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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number   811-08520                             

TIAA Separate Account VA-1

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA Separate Account VA-1

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

June

30,

2024

TIAA

Separate

Account

VA-1

This

semi-annual

report

contains

the

Account's

unaudited

financial

statements. 

Stock

Index

Account

Table

of

Contents

About

the

Account’s

Benchmark

3

Account

Performance

4

Expense

Example

5

Portfolio

of

Investments

6

Statement

of

Assets

and

Liabilities

51

Statement

of

Operations

52

Statements

of

Changes

in

Net

Assets

53

Financial

Highlights

54

Notes

to

Financial

Statements

56

Additional

Account

Information

62

Approval

of

Investment

Management

Agreement

63

Liquidity

Risk

Management

Program

68

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.

Stock

Index

Account

4

Performance

as

of

June

30,

2024

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

or

nuveen.com.

The

Account’s

performance

reflects

a

fee

waiver,

which

is

currently

in

place.

Without

such

waiver,

the

expenses

of

the

Account

would

have

been

higher

and

its

performance

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Account’s

expense

ratios

as

of

the

end

of

the

reporting

period.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Account

profile

Portfolio

composition

Total

return

Average

annual

total

return

Inception

date

6

months

1

year

5

years

10

years

Stock

Index

Account

11/1/94

13

.11

%

22

.21

%

13

.33

%

11

.35

%

Russell

3000®

Index

–

13

.56

23

.13

14

.14

12

.15

as

of

6/30/2024

Net

assets

$

1.27

billion

Portfolio

turnover

rate

*

9%

Number

of

holdings

2,635

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2024–June

30,

2024,

and

is

not

annualized.

%

of

net

assets

as

of

6/30/2024

Information

technology

29.9

Financials

12.9

Health

care

11.7

Consumer

discretionary

10.1

Industrials

9.4

Communication

services

8.6

Consumer

staples

5.4

Energy

3.8

Materials

2.5

Real

estate

2.5

Utilities

2.2

Short-term

investments

1.4

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

-0.5

Total

100.0

5

Expense

Example

All

contractowners

in

the

Stock

Index

Account

incur

ongoing

costs,

including

management

fees

and

other

Account

expenses.

The

Stock

Index

Account

is

the

underlying

investment

vehicle

for

Teachers

Personal

Annuity

contracts

issued

by

Teachers

Insurance

and

Annuity

Association

of

America.

Premium

taxes

may

apply

to

certain

contracts.

Because

of

this

additional

charge,

the

cost

to

investors

may

be

higher

than

the

figures

shown

in

the

expense

example.

Information

about

this

additional

charge

can

be

found

in

the

prospectus.

The

expense

example

that

appears

in

this

report

is

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

does

not

reflect

transactional

costs.

The

example

is

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

variable

annuity

accounts

and

mutual

funds.

Contractowners

in

the

Stock

Index

Account

do

not

incur

a

sales

charge

for

purchases

or

other

distributions.

The

example

is

based

on

an

investment

of

$10,000

invested

at

the

beginning

and

held

for

the

entire

reporting

period.

What

were

the

Account

costs

for

the

last

six

months?

(based

on

a

hypothetical

$10,000

investment)

Cost

of

a

$10,000

investment

Cost

paid

as

a

percentage

of

$10,000

investment*

Stock

Index

Account

$37

0.75%

*

This

cost

is

annualized.

Stock

Index

Account

June

30,

2024

Portfolio

of

Investments

6

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

LONG-TERM

INVESTMENTS

-

99.0%

COMMON

STOCKS

-

99.0%

AUTOMOBILES

&

COMPONENTS

-

1.4%

2,741

(a)

Adient

plc

$

68

2,617

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

18

6,694

(a)

Aptiv

plc

471

1,996

(a)

Atmus

Filtration

Technologies,

Inc

57

6,230

BorgWarner,

Inc

201

3,106

Dana

Inc

38

653

(a)

Dorman

Products,

Inc

60

95,008

Ford

Motor

Co

1,191

1,039

(a)

Fox

Factory

Holding

Corp

50

27,462

General

Motors

Co

1,276

5,543

Gentex

Corp

187

1,006

(a)

Gentherm,

Inc

50

6,787

(a)

Goodyear

Tire

&

Rubber

Co

77

3,241

Harley-Davidson,

Inc

109

767

LCI

Industries

79

1,526

Lear

Corp

174

19,933

(a),(b)

Lucid

Group,

Inc

52

6,477

(a),(b)

Luminar

Technologies,

Inc

10

1,230

(a)

Modine

Manufacturing

Co

123

454

Patrick

Industries,

Inc

49

1,246

Phinia,

Inc

49

7,090

(a)

QuantumScape

Corp

35

19,751

(a),(b)

Rivian

Automotive,

Inc

265

1,333

(a),(b)

Solid

Power,

Inc

2

843

Standard

Motor

Products,

Inc

23

1,055

(a)

Stoneridge,

Inc

17

66,750

(a)

Tesla,

Inc

13,209

1,229

Thor

Industries,

Inc

115

759

(a)

Visteon

Corp

81

1,048

Winnebago

Industries,

Inc

57

518

(a)

XPEL,

Inc

18

TOTAL

AUTOMOBILES

&

COMPONENTS

18,211

BANKS

-

3.5%

625

1st

Source

Corp

34

450

Amalgamated

Financial

Corp

12

667

Amerant

Bancorp,

Inc

15

2,080

Ameris

Bancorp

105

476

Arrow

Financial

Corp

12

2,827

Associated

Banc-Corp

60

2,390

Atlantic

Union

Bankshares

Corp

79

1,339

(a)

Axos

Financial,

Inc

77

1,860

Banc

of

California,

Inc

24

585

Bancfirst

Corp

51

1,514

(a)

Bancorp,

Inc

57

178

Bank

First

Corp

15

162,996

Bank

of

America

Corp

6,482

1,195

Bank

of

Hawaii

Corp

68

468

Bank

of

Marin

Bancorp

8

548

Bank

of

NT

Butterfield

&

Son

Ltd

19

2,750

Bank

OZK

113

90

Bank7

Corp

3

1,329

BankUnited,

Inc

39

818

Banner

Corp

41

622

Bar

Harbor

Bankshares

17

7

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,245

Berkshire

Hills

Bancorp,

Inc

$

28

383

(a)

Blue

Foundry

Bancorp

3

655

BOK

Financial

Corp

60

882

(a)

Bridgewater

Bancshares,

Inc

10

740

Brookline

Bancorp,

Inc

6

677

Burke

&

Herbert

Financial

Services

Corp

35

313

Business

First

Bancshares,

Inc

7

241

Byline

Bancorp,

Inc

6

4,677

Cadence

Bank

132

135

Cambridge

Bancorp

9

613

Camden

National

Corp

20

447

Capital

City

Bank

Group,

Inc

13

2,335

Capitol

Federal

Financial,

Inc

13

550

(a)

Carter

Bankshares,

Inc

8

1,563

Cathay

General

Bancorp

59

1,125

Central

Pacific

Financial

Corp

24

1,028

ChoiceOne

Financial

Services,

Inc

29

46,027

Citigroup,

Inc

2,921

533

Citizens

&

Northern

Corp

10

11,338

Citizens

Financial

Group,

Inc

408

194

City

Holding

Co

21

377

Civista

Bancshares,

Inc

6

498

CNB

Financial

Corp

10

146

(a)

Coastal

Financial

Corp

7

4,193

Columbia

Banking

System,

Inc

83

1,738

(a)

Columbia

Financial,

Inc

26

3,602

Comerica,

Inc

184

3,264

Commerce

Bancshares,

Inc

182

1,646

Community

Bank

System,

Inc

78

651

Community

Trust

Bancorp,

Inc

28

1,146

ConnectOne

Bancorp,

Inc

22

1,466

(a)

CrossFirst

Bankshares,

Inc

21

1,266

Cullen/Frost

Bankers,

Inc

129

919

(a)

Customers

Bancorp,

Inc

44

2,723

CVB

Financial

Corp

47

422

Dime

Community

Bancshares,

Inc

9

1,035

Eagle

Bancorp,

Inc

20

3,546

East

West

Bancorp,

Inc

260

1,939

Eastern

Bankshares,

Inc

27

314

Enterprise

Bancorp,

Inc

8

828

Enterprise

Financial

Services

Corp

34

402

Equity

Bancshares,

Inc

14

218

Farmers

&

Merchants

Bancorp,

Inc

5

1,013

Farmers

National

Banc

Corp

13

621

FB

Financial

Corp

24

609

Fidelity

D&D

Bancorp,

Inc

27

16,392

Fifth

Third

Bancorp

598

527

Financial

Institutions,

Inc

10

1,088

First

Bancorp

35

3,922

First

BanCorp

72

498

First

Bancorp,

Inc

12

322

First

Bancshares,

Inc

8

603

First

Bank

8

1,476

First

Busey

Corp

36

288

First

Citizens

Bancshares,

Inc

(Class

A)

485

878

First

Commonwealth

Financial

Corp

12

680

First

Community

Bancshares,

Inc

25

2,187

First

Financial

Bancorp

49

3,602

First

Financial

Bankshares,

Inc

106

384

First

Financial

Corp

14

1,098

First

Foundation,

Inc

7

3,163

First

Hawaiian,

Inc

66

Stock

Index

Account

June

30,

2024

8

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

14,282

First

Horizon

National

Corp

$

225

1,867

First

Interstate

BancSystem,

Inc

52

587

First

Merchants

Corp

20

380

First

Mid

Bancshares,

Inc

12

862

First

of

Long

Island

Corp

9

1,083

Flushing

Financial

Corp

14

8,529

FNB

Corp

117

4,213

Fulton

Financial

Corp

72

903

German

American

Bancorp,

Inc

32

3,414

Glacier

Bancorp,

Inc

127

76

Great

Southern

Bancorp,

Inc

4

451

Greene

County

Bancorp,

Inc

15

302

Guaranty

Bancshares,

Inc

10

2,028

Hancock

Whitney

Corp

97

824

Hanmi

Financial

Corp

14

728

HarborOne

Bancorp,

Inc

8

715

HBT

Financial,

Inc

15

953

Heartland

Financial

USA,

Inc

42

1,355

Heritage

Commerce

Corp

12

1,150

Heritage

Financial

Corp

21

1,239

Hilltop

Holdings,

Inc

39

57

Hingham

Institution

For

Savings

The

10

238

Home

Bancorp,

Inc

10

4,557

Home

Bancshares,

Inc

109

698

HomeStreet,

Inc

8

667

HomeTrust

Bancshares,

Inc

20

2,725

Hope

Bancorp,

Inc

29

1,209

Horizon

Bancorp,

Inc

15

34,657

Huntington

Bancshares,

Inc

457

675

Independent

Bank

Corp

34

863

Independent

Bank

Corp

23

356

Independent

Bank

Group,

Inc

16

1,089

International

Bancshares

Corp

62

1,188

John

Marshall

Bancorp,

Inc

21

68,838

JPMorgan

Chase

&

Co

13,923

1,623

Kearny

Financial

Corp

10

22,215

Keycorp

316

499

Lakeland

Financial

Corp

31

833

Live

Oak

Bancshares,

Inc

29

3,989

M&T

Bank

Corp

604

1,072

Macatawa

Bank

Corp

16

640

Mercantile

Bank

Corp

26

229

(a)

Metropolitan

Bank

Holding

Corp

10

196

Mid

Penn

Bancorp,

Inc

4

582

Midland

States

Bancorp,

Inc

13

406

MidWestOne

Financial

Group,

Inc

9

180

MVB

Financial

Corp

3

984

National

Bank

Holdings

Corp

38

928

(a)

NB

Bancorp,

Inc

14

521

NBT

Bancorp,

Inc

20

18,123

New

York

Community

Bancorp,

Inc

58

394

Nicolet

Bankshares,

Inc

33

1,643

Northfield

Bancorp,

Inc

16

2,083

Northwest

Bancshares,

Inc

24

76,385

(a)

NU

Holdings

Ltd

985

163

Oak

Valley

Bancorp

4

1,583

OceanFirst

Financial

Corp

25

811

OFG

Bancorp

30

7,419

Old

National

Bancorp

128

1,237

Old

Second

Bancorp,

Inc

18

568

Origin

Bancorp,

Inc

18

297

Orrstown

Financial

Services,

Inc

8

9

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,232

Pacific

Premier

Bancorp,

Inc

$

51

343

Park

National

Corp

49

1,035

Pathward

Financial,

Inc

59

642

Peapack

Gladstone

Financial

Corp

15

868

Peoples

Bancorp,

Inc

26

333

Peoples

Financial

Services

Corp

15

1,942

Pinnacle

Financial

Partners,

Inc

155

302

(a)

Pioneer

Bancorp,

Inc

3

54

Plumas

Bancorp

2

9,535

PNC

Financial

Services

Group,

Inc

1,482

1,712

Popular,

Inc

151

510

Preferred

Bank

38

446

Premier

Financial

Corp

9

454

Primis

Financial

Corp

5

2,015

Prosperity

Bancshares,

Inc

123

2,598

Provident

Financial

Services,

Inc

37

472

QCR

Holdings,

Inc

28

475

RBB

Bancorp

9

192

Red

River

Bancshares,

Inc

9

22,054

Regions

Financial

Corp

442

1,301

Renasant

Corp

40

364

Republic

Bancorp,

Inc

(Class

A)

20

812

S&T

Bancorp,

Inc

27

109

Sandy

Spring

Bancorp,

Inc

3

1,542

Seacoast

Banking

Corp

of

Florida

36

1,315

ServisFirst

Bancshares,

Inc

83

370

Sierra

Bancorp

8

2,957

Simmons

First

National

Corp

(Class

A)

52

275

SmartFinancial,

Inc

6

228

(a)

Southern

First

Bancshares,

Inc

7

231

Southern

Missouri

Bancorp,

Inc

10

137

Southside

Bancshares,

Inc

4

1,939

SouthState

Corp

148

1,283

Stellar

Bancorp,

Inc

29

111

Stock

Yards

Bancorp,

Inc

6

3,386

Synovus

Financial

Corp

136

1,428

(a)

Texas

Capital

Bancshares,

Inc

87

131

Tompkins

Trustco,

Inc

6

1,266

Towne

Bank

35

422

Trico

Bancshares

17

657

(a)

Triumph

Financial,

Inc

54

32,048

Truist

Financial

Corp

1,245

671

TrustCo

Bank

Corp

NY

19

1,222

Trustmark

Corp

37

1,098

UMB

Financial

Corp

92

2,837

United

Bankshares,

Inc

92

2,849

United

Community

Banks,

Inc

73

1,012

Univest

Financial

Corp

23

37,440

US

Bancorp

1,486

9,879

Valley

National

Bancorp

69

1,101

Veritex

Holdings,

Inc

23

1,239

Washington

Federal,

Inc

35

581

Washington

Trust

Bancorp,

Inc

16

4,645

Webster

Financial

Corp

202

84,161

Wells

Fargo

&

Co

4,998

720

WesBanco,

Inc

20

597

West

Bancorporation,

Inc

11

225

Westamerica

Bancorporation

11

2,903

Western

Alliance

Bancorp

182

1,577

Wintrust

Financial

Corp

155

1,423

WSFS

Financial

Corp

67

Stock

Index

Account

June

30,

2024

10

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,765

Zions

Bancorporation

$

163

TOTAL

BANKS

44,729

CAPITAL

GOODS

-

6.2%

3,738

(a)

3D

Systems

Corp

11

13,270

3M

Co

1,356

2,619

A.O.

Smith

Corp

214

1,578

Aaon,

Inc

138

981

(a)

AAR

Corp

71

718

Acuity

Brands,

Inc

173

1,567

Advanced

Drainage

Systems,

Inc

251

3,276

Aecom

Technology

Corp

289

721

(a)

Aerovironment,

Inc

131

1,494

AGCO

Corp

146

2,509

Air

Lease

Corp

119

191

Alamo

Group,

Inc

33

830

Albany

International

Corp

(Class

A)

70

1,900

Allegion

plc

224

307

Allied

Motion

Technologies,

Inc

8

2,241

Allison

Transmission

Holdings,

Inc

170

909

(a)

Ameresco,

Inc

26

813

(a)

American

Superconductor

Corp

19

184

(a)

American

Woodmark

Corp

14

5,542

Ametek,

Inc

924

5,093

(a)

API

Group

Corp

192

449

Apogee

Enterprises,

Inc

28

976

Applied

Industrial

Technologies,

Inc

189

3,399

(a),(b)

Archer

Aviation,

Inc

12

1,220

Arcosa,

Inc

102

555

Argan,

Inc

41

876

Armstrong

World

Industries,

Inc

99

4,146

(a)

Array

Technologies,

Inc

43

823

Astec

Industries,

Inc

24

810

(a)

Astronics

Corp

16

931

Atkore,

Inc

126

1,691

(a)

Axon

Enterprise,

Inc

498

2,980

(a)

AZEK

Co,

Inc

126

922

AZZ,

Inc

71

489

Barnes

Group,

Inc

20

1,298

(a)

Beacon

Roofing

Supply,

Inc

117

10,088

(a)

Blink

Charging

Co

28

4,522

(a),(b)

Bloom

Energy

Corp

55

766

(a)

Blue

Bird

Corp

41

224

(a)

BlueLinx

Holdings,

Inc

21

13,820

(a)

Boeing

Co

2,515

937

Boise

Cascade

Co

112

534

Brookfield

Business

Corp

11

2,970

(a)

Builders

FirstSource,

Inc

411

2,196

BWX

Technologies,

Inc

209

383

Cadre

Holdings,

Inc

13

1,175

Carlisle

Cos,

Inc

476

20,339

Carrier

Global

Corp

1,283

11,743

Caterpillar,

Inc

3,912

19,975

(a),(b)

ChargePoint

Holdings,

Inc

30

1,052

(a)

Chart

Industries,

Inc

152

20,953

CNH

Industrial

NV

212

840

Columbus

McKinnon

Corp

29

844

Comfort

Systems

USA,

Inc

257

714

(a)

Construction

Partners,

Inc

39

3,982

(a)

Core

&

Main,

Inc

195

1,126

Crane

Co

163

302

CSW

Industrials,

Inc

80

11

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,280

Cummins,

Inc

$

908

916

Curtiss-Wright

Corp

248

1,008

(a)

Custom

Truck

One

Source,

Inc

4

6,119

Deere

&

Co

2,286

3,443

(a)

DNOW,

Inc

47

2,747

Donaldson

Co,

Inc

197

932

Douglas

Dynamics,

Inc

22

3,406

Dover

Corp

615

290

(a)

Ducommun,

Inc

17

567

(a)

DXP

Enterprises,

Inc

26

561

(a)

Dycom

Industries,

Inc

95

9,600

Eaton

Corp

plc

3,010

1,112

EMCOR

Group,

Inc

406

13,589

Emerson

Electric

Co

1,497

365

Encore

Wire

Corp

106

1,368

(a)

Energy

Recovery,

Inc

18

11,731

(a),(b)

Energy

Vault

Holdings,

Inc

11

1,030

Enerpac

Tool

Group

Corp

39

953

EnerSys

99

2,981

(a)

Enovix

Corp

46

479

EnPro

Industries,

Inc

70

1,154

Esab

Corp

109

605

ESCO

Technologies,

Inc

64

13,738

Fastenal

Co

863

1,459

Federal

Signal

Corp

122

4,973

Ferguson

plc

963

2,943

Flowserve

Corp

142

786

(a)

Fluence

Energy,

Inc

14

4,066

(a)

Fluor

Corp

177

8,655

Fortive

Corp

641

2,993

Fortune

Brands

Innovations,

Inc

194

842

Franklin

Electric

Co,

Inc

81

15,823

(a)

Freyr

Battery,

Inc

27

2,373

FTAI

Aviation

Ltd

245

28,248

(a),(b)

FuelCell

Energy,

Inc

18

4,917

(a)

Gates

Industrial

Corp

plc

78

863

GATX

Corp

114

6,514

(a)

GE

Vernova,

Inc

1,117

1,536

(a)

Generac

Holdings,

Inc

203

6,551

General

Dynamics

Corp

1,901

26,182

General

Electric

Co

4,162

584

(a)

Gibraltar

Industries,

Inc

40

461

Global

Industrial

Co

14

922

(a)

GMS,

Inc

74

678

Gorman-Rupp

Co

25

3,932

Graco,

Inc

312

5,120

GrafTech

International

Ltd

5

945

Granite

Construction,

Inc

59

2,253

(a)

Great

Lakes

Dredge

&

Dock

Corp

20

718

Greenbrier

Cos,

Inc

36

1,120

Griffon

Corp

72

684

H&E

Equipment

Services,

Inc

30

1,521

(a)

Hayward

Holdings,

Inc

19

1,082

HEICO

Corp

242

2,011

HEICO

Corp

(Class

A)

357

922

Helios

Technologies,

Inc

44

787

Herc

Holdings,

Inc

105

2,098

Hexcel

Corp

131

1,241

Hillenbrand,

Inc

50

3,242

(a)

Hillman

Solutions

Corp

29

15,650

Honeywell

International,

Inc

3,342

9,723

Howmet

Aerospace,

Inc

755

Stock

Index

Account

June

30,

2024

12

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,307

Hubbell,

Inc

$

478

1,076

(a)

Hudson

Technologies,

Inc

9

905

Huntington

Ingalls

Industries,

Inc

223

3,375

(a)

Hyliion

Holdings

Corp

5

404

Hyster-Yale

Materials

Handling,

Inc

28

1,817

IDEX

Corp

366

298

(a)

IES

Holdings,

Inc

42

7,113

Illinois

Tool

Works,

Inc

1,686

9,920

Ingersoll

Rand,

Inc

901

716

Insteel

Industries,

Inc

22

1,963

ITT,

Inc

254

1,876

(a)

Janus

International

Group,

Inc

24

452

(a)

JELD-WEN

Holding,

Inc

6

583

John

Bean

Technologies

Corp

55

16,322

Johnson

Controls

International

plc

1,085

242

Kadant,

Inc

71

2,961

Kennametal,

Inc

70

3,783

(a)

Kratos

Defense

&

Security

Solutions,

Inc

76

4,577

L3Harris

Technologies,

Inc

1,028

542

(a)

Lawson

Products,

Inc

16

769

Lennox

International,

Inc

411

1,340

(a)

Leonardo

DRS,

Inc

34

243

(a)

Limbach

Holdings,

Inc

14

1,325

Lincoln

Electric

Holdings,

Inc

250

220

Lindsay

Corp

27

249

(a)

Loar

Holdings,

Inc

13

5,127

Lockheed

Martin

Corp

2,395

800

Luxfer

Holdings

plc

9

1,198

(a)

Manitowoc

Co,

Inc

14

5,282

Masco

Corp

352

1,677

(a)

Mastec,

Inc

179

3,438

(a)

Masterbrand,

Inc

50

687

McGrath

RentCorp

73

3,915

MDU

Resources

Group,

Inc

98

1,473

(a)

Mercury

Computer

Systems,

Inc

40

1,179

(a)

Middleby

Corp

145

446

Miller

Industries,

Inc

25

753

Moog,

Inc

(Class

A)

126

2,142

(a)

MRC

Global,

Inc

28

950

MSC

Industrial

Direct

Co

(Class

A)

75

2,548

Mueller

Industries,

Inc

145

4,045

Mueller

Water

Products,

Inc

(Class

A)

72

368

(a)

MYR

Group,

Inc

50

206

National

Presto

Industries,

Inc

15

3,184

(a)

NEXTracker,

Inc

149

531

(a)

Nikola

Corp

4

1,425

Nordson

Corp

331

3,381

Northrop

Grumman

Corp

1,474

371

(a)

Northwest

Pipe

Co

13

1,422

(a),(b)

NuScale

Power

Corp

17

3,973

nVent

Electric

plc

304

117

Omega

Flex,

Inc

6

1,610

Oshkosh

Corp

174

9,761

Otis

Worldwide

Corp

940

2,163

Owens

Corning,

Inc

376

12,252

PACCAR,

Inc

1,261

766

Park

Aerospace

Corp

10

3,116

Parker-Hannifin

Corp

1,576

1,095

(a)

Parsons

Corp

90

4,201

Pentair

plc

322

15,032

(a),(b)

Plug

Power,

Inc

35

112

Powell

Industries,

Inc

16

13

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

96

Preformed

Line

Products

Co

$

12

1,452

Primoris

Services

Corp

72

784

(a)

Proto

Labs,

Inc

24

905

Quanex

Building

Products

Corp

25

3,509

Quanta

Services,

Inc

892

672

(a)

RBC

Bearings,

Inc

181

1,690

Regal-Beloit

Corp

229

4,524

(a)

Resideo

Technologies,

Inc

88

432

REV

Group,

Inc

11

6,127

(a),(b)

Rocket

Lab

USA,

Inc

29

2,805

Rockwell

Automation,

Inc

772

31,934

RTX

Corp

3,206

577

Rush

Enterprises,

Inc

23

1,317

Rush

Enterprises,

Inc

(Class

A)

55

3,523

Sensata

Technologies

Holding

plc

132

4,388

(a)

Shoals

Technologies

Group,

Inc

27

1,169

Shyft

Group,

Inc

14

1,040

Simpson

Manufacturing

Co,

Inc

175

1,100

(a)

SiteOne

Landscape

Supply,

Inc

134

1,232

Snap-On,

Inc

322

2,445

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

80

1,179

(a)

SPX

Technologies,

Inc

168

277

Standex

International

Corp

45

3,691

Stanley

Black

&

Decker,

Inc

295

4,021

(a)

Stem,

Inc

4

634

(a)

Sterling

Construction

Co,

Inc

75

5,206

(a)

Sunrun,

Inc

62

535

Tecnoglass,

Inc

27

647

Tennant

Co

64

1,674

Terex

Corp

92

4,527

Textron,

Inc

389

853

(a)

Thermon

Group

Holdings,

Inc

26

1,628

Timken

Co

130

1,266

(a)

Titan

International,

Inc

9

491

(a)

Titan

Machinery,

Inc

8

2,649

Toro

Co

248

5,438

Trane

Technologies

plc

1,789

100

(a)

Transcat,

Inc

12

1,298

TransDigm

Group,

Inc

1,658

2,846

(a)

Trex

Co,

Inc

211

1,947

Trinity

Industries,

Inc

58

1,451

(a)

Triumph

Group,

Inc

22

1,399

(a)

Tutor

Perini

Corp

30

1,356

UFP

Industries,

Inc

152

1,595

United

Rentals,

Inc

1,032

455

(a)

V2X,

Inc

22

412

Valmont

Industries,

Inc

113

8,415

Vertiv

Holdings

Co

728

649

(a)

Vicor

Corp

22

3,149

(a)

Virgin

Galactic

Holdings,

Inc

27

1,058

W.W.

Grainger,

Inc

955

1,281

Wabash

National

Corp

28

806

Watsco,

Inc

373

645

Watts

Water

Technologies,

Inc

(Class

A)

118

1,139

WESCO

International,

Inc

181

4,199

Westinghouse

Air

Brake

Technologies

Corp

664

5,015

(a)

WillScot

Mobile

Mini

Holdings

Corp

189

1,458

Woodward

Inc

254

911

(a)

Xometry,

Inc

11

5,797

Xylem,

Inc

786

Stock

Index

Account

June

30,

2024

14

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,642

Zurn

Elkay

Water

Solutions

Corp

$

107

TOTAL

CAPITAL

GOODS

78,968

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.6%

1,382

ABM

Industries,

Inc

70

3,257

ACCO

Brands

Corp

15

2,888

(a)

ACV

Auctions,

Inc

53

8,912

(a)

Alight,

Inc

66

452

Aris

Water

Solution,

Inc

7

1,075

(a)

ASGN,

Inc

95

20,031

(a),(b)

Aurora

Innovation,

Inc

56

9,878

Automatic

Data

Processing,

Inc

2,358

1,096

Barrett

Business

Services,

Inc

36

3,140

Booz

Allen

Hamilton

Holding

Corp

483

511

(a)

BrightView

Holdings,

Inc

7

1,108

Brink's

Co

113

2,748

Broadridge

Financial

Solutions,

Inc

541

486

(a)

CACI

International,

Inc

(Class

A)

209

1,375

(a)

Casella

Waste

Systems,

Inc

(Class

A)

136

1,147

(a)

CBIZ,

Inc

85

756

(a)

CECO

Environmental

Corp

22

188

(a)

Cimpress

plc

16

2,088

Cintas

Corp

1,462

6,385

(a)

Clarivate

plc

36

1,167

(a)

Clean

Harbors,

Inc

264

805

Concentrix

Corp

51

5,536

(a)

Conduent,

Inc

18

20,589

(a)

Copart,

Inc

1,115

3,089

(a)

CoreCivic,

Inc

40

9,826

(a)

CoStar

Group,

Inc

729

260

CRA

International,

Inc

45

1,113

CSG

Systems

International,

Inc

46

1,062

Deluxe

Corp

24

1,159

(a)

Driven

Brands

Holdings,

Inc

15

6,346

Dun

&

Bradstreet

Holdings,

Inc

59

1,051

Ennis,

Inc

23

3,020

Equifax,

Inc

732

3,860

(a)

ExlService

Holdings,

Inc

121

1,272

Exponent,

Inc

121

972

First

Advantage

Corp

16

381

(a)

Forrester

Research,

Inc

7

419

(a)

Franklin

Covey

Co

16

784

(a)

FTI

Consulting,

Inc

169

4,327

Genpact

Ltd

139

3,108

(a)

GEO

Group,

Inc

45

2,590

(a)

Harsco

Corp

22

2,398

(a)

Healthcare

Services

Group

25

711

Heidrick

&

Struggles

International,

Inc

22

1,885

Herman

Miller,

Inc

50

1,041

HireQuest,

Inc

13

850

HNI

Corp

38

669

(a)

Huron

Consulting

Group,

Inc

66

379

ICF

International,

Inc

56

975

Insperity,

Inc

89

1,293

Interface,

Inc

19

3,020

Jacobs

Solutions,

Inc

422

3,101

KBR,

Inc

199

1,192

Kelly

Services,

Inc

(Class

A)

26

681

Kforce,

Inc

42

1,237

Korn/Ferry

International

83

2,559

(a)

Legalzoom.com,

Inc

21

3,081

Leidos

Holdings,

Inc

449

15

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

664

(a)

Liquidity

Services,

Inc

$

13

1,099

Manpower,

Inc

77

271

Matthews

International

Corp

(Class

A)

7

1,544

MAXIMUS,

Inc

132

640

(a)

Montrose

Environmental

Group,

Inc

29

877

MSA

Safety,

Inc

165

563

NL

Industries,

Inc

3

291

(a)

NV5

Global,

Inc

27

1,699

(a)

OPENLANE,

Inc

28

7,553

Paychex,

Inc

896

1,327

Paycom

Software,

Inc

190

4,382

(a)

Performant

Financial

Corp

13

5,559

Pitney

Bowes,

Inc

28

3,913

(a)

Planet

Labs

PBC

7

4,295

RB

Global,

Inc

328

1,304

(a)

Red

Violet,

Inc

33

4,938

Republic

Services,

Inc

960

1,107

Resources

Connection,

Inc

12

2,545

Robert

Half

International,

Inc

163

6,700

Rollins,

Inc

327

1,412

Science

Applications

International

Corp

166

5,398

SS&C

Technologies

Holdings,

Inc

338

3,128

Steelcase,

Inc

(Class

A)

41

2,380

(a)

Stericycle,

Inc

138

422

(a)

Sterling

Check

Corp

6

1,209

Tetra

Tech,

Inc

247

4,988

TransUnion

370

839

TriNet

Group,

Inc

84

720

(a)

TrueBlue,

Inc

7

541

TTEC

Holdings,

Inc

3

345

Unifirst

Corp

59

3,454

(a)

Upwork,

Inc

37

5,925

Veralto

Corp

566

3,426

Verisk

Analytics,

Inc

924

3,457

(a)

Verra

Mobility

Corp

94

3,046

Vestis

Corp

37

679

(a)

Viad

Corp

23

340

VSE

Corp

30

9,725

Waste

Management,

Inc

2,075

279

(a)

Willdan

Group,

Inc

8

1,104

(a)

WNS

Holdings

Ltd

58

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

20,052

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5.6%

966

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

9

1,062

Aaron's

Co,

Inc

11

1,255

(a)

Abercrombie

&

Fitch

Co

(Class

A)

223

1,605

Academy

Sports

&

Outdoors,

Inc

85

1,149

Advance

Auto

Parts,

Inc

73

223,109

(a)

Amazon.com,

Inc

43,116

3,778

American

Eagle

Outfitters,

Inc

75

154

(a)

America's

Car-Mart,

Inc

9

1,221

Arhaus,

Inc

21

2,460

Arko

Corp

15

416

(a)

Asbury

Automotive

Group,

Inc

95

576

(a)

Autonation,

Inc

92

421

(a)

Autozone,

Inc

1,248

5,767

Bath

&

Body

Works,

Inc

225

5,174

Best

Buy

Co,

Inc

436

819

(a)

Boot

Barn

Holdings,

Inc

106

524

Buckle,

Inc

19

326

Build-A-Bear

Workshop,

Inc

8

Stock

Index

Account

June

30,

2024

16

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,622

(a)

Burlington

Stores,

Inc

$

389

1,001

Caleres,

Inc

34

895

Camping

World

Holdings,

Inc

16

3,787

(a)

Carmax,

Inc

278

2,528

(a)

Carvana

Co

325

27,798

(a)

Coupang,

Inc

582

1,606

(b)

Designer

Brands,

Inc

11

1,452

(a)

Destination

XL

Group,

Inc

5

1,433

Dick's

Sporting

Goods,

Inc

308

17

(b)

Dillard's,

Inc

(Class

A)

7

12,150

eBay,

Inc

653

2,748

(a)

Etsy,

Inc

162

2,017

(a)

EVgo,

Inc

5

1,319

(a)

Five

Below,

Inc

144

2,514

(a)

Floor

&

Decor

Holdings,

Inc

250

1,965

Foot

Locker,

Inc

49

576

(a)

Funko,

Inc

6

6,029

(a)

GameStop

Corp

(Class

A)

149

4,912

Gap,

Inc

117

365

(a)

Genesco,

Inc

9

3,294

Genuine

Parts

Co

456

559

(a)

GigaCloud

Technology,

Inc

17

311

Group

1

Automotive,

Inc

92

1,619

(a)

GrowGeneration

Corp

3

715

Haverty

Furniture

Cos,

Inc

18

25

Hibbett

Sports,

Inc

2

23,825

Home

Depot,

Inc

8,202

1,925

Kohl's

Corp

44

487

(a)

Lands'

End,

Inc

7

4,195

(a)

Leslie's,

Inc

18

597

Lithia

Motors,

Inc

(Class

A)

151

6,559

LKQ

Corp

273

13,754

Lowe's

Cos,

Inc

3,032

6,895

Macy's,

Inc

132

530

(a)

MarineMax,

Inc

17

759

Monro

Muffler,

Inc

18

415

Murphy

USA,

Inc

195

2,416

(a)

National

Vision

Holdings,

Inc

32

2,955

(b)

Nordstrom,

Inc

63

1,066

(a)

ODP

Corp

42

1,485

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

146

266

(a),(b)

OneWater

Marine,

Inc

7

1,427

(a)

O'Reilly

Automotive,

Inc

1,507

1,209

(a)

Overstock.com,

Inc

16

389

Penske

Auto

Group,

Inc

58

1,980

(a)

Petco

Health

&

Wellness

Co,

Inc

7

922

Pool

Corp

283

1,063

(a)

Revolve

Group,

Inc

17

380

(a)

RH

93

7,898

Ross

Stores,

Inc

1,148

2,402

(a)

Sally

Beauty

Holdings,

Inc

26

697

(a),(b)

Savers

Value

Village,

Inc

9

646

Shoe

Carnival,

Inc

24

881

Signet

Jewelers

Ltd

79

760

(a)

Sleep

Number

Corp

7

31

Sonic

Automotive,

Inc

(Class

A)

2

1,770

(a)

Stitch

Fix,

Inc

7

1,616

(a),(b)

ThredUp,

Inc

3

432

(a)

Tilly's,

Inc

3

27,410

TJX

Cos,

Inc

3,018

2,669

Tractor

Supply

Co

721

1,128

(a)

Ulta

Beauty,

Inc

435

17

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,277

Upbound

Group,

Inc

$

39

1,483

(a)

Urban

Outfitters,

Inc

61

3,406

(a)

Valvoline,

Inc

147

840

(a)

Victoria's

Secret

&

Co

15

2,402

(a)

Warby

Parker,

Inc

39

2,236

(a)

Wayfair,

Inc

118

663

Weyco

Group,

Inc

20

1,527

Williams-Sonoma,

Inc

431

94

Winmark

Corp

33

686

(a)

Zumiez,

Inc

13

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

70,711

CONSUMER

DURABLES

&

APPAREL

-

1.0%

821

Acushnet

Holdings

Corp

52

2,907

(a)

Amer

Sports,

Inc

37

1,837

(a)

AMMO,

Inc

3

1,140

(a)

Beazer

Homes

USA,

Inc

31

758

(a)

BK

LC

Lux

Finco

2

Sarl

41

1,841

Brunswick

Corp

134

3,596

(a)

Callaway

Golf

Co

55

2,222

(a)

Capri

Holdings

Ltd

74

547

Carter's,

Inc

34

237

(a)

Cavco

Industries,

Inc

82

629

Century

Communities,

Inc

51

729

Clarus

Corp

5

606

Columbia

Sportswear

Co

48

1,268

(a)

Cricut,

Inc

8

1,521

(a)

Crocs,

Inc

222

616

(a)

Deckers

Outdoor

Corp

596

7,119

DR

Horton,

Inc

1,003

643

(a)

Dream

Finders

Homes,

Inc

17

958

Ethan

Allen

Interiors,

Inc

27

3,672

(a)

Garmin

Ltd

598

1,295

(a)

G-III

Apparel

Group

Ltd

35

4,066

(a)

GoPro,

Inc

6

352

(a)

Green

Brick

Partners,

Inc

20

8,742

(a)

Hanesbrands,

Inc

43

3,286

Hasbro,

Inc

192

712

(a)

Helen

of

Troy

Ltd

66

544

Hooker

Furniture

Corp

8

148

(a)

Hovnanian

Enterprises,

Inc

21

608

Installed

Building

Products,

Inc

125

883

(a)

iRobot

Corp

8

232

Johnson

Outdoors,

Inc

8

1,357

KB

Home

95

1,320

Kontoor

Brands,

Inc

87

412

(a)

Latham

Group,

Inc

1

935

La-Z-Boy,

Inc

35

3,082

Leggett

&

Platt,

Inc

35

5,789

Lennar

Corp

(Class

A)

868

349

Lennar

Corp

(Class

B)

49

241

(a)

LGI

Homes,

Inc

22

336

(a)

Lovesac

Co

8

2,898

(a)

Lululemon

Athletica,

Inc

866

561

(a)

M/I

Homes,

Inc

69

688

(a)

Malibu

Boats,

Inc

24

441

Marine

Products

Corp

4

673

(a)

MasterCraft

Boat

Holdings,

Inc

13

7,453

(a)

Mattel,

Inc

121

893

Meritage

Homes

Corp

145

1,156

(a)

Mohawk

Industries,

Inc

131

638

Movado

Group,

Inc

16

Stock

Index

Account

June

30,

2024

18

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

6,890

Newell

Rubbermaid,

Inc

$

44

28,886

Nike,

Inc

(Class

B)

2,177

68

(a)

NVR,

Inc

516

274

Oxford

Industries,

Inc

27

8,335

(a),(b)

Peloton

Interactive,

Inc

28

1,013

Polaris

Industries,

Inc

79

5,180

Pulte

Homes,

Inc

570

1,386

(a)

Purple

Innovation,

Inc

1

1,375

PVH

Corp

146

924

Ralph

Lauren

Corp

162

110

Rocky

Brands,

Inc

4

1,588

SharkNinja

Global

SPV

Ltd

119

3,296

(a)

Skechers

U.S.A.,

Inc

(Class

A)

228

1,408

(a)

Skyline

Champion

Corp

95

1,649

Smith

&

Wesson

Brands,

Inc

24

3,687

(a)

Sonos,

Inc

54

1,625

Steven

Madden

Ltd

69

311

Sturm

Ruger

&

Co,

Inc

13

5,336

Tapestry,

Inc

228

2,119

(a)

Taylor

Morrison

Home

Corp

118

4,464

Tempur

Sealy

International,

Inc

211

2,490

Toll

Brothers,

Inc

287

798

(a)

TopBuild

Corp

307

2,226

(a)

Tri

Pointe

Homes,

Inc

83

5,744

(a)

Under

Armour,

Inc

(Class

A)

38

5,391

(a)

Under

Armour,

Inc

(Class

C)

35

8,194

VF

Corp

111

997

(a)

Vista

Outdoor,

Inc

38

1,629

(a)

Vizio

Holding

Corp

18

1,037

Whirlpool

Corp

106

2,662

Wolverine

World

Wide,

Inc

36

1,532

(a)

YETI

Holdings,

Inc

58

TOTAL

CONSUMER

DURABLES

&

APPAREL

12,269

CONSUMER

SERVICES

-

2.1%

1,229

(a)

Accel

Entertainment,

Inc

13

4,141

ADT,

Inc

31

822

(a)

Adtalem

Global

Education,

Inc

56

10,494

(a)

Airbnb,

Inc

1,591

6,092

Aramark

207

925

(a)

BALLY'S

CORP

11

39

(a)

Biglari

Holdings,

Inc

(B

Shares)

8

817

(a)

BJ's

Restaurants,

Inc

28

1,881

Bloomin'

Brands,

Inc

36

818

Booking

Holdings,

Inc

3,240

1,802

Boyd

Gaming

Corp

99

1,258

(a)

Bright

Horizons

Family

Solutions,

Inc

138

1,062

(a)

Brinker

International,

Inc

77

5,302

(a)

Caesars

Entertainment,

Inc

211

23,974

(a)

Carnival

Corp

449

318

Carriage

Services,

Inc

9

1,811

(a)

Cava

Group,

Inc

168

1,085

Cheesecake

Factory

43

3,631

(a)

Chegg,

Inc

11

33,000

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

2,067

891

Choice

Hotels

International,

Inc

106

1,672

Churchill

Downs,

Inc

233

427

(a)

Chuy's

Holdings,

Inc

11

2,931

(a)

Coursera,

Inc

21

711

(b)

Cracker

Barrel

Old

Country

Store,

Inc

30

2,958

Darden

Restaurants,

Inc

448

419

(a)

Dave

&

Buster's

Entertainment,

Inc

17

19

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,296

(a)

Denny's

Corp

$

9

1,465

(a)

Despegar.com

Corp

19

458

Dine

Brands

Global

Inc.

17

854

Domino's

Pizza,

Inc

441

8,326

(a)

DoorDash,

Inc

906

10,269

(a)

DraftKings,

Inc

392

880

(a)

Duolingo,

Inc

184

2,197

(a)

Dutch

Bros,

Inc

91

809

(a)

El

Pollo

Loco

Holdings,

Inc

9

125

(a),(c)

Empire

Resorts,

Inc

0

^

455

(a)

European

Wax

Center,

Inc

5

2,472

(a)

Everi

Holdings,

Inc

21

3,035

(a)

Expedia

Group,

Inc

382

723

(a)

First

Watch

Restaurant

Group,

Inc

13

2,305

(a)

Frontdoor,

Inc

78

870

(a)

Full

House

Resorts,

Inc

4

2,989

(a)

Global

Business

Travel

Group

I

20

412

Golden

Entertainment,

Inc

13

63

Graham

Holdings

Co

44

663

(a)

Grand

Canyon

Education,

Inc

93

3,457

H&R

Block,

Inc

187

1,757

(a)

Hilton

Grand

Vacations,

Inc

71

5,898

Hilton

Worldwide

Holdings,

Inc

1,287

969

Hyatt

Hotels

Corp

147

494

(a)

Inspired

Entertainment,

Inc

5

2,584

International

Game

Technology

plc

53

410

Jack

in

the

Box,

Inc

21

2,068

Krispy

Kreme,

Inc

22

155

(a)

Kura

Sushi

USA,

Inc

10

9,002

Las

Vegas

Sands

Corp

398

3,222

Laureate

Education,

Inc

48

989

(a)

Life

Time

Group

Holdings,

Inc

19

2,166

(a)

Light

&

Wonder,

Inc

227

608

(a)

Lindblad

Expeditions

Holdings,

Inc

6

5,692

Marriott

International,

Inc

(Class

A)

1,376

835

Marriott

Vacations

Worldwide

Corp

73

17,305

McDonald's

Corp

4,410

5,853

(a)

MGM

Resorts

International

260

1,527

(a)

Mister

Car

Wash,

Inc

11

388

Monarch

Casino

&

Resort,

Inc

26

2,864

(a),(b)

Mondee

Holdings,

Inc

7

9,905

(a)

Norwegian

Cruise

Line

Holdings

Ltd

186

465

(a)

ONE

Group

Hospitality,

Inc

2

1,416

(a)

OneSpaWorld

Holdings

Ltd

22

792

Papa

John's

International,

Inc

37

3,518

(a)

Penn

National

Gaming,

Inc

68

600

Perdoceo

Education

Corp

13

2,081

(a)

Planet

Fitness,

Inc

153

417

(a)

Portillo's,

Inc

4

330

RCI

Hospitality

Holdings,

Inc

14

925

Red

Rock

Resorts,

Inc

51

5,716

(a)

Royal

Caribbean

Cruises

Ltd

911

1,353

(a)

Rush

Street

Interactive,

Inc

13

10,188

(a)

Sabre

Corp

27

771

(a)

SeaWorld

Entertainment,

Inc

42

3,342

Service

Corp

International

238

1,083

(a)

Shake

Shack,

Inc

97

1,500

(a)

Six

Flags

Entertainment

Corp

50

27,251

Starbucks

Corp

2,121

673

Strategic

Education,

Inc

74

1,099

(a)

Stride,

Inc

77

3,619

(a)

Super

Group

SGHC

Ltd

12

Stock

Index

Account

June

30,

2024

20

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,381

(a)

Sweetgreen,

Inc

$

72

829

(a)

Target

Hospitality

Corp

7

1,600

Texas

Roadhouse,

Inc

(Class

A)

275

1,106

Travel

&

Leisure

Co

50

1,856

(a)

Udemy,

Inc

16

941

(a)

Universal

Technical

Institute,

Inc

15

1,020

Vail

Resorts,

Inc

184

4,018

Wendy's

Co

68

761

Wingstop,

Inc

322

1,887

Wyndham

Hotels

&

Resorts,

Inc

140

2,451

Wynn

Resorts

Ltd

219

371

(a)

Xponential

Fitness,

Inc

6

6,770

Yum!

Brands,

Inc

897

TOTAL

CONSUMER

SERVICES

27,247

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1.8%

9,504

Albertsons

Cos,

Inc

188

1,108

Andersons,

Inc

55

3,420

(a)

BJ's

Wholesale

Club

Holdings,

Inc

300

889

Casey's

General

Stores,

Inc

339

776

(a)

Chefs'

Warehouse,

Inc

30

10,654

Costco

Wholesale

Corp

9,056

5,276

Dollar

General

Corp

698

5,152

(a)

Dollar

Tree,

Inc

550

2,474

(a)

Grocery

Outlet

Holding

Corp

55

1,600

(a)

HF

Foods

Group,

Inc

5

202

Ingles

Markets,

Inc

(Class

A)

14

15,928

Kroger

Co

795

4,130

(a)

Maplebear,

Inc

133

345

Natural

Grocers

by

Vitamin

Cottage,

Inc

7

3,668

(a)

Performance

Food

Group

Co

243

358

Pricesmart,

Inc

29

957

SpartanNash

Co

18

2,515

(a)

Sprouts

Farmers

Market,

Inc

210

12,045

Sysco

Corp

860

11,112

Target

Corp

1,645

141

(a)

United

Natural

Foods,

Inc

2

5,194

(a)

US

Foods

Holding

Corp

275

292

Village

Super

Market

(Class

A)

8

15,831

Walgreens

Boots

Alliance,

Inc

191

104,216

Walmart,

Inc

7,056

313

Weis

Markets,

Inc

20

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

22,782

ENERGY

-

3.8%

1,272

(a)

Amplify

Energy

Corp

9

8,958

Antero

Midstream

Corp

132

7,090

(a)

Antero

Resources

Corp

231

7,983

APA

Corp

235

3,123

Archrock,

Inc

63

577

Ardmore

Shipping

Corp

13

1,601

Atlas

Energy

Solutions,

Inc

32

23,961

Baker

Hughes

Co

843

1,669

Berry

Corp

11

4,580

(b)

Borr

Drilling

Ltd

30

510

(a)

Bristow

Group,

Inc

17

18,244

Cabot

Oil

&

Gas

Corp

487

1,403

Cactus,

Inc

74

2,028

California

Resources

Corp

108

230

(a)

Centrus

Energy

Corp

10

4,600

ChampionX

Corp

153

5,519

Cheniere

Energy,

Inc

965

21

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,194

Chesapeake

Energy

Corp

$

262

41,491

Chevron

Corp

6,490

1,511

Chord

Energy

Corp

253

2,391

Civitas

Resources,

Inc

165

4,074

(a)

Clean

Energy

Fuels

Corp

11

3,718

(a)

CNX

Resources

Corp

90

2,351

Comstock

Resources,

Inc

24

28,145

ConocoPhillips

3,219

659

CONSOL

Energy,

Inc

67

61

Core

Laboratories,

Inc

1

367

Crescent

Energy

Co

4

875

CVR

Energy,

Inc

23

1,510

Delek

US

Holdings,

Inc

37

15,110

Devon

Energy

Corp

716

3,198

DHT

Holdings,

Inc

37

3,680

(a)

Diamond

Offshore

Drilling,

Inc

57

4,269

Diamondback

Energy,

Inc

855

1,119

(a)

Diversified

Energy

Co

PLC

15

535

(a)

DMC

Global,

Inc

8

1,083

Dorian

LPG

Ltd

45

4,717

(a)

Drilling

Tools

International

Corp

26

1,195

(a)

Dril-Quip,

Inc

22

2,182

DT

Midstream,

Inc

155

2,536

(a)

Empire

Petroleum

Corp

13

3,799

(a)

Encore

Energy

Corp

15

4,018

(a),(b)

Energy

Fuels,

Inc

24

13,817

EOG

Resources,

Inc

1,739

10,519

EQT

Corp

389

9,158

Equitrans

Midstream

Corp

119

3,165

Evolution

Petroleum

Corp

17

428

Excelerate

Energy,

Inc

8

1,917

(a)

Expro

Group

Holdings

NV

44

107,785

Exxon

Mobil

Corp

12,408

691

FLEX

LNG

Ltd

19

981

(a)

Forum

Energy

Technologies,

Inc

17

2,739

Golar

LNG

Ltd

86

1,490

(a)

Green

Plains,

Inc

24

278

(a)

Gulfport

Energy

Operating

Corp

42

21,163

Halliburton

Co

715

1,956

(a)

Helix

Energy

Solutions

Group,

Inc

23

2,301

Helmerich

&

Payne,

Inc

83

6,651

Hess

Corp

981

3,473

HF

Sinclair

Corp

185

960

International

Seaways,

Inc

57

46,540

Kinder

Morgan,

Inc

925

394

Kinetik

Holdings,

Inc

16

472

Kodiak

Gas

Services,

Inc

13

11,144

(a)

Kosmos

Energy

Ltd

62

3,840

Liberty

Energy,

Inc

80

4,177

Magnolia

Oil

&

Gas

Corp

106

13,715

Marathon

Oil

Corp

393

8,458

Marathon

Petroleum

Corp

1,467

2,911

Matador

Resources

Co

173

3,449

Murphy

Oil

Corp

142

238

(a)

Nabors

Industries

Ltd

17

726

Nacco

Industries,

Inc

(Class

A)

20

1,311

(b)

New

Fortress

Energy,

Inc

29

3,366

(a)

Newpark

Resources,

Inc

28

2,786

(a)

NextDecade

Corp

22

2,852

Noble

Corp

plc

127

4,171

Nordic

American

Tankers

Ltd

17

2,343

Northern

Oil

and

Gas,

Inc

87

Stock

Index

Account

June

30,

2024

22

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

8,892

NOV,

Inc

$

169

15,301

Occidental

Petroleum

Corp

964

2,352

(a)

Oceaneering

International,

Inc

56

2,073

(a)

Oil

States

International,

Inc

9

14,009

ONEOK,

Inc

1,142

6,170

Ovintiv,

Inc

289

1,291

(a)

Par

Pacific

Holdings,

Inc

33

7,160

Patterson-UTI

Energy,

Inc

74

2,663

PBF

Energy,

Inc

123

1,909

Peabody

Energy

Corp

42

15,047

Permian

Resources

Corp

243

10,174

Phillips

66

1,436

17

(a)

PrimeEnergy

Corp

2

2,609

(a)

ProPetro

Holding

Corp

23

5,850

Range

Resources

Corp

196

702

(a)

Rex

American

Resources

Corp

32

257

Riley

Exploration

Permian,

Inc

7

2,001

(a),(b)

Ring

Energy,

Inc

3

2,256

RPC,

Inc

14

1,202

(a)

Sable

Offshore

Corp

18

792

SandRidge

Energy,

Inc

10

34,308

Schlumberger

Ltd

1,619

993

Scorpio

Tankers,

Inc

81

2,348

(a)

SEACOR

Marine

Holdings,

Inc

32

1,338

(a)

Seadrill

Ltd

69

1,587

Select

Water

Solutions,

Inc

17

2,365

SFL

Corp

Ltd

33

258

(a)

SilverBow

Resources,

Inc

10

915

Sitio

Royalties

Corp

22

2,674

SM

Energy

Co

116

886

Solaris

Oilfield

Infrastructure,

Inc

8

26,298

(a)

Southwestern

Energy

Co

177

1,668

(a)

Talos

Energy,

Inc

20

5,335

Targa

Resources

Corp

687

10,254

TechnipFMC

plc

268

560

Teekay

Tankers

Ltd

39

3,440

(a)

Tetra

Technologies,

Inc

12

456

Texas

Pacific

Land

Corp

335

1,174

(a)

Tidewater,

Inc

112

17,372

(a)

Transocean

Ltd

93

7,605

(a)

Uranium

Energy

Corp

46

1,949

(a)

US

Silica

Holdings,

Inc

30

1,428

Vaalco

Energy,

Inc

9

1,265

(a)

Valaris

Ltd

94

7,828

Valero

Energy

Corp

1,227

2,185

Viper

Energy

Partners

LP

82

458

(a)

Vital

Energy,

Inc

21

758

Vitesse

Energy,

Inc

18

3,587

W&T

Offshore,

Inc

8

1,897

(a)

Weatherford

International

plc

232

29,217

Williams

Cos,

Inc

1,242

1,402

World

Fuel

Services

Corp

36

TOTAL

ENERGY

48,407

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.4%

1,964

Acadia

Realty

Trust

35

2,147

Agree

Realty

Corp

133

1,433

Alexander

&

Baldwin,

Inc

24

113

Alexander's,

Inc

25

4,161

Alexandria

Real

Estate

Equities,

Inc

487

1,558

Alpine

Income

Property

Trust,

Inc

24

241

American

Assets

Trust,

Inc

5

23

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,549

American

Healthcare

REIT,

Inc

$

23

7,842

American

Homes

4

Rent

291

11,262

American

Tower

Corp

2,189

7,241

Americold

Realty

Trust,

Inc

185

1,091

(a)

Apartment

Investment

and

Management

Co

9

4,526

Apple

Hospitality

REIT,

Inc

66

1,658

Armada

Hoffler

Properties,

Inc

18

3,405

AvalonBay

Communities,

Inc

705

3,769

Boston

Properties,

Inc

232

10,878

Braemar

Hotels

&

Resorts,

Inc

28

3,704

Brandywine

Realty

Trust

17

6,210

Brixmor

Property

Group,

Inc

143

4,091

Broadstone

Net

Lease,

Inc

65

552

BRT

Apartments

Corp

10

2,484

Camden

Property

Trust

271

3,211

CareTrust

REIT,

Inc

81

1,043

CBL

&

Associates

Properties,

Inc

24

460

Centerspace

31

1,449

Chatham

Lodging

Trust

12

1,087

City

Office

REIT,

Inc

5

544

Clipper

Realty,

Inc

2

753

Community

Healthcare

Trust,

Inc

18

2,602

Corporate

Office

Properties

Trust

65

4,434

Cousins

Properties,

Inc

103

10,583

Crown

Castle,

Inc

1,034

588

(b)

CTO

Realty

Growth,

Inc

10

5,793

CubeSmart

262

7,193

DiamondRock

Hospitality

Co

61

7,652

Digital

Realty

Trust,

Inc

1,164

7,300

Diversified

Healthcare

Trust

22

4,303

Douglas

Emmett,

Inc

57

1,724

Easterly

Government

Properties,

Inc

21

1,084

EastGroup

Properties,

Inc

184

3,522

Empire

State

Realty

Trust,

Inc

33

1,203

EPR

Properties

51

2,279

Equinix,

Inc

1,724

2,060

(a)

Equity

Commonwealth

40

4,198

Equity

Lifestyle

Properties,

Inc

273

9,067

Equity

Residential

629

4,151

Essential

Properties

Realty

Trust,

Inc

115

1,559

Essex

Property

Trust,

Inc

424

5,053

Extra

Space

Storage,

Inc

785

967

(b)

Farmland

Partners,

Inc

11

1,812

Federal

Realty

Investment

Trust

183

3,144

First

Industrial

Realty

Trust,

Inc

149

1,561

Four

Corners

Property

Trust,

Inc

39

5,692

Gaming

and

Leisure

Properties,

Inc

257

1,064

Getty

Realty

Corp

28

881

Gladstone

Commercial

Corp

13

815

Gladstone

Land

Corp

11

1,479

Global

Medical

REIT,

Inc

13

4,782

Global

Net

Lease,

Inc

35

7,674

Healthcare

Realty

Trust,

Inc

127

17,994

Healthpeak

Properties,

Inc

353

2,503

Highwoods

Properties,

Inc

66

16,728

Host

Hotels

&

Resorts

Inc

301

3,600

Hudson

Pacific

Properties,

Inc

17

5,802

Independence

Realty

Trust,

Inc

109

821

Innovative

Industrial

Properties,

Inc

90

1,587

InvenTrust

Properties

Corp

39

15,137

Invitation

Homes,

Inc

543

7,001

Iron

Mountain,

Inc

627

Stock

Index

Account

June

30,

2024

24

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

577

JBG

SMITH

Properties

$

9

2,453

Kilroy

Realty

Corp

77

15,811

Kimco

Realty

Corp

308

4,843

Kite

Realty

Group

Trust

108

2,210

Lamar

Advertising

Co

264

6,924

Lexington

Realty

Trust

63

838

LTC

Properties,

Inc

29

6,081

Macerich

Co

94

1,163

Mack-Cali

Realty

Corp

17

16,419

Medical

Properties

Trust,

Inc

71

2,787

Mid-America

Apartment

Communities,

Inc

397

986

National

Health

Investors,

Inc

67

4,094

National

Retail

Properties,

Inc

174

2,086

National

Storage

Affiliates

Trust

86

336

NET

Lease

Office

Properties

8

1,788

NETSTREIT

Corp

29

662

NexPoint

Residential

Trust,

Inc

26

5,263

Omega

Healthcare

Investors,

Inc

180

574

One

Liberty

Properties,

Inc

14

1,597

Orion

Office

REIT,

Inc

6

2,970

Outfront

Media,

Inc

43

4,579

Paramount

Group,

Inc

21

4,924

Park

Hotels

&

Resorts,

Inc

74

738

Peakstone

Realty

Trust

8

4,334

Pebblebrook

Hotel

Trust

60

2,989

Phillips

Edison

&

Co,

Inc

98

3,343

Piedmont

Office

Realty

Trust,

Inc

24

628

Plymouth

Industrial

REIT,

Inc

13

1,168

Postal

Realty

Trust,

Inc

16

1,831

PotlatchDeltic

Corp

72

22,270

Prologis,

Inc

2,501

3,798

Public

Storage,

Inc

1,093

3,541

Rayonier,

Inc

103

21,112

Realty

Income

Corp

1,115

4,213

Regency

Centers

Corp

262

1,303

Retail

Opportunity

Investments

Corp

16

5,133

Rexford

Industrial

Realty,

Inc

229

2,146

RLJ

Lodging

Trust

21

1,525

Ryman

Hospitality

Properties,

Inc

152

4,837

Sabra

Health

Care

REIT,

Inc

75

830

Safehold,

Inc

16

392

Saul

Centers,

Inc

14

2,579

SBA

Communications

Corp

506

742

Service

Properties

Trust

4

7,767

Simon

Property

Group,

Inc

1,179

6,051

SITE

Centers

Corp

88

1,278

SL

Green

Realty

Corp

72

4,481

STAG

Industrial,

Inc

162

235

(a)

Star

Holdings

3

3,928

Summit

Hotel

Properties,

Inc

24

2,965

Sun

Communities,

Inc

357

4,521

Sunstone

Hotel

Investors,

Inc

47

2,916

Tanger

Factory

Outlet

Centers,

Inc

79

2,271

Terreno

Realty

Corp

134

7,879

UDR,

Inc

324

994

UMH

Properties,

Inc

16

3,786

Uniti

Group,

Inc

11

294

Universal

Health

Realty

Income

Trust

12

3,855

Urban

Edge

Properties

71

9,861

Ventas,

Inc

506

24,615

(d)

VICI

Properties,

Inc

705

4,805

Vornado

Realty

Trust

126

25

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,097

Washington

REIT

$

33

14,202

(d)

Welltower,

Inc

1,481

17,732

Weyerhaeuser

Co

503

1,293

Whitestone

REIT

17

5,004

WP

Carey,

Inc

276

994

Xenia

Hotels

&

Resorts,

Inc

14

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

30,029

FINANCIAL

SERVICES

-

7.3%

758

Affiliated

Managers

Group,

Inc

118

5,810

(a)

Affirm

Holdings,

Inc

176

16,611

(b)

AGNC

Investment

Corp

158

315

Alerus

Financial

Corp

6

6,587

Ally

Financial,

Inc

261

406

A-Mark

Precious

Metals,

Inc

13

13,636

American

Express

Co

3,157

2,407

Ameriprise

Financial,

Inc

1,028

12,637

Annaly

Capital

Management,

Inc

241

3,041

Apollo

Commercial

Real

Estate

Finance,

Inc

30

12,382

Apollo

Global

Management,

Inc

1,462

3,729

Arbor

Realty

Trust,

Inc

54

1,014

Ares

Commercial

Real

Estate

Corp

7

4,280

Ares

Management

Corp

570

412

ARMOUR

Residential

REIT,

Inc

8

1,731

Artisan

Partners

Asset

Management,

Inc

71

802

(a)

AssetMark

Financial

Holdings,

Inc

28

3,908

(a)

AvidXchange

Holdings,

Inc

47

1,276

B

Riley

Financial,

Inc

23

13

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

0

^

17,979

Bank

of

New

York

Mellon

Corp

1,077

43,959

(a)

Berkshire

Hathaway,

Inc

17,883

8,951

BGC

Group,

Inc

74

3,546

BlackRock,

Inc

2,792

4,136

Blackstone

Mortgage

Trust,

Inc

72

17,087

Blackstone,

Inc

2,115

13,479

(a)

Block,

Inc

869

11,576

Blue

Owl

Capital,

Inc

205

1,184

Bread

Financial

Holdings,

Inc

53

1,604

Brightsphere

Investment

Group,

Inc

36

3,033

BrightSpire

Capital,

Inc

17

4,774

Burford

Capital

Ltd

62

2,523

Cannae

Holdings,

Inc

46

1,535

(a)

Cantaloupe,

Inc

10

9,150

Capital

One

Financial

Corp

1,267

5,682

Carlyle

Group,

Inc

228

576

Cass

Information

Systems,

Inc

23

2,571

Cboe

Global

Markets,

Inc

437

35,495

Charles

Schwab

Corp

2,616

1,947

Chimera

Investment

Corp

25

2,359

Claros

Mortgage

Trust,

Inc

19

8,570

CME

Group,

Inc

1,685

853

Cohen

&

Steers,

Inc

62

4,738

(a)

Coinbase

Global,

Inc

1,053

1,463

Compass

Diversified

Trust

32

5,897

Corebridge

Financial,

Inc

172

1,711

(a)

Corpay,

Inc

456

129

(a)

Credit

Acceptance

Corp

66

118

Diamond

Hill

Investment

Group,

Inc

17

6,151

Discover

Financial

Services

805

445

(a)

Donnelley

Financial

Solutions,

Inc

27

620

Dynex

Capital,

Inc

7

1,030

(b)

Ellington

Financial,

Inc

12

Stock

Index

Account

June

30,

2024

26

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

215

Enact

Holdings,

Inc

$

7

553

(a)

Encore

Capital

Group,

Inc

23

613

(a)

Enova

International,

Inc

38

7,778

Equitable

Holdings,

Inc

318

2,494

Essent

Group

Ltd

140

1,004

(a)

Euronet

Worldwide,

Inc

104

904

Evercore

Partners,

Inc

(Class

A)

188

1,923

EVERTEC,

Inc

64

917

Factset

Research

Systems,

Inc

374

120

Federal

Agricultural

Mortgage

Corp

(FAMC)

22

13,494

Fidelity

National

Information

Services,

Inc

1,017

848

FirstCash

Holdings,

Inc

89

13,986

(a)

Fiserv,

Inc

2,084

2,549

(a)

Flywire

Corp

42

481

(a),(b)

Forge

Global

Holdings,

Inc

1

48

Franklin

BSP

Realty

Trust,

Inc

1

6,849

Franklin

Resources,

Inc

153

559

GCM

Grosvenor,

Inc

5

6,332

Global

Payments,

Inc

612

7,574

Goldman

Sachs

Group,

Inc

3,426

1,667

Granite

Point

Mortgage

Trust,

Inc

5

1,775

(a)

Green

Dot

Corp

17

904

Hamilton

Lane,

Inc

112

2,171

(b)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

64

1,184

Houlihan

Lokey,

Inc

160

1,910

(a)

Hut

8

Corp

29

351

(a)

I3

Verticals,

Inc

8

2,433

Interactive

Brokers

Group,

Inc

(Class

A)

298

13,636

Intercontinental

Exchange,

Inc

1,867

677

(a)

International

Money

Express,

Inc

14

8,781

Invesco

Ltd

131

645

(b)

Invesco

Mortgage

Capital,

Inc

6

1,860

Jack

Henry

&

Associates,

Inc

309

2,026

Jackson

Financial,

Inc

150

3,234

Janus

Henderson

Group

plc

109

4,323

Jefferies

Financial

Group,

Inc

215

16,167

KKR

&

Co,

Inc

1,701

933

KKR

Real

Estate

Finance

Trust,

Inc

8

2,645

Ladder

Capital

Corp

30

2,463

Lazard,

Inc

94

2,865

(a)

LendingClub

Corp

24

334

(a)

LendingTree,

Inc

14

1,798

LPL

Financial

Holdings,

Inc

502

965

MarketAxess

Holdings,

Inc

194

11,987

(a)

Marqeta,

Inc

66

19,862

Mastercard,

Inc

(Class

A)

8,762

77

Merchants

Bancorp

3

2,348

MFA

Financial,

Inc

25

7,150

MGIC

Investment

Corp

154

1,603

Moelis

&

Co

91

202

(a)

Moneylion,

Inc

15

3,792

Moody's

Corp

1,596

27,879

Morgan

Stanley

2,710

584

Morningstar,

Inc

173

1,830

(a)

Mr

Cooper

Group,

Inc

149

1,879

MSCI,

Inc

(Class

A)

905

8,811

Nasdaq

Stock

Market,

Inc

531

609

Navient

Corp

9

1,078

(a)

NCR

Corp

ATM

29

249

Nelnet,

Inc

(Class

A)

25

619

(a)

NerdWallet,

Inc

9

2,274

New

York

Mortgage

Trust,

Inc

13

27

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,265

(a)

NMI

Holdings,

Inc

$

77

4,855

Northern

Trust

Corp

408

2,990

OneMain

Holdings,

Inc

145

3,011

(a)

Open

Lending

Corp

17

651

Orchid

Island

Capital,

Inc

5

1,141

P10,

Inc

10

5,269

(a)

Pagseguro

Digital

Ltd

62

1,422

Patria

Investments

Ltd

17

5,249

(a)

Payoneer

Global,

Inc

29

25,131

(a)

PayPal

Holdings,

Inc

1,458

1,007

(a)

Paysafe

Ltd

18

750

PennyMac

Financial

Services,

Inc

71

2,070

PennyMac

Mortgage

Investment

Trust

28

745

Perella

Weinberg

Partners

12

419

Piper

Jaffray

Cos

96

727

PJT

Partners,

Inc

78

684

(a)

PRA

Group,

Inc

13

750

PROG

Holdings,

Inc

26

4,226

Radian

Group,

Inc

131

4,513

Raymond

James

Financial,

Inc

558

3,562

Ready

Capital

Corp

29

2,761

Redwood

Trust,

Inc

18

383

Regional

Management

Corp

11

3,564

(a)

Remitly

Global,

Inc

43

2,014

(a)

Repay

Holdings

Corp

21

11,204

Rithm

Capital

Corp

122

15,885

(a)

Robinhood

Markets,

Inc

361

3,914

(a)

Rocket

Cos,

Inc

54

7,571

S&P

Global,

Inc

3,377

2,167

SEI

Investments

Co

140

1,262

(a),(b)

Shift4

Payments,

Inc

93

6,060

SLM

Corp

126

22,427

(a),(b)

SoFi

Technologies,

Inc

148

7,310

Starwood

Property

Trust,

Inc

138

7,235

State

Street

Corp

535

1,257

StepStone

Group,

Inc

58

2,468

Stifel

Financial

Corp

208

6,153

(a)

StoneCo

Ltd

74

901

(a)

StoneX

Group,

Inc

68

87

(a)

SWK

Holdings

Corp

2

9,625

Synchrony

Financial

454

5,251

T

Rowe

Price

Group,

Inc

606

2,205

TFS

Financial

Corp

28

10,647

(a)

Toast,

Inc

274

1,884

TPG

RE

Finance

Trust,

Inc

16

1,717

TPG,

Inc

71

2,601

Tradeweb

Markets,

Inc

276

2,103

Two

Harbors

Investment

Corp

28

2,095

(a),(b)

Upstart

Holdings,

Inc

49

2,181

(b)

UWM

Holdings

Corp

15

711

Victory

Capital

Holdings,

Inc

34

1,980

Virtu

Financial,

Inc

44

255

Virtus

Investment

Partners,

Inc

58

37,843

Visa,

Inc

(Class

A)

9,933

2,158

Voya

Financial,

Inc

154

771

Walker

&

Dunlop,

Inc

76

1,032

Waterstone

Financial,

Inc

13

8,485

Western

Union

Co

104

953

(a)

WEX,

Inc

169

4,611

WisdomTree,

Inc

46

160

(a)

World

Acceptance

Corp

20

Stock

Index

Account

June

30,

2024

28

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,792

XP,

Inc

$

172

TOTAL

FINANCIAL

SERVICES

93,337

FOOD,

BEVERAGE

&

TOBACCO

-

2.4%

41,274

Altria

Group,

Inc

1,880

11,837

Archer-Daniels-Midland

Co

716

1,674

B&G

Foods,

Inc

(Class

A)

14

1,699

(a),(b)

Beyond

Meat,

Inc

11

206

(a)

Boston

Beer

Co,

Inc

(Class

A)

63

1,291

Brown-Forman

Corp

(Class

A)

57

4,162

Brown-Forman

Corp

(Class

B)

180

3,406

Bunge

Global

S.A.

364

583

Calavo

Growers,

Inc

13

700

Cal-Maine

Foods,

Inc

43

4,582

Campbell

Soup

Co

207

4,227

(a)

Celsius

Holdings,

Inc

241

93,372

Coca-Cola

Co

5,943

126

Coca-Cola

Consolidated

Inc

137

11,438

ConAgra

Brands,

Inc

325

3,825

Constellation

Brands,

Inc

(Class

A)

984

4,066

(a)

Darling

International,

Inc

149

1,898

Dole

plc

23

705

(a)

Duckhorn

Portfolio,

Inc

5

4,047

Flowers

Foods,

Inc

90

1,252

(a),(b)

Forafric

Global

plc

13

1,151

Fresh

Del

Monte

Produce,

Inc

25

1,117

(a)

Freshpet,

Inc

145

13,210

General

Mills,

Inc

836

2,641

(a)

Hain

Celestial

Group,

Inc

18

3,546

Hershey

Co

652

6,959

Hormel

Foods

Corp

212

1,536

Ingredion,

Inc

176

308

J&J

Snack

Foods

Corp

50

2,480

J.M.

Smucker

Co

270

368

John

B

Sanfilippo

&

Son,

Inc

36

6,298

Kellogg

Co

363

25,432

Keurig

Dr

Pepper,

Inc

849

21,278

Kraft

Heinz

Co

686

3,732

Lamb

Weston

Holdings,

Inc

314

383

Lancaster

Colony

Corp

72

6,128

McCormick

&

Co,

Inc

435

476

MGP

Ingredients,

Inc

35

684

(a)

Mission

Produce,

Inc

7

4,022

Molson

Coors

Brewing

Co

(Class

B)

204

32,159

Mondelez

International,

Inc

2,105

17,809

(a)

Monster

Beverage

Corp

890

607

National

Beverage

Corp

31

33,018

PepsiCo,

Inc

5,446

37,486

Philip

Morris

International,

Inc

3,798

986

(a)

Pilgrim's

Pride

Corp

38

1,066

(a)

Post

Holdings,

Inc

111

2,940

Primo

Water

Corp

64

5

Seaboard

Corp

16

226

(a)

Seneca

Foods

Corp

13

2,221

(a)

Simply

Good

Foods

Co

80

2,448

(a)

SunOpta,

Inc

13

1,691

(a)

TreeHouse

Foods,

Inc

62

310

Turning

Point

Brands,

Inc

10

6,704

Tyson

Foods,

Inc

(Class

A)

383

612

Universal

Corp

30

1,426

Utz

Brands,

Inc

24

3,498

Vector

Group

Ltd

37

29

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

630

(a)

Vita

Coco

Co,

Inc

$

18

689

(a)

Vital

Farms,

Inc

32

1,716

WK

Kellogg

Co

28

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

30,072

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.7%

41,662

Abbott

Laboratories

4,329

2,188

(a)

Acadia

Healthcare

Co,

Inc

148

1,487

(a)

Accolade,

Inc

5

2,296

(a)

AdaptHealth

Corp

23

409

(a)

Addus

HomeCare

Corp

47

7,389

(a)

agilon

health,

Inc

48

1,832

(a)

Align

Technology,

Inc

442

2,083

(a)

Alignment

Healthcare,

Inc

16

2,458

(a)

Alphatec

Holdings,

Inc

26

768

(a)

Amedisys,

Inc

70

4,061

AmerisourceBergen

Corp

915

986

(a)

AMN

Healthcare

Services,

Inc

51

1,310

(a)

Angiodynamics,

Inc

8

1,046

(a)

Apollo

Medical

Holdings,

Inc

42

1,229

(a)

AtriCure,

Inc

28

40

Atrion

Corp

18

1,650

(a)

Avanos

Medical,

Inc

33

1,345

(a)

Aveanna

Healthcare

Holdings,

Inc

4

1,009

(a)

Axogen,

Inc

7

1,185

(a)

Axonics,

Inc

80

11,658

Baxter

International,

Inc

390

6,942

Becton

Dickinson

&

Co

1,622

35,289

(a)

Boston

Scientific

Corp

2,718

1,283

(a)

BrightSpring

Health

Services,

Inc

15

6,211

(a)

Brookdale

Senior

Living,

Inc

42

5,892

Cardinal

Health,

Inc

579

627

(a)

Castle

Biosciences,

Inc

14

12,806

(a)

Centene

Corp

849

3,092

(a)

Certara,

Inc

43

4,212

(a)

Cerus

Corp

7

365

Chemed

Corp

198

6,694

Cigna

Group

2,213

671

Conmed

Corp

47

4,527

(a)

Cooper

Cos,

Inc

395

189

(a)

Corvel

Corp

48

1,273

(a)

Cross

Country

Healthcare,

Inc

18

1,250

(a)

CryoLife,

Inc

32

30,294

CVS

Health

Corp

1,789

1,340

(a)

DaVita,

Inc

186

792

(a)

Definitive

Healthcare

Corp

4

5,191

Dentsply

Sirona,

Inc

129

9,365

(a)

DexCom,

Inc

1,062

2,001

(a)

DocGo,

Inc

6

2,649

(a)

Doximity,

Inc

74

14,375

(a)

Edwards

Lifesciences

Corp

1,328

5,584

Elevance

Health,

Inc

3,026

286

Embecta

Corp

4

2,399

Encompass

Health

Corp

206

1,534

(a)

Enhabit,

Inc

14

1,154

(a)

Enovis

Corp

52

1,277

Ensign

Group,

Inc

158

3,894

(a)

Envista

Holdings

Corp

65

2,165

(a)

Evolent

Health,

Inc

41

3,412

(a)

Figs,

Inc

18

604

(a)

Fulgent

Genetics,

Inc

12

10,023

GE

HealthCare

Technologies,

Inc

781

Stock

Index

Account

June

30,

2024

30

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,276

(a)

Glaukos

Corp

$

151

3,018

(a)

Globus

Medical,

Inc

207

2,679

(a)

Guardant

Health,

Inc

77

967

(a)

Haemonetics

Corp

80

4,641

HCA,

Inc

1,491

1,262

(a)

Health

Catalyst,

Inc

8

1,908

(a)

HealthEquity,

Inc

164

1,071

HealthStream,

Inc

30

3,070

(a)

Henry

Schein,

Inc

197

4,521

(a)

Hims

&

Hers

Health,

Inc

91

5,445

(a)

Hologic,

Inc

404

2,896

Humana,

Inc

1,082

588

(a)

ICU

Medical,

Inc

70

1,962

(a)

IDEXX

Laboratories,

Inc

956

1,298

(a)

Inari

Medical,

Inc

62

1,801

(a)

InfuSystem

Holdings,

Inc

12

2,055

(a)

Inmode

Ltd

37

316

(a)

Innovage

Holding

Corp

2

672

(a)

Inogen,

Inc

5

734

(a)

Inspire

Medical

Systems,

Inc

98

1,673

(a)

Insulet

Corp

338

935

(a)

Integer

Holdings

Corp

108

1,812

(a)

Integra

LifeSciences

Holdings

Corp

53

8,482

(a)

Intuitive

Surgical,

Inc

3,773

818

(a)

iRhythm

Technologies,

Inc

88

390

(a)

Joint

Corp

5

2,134

Labcorp

Holdings,

Inc

434

1,538

(a)

Lantheus

Holdings,

Inc

123

562

LeMaitre

Vascular,

Inc

46

1,759

(a)

LifeStance

Health

Group,

Inc

9

874

(a)

LivaNova

plc

48

1,202

(a)

Masimo

Corp

151

3,178

McKesson

Corp

1,856

31,923

Medtronic

plc

2,513

1,360

(a)

Merit

Medical

Systems,

Inc

117

426

(a)

ModivCare,

Inc

11

1,325

(a)

Molina

Healthcare,

Inc

394

1,138

(a),(b)

Nano-X

Imaging

Ltd

8

212

National

Healthcare

Corp

23

357

National

Research

Corp

8

5,732

(a)

Neogen

Corp

90

3,250

(a)

NeoGenomics,

Inc

45

1,074

(a)

Nevro

Corp

9

2,637

(a)

Novocure

Ltd

45

1,291

(a)

Omnicell,

Inc

35

13,300

(a),(b)

Opko

Health,

Inc

17

578

(a)

OptimizeRx

Corp

6

3,932

(a)

Option

Care

Health,

Inc

109

2,181

(a)

OraSure

Technologies,

Inc

9

945

(a)

Orthofix

Medical,

Inc

13

357

(a)

OrthoPediatrics

Corp

10

2,217

(a)

Owens

&

Minor,

Inc

30

593

(a)

PACS

Group,

Inc

17

1,177

(a)

Paragon

28,

Inc

8

1,971

Patterson

Cos,

Inc

48

1,877

(a)

Pediatrix

Medical

Group,

Inc

14

942

(a)

Pennant

Group,

Inc

22

903

(a)

Penumbra,

Inc

163

619

(a)

PetIQ,

Inc

14

1,246

(a)

Phreesia,

Inc

26

2,266

Premier,

Inc

42

2,886

(a)

Privia

Health

Group,

Inc

50

31

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

670

(a)

PROCEPT

BioRobotics

Corp

$

41

1,851

(a)

Progyny,

Inc

53

3,887

(a)

Project

Roadrunner

Parent,

Inc

49

711

(a)

Pulmonx

Corp

4

324

(a),(b)

Pulse

Biosciences,

Inc

4

2,585

Quest

Diagnostics,

Inc

354

1,394

(a)

QuidelOrtho

Corp

46

1,510

(a)

RadNet,

Inc

89

3,423

Resmed,

Inc

655

558

(a)

RxSight,

Inc

34

448

(a)

Sanara

Medtech,

Inc

13

1,342

(a)

Schrodinger,

Inc

26

1,967

Select

Medical

Holdings

Corp

69

815

(a)

SI-BONE,

Inc

11

987

(a)

Silk

Road

Medical,

Inc

27

414

Simulations

Plus,

Inc

20

3,381

(a)

Solventum

Corp

179

1,339

(a)

STAAR

Surgical

Co

64

2,404

STERIS

plc

528

8,687

Stryker

Corp

2,956

1,791

(a)

Surgery

Partners,

Inc

43

516

(a)

SurModics,

Inc

22

468

(a)

Tactile

Systems

Technology,

Inc

6

1,480

(a)

Tandem

Diabetes

Care,

Inc

60

4,752

(a)

Teladoc

Health,

Inc

46

1,106

Teleflex,

Inc

233

2,464

(a)

Tenet

Healthcare

Corp

328

604

(a)

TransMedics

Group,

Inc

91

803

(a)

Treace

Medical

Concepts,

Inc

5

226

(a)

UFP

Technologies,

Inc

60

22,087

UnitedHealth

Group,

Inc

11,248

1,487

Universal

Health

Services,

Inc

(Class

B)

275

468

US

Physical

Therapy,

Inc

43

149

Utah

Medical

Products,

Inc

10

1,492

(a)

Varex

Imaging

Corp

22

3,417

(a)

Veeva

Systems,

Inc

625

4,908

Zimmer

Biomet

Holdings,

Inc

533

56

(a)

Zimvie,

Inc

1

1,048

(a),(b)

Zynex,

Inc

10

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

59,560

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1.2%

3,194

(a)

BellRing

Brands,

Inc

183

400

(a)

Central

Garden

&

Pet

Co

15

1,807

(a)

Central

Garden

and

Pet

Co

(Class

A)

60

5,904

Church

&

Dwight

Co,

Inc

612

3,103

Clorox

Co

423

19,537

Colgate-Palmolive

Co

1,896

9,161

(a)

Coty,

Inc

92

1,561

Edgewell

Personal

Care

Co

63

1,333

(a)

elf

Beauty,

Inc

281

952

Energizer

Holdings,

Inc

28

5,675

Estee

Lauder

Cos

(Class

A)

604

622

(a)

Herbalife

Ltd

6

345

Inter

Parfums,

Inc

40

47,245

Kenvue,

Inc

859

8,074

Kimberly-Clark

Corp

1,116

366

Medifast,

Inc

8

537

(a)

Nature's

Sunshine

Products,

Inc

8

142

Nu

Skin

Enterprises,

Inc

(Class

A)

2

3,350

(a)

Olaplex

Holdings,

Inc

5

56,662

Procter

&

Gamble

Co

9,345

Stock

Index

Account

June

30,

2024

32

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,260

Reynolds

Consumer

Products,

Inc

$

35

637

Spectrum

Brands

Holdings,

Inc

55

426

(a)

USANA

Health

Sciences,

Inc

19

292

WD-40

Co

64

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

15,819

INSURANCE

-

2.1%

13,733

Aflac,

Inc

1,227

6,308

Allstate

Corp

1,007

1,747

(a)

AMBAC

Financial

Group,

Inc

22

1,653

American

Financial

Group,

Inc

203

16,181

American

International

Group,

Inc

1,201

30

Amerisafe,

Inc

1

4,767

Aon

plc

1,400

8,722

(a)

Arch

Capital

Group

Ltd

880

1,099

Assurant,

Inc

183

1,075

Assured

Guaranty

Ltd

83

1,520

Axis

Capital

Holdings

Ltd

107

1,482

(a)

Brighthouse

Financial,

Inc

64

5,625

Brown

&

Brown,

Inc

503

1,510

(a)

BRP

Group,

Inc

54

9,762

Chubb

Ltd

2,490

3,675

Cincinnati

Financial

Corp

434

125

CNA

Financial

Corp

6

2,368

CNO

Financial

Group,

Inc

66

406

Donegal

Group,

Inc

(Class

A)

5

176

Employers

Holdings,

Inc

8

302

(a)

Enstar

Group

Ltd

92

1,034

Everest

Re

Group

Ltd

394

496

F&G

Annuities

&

Life,

Inc

19

1,154

Fidelis

Insurance

Holdings

Ltd

19

6,359

Fidelity

National

Financial,

Inc

314

2,403

First

American

Financial

Corp

130

5,221

Gallagher

(Arthur

J.)

&

Co

1,354

9,101

(a)

Genworth

Financial,

Inc

(Class

A)

55

2,154

Globe

Life,

Inc

177

1,239

(a)

GoHealth,

Inc

12

512

(a)

Goosehead

Insurance,

Inc

29

621

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

8

857

Hanover

Insurance

Group,

Inc

108

7,327

Hartford

Financial

Services

Group,

Inc

737

290

HCI

Group,

Inc

27

348

(a)

Hippo

Holdings,

Inc

6

530

Horace

Mann

Educators

Corp

17

62

Investors

Title

Co

11

865

James

River

Group

Holdings

Ltd

7

1,556

Kemper

Corp

92

544

Kinsale

Capital

Group,

Inc

210

1,146

(a),(b)

Lemonade,

Inc

19

4,071

Lincoln

National

Corp

127

4,389

Loews

Corp

328

317

(a)

Markel

Corp

499

11,893

Marsh

&

McLennan

Cos,

Inc

2,506

2,049

MBIA,

Inc

11

754

Mercury

General

Corp

40

14,317

Metlife,

Inc

1,005

14

National

Western

Life

Group,

Inc

7

394

(a)

NI

Holdings,

Inc

6

6,154

Old

Republic

International

Corp

190

3,765

(a)

Oscar

Health,

Inc

60

682

(a)

Palomar

Holdings,

Inc

55

838

Primerica,

Inc

198

33

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

5,600

Principal

Financial

Group

$

439

1,956

(a)

ProAssurance

Corp

24

14,054

Progressive

Corp

2,919

8,629

Prudential

Financial,

Inc

1,011

1,571

Reinsurance

Group

of

America,

Inc

(Class

A)

322

1,234

RenaissanceRe

Holdings

Ltd

276

994

RLI

Corp

140

543

(a)

Root,

Inc

28

2,077

Ryan

Specialty

Holdings,

Inc

120

192

Safety

Insurance

Group,

Inc

14

1,288

Selective

Insurance

Group,

Inc

121

3,622

(a)

Selectquote,

Inc

10

827

(a)

SiriusPoint

Ltd

10

648

(a)

Skyward

Specialty

Insurance

Group,

Inc

23

815

Stewart

Information

Services

Corp

51

1,255

Tiptree,

Inc

21

5,580

Travelers

Cos,

Inc

1,135

1,119

(a)

Trupanion,

Inc

33

844

United

Fire

Group,

Inc

18

1,340

Universal

Insurance

Holdings,

Inc

25

4,233

Unum

Group

216

4,971

W.R.

Berkley

Corp

391

54

White

Mountains

Insurance

Group

Ltd

98

2,444

Willis

Towers

Watson

plc

641

TOTAL

INSURANCE

26,899

MATERIALS

-

2.5%

889

AdvanSix,

Inc

20

5,417

Air

Products

&

Chemicals,

Inc

1,398

2,805

Albemarle

Corp

268

4,298

Alcoa

Corp

171

3,295

(a)

Allegheny

Technologies,

Inc

183

300

Alpha

Metallurgical

Resources,

Inc

84

34,519

Amcor

plc

338

1,143

American

Vanguard

Corp

10

1,496

Aptargroup,

Inc

211

19,068

(a)

Arcadium

Lithium

plc

64

402

Arch

Resources,

Inc

61

4,201

Ardagh

Metal

Packaging

S.A.

14

1,363

Ashland,

Inc

129

562

(a)

Aspen

Aerogels,

Inc

13

1,841

Avery

Dennison

Corp

403

2,152

Avient

Corp

94

4,706

(a)

Axalta

Coating

Systems

Ltd

161

794

Balchem

Corp

122

7,671

Ball

Corp

460

2,439

Berry

Global

Group,

Inc

144

1,280

Cabot

Corp

118

1,242

Carpenter

Technology

Corp

136

2,649

Celanese

Corp

(Series

A)

357

1,274

(a)

Century

Aluminum

Co

21

4,704

CF

Industries

Holdings,

Inc

349

3,126

Chemours

Co

71

623

(a)

Clearwater

Paper

Corp

30

11,798

(a)

Cleveland-Cliffs,

Inc

182

6,825

(a)

Coeur

Mining,

Inc

38

2,747

Commercial

Metals

Co

151

1,021

Compass

Minerals

International,

Inc

11

3,080

(a)

Constellium

SE

58

99

(a)

Contango

ORE,

Inc

2

17,198

Corteva,

Inc

928

16,495

CRH

plc

1,237

Stock

Index

Account

June

30,

2024

34

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,539

Crown

Holdings,

Inc

$

189

16,896

Dow,

Inc

896

10,039

DuPont

de

Nemours,

Inc

808

820

Eagle

Materials,

Inc

178

2,807

Eastman

Chemical

Co

275

5,925

Ecolab,

Inc

1,410

890

(a)

Ecovyst,

Inc

8

6,085

Element

Solutions,

Inc

165

2,829

FMC

Corp

163

34,365

Freeport-McMoRan,

Inc

(Class

B)

1,670

954

FutureFuel

Corp

5

7,879

Graphic

Packaging

Holding

Co

207

563

Greif,

Inc

(Class

A)

32

203

Greif,

Inc

(Class

B)

13

1,239

H.B.

Fuller

Co

95

461

Hawkins,

Inc

42

76

Haynes

International,

Inc

4

16,414

Hecla

Mining

Co

80

3,500

Huntsman

Corp

80

5,121

(a)

i-80

Gold

Corp

6

915

(a)

Ingevity

Corp

40

586

Innospec,

Inc

72

6,138

International

Flavors

&

Fragrances,

Inc

584

8,369

International

Paper

Co

361

362

(a)

Intrepid

Potash,

Inc

8

1,480

(a)

Ivanhoe

Electric,

Inc

14

381

Kaiser

Aluminum

Corp

33

1,339

(a)

Knife

River

Corp

94

850

Koppers

Holdings,

Inc

31

893

Kronos

Worldwide,

Inc

11

11,539

Linde

plc

5,063

1,747

Louisiana-Pacific

Corp

144

952

(a)

LSB

Industries,

Inc

8

6,249

LyondellBasell

Industries

NV

598

1,468

Martin

Marietta

Materials,

Inc

795

467

Materion

Corp

50

1,284

(a)

Metals

Acquisition

Ltd

18

758

Minerals

Technologies,

Inc

63

7,822

Mosaic

Co

226

2,475

(a),(b)

MP

Materials

Corp

32

871

Myers

Industries,

Inc

12

126

NewMarket

Corp

65

28,191

Newmont

Goldcorp

Corp

1,180

192

(a)

Novagold

Resources,

Inc

1

5,754

Nucor

Corp

910

3,476

(a)

O-I

Glass,

Inc

39

2,933

Olin

Corp

138

395

Olympic

Steel,

Inc

18

2,087

Orion

S.A.

46

2,168

Packaging

Corp

of

America

396

728

Pactiv

Evergreen,

Inc

8

3,762

(a)

Perimeter

Solutions

S.A.

29

464

(a),(b)

Piedmont

Lithium,

Inc

5

5,413

PPG

Industries,

Inc

681

2,935

(a)

PureCycle

Technologies,

Inc

17

452

Quaker

Chemical

Corp

77

646

Ramaco

Resources,

Inc

8

128

Ramaco

Resources,

Inc

1

821

(a)

Ranpak

Holdings

Corp

5

1,744

(a)

Rayonier

Advanced

Materials,

Inc

9

1,410

Reliance

Steel

&

Aluminum

Co

403

1,545

Royal

Gold,

Inc

193

35

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,901

RPM

International,

Inc

$

312

592

Ryerson

Holding

Corp

12

941

Schnitzer

Steel

Industries,

Inc

(Class

A)

14

1,637

Schweitzer-Mauduit

International,

Inc

28

1,019

Scotts

Miracle-Gro

Co

(Class

A)

66

3,590

Sealed

Air

Corp

125

1,015

Sensient

Technologies

Corp

75

5,632

Sherwin-Williams

Co

1,681

1,821

Silgan

Holdings,

Inc

77

2,169

Sonoco

Products

Co

110

2,186

Southern

Copper

Corp

236

3,190

SSR

Mining,

Inc

14

3,762

Steel

Dynamics,

Inc

487

479

Stepan

Co

40

3,454

(a)

Summit

Materials,

Inc

126

2,524

SunCoke

Energy,

Inc

25

905

Sylvamo

Corp

62

1,535

(a)

TimkenSteel

Corp

31

1,164

Tredegar

Corp

6

361

Trimas

Corp

9

2,830

Tronox

Holdings

plc

44

66

United

States

Lime

&

Minerals,

Inc

24

5,082

United

States

Steel

Corp

192

3,176

Vulcan

Materials

Co

790

1,235

Warrior

Met

Coal,

Inc

78

886

Westlake

Chemical

Corp

128

6,139

Westrock

Co

309

858

Worthington

Industries,

Inc

41

858

Worthington

Steel,

Inc

29

TOTAL

MATERIALS

32,020

MEDIA

&

ENTERTAINMENT

-

7.8%

1,783

(a)

Advantage

Solutions,

Inc

6

118,295

Alphabet,

Inc

21,698

141,171

Alphabet,

Inc

(Class

A)

25,714

6,627

(a)

AMC

Entertainment

Holdings,

Inc

33

921

(a)

AMC

Networks,

Inc

9

428

(a)

Atlanta

Braves

Holdings,

Inc

18

1,596

(a)

Atlanta

Braves

Holdings,

Inc

63

353

(a)

Boston

Omaha

Corp

5

2,348

(a)

Bumble,

Inc

25

134

(b)

Cable

One,

Inc

47

2,709

(a)

Cargurus,

Inc

71

2,223

(a)

Cars.com,

Inc

44

2,253

(a)

Charter

Communications,

Inc

674

3,434

(a)

Cinemark

Holdings,

Inc

74

10,518

(a)

Clear

Channel

Outdoor

Holdings,

Inc

15

93,463

Comcast

Corp

(Class

A)

3,660

46

(a)

Daily

Journal

Corp

18

6,530

Electronic

Arts,

Inc

910

2,637

Entravision

Communications

Corp

(Class

A)

5

2,165

(a)

Eventbrite,

Inc

10

452

(a)

EverQuote,

Inc

9

1,941

(a)

EW

Scripps

Co

(Class

A)

6

6,158

Fox

Corp

(Class

A)

212

3,832

Fox

Corp

(Class

B)

123

7,295

(a),(b)

fuboTV,

Inc

9

4,050

(a)

Gannett

Co,

Inc

19

2,117

Gray

Television,

Inc

11

2,290

(a)

IAC,

Inc

107

1,677

(a)

IMAX

Corp

28

1,209

(a)

Integral

Ad

Science

Holding

Corp

12

Stock

Index

Account

June

30,

2024

36

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,042

Interpublic

Group

of

Cos,

Inc

$

263

1,411

John

Wiley

&

Sons,

Inc

(Class

A)

57

3,122

(a)

Liberty

Broadband

Corp

171

337

(a)

Liberty

Broadband

Corp

(Class

A)

18

300

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

19

4,828

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

347

489

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

18

1,236

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

47

4,032

(a)

Liberty

Media

Corp-Liberty

SiriusXM

89

1,910

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

42

2,000

(a)

Lions

Gate

Entertainment

Corp

(Class

A)

19

3,835

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

33

3,897

(a)

Live

Nation,

Inc

365

832

(a)

Madison

Square

Garden

Entertainment

Corp

29

456

(a)

Madison

Square

Garden

Sports

Corp

86

3,683

(a)

Magnite,

Inc

49

736

Marcus

Corp

8

6,357

(a)

Match

Group,

Inc

193

494

(a)

MediaAlpha,

Inc

7

52,624

Meta

Platforms,

Inc

26,534

10,293

(a)

NetFlix,

Inc

6,947

3,543

New

York

Times

Co

(Class

A)

181

9,283

News

Corp

(Class

A)

256

3,112

News

Corp

(Class

B)

88

805

Nexstar

Media

Group,

Inc

134

3,861

(a)

Nextdoor

Holdings,

Inc

11

4,734

Omnicom

Group,

Inc

425

244

Paramount

Global

(Class

A)

5

12,438

Paramount

Global

(Class

B)

129

14,078

(a)

Pinterest,

Inc

620

2,020

(a)

Playstudios,

Inc

4

2,676

Playtika

Holding

Corp

21

1,094

(a)

PubMatic,

Inc

22

1,192

(a)

QuinStreet,

Inc

20

12,265

(a)

ROBLOX

Corp

456

3,076

(a)

Roku,

Inc

184

1,096

Scholastic

Corp

39

719

Shutterstock,

Inc

28

132

(b)

Sinclair,

Inc

2

14,668

(b)

Sirius

XM

Holdings,

Inc

42

832

(a)

Sphere

Entertainment

Co

29

3,413

(a)

Spotify

Technology

S.A.

1,071

1,585

(a)

Stagwell,

Inc

11

3,971

(a)

Take-Two

Interactive

Software,

Inc

617

708

(a)

TechTarget,

Inc

22

3,825

TEGNA,

Inc

53

612

(a)

Thryv

Holdings,

Inc

11

1,894

TKO

Group

Holdings,

Inc

205

2,932

(a)

TripAdvisor,

Inc

52

2,406

(a)

TrueCar,

Inc

8

1,384

(a)

Trump

Media

&

Technology

Group

Corp

45

3,939

(a)

Vimeo,

Inc

15

44,106

Walt

Disney

Co

4,379

59,079

(a)

Warner

Bros

Discovery,

Inc

440

1,263

(a)

WideOpenWest,

Inc

7

2,109

(a)

Yelp,

Inc

78

1,245

(a)

Ziff

Davis,

Inc

69

1,977

(a)

ZipRecruiter,

Inc

18

7,616

(a)

ZoomInfo

Technologies,

Inc

97

TOTAL

MEDIA

&

ENTERTAINMENT

98,870

37

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7.0%

2,501

(a)

10X

Genomics,

Inc

$

49

7,351

(a),(b)

2seventy

bio,

Inc

28

524

(a)

4D

Molecular

Therapeutics,

Inc

11

1,639

(a)

89bio,

Inc

13

42,686

AbbVie,

Inc

7,322

2,591

(a)

Acadia

Pharmaceuticals,

Inc

42

3,224

(a)

Adaptive

Biotechnologies

Corp

12

9,804

(a)

ADC

Therapeutics

SA

31

4,828

(a)

ADMA

Biologics,

Inc

54

3,618

(a)

Adverum

Biotechnologies,

Inc

25

292

(a)

Agenus,

Inc

5

7,069

Agilent

Technologies,

Inc

916

1,033

(a)

Agios

Pharmaceuticals,

Inc

45

1,191

(a)

Akero

Therapeutics,

Inc

28

1,235

(a)

Aldeyra

Therapeutics,

Inc

4

1,504

(a)

Alector,

Inc

7

4,357

(a)

Alkermes

plc

105

2,417

(a)

Allogene

Therapeutics,

Inc

6

3,009

(a)

Alnylam

Pharmaceuticals,

Inc

731

1,340

(a),(b)

Altimmune,

Inc

9

515

(a),(b)

ALX

Oncology

Holdings,

Inc

3

12,903

Amgen,

Inc

4,032

8,241

(a)

Amicus

Therapeutics,

Inc

82

2,888

(a)

Amneal

Pharmaceuticals,

Inc

18

766

(a)

Amphastar

Pharmaceuticals,

Inc

31

679

(a)

AnaptysBio,

Inc

17

1,840

(a),(b)

Anavex

Life

Sciences

Corp

8

292

(a)

ANI

Pharmaceuticals,

Inc

19

566

(a)

Anika

Therapeutics,

Inc

14

612

(a)

Annexon,

Inc

3

2,514

(a)

Apellis

Pharmaceuticals,

Inc

96

1,104

(a)

Apogee

Therapeutics,

Inc

43

2,291

(a)

Arbutus

Biopharma

Corp

7

798

(a)

Arcellx,

Inc

44

625

(a)

Arcturus

Therapeutics

Holdings,

Inc

15

1,321

(a)

Arcus

Biosciences,

Inc

20

2,006

(a)

Arcutis

Biotherapeutics,

Inc

19

5,648

(a)

Ardelyx,

Inc

42

2,078

(a)

Arrowhead

Pharmaceuticals,

Inc

54

1,292

(a)

Arvinas,

Inc

34

2,552

(a)

Astria

Therapeutics,

Inc

23

1,878

(a)

Atea

Pharmaceuticals,

Inc

6

478

(a)

Aura

Biosciences,

Inc

4

3,648

(a)

Aurinia

Pharmaceuticals,

Inc

21

2,201

(a)

Avadel

Pharmaceuticals

PLC

31

17,155

(a)

Avantor,

Inc

364

1,798

(a)

Avid

Bioservices,

Inc

13

2,408

(a)

Avidity

Biosciences,

Inc

98

854

(a),(b)

Axsome

Therapeutics,

Inc

69

1,758

(a)

Beam

Therapeutics,

Inc

41

5,428

(a)

BioCryst

Pharmaceuticals,

Inc

34

3,499

(a)

Biogen,

Inc

811

1,812

(a)

Biohaven

Ltd

63

681

(a)

BioLife

Solutions,

Inc

15

4,536

(a)

BioMarin

Pharmaceutical,

Inc

373

527

(a),(b)

Biomea

Fusion,

Inc

2

536

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

146

4,009

Bio-Techne

Corp

287

2,108

(a),(b)

Bluebird

Bio,

Inc

2

1,361

(a)

Blueprint

Medicines

Corp

147

3,248

(a)

Bridgebio

Pharma,

Inc

82

Stock

Index

Account

June

30,

2024

38

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

48,712

Bristol-Myers

Squibb

Co

$

2,023

1,501

(a)

Brooks

Automation,

Inc

79

2,425

Bruker

BioSciences

Corp

155

5,308

(a)

C4

Therapeutics,

Inc

25

463

(a)

Cabaletta

Bio,

Inc

3

1,462

(a)

CareDx,

Inc

23

1,471

(a)

Caribou

Biosciences,

Inc

2

1,147

(a),(b)

Cassava

Sciences,

Inc

14

4,197

(a)

Catalent,

Inc

236

1,670

(a)

Catalyst

Pharmaceuticals,

Inc

26

1,296

(a)

Celldex

Therapeutics,

Inc

48

10,064

(a)

Century

Therapeutics,

Inc

26

1,443

(a)

Cerevel

Therapeutics

Holdings,

Inc

59

401

(a)

CG

oncology,

Inc

13

1,251

(a)

Charles

River

Laboratories

International,

Inc

258

1,163

(a),(c)

Chinook

Therapeutics,

Inc

0

^

1,647

(a)

Codexis,

Inc

5

1,061

(a)

Cogent

Biosciences,

Inc

9

877

(a)

Collegium

Pharmaceutical,

Inc

28

7,441

(a)

Compass

Therapeutics,

Inc

7

564

(a)

Corbus

Pharmaceuticals

Holdings,

Inc

26

2,558

(a)

Corcept

Therapeutics,

Inc

83

1,406

(a)

Crinetics

Pharmaceuticals,

Inc

63

1,192

(a)

CryoPort,

Inc

8

660

(a)

Cullinan

Oncology,

Inc

12

3,007

(a)

Cytek

Biosciences,

Inc

17

2,661

(a)

Cytokinetics,

Inc

144

15,895

Danaher

Corp

3,971

731

(a)

Day

One

Biopharmaceuticals,

Inc

10

2,697

(a)

Denali

Therapeutics,

Inc

63

890

(a)

Design

Therapeutics,

Inc

3

472

(a)

Disc

Medicine,

Inc

21

3,515

(a)

Dynavax

Technologies

Corp

39

1,929

(a)

Dyne

Therapeutics,

Inc

68

314

(a)

Edgewise

Therapeutics,

Inc

6

2,042

(a)

Editas

Medicine,

Inc

10

12,879

(a)

Elanco

Animal

Health,

Inc

186

10,374

(a)

Elevation

Oncology,

Inc

28

20,427

Eli

Lilly

&

Co

18,494

648

(a)

Enanta

Pharmaceuticals,

Inc

8

619

(a)

Enliven

Therapeutics,

Inc

14

66

(a)

Entrada

Therapeutics,

Inc

1

2,249

(a)

Erasca,

Inc

5

11,962

(a)

Esperion

Thereapeutics,

Inc

27

702

(a)

Evolus,

Inc

8

4,622

(a)

Exact

Sciences

Corp

195

7,341

(a)

Exelixis,

Inc

165

690

(a),(b)

EyePoint

Pharmaceuticals,

Inc

6

9,101

(a)

Fate

Therapeutics,

Inc

30

1,545

(a)

Fennec

Pharmaceuticals,

Inc

9

505

(a)

Foghorn

Therapeutics,

Inc

3

2,432

(a)

Fortrea

Holdings,

Inc

57

1,233

(a)

Generation

Bio

Co

3

12,566

(a)

Geron

Corp

53

29,972

Gilead

Sciences,

Inc

2,056

677

(a)

GRAIL,

Inc

10

3,178

(a)

Halozyme

Therapeutics,

Inc

166

588

(a)

Harmony

Biosciences

Holdings,

Inc

18

690

(a),(b)

Harrow

Health,

Inc

14

1,780

(a)

Ideaya

Biosciences,

Inc

62

229

(a),(b)

IGM

Biosciences,

Inc

2

3,828

(a)

Illumina,

Inc

400

39

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

3,364

(a),(b)

ImmunityBio,

Inc

$

21

1,224

(a)

Immunome,

Inc

15

1,107

(a)

Immunovant,

Inc

29

4,463

(a)

Incyte

Corp

271

203

(a)

Inhibrx

Biosciences,

Inc

3

813

(a),(c)

Inhibrx,

Inc

1

2,407

(a)

Innoviva,

Inc

39

4,356

(a),(b)

Inozyme

Pharma,

Inc

19

3,700

(a)

Insmed,

Inc

248

2,093

(a)

Intellia

Therapeutics,

Inc

47

2,522

(a)

Intra-Cellular

Therapies,

Inc

173

3,279

(a)

Ionis

Pharmaceuticals,

Inc

156

7,077

(a)

Iovance

Biotherapeutics,

Inc

57

4,403

(a)

IQVIA

Holdings,

Inc

931

4,209

(a)

Ironwood

Pharmaceuticals,

Inc

27

572

(a)

iTeos

Therapeutics,

Inc

8

861

(a)

Janux

Therapeutics,

Inc

36

1,453

(a)

Jazz

Pharmaceuticals

plc

155

57,953

Johnson

&

Johnson

8,470

487

(a)

KalVista

Pharmaceuticals,

Inc

6

400

(a)

Keros

Therapeutics,

Inc

18

706

(a)

Kiniksa

Pharmaceuticals

Ltd

13

988

(a)

Kodiak

Sciences,

Inc

2

486

(a)

Krystal

Biotech,

Inc

89

1,654

(a)

Kura

Oncology,

Inc

34

969

(a)

Kymera

Therapeutics,

Inc

29

1,763

(a)

Lexicon

Pharmaceuticals,

Inc

3

484

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

41

1,283

(a),(b)

Liquidia

Corp

15

770

(a)

Longboard

Pharmaceuticals,

Inc

21

4,069

(a),(b)

Lyell

Immunopharma,

Inc

6

1,721

(a)

MacroGenics,

Inc

7

418

(a),(b)

Madrigal

Pharmaceuticals,

Inc

117

569

(a)

Magenta

Therapeutics,

Inc

15

7,710

(a)

MannKind

Corp

40

3,088

(a)

Maravai

LifeSciences

Holdings,

Inc

22

2,546

(a)

MaxCyte,

Inc

10

609

(a)

Medpace

Holdings,

Inc

251

548

(a)

MeiraGTx

Holdings

plc

2

60,899

Merck

&

Co,

Inc

7,539

126

Mesa

Laboratories,

Inc

11

522

(a)

Mettler-Toledo

International,

Inc

730

3,231

(a)

MiMedx

Group,

Inc

22

392

(a)

Mirum

Pharmaceuticals,

Inc

13

7,760

(a)

Moderna,

Inc

922

213

(a)

Monte

Rosa

Therapeutics,

Inc

1

597

(a)

Morphic

Holding,

Inc

20

2,502

(a)

Myriad

Genetics,

Inc

61

2,717

(a)

Natera,

Inc

294

23,365

(a)

Nektar

Therapeutics

29

2,003

(a)

Neumora

Therapeutics,

Inc

20

2,550

(a)

Neurocrine

Biosciences,

Inc

351

881

(a)

Nkarta,

Inc

5

3,954

(a),(b)

Novavax,

Inc

50

1,379

(a)

Nurix

Therapeutics,

Inc

29

786

(a)

Nuvalent,

Inc

60

4,458

(a)

Nuvation

Bio,

Inc

13

2,221

(a)

Ocular

Therapeutix,

Inc

15

685

(a)

Olema

Pharmaceuticals,

Inc

7

6,427

(a)

Omeros

Corp

26

183

(a),(c)

OmniAb

Operations,

Inc

0

^

183

(a),(c)

OmniAb

Operations,

Inc

0

^

Stock

Index

Account

June

30,

2024

40

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,373

(a)

OmniAb,

Inc

$

9

1,103

(a)

Organogenesis

Holdings,

Inc

3

5,283

Organon

&

Co

109

5,028

(a)

Ovid

therapeutics,

Inc

4

1,343

(a)

Pacira

BioSciences,

Inc

38

3,028

PerkinElmer,

Inc

318

2,985

Perrigo

Co

plc

77

2,618

(a)

Perspective

Therapeutics,

Inc

26

136,163

Pfizer,

Inc

3,810

575

(a),(b)

Phathom

Pharmaceuticals,

Inc

6

720

Phibro

Animal

Health

Corp

12

1,499

(a)

Pliant

Therapeutics,

Inc

16

17

(a)

Poseida

Therapeutics,

Inc

0

^

411

(a)

Praxis

Precision

Medicines,

Inc

17

2,435

(a),(b)

Precigen,

Inc

4

998

(a)

Prestige

Consumer

Healthcare,

Inc.

69

1,074

(a),(b)

Prime

Medicine,

Inc

6

1,636

(a)

ProKidney

Corp

4

1,206

(a)

Protagonist

Therapeutics,

Inc

42

1,011

(a)

Prothena

Corp

plc

21

2,011

(a)

PTC

Therapeutics,

Inc

61

5,325

QIAGEN

NV

219

914

(a)

Quanterix

Corp

12

2,497

(a)

Quantum-Si,

Inc

3

524

(a)

RAPT

Therapeutics,

Inc

2

5,158

(a),(b)

Recursion

Pharmaceuticals,

Inc

39

2,509

(a)

Regeneron

Pharmaceuticals,

Inc

2,637

1,062

(a)

REGENXBIO,

Inc

12

2,088

(a)

Relay

Therapeutics,

Inc

14

1,424

(a)

Repligen

Corp

180

699

(a)

Replimune

Group,

Inc

6

12,642

(a)

Revance

Therapeutics,

Inc

32

3,678

(a)

REVOLUTION

Medicines,

Inc

143

1,363

(a)

Rhythm

Pharmaceuticals,

Inc

56

1

(a)

Rigel

Pharmaceuticals,

Inc

0

^

1,412

(a)

Rocket

Pharmaceuticals,

Inc

30

9,510

(a)

Roivant

Sciences

Ltd

101

8,941

Royalty

Pharma

plc

236

1,665

(a)

Sage

Therapeutics,

Inc

18

2,386

(a)

Sana

Biotechnology,

Inc

13

2,126

(a)

Sarepta

Therapeutics,

Inc

336

1,423

(a)

Scholar

Rock

Holding

Corp

12

1,913

SIGA

Technologies,

Inc

15

527

(a)

Soleno

Therapeutics,

Inc

22

1,610

(a),(c)

Sorrento

Therapeutics,

Inc

3

2,303

(a)

Sotera

Health

Co

27

1,868

(a)

SpringWorks

Therapeutics,

Inc

70

830

(a)

Spyre

Therapeutics,

Inc

20

519

(a)

Stoke

Therapeutics,

Inc

7

998

(a)

Summit

Therapeutics,

Inc

8

1,648

(a)

Supernus

Pharmaceuticals,

Inc

44

1,211

(a)

Sutro

Biopharma,

Inc

4

1,544

(a)

Syndax

Pharmaceuticals,

Inc

32

1,233

(a)

Tango

Therapeutics,

Inc

11

197

(a)

Tarsus

Pharmaceuticals,

Inc

5

10,142

(a)

Taysha

Gene

Therapies,

Inc

23

285

(a)

Tenaya

Therapeutics,

Inc

1

1,158

(a)

Terns

Pharmaceuticals,

Inc

8

3,788

(a)

TG

Therapeutics,

Inc

67

1,625

(a)

Theravance

Biopharma,

Inc

14

9,171

Thermo

Fisher

Scientific,

Inc

5,072

1,760

Tourmaline

Bio,

Inc

23

41

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,469

(a)

Travere

Therapeutics,

Inc

$

12

9,226

(a)

Trevi

Therapeutics,

Inc

27

1,447

(a)

Twist

Bioscience

Corp

71

1,912

(a)

Ultragenyx

Pharmaceutical,

Inc

79

1,053

(a)

United

Therapeutics

Corp

335

79

(a),(b)

UroGen

Pharma

Ltd

1

1,691

(a)

Vanda

Pharmaceuticals,

Inc

10

2,438

(a)

Vaxcyte,

Inc

184

1,336

(a)

Ventyx

Biosciences,

Inc

3

1,060

(a)

Vera

Therapeutics,

Inc

38

1,983

(a)

Veracyte,

Inc

43

1,345

(a)

Vericel

Corp

62

6,192

(a)

Vertex

Pharmaceuticals,

Inc

2,902

5,798

(a)

Verve

Therapeutics,

Inc

28

28,442

Viatris,

Inc

302

2,550

(a)

Viking

Therapeutics,

Inc

135

1,798

(a)

Vir

Biotechnology,

Inc

16

699

(a)

Viridian

Therapeutics,

Inc

9

842

(a)

Voyager

Therapeutics,

Inc

7

1,415

(a)

Waters

Corp

411

1,512

(a)

WaVe

Life

Sciences

Ltd

8

10,684

(a)

Werewolf

Therapeutics,

Inc

26

1,795

West

Pharmaceutical

Services,

Inc

591

12,196

(a)

X4

Pharmaceuticals,

Inc

7

1,460

(a)

Xencor,

Inc

28

3,592

(a)

Xeris

Biopharma

Holdings,

Inc

8

959

(a)

Y-mAbs

Therapeutics,

Inc

12

975

(a)

Zentalis

Pharmaceuticals,

Inc

4

10,983

Zoetis,

Inc

1,904

1,416

(a)

Zymeworks,

Inc

12

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

89,448

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.1%

1,201

(a)

American

Realty

Investors,

Inc

17

3,279

(a)

Anywhere

Real

Estate,

Inc

11

7,307

(a)

CBRE

Group,

Inc

651

7,243

(a)

Compass,

Inc

26

3,593

(a)

Cushman

&

Wakefield

plc

37

3,807

DigitalBridge

Group,

Inc

52

1,858

(b)

eXp

World

Holdings,

Inc

21

400

(a)

Forestar

Group,

Inc

13

618

(a)

FRP

Holdings,

Inc

18

418

(a)

Howard

Hughes

Holdings,

Inc

27

1,238

(a)

Jones

Lang

LaSalle,

Inc

254

2,815

Kennedy-Wilson

Holdings,

Inc

27

569

Marcus

&

Millichap,

Inc

18

187

(a)

Maui

Land

&

Pineapple

Co,

Inc

4

4,328

Newmark

Group,

Inc

44

16,510

(a)

Opendoor

Technologies,

Inc

30

732

Re/Max

Holdings,

Inc

6

3,100

(a)

Redfin

Corp

19

283

RMR

Group,

Inc

7

1,023

St.

Joe

Co

56

134

(a)

Stratus

Properties,

Inc

4

834

(a)

Tejon

Ranch

Co

14

1,079

(a)

Zillow

Group,

Inc

(Class

A)

49

3,952

(a)

Zillow

Group,

Inc

(Class

C)

183

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,588

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10.5%

1,170

(a)

ACM

Research,

Inc

27

38,662

(a)

Advanced

Micro

Devices,

Inc

6,271

Stock

Index

Account

June

30,

2024

42

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

686

(a)

Aehr

Test

Systems

$

8

1,709

(a)

Allegro

MicroSystems,

Inc

48

844

(a)

Alpha

&

Omega

Semiconductor

Ltd

32

1,114

(a)

Ambarella,

Inc

60

2,094

Amkor

Technology,

Inc

84

11,909

Analog

Devices,

Inc

2,718

19,981

Applied

Materials,

Inc

4,715

529

(a)

Astera

Labs,

Inc

32

865

(a)

Axcelis

Technologies,

Inc

123

10,921

Broadcom,

Inc

17,534

839

(a)

Ceva,

Inc

16

1,288

(a)

Cirrus

Logic,

Inc

164

1,495

(a)

Cohu,

Inc

50

2,566

(a)

Credo

Technology

Group

Holding

Ltd

82

1,395

(a)

Diodes,

Inc

100

3,301

(a)

Enphase

Energy,

Inc

329

3,627

Entegris,

Inc

491

2,531

(a)

First

Solar,

Inc

571

1,470

(a)

Formfactor,

Inc

89

2,356

(a)

GLOBALFOUNDRIES,

Inc

119

660

(a)

Ichor

Holdings

Ltd

25

551

(a)

Impinj,

Inc

86

2,443

(a),(b)

indie

Semiconductor,

Inc

15

101,838

Intel

Corp

3,154

3,247

KLA

Corp

2,677

1,055

Kulicke

&

Soffa

Industries,

Inc

52

3,137

Lam

Research

Corp

3,340

3,496

(a)

Lattice

Semiconductor

Corp

203

1,227

(a)

MACOM

Technology

Solutions

Holdings,

Inc

137

20,347

Marvell

Technology,

Inc

1,422

2,280

(a)

MaxLinear,

Inc

46

12,947

Microchip

Technology,

Inc

1,185

26,417

Micron

Technology,

Inc

3,475

1,776

MKS

Instruments,

Inc

232

1,127

Monolithic

Power

Systems,

Inc

926

2,707

(a)

Navitas

Semiconductor

Corp

11

127

NVE

Corp

10

571,187

Nvidia

Corp

70,564

10,307

(a)

ON

Semiconductor

Corp

707

1,184

(a)

Onto

Innovation,

Inc

260

1,181

(a)

PDF

Solutions,

Inc

43

1,824

(a)

Photronics,

Inc

45

1,334

Power

Integrations,

Inc

94

2,369

(a)

Qorvo,

Inc

275

26,907

QUALCOMM,

Inc

5,359

2,675

(a)

Rambus,

Inc

157

1,942

(a)

Semtech

Corp

58

899

(a)

Silicon

Laboratories,

Inc

100

434

(a)

SiTime

Corp

54

3,962

Skyworks

Solutions,

Inc

422

988

(a)

SMART

Global

Holdings,

Inc

23

1,111

(a)

Synaptics,

Inc

98

3,757

Teradyne,

Inc

557

21,805

Texas

Instruments,

Inc

4,242

1,266

(a)

Ultra

Clean

Holdings

62

1,018

Universal

Display

Corp

214

1,051

(a)

Veeco

Instruments,

Inc

49

3,166

(a),(b)

Wolfspeed,

Inc

72

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

134,114

SOFTWARE

&

SERVICES

-

11.8%

3,462

(a)

8x8,

Inc

8

43

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,883

A10

Networks,

Inc

$

26

15,069

Accenture

plc

4,572

2,392

(a)

ACI

Worldwide,

Inc

95

2,653

Adeia,

Inc

30

10,759

(a)

Adobe,

Inc

5,977

410

(a)

Agilysys,

Inc

43

3,534

(a)

Akamai

Technologies,

Inc

318

1,443

(a)

Alarm.com

Holdings,

Inc

92

785

(a)

Alkami

Technology,

Inc

22

1,317

(a)

Altair

Engineering,

Inc

129

2,572

Amdocs

Ltd

203

1,091

American

Software,

Inc

(Class

A)

10

1,464

(a)

Amplitude,

Inc

13

2,054

(a)

Ansys,

Inc

660

429

(a)

Appfolio,

Inc

105

1,178

(a)

Appian

Corp

36

1,825

(a),(b)

Applied

Digital

Corp

11

6,296

(a)

AppLovin

Corp

524

2,178

(a)

Asana,

Inc

30

744

(a)

Aspentech

Corp

148

3,697

(a)

Atlassian

Corp

Ltd

654

5,168

(a)

Autodesk,

Inc

1,279

2,977

(a)

AvePoint,

Inc

31

3,363

Bentley

Systems,

Inc

166

15,316

(a),(b)

BigBear.ai

Holdings,

Inc

23

1,735

(a)

BigCommerce

Holdings,

Inc

14

2,787

(a)

BILL

Holdings,

Inc

147

976

(a)

Blackbaud,

Inc

74

1,613

(a)

BlackLine,

Inc

78

3,187

(a)

Box,

Inc

84

916

(a)

Braze,

Inc

36

1,740

(a),(b)

C3.ai,

Inc

50

6,544

(a)

Cadence

Design

Systems,

Inc

2,014

10,087

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

112

1,164

(a)

Cerence,

Inc

3

3,791

(a),(b)

Ceridian

HCM

Holding,

Inc

188

4,114

(a)

Cipher

Mining,

Inc

17

4,418

(a)

Cleanspark,

Inc

70

1,700

Clear

Secure,

Inc

32

3,335

(a)

Clearwater

Analytics

Holdings,

Inc

62

7,198

(a)

Cloudflare,

Inc

596

11,942

Cognizant

Technology

Solutions

Corp

(Class

A)

812

918

(a)

Commvault

Systems,

Inc

112

4,952

(a)

Confluent,

Inc

146

415

(a)

Consensus

Cloud

Solutions,

Inc

7

4,248

(a)

Core

Scientific,

Inc

40

711

(a)

Couchbase,

Inc

13

5,238

(a)

Crowdstrike

Holdings,

Inc

2,007

713

(a)

CS

Disco,

Inc

4

7,176

(a)

Datadog,

Inc

931

574

(a),(b)

Digimarc

Corp

18

2,598

(a)

Digital

Turbine,

Inc

4

1,349

(a)

DigitalOcean

Holdings,

Inc

47

4,999

(a)

DocuSign,

Inc

267

1,364

Dolby

Laboratories,

Inc

(Class

A)

108

816

(a)

Domo,

Inc

6

3,008

(a)

DoubleVerify

Holdings,

Inc

59

5,782

(a)

Dropbox,

Inc

130

5,390

(a)

DXC

Technology

Co

103

6,245

(a)

Dynatrace,

Inc

279

5,822

(a)

E2open

Parent

Holdings,

Inc

26

648

(a)

eGain

Corp

4

Stock

Index

Account

June

30,

2024

44

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,086

(a)

Elastic

NV

$

238

553

(a)

Enfusion,

Inc

5

1,209

(a)

Envestnet,

Inc

76

1,360

(a)

EPAM

Systems,

Inc

256

1,144

(a)

Everbridge,

Inc

40

918

(a)

EverCommerce,

Inc

10

584

(a)

Fair

Isaac

Corp

869

3,179

(a)

Fastly,

Inc

23

2,029

(a)

Five9,

Inc

89

15,560

(a)

Fortinet,

Inc

938

4,300

(a)

Freshworks,

Inc

55

1,835

(a)

Gartner,

Inc

824

14,102

Gen

Digital,

Inc

352

2,273

(a)

Gitlab,

Inc

113

1,037

(a)

Globant

S.A.

185

3,291

(a)

GoDaddy,

Inc

460

1,385

(a)

Grid

Dynamics

Holdings,

Inc

15

1,964

(a)

Guidewire

Software,

Inc

271

1,077

Hackett

Group,

Inc

23

2,484

(a)

HashiCorp,

Inc

84

1,173

(a)

HubSpot,

Inc

692

845

(a)

Informatica,

Inc

26

559

(a)

Instructure

Holdings,

Inc

13

334

(a)

Intapp,

Inc

12

719

(b)

InterDigital,

Inc

84

21,945

International

Business

Machines

Corp

3,795

6,568

Intuit,

Inc

4,317

1,710

(a)

Jamf

Holding

Corp

28

10,934

(a)

Kaltura,

Inc

13

5,240

(a)

Kyndryl

Holdings,

Inc

138

1,949

(a)

LiveRamp

Holdings,

Inc

60

1,435

(a)

Manhattan

Associates,

Inc

354

6,513

(a),(b)

Marathon

Digital

Holdings,

Inc

129

6,004

(a)

Matterport,

Inc

27

423

(a)

MeridianLink,

Inc

9

178,615

Microsoft

Corp

79,832

376

(a),(b)

MicroStrategy,

Inc

(Class

A)

518

1,253

(a)

Mitek

Systems,

Inc

14

1,657

(a)

MongoDB,

Inc

414

1,593

(a)

N-able,

Inc

24

1,586

(a)

nCino

OpCo,

Inc

50

3,958

(a)

NCR

Corp

49

1,787

(a)

NextNav,

Inc

14

5,847

(a)

Nutanix,

Inc

332

3,761

(a)

Okta,

Inc

352

2,330

(a)

Olo,

Inc

10

678

(a)

ON24,

Inc

4

1,227

(a)

OneSpan,

Inc

16

37,723

Oracle

Corp

5,326

2,082

(a)

Pagaya

Technologies

Ltd

27

2,372

(a)

PagerDuty,

Inc

54

48,301

(a)

Palantir

Technologies,

Inc

1,223

7,394

(a)

Palo

Alto

Networks,

Inc

2,507

1,163

(a)

Paycor

HCM,

Inc

15

1,125

(a)

Paylocity

Holding

Corp

148

1,232

Pegasystems,

Inc

75

814

(a)

Perficient,

Inc

61

17,986

(a)

Porch

Group,

Inc

27

763

(a)

PowerSchool

Holdings,

Inc

17

2,527

(a)

Procore

Technologies,

Inc

168

1,155

Progress

Software

Corp

63

1,099

(a)

PROS

Holdings,

Inc

31

45

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,773

(a)

PTC,

Inc

$

504

1,569

(a)

Q2

Holdings,

Inc

95

889

(a)

Qualys,

Inc

127

1,695

(a)

Rapid7,

Inc

73

992

(a)

Rimini

Street,

Inc

3

2,462

(a)

RingCentral,

Inc

69

5,435

(a),(b)

Riot

Platforms,

Inc

50

2,563

Roper

Industries,

Inc

1,445

22,556

Salesforce,

Inc

5,799

766

Sapiens

International

Corp

NV

26

6,300

(a)

SentinelOne,

Inc

133

4,900

(a)

ServiceNow,

Inc

3,855

2,729

(a)

Smartsheet,

Inc

120

7,699

(a)

Snowflake,

Inc

1,040

1,484

SolarWinds

Corp

18

3,805

(a),(b)

SoundHound

AI,

Inc

15

356

(a)

SoundThinking,

Inc

4

2,308

(a)

Sprinklr,

Inc

22

1,316

(a)

Sprout

Social,

Inc

47

900

(a)

SPS

Commerce,

Inc

169

907

(a)

Squarespace,

Inc

40

3,627

(a)

Synopsys,

Inc

2,158

2,968

(a)

Tenable

Holdings,

Inc

129

2,794

(a)

Teradata

Corp

97

3,756

(a),(b)

Terawulf,

Inc

17

2,008

(a)

Thoughtworks

Holding,

Inc

6

10,383

(a)

Trade

Desk,

Inc

1,014

349

(a),(b)

Tucows,

Inc

7

4,374

(a)

Twilio,

Inc

248

1,017

(a)

Tyler

Technologies,

Inc

511

8,946

(a)

UiPath,

Inc

113

2,160

(a)

Unisys

Corp

9

7,691

(a)

Unity

Software,

Inc

125

3,084

(a)

Varonis

Systems,

Inc

148

1,365

(a)

Verint

Systems,

Inc

44

2,069

(a)

VeriSign,

Inc

368

1,293

(a)

Vertex,

Inc

47

305

(a)

Viant

Technology,

Inc

3

5,081

(a)

Workday,

Inc

1,136

1,379

(a)

Workiva,

Inc

101

1,061

(a)

Xperi,

Inc

9

2,990

(a)

Yext,

Inc

16

2,910

(a)

Zeta

Global

Holdings

Corp

51

6,091

(a)

Zoom

Video

Communications,

Inc

361

2,147

(a)

Zscaler,

Inc

413

2,992

(a)

Zuora,

Inc

30

TOTAL

SOFTWARE

&

SERVICES

150,714

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7.6%

521

(a)

908

Devices,

Inc

3

1,592

ADTRAN

Holdings,

Inc

8

1,075

Advanced

Energy

Industries,

Inc

117

267

(a),(b)

Aeva

Technologies,

Inc

1

28,146

Amphenol

Corp

(Class

A)

1,896

349,140

Apple,

Inc

73,536

6,185

(a)

Arista

Networks,

Inc

2,168

2,522

(a)

Arlo

Technologies,

Inc

33

1,286

(a)

Arrow

Electronics,

Inc

155

223

(a)

Aviat

Networks,

Inc

6

2,201

Avnet,

Inc

113

650

Badger

Meter,

Inc

121

278

Bel

Fuse,

Inc

(Class

B)

18

Stock

Index

Account

June

30,

2024

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,128

Belden

CDT,

Inc

$

106

1,361

Benchmark

Electronics,

Inc

54

1,720

(a)

Calix,

Inc

61

3,116

CDW

Corp

697

3,538

(a)

Ciena

Corp

170

97,277

Cisco

Systems,

Inc

4,622

365

(a)

Clearfield,

Inc

14

356

Climb

Global

Solutions,

Inc

22

4,327

Cognex

Corp

202

2,961

(a)

Coherent

Corp

215

18,400

Corning,

Inc

715

716

(a)

Corsair

Gaming,

Inc

8

1,416

Crane

NXT

Co

87

725

CTS

Corp

37

5,947

Dell

Technologies,

Inc

820

600

(a)

Diebold

Nixdorf,

Inc

23

759

(a)

Digi

International,

Inc

17

1,285

(a)

Eastman

Kodak

Co

7

863

(a)

ePlus,

Inc

64

2,211

(a),(b)

Evolv

Technologies

Holdings,

Inc

6

3,100

(a)

Extreme

Networks,

Inc

42

1,339

(a)

F5

Networks,

Inc

231

890

(a)

Fabrinet

218

655

(a)

FARO

Technologies,

Inc

10

3,142

(a)

Harmonic,

Inc

37

31,651

Hewlett

Packard

Enterprise

Co

670

23,470

HP,

Inc

822

5,792

(a)

Infinera

Corp

35

633

(a)

Insight

Enterprises,

Inc

126

3,256

(a),(b)

IonQ,

Inc

23

804

(a)

IPG

Photonics

Corp

68

4,395

(a)

Iteris,

Inc

19

1,097

(a)

Itron,

Inc

109

2,948

Jabil

Inc

321

7,287

Juniper

Networks,

Inc

266

4,122

(a)

Keysight

Technologies,

Inc

564

1,038

(a)

Kimball

Electronics,

Inc

23

3,025

(a)

Knowles

Corp

52

3,049

(a),(b)

Lightwave

Logic,

Inc

9

647

Littelfuse,

Inc

165

1,893

(a)

Lumentum

Holdings,

Inc

96

1,398

Methode

Electronics,

Inc

14

4,688

(a),(b)

MicroVision,

Inc

5

3,110

(a)

Mirion

Technologies,

Inc

33

3,987

Motorola

Solutions,

Inc

1,539

856

Napco

Security

Technologies,

Inc

44

4,842

NetApp,

Inc

624

962

(a)

Netgear,

Inc

15

2,211

(a)

Netscout

Systems,

Inc

40

1,072

(a)

nLight,

Inc

12

866

(a)

Novanta,

Inc

141

421

(a)

OSI

Systems,

Inc

58

675

(a)

PAR

Technology

Corp

32

430

PC

Connection,

Inc

28

884

(a)

Plexus

Corp

91

6,847

(a)

Pure

Storage,

Inc

440

2,205

(a)

Ribbon

Communications,

Inc

7

512

(a)

Rogers

Corp

62

1,353

(a)

Sanmina

Corp

90

958

(a)

Scansource,

Inc

42

3,094

(a)

SmartRent,

Inc

7

1,216

(a)

Super

Micro

Computer,

Inc

996

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

1,805

TD

SYNNEX

Corp

$

208

1,116

(a)

Teledyne

Technologies,

Inc

433

6,165

(a)

Trimble

Inc

345

3,576

(a)

TTM

Technologies,

Inc

69

379

(a)

Turtle

Beach

Corp

5

43

Ubiquiti,

Inc

6

1,951

(a),(b)

Viasat,

Inc

25

7,253

(a)

Viavi

Solutions,

Inc

50

3,447

Vishay

Intertechnology,

Inc

77

398

(a)

Vishay

Precision

Group,

Inc

12

3,896

Vontier

Corp

149

7,611

(a)

Western

Digital

Corp

577

2,578

Xerox

Holdings

Corp

30

1,265

(a)

Zebra

Technologies

Corp

(Class

A)

391

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

96,725

TELECOMMUNICATION

SERVICES

-

0.8%

410

(a)

Anterix,

Inc

16

2,810

(a)

AST

SpaceMobile,

Inc

33

173,760

AT&T,

Inc

3,321

373

ATN

International,

Inc

8

669

(a)

Bandwidth,

Inc

11

883

Cogent

Communications

Group,

Inc

50

2,586

(a)

Consolidated

Communications

Holdings,

Inc

11

2,037

(a)

EchoStar

Corp

(Class

A)

36

6,554

(a)

Frontier

Communications

Parent,

Inc

172

3,118

(a),(c)

GCI

Liberty,

Inc

0

^

18,045

(a)

Globalstar,

Inc

20

1,217

(a)

Gogo,

Inc

12

521

IDT

Corp

19

3,101

Iridium

Communications,

Inc

83

4,129

(a)

Liberty

Global

Ltd

74

3,981

(a)

Liberty

Global

Ltd

69

1,581

(a)

Liberty

Latin

America

Ltd

(Class

A)

15

3,207

(a)

Liberty

Latin

America

Ltd

(Class

C)

31

661

(a)

Ooma,

Inc

7

1,561

Shenandoah

Telecom

Co

25

2,350

Telephone

and

Data

Systems,

Inc

49

11,665

T-Mobile

US,

Inc

2,055

101,260

Verizon

Communications,

Inc

4,176

TOTAL

TELECOMMUNICATION

SERVICES

10,293

TRANSPORTATION

-

1.6%

272

(a)

Air

Transport

Services

Group,

Inc

4

2,504

(a)

Alaska

Air

Group,

Inc

101

393

Allegiant

Travel

Co

20

205

(a),(b)

Amerco,

Inc

13

14,260

(a)

American

Airlines

Group,

Inc

162

719

ArcBest

Corp

77

327

Avis

Budget

Group,

Inc

34

1,241

(a)

Blade

Air

Mobility,

Inc

4

2,767

CH

Robinson

Worldwide,

Inc

244

1,032

Costamare,

Inc

17

452

Covenant

Logistics

Group,

Inc

22

47,005

CSX

Corp

1,572

15,498

Delta

Air

Lines,

Inc

735

3,272

Expeditors

International

Washington,

Inc

408

5,436

FedEx

Corp

1,630

349

(a),(b)

Frontier

Group

Holdings,

Inc

2

1,539

FTAI

Infrastructure,

Inc

13

791

Genco

Shipping

&

Trading

Ltd

17

3,539

Golden

Ocean

Group

Ltd

49

Stock

Index

Account

June

30,

2024

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

2,887

(a)

GXO

Logistics,

Inc

$

146

1,825

(a)

Hawaiian

Holdings,

Inc

23

1,188

Heartland

Express,

Inc

15

2,589

(a)

Hertz

Global

Holdings,

Inc

9

1,520

Hub

Group,

Inc

(Class

A)

65

2,112

JB

Hunt

Transport

Services,

Inc

338

4,132

(a)

JetBlue

Airways

Corp

25

7,073

(a),(b)

Joby

Aviation,

Inc

36

1,392

(a)

Kirby

Corp

167

3,774

Knight-Swift

Transportation

Holdings,

Inc

188

759

Landstar

System,

Inc

140

8,428

(a)

Lyft,

Inc

(Class

A)

119

2,242

Marten

Transport

Ltd

41

1,000

Matson,

Inc

131

5,428

Norfolk

Southern

Corp

1,165

4,693

Old

Dominion

Freight

Line

829

1,449

(a)

Radiant

Logistics,

Inc

8

2,690

(a)

RXO,

Inc

70

957

Ryder

System,

Inc

119

1,798

Safe

Bulkers,

Inc

10

659

(a)

Saia,

Inc

313

1,714

Schneider

National,

Inc

41

863

(a)

Skywest,

Inc

71

14,424

Southwest

Airlines

Co

413

295

(a)

Sun

Country

Airlines

Holdings,

Inc

4

48,253

(a)

Uber

Technologies,

Inc

3,507

2,032

U-Haul

Holding

Co

122

14,725

Union

Pacific

Corp

3,332

7,756

(a)

United

Airlines

Holdings,

Inc

377

17,446

United

Parcel

Service,

Inc

(Class

B)

2,387

200

Universal

Truckload

Services,

Inc

8

1,875

Werner

Enterprises,

Inc

67

2,690

(a)

XPO,

Inc

286

TOTAL

TRANSPORTATION

19,696

UTILITIES

-

2.2%

16,241

AES

Corp

285

1,382

Allete,

Inc

86

5,865

Alliant

Energy

Corp

299

925

(a)

Altus

Power,

Inc

4

6,387

Ameren

Corp

454

12,859

American

Electric

Power

Co,

Inc

1,128

773

American

States

Water

Co

56

4,683

American

Water

Works

Co,

Inc

605

3,570

Atmos

Energy

Corp

416

1,347

Avangrid,

Inc

48

1,516

Avista

Corp

53

1,598

Black

Hills

Corp

87

2,799

Brookfield

Infrastructure

Corp

94

2,781

(b)

Brookfield

Renewable

Corp

79

1,070

California

Water

Service

Group

52

15,250

Centerpoint

Energy,

Inc

472

349

Chesapeake

Utilities

Corp

37

111

Clearway

Energy,

Inc

(Class

A)

3

1,040

Clearway

Energy,

Inc

(Class

C)

26

7,367

CMS

Energy

Corp

439

8,468

Consolidated

Edison,

Inc

757

383

Consolidated

Water

Co,

Inc

10

7,640

Constellation

Energy

Corp

1,530

20,130

Dominion

Energy,

Inc

986

4,963

DTE

Energy

Co

551

18,670

Duke

Energy

Corp

1,871

49

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

(000)

9,132

Edison

International

$

656

4,995

Entergy

Corp

534

6,227

Essential

Utilities,

Inc

232

5,388

Evergy,

Inc

285

8,437

Eversource

Energy

478

24,026

Exelon

Corp

832

13,799

FirstEnergy

Corp

528

498

Genie

Energy

Ltd

7

349

Global

Water

Resources,

Inc

4

2,648

Hawaiian

Electric

Industries,

Inc

24

1,138

Idacorp,

Inc

106

899

MGE

Energy,

Inc

67

644

Middlesex

Water

Co

34

1,899

(a)

Montauk

Renewables,

Inc

11

2,063

National

Fuel

Gas

Co

112

2,338

New

Jersey

Resources

Corp

100

49,572

NextEra

Energy,

Inc

3,510

10,193

NiSource,

Inc

294

903

Northwest

Natural

Holding

Co

33

1,255

NorthWestern

Corp

63

5,135

NRG

Energy,

Inc

400

4,365

OGE

Energy

Corp

156

1,679

ONE

Gas,

Inc

107

1,235

Ormat

Technologies,

Inc

89

920

Otter

Tail

Corp

81

51,316

PG&E

Corp

896

2,396

Pinnacle

West

Capital

Corp

183

1,905

PNM

Resources,

Inc

70

2,243

Portland

General

Electric

Co

97

18,039

PPL

Corp

499

12,024

Public

Service

Enterprise

Group,

Inc

886

626

(a)

Pure

Cycle

Corp

6

15,526

Sempra

Energy

1,181

678

SJW

Corp

37

25,990

Southern

Co

2,016

1,183

Southwest

Gas

Holdings

Inc

83

1,288

Spire,

Inc

78

2,817

(a),(b)

Sunnova

Energy

International,

Inc

16

4,386

UGI

Corp

100

534

Unitil

Corp

28

8,274

Vistra

Corp

711

7,711

WEC

Energy

Group,

Inc

605

13,332

Xcel

Energy,

Inc

712

490

York

Water

Co

18

TOTAL

UTILITIES

27,393

TOTAL

COMMON

STOCKS

1,259,953

(Cost

$349,268)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

MATERIALS

-

0.0%

766

(c)

Danimer

Scientific,

Inc

05/03/29

0

^

TOTAL

MATERIALS

0

^

Stock

Index

Account

June

30,

2024

50

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Cost

amounts

are

in

thousands.

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EXPIRATION

DATE

VALUE

(000)

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.0%

278

(c)

AstraZeneca

plc

02/20/29

$

0

^

478

(c)

Chinook

Therapeutics,

Inc

0

^

390

(c)

Tobira

Therapeutics,

Inc

0

^

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

0

^

TOTAL

RIGHTS/WARRANTS

0

^

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

1,259,953‌

(Cost

$349,268)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.4%

GOVERNMENT

AGENCY

DEBT

-

1.2%

$

13,511,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

07/01/24

13,505

1,400,000

FHLB

0

.000

07/26/24

1,394

280,000

Tennessee

Valley

Authority

(TVA)

0

.000

07/10/24

280

TOTAL

GOVERNMENT

AGENCY

DEBT

15,179

TREASURY

DEBT

-

0.2%

2,785,000

United

States

Treasury

Bill

0

.000

07/30/24

2,773

TOTAL

TREASURY

DEBT

2,773

TOTAL

SHORT-TERM

INVESTMENTS

17,952

(Cost

$17,959)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

1,462,699

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.330

(f)

1,463

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

1,463

(Cost

$1,463)

TOTAL

INVESTMENTS

-

100.5%

1,279,368

(Cost

$368,690)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.5)%

(

6,668

)

NET

ASSETS

-

100.0%

$1,272,700

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

$2,899,977.

(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)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(f)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

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

58‌

09/20/24

 $

16,032‌

$

16,012‌

$

(

20‌

)

51

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

June

30,

2024

(Unaudited)

(amounts

in

thousands,

except

accumulation

unit

value)

24.1

Stock

Index

Account

ASSETS

Long-term

investments,

at

value*†

$

1,259,953‌

Short-term

investments,

at

value#

17,952‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

1,463‌

Cash

1‌

Receivables:

Dividends

685‌

Investments

sold

12,924‌

Other

111‌

Total

assets

1,293,089‌

LIABILITIES

Due

to

affiliates

5,578‌

Payables:

Investment

management

fees

16‌

Collateral

from

securities

lending

1,463‌

Investments

purchased

-

regular

settlement

13,093‌

Service

agreement

fees

21‌

Trustee

compensation

106‌

Variation

margin

on

futures

contracts

71‌

Other

41‌

Total

liabilities

20,389‌

Net

assets

Accumulation

Fund

$

1,272,700‌

Accumulation

units

outstanding

2,998‌

Accumulation

unit

value

$

424

.479‌

*

Includes

securities

loaned

of

$

2,900‌

†

Long-term

investments,

cost

$

349,268‌

#

Short-term

investments,

cost

$

17,959‌

52

Statement

of

Operations

See

Notes

to

Financial

Statements

Six

Months

Ended

June

30,

2024

(Unaudited)

(amounts

in

thousands)

24.1

Stock

Index

Account

INVESTMENT

INCOME

Dividends

$

8,135‌

Interest

225‌

Securities

lending

income,

net

57‌

Tax

withheld

(

2‌

)

Total

investment

income

8,415‌

EXPENSES

Investment

advisory

1,854‌

Administrative

services

1,236‌

Mortality

and

expense

risk

charges

2,472‌

Total

expenses

5,562‌

Expense

waiver

by

investment

adviser

(

927‌

)

Net

expenses

4,635‌

Net

investment

income

(loss)

3,780‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

73,499‌

Futures

contracts

1,138‌

Net

realized

gain

(loss)

74,637‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

74,869‌

Futures

contracts

(

284‌

)

Net

change

in

unrealized

appreciation

(depreciation)

74,585‌

Net

realized

and

unrealized

gain

(loss)

149,222‌

Net

increase

(decrease)

in

net

assets

from

operations

$

153,002‌

53

Statements

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

ref

24.1

Stock

Index

Account

(amounts

in

thousands)

Unaudited

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

OPERATIONS

Net

investment

income

(loss)

$

3,780‌

$

10,533‌

Net

realized

gain

(loss)

74,637‌

73,338‌

Net

change

in

unrealized

appreciation

(depreciation)

74,585‌

168,408‌

Net

increase

(decrease)

in

net

assets

from

operations

153,002‌

252,279‌

FROM

CONTRACTOWNER

TRANSACTIONS

Premiums

6,895‌

8,414‌

Withdrawals

and

death

benefits

(

85,393‌

)

(

119,215‌

)

Net

increase

(decrease)

from

contractowner

transactions

(

78,498‌

)

(

110,801‌

)

Net

increase

(decrease)

in

net

assets

74,504‌

141,478‌

Net

assets

at

the

beginning

of

period

1,198,196‌

1,056,718‌

Net

assets

at

the

end

of

period

$

1,272,700‌

$

1,198,196‌

Financial

Highlights

See

Notes

to

Financial

Statements

54

The

following

data

is

for

a

unit outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Investment

Income

a

Expenses

a

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Net

Change

in

Accumulation

Unit

Value

Accumulation

Unit

Value,

Beginning

of

Period

Accumulation

Unit

Value,

End

of

Period

24.1

STOCK

INDEX

ACCOUNT

6/30/24

#

$

2

.708‌

$

1

.493‌

$

1

.215‌

$

47

.998‌

$

49

.213‌

$

375

.266‌

$

424

.479‌

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

#

Unaudited

a

Based

on

average

units

outstanding.

b

Based

on

per

accumulation

unit

data.

c

Percentage

is

not

annualized.

d

Percentage

is

annualized.

See

Notes

to

Financial

Statements

55

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

b

,c

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Accumulation

Units

Outstanding,

End

of

Period

(in

Millions)

Net

Assets,

End

of

Period

(in

Millions)

13

.11‌

%

0

.90‌

%

d

0

.75‌

%

d

0

.61‌

%

d

9‌

%

3

 $

1,273‌

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

56

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information

Account

Information:

TIAA

Separate

Account

VA-1

(“VA-1”)

is

a

segregated

investment

account

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

is

organized

under

the

insurance

laws

of

the

State

of

New

York

for

the

purpose

of

issuing

and

funding

individual

variable

annuity

contracts.

The

variable

annuity

contracts

were

issued

by

TIAA.

VA-1

is

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

June

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2024

(the

"current

fiscal

period").

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Account is

an

investment

company

and

follows

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

.

The accumulation

unit

value (“AUV”) for

financial

reporting

purposes

may

differ

from

the AUV

for

processing

transactions.

The AUV

for

financial

reporting

purposes

includes

security

and 

contractowner

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the AUV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Account.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Account is

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Account and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

unrealized

appreciation

(depreciation)

on

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

Indemnification:

In

the

normal

course

of

business, the

Account

enters

into

contracts

that

contain

a

variety

of

representations

and

warranties

and

that

provide

general

indemnities. The

Account's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

against

the

Account

that

has

not

yet

occurred.

Also,

under

the

Account's

organizational

documents,

the

trustees

and

officers

of

the

Account are

indemnified

against

certain

liabilities

that

may

arise

out

of

their

duties

to

the

Account.

However,

based

on

experience,

the

Account

expects

the

risk

of

loss

due

to

these

warranties

and

indemnities

to

be

unlikely.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the

Account determines

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

made

up

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The Account

estimates

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

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.

57

Netting

Agreements:

 In

the

ordinary

course

of

business,

the Account

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements, International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows the Account

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally, the Account

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the Account

is

held

in

a

segregated

account

by

the Account's

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the Account's

Portfolio

of

Investments

or

Statements

of

Assets

and

Liabilities.

The Account's

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Account’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

Teachers

Advisors,

LLC

(the

"Adviser"),

subject

to

oversight

of

the

Committee.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Account's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser and

oversight

of

the Committee.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Account’s

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Committee.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1.

Notes

to

Financial

Statements

(Unaudited)

(continued)

58

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.

Portfolio

Securities

Securities

Lending:

The

Account may

lend

its

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

The Account

receives

cash

collateral

and

non-cash

collateral

(in

the

form

of

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

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):

Account

Level

1

Level

2

Level

3

Total

Stock

Index

Long-Term

Investments

:

Common

stocks

$1,259,949

$—

$4

$1,259,953

Short-Term

Investments

:

Government

agency

debt

—

15,179

—

15,179

Treasury

debt

—

2,773

—

2,773

Investments

purchased

with

collateral

from

securities

lending

1,463

—

—

1,463

Investments

in

Derivatives

:

Futures

contracts*

(20)

—

—

(20)

Total

$1,261,392

$17,952

$4

$1,279,348

*

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

$

2,900

$

1,463

$

1,629

$

3,092

*

May

include

cash

and

investment

of

cash

collateral.

**

As

of

the

end

of

the

current

fiscal

period,

the

non-cash

collateral

received

by

the

Funds

was

comprised

of

U.S.

Treasury

securities.

59

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows

(dollar

amounts

are

in

thousands):

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): 

As

of

the

end

of

the

reporting

period,

the Account

has

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows

(dollar

amounts

are

in

thousands):

Account

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

24.1

Stock

Index

$

18,251

$

93,433

$

103,450

$

93,473

Account

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

24.1

Stock

Index

$

9,811

*

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

depreciation

on

futures

contracts

*

$

(20)

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

(Unaudited)

(continued)

60

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

$

1,138

$

(284)

Six

Months

Ended

6/30/24

Year

Ended

12/31/23

24.1

Stock

Index

Units

(000)

Value

(000)

Units

(000)

Value

(000)

Premiums

21

6,895

26

8,414

Withdrawals

and

death

benefits

(216)

(85,393)

(353)

(119,215)

Net

increase

(decrease)

from

contractowner

transactions

(195)

(78,498)

(327)

(110,801)

Account

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Stock

Index

$

368,670

$

943,689

$

(33,011)

$

910,678

61

Other

Transactions

with

Affiliates:

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

$500

million

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

11,

2024

expiring

on

June

10,

2025,

replacing

the

previous $1

billion

facility,

which

expired

June

2024.

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

$

–

$

3,357

$

2,498

Additional

Account

Information

(Unaudited)

©2024

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

62

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.

63

Approval

of

Investment

Management

Agreement

(Unaudited)

Management

Committee

renewal

of

the

investment

management

agreement

for

the

TIAA

Separate

Account

VA-1

The

Management

Committee

(the

“Committee”

or

the

“Managers”)

of

the

TIAA

Separate

Account

VA-1

(the

“Separate

Account”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Separate

Account.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

the

Separate

Account.

Below

is

a

summary

of

the

process

the

Committee

undertook

related

to

its

most

recent

renewal

of

the

Agreement.

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

the

Separate

Account

will

remain

in

effect

only

if

the

Committee,

including

a

majority

of

those

Managers

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Managers

because

they

are

not

“interested

persons”

of

the

Separate

Account,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Managers

is

an

interested

person

of

the

Separate

Account

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Managers.

Overview

of

the

Renewal

Process

The

Committee

held

an

in-person

meeting

on

March

22,

2024,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

the

Separate

Account

using

the

process

established

by

the

Committee

described

further

below.

The

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Managers

and

legal

counsel

to

the

Managers

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Committee

in

connection

with

the

proposed

contract

renewal.

Among

other

matters,

the

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors

and

its

affiliates,

other

Managers,

legal

counsel

to

the

Managers

and

legal

counsel

to

Advisors

and

the

Separate

Account,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Committee

with

respect

to

the

Separate

Account

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Committee

or

certain

of

its

designated

members,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

the

Separate

Account,

including

data

relating

to

the

Separate

Account’s

management

fee

rate,

total

expense

ratio,

and

short-term

and

long-term

investment

performance.

Broadridge

compared

this

data,

as

relevant,

for

the

Separate

Account

against

a

universe

of

investment

companies

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies

that

underlie

variable

insurance

products,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

the

Separate

Account

against

a

broad-based

index.

In

each

case,

Broadridge

summarized,

and

the

Committee

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Committee

that

its

reports

were

designed

specifically

to

provide

the

Committee

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Committee

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

the

Separate

Account’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

selected

by

Broadridge

(and

not

Advisors

or

the

Committee).

The

Committee

considered

the

propriety

of

the

Separate

Account’s

applicable

peer

group

as

selected

by

Broadridge.

Among

other

matters,

the

Committee

also

considered

information

from

Advisors

to

facilitate

the

Managers’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

the

Separate

Account

pursuant

to

the

Agreement.

64

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Legal

counsel

to

the

Managers

also

requested

on

behalf

of

the

Committee,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Committee

in

its

consideration

of

whether

to

renew

the

Agreement

for

the

Separate

Account.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

the

Separate

Account’s

investment

performance,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Separate

Account’s

performance

during

the

relevant

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

the

Separate

Account’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Separate

Account

in

addition

to

the

Separate

Account’s

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

experienced

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Separate

Account

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Separate

Account;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Separate

Account

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

to

the

Managers);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Committee

should

renew

the

Agreement.

The

Managers

were

also

provided

with

the

Separate

Account’s

overall

performance

rating

by

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

15,

2024,

the

Committee

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Managers

to

discuss

Advisors’

materials,

which

led

to

the

Managers

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

22,

2024

meeting,

the

Managers

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Committee’s

follow-up

questions

and

requests

presented

by

the

Committee

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

the

Separate

Account,

the

Committee

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Separate

Account;

(2)

the

qualifications

of

the

portfolio

managers

of

the

Separate

Account

and

the

Separate

Account’s

historical

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Separate

Account

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Separate

Account;

(4)

fees

charged

to

comparable

mutual

funds

that

underlie

variable

insurance

products

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Separate

Account

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Separate

Account

for

the

benefit

of

its

investors,

such

as

through

management

fee

breakpoints;

(7)

comparisons

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Separate

Account

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Separate

Account.

As

a

general

matter,

the

Committee

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Managers,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

22,

2024

meeting

that

included

Advisors’

personnel,

the

Managers

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

the

Separate

Account.

The

Committee

also

received

and

considered

information

from

legal

counsel

to

the

Managers

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

22,

2024

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Separate

Account

by

the

Management

Committee

and

its

Committees

is

an

ongoing

process.

The

Management

Committee,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Management

Committee

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Management

Committee

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters,

information

regarding

the

performance

of

the

Separate

Account.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

the

Separate

Account,

the

Management

Committee

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Management

Committee

and

its

Committees

throughout

the

year.

In

deciding

whether

to

renew

the

Agreement,

each

Manager

may

have

accorded

different

weight

to

different

factors

and,

thus,

each

Manager

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement.

At

its

meeting

on

March

22,

2024,

all

Committee

members

voted

unanimously

to

renew

the

Agreement

for

the

Separate

Account.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Management

Committee

considered

with

respect

to

the

Separate

Account.

65

The

Nature,

Extent

and

Quality

of

Services

The

Committee

examined

the

nature,

extent

and

quality

of

the

services

that

Advisors

provides

to

the

Separate

Account.

The

Committee

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Committee

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Separate

Account

since

its

operations

commenced.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties:

managing

the

assets

of

the

Separate

Account,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Separate

Account’s

investment

portfolio;

active

daily

monitoring

of

the

Separate

Account’s

investment

portfolio;

reporting

on

the

investment

performance

and

other

metrics

of

the

Separate

Account

to

the

Committee

on

a

regular

basis;

responding

to

Separate

Account

flows;

and

compliance

monitoring.

The

Committee

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Committee

also

considered

that

Advisors

and

its

affiliates

have

committed

significant

resources

to

supporting

the

Separate

Account.

It

also

considered

VA-1’s,

Advisors’

and

Teachers

Insurance

and

Annuity

Association’s

compliance

programs

and

resources

and

their

compliance

records

with

respect

to

the

Separate

Account.

The

Committee

also

considered,

among

other

factors,

the

performance

of

the

Separate

Account,

as

discussed

below.

In

addition,

the

Committee

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Committee

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

and

its

affiliates’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Committee

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Separate

Account,

including

the

impact

of

regulatory

and

other

developments

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

the

Separate

Account

under

the

Agreement

was

reasonable.

Investment

Performance

The

Committee

considered

the

investment

performance

of

the

Separate

Account

over

the

one-,

three-,

five-

and

ten-year

periods

ended

December

31,

2023.

The

Committee

considered

the

Separate

Account’s

performance

as

compared

to

its

peer

universe

of

mutual

funds

that

underlie

variable

insurance

products

(as

applicable)

and

the

Separate

Account’s

benchmark

index.

The

Committee

also

discussed

the

performance

of

the

Separate

Account

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Committee

considered

the

effects

of

fair

valuation,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Separate

Account’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

the

Separate

Account’s

performance,

see

the

synopsis

below.

The

Committee

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

the

Separate

Account

was

reasonable.

Cost

and

Profitability

The

Committee

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Separate

Account

for

the

calendar

year

2023.

The

Committee

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

the

Separate

Account.

The

Committee

acknowledged

the

reasonableness

of

having

a

management

fee

rate

which

permits

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Separate

Account

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Separate

Account.

The

Committee

considered

that

Advisors

had

earned

a

net

profit

with

respect

to

the

Separate

Account

under

the

Agreement

for

the

one-year

period

ended

December

31,

2023.

The

Committee

concluded

that

the

profit

was

reasonable

in

light

of

various

relevant

factors.

Fees

Charged

by

Other

Advisers

The

Committee

considered

comparative

information

regarding

the

Separate

Account’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

synopsis

below.

In

this

regard,

the

Committee

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

the

Separate

Account

and

comparable

mutual

funds

that

underlie

variable

insurance

products.

For

example,

most

similar

mutual

funds

are

offered

only

through

other

investment

vehicles

that

also

carry

additional

fees

and

expenses,

whereas

the

Separate

Account

bears

certain

of

these

expenses

itself.

Another

limitation

noted

by

the

Committee

was

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Separate

Account’s

actual

management

fee

rate

compares

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Additionally,

the

Committee

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Separate

Account’s

data

were

derived.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

management

fee

rate

under

the

Agreement

was

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

66

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Economies

of

Scale

The

Committee

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

the

Separate

Account.

The

Committee

also

considered

that,

because

Advisors

represented

that

its

profit

was

relatively

small

and

the

Separate

Account

was

unlikely

to

grow

because

it

is

no

longer

actively

sold,

there

was

little

opportunity

to

pass

economies

of

scale

on

to

Separate

Account

contractholders.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

Separate

Account’s

management

fee

rate

schedule

was

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

level.

Fee

and

Performance

Comparisons

with

Other

Clients

of

Advisors

and

its

Affiliates

The

Committee

considered

that

Advisors

and

its

affiliates,

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds

and

collective

investment

trusts

(CITs)

that

have

similar

investment

strategies

as

the

Separate

Account.

The

Committee

considered

the

management

fee

rates

and

the

performance

of

such

companies

and

accounts,

noting

that,

while

the

Separate

Account’s

management

fee

rate

was

higher

than

the

other

Russell

3000-indexed

products

managed

by

Advisors

or

its

affiliates,

the

Separate

Account’s

fee

rate

included

certain

services

not

covered

by

the

fee

rates

of

these

other

products.

The

Committee

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

or

its

affiliates

may

manage

client

assets

through

additional

funds

and

accounts

with

similar

investment

strategies.

The

Committee

also

considered

Advisors’

representation

that,

while

the

management

fee

rate

charged

to

the

Separate

Account

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products,

and

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

Based

on

all

factors

considered,

the

Committee

concluded

that

the

management

fee

rate

charged

to

the

Separate

Account

was

reasonable

in

relation

to

those

charged

by

Advisors

and

its

affiliates

to

comparable

clients.

Other

Benefits

The

Committee

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Separate

Account

to

Advisors

or

its

affiliates

for

other

services,

such

as

administration,

and

investment-related

benefits,

such

as

economies

of

scale,

to

the

extent

the

Separate

Account

shares

investment

resources

and/or

personnel

with

other

clients

of

Advisors.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Separate

Account

has

with

certain

service

providers.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Separate

Account

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-profit

markets.

The

Committee

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

Synopsis

of

Factors

The

Committee

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

the

Separate

Account.

If

the

Separate

Account

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Committee

in

the

reports

prepared

by

Broadridge.

All

time

periods

referenced

below

are

ended

December

31,

2023.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2023.

The

statement

below

regarding

“net

profit”

refers

to

Advisors’

calculation

that

it

earned

a

profit

for

the

services

that

it

rendered

to

the

Separate

Account

during

2023

under

the

Agreement.

The

Separate

Account’s

annual

contractual

investment

management

fee

rate

is

0.30%

of

average

daily

net

assets,

but

is

voluntarily

waived

by

Advisors

to

an

annual

fee

of

0.15%

of

average

daily

net

assets.

The

Separate

Account’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

5th,

1st

and

5th

quintiles

of

the

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes,

respectively.

For

the

one-,

three-

and

five-year

periods,

the

Separate

Account’s

adjusted

annualized

gross

performance

(meaning

the

Separate

Account’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

securities

lending

and

class

action

recoveries))

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

-3,

+6

and

+2

basis

points,

respectively.

For

reference,

one

basis

point

equals

0.01%.

The

Separate

Account

received

an

Overall

Morningstar

Rating

of

5

stars.

Advisors

calculated

that

it

earned

a

net

profit

with

respect

to

its

services

to

the

Separate

Account

for

the

one-year

period.

67

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Committee

renewed

the

Agreement

for

the

Separate

Account.

Liquidity

Risk

Management

Program

(Unaudited)

68

Discussion

of

the

operation

and

effectiveness

of

the

separate

account’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

the

separate

account

covered

by

this

Report

(the

“separate

account”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

the

separate

account’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

the

separate

account’s

liquidity

risk,

as

discussed

further

below.

The

separate

account’s

Management

Committee

(the

“Management

Committee”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

13,

2024

Management

Committee

meeting,

the

Administrator

provided

the

Management

Committee

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2023

through

December

31,

2023

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

separate

account’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

the

separate

account’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

separate

account’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Separate

account

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

If

the

separate

account

does

not

primarily

hold

highly

liquid

investments

it

must,

among

other

things,

determine

a

minimum

percentage

of

separate

account

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

the

separate

account

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

the

separate

account’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

separate

account

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

the

separate

account’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

the

separate

account

did

not

exceed

the

15%

limit

on

illiquid

investments.

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A10938

(8/24)

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Approval of Investment Management Agreement in Item 1.

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

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

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

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Management Committee implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable.

(b) Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

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

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

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

TIAA Separate Account VA-1

Date: September 5, 2024	By:	/s/ Christopher Stickrod
		Christopher Stickrod Principal Executive Officer and Executive Vice President

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

Date: September 5, 2024	By:	/s/ Christopher Stickrod
		Christopher Stickrod Principal Executive Officer and Executive Vice President (principal executive officer)
Date: September 5, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)