v3.26.1
FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
 12 Months Ended
Dec. 31, 2025
EBP 004  
EBP, Schedule of Asset Held for Investment [Line Items]  
FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
UPS 401(k) Savings Plan
Employer ID NO: 95-1732075            
Plan NO: 004
FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2025
(a)(b) Identity of Issue, Borrower, Lessor, or Similar Party(c) Description of
Investment Including
Maturity Date, Rate of
Interest, Collateral,
Par, or Maturity Value		(d) Cost(e) Current
Value
SHORT-TERM INVESTMENTS:
*State Street Bank & Trust Short-Term Investment Fund36,110,782 shares**$36,111 
COMMON AND COLLECTIVE TRUST INVESTMENTS:
*BlackRock Government Short-Term Investment Fund321,911,904 units**321,912 
*BlackRock US Debt Index Fund116,852,746 
units+
**1,246,667 
*BlackRock Emerging Markets Index Fund F13,664,780 
units+
**179,842 
*BlackRock Extended Equity Index Fund162,012,057 
units+
**1,719,871 
*BlackRock MSCI World Equity ex-US Fund F106,425,760 
units+
**1,345,158 
*BlackRock Equity Index Fund F378,061,165 
units+
**4,335,915 
*BlackRock Strategic Completion Non-Lendable Fund F5,102,604 units**77,761 
*BlackRock LifePath 2021 Income Fund F6,967,827 
units+
**74,088 
*BlackRock LifePath 2024 Income Fund F10,454,677 
units+
**111,311 
*BlackRock LifePath 2027 Income Fund F15,008,550 
units+
**160,183 
*BlackRock LifePath 2030 Income Fund F20,511,981 
units+
**219,995 
*BlackRock LifePath 2033 Income Fund F24,128,517 
units+
**260,134 
*BlackRock LifePath Paycheck 2035 Fund F14,440,349 
units+
**156,214 
*BlackRock LifePath 2036 Income Fund F8,202,310 
units+
**88,900 
*BlackRock LifePath Paycheck 2040 Fund F29,562,767 
units+
**322,397 
*BlackRock LifePath Paycheck 2045 Fund F32,920,639 
units+
**362,035 
*BlackRock LifePath Paycheck 2050 Fund F35,919,693 
units+
**398,292 
*
BlackRock LifePath Paycheck 2055 Fund F39,846,993 
units+
**443,609 
*BlackRock LifePath Paycheck 2060 Fund F41,483,556 
units+
**462,139 
*BlackRock LifePath Paycheck 2065 Fund F23,568,798 
units+
**262,552 
*BlackRock LifePath Paycheck 2070 Fund F2,629,090 
units+
**29,288 
*BlackRock LifePath Paycheck 40-60 Retirement Fund F7,154,790 
units+
**75,996 
*BlackRock LifePath Paycheck 50-50 Retirement Fund F494,230 
units+
**5,271 
Total common and collective trust investments
12,659,530 
GUARANTEED INVESTMENT CONTRACT INVESTMENTS:
(1)
BlackRock 1-3 Year Government Bond Index Fund 188,976 units**26,132 
(1)
BlackRock Intermediate Term Gov't Bond Fund346,941 units**17,255 
(1)
BlackRock 1-3 Year Credit Bond Index Non-Lendable Fund 250,886 units**3,736 
(1)
BlackRock Intermediate Term Bond Index Fund870,022 units**60,610 
(1)
BlackRock Asset Backed Securities Index Fund703,541 units**29,851 
(1)
BlackRock Mortgage-Backed Securities Index Fund647,262 units**37,256 
(1)
BlackRock Commercial Mortgage-Backed Securities Index Fund330,370 units**11,658 
(1)
Ally Auto Receivables Trust 2025‑1, Class A‑3 Asset‑Backed Notes207,000 units**208 
(1)
BANK5 2025‑5YR19, Class A‑2 Commercial Mortgage Pass‑Through Certificates1,360,000 units**1,385 
(1)
BANK5 2025-5YR17 Commercial Mortgage Pass-Through Certificates, Class A-22,650,000 units**2,694 
(1)
BANK5 2024-5YR7 SER 2024-5YR7 CL A-35.76900% 06/15/2057 BOND1,275,000 units**1,337 
(1)
Benchmark 2025-V16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Class A-2560,122 units**573 
(1)
BENCHMARK MORTGAGE SER 2024-V9 CL A-3 5.60190% 08/17/2057 TR 2024-V9 BOND1,137,032 units**1,187 
(1)
BMO MORTGAGE TR SER 2024-5C4 CL A-2 6.04500% 05/17/2057 2024-5C4 BOND1,148,638 units**1,209 
(1)
CAP ONE MULTI-AST SER 2023-1 CL A 4.42000% 05/15/2028 EXEC 2023-1 BOND750,000 units**753 
(1)
CARMAX AUTO OWNER SER 2023-4 CL A-3 6.00000% 07/17/2028 TRUST 2023-4 BOND351,024 units**356 
(1)
CHASE ISSUE TR SER 2024-1 CL A 4.60000% 01/16/2029 2024-1 BOND900,000 units**910 
(1)
CNH EQUIP TRUST SER 2024-A CL A-3 4.77000% 06/15/2029 2024-A BOND590,308 units**596 
(1)
CNH EQUIPMENT TRUST SER 2024-B CL A-3 5.19000% 09/17/2029 2024-B BOND793,378 units**807 
(1)
DAIMLER TRUCKS SER 2023-1 CL A-3 5.90000% 03/15/2027 RETAIL 2023-1 BOND257,241 units**259 
(1)
DISCOVER CARD SER 2023-1 CL A 4.31000% 03/15/2028 EXECUTION NOTE T BOND725,000 units**727 
(1)
FEDL NATL MTG ASSN SER 2015-093 CL 3-MB1.25000% 11/25/2041497,954 units**486 
(1)
FEDL NATL MTG ASSN SER 2016-088 CL 8-LA2.50000% 04/25/20421,099,645 units**1,073 
(1)
Fannie Mae REMIC Trust 2019-14, Class DA1,439,652 units**1,437 
(1)
Fannie Mae REMIC Trust 2024-73, Class PA1,176,098 units**1,194 
(1)
Fannie Mae REMIC Trust 2024-73, Class PA1,440,146 units**1,451 
(1)
FEDL HOME LN MTG CRPSER 3919 CL AY 4.00000% 09/15/20311,025,385 units**1,027 
(1)

FEDL HOME LN MTG CRPSER 4838 CL VA 4.00000% 03/15/2036		469,349 units**471 
(1)

FEDL HOME LN MTG CRPSER 5009 CL GD 2.50000% 02/25/2040		666,737 units**651 
(1)
Freddie Mac Structured Pass-Through Certificates, Series K-5257, Class GA1,566,251 units**1,559 
(1)
Freddie Mac Structured Pass-Through Certificates, Series K-5343, Class CA515,434 units**520 
(1)
Freddie Mac Structured Pass-Through Certificates, Series K-5357, Class A1,025,832 units**1,025 
(1)
Freddie Mac Structured Pass-Through Certificates, Series K-5394, Class AV1,614,051 units**1,638 
(1)
FEDL NATL MTG ASSN SER 2011-010 CL 0-AB3.00000% 02/25/2041732,509 units**717 
(1)
FEDL NATL MTG ASSN SER 2024-009 CL 9-NP5.39000% 06/25/2044257,623 units**259 
(1)
Ginnie Mae REMIC Trust 2023-5, Class EC1,173,075 units**1,193 
(1)
GOVT NATL MTG ASSN SER 2022-190 CL 0-CA5.00000% 08/20/2043792,165 units**795 
(1)
GOVT NATL MTG ASSN SER 2022-107 CL 7-A 3.00000% 05/20/203550,810 units**51 
(1)
GOVT NATL MTG ASSN SER 2022-153 CL 3-HA4.50000% 02/20/20421,022,912 units**1,021 
(1)
GOVT NATL MTG ASSN SER 2022-168 CL 8-MH4.50000% 01/20/2052920,306 units**927 
(1)
GOVT NATL MTG ASSN SER 2023-111 CL PG 5.00000% 05/20/2053748,549 units**753 
(1)
GOVT NATL MTG ASSN SER 2024-022 CL HA 5.00000% 02/20/2039492,890 units**495 
(1)
Ginnie Mae REMIC Trust 2025-47, Class MA611,354 units**618 
(1)
Ginnie Mae REMIC Trust 2025-50, Class D200,762 units**203 
(1)
JOHN DEERE OWNER TR SER 2024-B CL A-3 5.20000% 03/15/2029 2024-B BOND588,000 units**598 
(1)
JOHN DEERE OWNER TR SER 2023-C CL A-3 5.48000% 05/15/2028 2023-C BOND540,601 units**547 
(1)
JOHN DEERE OWNER SER 2024 CL A-3 4.96000% 11/15/2028 TRUST 2024 BOND200,000 units**202 
(1)
LOUISIANA LOC GOVT ENVIRONMENTAL FACS &05.08100% 06/01/2031CMNTY DEV AUTH SYS RESTORATION TAXABL899,807 units**921 
(1)
Mercedes-Benz Auto Receivables Trust 2023-2 Asset-Backed Notes, Class A-3428,485 units**435 
(1)
Nissan Auto Receivables Owner Trust 2025-A Asset-Backed Notes, Class A-3538,000 units**546 
(1)
UNITED STATES TREAS SER AN-2027 4.50000% 05/15/2027 NTS NOTE30,000 units**31 
(1)
U.S. Treasury Note, 4.25% due 01/15/20282,416,000 units**2,499 
(1)
U.S. Treasury Note, 3.875% due 07/15/2028814,000 units**836 
(1)
U.S. Treasury Note, 3.625% due 08/15/20284,965,000 units**5,046 
(1)
Volkswagen Auto Lease Trust 2023-A Asset-Backed Notes, Class A-3203,285 units**204 
(1)
Volkswagen Auto Lease Trust 2025-B Asset-Backed Notes, Class A-3712,000 units**716 
(1)
WORLD OMNI AUTO SER 2023-D CL A-3 5.79000% 02/15/2029 2023-D BOND190,969 units**194 
(1)
WORLD OMNI AUTO REC SER 2024-A CL A-3 4.86000% 03/15/2029 TR 2024-A BOND468,417 units**472 
(1)
AbbVie Inc Fixed 11/21/2029 3.20%987,000 units**961 
(1)
Affirm Asset Securitization Trust 2024-A Mortgage Bond 02/15/2029 5.61%450,000 units**452 
(1)
Affirm Asset Securitization Trust 2025-X2 Mortgage Bond 10/15/2030 4.93%100,000 units**100 
(1)
Air Lease Corp Fixed 02/01/2028 5.30%588,000 units**612 
(1)
Alabama Power Co Fixed 04/02/2035 5.10%134,000 units**139 
(1)
Aligned Data Centers Issuer LLC Mortgage Bond 08/17/2048 6.00%500,000 units**505 
(1)
Ally Auto Receivables Trust 2024-1 Mortgage Bond 12/15/2028 5.08%131,297 units**132 
(1)
Amazon.com Inc Fixed 11/20/2030 4.10%406,000 units**409 
(1)
American Airlines 2025-1 Class A Pass Through Trust Fixed 05/11/2038 4.90%112,000 units**111 
(1)
American Electric Power Co Inc Fixed 03/15/2056 5.80%630,000 units**635 
(1)
American Express Co Fixed 07/27/2029 5.28%588,000 units**619 
(1)
American Heritage Auto Receivables Trust 2024-1 Mortgage Bond 09/17/2029 4.90%149,000 units**151 
(1)
American International Group Inc - AIGROUP Fixed 05/07/2030 4.85%66,000 units**68 
(1)
American International Group Inc - AIGROUP Fixed 06/30/2030 3.40%374,000 units**361 
(1)
American Tower Corp Fixed 07/15/2028 5.25%534,000 units**562 
(1)
AmeriCredit Automobile Receivables Trust 2025-1 Mortgage Bond 03/19/2029 4.22%86,000 units**86 
(1)
Amgen Inc Fixed 03/02/2028 5.15%588,000 units**612 
(1)
Amphenol Corp Fixed 02/15/2033 4.40%212,000 units**212 
(1)
Aon Corp / Aon Global Holdings PLC Fixed 05/28/2027 2.85%347,000 units**343 
(1)
AASET MT-1 Ltd Mortgage Bond 02/16/2050 5.24%248,878 units**250 
(1)
Apollo Debt Solutions BDC Fixed 12/08/2028 5.20%153,000 units**153 
(1)
Aqua Finance Issuer Trust 2025-B Mortgage Bond 05/17/2051 4.79%115,960 units**117 
(1)
Arbor Realty Commercial Real Estate Notes 2025-FL1 LLC Mortgage Bond 01/20/2043 5.09%230,471 units**230 
(1)
AT&T Inc Fixed 03/01/2029 4.35%935,000 units**954 
(1)
AutoNation Finance Trust 2025-1 Mortgage Bond 11/13/2029 4.62%74,000 units**75 
(1)
Auxilior Term Funding 2024-1 LLC Mortgage Bond 07/15/2031 5.49%100,000 units**102 
(1)
Ballyrock CLO 19 Ltd Mortgage Bond 04/20/2035 4.99%425,000 units**429 
(1)
BANK 2017-BNK4 Mortgage Bond 05/15/2050 3.36%994,655 units**990 
(1)
BofA Auto Trust 2025-1 Mortgage Bond 11/20/2029 4.35%120,000 units**121 
(1)
Bank of America Corp - BOA Fixed 04/25/2029 5.20%1,174,000 units**1,215 
(1)
Bank of Montreal Fixed 06/05/2026 5.30%640,000 units**646 
(1)
BANK5 2024-5YR12 Mortgage Bond 12/15/2057 5.42%715,000 units**741 
(1)
BAT International Finance PLC Fixed 02/02/2029 5.93%320,000 units**344 
(1)
Bayer US Finance LLC Fixed 11/21/2026 6.13%400,000 units**408 
(1)
Bayview Opportunity Master Fund VII 2024-CAR1 LLC Mortgage Bond 12/26/2031 4.97%98,365 units**99 
(1)
Benchmark 2024-V11 Mortgage Trust Mortgage Bond 11/15/2057 5.42%348,970 units**363 
(1)
Boeing Co/The Fixed 05/01/2030 5.15%881,000 units**914 
(1)
Bayview Opportunity Master Fund VII Trust 2024-SN1 Mortgage Bond 03/15/2028 5.66%90,635 units**91 
(1)
Brown & Brown Inc Fixed 06/23/2032 5.25%209,000 units**214 
(1)
Canadian Imperial Bank of Commerce/Canada - CANIMP Fixed 04/28/2028 5.00%588,000 units**607 
(1)
Canadian Imperial Bank of Commerce/Canada - CANIMP Fixed 04/08/2029 5.26%220,000 units**231 
(1)
Capital One Financial Corp Fixed 06/08/2029 6.31%1,138,000 units**1,199 
(1)
Capital One Multi-Asset Execution Trust Mortgage Bond 05/15/2028 4.42%1,000,000 units**1,004 
(1)
Capital One NA Fixed 08/09/2028 1.90%600,000 units**638 
(1)
Capital One Prime Auto Receivables Trust 2022-2 Mortgage Bond 05/17/2027 3.66%57,115 units**57 
(1)
Capital One Prime Auto Receivables Trust 2023-1 Mortgage Bond 02/15/2028 4.87%35,649 units**36 
(1)
Capital One Prime Auto Receivables Trust 2023-1 Mortgage Bond 08/15/2028 4.76%340,000 units**343 
(1)
CARDS II Trust Mortgage Bond 07/15/2029 4.40%473,000 units**475 
(1)
Carrier Global Corp Fixed 02/15/2031 2.70%694,000 units**651 
(1)
Carvana Auto Receivables Trust 2021-N1 Mortgage Bond 01/10/2028 1.30%92,825 units**92 
(1)
CenterPoint Energy Inc Fixed 06/01/2029 5.40%981,000 units**1,021 
(1)
Chase Auto Owner Trust 2024-4 Mortgage Bond 07/25/2029 4.94%327,830 units**331 
(1)
Chase Issuance Trust Mortgage Bond 07/15/2030 4.16%482,000 units**488 
(1)
Chevron USA Inc Fixed 08/13/2028 4.05%485,000 units**496 
(1)
Cigna Group/The Fixed 10/15/2028 4.38%613,000 units**624 
(1)
Citibank NA - CITIBANK Fixed 05/29/2030 4.91%700,000 units**724 
(1)
CGMS Commercial Mortgage Trust 2017-B1 Mortgage Bond 08/15/2050 3.20%930,650 units**919 
(1)
Citizens Auto Receivables Trust 2024-1 Mortgage Bond 04/17/2028 5.11%91,909 units**93 
(1)
Citizens Auto Receivables Trust 2024-2 Mortgage Bond 08/15/2028 5.33%263,262 units**266 
(1)
Citizens Financial Group Inc Fixed 01/23/2030 5.84%49,000 units**52 
(1)
CLI Funding IX LLC Mortgage Bond 06/20/2050 5.35%95,908 units**98 
(1)
CNH Equipment Trust 2021-C Mortgage Bond 04/16/2029 1.41%260,000 units**260 
(1)
CNH Equipment Trust 2023-B Mortgage Bond 02/15/2029 5.60%308,376 units**314 
(1)
Consolidated Edison Co of New York Inc Fixed 04/01/2030 3.35%640,000 units**626 
(1)
Concord Music Royalties LLC Mortgage Bond 07/20/2075 5.51%261,000 units**266 
(1)
Connecticut Light and Power Co/The Fixed 01/15/2030 4.95%730,000 units**766 
(1)
Consumers Energy Co Fixed 02/15/2029 4.90%881,000 units**920 
(1)
Corebridge Financial Inc Fixed 01/15/2034 5.75%232,000 units**249 
(1)
Cousins Properties LP Fixed 07/15/2030 5.25%326,000 units**344 
(1)
Cousins Properties LP Fixed 02/15/2032 5.38%154,000 units**162 
(1)
CVS Health Corp Fixed 03/25/2028 4.30%401,000 units**407 
(1)
Daimler Trucks Retail Trust 2023-1 Mortgage Bond 03/15/2027 5.90%89,887 units**91 
(1)
DataBank Issuer II LLC Mortgage Bond 09/27/2055 5.18%339,000 units**335 
(1)
DataBank Issuer Mortgage Bond 02/27/2051 2.06%500,000 units**498 
(1)
Dell International LLC / EMC Corp Fixed 06/15/2026 6.02%72,000 units**73 
(1)
Dllad 2024-1 LLC Mortgage Bond 07/20/2029 5.30%132,000 units**135 
(1)
Dryden 108 CLO Ltd Mortgage Bond 07/18/2037 5.03%236,842 units**239 
(1)
DTE Energy Co Fixed 07/01/2027 4.95%191,000 units**198 
(1)
Duke Energy Corp Fixed 01/05/2027 4.85%470,000 units**486 
(1)
Eaton Corp Fixed 05/18/2028 4.35%320,000 units**325 
(1)
Ecolab Inc Fixed 03/24/2030 4.80%588,000 units**611 
(1)
Enel Finance International NV Fixed 09/30/2028 4.13%600,000 units**605 
(1)
Enterprise Fleet Financing 2025-2 LLC Mortgage Bond 06/20/2029 4.41%138,000 units**140 
(1)
Enterprise Products Operating LLC Fixed 07/31/2029 3.13%454,000 units**446 
(1)
Equinix Inc Fixed 11/18/2029 3.20%694,000 units**669 
(1)
ERP Operating LP Fixed 06/15/2032 4.95%95,000 units**97 
(1)
Exelon Corp Fixed 03/15/2028 5.15%881,000 units**914 
(1)
Exeter Automobile Receivables Trust 2024-3 Mortgage Bond 07/16/2029 5.70%113,000 units**115 
(1)
Exeter Automobile Receivables Trust 2024-5 Mortgage Bond 03/15/2028 4.45%43,799 units**44 
(1)
Extra Space Storage LP Fixed 07/01/2026 3.50%626,000 units**635 
(1)
Fannie Mae Pool Mortgage Bond 03/01/2035 3.00%134,712 units**132 
(1)
Fannie Mae Pool Mortgage Bond 01/01/2055 6.00%1,966,820 units**2,061 
(1)
Fannie Mae Pool Mortgage Bond 01/01/2055 5.00%1,437,531 units**1,453 
(1)
Fannie Mae Pool Mortgage Bond 09/01/2035 5.00%542,588 units**556 
(1)
Fannie Mae Pool Mortgage Bond 10/01/2040 5.00%348,364 units**355 
(1)
Fannie Mae Pool Mortgage Bond 08/01/2040 5.00%485,000 units**494 
(1)
Fannie Mae Pool Mortgage Bond 11/01/2040 5.00%515,000 units**527 
(1)
Fannie Mae Pool Mortgage Bond 02/01/2050 3.00%457,783 units**416 
(1)
Fannie Mae Pool Mortgage Bond 11/01/2052 4.50%1,935,241 units**1,917 
(1)
Fannie Mae Pool Mortgage Bond 08/01/2050 3.50%1,207,585 units**1,137 
(1)
Fannie Mae Pool Mortgage Bond 04/01/2051 3.00%2,858,637 units**2,577 
(1)
Fannie Mae Pool Mortgage Bond 07/01/2053 5.00%2,336,749 units**2,370 
(1)
Fannie Mae Pool Mortgage Bond 05/01/2040 3.50%1,040,488 units**1,010 
(1)
Fannie Mae Pool Mortgage Bond 03/01/2054 6.00%369,696 units**387 
(1)
Fannie Mae Pool Mortgage Bond 09/01/2031 1.50%173,704 units**165 
(1)
Fannie Mae REMICS Mortgage Bond 07/25/2033 4.00%253,156 units**253 
(1)
Federal Realty OP LP Fixed 07/15/2027 3.25%445,000 units**446 
(1)
Freddie Mac Multifamily Structured Pass Through Certificates Mortgage Bond 10/25/2031 4.68%386,250 units**397 
(1)
Ford Credit Auto Lease Trust 2025-A Mortgage Bond 02/15/2029 4.78%363,000 units**368 
(1)
Ford Credit Auto Owner Trust 2023-A Mortgage Bond 01/15/2029 5.07%500,000 units**506 
(1)
Fortress Credit Opportunities XXXI CLO Ltd Mortgage Bond 07/20/2033 5.38%374,989 units**380 
(1)
Foundry JV Holdco LLC Fixed 01/25/2033 5.90%200,000 units**215 
(1)
Freddie Mac Pool Mortgage Bond 06/01/2053 5.50%2,610,479 units**2,672 
(1)
Freddie Mac Pool Mortgage Bond 09/01/2053 5.50%2,039,789 units**2,112 
(1)
Freddie Mac Pool Mortgage Bond 11/01/2054 5.00%1,589,393 units**1,598 
(1)
Freddie Mac Pool Mortgage Bond 01/01/2055 6.00%1,853,322 units**1,941 
(1)
Freddie Mac Pool Mortgage Bond 01/01/2055 6.00%1,864,492 units**1,953 
(1)
Freddie Mac Pool Mortgage Bond 01/01/2055 6.00%1,928,965 units**2,019 
(1)
Freddie Mac Pool Mortgage Bond 09/01/2052 4.00%1,382,646 units**1,326 
(1)
Freddie Mac Pool Mortgage Bond 05/01/2055 5.50%3,228,398 units**3,306 
(1)
GE HealthCare Technologies Inc Fixed 08/14/2029 4.80%95,000 units**99 
(1)
GE HealthCare Technologies Inc Fixed 01/15/2031 4.80%288,000 units**301 
(1)
General Motors Financial Co Inc Fixed 07/15/2030 5.45%262,000 units**281 
(1)
General Motors Financial Co Inc Fixed 04/04/2032 5.63%117,000 units**124 
(1)
General Motors Financial Co Inc Fixed 06/23/2028 5.80%881,000 units**914 
(1)
GMF Floorplan Owner Revolving Trust Mortgage Bond 11/15/2028 4.92%400,000 units**404 
(1)
Georgia Power Co Fixed 03/15/2030 4.55%315,000 units**324 
(1)
Global Payments Inc Fixed 11/15/2030 4.88%356,000 units**359 
(1)
GM Financial Automobile Leasing Trust 2024-2 Mortgage Bond 05/22/2028 5.36%156,000 units**158 
(1)
Goldentree Loan Management US Clo 9 Ltd Mortgage Bond 04/20/2037 5.38%1,000,000 units**1,014 
(1)
Goldman Sachs Group Inc/The Fixed 10/21/2029 4.15%717,000 units**723 
(1)
Ginnie Mae II Pool Mortgage Bond 02/20/2052 3.50%758,441 units**699 
(1)
Government National Mortgage Association Mortgage Bond 11/20/2050 4.50%618,553 units**622 
(1)
GreenSky Home Improvement Trust 2024-1 Mortgage Bond 06/25/2059 5.67%171,162 units**176 
(1)
Home Depot Inc/The Fixed 09/15/2032 4.50%347,000 units**356 
(1)
Honda Auto Receivables 2023-4 Owner Trust Mortgage Bond 06/21/2028 5.67%46,774 units**47 
(1)
HSBC USA Inc Fixed 06/03/2028 4.65%585,000 units**596.13 
(1)
Huntington Bancshares Inc/OH Fixed 01/15/2031 5.27%187,000 units**197.12 
(1)
Hyundai Auto Lease Securitization Trust 2025-C Mortgage Bond 07/17/2028 4.36%335,000 units**338.4 
(1)
ING Groep NV Fixed 03/28/2028 4.02%800,000 units**808.55 
(1)
Intercontinental Exchange Inc Fixed 09/15/2027 4.00%613,000 units**622.1 
(1)
IRV Trust 2025-200P Mortgage Bond 03/14/2047 5.29%265,000 units**273.59 
(1)
JB Hunt Transport Services Inc Fixed 03/15/2030 4.90%520,000 units**539.03 
(1)
John Deere Owner Trust 2023 Mortgage Bond 12/17/2029 5.01%435,000 units**439.68 
(1)
JPMorgan Chase & Co Fixed 10/22/2031 4.26%490,000 units**493.1 
(1)
JPMorgan Chase & Co Fixed 07/24/2029 5.30%1,174,000 units**1,237.42 
(1)
JPMorgan Chase & Co Fixed 10/22/2027 6.07%320,000 units**328.77 
(1)
Keurig Dr Pepper Inc Fixed 05/25/2028 4.60%588,000 units**595.61 
(1)
Kinder Morgan Inc Fixed 03/01/2028 4.30%613,000 units**624.88 
(1)
Kite Realty Group LP Fixed 12/15/2031 4.95%716,000 units**730.28 
(1)
Kubota Credit Owner Trust 2023-1 Mortgage Bond 06/15/2027 5.02%221,183 units**222.55 
(1)
LAD Auto Receivables Trust 2024-3 Mortgage Bond 03/15/2030 4.93%565,000 units**573.56 
(1)
Lincoln National Corp Fixed 03/01/2028 3.80%347,000 units**346.34 
(1)
Lockheed Martin Corp Fixed 05/15/2028 4.45%320,000 units**325.75 
(1)
M&T Bank Auto Receivables Trust 2024-1 Mortgage Bond 02/17/2032 5.22%227,139 units**230.16 
(1)
M&T Bank Corp Fixed 07/08/2031 5.18%346,000 units**365.1 
(1)
M&T Equipment 2025-LEAF1 Notes Mortgage Bond 09/17/2029 4.78%100,000 units**101.44 
(1)
Marathon Petroleum Corp Fixed 03/01/2030 5.15%253,000 units**264.97 
(1)
Mars Inc Fixed 03/01/2030 4.80%595,000 units**617.96 
(1)
Marsh & McLennan Cos Inc Fixed 03/15/2030 4.65%365,000 units**377.46 
(1)
Merchants Fleet Funding LLC Mortgage Bond 04/20/2037 5.82%182,543 units**184.05 
(1)
Meta Platforms Inc Fixed 05/15/2028 4.60%881,000 units**902.69 
(1)
Meta Platforms Inc Fixed 11/15/2032 4.60%353,000 units**358.93 
(1)
MetroNet Infrastructure Issuer LLC Mortgage Bond 08/20/2055 5.40%124,954 units**126.96 
(1)
Mexico Government International Bond Fixed 05/13/2030 6.00%232,000 units**244.95 
(1)
Morgan Stanley Fixed 01/20/2027 3.63%347,000 units**351.76 
(1)
Morgan Stanley Fixed 10/18/2029 4.13%351,000 units**353.77 
(1)
Morgan Stanley Fixed 07/20/2029 5.45%1,174,000 units**1,240.79 
(1)
Morgan Stanley Capital I Trust 2016-BNK2 Mortgage Bond 11/15/2049 3.05%600,000 units**590.24 
(1)
Mosaic Co/The Fixed 01/15/2029 4.35%222,000 units**223.96 
(1)
MPLX LP Fixed 03/15/2028 4.00%613,000 units**619.1 
(1)
National Rural Utilities Cooperative Finance Corp Fixed 09/15/2028 5.05%881,000 units**917.3 
(1)
NatWest Group PLC Fixed 09/13/2029 5.81%550,000 units**582.65 
(1)
Neuberger Berman Loan Advisers CLO 41 Ltd Mortgage Bond 04/15/2034 4.95%350,000 units**353.57 
(1)
Neuberger Berman Loan Advisers CLO 47 Ltd Mortgage Bond 04/16/2035 5.20%1,000,000 units**1,010.73 
(1)
New Residential Mortgage Loan Trust 2024-NQM3 Mortgage Bond 11/25/2064 5.47%154,831 units**157.62 
(1)
NextEra Energy Capital Holdings Inc Fixed 09/01/2027 4.55%317,000 units**325.78 
(1)
NextGear Floorplan Master Owner Trust Mortgage Bond 03/15/2028 5.74%300,000 units**301.78 
(1)
NextGear Floorplan Master Owner Trust Mortgage Bond 09/15/2029 4.42%250,000 units**252.29 
(1)
Nissan Auto Receivables 2022-A Owner Trust Mortgage Bond 12/17/2029 2.07%49,858 units**49.71 
(1)
NRG Energy Inc Fixed 10/15/2030 4.73%326,000 units**330.02 
(1)
NRG Energy Inc Fixed 03/15/2033 7.00%588,000 units**662.91 
(1)
NY Commercial Mortgage Trust 2025-299P Mortgage Bond 02/10/2047 5.66%100,000 units**105.77 
(1)
Octane Receivables Trust 2023-3 Mortgage Bond 03/20/2029 6.44%33,774 units**34.01 
(1)
Octane Receivables Trust 2024-3 Mortgage Bond 05/20/2030 4.94%67,023 units**67.49 
(1)
OneMain Direct Auto Receivables Trust 2019-1 Mortgage Bond 11/14/2028 3.95%616,771 units**617.09 
(1)
ONEOK Inc Fixed 11/15/2032 6.10%588,000 units**634.74 
(1)
OBX 2024-NQM18 Trust Mortgage Bond 10/25/2064 5.41%86,404 units**87.3 
(1)
Oracle Corp Fixed 09/26/2032 4.80%271,000 units**266.36 
(1)
Oscar US Funding XVI LLC Mortgage Bond 02/10/2028 5.54%178,000 units**179.44 
(1)
OWL Rock Clo XXI LLC Mortgage Bond 07/24/2034 5.27%421,488 units**426.54 
(1)
Paychex Inc Fixed 04/15/2030 5.10%170,000 units**177 
(1)
PECO Energy Co Fixed 09/15/2035 4.88%530,000 units**543.82 
(1)
PenFed Auto Receivables Owner Trust 2022-A Mortgage Bond 12/15/2028 4.83%125,000 units**125.41 
(1)
Pfizer Investment Enterprises Pte Ltd Fixed 05/19/2028 4.45%588,000 units**599.03 
(1)
PFS Financing Corp Mortgage Bond 10/15/2028 5.52%610,000 units**618.41 
(1)
Philip Morris International Inc Fixed 02/15/2030 5.13%588,000 units**619.71 
(1)
Phillips Edison Grocery Center Operating Partnership I LP Fixed 08/15/2032 5.25%250,000 units**262.9 
(1)
Phillips Edison Grocery Center Operating Partnership I LP Fixed 07/15/2034 5.75%108,000 units**116 
(1)
PK Alift Loan Funding 7 LP Mortgage Bond 03/15/2043 4.75%244,196 units**245.27 
(1)
Plains All American Pipeline LP / PAA Finance Corp Fixed 01/15/2031 4.70%85,000 units**86.81 
(1)
PNC Financial Services Group Inc/The Fixed 08/13/2026 1.15%374,000 units**369.39 
(1)
PNC Financial Services Group Inc/The Fixed 06/12/2029 5.58%588,000 units**611.8 
(1)
PRPM 2025-RPL4 LLC Mortgage Bond 05/25/2055 3.00%182,964 units**174.49 
(1)
Prologis LP Fixed 06/15/2028 4.88%588,000 units**603.45 
(1)
Prologis Targeted US Logistics Fund LP Fixed 04/01/2029 5.25%306,000 units**319.25 
(1)
Public Service Co of Colorado Fixed 09/15/2035 5.15%427,000 units**442.39 
(1)
Public Service Electric and Gas Co Fixed 08/01/2033 5.20%881,000 units**934.44 
(1)
Public Storage Operating Co Fixed 01/15/2029 5.13%588,000 units**621.8 
(1)
Realty Income Corp Fixed 07/15/2033 4.90%640,000 units**664.9 
(1)
Regatta XX Funding Ltd Mortgage Bond 01/15/2038 5.08%1,000,000 units**1,011.08 
(1)
Retained Vantage Data Centers Issuer LLC Mortgage Bond 08/15/2050 5.09%137,000 units**136.16 
(1)
Rockford Tower CLO 2025-1 Ltd Mortgage Bond 03/31/2038 5.11%500,000 units**506.18 
(1)
Royal Bank of Canada Fixed 08/01/2028 5.20%588,000 units**619.14 
(1)
Royal Caribbean Cruises Ltd Fixed 01/15/2036 5.38%92,000 units**93.86 
(1)
Santander Drive Auto Receivables Trust 2024-5 Mortgage Bond 11/15/2028 4.62%110,387 units**110.79 
(1)
Santander Drive Auto Receivables Trust 2025-1 Mortgage Bond 03/17/2031 5.04%281,000 units**285.04 
(1)
Santander Drive Auto Receivables Trust 2025-2 Mortgage Bond 05/15/2031 5.06%365,000 units**370.3 
(1)
Santander Drive Auto Receivables Trust 2025-4 Mortgage Bond 01/15/2032 4.52%56,000 units**56.26 
(1)
Santander Holdings USA Inc Fixed 01/09/2030 6.17%401,000 units**430.01 
(1)
SCF Equipment Leasing 2024-1 LLC Mortgage Bond 01/20/2032 5.52%100,000 units**102.09 
(1)
SCF Equipment Leasing 2025-1 LLC Mortgage Bond 11/21/2033 5.11%152,000 units**155.44 
(1)
SFS Auto Receivables Securitization Trust 2024-1 Mortgage Bond 05/21/2029 4.95%37,001 units**37.28 
(1)
SoFi Consumer Loan Program 2025-1 Trust Mortgage Bond 02/27/2034 4.80%108,630 units**109.11 
(1)
Southern California Edison Co Fixed 03/15/2030 5.25%81,000 units**84.41 
(1)
Stack Infrastructure Issuer LLC Mortgage Bond 05/25/2050 5.00%370,262 units**366.39 
(1)
Summit Issuer LLC Mortgage Bond 11/20/2055 5.21%292,024 units**293.39 
(1)
T-Mobile US Trust 2024-2 Mortgage Bond 05/21/2029 4.25%136,000 units**136.83 
(1)
T-Mobile USA Inc Fixed 02/01/2028 4.75%613,000 units**625.38 
(1)
Targa Resources Corp Fixed 09/15/2030 4.90%394,000 units**407.54 
(1)
Tesla Electric Vehicle Trust 2023-1 Mortgage Bond 06/20/2028 5.38%96,052 units**96.93 
(1)
TIF Funding III LLC Mortgage Bond 04/20/2049 5.48%260,625 units**262.28 
(1)
Toronto-Dominion Bank Fixed 07/17/2028 5.52%588,000 units**624.22 
(1)
Toyota Auto Receivables 2022-D Owner Trust Mortgage Bond 04/17/2028 5.43%1,000,000 units**1,018.55 
(1)
Toyota Motor Corp Fixed 06/30/2030 4.45%849,000 units**859.97 
(1)
Truist Financial Corp Fixed 03/02/2027 1.27%450,000 units**449.63 
(1)
Truist Financial Corp Fixed 01/26/2029 4.87%613,000 units**635.75 
(1)
Truist Financial Corp Fixed 10/23/2036 4.96%629,000 units**629.32 
(1)
UnitedHealth Group Inc Fixed 04/15/2033 4.50%613,000 units**616.32 
(1)
US Bancorp Fixed 06/12/2029 5.78%587,000 units**612.11 
(1)
United States Treasury Note/Bond Fixed 11/30/2027 3.38%3,700,000 units**3,703.99 
(1)
United States Treasury Note/Bond Fixed 09/30/2029 3.50%3,000,000 units**3,014.35 
(1)
United States Treasury Note/Bond Fixed 10/31/2027 3.50%700,000 units**704.37 
(1)
United States Treasury Note/Bond Fixed 08/31/2027 3.63%355,000 units**360.16 
(1)
United States Treasury Note/Bond Fixed 08/31/2030 3.63%1,900,000 units**1,918.09 
(1)
United States Treasury Note/Bond Fixed 04/30/2027 3.75%1,600,000 units**1,615.17 
(1)
United States Treasury Note/Bond Fixed 08/31/2026 3.75%596,000 units**604.17 
(1)
United States Treasury Note/Bond Fixed 08/15/2033 3.88%2,535,000 units**2,555.1 
(1)
United States Treasury Note/Bond Fixed 07/31/2027 3.88%3,250,000 units**3,321.62 
(1)
United States Treasury Note/Bond Fixed 07/31/2030 3.88%2,700,000 units**2,765.75 
(1)
United States Treasury Note/Bond Fixed 03/31/2027 3.88%6,700,000 units**6,794.93 
(1)
United States Treasury Note/Bond Fixed 11/15/2035 4.00%925,000 units**918.43 
(1)
United States Treasury Note/Bond Fixed 07/31/2030 4.00%7,452,000 units**7,676.94 
(1)
United States Treasury Note/Bond Fixed 07/31/2032 4.00%450,000 units**460.49 
(1)
United States Treasury Note/Bond Fixed 07/31/2028 4.13%5,000,000 units**5,161.73 
(1)
United States Treasury Note/Bond Fixed 05/15/2035 4.25%1,485,000 units**1,508.57 
(1)
United States Treasury Note/Bond Fixed 11/15/2034 4.25%2,951,000 units**3,003.94 
(1)
United States Treasury Note/Bond Fixed 12/31/2029 4.38%5,325,000 units**5,471.02 
(1)
United States Treasury Note/Bond Fixed 11/15/2045 4.63%150,000 units**148 
(1)
United States Treasury Note/Bond Fixed 04/30/2029 4.63%600,000 units**624.34 
(1)
United States Treasury Note/Bond Fixed 08/15/2055 4.75%325,000 units**326.73 
(1)
United States Treasury Note/Bond Fixed 11/15/2043 4.75%1,103,000 units**1,113.75 
(1)
United States Treasury Note/Bond Fixed 08/15/2045 4.88%130,000 units**134.12 
(1)
United States Treasury Note/Bond Fixed 05/15/2045 5.00%675,000 units**699.75 
(1)
Vantage Data Centers Issuer LLC Mortgage Bond 10/15/2046 2.17%695,000 units**681.52 
(1)
Ventas Realty LP Fixed 07/15/2032 5.10%432,000 units**457.34 
(1)
Verdant Receivables 2025-1 LLC Mortgage Bond 05/12/2033 4.96%328,000 units**335.06 
(1)
Verizon Communications Inc Fixed 03/21/2031 2.55%721,000 units**664.5 
(1)
Verizon Master Trust Mortgage Bond 08/22/2033 4.60%525,000 units**524.99 
(1)
Verus Securitization Trust 2024-9 Mortgage Bond 11/25/2069 5.44%121,849 units**123.24 
(1)
Vistra Operations Co LLC Fixed 10/15/2028 4.30%388,000 units**392.27 
(1)
Wells Fargo and Co Fixed 01/23/2030 5.20%1,200,000 units**1,264.1 
(1)
Wells Fargo and Co Fixed 07/25/2029 5.57%587,000 units**622.39 
(1)
Welltower OP LLC Fixed 07/01/2030 4.50%472,000 units**488.48 
(1)
Westlake Automobile Receivables Trust 2025-P1 Mortgage Bond 06/15/2029 4.58%174,000 units**175.97 
(1)
Williams Cos Inc/The Fixed 01/15/2031 7.50%534,000 units**625.16 
(1)
Wingspire Equipment Finance 2024-1 LLC Mortgage Bond 09/20/2032 4.99%180,908 units**182.23 
(1)
Wisconsin Public Service Corp Fixed 12/01/2029 4.55%167,000 units**170.82 
(1)
RCKT Mortgage Trust 2024-CES1 Mortgage Bond 02/25/2044 6.03%400,519 units**405.83 
(1)
Zayo Issuer LLC Mortgage Bond 06/20/2055 5.95%581,609 units**597.77 
(1)
Cash Held by GIC Trusts1,084,969 units**884.47 
(1)
Wrapper for American United Life Synthetic GIC1 units**9 
(1)
Wrapper for Citibank Synthetic GIC 1 units**16 
Total GIC investments
417,815.93 
*United Parcel Service, Inc.
11,065,754
shares of class A common stock
**1,097,612 
Investments in self-managed accounts**1,001,894 
Total investments at fair value
$15,212,963 
*Various notes receivable from participants
Interest rates between 4.25% to 11.6% and maturity dates through 2040
***35,424 
Total notes receivable from participants and investments at fair value$15,248,387 
*Party-in-interest
**Cost information is not required as all investments are participant-directed
***
Net of deemed distributions of $374
(1)
GIC owned investment reported at market value
+Represents unitized accounts