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 811-08520                                

TIAA Separate Account VA-1

 

(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.

Teachers Insurance and Annuity Association of America

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: June 30, 2026

Item 1.

Reports to Stockholders.

June 30, 2026
TIAA Separate
Account VA-1
This semi-annual report contains the Account's unaudited financial statements. 
Stock Index Account
Table of Contents
About the Account’s Benchmark
3
Account Performance
4
Expense Example
5
Portfolio of Investments
6
Statement of Assets and Liabilities
51
Statement of Operations
52
Statements of Changes in Net Assets
53
Financial Highlights
54
Notes to Financial Statements
56
Additional Account Information
63
Approval of Investment Management Agreement
64
Liquidity Risk Management Program
69
3
About the Account’s Benchmark
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.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Account’s
latest prospectus.
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group
companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights
in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors
or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted
without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Stock Index Account
4
Performance as of
June 30, 2026
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. The Account’s performance reflects a fee waiver, which is currently in place. Without such waiver, the expenses of the Account would
have been higher and its performance lower. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. 
Account statistics
Portfolio composition
Total return
Average annual total return
Inception
date
6 months
1 year
5 years
10 years
Stock Index Account
11/1/94
10
.58
%
21
.99
%
11
.51
%
14
.23
%
Russell 3000® Index
–
10
.88
22
.82
12
.31
15
.06
as of 6/30/2026
Account net assets
$
1.42
billion
Total number of holdings
2,628
Portfolio turnover (%)
1%
% of total investments
as of 6/30/2026
Information technology
34.9
Financials
12.2
Industrials
10.4
Health care
9.5
Consumer discretionary
9.4
Communication services
9.2
Consumer staples
4.3
Energy
3.1
Real estate
2.2
Utilities
2.2
Materials
2.2
Short-term investments
0.1
Investments purchased with collateral
from securities lending
0.3
5
Expense Example
All contractowners in the Stock Index Account incur ongoing costs, including management fees and other Account expenses.
The Stock Index Account is the underlying investment vehicle for Teachers Personal Annuity contracts issued by Teachers
Insurance and Annuity Association of America. Premium taxes may apply to certain contracts. Because of this additional
charge, the cost to investors may be higher than the figures shown in the expense example. Information about this additional
charge can be found in the prospectus.
The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars)
and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing
costs of investing in other variable annuity accounts and mutual funds. Contractowners in the Stock Index Account do not
incur a sales charge for purchases or other distributions.
The example is based on an investment of $10,000 invested at the beginning and held for the entire reporting period.
What were the Account costs for the last six months?
(based on a hypothetical $10,000 investment)
Cost of a
$10,000 investment
Cost paid as a percentage of
$10,000 investment*
Stock Index Account
$35
0.66%
*
Annualized for period less than one year.
Stock Index
Portfolio of Investments June 30, 2026
6
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE (000)
LONG-TERM INVESTMENTS - 98.9%
COMMON STOCKS - 98.9%
AUTOMOBILES & COMPONENTS - 2.0%
1,464
(a)
Adient plc
$
27
2,617
(a)
American Axle & Manufacturing Holdings, Inc
14
4,330
(a)
Aptiv plc
266
4,000
BorgWarner, Inc
266
566
(a)
Cooper-Standard Holdings, Inc
15
1,881
Dana Inc
51
596
(a)
Dorman Products, Inc
81
76,327
Ford Motor Co
1,061
1,039
(a)
Fox Factory Holding Corp
18
2,745
Garrett Motion, Inc
99
17,467
General Motors Co
1,346
3,676
Gentex Corp
93
1,006
(a)
Gentherm, Inc
34
3,169
(a)
Goodyear Tire & Rubber Co
21
1,703
Harley-Davidson, Inc
42
533
LCI Industries
56
846
Lear Corp
113
1,993
(a),(b)
Lucid Group, Inc
13
681
Patrick Industries, Inc
61
450
Phinia, Inc
37
7,090
(a)
QuantumScape Corp
54
16,962
(a)
Rivian Automotive, Inc
294
1,333
(a),(b)
Solid Power, Inc
4
120
Standard Motor Products, Inc
5
56,569
(a)
Tesla, Inc
23,793
1,229
(a),(b)
Thor Industries, Inc
92
1,443
(a)
Versigent plc
61
513
Visteon Corp
51
282
Winnebago Industries, Inc
9
518
(a)
XPEL, Inc
26
TOTAL AUTOMOBILES & COMPONENTS
28,103
BANKS - 3.7%
53
1st Source Corp
4
195
ACNB Corp
12
450
Amalgamated Financial Corp
21
667
Amerant Bancorp, Inc
17
1,431
Ameris Bancorp
129
476
Arrow Financial Corp
20
2,950
Associated Banc-Corp
91
3,083
Atlantic Union Bankshares Corp
130
527
(a)
Avidbank Holdings, Inc
17
992
(a)
Axos Financial, Inc
97
1,798
Banc of California, Inc
37
585
Bancfirst Corp
65
767
(a)
Bancorp, Inc
48
178
Bank First Corp
26
127,541
Bank of America Corp
7,267
643
Bank of Hawaii Corp
52
468
Bank of Marin Bancorp
13
548
Bank of NT Butterfield & Son Ltd
33
1,546
Bank OZK
81
90
Bank7 Corp
4
1,329
(a)
BankUnited, Inc
64
646
Banner Corp
43
622
Bar Harbor Bankshares
23
223
BayCom Corp
7
1,555
Berkshire Hills Bancorp, Inc
47
3,275
Blue Ridge Bankshares, Inc
12
7
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
371
BOK Financial Corp
$
52
882
(a)
Bridgewater Bancshares, Inc
19
38
Burke & Herbert Financial Services Corp
3
313
Business First Bancshares, Inc
10
241
Byline Bancorp, Inc
9
613
(a)
Camden National Corp
33
447
Capital City Bank Group, Inc
22
2,335
Capitol Federal Financial, Inc
20
550
Carter Bankshares, Inc
19
1,248
Cathay General Bancorp
77
375
Central BanCo, Inc
11
367
Central Pacific Financial Corp
14
693
(b)
CF Bankshares, Inc
23
90
Chemung Financial Corp
7
309
ChoiceOne Financial Services, Inc
11
33,003
Citigroup, Inc
4,619
533
Citizens & Northern Corp
12
8,250
Citizens Financial Group, Inc
578
250
(a)
City Holding Co
33
377
Civista Bancshares, Inc
11
496
CNB Financial Corp
17
146
(a)
Coastal Financial Corp
11
6,093
Columbia Banking System, Inc
195
1,738
(a)
Columbia Financial, Inc
37
2,494
Commerce Bancshares, Inc
144
978
Community Bank System, Inc
66
39
Community Trust Bancorp, Inc
3
26
Community West Bancshares
1
282
ConnectOne Bancorp, Inc
9
1,266
Cullen/Frost Bankers, Inc
196
640
(a)
Customers Bancorp, Inc
51
3,603
(a)
CVB Financial Corp
81
422
(a)
Dime Community Bancshares, Inc
17
50
Eagle Bancorp Montana, Inc
1
1,035
Eagle Bancorp, Inc
29
2,706
East West Bancorp, Inc
349
3,756
Eastern Bankshares, Inc
84
400
Enterprise Financial Services Corp
26
402
Equity Bancshares, Inc
20
339
Esquire Financial Holdings, Inc
40
218
(a)
Farmers & Merchants Bancorp, Inc
7
1,013
Farmers National Banc Corp
15
27
(a)
FB Bancorp, Inc
  0^
682
FB Financial Corp
38
106
Fidelity D&D Bancorp, Inc
5
17,663
Fifth Third Bancorp
996
527
Financial Institutions, Inc
21
608
First Bancorp
39
2,094
First BanCorp
55
498
(a)
First Bancorp, Inc
17
603
First Bank
11
1,682
First Busey Corp
50
156
First Citizens Bancshares, Inc (Class A)
325
1,652
First Commonwealth Financial Corp
34
680
First Community Bancshares, Inc
30
57
First Community Corp
2
1,993
First Financial Bancorp
67
2,915
First Financial Bankshares, Inc
101
384
(a)
First Financial Corp
30
2,244
First Hawaiian, Inc
66
9,247
First Horizon National Corp
237
1,904
First Interstate BancSystem, Inc
73
Stock Index
8
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
237
First Merchants Corp
$
10
380
First Mid Bancshares, Inc
18
810
(a)
First Western Financial, Inc
26
617
(a)
Firstsun Capital Bancorp
24
84
Five Star Bancorp
4
6,862
FNB Corp
131
312
Franklin Financial Services Corp
20
3,733
(a)
Fulton Financial Corp
90
708
German American Bancorp, Inc
34
2,794
Glacier Bancorp, Inc
144
76
Great Southern Bancorp, Inc
6
451
Greene County Bancorp, Inc
15
1,580
Hancock Whitney Corp
118
824
Hanmi Financial Corp
27
715
HBT Financial, Inc
23
1,150
Heritage Financial Corp
34
994
Hilltop Holdings, Inc
39
57
(b)
Hingham Institution For Savings The
18
238
Home Bancorp, Inc
16
3,655
Home Bancshares, Inc
104
698
HomeStreet, Inc
11
667
HomeTrust Bancshares, Inc
33
2,725
Hope Bancorp, Inc
37
1,209
(a)
Horizon Bancorp, Inc
24
40,892
Huntington Bancshares, Inc
725
67
Independent Bank Corp
2
863
Independent Bank Corp
72
1,055
International Bancshares Corp
80
9
John Marshall Bancorp, Inc
  0^
51,663
JPMorgan Chase & Co
16,911
1,623
Kearny Financial Corp
15
18,094
Keycorp
417
499
Lakeland Financial Corp
31
833
Live Oak Bancshares, Inc
34
2,866
M&T Bank Corp
682
130
Mercantile Bank Corp
7
424
Metrocity Bankshares, Inc
15
229
Metropolitan Bank Holding Corp
23
196
Mid Penn Bancorp, Inc
7
582
Midland States Bancorp, Inc
18
180
MVB Financial Corp
5
819
National Bank Holdings Corp
36
647
National Bankshares, Inc
23
1,273
NB Bancorp, Inc
27
984
NBT Bancorp, Inc
49
5,918
New York Community Bancorp, Inc
88
420
Nicolet Bankshares, Inc
69
145
Northeast Bank
19
954
(a)
Northeast Community Bancorp, Inc
26
1,643
Northfield Bancorp, Inc
24
472
Northrim BanCorp, Inc
13
2,195
Northwest Bancshares, Inc
33
65,588
(a)
NU Holdings Ltd
876
163
Oak Valley Bancorp
5
957
OceanFirst Financial Corp
19
811
OFG Bancorp
40
6,336
Old National Bancorp
164
1,237
Old Second Bancorp, Inc
29
594
Origin Bancorp, Inc
30
297
Orrstown Financial Services, Inc
12
293
Park National Corp
54
436
Pathward Financial, Inc
38
9
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
642
Peapack Gladstone Financial Corp
$
30
117
Peoples Bancorp, Inc
4
333
Peoples Financial Services Corp
22
2,963
Pinnacle Financial Partners, Inc
299
302
(a)
Pioneer Bancorp, Inc
5
54
Plumas Bancorp
3
7,842
PNC Financial Services Group, Inc
1,931
1,124
Popular, Inc
185
267
Preferred Bank
28
454
Primis Financial Corp
7
1,571
Prosperity Bancshares, Inc
115
677
Provident Financial Services, Inc
16
356
QCR Holdings, Inc
35
475
RBB Bancorp
13
192
Red River Bancshares, Inc
18
16,679
Regions Financial Corp
504
1,623
Renasant Corp
69
364
Republic Bancorp, Inc (Class A)
33
812
S&T Bancorp, Inc
40
1,880
Seacoast Banking Corp of Florida
63
790
(a)
ServisFirst Bancshares, Inc
69
597
Shore Bancshares, Inc
14
370
Sierra Bancorp
15
2,827
Simmons First National Corp (Class A)
64
275
SmartFinancial, Inc
13
299
South Plains Financial, Inc
13
113
Southern California Bancorp
2
228
(a)
Southern First Bancshares, Inc
14
231
Southern Missouri Bancorp, Inc
18
328
Southside Bancshares, Inc
12
1,893
SOUTHSTATE BANK CORP
189
1,065
SR Bancorp, Inc
21
859
Stellar Bancorp, Inc
34
3,571
(a),(c)
Sterling Bancorp, Inc
  0^
572
Stock Yards Bancorp, Inc
44
947
Texas Capital Bancshares, Inc
98
110
(b)
TFS Financial Corp
2
681
(a)
Third Coast Bancshares, Inc
28
131
Tompkins Trustco, Inc
12
1,631
Towne Bank
59
74
Trico Bancshares
4
657
(a)
Triumph Financial, Inc
50
24,345
Truist Financial Corp
1,213
671
TrustCo Bank Corp NY
37
768
Trustmark Corp
35
1,264
UMB Financial Corp
180
2,665
United Bankshares, Inc
122
2,849
United Community Banks, Inc
100
1,012
Univest Financial Corp
44
30,392
US Bancorp
1,836
9,879
Valley National Bancorp
145
1,049
Washington Federal, Inc
40
581
(a)
Washington Trust Bancorp, Inc
21
3,232
Webster Financial Corp
247
59,374
Wells Fargo & Co
4,907
1,524
WesBanco, Inc
59
597
West Bancorporation, Inc
16
225
Westamerica Bancorporation
13
2,067
Western Alliance Bancorp
170
1,443
Wintrust Financial Corp
232
815
WSFS Financial Corp
63
Stock Index
10
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
3,174
Zions Bancorporation
$
220
TOTAL BANKS
53,158
CAPITAL GOODS - 8.0%
3,738
(a)
3D Systems Corp
11
10,087
3M Co
1,633
2,181
A.O. Smith Corp
137
1,330
Aaon, Inc
169
770
(a)
AAR Corp
110
622
Acuity Brands, Inc
234
1,567
Advanced Drainage Systems, Inc
246
1,215
Aebi Schmidt Holding AG.
15
2,574
Aecom Technology Corp
180
560
(a)
Aerovironment, Inc
92
2,606
(a)
AerSale Corp
16
1,044
AGCO Corp
125
191
Alamo Group, Inc
31
653
Albany International Corp (Class A)
49
2,667
(a)
Allegheny Technologies, Inc
526
1,661
Allegion plc
233
9
(a),(b)
Alliance Laundry Holdings, Inc
  0^
307
Allied Motion Technologies, Inc
32
1,525
Allison Transmission Holdings, Inc
172
909
(a)
Ameresco, Inc
25
813
(a)
American Superconductor Corp
34
4,378
Ametek, Inc
1,059
1,904
(a)
Amprius Technologies, Inc
26
7,443
(a)
API Group Corp
315
449
(a)
Apogee Enterprises, Inc
21
718
Applied Industrial Technologies, Inc
243
11,787
(a),(b)
Archer Aviation, Inc
56
813
(a)
Arcosa, Inc
118
233
Argan, Inc
186
805
Armstrong World Industries, Inc
129
4,146
(a)
Array Technologies, Inc
31
823
Astec Industries, Inc
50
810
(a)
Astronics Corp
66
162
(a)
Astronics Corp (Class B)
12
931
Atkore, Inc
71
1,320
Atmus Filtration Technologies, Inc
67
1,481
(a)
Axon Enterprise, Inc
830
507
AZZ, Inc
79
2,556
(a)
Babcock & Wilcox Enterprises, Inc
36
889
(a)
Beta Technologies, Inc
15
5,241
(a)
Bloom Energy Corp
1,586
608
(a)
Blue Bird Corp
48
224
(a)
BlueLinx Holdings, Inc
14
14,788
(a)
Boeing Co
3,201
610
Boise Cascade Co
47
337
(a)
Bowman Consulting Group Ltd
10
534
Brookfield Business Corp
16
1,956
(a)
Builders FirstSource, Inc
175
1,894
BWX Technologies, Inc
369
383
Cadre Holdings, Inc
11
259
(a)
Cardinal Infrastructure Group, Inc
24
799
Carlisle Cos, Inc
290
914
Carpenter Technology Corp
564
15,181
Carrier Global Corp
1,114
8,786
Caterpillar, Inc
9,356
985
(a)
CECO Environmental Corp
89
1,396
(a)
Centuri Holdings, Inc
42
729
(a)
Chart Industries, Inc
152
17,876
CNH Industrial NV
201
11
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
840
Columbus McKinnon Corp
$
13
681
Comfort Systems USA, Inc
1,350
1,015
(a)
Construction Partners, Inc
121
3,103
(a)
Core & Main, Inc
150
968
Crane Co
216
302
CSW Industrials, Inc
84
2,725
Cummins, Inc
1,943
753
Curtiss-Wright Corp
571
1,008
(a)
Custom Truck One Source, Inc
12
4,806
Deere & Co
3,049
3,204
(a)
DNOW, Inc
42
2,028
Donaldson Co, Inc
182
932
Douglas Dynamics, Inc
50
2,505
Dover Corp
562
290
(a)
Ducommun, Inc
54
91
(a)
DXP Enterprises, Inc
15
561
(a)
Dycom Industries, Inc
284
7,589
Eaton Corp plc
3,234
875
EMCOR Group, Inc
726
10,640
Emerson Electric Co
1,523
1,368
(a)
Energy Recovery, Inc
12
2,653
(a),(b)
Energy Vault Holdings, Inc
12
1,030
Enerpac Tool Group Corp
37
709
EnerSys
166
2,981
(a),(b)
Enovix Corp
18
479
EnPro Industries, Inc
181
4,836
(a),(b)
Eos Energy Enterprises, Inc
28
1,154
Esab Corp
114
505
ESCO Technologies, Inc
177
978
(a)
Everus Construction Group, Inc
162
22,025
Fastenal Co
1,058
1,221
Federal Signal Corp
157
3,834
Ferguson Enterprises, Inc
910
1,522
(a)
Firefly Aerospace, Inc
45
2,418
Flowserve Corp
179
786
(a)
Fluence Energy, Inc
16
2,733
(a)
Fluor Corp
143
2,495
(a)
Forgent Power Solutions, Inc
139
5,941
Fortive Corp
363
2,398
Fortune Brands Innovations, Inc
132
842
Franklin Electric Co, Inc
90
1,902
FTAI Aviation Ltd
515
1,034
(a)
FuelCell Energy, Inc
37
4,917
(a)
Gates Industrial Corp plc
138
608
GATX Corp
108
5,209
GE Vernova, Inc
6,120
1,274
(a)
Gencor Industries, Inc
19
1,064
(a)
Generac Holdings, Inc
312
4,949
General Dynamics Corp
1,753
19,980
General Electric Co
7,467
584
(a)
Gibraltar Industries, Inc
26
461
Global Industrial Co
15
678
Gorman-Rupp Co
62
3,052
Graco, Inc
231
132
(a)
Graham Corp
16
679
Granite Construction, Inc
107
70
Greenbrier Cos, Inc
3
611
Griffon Corp
60
2,444
(a)
Hayward Holdings, Inc
42
812
HEICO Corp
289
1,471
(a)
HEICO Corp (Class A)
379
922
(a)
Helios Technologies, Inc
82
Stock Index
12
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
639
Herc Holdings, Inc
$
92
1,293
Hexcel Corp
129
3,242
(a)
Hillman Solutions Corp
27
6,268
(a)
Honeywell Aerospace, Inc
1,386
6,268
Honeywell International, Inc
1,403
7,616
Howmet Aerospace, Inc
2,048
1,003
Hubbell, Inc
525
1,076
(a)
Hudson Technologies, Inc
6
639
Huntington Ingalls Industries, Inc
179
3,375
(a)
Hyliion Holdings Corp
18
404
Hyster-Yale Materials Handling, Inc
14
1,446
IDEX Corp
328
195
(a)
IES Holdings, Inc
143
5,548
Illinois Tool Works, Inc
1,501
7,643
Ingersoll Rand, Inc
627
716
Insteel Industries, Inc
22
2,375
(a),(b)
Intuitive Machines, Inc
51
1,687
ITT, Inc
334
1,876
(a)
Janus International Group, Inc
10
1,078
John Bean Technologies Corp
156
11,954
Johnson Controls International plc
1,747
242
(a)
Kadant, Inc
76
672
Karat Packaging, Inc
22
1,045
(a)
Karman Holdings, Inc
52
1,671
Kennametal, Inc
59
3,283
(a)
Kratos Defense & Security Solutions, Inc
164
3,677
L3Harris Technologies, Inc
1,069
542
(a)
Lawson Products, Inc
15
109
(a)
LB Foster Co (Class A)
5
1,119
(a)
Legence Corp
95
615
Lennox International, Inc
352
1,340
Leonardo DRS, Inc
57
243
(a)
Limbach Holdings, Inc
19
1,025
Lincoln Electric Holdings, Inc
272
220
Lindsay Corp
27
836
(a),(b)
Loar Holdings, Inc
67
3,967
Lockheed Martin Corp
2,021
1,438
Louisiana-Pacific Corp
113
1,218
LSI Industries, Inc
32
800
Luxfer Holdings plc
14
1,198
(a)
Manitowoc Co, Inc
17
3,939
Masco Corp
321
1,168
(a)
Mastec, Inc
486
3,694
(a)
Masterbrand, Inc
38
1,366
(a)
Matrix Service Co
19
887
(a)
Mayville Engineering Co Inc
33
412
McGrath RentCorp
50
1,126
(a)
Mercury Computer Systems, Inc
138
4,301
(a),(b)
Microvast Holdings, Inc
5
987
(a)
Middleby Corp
170
446
Miller Industries, Inc
23
1,042
(a)
Modine Manufacturing Co
278
536
Moog, Inc (Class A)
227
1,012
(a)
MSC Industrial Direct Co (Class A)
120
2,082
Mueller Industries, Inc
256
2,556
Mueller Water Products, Inc (Class A)
66
246
(a)
MYR Group, Inc
123
583
(a),(b)
NANO Nuclear Energy, Inc
12
206
National Presto Industries, Inc
26
700
(a)
Newpark Resources, Inc
11
2,685
(a)
NEXTracker, Inc
320
1,006
Nordson Corp
304
13
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
2,600
Northrop Grumman Corp
$
1,324
88
(a)
Northwest Pipe Co
13
6,203
(a)
NuScale Power Corp
62
3,165
nVent Electric plc
537
117
Omega Flex, Inc
4
1,551
(a)
Orion Marine Group, Inc
26
1,049
Oshkosh Corp
161
7,226
Otis Worldwide Corp
517
1,442
Owens Corning, Inc
229
10,237
PACCAR, Inc
1,230
766
(a)
Park Aerospace Corp
29
2,431
Parker-Hannifin Corp
2,378
598
Park-Ohio Holdings Corp
23
3,179
Pentair plc
244
22,888
(a),(b)
Plug Power, Inc
62
591
Powell Industries, Inc
169
96
(a)
Preformed Line Products Co
39
1,171
Primoris Services Corp
116
784
(a)
Proto Labs, Inc
64
905
Quanex Building Products Corp
17
2,894
Quanta Services, Inc
2,084
13,157
(a)
QXO, Inc
227
609
(a)
RBC Bearings, Inc
392
1,618
(a),(b)
Red Cat Holdings, Inc
17
3,731
(a)
Redwire Corp
46
1,406
Regal-Beloit Corp
335
2,818
(a)
Resideo Technologies, Inc
88
10,489
(a)
Rocket Lab Corp
1,066
2,129
Rockwell Automation, Inc
1,054
26,006
RTX Corp
4,934
198
Rush Enterprises, Inc
15
1,317
Rush Enterprises, Inc (Class A)
96
1,816
(a)
Satellogic, Inc
10
2,822
Sensata Technologies Holding plc
135
4,388
(a)
Shoals Technologies Group, Inc
43
913
(a)
Simpson Manufacturing Co, Inc
191
782
(a)
SiteOne Landscape Supply, Inc
89
912
Snap-On, Inc
367
755
(a)
Solv Energy, Inc
26
987
(a)
SPX Technologies, Inc
242
4,456
(a)
StandardAero, Inc
133
277
Standex International Corp
99
3,034
Stanley Black & Decker, Inc
286
581
(a)
Sterling Construction Co, Inc
488
8,010
(a)
Sunbelt Rentals Holdings, Inc
599
3,737
(a)
Sunrun, Inc
50
535
Tecnoglass, Inc
25
406
Tennant Co
36
1,789
Terex Corp
130
3,173
Textron, Inc
291
1,366
Timken Co
199
1,266
(a)
Titan International, Inc
10
491
(a)
Titan Machinery, Inc
10
1,492
Toro Co
145
4,314
Trane Technologies plc
2,119
100
(a)
Transcat, Inc
9
1,085
TransDigm Group, Inc
1,445
2,168
(a)
Trex Co, Inc
108
969
Trinity Industries, Inc
34
963
Tutor Perini Corp
80
904
UFP Industries, Inc
82
1,205
United Rentals, Inc
1,365
Stock Index
14
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
455
(a)
V2X, Inc
$
34
370
Valmont Industries, Inc
214
7,475
Vertiv Holdings Co
2,503
470
(a)
Vicor Corp
178
850
(a),(b)
Voyager Technologies, Inc
27
559
VSE Corp
128
832
W.W. Grainger, Inc
1,132
1,281
(a)
Wabash National Corp
17
682
Watsco, Inc
284
536
Watts Water Technologies, Inc (Class A)
210
934
WESCO International, Inc
323
3,196
Westinghouse Air Brake Technologies Corp
862
73
Willis Lease Finance Corp
17
2,729
WillScot Mobile Mini Holdings Corp
79
1,159
Woodward Inc
493
238
(a)
Worthington Enterprises, Inc
13
823
(a),(b)
X-Energy, Inc
15
911
(a)
Xometry, Inc
88
4,522
Xylem, Inc
535
364
(a),(b)
York Space Systems, Inc
9
3,251
Zurn Elkay Water Solutions Corp
164
TOTAL CAPITAL GOODS
112,979
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
439
(a)
ABM Industries, Inc
19
3,257
ACCO Brands Corp
14
2,888
(a)
ACV Auctions, Inc
21
2,989
(a)
Amentum Holdings, Inc
62
7,829
Automatic Data Processing, Inc
1,753
191
Barrett Business Services, Inc
7
605
(a)
BlackSky Technology, Inc
17
2,227
Booz Allen Hamilton Holding Corp
135
511
(a)
BrightView Holdings, Inc
7
544
Brink's Co
51
2,405
Broadridge Financial Solutions, Inc
329
414
(a)
CACI International, Inc (Class A)
192
1,375
(a)
Casella Waste Systems, Inc (Class A)
133
1,147
(a)
CBIZ, Inc
37
188
(a)
Cimpress plc
19
6,537
Cintas Corp
1,112
6,385
(a)
Clarivate plc
14
1,032
(a)
Clean Harbors, Inc
308
805
(a),(b)
Concentrix Corp
18
5,536
(a)
Conduent, Inc
8
17,286
(a)
Copart, Inc
487
1,499
(a)
CoreCivic, Inc
46
51
CRA International, Inc
7
1,062
Deluxe Corp
25
1,051
(a)
Ennis, Inc
22
144
(a)
Enviri Corp
3
2,315
Equifax, Inc
367
3,061
(a)
ExlService Holdings, Inc
79
1,272
Exponent, Inc
75
1,243
(a)
First Advantage Corp
22
419
(a)
Franklin Covey Co
10
526
(a)
FTI Consulting, Inc
78
1,880
Genpact Ltd
52
1,647
(a)
GEO Group, Inc
49
5,077
GFL Environmental, Inc
187
361
(a)
Healthcare Services Group
9
1,885
Herman Miller, Inc
39
1,041
(b)
HireQuest, Inc
13
681
HNI Corp
28
15
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
307
(a)
Huron Consulting Group, Inc
$
28
379
ICF International, Inc
28
661
(a)
Innodata, Inc
50
975
Insperity, Inc
40
1,293
Interface, Inc
46
2,447
Jacobs Solutions, Inc
308
2,130
KBR, Inc
74
1,192
Kelly Services, Inc (Class A)
15
681
Kforce, Inc
32
1,237
Korn/Ferry International
82
2,559
(a)
Legalzoom.com, Inc
16
2,572
Leidos Holdings, Inc
265
664
(a)
Liquidity Services, Inc
26
1,099
Manpower, Inc
37
615
MAXIMUS, Inc
33
640
(a)
Montrose Environmental Group, Inc
13
805
MSA Safety, Inc
141
563
NL Industries, Inc
3
1,699
(a)
OPENLANE, Inc
70
1,095
(a)
Parsons Corp
57
6,286
Paychex, Inc
618
807
Paycom Software, Inc
101
927
(a)
Paylocity Holding Corp
97
1,878
Pitney Bowes, Inc
33
5,487
(a)
Planet Labs PBC
182
3,629
(b)
RB Global, Inc
423
3,869
Republic Services, Inc
824
91
(a),(b)
Resolute Holdings Management, Inc
13
1,926
(b)
Robert Half International, Inc
59
6,246
Rollins, Inc
261
551
Science Applications International Corp
61
579
(a),(b)
Spire Global, Inc
11
3,953
SS&C Technologies Holdings, Inc
245
4,940
Tetra Tech, Inc
143
3,578
(a)
TIC Solutions, Inc
29
3,759
TransUnion
271
6
(a)
TriNet Group, Inc
  0^
720
(a)
TrueBlue, Inc
5
1,498
UL Solutions, Inc
153
184
Unifirst Corp
49
3,454
(a)
Upwork, Inc
29
4,755
Veralto Corp
422
2,558
Verisk Analytics, Inc
459
769
(a)
Verra Mobility Corp
3
202
(a)
Vestis Corp
3
7,065
Waste Management, Inc
1,575
279
(a)
Willdan Group, Inc
22
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
13,309
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 4.9%
966
(a),(b)
1-800-FLOWERS.COM, Inc (Class A)
3
608
(a)
Abercrombie & Fitch Co (Class A)
55
885
Academy Sports & Outdoors, Inc
42
1,149
(b)
Advance Auto Parts, Inc
71
406
A-Mark Precious Metals, Inc
17
187,618
(a)
Amazon.com, Inc
44,717
3,029
(a)
American Eagle Outfitters, Inc
52
1,837
(a),(b)
AMMO, Inc
4
1,221
Arhaus, Inc
10
2,460
Arko Corp
20
239
(a)
Asbury Automotive Group, Inc
48
456
(a)
Autonation, Inc
85
328
(a)
Autozone, Inc
1,048
Stock Index
16
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
3,894
Bath & Body Works, Inc
$
90
3,596
Best Buy Co, Inc
273
665
(a)
Boot Barn Holdings, Inc
109
524
(a)
Buckle, Inc
22
326
(b)
Build-A-Bear Workshop, Inc
10
1,225
(a)
Burlington Stores, Inc
388
1,001
Caleres, Inc
12
895
Camping World Holdings, Inc
7
2,292
(a)
Carmax, Inc
121
13,505
(a)
Carvana Co
889
4,570
(a)
Chewy, Inc
90
109
(a)
Citi Trends, Inc
6
24,334
(a)
Coupang, Inc
423
1,606
(b)
Designer Brands, Inc
9
1,287
Dick's Sporting Goods, Inc
292
64
(b)
Dillard's, Inc (Class A)
34
8,507
eBay, Inc
951
1,574
(a)
Etsy, Inc
119
2,017
(a),(b)
EVgo, Inc
4
994
(a)
Five Below, Inc
179
2,514
(a),(b)
Floor & Decor Holdings, Inc
149
7,173
(a)
GameStop Corp (Class A)
158
4,912
Gap, Inc
92
365
(a)
Genesco, Inc
12
2,705
Genuine Parts Co
319
559
(a)
GigaCloud Technology, Inc
18
222
Group 1 Automotive, Inc
65
541
(a),(b)
Groupon, Inc
13
715
Haverty Furniture Cos, Inc
18
19,320
Home Depot, Inc
6,814
1,925
Kohl's Corp
34
484
(a),(b)
Lands' End, Inc
5
293
Lithia Motors, Inc (Class A)
85
5,489
LKQ Corp
145
10,949
Lowe's Cos, Inc
2,414
5,015
Macy's, Inc
118
530
(a)
MarineMax, Inc
19
759
(b)
Monro Muffler, Inc
13
259
Murphy USA, Inc
140
2,416
(a)
National Vision Holdings, Inc
46
1,339
(a)
Ollie's Bargain Outlet Holdings, Inc
103
266
(a)
OneWater Marine, Inc
3
16,207
(a)
O'Reilly Automotive, Inc
1,492
1,209
(a)
Overstock.com, Inc
7
616
(a)
Pattern Group, Inc
16
108
Penske Auto Group, Inc
19
1,980
(a)
Petco Health & Wellness Co, Inc
5
628
Pool Corp
135
2,295
(a)
RealReal, Inc
27
1,063
(a)
Revolve Group, Inc
24
380
(a),(b)
RH
63
6,170
Ross Stores, Inc
1,313
113
(a)
Sally Beauty Holdings, Inc
2
697
(a),(b)
Savers Value Village, Inc
7
646
(a)
Shoe Carnival, Inc
10
881
Signet Jewelers Ltd
76
319
Sonic Automotive, Inc (Class A)
27
1,770
(a)
Stitch Fix, Inc
7
1,616
(a)
ThredUp, Inc
11
21,111
TJX Cos, Inc
3,198
9,362
Tractor Supply Co
296
877
(a)
Ulta Beauty, Inc
396
17
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
29
Upbound Group, Inc
$
1
1,148
(a)
Urban Outfitters, Inc
81
2,450
(a)
Valvoline, Inc
97
1,310
(a)
Victoria's Secret & Co
109
2,402
(a)
Warby Parker, Inc
73
1,916
(a)
Wayfair, Inc
177
663
Weyco Group, Inc
26
2,396
Williams-Sonoma, Inc
559
64
Winmark Corp
27
686
(a)
Zumiez, Inc
12
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
69,276
CONSUMER DURABLES & APPAREL - 0.6%
532
Acushnet Holdings Corp
63
3,260
(a)
Amer Sports, Inc
110
1,140
(a)
Beazer Homes USA, Inc
32
1,161
(a),(b)
BK LC Lux Finco 2 Sarl
50
1,299
Brunswick Corp
109
3,596
(a)
Callaway Golf Co
68
2,222
(a)
Capri Holdings Ltd
41
547
Carter's, Inc
23
165
(a)
Cavco Industries, Inc
101
157
Century Communities, Inc
11
606
Columbia Sportswear Co
37
1,268
(b)
Cricut, Inc
6
986
(a)
Crocs, Inc
119
2,466
(a)
Deckers Outdoor Corp
245
4,908
DR Horton, Inc
799
643
(a)
Dream Finders Homes, Inc
11
1,326
(a)
Ermenegildo Zegna NV
17
958
Ethan Allen Interiors, Inc
21
667
(a)
Figs, Inc
7
576
(a)
Funko, Inc
3
3,059
(a)
Garmin Ltd
727
124
G-III Apparel Group Ltd
4
304
(a)
Green Brick Partners, Inc
24
2,388
Hasbro, Inc
197
712
(a)
Helen of Troy Ltd
21
148
(a)
Hovnanian Enterprises, Inc
21
509
Installed Building Products, Inc
117
769
JAKKS Pacific, Inc
18
232
(a)
Johnson Outdoors, Inc
11
1,169
KB Home
73
769
Kontoor Brands, Inc
64
412
(a)
Latham Group, Inc
3
935
La-Z-Boy, Inc
38
3,082
Leggett & Platt, Inc
36
3,992
(a)
Lennar Corp (Class A)
361
205
(a),(b)
Lennar Corp (Class B)
18
241
(a)
LGI Homes, Inc
15
336
(a),(b)
Lovesac Co
6
2,060
(a)
Lululemon Athletica, Inc
235
227
(a)
M/I Homes, Inc
37
688
(a)
Malibu Boats, Inc
19
775
(a)
MasterCraft Boat Holdings, Inc
20
3,840
(a)
Mattel, Inc
53
1,136
Meritage Homes Corp
95
1,156
(a)
Mohawk Industries, Inc
140
638
Movado Group, Inc
25
6,890
Newell Rubbermaid, Inc
42
23,165
Nike, Inc (Class B)
951
46
(a)
NVR, Inc
313
4,813
(a)
On Holding AG.
171
Stock Index
18
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DURABLES & APPAREL
(continued)
274
(a),(b)
Oxford Industries, Inc
$
10
8,335
(a)
Peloton Interactive, Inc
49
1,013
Polaris Industries, Inc
69
3,690
Pulte Homes, Inc
506
821
PVH Corp
61
731
Ralph Lauren Corp
293
110
Rocky Brands, Inc
5
1,588
(a)
SharkNinja Global SPV Ltd
242
1,083
(a)
Skyline Champion Corp
95
1,649
(a)
Smith & Wesson Brands, Inc
25
3,687
(a)
Sonos, Inc
50
1,625
Steven Madden Ltd
68
311
Sturm Ruger & Co, Inc
12
3,924
Tapestry, Inc
574
1,923
(a)
Taylor Morrison Home Corp
138
3,937
Tempur Sealy International, Inc
309
1,721
Toll Brothers, Inc
284
552
(a),(b)
TopBuild Corp
196
5,744
(a),(b)
Under Armour, Inc (Class A)
37
5,391
(a),(b)
Under Armour, Inc (Class C)
34
8,194
VF Corp
137
1,037
Whirlpool Corp
41
1,742
(a)
Wolverine World Wide, Inc
29
1,171
(a),(b)
XMAX, Inc
11
1,532
(a)
YETI Holdings, Inc
76
TOTAL CONSUMER DURABLES & APPAREL
9,079
CONSUMER SERVICES - 1.8%
1,229
(a)
Accel Entertainment, Inc
15
4,451
ADT, Inc
29
469
(a)
Adtalem Global Education, Inc
58
7,845
(a)
Airbnb, Inc
1,123
376
(a)
American Public Education, Inc
20
5,175
Aramark
294
39
(a)
Biglari Holdings, Inc (B Shares)
17
817
(a)
BJ's Restaurants, Inc
50
275
Bloomin' Brands, Inc
2
15,118
Booking Holdings, Inc
2,695
764
Boyd Gaming Corp
67
663
(a)
Bright Horizons Family Solutions, Inc
47
688
(a)
Brinker International, Inc
116
4,525
(a)
Caesars Entertainment, Inc
137
25,358
Carnival Corp Ltd
724
318
Carriage Services, Inc
12
2,180
(a)
Cava Group, Inc
171
1,085
Cheesecake Factory
86
24,935
(a)
Chipotle Mexican Grill, Inc (Class A)
848
623
(a),(b)
Choice Hotels International, Inc
69
1,421
Churchill Downs, Inc
127
4,415
(a)
Coursera, Inc
25
711
(b)
Cracker Barrel Old Country Store, Inc
38
2,208
Darden Restaurants, Inc
455
419
(a)
Dave & Buster's Entertainment, Inc
5
458
(b)
Dine Brands Global Inc.
16
571
Domino's Pizza, Inc
169
7,232
(a)
DoorDash, Inc
1,335
10,269
(a)
DraftKings, Inc
259
1,159
(a)
Driven Brands Holdings, Inc
16
787
(a)
Duolingo, Inc
91
2,527
(a)
Dutch Bros, Inc
181
809
(a),(b)
El Pollo Loco Holdings, Inc
14
2,179
Expedia Group, Inc
558
723
(a)
First Watch Restaurant Group, Inc
9
19
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CONSUMER SERVICES
(continued)
2,766
(a)
Flutter Entertainment plc
$
283
1,502
(a)
Frontdoor, Inc
117
4,788
(a)
Genius Sports Ltd
29
2,989
(a)
Global Business Travel Group I
28
63
(a)
Graham Holdings Co
72
420
(a)
Grand Canyon Education, Inc
60
1,979
(b)
H&R Block, Inc
75
1,080
(a)
Hilton Grand Vacations, Inc
57
4,358
Hilton Worldwide Holdings, Inc
1,440
775
(b)
Hyatt Hotels Corp
150
494
(a)
Inspired Entertainment, Inc
4
2,584
International Game Technology plc
28
410
(a),(b)
Jack in the Box, Inc
6
930
(a),(b)
KinderCare Learning Cos, Inc
4
2,068
(a)
Krispy Kreme, Inc
7
155
(a),(b)
Kura Sushi USA, Inc
9
5,654
Las Vegas Sands Corp
261
2,764
(a)
Laureate Education, Inc
100
1,004
(a)
Liberty Live Holdings, Inc
106
489
(a)
Liberty Live Holdings, Inc
49
2,936
(a)
Life Time Group Holdings, Inc
120
290
(a)
Lincoln Educational Services Corp
14
608
(a)
Lindblad Expeditions Holdings, Inc
17
4,187
Marriott International, Inc (Class A)
1,552
316
Marriott Vacations Worldwide Corp
32
271
Matthews International Corp (Class A)
7
13,669
McDonald's Corp
3,695
3,634
(a)
MGM Resorts International
174
128
Monarch Casino & Resort, Inc
17
57
Nathan's Famous, Inc
6
1,987
(a)
Navan, Inc
45
9,905
(a)
Norwegian Cruise Line Holdings Ltd
209
1,416
OneSpaWorld Holdings Ltd
40
792
Papa John's International, Inc
29
3,518
(a)
Penn National Gaming, Inc
75
1,210
Perdoceo Education Corp
39
433
Phoenix Education Partners, Inc
14
1,700
(a)
Planet Fitness, Inc
89
417
(a),(b)
Portillo's, Inc
2
330
RCI Hospitality Holdings, Inc
9
925
Red Rock Resorts, Inc
60
6,619
Restaurant Brands International, Inc
480
4,910
Royal Caribbean Cruises Ltd
1,559
1,353
(a)
Rush Street Interactive, Inc
40
10,188
(a)
Sabre Corp
21
771
(a),(b)
SeaWorld Entertainment, Inc
37
1,013
(a),(b)
Serve Robotics, Inc
7
2,521
Service Corp International
191
766
(a)
Shake Shack, Inc
43
3,581
(a)
SHARPLINK,Inc
17
2,208
(a)
Six Flags Entertainment Corp
47
22,222
Starbucks Corp
2,271
125
Strategic Education, Inc
10
808
(a)
Stride, Inc
70
558
Super Group SGHC Ltd
8
2,381
(a)
Sweetgreen, Inc
21
829
(a)
Target Hospitality Corp
17
1,383
Texas Roadhouse, Inc (Class A)
267
820
Travel & Leisure Co
63
941
(a)
Universal Technical Institute, Inc
40
783
(b)
Vail Resorts, Inc
107
679
(a)
Viad Corp
38
Stock Index
20
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER SERVICES
(continued)
3,229
(a)
Viking Holdings Ltd
$
338
652
(b)
Wendy's Co
5
529
Wingstop, Inc
92
1,659
Wyndham Hotels & Resorts, Inc
140
1,733
Wynn Resorts Ltd
168
371
(a)
Xponential Fitness, Inc
3
5,114
Yum! Brands, Inc
818
TOTAL CONSUMER SERVICES
25,926
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%
6,283
Albertsons Cos, Inc
85
383
Andersons, Inc
26
2,453
(a)
BJ's Wholesale Club Holdings, Inc
214
750
Casey's General Stores, Inc
596
776
(a)
Chefs' Warehouse, Inc
75
8,556
Costco Wholesale Corp
8,004
4,397
Dollar General Corp
506
3,618
(a)
Dollar Tree, Inc
438
2,474
(a),(b)
Grocery Outlet Holding Corp
25
202
(a)
Ingles Markets, Inc (Class A)
18
10,774
Kroger Co
598
3,470
(a)
Maplebear, Inc
164
345
Natural Grocers by Vitamin Cottage, Inc
11
2,937
(a)
Performance Food Group Co
328
553
(a)
Pricesmart, Inc
108
1,625
(a)
Sprouts Farmers Market, Inc
137
9,198
Sysco Corp
769
8,864
Target Corp
1,158
1,296
(a)
United Natural Foods, Inc
59
4,282
(a)
US Foods Holding Corp
438
292
(a)
Village Super Market (Class A)
12
84,717
Walmart, Inc
9,595
313
Weis Markets, Inc
24
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
23,388
ENERGY - 3.1%
6,664
Antero Midstream Corp
152
6,098
(a)
Antero Resources Corp
214
6,964
APA Corp
227
3,123
Archrock, Inc
127
577
Ardmore Shipping Corp
8
1,601
(b)
Atlas Energy Solutions, Inc
27
19,256
Baker Hughes Co
1,069
700
(a)
BKV Corp
19
4,580
(a),(b)
Borr Drilling Ltd
19
510
Bristow Group, Inc
21
1,403
Cactus, Inc
72
1,532
California Resources Corp
81
1,491
(a)
Calumet, Inc
54
274
(a),(b)
Centrus Energy Corp
46
4,087
Cheniere Energy, Inc
977
4,441
Chesapeake Energy Corp
405
35,879
Chevron Corp
5,947
921
Chord Energy Corp
105
4,074
(a)
Clean Energy Fuels Corp
8
3,082
(a)
CNX Resources Corp
105
1,609
(a)
Comstock Resources, Inc
24
23,816
ConocoPhillips
2,476
61
(b)
Core Laboratories, Inc
1
737
Core Natural Resources, Inc
59
734
Crescent Energy Co
7
875
CVR Energy, Inc
24
535
Delek US Holdings, Inc
27
22,011
Devon Energy Corp
909
21
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
ENERGY
(continued)
3,145
DHT Holdings, Inc
$
52
3,740
Diamondback Energy, Inc
657
1,119
(a)
Diversified Energy Co
16
1,083
Dorian LPG Ltd
38
1,899
DT Midstream, Inc
279
3,799
(a),(b)
Encore Energy Corp
5
4,018
(a),(b)
Energy Fuels, Inc
58
10,288
(a)
EOG Resources, Inc
1,335
12,156
EQT Corp
646
3,165
Evolution Petroleum Corp
12
428
Excelerate Energy, Inc
16
1,917
(a)
Expro Group Holdings NV
28
80,411
Exxon Mobil Corp
10,994
691
(b)
FLEX LNG Ltd
19
747
Flowco Holdings, Inc
16
128
(a)
Forum Energy Technologies, Inc
6
954
(a)
FutureFuel Corp
4
1,739
Golar LNG Ltd
87
2,448
Granite Ridge Resources, Inc
11
1,490
(a)
Green Plains, Inc
23
278
(a)
Gulfport Energy Operating Corp
47
16,863
Halliburton Co
572
1,956
(a)
Helix Energy Solutions Group, Inc
17
1,816
(a)
Helmerich & Payne, Inc
59
2,849
HF Sinclair Corp
198
1,195
(a)
Innovex International, Inc
30
803
International Seaways, Inc
62
37,981
Kinder Morgan, Inc
1,214
958
Kinetik Holdings, Inc
46
1,925
Kodiak Gas Services, Inc
145
4,919
(a)
Kosmos Energy Ltd
10
2,288
Liberty Energy, Inc
60
3,276
Magnolia Oil & Gas Corp
84
5,745
Marathon Petroleum Corp
1,469
1,892
Matador Resources Co
94
2,664
Murphy Oil Corp
87
238
(a),(b)
Nabors Industries Ltd
20
87
Nacco Industries, Inc (Class A)
4
1,312
(a)
National Energy Services Reunited Corp
39
696
Navigator Holdings Ltd
13
2,786
(a),(b)
NextDecade Corp
21
2,731
(b)
Noble Corp plc
102
4,171
(b)
Nordic American Tankers Ltd
23
897
Northern Oil and Gas, Inc
16
5,962
NOV, Inc
111
13,969
Occidental Petroleum Corp
678
2,352
(a)
Oceaneering International, Inc
95
2,073
(a)
Oil States International, Inc
17
12,571
ONEOK, Inc
1,093
5,943
Ovintiv, Inc
313
617
(a)
Par Pacific Holdings, Inc
35
7,160
Patterson-UTI Energy, Inc
66
1,615
PBF Energy, Inc
74
1,909
Peabody Energy Corp
44
15,047
Permian Resources Corp
277
7,706
Phillips 66
1,303
17
(a)
PrimeEnergy Corp
3
351
(a)
ProPetro Holding Corp
5
5,158
Range Resources Corp
192
1,251
Ranger Energy Services, Inc
20
642
(a)
Rex American Resources Corp
29
257
Riley Exploration Permian, Inc
8
Stock Index
22
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
ENERGY
(continued)
2,256
RPC, Inc
$
13
2,444
(a),(b)
Sable Offshore Corp
8
792
SandRidge Energy, Inc
11
29,198
Schlumberger Ltd
1,357
984
Scorpio Tankers, Inc
68
2,348
(a)
SEACOR Marine Holdings, Inc
18
633
(a)
Seadrill Ltd
24
1,587
Select Water Solutions, Inc
32
2,365
SFL Corp Ltd
24
4,014
SM Energy Co
105
886
Solaris Oilfield Infrastructure, Inc
71
656
(a)
Summit Midstream Corp
19
1,668
(a)
Talos Energy, Inc
22
4,133
Targa Resources Corp
1,108
7,264
TechnipFMC plc
482
2,111
Teekay Corp Ltd
21
468
Teekay Tankers Ltd
30
3,440
(a)
Tetra Technologies, Inc
39
1,129
Texas Pacific Land Corp
494
1,174
(a)
Tidewater, Inc
78
16,110
(a)
Transocean Ltd
79
7,605
(a)
Uranium Energy Corp
81
7,250
(a)
Ur-Energy, Inc
10
1,428
Vaalco Energy, Inc
7
1,385
(a)
Valaris Ltd
101
5,777
Valero Energy Corp
1,505
3,311
Viper Energy, Inc
140
758
(b)
Vitesse Energy, Inc
12
3,587
W&T Offshore, Inc
11
1,619
Weatherford International plc
132
23,547
Williams Cos, Inc
1,750
1,194
(b)
World Fuel Services Corp
39
TOTAL ENERGY
44,198
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.1%
3,091
Acadia Realty Trust
65
2,147
Agree Realty Corp
163
113
Alexander's, Inc
31
3,622
Alexandria Real Estate Equities, Inc
191
276
Alpine Income Property Trust, Inc
6
241
American Assets Trust, Inc
6
3,777
American Healthcare REIT, Inc
197
6,548
American Homes 4 Rent
219
9,102
American Tower Corp
1,489
4,194
Americold Realty Trust, Inc
66
4,180
Apple Hospitality REIT, Inc
70
1,658
Armada Hoffler Properties, Inc
12
2,711
AvalonBay Communities, Inc
512
3,466
Boston Properties, Inc
230
1,555
Braemar Hotels & Resorts, Inc
3
3,704
(a)
Brandywine Realty Trust
12
5,301
Brixmor Property Group, Inc
167
3,711
Broadstone Net Lease, Inc
77
552
BRT Apartments Corp
8
2,093
Camden Property Trust
240
4,081
CareTrust REIT, Inc
165
353
CBL & Associates Properties, Inc
19
460
Centerspace
26
1,449
Chatham Lodging Trust
19
295
(a)
Chiron Real Estate, Inc
11
753
Community Healthcare Trust, Inc
14
2,460
Corporate Office Properties Trust
90
3,658
Cousins Properties, Inc
110
23
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
8,634
Crown Castle, Inc
$
654
631
CTO Realty Growth, Inc
14
4,946
CubeSmart
197
1,883
Curbline Properties Corp
57
3,732
DiamondRock Hospitality Co
45
6,810
Digital Realty Trust, Inc
1,223
1,873
Diversified Healthcare Trust
17
3,158
(b)
Douglas Emmett, Inc
37
689
Easterly Government Properties, Inc
17
880
EastGroup Properties, Inc
178
3,522
Empire State Realty Trust, Inc
19
1,460
EPR Properties
85
1,884
Equinix, Inc
1,964
3,742
Equity Lifestyle Properties, Inc
241
7,617
Equity Residential
517
4,151
Essential Properties Realty Trust, Inc
124
1,249
Essex Property Trust, Inc
364
4,146
Extra Space Storage, Inc
602
967
(a)
Farmland Partners, Inc
9
1,812
Federal Realty Investment Trust
224
4,008
(a)
Fermi, Inc
37
2,421
First Industrial Realty Trust, Inc
148
450
Four Corners Property Trust, Inc
11
985
FrontView REIT, Inc
20
5,086
Gaming and Leisure Properties, Inc
226
1,083
Getty Realty Corp
36
942
Gladstone Commercial Corp
12
815
Gladstone Land Corp
7
2,111
(a)
Global Net Lease, Inc
19
6,539
Healthcare Realty Trust, Inc
132
13,548
Healthpeak Properties, Inc
290
2,129
Highwoods Properties, Inc
64
13,253
Host Hotels & Resorts Inc
314
514
(a)
Hudson Pacific Properties, Inc
8
4,575
Independence Realty Trust, Inc
76
2,564
Industrial Logistics Properties Trust
23
533
(b)
Innovative Industrial Properties, Inc
33
1,511
InvenTrust Properties Corp
54
11,571
Invitation Homes, Inc
350
5,810
Iron Mountain, Inc
734
901
Janus Living, Inc
26
577
(b)
JBG SMITH Properties
8
2,453
Kilroy Realty Corp
92
12,909
Kimco Realty Corp
327
3,383
Kite Realty Group Trust
96
1,641
Lamar Advertising Co
256
872
Lineage, Inc
38
947
LTC Properties, Inc
36
946
LXP Industrial Trust
51
6,081
Macerich Co
153
9,859
(b)
Medical Properties Trust, Inc
46
2,258
Mid-America Apartment Communities, Inc
314
2,789
Millrose Properties, Inc
84
812
National Health Investors, Inc
62
867
(a)
National Healthcare Properties, Inc
13
3,664
National Retail Properties, Inc
170
1,955
National Storage Affiliates Trust
87
336
NET Lease Office Properties
4
1,788
NETSTREIT Corp
38
662
NexPoint Residential Trust, Inc
18
5,436
Omega Healthcare Investors, Inc
259
574
One Liberty Properties, Inc
14
Stock Index
24
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
2,956
Outfront Media, Inc
$
97
2,943
Park Hotels & Resorts, Inc
42
1,145
Pebblebrook Hotel Trust
22
1,990
Phillips Edison & Co, Inc
83
3,343
(a)
Piedmont Office Realty Trust, Inc
31
1,168
(b)
Postal Realty Trust, Inc
29
17,926
Prologis, Inc
2,428
3,152
Public Storage, Inc
1,003
4,941
Rayonier, Inc
105
18,655
Realty Income Corp
1,156
3,429
Regency Centers Corp
273
5,133
Rexford Industrial Realty, Inc
172
2,146
RLJ Lodging Trust
25
1,402
Ryman Hospitality Properties, Inc
180
4,837
Sabra Health Care REIT, Inc
94
830
Safehold, Inc
13
392
(a)
Saul Centers, Inc
15
2,138
SBA Communications Corp
377
742
Service Properties Trust
1
6,055
Simon Property Group, Inc
1,354
1,512
SITE Centers Corp
6
1,278
(b)
SL Green Realty Corp
66
612
Smartstop Self Storage REIT, Inc
20
3,739
STAG Industrial, Inc
142
3,928
Summit Hotel Properties, Inc
28
2,443
Sun Communities, Inc
293
3,477
Sunstone Hotel Investors, Inc
40
2,417
Tanger Factory Outlet Centers, Inc
95
2,271
Terreno Realty Corp
147
6,334
UDR, Inc
253
994
UMH Properties, Inc
15
294
Universal Health Realty Income Trust
13
2,462
Urban Edge Properties
56
9,540
Ventas, Inc
847
19,005
(d)
VICI Properties, Inc
505
3,875
Vornado Realty Trust
152
13,629
(d)
Welltower, Inc
3,093
14,273
Weyerhaeuser Co
342
1,293
Whitestone REIT
25
4,363
WP Carey, Inc
312
994
Xenia Hotels & Resorts, Inc
20
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
29,562
FINANCIAL SERVICES - 6.7%
4,468
(a),(b)
Acacia Research (Acacia Technologies)
21
421
Affiliated Managers Group, Inc
142
5,294
(a)
Affirm Holdings, Inc
432
21,927
(b)
AGNC Investment Corp
239
315
Alerus Financial Corp
10
5,402
Ally Financial, Inc
248
10,244
American Express Co
3,465
1,675
Ameriprise Financial, Inc
768
14,091
Annaly Capital Management, Inc
315
3,041
(b)
Apollo Commercial Real Estate Finance, Inc
33
8,236
Apollo Global Management, Inc
974
3,729
(b)
Arbor Realty Trust, Inc
20
1,014
(b)
Ares Commercial Real Estate Corp
5
3,844
Ares Management Corp
428
1,757
(a),(b)
ARMOUR Residential REIT, Inc
31
1,225
Artisan Partners Asset Management, Inc
42
249
(a)
Atlanticus Holdings Corp
25
437
(a),(b)
Bakkt Holdings, Inc
3
167
Banco Latinoamericano de Exportaciones S.A. (Class E)
10
25
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
13,005
Bank of New York Mellon Corp
$
1,881
35,939
(a)
Berkshire Hathaway, Inc
17,984
5,899
BGC Group, Inc
63
2,958
BlackRock, Inc
2,844
3,077
(b)
Blackstone Mortgage Trust, Inc
52
14,541
Blackstone, Inc
1,711
10,168
(a)
Block, Inc
773
13,329
Blue Owl Capital, Inc
117
779
Bread Financial Holdings, Inc
84
540
Brightsphere Investment Group, Inc
39
3,033
BrightSpire Capital, Inc
17
6,967
Brookfield Asset Management Ltd
312
643
(a),(b)
Bullish
15
4,774
Burford Capital Ltd
20
1,278
Cannae Holdings, Inc
18
12,029
Capital One Financial Corp
2,413
5,682
Carlyle Group, Inc
239
576
Cass Information Systems, Inc
30
2,088
Cboe Global Markets, Inc
507
31,523
Charles Schwab Corp
2,909
216
Chicago Atlantic Real Estate Finance, Inc
2
5,072
(a)
Chime Financial, Inc
104
1,947
(b)
Chimera Investment Corp
26
2,359
(a)
Claros Mortgage Trust, Inc
6
7,109
CME Group, Inc
1,570
602
Cohen & Steers, Inc
46
4,431
(a)
Coinbase Global, Inc
648
1,463
(a)
Compass Diversified Trust
16
5,247
Corebridge Financial, Inc
150
1,245
(a)
Corpay, Inc
415
43
(a)
Credit Acceptance Corp
27
172
(a)
Dave, Inc
64
3,807
DigitalBridge Group, Inc
60
1,735
Dlocal Ltd
23
445
(a)
Donnelley Financial Solutions, Inc
19
2,280
Dynex Capital, Inc
30
1,030
Ellington Financial, Inc
14
215
Enact Holdings, Inc
10
78
(a)
Encore Capital Group, Inc
7
464
(a)
Enova International, Inc
112
5,463
Equitable Holdings, Inc
240
1,087
Essent Group Ltd
70
438
(a)
Euronet Worldwide, Inc
32
716
Evercore Partners, Inc (Class A)
244
716
EVERTEC, Inc
20
830
Factset Research Systems, Inc
191
120
Federal Agricultural Mortgage Corp
24
9,821
Fidelity National Information Services, Inc
382
2,762
(a)
Figure Technology Solutions, Inc
85
848
FirstCash Holdings, Inc
183
10,764
(a)
Fiserv, Inc
528
2,549
(a)
Flywire Corp
45
621
(b)
Franklin BSP Realty Trust, Inc
5
5,235
Franklin Resources, Inc
174
385
(a),(b)
Freedom Holding Corp
50
3,649
(a)
Galaxy Digital, Inc
100
559
GCM Grosvenor, Inc
7
4,457
Global Payments, Inc
323
5,592
Goldman Sachs Group, Inc
5,656
1,775
(a)
Green Dot Corp
24
904
Hamilton Lane, Inc
71
2,171
Hannon Armstrong Sustainable Infrastructure Capital, Inc
85
Stock Index
26
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
1,184
Houlihan Lokey, Inc
$
159
8,616
Interactive Brokers Group, Inc (Class A)
750
10,975
Intercontinental Exchange, Inc
1,351
677
(a)
International Money Express, Inc
10
7,952
Invesco Ltd
210
645
Invesco Mortgage Capital, Inc
5
1,405
Jack Henry & Associates, Inc
194
1,213
Jackson Financial, Inc
124
3,358
Jefferies Financial Group, Inc
168
1,077
Jefferson Capital, Inc
21
13,389
KKR & Co, Inc
1,229
933
(b)
KKR Real Estate Finance Trust, Inc
6
2,645
Ladder Capital Corp
26
2,463
Lazard, Inc
103
2,865
(a)
LendingClub Corp
59
334
(a)
LendingTree, Inc
15
1,630
LPL Financial Holdings, Inc
459
1,186
Marex Group plc
72
603
MarketAxess Holdings, Inc
68
8,366
(a)
Marqeta, Inc
34
15,638
Mastercard, Inc (Class A)
8,032
77
Merchants Bancorp
4
2,348
(b)
MFA Financial, Inc
23
3,981
MGIC Investment Corp
112
1,458
(a)
Miami International Holdings, Inc
54
1,603
Moelis & Co
105
2,932
Moody's Corp
1,328
21,687
Morgan Stanley
4,533
514
Morningstar, Inc
80
1,378
MSCI, Inc (Class A)
772
8,903
Nasdaq Stock Market, Inc
702
609
Navient Corp
5
1,078
(a)
NCR Corp ATM
47
249
Nelnet, Inc (Class A)
33
619
(a)
NerdWallet, Inc
6
2,274
(b)
New York Mortgage Trust, Inc
21
156
(b)
Nexpoint Real Estate Finance, Inc
2
1,313
(a)
NMI Holdings, Inc
54
3,586
Northern Trust Corp
623
436
(a)
Ocwen Financial Corp
17
2,252
OneMain Holdings, Inc
137
3,011
(a)
Open Lending Corp
9
651
(b)
Orchid Island Capital, Inc
5
1,141
(b)
P10, Inc
9
3,836
Pagseguro Digital Ltd
35
1,422
Patria Investments Ltd
16
1,134
(a)
Paymentus Holdings, Inc
27
5,249
(a)
Payoneer Global, Inc
37
17,492
PayPal Holdings, Inc
755
1,007
(a),(b)
Paysafe Ltd
8
313
PennyMac Financial Services, Inc
27
2,070
(a),(b)
PennyMac Mortgage Investment Trust
23
745
Perella Weinberg Partners
12
1,676
Piper Sandler Cos
121
473
PJT Partners, Inc
71
684
(a)
PRA Group, Inc
13
750
PROG Holdings, Inc
35
2,308
Radian Group, Inc
87
3,450
Raymond James Financial, Inc
525
3,562
Ready Capital Corp
6
2,761
Redwood Trust, Inc
13
383
Regional Management Corp
16
27
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
3,564
(a)
Remitly Global, Inc
$
80
2,014
(a)
Repay Holdings Corp
8
8,392
(a),(b)
Rithm Capital Corp
79
15,146
(a)
Robinhood Markets, Inc
1,519
17,173
(a)
Rocket Cos, Inc
270
44
(b)
Runway Growth Finance Corp
  0^
5,773
S&P Global, Inc
2,351
2,204
(a)
Security National Financial Corp
21
1,844
SEI Investments Co
162
319
(a),(b)
Sezzle, Inc
55
1,450
(a),(b)
Shift4 Payments, Inc
71
175
Silvercrest Asset Management Group, Inc
2
3,058
SLM Corp
79
24,786
(a)
SoFi Technologies, Inc
444
4,340
Starwood Property Trust, Inc
71
5,224
State Street Corp
886
1,257
StepStone Group, Inc
52
3,276
Stifel Financial Corp
229
3,299
StoneCo Ltd
36
1,416
(a)
StoneX Group, Inc
168
6,223
Synchrony Financial
473
4,156
T Rowe Price Group, Inc
473
9,750
(a)
Toast, Inc
271
1,884
TPG RE Finance Trust, Inc
16
2,829
TPG, Inc
115
2,265
Tradeweb Markets, Inc
226
2,103
Two Harbors Investment Corp
26
1,821
(a),(b)
Upstart Holdings, Inc
65
2,181
(b)
UWM Holdings Corp
5
705
(a)
Velocity Financial, Inc
13
711
Victory Capital Holdings, Inc
60
1,614
Virtu Financial, Inc
96
76
(a)
Virtus Investment Partners, Inc
11
31,911
Visa, Inc (Class A)
10,948
1,621
Voya Financial, Inc
147
771
Walker & Dunlop, Inc
42
1,032
(a)
Waterstone Financial, Inc
21
5,640
(a)
Webull Corp
37
5,981
(b)
Western Union Co
46
434
(a)
WEX, Inc
61
2,601
WisdomTree, Inc
44
160
(a)
World Acceptance Corp
36
8,308
XP, Inc
135
TOTAL FINANCIAL SERVICES
94,680
FOOD, BEVERAGE & TOBACCO - 1.9%
129
(a)
Alico, Inc
5
32,010
Altria Group, Inc
2,303
9,157
Archer-Daniels-Midland Co
700
1,674
B&G Foods, Inc (Class A)
7
206
(a)
Boston Beer Co, Inc (Class A)
36
953
(b)
Brown-Forman Corp (Class A)
26
3,244
Brown-Forman Corp (Class B)
86
2,584
Bunge Global S.A.
276
993
Cal-Maine Foods, Inc
80
2,786
(b)
Campbell Soup Co
62
3,595
(a)
Celsius Holdings, Inc
105
74,556
Coca-Cola Co
6,059
1,095
Coca-Cola Consolidated Inc
209
6,286
ConAgra Brands, Inc
85
2,872
Constellation Brands, Inc (Class A)
399
2,767
(a)
Darling International, Inc
151
614
Dole plc
8
Stock Index
28
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
FOOD, BEVERAGE & TOBACCO
(continued)
493
(b)
Flowers Foods, Inc
$
4
1,252
(a),(b)
Forafric Global plc
13
709
Fresh Del Monte Produce, Inc
20
1,117
(a)
Freshpet, Inc
66
9,964
General Mills, Inc
347
2,849
Hershey Co
500
5,709
Hormel Foods Corp
142
1,157
Ingredion, Inc
110
308
J&J Snack Foods Corp
23
2,234
J.M. Smucker Co
251
6,366
JBS NV
75
368
John B Sanfilippo & Son, Inc
32
25,305
Keurig Dr Pepper, Inc
828
16,984
Kraft Heinz Co
401
2,865
Lamb Weston Holdings, Inc
124
383
Lancaster Colony Corp
44
717
(a)
MamaMancini's Holdings, Inc
13
4,625
McCormick & Co, Inc
233
476
MGP Ingredients, Inc
8
1,254
(a),(b)
Mission Produce, Inc
15
1,929
Molson Coors Brewing Co (Class B)
75
24,876
Mondelez International, Inc
1,439
13,473
(a)
Monster Beverage Corp
1,295
607
(a)
National Beverage Corp
19
26,374
PepsiCo, Inc
3,571
30,180
Philip Morris International, Inc
5,460
599
Pilgrim's Pride Corp
17
744
(a)
Post Holdings, Inc
66
5,610
Primo Brands Corp
137
5
Seaboard Corp
22
226
(a)
Seneca Foods Corp
39
2,221
(a)
Simply Good Foods Co
29
539
Smithfield Foods, Inc
13
310
Turning Point Brands, Inc
26
5,567
Tyson Foods, Inc (Class A)
319
612
(a)
Universal Corp
32
1,426
Utz Brands, Inc
11
630
(a)
Vita Coco Co, Inc
42
689
(a),(b)
Vital Farms, Inc
8
TOTAL FOOD, BEVERAGE & TOBACCO
26,466
HEALTH CARE EQUIPMENT & SERVICES - 3.1%
33,840
Abbott Laboratories
3,071
1,988
(a)
Acadia Healthcare Co, Inc
59
2,296
(a)
AdaptHealth Corp
24
409
(a)
Addus HomeCare Corp
41
295
(a)
agilon health, Inc
32
1,267
(a)
Align Technology, Inc
214
3,890
(a)
Alignment Healthcare, Inc
93
2,458
(a)
Alphatec Holdings, Inc
21
3,648
AmerisourceBergen Corp
1,032
986
(a)
AMN Healthcare Services, Inc
32
1,310
(a)
Angiodynamics, Inc
17
1,556
(a)
Anteris Technologies Global Corp
15
1,046
(a)
Apollo Medical Holdings, Inc
49
1,229
(a)
AtriCure, Inc
34
1,650
(a)
Avanos Medical, Inc
41
1,345
(a)
Aveanna Healthcare Holdings, Inc
11
1,009
(a)
Axogen, Inc
47
9,523
Baxter International, Inc
203
5,551
Becton Dickinson & Co
840
887
(a)
Beta Bionics, Inc
14
1,241
(a)
Blade Air Mobility, Inc
7
29
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
28,957
(a)
Boston Scientific Corp
$
1,236
3,109
(a)
BrightSpring Health Services, Inc
217
3,295
(a)
Brookdale Senior Living, Inc
53
4,663
(a)
Butterfly Network, Inc
39
4,474
Cardinal Health, Inc
1,063
627
(a)
Castle Biosciences, Inc
15
9,546
(a)
Centene Corp
613
521
(a)
Ceribell, Inc
10
3,092
(a)
Certara, Inc
20
4,212
(a)
Cerus Corp
12
220
Chemed Corp
102
4,972
Cigna Group
1,371
8,725
(a)
Clover Health Investments Corp
46
2,247
Concentra Group Holdings Parent, Inc
67
671
Conmed Corp
22
4,011
(a)
Cooper Cos, Inc
288
567
(a)
Corvel Corp
35
1,273
(a)
Cross Country Healthcare, Inc
17
1,250
(a)
CryoLife, Inc
28
24,656
CVS Health Corp
2,551
500
(a)
DaVita, Inc
111
2,281
Dentsply Sirona, Inc
24
7,242
(a)
DexCom, Inc
488
2,649
(a)
Doximity, Inc
55
10,688
(a)
Edwards Lifesciences Corp
967
4,240
Elevance Health, Inc
1,640
286
Embecta Corp
1
2,177
Encompass Health Corp
220
1,154
(a)
Enovis Corp
24
1,078
Ensign Group, Inc
173
3,894
(a)
Envista Holdings Corp
103
516
(a)
Establishment Labs Holdings, Inc
44
2,165
(a)
Evolent Health, Inc
12
604
(a)
Fulgent Genetics, Inc
12
9,057
GE HealthCare Technologies, Inc
580
277
(a)
GeneDx Holdings Corp
19
945
(a)
Glaukos Corp
132
2,133
(a)
Globus Medical, Inc
168
2,486
(a)
Guardant Health, Inc
373
520
(a)
Guardian Pharmacy Services, Inc
22
967
(a)
Haemonetics Corp
72
2,917
HCA, Inc
1,137
1,571
(a)
HealthEquity, Inc
142
9
HealthStream, Inc
  0^
1,531
(a)
HeartFlow, Inc
45
1,843
(a)
Henry Schein, Inc
154
3,852
(a),(b)
Hims & Hers Health, Inc
134
796
(a)
Hinge Health, Inc
66
2,307
Humana, Inc
916
313
(a)
ICU Medical, Inc
46
1,544
(a)
IDEXX Laboratories, Inc
813
316
(a)
Innovage Holding Corp
4
672
(a)
Inogen, Inc
4
734
(a)
Inspire Medical Systems, Inc
33
1,449
(a)
Insulet Corp
221
638
(a)
Integer Holdings Corp
60
241
(a)
Integra LifeSciences Holdings Corp
4
6,823
(a)
Intuitive Surgical, Inc
2,713
402
iRadimed Corp
38
689
(a)
iRhythm Technologies, Inc
82
510
(a)
Kestra Medical Technologies Ltd
13
1,603
Labcorp Holdings, Inc
449
Stock Index
30
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
1,244
(a)
Lantheus Holdings, Inc
$
138
562
LeMaitre Vascular, Inc
54
796
(a),(b)
LifeMD, Inc
3
1,759
(a)
LifeStance Health Group, Inc
19
874
(a)
LivaNova plc
72
2,367
McKesson Corp
1,788
8,760
(a)
Medline, Inc
345
25,049
Medtronic plc
1,960
1,360
(a)
Merit Medical Systems, Inc
94
1,041
(a)
Molina Healthcare, Inc
238
212
National Healthcare Corp
45
357
National Research Corp
8
656
(a)
Nektar Therapeutics
46
5,732
(a)
Neogen Corp
51
3,250
(a)
NeoGenomics, Inc
47
2,637
(a)
Novocure Ltd
40
96
(a),(b)
Nutex Health, Inc
16
678
(a)
Omada Health, Inc
15
437
(a)
Omnicell, Inc
18
13,300
(a),(b)
Opko Health, Inc
20
2,731
(a)
Option Care Health, Inc
57
2,181
(a)
OraSure Technologies, Inc
10
945
(a)
Orthofix Medical, Inc
9
357
(a)
OrthoPediatrics Corp
7
2,217
(a)
Owens & Minor, Inc
8
593
(a)
PACS Group, Inc
25
1,877
(a)
Pediatrix Medical Group, Inc
48
942
(a)
Pennant Group, Inc
35
701
(a)
Penumbra, Inc
221
1,246
(a)
Phreesia, Inc
13
2,886
(a)
Privia Health Group, Inc
74
1,135
(a),(b)
PROCEPT BioRobotics Corp
26
389
(a)
Progyny, Inc
11
324
(a),(b)
Pulse Biosciences, Inc
9
2,034
Quest Diagnostics, Inc
431
1,394
(a)
QuidelOrtho Corp
24
1,510
(a)
RadNet, Inc
93
2,918
Resmed, Inc
569
558
(a)
RxSight, Inc
3
448
(a)
Sanara Medtech, Inc
11
1,342
(a)
Schrodinger, Inc
22
1,967
Select Medical Holdings Corp
32
815
(a)
SI-BONE, Inc
13
414
Simulations Plus, Inc
8
2,492
(a)
Solventum Corp
192
549
(a)
Sonida Senior Living, Inc
22
1,339
(a)
STAAR Surgical Co
38
1,910
STERIS plc
402
1,211
(a),(b)
Strive, Inc
13
6,700
Stryker Corp
2,109
1,791
(a)
Surgery Partners, Inc
30
468
(a)
Tactile Systems Technology, Inc
14
2,737
(a)
Talkspace, Inc
14
1,480
(a)
Tandem Diabetes Care, Inc
22
4,752
(a),(b)
Teladoc Health, Inc
40
704
Teleflex, Inc
89
1,612
(a)
Tenet Healthcare Corp
302
719
(a),(b)
TransMedics Group, Inc
48
105
(a)
UFP Technologies, Inc
28
17,443
UnitedHealth Group, Inc
7,250
893
Universal Health Services, Inc (Class B)
133
468
US Physical Therapy, Inc
32
31
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
149
Utah Medical Products, Inc
$
10
1,492
(a)
Varex Imaging Corp
16
2,980
(a)
Veeva Systems, Inc
529
1,971
(a)
Waystar Holding Corp
40
3,433
Zimmer Biomet Holdings, Inc
296
TOTAL HEALTH CARE EQUIPMENT & SERVICES
44,461
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
2,778
(a)
BellRing Brands, Inc
36
400
(a)
Central Garden & Pet Co
18
375
(a)
Central Garden and Pet Co (Class A)
14
1,128
(a)
ChromaDex Corp
4
4,827
Church & Dwight Co, Inc
468
2,353
Clorox Co
225
15,209
Colgate-Palmolive Co
1,394
9,161
(a),(b)
Coty, Inc
20
1,010
Edgewell Personal Care Co
27
1,083
(a)
elf Beauty, Inc
80
952
Energizer Holdings, Inc
20
4,562
Estee Lauder Cos (Class A)
360
622
(a)
Herbalife Ltd
8
2,283
(a)
Honest Co, Inc
8
345
Inter Parfums, Inc
39
37,020
Kenvue, Inc
707
6,579
Kimberly-Clark Corp
722
537
(a)
Nature's Sunshine Products, Inc
12
142
Nu Skin Enterprises, Inc (Class A)
1
214
(a)
Oil-Dri Corp of America
22
3,350
(a),(b)
Olaplex Holdings, Inc
7
44,837
Procter & Gamble Co
6,575
116
Reynolds Consumer Products, Inc
3
637
Spectrum Brands Holdings, Inc
55
426
(a)
USANA Health Sciences, Inc
9
292
(a)
WD-40 Co
71
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
10,905
INSURANCE - 1.7%
1,168
(a)
Accelerant Holdings
14
8,892
Aflac, Inc
1,043
4,912
Allstate Corp
1,169
1,747
(a)
AMBAC Financial Group, Inc
11
1,104
American Financial Group, Inc
155
1,028
American Integrity Insurance Group, Inc
19
10,405
American International Group, Inc
775
150
Amerisafe, Inc
5
4,065
Aon plc
1,348
6,706
(a)
Arch Capital Group Ltd
651
967
Assurant, Inc
260
735
Assured Guaranty Ltd
59
1,040
Axis Capital Holdings Ltd
112
628
(a)
Bowhead Specialty Holdings, Inc
19
444
(a)
Brighthouse Financial, Inc
28
5,761
Brown & Brown, Inc
370
1,510
(a)
BRP Group, Inc
40
6,748
Chubb Ltd
2,299
2,973
Cincinnati Financial Corp
550
2,521
(a),(b)
Citizens, Inc (Class A)
14
125
CNA Financial Corp
6
1,789
CNO Financial Group, Inc
91
319
Crawford & Co
4
406
Donegal Group, Inc (Class A)
8
362
Employers Holdings, Inc
18
716
Everest Re Group Ltd
256
814
F&G Annuities & Life, Inc
22
Stock Index
32
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
INSURANCE
(continued)
828
Fidelis Insurance Holdings Ltd
$
20
5,313
Fidelity National Financial, Inc
251
1,939
First American Financial Corp
133
4,992
Gallagher (Arthur J.) & Co
1,146
9,101
(a)
Genworth Financial, Inc (Class A)
86
1,312
Globe Life, Inc
234
512
(a)
Goosehead Insurance, Inc
25
621
(a)
Greenlight Capital Re Ltd (Class A)
10
875
Hamilton Insurance Group Ltd
30
684
Hanover Insurance Group, Inc
146
5,237
Hartford Financial Services Group, Inc
694
185
HCI Group, Inc
32
484
(a)
Heritage Insurance Holdings, Inc
13
348
(a)
Hippo Holdings, Inc
10
624
Horace Mann Educators Corp
32
62
Investors Title Co
17
865
James River Group Holdings, Inc
4
371
Kemper Corp
10
404
(a),(b)
Kingsway Financial Services, Inc
4
459
Kinsale Capital Group, Inc
151
1,146
(a)
Lemonade, Inc
75
3,350
Lincoln National Corp
118
3,089
Loews Corp
350
251
(a)
Markel Corp
490
9,419
Marsh & McLennan Cos, Inc
1,570
2,049
(a)
MBIA, Inc
13
284
Mercury General Corp
30
10,553
Metlife, Inc
893
726
(a)
Neptune Insurance Holdings, Inc
23
394
(a)
NI Holdings, Inc
6
4,224
Old Republic International Corp
173
3,765
(a)
Oscar Health, Inc
107
350
(a)
Palomar Holdings, Inc
44
567
Primerica, Inc
161
4,396
Principal Financial Group
474
11,408
Progressive Corp
2,492
6,624
Prudential Financial, Inc
715
1,162
Reinsurance Group of America, Inc (Class A)
247
804
RenaissanceRe Holdings Ltd
255
1,239
RLI Corp
73
230
(a)
Root, Inc
13
2,077
(b)
Ryan Specialty Holdings, Inc
78
192
Safety Insurance Group, Inc
14
1,162
Selective Insurance Group, Inc
113
261
(a)
SiriusPoint Ltd
6
648
(a)
Skyward Specialty Insurance Group, Inc
38
784
(a)
Slide Insurance Holdings, Inc
15
601
Stewart Information Services Corp
40
1,255
Tiptree, Inc
23
4,140
Travelers Cos, Inc
1,367
802
(a)
Trupanion, Inc
20
844
United Fire Group, Inc
44
551
Universal Insurance Holdings, Inc
23
3,306
Unum Group
296
4,104
W.R. Berkley Corp
289
54
White Mountains Insurance Group Ltd
112
1,843
Willis Towers Watson plc
482
TOTAL INSURANCE
23,676
MATERIALS - 2.2%
889
AdvanSix, Inc
18
4,277
(a)
Air Products & Chemicals, Inc
1,254
2,404
Albemarle Corp
325
33
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
MATERIALS
(continued)
5,065
Alcoa Corp
$
264
4,238
(a)
Almonty Industries, Inc
70
82
(a)
Alpha Metallurgical Resources, Inc
13
8,786
Amcor plc
381
9,904
AngloGold Ashanti PLC
801
1,387
Aptargroup, Inc
174
4,201
Ardagh Metal Packaging S.A.
20
1,022
Ashland, Inc
67
1,604
(a),(b)
ASP Isotopes, Inc
10
1,916
(a)
Aspen Aerogels, Inc
12
792
Aura Minerals, Inc
50
1,496
Avery Dennison Corp
243
2,152
Avient Corp
79
4,706
(a)
Axalta Coating Systems Ltd
161
625
Balchem Corp
106
5,250
Ball Corp
328
901
Cabot Corp
82
1,082
(b)
Caledonia Mining Corp plc
21
2,183
Celanese Corp (Series A)
100
1,274
(a)
Century Aluminum Co
59
2,881
CF Industries Holdings, Inc
312
3,126
Chemours Co
64
623
(a)
Clearwater Paper Corp
10
9,729
(a)
Cleveland-Cliffs, Inc
91
20,623
Coeur Mining, Inc
337
2,149
Commercial Metals Co
135
1,021
(a)
Compass Minerals International, Inc
32
2,037
(a)
Constellium SE
65
99
(a)
Contango ORE, Inc
2
12,848
Corteva, Inc
1,088
13,055
CRH plc
1,397
1,287
(a),(b)
Critical Metals Corp
13
2,190
Crown Holdings, Inc
245
14,842
Dow, Inc
406
2,645
(a)
DuPont de Nemours, Inc
359
734
Eagle Materials, Inc
165
2,505
Eastman Chemical Co
168
4,875
Ecolab, Inc
1,358
890
(a)
Ecovyst, Inc
11
4,374
Element Solutions, Inc
209
680
Elemental Royalty Corp
12
805
(b)
FMC Corp
9
28,111
Freeport-McMoRan, Inc (Class B)
1,768
4,701
Graphic Packaging Holding Co
50
563
Greif, Inc (Class A)
42
203
(b)
Greif, Inc (Class B)
19
1,239
H.B. Fuller Co
72
461
Hawkins, Inc
65
12,993
Hecla Mining Co
200
3,500
Huntsman Corp
37
1,039
(a)
Hycroft Mining Holding Corp
24
484
(a)
Idaho Strategic Resources, Inc
16
915
(a)
Ingevity Corp
68
586
Innospec, Inc
48
4,952
International Flavors & Fragrances, Inc
392
10,249
International Paper Co
390
362
(a)
Intrepid Potash, Inc
12
1,480
(a)
Ivanhoe Electric, Inc
14
3,081
(a)
James Hardie Industries plc
81
381
Kaiser Aluminum Corp
74
1,339
(a)
Knife River Corp
112
197
Koppers Holdings, Inc
9
Stock Index
34
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
MATERIALS
(continued)
893
Kronos Worldwide, Inc
$
6
8,866
Linde plc
4,601
952
(a)
LSB Industries, Inc
10
4,304
LyondellBasell Industries NV
227
1,166
Martin Marietta Materials, Inc
672
321
Materion Corp
95
996
(a)
McEwen, Inc
18
322
Minerals Technologies, Inc
24
4,986
Mosaic Co
106
2,470
(a),(b)
MP Materials Corp
138
871
Myers Industries, Inc
31
126
NewMarket Corp
100
20,396
Newmont Goldcorp Corp
1,905
3,115
(a)
NioCorp Developments Ltd
15
5,415
(a)
Novagold Resources, Inc
32
4,298
Nucor Corp
957
731
(a)
O-I Glass, Inc
7
2,933
Olin Corp
58
2,087
(a)
Orion S.A.
14
1,694
Packaging Corp of America
404
2,133
(a)
Perimeter Solutions, Inc
76
995
(a)
Perpetua Resources Corp
21
4,354
PPG Industries, Inc
528
2,935
(a),(b)
PureCycle Technologies, Inc
24
182
(b)
Quaker Chemical Corp
29
646
(a)
Ramaco Resources, Inc
9
821
(a)
Ranpak Holdings Corp
6
1,744
(a)
Rayonier Advanced Materials, Inc
14
995
Reliance Steel & Aluminum Co
372
1,729
Royal Gold, Inc
345
2,679
RPM International, Inc
298
1,267
Ryerson Holding Corp
31
1,637
Schweitzer-Mauduit International, Inc
12
638
Scotts Miracle-Gro Co (Class A)
43
1,015
Sensient Technologies Corp
125
4,523
Sherwin-Williams Co
1,557
1,257
Silgan Holdings, Inc
58
10,546
Smurfit WestRock plc
488
2,837
Solstice Advanced Materials, Inc
251
1,582
Sonoco Products Co
89
1,797
Southern Copper Corp
313
4,204
(a)
SSR Mining, Inc
119
2,620
Steel Dynamics, Inc
601
479
Stepan Co
27
2,524
SunCoke Energy, Inc
20
123
(a)
Sylvamo Corp
5
1,535
(a)
TimkenSteel Corp
29
1,164
(a)
Tredegar Corp
9
361
Trimas Corp
16
2,830
Tronox Holdings plc
18
105
United States Lime & Minerals, Inc
11
2,431
(a),(b)
US Antimony Corp
18
3,702
(a)
USA Rare Earth, Inc
80
2,532
Vulcan Materials Co
747
713
Warrior Met Coal, Inc
58
532
Westlake Chemical Corp
39
858
Worthington Steel, Inc
29
TOTAL MATERIALS
30,554
MEDIA & ENTERTAINMENT - 8.2%
70
(a),(b)
Advantage Solutions, Inc
3
91,935
Alphabet, Inc
32,483
112,682
Alphabet, Inc (Class A)
40,269
35
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
MEDIA & ENTERTAINMENT
(continued)
5,652
(a),(b)
Altice USA, Inc
$
8
6,627
(a)
AMC Entertainment Holdings, Inc
13
921
(a),(b)
AMC Networks, Inc
9
1,202
(a)
Angi, Inc
7
428
(a),(b)
Atlanta Braves Holdings, Inc
24
665
(a)
Atlanta Braves Holdings, Inc
35
353
(a)
Boston Omaha Corp
5
2,348
(a)
Bumble, Inc
8
52
(a)
Cable One, Inc
3
1,394
(a)
Cargurus, Inc
48
2,223
(a)
Cars.com, Inc
24
1,497
(a)
Charter Communications, Inc
213
2,354
Cinemark Holdings, Inc
75
7,455
(a)
Clear Channel Outdoor Holdings, Inc
18
46
(a)
Daily Journal Corp
28
3,008
(a)
DoubleVerify Holdings, Inc
33
2,576
(a)
EchoStar Corp (Class A)
261
4,656
Electronic Arts, Inc
955
2,637
Entravision Communications Corp (Class A)
34
452
(a)
EverQuote, Inc
11
4,226
Fox Corp (Class A)
220
1,992
Fox Corp (Class B)
93
607
(a),(b)
fuboTV, Inc
6
4,050
(a)
Gannett Co, Inc
35
2,117
Gray Television, Inc
8
828
(a)
Grindr, Inc
12
1,501
(a)
IAC, Inc
69
405
(a),(b)
Ibotta, Inc
14
936
(a)
IMAX Corp
37
599
(a)
John Wiley & Sons, Inc (Class A)
29
2,066
(a)
Liberty Broadband Corp
69
337
(a)
Liberty Broadband Corp (Class A)
11
495
(a)
Liberty Media Corp-Liberty Formula One (Class A)
43
4,440
(a)
Liberty Media Corp-Liberty Formula One (Class C)
422
4,146
(a)
Lionsgate Studios Corp
63
3,041
(a)
Live Nation, Inc
557
832
(a)
Madison Square Garden Entertainment Corp
67
352
(a)
Madison Square Garden Sports Corp
141
3,683
(a)
Magnite, Inc
70
736
Marcus Corp
17
4,167
(a)
Match Group, Inc
159
494
(a)
MediaAlpha, Inc
6
42,523
Meta Platforms, Inc
23,953
2,069
National CineMedia, Inc
8
81,220
(a)
Netflix, Inc
5,799
2,979
New York Times Co (Class A)
208
7,913
News Corp (Class A)
197
1,917
News Corp (Class B)
54
413
Nexstar Media Group, Inc
74
3,861
(a)
Nextdoor Holdings, Inc
9
1,212
(a)
NIQ Global Intelligence PLC
11
5,528
Omnicom Group, Inc
403
9,562
(a)
Pinterest, Inc
201
2,676
Playtika Holding Corp
10
1,094
(a)
PubMatic, Inc
14
1,192
(a)
QuinStreet, Inc
17
2,436
(a)
Reddit, Inc
423
12,259
(a)
ROBLOX Corp
667
2,508
(a)
Roku, Inc
346
1,703
(a),(b)
RUM Group, Inc
11
293
Scholastic Corp
14
719
Shutterstock, Inc
10
Stock Index
36
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
MEDIA & ENTERTAINMENT
(continued)
132
Sinclair, Inc
$
2
3,458
Sirius XM Holdings, Inc
102
455
(a)
Sphere Entertainment Co
79
3,045
(a)
Spotify Technology S.A.
1,398
1,585
(a),(b)
Stagwell, Inc
12
403
(a)
Starz Entertainment Corp
12
4,254
(a)
Stubhub Holdings, Inc
55
2,415
(a)
Taboola.com Ltd
12
3,433
(a)
Take-Two Interactive Software, Inc
858
708
(a),(b)
TechTarget, Inc
3
1,279
TKO Group Holdings, Inc
258
2,932
(a)
TripAdvisor, Inc
40
3,797
(a),(b)
Trump Media & Technology Group Corp
29
3,009
Versant Media Group, Inc
108
34,181
Walt Disney Co
3,290
45,427
(a)
Warner Bros Discovery, Inc
1,211
1,062
(a)
Yelp, Inc
26
323
(a)
Ziff Davis, Inc
17
1,977
(a),(b)
ZipRecruiter, Inc
7
7,616
(a)
ZoomInfo Technologies, Inc
22
TOTAL MEDIA & ENTERTAINMENT
116,685
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%
2,501
(a)
10X Genomics, Inc
96
524
(a)
4D Molecular Therapeutics, Inc
7
34,262
AbbVie, Inc
8,622
2,636
(a)
Absci Corp
31
2,591
(a)
Acadia Pharmaceuticals, Inc
66
2,258
(a)
Aclaris Therapeutics, Inc
12
3,224
(a)
Adaptive Biotechnologies Corp
69
988
(a)
ADC Therapeutics S.A.
1
4,828
(a)
ADMA Biologics, Inc
40
5,517
Agilent Technologies, Inc
733
1,033
(a)
Agios Pharmaceuticals, Inc
38
5,405
(a)
Akebia Therapeutics, Inc
6
404
(a)
Aktis Oncology, Inc
13
1,504
(a)
Alector, Inc
3
3,121
(a)
Alkermes plc
164
2,417
(a)
Allogene Therapeutics, Inc
5
2,533
(a)
Alnylam Pharmaceuticals, Inc
763
1,340
(a)
Altimmune, Inc
4
499
(a)
Alto Neuroscience, Inc
13
1,423
(a)
Alumis, Inc
40
10,541
Amgen, Inc
3,817
2,888
(a)
Amneal Pharmaceuticals, Inc
50
766
(a)
Amphastar Pharmaceuticals, Inc
15
1,192
(a)
Amylyx Pharmaceuticals, Inc
21
94
(a)
AnaptysBio, Inc
6
1,840
(a),(b)
Anavex Life Sciences Corp
5
292
(a)
ANI Pharmaceuticals, Inc
24
566
(a)
Anika Therapeutics, Inc
8
612
(a)
Annexon, Inc
4
859
(a)
Apogee Therapeutics, Inc
114
2,057
(a)
Aquestive Therapeutics, Inc
9
2,291
(a)
Arbutus Biopharma Corp
11
625
(a),(b)
Arcturus Therapeutics Holdings, Inc
4
1,321
(a)
Arcus Biosciences, Inc
41
2,006
(a)
Arcutis Biotherapeutics, Inc
53
5,648
(a)
Ardelyx, Inc
29
873
(a)
ArriVent Biopharma, Inc
30
2,750
(a)
Arrowhead Pharmaceuticals, Inc
224
998
(a),(b)
ARS Pharmaceuticals, Inc
8
1,292
(a)
Arvinas, Inc
11
37
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
972
(a)
Ascendis Pharma A.S.
$
259
6,103
(a)
AtaiBeckley, Inc
32
1,878
(a)
Atea Pharmaceuticals, Inc
9
183
(a)
Atrium Therapeutics, Inc
2
478
(a)
Aura Biosciences, Inc
3
2,019
(a)
Aurinia Pharmaceuticals, Inc
34
800
(a)
Avalo Therapeutics, Inc
15
326
(a),(b)
Avalyn Pharma, Inc
11
14,435
(a)
Avantor, Inc
143
854
(a)
Axsome Therapeutics, Inc
209
1,758
(a)
Beam Therapeutics, Inc
60
846
(a)
Bicara Therapeutics, Inc
25
669
(a)
BioAge Labs, Inc
16
6,933
(a)
BioCryst Pharmaceuticals, Inc
69
2,989
(a)
Biogen, Inc
646
1,812
(a)
Biohaven Ltd
27
681
(a)
BioLife Solutions, Inc
19
4,154
(a)
BioMarin Pharmaceutical, Inc
238
425
(a)
Bio-Rad Laboratories, Inc (Class A)
125
3,426
Bio-Techne Corp
242
3,248
(a)
Bridgebio Pharma, Inc
242
40,025
Bristol-Myers Squibb Co
2,306
894
(a)
Brooks Automation, Inc
23
2,425
Bruker BioSciences Corp
146
1,207
(a),(b)
Candel Therapeutics, Inc
12
886
(a)
Capricor Therapeutics, Inc
21
1,462
(a)
CareDx, Inc
42
2,019
(a)
Caris Life Sciences, Inc
36
2,496
(a)
Catalyst Pharmaceuticals, Inc
78
662
(a)
Celcuity, Inc
69
1,296
(a)
Celldex Therapeutics, Inc
48
1,397
(a)
CG oncology, Inc
99
1,066
(a)
Charles River Laboratories International, Inc
242
1,647
(a)
Codexis, Inc
4
2,721
(a)
Cogent Biosciences, Inc
105
877
(a),(b)
Collegium Pharmaceutical, Inc
32
2,680
(a)
Compass Therapeutics, Inc
6
1,537
(a)
Corcept Therapeutics, Inc
134
1,679
(a),(b)
CorMedix, Inc
13
1,196
(a)
Corvus Pharmaceuticals, Inc
18
1,406
(a)
Crinetics Pharmaceuticals, Inc
53
1,789
(a)
CRISPR Therapeutics AG.
98
1,192
(a)
CryoPort, Inc
19
660
(a)
Cullinan Oncology, Inc
12
3,007
(a)
Cytek Biosciences, Inc
13
2,661
(a)
Cytokinetics, Inc
227
3,391
(a)
CytomX Therapeutics, Inc
13
1,017
(a)
Damora Therapeutics, Inc
26
12,342
Danaher Corp
2,351
1,628
(a)
Definium Therapeutics, Inc
77
2,697
(a)
Denali Therapeutics, Inc
69
890
(a)
Design Therapeutics, Inc
13
472
(a)
Disc Medicine, Inc
35
1,929
(a)
Dyne Therapeutics, Inc
43
1,694
(a)
Edgewise Therapeutics, Inc
69
2,042
(a)
Editas Medicine, Inc
7
10,064
(a)
Elanco Animal Health, Inc
248
15,473
Eli Lilly & Co
18,559
648
(a)
Enanta Pharmaceuticals, Inc
9
619
(a)
Enliven Therapeutics, Inc
31
66
(a)
Entrada Therapeutics, Inc
  0^
2,249
(a)
Erasca, Inc
41
Stock Index
38
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
2,102
(a)
Esperion Thereapeutics, Inc
$
7
843
(a)
Eton Pharmaceuticals, Inc
31
702
(a),(b)
Evolus, Inc
5
5,109
(a)
Exelixis, Inc
278
690
(a)
EyePoint Pharmaceuticals, Inc
10
1,545
(a)
Fennec Pharmaceuticals, Inc
17
94
(a)
First Tracks Biotherapeutics, Inc
2
505
(a)
Foghorn Therapeutics, Inc
2
2,432
(a)
Fortrea Holdings, Inc
42
12,566
(a)
Geron Corp
16
24,263
Gilead Sciences, Inc
3,065
677
(a)
GRAIL, Inc
46
2,107
(a)
Halozyme Therapeutics, Inc
165
588
(a)
Harmony Biosciences Holdings, Inc
21
690
(a),(b)
Harrow Health, Inc
29
2,404
(a)
Hyperliquid Strategies, Inc
19
1,780
(a)
Ideaya Biosciences, Inc
66
3,107
(a)
Illumina, Inc
546
7,369
(a),(b)
ImmunityBio, Inc
65
1,224
(a)
Immunome, Inc
26
1,107
(a),(b)
Immunovant, Inc
43
3,175
(a)
Incyte Corp
360
2,622
(a)
Indivior Pharmaceuticals, Inc
108
203
(a)
Inhibrx Biosciences, Inc
19
1,343
(a)
Innoviva, Inc
31
4,350
(a)
Insmed, Inc
464
2,093
(a)
Intellia Therapeutics, Inc
35
3,279
(a)
Ionis Pharmaceuticals, Inc
260
7,077
(a),(b)
Iovance Biotherapeutics, Inc
29
3,345
(a)
IQVIA Holdings, Inc
646
4,179
(a)
Ironwood Pharmaceuticals, Inc
18
845
(a),(b)
Jade Biosciences, Inc
19
851
(a)
Janux Therapeutics, Inc
13
1,189
(a)
Jazz Pharmaceuticals plc
287
46,582
Johnson & Johnson
11,830
884
(a),(b)
Kailera Therapeutics, Inc
19
333
(a)
Keros Therapeutics, Inc
4
807
(a)
Kiniksa Pharmaceuticals Ltd
52
988
(a)
Kodiak Sciences, Inc
39
486
(a)
Krystal Biotech, Inc
181
1,654
(a)
Kura Oncology, Inc
18
969
(a)
Kymera Therapeutics, Inc
111
426
(a),(b)
LB Pharmaceuticals, Inc
14
391
(a),(b)
LENZ Therapeutics, Inc
2
4,765
(a),(b)
Lexicon Pharmaceuticals, Inc
11
383
(a)
Ligand Pharmaceuticals, Inc (Class B)
121
1,283
(a)
Liquidia Corp
102
341
(a)
Madrigal Pharmaceuticals, Inc
183
901
(a)
Magenta Therapeutics, Inc
88
7,710
(a)
MannKind Corp
33
3,088
(a)
Maravai LifeSciences Holdings, Inc
19
368
(a),(b)
Maze Therapeutics, Inc
11
543
(a)
MBX Biosciences, Inc
30
406
(a)
Medpace Holdings, Inc
215
548
(a)
MeiraGTx Holdings plc
7
48,314
Merck & Co, Inc
6,208
126
Mesa Laboratories, Inc
13
395
(a)
Mettler-Toledo International, Inc
505
3,231
(a)
MiMedx Group, Inc
12
493
(a)
Mineralys Therapeutics, Inc
13
940
(a)
Mirum Pharmaceuticals, Inc
110
7,058
(a)
Moderna, Inc
494
39
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
213
(a)
Monte Rosa Therapeutics, Inc
$
5
2,502
(a)
Myriad Genetics, Inc
14
2,637
(a)
Natera, Inc
716
1,956
(a)
Neurocrine Biosciences, Inc
330
881
(a)
Nkarta, Inc
3
3,954
(a),(b)
Novavax, Inc
37
1,379
(a)
Nurix Therapeutics, Inc
33
1,024
(a)
Nuvalent, Inc
126
4,458
(a)
Nuvation Bio, Inc
25
2,032
(a)
Ocular Therapeutix, Inc
20
685
(a)
Olema Pharmaceuticals, Inc
9
296
(a),(b)
Omeros Corp
3
183
(a),(c)
OmniAb Operations, Inc
  0^
183
(a),(c)
OmniAb Operations, Inc
  0^
2,377
(a)
OmniAb, Inc
6
1,103
(a),(b)
Organogenesis Holdings, Inc
3
5,283
Organon & Co
72
1,309
(a)
ORIC Pharmaceuticals, Inc
14
672
(a)
Oruka Therapeutics, Inc
64
1,343
(a)
Pacira BioSciences, Inc
34
102
(a)
Palvella Therapeutics, Inc
16
2,182
(a)
PerkinElmer, Inc
243
1,727
(b)
Perrigo Co plc
18
1,292
(a)
Personalis, Inc
17
282
(a),(b)
Perspective Therapeutics, Inc
1
112,313
Pfizer, Inc
2,705
575
(a),(b)
Phathom Pharmaceuticals, Inc
6
720
Phibro Animal Health Corp
23
411
(a)
Praxis Precision Medicines, Inc
138
2,435
(a),(b)
Precigen, Inc
14
998
(a)
Prestige Consumer Healthcare, Inc.
47
1,074
(a),(b)
Prime Medicine, Inc
4
1,206
(a)
Protagonist Therapeutics, Inc
148
1,011
(a)
Prothena Corp plc
10
1,680
(a)
PTC Therapeutics, Inc
137
4,423
QIAGEN NV
173
914
(a)
Quanterix Corp
4
501
(a)
Rapport Therapeutics, Inc
21
5,158
(a),(b)
Recursion Pharmaceuticals, Inc
19
1,981
Regeneron Pharmaceuticals, Inc
1,235
1,062
(a)
REGENXBIO, Inc
13
2,088
(a)
Relay Therapeutics, Inc
39
1,807
(a)
Relmada Therapeutics, Inc
13
1,154
(a)
Repligen Corp
157
3,736
(a)
REVOLUTION Medicines, Inc
700
952
(a)
Rhythm Pharmaceuticals, Inc
106
332
(a)
Rigel Pharmaceuticals, Inc
13
1,412
(a)
Rocket Pharmaceuticals, Inc
5
9,510
(a)
Roivant Sciences Ltd
337
8,077
Royalty Pharma plc
453
2,386
(a),(b)
Sana Biotechnology, Inc
8
2,126
(a),(b)
Sarepta Therapeutics, Inc
38
2,292
(a)
Savara, Inc
14
2,130
(a)
Scholar Rock Holding Corp
117
3,317
(a),(b)
SELLAS Life Sciences Group, Inc
49
421
(a)
Septerna, Inc
14
1,913
SIGA Technologies, Inc
7
362
(a)
Sionna Therapeutics, Inc
16
1,499
(a)
Solid Biosciences, Inc
15
5,510
(a)
Sotera Health Co
98
1,419
(a)
Spyre Therapeutics, Inc
126
519
(a)
Stoke Therapeutics, Inc
17
Stock Index
40
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
2,552
(a),(b)
Summit Therapeutics, Inc
$
37
796
(a)
Supernus Pharmaceuticals, Inc
37
1,544
(a)
Syndax Pharmaceuticals, Inc
34
2,685
(a)
Tango Therapeutics, Inc
84
457
(a)
Tarsus Pharmaceuticals, Inc
29
1,021
(a)
Taysha Gene Therapies, Inc
7
1,798
(a),(b)
Tempus AI, Inc
104
2,320
(a)
TG Therapeutics, Inc
127
1,625
(a)
Theravance Biopharma, Inc
28
7,261
Thermo Fisher Scientific, Inc
3,640
1,469
(a)
Travere Therapeutics, Inc
83
1,838
(a)
Trevi Therapeutics, Inc
34
1,447
(a)
Twist Bioscience Corp
149
649
(a)
Tyra Biosciences, Inc
21
1,912
(a)
Ultragenyx Pharmaceutical, Inc
64
846
(a)
United Therapeutics Corp
458
599
(a)
Upstream Bio, Inc
4
525
(a)
UroGen Pharma Ltd
19
1,691
(a)
Vanda Pharmaceuticals, Inc
10
2,816
(a)
Vaxcyte, Inc
164
1,060
(a)
Vera Therapeutics, Inc
45
1,983
(a)
Veracyte, Inc
116
415
(a)
VeraDermics, Inc
51
1,345
(a)
Vericel Corp
60
5,020
(a)
Vertex Pharmaceuticals, Inc
2,494
21,436
Viatris, Inc
340
2,550
(a)
Viking Therapeutics, Inc
99
1,798
(a)
Vir Biotechnology, Inc
18
699
(a),(b)
Viridian Therapeutics, Inc
13
777
(a)
Vor BioPharma, Inc
14
842
(a)
Voyager Therapeutics, Inc
3
1,984
(a)
Waters Corp
744
1,512
(a)
WaVe Life Sciences Ltd
9
1,424
West Pharmaceutical Services, Inc
511
1,460
(a)
Xencor, Inc
24
1,642
(a)
Xenon Pharmaceuticals, Inc
99
3,592
(a)
Xeris Biopharma Holdings, Inc
28
527
(a)
XOMA Corp
22
837
(a),(b)
Z Squared, Inc
9
546
(a),(b)
Zenas Biopharma, Inc
14
1,687
(a)
Zevra Therapeutics, Inc
24
8,220
Zoetis, Inc
591
1,416
(a)
Zymeworks, Inc
37
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
89,664
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
1,201
(a),(b)
American Realty Investors, Inc
27
5,701
(a)
CBRE Group, Inc
768
11,951
(a)
Compass, Inc
147
7,895
(a)
CoStar Group, Inc
224
3,593
(a)
Cushman & Wakefield Ltd
48
1,858
eXp World Holdings, Inc
10
400
(a)
Forestar Group, Inc
13
618
(a)
FRP Holdings, Inc
15
418
(a)
Howard Hughes Holdings, Inc
30
886
(a)
Jones Lang LaSalle, Inc
275
569
Marcus & Millichap, Inc
18
187
(a)
Maui Land & Pineapple Co, Inc
3
1,819
Newmark Group, Inc
27
17,946
(a)
Opendoor Technologies, Inc
83
732
(a)
Re/Max Holdings, Inc
7
2,849
(a),(b)
Real Brokerage, Inc
5
283
(b)
RMR Group, Inc
6
41
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
REAL ESTATE MANAGEMENT & DEVELOPMENT
(continued)
46
(a),(b)
Seaport Entertainment Group, Inc
$
1
820
St. Joe Co
51
834
(a)
Tejon Ranch Co
16
1,079
(a)
Zillow Group, Inc (Class A)
34
3,355
(a)
Zillow Group, Inc (Class C)
106
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,914
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 17.0%
815
(a)
ACM Research, Inc
103
31,474
(a)
Advanced Micro Devices, Inc
18,284
686
(a)
Aehr Test Systems
66
2,689
(a)
Allegro MicroSystems, Inc
187
844
(a)
Alpha & Omega Semiconductor Ltd
40
765
(a)
Ambarella, Inc
66
354
(a)
Ambiq Micro, Inc
31
2,434
Amkor Technology, Inc
210
9,414
Analog Devices, Inc
3,739
15,320
Applied Materials, Inc
11,076
2,990
(a)
Astera Labs, Inc
1,444
494
(a)
Axcelis Technologies, Inc
94
1,190
(a)
AXT, Inc
86
89,989
Broadcom, Inc
33,993
934
(a),(b)
Canadian Solar, Inc
15
839
(a)
Ceva, Inc
40
1,022
(a)
Cirrus Logic, Inc
152
850
(a)
Cohu, Inc
63
3,217
(a)
Credo Technology Group Holding Ltd
875
993
(a)
Diodes, Inc
109
2,501
(a)
Enphase Energy, Inc
123
2,968
Entegris, Inc
534
1,986
(a)
First Solar, Inc
469
1,470
(a)
Formfactor, Inc
235
586
(a)
Freyr Battery, Inc
5
2,419
GLOBALFOUNDRIES, Inc
199
660
(a)
Ichor Holdings Ltd
74
551
(a)
Impinj, Inc
79
2,443
(a),(b)
indie Semiconductor, Inc
11
84,886
(a)
Intel Corp
11,853
25,305
KLA Corp
7,635
3,340
(a)
Kopin Corp
15
1,055
Kulicke & Soffa Industries, Inc
141
24,159
Lam Research Corp
10,469
2,520
(a)
Lattice Semiconductor Corp
385
1,266
(a)
MACOM Technology Solutions Holdings, Inc
481
16,896
Marvell Technology, Inc
5,033
1,706
(a)
MaxLinear, Inc
218
10,316
Microchip Technology, Inc
941
21,809
Micron Technology, Inc
25,174
1,304
MKS Instruments, Inc
580
913
Monolithic Power Systems, Inc
1,262
2,707
(a)
Navitas Semiconductor Corp
48
127
NVE Corp
13
451,247
Nvidia Corp
90,290
7,674
(a)
ON Semiconductor Corp
725
978
(a)
Onto Innovation, Inc
370
630
(a)
PDF Solutions, Inc
45
988
(a)
Penguin Solutions, Inc
75
1,304
(a)
Photronics, Inc
42
1,334
Power Integrations, Inc
112
4,143
Qnity Electronics, Inc
677
1,645
(a)
Qorvo, Inc
153
20,379
QUALCOMM, Inc
3,766
2,099
(a)
Rambus, Inc
279
Stock Index
42
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
(continued)
6,127
(a),(b)
Rigetti Computing, Inc
$
118
1,701
(a)
Semtech Corp
275
505
(a)
Silicon Laboratories, Inc
110
434
(a)
SiTime Corp
324
624
(a)
SkyWater Technology, Inc
22
2,933
Skyworks Solutions, Inc
199
843
(a)
Synaptics, Inc
105
3,058
Teradyne, Inc
1,480
17,579
Texas Instruments, Inc
5,240
857
(a)
Ultra Clean Holdings
122
1,018
Universal Display Corp
88
1,051
(a)
Veeco Instruments, Inc
80
551
(a),(b)
Wolfspeed, Inc
27
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
241,374
SOFTWARE & SERVICES - 8.2%
3,462
(a)
8x8, Inc
6
1,378
A10 Networks, Inc
51
11,986
Accenture plc
1,492
2,392
(a)
ACI Worldwide, Inc
120
2,124
Adeia, Inc
70
7,685
(a)
Adobe, Inc
1,576
410
(a)
Agilysys, Inc
43
2,862
(a)
Akamai Technologies, Inc
338
791
(a)
Alarm.com Holdings, Inc
37
1,475
(a),(b)
Alkami Technology, Inc
27
1,906
Amdocs Ltd
96
1,464
(a)
Amplitude, Inc
11
429
(a)
Appfolio, Inc
69
1,178
(a)
Appian Corp
27
4,527
(a)
Applied Digital Corp
169
4,623
(a)
AppLovin Corp
2,382
667
(a)
Arteris, Inc
32
2,178
(a)
Asana, Inc
15
1,075
(a)
ASGN, Inc
19
3,407
(a)
Atlassian Corp Ltd
265
20,031
(a)
Aurora Innovation, Inc
137
4,213
(a)
Autodesk, Inc
819
2,977
(a)
AvePoint, Inc
33
1,608
(a)
Backblaze, Inc
25
3,363
Bentley Systems, Inc
101
4,737
(a),(b)
BigBear.ai Holdings, Inc
17
1,735
(a)
BigCommerce Holdings, Inc
5
1,788
(a)
BILL Holdings, Inc
65
6,122
(a),(b)
Bit Digital, Inc
11
1,941
(a)
Bitdeer Technologies Group
31
11,005
BitMine Immersion Technologies, Inc
146
976
(a)
Blackbaud, Inc
29
1,140
(a)
BlackLine, Inc
32
5,255
(a)
Blend Labs, Inc
9
3,187
(a)
Box, Inc
85
1,650
(a)
Braze, Inc
36
2,618
(a),(b)
C3.ai, Inc
24
5,355
(a)
Cadence Design Systems, Inc
2,010
10,087
(a)
CCC Intelligent Solutions Holdings, Inc
52
1,164
(a)
Cerence, Inc
13
6,470
(a)
Cipher Mining, Inc
159
3,492
(a)
Circle Internet Group, Inc
219
4,418
(a)
Cleanspark, Inc
64
1,700
Clear Secure, Inc
95
6,175
(a)
Cloudflare, Inc
1,515
9,899
Cognizant Technology Solutions Corp (Class A)
383
918
(a)
Commvault Systems, Inc
130
43
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
SOFTWARE & SERVICES
(continued)
415
(a)
Consensus Cloud Solutions, Inc
$
16
5,969
(a)
Core Scientific, Inc
153
6,793
(a)
CoreWeave, Inc
676
4,864
(a)
Crowdstrike Holdings, Inc
3,712
713
(a)
CS Disco, Inc
3
6,244
(a)
Datadog, Inc
1,626
574
(a),(b)
Digimarc Corp
5
2,598
(a)
Digital Turbine, Inc
34
1,583
(a)
DigitalOcean Holdings, Inc
249
3,873
(a)
DocuSign, Inc
172
725
Dolby Laboratories, Inc (Class A)
38
816
(a)
Domo, Inc
3
3,007
(a)
Dropbox, Inc
83
6,236
(a),(b)
D-Wave Quantum, Inc
150
3,422
(a)
DXC Technology Co
30
6,245
(a)
Dynatrace, Inc
274
648
(a)
eGain Corp
4
1,802
(a)
Elastic NV
103
1,191
(a)
EPAM Systems, Inc
94
918
(a),(b)
EverCommerce, Inc
9
444
(a)
Fair Isaac Corp
530
3,179
(a)
Fastly, Inc
58
4,162
(a)
Figma, Inc
75
2,029
(a)
Five9, Inc
43
11,564
(a)
Fortinet, Inc
1,776
4,300
(a)
Freshworks, Inc
44
1,274
(a)
Gartner, Inc
165
11,043
Gen Digital, Inc
275
2,872
(a)
Gitlab, Inc
88
1,037
(a)
Globant S.A.
30
2,748
(a)
GoDaddy, Inc
233
1,385
(a)
Grid Dynamics Holdings, Inc
8
1,788
(a)
Guidewire Software, Inc
220
1,077
Hackett Group, Inc
12
1,116
(a)
HubSpot, Inc
204
1,910
(a)
Hut 8 Corp
220
351
(a)
I3 Verticals, Inc
7
1,244
(a)
Intapp, Inc
31
516
InterDigital, Inc
146
18,153
International Business Machines Corp
5,105
5,356
Intuit, Inc
1,398
6,307
(a)
IREN Ltd
288
2,080
(a)
JFrog Ltd
189
1,808
(a)
Kaltura, Inc
2
11,248
(a)
Keel Infrastructure Corp
65
2,714
(a)
Klaviyo, Inc
41
2,085
(a)
Kyndryl Holdings, Inc
24
348
(a),(b)
Life360, Inc
19
1,398
(a)
LiveRamp Holdings, Inc
53
1,310
(a)
Manhattan Associates, Inc
182
6,513
(a),(b)
Marathon Digital Holdings, Inc
90
143,642
Microsoft Corp
53,581
6,391
(a)
MicroStrategy, Inc (Class A)
556
1,253
(a)
Mitek Systems, Inc
25
1,497
(a)
MongoDB, Inc
503
1,593
(a)
N-able, Inc
6
2,329
(a)
nCino OpCo, Inc
38
3,958
(a)
NCR Corp
32
1,787
(a)
NextNav, Inc
32
4,748
(a)
Nutanix, Inc
242
3,136
(a)
Okta, Inc
428
1,227
OneSpan, Inc
18
Stock Index
44
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
SOFTWARE & SERVICES
(continued)
661
(a)
Ooma, Inc
$
13
33,218
Oracle Corp
4,868
2,372
(a)
PagerDuty, Inc
23
42,983
(a)
Palantir Technologies, Inc
5,015
15,653
(a)
Palo Alto Networks, Inc
5,338
675
(a)
PAR Technology Corp
12
791
Park City Group, Inc
7
1,672
(b)
Pegasystems, Inc
50
1,883
(a)
Porch Group, Inc
28
2,527
(a)
Procore Technologies, Inc
103
1,155
(a)
Progress Software Corp
39
2,242
(a)
PTC, Inc
255
1,347
(a)
Q2 Holdings, Inc
65
560
(a)
Qualys, Inc
77
1,761
(a)
Rackspace Technology, Inc
11
1,695
(a)
Rapid7, Inc
14
1,087
(a),(b)
REalloys, Inc
16
24
(a)
Red Violet, Inc
2
992
(a)
Rimini Street, Inc
4
1,287
RingCentral, Inc
50
6,231
(a)
Riot Platforms, Inc
171
1,938
(a)
Roper Industries, Inc
656
2,784
(a)
Rubrik, Inc
223
1,313
(a),(b)
SailPoint, Inc
19
15,523
Salesforce, Inc
2,432
5,866
(a)
Samsara, Inc
190
6,664
(a)
SentinelOne, Inc
113
20,043
(a)
ServiceNow, Inc
1,990
1,171
(a)
ServiceTitan, Inc
83
6,479
(a)
Snowflake, Inc
1,649
7,118
(a),(b)
SoundHound AI, Inc
46
2,308
(a)
Sprinklr, Inc
12
1,316
(a)
Sprout Social, Inc
10
900
(a)
SPS Commerce, Inc
51
3,543
(a)
Synopsys, Inc
1,580
2,968
(a)
Tenable Holdings, Inc
109
1,532
(a)
Teradata Corp
53
7,059
(a)
Terawulf, Inc
174
612
(a)
Thryv Holdings, Inc
2
8,780
(a)
Trade Desk, Inc
159
4,496
(a)
Trimble Inc
230
400
(a),(b)
TSS, Inc
5
349
(a),(b)
Tucows, Inc
5
2,784
(a)
Twilio, Inc
574
911
(a)
Tyler Technologies, Inc
266
8,946
(a),(b)
UiPath, Inc
97
2,160
(a)
Unisys Corp
8
6,240
(a)
Unity Software, Inc
178
2,560
(a)
Varonis Systems, Inc
107
1,603
VeriSign, Inc
403
1,293
(a)
Vertex, Inc
15
1,006
(a)
Via Transportation, Inc
18
305
(a)
Viant Technology, Inc
4
1,154
(a)
Weave Communications, Inc
7
4,014
(a)
Workday, Inc
491
1,090
(a)
Workiva, Inc
53
1,061
(a)
Xperi, Inc
9
2,990
(a)
Yext, Inc
14
4,295
(a)
Zeta Global Holdings Corp
85
5,177
(a)
Zoom Video Communications, Inc
447
45
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
SOFTWARE & SERVICES
(continued)
2,023
(a)
Zscaler, Inc
$
286
TOTAL SOFTWARE & SERVICES
116,620
TECHNOLOGY HARDWARE & EQUIPMENT - 9.4%
521
(a),(b)
908 Devices, Inc
5
1,592
(a)
ADTRAN Holdings, Inc
22
737
Advanced Energy Industries, Inc
275
267
(a)
Aeva Technologies, Inc
8
23,730
Amphenol Corp (Class A)
4,184
279,634
Apple, Inc
80,915
1,507
(a)
Applied Optoelectronics, Inc
223
20,224
(a)
Arista Networks, Inc
3,436
2,522
(a)
Arlo Technologies, Inc
34
941
(a)
Arrow Electronics, Inc
201
223
(a)
Aviat Networks, Inc
5
1,583
Avnet, Inc
141
650
Badger Meter, Inc
96
278
(a)
Bel Fuse, Inc (Class B)
93
767
Belden CDT, Inc
92
768
Benchmark Electronics, Inc
76
1,278
(a)
Calix, Inc
48
2,589
CDW Corp
364
2,708
(a)
Ciena Corp
1,328
76,181
Cisco Systems, Inc
8,948
365
(a)
Clearfield, Inc
15
180
Climb Global Solutions, Inc
4
2,906
Cognex Corp
210
3,459
(a)
Coherent Corp
1,364
2,606
CommScope Holding Co, Inc
33
3,231
(b)
CompoSecure, Inc
51
15,292
Corning, Inc
3,906
716
(a)
Corsair Gaming, Inc
7
1,070
Crane NXT Co
55
725
CTS Corp
47
1,204
(a)
Daktronics, Inc
24
5,775
Dell Technologies, Inc
2,492
433
(a)
Diebold Nixdorf, Inc
37
759
(a)
Digi International, Inc
57
1,285
(a)
Eastman Kodak Co
12
468
ePlus, Inc
39
2,211
(a)
Evolv Technologies Holdings, Inc
13
3,100
(a)
Extreme Networks, Inc
100
1,071
(a)
F5 Networks, Inc
445
718
(a)
Fabrinet
404
7,152
(a)
Flextronics International Ltd
1,159
3,142
(a)
Harmonic, Inc
51
25,408
Hewlett Packard Enterprise Co
1,146
17,464
HP, Inc
383
1,475
(b)
Immersion Corp
10
2,241
(a)
Infleqtion, Inc
30
853
Ingram Micro Holding Corp
23
633
(a)
Insight Enterprises, Inc
77
6,976
(a),(b)
IonQ, Inc
372
441
(a)
IPG Photonics Corp
52
806
(a)
Itron, Inc
70
1,947
Jabil Inc
751
3,300
(a)
Keysight Technologies, Inc
1,155
1,038
(a)
Kimball Electronics, Inc
27
1,637
(a)
Knowles Corp
68
1,054
(a)
LightPath Technologies, Inc
17
3,062
(a),(b)
Lightwave Logic, Inc
29
537
Littelfuse, Inc
244
1,389
(a)
Lumentum Holdings, Inc
1,192
Stock Index
46
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT
(continued)
1,398
(a),(b)
Methode Electronics, Inc
$
26
4,542
(a)
Mirion Technologies, Inc
81
3,185
Motorola Solutions, Inc
1,323
259
(a)
M-Tron Industries, Inc
26
856
Napco Security Technologies, Inc
32
3,681
NetApp, Inc
570
962
(a)
Netgear, Inc
22
1,356
(a)
Netscout Systems, Inc
59
1,072
(a)
nLight, Inc
75
866
(a)
Novanta, Inc
140
9,303
(a),(b)
Ondas Holdings, Inc
77
271
(a)
OSI Systems, Inc
59
1,099
(a)
Ouster, Inc
69
430
PC Connection, Inc
31
597
(a)
Plexus Corp
179
2,686
(a)
Powerfleet, Inc
10
6,091
(a)
Pure Storage, Inc
480
2,499
(a),(b)
Quantum Computing, Inc
24
1,889
Ralliant Corp
139
2,205
(a)
Ribbon Communications, Inc
5
1,507
Richardson Electronics Ltd
29
512
(a)
Rogers Corp
84
2,816
(a)
SanDisk Corp
6,403
991
(a)
Sanmina Corp
251
471
(a)
Scansource, Inc
25
10,596
(a)
Super Micro Computer, Inc
311
1,422
TD SYNNEX Corp
380
910
(a)
Teledyne Technologies, Inc
607
1,987
(a)
TTM Technologies, Inc
372
379
(a)
Turtle Beach Corp
5
92
Ubiquiti, Inc
49
872
(a),(b)
Unusual Machines, Inc
19
2,420
(a)
Viasat, Inc
217
4,515
(a)
Viavi Solutions, Inc
216
2,371
Vishay Intertechnology, Inc
127
101
(a)
Vishay Precision Group, Inc
15
2,801
Vontier Corp
81
6,536
Western Digital Corp
4,175
2,578
(b)
Xerox Holdings Corp
8
994
(a)
Zebra Technologies Corp (Class A)
262
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
133,728
TELECOMMUNICATION SERVICES - 0.9%
410
(a)
Anterix, Inc
42
4,998
(a),(b)
AST SpaceMobile, Inc
444
130,665
AT&T, Inc
2,705
373
ATN International, Inc
10
669
(a)
Bandwidth, Inc
42
883
Cogent Communications Group, Inc
12
67,751
Comcast Corp (Class A)
1,663
699
(a)
Globalstar, Inc
57
1,217
(a)
Gogo, Inc
4
58
IDT Corp
3
2,073
Iridium Communications, Inc
114
67
(a),(b)
Liberty Capital Corp
2
515
(a)
Liberty Capital Corp
11
3,981
(a)
Liberty Global Ltd
45
3,062
(a)
Liberty Global Ltd
34
1,581
(a)
Liberty Latin America Ltd (Class A)
13
3,207
(a)
Liberty Latin America Ltd (Class C)
25
17,237
(a)
Lumen Technologies, Inc
132
1,765
(b)
Millicom International Cellular S.A.
160
1,561
Shenandoah Telecom Co
24
47
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
TELECOMMUNICATION SERVICES
(continued)
10,332
(a)
Space Exploration Technologies Corp
$
1,765
917
Spok Holdings, Inc
9
2,350
Telephone and Data Systems, Inc
87
9,489
T-Mobile US, Inc
1,592
2,282
(a)
Uniti Group, Inc
26
80,128
Verizon Communications, Inc
3,393
TOTAL TELECOMMUNICATION SERVICES
12,414
TRANSPORTATION - 1.4%
2,504
(a)
Alaska Air Group, Inc
131
438
(a)
Allegiant Travel Co
52
205
(a),(b)
Amerco, Inc
13
11,224
(a)
American Airlines Group, Inc
203
349
ArcBest Corp
50
327
(a),(b)
Avis Budget Group, Inc
48
2,351
CH Robinson Worldwide, Inc
443
206
(a)
Costamare Bulkers Holdings Ltd
4
1,032
Costamare, Inc
14
904
Covenant Logistics Group, Inc
40
36,265
CSX Corp
1,724
12,788
(a)
Delta Air Lines, Inc
1,198
2,544
Expeditors International Washington, Inc
415
4,137
FedEx Corp
1,295
2,133
(a)
FedEx Freight Holding Co, Inc
322
613
(a)
Forward Air Corp
8
349
(a)
Frontier Group Holdings, Inc
3
1,539
FTAI Infrastructure, Inc
7
791
Genco Shipping & Trading Ltd
20
2,509
(a)
GXO Logistics, Inc
127
1,188
Heartland Express, Inc
18
2,589
(a),(b)
Hertz Global Holdings, Inc
6
1,880
(b)
Himalaya Shipping Ltd
25
1,520
Hub Group, Inc (Class A)
67
1,468
JB Hunt Transport Services, Inc
425
4,132
(a)
JetBlue Airways Corp
24
12,912
(a),(b)
Joby Aviation, Inc
115
963
(a)
Kirby Corp
131
3,087
Knight-Swift Transportation Holdings, Inc
240
759
Landstar System, Inc
157
8,428
(a)
Lyft, Inc (Class A)
123
29
Marten Transport Ltd
1
521
Matson, Inc
100
4,351
Norfolk Southern Corp
1,369
3,645
Old Dominion Freight Line
790
1,449
(a)
Radiant Logistics, Inc
14
2,690
(a)
RXO, Inc
74
733
Ryder System, Inc
193
1,798
Safe Bulkers, Inc
11
480
(a)
Saia, Inc
202
1,003
Schneider National, Inc
37
493
(a)
Skywest, Inc
49
8,616
Southwest Airlines Co
443
37,699
(a)
Uber Technologies, Inc
2,720
1,526
U-Haul Holding Co
88
11,431
Union Pacific Corp
3,109
6,311
(a)
United Airlines Holdings, Inc
858
14,422
United Parcel Service, Inc (Class B)
1,550
200
(b)
Universal Truckload Services, Inc
3
631
(a)
Werner Enterprises, Inc
28
2,316
(a)
XPO, Inc
475
TOTAL TRANSPORTATION
19,562
UTILITIES - 2.2%
13,242
AES Corp
194
Stock Index
48
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
SHARES
DESCRIPTION
VALUE (000)
UTILITIES
(continued)
5,046
Alliant Energy Corp
$
385
5,244
Ameren Corp
593
10,625
American Electric Power Co, Inc
1,454
590
American States Water Co
49
3,914
American Water Works Co, Inc
515
3,074
Atmos Energy Corp
530
1,516
Avista Corp
62
1,485
Black Hills Corp
110
2,605
Brookfield Infrastructure Corp
100
2,781
Brookfield Renewable Corp
103
1,192
California Water Service Group
58
13,166
Centerpoint Energy, Inc
580
463
Chesapeake Utilities Corp
57
2,534
Clearway Energy, Inc (Class C)
87
6,003
CMS Energy Corp
459
7,032
Consolidated Edison, Inc
778
383
(a)
Consolidated Water Co, Inc
11
6,229
Constellation Energy Corp
1,547
17,375
Dominion Energy, Inc
1,187
4,213
(a)
DTE Energy Co
642
15,025
Duke Energy Corp
1,902
7,340
(a)
Edison International
546
8,654
Entergy Corp
994
5,617
Essential Utilities, Inc
215
4,339
Evergy, Inc
375
7,343
Eversource Energy
531
20,015
Exelon Corp
933
10,867
FirstEnergy Corp
517
498
Genie Energy Ltd
7
349
(a)
Global Water Resources, Inc
3
674
(a)
Hallador Energy Co
12
2,006
(a)
Hawaiian Electric Industries, Inc
27
1,081
Idacorp, Inc
164
4,948
MDU Resources Group, Inc
105
605
MGE Energy, Inc
49
116
Middlesex Water Co
7
1,899
(a),(b)
Montauk Renewables, Inc
3
1,599
National Fuel Gas Co
123
1,462
New Jersey Resources Corp
82
40,292
NextEra Energy, Inc
3,536
9,344
NiSource, Inc
444
607
Northwest Natural Holding Co
30
1,255
NorthWestern Corp
90
3,900
NRG Energy, Inc
570
3,931
OGE Energy Corp
191
2,744
(a),(b)
Oklo, Inc
144
1,168
ONE Gas, Inc
90
1,235
Ormat Technologies, Inc
134
454
Otter Tail Corp
41
42,480
PG&E Corp
714
2,278
Pinnacle West Capital Corp
244
1,905
PNM Resources, Inc
108
2,253
Portland General Electric Co
117
15,060
PPL Corp
547
9,608
Public Service Enterprise Group, Inc
780
626
(a)
Pure Cycle Corp
7
620
(a)
RGC Resources, Inc
15
12,443
Sempra Energy
1,154
466
(b)
SJW Corp
28
21,663
Southern Co
2,073
1,183
Southwest Gas Holdings Inc
105
1,146
Spire, Inc
89
49
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
UTILITIES
(continued)
861
(a)
Talen Energy Corp
$
331
4,386
UGI Corp
151
534
Unitil Corp
28
6,621
Vistra Corp
1,050
6,016
WEC Energy Group, Inc
702
12,192
Xcel Energy, Inc
979
490
York Water Co
15
TOTAL UTILITIES
30,603
TOTAL COMMON STOCKS
(Cost $329,149)
1,402,284
SHARES
DESCRIPTION
EXPIRATION DATE
VALUE (000)
RIGHTS/WARRANTS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
478
(c)
Aduro Biotech, Inc
10/05/30
 0^
798
(a),(c)
Arcellx, Inc
03/31/30
 0^
278
(c)
AstraZeneca plc
02/19/30
 0^
1,163
(a),(c)
Chinook Therapeutics, Inc
  0^
813
(a),(c)
Inhibrx, Inc
06/30/27
 0^
1,191
(c)
Novo Nordisk A.S.
06/30/31
1
390
(c)
Tobira Therapeutics, Inc
12/31/28
 0^
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
1
TOTAL RIGHTS/WARRANTS
(Cost $2)
1
TOTAL LONG-TERM INVESTMENTS
(Cost $329,151)
1,402,285‌
SHARES
DESCRIPTION
RATE
VALUE (000)
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%
3,648,545
(e)
State Street Navigator Securities Lending Government Money Market Portfolio
3.660%(f)
3,649
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $3,649)
3,649
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE (000)
SHORT-TERM INVESTMENTS - 0.1%
REPURCHASE AGREEMENTS - 0.1%
$
1,499,000
(g)
Fixed Income Clearing Corporation
3
.650
07/01/26
1,499
TOTAL REPURCHASE AGREEMENTS
1,499
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,499)
1,499
TOTAL INVESTMENTS - 99.3%
(Cost $334,299)
1,407,433
OTHER ASSETS & LIABILITIES, NET - 0.7%
10,188
NET ASSETS - 100.0%
$1,417,621
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 $7,087,601.  
(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, 3.650% dated 6/30/26 to be repurchased at $1,499,152 on 7/1/26, collateralized by Government Agency Securities, with coupon rate
0.625% and maturity date 7/15/32, valued at $1,529,050.
Stock Index
50
See Notes to Financial Statements
Portfolio of Investments June 30, 2026
(continued)
Investments in Derivatives
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
39‌
09/18/26
  $
14,718‌
$
14,719‌
$
1‌
51
Statement of Assets and Liabilities
See Notes to Financial Statements
June 30, 2026 (Unaudited)
(amounts in thousands, except accumulation unit value)
24.1
Stock Index
ASSETS
Long-term investments, at value*†
$
1,402,285‌
Short-term investments, at value#
1,499‌
Investments purchased with collateral from securities
lending, at value (cost approximates value)
3,649‌
Cash
1‌
Receivables:
Dividends
682‌
Investments sold
14,408‌
Variation margin on futures contracts
45‌
Other
159‌
Total assets
1,422,728‌
LIABILITIES
Due to affiliates
1,245‌
Cash collateral due to broker
33‌
Payables:
Investment management fees
2‌
Collateral from securities lending
3,649‌
Service agreement fees
8‌
Trustee compensation
154‌
Other
16‌
Total liabilities
5,107‌
Net assets
Accumulation Fund
$
1,417,621‌
Accumulation units outstanding
2,393‌
Accumulation unit value
$
592
.379‌
* Includes securities loaned of
$
7,088‌
† Long-term investments, cost
$
329,151‌
# Short-term investments, cost
$
1,499‌
52
Statement of Operations
See Notes to Financial Statements
Six Months Ended June 30, 2026 (Unaudited)
(amounts in thousands)
24.1
Stock Index
INVESTMENT INCOME
Dividends
$
7,812‌
Interest
165‌
Securities lending income, net
24‌
Tax withheld
(
5‌
)
Total investment income
7,996‌
EXPENSES
Investment advisory
2,047‌
Administrative services
1,365‌
Mortality and expense risk charges
2,730‌
Total expenses
6,142‌
Expense waiver by investment adviser
(
1,638‌
)
Net expenses
4,504‌
Net investment income (loss)
3,492‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
86,632‌
Futures contracts
705‌
Net realized gain (loss)
87,337‌
Change in unrealized appreciation (depreciation) on:
Investments
47,389‌
Futures contracts
(
6‌
)
Net change in unrealized appreciation (depreciation)
47,383‌
Net realized and unrealized gain (loss)
134,720‌
Net increase (decrease) in net assets from operations
$
138,212‌
53
Statements of Changes in Net Assets
See Notes to Financial Statements
24.1
Stock Index
(amounts in thousands)
Unaudited
Six Months Ended
6/30/26
Year Ended
12/31/25
OPERATIONS
Net investment income (loss)
$
3,492‌
$
7,571‌
Net realized gain (loss)
87,337‌
131,313‌
Net change in unrealized
appreciation (depreciation)
47,383‌
60,773‌
Net increase (decrease) in net
assets from operations
138,212‌
199,657‌
FROM CONTRACTOWNER TRANSACTIONS
Premiums
2,060‌
5,829‌
Withdrawals and death benefits
(
94,949‌
)
(
147,755‌
)
Net increase (decrease) from
contractowner transactions
(
92,889‌
)
(
141,926‌
)
Net increase (decrease) in net
assets
45,323‌
57,731‌
Net assets at the beginning of
period
1,372,298‌
1,314,567‌
Net assets at the end of period
$
1,417,621‌
$
1,372,298‌
Financial Highlights
See Notes to Financial Statements
54
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Investment
Income
(a)
Net
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
24.1
Stock Index
     6/30/26
(d)
$
3
.213‌
$
1
.810‌
$
1
.403‌
$
54
.911‌
$
56
.314‌
$
536
.065‌
$
592
.379‌
     12/31/25
6
.139‌
3
.343‌
2
.796‌
72
.330‌
75
.126‌
460
.939‌
536
.065‌
     12/31/24
5
.805‌
3
.176‌
2
.629‌
83
.044‌
85
.673‌
375
.266‌
460
.939‌
     12/31/23
5
.633‌
2
.508‌
3
.125‌
71
.968‌
75
.093‌
300
.173‌
375
.266‌
     12/31/22
5
.003‌
2
.405‌
2
.598‌
(
76
.219‌
)
(
73
.621‌
)
373
.790‌
300
.173‌
     12/31/21
4
.405‌
2
.549‌
1
.856‌
72
.394‌
74
.250‌
299
.540‌
373
.790‌
(a)
Based on average units outstanding.
(b)
Based on per accumulation unit data.
(c)
Percentage is not annualized.
(d)
Unaudited.
(e)
Annualized.
See Notes to Financial Statements
55
Ratios and Supplemental Data
Ratios to Average Net Assets
Total
Return
(b),(c)
Gross
Expenses
Net Expenses
Net
Investment
Income (Loss)
Portfolio
Turnover
Rate
Accumulation Units
Outstanding, End of
Period (in Millions)
Net Assets,
End of Period
(in Millions)
10
.58‌
%
0
.90‌
%
(e)
0
.66‌
%
(e)
0
.51‌
%
(e)
1‌
%
2
  $
1,418‌
16
.30‌
0
.90‌
0
.69‌
0
.58‌
2‌
3
1,372‌
22
.83‌
0
.90‌
0
.75‌
0
.62‌
2‌
3
1,315‌
25
.02‌
0
.90‌
0
.75‌
0
.93‌
2‌
3
1,200‌
(
19
.70‌
)
0
.90‌
0
.75‌
0
.81‌
2‌
4
1,057‌
24
.79‌
0
.90‌
0
.75‌
0
.55‌
3‌
4
1,411‌
56
Notes to Financial Statements
(Unaudited)
1. General Information
Account Information:
TIAA Separate Account VA-1 (“VA-1”) is a segregated investment account of Teachers Insurance and Annuity
Association of America (“TIAA”) and is organized under the insurance laws of the State of New York for the purpose of issuing and
funding individual variable annuity contracts. The variable annuity contracts were issued by TIAA. VA-1 is an open-end management
investment company under the Investment Company Act of 1940, (“1940 Act”), as amended. VA-1 consists of a single investment
portfolio, the Stock Index Account (“Stock Index” or the “Account”).
Current Fiscal Period:
The end of the reporting period for the Account is June 30, 2026, and the period covered by these Notes to
Financial Statements is the six months ended June 30, 2026 (the "current fiscal period").
Investment Adviser:
Teachers Advisors, LLC (the “Adviser”), a wholly owned indirect subsidiary of TIAA, is registered with the
Securities and Exchange Commission (“SEC”) as an investment adviser and provides investment management services for the
Account.
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 Account is an investment company and follows the accounting guidance
in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment
Companies. The accumulation unit value (“AUV”) for financial reporting purposes may differ from the AUV for processing security
and contractowner transactions. The AUV for financial reporting purposes includes security and contractowner transactions through
the date of the report. Total return is computed based on the AUV used for processing security and contractowner transactions. The
following is a summary of the significant accounting policies consistently followed by the Account.
Foreign Currency Transactions and Translation:
The books and records of the Account is maintained in U.S. dollars. Assets, including
investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and
sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of
the transactions.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the
amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange
restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing “offshore” rates that apply to non-
local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more
reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated
securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than
the U.S. dollar market value of securities using prevailing local or “onshore” foreign currency exchange rates.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency,
(ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the
transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the
books of the Account 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) on foreign currency translations” on the Statement of Operations, when applicable. The unrealized
gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a
component of the respective derivative’s related “Change in unrealized appreciation (depreciation)” on the Statement of Operations,
when applicable.
Indemnifications:
In the normal course of business, the Account enters into contracts that contain a variety of representations and
warranties and that provide general indemnities. The Account's maximum exposure under these arrangements is unknown, as this
would involve future claims against the Account that has not yet occurred. Also, under the Account's organizational documents,
the trustees and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account.
However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.
57
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
Account determines the existence of a dividend declaration. Securities lending income is made up 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 Account estimates the components of distributions received that may
be considered return of capital distributions or capital gain distributions.
Management Committee Compensation:
The members of the Management Committee (“Committee”), all of whom are independent,
receive certain remuneration for their services, plus travel and other expenses. Managers may elect to participate in a deferred
compensation plan and defer all or a portion of their compensation. In addition, managers participate in a long-term compensation
plan. Amounts deferred are retained by the Account until paid. Amounts payable to the managers for compensation are included in
the accompanying Statement of Assets and Liabilities. Managers’ fees, including any deferred and long-term compensation incurred,
are reflected in the Statement of Operations.
Netting Agreements:
 In the ordinary course of business, the Account 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 the 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, the 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 Account is held in a segregated account by the Account's custodian and/or with respect to those amounts which can be sold
or repledged, are presented in the Account's Portfolio of Investments or Statement of Assets and Liabilities.
The Account's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later
in these Notes to Financial Statements.
Segment Reporting:
The Account represents a single operating segment. The officers of the Account act as the chief operating
decision maker (“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of the Account as a whole and is
responsible for the Account's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined
investment strategy which is executed by the Account's portfolio managers as a team. The financial information in the form of
the Account's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting
from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus
the Account's comparative benchmarks and to make resource allocation decisions for the Account's single segment, is consistent
with that presented within the Account's financial statements. Segment assets are reflected on the Statement of Assets and
Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued Accounting Standard Update ("ASU") No.
2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide
a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that
requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The
amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December
15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the
financial statements.
3. Investment Valuation and Fair Value Measurements
The Account’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser,
subject to the oversight of the Committee. 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.).
Notes to Financial Statements
(continued)
58
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 Account's 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 Committee. 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 Account’s 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 Committee. 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. 
Investments in investment companies are valued at their respective NAVs 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.
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 Committee. 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 Account’s investments, and the fair value of certain other assets and
liabilities, when applicable, as of the end of the current fiscal period, based on the inputs used to value them (dollar amounts are in
thousands): 
Account
Level 1 (000)
Level 2 (000)
Level 3 (000)
Total (000)
Stock Index
Long-Term Investments
:
Common stocks
$1,402,264
$20
$—^
$1,402,284
Rights/Warrants
—
—
1
1
Investments purchased with collateral from securities lending
3,649
—
—
3,649
Short-Term Investments
:
Repurchase agreements
—
1,499
—
1,499
$1,405,913
$1,519
$1
$1,407,433
Investments in Derivatives
Futures contracts*
1
—
—
1
1
—
—
1
^
Amount represents less than $1,000.
*
Represents net unrealized appreciation (depreciation).
59
4. Portfolio Securities
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 Funds that are subject to netting agreements as of the end of
the current fiscal period, and the collateral delivered related to those repurchase agreements (dollar amounts are in thousands).
Securities Lending:
The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account
receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable law)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities
during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral to
the Account, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at
the close of business of the Account and any additional required collateral is delivered to the Account on the next business day. Cash
collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained
by the securities lending agent (“Agent”) for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and
Liabilities. Non-cash collateral is not disclosed in the Account’s 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 Account, and the Account does 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 securities, and the resulting loans are
continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account 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, the 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):
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows (dollar amounts are in
thousands):
The Account may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or
delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities
so purchased are subject to market fluctuation during this period. If a Account has when-issued/delayed-delivery purchases
commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.
Account
Counterparty
Short-term Investments,
at Value (000)
Collateral Pledged
(From) Counterparty
(000)
Stock Index VA-1
Fixed Income Clearing Corporation
$1,499
$(1,529)
Aggregate value of
securities on loan
Account
Equity
Securities (000)
Cash Collateral
Received (000)*
Non-Cash Collateral
Received (000)**
Total Collateral
Received (000)
24.1
Stock Index
$
7,088
$
3,649
$
3,642
$
7,291
*
May include cash and investment of cash collateral.
**
As of the end of the current fiscal period, the non-cash collateral received was comprised of U.S. Treasury securities.
Account
Non-U.S.
Government
Purchases (000)
Non-U.S.
Government
Sales (000)
24.1
Stock Index
$
20,187
$
109,072
Notes to Financial Statements
(continued)
60
5. Derivative Investments
The Account is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument
whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other
variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement
of Assets and Liabilities and the Statement of Operations, respectively.
Futures Contracts:
The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account
uses futures contracts to manage exposure to the equity 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 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” which 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): 
As of the end of the current fiscal period, the Account has 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 Account's Statement of Operations was as follows (dollar
amounts are in thousands):
Account
Average Notional Amount of Futures Contracts Outstanding
(000)*
24.1
Stock Index
$
10,673
*
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.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value (000)
Location
Value (000)
Stock Index
Futures contracts
Equity
Unrealized appreciation
on futures contracts
*
$
1
-
$
–
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 Portfolio of Investments. The Statement of
Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss) (000)
Change in Unrealized
Appreciation
(Depreciation) (000)
24.1
Stock Index
Futures contracts
Equity
$
705
$
(6)
61
Market and Counterparty Credit Risk:
In the normal course of business the Account may invest in financial instruments and enter
into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party
to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded
on the financial statements. Financial assets, which potentially expose the Account to counterparty credit risk, consist principally of
cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Account's exposure to
counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets
and Liabilities.
The Account helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have
the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.
Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf
of the Account with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally,
when the Account has an unrealized loss, the Account has instructed the custodian to pledge assets of the Account as collateral with
a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored
and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
6. Account Units
Transactions in Account units during the current and prior fiscal period were as follows (amounts are in thousands):
7. Income Tax Information
VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue
Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1’s
Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves
will be deductible.
The Account files, as a component of the TIAA tax return, a U.S. Federal income tax return. The Account also files income tax returns
in applicable state and local jurisdictions. The Account’s federal income tax returns are 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 Account’s tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Account’s financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for
federal income tax purposes was as follows (dollar amounts are in thousands):
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums
exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax
reporting, if applicable.
8. Management Fees and Other Transactions with Affiliates
Management Fees:
The Adviser provides investment advisory services for VA-1 pursuant to an Investment Management Agreement
among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement
with VA-1. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC (“Services”). Services is a wholly owned
subsidiary of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the
average daily net assets of the Account. The Adviser has agreed to voluntarily waive a portion of such fee, so that the daily deduction
is equivalent to an annual charge of 0.06% of the average daily net assets of the Account.
Six Months Ended
6/30/26
Year Ended
12/31/25
24.1
Stock Index
Units (000)
Value (000)
Units (000)
Value (000)
Premiums
4
$
2,060
12
$
5,829
Withdrawals and death benefits
(171)
(94,949)
(304)
(147,755)
Net increase (decrease) from contractowner transactions
(167)
$
(92,889)
(292)
$
(141,926)
Account
Tax Cost (000)
Gross Unrealized
Appreciation (000)
Gross Unrealized
(Depreciation) (000)
Net Unrealized
Appreciation
(Depreciation) (000)
Stock Index
$
334,299
$
1,098,208
$
(25,074)
$
1,073,134
Notes to Financial Statements
(continued)
62
The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily
net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the
contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to
increase the Account’s mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio will never exceed
1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period or during the annuity
period while payments are still due for the remainder of a guaranteed period, if any.
Other Transactions with Affiliates:
The Account is 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 Committee ("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 Account engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):
9. Borrowing Arrangements
Line of Credit:
The Account participates 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 9, 2026 expiring on
June 8, 2027, replacing the previous facility, which expired June 2026. The affiliated account, 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
account on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing account at a
specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated account. During the current
fiscal period, the Account did not utilize this facility.
10. Subsequent Events
Investment Adviser and Sub-Adviser:
At the close of business on July 31, 2026, the Adviser merged into Nuveen Asset Management,
LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Fund Advisors, LLC (“Nuveen
Fund Advisors”) became the investment adviser and Nuveen Asset Management became the sub-adviser to the Account. The Adviser,
Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, TIAA.
Account
Purchases (000)
Sales (000)
Realized Gain (Loss)
(000)
Stock Index
$
–
$
10,076
$
9,085
Additional Account Information
©2026 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
63
(Unaudited)
Portfolio holdings
The TIAA Separate Account VA-1 files complete portfolio listings with the Securities and Exchange Commission (SEC), and is available
to the public.
You can obtain a complete list of the holdings of the TIAA Separate Account VA-1 (Portfolio 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 TIAA Separate Account VA-1’s 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 filings. Form N-CSR filings are as of December 31 or
June 30; Form N-PORT 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
The TIAA Separate Account VA-1’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 800-223-1200 to request a free copy. A report of how the Account 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 800-223-1200.
Account management
The TIAA Separate Account VA-1 is managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are
responsible for the day-today investment management of the Account.
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 800-223-1200. 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-CREF Individual &
Institutional Services, LLC, member FINRA, distributes securities
products. TIAA Separate Account VA-1 is issued by Teachers
Insurance and Annuity Association of American (TIAA), 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.
64
Approval of Investment Management Agreement
(Unaudited)
Management Committee renewal of the investment management agreement for the
 TIAA Separate Account VA-1
The Management Committee (the “Committee” or the “Managers”) of the TIAA Separate Account VA--1 (the “Separate Account”)
determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between
Teachers Advisors, LLC (“Advisors”) and the Separate Account. Under the Agreement, Advisors is responsible for providing investment
advisory services to the Separate Account. Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”),
requires that, after an initial period of up to two years, the Agreement for the Separate Account will remain in effect only if the
Committee, including a majority of those Managers who have no direct or indirect interest in the Agreement, and who are independent
Managers because they are not “interested persons” of the Separate Account, as that term is defined in the 1940 Act, annually
renews the Agreement. None of the Managers is an interested person of the Separate Account under the 1940 Act. Rather, they are
all deemed to be independent Managers.
As discussed below, the Committee was advised by management that it anticipated that Advisors would merge into Nuveen Asset
Management, LLC (“NAM”) on or about August 1, 2026, and, in connection with this merger and subject to all required approvals,
management expected that Nuveen Fund Advisors, LLC (“NFAL”) would become the investment adviser and NAM would become
the sub--adviser to the Separate Account. Accordingly, the Committee considered the continuation of the Agreement for up to
another year, commencing on May 1, 2026, and separately considered whether to initially approve a new investment management
agreement with NFAL and a new investment sub--advisory agreement with NAM, which would become effective upon consummation
of the anticipated merger. Below is a summary of the process the Committee undertook related to its most recent renewal of the
Agreement. Also set forth below, in the section entitled “Management Committee approval of the new investment management
agreement and sub--advisory agreement for the TIAA Separate Account VA--1,” is a discussion of the factors considered by the
Committee in approving the new investment management agreement with NFAL and new sub--advisory agreement with NAM.
Overview of the Renewal Process
The Committee held an in--person meeting on March 24, 2026, in order to consider the annual renewal of the Agreement with respect
to the Separate Account using the process established by the Committee described further below.
As part of the Committee’s established process, the Committee or certain of its designated members worked with Advisors, other
Managers and legal counsel to the Managers to develop guidance and make specific requests relating to the types of information to
be provided to the Committee in connection with the proposed contract renewal.
Among other matters, the Committee or certain of its designated members, following consultations with representatives of Advisors
and its affiliates, other Managers, legal counsel to the Managers and legal counsel to Advisors and the Separate Account, confirmed
or established certain guidance regarding the preparation of reports to be provided to the Committee with respect to the Separate
Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper,
Inc., an independent provider of investment company data. The Committee considered that Broadridge is widely recognized as a
leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory
contract review processes.
Based on guidance provided by the Committee or certain of its designated members, Broadridge produced, among other information,
comparative performance and expense data for the Separate Account, including data relating to the Separate Account’s contractual
and effective investment management fee rate, total expense ratio, and short--term and long--term investment performance.
Broadridge compared this data, as relevant, for the Separate Account against a universe of investment companies and against
a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance
products, each of which was selected by Broadridge, and also compared the performance of the Separate Account against a broad-
-based index. In each case, Broadridge summarized, and the Committee considered, the methodologies Broadridge employed to
provide the data contained in its reports. In addition, Broadridge represented to the Committee that its reports were designed
specifically to provide the Committee with the fee, expense and performance information that is necessary to help the Committee
satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its reports is to provide
an objective view of the Separate Account’s relative position regarding the level of fees, expenses and performance against a
competitive peer group and universe selected by Broadridge (and not Advisors or the Committee). The Committee considered the
propriety of the Separate Account’s applicable peer group as selected by Broadridge.
Among other matters, the Committee also considered information from Advisors to facilitate the Managers’ evaluation of the
reasonableness of any profits earned by Advisors with respect to its services to the Separate Account pursuant to the Agreement.
65
Legal counsel to the Managers also requested on behalf of the Committee, and Advisors provided, information that was designed
to assist the Committee in its consideration of whether to renew the Agreement for the Separate Account. In addition to the data
provided by Broadridge as described above, the information that was provided for consideration included, but was not limited to, the
following: (1) further information relating to the Separate Account’s investment performance, together with an explanation of any
events that had a material impact on the Separate Account’s performance during the relevant period; (2) a description of any fee
waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which
such arrangements would be continued or modified in the coming year; (3) a comparison of the Separate Account’s contractual and
effective investment management fee rate and performance to other accounts with comparable strategies managed by Advisors
or its affiliates; (4) any “fall--out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates
due to their relationship with the Separate Account in addition to the Separate Account’s direct fee payments to Advisors pursuant
to the Agreement; (5) information regarding Advisors’ financial resources, key personnel, overall staffing levels, portfolio manager
compensation arrangements, capacity to manage the Separate Account at current and foreseeable asset levels, insurance coverage,
portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by Advisors in connection
with rendering services to the Separate Account; (6) information as to any profits earned by Advisors in connection with its services
pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Separate Account and affiliates
of Advisors; and (8) a copy of Advisors’ Form ADV as filed with the Securities and Exchange Commission (which was presented only
to legal counsel to the Managers). The Managers were also provided with the Separate Account’s overall performance rating by
Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.
On March 10, 2026, the Committee held a virtual meeting via videoconference with legal counsel to the Managers to discuss
Advisors’ materials, which led to the Managers providing additional questions to, and requesting additional information from, Advisors
and its affiliates. Subsequently, at the March 24, 2026 meeting, the Managers were given the opportunity to ask, and did ask
additional questions and they discussed responses from Advisors to the Committee’s follow--up questions and requests presented by
the Committee after its initial review of the information described above.
In considering whether to renew the Agreement with respect to the Separate Account, the Committee considered various factors,
including: (1) the nature, extent and quality of services provided or to be provided by Advisors to the Separate Account; (2) the
qualifications of the portfolio managers of the Separate Account and the Separate Account’s historical investment performance;
(3) the costs of the services provided to the Separate Account and the profits realized or potential profits to be realized (if any)
by Advisors and its affiliates from their relationship with the Separate Account; (4) fees charged to comparable mutual funds
that underlie variable insurance products by other advisers; (5) the extent to which economies of scale have been realized or are
anticipated to be realized as the Separate Account grows; (6) how such economies of scale are shared with the Separate Account
for the benefit of its investors, such as through investment management fee waivers or breakpoints; (7) comparisons of the services
provided by Advisors to, and the fee rates and performance of, the Separate Account to other clients to whom Advisors provides
comparable services; (8) any other benefits identified by Advisors derived or anticipated to be derived by Advisors or its affiliates from
their relationship with the Separate Account; and (9) that Advisors was expected to merge into NAM on or about August 1, 2026, and,
in connection with this merger and subject to all required approvals, it was expected that NFAL would become the investment adviser
and NAM would become the sub--adviser to the Separate Account. As a general matter, the Committee considered these factors,
and any other factors deemed relevant by the Managers, in their totality, and no single factor was identified as being the determining
factor in deciding whether to renew the Agreement.
In addition to the March 24, 2026 meeting that included Advisors’ personnel, the Managers met in executive sessions, at which
no representatives of Advisors were present, to discuss the proposed renewal of the Agreement for the Separate Account. The
Committee also received and considered information from legal counsel to the Managers as to certain relevant guidance that relates
to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.
While the contract renewal process included a series of discussions and meetings leading up to the March 24, 2026 meeting, the
oversight and evaluation of Advisors’ services to the Separate Account by the Committee and its committees is an ongoing process.
At their regularly scheduled meetings during the year, the Committee and its Investment Committee and its other committees receive
and consider, among other matters, various investment and operational reports, including information regarding the performance
of the Separate Account. Thus, in reaching its decisions regarding the renewal of the Agreement for the Separate Account, the
Committee took into account the information described herein and other information provided to the Committee and its committees
throughout the year.
In deciding whether to renew the Agreement, each Manager may have accorded different weight to different factors and, thus, each
Manager may have had a different basis for his or her ultimate decision to vote to renew the Agreement. At its meeting on March 24,
2026, all Committee members voted unanimously to renew the Agreement for the Separate Account for another year and separately
considered whether to initially approve a new investment management agreement with NFAL and investment sub--advisory agreement
with NAM, which would be in place from the date of the merger through April 30, 2027. Set forth below is a summary of the
primary factors that the Committee considered with respect to the renewal of the Agreement. Set forth below in the section entitled
“Management Committee approval of the new investment management agreement and sub--advisory agreement for the TIAA Separate
Account VA--1” is a discussion of the factors considered by the Committee in approving the new investment management agreement
with NFAL and new sub--advisory agreement with NAM.
66
Approval of Investment Management Agreement
(continued)
The Nature, Extent and Quality of Services
The Committee examined the nature, extent and quality of the services that Advisors provides to the Separate Account. The
Committee considered the level and depth of knowledge of Advisors personnel, including the professional experience and
qualifications of such personnel. The Committee also considered that Advisors is an experienced investment adviser that has
managed the Separate Account since its operations commenced. Under the Agreement, Advisors is responsible for, among other
duties: managing the assets of the Separate Account, including conducting research, identifying investments and placing orders to
buy and sell securities for the Separate Account’s investment portfolio; active daily monitoring of the Separate Account’s investment
portfolio; reporting on the investment performance and other metrics of the Separate Account to the Committee on a regular
basis; responding to Separate Account flows; and compliance monitoring. The Committee considered that Advisors has carried
out these responsibilities in a competent and professional manner. The Committee also considered that Advisors and its affiliates
have committed significant resources to supporting the Separate Account. The Committee also considered the Separate Account’s,
Advisors’ and Teachers Insurance and Annuity Association of America’s (“TIAA”) compliance programs and resources and their
compliance records with respect to the Separate Account.
The Committee also considered, among other factors, the performance of the Separate Account, as discussed below. In addition,
the Committee considered the nature and quality of non--portfolio management services provided by Advisors and its affiliates. In
this regard, the Committee considered its ongoing review of the performance of certain affiliated and unaffiliated service providers,
including the quality of services provided by those firms and Advisors’ and its affiliates’ oversight of those service providers and the
outsourcing of certain services to other firms.
During its review, the Committee considered its ongoing review of the level of personnel and other resources available to Advisors to
provide portfolio management and other services to the Separate Account, including the impact of regulatory and other developments
and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services. Based on
all factors considered, the Committee concluded that the nature, extent, and quality of services provided by Advisors to the Separate
Account under the Agreement was reasonable.
Investment Performance
The Committee considered the investment performance of the Separate Account over the one-, three-, five- and ten-year periods
ended December 31, 2025. The Committee considered the Separate Account’s performance as compared to its peer universe
of mutual funds that underlie variable insurance products (as applicable) and the Separate Account’s benchmark index. The
Committee also considered the performance of the Separate Account before any reductions for fees and expenses, and without
the effects of securities lending and class action recoveries, as applicable, on the Separate Account’s performance as compared to
the performance of its benchmark index. For details regarding the Separate Account’s performance, see the synopsis below. The
Committee concluded that, under the totality of circumstances considered, the investment performance of the Separate Account was
reasonable.
Cost and Profitability
The Committee considered financial and profitability data relating to Advisors’ services to the Separate Account for the calendar year
2025. The Committee considered Advisors’ profit calculations with respect to its services to the Separate Account. The Committee
acknowledged the reasonableness of having an investment management fee rate which permits Advisors to maintain and improve
the quality of services provided to the Separate Account and recognized the risks assumed by Advisors in managing the Separate
Account. The Committee considered that Advisors had earned a net profit with respect to the Separate Account under the Agreement
for the one--year period ended December 31, 2025. The Committee considered Advisors’ agreement to continue the investment
management fee waiver for the Separate Account of 0.24% of average daily net assets for the twelve--month period ending April 30,
2027, resulting in an effective investment management fee rate of 0.06% of annual net assets through at least April 30, 2027. The
Committee concluded that the effective investment management fee rate and the projected profit to be earned by Advisors for the
coming year were reasonable in light of various relevant factors.
67
Fees Charged by Other Advisers
The Committee considered comparative information regarding the Separate Account’s contractual and effective investment
management fee rates and the contractual and effective investment management fee rates paid by similar mutual funds that underlie
variable insurance products to other advisers, as analyzed by Broadridge and reflected in the synopsis below. In this regard, the
Committee also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar
mutual funds are set and potentially material differences between the Separate Account and comparable mutual funds that underlie
variable insurance products. For example, most similar mutual funds are offered only through other investment vehicles that also
carry additional fees and expenses, whereas the Separate Account bears certain of these expenses itself. Another limitation
considered by the Committee was Broadridge’s treatment of all fund fee waivers, regardless of their type, as investment management
fee waivers, which could materially impact how the Separate Account’s effective investment management fee rate compares to those
of similar mutual funds that underlie variable insurance products. Additionally, the Committee considered the potential limitations
of such comparisons due to, among other factors, the fact that Broadridge based its comparisons on financial data relating to fiscal
periods that may have differed from the period for which the Separate Account’s data were derived. Based on all factors considered,
the Committee concluded that the effective investment management fee rate to be charged under the Agreement was reasonable in
relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.
Economies of Scale
The Committee considered whether Advisors has experienced or is anticipated to experience economies of scale in connection
with the operation of the Separate Account. The Committee also considered that, because Advisors represented that its profit was
relatively small and the Separate Account was unlikely to grow because it is no longer actively sold, there was little opportunity to
pass economies of scale on to Separate Account contractholders. Based on all factors considered, the Committee concluded that the
Separate Account’s investment management fee rate schedule was reasonable in light of current economies of scale considerations
and current asset level.
Fee and Performance Comparisons with Other Clients of Advisors and its Affiliates
The Committee considered that Advisors and its affiliates provide investment management services to other investment companies,
including mutual funds and collective investment trusts (CITs) that have investment strategies similar to those of the Separate
Account. The Committee considered the investment management fee rates and the performance of such companies and accounts,
noting the investment management fee waiver agreed to by Advisors for the Separate Account. The Committee also considered
Advisors’ comments that, in the future, Advisors or its affiliates may manage client assets through additional funds and accounts
with similar investment strategies. The Committee also considered Advisors’ representation that, while the investment management
fee rate charged to the Separate Account may differ from the investment management fee rates chargeable to these other funds and
other accounts, this may be due in part to the fact that these other funds and accounts may: (1) be offered through products that
charge additional fees to their investors; (2) be offered in different types of markets; (3) be provided with different types or levels of
services; (4) have different regulatory burdens; (5) target different investors; and/or (6) be packaged with other products, and that
these factors, among others, could reasonably explain different investment management fee rate schedules. Based on all factors
considered, the Committee concluded that the investment management fee rate charged to the Separate Account was reasonable in
relation to those charged by Advisors and its affiliates to comparable clients.
Other Benefits
The Committee also considered additional “fall--out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits
include, among others, fees paid by the Separate Account to Advisors or its affiliates for other services, such as administration, and
investment--related benefits, such as economies of scale, to the extent the Separate Account shares investment resources and/
or personnel with other clients of Advisors. Advisors and its affiliates may also benefit from the level of business and relationships
the Separate Account has with certain service providers. Also, Advisors and its affiliates may benefit from their relationship with
the Separate Account to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect,
wholly--owned subsidiary, as a leading retirement plan provider in the academic and non--profit markets.
Synopsis of Factors
In addition to its considerations noted above, the Committee considered the following specific factors (among others) in connection
with its determination to renew the Agreement with respect to the Separate Account. If the Separate Account is described in the
following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the
lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports
prepared by Broadridge. All time periods referenced below are for periods ended December 31, 2025. Under the Morningstar rating
system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category, and 1 star is the lowest (worst) rating category.
The Morningstar data is as of December 31, 2025. The statement below regarding “net profit” refers to Advisors’ calculation that it
earned a profit for the services that it rendered to the Separate Account during 2025 under the Agreement.
68
Approval of Investment Management Agreement
(continued)
The Separate Account’s annual contractual investment management fee rate is 0.30% of average daily net assets, but is
voluntarily waived by Advisors to an annual fee of 0.06% of average daily net assets for the twelve--month period ending April 30
2027.
The Separate Account’s total expense ratio and effective investment management fee rate were in the 3rd and 1st quintiles,
respectively, of the group of comparable funds selected by Broadridge for expense comparison purposes, and the Separate
Account’s total expense ratio and effective investment management fee rate were in the 2nd and 1st quintiles, respectively, of the
universe of comparable funds selected by Broadridge for expense comparison purposes.
For the one--, three--, five-- and ten--year periods, the Separate Account’s adjusted annualized gross performance (meaning the
Separate Account’s performance without any reductions for fees or expenses, and excluding the effects of securities lending and
class action recoveries) as compared to its benchmark, the Russell 3000® Index, differed by --5, --4, +2 and +2 basis points,
respectively. For reference, one basis point equals 0.01%.
The Separate Account received an Overall Morningstar Rating of 4 stars.
Advisors calculated that it earned a net profit with respect to its services to the Separate Account for the one-year period.
________________
Based primarily on the foregoing, the Committee renewed the Agreement for the Separate Account.
69
Liquidity Risk Management Program
(Unaudited)
Discussion of the operation and effectiveness of the separate account’s liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), the separate account
covered by this Report (the “separate account”) has adopted and implemented a liquidity risk management program (the “Program”),
which is reasonably designed to assess and manage the separate account’s liquidity risk. The Program consists of various provisions
relating to assessing and managing the separate account’s liquidity risk, as discussed further below. The separate account’s
Management Committee (the “Management Committee”) previously approved the designation of Advisors (the “Administrator”) as
Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with
oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an
affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 9, 2026 Management Committee meeting, the Administrator provided the Management Committee with a written report
addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from January 1, 2025 through
December 31, 2025 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and
continues to be adequately and effectively implemented to monitor and (as applicable) respond to the separate account’s liquidity
developments.
In accordance with the Program, the LMAT assesses the separate account’s liquidity risk no less frequently than annually based
on various factors, such as (i) the separate account’s investment strategy and the liquidity of portfolio investments, (ii) cash flow
projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors
are considered under both normal and reasonably foreseeable stressed conditions.
Separate account portfolio investments are classified into one of four liquidity categories (including “highly liquid investments” and
“illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take
to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing
the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-
specific considerations, as well as market depth, and utilize third-party vendor data.
If the separate account does not primarily hold highly liquid investments it must, among other things, determine a minimum
percentage of separate account net assets that must be invested in highly liquid investments (a “Highly Liquid Investment
Minimum”). During the Review Period, the separate account primarily held highly liquid investments and therefore was exempt from
the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits the separate account’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits
acquisition of illiquid investments if doing so would result in the separate account holding more than 15% of its net assets in illiquid
investments and requires certain reporting anytime the separate account’s holdings of illiquid investments exceed 15% of net assets.
During the Review Period, the separate account did not exceed the 15% limit on illiquid investments.
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A10845 (8/26)

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

 

(b)

Not applicable.

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.

See Approval of Investment Management Agreement in Item 1.

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 Management Committee 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 to this filing.

 

(a)(2)

Not applicable to this filing.

 

(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.

TIAA Separate Account VA-1

 

Date: September 3, 2026

    

By:

  

/s/ Christopher Stickrod

  
     

Christopher Stickrod

  
     

Principal Executive Officer and

  
     

Executive Vice President

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: September 3, 2026

    

By:

  

/s/ Christopher Stickrod

  
     

Christopher Stickrod

  
     

Principal Executive Officer and

  
     

Executive Vice President

  
     

(principal executive officer)

  

Date: September 3, 2026

    

By:

  

/s/ Marc Cardella

  
     

Marc Cardella

  
     

Vice President and Controller

  
     

(principal financial officer)

  
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.(A)(3)

EX-99.(B)