| Schedule of Master Trust Investment |
Master Trust investments consisted of:
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As of December 31, |
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2025 |
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2024 |
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(Thousands) |
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Investments of Master Trust at fair value: |
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Cash, Cash Equivalents and Short-Term Investments |
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$ |
80,221 |
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$ |
75,295 |
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Common Stock of Public Service Enterprise Group Incorporated* |
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275,664 |
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306,730 |
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Mutual Funds |
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715,936 |
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701,953 |
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Collective Investment Trusts |
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2,720,750 |
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2,324,876 |
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Fixed Income Securities |
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208,141 |
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181,783 |
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Fidelity BrokerageLink (a) |
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314,391 |
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272,072 |
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Total Investments, at fair value |
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4,315,103 |
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3,862,709 |
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Investment of Master Trust, at contract value: |
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Investment contracts (Stable Value Fund) |
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513,580 |
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586,216 |
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Net Accounts Payable (a) |
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(10,299 |
) |
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(7,586 |
) |
Total Investments of Master Trust |
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$ |
4,818,384 |
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$ |
4,441,339 |
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(a)Includes interest and dividends and receivables and payables related to pending securities sales and purchases. * Permitted party-in-interest transactions.
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For the Year Ended |
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December 31, 2025 |
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(Thousands) |
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Investment Income of Master Trust: |
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Net Appreciation in Fair Value of Mutual Funds, Collective Investment Trusts, Fixed Income and Preferred Securities |
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$ |
518,817 |
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Net Appreciation in Fair Value of Fidelity BrokerageLink (a) |
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|
29,630 |
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Net Appreciation in Fair Value of Common Stock of Public Service Enterprise Group Incorporated* |
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27,673 |
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Interest from Investment Contracts |
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|
14,960 |
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Dividends from Common Stock of Public Service Enterprise Group Incorporated* |
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|
9,047 |
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Total Investment Income, Net |
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$ |
600,127 |
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(a)Amounts primarily relate to equity investments in stocks and in mutual funds. The net change in fair value is primarily comprised of realized/unrealized gains or losses and dividends earned on these equity investments. * Permitted party-in-interest transactions. As of December 31, 2025 and 2024, the Plan's interest in Master Trust investments consisted of:
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As of December 31, |
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2025 |
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2024 |
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(Thousands) |
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Plan Interest in Master Trust investments at fair value: |
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Cash, Cash Equivalents and Short-Term Investments |
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$ |
31,072 |
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$ |
34,846 |
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Common Stock of Public Service Enterprise Group Incorporated* |
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|
149,655 |
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|
166,129 |
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Mutual Funds |
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345,564 |
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|
340,064 |
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Collective Investment Trusts |
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1,327,825 |
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1,127,292 |
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Fixed Income Securities |
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107,692 |
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92,642 |
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Fidelity BrokerageLink (a) |
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125,117 |
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|
105,520 |
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Total Investments, at fair value |
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2,086,925 |
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1,866,493 |
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Investment of Master Trust, at contract value: |
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Investment contracts (Stable Value Fund) |
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249,774 |
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295,293 |
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Net Accounts Receivable (Payable) (a) |
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(2,106 |
) |
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(1,978 |
) |
Total Plan Interest in Master Trust Investments |
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$ |
2,334,593 |
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$ |
2,159,808 |
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(a)Includes interest and dividends and receivables and payables related to pending securities sales and purchases. * Permitted party-in-interest transactions.
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| Schedule of Changes in Net Assets of Master Trust |
The changes in net assets of the Master Trust for the year ended December 31, 2025 are summarized as follows:
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For the Year Ended |
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December 31, 2025 |
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(Thousands) |
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Changes in Net Assets: |
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Net Appreciation of Investments |
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$ |
576,120 |
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Dividends from Common Stock of Public Service Enterprise Group Incorporated* |
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|
9,047 |
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Interest from Investment Contracts |
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|
14,960 |
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Net Investment Income, Net |
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600,127 |
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Administrative Expenses |
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(4,602 |
) |
Net Transfers |
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(218,480 |
) |
Increase in Net Assets |
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|
377,045 |
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Net Assets: |
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Beginning of Year |
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4,441,339 |
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End of Year |
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$ |
4,818,384 |
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* Permitted party-in-interest transactions.
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| Summary of Stable Value Fund |
As of December 31, 2025, the Stable Value Fund was comprised of the following:
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Issuer |
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Expiration |
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Effective Rate |
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Contract Value
(Thousands) |
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Met Tower Life (A) |
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Open-Ended |
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2.75% |
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$ |
63,876 |
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Pacific Life Insurance (A) |
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Open-Ended |
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2.84% |
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|
91,391 |
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Prudential Ins Co. (A) |
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Open-Ended |
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2.64% |
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|
88,600 |
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RGA (A) |
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Open-Ended |
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2.65% |
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|
88,346 |
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Transamerica (A) |
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Open-Ended |
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2.67% |
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|
90,670 |
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Voya Retirement & Annuity Co. (A) |
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Open-Ended |
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2.74% |
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|
90,697 |
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Total Investment Contracts |
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513,580 |
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Investment in BlackRock Financial Mgmt Short-Term Investment |
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3.63% |
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|
15,513 |
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Total Stable Value Fund |
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$ |
529,093 |
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(A)Managed by INVESCO Institutional, Inc. As of December 31, 2024, the Stable Value Fund was comprised of the following:
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Issuer |
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Expiration |
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Effective Rate |
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Contract Value
(Thousands) |
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Met Tower Life (A) |
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Open-Ended |
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2.74% |
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$ |
72,880 |
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Pacific Life Insurance (A) |
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Open-Ended |
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2.67% |
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|
104,243 |
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Prudential Ins Co. (A) |
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Open-Ended |
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2.58% |
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|
101,169 |
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RGA (A) |
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Open-Ended |
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2.61% |
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|
100,903 |
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Transamerica (A) |
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Open-Ended |
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2.68% |
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|
103,529 |
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Voya Retirement & Annuity Co. (A) |
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Open-Ended |
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2.74% |
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|
103,492 |
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Total Investment Contracts |
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|
586,216 |
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Investment in BlackRock Financial Mgmt Short-Term Investment |
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4.37% |
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|
11,043 |
|
Total Stable Value Fund |
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$ |
597,259 |
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(A)Managed by INVESCO Institutional, Inc.
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