# EDGAR Filing Document

**Accession Number:** 0000923524
**File Stem:** 0001193125-25-196758
**Filing Date:** 2025-9
**Character Count:** 221144
**Document Hash:** ee831fcc0e3fe3f97f9e5e6f57c47049
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196758.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196758

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA SEPARATE ACCOUNT VA 1
- **CENTRAL INDEX KEY:** 0000923524

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08520
- **FILM NUMBER:** 251295335

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129164905

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Stock Index Account (Series ID: S000005098)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013885 | Teachers Personal Annuity Individual Deferred Variable Annuity |  |

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 <u>811-08520</u> 

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: <u>(212) 490-9000</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>June</u> <u>30, 2025</u>

------

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

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![LOGO](g68007g01w01.jpg)

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## **Table of Contents**

---

| | |
|:---|:---|
| [About the Account's Benchmark](#sar68007_1) | 3 |
| [Account Performance](#sar68007_2) | 4 |
| [Expense Example](#sar68007_3) | 5 |
| [Portfolio of Investments](#sar68007_4) | 6 |
| [Statement of Assets and Liabilities](#sar68007_5) | 50 |
| [Statement of Operations](#sar68007_6) | 51 |
| [Statements of Changes in Net Assets](#sar68007_7) | 52 |
| [Financial Highlights](#sar68007_8) | 53 |
| [Notes to Financial Statements](#sar68007_9) | 55 |
| [Additional Account Information](#sar68007_10) | 61 |
| [Approval of Investment Management Agreement](#sar68007_11) | 62 |
| [Liquidity Risk Management Program](#sar68007_12) | 67 |

---

------

## About the Account's Benchmark
The Account's benchmark is the Russell 3000<sup>®</sup>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"). <sup>©</sup> LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>," "Russell<sup>®</sup>" and "FTSE Russell<sup>®</sup>" 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
**Performance as of June 30, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Total return | Total return | Average annual total return | Average annual total return |
| |<br>Inception<br>date | 6 months | 1 year | 5 years | 10 years |
|  Stock Index Account | 11/1/94 | 5.36% | 14.41% | 15.13% | 12.15% |
|  Russell 3000<sup>®</sup> Index | – | 5.75 | 15.30 | 15.96 | 12.96 |

---

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** | |
| <br>as of 6/30/2025 | <br>as of 6/30/2025 |
| Account net assets | 1.31 billion |
| Total number of holdings | 2621 |
| Portfolio turnover (%)<sup>\*</sup> | 2% |

---

---

| | |
|:---|:---|
| **Portfolio composition** | |
| <br> % of total investments<br>as of 6/30/2025 | <br> % of total investments<br>as of 6/30/2025 |
| Information technology | 30.6 |
| Financials | 14.6 |
| Consumer discretionary | 10.6 |
| Industrials | 9.7 |
| Health care | 9.5 |
| Communication services | 9.2 |
| Consumer staples | 5.1 |
| Energy | 3.1 |
| Real estate | 2.4 |
| Utilities | 2.3 |
| Materials | 2.2 |
| Short-term investments | 0.5 |
| Investments purchased with collateral<br> from securities lending | 0.2 |

---

------

## 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**<br> **$10,000 investment** | **Cost paid as a percentage of**<br> **$10,000 investment\*** |
|  Stock Index Account | $38 | 0.75% |

---

\* This cost is annualized.

------

## Portfolio of Investments June 30, 2025
**Stock Index** 

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **LONG-TERM INVESTMENTS - 99.5%** |  |
|  |  | **COMMON STOCKS - 99.5%** |  |
|  |  | **AUTOMOBILES & COMPONENTS - 1.8%** |  |
| 1464 | (a) | Adient plc | $28 |
| 2617 | (a) | American Axle & Manufacturing Holdings, Inc | 11 |
| 4848 | (a) | Aptiv plc | 331 |
| 4752 |  | BorgWarner, Inc | 159 |
| 3106 |  | Dana Inc | 53 |
| 596 | (a) | Dorman Products, Inc | 73 |
| 85323 |  | Ford Motor Co | 926 |
| 1039 | (a) | Fox Factory Holding Corp | 27 |
| 2745 |  | Garrett Motion, Inc | 29 |
| 21449 |  | General Motors Co | 1056 |
| 5543 |  | Gentex Corp | 122 |
| 1006 | (a) | Gentherm, Inc | 28 |
| 6460 | (a) | Goodyear Tire & Rubber Co | 67 |
| 1703 |  | Harley-Davidson, Inc | 40 |
| 533 |  | LCI Industries | 49 |
| 1262 |  | Lear Corp | 120 |
| 19933 | (a),(b) | Lucid Group, Inc | 42 |
| 431 | (a),(b) | Luminar Technologies, Inc | 1 |
| 1230 | (a) | Modine Manufacturing Co | 121 |
| 681 |  | Patrick Industries, Inc | 63 |
| 1246 |  | Phinia, Inc | 55 |
| 7090 | (a) | QuantumScape Corp | 48 |
| 16962 | (a) | Rivian Automotive, Inc | 233 |
| 1333 | (a),(b) | Solid Power, Inc | 3 |
| 843 |  | Standard Motor Products, Inc | 26 |
| 61462 | (a) | Tesla, Inc | 19524 |
| 1229 | (b) | Thor Industries, Inc | 109 |
| 759 | (a) | Visteon Corp | 71 |
| 282 |  | Winnebago Industries, Inc | 8 |
| 518 | (a) | XPEL, Inc | 19 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS | 23442 |
|  |  | **BANKS - 3.9%** |  |
| 408 |  | 1st Source Corp | 25 |
| 450 |  | Amalgamated Financial Corp | 14 |
| 667 |  | Amerant Bancorp, Inc | 12 |
| 1431 |  | Ameris Bancorp | 93 |
| 476 |  | Arrow Financial Corp | 13 |
| 2950 |  | Associated Banc-Corp | 72 |
| 3083 |  | Atlantic Union Bankshares Corp | 96 |
| 1339 | (a) | Axos Financial, Inc | 102 |
| 1798 |  | Banc of California, Inc | 25 |
| 585 |  | Bancfirst Corp | 72 |
| 767 | (a) | Bancorp, Inc | 44 |
| 178 |  | Bank First Corp | 21 |
| 149849 |  | Bank of America Corp | 7091 |
| 643 |  | Bank of Hawaii Corp | 43 |
| 468 |  | Bank of Marin Bancorp | 11 |
| 548 |  | Bank of NT Butterfield & Son Ltd | 24 |
| 2326 |  | Bank OZK | 109 |
| 90 |  | Bank7 Corp | 4 |
| 1329 |  | BankUnited, Inc | 47 |
| 738 |  | Banner Corp | 47 |
| 622 |  | Bar Harbor Bankshares | 19 |
| 223 |  | BayCom Corp | 6 |
| 1245 |  | Berkshire Hills Bancorp, Inc | 31 |
| 383 | (a) | Blue Foundry Bancorp | 4 |
| 371 |  | BOK Financial Corp | 36 |
| 882 | (a) | Bridgewater Bancshares, Inc | 14 |

---

6 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **BANKS** (continued) |  |
| 740 | Brookline Bancorp, Inc | $8 |
| 38 | Burke & Herbert Financial Services Corp | 2 |
| 313 | Business First Bancshares, Inc | 8 |
| 241 | Byline Bancorp, Inc | 6 |
| 3794 | Cadence Bank | 121 |
| 613 | Camden National Corp | 25 |
| 447 | Capital City Bank Group, Inc | 18 |
| 2335 | Capitol Federal Financial, Inc | 14 |
| 550 (a) | Carter Bankshares, Inc | 10 |
| 1563 | Cathay General Bancorp | 71 |
| 1125 | Central Pacific Financial Corp | 32 |
| 90 | Chemung Financial Corp | 4 |
| 309 (b) | ChoiceOne Financial Services, Inc | 9 |
| 40478 | Citigroup, Inc | 3446 |
| 533 | Citizens & Northern Corp | 10 |
| 9838 | Citizens Financial Group, Inc | 440 |
| 250 | City Holding Co | 31 |
| 377 | Civista Bancshares, Inc | 9 |
| 498 | CNB Financial Corp | 11 |
| 146 (a) | Coastal Financial Corp | 14 |
| 4193 | Columbia Banking System, Inc | 98 |
| 1738 (a) | Columbia Financial, Inc | 25 |
| 2855 | Comerica, Inc | 170 |
| 2689 | Commerce Bancshares, Inc | 167 |
| 973 | Community Bank System, Inc | 55 |
| 651 | Community Trust Bancorp, Inc | 34 |
| 1137 | Community West Bancshares | 22 |
| 1592 | ConnectOne Bancorp, Inc | 37 |
| 1266 | Cullen/Frost Bankers, Inc | 163 |
| 640 (a) | Customers Bancorp, Inc | 38 |
| 2723 | CVB Financial Corp | 54 |
| 422 | Dime Community Bancshares, Inc | 11 |
| 1035 | Eagle Bancorp, Inc | 20 |
| 2987 | East West Bancorp, Inc | 302 |
| 3241 | Eastern Bankshares, Inc | 50 |
| 314 | Enterprise Bancorp, Inc | 12 |
| 790 | Enterprise Financial Services Corp | 44 |
| 402 | Equity Bancshares, Inc | 16 |
| 339 | Esquire Financial Holdings, Inc | 32 |
| 1107 | ESSA Bancorp, Inc | 21 |
| 218 | Farmers & Merchants Bancorp, Inc | 6 |
| 1013 | Farmers National Banc Corp | 14 |
| 621 | FB Financial Corp | 28 |
| 106 | Fidelity D&D Bancorp, Inc | 5 |
| 14550 | Fifth Third Bancorp | 598 |
| 527 | Financial Institutions, Inc | 14 |
| 464 | First Bancorp | 20 |
| 3990 | First BanCorp | 83 |
| 498 | First Bancorp, Inc | 13 |
| 603 | First Bank | 9 |
| 1836 | First Busey Corp | 42 |
| 215 | First Citizens Bancshares, Inc (Class A) | 421 |
| 1652 | First Commonwealth Financial Corp | 27 |
| 680 | First Community Bancshares, Inc | 27 |
| 1773 | First Financial Bancorp | 43 |
| 2915 | First Financial Bankshares, Inc | 105 |
| 384 | First Financial Corp | 21 |
| 1098 (a) | First Foundation, Inc | 6 |
| 2244 | First Hawaiian, Inc | 56 |
| 11005 | First Horizon National Corp | 233 |
| 1904 | First Interstate BancSystem, Inc | 55 |
| 1003 | First Merchants Corp | 38 |

---

*See Notes to Financial Statements* 7

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **BANKS** (continued) |  |
| 380 | First Mid Bancshares, Inc | $14 |
| 810 (a) | First Western Financial, Inc | 18 |
| 1083 | Flushing Financial Corp | 13 |
| 8529 | FNB Corp | 124 |
| 3938 | Fulton Financial Corp | 71 |
| 903 | German American Bancorp, Inc | 35 |
| 2492 | Glacier Bancorp, Inc | 107 |
| 76 | Great Southern Bancorp, Inc | 4 |
| 451 | Greene County Bancorp, Inc | 10 |
| 302 | Guaranty Bancshares, Inc | 13 |
| 2028 | Hancock Whitney Corp | 116 |
| 824 | Hanmi Financial Corp | 20 |
| 728 | HarborOne Bancorp, Inc | 9 |
| 715 | HBT Financial, Inc | 18 |
| 1355 | Heritage Commerce Corp | 13 |
| 1150 | Heritage Financial Corp | 27 |
| 994 | Hilltop Holdings, Inc | 30 |
| 57 | Hingham Institution For Savings The | 14 |
| 238 | Home Bancorp, Inc | 12 |
| 4059 | Home Bancshares, Inc | 116 |
| 698 (a) | HomeStreet, Inc | 9 |
| 667 | HomeTrust Bancshares, Inc | 25 |
| 2725 | Hope Bancorp, Inc | 29 |
| 1209 | Horizon Bancorp, Inc | 19 |
| 32175 | Huntington Bancshares, Inc | 539 |
| 675 | Independent Bank Corp | 42 |
| 863 | Independent Bank Corp | 28 |
| 1089 | International Bancshares Corp | 72 |
| 1188 | John Marshall Bancorp, Inc | 22 |
| 60685 | JPMorgan Chase & Co | 17593 |
| 1623 | Kearny Financial Corp | 11 |
| 20734 | Keycorp | 361 |
| 499 | Lakeland Financial Corp | 31 |
| 833 | Live Oak Bancshares, Inc | 25 |
| 3552 | M&T Bank Corp | 689 |
| 640 | Mercantile Bank Corp | 30 |
| 424 | Metrocity Bankshares, Inc | 12 |
| 229 (a) | Metropolitan Bank Holding Corp | 16 |
| 196 | Mid Penn Bancorp, Inc | 6 |
| 582 | Midland States Bancorp, Inc | 10 |
| 406 | MidWestOne Financial Group, Inc | 12 |
| 180 | MVB Financial Corp | 4 |
| 819 | National Bank Holdings Corp | 31 |
| 647 | National Bankshares, Inc | 18 |
| 928 (a) | NB Bancorp, Inc | 17 |
| 1105 | NBT Bancorp, Inc | 46 |
| 6570 | New York Community Bancorp, Inc | 70 |
| 292 | Nicolet Bankshares, Inc | 36 |
| 363 | Northeast Bank | 32 |
| 954 | Northeast Community Bancorp, Inc | 22 |
| 1643 | Northfield Bancorp, Inc | 19 |
| 118 | Northrim BanCorp, Inc | 11 |
| 2195 | Northwest Bancshares, Inc | 28 |
| 69775 (a) | NU Holdings Ltd | 957 |
| 163 | Oak Valley Bancorp | 4 |
| 1583 | OceanFirst Financial Corp | 28 |
| 811 | OFG Bancorp | 35 |
| 6336 | Old National Bancorp | 135 |
| 1237 | Old Second Bancorp, Inc | 22 |
| 568 | Origin Bancorp, Inc | 20 |
| 297 | Orrstown Financial Services, Inc | 9 |
| 2077 | Pacific Premier Bancorp, Inc | 44 |

---

8 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **BANKS** (continued) |  |
| 322 | Park National Corp | $54 |
| 436 | Pathward Financial, Inc | 35 |
| 642 | Peapack Gladstone Financial Corp | 18 |
| 868 | Peoples Bancorp, Inc | 27 |
| 333 | Peoples Financial Services Corp | 16 |
| 1672 | Pinnacle Financial Partners, Inc | 185 |
| 302 (a) | Pioneer Bancorp, Inc | 4 |
| 54 | Plumas Bancorp | 2 |
| 8634 | PNC Financial Services Group, Inc | 1610 |
| 1478 | Popular, Inc | 163 |
| 267 | Preferred Bank | 23 |
| 454 | Primis Financial Corp | 5 |
| 2015 | Prosperity Bancshares, Inc | 142 |
| 1489 (a) | Provident Bancorp Inc | 19 |
| 2598 | Provident Financial Services, Inc | 46 |
| 356 | QCR Holdings, Inc | 24 |
| 475 | RBB Bancorp | 8 |
| 192 | Red River Bancshares, Inc | 11 |
| 20127 | Regions Financial Corp | 473 |
| 1623 | Renasant Corp | 58 |
| 364 | Republic Bancorp, Inc (Class A) | 27 |
| 812 | S&T Bancorp, Inc | 31 |
| 1542 | Seacoast Banking Corp of Florida | 43 |
| 1315 | ServisFirst Bancshares, Inc | 102 |
| 370 | Sierra Bancorp | 11 |
| 1906 | Simmons First National Corp (Class A) | 36 |
| 275 | SmartFinancial, Inc | 9 |
| 1492 (a) | Southern California Bancorp | 24 |
| 228 (a) | Southern First Bancshares, Inc | 9 |
| 231 | Southern Missouri Bancorp, Inc | 13 |
| 328 | Southside Bancshares, Inc | 10 |
| 2193 | SouthState Corp | 202 |
| 1283 | Stellar Bancorp, Inc | 36 |
| 3571 (c) | Sterling Bancorp, Inc | 0^ |
| 572 | Stock Yards Bancorp, Inc | 45 |
| 3386 | Synovus Financial Corp | 175 |
| 947 (a) | Texas Capital Bancshares, Inc | 75 |
| 2205 | TFS Financial Corp | 29 |
| 681 (a) | Third Coast Bancshares, Inc | 22 |
| 131 | Tompkins Trustco, Inc | 8 |
| 1259 | Towne Bank | 43 |
| 422 | Trico Bancshares | 17 |
| 657 (a) | Triumph Financial, Inc | 36 |
| 28627 | Truist Financial Corp | 1231 |
| 671 | TrustCo Bank Corp NY | 22 |
| 1222 | Trustmark Corp | 45 |
| 1622 | UMB Financial Corp | 171 |
| 2837 | United Bankshares, Inc | 103 |
| 2849 | United Community Banks, Inc | 85 |
| 1012 | Univest Financial Corp | 30 |
| 34235 | US Bancorp | 1549 |
| 9879 | Valley National Bancorp | 88 |
| 1101 | Veritex Holdings, Inc | 29 |
| 1740 | Washington Federal, Inc | 51 |
| 581 | Washington Trust Bancorp, Inc | 16 |
| 3818 | Webster Financial Corp | 208 |
| 71206 | Wells Fargo & Co | 5705 |
| 2041 | WesBanco, Inc | 65 |
| 597 | West Bancorporation, Inc | 12 |
| 225 | Westamerica Bancorporation | 11 |
| 2509 | Western Alliance Bancorp | 196 |
| 1443 | Wintrust Financial Corp | 179 |

---

*See Notes to Financial Statements* 9

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## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **BANKS** (continued) |  |
| 1423 |  | WSFS Financial Corp | $78 |
| 3174 |  | Zions Bancorporation | 165 |
|  |  | TOTAL BANKS | 51517 |
|  |  | **CAPITAL GOODS - 6.8%** |  |
| 3738 | (a) | 3D Systems Corp | 6 |
| 11774 |  | 3M Co | 1792 |
| 2632 |  | A.O. Smith Corp | 173 |
| 1578 |  | Aaon, Inc | 116 |
| 770 | (a) | AAR Corp | 53 |
| 718 |  | Acuity Brands, Inc | 214 |
| 1567 |  | Advanced Drainage Systems, Inc | 180 |
| 2924 |  | Aecom Technology Corp | 330 |
| 559 | (a) | Aerovironment, Inc | 159 |
| 1442 |  | AGCO Corp | 149 |
| 2272 |  | Air Lease Corp | 133 |
| 191 |  | Alamo Group, Inc | 42 |
| 653 |  | Albany International Corp (Class A) | 46 |
| 2848 | (a) | Allegheny Technologies, Inc | 246 |
| 1880 |  | Allegion plc | 271 |
| 307 |  | Allied Motion Technologies, Inc | 11 |
| 1876 |  | Allison Transmission Holdings, Inc | 178 |
| 909 | (a) | Ameresco, Inc | 14 |
| 813 | (a) | American Superconductor Corp | 30 |
| 184 | (a) | American Woodmark Corp | 10 |
| 5029 |  | Ametek, Inc | 910 |
| 5093 | (a) | API Group Corp | 260 |
| 449 |  | Apogee Enterprises, Inc | 18 |
| 833 |  | Applied Industrial Technologies, Inc | 194 |
| 11787 | (a) | Archer Aviation, Inc | 128 |
| 1220 |  | Arcosa, Inc | 106 |
| 287 |  | Argan, Inc | 63 |
| 998 |  | Armstrong World Industries, Inc | 162 |
| 4146 | (a),(b) | Array Technologies, Inc | 24 |
| 823 |  | Astec Industries, Inc | 34 |
| 810 | (a) | Astronics Corp | 27 |
| 931 |  | Atkore, Inc | 66 |
| 1996 |  | Atmus Filtration Technologies, Inc | 73 |
| 1624 | (a) | Axon Enterprise, Inc | 1345 |
| 2980 | (a) | AZEK Co, Inc | 162 |
| 507 |  | AZZ, Inc | 48 |
| 4522 | (a) | Bloom Energy Corp | 108 |
| 766 | (a) | Blue Bird Corp | 33 |
| 224 | (a) | BlueLinx Holdings, Inc | 17 |
| 15836 | (a) | Boeing Co | 3318 |
| 937 |  | Boise Cascade Co | 81 |
| 534 |  | Brookfield Business Corp | 17 |
| 2449 | (a) | Builders FirstSource, Inc | 286 |
| 1894 |  | BWX Technologies, Inc | 273 |
| 394 | (a) | Byrna Technologies, Inc | 12 |
| 383 |  | Cadre Holdings, Inc | 12 |
| 937 |  | Carlisle Cos, Inc | 350 |
| 17599 |  | Carrier Global Corp | 1288 |
| 10118 |  | Caterpillar, Inc | 3928 |
| 1052 | (a) | Chart Industries, Inc | 173 |
| 17876 |  | CNH Industrial NV | 232 |
| 840 |  | Columbus McKinnon Corp | 13 |
| 739 |  | Comfort Systems USA, Inc | 396 |
| 1015 | (a) | Construction Partners, Inc | 108 |
| 3982 | (a) | Core & Main, Inc | 240 |
| 1126 |  | Crane Co | 214 |
| 302 |  | CSW Industrials, Inc | 87 |
| 3047 |  | Cummins, Inc | 998 |

---

10 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CAPITAL GOODS** (continued) |  |
| 822 |  | Curtiss-Wright Corp | $402 |
| 1008 | (a),(b) | Custom Truck One Source, Inc | 5 |
| 5339 |  | Deere & Co | 2715 |
| 1172 | (a) | DNOW, Inc | 17 |
| 2587 |  | Donaldson Co, Inc | 179 |
| 932 |  | Douglas Dynamics, Inc | 27 |
| 2988 |  | Dover Corp | 547 |
| 290 | (a) | Ducommun, Inc | 24 |
| 91 | (a) | DXP Enterprises, Inc | 8 |
| 561 | (a) | Dycom Industries, Inc | 137 |
| 8563 |  | Eaton Corp plc | 3057 |
| 966 |  | EMCOR Group, Inc | 517 |
| 12315 |  | Emerson Electric Co | 1642 |
| 1368 | (a) | Energy Recovery, Inc | 17 |
| 1030 |  | Enerpac Tool Group Corp | 42 |
| 989 |  | EnerSys | 85 |
| 2981 | (a),(b) | Enovix Corp | 31 |
| 479 |  | EnPro Industries, Inc | 92 |
| 4836 | (a),(b) | Eos Energy Enterprises, Inc | 25 |
| 1154 |  | Esab Corp | 139 |
| 605 |  | ESCO Technologies, Inc | 116 |
| 978 | (a) | Everus Construction Group, Inc | 62 |
| 25082 |  | Fastenal Co | 1053 |
| 1459 |  | Federal Signal Corp | 155 |
| 4232 |  | Ferguson Enterprises, Inc | 921 |
| 2943 |  | Flowserve Corp | 154 |
| 786 | (a) | Fluence Energy, Inc | 5 |
| 3620 | (a) | Fluor Corp | 186 |
| 7418 |  | Fortive Corp | 387 |
| 2398 |  | Fortune Brands Innovations, Inc | 123 |
| 842 |  | Franklin Electric Co, Inc | 76 |
| 586 | (a),(b) | Freyr Battery, Inc | 1 |
| 2226 |  | FTAI Aviation Ltd | 256 |
| 4917 | (a) | Gates Industrial Corp plc | 113 |
| 775 |  | GATX Corp | 119 |
| 5974 |  | GE Vernova, Inc | 3161 |
| 1274 | (a) | Gencor Industries, Inc | 18 |
| 1335 | (a) | Generac Holdings, Inc | 191 |
| 5523 |  | General Dynamics Corp | 1611 |
| 22977 |  | General Electric Co | 5914 |
| 584 | (a) | Gibraltar Industries, Inc | 34 |
| 461 |  | Global Industrial Co | 12 |
| 922 | (a) | GMS, Inc | 100 |
| 678 |  | Gorman-Rupp Co | 25 |
| 3486 |  | Graco, Inc | 300 |
| 496 | (a) | Graham Corp | 25 |
| 945 |  | Granite Construction, Inc | 88 |
| 2253 | (a) | Great Lakes Dredge & Dock Corp | 27 |
| 718 |  | Greenbrier Cos, Inc | 33 |
| 611 |  | Griffon Corp | 44 |
| 4335 | (a) | Hayward Holdings, Inc | 60 |
| 938 |  | HEICO Corp | 308 |
| 1638 |  | HEICO Corp (Class A) | 424 |
| 922 |  | Helios Technologies, Inc | 31 |
| 690 |  | Herc Holdings, Inc | 91 |
| 1747 |  | Hexcel Corp | 99 |
| 1241 |  | Hillenbrand, Inc | 25 |
| 3242 | (a) | Hillman Solutions Corp | 23 |
| 14066 |  | Honeywell International, Inc | 3276 |
| 8762 |  | Howmet Aerospace, Inc | 1631 |
| 1169 |  | Hubbell, Inc | 477 |
| 1076 | (a) | Hudson Technologies, Inc | 9 |

---

*See Notes to Financial Statements* 11

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CAPITAL GOODS** (continued) |  |
| 905 |  | Huntington Ingalls Industries, Inc | $218 |
| 3375 | (a),(b) | Hyliion Holdings Corp | 4 |
| 404 |  | Hyster-Yale Materials Handling, Inc | 16 |
| 1652 |  | IDEX Corp | 290 |
| 195 | (a) | IES Holdings, Inc | 58 |
| 6337 |  | Illinois Tool Works, Inc | 1567 |
| 8818 |  | Ingersoll Rand, Inc | 733 |
| 716 |  | Insteel Industries, Inc | 27 |
| 2375 | (a) | Intuitive Machines, Inc | 26 |
| 1687 |  | ITT, Inc | 265 |
| 1876 | (a) | Janus International Group, Inc | 15 |
| 452 | (a) | JELD-WEN Holding, Inc | 2 |
| 1078 |  | John Bean Technologies Corp | 130 |
| 14425 |  | Johnson Controls International plc | 1524 |
| 242 |  | Kadant, Inc | 77 |
| 672 |  | Karat Packaging, Inc | 19 |
| 579 | (a) | Karman Holdings, Inc | 29 |
| 1671 |  | Kennametal, Inc | 38 |
| 3283 | (a) | Kratos Defense & Security Solutions, Inc | 152 |
| 4081 |  | L3Harris Technologies, Inc | 1024 |
| 542 | (a) | Lawson Products, Inc | 15 |
| 728 | (a) | LB Foster Co (Class A) | 16 |
| 690 |  | Lennox International, Inc | 396 |
| 1340 |  | Leonardo DRS, Inc | 62 |
| 243 | (a) | Limbach Holdings, Inc | 34 |
| 1185 |  | Lincoln Electric Holdings, Inc | 246 |
| 220 |  | Lindsay Corp | 32 |
| 836 | (a) | Loar Holdings, Inc | 72 |
| 4563 |  | Lockheed Martin Corp | 2113 |
| 1218 |  | LSI Industries, Inc | 21 |
| 800 |  | Luxfer Holdings plc | 10 |
| 1198 | (a) | Manitowoc Co, Inc | 14 |
| 4610 |  | Masco Corp | 297 |
| 1409 | (a) | Mastec, Inc | 240 |
| 2747 | (a) | Masterbrand, Inc | 30 |
| 1366 | (a) | Matrix Service Co | 18 |
| 887 | (a) | Mayville Engineering Co Inc | 14 |
| 412 |  | McGrath RentCorp | 48 |
| 1126 | (a) | Mercury Computer Systems, Inc | 61 |
| 4301 | (a),(b) | Microvast Holdings, Inc | 16 |
| 1179 | (a) | Middleby Corp | 170 |
| 446 |  | Miller Industries, Inc | 20 |
| 536 |  | Moog, Inc (Class A) | 97 |
| 2142 | (a) | MRC Global, Inc | 29 |
| 1012 |  | MSC Industrial Direct Co (Class A) | 86 |
| 2548 |  | Mueller Industries, Inc | 202 |
| 4045 |  | Mueller Water Products, Inc (Class A) | 97 |
| 368 | (a) | MYR Group, Inc | 67 |
| 583 | (a),(b) | NANO Nuclear Energy, Inc | 20 |
| 206 |  | National Presto Industries, Inc | 20 |
| 3366 | (a) | Newpark Resources, Inc | 29 |
| 3068 | (a) | NEXTracker, Inc | 167 |
| 1178 |  | Nordson Corp | 252 |
| 2963 |  | Northrop Grumman Corp | 1481 |
| 371 | (a) | Northwest Pipe Co | 15 |
| 2741 | (a),(b) | NuScale Power Corp | 108 |
| 3559 |  | nVent Electric plc | 261 |
| 117 |  | Omega Flex, Inc | 4 |
| 1397 |  | Oshkosh Corp | 159 |
| 8669 |  | Otis Worldwide Corp | 858 |
| 1985 |  | Owens Corning, Inc | 273 |
| 11177 |  | PACCAR, Inc | 1062 |

---

12 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CAPITAL GOODS** (continued) |  |
| 766 |  | Park Aerospace Corp | $11 |
| 2796 |  | Parker-Hannifin Corp | 1953 |
| 598 |  | Park-Ohio Holdings Corp | 11 |
| 3574 |  | Pentair plc | 367 |
| 15032 | (a),(b) | Plug Power, Inc | 22 |
| 112 |  | Powell Industries, Inc | 24 |
| 96 |  | Preformed Line Products Co | 15 |
| 1171 |  | Primoris Services Corp | 91 |
| 784 | (a) | Proto Labs, Inc | 31 |
| 905 |  | Quanex Building Products Corp | 17 |
| 3217 |  | Quanta Services, Inc | 1216 |
| 11214 | (a),(b) | QXO, Inc | 242 |
| 2473 | (a) | Ralliant Corp | 120 |
| 677 | (a) | RBC Bearings, Inc | 260 |
| 726 | (a),(b) | Redwire Corp | 12 |
| 1406 |  | Regal-Beloit Corp | 204 |
| 2818 | (a) | Resideo Technologies, Inc | 62 |
| 1111 |  | REV Group, Inc | 53 |
| 8068 | (a) | Rocket Lab Corp | 289 |
| 2472 |  | Rockwell Automation, Inc | 821 |
| 29234 |  | RTX Corp | 4269 |
| 198 |  | Rush Enterprises, Inc | 10 |
| 1317 |  | Rush Enterprises, Inc (Class A) | 68 |
| 3523 |  | Sensata Technologies Holding plc | 106 |
| 4388 | (a) | Shoals Technologies Group, Inc | 19 |
| 1169 |  | Shyft Group, Inc | 15 |
| 913 |  | Simpson Manufacturing Co, Inc | 142 |
| 1100 | (a) | SiteOne Landscape Supply, Inc | 133 |
| 1120 |  | Snap-On, Inc | 348 |
| 2445 | (a) | Spirit Aerosystems Holdings, Inc (Class A) | 93 |
| 987 | (a) | SPX Technologies, Inc | 165 |
| 3095 | (a) | StandardAero, Inc | 98 |
| 277 |  | Standex International Corp | 43 |
| 3377 |  | Stanley Black & Decker, Inc | 229 |
| 634 | (a) | Sterling Construction Co, Inc | 146 |
| 5206 | (a) | Sunrun, Inc | 43 |
| 535 |  | Tecnoglass, Inc | 41 |
| 406 |  | Tennant Co | 31 |
| 1409 |  | Terex Corp | 66 |
| 3932 |  | Textron, Inc | 316 |
| 853 | (a) | Thermon Group Holdings, Inc | 24 |
| 1366 |  | Timken Co | 99 |
| 1266 | (a),(b) | Titan International, Inc | 13 |
| 491 | (a),(b) | Titan Machinery, Inc | 10 |
| 2319 |  | Toro Co | 164 |
| 4871 |  | Trane Technologies plc | 2131 |
| 100 | (a) | Transcat, Inc | 9 |
| 1208 |  | TransDigm Group, Inc | 1837 |
| 2168 | (a) | Trex Co, Inc | 118 |
| 1768 |  | Trinity Industries, Inc | 48 |
| 1451 | (a) | Triumph Group, Inc | 37 |
| 963 | (a) | Tutor Perini Corp | 45 |
| 1356 |  | UFP Industries, Inc | 135 |
| 1417 |  | United Rentals, Inc | 1068 |
| 455 | (a) | V2X, Inc | 22 |
| 412 |  | Valmont Industries, Inc | 135 |
| 8313 |  | Vertiv Holdings Co | 1067 |
| 649 | (a) | Vicor Corp | 29 |
| 954 |  | W.W. Grainger, Inc | 992 |
| 1281 |  | Wabash National Corp | 14 |
| 760 |  | Watsco, Inc | 336 |
| 645 |  | Watts Water Technologies, Inc (Class A) | 159 |

---

*See Notes to Financial Statements* 13

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CAPITAL GOODS** (continued) |  |
| 1047 |  | WESCO International, Inc | $194 |
| 3623 |  | Westinghouse Air Brake Technologies Corp | 758 |
| 73 | (b) | Willis Lease Finance Corp | 10 |
| 4244 |  | WillScot Mobile Mini Holdings Corp | 116 |
| 1262 |  | Woodward Inc | 309 |
| 858 |  | Worthington Enterprises, Inc | 55 |
| 911 | (a) | Xometry, Inc | 31 |
| 5278 |  | Xylem, Inc | 683 |
| 3251 |  | Zurn Elkay Water Solutions Corp | 119 |
|  |  | TOTAL CAPITAL GOODS | 89844 |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES - 1.5%** |  |
| 1382 |  | ABM Industries, Inc | 65 |
| 3257 |  | ACCO Brands Corp | 12 |
| 2237 | (a) | Acuren Corp | 25 |
| 2888 | (a) | ACV Auctions, Inc | 47 |
| 8912 |  | Alight, Inc | 50 |
| 2989 | (a),(b) | Amentum Holdings, Inc | 71 |
| 8904 |  | Automatic Data Processing, Inc | 2746 |
| 191 |  | Barrett Business Services, Inc | 8 |
| 605 | (a) | BlackSky Technology, Inc | 12 |
| 2731 |  | Booz Allen Hamilton Holding Corp | 284 |
| 511 | (a) | BrightView Holdings, Inc | 8 |
| 1108 |  | Brink's Co | 99 |
| 2574 |  | Broadridge Financial Solutions, Inc | 626 |
| 486 | (a) | CACI International, Inc (Class A) | 232 |
| 1375 | (a) | Casella Waste Systems, Inc (Class A) | 159 |
| 1147 | (a) | CBIZ, Inc | 82 |
| 756 | (a) | CECO Environmental Corp | 21 |
| 3169 | (a) | Ceridian HCM Holding, Inc | 175 |
| 188 | (a) | Cimpress plc | 9 |
| 7551 |  | Cintas Corp | 1683 |
| 6385 | (a) | Clarivate plc | 27 |
| 1167 | (a) | Clean Harbors, Inc | 270 |
| 805 | (b) | Concentrix Corp | 42 |
| 5536 | (a) | Conduent, Inc | 15 |
| 19150 | (a) | Copart, Inc | 940 |
| 1499 | (a) | CoreCivic, Inc | 32 |
| 51 |  | CRA International, Inc | 10 |
| 416 |  | CSG Systems International, Inc | 27 |
| 1062 |  | Deluxe Corp | 17 |
| 1159 | (a) | Driven Brands Holdings, Inc | 20 |
| 6346 |  | Dun & Bradstreet Holdings, Inc | 58 |
| 1051 |  | Ennis, Inc | 19 |
| 2755 |  | Equifax, Inc | 715 |
| 3061 | (a) | ExlService Holdings, Inc | 134 |
| 1272 |  | Exponent, Inc | 95 |
| 1243 | (a) | First Advantage Corp | 21 |
| 381 | (a) | Forrester Research, Inc | 4 |
| 419 | (a) | Franklin Covey Co | 10 |
| 784 | (a) | FTI Consulting, Inc | 127 |
| 3395 |  | Genpact Ltd | 149 |
| 3108 | (a) | GEO Group, Inc | 74 |
| 2590 | (a) | Harsco Corp | 22 |
| 2398 | (a) | Healthcare Services Group | 36 |
| 711 |  | Heidrick & Struggles International, Inc | 32 |
| 1885 |  | Herman Miller, Inc | 37 |
| 1041 |  | HireQuest, Inc | 10 |
| 850 |  | HNI Corp | 42 |
| 307 | (a) | Huron Consulting Group, Inc | 42 |
| 379 |  | ICF International, Inc | 32 |
| 661 | (a) | Innodata, Inc | 34 |
| 975 |  | Insperity, Inc | 59 |

---

14 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **COMMERCIAL & PROFESSIONAL SERVICES** (continued) |  |
| 1293 |  | Interface, Inc | $27 |
| 2652 |  | Jacobs Solutions, Inc | 349 |
| 3101 |  | KBR, Inc | 149 |
| 1192 |  | Kelly Services, Inc (Class A) | 14 |
| 681 |  | Kforce, Inc | 28 |
| 1237 |  | Korn/Ferry International | 91 |
| 2559 | (a) | Legalzoom.com, Inc | 23 |
| 2786 |  | Leidos Holdings, Inc | 439 |
| 664 | (a) | Liquidity Services, Inc | 16 |
| 1099 |  | Manpower, Inc | 44 |
| 1224 |  | MAXIMUS, Inc | 86 |
| 640 | (a) | Montrose Environmental Group, Inc | 14 |
| 805 |  | MSA Safety, Inc | 135 |
| 563 |  | NL Industries, Inc | 4 |
| 1164 | (a) | NV5 Global, Inc | 27 |
| 1699 | (a) | OPENLANE, Inc | 41 |
| 1095 | (a) | Parsons Corp | 79 |
| 7036 |  | Paychex, Inc | 1023 |
| 1142 |  | Paycom Software, Inc | 264 |
| 927 | (a) | Paylocity Holding Corp | 168 |
| 4226 |  | Pitney Bowes, Inc | 46 |
| 3913 | (a) | Planet Labs PBC | 24 |
| 4048 |  | RB Global, Inc | 430 |
| 4426 |  | Republic Services, Inc | 1091 |
| 1107 |  | Resources Connection, Inc | 6 |
| 2545 |  | Robert Half International, Inc | 104 |
| 5892 |  | Rollins, Inc | 332 |
| 1180 |  | Science Applications International Corp | 133 |
| 4419 |  | SS&C Technologies Holdings, Inc | 366 |
| 3128 |  | Steelcase, Inc (Class A) | 33 |
| 6045 |  | Tetra Tech, Inc | 217 |
| 4262 |  | TransUnion | 375 |
| 839 |  | TriNet Group, Inc | 61 |
| 720 | (a) | TrueBlue, Inc | 5 |
| 541 |  | TTEC Holdings, Inc | 3 |
| 345 |  | Unifirst Corp | 65 |
| 3454 | (a) | Upwork, Inc | 46 |
| 5278 |  | Veralto Corp | 533 |
| 3058 |  | Verisk Analytics, Inc | 953 |
| 3457 | (a) | Verra Mobility Corp | 88 |
| 3046 |  | Vestis Corp | 17 |
| 340 |  | VSE Corp | 44 |
| 8084 |  | Waste Management, Inc | 1850 |
| 279 | (a) | Willdan Group, Inc | 17 |
| 1104 | (a) | WNS Holdings Ltd | 70 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 19496 |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.6%** |  |
| 966 | (a),(b) | 1-800-FLOWERS.COM, Inc (Class A) | 5 |
| 1019 | (a) | Abercrombie & Fitch Co (Class A) | 84 |
| 1605 |  | Academy Sports & Outdoors, Inc | 72 |
| 1149 | (b) | Advance Auto Parts, Inc | 53 |
| 406 |  | A-Mark Precious Metals, Inc | 9 |
| 209605 | (a) | Amazon.com, Inc | 45985 |
| 3778 |  | American Eagle Outfitters, Inc | 36 |
| 154 | (a) | America's Car-Mart, Inc | 9 |
| 1221 | (a) | Arhaus, Inc | 11 |
| 2460 | (b) | Arko Corp | 10 |
| 416 | (a) | Asbury Automotive Group, Inc | 99 |
| 576 | (a) | Autonation, Inc | 114 |
| 365 | (a) | Autozone, Inc | 1355 |
| 4924 |  | Bath & Body Works, Inc | 148 |
| 4227 |  | Best Buy Co, Inc | 284 |

---

*See Notes to Financial Statements* 15

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL** (continued) |  |
| 665 | (a) | Boot Barn Holdings, Inc | $101 |
| 524 |  | Buckle, Inc | 24 |
| 326 |  | Build-A-Bear Workshop, Inc | 17 |
| 1373 | (a) | Burlington Stores, Inc | 319 |
| 1001 | (b) | Caleres, Inc | 12 |
| 895 |  | Camping World Holdings, Inc | 15 |
| 3230 | (a) | Carmax, Inc | 217 |
| 2806 | (a) | Carvana Co | 946 |
| 4570 | (a) | Chewy, Inc | 195 |
| 109 | (a) | Citi Trends, Inc | 4 |
| 27121 | (a) | Coupang, Inc | 813 |
| 1606 |  | Designer Brands, Inc | 4 |
| 1267 |  | Dick's Sporting Goods, Inc | 251 |
| 64 | (b) | Dillard's, Inc (Class A) | 27 |
| 10069 |  | eBay, Inc | 750 |
| 2260 | (a) | Etsy, Inc | 113 |
| 2017 | (a),(b) | EVgo, Inc | 7 |
| 1176 | (a) | Five Below, Inc | 154 |
| 2514 | (a) | Floor & Decor Holdings, Inc | 191 |
| 1850 | (a) | Foot Locker, Inc | 45 |
| 8925 | (a) | GameStop Corp (Class A) | 218 |
| 4912 |  | Gap, Inc | 107 |
| 365 | (a) | Genesco, Inc | 7 |
| 3030 |  | Genuine Parts Co | 368 |
| 559 | (a) | GigaCloud Technology, Inc | 11 |
| 311 |  | Group 1 Automotive, Inc | 136 |
| 541 | (a),(b) | Groupon, Inc | 18 |
| 715 |  | Haverty Furniture Cos, Inc | 15 |
| 21746 |  | Home Depot, Inc | 7973 |
| 1925 |  | Kohl's Corp | 16 |
| 487 | (a) | Lands' End, Inc | 5 |
| 597 |  | Lithia Motors, Inc (Class A) | 202 |
| 5489 |  | LKQ Corp | 203 |
| 12246 |  | Lowe's Cos, Inc | 2717 |
| 5015 |  | Macy's, Inc | 58 |
| 530 | (a) | MarineMax, Inc | 13 |
| 759 |  | Monro Muffler, Inc | 11 |
| 415 |  | Murphy USA, Inc | 169 |
| 2416 | (a) | National Vision Holdings, Inc | 56 |
| 1066 | (a) | ODP Corp | 19 |
| 1339 | (a) | Ollie's Bargain Outlet Holdings, Inc | 176 |
| 266 | (a) | OneWater Marine, Inc | 4 |
| 18622 | (a) | O'Reilly Automotive, Inc | 1678 |
| 1209 | (a) | Overstock.com, Inc | 8 |
| 389 |  | Penske Auto Group, Inc | 67 |
| 1980 | (a),(b) | Petco Health & Wellness Co, Inc | 6 |
| 785 |  | Pool Corp | 229 |
| 2295 | (a) | RealReal, Inc | 11 |
| 1063 | (a) | Revolve Group, Inc | 21 |
| 380 | (a) | RH | 72 |
| 7077 |  | Ross Stores, Inc | 903 |
| 2402 | (a) | Sally Beauty Holdings, Inc | 22 |
| 697 | (a) | Savers Value Village, Inc | 7 |
| 646 | (b) | Shoe Carnival, Inc | 12 |
| 881 |  | Signet Jewelers Ltd | 70 |
| 760 | (a),(b) | Sleep Number Corp | 5 |
| 319 |  | Sonic Automotive, Inc (Class A) | 25 |
| 1770 | (a) | Stitch Fix, Inc | 7 |
| 1616 | (a) | ThredUp, Inc | 12 |
| 24440 |  | TJX Cos, Inc | 3018 |
| 11616 |  | Tractor Supply Co | 613 |
| 987 | (a) | Ulta Beauty, Inc | 462 |

---

16 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL** (continued) |  |
| 1277 |  | Upbound Group, Inc | $32 |
| 1483 | (a) | Urban Outfitters, Inc | 108 |
| 2450 | (a) | Valvoline, Inc | 93 |
| 1767 | (a) | Victoria's Secret & Co | 33 |
| 2402 | (a) | Warby Parker, Inc | 53 |
| 2236 | (a) | Wayfair, Inc | 114 |
| 663 |  | Weyco Group, Inc | 22 |
| 2589 |  | Williams-Sonoma, Inc | 423 |
| 64 |  | Winmark Corp | 24 |
| 686 | (a) | Zumiez, Inc | 9 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 73140 |
|  |  | **CONSUMER DURABLES & APPAREL - 0.8%** |  |
| 606 |  | Acushnet Holdings Corp | 44 |
| 3260 | (a) | Amer Sports, Inc | 126 |
| 1837 | (a),(b) | AMMO, Inc | 2 |
| 1140 | (a) | Beazer Homes USA, Inc | 26 |
| 1161 | (a) | BK LC Lux Finco 2 Sarl | 57 |
| 1299 |  | Brunswick Corp | 72 |
| 3596 | (a) | Callaway Golf Co | 29 |
| 2222 | (a) | Capri Holdings Ltd | 39 |
| 547 |  | Carter's, Inc | 16 |
| 165 | (a) | Cavco Industries, Inc | 72 |
| 629 |  | Century Communities, Inc | 35 |
| 729 |  | Clarus Corp | 3 |
| 606 |  | Columbia Sportswear Co | 37 |
| 1268 |  | Cricut, Inc | 9 |
| 1275 | (a) | Crocs, Inc | 129 |
| 3302 | (a) | Deckers Outdoor Corp | 340 |
| 5999 |  | DR Horton, Inc | 773 |
| 643 | (a),(b) | Dream Finders Homes, Inc | 16 |
| 1326 |  | Ermenegildo Zegna NV | 11 |
| 958 |  | Ethan Allen Interiors, Inc | 27 |
| 3412 | (a) | Figs, Inc | 19 |
| 576 | (a) | Funko, Inc | 3 |
| 3481 | (a) | Garmin Ltd | 727 |
| 124 | (a) | G-III Apparel Group Ltd | 3 |
| 680 | (a) | Green Brick Partners, Inc | 43 |
| 8742 | (a) | Hanesbrands, Inc | 40 |
| 2888 |  | Hasbro, Inc | 213 |
| 712 | (a) | Helen of Troy Ltd | 20 |
| 148 | (a) | Hovnanian Enterprises, Inc | 15 |
| 509 |  | Installed Building Products, Inc | 92 |
| 232 |  | Johnson Outdoors, Inc | 7 |
| 1357 |  | KB Home | 72 |
| 1320 |  | Kontoor Brands, Inc | 87 |
| 412 | (a) | Latham Group, Inc | 3 |
| 935 |  | La-Z-Boy, Inc | 35 |
| 3082 |  | Leggett & Platt, Inc | 28 |
| 4990 |  | Lennar Corp (Class A) | 552 |
| 205 |  | Lennar Corp (Class B) | 22 |
| 241 | (a) | LGI Homes, Inc | 12 |
| 336 | (a) | Lovesac Co | 6 |
| 2300 | (a) | Lululemon Athletica, Inc | 546 |
| 561 | (a) | M/I Homes, Inc | 63 |
| 688 | (a) | Malibu Boats, Inc | 22 |
| 441 |  | Marine Products Corp | 4 |
| 673 | (a),(b) | MasterCraft Boat Holdings, Inc | 13 |
| 7453 | (a) | Mattel, Inc | 147 |
| 1537 |  | Meritage Homes Corp | 103 |
| 1156 | (a) | Mohawk Industries, Inc | 121 |
| 638 |  | Movado Group, Inc | 10 |
| 6890 |  | Newell Rubbermaid, Inc | 37 |

---

*See Notes to Financial Statements* 17

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **CONSUMER DURABLES & APPAREL** (continued) |  |
| 25284 | Nike, Inc (Class B) | $1796 |
| 61 (a) | NVR, Inc | 451 |
| 4813 (a) | On Holding AG. | 251 |
| 274 | Oxford Industries, Inc | 11 |
| 8335 (a) | Peloton Interactive, Inc | 58 |
| 1013 | Polaris Industries, Inc | 41 |
| 4364 | Pulte Homes, Inc | 460 |
| 1375 | PVH Corp | 94 |
| 855 | Ralph Lauren Corp | 235 |
| 110 | Rocky Brands, Inc | 2 |
| 1588 (a) | SharkNinja Global SPV Ltd | 157 |
| 2856 (a) | Skechers U.S.A., Inc (Class A) | 180 |
| 1083 (a) | Skyline Champion Corp | 68 |
| 1649 | Smith & Wesson Brands, Inc | 14 |
| 3687 (a) | Sonos, Inc | 40 |
| 1625 | Steven Madden Ltd | 39 |
| 311 | Sturm Ruger & Co, Inc | 11 |
| 4519 | Tapestry, Inc | 397 |
| 2118 (a) | Taylor Morrison Home Corp | 130 |
| 4417 | Tempur Sealy International, Inc | 301 |
| 2164 | Toll Brothers, Inc | 247 |
| 665 (a) | TopBuild Corp | 215 |
| 1572 (a) | Tri Pointe Homes, Inc | 50 |
| 5744 (a) | Under Armour, Inc (Class A) | 39 |
| 5391 (a) | Under Armour, Inc (Class C) | 35 |
| 8194 | VF Corp | 96 |
| 1037 (b) | Whirlpool Corp | 105 |
| 1742 | Wolverine World Wide, Inc | 32 |
| 1532 (a) | YETI Holdings, Inc | 48 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 10531 |
|  | **CONSUMER SERVICES - 2.4%** |  |
| 1229 (a) | Accel Entertainment, Inc | 14 |
| 7709 | ADT, Inc | 65 |
| 822 (a) | Adtalem Global Education, Inc | 105 |
| 9300 (a) | Airbnb, Inc | 1231 |
| 376 (a) | American Public Education, Inc | 11 |
| 6092 | Aramark | 255 |
| 39 (a) | Biglari Holdings, Inc (B Shares) | 11 |
| 817 (a) | BJ's Restaurants, Inc | 36 |
| 275 | Bloomin' Brands, Inc | 2 |
| 711 | Booking Holdings, Inc | 4116 |
| 1260 | Boyd Gaming Corp | 99 |
| 1258 (a) | Bright Horizons Family Solutions, Inc | 155 |
| 959 (a) | Brinker International, Inc | 173 |
| 4525 (a) | Caesars Entertainment, Inc | 128 |
| 23616 (a) | Carnival Corp | 664 |
| 318 | Carriage Services, Inc | 15 |
| 2180 (a) | Cava Group, Inc | 184 |
| 1085 (b) | Cheesecake Factory | 68 |
| 29309 (a) | Chipotle Mexican Grill, Inc (Class A) | 1646 |
| 623 (b) | Choice Hotels International, Inc | 79 |
| 1421 | Churchill Downs, Inc | 144 |
| 2931 (a) | Coursera, Inc | 26 |
| 711 (b) | Cracker Barrel Old Country Store, Inc | 43 |
| 2553 | Darden Restaurants, Inc | 556 |
| 419 (a) | Dave & Buster's Entertainment, Inc | 13 |
| 1296 (a) | Denny's Corp | 5 |
| 458 | Dine Brands Global Inc. | 11 |
| 695 | Domino's Pizza, Inc | 313 |
| 7840 (a) | DoorDash, Inc | 1933 |
| 10269 (a) | DraftKings, Inc | 440 |
| 787 (a) | Duolingo, Inc | 323 |

---

18 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CONSUMER SERVICES** (continued) |  |
| 2527 | (a) | Dutch Bros, Inc | $173 |
| 809 | (a) | El Pollo Loco Holdings, Inc | 9 |
| 455 | (a) | European Wax Center, Inc | 3 |
| 1207 | (a) | Everi Holdings, Inc | 17 |
| 2616 |  | Expedia Group, Inc | 441 |
| 723 | (a) | First Watch Restaurant Group, Inc | 12 |
| 3828 | (a) | Flutter Entertainment plc | 1094 |
| 1502 | (a) | Frontdoor, Inc | 89 |
| 4788 | (a) | Genius Sports Ltd | 50 |
| 2989 | (a),(b) | Global Business Travel Group I | 19 |
| 412 |  | Golden Entertainment, Inc | 12 |
| 63 |  | Graham Holdings Co | 60 |
| 663 | (a) | Grand Canyon Education, Inc | 125 |
| 2812 |  | H&R Block, Inc | 154 |
| 1757 | (a),(b) | Hilton Grand Vacations, Inc | 73 |
| 5096 |  | Hilton Worldwide Holdings, Inc | 1357 |
| 969 | (b) | Hyatt Hotels Corp | 135 |
| 494 | (a) | Inspired Entertainment, Inc | 4 |
| 2584 |  | International Game Technology plc | 41 |
| 410 | (b) | Jack in the Box, Inc | 7 |
| 930 | (a) | KinderCare Learning Cos, Inc | 9 |
| 2068 |  | Krispy Kreme, Inc | 6 |
| 155 | (a),(b) | Kura Sushi USA, Inc | 13 |
| 7000 |  | Las Vegas Sands Corp | 305 |
| 2764 | (a) | Laureate Education, Inc | 65 |
| 2936 | (a) | Life Time Group Holdings, Inc | 89 |
| 1809 | (a) | Light & Wonder, Inc | 174 |
| 1286 | (a) | Lincoln Educational Services Corp | 30 |
| 608 | (a) | Lindblad Expeditions Holdings, Inc | 7 |
| 5019 |  | Marriott International, Inc (Class A) | 1371 |
| 901 |  | Marriott Vacations Worldwide Corp | 65 |
| 271 |  | Matthews International Corp (Class A) | 7 |
| 15620 |  | McDonald's Corp | 4564 |
| 4487 | (a) | MGM Resorts International | 154 |
| 1527 | (a) | Mister Car Wash, Inc | 9 |
| 388 |  | Monarch Casino & Resort, Inc | 34 |
| 57 |  | Nathan's Famous, Inc | 6 |
| 9905 | (a) | Norwegian Cruise Line Holdings Ltd | 201 |
| 1416 |  | OneSpaWorld Holdings Ltd | 29 |
| 792 |  | Papa John's International, Inc | 39 |
| 3518 | (a),(b) | Penn National Gaming, Inc | 63 |
| 1328 |  | Perdoceo Education Corp | 43 |
| 1700 | (a) | Planet Fitness, Inc | 185 |
| 1370 | (a) | PlayAGS, Inc | 17 |
| 417 | (a),(b) | Portillo's, Inc | 5 |
| 330 |  | RCI Hospitality Holdings, Inc | 13 |
| 925 |  | Red Rock Resorts, Inc | 48 |
| 7065 |  | Restaurant Brands International, Inc | 468 |
| 5536 |  | Royal Caribbean Cruises Ltd | 1734 |
| 1353 | (a) | Rush Street Interactive, Inc | 20 |
| 10188 | (a) | Sabre Corp | 32 |
| 771 | (a) | SeaWorld Entertainment, Inc | 36 |
| 1013 | (a),(b) | Serve Robotics, Inc | 12 |
| 3044 |  | Service Corp International | 248 |
| 766 | (a) | Shake Shack, Inc | 108 |
| 2208 |  | Six Flags Entertainment Corp | 67 |
| 24968 |  | Starbucks Corp | 2288 |
| 673 |  | Strategic Education, Inc | 57 |
| 808 | (a) | Stride, Inc | 117 |
| 3619 |  | Super Group SGHC Ltd | 40 |
| 2381 | (a),(b) | Sweetgreen, Inc | 35 |
| 829 | (a),(b) | Target Hospitality Corp | 6 |

---

*See Notes to Financial Statements* 19

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **CONSUMER SERVICES** (continued) |  |
| 1383 |  | Texas Roadhouse, Inc (Class A) | $259 |
| 1191 |  | Travel & Leisure Co | 61 |
| 1856 | (a) | Udemy, Inc | 13 |
| 941 | (a) | Universal Technical Institute, Inc | 32 |
| 783 | (b) | Vail Resorts, Inc | 123 |
| 679 | (a) | Viad Corp | 20 |
| 4441 | (a) | Viking Holdings Ltd | 237 |
| 3574 |  | Wendy's Co | 41 |
| 607 |  | Wingstop, Inc | 204 |
| 1659 |  | Wyndham Hotels & Resorts, Inc | 135 |
| 2003 |  | Wynn Resorts Ltd | 188 |
| 371 | (a) | Xponential Fitness, Inc | 3 |
| 6090 |  | Yum! Brands, Inc | 902 |
|  |  | TOTAL CONSUMER SERVICES | 31776 |
|  |  | **CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%** |  |
| 8674 |  | Albertsons Cos, Inc | 187 |
| 1108 |  | Andersons, Inc | 41 |
| 2857 | (a) | BJ's Wholesale Club Holdings, Inc | 308 |
| 809 |  | Casey's General Stores, Inc | 413 |
| 776 | (a) | Chefs' Warehouse, Inc | 50 |
| 9699 |  | Costco Wholesale Corp | 9601 |
| 4732 |  | Dollar General Corp | 541 |
| 4562 | (a) | Dollar Tree, Inc | 452 |
| 2474 | (a) | Grocery Outlet Holding Corp | 31 |
| 1600 | (a) | HF Foods Group, Inc | 5 |
| 202 |  | Ingles Markets, Inc (Class A) | 13 |
| 13250 |  | Kroger Co | 950 |
| 4130 | (a) | Maplebear, Inc | 187 |
| 345 |  | Natural Grocers by Vitamin Cottage, Inc | 14 |
| 3334 | (a) | Performance Food Group Co | 292 |
| 553 |  | Pricesmart, Inc | 58 |
| 957 |  | SpartanNash Co | 25 |
| 2141 | (a) | Sprouts Farmers Market, Inc | 352 |
| 10719 |  | Sysco Corp | 812 |
| 9932 |  | Target Corp | 980 |
| 1296 | (a) | United Natural Foods, Inc | 30 |
| 5011 | (a) | US Foods Holding Corp | 386 |
| 292 |  | Village Super Market (Class A) | 11 |
| 15612 |  | Walgreens Boots Alliance, Inc | 179 |
| 95065 |  | Walmart, Inc | 9295 |
| 313 |  | Weis Markets, Inc | 23 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 25236 |
|  |  | **ENERGY - 3.1%** |  |
| 6664 |  | Antero Midstream Corp | 126 |
| 6098 | (a) | Antero Resources Corp | 246 |
| 7983 |  | APA Corp | 146 |
| 3123 |  | Archrock, Inc | 78 |
| 577 |  | Ardmore Shipping Corp | 6 |
| 452 |  | Aris Water Solution, Inc | 11 |
| 1601 | (b) | Atlas Energy Solutions, Inc | 21 |
| 21670 |  | Baker Hughes Co | 831 |
| 1669 |  | Berry Corp | 5 |
| 4580 | (b) | Borr Drilling Ltd | 8 |
| 510 | (a) | Bristow Group, Inc | 17 |
| 16517 |  | Cabot Oil & Gas Corp | 419 |
| 1403 |  | Cactus, Inc | 61 |
| 1413 |  | California Resources Corp | 65 |
| 1491 | (a) | Calumet, Inc | 23 |
| 230 | (a),(b) | Centrus Energy Corp | 42 |
| 4600 |  | ChampionX Corp | 114 |
| 4821 |  | Cheniere Energy, Inc | 1174 |
| 4801 |  | Chesapeake Energy Corp | 561 |

---

20 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **ENERGY** (continued) |  |
| 35640 |  | Chevron Corp | $5103 |
| 1203 |  | Chord Energy Corp | 116 |
| 1939 |  | Civitas Resources, Inc | 53 |
| 4074 | (a) | Clean Energy Fuels Corp | 8 |
| 3082 | (a) | CNX Resources Corp | 104 |
| 1609 | (a),(b) | Comstock Resources, Inc | 44 |
| 27660 |  | ConocoPhillips | 2482 |
| 61 |  | Core Laboratories, Inc | 1 |
| 1192 |  | Core Natural Resources, Inc | 83 |
| 4260 |  | Crescent Energy Co | 37 |
| 875 |  | CVR Energy, Inc | 23 |
| 1510 |  | Delek US Holdings, Inc | 32 |
| 13861 |  | Devon Energy Corp | 441 |
| 3198 |  | DHT Holdings, Inc | 35 |
| 4269 |  | Diamondback Energy, Inc | 587 |
| 1119 |  | Diversified Energy Co plc | 16 |
| 535 | (a) | DMC Global, Inc | 4 |
| 1083 |  | Dorian LPG Ltd | 26 |
| 2182 |  | DT Midstream, Inc | 240 |
| 2695 | (a),(b) | Empire Petroleum Corp | 14 |
| 3799 | (a),(b) | Encore Energy Corp | 11 |
| 4018 | (a),(b) | Energy Fuels, Inc | 23 |
| 12067 |  | EOG Resources, Inc | 1443 |
| 12760 |  | EQT Corp | 744 |
| 3165 |  | Evolution Petroleum Corp | 15 |
| 428 |  | Excelerate Energy, Inc | 13 |
| 1917 | (a) | Expro Group Holdings NV | 16 |
| 94685 |  | Exxon Mobil Corp | 10207 |
| 691 | (b) | FLEX LNG Ltd | 15 |
| 981 | (a) | Forum Energy Technologies, Inc | 19 |
| 954 |  | FutureFuel Corp | 4 |
| 1739 |  | Golar LNG Ltd | 72 |
| 2448 |  | Granite Ridge Resources, Inc | 16 |
| 1490 | (a) | Green Plains, Inc | 9 |
| 278 | (a) | Gulfport Energy Operating Corp | 56 |
| 19389 |  | Halliburton Co | 395 |
| 1956 | (a) | Helix Energy Solutions Group, Inc | 12 |
| 2301 |  | Helmerich & Payne, Inc | 35 |
| 6128 |  | Hess Corp | 849 |
| 3473 |  | HF Sinclair Corp | 143 |
| 1195 | (a) | Innovex International, Inc | 19 |
| 404 |  | International Seaways, Inc | 15 |
| 43111 |  | Kinder Morgan, Inc | 1267 |
| 958 |  | Kinetik Holdings, Inc | 42 |
| 1167 |  | Kodiak Gas Services, Inc | 40 |
| 4919 | (a) | Kosmos Energy Ltd | 8 |
| 3840 |  | Liberty Energy, Inc | 44 |
| 4177 |  | Magnolia Oil & Gas Corp | 94 |
| 6813 |  | Marathon Petroleum Corp | 1132 |
| 2552 |  | Matador Resources Co | 122 |
| 2664 |  | Murphy Oil Corp | 60 |
| 238 | (a),(b) | Nabors Industries Ltd | 7 |
| 87 |  | Nacco Industries, Inc (Class A) | 4 |
| 696 |  | Navigator Holdings Ltd | 10 |
| 2786 | (a) | NextDecade Corp | 25 |
| 2731 | (b) | Noble Corp plc | 72 |
| 4171 | (b) | Nordic American Tankers Ltd | 11 |
| 1998 |  | Northern Oil and Gas, Inc | 57 |
| 8135 |  | NOV, Inc | 101 |
| 14735 |  | Occidental Petroleum Corp | 619 |
| 2352 | (a) | Oceaneering International, Inc | 49 |
| 2073 | (a) | Oil States International, Inc | 11 |

---

*See Notes to Financial Statements* 21

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **ENERGY** (continued) |  |
| 13657 |  | ONEOK, Inc | $1115 |
| 5675 |  | Ovintiv, Inc | 216 |
| 1291 | (a) | Par Pacific Holdings, Inc | 34 |
| 7160 |  | Patterson-UTI Energy, Inc | 42 |
| 2663 |  | PBF Energy, Inc | 58 |
| 1909 |  | Peabody Energy Corp | 26 |
| 15047 |  | Permian Resources Corp | 205 |
| 8911 |  | Phillips 66 | 1063 |
| 17 | (a) | PrimeEnergy Corp | 2 |
| 2609 | (a) | ProPetro Holding Corp | 16 |
| 5158 |  | Range Resources Corp | 210 |
| 321 | (a) | Rex American Resources Corp | 16 |
| 257 |  | Riley Exploration Permian, Inc | 7 |
| 2256 |  | RPC, Inc | 11 |
| 1202 | (a) | Sable Offshore Corp | 26 |
| 792 |  | SandRidge Energy, Inc | 9 |
| 29723 |  | Schlumberger Ltd | 1005 |
| 941 |  | Scorpio Tankers, Inc | 37 |
| 2348 | (a) | SEACOR Marine Holdings, Inc | 12 |
| 1338 | (a) | Seadrill Ltd | 35 |
| 1587 |  | Select Water Solutions, Inc | 14 |
| 2365 | (b) | SFL Corp Ltd | 20 |
| 915 |  | Sitio Royalties Corp | 17 |
| 2468 |  | SM Energy Co | 61 |
| 886 |  | Solaris Oilfield Infrastructure, Inc | 25 |
| 1668 | (a) | Talos Energy, Inc | 14 |
| 4694 |  | Targa Resources Corp | 817 |
| 8895 |  | TechnipFMC plc | 306 |
| 2111 |  | Teekay Corp Ltd | 17 |
| 560 |  | Teekay Tankers Ltd | 23 |
| 3440 | (a) | Tetra Technologies, Inc | 12 |
| 412 |  | Texas Pacific Land Corp | 435 |
| 1174 | (a) | Tidewater, Inc | 54 |
| 16110 | (a) | Transocean Ltd | 42 |
| 7605 | (a),(b) | Uranium Energy Corp | 52 |
| 1428 | (b) | Vaalco Energy, Inc | 5 |
| 1385 | (a),(b) | Valaris Ltd | 58 |
| 6824 |  | Valero Energy Corp | 917 |
| 2867 |  | Viper Energy Partners LP | 109 |
| 458 | (a),(b) | Vital Energy, Inc | 7 |
| 758 | (b) | Vitesse Energy, Inc | 17 |
| 3587 | (b) | W&T Offshore, Inc | 6 |
| 1619 |  | Weatherford International plc | 81 |
| 26619 |  | Williams Cos, Inc | 1672 |
| 1194 |  | World Fuel Services Corp | 34 |
|  |  | TOTAL ENERGY | 40269 |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.3%** |  |
| 3091 |  | Acadia Realty Trust | 57 |
| 2147 |  | Agree Realty Corp | 157 |
| 1433 |  | Alexander & Baldwin, Inc | 26 |
| 113 |  | Alexander's, Inc | 25 |
| 3622 |  | Alexandria Real Estate Equities, Inc | 263 |
| 276 |  | Alpine Income Property Trust, Inc | 4 |
| 241 |  | American Assets Trust, Inc | 5 |
| 3618 |  | American Healthcare REIT, Inc | 133 |
| 7842 |  | American Homes 4 Rent | 283 |
| 10221 |  | American Tower Corp | 2259 |
| 6225 |  | Americold Realty Trust, Inc | 104 |
| 2424 |  | Apartment Investment and Management Co | 21 |
| 4526 |  | Apple Hospitality REIT, Inc | 53 |
| 1658 |  | Armada Hoffler Properties, Inc | 11 |
| 3107 |  | AvalonBay Communities, Inc | 632 |

---

22 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |
| 3466 | Boston Properties, Inc | $234 |
| 1555 | Braemar Hotels & Resorts, Inc | 4 |
| 3704 | Brandywine Realty Trust | 16 |
| 6652 | Brixmor Property Group, Inc | 173 |
| 4364 | Broadstone Net Lease, Inc | 70 |
| 552 | BRT Apartments Corp | 9 |
| 2484 | Camden Property Trust | 280 |
| 4081 | CareTrust REIT, Inc | 125 |
| 1043 | CBL & Associates Properties, Inc | 26 |
| 460 | Centerspace | 28 |
| 1449 | Chatham Lodging Trust | 10 |
| 1087 | City Office REIT, Inc | 6 |
| 544 | Clipper Realty, Inc | 2 |
| 753 | Community Healthcare Trust, Inc | 13 |
| 2460 | Corporate Office Properties Trust | 68 |
| 3658 | Cousins Properties, Inc | 110 |
| 9486 | Crown Castle, Inc | 975 |
| 588 (b) | CTO Realty Growth, Inc | 10 |
| 4946 | CubeSmart | 210 |
| 2109 | Curbline Properties Corp | 48 |
| 3732 | DiamondRock Hospitality Co | 29 |
| 7369 | Digital Realty Trust, Inc | 1285 |
| 7300 | Diversified Healthcare Trust | 26 |
| 4303 | Douglas Emmett, Inc | 65 |
| 689 | Easterly Government Properties, Inc | 15 |
| 1084 | EastGroup Properties, Inc | 181 |
| 3522 | Empire State Realty Trust, Inc | 28 |
| 1627 | EPR Properties | 95 |
| 2135 | Equinix, Inc | 1698 |
| 4198 | Equity Lifestyle Properties, Inc | 259 |
| 8454 | Equity Residential | 571 |
| 4151 | Essential Properties Realty Trust, Inc | 132 |
| 1431 | Essex Property Trust, Inc | 406 |
| 4603 | Extra Space Storage, Inc | 679 |
| 967 (b) | Farmland Partners, Inc | 11 |
| 1812 | Federal Realty Investment Trust | 172 |
| 3144 | First Industrial Realty Trust, Inc | 151 |
| 1561 | Four Corners Property Trust, Inc | 42 |
| 985 | FrontView REIT, Inc | 12 |
| 5692 | Gaming and Leisure Properties, Inc | 266 |
| 1064 | Getty Realty Corp | 29 |
| 881 | Gladstone Commercial Corp | 13 |
| 815 | Gladstone Land Corp | 8 |
| 1479 | Global Medical REIT, Inc | 10 |
| 2111 | Global Net Lease, Inc | 16 |
| 8075 | Healthcare Realty Trust, Inc | 128 |
| 16075 | Healthpeak Properties, Inc | 281 |
| 2316 | Highwoods Properties, Inc | 72 |
| 14983 | Host Hotels & Resorts Inc | 230 |
| 3600 | Hudson Pacific Properties, Inc | 10 |
| 5802 | Independence Realty Trust, Inc | 103 |
| 533 | Innovative Industrial Properties, Inc | 29 |
| 1587 | InvenTrust Properties Corp | 43 |
| 13369 | Invitation Homes, Inc | 439 |
| 6541 | Iron Mountain, Inc | 671 |
| 577 (b) | JBG SMITH Properties | 10 |
| 2453 (b) | Kilroy Realty Corp | 84 |
| 14600 | Kimco Realty Corp | 307 |
| 4843 | Kite Realty Group Trust | 110 |
| 1944 | Lamar Advertising Co | 236 |
| 4734 | Lexington Realty Trust | 39 |
| 1543 (b) | Lineage, Inc | 67 |

---

*See Notes to Financial Statements* 23

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |
| 838 | LTC Properties, Inc | $29 |
| 6081 | Macerich Co | 98 |
| 1163 | Mack-Cali Realty Corp | 17 |
| 9859 (b) | Medical Properties Trust, Inc | 42 |
| 2561 | Mid-America Apartment Communities, Inc | 379 |
| 2736 | Millrose Properties, Inc | 78 |
| 997 | National Health Investors, Inc | 70 |
| 4076 | National Retail Properties, Inc | 176 |
| 1538 | National Storage Affiliates Trust | 49 |
| 336 (a) | NET Lease Office Properties | 11 |
| 1788 | NETSTREIT Corp | 30 |
| 662 | NexPoint Residential Trust, Inc | 22 |
| 6270 | Omega Healthcare Investors, Inc | 230 |
| 574 | One Liberty Properties, Inc | 14 |
| 2956 (b) | Outfront Media, Inc | 48 |
| 4579 | Paramount Group, Inc | 28 |
| 2943 | Park Hotels & Resorts, Inc | 30 |
| 738 (b) | Peakstone Realty Trust | 10 |
| 1145 | Pebblebrook Hotel Trust | 11 |
| 2989 | Phillips Edison & Co, Inc | 105 |
| 3343 | Piedmont Office Realty Trust, Inc | 24 |
| 628 | Plymouth Industrial REIT, Inc | 10 |
| 1168 | Postal Realty Trust, Inc | 17 |
| 1831 | PotlatchDeltic Corp | 70 |
| 20261 | Prologis, Inc | 2130 |
| 3451 | Public Storage, Inc | 1013 |
| 3699 | Rayonier, Inc | 82 |
| 19317 | Realty Income Corp | 1113 |
| 3947 | Regency Centers Corp | 281 |
| 5133 | Rexford Industrial Realty, Inc | 183 |
| 2146 | RLJ Lodging Trust | 16 |
| 1272 | Ryman Hospitality Properties, Inc | 126 |
| 4837 | Sabra Health Care REIT, Inc | 89 |
| 830 | Safehold, Inc | 13 |
| 392 | Saul Centers, Inc | 13 |
| 2346 | SBA Communications Corp | 551 |
| 742 | Service Properties Trust | 2 |
| 1197 | Sila Realty Trust, Inc | 28 |
| 7186 | Simon Property Group, Inc | 1155 |
| 1512 | SITE Centers Corp | 17 |
| 1278 | SL Green Realty Corp | 79 |
| 612 | Smartstop Self Storage REIT, Inc | 22 |
| 3739 | STAG Industrial, Inc | 136 |
| 3928 (b) | Summit Hotel Properties, Inc | 20 |
| 2762 | Sun Communities, Inc | 349 |
| 4521 | Sunstone Hotel Investors, Inc | 39 |
| 2417 | Tanger Factory Outlet Centers, Inc | 74 |
| 2271 | Terreno Realty Corp | 127 |
| 7218 | UDR, Inc | 295 |
| 994 | UMH Properties, Inc | 17 |
| 3786 | Uniti Group, Inc | 16 |
| 294 | Universal Health Realty Income Trust | 12 |
| 2004 | Urban Edge Properties | 37 |
| 9540 | Ventas, Inc | 602 |
| 23421 (d) | VICI Properties, Inc | 764 |
| 3875 | Vornado Realty Trust | 148 |
| 794 | Washington REIT | 13 |
| 14312 (d) | Welltower, Inc | 2200 |
| 16339 | Weyerhaeuser Co | 420 |
| 1293 | Whitestone REIT | 16 |
| 5004 | WP Carey, Inc | 312 |

---

24 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)** (continued) |  |
| 994 |  | Xenia Hotels & Resorts, Inc | $13 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 29629 |
|  |  | **FINANCIAL SERVICES - 8.5%** |  |
| 545 |  | Affiliated Managers Group, Inc | 107 |
| 5810 | (a) | Affirm Holdings, Inc | 402 |
| 20663 | (b) | AGNC Investment Corp | 190 |
| 315 |  | Alerus Financial Corp | 7 |
| 6029 |  | Ally Financial, Inc | 235 |
| 12001 |  | American Express Co | 3828 |
| 2105 |  | Ameriprise Financial, Inc | 1124 |
| 13052 |  | Annaly Capital Management, Inc | 246 |
| 3041 |  | Apollo Commercial Real Estate Finance, Inc | 29 |
| 9010 |  | Apollo Global Management, Inc | 1278 |
| 3729 |  | Arbor Realty Trust, Inc | 40 |
| 1014 |  | Ares Commercial Real Estate Corp | 5 |
| 4114 |  | Ares Management Corp | 713 |
| 1757 | (b) | ARMOUR Residential REIT, Inc | 30 |
| 1740 |  | Artisan Partners Asset Management, Inc | 77 |
| 3908 | (a) | AvidXchange Holdings, Inc | 38 |
| 620 |  | Banco Latinoamericano de Exportaciones S.A. (Class E) | 25 |
| 15641 |  | Bank of New York Mellon Corp | 1425 |
| 40299 | (a) | Berkshire Hathaway, Inc | 19576 |
| 8951 |  | BGC Group, Inc | 92 |
| 3333 |  | BlackRock, Inc | 3497 |
| 3518 | (b) | Blackstone Mortgage Trust, Inc | 68 |
| 15945 |  | Blackstone, Inc | 2385 |
| 11902 | (a) | Block, Inc | 809 |
| 13329 |  | Blue Owl Capital, Inc | 256 |
| 1184 |  | Bread Financial Holdings, Inc | 68 |
| 111 |  | Brightsphere Investment Group, Inc | 4 |
| 3033 |  | BrightSpire Capital, Inc | 15 |
| 8352 |  | Brookfield Asset Management Ltd | 462 |
| 4774 |  | Burford Capital Ltd | 68 |
| 1278 |  | Cannae Holdings, Inc | 27 |
| 1535 | (a) | Cantaloupe, Inc | 17 |
| 13735 |  | Capital One Financial Corp | 2922 |
| 5682 |  | Carlyle Group, Inc | 292 |
| 576 |  | Cass Information Systems, Inc | 25 |
| 2253 |  | Cboe Global Markets, Inc | 525 |
| 37287 |  | Charles Schwab Corp | 3402 |
| 216 |  | Chicago Atlantic Real Estate Finance, Inc | 3 |
| 1947 |  | Chimera Investment Corp | 27 |
| 2359 |  | Claros Mortgage Trust, Inc | 7 |
| 7858 |  | CME Group, Inc | 2166 |
| 602 |  | Cohen & Steers, Inc | 45 |
| 4507 | (a) | Coinbase Global, Inc | 1580 |
| 1463 |  | Compass Diversified Trust | 9 |
| 5247 |  | Corebridge Financial, Inc | 186 |
| 1491 | (a) | Corpay, Inc | 495 |
| 129 | (a),(b) | Credit Acceptance Corp | 66 |
| 172 | (a) | Dave, Inc | 46 |
| 118 |  | Diamond Hill Investment Group, Inc | 17 |
| 3807 |  | DigitalBridge Group, Inc | 39 |
| 445 | (a) | Donnelley Financial Solutions, Inc | 27 |
| 2280 |  | Dynex Capital, Inc | 28 |
| 1030 | (b) | Ellington Financial, Inc | 13 |
| 215 |  | Enact Holdings, Inc | 8 |
| 553 | (a) | Encore Capital Group, Inc | 21 |
| 613 | (a) | Enova International, Inc | 68 |
| 7013 |  | Equitable Holdings, Inc | 393 |
| 1862 |  | Essent Group Ltd | 113 |
| 1004 | (a) | Euronet Worldwide, Inc | 102 |

---

*See Notes to Financial Statements* 25

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **FINANCIAL SERVICES** (continued) |  |
| 809 |  | Evercore Partners, Inc (Class A) | $218 |
| 1384 |  | EVERTEC, Inc | 50 |
| 830 |  | Factset Research Systems, Inc | 371 |
| 120 |  | Federal Agricultural Mortgage Corp | 23 |
| 11506 |  | Fidelity National Information Services, Inc | 937 |
| 848 |  | FirstCash Holdings, Inc | 115 |
| 12055 | (a) | Fiserv, Inc | 2078 |
| 2549 | (a) | Flywire Corp | 30 |
| 31 | (a),(b) | Forge Global Holdings, Inc | 1 |
| 621 |  | Franklin BSP Realty Trust, Inc | 7 |
| 6849 |  | Franklin Resources, Inc | 163 |
| 385 | (a) | Freedom Holding Corp | 56 |
| 559 |  | GCM Grosvenor, Inc | 6 |
| 5514 |  | Global Payments, Inc | 441 |
| 6676 |  | Goldman Sachs Group, Inc | 4725 |
| 1775 | (a) | Green Dot Corp | 19 |
| 904 |  | Hamilton Lane, Inc | 128 |
| 2171 |  | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 58 |
| 1184 |  | Houlihan Lokey, Inc | 213 |
| 9264 |  | Interactive Brokers Group, Inc (Class A) | 513 |
| 12459 |  | Intercontinental Exchange, Inc | 2286 |
| 677 | (a) | International Money Express, Inc | 7 |
| 7952 |  | Invesco Ltd | 125 |
| 645 |  | Invesco Mortgage Capital, Inc | 5 |
| 1648 |  | Jack Henry & Associates, Inc | 297 |
| 1661 |  | Jackson Financial, Inc | 147 |
| 2743 |  | Janus Henderson Group plc | 107 |
| 3358 |  | Jefferies Financial Group, Inc | 184 |
| 14822 |  | KKR & Co, Inc | 1972 |
| 933 |  | KKR Real Estate Finance Trust, Inc | 8 |
| 2645 |  | Ladder Capital Corp | 28 |
| 2463 |  | Lazard, Inc | 118 |
| 2865 | (a) | LendingClub Corp | 34 |
| 334 | (a) | LendingTree, Inc | 12 |
| 1741 |  | LPL Financial Holdings, Inc | 653 |
| 688 |  | Marex Group plc | 27 |
| 837 |  | MarketAxess Holdings, Inc | 187 |
| 8366 | (a) | Marqeta, Inc | 49 |
| 17777 |  | Mastercard, Inc (Class A) | 9990 |
| 77 |  | Merchants Bancorp | 3 |
| 2348 |  | MFA Financial, Inc | 22 |
| 5519 |  | MGIC Investment Corp | 154 |
| 1603 |  | Moelis & Co | 100 |
| 3397 |  | Moody's Corp | 1704 |
| 25165 |  | Morgan Stanley | 3545 |
| 514 |  | Morningstar, Inc | 161 |
| 1395 | (a) | Mr Cooper Group, Inc | 208 |
| 1633 |  | MSCI, Inc (Class A) | 942 |
| 9011 |  | Nasdaq Stock Market, Inc | 806 |
| 609 |  | Navient Corp | 9 |
| 1078 | (a) | NCR Corp ATM | 31 |
| 249 |  | Nelnet, Inc (Class A) | 30 |
| 619 | (a) | NerdWallet, Inc | 7 |
| 2274 | (b) | New York Mortgage Trust, Inc | 15 |
| 1313 | (a) | NMI Holdings, Inc | 55 |
| 4361 |  | Northern Trust Corp | 553 |
| 436 | (a) | Ocwen Financial Corp | 17 |
| 2602 |  | OneMain Holdings, Inc | 148 |
| 3011 | (a) | Open Lending Corp | 6 |
| 651 | (b) | Orchid Island Capital, Inc | 5 |
| 1141 |  | P10, Inc | 12 |
| 3836 |  | Pagseguro Digital Ltd | 37 |

---

26 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **FINANCIAL SERVICES** (continued) |  |
| 1422 |  | Patria Investments Ltd | $20 |
| 5249 | (a) | Payoneer Global, Inc | 36 |
| 21278 | (a) | PayPal Holdings, Inc | 1581 |
| 1007 | (a),(b) | Paysafe Ltd | 13 |
| 750 |  | PennyMac Financial Services, Inc | 75 |
| 2070 |  | PennyMac Mortgage Investment Trust | 27 |
| 745 |  | Perella Weinberg Partners | 14 |
| 419 |  | Piper Jaffray Cos | 116 |
| 473 |  | PJT Partners, Inc | 78 |
| 684 | (a) | PRA Group, Inc | 10 |
| 750 |  | PROG Holdings, Inc | 22 |
| 3105 |  | Radian Group, Inc | 112 |
| 3995 |  | Raymond James Financial, Inc | 613 |
| 3562 | (b) | Ready Capital Corp | 16 |
| 2761 |  | Redwood Trust, Inc | 16 |
| 383 |  | Regional Management Corp | 11 |
| 3564 | (a) | Remitly Global, Inc | 67 |
| 2014 | (a) | Repay Holdings Corp | 10 |
| 11716 |  | Rithm Capital Corp | 132 |
| 16171 | (a) | Robinhood Markets, Inc | 1514 |
| 3914 | (b) | Rocket Cos, Inc | 56 |
| 6709 |  | S&P Global, Inc | 3538 |
| 2167 |  | SEI Investments Co | 195 |
| 319 | (a) | Sezzle, Inc | 57 |
| 1450 | (a),(b) | Shift4 Payments, Inc | 144 |
| 175 |  | Silvercrest Asset Management Group, Inc | 3 |
| 4674 |  | SLM Corp | 153 |
| 22427 | (a) | SoFi Technologies, Inc | 408 |
| 6937 |  | Starwood Property Trust, Inc | 139 |
| 6293 |  | State Street Corp | 669 |
| 1257 |  | StepStone Group, Inc | 70 |
| 2184 |  | Stifel Financial Corp | 227 |
| 6153 | (a) | StoneCo Ltd | 99 |
| 944 | (a) | StoneX Group, Inc | 86 |
| 87 |  | SWK Holdings Corp | 1 |
| 8314 |  | Synchrony Financial | 555 |
| 4831 |  | T Rowe Price Group, Inc | 466 |
| 9750 | (a) | Toast, Inc | 432 |
| 1884 |  | TPG RE Finance Trust, Inc | 15 |
| 2829 |  | TPG, Inc | 148 |
| 2601 |  | Tradeweb Markets, Inc | 381 |
| 2103 |  | Two Harbors Investment Corp | 23 |
| 1821 | (a) | Upstart Holdings, Inc | 118 |
| 2181 |  | UWM Holdings Corp | 9 |
| 705 | (a) | Velocity Financial, Inc | 13 |
| 711 |  | Victory Capital Holdings, Inc | 45 |
| 1980 |  | Virtu Financial, Inc | 89 |
| 76 |  | Virtus Investment Partners, Inc | 14 |
| 37217 |  | Visa, Inc (Class A) | 13214 |
| 2158 |  | Voya Financial, Inc | 153 |
| 771 |  | Walker & Dunlop, Inc | 54 |
| 1032 |  | Waterstone Financial, Inc | 14 |
| 5981 |  | Western Union Co | 50 |
| 743 | (a) | WEX, Inc | 109 |
| 2601 |  | WisdomTree, Inc | 30 |
| 160 | (a) | World Acceptance Corp | 26 |
| 9792 |  | XP, Inc | 198 |
|  |  | TOTAL FINANCIAL SERVICES | 111210 |
|  |  | **FOOD, BEVERAGE & TOBACCO - 2.2%** |  |
| 129 |  | Alico, Inc | 4 |
| 36710 |  | Altria Group, Inc | 2152 |
| 10444 |  | Archer-Daniels-Midland Co | 551 |

---

*See Notes to Financial Statements* 27

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **FOOD, BEVERAGE & TOBACCO** (continued) |  |
| 1674 |  | B&G Foods, Inc (Class A) | $7 |
| 1699 | (a),(b) | Beyond Meat, Inc | 6 |
| 206 | (a) | Boston Beer Co, Inc (Class A) | 39 |
| 953 |  | Brown-Forman Corp (Class A) | 26 |
| 3244 |  | Brown-Forman Corp (Class B) | 87 |
| 2904 |  | Bunge Global S.A. | 233 |
| 583 |  | Calavo Growers, Inc | 16 |
| 993 |  | Cal-Maine Foods, Inc | 99 |
| 4247 |  | Campbell Soup Co | 130 |
| 3595 | (a) | Celsius Holdings, Inc | 167 |
| 84922 |  | Coca-Cola Co | 6008 |
| 1095 |  | Coca-Cola Consolidated Inc | 122 |
| 10279 |  | ConAgra Brands, Inc | 210 |
| 2856 |  | Constellation Brands, Inc (Class A) | 465 |
| 3422 | (a) | Darling International, Inc | 130 |
| 614 |  | Dole plc | 9 |
| 4079 |  | Flowers Foods, Inc | 65 |
| 1252 | (a),(b) | Forafric Global plc | 10 |
| 709 |  | Fresh Del Monte Produce, Inc | 23 |
| 1117 | (a) | Freshpet, Inc | 76 |
| 11965 |  | General Mills, Inc | 620 |
| 2641 | (a) | Hain Celestial Group, Inc | 4 |
| 3186 |  | Hershey Co | 529 |
| 5709 |  | Hormel Foods Corp | 173 |
| 1395 |  | Ingredion, Inc | 189 |
| 308 |  | J&J Snack Foods Corp | 35 |
| 2234 |  | J.M. Smucker Co | 219 |
| 368 |  | John B Sanfilippo & Son, Inc | 23 |
| 6060 |  | Kellogg Co | 482 |
| 28186 |  | Keurig Dr Pepper, Inc | 932 |
| 18634 |  | Kraft Heinz Co | 481 |
| 2865 |  | Lamb Weston Holdings, Inc | 149 |
| 383 |  | Lancaster Colony Corp | 66 |
| 5532 |  | McCormick & Co, Inc | 419 |
| 476 |  | MGP Ingredients, Inc | 14 |
| 684 | (a) | Mission Produce, Inc | 8 |
| 4022 |  | Molson Coors Brewing Co (Class B) | 193 |
| 28309 |  | Mondelez International, Inc | 1909 |
| 15242 | (a) | Monster Beverage Corp | 955 |
| 607 | (a) | National Beverage Corp | 26 |
| 29942 |  | PepsiCo, Inc | 3954 |
| 34043 |  | Philip Morris International, Inc | 6200 |
| 599 |  | Pilgrim's Pride Corp | 27 |
| 1024 | (a) | Post Holdings, Inc | 112 |
| 5610 |  | Primo Brands Corp | 166 |
| 5 |  | Seaboard Corp | 14 |
| 226 | (a) | Seneca Foods Corp | 23 |
| 2221 | (a) | Simply Good Foods Co | 70 |
| 539 |  | Smithfield Foods, Inc | 13 |
| 2448 | (a) | SunOpta, Inc | 14 |
| 375 |  | Tootsie Roll Industries, Inc | 13 |
| 501 | (a) | TreeHouse Foods, Inc | 10 |
| 310 |  | Turning Point Brands, Inc | 24 |
| 6103 |  | Tyson Foods, Inc (Class A) | 341 |
| 612 |  | Universal Corp | 36 |
| 1426 |  | Utz Brands, Inc | 18 |
| 630 | (a) | Vita Coco Co, Inc | 23 |
| 689 | (a) | Vital Farms, Inc | 27 |
| 1716 | (b) | WK Kellogg Co | 27 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO | 29173 |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES - 4.1%** |  |
| 37836 |  | Abbott Laboratories | 5146 |

---

28 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE (000)** |
|  | **HEALTH CARE EQUIPMENT & SERVICES** (continued) |  |
| 1988 (a) | Acadia Healthcare Co, Inc | $45 |
| 2296 (a) | AdaptHealth Corp | 22 |
| 409 (a) | Addus HomeCare Corp | 47 |
| 7389 (a) | agilon health, Inc | 17 |
| 1498 (a) | Align Technology, Inc | 284 |
| 2083 (a) | Alignment Healthcare, Inc | 29 |
| 2458 (a) | Alphatec Holdings, Inc | 27 |
| 700 (a) | Amedisys, Inc | 69 |
| 4001 | AmerisourceBergen Corp | 1200 |
| 986 (a) | AMN Healthcare Services, Inc | 20 |
| 1310 (a) | Angiodynamics, Inc | 13 |
| 1046 (a) | Apollo Medical Holdings, Inc | 26 |
| 1229 (a) | AtriCure, Inc | 40 |
| 1650 (a) | Avanos Medical, Inc | 20 |
| 1345 (a) | Aveanna Healthcare Holdings, Inc | 7 |
| 1009 (a) | Axogen, Inc | 11 |
| 11658 | Baxter International, Inc | 353 |
| 6250 | Becton Dickinson & Co | 1077 |
| 32195 (a) | Boston Scientific Corp | 3458 |
| 1283 (a) | BrightSpring Health Services, Inc | 30 |
| 6211 (a) | Brookdale Senior Living, Inc | 43 |
| 5302 | Cardinal Health, Inc | 891 |
| 627 (a) | Castle Biosciences, Inc | 13 |
| 10847 (a) | Centene Corp | 589 |
| 521 (a) | Ceribell, Inc | 10 |
| 3092 (a) | Certara, Inc | 36 |
| 4212 (a) | Cerus Corp | 6 |
| 312 | Chemed Corp | 152 |
| 5847 | Cigna Group | 1933 |
| 8725 (a) | Clover Health Investments Corp | 24 |
| 2526 | Concentra Group Holdings Parent, Inc | 52 |
| 671 | Conmed Corp | 35 |
| 4527 (a) | Cooper Cos, Inc | 322 |
| 567 (a) | Corvel Corp | 58 |
| 1273 (a) | Cross Country Healthcare, Inc | 17 |
| 1250 (a) | CryoLife, Inc | 39 |
| 27367 | CVS Health Corp | 1888 |
| 837 (a) | DaVita, Inc | 119 |
| 792 (a) | Definitive Healthcare Corp | 3 |
| 4351 | Dentsply Sirona, Inc | 69 |
| 8418 (a) | DexCom, Inc | 735 |
| 2001 (a) | DocGo, Inc | 3 |
| 2649 (a) | Doximity, Inc | 162 |
| 12576 (a) | Edwards Lifesciences Corp | 984 |
| 4941 | Elevance Health, Inc | 1922 |
| 286 | Embecta Corp | 3 |
| 2177 | Encompass Health Corp | 267 |
| 1534 (a) | Enhabit, Inc | 15 |
| 1154 (a) | Enovis Corp | 36 |
| 1277 | Ensign Group, Inc | 197 |
| 3894 (a) | Envista Holdings Corp | 76 |
| 2165 (a) | Evolent Health, Inc | 24 |
| 604 (a) | Fulgent Genetics, Inc | 12 |
| 10023 | GE HealthCare Technologies, Inc | 742 |
| 290 (a) | GeneDx Holdings Corp | 27 |
| 1276 (a) | Glaukos Corp | 132 |
| 2572 (a) | Globus Medical, Inc | 152 |
| 2679 (a) | Guardant Health, Inc | 139 |
| 967 (a) | Haemonetics Corp | 72 |
| 3821 | HCA, Inc | 1464 |
| 1262 (a) | Health Catalyst, Inc | 5 |
| 1908 (a) | HealthEquity, Inc | 200 |

---

*See Notes to Financial Statements* 29

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES** (continued) |  |
| 9 |  | HealthStream, Inc | $0^ |
| 2395 | (a) | Henry Schein, Inc | 175 |
| 3852 | (a) | Hims & Hers Health, Inc | 192 |
| 4962 | (a) | Hologic, Inc | 323 |
| 2638 |  | Humana, Inc | 645 |
| 588 | (a) | ICU Medical, Inc | 78 |
| 1792 | (a) | IDEXX Laboratories, Inc | 961 |
| 316 | (a) | Innovage Holding Corp | 1 |
| 672 | (a) | Inogen, Inc | 5 |
| 734 | (a) | Inspire Medical Systems, Inc | 95 |
| 1531 | (a) | Insulet Corp | 481 |
| 638 | (a) | Integer Holdings Corp | 78 |
| 241 | (a) | Integra LifeSciences Holdings Corp | 3 |
| 7797 | (a) | Intuitive Surgical, Inc | 4237 |
| 402 |  | iRadimed Corp | 24 |
| 689 | (a) | iRhythm Technologies, Inc | 106 |
| 390 | (a) | Joint Corp | 4 |
| 1830 |  | Labcorp Holdings, Inc | 480 |
| 1538 | (a) | Lantheus Holdings, Inc | 126 |
| 562 |  | LeMaitre Vascular, Inc | 47 |
| 796 | (a) | LifeMD, Inc | 11 |
| 1759 | (a) | LifeStance Health Group, Inc | 9 |
| 874 | (a) | LivaNova plc | 39 |
| 951 | (a) | Masimo Corp | 160 |
| 2760 |  | McKesson Corp | 2022 |
| 28021 |  | Medtronic plc | 2443 |
| 1360 | (a) | Merit Medical Systems, Inc | 127 |
| 1214 | (a) | Molina Healthcare, Inc | 362 |
| 1138 | (a),(b) | Nano-X Imaging Ltd | 6 |
| 212 |  | National Healthcare Corp | 23 |
| 357 |  | National Research Corp | 6 |
| 5732 | (a) | Neogen Corp | 27 |
| 3250 | (a) | NeoGenomics, Inc | 24 |
| 2637 | (a) | Novocure Ltd | 47 |
| 1291 | (a) | Omnicell, Inc | 38 |
| 13300 | (a) | Opko Health, Inc | 18 |
| 578 | (a) | OptimizeRx Corp | 8 |
| 3932 | (a) | Option Care Health, Inc | 128 |
| 2181 | (a) | OraSure Technologies, Inc | 7 |
| 945 | (a) | Orthofix Medical, Inc | 11 |
| 357 | (a) | OrthoPediatrics Corp | 8 |
| 2217 | (a) | Owens & Minor, Inc | 20 |
| 593 | (a) | PACS Group, Inc | 8 |
| 1877 | (a) | Pediatrix Medical Group, Inc | 27 |
| 942 | (a) | Pennant Group, Inc | 28 |
| 780 | (a) | Penumbra, Inc | 200 |
| 4382 | (a) | Performant Financial Corp | 17 |
| 1246 | (a) | Phreesia, Inc | 35 |
| 1977 |  | Premier, Inc | 43 |
| 2886 | (a) | Privia Health Group, Inc | 66 |
| 1135 | (a) | PROCEPT BioRobotics Corp | 65 |
| 1851 | (a) | Progyny, Inc | 41 |
| 711 | (a) | Pulmonx Corp | 2 |
| 324 | (a),(b) | Pulse Biosciences, Inc | 5 |
| 2436 |  | Quest Diagnostics, Inc | 438 |
| 1394 | (a),(b) | QuidelOrtho Corp | 40 |
| 1510 | (a) | RadNet, Inc | 86 |
| 3190 |  | Resmed, Inc | 823 |
| 558 | (a) | RxSight, Inc | 7 |
| 448 | (a) | Sanara Medtech, Inc | 13 |
| 1342 | (a) | Schrodinger, Inc | 27 |
| 1967 |  | Select Medical Holdings Corp | 30 |

---

30 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **HEALTH CARE EQUIPMENT & SERVICES** (continued) |  |
| 815 | (a) | SI-BONE, Inc | $15 |
| 414 |  | Simulations Plus, Inc | 7 |
| 3032 | (a) | Solventum Corp | 230 |
| 1339 | (a),(b) | STAAR Surgical Co | 22 |
| 2111 |  | STERIS plc | 507 |
| 7521 |  | Stryker Corp | 2976 |
| 1791 | (a),(b) | Surgery Partners, Inc | 40 |
| 516 | (a) | SurModics, Inc | 15 |
| 468 | (a) | Tactile Systems Technology, Inc | 5 |
| 1480 | (a) | Tandem Diabetes Care, Inc | 28 |
| 4752 | (a) | Teladoc Health, Inc | 41 |
| 1106 |  | Teleflex, Inc | 131 |
| 2056 | (a) | Tenet Healthcare Corp | 362 |
| 719 | (a),(b) | TransMedics Group, Inc | 96 |
| 803 | (a) | Treace Medical Concepts, Inc | 5 |
| 105 | (a) | UFP Technologies, Inc | 26 |
| 19884 |  | UnitedHealth Group, Inc | 6203 |
| 1267 |  | Universal Health Services, Inc (Class B) | 229 |
| 468 |  | US Physical Therapy, Inc | 37 |
| 149 |  | Utah Medical Products, Inc | 8 |
| 1492 | (a) | Varex Imaging Corp | 13 |
| 3261 | (a) | Veeva Systems, Inc | 939 |
| 1971 | (a) | Waystar Holding Corp | 81 |
| 4327 |  | Zimmer Biomet Holdings, Inc | 395 |
| 56 | (a) | Zimvie, Inc | 0^ |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 53626 |
|  |  | **HOUSEHOLD & PERSONAL PRODUCTS - 1.0%** |  |
| 2778 | (a) | BellRing Brands, Inc | 161 |
| 400 | (a) | Central Garden & Pet Co | 14 |
| 1114 | (a) | Central Garden and Pet Co (Class A) | 35 |
| 5244 |  | Church & Dwight Co, Inc | 504 |
| 2693 |  | Clorox Co | 323 |
| 17566 |  | Colgate-Palmolive Co | 1597 |
| 9161 | (a) | Coty, Inc | 42 |
| 1010 |  | Edgewell Personal Care Co | 24 |
| 1333 | (a) | elf Beauty, Inc | 166 |
| 952 |  | Energizer Holdings, Inc | 19 |
| 5074 |  | Estee Lauder Cos (Class A) | 410 |
| 622 | (a) | Herbalife Ltd | 5 |
| 2283 | (a) | Honest Co, Inc | 12 |
| 345 |  | Inter Parfums, Inc | 45 |
| 41521 |  | Kenvue, Inc | 869 |
| 7208 |  | Kimberly-Clark Corp | 929 |
| 366 | (a) | Medifast, Inc | 5 |
| 537 | (a) | Nature's Sunshine Products, Inc | 8 |
| 142 |  | Nu Skin Enterprises, Inc (Class A) | 1 |
| 214 |  | Oil-Dri Corp of America | 13 |
| 3350 | (a),(b) | Olaplex Holdings, Inc | 5 |
| 51324 |  | Procter & Gamble Co | 8177 |
| 1260 |  | Reynolds Consumer Products, Inc | 27 |
| 637 |  | Spectrum Brands Holdings, Inc | 34 |
| 426 | (a) | USANA Health Sciences, Inc | 13 |
| 292 |  | WD-40 Co | 67 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 13505 |
|  |  | **INSURANCE - 2.2%** |  |
| 10644 |  | Aflac, Inc | 1122 |
| 5766 |  | Allstate Corp | 1161 |
| 1747 | (a) | AMBAC Financial Group, Inc | 12 |
| 1356 |  | American Financial Group, Inc | 171 |
| 12752 |  | American International Group, Inc | 1091 |
| 62 |  | Amerisafe, Inc | 3 |
| 4588 |  | Aon plc | 1637 |

---

*See Notes to Financial Statements* 31

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **INSURANCE** (continued) |  |
| 7994 |  | Arch Capital Group Ltd | $728 |
| 1129 |  | Assurant, Inc | 223 |
| 1075 |  | Assured Guaranty Ltd | 94 |
| 1520 |  | Axis Capital Holdings Ltd | 158 |
| 628 | (a) | Bowhead Specialty Holdings, Inc | 24 |
| 1131 | (a) | Brighthouse Financial, Inc | 61 |
| 5977 |  | Brown & Brown, Inc | 663 |
| 1510 | (a),(b) | BRP Group, Inc | 65 |
| 8132 |  | Chubb Ltd | 2356 |
| 3366 |  | Cincinnati Financial Corp | 501 |
| 125 |  | CNA Financial Corp | 6 |
| 2368 |  | CNO Financial Group, Inc | 91 |
| 406 |  | Donegal Group, Inc (Class A) | 8 |
| 198 |  | Employers Holdings, Inc | 9 |
| 255 | (a) | Enstar Group Ltd | 86 |
| 950 |  | Everest Re Group Ltd | 323 |
| 496 |  | F&G Annuities & Life, Inc | 16 |
| 1154 |  | Fidelis Insurance Holdings Ltd | 19 |
| 5776 |  | Fidelity National Financial, Inc | 324 |
| 2403 |  | First American Financial Corp | 148 |
| 5522 |  | Gallagher (Arthur J.) & Co | 1768 |
| 9101 | (a) | Genworth Financial, Inc (Class A) | 71 |
| 1843 |  | Globe Life, Inc | 229 |
| 1239 | (a) | GoHealth, Inc | 7 |
| 512 |  | Goosehead Insurance, Inc | 54 |
| 621 | (a) | Greenlight Capital Re Ltd (Class A) | 9 |
| 875 | (a) | Hamilton Insurance Group Ltd | 19 |
| 684 |  | Hanover Insurance Group, Inc | 116 |
| 6202 |  | Hartford Financial Services Group, Inc | 787 |
| 185 |  | HCI Group, Inc | 28 |
| 484 | (a) | Heritage Insurance Holdings, Inc | 12 |
| 348 | (a) | Hippo Holdings, Inc | 10 |
| 624 |  | Horace Mann Educators Corp | 27 |
| 62 |  | Investors Title Co | 13 |
| 865 |  | James River Group Holdings Ltd | 5 |
| 1335 |  | Kemper Corp | 86 |
| 404 | (a) | Kingsway Financial Services, Inc | 5 |
| 459 |  | Kinsale Capital Group, Inc | 222 |
| 1146 | (a) | Lemonade, Inc | 50 |
| 3711 |  | Lincoln National Corp | 128 |
| 3733 |  | Loews Corp | 342 |
| 272 | (a) | Markel Corp | 543 |
| 10785 |  | Marsh & McLennan Cos, Inc | 2358 |
| 2049 | (a) | MBIA, Inc | 9 |
| 754 |  | Mercury General Corp | 51 |
| 12293 |  | Metlife, Inc | 989 |
| 394 | (a) | NI Holdings, Inc | 5 |
| 5302 |  | Old Republic International Corp | 204 |
| 3765 | (a) | Oscar Health, Inc | 81 |
| 682 | (a) | Palomar Holdings, Inc | 105 |
| 720 |  | Primerica, Inc | 197 |
| 4852 |  | Principal Financial Group | 385 |
| 405 | (a) | ProAssurance Corp | 9 |
| 12869 |  | Progressive Corp | 3434 |
| 7749 |  | Prudential Financial, Inc | 833 |
| 1441 |  | Reinsurance Group of America, Inc (Class A) | 286 |
| 1114 |  | RenaissanceRe Holdings Ltd | 271 |
| 1590 |  | RLI Corp | 115 |
| 230 | (a) | Root, Inc | 29 |
| 2077 |  | Ryan Specialty Holdings, Inc | 141 |
| 192 |  | Safety Insurance Group, Inc | 15 |
| 1288 |  | Selective Insurance Group, Inc | 112 |

---

32 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **INSURANCE** (continued) |  |
| 3622 | (a) | Selectquote, Inc | $9 |
| 2217 | (a) | SiriusPoint Ltd | 45 |
| 648 | (a) | Skyward Specialty Insurance Group, Inc | 37 |
| 601 |  | Stewart Information Services Corp | 39 |
| 1255 |  | Tiptree, Inc | 30 |
| 4940 |  | Travelers Cos, Inc | 1322 |
| 802 | (a) | Trupanion, Inc | 44 |
| 844 |  | United Fire Group, Inc | 24 |
| 551 |  | Universal Insurance Holdings, Inc | 15 |
| 3782 |  | Unum Group | 305 |
| 6677 |  | W.R. Berkley Corp | 491 |
| 54 |  | White Mountains Insurance Group Ltd | 97 |
| 2196 |  | Willis Towers Watson plc | 673 |
|  |  | TOTAL INSURANCE | 28391 |
|  |  | **MATERIALS - 2.2%** |  |
| 889 |  | AdvanSix, Inc | 21 |
| 4854 |  | Air Products & Chemicals, Inc | 1369 |
| 2805 | (b) | Albemarle Corp | 176 |
| 5646 |  | Alcoa Corp | 167 |
| 82 | (a) | Alpha Metallurgical Resources, Inc | 9 |
| 49721 |  | Amcor plc | 457 |
| 1143 | (a) | American Vanguard Corp | 5 |
| 11005 |  | AngloGold Ashanti PLC | 502 |
| 1387 |  | Aptargroup, Inc | 217 |
| 4201 |  | Ardagh Metal Packaging S.A. | 18 |
| 1022 |  | Ashland, Inc | 51 |
| 1916 | (a) | Aspen Aerogels, Inc | 11 |
| 1700 |  | Avery Dennison Corp | 298 |
| 2152 |  | Avient Corp | 70 |
| 4706 | (a) | Axalta Coating Systems Ltd | 140 |
| 794 |  | Balchem Corp | 126 |
| 6171 |  | Ball Corp | 346 |
| 1280 |  | Cabot Corp | 96 |
| 1082 |  | Caledonia Mining Corp plc | 21 |
| 984 |  | Carpenter Technology Corp | 272 |
| 2649 |  | Celanese Corp (Series A) | 147 |
| 1274 | (a) | Century Aluminum Co | 23 |
| 3621 |  | CF Industries Holdings, Inc | 333 |
| 3126 | (b) | Chemours Co | 36 |
| 623 | (a) | Clearwater Paper Corp | 17 |
| 9729 | (a),(b) | Cleveland-Cliffs, Inc | 74 |
| 13786 | (a) | Coeur Mining, Inc | 122 |
| 2747 |  | Commercial Metals Co | 134 |
| 1021 | (a) | Compass Minerals International, Inc | 21 |
| 2037 | (a) | Constellium SE | 27 |
| 99 | (a) | Contango ORE, Inc | 2 |
| 15063 |  | Corteva, Inc | 1123 |
| 14819 |  | CRH plc | 1360 |
| 2539 |  | Crown Holdings, Inc | 262 |
| 14842 |  | Dow, Inc | 393 |
| 9406 |  | DuPont de Nemours, Inc | 645 |
| 734 |  | Eagle Materials, Inc | 148 |
| 2505 |  | Eastman Chemical Co | 187 |
| 5504 |  | Ecolab, Inc | 1483 |
| 890 | (a) | Ecovyst, Inc | 7 |
| 4374 |  | Element Solutions, Inc | 99 |
| 2829 |  | FMC Corp | 118 |
| 31475 |  | Freeport-McMoRan, Inc (Class B) | 1364 |
| 6498 |  | Graphic Packaging Holding Co | 137 |
| 563 |  | Greif, Inc (Class A) | 37 |
| 203 |  | Greif, Inc (Class B) | 14 |
| 1239 |  | H.B. Fuller Co | 75 |

---

*See Notes to Financial Statements* 33

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **MATERIALS** (continued) |  |
| 461 |  | Hawkins, Inc | $66 |
| 12993 |  | Hecla Mining Co | 78 |
| 3500 |  | Huntsman Corp | 37 |
| 915 | (a) | Ingevity Corp | 39 |
| 586 |  | Innospec, Inc | 49 |
| 5713 |  | International Flavors & Fragrances, Inc | 420 |
| 11453 |  | International Paper Co | 536 |
| 362 | (a) | Intrepid Potash, Inc | 13 |
| 1480 | (a),(b) | Ivanhoe Electric, Inc | 13 |
| 381 |  | Kaiser Aluminum Corp | 30 |
| 1339 | (a) | Knife River Corp | 109 |
| 850 |  | Koppers Holdings, Inc | 27 |
| 893 |  | Kronos Worldwide, Inc | 6 |
| 10261 | (a) | Linde plc | 4814 |
| 1438 |  | Louisiana-Pacific Corp | 124 |
| 952 | (a) | LSB Industries, Inc | 7 |
| 5599 |  | LyondellBasell Industries NV | 324 |
| 1310 |  | Martin Marietta Materials, Inc | 719 |
| 467 |  | Materion Corp | 37 |
| 1284 | (a) | Metals Acquisition Ltd | 16 |
| 689 |  | Minerals Technologies, Inc | 38 |
| 6770 |  | Mosaic Co | 247 |
| 2475 | (a),(b) | MP Materials Corp | 82 |
| 871 |  | Myers Industries, Inc | 13 |
| 126 |  | NewMarket Corp | 87 |
| 24324 |  | Newmont Goldcorp Corp | 1417 |
| 5415 | (a) | Novagold Resources, Inc | 22 |
| 5019 |  | Nucor Corp | 650 |
| 3476 | (a) | O-I Glass, Inc | 51 |
| 2933 |  | Olin Corp | 59 |
| 395 |  | Olympic Steel, Inc | 13 |
| 2087 |  | Orion S.A. | 22 |
| 2020 |  | Packaging Corp of America | 381 |
| 3762 | (a) | Perimeter Solutions, Inc | 52 |
| 995 | (a),(b) | Perpetua Resources Corp | 12 |
| 464 | (a) | Piedmont Lithium, Inc | 3 |
| 4961 |  | PPG Industries, Inc | 564 |
| 2935 | (a),(b) | PureCycle Technologies, Inc | 40 |
| 182 | (b) | Quaker Chemical Corp | 20 |
| 646 | (b) | Ramaco Resources, Inc | 9 |
| 821 | (a) | Ranpak Holdings Corp | 3 |
| 1744 | (a) | Rayonier Advanced Materials, Inc | 7 |
| 1172 |  | Reliance Steel & Aluminum Co | 368 |
| 1435 |  | Royal Gold, Inc | 255 |
| 2901 |  | RPM International, Inc | 319 |
| 592 |  | Ryerson Holding Corp | 13 |
| 941 |  | Schnitzer Steel Industries, Inc (Class A) | 28 |
| 1637 |  | Schweitzer-Mauduit International, Inc | 11 |
| 1019 |  | Scotts Miracle-Gro Co (Class A) | 67 |
| 3590 |  | Sealed Air Corp | 111 |
| 1015 |  | Sensient Technologies Corp | 100 |
| 5097 |  | Sherwin-Williams Co | 1750 |
| 1920 |  | Silgan Holdings, Inc | 104 |
| 11635 |  | Smurfit WestRock plc | 502 |
| 2138 |  | Sonoco Products Co | 93 |
| 1849 |  | Southern Copper Corp | 187 |
| 3190 | (a) | SSR Mining, Inc | 41 |
| 3027 |  | Steel Dynamics, Inc | 388 |
| 479 |  | Stepan Co | 26 |
| 2524 |  | SunCoke Energy, Inc | 22 |
| 905 |  | Sylvamo Corp | 45 |
| 1535 | (a) | TimkenSteel Corp | 24 |

---

34 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **MATERIALS** (continued) |  |
| 1164 | (a) | Tredegar Corp | $10 |
| 361 |  | Trimas Corp | 10 |
| 2830 |  | Tronox Holdings plc | 14 |
| 330 |  | United States Lime & Minerals, Inc | 33 |
| 2888 |  | Vulcan Materials Co | 753 |
| 1235 |  | Warrior Met Coal, Inc | 57 |
| 532 |  | Westlake Chemical Corp | 40 |
| 858 |  | Worthington Steel, Inc | 26 |
|  |  | TOTAL MATERIALS | 29413 |
|  |  | **MEDIA & ENTERTAINMENT - 8.3%** |  |
| 1783 | (a),(b) | Advantage Solutions, Inc | 2 |
| 103425 |  | Alphabet, Inc | 18347 |
| 127019 |  | Alphabet, Inc (Class A) | 22385 |
| 5652 | (a) | Altice USA, Inc | 12 |
| 6627 | (a) | AMC Entertainment Holdings, Inc | 21 |
| 921 | (a) | AMC Networks, Inc | 6 |
| 1202 | (a) | Angi, Inc | 18 |
| 428 | (a),(b) | Atlanta Braves Holdings, Inc | 21 |
| 665 | (a) | Atlanta Braves Holdings, Inc | 31 |
| 353 | (a),(b) | Boston Omaha Corp | 5 |
| 2348 | (a),(b) | Bumble, Inc | 15 |
| 52 |  | Cable One, Inc | 7 |
| 1394 | (a) | Cargurus, Inc | 47 |
| 2223 | (a) | Cars.com, Inc | 26 |
| 1982 | (a) | Charter Communications, Inc | 810 |
| 2354 | (b) | Cinemark Holdings, Inc | 71 |
| 80927 |  | Comcast Corp (Class A) | 2888 |
| 46 | (a) | Daily Journal Corp | 19 |
| 3008 | (a) | DoubleVerify Holdings, Inc | 45 |
| 2933 | (a) | EchoStar Corp (Class A) | 81 |
| 5762 |  | Electronic Arts, Inc | 920 |
| 2637 |  | Entravision Communications Corp (Class A) | 6 |
| 2165 | (a) | Eventbrite, Inc | 6 |
| 452 | (a) | EverQuote, Inc | 11 |
| 4719 |  | Fox Corp (Class A) | 264 |
| 2915 |  | Fox Corp (Class B) | 151 |
| 7295 | (a) | fuboTV, Inc | 28 |
| 4050 | (a) | Gannett Co, Inc | 15 |
| 2117 |  | Gray Television, Inc | 10 |
| 828 | (a) | Grindr, Inc | 19 |
| 1501 | (a) | IAC, Inc | 56 |
| 405 | (a),(b) | Ibotta, Inc | 15 |
| 936 | (a),(b) | IMAX Corp | 26 |
| 1209 | (a) | Integral Ad Science Holding Corp | 10 |
| 8065 |  | Interpublic Group of Cos, Inc | 197 |
| 599 |  | John Wiley & Sons, Inc (Class A) | 27 |
| 2579 | (a) | Liberty Broadband Corp | 254 |
| 337 | (a) | Liberty Broadband Corp (Class A) | 33 |
| 495 | (a) | Liberty Media Corp-Liberty Formula One (Class A) | 47 |
| 4440 | (a) | Liberty Media Corp-Liberty Formula One (Class C) | 464 |
| 489 | (a) | Liberty Media Corp-Liberty Live (Class A) | 39 |
| 1004 | (a) | Liberty Media Corp-Liberty Live (Class C) | 81 |
| 4146 | (a) | Lionsgate Studios Corp | 24 |
| 3459 | (a) | Live Nation, Inc | 523 |
| 832 | (a) | Madison Square Garden Entertainment Corp | 33 |
| 352 | (a) | Madison Square Garden Sports Corp | 74 |
| 3683 | (a) | Magnite, Inc | 89 |
| 736 |  | Marcus Corp | 12 |
| 5361 |  | Match Group, Inc | 166 |
| 494 | (a) | MediaAlpha, Inc | 5 |
| 47710 |  | Meta Platforms, Inc | 35214 |
| 2069 |  | National CineMedia, Inc | 10 |

---

*See Notes to Financial Statements* 35

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **MEDIA & ENTERTAINMENT** (continued) |  |
| 9261 | (a) | Netflix, Inc | $12402 |
| 3543 |  | New York Times Co (Class A) | 198 |
| 7913 |  | News Corp (Class A) | 235 |
| 1917 |  | News Corp (Class B) | 66 |
| 616 |  | Nexstar Media Group, Inc | 107 |
| 3861 | (a) | Nextdoor Holdings, Inc | 6 |
| 4429 |  | Omnicom Group, Inc | 319 |
| 244 |  | Paramount Global (Class A) | 6 |
| 12438 |  | Paramount Global (Class B) | 160 |
| 12897 | (a) | Pinterest, Inc | 462 |
| 2020 | (a) | Playstudios, Inc | 3 |
| 2676 |  | Playtika Holding Corp | 13 |
| 1094 | (a) | PubMatic, Inc | 14 |
| 1192 | (a) | QuinStreet, Inc | 19 |
| 2547 | (a) | Reddit, Inc | 384 |
| 12312 | (a) | ROBLOX Corp | 1295 |
| 2816 | (a) | Roku, Inc | 248 |
| 1703 | (a) | Rumble, Inc | 15 |
| 1096 |  | Scholastic Corp | 23 |
| 719 |  | Shutterstock, Inc | 14 |
| 132 |  | Sinclair, Inc | 2 |
| 4151 |  | Sirius XM Holdings, Inc | 95 |
| 832 | (a),(b) | Sphere Entertainment Co | 35 |
| 3361 | (a) | Spotify Technology S.A. | 2579 |
| 1585 | (a),(b) | Stagwell, Inc | 7 |
| 403 | (a) | Starz Entertainment Corp | 6 |
| 3911 | (a) | Take-Two Interactive Software, Inc | 950 |
| 708 | (a) | TechTarget, Inc | 6 |
| 3825 |  | TEGNA, Inc | 64 |
| 612 | (a) | Thryv Holdings, Inc | 7 |
| 1503 |  | TKO Group Holdings, Inc | 273 |
| 2932 | (a) | TripAdvisor, Inc | 38 |
| 2406 | (a) | TrueCar, Inc | 5 |
| 1384 | (a) | Trump Media & Technology Group Corp | 25 |
| 3939 | (a) | Vimeo, Inc | 16 |
| 39570 |  | Walt Disney Co | 4907 |
| 48781 | (a) | Warner Bros Discovery, Inc | 559 |
| 1263 | (a) | WideOpenWest, Inc | 5 |
| 1062 | (a) | Yelp, Inc | 36 |
| 1245 | (a) | Ziff Davis, Inc | 38 |
| 1977 | (a),(b) | ZipRecruiter, Inc | 10 |
| 7616 | (a) | ZoomInfo Technologies, Inc | 77 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | 109415 |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4%** |  |
| 2501 | (a),(b) | 10X Genomics, Inc | 29 |
| 524 | (a),(b) | 4D Molecular Therapeutics, Inc | 2 |
| 1639 | (a) | 89bio, Inc | 16 |
| 38710 |  | AbbVie, Inc | 7185 |
| 2591 | (a) | Acadia Pharmaceuticals, Inc | 56 |
| 3224 | (a) | Adaptive Biotechnologies Corp | 38 |
| 988 | (a) | ADC Therapeutics S.A. | 3 |
| 4828 | (a) | ADMA Biologics, Inc | 88 |
| 6226 |  | Agilent Technologies, Inc | 735 |
| 1033 | (a) | Agios Pharmaceuticals, Inc | 34 |
| 5405 | (a) | Akebia Therapeutics, Inc | 20 |
| 1191 | (a) | Akero Therapeutics, Inc | 64 |
| 1235 | (a) | Aldeyra Therapeutics, Inc | 5 |
| 1504 | (a),(b) | Alector, Inc | 2 |
| 3121 | (a) | Alkermes plc | 89 |
| 2417 | (a),(b) | Allogene Therapeutics, Inc | 3 |
| 2727 | (a) | Alnylam Pharmaceuticals, Inc | 889 |
| 1340 | (a),(b) | Altimmune, Inc | 5 |

---

36 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES** (continued) |  |
| 11753 |  | Amgen, Inc | $3282 |
| 8241 | (a) | Amicus Therapeutics, Inc | 47 |
| 2888 | (a) | Amneal Pharmaceuticals, Inc | 23 |
| 766 | (a) | Amphastar Pharmaceuticals, Inc | 18 |
| 679 | (a) | AnaptysBio, Inc | 15 |
| 1840 | (a),(b) | Anavex Life Sciences Corp | 17 |
| 292 | (a) | ANI Pharmaceuticals, Inc | 19 |
| 566 | (a) | Anika Therapeutics, Inc | 6 |
| 612 | (a),(b) | Annexon, Inc | 1 |
| 2514 | (a) | Apellis Pharmaceuticals, Inc | 44 |
| 1104 | (a) | Apogee Therapeutics, Inc | 48 |
| 2291 | (a) | Arbutus Biopharma Corp | 7 |
| 798 | (a) | Arcellx, Inc | 53 |
| 625 | (a) | Arcturus Therapeutics Holdings, Inc | 8 |
| 1321 | (a) | Arcus Biosciences, Inc | 11 |
| 2006 | (a) | Arcutis Biotherapeutics, Inc | 28 |
| 5648 | (a) | Ardelyx, Inc | 22 |
| 873 | (a) | ArriVent Biopharma, Inc | 19 |
| 2078 | (a) | Arrowhead Pharmaceuticals, Inc | 33 |
| 998 | (a) | ARS Pharmaceuticals, Inc | 17 |
| 1292 | (a) | Arvinas, Inc | 9 |
| 2552 | (a) | Astria Therapeutics, Inc | 14 |
| 1878 | (a) | Atea Pharmaceuticals, Inc | 7 |
| 1910 | (a) | aTyr Pharma, Inc | 10 |
| 478 | (a) | Aura Biosciences, Inc | 3 |
| 3648 | (a) | Aurinia Pharmaceuticals, Inc | 31 |
| 2201 | (a),(b) | Avadel Pharmaceuticals plc | 19 |
| 14435 | (a) | Avantor, Inc | 194 |
| 2408 | (a) | Avidity Biosciences, Inc | 68 |
| 854 | (a) | Axsome Therapeutics, Inc | 89 |
| 1758 | (a) | Beam Therapeutics, Inc | 30 |
| 5428 | (a) | BioCryst Pharmaceuticals, Inc | 49 |
| 3207 | (a) | Biogen, Inc | 403 |
| 1812 | (a) | Biohaven Ltd | 26 |
| 681 | (a) | BioLife Solutions, Inc | 15 |
| 4154 | (a) | BioMarin Pharmaceutical, Inc | 228 |
| 425 | (a) | Bio-Rad Laboratories, Inc (Class A) | 103 |
| 3426 |  | Bio-Techne Corp | 176 |
| 1361 | (a) | Blueprint Medicines Corp | 174 |
| 3248 | (a) | Bridgebio Pharma, Inc | 140 |
| 44530 |  | Bristol-Myers Squibb Co | 2061 |
| 894 | (a) | Brooks Automation, Inc | 28 |
| 2425 |  | Bruker BioSciences Corp | 100 |
| 886 | (a),(b) | Capricor Therapeutics, Inc | 9 |
| 1462 | (a) | CareDx, Inc | 29 |
| 696 | (a),(b) | Cargo Therapeutics, Inc | 3 |
| 2496 | (a) | Catalyst Pharmaceuticals, Inc | 54 |
| 1296 | (a) | Celldex Therapeutics, Inc | 26 |
| 1397 | (a) | CG oncology, Inc | 36 |
| 1066 | (a) | Charles River Laboratories International, Inc | 162 |
| 1163 | (a),(c) | Chinook Therapeutics, Inc | 0^ |
| 1128 | (a) | ChromaDex Corp | 16 |
| 225 | (a),(b) | Cidara Therapeutics, Inc | 11 |
| 1647 | (a) | Codexis, Inc | 4 |
| 1061 | (a) | Cogent Biosciences, Inc | 8 |
| 877 | (a) | Collegium Pharmaceutical, Inc | 26 |
| 7441 | (a),(b) | Compass Therapeutics, Inc | 19 |
| 2053 | (a) | Corcept Therapeutics, Inc | 151 |
| 1679 | (a) | CorMedix, Inc | 21 |
| 1406 | (a) | Crinetics Pharmaceuticals, Inc | 40 |
| 1789 | (a),(b) | CRISPR Therapeutics AG. | 87 |
| 1192 | (a) | CryoPort, Inc | 9 |

---

*See Notes to Financial Statements* 37

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES** (continued) |  |
| 660 | (a) | Cullinan Oncology, Inc | $5 |
| 3007 | (a) | Cytek Biosciences, Inc | 10 |
| 2661 | (a) | Cytokinetics, Inc | 88 |
| 13940 |  | Danaher Corp | 2754 |
| 731 | (a) | Day One Biopharmaceuticals, Inc | 5 |
| 2697 | (a) | Denali Therapeutics, Inc | 38 |
| 890 | (a) | Design Therapeutics, Inc | 3 |
| 472 | (a) | Disc Medicine, Inc | 25 |
| 3515 | (a) | Dynavax Technologies Corp | 35 |
| 1929 | (a) | Dyne Therapeutics, Inc | 18 |
| 1694 | (a) | Edgewise Therapeutics, Inc | 22 |
| 2042 | (a),(b) | Editas Medicine, Inc | 4 |
| 10064 | (a) | Elanco Animal Health, Inc | 144 |
| 17505 |  | Eli Lilly & Co | 13646 |
| 648 | (a) | Enanta Pharmaceuticals, Inc | 5 |
| 619 | (a),(b) | Enliven Therapeutics, Inc | 12 |
| 66 | (a) | Entrada Therapeutics, Inc | 0^ |
| 2249 | (a) | Erasca, Inc | 3 |
| 11962 | (a),(b) | Esperion Thereapeutics, Inc | 12 |
| 702 | (a) | Evolus, Inc | 6 |
| 4063 | (a) | Exact Sciences Corp | 216 |
| 6181 | (a) | Exelixis, Inc | 272 |
| 690 | (a),(b) | EyePoint Pharmaceuticals, Inc | 6 |
| 2368 | (a) | Fate Therapeutics, Inc | 3 |
| 1545 | (a) | Fennec Pharmaceuticals, Inc | 13 |
| 6445 | (a),(b) | Fluidigm Corp | 8 |
| 505 | (a) | Foghorn Therapeutics, Inc | 2 |
| 2432 | (a) | Fortrea Holdings, Inc | 12 |
| 12566 | (a) | Geron Corp | 18 |
| 27212 |  | Gilead Sciences, Inc | 3017 |
| 677 | (a),(b) | GRAIL, Inc | 35 |
| 2474 | (a) | Halozyme Therapeutics, Inc | 129 |
| 588 | (a) | Harmony Biosciences Holdings, Inc | 19 |
| 690 | (a) | Harrow Health, Inc | 21 |
| 1780 | (a) | Ideaya Biosciences, Inc | 37 |
| 3457 | (a) | Illumina, Inc | 330 |
| 3364 | (a),(b) | ImmunityBio, Inc | 9 |
| 1224 | (a) | Immunome, Inc | 11 |
| 1107 | (a),(b) | Immunovant, Inc | 18 |
| 3604 | (a) | Incyte Corp | 245 |
| 2622 | (a) | Indivior plc | 39 |
| 203 | (a),(b) | Inhibrx Biosciences, Inc | 3 |
| 813 | (a),(c) | Inhibrx, Inc | 1 |
| 1343 | (a) | Innoviva, Inc | 27 |
| 3901 | (a) | Insmed, Inc | 393 |
| 2093 | (a),(b) | Intellia Therapeutics, Inc | 20 |
| 3279 | (a) | Ionis Pharmaceuticals, Inc | 130 |
| 7077 | (a),(b) | Iovance Biotherapeutics, Inc | 12 |
| 3828 | (a) | IQVIA Holdings, Inc | 603 |
| 572 | (a) | iTeos Therapeutics, Inc | 6 |
| 851 | (a) | Janux Therapeutics, Inc | 20 |
| 1189 | (a) | Jazz Pharmaceuticals plc | 126 |
| 52583 |  | Johnson & Johnson | 8032 |
| 487 | (a) | KalVista Pharmaceuticals, Inc | 5 |
| 400 | (a) | Keros Therapeutics, Inc | 5 |
| 988 | (a) | Kodiak Sciences, Inc | 4 |
| 486 | (a) | Krystal Biotech, Inc | 67 |
| 1654 | (a) | Kura Oncology, Inc | 10 |
| 969 | (a) | Kymera Therapeutics, Inc | 42 |
| 391 | (a),(b) | LENZ Therapeutics, Inc | 11 |
| 484 | (a) | Ligand Pharmaceuticals, Inc (Class B) | 55 |
| 1283 | (a) | Liquidia Corp | 16 |

---

38 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES** (continued) |  |
| 418 | (a),(b) | Madrigal Pharmaceuticals, Inc | $126 |
| 569 | (a),(b) | Magenta Therapeutics, Inc | 11 |
| 7710 | (a) | MannKind Corp | 29 |
| 3088 | (a),(b) | Maravai LifeSciences Holdings, Inc | 7 |
| 2546 | (a) | MaxCyte, Inc | 6 |
| 499 | (a) | Medpace Holdings, Inc | 157 |
| 548 | (a),(b) | MeiraGTx Holdings plc | 4 |
| 55055 |  | Merck & Co, Inc | 4358 |
| 126 |  | Mesa Laboratories, Inc | 12 |
| 384 | (a) | Metsera, Inc | 11 |
| 465 | (a) | Mettler-Toledo International, Inc | 546 |
| 3231 | (a) | MiMedx Group, Inc | 20 |
| 1628 | (a),(b) | Mind Medicine MindMed, Inc | 11 |
| 1248 | (a) | Mineralys Therapeutics, Inc | 17 |
| 940 | (a) | Mirum Pharmaceuticals, Inc | 48 |
| 7760 | (a) | Moderna, Inc | 214 |
| 213 | (a),(b) | Monte Rosa Therapeutics, Inc | 1 |
| 2502 | (a) | Myriad Genetics, Inc | 13 |
| 2837 | (a) | Natera, Inc | 479 |
| 2255 | (a) | Neurocrine Biosciences, Inc | 283 |
| 881 | (a),(b) | Nkarta, Inc | 1 |
| 3954 | (a),(b) | Novavax, Inc | 25 |
| 1379 | (a) | Nurix Therapeutics, Inc | 16 |
| 786 | (a) | Nuvalent, Inc | 60 |
| 4458 | (a),(b) | Nuvation Bio, Inc | 9 |
| 2032 | (a) | Ocular Therapeutix, Inc | 19 |
| 685 | (a) | Olema Pharmaceuticals, Inc | 3 |
| 296 | (a),(b) | Omeros Corp | 1 |
| 183 | (a),(c) | OmniAb Operations, Inc | 0^ |
| 183 | (a),(c) | OmniAb Operations, Inc | 0^ |
| 2375 | (a) | OmniAb, Inc | 4 |
| 1103 | (a),(b) | Organogenesis Holdings, Inc | 4 |
| 5283 |  | Organon & Co | 51 |
| 1309 | (a),(b) | ORIC Pharmaceuticals, Inc | 13 |
| 1343 | (a) | Pacira BioSciences, Inc | 32 |
| 2625 |  | PerkinElmer, Inc | 254 |
| 2985 |  | Perrigo Co plc | 80 |
| 282 | (a) | Perspective Therapeutics, Inc | 1 |
| 124133 |  | Pfizer, Inc | 3009 |
| 575 | (a),(b) | Phathom Pharmaceuticals, Inc | 6 |
| 720 |  | Phibro Animal Health Corp | 18 |
| 411 | (a) | Praxis Precision Medicines, Inc | 17 |
| 2435 | (a),(b) | Precigen, Inc | 3 |
| 998 | (a) | Prestige Consumer Healthcare, Inc. | 80 |
| 1074 | (a),(b) | Prime Medicine, Inc | 3 |
| 1206 | (a) | Protagonist Therapeutics, Inc | 67 |
| 1011 | (a) | Prothena Corp plc | 6 |
| 1680 | (a) | PTC Therapeutics, Inc | 82 |
| 4657 | (b) | QIAGEN NV | 224 |
| 914 | (a),(b) | Quanterix Corp | 6 |
| 2497 | (a),(b) | Quantum-Si, Inc | 5 |
| 5158 | (a),(b) | Recursion Pharmaceuticals, Inc | 26 |
| 2279 |  | Regeneron Pharmaceuticals, Inc | 1196 |
| 1062 | (a) | REGENXBIO, Inc | 9 |
| 2088 | (a) | Relay Therapeutics, Inc | 7 |
| 1154 | (a) | Repligen Corp | 144 |
| 699 | (a) | Replimune Group, Inc | 6 |
| 3678 | (a) | REVOLUTION Medicines, Inc | 135 |
| 1363 | (a) | Rhythm Pharmaceuticals, Inc | 86 |
| 1412 | (a) | Rocket Pharmaceuticals, Inc | 3 |
| 9510 | (a) | Roivant Sciences Ltd | 107 |
| 8510 |  | Royalty Pharma plc | 307 |

---

*See Notes to Financial Statements* 39

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES** (continued) |  |
| 1665 | (a) | Sage Therapeutics, Inc | $15 |
| 2386 | (a),(b) | Sana Biotechnology, Inc | 6 |
| 2126 | (a) | Sarepta Therapeutics, Inc | 36 |
| 1423 | (a) | Scholar Rock Holding Corp | 50 |
| 1913 |  | SIGA Technologies, Inc | 12 |
| 869 | (a) | Soleno Therapeutics, Inc | 73 |
| 2303 | (a) | Sotera Health Co | 26 |
| 1573 | (a) | SpringWorks Therapeutics, Inc | 74 |
| 830 | (a),(b) | Spyre Therapeutics, Inc | 12 |
| 519 | (a),(b) | Stoke Therapeutics, Inc | 6 |
| 2552 | (a),(b) | Summit Therapeutics, Inc | 54 |
| 1648 | (a) | Supernus Pharmaceuticals, Inc | 52 |
| 1544 | (a) | Syndax Pharmaceuticals, Inc | 14 |
| 1233 | (a),(b) | Tango Therapeutics, Inc | 6 |
| 457 | (a) | Tarsus Pharmaceuticals, Inc | 18 |
| 10142 | (a),(b) | Taysha Gene Therapies, Inc | 23 |
| 1798 | (a) | Tempus AI, Inc | 114 |
| 1158 | (a) | Terns Pharmaceuticals, Inc | 4 |
| 3139 | (a) | TG Therapeutics, Inc | 113 |
| 1625 | (a) | Theravance Biopharma, Inc | 18 |
| 8252 |  | Thermo Fisher Scientific, Inc | 3346 |
| 198 | (a),(b) | Tourmaline Bio, Inc | 3 |
| 1469 | (a) | Travere Therapeutics, Inc | 22 |
| 1838 | (a) | Trevi Therapeutics, Inc | 10 |
| 1447 | (a) | Twist Bioscience Corp | 53 |
| 1912 | (a) | Ultragenyx Pharmaceutical, Inc | 70 |
| 934 | (a) | United Therapeutics Corp | 268 |
| 79 | (a),(b) | UroGen Pharma Ltd | 1 |
| 1691 | (a) | Vanda Pharmaceuticals, Inc | 8 |
| 2816 | (a) | Vaxcyte, Inc | 92 |
| 1060 | (a) | Vera Therapeutics, Inc | 25 |
| 1983 | (a) | Veracyte, Inc | 54 |
| 1345 | (a) | Vericel Corp | 57 |
| 5647 | (a) | Vertex Pharmaceuticals, Inc | 2514 |
| 1473 | (a) | Verve Therapeutics, Inc | 17 |
| 25792 |  | Viatris, Inc | 230 |
| 2550 | (a) | Viking Therapeutics, Inc | 68 |
| 1798 | (a) | Vir Biotechnology, Inc | 9 |
| 699 | (a) | Viridian Therapeutics, Inc | 10 |
| 842 | (a) | Voyager Therapeutics, Inc | 3 |
| 1311 | (a) | Waters Corp | 458 |
| 1512 | (a) | WaVe Life Sciences Ltd | 10 |
| 1564 |  | West Pharmaceutical Services, Inc | 342 |
| 1460 | (a) | Xencor, Inc | 11 |
| 1642 | (a) | Xenon Pharmaceuticals, Inc | 51 |
| 3592 | (a) | Xeris Biopharma Holdings, Inc | 17 |
| 527 | (a) | XOMA Corp | 13 |
| 959 | (a),(b) | Y-mAbs Therapeutics, Inc | 4 |
| 1687 | (a),(b) | Zevra Therapeutics, Inc | 15 |
| 9751 |  | Zoetis, Inc | 1521 |
| 1416 | (a) | Zymeworks, Inc | 18 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 71076 |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%** |  |
| 1201 | (a),(b) | American Realty Investors, Inc | 17 |
| 3279 | (a) | Anywhere Real Estate, Inc | 12 |
| 6497 | (a) | CBRE Group, Inc | 910 |
| 7243 | (a) | Compass, Inc | 45 |
| 9213 | (a) | CoStar Group, Inc | 741 |
| 3593 | (a) | Cushman & Wakefield plc | 40 |
| 1858 | (b) | eXp World Holdings, Inc | 17 |
| 400 | (a) | Forestar Group, Inc | 8 |
| 618 | (a) | FRP Holdings, Inc | 17 |

---

40 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **REAL ESTATE MANAGEMENT & DEVELOPMENT** (continued) |  |
| 418 | (a) | Howard Hughes Holdings, Inc | $28 |
| 1030 | (a) | Jones Lang LaSalle, Inc | 263 |
| 2815 |  | Kennedy-Wilson Holdings, Inc | 19 |
| 569 |  | Marcus & Millichap, Inc | 17 |
| 187 | (a) | Maui Land & Pineapple Co, Inc | 3 |
| 1819 |  | Newmark Group, Inc | 22 |
| 732 | (a) | Re/Max Holdings, Inc | 6 |
| 2849 | (a) | Real Brokerage, Inc | 13 |
| 3100 | (a) | Redfin Corp | 35 |
| 283 |  | RMR Group, Inc | 5 |
| 46 | (a) | Seaport Entertainment Group, Inc | 1 |
| 820 |  | St. Joe Co | 39 |
| 134 | (a) | Stratus Properties, Inc | 3 |
| 834 | (a),(b) | Tejon Ranch Co | 14 |
| 1079 | (a) | Zillow Group, Inc (Class A) | 74 |
| 3355 | (a) | Zillow Group, Inc (Class C) | 235 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 2584 |
|  |  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1%** |  |
| 1170 | (a) | ACM Research, Inc | 30 |
| 35189 | (a) | Advanced Micro Devices, Inc | 4993 |
| 686 | (a),(b) | Aehr Test Systems | 9 |
| 2689 | (a) | Allegro MicroSystems, Inc | 92 |
| 844 | (a) | Alpha & Omega Semiconductor Ltd | 22 |
| 1114 | (a) | Ambarella, Inc | 74 |
| 2094 |  | Amkor Technology, Inc | 44 |
| 10839 |  | Analog Devices, Inc | 2580 |
| 17743 |  | Applied Materials, Inc | 3248 |
| 3129 | (a) | Astera Labs, Inc | 283 |
| 865 | (a) | Axcelis Technologies, Inc | 60 |
| 100913 |  | Broadcom, Inc | 27817 |
| 839 | (a) | Ceva, Inc | 18 |
| 1288 | (a) | Cirrus Logic, Inc | 134 |
| 1495 | (a) | Cohu, Inc | 29 |
| 3223 | (a) | Credo Technology Group Holding Ltd | 298 |
| 993 | (a) | Diodes, Inc | 52 |
| 3032 | (a) | Enphase Energy, Inc | 120 |
| 3205 |  | Entegris, Inc | 258 |
| 2218 | (a) | First Solar, Inc | 367 |
| 1470 | (a) | Formfactor, Inc | 51 |
| 2356 | (a) | GLOBALFOUNDRIES, Inc | 90 |
| 660 | (a) | Ichor Holdings Ltd | 13 |
| 551 | (a) | Impinj, Inc | 61 |
| 2443 | (a),(b) | indie Semiconductor, Inc | 9 |
| 94820 |  | Intel Corp | 2124 |
| 2894 |  | KLA Corp | 2592 |
| 1055 |  | Kulicke & Soffa Industries, Inc | 36 |
| 27939 |  | Lam Research Corp | 2720 |
| 2808 | (a) | Lattice Semiconductor Corp | 138 |
| 1381 | (a) | MACOM Technology Solutions Holdings, Inc | 198 |
| 18956 |  | Marvell Technology, Inc | 1467 |
| 2280 | (a) | MaxLinear, Inc | 32 |
| 11536 |  | Microchip Technology, Inc | 812 |
| 24414 |  | Micron Technology, Inc | 3009 |
| 1304 |  | MKS Instruments, Inc | 130 |
| 1032 |  | Monolithic Power Systems, Inc | 755 |
| 2707 | (a) | Navitas Semiconductor Corp | 18 |
| 127 |  | NVE Corp | 9 |
| 511397 |  | Nvidia Corp | 80796 |
| 9217 | (a) | ON Semiconductor Corp | 483 |
| 1184 | (a) | Onto Innovation, Inc | 119 |
| 1181 | (a) | PDF Solutions, Inc | 25 |
| 1304 | (a) | Photronics, Inc | 24 |

---

*See Notes to Financial Statements* 41

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT** (continued) |  |
| 1334 |  | Power Integrations, Inc | $75 |
| 2106 | (a) | Qorvo, Inc | 179 |
| 24021 |  | QUALCOMM, Inc | 3826 |
| 2333 | (a) | Rambus, Inc | 149 |
| 6127 | (a),(b) | Rigetti Computing, Inc | 73 |
| 1701 | (a) | Semtech Corp | 77 |
| 698 | (a) | Silicon Laboratories, Inc | 103 |
| 434 | (a) | SiTime Corp | 92 |
| 3349 |  | Skyworks Solutions, Inc | 250 |
| 988 | (a) | SMART Global Holdings, Inc | 20 |
| 843 | (a) | Synaptics, Inc | 55 |
| 3536 |  | Teradyne, Inc | 318 |
| 19859 |  | Texas Instruments, Inc | 4123 |
| 1266 | (a) | Ultra Clean Holdings | 29 |
| 1018 |  | Universal Display Corp | 157 |
| 1051 | (a) | Veeco Instruments, Inc | 21 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 145786 |
|  |  | **SOFTWARE & SERVICES - 12.6%** |  |
| 3462 | (a) | 8x8, Inc | 7 |
| 1883 |  | A10 Networks, Inc | 36 |
| 13684 |  | Accenture plc | 4090 |
| 2392 | (a) | ACI Worldwide, Inc | 110 |
| 2653 |  | Adeia, Inc | 37 |
| 9299 | (a) | Adobe, Inc | 3598 |
| 410 | (a) | Agilysys, Inc | 47 |
| 3147 | (a) | Akamai Technologies, Inc | 251 |
| 791 | (a) | Alarm.com Holdings, Inc | 45 |
| 1475 | (a) | Alkami Technology, Inc | 44 |
| 2412 |  | Amdocs Ltd | 220 |
| 1464 | (a) | Amplitude, Inc | 18 |
| 1933 | (a) | Ansys, Inc | 679 |
| 429 | (a) | Appfolio, Inc | 99 |
| 1178 | (a) | Appian Corp | 35 |
| 5210 | (a) | AppLovin Corp | 1824 |
| 2178 | (a) | Asana, Inc | 29 |
| 1075 | (a) | ASGN, Inc | 54 |
| 3568 | (a) | Atlassian Corp Ltd | 725 |
| 20031 | (a) | Aurora Innovation, Inc | 105 |
| 4655 | (a) | Autodesk, Inc | 1441 |
| 2977 | (a) | AvePoint, Inc | 57 |
| 3363 |  | Bentley Systems, Inc | 181 |
| 4737 | (a),(b) | BigBear.ai Holdings, Inc | 32 |
| 1735 | (a) | BigCommerce Holdings, Inc | 9 |
| 2337 | (a) | BILL Holdings, Inc | 108 |
| 1941 | (a) | Bitdeer Technologies Group | 22 |
| 976 | (a) | Blackbaud, Inc | 63 |
| 1140 | (a) | BlackLine, Inc | 65 |
| 5255 | (a) | Blend Labs, Inc | 17 |
| 3187 | (a) | Box, Inc | 109 |
| 1650 | (a) | Braze, Inc | 46 |
| 2618 | (a),(b) | C3.ai, Inc | 64 |
| 5962 | (a) | Cadence Design Systems, Inc | 1837 |
| 10087 | (a) | CCC Intelligent Solutions Holdings, Inc | 95 |
| 1164 | (a),(b) | Cerence, Inc | 12 |
| 4114 | (a),(b) | Cipher Mining, Inc | 20 |
| 4418 | (a),(b) | Cleanspark, Inc | 49 |
| 1700 |  | Clear Secure, Inc | 47 |
| 5335 | (a) | Clearwater Analytics Holdings, Inc | 117 |
| 6719 | (a) | Cloudflare, Inc | 1316 |
| 10623 |  | Cognizant Technology Solutions Corp (Class A) | 829 |
| 918 | (a) | Commvault Systems, Inc | 160 |
| 6048 | (a) | Confluent, Inc | 151 |

---

42 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **SOFTWARE & SERVICES** (continued) |  |
| 415 | (a) | Consensus Cloud Solutions, Inc | $10 |
| 5969 | (a) | Core Scientific, Inc | 102 |
| 711 | (a) | Couchbase, Inc | 17 |
| 5337 | (a) | Crowdstrike Holdings, Inc | 2718 |
| 713 | (a) | CS Disco, Inc | 3 |
| 6741 | (a) | Datadog, Inc | 906 |
| 574 | (a),(b) | Digimarc Corp | 8 |
| 2598 | (a) | Digital Turbine, Inc | 15 |
| 1349 | (a) | DigitalOcean Holdings, Inc | 39 |
| 4476 | (a) | DocuSign, Inc | 349 |
| 1364 |  | Dolby Laboratories, Inc (Class A) | 101 |
| 816 | (a) | Domo, Inc | 11 |
| 4425 | (a) | Dropbox, Inc | 127 |
| 6236 | (a) | D-Wave Quantum, Inc | 91 |
| 3422 | (a) | DXC Technology Co | 52 |
| 6245 | (a) | Dynatrace, Inc | 345 |
| 5822 | (a) | E2open Parent Holdings, Inc | 19 |
| 648 | (a) | eGain Corp | 4 |
| 1802 | (a) | Elastic NV | 152 |
| 1191 | (a) | EPAM Systems, Inc | 211 |
| 918 | (a),(b) | EverCommerce, Inc | 10 |
| 525 | (a) | Fair Isaac Corp | 960 |
| 3179 | (a) | Fastly, Inc | 22 |
| 2029 | (a) | Five9, Inc | 54 |
| 13876 | (a) | Fortinet, Inc | 1467 |
| 4300 | (a) | Freshworks, Inc | 64 |
| 1603 | (a) | Gartner, Inc | 648 |
| 12004 |  | Gen Digital, Inc | 353 |
| 2872 | (a),(b) | Gitlab, Inc | 130 |
| 1037 | (a) | Globant S.A. | 94 |
| 3095 | (a) | GoDaddy, Inc | 557 |
| 1385 | (a) | Grid Dynamics Holdings, Inc | 16 |
| 1788 | (a) | Guidewire Software, Inc | 421 |
| 1077 |  | Hackett Group, Inc | 27 |
| 1116 | (a) | HubSpot, Inc | 621 |
| 1910 | (a) | Hut 8 Corp | 36 |
| 351 | (a),(b) | I3 Verticals, Inc | 10 |
| 2290 | (a) | Informatica, Inc | 56 |
| 1244 | (a) | Intapp, Inc | 64 |
| 516 |  | InterDigital, Inc | 116 |
| 20330 |  | International Business Machines Corp | 5993 |
| 5966 |  | Intuit, Inc | 4699 |
| 1710 | (a) | Jamf Holding Corp | 16 |
| 1808 | (a) | Kaltura, Inc | 4 |
| 5240 | (a) | Kyndryl Holdings, Inc | 220 |
| 348 | (a),(b) | Life360, Inc | 23 |
| 1398 | (a) | LiveRamp Holdings, Inc | 46 |
| 1310 | (a) | Manhattan Associates, Inc | 259 |
| 6513 | (a),(b) | Marathon Digital Holdings, Inc | 102 |
| 423 | (a) | MeridianLink, Inc | 7 |
| 162054 |  | Microsoft Corp | 80607 |
| 5458 | (a) | MicroStrategy, Inc (Class A) | 2206 |
| 1253 | (a) | Mitek Systems, Inc | 12 |
| 1657 | (a) | MongoDB, Inc | 348 |
| 1593 | (a) | N-able, Inc | 13 |
| 2329 | (a),(b) | nCino OpCo, Inc | 65 |
| 3958 | (a),(b) | NCR Corp | 46 |
| 1787 | (a) | NextNav, Inc | 27 |
| 5574 | (a) | Nutanix, Inc | 426 |
| 3458 | (a) | Okta, Inc | 346 |
| 2330 | (a) | Olo, Inc | 21 |
| 678 | (a) | ON24, Inc | 4 |

---

*See Notes to Financial Statements* 43

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **SOFTWARE & SERVICES** (continued) |  |
| 1227 |  | OneSpan, Inc | $20 |
| 661 | (a) | Ooma, Inc | 9 |
| 36181 |  | Oracle Corp | 7910 |
| 916 | (a),(b) | Pagaya Technologies Ltd | 20 |
| 2372 | (a) | PagerDuty, Inc | 36 |
| 47729 | (a) | Palantir Technologies, Inc | 6506 |
| 14353 | (a) | Palo Alto Networks, Inc | 2937 |
| 791 |  | Park City Group, Inc | 16 |
| 1672 |  | Pegasystems, Inc | 90 |
| 1883 | (a) | Porch Group, Inc | 22 |
| 2527 | (a) | Procore Technologies, Inc | 173 |
| 1155 |  | Progress Software Corp | 74 |
| 1099 | (a) | PROS Holdings, Inc | 17 |
| 2541 | (a) | PTC, Inc | 438 |
| 1347 | (a) | Q2 Holdings, Inc | 126 |
| 889 | (a) | Qualys, Inc | 127 |
| 1695 | (a) | Rapid7, Inc | 39 |
| 24 |  | Red Violet, Inc | 1 |
| 992 | (a) | Rimini Street, Inc | 4 |
| 1287 | (a) | RingCentral, Inc | 36 |
| 5435 | (a),(b) | Riot Platforms, Inc | 61 |
| 2345 |  | Roper Industries, Inc | 1329 |
| 2121 | (a) | Rubrik, Inc | 190 |
| 1313 | (a) | SailPoint, Inc | 30 |
| 20400 |  | Salesforce, Inc | 5563 |
| 5866 | (a) | Samsara, Inc | 233 |
| 766 |  | Sapiens International Corp NV | 22 |
| 1037 | (a) | SEMrush Holdings, Inc | 9 |
| 6664 | (a) | SentinelOne, Inc | 122 |
| 4522 | (a) | ServiceNow, Inc | 4649 |
| 6775 | (a) | Snowflake, Inc | 1516 |
| 7118 | (a),(b) | SoundHound AI, Inc | 76 |
| 356 | (a) | SoundThinking, Inc | 5 |
| 2308 | (a) | Sprinklr, Inc | 20 |
| 1316 | (a) | Sprout Social, Inc | 27 |
| 900 | (a) | SPS Commerce, Inc | 122 |
| 3398 | (a) | Synopsys, Inc | 1742 |
| 2968 | (a) | Tenable Holdings, Inc | 100 |
| 1532 | (a) | Teradata Corp | 34 |
| 4586 | (a),(b) | Terawulf, Inc | 20 |
| 9755 | (a) | Trade Desk, Inc | 702 |
| 400 | (a) | TSS, Inc | 12 |
| 349 | (a),(b) | Tucows, Inc | 7 |
| 3094 | (a) | Twilio, Inc | 385 |
| 964 | (a) | Tyler Technologies, Inc | 571 |
| 8946 | (a) | UiPath, Inc | 114 |
| 2160 | (a) | Unisys Corp | 10 |
| 6240 | (a) | Unity Software, Inc | 151 |
| 2560 | (a) | Varonis Systems, Inc | 130 |
| 1365 | (a) | Verint Systems, Inc | 27 |
| 1754 |  | VeriSign, Inc | 507 |
| 1293 | (a) | Vertex, Inc | 46 |
| 305 | (a) | Viant Technology, Inc | 4 |
| 1154 | (a) | Weave Communications, Inc | 10 |
| 4640 | (a) | Workday, Inc | 1114 |
| 1090 | (a) | Workiva, Inc | 75 |
| 1061 | (a) | Xperi, Inc | 8 |
| 2990 | (a) | Yext, Inc | 25 |
| 4295 | (a) | Zeta Global Holdings Corp | 67 |
| 5625 | (a) | Zoom Video Communications, Inc | 439 |

---

44 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **SOFTWARE & SERVICES** (continued) |  |
| 2133 | (a) | Zscaler, Inc | $670 |
|  |  | TOTAL SOFTWARE & SERVICES | 164941 |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT - 7.0%** |  |
| 521 | (a),(b) | 908 Devices, Inc | 4 |
| 1592 | (a) | ADTRAN Holdings, Inc | 14 |
| 817 |  | Advanced Energy Industries, Inc | 108 |
| 267 | (a) | Aeva Technologies, Inc | 10 |
| 26343 |  | Amphenol Corp (Class A) | 2601 |
| 322101 |  | Apple, Inc | 66085 |
| 1162 | (a),(b) | Applied Optoelectronics, Inc | 30 |
| 22608 | (a) | Arista Networks, Inc | 2313 |
| 2522 | (a) | Arlo Technologies, Inc | 43 |
| 1128 | (a) | Arrow Electronics, Inc | 144 |
| 223 | (a) | Aviat Networks, Inc | 5 |
| 2201 |  | Avnet, Inc | 117 |
| 650 |  | Badger Meter, Inc | 159 |
| 278 |  | Bel Fuse, Inc (Class B) | 27 |
| 767 |  | Belden CDT, Inc | 89 |
| 768 |  | Benchmark Electronics, Inc | 30 |
| 1278 | (a) | Calix, Inc | 68 |
| 2906 |  | CDW Corp | 519 |
| 2884 | (a) | Ciena Corp | 235 |
| 86972 |  | Cisco Systems, Inc | 6034 |
| 365 | (a) | Clearfield, Inc | 16 |
| 45 | (b) | Climb Global Solutions, Inc | 5 |
| 3674 |  | Cognex Corp | 117 |
| 3352 | (a) | Coherent Corp | 299 |
| 4830 | (a) | CommScope Holding Co, Inc | 40 |
| 950 | (a),(b) | CompoSecure, Inc | 13 |
| 16761 |  | Corning, Inc | 881 |
| 716 | (a) | Corsair Gaming, Inc | 7 |
| 1070 |  | Crane NXT Co | 58 |
| 725 |  | CTS Corp | 31 |
| 1204 | (a),(b) | Daktronics, Inc | 18 |
| 6948 |  | Dell Technologies, Inc | 852 |
| 600 | (a) | Diebold Nixdorf, Inc | 33 |
| 759 | (a) | Digi International, Inc | 26 |
| 1285 | (a) | Eastman Kodak Co | 7 |
| 468 | (a) | ePlus, Inc | 34 |
| 2211 | (a),(b) | Evolv Technologies Holdings, Inc | 14 |
| 3100 | (a) | Extreme Networks, Inc | 56 |
| 1208 | (a) | F5 Networks, Inc | 356 |
| 781 | (a) | Fabrinet | 230 |
| 655 | (a) | FARO Technologies, Inc | 29 |
| 8328 | (a) | Flextronics International Ltd | 416 |
| 3142 | (a) | Harmonic, Inc | 30 |
| 28669 |  | Hewlett Packard Enterprise Co | 586 |
| 20608 |  | HP, Inc | 504 |
| 1475 |  | Immersion Corp | 12 |
| 633 | (a) | Insight Enterprises, Inc | 87 |
| 5130 | (a),(b) | IonQ, Inc | 220 |
| 804 | (a) | IPG Photonics Corp | 55 |
| 1097 | (a) | Itron, Inc | 144 |
| 2345 |  | Jabil Inc | 511 |
| 7194 |  | Juniper Networks, Inc | 287 |
| 3757 | (a) | Keysight Technologies, Inc | 616 |
| 1038 | (a) | Kimball Electronics, Inc | 20 |
| 1868 | (a) | Knowles Corp | 33 |
| 537 |  | Littelfuse, Inc | 122 |
| 1508 | (a),(b) | Lumentum Holdings, Inc | 143 |
| 1398 |  | Methode Electronics, Inc | 13 |
| 4688 | (a),(b) | MicroVision, Inc | 5 |

---

*See Notes to Financial Statements* 45

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **TECHNOLOGY HARDWARE & EQUIPMENT** (continued) |  |
| 4542 | (a) | Mirion Technologies, Inc | $98 |
| 3654 |  | Motorola Solutions, Inc | 1536 |
| 856 |  | Napco Security Technologies, Inc | 25 |
| 4461 |  | NetApp, Inc | 475 |
| 962 | (a) | Netgear, Inc | 28 |
| 1512 | (a) | Netscout Systems, Inc | 37 |
| 1072 | (a) | nLight, Inc | 21 |
| 866 | (a) | Novanta, Inc | 112 |
| 421 | (a) | OSI Systems, Inc | 95 |
| 1099 | (a) | Ouster, Inc | 27 |
| 675 | (a) | PAR Technology Corp | 47 |
| 430 |  | PC Connection, Inc | 28 |
| 597 | (a) | Plexus Corp | 81 |
| 2686 | (a),(b) | Powerfleet, Inc | 12 |
| 6847 | (a) | Pure Storage, Inc | 394 |
| 2499 | (a) | Quantum Computing, Inc | 48 |
| 1618 | (a),(b) | Red Cat Holdings, Inc | 12 |
| 2205 | (a) | Ribbon Communications, Inc | 9 |
| 512 | (a) | Rogers Corp | 35 |
| 2946 | (a) | SanDisk Corp | 134 |
| 1130 | (a) | Sanmina Corp | 111 |
| 471 | (a) | Scansource, Inc | 20 |
| 11219 | (a),(b) | Super Micro Computer, Inc | 550 |
| 1805 |  | TD SYNNEX Corp | 245 |
| 1044 | (a) | Teledyne Technologies, Inc | 535 |
| 5007 | (a) | Trimble Inc | 380 |
| 1987 | (a) | TTM Technologies, Inc | 81 |
| 379 | (a) | Turtle Beach Corp | 5 |
| 92 |  | Ubiquiti, Inc | 38 |
| 1951 | (a) | Viasat, Inc | 28 |
| 3750 | (a) | Viavi Solutions, Inc | 38 |
| 3447 |  | Vishay Intertechnology, Inc | 55 |
| 398 | (a) | Vishay Precision Group, Inc | 11 |
| 2801 |  | Vontier Corp | 103 |
| 7611 |  | Western Digital Corp | 487 |
| 2578 | (b) | Xerox Holdings Corp | 14 |
| 1166 | (a) | Zebra Technologies Corp (Class A) | 360 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 91876 |
|  |  | **TELECOMMUNICATION SERVICES - 0.9%** |  |
| 410 | (a) | Anterix, Inc | 10 |
| 3766 | (a),(b) | AST SpaceMobile, Inc | 176 |
| 153276 |  | AT&T, Inc | 4436 |
| 373 |  | ATN International, Inc | 6 |
| 669 | (a) | Bandwidth, Inc | 11 |
| 883 |  | Cogent Communications Group, Inc | 43 |
| 5122 | (a) | Frontier Communications Parent, Inc | 186 |
| 3118 | (a),(c) | GCI Liberty, Inc | 0^ |
| 1203 | (a) | Globalstar, Inc | 28 |
| 1217 | (a) | Gogo, Inc | 18 |
| 521 |  | IDT Corp | 36 |
| 2073 |  | Iridium Communications, Inc | 62 |
| 3981 | (a) | Liberty Global Ltd | 40 |
| 3062 | (a) | Liberty Global Ltd | 32 |
| 1581 | (a) | Liberty Latin America Ltd (Class A) | 10 |
| 3207 | (a) | Liberty Latin America Ltd (Class C) | 20 |
| 24010 | (a) | Lumen Technologies, Inc | 105 |
| 2245 |  | Millicom International Cellular S.A. | 84 |
| 1561 |  | Shenandoah Telecom Co | 21 |
| 917 |  | Spok Holdings, Inc | 16 |
| 2350 |  | Telephone and Data Systems, Inc | 84 |
| 9923 |  | T-Mobile US, Inc | 2364 |

---

46 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **TELECOMMUNICATION SERVICES** (continued) |  |
| 91932 |  | Verizon Communications, Inc | $3978 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 11766 |
|  |  | **TRANSPORTATION - 1.4%** |  |
| 2504 | (a) | Alaska Air Group, Inc | 124 |
| 393 |  | Allegiant Travel Co | 22 |
| 205 | (a),(b) | Amerco, Inc | 12 |
| 14260 | (a) | American Airlines Group, Inc | 160 |
| 349 |  | ArcBest Corp | 27 |
| 327 | (a) | Avis Budget Group, Inc | 55 |
| 1241 | (a) | Blade Air Mobility, Inc | 5 |
| 2563 |  | CH Robinson Worldwide, Inc | 246 |
| 206 | (a) | Costamare Bulkers Holdings Ltd | 2 |
| 1032 |  | Costamare, Inc | 9 |
| 904 |  | Covenant Logistics Group, Inc | 22 |
| 41016 |  | CSX Corp | 1338 |
| 14112 |  | Delta Air Lines, Inc | 694 |
| 2995 |  | Expeditors International Washington, Inc | 342 |
| 4782 |  | FedEx Corp | 1087 |
| 613 | (a),(b) | Forward Air Corp | 15 |
| 349 | (a) | Frontier Group Holdings, Inc | 1 |
| 1539 |  | FTAI Infrastructure, Inc | 10 |
| 791 |  | Genco Shipping & Trading Ltd | 10 |
| 3539 |  | Golden Ocean Group Ltd | 26 |
| 2509 | (a) | GXO Logistics, Inc | 122 |
| 1188 |  | Heartland Express, Inc | 10 |
| 2589 | (a),(b) | Hertz Global Holdings, Inc | 18 |
| 1520 |  | Hub Group, Inc (Class A) | 51 |
| 1744 |  | JB Hunt Transport Services, Inc | 250 |
| 4132 | (a),(b) | JetBlue Airways Corp | 17 |
| 9978 | (a),(b) | Joby Aviation, Inc | 105 |
| 1233 | (a) | Kirby Corp | 140 |
| 3774 |  | Knight-Swift Transportation Holdings, Inc | 167 |
| 759 |  | Landstar System, Inc | 106 |
| 8428 | (a) | Lyft, Inc (Class A) | 133 |
| 29 |  | Marten Transport Ltd | 0^ |
| 754 |  | Matson, Inc | 84 |
| 4935 |  | Norfolk Southern Corp | 1263 |
| 4073 |  | Old Dominion Freight Line | 661 |
| 1449 | (a) | Radiant Logistics, Inc | 9 |
| 2690 | (a) | RXO, Inc | 42 |
| 876 |  | Ryder System, Inc | 139 |
| 1798 |  | Safe Bulkers, Inc | 7 |
| 580 | (a) | Saia, Inc | 159 |
| 1714 |  | Schneider National, Inc | 41 |
| 863 | (a) | Skywest, Inc | 89 |
| 11170 |  | Southwest Airlines Co | 362 |
| 295 | (a) | Sun Country Airlines Holdings, Inc | 3 |
| 43993 | (a) | Uber Technologies, Inc | 4105 |
| 2032 |  | U-Haul Holding Co | 111 |
| 13068 |  | Union Pacific Corp | 3007 |
| 7115 | (a) | United Airlines Holdings, Inc | 567 |
| 16009 |  | United Parcel Service, Inc (Class B) | 1616 |
| 200 | (b) | Universal Truckload Services, Inc | 5 |
| 1875 |  | Werner Enterprises, Inc | 51 |
| 2506 | (a) | XPO, Inc | 317 |
|  |  | TOTAL TRANSPORTATION | 17964 |
|  |  | **UTILITIES - 2.3%** |  |
| 15416 |  | AES Corp | 162 |
| 1243 |  | Allete, Inc | 80 |
| 5865 |  | Alliant Energy Corp | 355 |
| 5892 |  | Ameren Corp | 566 |
| 11690 |  | American Electric Power Co, Inc | 1213 |

---

*See Notes to Financial Statements* 47

------

## Portfolio of Investments June 30, 2025 (continued)
**Stock Index** 

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE (000)** |
|  |  | **UTILITIES** (continued) |  |
| 828 |  | American States Water Co | $63 |
| 4258 |  | American Water Works Co, Inc | 592 |
| 3458 |  | Atmos Energy Corp | 533 |
| 1516 |  | Avista Corp | 58 |
| 1568 |  | Black Hills Corp | 88 |
| 2605 |  | Brookfield Infrastructure Corp | 108 |
| 2781 |  | Brookfield Renewable Corp | 91 |
| 1192 |  | California Water Service Group | 54 |
| 14237 |  | Centerpoint Energy, Inc | 523 |
| 495 |  | Chesapeake Utilities Corp | 60 |
| 757 |  | Clearway Energy, Inc (Class A) | 23 |
| 1777 |  | Clearway Energy, Inc (Class C) | 57 |
| 6500 |  | CMS Energy Corp | 450 |
| 7791 |  | Consolidated Edison, Inc | 782 |
| 383 |  | Consolidated Water Co, Inc | 12 |
| 6845 |  | Constellation Energy Corp | 2209 |
| 18648 |  | Dominion Energy, Inc | 1054 |
| 4527 |  | DTE Energy Co | 600 |
| 16918 |  | Duke Energy Corp | 1996 |
| 8392 |  | Edison International | 433 |
| 9507 |  | Entergy Corp | 790 |
| 6227 |  | Essential Utilities, Inc | 231 |
| 4824 |  | Evergy, Inc | 333 |
| 8034 |  | Eversource Energy | 511 |
| 21769 |  | Exelon Corp | 945 |
| 11991 |  | FirstEnergy Corp | 483 |
| 498 |  | Genie Energy Ltd | 13 |
| 349 |  | Global Water Resources, Inc | 4 |
| 3771 | (a) | Hawaiian Electric Industries, Inc | 40 |
| 1138 |  | Idacorp, Inc | 131 |
| 3915 |  | MDU Resources Group, Inc | 65 |
| 899 |  | MGE Energy, Inc | 80 |
| 74 |  | Middlesex Water Co | 4 |
| 1899 | (a),(b) | Montauk Renewables, Inc | 4 |
| 1952 |  | National Fuel Gas Co | 165 |
| 1939 |  | New Jersey Resources Corp | 87 |
| 45291 |  | NextEra Energy, Inc | 3144 |
| 10284 |  | NiSource, Inc | 415 |
| 465 |  | Northwest Natural Holding Co | 18 |
| 1255 |  | NorthWestern Corp | 64 |
| 4440 |  | NRG Energy, Inc | 713 |
| 4365 |  | OGE Energy Corp | 194 |
| 2220 | (a),(b) | Oklo, Inc | 124 |
| 1295 |  | ONE Gas, Inc | 93 |
| 1235 |  | Ormat Technologies, Inc | 103 |
| 920 |  | Otter Tail Corp | 71 |
| 47926 |  | PG&E Corp | 668 |
| 2603 |  | Pinnacle West Capital Corp | 233 |
| 1905 |  | PNM Resources, Inc | 107 |
| 2243 |  | Portland General Electric Co | 91 |
| 16172 |  | PPL Corp | 548 |
| 11084 |  | Public Service Enterprise Group, Inc | 933 |
| 626 | (a) | Pure Cycle Corp | 7 |
| 620 |  | RGC Resources, Inc | 14 |
| 14263 |  | Sempra Energy | 1081 |
| 678 |  | SJW Corp | 35 |
| 23908 |  | Southern Co | 2195 |
| 1183 |  | Southwest Gas Holdings Inc | 88 |
| 1247 |  | Spire, Inc | 91 |
| 991 | (a) | Talen Energy Corp | 288 |
| 4386 |  | UGI Corp | 160 |
| 534 |  | Unitil Corp | 28 |

---

48 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** |  |  | **VALUE (000)** |
|  | **UTILITIES** (continued) |  |  |  |
| 7465 | Vistra Corp |  |  | $1447 |
| 6972 | WEC Energy Group, Inc |  |  | 727 |
| 12755 | Xcel Energy, Inc |  |  | 869 |
| 490 | York Water Co |  |  | 16 |
|  | TOTAL UTILITIES |  |  | 30613 |
|  | **TOTAL COMMON STOCKS<br>(Cost $343,894)** |  |  | **1306219** |
| **SHARES** | **DESCRIPTION** |  | **EXPIRATION DATE** | **VALUE (000)** |
|  | **RIGHTS/WARRANTS - 0.0%** |  |  |  |
|  | **PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%** |  |  |  |
| 278 (c) | AstraZeneca plc |  | 02/20/29 | 0^ |
| 478 (c) | Chinook Therapeutics, Inc |  | 01/02/30 | 0^ |
| 390 (c) | Tobira Therapeutics, Inc |  |  | 0^ |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 0^ |
|  | **TOTAL RIGHTS/WARRANTS<br>(Cost $0)** |  |  | **0^** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $343,894)** |  |  | **1306219** |
| **SHARES** | **DESCRIPTION** | **RATE** |  | **VALUE (000)** |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%** |  |  |  |
| 2587607 (e) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(f) |  | 2588 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $2,588)** |  |  | **2588** |
| **PRINCIPAL** | **DESCRIPTION** | **RATE** | **MATURITY** | **VALUE (000)** |
|  | **SHORT-TERM INVESTMENTS - 0.5%** |  |  |  |
|  | **TREASURY DEBT - 0.5%** |  |  |  |
| $5459000 | United States Treasury Bill | 0.000 | 07/01/25 | 5459 |
| 1520000 | United States Treasury Bill | 0.000 | 07/08/25 | 1519 |
|  | TOTAL TREASURY DEBT |  |  | 6978 |
|  | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $6,978)** |  |  | **6978** |
|  | **TOTAL INVESTMENTS - 100.2%<br>(Cost $353,460)** |  |  | **1315785** |
|  | **OTHER ASSETS & LIABILITIES, NET - (0.2)%** |  |  | **(2182)** |
|  | **NET ASSETS - 100.0%** |  |  | **$1313603** |

---

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
$6,973,193.

(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.

**Investments in Derivatives** 

**Futures Contracts - Long** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts**<br>**(000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration**<br>**Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Notional**<br>**Amount**<br>**(000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>**(000)** | **Unrealized**<br>**Appreciation**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(Depreciation)**<br>**(000)** |
| S&P 500 E-Mini Index | 22 | 09/19/25 | $6750 | $6879 | $129 |

---

*See Notes to Financial Statements* 49

------

## Statement of Assets and Liabilities

---

| | |
|:---|:---|
| June 30, 2025 (Unaudited) |  |
| (amounts in thousands, except accumulation unit value) | Stock Index |
|  ASSETS |  |
|  Long-term investments, at value\*† | $1306219 |
|  Short-term investments, at value# | 6978 |
|  Investments purchased with collateral from securities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lending, at value (cost approximates value) | 2588 |
|  Cash | 71 |
|  Cash collateral at brokers for investments in futures<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;contracts | 14 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 33 |
|  Other | 129 |
|  Total assets | 1316731 |
|  LIABILITIES |  |
|  Due to affiliates | 335 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service agreement fees | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee compensation | 125 |
|  Other | 43 |
|  Total liabilities | 3128 |
|  Net assets |  |
|  Accumulation Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313603 |
|  Accumulation units outstanding | 2705 |
|  Accumulation unit value | $485.623 |
|  \* Includes securities loaned of | $6973 |
|  † Long-term investments, cost | $343894 |
|  # Short-term investments, cost | $6978 |

---

50 *See Notes to Financial Statements*

------

## Statement of Operations

---

| | |
|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) |  |
| (amounts in thousands) | Stock Index |
|  INVESTMENT INCOME |  |
|  Dividends | $7963 |
|  Interest | 187 |
|  Securities lending income, net | 20 |
|  Tax withheld | (1) |
|  Total investment income | 8169 |
|  EXPENSES |  |
|  Investment advisory | 1888 |
|  Administrative services | 1258 |
|  Mortality and expense risk charges | 2517 |
|  Total expenses | 5663 |
|  Expense waiver by investment adviser | (944) |
|  Net expenses | 4719 |
|  Net investment income (loss) | 3450 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |
|  Realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 65195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (142) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 1 |
|  Net realized gain (loss) | 65054 |
|  Change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (2751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 226 |
|  Net change in unrealized appreciation (depreciation) | (2525) |
|  Net realized and unrealized gain (loss) | 62529 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65979 |

---

*See Notes to Financial Statements* 51

------

## Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Stock Index | Stock Index |
| (amounts in thousands) | Unaudited<br> Six Months<br>Ended<br> 6/30/25 | Year Ended<br>12/31/24 |
|  OPERATIONS |  |  |
|  Net investment income (loss) | $3450 | $7915 |
|  Net realized gain (loss) | 65054 | 123195 |
|  Net change in unrealized<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation (depreciation) | (2525) | 128907 |
|  Net increase (decrease) in net<br> assets from operations | 65979 | 260017 |
|  FROM CONTRACTOWNER TRANSACTIONS |  |  |
|  Premiums | 3017 | 10189 |
|  Withdrawals and death benefits | (69960) | (153835) |
|  Net increase (decrease) from<br> contractowner transactions | (66943) | (143646) |
|  Net increase (decrease) in net<br> assets | (964) | 116371 |
|  Net assets at the beginning of<br> period | 1314567 | 1198196 |
|  Net assets at the end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314567 |

---

52 *See Notes to Financial Statements*

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Investment Operations | Investment Operations | Investment Operations | Investment Operations | Investment Operations | | |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment<br> Income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses<sup>(a)</sup> | Net<br> Investment<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (Loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized/<br> Unrealized<br>Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in<br>Accumulation<br>Unit Value |<br>Accumulation<br> Unit Value,<br> Beginning of Period |<br>Accumulation <br>Unit Value, <br> End of Period |
|  Stock Index |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6/30/25<sup>(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.931 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.693 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460.939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485.623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/24 | 5.805 | 3.176 | 2.629 | 83.044 | 85.673 | 375.266 | 460.939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/23 | 5.633 | 2.508 | 3.125 | 71.968 | 75.093 | 300.173 | 375.266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/22 | 5.003 | 2.405 | 2.598 | (76.219) | (73.621) | 373.790 | 300.173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/21 | 4.405 | 2.549 | 1.856 | 72.394 | 74.250 | 299.540 | 373.790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/20 | 4.350 | 1.873 | 2.477 | 47.363 | 49.840 | 249.700 | 299.540 |

---

<sup>(a)</sup> Based on average units outstanding.

<sup>(b)</sup> Based on per accumulation unit data.

<sup>(c)</sup> Percentage is not annualized. 

<sup>(d)</sup> Unaudited.

<sup>(e)</sup> Annualized.

*See Notes to Financial Statements* 53

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | | | |
| Total<br>Return<sup>(b),(c)</sup> | Gross<br> Expenses | Net Expenses | Net<br>Investment<br>Income (Loss) | Portfolio<br>Turnover<br>Rate | Accumulation Units<br>Outstanding, End of<br>Period (in Millions) | Net Assets,<br>End of Period<br>(in Millions) |
| 5.36% | 0.90 %<sup>(e)</sup> | 0.75 %<sup>(e)</sup> | 0.55 %<sup>(e)</sup> | 2% | 3 | $1314 |
| 22.83 | 0.90 | 0.75 | 0.62 | 2 | 3 | 1315 |
| 25.02 | 0.90 | 0.75 | 0.93 | 2 | 3 | 1200 |
| (19.70) | 0.90 | 0.75 | 0.81 | 2 | 4 | 1057 |
| 24.79 | 0.90 | 0.75 | 0.55 | 3 | 4 | 1411 |
| 19.96 | 0.90 | 0.75 | 0.99 | 3 | 4 | 1214 |

---

54 *See Notes to Financial Statements*

------

## 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, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (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 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 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.

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.

**Indemnification:** 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.

**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.

------

## Notes to Financial Statements (continued)
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 reporting period, if any, are further described later in these Notes to Financial Statements.

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.

Segment Reporting: The Account represents a single operating segment. The officers of the Account act as the chief operating decision maker ("CODM"). 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: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar
securities, interest rates, credit spreads, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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 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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $1306098 | $120 | $1 | $1306219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | —^ | —^ |
| Investments purchased with collateral from securities lending | 2588 |  |  | 2588 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 6978 |  | 6978 |
| Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 129 |  |  | 129 |
| Total | $1308815 | $7098 | $1 | $1315914 |

---

---

| | |
|:---|:---|
| ^ | Amount represents less than $1,000.  |

---

\* Represents net unrealized appreciation (depreciation).

4. Portfolio Securities

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):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Aggregate value of<br>securities on loan | | | |
| Account | Equity<br>Securities (000) | Cash Collateral<br>Received (000)\* | Non-Cash Collateral<br>Received (000)\*\* | Total Collateral<br>Received (000) |
| Stock Index | $6973 | $2588 | $4582 | $7170 |

---

\* 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.

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows (dollar amounts are in thousands):

---

| | | |
|:---|:---|:---|
| Account | Non-U.S.<br>Government<br>Purchases (000) | Non-U.S.<br>Government<br>Sales (000) |
| Stock Index | $22014 | $88047 |

---

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 the Account has when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

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):

---

| | |
|:---|:---|
| Account | Average Notional Amount of Futures Contracts Outstanding<br>(000)\* |
| Stock Index | $6225 |

---

\* 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. 

As of the end of the reporting 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):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| Derivative Instrument | Risk Exposure | Location | Value (000) | Location | Value (000) |
| Stock Index |  |  |  |  |  |
| Futures contracts | Equity | Unrealized appreciation | $129 |  | $– |
|  |  | on futures contracts<sup>\*</sup> |  |  |  |

---

\* 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. 

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):

---

| | | | |
|:---|:---|:---|:---|
| Derivative Instrument | Risk Exposure | Net Realized Gain<br>(Loss) (000) | Change in Unrealized<br>Appreciation<br>(Depreciation) (000) |
| Stock Index |  |  |  |
| Futures contracts | Equity | $(142) | $226 |

---

**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):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
| Stock Index | Units (000) | Value (000) | Units (000) | Value (000) |
| Premiums | 7 | $3017 | 24 | $10189 |
| Withdrawals and death benefits | (154) | (69960) | (365) | (153835) |
| Net increase (decrease) from contractowner transactions | (147) | $(66943) | (341) | $(143646) |

---

------

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):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Account | Tax Cost<br>(000) | Gross Unrealized<br>Appreciation (000) | Gross Unrealized<br>(Depreciation) (000) | Net Unrealized<br>Appreciation<br>(Depreciation) (000) |
| Stock Index | $353589 | $991791 | $(29466) | $962325 |

---

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 0.15% of the average daily net assets of the Account.

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):

---

| | | | |
|:---|:---|:---|:---|
| Account | Purchases (000) | Sales (000) | Realized Gain (Loss)<br>(000) |
| Stock Index | $– | $3697 | $3590 |

---

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 10, 2025 expiring on June 9, 2026, replacing the previous facility, which expired June 2025. 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. There were no borrowings under this credit facility by the Account during the current fiscal period.

------

## Additional Account Information
**(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:

&nbsp;&nbsp;&nbsp;&nbsp;• By visiting our website at TIAA.org; or

&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC's website at sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;• 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 twelvemonth 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.

<sup>©</sup>2024 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

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## 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. Below is a summary of the process the Committee undertook related to its most recent renewal of the Agreement.

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.

Overview of the Renewal Process

The Committee held an in-person meeting on March 25, 2025, 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 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.

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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, experienced professional 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; (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); and (9) draft narrative explanations to be included in the shareholder reports of reasons why the Committee should renew the Agreement. 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 11, 2025, 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 25, 2025 meeting, the Managers were given the opportunity to, 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; and (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. 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 25, 2025 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 25, 2025 meeting, the oversight and evaluation of Advisors' services to the Separate Account by the Management Committee and its Committees is an ongoing process. The Management Committee, as well as its Committees, considered reports on various investment and operational topics that had been identified by the Management Committee or its Committees for review during the year since the last annual renewal process. Further, at their regularly scheduled meetings, the Management Committee and its Investment Committee and its other Committees receive and consider, among other matters, information regarding the performance of the Separate Account. Thus, in reaching its decisions regarding the renewal of the Agreement for the Separate Account, the Management Committee took into account the information described herein and other information provided to the Management 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 25, 2025, all Committee members voted unanimously to renew the Agreement for the Separate Account. Set forth below is a summary of the primary factors that the Management Committee considered with respect to the Separate Account.

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## 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, including the professional experience and qualifications of its 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. It also considered the Separate Account's, Advisors' and Teachers Insurance and Annuity Association's 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 noted 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, 2024. 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 discussed 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 2024. 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, 2024. The Committee acknowledged Advisors' agreement to increase the investment management fee waiver for the Separate Account from 0.15% to 0.24% in annual net assets, resulting in an effective investment management fee rate 0.06% of annual net assets through at least April 30, 2026. The Committee concluded that the future effective investment management fee rate and the projected profit to be earned by Advisors were reasonable in light of various relevant factors.

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Fees Charged by Other Advisers

The Committee considered comparative information regarding the Separate Account's contractual and prior and future 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 noted 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 future 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 similar investment strategies as the Separate Account. The Committee considered the investment management fee rates and the performance of such companies and accounts, noting that such fee rates were comparable after including the effect of the increased 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, other 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 Teachers Insurance and Annuity Association of America ("TIAA"), of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets.

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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 ended December 31, 2024. 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, 2024. 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 2024 under the Agreement.

• 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, 2026, which reflects Advisors' agreement to increase the investment management fee waiver for the Separate
Account resulting in a lower future effective investment management fee rate.

• The Separate Account's total expense ratio and prior effective investment management fee rate were in the 5th and 1st
quintiles of both the group of comparable funds selected by Broadridge for expense comparison purposes and the universe of comparable funds selected by Broadridge for expense comparison purposes, respectively.

• For the one-, three- and five-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<sup>®</sup>Index, differed by -7, +2 and +2 basis points, respectively. For reference, one basis point equals 0.01%.

• The Separate Account received an Overall Morningstar Rating of 5 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.

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## Liquidity Risk Management Program
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 10, 2025 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, 2024 through December 31, 2024 (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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![LOGO](g68007g68w68.jpg)

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this registrant.

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

(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.

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**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

Not applicable.

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

Not applicable.

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**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

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

Not applicable.

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**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

See Approval of Investment Management Agreement in Item 1.

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

Not applicable.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable.

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

Not applicable.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in
Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| (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.](d68007dex9919a3.htm)  |

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(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.](d68007dex9919b.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>TIAA Separate Account VA-1</u> 

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| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and |
|  |  | Executive Vice President |

---

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

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| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and |
|  |  | Executive Vice President |
|  |  | (principal executive officer) |
| Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Exhibit 99.19

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Christopher Stickrod, certify that:

1. I have reviewed this report on Form N-CSR of TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and |
|  |  | Executive Vice President |
|  |  | (principal executive officer) |

---

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**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## Exhibit 99.19

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of TIAA Separate Account VA-1 (the "Registrant") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and |
|  |  | Executive Vice President |
|  |  | (principal executive officer) |
| Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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