMENT - 39.5%

1,155,010,000

(a) Fixed Income Clearing Corporation

.810

01/02/26

1,155,010

779,517,000

(b) Fixed Income Clearing Corporation

.810

01/02/26

779,517

2,312,720,000

(c) Fixed Income Clearing Corporation

.820

01/02/26

2,312,720

TOTAL REPURCHASE AGREEMENT

4,247,247

TREASURY DEBT - 26.9%

126,000,000

United States Treasury Bill

.000

01/06/26

125,936

18,300,000

United States Treasury Bill

.000

01/13/26

18,276

272,250,000

United States Treasury Bill

.000

01/29/26

271,483

127,000,000

United States Treasury Bill

.000

02/10/26

126,491

84,000,000

United States Treasury Bill

.000

02/17/26

83,584

83,100,000

United States Treasury Bill

.000

03/10/26

82,508

83,100,000

United States Treasury Bill

.000

03/19/26

82,470

166,000,000

United States Treasury Bill

.000

03/31/26

164,465

227,500,000

United States Treasury Bill

.000

05/14/26

224,383

208,375,000

United States Treasury Bill

.000

05/21/26

205,368

41,500,000

United States Treasury Note/Bond

.500

02/28/26

41,262

82,500,000

United States Treasury Note/Bond

.625

02/28/26

82,570

61,500,000

United States Treasury Note/Bond

.750

03/31/26

61,027

42,000,000

United States Treasury Note/Bond

.500

03/31/26

42,037

41,000,000

United States Treasury Note/Bond

.750

04/15/26

40,963

163,750,000

United States Treasury Note/Bond

.750

04/30/26

162,041

349,325,000

United States Treasury Note/Bond

.875

04/30/26

350,256

234,000,000

United States Treasury Note/Bond

.625

05/15/26

231,920

40,500,000

United States Treasury Note/Bond

.750

05/31/26

39,941

41,000,000

United States Treasury Note/Bond

.875

05/31/26

41,121

124,775,000

United States Treasury Note/Bond

.625

07/31/26

122,423

42,500,000

United States Treasury Note/Bond

.500

08/15/26

41,926

123,500,000

United States Treasury Note/Bond

.750

08/31/26

121,001

45,000,000

United States Treasury Note/Bond

.375

08/31/26

44,304

87,000,000

United States Treasury Note/Bond

.500

09/30/26

86,860

TOTAL TREASURY DEBT

2,894,616

VARIABLE RATE SECURITIES - 21.2%

1,040,000

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

.810

01/15/26

1,040

2,050,000

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

.800

02/12/26

2,050

88,000,000

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

.730

05/07/26

88,000

79,500,000

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

.715

06/23/26

79,500

1,290,000

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

.915

01/02/26

1,290

198,000,000

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

.710

01/05/26

198,000

82,000,000

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

.710

01/08/26

82,000

103,750,000

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

.715

01/28/26

103,750

2,975,000

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

.800

02/02/26

2,975

Money Market

Portfolio of Investments December 31, 2025

(continued)

Cost amounts are in thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

VARIABLE RATE SECURITIES

(continued)

$

307,500,000

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

.715

%

02/03/26

$

307,500

502,160,000

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

.720

02/11/26

502,160

2,770,000

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

.800

02/19/26

2,770

103,750,000

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

.720

02/25/26

103,750

105,000,000

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

.710

03/20/26

105,000

165,900,000

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

.720

03/23/26

165,900

124,500,000

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

.710

03/25/26

124,500

84,000,000

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

.710

04/16/26

84,000

166,000,000

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

.650

07/02/26

166,000

166,000,000

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

.710

07/02/26

166,000

1,040,000

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

.810

02/09/26

1,040

TOTAL VARIABLE RATE SECURITIES

2,287,225

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,071,215)

11,071,215

TOTAL INVESTMENTS - 102.9%

(Cost $11,071,215)

11,071,215

OTHER ASSETS & LIABILITIES, NET - (2.9)%

(310,274)

NET ASSETS - 100.0%

$10,760,941

SOFR

Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $1,155,254,477 on 1/2/26, collateralized by Government Agency Securities, with coupon

rate 4.375% and maturity date 12/31/29, valued at $1,178,110,256.

(b) Agreement with Fixed Income Clearing Corporation, 3.810% dated 12/31/25 to be repurchased at $779,681,998 on 1/2/26, collateralized by Government Agency Securities, with coupon rates

2.500%–4.125% and maturity dates 3/01/27–3/31/27, valued at $795,107,340.

(c) Agreement with Fixed Income Clearing Corporation, 3.820% dated 12/31/25 to be repurchased at $2,313,210,811 on 1/2/26, collateralized by Government Agency Securities, with coupon

rates 0.500%–4.375% and maturity dates 6/30/27–7/15/27, valued at $2,358,974,520.

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

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

------

**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>

Not applicable.

------

**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 participants 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 because the code of ethics is available, upon request and without charge, by calling 800-842-2252 and there were no amendments during the period covered by this report. |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d855715dex99a3.htm) |
|  (a)(4) | Not applicable. |
|  (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d855715dex99b.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: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and |
|  |  | 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: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.(A)(3)

**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;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ 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;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.(B)

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of College Retirement Equities Fund (the "Registrant") on Form N-CSR for the period ended December 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---