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: (212) 490-9000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Stockholders.

December

31,

2024

College

Retirement

Equities

Fund

Account

Name

Class

R4

Class

R3

Class

R2

Class

R1

CREF

Stock

Account

QCSTFX

QCSTIX

QCSTPX

QCSTRX

CREF

Global

Equities

Account

QCGLFX

QCGLIX

QCGLPX

QCGLRX

CREF

Growth

Account

QCGRFX

QCGRIX

QCGRPX

QCGRRX

CREF

Equity

Index

Account

QCEQFX

QCEQIX

QCEQPX

QCEQRX

CREF

Core

Bond

Account

QCBMFX

QCBMIX

QCBMPX

QCBMRX

CREF

Inflation-Linked

Bond

Account

QCILFX

QCILIX

QCILPX

QCILRX

CREF

Social

Choice

Account

QSCCFX

QCSCIX

QCSCPX

QCSCRX

CREF

Money

Market

Account

QCMMFX

QCMMIX

QCMMPX

QCMMRX

Table

of

Contents

Letter

to

CREF

Participants

3

About

the

Accounts’

Benchmarks

5

Portfolio

Managers’

Comments

7

Account

Performance

12

Expense

Examples

27

Report

of

Independent

Registered

Public

Accounting

Firm

29

Summary

Portfolio

of

Investments

30

Statement

of

Assets

and

Liabilities

52

Statement

of

Operations

54

Statement

of

Changes

in

Net

Assets

56

Financial

Highlights

60

Notes

to

Financial

Statements

76

Additional

Account

Information

92

Trustees

and

Officers

93

Additional

Information

About

Index

Providers

95

Letter

to

CREF

Participants

3

Colbert

Narcisse

Staying

on

course

to

achieve

long-term

goals

Without

a

doubt,

2024

was

another

good

year

for

the

financial

markets

with

stocks

and

bonds

posting

solid

gains.

Yet,

how

2025

will

unfold

in

the

capital

markets

remains

somewhat

uncertain.

Questions

regarding

how

new

policy

initiatives

from

the

White

House

will

affect

investor

sentiment,

and

what

effect

ongoing

U.S.

Federal

Reserve

actions

will

have

on

global

economic

growth

remain

front

and

center.

In

unsettled

times

such

as

these,

investors

should

be

reminded

of

key

investment

principles.

Financial

markets

can

be

unpredictable

due

to

political

or

economic

shifts

that

may

impact

the

future

direction,

so

it

is

important

to

have

a

long-term

financial

plan

and

to

stay

on

course

during

inevitable

periods

of

uncertainty

and

change.

As

such,

we

believe

that

the

patience

and

discipline

to

remain

invested

in

a

diversified

and

well-balanced

portfolio

of

different

asset

classes

can

help

investors

work

toward

those

long-term

objectives.

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

as

economies

generally

grew

and

the

rate

of

inflation

slowed.

Both

the

U.S.

economy

and

the

economy

of

the

20-nation

euro

area

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

China’s

economy

also

grew

but

momentum

slowed

as

the

year

progressed

amid

weak

domestic

demand

and

a

persistent

real

estate

downturn.

Major

global

central

banks

lowered

interest

rates

in

2024

as

the

pace

of

inflation

eased.

The

U.S.

Federal

Reserve

lowered

the

federal

funds

target

rate

to

4.25%–4.50%

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

2024,

while

the

Bank

of

England

decreased

its

benchmark

rate

twice

to

4.75%.

Stocks

and

bonds

posted

gains

For

the

twelve-month

period,

U.S.

stocks,

as

represented

by

the

Russell

3000®

Index,

gained

23.8%.

International

equities,

as

measured

by

the

MSCI

EAFE®

Index,

advanced

3.8%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

1.3%.

Yields

on

U.S.

fixed-income

securities

rose

across

longer-term

maturities.

However,

short-

term

maturities

declined.

(Bond

yields

move

in

the

opposite

direction

of

prices.)

CREF

performance

review

In

a

positive

year

for

most

financial

markets,

all

CREF

Accounts

posted

gains.

Overall,

stocks

outperformed

bonds,

and

U.S.

equities

outperformed

international

stocks.

Account

performance

was

mixed

when

compared

to

their

respective

benchmarks

for

the

twelve-month

period.

All

account

returns

are

for

Class

R3.

The

Growth

Account

returned

32.0%

but

trailed

the

Russell

1000®

Growth

Index.

The

passively

managed

Equity

Index

Account

gained

23.5%.

The

Global

Equities

Account

rose

19.1%

and

exceeded

the

return

of

the

MSCI

All

Country

World

Index

(MSCI

ACWI).

The

Stock

Account

gained

16.6%

and

outperformed

the

Morningstar

Aggressive

Target

Risk

Index

but

lagged

its

Composite

benchmark.

The

Social

Choice

Account,

which

excludes

certain

stocks

and

bonds

due

to

environmental,

social

and

governance

criteria,

advanced

8.9%

and

outperformed

the

Morningstar

Moderate

Target

Risk

Index

but

underperformed

its

Composite

benchmark.

Letter

to

CREF

Participants

(continued)

4

Among

fixed-income

accounts,

the

Inflation-Linked

Bond

Account

advanced

3.4%,

outpacing

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index.

The

Core

Bond

Account

rose

2.4%,

surpassing

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Account

gained

5.1%

and

exceeded

the

iMoneyNet

Money

Fund

Averages™—All

Government.

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

5

About

the

Accounts’

Benchmarks

CREF

Stock

Account

The

Account’s

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.

The

Morningstar

Aggressive

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Stock

Account

and

has

a

95%

global

equity

market

exposure

and

a

multi-asset

class

exposure

that

is

similar

to

the

Stock

Account.

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.

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

Equity

Index

Account

The

Account’s

benchmark

is

the

Russell

3000

Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Core

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Inflation-Linked

Bond

Account

The

Account’s

benchmark

is

the

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1–10

Year

Index:

An

index

designed

to

measure

the

performance

of

fixed-income

securities

with

maturities

between

1

and

10

years

that

are

adjusted

for

inflation,

as

measured

by

the

Consumer

Price

Index

for

All

Urban

Consumers

(CPI-U).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

CREF

Social

Choice

Account

The

Account’s

composite

benchmark

is

a

weighted

average

of

three

unmanaged

indexes:

The

S&P

500®

Index,

which

is

generally

considered

a

representative

of

the

U.S.

equity

market;

Bloomberg

U.S.

Aggregate

Bond

Index,

which

measures

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market;

and

the

MSCI

EAFE®

Index,

which

measures

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

United

States

and

Canada.

The

Morningstar

Moderate

Target

Risk

Index

is

a

broad-based

securities

market

index

for

the

Social

Choice

Account.

The

index

has

a

multi-asset

class

exposure

(60%

global

equity,

40%

global

fixed

income)

that

is

similar

to

the

Social

Choice

Account.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

accounts’

latest

prospectus.

About

the

Accounts’

Benchmarks

(continued)

6

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2025.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

EAFE

stands

for

Europe,

Australasia,

Far

East.

S&P

500

is

a

registered

trademark

and

service

mark

of

Standard

&

Poor’s

Financial

Services,

LLC,

a

division

of

S&P

Global.

Portfolio

Managers’

Comments

7

Stock

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Stock

Account returned 16.60%

for

the

year,

compared

with

the

17.11% return

of

the

CREF

Stock

Account

Composite

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

CREF

Stock

Account

Composite

Index

is

a

weighted

average

of

the

Russell

3000®

Index

and

the

MSCI

All

Country

World

(ACWI)

ex

USA

Investable

Market

Index

(IMI).

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

Increased

exports

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

modestly

from

3.7%

in

January

2024

to

4.1%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.2%

for

the

twelve

months

ended

December

31,

2024—tapering

off

from

the

3.9%

rise

in

December

2023.

The

U.S.

Federal

Reserve

responded

to

easing

inflation

by

lowering

the

federal

funds

target

rate

three

times

in

the

last

few

months

of

2024,

decreasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%.

Crude

oil

prices

fluctuated

during

the

year

but

ended

the

period

slightly

lower.

International

stocks

in

both

developed-

and

emerging-markets

countries

gained

ground

over

the

twelve-month

period,

while

economies

around

the

world

generally

expanded.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2024

before

gaining

momentum

in

the

third

quarter.

China’s

economy

expanded

but

at

a

decelerating

pace

amid

muted

domestic

demand

and

persistent

concerns

over

the

country’s

struggling

real

estate

sector.

Major

central

banks

around

the

world

decreased

interest

rates

in

2024

amid

evidence

that

inflation

was

moderating.

The

European

Central

Bank

lowered

its

suite

of

benchmark

rates

on

multiple

occasions

in

2024.

The

Bank

of

England

decreased

its

benchmark

rate

twice

to

4.75%.

Account

trailed

its

composite

benchmark

The

Account’s

management

team

utilizes

a

combination

of

investment

disciplines—fundamental

active,

quantitative

(mathematical)

management

and

analyst-managed

research

portfolios—as

well

as

a

diversified

mix

of

underlying

sub-

strategies

across

investment

styles,

which,

in

turn,

invest

in

both

domestic

and

foreign

stocks.

For

the

twelve-month

period,

the

Account

underperfomed

its

composite

benchmark

on

a

net

of

fees

basis,

while

performing

generally

in

line

on

a

gross

of

fees

basis.

Results

were

primarily

due

to

strength

in

the

U.S.,

international

developed,

and

global

portions

of

the

portfolio,

while

the

emerging

markets

(EM)

sub-strategies

detracted

in

aggregate.

Outperformance

in

the

U.S.

was

driven

by

the

analyst-managed

research

portfolio,

followed

by

strong

relative

performance

by

the

quantitative

sub-strategies

which

continue

to

generate

a

positive

rate

of

uncorrelated

excess

return

for

the

Account.

This

outperformance

was

enough

to

offset

underperformance

from

the

actively-managed

strategies

in

the

U.S.,

which

detracted

in

aggregate.

The

positive

contribution

from

the

international

and

global

portion

of

the

portfolio

was

also

led

by

the

analyst-managed

research

sub-strategies,

with

outperformance

from

the

actively-managed

global

sub-strategy

as

well.

Meanwhile,

both

the

actively

managed

and

research

portfolios

in

EM

underperformed

for

the

year,

which

offset

the

positive

results

elsewhere

within

the

Account.

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,

2024

The

Global

Equities

Account returned 19.08%

for

the

year,

compared

with

the

17.49% return

of

its

benchmark,

the

MSCI

All

Country

World

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

Portfolio

Managers’

Comments

(continued)

8

International

stocks

in

both

developed-

and

emerging-markets

countries

gained

ground

over

the

twelve-month

period,

while

economies

around

the

world

generally

expanded.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2024

before

gaining

momentum

in

the

third

quarter.

China’s

economy

expanded

but

at

a

decelerating

pace

amid

muted

domestic

demand

and

persistent

concerns

over

the

country’s

struggling

real

estate

sector.

Major

central

banks

around

the

world

decreased

interest

rates

in

2024

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

lowered

the

federal

funds

target

rate

to

4.25%–4.50%

in

a

series

of

decreases

in

the

last

few

months

of

the

year.

The

European

Central

Bank

lowered

its

suite

of

benchmark

rates

on

multiple

occasions

in

2024.

The

Bank

of

England

decreased

its

benchmark

rate

twice

to

4.75%.

Account

surpassed

its

benchmark

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark

on

the

strength

of

numerous

allocation

decisions,

led

by

an

overweight

position

in

technology

firm

NVIDIA.

NVIDIA’s

stock

benefited

from

strong

demand

for

its

semiconductors

used

in

artificial

intelligence

(AI)

systems.

The

next-largest

contributors

were

overweight

positions

in

global

technology

solutions

provider

Broadcom,

which

performed

strongly,

and

Taiwan

Semiconductor

Manufacturing

Company.

Conversely,

the

largest

detractor

was

an

overweight

position

in

Japanese

semiconductor

company

SUMCO,

followed

by

an

out-of-benchmark

position

in

Japanese

software

testing

firm

SHIFT.

Both

companies

struggled

in

2024.

An

underweight

allocation

to

electric

vehicle

manufacturer

Tesla

also

hampered

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.

Growth

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Growth

Account returned 32.01%

for

the

year,

compared

with

the

33.36% 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

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

Increased

exports

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

modestly

from

3.7%

in

January

2024

to

4.1%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.2%

for

the

twelve

months

ended

December

31,

2024—tapering

off

from

the

3.9%

rise

in

December

2023.

The

U.S.

Federal

Reserve

responded

to

easing

inflation

by

lowering

the

federal

funds

target

rate

three

times

in

the

last

few

months

of

2024,

decreasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%.

Crude

oil

prices

fluctuated

during

the

year

but

ended

the

period

slightly

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

23.81%

for

the

period.

Large

cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Account

trailed

its

benchmark

Nearly

all

of

the

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

gains

for

the

twelve

months.

Utilities

(up

98.9%),

which

is

the

smallest

sector

in

the

benchmark,

performed

best.

Communication

services

(up

48.2%)

was

next

in

line.

Information

technology

(up

40.7%)—the

largest

sector,

representing

more

than

45.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2024—contributed

over

50.0%

of

the

index’s

return.

Together,

these

three

sectors

represented

nearly

60%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2024.

Real

estate

(down

2.3%)

was

the

worst

performer

as

higher

interest

rates

impacted

affordability

and

reduced

buyer

demand.

For

the

twelve-month

period,

the

Account

trailed

its

benchmark.

The

largest

detractor

was

an

overweight

position

in

airplane

manufacturer

Boeing

Company,

which

experienced

delays

in

new

aircraft

deliveries

and

negative

public

perception

stemming

from

safety

concerns.

Next

in

line

was

an

out-of-benchmark

position

in

poorly

performing

global

health

care

company

Novo

Nordisk

and

an

underweight

allocation

to

electric

vehicle

manufacturer

Tesla.

Conversely,

the

top

contributor

was

an

overweight

position

in

NVIDIA,

a

technology

firm

that

benefited

from

strong

demand

for

its

semiconductors

used

in

artificial

intelligence

(AI)

systems.

The

next-largest

contributors

were

overweight

positions

in

strongly

performing

global

technology

solutions

provider

Broadcom,

and

Meta

Platforms

(Facebook),

which

continued

to

report

profits

in

digital

advertising.

9

Portfolio

Managers’

Comments

Equity

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Equity

Index

Account returned 23.52%

for

the

year,

compared

with

the

23.81% return

of

its

benchmark,

the

Russell

3000®

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

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

Increased

exports

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

modestly

from

3.7%

in

January

2024

to

4.1%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.2%

for

the

twelve

months

ended

December

31,

2024—tapering

off

from

the

3.9%

rise

in

December

2023.

The

U.S.

Federal

Reserve

responded

to

easing

inflation

by

lowering

the

federal

funds

target

rate

three

times

in

the

last

few

months

of

2024,

decreasing

the

key

short-term

interest-rate

measure

to

4.25%–4.50%.

Crude

oil

prices

fluctuated

during

the

year

but

ended

the

period

slightly

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

23.81%

for

the

period.

Large

cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

All

benchmark

sectors

advanced

All

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

gains

for

the

twelve

months.

Communication

services

(up

39.4%)

produced

the

strongest

increase.

Information

technology

(up

35.4%)—the

benchmark’s

largest

sector—

contributed

more

than

one-third

of

the

index’s

total

return.

The

next-best

performers

were

financials

(up

30.3%)

and

consumer

discretionary

(up

27.5%).

Together,

these

four

sectors

accounted

for

more

than

60.0%

of

the

index’s

total

market

capitalization

on

December

31,

2024.

The

worst

performer

was

materials

(up

0.7%),

which

was

hampered

by

a

slowdown

in

demand

and

higher

interest

rates.

For

the

twelve-month

period,

four

of

the

five

largest

stocks

in

the

Russell

3000

Index

generated

impressive

gains

that

exceeded

the

overall

return

of

the

benchmark.

Technology

company

NVIDIA

performed

especially

well,

surging

on

robust

demand

for

its

semiconductors

that

perform

artificial

intelligence

(AI)

tasks.

Next

in

line

was

Amazon.com,

followed

by

Alphabet

(the

parent

company

of

Google)

and

Apple.

Microsoft

posted

a

positive

return,

but

it

trailed

the

performance

of

the

benchmark.

Core

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Core

Bond

Account returned 2.35%

for

the

year,

compared

with

the

1.25% 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

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

Increased

exports

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

modestly

from

3.7%

in

January

2024

to

4.1%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.2%

for

the

twelve

months

ended

December

31,

2024—tapering

off

from

the

3.9%

rise

in

December

2023.

Crude

oil

prices

fluctuated

during

the

year

but

ended

the

period

slightly

lower.

Major

central

banks

around

the

world

decreased

interest

rates

in

2024

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

lowered

the

federal

funds

target

rate

to

4.25%–4.50%

in

a

series

of

decreases

in

the

last

few

months

of

the

year.

Yields

on

U.S.

Treasury

bonds

rose

across

longer-term

maturities.

However,

short-term

maturities

declined.

(Bond

yields

move

in

the

opposite

direction

of

prices.)

The

European

Central

Bank

lowered

its

suite

of

benchmark

rates

on

multiple

occasions

in

2024.

The

Bank

of

England

decreased

its

benchmark

rate

twice

to

4.75%.

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

42.8%

of

the

index’s

total

market

capitalization

at

year-end,

returned

0.6%.

Mortgage-backed

securities

(MBS),

the

second-largest

sector

with

a

weighting

of

25.5%,

advanced

1.2%.

Corporate

bonds—the

third-largest

sector

at

24.6%—gained

2.1%.

Among

smaller

sectors

in

the

benchmark,

asset-backed

securities

(ABS)

and

commercial

mortgage-

backed

securities

(CMBS)

performed

best,

returning

5.0%

and

4.7%,

respectively.

Portfolio

Managers’

Comments

(continued)

10

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark,

primarily

due

to

asset

allocation

and

security

selection

decisions—which

lifted

the

Account’s

relative

return.

In

particular,

overweight

positions

in

corporate

bonds

(including

small

positions

in

high

yield

and

emerging

markets)

and

non-agency

MBS,

and

a

corresponding

underweight

to

U.S.

Treasuries,

proved

beneficial.

Allocations

to

CMBS,

emerging-markets

debt

and

ABS

also

contributed.

Favorable

security

selection,

especially

within

the

CMBS,

MBS

and

ABS

sectors

also

bolstered

the

Account’s

performance

relative

to

the

benchmark.

While

the

Account’s

duration

and

yield

curve

positioning

as

a

whole

were

not

meaningful

contributors

during

the

period,

the

underweight

position

in

the

two-year

segment

of

the

yield

curve

was

a

slight

detractor.

Inflation-Linked

Bond

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Inflation-Linked

Bond

Account returned 3.43%

for

the

year,

compared

with

the

3.09% 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

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2024.

Increased

exports

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

modestly

from

3.7%

in

January

2024

to

4.1%

in

December.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.2%

for

the

twelve

months

ended

December

31,

2024—tapering

off

from

the

3.9%

rise

in

December

2023.

Crude

oil

prices

fluctuated

during

the

year

but

ended

the

period

slightly

lower.

Major

central

banks

around

the

world

decreased

interest

rates

in

2024

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

lowered

the

federal

funds

target

rate

to

4.25%–4.50%

in

a

series

of

decreases

in

the

last

few

months

of

the

year.

Yields

on

U.S.

Treasury

bonds

rose

across

longer-term

maturities.

However,

short-term

maturities

declined.

(Bond

yields

move

in

the

opposite

direction

of

prices.)

The

European

Central

Bank

lowered

its

suite

of

benchmark

rates

on

multiple

occasions

in

2024.

The

Bank

of

England

decreased

its

benchmark

rate

twice

to

4.75%.

Account

surpassed

its

benchmark

For

the

twelve-month

period,

the

TIPS

1-10

Year

Index

outperformed

the

1.25%

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

mixed

in

2024

as

short-term

maturities

declined

while

long-term

maturities

rose.

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

2024

in

positive

territory.

For

the

twelve-month

period,

the

Account

outperformed

its

benchmark.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

Favorable

yield

curve

positioning

and

out-of-benchmark

allocations

in

the

commercial

mortgage-backed

securities,

mortgage-backed

securities

and

corporate

bond

sectors

drove

relative

results.

By

contrast,

a

small

allocation

to

cash

modestly

detracted

from

performance.

Social

Choice

Account

Performance

for

the

twelve

months

ended

December

31,

2024

The

Social

Choice

Account returned 8.87%

for

the

year,

compared

with

the

10.85% return

of

the

CREF

Social

Choice

Account

Composite

Index.

(All

returns

for

the

Account

are

for

Class

R3.)

The

CREF

Social

Choice

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)

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

global

technology

solutions

provider

Broadcom,

Meta

Platforms

(Facebook)

and

Amazon.com.

Conversely,

avoiding

Johnson

&

Johnson,

semiconductor

company

Advanced

Micro

Devices

and

airplane

manufacturer

Boeing

Company

helped

most.

Compared

to

the

MSCI

EAFE

Index,

the

Account’s

international

holdings

were

hurt

most

by

avoiding

Japanese

technology

company

Hitachi,

Mitsubishi

UFJ

Financial

Group

and

Sumitomo

Mitsui

Financial

Group.

Alternatively,

omitting

luxury

goods

firm

LVMH

Moet

Hennessy

Louis

Vuitton,

metals

and

mining

company

BHP

Group

and

global

auto

manufacturer

Stellantis

was

most

beneficial.

11

Portfolio

Managers’

Comments

Account

trailed

its

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

overweight

positions

in

technology

company

Intel,

athletic

apparel

retailer

lululemon

athletica

and

computer

software

firm

Adobe.

In

contrast,

overweight

positions

in

technology

firm

NVIDIA

and

video

streaming

service

Netflix,

as

well

as

an

underweight

position

in

pharmaceutical

company

Merck,

made

the

largest

contributions

to

the

Account’s

performance

relative

to

its

benchmark.

Compared

with

the

MSCI

EAFE

Index,

overweight

positions

in

engineering

services

firm

Neste,

wind

turbine

manufacturer

Vestas

Wind

Systems

and

mining

services

company

Mineral

Resources

detracted

most.

On

the

plus

side,

the

top

contributors

to

relative

performance

were

underweight

positions

in

energy

companies

TotalEnergies

and

Shell,

as

well

as

biopharmaceutical

firm

AstraZeneca.

The

Account’s

fixed-income

component

outperformed

the

Bloomberg

U.S.

Aggregate

Bond

Index,

primarily

due

to

positioning

across

mortgage-backed

securities

and

an

overweight

in

the

corporate

bond

sector.

Account

holdings

in

the

commercial

mortgage-backed

securities

sector

also

benefited.

CREF

Stock

Account

12

Performance

as

of

December

31,

2024

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,

2024.

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

Stock

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

16

.78

%

10

.36

%

†

9

.68

%

†

0

.100

%

Class

R3

7/31/1952

16

.60

10

.28

9

.64

0

.255

Class

R2

4/24/2015

16

.53

10

.22

9

.57

†

0

.320

Class

R1

4/24/2015

16

.36

10

.05

9

.36

†

0

.485

Broad

market

index

Morningstar

Aggressive

Target

Risk

Index

–

12

.50

8

.25

8

.55

–

CREF

Stock

Account

Composite

Index

‡

–

17

.11

10

.63

10

.12

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

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,

2024,

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.

13

CREF

Stock

Account

Account

statistics

Portfolio

composition

Holdings

by

country

as

of

12/31/2024

Account

net

assets

$

125.32

billion

Total

number

of

holdings

7,979

Portfolio

turnover

(%)

41%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$120,085

%

of

total

investments

as

of

12/31/2024

Information

technology

24.6

Financials

17.0

Consumer

discretionary

11.5

Industrials

11.1

Health

care

10.0

Communication

services

6.4

Consumer

staples

5.5

Energy

4.0

Materials

4.0

Utilities

2.5

Real

estate

2.5

Government

bonds

0.0

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.4

%

of

total

investments

as

of

12/31/2024

United

States

66.3

Japan

5.3

United

Kingdom

2.7

Taiwan

2.6

China

2.5

Canada

2.3

France

2.0

Germany

1.9

India

1.9

Australia

1.3

61

other

nations

10.3

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.4

CREF

Global

Equities

Account

14

Performance

as

of

December

31,

2024

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,

2024.

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

19

.27

%

11

.38

%

†

9

.68

%

†

0

.095

%

Class

R3

5/1/1992

19

.08

11

.30

9

.64

0

.250

Class

R2

4/24/2015

19

.01

11

.23

9

.57

†

0

.315

Class

R1

4/24/2015

18

.84

11

.06

9

.37

†

0

.480

MSCI

All

Country

World

Index

–

17

.49

10

.06

9

.23

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

15

CREF

Global

Equities

Account

Account

statistics

Portfolio

composition

Holdings

by

country

as

of

12/31/2024

Account

net

assets

$

29.97

billion

Total

number

of

holdings

1,860

Portfolio

turnover

(%)

35%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$24,398

%

of

total

investments

as

of

12/31/2024

Information

technology

28.8

Financials

15.8

Consumer

discretionary

11.8

Industrials

9.5

Health

care

9.4

Consumer

staples

6.2

Communication

services

6.1

Materials

4.8

Energy

4.5

Utilities

1.8

Real

estate

0.6

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.2

%

of

total

investments

as

of

12/31/2024

United

States

69.6

Japan

6.0

Taiwan

3.0

Canada

2.3

China

2.1

United

Kingdom

1.9

Germany

1.7

India

1.6

France

1.4

Switzerland

1.3

38

other

nations

8.4

Short-term

investments

0.5

Investments

purchased

with

collateral

from

securities

lending

0.2

CREF

Growth

Account

16

Performance

as

of

December

31,

2024

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,

2024.

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

32

.21

%

17

.29

%

†

15

.20

%

†

0

.070

%

Class

R3

4/29/1994

32

.01

17

.21

15

.16

0

.225

Class

R2

4/24/2015

31

.92

17

.14

15

.09

†

0

.290

Class

R1

4/24/2015

31

.74

16

.96

14

.87

†

0

.455

Russell

1000®

Growth

Index

–

33

.36

18

.96

16

.78

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

17

CREF

Growth

Account

Account

statistics

Portfolio

composition

as

of

12/31/2024

Account

net

assets

$

41.46

billion

Total

number

of

holdings

80

Portfolio

turnover

(%)

22%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$18,596

%

of

total

investments

as

of

12/31/2024

Information

technology

46.2

Consumer

discretionary

16.5

Communication

services

13.9

Financials

8.0

Health

care

7.1

Industrials

4.3

Consumer

staples

2.6

Materials

0.9

Energy

0.2

Short-term

investments

0.3

CREF

Equity

Index

Account

18

Performance

as

of

December

31,

2024

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,

2024.

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

Equity

Index

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

23

.71

%

13

.77

%

†

12

.38

%

†

0

.030

%

Class

R3

4/29/1994

23

.52

13

.69

12

.34

0

.185

Class

R2

4/24/2015

23

.45

13

.62

12

.27

†

0

.250

Class

R1

4/24/2015

23

.27

13

.45

12

.06

†

0

.415

Russell

3000®

Index

–

23

.81

13

.86

12

.55

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

19

CREF

Equity

Index

Account

Account

statistics

Portfolio

composition

as

of

12/31/2024

Account

net

assets

$

25.61

billion

Total

number

of

holdings

2,762

Portfolio

turnover

(%)

2%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$2,202

%

of

total

investments

as

of

12/31/2024

Information

technology

29.8

Financials

14.2

Consumer

discretionary

11.4

Health

care

10.3

Industrials

9.4

Communication

services

8.7

Consumer

staples

5.2

Energy

3.3

Real

estate

2.6

Materials

2.3

Utilities

2.2

Short-term

investments

0.3

Investments

purchased

with

collateral

from

securities

lending

0.3

CREF

Core

Bond

Account

20

Performance

as

of

December

31,

2024

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,

2024.

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

2

.51

%

0

.22

%

†

1

.77

%

†

0

.095

%

Class

R3

3/1/1990

2

.35

0

.15

1

.73

0

.250

Class

R2

4/24/2015

2

.28

0

.09

1

.66

†

0

.315

Class

R1

4/24/2015

2

.14

-

0

.07

1

.47

†

0

.480

Bloomberg

U.S.

Aggregate

Bond

Index

–

1

.25

-

0

.33

1

.35

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

21

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

12/31/2024

Account

net

assets

$

11.03

billion

Total

number

of

issues

1,779

Portfolio

turnover

(%)

99%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$7,902

%

of

total

investments

as

of

12/31/2024

Government

bonds

52.4

Corporate

bonds

30.0

Structured

assets

15.2

Bank

loan

obligations

0.2

Preferred

stocks

0.0

Investments

purchased

with

collateral

from

securities

lending

0.2

Short-term

investments

2.0

%

of

total

investments

as

of

12/31/2024

Aaa/AAA

7.1

Aa/AA

51.7

A/A

15.7

Baa/BBB

21.4

Ba/BB

2.0

B/B

0.6

Below

B/B

0.1

Non-rated

1.4

CREF

Inflation-Linked

Bond

Account

22

Performance

as

of

December

31,

2024

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,

2024.

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

3

.59

%

2

.95

%

†

2

.50

%

†

0

.060

%

Class

R3

5/1/1997

3

.43

2

.88

2

.46

0

.215

Class

R2

4/24/2015

3

.36

2

.82

2

.40

†

0

.280

Class

R1

4/24/2015

3

.22

2

.66

2

.20

†

0

.445

Bloomberg

U.S.

Treasury

Inflation

Protected

Securities

(TIPS)

1-10

Year

Index

–

3

.09

2

.69

2

.53

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

The

performance

of

Class

R4

for

periods

prior

to

its

inception

has

not

been

restated

to

reflect

the

lower

expenses

of

Class

R4.

23

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

12/31/2024

Account

net

assets

$

7.14

billion

Total

number

of

issues

185

Portfolio

turnover

(%)

32%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$2,605

%

of

total

investments

as

of

12/31/2024

Government

bonds

92.7

Structured

assets

4.4

Corporate

bonds

2.4

Bank

loan

obligations

0.3

Investment

companies

0.1

Investments

purchased

with

collateral

from

securities

lending

0.1

Short-term

investments

0.0

%

of

total

investments

as

of

12/31/2024

Aaa/AAA

2.2

Aa/AA

92.1

A/A

0.8

Baa/BBB

2.8

Ba/BB

1.3

B/B

0.1

Non-rated

0.7

CREF

Social

Choice

Account

24

Performance

as

of

December

31,

2024

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,

2024.

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

Social

Choice

Account

Inception

date

1

year

5

years

10

years

operating

expenses

*

Class

R4

9/16/2022

9

.04

%

6

.28

%

†

6

.67

%

†

0

.065

%

Class

R3

3/1/1990

8

.87

6

.20

6

.63

0

.220

Class

R2

4/24/2015

8

.80

6

.14

6

.56

†

0

.285

Class

R1

4/24/2015

8

.65

5

.98

6

.36

†

0

.450

Broad

market

index

Morningstar

Moderate

Target

Risk

Index

–

8

.27

5

.37

6

.05

–

CREF

Social

Choice

Account

Composite

Index

‡

–

10

.85

6

.75

6

.91

–

*

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

Classes

R1,

R2

and

R4

that

is

prior

to

their

respective

inception

dates

is

based

on

the

performance

of

the

Account’s

Class

R3.

The

performance

for

Classes

R1

and

R2

for

periods

prior

to

their

inception

has

not

been

restated

to

reflect

the

current

expenses

of

Classes

R1

or

R2,

which

may

be

higher

or

lower

than

Class

R3

for

the

same

period.

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,

2024,

the

CREF

Social

Choice

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.

25

CREF

Social

Choice

Account

Account

statistics

Portfolio

composition

as

of

12/31/2024

Account

net

assets

$

21.01

billion

Equity

segment

Total

number

of

holdings

1,548

Fixed-income

segment

Total

number

of

issues

1,044

Portfolio

turnover

(%)

102%

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$9,559

%

of

total

investments

as

of

12/31/2024

Equity

Investments

58.8

Fixed-income

securities

40.2

Short-term

investments

0.4

Investments

purchased

with

collateral

from

securities

lending

0.6

CREF

Money

Market

Account

26

Account

profile

Portfolio

composition

as

of

12/31/2024

Account

net

assets

$

9.75

billion

Total

number

of

issues

64

Total

management

fees

paid

for

the

year

(amount

in

thousands)

$1,064

%

of

total

investments

as

of

12/31/2024

Repurchase

agreements

41.1

U.S.

Treasury

securities*

24.3

U.S.

government

agency

securities*

20.4

Variable

rate

securities,

government

14.2

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

27

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)

Stock

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$11

0.11%

Class

R3

$27

0.27%

Class

R2

$33

0.33%

Class

R1

$47

0.47%

Global

Equities

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$10

0.10%

Class

R3

$26

0.26%

Class

R2

$32

0.32%

Class

R1

$46

0.46%

Growth

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$7

0.07%

Class

R3

$22

0.22%

Class

R2

$28

0.28%

Class

R1

$42

0.42%

Equity

Index

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$3

0.03%

Class

R3

$18

0.18%

Class

R2

$24

0.24%

Class

R1

$38

0.38%

Core

Bond

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$9

0.09%

Class

R3

$25

0.25%

Class

R2

$31

0.31%

Class

R1

$45

0.45%

Inflation-Linked

Bond

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$5

0.05%

Class

R3

$21

0.21%

Class

R2

$27

0.27%

Class

R1

$41

0.41%

Expense

Examples

(continued)

28

Social

Choice

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$6

0.06%

Class

R3

$22

0.22%

Class

R2

$28

0.28%

Class

R1

$42

0.42%

Money

Market

Account

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment

Class

R4

$3

0.03%

Class

R3

$18

0.18%

Class

R2

$25

0.25%

Class

R1

$39

0.39%

Report

of

Independent

Registered

Public

Accounting

Firm

29

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

"Accounts")

as

of

December

31,

2024,

the

related

statements

of

operations

for

the

year

ended

December

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(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,

2024,

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,

2024

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,

2024

by

correspondence

with

the

custodian,

transfer

agent,

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,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

Stock

December

31,

2024

Summary

Portfolio

of

Investments

30

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,917,909

(a)

Tesla,

Inc

$

1,178,368‌

1.0‌

%

20,266,570

(a)

Toyota

Motor

Corp

395,710‌

0.3‌

Other

1,150,236‌

0.9‌

2,724,314‌

2.2‌

BANKS

25,957,657

ING

Groep

NV

406,797‌

0.3‌

4,703,317

JPMorgan

Chase

&

Co

1,127,432‌

0.9‌

9,356,645

Wells

Fargo

&

Co

657,211‌

0.5‌

Other

6,891,840‌

5.5‌

9,083,280‌

7.2‌

CAPITAL

GOODS

1,478,708

Eaton

Corp

plc

490,739‌

0.4‌

3,266,702

Emerson

Electric

Co

404,842‌

0.3‌

2,950,808

Honeywell

International,

Inc

666,558‌

0.6‌

Other

8,821,868‌

7.0‌

10,384,007‌

8.3‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,632,321‌

1.3‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

14,883,995

(a)

Amazon.com,

Inc

3,265,400‌

2.6‌

1,599,683

Home

Depot,

Inc

622,261‌

0.5‌

3,252,701

TJX

Cos,

Inc

392,959‌

0.3‌

Other

2,062,457‌

1.7‌

6,343,077‌

5.1‌

CONSUMER

DURABLES

&

APPAREL

2,260,843‌

1.8‌

CONSUMER

SERVICES

8,812,494

(b)

Arcos

Dorados

Holdings,

Inc

64,155‌

0.1‌

Other

3,091,325‌

2.4‌

3,155,480‌

2.5‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

30,099,494

(a),(b)

Cia

Brasileira

de

Distribuicao

12,409‌

0.0‌

745,893

Costco

Wholesale

Corp

683,439‌

0.6‌

467,986

(a),(b)

Guardian

Pharmacy

Services,

Inc

9,481‌

0.0‌

10,055,264

Walmart,

Inc

908,493‌

0.8‌

Other

715,365‌

0.5‌

2,329,187‌

1.9‌

ENERGY

7,145,018

Exxon

Mobil

Corp

768,590‌

0.6‌

12,791,730

Shell

plc

398,731‌

0.3‌

Other

3,849,064‌

3.1‌

5,016,385‌

4.0‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,625,813

Prologis,

Inc

383,248‌

0.3‌

Other

2,116,564‌

1.7‌

2,499,812‌

2.0‌

FINANCIAL

SERVICES

1,930,030

American

Express

Co

572,814‌

0.5‌

1,325,825

(a)

Berkshire

Hathaway,

Inc

600,970‌

0.5‌

2,148,347

(a)

Fiserv,

Inc

441,313‌

0.4‌

2,092,936

Mastercard,

Inc

(Class

A)

1,102,077‌

0.8‌

1,588,123

Visa,

Inc

(Class

A)

501,910‌

0.3‌

Other

4,856,932‌

3.9‌

8,076,016‌

6.4‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

FOOD,

BEVERAGE

&

TOBACCO

3,507,960

Philip

Morris

International,

Inc

$

422,183‌

0.4‌

%

Other

2,481,400‌

1.9‌

2,903,583‌

2.3‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,274,901

Abbott

Laboratories

483,534‌

0.4‌

867,641

(a)

Intuitive

Surgical,

Inc

452,874‌

0.4‌

2,121,317

UnitedHealth

Group,

Inc

1,073,089‌

0.9‌

Other

2,964,504‌

2.3‌

4,974,001‌

4.0‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,935,375

Procter

&

Gamble

Co

492,116‌

0.4‌

6,901,928

Unilever

plc

392,172‌

0.3‌

Other

777,469‌

0.6‌

1,661,757‌

1.3‌

INSURANCE

3,834,221‌

3.1‌

MATERIALS

1,566,149

(a)

Linde

plc

655,700‌

0.6‌

8,870,239

Smurfit

WestRock

plc

477,751‌

0.4‌

Other

3,945,278‌

3.0‌

5,078,729‌

4.0‌

MEDIA

&

ENTERTAINMENT

6,423,563

Alphabet,

Inc

1,223,303‌

1.0‌

5,235,142

Alphabet,

Inc

(Class

A)

991,012‌

0.8‌

4,276,464

(b),(c)

HUYA,

Inc

(ADR)

13,129‌

0.0‌

2,629,378

Meta

Platforms,

Inc

1,539,527‌

1.2‌

458,185

(a)

NetFlix,

Inc

408,389‌

0.3‌

9,277,325

Tencent

Holdings

Ltd

495,157‌

0.4‌

3,806,002

Walt

Disney

Co

423,798‌

0.4‌

Other

1,543,410‌

1.2‌

6,637,725‌

5.3‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3,198,863

AbbVie,

Inc

568,438‌

0.5‌

1,141,847

Eli

Lilly

&

Co

881,506‌

0.7‌

7,648,775

Novo

Nordisk

A.S.

659,950‌

0.5‌

Other

5,450,636‌

4.3‌

7,560,530‌

6.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

572,579‌

0.4‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

594,768

ASML

Holding

NV

416,596‌

0.3‌

10,169,150

Broadcom,

Inc

2,357,616‌

1.9‌

31,079,511

Nvidia

Corp

4,173,668‌

3.3‌

45,826,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,489,351‌

1.2‌

Other

2,982,799‌

2.4‌

11,420,030‌

9.1‌

SOFTWARE

&

SERVICES

1,362,763

Accenture

plc

479,406‌

0.4‌

659,200

(a),(b)

Kaonavi,

Inc

8,019‌

0.0‌

31,862,000

(b),(d)

Locaweb

Servicos

de

Internet

S.A.

17,082‌

0.0‌

11,705,176

Microsoft

Corp

4,933,732‌

4.0‌

2,458,934

Oracle

Corp

409,757‌

0.4‌

2,006,280

Salesforce,

Inc

670,760‌

0.5‌

509,742

(a)

ServiceNow,

Inc

540,388‌

0.4‌

Other

4,050,462‌

3.2‌

11,109,606‌

8.9‌

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.

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

1

1

Value

(000)

%

of

net

assets

TECHNOLOGY

HARDWARE

&

EQUIPMENT

21,055,803

(e)

Apple,

Inc

$

5,272,794‌

4.2‌

%

10,747,007

Samsung

Electronics

Co

Ltd

383,526‌

0.3‌

Other

2,826,352‌

2.3‌

8,482,672‌

6.8‌

TELECOMMUNICATION

SERVICES

1,358,262‌

1.1‌

TRANSPORTATION

1,880,877‌

1.5‌

UTILITIES

7,200,594

NextEra

Energy,

Inc

516,211‌

0.4‌

Other

2,596,127‌

2.1‌

3,112,338‌

2.5‌

TOTAL

COMMON

STOCKS

(Cost

$100,834,027)

124,091,632‌

99.0‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

GOVERNMENT

BONDS

U.S.

TREASURY

SECURITIES

195‌

0.0‌

$

200,000

TOTAL

GOVERNMENT

BONDS

(Cost

$209)

195‌

0.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENT

COMPANIES

BANKS

445,727‌

0.4‌

FINANCIAL

SERVICES

52,577‌

0.0‌

TOTAL

INVESTMENT

COMPANIES

(Cost

$476,161)

498,304‌

0.4‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

RIGHTS/WARRANTS

CAPITAL

GOODS

23‌

0.0‌

CONSUMER

SERVICES

1‌

0.0‌

FINANCIAL

SERVICES

0‌^

0.0‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

14‌

0.0‌

MEDIA

&

ENTERTAINMENT

21‌

0.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1‌

0.0‌

SOFTWARE

&

SERVICES

94‌

0.0‌

UTILITIES

102‌

0.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$534)

256‌

0.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$101,310,931)

124,590,387‌

99.4‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

114,177‌

0.1‌

COMMERCIAL

PAPER

64,941‌

0.1‌

REPURCHASE

AGREEMENT

275,000‌

0.2‌

VARIABLE

RATE

SECURITIES

36,001‌

0.0‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$490,119

)

$

490,119‌

0.4‌

%

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

392,021‌

0.3‌

REPURCHASE

AGREEMENT

25,738‌

0.0‌

TREASURY

DEBT

161,266‌

0.2‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$579,005)

579,025‌

0.5‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$102,380,055)

125,659,531‌

100.3‌

OTHER

ASSETS

&

LIABILITIES,

NET

(335,063‌)

(0.3‌)

NET

ASSETS

$

125,324,468‌

100.0‌%

ADR

American

Depositary

Receipt

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(b)

Affiliated

holding

(c)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,137,636,109.

(d)

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

$1,106,284,547

or

0.9%

of

Total

Investments.

(e)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

Summary

Portfolio

of

Investments

(continued)

Stock

December

31,

2024

32

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E-Mini

Index

172‌

03/21/25

 $

20,446‌

$

19,348‌

$

(1,098‌)

S&P

500

E-Mini

Index

1,233‌

03/21/25

377,837‌

365,939‌

(11,898‌)

S&P

Mid-Cap

400

E-Mini

Index

95‌

03/21/25

31,512‌

29,894‌

(1,618‌)

Total

1,500‌

  $

429,795‌

 $

415,181‌

 $

(14,614‌)

33

See

Notes

to

Financial

Statements

Global

Equities

December

31,

2024

Summary

Portfolio

of

Investments

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUSTRALIA

167,803,319

(a),(b)

Tamboran

Resources

Ltd

$

15,060‌

0.1‌

%

Other

282,793‌

0.9‌

297,853‌

1.0‌

BELGIUM

68,276‌

0.2‌

BRAZIL

245,230‌

0.8‌

CANADA

2,013,142

(b)

Shopify,

Inc

(Class

A)

214,262‌

0.7‌

Other

476,171‌

1.6‌

690,433‌

2.3‌

CHILE

5,443‌

0.0‌

CHINA

637,777‌

2.1‌

COLOMBIA

849‌

0.0‌

CZECH

REPUBLIC

1,680‌

0.0‌

DENMARK

2,318,508

Novo

Nordisk

A.S.

200,045‌

0.6‌

Other

109,653‌

0.4‌

309,698‌

1.0‌

EGYPT

710‌

0.0‌

FINLAND

14,392‌

0.1‌

FRANCE

423,961‌

1.4‌

GERMANY

515,119‌

1.7‌

GREECE

4,457‌

0.0‌

HONG

KONG

57,034‌

0.2‌

HUNGARY

1,994‌

0.0‌

INDIA

470,261‌

1.6‌

INDONESIA

40,779‌

0.2‌

IRELAND

90,786‌

0.3‌

ISRAEL

10,277‌

0.0‌

ITALY

182,902‌

0.6‌

JAPAN

2,550,900

Advantest

Corp

145,041‌

0.5‌

11,359,120

(b)

Hitachi

Ltd

278,185‌

0.9‌

1,750,100

Recruit

Holdings

Co

Ltd

121,646‌

0.4‌

7,745,725

Sony

Corp

163,245‌

0.5‌

4,995,303

Sumitomo

Mitsui

Financial

Group,

Inc

119,888‌

0.4‌

7,082,110

(b)

Toyota

Motor

Corp

138,280‌

0.5‌

Other

828,448‌

2.8‌

1,794,733‌

6.0‌

KOREA,

REPUBLIC

OF

3,329,995

Samsung

Electronics

Co

Ltd

118,837‌

0.4‌

Other

101,044‌

0.3‌

219,881‌

0.7‌

KUWAIT

5,503‌

0.0‌

LUXEMBOURG

263‌

0.0‌

MALAYSIA

16,606‌

0.1‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

MEXICO

$

85,236‌

0.3‌

%

NETHERLANDS

8,293,974

ING

Groep

NV

129,980‌

0.5‌

Other

191,058‌

0.6‌

321,038‌

1.1‌

NORWAY

29,761‌

0.1‌

PERU

1,647‌

0.0‌

PHILIPPINES

9,769‌

0.0‌

POLAND

8,749‌

0.0‌

PORTUGAL

14,337‌

0.1‌

QATAR

8,312‌

0.0‌

ROMANIA

905‌

0.0‌

RUSSIA

2‌

0.0‌

SAUDI

ARABIA

67,187‌

0.2‌

SINGAPORE

39,207‌

0.1‌

SOUTH

AFRICA

66,266‌

0.2‌

SPAIN

204,540‌

0.7‌

SWEDEN

59,951‌

0.2‌

SWITZERLAND

371,950‌

1.3‌

TAIWAN

187,424

ASML

Holding

NV

131,278‌

0.4‌

18,700,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

607,754‌

2.0‌

Other

163,251‌

0.6‌

902,283‌

3.0‌

THAILAND

17,419‌

0.1‌

TURKEY

14,835‌

0.1‌

UNITED

ARAB

EMIRATES

16,414‌

0.1‌

UNITED

KINGDOM

579,237‌

1.9‌

UNITED

STATES

1,605,861

Alphabet,

Inc

305,820‌

1.0‌

4,850,660

(b)

Amazon.com,

Inc

1,064,186‌

3.6‌

656,364

Analog

Devices,

Inc

139,451‌

0.5‌

6,588,297

(c)

Apple,

Inc

1,649,841‌

5.4‌

1,103,110

(b)

Arista

Networks,

Inc

121,927‌

0.4‌

349,725

(b)

Berkshire

Hathaway,

Inc

158,523‌

0.5‌

1,950,192

(b)

Boston

Scientific

Corp

174,191‌

0.6‌

3,118,275

Broadcom,

Inc

722,941‌

2.4‌

339,281

Caterpillar,

Inc

123,078‌

0.4‌

2,414,668

Coca-Cola

Co

150,337‌

0.5‌

358,171

Costco

Wholesale

Corp

328,181‌

1.1‌

411,756

Eli

Lilly

&

Co

317,876‌

1.1‌

3,226,471

Exxon

Mobil

Corp

347,071‌

1.2‌

821,917

(b)

Fiserv,

Inc

168,838‌

0.6‌

3,247,723

Freeport-McMoRan,

Inc

(Class

B)

123,673‌

0.4‌

590,752

Home

Depot,

Inc

229,797‌

0.8‌

898,504

Honeywell

International,

Inc

202,963‌

0.7‌

1,319,438

JPMorgan

Chase

&

Co

316,282‌

1.1‌

501,197

(b)

Linde

plc

209,836‌

0.7‌

379,158

Mastercard,

Inc

(Class

A)

199,653‌

0.7‌

506,576

McDonald's

Corp

146,851‌

0.5‌

788,706

Meta

Platforms,

Inc

461,795‌

1.5‌

3,090,682

Microsoft

Corp

1,302,722‌

4.3‌

184,214

(b)

NetFlix,

Inc

164,194‌

0.5‌

10,226,250

Nvidia

Corp

1,373,283‌

4.6‌

Summary

Portfolio

of

Investments

(continued)

Global

Equities

December

31,

2024

34

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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$120,275,109.

At

12/31/24,

the

aggregate

value

of

securities

exempt

from

registration

under

Rule

144(A)

of

the Securities

Act

of

1933,

as

amended,

amounted

to $255,828,811 or 0.9% 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

1

1

Value

(000)

%

of

net

assets

UNITED

STATES

(continued)

991,406

Oracle

Corp

$

165,208‌

0.6‌

%

789,960

(b)

Palo

Alto

Networks,

Inc

143,741‌

0.5‌

1,362,217

Procter

&

Gamble

Co

228,376‌

0.8‌

962,474

Salesforce,

Inc

321,784‌

1.1‌

265,364

(b)

ServiceNow,

Inc

281,318‌

0.9‌

5,138,162

Shell

plc

160,162‌

0.5‌

3,966,548

Smurfit

WestRock

plc

213,638‌

0.7‌

806,902

(b)

Tesla,

Inc

325,859‌

1.1‌

541,552

Union

Pacific

Corp

123,496‌

0.4‌

407,202

UnitedHealth

Group,

Inc

205,987‌

0.7‌

853,088

Visa,

Inc

(Class

A)

269,610‌

0.9‌

3,084,559

Walmart,

Inc

278,690‌

0.9‌

4,331,646

Wells

Fargo

&

Co

304,255‌

0.9‌

Other

7,340,389‌

24.5‌

20,865,823‌

69.6‌

TOTAL

COMMON

STOCKS

(Cost

$22,435,663)

29,791,765‌

99.4‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENT

COMPANIES

UNITED

STATES

12,905‌

0.1‌

TOTAL

INVESTMENT

COMPANIES

(Cost

$12,971)

12,905‌

0.1‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

RIGHTS/WARRANTS

AUSTRALIA

0‌^

0.0‌

CHINA

0‌^

0.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

0‌

0.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$22,448,634)

29,804,670‌

99.5‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

CERTIFICATE

OF

DEPOSIT

13,839‌

0.1‌

COMMERCIAL

PAPER

7,308‌

0.0‌

REPURCHASE

AGREEMENT

35,000‌

0.1‌

VARIABLE

RATE

SECURITIES

5,510‌

0.0‌

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$61,657

)

61,657‌

0.2‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

92,357‌

0.3‌

REPURCHASE

AGREEMENT

10,636‌

0.0‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

TREASURY

DEBT

$

27,427‌

0.1‌

%

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$130,415)

130,420‌

0.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$22,640,706)

29,996,747‌

100.1‌

OTHER

ASSETS

&

LIABILITIES,

NET

(28,508‌)

(0.1‌)

NET

ASSETS

$

29,968,239‌

100.0‌%

^

Amount

represents

less

than

$1,000.

(a)

Affiliated

holding

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

35

See

Notes

to

Financial

Statements

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

187‌

03/21/25

 $

21,899‌

$

21,201‌

$

(698‌)

S&P

500

E-Mini

Index

234‌

03/21/25

72,061‌

69,448‌

(2,613‌)

Total

421‌

  $

93,960‌

 $

90,649‌

 $

(3,311‌)

Growth

December

31,

2024

Summary

Portfolio

of

Investments

36

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

2,355,553

(a)

Tesla,

Inc

$

951,267‌

2

.3‌

%

951,267‌

2

.3‌

CAPITAL

GOODS

1,794,585

(a)

Boeing

Co

317,642‌

0

.8‌

2,814,666

Carrier

Global

Corp

192,129‌

0

.5‌

566,265

Eaton

Corp

plc

187,926‌

0

.5‌

Other

286,844‌

0

.6‌

984,541‌

2

.4‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

384,288‌

0

.9‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,434,079

(a)

Amazon.com,

Inc

3,386,083‌

8

.2‌

1,791,586

TJX

Cos,

Inc

216,441‌

0

.5‌

3,602,524‌

8

.7‌

CONSUMER

DURABLES

&

APPAREL

176,262‌

0

.4‌

CONSUMER

SERVICES

166,830

Booking

Holdings,

Inc

828,881‌

2

.0‌

12,483,092

(a)

Carnival

Corp

311,079‌

0

.8‌

4,369,542

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

263,483‌

0

.6‌

655,779

(a)

Flutter

Entertainment

plc

169,568‌

0

.4‌

4,315,611

Starbucks

Corp

393,799‌

1

.0‌

Other

146,581‌

0

.3‌

2,113,391‌

5

.1‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,105,529

Costco

Wholesale

Corp

1,012,963‌

2

.4‌

1,012,963‌

2

.4‌

ENERGY

86,111‌

0

.2‌

FINANCIAL

SERVICES

129,719

(a),(b)

Adyen

NV

192,773‌

0

.5‌

1,325,840

(a)

Fiserv,

Inc

272,354‌

0

.7‌

1,767,276

KKR

&

Co,

Inc

261,398‌

0

.6‌

1,774,851

Mastercard,

Inc

(Class

A)

934,583‌

2

.3‌

2,836,118

(a)

PayPal

Holdings,

Inc

242,063‌

0

.6‌

2,024,432

Visa,

Inc

(Class

A)

639,801‌

1

.5‌

Other

94,039‌

0

.2‌

2,637,011‌

6

.4‌

FOOD,

BEVERAGE

&

TOBACCO

97,642‌

0

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,839,628

(a)

DexCom,

Inc

298,608‌

0

.7‌

1,324,787

(a)

Intuitive

Surgical,

Inc

691,486‌

1

.7‌

599,618

UnitedHealth

Group,

Inc

303,323‌

0

.7‌

Other

214,911‌

0

.5‌

1,508,328‌

3

.6‌

INSURANCE

1,505,261

Progressive

Corp

360,676‌

0

.9‌

360,676‌

0

.9‌

MATERIALS

3,505,914

Corteva,

Inc

199,697‌

0

.5‌

391,294

(a)

Linde

plc

163,823‌

0

.4‌

363,520‌

0

.9‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

MEDIA

&

ENTERTAINMENT

6,540,715

Alphabet,

Inc

$

1,245,614‌

3

.0‌

%

5,343,507

Alphabet,

Inc

(Class

A)

1,011,526‌

2

.4‌

4,651,784

Meta

Platforms,

Inc

2,723,666‌

6

.6‌

419,577

(a)

NetFlix,

Inc

373,977‌

0

.9‌

1,440,769

Walt

Disney

Co

160,430‌

0

.4‌

Other

255,520‌

0

.6‌

5,770,733‌

13

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,229,721

Eli

Lilly

&

Co

949,345‌

2

.3‌

3,292,648

Novo

Nordisk

A.S.

284,096‌

0

.7‌

2,509,934

Novo

Nordisk

A.S.

(ADR)

215,904‌

0

.5‌

1,449,345‌

3

.5‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,056,886

Applied

Materials,

Inc

171,881‌

0

.4‌

9,708,839

Broadcom,

Inc

2,250,897‌

5

.4‌

2,933,768

Marvell

Technology,

Inc

324,035‌

0

.8‌

36,702,311

Nvidia

Corp

4,928,752‌

11

.9‌

Other

184,343‌

0

.5‌

7,859,908‌

19

.0‌

SOFTWARE

&

SERVICES

678,416

(a)

Atlassian

Corp

Ltd

165,113‌

0

.4‌

735,616

(a)

Crowdstrike

Holdings,

Inc

251,698‌

0

.6‌

555,210

Intuit,

Inc

348,949‌

0

.8‌

10,445,301

Microsoft

Corp

4,402,694‌

10

.6‌

1,998,261

(a)

Palo

Alto

Networks,

Inc

363,604‌

0

.9‌

878,366

(a)

PTC,

Inc

161,505‌

0

.4‌

2,072,525

Salesforce,

Inc

692,907‌

1

.7‌

689,789

(a)

ServiceNow,

Inc

731,259‌

1

.8‌

447,499

(a)

Synopsys,

Inc

217,198‌

0

.5‌

716,748

(a)

Workday,

Inc

184,943‌

0

.4‌

Other

367,532‌

0

.9‌

7,887,402‌

19

.0‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

12,326,500

Apple,

Inc

3,086,802‌

7

.5‌

3,370,998

(a)

Arista

Networks,

Inc

372,597‌

0

.9‌

3,459,399‌

8

.4‌

TRANSPORTATION

6,558,856

(a)

Uber

Technologies,

Inc

395,630‌

1

.0‌

395,630‌

1

.0‌

TOTAL

COMMON

STOCKS

(Cost

$23,324,867)

41,100,941‌

99

.2‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENT

COMPANIES

FINANCIAL

SERVICES

760,404

iShares

Russell

1000

Growth

ETF

305,363‌

0

.7‌

305,363‌

0

.7‌

TOTAL

INVESTMENT

COMPANIES

(Cost

$310,742)

305,363‌

0

.7‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$23,635,609)

41,406,304‌

99

.9‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

22,482‌

0

.1‌

REPURCHASE

AGREEMENT

72,440‌

0

.2‌

37

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

1

1

Value

(000)

%

of

net

assets

TREASURY

DEBT

$

17,421‌

0

.0‌

%

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$112,343)

112,343‌

0

.3‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$23,747,952)

41,518,647‌

100

.2‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

62,993‌

)

(

0

.2‌

)

NET

ASSETS

$

41,455,654‌

100

.0‌

%

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)

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

$192,772,534

or

0.5%

of

Total

Investments.

Equity

Index

December

31,

2024

Summary

Portfolio

of

Investments

38

See

Notes

to

Financial

Statements

Shares

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

1,253,007

(a)

Tesla,

Inc

$

506,014‌

2

.0‌

%

Other

84,239‌

0

.3‌

590,253‌

2

.3‌

BANKS

3,002,121

Bank

of

America

Corp

131,943‌

0

.5‌

1,266,623

JPMorgan

Chase

&

Co

303,622‌

1

.2‌

1,502,083

Wells

Fargo

&

Co

105,506‌

0

.4‌

Other

430,146‌

1

.7‌

971,217‌

3

.8‌

CAPITAL

GOODS

219,315

Caterpillar,

Inc

79,559‌

0

.3‌

485,223

General

Electric

Co

80,930‌

0

.3‌

Other

1,476,816‌

5

.8‌

1,637,305‌

6

.4‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

392,431‌

1

.5‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,231,672

(a)

Amazon.com,

Inc

928,386‌

3

.6‌

447,720

Home

Depot,

Inc

174,159‌

0

.7‌

Other

394,721‌

1

.5‌

1,497,266‌

5

.8‌

CONSUMER

DURABLES

&

APPAREL

246,049‌

1

.0‌

CONSUMER

SERVICES

325,464

McDonald's

Corp

94,349‌

0

.4‌

Other

482,717‌

1

.9‌

577,066‌

2

.3‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

199,824

Costco

Wholesale

Corp

183,093‌

0

.7‌

1,955,582

Walmart,

Inc

176,687‌

0

.7‌

Other

122,963‌

0

.5‌

482,743‌

1

.9‌

ENERGY

782,094

Chevron

Corp

113,278‌

0

.4‌

2,021,977

Exxon

Mobil

Corp

217,504‌

0

.8‌

Other

527,314‌

2

.1‌

858,096‌

3

.3‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

604,646‌

2

.4‌

FINANCIAL

SERVICES

826,142

(a)

Berkshire

Hathaway,

Inc

374,474‌

1

.5‌

138,354

Goldman

Sachs

Group,

Inc

79,224‌

0

.3‌

367,645

Mastercard,

Inc

(Class

A)

193,591‌

0

.8‌

710,532

Visa,

Inc

(Class

A)

224,556‌

0

.9‌

Other

1,231,832‌

4

.7‌

2,103,677‌

8

.2‌

FOOD,

BEVERAGE

&

TOBACCO

1,746,180

Coca-Cola

Co

108,717‌

0

.4‌

618,085

PepsiCo,

Inc

93,986‌

0

.4‌

698,120

Philip

Morris

International,

Inc

84,019‌

0

.3‌

Other

275,764‌

1

.1‌

562,486‌

2

.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

781,743

Abbott

Laboratories

$

88,423‌

0

.4‌

%

159,622

(a)

Intuitive

Surgical,

Inc

83,316‌

0

.3‌

414,326

UnitedHealth

Group,

Inc

209,591‌

0

.8‌

Other

716,075‌

2

.8‌

1,097,405‌

4

.3‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,063,234

Procter

&

Gamble

Co

178,251‌

0

.7‌

Other

116,050‌

0

.4‌

294,301‌

1

.1‌

INSURANCE

560,157‌

2

.2‌

MATERIALS

215,985

(a)

Linde

plc

90,426‌

0

.4‌

Other

498,601‌

1

.9‌

589,027‌

2

.3‌

MEDIA

&

ENTERTAINMENT

2,187,761

Alphabet,

Inc

416,637‌

1

.6‌

2,653,503

Alphabet,

Inc

(Class

A)

502,308‌

2

.0‌

987,832

Meta

Platforms,

Inc

578,385‌

2

.3‌

192,913

(a)

NetFlix,

Inc

171,947‌

0

.7‌

818,660

Walt

Disney

Co

91,158‌

0

.4‌

Other

279,122‌

1

.0‌

2,039,557‌

8

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

799,954

AbbVie,

Inc

142,152‌

0

.6‌

361,891

Eli

Lilly

&

Co

279,380‌

1

.1‌

1,086,046

Johnson

&

Johnson

157,064‌

0

.6‌

1,146,607

Merck

&

Co,

Inc

114,064‌

0

.4‌

172,174

Thermo

Fisher

Scientific,

Inc

89,570‌

0

.3‌

Other

759,898‌

3

.0‌

1,542,128‌

6

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

52,117‌

0

.2‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

722,806

(a)

Advanced

Micro

Devices,

Inc

87,308‌

0

.4‌

2,050,010

Broadcom,

Inc

475,274‌

1

.9‌

10,550,495

Nvidia

Corp

1,416,826‌

5

.5‌

502,056

QUALCOMM,

Inc

77,126‌

0

.3‌

410,829

Texas

Instruments,

Inc

77,035‌

0

.3‌

Other

447,885‌

1

.7‌

2,581,454‌

10

.1‌

SOFTWARE

&

SERVICES

281,426

Accenture

plc

99,003‌

0

.4‌

200,166

(a)

Adobe,

Inc

89,010‌

0

.3‌

412,892

International

Business

Machines

Corp

90,766‌

0

.4‌

123,400

Intuit,

Inc

77,557‌

0

.3‌

3,352,885

Microsoft

Corp

1,413,241‌

5

.5‌

704,623

Oracle

Corp

117,418‌

0

.5‌

416,621

Salesforce,

Inc

139,289‌

0

.5‌

92,288

(a)

ServiceNow,

Inc

97,836‌

0

.4‌

Other

861,507‌

3

.4‌

2,985,627‌

11

.7‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

6,452,960

Apple,

Inc

1,615,951‌

6

.3‌

1,799,363

Cisco

Systems,

Inc

106,522‌

0

.4‌

Other

368,995‌

1

.5‌

2,091,468‌

8

.2‌

TELECOMMUNICATION

SERVICES

214,329‌

0

.8‌

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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$139,148,899.

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

1

1

Value

(000)

%

of

net

assets

TRANSPORTATION

$

373,884‌

1

.5‌

%

UTILITIES

572,140‌

2

.2‌

TOTAL

COMMON

STOCKS

(Cost

$7,353,386)

25,516,829‌

99

.7‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

RIGHTS/WARRANTS

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$3)

2‌

0

.0‌

a

a

a

a

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,353,389)

25,516,831‌

99

.7‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

69,432,779

(b)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.460%(c)

69,433‌

0

.3‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$69,433)

69,433‌

0

.3‌

a

a

a

a

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

41,452‌

0

.1‌

REPURCHASE

AGREEMENT

23,002‌

0

.1‌

TREASURY

DEBT

22,414‌

0

.1‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$86,867)

86,868‌

0

.3‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,509,689)

25,673,132‌

100

.3‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

65,897‌

)

(

0

.3‌

)

NET

ASSETS

$

25,607,235‌

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

255‌

03/21/25

 $

76,538‌

$

75,681‌

$

(

857‌

)

Core

Bond

December

31,

2024

Summary

Portfolio

of

Investments

40

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

4,133‌

0

.0‌

%

COMMERCIAL

&

PROFESSIONAL

SERVICES

755‌

0

.0‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,099‌

0

.0‌

CONSUMER

DURABLES

&

APPAREL

582‌

0

.0‌

CONSUMER

SERVICES

4,851‌

0

.1‌

ENERGY

412‌

0

.0‌

FINANCIAL

SERVICES

2,498‌

0

.0‌

FOOD,

BEVERAGE

&

TOBACCO

657‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,019‌

0

.0‌

MATERIALS

1,198‌

0

.0‌

MEDIA

&

ENTERTAINMENT

368‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

126‌

0

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

518‌

0

.0‌

SOFTWARE

&

SERVICES

4,366‌

0

.1‌

TELECOMMUNICATION

SERVICES

298‌

0

.0‌

TRANSPORTATION

428‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$23,332)

23,308‌

0

.2‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

88,566‌

0

.8‌

BANKS

Bank

of

America

Corp

$

55,925,000

2.592%,

04/29/31

49,268‌

0

.5‌

Citigroup,

Inc

36,375,000

3.200%,

10/21/26

35,374‌

0

.3‌

JPMorgan

Chase

&

Co

161,000,000

1.953%-6.875%,

06/15/26-N/A(a)

156,763‌

1

.5‌

EUR

600,000

1.638%,

05/18/28

603‌

0

.0‌

Other

407,532‌

3

.6‌

649,540‌

5

.9‌

CAPITAL

GOODS

108,129‌

1

.0‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

19,187‌

0

.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

47,207‌

0

.4‌

CONSUMER

DURABLES

&

APPAREL

4,994‌

0

.1‌

CONSUMER

SERVICES

43,663‌

0

.4‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

36,915‌

0

.3‌

ENERGY

258,670‌

2

.3‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

SBA

Tower

Trust

42,100,000

(b)

1.840%,

04/15/27

38,947‌

0

.4‌

Other

200,655‌

1

.8‌

239,602‌

2

.2‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

FINANCIAL

SERVICES

Morgan

Stanley

$

31,425,000

3.125%,

07/27/26

$

30,697‌

0

.3‌

%

Other

271,573‌

2

.4‌

302,270‌

2

.7‌

FOOD,

BEVERAGE

&

TOBACCO

89,879‌

0

.8‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

125,290‌

1

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

24,266‌

0

.2‌

INSURANCE

148,635‌

1

.4‌

MATERIALS

89,884‌

0

.8‌

MEDIA

&

ENTERTAINMENT

103,286‌

0

.9‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

121,925‌

1

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

56,449‌

0

.5‌

SOFTWARE

&

SERVICES

83,955‌

0

.8‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

39,530‌

0

.4‌

TELECOMMUNICATION

SERVICES

AT&T,

Inc

42,943,000

2.550%,

12/01/33

34,592‌

0

.3‌

46,670,000

3.550%,

09/15/55

31,390‌

0

.3‌

Verizon

Communications,

Inc

38,051,000

2.355%,

03/15/32

31,556‌

0

.3‌

Other

119,549‌

1

.1‌

217,087‌

2

.0‌

TRANSPORTATION

24,787‌

0

.2‌

UTILITIES

335,690‌

3

.0‌

5,594,947,970

TOTAL

CORPORATE

BONDS

(Cost

$3,554,175)

3,259,406‌

29

.5‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

GOVERNMENT

BONDS

AGENCY

SECURITIES

26,723‌

0

.3‌

FOREIGN

GOVERNMENT

BONDS

355,886‌

3

.2‌

MORTGAGE

BACKED

Fannie

Mae

Pool

63,912,356

2.500%,

12/01/51

52,701‌

0

.5‌

38,296,926

4.000%,

05/01/52

35,097‌

0

.3‌

66,135,309

4.000%,

06/01/52

60,590‌

0

.6‌

42,122,730

3.000%,

07/01/52

35,849‌

0

.3‌

50,264,903

4.000%,

07/01/52

46,020‌

0

.4‌

45,495,243

5.000%,

08/01/52

44,057‌

0

.4‌

125,262,348

4.000%,

09/01/52

114,740‌

1

.0‌

132,689,341

4.500%,

09/01/52

125,053‌

1

.1‌

84,468,213

4.000%,

10/01/52

77,364‌

0

.7‌

55,435,363

4.500%,

10/01/52

52,247‌

0

.5‌

127,934,638

4.500%,

11/01/52

120,586‌

1

.1‌

62,371,137

5.000%,

02/01/53

60,375‌

0

.6‌

52,126,271

5.500%,

02/01/53

51,491‌

0

.5‌

56,792,918

5.000%,

04/01/53

54,835‌

0

.5‌

107,656,343

5.500%,

06/01/53

106,342‌

1

.0‌

31,645,542

5.000%,

08/01/53

30,561‌

0

.3‌

132,914,124

5.500%,

05/01/54

131,209‌

1

.2‌

97,108,570

5.000%,

11/01/54

93,759‌

0

.8‌

553,446,927

2.500%-9.000%,

11/01/25-10/01/53

506,787‌

4

.6‌

Freddie

Mac

Pool

159,400,081

2.500%-6.000%,

11/01/49-08/01/53

146,805‌

1

.3‌

41

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED

(continued)

Freddie

Mac

REMICS

$

145,214,416

2.000%-5.500%,

01/15/47-02/25/53

$

93,969‌

0

.9‌

%

Freddie

Mac

STACR

REMIC

Trust

31,100,000

(b),(c)

9.234%,

06/25/42,

(SOFR30A

+

4.500%)

33,384‌

0

.3‌

97,810,000

(b),(c)

7.469%-11.669%,

01/25/42-

05/25/43,

SOFR30A

+

2.900%-SOFR30A

+

7.100%

103,107‌

0

.9‌

Ginnie

Mae

II

Pool

52,882,447

3.500%,

04/20/52

47,297‌

0

.4‌

Government

National

Mortgage

Association

217,820,468

1.615%-7.392%,

01/20/40-08/20/53

133,094‌

1

.2‌

Other

479,109‌

4

.3‌

2,836,428‌

25

.7‌

MUNICIPAL

BONDS

281,512‌

2

.6‌

OTHER

MORTGAGE

BACKED

3,143‌

0

.0‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note/Bond

102,660,000

4.250%,

11/30/26

102,640‌

0

.9‌

106,000,000

4.125%,

11/15/27

105,532‌

1

.0‌

246,070,000

3.500%,

04/30/28

239,863‌

2

.2‌

492,842,000

4.125%,

11/30/29

487,243‌

4

.4‌

113,120,000

3.500%,

04/30/30

108,250‌

1

.0‌

50,000,000

3.750%,

12/31/30

48,173‌

0

.4‌

70,450,000

4.000%,

01/31/31

68,734‌

0

.6‌

55,026,000

4.125%,

07/31/31

53,930‌

0

.5‌

100,957,900

3.750%,

08/31/31

96,726‌

0

.9‌

57,590,000

4.250%,

11/15/34

56,089‌

0

.5‌

85,325,800

2.375%,

02/15/42

60,740‌

0

.6‌

91,758,000

3.375%,

08/15/42

75,742‌

0

.7‌

54,100,000

3.875%,

02/15/43

47,734‌

0

.4‌

49,620,000

3.875%,

05/15/43

43,671‌

0

.4‌

41,710,000

2.875%,

08/15/45

30,764‌

0

.3‌

52,140,000

2.500%,

05/15/46

35,504‌

0

.3‌

51,995,000

3.000%,

08/15/48

37,975‌

0

.4‌

256,002,000

2.250%,

02/15/52

155,199‌

1

.4‌

44,786,000

3.625%,

02/15/53

36,388‌

0

.3‌

60,451,000

4.375%,

08/15/54

55,204‌

0

.5‌

294,143,500

0.250%-5.000%,

09/30/25-11/15/48

253,517‌

2

.2‌

2,199,618‌

19

.9‌

71,395,505,120

TOTAL

GOVERNMENT

BONDS

(Cost

$6,139,185)

5,703,310‌

51

.7‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

PREFERRED

STOCKS

FINANCIAL

SERVICES

4,473‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$4,348)

4,473‌

0

.1‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

STRUCTURED

ASSETS

ASSET

BACKED

DB

Master

Finance

LLC

Series

-

2021

1A

(Class

A2I)

36,375,000

(b)

2.045%,

11/20/51

34,430‌

0

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

ASSET

BACKED

(continued)

Santander

Drive

Auto

Receivables

Trust

Series

-

2021

4

(Class

D)

$

30,918,805

1.670%,

10/15/27

$

30,419‌

0

.3‌

%

Other

527,026‌

4

.8‌

591,875‌

5

.4‌

OTHER

MORTGAGE

BACKED

Connecticut

Avenue

Securities

Trust

91,180,000

(b),(c)

7.569%-11.310%,

03/25/42-

12/25/42,

SOFR30A

+

3.000%-SOFR30A

+

6.750%

96,849‌

0

.9‌

Other

966,610‌

8

.7‌

1,063,459‌

9

.6‌

1,911,879,852

TOTAL

STRUCTURED

ASSETS

(Cost

$1,773,340)

1,655,334‌

15

.0‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$11,494,380)

10,645,831‌

96

.5‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

21,908,050

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.460%(e)

21,908‌

0

.2‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$21,908)

21,908‌

0

.2‌

a

a

a

a

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

COMMERCIAL

PAPER

3,953‌

0

.0‌

GOVERNMENT

AGENCY

DEBT

73,693‌

0

.7‌

REPURCHASE

AGREEMENT

Fixed

Income

Clearing

Corporation

66,674,000

(f)

4.460%,

01/02/25

66,674‌

0

.6‌

66,674‌

0

.6‌

TREASURY

DEBT

69,238‌

0

.6‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$213,563)

213,558‌

1

.9‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$11,729,851)

10,881,297‌

98

.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

152,500‌

1

.4‌

NET

ASSETS

$

11,033,797‌

100

.0‌

%

EUR

Euro

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

Summary

Portfolio

of

Investments

(continued)

Core

Bond

December

31,

2024

42

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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$49,511,621.

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.

(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

$2,243,707,416

or

20.6%

of

Total

Investments.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$66,690,520

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$68,007,693.

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

1,000‌

03/20/25

 $

110,607‌

$

108,750‌

$

(

1,857‌

)

U.S.

Treasury

2-Year

Note

1,650‌

03/31/25

340,045‌

339,255‌

(

790‌

)

U.S.

Treasury

5-Year

Note

4,679‌

03/31/25

501,320‌

497,400‌

(

3,920‌

)

Total

7,329‌

  $

951,972‌

 $

945,405‌

 $

(

6,567‌

)

43

See

Notes

to

Financial

Statements

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

752

JPY

112,631

Australia

and

New

Zealand

Banking

Group

Limited

01/14/25

35‌

$

6,226

AUD

9,240

Bank

of

America,

N.A.

01/13/25

507‌

$

107,706

EUR

98,199

Bank

of

America,

N.A.

01/13/25

5,908‌

$

2,902

EUR

2,645

Bank

of

America,

N.A.

01/13/25

160‌

$

1,004

GBP

787

Bank

of

America,

N.A.

01/13/25

19‌

$

2,196

NOK

23,576

Bank

of

America,

N.A.

01/13/25

125‌

CAD

1,650

$

1,187

Bank

of

America,

N.A.

01/13/25

(

39‌

)

EUR

590

$

643

Bank

of

America,

N.A.

01/13/25

(

32‌

)

EUR

2,407

$

2,620

Bank

of

America,

N.A.

01/13/25

(

100‌

)

EUR

202

$

214

Bank

of

America,

N.A.

01/13/25

(

5‌

)

GBP

600

$

779

Bank

of

America,

N.A.

01/13/25

(

28‌

)

$

654

MXN

13,637

Goldman

Sachs

01/13/25

2‌

CAD

2,101

$

1,513

Goldman

Sachs

01/13/25

(

51‌

)

$

10,691

CAD

14,663

Morgan

Stanley

Capital

Services

01/13/25

485‌

$

487

EUR

463

Morgan

Stanley

Capital

Services

01/13/25

7‌

$

22,649

GBP

17,347

Morgan

Stanley

Capital

Services

01/13/25

935‌

$

988

GBP

769

Morgan

Stanley

Capital

Services

01/13/25

25‌

$

1,561

GBP

1,235

Morgan

Stanley

Capital

Services

01/13/25

15‌

$

2,487

IDR

39,386,220

Morgan

Stanley

Capital

Services

01/15/25

54‌

$

2,232

NZD

3,665

Morgan

Stanley

Capital

Services

01/13/25

182‌

$

429

PEN

1,633

Morgan

Stanley

Capital

Services

01/15/25

(

5‌

)

$

1,774

PLN

7,262

Morgan

Stanley

Capital

Services

01/13/25

16‌

$

1,323

RON

6,205

Morgan

Stanley

Capital

Services

01/13/25

32‌

HUF

2,059

$

5

Morgan

Stanley

Capital

Services

01/13/25

(

0‌

)

^

NOK

7,144

$

647

Morgan

Stanley

Capital

Services

01/13/25

(

19‌

)

$

238

ZAR

4,350

Morgan

Stanley

Capital

Services

01/13/25

7‌

$

21,778

CNH

157,337

Standard

Chartered

Bank

03/17/25

295‌

$

283

EUR

260

Standard

Chartered

Bank

01/13/25

14‌

$

7,562

KRW

10,593,700

Standard

Chartered

Bank

01/15/25

387‌

$

1,003

THB

34,862

Standard

Chartered

Bank

01/15/25

(

20‌

)

$

510

CAD

700

Toronto

Dominion

Bank

01/13/25

22‌

$

458

HUF

176,681

Toronto

Dominion

Bank

01/13/25

14‌

$

31,057

JPY

4,555,562

Toronto

Dominion

Bank

01/14/25

2,055‌

EUR

678

$

718

Toronto

Dominion

Bank

01/13/25

(

15‌

)

EUR

300

$

315

Toronto

Dominion

Bank

01/13/25

(

4‌

)

NOK

16,596

$

1,500

Toronto

Dominion

Bank

01/13/25

(

42‌

)

Total

  $

10,941‌

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

 $

11,301‌

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

 $

(

360‌

)

^

Amount

represents

less

than

$1,000.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNH

Chinese

Yuan

Renminbi

Offshore

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

Credit

Default

Swaps

-

Centrally

Cleared

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

(a)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAHYS43V1-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/29

$

150,000‌

$

(

11,793‌

)

$

(

10,421‌

)

$

(

1,372‌

)

Summary

Portfolio

of

Investments

(continued)

Core

Bond

December

31,

2024

44

See

Notes

to

Financial

Statements

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)(a)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAIGS43V1-5Y

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/29

225,000‌

(

5,097‌

)

(

4,806‌

)

(

291‌

)

Total

$

(

16,890‌

)

$

(

15,227‌

)

$

(

1,663‌

)

(a)

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

45

See

Notes

to

Financial

Statements

Inflation-Linked

Bond

December

31,

2024

Summary

Portfolio

of

Investments

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

6,682‌

0

.1‌

%

CONSUMER

DURABLES

&

APPAREL

684‌

0

.0‌

CONSUMER

SERVICES

5,343‌

0

.1‌

FINANCIAL

SERVICES

1,515‌

0

.0‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

535‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,343‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0‌

^

0

.0‌

SOFTWARE

&

SERVICES

1,704‌

0

.0‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

300‌

0

.0‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$18,992)

19,106‌

0

.3‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

5,182‌

0

.1‌

BANKS

10,079‌

0

.1‌

CAPITAL

GOODS

4,559‌

0

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,997‌

0

.1‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,912‌

0

.0‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,551‌

0

.1‌

ENERGY

56,480‌

0

.8‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,063‌

0

.0‌

FINANCIAL

SERVICES

7,072‌

0

.1‌

FOOD,

BEVERAGE

&

TOBACCO

7,999‌

0

.1‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

10,283‌

0

.1‌

MATERIALS

13,633‌

0

.2‌

MEDIA

&

ENTERTAINMENT

7,593‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,302‌

0

.1‌

TELECOMMUNICATION

SERVICES

13,727‌

0

.2‌

TRANSPORTATION

8,634‌

0

.1‌

UTILITIES

8,097‌

0

.1‌

$

178,242,842

TOTAL

CORPORATE

BONDS

(Cost

$175,928)

170,163‌

2

.4‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

GOVERNMENT

BONDS

AGENCY

SECURITIES

6,500‌

0

.1‌

FOREIGN

GOVERNMENT

BONDS

6,254‌

0

.1‌

MORTGAGE

BACKED

Freddie

Mac

STACR

REMIC

Trust

20,000,000

(a),(b)

7.919%,

05/25/42,

(SOFR30A

+

3.350%)

20,943‌

0

.3‌

10,605,000

(a),(b)

7.810%,

04/25/43,

(SOFR30A

+

3.250%)

11,197‌

0

.1‌

Ginnie

Mae

I

Pool

14,663,734

3.600%,

09/15/31

14,288‌

0

.2‌

31,581,178

1.730%,

07/15/37

26,946‌

0

.4‌

21,281,874

1.650%,

07/15/42

17,428‌

0

.2‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

MORTGAGE

BACKED

(continued)

$

23,754,065

2.750%,

01/15/45

$

21,390‌

0

.3‌

%

Other

48,040‌

0

.7‌

160,232‌

2

.2‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Inflation

Indexed

Bonds

44,481,892

(c)

0.125%,

04/15/25

44,207‌

0

.6‌

31,546,122

(c)

0.375%,

07/15/25

31,356‌

0

.4‌

99,512,154

(c)

0.125%,

10/15/25

98,362‌

1

.4‌

223,212,459

(c)

0.625%,

01/15/26

220,140‌

3

.1‌

70,493,150

(c)

2.000%,

01/15/26

70,498‌

1

.0‌

210,153,798

(c)

0.125%,

04/15/26

205,111‌

2

.9‌

184,360,400

(c)

0.125%,

07/15/26

180,046‌

2

.5‌

293,713,060

(c)

0.125%,

10/15/26

285,542‌

4

.0‌

226,717,655

(c)

0.375%,

01/15/27

219,822‌

3

.1‌

129,851,481

(c)

2.375%,

01/15/27

131,083‌

1

.8‌

148,017,904

(c)

0.125%,

04/15/27

141,871‌

2

.0‌

167,750,700

(c)

0.375%,

07/15/27

161,882‌

2

.3‌

143,851,950

(c)

1.625%,

10/15/27

142,985‌

2

.0‌

246,338,400

(c)

0.500%,

01/15/28

235,484‌

3

.3‌

184,422,528

(c)

1.750%,

01/15/28

183,066‌

2

.6‌

198,578,445

(c)

1.250%,

04/15/28

193,472‌

2

.7‌

132,172,110

(c)

3.625%,

04/15/28

138,700‌

1

.9‌

130,402,750

(c)

0.750%,

07/15/28

125,246‌

1

.8‌

58,329,130

(c)

2.375%,

10/15/28

59,232‌

0

.8‌

263,771,100

(c)

0.875%,

01/15/29

251,832‌

3

.5‌

138,051,780

(c)

2.500%,

01/15/29

140,469‌

2

.0‌

365,393,606

(c)

2.125%,

04/15/29

365,835‌

5

.1‌

52,495,534

(c)

3.875%,

04/15/29

56,301‌

0

.8‌

240,631,950

(c)

0.250%,

07/15/29

222,856‌

3

.1‌

105,031,899

(c)

0.000%,

10/15/29

103,267‌

1

.5‌

349,409,728

(c)

0.125%,

01/15/30

317,329‌

4

.4‌

150,814,650

(c)

0.125%,

07/15/30

135,928‌

1

.9‌

208,562,040

(c)

0.125%,

01/15/31

185,091‌

2

.6‌

277,307,129

(c)

0.125%,

07/15/31

244,087‌

3

.4‌

123,188,836

(c)

0.125%,

01/15/32

106,776‌

1

.5‌

49,081,632

(c)

3.375%,

04/15/32

53,119‌

0

.7‌

249,274,480

(c)

0.625%,

07/15/32

222,767‌

3

.1‌

349,985,812

(c),(d)

1.125%,

01/15/33

321,885‌

4

.5‌

257,494,008

(c)

1.375%,

07/15/33

240,868‌

3

.4‌

282,392,000

(c)

1.750%,

01/15/34

270,723‌

3

.8‌

321,555,114

(c)

1.875%,

07/15/34

311,585‌

4

.4‌

6,418,823‌

89

.9‌

6,892,019,179

TOTAL

GOVERNMENT

BONDS

(Cost

$6,890,963)

6,591,809‌

92

.3‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENT

COMPANIES

FINANCIAL

SERVICES

10,024‌

0

.1‌

TOTAL

INVESTMENT

COMPANIES

(Cost

$10,002)

10,024‌

0

.1‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

STRUCTURED

ASSETS

ASSET

BACKED

Ford

Credit

Auto

Owner

Trust

Series

-

2024

C

(Class

A3)

14,055,000

4.070%,

07/15/29

13,916‌

0

.2‌

Series

-

2024

1

(Class

A)

18,000,000

(b)

4.870%,

08/15/36

18,029‌

0

.3‌

Summary

Portfolio

of

Investments

(continued)

Inflation-Linked

Bond

December

31,

2024

46

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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$3,597,978.

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

1

1

Value

(000)

%

of

net

assets

ASSET

BACKED

(continued)

Tesla

Auto

Lease

Trust

Series

-

2024

B

(Class

A3)

$

16,425,000

(b)

4.820%,

10/20/27

$

16,473‌

0

.2‌

%

Toyota

Auto

Receivables

Owner

Trust

Series

-

2024

D

(Class

A3)

18,650,000

4.400%,

06/15/29

18,595‌

0

.3‌

Verizon

Master

Trust

Series

Series

-

2024

5

(Class

A)

25,000,000

(b)

5.000%,

06/21/32

25,248‌

0

.4‌

Other

40,943‌

0

.5‌

133,204‌

1

.9‌

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

17,605,000

(a),(b)

5.709%,

10/15/38,

(TSFR1M

+

1.312%)

17,577‌

0

.2‌

Series

-

2024

XL5

(Class

A)

13,569,582

(a),(b)

5.789%,

03/15/41,

(TSFR1M

+

1.392%)

13,641‌

0

.1‌

Connecticut

Avenue

Securities

Trust

Series

-

2023

R01

(Class

1M2)

10,855,000

(a),(b)

8.310%,

12/25/42,

(SOFR30A

+

3.750%)

11,598‌

0

.2‌

Other

139,537‌

2

.0‌

182,353‌

2

.5‌

322,408,349

TOTAL

STRUCTURED

ASSETS

(Cost

$321,350)

315,557‌

4

.4‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,417,235)

7,106,659‌

99

.5‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

3,703,809

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.460%(f)

3,704‌

0

.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$3,704)

3,704‌

0

.1‌

a

a

a

a

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

3,084‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,084)

3,084‌

0

.0‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,424,023)

7,113,447‌

99

.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

25,141‌

0

.4‌

NET

ASSETS

$

7,138,588‌

100

.0‌

%

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$408,031,313

or

5.7%

of

Total

Investments.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

47

See

Notes

to

Financial

Statements

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

1,000‌

03/20/25

 $

110,607‌

$

108,750‌

$

(

1,857‌

)

U.S.

Treasury

2-Year

Note

958‌

03/31/25

196,835‌

196,974‌

139‌

U.S.

Treasury

5-Year

Note

1,680‌

03/31/25

180,000‌

178,592‌

(

1,408‌

)

Total

3,638‌

  $

487,442‌

 $

484,316‌

 $

(

3,126‌

)

“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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$3,597,978.

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

1

1

Value

(000)

%

of

net

assets

ASSET

BACKED

(continued)

Tesla

Auto

Lease

Trust

Series

-

2024

B

(Class

A3)

$

16,425,000

(b)

4.820%,

10/20/27

$

16,473‌

0

.2‌

%

Toyota

Auto

Receivables

Owner

Trust

Series

-

2024

D

(Class

A3)

18,650,000

4.400%,

06/15/29

18,595‌

0

.3‌

Verizon

Master

Trust

Series

Series

-

2024

5

(Class

A)

25,000,000

(b)

5.000%,

06/21/32

25,248‌

0

.4‌

Other

40,943‌

0

.5‌

133,204‌

1

.9‌

OTHER

MORTGAGE

BACKED

BX

Commercial

Mortgage

Trust

Series

-

2021

XL2

(Class

C)

17,605,000

(a),(b)

5.709%,

10/15/38,

(TSFR1M

+

1.312%)

17,577‌

0

.2‌

Series

-

2024

XL5

(Class

A)

13,569,582

(a),(b)

5.789%,

03/15/41,

(TSFR1M

+

1.392%)

13,641‌

0

.1‌

Connecticut

Avenue

Securities

Trust

Series

-

2023

R01

(Class

1M2)

10,855,000

(a),(b)

8.310%,

12/25/42,

(SOFR30A

+

3.750%)

11,598‌

0

.2‌

Other

139,537‌

2

.0‌

182,353‌

2

.5‌

322,408,349

TOTAL

STRUCTURED

ASSETS

(Cost

$321,350)

315,557‌

4

.4‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,417,235)

7,106,659‌

99

.5‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

3,703,809

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.460%(f)

3,704‌

0

.1‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$3,704)

3,704‌

0

.1‌

a

a

a

a

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

REPURCHASE

AGREEMENT

3,084‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,084)

3,084‌

0

.0‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$7,424,023)

7,113,447‌

99

.6‌

OTHER

ASSETS

&

LIABILITIES,

NET

25,141‌

0

.4‌

NET

ASSETS

$

7,138,588‌

100

.0‌

%

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$408,031,313

or

5.7%

of

Total

Investments.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

Social

Choice

December

31,

2024

Summary

Portfolio

of

Investments

48

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

LONG-TERM

INVESTMENTS

BANK

LOAN

OBLIGATIONS

CAPITAL

GOODS

$

0‌

^

0

.0‌

%

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,208‌

0

.1‌

UTILITIES

19,944‌

0

.1‌

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$35,494)

35,152‌

0

.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

COMMON

STOCKS

AUTOMOBILES

&

COMPONENTS

99,486‌

0

.5‌

BANKS

733,887

JPMorgan

Chase

&

Co

175,920‌

0

.8‌

Other

395,715‌

1

.9‌

571,635‌

2

.7‌

CAPITAL

GOODS

246,089

Caterpillar,

Inc

89,271‌

0

.4‌

244,062

Eaton

Corp

plc

80,997‌

0

.4‌

Other

900,955‌

4

.3‌

1,071,223‌

5

.1‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

278,097

Automatic

Data

Processing,

Inc

81,407‌

0

.4‌

Other

243,997‌

1

.2‌

325,404‌

1

.6‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

320,381

Home

Depot,

Inc

124,625‌

0

.6‌

695,867

TJX

Cos,

Inc

84,068‌

0

.4‌

Other

240,366‌

1

.1‌

449,059‌

2

.1‌

CONSUMER

DURABLES

&

APPAREL

161,089‌

0

.8‌

CONSUMER

SERVICES

17,779

Booking

Holdings,

Inc

88,334‌

0

.4‌

331,544

McDonald's

Corp

96,111‌

0

.5‌

Other

217,863‌

1

.0‌

402,308‌

1

.9‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

174,612‌

0

.8‌

ENERGY

211,187‌

1

.0‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

264,737‌

1

.3‌

FINANCIAL

SERVICES

300,272

American

Express

Co

89,118‌

0

.4‌

160,267

Goldman

Sachs

Group,

Inc

91,772‌

0

.4‌

259,095

Mastercard,

Inc

(Class

A)

136,432‌

0

.7‌

696,355

Morgan

Stanley

87,546‌

0

.4‌

178,995

S&P

Global,

Inc

89,145‌

0

.4‌

482,924

Visa,

Inc

(Class

A)

152,623‌

0

.7‌

Other

489,567‌

2

.4‌

1,136,203‌

5

.4‌

FOOD,

BEVERAGE

&

TOBACCO

1,650,670

Coca-Cola

Co

102,771‌

0

.5‌

629,699

PepsiCo,

Inc

95,752‌

0

.5‌

Other

229,309‌

1

.0‌

427,832‌

2

.0‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

HEALTH

CARE

EQUIPMENT

&

SERVICES

281,052

UnitedHealth

Group,

Inc

$

142,173‌

0

.7‌

%

Other

330,879‌

1

.6‌

473,052‌

2

.3‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

767,022

Procter

&

Gamble

Co

128,591‌

0

.6‌

Other

177,643‌

0

.9‌

306,234‌

1

.5‌

INSURANCE

359,656

Marsh

&

McLennan

Cos,

Inc

76,395‌

0

.4‌

350,346

Progressive

Corp

83,946‌

0

.4‌

Other

489,012‌

2

.3‌

649,353‌

3

.1‌

MATERIALS

401,055‌

1

.9‌

MEDIA

&

ENTERTAINMENT

2,238,757

Comcast

Corp

(Class

A)

84,021‌

0

.4‌

140,963

(a)

NetFlix,

Inc

125,643‌

0

.6‌

863,982

Walt

Disney

Co

96,204‌

0

.5‌

Other

268,519‌

1

.2‌

574,387‌

2

.7‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

373,427

Danaher

Corp

85,720‌

0

.4‌

215,880

Eli

Lilly

&

Co

166,659‌

0

.8‌

870,554

Novo

Nordisk

A.S.

75,113‌

0

.4‌

Other

518,810‌

2

.4‌

846,302‌

4

.0‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

101,914‌

0

.5‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

504,838

Applied

Materials,

Inc

82,102‌

0

.4‌

111,029

ASML

Holding

NV

77,769‌

0

.4‌

3,772,828

Intel

Corp

75,645‌

0

.4‌

4,654,243

Nvidia

Corp

625,018‌

3

.0‌

484,393

Texas

Instruments,

Inc

90,829‌

0

.4‌

Other

258,880‌

1

.2‌

1,210,243‌

5

.8‌

SOFTWARE

&

SERVICES

208,660

(a)

Adobe,

Inc

92,787‌

0

.4‌

432,970

International

Business

Machines

Corp

95,180‌

0

.5‌

141,435

Intuit,

Inc

88,892‌

0

.4‌

1,410,181

Microsoft

Corp

594,391‌

2

.8‌

343,949

Salesforce,

Inc

114,993‌

0

.5‌

90,992

(a)

ServiceNow,

Inc

96,462‌

0

.5‌

Other

451,211‌

2

.2‌

1,533,916‌

7

.3‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

273,433‌

1

.3‌

TELECOMMUNICATION

SERVICES

2,171,237

Verizon

Communications,

Inc

86,828‌

0

.4‌

Other

166,065‌

0

.8‌

252,893‌

1

.2‌

TRANSPORTATION

256,400‌

1

.2‌

UTILITIES

170,670‌

0

.8‌

TOTAL

COMMON

STOCKS

(Cost

$9,904,322)

12,344,627‌

58

.8‌

a

a

a

a

49

See

Notes

to

Financial

Statements

Principal

Description

1

1

Value

(000)

%

of

net

assets

CORPORATE

BONDS

AUTOMOBILES

&

COMPONENTS

$

22,165‌

0

.1‌

%

BANKS

295,117‌

1

.4‌

CAPITAL

GOODS

35,763‌

0

.2‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

38,142‌

0

.2‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

8,980‌

0

.0‌

CONSUMER

SERVICES

61,936‌

0

.3‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

40,133‌

0

.2‌

ENERGY

223,287‌

1

.1‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,466‌

0

.0‌

FINANCIAL

SERVICES

310,027‌

1

.5‌

FOOD,

BEVERAGE

&

TOBACCO

50,483‌

0

.2‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

26,525‌

0

.1‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

88,186‌

0

.4‌

INSURANCE

45,361‌

0

.2‌

MATERIALS

138,072‌

0

.7‌

MEDIA

&

ENTERTAINMENT

10,866‌

0

.0‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

53,621‌

0

.3‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,046‌

0

.1‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

19,524‌

0

.1‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,819‌

0

.1‌

TELECOMMUNICATION

SERVICES

8,223‌

0

.0‌

TRANSPORTATION

16,106‌

0

.1‌

UTILITIES

759,235‌

3

.6‌

$

2,505,157,473

TOTAL

CORPORATE

BONDS

(Cost

$2,446,138)

2,283,083‌

10

.9‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

GOVERNMENT

BONDS

AGENCY

SECURITIES

160,064‌

0

.8‌

FOREIGN

GOVERNMENT

BONDS

821,161‌

3

.9‌

MORTGAGE

BACKED

Fannie

Mae

Pool

217,402,798

4.500%,

09/01/52

204,892‌

1

.0‌

87,326,173

4.000%,

10/01/52

79,982‌

0

.4‌

86,463,919

5.500%,

10/01/53

85,380‌

0

.4‌

1,001,326,045

2.500%-6.000%,

05/01/32-11/01/54

938,421‌

4

.4‌

Freddie

Mac

Pool

199,924,103

2.310%-6.000%,

12/01/31-08/01/53

179,253‌

0

.9‌

Ginnie

Mae

II

Pool

336,905,076

2.500%-6.500%,

11/20/38-08/20/53

304,399‌

1

.4‌

Other

550,795‌

2

.6‌

2,343,122‌

11

.1‌

MUNICIPAL

BONDS

310,951‌

1

.5‌

U.S.

TREASURY

SECURITIES

United

States

Treasury

Note/Bond

256,266,000

4.250%,

11/30/26

256,215‌

1

.2‌

104,519,000

4.000%,

12/15/27

103,715‌

0

.5‌

208,443,000

4.125%,

11/30/29

206,075‌

1

.0‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

U.S.

TREASURY

SECURITIES

(continued)

$

238,530,000

4.125%,

11/30/31

$

233,437‌

1

.1‌

%

299,292,000

4.250%,

11/15/34

291,491‌

1

.4‌

202,078,800

2.375%,

02/15/42

143,852‌

0

.7‌

159,244,000

4.625%,

11/15/44

154,405‌

0

.7‌

201,105,000

4.375%,

08/15/54

183,649‌

0

.9‌

Other

93,301‌

0

.4‌

1,666,140‌

7

.9‌

6,049,367,974

TOTAL

GOVERNMENT

BONDS

(Cost

$5,547,760)

5,301,438‌

25

.2‌

Shares

Description

1

1

Value

(000)

%

of

net

assets

PREFERRED

STOCKS

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,772‌

0

.0‌

UTILITIES

13,864‌

0

.1‌

TOTAL

PREFERRED

STOCKS

(Cost

$46,746)

27,636‌

0

.1‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

RIGHTS/WARRANTS

HEALTH

CARE

EQUIPMENT

&

SERVICES

1‌

0

.0‌

TOTAL

RIGHTS/WARRANTS

(Cost

$1)

1‌

0

.0‌

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

STRUCTURED

ASSETS

ASSET

BACKED

247,246‌

1

.2‌

OTHER

MORTGAGE

BACKED

568,192‌

2

.7‌

1,200,110,876

TOTAL

STRUCTURED

ASSETS

(Cost

$890,587)

815,438‌

3

.9‌

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,871,048)

20,807,375‌

99

.1‌

a

a

a

a

Shares

Description

1

1

Value

(000)

%

of

net

assets

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

124,287,124

(b)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4.460%(c)

124,287‌

0

.6‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$124,287)

124,287‌

0

.6‌

a

a

a

a

a

a

a

a

Principal

Description

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

15,335‌

0

.1‌

REPURCHASE

AGREEMENT

62,572‌

0

.3‌

TREASURY

DEBT

9,945‌

0

.0‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$87,852)

87,852‌

0

.4‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$19,083,187)

21,019,514‌

100

.1‌

OTHER

ASSETS

&

LIABILITIES,

NET

(

14,483‌

)

(

0

.1‌

)

NET

ASSETS

$

21,005,031‌

100

.0‌

%

Summary

Portfolio

of

Investments

(continued)

Social

Choice

December

31,

2024

50

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

12/31/24,

the

aggregate

value

of

securities

on

loan

is

$201,304,576.

At

12/31/24,

the

aggregate

value

of

securities

exempt

from

registration

under

Rule

144(A)

of

the Securities

Act

of

1933,

as

amended,

amounted

to $1,972,973,596 or 9.4% 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.

^

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.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

7,358

EUR

6,708

JPMorgan

Chase

Bank

N.A

01/13/25

406‌

$

4,767

EUR

4,400

Morgan

Stanley

Capital

Services

01/13/25

207‌

Total

  $

613‌

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

 $

613‌

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

 $

–‌

EUR

Euro

51

See

Notes

to

Financial

Statements

Money

Market

December

31,

2024

Summary

Portfolio

of

Investments

“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

1

1

Value

(000)

%

of

net

assets

SHORT-TERM

INVESTMENTS

GOVERNMENT

AGENCY

DEBT

Federal

Farm

Credit

Banks

Funding

Corp

$

42,940,000

5.125%,

05/22/25

$

42,925‌

0

.4‌

%

Federal

Farm

Credit

Discount

Notes

40,600,000

0.000%,

02/21/25

40,319‌

0

.4‌

23,870,000

0.000%,

04/09/25

23,584‌

0

.2‌

40,445,000

0.000%,

04/23/25

39,894‌

0

.4‌

41,000,000

0.000%,

07/08/25

40,086‌

0

.4‌

Federal

Home

Loan

Bank

Discount

Notes

40,500,000

0.000%,

01/16/25

40,418‌

0

.4‌

60,500,000

0.000%,

01/23/25

60,323‌

0

.6‌

73,509,000

0.000%,

02/05/25

73,176‌

0

.8‌

62,000,000

0.000%,

02/10/25

61,672‌

0

.6‌

81,000,000

0.000%,

02/14/25

80,524‌

0

.8‌

82,000,000

0.000%,

02/18/25

81,475‌

0

.8‌

21,000,000

0.000%,

02/21/25

20,850‌

0

.2‌

83,000,000

0.000%,

02/26/25

82,380‌

0

.8‌

40,850,000

0.000%,

04/02/25

40,349‌

0

.4‌

57,500,000

0.000%,

04/17/25

56,662‌

0

.6‌

81,000,000

0.000%,

05/16/25

79,496‌

0

.8‌

22,800,000

0.000%,

05/23/25

22,409‌

0

.2‌

85,000,000

0.000%,

06/06/25

83,481‌

0

.9‌

228,000,000

0.000%,

06/16/25

223,469‌

2

.3‌

246,500,000

0.000%,

07/18/25

240,860‌

2

.5‌

37,000,000

0.000%,

09/26/25

35,940‌

0

.4‌

Federal

Home

Loan

Banks

163,000,000

4.470%,

03/11/25

162,991‌

1

.7‌

Federal

Home

Loan

Mortgage

Corp

56,100,000

0.375%,

09/23/25

54,567‌

0

.6‌

Tennessee

Valley

Authority

Discount

Notes

61,200,000

0.000%,

01/08/25

61,149‌

0

.7‌

81,500,000

0.000%,

01/22/25

81,294‌

0

.9‌

Other

159,682‌

1

.6‌

1,989,975‌

20

.4‌

REPURCHASE

AGREEMENT

Bank

of

New

York

Mellon

2,314,000,000

(a)

4.450%,

01/02/25

2,314,000‌

23

.8‌

Fixed

Income

Clearing

Corporation

1,690,380,000

(b)

4.460%,

01/02/25

1,690,380‌

17

.3‌

4,004,380‌

41

.1‌

TREASURY

DEBT

United

States

Treasury

Bill

327,250,000

0.000%,

01/09/25

326,921‌

3

.4‌

246,000,000

0.000%,

02/06/25

244,947‌

2

.5‌

122,000,000

0.000%,

03/04/25

121,069‌

1

.2‌

83,000,000

0.000%,

03/18/25

82,234‌

0

.8‌

123,000,000

0.000%,

04/10/25

121,536‌

1

.2‌

326,500,000

0.000%,

04/17/25

322,394‌

3

.3‌

120,500,000

0.000%,

04/24/25

118,865‌

1

.2‌

184,700,000

0.000%,

05/15/25

181,399‌

1

.9‌

89,400,000

0.000%,

05/29/25

87,805‌

0

.9‌

166,000,000

0.000%,

06/05/25

162,924‌

1

.7‌

65,750,000

0.000%,

06/12/25

64,297‌

0

.7‌

40,000,000

0.000%,

09/04/25

38,947‌

0

.4‌

United

States

Treasury

Bill-

When

Issued

41,000,000

0.000%,

02/25/25

40,722‌

0

.4‌

165,000,000

0.000%,

10/02/25

160,178‌

1

.6‌

United

States

Treasury

Inflation

Indexed

Bonds

54,640,290

(c)

0.250%,

01/15/25

54,563‌

0

.6‌

Principal

Description

1

1

Value

(000)

%

of

net

assets

TREASURY

DEBT

(continued)

United

States

Treasury

Note/Bond

$

62,250,000

3.875%,

04/30/25

$

61,996‌

0

.6‌

%

21,000,000

2.125%,

05/15/25

20,770‌

0

.2‌

138,250,000

0.250%,

09/30/25

134,341‌

1

.4‌

Other

20,110‌

0

.2‌

2,366,018‌

24

.2‌

VARIABLE

RATE

SECURITIES

Federal

Home

Loan

Banks

110,000,000

(d)

4.390%,

04/10/25,

(SOFR

+

0.020%)

110,004‌

1

.1‌

202,000,000

(d)

4.375%,

05/09/25,

(SOFR

+

0.005%)

202,000‌

2

.1‌

574,000,000

(d)

4.370%,

05/20/25,

(SOFR

-

0.000%)

574,000‌

5

.9‌

328,000,000

(d)

4.370%,

05/22/25,

(SOFR

-

0.000%)

328,000‌

3

.4‌

166,000,000

(d)

4.375%,

06/23/25,

(SOFR

+

0.005%)

166,000‌

1

.7‌

1,380,004‌

14

.2‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,740,377)

9,740,377‌

99

.9‌

a

a

a

a

TOTAL

PORTFOLIO

(Cost

$9,740,377)

9,740,377‌

99

.9‌

OTHER

ASSETS

&

LIABILITIES,

NET

8,195‌

0

.1‌

NET

ASSETS

$

9,748,572‌

100

.0‌

%

SOFR

Secured

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

4.450%

dated

12/31/24

to

be

repurchased

at

$2,327,180,612

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.625%

and

maturity

dates

3/31/26–9/30/28,

valued

at

$2,360,280,086.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$1,690,798,839

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.375%

and

maturity

dates

7/15/26–7/31/26,

valued

at

$1,724,187,770.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

52

December

31,

2024

(amounts

in

thousands,

except

accumulation

unit

value)

20.1

Stock

20.2

Global

Equities

ASSETS

Long-term

investments,

at

value*†

$

124,466,111‌

$

29,789,610‌

Affiliated

investments,

at

value‡

124,276‌

15,060‌

Short-term

investments,

at

value#

579,025‌

130,420‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

490,119‌

61,657‌

Cash

–‌

–‌

Cash

denominated

in

foreign

currencies^

6,997‌

1,365‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

47‌

–‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

Cash

collateral

for

securities

loaned

29,241‌

3,321‌

Due

from

affiliates

–‌

–‌

Receivables:

Dividends

80,105‌

15,108‌

Interest

901‌

107‌

Investments

sold

338,553‌

165,657‌

Reclaims

50,570‌

8,653‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

24,720‌

3,717‌

Total

assets

126,190,665‌

30,194,675‌

LIABILITIES

Due

to

affiliates

103,107‌

170‌

Cash

overdraft

451‌

–‌

Cash

collateral

due

to

broker

–‌

–‌

Payables:

Investment

management

fees

2,480‌

580‌

Capital

gain

taxes

87,154‌

10,997‌

Collateral

from

securities

lending

518,163‌

64,679‌

Investments

purchased

-

regular

settlement

128,838‌

146,588‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

2,758‌

–‌

Service

agreement

fees

3,196‌

166‌

Trustee

compensation

18,621‌

2,953‌

Variation

margin

on

swaps

contracts

–‌

–‌

Variation

margin

on

futures

contracts

1,335‌

291‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

Other

94‌

12‌

Total

liabilities

866,197‌

226,436‌

Net

assets

$

125,324,468‌

$

29,968,239‌

CLASS

R4

(Accumulation):

Net

assets

$

3,212,603‌

$

1,296,585‌

Units

outstanding

3,490‌

3,708‌

Unit

value

$

920

.492‌

$

349

.682‌

CLASS

R3

(Accumulation):

Net

assets

$

63,157,396‌

$

14,727,494‌

Units

outstanding

68,858‌

42,267‌

Unit

value

$

917

.218‌

$

348

.438‌

CLASS

R2

(Accumulation):

Net

assets

$

34,351,986‌

$

8,763,920‌

Units

outstanding

37,693‌

25,313‌

Unit

value

$

911

.369‌

$

346

.216‌

CLASS

R1

(Accumulation):

Net

assets

$

14,137,177‌

$

4,638,933‌

Units

outstanding

15,806‌

13,653‌

Unit

value

$

894

.411‌

$

339

.778‌

ANNUITY:

Net

assets

$

10,465,306‌

$

541,307‌

*

Includes

securities

loaned

of

$

1,137,636‌

$

120,275‌

†

Long-term

investments,

cost

$

101,127,656‌

$

22,429,454‌

‡

Affiliated

investments,

cost

$

183,275‌

$

19,180‌

#

Short-term

investments,

cost

$

579,005‌

$

130,415‌

^

Cash

denominated

in

foreign

currencies,

cost

$

6,960‌

$

1,374‌

See

Notes

to

Financial

Statements

53

20.3

Growth

20.4

Equity

Index

20.5

Core

Bond

20.6

Inflation-Linked

Bond

20.7

Social

Choice

20.8

Money

Market

$

41,406,304‌

$

25,516,831‌

$

10,645,831‌

$

7,106,659‌

$

20,807,375‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

112,343‌

86,868‌

213,558‌

3,084‌

87,852‌

9,740,377‌

–‌

69,433‌

21,908‌

3,704‌

124,287‌

–‌

–‌

–‌

715‌

253‌

–‌

–‌

–‌

–‌

758‌

–‌

32‌

–‌

–‌

–‌

9,829‌

1,197‌

–‌

–‌

–‌

–‌

99,000‌

–‌

31,501‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

591‌

–‌

–‌

1,309‌

2,836‌

16,476‌

71‌

–‌

7,947‌

–‌

9‌

3‌

77,342‌

28,135‌

60,115‌

7,012‌

2,078‌

–‌

99,983‌

423‌

34,861‌

–‌

1,484‌

–‌

36‌

–‌

7,537‌

–‌

–‌

–‌

11,301‌

–‌

613‌

–‌

3,419‌

2,584‌

3,091‌

1,187‌

2,664‌

1,890‌

41,528,473‌

25,692,195‌

11,184,014‌

7,144,642‌

21,164,784‌

9,750,588‌

14,343‌

11,378‌

–‌

568‌

2,976‌

–‌

–‌

29‌

–‌

–‌

4,338‌

–‌

–‌

32‌

18‌

–‌

1‌

–‌

930‌

627‌

426‌

276‌

963‌

347‌

–‌

–‌

4‌

–‌

–‌

–‌

–‌

69,433‌

21,908‌

3,704‌

124,287‌

–‌

52,945‌

–‌

–‌

–‌

32‌

–‌

–‌

–‌

124,816‌

–‌

25,053‌

–‌

1,184‌

659‌

–‌

–‌

–‌

–‌

3,360‌

2,505‌

1,855‌

1,115‌

2,102‌

1,668‌

–‌

–‌

142‌

–‌

–‌

–‌

–‌

293‌

683‌

391‌

–‌

–‌

–‌

–‌

360‌

–‌

–‌

–‌

57‌

4‌

5‌

–‌

1‌

1‌

72,819‌

84,960‌

150,217‌

6,054‌

159,753‌

2,016‌

$

41,455,654‌

$

25,607,235‌

$

11,033,797‌

$

7,138,588‌

$

21,005,031‌

$

9,748,572‌

$

898,793‌

$

572,709‌

$

275,692‌

$

251,329‌

$

1,861,954‌

$

155,187‌

1,696‌

1,103‌

2,040‌

2,952‌

5,022‌

5,185‌

$

529

.817‌

$

519

.134‌

$

135

.171‌

$

85

.138‌

$

370

.757‌

$

29

.927‌

$

19,590,169‌

$

11,540,002‌

$

5,212,352‌

$

3,503,579‌

$

9,546,173‌

$

4,781,912‌

37,107‌

22,308‌

38,700‌

41,299‌

25,839‌

160,315‌

$

527

.934‌

$

517

.294‌

$

134

.688‌

$

84

.834‌

$

369

.441‌

$

29

.828‌

$

12,686,813‌

$

7,996,443‌

$

3,344,751‌

$

1,863,085‌

$

6,378,670‌

$

2,780,847‌

24,186‌

15,557‌

24,992‌

22,102‌

17,376‌

93,830‌

$

524

.562‌

$

513

.996‌

$

133

.831‌

$

84

.295‌

$

367

.088‌

$

29

.637‌

$

7,410,642‌

$

4,878,514‌

$

1,956,325‌

$

1,361,033‌

$

2,730,679‌

$

1,903,551‌

14,395‌

9,671‌

14,895‌

16,452‌

7,580‌

65,332‌

$

514

.794‌

$

504

.434‌

$

131

.343‌

$

82

.728‌

$

360

.266‌

$

29

.137‌

$

869,237‌

$

619,567‌

$

244,677‌

$

159,562‌

$

487,555‌

$

127,075‌

$

–‌

$

139,149‌

$

49,512‌

$

3,598‌

$

201,305‌

$

–‌

$

23,635,609‌

$

7,353,389‌

$

11,494,380‌

$

7,417,235‌

$

18,871,048‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

112,343‌

$

86,867‌

$

213,563‌

$

3,084‌

$

87,852‌

$

9,740,377‌

$

–‌

$

–‌

$

931‌

$

–‌

$

32‌

$

–‌

Statement

of

Operations

See

Notes

to

Financial

Statements

54

Year

Ended

December

31,

2024

(amounts

in

thousands)

20.1

Stock

20.2

Global

Equities

INVESTMENT

INCOME

Dividends

$

2,285,689‌

$

479,021‌

Dividends

from

affiliated

investments

11,927‌

–‌

Interest

26,288‌

14,126‌

Securities

lending

income,

net

11,459‌

1,729‌

Tax

withheld

(

122,513‌

)

(

26,856‌

)

Total

investment

income

2,212,850‌

468,020‌

EXPENSES

Investment

management

fees

120,085‌

24,398‌

Administrative

-

Class

R4

311‌

117‌

Administrative

-

Class

R3

108,245‌

21,730‌

Administrative

-

Class

R2

69,819‌

17,274‌

Administrative

-

Class

R1

43,988‌

13,578‌

Distribution

fees

-

Class

R4

37‌

14‌

Distribution

fees

-

Class

R3

16,164‌

3,237‌

Distribution

fees

-

Class

R2

10,046‌

2,479‌

Distribution

fees

-

Class

R1

8,414‌

2,594‌

Mortality

and

expense

risk

charges

6,261‌

1,438‌

Total

expenses

383,370‌

86,859‌

Net

expenses

383,370‌

86,859‌

Net

investment

income

(loss)

1,829,480‌

381,161‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments†

11,574,259‌

2,316,460‌

Affiliated

investments

(

31,891‌

)

(

2‌

)

Futures

contracts

66,630‌

36,652‌

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

transactions

(

13,881‌

)

(

2,881‌

)

Net

realized

gain

(loss)

11,595,117‌

2,350,229‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

‡

5,653,499‌

2,194,915‌

Affiliated

investments

(

37,805‌

)

(

10,522‌

)

Futures

contracts

(

23,278‌

)

(

12,933‌

)

Forward

foreign

currency

contracts

–‌

–‌

Swaps

contracts

–‌

–‌

Foreign

currency

translations

(

4,482‌

)

(

859‌

)

Net

change

in

unrealized

appreciation

(depreciation)

5,587,934‌

2,170,601‌

Net

realized

and

unrealized

gain

(loss)

17,183,051‌

4,520,830‌

Net

increase

(decrease)

in

net

assets

from

operations

$

19,012,531‌

$

4,901,991‌

†  

Net

of

foreign

capital

gain

taxes

$

18,460‌

$

1,696‌

‡  

Net

of

change

in

unrealized

foreign

capital

gains

taxes

$

(

35,923‌

)

$

(

3,129‌

)

See

Notes

to

Financial

Statements

55

20.3

Growth

20.4

Equity

Index

20.5

Core

Bond

20.6

Inflation-Linked

Bond

20.7

Social

Choice

20.8

Money

Market

$

201,629‌

$

327,638‌

$

282‌

$

843‌

$

247,648‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

4,270‌

3,697‌

477,194‌

245,078‌

395,538‌

499,771‌

73‌

2,100‌

682‌

27‌

(

5,241‌

)

–‌

(

2,986‌

)

(

78‌

)

(

10‌

)

–‌

(

11,387‌

)

–‌

202,986‌

333,357‌

478,148‌

245,948‌

626,558‌

499,771‌

18,596‌

2,202‌

7,902‌

2,605‌

9,559‌

1,064‌

60‌

42‌

25‌

22‌

189‌

15‌

28,307‌

17,295‌

7,980‌

5,359‌

15,466‌

7,147‌

24,133‌

15,634‌

6,822‌

3,797‌

13,386‌

5,554‌

21,417‌

14,544‌

5,747‌

4,110‌

8,802‌

5,900‌

10‌

7‌

3‌

3‌

21‌

2‌

4,199‌

2,580‌

1,201‌

807‌

2,322‌

1,074‌

3,447‌

2,246‌

990‌

550‌

1,936‌

803‌

4,078‌

2,780‌

1,105‌

789‌

1,687‌

1,131‌

1,936‌

1,231‌

544‌

352‌

1,075‌

482‌

106,183‌

58,561‌

32,319‌

18,394‌

54,443‌

23,172‌

106,183‌

58,561‌

32,319‌

18,394‌

54,443‌

23,172‌

96,803‌

274,796‌

445,829‌

227,554‌

572,115‌

476,599‌

955,175‌

1,681,922‌

(

98,871‌

)

(

32,041‌

)

1,570,265‌

525‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

19,059‌

(

9,152‌

)

(

1,853‌

)

–‌

–‌

–‌

–‌

3,364‌

–‌

209‌

–‌

–‌

–‌

(

27,012‌

)

–‌

–‌

–‌

(

136‌

)

(

35‌

)

(

7,580‌

)

23‌

(

2,547‌

)

9‌

955,039‌

1,700,946‌

(

139,251‌

)

(

33,871‌

)

1,567,927‌

534‌

9,481,068‌

3,162,107‌

(

77,511‌

)

49,269‌

(

318,439‌

)

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

1,338‌

)

(

10,331‌

)

(

10,276‌

)

–‌

–‌

–‌

–‌

17,609‌

–‌

840‌

–‌

–‌

–‌

8,757‌

–‌

–‌

–‌

(

53‌

)

–‌

(

110‌

)

–‌

(

583‌

)

–‌

9,481,015‌

3,160,769‌

(

61,586‌

)

38,993‌

(

318,182‌

)

–‌

10,436,054‌

4,861,715‌

(

200,837‌

)

5,122‌

1,249,745‌

534‌

$

10,532,857‌

$

5,136,511‌

$

244,992‌

$

232,676‌

$

1,821,860‌

$

477,133‌

$

–‌

$

–‌

$

2‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

5‌

$

–‌

$

–‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

56

20.1

Stock

20.2

Global

Equities

(amounts

in

thousands)

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

1,829,480‌

$

1,918,357‌

$

381,161‌

$

402,843‌

Net

realized

gain

(loss)

11,595,117‌

1,716,812‌

2,350,229‌

768,585‌

Net

change

in

unrealized

appreciation

(depreciation)

5,587,934‌

18,827,617‌

2,170,601‌

3,907,420‌

Net

increase

(decrease)

in

net

assets

from

operations

19,012,531‌

22,462,786‌

4,901,991‌

5,078,848‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

5,840,869‌

4,404,164‌

3,539,005‌

2,172,992‌

Withdrawals

and

death

benefits

(

16,539,020‌

)

(

11,994,224‌

)

(

4,360,146‌

)

(

3,028,158‌

)

Annuity

payments

(

1,408,581‌

)

(

1,341,364‌

)

(

55,751‌

)

(

49,044‌

)

Net

increase

(decrease)

from

participant

transactions

(

12,106,732‌

)

(

8,931,424‌

)

(

876,892‌

)

(

904,210‌

)

Net

increase

(decrease)

in

net

assets

6,905,799‌

13,531,362‌

4,025,099‌

4,174,638‌

Net

assets

at

the

beginning

of

period

118,418,669‌

104,887,307‌

25,943,140‌

21,768,502‌

Net

assets

at

the

end

of

period

$

125,324,468‌

$

118,418,669‌

$

29,968,239‌

$

25,943,140‌

See

Notes

to

Financial

Statements

57

20.3

Growth

20.4

Equity

Index

20.5

Core

Bond

20.6

Inflation-Linked

Bond

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

$

96,803‌

$

154,638‌

$

274,796‌

$

296,885‌

$

445,829‌

$

409,084‌

$

227,554‌

$

241,508‌

955,039‌

(

252,337‌

)

1,700,946‌

1,007,185‌

(

139,251‌

)

(

290,426‌

)

(

33,871‌

)

(

90,303‌

)

9,481,015‌

11,206,343‌

3,160,769‌

3,490,140‌

(

61,586‌

)

525,115‌

38,993‌

160,430‌

10,532,857‌

11,108,644‌

5,136,511‌

4,794,210‌

244,992‌

643,773‌

232,676‌

311,635‌

2,784,219‌

1,382,741‌

1,524,622‌

977,467‌

1,932,232‌

1,132,047‌

1,261,348‌

904,080‌

(

5,858,638‌

)

(

3,318,606‌

)

(

3,641,623‌

)

(

2,449,335‌

)

(

1,885,337‌

)

(

1,710,415‌

)

(

1,322,552‌

)

(

1,317,814‌

)

(

81,698‌

)

(

65,116‌

)

(

65,465‌

)

(

57,433‌

)

(

26,744‌

)

(

27,271‌

)

(

18,270‌

)

(

18,736‌

)

(

3,156,117‌

)

(

2,000,981‌

)

(

2,182,466‌

)

(

1,529,301‌

)

20,151‌

(

605,639‌

)

(

79,474‌

)

(

432,470‌

)

7,376,740‌

9,107,663‌

2,954,045‌

3,264,909‌

265,143‌

38,134‌

153,202‌

(

120,835‌

)

34,078,914‌

24,971,251‌

22,653,190‌

19,388,281‌

10,768,654‌

10,730,520‌

6,985,386‌

7,106,221‌

$

41,455,654‌

$

34,078,914‌

$

25,607,235‌

$

22,653,190‌

$

11,033,797‌

$

10,768,654‌

$

7,138,588‌

$

6,985,386‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

58

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

20.7

Social

Choice

20.8

Money

Market

(amounts

in

thousands)

Year

Ended

12/31/24

Year

Ended

12/31/23

Year

Ended

12/31/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

572,115‌

$

543,149‌

$

476,599‌

$

433,865‌

Net

realized

gain

(loss)

1,567,927‌

165,011‌

534‌

138‌

Net

change

in

unrealized

appreciation

(depreciation)

(

318,182‌

)

1,995,206‌

–‌

–‌

Net

increase

(decrease)

in

net

assets

from

operations

1,821,860‌

2,703,366‌

477,133‌

434,003‌

FROM

PARTICIPANT

TRANSACTIONS

Premiums

and

contributions

2,773,977‌

3,919,686‌

3,868,337‌

4,308,963‌

Withdrawals

and

death

benefits

(

4,913,022‌

)

(

2,899,806‌

)

(

4,105,076‌

)

(

3,902,215‌

)

Annuity

payments

(

49,788‌

)

(

45,938‌

)

(

14,922‌

)

(

13,723‌

)

Net

increase

(decrease)

from

participant

transactions

(

2,188,833‌

)

973,942‌

(

251,661‌

)

393,025‌

Net

increase

(decrease)

in

net

assets

(

366,973‌

)

3,677,308‌

225,472‌

827,028‌

Net

assets

at

the

beginning

of

period

21,372,004‌

17,694,696‌

9,523,100‌

8,696,072‌

Net

assets

at

the

end

of

period

$

21,005,031‌

$

21,372,004‌

$

9,748,572‌

$

9,523,100‌

Financial

Highlights

See

Notes

to

Financial

Statements

60

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

Stock

Class

R4

:

12/31/24

$

15

.357‌

$

1

.007‌

$

14

.350‌

$

117

.895‌

$

132

.245‌

$

788

.247‌

$

920

.492‌

12/31/23

14

.362‌

0

.845‌

13

.517‌

131

.587‌

145

.104‌

643

.143‌

788

.247‌

12/31/22

§

3

.271‌

0

.203‌

3

.068‌

9

.589‌

12

.657‌

630

.486‌

643

.143‌

Class

R3

:

12/31/24

15

.388‌

2

.343‌

13

.045‌

117

.519‌

130

.564‌

786

.654‌

917

.218‌

12/31/23

14

.470‌

1

.961‌

12

.509‌

131

.291‌

143

.800‌

642

.854‌

786

.654‌

12/31/22

13

.834‌

1

.691‌

12

.143‌

(

157

.619‌

)

(

145

.476‌

)

788

.330‌

642

.854‌

12/31/21

11

.872‌

1

.688‌

10

.184‌

115

.218‌

125

.402‌

662

.928‌

788

.330‌

12/31/20

10

.044‌

1

.598‌

8

.446‌

92

.234‌

100

.680‌

562

.248‌

662

.928‌

Class

R2

:

12/31/24

15

.294‌

2

.869‌

12

.425‌

116

.817‌

129

.242‌

782

.127‌

911

.369‌

12/31/23

14

.392‌

2

.463‌

11

.929‌

130

.577‌

142

.506‌

639

.621‌

782

.127‌

12/31/22

13

.800‌

2

.019‌

11

.781‌

(

156

.913‌

)

(

145

.132‌

)

784

.753‌

639

.621‌

12/31/21

11

.811‌

2

.055‌

9

.756‌

114

.741‌

124

.497‌

660

.256‌

784

.753‌

12/31/20

10

.005‌

1

.916‌

8

.089‌

91

.852‌

99

.941‌

560

.315‌

660

.256‌

Class

R1

:

12/31/24

15

.018‌

4

.001‌

11

.017‌

114

.747‌

125

.764‌

768

.647‌

894

.411‌

12/31/23

14

.159‌

3

.447‌

10

.712‌

128

.410‌

139

.122‌

629

.525‌

768

.647‌

12/31/22

13

.580‌

3

.012‌

10

.568‌

(

154

.604‌

)

(

144

.036‌

)

773

.561‌

629

.525‌

12/31/21

11

.657‌

3

.132‌

8

.525‌

113

.206‌

121

.731‌

651

.830‌

773

.561‌

12/31/20

9

.890‌

2

.810‌

7

.080‌

90

.652‌

97

.732‌

554

.098‌

651

.830‌

(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

61

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

.78‌

%

0

.11‌

%

1

.63‌

%

41‌

%

3

  $

3,213‌

22

.56‌

0

.12‌

1

.89‌

36‌

2

1,557‌

2

.01‌

0

.11‌

(e)

1

.68‌

(e)

41‌

1

566‌

16

.60‌

0

.27‌

1

.50‌

41‌

69

63,157‌

22

.37‌

0

.28‌

1

.76‌

36‌

77

60,281‌

(

18

.45‌

)

0

.25‌

1

.80‌

41‌

83

53,295‌

18

.92‌

0

.23‌

1

.38‌

50‌

87

68,462‌

17

.91‌

0

.29‌

1

.53‌

69‌

93

61,616‌

16

.53‌

0

.33‌

1

.44‌

41‌

38

34,352‌

22

.28‌

0

.35‌

1

.69‌

36‌

42

32,969‌

(

18

.49‌

)

0

.30‌

1

.75‌

41‌

46

29,554‌

18

.86‌

0

.28‌

1

.33‌

50‌

52

41,153‌

17

.84‌

0

.35‌

1

.47‌

69‌

57

37,943‌

16

.36‌

0

.47‌

1

.30‌

41‌

16

14,137‌

22

.10‌

0

.50‌

1

.54‌

36‌

18

13,540‌

(

18

.62‌

)

0

.45‌

1

.60‌

41‌

19

12,179‌

18

.67‌

0

.43‌

1

.17‌

50‌

21

16,519‌

17

.64‌

0

.52‌

1

.31‌

69‌

23

15,270‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

62

Financial

Highlights

(continued)

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

:

12/31/24

$

5

.254‌

$

0

.338‌

$

4

.916‌

$

51

.539‌

$

56

.455‌

$

293

.227‌

$

349

.682‌

12/31/23

5

.303‌

0

.296‌

5

.007‌

52

.031‌

57

.038‌

236

.189‌

293

.227‌

12/31/22

§

1

.069‌

0

.070‌

0

.999‌

4

.803‌

5

.802‌

230

.387‌

236

.189‌

Class

R3

:

12/31/24

5

.343‌

0

.845‌

4

.498‌

51

.307‌

55

.805‌

292

.633‌

348

.438‌

12/31/23

5

.329‌

0

.712‌

4

.617‌

51

.933‌

56

.550‌

236

.083‌

292

.633‌

12/31/22

4

.990‌

0

.595‌

4

.395‌

(

57

.939‌

)

(

53

.544‌

)

289

.627‌

236

.083‌

12/31/21

5

.129‌

0

.560‌

4

.569‌

34

.624‌

39

.193‌

250

.434‌

289

.627‌

12/31/20

3

.517‌

0

.561‌

2

.956‌

43

.466‌

46

.422‌

204

.012‌

250

.434‌

Class

R2

:

12/31/24

5

.310‌

1

.044‌

4

.266‌

51

.001‌

55

.267‌

290

.949‌

346

.216‌

12/31/23

5

.303‌

0

.899‌

4

.404‌

51

.649‌

56

.053‌

234

.896‌

290

.949‌

12/31/22

4

.976‌

0

.715‌

4

.261‌

(

57

.679‌

)

(

53

.418‌

)

288

.314‌

234

.896‌

12/31/21

5

.099‌

0

.697‌

4

.402‌

34

.488‌

38

.890‌

249

.424‌

288

.314‌

12/31/20

3

.505‌

0

.678‌

2

.827‌

43

.288‌

46

.115‌

203

.309‌

249

.424‌

Class

R1

:

12/31/24

5

.209‌

1

.470‌

3

.739‌

50

.098‌

53

.837‌

285

.941‌

339

.778‌

12/31/23

5

.217‌

1

.265‌

3

.952‌

50

.794‌

54

.746‌

231

.195‌

285

.941‌

12/31/22

4

.897‌

1

.080‌

3

.817‌

(

56

.831‌

)

(

53

.014‌

)

284

.209‌

231

.195‌

12/31/21

5

.035‌

1

.096‌

3

.939‌

34

.023‌

37

.962‌

246

.247‌

284

.209‌

12/31/20

3

.467‌

1

.009‌

2

.458‌

42

.730‌

45

.188‌

201

.059‌

246

.247‌

(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

63

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)

19

.27‌

%

0

.10‌

%

1

.48‌

%

35‌

%

4

  $

1,297‌

24

.13‌

0

.11‌

1

.89‌

32‌

2

680‌

2

.52‌

0

.10‌

(e)

1

.48‌

(e)

36‌

2

400‌

19

.08‌

0

.26‌

1

.37‌

35‌

42

14,727‌

23

.94‌

0

.27‌

1

.75‌

32‌

44

13,019‌

(

18

.49‌

)

0

.24‌

1

.77‌

36‌

46

10,883‌

15

.65‌

0

.20‌

1

.67‌

46‌

50

14,427‌

22

.75‌

0

.27‌

1

.45‌

63‌

47

11,672‌

19

.01‌

0

.32‌

1

.31‌

35‌

25

8,764‌

23

.85‌

0

.34‌

1

.68‌

32‌

27

7,871‌

(

18

.53‌

)

0

.29‌

1

.73‌

36‌

29

6,749‌

15

.59‌

0

.26‌

1

.61‌

46‌

32

9,290‌

22

.68‌

0

.33‌

1

.39‌

63‌

33

8,190‌

18

.84‌

0

.46‌

1

.17‌

35‌

14

4,639‌

23

.66‌

0

.49‌

1

.53‌

32‌

14

3,902‌

(

18

.65‌

)

0

.44‌

1

.57‌

36‌

14

3,333‌

15

.42‌

0

.41‌

1

.46‌

46‌

16

4,495‌

22

.48‌

0

.50‌

1

.23‌

63‌

16

4,032‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

64

Financial

Highlights

(continued)

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

:

12/31/24

$

2

.448‌

$

0

.333‌

$

2

.115‌

$

126

.964‌

$

129

.079‌

$

400

.738‌

$

529

.817‌

12/31/23

2

.771‌

0

.229‌

2

.542‌

124

.305‌

126

.847‌

273

.891‌

400

.738‌

12/31/22

§

0

.786‌

0

.067‌

0

.719‌

(

12

.196‌

)

(

11

.477‌

)

285

.368‌

273

.891‌

Class

R3

:

12/31/24

2

.474‌

1

.041‌

1

.433‌

126

.573‌

128

.006‌

399

.928‌

527

.934‌

12/31/23

2

.725‌

0

.764‌

1

.961‌

124

.201‌

126

.162‌

273

.766‌

399

.928‌

12/31/22

2

.445‌

0

.684‌

1

.761‌

(

132

.602‌

)

(

130

.841‌

)

404

.607‌

273

.766‌

12/31/21

1

.935‌

0

.658‌

1

.277‌

67

.368‌

68

.645‌

335

.962‌

404

.607‌

12/31/20

2

.003‌

0

.644‌

1

.359‌

95

.929‌

97

.288‌

238

.674‌

335

.962‌

Class

R2

:

12/31/24

2

.458‌

1

.329‌

1

.129‌

125

.810‌

126

.939‌

397

.623‌

524

.562‌

12/31/23

2

.709‌

1

.002‌

1

.707‌

123

.530‌

125

.237‌

272

.386‌

397

.623‌

12/31/22

2

.425‌

0

.836‌

1

.589‌

(

131

.969‌

)

(

130

.380‌

)

402

.766‌

272

.386‌

12/31/21

1

.929‌

0

.844‌

1

.085‌

67

.078‌

68

.163‌

334

.603‌

402

.766‌

12/31/20

1

.995‌

0

.800‌

1

.195‌

95

.559‌

96

.754‌

237

.849‌

334

.603‌

Class

R1

:

12/31/24

2

.413‌

1

.947‌

0

.466‌

123

.558‌

124

.024‌

390

.770‌

514

.794‌

12/31/23

2

.664‌

1

.477‌

1

.187‌

121

.494‌

122

.681‌

268

.089‌

390

.770‌

12/31/22

2

.391‌

1

.293‌

1

.098‌

(

130

.033‌

)

(

128

.935‌

)

397

.024‌

268

.089‌

12/31/21

1

.902‌

1

.389‌

0

.513‌

66

.175‌

66

.688‌

330

.336‌

397

.024‌

12/31/20

1

.972‌

1

.242‌

0

.730‌

94

.391‌

95

.121‌

235

.215‌

330

.336‌

(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

65

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)

32

.21‌

%

0

.07‌

%

0

.44‌

%

22‌

%

2

  $

899‌

46

.31‌

0

.07‌

0

.74‌

33‌

1

265‌

(

4

.02‌

)

0

.08‌

(e)

0

.89‌

(e)

41‌

0

(f)

90‌

32

.01‌

0

.22‌

0

.30‌

22‌

37

19,590‌

46

.09‌

0

.23‌

0

.58‌

33‌

41

16,457‌

(

32

.34‌

)

0

.22‌

0

.57‌

41‌

44

12,025‌

20

.43‌

0

.18‌

0

.34‌

67‌

46

18,614‌

40

.76‌

0

.24‌

0

.50‌

82‌

49

16,452‌

31

.92‌

0

.28‌

0

.24‌

22‌

24

12,687‌

45

.98‌

0

.30‌

0

.51‌

33‌

27

10,614‌

(

32

.37‌

)

0

.27‌

0

.51‌

41‌

29

7,908‌

20

.37‌

0

.23‌

0

.29‌

67‌

33

13,218‌

40

.68‌

0

.30‌

0

.44‌

82‌

36

12,019‌

31

.74‌

0

.42‌

0

.10‌

22‌

14

7,411‌

45

.76‌

0

.45‌

0

.36‌

33‌

15

6,055‌

(

32

.48‌

)

0

.42‌

0

.36‌

41‌

17

4,447‌

20

.19‌

0

.38‌

0

.14‌

67‌

18

7,208‌

40

.44‌

0

.47‌

0

.27‌

82‌

20

6,548‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

66

Financial

Highlights

(continued)

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

Equity

Index

Class

R4

:

12/31/24

$

6

.652‌

$

0

.141‌

$

6

.511‌

$

92

.995‌

$

99

.506‌

$

419

.628‌

$

519

.134‌

12/31/23

6

.312‌

0

.115‌

6

.197‌

80

.314‌

86

.511‌

333

.117‌

419

.628‌

12/31/22

§

1

.690‌

0

.037‌

1

.653‌

(

4

.237‌

)

(

2

.584‌

)

335

.701‌

333

.117‌

Class

R3

:

12/31/24

6

.419‌

0

.862‌

5

.557‌

92

.953‌

98

.510‌

418

.784‌

517

.294‌

12/31/23

6

.221‌

0

.699‌

5

.522‌

80

.296‌

85

.818‌

332

.966‌

418

.784‌

12/31/22

5

.558‌

0

.619‌

4

.939‌

(

84

.322‌

)

(

79

.383‌

)

412

.349‌

332

.966‌

12/31/21

4

.885‌

0

.592‌

4

.293‌

79

.534‌

83

.827‌

328

.522‌

412

.349‌

12/31/20

4

.757‌

0

.578‌

4

.179‌

52

.002‌

56

.181‌

272

.341‌

328

.522‌

Class

R2

:

12/31/24

6

.381‌

1

.152‌

5

.229‌

92

.392‌

97

.621‌

416

.375‌

513

.996‌

12/31/23

6

.187‌

0

.965‌

5

.222‌

79

.861‌

85

.083‌

331

.292‌

416

.375‌

12/31/22

5

.518‌

0

.791‌

4

.727‌

(

83

.915‌

)

(

79

.188‌

)

410

.480‌

331

.292‌

12/31/21

4

.858‌

0

.779‌

4

.079‌

79

.203‌

83

.282‌

327

.198‌

410

.480‌

12/31/20

4

.739‌

0

.737‌

4

.002‌

51

.792‌

55

.794‌

271

.404‌

327

.198‌

Class

R1

:

12/31/24

6

.267‌

1

.776‌

4

.491‌

90

.739‌

95

.230‌

409

.204‌

504

.434‌

12/31/23

6

.085‌

1

.486‌

4

.599‌

78

.537‌

83

.136‌

326

.068‌

409

.204‌

12/31/22

5

.440‌

1

.317‌

4

.123‌

(

82

.686‌

)

(

78

.563‌

)

404

.631‌

326

.068‌

12/31/21

4

.795‌

1

.326‌

3

.469‌

78

.134‌

81

.603‌

323

.028‌

404

.631‌

12/31/20

4

.683‌

1

.182‌

3

.501‌

51

.129‌

54

.630‌

268

.398‌

323

.028‌

(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

67

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)

23

.71‌

%

0

.03‌

%

1

.33‌

%

2‌

%

1

  $

573‌

25

.97‌

0

.03‌

1

.64‌

2‌

0

(e)

139‌

(

0

.77‌

)

0

.04‌

(f)

1

.71‌

(f)

2‌

0

(e)

10‌

23

.52‌

0

.18‌

1

.17‌

2‌

22

11,540‌

25

.77‌

0

.19‌

1

.48‌

2‌

25

10,432‌

(

19

.25‌

)

0

.17‌

1

.39‌

2‌

27

8,937‌

25

.52‌

0

.16‌

1

.15‌

4‌

28

11,486‌

20

.63‌

0

.21‌

1

.53‌

3‌

29

9,584‌

23

.45‌

0

.24‌

1

.11‌

2‌

16

7,996‌

25

.68‌

0

.26‌

1

.41‌

2‌

17

7,206‌

(

19

.29‌

)

0

.22‌

1

.34‌

2‌

19

6,275‌

25

.45‌

0

.21‌

1

.10‌

4‌

21

8,625‌

20

.56‌

0

.27‌

1

.47‌

3‌

23

7,481‌

23

.27‌

0

.38‌

0

.97‌

2‌

10

4,879‌

25

.50‌

0

.41‌

1

.26‌

2‌

11

4,334‌

(

19

.42‌

)

0

.38‌

1

.19‌

2‌

11

3,703‌

25

.26‌

0

.36‌

0

.95‌

4‌

12

4,943‌

20

.35‌

0

.44‌

1

.30‌

3‌

13

4,230‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

68

Financial

Highlights

(continued)

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

:

12/31/24

$

5

.881‌

$

0

.120‌

$

5

.761‌

$

(

2

.458‌

)

$

3

.303‌

$

131

.868‌

$

135

.171‌

12/31/23

5

.275‌

0

.113‌

5

.162‌

2

.858‌

8

.020‌

123

.848‌

131

.868‌

12/31/22

§

1

.339‌

0

.034‌

1

.305‌

(

2

.437‌

)

(

1

.132‌

)

124

.980‌

123

.848‌

Class

R3

:

12/31/24

5

.853‌

0

.328‌

5

.525‌

(

2

.436‌

)

3

.089‌

131

.599‌

134

.688‌

12/31/23

5

.249‌

0

.313‌

4

.936‌

2

.871‌

7

.807‌

123

.792‌

131

.599‌

12/31/22

4

.037‌

0

.304‌

3

.733‌

(

22

.465‌

)

(

18

.732‌

)

142

.524‌

123

.792‌

12/31/21

3

.242‌

0

.296‌

2

.946‌

(

4

.720‌

)

(

1

.774‌

)

144

.298‌

142

.524‌

12/31/20

3

.756‌

0

.346‌

3

.410‌

7

.176‌

10

.586‌

133

.712‌

144

.298‌

Class

R2

:

12/31/24

5

.817‌

0

.408‌

5

.409‌

(

2

.422‌

)

2

.987‌

130

.844‌

133

.831‌

12/31/23

5

.220‌

0

.404‌

4

.816‌

2

.857‌

7

.673‌

123

.171‌

130

.844‌

12/31/22

4

.005‌

0

.366‌

3

.639‌

(

22

.348‌

)

(

18

.709‌

)

141

.880‌

123

.171‌

12/31/21

3

.229‌

0

.367‌

2

.862‌

(

4

.701‌

)

(

1

.839‌

)

143

.719‌

141

.880‌

12/31/20

3

.741‌

0

.427‌

3

.314‌

7

.152‌

10

.466‌

133

.253‌

143

.719‌

Class

R1

:

12/31/24

5

.715‌

0

.580‌

5

.135‌

(

2

.383‌

)

2

.752‌

128

.591‌

131

.343‌

12/31/23

5

.137‌

0

.579‌

4

.558‌

2

.804‌

7

.362‌

121

.229‌

128

.591‌

12/31/22

3

.950‌

0

.557‌

3

.393‌

(

22

.022‌

)

(

18

.629‌

)

139

.858‌

121

.229‌

12/31/21

3

.185‌

0

.574‌

2

.611‌

(

4

.639‌

)

(

2

.028‌

)

141

.886‌

139

.858‌

12/31/20

3

.696‌

0

.655‌

3

.041‌

7

.068‌

10

.109‌

131

.777‌

141

.886‌

(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

69

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)

2

.51‌

%

0

.09‌

%

4

.30‌

%

99‌

%

88‌

%

2

  $

276‌

6

.48‌

0

.09‌

4

.09‌

80‌

78‌

1

148‌

(

0

.91‌

)

0

.09‌

(e)

3

.68‌

(e)

176‌

105‌

1

69‌

2

.35‌

0

.25‌

4

.15‌

99‌

88‌

39

5,212‌

6

.31‌

0

.25‌

3

.90‌

80‌

78‌

39

5,196‌

(

13

.14‌

)

0

.23‌

2

.89‌

176‌

105‌

42

5,246‌

(

1

.23‌

)

0

.21‌

2

.07‌

207‌

49‌

46

6,513‌

7

.92‌

0

.25‌

2

.44‌

135‌

84‌

50

7,152‌

2

.28‌

0

.31‌

4

.08‌

99‌

88‌

25

3,345‌

6

.23‌

0

.32‌

3

.83‌

80‌

78‌

26

3,404‌

(

13

.19‌

)

0

.28‌

2

.83‌

176‌

105‌

28

3,496‌

(

1

.28‌

)

0

.26‌

2

.02‌

207‌

49‌

33

4,649‌

7

.85‌

0

.31‌

2

.38‌

135‌

84‌

36

5,179‌

2

.14‌

0

.45‌

3

.95‌

99‌

88‌

15

1,956‌

6

.07‌

0

.47‌

3

.69‌

80‌

78‌

14

1,769‌

(

13

.32‌

)

0

.44‌

2

.68‌

176‌

105‌

14

1,669‌

(

1

.43‌

)

0

.41‌

1

.87‌

207‌

49‌

15

2,154‌

7

.67‌

0

.48‌

2

.21‌

135‌

84‌

17

2,373‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

70

Financial

Highlights

(continued)

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

:

12/31/24

$

2

.898‌

$

0

.045‌

$

2

.853‌

$

0

.095‌

$

2

.948‌

$

82

.190‌

$

85

.138‌

12/31/23

3

.097‌

0

.036‌

3

.061‌

0

.690‌

3

.751‌

78

.439‌

82

.190‌

12/31/22

§

0

.578‌

0

.011‌

0

.567‌

(

1

.691‌

)

(

1

.124‌

)

79

.563‌

78

.439‌

Class

R3

:

12/31/24

2

.919‌

0

.177‌

2

.742‌

0

.069‌

2

.811‌

82

.023‌

84

.834‌

12/31/23

2

.949‌

0

.161‌

2

.788‌

0

.831‌

3

.619‌

78

.404‌

82

.023‌

12/31/22

5

.692‌

0

.150‌

5

.542‌

(

10

.852‌

)

(

5

.310‌

)

83

.714‌

78

.404‌

12/31/21

4

.494‌

0

.139‌

4

.355‌

(

0

.158‌

)

4

.197‌

79

.517‌

83

.714‌

12/31/20

1

.274‌

0

.168‌

1

.106‌

4

.805‌

5

.911‌

73

.606‌

79

.517‌

Class

R2

:

12/31/24

2

.909‌

0

.228‌

2

.681‌

0

.062‌

2

.743‌

81

.552‌

84

.295‌

12/31/23

2

.928‌

0

.219‌

2

.709‌

0

.833‌

3

.542‌

78

.010‌

81

.552‌

12/31/22

5

.740‌

0

.188‌

5

.552‌

(

10

.877‌

)

(

5

.325‌

)

83

.335‌

78

.010‌

12/31/21

4

.462‌

0

.181‌

4

.281‌

(

0

.143‌

)

4

.138‌

79

.197‌

83

.335‌

12/31/20

1

.270‌

0

.213‌

1

.057‌

4

.787‌

5

.844‌

73

.353‌

79

.197‌

Class

R1

:

12/31/24

2

.856‌

0

.336‌

2

.520‌

0

.060‌

2

.580‌

80

.148‌

82

.728‌

12/31/23

2

.890‌

0

.331‌

2

.559‌

0

.809‌

3

.368‌

76

.780‌

80

.148‌

12/31/22

5

.586‌

0

.308‌

5

.278‌

(

10

.647‌

)

(

5

.369‌

)

82

.149‌

76

.780‌

12/31/21

4

.419‌

0

.300‌

4

.119‌

(

0

.159‌

)

3

.960‌

78

.189‌

82

.149‌

12/31/20

1

.271‌

0

.338‌

0

.933‌

4

.714‌

5

.647‌

72

.542‌

78

.189‌

(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

71

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)

3

.59‌

%

0

.05‌

%

3

.40‌

%

32‌

%

3

  $

251‌

4

.78‌

0

.04‌

3

.84‌

27‌

2

131‌

(

1

.41‌

)

0

.05‌

(e)

2

.51‌

(e)

16‌

0

(f)

37‌

3

.43‌

0

.21‌

3

.28‌

32‌

41

3,504‌

4

.62‌

0

.20‌

3

.49‌

27‌

43

3,510‌

(

6

.34‌

)

0

.18‌

6

.86‌

16‌

47

3,706‌

5

.28‌

0

.17‌

5

.34‌

24‌

47

3,970‌

8

.03‌

0

.22‌

1

.44‌

25‌

45

3,590‌

3

.36‌

0

.27‌

3

.22‌

32‌

22

1,863‌

4

.54‌

0

.28‌

3

.41‌

27‌

23

1,890‌

(

6

.39‌

)

0

.23‌

6

.90‌

16‌

25

1,964‌

5

.22‌

0

.22‌

5

.27‌

24‌

28

2,356‌

7

.96‌

0

.28‌

1

.39‌

25‌

29

2,267‌

3

.22‌

0

.41‌

3

.09‌

32‌

16

1,361‌

4

.39‌

0

.42‌

3

.28‌

27‌

16

1,291‌

(

6

.53‌

)

0

.39‌

6

.67‌

16‌

16

1,230‌

5

.06‌

0

.37‌

5

.14‌

24‌

16

1,303‌

7

.78‌

0

.45‌

1

.24‌

25‌

15

1,182‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

72

Financial

Highlights

(continued)

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

Social

Choice

Class

R4

:

12/31/24

$

10

.533‌

$

0

.234‌

$

10

.299‌

$

20

.429‌

$

30

.728‌

$

340

.029‌

$

370

.757‌

12/31/23

9

.658‌

0

.211‌

9

.447‌

34

.898‌

44

.345‌

295

.684‌

340

.029‌

12/31/22

§

2

.190‌

0

.060‌

2

.130‌

2

.737‌

4

.867‌

290

.817‌

295

.684‌

Class

R3

:

12/31/24

10

.506‌

0

.785‌

9

.721‌

20

.375‌

30

.096‌

339

.345‌

369

.441‌

12/31/23

9

.579‌

0

.703‌

8

.876‌

34

.917‌

43

.793‌

295

.552‌

339

.345‌

12/31/22

7

.561‌

0

.639‌

6

.922‌

(

61

.010‌

)

(

54

.088‌

)

349

.640‌

295

.552‌

12/31/21

6

.601‌

0

.639‌

5

.962‌

33

.286‌

39

.248‌

310

.392‌

349

.640‌

12/31/20

6

.218‌

0

.672‌

5

.546‌

31

.423‌

36

.969‌

273

.423‌

310

.392‌

Class

R2

:

12/31/24

10

.443‌

1

.004‌

9

.439‌

20

.255‌

29

.694‌

337

.394‌

367

.088‌

12/31/23

9

.528‌

0

.927‌

8

.601‌

34

.726‌

43

.327‌

294

.067‌

337

.394‌

12/31/22

7

.519‌

0

.789‌

6

.730‌

(

60

.721‌

)

(

53

.991‌

)

348

.058‌

294

.067‌

12/31/21

6

.570‌

0

.804‌

5

.766‌

33

.148‌

38

.914‌

309

.144‌

348

.058‌

12/31/20

6

.195‌

0

.832‌

5

.363‌

31

.296‌

36

.659‌

272

.485‌

309

.144‌

Class

R1

:

12/31/24

10

.255‌

1

.475‌

8

.780‌

19

.902‌

28

.682‌

331

.584‌

360

.266‌

12/31/23

9

.370‌

1

.365‌

8

.005‌

34

.148‌

42

.153‌

289

.431‌

331

.584‌

12/31/22

7

.407‌

1

.242‌

6

.165‌

(

59

.835‌

)

(

53

.670‌

)

343

.101‌

289

.431‌

12/31/21

6

.484‌

1

.289‌

5

.195‌

32

.701‌

37

.896‌

305

.205‌

343

.101‌

12/31/20

6

.129‌

1

.279‌

4

.850‌

30

.887‌

35

.737‌

269

.468‌

305

.205‌

(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

73

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)

9

.04‌

%

0

.06‌

%

2

.84‌

%

102‌

%

100‌

%

5

  $

1,862‌

15

.00‌

0

.07‌

3

.00‌

81‌

80‌

3

1,075‌

1

.67‌

0

.07‌

(e)

2

.53‌

(e)

88‌

61‌

1

212‌

8

.87‌

0

.22‌

2

.70‌

102‌

100‌

26

9,546‌

14

.82‌

0

.22‌

2

.83‌

81‌

80‌

30

10,289‌

(

15

.47‌

)

0

.21‌

2

.26‌

88‌

61‌

30

8,856‌

12

.64‌

0

.19‌

1

.80‌

118‌

57‌

27

9,541‌

13

.52‌

0

.24‌

2

.01‌

100‌

73‌

27

8,235‌

8

.80‌

0

.28‌

2

.64‌

102‌

100‌

17

6,379‌

14

.73‌

0

.30‌

2

.75‌

81‌

80‌

20

6,694‌

(

15

.51‌

)

0

.26‌

2

.20‌

88‌

61‌

20

5,753‌

12

.59‌

0

.24‌

1

.74‌

118‌

57‌

20

6,868‌

13

.45‌

0

.30‌

1

.96‌

100‌

73‌

20

6,114‌

8

.65‌

0

.42‌

2

.50‌

102‌

100‌

8

2,731‌

14

.56‌

0

.44‌

2

.61‌

81‌

80‌

9

2,858‌

(

15

.64‌

)

0

.41‌

2

.05‌

88‌

61‌

9

2,467‌

12

.42‌

0

.40‌

1

.59‌

118‌

57‌

8

2,841‌

13

.26‌

0

.47‌

1

.79‌

100‌

73‌

9

2,601‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

74

Financial

Highlights

(continued)

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

:

12/31/24

$

1

.500‌

$

0

.008‌

$

1

.492‌

$

0

.013‌

$

1

.505‌

$

28

.422‌

$

29

.927‌

12/31/23

1

.415‌

0

.011‌

1

.404‌

(

0

.015‌

)

1

.389‌

27

.033‌

28

.422‌

12/31/22

§

0

.277‌

0

.013‌

0

.264‌

(

0

.024‌

)

0

.240‌

26

.793‌

27

.033‌

Class

R3

:

12/31/24

1

.509‌

0

.054‌

1

.455‌

0

.001‌

1

.456‌

28

.372‌

29

.828‌

12/31/23

1

.398‌

0

.054‌

1

.344‌

0

.000‌

1

.344‌

27

.028‌

28

.372‌

12/31/22

0

.434‌

0

.096‌

0

.338‌

(

0

.008‌

)

0

.330‌

26

.698‌

27

.028‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.698‌

26

.698‌

12/31/20

0

.142‌

0

.051‌

0

.091‌

0

.011‌

0

.102‌

26

.596‌

26

.698‌

Class

R2

:

12/31/24

1

.499‌

0

.071‌

1

.428‌

0

.001‌

1

.429‌

28

.208‌

29

.637‌

12/31/23

1

.392‌

0

.074‌

1

.318‌

(

0

.001‌

)

1

.317‌

26

.891‌

28

.208‌

12/31/22

0

.417‌

0

.137‌

0

.280‌

0

.005‌

0

.285‌

26

.606‌

26

.891‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.606‌

26

.606‌

12/31/20

0

.141‌

0

.058‌

0

.083‌

0

.011‌

0

.094‌

26

.512‌

26

.606‌

Class

R1

:

12/31/24

1

.475‌

0

.109‌

1

.366‌

0

.001‌

1

.367‌

27

.770‌

29

.137‌

12/31/23

1

.373‌

0

.172‌

1

.201‌

(

0

.004‌

)

1

.197‌

26

.573‌

27

.770‌

12/31/22

0

.418‌

0

.189‌

0

.229‌

0

.001‌

0

.230‌

26

.343‌

26

.573‌

12/31/21

0

.019‌

0

.019‌

0

.000‌

0

.000‌

0

.000‌

26

.343‌

26

.343‌

12/31/20

0

.143‌

0

.075‌

0

.068‌

0

.006‌

0

.074‌

26

.269‌

26

.343‌

(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

75

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)

5

.29‌

%

0

.03‌

%

0

.03‌

%

5

.10‌

%

5

 $

155‌

5

.14‌

0

.04‌

0

.04‌

(e)

5

.07‌

2

70‌

0

.90‌

0

.06‌

(f)

0

.16‌

(e)

(f)

3

.43‌

(f)

1

40‌

5

.13‌

0

.18‌

0

.18‌

5

.00‌

160

4,782‌

4

.97‌

0

.20‌

0

.20‌

4

.86‌

168

4,755‌

1

.24‌

0

.20‌

0

.36‌

(e)

1

.26‌

163

4,407‌

0.00‌

0

.18‌

0

.07‌

0

.00‌

152

4,066‌

0

.38‌

0

.22‌

0

.19‌

0

.34‌

197

5,263‌

5

.07‌

0

.25‌

0

.25‌

4

.94‌

94

2,781‌

4

.90‌

0

.27‌

0

.27‌

4

.79‌

96

2,695‌

1

.07‌

0

.25‌

0

.51‌

(e)

1

.05‌

91

2,441‌

0.00‌

0

.23‌

0

.07‌

0

.00‌

94

2,513‌

0

.35‌

0

.28‌

0

.22‌

0

.31‌

121

3,208‌

4

.92‌

0

.39‌

0

.39‌

4

.80‌

65

1,904‌

4

.50‌

0

.42‌

0

.63‌

(e)

4

.43‌

68

1,884‌

0

.87‌

0

.40‌

0

.72‌

(e)

0

.87‌

64

1,693‌

0.00‌

0

.38‌

0

.07‌

0

.00‌

63

1,660‌

0

.28‌

0

.45‌

0

.28‌

0

.26‌

76

2,001‌

76

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

registered

with

the

U.S. Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

It

consists

of

eight

investment

portfolios:

CREF

Stock

Account

(“Stock”),

CREF

Global

Equities

Account

(“Global

Equities”),

CREF Growth

Account

(“Growth”),

CREF

Equity

Index

Account

(“Equity

Index”),

CREF

Core

Bond

Account

(“Core

Bond”),

CREF

Inflation-Linked

Bond

Account

(“Inflation-Linked

Bond”),

CREF

Social

Choice

Account

(“Social

Choice”)

and

CREF

Money

Market

Account

(“Money

Market”)

(individually

referred

to

as

the

“Account”

or

collectively

referred

to

as

the

“Accounts”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Accounts

is

December

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2024

(the

"current

fiscal

period").

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Accounts

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The accumulation

unit

value

(“AUV”)

for

financial

reporting

purposes

may

differ

from

the AUV

for

processing

transactions.

The AUV

for

financial

reporting

purposes

includes

security

and participant

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the AUV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Accounts.

Accumulation

and

Annuity

Funds:

The

Accumulation

Fund

represents

the

net

assets

attributable

to

participants

in

the

accumulation

phase

of

their

investment.

The

Annuity

Fund

represents

the

net

assets

attributable

to

the

participants

currently

receiving

annuity

payments.

The

net

increase

or

decrease

in

net

assets

from

investment

operations

is

apportioned

between

the

funds

based

upon

their

relative

daily

net

asset

values.

Annuitants

bear

the

mortality

risk

under

their

contracts.

Initial

annuity

payments

are

calculated

based

on

the

value

of

a

participant’s

accumulation

on

the

last

valuation

day

before

the

annuity

start

date,

the

income

option

chosen,

an

assumed

annual

investment

return,

and

expense

and

mortality

assumptions.

Annuity

payments

vary

after

the

initial

payment

based

on

investment

performance,

Account

expenses,

and

mortality

experience.

Death

benefits

are

paid

to

beneficiaries

if

the

annuitant

dies

during

the

accumulation

period,

or

during

the

annuity

period

while

payments

are

still

due

for

the

remainder

of

a

guaranteed

period.

Compensation:

The

Accounts pay

the

members

of

the

Board

of

Trustees

("Board")

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation. Amounts

deferred

are

retained

by

the

Accounts

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Accounts

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Accounts

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related “Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable. 

Foreign

Taxes:

The Accounts

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Accounts

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the Accounts

invest.

77

Indemnification:

In

the

normal

course

of

business,

each

Account

enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities.

An

Accounts'

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Accounts

that

have

not

yet

occurred.

Also,

under

the

Accounts'

organizational

documents,

the

trustees

and

officers

of

the

Accounts

are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Accounts.

However,

based

on

experience,

the

Accounts

expect

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the Accounts

determine

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Accounts estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Multiclass

Operations

and

Allocations:

Income, expenses,

realized

gains

and

losses

and

unrealized

appreciation

and

depreciation

of

an

Account

are

allocated

on

a

pro

rata

basis

to

each

class

of

shares,

except

for

administrative

service

fees

and

distribution

fees, which

are

unique

to

each

class

of

each

Account.

Most

expenses

of

CREF

can

be

directly

attributed

to

an

Account

or

class.

Expenses

that

cannot

be

directly

attributed

are

allocated

based

upon

the

average

net

assets

of

each

Account

or

class.

Netting

Agreements:

In

the

ordinary

course

of

business,

the Accounts

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each Account

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each Account

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the Accounts

is

held

in

a

segregated

account

by

the Accounts'

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the Accounts'

Summary

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The Accounts'

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Segment

Reporting:

 In

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

in

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

a

public

entity

that

has

a

single

reportable

segment

to

provide

all

the

disclosures

required

by

the

amendments

in

ASU

2023-07

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

in

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

The Accounts adopted

ASU

2023-07

during

the

current

reporting

period.

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Accounts' financial

positions

or

the

results

of

their

operations.

The

officers

of

the Accounts

act

as

the

chief

operating

decision

maker

(“CODM”).

Each Account

represents

a

single

operating

segment.

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.

Recognition

of

Account

Units:

Prior

period

amounts

have

been

conformed

to

the

current

year

presentation

to

include

net

transfers

between

CREF

Accounts

within

Premiums

and

contributions

or

Withdrawals

and

death

benefits,

which

better

reflects

participant

activity

with

respect

to

the

Accounts.

Refer

to

Note

6

for

further

details.

Notes

to

Financial

Statements

(continued)

78

3.

Investment

Valuation

and

Fair

Value

Measurements

The Accounts'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

TIAA-CREF

Investment

Management,

LLC

(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.

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

79

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

Level

2

Level

3

Total

Stock

Long-Term

Investments

:

Common

stocks

$88,299,876

$35,790,285

$1,471

$124,091,632

Government

bonds

—

195

—

195

Investment

companies

498,304

—

—

498,304

Rights/Warrants

—

21

235

256

Short-Term

Investments

:

Government

agency

debt

—

392,021

—

392,021

Repurchase

agreement

—

25,738

—

25,738

Treasury

debt

—

161,266

—

161,266

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

114,177

—

114,177

Commercial

paper

—

64,941

—

64,941

Repurchase

agreement

—

275,000

—

275,000

Variable

rate

securities

—

36,001

—

36,001

Investments

in

Derivatives

:

Futures

contracts*

(14,614)

—

—

(14,614)

Total

$88,783,566

$36,859,645

$1,706

$125,644,917

Global

Equities

Long-Term

Investments

:

Common

stocks

$21,912,087

$7,879,563

$115

$29,791,765

Investment

companies

12,905

—

—

12,905

Rights/Warrants

—

—

—^

—

Short-Term

Investments

:

Government

agency

debt

—

92,357

—

92,357

Repurchase

agreement

—

10,636

—

10,636

Treasury

debt

—

27,427

—

27,427

Investments

purchased

with

collateral

from

securities

lending:

Certificate

of

deposit

—

13,839

—

13,839

Commercial

paper

—

7,308

—

7,308

Repurchase

agreement

—

35,000

—

35,000

Variable

rate

securities

—

5,510

—

5,510

Investments

in

Derivatives

:

Futures

contracts*

(3,311)

—

—

(3,311)

Total

$21,921,681

$8,071,640

$115

$29,993,436

Growth

Long-Term

Investments

:

Common

stocks

$40,118,497

$982,444

$—

$41,100,941

Investment

companies

305,363

—

—

305,363

Short-Term

Investments

:

Government

agency

debt

—

22,482

—

22,482

Repurchase

agreement

—

72,440

—

72,440

Treasury

debt

—

17,421

—

17,421

Total

$40,423,860

$1,094,787

$—

$41,518,647

Notes

to

Financial

Statements

(continued)

80

Account

Level

1

Level

2

Level

3

Total

Equity

Index

Long-Term

Investments

:

Common

stocks

$25,516,766

$—

$63

$25,516,829

Rights/Warrants

—

—

2

2

Investments

purchased

with

collateral

from

securities

lending

69,433

—

—

69,433

Short-Term

Investments

:

Government

agency

debt

—

41,452

—

41,452

Repurchase

agreement

—

23,002

—

23,002

Treasury

debt

—

22,414

—

22,414

Investments

in

Derivatives

:

Futures

contracts*

(857)

—

—

(857)

Total

$25,585,342

$86,868

$65

$25,672,275

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$23,308

$—

$23,308

Corporate

bonds

—

3,259,406

—

3,259,406

Government

bonds

—

5,703,310

—

5,703,310

Preferred

stocks

4,473

—

—

4,473

Structured

assets

—

1,655,334

—

1,655,334

Investments

purchased

with

collateral

from

securities

lending

21,908

—

—

21,908

Short-Term

Investments

:

Commercial

paper

—

3,953

—

3,953

Government

agency

debt

—

73,693

—

73,693

Repurchase

agreement

—

66,674

—

66,674

Treasury

debt

—

69,238

—

69,238

Investments

in

Derivatives

:

Futures

contracts*

(6,567)

—

—

(6,567)

Forward

foreign

currency

contracts*

—

10,941

—

10,941

Credit

default

swap

contracts*

—

(1,663)

—

(1,663)

Total

$19,814

$10,864,194

$—

$10,884,008

Inflation-Linked

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$19,106

$—

$19,106

Corporate

bonds

—

170,163

—

170,163

Government

bonds

—

6,591,809

—

6,591,809

Investment

companies

10,024

—

—

10,024

Structured

assets

—

312,967

2,590

315,557

Investments

purchased

with

collateral

from

securities

lending

3,704

—

—

3,704

Short-Term

Investments

:

Repurchase

agreement

—

3,084

—

3,084

Investments

in

Derivatives

:

Futures

contracts*

(3,126)

—

—

(3,126)

Total

$10,602

$7,097,129

$2,590

$7,110,321

Social

Choice

Long-Term

Investments

:

Bank

loan

obligations

$—

$35,152

$—^

$35,152

Common

stocks

8,679,224

3,665,403

—

12,344,627

Corporate

bonds

—

2,283,083

—

2,283,083

Government

bonds

—

5,301,437

1

5,301,438

Preferred

stocks

27,636

—

—

27,636

Rights/Warrants

—

—

1

1

Structured

assets

—

814,210

1,228

815,438

Investments

purchased

with

collateral

from

securities

lending

124,287

—

—

124,287

Short-Term

Investments

:

Government

agency

debt

—

15,335

—

15,335

Repurchase

agreement

—

62,572

—

62,572

Treasury

debt

—

9,945

—

9,945

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

613

—

613

Total

$8,831,147

$12,187,750

$1,230

$21,020,127

81

4.

Portfolio

Securities

Mortgage

Dollar

Roll

Transactions:

Some

of

the Accounts may

enter

into

mortgage

dollar

rolls

in

which an

Account

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

an

Account forgoes

principal

and

interest

paid

on

the

securities.

The Account is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Account’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the Accounts

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements

(dollar

amounts

are

in

thousands):

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;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Account

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.

Account

Level

1

Level

2

Level

3

Total

Money

Market

Short-Term

Investments:

Government

agency

debt

$

—

$

1,989,975

$

—

$

1,989,975

Repurchase

agreement

—

4,004,380

—

4,004,380

Treasury

debt

—

2,366,018

—

2,366,018

Variable

rate

securities

—

1,380,004

—

1,380,004

Total

$—

$9,740,377

$—

$9,740,377

*

Represents

net

unrealized

appreciation

(depreciation).

^

Amount

represents

less

than

$1,000.

Account

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Stock

Bank

of

Nova

Scotia

$5,000

$

(5,101)

Calyon

15,000

$

(15,300)

Citigroup

25,000

(25,500)

Deutsche

Bank

25,000

(25,500)

Fixed

Income

Clearing

Corporation

25,738

(26,253)

HSBC

70,000

(71,400)

JP

Morgan

Securities

LLC

50,000

(51,000)

Merrill

Lynch

40,000

(40,800)

Royal

Bank

of

Scotland

45,000

$

(45,900)

Total

$300,738

$

(306,754)

Global

Equities

Calyon

$5,000

(5,100)

Fixed

Income

Clearing

Corporation

10,636

(10,849)

HSBC

5,000

(5,100)

JP

Morgan

Securities

LLC

10,000

(10,200)

Merrill

Lynch

10,000

(10,200)

Royal

Bank

of

Scotland

5,000

(5,100)

Total

$45,636

(46,549)

Growth

Fixed

Income

Clearing

Corporation

$72,440

$

(73,889)

Equity

Index

Fixed

Income

Clearing

Corporation

$23,002

(23,462)

Core

Bond

Fixed

Income

Clearing

Corporation

$66,674

(68,008)

Inflation-Linked

Bond

Fixed

Income

Clearing

Corporation

$3,084

(3,146)

Social

Choice

Fixed

Income

Clearing

Corporation

$62,572

(63,824)

Money

Market

Bank

of

New

York

Mellon

$2,314,000

(2,360,280)

Fixed

Income

Clearing

Corporation

1,690,380

(1,724,188)

Total

$4,004,380

(4,084,468)

Notes

to

Financial

Statements

(continued)

82

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Accounts’

Statement

of

Assets

and

Liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Accounts,

and

the

Accounts

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

the

end

of

the

current

fiscal

period,

securities

lending

transactions are

for equity

and

fixed

income

securities,

and

the

resulting

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

Securities

lending

income

recognized

by

the

Accounts consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

reflected

separately

in

the

Statement

of

Operations.

In

lending

its

securities,

an

Account bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Account.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Account if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned. 

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

the

Accounts have

outstanding when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each Account

(other

than

Money

Market) is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Fixed

Income

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received**

Total

Collateral

Received

20.1

Stock

$

1,137,636

$

—

$

518,163

$

692,289

$

1,210,452

20.2

Global

Equities

120,275

—

64,679

63,030

127,709

20.4

Equity

Index

139,149

—

69,433

75,382

144,815

20.5

Core

Bond

—

49,512

21,908

29,166

51,074

20.6

Inflation-Linked

Bond

—

3,598

3,704

—

3,704

20.7

Social

Choice

78,448

122,857

124,287

86,907

211,194

*

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

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

20.1

Stock

$

50,470,310

$

—

$

60,840,700

$

—

20.2

Global

Equities

10,051,649

—

10,304,543

—

20.3

Growth

8,452,296

—

11,487,335

—

20.4

Equity

Index

437,568

—

2,276,836

—

20.5

Core

Bond

1,180,563

9,934,015

1,249,338

9,150,935

20.6

Inflation-Linked

Bond

221,466

2,043,520

128,794

2,104,123

20.7

Social

Choice

7,013,008

14,785,952

8,780,610

14,489,042

83

Futures

Contracts:

 Certain

Accounts

are

subject

to

equity

price

and

interest-rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Accounts

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Account is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Summary

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Account and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the Account records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands):

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

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*

20.1

Stock

$

287,486

20.2

Global

Equities

217,142

20.4

Equity

Index

97,080

20.5

Core

Bond

710,146

20.6

Inflation-Linked

Bond

396,323

*

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*

20.5

Core

Bond

$

221,908

20.7

Social

Choice

16,840

*

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)

84

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*

Gross

Unrealized

Depreciation

on

Forward

Foreign

Currency

Contracts*

Net

Unrealized

Appreciation

(Depreciation)

on

Forward

Foreign

Currency

Contracts

Collateral

Pledged

to

(from)

Counterparty

Net

Exposure

Core

Bond

Australia

and

New

Zealand

Banking

Group

Limited

$

35

$

—

$

35

$

—

$

35

Bank

of

America,

N.A.

6,719

(204)

6,515

—

6,515

Goldman

Sachs

2

(51)

(49)

—

(49)

Morgan

Stanley

Capital

Services

1,758

(24)

1,734

—

1,734

Standard

Chartered

Bank

696

(20)

676

—

676

Toronto

Dominion

Bank

2,091

(61)

2,030

—

2,030

Total

$11,301

$(360)

$10,941

$—

$10,941

Social

Choice

JPMorgan

Chase

Bank

N.A

406

—

406

—

406

Morgan

Stanley

Capital

Services

207

—

207

—

207

Total

$613

$—

$613

$—

$613

*

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*

20.5

Core

Bond

$

509,700

*

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.

85

As

of the

end

of

the

reporting

period,

the

following Accounts

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows

(dollar

amounts

are

in

thousands):

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Accounts'

Statement

of

Operations

was

as

follows

(dollar

amounts

are

in

thousands):

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Futures

contracts

Equity

-

$

–

Unrealized

depreciation

on

futures

contracts

*

$

(14,614)

1

1

1

1

1

1

1

1

Global

Equities

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(3,311)

1

1

1

1

1

1

1

1

Equity

Index

Futures

contracts

Equity

-

–

Unrealized

depreciation

on

futures

contracts

*

(857)

1

1

1

1

1

1

1

1

Core

Bond

Futures

contracts

Interest

rate

-

–

Unrealized

depreciation

on

futures

contracts

*

(6,567)

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

11,301

Unrealized

depreciation

on

forward

contracts

(360)

Credit

default

swap

contracts

Credit

-

–

Unrealized

depreciation

on

swap

contracts

*

(1,663)

1

1

1

1

1

1

1

1

Inflation-Linked

Bond

Futures

contracts

Interest

rate

-

-

Unrealized

depreciation

on

futures

contracts

*

(3,126)

1

1

1

1

1

1

1

1

Social

Choice

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

613

-

–

1

1

1

1

1

1

1

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)

Change

in

Unrealized

Appreciation

(Depreciation)

20.1

Stock

Futures

contracts

Equity

$

66,630

$

(23,278)

20.2

Global

Equities

Futures

contracts

Equity

36,652

(12,933)

20.4

Equity

Index

Futures

contracts

Equity

19,059

(1,338)

20.5

Core

Bond

Futures

contracts

Interest

rate

(9,152)

(10,331)

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

3,364

17,609

Swap

contracts

Credit

(27,012)

8,757

20.6

Inflation-Linked

Bond

Futures

contracts

Interest

rate

(1,853)

(10,276)

20.7

Social

Choice

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

209

840

Notes

to

Financial

Statements

(continued)

86

6.

Account

Units

Transactions

in

Account

units

during

the

current

and

prior

fiscal

period

were

as

follows

(amounts

are

in

thousands):

Year

Ended

12/31/24

Year

Ended

12/31/23

20.1

Stock

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

2,241

$

1,958,807

1,406

$

994,148

Class

R3

2,435

2,326,788

2,604

2,032,889

Class

R2

1,259

1,085,402

1,359

964,875

Class

R1

547

469,872

588

412,252

Total

premiums

and

contributions

6,482

5,840,869

5,957

4,404,164

Withdrawals

and

death

benefits:

Class

R4

(727)

(637,106)

(310)

(222,703)

Class

R3

(10,207)

(8,936,371)

(8,877)

(6,333,721)

Class

R2

(5,719)

(4,961,584)

(5,412)

(3,820,888)

Class

R1

(2,356)

(2,003,959)

(2,320)

(1,616,912)

Total

withdrawals

and

death

benefits

(19,009)

(16,539,020)

(16,919)

(11,994,224)

Annuity

payments:

–

(1,408,581)

–

(1,341,364)

Net

increase

(decrease)

from

participant

transactions

(12,527)

(12,106,732)

(10,962)

(8,931,424)

Year

Ended

12/31/24

Year

Ended

12/31/23

20.2

Global

Equities

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

2,186

$

736,101

1,132

$

298,899

Class

R3

4,534

1,516,807

4,074

1,108,039

Class

R2

2,050

664,369

1,881

495,075

Class

R1

1,947

621,728

1,037

270,979

Total

premiums

and

contributions

10,717

3,539,005

8,124

2,172,992

Withdrawals

and

death

benefits:

Class

R4

(796)

(261,513)

(509)

(135,137)

Class

R3

(6,756)

(2,239,595)

(5,681)

(1,495,043)

Class

R2

(3,788)

(1,237,934)

(3,561)

(931,601)

Class

R1

(1,939)

(621,104)

(1,809)

(466,377)

Total

withdrawals

and

death

benefits

(13,279)

(4,360,146)

(11,560)

(3,028,158)

Annuity

payments:

–

(55,751)

–

(49,044)

Net

increase

(decrease)

from

participant

transactions

(2,562)

(876,892)

(3,436)

(904,210)

Year

Ended

12/31/24

Year

Ended

12/31/23

20.3

Growth

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

1,463

$

702,958

479

$

157,119

Class

R3

2,091

1,040,708

1,708

624,392

Class

R2

1,113

517,451

975

336,072

Class

R1

1,137

523,102

786

265,158

Total

premiums

and

contributions

5,804

2,784,219

3,948

1,382,741

Withdrawals

and

death

benefits:

Class

R4

(428)

(201,983)

(147)

(51,224)

Class

R3

(6,135)

(2,920,611)

(4,483)

(1,530,773)

Class

R2

(3,620)

(1,705,881)

(3,316)

(1,110,910)

Class

R1

(2,236)

(1,030,163)

(1,878)

(625,699)

Total

withdrawals

and

death

benefits

(12,419)

(5,858,638)

(9,824)

(3,318,606)

Annuity

payments:

–

(81,698)

–

(65,116)

Net

increase

(decrease)

from

participant

transactions

(6,615)

(3,156,117)

(5,876)

(2,000,981)

87

Year

Ended

12/31/24

Year

Ended

12/31/23

20.4

Equity

Index

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

1,069

$

507,260

328

$

119,248

Class

R3

831

418,840

896

355,364

Class

R2

707

333,554

771

287,370

Class

R1

568

264,968

589

215,485

Total

premiums

and

contributions

3,175

1,524,622

2,584

977,467

Withdrawals

and

death

benefits:

Class

R4

(298)

(141,559)

(27)

(10,337)

Class

R3

(3,433)

(1,647,092)

(2,827)

(1,056,091)

Class

R2

(2,457)

(1,162,669)

(2,404)

(887,584)

Class

R1

(1,488)

(690,303)

(1,355)

(495,323)

Total

withdrawals

and

death

benefits

(7,676)

(3,641,623)

(6,613)

(2,449,335)

Annuity

payments:

–

(65,465)

–

(57,433)

Net

increase

(decrease)

from

participant

transactions

(4,501)

(2,182,466)

(4,029)

(1,529,301)

Year

Ended

12/31/24

Year

Ended

12/31/23

20.5

Core

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

1,492

$

202,202

801

$

101,459

Class

R3

5,980

816,152

3,658

478,932

Class

R2

3,444

456,760

2,270

285,542

Class

R1

3,506

457,118

2,154

266,114

Total

premiums

and

contributions

14,422

1,932,232

8,883

1,132,047

Withdrawals

and

death

benefits:

Class

R4

(577)

(76,630)

(235)

(29,823)

Class

R3

(6,762)

(907,795)

(6,557)

(830,603)

Class

R2

(4,464)

(591,707)

(4,644)

(582,989)

Class

R1

(2,371)

(309,205)

(2,162)

(267,000)

Total

withdrawals

and

death

benefits

(14,174)

(1,885,337)

(13,598)

(1,710,415)

Annuity

payments:

–

(26,744)

–

(27,271)

Net

increase

(decrease)

from

participant

transactions

248

20,151

(4,715)

(605,639)

Year

Ended

12/31/24

Year

Ended

12/31/23

20.6

Inflation-Linked

Bond

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

2,120

$

179,377

1,394

$

111,139

Class

R3

6,405

547,143

4,591

374,661

Class

R2

3,215

267,463

2,478

196,888

Class

R1

3,272

267,365

2,833

221,392

Total

premiums

and

contributions

15,012

1,261,348

11,296

904,080

Withdrawals

and

death

benefits:

Class

R4

(768)

(63,973)

(263)

(20,969)

Class

R3

(7,895)

(662,792)

(9,071)

(726,612)

Class

R2

(4,293)

(357,091)

(4,474)

(354,898)

Class

R1

(2,922)

(238,696)

(2,757)

(215,335)

Total

withdrawals

and

death

benefits

(15,878)

(1,322,552)

(16,565)

(1,317,814)

Annuity

payments:

–

(18,270)

–

(18,736)

Net

increase

(decrease)

from

participant

transactions

(866)

(79,474)

(5,269)

(432,470)

Notes

to

Financial

Statements

(continued)

88

Net

transfers

between

CREF

Accounts

that

are

included

within

Premiums

and

contributions

and

within

Withdrawals

and

death

benefits

for

the

years

ended

December

31,

2024,

and

December

31,

2023,

are

listed

below

(amounts

are

in

thousands):

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.

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.

Year

Ended

12/31/24

Year

Ended

12/31/23

20.7

Social

Choice

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

3,080

$

1,120,640

2,782

$

875,315

Class

R3

2,434

920,267

5,241

1,681,660

Class

R2

1,486

532,536

3,149

982,111

Class

R1

567

200,534

1,244

380,600

Total

premiums

and

contributions

7,567

2,773,977

12,416

3,919,686

Withdrawals

and

death

benefits:

Class

R4

(1,220)

(441,268)

(337)

(106,629)

Class

R3

(6,915)

(2,495,018)

(4,884)

(1,541,321)

Class

R2

(3,949)

(1,411,659)

(2,872)

(898,095)

Class

R1

(1,607)

(565,077)

(1,149)

(353,761)

Total

withdrawals

and

death

benefits

(13,691)

(4,913,022)

(9,242)

(2,899,806)

Annuity

payments:

–

(49,788)

–

(45,938)

Net

increase

(decrease)

from

participant

transactions

(6,124)

(2,188,833)

3,174

973,942

Year

Ended

12/31/24

Year

Ended

12/31/23

20.8

Money

Market

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

and

contributions:

Class

R4

9,261

$

271,267

3,693

$

102,391

Class

R3

61,588

1,813,008

78,876

2,205,561

Class

R2

34,279

991,428

39,637

1,092,001

Class

R1

27,872

792,634

33,466

909,010

Total

premiums

and

contributions

133,000

3,868,337

155,672

4,308,963

Withdrawals

and

death

benefits:

Class

R4

(6,522)

(191,416)

(2,731)

(75,777)

Class

R3

(68,874)

(2,007,731)

(74,339)

(2,068,128)

Class

R2

(35,990)

(1,041,629)

(34,870)

(960,836)

Class

R1

(30,378)

(864,300)

(29,350)

(797,474)

Total

withdrawals

and

death

benefits

(141,764)

(4,105,076)

(141,290)

(3,902,215)

Annuity

payments:

–

(14,922)

–

(13,723)

Net

increase

(decrease)

from

participant

transactions

(8,764)

(251,661)

14,382

393,025

Year

Ended

12/31/24

Year

Ended

12/31/23

Account

Premiums

and

Contributions

(000)

Withdrawals

and

Death

Benefits

(000)

Premiums

and

Contributions

(000)

Withdrawals

and

Death

Benefits

(000)

Stock

$2,157,457

$(2,959,146)

$1,288,348

$(1,982,134)

Global

Equities

1,568,521

(1,026,356)

872,170

(614,159)

Growth

1,310,371

(1,646,707)

517,894

(722,972)

Equity

Index

625,012

(910,119)

425,267

(584,714)

Core

Bond

936,835

(443,291)

448,203

(403,951)

Inflation-Linked

Bond

530,808

(341,211)

334,787

(348,393)

Social

Choice

1,103,907

(1,262,130)

1,406,916

(766,599)

Money

Market

1,307,114

(951,051)

839,296

(709,958)

89

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.

Investment

Adviser

and

Other

Transactions

with

Affiliates

Investment

advisory

services

for

the

Accounts

are

provided

by the

Adviser in

accordance

with

an

Investment

Management

Services

Agreement.

The

Adviser

is

a

registered

investment

adviser

and

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

a

companion

organization

of

CREF.

Investment

management

expenses

generally

include

investment

management,

portfolio

accounting

and

custodial

services

and

are

the

same

across

all

classes

of

an

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:

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.

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

$

102,402,924

$

28,981,661

$

(5,739,668)

$

23,241,993

Global

Equities

22,637,394

8,488,939

(1,132,898)

7,356,041

Growth

23,747,950

18,285,799

(515,103)

17,770,696

Equity

Index

7,508,831

18,775,283

(611,838)

18,163,445

Core

Bond

11,734,164

48,729

(898,886)

(850,157)

Inflation-Linked

Bond

7,420,896

15,056

(325,632)

(310,576)

Social

Choice

19,083,799

2,899,176

(962,849)

1,936,327

Money

Market

9,740,377

—

—

—

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

Stock

0.096

%

0.013

%

0.146

%

0.202

%

0.311

%

0.002

%

0.022

%

0.029

%

0.059

%

20.2

Global

Equities

0.085

0.013

0.146

0.201

0.310

0.002

0.022

0.029

0.059

20.3

Growth

0.048

0.012

0.146

0.202

0.311

0.002

0.022

0.029

0.059

20.4

Equity

Index

0.009

0.012

0.146

0.202

0.310

0.002

0.022

0.029

0.059

20.5

Core

Bond

0.073

0.013

0.146

0.202

0.309

0.001

0.022

0.029

0.059

20.6

Inflation-Linked

Bond

0.037

0.013

0.146

0.202

0.310

0.001

0.022

0.029

0.059

20.7

Social

Choice

0.044

0.013

0.147

0.202

0.311

0.001

0.022

0.029

0.060

20.8

Money

Market

0.011

0.013

0.147

0.202

0.310

0.001

0.022

0.029

0.059

Notes

to

Financial

Statements

(continued)

90

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.

As

of

the

end

of

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):

9.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Accounts may

participate

in

an

inter-fund

lending

program.

This

program

allows

certain

Accounts to

lend

cash

to

and/or

borrow

cash

from

other

Accounts

or

certain

other

affiliated

registered

investment

companies for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Account may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

each

Account may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Account’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

$

186,199

$

660,267

$

238,745

Global

Equities

187,536

78,005

23,238

Growth

118,213

75,441

6,481

Equity

Index

22,548

224,808

186,360

Social

Choice

191,413

169,307

64,741

Issue

Value

at

12/31/23

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

at

12/31/24

Dividend

Income

Stock

Common

stocks

Consumer

Services

Arcos

Dorados

Holdings,

Inc

$

111,831

$

–

$

–

$

–

$

(47,676)

$

64,155

8,812,494

$

2,115

Consumer

Staples

Distribution

&

Retail

Cia

Brasileira

de

Distribuicao(a)

12,455

9,960

–

–

(10,006)

12,409

30,099,494

–

Guardian

Pharmacy

Services,

Inc(a)

–‡

7,050

–

–

2,431

9,481

467,986

–

Insurance

TWFG,

Inc(a)

–‡

17,010

3,917

980

7,853

21,926*

711,895*

–

Media

&

Entertainment

HUYA,

Inc

(ADR)(b)

21,620

–

6,723

(32,149)

30,381

13,129

4,276,464

9,420

iClick

Interactive

Asia

Group

Ltd

(ADR)(a)

1,725

–

11

(184)

2,672

4,202*

448,906*

–

Software

&

Services

Kaonavi,

Inc(a)

9,287

957

144

(294)

(1,787)

8,019

659,200

–

Locaweb

Servicos

de

Internet

S.A.

32,116

7,334

451

(244)

(21,673)

17,082

31,862,000

392

Total

$189,034

42,311

11,246

(31,891)

(37,805)

$150,403

77,338,439

11,927

Issue

Value

at

12/31/23

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

12/31/24

Shares

at

12/31/24

Dividend

Income

Global

Equities

Common

stocks

Australia

Tamboran

Resources

Ltd(a)

$25,503

$263

$182

$(2)

$(10,522)

$15,060

167,803,319

$–

Total

$25,503

263

182

(2)

  (10,522)

$15,060

167,803,319

–

(a)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(b)

Security

on

loan

‡

At

December

31,

2023,

the

issuer

was

not

an

affiliated

company

of

the

Account.

*

At

December

31,

2024,

the

issuer

was

not

an

affiliated

company

of

the

Account.

91

10.

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

11,

2024

expiring

on

June

10,

2025,

replacing

the

previous

$1

billion

facility,

which

expired

June

2024.

Certain

affiliated

accounts,

each

of

which

is

managed

by

the

Adviser,

or

an

affiliate

of

the

Adviser,

also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

at

a

specified

rate

of

interest.

The

Accounts

are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts.

There

were

no

borrowings

under

this

credit

facility

by

the

Accounts

during

the

current

fiscal

period.

Additional

Account

Information

©2025

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

92

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.

Trustees

and

Officers

January

1,

2025

93

(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).

9

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).

9

Director,

Franklin

Templeton

Irish

Funds;

Board

and

Executive

Committee

Member,

Cal

Ripken,

Sr.

Foundation;

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.

Distinguished

Senior

Fellow,

MIT

Sloan

and

Golub

Center

for

Finance

and

Policy

(since

2023).

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).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

9

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC;

President,

Society

for

Financial

Studies.

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.

9

Independent

Director

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).

9

Nicole

Thorne

Jenkins

730

Third

Avenue

New

York,

NY

10017

1970

Trustee

Four-year

term.

Trustee

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(since

2020).

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.

9

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Foundation;

Treasurer

and

Director,

The

Montpelier

Foundation.

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.

9

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Trustees

and

Officers

(continued)

January

1,

2025

94

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”),

TIAA

Separate

Account

VA-1,

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

and

Business

Development

Officer

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.

95

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A10922

(2/25)

Item 2. Code of Ethics.

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.

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.

 PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid even the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

 The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2023 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2023 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2023 Form N-CSR.

(a)  Audit Fees.

For the fiscal years ended December 31, 2024 and December 31, 2023, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $813,990 and $899,103, respectively.

(b)  Audit Related Fees.

For the fiscal years ended December 31, 2024 and December 31, 2023, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $140,000 and $0, respectively.

For the fiscal years ended December 31, 2024 and December 31, 2023, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

(c)  Tax Fees.

For the fiscal years ended December 31, 2024 and December 31, 2023, PwC’s aggregate fees for tax services billed to the Registrant were $152,812 and $189,671, respectively.

For the fiscal years ended December 31, 2024 and December 31, 2023, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

(d)  All Other Fees.

For the fiscal years ended December 31, 2024 and December 31, 2023, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $13,993, respectively.

For the fiscal years ended December 31, 2024 and December 31, 2023, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

(e)(1)  Preapproval Policy.

 The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

 The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to

the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2024 and December 31, 2023 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

(f)  The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

(g)  Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2024 and December 31, 2023, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $293,312 and $210,180, respectively.

(h)  The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

(i)  Not applicable.

(j)  Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

Report

of

Independent

Registered

Public

Accounting

Firm

1

To

the

Board

of

Trustees

of

College

Retirement

Equities

Fund

and

Participants

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

summary

portfolios

of

investments,

of

CREF

Stock

Account,

CREF

Global

Equities

Account,

CREF

Growth

Account,

CREF

Equity

Index

Account,

CREF

Core

Bond

Account,

CREF

Inflation-Linked

Bond

Account,

CREF

Social

Choice

Account

and

CREF

Money

Market

Account

(constituting

College

Retirement

Equities

Fund,

hereafter

collectively

referred

to

as

the

"Accounts")

as

of

December

31,

2024,

the

related

statements

of

operations

for

the

year

ended

December

31,

2024,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

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,

2024

(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,

2024,

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,

2024

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,

2024

by

correspondence

with

the

custodian,

transfer

agent,

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,

2025

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,

2024

Stock

1

SHARES

DESCRIPTION

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.4%

COMMON

STOCKS

-

99.0%

AUTOMOBILES

&

COMPONENTS

-

2.2%

13,843

AB

Dynamics

plc

$

338

57,198

Actron

Technology

Corp

290

5,300

Aisan

Industry

Co

Ltd

59

446,100

Aisin

Seiki

Co

Ltd

4,984

112,135

Amotiv

Ltd

734

123,200

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

631

245,601

Apollo

Tyres

Ltd

1,513

60,427

(a)

ARB

Corp

Ltd

1,515

59,946

Asahi

India

Glass

Ltd

533

310,939

(a),(b),(c)

Aston

Martin

Lagonda

Global

Holdings

plc

413

2,208

(a)

Autoneum

Holding

AG.

291

258,000

(c)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

282

916,500

(b)

BAIC

Motor

Corp

Ltd

282

58,078

Bajaj

Auto

Ltd

5,958

65,960

Balkrishna

Industries

Ltd

2,239

23,990

Banco

Products

India

Ltd

133

776,515

Bayerische

Motoren

Werke

AG.

63,511

2,017

Bayerische

Motoren

Werke

AG.

(Preference)

151

22,680

Bethel

Automotive

Safety

Systems

Co

Ltd

138

221,954

Bharat

Forge

Ltd

3,363

1,106,779

BorgWarner,

Inc

35,185

6,216

Bosch

Ltd

2,475

114,231

(a)

Brembo

NV

1,076

484,633

(a)

Bridgestone

Corp

16,290

2,348,000

Brilliance

China

Automotive

Holdings

Ltd

1,144

2,206,882

BYD

Co

Ltd

85,360

956,862

BYD

Co

Ltd

(H

shares)

32,546

16,678

Ceat

Ltd

628

5,039

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

92

1,542,885

Cheng

Shin

Rubber

Industry

Co

Ltd

2,304

206,000

China

Motor

Corp

497

91,208

Chongqing

Changan

Automobile

Co

Ltd

167

103,508

CIE

Automotive

India

Ltd

568

31,486

(a)

CIE

Automotive

S.A.

825

992,284

Cie

Generale

des

Etablissements

Michelin

S.C.A

32,652

46,877

Cie

Plastic

Omnium

SA

488

619,975

(c)

Cofide

S.p.A.

385

629,343

Continental

AG.

42,407

49,138

Cub

Elecparts,

Inc

159

514,301

Daimler

AG.

(Registered)

28,673

1,605,300

Denso

Corp

22,132

70,000

Depo

Auto

Parts

Ind

Co

Ltd

456

14,530

DN

Automotive

Corp

180

240,011

(b)

Dometic

Group

AB

1,125

30,600

(c)

Dorman

Products,

Inc

3,964

13,569,667

Dowlais

Group

plc

11,400

302,149

Dr

ING

hc

F

Porsche

AG.

18,310

948,700

DRB-Hicom

Bhd

235

2,122

Dynamatic

Technologies

Ltd

209

10,100

Eagle

Industry

Co

Ltd

132

1,054

EGE

Endustri

VE

Ticaret

AS.

292

115,245

Eicher

Motors

Ltd

6,484

26,260

(b)

Endurance

Technologies

Ltd

658

24,582

Exedy

Corp

682

339,086

Exide

Industries

Ltd

1,647

117,546

Faurecia

1,057

89,600

FCC

Co

Ltd

1,798

88,991

Ferrari

NV

37,972

Stock

2

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

AUTOMOBILES

&

COMPONENTS

(continued)

1,794,901

Ford

Motor

Co

$

17,770

53,659

Ford

Otomotiv

Sanayi

AS

1,421

50,200

Fras-Le

S.A.

166

499,645

Fuji

Heavy

Industries

Ltd

8,878

93,563

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

800

534,562

(b)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

3,839

42,567

Gabriel

India

Ltd

235

3,722,302

Geely

Automobile

Holdings

Ltd

7,010

2,061,168

General

Motors

Co

109,798

132,745

(a),(b)

Gestamp

Automocion

S.A.

340

36,000

Global

PMX

Co

Ltd

119

1,466,530

(c)

Goodyear

Tire

&

Rubber

Co

13,199

61,359

Great

Wall

Motor

Co

Ltd

221

935,746

(a)

Great

Wall

Motor

Co

Ltd

1,631

123,600

G-Tekt

Corp

1,367

397,200

Guangzhou

Automobile

Group

Co

Ltd

507

63,397

(c)

Hankook

Tire

&

Technology

Co

Ltd

1,637

20,592

Hankook

Tire

Worldwide

Co

Ltd

235

109,018

(c)

Hanon

Systems

294

73,186

Harley-Davidson,

Inc

2,205

102,437

Hero

Honda

Motors

Ltd

4,967

26,967

(c)

HL

Mando

Co

Ltd

735

3,809,743

Honda

Motor

Co

Ltd

36,272

140,000

Hota

Industrial

Manufacturing

Co

Ltd

287

57,400

Hu

Lane

Associate,

Inc

308

172,315

Huayu

Automotive

Systems

Co

Ltd

415

23,176

Huizhou

Desay

Sv

Automotive

Co

Ltd

349

50,464

Hyundai

Mobis

8,026

320,426

Hyundai

Motor

Co

45,491

30,792

Hyundai

Motor

Co

Ltd

(2nd

Preference)

3,231

289,626

Hyundai

Motor

Co

Ltd

(Preference)

29,725

13,070

Hyundai

Wia

Corp

333

10,776

(c)

Iljin

Hysolus

Co

ltd

118

478,600

Isuzu

Motors

Ltd

6,511

19,420

JBM

Auto

Ltd

346

67,689

JK

Tyre

&

Industries

Ltd

306

236,342

Johnson

Electric

Holdings

Ltd

329

167,200

JTEKT

Corp

1,239

29,192

Kayaba

Industry

Co

Ltd

541

501,904

Kenda

Rubber

Industrial

Co

Ltd

415

183,318

Kia

Motors

Corp

12,405

141,800

Koito

Manufacturing

Co

Ltd

1,795

96,921

(c)

Kumho

Tire

Co,

Inc

312

1,136,000

(c)

Li

Auto,

Inc

13,569

32,520

Linamar

Corp

1,285

598,357

(a),(c)

Lucid

Group,

Inc

1,807

231,096

Magna

International,

Inc

9,659

2,567,025

Mahindra

&

Mahindra

Ltd

89,854

28,500

Mahle

Metal

Leve

S.A.

127

52,556

(a)

Martinrea

International,

Inc

330

109,021

Maruti

Suzuki

India

Ltd

13,790

437,400

Mazda

Motor

Corp

2,982

81,462

Minda

Corp

Ltd

465

528,000

Minth

Group

Ltd

1,020

506,100

Mitsubishi

Motors

Corp

1,691

329

(a),(c)

Mobileye

Global,

Inc

7

1,506,024

Motherson

Sumi

Wiring

India

Ltd

1,022

1,977

MRF

Ltd

3,010

34,038

Musashi

Seimitsu

Industry

Co

Ltd

840

25,834

Myoung

Shin

Industrial

Co

Ltd

178

293,000

(c)

Nan

Kang

Rubber

Tire

Co

Ltd

406

18,798

(c)

Nexen

Tire

Corp

76

3

SHARES

DESCRIPTION

VALUE

(000)

AUTOMOBILES

&

COMPONENTS

(continued)

590,000

Nexteer

Automotive

Group

Ltd

$

249

120,100

NGK

Spark

Plug

Co

Ltd

3,827

150,115

NHK

Spring

Co

Ltd

1,878

59,612

Nifco,

Inc

1,434

72,178

Ningbo

Tuopu

Group

Co

Ltd

481

944,250

(a),(c)

NIO,

Inc

4,141

35,053

Nippon

Seiki

Co

Ltd

254

1,893,500

(a)

Nissan

Motor

Co

Ltd

5,743

42,010

Nissan

Shatai

Co

Ltd

265

64,188

NOK

Corp

1,001

94,590

(a)

Nokian

Renkaat

Oyj

720

31,600

Pacific

Industrial

Co

Ltd

272

195,499

Patrick

Industries,

Inc

16,242

69,000

Phinia,

Inc

3,324

133,362

(a)

Piaggio

&

C

S.p.A.

301

19,094

Piolax,

Inc

306

275,164

(b)

Pirelli

&

C

S.p.A

1,561

330,800

(a),(c)

Polestar

Automotive

Holding

UK

plc

(ADR)

347

14,996

Porsche

AG.

565

43,747

(c)

Pricol

Ltd

276

1,339,100

PT

Selamat

Sempurna

Tbk

158

56,076

PWR

Holdings

Ltd

273

3,007

Renault

S.A.

146

497,290

(a),(c)

Rivian

Automotive,

Inc

6,614

36,708

SAF-Holland

SE

563

188,923

SAIC

Motor

Corp

Ltd

536

181,500

Sailun

Group

Co

Ltd

356

2,531,595

Samvardhana

Motherson

International

Ltd

4,596

24,460

(b)

Sansera

Engineering

Ltd

425

428,000

Sanyang

Motor

Co

Ltd

901

128,460

(c)

Schaeffler

AG.

564

4,049

(c)

Sebang

Global

Battery

Co

Ltd

196

33,593

Seiren

Co

Ltd

595

46,541

Seres

Group

Co

Ltd

849

35,805

Shandong

Linglong

Tyre

Co

Ltd

88

6,943

Sharda

Motor

Industries

Ltd

151

37,400

Shoei

Co

Ltd

533

7,485

Shriram

Pistons

&

Rings

Ltd

190

12,221

(c)

SL

Corp

247

5,914

SNT

Motiv

Co

Ltd

161

339,272

(b)

Sona

Blw

Precision

Forgings

Ltd

2,351

3,352,100

Sri

Trang

Agro-Industry

PCL

1,770

37,999

(c)

Ssangyong

Motor

Co

96

97,600

Stanley

Electric

Co

Ltd

1,601

904,602

Stellantis

NV

11,767

3,980

(c)

Stoneridge,

Inc

25

606,800

Sumitomo

Electric

Industries

Ltd

10,848

134,600

(a)

Sumitomo

Rubber

Industries,

Inc

1,511

62,969

Sundaram

Finance

Holdings

Ltd

220

4,258

Sundaram-Clayton

Ltd

526

89,899

Sundram

Fasteners

Ltd

1,111

67,753

Suprajit

Engineering

Ltd

363

1,333,200

Suzuki

Motor

Corp

14,938

4,611,526

Tata

Motors

Ltd

39,747

2,917,909

(c)

Tesla,

Inc

1,178,368

30,750

Thor

Industries,

Inc

2,943

227,287

(b)

TI

Fluid

Systems

plc

550

548,000

(a)

Tianneng

Power

International

Ltd

581

90,838

Tofas

Turk

Otomobil

Fabrik

527

40,147

Tokai

Rika

Co

Ltd

578

19,517

Tokai

Rubber

Industries,

Inc

200

296,000

Tong

Yang

Industry

Co

Ltd

1,009

Stock

4

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

AUTOMOBILES

&

COMPONENTS

(continued)

26,068

Topre

Corp

$

328

91,725

(a)

Toyo

Tire

&

Rubber

Co

Ltd

1,411

293,400

Toyoda

Gosei

Co

Ltd

5,123

181,995

Toyota

Boshoku

Corp

2,355

20,266,570

(c)

Toyota

Motor

Corp

395,710

6,648

(a)

Trigano

S.A.

840

70,400

TS

Tech

Co

Ltd

797

89,570

Tube

Investments

of

India

Ltd

3,735

202,342

TVS

Motor

Co

Ltd

5,586

96,000

TYC

Brother

Industrial

Co

Ltd

185

150,739

UNO

Minda

Ltd

1,848

164,843

(a)

Valeo

1,587

44,391

(b),(c)

Varroc

Engineering

Ltd

305

33,551

(c)

Visteon

Corp

2,977

3,221

Volkswagen

AG.

(Preference)

297

34,500

Weifu

High-Technology

Co

Ltd

57

981,300

(c)

XPeng,

Inc

5,776

1,073,031

(a),(b)

Yadea

Group

Holdings

Ltd

1,774

782,800

(a)

Yamaha

Motor

Co

Ltd

6,897

91,000

(a)

Yokohama

Rubber

Co

Ltd

1,947

480,480

Yulon

Motor

Co

Ltd

742

4,738

ZF

Commercial

Vehicle

Control

Systems

India

Ltd

665

434,900

(b),(c)

Zhejiang

Leapmotor

Technologies

Ltd

1,799

137,000

Zhejiang

Wanfeng

Auto

Wheel

Co

Ltd

356

TOTAL

AUTOMOBILES

&

COMPONENTS

2,724,314

BANKS

-

7.2%

91,210

1st

Source

Corp

5,325

42,003

77

Bank

Ltd

1,205

472,593

(b)

ABN

AMRO

Bank

NV

7,293

342,685

Absa

Group

Ltd

3,446

1,181,981

Abu

Dhabi

Commercial

Bank

PJSC

3,351

602,769

Abu

Dhabi

Islamic

Bank

PJSC

2,268

689,234

(c)

AFFIN

Holdings

Bhd

448

47,281,383

Agricultural

Bank

of

China

Ltd

26,833

98,090,494

Agricultural

Bank

of

China

Ltd

(Class

A)

71,763

13,124,746

AIB

Group

plc

72,579

31,600

Aichi

Financial

Group,

Inc

501

1,085,917

(c)

Ajman

Bank

PJSC

506

12,288,624

Akbank

TAS

22,530

872,391

Al

Ahli

Bank

of

Kuwait

KSCP

734

4,115,881

Al

Rajhi

Bank

103,456

502,457

Alinma

Bank

3,870

69,671

Alior

Bank

S.A.

1,451

700,800

Alliance

Financial

Group

BHD

758

863,148

Alpha

Services

and

Holdings

S.A.

1,441

315,270

(c),(d)

Amagerbanken

AS

0

^

149,550

Amalgamated

Financial

Corp

5,005

380,570

Ameris

Bancorp

23,812

838,934

AMMB

Holdings

BHD

1,028

89,900

Aozora

Bank

Ltd

1,415

362,153

Arab

National

Bank

2,029

138,945

(b)

AU

Small

Finance

Bank

Ltd

905

4,505,152

Australia

&

New

Zealand

Banking

Group

Ltd

79,380

21,444

Awa

Bank

Ltd

369

6,196,009

Axis

Bank

Ltd

76,831

271,010

(c)

Axos

Financial,

Inc

18,930

807,090

Banca

Monte

dei

Paschi

di

Siena

S.p.A

5,721

1,046,336

Banca

Popolare

di

Sondrio

SPA

8,852

68,914

Banco

ABC

Brasil

S.A.

215

15,069,021

Banco

Bilbao

Vizcaya

Argentaria

S.A.

147,442

1,243,864

Banco

BPM

S.p.A.

10,071

635,756

Banco

Bradesco

S.A.

1,097

5

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

4,710,730

Banco

Bradesco

S.A.

(Preference)

$

8,858

24,401,288

Banco

Comercial

Portugues

S.A.

11,711

18,352,151

Banco

de

Chile

2,086

28,807

Banco

de

Credito

e

Inversiones

799

84,884

Banco

de

Sabadell

S.A.

165

1,242,771

(b)

Banco

del

Bajio

S.A.

2,488

695,402

Banco

do

Brasil

S.A.

2,697

156,600

Banco

do

Estado

do

Rio

Grande

do

Sul

259

54,048

Banco

Itau

Chile

S.A.

552

211,900

Banco

Pan

S.A.

217

26,770,189

Banco

Santander

Chile

S.A.

1,273

31,912,579

Banco

Santander

S.A.

147,635

106,901

BanColombia

S.A.

912

201,940

BanColombia

S.A.

(Preference)

1,612

32,563

(c)

Bancorp,

Inc

1,714

553,456

(b)

Bandhan

Bank

Ltd

1,025

5,584,900

(c)

Bank

Aladin

Syariah

Tbk

PT

286

248,301

Bank

AlBilad

2,577

186,042

(c)

Bank

Al-Jazira

924

48,615,870

Bank

Central

Asia

Tbk

PT

29,224

100,527

Bank

Hapoalim

Ltd

1,214

561,100

Bank

Islam

Malaysia

Bhd

310

3,105,800

(c)

Bank

Jago

Tbk

PT

467

126,944

Bank

Leumi

Le-Israel

1,510

460,828

(c)

Bank

Millennium

S.A.

994

6,116,506

Bank

Negara

Indonesia

Persero

Tbk

PT

1,646

7,514,422

Bank

of

America

Corp

330,259

440,811

Bank

of

Baroda

1,235

509,862

Bank

of

Beijing

Co

Ltd

430

205,300

Bank

of

Changsha

Co

Ltd

250

90,620

Bank

of

Chengdu

Co

Ltd

212

981,644

Bank

of

China

Ltd

-

A

741

130,937,912

Bank

of

China

Ltd

-

H

66,629

1,096,812

Bank

of

Communications

Co

Ltd

-

A

1,168

3,825,319

Bank

of

Communications

Co

Ltd

-

H

3,135

901,600

Bank

of

East

Asia

Ltd

1,145

26,051

Bank

of

Georgia

Group

plc

1,536

112,795

Bank

of

Hangzhou

Co

Ltd

226

148,931

Bank

of

Ireland

Group

plc

1,358

477,518

Bank

of

Jiangsu

Co

Ltd

642

599,939

Bank

of

Kaohsiung

Co

Ltd

210

938,991

Bank

of

Montreal

91,159

5,100

Bank

of

Nagoya

Ltd

206

214,914

Bank

of

Nanjing

Co

Ltd

314

156,174

Bank

of

Ningbo

Co

Ltd

520

1,132,709

Bank

of

Nova

Scotia

60,826

727,295

Bank

of

NT

Butterfield

&

Son

Ltd

26,583

508,423

Bank

of

Queensland

Ltd

2,105

283,299

Bank

of

Shanghai

Co

Ltd

355

176,600

Bank

of

Suzhou

Co

Ltd

196

786,908

Bank

of

the

Philippine

Islands

1,660

119,540

Bank

OZK

5,323

73,975

Bank

Pekao

S.A.

2,473

2,724,511

Bank

Pembangunan

Daerah

Jawa

Barat

Dan

Banten

Tbk

PT

154

505,576,768

Bank

Rakyat

Indonesia

127,632

4,944,462

Bank

Tabungan

Negara

Persero

Tbk

PT

349

16,692

Bank

Zachodni

WBK

S.A.

1,853

524,133

(a)

Bankinter

S.A.

4,148

133,520

BankUnited,

Inc

5,096

358,324

Banner

Corp

23,925

29,048

Banque

Cantonale

Vaudoise

2,675

471,752

Banque

Saudi

Fransi

1,985

Stock

6

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

26,413,518

Barclays

plc

$

88,358

242,916

(b)

BAWAG

Group

AG.

20,462

9,162,349

BDO

Unibank,

Inc

22,666

442,551

Bendigo

Bank

Ltd

3,581

125,625

Berkshire

Hills

Bancorp,

Inc

3,572

215,950

BNK

Financial

Group,

Inc

1,509

444,321

BNP

Paribas

S.A.

27,280

3,396,625

BOC

Hong

Kong

Holdings

Ltd

10,846

586,005

Boubyan

Bank

KSCP

1,066

962,279

BPER

Banca

6,137

5,836

(c)

BRE

Bank

S.A.

776

2,926,299

Bumiputra-Commerce

Holdings

BHD

5,361

597,125

Burgan

Bank

SAK

340

30,930

Business

First

Bancshares,

Inc

795

247,755

Byline

Bancorp,

Inc

7,185

9,098,575

(a)

CaixaBank

S.A.

49,398

860,145

(a)

Canadian

Imperial

Bank

of

Commerce

54,411

77,985

(a)

Canadian

Western

Bank

3,187

1,656,444

Canara

Bank

1,930

462,737

Capitec

Bank

Holdings

Ltd

76,872

1,041,670

Capitol

Federal

Financial,

Inc

6,156

70,000

(c)

Carter

Bankshares,

Inc

1,231

33,218

Cathay

General

Bancorp

1,582

89,991

Central

Pacific

Financial

Corp

2,614

2,064,836

Chang

Hwa

Commercial

Bank

1,123

1,807,900

Chiba

Bank

Ltd

13,935

27,137,490

China

Citic

Bank

18,719

233,607

China

Construction

Bank

Corp

-

A

281

80,733,546

China

Construction

Bank

Corp

-

H

66,886

1,339,504

China

Everbright

Bank

Co

Ltd

-

A

710

2,124,845

China

Everbright

Bank

Co

Ltd

-

H

823

6,446,481

China

Merchants

Bank

Co

Ltd

32,905

12,890,010

China

Merchants

Bank

Co

Ltd

(Class

A)

69,400

795,848

China

Minsheng

Banking

Corp

Ltd

-

A

450

3,195,491

China

Minsheng

Banking

Corp

Ltd

-

H

1,410

351,237

China

Zheshang

Bank

Co

Ltd

140

31,796,388

Chinatrust

Financial

Holding

Co

37,852

743,100

Chongqing

Rural

Commercial

Bank

Co

Ltd

616

116,600

Chugin

Financial

Group,

Inc

1,204

3,710,757

Citigroup,

Inc

261,200

4,550

City

Holding

Co

539

278,078

City

Union

Bank

Ltd

558

57,950

Civista

Bancshares,

Inc

1,219

122,947

Close

Brothers

Group

plc

364

18,730

CNB

Financial

Corp

466

505,600

CNPC

Capital

Co

Ltd

477

61,320

(c)

Coastal

Financial

Corp

5,207

40,731

(c)

Collector

Bank

AB

134

128,728

Columbia

Banking

System,

Inc

3,477

30,480

Comerica,

Inc

1,885

1,264,591

Commercial

Bank

PSQC

1,511

953,227

Commercial

International

Bank

1,472

2,356,319

Commerzbank

AG.

38,697

2,346,499

Commonwealth

Bank

of

Australia

222,028

75,620

Community

Bank

System,

Inc

4,664

58,970

Community

Trust

Bancorp,

Inc

3,127

2,690,900

Concordia

Financial

Group

Ltd

14,799

27,288

Credicorp

Ltd

5,002

16,557

Credit

Agricole

S.A.

228

57,281

Credito

Emiliano

S.p.A.

647

332,610

(c)

CrossFirst

Bankshares,

Inc

5,039

79,350

(c)

Customers

Bancorp,

Inc

3,863

7

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

5,646,074

(c),(d)

Cyprus

Popular

Bank

PCL

$

58

299,627

Dah

Sing

Banking

Group

Ltd

315

135,508

Dah

Sing

Financial

Holdings

Ltd

489

57,172

Daishi

Hokuetsu

Financial

Group,

Inc

1,043

1,509,056

Danske

Bank

AS

42,786

1,831,604

DBS

Group

Holdings

Ltd

58,695

80,886

DCB

Bank

Ltd

114

614,205

DGB

Financial

Group,

Inc

3,393

13,969

DNB

Bank

ASA

279

1,870,201

Doha

Bank

QPSC

1,023

1,193,887

Dubai

Islamic

Bank

PJSC

2,303

1,387,023

Dukhan

Bank

1,408

5,805,464

E.Sun

Financial

Holding

Co

Ltd

4,766

48,890

Eagle

Bancorp,

Inc

1,273

115,005

East

West

Bancorp,

Inc

11,013

776,672

Emirates

NBD

Bank

PJSC

4,536

41,960

Enterprise

Financial

Services

Corp

2,367

23,210

(a),(c)

Equitable

Group,

Inc

1,598

439,174

(b)

Equitas

Small

Finance

Bank

Ltd

328

971,849

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

60,154

7,370

Esquire

Financial

Holdings,

Inc

586

1,107,899

Eurobank

Ergasias

Services

and

Holdings

S.A.

2,553

1,774,020

Far

Eastern

International

Bank

713

119,450

FB

Financial

Corp

6,153

1,358,568

Federal

Bank

Ltd

3,165

13,451

FIBI

Holdings

Ltd

688

4,478,685

Fifth

Third

Bancorp

189,359

706,678

FinecoBank

Banca

Fineco

S.p.A

12,333

1,777,399

First

Abu

Dhabi

Bank

PJSC

6,647

48,500

First

Citizens

Bancshares,

Inc

(Class

A)

102,481

591,721

First

Financial

Bankshares,

Inc

21,332

67,380

First

Financial

Corp

3,112

4,447,941

First

Financial

Holding

Co

Ltd

3,673

211,240

First

Hawaiian,

Inc

5,482

747,765

First

Horizon

National

Corp

15,060

42,525

First

International

Bank

Of

Israel

Ltd

2,095

625,252

First

Interstate

BancSystem,

Inc

20,302

57,330

First

Merchants

Corp

2,287

139,000

FNB

Corp

2,054

141,300

Fukuoka

Financial

Group,

Inc

3,518

14,710

Fulton

Financial

Corp

284

8,760,985

Grupo

Financiero

Banorte

S.A.

de

C.V.

56,290

750,877

(a),(c)

Grupo

Financiero

Inbursa

S.A.

1,563

1,205,431

Grupo

Security

S.A.

320

861,301

Gulf

Bank

KSCP

910

277,800

Gunma

Bank

Ltd

1,869

279,000

Hachijuni

Bank

Ltd

1,783

441,127

Haci

Omer

Sabanci

Holding

AS

1,197

116,191

Hana

Financial

Group,

Inc

4,446

102,140

Hancock

Whitney

Corp

5,589

694,535

Hang

Seng

Bank

Ltd

8,507

11,324,318

HDFC

Bank

Ltd

234,190

244,943

HDFC

Bank

Ltd

(ADR)

15,642

50,520

(a)

Heartland

Financial

USA,

Inc

3,097

175,170

Hilltop

Holdings,

Inc

5,015

204,302

Hirogin

Holdings,

Inc

1,499

14,700

Hokkoku

Financial

Holdings,

Inc

498

77,460

Hokuhoku

Financial

Group,

Inc

939

635,132

Home

Bancshares,

Inc

17,974

15,210

HomeTrust

Bancshares,

Inc

512

206,012

Hong

Leong

Bank

BHD

947

6,038,136

HSBC

Holdings

plc

59,313

Stock

8

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

3,481,985

Hua

Nan

Financial

Holdings

Co

Ltd

$

2,773

247,686

Huaxia

Bank

Co

Ltd

272

147,374

Hyakugo

Bank

Ltd

587

4,533,000

ICICI

Bank

Ltd

67,731

1,370,128

(c)

IDFC

First

Bank

Ltd

1,008

13,980

Independent

Bank

Corp

487

114,756

IndusInd

Bank

Ltd

1,284

1,658,839

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

1,573

56,447,914

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

37,633

514,105

Industrial

Bank

Co

Ltd

1,349

105,172

Industrial

Bank

of

Korea

1,020

25,957,657

ING

Groep

NV

406,797

87,710

(a)

Inter

&

Co,

Inc

370

24,009

Intercorp

Financial

Services,

Inc

704

55,700

International

Bancshares

Corp

3,518

5,084,903

Intesa

Sanpaolo

S.p.A.

20,395

2,231,064

Investimentos

Itau

S.A.

-

PR

3,187

102,020

Israel

Discount

Bank

Ltd

698

13,739,802

Itau

Unibanco

Holding

S.A.

67,970

186,354

Iyogin

Holdings,

Inc

1,801

312,641

Jammu

&

Kashmir

Bank

Ltd

367

1,257,200

Japan

Post

Bank

Co

Ltd

11,883

81,668

JB

Financial

Group

Co

Ltd

898

4,703,317

JPMorgan

Chase

&

Co

1,127,432

506,854

(c)

Judo

Capital

Holdings

Ltd

570

22,140

Juroku

Financial

Group,

Inc

598

36,219

Jyske

Bank

2,572

64,699

(c)

KakaoBank

Corp

914

96,536

Karnataka

Bank

Ltd

241

332,749

Karur

Vysya

Bank

Ltd

842

239,000

Kasikornbank

PCL

(Foreign)

1,088

1,112,256

KB

Financial

Group,

Inc

62,632

71,485

KBC

Ancora

3,739

534,888

KBC

Groep

NV

41,298

65,248

Keiyo

Bank

Ltd

324

1,104,600

Kiatnakin

Phatra

Bank

PCL

1,701

572,000

King's

Town

Bank

Co

Ltd

883

43,819

Kiyo

Bank

Ltd

613

28,989

Komercni

Banka

AS

1,012

446,700

Kotak

Mahindra

Bank

Ltd

9,298

3,115,396

Krung

Thai

Bank

PCL

1,917

4,161,060

Kuwait

Finance

House

KSCP

10,065

796,221

Kuwait

International

Bank

KSCP

472

1,653,792

Kuwait

Projects

Co

Holding

KSCP

509

186,400

Kyoto

Financial

Group,

Inc

2,726

251,900

Kyushu

Financial

Group,

Inc

1,151

14,730

Lakeland

Financial

Corp

1,013

34,846

(a)

Laurentian

Bank

of

Canada

702

288,191

Live

Oak

Bancshares,

Inc

11,398

43,469,932

Lloyds

TSB

Group

plc

29,687

806,677

M&T

Bank

Corp

151,663

2,218,330

Malayan

Banking

BHD

5,079

1,784,600

Malaysia

Building

Society

Bhd

295

2,327,109

Masraf

Al

Rayan

QSC

1,574

777,500

Mebuki

Financial

Group,

Inc

3,150

1,462,062

Mediobanca

S.p.A.

21,352

4,801,731

Mega

Financial

Holding

Co

Ltd

5,661

6,770

Mercantile

Bank

Corp

301

734,914

Metropolitan

Bank

&

Trust

910

5,690

(c)

Metropolitan

Bank

Holding

Corp

332

104,780

Midland

States

Bancorp,

Inc

2,557

26,749,082

Mitsubishi

UFJ

Financial

Group,

Inc

312,288

9

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

12,382

Mizrahi

Tefahot

Bank

Ltd

$

536

2,219,257

Mizuho

Financial

Group,

Inc

54,178

78,914

(b)

Moneta

Money

Bank

AS

402

19,768

Musashino

Bank

Ltd

374

21,849

Nanto

Bank

Ltd

444

2,836,544

National

Australia

Bank

Ltd

64,992

109,675

National

Bank

Holdings

Corp

4,723

311,896

(a)

National

Bank

of

Canada

28,433

1,221,701

National

Bank

of

Greece

S.A.

9,673

3,289,765

National

Bank

of

Kuwait

SAKP

9,557

32,865,718

NatWest

Group

plc

164,698

25,690

(c)

NB

Bancorp,

Inc

464

194,282

Nedbank

Group

Ltd

2,900

91,464

Nishi-Nippon

Financial

Holdings,

Inc

1,169

142,928

Nordea

Bank

AB

publ

1,557

11,092,113

Nordea

Bank

AB

publ

121,023

212,597

North

Pacific

Bank

Ltd

614

34,960

Northeast

Bank

3,207

2,440

Northrim

BanCorp,

Inc

190

9,176,524

(c)

NU

Holdings

Ltd

95,069

1,135,000

O-Bank

Co

Ltd

342

464,824

(a)

OFG

Bancorp

19,671

23,107

Ogaki

Kyoritsu

Bank

Ltd

283

29,950

Old

Second

Bancorp,

Inc

533

42,304

Optima

bank

S.A.

567

74,110

(a)

Origin

Bancorp,

Inc

2,467

83,996

OTP

Bank

Rt

4,591

5,882,125

Oversea-Chinese

Banking

Corp

71,839

172,560

Pacific

Premier

Bancorp,

Inc

4,300

205,770

Pathward

Financial,

Inc

15,141

14,220

Peapack

Gladstone

Financial

Corp

456

64,630

Peoples

Bancorp,

Inc

2,048

466,584

Ping

An

Bank

Co

Ltd

748

421,958

Piraeus

Financial

Holdings

S.A.

1,680

355,924

PNC

Financial

Services

Group,

Inc

68,640

22,553

Popular,

Inc

2,121

725,837

Postal

Savings

Bank

of

China

Co

Ltd

-

A

565

3,498,972

(b)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

2,054

355,710

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

5,149

220,147

Preferred

Bank

19,016

4,438

Premier

Financial

Corp

113

79,592

Prosperity

Bancshares,

Inc

5,997

15,287,770

PT

Bank

Mandiri

Persero

Tbk

5,381

5,909,480

Public

Bank

Bhd

6,024

937,442

Punjab

National

Bank

1,121

374,340

Qatar

International

Islamic

Bank

QSC

1,121

727,542

Qatar

Islamic

Bank

SAQ

4,269

1,849,341

Qatar

National

Bank

QPSC

8,780

57,262

QCR

Holdings,

Inc

4,618

103,599

Raiffeisen

International

Bank

Holding

AG.

2,117

71,600

(c)

Rakuten

Bank

Ltd

1,999

340,977

(b)

RBL

Bank

Ltd

627

195,600

Regional

SAB

de

C.V.

1,098

120,510

Renasant

Corp

4,308

3,694,500

Resona

Holdings,

Inc

26,633

530,274

RHB

Capital

BHD

768

20,479

Ringkjoebing

Landbobank

A.S.

3,433

593,248

Riyad

Bank

4,509

1,302,716

Royal

Bank

of

Canada

157,074

115,164

San-In

Godo

Bank

Ltd

919

406,526

Saudi

Awwal

Bank

3,638

191,501

Saudi

Investment

Bank

738

Stock

10

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

2,475,220

Saudi

National

Bank

$

21,964

43,900

SBI

Sumishin

Net

Bank

Ltd

1,051

706,361

SCB

X

PCL

2,427

185,079

Seacoast

Banking

Corp

of

Florida

5,095

122,200

Senshu

Ikeda

Holdings,

Inc

305

514,300

(a)

Seven

Bank

Ltd

1,018

1,436,331

Shanghai

Commercial

&

Savings

Bank

Ltd

1,733

690,034

Shanghai

Pudong

Development

Bank

Co

Ltd

973

477,700

Shanghai

Rural

Commercial

Bank

Co

Ltd

557

123,900

Shiga

Bank

Ltd

3,072

1,054,507

Shinhan

Financial

Group

Co

Ltd

34,194

400,800

Shizuoka

Financial

Group,

Inc

3,251

46,890

Shore

Bancshares,

Inc

743

4,304,874

SinoPac

Financial

Holdings

Co

Ltd

3,001

2,283,146

Skandinaviska

Enskilda

Banken

AB

(Class

A)

31,288

2,703,289

Societe

Generale

75,869

855,824

South

Indian

Bank

Ltd

250

43,510

South

Plains

Financial,

Inc

1,512

246,043

SouthState

Corp

24,476

59,593

Spar

Nord

Bank

A.S.

1,706

29,425

Sparebank

Oestlandet

408

147,336

SpareBank

SR-Bank

ASA

1,901

99,806

Sparebanken

Midt-Norge

1,502

73,586

Sparebanken

Nord-Norge

798

1,359,172

Standard

Bank

Group

Ltd

15,972

5,337,304

Standard

Chartered

plc

65,709

737,828

State

Bank

of

India

6,836

8,736,709

Sumitomo

Mitsui

Financial

Group,

Inc

209,683

3,176,842

Sumitomo

Mitsui

Trust

Holdings,

Inc

74,210

105,964

Suruga

Bank

Ltd

754

22,760

Svenska

Handelsbanken

AB

235

13,249

Swedbank

AB

(A

Shares)

262

149,379

Sydbank

AS

7,885

2,814,347

Taichung

Commercial

Bank

Co

Ltd

1,608

4,682,034

Taishin

Financial

Holdings

Co

Ltd

2,482

2,726,523

Taiwan

Business

Bank

1,234

4,137,913

Taiwan

Cooperative

Financial

Holding

Co

Ltd

3,064

31,123

Tamilnad

Mercantile

Bank

Ltd

164

33,625

TBC

Bank

Group

plc

1,313

181,949

(c)

Texas

Capital

Bancshares,

Inc

14,228

848,000

Thanachart

Capital

PCL

1,256

58,190

(c)

Third

Coast

Bancshares,

Inc

1,976

997,600

Tisco

Bank

PCL

2,880

21,803,500

TMB

Bank

PCL

(Foreign)

1,188

116,343

Toho

Bank

Ltd

217

86,200

Tokyo

Kiraboshi

Financial

Group,

Inc

2,482

107,364

TOMONY

Holdings,

Inc

305

1,612,854

Toronto-Dominion

Bank

85,869

3,805,779

Turkiye

Is

Bankasi

(Series

C)

1,455

701,264

(b)

Ujjivan

Small

Finance

Bank

Ltd

276

132,020

UMB

Financial

Corp

14,900

5,447,947

(b)

Unicaja

Banco

S.A.

7,195

1,821,143

UniCredit

S.p.A

72,934

622,905

Union

Bank

of

India

872

954,817

Union

Bank

Of

Taiwan

444

3,710

United

Bankshares,

Inc

139

1,156,804

United

Overseas

Bank

Ltd

30,720

66,360

Univest

Financial

Corp

1,958

11,885

Valiant

Holding

AG.

1,385

718,638

Veritex

Holdings,

Inc

19,518

635,093

(c),(d)

VTB

Bank

PJSC

(GDR)

Equiduct

6

664,707

(c),(d)

VTB

Bank

PJSC

(GDR)

Tradegate

7

11

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

958,801

(c)

Warba

Bank

KSCP

$

597

9,356,645

Wells

Fargo

&

Co

657,211

68,904

WesBanco,

Inc

2,242

51,070

Westamerica

Bancorporation

2,679

103,034

Western

Alliance

Bancorp

8,607

3,179,811

Westpac

Banking

Corp

63,472

269,719

Wintrust

Financial

Corp

33,637

247,941

Woori

Financial

Group,

Inc

2,583

135,199

Yamaguchi

Financial

Group,

Inc

1,399

1,417,348

Yapi

ve

Kredi

Bankasi

1,227

5,830,142

(c)

Yes

Bank

Ltd

1,330

TOTAL

BANKS

9,083,280

CAPITAL

GOODS

-

8.3%

190,481

3M

Co

24,589

8,401

3M

India

Ltd

2,978

71,932

A.O.

Smith

Corp

4,906

76,063

Aalberts

Industries

NV

2,705

40,707

Aaon,

Inc

4,790

776,335

ABB

Ltd

41,921

46,231

ABB

Ltd

India

3,725

425,749

AcBel

Polytech,

Inc

392

253,437

Accelleron

Industries

AG.

13,071

16,550

Ackermans

&

Van

Haaren

3,264

2,872

ACS

Actividades

de

Construccion

y

Servicios

S.A.

144

86,000

Acter

Co

Ltd

974

28,149

Action

Construction

Equipment

Ltd

494

10,100

Acuity

Brands,

Inc

2,951

125,961

Adani

Enterprises

Ltd

3,712

252,739

AddTech

AB

6,887

14,985

ADENTRA,

Inc

387

25,000

Advanced

Energy

Solution

Holding

Co

Ltd

868

42,827

AECC

Aero-Engine

Control

Co

Ltd

130

130,152

AECC

Aviation

Power

Co

Ltd

739

313,015

Aecom

Technology

Corp

33,436

47,226

(a)

Aecon

Group,

Inc

894

188,223

(a)

AerCap

Holdings

NV

18,013

89,340

(c)

Aerovironment,

Inc

13,749

490,430

(a),(c)

AerSale

Corp

3,090

39,954

(a)

AFG

Arbonia-Forster

Hldg

492

15,108

(a)

AG.

Growth

International,

Inc

534

18,108

Ahluwalia

Contracts

India

Ltd

216

34,797

AIA

Engineering

Ltd

1,382

71,100

Aichi

Corp

650

63,135

Air

Lease

Corp

3,044

1,237,278

Airbus

SE

198,126

117,226

Airtac

International

Group

3,011

17,469

Aker

ASA

(A

Shares)

843

17,107

Al

Babtain

Power

&

Telecommunication

Co

177

141,918

Alarko

Holding

AS.

369

159,280

Albany

International

Corp

(Class

A)

12,738

4,516

Alfa

Laval

AB

189

3,055,200

Alfa

S.A.

de

C.V.

(Class

A)

2,211

54,156

(b)

Alimak

Group

AB

575

277,321

Allegion

plc

36,240

2,357,300

Alliance

Global

Group,

Inc

367

1,288

Allied

Motion

Technologies,

Inc

31

135,627

Allis

Electric

Co

Ltd

415

62,536

Allison

Transmission

Holdings,

Inc

6,758

4,744,618

Alstom

RGPT

105,867

2,660

(a)

Alta

Equipment

Group,

Inc

17

1,670,100

Amada

Co

Ltd

16,238

79,625

Amara

Raja

Batteries

Ltd

1,113

Stock

12

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

377,980

(c)

American

Superconductor

Corp

$

9,310

102,222

Ametek,

Inc

18,427

51,945

Andritz

AG.

2,637

6,694

Anveshan

Heavy

Engineering

Ltd

273

13,387

Apar

Industries

Ltd

1,611

11,000

Apex

Dynamics,

Inc

311

137,143

(c)

API

Group

Corp

4,933

134,590

Apogee

Enterprises,

Inc

9,611

125,018

Applied

Industrial

Technologies,

Inc

29,938

33,480

AQ

Group

AB

424

243,868

(c)

Arabi

Group

Holding

KSC

351

1,448,490

(a),(c)

Archer

Aviation,

Inc

14,123

299,608

Arcosa,

Inc

28,984

53,161

Ariston

Holding

NV

190

91,400

Armac

Locacao

Logistica

E

Servicos

S.A.

74

26,358

Armstrong

World

Industries,

Inc

3,725

112,100

(a)

Asahi

Glass

Co

Ltd

3,275

1,163,703

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

2,385

1,266,886

Ashok

Leyland

Ltd

3,255

72,069

(c)

Ashoka

Buildcon

Ltd

261

2,623,251

Ashtead

Group

plc

162,295

169,028

Ashtead

Technology

Holdings

plc

1,183

37,919

(c)

Ashtrom

Group

Ltd

662

2,489,314

Assa

Abloy

AB

73,525

221,642

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS.

714

29,633

Astra

Industrial

Group

1,420

127,975,307

Astra

International

Tbk

PT

38,902

235,888

Astral

Ltd

4,548

22,500

(a),(c)

Astroscale

Holdings,

Inc

112

135,315

AtkinsRealis

Group,

Inc

7,179

2,302,357

Atlas

Copco

AB

35,138

620,547

Atlas

Copco

AB

8,384

1,092,638

Atmus

Filtration

Technologies,

Inc

42,810

67,643

(a),(c)

ATS

Corp

2,063

888,000

Austal

Ltd

1,701

397,911

(c)

Automob

Participacoes

S.A.

22

906,610

(b),(c)

AutoStore

Holdings

Ltd

888

726,037

AviChina

Industry

&

Technology

Co

Ltd

358

22,959

AVICOPTER

plc

121

41,813

(c)

Axon

Enterprise,

Inc

24,850

95,321

Ayala

Corp

982

2,215

(c),(d)

Ayala

Corp

Preferred

0

^

14,627

(c)

Azad

Engineering

Ltd

293

169,780

(c)

AZEK

Co,

Inc

8,059

116,237

Azelis

Group

NV

2,288

193,036

Babcock

International

Group

1,207

148,573

Badger

Infrastructure

Solutions

Ltd

3,709

2,376,519

BAE

Systems

plc

34,092

408,856

Balfour

Beatty

plc

2,328

193,892

(a),(c)

Ballard

Power

Systems,

Inc

322

13,533

Balmer

Lawrie

&

Co

Ltd

33

23,279

Balu

Forge

Industries

Ltd

214

118,897

Barloworld

Ltd

680

20,521

Bawan

Co

306

9,895

(a)

BayWa

AG.

109

336,130

(c)

Beacon

Roofing

Supply,

Inc

34,144

463,207

(a)

Beijer

Ref

AB

6,836

83,712

Beijing

New

Building

Materials

plc

348

21,548

Belimo

Holding

AG.

14,250

15,502

BEML

Ltd

734

1,252,000

BES

Engineering

Corp

406

4,298

Bharat

Bijlee

Ltd

188

13

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

260,172

Bharat

Dynamics

Ltd

$

3,401

3,134,933

Bharat

Electronics

Ltd

10,698

954,078

Bharat

Heavy

Electricals

Ltd

2,546

284,754

Bidvest

Group

Ltd

3,975

38,578

(a)

Bird

Construction

Income

Fund

699

504,937

Bizlink

Holding,

Inc

9,395

156,810

(c)

Blue

Bird

Corp

6,058

94,596

Blue

Star

Ltd

2,358

92,006

(b)

BOC

Aviation

Ltd

712

1,509,658

Bodycote

plc

11,911

1,751,921

(c)

Boeing

Co

310,090

19,190

Boise

Cascade

Co

2,281

67,668

(c)

Bombardier,

Inc

4,602

25,000

Bondada

Engineering

Ltd

176

4,300

(a)

Bossard

Holding

AG.

905

184,313

Bouygues

S.A.

5,458

355,392

Brenntag

SE

21,373

244,000

Brighton-Best

International

Taiwan,

Inc

251

16,490

(a)

Brookfield

Business

Corp

403

5,014

Bucher

Industries

AG.

1,804

10,863

Budimex

S.A.

1,228

20,228

Bufab

AB

803

143,139

(c)

Builders

FirstSource,

Inc

20,459

36,700

Bunka

Shutter

Co

Ltd

448

363,530

Bunzl

plc

14,968

21,501

Burckhardt

Compression

Holding

AG.

15,359

14,061

Burkhalter

Holding

AG.

1,410

51,854

BWX

Technologies,

Inc

5,776

209,970

(c)

Byrna

Technologies,

Inc

6,049

1,170

(a)

Bystronic

AG.

400

67,000

C

Sun

Manufacturing

Ltd

420

140,143

(c)

Cadeler

A.S.

784

361,287

(c)

CAE,

Inc

9,174

15,797

Carbone

Lorraine

336

35,453

(a),(b)

Carel

Industries

S.p.A

681

30,423

Cargotec

Oyj

1,610

27,226

Carlisle

Cos,

Inc

10,042

2,538,585

Carrier

Global

Corp

173,284

248,521

Caterpillar,

Inc

90,153

2,124

(a)

Cembre

S.p.A

92

34,100

Central

Glass

Co

Ltd

715

5,180

Cera

Sanitaryware

Ltd

459

249,537

CG

Power

&

Industrial

Solutions

Ltd

2,117

1,049,700

CH

Karnchang

PCL

591

967,051

Chemring

Group

plc

3,969

8,587

Cheryong

Electric

Co

Ltd

264

109,000

Chicony

Power

Technology

Co

Ltd

397

907,000

(c)

Chin

Hin

Group

Bhd

483

1,210,000

China

Communications

Services

Corp

Ltd

707

1,089,000

China

Conch

Venture

Holdings

Ltd

933

234,200

China

CSSC

Holdings

Ltd

1,153

1,997,500

China

Energy

Engineering

Corp

Ltd

627

5,047,000

China

Lesso

Group

Holdings

Ltd

2,234

144,700

China

National

Chemical

Engineering

Co

Ltd

164

594,018

China

Railway

Group

Ltd

-

A

520

1,861,000

China

Railway

Group

Ltd

-

H

943

754,000

China

State

Construction

Development

Holdings

Ltd

175

1,067,300

China

State

Construction

Engineering

Corp

Ltd

877

870,000

China

State

Construction

International

Holdings

Ltd

1,369

329,800

China

XD

Electric

Co

Ltd

343

138,545

(a),(c)

Chiyoda

Corp

282

98,600

Chudenko

Corp

2,094

Stock

14

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

468,000

Chung-Hsin

Electric

&

Machinery

Manufacturing

Corp

$

2,192

612,000

CIMC

Enric

Holdings

Ltd

554

2,710,517

Citic

Pacific

Ltd

3,181

10,544

CJ

Corp

703

2,275,984

CK

Hutchison

Holdings

Ltd

12,100

41,593

CKD

Corp

667

22,920

CNGR

Advanced

Material

Co

Ltd

113

1,737,114

CNH

Industrial

NV

19,681

6,123

Colt

CZ

Group

SE

168

80,398

Comfort

Systems

USA,

Inc

34,094

755,835

Compagnie

de

Saint-Gobain

67,165

90,217

COMSYS

Holdings

Corp

1,851

38,004

Construcciones

y

Auxiliar

de

Ferrocarriles

S.A.

1,376

29,400

(c)

Construction

Partners,

Inc

2,601

993,898

Contemporary

Amperex

Technology

Co

Ltd

36,228

239,000

Continental

Holdings

Corp

219

160,861

(c)

Core

&

Main,

Inc

8,189

8,328

Craftsman

Automation

Ltd

523

121,599

Crane

Co

18,453

38,617

(c)

Creative

&

Innovative

System

192

138,371

CS

Wind

Corp

3,883

563,010

(c)

CSBC

Corp

Taiwan

258

431,000

CTCI

Corp

507

120,359

Cummins

India

Ltd

4,590

74,733

Cummins,

Inc

26,052

72,068

Curtiss-Wright

Corp

25,575

205,195

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS.

122

35,000

CyberPower

Systems,

Inc

414

6,047

Daetwyler

Holding

AG.

888

162,077

(c)

Daewoo

Engineering

&

Construction

Co

Ltd

339

46,833

Daewoo

International

Corp

1,244

36,497

(c)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

917

143,300

Dai-Dan

Co

Ltd

3,456

62,253

Daifuku

Co

Ltd

1,279

14,548

Daihen

Corp

733

435,928

Daikin

Industries

Ltd

50,864

902,496

Daimler

Truck

Holding

AG.

34,567

34,700

(a)

Daiwa

Industries

Ltd

336

9,046

(a)

Danieli

&

Co

S.p.A.

226

30,384

Danieli

&

Co

S.p.A.

(RSP)

602

23,756

Dassault

Aviation

S.A.

4,854

28,999

Data

Patterns

India

Ltd

834

94,617

DCC

plc

6,063

202,740

Deere

&

Co

85,901

91,965

Deutz

AG.

386

17,853

(b)

Dilip

Buildcon

Ltd

94

103,135

Diploma

plc

5,464

71,722

DiscoverIE

Group

plc

634

28,297

DKSH

Holding

AG.

2,101

26,394

(c)

DL

E&C

Co

Ltd

573

5,853,700

DMCI

Holdings,

Inc

1,091

176,010

(c)

DNOW,

Inc

2,290

25,790

Donaldson

Co,

Inc

1,737

150,529

Dongfang

Electric

Corp

Ltd

328

49,400

Doosan

Bobcat,

Inc

1,386

5,591

Doosan

Corp

951

38,176

(c)

Doosan

Fuel

Cell

Co

Ltd

409

182,903

(c)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

2,150

108,183

(c)

Doosan

Infracore

Co

Ltd

502

61,840

Douglas

Dynamics,

Inc

1,461

892,814

Dover

Corp

167,492

5,776

Dredging

Environmental

&

Marine

Engineering

NV

825

15

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

543,501

(c)

DroneShield

Ltd

$

256

1,556,435

Dubai

Investments

PJSC

915

52,360

(c)

Ducommun,

Inc

3,333

40,294

Duerr

AG.

894

91,231

(c)

Dycom

Industries,

Inc

15,880

4,087,800

Dynasty

Ceramic

PCL

211

1,478,708

Eaton

Corp

plc

490,739

362,000

Ebara

Corp

5,554

1,120,000

E-Commodities

Holdings

Ltd

188

52,197

(c)

Ecopro

BM

Co

Ltd

3,822

81,974

(c)

Ecopro

Co

Ltd

3,143

14,384

(c)

Ecopro

Materials

Co

Ltd

627

1,155

Eiffage

S.A.

101

26,108

Elbit

Systems

Ltd

6,846

8,947

Elco

Ltd

368

66,996

Elecon

Engineering

Co

Ltd

495

1,737

Electra

Israel

Ltd

978

504,360

Electrical

Industries

Co

972

1,824,332

Electrocomponents

plc

15,544

192,233

Electrolux

Professional

AB

1,190

227,212

Electrosteel

Castings

Ltd

369

157,618

Elgi

Equipments

Ltd

1,065

1,207,354

(c)

Embraer

S.A.

11,073

50,645

EMCOR

Group,

Inc

22,988

3,266,702

Emerson

Electric

Co

404,842

679,055

(c)

Empresa

Brasileira

de

Aeronautica

S.A.

(ADR)

24,908

5,558

Energiekontor

AG.

282

67,380

(c)

Energy

Recovery,

Inc

990

62,170

Enerpac

Tool

Group

Corp

2,555

26,392

(a)

Engcon

AB

250

228,293

Engineers

India

Ltd

484

2,478

(a),(c)

Enovix

Corp

27

119,814

EnPro

Industries,

Inc

20,662

324,000

(a),(c)

Envision

Greenwise

Holdings

Ltd

313

10,285

Epiroc

AB

179

6,088

Epiroc

AB

95

93,707

Esab

Corp

11,239

15,479

ESAB

India

Ltd

1,063

237,409

ESCO

Technologies,

Inc

31,625

607,332

(c)

Estithmar

Holding

QPSC

311

164,679

(c)

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS.

154

52,807

Eve

Energy

Co

Ltd

338

78,000

Evergreen

Aviation

Technologies

Corp

231

31,027

(c)

Everus

Construction

Group,

Inc

2,040

10,898

(c)

Exosens

SAS

219

183,764

Fanuc

Ltd

4,800

2,668,631

Far

Eastern

Textile

Co

Ltd

2,570

335,609

Fastenal

Co

24,134

147,886

FAW

Jiefang

Group

Co

Ltd

166

239,562

Federal

Signal

Corp

22,133

118,154

Ferguson

Enterprises,

Inc

20,508

457,759

Ferrovial

SE

19,214

235,284

(c)

Fincantieri

S.p.A

1,694

108,065

Finning

International,

Inc

2,864

244,550

Finolex

Cables

Ltd

3,372

420,000

(a)

First

Tractor

Co

Ltd

385

823,823

Fletcher

Building

Ltd

1,312

766,195

Flowserve

Corp

44,072

34,836

FLSmidth

&

Co

AS

1,727

554,290

(a),(c)

Fluence

Energy,

Inc

8,802

227,853

Fluidra

S.A.

5,547

488,340

(c)

Fluor

Corp

24,085

Stock

16

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

1,279

Forbo

Holding

AG.

$

1,063

3,229

Force

Motors

Ltd

245

261,302

Fortive

Corp

19,598

380,100

Fortune

Electric

Co

Ltd

6,507

2,779,508

(a)

Fosun

International

1,619

116,570

Franklin

Electric

Co,

Inc

11,360

57,900

FTAI

Aviation

Ltd

8,340

88,362

Fugro

NV

1,531

675,515

Fuji

Electric

Holdings

Co

Ltd

36,114

362,945

Fuji

Machine

Manufacturing

Co

Ltd

5,485

213,400

Fujikura

Ltd

8,712

47,639

Fujitec

Co

Ltd

1,844

22,278

Fukushima

Galilei

Co

Ltd

372

20,256

Furukawa

Co

Ltd

205

54,144

Furukawa

Electric

Co

Ltd

2,245

17,934

(c)

G

R

Infraprojects

Ltd

307

70,000

G

Shank

Enterprise

Co

Ltd

183

3,242,912

Gamuda

BHD

3,433

23,773

Garden

Reach

Shipbuilders

&

Engineers

Ltd

447

142,664

(c)

Gates

Industrial

Corp

plc

2,935

337,382

GE

T&D

India

Ltd

8,150

42,600

GE

Vernova,

Inc

14,012

616,996

GEA

Group

AG.

30,648

517

Geberit

AG.

293

43,618

GEK

Group

of

Cos

S.A.

834

262,979

GEM

Co

Ltd

235

35,150

(c)

Generac

Holdings,

Inc

5,450

224,530

General

Dynamics

Corp

59,161

761,937

General

Electric

Co

127,083

207,280

Genuit

Group

plc

1,011

61,253

(a)

Georg

Fischer

AG.

4,637

61,000

GFC

Ltd

192

61,993

(c)

Gibraltar

Industries,

Inc

3,651

14,300

Ginlong

Technologies

Co

Ltd

120

116,629

(c)

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS.

155

180,256

Glory

Ltd

2,947

25,752

GMM

Pfaudler

Ltd

354

130,903

(c)

GMR

Power

and

Urban

Infra

Ltd

184

51,213

(c)

Godrej

Industries

Ltd

697

33,640

Gongniu

Group

Co

Ltd

324

25,600

Gorman-Rupp

Co

971

43,630

Gotion

High-tech

Co

Ltd

127

1,113,470

Grafton

Group

plc

13,304

49,541

Graphite

India

Ltd

326

341,840

(c)

Great

Lakes

Dredge

&

Dock

Corp

3,859

19,721

Greenlam

Industries

Ltd

134

2,633,000

(a),(b)

Greentown

Management

Holdings

Co

Ltd

1,113

58,220

Griffon

Corp

4,149

36,423

Grindwell

Norton

Ltd

817

460,493

(a)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

2,546

134,538

(a)

Grupo

Rotoplas

SAB

de

C.V.

103

56,409

(c)

GS

Engineering

&

Construction

Corp

662

41,883

(c)

GS

Holdings

Corp

1,111

67,154

GS

Yuasa

Corp

1,116

70,630

GT

Capital

Holdings,

Inc

799

88,232

Gulf

Cables

&

Electrical

Industries

Group

Co.

KSCP

515

48,989

(b),(c)

GVS

S.p.A

249

616,497

Haitian

International

Holdings

Ltd

1,666

5,938

(a)

Hammond

Power

Solutions,

Inc

529

325,668

Hangzhou

Steam

Turbine

Power

Group

Co

Ltd

431

26,079

Hanwa

Co

Ltd

818

24,914

(c)

Hanwha

Corp

452

17

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

13,757

(c)

Hanwha

Corp

$

140

27,100

(c)

Hanwha

Industrial

Solutions

Co

Ltd

568

52,152

(c)

Hanwha

Systems

Co

Ltd

797

300,500

HAP

Seng

Consolidated

BHD

235

7,540

Happy

Forgings

Ltd

88

3,090,000

Harbin

Power

Equipment

1,001

40,800

Harmonic

Drive

Systems,

Inc

854

215,195

Havells

India

Ltd

4,205

410,240

(c)

Hayward

Holdings,

Inc

6,273

110,536

Hazama

Ando

Corp

832

84,247

HBL

Power

Systems

Ltd

610

9,754

(c)

HD

Hyundai

Construction

Equipment

Co

Ltd

383

19,420

HD

Hyundai

Electric

Co

Ltd

4,993

18,229

(c)

HD

Hyundai

Heavy

Industries

Co

Ltd

3,530

28,827

(c)

HDC

Hyundai

Development

Co-Engineering

&

Construction

352

47,465

HEG

Ltd

282

134,214

HEICO

Corp

31,908

45,997

HEICO

Corp

(Class

A)

8,559

15,954

Heijmans

NV

(ADR)

523

233,823

Hensoldt

AG.

8,401

96,179

(c)

Hexagon

Composites

ASA

384

135,269

Hexatronic

Group

AB

442

49,622

Hexcel

Corp

3,111

10,368

HG

Infra

Engineering

Ltd

183

3,500

Hikari

Tsushin,

Inc

760

1,928,398

(c)

Hillman

Solutions

Corp

18,783

172,002

Hindustan

Aeronautics

Ltd

8,371

808,836

(c)

Hindustan

Construction

Co

356

210,200

Hino

Motors

Ltd

751

20,400

Hitachi

Construction

Machinery

Co

Ltd

452

12,150,940

(c)

Hitachi

Ltd

297,577

131,720

Hitachi

Zosen

Corp

816

219,643

Hiwin

Technologies

Corp

2,199

2,950,808

Honeywell

International,

Inc

666,558

90,100

Hoshizaki

Corp

3,543

33,074

Hosken

Consolidated

Investments

Ltd

287

420,756

Howden

Joinery

Group

plc

4,168

543,625

Howmet

Aerospace,

Inc

59,456

40,304

(c)

HSD

Engine

Co

Ltd

501

2,285,000

(c),(d)

Hsin

Chong

Group

Holdings

Ltd

3

211,000

HUA

ENG

Wire

&

Cable

166

199,942

Hubbell,

Inc

83,754

11,377

Huber

&

Suhner

AG.

931

49,000

(a),(b),(c)

Huitongda

Network

Co

Ltd

120

237,425

Husqvarna

AB

(B

Shares)

1,239

107,950

Hwang

Chang

General

Contractor

Co

Ltd

242

4,391

(c)

Hyosung

Corp

139

3,920

(c)

Hyosung

Heavy

Industries

Corp

1,040

19,287

Hyundai

Elevator

Co

Ltd

682

47,989

Hyundai

Engineering

&

Construction

Co

Ltd

822

17,216

(c)

Hyundai

Heavy

Industries

2,648

17,572

(c)

Hyundai

Mipo

Dockyard

1,594

62,412

(c)

Hyundai

Rotem

Co

Ltd

2,094

23,077

Idec

Corp

361

23,091

IDEX

Corp

4,833

14,750

(c)

IES

Holdings,

Inc

2,964

1,502,300

IJM

Corp

BHD

1,020

17,687

Iljin

Electric

Co

Ltd

323

124,660

Illinois

Tool

Works,

Inc

31,609

36,084

IMCD

NV

5,362

767,616

IMI

plc

17,434

9,952

Implenia

AG.

337

Stock

18

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

125,636

Inaba

Denki

Sangyo

Co

Ltd

$

3,098

31,698

Inabata

&

Co

Ltd

667

24,348

(b)

IndiaMart

InterMesh

Ltd

638

25,964

(a)

Industrie

De

Nora

S.p.A

203

1,322,937

Industries

Qatar

QSC

4,821

265,405

Indutrade

AB

6,650

783,448

Infratil

Ltd

5,522

146,325

INFRONEER

Holdings,

Inc

1,131

33,422

Ingersoll

Rand

India

Ltd

1,629

475,356

Ingersoll

Rand,

Inc

43,001

2,803,600

(c),(d)

Inovisi

Infracom

Tbk

PT

0

^

71,547

(c)

Inox

Green

Energy

Services

Ltd

147

14,456

(c)

INOX

India

Ltd

186

1,728

(c)

Inox

Wind

Energy

Ltd

205

434,536

(c)

Inox

Wind

Ltd

916

217,623

(c)

InPost

S.A.

3,715

176,144

Instalco

AB

525

59,174

Interpump

Group

S.p.A.

2,624

537

Interroll

Holding

AG.

1,181

29,979

(c)

Intracom

S.A.

Technical

&

Steel

Constructions

151

186,500

(a),(c)

Intuitive

Machines,

Inc

3,387

143,610

Investment

AB

Latour

3,582

28,888

INVISIO

AB

719

139,512

Inwido

AB

2,339

1,316,589

IRB

Infrastructure

Developers

Ltd

877

249,726

(b)

IRCON

International

Ltd

625

9,104

(c)

IS

Dongseo

Co

Ltd

128

24,857

ISGEC

Heavy

Engineering

Ltd

418

188,600

Ishikawajima-Harima

Heavy

Industries

Co

Ltd

11,026

65,638

ITD

Cementation

India

Ltd

411

1,230,759

(a)

Itochu

Corp

60,522

364,941

ITT,

Inc

52,143

136,542

Iveco

Group

NV

1,322

21,570

J

Kumar

Infraprojects

Ltd

192

173,573

(c)

Jain

Irrigation

Systems

Ltd

138

162,918

Jamna

Auto

Industries

Ltd

185

14,854

Jantsa

Jant

Sanayi

Ve

Ticaret

AS.

11

62,320

Japan

Pulp

&

Paper

Co

Ltd

269

49,161

Japan

Steel

Works

Ltd

1,782

136,345

Jardine

Matheson

Holdings

Ltd

5,581

14,860

(c)

Jeio

Co

Ltd

138

2,236,756

JG

Summit

Holdings

(Series

B)

791

178,400

JGC

Corp

1,484

69,304

Jiangsu

Hengli

Hydraulic

Co

Ltd

501

194,918

Jiangsu

Zhongtian

Technology

Co

Ltd

382

155,896

(a)

Johns

Lyng

Group

Ltd

360

691,519

Johnson

Controls

International

plc

54,582

8,944

(b)

JOST

Werke

SE

420

4,812

Judges

Scientific

plc

509

36,895

Jungheinrich

AG.

986

111,980

Jupiter

Wagons

Ltd

652

9,881

Kaba

Holding

AG.

7,012

65,457

Kajaria

Ceramics

Ltd

885

241,708

Kajima

Corp

4,379

30,423

(c)

Kalmar

Oyj

1,004

76,047

Kalpataru

Projects

International

Ltd

1,150

143,300

Kanamoto

Co

Ltd

3,039

594,001

Kandenko

Co

Ltd

8,668

63,300

Kanematsu

Corp

1,050

59,000

Kaori

Heat

Treatment

Co

Ltd

568

64,316

Kardex

Holding

AG.

19,205

14,400

Katakura

Industries

Co

Ltd

181

19

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

397,600

Kawasaki

Heavy

Industries

Ltd

$

18,112

7,294

KCC

Glass

Corp

186

106,168

KEC

International

Ltd

1,483

48,229

KEI

Industries

Ltd

2,493

76,000

Keihan

Electric

Railway

Co

Ltd

1,594

53,948

Keller

Group

plc

975

13,622

(a),(c)

Kempower

Oyj

137

147,594

Kenmec

Mechanical

Engineering

Co

Ltd

405

6,320

Kennametal

India

Ltd

218

9,735

(c)

KEPCO

Engineering

&

Construction

Co,

Inc

346

1,242,627

Keppel

Corp

Ltd

6,226

1,479,551

Kier

Group

plc

2,748

216,674

(c)

Kiler

Holding

AS.

202

97,371

Kinden

Corp

1,863

2,415

Kingspan

Group

plc

176

186,000

Kinik

Co

1,620

221,631

KION

Group

AG.

7,318

18,681

Kirloskar

Brothers

Ltd

450

53,285

Kirloskar

Pneumatic

Co

Ltd

955

46,900

(a)

Kitz

Corp

335

43,346

Kloeckner

&

Co

AG.

200

783,196

Knorr-Bremse

AG.

56,845

134,623

KNR

Constructions

Ltd

543

642,882

KOC

Holding

AS

3,244

1,401,112

Komatsu

Ltd

38,170

3,231

(a)

Komax

Holding

AG

411

949,819

Kone

Oyj

(Class

B)

46,304

298,115

Konecranes

Oyj

18,895

183,579

Kongsberg

Gruppen

ASA

20,654

210,489

Koninklijke

BAM

Groep

NV

915

244,861

Kontrolmatik

Enerji

Ve

Muhendislik

AS.

267

60,789

(c)

Korea

Aerospace

Industries

Ltd

2,259

24,999

Korea

Electric

Terminal

Co

Ltd

1,135

142,486

(c)

Kornit

Digital

Ltd

4,410

701,349

(c)

Kratos

Defense

&

Security

Solutions,

Inc

18,502

10,579

Krones

AG.

1,311

48,435

KSB

Ltd

434

124,176

Kuang-Chi

Technologies

Co

Ltd

811

183,581

Kubota

Corp

2,127

26,204

Kumagai

Gumi

Co

Ltd

660

130,000

Kuo

Toong

International

Co

Ltd

191

77,300

Kurita

Water

Industries

Ltd

2,692

18,310

Kvutzat

Acro

Ltd

286

24,454

Kyokuto

Kaihatsu

Kogyo

Co

Ltd

394

139,810

Kyowa

Exeo

Corp

1,533

34,122

Kyudenko

Corp

1,116

3,812

(c)

Kyung

Dong

Navien

Co

Ltd

226

29,166

(c)

L&F

Co

Ltd

1,577

525,854

L3Harris

Technologies,

Inc

110,577

3,506

Lakshmi

Machine

Works

Ltd

723

562,265

Larsen

&

Toubro

Ltd

23,634

9,730

(c)

LB

Foster

Co

(Class

A)

262

4,097

Legrand

S.A.

399

9,985

Lennox

International,

Inc

6,084

219,660

(c)

Leonardo

DRS,

Inc

7,097

389,405

Leonardo

S.p.A.

10,476

79,306

(c)

LG

Corp

3,843

23,425

(c)

LG

Energy

Solution

Ltd

5,471

226,496

Lifco

AB

6,565

9,375

(c)

LIG

Nex1

Co

Ltd

1,402

17,545

Lincoln

Electric

Holdings,

Inc

3,289

58,245

Lindab

International

AB

1,207

Stock

20

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

12,448

LISI

$

284

222,900

LIXIL

Group

Corp

2,433

427,500

(a)

LK

Technology

Holdings

Ltd

148

303,733

(c)

Lloyds

Steels

Industries

Ltd

272

17,565

(a),(c)

Loar

Holdings,

Inc

1,298

61,938

Lockheed

Martin

Corp

30,098

8,383,000

Lonking

Holdings

Ltd

1,624

19,585

(c)

Lotte

Corp

287

13,742

(c)

LS

Cable

Ltd

867

7,609

LS

Eco

Energy

Ltd

159

12,308

(c)

LS

Electric

Co

Ltd

1,332

15,396

LS

Materials

Ltd

122

3,412,500

LT

Group,

Inc

619

8,582

LU-VE

S.p.A

247

129,470

Luxfer

Holdings

plc

1,695

20,292

(c)

LX

INTERNATIONAL

CORP

370

85,763

(a)

Maas

Group

Holdings

Ltd

254

1,845,664

(a)

Mabuchi

Motor

Co

Ltd

26,094

114,795

Maire

Tecnimont

S.p.A

983

18,239

Makino

Milling

Machine

Co

Ltd

1,237

460,885

Makita

Corp

14,015

2,025,200

Malaysian

Resources

Corp

Bhd

237

78,974

Man

Infraconstruction

Ltd

226

7,731

(a)

Manitou

BF

S.A.

134

53,280

Marcopolo

S.A.

49

553,200

Marcopolo

S.A.

662

597,503

Marubeni

Corp

8,968

626,864

Masco

Corp

45,492

47,320

(c)

Mastec,

Inc

6,442

20,900

Max

Co

Ltd

463

1,194

MBB

SE

123

21,505

McGrath

RentCorp

2,405

576,915

(c)

MDA

Ltd

11,852

29,971

Meidensha

Corp

819

6,844,157

Melrose

Industries

plc

47,296

467,003

Metallurgical

Corp

of

China

Ltd

211

18,900

METAWATER

Co

Ltd

217

598,936

(a)

Metso

Outotec

Oyj

5,576

78,791

(c)

Middleby

Corp

10,672

715

Miller

Industries,

Inc

47

92,000

Mills

Estruturas

e

Servicos

de

Engenharia

S.A.

128

481,100

Minebea

Co

Ltd

7,706

4,400

(a)

Mirai

Industry

Co

Ltd

102

62,462

MIRAIT

ONE

corp

907

1,080,100

MISUMI

Group,

Inc

16,605

3,048,048

Mitsubishi

Corp

49,871

5,874,484

Mitsubishi

Electric

Corp

99,195

2,443,487

Mitsubishi

Heavy

Industries

Ltd

34,072

29,800

Mitsubishi

Logisnext

Co

Ltd

365

19,250

(a)

Mitsuboshi

Belting

Co

Ltd

487

2,895,416

Mitsui

&

Co

Ltd

60,048

69,800

(c)

Mitsui

Engineering

&

Shipbuilding

Co

Ltd

800

68,000

Miura

Co

Ltd

1,691

13,142

Momentum

Group

AB

146

71,357

Monadelphous

Group

Ltd

617

3,555,370

MonotaRO

Co

Ltd

60,419

54,623

(b),(c)

Montana

Aerospace

AG.

863

216,778

Morgan

Crucible

Co

plc

738

32,719

Morgan

Sindall

plc

1,591

92,444

Mori

Seiki

Co

Ltd

1,471

105,100

Morita

Holdings

Corp

1,449

75,771

(a)

Mota

Engil

SGPS

S.A.

228

21

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

369,744

(c)

MRC

Global,

Inc

$

4,725

28,391

MSC

Industrial

Direct

Co

(Class

A)

2,121

14,341

MSTC

Ltd

113

13,325

(c)

MTAR

Technologies

Ltd

258

109,402

MTU

Aero

Engines

Holding

AG.

36,540

79,806

Mueller

Industries,

Inc

6,333

1,014,490

Mueller

Water

Products,

Inc

(Class

A)

22,826

2,619,600

(c)

Multiply

Group

PJSC

1,476

99,926

(b)

Munters

Group

AB

1,678

45,320

(c)

MYR

Group,

Inc

6,742

41,180

Mytilineos

Holdings

S.A.

1,428

676,300

(a)

Nabtesco

Corp

11,951

7,333

Nachi-Fujikoshi

Corp

146

240,900

Nagase

&

Co

Ltd

4,898

76,600

(a)

Namura

Shipbuilding

Co

Ltd

833

146,500

(a),(c)

Nano

Dimension

Ltd

(ADR)

363

429,819

NARI

Technology

Co

Ltd

1,485

1,486,387

National

Industries

Group

Holding

SAK

1,195

48,835

Nava

Bharat

Ventures

Ltd

562

688,558

NBCC

India

Ltd

744

64,556

(a)

NCC

AB

(B

Shares)

948

1,812,700

NCC

Ltd

5,779

1,380,436

(c)

NEL

ASA

330

22,788

Nexans

S.A.

2,462

175,820

(c)

NEXTracker,

Inc

6,423

71,189

(a),(c)

NFI

Group,

Inc

693

164,400

NGK

Insulators

Ltd

2,076

1,456,633

(a)

Nibe

Industrier

AB

5,692

459,340

Nichias

Corp

16,219

10,000

Nichiden

Corp

195

17,545

Nichiha

Corp

324

161,418

Nidec

Corp

2,899

100,367

Nikkiso

Co

Ltd

613

7,711

(c)

Nilfisk

Holding

A.S.

112

27,864

Ningbo

Deye

Technology

Co

Ltd

324

31,900

Ningbo

Orient

Wires

&

Cables

Co

Ltd

230

79,800

Ningbo

Sanxing

Medical

Electric

Co

Ltd

336

72,759

Nippon

Densetsu

Kogyo

Co

Ltd

913

15,500

Nippon

Road

Co

Ltd

174

26,165

Nishimatsu

Construction

Co

Ltd

867

40,600

Nishio

Rent

All

Co

Ltd

1,211

100,531

(a)

Nisshinbo

Industries,

Inc

572

51,000

Nitta

Corp

1,198

17,700

Nitto

Boseki

Co

Ltd

706

19,835

Nitto

Kogyo

Corp

363

42,346

(c)

NKT

Holding

AS

3,038

149,360

Nolato

AB

732

18,000

(a)

Nomura

Micro

Science

Co

Ltd

258

44,474

Norconsult

Norge

AS.

173

96,566

(c)

Nordex

AG.

1,131

33,870

Nordson

Corp

7,087

10,366

Noritake

Co

Ltd

259

15,951

Noritsu

Koki

Co

Ltd

517

13,031

(a)

Noritz

Corp

137

24,405

Norma

Group

SE

379

299,793

Northrop

Grumman

Corp

140,690

341,248

NRW

Holdings

Ltd

809

291,100

NSK

Ltd

1,260

310,861

NTN

Corp

496

1,187,752

nVent

Electric

plc

80,957

864,000

NWS

Holdings

Ltd

860

7,046

(a)

Obara

Corp

178

Stock

22

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

794,413

Obayashi

Corp

$

10,460

155,366

(a)

OC

Oerlikon

Corp

AG.

602

12,821

Oiles

Corp

201

34,734

Okuma

Holdings,

Inc

744

21,500

Okumura

Corp

535

27,288

Olectra

Greentech

Ltd

459

19,700

Omega

Flex,

Inc

827

193,008

(a)

Opus

Global

Rt

245

49,748

Organo

Corp

2,548

239,860

(c)

Orion

Marine

Group,

Inc

1,758

62,606

OSG

Corp

735

57,350

Oshkosh

Corp

5,452

9

OSRAM

Licht

AG.

0

^

34,450

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

472

186,209

Owens

Corning,

Inc

31,715

11,801

Palfinger

AG.

241

9,843

(c)

Paras

Defence

&

Space

Technologies

Ltd

115

580,822

Parker-Hannifin

Corp

369,420

16,200

Park-Ohio

Holdings

Corp

426

166,909

(c)

Patel

Engineering

Ltd

101

143,081

Peab

AB

(Series

B)

1,025

73,067

Pentair

plc

7,353

1,411,800

Pentamaster

Corp

Bhd

1,312

223,546

Penta-Ocean

Construction

Co

Ltd

923

15,169

People

&

Technology,

Inc

384

13,958

Per

Aarsleff

Holding

A.S.

973

2,656

Pfeiffer

Vacuum

Technology

AG.

423

257,969

(c)

Phihong

Technology

Co

Ltd

294

93,136

PNC

Infratech

Ltd

362

24,133

(a)

PNE

AG.

277

44,316

Polycab

India

Ltd

3,755

13,119

Porr

AG.

240

12,508

POSCO

Future

M

Co

Ltd

1,182

439,569

Power

Construction

Corp

of

China

Ltd

329

8,572

Power

Mech

Projects

Ltd

257

81,990

Praj

Industries

Ltd

784

104,230

Primoris

Services

Corp

7,963

40,560

Prince

Pipes

&

Fittings

Ltd

203

4,218

Prysmian

S.p.A.

270

7,928,200

(c)

PSG

Corp

PCL

114

1,411,162

QinetiQ

plc

7,314

157,904

Quanta

Services,

Inc

49,906

10,861

R&S

Group

Holding

AG.

223

442,697

Rail

Vikas

Nigam

Ltd

2,176

6,949

(c)

Rainbow

Robotics

760

283,900

Raito

Kogyo

Co

Ltd

3,981

146,500

Randon

S.A.

Implementos

e

Participacoes

235

440,401

Ras

Al

Khaimah

Ceramics

299

4,945

Rational

AG.

4,235

17,150

(c)

RBC

Bearings,

Inc

5,130

372,000

(a),(c)

Realord

Group

Holdings

Ltd

354

32,234

(a)

Recticel

S.A.

349

96,312

Redox

Ltd

271

193,906

Reece

Ltd

2,679

35,522

Refex

Industries

Ltd

199

315,578

Regal-Beloit

Corp

48,956

582,090

Reliance

Worldwide

Corp

Ltd

1,803

55,568

Renew

Holdings

plc

630

46,005

RENK

Group

AG.

861

857,740

(c)

Resideo

Technologies,

Inc

19,771

138,535

Reunert

Ltd

551

62,500

REV

Group,

Inc

1,992

23

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

3,554

Rexel

S.A.

$

91

44,831

Rheinmetall

AG.

28,643

43,443

Richelieu

Hardware

Ltd

1,180

1,682

Rieter

Holding

AG.

158

314,920

(a),(c)

Rocket

Lab

USA,

Inc

8,021

147

Rockwool

International

AS

(B

Shares)

52

8,419

(c)

Rolex

Rings

Ltd

181

8,043,775

(c)

Rolls-Royce

Holdings

plc

57,042

2,234,055

Rotork

plc

8,784

17,817

RR

Kabel

Ltd

299

2,364,467

RTX

Corp

273,616

49,000

Ruentex

Engineering

&

Construction

Co

223

305,690

Run

Long

Construction

Co

Ltd

348

335,008

Russel

Metals,

Inc

9,812

309,328

Saab

AB

6,535

336,402

Sacyr

Vallehermoso

S.A.

1,108

384,333

Safran

S.A.

84,210

227,125

Sam

Engineering

&

Equipment

M

Bhd

221

73,061

(c)

Samsung

C&T

Corp

5,645

61,865

(c)

Samsung

Engineering

Co

Ltd

690

268,425

(c)

Samsung

Heavy

Industries

Co

Ltd

2,048

12,982

(c)

Samsung

Techwin

Co

Ltd

2,862

1,005,004

Sandvik

AB

18,021

22,360

Sanghvi

Movers

Ltd

80

167,900

Sanki

Engineering

Co

Ltd

3,355

400,841

Sanwa

Shutter

Corp

11,072

846,000

(a)

Sany

Heavy

Equipment

International

Holdings

Co

Ltd

488

448,457

Sany

Heavy

Industry

Co

Ltd

1,012

8,100

Sanyo

Denki

Co

Ltd

463

38,631

(c)

Saudi

Ceramic

Co

350

34,943

(a)

Savaria

Corp

484

23,848

Schindler

Holding

AG.

6,589

21,659

Schindler

Holding

AG.

(Registered)

5,909

33,190

(c)

Schneider

Electric

Infrastructure

Ltd

297

602,990

Schneider

Electric

S.A.

150,118

668

Schweiter

Technologies

AG.

304

1,708,600

(a),(c)

Seatrium

Ltd

2,590

275,400

Sekisui

Chemical

Co

Ltd

4,715

19,395

Sekisui

Jushi

Corp

260

43,361

Sensata

Technologies

Holding

plc

1,188

6,400

Senshu

Electric

Co

Ltd

197

12,236

SFA

Engineering

Corp

160

13,210

SFS

Group

AG.

1,830

173,428

SGH

Ltd

4,934

37,129

(c)

SGL

Carbon

AG.

153

35,364

Shakti

Pumps

India

Ltd

441

33,100

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

228

687,103

Shanghai

Electric

Group

Co

Ltd

763

321,000

Shanghai

Industrial

Holdings

Ltd

488

129,300

Shanghai

Mechanical

and

Electrical

Industry

Co

Ltd

145

141,900

Shanxi

Coal

International

Energy

Group

Co

Ltd

230

107,311

(c)

Shapir

Engineering

and

Industry

Ltd

805

67,140

Shenzhen

Inovance

Technology

Co

Ltd

539

17,936

Shibaura

Machine

Co

Ltd

405

11,400

Shibuya

Corp

276

178,000

Shihlin

Electric

&

Engineering

Corp

1,040

272,024

(c)

Shikun

&

Binui

Ltd

1,000

1,339,000

Shimizu

Corp

10,575

7,800

Shin

Nippon

Air

Technologies

Co

Ltd

100

973,026

Shin

Zu

Shing

Co

Ltd

6,215

15,000

(c)

Shinko

Electric

Co

Ltd

601

18,584

Shinko

Plantech

Co

Ltd

184

Stock

24

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

293,000

Shinmaywa

Industries

Ltd

$

2,580

14,800

(c)

Shinnihon

Corp

146

13,083

Shinsung

Delta

Tech

Co

Ltd

1,018

31,508

SHO-BOND

Holdings

Co

Ltd

1,041

398,880

(a)

Shyft

Group,

Inc

4,683

200,960

Sichuan

Road

and

Bridge

Group

Co

Ltd

200

1,690,557

Siemens

AG.

329,650

785,113

(c)

Siemens

Energy

AG.

41,667

75,843

Siemens

India

Ltd

5,776

42,700

Sieyuan

Electric

Co

Ltd

425

1,561,033

(b)

Signify

NV

34,862

147,917

(a),(c)

Silex

Systems

Ltd

460

2,515,059

Sime

Darby

BHD

1,326

25,650

Simpson

Manufacturing

Co,

Inc

4,254

304,926

Singapore

Technologies

Engineering

Ltd

1,040

23,700

Sinko

Industries

Ltd

190

172,100

Sinoma

International

Engineering

Co

223

1,209,500

Sinopec

Engineering

Group

Co

Ltd

1,045

625,000

Sinotruk

Hong

Kong

Ltd

1,827

26,993

(c)

SiteOne

Landscape

Supply,

Inc

3,557

19,778

(b),(c)

SK

IE

Technology

Co

Ltd

298

96,366

SK

Networks

Co

Ltd

270

21,677

(c)

SK

oceanplant

Co

Ltd

187

38,418

(c)

SK

Square

Co

Ltd

2,018

14,759

SK,

Inc

1,310

5,319

Skanska

AB

(B

Shares)

112

5,335

SKF

AB

(B

Shares)

100

31,511

SKF

India

Ltd

1,645

88,318

SM

Investments

Corp

1,364

45,256

SMC

Corp

17,574

5,381

Smiths

Group

plc

115

30,172

Snap-On,

Inc

10,243

115,703

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

4,253

176,102

Sojitz

Holdings

Corp

3,589

70,575

Spirax-Sarco

Engineering

plc

6,037

59,728

(c)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,036

321,302

(c)

SPX

Technologies,

Inc

46,756

19,067

Stabilus

SE

599

41,230

(a)

Stadler

Rail

AG.

905

39,274

(c)

Standardaero,

Inc

972

92,292

Stanley

Black

&

Decker,

Inc

7,410

96,698

Stantec,

Inc

7,587

26,766

(a)

Star

Micronics

Co

Ltd

317

5,480,900

(c),(d)

STARK

Corp

PCL

2

1,096,500

Stecon

Group

PCL

248

69,984

(c)

Sterling

and

Wilson

Renewable

374

1,055,692

Storskogen

Group

AB

1,099

49,416

Sulzer

AG.

7,148

1,120,546

Sumitomo

Corp

24,250

43,797

Sumitomo

Densetsu

Co

Ltd

1,374

84,800

(a)

Sumitomo

Heavy

Industries

Ltd

1,731

105,998

Sungrow

Power

Supply

Co

Ltd

1,072

337,000

Sunonwealth

Electric

Machine

Industry

Co

Ltd

1,000

1,832,900

Sunway

BHD

1,963

260,700

Sunway

Construction

Group

BHD

270

83,663

Sunwoda

Electronic

Co

Ltd

256

2,444,500

(a),(c),(d)

Superb

Summit

International

Group

Ltd

3

7,985,064

(c)

Suzlon

Energy

Ltd

5,782

21,800

SWCC

Showa

Holdings

Co

Ltd

1,041

157,608

Sweco

AB

2,347

350,924

Swire

Pacific

Ltd

(Class

A)

3,174

497,306

Ta

Ya

Electric

Wire

&

Cable

671

25

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

77,022

Tadano

Ltd

$

557

64,953

(c)

Taihan

Electric

Wire

Co

Ltd

489

7,343

Taihei

Dengyo

Kaisha

Ltd

233

155,553

Taikisha

Ltd

4,912

139,075

Taisei

Corp

5,827

937,000

Taiwan

Glass

Industrial

Corp

467

11,439

Takamatsu

Corp

203

28,364

Takara

Standard

Co

Ltd

303

33,141

Takasago

Thermal

Engineering

Co

Ltd

1,331

215,600

Takeuchi

Manufacturing

Co

Ltd

6,756

47,400

Takuma

Co

Ltd

498

48,667

(a),(b),(c)

Talgo

S.A.

169

1,197,000

(c)

Tatung

Co

Ltd

1,746

334,275

TBEA

Co

Ltd

583

669,337

TD

Power

Systems

Ltd

3,515

216,618

Techno

Electric

&

Engineering

Co

Ltd

3,960

1,166,271

Techtronic

Industries

Co

15,332

969,000

Teco

Electric

and

Machinery

Co

Ltd

1,541

9,186

Tega

Industries

Ltd

168

109,417

Tekfen

Holding

AS

223

35,367

Tennant

Co

2,883

142,738

Texmaco

Rail

&

Engineering

Ltd

322

256,508

Thales

S.A.

36,833

4,210,000

(a)

Theme

International

Holdings

Ltd

215

35,825

Thermax

Ltd

1,688

94,300

(c)

THK

Co

Ltd

2,175

17,597

(c)

Thyssenkrupp

Nucera

AG.

&

Co

KGaa

193

402,000

Tian

Di

Science

&

Technology

Co

Ltd

340

400,000

Time

Interconnect

Technology

Ltd

212

27,401

Timken

India

Ltd

998

59,436

Titagarh

Rail

System

Ltd

764

30,836

(a)

TKH

Group

NV

1,064

40,000

Toa

Corp/Tokyo

301

42,711

Tocalo

Co

Ltd

499

183,756

Toda

Corp

1,118

196,575

Toenec

Corp

1,225

59,900

TOKAI

Holdings

Corp

369

66,902

Tokyu

Construction

Co

Ltd

305

173,039

TOMRA

Systems

ASA

2,239

190,782

Toromont

Industries

Ltd

15,083

12,900

Totech

Corp

215

15,877

Totetsu

Kogyo

Co

Ltd

337

27,800

Toto

Ltd

666

35,603

Toyo

Construction

Co

Ltd

305

11,100

(a)

Toyo

Tanso

Co

Ltd

297

138,000

Toyota

Industries

Corp

11,099

124,200

Toyota

Tsusho

Corp

2,196

890,655

Trane

Technologies

plc

328,963

10,510

TransDigm

Group,

Inc

13,319

40,139

Transformers

&

Rectifiers

India

Ltd

532

2,630,361

Travis

Perkins

plc

24,006

664,382

Trelleborg

AB

(B

Shares)

22,736

64,847

(c)

Trex

Co,

Inc

4,476

105,500

Trinity

Industries,

Inc

3,703

923,097

Triveni

Turbine

Ltd

7,960

31,567

Troax

Group

AB

643

35,910

Trusco

Nakayama

Corp

533

285,470

Tsubakimoto

Chain

Co

3,511

32,500

Tsugami

Corp

317

6,100

Tsurumi

Manufacturing

Co

Ltd

129

50,100

Tupy

S.A.

194

15,761

Turk

Traktor

ve

Ziraat

Makineleri

AS

334

Stock

26

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

1,188,348

Turkiye

Sise

ve

Cam

Fabrikalari

AS

$

1,393

6,200

Union

Tool

Co

195

133,000

United

Integrated

Services

Co

Ltd

1,951

74,566

United

Rentals,

Inc

52,527

58,600

Ushio,

Inc

787

328,800

(c)

UWC

BHD

232

67,927

(c)

V2X,

Inc

3,249

113,215

(a)

Valmet

Oyj

2,744

26,265

(b)

VAT

Group

AG.

9,931

53,884

VBG

Group

AB

1,520

2,601,610

Ventia

Services

Group

Pty

Ltd

5,780

233,275

Vertiv

Holdings

Co

26,502

1,709,100

Vestas

Wind

Systems

A.S.

23,444

5,614

Vesuvius

India

Ltd

298

145,087

Vesuvius

plc

769

536,157

V-Guard

Industries

Ltd

2,642

857,320

Vinci

S.A.

88,267

106,941

(a)

Volex

plc

379

4,815

Voltamp

Transformers

Ltd

569

86,806

Voltas

Ltd

1,811

54,000

Voltronic

Power

Technology

Corp

3,057

151,863

Volution

Group

plc

1,064

3,124

Volvo

AB

(A

Shares)

76

24,802

Volvo

AB

(B

Shares)

603

5,902

Vossloh

AG.

263

90,437

W.W.

Grainger,

Inc

95,325

20,026

Waaree

Renewable

Technologies

Ltd

313

16,477

Wacker

Construction

Equipment

AG.

251

99,319

Waffer

Technology

Corp

207

27,000

Wakita

&

Co

Ltd

286

2,492,848

Walsin

Lihwa

Corp

1,800

7,873

Wartsila

Oyj

(B

Shares)

140

9,448,700

(c),(d)

Waskita

Karya

Persero

Tbk

PT

0

^

20,557

Watsco,

Inc

9,742

335,064

Webuild

SpA

988

1,383,150

WEG

S.A.

11,815

834,709

Weichai

Power

Co

Ltd

1,268

218,186

Weichai

Power

Co

Ltd

(Class

A)

409

1,043,309

Weir

Group

plc

28,420

24,600

Welspun

Enterprises

Ltd

176

42,900

WESCO

International,

Inc

7,763

17,430

West

Holdings

Corp

200

183,649

Westinghouse

Air

Brake

Technologies

Corp

34,818

14,466,600

(c)

Wijaya

Karya

Persero

Tbk

PT

219

108,660

(c)

WillScot

Mobile

Mini

Holdings

Corp

3,635

44,408

Wilson

Bayly

Holmes-Ovcon

Ltd

549

59,617

Woodward

Inc

9,921

362,468

Worley

Ltd

3,065

8,118

(c)

W-Scope

Chungju

Plant

Co

Ltd

60

110,156

WSP

Global,

Inc

19,385

623,838

XCMG

Construction

Machinery

Co

Ltd

678

252,711

Xiamen

C

&

D,

Inc

364

144,667

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

205

267,200

(a),(c)

Xinte

Energy

Co

Ltd

256

1,320,589

Xinyi

Glass

Holdings

Co

Ltd

1,331

104,326

Xylem,

Inc

12,104

18,480

YAMABIKO

Corp

295

41,270

Yamazen

Corp

365

5,467,300

Yangzijiang

Shipbuilding

Holdings

Ltd

11,951

43,813

Yankey

Engineering

Co

Ltd

572

44,300

Yaskawa

Electric

Corp

1,131

42,127

Yazicilar

Holding

AS

372

27

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

111,355

YEO

Teknoloji

Enerji

VE

Endustri

AS.

$

163

24,279

Yokogawa

Bridge

Holdings

Corp

432

13,552

Yuasa

Trading

Co

Ltd

380

214,500

Yurtec

Corp

2,111

6,265

Zehnder

Group

AG.

314

68,863

Zhejiang

Chint

Electrics

Co

Ltd

221

15,192

Zhejiang

Dingli

Machinery

Co

Ltd

134

39,738

Zhejiang

Huayou

Cobalt

Co

Ltd

159

96,800

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

312

138,300

Zhengzhou

Yutong

Bus

Co

Ltd

500

38,825

Zhuzhou

CRRC

Times

Electric

Co

Ltd

255

205,100

Zhuzhou

CSR

Times

Electric

Co

Ltd

861

466,939

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

462

TOTAL

CAPITAL

GOODS

10,384,007

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

233,730

ABM

Industries,

Inc

11,962

903,160

(c)

ACV

Auctions,

Inc

19,508

682,704

Adecco

S.A.

16,865

15,020

Aeon

Delight

Co

Ltd

412

68,531

AFRY

AB

952

356,984

ALS

Ltd

3,323

4,187

Amadeus

Fire

AG

331

73,191

(c)

Amentum

Holdings,

Inc

1,539

323,651

Arcadis

NV

19,696

1,976

(a)

Assystem

97

333,278

Automatic

Data

Processing,

Inc

97,561

181,700

BayCurrent

Consulting,

Inc

6,113

29,387

(b)

Befesa

S.A.

627

27,600

Bell

System24

Holdings,

Inc

225

1,490

Benefit

Systems

S.A.

1,044

93,765

Bilfinger

Berger

AG.

4,488

61,500

Binjiang

Service

Group

Co

Ltd

160

85,236

BLS

International

Services

Ltd

479

74,456

Booz

Allen

Hamilton

Holding

Corp

9,583

17,230

(a)

Boyd

Group

Services,

Inc

2,598

2,028,697

Brambles

Ltd

24,128

166,187

(b)

Bravida

Holding

AB

1,205

67,980

Broadridge

Financial

Solutions,

Inc

15,370

15,719

(a)

Brunel

International

NV

147

681,149

Bureau

Veritas

S.A.

20,693

13,330

(c)

CACI

International,

Inc

(Class

A)

5,386

664

(c)

CECO

Environmental

Corp

20

45,601

(c)

Ceridian

HCM

Holding,

Inc

3,312

3,910

Cewe

Stiftung

&

Co

KGAA

419

2,301,000

China

Everbright

Environment

Group

Ltd

1,141

155,300

(c)

Cimpress

plc

11,138

201,941

Cintas

Corp

36,895

247,663

(a),(c)

Clarivate

plc

1,258

14,005

(c)

Clean

Harbors,

Inc

3,223

54,000

Cleanaway

Co

Ltd

296

1,643,872

Cleanaway

Waste

Management

Ltd

2,690

115,211

CMS

Info

Systems

Ltd

658

35,530

Computer

Age

Management

Services

Ltd

2,099

437,181

Computershare

Ltd

9,184

507,647

(c)

Copart,

Inc

29,134

47,600

(c)

CoreCivic,

Inc

1,035

1,320,000

(a),(c),(d)

CT

Environmental

Group

Ltd

2

1,417,700

CTOS

Digital

Bhd

380

74,800

Dai

Nippon

Printing

Co

Ltd

1,047

32,700

Daiei

Kankyo

Co

Ltd

598

31,665

Daiseki

Co

Ltd

719

3,303

Danel

Adir

Yeoshua

Ltd

370

Stock

28

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

1,579

Deluxe

Corp

$

36

71,718

Derichebourg

397

28,564

dip

Corp

452

5,455

(c)

DO

&

CO

AG.

1,017

9,490

Doms

Industries

Ltd

290

506,493

Downer

EDI

Ltd

1,642

183,236

Dun

&

Bradstreet

Holdings,

Inc

2,283

29,098

Duskin

Co

Ltd

686

18,137

eClerx

Services

Ltd

736

11,566

(c)

Ecopro

HN

Co

Ltd

252

19,000

ECOVE

Environment

Corp

166

341,046

Element

Fleet

Management

Corp

6,895

259,408

(a)

Elis

S.A.

5,077

19,309

eMudhra

Ltd

210

22,920

en-japan,

Inc

308

94,128

Ennis,

Inc

1,985

19,109

Equifax,

Inc

4,870

554,815

(c)

ExlService

Holdings,

Inc

24,623

1,173,786

Experian

Group

Ltd

50,449

29,016

Fila

S.p.A

312

108,403

(b),(c),(d)

Finablr

plc

1

260,612

Firstsource

Solutions

Ltd

1,140

24,434

(a),(c)

Fiverr

International

Ltd

775

853,200

Frontken

Corp

Bhd

850

21,237

(c)

FTI

Consulting,

Inc

4,059

28,454

Funai

Soken

Holdings,

Inc

430

11,303

(c)

GDI

Integrated

Facility

Services,

Inc

309

154,738

Genpact

Ltd

6,646

193,491

GFL

Environmental,

Inc

8,626

274,200

(b)

GPS

Participacoes

e

Empreendimentos

S.A.

620

1,244,095

Hays

plc

1,243

88,960

(c)

Healthcare

Services

Group

1,033

832

Heidrick

&

Struggles

International,

Inc

37

12,385

Hilan

Ltd

737

80,620

(c)

Huron

Consulting

Group,

Inc

10,018

32,740

ICF

International,

Inc

3,903

195,028

Indian

Railway

Catering

&

Tourism

Corp

Ltd

1,788

4,564,900

Infomart

Corp

8,762

73,810

(a),(c)

Innodata,

Inc

2,917

42,012

Insource

Co

Ltd

299

19,010

Insperity,

Inc

1,474

201,310

Interface,

Inc

4,902

2,519

Intertek

Group

plc

149

54,454

ION

Exchange

India

Ltd

417

178,941

IPH

Ltd

556

115,695

ISS

A.S.

2,116

24,800

Itoki

Corp

257

271,300

(a)

JAC

Recruitment

Co

Ltd

1,204

70,246

Jacobs

Solutions,

Inc

9,386

108,800

Japan

Elevator

Service

Holdings

Co

Ltd

1,996

649,161

Johnson

Service

Group

plc

1,102

166,868

KBR,

Inc

9,667

193,617

(c)

KEPCO

Plant

Service

&

Engineering

Co

Ltd

5,741

20,388

Kforce,

Inc

1,156

66,508

Kokuyo

Co

Ltd

1,176

51,000

(a)

Kosaido

Holdings

Co

Ltd

163

128,550

L&K

Engineering

Co

Ltd

878

41,370

(c)

Latent

View

Analytics

Ltd

236

515,028

Learning

Technologies

Group

plc

632

77,450

Leidos

Holdings,

Inc

11,157

105,390

Loomis

AB

3,204

32,564

(a)

Mader

Group

Ltd

121

29

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

198,690

Maharah

Human

Resources

Co

$

325

29,614

Manpower,

Inc

1,709

5,762

Matsuda

Sangyo

Co

Ltd

117

55,900

MAXIMUS,

Inc

4,173

38,388

McMillan

Shakespeare

Ltd

356

53,984

Meitec

Corp

1,012

245,021

Michael

Page

International

plc

1,051

1,460,133

Mitie

Group

1,996

20,344

Mitsubishi

Pencil

Co

Ltd

295

19,670

(c)

Montrose

Environmental

Group,

Inc

365

51,767

MSA

Safety,

Inc

8,581

4,425,966

My

EG

Services

Bhd

949

23,660

(c)

NICE

Information

Service

Co

Ltd

194

12,700

Nippon

Kanzai

Holdings

Co

Ltd

216

153,211

Nippon

Parking

Development

Co

Ltd

207

268,348

Nomura

Co

Ltd

1,515

46,128

Okamura

Corp

599

44,147

(a)

Open

Up

Group,

Inc

500

329,020

(c)

OPENLANE,

Inc

6,528

40,700

(c)

Orizon

Valorizacao

de

Residuos

S.A.

249

1,390,000

Park24

Co

Ltd

19,375

438,544

Parkin

Co

PJSC

582

27,733

(c)

Parsons

Corp

2,558

14,600

Pasona

Group,

Inc

189

49,347

Paychex,

Inc

6,919

15,264

Paycom

Software,

Inc

3,129

329,975

(c)

Paycor

HCM,

Inc

6,128

13,127

(c)

Paylocity

Holding

Corp

2,618

1,361,300

Persol

Holdings

Co

Ltd

2,039

23,042

Pilot

Corp

708

65,627

Prestige

International,

Inc

283

333,167

(b)

Prosegur

Cash

S.A.

191

84,799

(a)

Prosegur

Cia

de

Seguridad

S.A.

149

51,175

(b)

Quess

Corp

Ltd

395

1,305,100

Raksul,

Inc

10,903

106,878

Randstad

Holdings

NV

4,500

107,239

RB

Global,

Inc

9,674

155,843

RB

Global,

Inc

14,066

3,530,862

Recruit

Holdings

Co

Ltd

245,423

2,617,056

RELX

plc

118,576

166,174

RELX

plc

7,525

58,186

Renewi

plc

588

5,058,686

Rentokil

Initial

plc

25,250

169,621

Republic

Services,

Inc

34,124

419,250

Resources

Connection,

Inc

3,576

77,422

RITES

Ltd

263

61,515

Robert

Half

International,

Inc

4,334

165,901

Rollins,

Inc

7,690

218,362

RWS

Holdings

plc

491

21,019

(c)

S1

Corp

(Korea)

840

18,552

Sato

Corp

257

32,578

Saudi

Airlines

Catering

Co

1,057

41,339

Saudi

Manpower

Solutions

Co

84

30,019

Science

Applications

International

Corp

3,356

55,836

(c)

Sdiptech

AB

1,200

1,845

Seche

Environnement

S.A.

149

80,654

Secom

Co

Ltd

2,739

470,178

Securitas

AB

(B

Shares)

5,813

3,281,069

Serco

Group

plc

6,183

65,623

SG

Fleet

Group

Ltd

139

33,294

SGS

S.A.

3,340

48,935

Shanghai

M&G

Stationery,

Inc

203

Stock

30

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

100,500

(c),(d)

Shanghai

Youngsun

Investment

Co

Ltd

$

1

34,894

(c)

SIS

Ltd

147

104,963

SmartGroup

Corp

Ltd

504

167,487

SMS

Co

Ltd

1,661

18,300

Societe

BIC

S.A.

1,209

285,400

Sohgo

Security

Services

Co

Ltd

1,954

628,929

SPIE

S.A.

19,558

63,000

Sporton

International,

Inc

397

164,880

Steelcase,

Inc

(Class

A)

1,949

93,522

Sthree

plc

347

4,560

(c)

Sungeel

Hitech

Co

Ltd

109

196,000

Taiwan

Secom

Co

Ltd

738

140,000

Taiwan-Sogo

Shinkong

Security

Corp

175

18,773

Takkt

AG.

150

10,648

(c)

TeamLease

Services

Ltd

364

971,054

TechnoPro

Holdings,

Inc

18,157

34,346

Teleperformance

2,946

56,568

(a),(c)

TELUS

International

CDA,

Inc

222

315,404

Tetra

Tech,

Inc

12,566

145,366

Thomson

Reuters

Corp

23,342

19,443

(a)

Tinexta

Spa

160

109,440

TKC

2,634

46,123

Toppan

Printing

Co

Ltd

1,224

18,261

(c)

Trans

Cosmos,

Inc/Japan

387

131,034

TransUnion

12,148

38,800

TRE

Holdings

Corp

370

47,644

TriNet

Group,

Inc

4,325

64,910

(c)

TrueBlue,

Inc

545

132,200

(b),(c)

Tuhu

Car,

Inc

305

14,140

Unifirst

Corp

2,419

764,973

(c)

Upwork,

Inc

12,507

26,099

UT

Group

Co

Ltd

360

552,491

Veralto

Corp

56,271

202,592

Verisk

Analytics,

Inc

55,800

79,936

Vestis

Corp

1,218

47,370

(c)

Viad

Corp

2,014

186,300

(c)

Visional,

Inc

9,407

281,454

Waste

Connections,

Inc

48,292

362,378

Waste

Management,

Inc

73,124

129,200

(c)

Willdan

Group,

Inc

4,921

347,502

(c)

WNS

Holdings

Ltd

16,468

404,684

Wolters

Kluwer

NV

67,236

231,000

(a),(c),(d)

Youyuan

International

Holdings

Ltd

0

^

84,660

Zhejiang

Weiming

Environment

Protection

Co

Ltd

251

246,000

(a)

Zonqing

Environmental

Ltd

217

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,632,321

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.1%

81,600

ABC-Mart,

Inc

1,646

132,634

(c)

Abercrombie

&

Fitch

Co

(Class

A)

19,825

22,145

(c)

About

You

Holding

SE

148

2,951,626

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

2,829

286,095

Accent

Group

Ltd

414

6,071,700

ACE

Hardware

Indonesia

Tbk

PT

297

536,030

Adastria

Holdings

Co

Ltd

11,742

273,352

(c)

Aditya

Birla

Fashion

and

Retail

Ltd

892

25,878

(b)

Aditya

Vision

Ltd

154

39,861

Aldrees

Petroleum

and

Transport

Services

Co

1,273

94,574

Ali

Alghanim

Sons

Automotive

Co

KSCC

316

26,765,741

Alibaba

Group

Holding

Ltd

283,271

478,102

(b),(c)

Allegro.eu

S.A.

3,133

11,190

(a)

Alpen

Co

Ltd

148

85,510

(c)

AlSaif

Stores

For

Development

&

Investment

Co

182

31

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

105,300

A-Mark

Precious

Metals,

Inc

$

2,885

14,883,995

(c)

Amazon.com,

Inc

3,265,400

148,900

American

Eagle

Outfitters,

Inc

2,482

237,703

(c)

AO

World

plc

308

14,400

AOKI

Holdings,

Inc

121

25,000

Aoyama

Trading

Co

Ltd

357

22,644

Arata

Corp

454

43,976

Arc

Land

Sakamoto

Co

Ltd

471

65,363

(c)

Aritzia,

Inc

2,430

4,011

Arko

Corp

26

57,317

Arvind

Fashions

Ltd

343

34,628

ASKUL

Corp

369

42,262

(c)

ASOS

plc

236

450,000

Aurora

Design

PCL

192

58,206

Auto

Partner

S.A.

279

82,297

(b),(c)

Auto1

Group

SE

1,334

50,488

Autobacs

Seven

Co

Ltd

470

14,190

Autohellas

Tourist

and

Trading

S.A.

149

15,550

(c)

Autonation,

Inc

2,641

76

(c)

Autozone,

Inc

243

3,283,132

B&M

European

Value

Retail

S.A.

15,053

278,809

Bapcor

Ltd

814

179,920

Bath

&

Body

Works,

Inc

6,976

30,005

(a)

Belluna

Co

Ltd

147

1,025,500

Bermaz

Auto

Bhd

367

126,589

Best

Buy

Co,

Inc

10,861

75,000

(a)

BIC

CAMERA,

Inc

810

44,099

(a)

Bilia

AB

481

750,974

(a),(c)

boohoo

Group

plc

316

115,577

(c)

Boot

Barn

Holdings,

Inc

17,547

41,443

(b),(c)

Boozt

AB

472

537,000

(a),(c),(d)

Boshiwa

International

Holding

Ltd

1

184,250

Buckle,

Inc

9,362

50,923,700

(c)

Bukalapak.com

PT

Tbk

396

64,435

(c)

Burlington

Stores,

Inc

18,368

810,422

(c)

C&A

Modas

Ltd

1,055

43,906

(a)

Canadian

Tire

Corp

Ltd

4,619

92,164

(c)

Carmax,

Inc

7,535

73,753

(c)

Carvana

Co

14,998

36,374

(c)

CCC

S.A.

1,620

487,933

(c)

Ceconomy

AG

1,334

4,900

Central

Automotive

Products

Ltd

150

1,497,665

Central

Retail

Corp

PCL

1,483

161,000

(a)

China

Tobacco

International

HK

Co

Ltd

490

89,741

China

Tourism

Group

Duty

Free

Corp

Ltd

824

1,861,400

Chow

Tai

Fook

Jewellery

Group

Ltd

1,602

97,062

Clas

Ohlson

AB

(B

Shares)

1,846

712,200

Com7

PCL

(Foreign)

545

661,991

(c)

Coupang,

Inc

14,551

699,133

Currys

plc

831

83,846

DCM

Holdings

Co

Ltd

759

44,565

(c)

Delek

Automotive

Systems

Ltd

344

20,853

Dieteren

S.A.

3,469

9,602

(a)

Dillard's,

Inc

(Class

A)

4,146

995,077

Dogan

Sirketler

Grubu

Holdings

407

45,901

Dogus

Otomotiv

Servis

ve

Ticaret

AS

251

803,570

Dohome

PCL

208

993,464

Dollarama,

Inc

96,952

1,106,948

Don

Quijote

Co

Ltd

30,072

15,500

Doshisha

Co

Ltd

214

21,591

(c)

Douglas

AG.

451

220,846

Dufry

Group

8,866

Stock

32

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

95,647

Dunelm

Group

plc

$

1,279

116,483

(a)

Eagers

Automotive

Ltd

851

50,378

EDION

Corp

573

61,382

(c)

Electronics

Mart

India

Ltd

117

365,108

Empresas

COPEC

S.A.

2,233

7,146,100

Erajaya

Swasembada

Tbk

PT

179

7,370

(c)

Ethos

Ltd

252

67,876

(c)

Etsy,

Inc

3,590

128,467

(b)

Europris

ASA

820

799,250

(a),(c)

EVgo,

Inc

3,237

553,000

Far

Eastern

Department

Stores

Co

Ltd

379

131,448

Fast

Retailing

Co

Ltd

44,343

192,315

Ferguson

Enterprises,

Inc

33,535

19,918

Fielmann

AG.

854

9,035

(a)

Fnac

Darty

SA

267

261,039

Foschini

Ltd

2,324

6,386

Fox

Wizel

Ltd

525

82,995

(c)

Frasers

Group

plc

633

231,043

(c)

GameStop

Corp

(Class

A)

7,241

701,027

Gap,

Inc

16,565

96,426

(c)

Global-e

Online

Ltd

5,258

43,592

(c)

Go

Fashion

India

Ltd

481

746,432,100

(c)

GoTo

Gojek

Tokopedia

Tbk

PT

3,222

50,300

Grupo

SBF

S.A.

87

51,100

Gulliver

International

Co

Ltd

364

158,458

Halfords

Group

plc

260

451,956

Harvey

Norman

Holdings

Ltd

1,303

8,853

(a)

Hennes

&

Mauritz

AB

(B

Shares)

119

335,400

HLA

Corp

Ltd

345

1,599,683

Home

Depot,

Inc

622,261

4,020,467

Home

Product

Center

PCL

1,101

18,080

Hornbach

Holding

AG.

&

Co

KGaA

1,360

234,591

Hotai

Motor

Co

Ltd

4,425

21,688

(c)

Hotel

Shilla

Co

Ltd

538

10,147

(c)

Hyundai

Department

Store

Co

Ltd

323

1,677,922

Inchcape

plc

16,137

313,130

Industria

de

Diseno

Textil

S.A.

16,040

256,300

Isetan

Mitsukoshi

Holdings

Ltd

4,401

24,200

Izumi

Co

Ltd

492

1,210,700

J

Front

Retailing

Co

Ltd

16,128

350,531

Jarir

Marketing

Co

1,180

84,857

JB

Hi-Fi

Ltd

4,855

40,548

JD

Sports

Fashion

plc

48

9,267,650

JD.com,

Inc

160,916

11,142

JINS

Holdings,

Inc

455

8,720

Joshin

Denki

Co

Ltd

126

37,374

Joyful

Honda

Co

Ltd

437

95,883

JUMBO

S.A.

2,535

13,450

K

Car

Co

Ltd

117

28,773

Kingfisher

plc

89

18,405

Kohnan

Shoji

Co

Ltd

418

22,152

Komeri

Co

Ltd

462

114,828

K's

Holdings

Corp

1,025

19,418

Leon's

Furniture

Ltd

348

15,772

Lithia

Motors,

Inc

(Class

A)

5,637

800,060

Lojas

Renner

S.A.

1,566

8,510

(c)

Lotte

Shopping

Co

Ltd

310

49,465

Lovisa

Holdings

Ltd

921

790,987

Lowe's

Cos,

Inc

195,216

226,561

Luk

Fook

Holdings

International

Ltd

417

95,700

Macy's,

Inc

1,620

451,348

(c)

Magazine

Luiza

S.A.

474

33

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

6,895,000

Map

Aktif

Adiperkasa

PT

$

458

27,660

Matas

A.S.

521

32,387

Mekonomen

AB

392

32,955

(c)

Mercadolibre,

Inc

56,038

363,000

(c)

Mercari,

Inc

4,097

336,800

(a)

MINISO

Group

Holding

Ltd

2,011

6,657,100

Mitra

Adiperkasa

Tbk

PT

581

30,299

(a)

Mobilezone

Holding

AG.

347

51,000

momo.com,

Inc

518

200,068

(c)

Moonpig

Group

plc

530

110,861

Motus

Holdings

Ltd

714

2,139,400

(b)

MR

DIY

Group

M

Bhd

885

201,893

Mr

Price

Group

Ltd

3,147

14,243

Murphy

USA,

Inc

7,146

2,013

(a)

Musti

Group

Oyj

42

8,300

(a)

Nafco

Co

Ltd

111

150,723

Naspers

Ltd

33,379

2,392

(c)

National

Vision

Holdings,

Inc

25

1,873

Next

plc

222

37,720

(a)

Nextage

Co

Ltd

336

60,965

(a)

Nick

Scali

Ltd

566

27,435

Nishimatsuya

Chain

Co

Ltd

408

60,943

Nitori

Co

Ltd

7,221

46,224

Nojima

Corp

669

225,650

Nordstrom,

Inc

5,449

114,113

North-Star

International

Co

Ltd

171

36,911

(c)

Ollie's

Bargain

Outlet

Holdings,

Inc

4,050

150,264

(c)

O'Reilly

Automotive,

Inc

178,183

50,100

Oriental

Holdings

BHD

81

42,690

(a),(c)

Overstock.com,

Inc

210

59,677

(a),(c),(d)

Ozon

Holdings

plc

(ADR)

1

394,200

Padini

Holdings

Bhd

194

31,956

Pal

Co

Ltd

619

642,115

PALTAC

Corp

17,723

15,000

Pan

German

Universal

Motors

Ltd

137

1,291,610

(c)

PC

Jeweller

Ltd

239

1,388,719

(c)

PDD

Holdings,

Inc

(ADR)

134,692

10,773

Penske

Auto

Group,

Inc

1,642

131,776

(b),(c)

Pepco

Group

NV

524

1,936,170

(b)

Pepkor

Holdings

Ltd

2,966

28,816

(a)

Pet

Valu

Holdings

Ltd

506

465,970

(c)

Petco

Health

&

Wellness

Co,

Inc

1,775

353,902

Pets

at

Home

Group

PLC

911

22,529

Pool

Corp

7,681

446,200

(b)

Pop

Mart

International

Group

Ltd

5,102

37,446

Poya

International

Co

Ltd

567

72,280

Premier

Investments

Ltd

1,435

1,320,157

Prosus

NV

52,443

2,573,600

PTT

Oil

&

Retail

Business

PCL

1,002

119,565

Puuilo

Oyj

1,266

59,174,325

Raizen

S.A.

20,674

295,500

(c)

Rakuten,

Inc

1,592

301,230

(c)

RattanIndia

Enterprises

Ltd

223

19,535

(c)

Redtape

Ltd

199

15,735

Retailors

Ltd

321

62

(c)

RH

24

107,348

Ross

Stores,

Inc

16,239

33,245

Rusta

AB

225

43,914

(a)

Rvrc

Holding

AB

163

196,500

Ryohin

Keikaku

Co

Ltd

4,474

749,963

(c)

SACI

Falabella

2,649

136,600

Sanrio

Co

Ltd

4,762

Stock

34

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

27,888

Saudi

Automotive

Services

Co

$

471

12,901

Senco

Gold

Ltd

161

34,781

Seria

Co

Ltd

623

129,800

Shimamura

Co

Ltd

7,218

6,141

(c)

Shinsegae

Co

Ltd

551

31,534

(c)

Shoppers

Stop

Ltd

222

933,600

Siam

Global

House

PCL

378

193,111

Signet

Jewelers

Ltd

15,586

23,375

(c)

Silicon2

Co

Ltd

510

46,080

(a)

Sonic

Automotive,

Inc

(Class

A)

2,919

631,610

(a),(c)

Stitch

Fix,

Inc

2,722

253,438

Super

Group

Ltd

396

129,936

Super

Retail

Group

Ltd

1,217

90,473

Synsam

AB

364

2,579

Tadiran

Group

Ltd

179

224,302

Takashimaya

Co

Ltd

1,784

63,550

(c)

Temple

&

Webster

Group

Ltd

514

5,988

Thanga

Mayil

Jewellery

Ltd

137

483,439

(c)

THG

plc

271

3,252,701

TJX

Cos,

Inc

392,959

38,927

Tokmanni

Group

Corp

488

1,973,000

(b)

Topsports

International

Holdings

Ltd

751

36,895

Tractor

Supply

Co

1,958

152,227

Trent

Ltd

12,630

299,436

Truworths

International

Ltd

1,644

28,044

(c)

Ulta

Beauty,

Inc

12,197

29,296

United

Electronics

Co

703

145,500

Upbound

Group,

Inc

4,244

116,085

(c)

Urban

Outfitters,

Inc

6,371

287,100

USS

Co

Ltd

2,492

740,925

(c)

Valvoline,

Inc

26,807

822,472

Vibra

Energia

S.A.

2,373

144,580

Vipshop

Holdings

Ltd

(ADR)

1,947

9,315

(c)

V-Mart

Retail

Ltd

427

952,460

(c)

Warby

Parker,

Inc

23,059

180,985

(b),(c)

Watches

of

Switzerland

Group

plc

1,263

57,698

(a),(c)

Wayfair,

Inc

2,557

851,403

Wesfarmers

Ltd

37,613

757,025

WH

Smith

plc

11,268

242,293

Wickes

Group

plc

459

1,180,800

Wilcon

Depot,

Inc

291

212,124

Williams-Sonoma,

Inc

39,281

773,478

Woolworths

Holdings

Ltd

2,551

287,000

Workman

Co

Ltd

8,116

397,500

(c)

XXF

Group

Holdings

Ltd

233

413,700

Yamada

Denki

Co

Ltd

1,187

22,733

Yellow

Hat

Ltd

387

1,018,720

(b),(c)

Zalando

SE

34,079

134,200

Zhejiang

China

Commodities

City

Group

Co

Ltd

247

732,072

Zhongsheng

Group

Holdings

Ltd

1,308

26,600

ZOZO,

Inc

819

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

6,343,077

CONSUMER

DURABLES

&

APPAREL

-

1.8%

756,000

361

Degrees

International

Ltd

411

27,500

Acushnet

Holdings

Corp

1,955

228,012

Adidas-Salomon

AG.

56,083

932,640

Aksa

Akrilik

Kimya

Sanayii

AS.

341

139,809

Alaseel

Co

158

18,982

Alexander

Marine

Co

Ltd

119

974,579

(c)

Alok

Industries

Ltd

239

775,800

(c)

Alpargatas

S.A.

798

13,762

(c)

Amber

Enterprises

India

Ltd

1,184

35

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

32,995

(c)

Amer

Sports,

Inc

$

923

1,118,755

Anta

Sports

Products

Ltd

11,049

56,902

Arcelik

AS

228

100,047

Arvind

Ltd

478

793,200

Asics

Corp

15,474

64,379

(c)

Azorim-Investment

Development

&

Construction

Co

Ltd

374

106,257

Azzas

2154

S.A.

509

114,247

Bajaj

Electricals

Ltd

1,024

115,300

Bandai

Namco

Holdings,

Inc

2,749

21,529

Barratt

Developments

plc

118

39,861

Bata

India

Ltd

639

4,515

Beijing

Roborock

Technology

Co

Ltd

136

153,724

Bellway

plc

4,796

26,884

(a)

Beneteau

S.A.

246

1,592

Berkeley

Group

Holdings

plc

77

1,095,022

(a),(c)

BK

LC

Lux

Finco

2

Sarl

62,044

3,794,472

Bosideng

International

Holdings

Ltd

1,875

244,638

(c)

Bovis

Homes

Group

plc

1,744

75,010

(a)

Breville

Group

Ltd

1,638

23,492

(a)

BRP,

Inc

1,196

26,876

Brunello

Cucinelli

S.p.A

2,936

39,894

Brunswick

Corp

2,580

257,681

Burberry

Group

plc

3,151

7,115,062

Cairn

Homes

plc

17,136

4,680,281

Cairn

Homes

plc

11,343

1,214

(c)

Callaway

Golf

Co

10

58,262

(c)

Campus

Activewear

Ltd

219

33,662

(a),(c)

Canada

Goose

Holdings,

Inc

338

84,544

(c)

Capri

Holdings

Ltd

1,780

157,900

(c)

Casio

Computer

Co

Ltd

1,312

30,229

Cello

World

Pvt

Ltd

267

56,610

Century

Communities,

Inc

4,153

105,500

Chervon

Holdings

Ltd

235

481,000

(a)

China

Lilang

Ltd

238

14,000

Chofu

Seisakusho

Co

Ltd

171

916,675

Cie

Financiere

Richemont

S.A.

138,669

1,837,523

Coats

Group

plc

2,172

45,688

(c)

Coway

Co

Ltd

2,061

189,907

Crest

Nicholson

Holdings

plc

400

34,406

(c)

Crocs,

Inc

3,768

509,320

Crompton

Greaves

Consumer

Electricals

Ltd

2,351

94,900

Cury

Construtora

e

Incorporadora

S.A.

268

205,400

Cyrela

Brazil

Realty

S.A.

564

4,872

Danya

Cebus

Ltd

155

59,215

(c)

Deckers

Outdoor

Corp

12,026

60,139

De'Longhi

S.p.A.

1,883

7,817

Delta

Galil

Ltd

432

13,910

(c)

DI

Dong

Il

Corp

463

92,700

Direcional

Engenharia

S.A.

399

20,097

Dixon

Technologies

India

Ltd

4,199

326,779

DR

Horton,

Inc

45,690

457,878

Dr.

Martens

PLC

411

1,363,869

Eclat

Textile

Co

Ltd

21,133

21,600

Ecovacs

Robotics

Co

Ltd

139

3,888

Einhell

Germany

AG.

254

8,296

(c)

Electra

Consumer

Products

1970

Ltd

239

173,384

Electrolux

AB

1,438

290,775

(a)

Ermenegildo

Zegna

NV

2,402

37,257

(a)

ES-Con

Japan

Ltd

230

45,462

(c)

Eureka

Forbes

Ltd

307

93,600

Ez

Tec

Empreendimentos

e

Participacoes

S.A.

164

10,153

(c)

F&F

Co

Ltd

371

Stock

36

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

2,179,451

Feng

TAY

Enterprise

Co

Ltd

$

8,824

58,442

(a)

Ferretti

S.p.A

171

24,654

(c),(d)

FF

Group

0

^

24,000

(a)

Fields

Corp

278

30,664

Fila

Holdings

Corp

832

17,010

Flexsteel

Industries,

Inc

924

548,000

Formosa

Taffeta

Co

Ltd

306

339,999

(a),(c),(d)

Fuguiniao

Co

Ltd

0

^

173,721

Fujitsu

General

Ltd

2,557

114,334

Fulgent

Sun

International

Holding

Co

Ltd

413

66,000

Fusheng

Precision

Co

Ltd

634

25,053

Games

Workshop

Group

plc

4,166

8,335

Ganesha

Ecosphere

Ltd

196

40,585

(c)

Garmin

Ltd

8,371

8,937

Garware

Technical

Fibres

Ltd

496

233,000

Giant

Manufacturing

Co

Ltd

1,004

119,639

Gildan

Activewear,

Inc

5,631

7,569

(b),(c)

Glenveagh

Properties

plc

13

678,760

(b),(c)

Glenveagh

Properties

plc

(London)

1,125

1,336,282

GN

Store

Nord

24,879

35,591

(c)

Gokaldas

Exports

Ltd

470

17,247

Goldwin,

Inc

962

75,700

Gree

Electric

Appliances,

Inc

of

Zhuhai

471

730,200

Grendene

S.A.

577

10,718

Gunze

Ltd

370

143,507

Haier

Smart

Home

Co

Ltd

560

982,401

Haier

Smart

Home

Co

Ltd

3,433

514

Hamilton

Beach

Brands

Holding

Co

9

55,500

Hang

Zhou

Great

Star

Industrial

Co

Ltd

246

12,552

(c)

Hansae

Co

Ltd

120

9,600

Hanssem

Co

Ltd

308

10,203

(a)

Harvia

Oyj

453

83,439

Hasbro,

Inc

4,665

195,272

Haseko

Corp

2,510

17,499

Hermes

International

41,987

59,300

Hisense

Home

Appliances

Group

Co

Ltd

235

331,000

Hisense

Kelon

Electrical

Holdings

Co

Ltd

1,041

466,000

(c),(d)

HOSA

International

Ltd

1

41,609

Hugo

Boss

AG.

1,912

94,400

Iida

Group

Holdings

Co

Ltd

1,419

75,375

Indo

Count

Industries

Ltd

287

19,180

Installed

Building

Products,

Inc

3,361

35,010

Japan

Wool

Textile

Co

Ltd

288

48,066

(a)

JM

AB

725

919,500

JNBY

Design

Ltd

2,070

157,000

Johnson

Health

Tech

Co

Ltd

882

2,205,000

(b)

JS

Global

Lifestyle

Co

Ltd

395

969,800

JVC

KENWOOD

Holdings,

Inc

10,680

227,335

Kalyan

Jewellers

India

Ltd

2,030

8,660

Kaufman

&

Broad

S.A.

293

245,127

Kering

60,545

38,000

KMC

Kuei

Meng

International,

Inc

138

71,830

Kontoor

Brands,

Inc

6,135

73,551

KPR

Mill

Ltd

852

45,018

LA

Opala

RG

Ltd

167

36,000

Lai

Yih

Footwear

Co

Ltd

417

139,068

Lennar

Corp

(Class

A)

18,965

6,629

Lennar

Corp

(Class

B)

876

880

Levi

Strauss

&

Co

15

653,399

LG

Electronics,

Inc

36,711

935,621

Li

Ning

Co

Ltd

1,955

937

LPP

S.A.

3,526

37

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

183,613

(c)

Lululemon

Athletica,

Inc

$

70,215

386,121

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

253,988

181,560

Makalot

Industrial

Co

Ltd

1,775

1,290,984

Man

Wah

Holdings

Ltd

796

6,442

(c),(d)

Mariella

Burani

S.p.A.

0

^

28,747

(a)

Marimekko

Oyj

361

204,258

(c)

Mattel,

Inc

3,621

2,274,391

(b)

Mavi

Giyim

Sanayi

Ve

Ticaret

AS.

5,596

171,000

Merida

Industry

Co

Ltd

786

150,112

Merry

Electronics

Co

Ltd

494

265,500

(c)

Midea

Group

Co

Ltd

2,555

201,100

Midea

Group

Co

Ltd

2,072

19,926

MIPS

AB

844

14,100

Mizuno

Corp

795

31,708

(c)

Mohawk

Industries,

Inc

3,777

1,671,111

Moncler

S.p.A

88,219

325,700

(c)

MRV

Engenharia

e

Participacoes

S.A.

279

5,800

Nagawa

Co

Ltd

272

19,486

(b)

Neinor

Homes

S.A.

341

71,678

(a)

New

Wave

Group

AB

629

527,099

Newell

Rubbermaid,

Inc

5,250

141,448

Nien

Made

Enterprise

Co

Ltd

1,579

2,309,184

Nike,

Inc

(Class

B)

174,736

218,800

Nikon

Corp

2,254

12,697

(c)

NVR,

Inc

103,847

1,538,558

(c)

On

Holding

AG.

84,267

85,300

Onward

Kashiyama

Co

Ltd

318

56,300

Open

House

Group

Co

Ltd

1,901

20,832

Oppein

Home

Group,

Inc

197

126,391

Orient

Electric

Ltd

343

153,511

(b)

OVS

S.p.A

539

4,665

Page

Industries

Ltd

2,586

453,959

Panasonic

Corp

4,640

1,282

Pandora

A.S.

235

17,691

PDS

Ltd

120

402,000

(c),(d)

Peace

Mark

Holdings

Ltd

1

2,164,120

(a),(c)

Peloton

Interactive,

Inc

18,828

4,994

Persimmon

plc

75

20,656

(c),(d)

PIK

Group

(GDR)

0

^

31,758

Polaris

Industries,

Inc

1,830

1,911,006

Pou

Chen

Corp

2,147

5,680,753

PRADA

S.p.A

43,718

22,485

Pressance

Corp

285

278,580

Pulte

Homes,

Inc

30,337

1,650

Puma

AG.

Rudolf

Dassler

Sport

76

50,297

Rajesh

Exports

Ltd

135

20,156

(c)

Raymond

Lifestyle

Ltd

495

43,517

Relaxo

Footwears

Ltd

315

77,700

Rinnai

Corp

1,597

9,500

Roland

Corp

235

499,027

Ruentex

Industries

Ltd

1,101

16,656

Safari

Industries

India

Ltd

505

208,136

(a),(c)

Safilo

Group

S.p.A.

201

50,013

(a)

Salvatore

Ferragamo

S.p.A

351

168,024

Sangetsu

Co

Ltd

3,188

163,000

Sankyo

Co

Ltd

2,195

9,954

(a)

Sanlorenzo

S.p.A

335

24,447

SEB

S.A.

2,209

136,900

Sega

Sammy

Holdings,

Inc

2,653

20,900

Seiko

Holdings

Corp

641

2,171,223

Sekisui

House

Ltd

51,771

99,390

(c)

SharkNinja

Global

SPV

Ltd

9,677

Stock

38

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

188,500

Sharp

Corp

$

1,168

30,636

(c)

Sheela

Foam

Ltd

354

708,238

Shenzhou

International

Group

Holdings

Ltd

5,586

57,699

Shimano,

Inc

7,762

1,037,504

Skyworth

Group

Ltd

421

10,426,435

Sony

Corp

219,743

116,996

(a),(b)

Spin

Master

Corp

2,757

428,500

Stella

International

Holdings

Ltd

900

550,191

Steven

Madden

Ltd

23,394

121,197

(a)

Sumitomo

Forestry

Co

Ltd

4,035

1,034

Superior

Uniform

Group,

Inc

17

86,328

Swan

Energy

Ltd

722

448

Swatch

Group

AG.

81

219,005

Symphony

Ltd

3,436

1,003,000

Tainan

Spinning

Co

Ltd

429

175,000

Taiwan

Paiho

Ltd

364

14,000

Taiwan

Sakura

Corp

36

13,700

Tama

Home

Co

Ltd

310

29,600

(a)

Tamron

Co

Ltd

833

147,953

Tapestry,

Inc

9,666

305,300

(c)

Taylor

Morrison

Home

Corp

18,687

22,688,045

Taylor

Wimpey

plc

34,531

821,000

TCL

Electronics

Holdings

Ltd

667

301,861

(b)

Technogym

S.p.A

3,277

101,185

Tempur

Sealy

International,

Inc

5,736

83,654

(b)

Thule

Group

AB

2,574

141,529

Titan

Co

Ltd

5,365

5,490

Token

Corp

436

61,018

Toll

Brothers,

Inc

7,685

66,101

Tomy

Co

Ltd

1,893

44,592

(c)

TopBuild

Corp

13,883

41,000

Topkey

Corp

255

153,855

(c)

Traeger,

Inc

368

922,463

(c)

Tri

Pointe

Homes,

Inc

33,449

1,051,807

Trident

Ltd

410

44,648

TTK

Prestige

Ltd

422

1,083,554

(c)

Under

Armour,

Inc

(Class

C)

8,083

17,443

(a)

Universal

Entertainment

Corp

114

47,259

Vaibhav

Global

Ltd

153

82,419

Vardhman

Textiles

Ltd

486

37,252

Vedant

Fashions

Ltd

560

323,152

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

155

125,384

Vestel

Elektronik

Sanayi

ve

Ticaret

AS.

253

52,655

VIP

Industries

Ltd

295

3,168,000

Viva

Goods

Company

Ltd

248

100,900

Vivara

Participacoes

S.A.

315

74,700

Vulcabras

Azaleia

S.A.

188

33,213

Wacoal

Holdings

Corp

1,134

170,540

Welspun

India

Ltd

311

552,954

Whirlpool

Corp

63,302

49,893

Whirlpool

of

India

Ltd

1,070

1,053,500

Xtep

International

Holdings

Ltd

758

3,078,700

Yamaha

Corp

21,899

380,332

(c)

YETI

Holdings,

Inc

14,647

107,409

(a)

YIT

Oyj

277

45,300

Yonex

Co

Ltd

611

17,645

(c)

Youngone

Corp

505

4,197

Youngone

Holdings

Co

Ltd

237

3,173,500

Yue

Yuen

Industrial

Holdings

7,069

15,813

Zhejiang

Supor

Co

Ltd

115

39

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

29,400

Zojirushi

Corp

$

334

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,260,843

CONSUMER

SERVICES

-

2.5%

289,564

(b)

AcadeMedia

AB

1,767

836,550

Accor

S.A.

40,688

198,916

ADT,

Inc

1,375

6,802

(c)

Afya

Ltd

108

225,151

(c)

Airbnb,

Inc

29,587

6,789

Alamar

Foods

135

767,290

Alef

Education

Holding

plc

240

400,600

Alsea

SAB

de

C.V.

836

919,184

Amadeus

IT

Holding

S.A.

64,880

109,000

Ambassador

Hotel

183

2,549,196

Americana

Restaurants

International

plc

1,533

67,715

AmRest

Holdings

SE

303

296,759

Aramark

11,072

8,812,494

(e)

Arcos

Dorados

Holdings,

Inc

64,155

443,608

Aristocrat

Leisure

Ltd

18,734

16,650

Ataa

Educational

Co

317

93,700

(a),(c)

Atom

Corp

401

43,100

Atour

Lifestyle

Holdings

Ltd

(ADR)

1,159

71,833

(a),(c)

Auction

Technology

Group

plc

495

38,083

(a),(b),(c)

Basic-Fit

NV

889

787,921

Berjaya

Sports

Toto

BHD

263

96,232

Betsson

AB

1,249

2,924,900

(c)

Bloomberry

Resorts

Corp

231

243,830

Bloomin'

Brands,

Inc

2,977

71,980

Booking

Holdings,

Inc

357,627

677,784

Boyd

Gaming

Corp

49,166

84,870

(c)

Bright

Horizons

Family

Solutions,

Inc

9,408

42,300

(c)

Brinker

International,

Inc

5,596

238,000

Cafe

de

Coral

Holdings

Ltd

239

3,730,285

(c)

Carnival

Corp

92,959

453,642

(c)

Carnival

plc

10,242

120,729

(c)

Cava

Group,

Inc

13,618

377,500

Central

Plaza

Hotel

PCL

381

65,027

(c)

Chalet

Hotels

Ltd

738

491,000

(a),(b)

China

East

Education

Holdings

Ltd

172

849,000

(a)

China

Education

Group

Holdings

Ltd

371

1,836,000

China

Travel

International

Inv

HK

236

2,909,717

(c)

Chipotle

Mexican

Grill,

Inc

(Class

A)

175,456

24,823

Cie

des

Alpes

390

1,569,900

(c)

Cogna

Educacao

S.A.

277

2,007,070

Collins

Foods

Ltd

9,002

57,700

(a)

Colowide

Co

Ltd

624

2,367,072

Compass

Group

plc

78,761

100,886

(a)

Corporate

Travel

Management

Ltd

826

236,240

(c)

Coursera,

Inc

2,008

95,600

Create

Restaurants

Holdings,

Inc

709

30,200

Curves

Holdings

Co

Ltd

148

160,477

Dalata

Hotel

Group

plc

776

2,547,278

(b),(c)

Deliveroo

plc

4,525

179,220

(b),(c)

Delivery

Hero

SE

5,035

1,341,993

(c)

Despegar.com

Corp

25,833

292,520

(c)

Devyani

International

Ltd

622

975,000

DigiPlus

Interactive

Corp

458

54,904

(a)

Domino's

Pizza

Enterprises

Ltd

999

281,500

Domino's

Pizza

Group

plc

1,110

82,524

(c)

DoorDash,

Inc

13,843

8,520

(c)

DoubleUGames

Co

Ltd

311

24,618

Doutor

Nichires

Holdings

Co

Ltd

365

35,900

(a),(c)

DPC

Dash

Ltd

361

Stock

40

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

SERVICES

(continued)

1,077,598

(c)

DraftKings,

Inc

$

40,087

38,800

(c)

Duolingo,

Inc

12,580

66,050

(c)

Dutch

Bros,

Inc

3,460

458,578

(c)

Easy

Trip

Planners

Ltd

85

73,055

(c)

eDreams

ODIGEO

S.A.

658

157,036

EIH

Ltd

768

207,338

(b),(c)

Elior

Group

S.A.

604

5,197

(a),(c),(d)

Empire

Resorts,

Inc

0

^

584,961

Entain

plc

5,022

2,018,200

Erawan

Group

PCL

225

1,348,229

(c)

Everi

Holdings,

Inc

18,215

350,282

(b)

Evolution

AB

27,012

362,350

(c)

Expedia

Group,

Inc

67,517

5,796

(c)

Fattal

Holdings

1998

Ltd

832

605,000

(a),(c)

Fenbi

Ltd

198

137,440

(a)

Flight

Centre

Travel

Group

Ltd

1,417

312,955

(c)

Flutter

Entertainment

plc

80,922

98,985

(c)

Flutter

Entertainment

plc

25,583

87,093

Food

&

Life

Cos

Ltd

1,832

52,000

Formosa

International

Hotels

Corp

303

276,320

(c)

Frontdoor,

Inc

15,106

1,149,000

Fu

Shou

Yuan

International

Group

Ltd

568

18,499

Fuji

Kyuko

Co

Ltd

262

5,100

Fujita

Kanko,

Inc

258

2,809,507

G8

Education

Ltd

2,269

1,851,608

Galaxy

Entertainment

Group

Ltd

7,795

129,400

(c)

GENDA,Inc

2,087

2,147,397

Genting

BHD

1,853

2,772,581

Genting

Malaysia

BHD

1,400

5,134,512

Genting

Singapore

Ltd

2,880

46,000

Gourmet

Master

Co

Ltd

136

17,684

(c)

Grand

Canyon

Education,

Inc

2,897

28,765

Grand

Korea

Leisure

Co

Ltd

214

340,732

Greggs

plc

11,884

10,613

(c)

Guzman

y

Gomez

Ltd

266

164,879

H&R

Block,

Inc

8,712

2,837,000

(a),(b),(c)

Haichang

Ocean

Park

Holdings

Ltd

204

1,504,776

(b)

Haidilao

International

Holding

Ltd

3,038

10,172

Hana

Tour

Service,

Inc

372

89,089

Heiwa

Corp

1,373

21,523

Herfy

Food

Services

Co

144

19,537

Hiday

Hidaka

Corp

346

432,691

Hilton

Worldwide

Holdings,

Inc

106,944

42,628

HIS

Co

Ltd

391

94,583

Hollywood

Bowl

Group

plc

353

233,000

Huangshan

Tourism

Development

Co

Ltd

177

1,360,829

Huazhu

Group

Ltd

(ADR)

44,948

264,048

Humansoft

Holding

Co

KSC

2,330

37,279

Hyatt

Hotels

Corp

5,852

59,500

Ichibanya

Co

Ltd

386

263,208

(a)

IDP

Education

Ltd

2,050

26,762

(c)

IFA

Hotels

&

Resorts-KPSC

161

5,000

(c)

Imperial

Hotel

Ltd

29

719,699

Indian

Hotels

Co

Ltd

7,356

153,451

InterContinental

Hotels

Group

plc

19,093

822,384

International

Game

Technology

plc

14,523

174,007

(c)

Intralot

S.A.-Integrated

Lottery

Systems

&

Services

189

79,540

(c)

Jahez

International

Co

641

724,000

(a),(b)

Jiumaojiu

International

Holdings

Ltd

315

372,723

Jollibee

Foods

Corp

1,728

302,565

Jubilant

Foodworks

Ltd

2,532

44,505

Jumbo

Interactive

Ltd

383

41

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

SERVICES

(continued)

34,833

(c)

Juniper

Hotels

Ltd

$

142

616,659

(b),(c)

Just

Eat

Takeaway.com

NV

8,409

82,106

(c)

Kangwon

Land,

Inc

886

13,270

(a)

Kappa

Create

Co

Ltd

134

38,000

KOMEDA

Holdings

Co

Ltd

683

41,094

(a)

Koshidaka

Holdings

Co

Ltd

294

17,804

Kura

Sushi,

Inc

324

51,766

Kyoritsu

Maintenance

Co

Ltd

958

99,148

(b)

La

Francaise

des

Jeux

SAEM

3,818

714,141

Las

Vegas

Sands

Corp

36,678

463,112

(c)

Laureate

Education,

Inc

8,470

20,066

Leejam

Sports

Co

JSC

990

279,607

(b),(c)

Lemon

Tree

Hotels

Ltd

498

445,910

(c)

Life

Time

Group

Holdings,

Inc

9,864

32,783

(c)

Light

&

Wonder,

Inc

2,832

32,320

(c)

Lindblad

Expeditions

Holdings,

Inc

383

39,682

(c)

Lotte

Tour

Development

Co

Ltd

205

1,899,098

Lottery

Corp

Ltd

5,792

600,871

Lottomatica

Group

Spa

8,016

61,000

Lung

Yen

Life

Service

Corp

103

68,987

(c)

Mahindra

Holidays

&

Resorts

India

Ltd

287

123,348

Marriott

International,

Inc

(Class

A)

34,407

7,200

Matsuyafoods

Holdings

Co

Ltd

298

1,005,261

McDonald's

Corp

291,415

17,105

(a)

McDonald's

Holdings

Co

Japan

Ltd

672

151,586

Me

Group

International

plc

389

3,974,833

(b),(c)

Meituan

77,284

4,243,930

(c)

Melco

Crown

Entertainment

Ltd

(ADR)

24,572

537,817

(a),(c)

Melco

International

Development

307

84,818

(c)

MGM

Resorts

International

2,939

2,813,600

Minor

International

PCL

2,136

192,553

(c)

Mitchells

&

Butlers

plc

590

222,400

MK

Restaurants

Group

PCL

160

25,002

(a)

Monogatari

Corp

549

16,000

MOS

Food

Services,

Inc

376

15,686

MTY

Food

Group,

Inc

499

14,121

National

Co

for

Learning

&

Education

770

204,760

(a),(c)

Nerdy,

Inc

332

595,240

New

Oriental

Education

&

Technology

Group,

Inc

3,796

61,234

NIIT

Learning

Systems

Ltd

322

186,800

Ohsho

Food

Service

Corp

3,602

479,960

OneSpaWorld

Holdings

Ltd

9,551

162,989

OPAP

S.A.

2,649

5,176,166

Oriental

Land

Co

Ltd

111,578

41,856

(c)

Paradise

Co

Ltd

271

9,354

Pearson

plc

150

125,019

(a),(c)

Pierre

&

Vacances

196

50,532

(c)

Planet

Fitness,

Inc

4,996

182,868

(c)

Playtech

PLC

1,637

11,836

(a)

Pollard

Banknote

Ltd

198

281,650

(c)

Potbelly

Corp

2,653

139,854

Rank

Group

plc

151

703,900

Resorttrust,

Inc

13,995

276,062

(c)

Restaurant

Brands

Asia

Ltd

273

259,960

Restaurant

Brands

International,

Inc

16,944

1,952

Restaurant

Brands

International,

Inc

127

143,483

Round

One

Corp

1,183

224,560

Royal

Caribbean

Cruises

Ltd

51,804

25,700

(a)

Royal

Holdings

Co

Ltd

390

1,656,660

(c)

Rush

Street

Interactive,

Inc

22,729

23,000

Saizeriya

Co

Ltd

776

15,501,167

(c)

Sands

China

Ltd

41,273

Stock

42

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

SERVICES

(continued)

124,815

(c)

Sapphire

Foods

India

Ltd

$

479

202,732

(a),(b)

Scandic

Hotels

Group

AB

1,259

121,591

(c)

Seera

Group

Holding

726

85,095

Service

Corp

International

6,792

225,972

(c)

Shake

Shack,

Inc

29,331

1,034,000

Shangri-La

Asia

Ltd

706

192,900

SISB

PCL

170

2,107,000

(a),(c)

SJM

Holdings

Ltd

726

29,143

(a)

SkiStar

AB

431

174,882

(a)

Skylark

Holdings

Co

Ltd

2,712

220,500

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

604

86,511

Sodexho

Alliance

S.A.

7,129

433,779

Sol

Melia

S.A.

3,310

621,691

SSP

Group

PLC

1,401

2,032,901

(a),(c)

Star

Entertainment

Grp

Ltd

238

3,296,212

Starbucks

Corp

300,779

173,120

Strategic

Education,

Inc

16,173

302,184

Super

Group

SGHC

Ltd

1,883

149,000

(a),(c)

Super

Hi

International

Holding

Ltd

421

177,971

Taaleem

Holdings

PJSC

191

40,578

TAB

Gida

Sanayi

Ve

Ticaret

AS.

172

1,792,516

TABCORP

Holdings

Ltd

625

172,083

(c)

TAL

Education

Group

(ADR)

1,724

88,299

Texas

Roadhouse,

Inc

(Class

A)

15,932

100,588

Thomas

Cook

India

Ltd

230

1,085,000

Tianli

Education

International

Holdings

Ltd

529

13,385

(a)

Tokyotokeiba

Co

Ltd

384

526,820

Tongcheng

Travel

Holdings

Ltd

1,225

37,959

Toridoll

Holdings

Corp

937

358,166

(b),(c)

Trainline

plc

1,921

87,100

Travel

&

Leisure

Co

4,394

896,219

Travelsky

Technology

Ltd

1,191

878,350

(c)

Trip.com

Group

Ltd

60,448

491,409

(c)

TUI

AG.

4,261

286

Vail

Resorts,

Inc

54

297,175

(c)

Webjet

Ltd

842

268,190

Wendy's

Co

4,371

51,621

(c)

Westlife

Foodworld

Ltd

477

64,497

Wetherspoon

(J.D.)

plc

485

174,494

Whitbread

plc

6,423

111,565

Wingstop,

Inc

31,707

7,954

Wonderla

Holidays

Ltd

68

74,075

Wowprime

Corp

534

235,054

Wyndham

Hotels

&

Resorts,

Inc

23,691

43,506,200

(a)

Wynn

Macau

Ltd

30,006

255,035

Wynn

Resorts

Ltd

21,974

217,700

YDUQS

Participacoes

S.A.

300

53,419

Yoshinoya

D&C

Co

Ltd

1,052

16,727

Young

&

Co's

Brewery

plc

181

657,735

Yum

China

Holdings,

Inc

31,683

28,590

Yum!

Brands,

Inc

3,836

82,500

Zensho

Co

Ltd

4,672

11,252,412

(c)

Zomato

Ltd

36,451

TOTAL

CONSUMER

SERVICES

3,155,480

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.9%

1,651,130

Abdullah

Al

Othaim

Markets

Co

4,614

435,013

Aeon

Co

Ltd

10,181

27,600

Aeon

Hokkaido

Corp

155

22,483

Ain

Holdings,

Inc

619

76,556

Al

Meera

Consumer

Goods

Co

QSC

305

63,790

Albertsons

Cos,

Inc

1,253

27,877

Al-Dawaa

Medical

Services

Co

581

43

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

(continued)

2,255,829

(a),(c)

Alibaba

Health

Information

Technology

Ltd

$

951

1,926,558

Alimentation

Couche-Tard,

Inc

106,846

12,676,391

Almacenes

Exito

S.A.

20,273

13,472

Almunajem

Foods

Co

343

27,379

Arcs

Co

Ltd

450

3,714,167

Atacadao

S.A.

3,262

138,079

(b),(c)

Avenue

Supermarts

Ltd

5,738

114,061

Axfood

AB

2,412

44,220

Axial

Retailing,

Inc

257

8,300

Belc

Co

Ltd

352

551,600

Berli

Jucker

PCL

375

6,604

(c)

BGF

retail

Co

Ltd

457

276,031

Bid

Corp

Ltd

6,298

386,630

BIM

Birlesik

Magazalar

AS

5,777

184,760

BinDawood

Holding

Co

318

8,478

(a)

Carrefour

S.A.

121

22,296

Casey's

General

Stores,

Inc

8,834

103,854

(a),(c)

Casino

Guichard

Perrachon

S.A.

118

1,105,089

Cencosud

S.A.

2,444

96,670

(c)

Chefs'

Warehouse,

Inc

4,768

333,400

(c),(d)

Chongqing

Hongjiu

Fruit

Co

Ltd

37

30,099,494

(c),(e)

Cia

Brasileira

de

Distribuicao

12,409

196,773

Clicks

Group

Ltd

3,890

1,001,784

Coles

Group

Ltd

11,694

139,808

Colruyt

S.A.

5,248

32,400

Cosmos

Pharmaceutical

Corp

1,381

745,893

Costco

Wholesale

Corp

683,439

2,362,916

CP

ALL

plc

3,852

1,514,527

CP

AXTRA

PCL

1,211

20,900

Create

SD

Holdings

Co

Ltd

371

4,418

Daikokutenbussan

Co

Ltd

268

189,700

DFI

Retail

Group

Holdings

Ltd

438

19,157

(b),(c)

Dino

Polska

S.A.

1,808

309,644

(b)

Dis-Chem

Pharmacies

Ltd

591

16,397,216

(c)

Distribuidora

Internacional

de

Alimentacion

S.A.

260

9,669

(a),(c)

DocMorris

AG.

214

166,313

Dollar

General

Corp

12,610

30,720

(c)

Dongsuh

Cos,

Inc

568

322,000

(a),(b),(c)

East

Buy

Holding

Ltd

738

14,636

E-MART,

Inc

624

112,213

Empire

Co

Ltd

3,426

297,920

Endeavour

Group

Ltd

773

19,900

Fuji

Co

Ltd

260

12,400

G-7

Holdings,

Inc

115

13,400

Genky

DrugStores

Co

Ltd

264

49,889

George

Weston

Ltd

7,758

163,506

GrainCorp

Ltd-A

742

55,734

Great

Tree

Pharmacy

Co

Ltd

248

59,985

(c)

Grocery

Outlet

Holding

Corp

936

217,600

(a)

Grupo

Comercial

Chedraui

S.a.

DE

C.V.

1,308

421,200

Grupo

Mateus

S.A.

435

27,873

(c)

GS

Retail

Co

Ltd

311

467,986

(c),(e)

Guardian

Pharmacy

Services,

Inc

9,481

6,100

Halows

Co

Ltd

178

71,125

Hankyu

Department

Stores,

Inc

1,035

21,858

Heiwado

Co

Ltd

317

119,724

(c)

HelloFresh

SE

1,454

2,770

Itochu-Shokuhin

Co

Ltd

125

25,751

J

Sainsbury

plc

88

466,050

(b),(c)

JD

Health

International,

Inc

1,665

1,633,135

Jeronimo

Martins

SGPS

S.A.

31,212

16,723

Kato

Sangyo

Co

Ltd

477

Stock

44

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

(continued)

3,249

Kesko

Oyj

(B

Shares)

$

61

29,800

Kobe

Bussan

Co

Ltd

651

14,959

Koninklijke

Ahold

Delhaize

NV

488

182,533

Kroger

Co

11,162

36,302

Kusuri

no

Aoki

Holdings

Co

Ltd

748

223,400

(a)

La

Comer

SAB

de

C.V.

351

17,596

Life

Corp

391

128,479

Loblaw

Cos

Ltd

16,908

11,937

M

Yochananof

&

Sons

Ltd

744

101,157

(c)

Maplebear,

Inc

4,190

31,702

Marks

&

Spencer

Group

plc

148

23,973

(a)

MARR

S.p.A.

250

541,700

Matsumotokiyoshi

Holdings

Co

Ltd

7,887

30,100

Maxvalu

Tokai

Co

Ltd

637

40,870

(c)

Medplus

Health

Services

Ltd

396

738,123

Metcash

Ltd

1,414

69,575

METRO

AG.

299

179,124

Metro,

Inc

11,234

5,014,800

Midi

Utama

Indonesia

Tbk

PT

134

73,969

Migros

Ticaret

AS

1,142

30,451

Nahdi

Medical

Co

952

35,903

(a)

North

West

Co,

Inc

1,227

415,774

(c)

Ocado

Group

plc

1,569

782,344

Olam

Group

Ltd

699

508,715

(c)

Performance

Food

Group

Co

43,012

446,716

(a),(c)

Pick'n

Pay

Stores

Ltd

727

443,000

(a),(b)

Ping

An

Healthcare

and

Technology

Co

Ltd

352

480,195

President

Chain

Store

Corp

3,850

1,300,400

Puregold

Price

Club,

Inc

694

1,006,324

Raia

Drogasil

S.A.

3,582

6,203

Rami

Levy

Chain

Stores

Hashikma

Marketing

2006

Ltd

422

11,480

(b),(c)

Redcare

Pharmacy

NV

1,582

726,550

Robinsons

Retail

Holdings,

Inc

452

42,441

Ryoshoku

Ltd

1,342

30,000

San-A

Co

Ltd

551

20,189,129

Sendas

Distribuidora

S.A.

18,411

4,932,592

Seven

&

I

Holdings

Co

Ltd

77,331

1,537,010

Sheng

Siong

Group

Ltd

1,847

9,911

(a)

Shoei

Foods

Corp

253

209,057

Shoprite

Holdings

Ltd

3,251

163,565

Shufersal

Ltd

1,706

197,600

(a),(c)

Sipai

Health

Technology

Co

Ltd

138

11,072

Sligro

Food

Group

NV

128

2,263,019

SMU

S.A.

364

244,733

Sok

Marketler

Ticaret

AS.

285

2,470,899

Sonae

SPGS

S.A.

2,339

142,134

(c)

SPAR

Group

Ltd

1,100

441,680

Spinneys

1961

Holding

plc

194

86,400

(c)

Sprouts

Farmers

Market,

Inc

10,979

83,388

Sugi

Pharmacy

Co

Ltd

1,307

15,969,600

Sumber

Alfaria

Trijaya

Tbk

PT

2,828

1,609,000

Sun

Art

Retail

Group

Ltd

511

402,200

Sundrug

Co

Ltd

10,230

28,683

Target

Corp

3,877

26,346,947

Tesco

plc

121,179

27,200

(c)

Trial

Holdings,

Inc

462

28,900

Tsuruha

Holdings,

Inc

1,597

479,606

(c)

United

Natural

Foods,

Inc

13,098

41,650

(a)

United

Super

Markets

Holdings,

Inc

199

78,670

(c)

US

Foods

Holding

Corp

5,307

24,194

Valor

Co

Ltd

335

224,488

Walgreens

Boots

Alliance,

Inc

2,095

45

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

(continued)

2,131,333

Wal-Mart

de

Mexico

SAB

de

C.V.

$

5,611

10,055,264

Walmart,

Inc

908,493

23,840

(a)

Weis

Markets,

Inc

1,614

69,300

Welcia

Holdings

Co

Ltd

903

938,052

Woolworths

Ltd

17,683

13,100

Yaoko

Co

Ltd

785

41,730

Yifeng

Pharmacy

Chain

Co

Ltd

138

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

2,329,187

ENERGY

-

4.0%

12,559,261

Adaro

Energy

Indonesia

Tbk

PT

1,891

305,421

Ades

Holding

Co

1,412

2,900,574

ADNOC

Drilling

Co

PJSC

4,209

124,463

(a),(c)

Advantage

Energy

Ltd

854

111,057

Aegis

Logistics

Ltd

1,061

277,800

(a)

Africa

Oil

Corp

381

990,430

Aker

BP

ASA

19,470

911,776

Aker

Solutions

ASA

2,509

6,406,200

AKR

Corporindo

Tbk

PT

446

169,813

Ampol

Ltd

2,963

210,473

Antero

Midstream

Corp

3,176

503,451

ARC

Resources

Ltd

9,131

548,025

Archrock,

Inc

13,640

240,590

Ardmore

Shipping

Corp

2,923

423,634

(c)

Athabasca

Oil

Corp

1,571

624,922

(a)

Atlas

Energy

Solutions,

Inc

13,861

14,134

(b)

Avance

Gas

Holding

Ltd

101

1,521,571

Baker

Hughes

Co

62,415

768,900

Bangchak

Corp

PCL

812

188,300

Bangchak

Sriracha

PCL

(Foreign)

44

6,647,200

Banpu

PCL

(Foreign)

1,163

557,899

(a)

Baytex

Energy

Corp

1,436

1,244,923

Beach

Petroleum

Ltd

1,078

1,362,323

Bharat

Petroleum

Corp

Ltd

4,632

224,840

(a)

Birchcliff

Energy

Ltd

848

18,743

(c)

BLUENORD

ASA

1,082

315,779

(c)

Boss

Energy

Ltd

473

36,411,247

BP

plc

179,980

250,352

Brava

Energia

958

4,650,000

(c),(d)

Brightoil

Petroleum

Holdings

Ltd

6

14,120

(c)

Bristow

Group,

Inc

484

2,542,000

(c)

Bumi

Armada

Bhd

372

44,109,300

(c)

Bumi

Resources

Minerals

Tbk

PT

948

70,456

(b)

BW

LPG

Ltd

783

69,135

BW

Offshore

Ltd

182

137,210

California

Resources

Corp

7,120

1,202,669

Cameco

Corp

61,838

348,825

Cameco

Corp

17,926

1,913,076

Canadian

Natural

Resources

Ltd

59,065

106,618

(a)

Cardinal

Energy

Ltd

481

1,160,857

Cenovus

Energy,

Inc

(Toronto)

17,597

193,250

CES

Energy

Solutions

Corp

1,334

2,145,000

CGN

Mining

Co

Ltd

446

291,887

ChampionX

Corp

7,936

397,709

Cheniere

Energy,

Inc

85,456

35,868

Chennai

Petroleum

Corp

Ltd

262

475,857

Chesapeake

Energy

Corp

47,372

2,111,871

Chevron

Corp

305,883

1,915,000

China

Coal

Energy

Co

2,286

693,300

China

Merchants

Energy

Shipping

Co

Ltd

609

2,311,122

China

Oilfield

Services

Ltd

2,086

405,676

China

Shenhua

Energy

Co

Ltd

-

A

2,416

3,025,455

China

Shenhua

Energy

Co

Ltd

-

H

13,051

Stock

46

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

634,000

(a)

China

Shipping

Development

Co

Ltd

$

506

178,736

Chord

Energy

Corp

20,898

60,911

Civitas

Resources,

Inc

2,794

740,900

CNOOC

Energy

Technology

&

Services

Ltd

434

429,390

(c)

CNX

Resources

Corp

15,746

1,638,945

Coal

India

Ltd

7,336

118

(c),(d),(f)

Cobalt

International

Energy,

Inc

0

^

1,850,309

ConocoPhillips

183,495

19,649

Cool

Co

Ltd

153

944,604

Cosan

SA

Industria

e

Comercio

1,264

278,493

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

443

48,658

Cosmo

Energy

Holdings

Co

Ltd

2,148

937,116

Crescent

Energy

Co

13,691

266,000

(a)

Dalipal

Holdings

Ltd

309

41,843

d'Amico

International

Shipping

S.A.

174

4,524,778

Dana

Gas

PJSC

868

217,000

Dayang

Enterprise

Holdings

BHD

101

712,132

(c)

Deep

Yellow

Ltd

493

7,057

Delek

Group

Ltd

919

349,020

Delek

US

Holdings,

Inc

6,457

1,914,868

(c)

Denison

Mines

Corp

3,477

2,345,700

Dialog

Group

Bhd

971

1,041,509

Diamondback

Energy,

Inc

170,630

41,952

(a)

Diversified

Energy

Co

plc

702

302,333

DNO

International

ASA

279

103,582

(c)

DOF

Group

ASA

770

6,033,778

(c)

Empire

Energy

Group

Ltd

840

1,841,727

Enbridge,

Inc

78,169

2,319,501

ENEOS

Holdings,

Inc

12,168

95,821

Enerflex

Ltd

954

116,988

Energean

plc

1,518

1,168,600

(c),(d)

Energy

Earth

PCL

0

^

130,671

(a),(c)

Energy

Fuels,

Inc

672

1

Energy

Transfer

LP

0

^

35,846

ENI

S.p.A.

490

862,608

EOG

Resources,

Inc

105,738

159,200

EQT

Corp

7,341

1,543,366

Equinor

ASA

36,607

16,141

(c)

Equital

Ltd

651

7,723

(a)

Esso

SA

Francaise

868

38,147

Etablissements

Maurel

et

Prom

226

1,325

Excelerate

Energy,

Inc

40

116,886

Exxaro

Resources

Ltd

978

7,145,018

Exxon

Mobil

Corp

768,590

24,805

FLEX

LNG

Ltd

555

14,600

(c)

Forum

Energy

Technologies,

Inc

226

97,018

(a)

Freehold

Royalties

Ltd

863

62,900

(a)

Frontera

Energy

Corp

378

108,927

Frontline

plc

1,497

204,967

FutureFuel

Corp

1,084

782,510

Galp

Energia

SGPS

S.A.

12,970

27,058

(a)

Gaztransport

Et

Technigaz

S.A.

3,624

128,511

(a)

Gibson

Energy,

Inc

2,189

243,206

Golar

LNG

Ltd

10,292

650,271

Granite

Ridge

Resources,

Inc

4,201

86,207

Great

Eastern

Shipping

Co

Ltd

966

798,686

Guanghui

Energy

Co

Ltd

736

42,506

Gujarat

Mineral

Development

Corp

Ltd

159

739,516

Gulf

International

Services

QSC

676

29,450

(c)

Gulfport

Energy

Operating

Corp

5,425

997,417

Hafnia

Ltd

5,335

462,740

(a),(c)

Hallador

Energy

Co

5,298

47

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

3,533,834

Harbour

Energy

plc

$

11,297

1,609,500

(c)

Harum

Energy

Tbk

PT

103

17,567

HD

Hyundai

Co

Ltd

942

172,136

(a)

Headwater

Exploration,

Inc

792

73,692

Hellenic

Petroleum

S.A.

577

523,955

Hess

Corp

69,691

130,000

HF

Sinclair

Corp

4,556

551,560

Hibiscus

Petroleum

Bhd

242

831,132

Hindustan

Petroleum

Corp

Ltd

3,951

375,880

Hunting

plc

1,361

769,424

Idemitsu

Kosan

Co

Ltd

5,068

155,017

Imperial

Oil

Ltd

9,554

2,610,422

Indian

Oil

Corp

Ltd

4,137

1,595,100

Indika

Energy

Tbk

PT

148

885,100

Indo

Tambangraya

Megah

Tbk

PT

1,468

184,900

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

496

1,007,900

Inner

Mongolia

Yitai

Coal

Co

2,078

159,870

(c)

Innovex

International,

Inc

2,233

749,000

(a)

Inpex

Holdings,

Inc

9,423

67,146

(c)

International

Petroleum

Corp

785

210,420

International

Seaways,

Inc

7,562

6,302,686

IRPC

PCL

(Foreign)

227

67,250

Itochu

Enex

Co

Ltd

695

140,088

Iwatani

International

Corp

1,584

148,085

Japan

Petroleum

Exploration

Co

1,075

489,142

(c)

John

Wood

Group

plc

402

578,486

Karoon

Energy

Ltd

500

3,065,914

(c)

Kelt

Exploration

Ltd

14,973

192,979

Keyera

Corp

5,902

2,037,873

Kinder

Morgan,

Inc

55,838

3,486,000

Kinetic

Development

Group

Ltd

579

63,310

Kinetik

Holdings,

Inc

3,590

53,003

Koninklijke

Vopak

NV

2,333

189,906

Marathon

Petroleum

Corp

26,492

381,918

Matador

Resources

Co

21,487

55,262

(a),(c)

Mattr

Corp

486

5,448,300

Medco

Energi

Internasional

Tbk

PT

375

288,551

MEG

Energy

Corp

4,737

19,300

Mitsuuroko

Co

Ltd

218

52,530

(a)

Modec,

Inc

1,109

470,538

MOL

Hungarian

Oil

&

Gas

plc

3,239

47,967

Motor

Oil

Hellas

Corinth

Refineries

S.A.

1,024

40,998

Murphy

Oil

Corp

1,241

689,838

(a)

Neste

Oil

Oyj

8,730

49,545

(a)

New

Fortress

Energy,

Inc

749

414,335

(a)

New

Hope

Corp

Ltd

1,271

3,787,090

(c)

NexGen

Energy

Ltd

24,976

232,677

Noble

Corp

plc

7,306

443

(a)

Nordic

American

Tankers

Ltd

1

19,889

North

American

Construction

Group

Ltd

429

623,354

Northern

Oil

and

Gas,

Inc

23,164

1,675,347

NOV,

Inc

24,460

128,634

(c)

NuVista

Energy

Ltd

1,237

8,370

Occidental

Petroleum

Corp

414

66,464

Odfjell

Drilling

Ltd

301

342,803

Oil

India

Ltd

1,723

1,990,240

Oil

Refineries

Ltd

515

2,301

OMV

AG.

89

275,658

ONEOK,

Inc

27,676

185,380

Ovintiv,

Inc

7,508

53,370

(c)

Paladin

Energy

Ltd

249

227,847

(a),(c)

Paladin

Resources

Ltd

1,061

Stock

48

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

240,100

(c)

Par

Pacific

Holdings,

Inc

$

3,935

63,930

(a)

Paramount

Resources

Ltd

(Class

A)

1,415

165,881

Paratus

Energy

Services

Ltd

671

939,606

Parex

Resources,

Inc

9,530

117,701

Parkland

Corp

2,662

66,493

Pason

Systems,

Inc

630

305,936

Patterson-UTI

Energy,

Inc

2,527

6,960

Paz

Oil

Co

Ltd

863

205,880

PBF

Energy,

Inc

5,466

490,960

Pembina

Pipeline

Corp

18,140

10,670,214

Permian

Resources

Corp

153,438

3,345,200

(c)

Petro

Rio

S.A.

21,927

3,348,095

Petroleo

Brasileiro

S.A.

21,569

8,799,727

Petroleo

Brasileiro

S.A.

(Preference)

52,046

246,780

Petronas

Dagangan

BHD

1,066

668,162

Petronet

LNG

Ltd

2,697

124,500

Petroreconcavo

S.A.

328

515,500

(a)

PetroTal

Corp

194

145,256

(a)

Peyto

Exploration

&

Development

Corp

1,732

62,119

Phillips

66

7,077

286,900

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

394

552,654

Polski

Koncern

Naftowy

Orlen

S.A.

6,335

100,100

(c),(d)

Poseidon

Concepts

Corp

1

166,034

(a)

PrairieSky

Royalty

Ltd

3,238

10,446

(c)

Precision

Drilling

Corp

639

961,500

Prima

Marine

PCL

243

80,168,000

(c)

PT

Bumi

Resources

Tbk

588

3,252,100

PT

Tambang

Batubara

Bukit

Asam

Tbk

555

617,706

PT

United

Tractors

Tbk

1,028

1,512,648

PTT

Exploration

&

Production

PCL

5,317

9,905,609

PTT

PCL

9,235

565,069

Qatar

Fuel

QSC

2,328

2,516,433

Qatar

Gas

Transport

Co

Ltd

2,869

20,523,419

Reliance

Industries

Ltd

290,665

19,040

Repsol

YPF

S.A.

232

52,700

(a),(c)

Sable

Offshore

Corp

1,207

5,448,191

Saipem

S.p.A

14,251

37,452

San-Ai

Oil

Co

Ltd

450

224,410

SandRidge

Energy,

Inc

2,628

2,755,602

Santos

Ltd

11,411

14,773,324

(b)

Saudi

Arabian

Oil

Co

110,282

112,071

SBM

Offshore

NV

1,974

510,970

Schlumberger

Ltd

19,591

6,768

Schoeller-Bleckmann

Oilfield

Equipment

AG.

208

201,440

(c)

Seadrill

Ltd

7,842

157,564

Secure

Energy

Services,

Inc

1,782

2,487,000

Semirara

Mining

&

Power

Corp

1,496

205,512

Serica

Energy

plc

349

50

(c),(d)

Serval

Integrated

Energy

Services

0

^

618,580

SFL

Corp

Ltd

6,322

624,638

Shaanxi

Coal

Industry

Co

Ltd

1,990

419,450

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

407

254,186

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

500

430,899

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

486

12,791,730

Shell

plc

398,731

689,032

Shell

plc

(ADR)

43,168

5,560,000

Sinopec

Kantons

Holdings

Ltd

3,508

310,980

Sitio

Royalties

Corp

5,965

7,350

SK

Discovery

Co

Ltd

193

1,232

SK

Gas

Ltd

173

26,051

(c)

SK

Innovation

Co

Ltd

1,969

43,565

S-Oil

Corp

1,627

49

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

18,820

Solaris

Oilfield

Infrastructure,

Inc

$

542

161,472

(a)

South

Bow

Corp

3,810

1,735,500

Star

Petroleum

Refining

PCL

335

177,881

Subsea

7

S.A.

2,830

1,692,041

Suncor

Energy,

Inc

60,398

429,217

(a)

Tamarack

Valley

Energy

Ltd

1,430

72,630

(a),(c)

Tamboran

Resources

Corp

1,524

51,151,618

(c)

Tamboran

Resources

Ltd

4,591

417,818

Targa

Resources

Corp

74,580

877,754

(a)

TC

Energy

Corp

40,906

1,612,172

Technip

Energies

NV

43,064

548,013

TechnipFMC

plc

15,859

39,579

(c)

Tecnicas

Reunidas

S.A.

463

7,370

Tenaris

S.A.

139

10,992

Texas

Pacific

Land

Corp

12,157

154,440

TGS

Nopec

Geophysical

Co

ASA

1,547

1,456,132

Thai

Oil

PCL

1,212

107,682

Thungela

Resources

Ltd

763

215,849

(a)

Topaz

Energy

Corp

4,182

38,526

TORM

plc

744

3,079,002

Total

S.A.

171,546

297,261

Tourmaline

Oil

Corp

13,756

161,403

(a)

Trican

Well

Service

Ltd

576

1,049,123

(a),(c)

Tullow

Oil

plc

282

885,357

Turkiye

Petrol

Rafinerileri

AS

3,552

613,961

Ultrapar

Participacoes

S.A.

1,595

6,476,000

(a)

United

Energy

Group

Ltd

294

1,817,298

Valero

Energy

Corp

222,783

935,924

(a),(c)

Vallourec

S.A.

15,969

15,626

(a)

VERBIO

Vereinigte

BioEnergie

AG.

192

440,754

(a)

Veren,

Inc

2,266

123,691

(a)

Vermilion

Energy,

Inc

1,164

62,660

Viper

Energy

Partners

LP

3,075

272,829

(a),(c)

Vital

Energy,

Inc

8,436

110,130

(a)

Vitesse

Energy,

Inc

2,753

852,185

(b)

Viva

Energy

Group

Ltd

1,387

86,401

Weatherford

International

plc

6,189

462,943

(a)

Whitecap

Resources,

Inc

3,285

617,976

Whitehaven

Coal

Ltd

2,366

1,264,223

Williams

Cos,

Inc

68,420

2,591,667

Woodside

Energy

Group

Ltd

40,132

118,850

World

Fuel

Services

Corp

3,270

292,100

Yancoal

Australia

Ltd

1,173

111,233

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

564

3,023,502

(a)

Yanzhou

Coal

Mining

Co

Ltd

3,469

389,788

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

756

165,274

(b),(c)

Yellow

Cake

plc

1,036

1,123,560

Yinson

Holdings

BHD

663

TOTAL

ENERGY

5,016,385

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.0%

1,695,777

(a)

Abacus

Property

Group

1,152

1,159,695

Abacus

Storage

King

807

624

Activia

Properties,

Inc

1,301

1,089

Advance

Residence

Investment

Corp

2,024

240,725

(a)

Aedifica

S.A.

14,028

1,370

AEON

REIT

Investment

Corp

1,101

68,387

Agree

Realty

Corp

4,818

396,922

AIMS

AMP

Capital

Industrial

REIT

363

132,094

Al

Rajhi

REIT

294

164,104

Alexander

&

Baldwin,

Inc

2,911

210,844

Alexandria

Real

Estate

Equities,

Inc

20,568

50,980

Allied

Properties

Real

Estate

Investment

Trust

608

Stock

50

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

122,350

Alpine

Income

Property

Trust,

Inc

$

2,054

3,578

(a)

Altarea

SCA

357

512,740

American

Assets

Trust,

Inc

13,465

34,600

American

Healthcare

REIT,

Inc

983

1,240,562

American

Homes

4

Rent

46,422

1,313,771

American

Tower

Corp

240,959

382,145

Americold

Realty

Trust,

Inc

8,178

888,721

Apple

Hospitality

REIT,

Inc

13,642

583,200

AREIT,

Inc

383

313,357

Arena

REIT

753

783,034

Armada

Hoffler

Properties,

Inc

8,010

35,930

Artis

Real

Estate

Investment

Trust

184

3,392,178

Ascendas

REIT

6,370

2,501,330

Assura

plc

1,193

314,128

AvalonBay

Communities,

Inc

69,099

1,297,996

Axis

Real

Estate

Investment

Trust

502

191,168

Big

Yellow

Group

plc

2,297

52,775

Boardwalk

REIT

2,359

8,103

Boston

Properties,

Inc

603

2,738,137

British

Land

Co

plc

12,343

231,387

Brixmor

Property

Group,

Inc

6,442

3,180

Broadstone

Net

Lease,

Inc

50

232,280

(b)

Brookfield

India

Real

Estate

Trust

745

29,199

BSR

Real

Estate

Investment

Trust

354

449,058

Bunnings

Warehouse

Property

Trust

910

331,454

Camden

Property

Trust

38,462

69,159

Canadian

Apartment

Properties

REIT

2,051

1,733,761

CapitaLand

Ascott

Trust

1,104

4,985,965

CapitaMall

Trust

7,031

1,047,787

(a)

CapitaRetail

China

Trust

552

151,600

CareTrust

REIT,

Inc

4,101

118,747

Carmila

S.A.

1,971

18,880

CBL

&

Associates

Properties,

Inc

555

802,868

CDL

Hospitality

Trusts

505

505,914

Centuria

Capital

Group

553

411,051

Centuria

Industrial

REIT

715

325,189

Centuria

Office

REIT

221

1,447,883

Charter

Hall

Group

12,794

510,806

Charter

Hall

Long

Wale

REIT

1,178

286,479

Charter

Hall

Social

Infrastructure

REIT

454

57,540

Chatham

Lodging

Trust

515

127,021

Choice

Properties

Real

Estate

Investment

Trust

1,180

130,049

CLS

Holdings

plc

126

27,236

Cofinimmo

1,566

540

Comforia

Residential

REIT,

Inc

953

375,850

Community

Healthcare

Trust,

Inc

7,220

862,314

Concentradora

Fibra

Danhos

S.A.

de

C.V.

830

692,540

Corporate

Office

Properties

Trust

21,434

98,141

Cousins

Properties,

Inc

3,007

496

CRE

Logistics

REIT,

Inc

433

42,203

Crombie

REIT

388

239,300

Cromwell

European

Real

Estate

Investment

Trust

391

1,316,575

Cromwell

Group

309

544,751

Crown

Castle,

Inc

49,442

40,919

CT

Real

Estate

Investment

Trust

407

260,160

(a)

CTO

Realty

Growth,

Inc

5,128

51,769

CubeSmart

2,218

338,366

Custodian

Property

Income

Reit

plc

324

1,699

Daiwa

House

REIT

Investment

Corp

2,502

450

Daiwa

Office

Investment

Corp

812

1,581

Daiwa

Securities

Living

Investments

Corp

895

341,527

Derwent

London

plc

8,376

51

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

199,459

Dexus

Industria

REIT

$

317

769,348

Dexus

Property

Group

3,160

148,500

DiamondRock

Hospitality

Co

1,341

726,800

Digital

Core

REIT

Management

Pte

Ltd

422

221,353

Digital

Realty

Trust,

Inc

39,253

103,779

Dream

Industrial

Real

Estate

Investment

Trust

853

437,000

(c),(d)

Eagle

Hospitality

Trust

4

202,243

EastGroup

Properties,

Inc

32,458

685,737

Embassy

Office

Parks

REIT

2,958

1,745,119

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS.

672

457,377

Empiric

Student

Property

plc

478

73,401

Equinix,

Inc

69,209

664,877

(a)

Equites

Property

Fund

Ltd

518

665,304

Equity

Lifestyle

Properties,

Inc

44,309

34,178

Equity

Residential

2,453

115,908

ESR

Kendall

Square

REIT

Co

Ltd

334

5,348,962

ESR-LOGOS

REIT

994

133,879

Essential

Properties

Realty

Trust,

Inc

4,188

5,838

(a)

Essex

Property

Trust,

Inc

1,666

32,300

Eurocommercial

Properties

NV

742

220,049

Extra

Space

Storage,

Inc

32,919

933,805

Far

East

Hospitality

Trust

417

11,830

Federal

Realty

Investment

Trust

1,324

1,763,201

(b)

FIBRA

Macquarie

Mexico

2,567

2,442,997

Fibra

Uno

Administracion

S.A.

de

C.V.

2,428

825,676

First

Capital

Real

Estate

Investment

Trust

9,742

206,448

First

Industrial

Realty

Trust,

Inc

10,349

874

Fonciere

Des

Regions

44

1,147,000

Fortune

Real

Estate

Investment

Trust

589

167,910

Franklin

Street

Properties

Corp

307

837,577

Frasers

Centrepoint

Trust

1,292

690,600

Frasers

Hospitality

Trust

296

2,488,945

Frasers

Logistics

&

Commercial

Trust

1,600

1,850

Frontier

Real

Estate

Investment

Corp

913

480

Fukuoka

REIT

Corp

442

248,264

Gaming

and

Leisure

Properties,

Inc

11,956

97,321

Gecina

S.A.

9,118

1,444

Global

One

Real

Estate

Investment

Corp

908

3,439

GLP

J-Reit

2,696

1,467,934

Goodman

Group

32,268

903,411

Goodman

Property

Trust

1,015

1,636,569

GPT

Group

4,409

25,439

Granite

Real

Estate

Investment

Trust

1,235

8,500,557

Great

Portland

Estates

plc

30,648

805,396

Growthpoint

Properties

Australia

Ltd

1,182

2,546,084

Growthpoint

Properties

Ltd

1,717

97,862

H&R

Real

Estate

Investment

Trust

632

49,040

Hamborner

REIT

AG.

319

327,317

Hammerson

plc

1,146

407

Hankyu

Reit,

Inc

315

256,495

Healthcare

Realty

Trust,

Inc

4,348

321,040

HealthCo

REIT

202

542,523

Healthpeak

Properties,

Inc

10,997

741

Heiwa

Real

Estate

REIT,

Inc

565

896,843

(c),(d)

Home

Reit

plc

1

12,615,346

HomeCo

Daily

Needs

REIT

8,920

410

Hoshino

Resorts

REIT,

Inc

582

714,413

Host

Hotels

&

Resorts

Inc

12,516

1,280

Hulic

Reit,

Inc

1,115

259,138

Hyprop

Investments

Ltd

638

32,573

ICADE

777

840

Ichigo

Office

REIT

Investment

Corp

426

Stock

52

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

252,563

Impact

Healthcare

Reit

plc

$

256

19,883

(a)

Independence

Realty

Trust,

Inc

394

1,651

Industrial

&

Infrastructure

Fund

Investment

Corp

1,204

1,811,532

Ingenia

Communities

Group

5,113

2,362,836

Inmobiliaria

Colonial

Socimi

S.A.

12,692

4,653

Innovative

Industrial

Properties,

Inc

310

52,779

InterRent

Real

Estate

Investment

Trust

373

82,400

InvenTrust

Properties

Corp

2,483

5,920

Invincible

Investment

Corp

2,481

20,146

Invitation

Homes,

Inc

644

306,705

Irish

Residential

Properties

REIT

plc

289

165,401

Iron

Mountain,

Inc

17,385

277,657

(c)

Is

Gayrimenkul

Yatirim

Ortakligi

AS

147

163,994

Jadwa

REIT

Saudi

Fund

440

942

Japan

Excellent,

Inc

695

3,628

Japan

Hotel

REIT

Investment

Corp

1,621

691

Japan

Logistics

Fund

Inc

1,154

657

(a)

Japan

Prime

Realty

Investment

Corp

1,314

5,490

Japan

Real

Estate

Investment

Corp

3,767

5,245

Japan

Retail

Fund

Investment

Corp

3,009

148,633

JR

Global

Reit

278

9,197

Kenedix

Realty

Investment

Corp

8,731

1,526,528

Keppel

DC

REIT

2,434

1,577,191

Keppel

REIT

1,005

963,422

Killam

Apartment

REIT

11,461

7,046

(a)

Kilroy

Realty

Corp

285

6,033,694

Kimco

Realty

Corp

141,369

227,380

Kite

Realty

Group

Trust

5,739

1,497,277

Kiwi

Property

Group

Ltd

754

295,541

Klepierre

8,511

52,165

Lamar

Advertising

Co

6,351

88,518

Land

Securities

Group

plc

646

1,510

LaSalle

Logiport

REIT

1,364

1,522,844

(a)

Lendlease

Global

Commercial

REIT

612

37,065

Lineage,

Inc

2,171

2,310,627

Link

REIT

9,717

1,584,546

LondonMetric

Property

plc

3,574

112,136

LOTTE

Reit

Co

Ltd

232

914,010

Mack-Cali

Realty

Corp

15,200

1,744,143

Macquarie

CountryWide

Trust

3,393

1,722,747

Mapletree

Industrial

Trust

2,785

2,524,600

Mapletree

Logistics

Trust

2,345

1,692,400

(a)

Mapletree

Pan

Asia

Commercial

Trust

1,498

104,786

(a)

Medical

Properties

Trust,

Inc

414

70,226

Mercialys

S.A

737

304,997

Merlin

Properties

Socimi

S.A.

3,215

8,781

Mid-America

Apartment

Communities,

Inc

1,357

187,809

(b)

Mindspace

Business

Parks

REIT

793

12,830

(b)

Minto

Apartment

Real

Estate

Investment

Trust

119

1,629

Mirai

Corp

422

3,372,161

Mirvac

Group

3,900

400

Mitsubishi

Estate

Logistics

REIT

Investment

Corp

880

3,821

Mitsui

Fudosan

Logistics

Park,

Inc

2,463

12,521

Montea

NV

820

15,438

Morguard

North

American

Residential

REIT

184

1,272

Mori

Hills

REIT

Investment

Corp

1,001

1,899

Mori

Trust

Sogo

Reit,

Inc

744

498

National

Health

Investors,

Inc

34

396,483

National

Storage

Affiliates

Trust

15,031

8,358,723

(a)

National

Storage

REIT

12,069

721,580

(a)

NETSTREIT

Corp

10,210

51,400

(a)

NexPoint

Diversified

Real

Estate

Trust

314

53

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

986

NexPoint

Residential

Trust,

Inc

$

41

392

Nippon

Accommodations

Fund,

Inc

1,463

6,551

(a)

Nippon

Building

Fund,

Inc

5,096

1,679

Nippon

ProLogis

REIT,

Inc

2,382

1,444

NIPPON

REIT

Investment

Corp

698

3,134

Nomura

Real

Estate

Master

Fund,

Inc

2,738

86,648

NorthWest

Healthcare

Properties

Real

Estate

Investment

Trust

268

56,474

Omega

Healthcare

Investors,

Inc

2,138

2,307

Orix

JREIT,

Inc

2,406

811,458

PARAGON

REIT

523

78,593

Park

Hotels

&

Resorts,

Inc

1,106

301,624

Parkway

Life

Real

Estate

Investment

Trust

828

1,007,100

Pavilion

Real

Estate

Investment

Trust

349

821,890

Pebblebrook

Hotel

Trust

11,137

50,000

Phillips

Edison

&

Co,

Inc

1,873

520,697

Picton

Property

Income

Ltd

417

1,098

Premier

Investment

Co

834

261,916

Primaris

REIT

2,819

1,100,598

Primary

Health

Properties

plc

1,286

893,298

ProLogis

Property

Mexico

S.A.

de

C.V.

2,481

3,625,813

Prologis,

Inc

383,248

361,390

PRS

REIT

PLC

487

125,417

Public

Storage,

Inc

37,555

42,825

Rayonier,

Inc

1,118

895,414

Realty

Income

Corp

47,824

5,727,752

Redefine

Properties

Ltd

1,381

265,675

Regency

Centers

Corp

19,641

910,096

Region

RE

Ltd

1,163

160,513

Reit  Ltd

847

780,785

Resilient

REIT

Ltd

2,431

8,018

Retail

Estates

NV

493

717,783

Rexford

Industrial

Realty,

Inc

27,749

430,449

(c)

Reysas

Gayrimenkul

Yatirim

Ortakligi

AS.

207

118,466

RioCan

Real

Estate

Investment

Trust

1,507

639,167

RLJ

Lodging

Trust

6,526

300,439

Rural

Funds

Group

322

212,643

Ryman

Hospitality

Properties,

Inc

22,187

596,351

Sabra

Health

Care

REIT,

Inc

10,329

232,625

Safestore

Holdings

plc

1,872

350

Samty

Residential

Investment

Corp

207

493,300

Sasseur

REIT

246

48,810

Saul

Centers,

Inc

1,894

98,395

SBA

Communications

Corp

20,053

4,405,286

Scentre

Group

9,325

108,064

Segro

plc

948

3,280

Sekisui

House

Reit,

Inc

1,609

176,095

Sella

Capital

Real

Estate

Ltd

462

4,444,479

Shaftesbury

Capital

plc

6,983

25,498

Shurgard

Self

Storage

Ltd

946

733,992

Simon

Property

Group,

Inc

126,401

101,462

SK

REITs

Co

Ltd

305

260,976

(a)

SL

Green

Realty

Corp

17,725

271,912

Slate

Grocery

REIT

2,618

361,616

SmartCentres

REIT

6,153

495

SOSiLA

Logistics

REIT,

Inc

331

804,358

STAG

Industrial,

Inc

27,203

2,999

Star

Asia

Investment

Corp

982

1,275,029

Starhill

Global

REIT

467

462,229

Stockland

Trust

Group

1,371

1,429,417

Summit

Hotel

Properties,

Inc

9,791

59,378

Sun

Communities,

Inc

7,302

3,073,900

Suntec

Real

Estate

Investment

Trust

2,633

Stock

54

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

1,202,600

Sunway

Real

Estate

Investment

Trust

$

498

1,619,805

Supermarket

Income

Reit

plc

1,381

640

Takara

Leben

Real

Estate

Investment

Corp

352

134,200

Tanger

Factory

Outlet

Centers,

Inc

4,580

578,784

Target

Healthcare

REIT

plc

609

17,612

(a)

Terreno

Realty

Corp

1,042

722

Tokyu

REIT,

Inc

718

131,205

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

236

11,994,215

Tritax

Big

Box

REIT

plc

19,926

608,000

UMH

Properties,

Inc

11,479

1,853

Unibail-Rodamco-Westfield

140

869,394

Unite

Group

plc

8,797

2,442

United

Urban

Investment

Corp

2,182

711

Universal

Health

Realty

Income

Trust

26

429,085

Urban

Logistics

REIT

plc

550

9,197

Vastned

Retail

NV

204

461,893

Ventas,

Inc

27,201

2,378,959

(a)

VICI

Properties,

Inc

69,489

2,914,271

Vicinity

Ltd

3,777

705,481

Vukile

Property

Fund

Ltd

672

377,759

Warehouse

REIT

plc

371

453,926

Warehouses

De

Pauw

CVA

8,923

212,394

Washington

REIT

3,243

516,871

Waypoint

REIT

Ltd

744

306,912

Welltower,

Inc

38,680

29,828

Wereldhave

NV

425

420,080

Weyerhaeuser

Co

11,825

248,880

Whitestone

REIT

3,527

107,965

Workspace

Group

plc

664

23,434

(a)

Xior

Student

Housing

NV

717

1,991,000

Yuexiu

Real

Estate

Investment

Trust

245

1,013,240

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS.

387

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,499,812

FINANCIAL

SERVICES

-

6.4%

100,000

360

Finance,

Inc

(ADR)

3,838

104,267

360

ONE

WAM

Ltd

1,524

202,454

3i

Group

plc

9,012

57,746

(c)

Aadhar

Housing

Finance

Ltd

284

43,242

(c)

Aavas

Financiers

Ltd

846

1,309,877

Abrdn

plc

2,308

258,100

Acom

Co

Ltd

625

29,211

Aditya

Birla

Sun

Life

Asset

Management

Co

Ltd

285

114,184

(b),(c)

Adyen

NV

169,686

32,100

Aeon

Credit

Service

M

BHD

45

362,300

AEON

Financial

Service

Co

Ltd

2,932

65,800

Aeon

Thana

Sinsap

Thailand

PCL

247

17,818

Affiliated

Managers

Group,

Inc

3,295

152,233

(c)

Affirm

Holdings,

Inc

9,271

484,310

(a)

AGNC

Investment

Corp

4,460

263,100

Aiful

Corp

562

9,300

(c)

Aizawa

Securities

Co

Ltd

103

248,151

AJ

Bell

plc

1,406

843,932

Al

Waha

Capital

PJSC

399

725,270

Allfunds

Group

PLC

3,795

162,395

Ally

Financial,

Inc

5,848

28,624

Alpha

Group

International

plc

839

871,018

Amanat

Holdings

PJSC

266

1,930,030

American

Express

Co

572,814

277,144

Ameriprise

Financial,

Inc

147,560

2,231,293

AMP

Ltd

2,185

970

(b)

Amundi

S.A.

65

10,121

Anand

Rathi

Wealth

Ltd

465

55

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

34,099

Angel

One

Ltd

$

1,163

120,658

(b)

Anima

Holding

S.p.A

830

365,640

(a)

Annaly

Capital

Management,

Inc

6,691

49,515

Antin

Infrastructure

Partners

S.A.

566

733,838

Apollo

Global

Management,

Inc

121,201

141,853

Aptus

Value

Housing

Finance

India

Ltd

479

28,131

Ares

Management

Corp

4,980

195,268

Arzan

Financial

Group

for

Financing

&

Investment

KPSC

168

363,608

Ashmore

Group

plc

728

178,162

Australian

Stock

Exchange

Ltd

7,164

97,467

(a)

Avanza

Bank

Holding

AB

2,400

83,760

Azimut

Holding

S.p.A.

2,087

2,193,329

B3

SA-Brasil

Bolsa

Balcao

3,645

153,000

(a),(b),(c)

Bairong,

Inc

172

112,124

Bajaj

Finance

Ltd

8,916

154,283

Bajaj

Finserv

Ltd

2,819

22,207

Bajaj

Holdings

&

Investment

Ltd

3,079

48,146

Banca

Generali

SpA

2,242

16,093

Banca

IFIS

S.p.A.

354

1,083,440

Banca

Mediolanum

S.p.A

12,915

5,767,654

Banco

BTG

Pactual

S.A.

-

Unit

25,372

1,691,100

Bangkok

Commercial

Asset

Management

PCL

301

4,168,286

Bank

of

New

York

Mellon

Corp

320,249

348,364

(c),(d)

BBI

EPS

Ltd

2

1,325,825

(c)

Berkshire

Hathaway,

Inc

600,970

1,006,093

(b)

BFF

Bank

S.p.A

9,610

5,541,800

BFI

Finance

Indonesia

Tbk

PT

325

173,894

BlackRock,

Inc

178,260

336,202

Blackstone,

Inc

57,968

193,772

(c)

Block,

Inc

16,469

307,061

Blue

Owl

Capital,

Inc

7,142

63,400

BOC

International

China

Co

Ltd

97

1,448,156

Bolsa

Mexicana

de

Valores

SAB

de

C.V.

2,317

198,282

Boursa

Kuwait

Securities

Co

KPSC

1,479

195,152

Bridgepoint

Group

Holdings

Ltd

873

428,015

Brightsphere

Investment

Group,

Inc

11,274

305,336

Brookfield

Asset

Management

Ltd

16,560

1,177,384

(c)

Brookfield

Corp

67,672

56,151

BSE

Ltd

3,479

130,925

Bure

Equity

AB

4,519

148,021

Burford

Capital

Ltd

1,918

1,230,900

Bursa

Malaysia

BHD

2,466

128,452

Caitong

Securities

Co

Ltd

144

65,294

Can

Fin

Homes

Ltd

577

298,463

Canaccord

Financial,

Inc

2,099

514,647

Cannae

Holdings,

Inc

10,221

671,970

(c)

Cantaloupe,

Inc

6,390

178

Capital

One

Financial

Corp

32

80,800

Capital

Securities

Co

Ltd

244

1,257,000

Capital

Securities

Corp

943

33,705

Carlyle

Group,

Inc

1,702

15,557

Cboe

Global

Markets,

Inc

3,040

23,880

(a)

Cembra

Money

Bank

AG.

2,158

602,000

Central

China

Securities

Co

Ltd

132

201,343

Central

Depository

Services

India

Ltd

4,121

799,000

(g)

Century

Leasing

System,

Inc

8,077

588,103

Chailease

Holding

Co

Ltd

2,024

1,817,463

Challenger

Financial

Services

Group

Ltd

6,747

77,264

Changjiang

Securities

Co

Ltd

72

1,788,233

Charles

Schwab

Corp

132,347

647,000

China

Bills

Finance

Corp

297

1,090,000

China

Everbright

Ltd

737

Stock

56

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

5,034,459

China

Galaxy

Securities

Co

Ltd

$

4,549

172,650

China

Galaxy

Securities

Co

Ltd

(Class

A)

360

43,500

China

Great

Wall

Securities

Co

Ltd

49

635,337

(b)

China

International

Capital

Corp

Ltd

1,032

55,000

China

International

Capital

Corp

Ltd

254

167,636

China

Merchants

Securities

Co

Ltd

440

9,355

(c)

Choice

International

Ltd

61

76,922

Cholamandalam

Financial

Holdings

Ltd

1,255

167,454

Cholamandalam

Investment

and

Finance

Co

Ltd

2,315

95,699

(a)

CI

Financial

Corp

2,060

2,164,465

CITIC

Securities

Co

Ltd

5,887

317,116

CITIC

Securities

Co

Ltd

(Class

A)

1,268

73,888

(b)

CMC

Markets

plc

229

54,782

CME

Group,

Inc

12,722

118,264

(c)

Coinbase

Global,

Inc

29,365

164,634

Compass

Diversified

Trust

3,800

1,837,429

Corebridge

Financial,

Inc

54,994

226,197

Coronation

Fund

Managers

Ltd

469

106,183

(c)

Corpay,

Inc

35,934

179,979

Creades

AB

1,174

3,757

(c)

Credit

Acceptance

Corp

1,764

55,545

Credit

Corp

Group

Ltd

548

620,600

Credit

Saison

Co

Ltd

14,451

44,826

CreditAccess

Grameen

Ltd

463

14,441

CRISIL

Ltd

1,122

120,625

CSC

Financial

Co

Ltd

426

1,496,000

CSSC

Hong

Kong

Shipping

Co

Ltd

346

1,024,042

(a),(c)

CVC

Capital

Partners

plc

22,645

24,277

Daishin

Securities

Co

Ltd

264

28,638

Daishin

Securities

Co

Ltd

PF

305

1,233,400

Daiwa

Securities

Group,

Inc

8,139

17,593

(c)

Daou

Technology,

Inc

213

223,870

(c)

Dave,

Inc

19,459

29,579

Deutsche

Bank

AG.

(Registered)

510

145,868

Deutsche

Boerse

AG.

33,602

102,748

(b)

Deutsche

Pfandbriefbank

AG.

512

106,000

Diamond

Biofund,

Inc

106

99,138

Discover

Financial

Services

17,174

69,025

Dongxing

Securities

Co

Ltd

104

38,730

(c)

Donnelley

Financial

Solutions,

Inc

2,430

1,641,428

Dubai

Financial

Market

PJSC

670

395,266

East

Money

Information

Co

Ltd

1,398

41,006,865

Edelweiss

Financial

Services

Ltd

59,091

235,316

Edenred

7,736

74,818

EFG

International

1,087

499,081

E-Finance

for

Digital

&

Financial

Investments

184

25,886

eGuarantee,

Inc

291

661,776

(c)

Egyptian

Financial

Group-Hermes

Holding

269

377,682

Enact

Holdings,

Inc

12,229

13,100

(c)

Enova

International,

Inc

1,256

358,010

(a)

EQT

AB

9,897

423,784

Equitable

Holdings,

Inc

19,990

116,688

Essent

Group

Ltd

6,352

716

Eurazeo

53

6,643

(c)

Euronet

Worldwide,

Inc

683

337,121

(b)

Euronext

NV

37,821

105,806

Everbright

Securities

Co

Ltd

262

126,135

Evercore

Partners,

Inc

(Class

A)

34,963

95,345

EXOR

NV

8,741

22,123

Factset

Research

Systems,

Inc

10,625

531,401

Far

East

Horizon

Ltd

388

1,118,533

(c)

Fawry

for

Banking

&

Payment

Technology

Services

SAE

188

57

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

313,988

Fidelity

National

Information

Services,

Inc

$

25,361

55,663

Fiera

Capital

Corp

349

52,100

Financial

Partners

Group

Co

Ltd

950

75,200

FinVolution

Group

(ADR)

511

14,351

(a)

First

National

Financial

Corp

403

339,982

FirstCash

Holdings,

Inc

35,222

2,072,182

FirstRand

Ltd

8,312

2,148,347

(c)

Fiserv,

Inc

441,313

134,399

(c)

Five-Star

Business

Finance

Ltd

1,213

121,989

flatexDEGIRO

AG.

1,867

158,886

(c)

FleetPartners

Group

Ltd

265

27,392

Flow

Traders

612

655,545

(c)

Flywire

Corp

13,517

34,381

(c)

Foresight

Group

Holdings

Ltd

177

183,100

Founder

Securities

Co

Ltd

209

172,922

Franklin

Resources,

Inc

3,509

4,191,534

Fuhwa

Financial

Holdings

Co

Ltd

4,338

47,800

Futu

Holdings

Ltd

(ADR)

3,824

12,784

Fuyo

General

Lease

Co

Ltd

944

272,500

(a)

GCM

Grosvenor,

Inc

3,344

635,000

(b)

Genertec

Universal

Medical

Group

Co

Ltd

404

909,500

(a)

Gentera

SAB

de

C.V.

1,060

168,708

GF

Securities

Co

Ltd

(Class

A)

375

472,791

Global

Payments,

Inc

52,981

15,901

(a)

GMO

Financial

Holdings,

Inc

69

32,800

GMO

Payment

Gateway,

Inc

1,653

28,610

(a)

goeasy

Ltd

3,318

360,828

Goldman

Sachs

Group,

Inc

206,617

1,771,100

(c)

Grab

Holdings

Ltd

8,360

21,587

GRENKE

AG.

344

310,010

Groupe

Bruxelles

Lambert

S.A.

21,197

28,904

Guolian

Securities

Co

Ltd

53

100,849

Guosen

Securities

Co

Ltd

155

2,407,800

(a)

Guotai

Junan

International

Holdings

Ltd

344

194,816

Guotai

Junan

Securities

Co

Ltd

498

113,154

Guoyuan

Securities

Co

Ltd

130

1,219,573

Haitong

Securities

Co

Ltd

1,068

250,312

Haitong

Securities

Co

Ltd

(Class

A)

381

1,330,000

(b)

Haitong

UniTrust

International

Leasing

Co

Ltd

152

32,470

Hamilton

Lane,

Inc

4,807

123,618

(c)

Hanwha

Investment

&

Securities

Co

Ltd

279

5,560

Hargreaves

Lansdown

plc

76

40,964

(b)

HDFC

Asset

Management

Co

Ltd

2,005

233,291

Helia

Group

Ltd

644

14,886

Hithink

RoyalFlush

Information

Network

Co

Ltd

586

375,186

HMC

Capital

Ltd

2,278

24,427

(b),(c)

Hoist

Finance

AB

199

26,101

(b)

Home

First

Finance

Co

India

Ltd

321

1,107,999

Hong

Kong

Exchanges

and

Clearing

Ltd

41,471

170,500

Hotai

Finance

Co

Ltd

398

31,783

Houlihan

Lokey,

Inc

5,519

548,340

(b)

Huatai

Securities

Co

Ltd

914

106,634

Huatai

Securities

Co

Ltd

(Class

A)

257

57,773

HUB24

Ltd

2,479

3,265

(c)

Hypoport

SE

573

68,982

(b)

ICICI

Securities

Ltd

689

1,116

ICRA

Ltd

83

103,100

iFAST

Corp

Ltd

559

401,778

(c)

IFCI

Ltd

291

1,805,817

IG

Group

Holdings

plc

22,392

76,252

(a)

IGM

Financial,

Inc

2,435

158,497

IIFL

Finance

Ltd

763

Stock

58

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

90,138

IIFL

Securities

Ltd

$

344

82,749

Impax

Asset

Management

Group

plc

256

14,320

(c)

India

Shelter

Finance

Corp

Ltd

118

358,226

Indiabulls

Housing

Finance

Ltd

630

303,865

(b)

Indian

Energy

Exchange

Ltd

643

223,554

Industrial

Securities

Co

Ltd

192

114,888

Industrivarden

AB

3,631

2,502

Industrivarden

AB

79

860,724

Infibeam

Avenues

Ltd

261

665,471

IntegraFin

Holdings

plc

2,873

5,800

Integral

Corp

158

61,291

Interactive

Brokers

Group,

Inc

(Class

A)

10,828

1,347,397

Intercontinental

Exchange,

Inc

200,776

472,728

Intermediate

Capital

Group

plc

12,184

16,793

Inversiones

La

Construccion

S.A.

129

221,603

Invesco

Ltd

3,874

202,924

Investcorp

Capital

plc

109

293,663

Investec

Ltd

1,946

480,577

Investec

plc

3,267

73,745

Investment

AB

Oresund

722

26,991

Investor

AB

715

430,057

IOOF

Holdings

Ltd

943

860,464

IP

Group

plc

581

448,014

Is

Yatirim

Menkul

Degerler

AS

621

133,723

Isracard

Ltd

595

16,725

(a)

Jaccs

Co

Ltd

414

11,025

Jack

Henry

&

Associates,

Inc

1,933

449,954

Jafco

Co

Ltd

6,143

218,962

Janus

Henderson

Group

plc

9,312

64,600

Japan

Securities

Finance

Co

Ltd

838

145,527

Jefferies

Financial

Group,

Inc

11,409

2,424

(c)

Jindal

South

West

Holdings

Ltd

434

301,575

JM

Financial

Ltd

457

549,200

JMT

Network

Services

PCL

292

55,914

JSE

Ltd

358

110,214

(b)

JTC

plc

1,358

3,188

Julius

Baer

Group

Ltd

207

312,400

Jupiter

Fund

Management

plc

339

24,587

(c)

Kakaopay

Corp

433

61,473

Kfin

Technologies

Ltd

1,101

182,512

Kinnevik

AB

1,218

10,760

KIWOOM

Securities

Co

Ltd

840

2,148,286

KKR

&

Co,

Inc

317,753

14,709

(c)

Korea

Investment

Holdings

Co

Ltd

705

14,303

KRUK

S.A.

1,441

423,828

Krungthai

Card

PCL

620

1,175

L

E

Lundbergforetagen

AB

53

533,338

L&T

Finance

Holdings

Ltd

843

1,079,311

Ladder

Capital

Corp

12,077

66,491

Lazard,

Inc

3,423

1,276,060

(c)

LendingClub

Corp

20,659

6,911

(a)

Leonteq

AG.

151

236,556

LIC

Housing

Finance

Ltd

1,648

644,452

London

Stock

Exchange

Group

plc

90,967

43,323

LPL

Financial

Holdings,

Inc

14,145

726,967

Lufax

Holding

Ltd

(ADR)

1,737

12,300

(a)

M&A

Capital

Partners

Co

Ltd

207

22,400

(a),(c)

M&A

Research

Institute

Holdings,

Inc

286

35,418

M&G

plc

88

66,988

(a)

MA

Financial

Group

Ltd

253

332,381

Macquarie

Group

Ltd

45,457

883,533

Magellan

Financial

Group

Ltd

6,063

59

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

12,636

Maharashtra

Scooters

Ltd

$

1,420

385,365

Mahindra

&

Mahindra

Financial

Services

Ltd

1,190

26,957,776

Man

Group

plc

71,938

413,588

Manappuram

Finance

Ltd

907

5,609

MarketAxess

Holdings,

Inc

1,268

120,300

Marui

Co

Ltd

1,919

34,143

(b)

MAS

Financial

Services

Ltd

110

2,092,936

Mastercard,

Inc

(Class

A)

1,102,077

92,000

Matsui

Securities

Co

Ltd

476

38,908

(c)

Meritz

Financial

Group,

Inc

2,734

87,923

Mirae

Asset

Daewoo

Co

Ltd

474

774,602

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

5,105

105,900

Mizuho

Leasing

Co

Ltd

705

99,654

(c)

Molten

Ventures

plc

398

885,652

Monex

Group,

Inc

5,361

15,500

(c)

Moneylion,

Inc

1,333

24,395

Moody's

Corp

11,548

545,583

Morgan

Stanley

68,591

15,116

Morningstar,

Inc

5,090

122,316

Motilal

Oswal

Financial

Services

Ltd

1,359

11,613

MSCI,

Inc

(Class

A)

6,968

493,600

Muangthai

Capital

PCL

692

18,722

Multi

Commodity

Exchange

of

India

Ltd

1,360

7,895

(a)

Mutares

SE

&

Co

KGaA

197

44,408

Muthoot

Finance

Ltd

1,106

99,600

Nanjing

Securities

Co

Ltd

118

1,243,981

Nasdaq

Stock

Market,

Inc

96,172

367,093

National

Investments

Co

KSCP

302

48,490

(c)

Nayifat

Finance

Co

200

98,500

(c)

NCR

Corp

ATM

3,341

594,210

(c)

NerdWallet,

Inc

7,903

315,941

Netwealth

Group

Ltd

5,605

18,920

(a)

NewtekOne,

Inc

242

9,196

(b),(c)

Nexi

S.p.A

51

1,083,081

Ngern

Tid

Lor

PCL

538

239,700

Nihon

M&A

Center

Holdings,

Inc

998

164,299

Ninety

One

Ltd

302

224,311

Ninety

One

plc

406

120,074

(b)

Nippon

Life

India

Asset

Management

Ltd

1,017

532,194

(c)

NMI

Holdings,

Inc

19,563

28,100

Noah

Holdings

Ltd

(ADR)

329

2,774,700

(c)

Nomura

Holdings,

Inc

16,098

108,809

(a)

Nordnet

AB

publ

2,309

7,817

Nuvama

Wealth

Management

Ltd

632

119,593

Okasan

Holdings,

Inc

482

3,281,947

(a),(c)

Omni

Bridgeway

Ltd

2,945

219,518

(c)

One

97

Communications

Ltd

2,599

68,523

(a)

OneMain

Holdings,

Inc

3,572

59,249

Onex

Corp

4,628

216,450

Orient

Corp

1,160

196,051

Orient

Securities

Co

Ltd

284

2,710,577

ORIX

Corp

58,234

915,354

Osaka

Securities

Exchange

Co

Ltd

10,156

304,840

OSB

Group

plc

1,544

262,000

(a),(c)

OSL

Group

Ltd

270

6,068,800

(c)

Pacific

Strategic

Financial

Tbk

PT

413

2,628,517

(c)

Pagseguro

Digital

Ltd

16,455

1,003,844

Paisalo

Digital

Ltd

585

158,226

Paragon

Group

of

Cos

plc

1,473

353

Partners

Group

479

1,028,279

Patria

Investments

Ltd

11,959

675,140

(c)

Payoneer

Global,

Inc

6,778

Stock

60

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

933,536

(c)

PayPal

Holdings,

Inc

$

79,677

1,733,644

(c)

Pensionbee

Group

plc

3,483

202,171

(a)

Pepper

Money

Ltd

176

48,898

Perella

Weinberg

Partners

1,166

80,762

Perpetual

Trustees

Australia

Ltd

993

610,285

(c)

Phoenix

Group

plc

198

118,234

Pinnacle

Investment

Management

Group

Ltd

1,666

88,133

Piper

Jaffray

Cos

26,435

79,588

Piramal

Enterprises

Ltd

1,024

194,814

Plus500

Ltd

6,604

67,606

(a)

Pluxee

France

S.A.

1,307

109,476

(b),(c)

PNB

Housing

Finance

Ltd

1,119

213,188

Polar

Capital

Holdings

plc

1,356

298,219

Poonawalla

Fincorp

Ltd

1,092

604,142

Power

Finance

Corp

Ltd

3,156

108,700

Premium

Group

Co

Ltd

1,773

669,000

President

Securities

Corp

525

99,200

PROG

Holdings,

Inc

4,192

106,171

Propel

Holdings,

Inc

2,717

9,988

Prudent

Corporate

Advisory

Services

Ltd

319

1,075,784

(b)

Quilter

plc

2,077

37,443

Rathbone

Brothers

776

156,156

Ratos

AB

(B

Shares)

442

106,759

Raymond

James

Financial,

Inc

16,583

545,022

REC

Ltd

3,178

54,149

Reinet

Investments

S.C.A

1,283

29,294,502

(c)

Reliance

Strategic

Investments

Ltd

101,921

421,629

Remgro

Ltd

3,465

1,199,550

(c)

Remitly

Global,

Inc

27,074

11,261

Ricoh

Leasing

Co

Ltd

374

313,559

Rithm

Capital

Corp

3,396

781,788

(c)

Robinhood

Markets,

Inc

29,129

1,263,003

(c)

Rocket

Cos,

Inc

14,221

662,901

S&P

Global,

Inc

330,145

110,917

Samsung

Securities

Co

Ltd

3,243

14,604

Saudi

Advanced

Industries

Co

137

19,589

Saudi

Tadawul

Group

Holding

Co

1,130

128,132

(c)

SBFC

Finance

Ltd

135

93,632

SBI

Cards

&

Payment

Services

Ltd

725

1,490,950

SBI

Holdings,

Inc

37,447

12,666

Schroders

plc

51

153,200

SDIC

Capital

Co

Ltd

158

80,394

SEI

Investments

Co

6,631

6,900

(c)

Sezzle,

Inc

1,765

45,935

Share

India

Securities

Ltd

164

665,244

Shenwan

Hongyuan

Group

Co

Ltd

488

36,152

(a),(c)

Shift4

Payments,

Inc

3,752

2,574

Shinyoung

Securities

Co

Ltd

133

113,349

Shriram

Finance

Ltd

3,816

784,735

Singapore

Exchange

Ltd

7,315

105,000

Sinolink

Securities

Co

Ltd

126

128,415

SLM

Corp

3,542

3,695

Societe

Fonciere

Financiere

et

de

Participations

FFP

281

1,440,597

(a),(c)

SoFi

Technologies,

Inc

22,185

15,026

Sofina

S.A.

3,392

125,135

SooChow

Securities

Co

Ltd

134

135,973

Southwest

Securities

Co

Ltd

87

20,048

(c)

Spandana

Sphoorty

Financial

Ltd

77

93,399

Sprott,

Inc

3,936

508,420

Srisawad

Corp

PCL

620

408,862

St.

James's

Place

plc

4,427

368,671

(a)

Starwood

Property

Trust,

Inc

6,986

61

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

87,493

State

Street

Corp

$

8,587

91,720

StepStone

Group,

Inc

5,309

60,111

Stifel

Financial

Corp

6,377

2,250,535

(c)

StoneCo

Ltd

17,937

29,280

(c)

StoneX

Group,

Inc

2,869

8,624

Strike

Co

Ltd

198

55,150

Sundaram

Finance

Ltd

2,666

63,277

Svolder

AB

295

8,441

Swissquote

Group

Holding

S.A.

3,241

355,000

SY

Holdings

Group

Ltd

327

721,886

Synchrony

Financial

46,923

128,851

T

Rowe

Price

Group,

Inc

14,572

82,553

Tamburi

Investment

Partners

S.p.A.

717

10,866

Tata

Investment

Corp

Ltd

868

70,629

Tel

Aviv

Stock

Exchange

Ltd

820

149,800

Tianfeng

Securities

Co

Ltd

92

69,715

(a)

Timbercreek

Financial

Corp

343

255,309

TMX

Group

Ltd

7,865

150,585

(c)

Toast,

Inc

5,489

173,480

Tokai

Tokyo

Securities

Co

Ltd

542

84,132

(c)

Tong

Yang

Investment

Bank

150

585,426

TP

ICAP

Group

plc

1,891

50,965

TPG,

Inc

3,203

17,223

Tradeweb

Markets,

Inc

2,255

1,058,597

Turkiye

Sinai

Kalkinma

Bankasi

AS

366

1,999,471

(a)

UBS

Group

AG

60,624

2,024,037

UBS

Group

AG

61,969

58,800

(c)

Up

Fintech

Holding

Ltd

(ADR)

380

118,200

(a),(c)

Upstart

Holdings,

Inc

7,278

43,062

UTI

Asset

Management

Co

Ltd

674

59,492

(a)

UWM

Holdings

Corp

349

150,965

Van

Lanschot

Kempen

NV

6,810

18,722

Verusa

Holding

AS.

155

68,150

Victory

Capital

Holdings,

Inc

4,461

16,066

(a)

Vinci

Partners

Investments

Ltd

162

209,305

Virtu

Financial,

Inc

7,468

1,588,123

Visa,

Inc

(Class

A)

501,910

22,109

Vontobel

Holding

AG.

1,549

102,010

Voya

Financial,

Inc

7,021

74,730

Warsaw

Stock

Exchange

732

202,738

(a)

Washington

H

Soul

Pattinson

&

Co

Ltd

4,285

1,895,914

Waterland

Financial

Holdings

864

18,674

Wendel

1,799

112,603

Western

Securities

Co

Ltd

126

53,102

Western

Union

Co

563

6,263

(c)

WEX,

Inc

1,098

509,280

WisdomTree,

Inc

5,347

647,481

(c)

Wise

plc

8,606

43,564

Woori

Investment

&

Securities

Co

Ltd

410

607,931

(b),(c)

Worldline

S.A.

5,343

389,618

XP,

Inc

4,617

93,471

XPS

Pensions

Group

plc

399

51,596

(b)

XTB

S.A.

880

8,151,800

Yangzijiang

Financial

Holding

Ltd

2,477

148,400

(a),(c)

Yeahka

Ltd

234

1,698,000

(b)

Yixin

Group

Ltd

193

20,000

Yuanta

Futures

Co

Ltd

53

199,129

Yulon

Finance

Corp

631

187,765

Zenkoku

Hosho

Co

Ltd

6,604

113,991

Zheshang

Securities

Co

Ltd

191

196,800

Zhongtai

Securities

Co

Ltd

177

Stock

62

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

970,224

(c)

Zip

Co

Ltd

$

1,764

TOTAL

FINANCIAL

SERVICES

8,076,016

FOOD,

BEVERAGE

&

TOBACCO

-

2.3%

142,298

AAK

AB

4,053

69,716

AG.

Barr

plc

532

253,897

Agthia

Group

PJSC

449

787,637

Ajinomoto

Co,

Inc

32,065

15,719

Al

Jouf

Agricultural

Development

Co

249

336,256

Almarai

Co

JSC

5,115

1,910,439

Ambev

S.A.

3,633

77,394

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

418

16,111

Angel

Yeast

Co

Ltd

80

1,052,935

(a)

Anheuser-Busch

InBev

NV

(ADR)

52,720

889,112

Anheuser-Busch

InBev

S.A.

44,512

109,028

Anhui

Gujing

Distillery

Co

Ltd

1,572

16,514

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

392

29,000

Anhui

Yingjia

Distillery

Co

Ltd

214

426,626

Arca

Continental

SAB

de

C.V.

3,534

13,272

Ariake

Japan

Co

Ltd

468

760,062

(c)

Aryzta

AG.

1,325

2,805,541

Asahi

Breweries

Ltd

29,432

630,114

Associated

British

Foods

plc

16,073

76,223

Austevoll

Seafood

ASA

655

32,322

Avanti

Feeds

Ltd

257

260,966

AVI

Ltd

1,517

517,510

(c)

Bajaj

Hindusthan

Ltd

183

39,816

Bakkafrost

P

2,220

642,706

Baladna

232

99,297

Balrampur

Chini

Mills

Ltd

613

13,131

(a)

Barry

Callebaut

AG.

17,483

227,536

Bega

Cheese

Ltd

811

179,100

Beijing

Yanjing

Brewery

Co

Ltd

295

650,100

Betagro

PCL

358

53,080

Bikaji

Foods

International

Ltd

482

3,387

(c)

Binggrae

Co

Ltd

186

17,447

Bombay

Burmah

Trading

Co

431

5,334

(c)

Boston

Beer

Co,

Inc

(Class

A)

1,600

32,300

BrasilAgro-Co

Brasileira

de

Propriedades

Agricolas

117

312

(c)

BRC,

Inc

1

398,500

BRF

S.A.

1,624

93,393

Britannia

Industries

Ltd

5,191

64,000

British

American

Tobacco

Malaysia

BHD

107

31,086

British

American

Tobacco

plc

1,122

183,834

Britvic

plc

3,013

663

Bunge

Global

S.A.

52

311,591

C&C

Group

plc

570

65,400

Calbee,

Inc

1,306

73,000

Camil

Alimentos

S.A.

69

840,960

Campbell

Soup

Co

35,219

208,100

Carabao

Group

PCL

478

177,154

Carlsberg

AS

(Class

B)

17,014

118,200

Carlsberg

Brewery

Malaysia

Bhd

546

59,493

CCL

Products

India

Ltd

515

106,411

(c)

Celsius

Holdings,

Inc

2,803

947,800

Century

Pacific

Food,

Inc

687

132,800

Charoen

Pokphand

Enterprise

366

3,075,531

Charoen

Pokphand

Foods

PCL

2,054

5,779,618

Charoen

Pokphand

Indonesia

Tbk

PT

1,709

3,284,021

(b)

China

Feihe

Ltd

2,285

2,342,000

China

Foods

Ltd

752

4,375,889

(c),(d)

China

Huishan

Dairy

Holdings

Co

Ltd

6

370,000

(c),(d)

China

Huiyuan

Juice

Group

Ltd

0

^

63

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

1,282,227

China

Mengniu

Dairy

Co

Ltd

$

2,868

3,105,000

(a)

China

Modern

Dairy

Holdings

Ltd

366

684,357

China

Resources

Beer

Holdings

Company

Ltd

2,228

2

Chocoladefabriken

Lindt

&

Spruengli

AG.

220

8,027

Chongqing

Brewery

Co

Ltd

69

88,277

Cia

Cervecerias

Unidas

S.A.

509

2,577,900

Cisarua

Mountain

Dairy

PT

TBK

865

7,169

CJ

CheilJedang

Corp

1,235

251,699

Cloetta

AB

573

2,599,368

Coca-Cola

Co

161,837

3,500

Coca-Cola

Consolidated

Inc

4,410

1,092,608

(c)

Coca-Cola

Europacific

Partners

plc

83,923

451,083

Coca-Cola

Femsa

SAB

de

C.V.

3,504

3,358

Coca-Cola

HBC

AG.

115

609,669

Coca-Cola

Icecek

AS

1,032

105,800

Coca-Cola

West

Japan

Co

Ltd

1,673

2,280,000

(a),(c)

COFCO

Joycome

Foods

Ltd

405

41,420

Cranswick

plc

2,523

15,133

(c)

Daesang

Corp

196

913,378

Danone

61,726

96,121

(c)

Darling

International,

Inc

3,238

7,291,337

(a)

Davide

Campari-Milano

NV

45,632

985,276

Diageo

plc

31,310

10,370

Dodla

Dairy

Ltd

154

270,000

Dole

plc

3,656

2,585

Dongwon

F&B

Co

Ltd

54

17,000

(a)

Dydo

Drinco,

Inc

356

1,357,962

Eastern

Tobacco

788

22,100

Eastroc

Beverage

Group

Co

Ltd

752

317,283

Embotelladora

Andina

S.A.

966

1,610

Emmi

AG.

1,307

39,215

Ezaki

Glico

Co

Ltd

1,168

591,100

Farm

Fresh

Bhd

246

1,864,118

Fevertree

Drinks

plc

15,677

13,194

First

Milling

Co

212

1,944,000

First

Pacific

Co

1,124

387,000

First

Resources

Ltd

422

1,520,483

Fomento

Economico

Mexicano

S.A.

de

C.V.

12,958

1,030,634

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

88,109

236,161

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

1,485

96,600

Fraser

&

Neave

Holdings

Bhd

609

119,195

Fresh

Del

Monte

Produce,

Inc

3,958

48,816

(c)

Freshpet,

Inc

7,230

11,445

Fu

Jian

Anjoy

Foods

Co

Ltd

128

34,727

Fuji

Oil

Co

Ltd

782

3,382

(a)

Fujiya

Co

Ltd

57

143,038

Futuris

Corp

Ltd

633

79,100

Genting

Plantations

BHD

104

517,600

GFPT

PCL

(Foreign)

145

149,774

Glanbia

plc

2,068

10,475

Godfrey

Phillips

India

Ltd

638

4,825,425

Golden

Agri-Resources

Ltd

936

467,500

Great

Wall

Enterprise

Co

Ltd

734

352,136

(c)

Greencore

Group

plc

853

41,836

Grieg

Seafood

ASA

228

141,896

Gruma

SAB

de

C.V.

2,218

1,047,041

(a)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

2,774

158,600

Guan

Chong

Bhd

140

89,345

Guangdong

Haid

Group

Co

Ltd

600

112,464

Gujarat

Ambuja

Exports

Ltd

163

2,523

(a),(c)

Hain

Celestial

Group,

Inc

16

7,885

(c)

Halwani

Brothers

Co

111

Stock

64

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

42,064

(c)

Harim

Holdings

Co

Ltd

$

155

172,314

Health

&

Happiness

H&H

International

Holdings

Ltd

195

65,700

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

206

85,532

Heilongjiang

Agriculture

Co

Ltd

173

256,789

Heineken

Holding

NV

15,396

119,400

Heineken

Malaysia

Bhd

644

2,850,294

Heineken

NV

203,138

139,923

Henan

Shuanghui

Investment

&

Development

Co

Ltd

498

28,689

Heritage

Foods

Ltd

162

186,084

Hershey

Co

31,513

222,564

Hilton

Food

Group

plc

2,527

33,088

(c)

Hindustan

Foods

Ltd

199

22,675

(c)

Hite

Jinro

Co

Ltd

299

44,562

House

Foods

Corp

818

530,600

Ichitan

Group

PCL

228

12,625

Imperial

Tobacco

Group

plc

404

1,846,709

Indofood

CBP

Sukses

Makmur

Tbk

PT

1,305

291,423

(a)

Inghams

Group

Ltd

573

45,950

Ingredion,

Inc

6,321

348,353

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

1,441

9,135,000

(c),(d)

Inti

Agri

Resources

Tbk

PT

0

^

1,783,506

IOI

Corp

BHD

1,547

424,500

I-TAIL

Corp

PCL

277

2,749,863

ITC

Ltd

15,505

43,000

Ito

En

Ltd

966

72,940

Itoham

Yonekyu

Holdings,

Inc

1,828

408,612

(a)

Japan

Tobacco,

Inc

10,482

4,685,000

Japfa

Comfeed

Indonesia

Tbk

PT

563

645,582

JBS

S.A.

3,811

1,842

JDE

Peet's

NV

32

54,226

Jiangsu

King's

Luck

Brewery

JSC

Ltd

336

62,181

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

712

13,046

J-Oil

Mills,

Inc

179

60,646

(a)

Kagome

Co

Ltd

1,140

10,900

Kameda

Seika

Co

Ltd

289

23,394

Kaveri

Seed

Co

Ltd

238

139,823

Kerry

Group

plc

(Class

A)

13,485

665,611

Keurig

Dr

Pepper,

Inc

21,379

80,397

Kewpie

Corp

1,710

456,300

Kikkoman

Corp

5,067

149,525

(a)

Kirin

Brewery

Co

Ltd

1,941

78,900

Kotobuki

Spirits

Co

Ltd

1,086

590,821

Kraft

Heinz

Co

18,144

42,521

KRBL

Ltd

149

86,388

KT&G

Corp

6,251

392,195

Kuala

Lumpur

Kepong

BHD

1,912

30,892

Kweichow

Moutai

Co

Ltd

6,450

3,764

Lassonde

Industries,

Inc

484

2,383

(a)

Lassonde

Industries,

Inc

306

204,012

Leroy

Seafood

Group

ASA

881

67,332

Lian

HWA

Food

Corp

284

725,109

Lien

Hwa

Industrial

Corp

1,121

15

Lindt

&

Spruengli

AG.

166

3,020

(c)

Lotte

Chilsung

Beverage

Co

Ltd

229

1,838

(c)

Lotte

Wellfood

Co

Ltd

139

810

Lotus

Bakeries

NV

9,066

294,100

LT

Foods

Ltd

1,436

73,423

Luzhou

Laojiao

Co

Ltd

1,259

57,700

M

Dias

Branco

S.A.

187

288,553

Maple

Leaf

Foods,

Inc

4,083

266,178

Marfrig

Global

Foods

S.A.

734

431,884

Marico

Ltd

3,223

65

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

28,800

Maruha

Nichiro

Corp

$

554

36,387

Megmilk

Snow

Brand

Co

Ltd

637

59,085

MEIJI

Holdings

Co

Ltd

1,202

58,371

Mezzan

Holding

Co

KSCC

170

255,300

(c)

Minerva

S.A.

210

10,600

Mitsui

Sugar

Co

Ltd

227

11,218

Modern

Mills

Co

123

4,925,006

Mondelez

International,

Inc

294,171

873,357

(c)

Monster

Beverage

Corp

45,904

52,158

Morinaga

&

Co

Ltd

900

554,226

Morinaga

Milk

Industry

Co

Ltd

10,310

9,387

Mowi

ASA

161

19,551

Mrs

Bectors

Food

Specialities

Ltd

374

281,338

Muyuan

Foods

Co

Ltd

1,482

108,000

Namchow

Holdings

Co

Ltd

164

116,207

(c)

National

Agriculture

Development

Co

763

285,688

Nestle

India

Ltd

7,234

50,314

Nestle

Malaysia

Bhd

1,124

2,460,813

Nestle

S.A.

201,893

149,105

(c)

New

Hope

Liuhe

Co

Ltd

183

590,092

Nichirei

Corp

15,647

31,497

(a)

Nippon

Flour

Mills

Co

Ltd

436

67,500

Nippon

Meat

Packers,

Inc

2,184

233,759

Nippon

Suisan

Kaisha

Ltd

1,330

19,122

Nisshin

Oillio

Group

Ltd

625

161,300

Nisshin

Seifun

Group,

Inc

1,880

251,800

Nissin

Food

Products

Co

Ltd

6,083

1,744,000

(a),(b)

Nongfu

Spring

Co

Ltd

7,539

3,409

(c)

NongShim

Co

Ltd

862

63,745

(a)

Oceana

Group

Ltd

228

18,247

(c)

Orion

Corp/Republic

of

Korea

1,260

93,585

(c)

Orion

Holdings

Corp

952

17,664

Orkla

ASA

153

706,100

Osotspa

PCL

430

1,254

(c)

Ottogi

Corp

335

2,389,344

PepsiCo,

Inc

363,324

365,383

Pernod-Ricard

S.A.

41,283

243

Philip

Morris

CR

AS.

168

3,507,960

Philip

Morris

International,

Inc

422,183

17,000

Piccadily

Agro

Industries

Ltd

180

434,341

PPB

Group

BHD

1,204

1,729,131

Premier

Foods

plc

4,061

35,854

(a)

Premium

Brands

Holdings

Corp

1,972

163,038

Prima

Meat

Packers

Ltd

2,295

1,568,520

Primo

Brands

Corp

48,263

409,800

PT

Astra

Agro

Lestari

Tbk

158

282,700

(c)

PT

Gudang

Garam

Tbk

233

3,763,009

PT

Indofood

Sukses

Makmur

Tbk

1,800

1,090,000

QL

Resources

Bhd

1,160

60,269

Radico

Khaitan

Ltd

1,833

15,765

Remy

Cointreau

S.A.

955

12,500

Riken

Vitamin

Co

Ltd

194

277,900

RLX

Technology,

Inc

(ADR)

600

60,708

Rogers

Sugar,

Inc

248

38,963

Royal

Unibrew

A.S.

2,744

14,294

S

Foods,

Inc

248

23,555

Sakata

Seed

Corp

517

63,661

Salmar

ASA

3,026

3,349

Samyang

Foods

Co

Ltd

1,730

2,268

(c)

Samyang

Holdings

Corp

101

124,300

Sao

Martinho

S.A.

467

89,100

Sappe

PCL

177

Stock

66

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

48,986

Sapporo

Holdings

Ltd

$

2,581

214,392

Saputo,

Inc

3,727

12,081

Saudia

Dairy

&

Foodstuff

Co

1,086

115,451

Savola

Group

1,128

2,975,600

(c)

Sawit

Sumbermas

Sarana

Tbk

PT

240

166,814

(b)

Scandinavian

Tobacco

Group

A.S.

2,208

9,280

Schouw

&

Co

695

162

Seaboard

Corp

394

58,542

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

1,478

10,187

Showa

Sangyo

Co

Ltd

183

529,285

(c)

Shree

Renuka

Sugars

Ltd

243

1,740,778

Sime

Darby

Plantation

Bhd

1,926

24,410

(c)

Sinad

Holding

Co

89

136,154

SLC

Agricola

S.A.

386

1,543,171

(a),(b)

Smoore

International

Holdings

Ltd

2,624

263,000

Standard

Foods

Corp

294

42,847

Strauss

Group

Ltd

811

44,643

Suedzucker

AG.

480

17,446

Sula

Vineyards

Ltd

85

60,641

(c)

SunOpta,

Inc

468

26,300

Suntory

Beverage

&

Food

Ltd

836

626,100

Ta

Ann

Holdings

Bhd

599

467,000

(c)

Taiwan

TEA

Corp

286

112,003

Takara

Holdings,

Inc

962

3,692

Tanmiah

Food

Co

119

504,859

Tata

Consumer

Products

Ltd

5,384

995,693

Tate

&

Lyle

plc

8,096

2,271,800

Thai

Union

Group

PCL

864

399,230

Thai

Vegetable

Oil

PCL

(Foreign)

269

123,646

(a)

Tiger

Brands

Ltd

1,894

61,907

Tilaknagar

Industries

Ltd

304

1,863,301

Tingyi

Cayman

Islands

Holding

Corp

2,419

69,900

Toyo

Suisan

Kaisha

Ltd

4,740

157,883

Treasury

Wine

Estates

Ltd

1,106

118,700

Tres

Tentos

Agroindustrial

S.A.

264

52,366

Triveni

Engineering

&

Industries

Ltd

276

563,471

Tsingtao

Brewery

Co

Ltd

4,102

32,893

Tsingtao

Brewery

Co

Ltd

(Class

A)

365

18,000

Ttet

Union

Corp

81

150,910

Turning

Point

Brands,

Inc

9,070

136,184

Ulker

Biskuvi

Sanayi

AS

452

1,872,600

Ultrajaya

Milk

Industry

&

Trading

Co

Tbk

PT

210

4,120,934

Uni-President

Enterprises

Corp

10,160

560,300

United

Plantations

BHD

3,894

247,177

United

Spirits

Ltd

4,686

696,220

Universal

Robina

Corp

947

960,199

Varun

Beverages

Ltd

7,161

317,864

Vina

Concha

y

Toro

S.A.

348

32,652

(a)

Viscofan

S.A.

2,065

225,110

(c)

Vital

Farms,

Inc

8,484

636,000

(a)

Vitasoy

International

Holdings

Ltd

830

45,210

VST

Industries

Ltd

178

4,606,694

Want

Want

China

Holdings

Ltd

2,694

307,800

Weilong

Delicious

Global

Holdings

Ltd

284

366,070

Wens

Foodstuffs

Group

Co

Ltd

828

7,116,300

(b)

WH

Group

Ltd

5,484

1,643,411

Wilmar

International

Ltd

3,730

99,321

Wuliangye

Yibin

Co

Ltd

1,906

97,239

Yakult

Honsha

Co

Ltd

1,842

90,100

Yamazaki

Baking

Co

Ltd

1,678

392,000

Yihai

International

Holding

Ltd

758

87,200

Yihai

Kerry

Arawana

Holdings

Co

Ltd

390

67

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

903,000

(a),(b)

Zhou

Hei

Ya

International

Holdings

Co

Ltd

$

202

13,152

Zydus

Wellnes

Ltd

303

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,903,583

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.0%

4,274,901

Abbott

Laboratories

483,534

302,617

(c)

Acadia

Healthcare

Co,

Inc

11,999

18,660

(c)

Addus

HomeCare

Corp

2,339

102,500

(a),(c)

Adicon

Holdings

Ltd

119

168,987

Advanced

Medical

Solutions

Group

plc

418

232,449

Aier

Eye

Hospital

Group

Co

Ltd

422

444,000

(a),(b)

AK

Medical

Holdings

Ltd

275

65,666

Al

Hammadi

Holding

671

435,907

Alcon,

Inc

36,959

136,700

Alfresa

Holdings

Corp

1,870

171,351

(c)

Align

Technology,

Inc

35,728

1,858,618

(c)

Alphatec

Holdings,

Inc

17,062

99,721

(b)

Ambea

AB

869

366,576

Ambu

A.S.

5,307

9,743

(c)

Amedisys,

Inc

885

96,792

AmerisourceBergen

Corp

21,747

682,242

Amplifon

S.p.A.

17,580

34,200

Amvis

Holdings,

Inc

158

16,154

(a)

Andlauer

Healthcare

Group,

Inc

474

34,000

(a),(b)

Angelalign

Technology,

Inc

257

814,990

(c)

Angiodynamics,

Inc

7,465

695,039

Ansell

Ltd

14,522

349,632

Apollo

Hospitals

Enterprise

Ltd

29,750

154,700

(a),(c)

Ardent

Health

Partners,

Inc

2,642

736,246

Arjo

AB

2,413

43,088

As

One

Corp

720

448,800

Asahi

Intecc

Co

Ltd

7,282

151,239

(b)

Aster

DM

Healthcare

Ltd

906

459,070

(c)

AtriCure,

Inc

14,029

354,826

(b)

Attendo

AB

1,636

16,100

Autobio

Diagnostics

Co

Ltd

96

24,150

(c)

Axogen,

Inc

398

1,076,200

Bangkok

Chain

Hospital

PCL

483

4,490,071

Bangkok

Dusit

Medical

Services

PCL

3,223

438,085

Becton

Dickinson

&

Co

99,388

67,552

BioMerieux

7,230

579,120

(c)

Bioventus,

Inc

6,081

15,045

BML,

Inc

276

2,610,420

(c)

Boston

Scientific

Corp

233,163

788,050

(a),(c)

BrightSpring

Health

Services,

Inc

13,421

419

(a),(c)

Brookdale

Senior

Living,

Inc

2

216,438

Bumrungrad

Hospital

PCL

1,264

73,462

Cardinal

Health,

Inc

8,688

630

Carl

Zeiss

Meditec

AG.

30

297,641

(c)

Centene

Corp

18,031

74,576

(c)

Certara,

Inc

794

37,366

(c)

Chabiotech

Co

Ltd

289

4,568

Chemed

Corp

2,420

30,700

China

National

Medicines

Corp

Ltd

144

723,500

China

Resources

Medical

Holdings

Co

Ltd

369

4,203,000

Chularat

Hospital

PCL

301

815,870

Cigna

Group

225,294

14,752

(c)

Classys,

Inc

474

12,726

Cochlear

Ltd

2,279

117,299

Coloplast

A.S.

12,852

22,441

(a)

CompuGroup

Medical

SE

&

Co

KgaA

502

4,510,680

(b)

ConvaTec

Group

plc

12,468

92,174

(c)

Cooper

Cos,

Inc

8,474

Stock

68

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

21,612

Craneware

plc

$

571

116,110

(a),(c)

CVRx,

Inc

1,471

54,648

CVS

Group

plc

576

384,456

CVS

Health

Corp

17,258

14,673

Dallah

Healthcare

Co

586

14,611

(c)

DaVita,

Inc

2,185

1,557

(c)

Demant

A.S.

57

227,176

(c)

dentalcorp

Holdings

Ltd

1,310

5,873

Dentium

Co

Ltd

247

1,725,665

(c)

DexCom,

Inc

134,205

349

DiaSorin

S.p.A.

36

159,815

(c)

Doximity,

Inc

8,533

30,870

(b)

Dr

Lal

PathLabs

Ltd

1,080

83,578

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

6,237

6,027

Draegerwerk

AG.

290

113,492

EBOS

Group

Ltd

2,353

11,270

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG.

517

851,502

(c)

Edwards

Lifesciences

Corp

63,037

27,100

Eiken

Chemical

Co

Ltd

367

30,950

El.En.

S.p.A

374

290,976

Elekta

AB

(B

Shares)

1,607

824,025

Elevance

Health,

Inc

303,983

230,969

Encompass

Health

Corp

21,330

129,610

(c)

Enhabit,

Inc

1,012

33,241

(c)

Enovis

Corp

1,459

30,140

Ensign

Group,

Inc

4,004

5,401

(c)

Entero

Healthcare

Solutions

Ltd

90

5,186

(a)

Equasens

238

1,060,095

Essilor

International

S.A.

258,589

256,288

(a),(c)

Establishment

Labs

Holdings,

Inc

11,807

179,900

(c)

Evolent

Health,

Inc

2,024

44,537

(a)

Extendicare,

Inc

329

126,609

Fagron

NV

2,198

1,080,486

Fisher

&

Paykel

Healthcare

Corp

23,223

200,982

Fleury

S.A.

393

1,309,830

Fortis

Healthcare

Ltd

10,987

752,986

Fresenius

Medical

Care

AG.

34,284

6,585

Fresenius

SE

229

11,300

Fukuda

Denshi

Co

Ltd

519

38,283

(b)

Galenica

AG.

3,137

84,100

(c)

GeneDx

Holdings

Corp

6,464

3,573

Getinge

AB

(B

Shares)

59

113,114

(c)

Glaukos

Corp

16,960

66,947

(c)

Global

Health

Ltd

842

211,289

(c)

Globus

Medical,

Inc

17,476

39,412

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

153

675

(c)

Guardant

Health,

Inc

21

125,300

(a)

Gushengtang

Holdings

Ltd

543

16,712

Hanmi

Science

Co

Ltd

330

2,033,838

(b),(c)

Hapvida

Participacoes

e

Investimentos

S.A.

734

1,246,500

Hartalega

Holdings

Bhd

1,100

438,721

HCA,

Inc

131,682

405,363

(a)

Healius

Ltd

342

6,142

(c)

HealthCare

Global

Enterprises

Ltd

35

220,853

(c)

HealthEquity,

Inc

21,191

39,500

(c)

Henry

Schein,

Inc

2,733

871,170

(a),(c)

Hims

&

Hers

Health,

Inc

21,065

77,096

(c)

HLB

Life

Science

CO

Ltd

519

97,520

(c)

HLB,

Inc

4,788

16,100

(a)

Hogy

Medical

Co

Ltd

484

298,596

(c)

Hoya

Corp

37,058

42,278

Huadong

Medicine

Co

Ltd

200

69

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

192,258

Humana,

Inc

$

48,778

272,400

(a),(b),(c)

Hygeia

Healthcare

Holdings

Co

Ltd

495

24,986

(c)

IDEXX

Laboratories,

Inc

10,330

871,989

IHH

Healthcare

Bhd

1,424

55,356

(c)

Inmode

Ltd

924

60,311

(c)

Inspire

Medical

Systems,

Inc

11,180

39,904

(c)

Insulet

Corp

10,418

107,530

(c)

Integer

Holdings

Corp

14,250

867,641

(c)

Intuitive

Surgical,

Inc

452,874

33,500

Japan

Lifeline

Co

Ltd

292

29,450

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

147

1,497,500

(a),(b)

Jinxin

Fertility

Group

Ltd

514

18,400

(c)

JMDC,

Inc

456

47,090

(a),(c)

Joint

Corp

501

120,466

Jointown

Pharmaceutical

Group

Co

Ltd

85

10,848

Jupiter

Life

Line

Hospitals

Ltd

197

244,000

(a)

Kangji

Medical

Holdings

Ltd

196

666,565

Koninklijke

Philips

Electronics

NV

16,885

73,665

(a)

Korian-Medica

159

1,189,600

Kossan

Rubber

Industries

Bhd

752

3,280,300

KPJ

Healthcare

Bhd

1,781

178,930

(b),(c)

Krishna

Institute

of

Medical

Sciences

Ltd

1,246

25,734

Labcorp

Holdings,

Inc

5,901

172,482

(c)

Lantheus

Holdings,

Inc

15,430

1,231,259

Life

Healthcare

Group

Holdings

Ltd

1,069

129,470

(a),(c)

LifeMD,

Inc

641

2,538,000

(a),(c)

Lifetech

Scientific

Corp

453

338,070

(c)

LivaNova

plc

15,656

17,765

(c)

Lunit,

Inc

759

86,900

M3,

Inc

753

60,663

Mani,

Inc

692

559,368

Max

Healthcare

Institute

Ltd

7,353

92,522

McKesson

Corp

52,729

5,388

(b)

Medacta

Group

S.A.

633

142,900

Mediceo

Paltac

Holdings

Co

Ltd

2,149

53,493

Medicover

AB

926

4,913,200

Medikaloka

Hermina

Tbk

PT

498

17,400

(c)

Medley,

Inc

419

197,000

(a),(b)

Medlive

Technology

Co

Ltd

250

21,357

(a),(b)

Medmix

AG.

208

302,487

Medtronic

plc

24,163

44,084

Menicon

Co

Ltd

389

350,881

(c)

Merit

Medical

Systems,

Inc

33,937

156

Metall

Zug

AG.(B

Shares)

194

24,367

(b),(c)

Metropolis

Healthcare

Ltd

590

146,000

MicroPort

NeuroTech

Ltd

160

621,700

(a)

Microport

Scientific

Corp

507

34,426

(c)

Middle

East

Healthcare

Co

629

47,300

Miraca

Holdings,

Inc

767

8,171,900

Mitra

Keluarga

Karyasehat

Tbk

PT

1,290

40,401

(b),(c)

MLP

Saglik

Hizmetleri

AS.

436

17,447

(c)

Molina

Healthcare,

Inc

5,078

40,948

Mouwasat

Medical

Services

Co

926

16,936

Nagaileben

Co

Ltd

236

52,122

Nakanishi,

Inc

786

216,889

(a),(c)

Nanosonics

Ltd

403

57,118

Narayana

Hrudayalaya

Ltd

847

18,636

National

Medical

Care

Co

829

1,120,328

Network

Healthcare

Holdings

Ltd

886

220,500

(a),(b),(c),(d)

New

Horizon

Health

Ltd

100

123,554

Nihon

Kohden

Corp

1,678

120,352

Nipro

Corp

1,140

Stock

70

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

159,379

(c),(d)

NMC

Health

plc

$

0

^

211,350

Odontoprev

S.A.

372

228,968

Olympus

Corp

3,419

192,800

(c)

Oncoclinicas

do

Brasil

Servicos

Medicos

S.A.

73

280,161

(c)

Option

Care

Health,

Inc

6,500

54,440

(a),(c)

Orpea

S.A.

342

1,589

(c)

Orthofix

Medical,

Inc

28

30,644

Paramount

Bed

Holdings

Co

Ltd

525

33,885

Pegavision

Corp

389

345,830

(c)

Pennant

Group,

Inc

9,171

21,779

(c)

Penumbra,

Inc

5,172

20,700

(a)

PHC

Holdings

Corp

125

79,000

(c),(d)

Pihsiang

Machinery

Manufacturing

Co

Ltd

0

^

23,620

Poly

Medicure

Ltd

721

462,181

(c)

PolyNovo

Ltd

580

30,660

Premier,

Inc

650

582,060

(c)

Privia

Health

Group,

Inc

11,379

48,864

Pro

Medicus

Ltd

7,548

96,570

(c)

Pulmonx

Corp

656

33,999

Quest

Diagnostics,

Inc

5,129

346,579

(c)

RadNet,

Inc

24,205

688,099

Raffles

Medical

Group

Ltd

428

41,762

Rainbow

Children's

Medicare

Ltd

731

35,401

Ramsay

Health

Care

Ltd

755

286,676

(b)

Rede

D'Or

Sao

Luiz

S.A.

1,179

91,709

Regis

Healthcare

Ltd

340

16,325

Revenio

Group

Oyj

450

3,161,700

Riverstone

Holdings

Ltd

2,524

48,540

(c)

RxSight,

Inc

1,669

459,007

Ryman

Healthcare

Ltd

1,210

309,190

Saudi

Chemical

Co

Holding

764

30,741

(c)

SD

Biosensor,

Inc

213

107,571

(a)

Sectra

AB

2,692

97,672

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

221

1,071,882

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

635

138,500

Shanghai

Conant

Optical

Co

Ltd

444

174,000

(a),(c)

Shanghai

MicroPort

MedBot

Group

Co

Ltd

211

68,232

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

196

362,427

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

588

19,707

Shanghai

United

Imaging

Healthcare

Co

Ltd

341

149,622

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

5,226

17,600

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

171

845,803

Ship

Healthcare

Holdings,

Inc

11,818

842,360

(c)

SI-BONE,

Inc

11,810

350,455

(b)

Siemens

Healthineers

AG.

18,506

67,253

(a)

Sienna

Senior

Living,

Inc

731

1,097,584

Sigma

Healthcare

Ltd

1,774

546,587

Sinopharm

Group

Co

Ltd

1,491

627,097

Smith

&

Nephew

plc

7,771

87,853

Sonic

Healthcare

Ltd

1,465

39,594

Sonova

Holdings

AG

12,948

716,591

(b)

Spire

Healthcare

Group

plc

2,027

1,145,900

Sri

Trang

Gloves

Thailand

PCL

330

6,821

STRATEC

SE

211

78,502

(a)

Straumann

Holding

AG.

9,888

302,142

Stryker

Corp

108,786

1,524,701

(c)

Supermax

Corp

Bhd

453

29,166

(a),(c)

Surgical

Science

Sweden

AB

411

265,300

Suzuken

Co

Ltd

7,927

655,732

Sysmex

Corp

12,023

331,566

(c)

Tactile

Systems

Technology,

Inc

5,680

44,000

TaiDoc

Technology

Corp

195

71

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

380,990

(c)

Talkspace,

Inc

$

1,177

910,841

(c)

Teladoc

Health,

Inc

8,280

26,700

Teleflex,

Inc

4,752

558,333

(c)

Tenet

Healthcare

Corp

70,478

1,433,775

Terumo

Corp

27,680

277,500

Thonburi

Healthcare

Group

PCL

129

38,230

Toho

Pharmaceutical

Co

Ltd

1,031

9,909

(a)

Tokai

Corp

(GIFU)

143

3,615,500

(c)

Top

Glove

Corp

Bhd

1,082

347,220

(a),(c)

Treace

Medical

Concepts,

Inc

2,583

179,950

Uniphar

plc

395

2,121,317

UnitedHealth

Group,

Inc

1,073,089

17,751

Universal

Health

Services,

Inc

(Class

B)

3,185

38,425

Universal

Vision

Biotechnology

Co

Ltd

234

368,779

(c)

Veeva

Systems,

Inc

77,536

156,500

(b),(c),(d)

Venus

MedTech

Hangzhou,

Inc

0

^

54,160

(c)

Viemed

Healthcare,

Inc

434

46,530

Vijaya

Diagnostic

Centre

Pvt

Ltd

573

100,928

(c)

Vimian

Group

AB

364

27,000

Visco

Vision,

Inc

147

169,420

(c)

Waystar

Holding

Corp

6,218

174,279

(c)

Well

Health

Technologies

Corp

832

104,805

(c)

Xvivo

Perfusion

AB

4,620

429,900

(a),(b),(c)

Yidu

Tech,

Inc

264

3,333

Ypsomed

Holding

AG.

1,203

480,474

Zimmer

Biomet

Holdings,

Inc

50,752

162,500

(b),(c)

Zylox-Tonbridge

Medical

Technology

Co

Ltd

246

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,974,001

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.3%

355,398

(c)

Amorepacific

Corp

25,150

23,585

(c)

AMOREPACIFIC

Group

331

11,730

(c)

APR

Corp

394

702,978

Beiersdorf

AG.

90,294

493,167

(c)

BellRing

Brands,

Inc

37,155

9,649

Bloomage

Biotechnology

Corp

Ltd

68

825,000

(a),(b)

Blue

Moon

Group

Holdings

Ltd

328

2,576

(c)

C&C

International

Corp

79

601,826

Church

&

Dwight

Co,

Inc

63,017

96,087

Colgate-Palmolive

Co

8,735

116,878

Colgate-Palmolive

India

Ltd

3,656

6,686

Cosmax,

Inc

672

4,832

(c)

Cosmecca

Korea

Co

Ltd

179

3,150

(c)

Coty,

Inc

22

446,059

Dabur

India

Ltd

2,639

10,730

Earth

Chemical

Co

Ltd

380

113,717

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

153

32,339

(a),(c)

elf

Beauty,

Inc

4,060

150,588

Emami

Ltd

1,055

50,900

Energizer

Holdings,

Inc

1,776

9,480

Essity

AB

253

840

Estee

Lauder

Cos

(Class

A)

63

266,600

(b)

Giant

Biogene

Holding

Co

ltd

1,702

4,058

Gillette

India

Ltd

453

351,925

Godrej

Consumer

Products

Ltd

4,440

90,000

Grape

King

Bio

Ltd

410

39,317,390

Haleon

plc

185,387

1,448,917

(a)

Haleon

plc

(ADR)

13,823

665,136

Hengan

International

Group

Co

Ltd

1,920

19,264

Henkel

KGaA

1,485

169,002

Henkel

KGaA

(Preference)

14,828

334,998

Hindustan

Lever

Ltd

9,098

74,570

(c)

Honasa

Consumer

Ltd

222

Stock

72

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HOUSEHOLD

&

PERSONAL

PRODUCTS

(continued)

1,078,520

(c)

Honest

Co,

Inc

$

7,474

27,210

(c)

Hyundai

Bioscience

Co

Ltd

260

34,599,600

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

1,268

18,537

(a)

Inter

Parfums

S.A.

784

29,205

Intercos

S.p.A

419

34,897

(a),(b)

Jamieson

Wellness,

Inc

891

126,668

Jyothy

Labs

Ltd

586

453,022

(a)

Kao

Corp

18,330

444,100

Karmarts

PCL

143

5,395,783

Kenvue,

Inc

115,200

1,208,818

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

1,704

36,900

(a)

Kobayashi

Pharmaceutical

Co

Ltd

1,457

12,171

(c)

Kolmar

Korea

Co

Ltd

451

24,000

(a)

Kose

Corp

1,092

7,675

(c)

LG

Household

&

Health

Care

Ltd

1,579

187,000

(a)

Lion

Corp

2,095

253,405

L'Oreal

S.A.

89,706

334,880

(c)

Microbio

Co

Ltd

337

21,298

Milbon

Co

Ltd

473

713,264

Natura

&

Co

Holding

S.A.

1,472

31,100

Noevir

Holdings

Co

Ltd

964

24,905

(a),(c)

Oddity

Tech

Ltd

1,047

54,477

(c)

Ontex

Group

NV

473

3,381

(a)

Pharmanutra

S.p.A

191

616,900

(a)

Pigeon

Corp

5,710

1,141,900

(a)

Pola

Orbis

Holdings,

Inc

10,369

2,935,375

Procter

&

Gamble

Co

492,116

6,577,810

PT

Unilever

Indonesia

Tbk

771

855,428

(c)

Puig-Group

SL

15,771

181,745

PZ

Cussons

plc

185

10,873

Reckitt

Benckiser

Group

plc

658

145,490

Rohto

Pharmaceutical

Co

Ltd

2,651

42,057

Sarantis

S.A.

473

121,200

(a)

Shanghai

Chicmax

Cosmetic

Co

Ltd

541

298,290

Shiseido

Co

Ltd

5,275

52,900

Spectrum

Brands

Holdings,

Inc

4,470

84,000

TCI

Co

Ltd

315

814,707

Uni-Charm

Corp

6,716

6,901,928

Unilever

plc

392,172

8,185

Unilever

plc

466

17,612

(c)

VT

Co

Ltd

475

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,661,757

INSURANCE

-

3.1%

251,893

Admiral

Group

plc

8,322

1,316,700

Aegon

NV

7,835

79,073

Aflac,

Inc

8,179

2,511

Ageas

S.A.

122

16,766,243

AIA

Group

Ltd

120,430

32,360

(c)

Al

Rajhi

Co

for

Co-operative

Insurance

1,478

372,808

Allianz

AG.

114,587

628,291

Allstate

Corp

121,128

2,481,863

Alm

Brand

AS

4,841

618,136

(c)

AMBAC

Financial

Group,

Inc

7,819

39,850

American

Financial

Group,

Inc

5,457

2,646,796

American

International

Group,

Inc

192,687

107,060

Amerisafe,

Inc

5,518

57,398

Anadolu

Hayat

Emeklilik

AS

169

154,102

Anadolu

Sigorta

453

340,161

Aon

plc

122,172

2,085,970

Arch

Capital

Group

Ltd

192,639

153,347

ASR

Nederland

NV

7,293

14,560

Assicurazioni

Generali

S.p.A.

412

73

SHARES

DESCRIPTION

VALUE

(000)

INSURANCE

(continued)

30,962

Assurant,

Inc

$

6,602

31,913

Assured

Guaranty

Ltd

2,872

85,119

AUB

Group

Ltd

1,642

4,453,854

Aviva

plc

26,105

2,880,391

AXA

S.A.

102,512

727,084

Axis

Capital

Holdings

Ltd

64,434

665

Baloise

Holding

AG.

121

242,500

Bangkok

Life

Assurance

PCL

150

1,770,100

Bangkok

Life

Assurance

PCL

1,095

206,700

(c)

Bangkok

Life

Assurance

PCL

128

573,846

BB

Seguridade

Participacoes

S.A.

3,364

4,542,811

Beazley

plc

46,375

27,482

Brookfield

Wealth

Solutions

Ltd

1,581

67,989

Bupa

Arabia

for

Cooperative

Insurance

Co

3,746

441,300

Caixa

Seguridade

Participacoes

S

1,017

3,879,215

Cathay

Financial

Holding

Co

Ltd

8,068

225,000

Central

Reinsurance

Co

Ltd

177

6,498,435

China

Development

Financial

Holding

Corp

3,404

1,289,932

China

Insurance

International

Holdings

Co

Ltd

1,916

6,412,790

China

Life

Insurance

Co

Ltd

12,002

145,075

China

Life

Insurance

Co

Ltd

(Class

A)

833

386,200

China

Pacific

Insurance

Group

Co

Ltd

-

A

1,803

2,254,209

China

Pacific

Insurance

Group

Co

Ltd

-

H

7,252

372,837

Chubb

Ltd

103,015

44,749

Clal

Insurance

Enterprises

Holdings

Ltd

1,052

148,900

CNO

Financial

Group,

Inc

5,541

57,289

Co

for

Cooperative

Insurance

2,251

86,196

Coface

S.A.

1,285

342,321

Conduit

Holdings

Ltd

2,010

3,630,000

(a),(c),(d)

Convoy

Global

Holdings

Ltd

5

845,266

Dai-ichi

Life

Holdings,

Inc

22,523

63,515

Definity

Financial

Corp

2,583

390,800

Dhipaya

Group

Holdings

PCL

238

1,424,009

Direct

Line

Insurance

Group

plc

4,557

435,398

Discovery

Ltd

4,494

38,653

Dongbu

Insurance

Co

Ltd

2,686

113,316

Employers

Holdings,

Inc

5,805

232,871

Everest

Re

Group

Ltd

84,406

19,408

Fairfax

Financial

Holdings

Ltd

27,003

231,110

Fidelis

Insurance

Holdings

Ltd

4,190

789,170

Fidelity

National

Financial,

Inc

44,304

5,400

(a)

FP

Partner,

Inc

70

6,825,283

Fubon

Financial

Holding

Co

Ltd

18,770

167,925

Gallagher

(Arthur

J.)

&

Co

47,666

3,106

Gjensidige

Forsikring

ASA

55

497,370

Globe

Life,

Inc

55,467

130,710

(c)

Go

Digit

General

Insurance

Ltd

486

255,376

Great-West

Lifeco

Inc

8,469

1,830,040

(c)

Hamilton

Insurance

Group

Ltd

34,826

135,725

Hannover

Rueckversicherung

AG.

33,988

7,830

Hanover

Insurance

Group,

Inc

1,211

628,781

Hanwha

General

Insurance

Co

Ltd

1,710

1,921,019

Hanwha

Life

Insurance

Co

Ltd

3,187

129,767

Harel

Insurance

Investments

&

Financial

Services

Ltd

1,791

816,353

(b)

HDFC

Life

Insurance

Co

Ltd

5,873

565

Helvetia

Holding

AG.

93

775,240

Hiscox

Ltd

10,492

284,202

Hyundai

Marine

&

Fire

Insurance

Co

Ltd

4,751

87,073

iA

Financial

Corp,

Inc

8,076

187,665

(b)

ICICI

Lombard

General

Insurance

Co

Ltd

3,913

312,436

(b)

ICICI

Prudential

Life

Insurance

Co

Ltd

2,386

2,177,148

Insurance

Australia

Group

Ltd

11,387

Stock

74

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

INSURANCE

(continued)

160,881

Intact

Financial

Corp

$

29,293

44,853

(c)

IRB-Brasil

Resseguros

S.A.

308

1,742,494

Japan

Post

Holdings

Co

Ltd

16,410

180,300

Japan

Post

Insurance

Co

Ltd

3,312

6,306,876

Just

Group

plc

12,822

36,577

Kemper

Corp

2,430

36,656

Kinsale

Capital

Group,

Inc

17,050

101,704

Korean

Reinsurance

Co

548

636,877

Lancashire

Holdings

Ltd

5,254

7,703,025

Legal

&

General

Group

plc

22,118

46,600

(a),(c)

Lifenet

Insurance

Co

535

485,270

(a)

Linea

Directa

Aseguradora

S.A.

Cia

de

Seguros

y

Reaseguros

545

1,603,162

Mandatum

Holding

Oy

7,457

1,625,414

Manulife

Financial

Corp

49,934

701,164

(a)

Mapfre

S.A.

1,778

1,361,436

Marsh

&

McLennan

Cos,

Inc

289,183

199,885

(c)

Max

Financial

Services

Ltd

2,597

2,546,545

Medibank

Pvt

Ltd

5,969

38,179

(c)

Mediterranean

and

Gulf

Cooperative

Insurance

and

Reinsurance

Co

264

17,084

Menora

Mivtachim

Holdings

Ltd

700

385,933

Mercuries

&

Associates

Holding

Ltd

180

2,490,279

Mercuries

Life

Insurance

Co

Ltd

479

553

Mercury

General

Corp

37

1,702,678

Metlife,

Inc

139,415

271,915

Migdal

Insurance

&

Financial

Holdings

Ltd

512

1,187,453

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

25,646

3,301,301

Momentum

Metropolitan

Holdings

5,294

170,915

Muenchener

Rueckver

AG.

86,237

119,165

New

China

Life

Insurance

Co

Ltd

-

A

812

852,265

New

China

Life

insurance

Co

Ltd

-

H

2,570

380,094

nib

holdings

Ltd

1,288

1,081,344

NN

Group

NV

47,156

3,948,393

Old

Mutual

Ltd

2,626

197,190

Old

Republic

International

Corp

7,136

1,355,471

(c)

Oscar

Health,

Inc

18,218

683,932

OUTsurance

Group

Ltd

2,410

9,718,600

(c)

Panin

Financial

Tbk

PT

259

260,324

(c)

PB

Fintech

Ltd

6,391

8,626,388

People's

Insurance

Co

Group

of

China

Ltd

4,274

729,615

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

762

10,961

Phoenix

Group

Holdings

plc

70

143,633

Phoenix

Holdings

Ltd

2,096

6,073,556

PICC

Property

&

Casualty

Co

Ltd

9,552

5,856,976

Ping

An

Insurance

Group

Co

of

China

Ltd

34,377

6,475,464

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

46,722

442,252

(b)

Poste

Italiane

S.p.A

6,255

515,139

(a)

Power

Corp

of

Canada

16,069

506,729

Powszechny

Zaklad

Ubezpieczen

S.A.

5,629

66,865

Primerica,

Inc

18,148

1,096,276

Progressive

Corp

262,679

42,413

Protector

Forsikring

ASA

1,062

8,124,832

Prudential

plc

64,479

1,383,559

QBE

Insurance

Group

Ltd

16,431

242,000

(a)

Qualitas

Controladora

SAB

de

C.V.

2,036

20,764

(c)

Rasan

Information

Technology

Co

477

189,691

Reinsurance

Group

of

America,

Inc

(Class

A)

40,524

81,993

(c)

Religare

Enterprises

Ltd

261

66,682

RenaissanceRe

Holdings

Ltd

16,591

57,107

Ryan

Specialty

Holdings,

Inc

3,664

118,147

Sampo

Oyj

4,826

25,677

Samsung

Fire

&

Marine

Insurance

Co

Ltd

6,216

66,643

Samsung

Life

Insurance

Co

Ltd

4,265

75

SHARES

DESCRIPTION

VALUE

(000)

INSURANCE

(continued)

1,513,938

Sanlam

Ltd

$

6,970

89,605

Santam

Ltd

1,864

28,510

(c)

Saudi

Reinsurance

Co

409

388,812

(b)

SBI

Life

Insurance

Co

Ltd

6,301

116,515

SCOR

SE

2,853

161,970

(a)

Selective

Insurance

Group,

Inc

15,147

11,895,980

Shin

Kong

Financial

Holding

Co

Ltd

4,276

105,000

Shinkong

Insurance

Co

Ltd

341

2,344,904

Sompo

Holdings,

Inc

60,757

825,058

(c)

Star

Health

&

Allied

Insurance

Co

Ltd

4,573

2,423,192

Steadfast

Group

Ltd

8,687

2,377,086

Storebrand

ASA

25,349

530,321

Sun

Life

Financial,

Inc

31,488

1,169,400

Suncorp-Metway

Ltd

13,739

28,541

Swiss

Life

Holding

22,036

4,686

Swiss

Re

AG.

679

248,500

Syarikat

Takaful

Malaysia

Keluarga

Bhd

216

453,400

T&D

Holdings,

Inc

8,299

62,458

Talanx

AG.

5,312

8,512,600

Thai

Life

Insurance

PCL

2,789

136,197

Tiptree,

Inc

2,841

1,730,185

Tokio

Marine

Holdings,

Inc

62,093

50,764

Tongyang

Life

Insurance

Co

Ltd

154

130,366

Travelers

Cos,

Inc

31,404

37,010

(c)

Trisura

Group

Ltd

1,004

306

(a),(c)

Trupanion,

Inc

15

1,361,641

Tryg

A.S.

28,723

726,627

Turkiye

Sigorta

AS

377

711,895

(c)

TWFG,

Inc

21,926

384,538

Unipol

Gruppo

S.p.A

4,802

86,438

Uniqa

Versicherungen

AG.

700

298,180

(c)

United

Insurance

Holdings

Corp

4,014

479,084

Unum

Group

34,988

27,691

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

870

42,654

(c)

Walaa

Cooperative

Insurance

Co

220

184,206

Willis

Towers

Watson

plc

57,701

16,546

Wuestenrot

&

Wuerttembergische

AG.

199

503,300

(b),(c)

ZhongAn

Online

P&C

Insurance

Co

Ltd

756

311,646

Zurich

Insurance

Group

AG

185,356

TOTAL

INSURANCE

3,834,221

MATERIALS

-

4.0%

137,648

Aarti

Industries

Ltd

658

241,659

Abou

Kir

Fertilizers

&

Chemical

Industries

232

134,937

Acerinox

S.A.

1,321

60,438

ADEKA

Corp

1,077

280,210

(c)

Advanced

Emissions

Solutions,

Inc

2,121

45,110

Advanced

Enzyme

Technologies

Ltd

183

7,131

(c)

Advanced

Nano

Products

Co

Ltd

279

74,917

(c)

Advanced

Petrochemical

Co

640

87,812

AECI

Ltd

407

76,786

African

Rainbow

Minerals

Ltd

612

66,625

(a)

Afrimat

Ltd

250

15,643

AGI

Greenpac

Ltd

204

524,111

Agnico

Eagle

Mines

Ltd

40,991

424,199

Agnico-Eagle

Mines

Ltd

33,188

38,752

Aica

Kogyo

Co

Ltd

809

731,061

Air

Liquide

118,841

151,592

Air

Products

&

Chemicals,

Inc

43,968

148,800

Air

Water,

Inc

1,803

27,656

Akcansa

Cimento

AS

141

9,493

Akzo

Nobel

India

Ltd

398

166,363

Akzo

Nobel

NV

9,986

Stock

76

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

105,396

Al

Masane

Al

Kobra

Mining

Co

$

1,893

689,477

Alamos

Gold,

Inc

12,720

70,284

(a)

Albemarle

Corp

6,050

99,052

Alcoa

Corp

3,742

70,378

Algoma

Steel

Group,

Inc

689

14,012

Alkyl

Amines

Chemicals

288

46,803

(c)

Allegheny

Technologies,

Inc

2,576

153,247

Alleima

AB

1,041

137,120

(c)

Allied

Gold

Corp

325

33,000

Allied

Supreme

Corp

308

292,100

(a)

Alpek

SAB

de

C.V.

183

648,598

(c)

Alpha

HPA

Ltd

357

31,177

(a)

Altius

Minerals

Corp

577

57,606

(a)

Altri

SGPS

S.A.

318

28,369

Alujain

Corp

289

1,765,964

Aluminum

Corp

of

China

Ltd

1,013

1,917,487

Aluminum

Corp

of

China

Ltd

(Class

A)

1,931

530,350

Ambuja

Cements

Ltd

3,311

13,588

Amcor

plc

128

4,969

American

Vanguard

Corp

23

24,579

(a)

AMG

Advanced

Metallurgical

Group

NV

353

5,323,200

(c)

Amman

Mineral

Internasional

PT

2,792

172,379

(a)

Anglo

American

Platinum

Ltd

5,200

2,606,662

Anglo

American

plc

77,072

479,212

AngloGold

Ashanti

UK

Ltd

10,718

561,565

Anhui

Conch

Cement

Co

Ltd

1,430

91,645

Anhui

Conch

Cement

Co

Ltd

(Class

A)

299

460,696

Antofagasta

plc

9,126

18,784

Anupam

Rasayan

India

Ltd

158

31,965

APERAM

S.A.

837

142,895

APL

Apollo

Tubes

Ltd

2,611

23,158

Aptargroup,

Inc

3,638

163,459

Arabian

Cement

Co

1,130

334,943

ArcelorMittal

S.A.

7,782

29,351

Archean

Chemical

Industries

Ltd

229

58,034

ARE

Holdings,

Inc

627

101,419

(c)

Aris

Mining

Corp

356

318,139

Arkema

24,208

1,130,108

Asahi

Kasei

Corp

7,787

8,700

Asahi

Organic

Chemicals

Industry

Co

Ltd

246

138

Ashland,

Inc

10

916,044

Asia

Cement

Corp

1,128

12,981

(c),(d)

Asia

Pacific

Investment

Partners

Limited

0

^

324,632

Asian

Paints

Ltd

8,637

392,830

(c)

Aspen

Aerogels,

Inc

4,667

71,249

Atalaya

Mining

plc

318

12,057

Atul

Ltd

979

25,534

Aurubis

AG.

2,033

142

Avery

Dennison

Corp

27

6,181,800

Avia

Avian

Tbk

PT

153

521,428

Avient

Corp

21,306

1,497,403

(c)

Axalta

Coating

Systems

Ltd

51,241

86,583

(c)

Aya

Gold

&

Silver,

Inc

647

1,886,294

B2Gold

Corp

4,619

11,265

Balaji

Amines

Ltd

235

2,793,680

Baoshan

Iron

&

Steel

Co

Ltd

2,678

18,913,638

Barito

Pacific

Tbk

PT

1,076

1,483,770

Barrick

Gold

Corp

23,008

9,291

BASF

India

Ltd

603

438,086

BASF

SE

19,211

63,899

(c)

Baticim

Bati

Anadolu

Cimento

Sanayii

AS

256

11,343

Bayer

CropScience

Ltd

734

77

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

304,000

BBMG

Corp

(Class

H)

$

31

30,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

54

28,281

Bekaert

S.A.

980

895,942

(c)

Bellevue

Gold

Ltd

620

86,008

Berry

Global

Group,

Inc

5,562

7,749,065

BHP

Billiton

Ltd

189,037

328,091

(a)

BHP

Group

Ltd

8,018

176,251

Billerud

AB

1,615

4,000

(a),(c),(d)

Bio

On

Spa

0

^

28,588

Birla

Corp

Ltd

412

371,828

BlueScope

Steel

Ltd

4,299

4,270

Boliden

AB

120

19,849

(c)

Borusan

Mannesmann

Boru

Sanayi

ve

Ticaret

AS.

242

294,305

Boubyan

Petrochemicals

Co

KSCP

621

207,700

Bradespar

S.A.

557

111,100

(c)

Braskem

S.A.

212

220,551

Breedon

Group

plc

1,230

61,328

Brickworks

Ltd

972

67,020

Buzzi

Unicem

S.p.A.

2,474

20,800

C

Uyemura

&

Co

Ltd

1,425

1,697,886

(c)

Calibre

Mining

Corp

2,540

45,474

(c)

Canfor

Corp

480

45,797

(c)

CAP

S.A.

242

244,245

(c)

Capricorn

Metals

Ltd

944

429,265

(c)

Capstone

Copper

Corp

2,655

85,783

Carborundum

Universal

Ltd

1,281

65,810

Carpenter

Technology

Corp

11,169

58,955

(a)

Cascades,

Inc

488

312,228

Castrol

India

Ltd

718

23,397

Cathay

Biotech,

Inc

124

127,041

CCL

Industries

6,536

149,818

Celanese

Corp

(Series

A)

10,369

90,226

Cementir

Holding

NV

988

442,775

Cementos

Argos

S.A.

1,025

12,944,130

Cemex

S.A.

de

C.V.

7,251

1,027,094

Centerra

Gold,

Inc

5,845

281,980

(c)

Century

Aluminum

Co

5,138

138,000

Century

Iron

&

Steel

Industrial

Co

Ltd

689

45,282

Century

Plyboards

India

Ltd

390

41,481

Century

Textiles

&

Industries

Ltd

1,214

35

CF

Industries

Holdings,

Inc

3

138,584

Chambal

Fertilisers

and

Chemicals

Ltd

797

302,661

Champion

Iron

Ltd

1,074

6,663,400

Chandra

Asri

Pacific

Tbk

PT

3,105

59,219

(c)

Chemplast

Sanmar

Ltd

346

632,000

Cheng

Loong

Corp

366

350,880

Chia

Hsin

Cement

Corp

182

29,700

Chifeng

Jilong

Gold

Mining

Co

Ltd

64

1,448,000

China

BlueChemical

Ltd

400

1,149,605

China

Hongqiao

Group

Ltd

1,725

101,429

China

Jushi

Co

Ltd

158

1,236,000

(c)

China

Man-Made

Fiber

Corp

278

150,000

China

Metal

Products

142

2,663,614

China

Molybdenum

Co

Ltd

1,786

951,344

China

Molybdenum

Co

Ltd

(Class

A)

866

7,946,276

(a)

China

National

Building

Material

Co

Ltd

3,590

1,100,000

China

Nonferrous

Mining

Corp

Ltd

736

91,329

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

265

1,444,000

China

Oriental

Group

Co

Ltd

213

2,855,000

China

Petrochemical

Development

Corp

639

38,700

China

Rare

Earth

Resources

And

Technology

Co

Ltd

149

3,550,000

China

Resources

Cement

Holdings

Ltd

718

Stock

78

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

706,000

(a)

China

Risun

Group

Ltd

$

251

110,000

China

Steel

Chemical

Corp

309

4,917,568

China

Steel

Corp

2,945

2,602,251

China

XLX

Fertiliser

Ltd

1,370

4,462,240

(a),(c),(d)

China

Zhongwang

Holdings

Ltd

6

23,078

Chugoku

Marine

Paints

Ltd

344

712,000

Chung

Hung

Steel

Corp

385

328,000

Chung

Hwa

Pulp

Corp

165

123,476

(c)

Cia

Brasileira

de

Aluminio

94

94,400

Cia

de

Ferro

Ligas

da

Bahia

FERBASA

125

199,360

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

2,297

259,223

Cia

Siderurgica

Nacional

S.A.

371

300,629

Cimsa

Cimento

Sanayi

VE

Ticaret

AS.

396

132,100

Citic

Pacific

Special

Steel

Group

Co

Ltd

206

51,901

City

Cement

Co

251

3,263

Clariant

AG.

36

20,523

Clean

Science

&

Technology

Ltd

341

415,284

(c)

Cleveland-Cliffs,

Inc

3,904

1,358,090

(c)

Coeur

Mining,

Inc

7,768

320,764

Commercial

Metals

Co

15,910

86,132

(c)

Companhia

Vale

do

Rio

Doce

5

201,300

Compass

Minerals

International,

Inc

2,265

1,103,113

(c)

Constellium

SE

11,329

41,611

Corbion

NV

930

95,978

Coromandel

International

Ltd

2,104

626,223

(b)

Coronado

Global

Resources,

Inc

295

3,225,278

Corteva,

Inc

183,712

28,489

(a)

Corticeira

Amorim

SGPS

S.A.

237

21,928

(c)

Cosmochemical

Co

Ltd

225

183,735

(c)

Covestro

AG.

11,039

63,000

CPMC

Holdings

Ltd

58

1,757,976

CRH

plc

162,648

131,095

CRH

plc

12,135

59,985

Croda

International

plc

2,537

124,065

Crown

Holdings,

Inc

10,259

220,100

CSG

Holding

Co

Ltd

65

1,389,200

D&L

Industries,

Inc

146

9,018

(c)

Daelim

Industrial

Co

192

175,200

Daicel

Chemical

Industries

Ltd

1,548

92,755

Daido

Steel

Co

Ltd

696

484,701

(a)

Dainippon

Ink

and

Chemicals,

Inc

10,359

66,699

Daio

Paper

Corp

352

73,330

(c)

Dakota

Gold

Corp

161

34,000

Daxin

Materials

Corp

197

13,186

DCM

Shriram

Ltd

177

1,478,543

(c)

De

Grey

Mining

Ltd

1,608

48,522

Deepak

Fertilisers

&

Petrochemicals

Corp

Ltd

676

43,916

Deepak

Nitrite

Ltd

1,277

61,049

Denki

Kagaku

Kogyo

KK

861

1,997,396

Deterra

Royalties

Ltd

4,586

335,310

Dexco

S.A.

323

6,060

Dhanuka

Agritech

Ltd

105

25,466

Dongjin

Semichem

Co

Ltd

354

3,372

Dongwon

Systems

Corp

91

1,080,000

(a)

Dongyue

Group

Ltd

1,121

386,575

Dow,

Inc

15,513

42,679

DOWA

HOLDINGS

CO

Ltd

1,198

385,527

(a)

DRDGOLD

Ltd

338

1,060,745

DS

Smith

plc

7,174

716,884

DSM-Firmenich

AG.

72,465

752,824

(a)

Dundee

Precious

Metals,

Inc

6,829

2,785,533

DuPont

de

Nemours,

Inc

212,397

79

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

7,764

East

Pipes

Integrated

Co

for

Industry

$

289

43,272

Eastern

Province

Cement

Co

396

4,464

Eastman

Chemical

Co

408

7,487

Ecolab,

Inc

1,754

65,163

(c)

EID

Parry

India

Ltd

678

164,263

(c)

El

Ezz

Steel

Co

371

160,062

(c)

Eldorado

Gold

Corp

2,381

364,550

Element

Solutions,

Inc

9,270

464,438

Elementis

plc

844

241,189

(b)

Elkem

ASA

371

385,294

(c)

Emerald

Resources

NL

771

1,022,687

Empresas

CMPC

S.A.

1,605

599

EMS-Chemie

Holding

AG.

404

110,191

(a)

Ence

Energia

y

Celulosa

S.A.

354

11,188

(c)

Enchem

Co

Ltd

999

268,782

Endeavour

Mining

plc

4,801

182,277

(c)

Endeavour

Silver

Corp

668

122,091

EPL

Ltd

369

288,659

(c)

Equinox

Gold

Corp

1,454

6,620

(a)

Eramet

371

1,129,570

Eregli

Demir

ve

Celik

Fabrikalari

TAS

779

69,316

(a),(c)

ERO

Copper

Corp

935

195,637

Essentra

plc

326

668,850

Eternal

Chemical

Co

Ltd

566

134,000

EVERGREEN

Steel

Corp

364

1,487,063

Evolution

Mining

Ltd

4,395

4,000

Evonik

Industries

AG.

70

343,000

Feng

Hsin

Iron

&

Steel

Co

728

70,035

(c)

Filo

Corp

1,551

7,567

Fine

Organic

Industries

Ltd

393

33,792

Fineotex

Chemical

Ltd

130

220,875

Finolex

Industries

Ltd

647

1,286,478

(a),(c),(d)

Firefinch

Ltd

8

115,000

(c)

First

Copper

Technology

Co

Ltd

130

228,002

(a)

First

Majestic

Silver

Corp

1,253

600,879

First

Quantum

Minerals

Ltd

7,746

17,196

FMC

Corp

836

48,735

(c)

Foosung

Co

Ltd

163

843,235

(c)

Foran

Mining

Corp

2,305

2,926,139

Formosa

Chemicals

&

Fibre

Corp

2,434

3,094,019

Formosa

Plastics

Corp

3,347

176,456

(b)

Forterra

plc

358

1,438,621

Fortescue

Metals

Group

Ltd

16,200

264,813

(c)

Fortuna

Silver

Mines,

Inc

1,137

37,020

FP

Corp

657

162,936

Franco-Nevada

Corp

19,147

2,498,266

Freeport-McMoRan,

Inc

(Class

B)

95,134

54,202

FUCHS

SE

2,342

1,156,000

(a)

Fufeng

Group

Ltd

812

29,877

Fuji

Seal

International,

Inc

478

43,425

Fujimi,

Inc

653

10,730

Fujimori

Kogyo

Co

Ltd

292

15,900

Fuso

Chemical

Co

Ltd

356

11,151

Galaxy

Surfactants

Ltd

328

41,780

Ganfeng

Lithium

Group

Co

Ltd

200

5,606

Garware

Hi-Tech

Films

Ltd

327

570,247

(c)

Gascoyne

Resources

Ltd

496

136,600

(a)

GCC

SAB

de

C.V.

1,221

727,749

(c)

Genesis

Minerals

Ltd

1,106

1,480,080

Gerdau

S.A.

(Preference)

4,322

62,969

GHCL

Ltd

531

11,324

Givaudan

S.A.

49,502

Stock

80

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

34,550,816

Glencore

plc

$

152,168

579,000

(a),(c)

Global

New

Material

International

Holdings

Ltd

324

1,179,000

Gloria

Material

Technology

Corp

1,671

197,705

Godawari

Power

and

Ispat

Ltd

465

3,200

Godo

Steel

Ltd

80

831,910

Gold

Fields

Ltd

10,884

884,798

Gold

Road

Resources

Ltd

1,117

666,000

Goldsun

Development

&

Construction

Co

Ltd

1,004

928,755

Grand

Pacific

Petrochemical

296

77,970

Granges

AB

928

231,476

Grasim

Industries

Ltd

6,594

17,869

Gravita

India

Ltd

454

605,755

(c),(d)

Great

Basin

Gold

Ltd

4

6,781,676

(c)

Greatland

Gold

plc

540

47,969

Greenpanel

Industries

Ltd

211

3,350

Greif,

Inc

(Class

B)

227

29,721

(c)

Grupa

Azoty

S.A.

134

7,403

Grupa

Kety

S.A.

1,226

3,313,938

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

15,723

66,624

Guangzhou

Tinci

Materials

Technology

Co

Ltd

180

49,108

(c)

Gubre

Fabrikalari

TAS

398

17,665

Gujarat

Alkalies

&

Chemicals

Ltd

155

21,772

Gujarat

Fluorochemicals

Ltd

1,057

65,223

Gujarat

Narmada

Valley

Fertilizers

&

Chemicals

Ltd

425

199,152

Gujarat

State

Fertilizers

&

Chemicals

Ltd

458

8,530

Gulf

Oil

Lubricants

India

Ltd

121

11,998

Hanil

Cement

Co

Ltd

118

7,604

Hansol

Chemical

Co

Ltd

494

81,909

(c)

Hanwha

Chemical

Corp

882

217,444

Harmony

Gold

Mining

Co

Ltd

1,743

825,000

Hecla

Mining

Co

4,051

940,297

HeidelbergCement

AG.

116,186

67,346

HeidelbergCement

India

Ltd

163

2,810,871

(c)

Hektas

Ticaret

TAS

307

180,400

Henan

Shenhuo

Coal

&

Power

Co

Ltd

418

420,969

Hengli

Petrochemical

Co

Ltd

885

205,729

Hexpol

AB

1,916

540,800

Hextar

Global

Bhd

107

61,441

Hill

&

Smith

Holdings

plc

1,431

121,598

Himadri

Speciality

Chemical

Ltd

828

1,082,554

Hindalco

Industries

Ltd

7,597

191,678

Hindustan

Copper

Ltd

553

249,891

Hochschild

Mining

plc

667

72,029

(a)

Hokuetsu

Paper

Mills

Ltd

697

191,970

Holcim

Ltd

18,484

54,589

Holmen

AB

2,002

16,165

Honam

Petrochemical

Corp

653

28,700

Hoshine

Silicon

Industry

Co

Ltd

218

173,000

Hsin

Kuang

Steel

Co

Ltd

244

883,000

(a)

Huabao

International

Holdings

Ltd

239

197,300

Huafon

Chemical

Co

Ltd

221

201,400

Huaibei

Mining

Holdings

Co

Ltd

388

1,121,022

HudBay

Minerals,

Inc

9,093

74,675

Huhtamaki

Oyj

2,645

345,411

Hunan

Valin

Steel

Co

Ltd

198

234,360

Huntsman

Corp

4,225

2,312

(c)

Hyosung

Advanced

Materials

Corp

271

2,114

(c)

Hyosung

TNC

Corp

341

54,818

Hyundai

Steel

Co

777

1,566,698

(c)

Iamgold

Corp

8,098

327,531

(b)

Ibstock

plc

722

334,431

Iluka

Resources

Ltd

1,041

81

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

410,660

Imdex

Ltd

$

589

27,795

Imerys

S.A.

811

759,497

Impala

Platinum

Holdings

Ltd

3,551

1,508,340

Incitec

Pivot

Ltd

2,729

2,004,497

Indah

Kiat

Pulp

&

Paper

Tbk

PT

845

511,149

Independence

Group

NL

1,503

76,930

(c)

India

Cements

Ltd

337

9,864

Indigo

Paints

Ltd

161

80,121

(a),(c)

Industrias

Penoles

S.A.

de

C.V.

1,023

1,296,018

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

330

552,188

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

398

190,888

Innospec,

Inc

21,009

41,032

(c)

Interfor

Corp

479

646,000

International

CSRC

Investment

Holdings

Co

250

133,539

International

Flavors

&

Fragrances,

Inc

11,291

197,853

International

Paper

Co

10,648

1,300

(a)

Ise

Chemicals

Corp

264

18,281

Israel

Chemicals

Ltd

90

2,778

Israel

Corp

Ltd

727

15,735

(c)

ISU

Specialty

Chemical

331

937,891

(c)

Ivanhoe

Mines

Ltd

11,131

23,178

(c)

Jai

Balaji

Industries

Ltd

243

27,936

JAI

Corp

Ltd

106

364,586

(c)

James

Hardie

Industries

plc

11,237

38,843

(c)

Jastrzebska

Spolka

Weglowa

S.A.

194

26,900

JCHX

Mining

Management

Co

Ltd

134

12,800

JCU

Corp

309

491,049

JFE

Holdings,

Inc

5,529

237,000

Jiangsu

Eastern

Shenghong

Co

Ltd

267

23,200

Jiangsu

Yoke

Technology

Co

Ltd

184

528,115

Jiangxi

Copper

Co

Ltd

841

53,509

Jiangxi

Copper

Co

Ltd

(Class

A)

151

40,027

Jinan

Acetate

Chemical

Co

Ltd

1,093

2,433,000

Jinchuan

Group

International

Resources

Co

Ltd

162

184,680

Jindal

Saw

Ltd

627

286,991

Jindal

Stainless

Ltd

2,338

150,110

Jindal

Steel

&

Power

Ltd

1,628

193,000

Jinduicheng

Molybdenum

Co

Ltd

266

172,000

(c)

Jinshan

Gold

Mines,

Inc

905

28,600

JK

Cement

Ltd

1,532

45,172

JK

Lakshmi

Cement

Ltd

441

60,349

JK

Paper

Ltd

292

136,603

Johnson

Matthey

plc

2,292

671,201

JSW

Steel

Ltd

7,054

60,729

Jubilant

Ingrevia

Ltd

583

131,428

(a)

K&S

AG.

1,422

179,903

(c)

K92

Mining,

Inc

1,086

337

Kaiser

Aluminum

Corp

24

30,015

Kaneka

Corp

712

323,338

Kansai

Nerolac

Paints

Ltd

999

110,100

Kansai

Paint

Co

Ltd

1,574

707,162

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS.

541

3,125

KCC

Corp

496

11,200

(a)

KeePer

Technical

Laboratory

Co

Ltd

336

83,968

Kemira

Oyj

1,698

2,833,015

Keppel

Infrastructure

Trust

934

66,835

(c)

Kesoram

Industries

Ltd

170

33,544

(c)

KG

DONGBUSTEEL

125

56,191

KGHM

Polska

Miedz

S.A.

1,566

25,100

KH

Neochem

Co

Ltd

323

1,040,834

Kinross

Gold

Corp

9,667

48,552

Kirloskar

Ferrous

Industries

Ltd

362

Stock

82

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

61,202

Kirloskar

Oil

Engines

Ltd

$

733

658,551

Klabin

S.A.

2,473

163,170

(c)

Knife

River

Corp

16,585

882,300

Kobe

Steel

Ltd

8,819

346,413

Kocaer

Celik

Sanayi

Ve

Ticaret

AS.

137

16,044

Kolon

Industries,

Inc

294

40,316

Konishi

Co

Ltd

331

749

(c)

Konya

Cimento

Sanayii

142

2,299

(c)

Korea

Petrochemical

Ind

Co

Ltd

121

2,631

Korea

Zinc

Co

Ltd

1,782

664,564

(c)

Koza

Altin

Isletmeleri

AS

424

162,650

(c)

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

341

248,380

Kronos

Worldwide,

Inc

2,422

13,600

Krosaki

Harima

Corp

220

28,205

(c)

Kum

Yang

Co

Ltd

400

18,240

Kumba

Iron

Ore

Ltd

315

6,500

(c)

Kumho

Petrochemical

Co

Ltd

398

49,548

Kumiai

Chemical

Industry

Co

Ltd

236

221,200

(a)

Kuraray

Co

Ltd

3,168

25,500

KUREHA

CORP

464

18,216

Kyoei

Steel

Ltd

211

253,078

(a)

Labrador

Iron

Ore

Royalty

Corp

5,093

203,500

Lafarge

Malayan

Cement

BHD

223

33,409

(c)

Lake

Materials

Co

Ltd

245

67,770

Lanxess

AG.

1,657

63,295

Laxmi

Organic

Industries

Ltd

178

143,854

LB

Group

Co

Ltd

348

1,196,000

Lee

&

Man

Paper

Manufacturing

Ltd

369

15,574

Lenzing

AG.

476

816,893

(a),(c),(d)

Leo

Lithium

Ltd

128

41,524

(c)

LG

Chem

Ltd

6,957

7,393

(c)

LG

Chem

Ltd

(Preference)

790

1,566,149

(c)

Linde

plc

655,700

28,300

Lintec

Corp

544

1,015,887

(a),(c)

Liontown

Resources

Ltd

329

82,777

(a),(c)

Lithium

Americas

Argentina

Corp

218

152,576

(a),(c)

Lithium

Americas

Corp

456

684,477

Longchen

Paper

&

Packaging

Co

Ltd

242

11,373

(c)

LOTTE

Fine

Chemical

Co

Ltd

303

1,063

Louisiana-Pacific

Corp

110

82,633

Lundin

Gold,

Inc

1,763

559,974

Lundin

Mining

Corp

4,819

1,732,418

(a),(c)

Lynas

Corp

Ltd

6,832

105,945

LyondellBasell

Industries

NV

7,869

47,705

(c)

MAC

Copper

Ltd

507

23,466

Maeda

Kosen

Co

Ltd

288

73,216

(c)

MAG.

Silver

Corp

995

426,335

Maharashtra

Seamless

Ltd

3,483

54,242

(c)

Major

Drilling

Group

International

310

173,713

Marshalls

plc

640

48,600

Maruichi

Steel

Tube

Ltd

1,073

12,421

Meghmani

Finechem

Ltd

275

250,200

Meihua

Holdings

Group

Co

Ltd

344

3,815,196

(c)

Merdeka

Copper

Gold

Tbk

PT

382

4,656,631

Mesaieed

Petrochemical

Holding

Co

1,911

541,900

Metalurgica

Gerdau

S.A.

900

51,550

(a)

Methanex

Corp

2,576

29,246

(c)

Middle

East

Paper

Co

285

169,381

Mineral

Resources

Ltd

3,575

152,660

Minerals

Technologies,

Inc

11,634

27,572

(b)

Mishra

Dhatu

Nigam

Ltd

108

7,500

Mitani

Sekisan

Co

Ltd

262

83

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

1,159,534

Mitsubishi

Chemical

Holdings

Corp

$

5,856

773,700

Mitsubishi

Gas

Chemical

Co,

Inc

13,724

103,000

Mitsubishi

Materials

Corp

1,557

146,100

Mitsui

Chemicals,

Inc

3,189

60,964

Mitsui

Mining

&

Smelting

Co

Ltd

1,788

910

Miwon

Commercial

Co

Ltd

116

3,856,000

(c)

MMG

Ltd

1,255

41,763

MOIL

Ltd

161

6,903

Mondi

plc

103

1,212

Mosaic

Co

30

134,078

(a)

M-real

Oyj

(B

Shares)

589

326,020

Myers

Industries,

Inc

3,599

32,000

Nan

Pao

Resins

Chemical

Co

Ltd

306

4,229,887

Nan

Ya

Plastics

Corp

3,853

331,500

Nanjing

Iron

&

Steel

Co

Ltd

213

200,000

Nantex

Industry

Co

Ltd

207

1,868,071

National

Aluminium

Co

Ltd

4,603

208,550

(c)

National

Industrialization

Co

564

26,332

Navin

Fluorine

International

Ltd

997

11,762

Neogen

Chemicals

Ltd

306

618,451

(c)

New

Gold,

Inc

1,545

4,090

NewMarket

Corp

2,161

2,000,372

Newmont

Goldcorp

Corp

74,454

90,947

(c)

NGEx

Minerals

Ltd

848

1,410,307

Nickel

Industries

Ltd

718

211,381

Nihon

Parkerizing

Co

Ltd

1,738

1,131,000

(a)

Nine

Dragons

Paper

Holdings

Ltd

455

433,206

Ningxia

Baofeng

Energy

Group

Co

Ltd

999

104,566

Nippon

Kayaku

Co

Ltd

847

608,003

Nippon

Light

Metal

Holdings

Co

Ltd

5,977

851,300

Nippon

Paint

Co

Ltd

5,496

77,980

Nippon

Paper

Industries

Co

Ltd

429

13,700

Nippon

Pillar

Packing

Co

Ltd

374

80,512

Nippon

Shokubai

Co

Ltd

974

35,368

Nippon

Soda

Co

Ltd

651

768,384

(a)

Nippon

Steel

Corp

15,441

95,200

Nissan

Chemical

Industries

Ltd

2,967

29,214

Nittetsu

Mining

Co

Ltd

823

602,000

Nitto

Denko

Corp

10,065

2,758,449

NMDC

Ltd

2,116

623,733

(c)

NMDC

Steel

Ltd

313

102,670

NOCIL

Ltd

292

154,146

NOF

Corp

2,136

1,879,787

Norsk

Hydro

ASA

10,340

265,833

Northam

Platinum

Holdings

Ltd

1,372

55,538

Northern

Region

Cement

Co

137

976,541

Northern

Star

Resources

Ltd

9,278

185,858

(a),(c)

Novagold

Resources,

Inc

622

201,043

Novozymes

A.S.

11,392

401,074

Nucor

Corp

46,809

298,211

Nufarm

Ltd

653

41,678

Nuh

Cimento

Sanayi

AS.

353

1,046,785

Nutrien

Ltd

46,839

109,674

(c)

Nuvoco

Vistas

Corp

Ltd

448

540,305

OceanaGold

Corp

1,496

4,110

OCI

Co

Ltd

162

11,133

OCI

Co

Ltd

439

80,990

OCI

NV

907

878,870

(c)

O-I

Glass,

Inc

9,527

582,200

OJI

Paper

Co

Ltd

2,225

7,200

Okamoto

Industries,

Inc

262

15,514

Olin

Corp

524

Stock

84

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

27,273

Olympic

Steel,

Inc

$

895

119,157

Omnia

Holdings

Ltd

493

762,836

(c)

Ora

Banda

Mining

Ltd

305

534,100

(a)

Orbia

Advance

Corp

SAB

de

C.V.

384

415,081

Orica

Ltd

4,255

70,758

Orient

Cement

Ltd

283

474,000

Oriental

Union

Chemical

Corp

207

399,020

Orion

S.A.

6,301

1,245

(c)

Orissa

Minerals

Development

Co

Ltd

103

184,329

(c)

Orla

Mining

Ltd

1,021

967,618

Orora

Ltd

1,468

60,000

Osaka

Soda

Co

Ltd

752

8,900

Osaka

Steel

Co

Ltd

165

25,300

(a)

Osaka

Titanium

Technologies

295

133,205

(a)

Osisko

Gold

Royalties

Ltd

2,412

295,734

(a)

Outokumpu

Oyj

890

744,611

(c)

Oyak

Cimento

Fabrikalari

AS

505

1,064,800

Pabrik

Kertas

Tjiwi

Kimia

Tbk

PT

395

72,706

Packaging

Corp

of

America

16,368

1,635,687

Pan

African

Resources

plc

703

862,432

Pan

American

Silver

Corp

(Toronto)

17,447

508,266

(c)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

200

229,073

(b)

Paradeep

Phosphates

Ltd

294

133,015

PCBL

Ltd

697

4,107,916

Perenti

Ltd

3,543

1,929,557

Perseus

Mining

Ltd

3,056

979,003

(c)

Petkim

Petrokimya

Holding

501

2,508,615

Petronas

Chemicals

Group

Bhd

2,899

13,469

(c)

PI

Advanced

Materials

Co

Ltd

153

67,702

PI

Industries

Ltd

2,909

131,373

Pidilite

Industries

Ltd

4,454

2,166,277

(a)

Pilbara

Minerals

Ltd

2,924

574

Politeknik

Metal

Sanayi

ve

Ticaret

AS.

114

152,002

(c)

Poongsan

Corp

5,133

166,049

Portucel

Empresa

Produtora

de

Pasta

e

Papel

S.A.

618

196,618

POSCO

33,540

17,535

POSCO

M-Tech

Co

Ltd

140

38,026

PPG

Industries,

Inc

4,542

1,513,468

Press

Metal

Aluminium

Holdings

Bhd

1,657

126,676

(c)

Prism

Johnson

Ltd

251

4,908,000

PT

Aneka

Tambang

Tbk

464

984,500

PT

Indocement

Tunggal

Prakarsa

Tbk

453

1,987,200

PT

Semen

Gresik

Persero

Tbk

406

1,207,800

(c)

PT

Vale

Indonesia

Tbk

271

2,778

(c)

PTC

Industries

Ltd

437

1,919,509

PTT

Global

Chemical

PCL

1,368

38,116

Qassim

Cement

Co

534

2,262,375

Qatar

Aluminum

Manufacturing

Co

753

222,000

(c)

Qinghai

Salt

Lake

Industry

Co

Ltd

501

2,085,435

Rain

Industries

Ltd

4,113

69,861

Rallis

India

Ltd

241

87,191

Ramco

Cements

Ltd

982

4,699,740

Ramelius

Resources

Ltd

5,994

54,395

Ramkrishna

Forgings

Ltd

567

1,562

(c)

Ranpak

Holdings

Corp

11

42,885

Rashtriya

Chemicals

&

Fertilizers

Ltd

87

23,009

Ratnamani

Metals

&

Tubes

Ltd

854

613,912

Regis

Resources

Ltd

964

150,077

Reliance

Steel

&

Aluminum

Co

40,410

155,683

Rengo

Co

Ltd

863

1,769,986

(c)

Resolute

Mining

Ltd

430

50,762

Rhi

Magnesita

India

Ltd

298

85

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

13,088

RHI

Magnesita

NV

$

531

315,127

Rio

Tinto

Ltd

22,851

620,603

Rio

Tinto

plc

36,634

28,179

Riyadh

Cement

Co

242

548,924

Rongsheng

Petrochemical

Co

Ltd

680

12,742

Rossari

Biotech

Ltd

115

49,640

Royal

Gold,

Inc

6,545

201,562

SABIC

Agri-Nutrients

Co

5,953

302,405

Sahara

International

Petrochemical

Co

2,001

32,600

(a)

Sakata

INX

Corp

358

19,720

Salzgitter

AG.

323

4,273

(c)

Sam-A

Aluminum

Co

Ltd

97

373,321

Sandfire

Resources

Ltd

2,133

208,264

Sandstorm

Gold

Ltd

1,165

28,466

Sandur

Manganese

&

Iron

Ores

Ltd

137

57,911

Sanyo

Chemical

Industries

Ltd

1,507

15,206

Sanyo

Special

Steel

Co

Ltd

185

440,193

Sappi

Ltd

1,143

67,474

Sarda

Energy

&

Minerals

Ltd

380

8,283,815

(c)

Sasa

Polyester

Sanayi

AS

952

507,802

Sasol

Ltd

2,236

211,320

Satellite

Chemical

Co

Ltd

544

624,747

(c)

Saudi

Arabian

Mining

Co

8,349

42,313

Saudi

Aramco

Base

Oil

Co

1,257

772,868

Saudi

Basic

Industries

Corp

13,781

50,738

Saudi

Cement

Co

576

300,763

Saudi

Industrial

Investment

Group

1,335

661,778

(c)

Saudi

Kayan

Petrochemical

Co

1,236

12,313

Saudi

Paper

Manufacturing

Co

213

13,484

Saudi

Steel

Pipe

Co

233

664,000

Scientex

BHD

659

25,926

Scotts

Miracle-Gro

Co

(Class

A)

1,720

58,512

(c)

Seabridge

Gold,

Inc

668

11,934

(c)

SeAH

Besteel

Holdings

Corp

159

1,348

(c)

SeAH

Steel

Holdings

Corp

165

75,252

Sealed

Air

Corp

2,546

8,218,300

(c),(d)

Sekawan

Intipratama

Tbk

PT

0

^

10,096

(a)

Semapa-Sociedade

de

Investimento

e

Gestao

149

23,550

Sensient

Technologies

Corp

1,678

87,648

Shandong

Gold

Mining

Co

Ltd

-

A

272

304,255

(b)

Shandong

Gold

Mining

Co

Ltd

-

H

490

156,507

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

463

380,666

Shandong

Nanshan

Aluminum

Co

Ltd

204

151,911

Shandong

Sun

Paper

Industry

JSC

Ltd

309

241,200

Shanghai

Chlor-Alkali

Chemical

Co

Ltd

146

80,777

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

176

36,048

Shenzhen

Capchem

Technology

Co

Ltd

185

171,142

Sherwin-Williams

Co

58,176

100,000

(c)

Shihlin

Paper

Corp

158

17,100

Shikoku

Kasei

Holdings

Corp

224

6,900

Shinagawa

Refractories

Co

Ltd

76

4,481,022

Shin-Etsu

Chemical

Co

Ltd

147,592

36,103

Shin-Etsu

Polymer

Co

Ltd

374

802,000

Shinkong

Synthetic

Fibers

Corp

360

78,000

Shiny

Chemical

Industrial

Co

Ltd

377

11,310

Shivalik

Bimetal

Controls

Ltd

76

10,726,000

Shougang

Fushan

Resources

Group

Ltd

3,466

135,600

(a)

Showa

Denko

KK

3,377

7,504

Shree

Cement

Ltd

2,248

31,129

Shyam

Metalics

&

Energy

Ltd

265

655,983

Siam

Cement

PCL

3,222

1,133,022

Sibanye

Stillwater

Ltd

904

Stock

86

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

202,660

SIG

Group

AG.

$

4,007

46,241

(a),(c)

Sigma

Lithium

Corp

519

502,982

(c)

SigmaRoc

plc

453

2,368

Sika

AG.

565

98,811

Silgan

Holdings,

Inc

5,143

162,896

Silvercorp

Metals,

Inc

490

109,641

(c)

SilverCrest

Metals,

Inc

1,000

126,928

Sims

Ltd

930

1,490,000

Sinofert

Holdings

Ltd

233

217,000

Sinon

Corp

286

8,138

SK

Chemicals

Co

Ltd

243

14,619

(c)

SKC

Co

Ltd

1,029

59,704

(c)

Skeena

Resources

Ltd

519

8,870,239

Smurfit

WestRock

plc

477,751

654,583

(a)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(ADR)

23,801

27,919

SOL

S.p.A.

1,075

434,000

Solar

Applied

Materials

Technology

Corp

829

23,418

Solar

Industries

India

Ltd

2,667

57,715

(a)

Solvay

S.A.

1,866

2,946

(c)

Soulbrain

Co

Ltd

326

3,686

(c)

Soulbrain

Holdings

Co

Ltd

89

3,835,634

South32

Ltd

8,046

35,085

Southern

Copper

Corp

3,197

44,812

Southern

Province

Cement

Co

411

117,436

SRF

Ltd

3,064

168,495

Ssab

Svenskt

Stal

AB

(Series

A)

684

1,066,088

(a)

Ssab

Svenskt

Stal

AB

(Series

B)

4,231

164,957

SSR

Mining,

Inc

1,152

220,688

Stanmore

Resources

Ltd

410

28,639

(c)

Star

Cement

Ltd

77

5,467

Steel

Dynamics,

Inc

624

40,546

(a)

Stella-Jones,

Inc

2,008

1,513

STO

AG.

167

308,573

(a)

Stora

Enso

Oyj

(R

Shares)

3,105

17,420

Sudarshan

Chemical

Industries

Ltd

232

51,624

Sumitomo

Bakelite

Co

Ltd

1,249

1,087,100

Sumitomo

Chemical

Co

Ltd

2,399

94,336

Sumitomo

Chemical

India

Ltd

586

211,000

Sumitomo

Metal

Mining

Co

Ltd

4,811

483,021

Sumitomo

Osaka

Cement

Co

Ltd

10,129

730,216

(c)

Summit

Materials,

Inc

36,949

2,805

SunCoke

Energy,

Inc

30

156,099

Supreme

Industries

Ltd

8,556

64,386

Supreme

Petrochem

Ltd

500

4,993,000

Surya

Esa

Perkasa

Tbk

PT

252

17,277

Surya

Roshni

Ltd

120

569,817

Suzano

SA

5,731

580,970

Svenska

Cellulosa

AB

(B

Shares)

7,369

312,666

Syensqo

S.A.

22,834

105,695

Symrise

AG.

11,275

24,900

T

Hasegawa

Co

Ltd

488

1,327,344

TA

Chen

Stainless

Pipe

1,224

87,400

Taiheiyo

Cement

Corp

1,971

2,738,145

Taiwan

Cement

Corp

2,645

463,000

Taiwan

Fertilizer

Co

Ltd

721

207,514

Taiwan

Hon

Chuan

Enterprise

Co

Ltd

933

29,000

Taiyo

Ink

Manufacturing

Co

Ltd

748

155,119

Taiyo

Nippon

Sanso

Corp

4,304

6,355

Takasago

International

Corp

233

248,216

(c)

Taseko

Mines

Ltd

483

101,928

Tata

Chemicals

Ltd

1,250

3,642,398

Tata

Steel

Ltd

5,860

87

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

16,412

(c)

TCC

Steel

$

297

594,314

Teck

Cominco

Ltd

(Class

B)

24,096

171,746

Teck

Resources

Ltd

6,961

140,100

Teijin

Ltd

1,187

104,321

Ternium

S.A.

(ADR)

3,034

19,203

(a)

Tessenderlo

Chemie

NV

376

382,952

ThyssenKrupp

AG.

1,554

1,306,000

(a)

Tiangong

International

Co

Ltd

315

331,467

Tianqi

Lithium

Corp

1,498

192,900

Tianshan

Aluminum

Group

Co

Ltd

208

65,777

Time

Technoplast

Ltd

378

525,000

Tipco

Asphalt

PCL

279

32,211

Titan

Cement

International

S.A.

1,339

12,591

(c)

TKG

Huchems

Co

Ltd

145

582,400

TOA

Paint

Thailand

PCL

256

64,703

(a)

Toagosei

Co

Ltd

619

23,624

(a)

Toho

Titanium

Co

Ltd

158

157,929

(a)

Tokai

Carbon

Co

Ltd

912

48,541

Tokuyama

Corp

805

78,042

Tokyo

Ohka

Kogyo

Co

Ltd

1,702

42,204

Tokyo

Steel

Manufacturing

Co

Ltd

399

564,000

Ton

Yi

Industrial

Corp

263

78,978

Tongkun

Group

Co

Ltd

128

943,400

Tongling

Nonferrous

Metals

Group

Co

Ltd

417

1,254,781

Toray

Industries,

Inc

7,945

283,780

(c)

Torex

Gold

Resources,

Inc

5,591

1,223,000

Tosoh

Corp

16,347

24,300

(a)

Toyo

Ink

Manufacturing

Co

Ltd

485

95,700

Toyo

Seikan

Kaisha

Ltd

1,455

60,148

Toyobo

Co

Ltd

368

12,886,900

TPI

Polene

PCL

408

317,275

Transcontinental,

Inc

4,099

154,460

(c)

Tredegar

Corp

1,186

1,929

Trimas

Corp

47

41,097

Triple

Flag

Precious

Metals

Corp

618

1,405,465

Tronox

Holdings

plc

14,153

506,000

TSRC

Corp

311

383,000

Tung

Ho

Steel

Enterprise

Corp

793

375,143

UACJ

Corp

12,629

74,526

UBE

Industries

Ltd

1,134

99,642

Ultra

Tech

Cement

Ltd

13,272

139,507

Umicore

S.A.

1,440

42,086

Uniao

de

Industrias

Petroquimicas

S.A.

325

315,334

United

States

Steel

Corp

10,718

343,546

Universal

Cement

Corp

299

575,000

UPC

Technology

Corp

156

392,893

UPL

Ltd

2,295

155,209

UPM-Kymmene

Oyj

4,268

129,890

Usha

Martin

Ltd

569

661,000

USI

Corp

217

385,300

Usinas

Siderurgicas

de

Minas

Gerais

S.A.

(Preference)

336

6,076,383

Vale

S.A.

53,737

4,956,130

(c)

Vault

Minerals

Ltd

1,007

682,143

Vedanta

Ltd

3,535

56,211

(b)

Verallia

S.A.

1,412

11,215

Vetropack

Holding

AG.

315

48,157

Vicat

S.A.

1,827

60,178

Victrex

plc

811

17,142

(a)

Vidrala

S.A.

1,643

20,806

Vinati

Organics

Ltd

438

76,635

Voestalpine

AG.

1,455

60,530

Vulcan

Steel

Ltd

252

Stock

88

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

30,662

(c)

WA1

Resources

Ltd

$

252

12,493

Wacker

Chemie

AG.

909

186,000

Wanguo

International

Mining

Group

Ltd

274

177,596

Wanhua

Chemical

Group

Co

Ltd

1,736

16,562

Weihai

Guangwei

Composites

Co

Ltd

79

63,753

Welspun

Corp

Ltd

605

687,016

(c)

Wesdome

Gold

Mines

Ltd

6,170

862,225

(c)

West

African

Resources

Ltd

762

1,702,000

(a)

West

China

Cement

Ltd

345

30,238

West

Coast

Paper

Mills

Ltd

196

46,818

West

Fraser

Timber

Co

Ltd

4,057

92,400

Western

Mining

Co

Ltd

203

22,937

Western

Superconducting

Technologies

Co

Ltd

135

3,581,609

Westgold

Resources

Ltd

6,239

324,493

(c)

Westgold

Resources

Ltd

569

406,738

Westlake

Chemical

Corp

46,632

383,034

Wheaton

Precious

Metals

Corp

21,560

84,323

Wienerberger

AG.

2,337

117,027

Winpak

Ltd

3,886

169,030

Worthington

Steel,

Inc

5,379

95,015

Xiamen

Tungsten

Co

Ltd

251

78,778

Yamama

Cement

Co

734

30,705

Yamato

Kogyo

Co

Ltd

1,442

53,756

Yanbu

Cement

Co

348

250,212

Yanbu

National

Petrochemical

Co

2,516

2,580

Yara

International

ASA

68

854,913

Yieh

Phui

Enterprise

Co

Ltd

395

161,723

Yintai

Gold

Co

Ltd

341

14,955

Yodogawa

Steel

Works

Ltd

529

9,285

(c)

Youlchon

Chemical

Co

Ltd

129

904,000

Yuen

Foong

Yu

Paper

Manufacturing

Co

Ltd

819

68,900

Yunnan

Aluminium

Co

Ltd

128

438,100

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

334

35,884

Yunnan

Energy

New

Material

Co

Ltd

157

147,400

Yunnan

Tin

Co

Ltd

283

158,500

Yunnan

Yuntianhua

Co

Ltd

484

108,200

Zangge

Mining

Co

Ltd

411

114,716

Zeon

Corp

1,083

648,000

Zhaojin

Mining

Industry

Co

Ltd

910

174,836

Zhejiang

Juhua

Co

Ltd

578

204,300

Zhejiang

Longsheng

Group

Co

Ltd

288

89,099

Zhejiang

NHU

Co

Ltd

268

121,300

Zhongjin

Gold

Corp

Ltd

200

25,147

(a)

Zignago

Vetro

S.p.A.

245

4,727,232

Zijin

Mining

Group

Co

Ltd

8,532

1,898,697

Zijin

Mining

Group

Co

Ltd

(Class

A)

3,932

TOTAL

MATERIALS

5,078,729

MEDIA

&

ENTERTAINMENT

-

5.3%

121,123

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

259

21,829

4imprint

Group

plc

1,323

365,351

(c)

Affle

India

Ltd

7,588

20,272

(c)

AfreecaTV

Co

Ltd

1,243

10,130,000

(a),(c)

Alibaba

Pictures

Group

Ltd

614

6,423,563

Alphabet,

Inc

1,223,303

5,235,142

Alphabet,

Inc

(Class

A)

991,012

15,800

Anycolor,

Inc

281

13,704

(c)

Arabian

Contracting

Services

Co

529

117,488

Arnoldo

Mondadori

Editore

S.p.A.

258

921

(c)

Atlanta

Braves

Holdings,

Inc

35

222,475

(a)

Atresmedia

Corp

de

Medios

de

Comunicacion

S.A.

1,007

1,911,664

(b)

Auto

Trader

Group

plc

18,916

29,223

Autohome,

Inc

(ADR)

758

89

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

25,459

Avex

Group

Holdings,

Inc

$

232

2,186,822

(c)

Baidu,

Inc

23,064

148,646

(a),(c)

Baidu,

Inc

(ADR)

12,532

6,400

(a),(c)

Bengo4.com,

Inc

92

29,669

(a),(c)

Better

Collective

A.S.

299

95,068

(c)

Bilibili,

Inc

1,721

11,063

Bollore

SE

68

217,858

Borussia

Dortmund

GmbH

&

Co

KGaA

709

688,193

(a),(c)

Canal&

SADIR

1,749

67,197

Capcom

Co

Ltd

1,462

82,200

(c)

Cargurus,

Inc

3,004

784,493

carsales.com

Ltd

17,458

26,614

CD

Projekt

S.A.

1,234

148,134

(c)

Charter

Communications,

Inc

50,776

148,220

Cheil

Worldwide,

Inc

1,700

161,865

(c),(d)

Chennai

Super

Kings

Cricket

Ltd

13

166,158

(b),(c)

China

Literature

Ltd

534

5,504,000

(a),(c)

China

Ruyi

Holdings

Ltd

1,731

51,976

(c)

CJ

CGV

Co

Ltd

186

8,813

(c)

CJ

ENM

Co

Ltd

319

60,800

(a),(b),(c)

Cloud

Music,

Inc

891

11,647

(a)

Cogeco

Communications,

Inc

546

44,018

COLOPL,

Inc

134

7,091,749

Comcast

Corp

(Class

A)

266,153

1,857,300

Converge

Information

and

Communications

Technology

Solutions,

Inc

514

80,400

(a),(c)

Cover

Corp

1,335

60,766

CTS

Eventim

AG.

5,137

331,800

CyberAgent,

Inc

2,283

171,292

Cyfrowy

Polsat

S.A.

587

55,162

Daiichikosho

Co

Ltd

643

190,928

DB

Corp

Ltd

672

59,311

(c)

Dena

Co

Ltd

1,166

117,500

(a)

Dentsu,

Inc

2,824

174,994

Domain

Holdings

Australia

Ltd

273

7,801,100

Elang

Mahkota

Teknologi

Tbk

PT

237

804

Electronic

Arts,

Inc

118

988,580

(a),(c)

Embracer

Group

AB

2,697

92,443

(a)

Eutelsat

Communications

217

70,104

(a)

EVT

Ltd

492

468,867

Focus

Media

Information

Technology

Co

Ltd

452

37,300

Fuji

Television

Network,

Inc

407

77,182

Future

plc

891

2,057,680

(c)

Gannett

Co,

Inc

10,412

51,750

Gree,

Inc

149

584,790

(a),(c)

Grindr,

Inc

10,433

1,806,600

(a)

Grupo

Televisa

S.A.

599

6,112,450

(a)

Grupo

Televisa

SAB

(ADR)

10,269

367,543

(c)

GungHo

Online

Entertainment,

Inc

7,747

154,800

Hakuhodo

DY

Holdings,

Inc

1,172

688,193

(a),(c)

Havas

NV

1,157

103,700

Hello

Group,

Inc

(ADR)

799

117,896

Hemnet

Group

AB

3,580

4,276,464

(a),(e)

HUYA,

Inc

(ADR)

13,129

18,222

(c)

HYBE

Co

Ltd

2,378

45,282

(c)

IAC,

Inc

1,953

129

(a),(c)

Ibotta,

Inc

8

448,906

(c)

iClick

Interactive

Asia

Group

Ltd

(ADR)

4,202

666,400

(a),(b),(c)

iDreamSky

Technology

Holdings

Ltd

230

60,055

Info

Edge

India

Ltd

6,073

3,017,614

Informa

plc

30,096

13,384

Innocean

Worldwide,

Inc

176

927,430

(c)

Integral

Ad

Science

Holding

Corp

9,682

Stock

90

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

197,000

International

Games

System

Co

Ltd

$

5,849

30,300

IPSOS

1,438

343,300

(a),(c)

iQIYI,

Inc

(ADR)

690

2,711,518

ITV

plc

2,507

51,382

(c)

JC

Decaux

S.A.

807

147,800

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

234

183,200

(c)

JOYY,

Inc

(ADR)

7,667

23,699

(c)

Just

Dial

Ltd

274

91,942

(a),(c)

Juventus

Football

Club

S.p.A

288

21,323

(c)

JYP

Entertainment

Corp

1,003

69,524

Kadokawa

Corp

1,378

106,400

Kakaku.com,

Inc

1,621

256,359

Kakao

Corp

6,570

24,956

(c)

Kakao

Games

Corp

275

227,500

(c)

Kanzhun

Ltd

(ADR)

3,139

10,177

(a)

Kinepolis

Group

NV

415

400,310

Kingsoft

Corp

Ltd

1,719

78,600

Koei

Tecmo

Holdings

Co

Ltd

921

72,932

Konami

Corp

6,824

11,329

(b),(c)

Krafton,

Inc

2,387

2,037,100

(b),(c)

Kuaishou

Technology

10,686

36,400

Kunlun

Tech

Co

Ltd

192

13,543

(c)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

1,138

533,416

(c)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

49,426

12,094

(c)

Liberty

Media

Corp-Liberty

Live

(Class

A)

805

28,223

(c)

Liberty

Media

Corp-Liberty

Live

(Class

C)

1,921

256,911

(c)

Live

Nation,

Inc

33,270

551,035

(a),(c)

Louis

Hachette

Group

862

19,785

(a)

M6-Metropole

Television

230

45,700

(c)

Madison

Square

Garden

Entertainment

Corp

1,627

11,234

(c)

Madison

Square

Garden

Sports

Corp

2,535

1,590,474

(c)

Magnite,

Inc

25,320

93,922

Mango

Excellent

Media

Co

Ltd

346

273,400

(a),(b),(c)

Maoyan

Entertainment

279

602,769

(c)

Match

Group,

Inc

19,717

1,402,500

MD

Entertainment

Tbk

PT

336

204,300

(c)

MediaAlpha,

Inc

2,307

335,100

Megacable

Holdings

SAB

de

C.V.

545

2,275,500

(a),(b)

Meitu,

Inc

863

2,629,378

Meta

Platforms,

Inc

1,539,527

35,351

(a)

MFE-MediaForEurope

NV

151

900,739

MFE-MediaForEurope

NV

2,761

255,790

Mixi

Inc

4,926

279,553

(c)

Modern

Times

Group

MTG

AB

2,389

940,341

Moneysupermarket.com

Group

plc

2,261

194,604

MultiChoice

Group

1,114

348,956

(c)

Naver

Corp

46,561

26,530

(c)

Nazara

Technologies

Ltd

313

5,791

(c)

NCSoft

Corp

715

165,500

NetDragon

Websoft

Holdings

Ltd

217

3,053,030

NetEase,

Inc

54,343

458,185

(c)

NetFlix,

Inc

408,389

10,487

(b),(c)

Netmarble

Corp

365

577,190

(c)

Network18

Media

&

Investments

Ltd

481

211,654

New

York

Times

Co

(Class

A)

11,017

396,312

News

Corp

(Class

A)

10,914

64,368

News

Corp

(Class

B)

1,959

1,506,900

(a)

Nexon

Co

Ltd

22,416

21,265

(c)

Nexon

Games

Co

Ltd

192

18,588

Nexstar

Media

Group,

Inc

2,936

68,866

Next

15

Group

plc

339

1,082,925

Nine

Entertainment

Co

Holdings

Ltd

826

91

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

2,286,000

Nintendo

Co

Ltd

$

133,141

42,300

Nippon

Television

Holdings,

Inc

733

2,459

Omnicom

Group,

Inc

212

1,387,934

oOh!media

Ltd

1,014

130,575

Paradox

Interactive

AB

2,424

5,303

Paramount

Global

(Class

A)

118

22,498

(c)

Pearl

Abyss

Corp

419

312,314

(c)

Pinterest,

Inc

9,057

1,584,400

Plan

B

Media

Pcl

329

40,446

Playtika

Holding

Corp

281

114,828

ProSiebenSat.

Media

AG.

591

793,504

Publicis

Groupe

S.A.

84,476

58,139

(c)

PVR

Ltd

884

157,060

(c)

QuinStreet,

Inc

3,623

39,556

REA

Group

Ltd

5,691

285,155

(c)

Reddit,

Inc

46,606

1,476,175

Rightmove

plc

11,815

1,461

(c)

ROBLOX

Corp

85

75,028

(c)

Roku,

Inc

5,578

64,820

Saregama

India

Ltd

350

12,964

(c)

Saregama

India

Ltd

7

28,888

(c)

Saudi

Research

&

Media

Group

2,110

57,765

Schibsted

ASA

1,786

70,849

Schibsted

ASA

(B

Shares)

2,087

210,640

(b)

Scout24

SE

18,587

303,397

(c)

Sea

Ltd

(ADR)

32,190

255,802

Seek

Ltd

3,560

61,300

(a)

Septeni

Holdings

Co

Ltd

154

273,141

(a)

SES

S.A.

865

7,601

(a)

Shochiku

Co

Ltd

528

20,000

Shutterstock,

Inc

607

127,100

Sky

Perfect

Jsat

Corp

725

8,952

(c)

SM

Entertainment

Co

Ltd

456

617,600

(a),(c),(d)

SMI

Holdings

Group

Ltd

1

604

(c)

Snap,

Inc

6

146,962

(a)

Societe

Television

Francaise

1

1,110

52,000

Soft-World

International

Corp

198

87,150

(c)

Spotify

Technology

S.A.

38,989

144,566

(c)

Springer

Nature

AG.

&

Co

KGaA

4,073

209,400

Square

Enix

Co

Ltd

8,131

26,536

Stroeer

SE

&

Co

KGaA

1,268

8,878

(c)

Studio

Dragon

Corp

258

67,014

Sun

TV

Network

Ltd

534

208,859

(c)

Take-Two

Interactive

Software,

Inc

38,447

97,105

(c)

Team17

Group

plc

267

223,200

TEGNA,

Inc

4,082

9,277,325

Tencent

Holdings

Ltd

495,157

1,887,972

Tencent

Music

Entertainment

Group

(ADR)

21,428

31,353

Tips

Industries

Ltd

278

45,995

(c)

TKO

Group

Holdings,

Inc

6,536

45,100

Toei

Animation

Co

Ltd

1,009

21,920

Toei

Co

Ltd

812

84,900

Toho

Co

Ltd

3,318

27,300

Tokyo

Broadcasting

System,

Inc

694

539,196

(c)

TripAdvisor,

Inc

7,964

44,453

(a),(c)

Trump

Media

&

Technology

Group

Corp

1,516

4,683,443

(b),(c)

Trustpilot

Group

plc

17,900

15,151

TV

Asahi

Corp

219

2,450

TX

Group

AG.

491

202,200

(a),(c)

Ubisoft

Entertainment

2,758

674,312

Universal

Music

Group

NV

17,248

3,189,800

VGI

PCL

332

Stock

92

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

753,130

(c)

Vimeo,

Inc

$

4,820

551,068

(a)

Vivendi

Universal

S.A.

1,457

457,334

(c)

VTEX

2,694

3,806,002

Walt

Disney

Co

423,798

3,519,892

(c)

Warner

Bros

Discovery,

Inc

37,205

28,429

(c)

Webzen,

Inc

263

59,600

Weibo

Corp

(ADR)

569

15,227

(c)

Wemade

Co

Ltd

358

16,831

WPP

plc

173

188,400

(a),(c)

XD,

Inc

606

1,767,000

Xinhua

Winshare

Publishing

and

Media

Co

Ltd

2,675

87,170

(c)

Yelp,

Inc

3,373

10,159

YG

Entertainment,

Inc

314

80,594

YouGov

plc

419

2,042,100

Z

Holdings

Corp

5,399

575,156

ZEE

Telefilms

Ltd

812

361,200

(c)

Ziff

Davis,

Inc

19,628

537,600

ZIGExN

Co

Ltd

1,617

284,253

(c)

ZoomInfo

Technologies,

Inc

2,987

TOTAL

MEDIA

&

ENTERTAINMENT

6,637,725

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.0%

1,266,500

(b)

3SBio,

Inc

991

33,648

Aarti

Drugs

Ltd

181

39,449

Aarti

Pharmalabs

Ltd

316

3,198,863

AbbVie,

Inc

568,438

26,827

(a),(c)

Abivax

S.A.

191

23,977

(c)

ABLBio,

Inc

482

563,750

(c)

Acadia

Pharmaceuticals,

Inc

10,345

1,581

(a),(c)

Acrivon

Therapeutics,

Inc

10

74,914

Adcock

Ingram

Holdings

Ltd

266

91,261

AddLife

AB

1,132

832,277

(c)

ADMA

Biologics,

Inc

14,274

140,590

(c)

Adverum

Biotechnologies,

Inc

657

16,998

(c)

Aether

Industries

Ltd

176

166,600

(a),(c)

AIM

Vaccine

Co

Ltd

130

35,351

Ajanta

Pharma

Ltd

1,209

734,000

(b),(c)

Akeso,

Inc

5,712

39,863

Alembic

Pharmaceuticals

Ltd

495

101,160

(c)

ALK-Abello

A.S.

2,240

15,250

Alkem

Laboratories

Ltd

1,002

453,660

(c)

Alkermes

plc

13,047

57,595

Almirall

S.A.

490

110,143

(c)

Alnylam

Pharmaceuticals,

Inc

25,918

35,270

(c)

Alteogen,

Inc

7,327

360,093

Amgen,

Inc

93,855

13,511

AMI

Organics

Ltd

338

1,490,850

(c)

Amicus

Therapeutics,

Inc

14,044

1,126,790

(c)

Amneal

Pharmaceuticals,

Inc

8,924

534

(c)

ANI

Pharmaceuticals,

Inc

30

1,227,350

(c)

Annexon,

Inc

6,296

184,533

(c)

Apellis

Pharmaceuticals,

Inc

5,888

131,150

(c)

Arcutis

Biotherapeutics,

Inc

1,827

111,050

(c)

Argenx

SE

68,597

181,900

(b),(c)

Ascentage

Pharma

Group

International

1,060

1,954,966

Aspen

Pharmacare

Holdings

Ltd

17,078

2,174,250

Astellas

Pharma,

Inc

21,114

5,453

AstraZeneca

Pharma

India

Ltd

464

2,105,150

AstraZeneca

plc

274,469

129,822

AstraZeneca

plc

(ADR)

8,506

6,562

Asymchem

Laboratories

Tianjin

Co

Ltd

68

107,955

Aurobindo

Pharma

Ltd

1,679

119,780

(a),(c)

Axsome

Therapeutics,

Inc

10,135

93

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

28,059

(a)

Bachem

Holding

AG.

$

1,794

9,123

(a),(c)

Basilea

Pharmaceutica

416

214,522

(c)

Bausch

Health

Cos,

Inc

1,734

60,415

(c)

Bavarian

Nordic

AS

1,589

43,150

Bayer

AG.

862

976,600

(c)

BeiGene

Ltd

13,924

197,145

(c)

BeiGene

Ltd

(ADR)

36,415

58,680

Beijing

Tiantan

Biological

Products

Corp

Ltd

165

205,000

(a)

Beijing

Tong

Ren

Tang

Chinese

Medicine

Co

Ltd

231

34,400

Beijing

Tongrentang

Co

Ltd

191

25,258

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

244

30,598

(a),(b),(c)

BioArctic

AB

551

319,816

Biocon

Ltd

1,362

1,121,650

(c)

BioCryst

Pharmaceuticals,

Inc

8,435

189,673

BioGaia

AB

1,918

321,926

(c)

Biohaven

Ltd

12,024

334,361

(c)

BioMarin

Pharmaceutical,

Inc

21,978

15,763

(c)

Bioneer

Corp

200

50,409

Biotage

AB

733

110,790

(a),(c)

Black

Diamond

Therapeutics,

Inc

237

135,694

(c)

Blueprint

Medicines

Corp

11,835

419,083

(b),(c)

BoneSupport

Holding

AB

14,643

42,564

Bora

Pharmaceuticals

Co

Ltd

975

22,082

(c)

Boryung

153

3,306,909

Bristol-Myers

Squibb

Co

187,039

114,191

(c)

Brooks

Automation,

Inc

5,710

825,406

Bruker

BioSciences

Corp

48,385

95,383

Cadila

Healthcare

Ltd

1,080

25,796

(c)

Camurus

AB

1,318

70,200

(b),(c)

CanSino

Biologics,

Inc

283

18,186

Caplin

Point

Laboratories

Ltd

530

533,500

(a),(c)

Cardiff

Oncology,

Inc

2,315

13,770

Caregen

Co

Ltd

267

468,190

(c)

Catalyst

Pharmaceuticals,

Inc

9,771

126,040

(c)

Celldex

Therapeutics,

Inc

3,185

28,469

(c),(d)

Cellivery

Therapeutics,

Inc

0

^

13,809

(c)

Celltrion

Pharm

Inc

526

131,214

Celltrion,

Inc

16,536

407,385

Center

Laboratories,

Inc

545

4,214

Changchun

High

&

New

Technology

Industry

Group,

Inc

57

15,794

(c)

Charles

River

Laboratories

International,

Inc

2,916

13,057

Chemometec

A.S.

883

970,000

China

Medical

System

Holdings

Ltd

940

877,000

(b)

China

Resources

Pharmaceutical

Group

Ltd

642

36,816

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

224

956,000

China

Shineway

Pharmaceutical

Group

Ltd

1,183

389

(c),(d)

Chinook

Therapeutics,

Inc

0

^

5,657

Chong

Kun

Dang

Pharmaceutical

Corp

339

56,970

Chongqing

Zhifei

Biological

Products

Co

Ltd

205

691,714

Chugai

Pharmaceutical

Co

Ltd

30,492

436,177

Cipla

Ltd

7,773

163,490

(c)

Clarity

Pharmaceuticals

Ltd

421

31,807

(a)

Clinuvel

Pharmaceuticals

Ltd

237

562,864

(c)

Codexis,

Inc

2,685

19,523

Concord

Biotech

Ltd

503

4,033,000

Consun

Pharmaceutical

Group

Ltd

4,216

25,088

COSMO

Pharmaceuticals

NV

1,761

174,975

(c)

Crinetics

Pharmaceuticals,

Inc

8,946

189,422

(a),(c)

Cronos

Group,

Inc

381

305,319

CSL

Ltd

53,263

38,280

CSPC

Innovation

Pharmaceutical

Co

Ltd

139

3,512,054

CSPC

Pharmaceutical

Group

Ltd

2,141

Stock

94

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

83,219

(c)

CureVac

NV

$

262

14,189

(c)

Daewoong

Co

Ltd

206

3,152

(c)

Daewoong

Pharmaceutical

Co

Ltd

269

5,108,770

(g)

Daiichi

Sankyo

Co

Ltd

139,792

1,330,966

Danaher

Corp

305,523

15,696

Dermapharm

Holding

SE

632

29,036

(a),(c)

Diffusion

Pharmaceuticals,

Inc

68

94,482

Divi's

Laboratories

Ltd

6,724

3,064

Dong-A

Socio

Holdings

Co

Ltd

228

3,143

(c)

Dong-A

ST

Co

Ltd

125

15,771

Dong-E-E-Jiao

Co

Ltd

136

13,689

DongKook

Pharmaceutical

Co

Ltd

153

1,899

(a),(c)

Dottikon

Es

Holding

AG.

462

1,303,525

Dr

Reddy's

Laboratories

Ltd

21,106

139,000

(c)

EirGenix,

Inc

305

48,500

Eisai

Co

Ltd

1,321

4,609,896

(c)

Elanco

Animal

Health,

Inc

55,826

92,950

(c)

Elevation

Oncology,

Inc

52

1,141,847

Eli

Lilly

&

Co

881,506

34,908

(b),(c)

Eris

Lifesciences

Ltd

559

126,781

Eurofins

Scientific

SE

6,466

448,951

Ever

Supreme

Bio

Technology

Co

Ltd

2,402

156,500

(a),(b),(c)

Everest

Medicines

Ltd

971

166,280

(c)

Evolus,

Inc

1,836

114,762

(c)

Evotec

SE

976

330,343

(c)

Exact

Sciences

Corp

18,562

1,239,697

(c)

Exelixis,

Inc

41,282

549,582

Faes

Farma

S.A.

(Sigma)

1,981

49,876

FDC

Ltd

290

7,284

(c)

Formycon

AG.

399

28,045

(c)

Fortrea

Holdings,

Inc

523

16,150

(c)

Frequency

Therapeutics,

Inc

615

36,414

(a),(c)

Galapagos

NV

1,001

368,076

(c)

Galderma

Group

AG.

40,817

30,227

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS.

103

981

(c)

Genmab

AS

205

582,800

Genomma

Lab

Internacional

SAB

de

C.V.

702

499,386

(a),(c)

Genscript

Biotech

Corp

628

50,323

Genus

plc

975

84,551

Gerresheimer

AG.

6,225

957,831

Gilead

Sciences,

Inc

88,475

24,974

(b)

Gland

Pharma

Ltd

518

44,583

GlaxoSmithKline

Pharmaceuticals

Ltd

1,171

27,644

(c)

Glenmark

Life

Sciences

Ltd

317

394,432

Glenmark

Pharmaceuticals

Ltd

7,401

40,701

(a),(c)

GNI

Group

Ltd

868

958,500

Grand

Pharmaceutical

Group

Ltd

590

105,799

Granules

India

Ltd

731

4,522

Green

Cross

Corp

547

15,822

Green

Cross

Holdings

Corp

185

4,670

(c)

Grifols

S.A.

44

5,230,329

GSK

plc

88,221

51,421

(c)

G-treeBNT

Co

Ltd

404

692,230

H

Lundbeck

A.S.

3,973

32,104

H

Lundbeck

A.S.

149

596,099

(c)

Halozyme

Therapeutics,

Inc

28,499

25,227

(c)

Hanall

Biopharma

Co

Ltd

654

7,521

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

56

2,671

Hanmi

Pharm

Co

Ltd

505

485,839

(b)

Hansoh

Pharmaceutical

Group

Co

Ltd

1,076

125,326

(c)

Harmony

Biosciences

Holdings,

Inc

4,312

39,992

Hikal

Ltd

182

95

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

2,630

Hikma

Pharmaceuticals

plc

$

66

38,200

Hisamitsu

Pharmaceutical

Co,

Inc

989

10,878

(c)

HK

inno

N

Corp

263

20,403

(c)

Hlb

Pharma

Ceutical

Co

Ltd

330

2,548,684

(a),(c),(d)

Hua

Han

Health

Industry

Holdings

Ltd

3

27,720

Hualan

Biological

Engineering,

Inc

64

11,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

47

5,023

(c)

Hugel,

Inc

948

28,154

Humanwell

Healthcare

Group

Co

Ltd

90

446,000

(c)

HUTCHMED

China

Ltd

1,287

145,944

Hypera

S.A.

427

34,112

(c)

ICON

plc

7,154

447,554

(c)

Illumina,

Inc

59,807

7,140

Imeik

Technology

Development

Co

Ltd

179

385,834

(a),(c)

Immunovant,

Inc

9,557

48,338

(c)

Incyte

Corp

3,339

28,883

(c)

Indegene

Ltd

203

92,759

(c)

Indivior

plc

1,188

446,000

(a),(b),(c)

InnoCare

Pharma

Ltd

350

1,670,073

(b),(c)

Innovent

Biologics,

Inc

7,813

89,350

(a),(c)

Inozyme

Pharma,

Inc

247

371,993

(c)

Insmed,

Inc

25,682

144,208

(c)

Intra-Cellular

Therapies,

Inc

12,044

796,470

(c)

Iovance

Biotherapeutics,

Inc

5,894

114,682

Ipca

Laboratories

Ltd

2,266

583

Ipsen

67

55,102

(c)

IQVIA

Holdings,

Inc

10,828

16,608

Jamjoom

Pharmaceuticals

Factory

Co

673

105,671

(c)

Jazz

Pharmaceuticals

plc

13,013

168,588

JB

Chemicals

&

Pharmaceuticals

Ltd

3,628

51,844

JCR

Pharmaceuticals

Co

Ltd

199

164,411

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

1,034

4,400

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

15

2,161,839

Johnson

&

Johnson

312,645

49,061

Jubilant

Pharmova

Ltd

632

11,683

JW

Pharmaceutical

Corp

189

22,179

Kaken

Pharmaceutical

Co

Ltd

633

8,003,406

Kalbe

Farma

Tbk

PT

676

4,044

(c)

Kangmei

Pharmaceutical

Co

Ltd

1

138,500

(b),(c)

Keymed

Biosciences,

Inc

548

359,040

(c)

Kiniksa

Pharmaceuticals

Ltd

7,102

21,500

Kissei

Pharmaceutical

Co

Ltd

564

155,343

(c)

Krystal

Biotech,

Inc

24,336

19,176

(c)

Kuros

Biosciences

AG.

451

32,281

Kyorin

Co

Ltd

307

46,900

Kyowa

Hakko

Kogyo

Co

Ltd

705

16,078

Laboratorios

Farmaceuticos

Rovi

S.A

1,047

289,294

(b)

Laurus

Labs

Ltd

2,033

28,677

(a),(c)

Legend

Biotech

Corp

(ADR)

933

19,495

(c)

LegoChem

Biosciences,

Inc

1,426

469,000

(a),(b),(c)

Lepu

Biopharma

Co

Ltd

158

206,640

Lonza

Group

AG.

121,967

250,000

Lotus

Pharmaceutical

Co

Ltd

2,053

69,319

(c)

Lumosa

Therapeutics

Co

Ltd

529

1,025,022

Lupin

Ltd

28,159

1,615,000

(a),(b),(c)

Luye

Pharma

Group

Ltd

450

21,636

(a),(c)

Madrigal

Pharmaceuticals,

Inc

6,676

86,128

(c)

Mankind

Pharma

Ltd

2,891

3,194

(c)

MannKind

Corp

21

123,332

Marksans

Pharma

Ltd

426

178,466

(c)

Medigen

Vaccine

Biologics

Corp

196

15,376

(c)

Medpace

Holdings,

Inc

5,108

Stock

96

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

26,666

Medytox,

Inc

$

2,244

287,900

Mega

Lifesciences

PCL

280

42,080

(c)

MeiraGTx

Holdings

plc

256

3,077,569

Merck

&

Co,

Inc

306,157

2,020

Merck

KGaA

294

667,599

(a),(c)

Mesoblast

Ltd

1,277

18,065

(c)

Mezzion

Pharma

Co

Ltd

375

2,496

Middle

East

Pharmaceutical

Co

81

292,960

(c)

Mirum

Pharmaceuticals,

Inc

12,114

10,775

Mochida

Pharmaceutical

Co

Ltd

239

249,089

(a),(c)

MoonLake

Immunotherapeutics

13,488

427,630

(c)

Myriad

Genetics,

Inc

5,863

67,023

Natco

Pharma

Ltd

1,084

229,557

(c)

Natera,

Inc

36,339

43,173

(c)

Naturecell

Co

Ltd

627

5,645

Neuland

Laboratories

Ltd

903

85,378

(c)

Neuren

Pharmaceuticals

Ltd

659

48,720

(c)

Neurocrine

Biosciences,

Inc

6,650

43,500

Nippon

Shinyaku

Co

Ltd

1,099

55,518

(c),(d)

NKMax

Co

Ltd

57

2,000,322

Novartis

AG.

194,746

7,648,775

Novo

Nordisk

A.S.

659,950

2,078,553

Novo

Nordisk

A.S.

(ADR)

178,797

1,080,333

(c)

Nuvation

Bio,

Inc

2,874

111,172

(c)

OBI

Pharma,

Inc

198

253,500

(b),(c)

Ocumension

Therapeutics

147

3,120

(c),(d)

OmniAb

Operations,

Inc

0

^

3,120

(c),(d)

OmniAb

Operations,

Inc

0

^

239,605

(c)

Oneness

Biotech

Co

Ltd

638

22,299

(c),(d)

Onesource

Speciality

Pharma

Ltd

420

71,800

Ono

Pharmaceutical

Co

Ltd

748

9,326

(c)

Orchid

Pharma

Ltd

196

79,448

Organon

&

Co

1,185

1,700

Orion

Oyj

(Class

B)

75

20,183

(c)

Oscotec,

Inc

330

488,153

Otsuka

Holdings

Co

Ltd

26,555

414,294

(c)

Oxford

Nanopore

Technologies

plc

668

106,310

(c)

Pacira

BioSciences,

Inc

2,003

75,000

(c)

PeptiDream,

Inc

1,245

17,445

(c)

Peptron,

Inc

1,183

2,054,518

Pfizer,

Inc

54,506

11,994

Pharma

Mar

S.A.

989

94,000

(c)

PharmaEssentia

Corp

1,761

69,951

(c),(d)

Pharmally

International

Holding

Co

Ltd

0

^

5,216

PharmaResearch

Co

Ltd

921

24,225

Pharmaron

Beijing

Co

Ltd

-

A

85

530,257

(a),(c)

Pharming

Group

NV

508

9,799

(a),(c)

Pharvaris

NV

188

358,900

Phibro

Animal

Health

Corp

7,537

1,898,351

Piramal

Pharma

Ltd

5,891

257,458

(c)

Polaris

Group

358

10,377

(b),(c)

PolyPeptide

Group

AG.

324

80,700

(c)

Praxis

Precision

Medicines,

Inc

6,211

15,636

Procter

&

Gamble

Health

Ltd

957

388,390

(c)

PTC

Therapeutics,

Inc

17,532

3,488

QIAGEN

NV

156

159,291

QIAGEN

NV

7,093

121,180

(c)

Quanterix

Corp

1,288

20,961

Recordati

S.p.A.

1,099

94,887

(c)

Regeneron

Pharmaceuticals,

Inc

67,591

355,250

(c)

Relay

Therapeutics,

Inc

1,464

121,000

(a),(b),(c)

Remegen

Co

Ltd

222

97

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

125,529

(c)

Repligen

Corp

$

18,069

92,568

Richter

Gedeon

Rt

2,425

821,126

Roche

Holding

AG.

229,592

495

(a)

Roche

Holding

AG.

148

1,432,987

(a),(c)

Roivant

Sciences

Ltd

16,952

235,510

Royalty

Pharma

plc

6,008

10,771

(c)

Sam

Chun

Dang

Pharm

Co

Ltd

1,073

12,102

(b),(c)

Samsung

Biologics

Co

Ltd

7,755

6,372

Sandoz

Group

AG.

261

1,352,892

Sanofi

(ADR)

65,250

7,152

(c)

Sanofi

Consumer

Healthcare

India

Ltd

412

7,152

Sanofi

India

Ltd

511

3,654,109

Sanofi-Aventis

355,219

780,400

Santen

Pharmaceutical

Co

Ltd

7,991

166,321

(c)

Sarepta

Therapeutics,

Inc

20,223

48,063

Sartorius

AG.

10,681

458

Sartorius

Stedim

Biotech

89

46,649

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp

397

88,551

Sawai

Group

Holdings

Co

Ltd

1,208

53,220

(c)

Scholar

Rock

Holding

Corp

2,300

26,193

Schott

Pharma

AG.&

Co

KGaA

690

209,000

ScinoPharm

Taiwan

Ltd

140

28,787

Seegene,

Inc

444

44,230

(a),(c)

Selecta

Biosciences,

Inc

792

51,688

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

176

22,540

(a),(b)

Shanghai

Haohai

Biological

Technology

Co

Ltd

77

182,737

(d)

Shanghai

RAAS

Blood

Products

Co

Ltd

181

24,525

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

104

38,307

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

84

27,308

(c)

Shilpa

Medicare

Ltd

260

29,390

(c)

Shin

Poong

Pharmaceutical

Co

Ltd

204

147,243

Shionogi

&

Co

Ltd

2,065

47,655

Sichuan

Kelun

Pharmaceutical

Co

Ltd

195

3,565

Siegfried

Holding

AG.

3,878

13,076,000

Sihuan

Pharmaceutical

Holdings

Group

Ltd

1,101

24

(c)

Silence

Therapeutics

plc

(ADR)

0

^

546,000

(a),(b)

Simcere

Pharmaceutical

Group

Ltd

497

4,365,236

Sino

Biopharmaceutical

Ltd

1,784

12,229

(c)

SK

Biopharmaceuticals

Co

Ltd

913

8,891

(c)

SK

Bioscience

Co

Ltd

303

8,455

SKAN

Group

AG.

710

154,350

(c)

Solid

Biosciences,

Inc

617

65,629

(a),(c),(d)

Sorrento

Therapeutics,

Inc

28

55,808

(a),(c)

Sosei

Group

Corp

369

1,112,000

SSY

Group

Ltd

511

8,214

(c)

ST

Pharm

Co

Ltd

491

44,598

Strides

Pharma

Science

Ltd

343

144,000

Sumitomo

Dainippon

Pharma

Co

Ltd

509

60,594

(c)

Sun

Pharma

Advanced

Research

Co

Ltd

141

1,800,078

Sun

Pharmaceutical

Industries

Ltd

39,614

1,032,880

(c)

Sutro

Biopharma,

Inc

1,900

87,992

(c)

Suven

Pharmaceuticals

Ltd

1,169

145,043

SwedenCare

AB

632

3,043

(c)

Swedish

Orphan

Biovitrum

AB

87

205,220

(c)

Syndax

Pharmaceuticals,

Inc

2,713

145,680

(b)

Syngene

International

Ltd

1,459

292,425

Synmosa

Biopharma

Corp

308

123,484

(c)

TaiMed

Biologics,

Inc

324

36,533

Takara

Bio,

Inc

243

710,994

Takeda

Pharmaceutical

Co

Ltd

18,822

9,966

Tecan

Group

AG.

2,221

196,709

(c)

Telix

Pharmaceuticals

Ltd

2,989

Stock

98

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

118,990

(a),(c)

Tenaya

Therapeutics,

Inc

$

170

1,419,550

(c)

Terns

Pharmaceuticals,

Inc

7,864

876,823

(c)

Teva

Pharmaceutical

Industries

Ltd

(ADR)

19,325

786,940

(a),(c)

TG

Therapeutics,

Inc

23,687

335,228

(c)

Theravance

Biopharma,

Inc

3,154

244,633

Thermo

Fisher

Scientific,

Inc

127,265

521,000

(a)

Tong

Ren

Tang

Technologies

Co

Ltd

347

53,765

Torii

Pharmaceutical

Co

Ltd

1,603

176,980

Torrent

Pharmaceuticals

Ltd

6,937

21,413

Towa

Pharmaceutical

Co

Ltd

453

472,660

(c)

Travere

Therapeutics,

Inc

8,234

48,300

Tsumura

&

Co

1,437

131,000

TTY

Biopharm

Co

Ltd

291

45,900

(c)

Twist

Bioscience

Corp

2,133

703,884

UCB

S.A.

140,118

146,938

(c)

Ultragenyx

Pharmaceutical,

Inc

6,182

745,562

United

Laboratories

Ltd

1,180

105,767

(c)

United

Therapeutics

Corp

37,319

83,447

(a),(c)

Valneva

SE

186

77,730

(c)

Vaxcyte,

Inc

6,363

491,700

(c)

Veracyte,

Inc

19,471

149,330

(c)

Vertex

Pharmaceuticals,

Inc

60,135

361,749

Viatris,

Inc

4,504

63,504

(a),(c)

Viking

Therapeutics,

Inc

2,555

3,312

Virbac

S.A.

1,084

137,850

(c)

Viridian

Therapeutics,

Inc

2,643

56,058

(a)

Vitrolife

AB

1,088

7,650

(c)

Voronoi,

Inc

410

17,000

(c)

Waters

Corp

6,307

171,960

(c)

WaVe

Life

Sciences

Ltd

2,127

223,836

West

Pharmaceutical

Services,

Inc

73,320

2,280,000

Winteam

Pharmaceutical

Group

Ltd

678

49,033

(c)

Wockhardt

Ltd

809

65,458

WuXi

AppTec

Co

Ltd

-

A

494

131,537

(b)

WuXi

AppTec

Co

Ltd

-

H

949

22,513,500

(b),(c)

Wuxi

Biologics

Cayman,

Inc

50,455

291,180

(c)

Xencor,

Inc

6,691

1,478,470

(c)

Xeris

Biopharma

Holdings,

Inc

5,012

234,400

(b),(c)

YiChang

HEC

ChangJiang

Pharmaceutical

Co

Ltd

289

80,712

(c)

Yuhan

Corp

6,503

127,000

YungShin

Global

Holding

Corp

209

54,107

Yunnan

Baiyao

Group

Co

Ltd

445

676,200

(c)

Zai

Lab

Ltd

1,782

647,329

(c)

Zealand

Pharma

AS

64,393

133,880

(c)

Zentalis

Pharmaceuticals,

Inc

406

12,500

ZERIA

Pharmaceutical

Co

Ltd

194

15,501

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

456

30,058

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

74

1,190,245

Zoetis,

Inc

193,927

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,560,530

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.4%

164,000

Advancetek

Enterprise

Co

Ltd

380

9,287

(b)

Aedas

Homes

SAU

249

75,800

(a)

Aeon

Mall

Co

Ltd

980

1

(c)

AFI

Properties

Ltd

0

^

5,654

Africa

Israel

Residences

Ltd

423

52,422

(c)

Airport

City

Ltd

842

28,636

Alandalus

Property

Co

184

3,143,211

Aldar

Properties

PJSC

6,570

320,941

Aliansce

Sonae

Shopping

Centers

sa

942

695,250

(a),(b)

A-Living

Smart

City

Services

Co

Ltd

254

11,445

Allreal

Holding

AG.

2,093

99

SHARES

DESCRIPTION

VALUE

(000)

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

(continued)

127,170

Alony

Hetz

Properties

&

Investments

Ltd

$

1,060

36,165

(a)

Altus

Group

Ltd

1,409

634,500

Amata

Corp

PCL

535

193,353

Amot

Investments

Ltd

1,093

80,977

Anant

Raj

Industries

Ltd

806

348,440

(c)

Anywhere

Real

Estate,

Inc

1,150

8,894,800

AP

Thailand

PCL

2,108

116,570

(b)

Arabian

Centres

Co

673

810,133

Aroundtown

S.A.

2,447

69,199

Arriyadh

Development

Co

619

43,011

Atrium

Ljungberg

AB

771

100,807

Aura

Investments

Ltd

599

5,636,508

Ayala

Land,

Inc

2,537

866

Azrieli

Group

Ltd

71

1,726,887

Barwa

Real

Estate

Co

1,343

9,792

(c)

Big

Shopping

Centers

Ltd

1,453

5,522

Blue

Square

Real

Estate

Ltd

528

94,276

Brigade

Enterprises

Ltd

1,364

4,940,100

(c)

Bumi

Serpong

Damai

Tbk

PT

290

632,000

(a)

C&D

International

Investment

Group

Ltd

1,056

466,000

C&D

Property

Management

Group

Co

Ltd

142

34,114

CA

Immobilien

Anlagen

AG.

824

942,198

Capitaland

India

Trust

736

2,228,444

Capitaland

Investment

Ltd

4,272

310,041

(c)

Castellum

AB

3,386

26,400

Catena

AB

1,131

490,000

Cathay

Real

Estate

Development

Co

Ltd

358

229,762

(c)

CBRE

Group,

Inc

30,165

1,577,382

Central

Pattana

PCL

2,632

3,182,000

(a)

China

Jinmao

Holdings

Group

Ltd

397

465,727

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

654

1,134,000

China

Overseas

Grand

Oceans

Group

Ltd

256

3,226,286

China

Overseas

Land

&

Investment

Ltd

5,097

895,000

China

Overseas

Property

Holdings

Ltd

587

2,801,602

China

Resources

Land

Ltd

8,043

590,600

(b)

China

Resources

Mixc

Lifestyle

Services

Ltd

2,183

1,982,938

(a)

China

Vanke

Co

Ltd

1,342

480,919

China

Vanke

Co

Ltd

(Class

A)

479

105,000

Chong

Hong

Construction

Co

Ltd

275

41,625

Cibus

Nordic

Real

Estate

AB

664

8,098,100

Ciputra

Development

Tbk

PT

494

336,900

City

Developments

Ltd

1,260

60,714

(a)

Citycon

Oyj

203

1,638,817

CK

Asset

Holdings

Ltd

6,689

78,963

Colliers

International

Group,

Inc

10,738

1,249,196

Commercial

Real

Estate

Co

KSC

600

1,836,170

(c)

Compass,

Inc

10,742

2,244,911

(a)

Corem

Property

Group

AB

1,359

653,800

Corp

Inmobiliaria

Vesta

SAB

de

C.V.

1,668

238,518

(c)

CoStar

Group,

Inc

17,076

11,042,898

(a),(c),(d)

Country

Garden

Holdings

Co

Ltd

345

1,722,000

Country

Garden

Services

Holdings

Co

Ltd

1,213

102,000

Crowell

Development

Corp

132

244,030

(c)

Cushman

&

Wakefield

plc

3,192

145,176

(c)

D

B

Realty

Ltd

292

15,285

Daito

Trust

Construction

Co

Ltd

1,709

503,333

Daiwa

House

Industry

Co

Ltd

15,453

183,750

Da-Li

Development

Co

Ltd

248

212,232

(c)

Dar

Al

Arkan

Real

Estate

Development

Co

852

310,000

Delpha

Construction

Co

Ltd

371

922,284

Deyaar

Development

PJSC

233

64,204

Dios

Fastigheter

AB

459

Stock

100

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

(continued)

647,010

DLF

Ltd

$

6,215

19,424

DREAM

Unlimited

Corp

299

617,800

Eco

World

Development

Group

BHD

288

17,877

Electra

Real

Estate

Ltd

215

308,269

(c)

Emaar

Economic

City

718

5,579,696

Emaar

Properties

PJSC

19,546

54,443

(b)

Entra

ASA

553

1,148,400

(b)

ESR

Group

Ltd

1,766

4,118,000

(b),(c)

Evergrande

Property

Services

Group

Ltd

395

145,770

(a)

eXp

World

Holdings,

Inc

1,678

190,625

Fabege

AB

1,429

173,000

Farglory

Land

Development

Co

Ltd

390

778,343

(c)

Fastighets

AB

Balder

5,417

35,843

FastPartner

AB

207

34,086

FirstService

Corp

6,175

917,420

Fortress

REIT

Ltd

985

64,827

Gazit

Globe

Ltd

241

24,686,000

(a)

Gemdale

Properties

&

Investment

Corp

Ltd

865

125,413

(c)

Godrej

Properties

Ltd

4,069

7,880

Goldcrest

Co

Ltd

156

547,680

Grainger

plc

1,543

54,150

Grand

City

Properties

S.A.

661

867,500

(a)

Greentown

China

Holdings

Ltd

1,023

1,186,000

Greentown

Service

Group

Co

Ltd

580

1,106,800

(a)

Guangzhou

R&F

Properties

Co

Ltd

191

355,000

(c)

Hainan

Airport

Infrastructure

Co

Ltd

184

18,959,479

Hang

Lung

Properties

Ltd

15,115

16,315,400

(c),(d)

Hanson

International

Tbk

PT

0

^

21,022

Heiwa

Real

Estate

Co

Ltd

580

58,008

(c)

Hemisphere

Properties

India

Ltd

117

1,348,899

Henderson

Land

Development

Co

Ltd

4,089

1,080,498

Highwealth

Construction

Corp

1,430

44,114

Hiyes

International

Co

Ltd

270

280,100

Hong

Fok

Corp

Ltd

168

1,119,245

Hongkong

Land

Holdings

Ltd

4,984

1,015,477

(c)

Hopson

Development

Holdings

Ltd

405

18,742

(c)

Howard

Hughes

Holdings,

Inc

1,442

195,800

Huaku

Development

Co

Ltd

680

42,000

Huang

Hsiang

Construction

Co

83

88,186

Hufvudstaden

AB

(Series

A)

967

1,299,200

(a)

Hulic

Co

Ltd

11,285

461,696

Hysan

Development

Co

Ltd

701

181,125

Ichigo

Holdings

Co

Ltd

428

185,500

Iguatemi

S.A.

519

23,975

(c)

IMMOFINANZ

AG.

371

341,590

(c)

Indiabulls

Real

Estate

Ltd

461

5,451

Intershop

Holding

AG.

763

1,332,500

IOI

Properties

Group

Bhd

667

128,855

Israel

Canada

T.R

Ltd

499

2,896

(c)

Isras

Holdings

Ltd

322

898

Isras

Investment

Co

Ltd

215

102,168

I-Sunny

Construction

&

Development

Co

Ltd

288

822,005

IWG

plc

1,635

290,300

JHSF

Participacoes

S.A.

172

1,596,750

(c),(d)

Jiangsu

Future

Land

Co

Ltd

16

164,500

Jinke

Smart

Services

Group

Co

Ltd

158

22,333

(c)

Jones

Lang

LaSalle,

Inc

5,653

5,000

Kasumigaseki

Capital

Co

Ltd

420

41,152

Katitas

Co

Ltd

590

3,505,725

KE

Holdings,

Inc

(ADR)

64,575

20,900

Keihanshin

Building

Co

Ltd

218

453,000

Kerry

Properties

Ltd

905

101

SHARES

DESCRIPTION

VALUE

(000)

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

(continued)

11,807

(c)

Keystone

Realtors

Ltd

$

93

269,000

Kindom

Development

Co

Ltd

417

95,065

Kojamo

Oyj

926

623,026

Kuwait

Real

Estate

Co

KSC

518

45,169

(c)

Lamda

Development

S.A.

341

5,727,600

Land

and

Houses

PCL

847

6,097

LEG

Immobilien

SE

517

494,582

Lend

Lease

Corp

Ltd

1,901

135,443

Leopalace21

Corp

506

67,674

(a)

Lifestyle

Communities

Ltd

357

1,769,093

(b)

Longfor

Group

Holdings

Ltd

2,244

603,663

Mabanee

Co

SAK

1,492

252,846

(b)

Macrotech

Developers

Ltd

4,095

876,800

Mah

Sing

Group

BHD

352

63,301

Mahindra

Lifespace

Developers

Ltd

342

35,779

(a),(c),(d)

Mapeley

Ltd

0

^

790,500

Matrix

Concepts

Holdings

Bhd

422

31,680

(c)

Max

Estates

Ltd

210

833,100

MBK

PCL

500

17,336

Mega

Or

Holdings

Ltd

551

8,221,000

Megaworld

Corp

290

20,530

Melisron

Ltd

1,829

45,298

(c)

Milpa

146

1,052,253

Mitsubishi

Estate

Co

Ltd

14,607

2,305,973

Mitsui

Fudosan

Co

Ltd

18,442

505,890

Mivne

Real

Estate

KD

Ltd

1,514

5,815

Mobimo

Holding

AG.

1,877

2,178

Morguard

Corp

176

215,300

Multiplan

Empreendimentos

Imobiliarios

S.A.

736

876,939

(c)

National

Real

Estate

Co

KPSC

222

467,061

NEPI

Rockcastle

NV

3,415

104,633

NESCO

Ltd

1,177

1,080,000

(a)

New

World

Development

Co

Ltd

713

293,850

Newmark

Group,

Inc

3,764

32,731

(a)

Nexity

440

68,200

Nomura

Real

Estate

Holdings,

Inc

1,683

18,947

NP3

Fastigheter

AB

428

124,077

Nyfosa

AB

1,210

50,716

Oberoi

Realty

Ltd

1,366

179,500

OSK

Holdings

BHD

71

12,089,800

Pakuwon

Jati

Tbk

PT

299

75,722

Pandox

AB

1,313

455,296

Parque

Arauco

S.A.

730

30,375

Patrizia

Immobilien

AG.

251

99,438

(c)

PEXA

Group

Ltd

800

168,245

Phoenix

Mills

Ltd

3,205

50,802

Platzer

Fastigheter

Holding

AB

394

346,146

Plaza

S.A.

567

629,162

Poly

Developments

and

Holdings

Group

Co

Ltd

764

102,200

(a)

Poly

Property

Development

Co

Ltd

397

1,773,000

Poly

Property

Group

Co

Ltd

349

4,327

Prashkovsky

Investments

and

Construction

Ltd

135

145,053

Prestige

Estates

Projects

Ltd

2,865

1,075,000

Prince

Housing

&

Development

Corp

336

777,100

Pruksa

Holding

PCL

180

38,716

PSP

Swiss

Property

AG.

5,510

46,047

Puravankara

Ltd

203

3,907,900

Quality

Houses

PCL

197

733,000

(a),(c)

Radiance

Holdings

Group

Co

Ltd

276

546,617

RAK

Properties

PJSC

170

25,195

Raymond

Ltd

492

22,670

(c)

Re/Max

Holdings,

Inc

242

Stock

102

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

(continued)

75,028

Relo

Group,

Inc

$

912

160,749

Retal

Urban

Development

Co

693

1,523,900

Robinsons

Land

Corp

349

1,266,755

Ruentex

Development

Co

Ltd

1,655

213,799

Sagax

AB

4,388

181,244

Sakura

Development

Co

Ltd

293

341,555

Salhia

Real

Estate

Co

KSCP

442

820,698

(a)

Samhallsbyggnadsbolaget

i

Norden

AB

337

11,623,600

Sansiri

PCL

614

108,891

(c)

Saudi

Real

Estate

Co

734

927,349

Savills

plc

12,027

4,813

(a),(c)

Seaport

Entertainment

Group,

Inc

135

1,898,000

(a)

Seazen

Group

Ltd

439

293,192

Shanghai

Jinqiao

Export

Processing

Zone

Development

Co

Ltd

245

52,137

Shanghai

Lingang

Holdings

Corp

Ltd

72

84,300

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

310

2,584,000

Shenzhen

Investment

Ltd

288

1,062,500

(a),(c)

Shimao

Property

Holdings

Ltd

138

1,874,000

(a)

Shoucheng

Holdings

Ltd

259

3,562,500

Shui

On

Land

Ltd

306

16,430

(c)

SignatureGlobal

India

Ltd

262

2,618,600

Sime

Darby

Property

Bhd

987

3,319,322

Sino

Land

Co

3,349

236,000

Sinyi

Realty,

Inc

207

1,171,435

Sirius

Real

Estate

Ltd

1,149

8,346,988

SM

Prime

Holdings

3,605

31,999

Sobha

Ltd

589

2,009,500

(c)

Soho

China

Ltd

177

1,318,200

SP

Setia

BHD

430

21,600

Starts

Corp,

Inc

517

934,209

(a)

StorageVault

Canada,

Inc

2,561

262,305

Sumitomo

Realty

&

Development

Co

Ltd

8,157

8,935,800

Summarecon

Agung

Tbk

PT

271

30,868

Summit

Real

Estate

Holdings

Ltd

475

20,462

Sumou

Real

Estate

Co

256

109,180

Sun

Frontier

Fudousan

Co

Ltd

1,338

1,335,503

Sun

Hung

Kai

Properties

Ltd

12,708

4,590,000

(a),(c)

Sunac

China

Holdings

Ltd

1,352

1,022,000

(b)

Sunac

Services

Holdings

Ltd

217

58,429

Sunteck

Realty

Ltd

346

1,044,600

Supalai

PCL

556

78,723

Swiss

Prime

Site

AG.

8,580

966,308

TAG

Tegernsee

Immobilien

und

Beteiligungs

AG.

14,308

705,501

Talaat

Moustafa

Group

777

648,300

(c)

Tanco

Holdings

Bhd

287

54,201

(c)

TARC

Ltd

112

239,993

(a)

Tokyo

Tatemono

Co

Ltd

3,961

449,500

Tokyu

Fudosan

Holdings

Corp

2,744

20,443

Tosei

Corp

324

735,600

UEM

Sunrise

Bhd

177

1,414,986

United

Development

Co

QSC

437

306,700

(a)

UOL

Group

Ltd

1,158

10,406

VGP

NV

769

316,487

Vonovia

SE

9,635

294,053

Wallenstam

AB

1,272

6,704,900

WHA

Corp

PCL

1,080

917,000

Wharf

Holdings

Ltd

2,573

1,516,756

Wharf

Real

Estate

Investment

Co

Ltd

3,858

436,708

Wihlborgs

Fastigheter

AB

4,151

580,642

(a)

Yanlord

Land

Group

Ltd

281

99,802

Yea

Shin

International

Development

Co

Ltd

96

6,217

YH

Dimri

Construction

&

Development

Ltd

616

103

SHARES

DESCRIPTION

VALUE

(000)

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

(continued)

155,400

Youngor

Group

Co

Ltd

$

190

1,183,000

(a)

Yuexiu

Property

Co

Ltd

766

455,000

Yuexiu

Services

Group

Ltd

191

43,000

Yungshin

Construction

&

Development

Co

Ltd

191

28,383

(c)

Zillow

Group,

Inc

(Class

A)

2,011

90,710

(c)

Zillow

Group,

Inc

(Class

C)

6,717

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

572,579

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

9.1%

5,838

ACM

Research

Shanghai,

Inc

80

398

(a),(c)

ACM

Research,

Inc

6

217,080

ADATA

Technology

Co

Ltd

519

627,257

(c)

Advanced

Micro

Devices,

Inc

75,766

14,250

Advanced

Micro-Fabrication

Equipment,

Inc

China

369

115,000

Advanced

Wireless

Semiconductor

Co

387

2,920,821

Advantest

Corp

166,074

22,000

Airoha

Technology

Corp

471

931,413

Aixtron

AG.

14,636

343,000

Alchip

Technologies

Ltd

34,174

74,569

(c)

Allegro

MicroSystems,

Inc

1,630

228,186

(a),(c)

Alphawave

IP

Group

plc

240

174,810

(c)

Ambarella,

Inc

12,716

68,114

Amkor

Technology,

Inc

1,750

10,214

(c)

Amlogic

Shanghai

Co

Ltd

96

81,269

(c)

ams-OSRAM

AG.

533

1,148,113

Analog

Devices,

Inc

243,928

32,000

(c)

Andes

Technology

Corp

403

77,000

AP

Memory

Technology

Corp

741

802,327

Applied

Materials,

Inc

130,482

343,000

Ardentec

Corp

555

185,256

(a),(c)

ARM

Holdings

plc

(ADR)

22,853

2,842,925

ASE

Technology

Holding

Co

Ltd

13,960

45,322

ASM

International

NV

26,205

7,262,900

ASM

Pacific

Technology

69,444

28,000

ASMedia

Technology,

Inc

1,688

594,768

ASML

Holding

NV

416,596

23,000

ASPEED

Technology,

Inc

2,328

279,635

(a),(c)

Astera

Labs,

Inc

37,038

74,340

BE

Semiconductor

Industries

NV

10,190

45,231

(c)

Borosil

Renewables

Ltd

295

10,169,150

Broadcom,

Inc

2,357,616

10,469

(c)

Cambricon

Technologies

Corp

Ltd

942

86,239

Camtek

Ltd

7,014

255,500

Chang

Wah

Technology

Co

Ltd

260

11,538

(c),(d)

China

Energy

Savings

Technology,

Inc

0

^

32,072

China

Resources

Microelectronics

Ltd

207

479,000

Chipbond

Technology

Corp

940

4,432,000

ChipMOS

Technologies,

Inc

4,232

55,885

(c)

Cirrus

Logic,

Inc

5,565

585,560

(c)

Credo

Technology

Group

Holding

Ltd

39,355

429,500

D&O

Green

Technologies

Bhd

202

39,200

(a),(c)

Daqo

New

Energy

Corp

(ADR)

762

27,533

(c)

DB

HiTek

Co

Ltd

611

219,211

Disco

Corp

58,152

10,272

(c)

Duk

San

Neolux

Co

Ltd

191

8,290

(c)

Duksan

Techopia

Co

Ltd

165

230,000

Elan

Microelectronics

Corp

1,058

98,000

Elite

Advanced

Laser

Corp

855

223,000

Elite

Semiconductor

Microelectronics

Technology,

Inc

421

5,084

Elmos

Semiconductor

SE

360

26,000

eMemory

Technology,

Inc

2,656

514,000

Ennostar,

Inc

654

78,645

(c)

Enphase

Energy,

Inc

5,401

Stock

104

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

88,054

Entegris,

Inc

$

8,723

6,561

(c)

Eo

Technics

Co

Ltd

606

194,595

Episil

Technologies,

Inc

294

37,860

Episil-Precision,

Inc

54

16,000

Eris

Technology

Corp

112

222,391

Etron

Technology,

Inc

245

50,598

(c)

Eugene

Technology

Co

Ltd

1,060

272,000

Everlight

Electronics

Co

Ltd

704

18,954

(c)

Fadu,

Inc

191

185,913

Faraday

Technology

Corp

1,361

34,333

Ferrotec

Holdings

Corp

555

61,869

(c)

First

Solar,

Inc

10,904

69,550

Fitipower

Integrated

Technology,

Inc

492

43,100

Flat

Glass

Group

Co

Ltd

116

159,000

FocalTech

Systems

Co

Ltd

431

56,044

(c)

Formfactor,

Inc

2,466

108,000

Formosa

Advanced

Technologies

Co

Ltd

93

62,200

Formosa

Sumco

Technology

Corp

186

674,000

Foxsemicon

Integrated

Technology,

Inc

6,232

9,000

Furuya

Metal

Co

Ltd

205

18,779

GalaxyCore,

Inc

35

82,000

Gallant

Precision

Machining

Co

Ltd

278

8,573,000

(a),(c)

GCL

Technology

Holdings

Ltd

1,184

17,655

(c)

GemVax

&

Kael

Co

Ltd

178

19,834

GigaDevice

Semiconductor,

Inc

290

46,000

Global

Mixed

Mode

Technology,

Inc

336

35,000

Global

Unichip

Corp

1,445

57,412

(a),(c)

GLOBALFOUNDRIES,

Inc

2,464

2,025,384

Globalwafers

Co

Ltd

23,538

14,000

Grand

Plastic

Technology

Corp

633

3,524,500

(c)

Greatech

Technology

Bhd

1,818

1,493,000

Greatek

Electronics,

Inc

2,670

52,457

Gudeng

Precision

Industrial

Co

Ltd

779

6,608

Hana

Materials,

Inc

101

37,578

Hana

Micron,

Inc

231

35,618

Hangzhou

First

Applied

Material

Co

Ltd

72

38,244

Hangzhou

Silan

Microelectronics

Co

Ltd

136

18,093

Hanmi

Semiconductor

Co

Ltd

992

35,625

HPSP

Co

Ltd

618

255,531

(a),(b)

Hua

Hong

Semiconductor

Ltd

707

5,265

Hwatsing

Technology

Co

Ltd

118

47,849

Hygon

Information

Technology

Co

Ltd

981

577,407

Hynix

Semiconductor,

Inc

66,165

633,690

(c)

Ichor

Holdings

Ltd

20,418

25,630

(c)

Impinj,

Inc

3,723

1,087,500

Inari

Amertron

Bhd

743

2,714,663

Infineon

Technologies

AG.

88,611

8,356

Ingenic

Semiconductor

Co

Ltd

78

3,169,697

Intel

Corp

63,552

8,787

(c)

ISC

Co

Ltd

422

331,000

ITE

Technology,

Inc

1,512

178,817

JA

Solar

Technology

Co

Ltd

337

50,713

Japan

Material

Co

Ltd

537

68,000

Jentech

Precision

Industrial

Co

Ltd

3,153

148,491

Jinko

Solar

Co

Ltd

145

27,400

(a)

JinkoSolar

Holding

Co

Ltd

(ADR)

682

21,576

(c)

Jusung

Engineering

Co

Ltd

424

5,962

(c)

KC

Tech

Co

Ltd

104

1,393,000

King

Yuan

Electronics

Co

Ltd

4,717

244,000

Kinsus

Interconnect

Technology

Corp

750

37,477

KLA

Corp

23,615

39,830

(c)

Koh

Young

Technology,

Inc

217

105

SHARES

DESCRIPTION

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

130,000

(a),(c)

Kokusai

Electric

Corp

$

1,704

776,388

Lam

Research

Corp

56,079

65,000

LandMark

Optoelectronics

Corp

766

15,600

(a)

Lasertec

Corp

1,462

82,208

(c)

Lattice

Semiconductor

Corp

4,657

7,866

LEENO

Industrial,

Inc

1,005

197,246

LONGi

Green

Energy

Technology

Co

Ltd

425

13,230

(c)

Loongson

Technology

Corp

Ltd

240

9,771

(c)

LX

Semicon

Co

Ltd

374

18,840

M31

Technology

Corp

432

25,000

Machvision,

Inc

301

199,268

(c)

MACOM

Technology

Solutions

Holdings,

Inc

25,887

1,528,000

Macronix

International

921

67,800

Malaysian

Pacific

Industries

Bhd

392

62,000

Marketech

International

Corp

278

2,838,898

Marvell

Technology,

Inc

313,556

31,000

Materials

Analysis

Technology,

Inc

234

293,500

(c)

MaxLinear,

Inc

5,805

1,795,720

MediaTek,

Inc

77,198

10,689

(c)

Megachips

Corp

423

16,131

(a)

Melexis

NV

943

150,456

Microchip

Technology,

Inc

8,629

1,353,919

Micron

Technology,

Inc

113,946

490,600

(a),(g)

Micronics

Japan

Co

Ltd

11,442

83,030

(a)

Mitsui

High-Tec,

Inc

429

19,241

MKS

Instruments,

Inc

2,009

13,161

Monolithic

Power

Systems,

Inc

7,787

30,810

Montage

Technology

Co

Ltd

286

63,000

MPI

Corp

1,777

494,075

Nanya

Technology

Corp

440

68,815

National

Silicon

Industry

Group

Co

Ltd

177

13,314

NAURA

Technology

Group

Co

Ltd

713

5,995

NEXTIN,

Inc

205

133,062

(c)

Nordic

Semiconductor

ASA

1,176

63,636

(c)

Nova

Measuring

Instruments

Ltd

12,510

237,758

Novatek

Microelectronics

Corp

Ltd

3,632

177,000

Nuvoton

Technology

Corp

479

31,079,511

Nvidia

Corp

4,173,668

200,627

NXP

Semiconductors

NV

41,700

118,817

(c)

ON

Semiconductor

Corp

7,491

142,638

(c)

Onto

Innovation,

Inc

23,773

28,452

Optorun

Co

Ltd

335

301,000

Orient

Semiconductor

Electronics

Ltd

317

240,000

Pan

Jit

International,

Inc

375

295,000

Parade

Technologies

Ltd

6,889

130,000

Phison

Electronics

Corp

2,114

102,000

Phoenix

Silicon

International

Corp

433

6,850

Piotech,

Inc

144

101,000

Pixart

Imaging,

Inc

788

56,700

Power

Integrations,

Inc

3,498

2,151,000

Powerchip

Semiconductor

Manufacturing

Corp

1,041

538,000

Powertech

Technology,

Inc

1,997

7,795

(c)

PSK,

Inc

196

16,595

(c)

PSK,

Inc

182

26,942

(c)

Qorvo,

Inc

1,884

334,646

QUALCOMM,

Inc

51,408

350,000

Radiant

Opto-Electronics

Corp

2,094

187,273

(c)

Rambus,

Inc

9,899

45,000

Raydium

Semiconductor

Corp

540

203,261

Realtek

Semiconductor

Corp

3,513

3,453,824

(c)

Renesas

Electronics

Corp

43,708

468,311

RichWave

Technology

Corp

3,033

Stock

106

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

483,710

(a),(c)

Rigetti

Computing,

Inc

$

7,381

7,800

Rockchip

Electronics

Co

Ltd

117

1,960,600

Rohm

Co

Ltd

18,217

253,470

Rorze

Corp

2,395

10,000

RS

Technologies

Co

Ltd

215

130,100

Sanan

Optoelectronics

Co

Ltd

217

17,613

Sanken

Electric

Co

Ltd

639

69,600

SCREEN

Holdings

Co

Ltd

4,109

89,000

SDI

Corp

256

125,905

(c)

Semtech

Corp

7,787

59,406

(c)

SFA

Semicon

Co

Ltd

123

5,569

SG

Micro

Corp

62

13,300

Shenzhen

Goodix

Technology

Co

Ltd

147

19,640

Shibaura

Mechatronics

Corp

969

52,000

Shinko

Electric

Industries

1,880

30,000

ShunSin

Technology

Holding

Ltd

219

2,806,000

Sigurd

Microelectronics

Corp

5,764

132,960

Silergy

Corp

1,632

291,200

Silicon

Integrated

Systems

Corp

631

114,579

(c)

Silicon

Laboratories,

Inc

14,233

12,966

Siltronic

AG.

626

383,000

Sino-American

Silicon

Products,

Inc

1,569

95,000

Sitronix

Technology

Corp

615

19,000

Skytech,

Inc

212

223,940

(c)

SkyWater

Technology,

Inc

3,090

44,502

Skyworks

Solutions,

Inc

3,946

13,010

(a)

SMA

Solar

Technology

AG.

182

121,259

(c)

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS.

139

139,300

Socionext,

Inc

2,176

19,813

(c)

SOITEC

1,782

661,284

STMicroelectronics

NV

16,563

43,377

SUESS

MicroTec

SE

2,213

10,277,142

Sumco

Corp

75,686

402,000

Sunplus

Technology

Co

Ltd

375

9,940

Suzhou

Maxwell

Technologies

Co

Ltd

143

16,153

(c)

Taesung

Co

Ltd

262

138,000

Taiwan

Mask

Corp

207

204,000

Taiwan

Semiconductor

Co

Ltd

331

45,826,146

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,489,351

1,808,189

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

357,099

270,000

Taiwan-Asia

Semiconductor

Corp

243

101,531

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

124

221,578

(c)

Technoprobe

S.p.A

1,323

23,764

(c)

TechWing,

Inc

606

43,809

Teradyne,

Inc

5,516

731,359

Texas

Instruments,

Inc

137,137

118,161

Tianshui

Huatian

Technology

Co

Ltd

188

4,237

(c)

Tokai

Carbon

Korea

Co

Ltd

202

251,598

Tokyo

Electron

Ltd

37,820

32,100

Tokyo

Seimitsu

Co

Ltd

1,460

29,348

TongFu

Microelectronics

Co

Ltd

119

236,539

Tongwei

Co

Ltd

717

128,611

Topco

Scientific

Co

Ltd

1,096

44,700

(a)

Towa

Corp

426

85,378

(c)

Tower

Semiconductor

Ltd

(Tel

Aviv)

4,403

22,800

Tri

Chemical

Laboratories,

Inc

407

55,306

Trina

Solar

Co

Ltd

146

1,746,000

(c),(d)

Trony

Solar

Holdings

Co

Ltd

2

5,592

u-blox

Holding

AG.

451

336,340

(c)

Ultra

Clean

Holdings

12,091

34,944

Ulvac,

Inc

1,340

2,334,900

(a)

UMS

Holdings

Ltd

1,760

107

SHARES

DESCRIPTION

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

24,729

Unigroup

Guoxin

Microelectronics

Co

Ltd

$

218

341,600

Unisem

M

Bhd

230

4,586,071

United

Microelectronics

Corp

5,974

1,224,000

United

Renewable

Energy

Co

Ltd/Taiwan

376

13,243

Universal

Display

Corp

1,936

34,000

UPI

Semiconductor

Corp

233

388,301

Vanguard

International

Semiconductor

Corp

1,183

184,000

Via

Technologies,

Inc

563

265,000

VisEra

Technologies

Co

Ltd

2,477

122,000

Visual

Photonics

Epitaxy

Co

Ltd

617

438,400

ViTrox

Corp

Bhd

393

468,856

Wafer

Works

Corp

387

27,234

Will

Semiconductor

Co

Ltd

389

270,000

Win

Semiconductors

Corp

921

2,126,000

Winbond

Electronics

Corp

958

21,000

WinWay

Technology

Co

Ltd

731

37,865

(a),(c)

Wolfspeed,

Inc

252

22,175

(c)

WONIK

IPS

Co

Ltd

332

12,602

(c)

Wonik

QnC

Corp

150

41,234

(b),(c)

X-Fab

Silicon

Foundries

SE

215

7,316

(b),(c)

X-Fab

Silicon

Foundries

SE

38

38,417

Xinjiang

Daqo

New

Energy

Co

Ltd

127

118,000

XinTec,

Inc

712

2,166,337

(a)

Xinyi

Solar

Holdings

Ltd

864

31,310

(c)

YC

Corp

213

27,406

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

120

24,000

ZillTek

Technology

Corp

234

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

11,420,030

SOFTWARE

&

SERVICES

-

8.9%

184,587

360

Security

Technology,

Inc

262

1,362,763

Accenture

plc

479,406

87,762

Addnode

Group

AB

823

2,913

Adesso

SE

266

249,468

(c)

Adobe,

Inc

110,933

44,654

(c)

Akamai

Technologies,

Inc

4,271

12,462

(c)

Al

Moammar

Information

Systems

Co

541

52,271

(b)

Alfa

Financial

Software

Holdings

plc

140

34,500

(c)

Alkami

Technology,

Inc

1,265

23,653

Alten

1,938

140,471

Amdocs

Ltd

11,960

56,200

American

Software,

Inc

(Class

A)

623

12,777

(c)

Ansys,

Inc

4,310

39,782

(c)

Appfolio,

Inc

9,815

438,000

Appier

Group,

Inc

3,973

176,525

(c)

AppLovin

Corp

57,164

20,041

Arabian

Internet

&

Communications

Services

Co

1,438

22,400

Argo

Graphics,

Inc

709

140,800

(a),(b)

AsiaInfo

Technologies

Ltd

114

18,100

(c)

Aspentech

Corp

4,518

41,182

Asseco

Poland

S.A.

957

64,044

Atea

ASA

796

394,427

(c)

Atlassian

Corp

Ltd

95,996

6,514

Atoss

Software

AG.

770

5,789

Aubay

270

24,650

(c)

AudioEye,

Inc

375

13,574

AurionPro

Solutions

Ltd

270

1,883

(c)

AvePoint,

Inc

31

2,554,700

(a),(c)

BASE,

Inc

5,238

274,701

Bechtle

AG.

8,810

68,200

(a),(c)

Beijing

Fourth

Paradigm

Technology

Co

Ltd

445

11,647

Beijing

Kingsoft

Office

Software,

Inc

456

119,444

(a)

Bentley

Systems,

Inc

5,578

Stock

108

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

60,685

(c)

BILL

Holdings,

Inc

$

5,141

133,351

Birlasoft

Ltd

870

26,227

(a),(c)

Bitdeer

Technologies

Group

568

287,468

(a),(c)

Bitfarms

Ltd

426

405,512

(a),(c)

BlackBerry

Ltd

1,540

118,080

(c)

Box,

Inc

3,731

791,569

Bytes

Technology

Group

plc

4,188

26,850

CANCOM

SE

646

149,663

Cap

Gemini

S.A.

24,444

18,317

cBrain

A.S.

457

275,009

(c)

CCC

Intelligent

Solutions

Holdings,

Inc

3,226

15,363

CE

Info

Systems

Ltd

284

317,588

(c)

Cellebrite

DI

Ltd

6,996

10,704

Cerillion

plc

235

172,184

CGI,

Inc

18,840

26,000

(a)

Change

Holdings,

Inc

195

84,775

(c)

Check

Point

Software

Technologies

15,827

1,858,000

(a)

Chinasoft

International

Ltd

1,229

600,000

(a),(c)

Cipher

Mining,

Inc

2,784

897,131

Clear

Secure,

Inc

23,900

638,060

(c)

Clearwater

Analytics

Holdings,

Inc

17,559

90,417

(c)

Cloudflare,

Inc

9,736

46,999

Coforge

Ltd

5,281

147,278

Cognizant

Technology

Solutions

Corp

(Class

A)

11,326

292,769

(c)

Commvault

Systems,

Inc

44,182

131,966

Computacenter

plc

3,509

425,207

Computer

Modelling

Group

Ltd

3,150

632,426

(c)

Confluent,

Inc

17,683

20,984

Constellation

Software,

Inc

64,887

552,685

(a)

Converge

Technology

Solutions

Corp

1,257

969,700

(c)

Core

Scientific,

Inc

13,624

304,757

(c)

Coveo

Solutions,

Inc

1,353

50,987

(b),(c)

Crayon

Group

Holding

ASA

559

260,971

(c)

Crowdstrike

Holdings,

Inc

89,294

41,699

(c)

CyberArk

Software

Ltd

13,892

203,500

Cybozu,

Inc

3,696

68,430

Cyient

Ltd

1,464

644,673

Dassault

Systemes

SE

22,308

110,640

Data#3

Ltd

437

258,541

(c)

Datadog,

Inc

36,943

231,131

(c)

Descartes

Systems

Group,

Inc

26,273

10,800

Digital

Arts,

Inc

410

557,000

(a)

Digital

China

Holdings

Ltd

236

21,913

Digital

Garage,

Inc

532

12,006

(c)

Docebo,

Inc

538

17,273

Dolby

Laboratories,

Inc

(Class

A)

1,349

210,770

(c)

Domo,

Inc

1,492

13,434

Douzone

Bizon

Co

Ltd

573

70,365

(c)

Dropbox,

Inc

2,114

31,000

DTS

Corp

819

109,688

(c)

DXC

Technology

Co

2,192

32,566

(a)

Dye

&

Durham

Ltd

398

261,722

(c)

Dynatrace,

Inc

14,225

50,946

(c)

Elastic

NV

5,048

19,938

Elm

Co

5,917

9,100

Empyrean

Technology

Co

Ltd

151

5,621

(c)

EMRO,

Inc

243

36,496

Enghouse

Systems

Ltd

688

137,014

(c)

EPAM

Systems,

Inc

32,037

4,181

Esker

S.A.

1,128

7,034

Exclusive

Networks

S.A.

137

12,044

(c)

Fair

Isaac

Corp

23,979

109

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

21,006

(c)

FD

Technologies

plc

$

511

64,104

FDM

Group

Holdings

plc

253

18,632

Formula

Systems

1985

Ltd

1,566

186,153

(c)

Fortinet,

Inc

17,588

389,085

Fortnox

AB

2,523

118,300

(a),(c)

Freee

KK

2,252

125,800

(c)

Freshworks,

Inc

2,034

23,268

(a)

FUJI

SOFT,

Inc

1,463

1,391,805

Fujitsu

Ltd

24,449

30,800

Future

Architect,

Inc

360

42,819

(c)

Gartner,

Inc

20,745

722,139

GB

Group

plc

3,074

800,600

(c)

GDS

Holdings

Ltd

2,383

64,700

(a),(c)

GDS

Holdings

Ltd

(ADR)

1,537

3,871,407

Gen

Digital,

Inc

105,999

12,591

GFT

Technologies

SE

287

90,499

(c)

Gitlab,

Inc

5,100

77,537

(a),(b)

Global

Dominion

Access

S.A.

225

25,409

(c)

Globant

S.A.

5,448

53,770

GMO

internet,

Inc

910

162,289

(c)

GoDaddy,

Inc

32,031

890,743

(c)

Grid

Dynamics

Holdings,

Inc

19,810

47,640

(c)

Guidewire

Software,

Inc

8,031

11,800

Hackett

Group,

Inc

363

143,517

Hansen

Technologies

Ltd

475

52,456

Happiest

Minds

Technologies

Ltd

449

87,938

(c)

HashiCorp,

Inc

3,008

1,246,579

HCL

Technologies

Ltd

27,835

10,682

(c)

HubSpot,

Inc

7,443

54,052

Hundsun

Technologies,

Inc

207

58,583

Iflytek

Co

Ltd

388

4,600

I'll,

Inc

79

68,030

(a)

Indra

Sistemas

S.A.

1,202

281,000

INESA

Intelligent

Tech,

Inc

188

49,023

(c)

Informatica,

Inc

1,271

22,548

Information

Services

International-Dentsu

Ltd

834

6,026,411

Infosys

Technologies

Ltd

132,012

23,000

Insyde

Software

Corp

271

214,810

(c)

Intapp,

Inc

13,767

67,768

Intellect

Design

Arena

Ltd

755

381,258

International

Business

Machines

Corp

83,812

165,464

Intuit,

Inc

103,994

16,207

(c)

Ionos

SE

368

143,764

Iress

Market

Technology

Ltd

828

56,550

Isoftstone

Information

Technology

Group

Co

Ltd

455

347,330

(c)

JFrog

Ltd

10,215

162,557

Justsystems

Corp

3,601

69,570

Kainos

Group

plc

708

659,200

(c),(e)

Kaonavi,

Inc

8,019

234,092

(c)

Kinaxis,

Inc

28,196

1,171,495

(c)

Kingdee

International

Software

Group

Co

Ltd

1,273

11,778,000

(a),(c)

Kingsoft

Cloud

Holdings

Ltd

8,527

64,900

(c)

Klaviyo,

Inc

2,676

30,118

Kontron

AG.

608

131,980

KPIT

Technologies

Ltd

2,250

378,053

(c)

Kyndryl

Holdings,

Inc

13,081

31,300

(a),(c)

Life360,

Inc

1,292

1,271,824

(c)

Lightspeed

Commerce,

Inc

19,394

779,000

(a),(b)

Linklogis,

Inc

170

53,490

(c)

LiveRamp

Holdings,

Inc

1,624

31,862,000

(b),(e)

Locaweb

Servicos

de

Internet

S.A.

17,082

457,155

(b)

LTIMindtree

Ltd

29,721

Stock

110

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

96,710

Magellanic

Cloud

Ltd

$

82

30,001

Magic

Software

Enterprises

Ltd

366

35,560

(c)

Manhattan

Associates,

Inc

9,610

14,076

Mastek

Ltd

488

52,616

Matrix

IT

Ltd

1,235

105,605

Meeza

QSTP

LLC

95

218,017

(a),(c)

Megaport

Ltd

990

196,651

(c)

MIA

Teknoloji

AS.

234

11,705,176

Microsoft

Corp

4,933,732

96,159

(a),(c)

MicroStrategy,

Inc

(Class

A)

27,850

671,000

(a)

Ming

Yuan

Cloud

Group

Holdings

Ltd

225

22,767

Mitsubishi

Research

Institute,

Inc

696

36,397

(c)

Monday.com

Ltd

8,569

34,088

(c)

Money

Forward,

Inc

1,033

167,141

(c)

MongoDB,

Inc

38,912

53,604

(c)

Moschip

Technologies

Ltd

128

90,757

Mphasis

Ltd

3,006

206,430

(c)

N-able,

Inc

1,928

6,371

(c)

Nagarro

SE

524

852,000

(a),(c),(d)

National

Agricultural

Holdings

Ltd

1

482,856

NCC

Group

plc

910

1,358

(c)

nCino

OpCo,

Inc

46

258,391

NEC

Corp

22,112

54,443

(a)

NEC

Networks

&

System

Integration

Corp

1,131

55,745

Nemetschek

SE

5,415

34,446

(b)

Netcompany

Group

A.S.

1,622

44,277

Newgen

Software

Technologies

Ltd

877

471,053

(c)

NEXTDC

Ltd

4,382

60,547

(c)

Nice

Systems

Ltd

10,282

595,284

Nihon

Unisys

Ltd

17,860

49,800

Nippon

System

Development

Co

Ltd

1,061

358,800

Nomura

Research

Institute

Ltd

10,535

8,389

(a),(c)

Northern

Data

AG.

388

50,584

NS

Solutions

Corp

1,300

539,500

NTT

Data

Corp

10,259

1,331,470

(c)

Nuix

Ltd

5,196

314,017

(c)

Nutanix,

Inc

19,212

636,500

OBIC

Business

Consultants

Ltd

27,766

62,975

Obic

Co

Ltd

1,874

104,739

Objective

Corp

Ltd

1,029

214,962

(c)

Okta,

Inc

16,939

1,174,660

(c)

Olo,

Inc

9,021

38,911

One

Software

Technologies

Ltd

731

283,550

(c)

OneSpan,

Inc

5,257

36,414

(c)

Onestream,

Inc

1,039

198,582

(c)

Ooma,

Inc

2,792

226,288

Open

Text

Corp

(Toronto)

6,404

2,458,934

Oracle

Corp

409,757

7,600

(c)

Oracle

Corp

Japan

727

10,444

Oracle

Financial

Services

Software

Ltd

1,554

43,300

Otsuka

Corp

990

31,822

(a),(c)

OVH

Groupe

SAS

287

33,810

(a),(c)

Pagaya

Technologies

Ltd

314

600,373

(c)

Palantir

Technologies,

Inc

45,406

1,397,114

(c)

Palo

Alto

Networks,

Inc

254,219

83,621

Pegasystems,

Inc

7,793

88,340

(c)

Perfect

Presentation

For

Commercial

Services

Co

330

90,630

Persistent

Systems

Ltd

6,813

11,800

(a),(c)

PKSHA

Technology,

Inc

282

9,158

(c)

Planisware

S.A.

267

841,300

Plus

Alpha

Consulting

Co

Ltd

10,064

144,710

(a),(c)

Porch

Group,

Inc

712

111

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

42,917

POSCO

DX

Co

Ltd

$

546

35,798

(c)

Procore

Technologies,

Inc

2,682

682,530

(c)

PROS

Holdings,

Inc

14,988

14,613

Protean

eGov

Technologies

Ltd

329

592,377

(c)

PTC,

Inc

108,920

251,337

(c)

Q2

Holdings,

Inc

25,297

14,737

(a),(c)

QT

Group

Oyj

1,027

107,112

(c)

Radware

Ltd

2,413

66,900

Rakus

Co

Ltd

779

66,000

Range

Intelligent

Computing

Technology

Group

Co

Ltd

469

31,556

(c)

Rategain

Travel

Technologies

Ltd

266

20,940

(c)

Red

Violet,

Inc

758

17,236

Reply

S.p.A

2,740

49,041

(c)

RingCentral,

Inc

1,717

59,563

(a),(c)

Riskified

Ltd

282

191,973

Roper

Industries,

Inc

99,797

20,591

Route

Mobile

Ltd

334

664,544

(c)

Rubrik,

Inc

43,435

975,222

Sage

Group

plc

15,495

14,600

(a)

Sakura

Internet,

Inc

403

2,006,280

Salesforce,

Inc

670,760

17,347

(c)

Samsung

SDS

Co

Ltd

1,493

52,500

(c)

Sansan,

Inc

753

1,327,398

SAP

AG.

326,506

80,964

Sapiens

International

Corp

NV

2,189

1,315

Secunet

Security

Networks

AG.

159

483,430

(c)

SEMrush

Holdings,

Inc

5,743

1,056,747

(c)

SentinelOne,

Inc

23,460

509,742

(c)

ServiceNow,

Inc

540,388

43,202

(a),(c)

ServiceTitan,

Inc

4,444

294,586

Shanghai

Baosight

Software

Co

Ltd

473

59,522

Shanghai

Baosight

Software

Co

Ltd

238

106,271

(c)

SHIFT,

Inc

12,110

298,606

(c)

Shopify,

Inc

(Class

A)

31,751

2,714,512

(c)

Shopify,

Inc

(Class

A)

288,910

224,893

(c)

SimilarWeb

Ltd

3,187

21,500

Simplex

Holdings,

Inc

337

4,761,691

(b),(c)

Sinch

AB

8,920

182,900

(c)

SiteMinder

Ltd

683

80,601

(c)

Smartsheet,

Inc

4,516

266,388

(c)

Snowflake,

Inc

41,133

92,792

Softcat

plc

1,770

137,304

Sonata

Software

Ltd

959

82,325

Sopra

Group

S.A.

14,593

213,300

(c)

Sprinklr,

Inc

1,802

23,047

(c)

SPS

Commerce,

Inc

4,240

29,600

Sumisho

Computer

Systems

Corp

620

637,224

SUNeVision

Holdings

Ltd

349

386,928

(c)

Synopsys,

Inc

187,799

2,145,712

Systena

Corp

4,918

122,000

Systex

Corp

537

211,757

Tanla

Platforms

Ltd

1,657

521,831

Tata

Consultancy

Services

Ltd

24,903

13,913

Tata

Elxsi

Ltd

1,102

542,328

(b),(c)

TeamViewer

SE

5,363

221,313

Tech

Mahindra

Ltd

4,395

183,600

TechMatrix

Corp

2,751

678,722

Technology

One

Ltd

13,110

497,310

(c)

Telos

Corp

1,701

53,929

Temenos

Group

AG.

3,811

150,290

(c)

Tenable

Holdings,

Inc

5,918

339,853

(c)

Teradata

Corp

10,586

Stock

112

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

78,760

(a)

Tietoenator

Oyj

$

1,389

787,900

TIS,

Inc

18,610

45,396

(a),(c)

TomTom

NV

235

445,152

TOTVS

S.A.

1,929

911,061

(c)

Trade

Desk,

Inc

107,077

24,500

(a),(c)

Trend

Micro,

Inc

1,321

548,263

(a)

Truecaller

AB

2,535

188,800

Tuya,

Inc

(ADR)

338

121,495

(c)

Twilio,

Inc

13,131

260,211

(c)

UiPath,

Inc

3,307

305,339

(a),(c)

Unity

Software,

Inc

6,861

48,624

(c)

VeriSign,

Inc

10,063

26,930

(c)

Viant

Technology,

Inc

511

25,739

Vitec

Software

Group

AB

1,262

49,300

(c)

VNET

Group,

Inc

(ADR)

234

5,804

(a)

Wavestone

258

226,050

(c)

Weave

Communications,

Inc

3,599

1,765,000

(a),(b),(c)

Weimob,

Inc

734

12,559

(a)

Wiit

S.p.A

252

13,700

WingArc1st,

Inc

324

1,063,706

Wipro

Ltd

3,738

138,986

WiseTech

Global

Ltd

10,376

50,919

(c)

Wix.com

Ltd

10,925

379,117

(c)

Workday,

Inc

97,824

230,834

(c)

Workiva,

Inc

25,276

98,064

(c)

Xero

Ltd

10,205

245,110

(c)

Xperi,

Inc

2,517

78,090

(c)

Yext,

Inc

497

89,487

Yonyou

Network

Technology

Co

Ltd

131

86,234

(a),(c)

Yubico

AB

1,891

94,829

Zensar

Technologies

Ltd

830

783,090

(c)

Zeta

Global

Holdings

Corp

14,088

93,151

(c)

Zscaler,

Inc

16,805

51,000

Zuken,

Inc

1,330

121,220

(c)

Zuora,

Inc

1,203

TOTAL

SOFTWARE

&

SERVICES

11,109,606

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6.8%

306,444

AAC

Technologies

Holdings,

Inc

1,470

55,000

Ability

Opto-Electronics

Technology

Co

Ltd

352

22,900

Accelink

Technologies

Co

Ltd

163

209,402

Accton

Technology

Corp

4,922

1,177,532

Acer,

Inc

1,426

78,000

Adlink

Technology,

Inc

184

10,631

ADVA

Optical

Networking

SE

220

189,543

Advantech

Co

Ltd

1,999

25,006

Ai

Holdings

Corp

336

16,402

AIC,

Inc

163

126,000

Alpha

Networks,

Inc

135

154,100

Alps

Electric

Co

Ltd

1,559

4,518

ALSO

Holding

AG.

1,115

44,450

Amano

Corp

1,199

2,801,489

Amphenol

Corp

(Class

A)

194,563

2,260

Anker

Innovations

Technology

Co

Ltd

30

544,593

Anritsu

Corp

4,828

1,287,120

(c),(d)

Anxin-China

Holdings

Ltd

2

21,055,803

(h)

Apple,

Inc

5,272,794

128,000

Arcadyan

Technology

Corp

684

2,969,980

(c)

Arista

Networks,

Inc

328,272

15,084

(c)

Arrow

Electronics,

Inc

1,706

129,000

Asia

Optical

Co,

Inc

740

273,000

Asia

Vital

Components

Co

Ltd

5,150

27,000

ASROCK,

Inc

190

113

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

26,174

Astra

Microwave

Products

Ltd

$

234

285,026

Asustek

Computer,

Inc

5,343

20,622

AT&S

Austria

Technologie

&

Systemtechnik

AG.

259

2,809,827

AU

Optronics

Corp

1,254

55,815

(a),(c)

Audinate

Group

Ltd

255

51,000

AURAS

Technology

Co

Ltd

1,040

12,613

(b),(c)

Avalon

Technologies

Ltd

142

42,000

Avary

Holding

Shenzhen

Co

Ltd

210

25,180

Avnet,

Inc

1,317

314,800

Azbil

Corp

2,426

86,790

Badger

Meter,

Inc

18,410

56,212

Barco

NV

608

1,085,000

Benq

Corp

1,110

22,617

BH

Co

Ltd

263

1,119,337

BOE

Technology

Group

Co

Ltd

673

266,000

BOE

Varitronix

Ltd

230

45,700

Brother

Industries

Ltd

773

343,439

BYD

Electronic

International

Co

Ltd

1,839

2,365,300

CalComp

Electronics

Thailand

PCL

701

97,670

(c)

Calix,

Inc

3,406

65,200

(a),(c)

Canon

Electronics,

Inc

984

36,290

Canon

Marketing

Japan,

Inc

1,182

181,240

(a)

Canon,

Inc

5,887

259,947

Catcher

Technology

Co

Ltd

1,536

78,647

CDW

Corp

13,688

129,007

(c)

Celestica,

Inc

11,906

278,000

Chang

Wah

Electromaterials,

Inc

385

133,000

Channel

Well

Technology

Co

Ltd

287

51,845

Chaozhou

Three-Circle

Group

Co

Ltd

274

650,000

Chenbro

Micom

Co

Ltd

5,263

221,000

Cheng

Uei

Precision

Industry

Co

Ltd

488

101,000

Chenming

Mold

Industry

Corp

434

1,673,000

Chicony

Electronics

Co

Ltd

7,745

489,600

(c),(d)

China

Fiber

Optic

Network

System

Group

Ltd

1

42,957

China

Greatwall

Technology

Group

Co

Ltd

86

286,069

China

Railway

Signal

&

Communication

Corp

Ltd

245

281,000

Chin-Poon

Industrial

Co

Ltd

332

304,000

Chroma

ATE,

Inc

3,782

18,000

Chunghwa

Precision

Test

Tech

Co

Ltd

484

947,728

(c)

Ciena

Corp

80,377

3,425,070

Cisco

Systems,

Inc

202,764

152,000

Citizen

Watch

Co

Ltd

893

264,000

Clevo

Co

415

132,034

Codan

Ltd

1,316

103,996

Cognex

Corp

3,729

443,839

(c)

Coherent

Corp

42,045

42,619

Comet

Holding

AG.

11,684

164,012

(c)

CommScope

Holding

Co,

Inc

854

1,716,524

Compal

Electronics,

Inc

1,965

797,000

Compeq

Manufacturing

Co

Ltd

1,700

181,370

(a)

CompoSecure,

Inc

2,780

208,000

Coretronic

Corp

593

212,759

Corning,

Inc

10,110

18,424

(c)

CosmoAM&T

Co

Ltd

635

186,000

Co-Tech

Development

Corp

331

208,000

(a),(c)

Cowell

e

Holdings,

Inc

756

27,682

Crane

NXT

Co

1,612

13,581

(c)

Cyient

DLM

Ltd

106

31,406

Daeduck

Electronics

Co

Ltd

326

8,723

Daejoo

Electronic

Materials

Co

Ltd

436

68,070

Daiwabo

Co

Ltd

1,322

142,000

Darfon

Electronics

Corp

188

Stock

114

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

170,482

DataTec

Ltd

$

449

629,471

Dell

Technologies,

Inc

72,540

1,262,070

Delta

Electronics

Thailand

PCL

5,593

2,492,673

Delta

Electronics,

Inc

32,627

130,803

Dexerials

Corp

2,008

49,811

Dicker

Data

Ltd

259

31,912

Dreamtech

Co

Ltd

157

199,000

Dynamic

Holding

Co

Ltd

371

1,236,000

Dynapack

International

Technology

Corp

7,910

6,090,476

E

Ink

Holdings,

Inc

50,714

45,000

Egis

Technology,

Inc

242

21,448

Eizo

Nanao

Corp

297

33,996

Elecom

Co

Ltd

319

221,000

Elite

Material

Co

Ltd

4,151

173,000

Elitegroup

Computer

Systems

Co

Ltd

117

63,679

Ennoconn

Corp

565

4,400

(a)

Enplas

Corp

134

18,900

Eoptolink

Technology,

Inc

Ltd

297

2,679,004

Ericsson

(LM)

(B

Shares)

21,696

148,108

(c)

Everdisplay

Optronics

Shanghai

Co

Ltd

47

21,091

Evertz

Technologies

Ltd

185

213,080

(c)

Extreme

Networks,

Inc

3,567

16,218

(c)

F5

Networks,

Inc

4,078

114,400

(c)

Fabrinet

25,154

3,060,000

(c)

FIH

Mobile

Ltd

361

221,000

FLEXium

Interconnect,

Inc

433

1,696,451

(c)

Flextronics

International

Ltd

65,127

37,000

Fositek

Corp

911

334,924

Foxconn

Industrial

Internet

Co

Ltd

979

736,000

Foxconn

Technology

Co

Ltd

1,666

2,565,588

FUJIFILM

Holdings

Corp

53,081

183,000

General

Interface

Solution

Holding

Ltd

282

68,000

Genius

Electronic

Optical

Co

Ltd

1,049

72,365

Genus

Power

Infrastructures

Ltd

323

291,000

Getac

Holdings

Corp

939

205,000

Gigabyte

Technology

Co

Ltd

1,696

230,000

Global

Brands

Manufacture

Ltd

403

71,822

GoerTek,

Inc

254

262,400

Gold

Circuit

Electronics

Ltd

1,926

91,636

GRG

Banking

Equipment

Co

Ltd

146

35,897

Guangzhou

Haige

Communications

Group,

Inc

Co

54

9,700

(a)

Hakuto

Co

Ltd

270

676,013

Halma

plc

22,680

218,400

Hamamatsu

Photonics

KK

2,429

420,500

Hana

Microelectronics

PCL

(Foreign)

303

213,440

Hannstar

Board

Corp

346

1,669,000

HannStar

Display

Corp

428

112,030

(c)

Harmonic,

Inc

1,482

63,000

Hengtong

Optic-electric

Co

Ltd

149

2,871,197

Hewlett

Packard

Enterprise

Co

61,300

864,434

Hexagon

AB

8,253

551,000

(c)

High

Tech

Computer

Corp

825

7,500

Hioki

EE

Corp

356

68,600

Hirose

Electric

Co

Ltd

8,018

21,254

(a)

HMS

Networks

AB

832

112,350

Holy

Stone

Enterprise

Co

Ltd

293

17,409,640

Hon

Hai

Precision

Industry

Co,

Ltd

97,331

27,299

Horiba

Ltd

1,567

195,300

Hosiden

Corp

2,854

558,295

HP,

Inc

18,217

35,300

Huagong

Tech

Co

Ltd

209

37,800

Huaqin

Technology

Co

Ltd

367

115

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

90,000

Ibase

Technology,

Inc

$

202

88,900

Ibiden

Co

Ltd

2,645

142,000

I-Chiun

Precision

Industry

Co

Ltd

488

1,349

Inficon

Holding

AG.

1,542

1

(c)

Infinera

Corp

0

^

10,058

(c)

Ingram

Micro

Holding

Corp

195

59,007

Innodisk

Corp

392

3,276,641

InnoLux

Display

Corp

1,432

25,200

Inspur

Electronic

Information

Industry

Co

Ltd

179

65,600

Intelbras

S.A.

Industria

de

Telecomunicacao

Eletronica

Brasileira

136

6,763

Intellian

Technologies,

Inc

171

1,089,172

Inventec

Co

Ltd

1,660

7,858

(c)

IPG

Photonics

Corp

571

36,423

(c)

IsuPetasys

Co

Ltd

660

149,000

ITEQ

Corp

357

232,800

ITMAX

SYSTEM

Bhd

192

326,053

(c)

Itron,

Inc

35,403

12,632

Ituran

Location

and

Control

Ltd

393

91,884

Jabil

Inc

13,222

363,642

(a)

Japan

Aviation

Electronics

Industry

Ltd

6,795

610,900

Jaymart

Group

Holdings

PCL

235

39,213

Jenoptik

AG.

917

33,388

Jeol

Ltd

1,166

55,000

Jess-Link

Products

Co

Ltd

244

17,909

(c)

JNTC

Co

Ltd

227

58,862

(c)

Joongang

DNM

Co

Ltd

329

199,129

Juniper

Networks,

Inc

7,457

30,000

Kaga

Electronics

Co

Ltd

547

18,433

(c)

Kaynes

Technology

India

Ltd

1,592

744,200

KCE

Electronics

PCL

530

178,535

Keyence

Corp

72,569

48,329

(c)

Keysight

Technologies,

Inc

7,763

44,000

King

Slide

Works

Co

Ltd

2,072

482,500

Kingboard

Chemical

Holdings

Ltd

1,155

638,000

Kingboard

Laminates

Holdings

Ltd

589

828,000

Kinpo

Electronics

662

136,087

Kitron

ASA

405

355,000

Konica

Minolta

Holdings,

Inc

1,474

249,254

Kyocera

Corp

2,471

72,699

Landis&Gyr

Group

AG.

4,607

40,625

Largan

Precision

Co

Ltd

3,307

277,800

(b)

Legend

Holdings

Corp

283

371

LEM

Holding

S.A.

303

3,282,399

Lenovo

Group

Ltd

4,220

127,723

Lens

Technology

Co

Ltd

383

115,811

(c)

LG

Display

Co

Ltd

707

5,804

(c)

LG

Innotek

Co

Ltd

628

220,684

Lingyi

iTech

Guangdong

Co

242

816,277

Lite-On

Technology

Corp

2,471

60,717

Logitech

International

S.A.

5,012

83,999

Lotes

Co

Ltd

4,991

14,825

(c)

Lotte

Energy

Materials

Corp

232

956,799

(c)

Lumentum

Holdings,

Inc

80,323

1,017,956

LuxNet

Corp

5,822

381,224

Luxshare

Precision

Industry

Co

Ltd

2,127

112,221

Macnica

Holdings,

Inc

1,294

7,100

Maruwa

Co

Ltd

2,142

31,100

Maxell

Holdings

Ltd

367

6,542

Maxscend

Microelectronics

Co

Ltd

80

255,291

MCJ

Co

Ltd

2,305

15,400

Meiko

Electronics

Co

884

178,830

Methode

Electronics,

Inc

2,108

Stock

116

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

5,681,900

Metrodata

Electronics

Tbk

PT

$

219

198,000

(a),(c),(d)

MH

Development

Ltd

0

^

57,067

(a)

Micronic

AB

2,062

286,200

Micro-Star

International

Co

Ltd

1,598

319,500

(c)

Mirion

Technologies,

Inc

5,575

682,000

Mitac

Holdings

Corp

1,469

616,777

Motorola

Solutions,

Inc

285,093

1,498,431

Murata

Manufacturing

Co

Ltd

23,772

158,000

Nan

Ya

Printed

Circuit

Board

Corp

627

518,400

Nationgate

Holdings

Bhd

293

5,718

(c)

Nayax

Ltd

168

132,934

NCAB

Group

AB

775

21,686

Neopost

S.A.

422

120,023

NetApp,

Inc

13,932

12,025

Netweb

Technologies

India

Ltd

381

38,572

Next

Vision

Stabilized

Systems

Ltd

640

40,450

(a)

Nichicon

Corp

279

35,715

Ninestar

Corp

138

124,200

Nippon

Ceramic

Co

Ltd

2,010

65,476

(a)

Nippon

Electric

Glass

Co

Ltd

1,386

26,860

Nissha

Printing

Co

Ltd

273

14,572

Nohmi

Bosai

Ltd

305

1

Nokia

Corp

(ADR)

0

^

5,145,905

Nokia

Oyj

22,762

60,000

(c)

OFILM

Group

Co

Ltd

98

514,536

Oki

Electric

Industry

Co

Ltd

3,451

34,000

Omron

Corp

1,145

40,600

Oxford

Instruments

plc

1,095

3,621,000

Pan-International

Industrial

4,518

236,626

(a),(c)

PAR

Technology

Corp

17,196

4,331

(c)

Park

Systems

Corp

615

623,000

PAX

Global

Technology

Ltd

431

80,110

PC

Connection,

Inc

5,549

829,915

Pegatron

Corp

2,321

87,683

PG

Electroplast

Ltd

1,000

134,920

(c)

Plexus

Corp

21,112

334,000

Primax

Electronics

Ltd

773

135,000

Promate

Electronic

Co

Ltd

329

180,129

(c)

Pure

Storage,

Inc

11,065

428,000

(a)

Q

Technology

Group

Co

Ltd

355

1,093,390

Quanta

Computer,

Inc

9,516

151,000

Quanta

Storage,

Inc

513

49,366

(a),(c)

Raspberry

PI

Holdings

plc

386

462,082

Redington

Ltd

1,078

180,481

(c)

Reeder

Teknoloji

Sanayi

VE

Ticaret

AS

73

29,143

Renishaw

plc

1,233

10,947

Restar

Holdings

Corp

179

102,900

Ricoh

Co

Ltd

1,169

22,252

Riken

Keiki

Co

Ltd

538

29,796

Riso

Kagaku

Corp

302

162,159

Ryoyo

Ryosan

Holdings,

Inc

2,502

22,773

(c)

Samsung

Electro-Mechanics

Co

Ltd

1,889

10,747,007

Samsung

Electronics

Co

Ltd

383,526

698,049

Samsung

Electronics

Co

Ltd

(Preference)

20,733

199,137

(c)

Samsung

SDI

Co

Ltd

32,915

70,319

(c)

Sanmina

Corp

5,321

3,000

Santec

Holdings

Corp

139

32,000

Scientech

Corp

385

54,800

Seiko

Epson

Corp

989

7,861

(a),(b),(c)

Sensirion

Holding

AG.

480

20,000

Sensortek

Technology

Corp

152

18,310

(c)

Seojin

System

Co

Ltd

328

117

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

185,000

Sercomm

Corp

$

687

6,313

(a)

Sesa

S.p.A

408

5,690

(a)

SES-imagotag

S.A.

1,043

3,283

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

87

55,784

Shengyi

Technology

Co

Ltd

184

8,092

Shennan

Circuits

Co

Ltd

138

26,430

Shenzhen

Transsion

Holdings

Co

Ltd

344

45,800

Shimadzu

Corp

1,282

133,000

Simplo

Technology

Co

Ltd

1,610

644,000

Sinbon

Electronics

Co

Ltd

5,136

24,077

(a)

Softchoice

Corp

406

89,825

(a)

Softwareone

Holding

AG.

606

83,000

Solomon

Technology

Corp

424

34,065

(c)

SOLUM

Co

Ltd

442

29,486

(c)

Solus

Advanced

Materials

Co

Ltd

162

76,491

Spectris

plc

2,390

443,424

(c)

Spirent

Communications

plc

983

164,392

Sterlite

Technologies

Ltd

219

9,800

(c)

Sun

Corp

608

289,249

Sunny

Optical

Technology

Group

Co

Ltd

2,538

322,523

(a),(c)

Super

Micro

Computer,

Inc

9,830

373,277

Supreme

Electronics

Co

Ltd

674

51,341

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

205

16,660

Suzhou

TFC

Optical

Communication

Co

Ltd

207

519,621

Synnex

Technology

International

Corp

1,121

59,585

(c)

Synopex,

Inc

237

47,500

Syrma

SGS

Technology

Ltd

326

203,000

Taiwan

Surface

Mounting

Technology

Corp

674

178,000

Taiwan

Union

Technology

Corp

922

94,340

Taiyo

Yuden

Co

Ltd

1,327

1,076,329

TCL

Technology

Group

Corp

742

354,403

(a)

TD

SYNNEX

Corp

41,564

377,740

TDK

Corp

4,865

884,921

TE

Connectivity

plc

126,517

51,953

(b),(c)

Tejas

Networks

Ltd

717

100,000

Test

Research,

Inc

371

50,000

Thinking

Electronic

Industrial

Co

Ltd

231

15,900

Tokyo

Electron

Device

Ltd

303

146,640

Tong

Hsing

Electronic

Industries

Ltd

620

80,356

Topcon

Corp

1,433

19,585

Toshiba

TEC

Corp

445

192,000

TPK

Holding

Co

Ltd

226

126,000

Transcend

Information,

Inc

332

68,955

(c)

Trimble

Inc

4,872

353,000

Tripod

Technology

Corp

2,121

393,770

(c)

TTM

Technologies,

Inc

9,746

305,450

(c)

Turtle

Beach

Corp

5,287

239,000

TXC

Corp

731

2,426

(a)

Ubiquiti,

Inc

805

559,011

Unimicron

Technology

Corp

2,395

82,291

Unisplendour

Corp

Ltd

313

447,412

Unitech

Printed

Circuit

Board

Corp

448

36,000

Universal

Microwave

Technology,

Inc

360

20,000

Universal

Scientific

Industrial

Shanghai

Co

Ltd

45

676,100

Venture

Corp

Ltd

6,503

256,266

(a),(c)

Viasat,

Inc

2,181

44,800

Victory

Giant

Technology

Huizhou

Co

Ltd

257

1,607,421

Vontier

Corp

58,623

8,494,300

VS

Industry

Bhd

2,144

585,042

VSTECS

Holdings

Ltd

392

130,885

Vtech

Holdings

Ltd

887

104,800

Wacom

Co

Ltd

476

Stock

118

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

96,000

Wah

Lee

Industrial

Corp

$

360

224,000

Walsin

Technology

Corp

630

3,236,000

Wasion

Holdings

Ltd

2,960

95,785

(c)

Western

Digital

Corp

5,712

10,284

Wingtech

Technology

Co

Ltd

55

190,500

(c),(d),(f)

Wintek

Corp

0

^

1,103,000

Wistron

Corp

3,485

294,524

Wistron

NeWeb

Corp

1,233

420,049

Wiwynn

Corp

33,347

667,519

WPG

Holdings

Ltd

1,390

505,252

WT

Microelectronics

Co

Ltd

1,691

72,508

Wuhan

Guide

Infrared

Co

Ltd

74

33,732

WUS

Printed

Circuit

Kunshan

Co

Ltd

183

6,215,200

(b),(c)

Xiaomi

Corp

27,259

15,750

(c),(d)

Ya

Hsin

Industrial

Co

Ltd

0

^

164,650

Yageo

Corp

2,709

107,500

(b)

Yangtze

Optical

Fibre

and

Cable

Joint

Stock

Ltd

169

28,065

Yealink

Network

Technology

Corp

Ltd

148

44,500

Yokogawa

Electric

Corp

946

29,568

(c)

Zebra

Technologies

Corp

(Class

A)

11,420

29,976

Zen

Technologies

Ltd

853

58,618

Zhejiang

Dahua

Technology

Co

Ltd

128

17,060

Zhejiang

Supcon

Technology

Co

Ltd

116

288,558

Zhen

Ding

Technology

Holding

Ltd

1,054

58,692

Zhongji

Innolight

Co

Ltd

985

111,503

ZTE

Corp

616

335,399

ZTE

Corp

(Class

H)

1,045

199,000

Zyxel

Group

Corp

240

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

8,482,672

TELECOMMUNICATION

SERVICES

-

1.1%

486,371

Advanced

Info

Service

PCL

4,094

732,548

(b)

Airtel

Africa

plc

1,038

7,734,984

America

Movil

SAB

de

C.V.

5,546

16,372,887

AT&T,

Inc

372,811

49,800

ATN

International,

Inc

837

170,193

(a)

Aussie

Broadband

Ltd

376

1,258,806

Axiata

Group

Bhd

701

205,900

(c)

Bandwidth,

Inc

3,504

61,439

(a)

BCE,

Inc

1,424

1,527,683

Bezeq

Israeli

Telecommunication

Corp

Ltd

2,176

2,118,883

Bharti

Airtel

Ltd

39,233

6,239,811

(a)

BT

Group

plc

11,247

77,442

(c)

Cellcom

Israel

Ltd

440

510,625

(b)

Cellnex

Telecom

S.A.

16,129

22,300

Chief

Telecom,

Inc

326

19,275,912

(b)

China

Tower

Corp

Ltd

2,768

1,595,653

Chunghwa

Telecom

Co

Ltd

6,007

1,230,641

Citic

Telecom

International

Holdings

Ltd

368

3,545,679

Deutsche

Telekom

AG.

106,239

1,222,344

Digi.Com

BHD

989

28,868

Drillisch

AG.

377

139,092

Elisa

Oyj

(Series

A)

6,022

2,901,875

Emirates

Telecommunications

Group

Co

PJSC

12,894

105,726

Empresa

Nacional

de

Telecomunicaciones

S.A.

315

11,923

Etihad

Atheeb

Telecommunication

Co

345

322,549

Etihad

Etisalat

Co

4,579

748,282

Far

EasTone

Telecommunications

Co

Ltd

2,039

91,454

Freenet

AG.

2,611

146,610

(c)

Frontier

Communications

Parent,

Inc

5,087

70,731

Gamma

Communications

plc

1,355

186,824

(c),(d)

GCI

Liberty,

Inc

2

611,057

(c)

Helios

Towers

plc

700

119

SHARES

DESCRIPTION

VALUE

(000)

TELECOMMUNICATION

SERVICES

(continued)

147,600

Hellenic

Telecommunications

Organization

S.A.

$

2,273

565,175

HFCL

Ltd

741

784,120

(a)

HKBN

Ltd

512

744,477

HKT

Trust

&

HKT

Ltd

919

1,271,607

(a)

Hutchison

Telecommunications

Hong

Kong

Holdings

Ltd

151

59,980

IDT

Corp

2,850

1,001,051

(c)

Indus

Towers

Ltd

3,984

327,520

Infrastrutture

Wireless

Italiane

S.p.A

3,327

84,248

Internet

Initiative

Japan,

Inc

1,588

642,000

Intouch

Holdings

PCL

(Class

F)

1,822

68,429

Iridium

Communications,

Inc

1,986

4,399,900

(c)

Jasmine

International

PCL

275

161,300

(c)

Jasmine

Technology

Solution

PCL

310

893,039

KDDI

Corp

28,444

16,215,494

Koninklijke

KPN

NV

59,129

234,829

Kuwait

Telecommunications

Co

410

222,725

(a),(c),(d)

Let's

GOWEX

S.A.

2

77,352

LG

Telecom

Ltd

541

94,658

(c)

Liberty

Global

Ltd

1,244

406,026

(c)

Liberty

Global

Ltd

5,181

1,583

(c)

Liberty

Latin

America

Ltd

(Class

A)

10

235,225

Magyar

Telekom

754

840,183

Maxis

Bhd

685

79,751

(c)

Millicom

International

Cellular

S.A.

1,955

1,980,731

Mobile

Telecommunications

Co

KSCP

3,013

376,768

Mobile

Telecommunications

Co

Saudi

Arabia

1,028

680,410

MTN

Group

Ltd

3,307

6,848,466

NetLink

NBN

Trust

4,363

44,234,544

Nippon

Telegraph

&

Telephone

Corp

44,184

328,645

NOS

SGPS

S.A.

1,134

13,800

Okinawa

Cellular

Telephone

Co

380

762,795

Ooredoo

QPSC

2,420

1,021,500

(a)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

607

2,134,791

Orange

S.

A.

21,301

104,150

(c)

Partner

Communications

683

3,410,000

PCCW

Ltd

1,985

30,469

PLDT,

Inc

681

544,659

Proximus

plc

2,837

133,794

Quebecor,

Inc

2,932

75,764

(b)

RAI

Way

S.p.A

432

64,324

Railtel

Corp

of

India

Ltd

303

303,567

(a)

Rogers

Communications,

Inc

(Class

B)

9,332

13,532,600

Sarana

Menara

Nusantara

Tbk

PT

551

1,706,109

Saudi

Telecom

Co

18,163

1,433,073

Singapore

Telecommunications

Ltd

3,228

87,977

(c),(d)

Sistema

PJSFC

(GDR)

(London)

1

25,409

SK

Telecom

Co

Ltd

952

342,641

SmarTone

Telecommunications

Holding

Ltd

182

11,754,220

SoftBank

Corp

14,838

778,755

Softbank

Group

Corp

44,503

878,626

(c)

Space42

plc

478

530,114

StarHub

Ltd

470

48,826

(c)

Sunrise

Communications

AG.

2,115

26,980

(a),(c)

Sunrise

Communications

AG.

(ADR)

1,162

24,810

Swisscom

AG.

13,808

745,506

Taiwan

Mobile

Co

Ltd

2,580

103,198

Tata

Communications

Ltd

2,049

325,575

(c)

Tata

Teleservices

Maharashtra

Ltd

286

533,222

Tele2

AB

(B

Shares)

5,265

1,332,423

Telecom

Corp

of

New

Zealand

Ltd

2,199

276,074

Telecom

Egypt

180

9,556,990

(a)

Telecom

Italia

S.p.A.

2,443

Stock

120

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TELECOMMUNICATION

SERVICES

(continued)

372,785

Telefonica

Brasil

S.A.

$

2,842

3,853,014

(a)

Telefonica

S.A.

15,724

575,909

Telekom

Malaysia

BHD

856

875,561

Telekomunikacja

Polska

S.A.

1,561

599,591

Telenor

ASA

6,690

554,075

Telephone

and

Data

Systems,

Inc

18,899

2,261,728

TeliaSonera

AB

6,286

280,884,201

Telkom

Indonesia

Persero

Tbk

PT

47,016

219,328

(c)

Telkom

S.A.

Ltd

406

3,096,909

Telstra

Corp

Ltd

7,675

416,252

TELUS

Corp

5,644

747,749

TIM

S.A.

1,763

783,000

TIME

dotCom

Bhd

821

993,439

T-Mobile

US,

Inc

219,282

4,076,753

(c)

True

Corp

PCL

1,291

1,058,544

Turkcell

Iletisim

Hizmet

AS

2,772

67,282

United

Internet

AG.

1,094

50,100

Usen-Next

Holdings

Co

Ltd

551

1,069,365

Verizon

Communications,

Inc

42,764

527,173

Vodacom

Group

Ltd

2,831

21,424,812

Vodafone

Group

plc

18,277

20,356,314

(c)

Vodafone

Idea

Ltd

1,883

5,400,234

Vodafone

Qatar

QSC

2,714

4,107,900

XL

Axiata

Tbk

PT

573

TOTAL

TELECOMMUNICATION

SERVICES

1,358,262

TRANSPORTATION

-

1.5%

457,993

Adani

Ports

&

Special

Economic

Zone

Ltd

6,569

29,186

Aegean

Airlines

S.A.

306

72,064

Aena

SME

S.A.

14,708

34,054

Aeroports

de

Paris

3,943

2,560,898

Agility

Global

PLC

913

1,288,031

Agility

Public

Warehousing

Co

KSC

1,032

1,899,249

Air

Arabia

PJSC

1,591

147,793

(c)

Air

Canada

2,289

202,929

(c)

Air

China

Ltd

220

83,888

(a),(c)

Air

France-KLM

705

1,414,105

Air

New

Zealand

Ltd

475

3,519,188

Airports

of

Thailand

PCL

6,122

75,913

(c)

Alaska

Air

Group,

Inc

4,915

31,896

All

Nippon

Airways

Co

Ltd

579

230,776

Allcargo

Logistics

Ltd

135

495

(a),(c)

Amerco,

Inc

34

374,138

(c)

American

Airlines

Group,

Inc

6,521

2,676,000

(c)

ANE

Cayman,

Inc

2,756

370,000

Anhui

Expressway

Co

Ltd

509

2,820

AP

Moller

-

Maersk

AS

(Class

A)

4,537

4,437

AP

Moller

-

Maersk

AS

(Class

B)

7,382

598,910

(c)

Aramex

PJSC

359

141,067

ArcBest

Corp

13,164

3,686,500

(c)

Asia

Aviation

PCL

297

24,385

(c)

Asiana

Airlines,

Inc

172

41,524

Athens

International

Airport

S.A.

344

834,099

Atlas

Arteria

Ltd

2,447

1,425,125

Auckland

International

Airport

Ltd

6,937

1,256,926

Aurizon

Holdings

Ltd

2,524

10,503

(a),(c)

Avis

Budget

Group,

Inc

847

27,850

AZ-COM

MARUWA

Holdings,

Inc

195

641,900

Bangkok

Airways

PCL

420

5,274,362

Bangkok

Expressway

&

Metro

PCL

1,096

1,262,000

(c)

Beijing

Capital

International

Airport

Co

Ltd

453

1,258,900

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

1,063

70,208

Belships

ASA

124

121

SHARES

DESCRIPTION

VALUE

(000)

TRANSPORTATION

(continued)

906,420

(c)

Blade

Air

Mobility,

Inc

$

3,852

4,426

Blue

Dart

Express

Ltd

360

89,994

bpost

S.A.

184

6,649,800

BTS

Group

Holdings

PCL

1,186

509,380

Canadian

National

Railway

Co

51,726

789,260

Canadian

Pacific

Railway

Ltd

57,147

880,000

(a)

Canggang

Railway

Ltd

220

6,654

(a)

Cargojet,

Inc

499

526,200

Central

Japan

Railway

Co

9,874

81,191

CH

Robinson

Worldwide,

Inc

8,389

1,115,000

China

Airlines

871

437,500

(c)

China

Eastern

Airlines

Corp

Ltd

240

268,100

China

Merchants

Expressway

Network

&

Technology

Holdings

Co

Ltd

512

508,667

China

Merchants

Holdings

International

Co

Ltd

905

283,159

(c)

China

Southern

Airlines

Co

Ltd

(Class

A)

252

597,772

Cia

de

Concessoes

Rodoviarias

984

46,366

Cia

de

Distribucion

Integral

Logista

Holdings

S.A.

1,403

6,512

CJ

Logistics

Corp

370

22,724

Clarkson

plc

1,125

1,709,700

ComfortDelgro

Corp

Ltd

1,853

216,547

Container

Corp

Of

India

Ltd

1,989

734,900

(a),(c)

Controladora

Vuela

Cia

de

Aviacion

SAB

de

C.V.

551

838,000

(a)

COSCO

Pacific

Ltd

493

689,615

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

1,464

2,399,309

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

3,928

1,644,000

COSCO

SHIPPING

International

Hong

Kong

Co

Ltd

898

16,390

Covenant

Logistics

Group,

Inc

893

1,782,080

CSX

Corp

57,508

67,121

CTT-Correios

de

Portugal

S.A.

376

112,106

D/S

Norden

3,330

552,300

Daqin

Railway

Co

Ltd

513

602,474

(c)

Delhivery

Ltd

2,430

1,428,971

Delta

Air

Lines,

Inc

86,453

574,159

Deutsche

Lufthansa

AG.

3,690

2,748,311

Deutsche

Post

AG.

97,022

21,406

Dfds

A.S.

398

500,950

DSV

AS

106,685

416,629

Dubai

Taxi

Co

PJSC

315

1,242,730

East

Japan

Railway

Co

22,010

227,799

easyJet

plc

1,592

195,400

EcoRodovias

Infraestrutura

e

Logistica

S.A.

134

158,311

(c)

El

Al

Israel

Airlines

345

215,133

Enav

S.p.A

908

1,115,000

Eva

Airways

Corp

1,507

445,000

Evergreen

International

Storage

&

Transport

Corp

424

831,013

Evergreen

Marine

Corp

Taiwan

Ltd

5,700

52,226

(a)

Exchange

Income

Corp

2,138

1,362

Expeditors

International

Washington,

Inc

151

83,095

Farglory

F

T

Z

Investment

Holding

Co

Ltd

107

217,883

FedEx

Corp

61,297

95,848

(a),(c)

Finnair

Oyj

220

468,684

Firstgroup

plc

943

15,188

Flughafen

Zuerich

AG.

3,646

27,979

(c)

Fraport

AG.

Frankfurt

Airport

Services

Worldwide

1,702

15,660

Fukuyama

Transporting

Co

Ltd

367

3,704,269

Full

Truck

Alliance

Co

Ltd

(ADR)

40,080

163,242

Gateway

Distriparks

Ltd

152

293,259

Getlink

S.E.

4,676

2,246,510

(c)

GMR

Infrastructure

Ltd

2,053

110,000

Golden

Ocean

Group

Ltd

962

16,289,290

(c)

Grab

Holdings

Ltd

76,885

519,213

Grindrod

Ltd

329

Stock

122

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TRANSPORTATION

(continued)

229,000

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

$

1,971

319,799

(a)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

5,622

148,758

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

3,815

302,100

(a),(b),(c)

Grupo

Traxion

SAB

de

C.V.

276

248,552

Gujarat

Pipavav

Port

Ltd

528

284,449

(c)

Gulf

Navigation

Holding

PJSC

412

243,579

Gulf

Warehousing

Co

225

87,633

(c)

GXO

Logistics,

Inc

3,812

1,511,900

(c)

Hainan

Airlines

Holding

Co

Ltd

352

148,000

(a),(c)

Hainan

Meilan

International

Airport

Co

Ltd

174

41,600

Hamakyorex

Co

Ltd

355

102,400

(a),(b),(c)

Hangzhou

SF

Intra-City

Industrial

Co

Ltd

122

9,072

(c)

Hanjin

Kal

Corp

460

44,378

Hankyu

Hanshin

Holdings,

Inc

1,157

317,970

Heartland

Express,

Inc

3,568

373,900

(c)

Hidrovias

do

Brasil

S.A.

166

99,917

(c)

HMM

Co

Ltd

1,194

87,053

Hoegh

Autoliners

ASA

868

349,452

Hub

Group,

Inc

(Class

A)

15,572

4,379,651

Hutchison

Port

Holdings

Trust

718

30,652

Hyundai

Glovis

Co

Ltd

2,445

2,121

(c)

ID

Logistics

Group

833

53,638

Iino

Kaiun

Kaisha

Ltd

398

160,950

(b),(c)

InterGlobe

Aviation

Ltd

8,544

853,175

International

Container

Term

Services,

Inc

5,693

490,893

International

Distributions

Services

plc

2,236

1,931,442

Japan

Airlines

Co

Ltd

30,448

48,800

Japan

Airport

Terminal

Co

Ltd

1,539

1,833,700

Jasa

Marga

Persero

Tbk

PT

493

51,925

Jazeera

Airways

Co

KSCP

170

25,708

JB

Hunt

Transport

Services,

Inc

4,387

1,780,900

(b),(c)

JD

Logistics,

Inc

2,902

21,571

(c)

Jeju

Air

Co

Ltd

109

135,212

JET2

plc

2,680

496,915

Jiangsu

Express

549

1,501,460

(a),(c)

Joby

Aviation,

Inc

12,207

55,800

Juneyao

Airlines

Co

Ltd

105

65,500

Kamigumi

Co

Ltd

1,421

72,400

Kawasaki

Kisen

Kaisha

Ltd

1,030

172,100

Keihin

Electric

Express

Railway

Co

Ltd

1,424

77,400

Keio

Corp

1,884

783,600

Keisei

Electric

Railway

Co

Ltd

7,036

120,863

(a)

Kelsian

Group

Ltd

273

260,509

Kerry

Logistics

Network

Ltd

231

137,000

Kerry

TJ

Logistics

Co

Ltd

162

129,200

Kintetsu

Corp

2,710

148,643

(c)

Kirby

Corp

15,726

168,301

Knight-Swift

Transportation

Holdings,

Inc

8,927

16,468

Konoike

Transport

Co

Ltd

321

110,380

(c)

Korea

Line

Corp

126

62,177

(c)

Korean

Air

Lines

Co

Ltd

946

46,931

Kuehne

&

Nagel

International

AG.

10,768

108,200

Kyushu

Railway

Co

2,638

123,116,729

Lan

Airlines

S.A.

1,699

65,873

Landstar

System,

Inc

11,321

895,200

Liaoning

Port

Co

Ltd

212

363,442

Localiza

Rent

A

Car

1,893

10,445

(c)

Lotte

Rental

Co

Ltd

212

11,557

(c)

Lumi

Rental

Co

219

467,303

(c)

Lyft,

Inc

(Class

A)

6,028

35,500

(b)

Mahindra

Logistics

Ltd

157

751,135

Malaysia

Airports

Holdings

Bhd

1,777

123

SHARES

DESCRIPTION

VALUE

(000)

TRANSPORTATION

(continued)

273,340

Marten

Transport

Ltd

$

4,267

8,530

Maruzen

Showa

Unyu

Co

Ltd

330

1,572,840

MISC

Bhd

2,672

388,740

Mitsubishi

Logistics

Corp

2,843

148,800

Mitsui

OSK

Lines

Ltd

5,178

14,014

Mitsui-Soko

Co

Ltd

658

1,672,428

MPC

Container

Ships

ASA

3,046

1,320,689

MTR

Corp

4,588

69,963

Mullen

Group

Ltd

710

148,400

Nagoya

Railroad

Co

Ltd

1,651

79,527

Nankai

Electric

Railway

Co

Ltd

1,249

353,102

National

Express

Group

plc

351

147,900

(a)

Nippon

Express

Holdings,

Inc

2,242

72,498

Nippon

Konpo

Unyu

Soko

Co

Ltd

935

379,469

Nippon

Yusen

Kabushiki

Kaisha

12,630

48,000

Nishi-Nippon

Railroad

Co

Ltd

690

544,334

Norwegian

Air

Shuttle

AS

528

4,679

(c)

NTG

Nordic

Transport

Group

A.S.

167

225,700

Odakyu

Electric

Railway

Co

Ltd

2,078

6,963

Odfjell

SE

71

27,261

Oesterreichische

Post

AG.

813

163,274

Old

Dominion

Freight

Line

28,802

125,000

Orient

Overseas

International

Ltd

1,842

42,324,290

Pacific

Basin

Shipping

Ltd

8,898

205,821

(c)

Pan

Ocean

Co

Ltd

459

164,882

(c)

Pegasus

Hava

Tasimaciligi

AS.

993

145,082

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

1,229

661,962

(c)

Qantas

Airways

Ltd

3,665

700,430

Qatar

Navigation

QSC

2,114

1,306,290

Qube

Holdings

Ltd

3,201

623,421

Redde

Northgate

plc

2,500

7,056,900

Regional

Container

Lines

PCL

5,844

899,632

(c)

Reysas

Tasimacilik

ve

Lojistik

Ticaret

AS.

573

1,047,246

Rumo

S.A.

3,023

138,540

(c)

RXO,

Inc

3,303

1,840

Ryder

System,

Inc

289

61,497

Sagami

Railway

Co

Ltd

973

6,328

(c)

Saia,

Inc

2,884

96

(c),(d)

SAir

Group

0

^

12,940

Sakai

Moving

Service

Co

Ltd

202

19,318

SAL

Saudi

Logistics

Services

1,298

36,550

Sankyu,

Inc

1,262

392,300

Santos

Brasil

Participacoes

S.A.

834

65,719

Saudi

Ground

Services

Co

894

33,012

Saudi

Industrial

Services

Co

281

49,777

(c)

Saudi

Public

Transport

Co

271

11,204

SBS

Holdings,

Inc

168

3,025

Schneider

National,

Inc

89

177,900

Seibu

Holdings,

Inc

3,619

84,906

Seino

Holdings

Corp

1,279

83,496

Senko

Co

Ltd

788

122,839

SF

Holding

Co

Ltd

678

264,750

SG

Holdings

Co

Ltd

2,531

60,096

Shanghai

International

Airport

Co

Ltd

281

1,065,500

Shenzhen

International

Holdings

Ltd

995

4,827

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

1

68,560

(a)

Shinwa

Kaiun

Kaisha

Ltd

1,753

99,784

Shipping

Corp

of

India

Ltd

243

176,600

SIA

Engineering

Co

Ltd

306

558,000

(a)

Sichuan

Expressway

Co

Ltd

253

279,400

(c)

SIMPAR

S.A.

159

227,000

Sincere

Navigation

Corp

173

Stock

124

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TRANSPORTATION

(continued)

1,047,673

(a)

Singapore

Airlines

Ltd

$

4,939

738,124

Singapore

Airport

Terminal

Services

Ltd

1,967

1,316,619

Singapore

Post

Ltd

511

1,152,000

SITC

International

Holdings

Co

Ltd

3,055

10,578

(a)

Sixt

AG.

854

13,648

Sixt

AG.

(Preference)

816

67,810

(c)

Skywest,

Inc

6,790

352,219

Southwest

Airlines

Co

11,842

437,874

(c)

SpiceJet

Ltd

282

23,700

Spring

Airlines

Co

Ltd

187

50,873

Stolt-Nielsen

Ltd

1,292

40,383

Sumitomo

Warehouse

Co

Ltd

718

8,832

(c)

Svitzer

A.S.

276

1,430,501

Taiwan

High

Speed

Rail

Corp

1,212

150,087

(c)

TAV

Havalimanlari

Holding

AS

1,162

67,899

TFI

International,

Inc

9,175

16,586

Theeb

Rent

A

Car

Co

338

250,535

(a)

TNT

NV

270

131,500

Tobu

Railway

Co

Ltd

2,136

102,660

Tokyu

Corp

1,094

5,648,600

(c),(d)

Trada

Alam

Minera

Tbk

PT

0

^

1,607

(a)

Trancom

Co

Ltd

104

875,700

Transcoal

Pacific

Tbk

PT

362

26,549

Transport

Corp

of

India

Ltd

356

2,634,378

(a)

Transurban

Group

21,773

475,693

(c)

Turk

Hava

Yollari

AO

3,775

30,859

(c)

TVS

Supply

Chain

Solutions

Ltd

64

64,570

(c)

Tway

Air

Co

Ltd

104

2,755,086

(c)

Uber

Technologies,

Inc

166,187

3,959

U-Haul

Holding

Co

254

341,000

U-Ming

Marine

Transport

Corp

604

1,574,567

Union

Pacific

Corp

359,064

189,697

(c)

United

Airlines

Holdings,

Inc

18,420

27,314

United

International

Transportation

Co

596

383,972

United

Parcel

Service,

Inc

(Class

B)

48,419

345,600

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

S.A.

266

67,336

(c),(d)

Virgin

Australia

Holdings

Pty

Ltd

0

^

30,917

VRL

Logistics

Ltd

182

601,006

Wallenius

Wilhelmsen

ASA

4,952

265,350

Wan

Hai

Lines

Ltd

656

689,700

(c)

WCE

Holdings

Bhd

119

84,700

West

Japan

Railway

Co

1,500

35,072

(a)

Westshore

Terminals

Investment

Corp

550

6,810

Wilh

Wilhelmsen

ASA

245

154,300

Wilson

Sons

Holdings

Brasil

S.A.

407

318,000

Wisdom

Marine

Lines

Co

Ltd

654

41,658

(c)

XPO,

Inc

5,463

1,126,936

Yamato

Transport

Co

Ltd

12,669

1,450,000

Yang

Ming

Marine

Transport

3,346

75,759

YTO

Express

Group

Co

Ltd

147

922,000

Yuexiu

Transport

Infrastructure

Ltd

456

888,415

Zhejiang

Expressway

Co

Ltd

637

349,075

ZIM

Integrated

Shipping

Services

Ltd

7,495

170,900

ZTO

Express

Cayman,

Inc

3,343

TOTAL

TRANSPORTATION

1,880,877

UTILITIES

-

2.5%

1,224,365

A2A

S.p.A.

2,719

24,233

Acciona

S.A.

2,727

686,230

(a)

ACEA

S.p.A.

13,278

7,797,000

ACEN

Corp

537

121,636

ACWA

Power

Co

13,011

212,485

(c)

Adani

Green

Energy

Ltd

2,578

125

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

540,182

(c)

Adani

Power

Ltd

$

3,332

397,225

AES

Corp

5,112

1,586,891

AGL

Energy

Ltd

11,066

2,182,532

Aguas

Andinas

S.A.

657

634,800

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS.

372

282,547

(c)

Akfen

Yenilenebilir

Enerji

AS.

157

79,153

Aksa

Enerji

Uretim

AS

88

1,718,554

(a)

Algonquin

Power

&

Utilities

Corp

7,628

11,830

(c)

AlKhorayef

Water

&

Power

Technologies

Co

472

251,429

Allete,

Inc

16,293

3,663,418

Alliant

Energy

Corp

216,655

251,156

(a)

AltaGas

Ltd

5,850

124,167

Alupar

Investimento

S.A.

531

912,312

Ameren

Corp

81,324

1,577,477

American

Electric

Power

Co,

Inc

145,491

1,107,692

APA

Group

4,769

27,719

Ascopiave

S.p.A.

79

227,271

Atco

Ltd

7,523

37,711

Athens

Water

Supply

&

Sewage

Co

S.A.

231

1,400,103

Auren

Energia

S.A.

1,986

42,370

Aygaz

AS

212

483,900

B

Grimm

Power

PCL

275

477,600

Banpu

Power

PCL

151

982,000

BCPG

PCL

160

254,679

Beijing

Enterprises

Holdings

Ltd

872

2,034,586

Beijing

Enterprises

Water

Group

Ltd

656

1,328,000

Beijing

Jingneng

Clean

Energy

Co

Ltd

329

20,469

BKW

AG.

3,391

549,556

Black

Hills

Corp

32,160

159,141

Boralex,

Inc

3,179

92,558

Brookfield

Infrastructure

Corp

3,714

113,584

(a)

Brookfield

Renewable

Corp

3,143

82,204

(a)

Brookfield

Renewable

Corp

2,274

113,988

Canadian

Utilities

Ltd

2,764

407,000

(a)

Canvest

Environmental

Protection

Group

Co

Ltd

240

478,140

(a)

Capital

Power

Corp

21,195

385,731

Centerpoint

Energy,

Inc

12,239

963,951

Centrais

Eletricas

Brasileiras

S.A.

5,429

179,639

Centrais

Eletricas

Brasileiras

S.A.

1,099

81,960

Centrica

plc

137

488,054

CESC

Ltd

1,056

137,894

CEZ

AS

5,424

910,000

(a)

CGN

New

Energy

Holdings

Co

Ltd

279

1,154,300

CGN

Power

Co

Ltd

653

4,689,000

(b)

CGN

Power

Co

Ltd

1,713

2,044,000

(a)

China

Datang

Corp

Renewable

Power

Co

Ltd

545

1,168,165

China

Gas

Holdings

Ltd

1,013

1,363,044

China

Longyuan

Power

Group

Corp

Ltd

1,124

540,300

China

National

Nuclear

Power

Co

Ltd

772

1,927,847

China

Power

International

Development

Ltd

783

374,212

China

Resources

Gas

Group

Ltd

1,482

826,373

China

Resources

Power

Holdings

Co

2,001

1,510,400

China

Three

Gorges

Renewables

Group

Co

Ltd

904

742,000

China

Water

Affairs

Group

Ltd

485

650,901

China

Yangtze

Power

Co

Ltd

2,635

549,291

Chubu

Electric

Power

Co,

Inc

5,763

1,091,700

(a)

Chugoku

Electric

Power

Co,

Inc

6,300

386,801

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

5,533

145,300

Cia

de

Saneamento

de

Minas

Gerais

Copasa

MG

489

278,100

Cia

de

Saneamento

do

Parana

253

107,000

Cia

de

Saneamento

do

Parana

482

1,512,121

Cia

Energetica

de

Minas

Gerais

2,697

Stock

126

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

881,700

Cia

Paranaense

de

Energia

$

1,304

538,388

CK

Infrastructure

Holdings

Ltd

3,997

1,921,700

CK

Power

PCL

180

103,072

Clearway

Energy,

Inc

(Class

A)

2,520

51,550

Clearway

Energy,

Inc

(Class

C)

1,340

1,393,548

CLP

Holdings

Ltd

11,688

6,699,123

Colbun

S.A.

829

5,840,000

Concord

New

Energy

Group

Ltd

382

70,954

Consolidated

Edison,

Inc

6,331

247,052

Constellation

Energy

Corp

55,268

623,783

Contact

Energy

Ltd

3,316

151,200

CPFL

Energia

S.A.

773

811,900

Datang

International

Power

Generation

Co

Ltd

317

1,416,568

Drax

Group

plc

11,474

1,685,667

Duke

Energy

Corp

181,614

920,100

E.ON

AG.

10,717

231,048

EDP

Renovaveis

S.A.

2,400

490,700

Electric

Power

Development

Co

8,009

107,200

Electricity

Generating

PCL

367

458

Elia

Group

S.A.

35

243,606

Emera,

Inc

9,106

1,693,937

Emirates

Central

Cooling

Systems

Corp

839

158,244

Enagas

1,932

4,943

Endesa

S.A.

106

189,861

Enea

S.A.

593

26,066,620

Enel

Chile

S.A.

1,507

15,193,940

Enel

S.p.A.

108,427

1,444,938

Energias

de

Portugal

S.A.

4,622

178,278

Energisa

S.A.

1,051

224,948

Energix-Renewable

Energies

Ltd

770

1,475,200

Energy

Absolute

PCL

170

193,515

(b)

Enerjisa

Enerji

AS.

322

17,849,434

Enersis

S.A.

1,568

31,261

Enerya

Enerji

AS.

227

111,948

Engie

Brasil

Energia

S.A.

643

444,198

(c)

Engie

Energia

Chile

S.A.

405

1,144,076

Engie

S.A.

18,144

95,460

(c)

Enlight

Renewable

Energy

Ltd

1,651

322,435

ENN

Energy

Holdings

Ltd

2,291

105,500

ENN

Natural

Gas

Co

Ltd

313

128,000

(c),(d)

Epure

International

Ltd

1

925,112

Equatorial

Energia

S.A.

4,099

42,456

ERG

S.p.A.

865

1,551,679

Evergy,

Inc

95,506

2,937,968

Eversource

Energy

168,728

28,662

EVN

AG.

651

109,746

Fersa

Energias

Renovables

S.A.

176

459,414

FirstEnergy

Corp

18,275

422,264

Fortis,

Inc

17,546

284,826

Fortum

Oyj

3,987

2,084,313

GAIL

India

Ltd

4,632

197,700

Gas

Malaysia

Bhd

190

587,200

GD

Power

Development

Co

Ltd

368

22,250

Genie

Energy

Ltd

347

11,381

(c)

Grenergy

Renovables

S.A.

385

1,333,210

Guangdong

Investments

Ltd

1,145

108,586

Gujarat

Gas

Ltd

631

229,921

Gujarat

State

Petronet

Ltd

969

2,419,327

Gulf

Energy

Development

PCL

4,206

9,333,200

Gunkul

Engineering

PCL

623

32,795

HD

Renewable

Energy

Co

Ltd

209

648,418

Hera

S.p.A.

2,308

127

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

137,393

Hokkaido

Electric

Power

Co,

Inc

$

724

134,577

Hokuriku

Electric

Power

Co

733

320,080

Holding

CO

ADMIE

IPTO

S.A.

854

9,503,398

Hong

Kong

&

China

Gas

Ltd

7,572

1,174,288

Hong

Kong

Electric

Holdings

Ltd

8,178

296,319

Huadian

Power

International

Corp

Ltd

(Class

A)

228

269,100

Huaneng

Lancang

River

Hydropower,

Inc

351

228,366

Huaneng

Power

International,

Inc

-

A

212

1,778,751

Huaneng

Power

International,

Inc

-

H

977

279,014

Hydro

One

Ltd

8,593

5,199,280

Iberdrola

S.A.

71,647

194,190

Indraprastha

Gas

Ltd

940

197,401

(a)

Innergex

Renewable

Energy,

Inc

1,105

1,027,900

(c),(d)

Inter

Far

East

Energy

Corp

0

^

370,853

Interconexion

Electrica

S.A.

ESP

1,404

438,710

Inversiones

Aguas

Metropolitanas

S.A.

331

507,519

Iride

S.p.A.

1,012

333,592

Italgas

S.p.A

1,872

49,000

J&V

Energy

Technology

Co

Ltd

264

2,886,272

(c)

Jaiprakash

Power

Ventures

Ltd

595

350,138

JSW

Energy

Ltd

2,622

98,700

(a)

K&O

Energy

Group,

Inc

2,352

1,008,863

Kansai

Electric

Power

Co,

Inc

11,182

15,611

Kenon

Holdings

Ltd

521

105,830

(c)

Korea

Electric

Power

Corp

1,434

67,048

(c)

Korea

Gas

Corp

1,567

45,137

(b)

KPI

Green

Energy

Ltd

428

317,500

Kyushu

Electric

Power

Co,

Inc

2,840

43,248

Mahanagar

Gas

Ltd

647

4,014,700

Malakoff

Corp

Bhd

758

266,852

Manila

Electric

Co

2,251

765,300

Manila

Water

Co,

Inc

357

126,043

MDU

Resources

Group,

Inc

2,271

369,300

Mega

First

Corp

BHD

379

596,060

Mercury

NZ

Ltd

1,950

1,105,138

Meridian

Energy

Ltd

3,654

28,730

MGE

Energy,

Inc

2,699

35,855

(c)

Miahona

264

30,719

National

Gas

&

Industrialization

Co

838

11,607,733

National

Grid

plc

137,903

53,319

(b)

Neoen

S.A.

2,190

58,550

New

Jersey

Resources

Corp

2,731

7,200,594

NextEra

Energy,

Inc

516,211

2,702,941

NHPC

Ltd

2,538

84,287

Nippon

Gas

Co

Ltd

1,159

247,738

NLC

India

Ltd

717

182,590

(a)

Northland

Power

Income

Fund

2,274

62,860

Northwest

Natural

Holding

Co

2,487

290,650

NorthWestern

Corp

15,538

264,761

NRG

Energy,

Inc

23,887

3,741,022

NTPC

Ltd

14,533

70,630

ONE

Gas,

Inc

4,891

89,428

(c)

OPC

Energy

Ltd

730

1,463,462

Origin

Energy

Ltd

9,858

525

Ormat

Technologies,

Inc

36

161,043

Orsted

AS

7,272

309,080

Osaka

Gas

Co

Ltd

6,760

16,411

(c)

OY

Nofar

Energy

Ltd

397

217,958

Pennon

Group

plc

1,619

732,678

Petronas

Gas

BHD

2,897

1,337,472

PG&E

Corp

26,990

694,581

(c)

PGE

Polska

Grupa

Energetyczna

S.A.

1,023

Stock

128

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

220,007

Pinnacle

West

Capital

Corp

$

18,650

240,000

Portland

General

Electric

Co

10,469

62,583

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

912

3,974,253

Power

Grid

Corp

of

India

Ltd

14,305

47,778,100

PT

Perusahaan

Gas

Negara

Persero

Tbk

4,711

1,236,064

PTC

India

Ltd

2,088

167,656

Public

Power

Corp

2,139

34,076

(c)

Pure

Cycle

Corp

432

346,924

Qatar

Electricity

&

Water

Co

QSC

1,496

584,200

Ratch

Group

PCL

513

1,741,908

(c)

RattanIndia

Power

Ltd

277

6,330

Redeia

Corp

S.A.

108

284,848

(a)

Redes

Energeticas

Nacionais

S.A.

673

2,257,413

(c)

Reliance

Energy

Ltd

7,998

2,077,424

(c)

Reliance

Power

Ltd

1,034

32,300

(c)

RENOVA,

Inc

158

62,753

Rubis

S.C.A

1,549

2,647,879

RWE

AG.

79,075

19,600

Saibu

Gas

Co

Ltd

215

727,555

Saudi

Electricity

Co

3,269

92,869

(b)

Scatec

ASA

650

301,862

Scottish

&

Southern

Energy

plc

6,051

217,200

SDIC

Power

Holdings

Co

Ltd

495

766,600

SembCorp

Industries

Ltd

3,101

281,546

Sempra

Energy

24,697

156,600

(c)

Serena

Energia

S.A.

139

560,859

Severn

Trent

plc

17,584

558,685

Shamal

Az-Zour

Al-Oula

for

the

First

Phase

of

Az-Zour

Power

Plant

KSC

274

41,400

Shanghai

Electric

Power

Co

Ltd

52

225,300

Shenergy

Co

Ltd

293

128,088

Shenzhen

Energy

Group

Co

Ltd

114

120,042

Shikoku

Electric

Power

Co,

Inc

936

76,000

Shinfox

Energy

Co

Ltd

264

146,410

Shizuoka

Gas

Co

Ltd

995

133,200

Sichuan

Chuantou

Energy

Co

Ltd

315

552,484

SJVN

Ltd

670

31,346

Snam

Rete

Gas

S.p.A.

139

63,023

(a),(c)

Solaria

Energia

y

Medio

Ambiente

S.A.

511

2,019,931

Southern

Co

166,281

247,550

Spire,

Inc

16,791

1,210,777

(a)

Superior

Plus

Corp

5,382

1,411,100

Synergy

Grid

&

Development

Phils,

Inc

238

395,213

Taiwan

Cogeneration

Corp

503

1,330,675

Tata

Power

Co

Ltd

6,083

899,941

(c)

Tauron

Polska

Energia

S.A.

819

54,887

Telecom

Plus

plc

1,181

2,493,304

Tenaga

Nasional

BHD

8,327

46,105

Terna

Energy

S.A.

952

21,882

Terna

Rete

Elettrica

Nazionale

S.p.A.

173

56,100

Toho

Gas

Co

Ltd

1,512

355,800

Tohoku

Electric

Power

Co,

Inc

2,670

1,301,669

(c)

Tokyo

Electric

Power

Co,

Inc

3,891

289,088

Tokyo

Gas

Co

Ltd

8,010

142,694

Torrent

Power

Ltd

2,472

907,000

(a)

Towngas

Smart

Energy

Co

Ltd

372

2,315,000

TPI

Polene

Power

PCL

201

204,605

(a)

TransAlta

Corp

2,894

144,200

Transmissora

Alianca

de

Energia

Eletrica

S

767

1,147,700

TTW

PCL

306

860,407

United

Utilities

Group

plc

11,318

26,461

(c)

VA

Tech

Wabag

Ltd

506

1,394,526

Veolia

Environnement

39,127

129

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

66,097

Verbund

AG.

$

4,793

427,084

Vistra

Corp

58,882

28,917

(a),(c)

Voltalia

S.A.

214

1,699,807

WEC

Energy

Group,

Inc

159,850

1,548,100

Wintime

Energy

Group

Co

Ltd

363

1,418,418

(a)

Xinyi

Energy

Holdings

Ltd

143

2,903,800

YTL

Corp

BHD

1,731

2,146,200

YTL

Power

International

BHD

2,120

799,800

Zhejiang

Zheneng

Electric

Power

Co

Ltd

620

350,000

(a)

Zhongyu

Energy

Holdings

Ltd

204

1,446,287

(c)

Zorlu

Enerji

Elektrik

Uretim

AS

178

TOTAL

UTILITIES

3,112,338

TOTAL

COMMON

STOCKS

(Cost

$100,834,027)

124,091,632

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

195

TOTAL

U.S.

TREASURY

SECURITIES

195

TOTAL

GOVERNMENT

BONDS

(Cost

$209)

195

SHARES

DESCRIPTION

VALUE

(000)

INVESTMENT

COMPANIES

-

0.4%

4,407,833

iShares

Core

MSCI

EAFE

ETF

309,783

2,603,293

iShares

Core

MSCI

Emerging

Markets

ETF

135,944

2,800

iShares

Core

S&P

500

ETF

1,648

847,296

(a)

iShares

MSCI

Canada

ETF

34,146

12,500

(a)

iShares

MSCI

EAFE

ETF

945

6,580

(a)

iShares

Russell

2000

ETF

1,454

4,500

SPDR

S&P

500

ETF

Trust

2,637

130,430

(a)

SPDR

S&P

Biotech

ETF

11,747

TOTAL

INVESTMENT

COMPANIES

(Cost

$476,161)

498,304

Stock

130

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

(000)

RIGHTS/WARRANTS

-

0.0%

CAPITAL

GOODS

-

0.0%

26,206

(a),(d)

Webuild

S.p.A

08/02/30

$

23

TOTAL

CAPITAL

GOODS

23

CONSUMER

SERVICES

-

0.0%

4,140

(d)

Smartfit

Escola

de

Ginastica

e

Danca

S.A.

01/25/25

1

TOTAL

CONSUMER

SERVICES

1

FINANCIAL

SERVICES

-

0.0%

1,059

Magellan

Financial

Group

Ltd

04/16/27

0

^

TOTAL

FINANCIAL

SERVICES

0

^

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

5,603

(d)

Hyundai

Bioscience

Co

Ltd

02/06/25

14

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

14

MEDIA

&

ENTERTAINMENT

-

0.0%

428,080

VGI

PCL

12/31/25

21

TOTAL

MEDIA

&

ENTERTAINMENT

21

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

12,599

(d)

Chinook

Therapeutics,

Inc

01/02/30

0

^

23,114

(d)

Kangmei

Pharmaceutical

Co

Ltd

12/31/28

0

^

20,027

(a),(d)

Tobira

Therapeutics,

Inc

1

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1

SOFTWARE

&

SERVICES

-

0.0%

19,369

(d)

Constellation

Software,

Inc

08/22/28

94

TOTAL

SOFTWARE

&

SERVICES

94

UTILITIES

-

0.0%

1,475,200

(d)

Energy

Absolute

PCL

01/23/25

102

TOTAL

UTILITIES

102

TOTAL

RIGHTS/WARRANTS

(Cost

$534)

256

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$101,310,931)

124,590,387‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

CERTIFICATE

OF

DEPOSIT

-

0.1%

$

5,000,000

Canadian

Imperial

Bank

4

.700

%

11/17/25

5,000

500,000

Canadian

Imperial

Bank

of

Commerce

4

.830

01/10/25

500

7,200,000

Canadian

Imperial

Bank

of

Commerce

4

.630

06/04/25

7,200

5,000,000

Canadian

Imperial

Bank

of

Commerce

4

.720

09/25/25

5,000

4,250,000

Citibank

4

.730

06/23/25

4,250

5,000,000

Citibank

4

.800

09/19/25

5,000

5,000,000

Citibank

4

.810

10/27/25

5,000

4,500,000

Credit

Agricole

4

.610

05/28/25

4,500

5,000,000

ING

US

Funding

LLC

4

.760

02/10/25

5,000

9,000,000

Mitsubishi

Trust

&

Banking

Corp

4

.590

04/29/25

8,999

4,100,000

MUFG

Bank

Ltd

4

.670

01/17/25

4,100

5,000,000

MUFG

Bank

Ltd

4

.670

01/21/25

5,000

9,000,000

National

Australia

Bank

Ltd

4

.630

02/14/25

9,000

4,500,000

Natixis

4

.770

02/05/25

4,500

9,000,000

Natixis

4

.650

06/05/25

9,000

2,475,000

Nordea

Bank

AB

4

.640

02/27/25

2,475

153,000

Nordea

Bank

AB

4

.670

03/21/25

153

5,000,000

Nordea

Bank

AB

4

.550

04/04/25

5,000

10,000,000

Nordea

Bank

AB

4

.570

06/13/25

10,000

4,500,000

Royal

Bank

of

Canada

4

.640

01/22/25

4,500

10,000,000

Royal

Bank

of

Canada

4

.630

02/18/25

10,000

TOTAL

CERTIFICATE

OF

DEPOSIT

114,177

COMMERCIAL

PAPER

-

0.1%

9,000,000

Australia

and

New

Zealand

Banking

Group

0

.000

01/06/25

8,993

9,000,000

Australia

and

New

Zealand

Banking

Group

4

.550

02/28/25

9,000

4,500,000

Australia

and

New

Zealand

Banking

Group

0

.010

04/14/25

4,433

5,000,000

ING

US

Funding

LLC

0

.000

02/07/25

4,973

131

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

COMMERCIAL

PAPER

(continued)

$

9,000,000

ING

US

Funding

LLC

4

.720

%

05/08/25

$

9,000

304,000

National

Bank

of

Canada

4

.670

03/13/25

304

8,000,000

National

Bank

of

Canada

4

.630

06/06/25

8,000

4,000,000

Natixis

0

.000

01/22/25

3,988

2,250,000

Skandinaviska

Enskilda

Banken

AG

4

.710

02/28/25

2,250

9,000,000

Skandinaviska

Enskilda

Banken

AG

4

.710

03/26/25

9,000

5,000,000

Skandinaviska

Enskilda

Banken

AG

4

.710

07/02/25

5,000

TOTAL

COMMERCIAL

PAPER

64,941

REPURCHASE

AGREEMENT

-

0.2%

5,000,000

(i)

Bank

of

Nova

Scotia

4

.450

01/02/25

5,000

15,000,000

(j)

Calyon

4

.460

01/02/25

15,000

25,000,000

(k)

Citigroup

4

.460

01/02/25

25,000

25,000,000

(l)

Deutsche

Bank

4

.450

01/02/25

25,000

35,000,000

(m)

HSBC

4

.450

01/02/25

35,000

35,000,000

(n)

HSBC

4

.460

01/02/25

35,000

50,000,000

(o)

JP

Morgan

Securities

LLC

4

.460

01/02/25

50,000

40,000,000

(p)

Merrill

Lynch

4

.460

01/02/25

40,000

45,000,000

(q)

Royal

Bank

of

Scotland

4

.460

01/02/25

45,000

TOTAL

REPURCHASE

AGREEMENT

275,000

VARIABLE

RATE

SECURITIES

-

0.0%

9,000,000

National

Australia

Bank

Ltd

4

.620

03/17/25

9,000

9,000,000

National

Bank

of

Canada

4

.700

02/03/25

9,001

9,000,000

Nordea

Bank

AB

4

.580

03/21/25

9,000

9,000,000

Royal

Bank

of

Canada

4

.620

04/10/25

9,000

TOTAL

VARIABLE

RATE

SECURITIES

36,001

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$490,119)

490,119

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.5%

GOVERNMENT

AGENCY

DEBT

-

0.3%

50,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/02/25

49,988

25,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/07/25

24,979

25,650,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/08/25

25,626

2,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/10/25

2,497

25,153,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/13/25

25,115

12,248,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/17/25

12,224

25,925,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/27/25

25,843

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/29/25

4,983

20,800,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/31/25

20,725

998,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/14/25

993

50,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

03/21/25

49,533

22,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

04/23/25

21,713

10,000,000

Freddie

Mac

Discount

Notes

0

.000

01/17/25

9,980

12,500,000

Freddie

Mac

Discount

Notes

0

.000

01/31/25

12,455

12,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

11,989

25,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/15/25

24,956

68,600,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/22/25

68,422

TOTAL

GOVERNMENT

AGENCY

DEBT

392,021

REPURCHASE

AGREEMENT

-

0.0%

25,738,000

(r)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

25,738

TOTAL

REPURCHASE

AGREEMENT

25,738

TREASURY

DEBT

-

0.2%

49,000,000

United

States

Treasury

Bill

0

.000

01/02/25

49,000

50,000,000

United

States

Treasury

Bill

0

.000

01/14/25

49,930

50,000,000

United

States

Treasury

Bill

0

.000

01/23/25

49,877

Stock

132

Portfolio

of

Investments

December

31,

2024

(continued)

Cost

amounts

are

in

thousands.

Investments

in

Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

TREASURY

DEBT

(continued)

$

12,500,000

United

States

Treasury

Bill

0

.000

%

01/30/25

$

12,459

TOTAL

TREASURY

DEBT

161,266

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$579,005)

579,025

TOTAL

INVESTMENTS

-

100.3%

(Cost

$102,380,055)

125,659,531

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

335,063

)

NET

ASSETS

-

100.0%

$125,324,468

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

IFA

Industrial

Finance

Authority

REIT

Real

Estate

Investment

Trust

SPDR

Standard

&

Poor's

Depositary

Receipts

^

Amount

represents

less

than

$1,000.

(a)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$1,137,636,109.

(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

$1,106,284,547

or

0.9%

of

Total

Investments.

(c)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Affiliated

holding

(f)

In

bankruptcy

(g)

When-issued

or

delayed

delivery

security.

(h)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(i)

Agreement

with

Bank

of

Nova

Scotia,

4.450%

dated

12/31/24

to

be

repurchased

at

$5,025,754

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–

3.875%

and

maturity

dates

3/31/28–2/15/54,

valued

at

$5,101,266.

(j)

Agreement

with

Calyon,

4.460%

dated

12/31/24

to

be

repurchased

at

$15,134,687

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.250%

and

maturity

date

8/15/27,

valued

at

$15,300,065.

(k)

Agreement

with

Citigroup,

4.460%

dated

12/31/24

to

be

repurchased

at

$25,016,314

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.375%

and

maturity

date

4/30/25,

valued

at

$25,500,037.

(l)

Agreement

with

Deutsche

Bank,

4.450%

dated

12/31/24

to

be

repurchased

at

$25,211,338

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.375%–4.000%

and

maturity

dates

8/15/50–11/15/52,

valued

at

$25,500,015.

(m)

Agreement

with

HSBC,

4.450%

dated

12/31/24

to

be

repurchased

at

$35,000,000

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.000%

and

maturity

date

2/15/25,

valued

at

$35,700,000.

(n)

Agreement

with

HSBC,

4.460%

dated

12/31/24

to

be

repurchased

at

$35,142,667

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

1.250%–6.000%

and

maturity

dates

3/31/28–10/01/53,

valued

at

$35,700,000.

(o)

Agreement

with

JP

Morgan

Securities

LLC,

4.460%

dated

12/31/24

to

be

repurchased

at

$50,179,372

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–6.675%

and

maturity

dates

5/01/30–1/01/55,

valued

at

$51,000,000.

(p)

Agreement

with

Merrill

Lynch,

4.460%

dated

12/31/24

to

be

repurchased

at

$40,157,777

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.000%–8.500%

and

maturity

dates

2/01/25–12/01/54,

valued

at

$40,800,040.

(q)

Agreement

with

Royal

Bank

of

Scotland,

4.460%

dated

12/31/24

to

be

repurchased

at

$45,452,285

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.250%–

4.375%

and

maturity

dates

5/15/41–2/15/52,

valued

at

$45,900,011.

(r)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$25,744,377

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$26,252,856.

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

Russell

2000

E-Mini

Index

172‌

03/21/25

 $

20,446‌

$

19,348‌

$

(

1,098‌

)

S&P

500

E-Mini

Index

1,233‌

03/21/25

377,837‌

365,939‌

(

11,898‌

)

S&P

Mid-Cap

400

E-Mini

Index

95‌

03/21/25

31,512‌

29,894‌

(

1,618‌

)

Total

1,500‌

  $

429,795‌

 $

415,181‌

 $

(

14,614‌

)

Portfolio

of

Investments

December

31,

2024

Global

Equities

133

SHARES

DESCRIPTION

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

COMMON

STOCKS

-

99.4%

AUSTRALIA

-

1.0%

233,274

AMP

Ltd

$

228

7,923

APA

Group

34

1,976,802

Australia

&

New

Zealand

Banking

Group

Ltd

34,831

44,186

Australian

Stock

Exchange

Ltd

1,777

1,176,585

BHP

Billiton

Ltd

28,702

372,293

Commonwealth

Bank

of

Australia

35,227

19,227,507

(a),(b)

Empire

Energy

Group

Ltd

2,678

23,665,627

Glencore

plc

104,228

4,947,846

Ingenia

Communities

Group

13,965

527,507

Insurance

Australia

Group

Ltd

2,759

80,079

Macquarie

Group

Ltd

10,952

29,961

Magellan

Financial

Group

Ltd

206

628,615

Medibank

Pvt

Ltd

1,473

324,934

(a),(b)

Megaport

Ltd

1,475

712,540

National

Australia

Bank

Ltd

16,326

335,354

QBE

Insurance

Group

Ltd

3,983

287,817

Suncorp-Metway

Ltd

3,381

231,780

(b)

Tamboran

Resources

Corp

4,865

167,803,319

(b),(c)

Tamboran

Resources

Ltd

15,060

786,674

Westpac

Banking

Corp

15,703

TOTAL

AUSTRALIA

297,853

BELGIUM

-

0.2%

283,093

KBC

Groep

NV

21,857

233,185

UCB

S.A.

46,419

TOTAL

BELGIUM

68,276

BRAZIL

-

0.8%

385,700

Ambev

S.A.

733

451,900

B3

SA-Brasil

Bolsa

Balcao

751

118,891

Banco

Bradesco

S.A.

205

1,221,685

Banco

Bradesco

S.A.

(Preference)

2,297

1,666,400

Banco

BTG

Pactual

S.A.

-

Unit

7,330

141,064

Banco

do

Brasil

S.A.

547

144,400

BB

Seguridade

Participacoes

S.A.

847

102,600

BRF

S.A.

418

113,500

Caixa

Seguridade

Participacoes

S

262

252,573

Centrais

Eletricas

Brasileiras

S.A.

1,423

45,700

Centrais

Eletricas

Brasileiras

S.A.

280

154,200

Cia

de

Concessoes

Rodoviarias

254

101,200

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

1,448

382,776

Cia

Energetica

de

Minas

Gerais

683

230,800

Cia

Paranaense

de

Energia

341

48,800

Cia

Siderurgica

Nacional

S.A.

70

2,224,038

Companhia

Vale

do

Rio

Doce

(ADR)

19,727

249,068

Cosan

SA

Industria

e

Comercio

333

44,600

CPFL

Energia

S.A.

228

150,900

(b)

Embraer

S.A.

1,384

450,556

(b)

Empresa

Brasileira

de

Aeronautica

S.A.

(ADR)

16,526

45,959

Energisa

S.A.

271

30,950

Engie

Brasil

Energia

S.A.

178

234,805

Equatorial

Energia

S.A.

1,040

419,326

Gerdau

S.A.

(Preference)

1,224

404,157

(b),(d)

Hapvida

Participacoes

e

Investimentos

S.A.

146

29,600

Hypera

S.A.

86

18,533

(a)

Inter

&

Co,

Inc

78

442,850

Investimentos

Itau

S.A.

-

PR

633

12,276,819

Itau

Unibanco

Holding

S.A.

60,732

173,360

Klabin

S.A.

651

71,610

Localiza

Rent

A

Car

373

Global

Equities

134

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BRAZIL

(continued)

20,827

(b)

Mercadolibre,

Inc

$

35,415

183,695

Natura

&

Co

Holding

S.A.

379

2,645,625

(b)

NU

Holdings

Ltd

27,409

999,004

(b)

Pagseguro

Digital

Ltd

6,254

1,817,800

(b)

Petro

Rio

S.A.

11,915

855,400

Petroleo

Brasileiro

S.A.

5,511

1,027,838

Petroleo

Brasileiro

S.A.

(Preference)

6,079

261,844

Raia

Drogasil

S.A.

932

62,229

(d)

Rede

D'Or

Sao

Luiz

S.A.

256

264,200

Rumo

S.A.

763

1,489,366

(b)

StoneCo

Ltd

11,870

147,022

Suzano

SA

1,479

101,300

Telefonica

Brasil

S.A.

772

201,800

TIM

S.A.

476

113,500

TOTVS

S.A.

492

162,000

Ultrapar

Participacoes

S.A.

421

1,048,864

Vale

S.A.

9,276

213,500

Vibra

Energia

S.A.

616

358,620

WEG

S.A.

3,063

29,765

XP,

Inc

353

TOTAL

BRAZIL

245,230

CANADA

-

2.3%

1,312,701

Alimentation

Couche-Tard,

Inc

72,802

327,223

(a)

Bank

of

Montreal

31,767

276,907

(a)

Bank

of

Nova

Scotia

14,870

17,677

Brookfield

Asset

Management

Ltd

959

70,219

(b)

Brookfield

Corp

4,036

452

Brookfield

Wealth

Solutions

Ltd

26

549,118

Cameco

Corp

28,234

203,207

Canadian

Imperial

Bank

of

Commerce

12,854

191,385

Canadian

National

Railway

Co

19,435

408,374

Canadian

Natural

Resources

Ltd

12,608

682,198

Dollarama,

Inc

66,575

6,105

Fairfax

Financial

Holdings

Ltd

8,494

15,211

First

Capital

Real

Estate

Investment

Trust

180

63,520

Great-West

Lifeco

Inc

2,107

24,409

iA

Financial

Corp,

Inc

2,264

18,924

(a)

IGM

Financial,

Inc

604

32,641

Intact

Financial

Corp

5,943

102,580

(b)

Ivanhoe

Mines

Ltd

1,218

724,647

(b)

Lightspeed

Commerce,

Inc

11,050

442,690

Manulife

Financial

Corp

13,600

76,660

National

Bank

of

Canada

6,988

1,865,232

(a),(b)

NexGen

Energy

Ltd

12,301

19,001

Onex

Corp

1,484

651,510

Pan

American

Silver

Corp

(Toronto)

13,180

565,437

Parex

Resources,

Inc

5,735

126,846

(a)

Power

Corp

of

Canada

3,957

140,440

RioCan

Real

Estate

Investment

Trust

1,786

324,889

(a)

Royal

Bank

of

Canada

39,173

2,013,142

(b)

Shopify,

Inc

(Class

A)

214,262

133,442

Sun

Life

Financial,

Inc

7,923

459,862

Suncor

Energy,

Inc

16,415

683,671

Teck

Cominco

Ltd

(Class

B)

27,719

39,602

Thomson

Reuters

Corp

6,359

64,310

TMX

Group

Ltd

1,981

404,648

Toronto-Dominion

Bank

21,544

TOTAL

CANADA

690,433

CHILE

-

0.0%

3,689,013

Banco

de

Chile

419

5,867

Banco

de

Credito

e

Inversiones

163

4,908,830

Banco

Santander

Chile

S.A.

233

135

SHARES

DESCRIPTION

VALUE

(000)

CHILE

(continued)

279,149

Cencosud

S.A.

$

617

272,268

Empresas

CMPC

S.A.

427

94,528

Empresas

COPEC

S.A.

578

6,497,580

Enel

Chile

S.A.

376

4,822,204

Enersis

S.A.

424

30,631,331

Lan

Airlines

S.A.

423

193,841

(b)

SACI

Falabella

685

29,866

Sociedad

Quimica

y

Minera

de

Chile

S.A.

(Class

B)

1,098

TOTAL

CHILE

5,443

CHINA

-

2.1%

25,700

360

Finance,

Inc

(ADR)

986

41,200

360

Security

Technology,

Inc

58

35,400

37

Interactive

Entertainment

Network

Technology

Group

Co

Ltd

76

62,500

AAC

Technologies

Holdings,

Inc

300

4,500

Accelink

Technologies

Co

Ltd

32

1,163

ACM

Research

Shanghai,

Inc

16

2,812

Advanced

Micro-Fabrication

Equipment,

Inc

China

73

6,900

AECC

Aero-Engine

Control

Co

Ltd

21

34,000

AECC

Aviation

Power

Co

Ltd

193

13,211,000

Agricultural

Bank

of

China

Ltd

7,497

434,800

Agricultural

Bank

of

China

Ltd

(Class

A)

318

41,899

Aier

Eye

Hospital

Group

Co

Ltd

76

55,700

(b)

Air

China

Ltd

60

30,207

Airtac

International

Group

776

250,000

(b),(d)

Akeso,

Inc

1,946

3,830,172

Alibaba

Group

Holding

Ltd

40,536

438,459

Alibaba

Group

Holding

Ltd

(ADR)

37,177

454,000

(a),(b)

Alibaba

Health

Information

Technology

Ltd

191

350,000

Aluminum

Corp

of

China

Ltd

201

569,900

Aluminum

Corp

of

China

Ltd

(Class

A)

574

2,127

(b)

Amlogic

Shanghai

Co

Ltd

20

6,400

Angel

Yeast

Co

Ltd

32

108,500

Anhui

Conch

Cement

Co

Ltd

276

20,000

Anhui

Conch

Cement

Co

Ltd

(Class

A)

65

28,900

Anhui

Gujing

Distillery

Co

Ltd

417

5,400

Anhui

Gujing

Distillery

Co

Ltd

(Class

A)

128

28,400

Anhui

Jianghuai

Automobile

Group

Corp

Ltd

146

7,700

Anhui

Yingjia

Distillery

Co

Ltd

57

2,210

Anker

Innovations

Technology

Co

Ltd

30

287,600

Anta

Sports

Products

Ltd

2,840

1,820

Asymchem

Laboratories

Tianjin

Co

Ltd

19

2,800

Autobio

Diagnostics

Co

Ltd

17

5,700

Autohome,

Inc

(ADR)

148

11,600

Avary

Holding

Shenzhen

Co

Ltd

58

88,000

AviChina

Industry

&

Technology

Co

Ltd

43

5,600

AVICOPTER

plc

30

70,900

(b)

BAIC

BluePark

New

Energy

Technology

Co

Ltd

77

486,216

(b)

Baidu,

Inc

5,128

106,000

Bank

of

Beijing

Co

Ltd

89

87,000

Bank

of

Changsha

Co

Ltd

106

18,800

Bank

of

Chengdu

Co

Ltd

44

186,300

Bank

of

China

Ltd

-

A

141

5,970,000

Bank

of

China

Ltd

-

H

3,038

214,800

Bank

of

Communications

Co

Ltd

-

A

229

760,000

Bank

of

Communications

Co

Ltd

-

H

623

29,400

Bank

of

Hangzhou

Co

Ltd

59

94,880

Bank

of

Jiangsu

Co

Ltd

128

44,300

Bank

of

Nanjing

Co

Ltd

65

33,500

Bank

of

Ningbo

Co

Ltd

112

67,822

Bank

of

Shanghai

Co

Ltd

85

51,400

Bank

of

Suzhou

Co

Ltd

57

834,005

Baoshan

Iron

&

Steel

Co

Ltd

800

Global

Equities

136

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

292,700

(b)

BeiGene

Ltd

$

4,173

128,600

(b)

BeiGene

Ltd

(ADR)

23,754

48,500

Beijing

Enterprises

Holdings

Ltd

166

342,000

Beijing

Enterprises

Water

Group

Ltd

110

2,179

Beijing

Kingsoft

Office

Software,

Inc

85

23,500

Beijing

New

Building

Materials

plc

98

6,000

Beijing

Oriental

Yuhong

Waterproof

Technology

Co

Ltd

11

812

Beijing

Roborock

Technology

Co

Ltd

24

9,600

Beijing

Tiantan

Biological

Products

Corp

Ltd

27

6,900

Beijing

Tongrentang

Co

Ltd

38

5,060

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co

Ltd

49

32,800

Beijing

Yanjing

Brewery

Co

Ltd

54

250,100

Beijing-Shanghai

High

Speed

Railway

Co

Ltd

211

4,480

Bethel

Automotive

Safety

Systems

Co

Ltd

27

18,900

(b)

Bilibili,

Inc

342

1,770

Bloomage

Biotechnology

Corp

Ltd

12

18,700

(d)

BOC

Aviation

Ltd

145

844,000

BOC

Hong

Kong

Holdings

Ltd

2,695

14,900

BOC

International

China

Co

Ltd

23

240,600

BOE

Technology

Group

Co

Ltd

145

968,000

Bosideng

International

Holdings

Ltd

478

43,100

BYD

Co

Ltd

1,667

254,500

BYD

Co

Ltd

(H

shares)

8,656

65,000

BYD

Electronic

International

Co

Ltd

348

175,000

(a)

C&D

International

Investment

Group

Ltd

293

30,030

Caitong

Securities

Co

Ltd

34

2,274

(b)

Cambricon

Technologies

Corp

Ltd

205

22,900

Capital

Securities

Co

Ltd

69

5,731

Cathay

Biotech,

Inc

30

929,000

(d)

CGN

Power

Co

Ltd

339

326,400

CGN

Power

Co

Ltd

185

2,000

Changchun

High

&

New

Technology

Industry

Group,

Inc

27

24,000

Changjiang

Securities

Co

Ltd

22

1,600

Changzhou

Xingyu

Automotive

Lighting

Systems

Co

Ltd

29

10,100

Chaozhou

Three-Circle

Group

Co

Ltd

53

5,500

Chifeng

Jilong

Gold

Mining

Co

Ltd

12

7,790,000

China

Citic

Bank

5,373

536,000

China

Coal

Energy

Co

640

224,000

China

Communications

Services

Corp

Ltd

131

73,000

China

Construction

Bank

Corp

-

A

88

20,582,000

China

Construction

Bank

Corp

-

H

17,052

61,000

China

CSSC

Holdings

Ltd

300

75,900

(b)

China

Eastern

Airlines

Corp

Ltd

42

481,500

China

Energy

Engineering

Corp

Ltd

151

231,800

China

Everbright

Bank

Co

Ltd

-

A

123

407,000

China

Everbright

Bank

Co

Ltd

-

H

158

830,000

(d)

China

Feihe

Ltd

578

1,406,000

China

Galaxy

Securities

Co

Ltd

1,270

41,200

China

Galaxy

Securities

Co

Ltd

(Class

A)

86

228,400

China

Gas

Holdings

Ltd

198

9,100

China

Great

Wall

Securities

Co

Ltd

10

6,400

China

Greatwall

Technology

Group

Co

Ltd

13

242,000

China

Hongqiao

Group

Ltd

363

329,800

China

Insurance

International

Holdings

Co

Ltd

490

14,200

China

International

Capital

Corp

Ltd

66

124,400

(d)

China

International

Capital

Corp

Ltd

202

19,429

China

Jushi

Co

Ltd

30

1,658,000

China

Life

Insurance

Co

Ltd

3,103

38,000

China

Life

Insurance

Co

Ltd

(Class

A)

218

31,800

(b),(d)

China

Literature

Ltd

102

281,000

China

Longyuan

Power

Group

Corp

Ltd

232

262,000

China

Mengniu

Dairy

Co

Ltd

586

137

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

1,801,000

China

Merchants

Bank

Co

Ltd

$

9,193

1,384,190

China

Merchants

Bank

Co

Ltd

(Class

A)

7,453

176,900

China

Merchants

Energy

Shipping

Co

Ltd

155

90,300

China

Merchants

Expressway

Network

&

Technology

Holdings

Co

Ltd

173

117,426

China

Merchants

Holdings

International

Co

Ltd

209

36,020

China

Merchants

Securities

Co

Ltd

95

129,600

China

Merchants

Shekou

Industrial

Zone

Holdings

Co

Ltd

182

196,000

China

Minsheng

Banking

Corp

Ltd

-

A

111

633,300

China

Minsheng

Banking

Corp

Ltd

-

H

279

660,000

China

Molybdenum

Co

Ltd

443

234,000

China

Molybdenum

Co

Ltd

(Class

A)

213

2,260,000

(a)

China

National

Building

Material

Co

Ltd

1,021

32,900

China

National

Chemical

Engineering

Co

Ltd

37

6,100

China

National

Medicines

Corp

Ltd

29

94,300

China

National

Nuclear

Power

Co

Ltd

135

16,200

China

Northern

Rare

Earth

Group

High-Tech

Co

Ltd

47

616,000

China

Oilfield

Services

Ltd

556

808,435

China

Overseas

Land

&

Investment

Ltd

1,277

98,600

China

Pacific

Insurance

Group

Co

Ltd

-

A

460

588,000

China

Pacific

Insurance

Group

Co

Ltd

-

H

1,892

413,000

China

Power

International

Development

Ltd

168

102,500

China

Railway

Group

Ltd

-

A

90

353,000

China

Railway

Group

Ltd

-

H

179

36,620

China

Railway

Signal

&

Communication

Corp

Ltd

31

7,700

China

Rare

Earth

Resources

And

Technology

Co

Ltd

30

138,000

China

Resources

Beer

Holdings

Company

Ltd

449

82,300

China

Resources

Gas

Group

Ltd

326

734,336

China

Resources

Land

Ltd

2,108

5,871

China

Resources

Microelectronics

Ltd

38

158,800

(d)

China

Resources

Mixc

Lifestyle

Services

Ltd

587

175,500

(d)

China

Resources

Pharmaceutical

Group

Ltd

128

162,000

China

Resources

Power

Holdings

Co

392

6,110

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co

Ltd

37

1,432,000

(a),(b)

China

Ruyi

Holdings

Ltd

450

105,200

China

Shenhua

Energy

Co

Ltd

-

A

627

784,500

China

Shenhua

Energy

Co

Ltd

-

H

3,384

126,000

(a)

China

Shipping

Development

Co

Ltd

101

46,700

(b)

China

Southern

Airlines

Co

Ltd

(Class

A)

42

224,800

China

State

Construction

Engineering

Corp

Ltd

185

162,000

China

State

Construction

International

Holdings

Ltd

255

380,500

China

Three

Gorges

Renewables

Group

Co

Ltd

228

24,925

China

Tourism

Group

Duty

Free

Corp

Ltd

229

3,912,000

(d)

China

Tower

Corp

Ltd

562

496,000

(a)

China

Vanke

Co

Ltd

336

136,300

China

Vanke

Co

Ltd

(Class

A)

136

80,500

China

XD

Electric

Co

Ltd

84

129,300

China

Yangtze

Power

Co

Ltd

524

67,540

China

Zheshang

Bank

Co

Ltd

27

3,000

Chongqing

Brewery

Co

Ltd

26

17,154

Chongqing

Changan

Automobile

Co

Ltd

31

197,600

Chongqing

Rural

Commercial

Bank

Co

Ltd

164

10,950

Chongqing

Zhifei

Biological

Products

Co

Ltd

39

508,600

Chow

Tai

Fook

Jewellery

Group

Ltd

438

540,000

Citic

Pacific

Ltd

634

48,300

Citic

Pacific

Special

Steel

Group

Co

Ltd

75

602,274

CITIC

Securities

Co

Ltd

1,638

64,870

CITIC

Securities

Co

Ltd

(Class

A)

259

4,420

CNGR

Advanced

Material

Co

Ltd

22

182,700

CNOOC

Energy

Technology

&

Services

Ltd

107

135,800

CNPC

Capital

Co

Ltd

128

92,747

Contemporary

Amperex

Technology

Co

Ltd

3,381

72,900

COSCO

SHIPPING

Energy

Transportation

Co

Ltd

116

Global

Equities

138

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

190,560

COSCO

SHIPPING

Holdings

Co

Ltd

-

A

$

405

625,650

COSCO

SHIPPING

Holdings

Co

Ltd

-

H

1,024

2,908,000

(a),(b),(e)

Country

Garden

Holdings

Co

Ltd

91

18,800

CSC

Financial

Co

Ltd

66

7,680

CSPC

Innovation

Pharmaceutical

Co

Ltd

28

700,880

CSPC

Pharmaceutical

Group

Ltd

427

93,600

Daqin

Railway

Co

Ltd

87

209,600

Datang

International

Power

Generation

Co

Ltd

82

6,200

Dong-E-E-Jiao

Co

Ltd

53

39,000

Dongfang

Electric

Corp

Ltd

85

11,300

Dongxing

Securities

Co

Ltd

17

79,006

East

Money

Information

Co

Ltd

280

5,250

Eastroc

Beverage

Group

Co

Ltd

179

5,000

Ecovacs

Robotics

Co

Ltd

32

1,800

Empyrean

Technology

Co

Ltd

30

66,700

ENN

Energy

Holdings

Ltd

474

28,200

ENN

Natural

Gas

Co

Ltd

84

3,600

Eoptolink

Technology,

Inc

Ltd

57

8,770

Eve

Energy

Co

Ltd

56

21,000

Everbright

Securities

Co

Ltd

52

30,895

(b)

Everdisplay

Optronics

Shanghai

Co

Ltd

10

72,000

Far

East

Horizon

Ltd

53

24,200

FAW

Jiefang

Group

Co

Ltd

27

8,600

Flat

Glass

Group

Co

Ltd

23

89,100

Focus

Media

Information

Technology

Co

Ltd

86

58,422

Foshan

Haitian

Flavouring

&

Food

Co

Ltd

367

800,500

Fosun

International

466

38,800

Founder

Securities

Co

Ltd

44

66,500

Foxconn

Industrial

Internet

Co

Ltd

194

900

Fu

Jian

Anjoy

Foods

Co

Ltd

10

25,800

Fuyao

Glass

Industry

Group

Co

Ltd

-

A

221

142,200

(d)

Fuyao

Glass

Industry

Group

Co

Ltd

-

H

1,021

4,305

GalaxyCore,

Inc

8

7,920

Ganfeng

Lithium

Group

Co

Ltd

38

1,805,000

(b)

GCL

Technology

Holdings

Ltd

249

90,000

GD

Power

Development

Co

Ltd

56

216,300

(b)

GDS

Holdings

Ltd

(ADR)

5,139

750,000

Geely

Automobile

Holdings

Ltd

1,412

45,800

GEM

Co

Ltd

41

92,000

(a),(b)

Genscript

Biotech

Corp

116

31,000

GF

Securities

Co

Ltd

(Class

A)

69

69,800

(d)

Giant

Biogene

Holding

Co

ltd

446

3,312

GigaDevice

Semiconductor,

Inc

48

3,900

Ginlong

Technologies

Co

Ltd

33

16,600

GoerTek,

Inc

59

8,555

Gongniu

Group

Co

Ltd

82

6,800

Gotion

High-tech

Co

Ltd

20

196,000

(a)

Great

Wall

Motor

Co

Ltd

342

9,800

Great

Wall

Motor

Co

Ltd

35

14,200

Gree

Electric

Appliances,

Inc

of

Zhuhai

88

19,700

GRG

Banking

Equipment

Co

Ltd

31

23,500

Guangdong

Haid

Group

Co

Ltd

158

252,000

Guangdong

Investments

Ltd

216

194,500

Guanghui

Energy

Co

Ltd

179

127,700

Guangzhou

Automobile

Group

Co

Ltd

163

10,500

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co

Ltd

41

9,600

Guangzhou

Haige

Communications

Group,

Inc

Co

14

21,800

Guangzhou

Tinci

Materials

Technology

Co

Ltd

59

12,200

Guolian

Securities

Co

Ltd

23

28,300

Guosen

Securities

Co

Ltd

43

41,000

Guotai

Junan

Securities

Co

Ltd

105

25,790

Guoyuan

Securities

Co

Ltd

30

139

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

388,000

(d)

Haidilao

International

Holding

Ltd

$

783

30,300

Haier

Smart

Home

Co

Ltd

118

199,200

Haier

Smart

Home

Co

Ltd

696

524,300

(b)

Hainan

Airlines

Holding

Co

Ltd

122

39,400

(b)

Hainan

Airport

Infrastructure

Co

Ltd

20

163,000

Haitian

International

Holdings

Ltd

440

241,600

Haitong

Securities

Co

Ltd

212

53,100

Haitong

Securities

Co

Ltd

(Class

A)

81

13,100

Hang

Zhou

Great

Star

Industrial

Co

Ltd

58

9,305

Hangzhou

First

Applied

Material

Co

Ltd

19

6,900

Hangzhou

Silan

Microelectronics

Co

Ltd

25

1,800

Hangzhou

Tigermed

Consulting

Co

Ltd

-

A

13

100,000

(d)

Hansoh

Pharmaceutical

Group

Co

Ltd

221

22,500

Hebei

Yangyuan

Zhihui

Beverage

Co

Ltd

70

12,500

Heilongjiang

Agriculture

Co

Ltd

25

46,600

Henan

Shenhuo

Coal

&

Power

Co

Ltd

108

41,000

Henan

Shuanghui

Investment

&

Development

Co

Ltd

146

199,000

Hengan

International

Group

Co

Ltd

574

113,180

Hengli

Petrochemical

Co

Ltd

238

11,400

Hengtong

Optic-electric

Co

Ltd

27

15,500

Hisense

Home

Appliances

Group

Co

Ltd

61

87,000

Hisense

Kelon

Electrical

Holdings

Co

Ltd

274

2,800

Hithink

RoyalFlush

Information

Network

Co

Ltd

110

104,700

HLA

Corp

Ltd

108

6,400

Hoshine

Silicon

Industry

Co

Ltd

49

54,000

(a),(d)

Hua

Hong

Semiconductor

Ltd

149

41,700

Huadian

Power

International

Corp

Ltd

(Class

A)

32

9,740

Huadong

Medicine

Co

Ltd

46

52,800

Huafon

Chemical

Co

Ltd

59

7,000

Huagong

Tech

Co

Ltd

41

63,700

Huaibei

Mining

Holdings

Co

Ltd

123

9,360

Hualan

Biological

Engineering,

Inc

22

99,600

Huaneng

Lancang

River

Hydropower,

Inc

130

44,300

Huaneng

Power

International,

Inc

-

A

41

374,000

Huaneng

Power

International,

Inc

-

H

205

11,800

Huaqin

Technology

Co

Ltd

115

116,200

(d)

Huatai

Securities

Co

Ltd

194

15,500

Huatai

Securities

Co

Ltd

(Class

A)

37

49,500

Huaxia

Bank

Co

Ltd

54

52,500

Huayu

Automotive

Systems

Co

Ltd

126

158,983

Huazhu

Group

Ltd

(ADR)

5,251

4,700

Hubei

Jumpcan

Pharmaceutical

Co

Ltd

19

5,800

Huizhou

Desay

Sv

Automotive

Co

Ltd

87

9,500

Humanwell

Healthcare

Group

Co

Ltd

30

124,800

Hunan

Valin

Steel

Co

Ltd

71

8,412

Hundsun

Technologies,

Inc

32

1,048

Hwatsing

Technology

Co

Ltd

23

11,443

Hygon

Information

Technology

Co

Ltd

235

23,431

(a),(b)

iClick

Interactive

Asia

Group

Ltd

(ADR)

219

12,800

Iflytek

Co

Ltd

85

1,260

Imeik

Technology

Development

Co

Ltd

32

329,900

Industrial

&

Commercial

Bank

of

China

Ltd

-

A

313

14,341,000

Industrial

&

Commercial

Bank

of

China

Ltd

-

H

9,561

105,200

Industrial

Bank

Co

Ltd

276

40,790

Industrial

Securities

Co

Ltd

35

2,700

Ingenic

Semiconductor

Co

Ltd

25

228,300

Inner

Mongolia

BaoTou

Steel

Union

Co

Ltd

58

45,200

Inner

Mongolia

Dian

Tou

Energy

Corp

Ltd

121

137,600

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co

Ltd

99

89,400

Inner

Mongolia

Yili

Industrial

Group

Co

Ltd

370

285,800

Inner

Mongolia

Yitai

Coal

Co

589

515,000

(b),(d)

Innovent

Biologics,

Inc

2,409

Global

Equities

140

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

8,800

Inspur

Electronic

Information

Industry

Co

Ltd

$

62

14,250

Isoftstone

Information

Technology

Group

Co

Ltd

115

42,300

JA

Solar

Technology

Co

Ltd

80

5,800

JCHX

Mining

Management

Co

Ltd

29

92,550

(b),(d)

JD

Health

International,

Inc

331

459,300

(b),(d)

JD

Logistics,

Inc

749

1,972,155

JD.com,

Inc

34,243

68,300

Jiangsu

Eastern

Shenghong

Co

Ltd

77

134,000

Jiangsu

Express

148

16,804

Jiangsu

Hengli

Hydraulic

Co

Ltd

121

32,882

Jiangsu

Hengrui

Pharmaceuticals

Co

Ltd

207

13,400

Jiangsu

King's

Luck

Brewery

JSC

Ltd

83

5,500

Jiangsu

Nhwa

Pharmaceutical

Co

Ltd

18

35,900

Jiangsu

Phoenix

Publishing

&

Media

Corp

Ltd

57

17,900

Jiangsu

Yanghe

Brewery

Joint-Stock

Co

Ltd

205

4,300

Jiangsu

Yoke

Technology

Co

Ltd

34

5,200

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co

Ltd

26

47,500

Jiangsu

Zhongtian

Technology

Co

Ltd

93

97,000

Jiangxi

Copper

Co

Ltd

155

11,158

Jiangxi

Copper

Co

Ltd

(Class

A)

32

57,600

Jinduicheng

Molybdenum

Co

Ltd

79

31,018

Jinko

Solar

Co

Ltd

30

21,257

Jointown

Pharmaceutical

Group

Co

Ltd

15

19,900

Juneyao

Airlines

Co

Ltd

37

59,100

(b)

Kanzhun

Ltd

(ADR)

816

372,614

KE

Holdings,

Inc

(ADR)

6,864

249,000

(b)

Kingdee

International

Software

Group

Co

Ltd

271

79,600

Kingsoft

Corp

Ltd

342

517,600

(b),(d)

Kuaishou

Technology

2,715

30,400

Kuang-Chi

Technologies

Co

Ltd

199

6,500

Kunlun

Tech

Co

Ltd

34

6,200

Kweichow

Moutai

Co

Ltd

1,294

33,700

LB

Group

Co

Ltd

82

664,000

Lenovo

Group

Ltd

854

22,700

Lens

Technology

Co

Ltd

68

306,100

(b)

Li

Auto,

Inc

3,656

192,500

Li

Ning

Co

Ltd

402

114,600

Liaoning

Port

Co

Ltd

27

23,300

Lingyi

iTech

Guangdong

Co

25

470,500

(d)

Longfor

Group

Holdings

Ltd

597

40,213

LONGi

Green

Energy

Technology

Co

Ltd

87

3,930

(b)

Loongson

Technology

Corp

Ltd

71

99,409

Luxshare

Precision

Industry

Co

Ltd

555

19,200

Luzhou

Laojiao

Co

Ltd

329

25,790

Mango

Excellent

Media

Co

Ltd

95

2,172

Maxscend

Microelectronics

Co

Ltd

27

59,600

Meihua

Holdings

Group

Co

Ltd

82

1,018,590

(b),(d)

Meituan

19,805

85,700

Metallurgical

Corp

of

China

Ltd

39

51,900

Midea

Group

Co

Ltd

535

68,400

(b)

Midea

Group

Co

Ltd

658

87,000

(a)

MINISO

Group

Holding

Ltd

520

1,056,000

(b)

MMG

Ltd

344

4,822

Montage

Technology

Co

Ltd

45

75,844

Muyuan

Foods

Co

Ltd

399

91,000

Nanjing

Iron

&

Steel

Co

Ltd

58

18,200

Nanjing

Securities

Co

Ltd

22

117,952

NARI

Technology

Co

Ltd

408

13,128

National

Silicon

Industry

Group

Co

Ltd

34

2,500

NAURA

Technology

Group

Co

Ltd

134

866,695

NetEase,

Inc

15,427

30,800

New

China

Life

Insurance

Co

Ltd

-

A

210

141

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

214,400

New

China

Life

insurance

Co

Ltd

-

H

$

646

50,700

(b)

New

Hope

Liuhe

Co

Ltd

62

120,340

New

Oriental

Education

&

Technology

Group,

Inc

768

7,500

Ninestar

Corp

29

7,304

Ningbo

Deye

Technology

Co

Ltd

85

8,800

Ningbo

Orient

Wires

&

Cables

Co

Ltd

63

23,200

Ningbo

Sanxing

Medical

Electric

Co

Ltd

98

17,835

Ningbo

Tuopu

Group

Co

Ltd

119

129,600

Ningxia

Baofeng

Energy

Group

Co

Ltd

299

193,380

(a),(b)

NIO,

Inc

848

455,000

(a),(d)

Nongfu

Spring

Co

Ltd

1,967

20,900

(b)

OFILM

Group

Co

Ltd

34

5,840

Oppein

Home

Group,

Inc

55

32,828

Orient

Securities

Co

Ltd

47

119,700

(b)

Pangang

Group

Vanadium

Titanium

&

Resources

Co

Ltd

47

377,428

(b)

PDD

Holdings,

Inc

(ADR)

36,607

2,281,000

People's

Insurance

Co

Group

of

China

Ltd

1,130

187,700

People's

Insurance

Co

Group

of

China

Ltd

(Class

A)

196

7,425

Pharmaron

Beijing

Co

Ltd

-

A

26

1,580,000

PICC

Property

&

Casualty

Co

Ltd

2,485

94,200

Ping

An

Bank

Co

Ltd

151

1,467,703

Ping

An

Insurance

Group

Co

of

China

Ltd

8,614

146,800

Ping

An

Insurance

Group

Co

of

China

Ltd

(Class

A)

1,059

73,400

Pingdingshan

Tianan

Coal

Mining

Co

Ltd

101

1,360

Piotech,

Inc

29

170,600

Poly

Developments

and

Holdings

Group

Co

Ltd

207

118,200

(d)

Pop

Mart

International

Group

Ltd

1,351

161,100

Postal

Savings

Bank

of

China

Co

Ltd

-

A

125

694,000

(d)

Postal

Savings

Bank

of

China

Co

Ltd

-

H

407

73,900

Power

Construction

Corp

of

China

Ltd

55

64,900

(b)

Qinghai

Salt

Lake

Industry

Co

Ltd

146

15,900

Range

Intelligent

Computing

Technology

Group

Co

Ltd

113

1,600

Rockchip

Electronics

Co

Ltd

24

138,350

Rongsheng

Petrochemical

Co

Ltd

171

40,900

SAIC

Motor

Corp

Ltd

116

31,700

Sailun

Group

Co

Ltd

62

25,400

Sanan

Optoelectronics

Co

Ltd

42

108,000

Sany

Heavy

Industry

Co

Ltd

244

45,573

Satellite

Chemical

Co

Ltd

117

28,600

SDIC

Capital

Co

Ltd

29

44,200

SDIC

Power

Holdings

Co

Ltd

101

14,416

Seres

Group

Co

Ltd

263

26,600

SF

Holding

Co

Ltd

147

2,437

SG

Micro

Corp

27

153,100

Shaanxi

Coal

Industry

Co

Ltd

488

109,700

Shan

XI

Hua

Yang

Group

New

Energy

Co

Ltd

107

17,320

Shandong

Gold

Mining

Co

Ltd

-

A

54

67,250

(d)

Shandong

Gold

Mining

Co

Ltd

-

H

108

8,700

Shandong

Himile

Mechanical

Science

&

Technology

Co

Ltd

60

37,950

Shandong

Hualu

Hengsheng

Chemical

Co

Ltd

112

11,800

Shandong

Linglong

Tyre

Co

Ltd

29

57,200

Shandong

Nanshan

Aluminum

Co

Ltd

31

43,600

Shandong

Sun

Paper

Industry

JSC

Ltd

89

198,400

Shandong

Weigao

Group

Medical

Polymer

Co

Ltd

117

78,643

Shanghai

Baosight

Software

Co

Ltd

126

8,298

Shanghai

Baosight

Software

Co

Ltd

33

182,700

Shanghai

Electric

Group

Co

Ltd

203

15,300

Shanghai

Electric

Power

Co

Ltd

19

8,500

Shanghai

Fosun

Pharmaceutical

Group

Co

Ltd

-

A

29

638

Shanghai

Friendess

Electronic

Technology

Corp

Ltd

17

12,700

Shanghai

International

Airport

Co

Ltd

59

1,880

Shanghai

Lingang

Holdings

Corp

Ltd

3

Global

Equities

142

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

9,700

Shanghai

M&G

Stationery,

Inc

$

40

16,300

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

A

47

69,600

Shanghai

Pharmaceuticals

Holding

Co

Ltd

-

H

113

139,700

Shanghai

Pudong

Development

Bank

Co

Ltd

197

21,136

Shanghai

Putailai

New

Energy

Technology

Co

Ltd

46

21,200

(e)

Shanghai

RAAS

Blood

Products

Co

Ltd

21

150,300

Shanghai

Rural

Commercial

Bank

Co

Ltd

175

3,921

Shanghai

United

Imaging

Healthcare

Co

Ltd

68

21,500

Shanghai

Zhangjiang

High-Tech

Park

Development

Co

Ltd

79

36,000

Shanxi

Coal

International

Energy

Group

Co

Ltd

58

65,579

Shanxi

Lu'an

Environmental

Energy

Development

Co

Ltd

129

15,580

Shanxi

Xinghuacun

Fen

Wine

Factory

Co

Ltd

393

113,170

Shanxi

Xishan

Coal

&

Electricity

Power

Co

Ltd

128

29,500

Shenergy

Co

Ltd

38

9,700

Shengyi

Technology

Co

Ltd

32

1,280

Shennan

Circuits

Co

Ltd

22

116,200

Shenwan

Hongyuan

Group

Co

Ltd

85

9,280

Shenzhen

Capchem

Technology

Co

Ltd

48

28,300

Shenzhen

Energy

Group

Co

Ltd

25

2,700

Shenzhen

Goodix

Technology

Co

Ltd

30

17,100

Shenzhen

Inovance

Technology

Co

Ltd

137

11,260

Shenzhen

Investment

Holdings

Bay

Area

Development

Co

Ltd

3

47,200

Shenzhen

Mindray

Bio-Medical

Electronics

Co

Ltd

1,649

3,200

Shenzhen

New

Industries

Biomedical

Engineering

Co

Ltd

31

6,000

Shenzhen

Salubris

Pharmaceuticals

Co

Ltd

25

5,873

Shenzhen

Transsion

Holdings

Co

Ltd

76

183,500

Shenzhou

International

Group

Holdings

Ltd

1,447

8,380

Shijiazhuang

Yiling

Pharmaceutical

Co

Ltd

18

23,700

Sichuan

Chuantou

Energy

Co

Ltd

56

8,500

Sichuan

Kelun

Pharmaceutical

Co

Ltd

35

85,900

Sichuan

Road

and

Bridge

Group

Co

Ltd

86

10,000

Sieyuan

Electric

Co

Ltd

100

27,000

Silergy

Corp

331

18,700

Sinolink

Securities

Co

Ltd

22

46,300

Sinoma

International

Engineering

Co

60

118,800

Sinopharm

Group

Co

Ltd

324

168,500

Sinotruk

Hong

Kong

Ltd

493

400,000

(a),(d)

Smoore

International

Holdings

Ltd

680

28,262

SooChow

Securities

Co

Ltd

30

29,700

Southwest

Securities

Co

Ltd

19

4,500

Spring

Airlines

Co

Ltd

36

27,440

Sungrow

Power

Supply

Co

Ltd

278

58,700

Sunny

Optical

Technology

Group

Co

Ltd

515

21,300

Sunwoda

Electronic

Co

Ltd

65

7,800

Suzhou

Dongshan

Precision

Manufacturing

Co

Ltd

31

3,224

Suzhou

Maxwell

Technologies

Co

Ltd

46

3,220

Suzhou

TFC

Optical

Communication

Co

Ltd

40

34,000

(b)

TAL

Education

Group

(ADR)

341

92,660

TBEA

Co

Ltd

162

262,510

TCL

Technology

Group

Corp

181

18,375

TCL

Zhonghuan

Renewable

Energy

Technology

Co

Ltd

22

2,160,500

Tencent

Holdings

Ltd

115,312

1,151,406

Tencent

Music

Entertainment

Group

(ADR)

13,068

105,700

Tian

Di

Science

&

Technology

Co

Ltd

89

40,300

Tianfeng

Securities

Co

Ltd

25

109,033

Tianqi

Lithium

Corp

493

51,600

Tianshan

Aluminum

Group

Co

Ltd

56

23,400

Tianshui

Huatian

Technology

Co

Ltd

37

490,000

Tingyi

Cayman

Islands

Holding

Corp

636

102,000

Tongcheng

Travel

Holdings

Ltd

237

6,900

TongFu

Microelectronics

Co

Ltd

28

20,800

Tongkun

Group

Co

Ltd

34

143

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

222,500

Tongling

Nonferrous

Metals

Group

Co

Ltd

$

98

60,700

Tongwei

Co

Ltd

184

246,000

Travelsky

Technology

Ltd

327

9,731

Trina

Solar

Co

Ltd

26

247,650

(b)

Trip.com

Group

Ltd

17,043

146,000

Tsingtao

Brewery

Co

Ltd

1,063

9,800

Tsingtao

Brewery

Co

Ltd

(Class

A)

109

4,099

Unigroup

Guoxin

Microelectronics

Co

Ltd

36

15,200

Unisplendour

Corp

Ltd

58

5,000

Universal

Scientific

Industrial

Shanghai

Co

Ltd

11

11,700

Victory

Giant

Technology

Huizhou

Co

Ltd

67

28,300

Vipshop

Holdings

Ltd

(ADR)

381

45,200

Wanhua

Chemical

Group

Co

Ltd

442

1,234,000

Want

Want

China

Holdings

Ltd

722

171,000

Weichai

Power

Co

Ltd

260

41,500

Weichai

Power

Co

Ltd

(Class

A)

78

4,480

Weihai

Guangwei

Composites

Co

Ltd

21

100,775

Wens

Foodstuffs

Group

Co

Ltd

228

16,000

Western

Mining

Co

Ltd

35

26,400

Western

Securities

Co

Ltd

29

7,014

Western

Superconducting

Technologies

Co

Ltd

41

6,810

Will

Semiconductor

Co

Ltd

97

6,700

Wingtech

Technology

Co

Ltd

36

378,400

Wintime

Energy

Group

Co

Ltd

89

14,574

Wuhan

Guide

Infrared

Co

Ltd

15

19,400

Wuliangye

Yibin

Co

Ltd

372

8,410

WUS

Printed

Circuit

Kunshan

Co

Ltd

46

13,016

WuXi

AppTec

Co

Ltd

-

A

98

25,885

(a),(d)

WuXi

AppTec

Co

Ltd

-

H

187

12,235,000

(b),(d)

Wuxi

Biologics

Cayman,

Inc

27,420

159,600

XCMG

Construction

Machinery

Co

Ltd

173

63,500

Xiamen

C

&

D,

Inc

92

26,600

Xiamen

Tungsten

Co

Ltd

70

1,245,000

(b),(d)

Xiaomi

Corp

5,460

7,856

Xinjiang

Daqo

New

Energy

Co

Ltd

26

53,800

Xinjiang

Goldwind

Science

&

Technology

Co

Ltd

-

A

76

431,795

(a)

Xinyi

Solar

Holdings

Ltd

172

260,400

(b)

XPeng,

Inc

1,533

284,000

(a),(d)

Yadea

Group

Holdings

Ltd

469

22,800

Yantai

Jereh

Oilfield

Services

Group

Co

Ltd

116

791,600

(a)

Yanzhou

Coal

Mining

Co

Ltd

908

94,055

Yanzhou

Coal

Mining

Co

Ltd

(Class

A)

183

6,370

Yealink

Network

Technology

Corp

Ltd

34

15,088

Yifeng

Pharmacy

Chain

Co

Ltd

50

22,800

Yihai

Kerry

Arawana

Holdings

Co

Ltd

102

36,820

Yintai

Gold

Co

Ltd

78

17,959

Yonyou

Network

Technology

Co

Ltd

26

22,100

Youngor

Group

Co

Ltd

27

16,800

YTO

Express

Group

Co

Ltd

33

179,121

Yum

China

Holdings,

Inc

8,628

19,100

Yunnan

Aluminium

Co

Ltd

35

8,900

Yunnan

Baiyao

Group

Co

Ltd

73

114,300

Yunnan

Chihong

Zinc&Germanium

Co

Ltd

87

8,400

Yunnan

Energy

New

Material

Co

Ltd

37

33,700

Yunnan

Tin

Co

Ltd

65

42,600

Yunnan

Yuntianhua

Co

Ltd

130

23,000

Zangge

Mining

Co

Ltd

87

2,800

Zhangzhou

Pientzehuang

Pharmaceutical

Co

Ltd

82

129,500

Zhaojin

Mining

Industry

Co

Ltd

182

28,200

Zhejiang

China

Commodities

City

Group

Co

Ltd

52

23,700

Zhejiang

Chint

Electrics

Co

Ltd

76

19,900

Zhejiang

Dahua

Technology

Co

Ltd

44

Global

Equities

144

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CHINA

(continued)

6,460

Zhejiang

Dingli

Machinery

Co

Ltd

$

57

179,880

Zhejiang

Expressway

Co

Ltd

129

9,350

Zhejiang

Huahai

Pharmaceutical

Co

Ltd

23

7,093

Zhejiang

Huayou

Cobalt

Co

Ltd

28

6,400

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co

Ltd

28

39,200

Zhejiang

Juhua

Co

Ltd

130

114,600

(b),(d)

Zhejiang

Leapmotor

Technologies

Ltd

474

55,900

Zhejiang

Longsheng

Group

Co

Ltd

79

16,304

Zhejiang

NHU

Co

Ltd

49

24,800

Zhejiang

Sanhua

Intelligent

Controls

Co

Ltd

80

2,937

Zhejiang

Supcon

Technology

Co

Ltd

20

5,600

Zhejiang

Supor

Co

Ltd

41

35,400

Zhejiang

Wanfeng

Auto

Wheel

Co

Ltd

92

8,190

Zhejiang

Weiming

Environment

Protection

Co

Ltd

24

208,600

Zhejiang

Zheneng

Electric

Power

Co

Ltd

162

39,600

Zhengzhou

Yutong

Bus

Co

Ltd

143

18,500

Zheshang

Securities

Co

Ltd

31

16,380

Zhongji

Innolight

Co

Ltd

275

23,800

Zhongjin

Gold

Corp

Ltd

39

189,500

Zhongsheng

Group

Holdings

Ltd

338

63,400

Zhongtai

Securities

Co

Ltd

57

9,447

Zhuzhou

CRRC

Times

Electric

Co

Ltd

62

41,200

Zhuzhou

CSR

Times

Electric

Co

Ltd

173

1,276,000

Zijin

Mining

Group

Co

Ltd

2,303

554,774

Zijin

Mining

Group

Co

Ltd

(Class

A)

1,149

93,300

Zoomlion

Heavy

Industry

Science

and

Technology

Co

Ltd

-

A

92

22,200

ZTE

Corp

123

62,200

ZTE

Corp

(Class

H)

194

35,000

ZTO

Express

Cayman,

Inc

685

TOTAL

CHINA

637,777

COLOMBIA

-

0.0%

20,180

BanColombia

S.A.

172

39,744

BanColombia

S.A.

(Preference)

317

94,944

Interconexion

Electrica

S.A.

ESP

360

TOTAL

COLOMBIA

849

CZECH

REPUBLIC

-

0.0%

35,432

CEZ

AS

1,394

5,945

Komercni

Banka

AS

208

15,414

(d)

Moneta

Money

Bank

AS

78

TOTAL

CZECH

REPUBLIC

1,680

DENMARK

-

1.0%

109,774

Carlsberg

AS

(Class

B)

10,543

604,929

Danske

Bank

AS

17,152

43,790

DSV

AS

9,326

1,104,514

GN

Store

Nord

20,564

2,318,508

Novo

Nordisk

A.S.

200,045

49,200

Novo

Nordisk

A.S.

(ADR)

4,232

480,886

(b)

Zealand

Pharma

AS

47,836

TOTAL

DENMARK

309,698

EGYPT

-

0.0%

189,952

Commercial

International

Bank

294

353,767

Eastern

Tobacco

205

191,796

Talaat

Moustafa

Group

211

TOTAL

EGYPT

710

FINLAND

-

0.1%

352,345

Sampo

Oyj

14,392

TOTAL

FINLAND

14,392

FRANCE

-

1.4%

146,673

Air

Liquide

23,843

564,940

Airbus

SE

90,464

46,847

Arkema

3,565

1,170,361

AXA

S.A.

41,653

145

SHARES

DESCRIPTION

VALUE

(000)

FRANCE

(continued)

142,375

Essilor

International

S.A.

$

34,729

9,359

Gecina

S.A.

877

12,594

ICADE

300

118,832

(a)

Kering

29,351

102,934

L'Oreal

S.A.

36,439

88,464

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

58,191

1,089,591

Orange

S.

A.

10,872

9,160

Pernod-Ricard

S.A.

1,035

261,044

Safran

S.A.

57,197

267,048

Total

S.A.

14,878

733,030

Veolia

Environnement

20,567

TOTAL

FRANCE

423,961

GERMANY

-

1.7%

49,768

Allianz

AG.

15,297

702,206

Aroundtown

S.A.

2,121

431,203

Beiersdorf

AG.

55,386

975,094

(b)

BK

LC

Lux

Finco

2

Sarl

55,249

689,818

Borussia

Dortmund

GmbH

&

Co

KGaA

2,244

105,213

Deutsche

Boerse

AG.

24,236

554,058

Deutsche

Telekom

AG.

16,601

205,976

Dr

ING

hc

F

Porsche

AG.

12,482

475,181

HeidelbergCement

AG.

58,715

16,380

LEG

Immobilien

SE

1,389

996

OSRAM

Licht

AG.

53

2,010,208

RWE

AG.

60,032

439,154

SAP

AG.

108,021

460,134

Siemens

AG.

89,724

301,914

(b)

Springer

Nature

AG.

&

Co

KGaA

8,506

166,307

Vonovia

SE

5,063

TOTAL

GERMANY

515,119

GREECE

-

0.0%

176,388

Alpha

Services

and

Holdings

S.A.

294

221,030

Eurobank

Ergasias

Services

and

Holdings

S.A.

510

5,760

(b),(e)

FF

Group

0

^

38,908

Hellenic

Telecommunications

Organization

S.A.

599

24,496

JUMBO

S.A.

648

8,185

Mytilineos

Holdings

S.A.

284

70,820

National

Bank

of

Greece

S.A.

561

41,001

OPAP

S.A.

666

87,925

Piraeus

Financial

Holdings

S.A.

350

42,737

Public

Power

Corp

545

TOTAL

GREECE

4,457

HONG

KONG

-

0.2%

2,584,300

AIA

Group

Ltd

18,563

1,023,000

ASM

Pacific

Technology

9,782

132,600

Bank

of

East

Asia

Ltd

168

932,000

Hang

Lung

Properties

Ltd

743

174,400

Hang

Seng

Bank

Ltd

2,136

347,000

Henderson

Land

Development

Co

Ltd

1,052

269,882

Hong

Kong

Exchanges

and

Clearing

Ltd

10,101

584,800

Hongkong

Land

Holdings

Ltd

2,604

422,039

Link

REIT

1,775

406,000

(a)

New

World

Development

Co

Ltd

268

32,500

Orient

Overseas

International

Ltd

479

619,323

Prudential

plc

4,915

866,250

Sino

Biopharmaceutical

Ltd

354

353,500

Sun

Hung

Kai

Properties

Ltd

3,364

287,000

Wharf

Real

Estate

Investment

Co

Ltd

730

TOTAL

HONG

KONG

57,034

HUNGARY

-

0.0%

121,958

MOL

Hungarian

Oil

&

Gas

plc

839

16,698

OTP

Bank

Rt

913

Global

Equities

146

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HUNGARY

(continued)

9,226

Richter

Gedeon

Rt

$

242

TOTAL

HUNGARY

1,994

INDIA

-

1.6%

11,741

ABB

Ltd

India

946

32,829

Adani

Enterprises

Ltd

968

48,792

(b)

Adani

Green

Energy

Ltd

592

117,866

Adani

Ports

&

Special

Economic

Zone

Ltd

1,691

127,316

(b)

Adani

Power

Ltd

785

3,873

Alkem

Laboratories

Ltd

255

138,501

Ambuja

Cements

Ltd

865

37,775

APL

Apollo

Tubes

Ltd

690

54,217

Apollo

Hospitals

Enterprise

Ltd

4,613

325,991

Ashok

Leyland

Ltd

837

83,242

Asian

Paints

Ltd

2,215

29,296

Astral

Ltd

565

30,187

(d)

AU

Small

Finance

Bank

Ltd

197

21,109

Aurobindo

Pharma

Ltd

328

35,213

(b),(d)

Avenue

Supermarts

Ltd

1,463

1,091,548

Axis

Bank

Ltd

13,535

14,716

Bajaj

Auto

Ltd

1,510

22,409

Bajaj

Finance

Ltd

1,782

30,196

Bajaj

Finserv

Ltd

552

5,777

Bajaj

Holdings

&

Investment

Ltd

801

16,494

Balkrishna

Industries

Ltd

560

87,407

Bank

of

Baroda

245

804,850

Bharat

Electronics

Ltd

2,747

55,280

Bharat

Forge

Ltd

838

240,265

Bharat

Heavy

Electricals

Ltd

641

345,336

Bharat

Petroleum

Corp

Ltd

1,174

540,006

Bharti

Airtel

Ltd

9,999

1,546

Bosch

Ltd

615

23,685

Britannia

Industries

Ltd

1,316

14,527

BSE

Ltd

900

21,010

Cadila

Healthcare

Ltd

238

418,229

Canara

Bank

487

51,080

CG

Power

&

Industrial

Solutions

Ltd

433

33,887

Cholamandalam

Investment

and

Finance

Co

Ltd

468

170,371

Cipla

Ltd

3,036

424,996

Coal

India

Ltd

1,902

30,067

Colgate-Palmolive

India

Ltd

941

55,895

Container

Corp

Of

India

Ltd

513

30,294

Cummins

India

Ltd

1,155

114,849

Dabur

India

Ltd

679

34,839

Divi's

Laboratories

Ltd

2,480

7,180

Dixon

Technologies

India

Ltd

1,500

166,716

DLF

Ltd

1,602

47,335

Dr

Reddy's

Laboratories

Ltd

766

29,562

Eicher

Motors

Ltd

1,663

536,749

GAIL

India

Ltd

1,193

578,863

(b)

GMR

Infrastructure

Ltd

529

88,770

Godrej

Consumer

Products

Ltd

1,120

32,296

(b)

Godrej

Properties

Ltd

1,048

58,894

Grasim

Industries

Ltd

1,678

55,161

Havells

India

Ltd

1,078

344,470

HCL

Technologies

Ltd

7,692

8,202

(d)

HDFC

Asset

Management

Co

Ltd

402

1,461,531

HDFC

Bank

Ltd

30,225

463,214

HDFC

Bank

Ltd

(ADR)

29,581

208,994

(d)

HDFC

Life

Insurance

Co

Ltd

1,504

26,814

Hero

Honda

Motors

Ltd

1,300

281,679

Hindalco

Industries

Ltd

1,977

44,136

Hindustan

Aeronautics

Ltd

2,148

147

SHARES

DESCRIPTION

VALUE

(000)

INDIA

(continued)

66,851

Hindustan

Lever

Ltd

$

1,816

216,399

Hindustan

Petroleum

Corp

Ltd

1,029

1,167,465

ICICI

Bank

Ltd

17,444

52,052

(d)

ICICI

Lombard

General

Insurance

Co

Ltd

1,085

77,399

(d)

ICICI

Prudential

Life

Insurance

Co

Ltd

591

267,860

(b)

IDFC

First

Bank

Ltd

197

186,034

Indian

Hotels

Co

Ltd

1,901

674,345

Indian

Oil

Corp

Ltd

1,069

49,238

Indian

Railway

Catering

&

Tourism

Corp

Ltd

452

261,753

(b)

Indus

Towers

Ltd

1,042

23,886

IndusInd

Bank

Ltd

267

15,182

Info

Edge

India

Ltd

1,535

872,117

Infosys

Technologies

Ltd

19,104

41,386

(b),(d)

InterGlobe

Aviation

Ltd

2,197

711,314

ITC

Ltd

4,011

72,617

Jindal

Stainless

Ltd

591

32,934

Jindal

Steel

&

Power

Ltd

357

95,252

JSW

Energy

Ltd

713

186,473

JSW

Steel

Ltd

1,960

77,595

Jubilant

Foodworks

Ltd

649

89,103

Kalyan

Jewellers

India

Ltd

796

88,788

Kotak

Mahindra

Bank

Ltd

1,848

142,364

Larsen

&

Toubro

Ltd

5,984

289,744

(d)

LTIMindtree

Ltd

18,837

18,707

Lupin

Ltd

514

64,632

(d)

Macrotech

Developers

Ltd

1,047

446,464

Mahindra

&

Mahindra

Ltd

15,628

22,233

(b)

Mankind

Pharma

Ltd

746

112,761

Marico

Ltd

842

27,543

Maruti

Suzuki

India

Ltd

3,484

150,054

Max

Healthcare

Institute

Ltd

1,972

23,116

Mphasis

Ltd

766

509

MRF

Ltd

775

9,441

Muthoot

Finance

Ltd

235

73,335

Nestle

India

Ltd

1,857

698,140

NHPC

Ltd

656

699,006

NMDC

Ltd

536

963,080

NTPC

Ltd

3,741

13,348

Oberoi

Realty

Ltd

360

119,384

Oil

India

Ltd

600

3,891

Oracle

Financial

Services

Software

Ltd

579

1,343

Page

Industries

Ltd

744

67,964

(b)

PB

Fintech

Ltd

1,669

23,594

Persistent

Systems

Ltd

1,774

177,403

Petronet

LNG

Ltd

716

42,544

Phoenix

Mills

Ltd

810

16,706

PI

Industries

Ltd

718

34,287

Pidilite

Industries

Ltd

1,163

437,260

Piramal

Pharma

Ltd

1,357

11,449

Polycab

India

Ltd

970

124,044

Power

Finance

Corp

Ltd

648

1,035,863

Power

Grid

Corp

of

India

Ltd

3,728

37,458

Prestige

Estates

Projects

Ltd

740

187,690

Punjab

National

Bank

225

114,957

Rail

Vikas

Nigam

Ltd

565

108,087

REC

Ltd

630

4,535,001

Reliance

Industries

Ltd

64,227

16,366,050

(b)

Reliance

Strategic

Investments

Ltd

56,941

681,874

Samvardhana

Motherson

International

Ltd

1,238

19,149

SBI

Cards

&

Payment

Services

Ltd

148

98,514

(d)

SBI

Life

Insurance

Co

Ltd

1,596

1,962

Shree

Cement

Ltd

588

Global

Equities

148

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

INDIA

(continued)

22,757

Shriram

Finance

Ltd

$

766

19,607

Siemens

India

Ltd

1,493

5,919

Solar

Industries

India

Ltd

674

91,562

(d)

Sona

Blw

Precision

Forgings

Ltd

635

28,449

SRF

Ltd

742

146,255

State

Bank

of

India

1,355

324,400

Sun

Pharmaceutical

Industries

Ltd

7,139

14,296

Sundaram

Finance

Ltd

691

14,018

Supreme

Industries

Ltd

768

2,046,776

(b)

Suzlon

Energy

Ltd

1,482

26,229

Tata

Communications

Ltd

521

121,612

Tata

Consultancy

Services

Ltd

5,804

128,932

Tata

Consumer

Products

Ltd

1,375

2,744

Tata

Elxsi

Ltd

217

442,782

Tata

Motors

Ltd

3,816

351,934

Tata

Power

Co

Ltd

1,609

812,402

Tata

Steel

Ltd

1,307

44,122

Tech

Mahindra

Ltd

876

8,928

Thermax

Ltd

421

28,398

Titan

Co

Ltd

1,077

52,397

Torrent

Pharmaceuticals

Ltd

2,054

37,952

Torrent

Power

Ltd

657

39,253

Trent

Ltd

3,257

23,025

Tube

Investments

of

India

Ltd

960

51,081

TVS

Motor

Co

Ltd

1,410

25,450

Ultra

Tech

Cement

Ltd

3,390

124,807

Union

Bank

of

India

175

64,292

United

Spirits

Ltd

1,219

101,015

UPL

Ltd

590

246,701

Varun

Beverages

Ltd

1,840

157,032

Vedanta

Ltd

814

5,183,205

(b)

Vodafone

Idea

Ltd

479

22,353

Voltas

Ltd

466

214,834

Wipro

Ltd

755

1,161,716

(b)

Yes

Bank

Ltd

265

1,417,262

(b)

Zomato

Ltd

4,591

TOTAL

INDIA

470,261

INDONESIA

-

0.2%

3,193,300

Adaro

Energy

Indonesia

Tbk

PT

481

1,401,300

(b)

Amman

Mineral

Internasional

PT

735

1,680,400

Astra

International

Tbk

PT

511

12,582,200

Bank

Central

Asia

Tbk

PT

7,563

1,180,000

Bank

Negara

Indonesia

Persero

Tbk

PT

318

97,844,593

Bank

Rakyat

Indonesia

24,701

5,147,926

Barito

Pacific

Tbk

PT

293

1,713,100

Chandra

Asri

Pacific

Tbk

PT

798

1,537,300

Charoen

Pokphand

Indonesia

Tbk

PT

455

190,392,200

(b)

GoTo

Gojek

Tokopedia

Tbk

PT

822

525,600

Indah

Kiat

Pulp

&

Paper

Tbk

PT

221

459,900

Indofood

CBP

Sukses

Makmur

Tbk

PT

325

1,641,400

Kalbe

Farma

Tbk

PT

139

758,249

(b)

Merdeka

Copper

Gold

Tbk

PT

76

3,045,694

PT

Bank

Mandiri

Persero

Tbk

1,072

978,300

PT

Indofood

Sukses

Makmur

Tbk

468

1,547,900

PT

Unilever

Indonesia

Tbk

181

133,500

PT

United

Tractors

Tbk

222

4,067,900

Sumber

Alfaria

Trijaya

Tbk

PT

720

4,052,800

Telkom

Indonesia

Persero

Tbk

PT

678

TOTAL

INDONESIA

40,779

IRELAND

-

0.3%

176,024

Accenture

plc

61,924

149

SHARES

DESCRIPTION

VALUE

(000)

IRELAND

(continued)

5,219,331

AIB

Group

plc

$

28,862

TOTAL

IRELAND

90,786

ISRAEL

-

0.0%

259,166

Bank

Hapoalim

Ltd

3,129

331,608

Bank

Leumi

Le-Israel

3,945

265,673

Israel

Discount

Bank

Ltd

1,818

31,999

Mizrahi

Tefahot

Bank

Ltd

1,385

TOTAL

ISRAEL

10,277

ITALY

-

0.6%

421,320

Amplifon

S.p.A.

10,857

5,630,348

(a)

Davide

Campari-Milano

NV

35,237

8,901,991

Enel

S.p.A.

63,526

59,133

Ferrari

NV

25,232

637,795

Moncler

S.p.A

33,669

1,868,681

PRADA

S.p.A

14,381

TOTAL

ITALY

182,902

JAPAN

-

6.0%

91,000

Acom

Co

Ltd

220

404

Activia

Properties,

Inc

842

2,550,900

Advantest

Corp

145,041

300

Aeon

Mall

Co

Ltd

4

26,900

(a)

Aozora

Bank

Ltd

423

1,798,300

Asahi

Breweries

Ltd

18,865

212,179

Asahi

Kasei

Corp

1,462

39,000

Century

Leasing

System,

Inc

394

120,900

Chiba

Bank

Ltd

932

234,600

Concordia

Financial

Group

Ltd

1,290

246,100

Dai-ichi

Life

Holdings,

Inc

6,558

2,832,791

Daiichi

Sankyo

Co

Ltd

77,514

165,331

Daikin

Industries

Ltd

19,291

8,500

Daito

Trust

Construction

Co

Ltd

950

399

Daiwa

House

REIT

Investment

Corp

588

329,700

Daiwa

Securities

Group,

Inc

2,176

82,000

Disco

Corp

21,753

19,800

Fast

Retailing

Co

Ltd

6,679

39,200

Fukuoka

Financial

Group,

Inc

976

11,359,120

(b)

Hitachi

Ltd

278,185

156,700

(b)

Hoya

Corp

19,447

192,300

(a)

Hulic

Co

Ltd

1,670

931

Hulic

Reit,

Inc

811

4,012,600

Infomart

Corp

7,702

8

Invincible

Investment

Corp

3

463,200

Itochu

Corp

22,778

92,200

Japan

Post

Bank

Co

Ltd

871

359,500

Japan

Post

Holdings

Co

Ltd

3,386

51,200

Japan

Post

Insurance

Co

Ltd

940

4

Japan

Retail

Fund

Investment

Corp

2

728,200

Kansai

Electric

Power

Co,

Inc

8,071

321,300

KDDI

Corp

10,234

326

Kenedix

Realty

Investment

Corp

309

29,000

Kyoto

Financial

Group,

Inc

424

211,700

Mebuki

Financial

Group,

Inc

858

756,600

Mitsubishi

Electric

Corp

12,776

454,373

Mitsubishi

Estate

Co

Ltd

6,308

2,072,600

Mitsubishi

Heavy

Industries

Ltd

28,900

9,547,300

Mitsubishi

UFJ

Financial

Group,

Inc

111,462

91,800

Mitsubishi

UFJ

Lease

&

Finance

Co

Ltd

605

2,064,100

Mitsui

&

Co

Ltd

42,808

28,550

Mitsui

Fudosan

Co

Ltd

228

5,987

Mitsui

Fudosan

Logistics

Park,

Inc

3,859

304,500

Mitsui

Sumitomo

Insurance

Group

Holdings,

Inc

6,576

550,500

Mizuho

Financial

Group,

Inc

13,439

Global

Equities

150

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

JAPAN

(continued)

1,187,500

MonotaRO

Co

Ltd

$

20,180

354

Mori

Hills

REIT

Investment

Corp

279

953,400

Murata

Manufacturing

Co

Ltd

15,126

1,433,700

Nintendo

Co

Ltd

83,501

133,000

Nippon

Paint

Co

Ltd

859

6,272,800

Nippon

Telegraph

&

Telephone

Corp

6,266

717,700

(b)

Nomura

Holdings,

Inc

4,164

959

Nomura

Real

Estate

Master

Fund,

Inc

838

1,147,500

Oriental

Land

Co

Ltd

24,736

299,600

ORIX

Corp

6,437

647

Orix

JREIT,

Inc

675

232,600

Osaka

Securities

Exchange

Co

Ltd

2,581

1,750,100

Recruit

Holdings

Co

Ltd

121,646

477,300

Resona

Holdings,

Inc

3,441

53,800

SBI

Holdings,

Inc

1,351

171,300

Sekisui

House

Ltd

4,085

1,836,300

Seven

&

I

Holdings

Co

Ltd

28,789

134,500

Seven

Bank

Ltd

266

754,400

Shin-Etsu

Chemical

Co

Ltd

24,848

95,100

Shizuoka

Financial

Group,

Inc

771

24,300

SMC

Corp

9,436

229,700

Sompo

Holdings,

Inc

5,952

7,745,725

Sony

Corp

163,245

4,089

Star

Asia

Investment

Corp

1,339

7,957,300

(a)

Sumco

Corp

58,601

4,995,303

Sumitomo

Mitsui

Financial

Group,

Inc

119,888

154,200

Sumitomo

Mitsui

Trust

Holdings,

Inc

3,602

20

Sumitomo

Realty

&

Development

Co

Ltd

1

122,600

T&D

Holdings,

Inc

2,244

19,982

Taiyo

Nippon

Sanso

Corp

554

644,897

TechnoPro

Holdings,

Inc

12,058

431,900

Tokio

Marine

Holdings,

Inc

15,500

115,500

Tokyo

Electron

Ltd

17,362

312,200

(a)

Tokyo

Tatemono

Co

Ltd

5,153

242,901

Toray

Industries,

Inc

1,538

7,082,110

(b)

Toyota

Motor

Corp

138,280

594

United

Urban

Investment

Corp

531

TOTAL

JAPAN

1,794,733

KOREA,

REPUBLIC

OF

-

0.7%

12,264

(b)

Alteogen,

Inc

2,548

6,152

(b)

Amorepacific

Corp

435

33,632

Celltrion,

Inc

4,238

1,825

CJ

CheilJedang

Corp

314

11,755

(b)

Coway

Co

Ltd

530

11,566

Daewoo

International

Corp

307

7,271

(b)

Daewoo

Shipbuilding

&

Marine

Engineering

Co

Ltd

183

9,843

Dongbu

Insurance

Co

Ltd

684

12,693

Doosan

Bobcat,

Inc

356

36,600

(b)

Doosan

Heavy

Industries

and

Construction

Co

Ltd

430

14,594

(b)

Ecopro

BM

Co

Ltd

1,069

21,229

(b)

Ecopro

Co

Ltd

814

3,448

(b)

Ecopro

Materials

Co

Ltd

150

2,871

(b)

Enchem

Co

Ltd

256

11,561

(b)

GS

Holdings

Corp

307

23,279

Hana

Financial

Group,

Inc

891

2,063

(b)

Hanjin

Kal

Corp

105

16,428

(b)

Hankook

Tire

&

Technology

Co

Ltd

424

544

Hanmi

Pharm

Co

Ltd

103

3,668

Hanmi

Semiconductor

Co

Ltd

201

238

(b)

Hanwha

Chemical

Corp

3

3,805

HD

Hyundai

Co

Ltd

204

5,006

HD

Hyundai

Electric

Co

Ltd

1,287

151

SHARES

DESCRIPTION

VALUE

(000)

KOREA,

REPUBLIC

OF

(continued)

4,670

(b)

HD

Hyundai

Heavy

Industries

Co

Ltd

$

904

25,286

(b)

HLB,

Inc

1,241

19,357

(b)

HMM

Co

Ltd

231

4,237

Honam

Petrochemical

Corp

171

4,693

(b)

HYBE

Co

Ltd

612

119,396

Hynix

Semiconductor,

Inc

13,682

7,991

Hyundai

Glovis

Co

Ltd

637

3,506

(b)

Hyundai

Heavy

Industries

539

12,957

Hyundai

Mobis

2,061

32,830

Hyundai

Motor

Co

4,661

8,060

Hyundai

Motor

Co

Ltd

(2nd

Preference)

846

11,645

Hyundai

Motor

Co

Ltd

(Preference)

1,195

16,244

(b)

Hyundai

Rotem

Co

Ltd

545

19,576

Industrial

Bank

of

Korea

190

66,077

Kakao

Corp

1,693

13,449

(b)

KakaoBank

Corp

190

162,141

KB

Financial

Group,

Inc

9,130

47,228

Kia

Motors

Corp

3,196

15,496

(b)

Korea

Aerospace

Industries

Ltd

576

21,651

(b)

Korea

Electric

Power

Corp

293

2,984

(b)

Korea

Investment

Holdings

Co

Ltd

143

600

Korea

Zinc

Co

Ltd

406

12,329

(b)

Korean

Air

Lines

Co

Ltd

188

2,367

(b),(d)

Krafton,

Inc

499

22,378

KT&G

Corp

1,619

1,361

(b)

Kumho

Petrochemical

Co

Ltd

83

8,266

(b)

L&F

Co

Ltd

447

10,755

(b)

LG

Chem

Ltd

1,802

1,854

(b)

LG

Chem

Ltd

(Preference)

198

20,384

(b)

LG

Corp

988

25,654

(b)

LG

Display

Co

Ltd

157

8,693

LG

Electronics,

Inc

488

5,174

(b)

LG

Energy

Solution

Ltd

1,208

1,929

(b)

LG

Household

&

Health

Care

Ltd

397

1,172

(b)

LG

Innotek

Co

Ltd

127

15,601

LG

Telecom

Ltd

109

3,334

(b)

LS

Electric

Co

Ltd

361

7,618

(b)

Meritz

Financial

Group,

Inc

535

17,668

Mirae

Asset

Daewoo

Co

Ltd

95

30,861

(b)

Naver

Corp

4,118

1,187

(b)

NCSoft

Corp

147

2,085

(b),(d)

Netmarble

Corp

72

4,743

(b)

Orion

Corp/Republic

of

Korea

328

22,373

POSCO

3,816

11,726

POSCO

DX

Co

Ltd

149

2,549

POSCO

Future

M

Co

Ltd

241

4,290

(b),(d)

Samsung

Biologics

Co

Ltd

2,749

19,084

(b)

Samsung

C&T

Corp

1,475

4,540

(b)

Samsung

Electro-Mechanics

Co

Ltd

377

3,329,995

Samsung

Electronics

Co

Ltd

118,837

179,661

Samsung

Electronics

Co

Ltd

(Preference)

5,336

12,813

(b)

Samsung

Engineering

Co

Ltd

143

6,628

Samsung

Fire

&

Marine

Insurance

Co

Ltd

1,605

54,611

(b)

Samsung

Heavy

Industries

Co

Ltd

417

17,125

Samsung

Life

Insurance

Co

Ltd

1,096

20,265

(b)

Samsung

SDI

Co

Ltd

3,350

3,453

(b)

Samsung

SDS

Co

Ltd

297

2,608

(b)

Samsung

Techwin

Co

Ltd

575

96,192

Shinhan

Financial

Group

Co

Ltd

3,119

4,665

(b)

SK

Biopharmaceuticals

Co

Ltd

348

1,817

(b)

SK

Bioscience

Co

Ltd

62

5,148

(b)

SK

Innovation

Co

Ltd

389

Global

Equities

152

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

KOREA,

REPUBLIC

OF

(continued)

7,705

(b)

SK

Square

Co

Ltd

$

405

4,927

SK

Telecom

Co

Ltd

185

3,064

SK,

Inc

272

3,900

(b)

SKC

Co

Ltd

274

11,621

S-Oil

Corp

434

50,548

Woori

Financial

Group,

Inc

527

8,668

Woori

Investment

&

Securities

Co

Ltd

82

4,648

(b)

Yuhan

Corp

374

TOTAL

KOREA,

REPUBLIC

OF

219,881

KUWAIT

-

0.0%

113,812

Boubyan

Bank

KSCP

207

165,048

Gulf

Bank

KSCP

174

833,568

Kuwait

Finance

House

KSCP

2,016

156,765

Mabanee

Co

SAK

387

542,803

Mobile

Telecommunications

Co

KSCP

826

651,473

National

Bank

of

Kuwait

SAKP

1,893

TOTAL

KUWAIT

5,503

LUXEMBOURG

-

0.0%

11,120

Reinet

Investments

S.C.A

263

TOTAL

LUXEMBOURG

263

MALAYSIA

-

0.1%

190,300

AMMB

Holdings

BHD

233

232,943

Axiata

Group

Bhd

130

608,679

Bumiputra-Commerce

Holdings

BHD

1,115

242,400

Digi.Com

BHD

196

843,342

Gamuda

BHD

893

550,900

Genting

BHD

475

743,500

Genting

Malaysia

BHD

376

48,300

Hong

Leong

Bank

BHD

222

170,900

IHH

Healthcare

Bhd

279

221,300

Inari

Amertron

Bhd

151

475,700

IOI

Corp

BHD

413

98,943

Kuala

Lumpur

Kepong

BHD

482

441,429

Malayan

Banking

BHD

1,011

194,460

Malaysia

Airports

Holdings

Bhd

460

167,500

Maxis

Bhd

137

379,200

MISC

Bhd

644

506,250

(d)

MR

DIY

Group

M

Bhd

209

13,900

Nestle

Malaysia

Bhd

311

646,400

Petronas

Chemicals

Group

Bhd

747

62,000

Petronas

Dagangan

BHD

268

214,900

Petronas

Gas

BHD

850

120,680

PPB

Group

BHD

335

291,400

Press

Metal

Aluminium

Holdings

Bhd

319

1,188,400

Public

Bank

Bhd

1,211

267,375

QL

Resources

Bhd

284

103,116

RHB

Capital

BHD

149

662,600

Sime

Darby

BHD

349

432,600

Sime

Darby

Plantation

Bhd

479

488,000

Sunway

BHD

522

106,841

Telekom

Malaysia

BHD

159

657,600

Tenaga

Nasional

BHD

2,196

766,700

YTL

Corp

BHD

457

550,300

YTL

Power

International

BHD

544

TOTAL

MALAYSIA

16,606

MEXICO

-

0.3%

805,600

Alfa

S.A.

de

C.V.

(Class

A)

583

1,526,000

(a)

America

Movil

SAB

de

C.V.

1,094

110,000

Arca

Continental

SAB

de

C.V.

911

3,301,994

Cemex

S.A.

de

C.V.

1,850

115,665

Coca-Cola

Femsa

SAB

de

C.V.

899

661,700

Fibra

Uno

Administracion

S.A.

de

C.V.

657

153

SHARES

DESCRIPTION

VALUE

(000)

MEXICO

(continued)

386,200

Fomento

Economico

Mexicano

S.A.

de

C.V.

$

3,291

360,672

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

30,834

36,210

Gruma

SAB

de

C.V.

566

58,900

Grupo

Aeroportuario

del

Centro

Norte

Sab

de

C.V.

507

82,065

(a)

Grupo

Aeroportuario

del

Pacifico

S.A.

de

C.V.

(B

Shares)

1,443

38,365

Grupo

Aeroportuario

del

Sureste

S.A.

de

C.V.

(Class

B)

984

265,400

(a)

Grupo

Bimbo

S.A.

de

C.V.

(Series

A)

703

118,900

(a)

Grupo

Carso

S.A.

de

C.V.

(Series

A1)

657

60,100

(a)

Grupo

Comercial

Chedraui

S.a.

DE

C.V.

361

4,773,400

Grupo

Financiero

Banorte

S.A.

de

C.V.

30,670

151,727

(a),(b)

Grupo

Financiero

Inbursa

S.A.

316

932,500

Grupo

Mexico

S.A.

de

C.V.

(Series

B)

4,424

15,295

(a),(b)

Industrias

Penoles

S.A.

de

C.V.

195

307,800

(a)

Kimberly-Clark

de

Mexico

S.A.

de

C.V.

(Class

A)

434

269,100

(a)

Operadora

De

Sites

Mexicanos

SAB

de

C.V.

160

216,954

ProLogis

Property

Mexico

S.A.

de

C.V.

603

36,240

Promotora

y

Operadora

de

Infraestructura

SAB

de

C.V.

307

7,216

Southern

Copper

Corp

658

34,363

Ternium

S.A.

(ADR)

999

429,300

Wal-Mart

de

Mexico

SAB

de

C.V.

1,130

TOTAL

MEXICO

85,236

NETHERLANDS

-

1.1%

76,834

(b),(d)

Adyen

NV

114,181

237

(b)

Argenx

SE

146

31,830

(b)

Argenx

SE

19,662

127,225

(d)

Euronext

NV

14,273

372,720

Heineken

NV

26,564

8,293,974

ING

Groep

NV

129,980

4,451,516

Koninklijke

KPN

NV

16,232

TOTAL

NETHERLANDS

321,038

NORWAY

-

0.1%

676,678

Aker

BP

ASA

13,303

693,887

Equinor

ASA

16,458

TOTAL

NORWAY

29,761

PERU

-

0.0%

57,055

Cia

de

Minas

Buenaventura

S.A.

(ADR)

(Series

B)

657

5,400

Credicorp

Ltd

990

TOTAL

PERU

1,647

PHILIPPINES

-

0.0%

19,040

Ayala

Corp

196

1,449,770

Ayala

Land,

Inc

653

155,444

Bank

of

the

Philippine

Islands

328

196,610

BDO

Unibank,

Inc

486

218,690

International

Container

Term

Services,

Inc

1,459

590,255

JG

Summit

Holdings

(Series

B)

209

97,960

Jollibee

Foods

Corp

454

65,220

Manila

Electric

Co

550

154,393

Metropolitan

Bank

&

Trust

191

6,800

PLDT,

Inc

152

5,826,950

Robinsons

Retail

Holdings,

Inc

3,626

18,360

SM

Investments

Corp

284

2,159,000

SM

Prime

Holdings

933

182,380

Universal

Robina

Corp

248

TOTAL

PHILIPPINES

9,769

POLAND

-

0.0%

19,138

Alior

Bank

S.A.

399

124,931

(b),(d)

Allegro.eu

S.A.

819

14,845

Bank

Pekao

S.A.

496

3,329

Bank

Zachodni

WBK

S.A.

370

1,173

(b)

BRE

Bank

S.A.

156

2,819

Budimex

S.A.

319

4,895

CD

Projekt

S.A.

227

Global

Equities

154

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

POLAND

(continued)

3,915

(b),(d)

Dino

Polska

S.A.

$

369

11,201

KGHM

Polska

Miedz

S.A.

312

238

LPP

S.A.

895

182,585

(b)

PGE

Polska

Grupa

Energetyczna

S.A.

269

144,060

Polski

Koncern

Naftowy

Orlen

S.A.

1,651

71,009

Powszechna

Kasa

Oszczednosci

Bank

Polski

S.A.

1,028

129,569

Powszechny

Zaklad

Ubezpieczen

S.A.

1,439

TOTAL

POLAND

8,749

PORTUGAL

-

0.1%

750,164

Jeronimo

Martins

SGPS

S.A.

14,337

TOTAL

PORTUGAL

14,337

QATAR

-

0.0%

466,783

Barwa

Real

Estate

Co

363

259,860

Commercial

Bank

PSQC

311

338,810

Dukhan

Bank

344

352,628

Industries

Qatar

QSC

1,285

452,158

Masraf

Al

Rayan

QSC

306

1,197,337

Mesaieed

Petrochemical

Holding

Co

491

214,469

Ooredoo

QPSC

680

93,998

Qatar

Electricity

&

Water

Co

QSC

405

139,603

Qatar

Fuel

QSC

575

638,834

Qatar

Gas

Transport

Co

Ltd

728

72,345

Qatar

International

Islamic

Bank

QSC

217

141,929

Qatar

Islamic

Bank

SAQ

833

373,617

Qatar

National

Bank

QPSC

1,774

TOTAL

QATAR

8,312

ROMANIA

-

0.0%

123,766

NEPI

Rockcastle

NV

905

TOTAL

ROMANIA

905

RUSSIA

-

0.0%

12,672

(a),(b),(e)

Ozon

Holdings

plc

(ADR)

0

^

211,169

(b),(e)

VTB

Bank

PJSC

(GDR)

Tradegate

2

TOTAL

RUSSIA

2

SAUDI

ARABIA

-

0.2%

31,345

ACWA

Power

Co

3,353

75,989

Ades

Holding

Co

351

16,825

(b)

Advanced

Petrochemical

Co

144

726,721

Al

Rajhi

Bank

18,267

8,360

(b)

Al

Rajhi

Co

for

Co-operative

Insurance

382

101,240

Alinma

Bank

780

87,801

Almarai

Co

JSC

1,336

72,629

Arab

National

Bank

407

5,003

Arabian

Internet

&

Communications

Services

Co

359

48,787

Bank

AlBilad

506

36,610

(b)

Bank

Al-Jazira

182

93,783

Banque

Saudi

Fransi

395

17,355

Bupa

Arabia

for

Cooperative

Insurance

Co

956

15,207

Co

for

Cooperative

Insurance

597

2,666

Dallah

Healthcare

Co

106

41,971

(b)

Dar

Al

Arkan

Real

Estate

Development

Co

168

27,636

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co

2,062

5,114

Elm

Co

1,517

84,613

Etihad

Etisalat

Co

1,201

94,032

Jarir

Marketing

Co

316

104,410

Mobile

Telecommunications

Co

Saudi

Arabia

285

7,948

Mouwasat

Medical

Services

Co

180

7,848

Nahdi

Medical

Co

245

16,723

Power

&

Water

Utility

Co

for

Jubail

&

Yanbu

244

117,027

Riyad

Bank

889

51,683

SABIC

Agri-Nutrients

Co

1,526

78,866

Sahara

International

Petrochemical

Co

522

4,849

SAL

Saudi

Logistics

Services

326

155

SHARES

DESCRIPTION

VALUE

(000)

SAUDI

ARABIA

(continued)

139,767

(b)

Saudi

Arabian

Mining

Co

$

1,868

1,283,185

(d)

Saudi

Arabian

Oil

Co

9,579

11,144

Saudi

Aramco

Base

Oil

Co

331

81,337

Saudi

Awwal

Bank

728

200,410

Saudi

Basic

Industries

Corp

3,574

193,111

Saudi

Electricity

Co

868

76,338

Saudi

Industrial

Investment

Group

339

44,082

Saudi

Investment

Bank

170

177,916

(b)

Saudi

Kayan

Petrochemical

Co

332

642,088

Saudi

National

Bank

5,698

7,129

(b)

Saudi

Research

&

Media

Group

521

3,842

Saudi

Tadawul

Group

Holding

Co

221

442,402

Saudi

Telecom

Co

4,710

64,195

Yanbu

National

Petrochemical

Co

646

TOTAL

SAUDI

ARABIA

67,187

SINGAPORE

-

0.1%

696,400

Ascendas

REIT

1,308

29,901

CapitaLand

Ascott

Trust

19

562,742

Capitaland

Investment

Ltd

1,079

83,304

CapitaMall

Trust

117

450,380

DBS

Group

Holdings

Ltd

14,433

890,255

(b)

Grab

Holdings

Ltd

4,202

754,461

Oversea-Chinese

Banking

Corp

9,214

183,400

Singapore

Exchange

Ltd

1,710

268,316

United

Overseas

Bank

Ltd

7,125

TOTAL

SINGAPORE

39,207

SOUTH

AFRICA

-

0.2%

68,795

Absa

Group

Ltd

692

53,128

(a)

Anglo

American

Platinum

Ltd

1,603

600,017

Anglo

American

plc

17,741

211,143

Aspen

Pharmacare

Holdings

Ltd

1,844

71,408

Bid

Corp

Ltd

1,629

71,757

Bidvest

Group

Ltd

1,002

70,909

Capitec

Bank

Holdings

Ltd

11,780

49,031

Clicks

Group

Ltd

969

111,273

Discovery

Ltd

1,148

24,174

Exxaro

Resources

Ltd

202

413,034

FirstRand

Ltd

1,657

226,126

Gold

Fields

Ltd

2,958

43,680

Harmony

Gold

Mining

Co

Ltd

350

204,089

Impala

Platinum

Holdings

Ltd

954

4,368

Kumba

Iron

Ore

Ltd

76

138,843

MTN

Group

Ltd

675

39,129

Naspers

Ltd

8,665

38,682

Nedbank

Group

Ltd

577

1,024,173

Old

Mutual

Ltd

681

169,982

OUTsurance

Group

Ltd

599

507,678

(d)

Pepkor

Holdings

Ltd

778

107,914

Remgro

Ltd

887

385,664

Sanlam

Ltd

1,776

128,649

Sasol

Ltd

567

41,012

Shoprite

Holdings

Ltd

638

229,352

Sibanye

Stillwater

Ltd

183

359,539

Standard

Bank

Group

Ltd

4,225

140,455

Vodacom

Group

Ltd

754

198,796

Woolworths

Holdings

Ltd

656

TOTAL

SOUTH

AFRICA

66,266

SPAIN

-

0.7%

287,054

Amadeus

IT

Holding

S.A.

20,261

8,554,527

Banco

Bilbao

Vizcaya

Argentaria

S.A.

83,701

15,106,220

Banco

Santander

S.A.

69,885

3,497,937

CaixaBank

S.A.

18,991

Global

Equities

156

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SPAIN

(continued)

834,295

Iberdrola

S.A.

$

11,497

108,528

(a),(b),(e)

Let's

GOWEX

S.A.

1

19,322

Merlin

Properties

Socimi

S.A.

204

TOTAL

SPAIN

204,540

SWEDEN

-

0.2%

928,730

Assa

Abloy

AB

27,431

126,224

(d)

Evolution

AB

9,734

449,388

(b)

Fastighets

AB

Balder

3,127

1,434,509

Skandinaviska

Enskilda

Banken

AB

(Class

A)

19,659

TOTAL

SWEDEN

59,951

SWITZERLAND

-

1.3%

478,680

Cie

Financiere

Richemont

S.A.

72,412

210,905

DSM-Firmenich

AG.

21,319

202,673

(b)

Galderma

Group

AG.

22,475

3,986

Givaudan

S.A.

17,424

169,101

Lonza

Group

AG.

99,810

153,225

Novartis

AG.

14,918

1,108,504

(b)

On

Holding

AG.

60,713

11,700

PSP

Swiss

Property

AG.

1,665

11,700

Swiss

Prime

Site

AG.

1,275

31,546

TE

Connectivity

plc

4,510

93,195

Zurich

Insurance

Group

AG

55,429

TOTAL

SWITZERLAND

371,950

TAIWAN

-

3.0%

42,000

Accton

Technology

Corp

987

236,000

Acer,

Inc

286

38,725

Advantech

Co

Ltd

408

196,000

Alchip

Technologies

Ltd

19,528

727,000

ASE

Technology

Holding

Co

Ltd

3,570

191,000

Asia

Cement

Corp

235

70,000

Asia

Vital

Components

Co

Ltd

1,320

187,424

ASML

Holding

NV

131,278

58,000

Asustek

Computer,

Inc

1,087

549,800

AU

Optronics

Corp

245

52,189

Catcher

Technology

Co

Ltd

308

773,947

Cathay

Financial

Holding

Co

Ltd

1,610

121,200

Chailease

Holding

Co

Ltd

417

417,841

Chang

Hwa

Commercial

Bank

227

405,000

Cheng

Shin

Rubber

Industry

Co

Ltd

605

239,000

China

Airlines

187

1,294,844

China

Development

Financial

Holding

Corp

678

984,000

China

Steel

Corp

589

9,082,000

Chinatrust

Financial

Holding

Co

10,812

315,000

Chunghwa

Telecom

Co

Ltd

1,186

352,000

Compal

Electronics,

Inc

403

424,000

Delta

Electronics,

Inc

5,550

590,429

E

Ink

Holdings,

Inc

4,916

1,159,850

E.Sun

Financial

Holding

Co

Ltd

952

865,000

Eclat

Textile

Co

Ltd

13,403

5,000

eMemory

Technology,

Inc

511

229,000

Eva

Airways

Corp

309

210,292

Evergreen

Marine

Corp

Taiwan

Ltd

1,443

699,000

Far

Eastern

Textile

Co

Ltd

673

150,000

Far

EasTone

Telecommunications

Co

Ltd

409

93,245

Feng

TAY

Enterprise

Co

Ltd

378

887,316

First

Financial

Holding

Co

Ltd

733

762,000

Formosa

Chemicals

&

Fibre

Corp

634

807,000

Formosa

Plastics

Corp

873

30,700

Fortune

Electric

Co

Ltd

526

1,765,651

Fubon

Financial

Holding

Co

Ltd

4,856

842,758

Fuhwa

Financial

Holdings

Co

Ltd

872

42,000

Gigabyte

Technology

Co

Ltd

347

157

SHARES

DESCRIPTION

VALUE

(000)

TAIWAN

(continued)

7,000

Global

Unichip

Corp

$

289

593,604

Globalwafers

Co

Ltd

6,898

2,328,000

Hon

Hai

Precision

Industry

Co,

Ltd

13,015

61,280

Hotai

Motor

Co

Ltd

1,156

703,029

Hua

Nan

Financial

Holdings

Co

Ltd

560

630,676

InnoLux

Display

Corp

276

51,000

International

Games

System

Co

Ltd

1,514

226,000

Inventec

Co

Ltd

344

18,000

Jentech

Precision

Industrial

Co

Ltd

835

7,604

Largan

Precision

Co

Ltd

619

167,000

Lite-On

Technology

Corp

506

275,242

MediaTek,

Inc

11,833

968,269

Mega

Financial

Holding

Co

Ltd

1,141

59,000

Micro-Star

International

Co

Ltd

329

1,117,000

Nan

Ya

Plastics

Corp

1,017

100,000

Nanya

Technology

Corp

89

35,000

Nien

Made

Enterprise

Co

Ltd

391

48,000

Novatek

Microelectronics

Corp

Ltd

733

164,000

Pegatron

Corp

459

19,000

(b)

PharmaEssentia

Corp

356

497,000

Pou

Chen

Corp

558

119,522

President

Chain

Store

Corp

958

220,000

Quanta

Computer,

Inc

1,915

40,000

Realtek

Semiconductor

Corp

691

311,679

Ruentex

Development

Co

Ltd

407

308,791

Shanghai

Commercial

&

Savings

Bank

Ltd

373

3,039,836

Shin

Kong

Financial

Holding

Co

Ltd

1,093

870,015

SinoPac

Financial

Holdings

Co

Ltd

607

104,000

Synnex

Technology

International

Corp

224

944,118

Taishin

Financial

Holdings

Co

Ltd

501

530,189

Taiwan

Business

Bank

240

541,579

Taiwan

Cement

Corp

523

832,386

Taiwan

Cooperative

Financial

Holding

Co

Ltd

616

371,000

Taiwan

High

Speed

Rail

Corp

314

148,000

Taiwan

Mobile

Co

Ltd

512

18,700,100

Taiwan

Semiconductor

Manufacturing

Co

Ltd

607,754

112,000

Unimicron

Technology

Corp

480

1,047,450

Uni-President

Enterprises

Corp

2,582

914,000

United

Microelectronics

Corp

1,191

84,047

Vanguard

International

Semiconductor

Corp

256

13,000

Voltronic

Power

Technology

Corp

736

621,650

Walsin

Lihwa

Corp

449

50,810

Wan

Hai

Lines

Ltd

126

224,000

Wistron

Corp

708

263,000

Wiwynn

Corp

20,879

128,640

WPG

Holdings

Ltd

268

32,143

Yageo

Corp

529

377,000

Yang

Ming

Marine

Transport

870

58,000

Zhen

Ding

Technology

Holding

Ltd

212

TOTAL

TAIWAN

902,283

THAILAND

-

0.1%

96,000

Advanced

Info

Service

PCL

808

947,100

Airports

of

Thailand

PCL

1,648

914,400

Bangkok

Dusit

Medical

Services

PCL

656

1,311,400

Bangkok

Expressway

&

Metro

PCL

273

43,600

Bumrungrad

Hospital

PCL

255

412,200

Central

Pattana

PCL

688

367,975

Central

Retail

Corp

PCL

364

787,900

Charoen

Pokphand

Foods

PCL

526

465,100

CP

ALL

plc

758

394,031

CP

AXTRA

PCL

315

250,600

Delta

Electronics

Thailand

PCL

1,111

Global

Equities

158

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

THAILAND

(continued)

632,030

Gulf

Energy

Development

PCL

$

1,099

983,300

Home

Product

Center

PCL

269

182,600

Intouch

Holdings

PCL

(Class

F)

518

48,000

Kasikornbank

PCL

(Foreign)

219

820,000

Krung

Thai

Bank

PCL

505

109,400

Krungthai

Card

PCL

160

702,400

Minor

International

PCL

533

386,400

PTT

Exploration

&

Production

PCL

1,358

494,500

PTT

Global

Chemical

PCL

352

672,400

PTT

Oil

&

Retail

Business

PCL

262

2,514,300

PTT

PCL

2,344

200,600

SCB

X

PCL

689

168,600

Siam

Cement

PCL

828

384,602

Thai

Oil

PCL

320

5,556,800

TMB

Bank

PCL

(Foreign)

303

815,726

(b)

True

Corp

PCL

258

TOTAL

THAILAND

17,419

TURKEY

-

0.1%

3,657,401

Akbank

TAS

6,706

17,064

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

92

299,202

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

613

99,343

BIM

Birlesik

Magazalar

AS

1,484

173,303

Coca-Cola

Icecek

AS

293

228,660

Eregli

Demir

ve

Celik

Fabrikalari

TAS

158

14,630

Ford

Otomotiv

Sanayi

AS

388

91,458

Haci

Omer

Sabanci

Holding

AS

248

167,825

KOC

Holding

AS

847

42,579

(b)

Pegasus

Hava

Tasimaciligi

AS.

256

2,123,921

(b)

Sasa

Polyester

Sanayi

AS

244

124,680

(b)

Turk

Hava

Yollari

AO

989

280,200

Turkcell

Iletisim

Hizmet

AS

734

716,647

Turkiye

Is

Bankasi

(Series

C)

274

226,811

Turkiye

Petrol

Rafinerileri

AS

910

305,926

Turkiye

Sise

ve

Cam

Fabrikalari

AS

359

277,144

Yapi

ve

Kredi

Bankasi

240

TOTAL

TURKEY

14,835

UNITED

ARAB

EMIRATES

-

0.1%

236,513

Abu

Dhabi

Commercial

Bank

PJSC

670

120,081

Abu

Dhabi

Islamic

Bank

PJSC

452

717,424

Abu

Dhabi

National

Oil

Co

for

Distribution

PJSC

687

759,203

ADNOC

Drilling

Co

PJSC

1,102

807,097

Aldar

Properties

PJSC

1,687

656,227

Americana

Restaurants

International

plc

395

231,029

Dubai

Islamic

Bank

PJSC

445

1,437,367

Emaar

Properties

PJSC

5,035

155,811

Emirates

NBD

Bank

PJSC

910

748,486

Emirates

Telecommunications

Group

Co

PJSC

3,326

354,972

First

Abu

Dhabi

Bank

PJSC

1,328

668,361

(b)

Multiply

Group

PJSC

377

5,358

(b),(e)

NMC

Health

plc

0

^

TOTAL

UNITED

ARAB

EMIRATES

16,414

UNITED

KINGDOM

-

1.9%

132,911

AngloGold

Ashanti

UK

Ltd

2,973

1,477,165

Ashtead

Group

plc

91,389

842,591

AstraZeneca

plc

109,857

1,994,150

Beazley

plc

20,357

152,143

Big

Yellow

Group

plc

1,828

351,103

British

Land

Co

plc

1,583

325,835

(b)

Coca-Cola

Europacific

Partners

plc

25,027

523,356

Compass

Group

plc

17,414

46,811

Derwent

London

plc

1,148

852,428

Fevertree

Drinks

plc

7,169

159

SHARES

DESCRIPTION

VALUE

(000)

UNITED

KINGDOM

(continued)

268,537

(b)

Flutter

Entertainment

plc

$

69,437

374,507

Great

Portland

Estates

plc

1,350

2,731,370

Informa

plc

27,242

257,474

Land

Securities

Group

plc

1,880

6,637,802

Lloyds

TSB

Group

plc

4,533

288,961

London

Stock

Exchange

Group

plc

40,788

12,173,220

Man

Group

plc

32,484

2,958,997

National

Grid

plc

35,154

367,493

RELX

plc

16,651

762,128

RELX

plc

34,513

187,252

Safestore

Holdings

plc

1,507

301,527

Segro

plc

2,645

5,371,958

Tritax

Big

Box

REIT

plc

8,924

411,537

Unilever

plc

23,384

TOTAL

UNITED

KINGDOM

579,237

UNITED

STATES

-

69.6%

19,796

3M

Co

2,555

656,549

Abbott

Laboratories

74,262

457,248

AbbVie,

Inc

81,253

201,070

Aecom

Technology

Corp

21,478

30,718

Aflac,

Inc

3,177

15,795

Agilent

Technologies,

Inc

2,122

13,648

Agree

Realty

Corp

961

86,361

Air

Products

&

Chemicals,

Inc

25,048

199,795

Alcon,

Inc

16,940

73,524

Alexandria

Real

Estate

Equities,

Inc

7,172

632,532

Alliant

Energy

Corp

37,408

94,416

(b)

Alnylam

Pharmaceuticals,

Inc

22,217

1,605,861

Alphabet,

Inc

305,820

584,995

Alphabet,

Inc

(Class

A)

110,740

4,850,660

(b)

Amazon.com,

Inc

1,064,186

324,197

American

Electric

Power

Co,

Inc

29,901

253,334

American

Express

Co

75,187

342,692

American

Homes

4

Rent

12,824

743,497

American

International

Group,

Inc

54,127

86,420

American

Tower

Corp

15,850

106,023

Americold

Realty

Trust,

Inc

2,269

104,169

Ameriprise

Financial,

Inc

55,463

78,429

AmerisourceBergen

Corp

17,621

141,063

Ametek,

Inc

25,428

102,962

Amgen,

Inc

26,836

656,364

Analog

Devices,

Inc

139,451

202,264

Apollo

Global

Management,

Inc

33,406

6,588,297

(f)

Apple,

Inc

1,649,841

517,155

Arch

Capital

Group

Ltd

47,759

1,103,110

(b)

Arista

Networks,

Inc

121,927

131,802

(a),(b)

ARM

Holdings

plc

(ADR)

16,259

3,236,688

AT&T,

Inc

73,699

314,003

(a)

Atlas

Energy

Solutions,

Inc

6,965

9,890

(b)

Atlassian

Corp

Ltd

2,407

54,930

AvalonBay

Communities,

Inc

12,083

208,753

Baker

Hughes

Co

8,563

1,076,574

Bank

of

America

Corp

47,315

862,482

Bank

of

New

York

Mellon

Corp

66,264

8,238

Becton

Dickinson

&

Co

1,869

349,725

(b)

Berkshire

Hathaway,

Inc

158,523

31,619

BlackRock,

Inc

32,413

635,348

(b)

Boeing

Co

112,457

5,778

Booking

Holdings,

Inc

28,708

26,917

Boston

Properties,

Inc

2,002

1,950,192

(b)

Boston

Scientific

Corp

174,191

7,705,098

BP

plc

38,086

Global

Equities

160

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

UNITED

STATES

(continued)

834,141

Bristol-Myers

Squibb

Co

$

47,179

3,118,275

Broadcom,

Inc

722,941

138,000

Bruker

BioSciences

Corp

8,090

622

Capital

One

Financial

Corp

111

986,679

Carrier

Global

Corp

67,351

339,281

Caterpillar,

Inc

123,078

42,105

Celanese

Corp

(Series

A)

2,914

605,147

Charles

Schwab

Corp

44,787

53,572

(b)

Charter

Communications,

Inc

18,363

197,140

Cheniere

Energy,

Inc

42,359

73,063

Chesapeake

Energy

Corp

7,273

164,573

Chevron

Corp

23,837

161,961

(b)

Chipotle

Mexican

Grill,

Inc

(Class

A)

9,766

67,726

Chubb

Ltd

18,713

102,330

Cigna

Group

28,257

1,983,908

Cisco

Systems,

Inc

117,447

938,574

Citigroup,

Inc

66,066

25,541

(b)

Cleveland-Cliffs,

Inc

240

460

CME

Group,

Inc

107

2,414,668

Coca-Cola

Co

150,337

157,875

Colgate-Palmolive

Co

14,352

656,942

Comcast

Corp

(Class

A)

24,655

601,901

ConocoPhillips

59,691

88,556

Constellation

Energy

Corp

19,811

11,246

(b)

Cooper

Cos,

Inc

1,034

725,195

Corebridge

Financial,

Inc

21,705

1,790,879

Corteva,

Inc

102,008

358,171

Costco

Wholesale

Corp

328,181

1,189,653

CRH

plc

110,067

181,832

Crown

Castle,

Inc

16,503

10,781

Crown

Holdings,

Inc

891

11,819

CVS

Health

Corp

531

232,771

Danaher

Corp

53,433

36,542

Deere

&

Co

15,483

314,384

Delta

Air

Lines,

Inc

19,020

396,907

(b)

DexCom,

Inc

30,867

660,282

Diamondback

Energy,

Inc

108,174

47,707

Digital

Realty

Trust,

Inc

8,460

261,174

Dollar

General

Corp

19,802

277,208

Dover

Corp

52,004

35,649

Dow,

Inc

1,431

503,525

Duke

Energy

Corp

54,250

1,048,715

DuPont

de

Nemours,

Inc

79,965

214,982

Eaton

Corp

plc

71,346

119,686

(b)

Edwards

Lifesciences

Corp

8,860

68,643

Elevance

Health,

Inc

25,322

411,756

Eli

Lilly

&

Co

317,876

914,003

Emerson

Electric

Co

113,272

123,160

EOG

Resources,

Inc

15,097

11,522

Equinix,

Inc

10,864

109,592

Equitable

Holdings,

Inc

5,169

177,581

Equity

Lifestyle

Properties,

Inc

11,827

110,797

Equity

Residential

7,951

18,610

Essex

Property

Trust,

Inc

5,312

105,691

Everest

Re

Group

Ltd

38,309

584,273

Evergy,

Inc

35,962

872,849

Eversource

Energy

50,128

172,778

(b)

Exact

Sciences

Corp

9,708

176,384

(b)

Expedia

Group,

Inc

32,866

35,108

Extra

Space

Storage,

Inc

5,252

3,226,471

Exxon

Mobil

Corp

347,071

116,158

Ferguson

Enterprises,

Inc

20,255

161

SHARES

DESCRIPTION

VALUE

(000)

UNITED

STATES

(continued)

1,355,251

Fifth

Third

Bancorp

$

57,300

21,462

First

Citizens

Bancshares,

Inc

(Class

A)

45,350

821,917

(b)

Fiserv,

Inc

168,838

2,595,887

(b)

Flextronics

International

Ltd

99,656

39,595

Fortive

Corp

2,970

3,247,723

Freeport-McMoRan,

Inc

(Class

B)

123,673

107,201

Gaming

and

Leisure

Properties,

Inc

5,163

401,651

Gilead

Sciences,

Inc

37,101

206,600

Global

Payments,

Inc

23,152

200,107

Globe

Life,

Inc

22,316

138,534

(b)

Globus

Medical,

Inc

11,458

13,172

Goldman

Sachs

Group,

Inc

7,543

8,884,421

Haleon

plc

41,891

66,284

HCA,

Inc

19,895

31,017

Healthcare

Realty

Trust,

Inc

526

182,019

Healthpeak

Properties,

Inc

3,690

177,265

Hess

Corp

23,578

590,752

Home

Depot,

Inc

229,797

898,504

Honeywell

International,

Inc

202,963

187,252

Host

Hotels

&

Resorts

Inc

3,281

64,009

Howmet

Aerospace,

Inc

7,001

146,255

Hubbell,

Inc

61,265

10,870

(b)

ICON

plc

2,280

13,715

Illinois

Tool

Works,

Inc

3,478

238,936

(b)

Illumina,

Inc

31,929

179,162

(a),(b)

Immunovant,

Inc

4,438

65,756

(a)

Independence

Realty

Trust,

Inc

1,305

439,413

Ingersoll

Rand,

Inc

39,749

15,351

Innovative

Industrial

Properties,

Inc

1,023

258,096

Intercontinental

Exchange,

Inc

38,459

3,602

International

Flavors

&

Fragrances,

Inc

305

65,139

International

Paper

Co

3,506

171,650

(b)

Intuitive

Surgical,

Inc

89,594

62,036

Invitation

Homes,

Inc

1,983

169,706

ITT,

Inc

24,248

167,600

JBS

S.A.

989

508,023

Johnson

&

Johnson

73,470

1,319,438

JPMorgan

Chase

&

Co

316,282

1,051,112

Keurig

Dr

Pepper,

Inc

33,762

23,404

(a)

Kilroy

Realty

Corp

947

470,958

Kinder

Morgan,

Inc

12,904

544,113

KKR

&

Co,

Inc

80,480

945,070

Kraft

Heinz

Co

29,023

259,662

L3Harris

Technologies,

Inc

54,602

150,544

Las

Vegas

Sands

Corp

7,732

6,149

(a),(b)

Legend

Biotech

Corp

(ADR)

200

501,197

(b)

Linde

plc

209,836

18,477

Lowe's

Cos,

Inc

4,560

167,851

(b)

Lululemon

Athletica,

Inc

64,188

291,511

M&T

Bank

Corp

54,807

23,019

Marathon

Petroleum

Corp

3,211

15,283

Marriott

International,

Inc

(Class

A)

4,263

116,433

Marsh

&

McLennan

Cos,

Inc

24,732

876,008

Marvell

Technology,

Inc

96,755

379,158

Mastercard,

Inc

(Class

A)

199,653

14,839

Matador

Resources

Co

835

506,576

McDonald's

Corp

146,851

72,970

McKesson

Corp

41,586

195,769

Medtronic

plc

15,638

1,186,451

Merck

&

Co,

Inc

118,028

788,706

Meta

Platforms,

Inc

461,795

56,254

Metlife,

Inc

4,606

Global

Equities

162

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

UNITED

STATES

(continued)

3,090,682

Microsoft

Corp

$

1,302,722

28,082

Mid-America

Apartment

Communities,

Inc

4,341

15,410

(b)

Middleby

Corp

2,087

655,188

Mondelez

International,

Inc

39,134

1,739,910

(b)

Monster

Beverage

Corp

91,450

319,528

(a),(b)

MoonLake

Immunotherapeutics

17,302

800,165

Morgan

Stanley

100,597

2,740

MSCI,

Inc

(Class

A)

1,644

601,416

Nasdaq

Stock

Market,

Inc

46,495

63,771

National

Storage

Affiliates

Trust

2,418

484,075

(a)

Nestle

S.A.

39,715

184,214

(b)

NetFlix,

Inc

164,194

520,694

Newmont

Goldcorp

Corp

19,380

1,001,974

NextEra

Energy,

Inc

71,832

1,500,150

Nike,

Inc

(Class

B)

113,516

83,939

Northrop

Grumman

Corp

39,392

64,164

NRG

Energy,

Inc

5,789

98,718

Nucor

Corp

11,521

323,820

nVent

Electric

plc

22,072

10,226,250

Nvidia

Corp

1,373,283

12,481

Occidental

Petroleum

Corp

617

991,406

Oracle

Corp

165,208

42,462

(b)

O'Reilly

Automotive,

Inc

50,351

44,583

Owens

Corning,

Inc

7,593

789,960

(b)

Palo

Alto

Networks,

Inc

143,741

156,918

Parker-Hannifin

Corp

99,805

303,253

PepsiCo,

Inc

46,113

2,088,220

Permian

Resources

Corp

30,029

580,579

Pfizer,

Inc

15,403

107,217

PG&E

Corp

2,164

901,304

Philip

Morris

International,

Inc

108,472

28,490

Phillips

66

3,246

21,283

PPG

Industries,

Inc

2,542

1,362,217

Procter

&

Gamble

Co

228,376

241,567

Progressive

Corp

57,882

331,211

Prologis,

Inc

35,009

41,642

Public

Storage,

Inc

12,469

60,305

Realty

Income

Corp

3,221

469,997

(b)

Reddit,

Inc

76,816

157,070

Regency

Centers

Corp

11,612

8,516

(b)

Regeneron

Pharmaceuticals,

Inc

6,066

6,357

(b)

Repligen

Corp

915

437,508

Rexford

Industrial

Realty,

Inc

16,914

224,191

Roche

Holding

AG.

62,685

860,218

(b)

Roivant

Sciences

Ltd

10,176

96,410

Roper

Industries,

Inc

50,119

746,296

RTX

Corp

86,361

69,077

S&P

Global,

Inc

34,402

135,491

Sabra

Health

Care

REIT,

Inc

2,347

962,474

Salesforce,

Inc

321,784

108,700

Sanofi

(ADR)

5,243

424,402

Sanofi-Aventis

41,256

60,956

SBA

Communications

Corp

12,423

334,534

Schneider

Electric

S.A.

83,284

265,364

(b)

ServiceNow,

Inc

281,318

5,138,162

Shell

plc

160,162

44,003

Sherwin-Williams

Co

14,958

140,615

Simon

Property

Group,

Inc

24,215

4,892

SL

Green

Realty

Corp

332

3,966,548

Smurfit

WestRock

plc

213,638

24,800

Southern

Co

2,042

765,653

Starbucks

Corp

69,866

163

SHARES

DESCRIPTION

VALUE

(000)

UNITED

STATES

(continued)

3,663

Steel

Dynamics,

Inc

$

418

290,593

Stryker

Corp

104,628

87,395

Sun

Communities,

Inc

10,747

160,843

(b)

Synopsys,

Inc

78,067

140,119

Targa

Resources

Corp

25,011

60,305

Terreno

Realty

Corp

3,566

806,902

(b)

Tesla,

Inc

325,859

99,525

Thermo

Fisher

Scientific,

Inc

51,776

273,224

TJX

Cos,

Inc

33,008

217,541

T-Mobile

US,

Inc

48,018

117,320

Tractor

Supply

Co

6,225

74,991

(b)

Traeger,

Inc

179

193,660

Trane

Technologies

plc

71,528

276,642

(b)

Uber

Technologies,

Inc

16,687

541,552

Union

Pacific

Corp

123,496

119,983

United

Rentals,

Inc

84,521

407,202

UnitedHealth

Group,

Inc

205,987

908,036

Valero

Energy

Corp

111,316

33,282

(b)

Veeva

Systems,

Inc

6,998

144,591

Ventas,

Inc

8,515

534,833

Veralto

Corp

54,473

414,303

Verizon

Communications,

Inc

16,568

52,274

(b)

Vertex

Pharmaceuticals,

Inc

21,051

226,066

VICI

Properties,

Inc

6,603

853,088

Visa,

Inc

(Class

A)

269,610

186,837

Vistra

Corp

25,759

1,228,885

Vontier

Corp

44,817

53,767

W.W.

Grainger,

Inc

56,673

3,084,559

Walmart,

Inc

278,690

943,799

Walt

Disney

Co

105,092

48,388

Washington

REIT

739

84,092

Waste

Connections,

Inc

14,429

35,000

(b)

Waters

Corp

12,984

4,331,646

Wells

Fargo

&

Co

304,255

83,710

Welltower,

Inc

10,550

48,471

West

Pharmaceutical

Services,

Inc

15,877

173,910

Westlake

Chemical

Corp

19,939

125,243

Weyerhaeuser

Co

3,526

159,935

Whirlpool

Corp

18,309

547,166

Williams

Cos,

Inc

29,613

429,247

(b)

YETI

Holdings,

Inc

16,530

71,649

Zoetis,

Inc

11,674

TOTAL

UNITED

STATES

20,865,823

TOTAL

COMMON

STOCKS

(Cost

$22,435,663)

29,791,765

SHARES

DESCRIPTION

VALUE

(000)

INVESTMENT

COMPANIES

-

0.1%

52,935

iShares

MSCI

Canada

ETF

2,133

10,699

(a)

iShares

MSCI

South

Korea

ETF

545

50,000

Vanguard

FTSE

Developed

Markets

ETF

2,391

177,929

Vanguard

FTSE

Emerging

Markets

ETF

7,836

TOTAL

INVESTMENT

COMPANIES

(Cost

$12,971)

12,905

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

^

Global

Equities

164

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

(000)

CHINA

-

0.0%

3,380

(e)

Kangmei

Pharmaceutical

Co

Ltd

12/31/28

$

0

^

TOTAL

CHINA

0

^

TOTAL

RIGHTS/WARRANTS

(Cost

$0)

0

^

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$22,448,634)

29,804,670‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

CERTIFICATE

OF

DEPOSIT

-

0.1%

$

800,000

Canadian

Imperial

Bank

4

.630

%

06/04/25

800

1,500,000

Canadian

Imperial

Bank

4

.720

09/25/25

1,500

1,000,000

Canadian

Imperial

Bank

4

.700

11/17/25

1,000

500,000

Credit

Agricole

4

.610

05/28/25

500

1,000,000

ING

US

Funding

LLC

4

.820

10/24/25

1,000

1,000,000

Mitsubishi

Trust

&

Banking

Corp

4

.590

04/29/25

1,000

400,000

MUFG

Bank

Ltd

4

.670

01/17/25

400

600,000

MUFG

Bank

Ltd

4

.670

01/21/25

600

1,000,000

MUFG

Bank

Ltd

4

.690

04/30/25

1,000

1,000,000

National

Australia

Bank

Ltd

4

.630

02/14/25

1,000

1,000,000

National

Bank

of

Canada

4

.630

06/06/25

1,000

500,000

Natixis

4

.770

02/05/25

500

198,000

Nordea

Bank

AB

4

.650

02/19/25

198

476,000

Nordea

Bank

AB

4

.650

02/19/25

476

404,000

Nordea

Bank

AB

4

.640

02/27/25

404

461,000

Nordea

Bank

AB

4

.670

03/21/25

461

500,000

Nordea

Bank

AB

4

.550

04/04/25

500

500,000

Royal

Bank

of

Canada

4

.640

01/22/25

500

1,000,000

Royal

Bank

of

Canada

4

.630

02/18/25

1,000

TOTAL

CERTIFICATE

OF

DEPOSIT

13,839

COMMERCIAL

PAPER

-

0.0%

1,000,000

Australia

and

New

Zealand

Banking

Group

0

.000

01/06/25

999

1,000,000

Australia

and

New

Zealand

Banking

Group

4

.550

02/28/25

1,000

1,000,000

ING

US

Funding

LLC

4

.720

05/08/25

1,000

320,000

ING

US

Funding

LLC

4

.740

05/22/25

320

1,000,000

Natixis

0

.000

01/22/25

997

1,000,000

Natixis

0

.000

03/10/25

992

500,000

Skandinaviska

Enskilda

Banken

AG

4

.710

02/28/25

500

1,000,000

Skandinaviska

Enskilda

Banken

AG

4

.710

03/26/25

1,000

500,000

Skandinaviska

Enskilda

Banken

AG

4

.710

07/02/25

500

TOTAL

COMMERCIAL

PAPER

7,308

REPURCHASE

AGREEMENT

-

0.1%

5,000,000

(g)

Calyon

4

.460

01/02/25

5,000

5,000,000

(h)

HSBC

4

.460

01/02/25

5,000

10,000,000

(i)

JP

Morgan

Securities

LLC

4

.460

01/02/25

10,000

10,000,000

(j)

Merrill

Lynch

4

.460

01/02/25

10,000

5,000,000

(k)

Royal

Bank

of

Scotland

4

.460

01/02/25

5,000

TOTAL

REPURCHASE

AGREEMENT

35,000

VARIABLE

RATE

SECURITIES

-

0.0%

510,000

ING

US

Funding

LLC

4

.690

03/21/25

510

1,000,000

National

Australia

Bank

Ltd

4

.620

03/17/25

1,000

1,000,000

National

Australia

Bank

Ltd

4

.650

06/20/25

1,000

1,000,000

National

Bank

of

Canada

4

.700

02/03/25

1,000

1,000,000

Nordea

Bank

AB

4

.580

03/21/25

1,000

1,000,000

Royal

Bank

of

Canada

4

.620

04/10/25

1,000

TOTAL

VARIABLE

RATE

SECURITIES

5,510

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$61,657)

61,657

165

Cost

amounts

are

in

thousands.

Investments

in

Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.3%

$

5,255,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

%

01/13/25

$

5,247

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/17/25

4,990

25,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

03/21/25

24,767

10,000,000

Freddie

Mac

Discount

Notes

0

.000

01/17/25

9,980

12,500,000

Freddie

Mac

Discount

Notes

0

.000

01/31/25

12,455

10,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/15/25

9,982

25,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/22/25

24,936

TOTAL

GOVERNMENT

AGENCY

DEBT

92,357

REPURCHASE

AGREEMENT

-

0.0%

10,636,000

(l)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

10,636

TOTAL

REPURCHASE

AGREEMENT

10,636

TREASURY

DEBT

-

0.1%

5,000,000

United

States

Treasury

Bill

0

.000

01/14/25

4,993

10,000,000

United

States

Treasury

Bill

0

.000

01/23/25

9,975

12,500,000

United

States

Treasury

Bill

0

.000

01/30/25

12,459

TOTAL

TREASURY

DEBT

27,427

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$130,415)

130,420

TOTAL

INVESTMENTS

-

100.1%

(Cost

$22,640,706)

29,996,747

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

28,508

)

NET

ASSETS

-

100.0%

$29,968,239

ADR

American

Depositary

Receipt

ETF

Exchange

Traded

Fund

GDR

Global

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

(a)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$120,275,109.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Affiliated

holding

(d)

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

$255,828,811

or

0.9%

of

Total

Investments.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(g)

Agreement

with

Calyon,

4.460%

dated

12/31/24

to

be

repurchased

at

$5,044,896

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.250%

and

maturity

date

8/15/27,

valued

at

$5,100,053.

(h)

Agreement

with

HSBC,

4.460%

dated

12/31/24

to

be

repurchased

at

$5,019,368

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.500%–4.500%

and

maturity

dates

6/01/38–12/01/54,

valued

at

$5,100,000.

(i)

Agreement

with

JP

Morgan

Securities

LLC,

4.460%

dated

12/31/24

to

be

repurchased

at

$10,049,027

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.000%–7.375%

and

maturity

dates

9/01/28–1/01/55,

valued

at

$10,200,000.

(j)

Agreement

with

Merrill

Lynch,

4.460%

dated

12/31/24

to

be

repurchased

at

$10,039,201

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.000%–7.500%

and

maturity

dates

4/20/35–1/20/64,

valued

at

$10,200,000.

(k)

Agreement

with

Royal

Bank

of

Scotland,

4.460%

dated

12/31/24

to

be

repurchased

at

$5,074,473

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.750%–

3.000%

and

maturity

dates

8/15/47–8/15/48,

valued

at

$5,100,065.

(l)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$10,638,635

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$10,848,901.

Global

Equities

166

Portfolio

of

Investments

December

31,

2024

(continued)

Futures

Contracts

-

Long

Description

Number

of

Contracts

(000)

Expiration

Date

Notional

Amount

(000)

Value

(000)

Unrealized

Appreciation

(Depreciation)

(000)

MSCI

EAFE

Index

187‌

03/21/25

 $

21,899‌

$

21,201‌

$

(

698‌

)

S&P

500

E-Mini

Index

234‌

03/21/25

72,061‌

69,448‌

(

2,613‌

)

Total

421‌

  $

93,960‌

 $

90,649‌

 $

(

3,311‌

)

Portfolio

of

Investments

December

31,

2024

Growth

167

SHARES

DESCRIPTION

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.9%

COMMON

STOCKS

-

99.2%

AUTOMOBILES

&

COMPONENTS

-

2.3%

2,355,553

(a)

Tesla,

Inc

$

951,267

TOTAL

AUTOMOBILES

&

COMPONENTS

951,267

CAPITAL

GOODS

-

2.4%

1,794,585

(a)

Boeing

Co

317,642

2,814,666

Carrier

Global

Corp

192,129

566,265

Eaton

Corp

plc

187,926

366,884

General

Electric

Co

61,193

406,523

HEICO

Corp

96,647

408,177

Quanta

Services,

Inc

129,004

TOTAL

CAPITAL

GOODS

984,541

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.9%

2,024,553

Experian

Group

Ltd

87,015

574,498

Verisk

Analytics,

Inc

158,234

810,346

Waste

Connections,

Inc

139,039

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

384,288

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

8.7%

15,434,079

(a)

Amazon.com,

Inc

3,386,083

1,791,586

TJX

Cos,

Inc

216,441

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,602,524

CONSUMER

DURABLES

&

APPAREL

-

0.4%

10,650

(a)

NVR,

Inc

87,105

11,585,100

PRADA

S.p.A

89,157

TOTAL

CONSUMER

DURABLES

&

APPAREL

176,262

CONSUMER

SERVICES

-

5.1%

166,830

Booking

Holdings,

Inc

828,881

12,483,092

(a)

Carnival

Corp

311,079

4,369,542

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

263,483

3,621,203

(a)

DraftKings,

Inc

134,709

655,779

(a)

Flutter

Entertainment

plc

169,568

45,935

(a)

Flutter

Entertainment

plc

11,872

4,315,611

Starbucks

Corp

393,799

TOTAL

CONSUMER

SERVICES

2,113,391

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.4%

1,105,529

Costco

Wholesale

Corp

1,012,963

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,012,963

ENERGY

-

0.2%

525,614

Diamondback

Energy,

Inc

86,111

TOTAL

ENERGY

86,111

FINANCIAL

SERVICES

-

6.4%

129,719

(a),(b)

Adyen

NV

192,773

1,325,840

(a)

Fiserv,

Inc

272,354

8,050,962

(a)

Grab

Holdings

Ltd

38,001

1,767,276

KKR

&

Co,

Inc

261,398

1,774,851

Mastercard,

Inc

(Class

A)

934,583

2,836,118

(a)

PayPal

Holdings,

Inc

242,063

4,976,744

(a)

Rocket

Cos,

Inc

56,038

2,024,432

Visa,

Inc

(Class

A)

639,801

TOTAL

FINANCIAL

SERVICES

2,637,011

FOOD,

BEVERAGE

&

TOBACCO

-

0.2%

1,857,728

(a)

Monster

Beverage

Corp

97,642

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

97,642

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

3.6%

463,550

(a)

Align

Technology,

Inc

96,655

3,839,628

(a)

DexCom,

Inc

298,608

1,324,787

(a)

Intuitive

Surgical,

Inc

691,486

599,618

UnitedHealth

Group,

Inc

303,323

Growth

168

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

562,457

(a)

Veeva

Systems,

Inc

$

118,256

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,508,328

INSURANCE

-

0.9%

1,505,261

Progressive

Corp

360,676

TOTAL

INSURANCE

360,676

MATERIALS

-

0.9%

3,505,914

Corteva,

Inc

199,697

391,294

(a)

Linde

plc

163,823

TOTAL

MATERIALS

363,520

MEDIA

&

ENTERTAINMENT

-

13.9%

6,540,715

Alphabet,

Inc

1,245,614

5,343,507

Alphabet,

Inc

(Class

A)

1,011,526

1,696,838

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

157,229

3,004,922

(a)

Match

Group,

Inc

98,291

4,651,784

Meta

Platforms,

Inc

2,723,666

419,577

(a)

NetFlix,

Inc

373,977

1,440,769

Walt

Disney

Co

160,430

TOTAL

MEDIA

&

ENTERTAINMENT

5,770,733

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

3.5%

1,229,721

Eli

Lilly

&

Co

949,345

3,292,648

Novo

Nordisk

A.S.

284,096

2,509,934

Novo

Nordisk

A.S.

(ADR)

215,904

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,449,345

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

19.0%

1,056,886

Applied

Materials,

Inc

171,881

9,708,839

Broadcom,

Inc

2,250,897

2,933,768

Marvell

Technology,

Inc

324,035

41,419

Monolithic

Power

Systems,

Inc

24,508

36,702,311

Nvidia

Corp

4,928,752

4,918,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

159,835

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

7,859,908

SOFTWARE

&

SERVICES

-

19.0%

678,416

(a)

Atlassian

Corp

Ltd

165,113

735,616

(a)

Crowdstrike

Holdings,

Inc

251,698

555,210

Intuit,

Inc

348,949

10,445,301

Microsoft

Corp

4,402,694

1,998,261

(a)

Palo

Alto

Networks,

Inc

363,604

878,366

(a)

PTC,

Inc

161,505

292,884

Roper

Industries,

Inc

152,256

2,072,525

Salesforce,

Inc

692,907

689,789

(a)

ServiceNow,

Inc

731,259

1,287,408

(a)

Shopify,

Inc

(Class

A)

136,890

44,911

(a)

Snowflake,

Inc

6,935

447,499

(a)

Synopsys,

Inc

217,198

607,939

(a)

Trade

Desk,

Inc

71,451

716,748

(a)

Workday,

Inc

184,943

TOTAL

SOFTWARE

&

SERVICES

7,887,402

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8.4%

12,326,500

Apple,

Inc

3,086,802

3,370,998

(a)

Arista

Networks,

Inc

372,597

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,459,399

TRANSPORTATION

-

1.0%

6,558,856

(a)

Uber

Technologies,

Inc

395,630

TOTAL

TRANSPORTATION

395,630

TOTAL

COMMON

STOCKS

(Cost

$23,324,867)

41,100,941

169

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

VALUE

(000)

INVESTMENT

COMPANIES

-

0.7%

760,404

iShares

Russell

1000

Growth

ETF

$

305,363

TOTAL

INVESTMENT

COMPANIES

(Cost

$310,742)

305,363

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$23,635,609)

41,406,304‌

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.3%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

%

01/03/25

4,998

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/08/25

4,996

12,500,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

12,488

TOTAL

GOVERNMENT

AGENCY

DEBT

22,482

REPURCHASE

AGREEMENT

-

0.2%

72,440,000

(c)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

72,440

TOTAL

REPURCHASE

AGREEMENT

72,440

TREASURY

DEBT

-

0.0%

12,500,000

United

States

Treasury

Bill

0

.000

02/06/25

12,449

5,000,000

United

States

Treasury

Bill

0

.000

02/18/25

4,972

TOTAL

TREASURY

DEBT

17,421

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$112,343)

112,343

TOTAL

INVESTMENTS

-

100.2%

(Cost

$23,747,952)

41,518,647

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

62,993

)

NET

ASSETS

-

100.0%

$41,455,654

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)

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

$192,772,534

or

0.5%

of

Total

Investments.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$72,457,949

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

10/15/26,

valued

at

$73,888,871.

Equity

Index

Portfolio

of

Investments

December

31,

2024

170

SHARES

DESCRIPTION

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.7%

COMMON

STOCKS

-

99.7%

AUTOMOBILES

&

COMPONENTS

-

2.3%

49,971

(a)

Adient

plc

$

861

60,325

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

352

105,766

(a)

Aptiv

plc

6,397

93,706

BorgWarner,

Inc

2,979

8,573

(a)

Cooper-Standard

Holdings,

Inc

116

60,557

Dana

Inc

700

12,642

(a)

Dorman

Products,

Inc

1,638

1,715,212

Ford

Motor

Co

16,981

23,054

(a)

Fox

Factory

Holding

Corp

698

484,436

General

Motors

Co

25,806

104,978

Gentex

Corp

3,016

18,149

(a)

Gentherm,

Inc

725

139,195

(a)

Goodyear

Tire

&

Rubber

Co

1,253

67,182

Harley-Davidson,

Inc

2,024

26,694

(a)

Holley,

Inc

81

12,667

(b)

LCI

Industries

1,310

21,196

Lear

Corp

2,007

372,353

(a),(b)

Lucid

Group,

Inc

1,124

8,158

(a),(b)

Luminar

Technologies,

Inc

44

25,388

(a)

Modine

Manufacturing

Co

2,943

15,792

Patrick

Industries,

Inc

1,312

23,111

Phinia,

Inc

1,113

111,576

(a),(b)

QuantumScape

Corp

579

386,669

(a),(b)

Rivian

Automotive,

Inc

5,143

29,093

(a),(b)

Solid

Power,

Inc

55

11,405

Standard

Motor

Products,

Inc

353

20,247

(a)

Stoneridge,

Inc

127

1,253,007

(a)

Tesla,

Inc

506,014

22,833

Thor

Industries,

Inc

2,185

12,140

(a)

Visteon

Corp

1,077

17,654

Winnebago

Industries,

Inc

843

9,934

(a)

XPEL,

Inc

397

TOTAL

AUTOMOBILES

&

COMPONENTS

590,253

BANKS

-

3.8%

4,682

1st

Source

Corp

273

4,331

ACNB

Corp

173

7,212

Amalgamated

Financial

Corp

241

12,491

Amerant

Bancorp,

Inc

280

38,500

Ameris

Bancorp

2,409

4,191

Ames

National

Corp

69

9,484

Arrow

Financial

Corp

272

63,489

Associated

Banc-Corp

1,517

50,266

Atlantic

Union

Bankshares

Corp

1,904

20,662

(a)

Axos

Financial,

Inc

1,443

15,448

Banc

of

California,

Inc

239

10,077

Bancfirst

Corp

1,181

18,804

(a)

Bancorp,

Inc

990

3,732

(b)

Bank

First

Corp

370

3,002,121

Bank

of

America

Corp

131,943

23,380

Bank

of

Hawaii

Corp

1,666

7,728

Bank

of

Marin

Bancorp

184

7,072

Bank

of

NT

Butterfield

&

Son

Ltd

258

40,698

Bank

OZK

1,812

27,509

BankUnited,

Inc

1,050

15,735

Banner

Corp

1,051

11,016

Bar

Harbor

Bankshares

337

6,589

BayCom

Corp

177

7,362

BCB

Bancorp,

Inc

87

171

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

26,834

Berkshire

Hills

Bancorp,

Inc

$

763

13,432

(a)

Blue

Foundry

Bancorp

132

8,083

BOK

Financial

Corp

860

10,571

(a)

Bridgewater

Bancshares,

Inc

143

38,089

Brookline

Bancorp,

Inc

449

6,190

Burke

&

Herbert

Financial

Services

Corp

386

6,436

Business

First

Bancshares,

Inc

165

5,576

Byline

Bancorp,

Inc

162

85,151

Cadence

Bank

2,933

7,078

Camden

National

Corp

303

4,609

Capital

Bancorp,

Inc

131

9,158

Capital

City

Bank

Group,

Inc

336

33,828

Capitol

Federal

Financial,

Inc

200

14,623

(a)

Carter

Bankshares,

Inc

257

25,721

Cathay

General

Bancorp

1,225

21,511

Central

Pacific

Financial

Corp

625

3,292

(b)

ChoiceOne

Financial

Services,

Inc

117

853,210

Citigroup,

Inc

60,057

9,568

Citizens

&

Northern

Corp

178

206,881

Citizens

Financial

Group,

Inc

9,053

2,179

(b)

Citizens

Financial

Services,

Inc

138

4,775

City

Holding

Co

566

7,262

Civista

Bancshares,

Inc

153

9,772

CNB

Financial

Corp

243

5,328

(a)

Coastal

Financial

Corp

452

8,393

Colony

Bankcorp,

Inc

135

97,984

Columbia

Banking

System,

Inc

2,647

17,061

(a),(b)

Columbia

Financial,

Inc

270

69,667

Comerica,

Inc

4,309

49,334

Commerce

Bancshares,

Inc

3,074

29,222

Community

Bank

System,

Inc

1,802

16,516

Community

Trust

Bancorp,

Inc

876

7,965

Community

West

Bancshares

154

21,722

ConnectOne

Bancorp,

Inc

498

2,974

(a)

CrossFirst

Bankshares,

Inc

45

24,821

Cullen/Frost

Bankers,

Inc

3,332

2,394

(a)

Customers

Bancorp,

Inc

117

45,531

CVB

Financial

Corp

975

19,153

Dime

Community

Bancshares,

Inc

589

17,266

Eagle

Bancorp,

Inc

449

64,760

(b)

East

West

Bancorp,

Inc

6,201

106,659

Eastern

Bankshares,

Inc

1,840

6,481

Enterprise

Bancorp,

Inc

256

16,077

Enterprise

Financial

Services

Corp

907

7,477

Equity

Bancshares,

Inc

317

3,546

Esquire

Financial

Holdings,

Inc

282

6,206

Farmers

&

Merchants

Bancorp,

Inc

183

18,150

Farmers

National

Banc

Corp

258

13,107

FB

Financial

Corp

675

2,294

Fidelity

D&D

Bancorp,

Inc

112

312,936

Fifth

Third

Bancorp

13,231

10,211

Financial

Institutions,

Inc

279

15,371

First

Bancorp

676

75,472

First

BanCorp

1,403

6,485

First

Bancorp,

Inc

177

6,018

First

Bancshares,

Inc

211

7,950

First

Bank

112

26,747

First

Busey

Corp

630

4,107

First

Business

Financial

Services,

Inc

190

5,215

First

Citizens

Bancshares,

Inc

(Class

A)

11,019

52,091

First

Commonwealth

Financial

Corp

881

12,139

First

Community

Bancshares,

Inc

505

Equity

Index

172

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

44,172

First

Financial

Bancorp

$

1,187

70,877

First

Financial

Bankshares,

Inc

2,555

505

First

Financial

Corp

23

19,660

First

Foundation,

Inc

122

42,377

First

Hawaiian,

Inc

1,100

266,280

First

Horizon

National

Corp

5,363

3,850

First

Internet

Bancorp

139

43,798

First

Interstate

BancSystem,

Inc

1,422

29,933

First

Merchants

Corp

1,194

7,120

First

Mid

Bancshares,

Inc

262

15,462

First

of

Long

Island

Corp

181

4,047

(a)

First

Western

Financial,

Inc

79

6,452

Five

Star

Bancorp

194

4,145

Flushing

Financial

Corp

59

157,037

FNB

Corp

2,321

3,291

FS

Bancorp,

Inc

135

75,484

Fulton

Financial

Corp

1,455

7,652

(a),(b)

FVCBankcorp,

Inc

96

5,087

German

American

Bancorp,

Inc

205

63,141

Glacier

Bancorp,

Inc

3,171

1,871

Great

Southern

Bancorp,

Inc

112

3,479

Greene

County

Bancorp,

Inc

96

1,346

(b)

Guaranty

Bancshares,

Inc

47

47,878

Hancock

Whitney

Corp

2,620

23,963

Hanmi

Financial

Corp

566

16,668

HarborOne

Bancorp,

Inc

197

6,442

HBT

Financial,

Inc

141

13,408

Heartland

Financial

USA,

Inc

822

25,661

Heritage

Commerce

Corp

241

22,188

Heritage

Financial

Corp

544

35,248

Hilltop

Holdings,

Inc

1,009

997

Hingham

Institution

For

Savings

The

253

4,264

Home

Bancorp,

Inc

197

81,882

Home

Bancshares,

Inc

2,317

15,022

HomeStreet,

Inc

172

13,541

HomeTrust

Bancshares,

Inc

456

59,403

Hope

Bancorp,

Inc

730

2,709

Horizon

Bancorp,

Inc

44

675,748

Huntington

Bancshares,

Inc

10,994

9,002

Independent

Bank

Corp

578

17,558

Independent

Bank

Corp

612

20,253

Independent

Bank

Group,

Inc

1,229

25,194

International

Bancshares

Corp

1,591

5,837

John

Marshall

Bancorp,

Inc

117

1,266,623

JPMorgan

Chase

&

Co

303,622

8,268

Kearny

Financial

Corp

59

434,062

Keycorp

7,440

13,317

Lakeland

Financial

Corp

916

14,926

Live

Oak

Bancshares,

Inc

590

72,782

M&T

Bank

Corp

13,684

1,529

Mercantile

Bank

Corp

68

10,190

Metrocity

Bankshares,

Inc

326

4,420

(a)

Metropolitan

Bank

Holding

Corp

258

7,348

Mid

Penn

Bancorp,

Inc

212

3,829

Middlefield

Banc

Corp

107

10,800

Midland

States

Bancorp,

Inc

264

7,821

MidWestOne

Financial

Group,

Inc

228

5,369

MVB

Financial

Corp

111

19,324

National

Bank

Holdings

Corp

832

18,373

(a)

NB

Bancorp,

Inc

332

21,431

NBT

Bancorp,

Inc

1,024

118,693

(b)

New

York

Community

Bancorp,

Inc

1,107

173

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

6,480

Nicolet

Bankshares,

Inc

$

680

3,442

Northeast

Bank

316

5,507

Northeast

Community

Bancorp,

Inc

135

5,388

Northfield

Bancorp,

Inc

63

2,656

Northrim

BanCorp,

Inc

207

59,870

Northwest

Bancshares,

Inc

790

3,544

(b)

Norwood

Financial

Corp

96

1,431,922

(a)

NU

Holdings

Ltd

14,835

12,012

OceanFirst

Financial

Corp

217

33,903

OFG

Bancorp

1,435

140,017

Old

National

Bancorp

3,039

21,667

Old

Second

Bancorp,

Inc

385

2,418

Orange

County

Bancorp,

Inc

134

11,057

Origin

Bancorp,

Inc

368

5,318

Orrstown

Financial

Services,

Inc

195

51,153

Pacific

Premier

Bancorp,

Inc

1,275

7,855

Park

National

Corp

1,347

5,178

Parke

Bancorp,

Inc

106

9,359

Pathward

Financial,

Inc

689

5,966

PCB

Bancorp

121

267

Peapack

Gladstone

Financial

Corp

9

4,697

Peoples

Bancorp,

Inc

149

5,712

Peoples

Financial

Services

Corp

292

34,183

Pinnacle

Financial

Partners,

Inc

3,910

2,662

Plumas

Bancorp

126

179,704

PNC

Financial

Services

Group,

Inc

34,656

11,515

(a)

Ponce

Financial

Group,

Inc

150

24,380

Popular,

Inc

2,293

2,087

Preferred

Bank

180

20,188

Premier

Financial

Corp

516

8,140

Primis

Financial

Corp

95

31,352

Prosperity

Bancshares,

Inc

2,362

17,387

Provident

Financial

Services,

Inc

328

8,729

QCR

Holdings,

Inc

704

9,265

RBB

Bancorp

190

2,235

Red

River

Bancshares,

Inc

121

413,171

Regions

Financial

Corp

9,718

30,881

Renasant

Corp

1,104

6,104

Republic

Bancorp,

Inc

(Class

A)

426

13,081

(b)

S&T

Bancorp,

Inc

500

22,606

Sandy

Spring

Bancorp,

Inc

762

34,531

Seacoast

Banking

Corp

of

Florida

951

24,631

ServisFirst

Bancshares,

Inc

2,087

9,123

Shore

Bancshares,

Inc

145

8,919

Sierra

Bancorp

258

55,218

Simmons

First

National

Corp

(Class

A)

1,225

5,382

SmartFinancial,

Inc

167

5,202

South

Plains

Financial,

Inc

181

4,079

(a)

Southern

First

Bancshares,

Inc

162

4,139

Southern

Missouri

Bancorp,

Inc

237

3,924

Southern

States

Bancshares,

Inc

131

10,544

Southside

Bancshares,

Inc

335

38,442

SouthState

Corp

3,824

23,920

Stellar

Bancorp,

Inc

678

11,262

Stock

Yards

Bancorp,

Inc

806

74,250

Synovus

Financial

Corp

3,804

27,678

(a)

Texas

Capital

Bancshares,

Inc

2,164

34,383

TFS

Financial

Corp

432

6,549

(a)

Third

Coast

Bancshares,

Inc

222

3,562

Timberland

Bancorp,

Inc

109

7,201

Tompkins

Trustco,

Inc

488

34,516

Towne

Bank

1,176

Equity

Index

174

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

BANKS

(continued)

19,212

Trico

Bancshares

$

840

10,668

(a)

Triumph

Financial,

Inc

970

617,683

Truist

Financial

Corp

26,795

2,656

TrustCo

Bank

Corp

NY

88

34,442

Trustmark

Corp

1,218

23,900

UMB

Financial

Corp

2,697

68,198

United

Bankshares,

Inc

2,561

48,352

United

Community

Banks,

Inc

1,562

3,873

Unity

Bancorp,

Inc

169

5,426

Univest

Financial

Corp

160

699,345

US

Bancorp

33,450

154,740

Valley

National

Bancorp

1,402

22,054

Veritex

Holdings,

Inc

599

25,531

Washington

Federal,

Inc

823

3,676

Washington

Trust

Bancorp,

Inc

115

85,391

Webster

Financial

Corp

4,715

1,502,083

Wells

Fargo

&

Co

105,506

21,097

WesBanco,

Inc

687

11,970

West

Bancorporation,

Inc

259

13,352

Westamerica

Bancorporation

700

44,492

Western

Alliance

Bancorp

3,717

33,758

Wintrust

Financial

Corp

4,210

37,346

WSFS

Financial

Corp

1,984

67,952

Zions

Bancorporation

3,686

TOTAL

BANKS

971,217

CAPITAL

GOODS

-

6.4%

29,422

(a),(b)

374Water,

Inc

20

66,252

(a)

3D

Systems

Corp

217

245,129

3M

Co

31,644

49,028

A.O.

Smith

Corp

3,344

32,247

Aaon,

Inc

3,795

11,925

(a)

AAR

Corp

731

13,778

Acuity

Brands,

Inc

4,025

31,531

Advanced

Drainage

Systems,

Inc

3,645

58,431

Aecom

Technology

Corp

6,242

12,268

(a)

Aerovironment,

Inc

1,888

8,143

(a)

AerSale

Corp

51

22,585

(b)

AGCO

Corp

2,111

38,659

Air

Lease

Corp

1,864

5,157

Alamo

Group,

Inc

959

16,794

Albany

International

Corp

(Class

A)

1,343

37,089

Allegion

plc

4,847

6,739

Allied

Motion

Technologies,

Inc

164

32,863

Allison

Transmission

Holdings,

Inc

3,551

10,745

(b)

Alta

Equipment

Group,

Inc

70

13,776

(a)

Ameresco,

Inc

323

16,039

(a)

American

Superconductor

Corp

395

7,436

(a)

American

Woodmark

Corp

591

101,837

Ametek,

Inc

18,357

98,441

(a)

API

Group

Corp

3,541

4,551

Apogee

Enterprises,

Inc

325

17,287

Applied

Industrial

Technologies,

Inc

4,140

63,826

(a),(b)

Archer

Aviation,

Inc

622

19,246

Arcosa,

Inc

1,862

10,471

Argan,

Inc

1,435

15,214

Armstrong

World

Industries,

Inc

2,150

69,116

(a),(b)

Array

Technologies,

Inc

417

15,250

Astec

Industries,

Inc

512

15,755

(a),(b)

Astronics

Corp

251

16,113

Atkore,

Inc

1,345

30,671

Atmus

Filtration

Technologies,

Inc

1,202

32,661

(a)

Axon

Enterprise,

Inc

19,411

175

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

60,195

(a)

AZEK

Co,

Inc

$

2,857

13,571

AZZ,

Inc

1,112

25,595

Barnes

Group,

Inc

1,210

30,037

(a)

Beacon

Roofing

Supply,

Inc

3,051

19,926

(a),(b)

Blink

Charging

Co

28

75,992

(a),(b)

Bloom

Energy

Corp

1,688

16,572

(a)

Blue

Bird

Corp

640

4,896

(a)

BlueLinx

Holdings,

Inc

500

314,765

(a)

Boeing

Co

55,713

16,526

Boise

Cascade

Co

1,964

4,978

(a)

Bowman

Consulting

Group

Ltd

124

13,313

(b)

Brookfield

Business

Corp

323

55,410

(a)

Builders

FirstSource,

Inc

7,920

40,627

BWX

Technologies,

Inc

4,525

8,469

Cadre

Holdings,

Inc

274

21,215

Carlisle

Cos,

Inc

7,825

375,894

Carrier

Global

Corp

25,659

219,315

Caterpillar,

Inc

79,559

6,740

(a),(b)

Centuri

Holdings,

Inc

130

120,169

(a),(b)

ChargePoint

Holdings,

Inc

129

20,872

(a)

Chart

Industries,

Inc

3,983

368,329

CNH

Industrial

NV

4,173

14,727

Columbus

McKinnon

Corp

548

17,475

Comfort

Systems

USA,

Inc

7,410

15,927

(a)

Commercial

Vehicle

Group,

Inc

39

13,197

(a)

Concrete

Pumping

Holdings,

Inc

88

11,212

(a)

Construction

Partners,

Inc

992

83,036

(a)

Core

&

Main,

Inc

4,227

21,581

Crane

Co

3,275

7,468

CSW

Industrials,

Inc

2,635

62,556

Cummins,

Inc

21,807

16,504

Curtiss-Wright

Corp

5,857

30,728

(a),(b)

Custom

Truck

One

Source,

Inc

148

113,696

Deere

&

Co

48,173

27,073

(a)

DNOW,

Inc

352

52,930

Donaldson

Co,

Inc

3,565

16,771

Douglas

Dynamics,

Inc

396

62,548

Dover

Corp

11,734

8,048

(a)

Ducommun,

Inc

512

11,117

(a)

DXP

Enterprises,

Inc

918

11,046

(a)

Dycom

Industries,

Inc

1,923

177,785

Eaton

Corp

plc

59,001

21,296

EMCOR

Group,

Inc

9,666

262,231

Emerson

Electric

Co

32,498

24,905

(a)

Energy

Recovery,

Inc

366

12,892

(a),(b)

Energy

Vault

Holdings,

Inc

29

32,971

Enerpac

Tool

Group

Corp

1,355

18,213

EnerSys

1,683

55,762

(a),(b)

Enovix

Corp

606

11,263

EnPro

Industries,

Inc

1,942

21,920

Esab

Corp

2,629

13,003

ESCO

Technologies,

Inc

1,732

9,017

(a),(b)

Eve

Holding,

Inc

49

24,111

(a)

Everus

Construction

Group,

Inc

1,585

257,192

Fastenal

Co

18,495

32,884

Federal

Signal

Corp

3,038

92,715

Ferguson

Enterprises,

Inc

16,093

55,538

Flowserve

Corp

3,195

18,242

(a),(b)

Fluence

Energy,

Inc

290

64,419

(a)

Fluor

Corp

3,177

154,932

Fortive

Corp

11,620

58,578

Fortune

Brands

Innovations,

Inc

4,003

Equity

Index

176

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

20,104

Franklin

Electric

Co,

Inc

$

1,959

54,773

(a),(b)

Freyr

Battery,

Inc

141

49,125

FTAI

Aviation

Ltd

7,076

5,875

(a),(b)

FuelCell

Energy,

Inc

53

79,515

(a)

Gates

Industrial

Corp

plc

1,636

14,376

GATX

Corp

2,228

123,479

GE

Vernova,

Inc

40,616

4,819

(a)

Gencor

Industries,

Inc

85

26,482

(a)

Generac

Holdings,

Inc

4,106

125,655

General

Dynamics

Corp

33,109

485,223

General

Electric

Co

80,930

17,907

(a)

Gibraltar

Industries,

Inc

1,055

9,938

Global

Industrial

Co

246

14,160

(a)

GMS,

Inc

1,201

12,385

Gorman-Rupp

Co

470

69,822

Graco,

Inc

5,885

95,580

(a),(b)

GrafTech

International

Ltd

165

4,871

(a)

Graham

Corp

217

20,341

Granite

Construction,

Inc

1,784

44,924

(a)

Great

Lakes

Dredge

&

Dock

Corp

507

14,394

Greenbrier

Cos,

Inc

878

20,793

Griffon

Corp

1,482

17,554

H&E

Equipment

Services,

Inc

859

63,817

(a)

Hayward

Holdings,

Inc

976

21,280

HEICO

Corp

5,059

38,786

HEICO

Corp

(Class

A)

7,217

16,194

Helios

Technologies,

Inc

723

13,619

Herc

Holdings,

Inc

2,578

41,915

Hexcel

Corp

2,628

8,498

Hillenbrand,

Inc

262

69,001

(a)

Hillman

Solutions

Corp

672

295,237

Honeywell

International,

Inc

66,691

182,689

Howmet

Aerospace,

Inc

19,981

23,697

Hubbell,

Inc

9,926

22,109

(a)

Hudson

Technologies,

Inc

123

16,667

Huntington

Ingalls

Industries,

Inc

3,150

63,978

(a),(b)

Hyliion

Holdings

Corp

167

7,224

Hyster-Yale

Materials

Handling,

Inc

368

33,873

IDEX

Corp

7,089

5,334

(a)

IES

Holdings,

Inc

1,072

130,167

Illinois

Tool

Works,

Inc

33,005

184,113

Ingersoll

Rand,

Inc

16,655

3,056

Insteel

Industries,

Inc

83

34,861

ITT,

Inc

4,981

41,873

(a)

Janus

International

Group,

Inc

308

45,832

(a)

JELD-WEN

Holding,

Inc

375

21,001

John

Bean

Technologies

Corp

2,669

298,475

Johnson

Controls

International

plc

23,559

5,348

Kadant,

Inc

1,845

3,197

Karat

Packaging,

Inc

97

45,625

Kennametal,

Inc

1,096

66,946

(a)

Kratos

Defense

&

Security

Solutions,

Inc

1,766

85,679

L3Harris

Technologies,

Inc

18,017

9,846

(a)

Lawson

Products,

Inc

339

4,363

(a)

LB

Foster

Co

(Class

A)

117

14,010

Lennox

International,

Inc

8,536

24,937

(a)

Leonardo

DRS,

Inc

806

4,566

(a)

Limbach

Holdings,

Inc

391

28,514

Lincoln

Electric

Holdings,

Inc

5,346

5,950

Lindsay

Corp

704

4,837

(a),(b)

Loar

Holdings,

Inc

357

95,085

Lockheed

Martin

Corp

46,206

177

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

12,965

LSI

Industries,

Inc

$

252

17,575

Luxfer

Holdings

plc

230

22,630

(a)

Manitowoc

Co,

Inc

207

97,560

Masco

Corp

7,080

26,888

(a)

Mastec,

Inc

3,661

67,350

(a)

Masterbrand,

Inc

984

12,603

(a)

Matrix

Service

Co

151

5,952

(a)

Mayville

Engineering

Co

Inc

94

8,494

McGrath

RentCorp

950

30,340

(a)

Mercury

Computer

Systems,

Inc

1,274

24,886

(a)

Middleby

Corp

3,371

7,280

Miller

Industries,

Inc

476

14,585

Moog,

Inc

(Class

A)

2,871

43,932

(a)

MRC

Global,

Inc

561

19,273

MSC

Industrial

Direct

Co

(Class

A)

1,439

46,713

Mueller

Industries,

Inc

3,707

85,916

Mueller

Water

Products,

Inc

(Class

A)

1,933

6,055

(a)

MYR

Group,

Inc

901

3,534

National

Presto

Industries,

Inc

348

10,242

(a),(b)

Net

Power,

Inc

108

60,488

(a)

NEXTracker,

Inc

2,210

25,712

Nordson

Corp

5,380

62,622

Northrop

Grumman

Corp

29,388

6,891

(a)

Northwest

Pipe

Co

333

16,026

(a),(b)

NuScale

Power

Corp

287

74,858

nVent

Electric

plc

5,102

2,354

Omega

Flex,

Inc

99

14,387

(a)

Orion

Marine

Group,

Inc

105

27,603

Oshkosh

Corp

2,624

177,066

Otis

Worldwide

Corp

16,398

39,754

Owens

Corning,

Inc

6,771

227,337

PACCAR,

Inc

23,648

14,228

Park

Aerospace

Corp

208

57,850

Parker-Hannifin

Corp

36,794

3,997

Park-Ohio

Holdings

Corp

105

73,725

Pentair

plc

7,420

274,975

(a),(b)

Plug

Power,

Inc

586

2,948

(b)

Powell

Industries,

Inc

653

1,801

Preformed

Line

Products

Co

230

28,783

Primoris

Services

Corp

2,199

15,505

(a)

Proto

Labs,

Inc

606

16,969

Quanex

Building

Products

Corp

411

66,245

Quanta

Services,

Inc

20,937

13,498

(a)

RBC

Bearings,

Inc

4,038

32,418

Regal-Beloit

Corp

5,029

53,326

(a)

Resideo

Technologies,

Inc

1,229

8,757

REV

Group,

Inc

279

155,613

(a),(b)

Rocket

Lab

USA,

Inc

3,963

51,657

Rockwell

Automation,

Inc

14,763

598,128

RTX

Corp

69,215

10,342

Rush

Enterprises,

Inc

563

22,836

Rush

Enterprises,

Inc

(Class

A)

1,251

60,321

Sensata

Technologies

Holding

plc

1,653

63,890

(a),(b)

SES

AI

Corp

140

81,772

(a)

Shoals

Technologies

Group,

Inc

452

18,886

Shyft

Group,

Inc

222

19,894

Simpson

Manufacturing

Co,

Inc

3,299

24,415

(a)

SiteOne

Landscape

Supply,

Inc

3,217

23,368

Snap-On,

Inc

7,933

59,911

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

2,042

23,935

(a)

SPX

Technologies,

Inc

3,483

31,257

(a)

Standardaero,

Inc

774

Equity

Index

178

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

4,143

Standex

International

Corp

$

775

70,587

Stanley

Black

&

Decker,

Inc

5,667

13,737

(a)

Sterling

Construction

Co,

Inc

2,314

110,732

(a)

Sunrun,

Inc

1,024

10,462

Tecnoglass,

Inc

830

10,075

Tennant

Co

821

35,787

Terex

Corp

1,654

78,232

Textron,

Inc

5,984

24,419

(a)

Thermon

Group

Holdings,

Inc

703

26,899

Timken

Co

1,920

27,553

(a)

Titan

International,

Inc

187

11,613

(a)

Titan

Machinery,

Inc

164

42,943

Toro

Co

3,440

100,422

Trane

Technologies

plc

37,091

3,856

(a)

Transcat,

Inc

408

24,505

TransDigm

Group,

Inc

31,055

52,464

(a)

Trex

Co,

Inc

3,622

37,946

Trinity

Industries,

Inc

1,332

32,779

(a)

Triumph

Group,

Inc

612

27,269

(a)

Tutor

Perini

Corp

660

26,618

UFP

Industries,

Inc

2,999

30,210

United

Rentals,

Inc

21,281

7,860

(a)

V2X,

Inc

376

7,929

Valmont

Industries,

Inc

2,432

164,299

Vertiv

Holdings

Co

18,666

12,845

(a)

Vicor

Corp

621

4,297

(a),(b)

Virgin

Galactic

Holdings,

Inc

25

19,233

W.W.

Grainger,

Inc

20,273

23,411

Wabash

National

Corp

401

15,072

Watsco,

Inc

7,142

12,667

Watts

Water

Technologies,

Inc

(Class

A)

2,575

22,053

WESCO

International,

Inc

3,991

76,763

Westinghouse

Air

Brake

Technologies

Corp

14,553

1,487

Willis

Lease

Finance

Corp

309

89,818

(a)

WillScot

Mobile

Mini

Holdings

Corp

3,004

30,482

Woodward

Inc

5,073

17,318

(a),(b)

Xometry,

Inc

739

107,282

Xylem,

Inc

12,447

65,462

Zurn

Elkay

Water

Solutions

Corp

2,442

TOTAL

CAPITAL

GOODS

1,637,305

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.5%

27,128

ABM

Industries,

Inc

1,388

5,587

ACCO

Brands

Corp

29

57,811

(a)

ACV

Auctions,

Inc

1,249

174,070

Alight,

Inc

1,205

54,252

(a)

Amentum

Holdings,

Inc

1,141

11,286

Aris

Water

Solution,

Inc

270

9,467

(a),(b)

Asure

Software,

Inc

89

183,050

Automatic

Data

Processing,

Inc

53,584

20,580

Barrett

Business

Services,

Inc

894

7,610

(a),(b)

BlackSky

Technology,

Inc

82

57,497

Booz

Allen

Hamilton

Holding

Corp

7,400

16,522

(a)

BrightView

Holdings,

Inc

264

18,487

Brink's

Co

1,715

53,827

Broadridge

Financial

Solutions,

Inc

12,170

9,248

(a)

CACI

International,

Inc

(Class

A)

3,737

26,846

(a)

Casella

Waste

Systems,

Inc

(Class

A)

2,841

18,053

(a)

CBIZ,

Inc

1,477

14,787

(a)

CECO

Environmental

Corp

447

73,546

(a),(b)

Ceridian

HCM

Holding,

Inc

5,342

8,021

(a)

Cimpress

plc

575

155,338

Cintas

Corp

28,380

179

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

226,376

(a),(b)

Clarivate

plc

$

1,150

23,755

(a)

Clean

Harbors,

Inc

5,467

21,043

(b)

Concentrix

Corp

911

91,431

(a)

Conduent,

Inc

369

395,018

(a)

Copart,

Inc

22,670

49,610

(a)

CoreCivic,

Inc

1,079

3,881

CRA

International,

Inc

727

17,763

CSG

Systems

International,

Inc

908

22,984

Deluxe

Corp

519

20,676

(a)

Driven

Brands

Holdings,

Inc

334

129,661

Dun

&

Bradstreet

Holdings,

Inc

1,616

1,045

Ennis,

Inc

22

56,961

Equifax,

Inc

14,517

68,388

(a)

ExlService

Holdings,

Inc

3,035

28,338

Exponent,

Inc

2,525

23,752

(a)

First

Advantage

Corp

445

7,582

(a)

Forrester

Research,

Inc

119

7,620

(a)

Franklin

Covey

Co

286

16,142

(a)

FTI

Consulting,

Inc

3,085

81,103

Genpact

Ltd

3,483

42,598

(a)

GEO

Group,

Inc

1,192

42,732

(a)

Harsco

Corp

329

40,910

(a)

Healthcare

Services

Group

475

14,300

Heidrick

&

Struggles

International,

Inc

634

37,280

Herman

Miller,

Inc

842

27,032

HNI

Corp

1,362

9,371

(a)

Huron

Consulting

Group,

Inc

1,164

6,267

ICF

International,

Inc

747

12,531

(a),(b)

Innodata,

Inc

495

19,828

Insperity,

Inc

1,537

44,581

Interface,

Inc

1,086

54,252

Jacobs

Solutions,

Inc

7,249

55,084

KBR,

Inc

3,191

20,372

Kelly

Services,

Inc

(Class

A)

284

11,207

Kforce,

Inc

635

29,134

Korn/Ferry

International

1,965

52,870

(a),(b)

LanzaTech

Global,

Inc

72

13,624

(a)

Legalzoom.com,

Inc

102

58,084

Leidos

Holdings,

Inc

8,368

19,090

(a)

Liquidity

Services,

Inc

616

25,524

Manpower,

Inc

1,473

16,885

Matthews

International

Corp

(Class

A)

467

23,344

MAXIMUS,

Inc

1,743

12,017

(a)

Montrose

Environmental

Group,

Inc

223

15,466

MSA

Safety,

Inc

2,564

4,961

NL

Industries,

Inc

39

20,844

(a)

NV5

Global,

Inc

393

67,918

(a)

OPENLANE,

Inc

1,347

20,471

(a)

Parsons

Corp

1,888

144,212

Paychex,

Inc

20,221

24,132

Paycom

Software,

Inc

4,946

36,294

(a)

Paycor

HCM,

Inc

674

20,584

(a)

Paylocity

Holding

Corp

4,106

95,984

Pitney

Bowes,

Inc

695

79,689

(a)

Planet

Labs

PBC

322

83,579

RB

Global,

Inc

7,540

90,380

Republic

Services,

Inc

18,183

20,546

Resources

Connection,

Inc

175

52,374

Robert

Half

International,

Inc

3,690

131,128

Rollins,

Inc

6,078

23,991

Science

Applications

International

Corp

2,682

10,651

(a),(b)

Spire

Global,

Inc

150

Equity

Index

180

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

90,007

SS&C

Technologies

Holdings,

Inc

$

6,821

2,425

Steelcase,

Inc

(Class

A)

29

125,535

Tetra

Tech,

Inc

5,001

84,938

TransUnion

7,875

15,001

TriNet

Group,

Inc

1,362

19,072

(a)

TrueBlue,

Inc

160

10,054

TTEC

Holdings,

Inc

50

8,983

Unifirst

Corp

1,537

63,645

(a)

Upwork,

Inc

1,041

109,137

Veralto

Corp

11,116

63,030

Verisk

Analytics,

Inc

17,360

63,620

(a)

Verra

Mobility

Corp

1,538

54,222

Vestis

Corp

826

15,178

(a)

Viad

Corp

645

5,586

VSE

Corp

531

177,520

Waste

Management,

Inc

35,822

5,398

(a)

Willdan

Group,

Inc

206

21,544

(a)

WNS

Holdings

Ltd

1,021

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

392,431

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.8%

18,290

(a),(b)

1-800-FLOWERS.COM,

Inc

(Class

A)

149

23,424

(a)

Abercrombie

&

Fitch

Co

(Class

A)

3,501

36,738

Academy

Sports

&

Outdoors,

Inc

2,114

28,577

(b)

Advance

Auto

Parts,

Inc

1,351

9,522

(b)

A-Mark

Precious

Metals,

Inc

261

4,231,672

(a)

Amazon.com,

Inc

928,386

85,497

American

Eagle

Outfitters,

Inc

1,425

3,312

(a)

America's

Car-Mart,

Inc

170

23,822

Arhaus,

Inc

224

65,041

Arko

Corp

429

7,272

(a)

Asbury

Automotive

Group,

Inc

1,767

12,767

(a)

Autonation,

Inc

2,168

7,768

(a)

Autozone,

Inc

24,873

62,461

(a),(b)

BARK,

Inc

115

101,629

Bath

&

Body

Works,

Inc

3,940

101,281

Best

Buy

Co,

Inc

8,690

15,681

(a)

Boot

Barn

Holdings,

Inc

2,381

14,004

Buckle,

Inc

712

7,271

Build-A-Bear

Workshop,

Inc

335

27,015

(a)

Burlington

Stores,

Inc

7,701

20,111

Caleres,

Inc

466

22,123

Camping

World

Holdings,

Inc

466

69,298

(a)

Carmax,

Inc

5,666

47,579

(a)

Carvana

Co

9,676

3,852

(a),(b)

Citi

Trends,

Inc

101

513,821

(a)

Coupang,

Inc

11,294

32,814

(b)

Designer

Brands,

Inc

175

30,615

(a),(b)

Destination

XL

Group,

Inc

82

25,367

Dick's

Sporting

Goods,

Inc

5,805

1,003

(b)

Dillard's,

Inc

(Class

A)

433

211,923

eBay,

Inc

13,129

61,188

(a)

Etsy,

Inc

3,236

34,837

(a),(b)

EVgo,

Inc

141

27,604

(a)

Five

Below,

Inc

2,897

49,914

(a)

Floor

&

Decor

Holdings,

Inc

4,976

33,391

Foot

Locker,

Inc

727

173,081

(a)

GameStop

Corp

(Class

A)

5,424

81,317

Gap,

Inc

1,922

7,998

(a)

Genesco,

Inc

342

64,617

Genuine

Parts

Co

7,545

10,931

(a),(b)

GigaCloud

Technology,

Inc

202

4,452

Group

1

Automotive,

Inc

1,876

181

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

10,720

(a),(b)

Groupon,

Inc

$

130

29,518

(a),(b)

GrowGeneration

Corp

50

9,098

Haverty

Furniture

Cos,

Inc

203

447,720

Home

Depot,

Inc

174,159

26,748

(b)

Kohl's

Corp

376

9,431

(a),(b)

Lands'

End,

Inc

124

59,869

(a),(b)

Leslie's,

Inc

133

11,443

Lithia

Motors,

Inc

(Class

A)

4,090

113,390

LKQ

Corp

4,167

258,187

Lowe's

Cos,

Inc

63,721

109,170

Macy's,

Inc

1,848

11,739

(a)

MarineMax,

Inc

340

18,107

Monro

Muffler,

Inc

449

7,522

Murphy

USA,

Inc

3,774

47,869

(a)

National

Vision

Holdings,

Inc

499

57,180

Nordstrom,

Inc

1,381

18,624

(a)

ODP

Corp

423

27,556

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

3,024

5,690

(a),(b)

OneWater

Marine,

Inc

99

25,906

(a)

O'Reilly

Automotive,

Inc

30,719

24,586

(a),(b)

Overstock.com,

Inc

121

6,625

Penske

Auto

Group,

Inc

1,010

40,988

(a)

Petco

Health

&

Wellness

Co,

Inc

156

18,519

Pool

Corp

6,314

46,411

(a),(b)

RealReal,

Inc

507

19,596

(a)

Revolve

Group,

Inc

656

7,732

(a)

RH

3,043

142,239

Ross

Stores,

Inc

21,516

7,776

(a)

Sally

Beauty

Holdings,

Inc

81

13,763

(a),(b)

Savers

Value

Village,

Inc

141

4,712

Shoe

Carnival,

Inc

156

20,162

Signet

Jewelers

Ltd

1,627

13,058

(a)

Sleep

Number

Corp

199

62

Sonic

Automotive,

Inc

(Class

A)

4

32,244

(a)

Stitch

Fix,

Inc

139

30,109

(a),(b)

ThredUp,

Inc

42

6,790

(a),(b)

Tilly's,

Inc

29

505,673

TJX

Cos,

Inc

61,090

253,235

Tractor

Supply

Co

13,437

22,854

(a)

Ulta

Beauty,

Inc

9,940

1,077

Upbound

Group,

Inc

31

31,536

(a)

Urban

Outfitters,

Inc

1,731

50,913

(a)

Valvoline,

Inc

1,842

37,799

(a)

Victoria's

Secret

&

Co

1,566

42,783

(a)

Warby

Parker,

Inc

1,036

41,399

(a),(b)

Wayfair,

Inc

1,835

59,652

Williams-Sonoma,

Inc

11,046

1,945

Winmark

Corp

765

11,661

(a)

Zumiez,

Inc

224

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,497,266

CONSUMER

DURABLES

&

APPAREL

-

1.0%

15,286

Acushnet

Holdings

Corp

1,086

13,448

(a)

Amer

Sports,

Inc

376

35,953

(a),(b)

AMMO,

Inc

40

1,361

(a)

Beazer

Homes

USA,

Inc

37

14,995

(a)

BK

LC

Lux

Finco

2

Sarl

850

35,190

Brunswick

Corp

2,276

63,158

(a)

Callaway

Golf

Co

496

42,913

(a)

Capri

Holdings

Ltd

904

8,244

(b)

Carter's,

Inc

447

3,478

(a)

Cavco

Industries,

Inc

1,552

13,611

Century

Communities,

Inc

998

Equity

Index

182

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

14,289

(b)

Clarus

Corp

$

64

14,763

(b)

Columbia

Sportswear

Co

1,239

23,677

(b)

Cricut,

Inc

135

24,729

(a)

Crocs,

Inc

2,709

68,412

(a)

Deckers

Outdoor

Corp

13,894

131,545

DR

Horton,

Inc

18,393

10,739

(a),(b)

Dream

Finders

Homes,

Inc

250

18,783

Ethan

Allen

Interiors,

Inc

528

65,385

(a),(b)

Figs,

Inc

405

10,965

(a),(b)

Funko,

Inc

147

68,968

(a)

Garmin

Ltd

14,225

24,084

(a)

G-III

Apparel

Group

Ltd

786

74,136

(a)

GoPro,

Inc

81

7,038

(a)

Green

Brick

Partners,

Inc

398

156,073

(a)

Hanesbrands,

Inc

1,270

65,299

Hasbro,

Inc

3,651

13,347

(a)

Helen

of

Troy

Ltd

799

5,483

Hooker

Furniture

Corp

77

2,792

(a)

Hovnanian

Enterprises,

Inc

374

11,276

Installed

Building

Products,

Inc

1,976

15,263

(a)

iRobot

Corp

118

3,583

(b)

Johnson

Outdoors,

Inc

118

34,928

KB

Home

2,295

30,075

Kontoor

Brands,

Inc

2,569

12,660

(a)

Latham

Group,

Inc

88

25,091

La-Z-Boy,

Inc

1,093

4,968

(a),(b)

Legacy

Housing

Corp

123

73,033

Leggett

&

Platt,

Inc

701

108,856

Lennar

Corp

(Class

A)

14,845

2,471

Lennar

Corp

(Class

B)

327

5,755

(a),(b)

LGI

Homes,

Inc

514

5,568

(a),(b)

Lovesac

Co

132

54,323

(a)

Lululemon

Athletica,

Inc

20,774

13,163

(a)

M/I

Homes,

Inc

1,750

13,092

(a)

Malibu

Boats,

Inc

492

8,407

Marine

Products

Corp

77

13,690

(a)

MasterCraft

Boat

Holdings,

Inc

261

127,809

(a)

Mattel,

Inc

2,266

17,632

Meritage

Homes

Corp

2,712

23,017

(a)

Mohawk

Industries,

Inc

2,742

11,320

Movado

Group,

Inc

223

125,637

Newell

Rubbermaid,

Inc

1,251

532,934

Nike,

Inc

(Class

B)

40,327

1,259

(a)

NVR,

Inc

10,297

8,770

Oxford

Industries,

Inc

691

145,284

(a)

Peloton

Interactive,

Inc

1,264

24,590

Polaris

Industries,

Inc

1,417

93,842

Pulte

Homes,

Inc

10,219

27,406

(a),(b)

Purple

Innovation,

Inc

21

19,889

PVH

Corp

2,103

19,684

Ralph

Lauren

Corp

4,547

11,204

(a)

Revelyst,

Inc

215

3,738

Rocky

Brands,

Inc

85

31,093

(a)

SharkNinja

Global

SPV

Ltd

3,027

61,539

(a)

Skechers

U.S.A.,

Inc

(Class

A)

4,138

20,953

(a)

Skyline

Champion

Corp

1,846

29,016

Smith

&

Wesson

Brands,

Inc

293

67,337

(a)

Sonos,

Inc

1,013

44,766

Steven

Madden

Ltd

1,903

3,716

Sturm

Ruger

&

Co,

Inc

131

6,084

Superior

Uniform

Group,

Inc

101

96,190

Tapestry,

Inc

6,284

183

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

44,029

(a)

Taylor

Morrison

Home

Corp

$

2,695

87,531

Tempur

Sealy

International,

Inc

4,962

46,691

Toll

Brothers,

Inc

5,881

15,774

(a)

TopBuild

Corp

4,911

12,158

(a)

Traeger,

Inc

29

30,903

(a)

Tri

Pointe

Homes,

Inc

1,121

84,878

(a)

Under

Armour,

Inc

(Class

A)

703

110,542

(a)

Under

Armour,

Inc

(Class

C)

825

164,277

(b)

VF

Corp

3,525

19,639

Whirlpool

Corp

2,248

48,726

Wolverine

World

Wide,

Inc

1,082

10,006

Worthington

Industries,

Inc

401

46,993

(a)

YETI

Holdings,

Inc

1,810

TOTAL

CONSUMER

DURABLES

&

APPAREL

246,049

CONSUMER

SERVICES

-

2.3%

25,118

(a)

Accel

Entertainment,

Inc

268

86,801

ADT,

Inc

600

11,253

(a)

Adtalem

Global

Education,

Inc

1,022

194,087

(a)

Airbnb,

Inc

25,505

7,436

(a)

American

Public

Education,

Inc

160

108,444

Aramark

4,046

17,816

(a),(b)

BALLY'S

CORP

319

769

(a)

Biglari

Holdings,

Inc

(B

Shares)

196

15,173

(a)

BJ's

Restaurants,

Inc

533

44,145

Bloomin'

Brands,

Inc

539

14,924

Booking

Holdings,

Inc

74,149

21,203

Boyd

Gaming

Corp

1,538

28,106

(a)

Bright

Horizons

Family

Solutions,

Inc

3,116

17,351

(a)

Brinker

International,

Inc

2,295

97,639

(a)

Caesars

Entertainment,

Inc

3,263

448,352

(a)

Carnival

Corp

11,173

11,838

Carriage

Services,

Inc

472

35,423

(a)

Cava

Group,

Inc

3,996

23,639

(b)

Cheesecake

Factory

1,121

54,286

(a)

Chegg,

Inc

87

611,158

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

36,853

13,984

(b)

Choice

Hotels

International,

Inc

1,986

32,858

Churchill

Downs,

Inc

4,388

57,806

(a)

Coursera,

Inc

491

12,944

Cracker

Barrel

Old

Country

Store,

Inc

684

53,537

Darden

Restaurants,

Inc

9,995

23,587

(a),(b)

Dave

&

Buster's

Entertainment,

Inc

689

41,277

(a)

Denny's

Corp

250

28,592

(a)

Despegar.com

Corp

550

7,772

Dine

Brands

Global

Inc.

234

15,719

Domino's

Pizza,

Inc

6,598

156,986

(a)

DoorDash,

Inc

26,334

196,196

(a)

DraftKings,

Inc

7,299

17,216

(a)

Duolingo,

Inc

5,582

43,029

(a)

Dutch

Bros,

Inc

2,254

14,501

(a)

El

Pollo

Loco

Holdings,

Inc

167

2,242

(a),(c)

Empire

Resorts,

Inc

0

^

10,835

(a),(b)

European

Wax

Center,

Inc

72

45,885

(a)

Everi

Holdings,

Inc

620

53,159

(a)

Expedia

Group,

Inc

9,905

7,524

(a)

First

Watch

Restaurant

Group,

Inc

140

30,474

(a)

Frontdoor,

Inc

1,666

16,841

(a),(b)

Full

House

Resorts,

Inc

69

16,169

(a),(b)

Global

Business

Travel

Group

I

150

7,389

Golden

Entertainment,

Inc

234

1,473

Graham

Holdings

Co

1,284

12,080

(a)

Grand

Canyon

Education,

Inc

1,979

Equity

Index

184

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

SERVICES

(continued)

58,627

H&R

Block,

Inc

$

3,098

34,161

(a)

Hilton

Grand

Vacations,

Inc

1,331

107,121

Hilton

Worldwide

Holdings,

Inc

26,476

19,921

(b)

Hyatt

Hotels

Corp

3,127

11,356

(a),(b)

Inspired

Entertainment,

Inc

103

54,564

International

Game

Technology

plc

964

2,856

(b)

Jack

in

the

Box,

Inc

119

44,656

(b)

Krispy

Kreme,

Inc

443

2,885

(a),(b)

Kura

Sushi

USA,

Inc

261

167,139

Las

Vegas

Sands

Corp

8,584

62,559

(a)

Laureate

Education,

Inc

1,144

20,784

(a)

Life

Time

Group

Holdings,

Inc

460

38,357

(a)

Light

&

Wonder,

Inc

3,313

12,366

(a)

Lincoln

Educational

Services

Corp

196

10,890

(a)

Lindblad

Expeditions

Holdings,

Inc

129

101,485

Marriott

International,

Inc

(Class

A)

28,308

13,041

Marriott

Vacations

Worldwide

Corp

1,171

325,464

McDonald's

Corp

94,349

114,548

(a)

MGM

Resorts

International

3,969

22,276

(a)

Mister

Car

Wash,

Inc

162

7,140

Monarch

Casino

&

Resort,

Inc

563

1,387

Nathan's

Famous,

Inc

109

29,475

(a),(b)

Nerdy,

Inc

48

204,209

(a)

Norwegian

Cruise

Line

Holdings

Ltd

5,254

29,338

OneSpaWorld

Holdings

Ltd

584

18,811

(b)

Papa

John's

International,

Inc

773

46,409

(a)

Penn

National

Gaming,

Inc

920

46,334

Perdoceo

Education

Corp

1,227

36,517

(a)

Planet

Fitness,

Inc

3,611

18,591

(a)

PlayAGS,

Inc

214

12,559

(a),(b)

Portillo's,

Inc

118

13,091

(a)

Potbelly

Corp

123

6,547

RCI

Hospitality

Holdings,

Inc

376

26,499

Red

Rock

Resorts,

Inc

1,225

107,453

Royal

Caribbean

Cruises

Ltd

24,788

28,549

(a)

Rush

Street

Interactive,

Inc

392

186,641

(a)

Sabre

Corp

681

22,953

(a)

SeaWorld

Entertainment,

Inc

1,290

70,217

Service

Corp

International

5,605

20,425

(a)

Shake

Shack,

Inc

2,651

42,724

Six

Flags

Entertainment

Corp

2,059

517,427

Starbucks

Corp

47,215

11,328

Strategic

Education,

Inc

1,058

15,022

(a)

Stride,

Inc

1,561

67,428

Super

Group

SGHC

Ltd

420

44,740

(a)

Sweetgreen,

Inc

1,434

21,327

(a)

Target

Hospitality

Corp

206

27,222

Texas

Roadhouse,

Inc

(Class

A)

4,912

29,960

Travel

&

Leisure

Co

1,512

36,983

(a)

Udemy,

Inc

304

16,593

(a)

Universal

Technical

Institute,

Inc

427

17,157

Vail

Resorts,

Inc

3,216

75,359

Wendy's

Co

1,228

13,605

Wingstop,

Inc

3,867

37,299

Wyndham

Hotels

&

Resorts,

Inc

3,759

45,857

Wynn

Resorts

Ltd

3,951

8,699

(a),(b)

Xponential

Fitness,

Inc

117

124,404

Yum!

Brands,

Inc

16,690

TOTAL

CONSUMER

SERVICES

577,066

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.9%

174,481

Albertsons

Cos,

Inc

3,427

19,849

Andersons,

Inc

804

185

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

(continued)

61,928

(a)

BJ's

Wholesale

Club

Holdings,

Inc

$

5,533

16,333

Casey's

General

Stores,

Inc

6,472

14,374

(a)

Chefs'

Warehouse,

Inc

709

199,824

Costco

Wholesale

Corp

183,093

95,763

Dollar

General

Corp

7,261

96,907

(a)

Dollar

Tree,

Inc

7,262

47,990

(a)

Grocery

Outlet

Holding

Corp

749

21,180

(a)

HF

Foods

Group,

Inc

68

7,244

Ingles

Markets,

Inc

(Class

A)

467

303,811

Kroger

Co

18,578

80,852

(a)

Maplebear,

Inc

3,349

6,410

Natural

Grocers

by

Vitamin

Cottage,

Inc

255

62,451

(a)

Performance

Food

Group

Co

5,280

14,866

Pricesmart,

Inc

1,370

7,101

SpartanNash

Co

130

41,661

(a)

Sprouts

Farmers

Market,

Inc

5,294

217,851

Sysco

Corp

16,657

209,324

Target

Corp

28,296

30,449

(a)

United

Natural

Foods,

Inc

831

95,410

(a)

US

Foods

Holding

Corp

6,436

4,843

Village

Super

Market

(Class

A)

154

322,573

Walgreens

Boots

Alliance,

Inc

3,010

1,955,582

Walmart,

Inc

176,687

8,426

(b)

Weis

Markets,

Inc

571

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

482,743

ENERGY

-

3.3%

18,289

(a),(b)

Amplify

Energy

Corp

110

132,151

Antero

Midstream

Corp

1,994

142,450

(a)

Antero

Resources

Corp

4,993

144,173

APA

Corp

3,329

66,096

Archrock,

Inc

1,645

17,877

Ardmore

Shipping

Corp

217

7,867

(b)

Atlas

Energy

Solutions,

Inc

174

468,639

Baker

Hughes

Co

19,224

36,376

Berry

Corp

150

88,444

(b)

Borr

Drilling

Ltd

345

4,788

(a)

Bristow

Group,

Inc

164

315,644

Cabot

Oil

&

Gas

Corp

8,062

29,784

Cactus,

Inc

1,738

30,263

California

Resources

Corp

1,570

5,171

(a),(b)

Centrus

Energy

Corp

344

89,692

ChampionX

Corp

2,439

103,757

Cheniere

Energy,

Inc

22,294

107,172

(b)

Chesapeake

Energy

Corp

10,669

782,094

Chevron

Corp

113,278

29,442

Chord

Energy

Corp

3,442

36,462

Civitas

Resources,

Inc

1,672

75,896

(a)

Clean

Energy

Fuels

Corp

190

51,225

(a)

CNX

Resources

Corp

1,878

7,387

(b)

Comstock

Resources,

Inc

135

583,410

ConocoPhillips

57,857

8,910

CONSOL

Energy,

Inc

950

23,258

Core

Laboratories,

Inc

403

23,570

Crescent

Energy

Co

344

11,149

(b)

CVR

Energy,

Inc

209

27,497

Delek

US

Holdings,

Inc

509

282,054

Devon

Energy

Corp

9,232

55,111

DHT

Holdings,

Inc

512

83,922

Diamondback

Energy,

Inc

13,749

21,773

(b)

Diversified

Energy

Co

plc

366

9,586

(a)

DMC

Global,

Inc

70

19,179

Dorian

LPG

Ltd

467

Equity

Index

186

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

39,433

DT

Midstream,

Inc

$

3,921

70,957

(a),(b)

Encore

Energy

Corp

242

56,201

(a),(b)

Energy

Fuels,

Inc

288

256,354

EOG

Resources,

Inc

31,424

270,233

EQT

Corp

12,460

15,511

(b)

Evolution

Petroleum

Corp

81

9,511

Excelerate

Energy,

Inc

288

39,745

(a)

Expro

Group

Holdings

NV

496

2,021,977

Exxon

Mobil

Corp

217,504

14,619

(b)

FLEX

LNG

Ltd

335

5,005

(a)

Forum

Energy

Technologies,

Inc

78

17,819

FutureFuel

Corp

94

42,501

Golar

LNG

Ltd

1,799

15,821

(b)

Granite

Ridge

Resources,

Inc

102

26,945

(a)

Green

Plains,

Inc

255

6,101

(a)

Gulfport

Energy

Operating

Corp

1,124

11,237

(a)

Hallador

Energy

Co

129

380,723

Halliburton

Co

10,352

40,320

(a)

Helix

Energy

Solutions

Group,

Inc

376

35,444

Helmerich

&

Payne,

Inc

1,135

125,451

Hess

Corp

16,686

55,948

HF

Sinclair

Corp

1,961

6,589

(b)

HighPeak

Energy,

Inc

97

19,159

(a)

Innovex

International,

Inc

268

16,438

International

Seaways,

Inc

591

879,153

Kinder

Morgan,

Inc

24,089

8,490

Kinetik

Holdings,

Inc

481

9,068

Kodiak

Gas

Services,

Inc

370

234,852

(a)

Kosmos

Energy

Ltd

803

75,041

Liberty

Energy,

Inc

1,493

85,538

Magnolia

Oil

&

Gas

Corp

2,000

150,841

Marathon

Petroleum

Corp

21,042

61,756

Matador

Resources

Co

3,474

60,673

Murphy

Oil

Corp

1,836

4,194

(a)

Nabors

Industries

Ltd

240

5,019

(a)

Natural

Gas

Services

Group,

Inc

134

24,850

(b)

New

Fortress

Energy,

Inc

376

63,344

(a)

Newpark

Resources,

Inc

486

15,430

(a)

NextDecade

Corp

119

67,065

Noble

Corp

plc

2,106

66,221

(b)

Nordic

American

Tankers

Ltd

166

46,086

Northern

Oil

and

Gas,

Inc

1,713

131,775

NOV,

Inc

1,924

298,879

Occidental

Petroleum

Corp

14,768

54,360

(a)

Oceaneering

International,

Inc

1,418

38,178

(a)

Oil

States

International,

Inc

193

267,609

ONEOK,

Inc

26,868

115,301

Ovintiv,

Inc

4,670

23,180

(a)

Par

Pacific

Holdings,

Inc

380

159,529

Patterson-UTI

Energy,

Inc

1,318

46,492

PBF

Energy,

Inc

1,234

60,358

Peabody

Energy

Corp

1,264

294,528

Permian

Resources

Corp

4,235

189,784

Phillips

66

21,622

11,921

(a),(b)

ProFrac

Holding

Corp

92

48,018

(a)

ProPetro

Holding

Corp

448

112,319

Range

Resources

Corp

4,041

51,530

Ranger

Energy

Services,

Inc

798

12,558

(a)

Rex

American

Resources

Corp

524

4,815

Riley

Exploration

Permian,

Inc

154

44,313

(a),(b)

Ring

Energy,

Inc

60

42,512

RPC,

Inc

252

187

SHARES

DESCRIPTION

VALUE

(000)

ENERGY

(continued)

23,780

(a),(b)

Sable

Offshore

Corp

$

545

16,291

SandRidge

Energy,

Inc

191

649,112

Schlumberger

Ltd

24,887

18,385

Scorpio

Tankers,

Inc

914

12,227

(a)

SEACOR

Marine

Holdings,

Inc

80

24,929

(a)

Seadrill

Ltd

970

6,869

Select

Water

Solutions,

Inc

91

45,041

SFL

Corp

Ltd

460

33,204

Sitio

Royalties

Corp

637

53,250

SM

Energy

Co

2,064

6,855

Solaris

Oilfield

Infrastructure,

Inc

197

55,355

(a)

Talos

Energy,

Inc

537

97,477

Targa

Resources

Corp

17,400

190,278

TechnipFMC

plc

5,507

35,750

Teekay

Corp

Ltd

248

11,719

Teekay

Tankers

Ltd

466

66,939

(a)

Tetra

Technologies,

Inc

240

8,745

Texas

Pacific

Land

Corp

9,672

25,843

(a)

Tidewater,

Inc

1,414

339,662

(a),(b)

Transocean

Ltd

1,274

137,868

(a)

Uranium

Energy

Corp

922

131,135

(a)

Ur-Energy,

Inc

151

29,976

Vaalco

Energy,

Inc

131

31,352

(a)

Valaris

Ltd

1,387

142,287

Valero

Energy

Corp

17,443

42,609

Viper

Energy

Partners

LP

2,091

6,863

(a),(b)

Vital

Energy,

Inc

212

13,021

(b)

Vitesse

Energy,

Inc

326

50,011

(b)

W&T

Offshore,

Inc

83

36,238

Weatherford

International

plc

2,596

556,822

Williams

Cos,

Inc

30,135

29,960

World

Fuel

Services

Corp

824

TOTAL

ENERGY

858,096

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.4%

46,252

(b)

Acadia

Realty

Trust

1,117

48,136

Agree

Realty

Corp

3,391

5,921

Alexander

&

Baldwin,

Inc

105

1,329

Alexander's,

Inc

266

83,569

Alexandria

Real

Estate

Equities,

Inc

8,152

6,783

Alpine

Income

Property

Trust,

Inc

114

5,188

American

Assets

Trust,

Inc

136

67,717

American

Healthcare

REIT,

Inc

1,925

145,461

American

Homes

4

Rent

5,443

209,481

American

Tower

Corp

38,421

133,721

Americold

Realty

Trust,

Inc

2,862

73,193

(a)

Apartment

Investment

and

Management

Co

665

54,528

Apple

Hospitality

REIT,

Inc

837

31,681

Armada

Hoffler

Properties,

Inc

324

65,544

AvalonBay

Communities,

Inc

14,418

70,810

Boston

Properties,

Inc

5,265

35,081

(b)

Braemar

Hotels

&

Resorts,

Inc

105

92,621

Brandywine

Realty

Trust

519

132,744

Brixmor

Property

Group,

Inc

3,696

77,650

Broadstone

Net

Lease,

Inc

1,232

6,068

BRT

Apartments

Corp

109

52,715

Camden

Property

Trust

6,117

82,417

CareTrust

REIT,

Inc

2,229

13,650

CBL

&

Associates

Properties,

Inc

401

9,060

Centerspace

599

28,285

Chatham

Lodging

Trust

253

21,833

City

Office

REIT,

Inc

121

10,462

Clipper

Realty,

Inc

48

Equity

Index

188

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

9,586

Community

Healthcare

Trust,

Inc

$

184

35,647

Corporate

Office

Properties

Trust

1,103

84,914

Cousins

Properties,

Inc

2,602

189,680

Crown

Castle,

Inc

17,215

11,994

CTO

Realty

Growth,

Inc

236

110,271

CubeSmart

4,725

51,882

Curbline

Properties

Corp

1,205

114,160

DiamondRock

Hospitality

Co

1,031

146,968

Digital

Realty

Trust,

Inc

26,062

136,618

Diversified

Healthcare

Trust

314

91,371

(b)

Douglas

Emmett,

Inc

1,696

46,730

Easterly

Government

Properties,

Inc

531

21,698

EastGroup

Properties,

Inc

3,482

82,308

Empire

State

Realty

Trust,

Inc

849

19,298

EPR

Properties

855

43,450

Equinix,

Inc

40,969

81,720

Equity

Lifestyle

Properties,

Inc

5,443

170,825

Equity

Residential

12,258

63,885

Essential

Properties

Realty

Trust,

Inc

1,998

29,289

Essex

Property

Trust,

Inc

8,360

98,971

Extra

Space

Storage,

Inc

14,806

19,962

(b)

Farmland

Partners,

Inc

235

34,789

Federal

Realty

Investment

Trust

3,895

53,571

First

Industrial

Realty

Trust,

Inc

2,686

41,086

Four

Corners

Property

Trust,

Inc

1,115

104,553

(b)

Gaming

and

Leisure

Properties,

Inc

5,035

18,198

Getty

Realty

Corp

548

17,811

Gladstone

Commercial

Corp

289

11,325

Gladstone

Land

Corp

123

30,930

Global

Medical

REIT,

Inc

239

90,865

Global

Net

Lease,

Inc

663

202,313

Healthcare

Realty

Trust,

Inc

3,429

352,355

Healthpeak

Properties,

Inc

7,142

46,362

Highwoods

Properties,

Inc

1,418

327,100

Host

Hotels

&

Resorts

Inc

5,731

80,595

Hudson

Pacific

Properties,

Inc

244

115,925

(b)

Independence

Realty

Trust,

Inc

2,300

31,006

Industrial

Logistics

Properties

Trust

113

12,344

Innovative

Industrial

Properties,

Inc

823

34,736

InvenTrust

Properties

Corp

1,047

265,769

Invitation

Homes,

Inc

8,497

135,732

Iron

Mountain,

Inc

14,267

64,898

JBG

SMITH

Properties

998

63,758

Kilroy

Realty

Corp

2,579

298,129

Kimco

Realty

Corp

6,985

118,460

Kite

Realty

Group

Trust

2,990

37,540

Lamar

Advertising

Co

4,570

144,484

Lexington

Realty

Trust

1,173

28,691

Lineage,

Inc

1,680

19,960

LTC

Properties,

Inc

690

107,859

Macerich

Co

2,149

4,144

Mack-Cali

Realty

Corp

69

283,531

(b)

Medical

Properties

Trust,

Inc

1,120

52,037

Mid-America

Apartment

Communities,

Inc

8,043

19,457

(b)

National

Health

Investors,

Inc

1,348

73,513

National

Retail

Properties,

Inc

3,003

38,309

National

Storage

Affiliates

Trust

1,452

6,447

(a),(b)

NET

Lease

Office

Properties

201

21,654

(b)

NETSTREIT

Corp

306

16,378

NexPoint

Diversified

Real

Estate

Trust

100

12,730

NexPoint

Residential

Trust,

Inc

532

108,572

Omega

Healthcare

Investors,

Inc

4,109

189

SHARES

DESCRIPTION

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

9,166

One

Liberty

Properties,

Inc

$

250

29,999

Orion

Office

REIT,

Inc

111

77,734

Outfront

Media,

Inc

1,379

101,864

Paramount

Group,

Inc

503

84,337

Park

Hotels

&

Resorts,

Inc

1,187

14,178

(b)

Peakstone

Realty

Trust

157

71,223

Pebblebrook

Hotel

Trust

965

59,852

Phillips

Edison

&

Co,

Inc

2,242

36,714

Piedmont

Office

Realty

Trust,

Inc

336

13,733

Plymouth

Industrial

REIT,

Inc

244

9,072

Postal

Realty

Trust,

Inc

118

40,727

PotlatchDeltic

Corp

1,599

421,703

Prologis,

Inc

44,574

73,025

Public

Storage,

Inc

21,867

50,001

Rayonier,

Inc

1,305

386,238

Realty

Income

Corp

20,629

80,805

Regency

Centers

Corp

5,974

63,462

Retail

Opportunity

Investments

Corp

1,102

98,830

Rexford

Industrial

Realty,

Inc

3,821

30,023

RLJ

Lodging

Trust

307

28,461

Ryman

Hospitality

Properties,

Inc

2,970

79,527

Sabra

Health

Care

REIT,

Inc

1,377

16,656

Safehold,

Inc

308

6,451

Saul

Centers,

Inc

250

49,566

SBA

Communications

Corp

10,102

19,689

Service

Properties

Trust

50

145,270

Simon

Property

Group,

Inc

25,017

25,941

SITE

Centers

Corp

397

28,363

SL

Green

Realty

Corp

1,926

65,402

STAG

Industrial,

Inc

2,212

5,909

(a),(b)

Star

Holdings

58

73,018

Summit

Hotel

Properties,

Inc

500

60,721

Sun

Communities,

Inc

7,467

117,301

Sunstone

Hotel

Investors,

Inc

1,389

54,135

Tanger

Factory

Outlet

Centers,

Inc

1,848

44,584

Terreno

Realty

Corp

2,637

162,250

UDR,

Inc

7,043

20,169

UMH

Properties,

Inc

381

121,658

Uniti

Group,

Inc

669

2,401

Universal

Health

Realty

Income

Trust

89

70,770

Urban

Edge

Properties

1,522

190,663

Ventas,

Inc

11,228

465,353

VICI

Properties,

Inc

13,593

78,670

Vornado

Realty

Trust

3,307

46,196

Washington

REIT

705

272,442

(d)

Welltower,

Inc

34,336

332,834

Weyerhaeuser

Co

9,369

25,132

Whitestone

REIT

356

95,747

WP

Carey,

Inc

5,216

62,184

Xenia

Hotels

&

Resorts,

Inc

924

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

604,646

FINANCIAL

SERVICES

-

8.2%

17,037

(a),(b)

Acacia

Research

(Acacia

Technologies)

74

8,101

(b)

AFC

Gamma,

Inc

67

13,210

Affiliated

Managers

Group,

Inc

2,443

110,488

(a)

Affirm

Holdings,

Inc

6,729

14,120

AG.

Mortgage

Investment

Trust,

Inc

94

365,287

(b)

AGNC

Investment

Corp

3,364

8,948

Alerus

Financial

Corp

172

129,820

Ally

Financial,

Inc

4,675

252,524

American

Express

Co

74,947

45,171

Ameriprise

Financial,

Inc

24,050

Equity

Index

190

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

252,546

Annaly

Capital

Management,

Inc

$

4,622

68,911

Apollo

Commercial

Real

Estate

Finance,

Inc

597

234,569

Apollo

Global

Management,

Inc

38,741

61,262

(b)

Arbor

Realty

Trust,

Inc

848

22,112

(b)

Ares

Commercial

Real

Estate

Corp

130

83,713

Ares

Management

Corp

14,820

5,232

(b)

ARMOUR

Residential

REIT,

Inc

99

32,135

Artisan

Partners

Asset

Management,

Inc

1,383

2,420

(a)

Atlanticus

Holdings

Corp

135

75,147

(a)

AvidXchange

Holdings,

Inc

777

2,262

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

80

329,278

Bank

of

New

York

Mellon

Corp

25,298

826,142

(a)

Berkshire

Hathaway,

Inc

374,474

166,153

BGC

Group,

Inc

1,505

66,078

BlackRock,

Inc

67,737

87,301

(b)

Blackstone

Mortgage

Trust,

Inc

1,520

325,274

Blackstone,

Inc

56,084

255,509

(a)

Block,

Inc

21,716

207,831

Blue

Owl

Capital,

Inc

4,834

23,808

Bread

Financial

Holdings,

Inc

1,454

23,450

Brightsphere

Investment

Group,

Inc

618

46,061

BrightSpire

Capital,

Inc

260

93,115

Burford

Capital

Ltd

1,187

48,331

Cannae

Holdings,

Inc

960

31,787

(a)

Cantaloupe,

Inc

302

174,200

Capital

One

Financial

Corp

31,063

106,775

Carlyle

Group,

Inc

5,391

10,596

Cass

Information

Systems,

Inc

433

45,963

Cboe

Global

Markets,

Inc

8,981

678,140

Charles

Schwab

Corp

50,189

7,850

(b)

Chicago

Atlantic

Real

Estate

Finance,

Inc

121

336

Chimera

Investment

Corp

5

47,158

Claros

Mortgage

Trust,

Inc

213

159,818

CME

Group,

Inc

37,115

15,440

Cohen

&

Steers,

Inc

1,426

88,833

(a)

Coinbase

Global,

Inc

22,057

31,056

Compass

Diversified

Trust

717

111,781

Corebridge

Financial,

Inc

3,346

29,815

(a)

Corpay,

Inc

10,090

2,633

(a)

Credit

Acceptance

Corp

1,236

3,677

(a)

Dave,

Inc

320

2,179

Diamond

Hill

Investment

Group,

Inc

338

69,755

DigitalBridge

Group,

Inc

787

114,969

Discover

Financial

Services

19,916

19,156

(a)

Donnelley

Financial

Solutions,

Inc

1,202

11,107

(b)

Dynex

Capital,

Inc

140

17,423

(b)

Ellington

Financial,

Inc

211

15,393

Enact

Holdings,

Inc

498

10,179

(a)

Encore

Capital

Group,

Inc

486

14,291

(a)

Enova

International,

Inc

1,370

142,585

Equitable

Holdings,

Inc

6,726

39,551

Essent

Group

Ltd

2,153

22,022

(a)

Euronet

Worldwide,

Inc

2,265

15,572

Evercore

Partners,

Inc

(Class

A)

4,316

31,074

EVERTEC,

Inc

1,073

18,222

Factset

Research

Systems,

Inc

8,752

4,507

Federal

Agricultural

Mortgage

Corp

888

245,528

Fidelity

National

Information

Services,

Inc

19,831

17,545

FirstCash

Holdings,

Inc

1,818

254,716

(a)

Fiserv,

Inc

52,324

47,493

(a)

Flywire

Corp

979

55,325

(a),(b)

Forge

Global

Holdings,

Inc

51

191

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

23,368

Franklin

BSP

Realty

Trust,

Inc

$

293

108,864

Franklin

Resources,

Inc

2,209

23,172

GCM

Grosvenor,

Inc

284

113,270

Global

Payments,

Inc

12,693

138,354

Goldman

Sachs

Group,

Inc

79,224

31,227

Granite

Point

Mortgage

Trust,

Inc

87

33,057

(a)

Green

Dot

Corp

352

18,233

Hamilton

Lane,

Inc

2,699

41,845

(b)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

1,123

25,893

Houlihan

Lokey,

Inc

4,497

9,245

(a)

I3

Verticals,

Inc

213

49,742

Interactive

Brokers

Group,

Inc

(Class

A)

8,788

252,303

Intercontinental

Exchange,

Inc

37,596

13,645

(a)

International

Money

Express,

Inc

284

183,237

Invesco

Ltd

3,203

10,073

(b)

Invesco

Mortgage

Capital,

Inc

81

33,491

Jack

Henry

&

Associates,

Inc

5,871

31,883

Jackson

Financial,

Inc

2,776

66,557

Janus

Henderson

Group

plc

2,831

88,592

Jefferies

Financial

Group,

Inc

6,946

304,658

KKR

&

Co,

Inc

45,062

17,625

(b)

KKR

Real

Estate

Finance

Trust,

Inc

178

49,932

Ladder

Capital

Corp

559

54,468

Lazard,

Inc

2,804

42,896

(a)

LendingClub

Corp

694

6,343

(a)

LendingTree,

Inc

246

33,428

LPL

Financial

Holdings,

Inc

10,915

16,032

MarketAxess

Holdings,

Inc

3,624

222,577

(a)

Marqeta,

Inc

844

367,645

Mastercard,

Inc

(Class

A)

193,591

8,062

Merchants

Bancorp

294

46,018

MFA

Financial,

Inc

469

106,195

MGIC

Investment

Corp

2,518

33,380

Moelis

&

Co

2,466

3,965

(a)

Moneylion,

Inc

341

70,891

Moody's

Corp

33,558

529,202

Morgan

Stanley

66,531

10,544

Morningstar,

Inc

3,551

22,316

(a)

Mr

Cooper

Group,

Inc

2,143

34,743

MSCI,

Inc

(Class

A)

20,846

182,722

Nasdaq

Stock

Market,

Inc

14,126

35,663

Navient

Corp

474

34,496

(a)

NCR

Corp

ATM

1,170

3,424

Nelnet,

Inc

(Class

A)

366

13,129

(a)

NerdWallet,

Inc

175

18,284

(b)

New

York

Mortgage

Trust,

Inc

111

11,601

(b)

NewtekOne,

Inc

148

38,864

(a)

NMI

Holdings,

Inc

1,429

94,708

Northern

Trust

Corp

9,708

3,281

(a)

Ocwen

Financial

Corp

101

52,599

OneMain

Holdings,

Inc

2,742

56,898

(a)

Open

Lending

Corp

340

4,738

(b)

Orchid

Island

Capital,

Inc

37

21,454

P10,

Inc

271

98,142

(a)

Pagseguro

Digital

Ltd

614

26,821

Patria

Investments

Ltd

312

110,964

(a)

Payoneer

Global,

Inc

1,114

452,030

(a)

PayPal

Holdings,

Inc

38,581

18,818

(a)

Paysafe

Ltd

322

9,684

PennyMac

Financial

Services,

Inc

989

47,765

PennyMac

Mortgage

Investment

Trust

601

23,862

Perella

Weinberg

Partners

569

Equity

Index

192

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

6,778

Piper

Jaffray

Cos

$

2,033

13,025

PJT

Partners,

Inc

2,055

24,781

(a)

PRA

Group,

Inc

518

17,833

PROG

Holdings,

Inc

754

73,149

Radian

Group,

Inc

2,320

84,856

Raymond

James

Financial,

Inc

13,181

19,953

(b)

Ready

Capital

Corp

136

49,700

Redwood

Trust,

Inc

325

8,577

Regional

Management

Corp

291

68,799

(a)

Remitly

Global,

Inc

1,553

42,004

(a)

Repay

Holdings

Corp

320

161,458

Rithm

Capital

Corp

1,749

293,376

(a)

Robinhood

Markets,

Inc

10,931

74,318

(a)

Rocket

Cos,

Inc

837

140,857

S&P

Global,

Inc

70,151

47,565

SEI

Investments

Co

3,923

1,101

(a),(b)

Sezzle,

Inc

282

23,585

(a),(b)

Shift4

Payments,

Inc

2,448

4,705

Silvercrest

Asset

Management

Group,

Inc

86

103,622

SLM

Corp

2,858

457,564

(a)

SoFi

Technologies,

Inc

7,046

137,605

(b)

Starwood

Property

Trust,

Inc

2,608

138,853

State

Street

Corp

13,628

20,369

StepStone

Group,

Inc

1,179

46,329

Stifel

Financial

Corp

4,915

120,616

(a)

StoneCo

Ltd

961

9,432

(a)

StoneX

Group,

Inc

924

2,700

(b)

Sunrise

Realty

Trust,

Inc

38

175,217

Synchrony

Financial

11,389

100,704

T

Rowe

Price

Group,

Inc

11,389

208,402

(a)

Toast,

Inc

7,596

32,761

TPG

RE

Finance

Trust,

Inc

278

31,933

TPG,

Inc

2,007

52,338

Tradeweb

Markets,

Inc

6,852

37,367

Two

Harbors

Investment

Corp

442

37,848

(a),(b)

Upstart

Holdings,

Inc

2,330

23,393

UWM

Holdings

Corp

137

19,179

Victory

Capital

Holdings,

Inc

1,255

26,661

Virtu

Financial,

Inc

951

2,751

Virtus

Investment

Partners,

Inc

607

710,532

Visa,

Inc

(Class

A)

224,556

47,571

Voya

Financial,

Inc

3,274

12,277

Walker

&

Dunlop,

Inc

1,193

19,189

Waterstone

Financial,

Inc

258

143,284

Western

Union

Co

1,519

18,658

(a)

WEX,

Inc

3,271

84,317

(b)

WisdomTree,

Inc

885

2,399

(a)

World

Acceptance

Corp

270

165,480

XP,

Inc

1,961

TOTAL

FINANCIAL

SERVICES

2,103,677

FOOD,

BEVERAGE

&

TOBACCO

-

2.2%

3,213

(b)

Alico,

Inc

83

762,135

Altria

Group,

Inc

39,852

219,123

Archer-Daniels-Midland

Co

11,070

34,958

(b)

B&G

Foods,

Inc

(Class

A)

241

31,483

(a),(b)

Beyond

Meat,

Inc

118

5,121

(a)

Boston

Beer

Co,

Inc

(Class

A)

1,536

13,162

(a),(b)

BRC,

Inc

42

25,010

Brown-Forman

Corp

(Class

A)

943

76,152

Brown-Forman

Corp

(Class

B)

2,892

62,980

Bunge

Global

S.A.

4,897

11,455

Calavo

Growers,

Inc

292

193

SHARES

DESCRIPTION

VALUE

(000)

FOOD,

BEVERAGE

&

TOBACCO

(continued)

22,629

Cal-Maine

Foods,

Inc

$

2,329

79,250

Campbell

Soup

Co

3,319

82,643

(a)

Celsius

Holdings,

Inc

2,177

1,746,180

Coca-Cola

Co

108,717

2,770

Coca-Cola

Consolidated

Inc

3,490

200,242

ConAgra

Brands,

Inc

5,557

72,501

Constellation

Brands,

Inc

(Class

A)

16,023

81,644

(a)

Darling

International,

Inc

2,751

35,454

Dole

plc

480

52,172

Flowers

Foods,

Inc

1,078

20,613

Fresh

Del

Monte

Produce,

Inc

685

20,694

(a)

Freshpet,

Inc

3,065

249,296

General

Mills,

Inc

15,898

46,022

(a),(b)

Hain

Celestial

Group,

Inc

283

68,086

Hershey

Co

11,530

118,633

Hormel

Foods

Corp

3,721

26,446

Ingredion,

Inc

3,638

8,046

J&J

Snack

Foods

Corp

1,248

41,692

J.M.

Smucker

Co

4,591

5,780

John

B

Sanfilippo

&

Son,

Inc

503

109,211

Kellogg

Co

8,843

512,563

Keurig

Dr

Pepper,

Inc

16,463

394,972

Kraft

Heinz

Co

12,130

66,946

Lamb

Weston

Holdings,

Inc

4,474

9,131

Lancaster

Colony

Corp

1,581

8,891

(b)

Limoneira

Co

217

15,439

(a)

MamaMancini's

Holdings,

Inc

123

112,841

McCormick

&

Co,

Inc

8,603

9,193

(b)

MGP

Ingredients,

Inc

362

20,226

(a)

Mission

Produce,

Inc

291

79,682

Molson

Coors

Brewing

Co

(Class

B)

4,567

607,897

Mondelez

International,

Inc

36,310

330,892

(a)

Monster

Beverage

Corp

17,392

12,819

National

Beverage

Corp

547

618,085

PepsiCo,

Inc

93,986

698,120

Philip

Morris

International,

Inc

84,019

11,317

(a)

Pilgrim's

Pride

Corp

514

20,596

(a)

Post

Holdings,

Inc

2,357

73,667

Primo

Brands

Corp

2,267

127

Seaboard

Corp

309

5,451

(a)

Seneca

Foods

Corp

432

46,457

(a)

Simply

Good

Foods

Co

1,811

50,062

(a)

SunOpta,

Inc

385

29,630

(a)

TreeHouse

Foods,

Inc

1,041

4,760

Turning

Point

Brands,

Inc

286

127,338

Tyson

Foods,

Inc

(Class

A)

7,314

11,870

Universal

Corp

651

32,173

Utz

Brands,

Inc

504

14,289

(a)

Vita

Coco

Co,

Inc

527

13,394

(a)

Vital

Farms,

Inc

505

14,287

(a),(b)

Westrock

Coffee

Co

92

29,685

(b)

WK

Kellogg

Co

534

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

562,486

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.3%

781,743

Abbott

Laboratories

88,423

40,295

(a)

Acadia

Healthcare

Co,

Inc

1,598

27,471

(a)

Accolade,

Inc

94

46,624

(a)

Accuray,

Inc

92

42,027

(a)

AdaptHealth

Corp

400

8,397

(a)

Addus

HomeCare

Corp

1,053

137,773

(a)

agilon

health,

Inc

262

35,682

(a)

Align

Technology,

Inc

7,440

Equity

Index

194

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

14,940

(a)

Alignment

Healthcare,

Inc

$

168

31,277

(a)

Alphatec

Holdings,

Inc

287

10,347

(a)

Amedisys,

Inc

939

74,163

AmerisourceBergen

Corp

16,663

20,081

(a)

AMN

Healthcare

Services,

Inc

480

26,107

(a)

Angiodynamics,

Inc

239

16,786

(a)

Apollo

Medical

Holdings,

Inc

529

22,609

(a)

AtriCure,

Inc

691

26,266

(a)

Avanos

Medical,

Inc

418

21,058

(a)

Aveanna

Healthcare

Holdings,

Inc

96

18,090

(a)

Axogen,

Inc

298

234,095

Baxter

International,

Inc

6,826

132,512

Becton

Dickinson

&

Co

30,063

17,556

(a)

Bioventus,

Inc

184

662,086

(a)

Boston

Scientific

Corp

59,138

25,383

(a),(b)

BrightSpring

Health

Services,

Inc

432

100,981

(a)

Brookdale

Senior

Living,

Inc

508

107,077

Cardinal

Health,

Inc

12,664

11,625

(a)

Castle

Biosciences,

Inc

310

227,116

(a)

Centene

Corp

13,759

50,223

(a)

Certara,

Inc

535

71,510

(a)

Cerus

Corp

110

6,630

Chemed

Corp

3,513

123,234

Cigna

Group

34,030

40,329

(b)

Concentra

Group

Holdings

Parent,

Inc

798

15,846

Conmed

Corp

1,085

83,195

(a)

Cooper

Cos,

Inc

7,648

14,442

(a)

Corvel

Corp

1,607

25,224

(a)

Cross

Country

Healthcare,

Inc

458

23,064

(a)

CryoLife,

Inc

659

579,547

CVS

Health

Corp

26,016

24,791

(a)

DaVita,

Inc

3,708

10,656

(a)

Definitive

Healthcare

Corp

44

106,534

Dentsply

Sirona,

Inc

2,022

175,826

(a)

DexCom,

Inc

13,674

41,284

(a),(b)

DocGo,

Inc

175

49,456

(a)

Doximity,

Inc

2,640

274,305

(a)

Edwards

Lifesciences

Corp

20,307

106,247

Elevance

Health,

Inc

39,195

30,207

Embecta

Corp

624

44,802

Encompass

Health

Corp

4,137

27,101

(a)

Enhabit,

Inc

212

21,428

(a)

Enovis

Corp

940

23,145

Ensign

Group,

Inc

3,075

79,184

(a)

Envista

Holdings

Corp

1,527

45,708

(a)

Evolent

Health,

Inc

514

11,072

(a),(b)

Fulgent

Genetics,

Inc

205

195,174

GE

HealthCare

Technologies,

Inc

15,259

5,712

(a)

GeneDx

Holdings

Corp

439

24,523

(a)

Glaukos

Corp

3,677

47,133

(a)

Globus

Medical,

Inc

3,898

49,332

(a)

Guardant

Health,

Inc

1,507

24,773

(a)

Haemonetics

Corp

1,934

84,724

HCA,

Inc

25,430

24,393

(a)

Health

Catalyst,

Inc

172

34,061

(a)

HealthEquity,

Inc

3,268

18,780

HealthStream,

Inc

597

64,969

(a)

Henry

Schein,

Inc

4,496

88,452

(a)

Hims

&

Hers

Health,

Inc

2,139

100,055

(a)

Hologic,

Inc

7,213

56,642

Humana,

Inc

14,371

10,885

(a)

ICU

Medical,

Inc

1,689

195

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

36,544

(a)

IDEXX

Laboratories,

Inc

$

15,109

24,734

(a)

Inari

Medical,

Inc

1,263

9,354

(a)

InfuSystem

Holdings,

Inc

79

38,335

(a)

Inmode

Ltd

640

10,000

(a)

Innovage

Holding

Corp

39

12,244

(a)

Inogen,

Inc

112

13,280

(a)

Inspire

Medical

Systems,

Inc

2,462

31,059

(a)

Insulet

Corp

8,109

12,232

(a)

Integer

Holdings

Corp

1,621

30,442

(a)

Integra

LifeSciences

Holdings

Corp

690

159,622

(a)

Intuitive

Surgical,

Inc

83,316

3,653

iRadimed

Corp

201

16,105

(a)

iRhythm

Technologies,

Inc

1,452

7,427

(a),(b)

Joint

Corp

79

39,532

Labcorp

Holdings,

Inc

9,066

27,255

(a)

Lantheus

Holdings,

Inc

2,438

9,523

LeMaitre

Vascular,

Inc

877

16,201

(a),(b)

LifeMD,

Inc

80

25,006

(a)

LifeStance

Health

Group,

Inc

184

26,810

(a)

LivaNova

plc

1,242

19,104

(a)

Masimo

Corp

3,158

58,884

McKesson

Corp

33,559

575,045

Medtronic

plc

45,935

28,011

(a)

Merit

Medical

Systems,

Inc

2,709

6,780

(a),(b)

ModivCare,

Inc

80

28,118

(a)

Molina

Healthcare,

Inc

8,184

21,550

(a),(b)

Nano-X

Imaging

Ltd

155

2,600

National

Healthcare

Corp

280

5,598

National

Research

Corp

99

110,527

(a),(b)

Neogen

Corp

1,342

58,635

(a)

NeoGenomics,

Inc

966

19,942

(a)

Nevro

Corp

74

56,233

(a)

Novocure

Ltd

1,676

23,061

(a)

Omnicell,

Inc

1,027

238,337

(a),(b)

Opko

Health,

Inc

350

8,440

(a)

OptimizeRx

Corp

41

80,646

(a)

Option

Care

Health,

Inc

1,871

40,487

(a)

OraSure

Technologies,

Inc

146

18,671

(a)

Orthofix

Medical,

Inc

326

5,177

(a),(b)

OrthoPediatrics

Corp

120

31,294

(a)

Owens

&

Minor,

Inc

409

11,592

(a)

PACS

Group,

Inc

152

23,637

(a),(b)

Paragon

28,

Inc

244

44,685

Patterson

Cos,

Inc

1,379

43,753

(a)

Pediatrix

Medical

Group,

Inc

574

17,723

(a)

Pennant

Group,

Inc

470

17,918

(a)

Penumbra,

Inc

4,255

33,846

(a)

Performant

Financial

Corp

102

20,801

(a)

Phreesia,

Inc

523

21,257

Premier,

Inc

451

32,525

(a)

Privia

Health

Group,

Inc

636

13,124

(a)

PROCEPT

BioRobotics

Corp

1,057

34,423

(a)

Progyny,

Inc

594

13,858

(a)

Pulmonx

Corp

94

8,661

(a),(b)

Pulse

Biosciences,

Inc

151

48,948

Quest

Diagnostics,

Inc

7,384

26,154

(a)

QuidelOrtho

Corp

1,165

20,774

(a),(b)

Quipt

Home

Medical

Corp

63

25,914

(a)

RadNet,

Inc

1,810

67,394

(b)

Resmed,

Inc

15,412

10,559

(a)

RxSight,

Inc

363

24,729

(a),(b)

Schrodinger,

Inc

477

Equity

Index

196

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

49,976

Select

Medical

Holdings

Corp

$

942

2,256

(a)

Semler

Scientific,

Inc

122

17,531

(a)

SI-BONE,

Inc

246

16,583

(a),(b)

Sight

Sciences,

Inc

60

7,680

Simulations

Plus,

Inc

214

65,840

(a)

Solventum

Corp

4,349

26,141

(a)

STAAR

Surgical

Co

635

45,324

STERIS

plc

9,317

161,456

Stryker

Corp

58,132

33,599

(a)

Surgery

Partners,

Inc

711

10,275

(a)

SurModics,

Inc

407

10,460

(a)

Tactile

Systems

Technology,

Inc

179

57,840

(a)

Talkspace,

Inc

179

35,006

(a)

Tandem

Diabetes

Care,

Inc

1,261

80,556

(a)

Teladoc

Health,

Inc

732

20,420

Teleflex,

Inc

3,634

42,531

(a)

Tenet

Healthcare

Corp

5,369

11,703

(a),(b)

TransMedics

Group,

Inc

730

22,415

(a)

Treace

Medical

Concepts,

Inc

167

2,371

(a)

UFP

Technologies,

Inc

580

414,326

UnitedHealth

Group,

Inc

209,591

27,197

Universal

Health

Services,

Inc

(Class

B)

4,880

6,975

US

Physical

Therapy,

Inc

619

2,349

Utah

Medical

Products,

Inc

144

27,229

(a)

Varex

Imaging

Corp

397

68,213

(a)

Veeva

Systems,

Inc

14,342

17,155

(a)

Viemed

Healthcare,

Inc

138

19,985

(a)

Waystar

Holding

Corp

733

92,820

Zimmer

Biomet

Holdings,

Inc

9,805

12,899

(a)

Zimvie,

Inc

180

10,840

(a),(b)

Zynex,

Inc

87

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,097,405

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.1%

54,112

(a)

BellRing

Brands,

Inc

4,077

7,431

(a),(b)

Central

Garden

&

Pet

Co

288

29,455

(a)

Central

Garden

and

Pet

Co

(Class

A)

973

104,367

Church

&

Dwight

Co,

Inc

10,928

51,356

Clorox

Co

8,341

364,506

Colgate-Palmolive

Co

33,137

159,439

(a)

Coty,

Inc

1,110

7,281

Edgewell

Personal

Care

Co

245

24,917

(a)

elf

Beauty,

Inc

3,128

32,288

Energizer

Holdings,

Inc

1,127

111,564

Estee

Lauder

Cos

(Class

A)

8,365

58,982

(a)

Herbalife

Ltd

395

37,814

(a)

Honest

Co,

Inc

262

9,082

Inter

Parfums,

Inc

1,194

870,158

Kenvue,

Inc

18,578

151,239

Kimberly-Clark

Corp

19,818

6,191

(a),(b)

Medifast,

Inc

109

5,868

(a)

Nature's

Sunshine

Products,

Inc

86

27,121

Nu

Skin

Enterprises,

Inc

(Class

A)

187

2,434

Oil-Dri

Corp

of

America

213

43,357

(a)

Olaplex

Holdings,

Inc

75

1,063,234

Procter

&

Gamble

Co

178,251

8,085

Reynolds

Consumer

Products,

Inc

218

13,172

Spectrum

Brands

Holdings,

Inc

1,113

8,349

(a)

USANA

Health

Sciences,

Inc

300

10,102

(a),(b)

Waldencast

plc

41

197

SHARES

DESCRIPTION

VALUE

(000)

HOUSEHOLD

&

PERSONAL

PRODUCTS

(continued)

7,178

(b)

WD-40

Co

$

1,742

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

294,301

INSURANCE

-

2.2%

257,997

Aflac,

Inc

26,687

117,500

Allstate

Corp

22,653

32,424

(a)

AMBAC

Financial

Group,

Inc

410

29,095

American

Financial

Group,

Inc

3,984

288,651

American

International

Group,

Inc

21,014

13,468

Amerisafe,

Inc

694

87,992

Aon

plc

31,603

164,909

Arch

Capital

Group

Ltd

15,229

20,818

Assurant,

Inc

4,439

28,366

Assured

Guaranty

Ltd

2,553

30,658

Axis

Capital

Holdings

Ltd

2,717

25,977

(a)

Brighthouse

Financial,

Inc

1,248

109,755

Brown

&

Brown,

Inc

11,197

25,189

(a)

BRP

Group,

Inc

976

181,846

Chubb

Ltd

50,244

68,973

Cincinnati

Financial

Corp

9,911

1,733

CNA

Financial

Corp

84

47,903

CNO

Financial

Group,

Inc

1,782

7,812

Donegal

Group,

Inc

(Class

A)

121

6,714

Employers

Holdings,

Inc

344

4,741

(a)

Enstar

Group

Ltd

1,527

17,723

Everest

Re

Group

Ltd

6,424

9,274

F&G

Annuities

&

Life,

Inc

384

28,518

Fidelis

Insurance

Holdings

Ltd

517

120,728

Fidelity

National

Financial,

Inc

6,778

41,078

First

American

Financial

Corp

2,565

111,058

Gallagher

(Arthur

J.)

&

Co

31,524

184,221

(a)

Genworth

Financial,

Inc

(Class

A)

1,288

41,690

Globe

Life,

Inc

4,649

9,663

(a),(b)

Goosehead

Insurance,

Inc

1,036

20,683

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

290

7,468

(a)

Hamilton

Insurance

Group

Ltd

142

12,025

Hanover

Insurance

Group,

Inc

1,860

129,567

Hartford

Financial

Services

Group,

Inc

14,175

3,092

(b)

HCI

Group,

Inc

360

48,054

(a)

Heritage

Insurance

Holdings,

Inc

581

5,219

(a),(b)

Hippo

Holdings,

Inc

140

2,942

Horace

Mann

Educators

Corp

115

1,119

Investors

Title

Co

265

19,526

James

River

Group

Holdings

Ltd

95

20,821

Kemper

Corp

1,383

10,502

Kinsale

Capital

Group,

Inc

4,885

20,988

(a),(b)

Lemonade,

Inc

770

55,584

Lincoln

National

Corp

1,763

72,693

Loews

Corp

6,156

46,136

(a),(b)

Maiden

Holdings

Ltd

78

5,774

(a)

Markel

Corp

9,967

221,389

Marsh

&

McLennan

Cos,

Inc

47,025

26,174

(a),(b)

MBIA,

Inc

169

12,675

Mercury

General

Corp

843

269,881

Metlife,

Inc

22,098

7,308

(a)

NI

Holdings,

Inc

115

90,620

Old

Republic

International

Corp

3,280

90,605

(a)

Oscar

Health,

Inc

1,218

13,408

(a)

Palomar

Holdings,

Inc

1,416

16,249

Primerica,

Inc

4,410

109,545

Principal

Financial

Group

8,480

37,307

(a)

ProAssurance

Corp

594

264,454

Progressive

Corp

63,366

Equity

Index

198

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

INSURANCE

(continued)

161,997

Prudential

Financial,

Inc

$

19,201

29,828

Reinsurance

Group

of

America,

Inc

(Class

A)

6,372

22,258

RenaissanceRe

Holdings

Ltd

5,538

20,019

RLI

Corp

3,300

4,047

(a)

Root,

Inc

294

42,415

Ryan

Specialty

Holdings,

Inc

2,721

4,020

Safety

Insurance

Group,

Inc

331

25,615

Selective

Insurance

Group,

Inc

2,396

62,768

(a)

Selectquote,

Inc

233

8,398

(a)

SiriusPoint

Ltd

138

5,293

(a)

Skyward

Specialty

Insurance

Group,

Inc

267

15,315

Stewart

Information

Services

Corp

1,034

22,143

Tiptree,

Inc

462

103,717

Travelers

Cos,

Inc

24,984

6,322

(a),(b)

Trupanion,

Inc

305

16,104

United

Fire

Group,

Inc

458

11,311

(a)

United

Insurance

Holdings

Corp

152

22,402

Universal

Insurance

Holdings,

Inc

472

83,611

Unum

Group

6,106

138,009

W.R.

Berkley

Corp

8,076

1,280

White

Mountains

Insurance

Group

Ltd

2,490

45,352

Willis

Towers

Watson

plc

14,206

TOTAL

INSURANCE

560,157

MATERIALS

-

2.3%

14,906

AdvanSix,

Inc

425

100,922

Air

Products

&

Chemicals,

Inc

29,271

56,068

(b)

Albemarle

Corp

4,826

117,105

Alcoa

Corp

4,424

58,071

(a)

Allegheny

Technologies,

Inc

3,196

5,106

(a)

Alpha

Metallurgical

Resources,

Inc

1,022

675,486

Amcor

plc

6,356

20,501

American

Vanguard

Corp

95

25,812

Aptargroup,

Inc

4,055

491,853

(a)

Arcadium

Lithium

plc

2,523

7,811

Arch

Resources,

Inc

1,103

74,922

Ardagh

Metal

Packaging

S.A.

225

26,123

Ashland,

Inc

1,867

35,606

(a)

Aspen

Aerogels,

Inc

423

34,156

Avery

Dennison

Corp

6,392

49,682

Avient

Corp

2,030

92,244

(a)

Axalta

Coating

Systems

Ltd

3,157

15,070

Balchem

Corp

2,456

145,865

Ball

Corp

8,042

46,136

Berry

Global

Group,

Inc

2,984

23,466

Cabot

Corp

2,143

8,054

Caledonia

Mining

Corp

plc

76

20,942

Carpenter

Technology

Corp

3,554

52,229

Celanese

Corp

(Series

A)

3,615

12,437

(a)

Century

Aluminum

Co

227

84,697

CF

Industries

Holdings,

Inc

7,226

59,993

Chemours

Co

1,014

11,678

(a)

Clearwater

Paper

Corp

348

230,842

(a)

Cleveland-Cliffs,

Inc

2,170

119,550

(a)

Coeur

Mining,

Inc

684

53,154

Commercial

Metals

Co

2,636

20,319

Compass

Minerals

International,

Inc

229

15,825

(a)

Constellium

SE

162

314,956

Corteva,

Inc

17,940

305,782

CRH

plc

28,291

52,888

Crown

Holdings,

Inc

4,373

324,853

Dow,

Inc

13,036

187,475

DuPont

de

Nemours,

Inc

14,295

199

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

14,143

Eagle

Materials,

Inc

$

3,490

54,856

Eastman

Chemical

Co

5,009

110,565

Ecolab,

Inc

25,908

20,162

(a)

Ecovyst,

Inc

154

92,641

Element

Solutions,

Inc

2,356

50,802

FMC

Corp

2,469

652,292

Freeport-McMoRan,

Inc

(Class

B)

24,839

117,546

Graphic

Packaging

Holding

Co

3,193

14,075

Greif,

Inc

(Class

A)

860

3,993

Greif,

Inc

(Class

B)

271

22,652

H.B.

Fuller

Co

1,529

7,483

Hawkins,

Inc

918

290,099

Hecla

Mining

Co

1,424

85,574

Huntsman

Corp

1,543

96,273

(a),(b)

i-80

Gold

Corp

47

21,966

(a)

Ingevity

Corp

895

11,273

Innospec,

Inc

1,241

119,984

International

Flavors

&

Fragrances,

Inc

10,145

158,122

International

Paper

Co

8,510

6,735

(a)

Intrepid

Potash,

Inc

148

23,280

(a),(b)

Ivanhoe

Electric,

Inc

176

8,625

Kaiser

Aluminum

Corp

606

24,111

(a)

Knife

River

Corp

2,451

15,231

Koppers

Holdings,

Inc

493

14,288

Kronos

Worldwide,

Inc

139

17,061

(a),(b)

Lifezone

Metals

Ltd

119

215,985

(a)

Linde

plc

90,426

27,683

Louisiana-Pacific

Corp

2,867

16,250

(a)

LSB

Industries,

Inc

123

115,124

LyondellBasell

Industries

NV

8,550

27,434

Martin

Marietta

Materials,

Inc

14,170

11,119

Materion

Corp

1,099

25,012

(a),(b)

Metals

Acquisition

Ltd

266

12,674

Minerals

Technologies,

Inc

966

144,298

Mosaic

Co

3,547

39,809

(a),(b)

MP

Materials

Corp

621

18,118

Myers

Industries,

Inc

200

1,686

NewMarket

Corp

891

512,704

Newmont

Goldcorp

Corp

19,083

149,512

(a)

Novagold

Resources,

Inc

498

112,510

Nucor

Corp

13,131

59,953

(a)

O-I

Glass,

Inc

650

62,167

Olin

Corp

2,101

6,559

Olympic

Steel,

Inc

215

38,461

Orion

S.A.

607

37,661

Packaging

Corp

of

America

8,479

22,477

Pactiv

Evergreen,

Inc

393

62,456

(a)

Perimeter

Solutions,

Inc

798

17,966

(a)

Perpetua

Resources

Corp

192

8,901

(a),(b)

Piedmont

Lithium,

Inc

78

103,786

PPG

Industries,

Inc

12,397

57,700

(a),(b)

PureCycle

Technologies,

Inc

591

7,360

Quaker

Chemical

Corp

1,036

2,516

Ramaco

Resources,

Inc

25

11,495

Ramaco

Resources,

Inc

118

16,208

(a)

Ranpak

Holdings

Corp

111

31,957

(a)

Rayonier

Advanced

Materials,

Inc

264

25,953

Reliance

Steel

&

Aluminum

Co

6,988

32,757

Royal

Gold,

Inc

4,319

57,694

RPM

International,

Inc

7,100

8,418

Ryerson

Holding

Corp

156

14,147

Schnitzer

Steel

Industries,

Inc

(Class

A)

215

Equity

Index

200

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

9,517

Schweitzer-Mauduit

International,

Inc

$

104

22,512

Scotts

Miracle-Gro

Co

(Class

A)

1,493

70,338

Sealed

Air

Corp

2,380

18,559

Sensient

Technologies

Corp

1,322

105,944

Sherwin-Williams

Co

36,014

30,105

Silgan

Holdings,

Inc

1,567

238,387

Smurfit

WestRock

plc

12,839

36,841

Sonoco

Products

Co

1,800

38,927

Southern

Copper

Corp

3,547

109,335

SSR

Mining,

Inc

761

66,420

Steel

Dynamics,

Inc

7,576

8,132

Stepan

Co

526

65,111

(a)

Summit

Materials,

Inc

3,295

48,451

SunCoke

Energy,

Inc

518

17,918

Sylvamo

Corp

1,416

29,755

(a),(b)

TimkenSteel

Corp

420

19,671

(a)

Tredegar

Corp

151

23,586

Trimas

Corp

580

62,538

Tronox

Holdings

plc

630

6,785

United

States

Lime

&

Minerals,

Inc

901

98,029

United

States

Steel

Corp

3,332

4,209

(a)

Universal

Stainless

&

Alloy

185

60,968

Vulcan

Materials

Co

15,683

16,733

Warrior

Met

Coal,

Inc

908

14,533

Westlake

Chemical

Corp

1,666

10,006

Worthington

Steel,

Inc

318

TOTAL

MATERIALS

589,027

MEDIA

&

ENTERTAINMENT

-

8.0%

41,683

(a)

Advantage

Solutions,

Inc

122

2,187,761

Alphabet,

Inc

416,637

2,653,503

Alphabet,

Inc

(Class

A)

502,308

129,967

(a)

AMC

Entertainment

Holdings,

Inc

517

16,067

(a)

AMC

Networks,

Inc

159

28,493

(a)

Atlanta

Braves

Holdings,

Inc

1,090

7,655

(a),(b)

Atlanta

Braves

Holdings,

Inc

312

7,354

(a),(b)

Boston

Omaha

Corp

104

44,223

(a)

Bumble,

Inc

360

2,634

(b)

Cable

One,

Inc

954

76,237

(a),(b)

Cardlytics,

Inc

283

30,315

(a)

Cargurus,

Inc

1,108

37,344

(a)

Cars.com,

Inc

647

42,069

(a)

Charter

Communications,

Inc

14,420

58,982

(a)

Cinemark

Holdings,

Inc

1,827

198,206

(a)

Clear

Channel

Outdoor

Holdings,

Inc

272

1,711,003

Comcast

Corp

(Class

A)

64,214

772

(a)

Daily

Journal

Corp

438

70,447

(a),(b)

EchoStar

Corp

(Class

A)

1,613

115,784

Electronic

Arts,

Inc

16,939

50,932

Entravision

Communications

Corp

(Class

A)

120

40,961

(a)

Eventbrite,

Inc

138

8,345

(a)

EverQuote,

Inc

167

94,062

Fox

Corp

(Class

A)

4,570

52,050

Fox

Corp

(Class

B)

2,381

135,594

(a),(b)

fuboTV,

Inc

171

74,491

(a)

Gannett

Co,

Inc

377

46,825

(a),(b)

Getty

Images

Holdings,

Inc

101

46,930

Gray

Television,

Inc

148

20,672

(a)

Grindr,

Inc

369

42,355

(a)

IAC,

Inc

1,827

3,559

(a),(b)

Ibotta,

Inc

232

27,196

(a)

IMAX

Corp

696

50,401

(a)

Innovid

Corp

156

201

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

16,911

(a)

Integral

Ad

Science

Holding

Corp

$

177

183,140

Interpublic

Group

of

Cos,

Inc

5,132

23,547

John

Wiley

&

Sons,

Inc

(Class

A)

1,029

49,324

(a)

Liberty

Broadband

Corp

3,687

5,960

(a)

Liberty

Broadband

Corp

(Class

A)

443

6,884

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

578

90,959

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

8,428

9,028

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

601

22,561

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

1,535

37,150

(a),(b)

Lions

Gate

Entertainment

Corp

(Class

A)

317

71,817

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

542

71,776

(a)

Live

Nation,

Inc

9,295

13,156

(a)

Madison

Square

Garden

Entertainment

Corp

468

6,731

(a)

Madison

Square

Garden

Sports

Corp

1,519

61,168

(a)

Magnite,

Inc

974

14,211

Marcus

Corp

306

112,935

(a)

Match

Group,

Inc

3,694

9,561

(a)

MediaAlpha,

Inc

108

987,832

Meta

Platforms,

Inc

578,385

33,263

(a)

National

CineMedia,

Inc

221

192,913

(a)

NetFlix,

Inc

171,947

73,578

New

York

Times

Co

(Class

A)

3,830

162,735

News

Corp

(Class

A)

4,482

40,442

News

Corp

(Class

B)

1,231

14,548

Nexstar

Media

Group,

Inc

2,298

73,273

(a)

Nextdoor

Holdings,

Inc

174

83,564

Omnicom

Group,

Inc

7,190

20,470

(a)

Outbrain,

Inc

147

4,594

Paramount

Global

(Class

A)

102

305,131

Paramount

Global

(Class

B)

3,192

277,011

(a)

Pinterest,

Inc

8,033

40,614

(a)

Playstudios,

Inc

76

42,908

Playtika

Holding

Corp

298

21,386

(a)

PubMatic,

Inc

314

20,643

(a)

QuinStreet,

Inc

476

227,072

(a)

ROBLOX

Corp

13,138

57,130

(a)

Roku,

Inc

4,247

19,984

Scholastic

Corp

426

13,499

Shutterstock,

Inc

410

11,690

Sinclair,

Inc

189

122,291

(b)

Sirius

XM

Holdings,

Inc

2,788

13,156

(a),(b)

Sphere

Entertainment

Co

530

65,920

(a)

Spotify

Technology

S.A.

29,491

33,238

(a)

Stagwell,

Inc

219

77,842

(a)

Take-Two

Interactive

Software,

Inc

14,329

12,153

(a)

TechTarget,

Inc

241

58,775

TEGNA,

Inc

1,075

13,027

(a)

Thryv

Holdings,

Inc

193

37,058

(a)

TKO

Group

Holdings,

Inc

5,266

56,597

(a)

TripAdvisor,

Inc

836

44,667

(a)

TrueCar,

Inc

167

27,031

(a),(b)

Trump

Media

&

Technology

Group

Corp

922

68,763

(a)

Vimeo,

Inc

440

12,686

(a),(b)

Vivid

Seats,

Inc

59

818,660

Walt

Disney

Co

91,158

1,098,789

(a)

Warner

Bros

Discovery,

Inc

11,614

28,599

(a)

WideOpenWest,

Inc

142

41,665

(a)

Yelp,

Inc

1,612

23,417

(a)

Ziff

Davis,

Inc

1,272

40,960

(a)

ZipRecruiter,

Inc

297

Equity

Index

202

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

MEDIA

&

ENTERTAINMENT

(continued)

141,765

(a)

ZoomInfo

Technologies,

Inc

$

1,490

TOTAL

MEDIA

&

ENTERTAINMENT

2,039,557

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

6.0%

45,940

(a)

10X

Genomics,

Inc

660

11,229

(a),(b)

2seventy

bio,

Inc

33

22,403

(a)

4D

Molecular

Therapeutics,

Inc

125

30,587

(a)

89bio,

Inc

239

799,954

AbbVie,

Inc

142,152

37,660

(a),(b)

Absci

Corp

99

46,492

(a)

Acadia

Pharmaceuticals,

Inc

853

34,596

(a)

ACELYRIN,

Inc

109

12,987

(a)

Actinium

Pharmaceuticals,

Inc

16

59,774

(a)

Adaptive

Biotechnologies

Corp

358

33,132

(a),(b)

ADC

Therapeutics

S.A.

66

95,244

(a)

ADMA

Biologics,

Inc

1,633

129,435

Agilent

Technologies,

Inc

17,388

34,493

(a)

Agios

Pharmaceuticals,

Inc

1,133

98,139

(a)

Akebia

Therapeutics,

Inc

186

22,177

(a)

Akero

Therapeutics,

Inc

617

23,019

(a)

Aldeyra

Therapeutics,

Inc

115

31,429

(a)

Alector,

Inc

59

87,531

(a)

Alkermes

plc

2,517

28,864

(a),(b)

Allogene

Therapeutics,

Inc

61

56,107

(a)

Alnylam

Pharmaceuticals,

Inc

13,202

24,706

(a),(b)

Altimmune,

Inc

178

9,675

(a),(b)

ALX

Oncology

Holdings,

Inc

16

243,623

Amgen,

Inc

63,498

151,298

(a)

Amicus

Therapeutics,

Inc

1,425

53,162

(a)

Amneal

Pharmaceuticals,

Inc

421

14,523

(a)

Amphastar

Pharmaceuticals,

Inc

539

12,566

(a)

AnaptysBio,

Inc

166

30,524

(a),(b)

Anavex

Life

Sciences

Corp

328

5,767

(a)

ANI

Pharmaceuticals,

Inc

319

10,943

(a)

Anika

Therapeutics,

Inc

180

94,340

(a)

Annexon,

Inc

484

46,610

(a)

Apellis

Pharmaceuticals,

Inc

1,487

19,643

(a)

Apogee

Therapeutics,

Inc

890

44,996

(a),(b)

Applied

Therapeutics,

Inc

38

35,056

(a),(b)

Aquestive

Therapeutics,

Inc

125

55,373

(a)

Arbutus

Biopharma

Corp

181

15,098

(a)

Arcellx,

Inc

1,158

7,756

(a),(b)

Arcturus

Therapeutics

Holdings,

Inc

132

20,717

(a)

Arcus

Biosciences,

Inc

308

12,294

(a)

Arcutis

Biotherapeutics,

Inc

171

105,254

(a)

Ardelyx,

Inc

534

4,638

(a),(b)

ArriVent

Biopharma,

Inc

124

55,310

(a)

Arrowhead

Pharmaceuticals,

Inc

1,040

23,136

(a),(b)

ARS

Pharmaceuticals,

Inc

244

23,815

(a)

Arvinas,

Inc

456

197

(a)

Astria

Therapeutics,

Inc

2

35,244

(a)

Atea

Pharmaceuticals,

Inc

118

9,389

(a)

Aura

Biosciences,

Inc

77

68,772

(a)

Aurinia

Pharmaceuticals,

Inc

618

43,102

(a)

Avadel

Pharmaceuticals

plc

453

318,550

(a)

Avantor,

Inc

6,712

33,858

(a)

Avid

Bioservices,

Inc

418

55,930

(a)

Avidity

Biosciences,

Inc

1,626

12,422

(a),(b)

Avita

Medical,

Inc

159

15,727

(a)

Axsome

Therapeutics,

Inc

1,331

25,636

(a),(b)

Beam

Therapeutics,

Inc

636

97,016

(a)

BioCryst

Pharmaceuticals,

Inc

730

63,985

(a)

Biogen,

Inc

9,785

203

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

34,983

(a)

Biohaven

Ltd

$

1,307

13,317

(a)

BioLife

Solutions,

Inc

346

93,702

(a)

BioMarin

Pharmaceutical,

Inc

6,159

9,809

(a),(b)

Biomea

Fusion,

Inc

38

10,456

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

3,435

12,720

(a)

Biote

Corp

79

78,368

Bio-Techne

Corp

5,645

17,551

(a),(b)

Black

Diamond

Therapeutics,

Inc

38

31,927

(a)

Blueprint

Medicines

Corp

2,785

58,721

(a)

Bridgebio

Pharma,

Inc

1,611

918,601

Bristol-Myers

Squibb

Co

51,956

26,921

(a),(b)

Brooks

Automation,

Inc

1,346

47,870

Bruker

BioSciences

Corp

2,806

27,672

(a),(b)

C4

Therapeutics,

Inc

100

11,526

(a),(b)

Cabaletta

Bio,

Inc

26

27,306

(a)

CareDx,

Inc

585

10,249

(a),(b)

Cargo

Therapeutics,

Inc

148

17,393

(a),(b)

Caribou

Biosciences,

Inc

28

20,876

(a),(b)

Cassava

Sciences,

Inc

49

50,782

(a)

Catalyst

Pharmaceuticals,

Inc

1,060

8,603

(a),(b)

Celcuity,

Inc

113

21,395

(a)

Celldex

Therapeutics,

Inc

541

30,809

(a)

CG

oncology,

Inc

884

25,265

(a)

Charles

River

Laboratories

International,

Inc

4,664

28,644

(a),(c)

Chinook

Therapeutics,

Inc

11

23,538

(a)

Codexis,

Inc

112

22,858

(a)

Cogent

Biosciences,

Inc

178

16,286

(a)

Collegium

Pharmaceutical,

Inc

467

45,293

(a),(b)

Compass

Therapeutics,

Inc

66

4,745

(a),(b)

Corbus

Pharmaceuticals

Holdings,

Inc

56

33,186

(a)

Corcept

Therapeutics,

Inc

1,672

22,299

(a),(b)

CorMedix,

Inc

181

38,468

(a)

Crinetics

Pharmaceuticals,

Inc

1,967

22,130

(a)

CryoPort,

Inc

172

7,345

(a)

Cullinan

Oncology,

Inc

89

51,177

(a),(b)

Cytek

Biosciences,

Inc

332

42,716

(a)

Cytokinetics,

Inc

2,009

291,306

Danaher

Corp

66,869

11,974

(a),(b)

Day

One

Biopharmaceuticals,

Inc

152

49,642

(a)

Denali

Therapeutics,

Inc

1,012

14,200

(a),(b)

Design

Therapeutics,

Inc

88

3,831

(a)

Disc

Medicine,

Inc

243

58,823

(a)

Dynavax

Technologies

Corp

751

38,158

(a)

Dyne

Therapeutics,

Inc

899

20,243

(a)

Edgewise

Therapeutics,

Inc

540

35,681

(a),(b)

Editas

Medicine,

Inc

45

242,401

(a)

Elanco

Animal

Health,

Inc

2,935

361,891

Eli

Lilly

&

Co

279,380

11,786

(a)

Enanta

Pharmaceuticals,

Inc

68

11,571

(a),(b)

Enliven

Therapeutics,

Inc

260

10,600

(a)

Entrada

Therapeutics,

Inc

183

33,527

(a)

Erasca,

Inc

84

88,737

(a),(b)

Esperion

Thereapeutics,

Inc

195

17,590

(a)

Evolus,

Inc

194

88,922

(a),(b)

Exact

Sciences

Corp

4,996

133,902

(a)

Exelixis,

Inc

4,459

12,962

(a),(b)

EyePoint

Pharmaceuticals,

Inc

97

42,216

(a)

Fate

Therapeutics,

Inc

70

141,270

(a),(b)

Fluidigm

Corp

247

10,305

(a)

Foghorn

Therapeutics,

Inc

49

45,181

(a)

Fortrea

Holdings,

Inc

843

2,881

(a)

Frequency

Therapeutics,

Inc

110

Equity

Index

204

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

29,069

(a)

Fulcrum

Therapeutics,

Inc

$

137

23,909

(a)

Generation

Bio

Co

25

245,957

(a)

Geron

Corp

871

568,078

Gilead

Sciences,

Inc

52,473

13,132

(a),(b)

GRAIL,

Inc

234

53,640

(a)

Halozyme

Therapeutics,

Inc

2,564

12,195

(a)

Harmony

Biosciences

Holdings,

Inc

420

12,872

(a)

Harrow

Health,

Inc

432

19,354

(a)

Harvard

Bioscience,

Inc

41

6,489

(a),(b)

Heron

Therapeutics,

Inc

10

76,480

(a),(b)

Humacyte,

Inc

386

31,278

(a)

Ideaya

Biosciences,

Inc

804

2,211

(a),(b)

IGM

Biosciences,

Inc

13

72,717

(a)

Illumina,

Inc

9,717

34,968

(a),(b)

ImmunityBio,

Inc

89

23,979

(a),(b)

Immunome,

Inc

255

19,494

(a)

Immunovant,

Inc

483

73,275

(a)

Incyte

Corp

5,061

3,807

(a)

Inhibrx

Biosciences,

Inc

59

15,231

(a),(c)

Inhibrx,

Inc

10

34,523

(a)

Innoviva,

Inc

599

12,024

(a)

Inovio

Pharmaceuticals,

Inc

22

16,918

(a),(b)

Inozyme

Pharma,

Inc

47

72,421

(a)

Insmed,

Inc

5,000

34,856

(a),(b)

Intellia

Therapeutics,

Inc

406

46,963

(a)

Intra-Cellular

Therapies,

Inc

3,922

68,224

(a)

Ionis

Pharmaceuticals,

Inc

2,385

109,007

(a)

Iovance

Biotherapeutics,

Inc

807

81,253

(a)

IQVIA

Holdings,

Inc

15,967

95,014

(a)

Ironwood

Pharmaceuticals,

Inc

421

11,046

(a)

iTeos

Therapeutics,

Inc

85

8,802

(a)

Janux

Therapeutics,

Inc

471

5,318

(a),(b)

Jasper

Therapeutics,

Inc

114

28,814

(a)

Jazz

Pharmaceuticals

plc

3,548

1,086,046

Johnson

&

Johnson

157,064

10,666

(a)

KalVista

Pharmaceuticals,

Inc

90

8,516

(a)

Keros

Therapeutics,

Inc

135

11,321

(a)

Kiniksa

Pharmaceuticals

Ltd

224

18,276

(a)

Kodiak

Sciences,

Inc

182

9,785

(a)

Krystal

Biotech,

Inc

1,533

31,598

(a)

Kura

Oncology,

Inc

275

15,771

(a)

Kymera

Therapeutics,

Inc

634

69,606

(a),(b)

Larimar

Therapeutics,

Inc

269

5,908

(b)

LENZ

Therapeutics,

Inc

171

4,815

(a),(b)

Lexeo

Therapeutics,

Inc

32

30,110

(a),(b)

Lexicon

Pharmaceuticals,

Inc

22

8,586

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

920

65,652

(a),(b)

Lineage

Cell

Therapeutics,

Inc

33

24,455

(a),(b)

Liquidia

Corp

288

77,816

(a),(b)

Lyell

Immunopharma,

Inc

50

32,187

(a)

MacroGenics,

Inc

105

8,182

(a),(b)

Madrigal

Pharmaceuticals,

Inc

2,525

11,133

(a),(b)

Magenta

Therapeutics,

Inc

243

94,899

(a)

MannKind

Corp

610

54,984

(a)

Maravai

LifeSciences

Holdings,

Inc

300

51,230

(a),(b)

MaxCyte,

Inc

213

11,925

(a)

Medpace

Holdings,

Inc

3,962

10,086

(a)

MeiraGTx

Holdings

plc

61

1,146,607

Merck

&

Co,

Inc

114,064

2,255

Mesa

Laboratories,

Inc

297

9,513

(a)

Mettler-Toledo

International,

Inc

11,641

60,615

(a)

MiMedx

Group,

Inc

583

205

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

33,765

(a),(b)

Mind

Medicine

MindMed,

Inc

$

235

7,068

(a)

Mineralys

Therapeutics,

Inc

87

8,147

(a)

Mirum

Pharmaceuticals,

Inc

337

151,753

(a)

Moderna,

Inc

6,310

14,704

(a),(b)

Monte

Rosa

Therapeutics,

Inc

102

46,607

(a)

Myriad

Genetics,

Inc

639

51,554

(a)

Natera,

Inc

8,161

25,317

(a)

Nautilus

Biotechnology,

Inc

42

84,671

(a)

Nektar

Therapeutics

79

39,443

(a),(b)

Neumora

Therapeutics,

Inc

418

45,814

(a)

Neurocrine

Biosciences,

Inc

6,254

4,815

(a),(b)

Neurogene,

Inc

110

9,374

(a),(b)

Nkarta,

Inc

23

45,159

(a),(b)

Novavax,

Inc

363

17,085

(a)

Nurix

Therapeutics,

Inc

322

10,256

(a)

Nuvalent,

Inc

803

35,946

(a)

Nuvation

Bio,

Inc

96

119,984

(a),(b)

Ocugen,

Inc

97

48,855

(a),(b)

Ocular

Therapeutix,

Inc

417

13,370

(a),(b)

Olema

Pharmaceuticals,

Inc

78

26,439

(a),(b)

Omeros

Corp

261

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

3,255

(a),(c)

OmniAb

Operations,

Inc

0

^

42,012

(a),(b)

OmniAb,

Inc

149

13,691

(a)

Organogenesis

Holdings,

Inc

44

99,908

Organon

&

Co

1,491

19,543

(a)

ORIC

Pharmaceuticals,

Inc

158

29,936

(a)

Ovid

therapeutics,

Inc

28

23,821

(a)

Pacira

BioSciences,

Inc

449

7,281

(a)

PepGen,

Inc

28

59,289

PerkinElmer,

Inc

6,617

48,417

Perrigo

Co

plc

1,245

21,996

(a),(b)

Perspective

Therapeutics,

Inc

70

2,555,858

Pfizer,

Inc

67,807

456

(a),(b)

Phathom

Pharmaceuticals,

Inc

4

12,927

Phibro

Animal

Health

Corp

271

27,964

(a)

Pliant

Therapeutics,

Inc

368

32,424

(a)

Poseida

Therapeutics,

Inc

311

8,041

(a)

Praxis

Precision

Medicines,

Inc

619

39,456

(a),(b)

Precigen,

Inc

44

24,486

(a)

Prestige

Consumer

Healthcare,

Inc.

1,912

19,579

(a),(b)

Prime

Medicine,

Inc

57

30,525

(a),(b)

ProKidney

Corp

52

22,557

(a)

Protagonist

Therapeutics,

Inc

871

18,603

(a)

Prothena

Corp

plc

258

37,990

(a)

PTC

Therapeutics,

Inc

1,715

15,918

(a),(b)

Q32

Bio,

Inc

55

91,391

QIAGEN

NV

4,070

16,838

(a)

Quanterix

Corp

179

46,832

(a),(b)

Quantum-Si,

Inc

126

6,533

(a),(b)

RAPT

Therapeutics,

Inc

10

66,632

(a),(b)

Recursion

Pharmaceuticals,

Inc

450

47,673

(a)

Regeneron

Pharmaceuticals,

Inc

33,959

19,715

(a)

REGENXBIO,

Inc

152

31,945

(a)

Relay

Therapeutics,

Inc

132

26,192

(a)

Repligen

Corp

3,770

10,254

(a)

Replimune

Group,

Inc

124

33,815

(a)

Revance

Therapeutics,

Inc

103

71,048

(a)

REVOLUTION

Medicines,

Inc

3,108

25,414

(a)

Rhythm

Pharmaceuticals,

Inc

1,423

20,281

(a)

Rocket

Pharmaceuticals,

Inc

255

178,841

(a)

Roivant

Sciences

Ltd

2,116

Equity

Index

206

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

165,226

Royalty

Pharma

plc

$

4,215

28,225

(a)

Sage

Therapeutics,

Inc

153

46,510

(a),(b)

Sana

Biotechnology,

Inc

76

41,917

(a)

Sarepta

Therapeutics,

Inc

5,097

38,005

(a)

Savara,

Inc

117

34,696

(a)

Scholar

Rock

Holding

Corp

1,500

14,352

(a),(b)

scPharmaceuticals,

Inc

51

3,372

(a),(b)

Selecta

Biosciences,

Inc

60

35,191

SIGA

Technologies,

Inc

211

10,251

(a)

Soleno

Therapeutics,

Inc

461

99,083

(a),(b),(c)

Sorrento

Therapeutics,

Inc

42

43,033

(a)

Sotera

Health

Co

589

35,381

(a),(b)

SpringWorks

Therapeutics,

Inc

1,278

16,178

(a),(b)

Spyre

Therapeutics,

Inc

377

10,464

(a)

Stoke

Therapeutics,

Inc

115

21,189

(a),(b)

Summit

Therapeutics,

Inc

378

26,807

(a)

Supernus

Pharmaceuticals,

Inc

969

15,843

(a)

Sutro

Biopharma,

Inc

29

24,529

(a)

Syndax

Pharmaceuticals,

Inc

324

23,918

(a)

Tango

Therapeutics,

Inc

74

9,396

(a)

Tarsus

Pharmaceuticals,

Inc

520

75,209

(a),(b)

Taysha

Gene

Therapies,

Inc

130

22,763

(a)

Tenaya

Therapeutics,

Inc

33

21,241

(a)

Terns

Pharmaceuticals,

Inc

118

69,942

(a),(b)

TG

Therapeutics,

Inc

2,105

29,259

(a)

Theravance

Biopharma,

Inc

275

172,174

Thermo

Fisher

Scientific,

Inc

89,570

9,283

(a),(b)

Third

Harmonic

Bio,

Inc

95

10,802

(a),(b)

Tourmaline

Bio,

Inc

219

25,726

(a)

Travere

Therapeutics,

Inc

448

17,957

(a)

TScan

Therapeutics,

Inc

55

26,284

(a)

Twist

Bioscience

Corp

1,221

6,957

(a),(b)

Tyra

Biosciences,

Inc

97

33,751

(a)

Ultragenyx

Pharmaceutical,

Inc

1,420

20,495

(a)

United

Therapeutics

Corp

7,231

9,811

(a),(b)

UroGen

Pharma

Ltd

104

31,395

(a)

Vanda

Pharmaceuticals,

Inc

150

54,763

(a)

Vaxcyte,

Inc

4,483

30,037

(a)

Ventyx

Biosciences,

Inc

66

4,186

(a)

Vera

Therapeutics,

Inc

177

36,815

(a)

Veracyte,

Inc

1,458

24,994

(a)

Vericel

Corp

1,372

118,228

(a)

Vertex

Pharmaceuticals,

Inc

47,610

23,209

(a)

Verve

Therapeutics,

Inc

131

526,128

Viatris,

Inc

6,550

47,438

(a),(b)

Viking

Therapeutics,

Inc

1,909

32,800

(a)

Vir

Biotechnology,

Inc

241

16,873

(a)

Viridian

Therapeutics,

Inc

323

15,628

(a)

Voyager

Therapeutics,

Inc

89

26,906

(a)

Waters

Corp

9,982

29,537

(a)

WaVe

Life

Sciences

Ltd

365

32,717

West

Pharmaceutical

Services,

Inc

10,717

27,098

(a)

Xencor,

Inc

623

67,913

(a)

Xeris

Biopharma

Holdings,

Inc

230

3,848

(a),(b)

XOMA

Corp

101

19,065

(a),(b)

Y-mAbs

Therapeutics,

Inc

149

18,143

(a)

Zentalis

Pharmaceuticals,

Inc

55

17,404

(a),(b)

Zevra

Therapeutics,

Inc

145

210,281

Zoetis,

Inc

34,261

207

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

26,472

(a)

Zymeworks,

Inc

$

388

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,542,128

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

62,854

(a)

Anywhere

Real

Estate,

Inc

207

136,520

(a)

CBRE

Group,

Inc

17,924

133,621

(a)

Compass,

Inc

782

192,612

(a)

CoStar

Group,

Inc

13,789

66,192

(a)

Cushman

&

Wakefield

plc

866

28,436

(b)

eXp

World

Holdings,

Inc

327

425

(a)

Forestar

Group,

Inc

11

9,884

(a)

FRP

Holdings,

Inc

303

16,878

(a)

Howard

Hughes

Holdings,

Inc

1,298

20,866

(a)

Jones

Lang

LaSalle,

Inc

5,282

44,610

Kennedy-Wilson

Holdings,

Inc

446

11,498

Marcus

&

Millichap,

Inc

440

81,428

Newmark

Group,

Inc

1,043

228,590

(a),(b)

Opendoor

Technologies,

Inc

366

13,117

(a)

Re/Max

Holdings,

Inc

140

44,481

(a),(b)

Real

Brokerage,

Inc

205

57,095

(a)

Redfin

Corp

449

5,123

RMR

Group,

Inc

106

1,875

(a)

Seaport

Entertainment

Group,

Inc

52

18,561

St.

Joe

Co

834

3,112

(a)

Stratus

Properties,

Inc

65

12,164

(a)

Tejon

Ranch

Co

193

20,587

(a)

Zillow

Group,

Inc

(Class

A)

1,458

74,688

(a)

Zillow

Group,

Inc

(Class

C)

5,531

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

52,117

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10.1%

24,578

(a),(b)

ACM

Research,

Inc

371

722,806

(a)

Advanced

Micro

Devices,

Inc

87,308

12,826

(a),(b)

Aehr

Test

Systems

213

26,133

(a)

Allegro

MicroSystems,

Inc

571

15,539

(a)

Alpha

&

Omega

Semiconductor

Ltd

575

19,074

(a)

Ambarella,

Inc

1,387

55,705

Amkor

Technology,

Inc

1,431

222,628

Analog

Devices,

Inc

47,299

374,803

Applied

Materials,

Inc

60,954

48,719

(a),(b)

Astera

Labs,

Inc

6,453

16,075

(a)

Axcelis

Technologies,

Inc

1,123

2,050,010

Broadcom,

Inc

475,274

15,710

(a)

Ceva,

Inc

496

20,067

(a)

Cirrus

Logic,

Inc

1,998

26,675

(a)

Cohu,

Inc

712

51,954

(a)

Credo

Technology

Group

Holding

Ltd

3,492

23,788

(a)

Diodes,

Inc

1,467

58,530

(a)

Enphase

Energy,

Inc

4,020

64,526

Entegris,

Inc

6,392

48,242

(a)

First

Solar,

Inc

8,502

30,004

(a)

Formfactor,

Inc

1,320

39,047

(a),(b)

GLOBALFOUNDRIES,

Inc

1,675

15,133

(a)

Ichor

Holdings

Ltd

488

8,061

(a)

Impinj,

Inc

1,171

51,148

(a),(b)

indie

Semiconductor,

Inc

207

1,928,870

Intel

Corp

38,674

60,576

KLA

Corp

38,170

26,815

Kulicke

&

Soffa

Industries,

Inc

1,251

579,468

Lam

Research

Corp

41,855

68,594

(a)

Lattice

Semiconductor

Corp

3,886

19,536

(a)

MACOM

Technology

Solutions

Holdings,

Inc

2,538

384,617

Marvell

Technology,

Inc

42,481

38,172

(a)

MaxLinear,

Inc

755

Equity

Index

208

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

251,780

Microchip

Technology,

Inc

$

14,440

502,696

Micron

Technology,

Inc

42,307

33,135

MKS

Instruments,

Inc

3,459

21,877

Monolithic

Power

Systems,

Inc

12,945

50,806

(a),(b)

Navitas

Semiconductor

Corp

181

2,338

NVE

Corp

190

10,550,495

Nvidia

Corp

1,416,826

197,725

(a)

ON

Semiconductor

Corp

12,467

21,454

(a)

Onto

Innovation,

Inc

3,576

20,605

(a)

PDF

Solutions,

Inc

558

29,998

(a)

Photronics,

Inc

707

25,919

Power

Integrations,

Inc

1,599

40,211

(a)

Qorvo,

Inc

2,812

502,056

QUALCOMM,

Inc

77,126

53,820

(a)

Rambus,

Inc

2,845

70,556

(a),(b)

Rigetti

Computing,

Inc

1,077

23,131

(a)

Semtech

Corp

1,431

15,676

(a)

Silicon

Laboratories,

Inc

1,947

7,023

(a)

SiTime

Corp

1,507

12,927

(a)

SkyWater

Technology,

Inc

178

68,458

Skyworks

Solutions,

Inc

6,071

15,494

(a)

SMART

Global

Holdings,

Inc

297

19,257

(a)

Synaptics,

Inc

1,470

70,711

Teradyne,

Inc

8,904

410,829

Texas

Instruments,

Inc

77,035

23,500

(a)

Ultra

Clean

Holdings

845

20,752

Universal

Display

Corp

3,034

25,957

(a)

Veeco

Instruments,

Inc

696

62,345

(a),(b)

Wolfspeed,

Inc

415

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,581,454

SOFTWARE

&

SERVICES

-

11.7%

65,506

(a)

8x8,

Inc

175

32,215

A10

Networks,

Inc

593

281,426

Accenture

plc

99,003

51,028

(a)

ACI

Worldwide,

Inc

2,649

57,275

(b)

Adeia,

Inc

801

200,166

(a)

Adobe,

Inc

89,010

11,056

(a)

Agilysys,

Inc

1,456

70,255

(a)

Akamai

Technologies,

Inc

6,720

26,945

(a)

Alarm.com

Holdings,

Inc

1,638

15,192

(a)

Alkami

Technology,

Inc

557

24,769

(a)

Altair

Engineering,

Inc

2,703

51,231

Amdocs

Ltd

4,362

15,720

American

Software,

Inc

(Class

A)

174

28,669

(a)

Amplitude,

Inc

302

38,604

(a)

Ansys,

Inc

13,022

9,509

(a)

Appfolio,

Inc

2,346

20,140

(a)

Appian

Corp

664

33,758

(a),(b)

Applied

Digital

Corp

258

118,372

(a)

AppLovin

Corp

38,332

13,197

(a)

Arteris,

Inc

135

40,356

(a)

Asana,

Inc

818

19,073

(a)

ASGN,

Inc

1,590

11,089

(a)

Aspentech

Corp

2,768

69,897

(a)

Atlassian

Corp

Ltd

17,012

392,127

(a)

Aurora

Innovation,

Inc

2,470

97,369

(a)

Autodesk,

Inc

28,779

66,029

(a)

AvePoint,

Inc

1,090

19,045

(a)

Backblaze,

Inc

115

65,819

Bentley

Systems,

Inc

3,074

24,476

(a)

BigCommerce

Holdings,

Inc

150

49,304

(a)

BILL

Holdings,

Inc

4,177

209

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

36,478

(a)

Bit

Digital,

Inc

$

107

17,422

(a)

Blackbaud,

Inc

1,288

29,853

(a)

BlackLine,

Inc

1,814

108,065

(a)

Blend

Labs,

Inc

455

66,925

(a)

Box,

Inc

2,115

17,121

(a)

Braze,

Inc

717

29,086

(a),(b)

C3.ai,

Inc

1,001

122,207

(a)

Cadence

Design

Systems,

Inc

36,718

161,339

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

1,893

22,039

(a),(b)

Cerence,

Inc

173

80,624

(a)

Cipher

Mining,

Inc

374

82,383

(a),(b)

Cleanspark,

Inc

759

31,897

(b)

Clear

Secure,

Inc

850

65,042

(a)

Clearwater

Analytics

Holdings,

Inc

1,790

136,887

(a)

Cloudflare,

Inc

14,740

222,916

Cognizant

Technology

Solutions

Corp

(Class

A)

17,142

20,876

(a)

Commvault

Systems,

Inc

3,150

113,585

(a)

Confluent,

Inc

3,176

7,805

(a)

Consensus

Cloud

Solutions,

Inc

186

83,149

(a)

Core

Scientific,

Inc

1,168

13,583

(a)

Couchbase,

Inc

212

102,281

(a)

Crowdstrike

Holdings,

Inc

34,996

6,968

(a)

CS

Disco,

Inc

35

134,306

(a)

Datadog,

Inc

19,191

7,264

(a),(b)

Digimarc

Corp

272

46,104

(a),(b)

Digital

Turbine,

Inc

78

39,126

(a)

DigitalOcean

Holdings,

Inc

1,333

91,998

(a)

DocuSign,

Inc

8,274

29,210

Dolby

Laboratories,

Inc

(Class

A)

2,281

15,039

(a)

Domo,

Inc

107

55,975

(a)

DoubleVerify

Holdings,

Inc

1,075

118,133

(a)

Dropbox,

Inc

3,549

44,289

(a),(b)

D-Wave

Quantum,

Inc

372

83,626

(a)

DXC

Technology

Co

1,671

138,407

(a)

Dynatrace,

Inc

7,522

87,429

(a)

E2open

Parent

Holdings,

Inc

233

10,699

(a)

eGain

Corp

67

37,517

(a)

Elastic

NV

3,717

13,046

(a)

Enfusion,

Inc

134

24,067

(a)

EPAM

Systems,

Inc

5,627

12,378

(a),(b)

EverCommerce,

Inc

136

10,652

(a)

Fair

Isaac

Corp

21,207

58,075

(a),(b)

Fastly,

Inc

548

37,675

(a)

Five9,

Inc

1,531

282,647

(a)

Fortinet,

Inc

26,705

80,143

(a)

Freshworks,

Inc

1,296

33,713

(a)

Gartner,

Inc

16,333

250,363

Gen

Digital,

Inc

6,855

55,662

(a)

Gitlab,

Inc

3,137

18,760

(a)

Globant

S.A.

4,023

63,212

(a)

GoDaddy,

Inc

12,476

15,258

(a)

Grid

Dynamics

Holdings,

Inc

339

35,446

(a)

Guidewire

Software,

Inc

5,976

17,956

Hackett

Group,

Inc

552

68,968

(a)

HashiCorp,

Inc

2,359

21,819

(a)

HubSpot,

Inc

15,203

37,438

(a),(b)

Hut

8

Corp

767

5,474

(a)

IBEX

Holdings

Ltd

118

17,943

(a)

Informatica,

Inc

465

18,219

Information

Services

Group,

Inc

61

23,854

(a)

Intapp,

Inc

1,529

13,365

(b)

InterDigital,

Inc

2,589

Equity

Index

210

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

412,892

International

Business

Machines

Corp

$

90,766

123,400

Intuit,

Inc

77,557

29,050

(a)

Jamf

Holding

Corp

408

95,867

(a)

Kyndryl

Holdings,

Inc

3,317

35,615

(a)

LiveRamp

Holdings,

Inc

1,082

28,757

(a)

Manhattan

Associates,

Inc

7,771

102,816

(a),(b)

Marathon

Digital

Holdings,

Inc

1,724

112,247

(a)

Matterport,

Inc

532

11,893

(a)

MeridianLink,

Inc

246

3,352,885

Microsoft

Corp

1,413,241

74,194

(a),(b)

MicroStrategy,

Inc

(Class

A)

21,488

22,456

(a)

Mitek

Systems,

Inc

250

31,781

(a)

MongoDB,

Inc

7,399

19,169

(a)

N-able,

Inc

179

25,933

(a)

nCino

OpCo,

Inc

871

68,992

(a)

NCR

Corp

955

34,975

(a),(b)

NextNav,

Inc

544

107,369

(a)

Nutanix,

Inc

6,569

67,719

(a)

Okta,

Inc

5,336

46,103

(a)

Olo,

Inc

354

4,837

(a)

ON24,

Inc

31

21,489

(a)

OneSpan,

Inc

398

13,047

(a)

Ooma,

Inc

183

704,623

Oracle

Corp

117,418

18,910

(a),(b)

Pagaya

Technologies

Ltd

176

41,005

(a),(b)

PagerDuty,

Inc

749

907,626

(a)

Palantir

Technologies,

Inc

68,644

291,660

(a)

Palo

Alto

Networks,

Inc

53,070

5,466

(b)

Park

City

Group,

Inc

121

22,404

Pegasystems,

Inc

2,088

49,471

(a)

Procore

Technologies,

Inc

3,707

23,997

Progress

Software

Corp

1,563

19,034

(a)

PROS

Holdings,

Inc

418

52,897

(a)

PTC,

Inc

9,726

29,530

(a)

Q2

Holdings,

Inc

2,972

18,605

(a)

Qualys,

Inc

2,609

32,323

(a)

Rackspace

Technology,

Inc

71

31,056

(a)

Rapid7,

Inc

1,249

4,854

(a)

Red

Violet,

Inc

176

24,959

(a)

Rimini

Street,

Inc

67

44,149

(a)

RingCentral,

Inc

1,546

126,644

(a),(b)

Riot

Platforms,

Inc

1,293

47,200

Roper

Industries,

Inc

24,537

416,621

Salesforce,

Inc

139,289

15,268

Sapiens

International

Corp

NV

410

15,611

(a)

SEMrush

Holdings,

Inc

185

113,808

(a)

SentinelOne,

Inc

2,527

92,288

(a)

ServiceNow,

Inc

97,836

66,115

(a)

Smartsheet,

Inc

3,704

143,526

(a)

Snowflake,

Inc

22,162

19,169

SolarWinds

Corp

273

137,969

(a),(b)

SoundHound

AI,

Inc

2,737

4,906

(a)

SoundThinking,

Inc

64

42,968

(a)

Sprinklr,

Inc

363

24,107

(a)

Sprout

Social,

Inc

740

19,690

(a)

SPS

Commerce,

Inc

3,623

68,778

(a)

Synopsys,

Inc

33,382

26,632

(a)

Telos

Corp

91

49,510

(a)

Tenable

Holdings,

Inc

1,950

51,680

(a)

Teradata

Corp

1,610

71,297

(a),(b)

Terawulf,

Inc

404

200,238

(a)

Trade

Desk,

Inc

23,534

211

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

6,516

(a),(b)

Tucows,

Inc

$

112

74,883

(a)

Twilio,

Inc

8,093

19,472

(a)

Tyler

Technologies,

Inc

11,228

192,445

(a)

UiPath,

Inc

2,446

38,674

(a)

Unisys

Corp

245

143,370

(a)

Unity

Software,

Inc

3,222

56,469

(a)

Varonis

Systems,

Inc

2,509

35,164

(a)

Verint

Systems,

Inc

965

38,524

(a)

VeriSign,

Inc

7,973

25,338

(a)

Vertex,

Inc

1,352

6,012

(a)

Viant

Technology,

Inc

114

16,330

(a)

Weave

Communications,

Inc

260

96,370

(a)

Workday,

Inc

24,866

22,930

(a)

Workiva,

Inc

2,511

22,910

(a)

Xperi,

Inc

235

55,032

(a)

Yext,

Inc

350

82,349

(a)

Zeta

Global

Holdings

Corp

1,481

121,590

(a)

Zoom

Video

Communications,

Inc

9,923

41,021

(a)

Zscaler,

Inc

7,401

55,037

(a)

Zuora,

Inc

546

TOTAL

SOFTWARE

&

SERVICES

2,985,627

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8.2%

6,963

(a)

908

Devices,

Inc

15

35,649

(a)

ADTRAN

Holdings,

Inc

297

20,999

Advanced

Energy

Industries,

Inc

2,428

8,262

(a),(b)

Aeva

Technologies,

Inc

39

531,444

Amphenol

Corp

(Class

A)

36,909

6,452,960

Apple,

Inc

1,615,951

17,372

(a),(b)

Applied

Optoelectronics,

Inc

640

467,712

(a)

Arista

Networks,

Inc

51,696

47,303

(a)

Arlo

Technologies,

Inc

529

19,758

(a)

Arrow

Electronics,

Inc

2,235

5,662

(a)

Aviat

Networks,

Inc

103

36,381

Avnet,

Inc

1,903

13,192

Badger

Meter,

Inc

2,798

5,150

Bel

Fuse,

Inc

(Class

B)

425

17,713

Belden

CDT,

Inc

1,995

19,531

Benchmark

Electronics,

Inc

887

28,887

(a)

Calix,

Inc

1,007

59,937

CDW

Corp

10,431

66,786

(a)

Ciena

Corp

5,664

1,799,363

Cisco

Systems,

Inc

106,522

8,964

(a)

Clearfield,

Inc

278

2,062

Climb

Global

Solutions,

Inc

261

83,398

Cognex

Corp

2,991

59,436

(a)

Coherent

Corp

5,630

97,017

(a)

CommScope

Holding

Co,

Inc

506

360,625

Corning,

Inc

17,137

8,680

(a)

Corsair

Gaming,

Inc

57

21,581

Crane

NXT

Co

1,256

17,421

CTS

Corp

919

19,434

(a)

Daktronics,

Inc

328

125,513

Dell

Technologies,

Inc

14,464

11,671

(a)

Diebold

Nixdorf,

Inc

502

18,652

(a)

Digi

International,

Inc

564

24,605

(a),(b)

Eastman

Kodak

Co

162

8,409

(a)

ePlus,

Inc

621

43,075

(a),(b)

Evolv

Technologies

Holdings,

Inc

170

62,313

(a)

Extreme

Networks,

Inc

1,043

25,536

(a)

F5

Networks,

Inc

6,422

16,219

(a)

Fabrinet

3,566

9,925

(a)

FARO

Technologies,

Inc

252

Equity

Index

212

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TECHNOLOGY

HARDWARE

&

EQUIPMENT

(continued)

58,321

(a)

Harmonic,

Inc

$

772

604,149

Hewlett

Packard

Enterprise

Co

12,899

437,420

HP,

Inc

14,273

15,475

Immersion

Corp

135

103,799

(a),(b)

Infinera

Corp

682

10,480

(a)

Insight

Enterprises,

Inc

1,594

89,924

(a),(b)

IonQ,

Inc

3,756

14,955

(a)

IPG

Photonics

Corp

1,088

24,355

(a)

Itron,

Inc

2,645

47,413

Jabil

Inc

6,823

144,108

Juniper

Networks,

Inc

5,397

76,037

(a)

Keysight

Technologies,

Inc

12,214

21,162

(a)

Kimball

Electronics,

Inc

396

28,141

(a)

Knowles

Corp

561

57,291

(a),(b)

Lightwave

Logic,

Inc

120

13,151

Littelfuse,

Inc

3,099

36,595

(a)

Lumentum

Holdings,

Inc

3,072

20,833

Methode

Electronics,

Inc

246

86,400

(a),(b)

MicroVision,

Inc

113

70,213

(a)

Mirion

Technologies,

Inc

1,225

74,114

Motorola

Solutions,

Inc

34,258

15,874

Napco

Security

Technologies,

Inc

565

92,212

NetApp,

Inc

10,704

16,454

(a)

Netgear,

Inc

459

43,446

(a)

Netscout

Systems,

Inc

941

20,535

(a)

nLight,

Inc

215

18,332

(a)

Novanta,

Inc

2,801

9,244

(a)

OSI

Systems,

Inc

1,548

20,398

(a),(b)

Ouster,

Inc

249

12,941

(a)

PAR

Technology

Corp

940

8,216

PC

Connection,

Inc

569

12,002

(a)

Plexus

Corp

1,878

42,352

(a)

Powerfleet,

Inc

282

128,500

(a)

Pure

Storage,

Inc

7,894

37,508

(a)

Ribbon

Communications,

Inc

156

5,943

Richardson

Electronics

Ltd

83

8,376

(a)

Rogers

Corp

851

28,498

(a)

Sanmina

Corp

2,156

17,777

(a)

Scansource,

Inc

844

61,017

(a)

SmartRent,

Inc

107

217,431

(a),(b)

Super

Micro

Computer,

Inc

6,627

35,303

TD

SYNNEX

Corp

4,140

21,133

(a)

Teledyne

Technologies,

Inc

9,809

103,834

(a)

Trimble

Inc

7,337

51,948

(a)

TTM

Technologies,

Inc

1,286

8,166

(a)

Turtle

Beach

Corp

141

1,436

Ubiquiti,

Inc

477

59,678

(a),(b)

Viasat,

Inc

508

89,946

(a)

Viavi

Solutions,

Inc

908

52,971

Vishay

Intertechnology,

Inc

897

9,508

(a)

Vishay

Precision

Group,

Inc

223

71,903

(b)

Vontier

Corp

2,622

144,802

(a)

Western

Digital

Corp

8,635

58,625

(b)

Xerox

Holdings

Corp

494

23,694

(a)

Zebra

Technologies

Corp

(Class

A)

9,151

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,091,468

TELECOMMUNICATION

SERVICES

-

0.8%

7,472

(a)

Anterix,

Inc

229

43,035

(a),(b)

AST

SpaceMobile,

Inc

908

3,229,616

AT&T,

Inc

73,538

7,918

ATN

International,

Inc

133

12,460

(a)

Bandwidth,

Inc

212

213

SHARES

DESCRIPTION

VALUE

(000)

TELECOMMUNICATION

SERVICES

(continued)

15,982

Cogent

Communications

Group,

Inc

$

1,232

104,845

(a)

Frontier

Communications

Parent,

Inc

3,638

52,848

(a),(c)

GCI

Liberty,

Inc

0

^

331,269

(a)

Globalstar,

Inc

686

13,459

(a),(b)

Gogo,

Inc

109

11,096

IDT

Corp

527

60,764

Iridium

Communications,

Inc

1,763

78,661

(a)

Liberty

Global

Ltd

1,004

82,270

(a)

Liberty

Global

Ltd

1,081

29,453

(a)

Liberty

Latin

America

Ltd

(Class

A)

187

84,348

(a)

Liberty

Latin

America

Ltd

(Class

C)

535

470,270

(a)

Lumen

Technologies,

Inc

2,497

26,373

Shenandoah

Telecom

Co

333

8,527

Spok

Holdings,

Inc

137

55,138

Telephone

and

Data

Systems,

Inc

1,881

216,051

T-Mobile

US,

Inc

47,689

1,900,724

Verizon

Communications,

Inc

76,010

TOTAL

TELECOMMUNICATION

SERVICES

214,329

TRANSPORTATION

-

1.5%

37,928

(a)

Air

Transport

Services

Group,

Inc

834

60,779

(a)

Alaska

Air

Group,

Inc

3,935

8,270

Allegiant

Travel

Co

778

4,307

(a),(b)

Amerco,

Inc

298

295,321

(a)

American

Airlines

Group,

Inc

5,147

8,772

ArcBest

Corp

819

8,746

(a),(b)

Avis

Budget

Group,

Inc

705

28,768

(a)

Blade

Air

Mobility,

Inc

122

56,673

CH

Robinson

Worldwide,

Inc

5,855

23,634

Costamare,

Inc

304

8,672

Covenant

Logistics

Group,

Inc

473

873,852

CSX

Corp

28,199

286,594

Delta

Air

Lines,

Inc

17,339

58,116

Expeditors

International

Washington,

Inc

6,437

101,023

FedEx

Corp

28,421

11,658

Forward

Air

Corp

376

18,987

(a),(b)

Frontier

Group

Holdings,

Inc

135

49,956

FTAI

Infrastructure,

Inc

363

17,525

Genco

Shipping

&

Trading

Ltd

244

62,934

Golden

Ocean

Group

Ltd

564

58,331

(a)

GXO

Logistics,

Inc

2,537

26,012

Heartland

Express,

Inc

292

47,325

(a),(b)

Hertz

Global

Holdings,

Inc

173

14,156

(b)

Himalaya

Shipping

Ltd

69

18,600

Hub

Group,

Inc

(Class

A)

829

40,450

JB

Hunt

Transport

Services,

Inc

6,903

124,072

(a),(b)

JetBlue

Airways

Corp

975

128,773

(a),(b)

Joby

Aviation,

Inc

1,047

25,265

(a)

Kirby

Corp

2,673

79,606

Knight-Swift

Transportation

Holdings,

Inc

4,222

17,753

Landstar

System,

Inc

3,051

154,071

(a)

Lyft,

Inc

(Class

A)

1,988

34,852

Marten

Transport

Ltd

544

12,373

Matson,

Inc

1,668

102,955

Norfolk

Southern

Corp

24,164

87,941

Old

Dominion

Freight

Line

15,513

18,024

Pangaea

Logistics

Solutions

Ltd

97

29,335

(a)

Radiant

Logistics,

Inc

197

52,508

(a)

RXO,

Inc

1,252

16,381

Ryder

System,

Inc

2,570

33,371

Safe

Bulkers,

Inc

119

12,372

(a)

Saia,

Inc

5,638

22,723

Schneider

National,

Inc

665

Equity

Index

214

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

TRANSPORTATION

(continued)

14,929

(a)

Skywest,

Inc

$

1,495

281,073

Southwest

Airlines

Co

9,450

9,455

(a)

Sun

Country

Airlines

Holdings,

Inc

138

916,307

(a)

Uber

Technologies,

Inc

55,272

38,763

U-Haul

Holding

Co

2,483

273,211

Union

Pacific

Corp

62,303

142,381

(a)

United

Airlines

Holdings,

Inc

13,825

332,334

United

Parcel

Service,

Inc

(Class

B)

41,907

6,297

Universal

Truckload

Services,

Inc

289

36,247

Werner

Enterprises,

Inc

1,302

52,508

(a)

XPO,

Inc

6,886

TOTAL

TRANSPORTATION

373,884

UTILITIES

-

2.2%

332,725

AES

Corp

4,282

17,390

Allete,

Inc

1,127

116,456

Alliant

Energy

Corp

6,887

21,469

(a),(b)

Altus

Power,

Inc

87

119,825

Ameren

Corp

10,681

239,606

American

Electric

Power

Co,

Inc

22,099

20,132

American

States

Water

Co

1,565

91,256

American

Water

Works

Co,

Inc

11,360

69,829

Atmos

Energy

Corp

9,725

33,562

Avista

Corp

1,229

34,402

Black

Hills

Corp

2,013

44,578

(b)

Brookfield

Infrastructure

Corp

1,784

72,027

(b)

Brookfield

Renewable

Corp

1,992

27,522

California

Water

Service

Group

1,248

307,461

Centerpoint

Energy,

Inc

9,756

9,405

Chesapeake

Utilities

Corp

1,141

10,556

Clearway

Energy,

Inc

(Class

A)

258

20,458

Clearway

Energy,

Inc

(Class

C)

532

124,140

CMS

Energy

Corp

8,274

151,080

Consolidated

Edison,

Inc

13,481

7,347

Consolidated

Water

Co,

Inc

190

141,789

Constellation

Energy

Corp

31,720

386,744

Dominion

Energy,

Inc

20,830

97,092

DTE

Energy

Co

11,724

347,808

Duke

Energy

Corp

37,473

169,688

Edison

International

13,548

188,124

Entergy

Corp

14,264

120,927

Essential

Utilities,

Inc

4,392

98,754

Evergy,

Inc

6,078

155,283

Eversource

Energy

8,918

441,567

Exelon

Corp

16,621

251,646

FirstEnergy

Corp

10,011

9,688

Genie

Energy

Ltd

151

6,410

Global

Water

Resources,

Inc

74

51,729

(a)

Hawaiian

Electric

Industries,

Inc

503

23,041

Idacorp,

Inc

2,518

96,446

MDU

Resources

Group,

Inc

1,738

14,433

MGE

Energy,

Inc

1,356

11,759

Middlesex

Water

Co

619

33,009

(a),(b)

Montauk

Renewables,

Inc

131

29,427

National

Fuel

Gas

Co

1,786

38,348

New

Jersey

Resources

Corp

1,789

929,540

NextEra

Energy,

Inc

66,639

209,437

NiSource,

Inc

7,699

14,483

Northwest

Natural

Holding

Co

573

27,636

NorthWestern

Corp

1,477

93,834

NRG

Energy,

Inc

8,466

96,380

OGE

Energy

Corp

3,976

27,567

ONE

Gas,

Inc

1,909

215

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

24,734

Ormat

Technologies,

Inc

$

1,675

16,819

Otter

Tail

Corp

1,242

962,345

PG&E

Corp

19,420

46,577

Pinnacle

West

Capital

Corp

3,948

28,323

PNM

Resources,

Inc

1,393

40,332

Portland

General

Electric

Co

1,759

332,474

PPL

Corp

10,792

229,133

Public

Service

Enterprise

Group,

Inc

19,359

11,616

(a)

Pure

Cycle

Corp

147

291,168

Sempra

Energy

25,541

12,005

SJW

Corp

591

494,949

Southern

Co

40,744

28,412

Southwest

Gas

Holdings

Inc

2,009

21,354

Spire,

Inc

1,448

72,016

UGI

Corp

2,033

10,272

Unitil

Corp

557

155,517

Vistra

Corp

21,441

143,692

WEC

Energy

Group,

Inc

13,513

259,767

Xcel

Energy,

Inc

17,539

9,006

York

Water

Co

295

TOTAL

UTILITIES

572,140

TOTAL

COMMON

STOCKS

(Cost

$7,353,386)

25,516,829

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

(000)

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

7,208

(c)

AstraZeneca

plc

02/20/29

2

7,917

(c)

Chinook

Therapeutics,

Inc

01/02/30

0

^

6,981

(c)

Tobira

Therapeutics,

Inc

0

^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2

TOTAL

RIGHTS/WARRANTS

(Cost

$3)

2

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,353,389)

25,516,831‌

SHARES

DESCRIPTION

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.3%

69,432,779

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.460

%

(f)

69,433

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$69,433)

69,433

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.3%

GOVERNMENT

AGENCY

DEBT

-

0.1%

$

10,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/07/25

9,992

10,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/08/25

9,991

4,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/31/25

3,985

17,500,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

17,484

TOTAL

GOVERNMENT

AGENCY

DEBT

41,452

REPURCHASE

AGREEMENT

-

0.1%

23,002,000

(g)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

23,002

TOTAL

REPURCHASE

AGREEMENT

23,002

TREASURY

DEBT

-

0.1%

5,000,000

United

States

Treasury

Bill

0

.000

01/14/25

4,993

12,500,000

United

States

Treasury

Bill

0

.000

02/06/25

12,449

Equity

Index

216

Portfolio

of

Investments

December

31,

2024

(continued)

Cost

amounts

are

in

thousands.

Investments

in

Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

TREASURY

DEBT

(continued)

$

5,000,000

United

States

Treasury

Bill

0

.000

%

02/18/25

$

4,972

TOTAL

TREASURY

DEBT

22,414

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$86,867)

86,868

TOTAL

INVESTMENTS

-

100.3%

(Cost

$7,509,689)

25,673,132

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

65,897

)

NET

ASSETS

-

100.0%

$25,607,235

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

$139,148,899.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(g)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$23,007,699

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$23,462,067.

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

255‌

03/21/25

 $

76,538‌

$

75,681‌

$

(

857‌

)

Portfolio

of

Investments

December

31,

2024

Core

Bond

217

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

LONG-TERM

INVESTMENTS

-

96.5%

BANK

LOAN

OBLIGATIONS

-

0.2%

CAPITAL

GOODS

-

0

.0

%

$

182,787

(a)

ASP

Blade

Holdings,

Inc,

Initial

Term

Loan,

(TSFR3M

+

4.000%)

8

.590

%

10/16/28

$

108

571,879

(a)

Beacon

Roofing

Supply,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

05/19/28

575

341,525

(a)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.747

04/12/28

327

1,248,265

(a)

TK

Elevator

US

Newco

Inc,

Term

Loan

B,

(TSFR6M

+

3.500%)

8

.588

04/30/30

1,259

896,022

(a)

TransDigm,

Inc.,

Term

Loan

J,

(TSFR3M

+

2.750%)

7

.076

02/28/31

898

961,848

(a)

TransDigm,

Inc.,

Term

Loan

K,

(TSFR3M

+

2.750%)

7

.079

03/22/30

966

TOTAL

CAPITAL

GOODS

4,133

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.0

%

754,708

(a)

Camelot

U.S.

Acquisition

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.107

01/31/31

755

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

755

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.0

%

685,216

(a)

CNT

Holdings

I

Corp,

Term

Loan,

(TSFR3M

+

3.500%)

8

.085

11/08/27

691

405,827

(a)

Les

Schwab

Tire

Centers,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

04/23/31

408

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,099

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

166,492

(a)

Samsonite

International

S.A.,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

06/21/30

167

415,225

(a)

Weber-Stephen

Products

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.721

10/30/27

415

TOTAL

CONSUMER

DURABLES

&

APPAREL

582

CONSUMER

SERVICES

-

0

.1

%

428,133

(a)

101B.C.

Unlimited

Liability

Company,

Term

Loan

B6,

(TSFR1M

+

1.750%)

6

.107

09/20/30

427

663,109

(a)

Carnival

Corporation,

Term

Loan

B1,

(TSFR1M

+

2.750%)

7

.107

10/18/28

669

1,985,000

(a)

Flutter

Financing

BV,

(TSFR3M

+

2.250%)

6

.604

11/29/30

1,983

353,199

(a)

IRB

Holding

Corp,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.500%)

7

.190

12/15/27

354

925,236

(a)

KFC

Holding

Co.,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.240

03/15/28

928

578,924

(a)

Spin

Holdco

Inc.,

Term

Loan,

(TSFR3M

+

4.000%)

8

.706

03/04/28

490

TOTAL

CONSUMER

SERVICES

4,851

ENERGY

-

0

.0

%

411,398

(a)

Buckeye

Partners,

L.P.,

Term

Loan

B5,

(TSFR1M

+

1.750%)

6

.107

11/01/26

412

TOTAL

ENERGY

412

FINANCIAL

SERVICES

-

0

.0

%

214,313

(a)

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B4,

(TSFR1M

+

1.500%)

5

.970

02/12/27

215

172,320

(a)

Avolon

TLB

Borrower

1

(US)

LLC,

Term

Loan

B6,

(TSFR1M

+

1.750%)

6

.120

06/22/30

172

2,111,641

(a)

Trans

Union,

LLC,

Term

Loan

B9,

(TSFR1M

+

1.750%)

6

.107

06/24/31

2,111

TOTAL

FINANCIAL

SERVICES

2,498

FOOD,

BEVERAGE

&

TOBACCO

-

0

.0

%

238,538

(a)

Arterra

Wines

Canada,

Inc.,

Term

Loan,

(TSFR3M

+

3.500%)

8

.090

11/24/27

234

419,546

(a)

Chobani,

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.721

10/25/27

423

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

657

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0

.0

%

516,932

(a)

Medline

Borrower,

LP,

Add-on

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

10/23/28

519

377,966

(a)

Select

Medical

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.531

11/18/31

380

124,104

(a)

Team

Health

Holdings,

Inc.,

Term

Loan

B,

(TSFR3M

+

5.250%)

9

.835

03/02/27

120

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,019

MATERIALS

-

0

.0

%

1,194,683

(a)

Asplundh

Tree

Expert,

LLC,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.207

09/07/27

1,198

TOTAL

MATERIALS

1,198

MEDIA

&

ENTERTAINMENT

-

0

.0

%

366,358

(a)

DirecTV

Financing,

LLC,

Term

Loan,

(TSFR3M

+

5.000%)

9

.847

08/02/27

368

TOTAL

MEDIA

&

ENTERTAINMENT

368

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

28,870

(a)

Avantor

Funding,

Inc.,

Term

Loan,

(TSFR1M

+

2.000%)

6

.457

11/08/27

29

Core

Bond

218

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

$

96,705

(a)

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.735

%

11/15/27

$

97

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

126

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.0

%

515,185

(a)

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

01/31/30

518

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

518

SOFTWARE

&

SERVICES

-

0

.1

%

1,246,127

(a)

Gen

Digital

Inc.,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.107

09/12/29

1,244

70,582

(a)

Rackspace

Finance,

LLC,

First

Lien

First

Out

Term

Loan,

(TSFR1M

+

6.250%)

10

.847

05/15/28

73

369,120

(a)

Rackspace

Finance,

LLC,

First

Lien

Second

Out

Term

Loan,

(TSFR1M

+

2.750%)

7

.347

05/15/28

215

695,588

(a)

Rocket

Software,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.607

11/28/28

702

1,230,216

(a)

Sophia,

L.P.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.357

10/29/29

1,240

884,353

(a)

UKG

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.617

02/10/31

892

TOTAL

SOFTWARE

&

SERVICES

4,366

TELECOMMUNICATION

SERVICES

-

0

.0

%

297,588

(a)

Cablevision

Lightpath

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.762

11/30/27

298

TOTAL

TELECOMMUNICATION

SERVICES

298

TRANSPORTATION

-

0

.0

%

203,463

(a)

Air

Canada,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.337

03/21/31

205

218,563

(a)

SkyMiles

IP

Ltd.,

Skymiles

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.367

10/20/27

223

TOTAL

TRANSPORTATION

428

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$23,332)

23,308

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CORPORATE

BONDS

-

29.5%

AUTOMOBILES

&

COMPONENTS

-

0.8%

EUR

500,000

(b)

Dana

Financing

Luxembourg

Sarl

3

.000

07/15/29

496

225,000

Dana,

Inc

5

.375

11/15/27

222

350,000

Dana,

Inc

5

.625

06/15/28

345

8,080,000

Ford

Motor

Credit

Co

LLC

6

.950

03/06/26

8,222

EUR

300,000

Ford

Motor

Credit

Co

LLC

5

.125

02/20/29

327

4,525,000

Ford

Motor

Credit

Co

LLC

7

.350

03/06/30

4,792

4,000,000

(b)

Ford

Otomotiv

Sanayi

AS.

7

.125

04/25/29

4,010

20,000,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

19,804

EUR

500,000

General

Motors

Financial

Co,

Inc

0

.600

05/20/27

489

EUR

300,000

General

Motors

Financial

Co,

Inc

4

.300

02/15/29

322

10,550,000

General

Motors

Financial

Co,

Inc

4

.900

10/06/29

10,392

6,250,000

(c)

General

Motors

Financial

Co,

Inc

5

.850

04/06/30

6,383

2,550,000

(c)

General

Motors

Financial

Co,

Inc

5

.750

02/08/31

2,584

12,000,000

General

Motors

Financial

Co,

Inc

2

.700

06/10/31

10,167

4,975,000

General

Motors

Financial

Co,

Inc

5

.600

06/18/31

5,000

5,450,000

(d)

General

Motors

Financial

Co,

Inc

5

.700

N/A

5,296

EUR

205,000

(b)

Goodyear

Europe

BV

2

.750

08/15/28

201

3,575,000

(b)

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

3,542

200,000

(b)

Kia

Corp

2

.750

02/14/27

192

5,700,000

Toyota

Motor

Credit

Corp

4

.550

08/08/29

5,630

150,000

(b)

ZF

North

America

Capital,

Inc

6

.875

04/14/28

150

TOTAL

AUTOMOBILES

&

COMPONENTS

88,566

BANKS

-

5.9%

2,000,000

(b)

Akbank

T.A.S.

6

.800

06/22/31

1,983

1,775,000

(b)

Banco

de

Credito

del

Peru

3

.125

07/01/30

1,738

700,000

(b),(d)

Banco

de

Credito

e

Inversiones

S.A.

8

.750

N/A

730

3,000,000

(b)

Banco

del

Estado

de

Chile

2

.704

01/09/25

2,997

3,000,000

(b)

Banco

Nacional

de

Panama

2

.500

08/11/30

2,382

3,975,000

(b)

Banco

Santander

Mexico

S.A.

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5

.621

12/10/29

3,955

EUR

600,000

(a)

Banco

Santander

S.A.

0

.500

03/24/27

604

EUR

400,000

Banco

Santander

S.A.

0

.200

02/11/28

381

GBP

400,000

Banco

Santander

S.A.

4

.750

08/30/28

498

2,000,000

Bancolombia

S.A.

8

.625

12/24/34

2,094

3,010,000

(b)

Bangkok

Bank

PCL

3

.466

09/23/36

2,571

1,750,000

(b)

Banistmo

S.A.

4

.250

07/31/27

1,670

219

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

BANKS

(continued)

$

8,100,000

(b)

Bank

Hapoalim

BM

3

.255

%

01/21/32

$

7,619

6,300,000

(b)

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

6,064

EUR

400,000

Bank

of

America

Corp

1

.375

03/26/25

413

EUR

300,000

Bank

of

America

Corp

1

.776

05/04/27

306

55,925,000

Bank

of

America

Corp

2

.592

04/29/31

49,268

23,000,000

Bank

of

America

Corp

5

.288

04/25/34

22,807

5,000,000

Bank

of

America

Corp

5

.468

01/23/35

5,005

16,000,000

Bank

of

America

Corp

5

.518

10/25/35

15,644

26,750,000

Bank

of

America

Corp

2

.676

06/19/41

18,571

3,000,000

(d)

Bank

of

America

Corp

6

.100

N/A

2,992

2,975,000

Bank

of

Montreal

3

.803

12/15/32

2,845

GBP

300,000

Banque

Federative

du

Credit

Mutuel

S.A.

4

.875

09/25/25

375

EUR

400,000

Barclays

plc

0

.577

08/09/29

378

EUR

500,000

Barclays

plc

4

.918

08/08/30

553

5,000,000

Barclays

plc

4

.942

09/10/30

4,902

6,075,000

Barclays

plc

3

.330

11/24/42

4,397

1,500,000

(b)

BBVA

Bancomer

S.A.

5

.125

01/18/33

1,391

1,400,000

(b)

BBVA

Bancomer

S.A.

8

.450

06/29/38

1,450

5,600,000

(b)

BNP

Paribas

S.A.

1

.904

09/30/28

5,133

EUR

500,000

BNP

Paribas

S.A.

3

.875

02/23/29

532

5,000,000

(b)

BNP

Paribas

S.A.

2

.159

09/15/29

4,477

EUR

300,000

BPCE

S.A.

0

.500

09/15/27

297

7,900,000

CitiBank

NA

5

.570

04/30/34

7,992

36,375,000

Citigroup,

Inc

3

.200

10/21/26

35,374

11,970,000

Citigroup,

Inc

4

.125

07/25/28

11,638

7,100,000

Citigroup,

Inc

4

.542

09/19/30

6,899

7,125,000

Citigroup,

Inc

2

.572

06/03/31

6,210

24,225,000

Citigroup,

Inc

6

.270

11/17/33

25,402

6,750,000

(d)

Citigroup,

Inc

7

.625

N/A

7,032

8,425,000

Cooperatieve

Rabobank

UA

3

.750

07/21/26

8,255

GBP

600,000

Danske

Bank

A.S.

2

.250

01/14/28

711

EUR

500,000

Danske

Bank

A.S.

4

.125

01/10/31

544

7,350,000

Deutsche

Bank

AG.

5

.371

09/09/27

7,458

5,575,000

Deutsche

Bank

AG.

2

.311

11/16/27

5,299

4,325,000

Deutsche

Bank

AG.

6

.819

11/20/29

4,526

2,325,000

Deutsche

Bank

AG.

4

.999

09/11/30

2,273

2,425,000

(b)

Development

Bank

of

Kazakhstan

JSC

2

.950

05/06/31

2,081

3,325,000

(b)

Grupo

Aval

Ltd

4

.375

02/04/30

2,928

855,000

(b),(d)

Hana

Bank

3

.500

N/A

824

9,925,000

HSBC

Holdings

plc

4

.292

09/12/26

9,880

6,200,000

HSBC

Holdings

plc

2

.013

09/22/28

5,716

12,400,000

HSBC

Holdings

plc

7

.390

11/03/28

13,142

11,925,000

HSBC

Holdings

plc

2

.206

08/17/29

10,711

3,750,000

HSBC

Holdings

plc

3

.973

05/22/30

3,540

11,500,000

HSBC

Holdings

plc

5

.874

11/18/35

11,227

8,375,000

(d)

HSBC

Holdings

plc

6

.875

N/A

8,337

6,675,000

(d)

HSBC

Holdings

plc

6

.950

N/A

6,686

7,000,000

(d)

Huntington

Bancshares,

Inc

5

.625

N/A

6,832

UGX

2,000,000,000

(b)

ICBC

Standard

Bank

plc

14

.250

06/26/34

473

2,125,000

(b)

Intercorp

Financial

Services,

Inc

4

.125

10/19/27

2,024

200,000

(b)

Intesa

Sanpaolo

S.p.A

4

.198

06/01/32

174

14,600,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

14,324

8,325,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

8,225

EUR

600,000

JPMorgan

Chase

&

Co

1

.638

05/18/28

603

16,900,000

JPMorgan

Chase

&

Co

5

.581

04/22/30

17,234

10,500,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

9,943

2,150,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

1,782

19,775,000

JPMorgan

Chase

&

Co

4

.912

07/25/33

19,334

24,425,000

JPMorgan

Chase

&

Co

5

.350

06/01/34

24,408

3,200,000

JPMorgan

Chase

&

Co

6

.254

10/23/34

3,382

27,925,000

JPMorgan

Chase

&

Co

5

.766

04/22/35

28,565

4,200,000

JPMorgan

Chase

&

Co

4

.946

10/22/35

4,047

Core

Bond

220

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

BANKS

(continued)

$

2,625,000

JPMorgan

Chase

&

Co

2

.525

%

11/19/41

$

1,773

10,750,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

7,893

9,375,000

(d)

JPMorgan

Chase

&

Co

6

.875

N/A

9,790

6,250,000

(d)

JPMorgan

Chase

&

Co

3

.650

N/A

6,063

EUR

925,000

Kreditanstalt

fuer

Wiederaufbau

2

.625

01/10/34

953

5,950,000

(d)

M&T

Bank

Corp

3

.500

N/A

5,647

3,675,000

(b)

Mizrahi

Tefahot

Bank

Ltd

3

.077

04/07/31

3,495

EUR

500,000

Mizuho

Financial

Group,

Inc

1

.598

04/10/28

495

7,925,000

(b)

NBK

SPC

Ltd

1

.625

09/15/27

7,445

2,100,000

(b)

Oversea-Chinese

Banking

Corp

Ltd

1

.832

09/10/30

2,050

7,465,000

(d)

PNC

Financial

Services

Group,

Inc

3

.400

N/A

7,007

CNY

8,000,000

QNB

Finance

Ltd

3

.150

02/04/26

1,101

EUR

500,000

Societe

Generale

S.A.

4

.875

11/21/31

548

9,000,000

(d)

Truist

Financial

Corp

6

.669

N/A

8,951

5,000,000

(d)

Truist

Financial

Corp

4

.950

N/A

4,956

3,500,000

(b)

United

Overseas

Bank

Ltd

2

.000

10/14/31

3,317

5,300,000

Wells

Fargo

&

Co

3

.550

09/29/25

5,257

16,375,000

Wells

Fargo

&

Co

2

.393

06/02/28

15,422

9,600,000

Wells

Fargo

&

Co

6

.303

10/23/29

9,991

10,000,000

(d)

Wells

Fargo

&

Co

3

.900

N/A

9,716

8,500,000

(d)

Wells

Fargo

&

Co

5

.875

N/A

8,485

5,775,000

(c),(d)

Wells

Fargo

&

Co

7

.625

N/A

6,128

TOTAL

BANKS

649,540

CAPITAL

GOODS

-

1.0%

3,250,000

Air

Lease

Corp

3

.125

12/01/30

2,880

EUR

1,000,000

(b)

Albion

Financing

1

SARL

5

.250

10/15/26

1,045

25,400,000

Boeing

Co

2

.196

02/04/26

24,633

5,350,000

Boeing

Co

3

.250

02/01/28

5,037

3,350,000

Boeing

Co

5

.705

05/01/40

3,187

16,800,000

Boeing

Co

5

.805

05/01/50

15,627

EUR

400,000

Carrier

Global

Corp

4

.125

05/29/28

431

EUR

300,000

Carrier

Global

Corp

4

.500

11/29/32

333

1,300,000

(b)

Embraer

Netherlands

Finance

BV

7

.000

07/28/30

1,352

3,075,000

(b)

H&E

Equipment

Services,

Inc

3

.875

12/15/28

2,810

EUR

500,000

Honeywell

International,

Inc

3

.750

03/01/36

519

11,500,000

Honeywell

International,

Inc

5

.250

03/01/54

10,769

EUR

300,000

Illinois

Tool

Works,

Inc

3

.250

05/17/28

316

12,000,000

L3Harris

Technologies,

Inc

5

.400

07/31/33

11,978

3,550,000

Lockheed

Martin

Corp

5

.200

02/15/64

3,293

7,275,000

Northrop

Grumman

Corp

3

.250

01/15/28

6,954

EUR

500,000

Raytheon

Technologies

Corp

2

.150

05/18/30

493

5,575,000

Raytheon

Technologies

Corp

2

.250

07/01/30

4,849

1,925,000

(b)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6

.500

11/07/33

1,986

3,000,000

(b)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

3

.500

09/10/51

1,978

5,425,000

Trane

Technologies

Luxembourg

Finance

S.A.

3

.800

03/21/29

5,203

2,175,000

Tyco

Electronics

Group

S.A.

3

.700

02/15/26

2,151

300,000

(b)

WESCO

Distribution,

Inc

7

.250

06/15/28

305

TOTAL

CAPITAL

GOODS

108,129

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

325,000

(b)

ASGN,

Inc

4

.625

05/15/28

309

1,000,000

(b)

GFL

Environmental,

Inc

3

.750

08/01/25

990

2,000,000

(b)

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

1,999

1,325,000

(b)

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

1,239

725,000

(b)

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

721

3,771,000

Republic

Services,

Inc

2

.900

07/01/26

3,686

9,000,000

Waste

Management,

Inc

4

.950

03/15/35

8,775

2,525,000

Waste

Management,

Inc

2

.500

11/15/50

1,468

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

19,187

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.4%

925,000

(b)

Bath

&

Body

Works,

Inc

6

.625

10/01/30

932

550,000

(b)

Group

1

Automotive,

Inc

4

.000

08/15/28

515

8,400,000

Home

Depot,

Inc

4

.950

06/25/34

8,286

221

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

$

875,000

(b)

Lithia

Motors,

Inc

4

.625

%

12/15/27

$

847

8,850,000

Lowe's

Cos,

Inc

4

.250

04/01/52

6,907

5,100,000

O'Reilly

Automotive,

Inc

3

.550

03/15/26

5,030

6,875,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

6,671

4,075,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

3,918

12,400,000

O'Reilly

Automotive,

Inc

1

.750

03/15/31

10,170

5,050,000

(b)

Prosus

NV

4

.987

01/19/52

3,931

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

47,207

CONSUMER

DURABLES

&

APPAREL

-

0.1%

5,050,000

Tapestry,

Inc

5

.100

03/11/30

4,994

TOTAL

CONSUMER

DURABLES

&

APPAREL

4,994

CONSUMER

SERVICES

-

0.4%

9,820,000

Amherst

College

4

.100

11/01/45

8,159

125,000

(b)

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

125

8,000,000

President

and

Fellows

of

Harvard

College

3

.529

10/01/31

7,378

14,250,000

President

and

Fellows

of

Harvard

College

3

.619

10/01/37

12,138

1,000,000

Sands

China

Ltd

2

.550

03/08/27

932

2,100,000

Sands

China

Ltd

5

.900

08/08/28

2,077

15,000,000

Smith

College

4

.620

07/01/45

12,854

TOTAL

CONSUMER

SERVICES

43,663

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.3%

4,000,000

Costco

Wholesale

Corp

1

.600

04/20/30

3,423

4,000,000

Kroger

Co

5

.000

09/15/34

3,874

3,250,000

Kroger

Co

5

.500

09/15/54

3,061

1,200,000

SYSCO

Corp

6

.000

01/17/34

1,258

5,450,000

SYSCO

Corp

3

.150

12/14/51

3,512

5,200,000

Target

Corp

4

.500

09/15/34

4,943

GBP

500,000

Tesco

Corporate

Treasury

Services

plc

2

.750

04/27/30

557

8,500,000

Walmart,

Inc

1

.800

09/22/31

7,095

4,000,000

Walmart,

Inc

2

.500

09/22/41

2,753

7,400,000

Walmart,

Inc

4

.500

04/15/53

6,439

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

36,915

ENERGY

-

2.3%

11,500,000

BP

Capital

Markets

America,

Inc

5

.227

11/17/34

11,326

EUR

500,000

BP

Capital

Markets

plc

1

.231

05/08/31

459

2,973,000

Cenovus

Energy,

Inc

5

.400

06/15/47

2,646

8,700,000

Cheniere

Energy

Partners

LP

4

.500

10/01/29

8,423

6,850,000

Cheniere

Energy

Partners

LP

3

.250

01/31/32

5,940

8,625,000

(b),(c)

Cheniere

Energy

Partners

LP

5

.750

08/15/34

8,682

2,000,000

Ecopetrol

S.A.

6

.875

04/29/30

1,952

2,125,000

Ecopetrol

S.A.

4

.625

11/02/31

1,762

200,000

Ecopetrol

S.A.

8

.875

01/13/33

204

400,000

Ecopetrol

S.A.

8

.375

01/19/36

386

3,000,000

(b)

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

2,569

3,000,000

(b)

Empresa

Nacional

del

Petroleo

5

.250

11/06/29

2,953

12,968,000

Enbridge,

Inc

3

.125

11/15/29

11,872

3,925,000

Enbridge,

Inc

5

.700

03/08/33

3,966

2,950,000

Enbridge,

Inc

3

.400

08/01/51

1,973

4,725,000

Energy

Transfer

LP

4

.750

01/15/26

4,718

2,900,000

Energy

Transfer

LP

5

.750

02/15/33

2,940

5,100,000

Energy

Transfer

LP

6

.550

12/01/33

5,429

3,100,000

Energy

Transfer

LP

5

.550

05/15/34

3,084

775,000

Energy

Transfer

LP

5

.400

10/01/47

696

8,700,000

Energy

Transfer

LP

6

.250

04/15/49

8,707

9,125,000

Energy

Transfer

LP

5

.000

05/15/50

7,741

7,600,000

Energy

Transfer

LP

5

.950

05/15/54

7,347

2,950,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

2,988

2,650,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

2,126

6,200,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

4,877

4,500,000

Enterprise

Products

Operating

LLC

3

.200

02/15/52

2,923

6,500,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

4,273

2,322,870

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.160

03/31/34

1,991

Core

Bond

222

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ENERGY

(continued)

$

3,300,000

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

%

03/31/36

$

2,687

8,375,000

Marathon

Petroleum

Corp

3

.800

04/01/28

8,080

5,060,000

Marathon

Petroleum

Corp

4

.750

09/15/44

4,199

5,500,000

Marathon

Petroleum

Corp

5

.000

09/15/54

4,525

725,000

(b)

MEG

Energy

Corp

5

.875

02/01/29

708

3,525,000

(b)

Midwest

Connector

Capital

Co

LLC

4

.625

04/01/29

3,457

8,950,000

MPLX

LP

1

.750

03/01/26

8,641

4,850,000

MPLX

LP

2

.650

08/15/30

4,244

2,325,000

MPLX

LP

4

.700

04/15/48

1,905

2,200,000

Occidental

Petroleum

Corp

5

.550

03/15/26

2,208

5,325,000

ONEOK,

Inc

3

.250

06/01/30

4,832

5,000,000

ONEOK,

Inc

4

.500

03/15/50

3,924

315,000

(b)

Parkland

Corp

4

.625

05/01/30

289

500,000

(b)

Parkland

Fuel

Corp

5

.875

07/15/27

495

200,000

(b),(c)

Pertamina

Persero

PT

3

.650

07/30/29

188

1,650,000

Petrobras

Global

Finance

BV

6

.000

01/13/35

1,520

300,000

Petroleos

Mexicanos

6

.840

01/23/30

274

3,600,000

Petroleos

Mexicanos

5

.950

01/28/31

3,040

3,000,000

Petroleos

Mexicanos

6

.700

02/16/32

2,610

13,575,000

Phillips

66

2

.150

12/15/30

11,515

3,225,000

Phillips

66

3

.300

03/15/52

2,074

2,375,000

Phillips

66

Co

4

.680

02/15/45

1,984

475,000

Plains

All

American

Pipeline

LP

3

.800

09/15/30

441

2,950,000

(b)

QazaqGaz

NC

JSC

4

.375

09/26/27

2,817

2,500,000

(b)

Raizen

Fuels

Finance

S.A.

5

.700

01/17/35

2,314

1,655,720

(b)

Rio

Oil

Finance

Trust

8

.200

04/06/28

1,694

6,200,000

Sabine

Pass

Liquefaction

LLC

5

.875

06/30/26

6,259

4,800,000

Sabine

Pass

Liquefaction

LLC

4

.500

05/15/30

4,650

1,475,000

(b)

Saudi

Arabian

Oil

Co

5

.250

07/17/34

1,455

3,000,000

(b)

Saudi

Arabian

Oil

Co

3

.250

11/24/50

1,951

6,500,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

6,357

425,000

Targa

Resources

Partners

LP

6

.500

07/15/27

428

350,000

(b)

Tengizchevroil

Finance

Co

International

Ltd

2

.625

08/15/25

343

2,500,000

(b)

Thaioil

Treasury

Center

Co

Ltd

2

.500

06/18/30

2,105

11,000,000

TotalEnergies

Capital

International

S.A.

3

.127

05/29/50

7,206

2,500,000

TotalEnergies

Capital

S.A.

5

.488

04/05/54

2,396

1,825,000

TotalEnergies

Capital

S.A.

5

.425

09/10/64

1,693

2,450,000

(b)

US

LIQUIDSCO0

5

.584

10/01/34

2,383

2,550,000

(b)

US

LIQUIDSCO0

6

.176

10/01/54

2,468

4,675,000

Williams

Cos,

Inc

2

.600

03/15/31

4,026

9,250,000

Williams

Cos,

Inc

5

.650

03/15/33

9,332

TOTAL

ENERGY

258,670

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.2%

5,100,000

Agree

LP

2

.000

06/15/28

4,619

1,675,000

(c)

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

1,628

5,500,000

(c)

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

5,414

2,725,000

American

Homes

4

Rent

LP

5

.250

03/15/35

2,652

2,418,000

American

Tower

Corp

3

.375

10/15/26

2,362

EUR

450,000

American

Tower

Corp

0

.450

01/15/27

444

1,600,000

American

Tower

Corp

3

.600

01/15/28

1,538

4,350,000

American

Tower

Corp

3

.800

08/15/29

4,118

13,700,000

American

Tower

Corp

2

.900

01/15/30

12,338

2,750,000

American

Tower

Corp

2

.100

06/15/30

2,357

3,825,000

American

Tower

Corp

1

.875

10/15/30

3,205

6,725,000

American

Tower

Corp

5

.400

01/31/35

6,652

5,825,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

5,817

1,075,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

982

GBP

400,000

Digital

Stout

Holding

LLC

3

.750

10/17/30

464

2,275,000

Equinix,

Inc

2

.150

07/15/30

1,958

6,700,000

Essex

Portfolio

LP

3

.000

01/15/30

6,061

3,875,000

Extra

Space

Storage

LP

2

.400

10/15/31

3,220

6,600,000

Healthcare

Realty

Holdings

LP

3

.875

05/01/25

6,567

223

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

(continued)

$

6,250,000

Healthcare

Realty

Holdings

LP

3

.500

%

08/01/26

$

6,108

3,000,000

Healthcare

Realty

Holdings

LP

3

.625

01/15/28

2,849

8,975,000

Healthcare

Realty

Holdings

LP

3

.100

02/15/30

8,066

1,750,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

1,500

1,050,000

Healthcare

Realty

Holdings

LP

2

.050

03/15/31

851

7,950,000

Highwoods

Realty

LP

3

.875

03/01/27

7,729

2,900,000

Highwoods

Realty

LP

4

.125

03/15/28

2,774

2,875,000

Highwoods

Realty

LP

4

.200

04/15/29

2,729

4,000,000

Highwoods

Realty

LP

3

.050

02/15/30

3,528

3,845,000

(b)

Iron

Mountain,

Inc

7

.000

02/15/29

3,929

5,250,000

Kite

Realty

Group

LP

4

.950

12/15/31

5,108

4,300,000

Mid-America

Apartments

LP

4

.000

11/15/25

4,279

11,100,000

Mid-America

Apartments

LP

2

.750

03/15/30

9,932

3,025,000

Mid-America

Apartments

LP

1

.700

02/15/31

2,491

2,575,000

(c)

Mid-America

Apartments

LP

2

.875

09/15/51

1,588

600,000

National

Retail

Properties,

Inc

4

.000

11/15/25

595

3,000,000

National

Retail

Properties,

Inc

3

.600

12/15/26

2,936

1,800,000

NNN

REIT,

Inc

5

.600

10/15/33

1,815

EUR

400,000

ProLogis

Euro

Finance

LLC

4

.000

05/05/34

426

GBP

300,000

ProLogis

International

Funding

II

S.A.

2

.750

02/22/32

320

1,275,000

ProLogis

LP

2

.875

11/15/29

1,167

3,125,000

ProLogis

LP

1

.750

07/01/30

2,634

6,350,000

Regency

Centers

LP

3

.900

11/01/25

6,288

1,025,000

Regency

Centers

LP

3

.600

02/01/27

1,000

5,500,000

Regency

Centers

LP

2

.950

09/15/29

5,042

8,150,000

(b)

SBA

Tower

Trust

2

.836

01/15/25

8,142

11,046,000

(b)

SBA

Tower

Trust

1

.884

01/15/26

10,703

25,315,000

(b)

SBA

Tower

Trust

1

.631

11/15/26

23,730

42,100,000

(b)

SBA

Tower

Trust

1

.840

04/15/27

38,947

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

239,602

FINANCIAL

SERVICES

-

2.7%

8,975,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

8,684

21,944,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

20,319

2,250,000

(c)

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

1,761

1,375,000

American

Express

Co

2

.550

03/04/27

1,316

7,500,000

(c),(d)

American

Express

Co

3

.550

N/A

7,209

10,000,000

(d)

Bank

of

New

York

Mellon

Corp

4

.700

N/A

9,905

EUR

400,000

(b)

Blackstone

Private

Credit

Fund

1

.750

11/30/26

399

1,560,000

(b)

Brazil

Minas

SPE

via

State

of

Minas

Gerais

5

.333

02/15/28

1,544

6,635,000

(c),(d)

Capital

One

Financial

Corp

3

.950

N/A

6,311

7,000,000

(d)

Charles

Schwab

Corp

5

.375

N/A

6,963

6,250,000

Community

Preservation

Corp

2

.867

02/01/30

5,533

3,200,000

Corebridge

Financial,

Inc

6

.050

09/15/33

3,310

4,350,000

Corebridge

Financial,

Inc

5

.750

01/15/34

4,431

GBP

500,000

Credit

Suisse

Group

AG.

2

.250

06/09/28

584

EUR

500,000

Deutsche

Bank

AG.

5

.000

09/05/30

551

600,000

Deutsche

Bank

AG.

3

.742

01/07/33

508

7,305,000

Discover

Bank

3

.450

07/27/26

7,141

3,750,000

Discover

Bank

2

.700

02/06/30

3,309

200,000

(b)

ENN

Clean

Energy

International

Investment

Ltd

3

.375

05/12/26

195

3,543,000

(d)

Equitable

Holdings,

Inc

4

.950

N/A

3,522

6,575,000

Fiserv,

Inc

5

.450

03/15/34

6,579

13,000,000

Fiserv,

Inc

5

.150

08/12/34

12,703

12,825,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

12,779

EUR

500,000

Goldman

Sachs

Group,

Inc

1

.250

02/07/29

483

12,375,000

Goldman

Sachs

Group,

Inc

5

.851

04/25/35

12,609

3,500,000

Goldman

Sachs

Group,

Inc

4

.411

04/23/39

3,085

6,825,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

5,081

3,000,000

(d)

Goldman

Sachs

Group,

Inc

3

.800

N/A

2,897

200,000

(b)

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

182

3,600,000

(b)

Indian

Railway

Finance

Corp

Ltd

2

.800

02/10/31

3,119

1,700,000

(b)

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,522

Core

Bond

224

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FINANCIAL

SERVICES

(continued)

$

2,578,800

(b)

Minejesa

Capital

BV

4

.625

%

08/10/30

$

2,486

10,000,000

Morgan

Stanley

2

.188

04/28/26

9,911

31,425,000

Morgan

Stanley

3

.125

07/27/26

30,697

EUR

700,000

Morgan

Stanley

1

.342

10/23/26

716

1,400,000

Morgan

Stanley

5

.449

07/20/29

1,416

6,600,000

Morgan

Stanley

6

.407

11/01/29

6,894

EUR

300,000

Morgan

Stanley

3

.790

03/21/30

319

EUR

500,000

Morgan

Stanley

2

.950

05/07/32

506

14,250,000

Morgan

Stanley

5

.250

04/21/34

14,032

5,150,000

Morgan

Stanley

5

.424

07/21/34

5,114

4,000,000

Morgan

Stanley

5

.831

04/19/35

4,076

14,125,000

Morgan

Stanley

5

.320

07/19/35

13,893

4,440,000

(d)

Northern

Trust

Corp

4

.600

N/A

4,346

2,450,000

(b)

Perusahaan

Penerbit

SBSN

Indonesia

III

5

.400

11/15/28

2,473

3,350,000

(b)

Power

Finance

Corp

Ltd

3

.950

04/23/30

3,120

550,000

(c)

Springleaf

Finance

Corp

5

.375

11/15/29

529

6,950,000

(d)

State

Street

Corp

6

.700

N/A

7,087

EUR

400,000

UBS

AG.

0

.500

03/31/31

353

8,825,000

UBS

Group

AG.

3

.750

03/26/25

8,799

2,950,000

(b)

UBS

Group

AG.

2

.193

06/05/26

2,915

9,100,000

(b)

UBS

Group

AG.

1

.305

02/02/27

8,744

6,200,000

(b)

UBS

Group

AG.

6

.442

08/11/28

6,407

7,500,000

(b)

UBS

Group

AG.

5

.617

09/13/30

7,619

3,065,000

(b)

UBS

Group

AG.

3

.179

02/11/43

2,208

4,225,000

(c)

Visa,

Inc

2

.700

04/15/40

3,076

TOTAL

FINANCIAL

SERVICES

302,270

FOOD,

BEVERAGE

&

TOBACCO

-

0.8%

1,600,000

(b)

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS.

3

.375

06/29/28

1,413

6,975,000

Anheuser-Busch

Cos

LLC

4

.700

02/01/36

6,616

16,223,000

Anheuser-Busch

Cos

LLC

4

.900

02/01/46

14,753

16,850,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

01/23/29

16,843

7,500,000

(c)

Anheuser-Busch

InBev

Worldwide,

Inc

5

.000

06/15/34

7,412

1,800,000

(b)

Bimbo

Bakeries

USA,

Inc

6

.050

01/15/29

1,837

3,875,000

(b)

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

3,330

3,000,000

(b),(c)

Coca-Cola

Icecek

AS.

4

.500

01/20/29

2,839

1,700,000

Constellation

Brands,

Inc

4

.400

11/15/25

1,696

2,675,000

Constellation

Brands,

Inc

3

.700

12/06/26

2,629

6,900,000

Constellation

Brands,

Inc

2

.875

05/01/30

6,165

4,500,000

Diageo

Capital

plc

1

.375

09/29/25

4,396

2,975,000

(b)

Gruma

SAB

de

C.V.

5

.390

12/09/34

2,891

750,000

(b)

Gruma

SAB

de

C.V.

5

.761

12/09/54

709

2,500,000

(b)

Grupo

Bimbo

SAB

de

C.V.

4

.700

11/10/47

2,066

3,950,000

Kraft

Heinz

Foods

Co

4

.375

06/01/46

3,198

EUR

300,000

(b)

Mondelez

International

Holdings

Netherlands

BV

1

.250

09/09/41

214

11,000,000

Philip

Morris

International,

Inc

5

.250

02/13/34

10,872

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

89,879

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.1%

EUR

200,000

Becton

Dickinson

&

Co

3

.519

02/08/31

210

EUR

500,000

Becton

Dickinson

Euro

Finance

Sarl

0

.334

08/13/28

473

12,500,000

Bon

Secours

Mercy

Health,

Inc

3

.382

11/01/25

12,282

1,925,000

Boston

Scientific

Corp

2

.650

06/01/30

1,719

3,285,000

Centene

Corp

2

.450

07/15/28

2,956

2,910,000

Centene

Corp

3

.000

10/15/30

2,511

19,230,000

Children's

Hospital

Medic

4

.268

05/15/44

16,583

9,750,000

CVS

Health

Corp

4

.780

03/25/38

8,431

15,555,000

CVS

Health

Corp

5

.050

03/25/48

12,826

4,105,000

Dartmouth-Hitchcock

Health

4

.178

08/01/48

3,079

10,775,000

Elevance

Health,

Inc

2

.250

05/15/30

9,361

4,750,000

Elevance

Health,

Inc

5

.125

02/15/53

4,226

4,225,000

HCA,

Inc

5

.625

09/01/28

4,281

11,200,000

HCA,

Inc

3

.625

03/15/32

9,871

8,100,000

HCA,

Inc

4

.625

03/15/52

6,321

225

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

$

3,500,000

(b)

Hologic,

Inc

3

.250

%

02/15/29

$

3,165

6,125,000

Humana,

Inc

2

.150

02/03/32

4,879

2,700,000

Humana,

Inc

5

.875

03/01/33

2,710

EUR

250,000

(b)

IQVIA,

Inc

1

.750

03/15/26

254

GBP

500,000

McKesson

Corp

3

.125

02/17/29

585

5,000,000

New

York

and

Presbyterian

Hospital

3

.563

08/01/36

4,165

EUR

450,000

Stryker

Corp

2

.625

11/30/30

457

375,000

Tenet

Healthcare

Corp

4

.625

06/15/28

359

10,700,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

9,098

2,100,000

UnitedHealth

Group,

Inc

5

.150

07/15/34

2,072

3,250,000

UnitedHealth

Group,

Inc

3

.750

10/15/47

2,416

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

125,290

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.2%

6,220,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

5,206

EUR

750,000

(b)

Coty,

Inc

3

.875

04/15/26

778

8,175,000

Haleon

US

Capital

LLC

3

.625

03/24/32

7,403

EUR

300,000

Procter

&

Gamble

Co

3

.250

08/02/31

318

EUR

400,000

The

Procter

&

Gamble

Company

1

.875

10/30/38

359

10,075,000

Unilever

Capital

Corp

4

.625

08/12/34

9,699

EUR

500,000

Unilever

Finance

Netherlands

BV

1

.125

02/12/27

503

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

24,266

INSURANCE

-

1.4%

825,000

(b)

Alliant

Holdings

Intermediate

LLC

4

.250

10/15/27

787

6,800,000

(b)

Allianz

SE

6

.350

09/06/53

7,086

4,925,000

Aon

Corp

2

.800

05/15/30

4,388

3,900,000

Aon

Corp

5

.350

02/28/33

3,883

3,025,000

Arthur

J

Gallagher

&

Co

5

.750

03/02/53

2,968

5,250,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

4,928

16,000,000

Berkshire

Hathaway

Finance

Corp

2

.850

10/15/50

10,040

1,400,000

Berkshire

Hathaway

Finance

Corp

3

.850

03/15/52

1,060

EUR

500,000

Chubb

INA

Holdings,

Inc

1

.550

03/15/28

497

EUR

450,000

Chubb

INA

Holdings,

Inc

1

.400

06/15/31

422

EUR

300,000

Credit

Agricole

Assurances

S.A.

1

.500

10/06/31

267

EUR

400,000

Equitable

Financial

Life

Global

Funding

0

.600

06/16/28

383

EUR

250,000

(b)

Fairfax

Financial

Holdings

Ltd

2

.750

03/29/28

256

7,325,000

(b)

Five

Corners

Funding

Trust

II

2

.850

05/15/30

6,548

3,000,000

(b)

Hanwha

Life

Insurance

Co

Ltd

3

.379

02/04/32

2,878

22,408,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

20,409

1,100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

927

2,500,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

1,554

EUR

750,000

Liberty

Mutual

Group,

Inc

2

.750

05/04/26

776

EUR

400,000

(b)

Liberty

Mutual

Group,

Inc

4

.625

12/02/30

439

4,100,000

(b)

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

2,983

1,250,000

MetLife,

Inc

3

.600

11/13/25

1,240

1,750,000

MetLife,

Inc

5

.000

07/15/52

1,581

11,820,000

(d)

MetLife,

Inc

3

.850

N/A

11,604

GBP

200,000

Metropolitan

Life

Global

Funding

I

4

.125

09/02/25

249

8,200,000

(b)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

8,341

GBP

300,000

Pacific

Life

Global

Funding

II

5

.375

11/30/28

380

11,875,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

10,981

5,250,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

4,525

1,450,000

Prudential

Financial,

Inc

3

.905

12/07/47

1,105

6,960,000

Prudential

Financial,

Inc

3

.700

10/01/50

6,192

3,875,000

Prudential

Financial,

Inc

5

.125

03/01/52

3,688

3,950,000

Prudential

Financial,

Inc

6

.500

03/15/54

4,062

10,950,000

Reinsurance

Group

of

America,

Inc

5

.750

09/15/34

11,036

5,600,000

(b)

Swiss

Re

Finance

Luxembourg

S.A.

5

.000

04/02/49

5,554

4,675,000

Verisk

Analytics,

Inc

5

.250

06/05/34

4,618

TOTAL

INSURANCE

148,635

MATERIALS

-

0.8%

7,975,000

Albemarle

Corp

4

.650

06/01/27

7,908

2,600,000

(b)

Alpek

SAB

de

C.V.

3

.250

02/25/31

2,188

Core

Bond

226

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MATERIALS

(continued)

$

852,000

Amcor

Flexibles

North

America,

Inc

3

.100

%

09/15/26

$

825

4,879,000

Amcor

Flexibles

North

America,

Inc

2

.630

06/19/30

4,276

9,400,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

8,078

EUR

400,000

Amcor

UK

Finance

plc

3

.950

05/29/32

422

4,825,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

4,359

2,000,000

(b)

Antofagasta

plc

5

.625

05/13/32

1,979

1,150,000

(b)

Antofagasta

plc

6

.250

05/02/34

1,168

1,875,000

Ball

Corp

2

.875

08/15/30

1,605

14,250,000

Berry

Global,

Inc

1

.570

01/15/26

13,752

2,425,000

Celulosa

Arauco

y

Constitucion

S.A.

3

.875

11/02/27

2,325

3,000,000

(b)

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

2,813

200,000

(b)

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

186

4,200,000

(b)

Corp

Nacional

del

Cobre

de

Chile

3

.625

08/01/27

4,018

1,250,000

(b)

Corp

Nacional

del

Cobre

de

Chile

6

.440

01/26/36

1,274

EUR

500,000

Dow

Chemical

Co

0

.500

03/15/27

492

1,800,000

(b)

Freeport

Indonesia

PT

4

.763

04/14/27

1,775

2,400,000

(b)

Fresnillo

plc

4

.250

10/02/50

1,709

3,600,000

(b)

Inversiones

CMPC

S.A.

3

.000

04/06/31

3,061

3,564,000

(b)

Klabin

Austria

GmbH

5

.750

04/03/29

3,477

3,000,000

(b)

Kraton

Corp

5

.000

07/15/27

3,011

2,800,000

(b)

MEGlobal

BV

2

.625

04/28/28

2,534

1,170,000

(b)

Navoi

Mining

&

Metallurgical

Combinat

6

.700

10/17/28

1,164

6,675,000

Nutrien

Ltd

2

.950

05/13/30

6,005

875,000

(b)

OCP

S.A.

3

.750

06/23/31

754

2,150,000

(b)

OCP

S.A.

6

.750

05/02/34

2,193

EUR

250,000

(b)

OI

European

Group

BV

6

.250

05/15/28

269

EUR

250,000

(b)

Olympus

Water

US

Holding

Corp

3

.875

10/01/28

252

300,000

(b)

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

283

300,000

Sasol

Financing

USA

LLC

5

.500

03/18/31

253

1,800,000

(b),(c)

St.

Marys

Cement,

Inc

Canada

5

.750

04/02/34

1,736

4,300,000

Suzano

Austria

GmbH

3

.125

01/15/32

3,568

200,000

(b)

UltraTech

Cement

Ltd

2

.800

02/16/31

172

TOTAL

MATERIALS

89,884

MEDIA

&

ENTERTAINMENT

-

0.9%

EUR

750,000

(b)

BOI

Finance

BV

7

.500

02/16/27

755

5,000,000

(b)

CCO

Holdings

LLC

4

.250

02/01/31

4,358

10,200,000

Charter

Communications

Operating

LLC

4

.400

04/01/33

9,112

12,800,000

Charter

Communications

Operating

LLC

6

.550

06/01/34

13,093

6,100,000

Charter

Communications

Operating

LLC

3

.500

03/01/42

4,145

4,000,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

3,005

EUR

450,000

Comcast

Corp

0

.250

05/20/27

440

17,000,000

Comcast

Corp

3

.200

07/15/36

13,730

1,925,000

Comcast

Corp

3

.900

03/01/38

1,618

28,050,000

Comcast

Corp

2

.887

11/01/51

16,871

650,000

Lamar

Media

Corp

3

.750

02/15/28

609

1,000,000

Lamar

Media

Corp

4

.000

02/15/30

910

2,675,000

(b)

Sirius

XM

Radio,

Inc

4

.125

07/01/30

2,335

GBP

200,000

Time

Warner

Cable

LLC

5

.750

06/02/31

242

4,400,000

Time

Warner

Cable

LLC

5

.875

11/15/40

3,937

3,450,000

Time

Warner

Cable

LLC

4

.500

09/15/42

2,581

EUR

700,000

(b)

VZ

Secured

Financing

BV

3

.500

01/15/32

670

9,800,000

Warnermedia

Holdings,

Inc

3

.755

03/15/27

9,442

15,775,000

Warnermedia

Holdings,

Inc

5

.141

03/15/52

11,721

2,700,000

(c)

Weibo

Corp

3

.375

07/08/30

2,419

1,413,000

(b)

Ziff

Davis,

Inc

4

.625

10/15/30

1,293

TOTAL

MEDIA

&

ENTERTAINMENT

103,286

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.1%

EUR

500,000

AbbVie,

Inc

2

.125

06/01/29

504

12,850,000

AbbVie,

Inc

4

.950

03/15/31

12,847

9,850,000

AbbVie,

Inc

4

.050

11/21/39

8,415

6,950,000

AbbVie,

Inc

5

.400

03/15/54

6,690

16,075,000

Amgen,

Inc

5

.250

03/02/33

15,956

227

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

$

21,675,000

Amgen,

Inc

5

.650

%

03/02/53

$

20,868

3,795,000

AstraZeneca

Finance

LLC

2

.250

05/28/31

3,232

EUR

500,000

(b)

Avantor

Funding,

Inc

3

.875

07/15/28

516

1,500,000

(b)

Avantor

Funding,

Inc

4

.625

07/15/28

1,432

3,125,000

Danaher

Corp

2

.800

12/10/51

1,928

4,700,000

Eli

Lilly

&

Co

5

.000

02/09/54

4,319

10,600,000

Gilead

Sciences,

Inc

5

.250

10/15/33

10,639

1,900,000

Gilead

Sciences,

Inc

2

.600

10/01/40

1,314

EUR

400,000

Johnson

&

Johnson

3

.200

06/01/32

423

EUR

300,000

MSD

Netherlands

Capital

BV

3

.250

05/30/32

314

EUR

400,000

MSD

Netherlands

Capital

BV

3

.750

05/30/54

407

EUR

600,000

(b)

Organon

Finance   LLC

2

.875

04/30/28

605

250,000

(b),(c)

Organon

Finance   LLC

5

.125

04/30/31

225

31,850,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

29,822

EUR

300,000

Sartorius

Finance

BV

4

.375

09/14/29

325

EUR

500,000

Takeda

Pharmaceutical

Co

Ltd

2

.000

07/09/40

412

EUR

800,000

Thermo

Fisher

Scientific

Finance

I

BV

0

.800

10/18/30

732

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

121,925

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.5%

6,375,000

Broadcom,

Inc

4

.800

10/15/34

6,152

25,131,000

(b)

Broadcom,

Inc

4

.926

05/15/37

23,903

1,675,000

Intel

Corp

3

.734

12/08/47

1,105

8,375,000

NVIDIA

Corp

2

.000

06/15/31

7,116

1,100,000

(b)

NXP

BV

2

.700

05/01/25

1,093

5,450,000

NXP

BV

3

.875

06/18/26

5,375

3,475,000

NXP

BV

4

.400

06/01/27

3,441

4,100,000

NXP

BV

3

.125

02/15/42

2,854

2,200,000

Texas

Instruments,

Inc

4

.150

05/15/48

1,787

4,000,000

(b)

TSMC

Global

Ltd

1

.000

09/28/27

3,623

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

56,449

SOFTWARE

&

SERVICES

-

0.8%

4,175,000

Accenture

Capital,

Inc

4

.500

10/04/34

3,968

7,350,000

Adobe,

Inc

2

.300

02/01/30

6,537

200,000

(b)

CA

Magnum

Holdings

5

.375

10/31/26

195

EUR

400,000

International

Business

Machines

Corp

0

.650

02/11/32

350

26,300,000

Microsoft

Corp

2

.400

08/08/26

25,511

2,200,000

Microsoft

Corp

3

.400

09/15/26

2,166

4,120,000

Microsoft

Corp

2

.525

06/01/50

2,535

550,000

(b)

Open

Text

Holdings,

Inc

4

.125

02/15/30

499

8,025,000

Oracle

Corp

4

.900

02/06/33

7,813

17,650,000

Oracle

Corp

5

.375

09/27/54

16,268

3,000,000

Roper

Technologies,

Inc

1

.400

09/15/27

2,748

10,050,000

Roper

Technologies,

Inc

2

.000

06/30/30

8,567

9,650,000

Salesforce,

Inc

2

.700

07/15/41

6,798

TOTAL

SOFTWARE

&

SERVICES

83,955

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

4,325,000

Amphenol

Corp

2

.800

02/15/30

3,912

4,825,000

Apple,

Inc

2

.450

08/04/26

4,680

26,100,000

Apple,

Inc

2

.050

09/11/26

25,106

3,225,000

Apple,

Inc

4

.650

02/23/46

2,948

4,675,000

Apple,

Inc

2

.650

02/08/51

2,884

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

39,530

TELECOMMUNICATION

SERVICES

-

2.0%

GBP

300,000

AT&T,

Inc

2

.900

12/04/26

362

EUR

500,000

AT&T,

Inc

2

.350

09/05/29

504

42,943,000

AT&T,

Inc

2

.550

12/01/33

34,592

8,325,000

AT&T,

Inc

4

.500

05/15/35

7,700

EUR

400,000

AT&T,

Inc

3

.150

09/04/36

393

46,670,000

AT&T,

Inc

3

.550

09/15/55

31,390

6,553,000

AT&T,

Inc

3

.800

12/01/57

4,521

225,000

(b)

Bharti

Airtel

Ltd

3

.250

06/03/31

199

1,806,000

(b)

C&W

Senior

Financing

Designated

Activity

Co

6

.875

09/15/27

1,785

Core

Bond

228

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

TELECOMMUNICATION

SERVICES

(continued)

$

850,000

Deutsche

Telekom

International

Finance

BV

8

.750

%

06/15/30

$

988

1,375,000

(b)

Millicom

International

Cellular

S.A.

4

.500

04/27/31

1,205

2,750,000

(b),(c)

Millicom

International

Cellular

S.A.

7

.375

04/02/32

2,754

2,000,000

(b)

MTN

Mauritius

Investment

Ltd

6

.500

10/13/26

2,015

2,425,000

Orange

S.A.

5

.375

01/13/42

2,325

295,000

(b)

Sable

International

Finance

Ltd

7

.125

10/15/32

289

2,375,000

(b)

Sitios

Latinoamerica

SAB

de

C.V.

6

.000

11/25/29

2,361

5,300,000

(b)

Sitios

Latinoamerica

SAB

de

C.V.

5

.375

04/04/32

4,973

900,000

(b)

Telecomunicaciones

Digitales

S.A.

4

.500

01/30/30

818

22,975,000

T-Mobile

USA,

Inc

2

.625

02/15/29

20,884

30,200,000

T-Mobile

USA,

Inc

3

.875

04/15/30

28,418

8,800,000

T-Mobile

USA,

Inc

5

.050

07/15/33

8,617

2,225,000

T-Mobile

USA,

Inc

3

.000

02/15/41

1,587

7,800,000

T-Mobile

USA,

Inc

3

.300

02/15/51

5,144

EUR

400,000

Verizon

Communications,

Inc

1

.875

10/26/29

395

EUR

200,000

Verizon

Communications,

Inc

4

.250

10/31/30

219

10,300,000

Verizon

Communications,

Inc

1

.750

01/20/31

8,488

8,450,000

Verizon

Communications,

Inc

2

.550

03/21/31

7,277

38,051,000

Verizon

Communications,

Inc

2

.355

03/15/32

31,556

EUR

300,000

Verizon

Communications,

Inc

2

.875

01/15/38

285

GBP

1,000,000

(b)

Vmed

O2

UK

Financing

I

plc

4

.500

07/15/31

1,067

5,125,000

Vodafone

Group

plc

4

.250

09/17/50

3,976

TOTAL

TELECOMMUNICATION

SERVICES

217,087

TRANSPORTATION

-

0.2%

1,850,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.000

07/30/27

1,667

2,000,000

(b),(c)

Adani

Ports

&

Special

Economic

Zone

Ltd

4

.200

08/04/27

1,807

2,700,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

2,045

1,450,000

(b)

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

1,083

4,075,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

2,675

1,300,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

1,129

5,600,000

Canadian

Pacific

Railway

Co

3

.100

12/02/51

3,639

3,800,000

(b)

ENA

Master

Trust

4

.000

05/19/48

2,805

2,260,000

(b)

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,198

5,100,000

Union

Pacific

Corp

2

.891

04/06/36

4,113

2,275,000

Union

Pacific

Corp

3

.839

03/20/60

1,626

TOTAL

TRANSPORTATION

24,787

UTILITIES

-

3.0%

1,950,000

(b)

Adani

Electricity

Mumbai

Ltd

3

.867

07/22/31

1,492

1,650,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

1,603

1,650,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

1,298

4,750,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

2,853

1,175,000

AEP

Transmission

Co

LLC

5

.400

03/15/53

1,120

3,475,000

Alabama

Power

Co

4

.150

08/15/44

2,856

6,025,000

Alabama

Power

Co

3

.450

10/01/49

4,252

3,964,158

(b)

Alfa

Desarrollo

S.p.A

4

.550

09/27/51

2,922

17,400,000

Ameren

Illinois

Co

4

.950

06/01/33

17,077

2,750,000

American

Water

Capital

Corp

3

.000

12/01/26

2,657

4,000,000

American

Water

Capital

Corp

2

.800

05/01/30

3,592

8,500,000

American

Water

Capital

Corp

2

.300

06/01/31

7,177

2,375,000

American

Water

Capital

Corp

4

.000

12/01/46

1,853

4,500,000

American

Water

Capital

Corp

3

.750

09/01/47

3,336

5,788,000

Appalachian

Power

Co

4

.450

06/01/45

4,675

8,475,000

Atmos

Energy

Corp

1

.500

01/15/31

6,951

1,175,000

Atmos

Energy

Corp

4

.125

10/15/44

957

8,875,000

Atmos

Energy

Corp

5

.000

12/15/54

7,994

6,500,000

Baltimore

Gas

and

Electric

Co

3

.750

08/15/47

4,844

5,925,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

5,640

1,075,000

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

933

EUR

350,000

CEZ

AS.

0

.875

12/02/26

348

1,875,000

(b)

Chile

Electricity

Lux

Mpc

II

Sarl

5

.580

10/20/35

1,822

2,975,000

CMS

Energy

Corp

3

.600

11/15/25

2,951

1,475,000

(b)

Comision

Federal

de

Electricidad

5

.700

01/24/30

1,416

229

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

UTILITIES

(continued)

$

200,000

(b)

Comision

Federal

de

Electricidad

6

.450

%

01/24/35

$

189

8,250,000

Commonwealth

Edison

Co

3

.000

03/01/50

5,319

6,600,000

Commonwealth

Edison

Co

2

.750

09/01/51

3,887

12,000,000

Consolidated

Edison

Co

of

New

York,

Inc

5

.500

03/15/55

11,533

2,178,000

Consumers

Energy

Co

2

.650

08/15/52

1,313

2,350,000

Dominion

Energy,

Inc

2

.250

08/15/31

1,956

4,000,000

Dominion

Energy,

Inc

3

.300

04/15/41

2,946

2,500,000

DTE

Electric

Co

3

.650

03/01/52

1,829

4,125,000

DTE

Electric

Co

5

.400

04/01/53

4,000

EUR

500,000

Duke

Energy

Corp

3

.100

06/15/28

519

EUR

400,000

Duke

Energy

Corp

3

.750

04/01/31

421

3,650,000

Duke

Energy

Corp

6

.450

09/01/54

3,694

4,600,000

Duke

Energy

Florida

LLC

3

.400

10/01/46

3,258

8,850,000

Duke

Energy

Indiana

LLC

2

.750

04/01/50

5,345

6,100,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

3,529

EUR

500,000

EDP

Finance

BV

3

.875

03/11/30

535

EUR

300,000

Electricite

de

France

S.A.

2

.000

10/02/30

292

3,445,000

(b)

Empresas

Publicas

de

Medellin

ESP

4

.250

07/18/29

3,070

1,300,000

(b)

EnfraGen

Energia

Sur

S.A.

5

.375

12/30/30

1,108

5,600,000

Entergy

Corp

0

.900

09/15/25

5,446

10,600,000

Enterprise

Products

Operating

LLC

3

.700

01/31/51

7,595

2,250,000

(b)

FIEMEX

Energia-Banco

Actinver

S.A.

Institucion

de

Banca

Multiple

7

.250

01/31/41

2,203

8,200,000

Florida

Power

&

Light

Co

4

.800

05/15/33

7,977

5,775,000

Florida

Power

&

Light

Co

3

.990

03/01/49

4,514

2,900,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

2,152

4,525,000

(b)

Israel

Electric

Corp

Ltd

4

.250

08/14/28

4,331

3,200,000

(b)

Korea

Southern

Power

Co

Ltd

0

.750

01/27/26

3,061

6,975,000

MidAmerican

Energy

Co

3

.650

04/15/29

6,652

5,400,000

MidAmerican

Energy

Co

3

.650

08/01/48

4,002

7,350,000

Nevada

Power

Co

2

.400

05/01/30

6,464

3,335,000

Nevada

Power

Co

5

.450

05/15/41

3,219

5,200,000

NextEra

Energy

Capital

Holdings,

Inc

6

.750

06/15/54

5,327

2,000,000

(b)

Niagara

Energy

SAC

5

.746

10/03/34

1,939

20,060,000

NiSource,

Inc

1

.700

02/15/31

16,403

6,000,000

(b)

NRG

Energy,

Inc

2

.450

12/02/27

5,571

2,750,000

Ohio

Power

Co

2

.600

04/01/30

2,435

6,150,000

Ohio

Power

Co

4

.150

04/01/48

4,717

4,925,000

Ohio

Power

Co

4

.000

06/01/49

3,691

1,280,000

Oncor

Electric

Delivery

Co

LLC

5

.250

09/30/40

1,243

600,000

(b)

Pattern

Energy

Operations

LP

4

.500

08/15/28

563

2,775,000

PECO

Energy

Co

3

.000

09/15/49

1,809

3,700,000

PECO

Energy

Co

2

.800

06/15/50

2,306

650,000

(b)

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

609

3,000,000

(b)

Perusahaan

Listrik

Negara

PT

3

.375

02/05/30

2,727

200,000

(b)

Perusahaan

Listrik

Negara

PT

4

.875

07/17/49

161

5,000,000

(b)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

4

.000

06/30/50

3,466

750,000

Potomac

Electric

Power

Co

7

.900

12/15/38

922

2,100,000

Public

Service

Co

of

Colorado

4

.050

09/15/49

1,605

4,450,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

2,955

5,150,000

Public

Service

Electric

and

Gas

Co

4

.900

12/15/32

5,102

6,970,000

Public

Service

Electric

and

Gas

Co

3

.150

01/01/50

4,688

5,000,000

Public

Service

Electric

and

Gas

Co

5

.450

03/01/54

4,842

20,000,000

Southern

Co

4

.000

01/15/51

19,599

8,475,000

Southern

Co

Gas

Capital

Corp

3

.875

11/15/25

8,397

EUR

500,000

Southern

Power

Co

1

.850

06/20/26

512

2,440,000

(c)

Southwestern

Public

Service

Co

3

.400

08/15/46

1,700

3,964,422

(b)

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

3,221

6,700,000

Union

Electric

Co

5

.450

03/15/53

6,415

2,775,000

Union

Electric

Co

5

.125

03/15/55

2,541

3,250,000

Virginia

Electric

and

Power

Co

2

.950

11/15/26

3,153

1,900,000

Virginia

Electric

and

Power

Co

5

.700

08/15/53

1,874

2,200,000

Virginia

Electric

and

Power

Co

5

.550

08/15/54

2,126

Core

Bond

230

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

UTILITIES

(continued)

$

3,000,000

Wisconsin

Power

and

Light

Co

4

.950

%

04/01/33

$

2,912

4,125,000

Wisconsin

Power

and

Light

Co

4

.100

10/15/44

3,253

2,240,000

Xcel

Energy,

Inc

4

.800

09/15/41

1,928

TOTAL

UTILITIES

335,690

TOTAL

CORPORATE

BONDS

(Cost

$3,554,175)

3,259,406

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

GOVERNMENT

BONDS

-

51.7%

AGENCY

SECURITIES

-

0.3%

2,426,253

Canal

Barge

Co,

Inc

4

.500

11/12/34

2,334

46

Export-Import

Bank

of

the

United

States

1

.822

05/03/25

0

^

25,000,000

Federal

Home

Loan

Mortgage

Corp

1

.540

08/17/35

17,889

9,000,000

Federal

National

Mortgage

Association

1

.625

08/24/35

6,500

TOTAL

AGENCY

SECURITIES

26,723

FOREIGN

GOVERNMENT

BONDS

-

3.2%

750,000

(b)

Africa

Finance

Corp

2

.875

04/28/28

686

3,925,000

(b)

Angolan

Government

International

Bond

8

.750

04/14/32

3,469

INR

41,700,000

Asian

Infrastructure

Investment

Bank

6

.000

12/08/31

448

AUD

1,250,000

Australia

Government

Bond

1

.000

12/21/30

648

AUD

1,775,000

Australia

Government

Bond

1

.250

05/21/32

891

200,000

(b)

Bank

Gospodarstwa

Krajowego

6

.250

10/31/28

208

3,815,000

(b)

Bank

Gospodarstwa

Krajowego

5

.375

05/22/33

3,724

EUR

925,000

Bank

Gospodarstwa

Krajowego

4

.375

03/13/39

969

7,000,000

(b)

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

6,320

EUR

3,650,000

(b)

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

3,159

EUR

850,000

(b)

Benin

Government

International

Bond

4

.950

01/22/35

743

8,000,000

(b)

BNG

Bank

NV

0

.875

05/18/26

7,623

BRL

3,750,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/31

483

500,000

Brazilian

Government

International

Bond

6

.125

01/22/32

478

3,410,000

Brazilian

Government

International

Bond

6

.000

10/20/33

3,183

EUR

545,000

Bundesobligation

0

.000

10/10/25

555

EUR

6,450,000

Bundesrepublik

Deutschland

0

.000

08/15/31

5,800

EUR

380,000

Bundesrepublik

Deutschland

0

.000

02/15/32

337

EUR

1,400,000

Bundesrepublik

Deutschland

2

.300

02/15/33

1,452

EUR

3,700,000

Bundesrepublik

Deutschland

1

.000

05/15/38

3,162

EUR

135,000

Bundesrepublik

Deutschland

1

.250

08/15/48

107

EUR

2,465,000

Bundesrepublik

Deutschland

0

.000

08/15/52

1,271

EUR

750,000

Bundesschatzanweisungen

2

.500

03/19/26

780

CAD

1,400,000

(b)

Canada

Housing

Trust

No

1

.100

12/15/26

940

CAD

1,525,000

(b)

Canada

Housing

Trust

No

3

.550

09/15/32

1,072

CAD

875,000

Canadian

Government

International

Bond

3

.500

08/01/25

610

CAD

1,475,000

Canadian

Government

International

Bond

2

.000

06/01/28

997

CAD

850,000

Canadian

Government

International

Bond

2

.000

06/01/32

547

2,000,000

Chile

Government

International

Bond

4

.850

01/22/29

1,978

EUR

700,000

Chile

Government

International

Bond

3

.875

07/09/31

734

1,250,000

Chile

Government

International

Bond

2

.550

01/27/32

1,046

2,400,000

Chile

Government

International

Bond

3

.500

01/31/34

2,064

CNY

47,400,000

China

Government

Bond

3

.120

12/05/26

6,751

CNY

9,000,000

China

Government

Bond

2

.040

02/25/27

1,257

CNY

20,200,000

China

Government

Bond

2

.500

07/25/27

2,853

CNY

16,100,000

China

Government

Bond

3

.270

11/19/30

2,428

CNY

18,900,000

China

Government

Bond

3

.860

07/22/49

3,495

CNY

10,000,000

China

Government

Bond

3

.390

03/16/50

1,728

CNY

4,700,000

China

Government

Bond

3

.810

09/14/50

879

CNY

4,700,000

China

Government

Bond

3

.720

04/12/51

862

2,075,000

Colombia

Government

International

Bond

3

.250

04/22/32

1,588

1,300,000

Colombia

Government

International

Bond

8

.000

11/14/35

1,307

1,700,000

Colombia

Government

International

Bond

5

.000

06/15/45

1,146

COP

3,300,000,000

Colombian

TES

7

.750

09/18/30

650

275,000

(b)

Costa

Rica

Government

International

Bond

6

.550

04/03/34

279

2,200,000

(b)

Costa

Rica

Government

International

Bond

5

.625

04/30/43

1,961

231

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FOREIGN

GOVERNMENT

BONDS

(continued)

DOP

29,000,000

(b)

Dominican

Republic

Central

Bank

Notes

13

.000

%

12/05/25

$

481

$

800,000

(b)

Dominican

Republic

Government

International

Bond

7

.050

02/03/31

819

1,575,000

(b)

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

1,405

DOP

8,500,000

(b)

Dominican

Republic

Government

International

Bond

11

.250

09/15/35

152

3,050,000

(b)

Dominican

Republic

Government

International

Bond

5

.875

01/30/60

2,577

141,600

(b)

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

98

99,120

(b)

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

56

28,000

(b)

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/40

14

1,500,000

(b)

Egypt

Government

International

Bond

5

.800

09/30/27

1,404

325,000

(b)

Egypt

Government

International

Bond

7

.053

01/15/32

279

2,700,000

(b)

Egypt

Government

International

Bond

8

.500

01/31/47

2,095

1,425,000

Emirate

of

Dubai

Government

International

Bonds

3

.900

09/09/50

1,031

3,500,000

European

Investment

Bank

4

.875

02/15/36

3,526

2,000,000

(b)

Export-Import

Bank

of

India

3

.875

02/01/28

1,932

2,000,000

(b)

Export-Import

Bank

of

India

2

.250

01/13/31

1,687

3,350,000

Export-Import

Bank

of

Korea

1

.250

09/21/30

2,754

EUR

1,325,000

(b)

French

Republic

Government

Bond

OAT

0

.750

11/25/28

1,281

EUR

290,000

(b)

French

Republic

Government

Bond

OAT

4

.750

04/25/35

340

EUR

1,525,000

French

Republic

Government

Bond

OAT

1

.250

05/25/36

1,278

EUR

2,225,000

(b)

French

Republic

Government

Bond

OAT

0

.500

05/25/40

1,495

EUR

860,000

(b)

French

Republic

Government

Bond

OAT

0

.750

05/25/52

450

EUR

960,000

(b)

French

Republic

Government

Bond

OAT

0

.750

05/25/53

491

106,400

(b),(e)

Ghana

Government

International

Bond

0

.000

07/03/26

99

804,650

(b),(e)

Ghana

Government

International

Bond

5

.000

07/03/29

694

180,693

(b),(e)

Ghana

Government

International

Bond

0

.000

01/03/30

140

1,157,100

(b),(e)

Ghana

Government

International

Bond

5

.000

07/03/35

813

450,000

(b)

Guatemala

Government

International

Bond

4

.375

06/05/27

433

500,000

(b)

Guatemala

Government

International

Bond

4

.650

10/07/41

383

EUR

1,250,000

(b)

Hellenic

Republic

Government

International

Bond

1

.500

06/18/30

1,215

EUR

725,000

(b)

Hellenic

Republic

Government

International

Bond

0

.750

06/18/31

658

EUR

975,000

(b)

Hellenic

Republic

Government

International

Bond

3

.375

06/15/34

1,023

EUR

750,000

(b)

Hellenic

Republic

Government

International

Bond

4

.375

07/18/38

844

EUR

390,000

(b)

Hellenic

Republic

Government

International

Bond

4

.125

06/15/54

419

2,350,000

(b)

Honduras

Government

International

Bond

8

.625

11/27/34

2,335

HUF

370,000,000

Hungary

Government

Bond

4

.500

03/23/28

880

1,565,000

(b)

Hungary

Government

International

Bond

6

.125

05/22/28

1,591

1,725,000

(b)

Hungary

Government

International

Bond

5

.250

06/16/29

1,696

1,150,000

(b)

Hungary

Government

International

Bond

2

.125

09/22/31

912

EUR

600,000

Hungary

Government

International

Bond

1

.750

06/05/35

490

CAD

1,475,000

Hydro-Quebec

5

.000

02/15/45

1,126

3,625,000

(b)

Indonesia

Government

International

Bond

4

.625

04/15/43

3,232

IDR

16,800,000,000

Indonesia

Treasury

Bond

7

.125

06/15/43

1,043

AUD

900,000

Inter-American

Development

Bank

2

.750

10/30/25

550

INR

17,000,000

Inter-American

Development

Bank

7

.000

04/17/33

197

CAD

1,300,000

International

Bank

for

Reconstruction

&

Development

1

.900

01/16/25

904

INR

56,000,000

International

Bank

for

Reconstruction

&

Development

5

.500

01/21/27

632

IDR

20,900,000,000

International

Bank

for

Reconstruction

&

Development

6

.250

01/12/28

1,281

GBP

500,000

International

Finance

Corp

0

.250

12/15/25

601

896,875

(b)

Iraq

Government

International

Bond

5

.800

01/15/28

873

EUR

350,000

Ireland

Government

Bond

0

.000

10/18/31

307

EUR

725,000

Ireland

Government

Bond

2

.600

10/18/34

746

EUR

400,000

Ireland

Government

Bond

1

.700

05/15/37

367

EUR

400,000

Ireland

Government

Bond

3

.000

10/18/43

420

EUR

425,000

Ireland

Government

Bond

1

.500

05/15/50

328

1,750,000

Israel

Government

International

Bond

5

.375

03/12/29

1,745

3,100,000

Israel

Government

International

Bond

3

.375

01/15/50

2,010

EUR

4,315,000

Italy

Buoni

Poliennali

Del

Tesoro

0

.450

02/15/29

4,081

EUR

1,875,000

Italy

Buoni

Poliennali

Del

Tesoro

0

.950

08/01/30

1,743

EUR

675,000

Italy

Buoni

Poliennali

Del

Tesoro

4

.000

10/30/31

739

EUR

475,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

3

.150

11/15/31

491

EUR

785,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

5

.000

08/01/39

923

EUR

875,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

4

.450

09/01/43

962

Core

Bond

232

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FOREIGN

GOVERNMENT

BONDS

(continued)

EUR

425,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

1

.700

%

09/01/51

$

281

EUR

225,000

(b)

Italy

Buoni

Poliennali

Del

Tesoro

4

.300

10/01/54

238

EUR

1,000,000

(b)

Ivory

Coast

Government

International

Bond

5

.875

10/17/31

969

EUR

100,000

(b)

Ivory

Coast

Government

International

Bond

4

.875

01/30/32

91

$

1,400,000

(b)

Ivory

Coast

Government

International

Bond

8

.250

01/30/37

1,360

1,096,973

(b)

Ivory

Coast

Government

International

Bond

(Step

Bond)

5

.750

12/31/32

1,038

2,850,000

Jamaica

Government

International

Bond

7

.875

07/28/45

3,292

2,500,000

(b)

Japan

Finance

Organization

for

Municipalities

1

.000

05/21/25

2,467

JPY

140,000,000

Japan

Finance

Organization

for

Municipalities

0

.020

03/13/26

884

JPY

498,000,000

Japan

Government

Five

Year

Bond

0

.005

09/20/26

3,135

JPY

445,000,000

Japan

Government

Five

Year

Bond

0

.300

09/20/28

2,790

JPY

191,000,000

Japan

Government

Five

Year

Bond

0

.500

03/20/29

1,203

JPY

258,000,000

Japan

Government

Forty

Year

Bond

0

.700

03/20/61

966

JPY

239,000,000

Japan

Government

Forty

Year

Bond

1

.300

03/20/63

1,072

JPY

475,000,000

Japan

Government

Ten

Year

Bond

0

.100

09/20/26

2,995

JPY

162,000,000

Japan

Government

Ten

Year

Bond

0

.100

12/20/29

997

JPY

603,600,000

Japan

Government

Ten

Year

Bond

0

.100

12/20/30

3,686

JPY

351,000,000

(e)

Japan

Government

Ten

Year

Bond

0

.900

09/20/34

2,190

JPY

225,000,000

Japan

Government

Thirty

Year

Bond

0

.500

09/20/46

1,059

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

0

.600

09/20/50

467

JPY

132,000,000

Japan

Government

Thirty

Year

Bond

0

.700

09/20/51

589

JPY

118,500,000

Japan

Government

Thirty

Year

Bond

1

.300

06/20/52

614

JPY

105,000,000

Japan

Government

Thirty

Year

Bond

2

.200

06/20/54

659

JPY

116,000,000

(e)

Japan

Government

Thirty

Year

Bond

2

.100

09/20/54

712

JPY

202,000,000

Japan

Government

Twenty

Year

Bond

1

.400

09/20/34

1,320

JPY

93,000,000

Japan

Government

Twenty

Year

Bond

0

.600

12/20/36

545

JPY

153,000,000

Japan

Government

Twenty

Year

Bond

0

.300

06/20/39

819

JPY

385,000,000

Japan

Government

Twenty

Year

Bond

1

.100

09/20/42

2,200

JPY

142,000,000

Japan

Government

Twenty

Year

Bond

1

.600

03/20/44

865

1,000,000

(b)

Jordan

Government

International

Bond

7

.500

01/13/29

994

1,025,000

(b)

Jordan

Government

International

Bond

5

.850

07/07/30

937

KZT

230,000,000

Kazakhstan

Government

Bond-MEOKAM

13

.850

06/24/25

442

KZT

123,000,000

Kazakhstan

Government

Bond-MEUKAM

7

.200

05/27/25

230

550,000

(b)

Kenya

Government

International

Bond

7

.000

05/22/27

541

2,000,000

(b)

Kenya

Government

International

Bond

9

.750

02/16/31

1,975

EUR

2,900,000

(b)

Kingdom

of

Belgium

Government

Bond

0

.350

06/22/32

2,512

EUR

3,950,000

(b)

Kingdom

of

Belgium

Government

Bond

1

.450

06/22/37

3,377

3,000,000

(b)

Kommunalbanken

AS.

1

.125

06/14/30

2,505

KRW

1,800,000,000

Korea

Treasury

Bond

1

.500

12/10/26

1,195

KRW

2,660,000,000

Korea

Treasury

Bond

1

.375

12/10/29

1,680

KRW

2,400,000,000

Korea

Treasury

Bond

2

.000

06/10/31

1,537

KRW

1,225,000,000

Korea

Treasury

Bond

2

.375

12/10/31

800

KRW

2,380,000,000

Korea

Treasury

Bond

2

.375

09/10/38

1,520

KRW

400,000,000

Korea

Treasury

Bond

1

.875

09/10/41

236

KRW

365,000,000

Korea

Treasury

Bond

2

.500

03/10/52

233

1,750,000

(f)

Lebanon

Government

International

Bond

6

.750

11/29/27

224

MYR

2,610,000

Malaysia

Government

Bond

4

.457

03/31/53

608

MXN

24,700,000

Mexican

Bonos

8

.500

11/18/38

1,009

1,675,000

Mexico

Government

International

Bond

5

.400

02/09/28

1,657

3,375,000

(c)

Mexico

Government

International

Bond

3

.250

04/16/30

2,936

3,001,000

Mexico

Government

International

Bond

6

.050

01/11/40

2,775

6,650,000

Mexico

Government

International

Bond

4

.280

08/14/41

4,877

3,500,000

Mexico

Government

International

Bond

4

.600

02/10/48

2,506

5,075,000

Mexico

Government

International

Bond

4

.400

02/12/52

3,427

1,500,000

Mexico

Government

International

Bond

6

.400

05/07/54

1,343

320,000

(b)

Morocco

Government

International

Bond

2

.375

12/15/27

292

4,050,000

(b)

Morocco

Government

International

Bond

5

.500

12/11/42

3,595

1,675,000

(b)

Namibia

Government

International

Bond

5

.250

10/29/25

1,655

EUR

1,125,000

Netherlands

Government

International

Bond

2

.500

07/15/34

1,155

AUD

500,000

New

South

Wales

Treasury

Corp

4

.000

05/20/26

309

AUD

2,690,000

New

South

Wales

Treasury

Corp

3

.000

04/20/29

1,585

NZD

1,175,000

New

Zealand

Government

International

Bond

2

.750

04/15/25

655

233

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FOREIGN

GOVERNMENT

BONDS

(continued)

NZD

2,650,000

New

Zealand

Government

International

Bond

3

.500

%

04/14/33

$

1,393

$

1,500,000

(b)

Nigeria

Government

International

Bond

10

.375

12/09/34

1,532

1,000,000

(b)

Oman

Government

International

Bond

5

.375

03/08/27

995

1,100,000

(b)

Oman

Government

International

Bond

6

.000

08/01/29

1,113

3,575,000

(b)

OPEC

Fund

for

International

Development

4

.500

01/26/26

3,564

500,000

Oriental

Republic

of

Uruguay

5

.250

09/10/60

455

5,400,000

Panama

Bonos

del

Tesoro

3

.362

06/30/31

4,328

1,100,000

Panama

Government

International

Bond

6

.700

01/26/36

1,019

500,000

Panama

Government

International

Bond

8

.000

03/01/38

501

2,025,000

Panama

Government

International

Bond

4

.300

04/29/53

1,184

750,000

(b)

Paraguay

Government

International

Bond

6

.000

02/09/36

743

1,000,000

(b)

Paraguay

Government

International

Bond

6

.100

08/11/44

943

1,100,000

(b)

Perusahaan

Penerbit

SBSN

Indonesia

III

4

.700

06/06/32

1,063

3,000,000

(c)

Peruvian

Government

International

Bond

1

.862

12/01/32

2,267

1,970,000

Peruvian

Government

International

Bond

3

.000

01/15/34

1,581

PEN

3,515,000

(b)

Peruvian

Government

International

Bond

5

.400

08/12/34

852

165,000

Peruvian

Government

International

Bond

5

.375

02/08/35

158

1,250,000

Peruvian

Government

International

Bond

5

.875

08/08/54

1,191

6,170,000

Philippine

Government

International

Bond

4

.200

03/29/47

4,964

CAD

875,000

Province

of

Ontario

Canada

2

.150

06/02/31

565

CAD

875,000

Province

of

Ontario

Canada

1

.900

12/02/51

387

CAD

650,000

Province

of

Quebec

Canada

2

.750

09/01/27

449

6,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

6,722

2,050,000

(b)

Qatar

Government

International

Bond

3

.750

04/16/30

1,948

EUR

950,000

Republic

of

Bulgaria

3

.125

03/26/35

961

EUR

425,000

(b)

Republic

of

Cameroon

International

Bond

5

.950

07/07/32

355

7,000,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

4,969

PLN

5,650,000

Republic

of

Poland

Government

International

Bond

5

.750

04/25/29

1,377

1,425,000

Republic

of

Poland

Government

International

Bond

5

.750

11/16/32

1,454

PLN

3,700,000

Republic

of

Poland

Government

International

Bond

6

.000

10/25/33

906

550,000

Republic

of

Poland

Government

International

Bond

5

.125

09/18/34

533

2,795,000

Republic

of

Poland

Government

International

Bond

5

.500

04/04/53

2,582

ZAR

18,725,000

Republic

of

South

Africa

Government

International

Bond

8

.875

02/28/35

903

2,925,000

(b)

Republic

of

South

Africa

Government

International

Bond

7

.100

11/19/36

2,851

2,800,000

Republic

of

South

Africa

Government

International

Bond

5

.375

07/24/44

2,099

350,000

Republic

of

South

Africa

Government

International

Bond

7

.300

04/20/52

317

UZS

5,990,000,000

(b)

Republic

of

Uzbekistan

International

Bond

16

.625

05/29/27

471

1,485,000

(b)

Republic

of

Uzbekistan

International

Bond

7

.850

10/12/28

1,533

675,000

(b)

Republic

of

Uzbekistan

International

Bond

3

.700

11/25/30

562

RON

5,655,000

Romanian

Government

International

Bond

8

.000

04/29/30

1,210

1,850,000

(b)

Romanian

Government

International

Bond

3

.000

02/14/31

1,495

EUR

600,000

(b)

Romanian

Government

International

Bond

2

.000

01/28/32

493

EUR

500,000

(b)

Romanian

Government

International

Bond

2

.000

04/14/33

392

3,300,000

(b)

Romanian

Government

International

Bond

4

.000

02/14/51

2,077

3,125,000

(b)

Rwanda

International

Government

Bond

5

.500

08/09/31

2,628

5,650,000

(b)

Saudi

Government

International

Bond

3

.750

01/21/55

3,748

EUR

325,000

(b)

Senegal

Government

International

Bond

4

.750

03/13/28

309

EUR

425,000

(b)

Senegal

Government

International

Bond

5

.375

06/08/37

311

1,000,000

(b)

Senegal

Government

International

Bond

6

.750

03/13/48

677

EUR

1,250,000

(b)

Serbia

Government

International

Bond

1

.500

06/26/29

1,166

3,450,000

(b)

Serbia

Government

International

Bond

2

.125

12/01/30

2,802

EUR

525,000

(b)

Serbia

Government

International

Bond

1

.650

03/03/33

435

760,000

(b)

Serbia

Government

International

Bond

6

.500

09/26/33

780

RSD

90,000,000

Serbia

Treasury

Bonds

7

.000

10/26/31

895

RSD

31,700,000

Serbia

Treasury

Bonds

4

.500

08/20/32

272

EUR

700,000

(b)

Spain

Government

Bond

5

.150

10/31/44

887

EUR

845,000

(b)

Spain

Government

International

Bond

1

.400

07/30/28

845

EUR

1,475,000

(b)

Spain

Government

International

Bond

0

.600

10/31/29

1,394

EUR

900,000

(b)

Spain

Government

International

Bond

3

.250

04/30/34

948

EUR

475,000

(b)

Spain

Government

International

Bond

3

.900

07/30/39

520

EUR

2,350,000

(b)

Spain

Government

International

Bond

1

.200

10/31/40

1,776

EUR

1,000,000

(b)

Spain

Government

International

Bond

1

.900

10/31/52

723

Core

Bond

234

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FOREIGN

GOVERNMENT

BONDS

(continued)

THB

9,000,000

Thailand

Government

International

Bond

1

.585

%

12/17/35

$

245

THB

24,400,000

Thailand

Government

International

Bond

3

.300

06/17/38

779

AUD

545,000

Treasury

Corp

of

Victoria

2

.500

10/22/29

310

AUD

2,850,000

Treasury

Corp

of

Victoria

2

.250

11/20/34

1,361

TRY

30,000,000

Turkiye

Government

International

Bond

12

.600

10/01/25

710

EUR

750,000

Turkiye

Government

International

Bond

5

.875

05/21/30

813

$

1,850,000

Turkiye

Government

International

Bond

7

.625

05/15/34

1,879

1,900,000

Turkiye

Government

International

Bond

6

.500

01/03/35

1,776

28,006

(b)

Ukraine

Government

International

Bond

0

.000

02/01/30

15

104,654

(b)

Ukraine

Government

International

Bond

0

.000

02/01/34

43

230,715

(b)

Ukraine

Government

International

Bond

1

.750

02/01/34

129

88,440

(b)

Ukraine

Government

International

Bond

0

.000

02/01/35

52

205,080

(b)

Ukraine

Government

International

Bond

1

.750

02/01/35

113

73,700

(b)

Ukraine

Government

International

Bond

0

.000

02/01/36

43

76,905

(b)

Ukraine

Government

International

Bond

1

.750

02/01/36

42

GBP

485,000

United

Kingdom

Gilt

0

.125

01/31/28

538

GBP

1,220,000

United

Kingdom

Gilt

1

.625

10/22/28

1,392

GBP

425,000

United

Kingdom

Gilt

0

.500

01/31/29

459

GBP

790,000

United

Kingdom

Gilt

4

.000

10/22/31

964

GBP

440,000

United

Kingdom

Gilt

3

.250

01/31/33

505

GBP

550,000

United

Kingdom

Gilt

0

.875

07/31/33

512

GBP

760,000

United

Kingdom

Gilt

4

.625

01/31/34

955

GBP

1,785,000

United

Kingdom

Gilt

4

.250

07/31/34

2,179

GBP

2,665,000

United

Kingdom

Gilt

1

.750

09/07/37

2,391

GBP

900,000

United

Kingdom

Gilt

3

.750

01/29/38

1,013

GBP

275,000

United

Kingdom

Gilt

1

.250

10/22/41

201

GBP

575,000

United

Kingdom

Gilt

1

.500

07/22/47

377

GBP

800,000

United

Kingdom

Gilt

4

.250

12/07/49

880

GBP

1,875,000

United

Kingdom

Gilt

0

.625

10/22/50

872

GBP

1,475,000

United

Kingdom

Gilt

1

.500

07/31/53

857

3,230,000

Uruguay

Government

International

Bond

4

.375

01/23/31

3,130

UYU

20,300,000

Uruguay

Government

International

Bond

8

.250

05/21/31

430

1,400,000

Uruguay

Government

International

Bond

5

.100

06/18/50

1,284

TOTAL

FOREIGN

GOVERNMENT

BONDS

355,886

MORTGAGE

BACKED

-

25.7%

5,176,000

(a),(b)

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

3,566

6,115,614

(a),(b)

Bayview

Opportunity

Master

Fund

VI

Trust

3

.000

10/25/51

5,071

72,728,689

(a),(b)

Citigroup

Mortgage

Loan

Trust

0

.156

02/25/52

601

8,154,218

(a),(b)

Citigroup

Mortgage

Loan

Trust

0

.250

02/25/52

112

19,340,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.100%)

7

.669

03/25/42

20,124

23,145,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

4.650%)

9

.210

06/25/42

25,035

340,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.350%)

7

.919

01/25/43

359

3,759,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.110

05/25/43

4,021

1,770,600

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

5.350%)

9

.910

05/25/43

1,950

1,940,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.100%)

7

.660

06/25/43

2,047

915,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

6.850%)

11

.410

06/25/43

1,018

3,960,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.900%)

9

.188

07/25/43

4,200

1,525,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

5.900%)

10

.469

07/25/43

1,679

5,755,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.119

10/25/43

6,037

2

Fannie

Mae

Pool

9

.000

11/01/25

0

^

1,456,254

Fannie

Mae

Pool

3

.500

05/01/32

1,417

162,453

Fannie

Mae

Pool

4

.500

10/01/33

159

304,037

Fannie

Mae

Pool

4

.500

05/01/35

293

1,875,693

Fannie

Mae

Pool

5

.000

05/01/35

1,860

890,361

Fannie

Mae

Pool

5

.000

10/01/35

883

756,539

Fannie

Mae

Pool

5

.000

02/01/36

751

2,379,176

Fannie

Mae

Pool

5

.500

11/01/38

2,391

834,778

Fannie

Mae

Pool

3

.000

10/01/39

753

10,210,134

Fannie

Mae

Pool

3

.000

05/01/40

9,218

1,228,257

Fannie

Mae

Pool

5

.000

09/01/40

1,224

2,715,073

Fannie

Mae

Pool

5

.000

05/01/41

2,705

7,705,512

Fannie

Mae

Pool

4

.000

09/01/42

7,251

235

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

6,024,275

Fannie

Mae

Pool

3

.500

%

04/01/43

$

5,481

5,287,568

Fannie

Mae

Pool

3

.500

09/01/43

4,825

5,693,272

Fannie

Mae

Pool

4

.500

03/01/44

5,505

25,675,557

Fannie

Mae

Pool

4

.000

05/01/44

24,190

2,425,289

Fannie

Mae

Pool

4

.500

06/01/44

2,330

2,433,860

Fannie

Mae

Pool

4

.500

10/01/44

2,339

4,060,416

Fannie

Mae

Pool

4

.500

11/01/44

3,901

1,243,372

Fannie

Mae

Pool

5

.000

11/01/44

1,239

1,484,253

Fannie

Mae

Pool

4

.500

12/01/44

1,426

1,680,545

Fannie

Mae

Pool

4

.000

01/01/45

1,575

421,379

Fannie

Mae

Pool

4

.500

03/01/45

404

254,112

Fannie

Mae

Pool

4

.500

04/01/45

244

5,586,632

Fannie

Mae

Pool

3

.500

05/01/45

5,089

7,116,070

Fannie

Mae

Pool

3

.500

01/01/46

6,424

832,370

Fannie

Mae

Pool

4

.000

04/01/46

780

5,793,018

Fannie

Mae

Pool

3

.500

06/01/46

5,226

7,467,969

Fannie

Mae

Pool

3

.500

07/01/46

6,738

12,951,085

Fannie

Mae

Pool

3

.500

07/01/46

11,788

1,277,795

Fannie

Mae

Pool

3

.000

10/01/46

1,091

7,241,849

Fannie

Mae

Pool

3

.500

10/01/46

6,528

2,954,724

Fannie

Mae

Pool

4

.500

05/01/47

2,865

317,604

Fannie

Mae

Pool

3

.000

11/01/47

271

5,581,747

Fannie

Mae

Pool

3

.500

11/01/47

5,066

11,800,213

Fannie

Mae

Pool

3

.500

01/01/48

10,619

4,951,101

Fannie

Mae

Pool

4

.500

01/01/48

4,733

4,049,802

Fannie

Mae

Pool

4

.500

02/01/48

3,871

2,256,230

Fannie

Mae

Pool

4

.500

05/01/48

2,155

3,237,002

Fannie

Mae

Pool

4

.500

05/01/48

3,093

432,038

Fannie

Mae

Pool

3

.000

06/01/49

365

15,105,324

Fannie

Mae

Pool

3

.000

07/01/50

13,073

10,188,059

Fannie

Mae

Pool

3

.000

09/01/51

8,803

63,912,356

Fannie

Mae

Pool

2

.500

12/01/51

52,701

8,729,787

Fannie

Mae

Pool

2

.500

02/01/52

7,166

24,000,233

Fannie

Mae

Pool

2

.500

02/01/52

19,820

13,915,025

Fannie

Mae

Pool

3

.000

02/01/52

11,893

10,704,472

Fannie

Mae

Pool

3

.500

02/01/52

9,574

27,139,127

Fannie

Mae

Pool

3

.000

04/01/52

23,299

15,737,359

Fannie

Mae

Pool

3

.000

04/01/52

13,459

12,259,729

Fannie

Mae

Pool

3

.000

05/01/52

10,514

38,296,926

Fannie

Mae

Pool

4

.000

05/01/52

35,097

33,839,273

Fannie

Mae

Pool

3

.500

06/01/52

30,057

18,669,560

Fannie

Mae

Pool

3

.500

06/01/52

16,548

66,135,309

Fannie

Mae

Pool

4

.000

06/01/52

60,590

7,247,932

Fannie

Mae

Pool

4

.500

06/01/52

6,831

42,122,730

Fannie

Mae

Pool

3

.000

07/01/52

35,849

50,264,903

Fannie

Mae

Pool

4

.000

07/01/52

46,020

7,091,629

Fannie

Mae

Pool

4

.500

07/01/52

6,682

4,742,531

Fannie

Mae

Pool

4

.500

07/01/52

4,470

8,145,303

Fannie

Mae

Pool

4

.500

07/01/52

7,677

45,495,243

Fannie

Mae

Pool

5

.000

08/01/52

44,057

125,262,348

Fannie

Mae

Pool

4

.000

09/01/52

114,740

132,689,341

Fannie

Mae

Pool

4

.500

09/01/52

125,053

26,519,698

Fannie

Mae

Pool

5

.000

09/01/52

25,679

84,468,213

Fannie

Mae

Pool

4

.000

10/01/52

77,364

55,435,363

Fannie

Mae

Pool

4

.500

10/01/52

52,247

14,404,483

Fannie

Mae

Pool

5

.000

10/01/52

13,947

127,934,638

Fannie

Mae

Pool

4

.500

11/01/52

120,586

329,713

Fannie

Mae

Pool

5

.000

01/01/53

319

62,371,137

Fannie

Mae

Pool

5

.000

02/01/53

60,375

52,126,271

Fannie

Mae

Pool

5

.500

02/01/53

51,491

15,120,617

Fannie

Mae

Pool

6

.000

02/01/53

15,204

56,792,918

Fannie

Mae

Pool

5

.000

04/01/53

54,835

Core

Bond

236

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

19,215,106

Fannie

Mae

Pool

5

.000

%

06/01/53

$

18,681

107,656,343

Fannie

Mae

Pool

5

.500

06/01/53

106,342

26,268,144

Fannie

Mae

Pool

4

.000

07/01/53

24,049

23,023,727

Fannie

Mae

Pool

4

.500

07/01/53

21,674

26,213,605

Fannie

Mae

Pool

4

.500

08/01/53

24,688

31,645,542

Fannie

Mae

Pool

5

.000

08/01/53

30,561

13,787,079

Fannie

Mae

Pool

5

.500

10/01/53

13,614

132,914,124

Fannie

Mae

Pool

5

.500

05/01/54

131,209

97,108,570

Fannie

Mae

Pool

5

.000

11/01/54

93,759

4,211,300

(a)

Fannie

Mae

REMICS,

(SOFR30A

+

5.836%)

1

.267

09/25/43

398

3,002,955

Fannie

Mae

REMICS

3

.000

07/25/45

2,629

6,069,270

Fannie

Mae

REMICS

3

.500

02/25/48

5,179

4,351,737

Fannie

Mae

REMICS

4

.000

07/25/48

3,985

19,794,611

Fannie

Mae

REMICS

2

.000

08/25/50

12,906

10,658,958

Fannie

Mae

REMICS

2

.000

08/25/50

1,366

9,227,581

Fannie

Mae

REMICS

2

.000

10/25/50

6,030

27,648,940

Fannie

Mae

REMICS

2

.500

11/25/50

3,858

9,384,097

Fannie

Mae

REMICS

3

.000

12/25/50

1,621

3,514,528

Fannie

Mae

REMICS

3

.000

02/25/51

593

10,957,743

Fannie

Mae

REMICS

2

.500

11/25/51

1,309

14,806,185

Fannie

Mae

REMICS

3

.500

04/25/52

10,918

3,537,592

Fannie

Mae

REMICS

4

.000

05/25/52

2,714

9,899,394

Fannie

Mae

REMICS

4

.500

07/25/52

9,225

5,796,216

Fannie

Mae

REMICS

4

.500

08/25/52

4,732

4,363,187

Fannie

Mae

REMICS

4

.000

09/25/52

3,576

4,977,876

Fannie

Mae

REMICS

4

.000

09/25/52

4,277

4,204,106

Fannie

Mae

REMICS

4

.500

10/25/52

3,761

4,801,532

Fannie

Mae

REMICS

4

.500

10/25/52

4,444

7,928,807

Fannie

Mae

REMICS

5

.500

11/25/52

7,583

4,771

Freddie

Mac

Gold

Pool

8

.000

01/01/31

5

3,506

Freddie

Mac

Gold

Pool

7

.000

01/01/32

4

170,162

Freddie

Mac

Gold

Pool

4

.500

07/01/33

167

1,144,642

Freddie

Mac

Gold

Pool

7

.000

12/01/33

1,187

316,555

Freddie

Mac

Gold

Pool

4

.500

10/01/34

310

233,957

Freddie

Mac

Gold

Pool

4

.500

04/01/35

226

246,594

Freddie

Mac

Gold

Pool

7

.000

05/01/35

256

988,974

Freddie

Mac

Gold

Pool

5

.000

06/01/36

983

371,305

Freddie

Mac

Gold

Pool

5

.000

07/01/39

371

49,556

Freddie

Mac

Gold

Pool

4

.500

12/01/43

48

29,207

Freddie

Mac

Gold

Pool

4

.500

02/01/44

28

960,237

Freddie

Mac

Gold

Pool

4

.500

10/01/44

923

499,280

Freddie

Mac

Gold

Pool

4

.500

11/01/44

480

903,994

Freddie

Mac

Gold

Pool

4

.500

11/01/44

869

464,427

Freddie

Mac

Gold

Pool

4

.500

12/01/44

442

450,723

Freddie

Mac

Gold

Pool

4

.500

12/01/44

433

2,819,905

Freddie

Mac

Gold

Pool

3

.500

04/01/45

2,561

343,725

Freddie

Mac

Gold

Pool

4

.500

05/01/45

325

12,152,213

Freddie

Mac

Gold

Pool

3

.500

08/01/45

11,083

1,102,928

Freddie

Mac

Gold

Pool

4

.500

06/01/47

1,061

1,994,745

Freddie

Mac

Gold

Pool

4

.000

09/01/47

1,872

2,132,964

Freddie

Mac

Gold

Pool

3

.500

12/01/47

1,923

7,603,935

Freddie

Mac

Gold

Pool

4

.500

08/01/48

7,310

3,548,637

Freddie

Mac

Gold

Pool

4

.500

10/01/48

3,395

5,667,324

Freddie

Mac

Gold

Pool

3

.500

11/01/48

5,104

11,546,721

Freddie

Mac

Pool

3

.000

11/01/49

9,995

28,487,641

Freddie

Mac

Pool

3

.000

11/01/51

24,752

4,162,048

Freddie

Mac

Pool

3

.000

11/01/51

3,590

2,583,990

Freddie

Mac

Pool

3

.000

11/01/51

2,250

3,617,567

Freddie

Mac

Pool

3

.000

11/01/51

3,146

12,064,960

Freddie

Mac

Pool

2

.500

04/01/52

9,927

9,451,208

Freddie

Mac

Pool

3

.000

04/01/52

8,123

6,114,286

Freddie

Mac

Pool

4

.000

04/01/52

5,602

237

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

1,131,571

Freddie

Mac

Pool

3

.500

%

06/01/52

$

1,004

15,246,491

Freddie

Mac

Pool

4

.500

06/01/52

14,365

665,184

Freddie

Mac

Pool

4

.500

07/01/52

626

15,230,799

Freddie

Mac

Pool

4

.500

07/01/52

14,350

27,348,425

Freddie

Mac

Pool

6

.000

11/01/52

27,522

21,749,190

Freddie

Mac

Pool

5

.500

08/01/53

21,553

8,838,179

Freddie

Mac

REMICS

3

.500

01/15/47

7,588

1,628,516

Freddie

Mac

REMICS

4

.000

10/15/47

1,489

1,561,966

Freddie

Mac

REMICS

4

.000

11/15/47

1,444

8,149,110

Freddie

Mac

REMICS

4

.000

01/15/48

7,535

8,723,693

Freddie

Mac

REMICS

4

.000

03/15/48

8,008

2,399,685

Freddie

Mac

REMICS

4

.000

04/15/48

2,219

5,465,650

Freddie

Mac

REMICS

4

.000

04/15/48

4,993

6,966,534

(a)

Freddie

Mac

REMICS,

(SOFR30A

+

9.737%)

2

.381

06/15/48

6,116

5,196,863

(a)

Freddie

Mac

REMICS,

(SOFR30A

+

9.657%)

2

.301

10/15/48

4,284

7,153,381

Freddie

Mac

REMICS

2

.000

09/25/50

4,578

4,613,866

Freddie

Mac

REMICS

2

.000

09/25/50

598

13,811,964

Freddie

Mac

REMICS

3

.000

09/25/50

9,685

6,996,135

Freddie

Mac

REMICS

3

.000

10/25/50

4,757

33,426,197

Freddie

Mac

REMICS

2

.500

02/25/51

5,533

8,641,786

Freddie

Mac

REMICS

2

.500

05/25/51

5,203

3,480,159

Freddie

Mac

REMICS

4

.000

08/25/52

2,801

6,494,238

Freddie

Mac

REMICS

4

.500

10/25/52

5,782

7,906,282

Freddie

Mac

REMICS

5

.500

11/25/52

7,677

3,760,212

Freddie

Mac

REMICS

5

.500

02/25/53

3,679

860,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

7.100%)

11

.669

01/25/42

921

3,925,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.750%)

9

.319

02/25/42

4,132

16,690,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

2.900%)

7

.469

04/25/42

17,301

6,630,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

5.650%)

8

.647

04/25/42

7,120

25,280,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.350%)

7

.919

05/25/42

26,472

31,100,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.500%)

9

.234

06/25/42

33,384

20,340,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.000%)

8

.569

07/25/42

21,688

1,875,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.550%)

8

.119

08/25/42

1,973

15,170,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.700%)

8

.269

09/25/42

16,035

790,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.100%)

8

.444

03/25/43

830

1,215,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.250%)

7

.810

04/25/43

1,283

5,035,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.500%)

8

.069

05/25/43

5,352

140,861

(a),(b)

Freddie

Mac

STACR

Securitized

Participation

Interests

Trust

3

.787

02/25/48

136

29,416

(a),(b)

Freddie

Mac

STACR

Securitized

Participation

Interests

Trust

3

.846

05/25/48

29

3,258,423

(a)

Freddie

Mac

Strips,

(SOFR30A

+

5.806%)

1

.208

03/15/44

279

9,296,831

Ginnie

Mae

I

Pool

3

.700

10/15/33

9,019

151,788

Ginnie

Mae

I

Pool

5

.000

04/15/38

151

678,963

Ginnie

Mae

I

Pool

5

.000

06/15/39

674

375,545

Ginnie

Mae

I

Pool

5

.000

06/15/39

370

9,065,670

Ginnie

Mae

I

Pool

3

.700

08/15/40

8,736

179,344

Ginnie

Mae

II

Pool

6

.500

11/20/38

186

3,803,057

Ginnie

Mae

II

Pool

4

.500

12/20/45

3,733

7,444,167

Ginnie

Mae

II

Pool

3

.000

06/20/51

6,467

8,615,959

Ginnie

Mae

II

Pool

3

.000

12/20/51

7,480

6,269,644

Ginnie

Mae

II

Pool

2

.500

02/20/52

5,087

52,882,447

Ginnie

Mae

II

Pool

3

.500

04/20/52

47,297

4,224,337

Ginnie

Mae

II

Pool

3

.500

07/20/52

3,778

11,149,461

Ginnie

Mae

II

Pool

4

.000

08/20/52

10,276

6,935,006

Ginnie

Mae

II

Pool

4

.000

09/20/52

6,396

8,895,166

Ginnie

Mae

II

Pool

5

.000

11/20/52

8,655

14,963,599

Government

National

Mortgage

Association

5

.000

01/20/40

3,194

6,693,120

Government

National

Mortgage

Association

4

.500

03/20/40

1,198

10,808,868

Government

National

Mortgage

Association

5

.000

03/20/40

2,174

8,545,170

Government

National

Mortgage

Association

2

.500

12/20/43

7,460

4,491,821

Government

National

Mortgage

Association

3

.000

03/20/45

3,935

2,882,977

Government

National

Mortgage

Association

4

.000

06/20/46

341

3,890,621

Government

National

Mortgage

Association

5

.000

09/20/46

739

Core

Bond

238

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

6,241,577

(a)

Government

National

Mortgage

Association,

(TSFR1M

+

5.986%)

1

.615

%

03/20/50

$

803

16,836,884

Government

National

Mortgage

Association

3

.000

11/20/51

11,822

18,658,052

Government

National

Mortgage

Association

3

.000

12/20/51

13,036

16,997,464

Government

National

Mortgage

Association

3

.000

01/20/52

12,111

15,611,382

Government

National

Mortgage

Association

3

.000

02/20/52

10,325

10,923,576

Government

National

Mortgage

Association

4

.000

04/20/52

8,966

11,439,419

Government

National

Mortgage

Association

5

.000

04/20/52

2,152

5,608,223

Government

National

Mortgage

Association

4

.000

07/20/52

4,422

10,052,159

Government

National

Mortgage

Association

4

.500

09/20/52

9,021

8,535,905

Government

National

Mortgage

Association

4

.500

09/20/52

7,671

7,114,896

Government

National

Mortgage

Association

4

.500

09/20/52

6,486

4,845,785

Government

National

Mortgage

Association

4

.500

09/20/52

4,130

5,548,864

Government

National

Mortgage

Association

4

.500

02/20/53

4,866

4,781,592

Government

National

Mortgage

Association

5

.500

02/20/53

4,585

10,228,796

(a)

Government

National

Mortgage

Association,

(SOFR30A

+

6.950%)

2

.345

05/20/53

779

7,516,763

(a)

Government

National

Mortgage

Association,

(SOFR30A

+

23.205%)

5

.247

08/20/53

7,763

4,602,956

(a)

Government

National

Mortgage

Association,

(SOFR30A

+

25.350%)

7

.392

08/20/53

5,115

85,975,030

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.150

08/25/51

677

16,331,748

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

12,989

9,862,646

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

7,841

2,915,638

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.829

05/28/52

2,318

10,173,783

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.000

08/26/52

8,435

223,879

(a)

Impac

CMB

Trust,

(TSFR1M

+

0.774%)

5

.113

03/25/35

202

967,996

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

858

995,781

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

867

204,413

(a),(b)

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

187

23,976,142

(a),(b)

JP

Morgan

Mortgage

Trust

0

.122

06/25/51

154

42,131,256

(a),(b)

JP

Morgan

Mortgage

Trust

0

.108

11/25/51

237

4,848,136

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

3,855

42,000,477

(a),(b)

JP

Morgan

Mortgage

Trust

0

.116

12/25/51

254

5,936,168

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

4,720

7,902,474

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

6,283

9,396,081

(a),(b)

JP

Morgan

Mortgage

Trust

0

.500

04/25/52

261

8,562,686

(a),(b)

JP

Morgan

Mortgage

Trust

3

.343

04/25/52

7,026

4,982,852

(a),(b)

JP

Morgan

Mortgage

Trust

3

.343

04/25/52

3,924

5,479,196

(a),(b)

JP

Morgan

Mortgage

Trust

3

.343

04/25/52

4,449

10,124,980

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

8,050

4,953,863

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

06/25/52

4,132

83,441,407

(b)

JP

Morgan

Mortgage

Trust

0

.224

07/25/52

917

12,918,641

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

10,271

21,566,507

(a),(b)

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

18,480

17,281,630

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

14,328

9,377,543

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

7,775

5,651,429

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

4,686

7,669,289

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

04/25/53

6,359

3,638,104

(a),(b)

JP

Morgan

Mortgage

Trust

5

.000

06/25/53

3,481

3,642,197

(a),(b)

JP

Morgan

Mortgage

Trust

5

.500

06/25/53

3,545

7,449,125

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

5,929

1,765,712

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,545

5,014,687

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

3,990

1,825,000

(a),(b)

NLT

Trust

2

.569

08/25/56

1,289

5,288,024

(a),(b)

OBX

3

.000

01/25/52

4,384

2,312,626

(a),(b)

RCKT

Mortgage

Trust

3

.007

09/25/51

1,788

13,371,748

(a),(b)

RCKT

Mortgage

Trust

2

.500

02/25/52

10,639

5,764,459

(a),(b)

RCKT

Mortgage

Trust

3

.000

05/25/52

4,779

836,608

(a),(b)

RCKT

Mortgage

Trust

4

.000

06/25/52

741

229,422

(a),(b)

Sequoia

Mortgage

Trust

4

.000

06/25/49

212

1,210,006

(a),(b)

Sequoia

Mortgage

Trust

3

.500

12/25/49

1,061

5,438,665

(a),(b)

Sequoia

Mortgage

Trust

2

.500

06/25/51

4,324

2,535,000

(a),(b)

Verus

Securitization

Trust

7

.525

02/25/68

2,563

783,144

(b)

Verus

Securitization

Trust

(Step

Bond)

2

.733

05/25/65

758

4,254,623

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

3,528

239

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

5,217,696

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.312

%

08/25/51

$

4,276

TOTAL

MORTGAGE

BACKED

2,836,428

MUNICIPAL

BONDS

-

2.6%

2,975,000

Chicago

Housing

Authority

3

.682

01/01/25

2,975

245,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.264

09/01/25

243

1,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

4

.038

09/01/34

910

845,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.750

09/01/37

731

2,000,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

4

.000

09/01/48

1,589

3,995,000

City

of

Los

Angeles

CA

Wastewater

System

Revenue

4

.029

06/01/39

3,530

4,940,000

City

of

New

York

NY

3

.200

12/01/26

4,830

1,575,000

City

of

San

Antonio

TX

Customer

Facility

Charge

Revenue

4

.353

07/01/25

1,574

4,055,000

Commonwealth

Financing

Authority

3

.864

06/01/38

3,609

19,355,000

Commonwealth

Financing

Authority

3

.807

06/01/41

16,154

4,365,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.604

10/01/25

4,306

2,375,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.505

10/01/25

2,359

2,500,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.704

10/01/26

2,427

3,940,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.049

10/01/26

3,847

3,750,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.612

10/01/26

3,696

4,700,000

County

of

Miami-Dade

FL

Aviation

Revenue

2

.529

10/01/30

4,158

3,730,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.732

10/01/37

3,184

3,900,000

County

of

Miami-Dade

FL

Aviation

Revenue

3

.982

10/01/41

3,238

9,160,000

County

of

Miami-Dade

FL

Aviation

Revenue

4

.280

10/01/41

8,136

2,000,000

Duke

University

3

.199

10/01/38

1,609

5,080,000

Illinois

Finance

Authority

3

.944

08/15/47

4,046

4,805,000

Los

Angeles

County

Redevelopment

Refunding

Authority

Redev

Agency

Successor

Agy

3

.375

09/01/35

4,144

5,680,000

New

York

State

Dormitory

Authority

3

.998

07/01/39

4,935

10,605,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

9,194

6,000,000

New

York

State

Dormitory

Authority

3

.879

07/01/46

4,743

5,000,000

New

York

State

Thruway

Authority

2

.256

01/01/25

5,000

6,460,000

New

York

State

Thruway

Authority

2

.406

01/01/26

6,335

4,750,000

New

York

State

Thruway

Authority

2

.500

01/01/27

4,567

1,000,000

Port

of

Corpus

Christi

Authority

of

Nueces

County

3

.487

12/01/25

992

1,910,000

Public

Finance

Authority

4

.269

07/01/40

1,678

6,360,000

San

Jose

Redevelopment

Agency

Successor

Agency

3

.375

08/01/34

5,655

13,060,000

State

of

California

4

.600

04/01/38

12,170

10,500,000

State

of

Illinois

3

.150

06/15/26

10,306

12,500,000

State

of

Illinois

3

.250

06/15/27

12,111

25,552,941

State

of

Illinois

5

.100

06/01/33

25,209

9,700,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

8,525

9,900,000

State

of

Wisconsin

3

.154

05/01/27

9,613

25,860,000

University

of

California

3

.063

07/01/25

25,708

17,045,000

University

of

California

3

.931

05/15/45

15,246

7,620,000

University

of

Massachusetts

Building

Authority

3

.097

11/01/35

6,322

13,000,000

University

of

Massachusetts

Building

Authority

3

.434

11/01/40

10,482

20,000,000

University

of

New

Mexico

3

.532

06/20/32

19,084

2,160,000

Virginia

Port

Authority

4

.228

07/01/36

1,967

390,000

Washington

Convention

&

Sports

Authority

3

.969

10/01/30

375

TOTAL

MUNICIPAL

BONDS

281,512

OTHER

MORTGAGE

BACKED

-

0.0%

3,140,000

(a),(b)

EQT

Trust

5

.331

07/05/41

3,143

TOTAL

OTHER

MORTGAGE

BACKED

3,143

U.S.

TREASURY

SECURITIES

-

19.9%

12,930,000

United

States

Treasury

Note/Bond

5

.000

09/30/25

12,998

2,205,000

United

States

Treasury

Note/Bond

0

.250

10/31/25

2,134

10,000,000

(c)

United

States

Treasury

Note/Bond

4

.875

11/30/25

10,054

825,000

United

States

Treasury

Note/Bond

4

.250

12/31/25

825

2,765,000

United

States

Treasury

Note/Bond

4

.625

03/15/26

2,777

3,740,000

United

States

Treasury

Note/Bond

4

.500

03/31/26

3,750

8,875,000

United

States

Treasury

Note/Bond

4

.625

06/30/26

8,923

5,515,000

United

States

Treasury

Note/Bond

4

.500

07/15/26

5,535

985,000

United

States

Treasury

Note/Bond

4

.625

09/15/26

991

1,025,000

United

States

Treasury

Note/Bond

3

.500

09/30/26

1,012

Core

Bond

240

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

U.S.

TREASURY

SECURITIES

(continued)

$

700,000

United

States

Treasury

Note/Bond

4

.625

%

10/15/26

$

704

4,180,000

United

States

Treasury

Note/Bond

4

.125

10/31/26

4,170

102,660,000

United

States

Treasury

Note/Bond

4

.250

11/30/26

102,640

5,510,000

United

States

Treasury

Note/Bond

4

.375

12/15/26

5,522

29,505,000

United

States

Treasury

Note/Bond

0

.500

10/31/27

26,558

106,000,000

United

States

Treasury

Note/Bond

4

.125

11/15/27

105,532

246,070,000

United

States

Treasury

Note/Bond

3

.500

04/30/28

239,863

80,000

United

States

Treasury

Note/Bond

1

.250

09/30/28

72

492,842,000

United

States

Treasury

Note/Bond

4

.125

11/30/29

487,243

113,120,000

United

States

Treasury

Note/Bond

3

.500

04/30/30

108,250

2,312,500

United

States

Treasury

Note/Bond

4

.000

07/31/30

2,264

5,650,000

United

States

Treasury

Note/Bond

4

.375

11/30/30

5,629

50,000,000

United

States

Treasury

Note/Bond

3

.750

12/31/30

48,173

70,450,000

United

States

Treasury

Note/Bond

4

.000

01/31/31

68,734

55,026,000

United

States

Treasury

Note/Bond

4

.125

07/31/31

53,930

100,957,900

United

States

Treasury

Note/Bond

3

.750

08/31/31

96,726

57,590,000

United

States

Treasury

Note/Bond

4

.250

11/15/34

56,089

10,000,000

United

States

Treasury

Note/Bond

1

.125

08/15/40

5,963

12,050,000

United

States

Treasury

Note/Bond

3

.875

08/15/40

10,843

20,935,000

United

States

Treasury

Note/Bond

4

.375

05/15/41

19,936

85,325,800

United

States

Treasury

Note/Bond

2

.375

02/15/42

60,740

26,721,000

United

States

Treasury

Note/Bond

3

.250

05/15/42

21,735

91,758,000

United

States

Treasury

Note/Bond

3

.375

08/15/42

75,742

6,000,000

United

States

Treasury

Note/Bond

2

.750

11/15/42

4,484

54,100,000

United

States

Treasury

Note/Bond

3

.875

02/15/43

47,734

49,620,000

United

States

Treasury

Note/Bond

3

.875

05/15/43

43,671

9,560,000

United

States

Treasury

Note/Bond

4

.375

08/15/43

8,995

13,535,000

United

States

Treasury

Note/Bond

4

.750

11/15/43

13,364

4,800,000

United

States

Treasury

Note/Bond

4

.625

05/15/44

4,653

35,680,000

United

States

Treasury

Note/Bond

3

.000

05/15/45

26,959

41,710,000

United

States

Treasury

Note/Bond

2

.875

08/15/45

30,764

52,140,000

United

States

Treasury

Note/Bond

2

.500

05/15/46

35,504

1,075,000

United

States

Treasury

Note/Bond

3

.000

05/15/47

794

30,710,000

United

States

Treasury

Note/Bond

2

.750

11/15/47

21,549

6,155,000

United

States

Treasury

Note/Bond

3

.125

05/15/48

4,610

51,995,000

United

States

Treasury

Note/Bond

3

.000

08/15/48

37,975

20,120,000

United

States

Treasury

Note/Bond

3

.375

11/15/48

15,714

256,002,000

United

States

Treasury

Note/Bond

2

.250

02/15/52

155,199

44,786,000

United

States

Treasury

Note/Bond

3

.625

02/15/53

36,388

60,451,000

United

States

Treasury

Note/Bond

4

.375

08/15/54

55,204

TOTAL

U.S.

TREASURY

SECURITIES

2,199,618

TOTAL

GOVERNMENT

BONDS

(Cost

$6,139,185)

5,703,310

SHARES

DESCRIPTION

VALUE

(000)

PREFERRED

STOCKS

-

0.1%

FINANCIAL

SERVICES

-

0.1%

173,925

Morgan

Stanley

4,473

TOTAL

FINANCIAL

SERVICES

4,473

TOTAL

PREFERRED

STOCKS

(Cost

$4,348)

4,473

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

STRUCTURED

ASSETS

-

15.0%

ASSET

BACKED

-

5.4%

1,000,000

(b)

Affirm

Asset

Securitization

Trust

6

.820

09/15/28

1,014

Series

-

2023

B

(Class

A)

5,000,000

(a),(b)

AGL

CLO

19

Ltd,

(TSFR3M

+

2.750%)

7

.367

07/21/35

5,021

Series

-

2022

19A

(Class

B1)

15,000,000

(a),(b)

AIMCO

CLO

16

Ltd,

(TSFR3M

+

1.650%)

6

.297

07/17/37

15,138

Series

-

2021

16A

(Class

BR)

241

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

7,500,000

(a),(b)

AIMCO

CLO

Series,

(TSFR3M

+

1.762%)

6

.379

%

04/20/34

$

7,514

Series

-

2017

AA

(Class

BR)

6,190,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

6,124

Series

-

2020

3

(Class

D)

3,499,000

(b)

AMSR

Trust

3

.148

01/19/39

3,370

Series

-

2019

SFR1

(Class

C)

74,236

(b)

Asset

Backed

Funding

Corp

NIM

Trust

5

.900

07/26/35

0

^

Series

-

2005

WMC1

(Class

N1)

9,500,000

(b)

Avis

Budget

Rental

Car

Funding

AESOP

LLC

1

.380

08/20/27

9,057

Series

-

2021

1A

(Class

A)

4,400,000

(b)

BHG

Securitization

Trust

1

.670

10/17/34

4,263

Series

-

2021

B

(Class

B)

1,075,822

(b)

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

1,055

Series

-

2019

A

(Class

A)

EUR

677,854

(a),(b)

Bruegel

2021

DAC,

(EURIBOR

3

M

+

2.470%)

5

.470

05/22/31

661

Series

-

2021

1A

(Class

D)

1,500,000

(a),(b)

BX

Trust,

(TSFR1M

+

3.339%)

7

.736

05/15/38

1,516

Series

-

2023

DELC

(Class

B)

5,662,222

(b)

Capital

Automotive

REIT

1

.440

08/15/51

5,333

Series

-

2021

1A

(Class

A1)

4,188,581

(b)

Capital

Automotive

REIT

1

.920

08/15/51

3,948

Series

-

2021

1A

(Class

A3)

11,310,750

(b)

Capital

Automotive

REIT

4

.400

10/15/54

10,778

Series

-

2024

3A

(Class

A1)

9,700,000

(b)

Cars

Net

Lease

Mortgage

Notes

2

.010

12/15/50

8,817

Series

-

2020

1A

(Class

A1)

2,499,505

Carvana

Auto

Receivables

Trust

0

.970

03/10/28

2,427

Series

-

2021

N2

(Class

A2)

125,664

Carvana

Auto

Receivables

Trust

1

.270

03/10/28

121

Series

-

2021

N2

(Class

D)

EUR

595,590

(a),(b)

Cassia

SRL,

(EURIBOR

3

M

+

3.500%)

6

.500

05/22/34

615

Series

-

2022

1A

(Class

B)

4,150,000

(a),(b)

Cayuga

Park

CLO

Ltd,

(TSFR3M

+

1.912%)

1

.000

07/17/34

4,158

Series

-

2020

1A

(Class

B1R)

219,115

(a)

C-BASS

Trust,

(TSFR1M

+

0.274%)

3

.166

07/25/36

214

Series

-

2006

CB6

(Class

A1)

17,179,533

(b)

CF

Hippolyta

LLC

1

.690

07/15/60

16,785

Series

-

2020

1

(Class

A1)

5,008,101

(b)

CF

Hippolyta

LLC

1

.990

07/15/60

4,497

Series

-

2020

1

(Class

A2)

2,941,208

(b)

CF

Hippolyta

LLC

2

.280

07/15/60

2,851

Series

-

2020

1

(Class

B1)

18,848,951

(b)

CF

Hippolyta

LLC

1

.530

03/15/61

17,870

Series

-

2021

1A

(Class

A1)

4,476,626

(b)

CF

Hippolyta

LLC

1

.980

03/15/61

4,173

Series

-

2021

1A

(Class

B1)

428,194

(a)

Chase

Funding

Mortgage

Loan

Asset-Backed

Certificates

5

.700

02/26/35

372

Series

-

2004

2

(Class

1M2)

25,000,000

(a),(b),(g)

CIFC

Funding

Ltd,

(TSFR3M

+

1.600%)

0

.000

01/16/38

25,031

Series

-

2019

3A

(Class

BR2)

7,226

CIT

Group

Home

Equity

Loan

Trust

(Step

Bond)

6

.200

02/25/30

7

Series

-

2002

1

(Class

AF6)

6,520,000

(a)

Citibank

Credit

Card

Issuance

Trust,

(TSFR1M

+

0.884%)

5

.282

05/14/29

6,596

Series

-

2017

A6

(Class

A6)

7,797,925

(b)

DB

Master

Finance

LLC

4

.021

05/20/49

7,686

Series

-

2019

1A

(Class

A2II)

36,375,000

(b)

DB

Master

Finance

LLC

2

.045

11/20/51

34,430

Series

-

2021

1A

(Class

A2I)

28,712,000

(b)

DB

Master

Finance

LLC

2

.493

11/20/51

25,923

Series

-

2021

1A

(Class

A2II)

189,984

(b)

Diamond

Resorts

Owner

Trust

2

.700

11/21/33

186

Series

-

2021

1A

(Class

C)

Core

Bond

242

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

27,789,188

(b)

Domino's

Pizza

Master

Issuer

LLC

2

.662

%

04/25/51

$

25,243

Series

-

2021

1A

(Class

A2I)

3,800,000

(a),(b)

Dryden

49

Senior

Loan

Fund,

(TSFR3M

+

1.862%)

6

.494

07/18/30

3,806

Series

-

2017

49A

(Class

BR)

207,776

(a),(b)

Ellington

Loan

Acquisition

Trust,

(TSFR1M

+

1.214%)

5

.553

05/25/37

207

Series

-

2007

2

(Class

A2C)

3,148,494

(b)

FNA

VI

LLC

1

.350

01/10/32

2,968

Series

-

2021

1A

(Class

A)

11,810,000

(b)

Frontier

Issuer

LLC

6

.190

06/20/54

12,012

Series

-

2024

1

(Class

A2)

982,219

(a),(b)

Gracie

Point

International

Funding

LLC,

(SOFR90A

+

1.950%)

6

.881

09/01/26

986

Series

-

2023

1A

(Class

A)

13,000,000

(a),(b)

Gracie

Point

International

Funding

LLC,

(SOFR90A

+

1.700%)

6

.615

03/01/28

13,036

Series

-

2024

1A

(Class

A)

3,500,000

(b)

GSCG

Trust

2

.936

09/06/34

2,669

Series

-

2019

600C

(Class

A)

188,406

(b)

HERO

Funding

Trust

3

.280

09/20/48

164

Series

-

2017

2A

(Class

A1)

376,812

(b)

HERO

Funding

Trust

4

.070

09/20/48

336

Series

-

2017

2A

(Class

A2)

1,599,270

(b)

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

1,562

Series

-

2019

AA

(Class

A)

208,840

(a)

Home

Equity

Asset

Trust,

(TSFR1M

+

1.614%)

3

.986

06/25/33

204

Series

-

2003

1

(Class

M1)

13,040,000

(b)

Hotwire

Funding

LLC

5

.893

06/20/54

13,171

Series

-

2024

1A

(Class

A2)

1,631,098

(b)

JG

Wentworth

XXII

LLC

3

.820

12/15/48

1,602

Series

-

2010

3A

(Class

A)

5,500,000

(a),(b)

Madison

Park

Funding

XXI

Ltd,

(TSFR3M

+

1.912%)

6

.568

10/15/32

5,507

Series

-

2016

21A

(Class

A2RR)

3,500,000

(a),(b)

Massachusetts

St,

(TSFR3M

+

1.912%)

6

.568

01/15/35

3,505

Series

-

2021

3A

(Class

B)

6,650,000

(b)

MetroNet

Infrastructure

Issuer

LLC

6

.230

04/20/54

6,784

Series

-

2024

1A

(Class

A2)

1,872,153

(b)

MVW

LLC

1

.140

01/22/41

1,776

Series

-

2021

1WA

(Class

A)

742,472

(b)

MVW

Owner

Trust

2

.890

11/20/36

736

Series

-

2019

1A

(Class

A)

2,575,308

(b)

MVW

Owner

Trust

2

.220

10/20/38

2,513

Series

-

2019

2A

(Class

A)

1,687,427

(b)

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

1,566

Series

-

2020

HA

(Class

A)

3,591,066

(b)

Navient

Private

Education

Refi

Loan

Trust

0

.840

05/15/69

3,236

Series

-

2021

A

(Class

A)

1,435,564

(b)

Navient

Student

Loan

Trust

3

.390

12/15/59

1,395

Series

-

2019

BA

(Class

A2A)

685,156

(a),(b)

Navient

Student

Loan

Trust,

(LIBOR

1

M

+

1.094%)

5

.492

12/15/59

684

Series

-

2019

BA

(Class

A2B)

10,000,000

(a),(b)

Neuberger

Berman

CLO

Ltd,

(TSFR3M

+

1.800%)

6

.426

04/25/36

10,031

Series

-

2022

48A

(Class

B)

8,600,000

(a),(b)

Neuberger

Berman

Loan

Advisers

CLO

31

Ltd,

(TSFR3M

+

1.812%)

6

.429

04/20/31

8,613

Series

-

2019

31A

(Class

BR)

1,000,000

(a),(b)

Neuberger

Berman

Loan

Advisers

Clo

43

Ltd,

(TSFR3M

+

1.862%)

6

.509

07/17/35

1,002

Series

-

2021

43A

(Class

B)

6,650,000

(a),(b)

OHA

Credit

Funding

10

Ltd,

(TSFR3M

+

1.912%)

6

.544

01/18/36

6,669

Series

-

2021

10A

(Class

B)

10,000,000

(a),(b)

OHA

Credit

Funding

6

Ltd,

(TSFR3M

+

1.650%)

6

.242

10/20/37

10,063

Series

-

2020

6A

(Class

B1R2)

8,172,816

(b)

OneMain

Financial

Issuance

Trust

4

.890

10/14/34

8,177

Series

-

2022

2A

(Class

A)

17,350,000

(b)

OneMain

Financial

Issuance

Trust

1

.750

09/14/35

16,664

Series

-

2020

2A

(Class

A)

243

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

21,646,000

(a),(b)

OneMain

Financial

Issuance

Trust,

(SOFR30A

+

0.760%)

5

.358

%

06/16/36

$

21,692

Series

-

2021

1A

(Class

A2)

8,000,000

(a),(b)

Palmer

Square

CLO

Ltd,

(TSFR3M

+

1.800%)

6

.417

04/20/35

8,023

Series

-

2022

1A

(Class

B)

1,450,000

(b)

Progress

Residential

Trust

2

.711

11/17/40

1,305

Series

-

2021

SFR9

(Class

D)

236,343

Santander

Drive

Auto

Receivables

Trust

1

.480

01/15/27

236

Series

-

2020

4

(Class

D)

30,918,805

Santander

Drive

Auto

Receivables

Trust

1

.670

10/15/27

30,419

Series

-

2021

4

(Class

D)

19,927,250

(b)

SERVPRO

Master

Issuer

LLC

2

.394

04/25/51

17,955

Series

-

2021

1A

(Class

A2)

650,065

(b)

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

630

Series

-

2021

1A

(Class

A)

704,846

(b)

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

683

Series

-

2021

1A

(Class

B)

390,770

(b)

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

378

Series

-

2021

1A

(Class

C)

200,602

(b)

SMB

Private

Education

Loan

Trust

2

.430

02/17/32

200

Series

-

2016

B

(Class

A2A)

966,767

(b)

SMB

Private

Education

Loan

Trust

2

.880

09/15/34

958

Series

-

2017

A

(Class

A2A)

1,841,621

(b)

SMB

Private

Education

Loan

Trust

2

.820

10/15/35

1,811

Series

-

2017

B

(Class

A2A)

1,043,115

(b)

SMB

Private

Education

Loan

Trust

3

.500

02/15/36

1,026

Series

-

2018

A

(Class

A2A)

820,143

(b)

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

811

Series

-

2017

F

(Class

A2FX)

1,208,698

(b)

SoFi

Professional

Loan

Program

LLC

2

.950

02/25/42

1,198

Series

-

2018

A

(Class

A2B)

984,220

(b)

SoFi

Professional

Loan

Program

LLC

3

.690

06/15/48

969

Series

-

2019

A

(Class

A2FX)

2,436,212

(b)

SpringCastle

America

Funding

LLC

1

.970

09/25/37

2,238

Series

-

2020

AA

(Class

A)

9,021,000

(b)

SpringCastle

America

Funding

LLC

2

.660

09/25/37

6,893

Series

-

2020

AA

(Class

B)

6,475,000

(b)

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

6,343

Series

-

2020

1A

(Class

A2)

5,875,000

(b)

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

5,652

Series

-

2021

1A

(Class

A2)

265,079

(a)

Structured

Asset

Investment

Loan

Trust,

(TSFR1M

+

1.014%)

5

.353

09/25/34

252

Series

-

2004

8

(Class

M1)

1,781,250

(b)

Taco

Bell

Funding

LLC

4

.970

05/25/46

1,778

Series

-

2016

1A

(Class

A23)

26,399,775

(b)

Taco

Bell

Funding

LLC

1

.946

08/25/51

24,654

Series

-

2021

1A

(Class

A2I)

16,122,825

(b)

Taco

Bell

Funding

LLC

2

.294

08/25/51

14,299

Series

-

2021

1A

(Class

A2II)

1,050,000

(b)

Tesla

Auto

Lease

Trust

6

.570

08/20/27

1,066

Series

-

2023

B

(Class

B)

EUR

260,000

(a),(b)

Thunder

Logistics

DAC,

(EURIBOR

3

M

+

2.550%)

0

.000

11/17/36

272

Series

-

2024

1A

(Class

C)

19,030,453

(b)

Wendy's

Funding

LLC

2

.370

06/15/51

16,942

Series

-

2021

1A

(Class

A2I)

18,300,000

(b)

Ziply

Fiber

Issuer

LLC

6

.640

04/20/54

18,754

Series

-

2024

1A

(Class

A2)

TOTAL

ASSET

BACKED

591,875

OTHER

MORTGAGE

BACKED

-

9.6%

12,000,000

(a),(b)

20

Times

Square

Trust

3

.100

05/15/35

10,048

Series

-

2018

20TS

(Class

E)

1,600,000

(a),(b)

20

Times

Square

Trust

3

.100

05/15/35

1,426

Series

-

2018

20TS

(Class

B)

Core

Bond

244

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

5,450,000

(b)

225

Liberty

Street

Trust

3

.597

%

02/10/36

$

5,172

Series

-

2016

225L

(Class

A)

929,970

(a),(b)

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

839

Series

-

2015

6

(Class

A9)

5,000,000

(a),(b)

Alen

Mortgage

Trust,

(TSFR1M

+

2.364%)

6

.762

04/15/34

3,575

Series

-

2021

ACEN

(Class

C)

GBP

420,888

(a),(b)

Atom

Mortgage

Securities

DAC,

(SONIA

Interest

Rate

Benchmark

+

1.900%)

6

.691

07/22/31

466

Series

-

2021

1A

(Class

D)

1,067,340

(a)

BANK

3

.948

11/15/50

936

Series

-

2017

BNK8

(Class

B)

2,500,000

(a)

BANK

4

.092

11/15/50

1,960

Series

-

2017

BNK8

(Class

C)

1,000,000

BANK

3

.093

10/17/52

886

Series

-

2019

BN21

(Class

AS)

3,800,000

BANK

3

.203

12/15/52

3,379

Series

-

2019

BN23

(Class

AS)

1,000,000

(a)

BANK

3

.851

07/15/60

903

Series

-

2017

BNK6

(Class

C)

1,618,918

BANK

2

.758

09/15/62

1,461

Series

-

2019

BN20

(Class

A2)

8,000,000

(a)

BANK

3

.283

11/15/62

7,208

Series

-

2019

BN24

(Class

AS)

1,183,000

(a)

BANK

3

.517

11/15/62

980

Series

-

2019

BN24

(Class

C)

3,400,000

(a)

BANK5

6

.268

02/15/29

3,492

Series

-

2024

5YR5

(Class

AS)

2,675,000

BANK5

5

.769

06/15/57

2,739

Series

-

2024

5YR7

(Class

A3)

1,250,000

(a),(b)

BBCMS

Mortgage

Trust

4

.267

08/05/38

1,016

Series

-

2018

CHRS

(Class

E)

2,202,356

BBCMS

Mortgage

Trust

3

.488

02/15/50

2,172

Series

-

2017

C1

(Class

ASB)

4,000,000

BBCMS

Mortgage

Trust

5

.753

04/15/56

4,038

Series

-

2023

C19

(Class

A2B)

4,700,000

(a)

BBCMS

Mortgage

Trust

6

.383

07/15/56

4,837

Series

-

2023

C20

(Class

A2)

4,600,000

(a),(b)

Benchmark

Mortgage

Trust

2

.791

09/15/48

3,839

Series

-

2020

IG2

(Class

AM)

2,740,000

(a),(b)

Benchmark

Mortgage

Trust

3

.129

09/15/48

2,160

Series

-

2020

IG3

(Class

AS)

2,500,000

(a),(b)

Benchmark

Mortgage

Trust

3

.536

09/15/48

2,327

Series

-

2020

IG3

(Class

BXA)

3,000,000

(a)

Benchmark

Mortgage

Trust

4

.305

02/15/51

2,596

Series

-

2018

B2

(Class

C)

4,000,000

(a)

Benchmark

Mortgage

Trust

4

.598

07/15/51

3,548

Series

-

2018

B5

(Class

C)

3,452,143

Benchmark

Mortgage

Trust

4

.016

03/15/52

3,284

Series

-

2019

B9

(Class

A5)

3,000,000

Benchmark

Mortgage

Trust

3

.784

05/15/52

2,741

Series

-

2019

B11

(Class

AS)

830,000

Benchmark

Mortgage

Trust

4

.241

05/15/53

790

Series

-

2018

B7

(Class

A3)

3,500,000

(a)

Benchmark

Mortgage

Trust

4

.510

05/15/53

3,398

Series

-

2018

B7

(Class

A4)

1,000,000

Benchmark

Mortgage

Trust

2

.355

07/15/54

757

Series

-

2021

B27

(Class

B)

10,000,000

(a)

Benchmark

Mortgage

Trust

2

.244

08/15/54

7,787

Series

-

2021

B28

(Class

B)

3,150,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

2,584

Series

-

2021

B28

(Class

AS)

9,500,000

Benchmark

Mortgage

Trust

2

.612

09/15/54

7,886

Series

-

2021

B29

(Class

AS)

245

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

2,000,000

Benchmark

Mortgage

Trust

3

.493

%

12/15/62

$

1,601

Series

-

2019

B14

(Class

B)

2,265,000

Benchmark

Mortgage

Trust

3

.231

12/15/72

2,004

Series

-

2019

B15

(Class

AS)

1,641,000

(a)

Benchmark

Mortgage

Trust

3

.715

12/15/72

1,275

Series

-

2019

B15

(Class

C)

5,000,000

(a)

BMO

Mortgage

Trust

6

.013

11/15/57

5,115

Series

-

2024

C10

(Class

A3)

2,360,000

(b)

BWAY

Mortgage

Trust

3

.402

02/10/44

1,845

Series

-

2022

26BW

(Class

A)

5,000,000

(a),(b)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.646%)

6

.043

04/15/34

4,945

Series

-

2019

IMC

(Class

C)

4,750,036

(a),(b)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.035%)

5

.432

12/15/38

4,752

Series

-

2021

CIP

(Class

A)

7,125,054

(a),(b)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.385%)

5

.782

12/15/38

7,121

Series

-

2021

CIP

(Class

B)

10,000,000

(a),(b)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

4.874%)

9

.256

10/15/41

10,065

Series

-

2024

BRBK

(Class

C)

CAD

700,000

(a),(b)

BX

Commercial

Mortgage

Trust

6

.363

11/15/41

488

Series

-

2024

PURE

(Class

C)

875,000

(a),(b)

BX

TRUST,

(TSFR1M

+

2.949%)

7

.346

08/15/39

880

Series

-

2022

PSB

(Class

B)

1,325,000

(b)

BXP

Trust

3

.459

08/13/37

1,257

Series

-

2017

CC

(Class

A)

5,000,000

(b)

BXP

Trust

2

.618

01/15/44

4,118

Series

-

2021

601L

(Class

A)

2,000,000

(a),(b)

BXP

Trust

2

.775

01/15/44

1,514

Series

-

2021

601L

(Class

D)

7,000,000

(a),(b)

BXP

Trust

2

.775

01/15/44

5,539

Series

-

2021

601L

(Class

C)

1,763,573

CD

Mortgage

Trust

2

.622

08/10/49

1,735

Series

-

2016

CD1

(Class

ASB)

9,000,000

CD

Mortgage

Trust

2

.926

08/10/49

8,273

Series

-

2016

CD1

(Class

AM)

5,750,000

(a)

CD

Mortgage

Trust

3

.879

11/10/49

4,830

Series

-

2016

CD2

(Class

B)

1,000,000

(a)

CD

Mortgage

Trust

3

.976

11/10/49

553

Series

-

2016

CD2

(Class

C)

410,797

CD

Mortgage

Trust

3

.453

02/10/50

405

Series

-

2017

CD3

(Class

AAB)

500,000

(a)

CD

Mortgage

Trust

4

.536

02/10/50

192

Series

-

2017

CD3

(Class

C)

2,527,127

CD

Mortgage

Trust

3

.220

08/15/50

2,482

Series

-

2017

CD5

(Class

AAB)

3,190,006

CD

Mortgage

Trust

2

.812

08/15/57

3,052

Series

-

2019

CD8

(Class

ASB)

853,177

CFCRE

Commercial

Mortgage

Trust

3

.121

05/10/58

788

Series

-

2016

C4

(Class

AHR)

3,121,428

CGMS

Commercial

Mortgage

Trust

3

.243

08/15/50

3,054

Series

-

2017

B1

(Class

AAB)

194,643

(a)

CHL

Mortgage

Pass-Through

Trust

5

.400

02/20/35

196

Series

-

2004

HYB9

(Class

1A1)

2,500,000

(a),(b)

Citigroup

Commercial

Mortgage

Trust

3

.518

05/10/35

2,439

Series

-

2013

375P

(Class

B)

2,137,000

Citigroup

Commercial

Mortgage

Trust

3

.457

04/10/48

2,122

Series

-

2015

GC29

(Class

AS)

1,700,000

(a)

Citigroup

Commercial

Mortgage

Trust

3

.758

04/10/48

1,668

Series

-

2015

GC29

(Class

B)

3,000,000

(a)

Citigroup

Commercial

Mortgage

Trust

4

.202

04/10/48

2,919

Series

-

2015

GC29

(Class

C)

7,765,000

Citigroup

Commercial

Mortgage

Trust

3

.764

10/12/50

7,306

Series

-

2017

C4

(Class

AS)

Core

Bond

246

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

2,000,000

Citigroup

Commercial

Mortgage

Trust

3

.778

%

09/10/58

$

1,979

Series

-

2015

GC33

(Class

A4)

2,029,107

(a),(b)

CITIGROUP

MORTGAGE

LOAN

TRUST

2

.709

05/25/51

1,581

Series

-

2021

INV1

(Class

B3W)

3,000,000

(b)

COMM

Mortgage

Trust

3

.376

01/10/39

2,668

Series

-

2022

HC

(Class

C)

123,617

COMM

Mortgage

Trust

2

.853

10/15/45

115

Series

-

2012

CR4

(Class

A3)

766,237

(a),(b)

COMM

Mortgage

Trust

3

.520

06/10/46

764

Series

-

2013

CR8

(Class

B)

2,500,000

(a),(b)

COMM

Mortgage

Trust

4

.767

06/10/47

1,187

Series

-

2014

UBS3

(Class

D)

2,825,979

(a)

COMM

Mortgage

Trust

3

.829

02/10/48

2,745

Series

-

2015

LC19

(Class

B)

1,000,000

(b)

COMM

Mortgage

Trust

3

.000

03/10/48

684

Series

-

2015

CR22

(Class

E)

1,445,000

COMM

Mortgage

Trust

3

.309

03/10/48

1,436

Series

-

2015

CR22

(Class

A5)

5,592,775

(a)

COMM

Mortgage

Trust

3

.603

03/10/48

5,481

Series

-

2015

CR22

(Class

AM)

2,500,000

(a)

COMM

Mortgage

Trust

3

.926

03/10/48

2,429

Series

-

2015

CR22

(Class

B)

2,696,000

(a)

COMM

Mortgage

Trust

4

.070

03/10/48

2,373

Series

-

2015

CR22

(Class

C)

7,405,000

COMM

Mortgage

Trust

3

.801

05/10/48

7,368

Series

-

2015

CR23

(Class

AM)

4,500,000

(a)

COMM

Mortgage

Trust

4

.183

05/10/48

4,378

Series

-

2015

CR23

(Class

B)

2,549,000

(a)

COMM

Mortgage

Trust

4

.332

05/10/48

2,416

Series

-

2015

CR23

(Class

C)

103,700

COMM

Mortgage

Trust

3

.421

07/10/48

104

Series

-

2015

LC21

(Class

ASB)

4,000,000

(a)

COMM

Mortgage

Trust

3

.463

08/10/48

3,561

Series

-

2015

CR24

(Class

D)

2,550,000

COMM

Mortgage

Trust

3

.696

08/10/48

2,531

Series

-

2015

CR24

(Class

A5)

5,000,000

(a)

COMM

Mortgage

Trust

4

.028

08/10/48

4,945

Series

-

2015

CR24

(Class

AM)

1,467,000

(a)

COMM

Mortgage

Trust

4

.348

08/10/48

1,332

Series

-

2015

CR24

(Class

C)

2,000,000

(a)

COMM

Mortgage

Trust

4

.348

08/10/48

1,954

Series

-

2015

CR24

(Class

B)

1,352,000

COMM

Mortgage

Trust

3

.612

10/10/48

1,338

Series

-

2015

CR27

(Class

A4)

3,212,210

COMM

Mortgage

Trust

3

.630

10/10/48

3,176

Series

-

2015

CR26

(Class

A4)

2,075,000

COMM

Mortgage

Trust

3

.774

10/10/48

2,055

Series

-

2015

LC23

(Class

A4)

1,875,000

(a)

COMM

Mortgage

Trust

4

.463

10/10/48

1,834

Series

-

2015

CR26

(Class

B)

4,855,000

(a)

COMM

Mortgage

Trust

4

.544

10/10/48

4,618

Series

-

2015

LC23

(Class

C)

955,558

COMM

Mortgage

Trust

3

.651

02/10/49

954

Series

-

2016

CR28

(Class

AHR)

4,742,262

(a)

COMM

Mortgage

Trust

4

.586

02/10/49

4,503

Series

-

2016

CR28

(Class

B)

4,600,000

(a)

COMM

Mortgage

Trust

4

.345

05/10/51

4,211

Series

-

2018

COR3

(Class

AM)

2,055,000

(a)

COMM

Mortgage

Trust

4

.516

05/10/51

1,711

Series

-

2018

COR3

(Class

B)

1,550,000

COMM

Mortgage

Trust

3

.263

08/15/57

1,389

Series

-

2019

GC44

(Class

AM)

247

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

2,000,000

(a)

COMM

Mortgage

Trust

3

.510

%

08/15/57

$

1,673

Series

-

2019

GC44

(Class

C)

17,620,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.500%)

8

.069

03/25/42

18,517

Series

-

2022

R03

(Class

1M2)

5,970,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.000%)

7

.569

04/25/42

6,192

Series

-

2022

R05

(Class

2M2)

28,280,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.850%)

8

.419

05/25/42

29,993

Series

-

2022

R06

(Class

1M2)

9,505,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.600%)

8

.169

07/25/42

10,035

Series

-

2022

R08

(Class

1M2)

12,890,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

4.750%)

9

.310

09/25/42

13,998

Series

-

2022

R09

(Class

2M2)

870,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

6.750%)

11

.310

09/25/42

971

Series

-

2022

R09

(Class

2B1)

16,045,000

(a),(b)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.750%)

8

.310

12/25/42

17,143

Series

-

2023

R01

(Class

1M2)

4,270,400

(a),(b)

CSMC

3

.388

10/25/59

3,979

Series

-

2019

NQM1

(Class

M1)

6,987,788

(a),(b)

CSMC

2

.405

10/25/66

6,054

Series

-

2021

NQM8

(Class

A3)

7,400,000

(a),(b)

CSMC

Trust

3

.728

11/10/32

5,014

Series

-

2017

CALI

(Class

B)

9,500,000

DBGS

Mortgage

Trust

4

.466

10/15/51

9,089

Series

-

2018

C1

(Class

A4)

3,359,188

DBJPM

Mortgage

Trust

2

.756

08/10/49

3,316

Series

-

2016

C3

(Class

ASB)

4,742,025

DBJPM

Mortgage

Trust

3

.121

06/10/50

4,657

Series

-

2017

C6

(Class

ASB)

5,300,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

4,424

Series

-

2020

C9

(Class

AM)

2,000,000

(a),(b)

DBSG

Mortgage

Trust

6

.595

06/10/37

2,023

Series

-

2024

ALTA

(Class

B)

4,994,187

(a),(b)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

1.235%)

5

.633

11/15/38

4,991

Series

-

2021

ELP

(Class

B)

6,991,862

(a),(b)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

1.434%)

5

.832

11/15/38

6,988

Series

-

2021

ELP

(Class

C)

4,414,861

(a),(b)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

2.233%)

6

.631

11/15/38

4,419

Series

-

2021

ELP

(Class

E)

1,499,970

(a),(b)

EQUS

Mortgage

Trust,

(TSFR1M

+

1.019%)

5

.417

10/15/38

1,499

Series

-

2021

EQAZ

(Class

A)

2,165,087

(a),(b)

Flagstar

Mortgage

Trust

3

.972

10/25/47

1,928

Series

-

2017

2

(Class

B3)

83,971

(a),(b)

Flagstar

Mortgage

Trust

4

.000

09/25/48

78

Series

-

2018

5

(Class

A11)

2,974,398

(a),(b)

Flagstar

Mortgage

Trust

2

.500

04/25/51

2,365

Series

-

2021

2

(Class

A4)

8,504,607

(a),(b)

Flagstar

Mortgage

Trust

2

.500

06/01/51

6,762

Series

-

2021

4

(Class

A21)

2,501,553

(a),(b)

Flagstar

Mortgage

Trust

3

.343

07/25/51

1,981

Series

-

2021

5INV

(Class

B4)

27,497

Ford

Credit

Auto

Owner

Trust

5

.140

03/15/26

27

Series

-

2023

A

(Class

A2A)

27,497

(a)

Ford

Credit

Auto

Owner

Trust,

(SOFR30A

+

0.720%)

5

.318

03/15/26

27

Series

-

2023

A

(Class

A2B)

2,580,000

(b)

Frontier

Issuer

LLC

6

.600

08/20/53

2,626

Series

-

2023

1

(Class

A2)

GBP

878,038

(a),(b)

Frost

CMBS

DAC,

(SONIA

Interest

Rate

Benchmark

+

2.900%)

7

.627

11/20/33

1,085

Series

-

2021

1A

(Class

GBD)

2,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

1.747%)

6

.145

07/15/31

791

Series

-

2018

TWR

(Class

C)

5,235,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

1.897%)

6

.295

07/15/31

1,319

Series

-

2018

TWR

(Class

D)

Core

Bond

248

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

5,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

1.364%)

5

.762

%

11/15/36

$

4,974

Series

-

2021

ARDN

(Class

A)

1,500,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

2.164%)

6

.562

11/15/36

1,477

Series

-

2021

ARDN

(Class

C)

3,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

2.864%)

7

.262

11/15/36

2,980

Series

-

2021

ARDN

(Class

D)

3,600,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

3.464%)

7

.862

11/15/36

3,571

Series

-

2021

ARDN

(Class

E)

1,130,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

3

.475

09/10/37

1,061

Series

-

2017

375H

(Class

A)

2,500,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

3

.483

09/10/37

2,266

Series

-

2017

375H

(Class

B)

7,400,000

(a)

GS

Mortgage

Securities

Trust

4

.018

07/10/48

7,334

Series

-

2015

GC32

(Class

AS)

621,975

GS

Mortgage

Securities

Trust

3

.278

10/10/48

618

Series

-

2015

GC34

(Class

AAB)

2,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

1,913

Series

-

2016

GS3

(Class

AS)

1,500,000

(a)

GS

Mortgage

Securities

Trust

3

.950

11/10/49

1,270

Series

-

2016

GS4

(Class

C)

2,000,000

GS

Mortgage

Securities

Trust

3

.674

03/10/50

1,925

Series

-

2017

GS5

(Class

A4)

4,250,000

(a)

GS

Mortgage

Securities

Trust

3

.826

03/10/50

3,961

Series

-

2017

GS5

(Class

AS)

5,009,907

GS

Mortgage

Securities

Trust

3

.230

05/10/50

4,948

Series

-

2017

GS6

(Class

AAB)

6,000,000

GS

Mortgage

Securities

Trust

3

.433

05/10/50

5,746

Series

-

2017

GS6

(Class

A3)

1,350,000

(a)

GS

Mortgage

Securities

Trust

3

.777

05/10/50

1,319

Series

-

2015

GC30

(Class

AS)

2,540,000

(a)

GS

Mortgage

Securities

Trust

4

.008

05/10/50

2,421

Series

-

2015

GC30

(Class

B)

5,000,000

(a)

GS

Mortgage

Securities

Trust

4

.052

05/10/50

4,460

Series

-

2015

GC30

(Class

C)

3,000,000

GS

Mortgage

Securities

Trust

3

.837

11/10/50

2,884

Series

-

2017

GS8

(Class

ABP)

4,844,000

(a)

GS

Mortgage

Securities

Trust

4

.317

11/10/50

4,250

Series

-

2017

GS8

(Class

C)

3,050,000

(a)

GS

Mortgage

Securities

Trust

4

.158

02/10/52

2,865

Series

-

2019

GC38

(Class

AS)

2,500,000

(a)

GS

Mortgage

Securities

Trust

3

.173

02/13/53

2,234

Series

-

2020

GC45

(Class

AS)

2,190,000

GS

Mortgage

Securities

Trust

2

.012

12/12/53

1,808

Series

-

2020

GSA2

(Class

A5)

123,773

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

115

Series

-

2019

PJ2

(Class

A1)

323,319

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

299

Series

-

2019

PJ2

(Class

A4)

802,606

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

673

Series

-

2020

PJ4

(Class

A4)

33,504,013

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.251

03/27/51

402

Series

-

2020

PJ5

(Class

AX1)

1,145,193

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

960

Series

-

2020

PJ5

(Class

A4)

1,813,045

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

1,447

Series

-

2020

PJ6

(Class

A4)

11,377,063

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

9,045

Series

-

2021

PJ5

(Class

A4)

10,947,131

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

9,076

Series

-

2022

PJ2

(Class

A36)

4,013,092

(a),(b)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

3,327

Series

-

2022

PJ4

(Class

A36)

249

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

980,968

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.612

%

05/25/50

$

838

Series

-

2020

PJ1

(Class

B2)

1,192,820

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.028

12/25/51

927

Series

-

2021

INV1

(Class

B4)

20,162,153

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

16,030

Series

-

2021

PJ7

(Class

A4)

9,261,106

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

7,363

Series

-

2021

PJ8

(Class

A4)

3,285,290

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2

.721

01/25/52

2,549

Series

-

2021

PJ7

(Class

B2)

2,213,266

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.246

06/25/52

1,751

Series

-

2022

LTV1

(Class

B3)

6,489,981

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

5,381

Series

-

2022

INV1

(Class

A4)

8,725,087

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

7,234

Series

-

2022

HP1

(Class

A4)

6,588,388

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

5,462

Series

-

2022

PJ5

(Class

A36)

5,251,893

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

4,354

Series

-

2022

PJ6

(Class

A24)

7,763,299

(a),(b)

GS

Mortgage-Backed

Securities

Trust

3

.500

02/25/53

6,652

Series

-

2023

PJ1

(Class

A24)

4,500,000

(b)

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

4,331

Series

-

2016

10HY

(Class

A)

2,500,000

(a),(b)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

2,400

Series

-

2016

10HY

(Class

B)

7,250,000

(a),(b)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

6,914

Series

-

2016

10HY

(Class

C)

4,750,000

(a),(b)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

4,018

Series

-

2019

55HY

(Class

D)

2,750,000

(a),(b)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

2,211

Series

-

2019

55HY

(Class

E)

1,973,212

(a),(b)

Imperial

Fund

Mortgage

Trust

2

.051

10/25/55

1,848

Series

-

2020

NQM1

(Class

A3)

1,043,500

(a),(b)

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

930

Series

-

2020

NQM1

(Class

M1)

1,000,000

(a),(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

4

.613

07/05/31

495

Series

-

2018

AON

(Class

D)

1,780,000

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

3

.914

01/15/49

1,758

Series

-

2015

JP1

(Class

A5)

1,530,695

JP

Morgan

Chase

Commercial

Mortgage

Securities

Corp

2

.713

08/15/49

1,513

Series

-

2016

JP2

(Class

ASB)

3,155,000

(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.065

01/16/37

2,511

Series

-

2020

NNN

(Class

BFX)

1,857,836

(a),(b)

JP

Morgan

Mortgage

Trust

6

.147

12/25/44

1,804

Series

-

2015

1

(Class

B1)

178,986

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

163

Series

-

2015

3

(Class

A19)

1,818,123

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

1,633

Series

-

2015

6

(Class

A13)

2,084,713

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

1,821

Series

-

2018

3

(Class

A13)

2,930,572

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

2,565

Series

-

2018

5

(Class

A13)

1,709,935

(a),(b)

JP

Morgan

Mortgage

Trust

5

.214

10/26/48

1,722

Series

-

2017

5

(Class

A2)

605,977

(a),(b)

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

555

Series

-

2018

9

(Class

A13)

460,005

(a),(b)

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

423

Series

-

2019

1

(Class

A15)

6,388,418

(a),(b)

JP

Morgan

Mortgage

Trust

3

.817

06/25/50

5,556

Series

-

2020

1

(Class

B2)

Core

Bond

250

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

26,941,166

(a),(b)

JP

Morgan

Mortgage

Trust

0

.137

%

07/25/51

$

193

Series

-

2021

3

(Class

AX1)

18,924,276

(a),(b)

JP

Morgan

Mortgage

Trust

0

.131

08/25/51

130

Series

-

2021

4

(Class

AX1)

2,315,559

(a),(b)

JP

Morgan

Mortgage

Trust

2

.881

08/25/51

1,792

Series

-

2021

4

(Class

B2)

36,368,718

(a),(b)

JP

Morgan

Mortgage

Trust

0

.134

10/25/51

264

Series

-

2021

6

(Class

AX1)

6,797,539

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

5,417

Series

-

2021

6

(Class

A15)

9,700,070

(a),(b)

JP

Morgan

Mortgage

Trust

0

.400

12/25/51

213

Series

-

2021

INV2

(Class

AX4)

2,295,183

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

1,825

Series

-

2021

10

(Class

A15)

4,013,071

(a),(b)

JP

Morgan

Mortgage

Trust

3

.213

01/25/52

3,120

Series

-

2021

INV4

(Class

B4)

2,295,581

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

1,825

Series

-

2021

12

(Class

A15)

3,519,932

(a),(b)

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

2,799

Series

-

2021

14

(Class

A15)

2,283,048

(a),(b)

JP

Morgan

Mortgage

Trust

2

.927

05/25/52

1,875

Series

-

2021

LTV2

(Class

A3)

1,365,362

(a),(b)

JP

Morgan

Mortgage

Trust

3

.285

05/25/52

1,071

Series

-

2021

INV8

(Class

B4)

15,676,031

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

12,914

Series

-

2022

2

(Class

A25)

6,772,618

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

09/25/52

5,579

Series

-

2022

INV3

(Class

A6)

10,841,189

(a),(b)

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

9,316

Series

-

2022

LTV2

(Class

A6)

6,456,922

(a),(b)

JP

Morgan

Mortgage

Trust

3

.000

12/25/52

5,353

Series

-

2022

7

(Class

1A17)

2,136,082

(a),(b)

JP

Morgan

Mortgage

Trust

4

.000

12/25/52

1,891

Series

-

2022

7

(Class

2A6A)

1,953,878

JPMBB

Commercial

Mortgage

Securities

Trust

4

.110

09/15/47

1,873

Series

-

2014

C22

(Class

AS)

2,686,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.549

09/15/47

2,623

Series

-

2014

C23

(Class

B)

3,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.898

02/15/48

2,438

Series

-

2015

C27

(Class

B)

2,556,000

JPMBB

Commercial

Mortgage

Securities

Trust

3

.611

05/15/48

2,544

Series

-

2015

C29

(Class

A4)

2,500,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

05/15/48

2,478

Series

-

2015

C29

(Class

AS)

2,350,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

2,265

Series

-

2015

C29

(Class

B)

3,500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

3,402

Series

-

2015

C31

(Class

AS)

3,000,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.623

08/15/48

2,300

Series

-

2015

C31

(Class

C)

9,952,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.623

08/15/48

8,842

Series

-

2015

C31

(Class

B)

1,820,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.699

03/17/49

1,686

Series

-

2016

C1

(Class

C)

868,186

JPMCC

Commercial

Mortgage

Securities

Trust

3

.457

03/15/50

857

Series

-

2017

JP5

(Class

A4)

521,664

JPMCC

Commercial

Mortgage

Securities

Trust

3

.549

03/15/50

513

Series

-

2017

JP5

(Class

ASB)

1,000,000

(a)

JPMCC

Commercial

Mortgage

Securities

Trust

3

.904

03/15/50

851

Series

-

2017

JP5

(Class

C)

884,535

JPMCC

Commercial

Mortgage

Securities

Trust

3

.379

09/15/50

856

Series

-

2017

JP7

(Class

A3)

251

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

1,000,000

(a)

JPMDB

Commercial

Mortgage

Securities

Trust

3

.039

%

12/15/49

$

812

Series

-

2016

C4

(Class

C)

3,000,000

JPMDB

Commercial

Mortgage

Securities

Trust

3

.694

03/15/50

2,888

Series

-

2017

C5

(Class

A5)

7,575,000

JPMDB

Commercial

Mortgage

Securities

Trust

2

.536

05/13/53

5,638

Series

-

2020

COR7

(Class

AS)

1,753,633

(b)

Ladder

Capital

Commercial

Mortgage

Securities

3

.575

02/15/36

1,668

Series

-

2013

GCP

(Class

A1)

EUR

599,877

(a),(b)

Last

Mile

Securities,

(EURIBOR

3

M

+

2.350%)

5

.355

08/17/31

621

Series

-

2021

1A

(Class

D)

2,414,040

(b)

LCCM

3

.357

07/12/50

2,380

Series

-

2017

LC26

(Class

ASB)

5,000,000

(b)

Legends

Outlets

Kansas

City

KS

Mortgage

Secured

Pass-Through

Trust

6

.021

10/15/27

5,002

Series

-

2024

LGND

(Class

A)

5,000,000

(b)

LSTAR

Commercial

Mortgage

Trust

4

.021

03/10/50

4,691

Series

-

2017

5

(Class

AS)

1,500,000

(a),(b)

Manhattan

West

Mortgage

Trust

2

.335

09/10/39

1,379

Series

-

2020

1MW

(Class

B)

397,007

(a)

Merrill

Lynch

Mortgage

Investors

Trust,

(TSFR1M

+

0.634%)

2

.278

01/25/37

381

Series

-

2006

WMC1

(Class

A1B)

778,621

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.605

02/15/48

777

Series

-

2015

C20

(Class

AS)

1,250,000

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.420

02/15/48

1,230

Series

-

2015

C20

(Class

C)

2,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.338

03/15/48

2,494

Series

-

2015

C21

(Class

A4)

6,500,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.652

03/15/48

6,460

Series

-

2015

C21

(Class

AS)

3,000,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.561

04/15/48

2,910

Series

-

2015

C22

(Class

AS)

1,310,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

3

.252

10/15/48

1,301

Series

-

2015

C26

(Class

A4)

3,000,000

(a)

Morgan

Stanley

Capital

I

Trust

3

.779

05/15/48

2,978

Series

-

2015

MS1

(Class

A4)

378,466

(a)

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

135

Series

-

2007

IQ16

(Class

AJ)

258,162

(a)

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

92

Series

-

2007

IQ16

(Class

AJFX)

2,111,169

Morgan

Stanley

Capital

I

Trust

3

.304

06/15/50

2,090

Series

-

2017

H1

(Class

ASB)

1,458,000

Morgan

Stanley

Capital

I

Trust

3

.587

12/15/50

1,397

Series

-

2017

HR2

(Class

A4)

2,840,000

(a)

Morgan

Stanley

Capital

I

Trust

4

.429

07/15/51

2,737

Series

-

2018

H3

(Class

AS)

24,824,846

(a),(b)

Morgan

Stanley

Capital

I

Trust

3

.900

09/24/57

23,980

Series

-

2024

NSTB

(Class

A)

555,943

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

07/25/51

487

Series

-

2021

4

(Class

A4)

5,848,642

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4

.000

02/25/53

5,229

Series

-

2023

1

(Class

A7)

3,380,820

(a),(b)

MSC

Trust,

(TSFR1M

+

1.491%)

5

.889

11/15/36

3,370

Series

-

2021

ILP

(Class

C)

3,000,000

(a),(b)

MSDB

Trust

3

.316

07/11/39

2,762

Series

-

2017

712F

(Class

A)

1,019,322

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

3

.790

11/15/32

962

Series

-

2018

285M

(Class

A)

12,741,348

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

1.579%)

5

.915

07/15/36

11,588

Series

-

2019

MILE

(Class

A)

5,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

1.879%)

6

.277

07/15/36

4,271

Series

-

2019

MILE

(Class

B)

2,900,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.279%)

6

.677

07/15/36

2,310

Series

-

2019

MILE

(Class

C)

Core

Bond

252

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

5,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.829%)

7

.227

%

07/15/36

$

3,796

Series

-

2019

MILE

(Class

D)

703,488

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2

.966

12/15/38

662

Series

-

2020

2PAC

(Class

A)

1,666,237

(a),(b)

New

Residential

Mortgage

Loan

Trust

3

.512

03/25/52

1,323

Series

-

2022

INV1

(Class

B4)

168,259

(a)

New

York

Mortgage

Trust,

(TSFR1M

+

0.594%)

4

.933

02/25/36

166

Series

-

2005

3

(Class

A1)

5,000,000

(a),(b)

NYC

Trust,

(TSFR1M

+

1.991%)

6

.388

08/15/29

5,046

Series

-

2024

3ELV

(Class

A)

3,800,000

(a),(b)

NYC

Trust,

(TSFR1M

+

2.291%)

6

.688

08/15/29

3,827

Series

-

2024

3ELV

(Class

B)

10,293,116

(a),(b)

OBX

Trust

2

.500

07/25/51

8,183

Series

-

2021

J2

(Class

A19)

8,149,086

(a),(b)

OBX

Trust

3

.500

08/25/52

7,115

Series

-

2022

J2

(Class

A1)

8,931,770

(a),(b)

OBX

Trust

4

.000

10/25/52

7,904

Series

-

2022

INV5

(Class

A13)

3,154,354

(a),(b)

Oceanview

Mortgage

Trust

2

.500

05/25/51

2,508

Series

-

2021

1

(Class

A19)

2,310,901

(a),(b)

Oceanview

Mortgage

Trust

4

.500

11/25/52

2,135

Series

-

2022

1

(Class

A1)

5,434,000

(b)

Olympic

Tower

Mortgage

Trust

3

.566

05/10/39

4,963

Series

-

2017

OT

(Class

A)

11,190,000

(b)

One

Bryant

Park

Trust

2

.516

09/15/54

9,785

Series

-

2019

OBP

(Class

A)

18,255,000

(a),(b)

ONNI

Commerical

Mortgage

Trust

5

.567

07/15/39

18,339

Series

-

2024

APT

(Class

A)

7,000,000

(a),(b)

ONNI

Commerical

Mortgage

Trust

5

.951

07/15/39

7,033

Series

-

2024

APT

(Class

B)

2,400,000

(a),(b)

OPEN

Trust,

(TSFR1M

+

5.236%)

9

.633

11/15/40

2,427

Series

-

2023

AIR

(Class

C)

2,954,692

(a),(b)

RCKT

Mortgage

Trust

3

.500

06/25/52

2,539

Series

-

2022

4

(Class

A22)

549,376

(a),(b)

Sequoia

Mortgage

Trust

3

.500

05/25/45

493

Series

-

2015

2

(Class

A1)

484,261

(a),(b)

Sequoia

Mortgage

Trust

3

.500

06/25/46

434

Series

-

2016

1

(Class

A19)

119,858

(a),(b)

Sequoia

Mortgage

Trust

3

.500

02/25/47

106

Series

-

2017

2

(Class

A19)

1,897,481

(a),(b)

Sequoia

Mortgage

Trust

3

.722

09/25/47

1,754

Series

-

2017

6

(Class

B1)

803,168

(a),(b)

Sequoia

Mortgage

Trust

3

.500

03/25/48

711

Series

-

2018

3

(Class

A1)

60,278

(a),(b)

Sequoia

Mortgage

Trust

4

.000

09/25/48

56

Series

-

2018

7

(Class

A19)

5,293,196

(a),(b)

Sequoia

Mortgage

Trust

3

.000

04/25/50

4,422

Series

-

2020

3

(Class

A19)

4,468,595

(a),(b)

Sequoia

Mortgage

Trust

5

.000

01/25/53

4,215

Series

-

2023

1

(Class

A19)

357,259

(a),(b)

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

318

Series

-

2017

1

(Class

A19)

4,350,000

(b)

SLG

Office

Trust

2

.585

07/15/41

3,659

Series

-

2021

OVA

(Class

A)

22,865,000

(b)

SLG

Office

Trust

2

.851

07/15/41

18,691

Series

-

2021

OVA

(Class

D)

9,614,610

(a),(b)

SMR

Mortgage

Trust,

(TSFR1M

+

1.650%)

6

.047

02/15/39

9,508

Series

-

2022

IND

(Class

A)

9,156,771

(a),(b)

SMR

Mortgage

Trust,

(TSFR1M

+

2.950%)

7

.347

02/15/39

8,926

Series

-

2022

IND

(Class

C)

3,000,000

(a),(b)

SREIT

Trust,

(TSFR1M

+

1.286%)

5

.683

11/15/36

2,995

Series

-

2021

MFP2

(Class

B)

253

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

GBP

347,448

(a),(b)

Taurus

UK

DAC,

(SONIA

Interest

Rate

Benchmark

+

1.300%)

6

.027

%

05/17/31

$

435

Series

-

2021

UK1A

(Class

B)

GBP

506,281

(a),(b)

Taurus

UK

DAC,

(SONIA

Interest

Rate

Benchmark

+

1.650%)

6

.377

05/17/31

633

Series

-

2021

UK1A

(Class

C)

$

3,500,000

(a),(b)

TX

Trust,

(TSFR1M

+

1.591%)

5

.988

06/15/39

3,497

Series

-

2024

HOU

(Class

A)

4,529,604

UBS

Commercial

Mortgage

Trust

3

.256

06/15/50

4,469

Series

-

2017

C1

(Class

ASB)

1,049,638

UBS

Commercial

Mortgage

Trust

3

.366

10/15/50

1,031

Series

-

2017

C4

(Class

ASB)

1,570,000

UBS

Commercial

Mortgage

Trust

3

.563

10/15/50

1,485

Series

-

2017

C4

(Class

A4)

1,750,000

UBS

Commercial

Mortgage

Trust

4

.334

10/15/51

1,690

Series

-

2018

C13

(Class

A4)

1,596,414

(a),(b)

Verus

Securitization

Trust

2

.240

10/25/66

1,351

Series

-

2021

7

(Class

A3)

1,810,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.406

05/15/48

1,793

Series

-

2015

NXS1

(Class

AS)

2,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3

.658

05/15/48

1,967

Series

-

2015

NXS1

(Class

B)

2,279,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4

.069

05/15/48

2,110

Series

-

2015

NXS1

(Class

D)

1,973,299

Wells

Fargo

Commercial

Mortgage

Trust

2

.788

07/15/48

1,955

Series

-

2016

C35

(Class

ASB)

3,239,819

Wells

Fargo

Commercial

Mortgage

Trust

2

.514

08/15/49

3,204

Series

-

2016

BNK1

(Class

ASB)

3,757,300

Wells

Fargo

Commercial

Mortgage

Trust

2

.825

10/15/49

3,712

Series

-

2016

LC24

(Class

ASB)

872,111

Wells

Fargo

Commercial

Mortgage

Trust

3

.635

03/15/50

835

Series

-

2017

RB1

(Class

A5)

2,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.757

03/15/50

1,878

Series

-

2017

RB1

(Class

AS)

5,985,466

Wells

Fargo

Commercial

Mortgage

Trust

3

.261

07/15/50

5,902

Series

-

2017

C38

(Class

ASB)

2,197,255

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3

.903

07/15/50

1,993

Series

-

2017

C38

(Class

C)

4,687,383

Wells

Fargo

Commercial

Mortgage

Trust

3

.212

09/15/50

4,606

Series

-

2017

C39

(Class

ASB)

4,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

3

.767

07/15/58

3,967

Series

-

2015

NXS2

(Class

A5)

1,000,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

4

.269

07/15/58

936

Series

-

2015

NXS2

(Class

B)

6,000,000

Wells

Fargo

Commercial

Mortgage

Trust

3

.749

03/15/59

5,894

Series

-

2016

C33

(Class

AS)

156,628

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

146

Series

-

2019

2

(Class

A17)

1,996,261

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

09/25/49

1,760

Series

-

2019

4

(Class

A1)

840,304

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

700

Series

-

2020

4

(Class

A17)

10,435,195

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

8,296

Series

-

2021

2

(Class

A17)

1,242,566

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.642

09/25/51

1,005

Series

-

2021

INV2

(Class

B4)

4,207,792

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

3,345

Series

-

2022

2

(Class

A18)

3,641,613

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

3,019

Series

-

2022

INV1

(Class

A18)

6,256,125

(a),(b)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

5,380

Series

-

2022

INV1

(Class

A17)

3,248,865

(a)

WFRBS

Commercial

Mortgage

Trust

3

.714

03/15/45

3,210

Series

-

2013

C11

(Class

B)

Core

Bond

254

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

247,062

(a),(b)

WinWater

Mortgage

Loan

Trust

3

.928

%

06/20/44

$

203

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

1,063,459

TOTAL

STRUCTURED

ASSETS

(Cost

$1,773,340)

1,655,334

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$11,494,380)

10,645,831‌

SHARES

DESCRIPTION

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

21,908,050

(h)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.460

(i)

21,908

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$21,908)

21,908

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

1.9%

COMMERCIAL

PAPER

-

0.0%

4,000,000

(b)

HSBC

USA,

Inc

0

.000

04/03/25

3,953

TOTAL

COMMERCIAL

PAPER

3,953

GOVERNMENT

AGENCY

DEBT

-

0.7%

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/02/25

4,999

10,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/07/25

9,992

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/08/25

4,995

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/10/25

4,994

5,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/29/25

4,983

4,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/31/25

3,986

25,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

03/21/25

24,767

5,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

4,995

10,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/15/25

9,982

TOTAL

GOVERNMENT

AGENCY

DEBT

73,693

REPURCHASE

AGREEMENT

-

0.6%

66,674,000

(j)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

66,674

TOTAL

REPURCHASE

AGREEMENT

66,674

TREASURY

DEBT

-

0.6%

EUR

1,900,000

German

Treasury

Bill

0

.000

06/18/25

1,946

10,000,000

United

States

Treasury

Bill

0

.000

01/02/25

10,000

15,000,000

United

States

Treasury

Bill

0

.000

01/23/25

14,963

12,500,000

United

States

Treasury

Bill

0

.000

01/30/25

12,459

25,000,000

United

States

Treasury

Bill

0

.000

02/06/25

24,897

5,000,000

United

States

Treasury

Bill

0

.000

02/18/25

4,973

TOTAL

TREASURY

DEBT

69,238

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$213,563)

213,558

TOTAL

INVESTMENTS

-

98.6%

(Cost

$11,729,851)

10,881,297

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.4%

152,500

NET

ASSETS

-

100.0%

$11,033,797

255

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CNY

Chinese

Yuan

COP

Colombia

Peso

DOP

Dominican

Republic

Peso

EUR

Euro

EURIBOR

EURO

Interbank

Offer

Rate

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

KZT

Kazakhstani

Tenge

LIBOR

London

Interbank

Offered

Rate

M

Month

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

RON

Romanian

Leu

RSD

Serbian

Dinar

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Interbank

Average

Rate

THB

Thai

Baht

TRY

Turkish

Lira

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

TSFR6M

CME

Term

Secured

Overnight

Financing

Rate

6

Month

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

UZS

Uzbekistani

Som

ZAR

South

African

Rand

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$2,243,707,416

or

20.6%

of

Total

Investments.

(c)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$49,511,621.

(d)

Perpetual

security.

Maturity

date

is

not

applicable.

(e)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(f)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(g)

When-issued

or

delayed

delivery

security.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(i)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$66,690,520

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

9/15/26,

valued

at

$68,007,693.

Core

Bond

256

Portfolio

of

Investments

December

31,

2024

(continued)

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

1,000‌

03/20/25

 $

110,607‌

$

108,750‌

$

(

1,857‌

)

U.S.

Treasury

2-Year

Note

1,650‌

03/31/25

340,045‌

339,255‌

(

790‌

)

U.S.

Treasury

5-Year

Note

4,679‌

03/31/25

501,320‌

497,400‌

(

3,920‌

)

Total

7,329‌

  $

951,972‌

 $

945,405‌

 $

(

6,567‌

)

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

752

JPY

112,631

Australia

and

New

Zealand

Banking

Group

Limited

01/14/25

35‌

$

6,226

AUD

9,240

Bank

of

America,

N.A.

01/13/25

507‌

$

107,706

EUR

98,199

Bank

of

America,

N.A.

01/13/25

5,908‌

$

2,902

EUR

2,645

Bank

of

America,

N.A.

01/13/25

160‌

$

1,004

GBP

787

Bank

of

America,

N.A.

01/13/25

19‌

$

2,196

NOK

23,576

Bank

of

America,

N.A.

01/13/25

125‌

CAD

1,650

$

1,187

Bank

of

America,

N.A.

01/13/25

(

39‌

)

EUR

590

$

643

Bank

of

America,

N.A.

01/13/25

(

32‌

)

EUR

2,407

$

2,620

Bank

of

America,

N.A.

01/13/25

(

100‌

)

EUR

202

$

214

Bank

of

America,

N.A.

01/13/25

(

5‌

)

GBP

600

$

779

Bank

of

America,

N.A.

01/13/25

(

28‌

)

$

654

MXN

13,637

Goldman

Sachs

01/13/25

2‌

CAD

2,101

$

1,513

Goldman

Sachs

01/13/25

(

51‌

)

$

10,691

CAD

14,663

Morgan

Stanley

Capital

Services

01/13/25

485‌

$

487

EUR

463

Morgan

Stanley

Capital

Services

01/13/25

7‌

$

22,649

GBP

17,347

Morgan

Stanley

Capital

Services

01/13/25

935‌

$

988

GBP

769

Morgan

Stanley

Capital

Services

01/13/25

25‌

$

1,561

GBP

1,235

Morgan

Stanley

Capital

Services

01/13/25

15‌

$

2,487

IDR

39,386,220

Morgan

Stanley

Capital

Services

01/15/25

54‌

$

2,232

NZD

3,665

Morgan

Stanley

Capital

Services

01/13/25

182‌

$

429

PEN

1,633

Morgan

Stanley

Capital

Services

01/15/25

(

5‌

)

$

1,774

PLN

7,262

Morgan

Stanley

Capital

Services

01/13/25

16‌

$

1,323

RON

6,205

Morgan

Stanley

Capital

Services

01/13/25

32‌

HUF

2,059

$

5

Morgan

Stanley

Capital

Services

01/13/25

(

0‌

)

^

NOK

7,144

$

647

Morgan

Stanley

Capital

Services

01/13/25

(

19‌

)

$

238

ZAR

4,350

Morgan

Stanley

Capital

Services

01/13/25

7‌

$

21,778

CNH

157,337

Standard

Chartered

Bank

03/17/25

295‌

$

283

EUR

260

Standard

Chartered

Bank

01/13/25

14‌

$

7,562

KRW

10,593,700

Standard

Chartered

Bank

01/15/25

387‌

$

1,003

THB

34,862

Standard

Chartered

Bank

01/15/25

(

20‌

)

$

510

CAD

700

Toronto

Dominion

Bank

01/13/25

22‌

$

458

HUF

176,681

Toronto

Dominion

Bank

01/13/25

14‌

$

31,057

JPY

4,555,562

Toronto

Dominion

Bank

01/14/25

2,055‌

EUR

678

$

718

Toronto

Dominion

Bank

01/13/25

(

15‌

)

EUR

300

$

315

Toronto

Dominion

Bank

01/13/25

(

4‌

)

NOK

16,596

$

1,500

Toronto

Dominion

Bank

01/13/25

(

42‌

)

Total

  $

10,941‌

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

 $

11,301‌

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

 $

(

360‌

)

257

AUD

Australian

Dollar

CAD

Canadian

Dollar

CNH

Chinese

Yuan

Renminbi

Offshore

EUR

Euro

GBP

Pound

Sterling

HUF

Hungary

Forint

IDR

Indonesia

Rupiah

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

Sol

PLN

Polish

Zloty

RON

Romanian

Leu

THB

Thai

Baht

ZAR

South

African

Rand

^

Amount

represents

less

than

$1,000.

Credit

Default

Swaps

-

Centrally

Cleared

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

(a)

Value

(000)

Premiums

Paid

(Received)

(000)

Unrealized

Appreciation

(Depreciation)

(000)

CDX-NAHYS43V1-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/29

$

150,000‌

$

(

11,793‌

)

$

(

10,421‌

)

$

(

1,372‌

)

CDX-NAIGS43V1-5Y

Credit

event

as

specified

in

contract

1.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/29

225,000‌

(

5,097‌

)

(

4,806‌

)

(

291‌

)

Total

$

(

16,890‌

)

$

(

15,227‌

)

$

(

1,663‌

)

(a)

The

maximum

potential

amount

the

Account

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Inflation-Linked

Bond

Portfolio

of

Investments

December

31,

2024

258

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.5%

BANK

LOAN

OBLIGATIONS

-

0.3%

CAPITAL

GOODS

-

0

.1

%

$

2,090,988

(a)

Core

&

Main

LP,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.339

%

07/27/28

$

2,098

1,940,000

(a)

Fluidra,

S.A.,

Term

Loan

B,

(TSFR1M

+

1.925%)

6

.382

01/29/29

1,944

2,620,227

(a)

Zurn

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.471

10/04/28

2,640

TOTAL

CAPITAL

GOODS

6,682

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

680,000

(a)

Crocs,

Inc.,

Term

Loan,

(TSFR3M

+

2.250%)

6

.579

02/19/29

684

TOTAL

CONSUMER

DURABLES

&

APPAREL

684

CONSUMER

SERVICES

-

0

.1

%

2,924,502

(a)

101B.C.

Unlimited

Liability

Company,

Term

Loan

B6,

(TSFR1M

+

1.750%)

6

.107

09/20/30

2,914

2,431,625

(a)

Flutter

Financing

BV,

(TSFR3M

+

2.250%)

6

.604

11/29/30

2,429

TOTAL

CONSUMER

SERVICES

5,343

FINANCIAL

SERVICES

-

0

.0

%

1,514,968

(a)

Trans

Union,

LLC,

Term

Loan

B9,

(TSFR1M

+

1.750%)

6

.107

06/24/31

1,515

TOTAL

FINANCIAL

SERVICES

1,515

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0

.0

%

532,072

(a)

Select

Medical

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.531

11/18/31

535

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

535

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.1

%

157,351

(a)

Avantor

Funding,

Inc.,

Term

Loan,

(TSFR1M

+

2.000%)

6

.457

11/08/27

159

2,176,005

(a)

Jazz

Financing

Lux

S.a.r.l.,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.607

05/05/28

2,184

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,343

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0

.0

%

1

(a),(b)

MKS

Instruments,

Inc,

(TBD)

TBD

TBD

0

^

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

0

^

SOFTWARE

&

SERVICES

-

0

.0

%

1,707,200

(a)

Gen

Digital

Inc.,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.107

09/12/29

1,704

TOTAL

SOFTWARE

&

SERVICES

1,704

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0

.0

%

298,976

(a)

II-VI

Incorporated,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.857

07/02/29

300

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

300

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$18,992)

19,106

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CORPORATE

BONDS

-

2.4%

AUTOMOBILES

&

COMPONENTS

-

0.1%

3,000,000

Ford

Motor

Credit

Co

LLC

7

.350

03/06/30

3,177

2,000,000

(c)

Ford

Otomotiv

Sanayi

AS.

7

.125

04/25/29

2,005

TOTAL

AUTOMOBILES

&

COMPONENTS

5,182

BANKS

-

0.1%

1,625,000

(c)

Banco

de

Chile

2

.990

12/09/31

1,370

2,650,000

(c)

Banco

Santander

Mexico

S.A.

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5

.621

12/10/29

2,637

3,000,000

Bank

of

America

Corp

5

.468

01/23/35

3,003

3,000,000

JPMorgan

Chase

&

Co

5

.766

04/22/35

3,069

TOTAL

BANKS

10,079

CAPITAL

GOODS

-

0.1%

3,250,000

L3Harris

Technologies,

Inc

5

.400

07/31/33

3,244

259

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CAPITAL

GOODS

(continued)

$

1,275,000

(c)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6

.500

%

11/07/33

$

1,315

TOTAL

CAPITAL

GOODS

4,559

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

5,000,000

(c)

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

4,997

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,997

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

2,000,000

(c)

Prosus

NV

3

.257

01/19/27

1,912

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,912

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

3,505,000

(c)

Albertsons

Cos,

Inc

6

.500

02/15/28

3,551

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,551

ENERGY

-

0.8%

2,275,000

Ecopetrol

S.A.

4

.625

11/02/31

1,887

4,000,000

Ecopetrol

S.A.

7

.750

02/01/32

3,882

5,000,000

(c)

EIG

Pearl

Holdings

Sarl

3

.545

08/31/36

4,282

5,000,000

Enbridge,

Inc

5

.625

04/05/34

5,029

3,000,000

Energy

Transfer

LP

6

.400

12/01/30

3,170

680,000

(c)

EQM

Midstream

Partners

LP

7

.500

06/01/27

693

6,000,000

(c)

EQM

Midstream

Partners

LP

6

.500

07/01/27

6,078

861,000

Genesis

Energy

LP

8

.000

01/15/27

876

5,000,000

(c)

Hilcorp

Energy

I

LP

6

.000

04/15/30

4,699

2,000,000

(c)

Hilcorp

Energy

I

LP

6

.250

04/15/32

1,840

5,000,000

(c)

Kinetik

Holdings

LP

5

.875

06/15/30

4,922

5,000,000

Occidental

Petroleum

Corp

3

.500

08/15/29

4,584

5,000,000

ONEOK,

Inc

5

.050

11/01/34

4,782

3,150,000

(c)

Parkland

Corp

4

.625

05/01/30

2,891

1,000,000

Petroleos

Mexicanos

5

.350

02/12/28

914

2,375,000

Petroleos

Mexicanos

6

.700

02/16/32

2,066

986,842

Reliance

Industries

Ltd

2

.444

01/15/26

975

2,950,000

(c)

Saudi

Arabian

Oil

Co

5

.250

07/17/34

2,910

TOTAL

ENERGY

56,480

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

3,000,000

Extra

Space

Storage

LP

5

.700

04/01/28

3,063

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,063

FINANCIAL

SERVICES

-

0.1%

3,000,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

2,778

1,500,000

(c)

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

1,343

3,000,000

Morgan

Stanley

5

.320

07/19/35

2,951

TOTAL

FINANCIAL

SERVICES

7,072

FOOD,

BEVERAGE

&

TOBACCO

-

0.1%

4,200,000

(c)

Bimbo

Bakeries

USA,

Inc

6

.400

01/15/34

4,379

3,725,000

(c),(d)

Gruma

SAB

de

C.V.

5

.390

12/09/34

3,620

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

7,999

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

12,100,000

Montefiore

Medical

Center

2

.895

04/20/32

10,283

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

10,283

MATERIALS

-

0.2%

600,000

(c),(d)

Antofagasta

plc

5

.625

05/13/32

594

1,575,000

(c)

Antofagasta

plc

6

.250

05/02/34

1,599

4,700,000

(c)

Corp

Nacional

del

Cobre

de

Chile

5

.125

02/02/33

4,445

2,500,000

(c)

Freeport

Indonesia

PT

5

.315

04/14/32

2,435

1,560,000

(c)

Navoi

Mining

&

Metallurgical

Combinat

6

.700

10/17/28

1,552

650,000

(c)

Nexa

Resources

S.A.

6

.750

04/09/34

662

2,300,000

(c)

OCP

S.A.

6

.750

05/02/34

2,346

TOTAL

MATERIALS

13,633

MEDIA

&

ENTERTAINMENT

-

0.1%

5,000,000

(c)

CCO

Holdings

LLC

5

.125

05/01/27

4,913

3,000,000

Charter

Communications

Operating

LLC

4

.400

04/01/33

2,680

TOTAL

MEDIA

&

ENTERTAINMENT

7,593

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

1,715,000

(c)

SK

Hynix,

Inc

6

.500

01/17/33

1,810

Inflation-Linked

Bond

260

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

$

1,575,000

TSMC

Arizona

Corp

1

.750

%

10/25/26

$

1,492

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

3,302

TELECOMMUNICATION

SERVICES

-

0.2%

3,000,000

AT&T,

Inc

2

.550

12/01/33

2,417

3,550,000

(c)

Sitios

Latinoamerica

SAB

de

C.V.

6

.000

11/25/29

3,529

3,000,000

(c)

Telefonica

Moviles

Chile

S.A.

3

.537

11/18/31

2,273

3,000,000

T-Mobile

USA,

Inc

5

.050

07/15/33

2,937

3,100,000

Verizon

Communications,

Inc

2

.355

03/15/32

2,571

TOTAL

TELECOMMUNICATION

SERVICES

13,727

TRANSPORTATION

-

0.1%

2,500,000

(c)

Grupo

Aeromexico

SAB

de

C.V.

8

.625

11/15/31

2,463

2,260,000

(c)

Misc

Capital

Two

Labuan

Ltd

3

.750

04/06/27

2,198

3,900,000

(c)

Transnet

SOC

Ltd

8

.250

02/06/28

3,973

TOTAL

TRANSPORTATION

8,634

UTILITIES

-

0.1%

1,700,000

(c)

Comision

Federal

de

Electricidad

5

.700

01/24/30

1,632

2,500,000

(c)

Ferrellgas

LP

5

.875

04/01/29

2,285

3,000,000

Florida

Power

&

Light

Co

4

.800

05/15/33

2,918

1,450,000

(c)

Israel

Electric

Corp

Ltd

3

.750

02/22/32

1,262

TOTAL

UTILITIES

8,097

TOTAL

CORPORATE

BONDS

(Cost

$175,928)

170,163

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

GOVERNMENT

BONDS

-

92.3%

AGENCY

SECURITIES

-

0.1%

9,000,000

Federal

National

Mortgage

Association

1

.625

08/24/35

6,500

TOTAL

AGENCY

SECURITIES

6,500

FOREIGN

GOVERNMENT

BONDS

-

0.1%

6,250,000

(c)

Central

American

Bank

for

Economic

Integration

5

.000

02/09/26

6,254

TOTAL

FOREIGN

GOVERNMENT

BONDS

6,254

MORTGAGE

BACKED

-

2.2%

360,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.100%)

7

.669

03/25/42

374

6,235,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.350%)

7

.919

01/25/43

6,580

4,365,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.110

05/25/43

4,669

6,324,200

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.900%)

9

.188

07/25/43

6,707

4,510,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.119

10/25/43

4,731

918,017

(a),(c)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

2.900%)

7

.469

04/25/42

952

20,000,000

(a),(c)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.350%)

7

.919

05/25/42

20,943

4,355,000

(a),(c)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.500%)

9

.234

06/25/42

4,675

2,815,000

(a),(c)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.700%)

8

.269

09/25/42

2,975

10,605,000

(a),(c)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.250%)

7

.810

04/25/43

11,197

14,663,734

Ginnie

Mae

I

Pool

3

.600

09/15/31

14,288

7,444,388

Ginnie

Mae

I

Pool

3

.650

02/15/32

7,304

1,838,041

Ginnie

Mae

I

Pool

3

.380

07/15/35

1,800

2,465,016

Ginnie

Mae

I

Pool

3

.870

10/15/36

2,381

31,581,178

Ginnie

Mae

I

Pool

1

.730

07/15/37

26,946

21,281,874

Ginnie

Mae

I

Pool

1

.650

07/15/42

17,428

23,754,065

Ginnie

Mae

I

Pool

2

.750

01/15/45

21,390

4,906,280

Ginnie

Mae

I

Pool

4

.930

10/15/45

4,892

TOTAL

MORTGAGE

BACKED

160,232

U.S.

TREASURY

SECURITIES

-

89.9%

44,481,892

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/25

44,207

31,546,122

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/25

31,356

99,512,154

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/25

98,362

223,212,459

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

01/15/26

220,140

70,493,150

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.000

01/15/26

70,498

210,153,798

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

205,111

184,360,400

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/26

180,046

293,713,060

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

285,542

226,717,655

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

219,822

261

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

U.S.

TREASURY

SECURITIES

(continued)

$

129,851,481

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

%

01/15/27

$

131,083

148,017,904

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

141,871

167,750,700

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

07/15/27

161,882

143,851,950

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

142,985

246,338,400

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

235,484

184,422,528

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

183,066

198,578,445

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

04/15/28

193,472

132,172,110

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

138,700

130,402,750

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

125,246

58,329,130

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

10/15/28

59,232

263,771,100

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

251,832

138,051,780

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.500

01/15/29

140,469

365,393,606

(e)

United

States

Treasury

Inflation

Indexed

Bonds

2

.125

04/15/29

365,835

52,495,534

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

56,301

240,631,950

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

222,856

105,031,899

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.000

10/15/29

103,267

349,409,728

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

317,329

150,814,650

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

135,928

208,562,040

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

185,091

277,307,129

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

244,087

123,188,836

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/32

106,776

49,081,632

(e)

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

53,119

249,274,480

(e)

United

States

Treasury

Inflation

Indexed

Bonds

0

.625

07/15/32

222,767

349,985,812

(e),(f)

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

321,885

257,494,008

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.375

07/15/33

240,868

282,392,000

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/34

270,723

321,555,114

(e)

United

States

Treasury

Inflation

Indexed

Bonds

1

.875

07/15/34

311,585

TOTAL

U.S.

TREASURY

SECURITIES

6,418,823

TOTAL

GOVERNMENT

BONDS

(Cost

$6,890,963)

6,591,809

SHARES

DESCRIPTION

VALUE

(000)

INVESTMENT

COMPANIES

-

0.1%

475,737

Invesco

Senior

Loan

ETF

10,024

TOTAL

INVESTMENT

COMPANIES

(Cost

$10,002)

10,024

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

STRUCTURED

ASSETS

-

4.4%

ASSET

BACKED

-

1.9%

4,925,000

CNH

Equipment

Trust

4

.030

01/15/30

4,856

Series

-

2024

C

(Class

A3)

2,910,000

(c)

DB

Master

Finance

LLC

2

.045

11/20/51

2,754

Series

-

2021

1A

(Class

A2I)

5,723,000

(c)

DB

Master

Finance

LLC

2

.493

11/20/51

5,167

Series

-

2021

1A

(Class

A2II)

4,268,000

(c)

DB

Master

Finance

LLC

2

.791

11/20/51

3,599

Series

-

2021

1A

(Class

A23)

14,055,000

Ford

Credit

Auto

Owner

Trust

4

.070

07/15/29

13,916

Series

-

2024

C

(Class

A3)

18,000,000

(c)

Ford

Credit

Auto

Owner

Trust

4

.870

08/15/36

18,029

Series

-

2024

1

(Class

A)

9,900,000

GM

Financial

Consumer

Automobile

Receivables

Trust

4

.400

08/16/29

9,870

Series

-

2024

4

(Class

A3)

3,000,000

(g)

Industrial

DPR

Funding

Ltd

5

.380

04/15/34

2,590

Series

-

2022

1A

(Class

1)

2,688,217

(c)

MVW

LLC

1

.830

05/20/39

2,529

Series

-

2021

2A

(Class

B)

6,470,813

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

6,060

Series

-

2021

2A

(Class

A1)

4,031,151

(c)

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

3,518

Series

-

2022

A

(Class

A)

Inflation-Linked

Bond

262

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

16,425,000

(c)

Tesla

Auto

Lease

Trust

4

.820

%

10/20/27

$

16,473

Series

-

2024

B

(Class

A3)

18,650,000

Toyota

Auto

Receivables

Owner

Trust

4

.400

06/15/29

18,595

Series

-

2024

D

(Class

A3)

25,000,000

(c)

Verizon

Master

Trust

Series

5

.000

06/21/32

25,248

Series

-

2024

5

(Class

A)

TOTAL

ASSET

BACKED

133,204

OTHER

MORTGAGE

BACKED

-

2.5%

4,987,983

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.150%)

6

.548

01/15/39

4,949

Series

-

2022

DKLX

(Class

C)

2,267,265

(a),(c)

BAMLL

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

3.000%)

7

.398

01/15/39

2,250

Series

-

2022

DKLX

(Class

D)

2,000,000

(a)

Benchmark

Mortgage

Trust

4

.305

02/15/51

1,731

Series

-

2018

B2

(Class

C)

17,605,000

(a),(c)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.312%)

5

.709

10/15/38

17,577

Series

-

2021

XL2

(Class

C)

5,700,043

(a),(c)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.385%)

5

.782

12/15/38

5,697

Series

-

2021

CIP

(Class

B)

13,569,582

(a),(c)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.392%)

5

.789

03/15/41

13,641

Series

-

2024

XL5

(Class

A)

1,883,841

(a),(c)

BX

Trust,

(TSFR1M

+

1.501%)

6

.598

09/15/34

1,857

Series

-

2021

SDMF

(Class

D)

2,000,000

(a),(c)

BX

TRUST,

(TSFR1M

+

1.840%)

6

.237

01/17/39

1,981

Series

-

2022

AHP

(Class

B)

5,650,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust,

(TSFR1M

+

2.014%)

6

.412

10/15/38

5,635

Series

-

2021

PRM2

(Class

D)

7,500,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust,

(TSFR1M

+

2.514%)

6

.912

10/15/38

7,463

Series

-

2021

PRM2

(Class

E)

706,540

(c)

COMM

Mortgage

Trust

3

.397

03/10/46

697

Series

-

2013

CR6

(Class

B)

2,896,712

(a)

COMM

Mortgage

Trust

4

.585

02/10/47

2,785

Series

-

2014

CR14

(Class

B)

5,192,467

COMM

Mortgage

Trust

4

.377

05/10/47

5,070

Series

-

2014

CR17

(Class

B)

125,258

(a)

COMM

Mortgage

Trust

4

.642

10/10/47

121

Series

-

2014

LC17

(Class

C)

2,500,000

(a)

COMM

Mortgage

Trust

4

.463

10/10/48

2,446

Series

-

2015

CR26

(Class

B)

150,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.850%)

8

.419

05/25/42

159

Series

-

2022

R06

(Class

1M2)

4,000,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.600%)

8

.169

07/25/42

4,223

Series

-

2022

R08

(Class

1M2)

4,500,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

4.750%)

9

.310

09/25/42

4,887

Series

-

2022

R09

(Class

2M2)

10,855,000

(a),(c)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.750%)

8

.310

12/25/42

11,598

Series

-

2023

R01

(Class

1M2)

5,993,024

(a),(c)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

1.434%)

5

.832

11/15/38

5,989

Series

-

2021

ELP

(Class

C)

1,997,675

(a),(c)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

2.233%)

6

.631

11/15/38

2,000

Series

-

2021

ELP

(Class

E)

11,000,000

(c)

GM

Financial

Revolving

Receivables

Trust

4

.980

12/11/36

11,094

Series

-

2024

1

(Class

A)

3,000,000

(a),(c)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

2.864%)

7

.262

11/15/36

2,979

Series

-

2021

ARDN

(Class

D)

5,000,000

(a),(c)

GS

Mortgage

Securities

Corp

Trust,

(TSFR1M

+

3.464%)

7

.862

11/15/36

4,959

Series

-

2021

ARDN

(Class

E)

2,000,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

3

.620

01/16/37

1,070

Series

-

2020

NNN

(Class

DFX)

2,391,000

(a),(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.064%)

6

.462

04/15/38

2,395

Series

-

2021

MHC

(Class

D)

2,200,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4

.549

09/15/47

2,149

Series

-

2014

C23

(Class

B)

263

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

448,621

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.000

%

12/15/47

$

445

Series

-

2014

C19

(Class

B)

2,500,000

(c)

MRCD

Mortgage

Trust

2

.718

12/15/36

1,876

Series

-

2019

PARK

(Class

D)

2,500,000

(c)

MRCD

Mortgage

Trust

2

.718

12/15/36

1,782

Series

-

2019

PARK

(Class

E)

3,986,816

(a),(c)

MSC

Trust,

(TSFR1M

+

1.491%)

5

.889

11/15/36

3,974

Series

-

2021

ILP

(Class

C)

10,023,000

(a),(c)

MTN

Commercial

Mortgage

Trust,

(TSFR1M

+

1.397%)

5

.797

03/15/39

10,021

Series

-

2022

LPFL

(Class

A)

6,555,000

(a),(c)

MTN

Commercial

Mortgage

Trust,

(TSFR1M

+

2.943%)

7

.773

03/15/39

6,532

Series

-

2022

LPFL

(Class

D)

2,500,000

(a),(c)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.279%)

6

.677

07/15/36

1,991

Series

-

2019

MILE

(Class

C)

2,000,000

(a),(c)

NYC

Trust,

(TSFR1M

+

2.291%)

6

.688

08/15/29

2,014

Series

-

2024

3ELV

(Class

B)

7,325,417

(a),(c)

SMR

Mortgage

Trust,

(TSFR1M

+

2.400%)

6

.797

02/15/39

7,193

Series

-

2022

IND

(Class

B)

5,000,000

(a),(c)

TX

Trust,

(TSFR1M

+

1.591%)

5

.988

06/15/39

4,996

Series

-

2024

HOU

(Class

A)

7,165,000

UBS

Commercial

Mortgage

Trust

4

.036

06/15/50

6,569

Series

-

2017

C1

(Class

B)

6,735,923

(a),(c)

Verus

Securitization

Trust

2

.240

10/25/66

5,700

Series

-

2021

7

(Class

A3)

1,951,000

(a)

WFRBS

Commercial

Mortgage

Trust

4

.007

03/15/45

1,858

Series

-

2013

C11

(Class

C)

TOTAL

OTHER

MORTGAGE

BACKED

182,353

TOTAL

STRUCTURED

ASSETS

(Cost

$321,350)

315,557

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$7,417,235)

7,106,659‌

SHARES

DESCRIPTION

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

3,703,809

(h)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.460

(i)

3,704

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$3,704)

3,704

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.0%

REPURCHASE

AGREEMENT

-

0.0%

3,084,000

(j)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

3,084

TOTAL

REPURCHASE

AGREEMENT

3,084

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,084)

3,084

TOTAL

INVESTMENTS

-

99.6%

(Cost

$7,424,023)

7,113,447

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.4%

25,141

NET

ASSETS

-

100.0%

$7,138,588

ETF

Exchange

Traded

Fund

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TBD

Bank

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

Inflation-Linked

Bond

264

Portfolio

of

Investments

December

31,

2024

(continued)

Cost

amounts

are

in

thousands.

Investments

in

Derivatives

^

Amount

represents

less

than

$1,000.

(a)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b)

When-issued

or

delayed

delivery

security.

(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

$408,031,313

or

5.7%

of

Total

Investments.

(d)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$3,597,978.

(e)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(g)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(i)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$3,084,764

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$3,145,866.

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

1,000‌

03/20/25

 $

110,607‌

$

108,750‌

$

(

1,857‌

)

U.S.

Treasury

2-Year

Note

958‌

03/31/25

196,835‌

196,974‌

139‌

U.S.

Treasury

5-Year

Note

1,680‌

03/31/25

180,000‌

178,592‌

(

1,408‌

)

Total

3,638‌

  $

487,442‌

 $

484,316‌

 $

(

3,126‌

)

Portfolio

of

Investments

December

31,

2024

Social

Choice

265

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.1%

BANK

LOAN

OBLIGATIONS

-

0.2%

CAPITAL

GOODS

-

0

.0

%

$

450,366

(a),(b)

KDC

Agribusiness

Fairless

Hills

LLC

12

.000

%

09/17/25

$

0

^

TOTAL

CAPITAL

GOODS

0

^

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.1

%

15,440,000

(c)

Liberty

Tire

Recycling

Holdco,

LLC,

Term

Loan,

(TSFR1M

+

4.500%)

8

.971

05/05/28

15,208

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

15,208

UTILITIES

-

0

.1

%

15,183,787

(c)

TerraForm

Power

Operating,

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.929

05/21/29

15,250

4,676,500

(c)

Vistra

Zero

Operating

Company,

LLC,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.357

04/30/31

4,694

TOTAL

UTILITIES

19,944

TOTAL

BANK

LOAN

OBLIGATIONS

(Cost

$35,494)

35,152

SHARES

DESCRIPTION

VALUE

(000)

COMMON

STOCKS

-

58.8%

AUTOMOBILES

&

COMPONENTS

-

0.5%

102,770

(d)

Aptiv

plc

6,215

224,669

Bayerische

Motoren

Werke

AG.

18,376

436,400

(e)

Bridgestone

Corp

14,669

482,644

Cie

Generale

des

Etablissements

Michelin

S.C.A

15,882

2,300,390

Honda

Motor

Co

Ltd

21,901

811,900

Isuzu

Motors

Ltd

11,045

9,879

(d),(e)

Rivian

Automotive,

Inc

131

1,278,769

(e)

Yamaha

Motor

Co

Ltd

11,267

TOTAL

AUTOMOBILES

&

COMPONENTS

99,486

BANKS

-

2.7%

1,247,873

Australia

&

New

Zealand

Banking

Group

Ltd

21,987

2,517,891

Banco

Bilbao

Vizcaya

Argentaria

S.A.

24,636

1,294,199

Bank

Hapoalim

Ltd

15,624

4,468,500

BOC

Hong

Kong

Holdings

Ltd

14,268

641,184

Citigroup,

Inc

45,133

1,366

Citizens

Financial

Group,

Inc

60

508,376

Commonwealth

Bank

of

Australia

48,103

757,017

DNB

Bank

ASA

15,113

282,794

Erste

Bank

der

Oesterreichischen

Sparkassen

AG.

17,504

5,502,157

HSBC

Holdings

plc

54,048

4,198

Huntington

Bancshares,

Inc

68

6,502,832

Intesa

Sanpaolo

S.p.A.

26,082

733,887

JPMorgan

Chase

&

Co

175,920

205,268

KBC

Groep

NV

15,849

1,029,421

Mizuho

Financial

Group,

Inc

25,131

1,809,967

Oversea-Chinese

Banking

Corp

22,105

2,518

PNC

Financial

Services

Group,

Inc

486

17,864

Regions

Financial

Corp

420

591,110

Societe

Generale

16,590

1,411,442

Standard

Chartered

plc

17,377

1,429,634

Svenska

Handelsbanken

AB

14,761

8,538

Truist

Financial

Corp

370

TOTAL

BANKS

571,635

CAPITAL

GOODS

-

5.1%

3,206

3M

Co

414

572,124

ABB

Ltd

30,894

201,433

ACS

Actividades

de

Construccion

y

Servicios

S.A.

10,094

132,279

Alfa

Laval

AB

5,537

51

Allegion

plc

7

248,827

Ashtead

Group

plc

15,394

600,011

Assa

Abloy

AB

17,722

1,310,366

Atlas

Copco

AB

19,998

1,133,330

Atlas

Copco

AB

15,312

Social

Choice

266

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CAPITAL

GOODS

(continued)

101,827

(d)

Axon

Enterprise,

Inc

$

60,518

272,149

Bouygues

S.A.

8,059

218,212

Bunzl

plc

8,985

584,825

Carrier

Global

Corp

39,920

246,089

Caterpillar,

Inc

89,271

17,300

CNH

Industrial

NV

196

3,787

Cummins,

Inc

1,320

307,900

Daifuku

Co

Ltd

6,326

140,900

Daikin

Industries

Ltd

16,440

139,996

DCC

plc

8,970

122,733

Deere

&

Co

52,002

396

Dover

Corp

74

244,062

Eaton

Corp

plc

80,997

105,219

Eiffage

S.A.

9,227

107,049

Epiroc

AB

1,670

169,686

Epiroc

AB

2,957

637,655

Fanuc

Ltd

16,657

1,582

Fastenal

Co

114

576

Ferguson

Enterprises,

Inc

100

1,880

Fortive

Corp

141

3,852

Fortune

Brands

Innovations,

Inc

263

128,601

GEA

Group

AG.

6,388

11,786

Geberit

AG.

6,684

2,855

Graco,

Inc

241

151,100

Hitachi

Construction

Machinery

Co

Ltd

3,349

386

IDEX

Corp

81

258,298

Illinois

Tool

Works,

Inc

65,494

622,769

Ingersoll

Rand,

Inc

56,336

6,519

Johnson

Controls

International

plc

515

2,070,070

Keppel

Corp

Ltd

10,371

156,485

Kingspan

Group

plc

11,376

61,808

Knorr-Bremse

AG.

4,486

602,700

Komatsu

Ltd

16,419

1,076,300

(e)

Kubota

Corp

12,469

167,931

Legrand

S.A.

16,335

86

Lennox

International,

Inc

52

438,923

Metso

Outotec

Oyj

4,086

1,129,400

Mitsubishi

Electric

Corp

19,071

654,900

Nidec

Corp

11,763

202,200

Obayashi

Corp

2,662

386

Owens

Corning,

Inc

66

455

Pentair

plc

46

166,674

Quanta

Services,

Inc

52,677

320,946

Rexel

S.A.

8,174

957

Rockwell

Automation,

Inc

274

843,567

Sandvik

AB

15,126

175,586

Schneider

Electric

S.A.

43,713

41,500

Sekisui

Chemical

Co

Ltd

711

237,359

Siemens

AG.

46,284

581,000

Swire

Pacific

Ltd

(Class

A)

5,254

669

Toro

Co

54

68,751

Trane

Technologies

plc

25,393

19,883

United

Rentals,

Inc

14,006

9,695

(f)

VAT

Group

AG.

3,666

937,671

Vestas

Wind

Systems

A.S.

12,862

45,924

W.W.

Grainger,

Inc

48,406

705,229

Wartsila

Oyj

(B

Shares)

12,499

97,213

Xylem,

Inc

11,279

116,600

Yaskawa

Electric

Corp

2,976

TOTAL

CAPITAL

GOODS

1,071,223

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

278,097

Automatic

Data

Processing,

Inc

81,407

267

SHARES

DESCRIPTION

VALUE

(000)

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

1,246,558

Brambles

Ltd

$

14,826

2,380

Broadridge

Financial

Solutions,

Inc

538

304,503

Bureau

Veritas

S.A.

9,251

381

(d)

Ceridian

HCM

Holding,

Inc

28

616,490

Computershare

Ltd

12,950

1,095,876

(d)

Copart,

Inc

62,892

253,328

Dai

Nippon

Printing

Co

Ltd

3,545

78,661

Paychex,

Inc

11,030

54,607

Randstad

Holdings

NV

2,299

496,500

Recruit

Holdings

Co

Ltd

34,511

683,843

RELX

plc

30,984

163,342

Secom

Co

Ltd

5,547

74,378

SGS

S.A.

7,461

1,371

TransUnion

127

1,081

Veralto

Corp

110

119,159

Verisk

Analytics,

Inc

32,820

90,750

Wolters

Kluwer

NV

15,078

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

325,404

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2.1%

111

(d)

Autozone,

Inc

355

184

(d)

Burlington

Stores,

Inc

52

899

(d)

Carmax,

Inc

73

30,883

Dieteren

S.A.

5,137

55,900

Don

Quijote

Co

Ltd

1,519

839,992

eBay,

Inc

52,037

72,600

Fast

Retailing

Co

Ltd

24,491

679

Genuine

Parts

Co

79

54,291

(e)

Hennes

&

Mauritz

AB

(B

Shares)

732

320,381

Home

Depot,

Inc

124,625

466,411

Industria

de

Diseno

Textil

S.A.

23,891

1,708,806

Kingfisher

plc

5,312

4,907

LKQ

Corp

180

243,415

Lowe's

Cos,

Inc

60,075

342

(d)

Mercadolibre,

Inc

582

4,092

(d)

O'Reilly

Automotive,

Inc

4,852

19,652

Pool

Corp

6,700

590,358

Prosus

NV

23,452

911,900

(d)

Rakuten,

Inc

4,913

695,867

TJX

Cos,

Inc

84,068

4,840

Tractor

Supply

Co

257

30

(d)

Ulta

Beauty,

Inc

13

481,161

Wesfarmers

Ltd

21,257

1,624

Williams-Sonoma,

Inc

301

122,730

(d),(f)

Zalando

SE

4,106

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

449,059

CONSUMER

DURABLES

&

APPAREL

-

0.8%

84,416

Adidas-Salomon

AG.

20,763

139,400

Asics

Corp

2,719

606,446

Barratt

Developments

plc

3,324

22,513

Berkeley

Group

Holdings

plc

1,096

41,842

(d)

Deckers

Outdoor

Corp

8,498

5,950

DR

Horton,

Inc

832

12,456

Hermes

International

29,887

61,277

Kering

15,135

520

(d)

Lululemon

Athletica,

Inc

199

212,223

Moncler

S.p.A

11,203

10

(d)

NVR,

Inc

82

1,725,900

Panasonic

Corp

17,640

4,445

Pandora

A.S.

813

714

Pulte

Homes,

Inc

78

103,300

Sekisui

House

Ltd

2,463

2,056,200

Sony

Corp

43,335

Social

Choice

268

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

CONSUMER

DURABLES

&

APPAREL

(continued)

1,985,233

Taylor

Wimpey

plc

$

3,022

TOTAL

CONSUMER

DURABLES

&

APPAREL

161,089

CONSUMER

SERVICES

-

1.9%

534,669

(d)

Airbnb,

Inc

70,261

268,426

Amadeus

IT

Holding

S.A.

18,947

17,779

Booking

Holdings,

Inc

88,334

748,198

Compass

Group

plc

24,895

1,856

Darden

Restaurants,

Inc

346

521

Domino's

Pizza,

Inc

219

4,038

(d)

DoorDash,

Inc

677

13,051

(d)

Expedia

Group,

Inc

2,432

331,544

McDonald's

Corp

96,111

672,900

Oriental

Land

Co

Ltd

14,505

836,480

Pearson

plc

13,413

622,394

Starbucks

Corp

56,793

249,405

Whitbread

plc

9,181

46,167

Yum!

Brands,

Inc

6,194

TOTAL

CONSUMER

SERVICES

402,308

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.8%

262,800

Aeon

Co

Ltd

6,150

772,891

(e)

Carrefour

S.A.

11,000

1,109,997

Coles

Group

Ltd

12,958

2,001

(d)

Dollar

Tree,

Inc

150

2,333,067

J

Sainsbury

plc

7,972

31,891

Kesko

Oyj

(B

Shares)

602

550,101

Koninklijke

Ahold

Delhaize

NV

17,944

603,466

Kroger

Co

36,902

1,351,118

Marks

&

Spencer

Group

plc

6,327

307,461

Target

Corp

41,563

4,142,270

Tesco

plc

19,052

13,303

Walgreens

Boots

Alliance,

Inc

124

735,697

Woolworths

Ltd

13,868

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

174,612

ENERGY

-

1.0%

1,658,827

Baker

Hughes

Co

68,045

6,819

Cheniere

Energy,

Inc

1,465

612,083

(e)

Neste

Oil

Oyj

7,746

689,431

ONEOK,

Inc

69,219

362,529

Targa

Resources

Corp

64,712

TOTAL

ENERGY

211,187

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.3%

74,620

American

Tower

Corp

13,686

817

Boston

Properties,

Inc

61

1,190

Crown

Castle,

Inc

108

78,244

Equinix,

Inc

73,776

74,568

Fonciere

Des

Regions

3,779

65,714

Gecina

S.A.

6,156

872,952

Goodman

Group

19,189

5,299

GPT

Group

14

235,694

Iron

Mountain,

Inc

24,774

577,555

Prologis,

Inc

61,048

32

SBA

Communications

Corp

7

572,607

Segro

plc

5,022

167,962

Stockland

Trust

Group

498

158,860

Unibail-Rodamco-Westfield

11,965

354,316

Welltower,

Inc

44,654

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

264,737

FINANCIAL

SERVICES

-

5.4%

484,436

3i

Group

plc

21,564

2,554

Ally

Financial,

Inc

92

300,272

American

Express

Co

89,118

122,318

Ameriprise

Financial,

Inc

65,126

269

SHARES

DESCRIPTION

VALUE

(000)

FINANCIAL

SERVICES

(continued)

6,128

Annaly

Capital

Management,

Inc

$

112

67,160

Australian

Stock

Exchange

Ltd

2,701

489,373

Bank

of

New

York

Mellon

Corp

37,598

1,853,200

Daiwa

Securities

Group,

Inc

12,229

95,571

Deutsche

Boerse

AG.

22,015

259,652

Discover

Financial

Services

44,979

64,600

Eurazeo

4,818

151

Factset

Research

Systems,

Inc

72

19,063

Fidelity

National

Information

Services,

Inc

1,540

160,267

Goldman

Sachs

Group,

Inc

91,772

535,246

Hong

Kong

Exchanges

and

Clearing

Ltd

20,034

196,388

London

Stock

Exchange

Group

plc

27,721

260

MarketAxess

Holdings,

Inc

59

259,095

Mastercard,

Inc

(Class

A)

136,432

152,590

Moody's

Corp

72,231

696,355

Morgan

Stanley

87,546

170,930

Nasdaq

Stock

Market,

Inc

13,215

2,581,100

(d)

Nomura

Holdings,

Inc

14,975

761,200

ORIX

Corp

16,354

849,466

(d)

PayPal

Holdings,

Inc

72,502

178,995

S&P

Global,

Inc

89,145

1,157,435

Schroders

plc

4,678

1,437

Synchrony

Financial

93

1,138,549

UBS

Group

AG

34,859

482,924

Visa,

Inc

(Class

A)

152,623

TOTAL

FINANCIAL

SERVICES

1,136,203

FOOD,

BEVERAGE

&

TOBACCO

-

2.0%

386,763

Ajinomoto

Co,

Inc

15,745

3,327

Archer-Daniels-Midland

Co

168

407,136

Associated

British

Foods

plc

10,385

3,132

(e)

Barry

Callebaut

AG.

4,170

1,758

Bunge

Global

S.A.

137

3,095

Campbell

Soup

Co

130

1,650,670

Coca-Cola

Co

102,771

190,158

(d)

Coca-Cola

Europacific

Partners

plc

14,606

302,660

Coca-Cola

HBC

AG.

10,340

1,330

ConAgra

Brands,

Inc

37

314,745

Danone

21,270

5,927

General

Mills,

Inc

378

5,201

Hormel

Foods

Corp

163

3,495

Kellogg

Co

283

159,522

Kerry

Group

plc

(Class

A)

15,385

292,008

Keurig

Dr

Pepper,

Inc

9,379

518,200

Kikkoman

Corp

5,754

1,112,403

Kraft

Heinz

Co

34,162

1,759

Lamb

Weston

Holdings,

Inc

118

2,818

McCormick

&

Co,

Inc

215

663,590

Mowi

ASA

11,373

737,885

Nestle

S.A.

60,538

980,196

Orkla

ASA

8,480

629,699

PepsiCo,

Inc

95,752

2,684,214

Wilmar

International

Ltd

6,093

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

427,832

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

2.3%

238,612

Alcon,

Inc

20,231

53,080

AmerisourceBergen

Corp

11,926

72,641

Cigna

Group

20,059

31,105

Cochlear

Ltd

5,570

44,101

Coloplast

A.S.

4,832

213,277

(d)

Cooper

Cos,

Inc

19,607

188

(d)

DaVita,

Inc

28

436,253

(d)

Edwards

Lifesciences

Corp

32,296

Social

Choice

270

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

671

Elevance

Health,

Inc

$

247

112,352

Essilor

International

S.A.

27,406

141,173

HCA,

Inc

42,373

529

(d)

Henry

Schein,

Inc

37

4,376

(d)

Hologic,

Inc

315

164,600

(d)

Hoya

Corp

20,428

80,733

(d)

IDEXX

Laboratories,

Inc

33,378

13,121

(d)

Insulet

Corp

3,425

1,211

Labcorp

Holdings,

Inc

278

127,819

McKesson

Corp

72,845

116

(d)

Molina

Healthcare,

Inc

34

1,177

Quest

Diagnostics,

Inc

178

4,555

(d)

Solventum

Corp

301

70,984

STERIS

plc

14,591

460

Teleflex,

Inc

82

281,052

UnitedHealth

Group,

Inc

142,173

3,897

Zimmer

Biomet

Holdings,

Inc

412

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

473,052

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.5%

2,111

Church

&

Dwight

Co,

Inc

221

589

Clorox

Co

96

524,978

Colgate-Palmolive

Co

47,726

365,910

Essity

AB

9,780

148,378

Henkel

KGaA

11,435

165,227

Henkel

KGaA

(Preference)

14,497

1,125

Kimberly-Clark

Corp

147

82,237

L'Oreal

S.A.

29,112

767,022

Procter

&

Gamble

Co

128,591

353,860

Reckitt

Benckiser

Group

plc

21,419

6,300

Uni-Charm

Corp

52

759,549

Unilever

plc

43,158

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

306,234

INSURANCE

-

3.1%

1,889,171

Aegon

NV

11,242

4,094,800

AIA

Group

Ltd

29,412

129,658

Allianz

AG.

39,852

634,449

Assicurazioni

Generali

S.p.A.

17,950

147

Assurant,

Inc

31

2,346,505

Aviva

plc

13,753

733,476

AXA

S.A.

26,104

290,335

Gjensidige

Forsikring

ASA

5,127

204,606

Hartford

Financial

Services

Group,

Inc

22,384

2,568,203

Insurance

Australia

Group

Ltd

13,432

5,163,912

Legal

&

General

Group

plc

14,827

359,656

Marsh

&

McLennan

Cos,

Inc

76,395

293,957

NN

Group

NV

12,819

350,346

Progressive

Corp

83,946

505,415

Prudential

Financial,

Inc

59,907

1,204,334

QBE

Insurance

Group

Ltd

14,302

344,830

Sampo

Oyj

14,085

633,900

Sompo

Holdings,

Inc

16,424

1,177,545

Suncorp-Metway

Ltd

13,835

20,574

Swiss

Life

Holding

15,885

148,577

Swiss

Re

AG.

21,519

681,700

T&D

Holdings,

Inc

12,478

737,300

Tokio

Marine

Holdings,

Inc

26,460

230,075

Travelers

Cos,

Inc

55,423

53,401

Zurich

Insurance

Group

AG

31,761

TOTAL

INSURANCE

649,353

MATERIALS

-

1.9%

79,918

Akzo

Nobel

NV

4,797

4,235

Amcor

plc

40

271

SHARES

DESCRIPTION

VALUE

(000)

MATERIALS

(continued)

570,743

Antofagasta

plc

$

11,306

568,500

Asahi

Kasei

Corp

3,917

136,535

Avery

Dennison

Corp

25,550

401,195

Ball

Corp

22,118

388,390

Boliden

AB

10,927

77,920

Croda

International

plc

3,296

130,660

DSM-Firmenich

AG.

13,208

287,323

Ecolab,

Inc

67,325

260,775

Endeavour

Mining

plc

4,658

374,509

Evonik

Industries

AG.

6,510

1,323,074

Fortescue

Metals

Group

Ltd

14,898

4,439

Givaudan

S.A.

19,404

3,900

International

Flavors

&

Fragrances,

Inc

330

30,689

International

Paper

Co

1,652

172,436

(d)

James

Hardie

Industries

plc

5,315

256,345

Mineral

Resources

Ltd

5,410

81,802

Mitsui

Chemicals,

Inc

1,786

1,665,739

Newmont

Goldcorp

Corp

61,999

615,600

Nippon

Paint

Co

Ltd

3,974

844,400

Nitto

Denko

Corp

14,117

136,912

Novozymes

A.S.

7,758

653

PPG

Industries,

Inc

78

725,800

Shin-Etsu

Chemical

Co

Ltd

23,906

155,957

SIG

Group

AG.

3,084

73,420

Sika

AG.

17,518

56,308

Steel

Dynamics,

Inc

6,423

404,274

Stora

Enso

Oyj

(R

Shares)

4,069

350,700

Sumitomo

Metal

Mining

Co

Ltd

7,996

72,179

Svenska

Cellulosa

AB

(B

Shares)

915

1,944,400

Toray

Industries,

Inc

12,312

525,776

UPM-Kymmene

Oyj

14,459

TOTAL

MATERIALS

401,055

MEDIA

&

ENTERTAINMENT

-

2.7%

28,156

(f)

Auto

Trader

Group

plc

279

893

(d),(e)

Charter

Communications,

Inc

306

2,238,757

Comcast

Corp

(Class

A)

84,021

46,219

CTS

Eventim

AG.

3,907

422,640

Electronic

Arts,

Inc

61,832

321,002

Fox

Corp

(Class

A)

15,594

358,889

Fox

Corp

(Class

B)

16,416

1,338,484

Informa

plc

13,350

2,183

Interpublic

Group

of

Cos,

Inc

61

3,576

(d)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

331

78,610

(d)

Live

Nation,

Inc

10,180

140,963

(d)

NetFlix,

Inc

125,643

1,039,601

News

Corp

(Class

A)

28,631

5,130

Omnicom

Group,

Inc

441

155,693

Publicis

Groupe

S.A.

16,575

69,552

(e)

REA

Group

Ltd

10,006

1,216

(d)

Roku,

Inc

90

11,053

(e)

Seek

Ltd

154

31,164

(d)

Snap,

Inc

336

291,460

(d)

Take-Two

Interactive

Software,

Inc

53,652

568,870

Universal

Music

Group

NV

14,551

863,982

Walt

Disney

Co

96,204

18,642

(d)

Warner

Bros

Discovery,

Inc

197

1,324,601

WPP

plc

13,654

3,016,625

Z

Holdings

Corp

7,976

TOTAL

MEDIA

&

ENTERTAINMENT

574,387

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4.0%

143,460

Agilent

Technologies,

Inc

19,272

282,918

Amgen,

Inc

73,740

Social

Choice

272

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

(continued)

1,040,126

Astellas

Pharma,

Inc

$

10,100

6,777

(d)

Avantor,

Inc

143

397

(d)

Biogen,

Inc

61

333,034

Bristol-Myers

Squibb

Co

18,836

115,979

CSL

Ltd

20,233

778,747

Daiichi

Sankyo

Co

Ltd

21,309

373,427

Danaher

Corp

85,720

146,700

Eisai

Co

Ltd

3,995

215,880

Eli

Lilly

&

Co

166,659

41,815

(d)

Genmab

AS

8,733

290,083

Gilead

Sciences,

Inc

26,795

1,602,075

GSK

plc

27,023

2,379

(d)

IQVIA

Holdings,

Inc

467

35,609

Lonza

Group

AG.

21,018

103,296

Merck

KGaA

15,032

130

(d)

Mettler-Toledo

International,

Inc

159

564,617

Novartis

AG.

54,970

870,554

Novo

Nordisk

A.S.

75,113

75,627

(d)

Regeneron

Pharmaceuticals,

Inc

53,871

37,253

Sartorius

AG.

8,279

158,559

(d)

Vertex

Pharmaceuticals,

Inc

63,852

4,135

(d)

Waters

Corp

1,534

33,943

West

Pharmaceutical

Services,

Inc

11,118

357,640

Zoetis,

Inc

58,270

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

846,302

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.5%

3,263,073

Capitaland

Investment

Ltd

6,255

317,060

(d)

CBRE

Group,

Inc

41,627

494,200

Daiwa

House

Industry

Co

Ltd

15,172

83,287

LEG

Immobilien

SE

7,064

930,072

Mitsubishi

Estate

Co

Ltd

12,911

1,932,851

Mitsui

Fudosan

Co

Ltd

15,458

3,396,000

Sino

Land

Co

3,427

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

101,914

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

5.8%

391,400

Advantest

Corp

22,255

504,838

Applied

Materials,

Inc

82,102

111,029

ASML

Holding

NV

77,769

293,951

(d)

First

Solar,

Inc

51,806

3,772,828

Intel

Corp

75,645

1,018,470

Lam

Research

Corp

73,564

4,654,243

Nvidia

Corp

625,018

328,660

NXP

Semiconductors

NV

68,312

1,263,644

(d)

Renesas

Electronics

Corp

15,991

484,393

Texas

Instruments,

Inc

90,829

179,300

Tokyo

Electron

Ltd

26,952

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,210,243

SOFTWARE

&

SERVICES

-

7.3%

208,660

(d)

Adobe,

Inc

92,787

83,524

(d)

Ansys,

Inc

28,175

238,567

(d)

Autodesk,

Inc

70,513

243,566

(d)

Cadence

Design

Systems,

Inc

73,182

474,924

Dassault

Systemes

SE

16,434

1,007,100

Fujitsu

Ltd

17,691

724

(d)

HubSpot,

Inc

505

432,970

International

Business

Machines

Corp

95,180

141,435

Intuit,

Inc

88,892

1,410,181

Microsoft

Corp

594,391

195,881

NEC

Corp

16,763

267,900

Nomura

Research

Institute

Ltd

7,866

289,567

(d)

PTC,

Inc

53,243

343,949

Salesforce,

Inc

114,993

273

SHARES

DESCRIPTION

VALUE

(000)

SOFTWARE

&

SERVICES

(continued)

297,476

SAP

AG.

$

73,171

90,992

(d)

ServiceNow,

Inc

96,462

145,402

(d)

Synopsys,

Inc

70,572

180,243

WiseTech

Global

Ltd

13,456

2,113

(d)

Workday,

Inc

545

87,397

(d)

Xero

Ltd

9,095

TOTAL

SOFTWARE

&

SERVICES

1,533,916

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.3%

208,200

Brother

Industries

Ltd

3,522

768,500

FUJIFILM

Holdings

Corp

15,900

3,043,664

Hewlett

Packard

Enterprise

Co

64,982

1,873,304

HP,

Inc

61,126

391,513

(d)

Keysight

Technologies,

Inc

62,889

751,555

Ricoh

Co

Ltd

8,535

269,500

Seiko

Epson

Corp

4,863

655

Shimadzu

Corp

18

671,159

(d)

Trimble

Inc

47,424

196,232

Yokogawa

Electric

Corp

4,174

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

273,433

TELECOMMUNICATION

SERVICES

-

1.2%

7,097,454

(e)

BT

Group

plc

12,793

415,307

(f)

Cellnex

Telecom

S.A.

13,118

27,991

Elisa

Oyj

(Series

A)

1,212

699,132

KDDI

Corp

22,268

1,065,352

Koninklijke

KPN

NV

3,885

1,222,543

Orange

S.

A.

12,198

15,016,000

SoftBank

Corp

18,955

409,900

Softbank

Group

Corp

23,424

21,939

(e)

Swisscom

AG.

12,210

144,609

Tele2

AB

(B

Shares)

1,428

885,874

Telenor

ASA

9,884

2,476,552

TeliaSonera

AB

6,884

5,238,208

Telstra

Corp

Ltd

12,982

2,171,237

Verizon

Communications,

Inc

86,828

17,377,444

Vodafone

Group

plc

14,824

TOTAL

TELECOMMUNICATION

SERVICES

252,893

TRANSPORTATION

-

1.2%

47,177

Aeroports

de

Paris

5,462

1,858,638

Auckland

International

Airport

Ltd

9,047

363

CH

Robinson

Worldwide,

Inc

38

1,620,135

CSX

Corp

52,282

87,863

DSV

AS

18,712

799,000

East

Japan

Railway

Co

14,151

450

Expeditors

International

Washington,

Inc

50

2,768,937

(d)

Grab

Holdings

Ltd

13,069

216,600

Hankyu

Hanshin

Holdings,

Inc

5,646

1,288

JB

Hunt

Transport

Services,

Inc

220

44,403

Kuehne

&

Nagel

International

AG.

10,188

2,224,364

MTR

Corp

7,727

183,871

Old

Dominion

Freight

Line

32,435

163,000

SG

Holdings

Co

Ltd

1,558

41,200

Tokyu

Corp

439

2,026,548

Transurban

Group

16,749

499,209

United

Parcel

Service,

Inc

(Class

B)

62,950

320,500

West

Japan

Railway

Co

5,677

TOTAL

TRANSPORTATION

256,400

UTILITIES

-

0.8%

143,827

American

Water

Works

Co,

Inc

17,905

536,766

Consolidated

Edison,

Inc

47,896

3,408,817

Energias

de

Portugal

S.A.

10,905

4,761

Essential

Utilities,

Inc

173

5,834

Eversource

Energy

335

Social

Choice

274

Portfolio

of

Investments

December

31,

2024

(continued)

SHARES

DESCRIPTION

VALUE

(000)

UTILITIES

(continued)

472,885

Exelon

Corp

$

17,799

2,339,819

Iberdrola

S.A.

32,243

540,339

Mercury

NZ

Ltd

1,768

905,329

Meridian

Energy

Ltd

2,994

2,026,910

National

Grid

plc

24,080

232,020

Orsted

AS

10,476

239,849

Redeia

Corp

S.A.

4,096

TOTAL

UTILITIES

170,670

TOTAL

COMMON

STOCKS

(Cost

$9,904,322)

12,344,627

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CORPORATE

BONDS

-

10.9%

AUTOMOBILES

&

COMPONENTS

-

0.1%

$

6,760,000

(e)

Ford

Motor

Co

3

.250

%

02/12/32

5,622

10,727,000

Toyota

Motor

Credit

Corp

2

.150

02/13/30

9,400

2,260,000

(f)

ZF

North

America

Capital,

Inc

6

.875

04/14/28

2,254

4,980,000

(f)

ZF

North

America

Capital,

Inc

7

.125

04/14/30

4,889

TOTAL

AUTOMOBILES

&

COMPONENTS

22,165

BANKS

-

1.4%

13,300,000

(f)

ABN

AMRO

Bank

NV

5

.515

12/03/35

13,004

6,925,000

(f)

Banco

Nacional

de

Comercio

Exterior

SNC

2

.720

08/11/31

6,359

2,500,000

(g)

Bank

of

America

Corp

6

.100

N/A

2,493

10,000,000

Bank

of

Montreal

3

.803

12/15/32

9,564

8,875,000

(e)

Bank

of

Montreal

7

.700

05/26/84

9,208

6,275,000

Barclays

plc

4

.837

09/10/28

6,237

8,150,000

Barclays

plc

4

.942

09/10/30

7,990

11,375,000

(e),(f)

BNP

Paribas

S.A.

5

.894

12/05/34

11,640

2,500,000

(e),(f),(g)

BNP

Paribas

S.A.

8

.500

N/A

2,605

12,375,000

CitiBank

NA

4

.876

11/19/27

12,385

10,190,000

Citigroup,

Inc

2

.014

01/25/26

10,167

3,250,000

(c)

Citigroup,

Inc,

(SOFR

+

0.694%)

5

.330

01/25/26

3,252

2,625,000

(g)

Citigroup,

Inc

7

.625

N/A

2,735

4,550,000

(f)

Cooperatieve

Rabobank

UA

1

.004

09/24/26

4,420

797,000

(f)

Cooperatieve

Rabobank

UA

1

.106

02/24/27

763

18,000,000

(f)

Credit

Agricole

S.A.

5

.335

01/10/30

17,996

9,500,000

(f)

Credit

Agricole

S.A.

6

.251

01/10/35

9,538

7,500,000

Deutsche

Bank

AG.

6

.819

11/20/29

7,848

4,950,000

(f)

Federation

des

Caisses

Desjardins

du

Quebec

5

.147

11/27/28

5,033

9,125,000

(e),(f)

Federation

des

Caisses

Desjardins

du

Quebec

5

.250

04/26/29

9,165

9,925,000

HSBC

Holdings

plc

6

.161

03/09/29

10,193

6,150,000

(g)

HSBC

Holdings

plc

6

.875

N/A

6,122

10,000,000

(f)

ING

Groep

NV

1

.400

07/01/26

9,823

3,650,000

(f)

Intesa

Sanpaolo

S.p.A

6

.625

06/20/33

3,816

13,800,000

(f)

Intesa

Sanpaolo

S.p.A

7

.200

11/28/33

14,930

15,000,000

(f)

Intesa

Sanpaolo

S.p.A

7

.800

11/28/53

16,761

12,575,000

JPMorgan

Chase

&

Co

5

.571

04/22/28

12,789

4,500,000

JPMorgan

Chase

&

Co

5

.766

04/22/35

4,603

12,475,000

(e),(g)

JPMorgan

Chase

&

Co

6

.875

N/A

13,027

3,990,000

(g)

JPMorgan

Chase

&

Co

3

.650

N/A

3,871

3,075,000

M&T

Bank

Corp

4

.833

01/16/29

3,062

7,750,000

Morgan

Stanley

Bank

NA

5

.504

05/26/28

7,858

3,700,000

(g)

NatWest

Group

plc

8

.125

N/A

3,941

3,375,000

(f)

Royal

Bank

of

Canada

1

.050

09/14/26

3,182

10,750,000

(f)

Royal

Bank

of

Canada

4

.851

12/14/26

10,801

7,550,000

(f)

Shinhan

Financial

Group

Co

Ltd

5

.000

07/24/28

7,507

10,450,000

Wells

Fargo

&

Co

4

.540

08/15/26

10,429

TOTAL

BANKS

295,117

CAPITAL

GOODS

-

0.2%

10,625,000

Air

Lease

Corp

5

.100

03/01/29

10,647

2,600,000

(g)

Air

Lease

Corp

6

.000

N/A

2,518

4,390,000

Conservation

Fund

3

.474

12/15/29

4,033

275

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

CAPITAL

GOODS

(continued)

$

8,725,000

Cummins,

Inc

5

.450

%

02/20/54

$

8,490

1,720,000

Nature

Conservancy

2

.668

03/01/26

1,674

3,000,000

Nature

Conservancy

3

.001

03/01/29

2,747

6,376,000

(f)

Sociedad

de

Transmision

Austral

S.A.

4

.000

01/27/32

5,654

TOTAL

CAPITAL

GOODS

35,763

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.2%

3,800,000

(f)

Ambipar

Lux

Sarl

9

.875

02/06/31

3,793

9,500,000

Automatic

Data

Processing,

Inc

1

.700

05/15/28

8,675

10,000,000

Automatic

Data

Processing,

Inc

1

.250

09/01/30

8,306

8,200,000

(e)

Automatic

Data

Processing,

Inc

4

.450

09/09/34

7,806

15,810,000

Rockefeller

Foundation

2

.492

10/01/50

9,562

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

38,142

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

5,525,000

Lowe's

Cos,

Inc

2

.800

09/15/41

3,791

5,300,000

Lowe's

Cos,

Inc

5

.750

07/01/53

5,189

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

8,980

CONSUMER

SERVICES

-

0.3%

8,450,000

Choice

Hotels

International,

Inc

5

.850

08/01/34

8,460

5,915,000

Enterprise

Community

Loan

Fund,

Inc

4

.152

11/01/28

5,691

2,250,000

Mary

Free

Bed

Rehabilitation

Hospital

3

.786

04/01/51

1,566

7,725,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

6,460

10,000,000

Mather

Foundation

2

.675

10/01/31

8,425

1,505,000

Salvation

Army

5

.637

09/01/26

1,512

20,000,000

Salvation

Army

4

.528

09/01/48

17,580

8,400,000

Starbucks

Corp

2

.450

06/15/26

8,146

5,000,000

Starbucks

Corp

4

.450

08/15/49

4,096

TOTAL

CONSUMER

SERVICES

61,936

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.2%

2,000,000

(f)

Alimentation

Couche-Tard,

Inc

3

.625

05/13/51

1,380

10,625,000

SYSCO

Corp

5

.750

01/17/29

10,939

13,598,000

SYSCO

Corp

2

.400

02/15/30

11,993

18,954,000

(e)

Walmart,

Inc

1

.800

09/22/31

15,821

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

40,133

ENERGY

-

1.1%

10,300,000

(f)

Amazon

Conservation

DAC

6

.034

01/16/42

10,264

11,125,000

BP

Capital

Markets

America,

Inc

4

.699

04/10/29

11,063

6,050,000

BP

Capital

Markets

America,

Inc

4

.893

09/11/33

5,852

9,875,000

BP

Capital

Markets

America,

Inc

2

.772

11/10/50

5,923

6,925,000

(e),(g)

BP

Capital

Markets

plc

6

.450

N/A

7,114

8,000,000

Cheniere

Energy

Partners

LP

4

.000

03/01/31

7,398

4,850,000

Cheniere

Energy

Partners

LP

5

.950

06/30/33

4,965

8,350,000

(e)

ConocoPhillips

Co

5

.050

09/15/33

8,239

8,875,000

ConocoPhillips

Co

5

.300

05/15/53

8,210

4,515,000

ConocoPhillips

Co

5

.550

03/15/54

4,340

10,000,000

Enbridge,

Inc

5

.625

04/05/34

10,059

8,125,000

Equinor

ASA

2

.375

05/22/30

7,207

5,932,000

Equinor

ASA

3

.950

05/15/43

4,860

12,450,000

Equinor

ASA

3

.250

11/18/49

8,508

6,850,000

MPLX

LP

5

.500

06/01/34

6,751

16,777,000

(f)

New

York

State

Electric

&

Gas

Corp

5

.650

08/15/28

17,163

2,000,000

(f)

New

York

State

Electric

&

Gas

Corp

5

.850

08/15/33

2,045

2,025,000

Occidental

Petroleum

Corp

6

.050

10/01/54

1,921

6,800,000

Pioneer

Natural

Resources

Co

5

.100

03/29/26

6,847

2,975,000

(f)

Raizen

Fuels

Finance

S.A.

6

.450

03/05/34

2,940

7,875,000

(e)

TotalEnergies

Capital

S.A.

4

.724

09/10/34

7,570

4,350,000

TotalEnergies

Capital

S.A.

5

.488

04/05/54

4,169

14,025,000

TotalEnergies

Capital

S.A.

5

.275

09/10/54

12,967

10,550,000

TotalEnergies

Capital

S.A.

5

.638

04/05/64

10,084

10,850,000

TotalEnergies

Capital

S.A.

5

.425

09/10/64

10,063

9,483,000

Williams

Cos,

Inc

5

.400

03/02/26

9,547

10,000,000

Williams

Cos,

Inc

5

.300

08/15/28

10,096

Social

Choice

276

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ENERGY

(continued)

$

18,000,000

Woodside

Finance

Ltd

5

.100

%

09/12/34

$

17,122

TOTAL

ENERGY

223,287

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.0%

1,500,000

ERP

Operating

LP

4

.150

12/01/28

1,466

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,466

FINANCIAL

SERVICES

-

1.5%

5,000,000

BB

Blue

Financing

DAC

4

.395

09/20/29

4,939

10,839,600

BB

Blue

Financing

DAC

4

.395

09/20/37

10,326

11,645,000

Community

Preservation

Corp

2

.867

02/01/30

10,309

280,685

Durrah

MSN

35603

1

.684

01/22/25

280

12,150,000

Ford

Foundation

2

.815

06/01/70

6,827

1,610,000

Goldman

Sachs

Group,

Inc

0

.855

02/12/26

1,602

3,416,000

(e),(g)

Goldman

Sachs

Group,

Inc

7

.379

N/A

3,413

14,242,000

(f)

GPS

Blue

Financing

DAC

5

.645

11/09/41

13,839

16,362,000

(f)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

6

.375

07/01/34

15,934

4,470,000

(e),(f)

HAT

Holdings

I

LLC

3

.375

06/15/26

4,331

3,480,000

(f)

HAT

Holdings

I

LLC

8

.000

06/15/27

3,626

9,585,000

(e),(f)

HAT

Holdings

I

LLC

3

.750

09/15/30

8,446

6,955,000

Kreditanstalt

fuer

Wiederaufbau

4

.375

02/28/34

6,810

9,875,000

Low

Income

Investment

Fund

3

.711

07/01/29

9,130

7,725,000

Mastercard,

Inc

1

.900

03/15/31

6,533

1,644,000

National

Rural

Utilities

Cooperative

Finance

Corp

1

.350

03/15/31

1,320

12,255,000

National

Rural

Utilities

Cooperative

Finance

Corp

4

.150

12/15/32

11,434

1,925,000

NHP

Foundation

5

.850

12/01/28

1,997

4,850,000

NHP

Foundation

6

.000

12/01/33

5,110

16,475,000

Private

Export

Funding

Corp

1

.400

07/15/28

14,820

13,500,000

Private

Export

Funding

Corp

4

.300

12/15/28

13,332

9,900,000

Private

Export

Funding

Corp

4

.600

02/15/34

9,709

2,570,000

Reinvestment

Fund,

Inc

3

.513

11/01/25

2,525

15,240,000

Reinvestment

Fund,

Inc

3

.880

02/15/27

14,592

7,435,000

Reinvestment

Fund,

Inc

3

.930

02/15/28

6,965

4,430,000

(e),(f)

Starwood

Property

Trust,

Inc

4

.375

01/15/27

4,283

2,800,000

(f)

Starwood

Property

Trust,

Inc

7

.250

04/01/29

2,872

13,170,000

(f)

Starwood

Property

Trust,

Inc

6

.000

04/15/30

12,927

7,072,314

Thirax   LLC

1

.462

03/07/33

6,107

10,250,000

(f)

UBS

Group

AG.

5

.428

02/08/30

10,316

9,375,000

(f)

UBS

Group

AG.

5

.617

09/13/30

9,524

9,925,000

(f)

UBS

Group

AG.

6

.301

09/22/34

10,382

6,150,000

(f)

UBS

Group

AG.

5

.699

02/08/35

6,190

4,050,000

(f),(g)

UBS

Group

AG.

9

.250

N/A

4,378

3,375,000

(f),(g)

UBS

Group

AG.

9

.250

N/A

3,868

7,500,000

Visa,

Inc

1

.900

04/15/27

7,092

17,000,000

(e)

Visa,

Inc

1

.100

02/15/31

13,749

5,500,000

(f)

WLB

Asset

II

C

Pte

Ltd

3

.900

12/23/25

5,246

15,750,000

(f)

WLB

Asset

II

D

Pte

Ltd

6

.500

12/21/26

14,764

9,750,000

(f)

WLB

Asset

VI

Pte

Ltd

7

.250

12/21/27

10,180

TOTAL

FINANCIAL

SERVICES

310,027

FOOD,

BEVERAGE

&

TOBACCO

-

0.2%

3,725,000

Campbell

Soup

Co

5

.200

03/21/29

3,762

10,125,000

(f)

Mars,

Inc

4

.650

04/20/31

9,871

10,000,000

(f)

NBM

US

Holdings,

Inc

6

.625

08/06/29

10,000

6,600,000

(f)

Nestle

Holdings,

Inc

4

.950

03/14/30

6,629

10,000,000

PepsiCo,

Inc

3

.900

07/18/32

9,347

16,674,000

PepsiCo,

Inc

2

.875

10/15/49

10,874

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

50,483

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

23,213,000

Kaiser

Foundation

Hospitals

2

.810

06/01/41

16,421

11,890,000

Montefiore

Medical

Center

2

.895

04/20/32

10,104

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

26,525

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.4%

5,300,000

Procter

&

Gamble

Co

3

.000

03/25/30

4,886

12,975,000

Procter

&

Gamble

Co

1

.200

10/29/30

10,711

277

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

HOUSEHOLD

&

PERSONAL

PRODUCTS

(continued)

$

10,875,000

Procter

&

Gamble

Co

4

.550

%

01/29/34

$

10,587

11,075,000

Unilever

Capital

Corp

2

.000

07/28/26

10,674

17,300,000

Unilever

Capital

Corp

4

.875

09/08/28

17,438

5,523,000

Unilever

Capital

Corp

2

.125

09/06/29

4,916

6,125,000

Unilever

Capital

Corp

1

.375

09/14/30

5,098

8,475,000

Unilever

Capital

Corp

1

.750

08/12/31

7,004

11,600,000

Unilever

Capital

Corp

4

.625

08/12/34

11,168

9,425,000

Unilever

Capital

Corp

2

.625

08/12/51

5,704

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

88,186

INSURANCE

-

0.2%

14,425,000

(f)

Five

Corners

Funding

Trust

II

2

.850

05/15/30

12,895

11,600,000

(f)

Muenchener

Rueckversicherungs-Gesellschaft

AG.

in

Muenchen

5

.875

05/23/42

11,800

10,000,000

Principal

Financial

Group,

Inc

2

.125

06/15/30

8,619

2,152,000

Prudential

Financial,

Inc

3

.700

10/01/50

1,914

11,703,000

(f)

USAA

Capital

Corp

2

.125

05/01/30

10,133

TOTAL

INSURANCE

45,361

MATERIALS

-

0.7%

10,500,000

Air

Products

and

Chemicals,

Inc

4

.800

03/03/33

10,299

2,755,000

(e),(f)

Alcoa

Nederland

Holding

BV

7

.125

03/15/31

2,847

10,000,000

Amcor

Group

Finance

plc

5

.450

05/23/29

10,083

6,550,000

(e),(f)

Celulosa

Arauco

y

Constitucion

S.A.

4

.200

01/29/30

6,082

9,145,000

(f)

Celulosa

Arauco

y

Constitucion

S.A.

5

.150

01/29/50

7,714

7,250,000

(e),(f),(g)

Cemex

SAB

de

C.V.

9

.125

N/A

7,472

9,000,000

(e)

Dow

Chemical

Co

5

.150

02/15/34

8,801

11,000,000

(e),(f)

FMG

Resources

August

2006

Pty

Ltd

6

.125

04/15/32

10,866

12,000,000

(f)

Inversiones

CMPC

S.A.

4

.375

04/04/27

11,766

2,150,000

(f)

Inversiones

CMPC

S.A.

6

.125

06/23/33

2,156

4,000,000

(e),(f)

Klabin

Austria

GmbH

7

.000

04/03/49

4,051

4,000,000

(f)

Klabin

Finance

S.A.

4

.875

09/19/27

3,867

3,750,000

(f)

LD

Celulose

International

GmbH

7

.950

01/26/32

3,761

6,855,000

(f)

LG

Chem

Ltd

4

.375

07/14/25

6,825

3,250,000

(e),(f)

LG

Chem

Ltd

3

.625

04/15/29

3,048

6,900,000

Nutrien

Ltd

5

.200

06/21/27

6,971

11,125,000

(e)

Nutrien

Ltd

5

.400

06/21/34

11,050

12,814,000

(f)

Star

Energy

Geothermal

Wayang

Windu

Ltd

6

.750

04/24/33

12,910

7,500,000

Suzano

International

Finance

BV

5

.500

01/17/27

7,503

TOTAL

MATERIALS

138,072

MEDIA

&

ENTERTAINMENT

-

0.0%

11,250,000

Comcast

Corp

4

.650

02/15/33

10,866

TOTAL

MEDIA

&

ENTERTAINMENT

10,866

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.3%

13,250,000

Johnson

&

Johnson

4

.900

06/01/31

13,333

8,315,000

Johnson

&

Johnson

2

.250

09/01/50

4,756

6,925,000

Pfizer

Investment

Enterprises

Pte

Ltd

4

.650

05/19/25

6,928

6,475,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.110

05/19/43

6,078

15,000,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

14,045

4,497,000

Pfizer,

Inc

2

.625

04/01/30

4,034

5,400,000

(e)

Pfizer,

Inc

1

.750

08/18/31

4,447

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

53,621

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

8,550,000

National

Community

Renaissance

of

California

3

.270

12/01/32

7,121

9,770,000

Preservation

Of

Affordable

Housing,

Inc

4

.479

12/01/32

8,925

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

16,046

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

11,550,000

Intel

Corp

4

.150

08/05/32

10,513

Social

Choice

278

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

(continued)

$

10,000,000

Texas

Instruments,

Inc

5

.050

%

05/18/63

$

9,011

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

19,524

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.1%

14,250,000

(e)

Apple,

Inc

3

.000

06/20/27

13,819

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

13,819

TELECOMMUNICATION

SERVICES

-

0.0%

9,548,000

Verizon

Communications,

Inc

2

.550

03/21/31

8,223

TOTAL

TELECOMMUNICATION

SERVICES

8,223

TRANSPORTATION

-

0.1%

4,840,615

(f)

Air

Canada

Pass

Through

Trust

4

.125

05/15/25

4,817

9,475,000

Canadian

Pacific

Railway

Co

3

.100

12/02/51

6,157

6,000,000

Norfolk

Southern

Corp

2

.300

05/15/31

5,132

TOTAL

TRANSPORTATION

16,106

UTILITIES

-

3.6%

3,750,000

AES

Corp

1

.375

01/15/26

3,612

7,954,000

(e)

AES

Corp

5

.450

06/01/28

7,997

6,725,000

Algonquin

Power

&

Utilities

Corp

5

.365

06/15/26

6,757

3,325,000

(f)

AltaGas

Ltd

7

.200

10/15/54

3,343

12,325,000

Ameren

Illinois

Co

2

.900

06/15/51

7,745

4,500,000

Atlantic

City

Electric

Co

2

.300

03/15/31

3,822

9,950,000

Avangrid,

Inc

3

.200

04/15/25

9,900

13,200,000

Avangrid,

Inc

3

.800

06/01/29

12,509

7,050,000

(f)

Brooklyn

Union

Gas

Co

4

.632

08/05/27

6,972

10,000,000

(f)

Brooklyn

Union

Gas

Co

4

.866

08/05/32

9,489

EUR

4,400,000

(f)

California

Buyer

Ltd

5

.625

02/15/32

4,743

5,810,000

(f)

California

Buyer

Ltd

6

.375

02/15/32

5,795

3,550,000

CMS

Energy

Corp

4

.750

06/01/50

3,363

3,100,000

(e)

CMS

Energy

Corp

3

.750

12/01/50

2,699

11,300,000

(f)

Colbun

S.A.

3

.150

01/19/32

9,469

2,125,000

(f)

Comision

Federal

de

Electricidad

5

.700

01/24/30

2,040

17,500,000

Commonwealth

Edison

Co

2

.750

09/01/51

10,306

5,600,000

Connecticut

Light

and

Power

Co

4

.650

01/01/29

5,572

7,525,000

(f)

Consorcio

Transmantaro

SA

4

.700

04/16/34

6,976

6,200,000

Consumers

Energy

Co

4

.600

05/30/29

6,142

14,217,363

(f)

Continental

Wind

LLC

6

.000

02/28/33

14,327

13,087,000

Dominion

Energy,

Inc

2

.250

08/15/31

10,892

3,425,000

Dominion

Energy,

Inc

7

.000

06/01/54

3,617

8,325,000

(g)

Dominion

Energy,

Inc

4

.350

N/A

8,061

22,625,000

DTE

Electric

Co

1

.900

04/01/28

20,716

7,998,000

DTE

Electric

Co

3

.950

03/01/49

6,235

9,025,000

DTE

Electric

Co

3

.250

04/01/51

6,145

3,000,000

DTE

Electric

Co

3

.650

03/01/52

2,195

3,688,000

Duke

Energy

Carolinas

LLC

2

.850

03/15/32

3,188

4,975,000

Duke

Energy

Carolinas

LLC

3

.550

03/15/52

3,504

10,000,000

Duke

Energy

Florida

LLC

2

.500

12/01/29

8,984

7,931,000

Duke

Energy

Florida

LLC

2

.400

12/15/31

6,692

10,000,000

Duke

Energy

Florida

LLC

3

.000

12/15/51

6,229

4,000,000

Duke

Energy

Progress

LLC

3

.450

03/15/29

3,792

5,276,000

Duke

Energy

Progress

LLC

4

.000

04/01/52

4,032

20,250,000

(f)

Electricite

de

France

S.A.

3

.625

10/13/25

20,054

6,375,000

Florida

Power

&

Light

Co

4

.625

05/15/30

6,316

9,885,000

Georgia

Power

Co

3

.250

04/01/26

9,717

7,019,550

(f)

India

Cleantech

Energy

4

.700

08/10/26

6,818

12,125,000

(e),(f)

International

Development

Association

4

.375

11/27/29

12,032

9,700,000

Interstate

Power

and

Light

Co

3

.500

09/30/49

6,790

14,641,000

(f)

Liberty

Utilities

Finance

GP

2

.050

09/15/30

12,279

7,511,000

MidAmerican

Energy

Co

3

.650

04/15/29

7,163

5,725,000

MidAmerican

Energy

Co

5

.350

01/15/34

5,794

1,000,000

MidAmerican

Energy

Co

3

.950

08/01/47

778

1,925,000

MidAmerican

Energy

Co

5

.850

09/15/54

1,956

12,350,000

National

Fuel

Gas

Co

5

.500

01/15/26

12,398

11,250,000

National

Fuel

Gas

Co

2

.950

03/01/31

9,686

279

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

UTILITIES

(continued)

$

11,610,000

(f)

New

York

State

Electric

&

Gas

Corp

2

.150

%

10/01/31

$

9,463

12,500,000

NextEra

Energy

Capital

Holdings,

Inc

4

.900

03/15/29

12,461

6,275,000

NextEra

Energy

Capital

Holdings,

Inc

6

.750

06/15/54

6,429

3,829,000

(e),(f)

NextEra

Energy

Operating

Partners

LP

7

.250

01/15/29

3,916

13,000,000

(f)

Niagara

Mohawk

Power

Corp

1

.960

06/27/30

11,034

9,750,000

(f)

Niagara

Mohawk

Power

Corp

4

.119

11/28/42

7,822

11,436,000

Northern

States

Power

Co

2

.900

03/01/50

7,316

623,000

Northern

States

Power

Co

2

.600

06/01/51

372

7,868,000

Northern

States

Power

Co

3

.200

04/01/52

5,274

8,125,000

Northern

States

Power

Co

5

.400

03/15/54

7,832

5,250,000

Northwest

Natural

Gas

Co

3

.078

12/01/51

3,174

21,737,000

Pacific

Gas

and

Electric

Co

6

.700

04/01/53

23,526

10,534,000

PacifiCorp

2

.900

06/15/52

6,268

6,000,000

PG&E

Recovery

Funding

LLC

4

.838

06/01/35

5,953

11,375,000

PG&E

Recovery

Funding

LLC

5

.231

06/01/42

11,279

4,750,000

PG&E

Recovery

Funding

LLC

5

.529

06/01/51

4,714

7,113,000

Piedmont

Natural

Gas

Co,

Inc

3

.350

06/01/50

4,694

2,100,000

PPL

Electric

Utilities

Corp

4

.850

02/15/34

2,045

5,000,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

3,320

16,100,000

Public

Service

Co

of

Colorado

5

.750

05/15/54

16,062

11,879,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

9,826

1,651,000

Public

Service

Electric

and

Gas

Co

3

.100

03/15/32

1,461

4,875,000

Public

Service

Electric

and

Gas

Co

4

.650

03/15/33

4,717

6,134,000

Public

Service

Electric

and

Gas

Co

3

.200

08/01/49

4,181

9,300,000

Public

Service

Electric

and

Gas

Co

5

.125

03/15/53

8,662

4,850,000

(f)

RWE

Finance

US

LLC

5

.875

04/16/34

4,865

10,000,000

(f)

RWE

Finance

US

LLC

6

.250

04/16/54

9,876

16,684,000

San

Diego

Gas

&

Electric

Co

4

.950

08/15/28

16,757

19,738,000

San

Diego

Gas

&

Electric

Co

2

.950

08/15/51

12,689

2,075,678

SCE

Recovery

Funding

LLC

1

.977

11/15/28

1,961

7,100,000

SCE

Recovery

Funding

LLC

2

.943

11/15/42

5,708

2,640,000

SCE

Recovery

Funding

LLC

3

.240

11/15/46

1,878

17,759,561

(f)

Solar

Star

Funding

LLC

3

.950

06/30/35

15,881

17,086,091

(f)

Solar

Star

Funding

LLC

5

.375

06/30/35

17,025

8,429,000

Southern

California

Edison

Co

2

.750

02/01/32

7,198

8,300,000

Southern

California

Edison

Co

5

.200

06/01/34

8,212

1,493,000

Southern

California

Edison

Co

3

.650

06/01/51

1,056

5,000,000

Southern

California

Edison

Co

3

.450

02/01/52

3,382

14,635,000

Southern

Power

Co

4

.150

12/01/25

14,564

14,825,000

(e)

Southwestern

Electric

Power

Co

3

.250

11/01/51

9,386

18,650,000

Southwestern

Public

Service

Co

3

.150

05/01/50

12,079

3,690,000

(e),(f)

Sunnova

Energy

Corp

5

.875

09/01/26

3,067

16,046,470

(f)

Sweihan

PV

Power

Co

PJSC

3

.625

01/31/49

13,037

8,612,000

(f)

TerraForm

Power

Operating

LLC

5

.000

01/31/28

8,297

15,193,335

(f)

Topaz

Solar

Farms

LLC

4

.875

09/30/39

14,130

12,666,368

(f)

Topaz

Solar

Farms

LLC

5

.750

09/30/39

12,345

7,279,845

(f)

UEP

Penonome

II

S.A.

6

.500

10/01/38

6,569

12,250,000

Union

Electric

Co

2

.150

03/15/32

10,043

19,626,000

Union

Electric

Co

2

.625

03/15/51

11,582

3,146,000

Union

Electric

Co

3

.900

04/01/52

2,409

3,775,000

(f),(g)

Vistra

Corp

7

.000

N/A

3,797

TOTAL

UTILITIES

759,235

TOTAL

CORPORATE

BONDS

(Cost

$2,446,138)

2,283,083

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

GOVERNMENT

BONDS

-

25.2%

AGENCY

SECURITIES

-

0.8%

240,037

Abay

Leasing

LLC

2

.654

11/09/26

234

3,028,898

Canal

Barge

Co,

Inc

4

.500

11/12/34

2,913

11,917,182

Crowley

Conro

LLC

4

.181

08/15/43

10,340

2,265,594

Ethiopian

Leasing

LLC

2

.566

08/14/26

2,211

Social

Choice

280

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

AGENCY

SECURITIES

(continued)

$

251,410

Export-Import

Bank

of

the

United

States

2

.578

%

12/10/25

$

248

25,000,000

Federal

Home

Loan

Mortgage

Corp

1

.540

08/17/35

17,890

8,000,000

Federal

National

Mortgage

Association

0

.625

04/22/25

7,912

18,880,000

Federal

National

Mortgage

Association

0

.875

08/05/30

15,589

9,000,000

Federal

National

Mortgage

Association

1

.625

08/24/35

6,500

17,340,000

Hashemite

Kingdom

of

Jordan

Government

AID

Bond

3

.000

06/30/25

17,184

1,875,000

(c)

India

Government

AID

Bond,

(LIBOR

3

M

+

0.100%)

4

.954

02/01/27

1,866

13,250,000

Private

Export

Funding

Corp

3

.250

06/15/25

13,184

7,765,000

Private

Export

Funding

Corp

3

.900

10/15/27

7,641

214,183

Sandalwood

LLC

2

.836

07/10/25

213

551,248

Sandalwood

LLC

2

.821

02/12/26

544

19,921,171

Thirax   LLC

0

.968

01/14/33

16,954

3,178,604

Thirax

2

LLC

2

.320

01/22/34

2,810

5,000,000

United

States

Department

of

Housing

and

Urban

Development

3

.535

08/01/36

4,260

1,775,000

United

States

International

Development

Finance

Corp

1

.440

04/15/28

1,633

1,000,000

United

States

International

Development

Finance

Corp

1

.650

04/15/28

925

3,659,169

United

States

International

Development

Finance

Corp

1

.790

10/15/29

3,395

11,434,903

United

States

International

Development

Finance

Corp

2

.360

10/15/29

10,765

1,919,000

United

States

International

Development

Finance

Corp

2

.930

05/15/30

1,817

3,171,400

United

States

International

Development

Finance

Corp

3

.040

05/15/30

3,012

7,596,221

United

States

International

Development

Finance

Corp

1

.630

07/15/38

6,071

4,687,953

United

States

International

Development

Finance

Corp

2

.450

07/15/38

3,953

TOTAL

AGENCY

SECURITIES

160,064

FOREIGN

GOVERNMENT

BONDS

-

3.9%

6,100,000

African

Development

Bank

3

.500

09/18/29

5,853

11,850,000

(f)

Arab

Petroleum

Investments

Corp

1

.483

10/06/26

11,165

14,000,000

(f)

Arab

Petroleum

Investments

Corp

5

.428

05/02/29

14,113

9,500,000

Asian

Development

Bank

2

.125

03/19/25

9,454

9,670,000

(e)

Asian

Development

Bank

4

.625

06/13/25

9,679

11,500,000

Asian

Development

Bank

1

.750

08/14/26

11,039

22,676,000

Asian

Development

Bank

3

.125

09/26/28

21,715

10,000,000

Asian

Development

Bank

3

.875

06/14/33

9,461

6,263,000

Asian

Infrastructure

Investment

Bank

0

.500

01/27/26

6,005

5,375,000

(e)

Asian

Infrastructure

Investment

Bank

4

.875

09/14/26

5,423

3,000,000

(c),(f)

Asian

Infrastructure

Investment

Bank,

(SOFR

Compounded

Index

+

0.620%)

5

.113

08/16/27

3,023

5,600,000

(c)

Asian

Infrastructure

Investment

Bank,

(SOFR

Compounded

Index

+

0.620%)

5

.113

08/16/27

5,643

10,000,000

Asian

Infrastructure

Investment

Bank

4

.125

01/18/29

9,887

11,400,000

Asian

Infrastructure

Investment

Bank

4

.250

03/13/34

11,015

EUR

7,925,000

(f)

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

6,859

17,250,000

(f)

BNG

Bank

NV

3

.500

05/19/28

16,729

8,125,000

Brazilian

Government

International

Bond

6

.125

01/22/32

7,767

1,900,000

(f)

Caisse

d'Amortissement

de

la

Dette

Sociale

0

.625

02/18/26

1,819

9,500,000

(f)

Caisse

d'Amortissement

de

la

Dette

Sociale

4

.875

09/19/26

9,557

4,750,000

(f)

Caisse

d'Amortissement

de

la

Dette

Sociale

1

.375

01/20/31

3,910

5,000,000

(f)

Caisse

d'Amortissement

de

la

Dette

Sociale

2

.125

01/26/32

4,191

21,980,000

Canada

Government

International

Bond

2

.875

04/28/25

21,876

16,020,000

Canada

Government

International

Bond

3

.750

04/26/28

15,717

12,500,000

(f)

CDP

Financial,

Inc

1

.000

05/26/26

11,912

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

5

.000

02/09/26

2,001

10,075,000

Chile

Government

International

Bond

3

.100

05/07/41

7,189

8,025,000

Colombia

Government

International

Bond

8

.000

11/14/35

8,069

4,800,000

Colombia

Government

International

Bond

8

.750

11/14/53

4,847

5,725,000

(f)

Dominican

Republic

International

Bond

6

.600

06/01/36

5,676

6,540,000

(f)

European

Investment

Bank

2

.876

06/13/25

6,497

2,711,000

(e)

European

Investment

Bank

2

.125

04/13/26

2,636

2,250,000

European

Investment

Bank

2

.375

05/24/27

2,147

11,961,000

European

Investment

Bank

0

.625

10/21/27

10,799

3,750,000

European

Investment

Bank

3

.250

11/15/27

3,638

11,600,000

European

Investment

Bank

1

.625

10/09/29

10,208

10,000,000

European

Investment

Bank

0

.875

05/17/30

8,301

19,749,000

European

Investment

Bank

0

.750

09/23/30

16,065

281

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

FOREIGN

GOVERNMENT

BONDS

(continued)

$

7,700,000

European

Investment

Bank

4

.375

%

10/10/31

$

7,604

6,445,000

European

Investment

Bank

3

.750

02/14/33

6,064

2,000,000

European

Investment

Bank

4

.875

02/15/36

2,015

10,875,000

Export

Development

Canada

3

.375

08/26/25

10,805

11,250,000

Export

Development

Canada

3

.750

09/07/27

11,069

13,050,000

Export

Development

Canada

3

.875

02/14/28

12,848

10,000,000

Export

Development

Canada

4

.125

02/13/29

9,866

18,675,000

Export

Development

Canada

4

.750

06/05/34

18,745

4,500,000

Inter-American

Development

Bank

4

.500

05/15/26

4,506

4,868,000

Inter-American

Development

Bank

1

.125

07/20/28

4,354

5,000,000

Inter-American

Development

Bank

1

.125

01/13/31

4,097

15,800,000

Inter-American

Development

Bank

3

.500

04/12/33

14,536

10,625,000

(e)

Inter-American

Investment

Corp

2

.625

04/22/25

10,566

2,644,000

Inter-American

Investment

Corp

0

.625

02/10/26

2,534

19,785,000

Inter-American

Investment

Corp

4

.126

02/15/28

19,558

12,850,000

International

Bank

for

Reconstruction

&

Development

0

.625

04/22/25

12,705

14,750,000

(e)

International

Bank

for

Reconstruction

&

Development

3

.125

11/20/25

14,579

28,030,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/27

26,014

5,250,000

International

Bank

for

Reconstruction

&

Development

0

.000

03/31/28

5,068

25,000,000

International

Bank

for

Reconstruction

&

Development

1

.745

07/31/33

24,188

5,000,000

(f)

International

Development

Association

0

.875

04/28/26

4,772

14,750,000

International

Finance

Corp

4

.750

03/16/26

14,746

4,300,000

International

Finance

Corp

4

.375

01/15/27

4,297

10,643,000

International

Finance

Facility

for

Immunisation

Co

1

.000

04/21/26

10,171

3,050,000

Japan

Bank

for

International

Cooperation

1

.625

01/20/27

2,876

1,750,000

Japan

Bank

for

International

Cooperation

4

.875

10/18/28

1,771

8,750,000

Japan

International

Cooperation

Agency

1

.750

04/28/31

7,308

12,500,000

(f)

Kommunalbanken

AS.

2

.125

02/11/25

12,467

4,175,000

(f)

Kommuninvest

I

Sverige

AB

4

.625

09/29/28

4,206

10,100,000

(f)

Korea

Electric

Power

Corp

1

.125

06/15/25

9,923

10,250,000

(f)

Korea

Electric

Power

Corp

4

.875

01/31/27

10,274

6,500,000

Kreditanstalt

fuer

Wiederaufbau

1

.750

09/14/29

5,769

6,500,000

(f)

Kuntarahoitus

Oyj

3

.625

10/09/29

6,263

13,000,000

(e)

Landwirtschaftliche

Rentenbank

0

.875

09/03/30

10,653

18,250,000

(f)

Nederlandse

Waterschapsbank

NV

1

.750

01/15/25

18,233

17,600,000

(f)

Nederlandse

Waterschapsbank

NV

2

.375

03/24/26

17,154

12,375,000

(f)

Nederlandse

Waterschapsbank

NV

4

.000

06/01/28

12,202

4,450,000

(f)

Nederlandse

Waterschapsbank

NV

4

.375

02/28/29

4,419

7,000,000

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

5,810

4,430,000

(f)

Nederlandse

Waterschapsbank

NV

1

.000

05/28/30

3,677

15,641,000

OMERS

Finance

Trust

3

.500

04/19/32

14,184

7,666,000

(f)

OMERS

Finance

Trust

3

.500

04/19/32

6,952

750,000

OMERS

Finance

Trust

4

.000

04/19/52

580

4,825,000

(f)

OMERS

Finance

Trust

4

.000

04/19/52

3,732

5,030,000

OPEC

Fund

for

International

Development

4

.500

01/26/26

5,014

4,970,000

(f)

OPEC

Fund

for

International

Development

4

.500

01/26/26

4,954

11,750,000

Province

of

Ontario

Canada

5

.050

04/24/34

11,824

10,000,000

Province

of

Quebec

Canada

2

.750

04/12/27

9,635

5,000,000

Province

of

Quebec

Canada

7

.500

09/15/29

5,601

15,250,000

Province

of

Quebec

Canada

1

.900

04/21/31

12,870

10,625,000

Province

of

Quebec

Canada

4

.500

09/08/33

10,320

10,500,000

Province

of

Quebec

Canada

4

.250

09/05/34

9,928

7,750,000

Republic

of

Italy

Government

International

Bond

4

.000

10/17/49

5,501

5,100,000

(f)

Serbia

International

Bond

6

.000

06/12/34

5,016

TOTAL

FOREIGN

GOVERNMENT

BONDS

821,161

MORTGAGE

BACKED

-

11.1%

2,115,000

(c),(f)

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

1,457

53,944,245

(c),(f)

Citigroup

Mortgage

Loan

Trust

0

.156

02/25/52

446

6,047,505

(c),(f)

Citigroup

Mortgage

Loan

Trust

0

.250

02/25/52

83

10,555,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.100%)

7

.669

03/25/42

10,983

19,159,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

4.650%)

9

.210

06/25/42

20,724

1,295,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.350%)

7

.919

01/25/43

1,367

Social

Choice

282

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

3,840,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.110

%

05/25/43

$

4,107

6,140,482

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.100%)

7

.660

06/25/43

6,478

5,720,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.900%)

9

.188

07/25/43

6,066

4,470,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.550%)

8

.119

10/25/43

4,689

706,127

Fannie

Mae

Pool

3

.500

05/01/32

687

875,323

Fannie

Mae

Pool

5

.000

05/01/35

868

593,574

Fannie

Mae

Pool

5

.000

10/01/35

589

452,230

Fannie

Mae

Pool

5

.000

02/01/36

449

951,670

Fannie

Mae

Pool

5

.500

11/01/38

957

126,155

Fannie

Mae

Pool

3

.000

05/01/40

114

342,320

Fannie

Mae

Pool

5

.000

09/01/40

341

857,391

Fannie

Mae

Pool

5

.000

05/01/41

854

615,252

Fannie

Mae

Pool

4

.000

09/01/42

579

1,078,442

Fannie

Mae

Pool

4

.500

03/01/44

1,043

48,929,111

Fannie

Mae

Pool

4

.000

05/01/44

46,099

305,208

Fannie

Mae

Pool

4

.500

06/01/44

293

3,077,768

Fannie

Mae

Pool

4

.500

06/01/44

2,957

645,602

Fannie

Mae

Pool

4

.500

08/01/44

620

1,703,233

Fannie

Mae

Pool

4

.500

10/01/44

1,636

3,044,831

Fannie

Mae

Pool

4

.500

11/01/44

2,925

545,990

Fannie

Mae

Pool

5

.000

11/01/44

544

827,195

Fannie

Mae

Pool

4

.500

12/01/44

795

354,681

Fannie

Mae

Pool

4

.000

01/01/45

332

140,460

Fannie

Mae

Pool

4

.500

03/01/45

135

254,112

Fannie

Mae

Pool

4

.500

04/01/45

244

1,779,182

Fannie

Mae

Pool

3

.500

05/01/45

1,621

2,541,453

Fannie

Mae

Pool

3

.500

01/01/46

2,294

502,549

Fannie

Mae

Pool

4

.000

04/01/46

471

2,896,509

Fannie

Mae

Pool

3

.500

06/01/46

2,613

1,943,365

Fannie

Mae

Pool

3

.500

07/01/46

1,753

3,136,876

Fannie

Mae

Pool

3

.500

07/01/46

2,855

854,368

Fannie

Mae

Pool

3

.500

08/01/46

770

266,207

Fannie

Mae

Pool

3

.000

10/01/46

227

2,351,443

Fannie

Mae

Pool

3

.500

10/01/46

2,120

1,000,691

Fannie

Mae

Pool

4

.500

05/01/47

970

1,229,956

Fannie

Mae

Pool

4

.000

10/01/47

1,141

236,982

Fannie

Mae

Pool

3

.500

11/01/47

215

248,525

Fannie

Mae

Pool

4

.500

11/01/47

238

13,412

Fannie

Mae

Pool

3

.500

01/01/48

12

2,658,860

Fannie

Mae

Pool

3

.500

01/01/48

2,386

1,773,886

Fannie

Mae

Pool

4

.500

01/01/48

1,696

1,342,611

Fannie

Mae

Pool

4

.500

02/01/48

1,283

1,164,729

Fannie

Mae

Pool

4

.500

05/01/48

1,113

805,282

Fannie

Mae

Pool

4

.500

05/01/48

769

10,185,152

Fannie

Mae

Pool

3

.000

07/01/50

8,815

6,026,684

Fannie

Mae

Pool

2

.500

08/01/51

4,963

3,909,826

Fannie

Mae

Pool

3

.000

09/01/51

3,378

4,147,004

Fannie

Mae

Pool

2

.500

12/01/51

3,420

12,032,643

Fannie

Mae

Pool

2

.500

02/01/52

9,907

4,110,517

Fannie

Mae

Pool

3

.500

02/01/52

3,676

1,697,574

Fannie

Mae

Pool

2

.500

04/01/52

1,399

10,183,785

Fannie

Mae

Pool

3

.000

04/01/52

8,668

1,203,568

Fannie

Mae

Pool

3

.500

04/01/52

1,067

10,432,632

Fannie

Mae

Pool

3

.500

05/01/52

9,247

30,389,489

Fannie

Mae

Pool

3

.500

05/01/52

26,934

20,187,654

Fannie

Mae

Pool

4

.000

05/01/52

18,501

12,873,545

Fannie

Mae

Pool

3

.000

06/01/52

10,952

11,939,553

Fannie

Mae

Pool

3

.500

06/01/52

10,605

38,632,581

Fannie

Mae

Pool

3

.500

06/01/52

34,243

53,689,544

Fannie

Mae

Pool

4

.000

06/01/52

49,188

3,920,068

Fannie

Mae

Pool

4

.500

06/01/52

3,695

38,627,333

Fannie

Mae

Pool

4

.000

07/01/52

35,366

283

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

17,143,481

Fannie

Mae

Pool

4

.000

%

07/01/52

$

15,703

3,647,472

Fannie

Mae

Pool

4

.500

07/01/52

3,437

30,722,986

Fannie

Mae

Pool

4

.500

07/01/52

28,955

25,637,355

Fannie

Mae

Pool

5

.000

08/01/52

24,827

75,142,401

Fannie

Mae

Pool

4

.000

09/01/52

68,830

217,402,798

Fannie

Mae

Pool

4

.500

09/01/52

204,892

10,571,260

Fannie

Mae

Pool

5

.000

09/01/52

10,236

87,326,173

Fannie

Mae

Pool

4

.000

10/01/52

79,982

56,215,275

Fannie

Mae

Pool

4

.500

10/01/52

52,982

67,834,635

Fannie

Mae

Pool

5

.000

10/01/52

65,680

13,479,711

Fannie

Mae

Pool

4

.000

11/01/52

12,345

62,814,692

Fannie

Mae

Pool

4

.500

11/01/52

59,207

28,761,035

Fannie

Mae

Pool

5

.500

12/01/52

28,458

162,658

Fannie

Mae

Pool

5

.000

01/01/53

157

36,419,796

Fannie

Mae

Pool

5

.000

02/01/53

35,254

5,649,999

Fannie

Mae

Pool

6

.000

02/01/53

5,681

4,214,798

Fannie

Mae

Pool

6

.000

03/01/53

4,236

39,965,739

Fannie

Mae

Pool

5

.000

04/01/53

38,588

2,675,068

Fannie

Mae

Pool

6

.000

05/01/53

2,692

9,248,248

Fannie

Mae

Pool

5

.000

06/01/53

8,991

43,541,203

Fannie

Mae

Pool

5

.500

06/01/53

43,010

8,518,470

Fannie

Mae

Pool

5

.000

07/01/53

8,233

14,816,408

Fannie

Mae

Pool

5

.000

08/01/53

14,309

86,463,919

Fannie

Mae

Pool

5

.500

10/01/53

85,380

714,408

Fannie

Mae

Pool

6

.000

01/01/54

718

46,705,741

Fannie

Mae

Pool

5

.500

05/01/54

46,106

7,885,514

Fannie

Mae

Pool

4

.500

11/01/54

7,420

21,474,980

Fannie

Mae

Pool

5

.000

11/01/54

20,734

1,226,449

(c)

Fannie

Mae

REMICS,

(SOFR30A

+

5.836%)

1

.267

09/25/43

116

2,376,698

Fannie

Mae

REMICS

3

.000

07/25/45

2,081

4,266,063

Fannie

Mae

REMICS

3

.500

02/25/48

3,640

3,163,141

Fannie

Mae

REMICS

4

.000

07/25/48

2,897

15,884,045

Fannie

Mae

REMICS

2

.000

08/25/50

10,356

4,930,905

Fannie

Mae

REMICS

2

.000

08/25/50

632

6,450,914

Fannie

Mae

REMICS

2

.000

10/25/50

4,215

12,244,531

Fannie

Mae

REMICS

2

.500

11/25/50

1,708

4,317,679

Fannie

Mae

REMICS

3

.000

12/25/50

746

3,578,428

Fannie

Mae

REMICS

3

.000

02/25/51

604

4,700,390

Fannie

Mae

REMICS

2

.500

11/25/51

561

12,186,742

Fannie

Mae

REMICS

3

.500

04/25/52

8,986

2,548,854

Fannie

Mae

REMICS

4

.000

05/25/52

1,955

6,922,458

Fannie

Mae

REMICS

4

.500

07/25/52

6,451

2,541,418

Fannie

Mae

REMICS

4

.500

08/25/52

2,075

1,920,900

Fannie

Mae

REMICS

4

.000

09/25/52

1,574

2,392,893

Fannie

Mae

REMICS

4

.000

09/25/52

2,056

1,847,594

Fannie

Mae

REMICS

4

.500

10/25/52

1,653

2,120,490

Fannie

Mae

REMICS

4

.500

10/25/52

1,963

3,784,203

Fannie

Mae

REMICS

5

.500

11/25/52

3,619

10,900,041

(c)

Fannie

Mae-Aces

2

.825

02/25/27

10,544

3,151,401

(c)

Fannie

Mae-Aces

3

.303

06/25/28

3,028

8,250,000

(c)

Fannie

Mae-Aces

1

.469

11/25/30

6,845

15,500,000

(c)

Fannie

Mae-Aces

1

.245

01/25/31

12,688

2,836

Freddie

Mac

Gold

Pool

8

.000

01/01/31

3

74,681

Freddie

Mac

Gold

Pool

4

.500

07/01/33

73

502,955

Freddie

Mac

Gold

Pool

7

.000

12/01/33

522

108,308

Freddie

Mac

Gold

Pool

7

.000

05/01/35

112

366,409

Freddie

Mac

Gold

Pool

5

.000

06/01/36

364

115,943

Freddie

Mac

Gold

Pool

5

.000

07/01/39

116

74,626

Freddie

Mac

Gold

Pool

4

.000

06/01/42

70

160,039

Freddie

Mac

Gold

Pool

4

.500

10/01/44

154

221,902

Freddie

Mac

Gold

Pool

4

.500

11/01/44

213

401,775

Freddie

Mac

Gold

Pool

4

.500

11/01/44

386

Social

Choice

284

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

206,412

Freddie

Mac

Gold

Pool

4

.500

%

12/01/44

$

197

200,321

Freddie

Mac

Gold

Pool

4

.500

12/01/44

193

932,853

Freddie

Mac

Gold

Pool

3

.500

04/01/45

847

3,524,163

Freddie

Mac

Gold

Pool

3

.500

10/01/45

3,186

62,982

Freddie

Mac

Gold

Pool

3

.000

04/01/47

55

397,435

Freddie

Mac

Gold

Pool

4

.500

06/01/47

382

852,900

Freddie

Mac

Gold

Pool

4

.000

09/01/47

800

669,751

Freddie

Mac

Gold

Pool

3

.500

12/01/47

604

2,725,894

Freddie

Mac

Gold

Pool

4

.500

08/01/48

2,621

5,220,707

Freddie

Mac

Pool

2

.310

12/01/31

4,483

6,838,080

Freddie

Mac

Pool

3

.740

06/01/37

6,065

7,289,691

Freddie

Mac

Pool

3

.350

08/01/37

6,241

2,250,897

Freddie

Mac

Pool

3

.400

12/01/37

1,926

5,646,500

Freddie

Mac

Pool

4

.300

12/01/37

5,233

1,829,441

Freddie

Mac

Pool

3

.500

03/01/38

1,593

640,000

Freddie

Mac

Pool

4

.330

05/01/38

595

3,165,435

Freddie

Mac

Pool

2

.970

07/01/38

2,574

3,382,001

Freddie

Mac

Pool

4

.550

07/01/38

3,195

5,775,000

Freddie

Mac

Pool

3

.500

10/01/38

4,902

397,500

Freddie

Mac

Pool

3

.160

11/01/38

328

1,853,500

Freddie

Mac

Pool

3

.910

01/01/39

1,637

3,355,998

Freddie

Mac

Pool

3

.000

01/01/41

2,655

772,942

Freddie

Mac

Pool

4

.250

09/01/42

723

4,246,027

Freddie

Mac

Pool

3

.000

11/01/49

3,675

3,663,926

Freddie

Mac

Pool

2

.500

11/01/51

2,990

9,971,473

Freddie

Mac

Pool

3

.000

11/01/51

8,664

1,221,381

Freddie

Mac

Pool

3

.000

11/01/51

1,054

1,416,374

Freddie

Mac

Pool

3

.000

11/01/51

1,232

1,059,874

Freddie

Mac

Pool

3

.000

11/01/51

923

4,141,332

Freddie

Mac

Pool

2

.500

01/01/52

3,392

9,869,124

Freddie

Mac

Pool

2

.500

02/01/52

8,138

315,195

Freddie

Mac

Pool

3

.000

02/01/52

268

6,352,875

Freddie

Mac

Pool

3

.000

03/01/52

5,406

4,912,384

Freddie

Mac

Pool

2

.500

04/01/52

4,042

14,174,525

Freddie

Mac

Pool

4

.000

04/01/52

12,988

21,259,801

Freddie

Mac

Pool

3

.000

05/01/52

18,081

8,570,296

Freddie

Mac

Pool

3

.500

05/01/52

7,625

478,095

Freddie

Mac

Pool

3

.000

06/01/52

409

427,008

Freddie

Mac

Pool

3

.500

06/01/52

379

8,232,770

Freddie

Mac

Pool

4

.500

06/01/52

7,757

249,974

Freddie

Mac

Pool

4

.500

07/01/52

235

8,238,095

Freddie

Mac

Pool

4

.500

07/01/52

7,762

9,110,162

Freddie

Mac

Pool

6

.000

11/01/52

9,168

14,880,865

Freddie

Mac

Pool

5

.000

01/01/53

14,369

18,714,858

Freddie

Mac

Pool

5

.500

08/01/53

18,546

6,182,849

Freddie

Mac

REMICS

3

.500

01/15/47

5,308

1,287,952

Freddie

Mac

REMICS

4

.000

10/15/47

1,178

2,285,486

Freddie

Mac

REMICS

4

.000

11/15/47

2,113

5,820,793

Freddie

Mac

REMICS

4

.000

01/15/48

5,382

6,343,929

Freddie

Mac

REMICS

4

.000

03/15/48

5,824

1,890,431

Freddie

Mac

REMICS

4

.000

04/15/48

1,748

5,877,814

Freddie

Mac

REMICS

4

.000

04/15/48

5,370

2,654,259

(c)

Freddie

Mac

REMICS,

(SOFR30A

+

9.737%)

2

.381

06/15/48

2,330

1,806,529

(c)

Freddie

Mac

REMICS,

(SOFR30A

+

9.657%)

2

.301

10/15/48

1,489

5,741,243

Freddie

Mac

REMICS

2

.000

09/25/50

3,675

2,460,728

Freddie

Mac

REMICS

2

.000

09/25/50

319

6,396,702

Freddie

Mac

REMICS

3

.000

09/25/50

4,485

4,881,632

Freddie

Mac

REMICS

3

.000

10/25/50

3,319

15,606,193

Freddie

Mac

REMICS

2

.500

02/25/51

2,583

6,043,861

Freddie

Mac

REMICS

2

.500

05/25/51

3,639

1,668,494

Freddie

Mac

REMICS

4

.000

08/25/52

1,343

2,848,835

Freddie

Mac

REMICS

4

.500

10/25/52

2,537

285

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

3,502,641

Freddie

Mac

REMICS

5

.500

%

11/25/52

$

3,401

2,786,710

Freddie

Mac

REMICS

5

.500

02/25/53

2,727

500,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

7.100%)

11

.669

01/25/42

535

2,285,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.750%)

9

.319

02/25/42

2,405

8,185,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

2.900%)

7

.469

04/25/42

8,485

3,000,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

5.650%)

8

.647

04/25/42

3,222

17,330,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.350%)

7

.919

05/25/42

18,147

15,158,292

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.500%)

9

.234

06/25/42

16,271

8,616,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

4.000%)

8

.569

07/25/42

9,187

11,830,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.550%)

8

.119

08/25/42

12,450

6,727,557

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.700%)

8

.269

09/25/42

7,111

8,225,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.250%)

7

.810

04/25/43

8,684

7,885,000

(c),(f)

Freddie

Mac

STACR

REMIC

Trust,

(SOFR30A

+

3.500%)

8

.069

05/25/43

8,382

58,931

(c),(f)

Freddie

Mac

STACR

Securitized

Participation

Interests

Trust

3

.787

02/25/48

57

74,055

(c),(f)

Freddie

Mac

STACR

Securitized

Participation

Interests

Trust

3

.846

05/25/48

72

773,156

(c)

Freddie

Mac

Strips,

(SOFR30A

+

5.806%)

1

.208

03/15/44

66

6,837,514

Ginnie

Mae

I

Pool

2

.690

06/15/33

6,313

5,779,771

Ginnie

Mae

I

Pool

3

.700

10/15/33

5,607

46,188

Ginnie

Mae

I

Pool

5

.000

04/15/38

46

6,528,608

Ginnie

Mae

I

Pool

3

.700

08/15/40

6,291

10,719,802

Ginnie

Mae

I

Pool

2

.750

01/15/45

9,653

89,672

Ginnie

Mae

II

Pool

6

.500

11/20/38

93

1,401,864

Ginnie

Mae

II

Pool

4

.500

12/20/45

1,376

3,682,317

Ginnie

Mae

II

Pool

3

.500

12/20/46

3,327

2,522,254

Ginnie

Mae

II

Pool

3

.500

01/20/47

2,283

1,339,878

Ginnie

Mae

II

Pool

3

.500

10/20/50

1,207

4,783,614

Ginnie

Mae

II

Pool

3

.000

02/20/51

4,168

25,457,959

Ginnie

Mae

II

Pool

3

.000

06/20/51

22,116

41,516,252

Ginnie

Mae

II

Pool

3

.000

12/20/51

36,044

23,872,650

Ginnie

Mae

II

Pool

3

.000

01/20/52

20,721

5,061,653

Ginnie

Mae

II

Pool

2

.500

02/20/52

4,107

21,040,410

Ginnie

Mae

II

Pool

3

.500

04/20/52

18,818

36,498,269

Ginnie

Mae

II

Pool

3

.500

07/20/52

32,643

6,579,167

Ginnie

Mae

II

Pool

4

.000

08/20/52

6,063

15,403,251

Ginnie

Mae

II

Pool

4

.500

08/20/52

14,593

56,961,247

Ginnie

Mae

II

Pool

4

.000

09/20/52

52,532

3,483,329

Ginnie

Mae

II

Pool

5

.000

09/20/52

3,390

8,409,045

Ginnie

Mae

II

Pool

5

.000

11/20/52

8,182

28,277,703

Ginnie

Mae

II

Pool

3

.500

12/20/52

25,291

36,523,534

Ginnie

Mae

II

Pool

4

.500

12/20/52

34,586

7,298,712

Ginnie

Mae

II

Pool

4

.500

02/20/53

6,910

1,245,967

Ginnie

Mae

II

Pool

5

.000

02/20/53

1,212

5,456,329

Ginnie

Mae

II

Pool

3

.000

08/20/53

4,737

11,393,327

Government

National

Mortgage

Association

5

.000

01/20/40

2,432

5,299,858

Government

National

Mortgage

Association

4

.500

03/20/40

948

8,581,945

Government

National

Mortgage

Association

5

.000

03/20/40

1,726

6,759,697

Government

National

Mortgage

Association

2

.500

10/16/43

5,883

6,686,786

Government

National

Mortgage

Association

2

.500

12/20/43

5,838

2,290,828

Government

National

Mortgage

Association

3

.000

03/20/45

2,007

966,446

Government

National

Mortgage

Association

4

.000

06/20/46

114

3,075,662

Government

National

Mortgage

Association

5

.000

09/20/46

584

2,738,440

(c)

Government

National

Mortgage

Association,

(TSFR1M

+

5.986%)

1

.615

03/20/50

352

11,218,960

Government

National

Mortgage

Association

3

.000

11/20/51

7,878

13,335,138

Government

National

Mortgage

Association

3

.000

12/20/51

9,317

9,199,444

Government

National

Mortgage

Association

3

.000

01/20/52

6,555

10,927,968

Government

National

Mortgage

Association

3

.000

02/20/52

7,227

7,681,972

Government

National

Mortgage

Association

4

.000

04/20/52

6,305

9,042,027

Government

National

Mortgage

Association

5

.000

04/20/52

1,701

2,577,080

Government

National

Mortgage

Association

4

.000

07/20/52

2,032

4,601,729

Government

National

Mortgage

Association

4

.500

09/20/52

4,130

3,756,037

Government

National

Mortgage

Association

4

.500

09/20/52

3,375

3,158,611

Government

National

Mortgage

Association

4

.500

09/20/52

2,880

Social

Choice

286

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MORTGAGE

BACKED

(continued)

$

3,396,475

Government

National

Mortgage

Association

4

.500

%

09/20/52

$

2,895

4,006,717

Government

National

Mortgage

Association

4

.500

02/20/53

3,514

3,533,151

Government

National

Mortgage

Association

5

.500

02/20/53

3,388

7,162,363

(c)

Government

National

Mortgage

Association,

(SOFR30A

+

6.950%)

2

.345

05/20/53

546

5,288,721

(c)

Government

National

Mortgage

Association,

(SOFR30A

+

23.205%)

5

.247

08/20/53

5,462

3,231,863

(c)

Government

National

Mortgage

Association,

(SOFR30A

+

25.350%)

7

.392

08/20/53

3,591

7,331,854

Government

National

Mortgage

Association

5

.000

12/20/53

6,741

6,609,127

Government

National

Mortgage

Association

2

.500

04/20/54

4,534

60,177,680

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.150

08/25/51

474

1,891,607

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

08/25/51

1,507

7,461,519

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

5,934

4,241,911

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

3,373

2,033,527

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.829

05/28/52

1,617

21,344,568

(c),(f)

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

17,803

107,767

(c)

Impac

CMB

Trust,

(TSFR1M

+

0.774%)

5

.113

03/25/35

97

191,541

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

170

226,931

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

198

79,828

(c),(f)

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

73

16,973,494

(c),(f)

JP

Morgan

Mortgage

Trust

0

.122

06/25/51

109

29,887,335

(c),(f)

JP

Morgan

Mortgage

Trust

0

.108

11/25/51

168

2,053,328

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

1,632

29,794,562

(c),(f)

JP

Morgan

Mortgage

Trust

0

.116

12/25/51

180

2,600,391

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

2,067

3,750,817

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

2,982

6,024,216

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

4,790

13,532,601

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

06/25/52

11,287

34,121,051

(f)

JP

Morgan

Mortgage

Trust

0

.224

07/25/52

375

5,893,872

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

4,686

8,818,906

(c),(f)

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

7,557

8,971,582

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

7,438

4,732,906

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

3,924

4,648,257

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

3,854

6,334,229

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

04/25/53

5,252

368,312

(c),(f)

JP

Morgan

Mortgage

Trust

5

.000

06/25/53

352

2,520,891

(c),(f)

JP

Morgan

Mortgage

Trust

5

.500

06/25/53

2,453

3,469,664

(c),(f)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

2,762

2,485,983

(c),(f)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

2,176

2,250,607

(c),(f)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

1,791

1,850,100

(c),(f)

RCKT

Mortgage

Trust

3

.007

09/25/51

1,430

6,237,431

(c),(f)

RCKT

Mortgage

Trust

2

.500

02/25/52

4,963

3,040,148

(c),(f)

RCKT

Mortgage

Trust

3

.000

05/25/52

2,521

55,329

(c),(f)

Sequoia

Mortgage

Trust

4

.000

06/25/49

51

158,881

(c),(f)

Sequoia

Mortgage

Trust

3

.500

12/25/49

139

2,640,966

(c),(f)

Sequoia

Mortgage

Trust

2

.500

06/25/51

2,100

244,405

(c),(f)

Shellpoint

Co-Originator

Trust

3

.500

10/25/47

219

301,209

(f)

Verus

Securitization

Trust

(Step

Bond)

2

.733

05/25/65

291

TOTAL

MORTGAGE

BACKED

2,343,122

MUNICIPAL

BONDS

-

1.5%

10,090,000

American

Municipal

Power,

Inc

6

.270

02/15/50

10,431

2,325,000

American

Municipal

Power,

Inc

8

.084

02/15/50

2,934

1,170,000

Brunswick

&

Glynn

County

Development

Authority

3

.060

04/01/25

1,167

1,990,000

California

Health

Facilities

Financing

Authority

2

.984

06/01/33

1,721

2,430,000

California

Health

Facilities

Financing

Authority

4

.190

06/01/37

2,205

2,130,000

California

Health

Facilities

Financing

Authority

4

.353

06/01/41

1,892

50,000

California

Municipal

Finance

Authority

2

.288

08/15/28

46

3,035,000

City

&

County

of

Honolulu

HI

2

.668

10/01/27

2,894

5,645,000

City

&

County

of

Honolulu

HI

3

.974

09/01/35

5,146

1,615,000

City

&

County

of

Honolulu

HI

4

.004

09/01/36

1,457

7,085,000

City

&

County

of

San

Francisco

CA

4

.000

04/01/47

5,369

350,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.091

09/01/36

289

5,500,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

4

.000

09/01/48

4,368

7,790,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

3

.482

09/01/50

5,511

287

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MUNICIPAL

BONDS

(continued)

$

1,240,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

No

2014-1

6

.332

%

09/01/51

$

1,280

1,000

City

of

Chicago

IL

7

.750

01/01/42

1

7,500,000

City

of

Los

Angeles

CA

3

.880

09/01/38

6,637

1,125,000

City

of

Los

Angeles

CA

4

.750

09/01/38

1,063

5,445,000

City

of

Los

Angeles

CA

4

.800

09/01/39

5,129

7,190,000

City

of

Los

Angeles

CA

5

.000

09/01/42

6,863

1,530,000

City

of

Los

Angeles

Department

of

Airports

Customer

Facility

Charge

Revenue

3

.158

05/15/29

1,436

1,780,000

(f)

City

of

Miami

FL

4

.808

01/01/39

1,641

3,300,000

City

of

New

York

NY

5

.094

10/01/49

3,133

3,000,000

City

of

New

York

NY

5

.828

10/01/53

3,144

4,835,000

City

of

Oakland

CA

2

.070

01/15/29

4,376

3,025,000

City

of

Port

Lions

AK

7

.500

10/01/52

3,163

3,725,000

City

of

San

Francisco

CA

Public

Utilities

Commission

Water

Revenue

3

.950

11/01/36

3,319

1,000,000

City

of

San

Juan

Capistrano

CA

3

.700

08/01/31

943

5,255,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

2

.999

11/01/43

4,339

5,235,000

City

of

Seattle

WA

Local

Improvement

District

No

6751

3

.079

11/01/43

4,272

1,000,000

(f)

County

of

Gallatin

MT

11

.500

09/01/27

1,025

3,500,000

(f)

County

of

Gallatin

MT

11

.500

09/01/27

3,586

5,000,000

County

of

Santa

Clara

CA

4

.970

08/01/39

4,897

10,000,000

District

of

Columbia

Water

&

Sewer

Authority

4

.814

10/01/14

8,590

3,510,000

(f)

Florida

Development

Finance

Corp

8

.250

07/01/57

3,629

18,088,904

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.050

08/25/38

16,550

640,000

Henry

County

Water

Authority

3

.000

01/01/43

463

850,000

Henry

County

Water

Authority

3

.200

01/01/49

581

1,000,000

Honolulu

City

&

County

Board

of

Water

Supply

2

.327

07/01/32

846

6,430,000

Lavaca-Navidad

River

Authority

4

.430

08/01/35

6,164

1,025,000

Maine

State

Housing

Authority

2

.331

11/15/30

890

2,495,000

Maryland

Community

Development

Administration

Housing

Revenue

3

.797

03/01/39

2,118

1,500,000

Maryland

Economic

Development

Corp

5

.433

05/31/56

1,443

3,925,000

Maryland

Economic

Development

Corp

5

.942

05/31/57

3,996

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

2,750

3,000,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.485

07/01/32

2,536

595,000

Metropolitan

Transportation

Authority

5

.175

11/15/49

512

11,675,000

Metropolitan

Water

Reclamation

District

of

Greater

Chicago

5

.720

12/01/38

11,736

4,225,000

Minnesota

Housing

Finance

Agency

5

.897

08/01/49

4,174

6,580,000

Minnesota

Housing

Finance

Agency

5

.947

08/01/54

6,482

15,625,000

(c),(f)

New

Hampshire

Business

Finance

Authority

4

.600

02/01/29

15,625

8,295,000

(c),(f)

New

Hampshire

Business

Finance

Authority

4

.520

07/01/33

8,295

2,740,000

New

Hampshire

Business

Finance

Authority

5

.694

11/01/45

2,610

1,960,000

New

Hampshire

Business

Finance

Authority

5

.775

11/01/54

1,846

720,000

New

Jersey

Economic

Development

Authority

5

.298

03/01/32

723

2,500,000

New

York

City

Housing

Development

Corp

3

.720

11/01/39

2,050

5,500,000

New

York

City

Housing

Development

Corp

5

.448

08/01/54

5,070

17,500,000

New

York

Transportation

Development

Corp

5

.000

01/01/26

17,707

7,420,000

New

York

Transportation

Development

Corp

6

.971

06/30/51

7,327

6,925,000

(a),(b),(f)

Pennsylvania

Economic

Development

Financing

Authority

10

.000

12/01/29

1

1,170,000

Pharr

Economic

Development

Corp

3

.513

08/15/30

1,094

1,140,000

Pharr

Economic

Development

Corp

3

.893

08/15/33

1,046

405,000

(a),(b)

Public

Finance

Authority

15

.000

12/31/25

0

^

1,735,000

(f)

Public

Finance

Authority

7

.500

06/01/29

1,696

6,700,000

Public

Finance

Authority

5

.292

07/01/29

6,685

1,250,000

Redevelopment

Authority

of

the

City

of

Philadelphia

1

.927

09/01/27

1,168

640,000

Redevelopment

Authority

of

the

City

of

Philadelphia

4

.711

09/01/30

636

1,585,000

Redevelopment

Authority

of

the

City

of

Philadelphia

5

.226

09/01/40

1,539

1,005,000

Sales

Tax

Securitization

Corp

5

.293

01/01/41

975

10,045,000

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Revenue

4

.655

10/01/27

10,066

2,000,000

San

Francisco

City

&

County

Redevelopment

Agency

4

.375

08/01/44

1,676

1,405,000

South

Dakota

Housing

Development

Authority

5

.460

05/01/53

1,407

3,000

State

of

Wisconsin

5

.700

05/01/26

3

1,650,000

(f)

Syracuse

Industrial

Development

Agency

5

.000

01/01/36

1,250

315,000

Tampa

Bay

Water

2

.612

10/01/25

311

1,965,000

Tampa

Bay

Water

2

.612

10/01/25

1,939

Social

Choice

288

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

MUNICIPAL

BONDS

(continued)

$

3,225,000

Tampa

Bay

Water

2

.782

%

10/01/26

$

3,190

3,000,000

Tampa

Bay

Water

2

.952

10/01/27

2,971

1,255,000

Texas

Water

Development

Board

4

.248

10/15/35

1,185

4,170,000

Texas

Water

Development

Board

4

.648

04/15/50

3,763

3,020,000

Toledo-Lucas

County

Port

Authority

5

.850

11/15/49

2,882

5,000,000

Tuolumne

Wind

Project

Authority

6

.918

01/01/34

5,362

1,000,000

University

of

Cincinnati

3

.250

06/01/29

992

18,000,000

University

of

New

Mexico

3

.532

06/20/32

17,176

500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.550

09/01/39

410

1,500,000

Upper

Allegheny

Joint

Sanitary

Authority

3

.800

09/01/49

1,138

TOTAL

MUNICIPAL

BONDS

310,951

U.S.

TREASURY

SECURITIES

-

7.9%

256,266,000

United

States

Treasury

Note/Bond

4

.250

11/30/26

256,215

104,519,000

United

States

Treasury

Note/Bond

4

.000

12/15/27

103,715

208,443,000

United

States

Treasury

Note/Bond

4

.125

11/30/29

206,075

238,530,000

United

States

Treasury

Note/Bond

4

.125

11/30/31

233,437

299,292,000

United

States

Treasury

Note/Bond

4

.250

11/15/34

291,491

14,508,000

United

States

Treasury

Note/Bond

1

.875

02/15/41

9,719

4,700,000

United

States

Treasury

Note/Bond

2

.250

05/15/41

3,335

202,078,800

United

States

Treasury

Note/Bond

2

.375

02/15/42

143,852

29,796,000

United

States

Treasury

Note/Bond

3

.250

05/15/42

24,236

159,244,000

United

States

Treasury

Note/Bond

4

.625

11/15/44

154,405

35,830,000

United

States

Treasury

Note/Bond

2

.875

11/15/46

26,031

2,500,000

United

States

Treasury

Note/Bond

3

.000

02/15/49

1,819

40,008,000

United

States

Treasury

Note/Bond

2

.250

02/15/52

24,254

4,021,000

United

States

Treasury

Note/Bond

4

.625

05/15/54

3,907

201,105,000

United

States

Treasury

Note/Bond

4

.375

08/15/54

183,649

TOTAL

U.S.

TREASURY

SECURITIES

1,666,140

TOTAL

GOVERNMENT

BONDS

(Cost

$5,547,760)

5,301,438

SHARES

DESCRIPTION

VALUE

(000)

PREFERRED

STOCKS

-

0.1%

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

390,000

Brookfield

Property

Partners

LP

5,304

681,850

Brookfield

Property

Partners

LP

8,468

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

13,772

UTILITIES

-

0.1%

490,000

Brookfield

Infrastructure

Partners

LP

8,345

308,000

Brookfield

Renewable

Partners

LP

5,519

TOTAL

UTILITIES

13,864

TOTAL

PREFERRED

STOCKS

(Cost

$46,746)

27,636

SHARES

DESCRIPTION

EXPIRATION

DATE

VALUE

(000)

RIGHTS/WARRANTS

-

0.0%

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.0%

774

(a)

ABIOMED,

Inc

12/31/29

1

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1

TOTAL

RIGHTS/WARRANTS

(Cost

$1)

1

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

STRUCTURED

ASSETS

-

3.9%

ASSET

BACKED

-

1.2%

2,122,046

(f)

Air

Canada

Pass

Through

Trust

3

.550

01/15/30

1,946

Series

-

2017

1

(Class

A)

900,000

(f)

AMSR

Trust

3

.148

01/19/39

867

Series

-

2019

SFR1

(Class

C)

1,000,000

(c),(f)

BFLD

Trust,

(TSFR1M

+

2.214%)

6

.612

10/15/35

43

Series

-

2020

EYP

(Class

C)

289

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

78,609

(c)

C-BASS

Trust,

(TSFR1M

+

0.274%)

3

.166

%

07/25/36

$

77

Series

-

2006

CB6

(Class

A1)

3,654,637

Delta

Air

Lines

Pass

Through

Trust

2

.000

06/10/28

3,365

Series

-

2020

1

(Class

AA)

13,527,395

Delta

Air

Lines

Pass

Through

Trust

2

.500

06/10/28

12,503

Series

-

2020

1

(Class

A)

21,582

(c),(f)

Ellington

Loan

Acquisition

Trust,

(TSFR1M

+

1.214%)

5

.553

05/25/37

21

Series

-

2007

2

(Class

A2C)

5,750,000

(f)

Frontier

Issuer

LLC

8

.300

08/20/53

5,963

Series

-

2023

1

(Class

B)

7,540,000

(f)

Frontier

Issuer

LLC

6

.190

06/20/54

7,669

Series

-

2024

1

(Class

A2)

1,500,000

(f)

Frontier

Issuer

LLC

11

.160

06/20/54

1,676

Series

-

2024

1

(Class

C)

2,877,601

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.100

05/20/48

2,239

Series

-

2021

3CS

(Class

A)

3,074,028

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

1

.930

07/20/48

2,362

Series

-

2021

4GS

(Class

A)

11,239,369

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.310

10/20/48

8,878

Series

-

2021

5CS

(Class

A)

3,900,101

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.700

01/20/49

3,242

Series

-

2022

1GS

(Class

A)

2,983,722

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

2

.940

01/20/49

2,280

Series

-

2022

1GS

(Class

B)

13,784,698

(f)

GoodLeap

Sustainable

Home

Solutions

Trust

4

.950

07/20/49

12,701

Series

-

2022

3CS

(Class

A)

8,297,000

(f)

Grace

Trust

2

.347

12/10/40

6,971

Series

-

2020

GRCE

(Class

A)

1,715,106

(f)

HERO

Funding

Trust

3

.840

09/21/40

1,583

Series

-

2015

1A

(Class

A)

458,517

(f)

HERO

Funding

Trust

3

.990

09/21/40

429

Series

-

2014

2A

(Class

A)

872,543

(f)

HERO

Funding

Trust

3

.750

09/20/41

802

Series

-

2016

2A

(Class

A)

797,805

(f)

HERO

Funding

Trust

4

.050

09/20/41

742

Series

-

2016

1A

(Class

A)

307,489

(f)

HERO

Funding

Trust

3

.080

09/20/42

275

Series

-

2016

3A

(Class

A1)

2,477,699

(f)

HERO

Funding

Trust

3

.710

09/20/47

2,192

Series

-

2017

1A

(Class

A1)

2,412,230

(f)

HERO

Funding

Trust

3

.190

09/20/48

2,085

Series

-

2017

3A

(Class

A1)

565,218

(f)

HERO

Funding

Trust

3

.280

09/20/48

492

Series

-

2017

2A

(Class

A1)

2,632,512

(f)

HERO

Funding

Trust

4

.670

09/20/48

2,409

Series

-

2018

1A

(Class

A2)

2,038,640

(f)

HERO

Funding

Trust

2

.240

09/20/51

1,658

Series

-

2021

1A

(Class

A)

7,375,000

(f)

Hertz

Vehicle

Financing

III

LLC

5

.570

09/25/29

7,420

Series

-

2023

2A

(Class

A)

8,009

(c)

Home

Equity

Asset

Trust,

(TSFR1M

+

1.614%)

3

.986

06/25/33

8

Series

-

2003

1

(Class

M1)

2,821,767

(f)

Loanpal

Solar

Loan

Ltd

2

.290

01/20/48

2,227

Series

-

2021

1GS

(Class

A)

4,888,811

(f)

Loanpal

Solar

Loan

Ltd

2

.220

03/20/48

3,754

Series

-

2021

2GS

(Class

A)

2,500,000

(a),(f)

Mosaic

Solar

Loan

Trust

0

.000

04/20/46

1,228

Series

-

2020

1A

(Class

R)

1,051,198

(f)

Mosaic

Solar

Loan

Trust

2

.100

04/20/46

911

Series

-

2020

1A

(Class

A)

1,454,783

(f)

Mosaic

Solar

Loan

Trust

3

.100

04/20/46

1,240

Series

-

2020

1A

(Class

B)

Social

Choice

290

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

1,744,837

(f)

Mosaic

Solar

Loan

Trust

2

.050

%

12/20/46

$

1,317

Series

-

2021

1A

(Class

B)

1,305,000

(f)

Mosaic

Solar

Loan

Trust

10

.000

09/20/49

1,126

Series

-

2024

1A

(Class

D)

2,657,688

(f)

Mosaic

Solar

Loan

Trust

1

.440

06/20/52

2,121

Series

-

2021

3A

(Class

A)

2,268,112

(f)

Mosaic

Solar

Loans

LLC

3

.820

06/22/43

2,119

Series

-

2017

2A

(Class

A)

2,818,263

(f)

Mosaic

Solar

Loans

LLC

1

.640

04/22/47

2,275

Series

-

2021

2A

(Class

A)

750,000

(f)

Progress

Residential

Trust

2

.711

11/17/40

675

Series

-

2021

SFR9

(Class

D)

1,711,862

(f)

Renew

3

.670

09/20/52

1,558

Series

-

2017

1A

(Class

A)

3,480,425

(f)

Renew

3

.950

09/20/53

3,148

Series

-

2018

1

(Class

A)

3,227,901

(f)

Renew

2

.060

11/20/56

2,555

Series

-

2021

1

(Class

A)

4,326,330

SCE

Recovery

Funding

LLC

0

.861

11/15/31

3,779

Series

-

2021

A-1

(Class

A)

204,461

(c)

Structured

Asset

Investment

Loan

Trust,

(TSFR1M

+

1.014%)

5

.353

09/25/34

194

Series

-

2004

8

(Class

M1)

6,041,246

(f)

Sunnova

Helios

VII

Issuer

LLC

2

.030

10/20/48

5,122

Series

-

2021

C

(Class

A)

3,422,279

(f)

Sunnova

Helios

VIII

Issuer

LLC

2

.790

02/22/49

2,987

Series

-

2022

A

(Class

A)

2,229,136

(f)

Sunnova

Helios

XII

Issuer

LLC

5

.600

08/22/50

2,100

Series

-

2023

B

(Class

B)

2,494,791

(f)

Sunrun

Athena

Issuer

LLC

5

.310

04/30/49

2,347

Series

-

2018

1

(Class

A)

8,220,250

(f)

Sunrun

Atlas

Issuer

LLC

3

.610

02/01/55

7,643

Series

-

2019

2

(Class

A)

5,129,775

(f)

Sunrun

Callisto

Issuer

LLC

2

.270

01/30/57

4,303

Series

-

2021

2A

(Class

A)

4,971,582

(f)

Sunrun

Julius

Issuer

LLC

6

.600

01/30/59

4,928

Series

-

2023

2A

(Class

A1)

6,593,051

(f)

Sunrun

Jupiter

Issuer

LLC

4

.750

07/30/57

6,173

Series

-

2022

1A

(Class

A)

2,997,071

(f)

Sunrun

Neptune

Issuer

LLC

6

.270

02/01/55

2,958

Series

-

2024

1A

(Class

A)

4,586,270

(f)

Tesla

Auto

Lease

Trust

5

.890

06/22/26

4,602

Series

-

2023

A

(Class

A3)

9,422,000

(f)

Tesla

Auto

Lease

Trust

6

.130

09/21/26

9,486

Series

-

2023

B

(Class

A3)

2,240,000

(f)

Tesla

Auto

Lease

Trust

4

.790

01/20/27

2,243

Series

-

2024

B

(Class

A2A)

2,385,000

(f)

Tesla

Auto

Lease

Trust

6

.220

03/22/27

2,415

Series

-

2023

B

(Class

A4)

5,390,000

(f)

Tesla

Auto

Lease

Trust

5

.300

06/21/27

5,421

Series

-

2024

A

(Class

A3)

5,380,000

(f)

Tesla

Auto

Lease

Trust

6

.570

08/20/27

5,460

Series

-

2023

B

(Class

B)

10,265,000

(f)

Tesla

Auto

Lease

Trust

4

.820

10/20/27

10,295

Series

-

2024

B

(Class

A3)

10,013,000

(f)

Tesla

Auto

Lease

Trust

4

.880

06/20/28

10,017

Series

-

2024

B

(Class

A4)

5,237,787

(f)

Tesla

Electric

Vehicle

Trust

5

.540

12/21/26

5,258

Series

-

2023

1

(Class

A2A)

4,650,000

(f)

Tesla

Electric

Vehicle

Trust

5

.380

06/20/28

4,695

Series

-

2023

1

(Class

A3)

1,500,000

(f)

Tesla

Electric

Vehicle

Trust

5

.380

02/20/29

1,519

Series

-

2023

1

(Class

A4)

291

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

ASSET

BACKED

(continued)

$

8,614,207

Toyota

Auto

Receivables

Owner

Trust

0

.530

%

10/15/26

$

8,493

Series

-

2021

B

(Class

A4)

12,675,684

(f)

Vivint

Colar

Financing

V

LLC

4

.730

04/30/48

11,840

Series

-

2018

1A

(Class

A)

4,316,908

(f)

Vivint

Solar

Financing

VII

LLC

2

.210

07/31/51

3,816

Series

-

2020

1A

(Class

A)

TOTAL

ASSET

BACKED

247,246

OTHER

MORTGAGE

BACKED

-

2.7%

4,000,000

(f)

225

Liberty

Street

Trust

3

.597

02/10/36

3,796

Series

-

2016

225L

(Class

A)

66,426

(c),(f)

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

60

Series

-

2015

6

(Class

A9)

4,075,000

(c),(f)

Alen

Mortgage

Trust,

(TSFR1M

+

2.364%)

6

.762

04/15/34

2,914

Series

-

2021

ACEN

(Class

C)

4,000,000

(f)

BANK

2

.500

10/17/52

2,771

Series

-

2019

BN21

(Class

D)

6,500,000

(c)

BANK

3

.517

10/17/52

5,367

Series

-

2019

BN21

(Class

C)

8,000,000

(c)

BANK

3

.455

11/15/62

6,853

Series

-

2019

BN22

(Class

C)

4,940,000

(c),(f)

BBCMS

Mortgage

Trust

4

.267

08/05/38

4,017

Series

-

2018

CHRS

(Class

E)

2,750,000

(f)

BBCMS

Trust

4

.798

08/10/35

2,507

Series

-

2015

SRCH

(Class

C)

1,316,000

(c),(f)

BBCMS

Trust

4

.957

08/10/35

1,182

Series

-

2015

SRCH

(Class

D)

8,870,000

(c),(f)

Benchmark

Mortgage

Trust

3

.899

03/15/62

6,346

Series

-

2019

B10

(Class

3CCA)

5,200,000

(f)

BMO

360A

3

.776

02/17/55

4,415

Series

-

2022

C1

(Class

360A)

4,690,000

(c),(f)

BX

Commercial

Mortgage

Trust,

(TSFR1M

+

1.312%)

5

.709

10/15/38

4,683

Series

-

2021

XL2

(Class

C)

6,000,000

(c),(f)

BX

TRUST,

(TSFR1M

+

1.490%)

5

.887

01/17/39

5,964

Series

-

2022

AHP

(Class

AS)

6,000,000

(c),(f)

BX

TRUST,

(TSFR1M

+

1.840%)

6

.237

01/17/39

5,943

Series

-

2022

AHP

(Class

B)

2,901,500

(c),(f)

CCRC

Affordable

Multifamily

Housing

Mortgage

Trust

5

.636

06/25/34

2,562

Series

-

2017

Q005

(Class

B)

2,000,000

(c)

CD

Mortgage

Trust

3

.879

11/10/49

1,680

Series

-

2016

CD2

(Class

B)

15,420,000

(f)

Century

Plaza

Towers

2

.865

11/13/39

13,534

Series

-

2019

CPT

(Class

A)

1,000,000

(c),(f)

Century

Plaza

Towers

2

.997

11/13/39

865

Series

-

2019

CPT

(Class

B)

1,750,000

(c),(f)

Century

Plaza

Towers

2

.997

11/13/39

1,358

Series

-

2019

CPT

(Class

E)

2,000,000

(c)

Citigroup

Commercial

Mortgage

Trust

4

.202

04/10/48

1,946

Series

-

2015

GC29

(Class

C)

1,615,000

Citigroup

Commercial

Mortgage

Trust

3

.018

08/10/56

1,408

Series

-

2019

GC41

(Class

AS)

5,120,000

(f)

COMM

Mortgage

Trust

4

.353

08/10/30

4,951

Series

-

2013

300P

(Class

A1)

4,375,000

(f)

COMM

Mortgage

Trust

3

.376

01/10/39

3,891

Series

-

2022

HC

(Class

C)

3,500,000

(c),(f)

COMM

Mortgage

Trust

4

.070

03/10/48

2,655

Series

-

2015

CR22

(Class

D)

1,000,000

(c)

COMM

Mortgage

Trust

4

.332

05/10/48

811

Series

-

2015

CR23

(Class

D)

1,100,000

(c)

COMM

Mortgage

Trust

4

.332

05/10/48

1,043

Series

-

2015

CR23

(Class

C)

2,500,000

(c)

COMM

Mortgage

Trust

3

.463

08/10/48

2,226

Series

-

2015

CR24

(Class

D)

Social

Choice

292

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

1,000,000

COMM

Mortgage

Trust

3

.263

%

08/15/57

$

896

Series

-

2019

GC44

(Class

AM)

4,000,000

(c),(f)

Commercial

Mortgage

Pass

Through

Certificates

4

.084

01/10/39

3,499

Series

-

2022

HC

(Class

D)

22,929,198

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.500%)

8

.069

03/25/42

24,096

Series

-

2022

R03

(Class

1M2)

4,985,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.000%)

7

.569

04/25/42

5,170

Series

-

2022

R05

(Class

2M2)

15,710,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.850%)

8

.419

05/25/42

16,662

Series

-

2022

R06

(Class

1M2)

4,798,240

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.600%)

8

.169

07/25/42

5,066

Series

-

2022

R08

(Class

1M2)

19,020,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

4.750%)

9

.310

09/25/42

20,655

Series

-

2022

R09

(Class

2M2)

25,009,000

(c),(f)

Connecticut

Avenue

Securities

Trust,

(SOFR30A

+

3.750%)

8

.310

12/25/42

26,720

Series

-

2023

R01

(Class

1M2)

6,650,000

(c),(f)

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

6,128

Series

-

2017

C8

(Class

85BA)

6,100,000

(c),(f)

CSAIL

Commercial

Mortgage

Trust

3

.677

06/15/37

5,324

Series

-

2017

C8

(Class

85BB)

2,000,000

(c),(f)

CSMC

3

.388

10/25/59

1,863

Series

-

2019

NQM1

(Class

M1)

2,740,610

(c),(f)

CSMC

2

.405

10/25/66

2,374

Series

-

2021

NQM8

(Class

A3)

5,000,000

(c),(f)

CSMC

Trust

3

.728

11/10/32

3,388

Series

-

2017

CALI

(Class

B)

102,725,000

(c),(f)

DOLP

Trust

0

.665

05/10/41

3,258

Series

-

2021

NYC

(Class

X)

3,745,000

(c),(f)

EFMT

6

.798

02/25/68

3,749

Series

-

2023

1

(Class

M1)

7,491,280

(c),(f)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

1.434%)

5

.832

11/15/38

7,487

Series

-

2021

ELP

(Class

C)

2,996,512

(c),(f)

ELP

Commercial

Mortgage

Trust,

(TSFR1M

+

2.233%)

6

.631

11/15/38

2,999

Series

-

2021

ELP

(Class

E)

473,934

(c),(f)

Flagstar

Mortgage

Trust

3

.972

10/25/47

422

Series

-

2017

2

(Class

B3)

2,077,753

(c),(f)

Flagstar

Mortgage

Trust

3

.995

04/25/48

1,814

Series

-

2018

2

(Class

B4)

29,395

(c),(f)

Flagstar

Mortgage

Trust

4

.000

09/25/48

27

Series

-

2018

5

(Class

A11)

816,977

(c),(f)

Flagstar

Mortgage

Trust

4

.001

12/25/49

703

Series

-

2019

2

(Class

B4)

1,303,739

(c),(f)

Flagstar

Mortgage

Trust

2

.500

04/25/51

1,037

Series

-

2021

2

(Class

A4)

4,018,527

(c),(f)

Flagstar

Mortgage

Trust

2

.500

06/01/51

3,195

Series

-

2021

4

(Class

A21)

1,894,299

(c),(f)

Flagstar

Mortgage

Trust

2

.967

11/25/51

1,469

Series

-

2021

12

(Class

B3)

10,260,000

Freddie

Mac

Multiclass

Certificates

Series

1

.878

01/25/31

8,726

Series

-

2021

P009

(Class

A2)

7,324,000

(c)

Freddie

Mac

Multiclass

Certificates

Series

2

.760

02/25/32

6,309

Series

-

2022

P013

(Class

A2)

13,750,000

(c)

Freddie

Mac

Multiclass

Certificates

Series

4

.606

09/25/33

13,255

Series

-

2024

P016

(Class

A2)

8,043,454

Freddie

Mac

Multifamily

ML

Certificates

1

.877

07/25/37

6,272

Series

-

2021

21-ML08

(Class

ML08)

38,523,015

(c),(f)

Freddie

Mac

Multifamily

ML

Certificates

1

.771

11/25/37

4,246

Series

-

2021

ML08

(Class

XCA)

15,430,741

Freddie

Mac

Multifamily

ML

Certificates

2

.340

07/25/41

12,201

Series

-

2021

ML12

(Class

AUS)

3,339,936

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

3

.871

07/25/33

3,104

Series

-

2015

Q002

(Class

A2)

293

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

1,024,815

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.518

%

09/25/35

$

782

Series

-

2020

Q012

(Class

A3)

4,305,694

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates

1

.555

01/25/36

3,432

Series

-

2020

Q014

(Class

A1)

16,201,793

Freddie

Mac

Multifamily

Variable

Rate

Certificate

3

.150

10/15/36

13,910

Series

-

2022

M068

(Class

A)

1,705,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

4

.013

04/15/37

1,585

Series

-

2022

M069

(Class

A)

5,875,000

Freddie

Mac

Multifamily

Variable

Rate

Certificate

1

.761

09/15/38

4,570

Series

-

2020

M061

(Class

A)

11,875,000

(f)

Frontier

Issuer

LLC

6

.600

08/20/53

12,086

Series

-

2023

1

(Class

A2)

3,000,000

GS

Mortgage

Securities

Trust

3

.143

10/10/49

2,869

Series

-

2016

GS3

(Class

AS)

830,000

(c)

GS

Mortgage

Securities

Trust

3

.950

11/10/49

703

Series

-

2016

GS4

(Class

C)

318,275

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

267

Series

-

2020

PJ4

(Class

A4)

23,581,921

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

0

.251

03/27/51

283

Series

-

2020

PJ5

(Class

AX1)

642,121

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

538

Series

-

2020

PJ5

(Class

A4)

1,541,992

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

1,231

Series

-

2020

PJ6

(Class

A4)

5,039,505

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

4,007

Series

-

2021

PJ5

(Class

A4)

4,419,397

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

3,664

Series

-

2022

PJ2

(Class

A36)

2,146,129

(c),(f)

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

09/25/52

1,779

Series

-

2022

PJ4

(Class

A36)

392,387

(c),(f)

GS

Mortgage-Backed

Securities

Trust

3

.612

05/25/50

335

Series

-

2020

PJ1

(Class

B2)

4,306,611

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

3,424

Series

-

2021

PJ8

(Class

A4)

9,665,158

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

7,684

Series

-

2021

PJ7

(Class

A4)

2,438,801

(c),(f)

GS

Mortgage-Backed

Securities

Trust

2

.721

01/25/52

1,892

Series

-

2021

PJ7

(Class

B2)

4,991,203

(c),(f)

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

4,138

Series

-

2022

PJ5

(Class

A36)

2,757,244

(c),(f)

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

2,286

Series

-

2022

PJ6

(Class

A24)

5,458,851

(c),(f)

GS

Mortgage-Backed

Securities

Trust

3

.500

02/25/53

4,677

Series

-

2023

PJ1

(Class

A24)

3,785,000

(f)

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

3,643

Series

-

2016

10HY

(Class

A)

5,000,000

(c),(f)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,801

Series

-

2016

10HY

(Class

B)

5,000,000

(c),(f)

Hudson

Yards

Mortgage

Trust

2

.977

08/10/38

4,768

Series

-

2016

10HY

(Class

C)

7,000,000

(f)

Hudson

Yards

Mortgage

Trust

3

.228

07/10/39

6,369

Series

-

2019

30HY

(Class

A)

7,000,000

(c),(f)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

5,628

Series

-

2019

55HY

(Class

E)

4,000,000

(c),(f)

Hudson

Yards

Mortgage

Trust

2

.943

12/10/41

3,383

Series

-

2019

55HY

(Class

D)

480,000

(c),(f)

Imperial

Fund

Mortgage

Trust

3

.531

10/25/55

428

Series

-

2020

NQM1

(Class

M1)

2,615,000

(c),(f)

Imperial

Fund

Mortgage

Trust

7

.100

10/25/67

2,621

Series

-

2022

NQM6

(Class

M1)

3,500,000

(f)

Jackson

Park

Trust

2

.766

10/14/39

3,110

Series

-

2019

LIC

(Class

A)

Social

Choice

294

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

1,700,000

(c),(f)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.134%)

6

.532

%

10/15/33

$

1,638

Series

-

2020

609M

(Class

B)

2,000,000

(c),(f)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.534%)

6

.932

10/15/33

1,849

Series

-

2020

609M

(Class

C)

835,358

(c),(f)

JP

Morgan

Mortgage

Trust

6

.147

12/25/44

811

Series

-

2015

1

(Class

B1)

68,418

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

05/25/45

62

Series

-

2015

3

(Class

A19)

365,220

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

10/25/45

328

Series

-

2015

6

(Class

A13)

280,211

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

245

Series

-

2018

3

(Class

A13)

785,695

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

688

Series

-

2018

5

(Class

A13)

715,697

(c),(f)

JP

Morgan

Mortgage

Trust

5

.214

10/26/48

721

Series

-

2017

5

(Class

A2)

853,267

(c),(f)

JP

Morgan

Mortgage

Trust

3

.872

11/25/48

727

Series

-

2017

4

(Class

B5)

171,916

(c),(f)

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

157

Series

-

2018

9

(Class

A13)

146,491

(c),(f)

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

135

Series

-

2019

1

(Class

A15)

1,505,312

(c),(f)

JP

Morgan

Mortgage

Trust

3

.817

06/25/50

1,309

Series

-

2020

1

(Class

B2)

19,459,373

(c),(f)

JP

Morgan

Mortgage

Trust

0

.137

07/25/51

139

Series

-

2021

3

(Class

AX1)

13,656,147

(c),(f)

JP

Morgan

Mortgage

Trust

0

.131

08/25/51

94

Series

-

2021

4

(Class

AX1)

2,557,674

(c),(f)

JP

Morgan

Mortgage

Trust

2

.881

08/25/51

1,979

Series

-

2021

4

(Class

B2)

26,396,120

(c),(f)

JP

Morgan

Mortgage

Trust

0

.134

10/25/51

191

Series

-

2021

6

(Class

AX1)

2,949,805

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

2,351

Series

-

2021

6

(Class

A15)

1,108,020

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

881

Series

-

2021

10

(Class

A15)

999,688

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

795

Series

-

2021

12

(Class

A15)

3,462,772

(c),(f)

JP

Morgan

Mortgage

Trust

3

.138

04/25/52

2,679

Series

-

2021

13

(Class

B4)

1,646,797

(c),(f)

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

1,309

Series

-

2021

14

(Class

A15)

3,035,500

(c),(f)

JP

Morgan

Mortgage

Trust

2

.927

05/25/52

2,493

Series

-

2021

LTV2

(Class

A3)

6,378,810

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

5,255

Series

-

2022

2

(Class

A25)

5,655,983

(c),(f)

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

4,860

Series

-

2022

LTV2

(Class

A6)

3,118,848

(c),(f)

JP

Morgan

Mortgage

Trust

3

.000

12/25/52

2,586

Series

-

2022

7

(Class

1A17)

1,501,964

(c),(f)

JP

Morgan

Mortgage

Trust

4

.000

12/25/52

1,330

Series

-

2022

7

(Class

2A6A)

20,346,421

(c),(f)

JP

Morgan

Mortgage

Trust

Series

3

.000

05/25/54

16,869

Series

-

2024

3

(Class

A9)

2,000,000

(c),(f)

Manhattan

West

Mortgage

Trust

2

.335

09/10/39

1,823

Series

-

2020

1MW

(Class

C)

1,850,000

(f)

MCR

Mortgage

Trust

5

.924

06/12/39

1,868

Series

-

2024

TWA

(Class

A)

2,169,000

(c),(f)

Menora

Mivtachim

Holdings

Ltd

3

.939

02/17/55

1,519

Series

-

2022

C1

(Class

360D)

129,081

(c)

Morgan

Stanley

Capital

I

Trust

6

.079

12/12/49

46

Series

-

2007

IQ16

(Class

AJFX)

295

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

783,845

(c),(f)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

%

07/25/51

$

687

Series

-

2021

4

(Class

A4)

6,465,583

(c),(f)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

4

.000

02/25/53

5,780

Series

-

2023

1

(Class

A7)

3,000,000

(c),(f)

MSDB

Trust

3

.316

07/11/39

2,762

Series

-

2017

712F

(Class

A)

4,880,929

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

1.579%)

5

.915

07/15/36

4,439

Series

-

2019

MILE

(Class

A)

6,750,000

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

1.879%)

6

.277

07/15/36

5,766

Series

-

2019

MILE

(Class

B)

4,250,000

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

2.279%)

6

.677

07/15/36

3,385

Series

-

2019

MILE

(Class

C)

9,800,000

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

3.579%)

7

.977

07/15/36

6,912

Series

-

2019

MILE

(Class

E)

1,500,000

(c),(f)

Natixis

Commercial

Mortgage

Securities

Trust,

(TSFR1M

+

4.329%)

8

.727

07/15/36

976

Series

-

2019

MILE

(Class

F)

24,447

(c)

New

York

Mortgage

Trust,

(TSFR1M

+

0.594%)

4

.933

02/25/36

24

Series

-

2005

3

(Class

A1)

4,728,843

(c),(f)

OBX

Trust

2

.500

07/25/51

3,760

Series

-

2021

J2

(Class

A19)

6,844,370

(c),(f)

OBX

Trust

3

.500

08/25/52

5,976

Series

-

2022

J2

(Class

A1)

1,429,024

(c),(f)

Oceanview

Mortgage

Trust

2

.500

05/25/51

1,136

Series

-

2021

1

(Class

A19)

1,653,053

(c),(f)

Oceanview

Mortgage

Trust

4

.500

11/25/52

1,527

Series

-

2022

1

(Class

A1)

11,800,000

(f)

One

Bryant

Park

Trust

2

.516

09/15/54

10,319

Series

-

2019

OBP

(Class

A)

3,432,374

(f)

One

Market

Plaza

Trust

3

.614

02/10/32

3,211

Series

-

2017

1MKT

(Class

A)

1,000,000

(f)

One

Market

Plaza

Trust

3

.845

02/10/32

901

Series

-

2017

1MKT

(Class

B)

2,765,373

(c),(f)

RCKT

Mortgage

Trust

2

.500

06/25/51

2,199

Series

-

2021

2

(Class

A21)

2,375,285

(c),(f)

RCKT

Mortgage

Trust

2

.777

07/25/51

1,802

Series

-

2021

3

(Class

B4)

4,597,998

(c),(f)

RCKT

Mortgage

Trust

2

.500

09/25/51

3,658

Series

-

2021

4

(Class

A21)

4,821,652

(c),(f)

RCKT

Mortgage

Trust

2

.919

11/25/51

3,686

Series

-

2021

5

(Class

B4)

4,751,936

(c),(f)

RCKT

Mortgage

Trust

3

.500

06/25/52

4,083

Series

-

2022

4

(Class

A22)

373,166

(c),(f)

Sequoia

Mortgage

Trust

3

.500

05/25/45

335

Series

-

2015

2

(Class

A1)

161,419

(c),(f)

Sequoia

Mortgage

Trust

3

.500

06/25/46

145

Series

-

2016

1

(Class

A19)

594,493

(c),(f)

Sequoia

Mortgage

Trust

3

.722

09/25/47

549

Series

-

2017

6

(Class

B1)

8,037

(c),(f)

Sequoia

Mortgage

Trust

4

.000

09/25/48

7

Series

-

2018

7

(Class

A19)

1,407,910

(c),(f)

Sequoia

Mortgage

Trust

3

.000

04/25/50

1,176

Series

-

2020

3

(Class

A19)

3,344,497

(c),(f)

Sequoia

Mortgage

Trust

5

.000

01/25/53

3,155

Series

-

2023

1

(Class

A19)

78,068,000

(c),(f)

SLG

Office

Trust

0

.258

07/15/41

1,018

Series

-

2021

OVA

(Class

X)

1,125,000

(c),(f)

STWD

Mortgage

Trust,

(TSFR1M

+

1.371%)

5

.769

11/15/36

1,118

Series

-

2021

LIH

(Class

AS)

4,000,000

(f)

SUMIT

Mortgage

Trust

2

.789

02/12/41

3,418

Series

-

2022

BVUE

(Class

A)

2,239,694

(c),(f)

Verus

Securitization

Trust

2

.240

10/25/66

1,895

Series

-

2021

7

(Class

A3)

Social

Choice

296

Portfolio

of

Investments

December

31,

2024

(continued)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

OTHER

MORTGAGE

BACKED

(continued)

$

1,095,000

(c),(f)

WB

Commercial

Mortgage

Trust

5

.937

%

03/15/40

$

1,100

Series

-

2024

HQ

(Class

A)

7,150,000

(f)

Wells

Fargo

Commercial

Mortgage

Trust

6

.011

06/10/37

7,306

Series

-

2024

SVEN

(Class

A)

87,752

(c),(f)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

82

Series

-

2019

2

(Class

A17)

617,385

(c),(f)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

514

Series

-

2020

4

(Class

A17)

6,340,321

(c),(f)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

5,041

Series

-

2021

2

(Class

A17)

2,178,654

(c),(f)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

12/25/51

1,732

Series

-

2022

2

(Class

A18)

145,780

(c),(f)

WinWater

Mortgage

Loan

Trust

3

.928

06/20/44

120

Series

-

2014

1

(Class

B4)

TOTAL

OTHER

MORTGAGE

BACKED

568,192

TOTAL

STRUCTURED

ASSETS

(Cost

$890,587)

815,438

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$18,871,048)

20,807,375‌

SHARES

DESCRIPTION

RATE

VALUE

(000)

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.6%

124,287,124

(h)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.460

(i)

124,287

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$124,287)

124,287

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.1%

5,349,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/08/25

5,344

10,000,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

9,991

TOTAL

GOVERNMENT

AGENCY

DEBT

15,335

REPURCHASE

AGREEMENT

-

0.3%

62,572,000

(j)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

62,572

TOTAL

REPURCHASE

AGREEMENT

62,572

TREASURY

DEBT

-

0.0%

10,000,000

United

States

Treasury

Bill

0

.000

02/18/25

9,945

TOTAL

TREASURY

DEBT

9,945

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$87,852)

87,852

TOTAL

INVESTMENTS

-

100.1%

(Cost

$19,083,187)

21,019,514

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

14,483

)

NET

ASSETS

-

100.0%

$21,005,031

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

297

Cost

amounts

are

in

thousands.

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

^

Amount

represents

less

than

$1,000.

(a)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(b)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$201,304,576.

(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

$1,972,973,596

or

9.4%

of

Total

Investments.

(g)

Perpetual

security.

Maturity

date

is

not

applicable.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(i)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(j)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$62,587,504

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$63,823,563.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

(000)

Currency

Sold

Deliver

(000)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

(000)

$

7,358

EUR

6,708

JPMorgan

Chase

Bank

N.A

01/13/25

406‌

$

4,767

EUR

4,400

Morgan

Stanley

Capital

Services

01/13/25

207‌

Total

  $

613‌

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

 $

613‌

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

 $

–‌

EUR

Euro

Money

Market

Portfolio

of

Investments

December

31,

2024

298

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

99.9%

GOVERNMENT

AGENCY

DEBT

-

20.4%

$

20,290,000

Federal

Agricultural

Mortgage

Corp

Discount

Notes

0

.000

%

01/21/25

$

20,239

16,000,000

Federal

Farm

Credit

Banks

Funding

Corp

5

.000

03/28/25

15,999

42,940,000

Federal

Farm

Credit

Banks

Funding

Corp

5

.125

05/22/25

42,925

20,500,000

Federal

Farm

Credit

Discount

Notes

0

.000

02/19/25

20,364

40,600,000

Federal

Farm

Credit

Discount

Notes

0

.000

02/21/25

40,319

23,870,000

Federal

Farm

Credit

Discount

Notes

0

.000

04/09/25

23,584

40,445,000

Federal

Farm

Credit

Discount

Notes

0

.000

04/23/25

39,894

41,000,000

Federal

Farm

Credit

Discount

Notes

0

.000

07/08/25

40,086

40,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/16/25

40,418

60,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/23/25

60,323

3,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

01/30/25

3,486

73,509,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/05/25

73,176

20,240,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/06/25

20,146

62,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/10/25

61,672

81,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/14/25

80,524

82,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/18/25

81,475

21,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/21/25

20,850

83,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/26/25

82,380

150,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

02/28/25

149

6,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

03/21/25

6,431

40,850,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

04/02/25

40,349

16,280,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

04/11/25

16,062

57,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

04/17/25

56,662

81,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

05/16/25

79,496

22,800,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

05/23/25

22,409

17,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

05/29/25

16,653

85,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

06/06/25

83,481

228,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

06/16/25

223,469

246,500,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

07/18/25

240,860

37,000,000

Federal

Home

Loan

Bank

Discount

Notes

0

.000

09/26/25

35,940

5,200,000

Federal

Home

Loan

Banks

5

.000

02/28/25

5,203

163,000,000

Federal

Home

Loan

Banks

4

.470

03/11/25

162,991

18,740,000

Federal

Home

Loan

Banks

5

.125

05/15/25

18,736

7,958,000

Federal

Home

Loan

Mortgage

Corp

1

.500

02/12/25

7,924

56,100,000

Federal

Home

Loan

Mortgage

Corp

0

.375

09/23/25

54,567

8,440,000

Federal

National

Mortage

Association

0

.500

06/17/25

8,290

61,200,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/08/25

61,149

81,500,000

Tennessee

Valley

Authority

Discount

Notes

0

.000

01/22/25

81,294

TOTAL

GOVERNMENT

AGENCY

DEBT

1,989,975

REPURCHASE

AGREEMENT

-

41.1%

2,314,000,000

(a)

Bank

of

New

York

Mellon

4

.450

01/02/25

2,314,000

1,690,380,000

(b)

Fixed

Income

Clearing

Corporation

4

.460

01/02/25

1,690,380

TOTAL

REPURCHASE

AGREEMENT

4,004,380

TREASURY

DEBT

-

24.2%

327,250,000

United

States

Treasury

Bill

0

.000

01/09/25

326,921

246,000,000

United

States

Treasury

Bill

0

.000

02/06/25

244,947

20,250,000

United

States

Treasury

Bill

0

.000

02/20/25

20,110

122,000,000

United

States

Treasury

Bill

0

.000

03/04/25

121,069

83,000,000

United

States

Treasury

Bill

0

.000

03/18/25

82,234

123,000,000

United

States

Treasury

Bill

0

.000

04/10/25

121,536

326,500,000

United

States

Treasury

Bill

0

.000

04/17/25

322,394

120,500,000

United

States

Treasury

Bill

0

.000

04/24/25

118,865

184,700,000

United

States

Treasury

Bill

0

.000

05/15/25

181,399

89,400,000

United

States

Treasury

Bill

0

.000

05/29/25

87,805

166,000,000

United

States

Treasury

Bill

0

.000

06/05/25

162,924

65,750,000

United

States

Treasury

Bill

0

.000

06/12/25

64,297

40,000,000

United

States

Treasury

Bill

0

.000

09/04/25

38,947

41,000,000

United

States

Treasury

Bill-

When

Issued

0

.000

02/25/25

40,722

165,000,000

United

States

Treasury

Bill-

When

Issued

0

.000

10/02/25

160,178

299

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

(000)

TREASURY

DEBT

(continued)

$

54,640,290

(c)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

%

01/15/25

$

54,563

62,250,000

United

States

Treasury

Note/Bond

3

.875

04/30/25

61,996

21,000,000

United

States

Treasury

Note/Bond

2

.125

05/15/25

20,770

138,250,000

United

States

Treasury

Note/Bond

0

.250

09/30/25

134,341

TOTAL

TREASURY

DEBT

2,366,018

VARIABLE

RATE

SECURITIES

-

14.2%

110,000,000

(d)

Federal

Home

Loan

Banks,

(SOFR

+

0.020%)

4

.390

04/10/25

110,004

202,000,000

(d)

Federal

Home

Loan

Banks,

(SOFR

+

0.005%)

4

.375

05/09/25

202,000

574,000,000

(d)

Federal

Home

Loan

Banks,

(SOFR

-

0.000%)

4

.370

05/20/25

574,000

328,000,000

(d)

Federal

Home

Loan

Banks,

(SOFR

-

0.000%)

4

.370

05/22/25

328,000

166,000,000

(d)

Federal

Home

Loan

Banks,

(SOFR

+

0.005%)

4

.375

06/23/25

166,000

TOTAL

VARIABLE

RATE

SECURITIES

1,380,004

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,740,377)

9,740,377

TOTAL

INVESTMENTS

-

99.9%

(Cost

$9,740,377)

9,740,377

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.1%

8,195

NET

ASSETS

-

100.0%

$9,748,572

SOFR

Secured

Overnight

Financing

Rate

(a)

Agreement

with

Bank

of

New

York

Mellon,

4.450%

dated

12/31/24

to

be

repurchased

at

$2,327,180,612

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.625%

and

maturity

dates

3/31/26–9/30/28,

valued

at

$2,360,280,086.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.460%

dated

12/31/24

to

be

repurchased

at

$1,690,798,839

on

1/2/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

0.125%–4.375%

and

maturity

dates

7/15/26–7/31/26,

valued

at

$1,724,187,770.

(c)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(d)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(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.

(a) Not applicable.

(b) Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(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.
(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.

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.

College Retirement Equities Fund

Date: March 7, 2025	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 7, 2025	By: /s/ Christopher Stickrod
	Christopher Stickrod
	Principal Executive Officer and   Executive Vice President
	(principal executive officer)

Date: March 7, 2025	By: /s/ Marc Cardella
	Marc Cardella
	Vice President and Controller
	(principal financial officer)