# EDGAR Filing Document

**Accession Number:** 0000923524
**File Stem:** 0001193125-26-096108
**Filing Date:** 2026-3
**Character Count:** 176698
**Document Hash:** d00d2a1ae77ca31ba6ca4db56a1edf12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096108.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096108

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08520
- **FILM NUMBER:** 26730118

**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>December</u> <u>31, 2025</u>

------

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

------

December 31, 2025

TIAA Separate Account VA-1

Stock Index Account

**Table of Contents**

Important Notices

About the Account's Benchmark

Portfolio Managers' Comments

Account Performance

Expense Example

Report of Independent Registered Public Accounting Firm

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statements of Changes in Net Assets

Financial Highlights

Notes to Financial Statements

Additional Account Information

Management Committee Members and Officers

Important Notices

TIAA Separate Account VA-1

Proposals for action at the 2026 meeting of TIAA Separate Account VA-1 contractowners

The next meeting of Separate Account contractowners will be held on July 21, 2026; the meeting will be held virtually, however,

the exact time of such meeting has yet to be determined. Contractowners who own Separate Account units as of the meeting's

record date will have the right to vote at the meeting and will receive proxy materials outlining the meeting's proposals. Unless

the Separate Account is notified by April 22, 2026 of other matters that may be properly brought before the 2026 contractowner

meeting by or on behalf of contractowners, the persons named in the proxy will have the discretion to vote on those matters as

they see fit.

About the Account's Benchmark

The Account's benchmark is the Russell 3000®Index: An index designed to measure the performance of the stocks of the

3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of

about 98% of the total market capitalization of the publicly traded U.S. equity market. Index returns assume reinvestment of

distributions, but do not reflect any applicable sales charges or management fees.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Account's

latest prospectus.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group

companies. "FTSE®," "Russell®" and "FTSE Russell®" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights

in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors

or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted

without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

Portfolio Managers' Comments

Stock Index Account

Performance for the twelve months ended December 31, 2025

The Stock Index Account returned 16.23% for the year, compared with the 17.15% return of its benchmark, the Russell 3000®

Index.

For the twelve-month period, the Account's return underperformed that of its benchmark index due to the effect of

expenses. The Account's return includes a deduction for expenses, while the benchmark's does not. The Account had a risk

profile similar to that of its benchmark.

The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased

exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January

2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months

ended December 31, 2025—tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal

funds target rate to 3.50%–3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the

year but ended the period lower.

The broad U.S. stock market, as measured by the Russell 3000 Index, returned 17.15% for the period. Large cap equities

outperformed small- and mid-sized stocks, while growth shares mostly outpaced value stocks. (Returns by investment style

and capitalization size are based on the Russell indexes.)

All benchmark sectors advanced

All eleven industry sectors in the Russell 3000 Index posted gains for the twelve months. Communication services (up 32.3%)

produced the strongest increase. Information technology (up 22.9%)—the benchmark's largest sector— also posted a solid

gain. The next-best performers were industrials (up 18.7%) and utilities (up 16.4%). Together, these four sectors accounted for

more than 50.0% of the index's total market capitalization on December 31, 2025. The worst performer was consumer staples

(up 2.9%), as a rotation towards artificial intelligence (AI) driven growth stocks put pressure on the sector.

For the twelve-month period, two of the five largest stocks in the Russell 3000 Index generated impressive gains that

exceeded the overall return of the benchmark. Communication services company Alphabet (the parent company of Google)

performed especially well, driven by robust demand for cloud services and significant AI integration. Technology company

NVIDIA was next in line with strong double-digit gains. Microsoft, Apple and Amazon.com posted positive returns, but all trailed

the performance of the benchmark.

Stock Index Account

Performance as of

December 31, 2025

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.

$10,000 over 10 years

Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value

of the Account's benchmark during the same period.

Total return

Average annual total return

Inception

date

1 year

5 years

10 years

Stock Index Account

11/1/94

16.30 %

12.33 %

13.45 %

Russell 3000® Index

–

17.15 13.15 14.29 7

Stock Index Account

Account statistics

Portfolio composition

as of 12/31/2025

Account net assets

$

1.37 billion

Total number of holdings

2,610

Portfolio turnover (%)

2%

Total investment advisory

fees paid for the year

(amount in thousands)

$3,944

% of total investments

as of 12/31/2025

Information technology

31.7 Financials

13.8 Consumer discretionary

10.4 Health care

10.0 Communication services

10.0 Industrials

9.3 Consumer staples

4.4 Energy

2.9 Materials

2.2 Utilities

2.2 Real estate

2.2 Short-term investments

0.6 Investments purchased with collateral

from securities lending

0.3 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 year?

(based on a hypothetical $10,000 investment)

Cost of a

$10,000 investment

Cost paid as a percentage of

$10,000 investment

Stock Index Account

$74

0.69%

Report of Independent Registered Public Accounting Firm

To the Management Committee of Teachers Insurance and Annuity Association of America and the Contract Owners of the Stock

Index Account of TIAA Separate Account VA-1

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Stock Index

Account of TIAA Separate Account VA-1 (the "Account") as of December 31, 2025, the related statement of operations for the year

then ended, and the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including

the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred

to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position

of the Account as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each

of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended

December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Teachers Insurance and Annuity Association of America management. Our

responsibility is to express an opinion on the financial statements of the Account based on our audits. We are a public accounting

firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with

respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require

that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material

misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,

and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as

of December 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 27, 2026

We have served as the auditor of one or more investment companies in TIAA-CREF Funds' investment company group since 2005.

Stock Index

Portfolio of Investments December 31, 2025

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

LONG-TERM INVESTMENTS - 98.9%

COMMON STOCKS - 98.9%

AUTOMOBILES & COMPONENTS - 2.3%

1,464

(a) Adient plc

$

2,617

(a),(b)

American Axle & Manufacturing Holdings, Inc

4,330

(a) Aptiv plc

4,752

BorgWarner, Inc

3,106

Dana Inc

596

(a) Dorman Products, Inc

81,666

Ford Motor Co

1,071

1,039

(a) Fox Factory Holding Corp

2,745

Garrett Motion, Inc

19,369

General Motors Co

1,575

5,543

Gentex Corp

1,006

(a) Gentherm, Inc

3,169

(a) Goodyear Tire & Rubber Co

1,703

Harley-Davidson, Inc

533

LCI Industries

846

Lear Corp

1,993

(a),(b)

Lucid Group, Inc

681

Patrick Industries, Inc

Phinia, Inc

7,090

(a) QuantumScape Corp

16,962

(a) Rivian Automotive, Inc

1,333

(a) Solid Power, Inc

843

Standard Motor Products, Inc

58,469

(a) Tesla, Inc

26,295

1,229

Thor Industries, Inc

759

Visteon Corp

Winnebago Industries, Inc

518

(a) XPEL, Inc

TOTAL AUTOMOBILES & COMPONENTS

30,936

BANKS - 4.0%

1st Source Corp

Amalgamated Financial Corp

667

Amerant Bancorp, Inc

1,431

Ameris Bancorp

Arrow Financial Corp

2,950

Associated Banc-Corp

3,083

Atlantic Union Bankshares Corp

527

(a) Avidbank Holdings, Inc

992

(a) Axos Financial, Inc

1,798

Banc of California, Inc

585

Bancfirst Corp

767

(a) Bancorp, Inc

Bank First Corp

137,187

Bank of America Corp

7,545

643

Bank of Hawaii Corp

Bank of Marin Bancorp

548

Bank of NT Butterfield & Son Ltd

2,326

Bank OZK

Bank7 Corp

1,329

(a) BankUnited, Inc

Banner Corp

622

Bar Harbor Bankshares

BayCom Corp

1,555

Berkshire Hills Bancorp, Inc

(a) Blue Foundry Bancorp

3,275

Blue Ridge Bankshares, Inc

BOK Financial Corp

882

(a) Bridgewater Bancshares, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

Burke & Herbert Financial Services Corp

$

Business First Bancshares, Inc

Byline Bancorp, Inc

3,794

Cadence Bank

613

(a) Camden National Corp

Capital City Bank Group, Inc

2,335

(a) Capitol Federal Financial, Inc

550

(a) Carter Bankshares, Inc

1,563

Cathay General Bancorp

1,125

Central Pacific Financial Corp

693

CF Bankshares, Inc

Chemung Financial Corp

ChoiceOne Financial Services, Inc

36,961

Citigroup, Inc

4,313

533

Citizens & Northern Corp

8,870

Citizens Financial Group, Inc

518

(a) City Holding Co

Civista Bancshares, Inc

CNB Financial Corp

(a) Coastal Financial Corp

6,093

Columbia Banking System, Inc

1,738

(a) Columbia Financial, Inc

2,855

Comerica, Inc

2,329

Commerce Bancshares, Inc

973

Community Bank System, Inc

651

Community Trust Bancorp, Inc

Community West Bancshares

ConnectOne Bancorp, Inc

1,266

Cullen/Frost Bankers, Inc

640

(a) Customers Bancorp, Inc

2,723

CVB Financial Corp

(a) Dime Community Bancshares, Inc

1,229

Eagle Bancorp Montana, Inc

1,035

Eagle Bancorp, Inc

2,987

East West Bancorp, Inc

3,756

Eastern Bankshares, Inc

Enterprise Financial Services Corp

Equity Bancshares, Inc

Esquire Financial Holdings, Inc

Farmers & Merchants Bancorp, Inc

1,013

Farmers National Banc Corp

1,908

(a) FB Bancorp, Inc

621

FB Financial Corp

Fidelity D&D Bancorp, Inc

14,550

Fifth Third Bancorp

681

527

Financial Institutions, Inc

First Bancorp

3,990

First BanCorp

(a) First Bancorp, Inc

603

First Bank

903

First Busey Corp

First Citizens Bancshares, Inc (Class A)

1,652

First Commonwealth Financial Corp

680

(a) First Community Bancshares, Inc

First Community Corp

1,773

First Financial Bancorp

2,915

First Financial Bankshares, Inc

(a) First Financial Corp

1,098

(a) First Foundation, Inc

2,244

First Hawaiian, Inc

11,005

First Horizon National Corp

1,904

First Interstate BancSystem, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

645

First Merchants Corp

$

First Mid Bancshares, Inc

810

(a) First Western Financial, Inc

(a) Firstsun Capital Bancorp

Five Star Bancorp

1,083

Flushing Financial Corp

8,529

FNB Corp

Franklin Financial Services Corp

4,397

Fulton Financial Corp

903

German American Bancorp, Inc

2,794

Glacier Bancorp, Inc

Great Southern Bancorp, Inc

Greene County Bancorp, Inc

2,028

Hancock Whitney Corp

824

Hanmi Financial Corp

715

HBT Financial, Inc

1,355

Heritage Commerce Corp

1,150

Heritage Financial Corp

994

Hilltop Holdings, Inc

(a),(b)

Hingham Institution For Savings The

Home Bancorp, Inc

2,636

Home Bancshares, Inc

698

HomeStreet, Inc

667

HomeTrust Bancshares, Inc

2,725

Hope Bancorp, Inc

1,209

(a) Horizon Bancorp, Inc

31,502

Huntington Bancshares, Inc

547

863

Independent Bank Corp

863

Independent Bank Corp

1,089

International Bancshares Corp

1,188

John Marshall Bancorp, Inc

56,154

JPMorgan Chase & Co

18,094

1,623

Kearny Financial Corp

20,734

Keycorp

Lakeland Financial Corp

833

Live Oak Bancshares, Inc

3,128

M&T Bank Corp

630

640

Mercantile Bank Corp

Metrocity Bankshares, Inc

Metropolitan Bank Holding Corp

Mid Penn Bancorp, Inc

582

Midland States Bancorp, Inc

MidWestOne Financial Group, Inc

MVB Financial Corp

819

National Bank Holdings Corp

647

National Bankshares, Inc

1,273

NB Bancorp, Inc

573

NBT Bancorp, Inc

6,570

New York Community Bancorp, Inc

Nicolet Bankshares, Inc

Northeast Bank

954

(a) Northeast Community Bancorp, Inc

1,643

Northfield Bancorp, Inc

Northrim BanCorp, Inc

2,195

Northwest Bancshares, Inc

68,283

(a) NU Holdings Ltd

1,143

Oak Valley Bancorp

OceanFirst Financial Corp

811

OFG Bancorp

6,336

Old National Bancorp

1,237

Old Second Bancorp, Inc

568

Origin Bancorp, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

Orrstown Financial Services, Inc

$

Park National Corp

Pathward Financial, Inc

642

Peapack Gladstone Financial Corp

868

Peoples Bancorp, Inc

Peoples Financial Services Corp

1,672

Pinnacle Financial Partners, Inc

(a) Pioneer Bancorp, Inc

Plumas Bancorp

8,192

PNC Financial Services Group, Inc

1,710

1,124

Popular, Inc

Preferred Bank

Primis Financial Corp

1,571

Prosperity Bancshares, Inc

2,598

Provident Financial Services, Inc

QCR Holdings, Inc

RBB Bancorp

Red River Bancshares, Inc

18,602

Regions Financial Corp

504

1,623

Renasant Corp

Republic Bancorp, Inc (Class A)

812

S&T Bancorp, Inc

1,542

Seacoast Banking Corp of Florida

1,315

(a) ServisFirst Bancshares, Inc

Sierra Bancorp

1,906

Simmons First National Corp (Class A)

SmartFinancial, Inc

1,492

Southern California Bancorp

(a) Southern First Bancshares, Inc

Southern Missouri Bancorp, Inc

Southside Bancshares, Inc

2,193

SOUTHSTATE BANK CORP

1,065

(b) SR Bancorp, Inc

3,571

(c) Sterling Bancorp, Inc

0^

572

Stock Yards Bancorp, Inc

3,386

Synovus Financial Corp

947

(a) Texas Capital Bancshares, Inc

TFS Financial Corp

681

(a) Third Coast Bancshares, Inc

Tompkins Trustco, Inc

1,259

Towne Bank

Trico Bancshares

657

(a) Triumph Financial, Inc

27,432

Truist Financial Corp

1,350

671

TrustCo Bank Corp NY

768

Trustmark Corp

1,622

UMB Financial Corp

2,837

United Bankshares, Inc

2,849

United Community Banks, Inc

1,012

Univest Financial Corp

32,576

US Bancorp

1,738

9,879

Valley National Bancorp

761

Washington Federal, Inc

581

(a) Washington Trust Bancorp, Inc

3,818

Webster Financial Corp

65,115

Wells Fargo & Co

6,069

1,127

WesBanco, Inc

597

West Bancorporation, Inc

Westamerica Bancorporation

2,509

Western Alliance Bancorp

1,443

Wintrust Financial Corp

718

WSFS Financial Corp

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

BANKS

(continued)

3,174

Zions Bancorporation

$

TOTAL BANKS

54,672

CAPITAL GOODS - 6.8%

3,738

(a) 3D Systems Corp

10,917

3M Co

1,748

2,379

A.O. Smith Corp

1,578

(b) Aaon, Inc

770

(a) AAR Corp

622

Acuity Brands, Inc

1,567

Advanced Drainage Systems, Inc

1,215

Aebi Schmidt Holding AG.

2,574

Aecom Technology Corp

784

(a) Aerovironment, Inc

1,044

AGCO Corp

1,593

Air Lease Corp

Alamo Group, Inc

653

Albany International Corp (Class A)

2,848

(a) Allegheny Technologies, Inc

1,880

Allegion plc

1,075

(a) Alliance Laundry Holdings, Inc

Allied Motion Technologies, Inc

1,525

Allison Transmission Holdings, Inc

909

(a) Ameresco, Inc

813

(a) American Superconductor Corp

(a) American Woodmark Corp

4,744

Ametek, Inc

974

1,904

(a) Amprius Technologies, Inc

7,639

(a) API Group Corp

Apogee Enterprises, Inc

833

Applied Industrial Technologies, Inc

11,787

(a) Archer Aviation, Inc

813

Arcosa, Inc

(a) Argan, Inc

805

Armstrong World Industries, Inc

4,146

(a) Array Technologies, Inc

823

Astec Industries, Inc

810

(a) Astronics Corp

931

Atkore, Inc

1,320

Atmus Filtration Technologies, Inc

1,586

(a) Axon Enterprise, Inc

901

507

AZZ, Inc

4,522

(a) Bloom Energy Corp

766

(a) Blue Bird Corp

(a) BlueLinx Holdings, Inc

15,479

(a) Boeing Co

3,361

610

Boise Cascade Co

(a) Bowman Consulting Group Ltd

534

(b) Brookfield Business Corp

2,449

(a) Builders FirstSource, Inc

1,894

BWX Technologies, Inc

(a),(b)

Byrna Technologies, Inc

Cadre Holdings, Inc

799

Carlisle Cos, Inc

984

Carpenter Technology Corp

17,144

Carrier Global Corp

906

9,606

Caterpillar, Inc

5,503

756

(a) CECO Environmental Corp

1,396

(a) Centuri Holdings, Inc

900

(a) Chart Industries, Inc

17,876

CNH Industrial NV

840

Columbus McKinnon Corp

739

Comfort Systems USA, Inc

690

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

1,015

(a) Construction Partners, Inc

$

3,982

(a) Core & Main, Inc

968

Crane Co

CSW Industrials, Inc

2,790

Cummins, Inc

1,424

822

Curtiss-Wright Corp

1,008

(a) Custom Truck One Source, Inc

5,130

Deere & Co

2,388

3,204

(a) DNOW, Inc

2,028

Donaldson Co, Inc

932

Douglas Dynamics, Inc

2,820

Dover Corp

551

(a) Ducommun, Inc

(a) DXP Enterprises, Inc

561

(a) Dycom Industries, Inc

8,181

Eaton Corp plc

2,606

916

EMCOR Group, Inc

560

11,514

Emerson Electric Co

1,528

1,368

(a) Energy Recovery, Inc

1,030

Enerpac Tool Group Corp

554

EnerSys

2,981

(a) Enovix Corp

EnPro Industries, Inc

4,836

(a),(b)

Eos Energy Enterprises, Inc

1,154

Esab Corp

605

ESCO Technologies, Inc

978

(a) Everus Construction Group, Inc

22,915

Fastenal Co

920

1,221

Federal Signal Corp

3,834

Ferguson Enterprises, Inc

854

2,943

Flowserve Corp

786

(a) Fluence Energy, Inc

3,620

(a) Fluor Corp

6,548

Fortive Corp

2,398

Fortune Brands Innovations, Inc

842

Franklin Electric Co, Inc

586

(a),(b)

Freyr Battery, Inc

2,062

FTAI Aviation Ltd

4,917

(a) Gates Industrial Corp plc

519

GATX Corp

5,712

GE Vernova, Inc

3,733

1,274

(a) Gencor Industries, Inc

1,064

(a) Generac Holdings, Inc

5,183

General Dynamics Corp

1,745

21,555

General Electric Co

6,640

584

(a) Gibraltar Industries, Inc

Global Industrial Co

678

Gorman-Rupp Co

2,976

Graco, Inc

(a) Graham Corp

945

Granite Construction, Inc

(a) Great Lakes Dredge & Dock Corp

Greenbrier Cos, Inc

611

Griffon Corp

4,335

(a) Hayward Holdings, Inc

938

HEICO Corp

1,471

(a) HEICO Corp (Class A)

922

(a) Helios Technologies, Inc

690

Herc Holdings, Inc

1,747

Hexcel Corp

1,241

Hillenbrand, Inc

3,242

(a) Hillman Solutions Corp

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

13,187

Honeywell International, Inc

$

2,573

8,386

Howmet Aerospace, Inc

1,719

1,169

Hubbell, Inc

519

1,076

(a) Hudson Technologies, Inc

792

Huntington Ingalls Industries, Inc

3,375

(a),(b)

Hyliion Holdings Corp

Hyster-Yale Materials Handling, Inc

1,652

IDEX Corp

(a) IES Holdings, Inc

5,892

Illinois Tool Works, Inc

1,451

8,818

Ingersoll Rand, Inc

699

716

Insteel Industries, Inc

2,375

(a),(b)

Intuitive Machines, Inc

1,687

ITT, Inc

1,876

(a) Janus International Group, Inc

(a) JELD-WEN Holding, Inc

1,078

John Bean Technologies Corp

13,709

Johnson Controls International plc

1,642

(a) Kadant, Inc

672

Karat Packaging, Inc

579

(a) Karman Holdings, Inc

1,671

Kennametal, Inc

3,283

(a) Kratos Defense & Security Solutions, Inc

3,972

L3Harris Technologies, Inc

1,166

542

(a) Lawson Products, Inc

728

(a) LB Foster Co (Class A)

686

(a) Legence Corp

690

Lennox International, Inc

1,340

Leonardo DRS, Inc

(a) Limbach Holdings, Inc

1,185

Lincoln Electric Holdings, Inc

Lindsay Corp

836

(a) Loar Holdings, Inc

4,276

Lockheed Martin Corp

2,068

1,218

LSI Industries, Inc

800

Luxfer Holdings plc

1,198

(a) Manitowoc Co, Inc

4,610

Masco Corp

1,168

(a) Mastec, Inc

2,747

(a) Masterbrand, Inc

1,366

(a) Matrix Service Co

887

(a) Mayville Engineering Co Inc

McGrath RentCorp

1,126

(a) Mercury Computer Systems, Inc

4,301

(a),(b)

Microvast Holdings, Inc

987

(a) Middleby Corp

Miller Industries, Inc

1,042

(a) Modine Manufacturing Co

536

Moog, Inc (Class A)

1,012

(a) MSC Industrial Direct Co (Class A)

2,082

Mueller Industries, Inc

4,045

Mueller Water Products, Inc (Class A)

(a) MYR Group, Inc

583

(a),(b)

NANO Nuclear Energy, Inc

National Presto Industries, Inc

3,366

(a) Newpark Resources, Inc

3,068

(a) NEXTracker, Inc

1,006

Nordson Corp

2,814

Northrop Grumman Corp

1,605

(a) Northwest Pipe Co

2,741

(a),(b)

NuScale Power Corp

3,559

nVent Electric plc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

Omega Flex, Inc

$

1,551

(a) Orion Marine Group, Inc

1,397

Oshkosh Corp

7,806

Otis Worldwide Corp

682

1,783

Owens Corning, Inc

10,913

PACCAR, Inc

1,195

766

(a) Park Aerospace Corp

2,595

Parker-Hannifin Corp

2,281

598

Park-Ohio Holdings Corp

3,179

Pentair plc

22,888

(a),(b)

Plug Power, Inc

Powell Industries, Inc

(a) Preformed Line Products Co

1,171

Primoris Services Corp

784

(a) Proto Labs, Inc

905

Quanex Building Products Corp

3,026

Quanta Services, Inc

1,277

13,157

(a),(b)

QXO, Inc

677

(a) RBC Bearings, Inc

726

(a) Redwire Corp

1,406

Regal-Beloit Corp

2,818

(a) Resideo Technologies, Inc

1,111

REV Group, Inc

8,068

(a) Rocket Lab Corp

563

2,319

Rockwell Automation, Inc

902

27,728

RTX Corp

5,085

Rush Enterprises, Inc

1,317

Rush Enterprises, Inc (Class A)

3,523

Sensata Technologies Holding plc

4,388

(a) Shoals Technologies Group, Inc

913

(a) Simpson Manufacturing Co, Inc

782

(a) SiteOne Landscape Supply, Inc

1,001

Snap-On, Inc

987

(a) SPX Technologies, Inc

3,095

(a) StandardAero, Inc

Standex International Corp

3,377

Stanley Black & Decker, Inc

634

(a) Sterling Construction Co, Inc

3,737

(a) Sunrun, Inc

535

(b) Tecnoglass, Inc

Tennant Co

1,409

Terex Corp

3,641

Textron, Inc

853

(a) Thermon Group Holdings, Inc

1,366

Timken Co

1,266

(a) Titan International, Inc

(a) Titan Machinery, Inc

1,924

Toro Co

4,616

Trane Technologies plc

1,797

(a) Transcat, Inc

1,152

TransDigm Group, Inc

1,532

2,168

(a) Trex Co, Inc

1,768

Trinity Industries, Inc

963

Tutor Perini Corp

904

UFP Industries, Inc

1,315

United Rentals, Inc

1,064

(a) V2X, Inc

Valmont Industries, Inc

7,971

Vertiv Holdings Co

1,291

(a) Vicor Corp

(a) VSE Corp

954

W.W. Grainger, Inc

963

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CAPITAL GOODS

(continued)

1,281

(a) Wabash National Corp

$

760

Watsco, Inc

536

Watts Water Technologies, Inc (Class A)

851

WESCO International, Inc

3,489

Westinghouse Air Brake Technologies Corp

745

Willis Lease Finance Corp

4,244

WillScot Mobile Mini Holdings Corp

1,262

Woodward Inc

858

Worthington Enterprises, Inc

911

(a),(b)

Xometry, Inc

4,884

Xylem, Inc

665

3,251

Zurn Elkay Water Solutions Corp

TOTAL CAPITAL GOODS

93,407

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%

1,382

(a) ABM Industries, Inc

3,257

ACCO Brands Corp

2,888

(a) ACV Auctions, Inc

8,912

Alight, Inc

2,989

(a) Amentum Holdings, Inc

8,371

Automatic Data Processing, Inc

2,153

Barrett Business Services, Inc

605

(a),(b)

BlackSky Technology, Inc

2,731

Booz Allen Hamilton Holding Corp

511

(a) BrightView Holdings, Inc

834

Brink's Co

2,405

Broadridge Financial Solutions, Inc

537

(a) CACI International, Inc (Class A)

1,375

(a) Casella Waste Systems, Inc (Class A)

1,147

(a) CBIZ, Inc

3,169

(a) Ceridian HCM Holding, Inc

(a) Cimpress plc

7,018

Cintas Corp

1,320

6,385

(a) Clarivate plc

1,167

(a) Clean Harbors, Inc

805

Concentrix Corp

5,536

(a) Conduent, Inc

18,519

(a) Copart, Inc

725

1,499

(a) CoreCivic, Inc

CRA International, Inc

CSG Systems International, Inc

1,062

Deluxe Corp

1,051

(a) Ennis, Inc

2,577

Equifax, Inc

559

3,061

(a) ExlService Holdings, Inc

1,272

Exponent, Inc

1,243

(a) First Advantage Corp

(a) Forrester Research, Inc

(a) Franklin Covey Co

526

(a) FTI Consulting, Inc

3,395

Genpact Ltd

3,108

(a) GEO Group, Inc

2,590

(a) Harsco Corp

2,398

(a) Healthcare Services Group

1,885

Herman Miller, Inc

1,041

HireQuest, Inc

1,535

HNI Corp

(a) Huron Consulting Group, Inc

ICF International, Inc

661

(a) Innodata, Inc

975

Insperity, Inc

1,293

Interface, Inc

2,447

Jacobs Solutions, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

COMMERCIAL & PROFESSIONAL SERVICES

(continued)

2,130

KBR, Inc

$

1,192

Kelly Services, Inc (Class A)

681

Kforce, Inc

1,237

Korn/Ferry International

2,559

(a) Legalzoom.com, Inc

2,572

Leidos Holdings, Inc

664

(a) Liquidity Services, Inc

1,099

Manpower, Inc

1,224

MAXIMUS, Inc

640

(a) Montrose Environmental Group, Inc

805

MSA Safety, Inc

563

NL Industries, Inc

1,699

(a) OPENLANE, Inc

1,095

(a) Parsons Corp

6,819

Paychex, Inc

765

1,142

Paycom Software, Inc

927

(a) Paylocity Holding Corp

1,878

Pitney Bowes, Inc

3,913

(a) Planet Labs PBC

3,808

RB Global, Inc

4,067

Republic Services, Inc

862

(a),(b)

Resolute Holdings Management, Inc

1,107

Resources Connection, Inc

2,545

Robert Half International, Inc

5,892

Rollins, Inc

925

Science Applications International Corp

3,953

SS&C Technologies Holdings, Inc

6,045

Tetra Tech, Inc

3,578

(a) TIC Solutions, Inc

4,262

TransUnion

839

(a) TriNet Group, Inc

720

(a) TrueBlue, Inc

541

(a),(b)

TTEC Holdings, Inc

Unifirst Corp

3,454

(a) Upwork, Inc

4,755

Veralto Corp

3,058

Verisk Analytics, Inc

684

3,457

(a) Verra Mobility Corp

3,046

Vestis Corp

7,583

Waste Management, Inc

1,666

(a) Willdan Group, Inc

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

16,428

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.3%

966

(a) 1-800-FLOWERS.COM, Inc (Class A)

996

(a) Abercrombie & Fitch Co (Class A)

1,605

Academy Sports & Outdoors, Inc

1,149

(b) Advance Auto Parts, Inc

A-Mark Precious Metals, Inc

198,505

(a) Amazon.com, Inc

45,819

3,778

(a) American Eagle Outfitters, Inc

(a),(b)

America's Car-Mart, Inc

1,837

(a),(b)

AMMO, Inc

1,221

(a) Arhaus, Inc

2,460

Arko Corp

(a) Asbury Automotive Group, Inc

(a) Autonation, Inc

(a) Autozone, Inc

1,204

3,894

Bath & Body Works, Inc

4,227

Best Buy Co, Inc

665

(a) Boot Barn Holdings, Inc

524

(a) Buckle, Inc

(b) Build-A-Bear Workshop, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

1,373

(a) Burlington Stores, Inc

$

1,001

Caleres, Inc

895

Camping World Holdings, Inc

2,292

(a) Carmax, Inc

2,814

(a) Carvana Co

1,188

4,570

(a) Chewy, Inc

(a) Citi Trends, Inc

27,010

(a) Coupang, Inc

637

1,606

Designer Brands, Inc

1,287

Dick's Sporting Goods, Inc

(b) Dillard's, Inc (Class A)

9,277

eBay, Inc

808

2,260

(a) Etsy, Inc

2,017

(a) EVgo, Inc

1,176

(a) Five Below, Inc

2,514

(a) Floor & Decor Holdings, Inc

8,925

(a) GameStop Corp (Class A)

4,912

Gap, Inc

(a) Genesco, Inc

2,705

Genuine Parts Co

559

(a) GigaCloud Technology, Inc

Group 1 Automotive, Inc

541

(a),(b)

Groupon, Inc

715

Haverty Furniture Cos, Inc

20,713

Home Depot, Inc

7,127

1,925

Kohl's Corp

(a),(b)

Lands' End, Inc

Lithia Motors, Inc (Class A)

5,489

LKQ Corp

11,724

Lowe's Cos, Inc

2,827

5,015

Macy's, Inc

530

(a) MarineMax, Inc

759

(b) Monro Muffler, Inc

Murphy USA, Inc

2,416

(a) National Vision Holdings, Inc

1,339

(a) Ollie's Bargain Outlet Holdings, Inc

(a) OneWater Marine, Inc

17,407

(a) O'Reilly Automotive, Inc

1,588

1,209

(a) Overstock.com, Inc

Penske Auto Group, Inc

1,980

(a) Petco Health & Wellness Co, Inc

785

Pool Corp

2,295

(a) RealReal, Inc

1,063

(a) Revolve Group, Inc

(a) RH

6,281

Ross Stores, Inc

1,131

(a) Sally Beauty Holdings, Inc

697

(a),(b)

Savers Value Village, Inc

646

Shoe Carnival, Inc

881

Signet Jewelers Ltd

760

(a),(b)

Sleep Number Corp

Sonic Automotive, Inc (Class A)

1,770

(a) Stitch Fix, Inc

1,616

(a) ThredUp, Inc

22,704

TJX Cos, Inc

3,488

10,780

Tractor Supply Co

539

935

(a) Ulta Beauty, Inc

566

Upbound Group, Inc

0^

1,483

(a) Urban Outfitters, Inc

2,450

(a) Valvoline, Inc

1,310

(a) Victoria's Secret & Co

2,402

(a) Warby Parker, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

(continued)

1,916

(a) Wayfair, Inc

$

663

Weyco Group, Inc

2,589

Williams-Sonoma, Inc

Winmark Corp

686

(a) Zumiez, Inc

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

72,669

CONSUMER DURABLES & APPAREL - 0.7%

Acushnet Holdings Corp

3,260

(a) Amer Sports, Inc

1,140

(a) Beazer Homes USA, Inc

1,161

(a) BK LC Lux Finco 2 Sarl

1,299

Brunswick Corp

3,596

(a) Callaway Golf Co

2,222

(a) Capri Holdings Ltd

547

Carter's, Inc

(a) Cavco Industries, Inc

Century Communities, Inc

729

Clarus Corp

606

Columbia Sportswear Co

1,268

(b) Cricut, Inc

986

(a) Crocs, Inc

2,883

(a) Deckers Outdoor Corp

5,265

DR Horton, Inc

758

643

(a),(b)

Dream Finders Homes, Inc

1,326

(b) Ermenegildo Zegna NV

958

Ethan Allen Interiors, Inc

3,412

(a) Figs, Inc

576

(a),(b)

Funko, Inc

3,395

(a) Garmin Ltd

689

G-III Apparel Group Ltd

680

(a) Green Brick Partners, Inc

2,888

Hasbro, Inc

712

(a) Helen of Troy Ltd

(a) Hovnanian Enterprises, Inc

509

Installed Building Products, Inc

(a) Johnson Outdoors, Inc

1,357

KB Home

1,320

Kontoor Brands, Inc

(a) Latham Group, Inc

935

La-Z-Boy, Inc

3,082

Leggett & Platt, Inc

4,418

Lennar Corp (Class A)

(b) Lennar Corp (Class B)

(a) LGI Homes, Inc

(a),(b)

Lovesac Co

2,060

(a) Lululemon Athletica, Inc

(a) M/I Homes, Inc

688

(a) Malibu Boats, Inc

Marine Products Corp

673

(a) MasterCraft Boat Holdings, Inc

5,874

(a) Mattel, Inc

1,136

Meritage Homes Corp

1,156

(a) Mohawk Industries, Inc

638

Movado Group, Inc

6,890

Newell Rubbermaid, Inc

24,817

Nike, Inc (Class B)

1,581

(a) NVR, Inc

4,813

(a) On Holding AG.

Oxford Industries, Inc

8,335

(a) Peloton Interactive, Inc

1,013

Polaris Industries, Inc

3,834

Pulte Homes, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER DURABLES & APPAREL

(continued)

821

PVH Corp

$

731

Ralph Lauren Corp

Rocky Brands, Inc

1,588

(a) SharkNinja Global SPV Ltd

1,083

(a) Skyline Champion Corp

1,649

Smith & Wesson Brands, Inc

3,687

(a) Sonos, Inc

1,625

Steven Madden Ltd

Sturm Ruger & Co, Inc

4,215

Tapestry, Inc

539

1,490

(a) Taylor Morrison Home Corp

3,937

Tempur Sealy International, Inc

1,721

Toll Brothers, Inc

552

(a) TopBuild Corp

1,572

(a) Tri Pointe Homes, Inc

5,744

(a),(b)

Under Armour, Inc (Class A)

5,391

(a) Under Armour, Inc (Class C)

8,194

VF Corp

1,037

(b) Whirlpool Corp

1,742

(a) Wolverine World Wide, Inc

1,532

(a) YETI Holdings, Inc

TOTAL CONSUMER DURABLES & APPAREL

9,937

CONSUMER SERVICES - 2.1%

1,229

(a) Accel Entertainment, Inc

6,530

ADT, Inc

822

(a) Adtalem Global Education, Inc

8,724

(a) Airbnb, Inc

1,184

(a) American Public Education, Inc

5,175

Aramark

(a) Biglari Holdings, Inc (B Shares)

817

(a) BJ's Restaurants, Inc

Bloomin' Brands, Inc

671

Booking Holdings, Inc

3,593

764

Boyd Gaming Corp

1,258

(a) Bright Horizons Family Solutions, Inc

959

(a) Brinker International, Inc

4,525

(a) Caesars Entertainment, Inc

22,162

(a) Carnival Corp

677

Carriage Services, Inc

2,180

(a) Cava Group, Inc

1,085

Cheesecake Factory

27,292

(a) Chipotle Mexican Grill, Inc (Class A)

1,010

623

(a),(b)

Choice Hotels International, Inc

1,421

Churchill Downs, Inc

2,931

(a) Coursera, Inc

711

(a),(b)

Cracker Barrel Old Country Store, Inc

2,408

Darden Restaurants, Inc

(a) Dave & Buster's Entertainment, Inc

1,296

(a) Denny's Corp

(b) Dine Brands Global Inc.

695

Domino's Pizza, Inc

7,433

(a) DoorDash, Inc

1,683

10,269

(a) DraftKings, Inc

1,159

(a) Driven Brands Holdings, Inc

787

(a) Duolingo, Inc

2,527

(a) Dutch Bros, Inc

809

(a) El Pollo Loco Holdings, Inc

(a) European Wax Center, Inc

2,489

Expedia Group, Inc

705

723

(a) First Watch Restaurant Group, Inc

3,281

(a) Flutter Entertainment plc

705

1,502

(a) Frontdoor, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

4,788

(a) Genius Sports Ltd

$

2,989

(a),(b)

Global Business Travel Group I

Golden Entertainment, Inc

Graham Holdings Co

663

(a) Grand Canyon Education, Inc

1,979

H&R Block, Inc

1,757

(a) Hilton Grand Vacations, Inc

4,723

Hilton Worldwide Holdings, Inc

1,357

969

Hyatt Hotels Corp

(a) Inspired Entertainment, Inc

2,584

International Game Technology plc

Jack in the Box, Inc

930

(a) KinderCare Learning Cos, Inc

2,068

Krispy Kreme, Inc

(a),(b)

Kura Sushi USA, Inc

6,375

Las Vegas Sands Corp

2,764

(a) Laureate Education, Inc

2,936

(a) Life Time Group Holdings, Inc

1,286

(a) Lincoln Educational Services Corp

608

(a) Lindblad Expeditions Holdings, Inc

4,634

Marriott International, Inc (Class A)

1,438

901

Marriott Vacations Worldwide Corp

Matthews International Corp (Class A)

14,688

McDonald's Corp

4,489

4,487

(a) MGM Resorts International

1,527

(a) Mister Car Wash, Inc

Monarch Casino & Resort, Inc

Nathan's Famous, Inc

9,905

(a) Norwegian Cruise Line Holdings Ltd

1,416

OneSpaWorld Holdings Ltd

792

Papa John's International, Inc

3,518

(a) Penn National Gaming, Inc

1,328

Perdoceo Education Corp

(a) Phoenix Education Partners, Inc

1,700

(a) Planet Fitness, Inc

(a),(b)

Portillo's, Inc

(b) RCI Hospitality Holdings, Inc

925

Red Rock Resorts, Inc

6,619

Restaurant Brands International, Inc

5,335

Royal Caribbean Cruises Ltd

1,488

1,353

(a) Rush Street Interactive, Inc

10,188

(a) Sabre Corp

771

(a) SeaWorld Entertainment, Inc

1,013

(a),(b)

Serve Robotics, Inc

2,521

Service Corp International

766

(a) Shake Shack, Inc

2,208

Six Flags Entertainment Corp

23,881

Starbucks Corp

2,011

673

Strategic Education, Inc

808

(a) Stride, Inc

3,619

Super Group SGHC Ltd

2,381

(a),(b)

Sweetgreen, Inc

829

(a) Target Hospitality Corp

1,383

Texas Roadhouse, Inc (Class A)

1,191

Travel & Leisure Co

1,856

(a) Udemy, Inc

941

(a) Universal Technical Institute, Inc

783

(b) Vail Resorts, Inc

679

(a) Viad Corp

3,229

(a) Viking Holdings Ltd

652

(b) Wendy's Co

607

Wingstop, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

CONSUMER SERVICES

(continued)

1,659

Wyndham Hotels & Resorts, Inc

$

1,733

Wynn Resorts Ltd

(a) Xponential Fitness, Inc

5,638

Yum! Brands, Inc

853

TOTAL CONSUMER SERVICES

28,383

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%

6,283

Albertsons Cos, Inc

1,108

Andersons, Inc

2,857

(a) BJ's Wholesale Club Holdings, Inc

809

Casey's General Stores, Inc

776

(a) Chefs' Warehouse, Inc

9,144

Costco Wholesale Corp

7,885

4,732

Dollar General Corp

628

4,225

(a) Dollar Tree, Inc

520

2,474

(a) Grocery Outlet Holding Corp

520

(a) Guardian Pharmacy Services, Inc

1,600

(a) HF Foods Group, Inc

(a) Ingles Markets, Inc (Class A)

12,188

Kroger Co

761

3,470

(a) Maplebear, Inc

Natural Grocers by Vitamin Cottage, Inc

3,334

(a) Performance Food Group Co

553

Pricesmart, Inc

2,141

(a) Sprouts Farmers Market, Inc

9,663

Sysco Corp

712

9,477

Target Corp

926

1,296

(a) United Natural Foods, Inc

4,630

(a) US Foods Holding Corp

Village Super Market (Class A)

89,739

Walmart, Inc

9,998

Weis Markets, Inc

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

23,534

ENERGY - 2.9%

6,664

Antero Midstream Corp

6,098

(a) Antero Resources Corp

7,983

APA Corp

3,123

Archrock, Inc

577

Ardmore Shipping Corp

1,601

(b) Atlas Energy Solutions, Inc

20,436

Baker Hughes Co

931

700

(a) BKV Corp

4,580

(b) Borr Drilling Ltd

510

(a) Bristow Group, Inc

14,882

Cabot Oil & Gas Corp

1,403

Cactus, Inc

1,532

California Resources Corp

1,491

(a),(b)

Calumet, Inc

(a),(b)

Centrus Energy Corp

4,418

Cheniere Energy, Inc

859

4,801

Chesapeake Energy Corp

530

39,132

Chevron Corp

5,964

1,203

Chord Energy Corp

502

Civitas Resources, Inc

4,074

(a) Clean Energy Fuels Corp

3,082

(a) CNX Resources Corp

1,609

(a),(b)

Comstock Resources, Inc

26,642

ConocoPhillips

2,494

(b) Core Laboratories, Inc

1,192

Core Natural Resources, Inc

1,900

Crescent Energy Co

875

CVR Energy, Inc

1,510

Delek US Holdings, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

11,085

Devon Energy Corp

$

DHT Holdings, Inc

4,269

Diamondback Energy, Inc

642

1,119

(a) DIVERSIFIED ENERGY CO

535

(a) DMC Global, Inc

1,083

Dorian LPG Ltd

2,182

DT Midstream, Inc

2,695

(a),(b)

Empire Petroleum Corp

3,799

(a),(b)

Encore Energy Corp

4,018

(a),(b)

Energy Fuels, Inc

11,466

EOG Resources, Inc

1,204

12,760

EQT Corp

684

3,165

Evolution Petroleum Corp

Excelerate Energy, Inc

1,917

(a) Expro Group Holdings NV

87,537

Exxon Mobil Corp

10,534

691

FLEX LNG Ltd

981

(a) Forum Energy Technologies, Inc

954

(a) FutureFuel Corp

1,739

Golar LNG Ltd

2,448

Granite Ridge Resources, Inc

1,490

(a) Green Plains, Inc

(a) Gulfport Energy Operating Corp

18,131

Halliburton Co

512

1,956

(a) Helix Energy Solutions Group, Inc

610

(a) Helmerich & Payne, Inc

3,473

HF Sinclair Corp

1,195

(a) Innovex International, Inc

International Seaways, Inc

41,715

Kinder Morgan, Inc

1,147

958

(b) Kinetik Holdings, Inc

1,167

Kodiak Gas Services, Inc

4,919

(a),(b)

Kosmos Energy Ltd

3,840

Liberty Energy, Inc

4,177

Magnolia Oil & Gas Corp

6,303

Marathon Petroleum Corp

1,025

1,626

Matador Resources Co

2,664

Murphy Oil Corp

(a),(b)

Nabors Industries Ltd

Nacco Industries, Inc (Class A)

1,312

(a) National Energy Services Reunited Corp

1,599

National Fuel Gas Co

696

Navigator Holdings Ltd

2,786

(a),(b)

NextDecade Corp

2,731

(b) Noble Corp plc

4,171

(b) Nordic American Tankers Ltd

897

Northern Oil and Gas, Inc

5,962

NOV, Inc

14,735

Occidental Petroleum Corp

606

2,352

(a) Oceaneering International, Inc

2,073

(a) Oil States International, Inc

13,273

ONEOK, Inc

976

3,910

Ovintiv, Inc

1,291

(a) Par Pacific Holdings, Inc

7,160

Patterson-UTI Energy, Inc

1,615

PBF Energy, Inc

1,909

Peabody Energy Corp

15,047

Permian Resources Corp

8,650

Phillips 66

1,116

(a),(b)

PrimeEnergy Corp

2,609

(a) ProPetro Holding Corp

5,158

Range Resources Corp

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

ENERGY

(continued)

1,251

Ranger Energy Services, Inc

$

642

(a) Rex American Resources Corp

Riley Exploration Permian, Inc

2,256

RPC, Inc

792

SandRidge Energy, Inc

30,413

Schlumberger Ltd

1,167

Scorpio Tankers, Inc

2,348

(a) SEACOR Marine Holdings, Inc

1,338

(a) Seadrill Ltd

1,587

Select Water Solutions, Inc

2,365

(b) SFL Corp Ltd

1,420

SM Energy Co

886

Solaris Oilfield Infrastructure, Inc

656

(a) Summit Midstream Corp

1,668

(a) Talos Energy, Inc

4,299

Targa Resources Corp

793

7,911

TechnipFMC plc

2,111

Teekay Corp Ltd

Teekay Tankers Ltd

3,440

(a) Tetra Technologies, Inc

1,236

Texas Pacific Land Corp

1,174

(a) Tidewater, Inc

16,110

(a) Transocean Ltd

7,605

(a) Uranium Energy Corp

1,428

Vaalco Energy, Inc

1,385

(a) Valaris Ltd

6,408

Valero Energy Corp

1,043

3,311

Viper Energy, Inc

758

(b) Vitesse Energy, Inc

3,587

(b) W&T Offshore, Inc

1,619

Weatherford International plc

Western Midstream Partners LP

25,932

Williams Cos, Inc

1,559

1,194

World Fuel Services Corp

TOTAL ENERGY

40,120

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%

3,091

Acadia Realty Trust

2,147

Agree Realty Corp

1,433

Alexander & Baldwin, Inc

Alexander's, Inc

3,622

Alexandria Real Estate Equities, Inc

Alpine Income Property Trust, Inc

American Assets Trust, Inc

2,899

American Healthcare REIT, Inc

7,842

American Homes 4 Rent

9,828

American Tower Corp

1,725

4,194

(b) Americold Realty Trust, Inc

2,424

Apartment Investment and Management Co

1,658

Armada Hoffler Properties, Inc

3,107

AvalonBay Communities, Inc

563

3,466

Boston Properties, Inc

1,555

Braemar Hotels & Resorts, Inc

3,704

(a) Brandywine Realty Trust

6,652

Brixmor Property Group, Inc

Broadstone Net Lease, Inc

552

BRT Apartments Corp

2,484

Camden Property Trust

4,081

CareTrust REIT, Inc

1,043

CBL & Associates Properties, Inc

Centerspace

1,449

Chatham Lodging Trust

1,087

City Office REIT, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

544

(b) Clipper Realty, Inc

$

753

Community Healthcare Trust, Inc

2,460

Corporate Office Properties Trust

3,658

Cousins Properties, Inc

9,192

Crown Castle, Inc

817

631

CTO Realty Growth, Inc

4,946

CubeSmart

2,109

Curbline Properties Corp

3,732

DiamondRock Hospitality Co

7,187

Digital Realty Trust, Inc

1,112

7,300

Diversified Healthcare Trust

4,303

Douglas Emmett, Inc

689

Easterly Government Properties, Inc

1,084

EastGroup Properties, Inc

3,522

Empire State Realty Trust, Inc

504

EPR Properties

2,060

Equinix, Inc

1,578

3,742

Equity Lifestyle Properties, Inc

8,454

Equity Residential

533

4,151

Essential Properties Realty Trust, Inc

1,431

Essex Property Trust, Inc

4,603

Extra Space Storage, Inc

599

967

(a),(b)

Farmland Partners, Inc

1,812

Federal Realty Investment Trust

3,144

First Industrial Realty Trust, Inc

1,727

Four Corners Property Trust, Inc

985

FrontView REIT, Inc

5,011

Gaming and Leisure Properties, Inc

1,064

Getty Realty Corp

4,623

Gladstone Commercial Corp

815

(b) Gladstone Land Corp

Global Medical REIT, Inc

2,111

Global Net Lease, Inc

8,075

Healthcare Realty Trust, Inc

16,075

Healthpeak Properties, Inc

2,316

Highwoods Properties, Inc

14,983

Host Hotels & Resorts Inc

514

(a) Hudson Pacific Properties, Inc

5,802

Independence Realty Trust, Inc

2,564

Industrial Logistics Properties Trust

533

Innovative Industrial Properties, Inc

1,587

InvenTrust Properties Corp

13,369

Invitation Homes, Inc

6,094

Iron Mountain, Inc

505

577

(b) JBG SMITH Properties

2,453

(b) Kilroy Realty Corp

14,600

Kimco Realty Corp

4,843

Kite Realty Group Trust

1,944

Lamar Advertising Co

872

(b) Lineage, Inc

838

LTC Properties, Inc

946

LXP Industrial Trust

6,081

Macerich Co

1,163

Mack-Cali Realty Corp

9,859

(b) Medical Properties Trust, Inc

2,561

Mid-America Apartment Communities, Inc

2,789

Millrose Properties, Inc

614

National Health Investors, Inc

3,425

National Retail Properties, Inc

660

National Storage Affiliates Trust

(a) NET Lease Office Properties

1,788

NETSTREIT Corp

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

662

NexPoint Residential Trust, Inc

$

6,270

Omega Healthcare Investors, Inc

574

One Liberty Properties, Inc

2,956

Outfront Media, Inc

2,943

(b) Park Hotels & Resorts, Inc

738

Peakstone Realty Trust

1,145

Pebblebrook Hotel Trust

2,989

Phillips Edison & Co, Inc

3,343

Piedmont Office Realty Trust, Inc

628

Plymouth Industrial REIT, Inc

1,168

Postal Realty Trust, Inc

1,831

PotlatchDeltic Corp

19,384

Prologis, Inc

2,475

3,451

Public Storage, Inc

896

1,612

Rayonier, Inc

19,317

Realty Income Corp

1,089

3,947

Regency Centers Corp

5,133

Rexford Industrial Realty, Inc

2,146

RLJ Lodging Trust

741

Ryman Hospitality Properties, Inc

4,837

Sabra Health Care REIT, Inc

830

Safehold, Inc

(a) Saul Centers, Inc

2,138

SBA Communications Corp

742

Service Properties Trust

1,197

Sila Realty Trust, Inc

6,717

Simon Property Group, Inc

1,243

1,512

SITE Centers Corp

1,278

SL Green Realty Corp

612

(b) Smartstop Self Storage REIT, Inc

3,739

STAG Industrial, Inc

3,928

Summit Hotel Properties, Inc

2,762

Sun Communities, Inc

Sunstone Hotel Investors, Inc

2,417

Tanger Factory Outlet Centers, Inc

2,271

Terreno Realty Corp

7,218

UDR, Inc

994

UMH Properties, Inc

Universal Health Realty Income Trust

2,004

Urban Edge Properties

9,540

Ventas, Inc

738

21,208

(d) VICI Properties, Inc

596

3,875

Vornado Realty Trust

794

Washington REIT

14,300

(d) Welltower, Inc

2,654

16,339

Weyerhaeuser Co

1,293

(a) Whitestone REIT

4,363

WP Carey, Inc

994

Xenia Hotels & Resorts, Inc

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

28,079

FINANCIAL SERVICES - 7.8%

4,468

(a) Acacia Research (Acacia Technologies)

545

Affiliated Managers Group, Inc

5,810

(a) Affirm Holdings, Inc

21,927

(b) AGNC Investment Corp

Alerus Financial Corp

6,029

Ally Financial, Inc

11,106

American Express Co

4,109

1,860

Ameriprise Financial, Inc

912

14,091

Annaly Capital Management, Inc

3,041

Apollo Commercial Real Estate Finance, Inc

8,540

Apollo Global Management, Inc

1,236

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

3,729

(b) Arbor Realty Trust, Inc

$

1,014

(b) Ares Commercial Real Estate Corp

4,114

Ares Management Corp

665

1,757

(a),(b)

ARMOUR Residential REIT, Inc

1,589

Artisan Partners Asset Management, Inc

(a) Atlanticus Holdings Corp

(a),(b)

Bakkt Holdings, Inc

620

Banco Latinoamericano de Exportaciones S.A. (Class E)

14,106

Bank of New York Mellon Corp

1,638

38,074

(a) Berkshire Hathaway, Inc

19,138

5,899

BGC Group, Inc

3,153

BlackRock, Inc

3,375

3,518

Blackstone Mortgage Trust, Inc

15,287

Blackstone, Inc

2,356

11,517

(a) Block, Inc

750

13,329

Blue Owl Capital, Inc

1,184

Bread Financial Holdings, Inc

Brightsphere Investment Group, Inc

3,033

BrightSpire Capital, Inc

7,846

(b) Brookfield Asset Management Ltd

643

(a),(b)

Bullish

4,774

Burford Capital Ltd

1,278

Cannae Holdings, Inc

1,535

(a) Cantaloupe, Inc

12,936

Capital One Financial Corp

3,135

5,682

Carlyle Group, Inc

576

Cass Information Systems, Inc

2,088

Cboe Global Markets, Inc

524

35,380

Charles Schwab Corp

3,535

Chicago Atlantic Real Estate Finance, Inc

1,947

Chimera Investment Corp

2,359

(a) Claros Mortgage Trust, Inc

7,374

CME Group, Inc

2,014

602

Cohen & Steers, Inc

4,636

(a) Coinbase Global, Inc

1,048

1,463

Compass Diversified Trust

5,247

Corebridge Financial, Inc

1,399

(a) Corpay, Inc

(a) Credit Acceptance Corp

(a) Dave, Inc

Diamond Hill Investment Group, Inc

3,807

DigitalBridge Group, Inc

(a) Donnelley Financial Solutions, Inc

2,280

(a),(b)

Dynex Capital, Inc

1,030

(b) Ellington Financial, Inc

Enact Holdings, Inc

553

(a) Encore Capital Group, Inc

613

(a) Enova International, Inc

6,115

Equitable Holdings, Inc

1,862

Essent Group Ltd

1,004

(a) Euronet Worldwide, Inc

809

Evercore Partners, Inc (Class A)

1,831

EVERTEC, Inc

830

Factset Research Systems, Inc

Federal Agricultural Mortgage Corp

10,914

Fidelity National Information Services, Inc

725

634

(a) Figure Technology Solutions, Inc

848

FirstCash Holdings, Inc

11,475

(a) Fiserv, Inc

771

2,549

(a) Flywire Corp

(a) Forge Global Holdings, Inc

621

Franklin BSP Realty Trust, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

6,849

Franklin Resources, Inc

$

(a) Freedom Holding Corp

559

GCM Grosvenor, Inc

5,035

Global Payments, Inc

6,118

Goldman Sachs Group, Inc

5,378

1,775

(a) Green Dot Corp

904

Hamilton Lane, Inc

2,171

Hannon Armstrong Sustainable Infrastructure Capital, Inc

1,184

Houlihan Lokey, Inc

9,264

Interactive Brokers Group, Inc (Class A)

596

11,810

Intercontinental Exchange, Inc

1,913

677

(a) International Money Express, Inc

7,952

Invesco Ltd

645

Invesco Mortgage Capital, Inc

1,648

Jack Henry & Associates, Inc

1,213

Jackson Financial, Inc

2,743

Janus Henderson Group plc

3,358

Jefferies Financial Group, Inc

1,077

Jefferson Capital, Inc

14,198

KKR & Co, Inc

1,810

933

KKR Real Estate Finance Trust, Inc

2,645

Ladder Capital Corp

2,463

Lazard, Inc

2,865

(a) LendingClub Corp

(a) LendingTree, Inc

1,630

LPL Financial Holdings, Inc

582

688

Marex Group plc

603

MarketAxess Holdings, Inc

8,366

(a) Marqeta, Inc

16,613

Mastercard, Inc (Class A)

9,484

Merchants Bancorp

2,348

MFA Financial, Inc

3,981

MGIC Investment Corp

520

(a) Miami International Holdings, Inc

1,603

Moelis & Co

3,213

Moody's Corp

1,641

23,819

Morgan Stanley

4,229

514

Morningstar, Inc

1,509

MSCI, Inc (Class A)

866

9,333

Nasdaq Stock Market, Inc

907

609

Navient Corp

1,078

(a) NCR Corp ATM

Nelnet, Inc (Class A)

619

(a) NerdWallet, Inc

2,274

(b) New York Mortgage Trust, Inc

(b) Nexpoint Real Estate Finance, Inc

1,313

(a) NMI Holdings, Inc

4,112

Northern Trust Corp

562

(a) Ocwen Financial Corp

2,602

OneMain Holdings, Inc

3,011

(a) Open Lending Corp

651

(b) Orchid Island Capital, Inc

1,141

P10, Inc

3,836

(a) Pagseguro Digital Ltd

1,422

Patria Investments Ltd

5,249

(a) Payoneer Global, Inc

19,497

PayPal Holdings, Inc

1,138

1,007

(a),(b)

Paysafe Ltd

750

PennyMac Financial Services, Inc

2,070

PennyMac Mortgage Investment Trust

745

Perella Weinberg Partners

Piper Jaffray Cos

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

FINANCIAL SERVICES

(continued)

PJT Partners, Inc

$

684

(a) PRA Group, Inc

750

PROG Holdings, Inc

2,308

Radian Group, Inc

3,555

Raymond James Financial, Inc

571

3,562

(b) Ready Capital Corp

2,761

Redwood Trust, Inc

Regional Management Corp

3,564

(a) Remitly Global, Inc

2,014

(a) Repay Holdings Corp

8,392

Rithm Capital Corp

15,609

(a) Robinhood Markets, Inc

1,765

20,026

Rocket Cos, Inc

6,250

S&P Global, Inc

3,266

2,204

(a) Security National Financial Corp

1,677

SEI Investments Co

(a),(b)

Sezzle, Inc

1,450

(a),(b)

Shift4 Payments, Inc

Silvercrest Asset Management Group, Inc

4,674

SLM Corp

24,786

(a) SoFi Technologies, Inc

649

6,937

Starwood Property Trust, Inc

5,784

State Street Corp

746

1,257

StepStone Group, Inc

2,184

Stifel Financial Corp

6,153

(a) StoneCo Ltd

944

(a) StoneX Group, Inc

(b) SWK Holdings Corp

7,243

Synchrony Financial

604

4,565

T Rowe Price Group, Inc

9,750

(a) Toast, Inc

1,884

TPG RE Finance Trust, Inc

2,829

TPG, Inc

2,601

Tradeweb Markets, Inc

2,103

Two Harbors Investment Corp

1,821

(a),(b)

Upstart Holdings, Inc

2,181

UWM Holdings Corp

705

(a) Velocity Financial, Inc

711

Victory Capital Holdings, Inc

1,980

Virtu Financial, Inc

(a) Virtus Investment Partners, Inc

34,784

Visa, Inc (Class A)

12,199

2,158

Voya Financial, Inc

771

Walker & Dunlop, Inc

1,032

(a) Waterstone Financial, Inc

5,640

(a),(b)

Webull Corp

5,981

(b) Western Union Co

743

(a) WEX, Inc

2,601

(b) WisdomTree, Inc

(a) World Acceptance Corp

8,308

XP, Inc

TOTAL FINANCIAL SERVICES

107,683

FOOD, BEVERAGE & TOBACCO - 1.9%

(a) Alico, Inc

34,618

Altria Group, Inc

1,996

10,444

Archer-Daniels-Midland Co

600

1,674

B&G Foods, Inc (Class A)

(a) Boston Beer Co, Inc (Class A)

953

Brown-Forman Corp (Class A)

3,244

(b) Brown-Forman Corp (Class B)

2,904

Bunge Global S.A.

583

(a) Calavo Growers, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

FOOD, BEVERAGE & TOBACCO

(continued)

993

Cal-Maine Foods, Inc

$

4,714

Campbell Soup Co

3,595

(a) Celsius Holdings, Inc

79,812

Coca-Cola Co

5,580

1,095

Coca-Cola Consolidated Inc

8,720

ConAgra Brands, Inc

3,165

Constellation Brands, Inc (Class A)

3,422

(a) Darling International, Inc

614

Dole plc

Flowers Foods, Inc

1,252

(a),(b)

Forafric Global plc

709

Fresh Del Monte Produce, Inc

1,117

(a) Freshpet, Inc

11,122

General Mills, Inc

517

2,641

(a) Hain Celestial Group, Inc

3,186

Hershey Co

580

5,709

Hormel Foods Corp

1,157

Ingredion, Inc

J&J Snack Foods Corp

2,234

J.M. Smucker Co

John B Sanfilippo & Son, Inc

28,186

Keurig Dr Pepper, Inc

789

16,984

Kraft Heinz Co

2,865

Lamb Weston Holdings, Inc

Lancaster Colony Corp

5,532

McCormick & Co, Inc

MGP Ingredients, Inc

684

(a) Mission Produce, Inc

3,225

Molson Coors Brewing Co (Class B)

26,980

Mondelez International, Inc

1,452

14,446

(a) Monster Beverage Corp

1,108

607

(a) National Beverage Corp

28,419

PepsiCo, Inc

4,079

32,405

Philip Morris International, Inc

5,198

599

Pilgrim's Pride Corp

744

(a) Post Holdings, Inc

5,610

Primo Brands Corp

Seaboard Corp

(a) Seneca Foods Corp

2,221

(a) Simply Good Foods Co

539

Smithfield Foods, Inc

2,448

(a) SunOpta, Inc

(b) Tootsie Roll Industries, Inc

501

(a) TreeHouse Foods, Inc

Turning Point Brands, Inc

4,856

Tyson Foods, Inc (Class A)

612

(a) Universal Corp

1,426

Utz Brands, Inc

630

(a) Vita Coco Co, Inc

689

(a),(b)

Vital Farms, Inc

TOTAL FOOD, BEVERAGE & TOBACCO

26,154

HEALTH CARE EQUIPMENT & SERVICES - 3.7%

35,835

Abbott Laboratories

4,490

1,988

(a),(b)

Acadia Healthcare Co, Inc

2,296

(a) AdaptHealth Corp

(a) Addus HomeCare Corp

7,389

(a) agilon health, Inc

1,498

(a) Align Technology, Inc

2,083

(a) Alignment Healthcare, Inc

2,458

(a) Alphatec Holdings, Inc

3,748

AmerisourceBergen Corp

1,266

986

(a) AMN Healthcare Services, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

1,310

(a) Angiodynamics, Inc

$

1,046

(a) Apollo Medical Holdings, Inc

1,229

(a) AtriCure, Inc

1,650

(a) Avanos Medical, Inc

1,345

(a) Aveanna Healthcare Holdings, Inc

1,009

(a) Axogen, Inc

9,523

Baxter International, Inc

6,067

Becton Dickinson & Co

1,177

887

(a) Beta Bionics, Inc

1,241

(a) Blade Air Mobility, Inc

30,444

(a) Boston Scientific Corp

2,903

2,442

(a) BrightSpring Health Services, Inc

6,211

(a) Brookdale Senior Living, Inc

4,850

Cardinal Health, Inc

997

627

(a) Castle Biosciences, Inc

9,546

(a) Centene Corp

521

(a) Ceribell, Inc

3,092

(a) Certara, Inc

4,212

(a) Cerus Corp

Chemed Corp

5,558

Cigna Group

1,530

(a),(b)

Claritev Corp

8,725

(a) Clover Health Investments Corp

545

Concentra Group Holdings Parent, Inc

671

Conmed Corp

4,527

(a) Cooper Cos, Inc

567

(a) Corvel Corp

1,273

(a) Cross Country Healthcare, Inc

1,250

(a) CryoLife, Inc

25,965

CVS Health Corp

2,061

500

(a) DaVita, Inc

792

(a) Definitive Healthcare Corp

2,281

Dentsply Sirona, Inc

8,418

(a) DexCom, Inc

559

2,001

(a) DocGo, Inc

2,649

(a) Doximity, Inc

11,657

(a) Edwards Lifesciences Corp

994

4,632

Elevance Health, Inc

1,624

Embecta Corp

2,177

Encompass Health Corp

1,534

(a) Enhabit, Inc

1,154

(a) Enovis Corp

1,277

Ensign Group, Inc

3,894

(a) Envista Holdings Corp

2,165

(a) Evolent Health, Inc

604

(a) Fulgent Genetics, Inc

9,616

GE HealthCare Technologies, Inc

789

(a) GeneDx Holdings Corp

1,276

(a) Glaukos Corp

2,572

(a) Globus Medical, Inc

2,246

(a) Guardant Health, Inc

967

(a) Haemonetics Corp

3,402

HCA, Inc

1,588

1,262

(a) Health Catalyst, Inc

1,571

(a) HealthEquity, Inc

HealthStream, Inc

0^

2,395

(a) Henry Schein, Inc

3,852

(a),(b)

Hims & Hers Health, Inc

4,417

(a) Hologic, Inc

2,638

Humana, Inc

676

588

(a) ICU Medical, Inc

1,672

(a) IDEXX Laboratories, Inc

1,131

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

(a) Innovage Holding Corp

$

672

(a) Inogen, Inc

734

(a) Inspire Medical Systems, Inc

1,449

(a) Insulet Corp

638

(a) Integer Holdings Corp

(a) Integra LifeSciences Holdings Corp

7,295

(a) Intuitive Surgical, Inc

4,132

iRadimed Corp

689

(a) iRhythm Technologies, Inc

(a),(b)

Joint Corp

1,729

Labcorp Holdings, Inc

1,538

(a) Lantheus Holdings, Inc

562

LeMaitre Vascular, Inc

796

(a),(b)

LifeMD, Inc

1,759

(a) LifeStance Health Group, Inc

874

(a) LivaNova plc

951

(a) Masimo Corp

2,576

McKesson Corp

2,113

26,461

Medtronic plc

2,542

1,360

(a) Merit Medical Systems, Inc

1,041

(a) Molina Healthcare, Inc

1,138

(a) Nano-X Imaging Ltd

National Healthcare Corp

National Research Corp

5,732

(a) Neogen Corp

3,250

(a) NeoGenomics, Inc

2,637

(a) Novocure Ltd

1,291

(a) Omnicell, Inc

13,300

(a) Opko Health, Inc

578

(a) OptimizeRx Corp

3,932

(a) Option Care Health, Inc

2,181

(a) OraSure Technologies, Inc

945

(a) Orthofix Medical, Inc

(a) OrthoPediatrics Corp

2,217

(a) Owens & Minor, Inc

593

(a) PACS Group, Inc

1,877

(a) Pediatrix Medical Group, Inc

942

(a) Pennant Group, Inc

780

(a) Penumbra, Inc

1,246

(a) Phreesia, Inc

2,886

(a) Privia Health Group, Inc

1,135

(a) PROCEPT BioRobotics Corp

1,851

(a) Progyny, Inc

711

(a) Pulmonx Corp

(a) Pulse Biosciences, Inc

2,436

Quest Diagnostics, Inc

1,394

(a) QuidelOrtho Corp

1,510

(a) RadNet, Inc

2,918

Resmed, Inc

703

558

(a) RxSight, Inc

(a) Sanara Medtech, Inc

1,342

(a) Schrodinger, Inc

1,967

Select Medical Holdings Corp

815

(a) SI-BONE, Inc

Simulations Plus, Inc

3,032

(a) Solventum Corp

1,339

(a) STAAR Surgical Co

2,013

STERIS plc

510

7,095

Stryker Corp

2,494

1,791

(a) Surgery Partners, Inc

(a) Tactile Systems Technology, Inc

1,480

(a) Tandem Diabetes Care, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

HEALTH CARE EQUIPMENT & SERVICES

(continued)

4,752

(a) Teladoc Health, Inc

$

1,106

Teleflex, Inc

1,841

(a) Tenet Healthcare Corp

719

(a) TransMedics Group, Inc

803

(a),(b)

Treace Medical Concepts, Inc

(a) UFP Technologies, Inc

18,926

UnitedHealth Group, Inc

6,248

1,085

Universal Health Services, Inc (Class B)

US Physical Therapy, Inc

Utah Medical Products, Inc

1,492

(a) Varex Imaging Corp

2,980

(a) Veeva Systems, Inc

665

1,971

(a) Waystar Holding Corp

4,327

Zimmer Biomet Holdings, Inc

TOTAL HEALTH CARE EQUIPMENT & SERVICES

50,774

HOUSEHOLD & PERSONAL PRODUCTS - 0.8%

2,778

(a) BellRing Brands, Inc

(a),(b)

Central Garden & Pet Co

1,114

(a) Central Garden and Pet Co (Class A)

5,244

Church & Dwight Co, Inc

2,693

(a) Clorox Co

16,354

Colgate-Palmolive Co

1,292

9,161

(a) Coty, Inc

1,010

Edgewell Personal Care Co

1,083

(a) elf Beauty, Inc

952

Energizer Holdings, Inc

5,074

Estee Lauder Cos (Class A)

531

622

(a) Herbalife Ltd

2,283

(a),(b)

Honest Co, Inc

Inter Parfums, Inc

41,521

Kenvue, Inc

716

6,579

Kimberly-Clark Corp

664

(a),(b)

Medifast, Inc

537

(a) Nature's Sunshine Products, Inc

Nu Skin Enterprises, Inc (Class A)

(a) Oil-Dri Corp of America

3,350

(a),(b)

Olaplex Holdings, Inc

48,382

Procter & Gamble Co

6,934

1,260

Reynolds Consumer Products, Inc

637

Spectrum Brands Holdings, Inc

(a) USANA Health Sciences, Inc

WD-40 Co

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

11,322

INSURANCE - 1.9%

10,644

Aflac, Inc

1,174

5,419

Allstate Corp

1,128

1,747

(a) AMBAC Financial Group, Inc

1,418

American Financial Group, Inc

1,028

(a) American Integrity Insurance Group, Inc

11,581

American International Group, Inc

991

Amerisafe, Inc

4,470

Aon plc

1,577

7,128

(a) Arch Capital Group Ltd

684

(a),(b)

Aspen Insurance Holdings Ltd

1,129

Assurant, Inc

735

Assured Guaranty Ltd

1,520

Axis Capital Holdings Ltd

628

(a) Bowhead Specialty Holdings, Inc

1,131

(a) Brighthouse Financial, Inc

5,977

Brown & Brown, Inc

1,510

(a),(b)

BRP Group, Inc

7,521

Chubb Ltd

2,347

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

INSURANCE

(continued)

3,366

Cincinnati Financial Corp

$

550

2,521

(a),(b)

Citizens, Inc (Class A)

CNA Financial Corp

1,376

CNO Financial Group, Inc

(a) Donegal Group, Inc (Class A)

Employers Holdings, Inc

798

Everest Re Group Ltd

814

(e) F&G Annuities & Life, Inc

1,154

Fidelis Insurance Holdings Ltd

5,313

Fidelity National Financial, Inc

1,939

First American Financial Corp

5,297

Gallagher (Arthur J.) & Co

1,371

9,101

(a) Genworth Financial, Inc (Class A)

1,548

Globe Life, Inc

1,239

(a),(b)

GoHealth, Inc

512

Goosehead Insurance, Inc

621

(a) Greenlight Capital Re Ltd (Class A)

875

(a) Hamilton Insurance Group Ltd

684

Hanover Insurance Group, Inc

5,749

Hartford Financial Services Group, Inc

792

HCI Group, Inc

(a) Heritage Insurance Holdings, Inc

(a) Hippo Holdings, Inc

624

Horace Mann Educators Corp

Investors Title Co

865

James River Group Holdings Ltd

1,335

Kemper Corp

(a) Kingsway Financial Services, Inc

Kinsale Capital Group, Inc

1,146

(a) Lemonade, Inc

2,535

Lincoln National Corp

3,343

Loews Corp

(a) Markel Corp

585

10,275

Marsh & McLennan Cos, Inc

1,906

2,049

(a) MBIA, Inc

754

Mercury General Corp

10,571

Metlife, Inc

834

(a) NI Holdings, Inc

4,224

Old Republic International Corp

3,765

(a) Oscar Health, Inc

682

(a) Palomar Holdings, Inc

720

Primerica, Inc

4,852

Principal Financial Group

(a) ProAssurance Corp

12,227

Progressive Corp

2,784

7,293

Prudential Financial, Inc

823

1,295

Reinsurance Group of America, Inc (Class A)

799

RenaissanceRe Holdings Ltd

RLI Corp

(a) Root, Inc

2,077

Ryan Specialty Holdings, Inc

Safety Insurance Group, Inc

1,288

Selective Insurance Group, Inc

3,622

(a) Selectquote, Inc

2,217

(a) SiriusPoint Ltd

648

(a) Skyward Specialty Insurance Group, Inc

784

(a) Slide Insurance Holdings, Inc

601

Stewart Information Services Corp

1,255

Tiptree, Inc

4,504

Travelers Cos, Inc

1,306

802

(a) Trupanion, Inc

844

United Fire Group, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

INSURANCE

(continued)

551

Universal Insurance Holdings, Inc

$

3,824

Unum Group

6,080

W.R. Berkley Corp

White Mountains Insurance Group Ltd

1,982

Willis Towers Watson plc

651

TOTAL INSURANCE

25,966

MATERIALS - 2.2%

889

AdvanSix, Inc

4,515

Air Products & Chemicals, Inc

1,115

2,404

Albemarle Corp

5,646

Alcoa Corp

(a) Alpha Metallurgical Resources, Inc

43,934

Amcor plc

1,143

(a),(b)

American Vanguard Corp

11,005

AngloGold Ashanti PLC

939

1,387

Aptargroup, Inc

4,201

Ardagh Metal Packaging S.A.

1,022

Ashland, Inc

1,604

(a),(b)

ASP Isotopes, Inc

1,916

(a) Aspen Aerogels, Inc

1,700

Avery Dennison Corp

2,152

Avient Corp

4,706

(a) Axalta Coating Systems Ltd

794

Balchem Corp

5,250

Ball Corp

901

Cabot Corp

1,082

Caledonia Mining Corp plc

1,600

Celanese Corp (Series A)

1,274

(a) Century Aluminum Co

3,621

CF Industries Holdings, Inc

3,126

Chemours Co

623

(a) Clearwater Paper Corp

9,729

(a) Cleveland-Cliffs, Inc

13,786

(a) Coeur Mining, Inc

2,747

Commercial Metals Co

1,021

(a) Compass Minerals International, Inc

2,037

(a) Constellium SE

(a),(b)

Contango ORE, Inc

13,912

Corteva, Inc

933

14,055

CRH plc

1,754

1,287

(a),(b)

Critical Metals Corp

2,190

Crown Holdings, Inc

14,842

Dow, Inc

8,869

DuPont de Nemours, Inc

734

Eagle Materials, Inc

2,505

Eastman Chemical Co

5,152

Ecolab, Inc

1,353

890

(a) Ecovyst, Inc

4,374

Element Solutions, Inc

2,829

FMC Corp

29,673

Freeport-McMoRan, Inc (Class B)

1,507

4,701

Graphic Packaging Holding Co

563

Greif, Inc (Class A)

Greif, Inc (Class B)

1,239

H.B. Fuller Co

Hawkins, Inc

12,993

Hecla Mining Co

3,500

Huntsman Corp

915

(a) Ingevity Corp

586

Innospec, Inc

4,952

International Flavors & Fragrances, Inc

11,453

International Paper Co

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

(a) Intrepid Potash, Inc

$

1,480

(a) Ivanhoe Electric, Inc

3,081

(a) James Hardie Industries plc

Kaiser Aluminum Corp

1,339

(a) Knife River Corp

850

Koppers Holdings, Inc

893

Kronos Worldwide, Inc

9,707

Linde plc

4,139

1,438

Louisiana-Pacific Corp

952

(a) LSB Industries, Inc

5,091

LyondellBasell Industries NV

1,264

Martin Marietta Materials, Inc

787

Materion Corp

689

Minerals Technologies, Inc

6,770

(a) Mosaic Co

2,470

(a) MP Materials Corp

871

Myers Industries, Inc

NewMarket Corp

23,037

Newmont Goldcorp Corp

2,300

5,415

(a) Novagold Resources, Inc

4,708

Nucor Corp

768

3,476

(a) O-I Glass, Inc

2,933

Olin Corp

Olympic Steel, Inc

2,087

Orion S.A.

1,600

Packaging Corp of America

2,133

(a) Perimeter Solutions, Inc

995

(a),(b)

Perpetua Resources Corp

5,060

PPG Industries, Inc

518

2,935

(a),(b)

PureCycle Technologies, Inc

Quaker Chemical Corp

646

(a),(b)

Ramaco Resources, Inc

821

(a) Ranpak Holdings Corp

1,744

(a) Rayonier Advanced Materials, Inc

1,067

Reliance Steel & Aluminum Co

1,729

Royal Gold, Inc

2,679

RPM International, Inc

592

Ryerson Holding Corp

1,637

Schweitzer-Mauduit International, Inc

1,293

Scotts Miracle-Gro Co (Class A)

2,764

Sealed Air Corp

1,015

Sensient Technologies Corp

4,855

Sherwin-Williams Co

1,573

1,920

Silgan Holdings, Inc

10,546

Smurfit WestRock plc

3,348

(a) Solstice Advanced Materials, Inc

1,272

Sonoco Products Co

1,569

Southern Copper Corp

3,190

(a) SSR Mining, Inc

2,620

Steel Dynamics, Inc

Stepan Co

2,524

SunCoke Energy, Inc

(a) Sylvamo Corp

1,535

(a) TimkenSteel Corp

1,164

(a) Tredegar Corp

Trimas Corp

2,830

Tronox Holdings plc

United States Lime & Minerals, Inc

2,431

(a),(b)

US Antimony Corp

1,909

(a),(b)

USA Rare Earth, Inc

2,651

Vulcan Materials Co

756

1,235

Warrior Met Coal, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

MATERIALS

(continued)

532

Westlake Chemical Corp

$

858

Worthington Steel, Inc

TOTAL MATERIALS

29,541

MEDIA & ENTERTAINMENT - 9.2%

1,783

(a),(b)

Advantage Solutions, Inc

97,956

Alphabet, Inc

30,739

120,319

Alphabet, Inc (Class A)

37,660

5,652

(a) Altice USA, Inc

6,627

(a) AMC Entertainment Holdings, Inc

921

(a) AMC Networks, Inc

1,202

(a) Angi, Inc

(a),(b)

Atlanta Braves Holdings, Inc

665

(a) Atlanta Braves Holdings, Inc

(a) Boston Omaha Corp

2,348

(a) Bumble, Inc

Cable One, Inc

1,394

(a) Cargurus, Inc

2,223

(a) Cars.com, Inc

1,677

(a) Charter Communications, Inc

2,354

Cinemark Holdings, Inc

75,234

Comcast Corp (Class A)

2,249

(a),(b)

Daily Journal Corp

3,008

(a) DoubleVerify Holdings, Inc

2,933

(a) EchoStar Corp (Class A)

5,086

Electronic Arts, Inc

1,039

2,637

(b) Entravision Communications Corp (Class A)

2,165

(a) Eventbrite, Inc

(a) EverQuote, Inc

4,226

Fox Corp (Class A)

2,915

Fox Corp (Class B)

7,295

(a),(b)

fuboTV, Inc

4,050

(a),(b)

Gannett Co, Inc

2,117

Gray Television, Inc

828

(a) Grindr, Inc

1,501

(a) IAC, Inc

(a),(b)

Ibotta, Inc

936

(a) IMAX Corp

599

John Wiley & Sons, Inc (Class A)

2,066

(a) Liberty Broadband Corp

(a) Liberty Broadband Corp (Class A)

1,004

(a) Liberty Live Holdings, Inc

(a) Liberty Live Holdings, Inc

(a) Liberty Media Corp-Liberty Formula One (Class A)

4,440

(a) Liberty Media Corp-Liberty Formula One (Class C)

4,146

(a) Lionsgate Studios Corp

3,273

(a) Live Nation, Inc

832

(a) Madison Square Garden Entertainment Corp

(a) Madison Square Garden Sports Corp

3,683

(a) Magnite, Inc

736

Marcus Corp

5,361

Match Group, Inc

(a) MediaAlpha, Inc

45,195

Meta Platforms, Inc

29,833

2,069

(b) National CineMedia, Inc

87,832

(a) Netflix, Inc

8,235

3,543

New York Times Co (Class A)

7,913

News Corp (Class A)

1,917

News Corp (Class B)

616

Nexstar Media Group, Inc

3,861

(a) Nextdoor Holdings, Inc

1,212

(a) NIQ Global Intelligence PLC

6,649

Omnicom Group, Inc

537

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

MEDIA & ENTERTAINMENT

(continued)

11,599

(a) Pinterest, Inc

$

2,020

(a) Playstudios, Inc

2,676

Playtika Holding Corp

1,094

(a) PubMatic, Inc

1,192

(a) QuinStreet, Inc

2,436

(a) Reddit, Inc

560

12,989

(a) ROBLOX Corp

1,053

2,816

(a) Roku, Inc

1,703

(a),(b)

Rumble, Inc

1,096

(a) Scholastic Corp

719

Shutterstock, Inc

Sinclair, Inc

4,151

Sirius XM Holdings, Inc

832

(a),(b)

Sphere Entertainment Co

3,198

(a) Spotify Technology S.A.

1,857

1,585

(a) Stagwell, Inc

(a) Starz Entertainment Corp

3,737

(a) Take-Two Interactive Software, Inc

957

708

(a) TechTarget, Inc

1,774

TEGNA, Inc

612

(a) Thryv Holdings, Inc

1,503

TKO Group Holdings, Inc

2,932

(a) TripAdvisor, Inc

2,406

(a) TrueCar, Inc

3,797

(a) Trump Media & Technology Group Corp

37,430

Walt Disney Co

4,258

48,297

(a) Warner Bros Discovery, Inc

1,392

1,062

(a) Yelp, Inc

1,245

(a) Ziff Davis, Inc

1,977

(a) ZipRecruiter, Inc

7,616

(a) ZoomInfo Technologies, Inc

TOTAL MEDIA & ENTERTAINMENT

125,824

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%

2,501

(a) 10X Genomics, Inc

524

(a) 4D Molecular Therapeutics, Inc

36,836

AbbVie, Inc

8,417

2,591

(a) Acadia Pharmaceuticals, Inc

3,224

(a) Adaptive Biotechnologies Corp

988

(a) ADC Therapeutics S.A.

4,828

(a) ADMA Biologics, Inc

5,896

Agilent Technologies, Inc

802

1,033

(a) Agios Pharmaceuticals, Inc

5,405

(a) Akebia Therapeutics, Inc

1,235

(a) Aldeyra Therapeutics, Inc

1,504

(a) Alector, Inc

3,121

(a) Alkermes plc

2,417

(a),(b)

Allogene Therapeutics, Inc

2,661

(a) Alnylam Pharmaceuticals, Inc

1,058

1,340

(a),(b)

Altimmune, Inc

11,256

Amgen, Inc

3,684

8,241

(a) Amicus Therapeutics, Inc

2,888

(a) Amneal Pharmaceuticals, Inc

766

(a) Amphastar Pharmaceuticals, Inc

1,192

(a) Amylyx Pharmaceuticals, Inc

679

(a) AnaptysBio, Inc

1,840

(a),(b)

Anavex Life Sciences Corp

(a) ANI Pharmaceuticals, Inc

566

(a) Anika Therapeutics, Inc

612

(a) Annexon, Inc

2,514

(a) Apellis Pharmaceuticals, Inc

(a) Apogee Therapeutics, Inc

2,291

(a) Arbutus Biopharma Corp

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

798

(a) Arcellx, Inc

$

625

(a),(b)

Arcturus Therapeutics Holdings, Inc

1,321

(a) Arcus Biosciences, Inc

2,006

(a) Arcutis Biotherapeutics, Inc

5,648

(a) Ardelyx, Inc

873

(a),(b)

ArriVent Biopharma, Inc

2,750

(a) Arrowhead Pharmaceuticals, Inc

998

(a),(b)

ARS Pharmaceuticals, Inc

1,292

(a) Arvinas, Inc

2,552

(a) Astria Therapeutics, Inc

1,878

(a),(b)

Atea Pharmaceuticals, Inc

1,910

(a),(b)

aTyr Pharma, Inc

(a) Aura Biosciences, Inc

3,648

(a) Aurinia Pharmaceuticals, Inc

2,201

(a) Avadel Pharmaceuticals plc

14,435

(a) Avantor, Inc

1,831

(a) Avidity Biosciences, Inc

854

(a) Axsome Therapeutics, Inc

1,758

(a) Beam Therapeutics, Inc

5,428

(a) BioCryst Pharmaceuticals, Inc

3,207

(a) Biogen, Inc

564

1,812

(a) Biohaven Ltd

681

(a) BioLife Solutions, Inc

4,154

(a) BioMarin Pharmaceutical, Inc

(a) Bio-Rad Laboratories, Inc (Class A)

3,426

Bio-Techne Corp

3,248

(a) Bridgebio Pharma, Inc

42,286

Bristol-Myers Squibb Co

2,281

894

(a) Brooks Automation, Inc

2,425

Bruker BioSciences Corp

886

(a) Capricor Therapeutics, Inc

1,462

(a) CareDx, Inc

2,496

(a) Catalyst Pharmaceuticals, Inc

662

(a) Celcuity, Inc

1,296

(a) Celldex Therapeutics, Inc

1,397

(a) CG oncology, Inc

1,066

(a) Charles River Laboratories International, Inc

1,163

(a),(c)

Chinook Therapeutics, Inc

0^

1,128

(a) ChromaDex Corp

(a) Cidara Therapeutics, Inc

1,647

(a) Codexis, Inc

2,721

(a) Cogent Biosciences, Inc

877

(a) Collegium Pharmaceutical, Inc

2,680

(a) Compass Therapeutics, Inc

2,053

(a) Corcept Therapeutics, Inc

1,679

(a),(b)

CorMedix, Inc

1,406

(a) Crinetics Pharmaceuticals, Inc

1,789

(a) CRISPR Therapeutics AG.

1,192

(a) CryoPort, Inc

660

(a) Cullinan Oncology, Inc

3,007

(a) Cytek Biosciences, Inc

2,661

(a) Cytokinetics, Inc

13,083

Danaher Corp

2,995

731

(a) Day One Biopharmaceuticals, Inc

2,697

(a) Denali Therapeutics, Inc

890

(a) Design Therapeutics, Inc

(a) Disc Medicine, Inc

3,515

(a) Dynavax Technologies Corp

1,929

(a) Dyne Therapeutics, Inc

1,694

(a) Edgewise Therapeutics, Inc

2,042

(a) Editas Medicine, Inc

10,064

(a) Elanco Animal Health, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

16,621

Eli Lilly & Co

$

17,862

648

(a) Enanta Pharmaceuticals, Inc

619

(a),(b)

Enliven Therapeutics, Inc

(a) Entrada Therapeutics, Inc

2,249

(a) Erasca, Inc

2,102

(a),(b)

Esperion Thereapeutics, Inc

702

(a) Evolus, Inc

4,063

(a) Exact Sciences Corp

5,109

(a) Exelixis, Inc

690

(a),(b)

EyePoint Pharmaceuticals, Inc

2,368

(a) Fate Therapeutics, Inc

1,545

(a) Fennec Pharmaceuticals, Inc

6,445

(a) Fluidigm Corp

505

(a),(b)

Foghorn Therapeutics, Inc

2,432

(a) Fortrea Holdings, Inc

12,566

(a) Geron Corp

25,796

Gilead Sciences, Inc

3,166

677

(a) GRAIL, Inc

2,474

(a) Halozyme Therapeutics, Inc

588

(a) Harmony Biosciences Holdings, Inc

690

(a),(b)

Harrow Health, Inc

1,780

(a) Ideaya Biosciences, Inc

3,457

(a) Illumina, Inc

3,364

(a),(b)

ImmunityBio, Inc

1,224

(a) Immunome, Inc

1,107

(a) Immunovant, Inc

3,604

(a) Incyte Corp

2,622

(a) Indivior plc

(a),(b)

Inhibrx Biosciences, Inc

813

(a),(c)

Inhibrx, Inc

1,343

(a) Innoviva, Inc

4,350

(a) Insmed, Inc

757

2,093

(a),(b)

Intellia Therapeutics, Inc

3,279

(a) Ionis Pharmaceuticals, Inc

7,077

(a),(b)

Iovance Biotherapeutics, Inc

3,600

(a) IQVIA Holdings, Inc

811

845

Jade Biosciences, Inc

851

(a) Janux Therapeutics, Inc

1,189

(a) Jazz Pharmaceuticals plc

49,782

Johnson & Johnson

10,302

(a),(b)

KalVista Pharmaceuticals, Inc

(a) Keros Therapeutics, Inc

988

(a) Kodiak Sciences, Inc

(a) Krystal Biotech, Inc

1,654

(a) Kura Oncology, Inc

969

(a) Kymera Therapeutics, Inc

(a),(b)

LENZ Therapeutics, Inc

(a) Ligand Pharmaceuticals, Inc (Class B)

1,283

(a) Liquidia Corp

(a) Madrigal Pharmaceuticals, Inc

569

(a) Magenta Therapeutics, Inc

7,710

(a) MannKind Corp

3,088

(a) Maravai LifeSciences Holdings, Inc

2,546

(a) MaxCyte, Inc

(a) Maze Therapeutics, Inc

543

(a) MBX Biosciences, Inc

(a) Medpace Holdings, Inc

548

(a) MeiraGTx Holdings plc

52,399

Merck & Co, Inc

5,516

Mesa Laboratories, Inc

(a) Mettler-Toledo International, Inc

594

3,231

(a) MiMedx Group, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

1,628

(a) Mind Medicine MindMed, Inc

$

(a) Mineralys Therapeutics, Inc

940

(a) Mirum Pharmaceuticals, Inc

7,760

(a) Moderna, Inc

(a),(b)

Monte Rosa Therapeutics, Inc

2,502

(a) Myriad Genetics, Inc

2,637

(a) Natera, Inc

604

1,956

(a) Neurocrine Biosciences, Inc

881

(a),(b)

Nkarta, Inc

3,954

(a),(b)

Novavax, Inc

1,379

(a) Nurix Therapeutics, Inc

786

(a) Nuvalent, Inc

4,458

(a) Nuvation Bio, Inc

2,032

(a) Ocular Therapeutix, Inc

685

(a) Olema Pharmaceuticals, Inc

(a),(b)

Omeros Corp

(a),(c)

OmniAb Operations, Inc

0^

(a),(c)

OmniAb Operations, Inc

0^

2,376

(a) OmniAb, Inc

1,103

(a) Organogenesis Holdings, Inc

5,283

Organon & Co

1,309

(a) ORIC Pharmaceuticals, Inc

672

(a),(b)

Oruka Therapeutics, Inc

1,343

(a) Pacira BioSciences, Inc

(a) Palvella Therapeutics, Inc

2,625

PerkinElmer, Inc

1,727

Perrigo Co plc

(a) Perspective Therapeutics, Inc

118,161

Pfizer, Inc

2,942

575

(a),(b)

Phathom Pharmaceuticals, Inc

720

Phibro Animal Health Corp

(a) Praxis Precision Medicines, Inc

2,435

(a),(b)

Precigen, Inc

998

(a) Prestige Consumer Healthcare, Inc.

1,074

(a) Prime Medicine, Inc

1,206

(a) Protagonist Therapeutics, Inc

1,011

(a) Prothena Corp plc

1,680

(a) PTC Therapeutics, Inc

4,657

(b) QIAGEN NV

914

(a) Quanterix Corp

2,497

(a) Quantum-Si, Inc

501

(a) Rapport Therapeutics, Inc

5,158

(a),(b)

Recursion Pharmaceuticals, Inc

2,108

Regeneron Pharmaceuticals, Inc

1,627

1,062

(a) REGENXBIO, Inc

2,088

(a) Relay Therapeutics, Inc

1,154

(a) Repligen Corp

3,678

(a) REVOLUTION Medicines, Inc

952

(a) Rhythm Pharmaceuticals, Inc

(a) Rigel Pharmaceuticals, Inc

1,412

(a) Rocket Pharmaceuticals, Inc

9,510

(a) Roivant Sciences Ltd

7,366

Royalty Pharma plc

2,386

(a),(b)

Sana Biotechnology, Inc

2,126

(a) Sarepta Therapeutics, Inc

2,292

(a) Savara, Inc

1,423

(a) Scholar Rock Holding Corp

1,913

SIGA Technologies, Inc

(a) Sionna Therapeutics, Inc

869

(a) Soleno Therapeutics, Inc

2,303

(a) Sotera Health Co

830

(a) Spyre Therapeutics, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

(continued)

519

(a) Stoke Therapeutics, Inc

$

2,552

(a),(b)

Summit Therapeutics, Inc

1,648

(a) Supernus Pharmaceuticals, Inc

1,544

(a) Syndax Pharmaceuticals, Inc

1,233

(a),(b)

Tango Therapeutics, Inc

(a) Tarsus Pharmaceuticals, Inc

1,021

(a) Taysha Gene Therapies, Inc

1,798

(a),(b)

Tempus AI, Inc

1,158

(a) Terns Pharmaceuticals, Inc

3,139

(a) TG Therapeutics, Inc

1,625

(a) Theravance Biopharma, Inc

7,848

Thermo Fisher Scientific, Inc

4,548

1,469

(a) Travere Therapeutics, Inc

1,838

(a) Trevi Therapeutics, Inc

1,447

(a) Twist Bioscience Corp

649

(a),(b)

Tyra Biosciences, Inc

1,912

(a) Ultragenyx Pharmaceutical, Inc

934

(a) United Therapeutics Corp

599

(a),(b)

Upstream Bio, Inc

525

(a) UroGen Pharma Ltd

1,691

(a) Vanda Pharmaceuticals, Inc

2,816

(a) Vaxcyte, Inc

1,060

(a) Vera Therapeutics, Inc

1,983

(a) Veracyte, Inc

1,345

(a) Vericel Corp

5,378

(a) Vertex Pharmaceuticals, Inc

2,438

21,436

Viatris, Inc

2,550

(a),(b)

Viking Therapeutics, Inc

1,798

(a) Vir Biotechnology, Inc

699

(a) Viridian Therapeutics, Inc

842

(a) Voyager Therapeutics, Inc

1,311

(a) Waters Corp

1,512

(a) WaVe Life Sciences Ltd

1,564

West Pharmaceutical Services, Inc

1,460

(a) Xencor, Inc

1,642

(a) Xenon Pharmaceuticals, Inc

3,592

(a) Xeris Biopharma Holdings, Inc

527

(a),(b)

XOMA Corp

1,687

(a),(b)

Zevra Therapeutics, Inc

9,422

Zoetis, Inc

1,185

1,416

(a) Zymeworks, Inc

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

86,732

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%

1,201

(a),(b)

American Realty Investors, Inc

3,279

(a) Anywhere Real Estate, Inc

6,057

(a) CBRE Group, Inc

974

7,243

(a) Compass, Inc

8,873

(a) CoStar Group, Inc

597

3,593

(a) Cushman & Wakefield Ltd

1,858

eXp World Holdings, Inc

(a) Forestar Group, Inc

618

(a) FRP Holdings, Inc

(a) Howard Hughes Holdings, Inc

886

(a) Jones Lang LaSalle, Inc

2,815

Kennedy-Wilson Holdings, Inc

569

Marcus & Millichap, Inc

(a) Maui Land & Pineapple Co, Inc

1,819

Newmark Group, Inc

732

(a) Re/Max Holdings, Inc

2,849

(a) Real Brokerage, Inc

RMR Group, Inc

(a),(b)

Seaport Entertainment Group, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

REAL ESTATE MANAGEMENT & DEVELOPMENT

(continued)

820

St. Joe Co

$

(a),(b)

Stratus Properties, Inc

834

(a) Tejon Ranch Co

1,079

(a) Zillow Group, Inc (Class A)

3,355

(a) Zillow Group, Inc (Class C)

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

2,609

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.5%

1,170

(a) ACM Research, Inc

33,356

(a) Advanced Micro Devices, Inc

7,144

686

(a),(b)

Aehr Test Systems

2,689

(a) Allegro MicroSystems, Inc

844

(a) Alpha & Omega Semiconductor Ltd

765

(a) Ambarella, Inc

2,094

Amkor Technology, Inc

10,276

Analog Devices, Inc

2,787

16,467

Applied Materials, Inc

4,232

2,650

(a) Astera Labs, Inc

865

(a) Axcelis Technologies, Inc

95,651

Broadcom, Inc

33,105

839

(a) Ceva, Inc

1,022

(a) Cirrus Logic, Inc

1,495

(a) Cohu, Inc

3,050

(a) Credo Technology Group Holding Ltd

993

(a) Diodes, Inc

3,032

(a) Enphase Energy, Inc

3,205

Entegris, Inc

2,041

(a) First Solar, Inc

533

1,470

(a) Formfactor, Inc

1,447

(a) GLOBALFOUNDRIES, Inc

660

(a) Ichor Holdings Ltd

551

(a) Impinj, Inc

2,443

(a),(b)

indie Semiconductor, Inc

91,385

(a) Intel Corp

3,372

2,698

KLA Corp

3,278

1,055

Kulicke & Soffa Industries, Inc

26,091

Lam Research Corp

4,466

2,808

(a) Lattice Semiconductor Corp

1,381

(a) MACOM Technology Solutions Holdings, Inc

18,061

Marvell Technology, Inc

1,535

2,280

(a) MaxLinear, Inc

10,772

Microchip Technology, Inc

686

23,147

Micron Technology, Inc

6,606

1,304

MKS Instruments, Inc

976

Monolithic Power Systems, Inc

885

2,707

(a),(b)

Navitas Semiconductor Corp

(b) NVE Corp

484,570

Nvidia Corp

90,372

8,465

(a) ON Semiconductor Corp

1,184

(a) Onto Innovation, Inc

1,181

(a) PDF Solutions, Inc

988

(a) Penguin Solutions, Inc

1,304

(a) Photronics, Inc

1,334

Power Integrations, Inc

4,434

Qnity Electronics, Inc

1,289

(a) Qorvo, Inc

22,182

QUALCOMM, Inc

3,794

2,333

(a) Rambus, Inc

6,127

(a),(b)

Rigetti Computing, Inc

1,701

(a) Semtech Corp

698

(a) Silicon Laboratories, Inc

(a) SiTime Corp

3,349

Skyworks Solutions, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

(continued)

843

(a) Synaptics, Inc

$

3,262

Teradyne, Inc

631

18,810

Texas Instruments, Inc

3,263

1,266

(a) Ultra Clean Holdings

1,018

Universal Display Corp

1,051

(a) Veeco Instruments, Inc

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

171,964

SOFTWARE & SERVICES - 11.0%

3,462

(a) 8x8, Inc

1,883

A10 Networks, Inc

13,085

Accenture plc

3,511

2,392

(a) ACI Worldwide, Inc

2,653

Adeia, Inc

8,683

(a) Adobe, Inc

3,039

(a) Agilysys, Inc

2,862

(a) Akamai Technologies, Inc

791

(a) Alarm.com Holdings, Inc

1,475

(a),(b)

Alkami Technology, Inc

1,906

Amdocs Ltd

1,464

(a) Amplitude, Inc

(a) Appfolio, Inc

1,178

(a) Appian Corp

4,527

(a) Applied Digital Corp

4,943

(a) AppLovin Corp

3,331

2,178

(a) Asana, Inc

1,075

(a) ASGN, Inc

3,407

(a) Atlassian Corp Ltd

552

20,031

(a),(b)

Aurora Innovation, Inc

4,326

(a) Autodesk, Inc

1,281

2,977

(a) AvePoint, Inc

1,608

(a) Backblaze, Inc

3,363

Bentley Systems, Inc

4,737

(a),(b)

BigBear.ai Holdings, Inc

1,735

(a) BigCommerce Holdings, Inc

1,788

(a) BILL Holdings, Inc

6,122

(a),(b)

Bit Digital, Inc

1,941

(a),(b)

Bitdeer Technologies Group

976

(a) Blackbaud, Inc

1,140

(a) BlackLine, Inc

5,255

(a) Blend Labs, Inc

3,187

(a) Box, Inc

1,650

(a) Braze, Inc

2,618

(a),(b)

C3.ai, Inc

5,624

(a) Cadence Design Systems, Inc

1,758

10,087

(a) CCC Intelligent Solutions Holdings, Inc

1,164

(a) Cerence, Inc

5,263

(a),(b)

Cipher Mining, Inc

974

(a) Circle Internet Group, Inc

4,418

(a),(b)

Cleanspark, Inc

1,700

Clear Secure, Inc

5,335

(a) Clearwater Analytics Holdings, Inc

6,369

(a) Cloudflare, Inc

1,256

9,899

Cognizant Technology Solutions Corp (Class A)

822

918

(a) Commvault Systems, Inc

6,048

(a) Confluent, Inc

(a) Consensus Cloud Solutions, Inc

5,969

(a) Core Scientific, Inc

5,109

(a) Crowdstrike Holdings, Inc

2,395

713

(a) CS Disco, Inc

6,489

(a) Datadog, Inc

882

574

(a),(b)

Digimarc Corp

2,598

(a) Digital Turbine, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

1,349

(a) DigitalOcean Holdings, Inc

$

3,873

(a) DocuSign, Inc

1,364

Dolby Laboratories, Inc (Class A)

816

(a),(b)

Domo, Inc

3,007

(a) Dropbox, Inc

6,236

(a),(b)

D-Wave Quantum, Inc

3,422

(a) DXC Technology Co

6,245

(a) Dynatrace, Inc

648

(a) eGain Corp

1,802

(a) Elastic NV

1,191

(a) EPAM Systems, Inc

918

(a),(b)

EverCommerce, Inc

(a) Fair Isaac Corp

818

3,179

(a) Fastly, Inc

2,029

(a) Five9, Inc

13,002

(a) Fortinet, Inc

1,032

4,300

(a) Freshworks, Inc

1,603

(a) Gartner, Inc

11,043

Gen Digital, Inc

2,872

(a) Gitlab, Inc

1,037

(a) Globant S.A.

2,748

(a) GoDaddy, Inc

1,385

(a) Grid Dynamics Holdings, Inc

1,788

(a) Guidewire Software, Inc

1,077

Hackett Group, Inc

516

(a) HeartFlow, Inc

1,116

(a) HubSpot, Inc

1,910

(a),(b)

Hut 8 Corp

(a),(b)

I3 Verticals, Inc

1,244

(a) Intapp, Inc

516

(b) InterDigital, Inc

19,246

International Business Machines Corp

5,701

5,638

Intuit, Inc

3,735

1,710

(a) Jamf Holding Corp

1,808

(a) Kaltura, Inc

5,240

(a) Kyndryl Holdings, Inc

(a),(b)

Life360, Inc

1,398

(a) LiveRamp Holdings, Inc

1,310

(a) Manhattan Associates, Inc

6,513

(a),(b)

Marathon Digital Holdings, Inc

153,479

Microsoft Corp

74,225

5,616

(a) MicroStrategy, Inc (Class A)

853

1,253

(a) Mitek Systems, Inc

1,657

(a) MongoDB, Inc

695

1,593

(a) N-able, Inc

2,329

(a) nCino OpCo, Inc

3,958

(a) NCR Corp

1,787

(a),(b)

NextNav, Inc

5,574

(a) Nutanix, Inc

3,458

(a) Okta, Inc

678

(a) ON24, Inc

1,227

OneSpan, Inc

661

(a) Ooma, Inc

35,018

Oracle Corp

6,825

916

(a) Pagaya Technologies Ltd

2,372

(a) PagerDuty, Inc

45,249

(a) Palantir Technologies, Inc

8,043

13,942

(a) Palo Alto Networks, Inc

2,568

675

(a),(b)

PAR Technology Corp

791

Park City Group, Inc

1,672

Pegasystems, Inc

1,883

(a) Porch Group, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

SOFTWARE & SERVICES

(continued)

2,527

(a) Procore Technologies, Inc

$

1,155

(a) Progress Software Corp

2,541

(a) PTC, Inc

1,347

(a) Q2 Holdings, Inc

889

(a) Qualys, Inc

1,695

(a) Rapid7, Inc

Red Violet, Inc

2,961

(a),(b)

Rezolve AI plc

992

(a) Rimini Street, Inc

1,287

(a) RingCentral, Inc

7,768

(a) Riot Platforms, Inc

2,192

Roper Industries, Inc

976

2,784

(a) Rubrik, Inc

1,313

(a),(b)

SailPoint, Inc

19,347

Salesforce, Inc

5,125

5,866

(a) Samsara, Inc

1,037

(a) SEMrush Holdings, Inc

6,664

(a) SentinelOne, Inc

21,535

(a) ServiceNow, Inc

3,299

6,821

(a) Snowflake, Inc

1,496

7,118

(a),(b)

SoundHound AI, Inc

(a) SoundThinking, Inc

2,308

(a) Sprinklr, Inc

1,316

(a) Sprout Social, Inc

900

(a) SPS Commerce, Inc

3,830

(a) Synopsys, Inc

1,799

2,968

(a) Tenable Holdings, Inc

1,532

(a) Teradata Corp

5,200

(a),(b)

Terawulf, Inc

8,780

(a) Trade Desk, Inc

(a),(b)

TSS, Inc

(a),(b)

Tucows, Inc

2,920

(a) Twilio, Inc

911

(a) Tyler Technologies, Inc

8,946

(a) UiPath, Inc

2,160

(a) Unisys Corp

6,240

(a) Unity Software, Inc

2,560

(a) Varonis Systems, Inc

1,754

VeriSign, Inc

1,293

(a) Vertex, Inc

(a) Viant Technology, Inc

1,154

(a) Weave Communications, Inc

4,508

(a) Workday, Inc

968

1,090

(a) Workiva, Inc

1,061

(a),(b)

Xperi, Inc

2,990

(a) Yext, Inc

4,295

(a) Zeta Global Holdings Corp

5,625

(a) Zoom Video Communications, Inc

2,023

(a) Zscaler, Inc

TOTAL SOFTWARE & SERVICES

150,393

TECHNOLOGY HARDWARE & EQUIPMENT - 8.1%

521

(a),(b)

908 Devices, Inc

1,592

(a) ADTRAN Holdings, Inc

817

Advanced Energy Industries, Inc

(a) Aeva Technologies, Inc

25,385

Amphenol Corp (Class A)

3,431

301,771

Apple, Inc

82,039

1,162

(a),(b)

Applied Optoelectronics, Inc

21,364

(a) Arista Networks, Inc

2,799

2,522

(a) Arlo Technologies, Inc

1,128

(a) Arrow Electronics, Inc

(a) Aviat Networks, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

2,201

Avnet, Inc

$

650

Badger Meter, Inc

(a) Bel Fuse, Inc (Class B)

767

Belden CDT, Inc

768

Benchmark Electronics, Inc

1,278

(a) Calix, Inc

2,906

CDW Corp

2,884

(a) Ciena Corp

674

81,699

Cisco Systems, Inc

6,293

(a) Clearfield, Inc

Climb Global Solutions, Inc

3,674

Cognex Corp

3,352

(a) Coherent Corp

619

4,830

(a) CommScope Holding Co, Inc

950

(a) CompoSecure, Inc

16,397

Corning, Inc

1,436

716

(a) Corsair Gaming, Inc

1,070

Crane NXT Co

725

CTS Corp

1,204

(a) Daktronics, Inc

6,644

Dell Technologies, Inc

836

600

(a) Diebold Nixdorf, Inc

759

(a) Digi International, Inc

1,285

(a) Eastman Kodak Co

ePlus, Inc

2,211

(a) Evolv Technologies Holdings, Inc

3,100

(a) Extreme Networks, Inc

1,208

(a) F5 Networks, Inc

781

(a) Fabrinet

7,717

(a) Flextronics International Ltd

3,142

(a) Harmonic, Inc

27,094

Hewlett Packard Enterprise Co

651

20,504

HP, Inc

1,475

(a) Immersion Corp

853

(b) Ingram Micro Holding Corp

633

(a) Insight Enterprises, Inc

6,976

(a),(b)

IonQ, Inc

804

(a) IPG Photonics Corp

806

(a) Itron, Inc

2,197

Jabil Inc

501

3,567

(a) Keysight Technologies, Inc

725

1,038

(a) Kimball Electronics, Inc

(a) Knowles Corp

0^

537

Littelfuse, Inc

1,508

(a),(b)

Lumentum Holdings, Inc

556

1,398

(a) Methode Electronics, Inc

4,688

(a),(b)

MicroVision, Inc

4,542

(a) Mirion Technologies, Inc

3,391

Motorola Solutions, Inc

1,300

856

Napco Security Technologies, Inc

3,953

NetApp, Inc

962

(a) Netgear, Inc

1,512

(a) Netscout Systems, Inc

1,072

(a) nLight, Inc

866

(a) Novanta, Inc

(a) OSI Systems, Inc

1,099

(a) Ouster, Inc

PC Connection, Inc

597

(a) Plexus Corp

2,686

(a) Powerfleet, Inc

6,506

(a) Pure Storage, Inc

2,499

(a),(b)

Quantum Computing, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

TECHNOLOGY HARDWARE & EQUIPMENT

(continued)

2,472

Ralliant Corp

$

1,618

(a),(b)

Red Cat Holdings, Inc

2,205

(a) Ribbon Communications, Inc

1,507

Richardson Electronics Ltd

512

(a) Rogers Corp

2,702

(a) SanDisk Corp

641

1,130

(a) Sanmina Corp

(a) Scansource, Inc

10,596

(a) Super Micro Computer, Inc

1,524

TD SYNNEX Corp

889

(a) Teledyne Technologies, Inc

4,496

(a) Trimble Inc

1,987

(a) TTM Technologies, Inc

(a) Turtle Beach Corp

Ubiquiti, Inc

1,951

(a) Viasat, Inc

3,750

(a) Viavi Solutions, Inc

3,447

Vishay Intertechnology, Inc

(a) Vishay Precision Group, Inc

2,801

Vontier Corp

7,049

Western Digital Corp

1,214

2,578

(b) Xerox Holdings Corp

1,166

(a) Zebra Technologies Corp (Class A)

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

111,823

TELECOMMUNICATION SERVICES - 0.8%

(a) Anterix, Inc

4,583

(a),(b)

AST SpaceMobile, Inc

142,582

AT&T, Inc

3,542

ATN International, Inc

669

(a) Bandwidth, Inc

883

Cogent Communications Group, Inc

4,310

(a) Frontier Communications Parent, Inc

3,118

(a),(c)

GCI Liberty, Inc

0^

515

(a) GCI Liberty, Inc

(a) GCI Liberty, Inc

1,203

(a) Globalstar, Inc

1,217

(a) Gogo, Inc

521

IDT Corp

2,073

Iridium Communications, Inc

3,981

(a) Liberty Global Ltd

3,062

(a) Liberty Global Ltd

1,581

(a) Liberty Latin America Ltd (Class A)

3,207

(a) Liberty Latin America Ltd (Class C)

17,237

(a) Lumen Technologies, Inc

2,245

(a) Millicom International Cellular S.A.

1,561

Shenandoah Telecom Co

917

Spok Holdings, Inc

2,350

Telephone and Data Systems, Inc

10,106

T-Mobile US, Inc

2,052

2,282

(a) Uniti Group, Inc

87,269

Verizon Communications, Inc

3,554

TOTAL TELECOMMUNICATION SERVICES

10,370

TRANSPORTATION - 1.3%

2,504

(a) Alaska Air Group, Inc

(a) Allegiant Travel Co

(a) Amerco, Inc

14,260

(a) American Airlines Group, Inc

ArcBest Corp

(a),(b)

Avis Budget Group, Inc

2,351

CH Robinson Worldwide, Inc

(a) Costamare Bulkers Holdings Ltd

1,032

Costamare, Inc

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE (000)

TRANSPORTATION

(continued)

904

Covenant Logistics Group, Inc

$

38,800

CSX Corp

1,406

13,157

Delta Air Lines, Inc

913

2,799

Expeditors International Washington, Inc

4,267

FedEx Corp

1,233

613

(a) Forward Air Corp

(a) Frontier Group Holdings, Inc

1,539

(b) FTAI Infrastructure, Inc

791

Genco Shipping & Trading Ltd

2,509

(a) GXO Logistics, Inc

1,188

Heartland Express, Inc

2,589

(a),(b)

Hertz Global Holdings, Inc

1,880

Himalaya Shipping Ltd

1,520

Hub Group, Inc (Class A)

1,744

JB Hunt Transport Services, Inc

4,132

(a) JetBlue Airways Corp

9,978

(a),(b)

Joby Aviation, Inc

1,233

(a) Kirby Corp

3,774

Knight-Swift Transportation Holdings, Inc

759

(a) Landstar System, Inc

8,428

(a) Lyft, Inc (Class A)

Marten Transport Ltd

0^

754

Matson, Inc

4,639

Norfolk Southern Corp

1,339

4,073

Old Dominion Freight Line

639

1,449

(a) Radiant Logistics, Inc

2,690

(a) RXO, Inc

651

Ryder System, Inc

1,798

Safe Bulkers, Inc

580

(a) Saia, Inc

1,714

Schneider National, Inc

(a) Skywest, Inc

9,720

Southwest Airlines Co

(a) Sun Country Airlines Holdings, Inc

41,634

(a) Uber Technologies, Inc

3,402

2,032

U-Haul Holding Co

12,231

Union Pacific Corp

2,829

6,852

(a) United Airlines Holdings, Inc

766

15,203

United Parcel Service, Inc (Class B)

1,508

(b) Universal Truckload Services, Inc

2,506

(a) XPO, Inc

TOTAL TRANSPORTATION

18,091

UTILITIES - 2.2%

13,242

AES Corp

5,412

Alliant Energy Corp

5,614

Ameren Corp

561

11,071

American Electric Power Co, Inc

1,277

828

American States Water Co

4,258

American Water Works Co, Inc

556

3,529

Atmos Energy Corp

591

1,516

Avista Corp

2,030

Black Hills Corp

2,605

Brookfield Infrastructure Corp

2,781

(b) Brookfield Renewable Corp

1,192

California Water Service Group

14,237

Centerpoint Energy, Inc

546

Chesapeake Utilities Corp

757

Clearway Energy, Inc (Class A)

1,777

Clearway Energy, Inc (Class C)

6,500

CMS Energy Corp

7,382

Consolidated Edison, Inc

733

(a) Consolidated Water Co, Inc

Stock Index

See Notes to Financial Statements

Portfolio of Investments December 31, 2025

(continued)

SHARES

DESCRIPTION

VALUE (000)

UTILITIES

(continued)

6,508

Constellation Energy Corp

$

2,299

15,834

Dominion Energy, Inc

928

4,527

DTE Energy Co

584

15,985

Duke Energy Corp

1,874

8,392

(a) Edison International

504

9,507

Entergy Corp

879

6,673

Essential Utilities, Inc

4,824

Evergy, Inc

8,034

Eversource Energy

541

20,883

Exelon Corp

910

11,991

FirstEnergy Corp

537

Genie Energy Ltd

(a) Global Water Resources, Inc

4,557

(a) Hawaiian Electric Industries, Inc

1,138

Idacorp, Inc

4,948

MDU Resources Group, Inc

MGE Energy, Inc

Middlesex Water Co

1,899

(a),(b)

Montauk Renewables, Inc

2,074

New Jersey Resources Corp

43,245

NextEra Energy, Inc

3,472

10,284

NiSource, Inc

Northwest Natural Holding Co

1,255

NorthWestern Corp

3,900

NRG Energy, Inc

621

3,468

OGE Energy Corp

2,220

(a) Oklo, Inc

ONE Gas, Inc

1,235

Ormat Technologies, Inc

920

Otter Tail Corp

47,926

PG&E Corp

770

2,278

Pinnacle West Capital Corp

1,905

PNM Resources, Inc

2,243

Portland General Electric Co

15,060

(b) PPL Corp

527

9,608

Public Service Enterprise Group, Inc

771

626

(a) Pure Cycle Corp

620

(a) RGC Resources, Inc

12,893

Sempra Energy

1,138

SJW Corp

22,798

Southern Co

1,988

1,183

Southwest Gas Holdings Inc

Spire, Inc

991

(a) Talen Energy Corp

4,386

UGI Corp

534

Unitil Corp

7,250

Vistra Corp

1,170

7,117

WEC Energy Group, Inc

750

12,344

Xcel Energy, Inc

912

York Water Co

TOTAL UTILITIES

30,381

TOTAL COMMON STOCKS

(Cost $332,046)

1,357,792

See Notes to Financial Statements

Investments in Derivatives

SHARES

DESCRIPTION

EXPIRATION DATE

VALUE (000)

RIGHTS/WARRANTS - 0.0%

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%

(c) AstraZeneca plc

02/20/29

$0^

(c) Chinook Therapeutics, Inc

01/02/30

0^

1,191

(c) Novo Nordisk A.S.

02/25/26

(c) Tobira Therapeutics, Inc

0^

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

TOTAL RIGHTS/WARRANTS

(Cost $1)

TOTAL LONG-TERM INVESTMENTS

(Cost $332,047)

1,357,793

SHARES

DESCRIPTION

RATE

VALUE (000)

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

4,349,214

(f) State Street Navigator Securities Lending Government Money Market Portfolio

3.830%(g)

4,349

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $4,349)

4,349

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE (000)

SHORT-TERM INVESTMENTS - 0.6%

GOVERNMENT AGENCY DEBT - 0.2%

$

2,359,000

Federal Home Loan Bank Discount Notes

.000

01/02/26

2,358

TOTAL GOVERNMENT AGENCY DEBT

2,358

REPURCHASE AGREEMENT - 0.3%

4,493,000

(h) Fixed Income Clearing Corporation

.820

01/02/26

4,493

TOTAL REPURCHASE AGREEMENT

4,493

U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.1%

700,000

Federal Home Loan Bank (FHLB)

.000

04/15/26

693

TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES

693

TOTAL SHORT-TERM INVESTMENTS

(Cost $7,545)

7,544

TOTAL INVESTMENTS - 99.8%

(Cost $343,941)

1,369,686

OTHER ASSETS & LIABILITIES, NET - 0.2%

2,612

NET ASSETS - 100.0%

$1,372,298

REIT

Real Estate Investment Trust

^

Amount represents less than $1,000.

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $7,988,176.

(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) When-issued or delayed delivery security.

(f) Investments made with cash collateral received from securities on loan.

(g) The rate shown is the one-day yield as of the end of the reporting period.

(h) Agreement with Fixed Income Clearing Corporation, 3.820% dated 12/31/25 to be repurchased at $4,493,954 on 1/2/26, collateralized by Government Agency Securities, with coupon rate

4.625% and maturity date 11/15/55, valued at $4,582,883.

Futures Contracts - Long

Description

Number of

Contracts

(000) Expiration

Date

Notional

Amount

(000) Value

(000) Unrealized

Appreciation

(Depreciation)

(000) S&P 500 E-Mini Index

03/20/26

$

12,055

$

12,062

$

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

(amounts in thousands, except accumulation unit value)

24.1 Stock Index

ASSETS

Long-term investments, at value\*†

$

1,357,793

Short-term investments, at value#

7,544

Investments purchased with collateral from securities

lending, at value (cost approximates value)

4,349

Receivables:

Dividends

751

Investment management fee waiver

801

Investments sold

6,009

Other

Total assets

1,377,396

LIABILITIES

Due to affiliates

Cash overdraft

Payables:

Collateral from securities lending

4,349

Investments purchased - when-issued/delayed-

delivery settlement

Service agreement fees

Trustee compensation

Variation margin on futures contracts

Other

Total liabilities

5,098

Net assets

Accumulation Fund

$

1,372,298

Accumulation units outstanding

2,560

Accumulation unit value

$

536

.065

\* Includes securities loaned of

$

7,988

† Long-term investments, cost

$

332,047

# Short-term investments, cost

$

7,545

Statement of Operations

See Notes to Financial Statements

Year Ended December 31, 2025

(amounts in thousands)

24.1 Stock Index

INVESTMENT INCOME

Dividends

$

16,211

Interest

Securities lending income, net

Tax withheld

(6)

Total investment income

16,625

EXPENSES

Investment advisory

3,944

Administrative services

2,630

Mortality and expense risk charges

5,259

Total expenses

11,833

Expense waiver by investment adviser

(2,779)

Net expenses

9,054

Net investment income (loss)

7,571

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

130,246

Futures contracts

1,066

Foreign currency transactions

Net realized gain (loss)

131,313

Change in unrealized appreciation (depreciation) on:

Investments

60,669

Futures contracts

Net change in unrealized appreciation (depreciation)

60,773

Net realized and unrealized gain (loss)

192,086

Net increase (decrease) in net assets from operations

$

199,657

Statements of Changes in Net Assets

See Notes to Financial Statements

24.1 Stock Index

(amounts in thousands)

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

7,571

$

7,915

Net realized gain (loss)

131,313

123,195

Net change in unrealized

appreciation (depreciation)

60,773

128,907

Net increase (decrease) in net

assets from operations

199,657

260,017

FROM CONTRACTOWNER TRANSACTIONS

Premiums

5,829

10,189

Withdrawals and death benefits

(147,755)

(153,835)

Net increase (decrease) from

contractowner transactions

(141,926)

(143,646)

Net increase (decrease) in net

assets

57,731

116,371

Net assets at the beginning of

period

1,314,567

1,198,196

Net assets at the end of period

$

1,372,298

$

1,314,567

Financial Highlights

See Notes to Financial Statements

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

Investment Operations

Investment

Income

(a) Net

Expenses

(a) Net

Investment

Income (Loss)

(a) Net Realized/

Unrealized

Gain (Loss)

Net Change in

Accumulation

Unit Value

Accumulation

Unit Value,

Beginning of Period

Accumulation

Unit Value,

End of Period

24.1 Stock Index

&nbsp;&nbsp;&nbsp;&nbsp; 12/31/25

$

6.139 $

3.343 $

2.796 $

72.330 $

75.126 $

460.939 $

536.065 &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;12/31/23

5.633 2.508 3.125 71.968 75.093 300.173 375.266 &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;12/31/21

4.405 2.549 1.856 72.394 74.250 299.540 373.790 (a) Based on average units outstanding.

(b) Based on per accumulation unit data.

(c) Percentage is not annualized.

See Notes to Financial Statements

Ratios and Supplemental Data

Ratios to Average Net Assets

Total

Return

(b),(c)

Gross

Expenses

Net Expenses

Net

Investment

Income (Loss)

Portfolio

Turnover

Rate

Accumulation Units

Outstanding, End of

Period (in Millions)

Net Assets,

End of Period

(in Millions)

16.30 %

0.90 %

0.69 %

0.58 %

%

$

1,372

22.83 0.90 0.75 0.62 2

1,315

25.02 0.90 0.75 0.93 2

1,200

(19.70)

0.90 0.75 0.81 2

1,057

24.79 0.90 0.75 0.55 3

1,411

Notes to Financial Statements

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 December 31, 2025, and the period covered by these Notes

to Financial Statements is the fiscal year ended December 31, 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 security

and contractowner transactions. The AUV for financial reporting purposes includes security and contractowner transactions through

the date of the report. Total return is computed based on the AUV used for processing security and contractowner transactions. The

following is a summary of the significant accounting policies consistently followed by the Account.

Foreign Currency Transactions and Translation:

The books and records of the Account is maintained in U.S. dollars. Assets, including

investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and

sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of

the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the

amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange

restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-

local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more

reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated

securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than

the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency,

(ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the

transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the

books of the Account and the amounts actually received and are recognized as a component of "Net realized gain (loss) from foreign

currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange

rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized

appreciation (depreciation) on foreign currency translations" on the Statement of Operations, when applicable. The unrealized

gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a

component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations,

when applicable.

Indemnifications:

In the normal course of business, the Account enters into contracts that contain a variety of representations and

warranties and that provide general indemnities. The Account's maximum exposure under these arrangements is unknown, as this

would involve future claims against the Account that has not yet occurred. Also, under the Account's organizational documents,

the trustees and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account.

However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.

Notes to Financial Statements

(continued)

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.

Netting Agreements:

In the ordinary course of business, the Account may enter into transactions subject to enforceable master

repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar

arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Account to offset certain

securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that

counterparty based on the terms of the agreements. Generally, the Account manages its cash collateral and securities collateral on a

counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Account is held in a segregated account by the Account's custodian and/or with respect to those amounts which can be sold

or repledged, are presented in the Account's Portfolio of Investments or Statement of Assets and Liabilities.

The Account's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later

in these Notes to Financial Statements.

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"), as defined in U.S. GAAP. The CODM monitors the operating results of the Account as a whole and is

responsible for the Account's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined

investment strategy which is executed by the Account's portfolio managers as a team. The financial information in the form of

the Account's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting

from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus

the Account's comparative benchmarks and to make resource allocation decisions for the Account's single segment, is consistent

with that presented within the Account's financial statements. Segment assets are reflected on the Statement of Assets and

Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2025-11):

In December 2025, the FASB issued Accounting Standard Update ("ASU") No.

2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide

a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that

requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The

amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December

15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

The Account's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser,

subject to the oversight of the Committee. Fair value is defined as the price that would be received upon selling an investment

or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the

investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize

the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable

inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market

data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the

assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information

available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest

rates, credit spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the

fair value of investments).

A description of the valuation techniques applied to the Account's major classifications of assets and liabilities measured at fair

value follows:

Prices of fixed-income securities are provided by pricing services approved by the Adviser, which is subject to review by

the Adviser and oversight of the Committee. Pricing services establish a security's fair value using methods that may

include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and

rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market

conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain

securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or

market activity provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported

sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered

investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the

principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events

affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when

the Account's net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the

Adviser, subject to the oversight of the Committee. To the extent these securities are actively traded and no valuation adjustments

are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or

official closing price, these securities are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally

classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are

generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are

generally classified as Level 1.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the

valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in

good faith using alternative procedures approved by the Adviser, subject to the oversight of the Committee. As a general principle,

the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors

may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices

of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security

dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including

the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be

classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Account's investments as of the end of the current fiscal period, based on the

inputs used to value them (dollar amounts are in thousands):

Account

Level 1 (000)

Level 2 (000)

Level 3 (000)

Total (000)

Stock Index

Long-Term Investments

:

Common stocks

$1,357,791

$—

$1

$1,357,792

Rights/Warrants

—

—

Investments purchased with collateral from securities lending

4,349

—

—

4,349

Short-Term Investments

:

Government agency debt

—

2,358

—

2,358

Repurchase agreement

—

4,493

—

4,493

U.s. government and agencies discount notes

—

693

—

693

Investments in Derivatives

:

Futures contracts\*

—

—

Total

$1,362,147

$7,544

$2

$1,369,693

\*

Represents net unrealized appreciation (depreciation).

Notes to Financial Statements

(continued)

4. Portfolio Securities

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is the Account's policy that its custodian take

possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction,

including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the

collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of

the current fiscal period, and the collateral delivered related to those repurchase agreements (dollar amounts are in thousands).

Securities Lending:

The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account

receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable law)

against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities

during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral to

the Account, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at

the close of business of the Account and any additional required collateral is delivered to the Account on the next business day. Cash

collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained

by the securities lending agent ("Agent") for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and

Liabilities. Non-cash collateral is not disclosed in the Account's Statement of Assets and Liabilities as it is held by the Agent or by a

third-party bank engaged by the Agent as a special "tri-party" custodian on behalf of the Account, and the Account does not have the

ability to sell or re-hypothecate those securities.

As of the end of the current fiscal period, securities lending transactions are for equity securities, and the resulting loans are

continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of

earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is

reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the

investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk

that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the

Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

As of the end of the current fiscal period, the total value of securities on loan and the total value of collateral received were as

follows (dollar amounts are in thousands):

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

Counterparty

Short-term Investments,

at Value (000)

Collateral Pledged

(From) Counterparty

(000) Stock Index VA-1

Fixed Income Clearing Corporation

$4,493

$(4,583)

Aggregate value of

securities on loan

Account

Equity

Securities (000)

Cash Collateral

Received (000)\*

Non-Cash Collateral

Received (000)\*\*

Total Collateral

Received (000)

24.1 Stock Index

$

7,988

$

4,349

$

3,963

$

8,312

\*

May include cash and investment of cash collateral.

\*\*

As of the end of the current fiscal period, the non-cash collateral received was comprised of U.S. Treasury securities.

Account

Non-U.S.

Government

Purchases (000)

Non-U.S.

Government

Sales (000)

24.1 Stock Index

$

29,030

$

170,587

The Account may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or

delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities

so purchased are subject to market fluctuation during this period. If a Account has when-issued/delayed-delivery purchases

commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

The Account is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument

whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other

variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement

of Assets and Liabilities and the Statement of Operations, respectively.

Futures Contracts:

The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account

uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in

these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon

execution of a futures contract, the Account is obligated to deposit cash or eligible securities, also known as "initial margin," into an

account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any,

are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and

Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or

loss by "marking-to-market" on a daily basis. The Account and the clearing broker are obligated to settle monies on a daily basis

representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" which are

recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the

contract is closed or expired, the Account records a realized gain or loss equal to the difference between the value of the contract

on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized

appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying

the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of

the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows (dollar amounts are in

thousands):

As of the end of the current fiscal period, the Account has invested in derivative contracts which are reflected in the Statement of

Assets and Liabilities as follows (dollar amounts are in thousands):

During the current fiscal period, the effect of derivative contracts on the Account's Statement of Operations was as follows (dollar

amounts are in thousands):

Account

Average Notional Amount of Futures Contracts Outstanding

(000)\*

24.1 Stock Index

$

7,682

\*

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at

the end of each fiscal quarter within the current fiscal period.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value (000)

Location

Value (000)

Stock Index

Futures contracts

Equity

Unrealized appreciation

on futures contracts

\*

$

-

$

–

\*

Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Account's Portfolio of Investments. The Statement of

Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss) (000)

Change in Unrealized

Appreciation

(Depreciation) (000)

24.1 Stock Index

Futures contracts

Equity

$

1,066

$

Notes to Financial Statements

(continued)

Market and Counterparty Credit Risk:

In the normal course of business the Account may invest in financial instruments and enter

into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party

to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded

on the financial statements. Financial assets, which potentially expose the Account to counterparty credit risk, consist principally of

cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Account's exposure to

counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets

and Liabilities.

The Account helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have

the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.

Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf

of the Account with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally,

when the Account has an unrealized loss, the Account has instructed the custodian to pledge assets of the Account as collateral with

a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored

and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

6. Account Units

Transactions in Account units during the current and prior fiscal period were as follows (amounts are in thousands):

7. Income Tax Information

VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue

Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1's

Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves

will be deductible.

The Account files, as a component of the TIAA tax return, a U.S. Federal income tax return. The Account also files income tax returns

in applicable state and local jurisdictions. The Account's federal income tax returns are generally subject to examination for a period

of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time

depending on the jurisdiction. Management has analyzed the Account's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Account's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for

federal income tax purposes was as follows (dollar amounts are in thousands):

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums

exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax

reporting, if applicable.

8. Management Fees and Other Transactions with Affiliates

Management Fees:

The Adviser provides investment advisory services for VA-1 pursuant to an Investment Management Agreement

among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement

with VA-1. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC ("Services"). Services is a wholly owned

subsidiary of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the

average daily net assets of the Account. The Adviser has agreed to voluntarily waive a portion of such fee, so that the daily deduction

is equivalent to an annual charge of 0.06% of the average daily net assets of the Account. The rate was reduced from 0.15% during

the current fiscal period.

Year Ended

12/31/25

Year Ended

12/31/24

24.1 Stock Index

Units (000)

Value (000)

Units (000)

Value (000)

Premiums

$

5,829

$

10,189

Withdrawals and death benefits

(304) (147,755)

(365) (153,835)

Net increase (decrease) from contractowner transactions

(292) $

(141,926)

(341) $

(143,646)

Account

Tax Cost (000)

Gross Unrealized

Appreciation (000)

Gross Unrealized

(Depreciation) (000)

Net Unrealized

Appreciation

(Depreciation) (000)

Stock Index

$

343,949

$

1,052,609

$

(26,864)

$

1,025,745

The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily

net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the

contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to

increase the Account's mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio will never exceed

1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period or during the annuity

period while payments are still due for the remainder of a guaranteed period, if any.

Other Transactions with Affiliates:

The Account is permitted to purchase or sell securities from or to certain other funds or accounts

managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures

adopted by the Committee ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by

the Account from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common

officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market

price (as provided by an independent pricing service) without incurring broker commissions. As of the end of the current fiscal period,

the Account engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

9. Borrowing Arrangements

Line of Credit:

The Account participates in a $500 million unsecured revolving credit facility that can be used for temporary purposes,

including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 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. During the current

fiscal period, the Account did not utilize this facility.

Account

Purchases (000)

Sales (000)

Realized Gain (Loss)

(000) Stock Index

$

–

$

5,199

$

4,943

Additional Account Information©2026 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

Portfolio holdings

The TIAA Separate Account VA-1 files complete portfolio listings with the Securities and Exchange Commission (SEC), and is available

to the public.

You can obtain a complete list of the holdings of the TIAA Separate Account VA-1 (Portfolio of Investments) as of the most recently

completed fiscal quarter in the following ways:

By visiting our website at TIAA.org; or

By calling us at 800-842-2252 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the TIAA Separate Account VA-1's portfolio holdings as of the most recently completed fiscal

quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of December 31 or

June 30; Form N-PORT filings are as of March 31 or September 30. Copies of these forms are available:

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

From the SEC's Office of Investor Education and Advocacy. Call 202-551-8090 for more information.

Proxy voting

The TIAA Separate Account VA-1's ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A

description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC's website at sec.gov. You

can also call us at 800-223-1200 to request a free copy. A report of how the Account voted during the most recently completed twelve-

month period ended June 30 can be found on our website or on Form N-PX at sec.gov.

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link under Get Help at the top of our home page; by mail at

TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.

Account management

The TIAA Separate Account VA-1 is managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are

responsible for the day-today investment management of the Account.

You should carefully consider the investment objectives,

risks, charges and expenses of any account before investing.

For a prospectus that contains this and other information,

please visit TIAA.org, or call 800-223-1200. Please read the

prospectus carefully before investing.

Investment, insurance and annuity products are not Federal

Deposit Insurance Corporation (FDIC) insured, are not bank

guaranteed, are not bank deposits, are not insured by any

federal government agency, are not a condition to any banking

service or activity, and may lose value.

TIAA-CREF Individual &

Institutional Services, LLC, member FINRA, distributes securities

products. TIAA Separate Account VA-1 is issued by Teachers

Insurance and Annuity Association of American (TIAA), New York,

NY. Each of the foregoing is solely responsible for its own financial

condition and contractual obligations.

This material is for informational or educational purposes only

and does not constitute fiduciary investment advice under ERISA,

a securities recommendation under all securities laws, or an

insurance product recommendation under state insurance laws or

regulations. This material does not take into account any specific

objectives or circumstances of any particular investor, or suggest

any specific course of action. Investment decisions should be

made based on an investor's own objectives and circumstances.

Management Committee Members and Officers

January 1, 2026

(Unaudited)

Members

Name, Address and

Year of Birth

Position(s)

Held with

Account

Term of Office

and Length of

Time Served

Principal 0ccupation(s) During Past 5 Years and

Other Relevant Experience and Qualifications

Number of

Portfolios in

Fund Complex

Overseen by

Manager

Other Directorship(s) and Positions Held

by Manager

Forrest Berkley

730 Third Avenue

New York, NY 10017

1954

Manager

Indefinite term.

Manager

since 2006.

Partner (1990–2005) and Head of Global Product

Management (2003–2005), GMO (formerly,

Grantham, Mayo, Van Otterloo & Co.) (investment

management); and member of asset allocation

portfolio management team, GMO (2003–2005).

Investment Committee Member, Maine

Community Foundation.

Joseph A. Carrier

730 Third Avenue

New York, NY 10017

1960

Manager

Indefinite term.

Manager since

2023. Senior Vice President, Enterprise Risk Management,

Franklin Resources, Inc. (2020–2022). Senior

Managing Director, Chief Risk Officer and Chief Audit

Executive, Legg Mason, Inc. (2008–2020).

Director, Franklin Templeton Irish

Funds; Director, CAIS Sports, Media &

Entertainment Fund; Board and Executive

Committee Member, Cal Ripken, Sr.

Foundation; Director, University of Maryland

Medical Center; Advisory Board Member,

Loyola University Maryland, Sellinger School

of Business and Management.

Janice C. Eberly

730 Third Avenue

New York, NY 10017

1962

Manager

Indefinite term.

Manager since

2018. Executive Editor, Journal of Finance: Insights and

Perspectives (since 2025). Distinguished Senior

Fellow, MIT Sloan and Golub Center for Finance

and Policy (2023–2024). James R. and Helen D.

Russell Professor of Finance at the Kellogg School of

Management, Northwestern University (2002–2011

and since 2013), Senior Associate Dean for Strategy

and Academics (2020–2023) and Chair of the

Finance Department (2005–2007). President-Elect

(since 2026) and Vice President (2020–2021),

American Economic Association. Assistant Secretary

for Economic Policy, United States Department of the

Treasury (2011–2013).

Director, Avant, LLC; Executive Committee

Member, American Finance Association.

Nancy A. Eckl

730 Third Avenue

New York, NY 10017

1962

Manager

Indefinite term.

Manager since

2007. Vice President (1990–2006), American Beacon

Advisors, Inc., and of certain funds advised by

American Beacon Advisors, Inc.

Independent Director/Trustee and Audit

Committee Chair, The Lazard Funds, Inc.,

Lazard Retirement Series, Inc., Lazard

Global Total Return and Income Fund, Inc.,

and Lazard Active ETF Trust.

Howell E. Jackson

730 Third Avenue

New York, NY 10017

1954

Manager

Indefinite term.

Manager since

2005. James S. Reid, Jr. Professor of Law (since 2004),

Senior Adviser to President and Provost (2010–

2012), Acting Dean (2009), Vice Dean for Budget

(2003–2006) and on the faculty (since 1989) of

Harvard Law School. Special Adviser, White House

Council of Economic Advisers (2023–2024).

Nicole Thorne Jenkins

730 Third Avenue

New York, NY 10017

1970

Manager

Indefinite term.

Manager since

2023. Professor of Accountancy (2020-present), John

A. Griffin Dean (2020–2025), McIntire School of

Commerce at the University of Virginia. Vice Dean

(2016–2020), Von Allmen Chaired Professor of

Accountancy (2017–2020), Associate Professor and

EY Research Fellow (2012–2017), Gatton College of

Business and Economics at the University of Kentucky.

Trustee and Chair of the Investment, Audit

& Finance Committee, Strada Education

Foundation; Treasurer and Director, The

Montpelier Foundation: Advisory Board

Member, University of Iowa Tippie College

of Business.

James M. Poterba

730 Third Avenue

New York, NY 10017

1958

Chairman of the

Management

Committee and

Manager

Indefinite term.

Manager since

2006. Chairman

for term ending

December 31,

2027. Chairman

since January 1,

2024. President and Chief Executive Officer (since 2008)

and Program Director (1990–2008), National

Bureau of Economic Research. Mitsui Professor of

Economics, Massachusetts Institute of Technology

("MIT") (since 1996); Affiliated Faculty Member of the

Finance Group, Alfred P. Sloan School of Management

(since 2014); Head (2006–2008) and Associate

Head (1994–2000 and 2001–2006), Economics

Department of MIT.

Director, National Bureau of Economic

Research; Member, Congressional Budget

Office Panel of Economic Advisers.

Management Committee Members and Officers

(continued)

January 1, 2026

Officers

Please note that the Funds' Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, through our

website, tiaa.org, or by calling 800 223-1200.

Name, Address and

Year of Birth

Position(s)

Held with

Account

Term of Office

and Length of

Time Served

Principal Occupation(s) During Past 5 Years

Richard S. Biegen

730 Third Avenue

New York, NY 10017

1962

Chief

Compliance

Officer

One-year term.

Chief Compliance

Officer since 2008.

Senior Managing Director, TIAA. Chief Compliance Officer of College Retirement Equities Fund ("CREF") and TIAA

Separate Account VA-1. Formerly, Chief Compliance Officer of TIAA-CREF Funds and TIAA-CREF Life Funds.

Marc Cardella

730 Third Avenue

New York, NY 10017

1984

Principal

Financial

Officer, Principal

Accounting

Officer and

Treasurer

One-year term.

Principal Financial

Officer, Principal

Accounting Officer

and Treasurer since

2024. Senior Managing Director, Head, Public Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting

Officer and Treasurer of CREF and TIAA Separate Account VA-1. Managing Director and Deputy Head of Fund

Administration, Nuveen. Formerly, Managing Director, Nuveen.

Derek B. Dorn

730 Third Avenue

New York, NY 10017

1976

Senior Managing

Director, General

Counsel and

Corporate

Secretary

One-year term.

Senior Managing

Director, General

Counsel and

Corporate

Secretary since

2020. Senior Managing Director, General Counsel, Governance and Operations, and Corporate Secretary, TIAA, CREF and

TIAA Separate Account VA-1. Formerly, Senior Managing Director and Corporate Secretary of the TIAA-CREF Funds

and TIAA-CREF Life Funds, Managing Director, Special Assistant to the CEO and Managing Director, Regulatory

Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of

Law at Georgetown University Law Center.

Deirdre Hykal

730 Third Avenue

New York, NY 10017

1976

Executive Vice

President,

General Counsel,

and Assistant

Secretary

One-year

term. Executive

Vice President,

General Counsel,

and Assistant

Secretary since

2025. Executive Vice President and General Counsel, Product & Distribution, TIAA. Formerly, General Counsel, TIAA

Financial Solutions, and Head of Litigation, TIAA. Prior to joining TIAA, Ms. Hykal served as a partner at Willkie Farr

& Gallagher LLP.

Colbert Narcisse

730 Third Avenue

New York, NY 10017

1965

President and

Chief Executive

Officer

One-year term.

President and Chief

Executive Officer

since 2022.

Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions & New Markets of TIAA.

President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President of

TIAA-CREF Funds and TIAA-CREF Life Funds. Executive Vice President and Head of Advisory and Corporate Solutions,

TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management

and Head of Traditional and Alternative Investment Products at Morgan Stanley.

5092520

We're fond of paper...in its original form.

Switch to eDelivery at

TIAA.org/eDelivery

or

check with your financial advisor or

brokerage account for eDelivery options

A10845 (2/26)

------

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

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the Registrant's code of ethics is available without charge by calling 800-842-2252.

------

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

As of the end of the period covered by this report, the Registrant's Management Committee had determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit and Compliance Committee. Joseph A. Carrier is the Registrant's audit committee financial expert and is "independent" for purposes of Item 3 of Form N-CSR.

------

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

TIAA Separate Account VA-1

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit and Compliance Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit and Compliance Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit and Compliance Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees<br>Billed to Registrant<sup>1</sup>** | **Audit-Related Fees<br>Billed to Registrant<sup>2</sup>** | **Tax Fees<br>Billed to Registrant<sup>3</sup>** | **All Other Fees<br>Billed to Registrant<sup>4</sup>** |
|  December 31, 2025 | $56625 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  December 31, 2024 | $76860 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Teachers Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit and Compliance Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit and

------

Compliance Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **Tax Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **All Other Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** |
|  December 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  December 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit and Compliance Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit and Compliance Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  December 31, 2025 | $0 | $0 | $11542000 | $11542000 |
|  December 31, 2024 | $0 | $0 | $293312 | $293312 |

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"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit and Compliance Committee Pre-Approval Policies and Procedures. Generally, the Audit and Compliance Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

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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>

Not applicable.

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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 contract owners 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>

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| | |
|:---|:---|
|  (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-842-2252 and there were no amendments during the period covered by this report. |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d849258dex99a3.htm) |
|  (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.](d849258dex99b.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: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President |

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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: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (principal executive officer) |

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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## Ex-99.(A)(3)

**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: March 6, 2026 | By: | /s/ Christopher Stickrod |
|  |  | Christopher Stickrod |
|  |  | Principal Executive Officer and<br> Executive Vice President<br> (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: March 6, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

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## Ex-99.(B)

**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 annual report of TIAA Separate Account VA-1 (the "Registrant") on Form N-CSR for the period ended December 31, 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;&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;&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: March 6, 2026 | By: | /s/ Christopher Stickrod <br>|
|  |  | Christopher Stickrod <br>|
|  |  | Principal Executive Officer and <br>Executive Vice President <br>(principal executive officer) |

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| | | |
|:---|:---|:---|
|  Date: March 6, 2026 | By: | /s/ Marc Cardella <br>|
|  |  | Marc Cardella <br>|
|  |  | Vice President and Controller <br>(principal financial officer) |

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