Tiaa Separate Account Va 1 N-CSR Certified 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: December 31, 2023

Item 1.  Reports to Stockholders.

December

31,

2023

TIAA

Separate

Account

VA-1

Stock

Index

Account

Table

of

Contents

About

the

Account’s

Benchmark

3

Portfolio

Managers’

Comments

4

Account

Performance

5

Expense

Example

7

Report

of

Independent

Registered

Public

Accounting

Firm

8

Portfolio

of

Investments

9

Statement

of

Assets

and

Liabilities

55

Statement

of

Operations

56

Statements

of

Changes

in

Net

Assets

57

Financial

Highlights

58

Notes

to

Financial

Statements

60

Additional

Account

Information

66

Management

Committee

Members

and

Officers

67

3

About

the

Account’s

Benchmark

The

Account’s

benchmark

is

the

Russell

3000®Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

index,

please

read

the

Account’s

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Portfolio

Managers’

Comments

4

Stock

Index

Account

Performance

for

the

twelve

months

ended

December

31,

2023

The

Stock

Index

Account returned

25.02% for

the

year,

compared

with

the

25.96% return

of

its

benchmark,

the

Russell

3000®

Index.

For

the

twelve-month

period,

the

Account’s

return

underperformed

that

of

its

benchmark

index

due

to

the

effect

of

expenses.

The

Account’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Account

had

a

risk

profile

similar

to

that

of

its

benchmark.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

advanced

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

gains

for

the

twelve

months.

Information

technology

(up

59.3%)—the

benchmark’s

largest

sector—produced

the

strongest

increase

and

contributed

more

than

one-half

of

the

index’s

total

return.

The

next-best

performers

were

communication

services

(up

53.3%),

consumer

discretionary

(up

40.7%)

and

industrials

(up

21.7%).

Together,

these

four

sectors

accounted

for

almost

55.0%

of

the

index’s

total

market

capitalization

on

December

31,

2023.

The

worst

performer

was

utilities

(down

7.0%),

a

defensive

sector

that

tends

to

lag

when

the

economy

is

strong,

followed

by

energy

(down

0.2%).

For

the

twelve-month

period,

all

of

the

five

largest

stocks

in

the

Russell

3000

Index

generated

impressive

gains

that

exceeded

the

overall

return

of

the

benchmark.

Technology

company

NVIDIA

performed

especially

well,

surging

on

robust

demand

for

its

semiconductors

that

perform

artificial

intelligence

(AI)

tasks.

Next

in

line

was

Amazon.com,

followed

by

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

These

four

companies

benefited

from

optimism

that

investments

they

were

making

in

AI

technologies

would

drive

strong

profits

in

the

future.

Stock

Index

Account

5

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Account's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Inception

date

1

year

5

years

10

years

Stock

Index

Account

11/1/94

25.02

%

14.33

%

10.68

%

Russell

3000®

Index

–

25.96

15.16

11.48

Stock

Index

Account

(continued)

6

Account

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

1.20

billion

Portfolio

turnover

rate

2%

Number

of

holdings

2,661

Weighted

median

market

capitalization

$148.19

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.6

†

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

12/31/2023

Information

technology

27.1

Financials

13.7

Health

care

12.6

Consumer

discretionary

10.9

Industrials

10.0

Communication

services

7.9

Consumer

staples

5.7

Energy

4.0

Real

estate

3.0

Materials

2.7

Utilities

2.3

Short-term

investments

0.7

Investments

purchased

with

collateral

from

securities

lending

0.2

Other

assets

&

liabilities,

net

-0.8

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

70.1

More

than

$15

billion-$50

billion

16.7

More

than

$2

billion-$15

billion

11.3

$2

billion

or

less

1.9

Total

100.0

7

Expense

Example

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

(

July

1,

2023

–

December

31,

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

$1,080.43

Expenses

incurred

during

the

period*

$3.93

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.42

Expenses

incurred

during

the

period*

$3.82

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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%.

Report

of

Independent

Registered

Public

Accounting

Firm

8

To

the

Management

Committee

and

Contract

Owners

of

the

Stock

Index

Account

of

TIAA

Separate

Account

VA-1

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

the

Stock

Index

Account

of

TIAA

Separate

Account

VA-1

(the

"Account")

as

of

December

31,

2023,

the

related

statement

of

operations

for

the

year

ended

December

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Account

as

of

December

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Account’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Account’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Account

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian

and

brokers.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Charlotte,

North

Carolina

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

Portfolio

of

Investments

Stock

Index

Account

December

31,

2023

9

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.9%

COMMON

STOCKS

-

99.9%

AUTOMOBILES

&

COMPONENTS

-

1.9%

2,741

(a)

Adient

plc

$

100

2,617

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

23

7,095

(a)

Aptiv

plc

637

6,230

BorgWarner,

Inc

223

4,034

Dana

Inc

59

653

(a)

Dorman

Products,

Inc

54

4,705

(a),(b)

Fisker,

Inc

8

102,041

Ford

Motor

Co

1,244

1,039

(a)

Fox

Factory

Holding

Corp

70

35,049

General

Motors

Co

1,259

5,543

Gentex

Corp

181

1,006

(a)

Gentherm,

Inc

53

7,162

(a)

Goodyear

Tire

&

Rubber

Co

103

3,241

Harley-Davidson,

Inc

119

767

LCI

Industries

96

1,526

Lear

Corp

215

19,933

(a),(b)

Lucid

Group,

Inc

84

6,477

(a),(b)

Luminar

Technologies,

Inc

22

967

(a)

Modine

Manufacturing

Co

58

454

Patrick

Industries,

Inc

45

1,246

Phinia,

Inc

38

7,090

(a),(b)

QuantumScape

Corp

49

17,252

(a),(b)

Rivian

Automotive,

Inc

405

1,333

(a),(b)

Solid

Power,

Inc

2

843

Standard

Motor

Products,

Inc

34

1,055

(a)

Stoneridge,

Inc

21

71,173

(a)

Tesla,

Inc

17,685

1,229

Thor

Industries,

Inc

145

759

(a)

Visteon

Corp

95

1,048

Winnebago

Industries,

Inc

76

3,711

(a)

Workhorse

Group,

Inc

1

518

(a)

XPEL,

Inc

28

TOTAL

AUTOMOBILES

&

COMPONENTS

23,232

BANKS

-

3.6%

625

1st

Source

Corp

34

450

Amalgamated

Financial

Corp

12

667

Amerant

Bancorp,

Inc

16

374

American

National

Bankshares,

Inc

18

2,080

Ameris

Bancorp

110

476

Arrow

Financial

Corp

13

2,827

Associated

Banc-Corp

60

1,886

Atlantic

Union

Bankshares

Corp

69

2,090

(a)

Axos

Financial,

Inc

114

3,688

Banc

of

California,

Inc

50

585

Bancfirst

Corp

57

1,514

(a)

Bancorp,

Inc

58

178

(b)

Bank

First

Corp

15

177,769

Bank

of

America

Corp

5,985

1,195

Bank

of

Hawaii

Corp

87

468

Bank

of

Marin

Bancorp

10

548

Bank

of

NT

Butterfield

&

Son

Ltd

18

2,750

Bank

OZK

137

1,329

BankUnited,

Inc

43

887

Banner

Corp

48

Stock

Index

Account

December

31,

2023

10

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

622

Bar

Harbor

Bankshares

$

18

1,245

Berkshire

Hills

Bancorp,

Inc

31

383

(a)

Blue

Foundry

Bancorp

4

11,285

(b)

Blue

Ridge

Bankshares,

Inc

34

655

BOK

Financial

Corp

56

882

(a)

Bridgewater

Bancshares,

Inc

12

740

Brookline

Bancorp,

Inc

8

479

Burke

&

Herbert

Financial

Services

Corp

30

313

Business

First

Bancshares,

Inc

8

241

Byline

Bancorp,

Inc

6

4,677

Cadence

Bank

138

135

Cambridge

Bancorp

9

613

Camden

National

Corp

23

447

Capital

City

Bank

Group,

Inc

13

2,335

Capitol

Federal

Financial,

Inc

15

314

Capstar

Financial

Holdings,

Inc

6

550

(a)

Carter

Bankshares,

Inc

8

1,563

Cathay

General

Bancorp

70

1,125

Central

Pacific

Financial

Corp

22

1,028

ChoiceOne

Financial

Services,

Inc

30

49,337

Citigroup,

Inc

2,538

533

Citizens

&

Northern

Corp

12

11,338

Citizens

Financial

Group,

Inc

376

194

City

Holding

Co

21

377

Civista

Bancshares,

Inc

7

498

CNB

Financial

Corp

11

146

(a)

Coastal

Financial

Corp

7

4,193

Columbia

Banking

System,

Inc

112

1,738

(a)

Columbia

Financial,

Inc

34

3,602

Comerica,

Inc

201

3,264

Commerce

Bancshares,

Inc

174

1,646

Community

Bank

System,

Inc

86

651

Community

Trust

Bancorp,

Inc

29

1,146

ConnectOne

Bancorp,

Inc

26

1,466

(a)

CrossFirst

Bankshares,

Inc

20

1,650

Cullen/Frost

Bankers,

Inc

179

919

(a)

Customers

Bancorp,

Inc

53

2,723

CVB

Financial

Corp

55

422

Dime

Community

Bancshares,

Inc

11

1,035

Eagle

Bancorp,

Inc

31

4,040

East

West

Bancorp,

Inc

291

4,805

Eastern

Bankshares,

Inc

68

314

Enterprise

Bancorp,

Inc

10

828

Enterprise

Financial

Services

Corp

37

402

Equity

Bancshares,

Inc

14

218

Farmers

&

Merchants

Bancorp,

Inc

5

1,013

Farmers

National

Banc

Corp

15

621

FB

Financial

Corp

25

17,684

Fifth

Third

Bancorp

610

527

Financial

Institutions,

Inc

11

1,088

First

Bancorp

40

6,201

First

BanCorp

102

498

First

Bancorp,

Inc

14

322

First

Bancshares,

Inc

9

603

First

Bank

9

1,476

First

Busey

Corp

37

278

First

Citizens

Bancshares,

Inc

(Class

A)

394

3,678

First

Commonwealth

Financial

Corp

57

680

First

Community

Bancshares,

Inc

25

2,544

First

Financial

Bancorp

60

3,602

First

Financial

Bankshares,

Inc

109

384

First

Financial

Corp

17

11

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,098

First

Foundation,

Inc

$

11

3,163

First

Hawaiian,

Inc

72

14,282

First

Horizon

National

Corp

202

2,090

First

Interstate

BancSystem,

Inc

64

587

First

Merchants

Corp

22

380

First

Mid

Bancshares,

Inc

13

862

First

of

Long

Island

Corp

11

1,083

Flushing

Financial

Corp

18

8,529

FNB

Corp

117

2,273

Fulton

Financial

Corp

37

903

German

American

Bancorp,

Inc

29

3,414

Glacier

Bancorp,

Inc

141

76

Great

Southern

Bancorp,

Inc

5

302

Guaranty

Bancshares,

Inc

10

2,028

Hancock

Whitney

Corp

99

824

Hanmi

Financial

Corp

16

728

HarborOne

Bancorp,

Inc

9

715

HBT

Financial,

Inc

15

953

Heartland

Financial

USA,

Inc

36

1,355

Heritage

Commerce

Corp

13

1,150

Heritage

Financial

Corp

25

1,239

Hilltop

Holdings,

Inc

44

57

Hingham

Institution

For

Savings

The

11

238

Home

Bancorp,

Inc

10

4,557

Home

Bancshares,

Inc

115

698

HomeStreet,

Inc

7

667

HomeTrust

Bancshares,

Inc

18

2,725

Hope

Bancorp,

Inc

33

1,209

Horizon

Bancorp,

Inc

17

37,096

Huntington

Bancshares,

Inc

472

1,393

Independent

Bank

Corp

92

863

Independent

Bank

Corp

22

356

Independent

Bank

Group,

Inc

18

1,089

International

Bancshares

Corp

59

74,457

JPMorgan

Chase

&

Co

12,665

1,623

Kearny

Financial

Corp

15

22,600

Keycorp

325

1,629

Lakeland

Bancorp,

Inc

24

499

Lakeland

Financial

Corp

33

833

Live

Oak

Bancshares,

Inc

38

4,428

M&T

Bank

Corp

607

1,072

Macatawa

Bank

Corp

12

640

Mercantile

Bank

Corp

26

229

(a)

Metropolitan

Bank

Holding

Corp

13

196

Mid

Penn

Bancorp,

Inc

5

582

Midland

States

Bancorp,

Inc

16

406

MidWestOne

Financial

Group,

Inc

11

180

MVB

Financial

Corp

4

984

National

Bank

Holdings

Corp

37

521

NBT

Bancorp,

Inc

22

19,049

New

York

Community

Bancorp,

Inc

195

394

Nicolet

Bankshares,

Inc

32

1,643

Northfield

Bancorp,

Inc

21

2,083

Northwest

Bancshares,

Inc

26

62,164

(a)

NU

Holdings

Ltd

518

1,583

OceanFirst

Financial

Corp

27

811

OFG

Bancorp

30

7,277

Old

National

Bancorp

123

1,237

Old

Second

Bancorp,

Inc

19

568

Origin

Bancorp,

Inc

20

297

Orrstown

Financial

Services,

Inc

9

2,232

Pacific

Premier

Bancorp,

Inc

65

Stock

Index

Account

December

31,

2023

12

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

529

Park

National

Corp

$

70

1,035

Pathward

Financial,

Inc

55

642

Peapack

Gladstone

Financial

Corp

19

917

Penns

Woods

Bancorp,

Inc

21

868

Peoples

Bancorp,

Inc

29

333

Peoples

Financial

Services

Corp

16

1,942

Pinnacle

Financial

Partners,

Inc

169

923

Plumas

Bancorp

38

10,369

PNC

Financial

Services

Group,

Inc

1,606

2,126

Popular,

Inc

174

510

Preferred

Bank

37

446

Premier

Financial

Corp

11

454

Primis

Financial

Corp

6

2,597

Prosperity

Bancshares,

Inc

176

1,243

Provident

Financial

Services,

Inc

22

472

QCR

Holdings,

Inc

28

475

RBB

Bancorp

9

192

Red

River

Bancshares,

Inc

11

25,518

Regions

Financial

Corp

495

1,629

Renasant

Corp

55

364

Republic

Bancorp,

Inc

(Class

A)

20

812

S&T

Bancorp,

Inc

27

1,200

Sandy

Spring

Bancorp,

Inc

33

1,542

Seacoast

Banking

Corp

of

Florida

44

1,315

ServisFirst

Bancshares,

Inc

88

370

Sierra

Bancorp

8

2,996

Simmons

First

National

Corp

(Class

A)

59

275

SmartFinancial,

Inc

7

228

(a)

Southern

First

Bancshares,

Inc

8

231

Southern

Missouri

Bancorp,

Inc

12

1,068

Southside

Bancshares,

Inc

33

1,939

SouthState

Corp

164

1,283

Stellar

Bancorp,

Inc

36

922

Stock

Yards

Bancorp,

Inc

47

394

Summit

Financial

Group,

Inc

12

3,386

Synovus

Financial

Corp

128

1,428

(a)

Texas

Capital

Bancshares,

Inc

92

131

Tompkins

Trustco,

Inc

8

1,266

Towne

Bank

38

422

Trico

Bancshares

18

657

(a)

Triumph

Financial,

Inc

53

34,386

Truist

Financial

Corp

1,270

671

TrustCo

Bank

Corp

NY

21

1,222

Trustmark

Corp

34

1,098

UMB

Financial

Corp

92

2,837

United

Bankshares,

Inc

107

2,960

United

Community

Banks,

Inc

87

1,012

Univest

Financial

Corp

22

39,896

US

Bancorp

1,727

9,879

Valley

National

Bancorp

107

1,101

Veritex

Holdings,

Inc

26

1,239

Washington

Federal,

Inc

41

581

Washington

Trust

Bancorp,

Inc

19

4,645

Webster

Financial

Corp

236

94,412

Wells

Fargo

&

Co

4,647

720

WesBanco,

Inc

23

597

West

Bancorporation,

Inc

13

1,024

Westamerica

Bancorporation

58

2,903

Western

Alliance

Bancorp

191

1,577

Wintrust

Financial

Corp

146

2,294

WSFS

Financial

Corp

105

13

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,765

Zions

Bancorporation

$

165

TOTAL

BANKS

43,377

CAPITAL

GOODS

-

6.5%

3,738

(a)

3D

Systems

Corp

24

14,313

3M

Co

1,565

3,071

A.O.

Smith

Corp

253

1,912

Aaon,

Inc

141

981

(a)

AAR

Corp

61

718

Acuity

Brands,

Inc

147

1,712

Advanced

Drainage

Systems,

Inc

241

3,276

Aecom

Technology

Corp

303

721

(a)

Aerovironment,

Inc

91

1,525

AGCO

Corp

185

2,509

Air

Lease

Corp

105

191

Alamo

Group,

Inc

40

830

Albany

International

Corp

(Class

A)

82

2,187

Allegion

plc

277

307

Allied

Motion

Technologies,

Inc

9

2,241

Allison

Transmission

Holdings,

Inc

130

909

(a)

Ameresco,

Inc

29

568

(a)

American

Woodmark

Corp

53

5,823

Ametek,

Inc

960

5,093

(a)

API

Group

Corp

176

449

Apogee

Enterprises,

Inc

24

976

Applied

Industrial

Technologies,

Inc

169

3,399

(a),(b)

Archer

Aviation,

Inc

21

1,220

Arcosa,

Inc

101

555

Argan,

Inc

26

876

Armstrong

World

Industries,

Inc

86

4,146

(a)

Array

Technologies,

Inc

70

823

Astec

Industries,

Inc

31

810

(a)

Astronics

Corp

14

931

(a)

Atkore,

Inc

149

1,836

(a)

Axon

Enterprise,

Inc

474

2,980

(a)

AZEK

Co,

Inc

114

922

AZZ,

Inc

54

489

Barnes

Group,

Inc

16

1,298

(a)

Beacon

Roofing

Supply,

Inc

113

1,095

(a),(b)

Blink

Charging

Co

4

4,522

(a),(b)

Bloom

Energy

Corp

67

278

(a)

Blue

Bird

Corp

7

224

(a)

BlueLinx

Holdings,

Inc

25

14,377

(a)

Boeing

Co

3,748

937

Boise

Cascade

Co

121

534

Brookfield

Business

Corp

12

3,172

(a)

Builders

FirstSource,

Inc

530

2,196

BWX

Technologies,

Inc

168

383

Cadre

Holdings,

Inc

13

1,290

Carlisle

Cos,

Inc

403

21,689

Carrier

Global

Corp

1,246

13,162

Caterpillar,

Inc

3,892

19,095

(a),(b)

ChargePoint

Holdings,

Inc

45

1,052

(a)

Chart

Industries,

Inc

143

23,635

CNH

Industrial

NV

288

840

Columbus

McKinnon

Corp

33

929

Comfort

Systems

USA,

Inc

191

714

(a)

Construction

Partners,

Inc

31

3,449

(a)

Core

&

Main,

Inc

139

1,416

Crane

Co

167

302

CSW

Industrials,

Inc

63

3,736

Cummins,

Inc

895

Stock

Index

Account

December

31,

2023

14

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

965

Curtiss-Wright

Corp

$

215

1,008

(a)

Custom

Truck

One

Source,

Inc

6

6,838

Deere

&

Co

2,734

8,259

(a),(b)

Desktop

Metal,

Inc

6

2,747

Donaldson

Co,

Inc

180

932

Douglas

Dynamics,

Inc

28

3,596

Dover

Corp

553

290

(a)

Ducommun,

Inc

15

567

(a)

DXP

Enterprises,

Inc

19

561

(a)

Dycom

Industries,

Inc

65

10,263

Eaton

Corp

plc

2,472

1,343

EMCOR

Group,

Inc

289

14,662

Emerson

Electric

Co

1,427

365

Encore

Wire

Corp

78

1,368

(a)

Energy

Recovery,

Inc

26

11,731

(a)

Energy

Vault

Holdings,

Inc

27

1,030

Enerpac

Tool

Group

Corp

32

1,051

EnerSys

106

2,981

(a),(b)

Enovix

Corp

37

479

EnPro

Industries,

Inc

75

1,154

Esab

Corp

100

605

ESCO

Technologies,

Inc

71

2,480

(a)

ESS

Tech,

Inc

3

14,384

Fastenal

Co

932

1,459

Federal

Signal

Corp

112

5,331

Ferguson

plc

1,029

3,453

Flowserve

Corp

142

786

(a)

Fluence

Energy,

Inc

19

4,273

(a)

Fluor

Corp

167

9,095

Fortive

Corp

670

3,497

Fortune

Brands

Innovations,

Inc

266

1,207

Franklin

Electric

Co,

Inc

117

2,637

FTAI

Aviation

Ltd

122

1,160

(a),(b)

FTC

Solar,

Inc

1

28,248

(a)

FuelCell

Energy,

Inc

45

1,874

(a)

Gates

Industrial

Corp

plc

25

863

GATX

Corp

104

1,536

(a)

Generac

Holdings,

Inc

199

6,405

General

Dynamics

Corp

1,663

27,931

General

Electric

Co

3,565

1,066

(a)

Gibraltar

Industries,

Inc

84

461

Global

Industrial

Co

18

922

(a)

GMS,

Inc

76

678

Gorman-Rupp

Co

24

4,344

Graco,

Inc

377

5,120

GrafTech

International

Ltd

11

945

Granite

Construction,

Inc

48

2,253

(a)

Great

Lakes

Dredge

&

Dock

Corp

17

718

Greenbrier

Cos,

Inc

32

1,120

Griffon

Corp

68

684

H&E

Equipment

Services,

Inc

36

1,521

(a)

Hayward

Holdings,

Inc

21

1,082

HEICO

Corp

194

2,011

HEICO

Corp

(Class

A)

286

922

Helios

Technologies,

Inc

42

787

Herc

Holdings,

Inc

117

2,098

Hexcel

Corp

155

1,992

Hillenbrand,

Inc

95

3,242

(a)

Hillman

Solutions

Corp

30

17,101

Honeywell

International,

Inc

3,586

9,687

Howmet

Aerospace,

Inc

524

1,400

Hubbell,

Inc

461

15

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,076

(a)

Hudson

Technologies,

Inc

$

15

905

Huntington

Ingalls

Industries,

Inc

235

3,375

(a)

Hyliion

Holdings

Corp

3

404

Hyster-Yale

Materials

Handling,

Inc

25

1,974

IDEX

Corp

429

298

(a)

IES

Holdings,

Inc

24

7,772

Illinois

Tool

Works,

Inc

2,036

10,329

Ingersoll

Rand,

Inc

799

716

Insteel

Industries,

Inc

27

2,255

ITT,

Inc

269

1,876

(a)

Janus

International

Group,

Inc

24

2,384

(a)

JELD-WEN

Holding,

Inc

45

972

John

Bean

Technologies

Corp

97

17,508

Johnson

Controls

International

plc

1,009

242

Kadant,

Inc

68

1,040

Kaman

Corp

25

2,961

Kennametal,

Inc

76

3,783

(a)

Kratos

Defense

&

Security

Solutions,

Inc

77

4,935

L3Harris

Technologies,

Inc

1,039

542

(a)

Lawson

Products,

Inc

17

824

Lennox

International,

Inc

369

1,340

(a)

Leonardo

DRS,

Inc

27

1,489

Lincoln

Electric

Holdings,

Inc

324

220

Lindsay

Corp

28

5,715

Lockheed

Martin

Corp

2,590

800

Luxfer

Holdings

plc

7

1,198

(a)

Manitowoc

Co,

Inc

20

5,807

Masco

Corp

389

353

(a)

Masonite

International

Corp

30

1,677

(a)

Mastec,

Inc

127

3,438

(a)

Masterbrand,

Inc

51

687

McGrath

RentCorp

82

3,915

MDU

Resources

Group,

Inc

78

1,473

(a)

Mercury

Computer

Systems,

Inc

54

4,622

(a),(b)

Microvast

Holdings,

Inc

6

1,179

(a)

Middleby

Corp

174

446

Miller

Industries,

Inc

19

753

Moog,

Inc

(Class

A)

109

2,142

(a)

MRC

Global,

Inc

24

950

MSC

Industrial

Direct

Co

(Class

A)

96

2,548

Mueller

Industries,

Inc

120

4,045

Mueller

Water

Products,

Inc

(Class

A)

58

368

(a)

MYR

Group,

Inc

53

206

National

Presto

Industries,

Inc

17

793

(a)

NEXTracker,

Inc

37

15,920

(a)

Nikola

Corp

14

1,561

Nordson

Corp

412

3,716

Northrop

Grumman

Corp

1,740

371

(a)

Northwest

Pipe

Co

11

3,443

(a)

NOW,

Inc

39

1,422

(a),(b)

NuScale

Power

Corp

5

4,516

nVent

Electric

plc

267

117

Omega

Flex,

Inc

8

1,610

Oshkosh

Corp

175

10,562

Otis

Worldwide

Corp

945

2,390

Owens

Corning,

Inc

354

13,315

PACCAR,

Inc

1,300

766

Park

Aerospace

Corp

11

3,330

Parker-Hannifin

Corp

1,534

1,095

(a)

Parsons

Corp

69

4,201

Pentair

plc

305

1,847

(a)

PGT

Innovations,

Inc

75

Stock

Index

Account

December

31,

2023

16

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

13,876

(a),(b)

Plug

Power,

Inc

$

62

416

Powell

Industries,

Inc

37

96

Preformed

Line

Products

Co

13

1,452

Primoris

Services

Corp

48

784

(a)

Proto

Labs,

Inc

31

905

Quanex

Building

Products

Corp

28

3,682

Quanta

Services,

Inc

795

672

(a)

RBC

Bearings,

Inc

191

1,690

Regal-Beloit

Corp

250

4,524

(a)

Resideo

Technologies,

Inc

85

432

REV

Group,

Inc

8

6,127

(a),(b)

Rocket

Lab

USA,

Inc

34

2,948

Rockwell

Automation,

Inc

915

37,101

RTX

Corp

3,122

577

Rush

Enterprises,

Inc

31

1,317

Rush

Enterprises,

Inc

(Class

A)

66

3,523

Sensata

Technologies

Holding

plc

132

4,388

(a)

Shoals

Technologies

Group,

Inc

68

1,169

Shyft

Group,

Inc

14

1,204

Simpson

Manufacturing

Co,

Inc

238

1,100

(a)

SiteOne

Landscape

Supply,

Inc

179

1,357

Snap-On,

Inc

392

2,061

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

65

1,179

(a)

SPX

Technologies,

Inc

119

472

Standex

International

Corp

75

4,204

Stanley

Black

&

Decker,

Inc

412

4,021

(a),(b)

Stem,

Inc

16

1,004

(a)

Sterling

Construction

Co,

Inc

88

2,299

(a),(b)

SunPower

Corp

11

6,329

(a)

Sunrun,

Inc

124

647

Tennant

Co

60

1,674

Terex

Corp

96

338

Textainer

Group

Holdings

Ltd

17

4,817

Textron,

Inc

387

853

(a)

Thermon

Group

Holdings,

Inc

28

1,628

Timken

Co

130

1,266

(a)

Titan

International,

Inc

19

491

(a)

Titan

Machinery,

Inc

14

2,649

Toro

Co

254

5,789

Trane

Technologies

plc

1,412

100

(a)

Transcat,

Inc

11

1,365

TransDigm

Group,

Inc

1,381

2,846

(a)

Trex

Co,

Inc

236

2,047

Trinity

Industries,

Inc

54

1,451

(a)

Triumph

Group,

Inc

24

1,399

(a)

Tutor

Perini

Corp

13

1,356

UFP

Industries,

Inc

170

1,803

United

Rentals,

Inc

1,034

455

(a)

V2X,

Inc

21

582

Valmont

Industries,

Inc

136

8,969

Vertiv

Holdings

Co

431

649

(a)

Vicor

Corp

29

20,242

(a)

Virgin

Galactic

Holdings,

Inc

50

1,169

W.W.

Grainger,

Inc

969

1,281

Wabash

National

Corp

33

901

Watsco,

Inc

386

645

Watts

Water

Technologies,

Inc

(Class

A)

134

1,139

WESCO

International,

Inc

198

4,510

Westinghouse

Air

Brake

Technologies

Corp

572

5,015

(a)

WillScot

Mobile

Mini

Holdings

Corp

223

1,458

Woodward

Inc

198

911

(a)

Xometry,

Inc

33

17

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,019

Xylem,

Inc

$

688

3,642

Zurn

Elkay

Water

Solutions

Corp

107

TOTAL

CAPITAL

GOODS

78,298

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.7%

1,382

ABM

Industries,

Inc

62

3,257

ACCO

Brands

Corp

20

2,888

(a)

ACV

Auctions,

Inc

44

8,912

(a)

Alight,

Inc

76

3,046

(a)

ARAMARK

Uniform

Services

64

452

Aris

Water

Solution,

Inc

4

1,481

(a)

ASGN,

Inc

142

8,068

(a),(b)

Aurora

Innovation,

Inc

35

10,585

Automatic

Data

Processing,

Inc

2,466

274

Barrett

Business

Services,

Inc

32

3,394

Booz

Allen

Hamilton

Holding

Corp

434

511

(a)

BrightView

Holdings,

Inc

4

1,108

Brink's

Co

97

2,935

Broadridge

Financial

Solutions,

Inc

604

589

(a)

CACI

International,

Inc

(Class

A)

191

1,375

(a)

Casella

Waste

Systems,

Inc

(Class

A)

118

1,147

(a)

CBIZ,

Inc

72

756

(a)

CECO

Environmental

Corp

15

600

(a)

Cimpress

plc

48

2,203

Cintas

Corp

1,328

13,091

(a)

Clarivate

plc

121

1,373

(a)

Clean

Harbors,

Inc

240

805

Concentrix

Corp

79

5,536

(a)

Conduent,

Inc

20

21,998

(a)

Copart,

Inc

1,078

3,089

(a)

CoreCivic,

Inc

45

10,232

(a)

CoStar

Group,

Inc

894

260

CRA

International,

Inc

26

1,113

CSG

Systems

International,

Inc

59

1,062

Deluxe

Corp

23

1,159

(a)

Driven

Brands

Holdings,

Inc

17

6,346

Dun

&

Bradstreet

Holdings,

Inc

74

1,051

Ennis,

Inc

23

3,157

Equifax,

Inc

781

3,860

(a)

ExlService

Holdings,

Inc

119

1,272

Exponent,

Inc

112

972

First

Advantage

Corp

16

381

(a)

Forrester

Research,

Inc

10

419

(a)

Franklin

Covey

Co

18

902

(a)

FTI

Consulting,

Inc

180

4,327

Genpact

Ltd

150

3,108

(a)

GEO

Group,

Inc

34

2,590

(a)

Harsco

Corp

23

2,398

Healthcare

Services

Group

25

711

Heidrick

&

Struggles

International,

Inc

21

1,885

Herman

Miller,

Inc

50

392

(a)

HireRight

Holdings

Corp

5

1,707

HNI

Corp

71

669

(a)

Huron

Consulting

Group,

Inc

69

637

ICF

International,

Inc

85

975

Insperity,

Inc

114

1,293

Interface,

Inc

16

3,276

Jacobs

Solutions,

Inc

425

3,487

KBR,

Inc

193

1,192

Kelly

Services,

Inc

(Class

A)

26

681

Kforce,

Inc

46

1,748

Korn/Ferry

International

104

Stock

Index

Account

December

31,

2023

18

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,559

(a)

Legalzoom.com,

Inc

$

29

3,664

Leidos

Holdings,

Inc

397

664

(a)

Liquidity

Services,

Inc

11

1,551

Manpower,

Inc

123

271

Matthews

International

Corp

(Class

A)

10

1,544

MAXIMUS,

Inc

129

640

(a)

Montrose

Environmental

Group,

Inc

21

877

MSA

Safety,

Inc

148

563

NL

Industries,

Inc

3

291

(a)

NV5

Global,

Inc

32

3,912

(a)

OPENLANE,

Inc

58

8,162

Paychex,

Inc

972

1,327

Paycom

Software,

Inc

274

5,559

Pitney

Bowes,

Inc

24

3,913

(a),(b)

Planet

Labs

PBC

10

4,857

RB

Global,

Inc

325

5,286

Republic

Services,

Inc

872

1,107

Resources

Connection,

Inc

16

2,545

Robert

Half

International,

Inc

224

5,973

Rollins,

Inc

261

1,412

Science

Applications

International

Corp

176

672

(a)

SP

Plus

Corp

34

5,986

SS&C

Technologies

Holdings,

Inc

366

3,128

Steelcase,

Inc

(Class

A)

42

2,380

(a)

Stericycle,

Inc

118

422

(a)

Sterling

Check

Corp

6

1,387

Tetra

Tech,

Inc

232

4,988

TransUnion

343

839

(a)

TriNet

Group,

Inc

100

720

(a)

TrueBlue,

Inc

11

541

TTEC

Holdings,

Inc

12

503

Unifirst

Corp

92

3,454

(a)

Upwork,

Inc

51

5,330

(a)

Veralto

Corp

438

3,676

Verisk

Analytics,

Inc

878

3,457

(a)

Verra

Mobility

Corp

80

679

(a)

Viad

Corp

25

340

VSE

Corp

22

10,462

Waste

Management,

Inc

1,874

279

(a)

Willdan

Group,

Inc

6

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

20,093

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.4%

966

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

10

1,062

Aaron's

Co,

Inc

12

1,255

(a)

Abercrombie

&

Fitch

Co

(Class

A)

111

2,150

Academy

Sports

&

Outdoors,

Inc

142

1,149

Advance

Auto

Parts,

Inc

70

232,396

(a)

Amazon.com,

Inc

35,310

3,778

American

Eagle

Outfitters,

Inc

80

154

(a)

America's

Car-Mart,

Inc

12

2,460

Arko

Corp

20

588

(a)

Asbury

Automotive

Group,

Inc

132

817

(a)

Autonation,

Inc

123

465

(a)

Autozone,

Inc

1,202

5,767

Bath

&

Body

Works,

Inc

249

5,052

Best

Buy

Co,

Inc

395

578

Big

5

Sporting

Goods

Corp

4

819

(a)

Boot

Barn

Holdings,

Inc

63

524

Buckle,

Inc

25

326

Build-A-Bear

Workshop,

Inc

8

1,622

(a)

Burlington

Stores,

Inc

315

19

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,001

Caleres,

Inc

$

31

895

Camping

World

Holdings,

Inc

24

4,160

(a)

Carmax,

Inc

319

1,412

(a)

CarParts.com,

Inc

4

2,528

(a),(b)

Carvana

Co

134

966

Cato

Corp

(Class

A)

7

3,531

(a)

Chico's

FAS,

Inc

27

573

(a),(b)

ContextLogic,

Inc

3

27,742

(a)

Coupang,

Inc

449

1,606

Designer

Brands,

Inc

14

1,452

(a)

Destination

XL

Group,

Inc

6

1,608

Dick's

Sporting

Goods,

Inc

236

17

(b)

Dillard's,

Inc

(Class

A)

7

404

(a)

Duluth

Holdings,

Inc

2

14,245

eBay,

Inc

621

3,384

(a)

Etsy,

Inc

274

2,017

(a)

EVgo,

Inc

7

1,506

(a)

Five

Below,

Inc

321

2,980

(a)

Floor

&

Decor

Holdings,

Inc

332

1,965

Foot

Locker,

Inc

61

576

(a)

Funko,

Inc

4

6,029

(a),(b)

GameStop

Corp

(Class

A)

106

4,912

Gap,

Inc

103

365

(a)

Genesco,

Inc

13

3,800

Genuine

Parts

Co

526

311

Group

1

Automotive,

Inc

95

1,619

(a)

GrowGeneration

Corp

4

35

Guess,

Inc

1

715

Haverty

Furniture

Cos,

Inc

25

547

Hibbett

Sports,

Inc

39

25,796

Home

Depot,

Inc

8,940

1,925

Kohl's

Corp

55

487

(a)

Lands'

End,

Inc

5

4,195

(a)

Leslie's,

Inc

29

697

Lithia

Motors,

Inc

(Class

A)

230

6,559

LKQ

Corp

313

14,896

Lowe's

Cos,

Inc

3,315

6,895

Macy's,

Inc

139

530

(a)

MarineMax,

Inc

21

759

Monro

Muffler,

Inc

22

516

Murphy

USA,

Inc

184

2,416

(a)

National

Vision

Holdings,

Inc

51

2,955

Nordstrom,

Inc

55

1,066

(a)

ODP

Corp

60

1,485

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

113

266

(a),(b)

OneWater

Marine,

Inc

9

1,536

(a)

O'Reilly

Automotive,

Inc

1,459

1,209

(a)

Overstock.com,

Inc

33

633

Penske

Auto

Group,

Inc

102

1,980

(a)

Petco

Health

&

Wellness

Co,

Inc

6

765

PetMed

Express,

Inc

6

1,019

Pool

Corp

406

1,460

Rent-A-Center,

Inc

50

1,063

(a)

Revolve

Group,

Inc

18

507

(a)

RH

148

8,651

Ross

Stores,

Inc

1,197

2,402

(a)

Sally

Beauty

Holdings,

Inc

32

697

(a)

Savers

Value

Village,

Inc

12

646

Shoe

Carnival,

Inc

20

881

Signet

Jewelers

Ltd

95

760

(a)

Sleep

Number

Corp

11

479

Sonic

Automotive,

Inc

(Class

A)

27

Stock

Index

Account

December

31,

2023

20

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,434

(a)

Sportsman's

Warehouse

Holdings,

Inc

$

6

1,770

(a)

Stitch

Fix,

Inc

6

1,616

(a)

ThredUp,

Inc

4

432

(a)

Tilly's,

Inc

3

29,741

TJX

Cos,

Inc

2,790

2,846

Tractor

Supply

Co

612

1,295

(a)

Ulta

Beauty,

Inc

635

1,483

(a)

Urban

Outfitters,

Inc

53

4,362

Valvoline,

Inc

164

1,998

(a)

Victoria's

Secret

&

Co

53

2,402

(a)

Warby

Parker,

Inc

34

2,236

(a)

Wayfair,

Inc

138

1,622

Williams-Sonoma,

Inc

327

94

Winmark

Corp

39

686

(a)

Zumiez,

Inc

14

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

64,119

CONSUMER

DURABLES

&

APPAREL

-

1.2%

821

Acushnet

Holdings

Corp

52

2,624

(a)

Allbirds,

Inc

3

1,837

(a)

AMMO,

Inc

4

1,140

(a)

Beazer

Homes

USA,

Inc

39

758

(a)

BK

LC

Lux

Finco

2

Sarl

37

1,841

Brunswick

Corp

178

3,596

(a)

Callaway

Golf

Co

52

2,937

(a)

Capri

Holdings

Ltd

148

1,022

Carter's,

Inc

77

237

(a)

Cavco

Industries,

Inc

82

629

Century

Communities,

Inc

57

729

Clarus

Corp

5

905

Columbia

Sportswear

Co

72

1,268

Cricut,

Inc

8

1,521

(a)

Crocs,

Inc

142

688

(a)

Deckers

Outdoor

Corp

460

8,029

DR

Horton,

Inc

1,220

643

(a)

Dream

Finders

Homes,

Inc

23

958

Ethan

Allen

Interiors,

Inc

31

3,952

(a)

Garmin

Ltd

508

1,295

(a)

G-III

Apparel

Group

Ltd

44

4,066

(a)

GoPro,

Inc

14

992

(a)

Green

Brick

Partners,

Inc

52

8,742

Hanesbrands,

Inc

39

3,286

Hasbro,

Inc

168

712

(a)

Helen

of

Troy

Ltd

86

148

(a)

Hovnanian

Enterprises,

Inc

23

608

Installed

Building

Products,

Inc

111

883

(a)

iRobot

Corp

34

232

Johnson

Outdoors,

Inc

12

1,960

KB

Home

122

1,320

Kontoor

Brands,

Inc

82

412

(a)

Latham

Group,

Inc

1

935

La-Z-Boy,

Inc

34

3,082

Leggett

&

Platt,

Inc

81

6,311

Lennar

Corp

(Class

A)

941

349

Lennar

Corp

(Class

B)

47

624

(a)

LGI

Homes,

Inc

83

336

(a)

Lovesac

Co

9

2,833

(a)

Lululemon

Athletica,

Inc

1,448

561

(a)

M/I

Homes,

Inc

77

688

(a)

Malibu

Boats,

Inc

38

441

Marine

Products

Corp

5

673

(a)

MasterCraft

Boat

Holdings,

Inc

15

21

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,884

(a)

Mattel,

Inc

$

168

1,166

MDC

Holdings,

Inc

64

893

Meritage

Homes

Corp

156

1,156

(a)

Mohawk

Industries,

Inc

120

638

Movado

Group,

Inc

19

6,890

Newell

Rubbermaid,

Inc

60

30,608

Nike,

Inc

(Class

B)

3,323

73

(a)

NVR,

Inc

511

274

Oxford

Industries,

Inc

27

8,335

(a)

Peloton

Interactive,

Inc

51

1,319

Polaris

Industries,

Inc

125

5,514

Pulte

Homes,

Inc

569

1,386

(b)

Purple

Innovation,

Inc

1

1,672

PVH

Corp

204

1,110

Ralph

Lauren

Corp

160

110

Rocky

Brands,

Inc

3

3,296

(a)

Skechers

U.S.A.,

Inc

(Class

A)

205

1,408

(a)

Skyline

Champion

Corp

105

1,649

Smith

&

Wesson

Brands,

Inc

22

3,687

(a)

Sonos,

Inc

63

1,625

Steven

Madden

Ltd

68

311

Sturm

Ruger

&

Co,

Inc

14

6,263

Tapestry,

Inc

231

2,119

(a)

Taylor

Morrison

Home

Corp

113

4,464

Tempur

Sealy

International,

Inc

228

2,789

Toll

Brothers,

Inc

287

798

(a)

TopBuild

Corp

299

2,384

(a)

Tri

Pointe

Homes,

Inc

84

5,744

(a)

Under

Armour,

Inc

(Class

A)

50

5,391

(a)

Under

Armour,

Inc

(Class

C)

45

8,194

VF

Corp

154

997

(a)

Vista

Outdoor,

Inc

29

1,629

(a)

Vizio

Holding

Corp

13

1,740

(a),(b)

Vuzix

Corp

4

1,386

Whirlpool

Corp

169

2,662

Wolverine

World

Wide,

Inc

24

2,480

(a)

YETI

Holdings,

Inc

128

TOTAL

CONSUMER

DURABLES

&

APPAREL

14,660

CONSUMER

SERVICES

-

2.4%

1,229

(a)

Accel

Entertainment,

Inc

13

4,141

ADT,

Inc

28

1,204

(a)

Adtalem

Global

Education,

Inc

71

10,403

(a)

Airbnb,

Inc

1,416

6,092

Aramark

171

925

(a)

BALLY'S

CORP

13

39

(a)

Biglari

Holdings,

Inc

(B

Shares)

6

817

(a)

BJ's

Restaurants,

Inc

29

2,235

Bloomin'

Brands,

Inc

63

476

Bluegreen

Vacations

Holding

Corp

36

920

(a)

Booking

Holdings,

Inc

3,263

590

(a),(b)

Bowlero

Corp

8

1,802

Boyd

Gaming

Corp

113

1,598

(a)

Bright

Horizons

Family

Solutions,

Inc

151

1,545

(a)

Brinker

International,

Inc

67

5,302

(a)

Caesars

Entertainment,

Inc

249

25,476

(a)

Carnival

Corp

472

318

Carriage

Services,

Inc

8

957

Carrols

Restaurant

Group,

Inc

8

417

(a)

Cava

Group,

Inc

18

761

(a)

Century

Casinos,

Inc

4

1,085

Cheesecake

Factory

38

Stock

Index

Account

December

31,

2023

22

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,631

(a)

Chegg,

Inc

$

41

701

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

1,603

891

Choice

Hotels

International,

Inc

101

1,888

Churchill

Downs,

Inc

255

427

(a)

Chuy's

Holdings,

Inc

16

2,931

(a)

Coursera,

Inc

57

711

(b)

Cracker

Barrel

Old

Country

Store,

Inc

55

3,178

Darden

Restaurants,

Inc

522

419

(a)

Dave

&

Buster's

Entertainment,

Inc

23

1,296

(a)

Denny's

Corp

14

458

Dine

Brands

Global

Inc.

23

939

Domino's

Pizza,

Inc

387

7,663

(a)

DoorDash,

Inc

758

11,189

(a)

DraftKings,

Inc

394

651

(a)

Duolingo,

Inc

148

809

(a)

El

Pollo

Loco

Holdings,

Inc

7

125

(a),(c)

Empire

Resorts,

Inc

0^

455

(a)

European

Wax

Center,

Inc

6

2,472

(a)

Everi

Holdings,

Inc

28

3,544

(a)

Expedia

Group,

Inc

538

2,305

(a)

Frontdoor,

Inc

81

870

(a)

Full

House

Resorts,

Inc

5

412

Golden

Entertainment,

Inc

16

63

Graham

Holdings

Co

44

663

(a)

Grand

Canyon

Education,

Inc

88

3,457

H&R

Block,

Inc

167

2,683

(a)

Hilton

Grand

Vacations,

Inc

108

6,413

Hilton

Worldwide

Holdings,

Inc

1,168

1,223

Hyatt

Hotels

Corp

159

494

(a)

Inspired

Entertainment,

Inc

5

2,584

International

Game

Technology

plc

71

410

Jack

in

the

Box,

Inc

33

2,068

Krispy

Kreme,

Inc

31

155

(a)

Kura

Sushi

USA,

Inc

12

9,002

Las

Vegas

Sands

Corp

443

3,222

Laureate

Education,

Inc

44

989

(a)

Life

Time

Group

Holdings,

Inc

15

608

(a)

Lindblad

Expeditions

Holdings,

Inc

7

6,296

Marriott

International,

Inc

(Class

A)

1,420

914

Marriott

Vacations

Worldwide

Corp

78

18,718

McDonald's

Corp

5,550

8,051

MGM

Resorts

International

360

1,527

(a)

Mister

Car

Wash,

Inc

13

388

Monarch

Casino

&

Resort,

Inc

27

2,864

(a),(b)

Mondee

Holdings,

Inc

8

400

(a)

Noodles

&

Co

1

11,836

(a)

Norwegian

Cruise

Line

Holdings

Ltd

237

465

(a)

ONE

Group

Hospitality,

Inc

3

1,416

(a)

OneSpaWorld

Holdings

Ltd

20

1,035

Papa

John's

International,

Inc

79

3,518

(a)

Penn

National

Gaming,

Inc

92

2,656

Perdoceo

Education

Corp

47

2,512

(a)

Planet

Fitness,

Inc

183

417

(a)

Portillo's,

Inc

7

330

RCI

Hospitality

Holdings,

Inc

22

925

Red

Rock

Resorts,

Inc

49

2,290

(a)

Rover

Group,

Inc

25

5,914

(a)

Royal

Caribbean

Cruises

Ltd

766

1,353

(a)

Rush

Street

Interactive,

Inc

6

10,188

(a)

Sabre

Corp

45

2,426

(a)

Scientific

Games

Corp

(Class

A)

199

771

(a)

SeaWorld

Entertainment,

Inc

41

23

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,342

Service

Corp

International

$

229

1,083

(a)

Shake

Shack,

Inc

80

2,486

(a)

Six

Flags

Entertainment

Corp

62

28,906

Starbucks

Corp

2,775

673

Strategic

Education,

Inc

62

1,099

(a)

Stride,

Inc

65

3,619

(a)

Super

Group

SGHC

Ltd

11

2,381

(a)

Sweetgreen,

Inc

27

829

(a)

Target

Hospitality

Corp

8

1,747

Texas

Roadhouse,

Inc

(Class

A)

214

1,106

Travel

&

Leisure

Co

43

1,856

(a)

Udemy,

Inc

27

1,020

Vail

Resorts,

Inc

218

4,018

Wendy's

Co

78

761

Wingstop,

Inc

195

1,421

(a)

WW

International,

Inc

12

2,257

Wyndham

Hotels

&

Resorts,

Inc

181

2,846

Wynn

Resorts

Ltd

259

371

(a),(b)

Xponential

Fitness,

Inc

5

7,314

Yum!

Brands,

Inc

956

TOTAL

CONSUMER

SERVICES

28,503

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.7%

11,066

Albertsons

Cos,

Inc

254

1,108

Andersons,

Inc

64

3,420

(a)

BJ's

Wholesale

Club

Holdings,

Inc

228

959

Casey's

General

Stores,

Inc

263

776

(a)

Chefs'

Warehouse,

Inc

23

11,379

Costco

Wholesale

Corp

7,511

5,871

Dollar

General

Corp

798

5,408

(a)

Dollar

Tree,

Inc

768

2,474

(a)

Grocery

Outlet

Holding

Corp

67

1,600

(a)

HF

Foods

Group,

Inc

9

202

Ingles

Markets,

Inc

(Class

A)

17

16,560

Kroger

Co

757

541

(a)

Maplebear,

Inc

13

345

Natural

Grocers

by

Vitamin

Cottage,

Inc

5

4,036

(a)

Performance

Food

Group

Co

279

820

Pricesmart,

Inc

62

957

SpartanNash

Co

22

2,515

(a)

Sprouts

Farmers

Market,

Inc

121

13,349

Sysco

Corp

976

11,866

Target

Corp

1,690

141

(a)

United

Natural

Foods,

Inc

2

5,895

(a)

US

Foods

Holding

Corp

268

292

Village

Super

Market

(Class

A)

8

17,806

Walgreens

Boots

Alliance,

Inc

465

36,661

Walmart,

Inc

5,780

313

Weis

Markets,

Inc

20

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

20,470

ENERGY

-

4.0%

1,272

(a)

Amplify

Energy

Corp

8

8,958

Antero

Midstream

Corp

112

7,090

(a)

Antero

Resources

Corp

161

8,170

APA

Corp

293

3,123

Archrock,

Inc

48

577

Ardmore

Shipping

Corp

8

26,083

Baker

Hughes

Co

892

1,669

Berry

Corp

12

4,580

(a),(b)

Borr

Drilling

Ltd

34

510

(a)

Bristow

Group,

Inc

14

Stock

Index

Account

December

31,

2023

24

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

19,268

Cabot

Oil

&

Gas

Corp

$

492

1,403

Cactus,

Inc

64

2,028

California

Resources

Corp

111

782

(a)

Callon

Petroleum

Co

25

230

(a)

Centrus

Energy

Corp

13

4,600

ChampionX

Corp

134

6,143

Cheniere

Energy,

Inc

1,049

3,194

Chesapeake

Energy

Corp

246

44,384

Chevron

Corp

6,620

1,043

Chord

Energy

Corp

173

1,978

Civitas

Resources,

Inc

135

4,074

(a)

Clean

Energy

Fuels

Corp

16

3,718

(a)

CNX

Resources

Corp

74

2,351

Comstock

Resources,

Inc

21

30,901

ConocoPhillips

3,587

912

CONSOL

Energy,

Inc

92

61

Core

Laboratories,

Inc

1

3,087

Crescent

Energy

Co

41

875

CVR

Energy,

Inc

26

1,765

Delek

US

Holdings,

Inc

46

17,159

Devon

Energy

Corp

777

3,794

DHT

Holdings,

Inc

37

3,680

(a)

Diamond

Offshore

Drilling,

Inc

48

4,764

Diamondback

Energy,

Inc

739

535

(a)

DMC

Global,

Inc

10

1,083

Dorian

LPG

Ltd

47

1,195

(a)

Dril-Quip,

Inc

28

2,182

DT

Midstream,

Inc

120

2,539

(a)

Empire

Petroleum

Corp

28

3,799

(a)

Encore

Energy

Corp

15

4,018

(a),(b)

Energy

Fuels,

Inc

29

15,143

EOG

Resources,

Inc

1,832

9,016

EQT

Corp

349

12,687

Equitrans

Midstream

Corp

129

3,165

Evolution

Petroleum

Corp

18

428

Excelerate

Energy,

Inc

7

1,917

(a)

Expro

Group

Holdings

NV

31

104,114

Exxon

Mobil

Corp

10,409

691

FLEX

LNG

Ltd

20

981

(a)

Forum

Energy

Technologies,

Inc

22

3,195

(a),(b)

Gevo,

Inc

4

2,739

Golar

LNG

Ltd

63

1,490

(a)

Green

Plains,

Inc

38

278

(a)

Gulfport

Energy

Operating

Corp

37

24,053

Halliburton

Co

870

1,956

(a)

Helix

Energy

Solutions

Group,

Inc

20

2,660

Helmerich

&

Payne,

Inc

96

7,227

Hess

Corp

1,042

3,473

HF

Sinclair

Corp

193

1,167

International

Seaways,

Inc

53

52,033

Kinder

Morgan,

Inc

918

394

Kinetik

Holdings,

Inc

13

162

(a),(b)

KLX

Energy

Services

Holdings,

Inc

2

12,210

(a)

Kosmos

Energy

Ltd

82

4,256

Liberty

Energy,

Inc

77

4,177

Magnolia

Oil

&

Gas

Corp

89

16,639

Marathon

Oil

Corp

402

9,790

Marathon

Petroleum

Corp

1,452

2,911

Matador

Resources

Co

166

3,745

Murphy

Oil

Corp

160

238

(a)

Nabors

Industries

Ltd

19

726

Nacco

Industries,

Inc

(Class

A)

26

25

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,311

New

Fortress

Energy,

Inc

$

49

3,366

(a)

Newpark

Resources,

Inc

22

2,852

Noble

Corp

plc

137

12,724

Nordic

American

Tankers

Ltd

53

1,684

Northern

Oil

and

Gas,

Inc

62

10,664

NOV,

Inc

216

18,209

Occidental

Petroleum

Corp

1,087

2,352

(a)

Oceaneering

International,

Inc

50

2,073

(a)

Oil

States

International,

Inc

14

14,995

ONEOK,

Inc

1,053

6,170

Ovintiv,

Inc

271

1,291

(a)

Par

Pacific

Holdings,

Inc

47

7,160

Patterson-UTI

Energy,

Inc

77

2,663

PBF

Energy,

Inc

117

3,255

Peabody

Energy

Corp

79

6,788

Permian

Resources

Corp

92

11,481

Phillips

66

1,529

6,067

Pioneer

Natural

Resources

Co

1,364

260

(a)

PrimeEnergy

Corp

28

2,609

(a)

ProPetro

Holding

Corp

22

5,850

Range

Resources

Corp

178

702

(a)

Rex

American

Resources

Corp

33

257

Riley

Exploration

Permian,

Inc

7

2,001

(a),(b)

Ring

Energy,

Inc

3

2,256

RPC,

Inc

16

792

SandRidge

Energy,

Inc

11

36,956

Schlumberger

Ltd

1,923

1,584

Scorpio

Tankers,

Inc

96

2,348

(a)

SEACOR

Marine

Holdings,

Inc

30

1,338

(a)

Seadrill

Ltd

63

1,587

Select

Water

Solutions,

Inc

12

2,365

SFL

Corp

Ltd

27

258

(a)

SilverBow

Resources,

Inc

7

2,011

Sitio

Royalties

Corp

47

2,674

SM

Energy

Co

104

886

Solaris

Oilfield

Infrastructure,

Inc

7

26,298

(a)

Southwestern

Energy

Co

172

1,668

(a)

Talos

Energy,

Inc

24

5,700

Targa

Resources

Corp

495

11,745

TechnipFMC

plc

237

560

Teekay

Tankers

Ltd

28

14,573

(a),(b)

Tellurian,

Inc

11

3,440

(a)

Tetra

Technologies,

Inc

16

152

Texas

Pacific

Land

Corp

239

1,174

(a)

Tidewater,

Inc

85

7,605

(a)

Uranium

Energy

Corp

49

1,949

(a)

US

Silica

Holdings,

Inc

22

1,428

Vaalco

Energy,

Inc

6

1,772

(a)

Valaris

Ltd

121

8,756

Valero

Energy

Corp

1,138

1,548

(a)

Vertex

Energy,

Inc

5

458

(a)

Vital

Energy,

Inc

21

758

Vitesse

Energy,

Inc

17

3,587

W&T

Offshore,

Inc

12

1,897

(a)

Weatherford

International

plc

186

31,536

Williams

Cos,

Inc

1,098

415

World

Fuel

Services

Corp

9

TOTAL

ENERGY

47,989

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.8%

1,964

Acadia

Realty

Trust

33

2,147

Agree

Realty

Corp

135

Stock

Index

Account

December

31,

2023

26

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,433

Alexander

&

Baldwin,

Inc

$

27

113

Alexander's,

Inc

24

4,560

Alexandria

Real

Estate

Equities,

Inc

578

1,558

Alpine

Income

Property

Trust,

Inc

26

1,425

American

Assets

Trust,

Inc

32

8,855

American

Homes

4

Rent

318

12,124

American

Tower

Corp

2,617

7,241

Americold

Realty

Trust,

Inc

219

3,394

Apartment

Income

REIT

Corp

118

1,091

(a)

Apartment

Investment

and

Management

Co

9

4,526

Apple

Hospitality

REIT,

Inc

75

1,658

Armada

Hoffler

Properties,

Inc

21

3,741

AvalonBay

Communities,

Inc

700

4,442

Boston

Properties,

Inc

312

1,188

Braemar

Hotels

&

Resorts,

Inc

3

3,704

Brandywine

Realty

Trust

20

7,811

Brixmor

Property

Group,

Inc

182

4,091

Broadstone

Net

Lease,

Inc

70

552

BRT

Apartments

Corp

10

2,780

Camden

Property

Trust

276

3,202

CareTrust

REIT,

Inc

72

1,043

CBL

&

Associates

Properties,

Inc

25

460

Centerspace

27

1,449

Chatham

Lodging

Trust

16

1,087

City

Office

REIT,

Inc

7

544

Clipper

Realty,

Inc

3

753

Community

Healthcare

Trust,

Inc

20

2,602

Corporate

Office

Properties

Trust

67

4,434

Cousins

Properties,

Inc

108

11,163

Crown

Castle,

Inc

1,286

588

CTO

Realty

Growth,

Inc

10

5,793

CubeSmart

269

7,193

DiamondRock

Hospitality

Co

68

7,652

Digital

Realty

Trust,

Inc

1,030

7,300

Diversified

Healthcare

Trust

27

4,303

Douglas

Emmett,

Inc

62

1,724

Easterly

Government

Properties,

Inc

23

1,084

EastGroup

Properties,

Inc

199

3,522

Empire

State

Realty

Trust,

Inc

34

1,203

EPR

Properties

58

2,407

Equinix,

Inc

1,939

2,060

Equity

Commonwealth

40

4,754

Equity

Lifestyle

Properties,

Inc

335

9,518

Equity

Residential

582

3,224

Essential

Properties

Realty

Trust,

Inc

82

1,709

Essex

Property

Trust,

Inc

424

5,535

Extra

Space

Storage,

Inc

887

967

(b)

Farmland

Partners,

Inc

12

2,191

Federal

Realty

Investment

Trust

226

3,144

First

Industrial

Realty

Trust,

Inc

166

1,561

Four

Corners

Property

Trust,

Inc

39

6,257

Gaming

and

Leisure

Properties,

Inc

309

1,064

Getty

Realty

Corp

31

881

Gladstone

Commercial

Corp

12

815

Gladstone

Land

Corp

12

1,479

Global

Medical

REIT,

Inc

16

4,988

Global

Net

Lease,

Inc

50

10,202

Healthcare

Realty

Trust,

Inc

176

13,991

Healthpeak

Properties,

Inc

277

1,451

Highwoods

Properties,

Inc

33

18,186

Host

Marriott

Corp

354

3,600

Hudson

Pacific

Properties,

Inc

34

27

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,802

Independence

Realty

Trust,

Inc

$

89

821

Innovative

Industrial

Properties,

Inc

83

1,587

InvenTrust

Properties

Corp

40

16,360

Invitation

Homes,

Inc

558

7,507

Iron

Mountain,

Inc

525

3,149

JBG

SMITH

Properties

54

3,530

Kilroy

Realty

Corp

141

16,724

Kimco

Realty

Corp

356

6,010

Kite

Realty

Group

Trust

137

2,210

Lamar

Advertising

Co

235

7,690

Lexington

Realty

Trust

76

838

LTC

Properties,

Inc

27

6,081

Macerich

Co

94

1,163

Mack-Cali

Realty

Corp

18

18,427

(b)

Medical

Properties

Trust,

Inc

90

3,069

Mid-America

Apartment

Communities,

Inc

413

1,067

National

Health

Investors,

Inc

60

3,925

National

Retail

Properties,

Inc

169

2,086

National

Storage

Affiliates

Trust

87

333

(a)

NET

Lease

Office

Properties

6

1,788

NETSTREIT

Corp

32

662

NexPoint

Residential

Trust,

Inc

23

1,207

Office

Properties

Income

Trust

9

6,502

Omega

Healthcare

Investors,

Inc

199

574

One

Liberty

Properties,

Inc

13

1,597

Orion

Office

REIT,

Inc

9

2,970

Outfront

Media,

Inc

41

4,579

Paramount

Group,

Inc

24

4,924

Park

Hotels

&

Resorts,

Inc

75

738

(b)

Peakstone

Realty

Trust

15

4,334

Pebblebrook

Hotel

Trust

69

2,989

Phillips

Edison

&

Co,

Inc

109

5,940

Physicians

Realty

Trust

79

3,343

Piedmont

Office

Realty

Trust,

Inc

24

628

Plymouth

Industrial

REIT,

Inc

15

1,831

PotlatchDeltic

Corp

90

23,675

Prologis,

Inc

3,156

4,048

Public

Storage,

Inc

1,235

3,743

Rayonier,

Inc

125

18,682

Realty

Income

Corp

1,073

4,630

Regency

Centers

Corp

310

4,204

Retail

Opportunity

Investments

Corp

59

5,133

Rexford

Industrial

Realty,

Inc

288

2,146

RLJ

Lodging

Trust

25

1,611

RPT

Realty

21

1,525

Ryman

Hospitality

Properties,

Inc

168

4,837

Sabra

Health

Care

REIT,

Inc

69

830

Safehold,

Inc

19

392

Saul

Centers,

Inc

15

2,878

SBA

Communications

Corp

730

4,948

Service

Properties

Trust

42

8,363

Simon

Property

Group,

Inc

1,193

6,051

SITE

Centers

Corp

82

1,278

(b)

SL

Green

Realty

Corp

58

3,189

Spirit

Realty

Capital,

Inc

139

4,481

STAG

Industrial,

Inc

176

235

(a)

Star

Holdings

4

3,928

Summit

Hotel

Properties,

Inc

26

3,196

Sun

Communities,

Inc

427

4,521

Sunstone

Hotel

Investors,

Inc

49

2,916

Tanger

Factory

Outlet

Centers,

Inc

81

1,821

Terreno

Realty

Corp

114

Stock

Index

Account

December

31,

2023

28

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,781

UDR,

Inc

$

336

994

UMH

Properties,

Inc

15

3,786

Uniti

Group,

Inc

22

294

Universal

Health

Realty

Income

Trust

13

3,855

Urban

Edge

Properties

71

10,695

Ventas,

Inc

533

25,955

(d)

VICI

Properties,

Inc

827

4,805

Vornado

Realty

Trust

136

107

Washington

REIT

2

13,840

(d)

Welltower,

Inc

1,248

18,821

Weyerhaeuser

Co

654

1,293

Whitestone

REIT

16

5,004

WP

Carey,

Inc

324

994

Xenia

Hotels

&

Resorts,

Inc

14

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

33,231

FINANCIAL

SERVICES

-

7.9%

758

Affiliated

Managers

Group,

Inc

115

5,810

(a)

Affirm

Holdings,

Inc

285

13,354

AGNC

Investment

Corp

131

315

Alerus

Financial

Corp

7

7,253

Ally

Financial,

Inc

253

406

A-Mark

Precious

Metals,

Inc

12

14,961

American

Express

Co

2,803

2,714

Ameriprise

Financial,

Inc

1,031

12,637

Annaly

Capital

Management,

Inc

245

3,041

Apollo

Commercial

Real

Estate

Finance,

Inc

36

13,278

Apollo

Global

Management,

Inc

1,237

3,729

Arbor

Realty

Trust,

Inc

57

1,014

(b)

Ares

Commercial

Real

Estate

Corp

10

4,057

Ares

Management

Corp

482

412

ARMOUR

Residential

REIT,

Inc

8

1,731

Artisan

Partners

Asset

Management,

Inc

76

802

(a)

AssetMark

Financial

Holdings,

Inc

24

3,908

(a)

AvidXchange

Holdings,

Inc

48

1,284

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

32

20,283

Bank

of

New

York

Mellon

Corp

1,056

47,232

(a)

Berkshire

Hathaway,

Inc

16,846

8,951

BGC

Group,

Inc

65

3,801

BlackRock,

Inc

3,086

4,265

Blackstone

Mortgage

Trust,

Inc

91

18,249

Blackstone,

Inc

2,389

14,032

(a)

Block,

Inc

1,085

11,576

Blue

Owl

Capital,

Inc

172

1,461

Bread

Financial

Holdings,

Inc

48

1,604

Brightsphere

Investment

Group,

Inc

31

3,033

BrightSpire

Capital,

Inc

23

2,523

(a)

Cannae

Holdings,

Inc

49

1,535

(a)

Cantaloupe,

Inc

11

9,758

Capital

One

Financial

Corp

1,279

5,682

Carlyle

Group,

Inc

231

576

Cass

Information

Systems,

Inc

26

2,571

Cboe

Global

Markets,

Inc

459

37,972

Charles

Schwab

Corp

2,612

5,843

Chimera

Investment

Corp

29

2,359

Claros

Mortgage

Trust,

Inc

32

9,241

CME

Group,

Inc

1,946

853

Cohen

&

Steers,

Inc

65

4,422

(a)

Coinbase

Global,

Inc

769

1,463

Compass

Diversified

Trust

33

5,897

Corebridge

Financial,

Inc

128

129

(a)

Credit

Acceptance

Corp

69

29

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

118

Diamond

Hill

Investment

Group,

Inc

$

20

6,462

Discover

Financial

Services

726

1,075

(a)

Donnelley

Financial

Solutions,

Inc

67

620

Dynex

Capital,

Inc

8

1,030

(b)

Ellington

Financial,

Inc

13

1,459

Enact

Holdings,

Inc

42

553

(a)

Encore

Capital

Group,

Inc

28

1,226

(a)

Enova

International,

Inc

68

9,797

Equitable

Holdings,

Inc

326

2,494

Essent

Group

Ltd

132

1,004

(a)

Euronet

Worldwide,

Inc

102

904

Evercore

Partners,

Inc

(Class

A)

155

1,923

EVERTEC,

Inc

79

993

Factset

Research

Systems,

Inc

474

120

Federal

Agricultural

Mortgage

Corp

(FAMC)

23

15,266

Fidelity

National

Information

Services,

Inc

917

848

FirstCash

Holdings,

Inc

92

15,522

(a)

Fiserv,

Inc

2,062

1,833

(a)

FleetCor

Technologies,

Inc

518

2,549

(a)

Flywire

Corp

59

481

(a)

Forge

Global

Holdings,

Inc

2

2,037

Franklin

BSP

Realty

Trust,

Inc

27

8,239

Franklin

Resources,

Inc

245

559

GCM

Grosvenor,

Inc

5

6,602

Global

Payments,

Inc

838

8,227

Goldman

Sachs

Group,

Inc

3,174

1,667

Granite

Point

Mortgage

Trust,

Inc

10

1,775

(a)

Green

Dot

Corp

18

904

Hamilton

Lane,

Inc

103

2,171

(b)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

60

1,371

Houlihan

Lokey,

Inc

164

351

(a)

I3

Verticals,

Inc

7

2,433

Interactive

Brokers

Group,

Inc

(Class

A)

202

14,465

Intercontinental

Exchange,

Inc

1,858

677

(a)

International

Money

Express,

Inc

15

10,471

Invesco

Ltd

187

645

Invesco

Mortgage

Capital,

Inc

6

1,860

Jack

Henry

&

Associates,

Inc

304

2,026

Jackson

Financial,

Inc

104

4,371

Janus

Henderson

Group

plc

132

5,504

Jefferies

Financial

Group,

Inc

222

16,794

KKR

&

Co,

Inc

1,391

933

KKR

Real

Estate

Finance

Trust,

Inc

12

2,645

Ladder

Capital

Corp

30

2,463

Lazard

Ltd

(Class

A)

86

2,865

(a)

LendingClub

Corp

25

334

(a)

LendingTree,

Inc

10

2,046

LPL

Financial

Holdings,

Inc

466

965

MarketAxess

Holdings,

Inc

283

11,987

(a)

Marqeta,

Inc

84

21,416

Mastercard,

Inc

(Class

A)

9,134

77

Merchants

Bancorp

3

2,348

MFA

Financial,

Inc

26

7,150

MGIC

Investment

Corp

138

1,603

Moelis

&

Co

90

4,066

Moody's

Corp

1,588

30,948

Morgan

Stanley

2,886

671

Morningstar,

Inc

192

1,830

(a)

Mr

Cooper

Group,

Inc

119

1,946

MSCI,

Inc

(Class

A)

1,101

8,679

Nasdaq

Stock

Market,

Inc

505

2,696

Navient

Corp

50

Stock

Index

Account

December

31,

2023

30

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,979

(a)

NCR

Corp

ATM

$

48

249

Nelnet,

Inc

(Class

A)

22

619

(a)

NerdWallet,

Inc

9

2,274

New

York

Mortgage

Trust,

Inc

19

2,265

(a)

NMI

Holdings,

Inc

67

5,281

Northern

Trust

Corp

446

2,990

OneMain

Holdings,

Inc

147

3,011

(a)

Open

Lending

Corp

26

651

(b)

Orchid

Island

Capital,

Inc

5

1,141

P10,

Inc

12

5,269

(a)

Pagseguro

Digital

Ltd

66

1,422

Patria

Investments

Ltd

22

5,249

(a)

Payoneer

Global,

Inc

27

28,555

(a)

PayPal

Holdings,

Inc

1,754

1,007

(a)

Paysafe

Ltd

13

750

PennyMac

Financial

Services,

Inc

66

15

PennyMac

Mortgage

Investment

Trust

0^

745

Perella

Weinberg

Partners

9

553

Piper

Jaffray

Cos

97

727

PJT

Partners,

Inc

74

684

(a)

PRA

Group,

Inc

18

750

(a)

PROG

Holdings,

Inc

23

4,226

Radian

Group,

Inc

121

4,825

Raymond

James

Financial,

Inc

538

3,562

Ready

Capital

Corp

36

2,761

Redwood

Trust,

Inc

20

383

Regional

Management

Corp

10

3,564

(a)

Remitly

Global,

Inc

69

2,014

(a)

Repay

Holdings

Corp

17

11,204

Rithm

Capital

Corp

120

15,885

(a)

Robinhood

Markets,

Inc

202

3,914

(a)

Rocket

Cos,

Inc

57

8,239

S&P

Global,

Inc

3,629

2,167

SEI

Investments

Co

138

1,262

(a)

Shift4

Payments,

Inc

94

6,060

SLM

Corp

116

22,427

(a)

SoFi

Technologies,

Inc

223

7,310

(b)

Starwood

Property

Trust,

Inc

154

8,275

State

Street

Corp

641

1,257

StepStone

Group,

Inc

40

2,962

Stifel

Financial

Corp

205

7,953

(a)

StoneCo

Ltd

143

901

(a)

StoneX

Group,

Inc

66

10,625

Synchrony

Financial

406

5,904

T

Rowe

Price

Group,

Inc

636

2,205

TFS

Financial

Corp

32

9,479

(a)

Toast,

Inc

173

1,884

TPG

RE

Finance

Trust,

Inc

12

1,717

TPG,

Inc

74

2,955

Tradeweb

Markets,

Inc

269

2,103

Two

Harbors

Investment

Corp

29

2,095

(a),(b)

Upstart

Holdings,

Inc

86

2,181

(b)

UWM

Holdings

Corp

16

711

Victory

Capital

Holdings,

Inc

24

741

Virtu

Financial,

Inc

15

255

Virtus

Investment

Partners,

Inc

62

41,145

Visa,

Inc

(Class

A)

10,712

2,651

Voya

Financial,

Inc

193

771

Walker

&

Dunlop,

Inc

86

1,032

Waterstone

Financial,

Inc

15

8,485

Western

Union

Co

101

1,129

(a)

WEX,

Inc

220

31

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

4,611

WisdomTree,

Inc

$

32

160

(a)

World

Acceptance

Corp

21

8,888

XP,

Inc

232

TOTAL

FINANCIAL

SERVICES

94,390

FOOD,

BEVERAGE

&

TOBACCO

-

2.7%

45,603

Altria

Group,

Inc

1,840

13,648

Archer-Daniels-Midland

Co

986

1,674

B&G

Foods,

Inc

(Class

A)

18

1,699

(a),(b)

Beyond

Meat,

Inc

15

206

(a)

Boston

Beer

Co,

Inc

(Class

A)

71

1,291

Brown-Forman

Corp

(Class

A)

77

4,794

Brown-Forman

Corp

(Class

B)

274

3,814

(a)

Bunge

Global

S.A.

385

583

Calavo

Growers,

Inc

17

700

Cal-Maine

Foods,

Inc

40

5,433

Campbell

Soup

Co

235

3,561

(a)

Celsius

Holdings,

Inc

194

100,458

Coca-Cola

Co

5,920

126

Coca-Cola

Consolidated

Inc

117

13,074

ConAgra

Brands,

Inc

375

4,069

Constellation

Brands,

Inc

(Class

A)

984

4,066

(a)

Darling

International,

Inc

203

1,898

Dole

plc

23

705

(a)

Duckhorn

Portfolio,

Inc

7

5,653

Flowers

Foods,

Inc

127

1,151

Fresh

Del

Monte

Produce,

Inc

30

1,239

(a)

Freshpet,

Inc

108

14,890

General

Mills,

Inc

970

2,641

(a)

Hain

Celestial

Group,

Inc

29

3,767

Hershey

Co

702

7,844

Hormel

Foods

Corp

252

1,536

Ingredion,

Inc

167

308

J&J

Snack

Foods

Corp

52

2,733

J.M.

Smucker

Co

345

368

John

B

Sanfilippo

&

Son,

Inc

38

6,867

Kellogg

Co

384

24,527

Keurig

Dr

Pepper,

Inc

817

20,410

Kraft

Heinz

Co

755

3,732

Lamb

Weston

Holdings,

Inc

403

566

Lancaster

Colony

Corp

94

6,567

McCormick

&

Co,

Inc

449

476

MGP

Ingredients,

Inc

47

684

(a)

Mission

Produce,

Inc

7

4,604

Molson

Coors

Brewing

Co

(Class

B)

282

34,949

Mondelez

International,

Inc

2,531

19,105

(a)

Monster

Beverage

Corp

1,101

607

(a)

National

Beverage

Corp

30

35,369

PepsiCo,

Inc

6,007

39,863

Philip

Morris

International,

Inc

3,750

1,486

(a)

Pilgrim's

Pride

Corp

41

1,410

(a)

Post

Holdings,

Inc

124

4,873

Primo

Water

Corp

73

5

Seaboard

Corp

18

226

(a)

Seneca

Foods

Corp

12

2,221

(a)

Simply

Good

Foods

Co

88

537

(a)

Sovos

Brands,

Inc

12

2,448

(a)

SunOpta,

Inc

13

1,691

(a)

TreeHouse

Foods,

Inc

70

310

Turning

Point

Brands,

Inc

8

7,401

Tyson

Foods,

Inc

(Class

A)

398

612

Universal

Corp

41

Stock

Index

Account

December

31,

2023

32

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,426

Utz

Brands,

Inc

$

23

4,010

Vector

Group

Ltd

45

630

(a)

Vita

Coco

Co,

Inc

16

689

(a)

Vital

Farms,

Inc

11

1,716

(a)

WK

Kellogg

Co

23

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

32,274

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5.3%

5,433

(a)

23andMe

Holding

Co

5

44,563

Abbott

Laboratories

4,905

2,626

(a)

Acadia

Healthcare

Co,

Inc

204

1,487

(a)

Accolade,

Inc

18

2,296

(a)

AdaptHealth

Corp

17

409

(a)

Addus

HomeCare

Corp

38

462

(a)

Agiliti,

Inc

4

7,389

(a),(b)

agilon

health,

Inc

93

1,952

(a)

Align

Technology,

Inc

535

2,083

(a)

Alignment

Healthcare,

Inc

18

2,755

(a)

Allscripts

Healthcare

Solutions,

Inc

29

2,458

(a)

Alphatec

Holdings,

Inc

37

872

(a)

Amedisys,

Inc

83

5,730

(a)

American

Well

Corp

9

4,061

AmerisourceBergen

Corp

834

986

(a)

AMN

Healthcare

Services,

Inc

74

1,310

(a)

Angiodynamics,

Inc

10

1,046

(a)

Apollo

Medical

Holdings,

Inc

40

1,229

(a)

AtriCure,

Inc

44

40

Atrion

Corp

15

1,650

(a)

Avanos

Medical,

Inc

37

1,345

(a)

Aveanna

Healthcare

Holdings,

Inc

4

1,009

(a)

Axogen,

Inc

7

1,185

(a)

Axonics,

Inc

74

12,773

Baxter

International,

Inc

494

7,322

Becton

Dickinson

&

Co

1,785

37,713

(a)

Boston

Scientific

Corp

2,180

6,211

(a)

Brookdale

Senior

Living,

Inc

36

4,980

(a),(b)

Butterfly

Network,

Inc

5

6,478

Cardinal

Health,

Inc

653

627

(a)

Castle

Biosciences,

Inc

13

14,200

(a)

Centene

Corp

1,054

3,092

(a)

Certara,

Inc

54

4,212

(a)

Cerus

Corp

9

365

Chemed

Corp

213

7,520

Cigna

Group

2,252

481

(a)

Computer

Programs

&

Systems,

Inc

5

671

Conmed

Corp

73

1,238

Cooper

Cos,

Inc

468

137

(a)

Corvel

Corp

34

1,273

(a)

Cross

Country

Healthcare,

Inc

29

1,250

(a)

CryoLife,

Inc

22

33,036

CVS

Health

Corp

2,608

1,340

(a)

DaVita,

Inc

140

792

(a)

Definitive

Healthcare

Corp

8

5,191

Dentsply

Sirona,

Inc

185

10,144

(a)

DexCom,

Inc

1,259

2,001

(a)

DocGo,

Inc

11

2,649

(a)

Doximity,

Inc

74

15,670

(a)

Edwards

Lifesciences

Corp

1,195

6,114

Elevance

Health,

Inc

2,883

286

Embecta

Corp

5

2,399

Encompass

Health

Corp

160

1,534

(a)

Enhabit,

Inc

16

33

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,154

(a)

Enovis

Corp

$

65

1,488

Ensign

Group,

Inc

167

3,894

(a)

Envista

Holdings

Corp

94

2,165

(a)

Evolent

Health,

Inc

71

3,412

(a),(b)

Figs,

Inc

24

604

(a)

Fulgent

Genetics,

Inc

17

10,023

GE

HealthCare

Technologies,

Inc

775

1,276

(a)

Glaukos

Corp

101

3,018

(a)

Globus

Medical,

Inc

161

2,679

(a)

Guardant

Health,

Inc

72

1,388

(a)

Haemonetics

Corp

119

5,254

HCA,

Inc

1,422

1,262

(a)

Health

Catalyst,

Inc

12

2,384

(a)

HealthEquity,

Inc

158

1,071

HealthStream,

Inc

29

3,559

(a)

Henry

Schein,

Inc

269

3,283

(a)

Hims

&

Hers

Health,

Inc

29

5,942

(a)

Hologic,

Inc

425

3,215

Humana,

Inc

1,472

588

(a)

ICU

Medical,

Inc

59

2,172

(a)

IDEXX

Laboratories,

Inc

1,206

1,298

(a)

Inari

Medical,

Inc

84

2,055

(a)

Inmode

Ltd

46

316

(a)

Innovage

Holding

Corp

2

672

(a)

Inogen,

Inc

4

734

(a)

Inspire

Medical

Systems,

Inc

149

1,892

(a)

Insulet

Corp

410

935

(a)

Integer

Holdings

Corp

93

1,812

(a)

Integra

LifeSciences

Holdings

Corp

79

8,947

(a)

Intuitive

Surgical,

Inc

3,018

818

(a)

iRhythm

Technologies,

Inc

88

390

(a)

Joint

Corp

4

2,293

Laboratory

Corp

of

America

Holdings

521

1,849

(a)

Lantheus

Holdings,

Inc

115

562

LeMaitre

Vascular,

Inc

32

1,759

(a)

LifeStance

Health

Group,

Inc

14

874

(a)

LivaNova

plc

45

1,202

(a)

Masimo

Corp

141

3,489

McKesson

Corp

1,615

34,246

Medtronic

plc

2,821

1,508

(a)

Merit

Medical

Systems,

Inc

115

426

(a)

ModivCare,

Inc

19

1,449

(a)

Molina

Healthcare,

Inc

524

10,131

(a)

Multiplan

Corp

15

1,138

(a),(b)

Nano-X

Imaging

Ltd

7

212

National

Healthcare

Corp

20

357

National

Research

Corp

14

5,732

(a)

Neogen

Corp

115

3,250

(a)

NeoGenomics,

Inc

53

1,074

(a)

Nevro

Corp

23

2,637

(a)

Novocure

Ltd

39

1,291

(a)

Omnicell,

Inc

49

13,300

(a),(b)

Opko

Health,

Inc

20

578

(a)

OptimizeRx

Corp

8

3,932

(a)

Option

Care

Health,

Inc

132

2,181

(a)

OraSure

Technologies,

Inc

18

945

(a)

Orthofix

Medical,

Inc

13

357

(a)

OrthoPediatrics

Corp

12

1,325

(a)

Outset

Medical,

Inc

7

2,217

(a)

Owens

&

Minor,

Inc

43

5,953

(a)

P3

Health

Partners,

Inc

8

1,177

(a)

Paragon

28,

Inc

15

Stock

Index

Account

December

31,

2023

34

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,971

Patterson

Cos,

Inc

$

56

1,877

(a)

Pediatrix

Medical

Group,

Inc

17

942

(a)

Pennant

Group,

Inc

13

903

(a)

Penumbra,

Inc

227

619

(a)

PetIQ,

Inc

12

1,246

(a)

Phreesia,

Inc

29

2,266

Premier,

Inc

51

2,886

(a)

Privia

Health

Group,

Inc

66

670

(a)

PROCEPT

BioRobotics

Corp

28

1,851

(a)

Progyny,

Inc

69

3,887

(a)

Project

Roadrunner

Parent,

Inc

41

711

(a)

Pulmonx

Corp

9

324

(a),(b)

Pulse

Biosciences,

Inc

4

2,885

Quest

Diagnostics,

Inc

398

1,394

(a)

QuidelOrtho

Corp

103

1,510

(a)

RadNet,

Inc

52

3,849

Resmed,

Inc

662

558

(a)

RxSight,

Inc

22

1,342

(a)

Schrodinger,

Inc

48

1,967

Select

Medical

Holdings

Corp

46

8,181

(a)

Sharecare,

Inc

9

996

(a)

Shockwave

Medical,

Inc

190

815

(a)

SI-BONE,

Inc

17

987

(a)

Silk

Road

Medical,

Inc

12

414

Simulations

Plus,

Inc

18

1,339

(a)

STAAR

Surgical

Co

42

2,569

STERIS

plc

565

9,165

Stryker

Corp

2,745

1,791

(a)

Surgery

Partners,

Inc

57

516

(a)

SurModics,

Inc

19

468

(a)

Tactile

Systems

Technology,

Inc

7

1,948

(a)

Tandem

Diabetes

Care,

Inc

58

4,752

(a)

Teladoc

Health,

Inc

102

1,106

Teleflex,

Inc

276

2,691

(a)

Tenet

Healthcare

Corp

203

604

(a)

TransMedics

Group,

Inc

48

803

(a)

Treace

Medical

Concepts,

Inc

10

226

(a)

UFP

Technologies,

Inc

39

23,975

UnitedHealth

Group,

Inc

12,622

1,487

Universal

Health

Services,

Inc

(Class

B)

227

468

US

Physical

Therapy,

Inc

44

149

Utah

Medical

Products,

Inc

13

1,492

(a)

Varex

Imaging

Corp

31

3,720

(a)

Veeva

Systems,

Inc

716

5,498

Zimmer

Biomet

Holdings,

Inc

669

2,080

(a)

Zimvie,

Inc

37

1,048

(a),(b)

Zynex,

Inc

11

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

63,094

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.3%

3,638

(a)

BellRing

Brands,

Inc

202

400

(a)

Central

Garden

&

Pet

Co

20

1,366

(a)

Central

Garden

and

Pet

Co

(Class

A)

60

6,278

Church

&

Dwight

Co,

Inc

594

3,351

Clorox

Co

478

21,073

Colgate-Palmolive

Co

1,680

9,161

(a)

Coty,

Inc

114

1,561

Edgewell

Personal

Care

Co

57

1,333

(a)

elf

Beauty,

Inc

192

2,086

Energizer

Holdings,

Inc

66

6,045

Estee

Lauder

Cos

(Class

A)

884

2,976

(a)

Herbalife

Ltd

45

35

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

625

Inter

Parfums,

Inc

$

90

45,082

Kenvue,

Inc

971

8,681

Kimberly-Clark

Corp

1,055

366

Medifast,

Inc

24

537

(a)

Nature's

Sunshine

Products,

Inc

9

142

Nu

Skin

Enterprises,

Inc

(Class

A)

3

3,350

(a)

Olaplex

Holdings,

Inc

8

60,722

Procter

&

Gamble

Co

8,898

1,260

Reynolds

Consumer

Products,

Inc

34

1,088

Spectrum

Brands

Holdings,

Inc

87

426

(a)

USANA

Health

Sciences,

Inc

23

443

WD-40

Co

106

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

15,700

INSURANCE

-

2.2%

15,648

Aflac,

Inc

1,291

6,766

Allstate

Corp

947

1,747

(a)

AMBAC

Financial

Group,

Inc

29

1,719

American

Equity

Investment

Life

Holding

Co

96

1,947

American

Financial

Group,

Inc

232

18,756

American

International

Group,

Inc

1,271

751

Amerisafe,

Inc

35

5,159

Aon

plc

1,501

9,400

(a)

Arch

Capital

Group

Ltd

698

1,325

Assurant,

Inc

223

1,075

Assured

Guaranty

Ltd

81

1,520

Axis

Capital

Holdings

Ltd

84

1,542

(a)

Brighthouse

Financial,

Inc

82

5,910

Brown

&

Brown,

Inc

420

1,510

(a)

BRP

Group,

Inc

36

10,567

Chubb

Ltd

2,388

3,909

Cincinnati

Financial

Corp

404

974

CNA

Financial

Corp

41

2,368

CNO

Financial

Group,

Inc

66

406

Donegal

Group,

Inc

(Class

A)

6

746

(a)

eHealth,

Inc

7

176

Employers

Holdings,

Inc

7

197

(a)

Enstar

Group

Ltd

58

1,128

Everest

Re

Group

Ltd

399

496

F&G

Annuities

&

Life,

Inc

23

6,359

Fidelity

National

Financial,

Inc

324

2,961

First

American

Financial

Corp

191

5,377

Gallagher

(Arthur

J.)

&

Co

1,209

9,101

(a)

Genworth

Financial,

Inc

(Class

A)

61

2,154

Globe

Life,

Inc

262

1,239

(a)

GoHealth,

Inc

17

512

(a)

Goosehead

Insurance,

Inc

39

621

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

7

923

Hanover

Insurance

Group,

Inc

112

7,927

Hartford

Financial

Services

Group,

Inc

637

290

HCI

Group,

Inc

25

348

(a),(b)

Hippo

Holdings,

Inc

3

530

Horace

Mann

Educators

Corp

17

62

Investors

Title

Co

10

865

James

River

Group

Holdings

Ltd

8

1,556

Kemper

Corp

76

544

Kinsale

Capital

Group,

Inc

182

1,146

(a),(b)

Lemonade,

Inc

19

3,184

Lincoln

National

Corp

86

4,389

Loews

Corp

305

341

(a)

Markel

Corp

484

12,636

Marsh

&

McLennan

Cos,

Inc

2,394

Stock

Index

Account

December

31,

2023

36

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,049

MBIA,

Inc

$

13

754

Mercury

General

Corp

28

16,785

Metlife,

Inc

1,110

92

National

Western

Life

Group,

Inc

45

394

(a)

NI

Holdings,

Inc

5

6,154

Old

Republic

International

Corp

181

3,765

(a)

Oscar

Health,

Inc

35

682

(a)

Palomar

Holdings,

Inc

38

1,013

Primerica,

Inc

208

6,488

Principal

Financial

Group

510

1,956

ProAssurance

Corp

27

14,925

Progressive

Corp

2,377

9,354

Prudential

Financial,

Inc

970

1,767

Reinsurance

Group

of

America,

Inc

(Class

A)

286

1,234

RenaissanceRe

Holdings

Ltd

242

1,004

RLI

Corp

134

2,077

(a)

Ryan

Specialty

Holdings,

Inc

89

192

Safety

Insurance

Group,

Inc

15

1,549

Selective

Insurance

Group,

Inc

154

3,622

(a)

Selectquote,

Inc

5

2,745

(a)

SiriusPoint

Ltd

32

648

(a)

Skyward

Specialty

Insurance

Group,

Inc

22

815

Stewart

Information

Services

Corp

48

1,255

Tiptree,

Inc

24

5,939

Travelers

Cos,

Inc

1,131

1,119

(a),(b)

Trupanion,

Inc

34

844

United

Fire

Group,

Inc

17

1,340

Universal

Insurance

Holdings,

Inc

21

4,932

Unum

Group

223

5,570

W.R.

Berkley

Corp

394

54

White

Mountains

Insurance

Group

Ltd

81

2,733

Willis

Towers

Watson

plc

659

TOTAL

INSURANCE

26,051

MATERIALS

-

2.7%

675

(a),(b)

5E

Advanced

Materials,

Inc

1

889

AdvanSix,

Inc

27

5,672

Air

Products

&

Chemicals,

Inc

1,553

3,077

Albemarle

Corp

445

5,296

Alcoa

Corp

180

3,295

(a)

Allegheny

Technologies,

Inc

150

300

Alpha

Metallurgical

Resources,

Inc

102

38,503

Amcor

plc

371

1,143

American

Vanguard

Corp

13

1,496

Aptargroup,

Inc

185

402

Arch

Resources,

Inc

67

716

(a),(c)

Ardagh

Group

S.A.

5

4,201

Ardagh

Metal

Packaging

S.A.

16

1,363

Ashland,

Inc

115

562

(a)

Aspen

Aerogels,

Inc

9

2,011

Avery

Dennison

Corp

407

2,934

Avient

Corp

122

5,815

(a)

Axalta

Coating

Systems

Ltd

198

794

Balchem

Corp

118

8,256

Ball

Corp

475

2,865

Berry

Global

Group,

Inc

193

1,280

Cabot

Corp

107

1,242

Carpenter

Technology

Corp

88

2,649

Celanese

Corp

(Series

A)

412

1,274

(a)

Century

Aluminum

Co

15

5,112

CF

Industries

Holdings,

Inc

406

3,126

Chemours

Co

99

37

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

623

(a)

Clearwater

Paper

Corp

$

23

13,598

(a)

Cleveland-Cliffs,

Inc

278

6,825

(a)

Coeur

Mining,

Inc

22

2,958

Commercial

Metals

Co

148

1,021

Compass

Minerals

International,

Inc

26

3,240

(a)

Constellium

SE

64

99

(a)

Contango

ORE,

Inc

2

18,816

Corteva,

Inc

902

2,839

Crown

Holdings,

Inc

261

30,880

(a),(b)

Danimer

Scientific,

Inc

31

18,553

Dow,

Inc

1,017

11,774

DuPont

de

Nemours,

Inc

906

820

Eagle

Materials,

Inc

166

3,088

Eastman

Chemical

Co

277

6,419

Ecolab,

Inc

1,273

890

(a)

Ecovyst,

Inc

9

6,085

Element

Solutions,

Inc

141

2,829

FMC

Corp

178

36,831

Freeport-McMoRan,

Inc

(Class

B)

1,568

954

FutureFuel

Corp

6

41,078

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

69

1,827

(a)

Glatfelter

Corp

4

7,879

Graphic

Packaging

Holding

Co

194

563

Greif,

Inc

(Class

A)

37

203

Greif,

Inc

(Class

B)

13

1,239

H.B.

Fuller

Co

101

754

Hawkins,

Inc

53

501

Haynes

International,

Inc

29

16,414

Hecla

Mining

Co

79

4,964

Huntsman

Corp

125

5,121

(a),(b)

i-80

Gold

Corp

9

915

(a)

Ingevity

Corp

43

586

Innospec,

Inc

72

6,858

International

Flavors

&

Fragrances,

Inc

555

9,279

International

Paper

Co

335

362

(a)

Intrepid

Potash,

Inc

9

1,480

(a)

Ivanhoe

Electric,

Inc

15

443

Kaiser

Aluminum

Corp

32

1,339

(a)

Knife

River

Corp

89

850

Koppers

Holdings,

Inc

44

893

Kronos

Worldwide,

Inc

9

12,560

Linde

plc

5,159

4,445

(a),(b)

Livent

Corp

80

1,747

Louisiana-Pacific

Corp

124

952

(a)

LSB

Industries,

Inc

9

6,951

LyondellBasell

Industries

NV

661

1,576

Martin

Marietta

Materials,

Inc

786

467

Materion

Corp

61

838

Minerals

Technologies,

Inc

60

9,024

Mosaic

Co

322

2,475

(a)

MP

Materials

Corp

49

871

Myers

Industries,

Inc

17

126

NewMarket

Corp

69

29,675

Newmont

Goldcorp

Corp

1,228

192

(a)

Novagold

Resources,

Inc

1

6,562

Nucor

Corp

1,142

3,476

(a)

O-I

Glass,

Inc

57

3,441

Olin

Corp

186

395

Olympic

Steel,

Inc

26

2,691

(a),(b)

Origin

Materials,

Inc

2

2,087

Orion

S.A.

58

2,168

Packaging

Corp

of

America

353

Stock

Index

Account

December

31,

2023

38

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

728

Pactiv

Evergreen,

Inc

$

10

3,762

(a)

Perimeter

Solutions

S.A.

17

464

(a)

Piedmont

Lithium,

Inc

13

5,966

PPG

Industries,

Inc

892

452

Quaker

Chemical

Corp

96

646

Ramaco

Resources,

Inc

11

128

Ramaco

Resources,

Inc

2

821

(a)

Ranpak

Holdings

Corp

5

1,744

(a)

Rayonier

Advanced

Materials,

Inc

7

1,410

Reliance

Steel

&

Aluminum

Co

394

1,545

Royal

Gold,

Inc

187

3,225

RPM

International,

Inc

360

592

Ryerson

Holding

Corp

21

941

Schnitzer

Steel

Industries,

Inc

(Class

A)

28

1,637

Schweitzer-Mauduit

International,

Inc

25

1,142

Scotts

Miracle-Gro

Co

(Class

A)

73

3,590

Sealed

Air

Corp

131

1,015

Sensient

Technologies

Corp

67

6,071

Sherwin-Williams

Co

1,894

1,821

Silgan

Holdings,

Inc

82

2,169

Sonoco

Products

Co

121

2,489

Southern

Copper

Corp

214

3,190

SSR

Mining,

Inc

34

4,042

Steel

Dynamics,

Inc

477

479

Stepan

Co

45

3,454

(a)

Summit

Materials,

Inc

133

2,524

SunCoke

Energy,

Inc

27

905

Sylvamo

Corp

44

1,535

(a)

TimkenSteel

Corp

36

1,164

Tredegar

Corp

6

1,789

Trimas

Corp

45

857

Trinseo

plc

7

630

Tronox

Holdings

plc

9

66

United

States

Lime

&

Minerals,

Inc

15

5,821

United

States

Steel

Corp

283

3,379

Vulcan

Materials

Co

767

1,235

Warrior

Met

Coal,

Inc

75

886

Westlake

Chemical

Corp

124

6,785

Westrock

Co

282

858

Worthington

Industries,

Inc

49

858

(a)

Worthington

Steel,

Inc

24

TOTAL

MATERIALS

32,675

MEDIA

&

ENTERTAINMENT

-

7.1%

1,783

(a)

Advantage

Solutions,

Inc

7

129,469

(a)

Alphabet,

Inc

18,246

153,284

(a)

Alphabet,

Inc

(Class

A)

21,412

921

(a)

AMC

Networks,

Inc

17

428

(a)

Atlanta

Braves

Holdings,

Inc

18

1,596

(a)

Atlanta

Braves

Holdings,

Inc

63

353

(a)

Boston

Omaha

Corp

6

2,348

(a)

Bumble,

Inc

35

163

Cable

One,

Inc

91

2,709

(a)

Cargurus,

Inc

65

2,223

(a)

Cars.com,

Inc

42

2,642

(a)

Charter

Communications,

Inc

1,027

3,434

(a)

Cinemark

Holdings,

Inc

48

10,518

(a)

Clear

Channel

Outdoor

Holdings,

Inc

19

103,024

Comcast

Corp

(Class

A)

4,518

46

(a)

Daily

Journal

Corp

16

1,887

(a)

DISH

Network

Corp

(Class

A)

11

7,062

Electronic

Arts,

Inc

966

39

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,637

Entravision

Communications

Corp

(Class

A)

$

11

2,165

(a)

Eventbrite,

Inc

18

452

(a)

EverQuote,

Inc

6

1,941

(a)

EW

Scripps

Co

(Class

A)

16

7,555

Fox

Corp

(Class

A)

224

3,832

Fox

Corp

(Class

B)

106

7,295

(a),(b)

fuboTV,

Inc

23

4,050

(a)

Gannett

Co,

Inc

9

2,117

Gray

Television,

Inc

19

2,290

(a)

IAC,

Inc

120

1,677

(a)

IMAX

Corp

25

1,209

(a)

Integral

Ad

Science

Holding

Corp

17

10,115

Interpublic

Group

of

Cos,

Inc

330

1,411

John

Wiley

&

Sons,

Inc

(Class

A)

45

3,122

(a)

Liberty

Broadband

Corp

252

337

(a)

Liberty

Broadband

Corp

(Class

A)

27

300

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

17

4,828

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

305

489

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

18

1,236

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

46

4,032

(a)

Liberty

Media

Corp-Liberty

SiriusXM

116

1,910

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

55

2,000

(a)

Lions

Gate

Entertainment

Corp

(Class

A)

22

3,835

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

39

3,897

(a)

Live

Nation,

Inc

365

832

(a)

Madison

Square

Garden

Entertainment

Corp

26

456

(a)

Madison

Square

Garden

Sports

Corp

83

3,683

(a)

Magnite,

Inc

34

736

(b)

Marcus

Corp

11

7,483

(a)

Match

Group,

Inc

273

494

(a)

MediaAlpha,

Inc

6

57,055

(a)

Meta

Platforms,

Inc

20,195

11,138

(a)

NetFlix,

Inc

5,423

4,377

New

York

Times

Co

(Class

A)

214

10,391

News

Corp

(Class

A)

255

3,112

News

Corp

(Class

B)

80

1,008

Nexstar

Media

Group,

Inc

158

3,861

(a)

Nextdoor

Holdings,

Inc

7

5,132

Omnicom

Group,

Inc

444

244

Paramount

Global

(Class

A)

5

16,396

Paramount

Global

(Class

B)

243

15,037

(a)

Pinterest,

Inc

557

2,020

(a)

Playstudios,

Inc

6

2,676

(a)

Playtika

Holding

Corp

23

1,094

(a)

PubMatic,

Inc

18

1,192

(a)

QuinStreet,

Inc

15

11,488

(a)

ROBLOX

Corp

525

3,076

(a)

Roku,

Inc

282

1,096

Scholastic

Corp

41

719

Shutterstock,

Inc

35

132

Sinclair,

Inc

2

16,700

(b)

Sirius

XM

Holdings,

Inc

91

832

(a)

Sphere

Entertainment

Co

28

3,688

(a)

Spotify

Technology

S.A.

693

1,585

(a)

Stagwell,

Inc

11

4,189

(a)

Take-Two

Interactive

Software,

Inc

674

708

(a)

TechTarget,

Inc

25

3,825

TEGNA,

Inc

59

612

(a)

Thryv

Holdings,

Inc

12

1,153

(a)

TKO

Group

Holdings,

Inc

94

2,932

(a)

TripAdvisor,

Inc

63

2,406

(a)

TrueCar,

Inc

8

Stock

Index

Account

December

31,

2023

40

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,939

(a)

Vimeo,

Inc

$

15

47,050

Walt

Disney

Co

4,248

59,079

(a)

Warner

Bros

Discovery,

Inc

672

1,263

(a)

WideOpenWest,

Inc

5

2,109

(a)

Yelp,

Inc

100

1,245

(a)

Ziff

Davis,

Inc

84

1,977

(a)

ZipRecruiter,

Inc

28

7,616

(a)

ZoomInfo

Technologies,

Inc

141

TOTAL

MEDIA

&

ENTERTAINMENT

84,850

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.3%

2,501

(a)

10X

Genomics,

Inc

141

702

(a),(b)

2seventy

bio,

Inc

3

524

(a)

4D

Molecular

Therapeutics,

Inc

11

1,639

(a)

89bio,

Inc

18

382

(a)

Aadi

Bioscience,

Inc

1

45,489

AbbVie,

Inc

7,049

3,739

(a)

Acadia

Pharmaceuticals,

Inc

117

1,604

(a)

Aclaris

Therapeutics,

Inc

2

3,224

(a)

Adaptive

Biotechnologies

Corp

16

546

(a),(b)

Adicet

Bio,

Inc

1

4,828

(a)

ADMA

Biologics,

Inc

22

5,844

(a)

Agenus,

Inc

5

7,531

Agilent

Technologies,

Inc

1,047

1,876

(a)

Agios

Pharmaceuticals,

Inc

42

1,191

(a)

Akero

Therapeutics,

Inc

28

1,235

(a)

Aldeyra

Therapeutics,

Inc

4

1,504

(a)

Alector,

Inc

12

4,357

(a)

Alkermes

plc

121

2,417

(a)

Allogene

Therapeutics,

Inc

8

3,180

(a)

Alnylam

Pharmaceuticals,

Inc

609

837

(a)

Alpine

Immune

Sciences,

Inc

16

5,079

(a)

Altimmune,

Inc

57

515

(a)

ALX

Oncology

Holdings,

Inc

8

13,759

Amgen,

Inc

3,963

8,241

(a)

Amicus

Therapeutics,

Inc

117

2,888

(a)

Amneal

Pharmaceuticals,

Inc

18

766

(a)

Amphastar

Pharmaceuticals,

Inc

47

1,371

(a)

Amylyx

Pharmaceuticals,

Inc

20

679

(a)

AnaptysBio,

Inc

15

1,840

(a),(b)

Anavex

Life

Sciences

Corp

17

292

(a)

ANI

Pharmaceuticals,

Inc

16

566

(a)

Anika

Therapeutics,

Inc

13

7,332

(a)

Annexon,

Inc

33

2,514

(a)

Apellis

Pharmaceuticals,

Inc

150

530

(a)

Apogee

Therapeutics,

Inc

15

2,291

(a),(b)

Arbutus

Biopharma

Corp

6

798

(a)

Arcellx,

Inc

44

625

(a)

Arcturus

Therapeutics

Holdings,

Inc

20

1,321

(a)

Arcus

Biosciences,

Inc

25

14,777

(a)

Arcutis

Biotherapeutics,

Inc

48

5,648

(a)

Ardelyx,

Inc

35

2,078

(a)

Arrowhead

Pharmaceuticals,

Inc

64

1,292

(a)

Arvinas,

Inc

53

2,552

(a)

Astria

Therapeutics,

Inc

20

1,878

(a)

Atea

Pharmaceuticals,

Inc

6

478

(a)

Aura

Biosciences,

Inc

4

3,648

(a)

Aurinia

Pharmaceuticals,

Inc

33

17,155

(a)

Avantor,

Inc

392

1,798

(a)

Avid

Bioservices,

Inc

12

1,307

(a)

Avidity

Biosciences,

Inc

12

854

(a),(b)

Axsome

Therapeutics,

Inc

68

41

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,758

(a),(b)

Beam

Therapeutics,

Inc

$

48

6,511

(a)

BioAtla,

Inc

16

5,428

(a)

BioCryst

Pharmaceuticals,

Inc

32

3,685

(a)

Biogen,

Inc

954

1,812

(a)

Biohaven

Ltd

78

681

(a)

BioLife

Solutions,

Inc

11

4,868

(a)

BioMarin

Pharmaceutical,

Inc

469

527

(a),(b)

Biomea

Fusion,

Inc

8

536

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

173

4,009

Bio-Techne

Corp

309

2,108

(a)

Bluebird

Bio,

Inc

3

1,758

(a)

Blueprint

Medicines

Corp

162

3,248

(a)

Bridgebio

Pharma,

Inc

131

52,516

Bristol-Myers

Squibb

Co

2,695

1,501

(a)

Brooks

Automation,

Inc

98

2,841

Bruker

BioSciences

Corp

209

2,046

(a)

Cabaletta

Bio,

Inc

46

1,052

(a)

Cara

Therapeutics,

Inc

1

1,462

(a)

CareDx,

Inc

18

1,471

(a)

Caribou

Biosciences,

Inc

8

2,907

(b)

Carisma

Therapeutics,

Inc

9

1,147

(a),(b)

Cassava

Sciences,

Inc

26

4,893

(a)

Catalent,

Inc

220

1,670

(a)

Catalyst

Pharmaceuticals,

Inc

28

1,296

(a)

Celldex

Therapeutics,

Inc

51

298

(a)

Century

Therapeutics,

Inc

1

1,443

(a)

Cerevel

Therapeutics

Holdings,

Inc

61

1,399

(a)

Charles

River

Laboratories

International,

Inc

331

1,163

(a),(c)

Chinook

Therapeutics,

Inc

0^

1,647

(a)

Codexis,

Inc

5

1,061

(a)

Cogent

Biosciences,

Inc

6

877

(a)

Collegium

Pharmaceutical,

Inc

27

7,441

(a)

Compass

Therapeutics,

Inc

12

2,558

(a)

Corcept

Therapeutics,

Inc

83

1,406

(a)

Crinetics

Pharmaceuticals,

Inc

50

1,192

(a)

CryoPort,

Inc

18

660

(a)

Cullinan

Oncology,

Inc

7

2,602

(a)

Cymabay

Therapeutics,

Inc

61

3,007

(a)

Cytek

Biosciences,

Inc

27

2,182

(a)

Cytokinetics,

Inc

182

16,956

Danaher

Corp

3,923

731

(a)

Day

One

Biopharmaceuticals,

Inc

11

1,209

(a)

Deciphera

Pharmaceuticals,

Inc

19

2,697

(a)

Denali

Therapeutics,

Inc

58

890

(a)

Design

Therapeutics,

Inc

2

472

(a)

Disc

Medicine,

Inc

27

3,515

(a)

Dynavax

Technologies

Corp

49

858

(a)

Dyne

Therapeutics,

Inc

11

323

(a)

Eagle

Pharmaceuticals,

Inc

2

262

(a)

Edgewise

Therapeutics,

Inc

3

2,042

(a)

Editas

Medicine,

Inc

21

12,879

(a)

Elanco

Animal

Health,

Inc

192

21,799

Eli

Lilly

&

Co

12,707

648

(a)

Enanta

Pharmaceuticals,

Inc

6

619

(a),(b)

Enliven

Therapeutics,

Inc

9

1,666

(a)

Entrada

Therapeutics,

Inc

25

2,249

(a)

Erasca,

Inc

5

702

(a)

Evolus,

Inc

7

4,622

(a)

Exact

Sciences

Corp

342

7,341

(a)

Exelixis,

Inc

176

690

(a)

EyePoint

Pharmaceuticals,

Inc

16

2,380

(a)

Fate

Therapeutics,

Inc

9

Stock

Index

Account

December

31,

2023

42

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

505

(a)

Foghorn

Therapeutics,

Inc

$

3

2,432

(a)

Fortrea

Holdings,

Inc

85

376

(a)

Genelux

Corp

5

1,233

(a)

Generation

Bio

Co

2

12,566

(a)

Geron

Corp

26

32,207

Gilead

Sciences,

Inc

2,609

386

(a)

Gritstone

bio,

Inc

1

3,178

(a)

Halozyme

Therapeutics,

Inc

117

588

(a)

Harmony

Biosciences

Holdings,

Inc

19

690

(a),(b)

Harrow

Health,

Inc

8

2,179

(a)

ICON

plc

617

278

(a)

Icosavax,

Inc

4

950

(a)

Ideaya

Biosciences,

Inc

34

229

(a),(b)

IGM

Biosciences,

Inc

2

3,754

(a)

Ikena

Oncology,

Inc

7

4,064

(a)

Illumina,

Inc

566

2,190

(a)

Immuneering

Corp

16

10,790

(a),(b)

ImmunityBio,

Inc

54

5,543

(a)

Immunogen,

Inc

164

1,107

(a)

Immunovant,

Inc

47

5,156

(a)

Incyte

Corp

324

813

(a)

Inhibrx,

Inc

31

2,407

(a)

Innoviva,

Inc

39

4,356

(a)

Inozyme

Pharma,

Inc

19

3,278

(a)

Insmed,

Inc

102

2,093

(a)

Intellia

Therapeutics,

Inc

64

2,522

(a)

Intra-Cellular

Therapies,

Inc

181

3,279

(a)

Ionis

Pharmaceuticals,

Inc

166

4,447

(a)

Iovance

Biotherapeutics,

Inc

36

4,668

(a)

IQVIA

Holdings,

Inc

1,080

4,209

(a)

Ironwood

Pharmaceuticals,

Inc

48

572

(a)

iTeos

Therapeutics,

Inc

6

258

(a)

Janux

Therapeutics,

Inc

3

1,453

(a)

Jazz

Pharmaceuticals

plc

179

62,189

Johnson

&

Johnson

9,747

487

(a)

KalVista

Pharmaceuticals,

Inc

6

951

(a)

Karuna

Therapeutics,

Inc

301

2,103

(a)

Karyopharm

Therapeutics,

Inc

2

400

(a)

Keros

Therapeutics,

Inc

16

1,311

(a)

Kezar

Life

Sciences,

Inc

1

706

(a)

Kiniksa

Pharmaceuticals

Ltd

12

988

(a)

Kodiak

Sciences,

Inc

3

486

(a)

Krystal

Biotech,

Inc

60

1,654

(a)

Kura

Oncology,

Inc

24

969

(a)

Kymera

Therapeutics,

Inc

25

1,763

(a),(b)

Lexicon

Pharmaceuticals,

Inc

3

484

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

35

1,283

(a)

Liquidia

Corp

15

4,069

(a),(b)

Lyell

Immunopharma,

Inc

8

1,721

(a)

MacroGenics,

Inc

17

275

(a)

Madrigal

Pharmaceuticals,

Inc

64

7,710

(a)

MannKind

Corp

28

3,088

(a)

Maravai

LifeSciences

Holdings,

Inc

20

1,321

(a),(b)

Marinus

Pharmaceuticals,

Inc

14

2,546

(a)

MaxCyte,

Inc

12

647

(a)

Medpace

Holdings,

Inc

198

548

(a)

MeiraGTx

Holdings

plc

4

65,416

Merck

&

Co,

Inc

7,132

126

Mesa

Laboratories,

Inc

13

575

(a)

Mettler-Toledo

International,

Inc

697

3,231

(a)

MiMedx

Group,

Inc

28

1,197

(a)

Mirati

Therapeutics,

Inc

70

43

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

392

(a)

Mirum

Pharmaceuticals,

Inc

$

12

8,660

(a)

Moderna,

Inc

861

213

(a)

Monte

Rosa

Therapeutics,

Inc

1

597

(a)

Morphic

Holding,

Inc

17

2,502

(a)

Myriad

Genetics,

Inc

48

2,327

(a)

Natera,

Inc

146

2,550

(a)

Neurocrine

Biosciences,

Inc

336

761

(a)

NGM

Biopharmaceuticals,

Inc

1

881

(a),(b)

Nkarta,

Inc

6

2,168

(a),(b)

Novavax,

Inc

10

1,379

(a)

Nurix

Therapeutics,

Inc

14

786

(a)

Nuvalent,

Inc

58

4,458

(a)

Nuvation

Bio,

Inc

7

1,389

(a)

Nuvectis

Pharma,

Inc

12

2,221

(a)

Ocular

Therapeutix,

Inc

10

685

(a)

Olema

Pharmaceuticals,

Inc

10

183

(a),(c)

OmniAb

Operations,

Inc

0^

183

(a),(c)

OmniAb

Operations,

Inc

0^

2,371

(a)

OmniAb,

Inc

15

435

(a)

Oncology

Co

3

1,103

(a)

Organogenesis

Holdings,

Inc

4

5,283

Organon

&

Co

76

5,816

(a)

Pacific

Biosciences

of

California,

Inc

57

1,343

(a)

Pacira

BioSciences,

Inc

45

3,296

PerkinElmer,

Inc

360

2,985

Perrigo

Co

plc

96

145,817

Pfizer,

Inc

4,198

575

(a),(b)

Phathom

Pharmaceuticals,

Inc

5

720

Phibro

Animal

Health

Corp

8

1,499

(a)

Pliant

Therapeutics,

Inc

27

754

(a)

PMV

Pharmaceuticals,

Inc

2

10,461

(a)

Poseida

Therapeutics,

Inc

35

2,435

(a),(b)

Precigen,

Inc

3

1,585

(a)

Prestige

Consumer

Healthcare,

Inc.

97

1,074

(a),(b)

Prime

Medicine,

Inc

9

1,636

(a),(b)

ProKidney

Corp

3

1,206

(a)

Protagonist

Therapeutics,

Inc

28

11,062

(a)

Protalix

BioTherapeutics,

Inc

20

1,011

(a)

Prothena

Corp

plc

37

2,011

(a)

PTC

Therapeutics,

Inc

55

5,490

(a)

QIAGEN

NV

238

914

(a)

Quanterix

Corp

25

2,497

(a)

Quantum-Si,

Inc

5

3,157

(a),(b)

Rallybio

Corp

8

524

(a)

RAPT

Therapeutics,

Inc

13

517

(a)

RayzeBio,

Inc

32

6,975

(a),(b)

Recursion

Pharmaceuticals,

Inc

69

2,669

(a)

Regeneron

Pharmaceuticals,

Inc

2,344

1,062

(a)

REGENXBIO,

Inc

19

2,088

(a)

Relay

Therapeutics,

Inc

23

3,329

(a)

Reneo

Pharmaceuticals,

Inc

5

1,424

(a)

Repligen

Corp

256

699

(a)

Replimune

Group,

Inc

6

2,003

(a)

Revance

Therapeutics,

Inc

18

3,678

(a)

REVOLUTION

Medicines,

Inc

105

1,363

(a)

Rhythm

Pharmaceuticals,

Inc

63

4,657

(a)

Rigel

Pharmaceuticals,

Inc

7

1,412

(a)

Rocket

Pharmaceuticals,

Inc

42

9,510

(a)

Roivant

Sciences

Ltd

107

8,941

Royalty

Pharma

plc

251

1,665

(a)

Sage

Therapeutics,

Inc

36

2,386

(a)

Sana

Biotechnology,

Inc

10

Stock

Index

Account

December

31,

2023

44

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,362

(a)

Sangamo

Therapeutics

Inc

$

2

2,419

(a)

Sarepta

Therapeutics,

Inc

233

1,423

(a)

Scholar

Rock

Holding

Corp

27

1,126

(a)

Seer,

Inc

2

1,913

SIGA

Technologies,

Inc

11

3,798

(a)

SomaLogic,

Inc

10

1,610

(a),(c)

Sorrento

Therapeutics,

Inc

3

2,303

(a)

Sotera

Health

Co

39

1,868

(a)

SpringWorks

Therapeutics,

Inc

68

519

(a),(b)

Stoke

Therapeutics,

Inc

3

10,163

(a)

Summit

Therapeutics,

Inc

27

1,648

(a)

Supernus

Pharmaceuticals,

Inc

48

1,211

(a)

Sutro

Biopharma,

Inc

5

1,544

(a)

Syndax

Pharmaceuticals,

Inc

33

1,233

(a),(b)

Tango

Therapeutics,

Inc

12

197

(a)

Tarsus

Pharmaceuticals,

Inc

4

285

(a)

Tenaya

Therapeutics,

Inc

1

1,158

(a),(b)

Terns

Pharmaceuticals,

Inc

7

3,788

(a)

TG

Therapeutics,

Inc

65

1,625

(a),(b)

Theravance

Biopharma,

Inc

18

9,933

Thermo

Fisher

Scientific,

Inc

5,272

1,469

(a)

Travere

Therapeutics,

Inc

13

9,226

(a)

Trevi

Therapeutics,

Inc

12

1,447

(a)

Twist

Bioscience

Corp

53

1,912

(a)

Ultragenyx

Pharmaceutical,

Inc

91

1,221

(a)

United

Therapeutics

Corp

268

79

(a),(b)

UroGen

Pharma

Ltd

1

1,691

(a)

Vanda

Pharmaceuticals,

Inc

7

2,438

(a)

Vaxcyte,

Inc

153

1,336

(a)

Ventyx

Biosciences,

Inc

3

2,536

(a)

Vera

Therapeutics,

Inc

39

1,983

(a)

Veracyte,

Inc

55

1,345

(a)

Vericel

Corp

48

6,592

(a)

Vertex

Pharmaceuticals,

Inc

2,682

1,017

(a)

Verve

Therapeutics,

Inc

14

29,136

Viatris,

Inc

316

2,372

(a)

Vigil

Neuroscience,

Inc

8

2,550

(a)

Viking

Therapeutics,

Inc

47

1,798

(a)

Vir

Biotechnology,

Inc

18

699

(a)

Viridian

Therapeutics,

Inc

15

842

(a)

Voyager

Therapeutics,

Inc

7

1,510

(a)

Waters

Corp

497

1,512

(a)

WaVe

Life

Sciences

Ltd

8

1,891

West

Pharmaceutical

Services,

Inc

666

12,196

(a)

X4

Pharmaceuticals,

Inc

10

1,460

(a)

Xencor,

Inc

31

3,592

(a)

Xeris

Biopharma

Holdings,

Inc

8

959

(a)

Y-mAbs

Therapeutics,

Inc

7

975

(a)

Zentalis

Pharmaceuticals,

Inc

15

12,019

Zoetis,

Inc

2,372

1,416

(a)

Zymeworks,

Inc

15

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

87,900

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

1,201

(a)

American

Realty

Investors,

Inc

21

3,279

(a)

Anywhere

Real

Estate,

Inc

27

7,981

(a)

CBRE

Group,

Inc

743

7,243

(a)

Compass,

Inc

27

3,593

(a)

Cushman

&

Wakefield

plc

39

3,807

DigitalBridge

Group,

Inc

67

2,105

Douglas

Elliman,

Inc

6

1,858

(b)

eXp

World

Holdings,

Inc

29

45

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

400

(a)

Forestar

Group,

Inc

$

13

309

(a)

FRP

Holdings,

Inc

19

908

(a)

Howard

Hughes

Holdings,

Inc

78

1,238

(a)

Jones

Lang

LaSalle,

Inc

234

2,815

Kennedy-Wilson

Holdings,

Inc

35

569

Marcus

&

Millichap,

Inc

25

2,370

(a)

Maui

Land

&

Pineapple

Co,

Inc

38

4,328

Newmark

Group,

Inc

47

15,891

(a)

Opendoor

Technologies,

Inc

71

732

Re/Max

Holdings,

Inc

10

3,100

(a)

Redfin

Corp

32

283

RMR

Group,

Inc

8

1,023

St.

Joe

Co

61

134

(a)

Stratus

Properties,

Inc

4

834

(a)

Tejon

Ranch

Co

14

1,079

(a)

Zillow

Group,

Inc

(Class

A)

61

3,952

(a)

Zillow

Group,

Inc

(Class

C)

229

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,938

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7.1%

1,170

(a)

ACM

Research,

Inc

23

41,254

(a)

Advanced

Micro

Devices,

Inc

6,081

686

(a)

Aehr

Test

Systems

18

1,709

(a)

Allegro

MicroSystems,

Inc

52

844

(a)

Alpha

&

Omega

Semiconductor

Ltd

22

1,114

(a)

Ambarella,

Inc

68

2,094

Amkor

Technology,

Inc

70

12,939

Analog

Devices,

Inc

2,569

21,643

Applied

Materials,

Inc

3,508

534

(a)

Atomera,

Inc

4

865

(a)

Axcelis

Technologies,

Inc

112

11,102

Broadcom,

Inc

12,393

839

(a)

Ceva,

Inc

19

1,382

(a)

Cirrus

Logic,

Inc

115

1,495

(a)

Cohu,

Inc

53

2,566

(a)

Credo

Technology

Group

Holding

Ltd

50

1,395

(a)

Diodes,

Inc

112

3,301

(a)

Enphase

Energy,

Inc

436

3,906

Entegris,

Inc

468

2,775

(a)

First

Solar,

Inc

478

2,364

(a)

Formfactor,

Inc

99

1,542

(a),(b)

GLOBALFOUNDRIES,

Inc

93

660

(a)

Ichor

Holdings

Ltd

22

705

(a)

Impinj,

Inc

63

2,443

(a)

indie

Semiconductor,

Inc

20

108,848

Intel

Corp

5,470

3,524

KLA

Corp

2,048

1,055

Kulicke

&

Soffa

Industries,

Inc

58

3,440

Lam

Research

Corp

2,694

3,496

(a)

Lattice

Semiconductor

Corp

241

1,227

(a)

MACOM

Technology

Solutions

Holdings,

Inc

114

22,079

Marvell

Technology,

Inc

1,331

669

(a),(b)

Maxeon

Solar

Technologies

Ltd

5

2,280

(a)

MaxLinear,

Inc

54

13,652

Microchip

Technology,

Inc

1,231

28,212

Micron

Technology,

Inc

2,408

1,776

MKS

Instruments,

Inc

183

1,190

Monolithic

Power

Systems,

Inc

751

2,707

(a)

Navitas

Semiconductor

Corp

22

127

NVE

Corp

10

61,292

Nvidia

Corp

30,353

11,130

(a)

ON

Semiconductor

Corp

930

Stock

Index

Account

December

31,

2023

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,345

(a)

Onto

Innovation,

Inc

$

206

1,181

(a)

PDF

Solutions,

Inc

38

1,824

(a)

Photronics,

Inc

57

1,334

Power

Integrations,

Inc

109

2,369

(a)

Qorvo,

Inc

267

28,692

QUALCOMM,

Inc

4,150

2,675

(a)

Rambus,

Inc

182

1,942

(a)

Semtech

Corp

42

899

(a)

Silicon

Laboratories,

Inc

119

434

(a)

SiTime

Corp

53

3,962

Skyworks

Solutions,

Inc

445

988

(a)

SMART

Global

Holdings,

Inc

19

1,111

(a)

Synaptics,

Inc

127

3,951

Teradyne,

Inc

429

23,214

Texas

Instruments,

Inc

3,957

1,266

(a)

Ultra

Clean

Holdings

43

1,248

Universal

Display

Corp

239

1,051

(a)

Veeco

Instruments,

Inc

33

3,166

(a)

Wolfspeed,

Inc

138

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

85,504

SOFTWARE

&

SERVICES

-

12.2%

3,462

(a)

8x8,

Inc

13

1,883

A10

Networks,

Inc

25

16,240

Accenture

plc

5,699

3,560

(a)

ACI

Worldwide,

Inc

109

2,653

Adeia,

Inc

33

11,792

(a)

Adobe,

Inc

7,035

675

(a)

Agilysys,

Inc

57

3,838

(a)

Akamai

Technologies,

Inc

454

1,443

(a)

Alarm.com

Holdings,

Inc

93

785

(a)

Alkami

Technology,

Inc

19

1,317

(a)

Altair

Engineering,

Inc

111

1,733

(a)

Alteryx,

Inc

82

2,995

Amdocs

Ltd

263

1,091

American

Software,

Inc

(Class

A)

12

1,464

(a)

Amplitude,

Inc

19

2,165

(a)

Ansys,

Inc

786

538

(a)

Appfolio,

Inc

93

1,178

(a)

Appian

Corp

44

1,825

(a),(b)

Applied

Digital

Corp

12

5,603

(a)

AppLovin

Corp

223

2,178

(a)

Asana,

Inc

41

744

(a)

Aspentech

Corp

164

3,997

(a)

Atlassian

Corp

Ltd

951

5,476

(a)

Autodesk,

Inc

1,333

2,977

(a)

AvePoint,

Inc

24

5,140

Bentley

Systems,

Inc

268

1,735

(a)

BigCommerce

Holdings,

Inc

17

2,787

(a)

BILL

Holdings,

Inc

227

976

(a)

Blackbaud,

Inc

85

1,613

(a)

BlackLine,

Inc

101

3,187

(a)

Box,

Inc

82

916

(a)

Braze,

Inc

49

1,247

(a)

Brightcove,

Inc

3

1,740

(a),(b)

C3.ai,

Inc

50

6,951

(a)

Cadence

Design

Systems,

Inc

1,893

5,023

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

57

1,164

(a)

Cerence,

Inc

23

3,791

(a)

Ceridian

HCM

Holding,

Inc

254

4,418

(a)

Cleanspark,

Inc

49

1,700

Clear

Secure,

Inc

35

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

7,302

(a)

Cloudflare,

Inc

$

608

12,936

Cognizant

Technology

Solutions

Corp

(Class

A)

977

918

(a)

Commvault

Systems,

Inc

73

4,952

(a)

Confluent,

Inc

116

415

(a)

Consensus

Cloud

Solutions,

Inc

11

711

(a)

Couchbase,

Inc

16

5,503

(a)

Crowdstrike

Holdings,

Inc

1,405

713

(a)

CS

Disco,

Inc

5

6,957

(a)

Datadog,

Inc

844

574

(a),(b)

Digimarc

Corp

21

2,598

(a)

Digital

Turbine,

Inc

18

1,349

(a)

DigitalOcean

Holdings,

Inc

50

4,999

(a)

DocuSign,

Inc

297

1,364

Dolby

Laboratories,

Inc

(Class

A)

118

816

(a)

Domo,

Inc

8

3,008

(a)

DoubleVerify

Holdings,

Inc

111

6,902

(a)

Dropbox,

Inc

203

5,390

(a)

DXC

Technology

Co

123

5,589

(a)

Dynatrace,

Inc

306

5,822

(a)

E2open

Parent

Holdings,

Inc

26

648

(a)

eGain

Corp

5

2,086

(a)

Elastic

NV

235

553

(a)

Enfusion,

Inc

5

742

(a)

EngageSmart,

Inc

17

1,657

(a)

Envestnet,

Inc

82

1,360

(a)

EPAM

Systems,

Inc

404

1,144

(a)

Everbridge,

Inc

28

918

(a)

EverCommerce,

Inc

10

1,465

(a)

Expensify,

Inc

4

615

(a)

Fair

Isaac

Corp

716

3,179

(a)

Fastly,

Inc

57

2,029

(a)

Five9,

Inc

160

16,651

(a)

Fortinet,

Inc

975

4,300

(a)

Freshworks,

Inc

101

1,916

(a)

Gartner,

Inc

864

14,102

Gen

Digital,

Inc

322

2,273

(a)

Gitlab,

Inc

143

1,037

(a)

Globant

S.A.

247

3,916

(a)

GoDaddy,

Inc

416

1,385

(a)

Grid

Dynamics

Holdings,

Inc

18

2,185

(a)

Guidewire

Software,

Inc

238

1,077

Hackett

Group,

Inc

25

2,484

(a)

HashiCorp,

Inc

59

1,159

(a)

HubSpot,

Inc

673

845

(a)

Informatica,

Inc

24

559

(a)

Instructure

Holdings,

Inc

15

1,168

(a)

Intapp,

Inc

44

719

InterDigital,

Inc

78

23,362

International

Business

Machines

Corp

3,821

7,037

Intuit,

Inc

4,398

1,710

(a)

Jamf

Holding

Corp

31

5,240

(a)

Kyndryl

Holdings,

Inc

109

10,425

(a)

Liveperson,

Inc

40

1,949

(a)

LiveRamp

Holdings,

Inc

74

1,591

(a)

Manhattan

Associates,

Inc

343

4,993

(a)

Marathon

Digital

Holdings,

Inc

117

6,004

(a)

Matterport,

Inc

16

423

(a)

MeridianLink,

Inc

10

191,971

Microsoft

Corp

72,189

312

(a)

MicroStrategy,

Inc

(Class

A)

197

1,253

(a)

Mitek

Systems,

Inc

16

844

(a)

Model

N,

Inc

23

Stock

Index

Account

December

31,

2023

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,657

(a)

MongoDB,

Inc

$

677

1,593

(a)

N-able,

Inc

21

1,586

(a)

nCino

OpCo,

Inc

53

3,958

(a)

NCR

Corp

67

5,847

(a)

Nutanix,

Inc

279

3,761

(a)

Okta,

Inc

340

2,330

(a)

Olo,

Inc

13

678

ON24,

Inc

5

1,227

(a)

OneSpan,

Inc

13

39,796

Oracle

Corp

4,196

2,372

(a)

PagerDuty,

Inc

55

48,659

(a)

Palantir

Technologies,

Inc

835

7,730

(a)

Palo

Alto

Networks,

Inc

2,279

1,163

(a)

Paycor

HCM,

Inc

25

1,125

(a)

Paylocity

Holding

Corp

185

1,232

Pegasystems,

Inc

60

814

(a)

Perficient,

Inc

54

2,290

(a)

PowerSchool

Holdings,

Inc

54

1,856

(a)

Procore

Technologies,

Inc

128

1,155

Progress

Software

Corp

63

1,099

(a)

PROS

Holdings,

Inc

43

2,773

(a)

PTC,

Inc

485

1,569

(a)

Q2

Holdings,

Inc

68

889

(a)

Qualys,

Inc

175

1,695

(a)

Rapid7,

Inc

97

992

(a)

Rimini

Street,

Inc

3

2,462

(a)

RingCentral,

Inc

84

5,435

(a)

Riot

Platforms,

Inc

84

2,730

Roper

Industries,

Inc

1,488

24,349

(a)

Salesforce,

Inc

6,407

766

Sapiens

International

Corp

NV

22

6,300

(a)

SentinelOne,

Inc

173

5,239

(a)

ServiceNow,

Inc

3,701

3,616

(a)

Smartsheet,

Inc

173

7,941

(a)

Snowflake,

Inc

1,580

1,484

(a)

SolarWinds

Corp

19

3,805

(a),(b)

SoundHound

AI,

Inc

8

356

(a)

SoundThinking,

Inc

9

3,944

(a)

Splunk,

Inc

601

2,308

(a)

Sprinklr,

Inc

28

1,316

(a)

Sprout

Social,

Inc

81

900

(a)

SPS

Commerce,

Inc

174

907

(a)

Squarespace,

Inc

30

3,897

(a)

Synopsys,

Inc

2,007

2,968

(a)

Tenable

Holdings,

Inc

137

2,794

(a)

Teradata

Corp

122

19,971

(a)

Terawulf,

Inc

48

2,008

(a)

Thoughtworks

Holding,

Inc

10

11,220

(a)

Trade

Desk,

Inc

807

349

(a),(b)

Tucows,

Inc

9

4,374

(a)

Twilio,

Inc

332

1,017

(a)

Tyler

Technologies,

Inc

425

10,393

(a)

UiPath,

Inc

258

2,160

(a)

Unisys

Corp

12

7,691

(a),(b)

Unity

Software,

Inc

315

3,084

(a)

Varonis

Systems,

Inc

140

1,365

(a)

Verint

Systems,

Inc

37

2,267

(a)

VeriSign,

Inc

467

305

(a)

Viant

Technology,

Inc

2

5,175

(a)

Workday,

Inc

1,429

1,379

(a)

Workiva,

Inc

140

1,061

(a)

Xperi,

Inc

12

49

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,990

(a)

Yext,

Inc

$

18

2,910

(a)

Zeta

Global

Holdings

Corp

26

6,648

(a)

Zoom

Video

Communications,

Inc

478

2,300

(a)

Zscaler,

Inc

510

2,992

(a)

Zuora,

Inc

28

TOTAL

SOFTWARE

&

SERVICES

146,277

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.8%

521

(a),(b)

908

Devices,

Inc

6

1,592

ADTRAN

Holdings,

Inc

12

1,075

Advanced

Energy

Industries,

Inc

117

1,335

(a)

Aeva

Technologies,

Inc

1

899

(a)

Akoustis

Technologies,

Inc

1

14,841

Amphenol

Corp

(Class

A)

1,471

380,383

Apple,

Inc

73,235

6,417

(a)

Arista

Networks,

Inc

1,511

2,522

(a)

Arlo

Technologies,

Inc

24

1,580

(a)

Arrow

Electronics,

Inc

193

223

(a)

Aviat

Networks,

Inc

7

2,201

Avnet,

Inc

111

781

Badger

Meter,

Inc

121

278

Bel

Fuse,

Inc

(Class

B)

19

1,128

Belden

CDT,

Inc

87

1,361

Benchmark

Electronics,

Inc

38

1,720

(a)

Calix,

Inc

75

235

(a)

Cambium

Networks

Corp

1

3,440

CDW

Corp

782

4,195

(a)

Ciena

Corp

189

105,030

Cisco

Systems,

Inc

5,306

365

(a),(b)

Clearfield,

Inc

11

4,327

Cognex

Corp

181

3,492

(a)

Coherent

Corp

152

784

Comtech

Telecommunications

Corp

7

19,394

Corning,

Inc

591

716

(a)

Corsair

Gaming,

Inc

10

1,416

Crane

NXT

Co

81

1,256

CTS

Corp

55

759

(a)

Digi

International,

Inc

20

369

(a)

DZS,

Inc

1

1,285

(a)

Eastman

Kodak

Co

5

863

(a)

ePlus,

Inc

69

2,211

(a)

Evolv

Technologies

Holdings,

Inc

10

3,100

(a)

Extreme

Networks,

Inc

55

1,540

(a)

F5

Networks,

Inc

276

890

(a)

Fabrinet

169

655

(a)

FARO

Technologies,

Inc

15

3,142

(a)

Harmonic,

Inc

41

33,759

Hewlett

Packard

Enterprise

Co

573

22,188

HP,

Inc

668

5,792

(a)

Infinera

Corp

27

762

(a)

Insight

Enterprises,

Inc

135

3,256

(a),(b)

IonQ,

Inc

40

804

(a)

IPG

Photonics

Corp

87

1,329

(a)

Itron,

Inc

100

3,250

Jabil

Inc

414

8,971

Juniper

Networks,

Inc

264

4,546

(a)

Keysight

Technologies,

Inc

723

1,038

(a)

Kimball

Electronics,

Inc

28

3,025

(a)

Knowles

Corp

54

3,049

(a)

Lightwave

Logic,

Inc

15

647

Littelfuse,

Inc

173

1,893

(a)

Lumentum

Holdings,

Inc

99

Stock

Index

Account

December

31,

2023

50

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,398

Methode

Electronics,

Inc

$

32

4,688

(a),(b)

MicroVision,

Inc

12

3,110

(a)

Mirion

Technologies,

Inc

32

4,205

Motorola

Solutions,

Inc

1,317

856

Napco

Security

Technologies,

Inc

29

5,418

NetApp,

Inc

478

962

(a)

Netgear,

Inc

14

2,211

(a)

Netscout

Systems,

Inc

49

1,072

(a)

nLight,

Inc

14

1,083

(a)

Novanta,

Inc

182

421

(a)

OSI

Systems,

Inc

54

675

(a),(b)

PAR

Technology

Corp

29

430

PC

Connection,

Inc

29

884

(a)

Plexus

Corp

96

6,847

(a)

Pure

Storage,

Inc

244

2,205

(a)

Ribbon

Communications,

Inc

6

512

(a)

Rogers

Corp

68

1,891

(a)

Sanmina

Corp

97

958

(a)

Scansource,

Inc

38

3,094

(a)

SmartRent,

Inc

10

1,215

(a)

Super

Micro

Computer,

Inc

345

1,240

SYNNEX

Corp

133

1,197

(a)

Teledyne

Technologies,

Inc

534

18,383

(a),(b),(c)

Tingo

Group,

Inc

6

6,165

(a)

Trimble

Inc

328

3,576

(a)

TTM

Technologies,

Inc

57

379

(a)

Turtle

Beach

Corp

4

43

Ubiquiti,

Inc

6

1,951

(a)

Viasat,

Inc

55

7,253

(a)

Viavi

Solutions,

Inc

73

3,447

Vishay

Intertechnology,

Inc

83

398

(a)

Vishay

Precision

Group,

Inc

14

4,816

Vontier

Corp

166

8,745

(a)

Western

Digital

Corp

458

2,578

Xerox

Holdings

Corp

47

1,393

(a)

Zebra

Technologies

Corp

(Class

A)

381

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

93,976

TELECOMMUNICATION

SERVICES

-

0.8%

410

(a)

Anterix,

Inc

14

186,374

AT&T,

Inc

3,127

373

ATN

International,

Inc

14

669

(a)

Bandwidth,

Inc

10

1,393

(a)

Charge

Enterprises,

Inc

0^

883

Cogent

Communications

Group,

Inc

67

2,586

(a)

Consolidated

Communications

Holdings,

Inc

11

1,375

(a)

EchoStar

Corp

(Class

A)

23

6,554

(a)

Frontier

Communications

Parent,

Inc

166

3,118

(a),(c)

GCI

Liberty,

Inc

0^

18,045

(a),(b)

Globalstar,

Inc

35

1,217

(a)

Gogo,

Inc

12

521

(a)

IDT

Corp

18

3,101

Iridium

Communications,

Inc

128

1,581

(a)

Liberty

Latin

America

Ltd

(Class

A)

12

5,022

(a)

Liberty

Latin

America

Ltd

(Class

C)

37

661

(a)

Ooma,

Inc

7

1,561

Shenandoah

Telecom

Co

34

3,195

Telephone

and

Data

Systems,

Inc

59

13,640

T-Mobile

US,

Inc

2,187

108,470

Verizon

Communications,

Inc

4,089

TOTAL

TELECOMMUNICATION

SERVICES

10,050

51

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

TRANSPORTATION

-

1.8%

2,138

(a)

Air

Transport

Services

Group,

Inc

$

38

2,504

(a)

Alaska

Air

Group,

Inc

98

393

Allegiant

Travel

Co

32

205

(a)

Amerco,

Inc

15

16,875

(a)

American

Airlines

Group,

Inc

232

719

ArcBest

Corp

86

547

Avis

Budget

Group,

Inc

97

1,241

(a)

Blade

Air

Mobility,

Inc

4

3,063

CH

Robinson

Worldwide,

Inc

265

1,032

Costamare,

Inc

11

452

Covenant

Logistics

Group,

Inc

21

51,177

CSX

Corp

1,774

763

(a)

Daseke,

Inc

6

17,179

Delta

Air

Lines,

Inc

691

393

(a)

Eagle

Bulk

Shipping,

Inc

22

3,871

Expeditors

International

Washington,

Inc

492

5,964

FedEx

Corp

1,509

902

Forward

Air

Corp

57

349

(a),(b)

Frontier

Group

Holdings,

Inc

2

7,441

FTAI

Infrastructure,

Inc

29

791

Genco

Shipping

&

Trading

Ltd

13

3,539

Golden

Ocean

Group

Ltd

34

2,887

(a)

GXO

Logistics,

Inc

177

1,825

(a)

Hawaiian

Holdings,

Inc

26

1,188

Heartland

Express,

Inc

17

2,589

(a)

Hertz

Global

Holdings,

Inc

27

760

(a)

Hub

Group,

Inc

(Class

A)

70

2,112

JB

Hunt

Transport

Services,

Inc

422

4,132

(a)

JetBlue

Airways

Corp

23

7,073

(a)

Joby

Aviation,

Inc

47

1,491

(a)

Kirby

Corp

117

4,439

Knight-Swift

Transportation

Holdings,

Inc

256

945

Landstar

System,

Inc

183

8,428

(a)

Lyft,

Inc

(Class

A)

126

2,242

Marten

Transport

Ltd

47

1,000

Matson,

Inc

110

5,990

Norfolk

Southern

Corp

1,416

2,540

Old

Dominion

Freight

Line

1,029

1,449

(a)

Radiant

Logistics,

Inc

10

2,690

(a)

RXO,

Inc

63

957

Ryder

System,

Inc

110

1,798

Safe

Bulkers,

Inc

7

659

(a)

Saia,

Inc

289

1,714

Schneider

National,

Inc

44

1,416

(a)

Skywest,

Inc

74

15,935

Southwest

Airlines

Co

460

3,372

(b)

Spirit

Airlines,

Inc

55

295

(a)

Sun

Country

Airlines

Holdings,

Inc

5

3,773

(a)

TuSimple

Holdings,

Inc

3

50,762

(a)

Uber

Technologies,

Inc

3,125

2,606

U-Haul

Holding

Co

183

15,667

Union

Pacific

Corp

3,848

8,627

(a)

United

Airlines

Holdings,

Inc

356

18,497

United

Parcel

Service,

Inc

(Class

B)

2,908

200

Universal

Truckload

Services,

Inc

6

1,875

Werner

Enterprises,

Inc

79

2,690

(a)

XPO,

Inc

236

TOTAL

TRANSPORTATION

21,482

UTILITIES

-

2.3%

16,241

AES

Corp

313

Stock

Index

Account

December

31,

2023

52

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,489

Allete,

Inc

$

91

6,364

Alliant

Energy

Corp

326

925

(a)

Altus

Power,

Inc

6

7,109

Ameren

Corp

514

13,311

American

Electric

Power

Co,

Inc

1,081

773

American

States

Water

Co

62

5,213

American

Water

Works

Co,

Inc

688

366

Artesian

Resources

Corp

15

3,570

Atmos

Energy

Corp

414

1,347

Avangrid,

Inc

44

1,516

Avista

Corp

54

1,598

Black

Hills

Corp

86

2,799

Brookfield

Infrastructure

Corp

99

2,781

Brookfield

Renewable

Corp

80

1,070

California

Water

Service

Group

56

16,876

Centerpoint

Energy,

Inc

482

349

Chesapeake

Utilities

Corp

37

111

Clearway

Energy,

Inc

(Class

A)

3

1,040

Clearway

Energy,

Inc

(Class

C)

29

8,112

CMS

Energy

Corp

471

9,300

Consolidated

Edison,

Inc

846

383

Consolidated

Water

Co,

Inc

14

8,237

Constellation

Energy

Corp

963

21,578

Dominion

Energy,

Inc

1,014

5,504

DTE

Energy

Co

607

20,246

Duke

Energy

Corp

1,965

9,826

Edison

International

702

5,364

Entergy

Corp

543

6,227

Essential

Utilities,

Inc

233

5,388

Evergy,

Inc

281

9,346

Eversource

Energy

577

25,409

Exelon

Corp

912

14,330

FirstEnergy

Corp

525

1,775

Genie

Energy

Ltd

50

349

Global

Water

Resources,

Inc

5

1,138

Idacorp,

Inc

112

899

MGE

Energy,

Inc

65

644

Middlesex

Water

Co

42

1,899

(a)

Montauk

Renewables,

Inc

17

2,063

National

Fuel

Gas

Co

103

2,338

New

Jersey

Resources

Corp

104

52,638

NextEra

Energy,

Inc

3,197

11,482

NiSource,

Inc

305

1,124

Northwest

Natural

Holding

Co

44

1,255

NorthWestern

Corp

64

6,174

NRG

Energy,

Inc

319

4,365

OGE

Energy

Corp

152

1,679

ONE

Gas,

Inc

107

1,235

Ormat

Technologies,

Inc

94

920

Otter

Tail

Corp

78

52,564

(e)

PG&E

Corp

948

2,918

Pinnacle

West

Capital

Corp

210

2,769

PNM

Resources,

Inc

115

2,243

Portland

General

Electric

Co

97

19,459

PPL

Corp

527

12,593

Public

Service

Enterprise

Group,

Inc

770

626

(a)

Pure

Cycle

Corp

7

16,031

Sempra

Energy

1,198

678

SJW

Corp

44

28,011

Southern

Co

1,964

1,183

Southwest

Gas

Holdings

Inc

75

1,343

Spire,

Inc

84

53

See

Notes

to

Financial

Statements

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,817

(a)

Sunnova

Energy

International,

Inc

$

43

4,386

UGI

Corp

108

534

Unitil

Corp

28

9,864

Vistra

Corp

380

8,448

WEC

Energy

Group,

Inc

711

14,186

Xcel

Energy,

Inc

878

490

York

Water

Co

19

TOTAL

UTILITIES

27,197

TOTAL

COMMON

STOCKS

1,197,330

(Cost

$361,525)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

459

Cassava

Sciences,

Inc

11/15/24

3

478

(c)

Chinook

Therapeutics,

Inc

0^

390

(c)

Tobira

Therapeutics,

Inc

0^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

3

TOTAL

RIGHTS/WARRANTS

3

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

1,197,333‌

(Cost

$361,525)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.7%

TREASURY

DEBT

-

0.7%

$

7,972,000

United

States

Treasury

Bill

0.000

%

01/02/24

7,972

TOTAL

TREASURY

DEBT

7,972

TOTAL

SHORT-TERM

INVESTMENTS

7,972

(Cost

$7,971)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

2,053,553

(f)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

2,054

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

2,054

(Cost

$2,054)

TOTAL

INVESTMENTS

-

100.8%

1,207,359

(Cost

$371,550)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.8)%

(9,163)

NET

ASSETS

-

100.0%

$1,198,196

REIT

Real

Estate

Investment

Trust

^

Amount

represents

less

than

$1,000.

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$3,494,621.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(e)

In

bankruptcy

(f)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Stock

Index

Account

December

31,

2023

54

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

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

33‌

03/15/24

 $

7,689‌

$

7,953‌

$

264‌

55

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

December

31,

2023

(amounts

in

thousands,

except

accumulation

unit

value)

24.1

Stock

Index

Account

ASSETS

Long-term

investments,

at

value*†

$

1,197,333‌

Short-term

investments,

at

value#

7,972‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

2,054‌

Cash

9‌

Receivables:

Dividends

1,115‌

Other

124‌

Total

assets

1,208,607‌

LIABILITIES

Due

to

affiliates

8,150‌

Payables:

Investment

management

fees

15‌

Collateral

from

securities

lending

2,054‌

Service

agreement

fees

20‌

Trustee

compensation

112‌

Variation

margin

on

futures

contracts

20‌

Other

40‌

Total

liabilities

10,411‌

Net

assets

Accumulation

Fund

$

1,198,196‌

Accumulation

units

outstanding

3,193‌

Accumulation

unit

value

$

375.282‌

*

Includes

securities

loaned

of

$

3,495‌

†

Long-term

investments,

cost

$

361,525‌

#

Short-term

investments,

cost

$

7,971‌

56

Statement

of

Operations

See

Notes

to

Financial

Statements

Year

Ended

December

31,

2023

(amounts

in

thousands)

24.1

Stock

Index

Account

INVESTMENT

INCOME

Dividends

$

18,329‌

Interest

467‌

Securities

lending

income,

net

189‌

Tax

withheld

(

3‌

)

Total

investment

income

18,982‌

EXPENSES

Investment

advisory

3,380‌

Administrative

services

2,253‌

Mortality

and

expense

risk

charges

4,506‌

Total

expenses

10,139‌

Expense

waiver

by

investment

adviser

(

1,690‌

)

Net

expenses

8,449‌

Net

investment

income

(loss)

10,533‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

72,194‌

Futures

contracts

1,144‌

Net

realized

gain

(loss)

73,338‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

167,831‌

Futures

contracts

577‌

Net

change

in

unrealized

appreciation

(depreciation)

168,408‌

Net

realized

and

unrealized

gain

(loss)

241,746‌

Net

increase

(decrease)

in

net

assets

from

operations

$

252,279‌

57

Statements

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

ref

24.1

Stock

Index

Account

(amounts

in

thousands)

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

10,533‌

$

9,465‌

Net

realized

gain

(loss)

73,338‌

65,493‌

Net

change

in

unrealized

appreciation

(depreciation)

168,408‌

(347,890‌)

Net

increase

(decrease)

in

net

assets

from

operations

252,279‌

(272,932‌)

FROM

CONTRACTOWNER

TRANSACTIONS

Premiums

8,414‌

18,108‌

Withdrawals

and

death

benefits

(119,215‌)

(99,299‌)

Net

increase

(decrease)

from

contractowner

transactions

(110,801‌)

(81,191‌)

Net

increase

(decrease)

in

net

assets

141,478‌

(354,123‌)

Net

assets

at

the

beginning

of

period

1,056,718‌

1,410,841‌

Net

assets

at

the

end

of

period

$

1,198,196‌

$

1,056,718‌

Financial

Highlights

See

Notes

to

Financial

Statements

58

The

following

data

is

for

a

unit 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

12/31/23

$

5

.633‌

$

2

.508‌

$

3

.125‌

$

71

.968‌

$

75

.093‌

$

300

.173‌

$

375

.266‌

12/31/22

5

.003‌

2

.405‌

2

.598‌

(

76

.219‌

)

(

73

.621‌

)

373

.790‌

300

.173‌

12/31/21

4

.405‌

2

.549‌

1

.856‌

72

.394‌

74

.250‌

299

.540‌

373

.790‌

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

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

See

Notes

to

Financial

Statements

59

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Net

Assets,

End

of

Period

(in

Millions)

25

.02‌

%

0

.90‌

%

0

.75‌

%

0

.93‌

%

2‌

%

3

  $

1,200‌

(

19

.70‌

)

0

.90‌

0

.75‌

0

.81‌

2‌

4

1,057‌

24

.79‌

0

.90‌

0

.75‌

0

.55‌

3‌

4

1,411‌

19

.96‌

0

.90‌

0

.75‌

0

.99‌

3‌

4

1,214‌

29

.99‌

0

.90‌

0

.75‌

1

.35‌

2‌

4

1,104‌

60

Notes

to

Financial

Statements

1.

General

Information

Account

Information:

TIAA

Separate

Account

VA-1

(“VA-1”)

is

a

segregated

investment

account

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

is

organized

under

the

insurance

laws

of

the

State

of

New

York

for

the

purpose

of

issuing

and

funding

individual

variable

annuity

contracts.

The

variable

annuity

contracts

were

issued

by

TIAA.

VA-1

is

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

(“Stock

Index”

or

the

“Account”).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the Account

is

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

2023

(the

"current

fiscal

period").

Cybersecurity

Event:

During

the

current

fiscal

period,

a

third-party

administrative

vendor

to

VA-1

(the

“Third-Party

Vendor”)

was

impacted

by

a

cybersecurity

event

that

prevented

the

Third-Party

Vendor's

ability

to

process

premiums,

withdrawals

and

death

benefits

and

perform

other

administrative

services

for

its

clients,

including

TIAA

and

VA-1.

Once

the

Third-Party

Vendor

resumed

operations,

transactions

for

the

Account

were

processed,

effective

as

of

the

date

on

which

they

were

received

in

good

order.

The

cybersecurity

event

did

not

have

a

material

impact

to

the

Account’s

financial

statements

for

the

year

ended

December

31,

2023.

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.

61

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.

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.

During

the

current

fiscal

period,

the Account

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Account.

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

(continued)

62

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

$1,197,316

$—

$14

$1,197,330

Rights/Warrants

—

3

—

3

Short-Term

Investments

:

Treasury

debt

—

7,972

—

7,972

Investments

purchased

with

collateral

from

securities

lending

2,054

—

—

2,054

Investments

in

Derivatives

:

Futures

contracts*

264

—

—

264

Total

$1,199,634

$7,975

$14

$1,207,623

*

Represents

net

unrealized

appreciation

(depreciation).

Aggregate

value

of

securities

on

loan

Account

Equity

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

24.1

Stock

Index

$

3,495

$

2,054

$

1,682

$

3,736

*May

include

cash

and

investment

of

cash

collateral.

63

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows

(dollar

amounts

are

in

thousands):

The

Account

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

If

the

Account

has

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

The Account is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

The Account

is

subject

to

equity

price

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

The Account

uses

futures

contracts

to

manage

exposure

to

the

equity

markets

and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Account

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

portfolio

of

investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The Account

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin” which are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the Account

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows

(dollar

amounts

are

in

thousands): 

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):

Account

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

24.1

Stock

Index

$

20,425

$

5,176

$

107,992

$

5,176

Account

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

24.1

Stock

Index

$

7,545

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Stock

Index

Futures

contracts

Equity

-

$

–

Unrealized

appreciation

on

futures

contracts

*

$

264

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.

Notes

to

Financial

Statements

(continued)

64

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):

6.

Account

Units

Transactions

in

Account

units

during

the

current

and

prior

fiscal

period

were

as

follows

(amounts

are

in

thousands):

7.

Income

Tax

Information

VA-1

is

a

separate

account

of

TIAA,

which

is

taxed

as

a

life

insurance

company

under

Subchapter

L

of

the

Internal

Revenue

Code.

VA-1

should

incur

no

federal

income

tax

liability.

Under

the

rules

of

taxation

applicable

to

life

insurance

companies,

VA-1’s

Accumulation

Account

for

contractowners

will

generally

be

treated

as

life

insurance

reserves;

therefore,

any

increase

in

such

reserves

will

be

deductible.

The

Account

files,

as

a

component

of

the

TIAA

tax

return,

a

U.S.

Federal

income

tax

return.

The

Account

also

files

income

tax

returns

in

applicable

state

and

local

jurisdictions.

The

Account’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

the

Account’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Account’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows

(dollar

amounts

are

in

thousands):

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

8.

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.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

24.1

Stock

Index

Futures

contracts

Equity

$

1,144

$

577

Year

Ended

12/31/23

Year

Ended

12/31/22

24.1

Stock

Index

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

26

8,414

56

18,108

Withdrawals

and

death

benefits

(353)

(119,215)

(310)

(99,299)

Net

increase

(decrease)

from

contractowner

transactions

(327)

(110,801)

(254)

(81,191)

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

Index

$

371,813

$

868,664

$

(32,855)

$

835,809

65

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,

the

Account

engaged

in

the

following

security

transactions

with

affiliated

entities

(dollar

amounts

are

in

thousands):

9.

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.

10.

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.

Account

Purchases

Sales

Realized

Gain

(Loss)

Stock

Index

$

230

$

1,644

$

1,154

Additional

Account

Information

(Unaudited)

©2024

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

66

Portfolio

holdings

The

TIAA

Separate

Account

VA-1

files

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

is

available

to

the

public.

You

can

obtain

a

complete

list

of

the

holdings

of

the

TIAA

Separate

Account

VA-1

(Portfolio

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

website

at

TIAA.org;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA

Separate

Account

VA-1’s

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

filings.

Form

N-CSR

filings

are

as

of

December

31

or

June

30;

Form

N-PORT

filings

are

as

of

March

31

or

September

30.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

The

TIAA

Separate

Account

VA-1’s

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-223-1200

to

request

a

free

copy.

A

report

of

how

the

Account

voted

during

the

most

recently

completed

twelve-

month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

under

Get

Help

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-223-1200.

Account

management

The

TIAA

Separate

Account

VA-1

is

managed

by

a

portfolio

management

team

of

Teachers

Advisors,

LLC.

The

members

of

this

team

are

responsible

for

the

day-today

investment

management

of

the

Account.

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

account

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-223-1200.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

member

FINRA,

distributes

securities

products.

TIAA

Separate

Account

VA-1

is

issued

by

Teachers

Insurance

and

Annuity

Association

of

American

(TIAA),

New

York,

NY.

Each

of

the

foregoing

is

solely

responsible

for

its

own

financial

condition

and

contractual

obligations.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

Management

Committee

Members

and

Officers

January

1,

2024

67

Members

Officers

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

Account

Term

of

Office

and

Length

of

Time

Served

Principal

0ccupation(s)

During

Past

5

Years

and

Other

Relevant

Experience

and

Qualifications

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Manager

Other

Directorship(s)

and

Positions

Held

by

Manager

Forrest

Berkley

730

Third

Avenue

New

York,

NY

10017

1954

Manager

Indefinite

term.

Manager

since

2006.

Partner

(1990–2005)

and

Head

of

Global

Product

Management

(2003–2005),

GMO

(formerly,

Grantham,

Mayo,

Van

Otterloo

&

Co.)

(investment

management);

and

member

of

asset

allocation

portfolio

management

team,

GMO

(2003–2005).

9

Investment

Committee

Member,

Maine

Community

Foundation.

Joseph

A.

Carrier

730

Third

Avenue

New

York,

NY

10017

1960

Manager

Indefinite

term.

Manager

since

2023.

Senior

Vice

President,

Enterprise

Risk

Management,

Franklin

Resources,

Inc.

(2020–2022).

Senior

Managing

Director,

Chief

Risk

Officer

and

Chief

Audit

Executive,

Legg

Mason,

Inc.   (2008–2020).

9

Director,

Franklin

Templeton

Irish

Funds;

Board

Member,

Cal

Ripken,

Sr.

Foundation;

Advisory

Board

Member,

Loyola

University

Maryland,

Sellinger

School

of

Business

and

Management.

Janice

C.

Eberly

730

Third

Avenue

New

York,

NY

10017

1962

Manager

Indefinite

term.

Manager

since

2018.

Distinguished

Senior

Fellow,

MIT

Sloan

and

Golub

Center

for

Finance

and

Policy

(since

2023).  James

R.

and

Helen

D.

Russell

Professor

of

Finance

at

the

Kellogg

School

of

Management,

Northwestern

University

(2002–2011

and

since

2013),

Senior

Associate

Dean

for

Strategy

and

Academics

(2020–2023)

and

Chair

of

the

Finance

Department

(2005–2007).

Vice

President,

American

Economic

Association

(2020–2021).

Assistant

Secretary

for

Economic

Policy,

United

States

Department

of

the

Treasury

(2011–2013).

9

Member

of

the

Board

of

the

Office

of

Finance,

Federal

Home

Loan

Banks;

Director,

Avant,

LLC.

Nancy

A.

Eckl

730

Third

Avenue

New

York,

NY

10017

1962

Manager

Indefinite

term.

Manager

since

2007.

Vice

President

(1990–2006),

American

Beacon

Advisors,

Inc.,

and

of

certain

funds

advised

by

American

Beacon

Advisors,

Inc.

9

Independent

Director

and

Audit

Committee

Chair,

The

Lazard

Funds,

Inc.,

Lazard

Retirement

Series,

Inc.,

and

Lazard

Global

Total

Return

and

Income

Fund,

Inc.

Howell

E.

Jackson

730

Third

Avenue

New

York,

NY

10017

1954

Manager

Indefinite

term.

Manager

since

2005.

Special

Adviser,

White

House

Council

of

Economic

Advisers.

(since

2023).

James

S.

Reid,

Jr.

Professor

of

Law

(since

2004),

Senior

Adviser

to

President

and

Provost

(2010–2012),

Acting

Dean

(2009),

Vice

Dean

for

Budget

(2003–2006)

and

on

the

faculty

(since

1989)

of

Harvard

Law

School.

9

Nicole

Thorne

Jenkins

730

Third

Avenue

New

York,

NY

10017

1970

Manager

Indefinite

term.

Manager

since

2023.

John

A.

Griffin

Dean

of

the

McIntire

School

of

Commerce

at

the

University

of

Virginia

(since

2020).  Vice

Dean

(2016–2020),

Von

Allmen

Chaired

Professor

of

Accountancy

(2017–2020),

Associate

Professor

and

EY

Research

Fellow

(2012–2017),

Gatton

College

of

Business

and

Economics

at

the

University

of

Kentucky.

9

Trustee

and

Chair

of

the

Audit

&

Finance

Committee,

Strada

Education

Foundation

;

Treasurer

and

Director,

The

Montpelier

Foundation.

James

M.

Poterba

730

Third

Avenue

New

York,

NY

10017

1958

Chairman

of

the

Management

Committee

and

Manager.

Indefinite

term.

Manager

since

2006.

Chairman

for

term

ending

December

31,

2028.

Chairman

since

January

1,

2024.

President

and

Chief

Executive

Officer

(since

2008)

and

Program

Director

(1990–2008),

National

Bureau

of

Economic

Research.

Mitsui

Professor

of

Economics,

Massachusetts

Institute

of

Technology

(“MIT”)

(since

1996);

Affiliated

Faculty

Member

of

the

Finance

Group,

Alfred

P.

Sloan

School

of

Management

(since

2014);

Head

(2006–2008)

and

Associate

Head

(1994–2000

and

2001–2006),

Economics

Department

of

MIT.

9

Director,

National

Bureau

of

Economic

Research;

Member,

Congressional

Budget

Office

Panel

of

Economic

Advisers.

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

Account

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Richard

S.

Biegen

730

Third

Avenue

New

York,

NY

10017

1962

Chief

Compliance

Officer

One-year

term.

Chief

Compliance

Officer

since

2008.

Senior

Managing

Director,

TIAA.

Chief

Compliance

Officer

of

College

Retirement

Equities

Fund

(“CREF”),

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds,

and

TIAA-CREF

Life

Funds.

Management

Committee

Members

and

Officers

(continued)

January

1,

2024

68

Please

note

that

the

Funds’

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds’

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

Name,

Address

and

Year

of

Birth

Position(s)

Held

with

Account

Term

of

Office

and

Length

of

Time

Served

Principal

Occupation(s)

During

Past

5

Years

Derek

B.

Dorn

730

Third

Avenue

New

York,

NY

10017

1976

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

One-year

term.

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

since

2020.

Senior

Managing

Director,

General

Counsel

and

Corporate

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”),

CREF

and

Separate

Account

VA-1.

Formerly,

Senior

Managing

Director

and

Corporate

Secretary

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Managing

Director,

Special

Assistant

to

the

CEO

and

Managing

Director,

Regulatory

Affairs,

TIAA.

Prior

to

joining

TIAA,

Mr.

Dorn

served

as

a

partner

at

Davis

&

Harman

LLP

and

an

adjunct

professor

of

Law

at

Georgetown

University

Law

Center.

John

L.

Douglas

730

Third

Avenue

New

York,

NY

10017

1950

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

One-year

term.

Executive

Vice

President

since

2021

and

Chief

Legal,

Risk

and

Compliance

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

TIAA.

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President,

Chief

Legal,

Risk

and

Compliance

Officer

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Senior

Executive

Vice

President,

Senior

Advisor

to

the

CEO,

and

Senior

Executive

Vice

President,

Chief

Advocacy

&

Oversight

Officer,

TIAA.

Prior

to

joining

TIAA,

Mr.

Douglas

was

a

Partner

at

Davis

Polk

&

Wardwell

LLP.

W.

Dave

Dowrich

730

Third

Avenue

New

York,

NY

10017

1967

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2022.

Senior

Executive

Vice

President

and

Chief

Financial

Officer

of

TIAA.

Executive

Vice

President

of

CREF

and

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Prior

to

joining

TIAA,

Mr.

Dowrich

served

as

Chief

Financial

Officer,

International

Businesses

at

Prudential

Financial,

Inc.

Jose

Minaya

730

Third

Avenue

New

York,

NY

10017

1971

Executive

Vice

President

One-year

term.

Executive

Vice

President

since

2018.

Chief

Executive

Officer,

Nuveen.

Executive

Vice

President

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds,

Executive

Vice

President,

President

and

Chief

Investment

Officer,

Nuveen;

Executive

Vice

President,

Chief

Investment

Officer

and

President,

Nuveen

Global

Investments;

and

Senior

Managing

Director,

President,

Global

Investments,

TIAA.

Colbert

Narcisse

730

Third

Avenue

New

York,

NY

10017

1965

President

and

Chief

Executive

Officer

One-year

term.

President

and

Chief

Executive

Officer

since

2022.

Senior

Executive

Vice

President,

Chief

Product

and

Business

Development

Officer

of

TIAA.

President

and

Chief

Executive

Officer

of

CREF

and

TIAA

Separate

Account

VA-1.

Formerly,

Executive

Vice

President

of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Executive

Vice

President

and

Head

of

Advisory

and

Corporate

Solutions,

TIAA.

Prior

to

joining

TIAA,

Mr.

Narcisse

served

as

Managing

Director

and

Head

of

International

Wealth

Management

and

Head

of

Traditional

and

Alternative

Investment

Products

at

Morgan

Stanley.

E.

Scott

Wickerham

730

Third

Avenue

New

York,

NY

10017

1973

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

One-year

term.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

since

2017.

Senior

Managing

Director,

Head

of

Finance

for

Equities

and

Fixed

Income,

Nuveen.

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

CREF

and

TIAA

Separate

Account

VA-1.

Vice

President

and

Controller

(Principal

Financial

Officer),

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds.

Vice

President

and

Controller

of

the

Nuveen

Funds.

Senior

Managing

Director,

Head,

Public

Investment

Finance,

Nuveen,

and

Managing

Director,

Head,

TC

Fund

Administration,

Nuveen.

3297288

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Switch

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A10845

(2/24)

Item 2.  Code of Conduct.

2(a)  The Management Committee of TIAA Separate Account VA-1 (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)  No response required.

2(c)  During the reporting period, there were no material amendments to the code of conduct.

2(d)  During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e)  Not applicable.

2(f)  The Registrant has posted the code of conduct on its website at

  www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3.  Audit Committee Financial Expert.

3(a)(1)  The Registrant’s Management Committee has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2)  Joseph A. Carrier is the Registrant’s audit committee financial expert and is “independent” for purposes of Item 3 of Form N-CSR.

Item 4.  Principal Accountant Fees and Services.

 PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

 The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2022 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2022 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2022 Form N-CSR.

4(a)  Audit Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $66,678 and $72,266, respectively.

4(b)  Audit Related Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c)  Tax Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d)  All Other Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Registrant were $978 and $233, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

 The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

 The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f)  The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g)  Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2023 and December 31, 2022, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $210,180 and $2,352,275, respectively.

4(h)  The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s 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)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on Registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no material amendments during the period covered by this report.

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: March 6, 2024	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: March 6, 2024	By:	/s/ Colbert Narcisse
		Colbert Narcisse Principal Executive Officer and President and Chief Executive Officer (principal executive officer)
Dated: March 6, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)