Tiaa Separate Account Va 1 N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA SEPARATE ACCOUNT VA-1

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports to Stockholders.

June

30,

2023

TIAA

Separate

Account

VA-1

This

semi-annual

report

contains

the

Account's

unaudited financial

statements.

Stock

Index

Account

Table

of

Contents

Important

Notices

3

About

the

Account’s

Benchmark

4

Account

Performance

5

Expense

Example

6

Portfolio

of

Investments

7

Statement

of

Assets

and

Liabilities

53

Statement

of

Operations

54

Statements

of

Changes

in

Net

Assets

55

Financial

Highlights

56

Notes

to

Financial

Statements

58

Additional

Account

Information

64

Approval

of

Investment

Management

Agreement

65

Liquidity

Risk

Management

Program

69

Important

Notices

3

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Account

includes

portfolio

manager

commentary

in

its

annual

shareholder

reports.

For

the

Account’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Account’s

December

31,

2022

annual

shareholder

report.

For

current

information

on

your

Account’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Account’s

website

at

www.tiaa.org.

For

changes

that

occurred

to

your

Account

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Account

Performance

section

within

this

report.

About

the

Account’s

Benchmark

4

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

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Stock

Index

Account

5

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

accumulation

units.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

The

Account’s

performance

reflects

a

fee

waiver,

which

is

currently

in

place.

Without

such

waiver,

the

expenses

of

the

Account

would

have

been

higher

and

its

performance

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account’s

expense

ratios

as

of

the

end

of

the

reporting

period.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Inception

date

6

months

1

year

5

years

10

years

Stock

Index

Account

11/1/94

15

.71

%

18

.09

%

10

.60

%

11

.53

%

Russell

3000®

Index

–

16

.17

18

.95

11

.39

12

.34

as

of

6/30/2023

Net

assets

$

1.17

billion

Portfolio

turnover

rate

*

1%

Number

of

holdings

2,690

Weighted

median

market

capitalization

$131.89

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.6

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

26.3

Health

care

13.4

Financials

12.9

Consumer

discretionary

10.9

Industrials

9.9

Communication

services

7.4

Consumer

staples

6.1

Energy

4.1

Real

estate

2.9

Materials

2.8

Utilities

2.5

Communication

services

0.4

Short-term

investments

0.4

Investments

purchased

with

collateral

from

securities

lending

0.2

Other

assets

&

liabilities,

net

-0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

68.3

More

than

$15

billion-$50

billion

17.6

More

than

$2

billion-$15

billion

11.9

$2

billion

or

less

2.2

Total

100.0

Expense

Example

6

All

contractowners

in

the

TIAA

Separate

Account

VA-1

incur

ongoing

costs,

including

management

fees

and

other

Account

expenses.

The

TIAA

Separate

Account

VA-1

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

TIAA

Separate

Account

VA-1

do

not

incur

a

sales

charge

for

purchases

or

other

distributions.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

January

1,

2023

–

June

30,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Account’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Hypothetical

example

for

comparison

purposes

The

second

section

in

the

table

shows

hypothetical

Account

values

and

expenses

based

on

the

Account’s

actual

expense

ratio

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

Account’s

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Account

with

the

costs

of

other

accounts.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

variable

annuity

accounts

and

mutual

funds.

Stock

Index

Account

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,157.10

Expenses

incurred

during

the

period*

$4.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.08

Expenses

incurred

during

the

period*

$3.76

*

"Expenses

incurred

during

the

period”

is

based

on

the

Account's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Account's

annualized

six-month

expense

ratio

for

that

period

was

0.75%.

The

total

annual

expense

ratio

reflects

a

voluntary

agreement

by

the

Account’s

investment

adviser

to

waive

a

portion

of

its

fee.

Without

such

waiver,

the

Account’s

total

annual

expense

ratio

would

have

been

0.90%.

Although

TIAA

reserves

the

right

to

increase

the

Account’s

mortality

and

expense

risk

charge

to

a

maximum

of

1.00%

of

average

daily

net

assets

per

year,

the

total

annual

expense

ratio

will

never

exceed

1.50%.

Portfolio

of

Investments

Stock

Index

Account

June

30,

2023

7

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.6%

COMMON

STOCKS

-

99.6%

AUTOMOBILES

&

COMPONENTS

-

2.2%

2,741

*

Adient

plc

$

105

2,617

*

American

Axle

&

Manufacturing

Holdings,

Inc

22

7,095

*

Aptiv

plc

724

6,230

BorgWarner,

Inc

305

4,034

Dana

Inc

69

653

*

Dorman

Products,

Inc

51

4,705

*,e

Fisker,

Inc

27

105,082

Ford

Motor

Co

1,590

1,312

*

Fox

Factory

Holding

Corp

142

37,604

General

Motors

Co

1,450

6,435

Gentex

Corp

188

1,006

*

Gentherm,

Inc

57

7,162

*

Goodyear

Tire

&

Rubber

Co

98

3,241

Harley-Davidson,

Inc

114

767

LCI

Industries,

Inc

97

1,526

Lear

Corp

219

19,933

*,e

Lucid

Group,

Inc

137

6,477

*,e

Luminar

Technologies,

Inc

45

1,945

*

Modine

Manufacturing

Co

64

454

Patrick

Industries,

Inc

36

7,090

*,e

QuantumScape

Corp

57

14,419

*

Rivian

Automotive,

Inc

240

1,333

*

Solid

Power,

Inc

3

843

Standard

Motor

Products,

Inc

32

1,055

*

Stoneridge,

Inc

20

73,907

*

Tesla,

Inc

19,347

1,549

Thor

Industries,

Inc

160

759

*

Visteon

Corp

109

1,048

Winnebago

Industries,

Inc

70

3,711

*,e

Workhorse

Group,

Inc

3

518

*

XPEL,

Inc

44

TOTAL

AUTOMOBILES

&

COMPONENTS

25,625

BANKS

-

3.3%

625

1st

Source

Corp

26

667

Amerant

Bancorp

Inc

11

374

American

National

Bankshares,

Inc

11

2,080

Ameris

Bancorp

71

463

Arrow

Financial

Corp

9

2,827

Associated

Banc-Corp

46

1,886

Atlantic

Union

Bankshares

Corp

49

2,090

*

Axos

Financial,

Inc

82

1,598

Banc

of

California,

Inc

19

585

Bancfirst

Corp

54

178

e

Bank

First

Corp

15

186,578

Bank

of

America

Corp

5,353

1,195

e

Bank

of

Hawaii

Corp

49

468

Bank

of

Marin

Bancorp

8

548

Bank

of

NT

Butterfield

&

Son

Ltd

15

3,528

Bank

OZK

142

1,329

BankUnited

29

887

Banner

Corp

39

622

Bar

Harbor

Bankshares

15

1,245

Berkshire

Hills

Bancorp,

Inc

26

383

*

Blue

Foundry

Bancorp

4

Stock

Index

Account

June

30,

2023

8

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

655

BOK

Financial

Corp

$

53

882

*

Bridgewater

Bancshares,

Inc

9

740

Brookline

Bancorp,

Inc

6

479

Burke

&

Herbert

Financial

Services

Corp

31

313

Business

First

Bancshares,

Inc

5

241

Byline

Bancorp,

Inc

4

5,850

Cadence

BanCorp

115

135

Cambridge

Bancorp

7

613

Camden

National

Corp

19

447

Capital

City

Bank

Group,

Inc

14

2,335

Capitol

Federal

Financial

14

314

Capstar

Financial

Holdings,

Inc

4

550

*

Carter

Bankshares,

Inc

8

1,563

Cathay

General

Bancorp

50

1,125

Central

Pacific

Financial

Corp

18

1,028

ChoiceOne

Financial

Services,

Inc

24

52,148

Citigroup,

Inc

2,401

533

Citizens

&

Northern

Corp

10

13,463

Citizens

Financial

Group,

Inc

351

194

City

Holding

Co

17

377

Civista

Bancshares,

Inc

7

498

CNB

Financial

Corp

9

146

*

Coastal

Financial

Corp

5

5,887

Columbia

Banking

System,

Inc

119

1,738

*

Columbia

Financial,

Inc

30

3,602

Comerica,

Inc

153

3,109

Commerce

Bancshares,

Inc

151

1,646

Community

Bank

System,

Inc

77

651

Community

Trust

Bancorp,

Inc

23

1,146

ConnectOne

Bancorp,

Inc

19

1,466

*

CrossFirst

Bankshares,

Inc

15

1,650

Cullen/Frost

Bankers,

Inc

177

919

*

Customers

Bancorp,

Inc

28

2,723

CVB

Financial

Corp

36

422

Dime

Community

Bancshares,

Inc

7

1,035

Eagle

Bancorp,

Inc

22

4,040

East

West

Bancorp,

Inc

213

4,805

Eastern

Bankshares,

Inc

59

314

Enterprise

Bancorp,

Inc

9

828

Enterprise

Financial

Services

Corp

32

402

Equity

Bancshares,

Inc

9

218

e

Farmers

&

Merchants

Bancorp,

Inc

5

1,013

Farmers

National

Banc

Corp

13

621

FB

Financial

Corp

17

18,960

Fifth

Third

Bancorp

497

527

Financial

Institutions,

Inc

8

1,088

First

Bancorp

32

6,201

First

Bancorp

76

498

First

Bancorp,

Inc

12

322

First

Bancshares,

Inc

8

603

First

Bank

6

1,476

First

Busey

Corp

30

278

First

Citizens

Bancshares,

Inc

(Class

A)

357

3,678

First

Commonwealth

Financial

Corp

47

680

First

Community

Bancshares,

Inc

20

2,544

First

Financial

Bancorp

52

3,602

First

Financial

Bankshares,

Inc

103

384

First

Financial

Corp

12

1,098

First

Foundation,

Inc

4

3,163

First

Hawaiian,

Inc

57

14,282

First

Horizon

National

Corp

161

2,090

First

Interstate

Bancsystem,

Inc

50

9

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,580

First

Merchants

Corp

$

45

380

First

Mid-Illinois

Bancshares,

Inc

9

862

First

of

Long

Island

Corp

10

1,083

Flushing

Financial

Corp

13

8,529

FNB

Corp

98

2,273

Fulton

Financial

Corp

27

903

German

American

Bancorp,

Inc

25

3,414

Glacier

Bancorp,

Inc

106

76

Great

Southern

Bancorp,

Inc

4

302

Guaranty

Bancshares,

Inc

8

2,028

Hancock

Whitney

Corp

78

824

Hanmi

Financial

Corp

12

728

HarborOne

Northeast

Bancorp,

Inc

6

715

HBT

Financial,

Inc

13

953

Heartland

Financial

USA,

Inc

27

1,355

Heritage

Commerce

Corp

11

1,150

Heritage

Financial

Corp

19

1,239

Hilltop

Holdings,

Inc

39

57

Hingham

Institution

for

Savings

12

238

Home

Bancorp,

Inc

8

4,557

Home

Bancshares,

Inc

104

698

HomeStreet,

Inc

4

667

HomeTrust

Bancshares,

Inc

14

2,725

Hope

Bancorp,

Inc

23

1,209

Horizon

Bancorp

13

40,067

Huntington

Bancshares,

Inc

432

1,393

Independent

Bank

Corp

62

863

Independent

Bank

Corp

15

1,089

Independent

Bank

Group,

Inc

38

1,089

International

Bancshares

Corp

48

78,356

JPMorgan

Chase

&

Co

11,396

1,623

Kearny

Financial

Corp

11

25,606

Keycorp

237

1,629

Lakeland

Bancorp,

Inc

22

499

Lakeland

Financial

Corp

24

833

Live

Oak

Bancshares,

Inc

22

4,428

M&T

Bank

Corp

548

1,072

Macatawa

Bank

Corp

10

640

Mercantile

Bank

Corp

18

1,035

Meta

Financial

Group,

Inc

48

229

*

Metropolitan

Bank

Holding

Corp

8

196

Mid

Penn

Bancorp,

Inc

4

582

Midland

States

Bancorp,

Inc

12

406

MidWestOne

Financial

Group,

Inc

9

180

MVB

Financial

Corp

4

984

National

Bank

Holdings

Corp

29

521

NBT

Bancorp,

Inc

17

19,049

New

York

Community

Bancorp,

Inc

214

394

Nicolet

Bankshares,

Inc

27

1,643

Northfield

Bancorp,

Inc

18

2,083

Northwest

Bancshares,

Inc

22

61,745

*

NU

Holdings

Ltd

487

1,583

OceanFirst

Financial

Corp

25

811

OFG

Bancorp

21

7,277

Old

National

Bancorp

101

1,237

Old

Second

Bancorp,

Inc

16

568

Origin

Bancorp,

Inc

17

297

Orrstown

Financial

Services,

Inc

6

2,232

Pacific

Premier

Bancorp,

Inc

46

3,183

PacWest

Bancorp

26

529

Park

National

Corp

54

642

Peapack

Gladstone

Financial

Corp

17

Stock

Index

Account

June

30,

2023

10

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

917

Penns

Woods

Bancorp,

Inc

$

23

868

Peoples

Bancorp,

Inc

23

333

Peoples

Financial

Services

Corp

15

2,403

Pinnacle

Financial

Partners,

Inc

136

10,665

PNC

Financial

Services

Group,

Inc

1,343

2,126

Popular,

Inc

129

510

Preferred

Bank

28

446

Premier

Financial

Corp

7

454

Primis

Financial

Corp

4

2,597

Prosperity

Bancshares,

Inc

147

1,243

Provident

Financial

Services,

Inc

20

472

QCR

Holdings,

Inc

19

475

RBB

Bancorp

6

192

Red

River

Bancshares

Inc

9

25,518

Regions

Financial

Corp

455

1,629

Renasant

Corp

43

364

Republic

Bancorp,

Inc

(Class

A)

15

812

S&T

Bancorp,

Inc

22

1,200

Sandy

Spring

Bancorp,

Inc

27

1,542

Seacoast

Banking

Corp

of

Florida

34

1,315

ServisFirst

Bancshares,

Inc

54

370

Sierra

Bancorp

6

2,996

Simmons

First

National

Corp

(Class

A)

52

275

SmartFinancial,

Inc

6

2,353

South

State

Corp

155

228

*

Southern

First

Bancshares,

Inc

6

231

Southern

Missouri

Bancorp,

Inc

9

1,068

Southside

Bancshares,

Inc

28

1,283

Stellar

Bancorp,

Inc

29

922

Stock

Yards

Bancorp,

Inc

42

394

Summit

Financial

Group,

Inc

8

4,436

Synovus

Financial

Corp

134

1,428

*

Texas

Capital

Bancshares,

Inc

74

1,514

*

The

Bancorp,

Inc

49

131

Tompkins

Financial

Corp

7

1,266

Towne

Bank

29

422

Trico

Bancshares

14

657

Triumph

Bancorp,

Inc

40

35,522

Truist

Financial

Corp

1,078

671

TrustCo

Bank

Corp

NY

19

1,222

Trustmark

Corp

26

1,098

UMB

Financial

Corp

67

3,991

United

Bankshares,

Inc

118

2,960

United

Community

Banks,

Inc

74

1,012

Univest

Financial

Corp

18

41,039

US

Bancorp

1,356

9,879

Valley

National

Bancorp

77

1,101

Veritex

Holdings,

Inc

20

1,239

Washington

Federal,

Inc

33

581

Washington

Trust

Bancorp,

Inc

16

4,645

Webster

Financial

Corp

175

101,238

Wells

Fargo

&

Co

4,321

720

WesBanco,

Inc

18

597

West

Bancorporation,

Inc

11

1,024

Westamerica

Bancorporation

39

2,903

Western

Alliance

Bancorp

106

1,577

Wintrust

Financial

Corp

115

2,294

WSFS

Financial

Corp

87

4,615

Zions

Bancorporation

124

TOTAL

BANKS

37,984

11

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

CAPITAL

GOODS

-

6.5%

3,738

*

3D

Systems

Corp

$

37

14,854

3M

Co

1,487

3,495

A.O.

Smith

Corp

254

1,275

Aaon,

Inc

121

981

*

AAR

Corp

57

718

Acuity

Brands,

Inc

117

1,712

Advanced

Drainage

Systems,

Inc

195

3,276

Aecom

Technology

Corp

277

1,972

*

Aerojet

Rocketdyne

Holdings,

Inc

108

721

*

Aerovironment,

Inc

74

1,773

AGCO

Corp

233

2,509

Air

Lease

Corp

105

191

Alamo

Group,

Inc

35

830

Albany

International

Corp

(Class

A)

77

2,187

Allegion

plc

262

307

Allied

Motion

Technologies,

Inc

12

2,241

Allison

Transmission

Holdings,

Inc

127

909

*

Ameresco,

Inc

44

568

*

American

Woodmark

Corp

43

6,201

Ametek,

Inc

1,004

5,093

*

API

Group

Corp

139

449

Apogee

Enterprises,

Inc

21

976

Applied

Industrial

Technologies,

Inc

141

3,399

*

Archer

Aviation,

Inc

14

1,220

Arcosa,

Inc

92

555

Argan,

Inc

22

876

Armstrong

World

Industries,

Inc

64

4,146

*

Array

Technologies,

Inc

94

823

Astec

Industries,

Inc

37

810

*

Astronics

Corp

16

931

*

Atkore

International

Group,

Inc

145

1,836

*

Axon

Enterprise,

Inc

358

2,980

*

AZEK

Co,

Inc

90

922

AZZ,

Inc

40

1,516

*

Babcock

&

Wilcox

Enterprises,

Inc

9

1,344

Barnes

Group,

Inc

57

1,298

*

Beacon

Roofing

Supply,

Inc

108

1,095

*

Blink

Charging

Co

7

4,522

*,e

Bloom

Energy

Corp

74

278

*

Blue

Bird

Corp

6

224

*

BlueLinx

Holdings,

Inc

21

15,039

*

Boeing

Co

3,176

937

Boise

Cascade

Co

85

534

Brookfield

Business

Corp

10

3,408

*

Builders

FirstSource,

Inc

463

2,196

BWX

Technologies,

Inc

157

383

Cadre

Holdings,

Inc

8

1,290

Carlisle

Cos,

Inc

331

22,306

Carrier

Global

Corp

1,109

13,834

Caterpillar,

Inc

3,404

6,837

*,e

ChargePoint

Holdings,

Inc

60

1,052

*

Chart

Industries,

Inc

168

647

*

CIRCOR

International,

Inc

37

26,153

CNH

Industrial

NV

377

840

Columbus

McKinnon

Corp

34

929

Comfort

Systems

USA,

Inc

153

714

*

Construction

Partners

Inc

22

2,258

*

Core

&

Main,

Inc

71

1,416

Crane

Co

126

1,416

Crane

Holdings

Co

80

302

CSW

Industrials,

Inc

50

Stock

Index

Account

June

30,

2023

12

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,896

Cummins,

Inc

$

955

965

Curtiss-Wright

Corp

177

1,008

*

Custom

Truck

One

Source,

Inc

7

7,307

Deere

&

Co

2,961

8,259

*

Desktop

Metal,

Inc

15

3,230

Donaldson

Co,

Inc

202

932

Douglas

Dynamics,

Inc

28

3,596

Dover

Corp

531

290

*

Ducommun,

Inc

13

567

*

DXP

Enterprises,

Inc

21

561

*

Dycom

Industries,

Inc

64

10,736

Eaton

Corp

2,159

1,343

EMCOR

Group,

Inc

248

15,369

Emerson

Electric

Co

1,389

365

Encore

Wire

Corp

68

1,368

*

Energy

Recovery,

Inc

38

10,275

*,e

Energy

Vault

Holdings,

Inc

28

2,301

Enerpac

Tool

Group

Corp

62

1,051

EnerSys

114

2,981

*,e

Enovix

Corp

54

479

EnPro

Industries,

Inc

64

7,669

*

Eos

Energy

Enterprises,

Inc

33

1,154

Esab

Corp

77

605

ESCO

Technologies,

Inc

63

22,241

*,e

ESS

Tech,

Inc

33

15,402

Fastenal

Co

909

1,459

Federal

Signal

Corp

93

5,519

Ferguson

plc

868

3,453

Flowserve

Corp

128

786

*,e

Fluence

Energy,

Inc

21

4,273

*

Fluor

Corp

126

9,576

Fortive

Corp

716

3,497

Fortune

Brands

Home

&

Security,

Inc

252

1,207

Franklin

Electric

Co,

Inc

124

2,637

FTAI

Aviation

Ltd

83

1,160

*,e

FTC

Solar,

Inc

4

5,461

*

FuelCell

Energy,

Inc

12

1,874

*

Gates

Industrial

Corp

plc

25

863

GATX

Corp

111

1,779

*

Generac

Holdings,

Inc

265

6,540

General

Dynamics

Corp

1,407

29,039

General

Electric

Co

3,190

1,066

*

Gibraltar

Industries,

Inc

67

461

Global

Industrial

Co

13

922

*

GMS,

Inc

64

678

Gorman-Rupp

Co

20

4,344

Graco,

Inc

375

5,120

GrafTech

International

Ltd

26

945

Granite

Construction,

Inc

38

2,253

*

Great

Lakes

Dredge

&

Dock

Corp

18

718

Greenbrier

Cos,

Inc

31

1,120

Griffon

Corp

45

684

H&E

Equipment

Services,

Inc

31

1,521

*

Hayward

Holdings,

Inc

20

1,082

HEICO

Corp

191

2,011

HEICO

Corp

(Class

A)

283

922

Helios

Technologies,

Inc

61

787

Herc

Holdings,

Inc

108

2,098

Hexcel

Corp

159

1,992

Hillenbrand,

Inc

102

3,242

*

Hillman

Solutions

Corp

29

17,834

Honeywell

International,

Inc

3,701

13

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,687

Howmet

Aerospace,

Inc

$

480

1,400

Hubbell,

Inc

464

1,076

*

Hudson

Technologies,

Inc

10

1,040

Huntington

Ingalls

237

3,375

*,e

Hyliion

Holdings

Corp

6

404

Hyster-Yale

Materials

Handling,

Inc

23

2,110

IDEX

Corp

454

298

*

IES

Holdings,

Inc

17

8,170

Illinois

Tool

Works,

Inc

2,044

10,828

Ingersoll

Rand,

Inc

708

716

Insteel

Industries,

Inc

22

2,255

ITT,

Inc

210

1,876

*

Janus

International

Group,

Inc

20

2,384

*

JELD-WEN

Holding,

Inc

42

972

John

Bean

Technologies

Corp

118

18,561

Johnson

Controls

International

plc

1,265

242

Kadant,

Inc

54

1,040

Kaman

Corp

25

2,961

Kennametal,

Inc

84

3,783

*

Kratos

Defense

&

Security

Solutions,

Inc

54

5,174

L3Harris

Technologies,

Inc

1,013

273

*

Lawson

Products,

Inc

14

906

Lennox

International,

Inc

295

1,340

*,e

Leonardo

DRS,

Inc

23

1,489

Lincoln

Electric

Holdings,

Inc

296

220

Lindsay

Corp

26

6,057

Lockheed

Martin

Corp

2,789

800

Luxfer

Holdings

plc

11

1,198

*

Manitowoc

Co,

Inc

23

5,807

Masco

Corp

333

353

*

Masonite

International

Corp

36

1,677

*

Mastec,

Inc

198

3,438

*

Masterbrand,

Inc

40

687

McGrath

RentCorp

64

5,356

MDU

Resources

Group,

Inc

112

1,473

*

Mercury

Systems,

Inc

51

4,622

*,e

Microvast

Holdings,

Inc

7

1,405

*

Middleby

Corp

208

446

Miller

Industries,

Inc

16

753

Moog,

Inc

(Class

A)

82

2,142

*

MRC

Global,

Inc

22

950

MSC

Industrial

Direct

Co

(Class

A)

91

1,274

Mueller

Industries,

Inc

111

4,045

Mueller

Water

Products,

Inc

(Class

A)

66

368

*

MYR

Group,

Inc

51

206

National

Presto

Industries,

Inc

15

793

*

NEXTracker,

Inc

32

8,104

*,e

Nikola

Corp

11

1,561

Nordson

Corp

387

3,886

Northrop

Grumman

Corp

1,771

371

*

Northwest

Pipe

Co

11

3,443

*

NOW,

Inc

36

1,422

*

NuScale

Power

Corp

10

4,516

nVent

Electric

plc

233

117

Omega

Flex,

Inc

12

1,610

Oshkosh

Corp

139

10,913

Otis

Worldwide

Corp

971

2,390

Owens

Corning,

Inc

312

13,737

PACCAR,

Inc

1,149

766

Park

Aerospace

Corp

11

3,421

Parker-Hannifin

Corp

1,334

1,095

*

Parsons

Corp

53

Stock

Index

Account

June

30,

2023

14

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,695

Pentair

plc

$

303

1,847

*

PGT

Innovations,

Inc

54

13,876

*,e

Plug

Power,

Inc

144

416

Powell

Industries,

Inc

25

96

Preformed

Line

Products

Co

15

1,452

Primoris

Services

Corp

44

784

*

Proto

Labs,

Inc

27

905

Quanex

Building

Products

Corp

24

3,848

Quanta

Services,

Inc

756

39,150

Raytheon

Technologies

Corp

3,835

823

*

RBC

Bearings,

Inc

179

1,884

Regal-Beloit

Corp

290

4,524

*

Resideo

Technologies,

Inc

80

432

REV

Group,

Inc

6

6,127

*,e

Rocket

Lab

USA,

Inc

37

3,150

Rockwell

Automation,

Inc

1,038

878

Rush

Enterprises,

Inc

(Class

A)

53

385

Rush

Enterprises,

Inc

(Class

B)

26

4,273

Sensata

Technologies

Holding

plc

192

4,388

*

Shoals

Technologies

Group,

Inc

112

1,169

Shyft

Group,

Inc

26

1,204

Simpson

Manufacturing

Co,

Inc

167

1,315

*

SiteOne

Landscape

Supply,

Inc

220

1,357

Snap-On,

Inc

391

3,290

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

96

1,179

*

SPX

Technologies,

Inc

100

472

Standex

International

Corp

67

4,204

Stanley

Black

&

Decker,

Inc

394

4,021

*,e

Stem,

Inc

23

1,004

*

Sterling

Construction

Co,

Inc

56

2,299

*,e

SunPower

Corp

23

5,997

*

Sunrun,

Inc

107

647

Tennant

Co

52

1,674

Terex

Corp

100

1,109

Textainer

Group

Holdings

Ltd

44

5,171

Textron,

Inc

350

853

*

Thermon

Group

Holdings

23

1,628

Timken

Co

149

1,266

*

Titan

International,

Inc

15

491

*

Titan

Machinery,

Inc

14

2,649

Toro

Co

269

927

*

TPI

Composites,

Inc

10

6,097

Trane

Technologies

plc

1,166

100

*

Transcat

Inc

9

1,406

TransDigm

Group,

Inc

1,257

2,846

*

Trex

Co,

Inc

187

2,047

Trinity

Industries,

Inc

53

1,236

Triton

International

Ltd

103

1,451

*

Triumph

Group,

Inc

18

1,399

*

Tutor

Perini

Corp

10

1,356

UFP

Industries,

Inc

132

1,891

United

Rentals,

Inc

842

4,192

*

Univar

Solutions

Inc

150

582

Valmont

Industries,

Inc

169

455

*

Vectrus,

Inc

23

419

Veritiv

Corp

53

8,077

Vertiv

Holdings

Co

200

649

*

Vicor

Corp

35

6,356

*,e

Virgin

Galactic

Holdings,

Inc

25

1,212

W.W.

Grainger,

Inc

956

1,281

Wabash

National

Corp

33

901

Watsco,

Inc

344

15

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

645

Watts

Water

Technologies,

Inc

(Class

A)

$

118

1,330

WESCO

International,

Inc

238

4,827

Westinghouse

Air

Brake

Technologies

Corp

529

5,681

*

WillScot

Mobile

Mini

Holdings

Corp

271

1,753

Woodward

Inc

208

911

*,e

Xometry,

Inc

19

6,355

Xylem,

Inc

716

3,642

Zurn

Water

Solutions

Corp

98

TOTAL

CAPITAL

GOODS

75,965

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

1,382

ABM

Industries,

Inc

59

3,257

ACCO

Brands

Corp

17

2,888

*

ACV

Auctions,

Inc

50

8,912

*

Alight,

Inc

82

452

Aris

Water

Solution,

Inc

5

1,481

*

ASGN

Inc

112

8,068

*

Aurora

Innovation,

Inc

24

11,127

Automatic

Data

Processing,

Inc

2,446

274

Barrett

Business

Services,

Inc

24

3,702

Booz

Allen

Hamilton

Holding

Co

413

511

*

BrightView

Holdings,

Inc

4

1,108

Brink's

Co

75

3,089

Broadridge

Financial

Solutions,

Inc

512

678

*

CACI

International,

Inc

(Class

A)

231

1,375

*

Casella

Waste

Systems,

Inc

(Class

A)

124

1,147

*

CBIZ,

Inc

61

600

*

Cimpress

plc

36

2,330

Cintas

Corp

1,158

13,091

*

Clarivate

Analytics

plc

125

1,373

*

Clean

Harbors,

Inc

226

1,240

Concentrix

Corp

100

5,536

*

Conduent,

Inc

19

11,340

*

Copart,

Inc

1,034

3,089

*

CoreCivic,

Inc

29

10,576

*

CoStar

Group,

Inc

941

260

CRA

International,

Inc

26

1,113

CSG

Systems

International,

Inc

59

1,062

Deluxe

Corp

19

1,159

*

Driven

Brands

Holdings,

Inc

31

6,346

Dun

&

Bradstreet

Holdings,

Inc

73

1,051

Ennis,

Inc

21

3,313

Equifax,

Inc

779

772

*

ExlService

Holdings,

Inc

117

1,272

Exponent,

Inc

119

972

*

First

Advantage

Corp

15

381

*

Forrester

Research,

Inc

11

419

*

Franklin

Covey

Co

18

902

*

FTI

Consulting,

Inc

172

4,327

Genpact

Ltd

163

3,108

*,e

Geo

Group,

Inc

22

2,590

*

Harsco

Corp

26

2,398

Healthcare

Services

Group

36

711

Heidrick

&

Struggles

International,

Inc

19

555

*

Heritage-Crystal

Clean,

Inc

21

2,407

Herman

Miller,

Inc

36

392

*

HireRight

Holdings

Corp

4

1,707

HNI

Corp

48

669

*

Huron

Consulting

Group,

Inc

57

637

ICF

International,

Inc

79

975

Insperity,

Inc

116

1,293

Interface,

Inc

11

Stock

Index

Account

June

30,

2023

16

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,496

Jacobs

Solutions,

Inc

$

416

3,912

*

KAR

Auction

Services,

Inc

59

3,487

KBR,

Inc

227

1,192

Kelly

Services,

Inc

(Class

A)

21

681

Kforce,

Inc

43

1,748

Korn/Ferry

International

87

2,559

*

Legalzoom.com,

Inc

31

3,664

Leidos

Holdings,

Inc

324

3,403

*,e

Li-Cycle

Holdings

Corp

19

664

*

Liquidity

Services,

Inc

11

1,551

Manpower,

Inc

123

271

Matthews

International

Corp

(Class

A)

11

1,544

MAXIMUS,

Inc

130

640

*

Montrose

Environmental

Group,

Inc

27

877

MSA

Safety,

Inc

153

563

NL

Industries,

Inc

3

291

*

NV5

Global

Inc

32

8,446

Paychex,

Inc

945

5,559

Pitney

Bowes,

Inc

20

3,913

*,e

Planet

Labs

PBC

13

4,857

RB

Global,

Inc

291

5,492

Republic

Services,

Inc

841

1,107

Resources

Connection,

Inc

17

2,545

Robert

Half

International,

Inc

191

5,973

Rollins,

Inc

256

1,668

Science

Applications

International

Corp

188

672

*

SP

Plus

Corp

26

5,986

SS&C

Technologies

Holdings,

Inc

363

3,128

Steelcase,

Inc

(Class

A)

24

2,380

*

Stericycle,

Inc

110

422

*

Sterling

Check

Corp

5

1,567

Tetra

Tech,

Inc

257

5,435

TransUnion

426

839

*

TriNet

Group,

Inc

80

720

*

TrueBlue,

Inc

13

541

TTEC

Holdings,

Inc

18

503

Unifirst

Corp

78

3,454

*

Upwork,

Inc

32

3,820

Verisk

Analytics,

Inc

863

3,457

*

Verra

Mobility

Corp

68

679

*

Viad

Corp

18

340

VSE

Corp

19

10,892

Waste

Management,

Inc

1,889

279

*

Willdan

Group,

Inc

5

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

18,778

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.1%

966

*

1-800-FLOWERS.COM,

Inc

(Class

A)

8

1,062

Aaron's

Co,

Inc

15

1,255

*

Abercrombie

&

Fitch

Co

(Class

A)

47

2,150

Academy

Sports

&

Outdoors,

Inc

116

1,580

Advance

Auto

Parts,

Inc

111

241,332

*

Amazon.com,

Inc

31,460

3,778

American

Eagle

Outfitters,

Inc

45

154

*

America's

Car-Mart,

Inc

15

2,460

Arko

Corp

20

588

*

Asbury

Automotive

Group,

Inc

141

817

*

Autonation,

Inc

135

492

*

AutoZone,

Inc

1,227

5,767

Bath

&

Body

Works,

Inc

216

5,480

Best

Buy

Co,

Inc

449

578

Big

5

Sporting

Goods

Corp

5

17

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

819

*

Boot

Barn

Holdings,

Inc

$

69

524

Buckle,

Inc

18

326

Build-A-Bear

Workshop,

Inc

7

1,836

*

Burlington

Stores,

Inc

289

1,001

Caleres,

Inc

24

895

Camping

World

Holdings,

Inc

27

4,514

*

CarMax,

Inc

378

1,412

*

CarParts.com,

Inc

6

2,546

*

Carvana

Co

66

966

Cato

Corp

(Class

A)

8

3,531

*

Chico's

FAS,

Inc

19

573

*,e

ContextLogic,

Inc

4

29,327

*

Coupang,

Inc

510

1,606

Designer

Brands,

Inc

16

1,452

*

Destination

XL

Group,

Inc

7

1,608

Dick's

Sporting

Goods,

Inc

213

131

e

Dillard's,

Inc

(Class

A)

43

404

*

Duluth

Holdings,

Inc

3

14,245

eBay,

Inc

637

3,384

*

Etsy,

Inc

286

2,017

*,e

EVgo,

Inc

8

1,506

*

Five

Below,

Inc

296

2,980

*

Floor

&

Decor

Holdings,

Inc

310

1,965

e

Foot

Locker,

Inc

53

748

Franchise

Group,

Inc

21

576

*

Funko,

Inc

6

7,588

*

GameStop

Corp

(Class

A)

184

4,912

Gap,

Inc

44

365

*

Genesco,

Inc

9

3,800

Genuine

Parts

Co

643

311

Group

1

Automotive,

Inc

80

1,619

*

GrowGeneration

Corp

6

1,358

Guess?,

Inc

26

715

Haverty

Furniture

Cos,

Inc

22

547

Hibbett

Sports,

Inc

20

27,131

Home

Depot,

Inc

8,428

1,925

Kohl's

Corp

44

487

*

Lands'

End,

Inc

4

4,195

*

Leslie's,

Inc

39

697

Lithia

Motors,

Inc

(Class

A)

212

7,116

LKQ

Corp

415

15,985

Lowe's

Companies,

Inc

3,608

6,895

Macy's,

Inc

111

530

*

MarineMax,

Inc

18

759

Monro

Muffler,

Inc

31

522

Murphy

USA,

Inc

162

2,416

*

National

Vision

Holdings,

Inc

59

2,987

Nordstrom,

Inc

61

1,066

*

ODP

Corp

50

1,867

*

Ollie's

Bargain

Outlet

Holdings,

Inc

108

266

*

OneWater

Marine,

Inc

10

1,635

*

O'Reilly

Automotive,

Inc

1,562

1,209

*

Overstock.com,

Inc

39

633

Penske

Auto

Group,

Inc

105

1,980

*

Petco

Health

&

Wellness

Co,

Inc

18

765

e

PetMed

Express,

Inc

11

1,019

Pool

Corp

382

1,396

*

Rent

the

Runway,

Inc

3

1,460

Rent-A-Center,

Inc

45

1,063

*,e

Revolve

Group,

Inc

17

507

*

RH

167

8,991

Ross

Stores,

Inc

1,008

Stock

Index

Account

June

30,

2023

18

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,402

*

Sally

Beauty

Holdings,

Inc

$

30

646

Shoe

Carnival,

Inc

15

1,368

Signet

Jewelers

Ltd

89

760

*

Sleep

Number

Corp

21

479

Sonic

Automotive,

Inc

(Class

A)

23

1,434

*

Sportsman's

Warehouse

Holdings,

Inc

8

1,770

*

Stitch

Fix

Inc

7

1,616

*,e

ThredUp,

Inc

4

432

*

Tilly's,

Inc

3

31,116

TJX

Companies,

Inc

2,638

3,030

Tractor

Supply

Co

670

1,361

*

Ulta

Beauty,

Inc

641

1,483

*

Urban

Outfitters,

Inc

49

2,226

*

Victoria's

Secret

&

Co

39

2,402

*

Warby

Parker,

Inc

28

2,236

*

Wayfair,

Inc

145

1,797

Williams-Sonoma,

Inc

225

94

Winmark

Corp

31

686

*

Zumiez,

Inc

11

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

59,762

CONSUMER

DURABLES

&

APPAREL

-

1.2%

821

Acushnet

Holdings

Corp

45

2,624

*

Allbirds,

Inc

3

1,837

*

AMMO,

Inc

4

1,140

*

Beazer

Homes

USA,

Inc

32

1,841

Brunswick

Corp

160

3,596

*

Callaway

Golf

Co

71

2,937

*

Capri

Holdings

Ltd

105

1,022

Carter's,

Inc

74

237

*

Cavco

Industries,

Inc

70

629

Century

Communities,

Inc

48

729

Clarus

Corp

7

905

Columbia

Sportswear

Co

70

1,268

e

Cricut,

Inc

15

1,521

*

Crocs,

Inc

171

743

*

Deckers

Outdoor

Corp

392

8,338

DR

Horton,

Inc

1,015

643

*,e

Dream

Finders

Homes,

Inc

16

958

Ethan

Allen

Interiors,

Inc

27

3,952

*

Garmin

Ltd

412

1,295

*

G-III

Apparel

Group

Ltd

25

4,066

*

GoPro,

Inc

17

992

*

Green

Brick

Partners,

Inc

56

8,742

e

Hanesbrands,

Inc

40

3,755

Hasbro,

Inc

243

712

*

Helen

of

Troy

Ltd

77

148

*

Hovnanian

Enterprises,

Inc

15

608

Installed

Building

Products,

Inc

85

883

*

iRobot

Corp

40

232

Johnson

Outdoors,

Inc

14

1,960

KB

Home

101

1,320

Kontoor

Brands,

Inc

56

412

*

Latham

Group,

Inc

2

935

La-Z-Boy,

Inc

27

4,140

Leggett

&

Platt,

Inc

123

6,665

Lennar

Corp

(Class

A)

835

349

Lennar

Corp

(Class

B)

39

624

*

LGI

Homes,

Inc

84

336

*

Lovesac

Co

9

2,988

*

Lululemon

Athletica,

Inc

1,131

561

*

M/I

Homes,

Inc

49

19

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

688

*

Malibu

Boats,

Inc

$

40

441

Marine

Products

Corp

7

673

*

MasterCraft

Boat

Holdings,

Inc

21

8,884

*

Mattel,

Inc

174

1,166

MDC

Holdings,

Inc

55

893

Meritage

Homes

Corp

127

1,499

*

Mohawk

Industries,

Inc

155

638

Movado

Group,

Inc

17

10,479

Newell

Brands

Inc

91

31,856

Nike,

Inc

(Class

B)

3,516

78

*

NVR,

Inc

495

274

Oxford

Industries,

Inc

27

8,335

*

Peloton

Interactive,

Inc

64

1,319

Polaris

Inc

160

5,884

Pulte

Homes,

Inc

457

1,386

e

Purple

Innovation,

Inc

4

1,672

PVH

Corp

142

1,110

Ralph

Lauren

Corp

137

110

Rocky

Brands,

Inc

2

3,296

*

Skechers

U.S.A.,

Inc

(Class

A)

174

1,408

*

Skyline

Champion

Corp

92

1,649

Smith

&

Wesson

Brands,

Inc

22

3,687

*

Sonos,

Inc

60

1,625

Steven

Madden

Ltd

53

311

Sturm

Ruger

&

Co,

Inc

16

6,263

Tapestry,

Inc

268

2,762

*

Taylor

Morrison

Home

Corp

135

4,464

Tempur

Sealy

International,

Inc

179

2,789

Toll

Brothers,

Inc

221

918

*

TopBuild

Corp

244

2,384

*

TRI

Pointe

Homes,

Inc

78

5,744

*

Under

Armour,

Inc

(Class

A)

41

5,391

*

Under

Armour,

Inc

(Class

C)

36

9,697

VF

Corp

185

997

*

Vista

Outdoor,

Inc

28

1,629

*

Vizio

Holding

Corp

11

1,740

*,e

Vuzix

Corp

9

1,386

Whirlpool

Corp

206

2,662

Wolverine

World

Wide,

Inc

39

2,480

*

YETI

Holdings,

Inc

96

TOTAL

CONSUMER

DURABLES

&

APPAREL

13,689

CONSUMER

SERVICES

-

2.4%

1,229

*

Accel

Entertainment,

Inc

13

4,141

ADT,

Inc

25

1,204

*

Adtalem

Global

Education,

Inc

41

10,855

*

Airbnb,

Inc

1,391

6,092

ARAMARK

Holdings

Corp

262

925

*

Bally's

Corp

14

39

*

Biglari

Holdings,

Inc

(B

Shares)

8

817

*

BJ's

Restaurants,

Inc

26

2,235

Bloomin'

Brands,

Inc

60

476

Bluegreen

Vacations

Holding

Corp

17

994

*

Booking

Holdings,

Inc

2,684

590

*

Bowlero

Corp

7

1,802

Boyd

Gaming

Corp

125

1,598

*

Bright

Horizons

Family

Solutions

148

1,545

*

Brinker

International,

Inc

57

5,983

*

Caesars

Entertainment,

Inc

305

25,476

*

Carnival

Corp

480

318

Carriage

Services,

Inc

10

5,092

*

Carrols

Restaurant

Group,

Inc

26

Stock

Index

Account

June

30,

2023

20

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

761

*

Century

Casinos,

Inc

$

5

1,085

Cheesecake

Factory

38

3,631

*

Chegg,

Inc

32

734

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

1,570

891

Choice

Hotels

International,

Inc

105

1,888

Churchill

Downs,

Inc

263

427

*

Chuy's

Holdings,

Inc

17

2,931

*

Coursera,

Inc

38

711

Cracker

Barrel

Old

Country

Store,

Inc

66

3,364

Darden

Restaurants,

Inc

562

1,228

*

Dave

&

Buster's

Entertainment,

Inc

55

1,296

*

Denny's

Corp

16

458

Dine

Brands

Global

Inc.

27

939

Domino's

Pizza,

Inc

316

8,076

*

DoorDash,

Inc

617

11,189

*

DraftKings,

Inc

297

651

*

Duolingo,

Inc

93

809

El

Pollo

Loco

Holdings,

Inc

7

455

*

European

Wax

Center,

Inc

9

2,472

*

Everi

Holdings,

Inc

36

3,844

*

Expedia

Group,

Inc

421

2,305

*

frontdoor,

Inc

74

870

*

Full

House

Resorts,

Inc

6

412

*

Golden

Entertainment,

Inc

17

63

Graham

Holdings

Co

36

663

*

Grand

Canyon

Education,

Inc

68

3,457

H&R

Block,

Inc

110

2,683

*

Hilton

Grand

Vacations,

Inc

122

6,883

Hilton

Worldwide

Holdings,

Inc

1,002

1,223

Hyatt

Hotels

Corp

140

494

*

Inspired

Entertainment,

Inc

7

2,584

International

Game

Technology

plc

82

410

Jack

in

the

Box,

Inc

40

2,068

Krispy

Kreme,

Inc

30

155

*

Kura

Sushi

USA,

Inc

14

9,002

*

Las

Vegas

Sands

Corp

522

3,222

Laureate

Education,

Inc

39

989

*

Life

Time

Group

Holdings,

Inc

19

608

*

Lindblad

Expeditions

Holdings,

Inc

7

6,757

Marriott

International,

Inc

(Class

A)

1,241

914

Marriott

Vacations

Worldwide

Corp

112

19,535

McDonald's

Corp

5,829

8,051

MGM

Resorts

International

354

1,527

*,e

Mister

Car

Wash,

Inc

15

388

Monarch

Casino

&

Resort,

Inc

27

2,864

*

Mondee

Holdings,

Inc

26

400

*

Noodles

&

Co

1

11,836

*

Norwegian

Cruise

Line

Holdings

Ltd

258

465

*

ONE

Group

Hospitality,

Inc

3

1,416

*

OneSpaWorld

Holdings

Ltd

17

1,035

Papa

John's

International,

Inc

76

3,518

*

Penn

National

Gaming,

Inc

85

2,656

*

Perdoceo

Education

Corp

33

2,512

*

Planet

Fitness,

Inc

169

417

*

Portillo's,

Inc

9

330

RCI

Hospitality

Holdings,

Inc

25

925

Red

Rock

Resorts,

Inc

43

2,290

*

Rover

Group,

Inc

11

6,265

*

Royal

Caribbean

Cruises

Ltd

650

1,353

*

Rush

Street

Interactive,

Inc

4

10,188

*,e

Sabre

Corp

33

2,426

*

Scientific

Games

Corp

(Class

A)

167

21

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,376

*

SeaWorld

Entertainment,

Inc

$

77

3,849

Service

Corp

International

249

1,083

*

Shake

Shack,

Inc

84

2,486

*

Six

Flags

Entertainment

Corp

65

30,220

Starbucks

Corp

2,994

673

Strategic

Education,

Inc

46

1,099

*

Stride,

Inc

41

3,619

*

Super

Group

SGHC

Ltd

11

2,381

*

Sweetgreen,

Inc

31

829

*,e

Target

Hospitality

Corp

11

1,747

Texas

Roadhouse,

Inc

(Class

A)

196

1,969

Travel

&

Leisure

Co

79

1,856

*

Udemy,

Inc

20

1,170

Vail

Resorts,

Inc

295

4,018

Wendy's

87

761

Wingstop,

Inc

152

1,421

*

WW

International

Inc

10

2,257

Wyndham

Hotels

&

Resorts,

Inc

155

2,846

Wynn

Resorts

Ltd

301

371

*

Xponential

Fitness,

Inc

6

7,541

Yum!

Brands,

Inc

1,045

TOTAL

CONSUMER

SERVICES

27,767

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

11,112

Albertsons

Cos,

Inc

242

1,108

Andersons,

Inc

51

3,420

*

BJ's

Wholesale

Club

Holdings,

Inc

215

959

Casey's

General

Stores,

Inc

234

776

*

Chefs'

Warehouse

Holdings,

Inc

28

11,872

Costco

Wholesale

Corp

6,392

5,871

Dollar

General

Corp

997

5,616

*

Dollar

Tree,

Inc

806

2,474

*

Grocery

Outlet

Holding

Corp

76

1,600

*

HF

Foods

Group

Inc

7

202

Ingles

Markets,

Inc

(Class

A)

17

17,308

Kroger

Co

813

345

Natural

Grocers

by

Vitamin

C

4

4,036

*

Performance

Food

Group

Co

243

820

Pricesmart,

Inc

61

957

SpartanNash

Co

22

3,412

*

Sprouts

Farmers

Market,

Inc

125

13,771

SYSCO

Corp

1,022

12,483

Target

Corp

1,647

1,636

*

United

Natural

Foods,

Inc

32

5,895

*

US

Foods

Holding

Corp

259

292

Village

Super

Market

(Class

A)

7

19,177

Walgreens

Boots

Alliance,

Inc

546

38,121

Walmart,

Inc

5,992

313

Weis

Markets,

Inc

20

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

19,858

ENERGY

-

4.1%

394

Altus

Midstream

Co

14

1,272

*

Amplify

Energy

Corp

9

8,958

Antero

Midstream

Corp

104

8,344

*

Antero

Resources

Corp

192

8,992

APA

Corp

307

402

Arch

Resources,

Inc

45

3,123

Archrock,

Inc

32

2,830

Ardmore

Shipping

Corp

35

27,114

Baker

Hughes

Co

857

1,669

Berry

Petroleum

Co

LLC

11

Stock

Index

Account

June

30,

2023

22

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,978

Bonanza

Creek

Energy,

Inc

$

137

3,778

*

Borr

Drilling

Ltd

28

510

*

Bristow

Group,

Inc

15

20,267

Cabot

Oil

&

Gas

Corp

513

1,403

Cactus,

Inc

59

2,028

California

Resources

Corp

92

1,625

*

Callon

Petroleum

Co

57

230

*

Centrus

Energy

Corp

8

5,414

ChampionX

Corp

168

6,494

Cheniere

Energy,

Inc

989

3,194

Chesapeake

Energy

Corp

267

46,323

Chevron

Corp

7,289

4,074

*

Clean

Energy

Fuels

Corp

20

3,718

*

CNX

Resources

Corp

66

2,351

e

Comstock

Resources

Inc

27

32,493

ConocoPhillips

3,367

912

CONSOL

Energy,

Inc

62

1,244

Core

Laboratories,

Inc

29

3,162

Crescent

Energy,

Inc

33

875

CVR

Energy,

Inc

26

1,765

Delek

US

Holdings,

Inc

42

1,115

*

Denbury,

Inc

96

17,159

Devon

Energy

Corp

829

3,794

DHT

Holdings,

Inc

32

3,680

*

Diamond

Offshore

Drilling,

Inc

52

4,977

Diamondback

Energy,

Inc

654

535

*

DMC

Global,

Inc

10

1,083

Dorian

LPG

Ltd

28

1,195

*

Dril-Quip,

Inc

28

2,182

DT

Midstream,

Inc

108

1,219

*

Earthstone

Energy,

Inc

17

2,539

*

Empire

Petroleum

Corp

23

4,018

*,e

Energy

Fuels,

Inc

25

15,740

EOG

Resources,

Inc

1,801

9,648

EQT

Corp

397

12,086

Equitrans

Midstream

Corp

116

3,165

Evolution

Petroleum

Corp

26

428

Excelerate

Energy,

Inc

9

108,811

Exxon

Mobil

Corp

11,670

691

FLEX

LNG

Ltd

21

981

*

Forum

Energy

Technologies,

Inc

25

1,917

*

Frank's

International

NV

34

24,078

*,e

Gevo,

Inc

37

2,739

Golar

LNG

Ltd

55

1,490

*

Green

Plains

Inc

48

278

*

Gulfport

Energy

Operating

Corp

29

24,053

Halliburton

Co

794

5,378

*

Helix

Energy

Solutions

Group,

Inc

40

2,660

Helmerich

&

Payne,

Inc

94

7,450

Hess

Corp

1,013

3,473

HF

Sinclair

Corp

155

1,167

International

Seaways,

Inc

45

52,033

Kinder

Morgan,

Inc

896

2,822

*

KLX

Energy

Services

Holdings,

Inc

27

12,210

*

Kosmos

Energy

Ltd

73

458

*

Laredo

Petroleum,

Inc

21

4,445

Liberty

Oilfield

Services,

Inc

59

4,177

Magnolia

Oil

&

Gas

Corp

87

16,639

Marathon

Oil

Corp

383

11,820

Marathon

Petroleum

Corp

1,378

2,911

Matador

Resources

Co

152

3,745

Murphy

Oil

Corp

143

23

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

238

*

Nabors

Industries

Ltd

$

22

726

Nacco

Industries,

Inc

(Class

A)

25

1,311

New

Fortress

Energy,

Inc

35

3,366

*

Newpark

Resources,

Inc

18

5,106

*

NexTier

Oilfield

Solutions,

Inc

46

2,852

*

Noble

Corp

plc

118

10,628

Nordic

American

Tankers

Ltd

39

1,684

Northern

Oil

and

Gas,

Inc

58

10,664

NOV,

Inc

171

1,043

Oasis

Petroleum,

Inc

160

18,682

Occidental

Petroleum

Corp

1,099

2,352

*

Oceaneering

International,

Inc

44

2,073

*

Oil

States

International,

Inc

15

12,205

ONEOK,

Inc

753

6,170

Ovintiv,

Inc

235

1,291

*

Par

Pacific

Holdings,

Inc

34

5,742

Patterson-UTI

Energy,

Inc

69

2,663

PBF

Energy,

Inc

109

1,983

PDC

Energy,

Inc

141

3,255

Peabody

Energy

Corp

71

5,026

Permian

Resources

Corp

55

12,339

Phillips

66

1,177

6,234

Pioneer

Natural

Resources

Co

1,292

260

*

PrimeEnergy

Corp

24

2,609

*

ProPetro

Holding

Corp

22

5,850

Range

Resources

Corp

172

702

*

Rex

American

Resources

Corp

24

257

Riley

Exploration

Permian,

Inc

9

2,001

*

Ring

Energy,

Inc

3

2,256

RPC,

Inc

16

792

SandRidge

Energy,

Inc

12

38,169

Schlumberger

Ltd

1,875

1,542

Scorpio

Tankers,

Inc

73

2,348

*

SEACOR

Marine

Holdings,

Inc

27

1,338

*

Seadrill

Ltd

55

1,587

Select

Energy

Services,

Inc

13

2,365

SFL

Corp

Ltd

22

258

*,e

SilverBow

Resources,

Inc

8

2,011

Sitio

Royalties

Corp

53

2,674

SM

Energy

Co

85

886

Solaris

Oilfield

Infrastructure,

Inc

7

26,298

*

Southwestern

Energy

Co

158

1,668

*

Talos

Energy,

Inc

23

6,202

Targa

Resources

Investments,

Inc

472

11,745

*

TechnipFMC

plc

195

560

Teekay

Tankers

Ltd

21

14,573

*,e

Tellurian,

Inc

21

3,440

*

Tetra

Technologies,

Inc

12

152

Texas

Pacific

Land

Corp

200

1,174

*

Tidewater,

Inc

65

7,605

*,e

Uranium

Energy

Corp

26

1,949

*

US

Silica

Holdings,

Inc

24

1,428

Vaalco

Energy,

Inc

5

1,772

*

Valaris

Ltd

112

9,652

Valero

Energy

Corp

1,132

1,548

*

Vertex

Energy,

Inc

10

758

Vitesse

Energy,

Inc

17

3,587

*

W&T

Offshore,

Inc

14

1,897

*

Weatherford

International

Ltd

126

32,607

Williams

Cos,

Inc

1,064

Stock

Index

Account

June

30,

2023

24

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,789

World

Fuel

Services

Corp

$

37

TOTAL

ENERGY

48,450

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.8%

1,964

Acadia

Realty

Trust

28

2,147

Agree

Realty

Corp

140

1,433

Alexander

&

Baldwin,

Inc

27

113

Alexander's,

Inc

21

4,560

Alexandria

Real

Estate

Equities,

Inc

518

1,558

Alpine

Income

Property

Trust,

Inc

25

1,425

American

Assets

Trust,

Inc

27

3,752

American

Finance

Trust,

Inc

25

8,855

American

Homes

4

Rent

314

12,574

American

Tower

Corp

2,439

7,241

Americold

Realty

Trust

234

4,413

Apartment

Income

REIT

Corp

159

1,091

Apartment

Investment

and

Management

Co

9

4,526

Apple

Hospitality

REIT,

Inc

68

1,658

Armada

Hoffler

Properties,

Inc

19

3,741

AvalonBay

Communities,

Inc

708

4,442

Boston

Properties,

Inc

256

1,188

BraeMar

Hotels

&

Resorts,

Inc

5

3,704

Brandywine

Realty

Trust

17

7,811

Brixmor

Property

Group,

Inc

172

4,091

Broadstone

Net

Lease,

Inc

63

552

Brt

Realty

Trust

11

2,780

Camden

Property

Trust

303

3,202

CareTrust

REIT,

Inc

64

1,043

e

CBL

&

Associates

Properties,

Inc

23

460

Centerspace

28

1,449

Chatham

Lodging

Trust

14

1,087

City

Office

REIT,

Inc

6

544

Clipper

Realty,

Inc

3

753

Community

Healthcare

Trust,

Inc

25

2,602

Corporate

Office

Properties

Trust

62

4,434

Cousins

Properties,

Inc

101

11,588

Crown

Castle

International

Corp

1,320

588

e

CTO

Realty

Growth,

Inc

10

5,793

CubeSmart

259

7,193

DiamondRock

Hospitality

Co

58

7,984

Digital

Realty

Trust,

Inc

909

7,300

Diversified

Healthcare

Trust

16

4,303

e

Douglas

Emmett,

Inc

54

1,724

e

Easterly

Government

Properties,

Inc

25

1,084

EastGroup

Properties,

Inc

188

3,522

e

Empire

State

Realty

Trust,

Inc

26

1,978

EPR

Properties

93

2,496

Equinix,

Inc

1,957

2,060

Equity

Commonwealth

42

4,754

Equity

Lifestyle

Properties,

Inc

318

9,985

Equity

Residential

659

3,224

Essential

Properties

Realty

Trust,

Inc

76

1,709

Essex

Property

Trust,

Inc

400

3,565

Extra

Space

Storage,

Inc

531

967

e

Farmland

Partners,

Inc

12

2,191

Federal

Realty

Investment

Trust

212

3,737

First

Industrial

Realty

Trust,

Inc

197

1,561

Four

Corners

Property

Trust,

Inc

40

6,257

Gaming

and

Leisure

Properties,

Inc

303

1,064

Getty

Realty

Corp

36

881

e

Gladstone

Commercial

Corp

11

815

e

Gladstone

Land

Corp

13

25

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,479

Global

Medical

REIT,

Inc

$

14

2,475

Global

Net

Lease,

Inc

25

10,202

Healthcare

Realty

Trust,

Inc

192

15,467

Healthpeak

Properties

Inc

311

1,493

Hersha

Hospitality

Trust

9

2,907

Highwoods

Properties,

Inc

70

19,934

Host

Hotels

and

Resorts,

Inc

335

3,600

Hudson

Pacific

Properties

15

5,802

Independence

Realty

Trust,

Inc

106

821

Innovative

Industrial

Properties,

Inc

60

1,587

InvenTrust

Properties

Corp

37

16,360

Invitation

Homes,

Inc

563

7,507

Iron

Mountain,

Inc

427

830

e

iStar,

Inc

20

3,149

JBG

SMITH

Properties

47

3,530

Kilroy

Realty

Corp

106

16,724

Kimco

Realty

Corp

330

6,010

Kite

Realty

Group

Trust

134

2,210

Lamar

Advertising

Co

219

7,690

Lexington

Realty

Trust

75

2,202

Life

Storage,

Inc

293

838

LTC

Properties,

Inc

28

6,081

Macerich

Co

69

3,269

*

Mack-Cali

Realty

Corp

52

15,881

e

Medical

Properties

Trust,

Inc

147

3,069

Mid-America

Apartment

Communities,

Inc

466

1,067

National

Health

Investors,

Inc

56

4,655

National

Retail

Properties,

Inc

199

2,085

National

Storage

Affiliates

Trust

73

1,788

NETSTREIT

Corp

32

662

NexPoint

Residential

Trust,

Inc

30

1,207

Office

Properties

Income

Trust

9

6,327

Omega

Healthcare

Investors,

Inc

194

574

One

Liberty

Properties,

Inc

12

1,597

Orion

Office

REIT,

Inc

11

2,970

Outfront

Media,

Inc

47

4,579

Paramount

Group,

Inc

20

4,924

Park

Hotels

&

Resorts,

Inc

63

738

e

Peakstone

Realty

Trust

21

4,334

Pebblebrook

Hotel

Trust

60

2,989

Phillips

Edison

&

Co,

Inc

102

5,940

Physicians

Realty

Trust

83

3,343

Piedmont

Office

Realty

Trust,

Inc

24

628

Plymouth

Industrial

REIT,

Inc

14

1,831

PotlatchDeltic

Corp

97

24,745

Prologis,

Inc

3,034

4,195

Public

Storage,

Inc

1,224

3,743

Rayonier,

Inc

118

17,697

Realty

Income

Corp

1,058

4,776

Regency

Centers

Corp

295

4,204

Retail

Opportunities

Investment

Corp

57

5,133

Rexford

Industrial

Realty,

Inc

268

2,146

RLJ

Lodging

Trust

22

1,611

RPT

Realty

17

1,525

Ryman

Hospitality

Properties

142

4,837

Sabra

Healthcare

REIT,

Inc

57

392

Saul

Centers,

Inc

14

2,878

SBA

Communications

Corp

667

4,376

Service

Properties

Trust

38

8,687

Simon

Property

Group,

Inc

1,003

6,051

SITE

Centers

Corp

80

1,278

e

SL

Green

Realty

Corp

38

Stock

Index

Account

June

30,

2023

26

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,189

Spirit

Realty

Capital,

Inc

$

126

4,481

STAG

Industrial,

Inc

161

3,928

Summit

Hotel

Properties,

Inc

26

3,196

Sun

Communities,

Inc

417

7,507

Sunstone

Hotel

Investors,

Inc

76

2,916

Tanger

Factory

Outlet

Centers,

Inc

64

1,821

Terreno

Realty

Corp

109

8,781

UDR,

Inc

377

994

UMH

Properties,

Inc

16

3,786

Uniti

Group,

Inc

18

294

Universal

Health

Realty

Income

Trust

14

3,855

Urban

Edge

Properties

59

1,188

Urstadt

Biddle

Properties,

Inc

(Class

A)

25

10,695

Ventas,

Inc

506

27,146

d

VICI

Properties,

Inc

853

4,805

Vornado

Realty

Trust

87

2,363

Washington

REIT

39

13,304

d

Welltower,

Inc

1,076

18,821

Weyerhaeuser

Co

631

1,293

Whitestone

REIT

13

5,527

WP

Carey,

Inc

373

3,934

Xenia

Hotels

&

Resorts,

Inc

48

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

32,222

FINANCIAL

SERVICES

-

7.5%

974

Affiliated

Managers

Group,

Inc

146

4,905

*

Affirm

Holdings,

Inc

75

13,354

AGNC

Investment

Corp

135

315

Alerus

Financial

Corp

6

7,253

Ally

Financial,

Inc

196

406

A-Mark

Precious

Metals,

Inc

15

15,932

American

Express

Co

2,775

2,815

Ameriprise

Financial,

Inc

935

12,637

Annaly

Capital

Management,

Inc

253

3,041

Apollo

Commercial

Real

Estate

Finance,

Inc

34

13,965

Apollo

Global

Management,

Inc

1,073

3,729

e

Arbor

Realty

Trust,

Inc

55

1,014

e

Ares

Commercial

Real

Estate

Corp

10

4,393

Ares

Management

Corp

423

2,063

e

ARMOUR

Residential

REIT,

Inc

11

1,731

Artisan

Partners

Asset

Management,

Inc

68

802

*

Assetmark

Financial

Holdings,

Inc

24

3,908

*

AvidXchange

Holdings,

Inc

41

603

B.

Riley

Financial,

Inc

28

1,284

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

28

21,129

Bank

of

New

York

Mellon

Corp

941

49,050

*

Berkshire

Hathaway,

Inc

(Class

B)

16,726

8,951

BGC

Partners,

Inc

(Class

A)

40

3,970

BlackRock,

Inc

2,744

4,265

e

Blackstone

Mortgage

Trust,

Inc

89

18,912

Blackstone,

Inc

1,758

14,547

*

Block,

Inc

968

1,242

*

Blucora,

Inc

28

11,576

Blue

Owl

Capital,

Inc

135

1,461

Bread

Financial

Holdings,

Inc

46

1,604

Brightsphere

Investment

Group,

Inc

34

3,033

BrightSpire

Capital,

Inc

20

2,523

*

Cannae

Holdings,

Inc

51

1,535

*

Cantaloupe,

Inc

12

10,078

Capital

One

Financial

Corp

1,102

5,682

Carlyle

Group,

Inc

182

576

Cass

Information

Systems,

Inc

22

27

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,743

CBOE

Global

Markets,

Inc

$

379

39,710

Charles

Schwab

Corp

2,251

5,843

e

Chimera

Investment

Corp

34

2,359

Claros

Mortgage

Trust,

Inc

27

9,560

CME

Group,

Inc

1,771

853

Cohen

&

Steers,

Inc

49

4,422

*,e

Coinbase

Global,

Inc

316

1,463

e

Compass

Diversified

Trust

32

1,399

Corebridge

Financial,

Inc

25

199

*

Credit

Acceptance

Corp

101

118

Diamond

Hill

Investment

Group,

Inc

20

6,785

Discover

Financial

Services

793

1,075

*

Donnelley

Financial

Solutions,

Inc

49

620

Dynex

Capital,

Inc

8

1,030

e

Ellington

Financial

Inc

14

218

Enact

Holdings,

Inc

5

553

*

Encore

Capital

Group,

Inc

27

1,226

*

Enova

International,

Inc

65

9,797

Equitable

Holdings,

Inc

266

2,494

Essent

Group

Ltd

117

1,402

*

Euronet

Worldwide,

Inc

165

904

Evercore

Inc

112

1,923

EVERTEC,

Inc

71

993

Factset

Research

Systems,

Inc

398

120

Federal

Agricultural

Mortgage

Corp

(FAMC)

17

15,849

Fidelity

National

Information

Services,

Inc

867

848

FirstCash

Holdings,

Inc

79

16,460

*

Fiserv,

Inc

2,076

1,833

*

FleetCor

Technologies,

Inc

460

2,549

*

Flywire

Corp

79

1,366

*

Focus

Financial

Partners,

Inc

72

12,020

*

Forge

Global

Holdings,

Inc

29

2,037

e

Franklin

BSP

Realty

Trust,

Inc

29

8,239

Franklin

Resources,

Inc

220

559

GCM

Grosvenor,

Inc

4

6,876

Global

Payments,

Inc

677

8,648

Goldman

Sachs

Group,

Inc

2,789

1,667

Granite

Point

Mortgage

Trust,

Inc

9

1,775

*

Green

Dot

Corp

33

904

Hamilton

Lane,

Inc

72

2,171

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

54

1,371

Houlihan

Lokey,

Inc

135

351

*

I3

Verticals,

Inc

8

2,433

Interactive

Brokers

Group,

Inc

(Class

A)

202

14,891

Intercontinental

Exchange

Group,

Inc

1,684

677

*

International

Money

Express

Inc

17

10,471

Invesco

Ltd

176

645

e

Invesco

Mortgage

Capital,

Inc

7

2,050

Jack

Henry

&

Associates,

Inc

343

2,026

Jackson

Financial,

Inc

62

4,371

Janus

Henderson

Group

plc

119

5,504

Jefferies

Financial

Group,

Inc

183

17,291

KKR

&

Co,

Inc

968

933

KKR

Real

Estate

Finance

Trust,

Inc

11

2,645

Ladder

Capital

Corp

29

2,463

Lazard

Ltd

(Class

A)

79

2,865

*

LendingClub

Corp

28

334

*

LendingTree,

Inc

7

2,200

LPL

Financial

Holdings,

Inc

478

965

MarketAxess

Holdings,

Inc

252

11,987

*

Marqeta,

Inc

58

22,473

Mastercard,

Inc

(Class

A)

8,839

Stock

Index

Account

June

30,

2023

28

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

77

Merchants

Bancorp

$

2

2,348

MFA

Financial,

Inc

26

7,150

MGIC

Investment

Corp

113

1,603

Moelis

&

Co

73

4,270

Moody's

Corp

1,485

32,222

Morgan

Stanley

2,752

671

Morningstar,

Inc

132

1,830

*

Mr

Cooper

Group,

Inc

93

2,058

MSCI,

Inc

(Class

A)

966

9,273

Nasdaq

Inc

462

2,696

Navient

Corp

50

249

Nelnet,

Inc

(Class

A)

24

619

*

NerdWallet,

Inc

6

11,204

New

Residential

Investment

Corp

105

2,274

New

York

Mortgage

Trust,

Inc

23

2,265

*

NMI

Holdings,

Inc

58

5,699

Northern

Trust

Corp

423

2,990

OneMain

Holdings,

Inc

131

3,011

*

Open

Lending

Corp

32

651

e

Orchid

Island

Capital,

Inc

7

1,141

P10,

Inc

13

5,269

*

Pagseguro

Digital

Ltd

50

1,422

Patria

Investments

Ltd

20

5,249

*

Payoneer

Global,

Inc

25

30,084

*

PayPal

Holdings,

Inc

2,007

1,007

*

Paysafe

Ltd

10

750

PennyMac

Financial

Services,

Inc

53

2,603

PennyMac

Mortgage

Investment

Trust

35

745

Perella

Weinberg

Partners

6

553

Piper

Jaffray

Cos

71

727

PJT

Partners,

Inc

51

684

*

PRA

Group,

Inc

16

1,741

*

PROG

Holdings,

Inc

56

4,226

Radian

Group,

Inc

107

5,107

Raymond

James

Financial,

Inc

530

3,562

e

Ready

Capital

Corp

40

2,761

Redwood

Trust,

Inc

18

383

Regional

Management

Corp

12

2,206

*

Remitly

Global,

Inc

42

2,014

*

Repay

Holdings

Corp

16

15,885

*

Robinhood

Markets,

Inc

159

3,914

*

Rocket

Cos,

Inc

35

8,593

S&P

Global,

Inc

3,445

551

Sculptor

Capital

Management,

Inc

5

2,653

SEI

Investments

Co

158

1,262

*

Shift4

Payments,

Inc

86

6,060

SLM

Corp

99

22,427

*

SoFi

Technologies,

Inc

187

235

*

Star

Holdings

3

7,310

e

Starwood

Property

Trust,

Inc

142

8,934

State

Street

Corp

654

1,257

StepStone

Group,

Inc

31

2,962

Stifel

Financial

Corp

177

7,953

*

StoneCo

Ltd

101

601

*

StoneX

Group,

Inc

50

11,597

Synchrony

Financial

393

5,904

T

Rowe

Price

Group,

Inc

661

2,205

TFS

Financial

Corp

28

9,479

*

Toast,

Inc

214

1,884

TPG

RE

Finance

Trust,

Inc

14

1,717

TPG,

Inc

50

2,955

Tradeweb

Markets,

Inc

202

29

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,103

Two

Harbors

Investment

Corp

$

29

2,095

*,e

Upstart

Holdings,

Inc

75

2,181

e

UWM

Holdings

Corp

12

711

Victory

Capital

Holdings,

Inc

22

2,593

Virtu

Financial,

Inc

44

255

Virtus

Investment

Partners,

Inc

50

43,381

Visa,

Inc

(Class

A)

10,302

2,651

Voya

Financial,

Inc

190

771

Walker

&

Dunlop,

Inc

61

1,032

Waterstone

Financial,

Inc

15

8,485

Western

Union

Co

100

1,129

*

WEX,

Inc

206

4,611

WisdomTree

Investments,

Inc

32

160

*

World

Acceptance

Corp

21

8,888

*

XP,

Inc

208

TOTAL

FINANCIAL

SERVICES

87,977

FOOD,

BEVERAGE

&

TOBACCO

-

3.0%

47,827

Altria

Group,

Inc

2,167

14,525

Archer-Daniels-Midland

Co

1,098

1,674

B&G

Foods,

Inc

(Class

A)

23

4,728

*,e

Benson

Hill,

Inc

6

1,699

*,e

Beyond

Meat,

Inc

22

285

*

Boston

Beer

Co,

Inc

(Class

A)

88

1,291

Brown-Forman

Corp

(Class

A)

88

4,794

Brown-Forman

Corp

(Class

B)

320

3,814

Bunge

Ltd

360

583

Calavo

Growers,

Inc

17

700

Cal-Maine

Foods,

Inc

32

5,433

Campbell

Soup

Co

248

1,529

*

Celsius

Holdings,

Inc

228

104,358

Coca-Cola

Co

6,284

126

Coca-Cola

Consolidated

Inc

80

13,074

ConAgra

Brands,

Inc

441

4,029

Constellation

Brands,

Inc

(Class

A)

992

4,594

*

Darling

International,

Inc

293

1,898

Dole

plc

26

705

*

Duckhorn

Portfolio,

Inc

9

5,653

Flowers

Foods,

Inc

141

1,151

Fresh

Del

Monte

Produce,

Inc

30

1,239

*

Freshpet,

Inc

82

15,871

General

Mills,

Inc

1,217

2,641

*

Hain

Celestial

Group,

Inc

33

3,903

Hershey

Co

975

7,844

Hormel

Foods

Corp

315

3,112

*

Hostess

Brands,

Inc

79

1,536

Ingredion,

Inc

163

530

J&J

Snack

Foods

Corp

84

2,640

J.M.

Smucker

Co

390

368

John

B.

Sanfilippo

&

Son,

Inc

43

6,867

Kellogg

Co

463

25,520

Keurig

Dr

Pepper,

Inc

798

21,459

Kraft

Heinz

Co

762

3,732

Lamb

Weston

Holdings,

Inc

429

566

Lancaster

Colony

Corp

114

6,567

McCormick

&

Co,

Inc

573

476

MGP

Ingredients,

Inc

51

684

*

Mission

Produce,

Inc

8

4,604

Molson

Coors

Brewing

Co

(Class

B)

303

36,403

Mondelez

International,

Inc

2,655

19,710

*

Monster

Beverage

Corp

1,132

607

*

National

Beverage

Corp

29

Stock

Index

Account

June

30,

2023

30

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

36,902

PepsiCo,

Inc

$

6,835

41,744

Philip

Morris

International,

Inc

4,075

1,486

*

Pilgrim's

Pride

Corp

32

1,410

*

Post

Holdings,

Inc

122

4,873

Primo

Water

Corp

61

8

Seaboard

Corp

29

226

*

Seneca

Foods

Corp

7

2,221

*

Simply

Good

Foods

Co

81

537

*

Sovos

Brands,

Inc

11

2,448

*

SunOpta,

Inc

16

1,691

*

TreeHouse

Foods,

Inc

85

310

Turning

Point

Brands,

Inc

7

7,401

Tyson

Foods,

Inc

(Class

A)

378

627

Universal

Corp

31

1,426

Utz

Brands,

Inc

23

4,010

Vector

Group

Ltd

51

630

*

Vita

Coco

Co,

Inc

17

689

*

Vital

Farms,

Inc

8

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

35,560

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.6%

46,365

Abbott

Laboratories

5,055

2,626

*

Acadia

Healthcare

Co,

Inc

209

1,487

*

Accolade,

Inc

20

2,296

*

AdaptHealth

Corp

28

409

*

Addus

HomeCare

Corp

38

462

*,e

Agiliti,

Inc

8

7,389

*,e

agilon

health,

Inc

128

2,046

*

Align

Technology,

Inc

724

2,083

*

Alignment

Healthcare,

Inc

12

2,755

*

Allscripts

Healthcare

Solutions,

Inc

35

2,458

*

Alphatec

Holdings

Inc

44

872

*

Amedisys,

Inc

80

5,730

*

American

Well

Corp

12

4,259

AmerisourceBergen

Corp

820

1,306

*

AMN

Healthcare

Services,

Inc

142

1,310

*

Angiodynamics,

Inc

14

1,046

*

Apollo

Medical

Holdings,

Inc

33

1,229

*

AtriCure,

Inc

61

40

Atrion

Corp

23

1,650

*

Avanos

Medical,

Inc

42

17,812

*

Aveanna

Healthcare

Holdings,

Inc

30

1,009

*

AxoGen,

Inc

9

1,185

*

Axonics

Modulation

Technologies,

Inc

60

13,541

Baxter

International,

Inc

617

7,555

Becton

Dickinson

&

Co

1,995

38,440

*

Boston

Scientific

Corp

2,079

6,211

*

Brookdale

Senior

Living,

Inc

26

4,980

*,e

Butterfly

Network,

Inc

11

6,787

Cardinal

Health,

Inc

642

627

*

Castle

Biosciences,

Inc

9

14,763

*

Centene

Corp

996

3,092

*

Certara,

Inc

56

4,212

*

Cerus

Corp

10

365

Chemed

Corp

198

7,823

Cigna

Corp

2,195

481

*

Computer

Programs

&

Systems,

Inc

12

671

Conmed

Corp

91

1,318

Cooper

Cos,

Inc

505

137

*

Corvel

Corp

26

1,273

*

Cross

Country

Healthcare,

Inc

36

1,250

*

CryoLife,

Inc

21

31

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

593

*,e

Cutera,

Inc

$

9

34,332

CVS

Health

Corp

2,373

1,340

*

DaVita,

Inc

135

792

*,e

Definitive

Healthcare

Corp

9

5,191

Dentsply

Sirona,

Inc

208

10,406

*

Dexcom,

Inc

1,337

2,001

*

DocGo,

Inc

19

2,649

*

Doximity,

Inc

90

16,124

*

Edwards

Lifesciences

Corp

1,521

6,350

Elevance

Health,

Inc

2,821

1,639

Embecta

Corp

35

2,399

Encompass

Health

Corp

162

1,534

*

Enhabit,

Inc

18

1,154

*

Enovis

Corp

74

1,488

Ensign

Group,

Inc

142

3,894

*

Envista

Holdings

Corp

132

2,165

*

Evolent

Health,

Inc

66

3,412

*

Figs,

Inc

28

604

*

Fulgent

Genetics,

Inc

22

10,436

GE

HealthCare

Technologies,

Inc

848

1,276

*

Glaukos

Corp

91

2,038

*

Globus

Medical,

Inc

121

2,679

*

Guardant

Health,

Inc

96

1,374

*

Haemonetics

Corp

117

5,479

HCA

Healthcare,

Inc

1,663

1,262

*

Health

Catalyst,

Inc

16

2,384

*

HealthEquity,

Inc

151

1,071

HealthStream,

Inc

26

3,559

*

Henry

Schein,

Inc

289

3,283

*

Hims

&

Hers

Health,

Inc

31

6,341

*

Hologic,

Inc

513

3,371

Humana,

Inc

1,507

588

*

ICU

Medical,

Inc

105

2,238

*

IDEXX

Laboratories,

Inc

1,124

1,298

*

Inari

Medical,

Inc

75

2,055

*

Inmode

Ltd

77

316

*

Innovage

Holding

Corp

2

672

*

Inogen,

Inc

8

734

*

Inspire

Medical

Systems,

Inc

238

1,892

*

Insulet

Corp

546

935

*

Integer

Holding

Corp

83

1,812

*

Integra

LifeSciences

Holdings

Corp

75

9,355

*

Intuitive

Surgical,

Inc

3,199

818

*

iRhythm

Technologies,

Inc

85

390

*

Joint

Corp

5

2,432

Laboratory

Corp

of

America

Holdings

587

1,899

*

Lantheus

Holdings,

Inc

159

562

LeMaitre

Vascular,

Inc

38

1,759

*

LifeStance

Health

Group,

Inc

16

1,549

*

LivaNova

plc

80

1,202

*

Masimo

Corp

198

3,707

McKesson

Corp

1,584

1,877

*

MEDNAX,

Inc

27

35,579

Medtronic

plc

3,134

1,508

*

Merit

Medical

Systems,

Inc

126

126

Mesa

Laboratories,

Inc

16

426

*

ModivCare,

Inc

19

1,532

*

Molina

Healthcare,

Inc

461

1,138

*,e

Nano-X

Imaging

Ltd

18

212

National

Healthcare

Corp

13

357

National

Research

Corp

16

5,732

*

Neogen

Corp

125

Stock

Index

Account

June

30,

2023

32

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,250

*

NeoGenomics,

Inc

$

52

1,074

*

Nevro

Corp

27

1,960

*

NextGen

Healthcare,

Inc

32

2,637

*

Novocure

Ltd

109

1,307

*

NuVasive,

Inc

54

1,291

*

Omnicell,

Inc

95

13,300

*

Opko

Health,

Inc

29

578

*

OptimizeRx

Corp

8

3,932

*

Option

Care

Health,

Inc

128

2,181

*

OraSure

Technologies,

Inc

11

945

*

Orthofix

Medical

Inc

17

357

*

OrthoPediatrics

Corp

16

1,325

*

Outset

Medical,

Inc

29

2,217

*

Owens

&

Minor,

Inc

42

5,953

*

P3

Health

Partners,

Inc

18

1,177

*

Paragon

28,

Inc

21

1,971

Patterson

Cos,

Inc

66

942

*

Pennant

Group,

Inc

12

1,020

*

Penumbra,

Inc

351

619

*

PetIQ,

Inc

9

1,246

*

Phreesia,

Inc

39

2,266

Premier,

Inc

63

1,116

*

Privia

Health

Group,

Inc

29

670

*

PROCEPT

BioRobotics

Corp

24

1,851

*

Progyny,

Inc

73

3,887

*

Project

Roadrunner

Parent,

Inc

72

711

*

Pulmonx

Corp

9

4,112

*

Pulse

Biosciences,

Inc

30

2,885

Quest

Diagnostics,

Inc

405

1,394

*

QuidelOrtho

Corp

115

1,510

*

RadNet,

Inc

49

3,849

Resmed,

Inc

841

558

*

RxSight,

Inc

16

1,342

*

Schrodinger,

Inc

67

3,129

Select

Medical

Holdings

Corp

100

8,181

*

Sharecare,

Inc

14

996

*

Shockwave

Medical

Inc

284

815

*

SI-BONE,

Inc

22

775

*

Sight

Sciences,

Inc

6

987

*

Silk

Road

Medical

Inc

32

414

Simulations

Plus,

Inc

18

1,339

*

Staar

Surgical

Co

70

2,725

STERIS

plc

613

9,515

Stryker

Corp

2,903

1,791

*

Surgery

Partners,

Inc

81

516

*

SurModics,

Inc

16

468

*

Tactile

Systems

Technology,

Inc

12

1,948

*

Tandem

Diabetes

Care,

Inc

48

4,752

*

Teladoc,

Inc

120

1,270

Teleflex,

Inc

307

2,691

*

Tenet

Healthcare

Corp

219

604

*

Transmedics

Group,

Inc

51

803

*

Treace

Medical

Concepts,

Inc

21

226

*

UFP

Technologies,

Inc

44

24,906

UnitedHealth

Group,

Inc

11,971

1,745

Universal

Health

Services,

Inc

(Class

B)

275

468

US

Physical

Therapy,

Inc

57

149

Utah

Medical

Products,

Inc

14

1,492

*

Varex

Imaging

Corp

35

3,877

*

Veeva

Systems,

Inc

767

5,433

*

VG

Acquisition

Corp

9

1,334

*

Vicarious

Surgical,

Inc

2

33

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,498

Zimmer

Biomet

Holdings,

Inc

$

800

2,080

*

Zimvie,

Inc

23

1,048

*,e

Zynex

Inc

10

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

65,963

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.4%

2,708

*,e

Beauty

Health

Co

23

3,638

*

BellRing

Brands,

Inc

133

400

*

Central

Garden

&

Pet

Co

15

1,366

*

Central

Garden

and

Pet

Co

(Class

A)

50

6,646

Church

&

Dwight

Co,

Inc

666

3,351

Clorox

Co

533

22,002

Colgate-Palmolive

Co

1,695

9,161

*

Coty,

Inc

113

1,561

Edgewell

Personal

Care

Co

64

1,333

*

elf

Beauty,

Inc

152

2,086

Energizer

Holdings,

Inc

70

6,239

Estee

Lauder

Cos

(Class

A)

1,225

2,976

*

Herbalife

Nutrition

Ltd

39

625

Inter

Parfums,

Inc

85

8,919

Kimberly-Clark

Corp

1,231

366

Medifast,

Inc

34

537

*

Nature's

Sunshine

Products,

Inc

7

1,594

Nu

Skin

Enterprises,

Inc

(Class

A)

53

3,350

*

Olaplex

Holdings,

Inc

12

63,062

Procter

&

Gamble

Co

9,569

1,260

Reynolds

Consumer

Products,

Inc

36

1,088

Spectrum

Brands

Holdings,

Inc

85

426

*

USANA

Health

Sciences,

Inc

27

443

WD-40

Co

84

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

16,001

INSURANCE

-

2.1%

16,114

Aflac,

Inc

1,125

7,026

Allstate

Corp

766

1,747

*

AMBAC

Financial

Group,

Inc

25

1,719

American

Equity

Investment

Life

Holding

Co

90

1,947

American

Financial

Group,

Inc

231

19,651

American

International

Group,

Inc

1,131

751

Amerisafe,

Inc

40

5,446

Aon

plc

1,880

9,860

*

Arch

Capital

Group

Ltd

738

1,084

Argo

Group

International

Holdings

Ltd

32

5,662

Arthur

J.

Gallagher

&

Co

1,243

1,574

Assurant,

Inc

198

1,075

Assured

Guaranty

Ltd

60

2,014

Axis

Capital

Holdings

Ltd

108

1,542

*

Brighthouse

Financial,

Inc

73

6,379

Brown

&

Brown,

Inc

439

1,510

*

BRP

Group,

Inc

37

11,054

Chubb

Ltd

2,129

4,237

Cincinnati

Financial

Corp

412

864

CNA

Financial

Corp

33

2,368

Conseco,

Inc

56

406

Donegal

Group,

Inc

(Class

A)

6

746

*

eHealth,

Inc

6

1,061

Employers

Holdings,

Inc

40

317

*

Enstar

Group

Ltd

77

1,128

Everest

Re

Group

Ltd

386

496

F&G

Annuities

&

Life,

Inc

12

6,359

Fidelity

National

Financial

Inc

229

2,961

First

American

Financial

Corp

169

Stock

Index

Account

June

30,

2023

34

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,101

*

Genworth

Financial,

Inc

(Class

A)

$

45

2,420

Globe

Life,

Inc

265

1,239

*

GoHealth,

Inc

24

512

*

Goosehead

Insurance,

Inc

32

621

*

Greenlight

Capital

Re

Ltd

(Class

A)

7

923

Hanover

Insurance

Group,

Inc

104

8,456

Hartford

Financial

Services

Group,

Inc

609

290

e

HCI

Group,

Inc

18

348

*,e

Hippo

Holdings,

Inc

6

530

Horace

Mann

Educators

Corp

16

62

Investors

Title

Co

9

865

James

River

Group

Holdings

Ltd

16

1,556

Kemper

Corp

75

544

Kinsale

Capital

Group,

Inc

204

1,146

*

Lemonade,

Inc

19

4,396

Lincoln

National

Corp

113

4,829

Loews

Corp

287

362

*

Markel

Corp

501

13,134

Marsh

&

McLennan

Cos,

Inc

2,470

2,049

*

MBIA,

Inc

18

754

Mercury

General

Corp

23

17,340

Metlife,

Inc

980

92

National

Western

Life

Group,

Inc

38

394

*

NI

Holdings,

Inc

6

7,499

Old

Republic

International

Corp

189

3,765

*

Oscar

Health,

Inc

30

682

*

Palomar

Holdings,

Inc

40

1,013

Primerica,

Inc

200

6,488

Principal

Financial

Group

492

1,956

ProAssurance

Corp

29

15,657

Progressive

Corp

2,073

9,827

Prudential

Financial,

Inc

867

1,767

Reinsurance

Group

of

America,

Inc

(Class

A)

245

1,234

RenaissanceRe

Holdings

Ltd

230

1,226

RLI

Corp

167

2,077

*

Ryan

Specialty

Group

Holdings,

Inc

93

192

Safety

Insurance

Group,

Inc

14

1,549

Selective

Insurance

Group,

Inc

149

2,745

*

SiriusPoint

Ltd

25

815

Stewart

Information

Services

Corp

34

1,255

Tiptree

Inc

19

6,173

Travelers

Cos,

Inc

1,072

1,119

*,e

Trupanion,

Inc

22

844

United

Fire

Group

Inc

19

1,340

Universal

Insurance

Holdings,

Inc

21

4,932

Unum

Group

235

5,570

W.R.

Berkley

Corp

332

77

White

Mountains

Insurance

Group

Ltd

107

2,905

Willis

Towers

Watson

plc

684

TOTAL

INSURANCE

25,044

MATERIALS

-

2.8%

675

*

5E

Advanced

Materials,

Inc

2

889

AdvanSix,

Inc

31

5,877

Air

Products

&

Chemicals,

Inc

1,760

3,077

Albemarle

Corp

686

5,296

Alcoa

Corp

180

3,295

*

Allegheny

Technologies,

Inc

146

300

Alpha

Metallurgical

Resources,

Inc

49

38,503

Amcor

plc

384

1,143

American

Vanguard

Corp

20

1,717

Aptargroup,

Inc

199

35

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,870

*

Arconic

Corp

$

85

716

*,†

Ardagh

Group

S.A.

4

4,201

e

Ardagh

Metal

Packaging

S.A.

16

1,363

Ashland

Global

Holdings,

Inc

118

562

*

Aspen

Aerogels,

Inc

4

2,163

Avery

Dennison

Corp

372

2,934

Avient

Corp

120

5,815

*

Axalta

Coating

Systems

Ltd

191

794

Balchem

Corp

107

8,256

Ball

Corp

481

2,865

Berry

Global

Group,

Inc

184

1,280

Cabot

Corp

86

1,242

Carpenter

Technology

Corp

70

2,649

Celanese

Corp

(Series

A)

307

1,274

*

Century

Aluminum

Co

11

5,564

CF

Industries

Holdings,

Inc

386

284

Chase

Corp

34

4,211

Chemours

Co

155

623

*

Clearwater

Paper

Corp

20

13,598

*

Cleveland-Cliffs,

Inc

228

6,825

*

Coeur

Mining,

Inc

19

2,958

Commercial

Metals

Co

156

1,021

Compass

Minerals

International,

Inc

35

3,240

*

Constellium

SE

56

19,447

Corteva,

Inc

1,114

2,839

Crown

Holdings,

Inc

247

1,980

*,e

Danimer

Scientific,

Inc

5

1,798

*

Diversey

Holdings

Ltd

15

19,213

Dow,

Inc

1,023

12,301

DuPont

de

Nemours,

Inc

879

983

Eagle

Materials,

Inc

183

3,088

Eastman

Chemical

Co

259

6,584

Ecolab,

Inc

1,229

6,085

Element

Solutions,

Inc

117

3,271

FMC

Corp

341

37,737

Freeport-McMoRan,

Inc

(Class

B)

1,510

954

FutureFuel

Corp

8

41,078

*,e

Ginkgo

Bioworks

Holdings,

Inc

76

1,827

Glatfelter

Corp

6

7,879

Graphic

Packaging

Holding

Co

189

985

Greif,

Inc

(Class

A)

68

203

Greif,

Inc

(Class

B)

16

1,239

H.B.

Fuller

Co

89

754

Hawkins,

Inc

36

501

Haynes

International,

Inc

25

16,414

Hecla

Mining

Co

85

4,964

Huntsman

Corp

134

5,121

*,e

i-80

Gold

Corp

12

915

*

Ingevity

Corp

53

872

Innospec,

Inc

88

6,858

International

Flavors

&

Fragrances,

Inc

546

9,279

International

Paper

Co

295

362

*

Intrepid

Potash,

Inc

8

1,480

*

Ivanhoe

Electric,

Inc

19

443

Kaiser

Aluminum

Corp

32

1,339

*

Knife

River

Corp

58

850

Koppers

Holdings,

Inc

29

893

Kronos

Worldwide,

Inc

8

13,140

Linde

plc

5,007

4,445

*

Livent

Corp

122

1,747

Louisiana-Pacific

Corp

131

952

*

LSB

Industries,

Inc

9

Stock

Index

Account

June

30,

2023

36

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,951

LyondellBasell

Industries

NV

$

638

1,654

Martin

Marietta

Materials,

Inc

764

467

Materion

Corp

53

838

Minerals

Technologies,

Inc

48

9,024

Mosaic

Co

316

2,475

*

MP

Materials

Corp

57

871

Myers

Industries,

Inc

17

126

NewMarket

Corp

51

21,581

Newmont

Goldcorp

Corp

921

8,146

*

Novagold

Resources

Inc

33

6,740

Nucor

Corp

1,105

3,476

*

O-I

Glass,

Inc

74

3,441

Olin

Corp

177

395

Olympic

Steel,

Inc

19

2,691

*,e

Origin

Materials,

Inc

11

2,087

Orion

Engineered

Carbons

SA

44

2,401

Packaging

Corp

of

America

317

728

Pactiv

Evergreen,

Inc

6

3,762

*

Perimeter

Solutions

S.A.

23

464

*

Piedmont

Lithium,

Inc

27

6,211

PPG

Industries,

Inc

921

890

*

PQ

Group

Holdings,

Inc

10

2,909

*,e

PureCycle

Technologies,

Inc

31

452

Quaker

Chemical

Corp

88

128

*

Ramaco

Resources,

Inc

1

646

Ramaco

Resources,

Inc

5

821

*

Ranpak

Holdings

Corp

4

1,744

*

Rayonier

Advanced

Materials,

Inc

7

1,532

Reliance

Steel

&

Aluminum

Co

416

1,819

Royal

Gold,

Inc

209

3,517

RPM

International,

Inc

316

592

Ryerson

Holding

Corp

26

941

Schnitzer

Steel

Industries,

Inc

(Class

A)

28

1,637

Schweitzer-Mauduit

International,

Inc

25

1,142

Scotts

Miracle-Gro

Co

(Class

A)

72

4,411

Sealed

Air

Corp

176

1,015

Sensient

Technologies

Corp

72

6,432

Sherwin-Williams

Co

1,708

1,821

Silgan

Holdings,

Inc

85

2,707

Sonoco

Products

Co

160

2,484

Southern

Copper

Corp

178

5,527

e

SSR

Mining,

Inc

78

4,300

Steel

Dynamics,

Inc

468

479

Stepan

Co

46

3,454

*

Summit

Materials,

Inc

131

2,524

SunCoke

Energy,

Inc

20

905

Sylvamo

Corp

37

1,535

*

TimkenSteel

Corp

33

1,164

Tredegar

Corp

8

1,789

Trimas

Corp

49

857

Trinseo

plc

11

3,174

Tronox

Holdings

plc

40

66

United

States

Lime

&

Minerals,

Inc

14

5,821

United

States

Steel

Corp

146

4,362

Valvoline,

Inc

164

3,538

Vulcan

Materials

Co

798

1,235

Warrior

Met

Coal,

Inc

48

886

Westlake

Chemical

Corp

106

6,785

WestRock

Co

197

858

Worthington

Industries,

Inc

60

TOTAL

MATERIALS

32,466

37

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

MEDIA

&

ENTERTAINMENT

-

6.9%

20,583

Activision

Blizzard,

Inc

$

1,735

1,783

*

Advantage

Solutions,

Inc

4

159,179

*

Alphabet,

Inc

(Class

A)

19,054

137,950

*

Alphabet,

Inc

(Class

C)

16,688

12,774

*,e

AMC

Entertainment

Holdings,

Inc

56

921

*

AMC

Networks,

Inc

11

353

*

Boston

Omaha

Corp

7

2,348

*

Bumble,

Inc

39

163

Cable

One,

Inc

107

2,709

*

Cargurus,

Inc

61

2,223

*

Cars.com,

Inc

44

2,810

*

Charter

Communications,

Inc

1,032

3,434

*

Cinemark

Holdings,

Inc

57

10,518

*

Clear

Channel

14

110,770

Comcast

Corp

(Class

A)

4,602

46

*

Daily

Journal

Corp

13

6,813

*

DISH

Network

Corp

(Class

A)

45

7,310

Electronic

Arts,

Inc

948

2,637

Entravision

Communications

Corp

(Class

A)

12

2,165

*

Eventbrite

Inc

21

452

*

EverQuote

Inc

3

1,941

*

EW

Scripps

Co

(Class

A)

18

7,555

Fox

Corp

(Class

A)

257

3,832

Fox

Corp

(Class

B)

122

4,050

*

Gannett

Co,

Inc

9

2,117

Gray

Television,

Inc

17

2,290

*

IAC

144

1,677

*

Imax

Corp

28

1,209

*

Integral

Ad

Science

Holding

Corp

22

10,115

Interpublic

Group

of

Cos,

Inc

390

1,411

John

Wiley

&

Sons,

Inc

(Class

A)

48

428

*

Liberty

Braves

Group

(Class

A)

18

1,434

*

Liberty

Braves

Group

(Class

C)

57

661

*

Liberty

Broadband

Corp

(Class

A)

53

3,122

*

Liberty

Broadband

Corp

(Class

C)

250

300

*

Liberty

Media

Group

(Class

A)

20

5,333

*

Liberty

Media

Group

(Class

C)

401

1,910

*

Liberty

SiriusXM

Group

(Class

A)

63

4,032

*

Liberty

SiriusXM

Group

(Class

C)

132

2,000

*

Lions

Gate

Entertainment

Corp

(Class

A)

18

3,835

*

Lions

Gate

Entertainment

Corp

(Class

B)

32

4,246

*

Live

Nation,

Inc

387

456

Madison

Square

Garden

Co

86

832

*

Madison

Square

Garden

Entertainment

Corp

28

832

*

Madison

Square

Garden

Entertainment

Corp

23

3,683

*

Magnite,

Inc

50

736

Marcus

Corp

11

7,483

*

Match

Group,

Inc

313

584

*

MediaAlpha,

Inc

6

59,249

*

Meta

Platforms,

Inc

17,003

11,790

*

Netflix,

Inc

5,193

4,377

New

York

Times

Co

(Class

A)

172

10,391

News

Corp

(Class

A)

203

3,112

News

Corp

(Class

B)

61

1,008

Nexstar

Media

Group

Inc

168

3,861

*

Nextdoor

Holdings,

Inc

13

5,538

Omnicom

Group,

Inc

527

244

Paramount

Global

(Class

A)

5

16,396

Paramount

Global

(Class

B)

261

16,205

*

Pinterest,

Inc

443

2,020

*

Playstudios,

Inc

10

Stock

Index

Account

June

30,

2023

38

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,676

*

Playtika

Holding

Corp

$

31

1,094

*

PubMatic,

Inc

20

1,192

*

QuinStreet,

Inc

11

2,851

*

Quotient

Technology,

Inc

11

12,415

*

ROBLOX

Corp

500

3,467

*

Roku,

Inc

222

1,096

Scholastic

Corp

43

719

Shutterstock,

Inc

35

132

Sinclair,

Inc

2

16,700

e

Sirius

XM

Holdings,

Inc

76

3,688

*

Spotify

Technology

S.A.

592

1,585

*

Stagwell,

Inc

11

4,405

*

Take-Two

Interactive

Software,

Inc

648

708

*

TechTarget,

Inc

22

5,789

TEGNA,

Inc

94

612

*

Thryv

Holdings,

Inc

15

11,978

*

Trade

Desk,

Inc

925

2,932

*

TripAdvisor,

Inc

48

2,406

*

TrueCar,

Inc

5

3,939

*

Vimeo,

Inc

16

48,999

*

Walt

Disney

Co

4,375

59,079

*

Warner

Bros

Discovery,

Inc

741

1,263

*

WideOpenWest,

Inc

11

1,153

World

Wrestling

Entertainment,

Inc

(Class

A)

125

2,109

*

Yelp,

Inc

77

1,245

*

Ziff

Davis

Inc

87

1,977

*

ZipRecruiter,

Inc

35

7,616

*

ZoomInfo

Technologies,

Inc

193

TOTAL

MEDIA

&

ENTERTAINMENT

80,586

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.8%

2,501

*

10X

Genomics,

Inc

140

702

*

2seventy

bio,

Inc

7

524

*

4D

Molecular

Therapeutics,

Inc

9

1,639

*

89bio,

Inc

31

382

*

Aadi

Bioscience,

Inc

3

47,269

AbbVie,

Inc

6,369

3,739

*

Acadia

Pharmaceuticals,

Inc

90

1,604

*

Aclaris

Therapeutics,

Inc

17

3,224

*

Adaptive

Biotechnologies

Corp

22

546

*,e

Adicet

Bio,

Inc

1

4,828

*

ADMA

Biologics,

Inc

18

5,844

*

Agenus,

Inc

9

7,906

Agilent

Technologies,

Inc

951

1,876

*

Agios

Pharmaceuticals,

Inc

53

1,191

*

Akero

Therapeutics,

Inc

56

1,235

*

Aldeyra

Therapeutics,

Inc

10

1,504

*

Alector,

Inc

9

4,357

*

Alkermes

plc

136

2,417

*

Allogene

Therapeutics,

Inc

12

845

*,e

Allovir,

Inc

3

3,356

*

Alnylam

Pharmaceuticals,

Inc

637

515

*

ALX

Oncology

Holdings,

Inc

4

14,309

Amgen,

Inc

3,177

8,241

*

Amicus

Therapeutics,

Inc

104

2,888

*

Amneal

Pharmaceuticals,

Inc

9

1,331

*

Amphastar

Pharmaceuticals,

Inc

76

1,371

*

Amylyx

Pharmaceuticals,

Inc

30

679

*

AnaptysBio,

Inc

14

1,840

*,e

Anavex

Life

Sciences

Corp

15

292

*

ANI

Pharmaceuticals,

Inc

16

566

*

Anika

Therapeutics,

Inc

15

39

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,332

*

Annexon,

Inc

$

26

2,514

*

Apellis

Pharmaceuticals,

Inc

229

2,291

*

Arbutus

Biopharma

Corp

5

798

*

Arcellx,

Inc

25

625

*

Arcturus

Therapeutics

Holdings,

Inc

18

1,321

*

Arcus

Biosciences,

Inc

27

782

*

Arcutis

Biotherapeutics,

Inc

7

5,648

*

Ardelyx,

Inc

19

3,104

*

Arrowhead

Pharmaceuticals

Inc

111

1,292

*

Arvinas,

Inc

32

2,552

*

Astria

Therapeutics,

Inc

21

1,878

*

Atea

Pharmaceuticals,

Inc

7

478

*

Aura

Biosciences,

Inc

6

3,648

*

Aurinia

Pharmaceuticals,

Inc

35

17,155

*

Avantor,

Inc

352

1,798

*

Avid

Bioservices,

Inc

25

1,307

*

Avidity

Biosciences,

Inc

14

854

*,e

Axsome

Therapeutics,

Inc

61

1,758

*

Beam

Therapeutics,

Inc

56

6,511

*

BioAtla,

Inc

20

5,428

*

BioCryst

Pharmaceuticals,

Inc

38

3,791

*

Biogen,

Inc

1,080

867

*

Biohaven

Ltd

21

681

*

BioLife

Solutions

Inc

15

5,199

*

BioMarin

Pharmaceutical,

Inc

451

527

*

Biomea

Fusion,

Inc

12

626

*

Bio-Rad

Laboratories,

Inc

(Class

A)

237

4,452

Bio-Techne

Corp

363

2,108

*,e

Bluebird

Bio,

Inc

7

1,758

*

Blueprint

Medicines

Corp

111

3,248

*

Bridgebio

Pharma,

Inc

56

56,308

Bristol-Myers

Squibb

Co

3,601

2,116

*

Brooks

Automation,

Inc

99

2,841

Bruker

BioSciences

Corp

210

2,012

*

Cabaletta

Bio,

Inc

26

1,052

*

Cara

Therapeutics,

Inc

3

1,462

*

CareDx,

Inc

12

1,471

*

Caribou

Biosciences,

Inc

6

2,907

Carisma

Therapeutics,

Inc

25

1,147

*,e

Cassava

Sciences,

Inc

28

4,893

*

Catalent,

Inc

212

1,670

*

Catalyst

Pharmaceuticals,

Inc

22

1,296

*

Celldex

Therapeutics,

Inc

44

298

*

Century

Therapeutics,

Inc

1

1,443

*

Cerevel

Therapeutics

Holdings,

Inc

46

1,399

*

Charles

River

Laboratories

International,

Inc

294

1,163

*

Chinook

Therapeutics,

Inc

45

1,647

*

Codexis,

Inc

5

1,061

*

Cogent

Biosciences,

Inc

13

2,173

*,e

Coherus

Biosciences,

Inc

9

877

*

Collegium

Pharmaceutical,

Inc

19

7,441

*

Compass

Therapeutics,

Inc

24

2,558

*

Corcept

Therapeutics,

Inc

57

1,406

*

Crinetics

Pharmaceuticals,

Inc

25

1,192

*

CryoPort,

Inc

21

660

*

Cullinan

Oncology,

Inc

7

2,602

*

Cymabay

Therapeutics,

Inc

28

3,007

*

Cytek

Biosciences,

Inc

26

2,182

*

Cytokinetics,

Inc

71

17,627

Danaher

Corp

4,230

731

*

Day

One

Biopharmaceuticals,

Inc

9

1,209

*

Deciphera

Pharmaceuticals,

Inc

17

Stock

Index

Account

June

30,

2023

40

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,697

*

Denali

Therapeutics,

Inc

$

80

890

*,e

Design

Therapeutics,

Inc

6

755

*

DICE

Therapeutics,

Inc

35

472

*,e

Disc

Medicine,

Inc

21

3,515

*

Dynavax

Technologies

Corp

45

858

*

Dyne

Therapeutics,

Inc

10

323

*

Eagle

Pharmaceuticals,

Inc

6

262

*

Edgewise

Therapeutics,

Inc

2

2,042

*

Editas

Medicine,

Inc

17

12,879

*

Elanco

Animal

Health,

Inc

130

22,715

Eli

Lilly

&

Co

10,653

648

*

Enanta

Pharmaceuticals,

Inc

14

619

*

Enliven

Therapeutics,

Inc

13

1,666

*,e

Entrada

Therapeutics,

Inc

25

3,632

*

EQRx,

Inc

7

2,249

*

Erasca,

Inc

6

702

*

Evolus,

Inc

5

4,622

*

Exact

Sciences

Corp

434

9,139

*

Exelixis,

Inc

175

4,226

*

EyePoint

Pharmaceuticals,

Inc

37

2,380

*

Fate

Therapeutics,

Inc

11

505

*

Foghorn

Therapeutics,

Inc

4

1,233

*

Generation

Bio

Co

7

12,566

*

Geron

Corp

40

33,479

Gilead

Sciences,

Inc

2,580

10,246

*

Gritstone

Oncology,

Inc

20

3,934

*

Halozyme

Therapeutics,

Inc

142

588

*

Harmony

Biosciences

Holdings,

Inc

21

690

*

Harrow

Health,

Inc

13

5,915

*

Horizon

Therapeutics

Plc

608

2,179

*

ICON

plc

545

278

*

Icosavax,

Inc

3

950

*

Ideaya

Biosciences,

Inc

22

229

*,e

IGM

Biosciences,

Inc

2

3,754

*

Ikena

Oncology,

Inc

25

4,268

*

Illumina,

Inc

800

2,190

*

Immuneering

Corp

22

10,790

*

ImmunityBio,

Inc

30

5,543

*

Immunogen,

Inc

105

1,107

*

Immunovant,

Inc

21

5,156

*

Incyte

Corp

321

813

*

Inhibrx,

Inc

21

2,407

*

Innoviva,

Inc

31

4,356

*

Inozyme

Pharma,

Inc

24

3,278

*

Insmed,

Inc

69

2,093

*

Intellia

Therapeutics,

Inc

85

836

*

Intercept

Pharmaceuticals,

Inc

9

2,522

*

Intra-Cellular

Therapies,

Inc

160

4,151

*

Ionis

Pharmaceuticals,

Inc

170

4,447

*

Iovance

Biotherapeutics,

Inc

31

4,962

*

IQVIA

Holdings,

Inc

1,115

4,209

*

Ironwood

Pharmaceuticals,

Inc

45

572

*

iTeos

Therapeutics,

Inc

8

3,665

*

IVERIC

bio,

Inc

144

258

*

Janux

Therapeutics,

Inc

3

1,671

*

Jazz

Pharmaceuticals

plc

207

69,675

Johnson

&

Johnson

11,533

487

*

KalVista

Pharmaceuticals

Inc

4

951

*

Karuna

Therapeutics,

Inc

206

2,103

*

Karyopharm

Therapeutics,

Inc

4

400

*

Keros

Therapeutics,

Inc

16

1,311

*

Kezar

Life

Sciences,

Inc

3

41

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

706

*

Kiniksa

Pharmaceuticals

Ltd

$

10

988

*

Kodiak

Sciences,

Inc

7

486

*

Krystal

Biotech

Inc

57

1,654

*

Kura

Oncology,

Inc

17

969

*

Kymera

Therapeutics,

Inc

22

1,763

*,e

Lexicon

Pharmaceuticals,

Inc

4

484

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

35

1,283

*

Liquidia

Corp

10

4,069

*,e

Lyell

Immunopharma,

Inc

13

1,721

*

MacroGenics,

Inc

9

275

*

Madrigal

Pharmaceuticals,

Inc

64

7,710

*

MannKind

Corp

31

3,088

*

Maravai

LifeSciences

Holdings,

Inc

38

1,321

*

Marinus

Pharmaceuticals,

Inc

14

2,546

*

MaxCyte,

Inc

12

647

*

Medpace

Holdings,

Inc

155

548

*

MeiraGTx

Holdings

plc

4

68,111

Merck

&

Co,

Inc

7,859

1,994

*

Mersana

Therapeutics,

Inc

7

602

*

Mettler-Toledo

International,

Inc

790

3,231

*

MiMedx

Group,

Inc

21

1,197

*

Mirati

Therapeutics,

Inc

43

392

*

Mirum

Pharmaceuticals,

Inc

10

8,967

*

Moderna,

Inc

1,089

213

*

Monte

Rosa

Therapeutics,

Inc

1

597

*

Morphic

Holding,

Inc

34

2,502

*

Myriad

Genetics,

Inc

58

1,328

*

NanoString

Technologies,

Inc

5

2,327

*

Natera,

Inc

113

2,550

*

Neurocrine

Biosciences,

Inc

240

761

*

NGM

Biopharmaceuticals

Inc

2

881

*

Nkarta,

Inc

2

2,168

*,e

Novavax,

Inc

16

1,379

*

Nurix

Therapeutics,

Inc

14

786

*

Nuvalent,

Inc

33

4,458

*

Nuvation

Bio,

Inc

8

1,389

*

Nuvectis

Pharma,

Inc

22

2,221

*

Ocular

Therapeutix,

Inc

11

2,938

*

Olema

Pharmaceuticals,

Inc

27

3,975

*

Omeros

Corp

22

183

*,†

OmniAb,

Inc

0

2,371

*

OmniAb,

Inc

12

183

*,†

OmniAb,

Inc

0

1,103

*

Organogenesis

Holdings

Inc

4

6,992

Organon

&

Co

145

2,475

*,e

Outlook

Therapeutics,

Inc

4

5,816

*

Pacific

Biosciences

of

California,

Inc

77

1,343

*

Pacira

BioSciences

Inc

54

3,578

PerkinElmer,

Inc

425

4,000

Perrigo

Co

plc

136

151,351

Pfizer,

Inc

5,552

575

*,e

Phathom

Pharmaceuticals,

Inc

8

720

Phibro

Animal

Health

Corp

10

1,499

*

Pliant

Therapeutics,

Inc

27

754

*

PMV

Pharmaceuticals,

Inc

5

2,006

*

Point

Biopharma

Global,

Inc

18

10,461

*

Poseida

Therapeutics,

Inc

18

2,435

*,e

Precigen,

Inc

3

1,585

*

Prestige

Consumer

Healthcare,

Inc.

94

1,074

*

Prime

Medicine,

Inc

16

1,636

*

ProKidney

Corp

18

1,206

*

Protagonist

Therapeutics,

Inc

33

Stock

Index

Account

June

30,

2023

42

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

11,062

*

Protalix

BioTherapeutics,

Inc

$

22

1,011

*

Prothena

Corp

plc

69

2,011

*

PTC

Therapeutics,

Inc

82

6,175

*

QIAGEN

NV

278

914

*

Quanterix

Corp

21

2,497

*

Quantum-Si,

Inc

4

3,157

*

Rallybio

Corp

18

524

*

RAPT

Therapeutics,

Inc

10

815

*

Reata

Pharmaceuticals,

Inc

83

3,244

*,e

Recursion

Pharmaceuticals,

Inc

24

2,791

*

Regeneron

Pharmaceuticals,

Inc

2,005

1,062

*

REGENXBIO,

Inc

21

2,088

*

Relay

Therapeutics,

Inc

26

3,329

*

Reneo

Pharmaceuticals,

Inc

22

1,598

*

Repligen

Corp

226

699

*

Replimune

Group,

Inc

16

2,003

*

Revance

Therapeutics,

Inc

51

1,744

*

REVOLUTION

Medicines,

Inc

47

1,363

*

Rhythm

Pharmaceuticals,

Inc

22

4,657

*

Rigel

Pharmaceuticals,

Inc

6

1,412

*

Rocket

Pharmaceuticals,

Inc

28

6,527

*

Roivant

Sciences

Ltd

66

10,105

Royalty

Pharma

plc

311

1,665

*

Sage

Therapeutics,

Inc

78

2,386

*,e

Sana

Biotechnology,

Inc

14

3,362

*

Sangamo

Therapeutics

Inc

4

2,419

*

Sarepta

Therapeutics,

Inc

277

3,671

*

Seagen,

Inc

707

1,126

*

Seer,

Inc

5

2,061

*,e

Seres

Therapeutics,

Inc

10

1,913

SIGA

Technologies,

Inc

10

3,798

*

SomaLogic,

Inc

9

1,610

*,†

Sorrento

Therapeutics,

Inc

8

2,303

*

Sotera

Health

Co

43

843

*

SpringWorks

Therapeutics,

Inc

22

519

*

Stoke

Therapeutics,

Inc

6

10,163

*

Summit

Therapeutics,

Inc

26

1,648

*

Supernus

Pharmaceuticals,

Inc

50

1,211

*

Sutro

Biopharma,

Inc

6

1,544

*

Syndax

Pharmaceuticals,

Inc

32

3,059

*

Syneos

Health,

Inc

129

1,233

*

Tango

Therapeutics,

Inc

4

197

*

Tarsus

Pharmaceuticals,

Inc

4

285

*

Tenaya

Therapeutics,

Inc

2

1,158

*

Terns

Pharmaceuticals,

Inc

10

3,788

*

TG

Therapeutics,

Inc

94

1,625

*,e

Theravance

Biopharma,

Inc

17

10,334

Thermo

Fisher

Scientific,

Inc

5,392

1,469

*

Travere

Therapeutics,

Inc

23

9,226

*

Trevi

Therapeutics,

Inc

22

1,447

*

Twist

Bioscience

Corp

30

1,912

*

Ultragenyx

Pharmaceutical,

Inc

88

1,221

*

United

Therapeutics

Corp

270

1,691

*

Vanda

Pharmaceuticals,

Inc

11

2,438

*

Vaxcyte,

Inc

122

1,336

*

Ventyx

Biosciences,

Inc

44

2,036

*

Vera

Therapeutics,

Inc

33

1,983

*

Veracyte,

Inc

51

1,345

*

Vericel

Corp

51

6,857

*

Vertex

Pharmaceuticals,

Inc

2,413

1,017

*

Verve

Therapeutics,

Inc

19

31,825

Viatris,

Inc

318

43

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,372

*

Vigil

Neuroscience,

Inc

$

22

2,550

*

Viking

Therapeutics,

Inc

41

1,798

*

Vir

Biotechnology,

Inc

44

699

*

Viridian

Therapeutics,

Inc

17

842

*

Voyager

Therapeutics,

Inc

10

1,621

*

Waters

Corp

432

1,965

West

Pharmaceutical

Services,

Inc

752

12,196

*

X4

Pharmaceuticals,

Inc

24

1,460

*

Xencor,

Inc

36

3,592

*

Xeris

Biopharma

Holdings,

Inc

9

959

*

Y-mAbs

Therapeutics,

Inc

7

975

*

Zentalis

Pharmaceuticals,

Inc

27

12,397

Zoetis,

Inc

2,135

1,416

*

Zymeworks,

Inc

12

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

90,784

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

1,201

*

American

Realty

Investors,

Inc

26

8,388

*

CBRE

Group,

Inc

677

7,243

*

Compass,

Inc

25

3,593

*

Cushman

&

Wakefield

plc

29

3,807

e

DigitalBridge

Group,

Inc

56

2,105

Douglas

Elliman,

Inc

5

1,858

e

eXp

World

Holdings

Inc

38

400

*

Forestar

Group,

Inc

9

309

*

FRP

Holdings,

Inc

18

908

*

Howard

Hughes

Corp

72

1,238

*

Jones

Lang

LaSalle,

Inc

193

2,815

Kennedy-Wilson

Holdings,

Inc

46

569

Marcus

&

Millichap,

Inc

18

4,328

Newmark

Group,

Inc

27

15,891

*,e

Opendoor

Technologies,

Inc

64

732

Re/Max

Holdings,

Inc

14

3,279

*

Realogy

Holdings

Corp

22

3,100

*,e

Redfin

Corp

38

283

RMR

Group,

Inc

7

1,023

St.

Joe

Co

49

134

Stratus

Properties,

Inc

3

834

*

Tejon

Ranch

Co

14

1,079

*

Zillow

Group,

Inc

(Class

A)

53

3,952

*

Zillow

Group,

Inc

(Class

C)

199

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,702

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6.4%

1,170

*

ACM

Research,

Inc

15

42,939

*

Advanced

Micro

Devices,

Inc

4,891

686

*

Aehr

Test

Systems

28

1,709

*

Allegro

MicroSystems,

Inc

77

844

*

Alpha

&

Omega

Semiconductor

Ltd

28

1,114

*

Ambarella,

Inc

93

2,094

Amkor

Technology,

Inc

62

13,635

Analog

Devices,

Inc

2,656

22,472

Applied

Materials,

Inc

3,248

534

*,e

Atomera,

Inc

5

865

*

Axcelis

Technologies,

Inc

159

10,932

Broadcom,

Inc

9,483

839

*

Ceva,

Inc

21

1,382

*

Cirrus

Logic,

Inc

112

1,495

*

Cohu,

Inc

62

2,566

*

Credo

Technology

Group

Holding

Ltd

44

1,395

*

Diodes,

Inc

129

3,576

*

Enphase

Energy,

Inc

599

Stock

Index

Account

June

30,

2023

44

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,906

Entegris,

Inc

$

433

2,775

*

First

Solar,

Inc

527

2,364

*

Formfactor,

Inc

81

2,099

*,e

GLOBALFOUNDRIES,

Inc

136

660

*

Ichor

Holdings

Ltd

25

705

*

Impinj,

Inc

63

2,443

*

indie

Semiconductor,

Inc

23

111,333

Intel

Corp

3,723

3,674

KLA

Corp

1,782

1,055

Kulicke

&

Soffa

Industries,

Inc

63

3,602

Lam

Research

Corp

2,316

3,496

*

Lattice

Semiconductor

Corp

336

1,568

*

MACOM

Technology

Solutions

Holdings,

Inc

103

22,675

Marvell

Technology,

Inc

1,355

669

*

Maxeon

Solar

Technologies

Ltd

19

2,280

*

MaxLinear,

Inc

72

14,376

Microchip

Technology,

Inc

1,288

29,262

Micron

Technology,

Inc

1,847

1,776

MKS

Instruments,

Inc

192

1,248

Monolithic

Power

Systems,

Inc

674

1,345

*

Nanometrics,

Inc

157

2,707

*

Navitas

Semiconductor

Corp

28

127

NVE

Corp

12

63,648

NVIDIA

Corp

26,924

11,449

*

ON

Semiconductor

Corp

1,083

1,181

*

PDF

Solutions,

Inc

53

1,824

*

Photronics,

Inc

47

1,723

Power

Integrations,

Inc

163

2,665

*

Qorvo,

Inc

272

30,032

QUALCOMM,

Inc

3,575

2,675

*

Rambus,

Inc

172

1,942

*

Semtech

Corp

49

899

*

Silicon

Laboratories,

Inc

142

434

*

SiTime

Corp

51

4,247

Skyworks

Solutions,

Inc

470

988

*

SMART

Global

Holdings,

Inc

29

1,111

*

Synaptics,

Inc

95

4,246

Teradyne,

Inc

473

24,226

Texas

Instruments,

Inc

4,361

1,266

*

Ultra

Clean

Holdings

49

1,248

Universal

Display

Corp

180

1,051

*

Veeco

Instruments,

Inc

27

3,166

*

Wolfspeed,

Inc

176

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

75,358

SOFTWARE

&

SERVICES

-

11.5%

3,462

*

8x8,

Inc

15

1,883

A10

Networks,

Inc

27

16,964

Accenture

plc

5,235

3,560

*

ACI

Worldwide,

Inc

82

2,653

Adeia,

Inc

29

12,289

*

Adobe,

Inc

6,009

675

*

Agilysys,

Inc

46

4,169

*

Akamai

Technologies,

Inc

375

1,443

*

Alarm.com

Holdings,

Inc

75

785

*

Alkami

Technology,

Inc

13

1,317

*

Altair

Engineering,

Inc

100

1,733

*

Alteryx,

Inc

79

2,995

Amdocs

Ltd

296

1,091

American

Software,

Inc

(Class

A)

11

1,464

*

Amplitude,

Inc

16

2,259

*

Ansys,

Inc

746

45

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

538

*

Appfolio,

Inc

$

93

1,178

*

Appian

Corp

56

1,825

*

Applied

Blockchain,

Inc

17

6,361

*

AppLovin

Corp

164

2,178

*

Asana,

Inc

48

744

*

Aspen

Technology,

Inc

125

3,959

*

Atlassian

Corp

664

5,779

*

Autodesk,

Inc

1,182

2,977

*

AvePoint,

Inc

17

5,140

Bentley

Systems,

Inc

279

1,735

*

BigCommerce

Holdings,

Inc

17

2,787

*

Bill.Com

Holdings,

Inc

326

4,272

*

Black

Knight,

Inc

255

1,447

*

Blackbaud,

Inc

103

1,613

*

Blackline,

Inc

87

3,187

*

Box,

Inc

94

916

*

Braze,

Inc

40

1,247

*

Brightcove,

Inc

5

1,740

*,e

C3.ai,

Inc

63

7,246

*

Cadence

Design

Systems,

Inc

1,699

5,023

*

CCC

Intelligent

Solutions

Holdings,

Inc

56

1,164

*

Cerence

Inc

34

3,791

*

Ceridian

HCM

Holding,

Inc

254

1,162

*,e

Cleanspark,

Inc

5

1,700

Clear

Secure,

Inc

39

7,836

*

Cloudflare,

Inc

512

13,421

Cognizant

Technology

Solutions

Corp

(Class

A)

876

1,426

*

Commvault

Systems,

Inc

104

4,952

*

Confluent,

Inc

175

415

*

Consensus

Cloud

Solutions,

Inc

13

711

*

Couchbase,

Inc

11

5,739

*

Crowdstrike

Holdings,

Inc

843

713

*

CS

Disco,

Inc

6

7,266

*

Datadog,

Inc

715

574

*,e

Digimarc

Corp

17

2,598

*

Digital

Turbine,

Inc

24

2,085

*,e

DigitalOcean

Holdings,

Inc

84

4,999

*

DocuSign,

Inc

255

1,364

Dolby

Laboratories,

Inc

(Class

A)

114

816

*

Domo,

Inc

12

3,008

*

DoubleVerify

Holdings,

Inc

117

6,902

*

Dropbox,

Inc

184

5,390

*

DXC

Technology

Co

144

5,589

*

Dynatrace,

Inc

288

5,822

*,e

E2open

Parent

Holdings,

Inc

33

927

Ebix,

Inc

23

648

*

eGain

Corp

5

2,086

*

Elastic

NV

134

553

*

Enfusion,

Inc

6

742

*

EngageSmart,

Inc

14

1,657

*

Envestnet,

Inc

98

1,494

*

EPAM

Systems,

Inc

336

1,144

*

Everbridge,

Inc

31

918

*

EverCommerce,

Inc

11

1,465

*

Expensify,

Inc

12

657

*

Fair

Isaac

Corp

532

3,179

*

Fastly,

Inc

50

2,029

*

Five9,

Inc

167

1,001

*

ForgeRock,

Inc

21

17,582

*

Fortinet,

Inc

1,329

4,300

*

Freshworks,

Inc

76

2,016

*

Gartner,

Inc

706

Stock

Index

Account

June

30,

2023

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

15,719

Gen

Digital,

Inc

$

292

1,307

*

Gitlab,

Inc

67

1,180

*

Globant

S.A.

212

4,292

*

GoDaddy,

Inc

322

1,385

*

Grid

Dynamics

Holdings,

Inc

13

2,185

*

Guidewire

Software,

Inc

166

1,077

Hackett

Group,

Inc

24

2,484

*

HashiCorp,

Inc

65

1,223

*

HubSpot,

Inc

651

845

*

Informatica,

Inc

16

559

*

Instructure

Holdings,

Inc

14

224

*

Intapp,

Inc

9

719

InterDigital,

Inc

69

24,327

International

Business

Machines

Corp

3,255

7,318

Intuit,

Inc

3,353

1,710

*

Jamf

Holding

Corp

33

5,240

*

Kyndryl

Holdings,

Inc

70

1,949

*

LiveRamp

Holdings,

Inc

56

1,591

*

Manhattan

Associates,

Inc

318

4,993

*,e

Marathon

Digital

Holdings,

Inc

69

6,004

*

Matterport,

Inc

19

423

*

MeridianLink,

Inc

9

199,353

Microsoft

Corp

67,888

235

*,e

MicroStrategy,

Inc

(Class

A)

80

1,253

*

Mitek

Systems,

Inc

14

844

*

Model

N,

Inc

30

1,823

*

MongoDB,

Inc

749

1,593

*

N-Able,

Inc

23

1,586

*

nCino

OpCo,

Inc

48

3,958

*

NCR

Corp

100

1,631

*

New

Relic,

Inc

107

5,847

*

Nutanix,

Inc

164

4,097

*

Okta,

Inc

284

2,330

*

Olo,

Inc

15

678

ON24,

Inc

5

1,227

*

OneSpan,

Inc

18

40,732

Oracle

Corp

4,851

2,372

*

Pagerduty,

Inc

53

48,659

*

Palantir

Technologies,

Inc

746

7,973

*

Palo

Alto

Networks,

Inc

2,037

1,327

Paycom

Software,

Inc

426

1,163

*

Paycor

HCM,

Inc

28

1,125

*

Paylocity

Holding

Corp

208

1,232

Pegasystems,

Inc

61

814

*

Perficient,

Inc

68

728

*

PowerSchool

Holdings,

Inc

14

1,856

*

Procore

Technologies,

Inc

121

1,155

Progress

Software

Corp

67

1,099

*

PROS

Holdings,

Inc

34

2,773

*

PTC,

Inc

395

1,569

*

Q2

Holdings,

Inc

48

1,112

*

Qualys,

Inc

144

1,695

*

Rapid7,

Inc

77

992

*

Rimini

Street,

Inc

5

2,462

*

RingCentral,

Inc

81

3,178

*

Riot

Blockchain,

Inc

38

2,791

Roper

Technologies,

Inc

1,342

25,354

*

Salesforce,

Inc

5,356

766

Sapiens

International

Corp

NV

20

4,923

*

SentinelOne,

Inc

74

5,426

*

ServiceNow,

Inc

3,049

356

*

ShotSpotter,

Inc

8

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,616

*

Smartsheet,

Inc

$

138

8,314

*

Snowflake,

Inc

1,463

1,484

*

SolarWinds

Corp

15

3,805

*

SoundHound

AI,

Inc

17

4,224

*

Splunk,

Inc

448

2,308

*

Sprinklr,

Inc

32

1,316

*

Sprout

Social,

Inc

61

1,093

*

SPS

Commerce,

Inc

210

907

*

Squarespace,

Inc

29

4,105

*

Synopsys,

Inc

1,787

2,968

*

Tenable

Holdings,

Inc

129

2,794

*

Teradata

Corp

149

349

*,e

Tucows,

Inc

10

2,008

*

Turing

Holding

Corp

15

4,865

*

Twilio,

Inc

309

1,105

*

Tyler

Technologies,

Inc

460

10,393

*

UiPath,

Inc

172

2,160

*

Unisys

Corp

9

7,691

*

Unity

Software,

Inc

334

3,084

*

Varonis

Systems,

Inc

82

1,365

*

Verint

Systems,

Inc

48

2,413

*

VeriSign,

Inc

545

765

*

Veritone,

Inc

3

305

*

Viant

Technology,

Inc

1

5,760

*

VMware,

Inc

(Class

A)

828

5,296

*

Workday,

Inc

1,196

1,379

*

Workiva,

Inc

140

1,061

*

Xperi,

Inc

14

2,990

*

Yext,

Inc

34

2,910

*

Zeta

Global

Holdings

Corp

25

6,648

*

Zoom

Video

Communications,

Inc

451

2,300

*

Zscaler,

Inc

336

2,992

*

Zuora

Inc

33

TOTAL

SOFTWARE

&

SERVICES

134,455

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8.4%

521

*

908

Devices,

Inc

4

1,592

ADTRAN

Holdings,

Inc

17

1,075

Advanced

Energy

Industries,

Inc

120

1,335

*

Aeva

Technologies,

Inc

2

899

*,e

Akoustis

Technologies,

Inc

3

15,524

Amphenol

Corp

(Class

A)

1,319

399,751

Apple,

Inc

77,540

6,560

*

Arista

Networks,

Inc

1,063

2,522

*

Arlo

Technologies,

Inc

28

1,580

*

Arrow

Electronics,

Inc

226

223

*

Aviat

Networks,

Inc

7

1,182

*

Avid

Technology,

Inc

30

2,201

Avnet,

Inc

111

781

Badger

Meter,

Inc

115

278

*

Bel

Fuse,

Inc

(Class

B)

16

1,128

Belden

CDT,

Inc

108

1,361

Benchmark

Electronics,

Inc

35

1,720

*

Calix,

Inc

86

235

*

Cambium

Networks

Corp

4

3,605

CDW

Corp

662

4,195

*

Ciena

Corp

178

109,943

Cisco

Systems,

Inc

5,688

365

*,e

Clearfield,

Inc

17

4,963

Cognex

Corp

278

3,492

*

Coherent

Corp

178

6,058

*

CommScope

Holding

Co,

Inc

34

Stock

Index

Account

June

30,

2023

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

784

Comtech

Telecommunications

Corp

$

7

20,346

Corning,

Inc

713

716

*

Corsair

Gaming,

Inc

13

1,256

CTS

Corp

54

759

*

Digi

International,

Inc

30

369

*

DZS,

Inc

1

1,285

*

Eastman

Kodak

Co

6

863

*

ePlus,

Inc

49

2,211

*

Evolv

Technologies

Holdings,

Inc

13

4,038

*

Extreme

Networks,

Inc

105

1,540

*

F5

Networks,

Inc

225

1,106

*

Fabrinet

144

655

*

FARO

Technologies,

Inc

11

3,142

*,e

Harmonic,

Inc

51

33,759

Hewlett

Packard

Enterprise

Co

567

23,131

HP,

Inc

710

5,792

*,e

Infinera

Corp

28

762

*

Insight

Enterprises,

Inc

112

3,256

*

IonQ,

Inc

44

804

*

IPG

Photonics

Corp

109

1,329

*

Itron,

Inc

96

3,565

Jabil

Inc

385

8,971

Juniper

Networks,

Inc

281

4,760

*

Keysight

Technologies,

Inc

797

1,038

*

Kimball

Electronics,

Inc

29

3,025

*

Knowles

Corp

55

3,049

*,e

Lightwave

Logic,

Inc

21

647

Littelfuse,

Inc

188

1,893

*,e

Lumentum

Holdings,

Inc

107

1,398

Methode

Electronics,

Inc

47

4,688

*,e

Microvision,

Inc

21

3,110

*

Mirion

Technologies,

Inc

26

4,328

Motorola

Solutions,

Inc

1,269

856

Napco

Security

Technologies,

Inc

30

3,395

National

Instruments

Corp

195

5,418

NetApp,

Inc

414

962

*

Netgear,

Inc

14

2,211

*

Netscout

Systems,

Inc

68

1,072

*

nLight,

Inc

17

1,083

*

Novanta,

Inc

199

421

*

OSI

Systems,

Inc

50

675

*,e

PAR

Technology

Corp

22

430

PC

Connection,

Inc

19

884

*

Plexus

Corp

87

7,668

*

Pure

Storage,

Inc

282

2,205

*

Ribbon

Communications,

Inc

6

512

*

Rogers

Corp

83

1,891

*

Sanmina

Corp

114

958

*

Scansource,

Inc

28

3,094

*

SmartRent,

Inc

12

1,215

*

Super

Micro

Computer,

Inc

303

1,240

SYNNEX

Corp

117

1,197

*

Teledyne

Technologies,

Inc

492

18,383

*,e

Tingo

Group,

Inc

22

6,706

*

Trimble

Inc

355

3,576

*

TTM

Technologies,

Inc

50

379

*

Turtle

Beach

Corp

4

43

e

Ubiquiti,

Inc

8

1,951

*

Viasat,

Inc

80

7,253

*

Viavi

Solutions,

Inc

82

3,447

Vishay

Intertechnology,

Inc

101

398

*

Vishay

Precision

Group,

Inc

15

49

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,816

Vontier

Corp

$

155

8,745

*

Western

Digital

Corp

332

2,578

Xerox

Holdings

Corp

38

1,393

*

Zebra

Technologies

Corp

(Class

A)

412

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

98,389

TELECOMMUNICATION

SERVICES

-

0.9%

410

*

Anterix,

Inc

13

191,769

AT&T,

Inc

3,059

373

ATN

International,

Inc

14

669

*

Bandwidth

Inc

9

1,393

*

Charge

Enterprises,

Inc

1

1,375

Cogent

Communications

Group,

Inc

93

2,586

*

Consolidated

Communications

Holdings,

Inc

10

1,375

*

EchoStar

Corp

(Class

A)

24

6,554

*

Frontier

Communications

Parent,

Inc

122

3,118

*,†

GCI

Liberty,

Inc

0

18,045

*

Globalstar,

Inc

19

1,217

*

Gogo,

Inc

21

521

*

IDT

Corp

(Class

B)

13

3,101

Iridium

Communications,

Inc

193

1,581

*

Liberty

Latin

America

Ltd

(Class

A)

14

5,022

*

Liberty

Latin

America

Ltd

(Class

C)

43

28,983

Lumen

Technologies,

Inc

66

661

*

Ooma,

Inc

10

1,833

*

Radius

Global

Infrastructure,

Inc

27

1,561

Shenandoah

Telecom

Co

30

2,915

Telephone

&

Data

Systems,

Inc

24

14,548

*

T-Mobile

US,

Inc

2,021

112,724

Verizon

Communications,

Inc

4,192

TOTAL

TELECOMMUNICATION

SERVICES

10,018

TRANSPORTATION

-

1.8%

2,138

*

Air

Transport

Services

Group,

Inc

40

3,317

*

Alaska

Air

Group,

Inc

176

393

*

Allegiant

Travel

Co

49

1,845

AMERCO

93

205

e

Amerco,

Inc

11

16,875

*

American

Airlines

Group,

Inc

303

719

ArcBest

Corp

71

547

*

Avis

Budget

Group,

Inc

125

1,241

*

Blade

Air

Mobility,

Inc

5

3,063

CH

Robinson

Worldwide,

Inc

289

1,032

Costamare,

Inc

10

452

Covenant

Transportation

Group,

Inc

20

54,370

CSX

Corp

1,854

763

*

Daseke,

Inc

5

17,179

*

Delta

Air

Lines,

Inc

817

393

e

Eagle

Bulk

Shipping,

Inc

19

4,158

Expeditors

International

of

Washington,

Inc

504

6,210

FedEx

Corp

1,539

902

Forward

Air

Corp

96

349

*

Frontier

Group

Holdings,

Inc

3

7,441

FTAI

Infrastructure,

Inc

27

791

Genco

Shipping

&

Trading

Ltd

11

3,539

Golden

Ocean

Group

Ltd

27

2,887

*

GXO

Logistics,

Inc

181

1,825

*

Hawaiian

Holdings,

Inc

20

1,188

Heartland

Express,

Inc

19

4,548

*

Hertz

Global

Holdings,

Inc

84

760

*

Hub

Group,

Inc

(Class

A)

61

2,263

JB

Hunt

Transport

Services,

Inc

410

Stock

Index

Account

June

30,

2023

50

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,776

*

JetBlue

Airways

Corp

$

78

7,073

*

Joby

Aviation,

Inc

72

1,491

*

Kirby

Corp

115

4,439

Knight-Swift

Transportation

Holdings,

Inc

247

945

Landstar

System,

Inc

182

8,428

*

Lyft,

Inc

(Class

A)

81

2,242

Marten

Transport

Ltd

48

1,000

Matson,

Inc

78

6,174

Norfolk

Southern

Corp

1,400

2,622

Old

Dominion

Freight

Line

969

1,449

*

Radiant

Logistics,

Inc

10

2,690

*

RXO,

Inc

61

1,259

Ryder

System,

Inc

107

1,798

e

Safe

Bulkers,

Inc

6

741

*

Saia,

Inc

254

1,714

Schneider

National,

Inc

49

1,416

*

Skywest,

Inc

58

15,935

Southwest

Airlines

Co

577

2,911

Spirit

Airlines,

Inc

50

295

*

Sun

Country

Airlines

Holdings,

Inc

7

3,773

*

TuSimple

Holdings,

Inc

6

52,142

*

Uber

Technologies,

Inc

2,251

16,327

Union

Pacific

Corp

3,341

8,627

*

United

Airlines

Holdings

Inc

473

19,397

United

Parcel

Service,

Inc

(Class

B)

3,477

200

Universal

Logistics

Holdings

Inc

6

1,875

Werner

Enterprises,

Inc

83

2,690

*

XPO

Logistics,

Inc

159

TOTAL

TRANSPORTATION

21,114

UTILITIES

-

2.5%

18,450

AES

Corp

382

1,489

Allete,

Inc

86

7,056

Alliant

Energy

Corp

370

925

*

Altus

Power,

Inc

5

7,109

Ameren

Corp

581

13,799

American

Electric

Power

Co,

Inc

1,162

773

American

States

Water

Co

67

5,213

American

Water

Works

Co,

Inc

744

366

Artesian

Resources

Corp

17

3,832

Atmos

Energy

Corp

446

2,225

Avangrid,

Inc

84

1,516

Avista

Corp

60

1,598

Black

Hills

Corp

96

2,600

Brookfield

Infrastructure

Corp

119

3,901

Brookfield

Renewable

Corp

123

1,070

California

Water

Service

Group

55

16,876

Centerpoint

Energy,

Inc

492

640

Chesapeake

Utilities

Corp

76

111

Clearway

Energy,

Inc

(Class

A)

3

2,243

Clearway

Energy,

Inc

(Class

C)

64

8,112

CMS

Energy

Corp

477

9,300

Consolidated

Edison,

Inc

841

8,858

Constellation

Energy

Corp

811

22,406

Dominion

Energy,

Inc

1,160

5,504

DTE

Energy

Co

606

20,656

Duke

Energy

Corp

1,854

10,330

Edison

International

717

5,666

Entergy

Corp

552

6,227

Essential

Utilities

Inc

249

5,918

Evergy,

Inc

346

9,346

Eversource

Energy

663

51

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

27,226

Exelon

Corp

$

1,109

14,330

FirstEnergy

Corp

557

1,775

Genie

Energy

Ltd

25

349

Global

Water

Resources,

Inc

4

2,788

Hawaiian

Electric

Industries,

Inc

101

1,138

Idacorp,

Inc

117

899

MGE

Energy,

Inc

71

644

Middlesex

Water

Co

52

1,899

*

Montauk

Renewables,

Inc

14

2,063

National

Fuel

Gas

Co

106

2,338

New

Jersey

Resources

Corp

110

54,224

NextEra

Energy,

Inc

4,023

11,482

NiSource,

Inc

314

1,124

Northwest

Natural

Holding

Co

48

1,255

NorthWestern

Corp

71

6,174

NRG

Energy,

Inc

231

5,229

OGE

Energy

Corp

188

1,679

ONE

Gas,

Inc

129

1,235

Ormat

Technologies,

Inc

99

920

Otter

Tail

Corp

73

48,231

*

PG&E

Corp

833

2,918

Pinnacle

West

Capital

Corp

238

1,917

PNM

Resources,

Inc

86

2,243

Portland

General

Electric

Co

105

19,459

PPL

Corp

515

13,633

Public

Service

Enterprise

Group,

Inc

854

626

*

Pure

Cycle

Corp

7

8,459

Sempra

Energy

1,232

678

SJW

Corp

48

28,967

Southern

Co

2,035

1,744

Southwest

Gas

Holdings

Inc

111

1,343

Spire,

Inc

85

2,817

*,e

Sunnova

Energy

International,

Inc

52

5,691

UGI

Corp

153

534

Unitil

Corp

27

9,795

Vistra

Energy

Corp

257

8,448

WEC

Energy

Group,

Inc

745

14,923

Xcel

Energy,

Inc

928

490

York

Water

Co

20

TOTAL

UTILITIES

29,081

TOTAL

COMMON

STOCKS

1,164,598

(Cost

$372,543)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

478

†

Chinook

Therapeutics,

Inc

0

390

†

Tobira

Therapeutics,

Inc

0^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0^

TOTAL

RIGHTS/WARRANTS

0^

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

1,164,598‌

(Cost

$372,543)

Stock

Index

Account

June

30,

2023

52

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

DATE

VALUE

(000)

SHORT-TERM

INVESTMENTS

-

0.4%

GOVERNMENT

AGENCY

DEBT

-

0.0%

$

519,000

Federal

Farm

Credit

Bank

(FFCB)

0.000

%

07/03/23

$

519

TOTAL

GOVERNMENT

AGENCY

DEBT

519

TREASURY

DEBT

-

0.4%

4,638,000

United

States

Treasury

Bill

0.000

07/06/23

4,636

TOTAL

TREASURY

DEBT

4,636

TOTAL

SHORT-TERM

INVESTMENTS

5,155

(Cost

$5,153)

SHARES

COMPANY

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

2,610,509

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.110

2,611

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

2,611

(Cost

$2,611)

TOTAL

INVESTMENTS

-

100.2%

1,172,364

(Cost

$380,307)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(2,493)

NET

ASSETS

-

100.0%

$1,169,871

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$4,232,616.

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

19‌

09/15/23

 $

4,132‌

$

4,264‌

$

132‌

53

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

June

30,

2023

(Unaudited)

(amounts

in

thousands,

except

accumulation

unit

value)

24.1

Stock

Index

Account

ASSETS

Long-term

investments,

at

value*†

$

1,164,598‌

Short-term

investments,

at

value#

5,155‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

2,611‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

46‌

Receivables:

Dividends

and

interest

800‌

Investments

sold

16‌

Variation

margin

on

open

futures

contracts

20‌

Other

76‌

Total

assets

1,173,322‌

LIABILITIES

Investment

management

fees

payable

5‌

Service

agreement

fees

payable

6‌

Due

to

affiliates

741‌

Payables:

Collateral

for

securities

lending

2,611‌

Trustee

compensation

75‌

Other

13‌

Total

liabilities

3,451‌

NET

ASSETS

Accumulation

Fund

$

1,169,871‌

Accumulation

units

outstanding

3,368‌

Accumulation

unit

value

$

347

.329‌

*

Includes

securities

loaned

of

$

4,233‌

†

Long-term

investments;

at

cost

$

372,543‌

#

Short-term

investments,

cost

$

5,153‌

54

Statement

of

Operations

See

Notes

to

Financial

Statements

Six

Months

Ended

June

30,

2023

(Unaudited)

(amounts

in

thousands)

24.1

Stock

Index

Account

INVESTMENT

INCOME

Dividends:

Unaffiliated

issuers

$

9,214‌

Interest

193‌

Securities

lending

income,

net

109‌

Tax

withheld

(

1‌

)

Total

investment

income

9,515‌

EXPENSES

Investment

advisory

1,648‌

Administrative

services

1,099‌

Mortality

and

expense

risk

charges

2,198‌

Total

expenses

4,945‌

Less:

Expense

waiver

by

investment

adviser

(

824‌

)

Net

expenses

4,121‌

Net

investment

income

(loss)

5,394‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

31,337‌

Futures

contracts

857‌

Net

realized

gain

(loss)

32,194‌

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

124,079‌

Futures

contracts

445‌

Net

change

in

unrealized

appreciation

(depreciation)

124,524‌

Net

realized

and

unrealized

gain

(loss)

156,718‌

Net

increase

(decrease)

in

net

assets

from

operations

$

162,112‌

55

Statements

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

ref

24.1

Stock

Index

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

June

30,

2023

Year

Ended

December

31,

2022

OPERATIONS

Net

investment

income

(loss)

$

5,394‌

$

9,465‌

Net

realized

gain

(loss)

32,194‌

65,493‌

Net

change

in

unrealized

appreciation

(depreciation)

124,524‌

(

347,890‌

)

Net

increase

(decrease)

in

net

assets

from

operations

162,112‌

(

272,932‌

)

FROM

CONTRACTOWNER

TRANSACTIONS

Premiums

4,215‌

18,108‌

Withdrawals

and

death

benefits

(

53,174‌

)

(

99,299‌

)

Net

increase

(decrease)

from

contractowner

transactions

(

48,959‌

)

(

81,191‌

)

Net

increase

(decrease)

in

net

assets

113,153‌

(

354,123‌

)

NET

ASSETS

Beginning

of

period

1,056,718‌

1,410,841‌

End

of

period

$

1,169,871‌

$

1,056,718‌

ACCUMULATION

UNITS

Units

purchased

14‌

56‌

Units

sold/transferred

(

166‌

)

(

310‌

)

Outstanding:

Beginning

of

period

3,520‌

3,774‌

End

of

period

3,368‌

3,520‌

Financial

Highlights

See

Notes

to

Financial

Statements

56

The

following

data

is

for

a

share

outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Investment

Income

a

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

ACCOUNT

6/30/23

#

$

2.753‌

$

1.192‌

$

1.561‌

$

45.595‌

$

47.156‌

$

300.173‌

$

347.329‌

12/31/22

5.003‌

2.405‌

2.598‌

(76.219‌)

(73.621‌)

373.790‌

300.173‌

12/31/21

4.405‌

2.549‌

1.856‌

72.394‌

74.250‌

299.540‌

373.790‌

12/31/20

4.350‌

1.873‌

2.477‌

47.363‌

49.840‌

249.700‌

299.540‌

12/31/19

4.722‌

1.684‌

3.038‌

54.564‌

57.602‌

192.098‌

249.700‌

12/31/18

4.501‌

1.580‌

2.921‌

(14.924‌)

(12.003‌)

204.101‌

192.098‌

#

Unaudited

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

See

Notes

to

Financial

Statements

57

Ratios

to

average

net

assets

Ratios

and

supplemental

data

Total

Return

b

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)

15.71‌

%

c

0.90‌

%

d

0.75‌

%

d

0.98‌

%

d

1‌

%

c

3

 $

1,170‌

(19.70‌)

0.90‌

0.75‌

0.81‌

2‌

4

1,057‌

24.79‌

0.90‌

0.75‌

0.55‌

3‌

4

1,411‌

19.96‌

0.90‌

0.75‌

0.99‌

3‌

4

1,214‌

29.99‌

0.90‌

0.75‌

1.35‌

2‌

4

1,104‌

(5.88‌)

0.90‌

0.75‌

1.39‌

3‌

5

922‌

58

Notes

to

Financial

Statements

(Unaudited)

1.

Organization

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

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC")

as

an

open-end

management

investment

company

under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”).

VA-1

consists

of

a

single

investment

portfolio,

the

Stock

Index

Account

(“Account”).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the Account

is

June

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2023

(the

"current

fiscal

period").

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Account is

an

investment

company

and

follows

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

.

The accumulation

unit

value (“AUV”) for

financial

reporting

purposes

may

differ

from

the AUV

for

processing

transactions.

The AUV

for

financial

reporting

purposes

includes

security

and 

contractowner

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the AUV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Account.

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.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Account is

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Account and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)”

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

“Net

change

in

unrealized

appreciation

(depreciation)”

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

“Net

change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

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.

Indemnification:

In

the

normal

course

of

business, the

Account

enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities. The

Account's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Account

that

has

not

yet

occurred.

Also,

under

the

Account's

organizational

documents,

the

trustees

and

officers

of

the

Account are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Account.

However,

based

on

experience,

the

Account

expects

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

59

New

Accounting

Pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Account's

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

Teachers

Advisors,

LLC

(the

"Adviser"),

subject

to

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.

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.

Notes

to

Financial

Statements

(Unaudited)

(continued)

60

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): 

4.

Investments

Securities

Lending:

The

Account may

lend

its

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

The Account

receives

collateral

(in

the

form

of

cash,

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;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Account

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.

Account

Level

1

Level

2

Level

3

Total

Stock

Index

Long-Term

Investments

:

Common

stocks

$1,164,586

$—

$12

$1,164,598

Short-Term

Investments

:

Government

agency

debt

—

519

—

519

Treasury

debt

—

4,636

—

4,636

Investments

purchased

with

collateral

from

securities

lending

2,611

—

—

2,611

Investments

in

Derivatives

:

Futures

contracts*

132

—

—

132

Total

$1,167,329

$5,155

$12

$1,172,496

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

the

Fund's

Portfolio

of

Investments

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

24.1

Stock

Index

$

4,233

$

2,611

$

1,759

$

4,370

*May

include

cash

and

investment

of

cash

collateral.

61

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments) for

the Account for

the

current

fiscal

period,

were

as

follows

(dollar

amounts

are

in

thousands):

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.

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): 

During

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

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

24.1

Stock

Index

$

13,377

$

49,081

Account

Average

notional

amount

of

futures

contracts

outstanding*

24.1

Stock

Index

$

7,681

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

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

Location

Value

Stock

Index

Account

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

$

132

-

$

–

1

1

1

1

1

1

1

1

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Account's

Portfolio

of

Investments.

The

Statement

of

Assets

and

Liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

24.1

Stock

Index

Account

Futures

contracts

Equity

$

857

$

445

Notes

to

Financial

Statements

(Unaudited)

(continued)

62

6.

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.

7.

Investment

Adviser

and

Other

Transactions

with

Affiliates

The

Adviser,

a

wholly

owned

subsidiary

of

TIAA

and

a

registered

investment

adviser,

provides

investment

advisory

services

for

VA-1

pursuant

to

an

Investment

Management

Agreement

among

TIAA,

Advisers

and

VA-1.

TIAA

provides

all

administrative

services

for

VA-1

pursuant

to

an

Administrative

Services

Agreement

with

VA-1.

The

contracts

are

distributed

by

TIAA-CREF

Individual

&

Institutional

Services,

LLC

(“Services”).

Services

is

a

wholly

owned

subsidiary

of

TIAA.

The

Investment

Management

Agreement

sets

the

investment

advisory

charge

at

an

annual

rate

of

0.30%

of

the

average

daily

net

assets

of

the

Account.

The

Adviser

has

agreed

to

voluntarily

waive

a

portion

of

such

fee,

so

that

the

daily

deduction

is

equivalent

to

an

annual

charge

of

0.15%

of

the

average

daily

net

assets

of

the

Account.

The

Administrative

Services

Agreement

sets

the

administrative

expense

charge

at

an

annual

rate

of

0.20%

of

the

average

daily

net

assets

of

the

Account.

TIAA

also

imposes

a

daily

charge

for

bearing

certain

mortality

and

expense

risks

in

connection

with

the

contracts,

equivalent

to

an

annual

rate

of

0.40%

of

the

average

daily

net

assets

of

the

Account.

Although

TIAA

reserves

the

right

to

increase

the

Account’s

mortality

and

expense

risk

charge

to

a

maximum

of

1.00%

per

year,

the

total

expense

ratio

will

never

exceed

1.50%

per

year.

TIAA

pays

death

benefits

to

beneficiaries

when

an

annuitant

dies

during

the

accumulation

period

or

during

the

annuity

period

while

payments

are

still

due

for

the

remainder

of

a

guaranteed

period,

if

any.

The

Account may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Committee,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

As

of

the

end

of

the

current

fiscal

period,

these

transactions

did

not

materially

impact

the

Account.

8.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Account

may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Account

to

lend

cash

to

and/or

borrow

cash

from

certain affiliated

registered

investment

companies

for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

the Account

may

not

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

the

Account

may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Account’s

investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During

the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions.

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

Index

$

380,439

$

829,002

$

(36,945)

$

792,057

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

Index

$

90

$

215

$

208

63

9.

Line

of

Credit

The Account

participates

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

contractowner

withdrawals.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

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

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Account is

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Account during

the

current fiscal period.

Additional

Account

Information

(Unaudited)

©2023

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

it

is

available

to

the

public.

You

can

obtain

a

complete

list

of

the

holdings

of

the

TIAA

Separate

Account

VA-1

(Schedule

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

Securities

and

Exchange

Commission

(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

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-2

23-1200.

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.

65

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

Renewal

of

the

Investment

Management

Agreement

for

the

TIAA

Separate

Account

VA-1

The

Management

Committee

(the

“Committee”

or

the

“Managers”)

of

the

TIAA

Separate

Account

VA-1

(the

“Separate

Account”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Separate

Account.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Separate

Account.

Below

is

a

summary

of

the

process

the

Committee

undertook

related

to

its

most

recent

renewal

of

the

Agreement.

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

the

Separate

Account

will

remain

in

effect

only

if

the

Committee,

including

a

majority

of

those

Managers

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Managers

because

they

are

not

“interested

persons”

of

the

Separate

Account,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Managers

is

an

interested

person

of

the

Separate

Account

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Managers.

Overview

of

the

Renewal

Process

The

Committee

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

the

Separate

Account

using

the

process

established

by

the

Committee

described

further

below.

As

part

of

the

Committee’s

established

process,

the

Committee

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Managers

and

legal

counsel

to

the

Managers

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Committee

in

connection

with

the

proposed

contract

renewal.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

Advisors’

representatives,

other

Managers,

legal

counsel

to

the

Managers

and

legal

counsel

to

Advisors

and

the

Separate

Account,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Committee

with

respect

to

the

Separate

Account

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Committee,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

the

Separate

Account,

including

data

relating

to

the

Separate

Account’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance

and

portfolio

turnover

rate.

Broadridge

compared

this

data,

as

relevant,

for

the

Separate

Account

against

a

universe

of

investment

companies

(except

for

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies

that

underlie

variable

insurance

products,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

the

Separate

Account

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Committee

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Committee

that

its

reports

were

designed

specifically

to

provide

the

Committee

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

the

Separate

Account’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

selected

by

Broadridge

(and

not

Advisors

or

the

Committee).

The

Committee

considered

the

propriety

of

the

Separate

Account’s

applicable

peer

group

as

selected

by

Broadridge.

Among

other

matters,

the

Committee

also

considered

information

from

Advisors

to

facilitate

the

Managers’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

the

Separate

Account

pursuant

to

the

Agreement.

Legal

counsel

for

the

Managers

also

requested

on

behalf

of

the

Committee,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Committee

in

its

consideration

of

whether

to

renew

the

Agreement

for

the

Separate

Account.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

the

Separate

Account’s

investment

performance,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Separate

Account’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

the

Separate

Account’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Separate

Account

in

addition

to

the

Separate

Account’s

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

66

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

arrangements,

capacity

to

manage

the

Separate

Account

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Separate

Account;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Separate

Account

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Managers);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Committee

should

renew

the

Agreement.

The

Managers

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Committee

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Managers

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Managers

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Committee’s

follow-up

questions

and

requests

presented

by

the

Committee

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

the

Separate

Account,

the

Committee

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Separate

Account;

(2)

the

Separate

Account’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Separate

Account

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Separate

Account;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Separate

Account

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Separate

Account

for

the

benefit

of

its

investors,

such

as

through

management

fee

breakpoints;

(7)

comparisons

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Separate

Account

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Separate

Account.

As

a

general

matter,

the

Committee

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Managers,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Managers

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

the

Separate

Account.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Separate

Account

by

the

Management

Committee

and

its

Committees

is

an

ongoing

process.

The

Management

Committee,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Management

Committee

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Committee

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Separate

Account.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

the

Separate

Account,

the

Committee

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Management

Committee

and

its

Committees

throughout

the

year.

In

deciding

whether

to

renew

the

Agreement,

each

Manager

may

have

accorded

different

weight

to

different

factors

and,

thus,

each

Manager

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement.

At

its

meeting

on

March

10,

2023,

all

Committee

members

voted

unanimously

to

renew

the

Agreement

for

the

Separate

Account.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

the

Separate

Account.

The

Nature,

Extent

and

Quality

of

Services

The

Committee

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Committee

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Separate

Account

since

its

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Life

Funds

and

TIAA-CREF

Funds,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Separate

Account,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Separate

Account’s

investment

portfolio;

active

daily

monitoring

of

the

Separate

Account’s

investment

portfolio;

reporting

on

the

investment

performance

and

other

metrics

of

the

Separate

Account

to

the

Committee

on

a

regular

basis;

responding

to

Separate

Account

flows;

and

compliance

monitoring.

The

Committee

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Committee

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

Separate

Account.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Separate

Account.

67

The

Committee

also

considered,

among

other

factors,

the

performance

of

the

Separate

Account,

as

discussed

below.

In

addition,

the

Committee

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Committee

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Committee

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Separate

Account,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

the

Separate

Account

under

the

Agreement

was

reasonable.

Investment

Performance

The

Committee

considered

the

investment

performance

of

the

Separate

Account

over

the

one-,

three-,

five-

and

ten-year

periods

ended

December

31,

2022.

The

Committee

considered

the

Separate

Account’s

performance

as

compared

to

its

peer

universe

of

mutual

funds

that

underlie

variable

insurance

products

(as

applicable)

and

its

benchmark

index.

The

Committee

also

discussed

the

performance

of

the

Separate

Account

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Committee

considered

the

effects

of

fair

valuation,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Separate

Account’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

the

Separate

Account’s

performance,

see

the

synopsis

below.

The

Committee

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

the

Separate

Account

was

reasonable.

Cost

and

Profitability

The

Committee

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Separate

Account

for

the

calendar

year

2022.

The

Committee

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

the

Separate

Account.

The

Committee

acknowledged

the

reasonableness

of

having

a

management

fee

rate

which

permits

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Separate

Account

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Separate

Account.

The

Committee

considered

that

Advisors

had

earned

a

net

profit

with

respect

to

the

Separate

Account

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

The

Committee

concluded

that

the

profits

were

reasonable

in

light

of

various

relevant

factors.

Fees

Charged

by

Other

Advisers

The

Committee

considered

comparative

information

regarding

the

Separate

Account’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

synopsis

below.

In

this

regard,

the

Committee

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

the

Separate

Account

and

comparable

mutual

funds

that

underlie

variable

insurance

products.

For

example,

most

similar

mutual

funds

are

offered

only

through

other

investment

vehicles

that

also

carry

additional

fees

and

expenses,

whereas

the

Separate

Account

bears

certain

of

these

expenses

itself.

Another

limitation

noted

by

the

Committee

was

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Separate

Account’s

actual

management

fee

rate

compares

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Additionally,

the

Committee

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Separate

Account’s

data

were

derived.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

management

fee

rate

under

the

Agreement

was

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

Economies

of

Scale

The

Committee

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

the

Separate

Account.

The

Committee

also

considered

that,

because

Advisors

represented

that

its

profit

was

relatively

small

and

the

Separate

Account

was

unlikely

to

grow

because

it

is

no

longer

actively

sold,

there

was

little

opportunity

to

pass

economies

of

scale

on

to

Separate

Account

shareholders.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

Separate

Account’s

management

fee

rate

schedule

was

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

level.

68

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fee

and

Performance

Comparisons

with

Other

Advisors

Clients

The

Committee

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

the

Separate

Account.

The

Committee

considered

the

management

fee

rates

and

the

performance

of

such

companies

and

accounts.

The

Committee

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Committee

also

considered

Advisors’

representation

that,

while

the

management

fee

rate

charged

to

the

Separate

Account

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products,

and

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rate

charged

to

the

Separate

Account

was

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

Benefits

The

Committee

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Separate

Account

to

Advisors

or

its

affiliates

for

other

services,

such

as

administration,

and

investment-related

benefits,

such

as

economies

of

scale,

to

the

extent

the

Separate

Account

shares

investment

resources

and/

or

personnel

with

other

clients

of

Advisors.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Separate

Account

has

with

certain

service

providers.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Separate

Account

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Committee

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Synopsis

of

Factors

The

Committee

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

the

Separate

Account.

If

the

Separate

Account

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Committee

in

the

reports

prepared

by

Broadridge.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

The

statement

below

regarding

“net

profit”

refers

to

Advisors’

calculation

that

it

earned

a

profit

for

the

services

that

it

rendered

to

the

Separate

Account

during

2022

under

the

Agreement.

The

Separate

Account’s

annual

contractual

investment

management

fee

rate

is

0.30%

of

average

daily

net

assets,

but

is

voluntarily

waived

by

Advisors

to

an

annual

fee

of

0.15%

of

average

daily

net

assets.

The

Separate

Account’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

5th,

1st

and

1st

quintiles

of

the

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes,

respectively.

For

the

three-year

period,

the

Separate

Account’s

adjusted

annualized

gross

performance

(meaning

the

Separate

Account’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

securities

lending

and

class

action

recoveries))

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

+4

basis

points.

For

reference,

one

basis

point

equals

0.01%.

The

Separate

Account

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Separate

Account

for

the

one-year

period.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Committee

renewed

the

Agreement

for

the

Separate

Account.

69

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

separate

account’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

the

separate

account

covered

by

this

Report

(the

“separate

account”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

separate

account’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

the

separate

account’s

liquidity

risk,

as

discussed

further

below.

The

separate

account’s

Management

Committee

(the

“Management

Committee”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Management

Committee

meeting,

the

Administrator

provided

the

Management

Committee

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

separate

account’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

the

separate

account’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

separate

account’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Separate

account

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

If

the

separate

account

does

not

primarily

hold

highly

liquid

investments

it

must,

among

other

things,

determine

a

minimum

percentage

of

separate

account

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

the

separate

account

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

separate

account’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

separate

account

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

the

separate

account’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

the

separate

account

did

not

exceed

the

15%

limit

on

illiquid

investments.

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A10938

(8/23)

Item 2. Code of Conduct.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Management Committee.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

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.

Dated: August 17, 2023	TIAA SEPARATE ACCOUNT VA-1
	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer

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.

Dated: August 17, 2023	By:	/s/ Colbert Narcisse
		Colbert Narcisse
		Principal Executive Officer and President and Chief Executive Officer
		(principal executive officer)
Dated: August 17, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)