Tiaa Separate Account Va 1
03/06/2026 | Press release | Distributed by Public on 03/06/2026 13:16
Annual Report by Investment Company (Form N-CSR)
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.
Teachers Insurance and Annuity Association of America
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 490-9000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2025
| Item 1. |
Reports to Stockholders. |
December 31, 2025
TIAA Separate Account VA-1
Stock Index Account
Table of Contents
Important Notices
3
About the Account's Benchmark
4
Portfolio Managers' Comments
5
Account Performance
6
Expense Example
8
Report of Independent Registered Public Accounting Firm
9
Portfolio of Investments
10
Statement of Assets and Liabilities
54
Statement of Operations
55
Statements of Changes in Net Assets
56
Financial Highlights
57
Notes to Financial Statements
59
Additional Account Information
66
Management Committee Members and Officers
67
Important Notices
3
TIAA Separate Account VA-1
Proposals for action at the 2026 meeting of TIAA Separate Account VA-1 contractowners
The next meeting of Separate Account contractowners will be held on July 21, 2026; the meeting will be held virtually, however,
the exact time of such meeting has yet to be determined. Contractowners who own Separate Account units as of the meeting's
record date will have the right to vote at the meeting and will receive proxy materials outlining the meeting's proposals. Unless
the Separate Account is notified by April 22, 2026 of other matters that may be properly brought before the 2026 contractowner
meeting by or on behalf of contractowners, the persons named in the proxy will have the discretion to vote on those matters as
they see fit.
About the Account's Benchmark
4
The Account's benchmark is the Russell 3000®Index: An index designed to measure the performance of the stocks of the
3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of
about 98% of the total market capitalization of the publicly traded U.S. equity market. Index returns assume reinvestment of
distributions, but do not reflect any applicable sales charges or management fees.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Account's
latest prospectus.
London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group
companies. "FTSE®," "Russell®" and "FTSE Russell®" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights
in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors
or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted
without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Portfolio Managers' Comments
5
Stock Index Account
Performance for the twelve months ended December 31, 2025
The Stock Index Account returned 16.23% for the year, compared with the 17.15% return of its benchmark, the Russell 3000®
Index.
For the twelve-month period, the Account's return underperformed that of its benchmark index due to the effect of
expenses. The Account's return includes a deduction for expenses, while the benchmark's does not. The Account had a risk
profile similar to that of its benchmark.
The U.S. economy expanded during the second and third quarters of 2025 with the pace of growth accelerating. Increased
exports and robust consumer spending helped drive economic growth. The unemployment rate increased from 4.0% in January
2025 to 4.4% in December. Core inflation, which includes all items except food and energy, rose 2.6% for the twelve months
ended December 31, 2025-tapering off from the 3.2% rise in December 2024. The U.S. Federal Reserve reduced the federal
funds target rate to 3.50%-3.75% in a series of decreases in the latter part of the year. Crude oil prices fluctuated during the
year but ended the period lower.
The broad U.S. stock market, as measured by the Russell 3000 Index, returned 17.15% for the period. Large cap equities
outperformed small- and mid-sized stocks, while growth shares mostly outpaced value stocks. (Returns by investment style
and capitalization size are based on the Russell indexes.)
All benchmark sectors advanced
All eleven industry sectors in the Russell 3000 Index posted gains for the twelve months. Communication services (up 32.3%)
produced the strongest increase. Information technology (up 22.9%)-the benchmark's largest sector- also posted a solid
gain. The next-best performers were industrials (up 18.7%) and utilities (up 16.4%). Together, these four sectors accounted for
more than 50.0% of the index's total market capitalization on December 31, 2025. The worst performer was consumer staples
(up 2.9%), as a rotation towards artificial intelligence (AI) driven growth stocks put pressure on the sector.
For the twelve-month period, two of the five largest stocks in the Russell 3000 Index generated impressive gains that
exceeded the overall return of the benchmark. Communication services company Alphabet (the parent company of Google)
performed especially well, driven by robust demand for cloud services and significant AI integration. Technology company
NVIDIA was next in line with strong double-digit gains. Microsoft, Apple and Amazon.com posted positive returns, but all trailed
the performance of the benchmark.
Stock Index Account
6
Performance as of
December 31, 2025
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may
be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the
most recent month-end, please visit TIAA.org. The Account's performance reflects a fee waiver, which is currently in place. Without such waiver, the expenses of the Account would
have been higher and its performance lower. Refer to the Financial highlights later in this report for the Account's expense ratios as of the end of the reporting period.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
$10,000 over 10 years
Ending amounts are as of December 31, 2025. For the purpose of comparison, the graph also shows the change in the value
of the Account's benchmark during the same period.
Total return
Average annual total return
Inception
date
1 year
5 years
10 years
Stock Index Account
11/1/94
16.30
%
12.33
%
13.45
%
Russell 3000® Index
-
17.15
13.15
14.29
7
Stock Index Account
Account statistics
Portfolio composition
as of 12/31/2025
Account net assets
$
1.37
billion
Total number of holdings
2,610
Portfolio turnover (%)
2%
Total investment advisory
fees paid for the year
(amount in thousands)
$3,944
% of total investments
as of 12/31/2025
Information technology
31.7
Financials
13.8
Consumer discretionary
10.4
Health care
10.0
Communication services
10.0
Industrials
9.3
Consumer staples
4.4
Energy
2.9
Materials
2.2
Utilities
2.2
Real estate
2.2
Short-term investments
0.6
Investments purchased with collateral
from securities lending
0.3
Expense Example
8
All contractowners in the Stock Index Account incur ongoing costs, including management fees and other Account expenses.
The Stock Index Account is the underlying investment vehicle for Teachers Personal Annuity contracts issued by Teachers
Insurance and Annuity Association of America. Premium taxes may apply to certain contracts. Because of this additional
charge, the cost to investors may be higher than the figures shown in the expense example. Information about this additional
charge can be found in the prospectus.
The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars)
and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing
costs of investing in other variable annuity accounts and mutual funds. Contractowners in the Stock Index Account do not
incur a sales charge for purchases or other distributions.
The example is based on an investment of $10,000 invested at the beginning and held for the entire reporting period.
What were the Account costs for the last year?
(based on a hypothetical $10,000 investment)
Cost of a
$10,000 investment
Cost paid as a percentage of
$10,000 investment
Stock Index Account
$74
0.69%
Report of Independent Registered Public Accounting Firm
9
To the Management Committee of Teachers Insurance and Annuity Association of America and the Contract Owners of the Stock
Index Account of TIAA Separate Account VA-1
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Stock Index
Account of TIAA Separate Account VA-1 (the "Account") as of December 31, 2025, the related statement of operations for the year
then ended, and the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including
the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred
to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position
of the Account as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each
of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended
December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Teachers Insurance and Annuity Association of America management. Our
responsibility is to express an opinion on the financial statements of the Account based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with
respect to the Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as
of December 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
Charlotte, North Carolina
February 27, 2026
We have served as the auditor of one or more investment companies in TIAA-CREF Funds' investment company group since 2005.
Stock Index
Portfolio of Investments December 31, 2025
10
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
LONG-TERM INVESTMENTS - 98.9%
COMMON STOCKS - 98.9%
AUTOMOBILES & COMPONENTS - 2.3%
1,464
(a)
Adient plc
$
28
2,617
(a),(b)
American Axle & Manufacturing Holdings, Inc
17
4,330
(a)
Aptiv plc
329
4,752
BorgWarner, Inc
214
3,106
Dana Inc
74
596
(a)
Dorman Products, Inc
73
81,666
Ford Motor Co
1,071
1,039
(a)
Fox Factory Holding Corp
18
2,745
Garrett Motion, Inc
48
19,369
General Motors Co
1,575
5,543
Gentex Corp
129
1,006
(a)
Gentherm, Inc
37
3,169
(a)
Goodyear Tire & Rubber Co
28
1,703
Harley-Davidson, Inc
35
533
LCI Industries
65
846
Lear Corp
97
1,993
(a),(b)
Lucid Group, Inc
21
681
Patrick Industries, Inc
74
450
Phinia, Inc
28
7,090
(a)
QuantumScape Corp
74
16,962
(a)
Rivian Automotive, Inc
334
1,333
(a)
Solid Power, Inc
6
843
Standard Motor Products, Inc
31
58,469
(a)
Tesla, Inc
26,295
1,229
Thor Industries, Inc
126
759
Visteon Corp
72
282
Winnebago Industries, Inc
11
518
(a)
XPEL, Inc
26
TOTAL AUTOMOBILES & COMPONENTS
30,936
BANKS - 4.0%
408
1st Source Corp
25
450
Amalgamated Financial Corp
14
667
Amerant Bancorp, Inc
13
1,431
Ameris Bancorp
106
476
Arrow Financial Corp
15
2,950
Associated Banc-Corp
76
3,083
Atlantic Union Bankshares Corp
109
527
(a)
Avidbank Holdings, Inc
14
992
(a)
Axos Financial, Inc
85
1,798
Banc of California, Inc
35
585
Bancfirst Corp
62
767
(a)
Bancorp, Inc
52
178
Bank First Corp
22
137,187
Bank of America Corp
7,545
643
Bank of Hawaii Corp
44
468
Bank of Marin Bancorp
12
548
Bank of NT Butterfield & Son Ltd
27
2,326
Bank OZK
107
90
Bank7 Corp
4
1,329
(a)
BankUnited, Inc
59
132
Banner Corp
8
622
Bar Harbor Bankshares
19
223
BayCom Corp
7
1,555
Berkshire Hills Bancorp, Inc
41
383
(a)
Blue Foundry Bancorp
5
3,275
Blue Ridge Bankshares, Inc
14
371
BOK Financial Corp
44
882
(a)
Bridgewater Bancshares, Inc
15
11
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
38
Burke & Herbert Financial Services Corp
$
2
313
Business First Bancshares, Inc
8
241
Byline Bancorp, Inc
7
3,794
Cadence Bank
163
613
(a)
Camden National Corp
27
447
Capital City Bank Group, Inc
19
2,335
(a)
Capitol Federal Financial, Inc
16
550
(a)
Carter Bankshares, Inc
11
1,563
Cathay General Bancorp
76
1,125
Central Pacific Financial Corp
35
693
CF Bankshares, Inc
17
90
Chemung Financial Corp
5
309
ChoiceOne Financial Services, Inc
9
36,961
Citigroup, Inc
4,313
533
Citizens & Northern Corp
11
8,870
Citizens Financial Group, Inc
518
250
(a)
City Holding Co
30
377
Civista Bancshares, Inc
8
496
CNB Financial Corp
13
146
(a)
Coastal Financial Corp
17
6,093
Columbia Banking System, Inc
170
1,738
(a)
Columbia Financial, Inc
27
2,855
Comerica, Inc
248
2,329
Commerce Bancshares, Inc
122
973
Community Bank System, Inc
56
651
Community Trust Bancorp, Inc
37
26
Community West Bancshares
1
282
ConnectOne Bancorp, Inc
7
1,266
Cullen/Frost Bankers, Inc
160
640
(a)
Customers Bancorp, Inc
47
2,723
CVB Financial Corp
51
422
(a)
Dime Community Bancshares, Inc
13
1,229
Eagle Bancorp Montana, Inc
24
1,035
Eagle Bancorp, Inc
22
2,987
East West Bancorp, Inc
336
3,756
Eastern Bankshares, Inc
69
400
Enterprise Financial Services Corp
22
402
Equity Bancshares, Inc
18
339
Esquire Financial Holdings, Inc
35
218
Farmers & Merchants Bancorp, Inc
5
1,013
Farmers National Banc Corp
13
1,908
(a)
FB Bancorp, Inc
25
621
FB Financial Corp
35
106
Fidelity D&D Bancorp, Inc
5
14,550
Fifth Third Bancorp
681
527
Financial Institutions, Inc
16
464
First Bancorp
24
3,990
First BanCorp
83
498
(a)
First Bancorp, Inc
13
603
First Bank
10
903
First Busey Corp
21
186
First Citizens Bancshares, Inc (Class A)
399
1,652
First Commonwealth Financial Corp
28
680
(a)
First Community Bancshares, Inc
23
57
First Community Corp
2
1,773
First Financial Bancorp
44
2,915
First Financial Bankshares, Inc
87
384
(a)
First Financial Corp
23
1,098
(a)
First Foundation, Inc
7
2,244
First Hawaiian, Inc
57
11,005
First Horizon National Corp
263
1,904
First Interstate BancSystem, Inc
66
Stock Index
12
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
645
First Merchants Corp
$
24
380
First Mid Bancshares, Inc
15
810
(a)
First Western Financial, Inc
22
441
(a)
Firstsun Capital Bancorp
17
84
Five Star Bancorp
3
1,083
Flushing Financial Corp
16
8,529
FNB Corp
146
312
Franklin Financial Services Corp
16
4,397
Fulton Financial Corp
85
903
German American Bancorp, Inc
35
2,794
Glacier Bancorp, Inc
123
76
Great Southern Bancorp, Inc
5
451
Greene County Bancorp, Inc
10
2,028
Hancock Whitney Corp
129
824
Hanmi Financial Corp
22
715
HBT Financial, Inc
18
1,355
Heritage Commerce Corp
16
1,150
Heritage Financial Corp
27
994
Hilltop Holdings, Inc
34
57
(a),(b)
Hingham Institution For Savings The
16
238
Home Bancorp, Inc
14
2,636
Home Bancshares, Inc
73
698
HomeStreet, Inc
10
667
HomeTrust Bancshares, Inc
29
2,725
Hope Bancorp, Inc
30
1,209
(a)
Horizon Bancorp, Inc
21
31,502
Huntington Bancshares, Inc
547
863
Independent Bank Corp
63
863
Independent Bank Corp
28
1,089
International Bancshares Corp
72
1,188
John Marshall Bancorp, Inc
24
56,154
JPMorgan Chase & Co
18,094
1,623
Kearny Financial Corp
12
20,734
Keycorp
428
499
Lakeland Financial Corp
28
833
Live Oak Bancshares, Inc
29
3,128
M&T Bank Corp
630
640
Mercantile Bank Corp
31
424
Metrocity Bankshares, Inc
11
229
Metropolitan Bank Holding Corp
17
196
Mid Penn Bancorp, Inc
6
582
Midland States Bancorp, Inc
12
406
MidWestOne Financial Group, Inc
16
180
MVB Financial Corp
5
819
National Bank Holdings Corp
31
647
National Bankshares, Inc
22
1,273
NB Bancorp, Inc
25
573
NBT Bancorp, Inc
24
6,570
New York Community Bancorp, Inc
83
292
Nicolet Bankshares, Inc
35
363
Northeast Bank
38
954
(a)
Northeast Community Bancorp, Inc
22
1,643
Northfield Bancorp, Inc
19
472
Northrim BanCorp, Inc
13
2,195
Northwest Bancshares, Inc
26
68,283
(a)
NU Holdings Ltd
1,143
163
Oak Valley Bancorp
5
37
OceanFirst Financial Corp
1
811
OFG Bancorp
33
6,336
Old National Bancorp
141
1,237
Old Second Bancorp, Inc
24
568
Origin Bancorp, Inc
21
13
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
297
Orrstown Financial Services, Inc
$
11
322
Park National Corp
49
436
Pathward Financial, Inc
31
642
Peapack Gladstone Financial Corp
18
868
Peoples Bancorp, Inc
26
333
Peoples Financial Services Corp
16
1,672
Pinnacle Financial Partners, Inc
160
302
(a)
Pioneer Bancorp, Inc
4
54
Plumas Bancorp
2
8,192
PNC Financial Services Group, Inc
1,710
1,124
Popular, Inc
140
267
Preferred Bank
25
454
Primis Financial Corp
6
1,571
Prosperity Bancshares, Inc
109
2,598
Provident Financial Services, Inc
51
356
QCR Holdings, Inc
30
475
RBB Bancorp
10
192
Red River Bancshares, Inc
14
18,602
Regions Financial Corp
504
1,623
Renasant Corp
57
364
Republic Bancorp, Inc (Class A)
25
812
S&T Bancorp, Inc
32
1,542
Seacoast Banking Corp of Florida
48
1,315
(a)
ServisFirst Bancshares, Inc
94
370
Sierra Bancorp
12
1,906
Simmons First National Corp (Class A)
36
275
SmartFinancial, Inc
10
1,492
Southern California Bancorp
28
228
(a)
Southern First Bancshares, Inc
12
231
Southern Missouri Bancorp, Inc
14
328
Southside Bancshares, Inc
10
2,193
SOUTHSTATE BANK CORP
206
1,065
(b)
SR Bancorp, Inc
17
3,571
(c)
Sterling Bancorp, Inc
0^
572
Stock Yards Bancorp, Inc
37
3,386
Synovus Financial Corp
169
947
(a)
Texas Capital Bancshares, Inc
86
110
TFS Financial Corp
1
681
(a)
Third Coast Bancshares, Inc
26
131
Tompkins Trustco, Inc
10
1,259
Towne Bank
42
422
Trico Bancshares
20
657
(a)
Triumph Financial, Inc
41
27,432
Truist Financial Corp
1,350
671
TrustCo Bank Corp NY
28
768
Trustmark Corp
30
1,622
UMB Financial Corp
187
2,837
United Bankshares, Inc
109
2,849
United Community Banks, Inc
89
1,012
Univest Financial Corp
33
32,576
US Bancorp
1,738
9,879
Valley National Bancorp
115
761
Washington Federal, Inc
24
581
(a)
Washington Trust Bancorp, Inc
17
3,818
Webster Financial Corp
240
65,115
Wells Fargo & Co
6,069
1,127
WesBanco, Inc
37
597
West Bancorporation, Inc
13
225
Westamerica Bancorporation
11
2,509
Western Alliance Bancorp
211
1,443
Wintrust Financial Corp
202
718
WSFS Financial Corp
40
Stock Index
14
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
BANKS
(continued)
3,174
Zions Bancorporation
$
186
TOTAL BANKS
54,672
CAPITAL GOODS - 6.8%
3,738
(a)
3D Systems Corp
7
10,917
3M Co
1,748
2,379
A.O. Smith Corp
159
1,578
(b)
Aaon, Inc
120
770
(a)
AAR Corp
64
622
Acuity Brands, Inc
224
1,567
Advanced Drainage Systems, Inc
227
1,215
Aebi Schmidt Holding AG.
15
2,574
Aecom Technology Corp
245
784
(a)
Aerovironment, Inc
190
1,044
AGCO Corp
109
1,593
Air Lease Corp
102
191
Alamo Group, Inc
32
653
Albany International Corp (Class A)
33
2,848
(a)
Allegheny Technologies, Inc
327
1,880
Allegion plc
299
1,075
(a)
Alliance Laundry Holdings, Inc
22
307
Allied Motion Technologies, Inc
16
1,525
Allison Transmission Holdings, Inc
149
909
(a)
Ameresco, Inc
27
813
(a)
American Superconductor Corp
23
184
(a)
American Woodmark Corp
10
4,744
Ametek, Inc
974
1,904
(a)
Amprius Technologies, Inc
15
7,639
(a)
API Group Corp
292
449
Apogee Enterprises, Inc
16
833
Applied Industrial Technologies, Inc
214
11,787
(a)
Archer Aviation, Inc
89
813
Arcosa, Inc
86
287
(a)
Argan, Inc
90
805
Armstrong World Industries, Inc
154
4,146
(a)
Array Technologies, Inc
38
823
Astec Industries, Inc
36
810
(a)
Astronics Corp
44
931
Atkore, Inc
59
1,320
Atmus Filtration Technologies, Inc
69
1,586
(a)
Axon Enterprise, Inc
901
507
AZZ, Inc
54
4,522
(a)
Bloom Energy Corp
393
766
(a)
Blue Bird Corp
36
224
(a)
BlueLinx Holdings, Inc
14
15,479
(a)
Boeing Co
3,361
610
Boise Cascade Co
45
337
(a)
Bowman Consulting Group Ltd
11
534
(b)
Brookfield Business Corp
19
2,449
(a)
Builders FirstSource, Inc
252
1,894
BWX Technologies, Inc
327
394
(a),(b)
Byrna Technologies, Inc
7
383
Cadre Holdings, Inc
16
799
Carlisle Cos, Inc
256
984
Carpenter Technology Corp
310
17,144
Carrier Global Corp
906
9,606
Caterpillar, Inc
5,503
756
(a)
CECO Environmental Corp
45
1,396
(a)
Centuri Holdings, Inc
35
900
(a)
Chart Industries, Inc
186
17,876
CNH Industrial NV
165
840
Columbus McKinnon Corp
14
739
Comfort Systems USA, Inc
690
15
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
1,015
(a)
Construction Partners, Inc
$
110
3,982
(a)
Core & Main, Inc
207
968
Crane Co
179
302
CSW Industrials, Inc
89
2,790
Cummins, Inc
1,424
822
Curtiss-Wright Corp
453
1,008
(a)
Custom Truck One Source, Inc
6
5,130
Deere & Co
2,388
3,204
(a)
DNOW, Inc
42
2,028
Donaldson Co, Inc
180
932
Douglas Dynamics, Inc
30
2,820
Dover Corp
551
290
(a)
Ducommun, Inc
28
91
(a)
DXP Enterprises, Inc
10
561
(a)
Dycom Industries, Inc
190
8,181
Eaton Corp plc
2,606
916
EMCOR Group, Inc
560
11,514
Emerson Electric Co
1,528
1,368
(a)
Energy Recovery, Inc
18
1,030
Enerpac Tool Group Corp
39
554
EnerSys
81
2,981
(a)
Enovix Corp
22
479
EnPro Industries, Inc
103
4,836
(a),(b)
Eos Energy Enterprises, Inc
55
1,154
Esab Corp
129
605
ESCO Technologies, Inc
118
978
(a)
Everus Construction Group, Inc
84
22,915
Fastenal Co
920
1,221
Federal Signal Corp
133
3,834
Ferguson Enterprises, Inc
854
2,943
Flowserve Corp
204
786
(a)
Fluence Energy, Inc
16
3,620
(a)
Fluor Corp
143
6,548
Fortive Corp
362
2,398
Fortune Brands Innovations, Inc
120
842
Franklin Electric Co, Inc
80
586
(a),(b)
Freyr Battery, Inc
4
2,062
FTAI Aviation Ltd
406
4,917
(a)
Gates Industrial Corp plc
106
519
GATX Corp
88
5,712
GE Vernova, Inc
3,733
1,274
(a)
Gencor Industries, Inc
16
1,064
(a)
Generac Holdings, Inc
145
5,183
General Dynamics Corp
1,745
21,555
General Electric Co
6,640
584
(a)
Gibraltar Industries, Inc
29
461
Global Industrial Co
13
678
Gorman-Rupp Co
32
2,976
Graco, Inc
244
496
(a)
Graham Corp
32
945
Granite Construction, Inc
109
359
(a)
Great Lakes Dredge & Dock Corp
5
70
Greenbrier Cos, Inc
3
611
Griffon Corp
45
4,335
(a)
Hayward Holdings, Inc
67
938
HEICO Corp
304
1,471
(a)
HEICO Corp (Class A)
371
922
(a)
Helios Technologies, Inc
49
690
Herc Holdings, Inc
102
1,747
Hexcel Corp
129
1,241
Hillenbrand, Inc
39
3,242
(a)
Hillman Solutions Corp
28
Stock Index
16
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
13,187
Honeywell International, Inc
$
2,573
8,386
Howmet Aerospace, Inc
1,719
1,169
Hubbell, Inc
519
1,076
(a)
Hudson Technologies, Inc
7
792
Huntington Ingalls Industries, Inc
269
3,375
(a),(b)
Hyliion Holdings Corp
6
404
Hyster-Yale Materials Handling, Inc
12
1,652
IDEX Corp
294
195
(a)
IES Holdings, Inc
76
5,892
Illinois Tool Works, Inc
1,451
8,818
Ingersoll Rand, Inc
699
716
Insteel Industries, Inc
23
2,375
(a),(b)
Intuitive Machines, Inc
39
1,687
ITT, Inc
293
1,876
(a)
Janus International Group, Inc
12
452
(a)
JELD-WEN Holding, Inc
1
1,078
John Bean Technologies Corp
162
13,709
Johnson Controls International plc
1,642
242
(a)
Kadant, Inc
69
672
Karat Packaging, Inc
15
579
(a)
Karman Holdings, Inc
42
1,671
Kennametal, Inc
47
3,283
(a)
Kratos Defense & Security Solutions, Inc
249
3,972
L3Harris Technologies, Inc
1,166
542
(a)
Lawson Products, Inc
15
728
(a)
LB Foster Co (Class A)
20
686
(a)
Legence Corp
30
690
Lennox International, Inc
335
1,340
Leonardo DRS, Inc
46
243
(a)
Limbach Holdings, Inc
19
1,185
Lincoln Electric Holdings, Inc
284
220
Lindsay Corp
26
836
(a)
Loar Holdings, Inc
57
4,276
Lockheed Martin Corp
2,068
1,218
LSI Industries, Inc
22
800
Luxfer Holdings plc
11
1,198
(a)
Manitowoc Co, Inc
14
4,610
Masco Corp
293
1,168
(a)
Mastec, Inc
254
2,747
(a)
Masterbrand, Inc
30
1,366
(a)
Matrix Service Co
16
887
(a)
Mayville Engineering Co Inc
17
412
McGrath RentCorp
43
1,126
(a)
Mercury Computer Systems, Inc
82
4,301
(a),(b)
Microvast Holdings, Inc
12
987
(a)
Middleby Corp
147
446
Miller Industries, Inc
17
1,042
(a)
Modine Manufacturing Co
139
536
Moog, Inc (Class A)
131
1,012
(a)
MSC Industrial Direct Co (Class A)
85
2,082
Mueller Industries, Inc
239
4,045
Mueller Water Products, Inc (Class A)
96
368
(a)
MYR Group, Inc
80
583
(a),(b)
NANO Nuclear Energy, Inc
14
206
National Presto Industries, Inc
22
3,366
(a)
Newpark Resources, Inc
40
3,068
(a)
NEXTracker, Inc
267
1,006
Nordson Corp
242
2,814
Northrop Grumman Corp
1,605
371
(a)
Northwest Pipe Co
23
2,741
(a),(b)
NuScale Power Corp
39
3,559
nVent Electric plc
363
17
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
117
Omega Flex, Inc
$
3
1,551
(a)
Orion Marine Group, Inc
15
1,397
Oshkosh Corp
175
7,806
Otis Worldwide Corp
682
1,783
Owens Corning, Inc
200
10,913
PACCAR, Inc
1,195
766
(a)
Park Aerospace Corp
16
2,595
Parker-Hannifin Corp
2,281
598
Park-Ohio Holdings Corp
13
3,179
Pentair plc
331
22,888
(a),(b)
Plug Power, Inc
45
112
Powell Industries, Inc
36
96
(a)
Preformed Line Products Co
20
1,171
Primoris Services Corp
145
784
(a)
Proto Labs, Inc
40
905
Quanex Building Products Corp
14
3,026
Quanta Services, Inc
1,277
13,157
(a),(b)
QXO, Inc
254
677
(a)
RBC Bearings, Inc
304
726
(a)
Redwire Corp
6
1,406
Regal-Beloit Corp
197
2,818
(a)
Resideo Technologies, Inc
99
1,111
REV Group, Inc
68
8,068
(a)
Rocket Lab Corp
563
2,319
Rockwell Automation, Inc
902
27,728
RTX Corp
5,085
198
Rush Enterprises, Inc
11
1,317
Rush Enterprises, Inc (Class A)
71
3,523
Sensata Technologies Holding plc
117
4,388
(a)
Shoals Technologies Group, Inc
37
913
(a)
Simpson Manufacturing Co, Inc
147
782
(a)
SiteOne Landscape Supply, Inc
97
1,001
Snap-On, Inc
345
987
(a)
SPX Technologies, Inc
197
3,095
(a)
StandardAero, Inc
89
277
Standex International Corp
60
3,377
Stanley Black & Decker, Inc
251
634
(a)
Sterling Construction Co, Inc
194
3,737
(a)
Sunrun, Inc
69
535
(b)
Tecnoglass, Inc
27
406
Tennant Co
30
1,409
Terex Corp
75
3,641
Textron, Inc
317
853
(a)
Thermon Group Holdings, Inc
32
1,366
Timken Co
115
1,266
(a)
Titan International, Inc
10
491
(a)
Titan Machinery, Inc
7
1,924
Toro Co
151
4,616
Trane Technologies plc
1,797
100
(a)
Transcat, Inc
6
1,152
TransDigm Group, Inc
1,532
2,168
(a)
Trex Co, Inc
76
1,768
Trinity Industries, Inc
47
963
Tutor Perini Corp
65
904
UFP Industries, Inc
82
1,315
United Rentals, Inc
1,064
455
(a)
V2X, Inc
25
412
Valmont Industries, Inc
166
7,971
Vertiv Holdings Co
1,291
190
(a)
Vicor Corp
21
340
(a)
VSE Corp
59
954
W.W. Grainger, Inc
963
Stock Index
18
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
CAPITAL GOODS
(continued)
1,281
(a)
Wabash National Corp
$
11
760
Watsco, Inc
256
536
Watts Water Technologies, Inc (Class A)
148
851
WESCO International, Inc
208
3,489
Westinghouse Air Brake Technologies Corp
745
73
Willis Lease Finance Corp
10
4,244
WillScot Mobile Mini Holdings Corp
80
1,262
Woodward Inc
382
858
Worthington Enterprises, Inc
44
911
(a),(b)
Xometry, Inc
54
4,884
Xylem, Inc
665
3,251
Zurn Elkay Water Solutions Corp
151
TOTAL CAPITAL GOODS
93,407
COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
1,382
(a)
ABM Industries, Inc
58
3,257
ACCO Brands Corp
12
2,888
(a)
ACV Auctions, Inc
23
8,912
Alight, Inc
17
2,989
(a)
Amentum Holdings, Inc
87
8,371
Automatic Data Processing, Inc
2,153
191
Barrett Business Services, Inc
7
605
(a),(b)
BlackSky Technology, Inc
11
2,731
Booz Allen Hamilton Holding Corp
230
511
(a)
BrightView Holdings, Inc
6
834
Brink's Co
97
2,405
Broadridge Financial Solutions, Inc
537
486
(a)
CACI International, Inc (Class A)
259
1,375
(a)
Casella Waste Systems, Inc (Class A)
135
1,147
(a)
CBIZ, Inc
58
3,169
(a)
Ceridian HCM Holding, Inc
219
188
(a)
Cimpress plc
13
7,018
Cintas Corp
1,320
6,385
(a)
Clarivate plc
21
1,167
(a)
Clean Harbors, Inc
274
805
Concentrix Corp
33
5,536
(a)
Conduent, Inc
11
18,519
(a)
Copart, Inc
725
1,499
(a)
CoreCivic, Inc
29
51
CRA International, Inc
10
416
CSG Systems International, Inc
32
1,062
Deluxe Corp
24
1,051
(a)
Ennis, Inc
19
2,577
Equifax, Inc
559
3,061
(a)
ExlService Holdings, Inc
130
1,272
Exponent, Inc
88
1,243
(a)
First Advantage Corp
18
381
(a)
Forrester Research, Inc
3
419
(a)
Franklin Covey Co
7
526
(a)
FTI Consulting, Inc
90
3,395
Genpact Ltd
159
3,108
(a)
GEO Group, Inc
50
2,590
(a)
Harsco Corp
46
2,398
(a)
Healthcare Services Group
46
1,885
Herman Miller, Inc
34
1,041
HireQuest, Inc
11
1,535
HNI Corp
65
307
(a)
Huron Consulting Group, Inc
53
379
ICF International, Inc
32
661
(a)
Innodata, Inc
34
975
Insperity, Inc
38
1,293
Interface, Inc
36
2,447
Jacobs Solutions, Inc
324
19
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
2,130
KBR, Inc
$
86
1,192
Kelly Services, Inc (Class A)
11
681
Kforce, Inc
21
1,237
Korn/Ferry International
82
2,559
(a)
Legalzoom.com, Inc
25
2,572
Leidos Holdings, Inc
464
664
(a)
Liquidity Services, Inc
20
1,099
Manpower, Inc
33
1,224
MAXIMUS, Inc
106
640
(a)
Montrose Environmental Group, Inc
16
805
MSA Safety, Inc
129
563
NL Industries, Inc
3
1,699
(a)
OPENLANE, Inc
51
1,095
(a)
Parsons Corp
68
6,819
Paychex, Inc
765
1,142
Paycom Software, Inc
182
927
(a)
Paylocity Holding Corp
141
1,878
Pitney Bowes, Inc
20
3,913
(a)
Planet Labs PBC
77
3,808
RB Global, Inc
392
4,067
Republic Services, Inc
862
91
(a),(b)
Resolute Holdings Management, Inc
19
1,107
Resources Connection, Inc
6
2,545
Robert Half International, Inc
69
5,892
Rollins, Inc
354
925
Science Applications International Corp
93
3,953
SS&C Technologies Holdings, Inc
346
6,045
Tetra Tech, Inc
203
3,578
(a)
TIC Solutions, Inc
36
4,262
TransUnion
365
839
(a)
TriNet Group, Inc
50
720
(a)
TrueBlue, Inc
3
541
(a),(b)
TTEC Holdings, Inc
2
345
Unifirst Corp
67
3,454
(a)
Upwork, Inc
68
4,755
Veralto Corp
474
3,058
Verisk Analytics, Inc
684
3,457
(a)
Verra Mobility Corp
77
3,046
Vestis Corp
20
7,583
Waste Management, Inc
1,666
279
(a)
Willdan Group, Inc
29
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
16,428
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.3%
966
(a)
1-800-FLOWERS.COM, Inc (Class A)
4
996
(a)
Abercrombie & Fitch Co (Class A)
125
1,605
Academy Sports & Outdoors, Inc
80
1,149
(b)
Advance Auto Parts, Inc
45
406
A-Mark Precious Metals, Inc
14
198,505
(a)
Amazon.com, Inc
45,819
3,778
(a)
American Eagle Outfitters, Inc
100
154
(a),(b)
America's Car-Mart, Inc
4
1,837
(a),(b)
AMMO, Inc
3
1,221
(a)
Arhaus, Inc
14
2,460
Arko Corp
11
416
(a)
Asbury Automotive Group, Inc
97
456
(a)
Autonation, Inc
94
355
(a)
Autozone, Inc
1,204
3,894
Bath & Body Works, Inc
78
4,227
Best Buy Co, Inc
283
665
(a)
Boot Barn Holdings, Inc
117
524
(a)
Buckle, Inc
28
326
(b)
Build-A-Bear Workshop, Inc
20
Stock Index
20
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
1,373
(a)
Burlington Stores, Inc
$
397
1,001
Caleres, Inc
12
895
Camping World Holdings, Inc
9
2,292
(a)
Carmax, Inc
89
2,814
(a)
Carvana Co
1,188
4,570
(a)
Chewy, Inc
151
109
(a)
Citi Trends, Inc
5
27,010
(a)
Coupang, Inc
637
1,606
Designer Brands, Inc
12
1,287
Dick's Sporting Goods, Inc
255
64
(b)
Dillard's, Inc (Class A)
39
9,277
eBay, Inc
808
2,260
(a)
Etsy, Inc
125
2,017
(a)
EVgo, Inc
6
1,176
(a)
Five Below, Inc
221
2,514
(a)
Floor & Decor Holdings, Inc
153
8,925
(a)
GameStop Corp (Class A)
179
4,912
Gap, Inc
126
365
(a)
Genesco, Inc
9
2,705
Genuine Parts Co
333
559
(a)
GigaCloud Technology, Inc
22
222
Group 1 Automotive, Inc
87
541
(a),(b)
Groupon, Inc
10
715
Haverty Furniture Cos, Inc
17
20,713
Home Depot, Inc
7,127
1,925
Kohl's Corp
39
487
(a),(b)
Lands' End, Inc
7
477
Lithia Motors, Inc (Class A)
158
5,489
LKQ Corp
166
11,724
Lowe's Cos, Inc
2,827
5,015
Macy's, Inc
111
530
(a)
MarineMax, Inc
13
759
(b)
Monro Muffler, Inc
15
338
Murphy USA, Inc
136
2,416
(a)
National Vision Holdings, Inc
62
1,339
(a)
Ollie's Bargain Outlet Holdings, Inc
147
266
(a)
OneWater Marine, Inc
3
17,407
(a)
O'Reilly Automotive, Inc
1,588
1,209
(a)
Overstock.com, Inc
7
165
Penske Auto Group, Inc
26
1,980
(a)
Petco Health & Wellness Co, Inc
6
785
Pool Corp
180
2,295
(a)
RealReal, Inc
36
1,063
(a)
Revolve Group, Inc
32
380
(a)
RH
68
6,281
Ross Stores, Inc
1,131
113
(a)
Sally Beauty Holdings, Inc
2
697
(a),(b)
Savers Value Village, Inc
6
646
Shoe Carnival, Inc
11
881
Signet Jewelers Ltd
73
760
(a),(b)
Sleep Number Corp
6
319
Sonic Automotive, Inc (Class A)
20
1,770
(a)
Stitch Fix, Inc
9
1,616
(a)
ThredUp, Inc
10
22,704
TJX Cos, Inc
3,488
10,780
Tractor Supply Co
539
935
(a)
Ulta Beauty, Inc
566
29
Upbound Group, Inc
0^
1,483
(a)
Urban Outfitters, Inc
112
2,450
(a)
Valvoline, Inc
71
1,310
(a)
Victoria's Secret & Co
71
2,402
(a)
Warby Parker, Inc
52
21
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
1,916
(a)
Wayfair, Inc
$
192
663
Weyco Group, Inc
20
2,589
Williams-Sonoma, Inc
462
64
Winmark Corp
26
686
(a)
Zumiez, Inc
18
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
72,669
CONSUMER DURABLES & APPAREL - 0.7%
107
Acushnet Holdings Corp
9
3,260
(a)
Amer Sports, Inc
122
1,140
(a)
Beazer Homes USA, Inc
23
1,161
(a)
BK LC Lux Finco 2 Sarl
47
1,299
Brunswick Corp
96
3,596
(a)
Callaway Golf Co
42
2,222
(a)
Capri Holdings Ltd
54
547
Carter's, Inc
18
165
(a)
Cavco Industries, Inc
97
157
Century Communities, Inc
9
729
Clarus Corp
2
606
Columbia Sportswear Co
33
1,268
(b)
Cricut, Inc
6
986
(a)
Crocs, Inc
84
2,883
(a)
Deckers Outdoor Corp
299
5,265
DR Horton, Inc
758
643
(a),(b)
Dream Finders Homes, Inc
11
1,326
(b)
Ermenegildo Zegna NV
14
958
Ethan Allen Interiors, Inc
22
3,412
(a)
Figs, Inc
39
576
(a),(b)
Funko, Inc
2
3,395
(a)
Garmin Ltd
689
124
G-III Apparel Group Ltd
4
680
(a)
Green Brick Partners, Inc
43
2,888
Hasbro, Inc
237
712
(a)
Helen of Troy Ltd
15
148
(a)
Hovnanian Enterprises, Inc
14
509
Installed Building Products, Inc
132
232
(a)
Johnson Outdoors, Inc
10
1,357
KB Home
77
1,320
Kontoor Brands, Inc
81
412
(a)
Latham Group, Inc
3
935
La-Z-Boy, Inc
35
3,082
Leggett & Platt, Inc
34
4,418
Lennar Corp (Class A)
454
205
(b)
Lennar Corp (Class B)
19
241
(a)
LGI Homes, Inc
10
336
(a),(b)
Lovesac Co
5
2,060
(a)
Lululemon Athletica, Inc
428
243
(a)
M/I Homes, Inc
31
688
(a)
Malibu Boats, Inc
19
441
Marine Products Corp
4
673
(a)
MasterCraft Boat Holdings, Inc
13
5,874
(a)
Mattel, Inc
117
1,136
Meritage Homes Corp
75
1,156
(a)
Mohawk Industries, Inc
126
638
Movado Group, Inc
13
6,890
Newell Rubbermaid, Inc
26
24,817
Nike, Inc (Class B)
1,581
61
(a)
NVR, Inc
445
4,813
(a)
On Holding AG.
224
274
Oxford Industries, Inc
9
8,335
(a)
Peloton Interactive, Inc
51
1,013
Polaris Industries, Inc
64
3,834
Pulte Homes, Inc
450
Stock Index
22
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER DURABLES & APPAREL
(continued)
821
PVH Corp
$
55
731
Ralph Lauren Corp
258
110
Rocky Brands, Inc
3
1,588
(a)
SharkNinja Global SPV Ltd
178
1,083
(a)
Skyline Champion Corp
91
1,649
Smith & Wesson Brands, Inc
16
3,687
(a)
Sonos, Inc
65
1,625
Steven Madden Ltd
68
311
Sturm Ruger & Co, Inc
10
4,215
Tapestry, Inc
539
1,490
(a)
Taylor Morrison Home Corp
88
3,937
Tempur Sealy International, Inc
351
1,721
Toll Brothers, Inc
233
552
(a)
TopBuild Corp
230
1,572
(a)
Tri Pointe Homes, Inc
49
5,744
(a),(b)
Under Armour, Inc (Class A)
29
5,391
(a)
Under Armour, Inc (Class C)
26
8,194
VF Corp
148
1,037
(b)
Whirlpool Corp
75
1,742
(a)
Wolverine World Wide, Inc
32
1,532
(a)
YETI Holdings, Inc
68
TOTAL CONSUMER DURABLES & APPAREL
9,937
CONSUMER SERVICES - 2.1%
1,229
(a)
Accel Entertainment, Inc
14
6,530
ADT, Inc
53
822
(a)
Adtalem Global Education, Inc
85
8,724
(a)
Airbnb, Inc
1,184
376
(a)
American Public Education, Inc
14
5,175
Aramark
191
39
(a)
Biglari Holdings, Inc (B Shares)
13
817
(a)
BJ's Restaurants, Inc
32
275
Bloomin' Brands, Inc
2
671
Booking Holdings, Inc
3,593
764
Boyd Gaming Corp
65
1,258
(a)
Bright Horizons Family Solutions, Inc
128
959
(a)
Brinker International, Inc
138
4,525
(a)
Caesars Entertainment, Inc
106
22,162
(a)
Carnival Corp
677
318
Carriage Services, Inc
13
2,180
(a)
Cava Group, Inc
128
1,085
Cheesecake Factory
55
27,292
(a)
Chipotle Mexican Grill, Inc (Class A)
1,010
623
(a),(b)
Choice Hotels International, Inc
59
1,421
Churchill Downs, Inc
162
2,931
(a)
Coursera, Inc
22
711
(a),(b)
Cracker Barrel Old Country Store, Inc
18
2,408
Darden Restaurants, Inc
443
419
(a)
Dave & Buster's Entertainment, Inc
7
1,296
(a)
Denny's Corp
8
458
(b)
Dine Brands Global Inc.
15
695
Domino's Pizza, Inc
290
7,433
(a)
DoorDash, Inc
1,683
10,269
(a)
DraftKings, Inc
354
1,159
(a)
Driven Brands Holdings, Inc
17
787
(a)
Duolingo, Inc
138
2,527
(a)
Dutch Bros, Inc
155
809
(a)
El Pollo Loco Holdings, Inc
8
455
(a)
European Wax Center, Inc
2
2,489
Expedia Group, Inc
705
723
(a)
First Watch Restaurant Group, Inc
11
3,281
(a)
Flutter Entertainment plc
705
1,502
(a)
Frontdoor, Inc
87
23
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
CONSUMER SERVICES
(continued)
4,788
(a)
Genius Sports Ltd
$
53
2,989
(a),(b)
Global Business Travel Group I
23
412
Golden Entertainment, Inc
11
63
Graham Holdings Co
69
663
(a)
Grand Canyon Education, Inc
110
1,979
H&R Block, Inc
86
1,757
(a)
Hilton Grand Vacations, Inc
79
4,723
Hilton Worldwide Holdings, Inc
1,357
969
Hyatt Hotels Corp
155
494
(a)
Inspired Entertainment, Inc
5
2,584
International Game Technology plc
40
410
Jack in the Box, Inc
8
930
(a)
KinderCare Learning Cos, Inc
4
2,068
Krispy Kreme, Inc
8
155
(a),(b)
Kura Sushi USA, Inc
8
6,375
Las Vegas Sands Corp
415
2,764
(a)
Laureate Education, Inc
93
2,936
(a)
Life Time Group Holdings, Inc
78
1,286
(a)
Lincoln Educational Services Corp
31
608
(a)
Lindblad Expeditions Holdings, Inc
9
4,634
Marriott International, Inc (Class A)
1,438
901
Marriott Vacations Worldwide Corp
52
271
Matthews International Corp (Class A)
7
14,688
McDonald's Corp
4,489
4,487
(a)
MGM Resorts International
164
1,527
(a)
Mister Car Wash, Inc
8
128
Monarch Casino & Resort, Inc
12
57
Nathan's Famous, Inc
5
9,905
(a)
Norwegian Cruise Line Holdings Ltd
221
1,416
OneSpaWorld Holdings Ltd
29
792
Papa John's International, Inc
30
3,518
(a)
Penn National Gaming, Inc
52
1,328
Perdoceo Education Corp
39
433
(a)
Phoenix Education Partners, Inc
13
1,700
(a)
Planet Fitness, Inc
184
417
(a),(b)
Portillo's, Inc
2
330
(b)
RCI Hospitality Holdings, Inc
8
925
Red Rock Resorts, Inc
57
6,619
Restaurant Brands International, Inc
452
5,335
Royal Caribbean Cruises Ltd
1,488
1,353
(a)
Rush Street Interactive, Inc
26
10,188
(a)
Sabre Corp
14
771
(a)
SeaWorld Entertainment, Inc
28
1,013
(a),(b)
Serve Robotics, Inc
10
2,521
Service Corp International
197
766
(a)
Shake Shack, Inc
62
2,208
Six Flags Entertainment Corp
34
23,881
Starbucks Corp
2,011
673
Strategic Education, Inc
54
808
(a)
Stride, Inc
52
3,619
Super Group SGHC Ltd
43
2,381
(a),(b)
Sweetgreen, Inc
16
829
(a)
Target Hospitality Corp
7
1,383
Texas Roadhouse, Inc (Class A)
230
1,191
Travel & Leisure Co
84
1,856
(a)
Udemy, Inc
11
941
(a)
Universal Technical Institute, Inc
25
783
(b)
Vail Resorts, Inc
104
679
(a)
Viad Corp
23
3,229
(a)
Viking Holdings Ltd
231
652
(b)
Wendy's Co
5
607
Wingstop, Inc
145
Stock Index
24
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
CONSUMER SERVICES
(continued)
1,659
Wyndham Hotels & Resorts, Inc
$
125
1,733
Wynn Resorts Ltd
208
371
(a)
Xponential Fitness, Inc
3
5,638
Yum! Brands, Inc
853
TOTAL CONSUMER SERVICES
28,383
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.7%
6,283
Albertsons Cos, Inc
108
1,108
Andersons, Inc
59
2,857
(a)
BJ's Wholesale Club Holdings, Inc
257
809
Casey's General Stores, Inc
447
776
(a)
Chefs' Warehouse, Inc
48
9,144
Costco Wholesale Corp
7,885
4,732
Dollar General Corp
628
4,225
(a)
Dollar Tree, Inc
520
2,474
(a)
Grocery Outlet Holding Corp
25
520
(a)
Guardian Pharmacy Services, Inc
16
1,600
(a)
HF Foods Group, Inc
3
202
(a)
Ingles Markets, Inc (Class A)
14
12,188
Kroger Co
761
3,470
(a)
Maplebear, Inc
156
345
Natural Grocers by Vitamin Cottage, Inc
9
3,334
(a)
Performance Food Group Co
300
553
Pricesmart, Inc
68
2,141
(a)
Sprouts Farmers Market, Inc
171
9,663
Sysco Corp
712
9,477
Target Corp
926
1,296
(a)
United Natural Foods, Inc
44
4,630
(a)
US Foods Holding Corp
349
292
Village Super Market (Class A)
10
89,739
Walmart, Inc
9,998
313
Weis Markets, Inc
20
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
23,534
ENERGY - 2.9%
6,664
Antero Midstream Corp
119
6,098
(a)
Antero Resources Corp
210
7,983
APA Corp
195
3,123
Archrock, Inc
81
577
Ardmore Shipping Corp
6
1,601
(b)
Atlas Energy Solutions, Inc
15
20,436
Baker Hughes Co
931
700
(a)
BKV Corp
19
4,580
(b)
Borr Drilling Ltd
18
510
(a)
Bristow Group, Inc
19
14,882
Cabot Oil & Gas Corp
392
1,403
Cactus, Inc
64
1,532
California Resources Corp
68
1,491
(a),(b)
Calumet, Inc
30
274
(a),(b)
Centrus Energy Corp
67
4,418
Cheniere Energy, Inc
859
4,801
Chesapeake Energy Corp
530
39,132
Chevron Corp
5,964
1,203
Chord Energy Corp
112
502
Civitas Resources, Inc
14
4,074
(a)
Clean Energy Fuels Corp
9
3,082
(a)
CNX Resources Corp
113
1,609
(a),(b)
Comstock Resources, Inc
37
26,642
ConocoPhillips
2,494
61
(b)
Core Laboratories, Inc
1
1,192
Core Natural Resources, Inc
105
1,900
Crescent Energy Co
16
875
CVR Energy, Inc
22
1,510
Delek US Holdings, Inc
45
25
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
ENERGY
(continued)
11,085
Devon Energy Corp
$
406
463
DHT Holdings, Inc
6
4,269
Diamondback Energy, Inc
642
1,119
(a)
DIVERSIFIED ENERGY CO
16
535
(a)
DMC Global, Inc
4
1,083
Dorian LPG Ltd
26
2,182
DT Midstream, Inc
261
2,695
(a),(b)
Empire Petroleum Corp
8
3,799
(a),(b)
Encore Energy Corp
9
4,018
(a),(b)
Energy Fuels, Inc
58
11,466
EOG Resources, Inc
1,204
12,760
EQT Corp
684
3,165
Evolution Petroleum Corp
11
428
Excelerate Energy, Inc
12
1,917
(a)
Expro Group Holdings NV
26
87,537
Exxon Mobil Corp
10,534
691
FLEX LNG Ltd
17
981
(a)
Forum Energy Technologies, Inc
36
954
(a)
FutureFuel Corp
3
1,739
Golar LNG Ltd
65
2,448
Granite Ridge Resources, Inc
11
1,490
(a)
Green Plains, Inc
15
278
(a)
Gulfport Energy Operating Corp
58
18,131
Halliburton Co
512
1,956
(a)
Helix Energy Solutions Group, Inc
12
610
(a)
Helmerich & Payne, Inc
17
3,473
HF Sinclair Corp
160
1,195
(a)
Innovex International, Inc
26
404
International Seaways, Inc
20
41,715
Kinder Morgan, Inc
1,147
958
(b)
Kinetik Holdings, Inc
35
1,167
Kodiak Gas Services, Inc
44
4,919
(a),(b)
Kosmos Energy Ltd
4
3,840
Liberty Energy, Inc
71
4,177
Magnolia Oil & Gas Corp
91
6,303
Marathon Petroleum Corp
1,025
1,626
Matador Resources Co
69
2,664
Murphy Oil Corp
83
238
(a),(b)
Nabors Industries Ltd
13
87
Nacco Industries, Inc (Class A)
4
1,312
(a)
National Energy Services Reunited Corp
21
1,599
National Fuel Gas Co
128
696
Navigator Holdings Ltd
12
2,786
(a),(b)
NextDecade Corp
15
2,731
(b)
Noble Corp plc
77
4,171
(b)
Nordic American Tankers Ltd
14
897
Northern Oil and Gas, Inc
19
5,962
NOV, Inc
93
14,735
Occidental Petroleum Corp
606
2,352
(a)
Oceaneering International, Inc
57
2,073
(a)
Oil States International, Inc
14
13,273
ONEOK, Inc
976
3,910
Ovintiv, Inc
153
1,291
(a)
Par Pacific Holdings, Inc
45
7,160
Patterson-UTI Energy, Inc
44
1,615
PBF Energy, Inc
44
1,909
Peabody Energy Corp
57
15,047
Permian Resources Corp
211
8,650
Phillips 66
1,116
17
(a),(b)
PrimeEnergy Corp
3
2,609
(a)
ProPetro Holding Corp
25
5,158
Range Resources Corp
182
Stock Index
26
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
ENERGY
(continued)
1,251
Ranger Energy Services, Inc
$
17
642
(a)
Rex American Resources Corp
21
257
Riley Exploration Permian, Inc
7
2,256
RPC, Inc
12
792
SandRidge Energy, Inc
11
30,413
Schlumberger Ltd
1,167
292
Scorpio Tankers, Inc
15
2,348
(a)
SEACOR Marine Holdings, Inc
14
1,338
(a)
Seadrill Ltd
46
1,587
Select Water Solutions, Inc
17
2,365
(b)
SFL Corp Ltd
18
1,420
SM Energy Co
27
886
Solaris Oilfield Infrastructure, Inc
41
656
(a)
Summit Midstream Corp
17
1,668
(a)
Talos Energy, Inc
18
4,299
Targa Resources Corp
793
7,911
TechnipFMC plc
353
2,111
Teekay Corp Ltd
19
89
Teekay Tankers Ltd
5
3,440
(a)
Tetra Technologies, Inc
32
1,236
Texas Pacific Land Corp
355
1,174
(a)
Tidewater, Inc
59
16,110
(a)
Transocean Ltd
67
7,605
(a)
Uranium Energy Corp
89
1,428
Vaalco Energy, Inc
5
1,385
(a)
Valaris Ltd
70
6,408
Valero Energy Corp
1,043
3,311
Viper Energy, Inc
128
758
(b)
Vitesse Energy, Inc
15
3,587
(b)
W&T Offshore, Inc
6
1,619
Weatherford International plc
127
169
Western Midstream Partners LP
7
25,932
Williams Cos, Inc
1,559
1,194
World Fuel Services Corp
28
TOTAL ENERGY
40,120
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.0%
3,091
Acadia Realty Trust
63
2,147
Agree Realty Corp
155
1,433
Alexander & Baldwin, Inc
30
113
Alexander's, Inc
25
3,622
Alexandria Real Estate Equities, Inc
177
276
Alpine Income Property Trust, Inc
5
241
American Assets Trust, Inc
5
2,899
American Healthcare REIT, Inc
136
7,842
American Homes 4 Rent
252
9,828
American Tower Corp
1,725
4,194
(b)
Americold Realty Trust, Inc
54
2,424
Apartment Investment and Management Co
14
1,658
Armada Hoffler Properties, Inc
11
3,107
AvalonBay Communities, Inc
563
3,466
Boston Properties, Inc
234
1,555
Braemar Hotels & Resorts, Inc
4
3,704
(a)
Brandywine Realty Trust
11
6,652
Brixmor Property Group, Inc
174
97
Broadstone Net Lease, Inc
2
552
BRT Apartments Corp
8
2,484
Camden Property Trust
273
4,081
CareTrust REIT, Inc
148
1,043
CBL & Associates Properties, Inc
39
460
Centerspace
31
1,449
Chatham Lodging Trust
10
1,087
City Office REIT, Inc
8
27
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
544
(b)
Clipper Realty, Inc
$
2
753
Community Healthcare Trust, Inc
12
2,460
Corporate Office Properties Trust
68
3,658
Cousins Properties, Inc
94
9,192
Crown Castle, Inc
817
631
CTO Realty Growth, Inc
12
4,946
CubeSmart
178
2,109
Curbline Properties Corp
49
3,732
DiamondRock Hospitality Co
33
7,187
Digital Realty Trust, Inc
1,112
7,300
Diversified Healthcare Trust
35
4,303
Douglas Emmett, Inc
47
689
Easterly Government Properties, Inc
15
1,084
EastGroup Properties, Inc
193
3,522
Empire State Realty Trust, Inc
23
504
EPR Properties
25
2,060
Equinix, Inc
1,578
3,742
Equity Lifestyle Properties, Inc
227
8,454
Equity Residential
533
4,151
Essential Properties Realty Trust, Inc
123
1,431
Essex Property Trust, Inc
374
4,603
Extra Space Storage, Inc
599
967
(a),(b)
Farmland Partners, Inc
9
1,812
Federal Realty Investment Trust
183
3,144
First Industrial Realty Trust, Inc
180
1,727
Four Corners Property Trust, Inc
40
985
FrontView REIT, Inc
15
5,011
Gaming and Leisure Properties, Inc
224
1,064
Getty Realty Corp
29
4,623
Gladstone Commercial Corp
49
815
(b)
Gladstone Land Corp
7
295
Global Medical REIT, Inc
10
2,111
Global Net Lease, Inc
18
8,075
Healthcare Realty Trust, Inc
137
16,075
Healthpeak Properties, Inc
258
2,316
Highwoods Properties, Inc
60
14,983
Host Hotels & Resorts Inc
266
514
(a)
Hudson Pacific Properties, Inc
6
5,802
Independence Realty Trust, Inc
101
2,564
Industrial Logistics Properties Trust
14
533
Innovative Industrial Properties, Inc
25
1,587
InvenTrust Properties Corp
45
13,369
Invitation Homes, Inc
372
6,094
Iron Mountain, Inc
505
577
(b)
JBG SMITH Properties
10
2,453
(b)
Kilroy Realty Corp
92
14,600
Kimco Realty Corp
296
4,843
Kite Realty Group Trust
116
1,944
Lamar Advertising Co
246
872
(b)
Lineage, Inc
30
838
LTC Properties, Inc
29
946
LXP Industrial Trust
47
6,081
Macerich Co
112
1,163
Mack-Cali Realty Corp
17
9,859
(b)
Medical Properties Trust, Inc
49
2,561
Mid-America Apartment Communities, Inc
356
2,789
Millrose Properties, Inc
83
614
National Health Investors, Inc
47
3,425
National Retail Properties, Inc
136
660
National Storage Affiliates Trust
19
336
(a)
NET Lease Office Properties
9
1,788
NETSTREIT Corp
32
Stock Index
28
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
662
NexPoint Residential Trust, Inc
$
20
6,270
Omega Healthcare Investors, Inc
278
574
One Liberty Properties, Inc
12
2,956
Outfront Media, Inc
71
2,943
(b)
Park Hotels & Resorts, Inc
31
738
Peakstone Realty Trust
11
1,145
Pebblebrook Hotel Trust
13
2,989
Phillips Edison & Co, Inc
106
3,343
Piedmont Office Realty Trust, Inc
28
628
Plymouth Industrial REIT, Inc
14
1,168
Postal Realty Trust, Inc
19
1,831
PotlatchDeltic Corp
73
19,384
Prologis, Inc
2,475
3,451
Public Storage, Inc
896
1,612
Rayonier, Inc
35
19,317
Realty Income Corp
1,089
3,947
Regency Centers Corp
272
5,133
Rexford Industrial Realty, Inc
199
2,146
RLJ Lodging Trust
16
741
Ryman Hospitality Properties, Inc
70
4,837
Sabra Health Care REIT, Inc
92
830
Safehold, Inc
11
392
(a)
Saul Centers, Inc
12
2,138
SBA Communications Corp
414
742
Service Properties Trust
1
1,197
Sila Realty Trust, Inc
28
6,717
Simon Property Group, Inc
1,243
1,512
SITE Centers Corp
10
1,278
SL Green Realty Corp
59
612
(b)
Smartstop Self Storage REIT, Inc
19
3,739
STAG Industrial, Inc
137
3,928
Summit Hotel Properties, Inc
19
2,762
Sun Communities, Inc
342
284
Sunstone Hotel Investors, Inc
3
2,417
Tanger Factory Outlet Centers, Inc
81
2,271
Terreno Realty Corp
133
7,218
UDR, Inc
265
994
UMH Properties, Inc
16
294
Universal Health Realty Income Trust
12
2,004
Urban Edge Properties
38
9,540
Ventas, Inc
738
21,208
(d)
VICI Properties, Inc
596
3,875
Vornado Realty Trust
129
794
Washington REIT
14
14,300
(d)
Welltower, Inc
2,654
16,339
Weyerhaeuser Co
387
1,293
(a)
Whitestone REIT
18
4,363
WP Carey, Inc
281
994
Xenia Hotels & Resorts, Inc
14
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
28,079
FINANCIAL SERVICES - 7.8%
4,468
(a)
Acacia Research (Acacia Technologies)
17
545
Affiliated Managers Group, Inc
157
5,810
(a)
Affirm Holdings, Inc
432
21,927
(b)
AGNC Investment Corp
235
315
Alerus Financial Corp
7
6,029
Ally Financial, Inc
273
11,106
American Express Co
4,109
1,860
Ameriprise Financial, Inc
912
14,091
Annaly Capital Management, Inc
315
3,041
Apollo Commercial Real Estate Finance, Inc
29
8,540
Apollo Global Management, Inc
1,236
29
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
3,729
(b)
Arbor Realty Trust, Inc
$
29
1,014
(b)
Ares Commercial Real Estate Corp
5
4,114
Ares Management Corp
665
1,757
(a),(b)
ARMOUR Residential REIT, Inc
31
1,589
Artisan Partners Asset Management, Inc
65
249
(a)
Atlanticus Holdings Corp
17
437
(a),(b)
Bakkt Holdings, Inc
4
620
Banco Latinoamericano de Exportaciones S.A. (Class E)
28
14,106
Bank of New York Mellon Corp
1,638
38,074
(a)
Berkshire Hathaway, Inc
19,138
5,899
BGC Group, Inc
53
3,153
BlackRock, Inc
3,375
3,518
Blackstone Mortgage Trust, Inc
67
15,287
Blackstone, Inc
2,356
11,517
(a)
Block, Inc
750
13,329
Blue Owl Capital, Inc
199
1,184
Bread Financial Holdings, Inc
88
111
Brightsphere Investment Group, Inc
5
3,033
BrightSpire Capital, Inc
17
7,846
(b)
Brookfield Asset Management Ltd
411
643
(a),(b)
Bullish
24
4,774
Burford Capital Ltd
43
1,278
Cannae Holdings, Inc
20
1,535
(a)
Cantaloupe, Inc
16
12,936
Capital One Financial Corp
3,135
5,682
Carlyle Group, Inc
336
576
Cass Information Systems, Inc
24
2,088
Cboe Global Markets, Inc
524
35,380
Charles Schwab Corp
3,535
216
Chicago Atlantic Real Estate Finance, Inc
3
1,947
Chimera Investment Corp
24
2,359
(a)
Claros Mortgage Trust, Inc
7
7,374
CME Group, Inc
2,014
602
Cohen & Steers, Inc
38
4,636
(a)
Coinbase Global, Inc
1,048
1,463
Compass Diversified Trust
7
5,247
Corebridge Financial, Inc
158
1,399
(a)
Corpay, Inc
421
129
(a)
Credit Acceptance Corp
57
172
(a)
Dave, Inc
38
118
Diamond Hill Investment Group, Inc
20
3,807
DigitalBridge Group, Inc
58
445
(a)
Donnelley Financial Solutions, Inc
21
2,280
(a),(b)
Dynex Capital, Inc
32
1,030
(b)
Ellington Financial, Inc
14
215
Enact Holdings, Inc
9
553
(a)
Encore Capital Group, Inc
30
613
(a)
Enova International, Inc
96
6,115
Equitable Holdings, Inc
291
1,862
Essent Group Ltd
121
1,004
(a)
Euronet Worldwide, Inc
76
809
Evercore Partners, Inc (Class A)
275
1,831
EVERTEC, Inc
53
830
Factset Research Systems, Inc
241
120
Federal Agricultural Mortgage Corp
21
10,914
Fidelity National Information Services, Inc
725
634
(a)
Figure Technology Solutions, Inc
26
848
FirstCash Holdings, Inc
135
11,475
(a)
Fiserv, Inc
771
2,549
(a)
Flywire Corp
36
31
(a)
Forge Global Holdings, Inc
1
621
Franklin BSP Realty Trust, Inc
6
Stock Index
30
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
6,849
Franklin Resources, Inc
$
164
385
(a)
Freedom Holding Corp
47
559
GCM Grosvenor, Inc
6
5,035
Global Payments, Inc
390
6,118
Goldman Sachs Group, Inc
5,378
1,775
(a)
Green Dot Corp
23
904
Hamilton Lane, Inc
121
2,171
Hannon Armstrong Sustainable Infrastructure Capital, Inc
68
1,184
Houlihan Lokey, Inc
206
9,264
Interactive Brokers Group, Inc (Class A)
596
11,810
Intercontinental Exchange, Inc
1,913
677
(a)
International Money Express, Inc
10
7,952
Invesco Ltd
209
645
Invesco Mortgage Capital, Inc
5
1,648
Jack Henry & Associates, Inc
301
1,213
Jackson Financial, Inc
129
2,743
Janus Henderson Group plc
131
3,358
Jefferies Financial Group, Inc
208
1,077
Jefferson Capital, Inc
24
14,198
KKR & Co, Inc
1,810
933
KKR Real Estate Finance Trust, Inc
8
2,645
Ladder Capital Corp
29
2,463
Lazard, Inc
120
2,865
(a)
LendingClub Corp
54
334
(a)
LendingTree, Inc
18
1,630
LPL Financial Holdings, Inc
582
688
Marex Group plc
26
603
MarketAxess Holdings, Inc
109
8,366
(a)
Marqeta, Inc
40
16,613
Mastercard, Inc (Class A)
9,484
77
Merchants Bancorp
3
2,348
MFA Financial, Inc
22
3,981
MGIC Investment Corp
116
520
(a)
Miami International Holdings, Inc
23
1,603
Moelis & Co
110
3,213
Moody's Corp
1,641
23,819
Morgan Stanley
4,229
514
Morningstar, Inc
112
1,509
MSCI, Inc (Class A)
866
9,333
Nasdaq Stock Market, Inc
907
609
Navient Corp
8
1,078
(a)
NCR Corp ATM
41
249
Nelnet, Inc (Class A)
33
619
(a)
NerdWallet, Inc
8
2,274
(b)
New York Mortgage Trust, Inc
17
156
(b)
Nexpoint Real Estate Finance, Inc
2
1,313
(a)
NMI Holdings, Inc
54
4,112
Northern Trust Corp
562
436
(a)
Ocwen Financial Corp
20
2,602
OneMain Holdings, Inc
176
3,011
(a)
Open Lending Corp
5
651
(b)
Orchid Island Capital, Inc
5
1,141
P10, Inc
11
3,836
(a)
Pagseguro Digital Ltd
37
1,422
Patria Investments Ltd
23
5,249
(a)
Payoneer Global, Inc
30
19,497
PayPal Holdings, Inc
1,138
1,007
(a),(b)
Paysafe Ltd
8
750
PennyMac Financial Services, Inc
99
2,070
PennyMac Mortgage Investment Trust
26
745
Perella Weinberg Partners
13
419
Piper Jaffray Cos
142
31
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
FINANCIAL SERVICES
(continued)
473
PJT Partners, Inc
$
79
684
(a)
PRA Group, Inc
12
750
PROG Holdings, Inc
22
2,308
Radian Group, Inc
83
3,555
Raymond James Financial, Inc
571
3,562
(b)
Ready Capital Corp
8
2,761
Redwood Trust, Inc
15
383
Regional Management Corp
15
3,564
(a)
Remitly Global, Inc
49
2,014
(a)
Repay Holdings Corp
7
8,392
Rithm Capital Corp
91
15,609
(a)
Robinhood Markets, Inc
1,765
20,026
Rocket Cos, Inc
388
6,250
S&P Global, Inc
3,266
2,204
(a)
Security National Financial Corp
20
1,677
SEI Investments Co
138
319
(a),(b)
Sezzle, Inc
20
1,450
(a),(b)
Shift4 Payments, Inc
91
175
Silvercrest Asset Management Group, Inc
3
4,674
SLM Corp
126
24,786
(a)
SoFi Technologies, Inc
649
6,937
Starwood Property Trust, Inc
125
5,784
State Street Corp
746
1,257
StepStone Group, Inc
81
2,184
Stifel Financial Corp
273
6,153
(a)
StoneCo Ltd
91
944
(a)
StoneX Group, Inc
90
87
(b)
SWK Holdings Corp
2
7,243
Synchrony Financial
604
4,565
T Rowe Price Group, Inc
467
9,750
(a)
Toast, Inc
346
1,884
TPG RE Finance Trust, Inc
16
2,829
TPG, Inc
181
2,601
Tradeweb Markets, Inc
280
2,103
Two Harbors Investment Corp
22
1,821
(a),(b)
Upstart Holdings, Inc
80
2,181
UWM Holdings Corp
10
705
(a)
Velocity Financial, Inc
15
711
Victory Capital Holdings, Inc
45
1,980
Virtu Financial, Inc
66
76
(a)
Virtus Investment Partners, Inc
12
34,784
Visa, Inc (Class A)
12,199
2,158
Voya Financial, Inc
161
771
Walker & Dunlop, Inc
46
1,032
(a)
Waterstone Financial, Inc
17
5,640
(a),(b)
Webull Corp
44
5,981
(b)
Western Union Co
56
743
(a)
WEX, Inc
111
2,601
(b)
WisdomTree, Inc
32
160
(a)
World Acceptance Corp
22
8,308
XP, Inc
136
TOTAL FINANCIAL SERVICES
107,683
FOOD, BEVERAGE & TOBACCO - 1.9%
129
(a)
Alico, Inc
5
34,618
Altria Group, Inc
1,996
10,444
Archer-Daniels-Midland Co
600
1,674
B&G Foods, Inc (Class A)
7
206
(a)
Boston Beer Co, Inc (Class A)
40
953
Brown-Forman Corp (Class A)
25
3,244
(b)
Brown-Forman Corp (Class B)
84
2,904
Bunge Global S.A.
259
583
(a)
Calavo Growers, Inc
13
Stock Index
32
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
FOOD, BEVERAGE & TOBACCO
(continued)
993
Cal-Maine Foods, Inc
$
79
4,714
Campbell Soup Co
131
3,595
(a)
Celsius Holdings, Inc
164
79,812
Coca-Cola Co
5,580
1,095
Coca-Cola Consolidated Inc
168
8,720
ConAgra Brands, Inc
151
3,165
Constellation Brands, Inc (Class A)
437
3,422
(a)
Darling International, Inc
123
614
Dole plc
9
493
Flowers Foods, Inc
5
1,252
(a),(b)
Forafric Global plc
14
709
Fresh Del Monte Produce, Inc
25
1,117
(a)
Freshpet, Inc
68
11,122
General Mills, Inc
517
2,641
(a)
Hain Celestial Group, Inc
3
3,186
Hershey Co
580
5,709
Hormel Foods Corp
135
1,157
Ingredion, Inc
128
308
J&J Snack Foods Corp
28
2,234
J.M. Smucker Co
218
368
John B Sanfilippo & Son, Inc
26
28,186
Keurig Dr Pepper, Inc
789
16,984
Kraft Heinz Co
412
2,865
Lamb Weston Holdings, Inc
120
383
Lancaster Colony Corp
63
5,532
McCormick & Co, Inc
377
476
MGP Ingredients, Inc
12
684
(a)
Mission Produce, Inc
8
3,225
Molson Coors Brewing Co (Class B)
150
26,980
Mondelez International, Inc
1,452
14,446
(a)
Monster Beverage Corp
1,108
607
(a)
National Beverage Corp
19
28,419
PepsiCo, Inc
4,079
32,405
Philip Morris International, Inc
5,198
599
Pilgrim's Pride Corp
23
744
(a)
Post Holdings, Inc
74
5,610
Primo Brands Corp
92
5
Seaboard Corp
22
226
(a)
Seneca Foods Corp
25
2,221
(a)
Simply Good Foods Co
45
539
Smithfield Foods, Inc
12
2,448
(a)
SunOpta, Inc
9
375
(b)
Tootsie Roll Industries, Inc
14
501
(a)
TreeHouse Foods, Inc
12
310
Turning Point Brands, Inc
34
4,856
Tyson Foods, Inc (Class A)
285
612
(a)
Universal Corp
32
1,426
Utz Brands, Inc
15
630
(a)
Vita Coco Co, Inc
33
689
(a),(b)
Vital Farms, Inc
22
TOTAL FOOD, BEVERAGE & TOBACCO
26,154
HEALTH CARE EQUIPMENT & SERVICES - 3.7%
35,835
Abbott Laboratories
4,490
1,988
(a),(b)
Acadia Healthcare Co, Inc
28
2,296
(a)
AdaptHealth Corp
23
409
(a)
Addus HomeCare Corp
44
7,389
(a)
agilon health, Inc
5
1,498
(a)
Align Technology, Inc
234
2,083
(a)
Alignment Healthcare, Inc
41
2,458
(a)
Alphatec Holdings, Inc
52
3,748
AmerisourceBergen Corp
1,266
986
(a)
AMN Healthcare Services, Inc
16
33
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
1,310
(a)
Angiodynamics, Inc
$
17
1,046
(a)
Apollo Medical Holdings, Inc
26
1,229
(a)
AtriCure, Inc
49
1,650
(a)
Avanos Medical, Inc
19
1,345
(a)
Aveanna Healthcare Holdings, Inc
11
1,009
(a)
Axogen, Inc
33
9,523
Baxter International, Inc
182
6,067
Becton Dickinson & Co
1,177
887
(a)
Beta Bionics, Inc
27
1,241
(a)
Blade Air Mobility, Inc
6
30,444
(a)
Boston Scientific Corp
2,903
2,442
(a)
BrightSpring Health Services, Inc
91
6,211
(a)
Brookdale Senior Living, Inc
67
4,850
Cardinal Health, Inc
997
627
(a)
Castle Biosciences, Inc
24
9,546
(a)
Centene Corp
393
521
(a)
Ceribell, Inc
11
3,092
(a)
Certara, Inc
27
4,212
(a)
Cerus Corp
9
312
Chemed Corp
133
5,558
Cigna Group
1,530
29
(a),(b)
Claritev Corp
1
8,725
(a)
Clover Health Investments Corp
20
545
Concentra Group Holdings Parent, Inc
11
671
Conmed Corp
27
4,527
(a)
Cooper Cos, Inc
371
567
(a)
Corvel Corp
38
1,273
(a)
Cross Country Healthcare, Inc
10
1,250
(a)
CryoLife, Inc
57
25,965
CVS Health Corp
2,061
500
(a)
DaVita, Inc
57
792
(a)
Definitive Healthcare Corp
2
2,281
Dentsply Sirona, Inc
26
8,418
(a)
DexCom, Inc
559
2,001
(a)
DocGo, Inc
2
2,649
(a)
Doximity, Inc
117
11,657
(a)
Edwards Lifesciences Corp
994
4,632
Elevance Health, Inc
1,624
286
Embecta Corp
3
2,177
Encompass Health Corp
231
1,534
(a)
Enhabit, Inc
14
1,154
(a)
Enovis Corp
31
1,277
Ensign Group, Inc
222
3,894
(a)
Envista Holdings Corp
85
2,165
(a)
Evolent Health, Inc
9
604
(a)
Fulgent Genetics, Inc
16
9,616
GE HealthCare Technologies, Inc
789
277
(a)
GeneDx Holdings Corp
36
1,276
(a)
Glaukos Corp
144
2,572
(a)
Globus Medical, Inc
225
2,246
(a)
Guardant Health, Inc
229
967
(a)
Haemonetics Corp
77
3,402
HCA, Inc
1,588
1,262
(a)
Health Catalyst, Inc
3
1,571
(a)
HealthEquity, Inc
144
9
HealthStream, Inc
0^
2,395
(a)
Henry Schein, Inc
181
3,852
(a),(b)
Hims & Hers Health, Inc
125
4,417
(a)
Hologic, Inc
329
2,638
Humana, Inc
676
588
(a)
ICU Medical, Inc
84
1,672
(a)
IDEXX Laboratories, Inc
1,131
Stock Index
34
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
316
(a)
Innovage Holding Corp
$
2
672
(a)
Inogen, Inc
4
734
(a)
Inspire Medical Systems, Inc
68
1,449
(a)
Insulet Corp
412
638
(a)
Integer Holdings Corp
50
241
(a)
Integra LifeSciences Holdings Corp
3
7,295
(a)
Intuitive Surgical, Inc
4,132
402
iRadimed Corp
39
689
(a)
iRhythm Technologies, Inc
122
390
(a),(b)
Joint Corp
3
1,729
Labcorp Holdings, Inc
434
1,538
(a)
Lantheus Holdings, Inc
102
562
LeMaitre Vascular, Inc
46
796
(a),(b)
LifeMD, Inc
3
1,759
(a)
LifeStance Health Group, Inc
12
874
(a)
LivaNova plc
54
951
(a)
Masimo Corp
124
2,576
McKesson Corp
2,113
26,461
Medtronic plc
2,542
1,360
(a)
Merit Medical Systems, Inc
120
1,041
(a)
Molina Healthcare, Inc
181
1,138
(a)
Nano-X Imaging Ltd
3
212
National Healthcare Corp
29
357
National Research Corp
7
5,732
(a)
Neogen Corp
40
3,250
(a)
NeoGenomics, Inc
38
2,637
(a)
Novocure Ltd
34
1,291
(a)
Omnicell, Inc
58
13,300
(a)
Opko Health, Inc
17
578
(a)
OptimizeRx Corp
7
3,932
(a)
Option Care Health, Inc
125
2,181
(a)
OraSure Technologies, Inc
5
945
(a)
Orthofix Medical, Inc
14
357
(a)
OrthoPediatrics Corp
6
2,217
(a)
Owens & Minor, Inc
6
593
(a)
PACS Group, Inc
23
1,877
(a)
Pediatrix Medical Group, Inc
40
942
(a)
Pennant Group, Inc
26
780
(a)
Penumbra, Inc
242
1,246
(a)
Phreesia, Inc
21
2,886
(a)
Privia Health Group, Inc
68
1,135
(a)
PROCEPT BioRobotics Corp
36
1,851
(a)
Progyny, Inc
48
711
(a)
Pulmonx Corp
2
324
(a)
Pulse Biosciences, Inc
4
2,436
Quest Diagnostics, Inc
423
1,394
(a)
QuidelOrtho Corp
40
1,510
(a)
RadNet, Inc
108
2,918
Resmed, Inc
703
558
(a)
RxSight, Inc
6
448
(a)
Sanara Medtech, Inc
10
1,342
(a)
Schrodinger, Inc
24
1,967
Select Medical Holdings Corp
29
815
(a)
SI-BONE, Inc
16
414
Simulations Plus, Inc
8
3,032
(a)
Solventum Corp
240
1,339
(a)
STAAR Surgical Co
31
2,013
STERIS plc
510
7,095
Stryker Corp
2,494
1,791
(a)
Surgery Partners, Inc
28
468
(a)
Tactile Systems Technology, Inc
14
1,480
(a)
Tandem Diabetes Care, Inc
33
35
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
HEALTH CARE EQUIPMENT & SERVICES
(continued)
4,752
(a)
Teladoc Health, Inc
$
33
1,106
Teleflex, Inc
135
1,841
(a)
Tenet Healthcare Corp
366
719
(a)
TransMedics Group, Inc
87
803
(a),(b)
Treace Medical Concepts, Inc
2
105
(a)
UFP Technologies, Inc
23
18,926
UnitedHealth Group, Inc
6,248
1,085
Universal Health Services, Inc (Class B)
237
468
US Physical Therapy, Inc
37
149
Utah Medical Products, Inc
8
1,492
(a)
Varex Imaging Corp
17
2,980
(a)
Veeva Systems, Inc
665
1,971
(a)
Waystar Holding Corp
65
4,327
Zimmer Biomet Holdings, Inc
389
TOTAL HEALTH CARE EQUIPMENT & SERVICES
50,774
HOUSEHOLD & PERSONAL PRODUCTS - 0.8%
2,778
(a)
BellRing Brands, Inc
74
400
(a),(b)
Central Garden & Pet Co
13
1,114
(a)
Central Garden and Pet Co (Class A)
33
5,244
Church & Dwight Co, Inc
440
2,693
(a)
Clorox Co
272
16,354
Colgate-Palmolive Co
1,292
9,161
(a)
Coty, Inc
28
1,010
Edgewell Personal Care Co
17
1,083
(a)
elf Beauty, Inc
82
952
Energizer Holdings, Inc
19
5,074
Estee Lauder Cos (Class A)
531
622
(a)
Herbalife Ltd
8
2,283
(a),(b)
Honest Co, Inc
6
345
Inter Parfums, Inc
29
41,521
Kenvue, Inc
716
6,579
Kimberly-Clark Corp
664
366
(a),(b)
Medifast, Inc
4
537
(a)
Nature's Sunshine Products, Inc
12
142
Nu Skin Enterprises, Inc (Class A)
1
214
(a)
Oil-Dri Corp of America
10
3,350
(a),(b)
Olaplex Holdings, Inc
4
48,382
Procter & Gamble Co
6,934
1,260
Reynolds Consumer Products, Inc
29
637
Spectrum Brands Holdings, Inc
38
426
(a)
USANA Health Sciences, Inc
8
292
WD-40 Co
58
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
11,322
INSURANCE - 1.9%
10,644
Aflac, Inc
1,174
5,419
Allstate Corp
1,128
1,747
(a)
AMBAC Financial Group, Inc
14
1,418
American Financial Group, Inc
194
1,028
(a)
American Integrity Insurance Group, Inc
21
11,581
American International Group, Inc
991
150
Amerisafe, Inc
6
4,470
Aon plc
1,577
7,128
(a)
Arch Capital Group Ltd
684
422
(a),(b)
Aspen Insurance Holdings Ltd
16
1,129
Assurant, Inc
272
735
Assured Guaranty Ltd
66
1,520
Axis Capital Holdings Ltd
163
628
(a)
Bowhead Specialty Holdings, Inc
18
1,131
(a)
Brighthouse Financial, Inc
73
5,977
Brown & Brown, Inc
476
1,510
(a),(b)
BRP Group, Inc
36
7,521
Chubb Ltd
2,347
Stock Index
36
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
INSURANCE
(continued)
3,366
Cincinnati Financial Corp
$
550
2,521
(a),(b)
Citizens, Inc (Class A)
12
125
CNA Financial Corp
6
1,376
CNO Financial Group, Inc
58
406
(a)
Donegal Group, Inc (Class A)
8
198
Employers Holdings, Inc
9
798
Everest Re Group Ltd
271
814
(e)
F&G Annuities & Life, Inc
25
1,154
Fidelis Insurance Holdings Ltd
23
5,313
Fidelity National Financial, Inc
290
1,939
First American Financial Corp
119
5,297
Gallagher (Arthur J.) & Co
1,371
9,101
(a)
Genworth Financial, Inc (Class A)
82
1,548
Globe Life, Inc
217
1,239
(a),(b)
GoHealth, Inc
3
512
Goosehead Insurance, Inc
38
621
(a)
Greenlight Capital Re Ltd (Class A)
9
875
(a)
Hamilton Insurance Group Ltd
24
684
Hanover Insurance Group, Inc
125
5,749
Hartford Financial Services Group, Inc
792
185
HCI Group, Inc
35
484
(a)
Heritage Insurance Holdings, Inc
14
348
(a)
Hippo Holdings, Inc
10
624
Horace Mann Educators Corp
29
62
Investors Title Co
15
865
James River Group Holdings Ltd
6
1,335
Kemper Corp
54
404
(a)
Kingsway Financial Services, Inc
5
459
Kinsale Capital Group, Inc
180
1,146
(a)
Lemonade, Inc
82
2,535
Lincoln National Corp
113
3,343
Loews Corp
352
272
(a)
Markel Corp
585
10,275
Marsh & McLennan Cos, Inc
1,906
2,049
(a)
MBIA, Inc
15
754
Mercury General Corp
71
10,571
Metlife, Inc
834
394
(a)
NI Holdings, Inc
5
4,224
Old Republic International Corp
193
3,765
(a)
Oscar Health, Inc
54
682
(a)
Palomar Holdings, Inc
92
720
Primerica, Inc
186
4,852
Principal Financial Group
428
405
(a)
ProAssurance Corp
10
12,227
Progressive Corp
2,784
7,293
Prudential Financial, Inc
823
1,295
Reinsurance Group of America, Inc (Class A)
264
799
RenaissanceRe Holdings Ltd
225
365
RLI Corp
23
230
(a)
Root, Inc
17
2,077
Ryan Specialty Holdings, Inc
107
192
Safety Insurance Group, Inc
15
1,288
Selective Insurance Group, Inc
108
3,622
(a)
Selectquote, Inc
5
2,217
(a)
SiriusPoint Ltd
49
648
(a)
Skyward Specialty Insurance Group, Inc
33
784
(a)
Slide Insurance Holdings, Inc
15
601
Stewart Information Services Corp
42
1,255
Tiptree, Inc
23
4,504
Travelers Cos, Inc
1,306
802
(a)
Trupanion, Inc
30
844
United Fire Group, Inc
31
37
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
INSURANCE
(continued)
551
Universal Insurance Holdings, Inc
$
19
3,824
Unum Group
296
6,080
W.R. Berkley Corp
426
54
White Mountains Insurance Group Ltd
112
1,982
Willis Towers Watson plc
651
TOTAL INSURANCE
25,966
MATERIALS - 2.2%
889
AdvanSix, Inc
15
4,515
Air Products & Chemicals, Inc
1,115
2,404
Albemarle Corp
340
5,646
Alcoa Corp
300
82
(a)
Alpha Metallurgical Resources, Inc
16
43,934
Amcor plc
366
1,143
(a),(b)
American Vanguard Corp
4
11,005
AngloGold Ashanti PLC
939
1,387
Aptargroup, Inc
169
4,201
Ardagh Metal Packaging S.A.
17
1,022
Ashland, Inc
60
1,604
(a),(b)
ASP Isotopes, Inc
9
1,916
(a)
Aspen Aerogels, Inc
5
1,700
Avery Dennison Corp
309
2,152
Avient Corp
67
4,706
(a)
Axalta Coating Systems Ltd
152
794
Balchem Corp
122
5,250
Ball Corp
278
901
Cabot Corp
60
1,082
Caledonia Mining Corp plc
28
1,600
Celanese Corp (Series A)
68
1,274
(a)
Century Aluminum Co
50
3,621
CF Industries Holdings, Inc
280
3,126
Chemours Co
37
623
(a)
Clearwater Paper Corp
11
9,729
(a)
Cleveland-Cliffs, Inc
129
13,786
(a)
Coeur Mining, Inc
246
2,747
Commercial Metals Co
190
1,021
(a)
Compass Minerals International, Inc
20
2,037
(a)
Constellium SE
38
99
(a),(b)
Contango ORE, Inc
3
13,912
Corteva, Inc
933
14,055
CRH plc
1,754
1,287
(a),(b)
Critical Metals Corp
9
2,190
Crown Holdings, Inc
226
14,842
Dow, Inc
347
8,869
DuPont de Nemours, Inc
357
734
Eagle Materials, Inc
152
2,505
Eastman Chemical Co
160
5,152
Ecolab, Inc
1,353
890
(a)
Ecovyst, Inc
9
4,374
Element Solutions, Inc
109
2,829
FMC Corp
39
29,673
Freeport-McMoRan, Inc (Class B)
1,507
4,701
Graphic Packaging Holding Co
71
563
Greif, Inc (Class A)
38
203
Greif, Inc (Class B)
15
1,239
H.B. Fuller Co
74
461
Hawkins, Inc
65
12,993
Hecla Mining Co
249
3,500
Huntsman Corp
35
915
(a)
Ingevity Corp
54
586
Innospec, Inc
45
4,952
International Flavors & Fragrances, Inc
334
11,453
International Paper Co
451
Stock Index
38
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
MATERIALS
(continued)
362
(a)
Intrepid Potash, Inc
$
10
1,480
(a)
Ivanhoe Electric, Inc
24
3,081
(a)
James Hardie Industries plc
64
381
Kaiser Aluminum Corp
44
1,339
(a)
Knife River Corp
94
850
Koppers Holdings, Inc
23
893
Kronos Worldwide, Inc
4
9,707
Linde plc
4,139
1,438
Louisiana-Pacific Corp
116
952
(a)
LSB Industries, Inc
8
5,091
LyondellBasell Industries NV
220
1,264
Martin Marietta Materials, Inc
787
467
Materion Corp
58
689
Minerals Technologies, Inc
42
6,770
(a)
Mosaic Co
163
2,470
(a)
MP Materials Corp
125
871
Myers Industries, Inc
16
126
NewMarket Corp
87
23,037
Newmont Goldcorp Corp
2,300
5,415
(a)
Novagold Resources, Inc
50
4,708
Nucor Corp
768
3,476
(a)
O-I Glass, Inc
51
2,933
Olin Corp
61
395
Olympic Steel, Inc
17
2,087
Orion S.A.
11
1,600
Packaging Corp of America
330
2,133
(a)
Perimeter Solutions, Inc
59
995
(a),(b)
Perpetua Resources Corp
24
5,060
PPG Industries, Inc
518
2,935
(a),(b)
PureCycle Technologies, Inc
25
182
Quaker Chemical Corp
25
646
(a),(b)
Ramaco Resources, Inc
12
821
(a)
Ranpak Holdings Corp
4
1,744
(a)
Rayonier Advanced Materials, Inc
10
1,067
Reliance Steel & Aluminum Co
308
1,729
Royal Gold, Inc
384
2,679
RPM International, Inc
279
592
Ryerson Holding Corp
15
1,637
Schweitzer-Mauduit International, Inc
20
1,293
Scotts Miracle-Gro Co (Class A)
75
2,764
Sealed Air Corp
115
1,015
Sensient Technologies Corp
95
4,855
Sherwin-Williams Co
1,573
1,920
Silgan Holdings, Inc
78
10,546
Smurfit WestRock plc
408
3,348
(a)
Solstice Advanced Materials, Inc
163
1,272
Sonoco Products Co
56
1,569
Southern Copper Corp
225
3,190
(a)
SSR Mining, Inc
70
2,620
Steel Dynamics, Inc
444
479
Stepan Co
23
2,524
SunCoke Energy, Inc
18
123
(a)
Sylvamo Corp
6
1,535
(a)
TimkenSteel Corp
26
1,164
(a)
Tredegar Corp
8
361
Trimas Corp
13
2,830
Tronox Holdings plc
12
330
United States Lime & Minerals, Inc
40
2,431
(a),(b)
US Antimony Corp
12
1,909
(a),(b)
USA Rare Earth, Inc
23
2,651
Vulcan Materials Co
756
1,235
Warrior Met Coal, Inc
109
39
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
MATERIALS
(continued)
532
Westlake Chemical Corp
$
39
858
Worthington Steel, Inc
30
TOTAL MATERIALS
29,541
MEDIA & ENTERTAINMENT - 9.2%
1,783
(a),(b)
Advantage Solutions, Inc
2
97,956
Alphabet, Inc
30,739
120,319
Alphabet, Inc (Class A)
37,660
5,652
(a)
Altice USA, Inc
9
6,627
(a)
AMC Entertainment Holdings, Inc
10
921
(a)
AMC Networks, Inc
9
1,202
(a)
Angi, Inc
16
428
(a),(b)
Atlanta Braves Holdings, Inc
18
665
(a)
Atlanta Braves Holdings, Inc
26
353
(a)
Boston Omaha Corp
4
2,348
(a)
Bumble, Inc
8
52
Cable One, Inc
6
1,394
(a)
Cargurus, Inc
54
2,223
(a)
Cars.com, Inc
27
1,677
(a)
Charter Communications, Inc
350
2,354
Cinemark Holdings, Inc
55
75,234
Comcast Corp (Class A)
2,249
46
(a),(b)
Daily Journal Corp
22
3,008
(a)
DoubleVerify Holdings, Inc
34
2,933
(a)
EchoStar Corp (Class A)
319
5,086
Electronic Arts, Inc
1,039
2,637
(b)
Entravision Communications Corp (Class A)
8
2,165
(a)
Eventbrite, Inc
10
452
(a)
EverQuote, Inc
12
4,226
Fox Corp (Class A)
309
2,915
Fox Corp (Class B)
189
7,295
(a),(b)
fuboTV, Inc
18
4,050
(a),(b)
Gannett Co, Inc
21
2,117
Gray Television, Inc
10
828
(a)
Grindr, Inc
11
1,501
(a)
IAC, Inc
59
405
(a),(b)
Ibotta, Inc
9
936
(a)
IMAX Corp
35
599
John Wiley & Sons, Inc (Class A)
18
2,066
(a)
Liberty Broadband Corp
100
337
(a)
Liberty Broadband Corp (Class A)
16
1,004
(a)
Liberty Live Holdings, Inc
84
489
(a)
Liberty Live Holdings, Inc
40
495
(a)
Liberty Media Corp-Liberty Formula One (Class A)
44
4,440
(a)
Liberty Media Corp-Liberty Formula One (Class C)
437
4,146
(a)
Lionsgate Studios Corp
38
3,273
(a)
Live Nation, Inc
466
832
(a)
Madison Square Garden Entertainment Corp
45
352
(a)
Madison Square Garden Sports Corp
91
3,683
(a)
Magnite, Inc
60
736
Marcus Corp
11
5,361
Match Group, Inc
173
494
(a)
MediaAlpha, Inc
6
45,195
Meta Platforms, Inc
29,833
2,069
(b)
National CineMedia, Inc
8
87,832
(a)
Netflix, Inc
8,235
3,543
New York Times Co (Class A)
246
7,913
News Corp (Class A)
207
1,917
News Corp (Class B)
57
616
Nexstar Media Group, Inc
125
3,861
(a)
Nextdoor Holdings, Inc
8
1,212
(a)
NIQ Global Intelligence PLC
20
6,649
Omnicom Group, Inc
537
Stock Index
40
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
MEDIA & ENTERTAINMENT
(continued)
11,599
(a)
Pinterest, Inc
$
300
2,020
(a)
Playstudios, Inc
1
2,676
Playtika Holding Corp
11
1,094
(a)
PubMatic, Inc
10
1,192
(a)
QuinStreet, Inc
17
2,436
(a)
Reddit, Inc
560
12,989
(a)
ROBLOX Corp
1,053
2,816
(a)
Roku, Inc
306
1,703
(a),(b)
Rumble, Inc
11
1,096
(a)
Scholastic Corp
33
719
Shutterstock, Inc
14
132
Sinclair, Inc
2
4,151
Sirius XM Holdings, Inc
83
832
(a),(b)
Sphere Entertainment Co
79
3,198
(a)
Spotify Technology S.A.
1,857
1,585
(a)
Stagwell, Inc
8
403
(a)
Starz Entertainment Corp
5
3,737
(a)
Take-Two Interactive Software, Inc
957
708
(a)
TechTarget, Inc
4
1,774
TEGNA, Inc
34
612
(a)
Thryv Holdings, Inc
4
1,503
TKO Group Holdings, Inc
314
2,932
(a)
TripAdvisor, Inc
43
2,406
(a)
TrueCar, Inc
5
3,797
(a)
Trump Media & Technology Group Corp
50
37,430
Walt Disney Co
4,258
48,297
(a)
Warner Bros Discovery, Inc
1,392
1,062
(a)
Yelp, Inc
32
1,245
(a)
Ziff Davis, Inc
44
1,977
(a)
ZipRecruiter, Inc
8
7,616
(a)
ZoomInfo Technologies, Inc
77
TOTAL MEDIA & ENTERTAINMENT
125,824
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%
2,501
(a)
10X Genomics, Inc
41
524
(a)
4D Molecular Therapeutics, Inc
4
36,836
AbbVie, Inc
8,417
2,591
(a)
Acadia Pharmaceuticals, Inc
69
3,224
(a)
Adaptive Biotechnologies Corp
52
988
(a)
ADC Therapeutics S.A.
4
4,828
(a)
ADMA Biologics, Inc
88
5,896
Agilent Technologies, Inc
802
1,033
(a)
Agios Pharmaceuticals, Inc
28
5,405
(a)
Akebia Therapeutics, Inc
9
1,235
(a)
Aldeyra Therapeutics, Inc
6
1,504
(a)
Alector, Inc
2
3,121
(a)
Alkermes plc
87
2,417
(a),(b)
Allogene Therapeutics, Inc
3
2,661
(a)
Alnylam Pharmaceuticals, Inc
1,058
1,340
(a),(b)
Altimmune, Inc
5
11,256
Amgen, Inc
3,684
8,241
(a)
Amicus Therapeutics, Inc
117
2,888
(a)
Amneal Pharmaceuticals, Inc
36
766
(a)
Amphastar Pharmaceuticals, Inc
21
1,192
(a)
Amylyx Pharmaceuticals, Inc
14
679
(a)
AnaptysBio, Inc
33
1,840
(a),(b)
Anavex Life Sciences Corp
7
292
(a)
ANI Pharmaceuticals, Inc
23
566
(a)
Anika Therapeutics, Inc
5
612
(a)
Annexon, Inc
3
2,514
(a)
Apellis Pharmaceuticals, Inc
63
327
(a)
Apogee Therapeutics, Inc
25
2,291
(a)
Arbutus Biopharma Corp
11
41
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
798
(a)
Arcellx, Inc
$
52
625
(a),(b)
Arcturus Therapeutics Holdings, Inc
4
1,321
(a)
Arcus Biosciences, Inc
31
2,006
(a)
Arcutis Biotherapeutics, Inc
58
5,648
(a)
Ardelyx, Inc
33
873
(a),(b)
ArriVent Biopharma, Inc
18
2,750
(a)
Arrowhead Pharmaceuticals, Inc
183
998
(a),(b)
ARS Pharmaceuticals, Inc
12
1,292
(a)
Arvinas, Inc
15
2,552
(a)
Astria Therapeutics, Inc
33
1,878
(a),(b)
Atea Pharmaceuticals, Inc
7
1,910
(a),(b)
aTyr Pharma, Inc
2
478
(a)
Aura Biosciences, Inc
3
3,648
(a)
Aurinia Pharmaceuticals, Inc
58
2,201
(a)
Avadel Pharmaceuticals plc
47
14,435
(a)
Avantor, Inc
165
1,831
(a)
Avidity Biosciences, Inc
132
854
(a)
Axsome Therapeutics, Inc
156
1,758
(a)
Beam Therapeutics, Inc
49
5,428
(a)
BioCryst Pharmaceuticals, Inc
42
3,207
(a)
Biogen, Inc
564
1,812
(a)
Biohaven Ltd
20
681
(a)
BioLife Solutions, Inc
16
4,154
(a)
BioMarin Pharmaceutical, Inc
247
425
(a)
Bio-Rad Laboratories, Inc (Class A)
129
3,426
Bio-Techne Corp
201
3,248
(a)
Bridgebio Pharma, Inc
248
42,286
Bristol-Myers Squibb Co
2,281
894
(a)
Brooks Automation, Inc
30
2,425
Bruker BioSciences Corp
114
886
(a)
Capricor Therapeutics, Inc
26
1,462
(a)
CareDx, Inc
28
2,496
(a)
Catalyst Pharmaceuticals, Inc
58
662
(a)
Celcuity, Inc
66
1,296
(a)
Celldex Therapeutics, Inc
35
1,397
(a)
CG oncology, Inc
58
1,066
(a)
Charles River Laboratories International, Inc
213
1,163
(a),(c)
Chinook Therapeutics, Inc
0^
1,128
(a)
ChromaDex Corp
7
225
(a)
Cidara Therapeutics, Inc
50
1,647
(a)
Codexis, Inc
3
2,721
(a)
Cogent Biosciences, Inc
97
877
(a)
Collegium Pharmaceutical, Inc
41
2,680
(a)
Compass Therapeutics, Inc
14
2,053
(a)
Corcept Therapeutics, Inc
71
1,679
(a),(b)
CorMedix, Inc
20
1,406
(a)
Crinetics Pharmaceuticals, Inc
65
1,789
(a)
CRISPR Therapeutics AG.
94
1,192
(a)
CryoPort, Inc
11
660
(a)
Cullinan Oncology, Inc
7
3,007
(a)
Cytek Biosciences, Inc
15
2,661
(a)
Cytokinetics, Inc
169
13,083
Danaher Corp
2,995
731
(a)
Day One Biopharmaceuticals, Inc
7
2,697
(a)
Denali Therapeutics, Inc
45
890
(a)
Design Therapeutics, Inc
8
472
(a)
Disc Medicine, Inc
37
3,515
(a)
Dynavax Technologies Corp
54
1,929
(a)
Dyne Therapeutics, Inc
38
1,694
(a)
Edgewise Therapeutics, Inc
42
2,042
(a)
Editas Medicine, Inc
4
10,064
(a)
Elanco Animal Health, Inc
228
Stock Index
42
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
16,621
Eli Lilly & Co
$
17,862
648
(a)
Enanta Pharmaceuticals, Inc
10
619
(a),(b)
Enliven Therapeutics, Inc
10
66
(a)
Entrada Therapeutics, Inc
1
2,249
(a)
Erasca, Inc
8
2,102
(a),(b)
Esperion Thereapeutics, Inc
8
702
(a)
Evolus, Inc
5
4,063
(a)
Exact Sciences Corp
413
5,109
(a)
Exelixis, Inc
224
690
(a),(b)
EyePoint Pharmaceuticals, Inc
13
2,368
(a)
Fate Therapeutics, Inc
2
1,545
(a)
Fennec Pharmaceuticals, Inc
12
6,445
(a)
Fluidigm Corp
8
505
(a),(b)
Foghorn Therapeutics, Inc
3
2,432
(a)
Fortrea Holdings, Inc
42
12,566
(a)
Geron Corp
17
25,796
Gilead Sciences, Inc
3,166
677
(a)
GRAIL, Inc
58
2,474
(a)
Halozyme Therapeutics, Inc
167
588
(a)
Harmony Biosciences Holdings, Inc
22
690
(a),(b)
Harrow Health, Inc
34
1,780
(a)
Ideaya Biosciences, Inc
62
3,457
(a)
Illumina, Inc
453
3,364
(a),(b)
ImmunityBio, Inc
7
1,224
(a)
Immunome, Inc
26
1,107
(a)
Immunovant, Inc
28
3,604
(a)
Incyte Corp
356
2,622
(a)
Indivior plc
94
203
(a),(b)
Inhibrx Biosciences, Inc
16
813
(a),(c)
Inhibrx, Inc
1
1,343
(a)
Innoviva, Inc
27
4,350
(a)
Insmed, Inc
757
2,093
(a),(b)
Intellia Therapeutics, Inc
19
3,279
(a)
Ionis Pharmaceuticals, Inc
259
7,077
(a),(b)
Iovance Biotherapeutics, Inc
19
3,600
(a)
IQVIA Holdings, Inc
811
845
Jade Biosciences, Inc
13
851
(a)
Janux Therapeutics, Inc
12
1,189
(a)
Jazz Pharmaceuticals plc
202
49,782
Johnson & Johnson
10,302
487
(a),(b)
KalVista Pharmaceuticals, Inc
8
333
(a)
Keros Therapeutics, Inc
7
988
(a)
Kodiak Sciences, Inc
28
486
(a)
Krystal Biotech, Inc
120
1,654
(a)
Kura Oncology, Inc
17
969
(a)
Kymera Therapeutics, Inc
75
391
(a),(b)
LENZ Therapeutics, Inc
6
484
(a)
Ligand Pharmaceuticals, Inc (Class B)
92
1,283
(a)
Liquidia Corp
44
341
(a)
Madrigal Pharmaceuticals, Inc
199
569
(a)
Magenta Therapeutics, Inc
23
7,710
(a)
MannKind Corp
44
3,088
(a)
Maravai LifeSciences Holdings, Inc
10
2,546
(a)
MaxCyte, Inc
4
368
(a)
Maze Therapeutics, Inc
15
543
(a)
MBX Biosciences, Inc
17
499
(a)
Medpace Holdings, Inc
280
548
(a)
MeiraGTx Holdings plc
4
52,399
Merck & Co, Inc
5,516
126
Mesa Laboratories, Inc
10
426
(a)
Mettler-Toledo International, Inc
594
3,231
(a)
MiMedx Group, Inc
22
43
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
1,628
(a)
Mind Medicine MindMed, Inc
$
22
493
(a)
Mineralys Therapeutics, Inc
18
940
(a)
Mirum Pharmaceuticals, Inc
74
7,760
(a)
Moderna, Inc
229
213
(a),(b)
Monte Rosa Therapeutics, Inc
3
2,502
(a)
Myriad Genetics, Inc
15
2,637
(a)
Natera, Inc
604
1,956
(a)
Neurocrine Biosciences, Inc
277
881
(a),(b)
Nkarta, Inc
2
3,954
(a),(b)
Novavax, Inc
27
1,379
(a)
Nurix Therapeutics, Inc
26
786
(a)
Nuvalent, Inc
79
4,458
(a)
Nuvation Bio, Inc
40
2,032
(a)
Ocular Therapeutix, Inc
25
685
(a)
Olema Pharmaceuticals, Inc
17
296
(a),(b)
Omeros Corp
5
183
(a),(c)
OmniAb Operations, Inc
0^
183
(a),(c)
OmniAb Operations, Inc
0^
2,376
(a)
OmniAb, Inc
4
1,103
(a)
Organogenesis Holdings, Inc
6
5,283
Organon & Co
38
1,309
(a)
ORIC Pharmaceuticals, Inc
11
672
(a),(b)
Oruka Therapeutics, Inc
20
1,343
(a)
Pacira BioSciences, Inc
35
102
(a)
Palvella Therapeutics, Inc
11
2,625
PerkinElmer, Inc
254
1,727
Perrigo Co plc
24
282
(a)
Perspective Therapeutics, Inc
1
118,161
Pfizer, Inc
2,942
575
(a),(b)
Phathom Pharmaceuticals, Inc
10
720
Phibro Animal Health Corp
27
411
(a)
Praxis Precision Medicines, Inc
121
2,435
(a),(b)
Precigen, Inc
10
998
(a)
Prestige Consumer Healthcare, Inc.
62
1,074
(a)
Prime Medicine, Inc
4
1,206
(a)
Protagonist Therapeutics, Inc
105
1,011
(a)
Prothena Corp plc
10
1,680
(a)
PTC Therapeutics, Inc
128
4,657
(b)
QIAGEN NV
209
914
(a)
Quanterix Corp
6
2,497
(a)
Quantum-Si, Inc
3
501
(a)
Rapport Therapeutics, Inc
15
5,158
(a),(b)
Recursion Pharmaceuticals, Inc
21
2,108
Regeneron Pharmaceuticals, Inc
1,627
1,062
(a)
REGENXBIO, Inc
15
2,088
(a)
Relay Therapeutics, Inc
18
1,154
(a)
Repligen Corp
189
3,678
(a)
REVOLUTION Medicines, Inc
293
952
(a)
Rhythm Pharmaceuticals, Inc
102
332
(a)
Rigel Pharmaceuticals, Inc
14
1,412
(a)
Rocket Pharmaceuticals, Inc
5
9,510
(a)
Roivant Sciences Ltd
206
7,366
Royalty Pharma plc
285
2,386
(a),(b)
Sana Biotechnology, Inc
10
2,126
(a)
Sarepta Therapeutics, Inc
46
2,292
(a)
Savara, Inc
14
1,423
(a)
Scholar Rock Holding Corp
63
1,913
SIGA Technologies, Inc
12
362
(a)
Sionna Therapeutics, Inc
15
869
(a)
Soleno Therapeutics, Inc
40
2,303
(a)
Sotera Health Co
41
830
(a)
Spyre Therapeutics, Inc
27
Stock Index
44
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
(continued)
519
(a)
Stoke Therapeutics, Inc
$
16
2,552
(a),(b)
Summit Therapeutics, Inc
45
1,648
(a)
Supernus Pharmaceuticals, Inc
82
1,544
(a)
Syndax Pharmaceuticals, Inc
32
1,233
(a),(b)
Tango Therapeutics, Inc
11
457
(a)
Tarsus Pharmaceuticals, Inc
37
1,021
(a)
Taysha Gene Therapies, Inc
6
1,798
(a),(b)
Tempus AI, Inc
106
1,158
(a)
Terns Pharmaceuticals, Inc
47
3,139
(a)
TG Therapeutics, Inc
94
1,625
(a)
Theravance Biopharma, Inc
30
7,848
Thermo Fisher Scientific, Inc
4,548
1,469
(a)
Travere Therapeutics, Inc
56
1,838
(a)
Trevi Therapeutics, Inc
23
1,447
(a)
Twist Bioscience Corp
46
649
(a),(b)
Tyra Biosciences, Inc
17
1,912
(a)
Ultragenyx Pharmaceutical, Inc
44
934
(a)
United Therapeutics Corp
455
599
(a),(b)
Upstream Bio, Inc
16
525
(a)
UroGen Pharma Ltd
12
1,691
(a)
Vanda Pharmaceuticals, Inc
15
2,816
(a)
Vaxcyte, Inc
130
1,060
(a)
Vera Therapeutics, Inc
54
1,983
(a)
Veracyte, Inc
83
1,345
(a)
Vericel Corp
48
5,378
(a)
Vertex Pharmaceuticals, Inc
2,438
21,436
Viatris, Inc
267
2,550
(a),(b)
Viking Therapeutics, Inc
90
1,798
(a)
Vir Biotechnology, Inc
11
699
(a)
Viridian Therapeutics, Inc
22
842
(a)
Voyager Therapeutics, Inc
3
1,311
(a)
Waters Corp
498
1,512
(a)
WaVe Life Sciences Ltd
26
1,564
West Pharmaceutical Services, Inc
430
1,460
(a)
Xencor, Inc
22
1,642
(a)
Xenon Pharmaceuticals, Inc
74
3,592
(a)
Xeris Biopharma Holdings, Inc
28
527
(a),(b)
XOMA Corp
14
1,687
(a),(b)
Zevra Therapeutics, Inc
15
9,422
Zoetis, Inc
1,185
1,416
(a)
Zymeworks, Inc
37
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
86,732
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
1,201
(a),(b)
American Realty Investors, Inc
19
3,279
(a)
Anywhere Real Estate, Inc
46
6,057
(a)
CBRE Group, Inc
974
7,243
(a)
Compass, Inc
77
8,873
(a)
CoStar Group, Inc
597
3,593
(a)
Cushman & Wakefield Ltd
58
1,858
eXp World Holdings, Inc
17
400
(a)
Forestar Group, Inc
10
618
(a)
FRP Holdings, Inc
14
418
(a)
Howard Hughes Holdings, Inc
33
886
(a)
Jones Lang LaSalle, Inc
298
2,815
Kennedy-Wilson Holdings, Inc
27
569
Marcus & Millichap, Inc
15
187
(a)
Maui Land & Pineapple Co, Inc
3
1,819
Newmark Group, Inc
32
732
(a)
Re/Max Holdings, Inc
6
2,849
(a)
Real Brokerage, Inc
10
283
RMR Group, Inc
4
46
(a),(b)
Seaport Entertainment Group, Inc
1
45
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
REAL ESTATE MANAGEMENT & DEVELOPMENT
(continued)
820
St. Joe Co
$
49
134
(a),(b)
Stratus Properties, Inc
3
834
(a)
Tejon Ranch Co
13
1,079
(a)
Zillow Group, Inc (Class A)
74
3,355
(a)
Zillow Group, Inc (Class C)
229
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,609
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 12.5%
1,170
(a)
ACM Research, Inc
46
33,356
(a)
Advanced Micro Devices, Inc
7,144
686
(a),(b)
Aehr Test Systems
14
2,689
(a)
Allegro MicroSystems, Inc
71
844
(a)
Alpha & Omega Semiconductor Ltd
17
765
(a)
Ambarella, Inc
54
2,094
Amkor Technology, Inc
83
10,276
Analog Devices, Inc
2,787
16,467
Applied Materials, Inc
4,232
2,650
(a)
Astera Labs, Inc
441
865
(a)
Axcelis Technologies, Inc
70
95,651
Broadcom, Inc
33,105
839
(a)
Ceva, Inc
18
1,022
(a)
Cirrus Logic, Inc
121
1,495
(a)
Cohu, Inc
35
3,050
(a)
Credo Technology Group Holding Ltd
439
993
(a)
Diodes, Inc
49
3,032
(a)
Enphase Energy, Inc
97
3,205
Entegris, Inc
270
2,041
(a)
First Solar, Inc
533
1,470
(a)
Formfactor, Inc
82
1,447
(a)
GLOBALFOUNDRIES, Inc
51
660
(a)
Ichor Holdings Ltd
12
551
(a)
Impinj, Inc
96
2,443
(a),(b)
indie Semiconductor, Inc
9
91,385
(a)
Intel Corp
3,372
2,698
KLA Corp
3,278
1,055
Kulicke & Soffa Industries, Inc
48
26,091
Lam Research Corp
4,466
2,808
(a)
Lattice Semiconductor Corp
207
1,381
(a)
MACOM Technology Solutions Holdings, Inc
237
18,061
Marvell Technology, Inc
1,535
2,280
(a)
MaxLinear, Inc
40
10,772
Microchip Technology, Inc
686
23,147
Micron Technology, Inc
6,606
1,304
MKS Instruments, Inc
208
976
Monolithic Power Systems, Inc
885
2,707
(a),(b)
Navitas Semiconductor Corp
19
127
(b)
NVE Corp
8
484,570
Nvidia Corp
90,372
8,465
(a)
ON Semiconductor Corp
458
1,184
(a)
Onto Innovation, Inc
187
1,181
(a)
PDF Solutions, Inc
34
988
(a)
Penguin Solutions, Inc
19
1,304
(a)
Photronics, Inc
42
1,334
Power Integrations, Inc
48
4,434
Qnity Electronics, Inc
362
1,289
(a)
Qorvo, Inc
109
22,182
QUALCOMM, Inc
3,794
2,333
(a)
Rambus, Inc
214
6,127
(a),(b)
Rigetti Computing, Inc
136
1,701
(a)
Semtech Corp
125
698
(a)
Silicon Laboratories, Inc
91
434
(a)
SiTime Corp
153
3,349
Skyworks Solutions, Inc
212
Stock Index
46
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
(continued)
843
(a)
Synaptics, Inc
$
62
3,262
Teradyne, Inc
631
18,810
Texas Instruments, Inc
3,263
1,266
(a)
Ultra Clean Holdings
32
1,018
Universal Display Corp
119
1,051
(a)
Veeco Instruments, Inc
30
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
171,964
SOFTWARE & SERVICES - 11.0%
3,462
(a)
8x8, Inc
7
1,883
A10 Networks, Inc
33
13,085
Accenture plc
3,511
2,392
(a)
ACI Worldwide, Inc
114
2,653
Adeia, Inc
46
8,683
(a)
Adobe, Inc
3,039
410
(a)
Agilysys, Inc
49
2,862
(a)
Akamai Technologies, Inc
250
791
(a)
Alarm.com Holdings, Inc
40
1,475
(a),(b)
Alkami Technology, Inc
34
1,906
Amdocs Ltd
153
1,464
(a)
Amplitude, Inc
17
429
(a)
Appfolio, Inc
100
1,178
(a)
Appian Corp
42
4,527
(a)
Applied Digital Corp
111
4,943
(a)
AppLovin Corp
3,331
2,178
(a)
Asana, Inc
30
1,075
(a)
ASGN, Inc
52
3,407
(a)
Atlassian Corp Ltd
552
20,031
(a),(b)
Aurora Innovation, Inc
77
4,326
(a)
Autodesk, Inc
1,281
2,977
(a)
AvePoint, Inc
41
1,608
(a)
Backblaze, Inc
7
3,363
Bentley Systems, Inc
128
4,737
(a),(b)
BigBear.ai Holdings, Inc
26
1,735
(a)
BigCommerce Holdings, Inc
7
1,788
(a)
BILL Holdings, Inc
97
6,122
(a),(b)
Bit Digital, Inc
12
1,941
(a),(b)
Bitdeer Technologies Group
22
976
(a)
Blackbaud, Inc
62
1,140
(a)
BlackLine, Inc
63
5,255
(a)
Blend Labs, Inc
16
3,187
(a)
Box, Inc
95
1,650
(a)
Braze, Inc
57
2,618
(a),(b)
C3.ai, Inc
35
5,624
(a)
Cadence Design Systems, Inc
1,758
10,087
(a)
CCC Intelligent Solutions Holdings, Inc
80
1,164
(a)
Cerence, Inc
12
5,263
(a),(b)
Cipher Mining, Inc
78
974
(a)
Circle Internet Group, Inc
77
4,418
(a),(b)
Cleanspark, Inc
45
1,700
Clear Secure, Inc
60
5,335
(a)
Clearwater Analytics Holdings, Inc
129
6,369
(a)
Cloudflare, Inc
1,256
9,899
Cognizant Technology Solutions Corp (Class A)
822
918
(a)
Commvault Systems, Inc
115
6,048
(a)
Confluent, Inc
183
415
(a)
Consensus Cloud Solutions, Inc
9
5,969
(a)
Core Scientific, Inc
87
5,109
(a)
Crowdstrike Holdings, Inc
2,395
713
(a)
CS Disco, Inc
6
6,489
(a)
Datadog, Inc
882
574
(a),(b)
Digimarc Corp
4
2,598
(a)
Digital Turbine, Inc
13
47
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
SOFTWARE & SERVICES
(continued)
1,349
(a)
DigitalOcean Holdings, Inc
$
65
3,873
(a)
DocuSign, Inc
265
1,364
Dolby Laboratories, Inc (Class A)
88
816
(a),(b)
Domo, Inc
7
3,007
(a)
Dropbox, Inc
84
6,236
(a),(b)
D-Wave Quantum, Inc
163
3,422
(a)
DXC Technology Co
50
6,245
(a)
Dynatrace, Inc
271
648
(a)
eGain Corp
7
1,802
(a)
Elastic NV
136
1,191
(a)
EPAM Systems, Inc
244
918
(a),(b)
EverCommerce, Inc
11
484
(a)
Fair Isaac Corp
818
3,179
(a)
Fastly, Inc
32
2,029
(a)
Five9, Inc
41
13,002
(a)
Fortinet, Inc
1,032
4,300
(a)
Freshworks, Inc
53
1,603
(a)
Gartner, Inc
404
11,043
Gen Digital, Inc
300
2,872
(a)
Gitlab, Inc
108
1,037
(a)
Globant S.A.
68
2,748
(a)
GoDaddy, Inc
341
1,385
(a)
Grid Dynamics Holdings, Inc
12
1,788
(a)
Guidewire Software, Inc
359
1,077
Hackett Group, Inc
21
516
(a)
HeartFlow, Inc
15
1,116
(a)
HubSpot, Inc
448
1,910
(a),(b)
Hut 8 Corp
88
351
(a),(b)
I3 Verticals, Inc
9
1,244
(a)
Intapp, Inc
57
516
(b)
InterDigital, Inc
164
19,246
International Business Machines Corp
5,701
5,638
Intuit, Inc
3,735
1,710
(a)
Jamf Holding Corp
22
1,808
(a)
Kaltura, Inc
3
5,240
(a)
Kyndryl Holdings, Inc
139
348
(a),(b)
Life360, Inc
22
1,398
(a)
LiveRamp Holdings, Inc
41
1,310
(a)
Manhattan Associates, Inc
227
6,513
(a),(b)
Marathon Digital Holdings, Inc
58
153,479
Microsoft Corp
74,225
5,616
(a)
MicroStrategy, Inc (Class A)
853
1,253
(a)
Mitek Systems, Inc
13
1,657
(a)
MongoDB, Inc
695
1,593
(a)
N-able, Inc
12
2,329
(a)
nCino OpCo, Inc
60
3,958
(a)
NCR Corp
40
1,787
(a),(b)
NextNav, Inc
30
5,574
(a)
Nutanix, Inc
288
3,458
(a)
Okta, Inc
299
678
(a)
ON24, Inc
5
1,227
OneSpan, Inc
16
661
(a)
Ooma, Inc
8
35,018
Oracle Corp
6,825
916
(a)
Pagaya Technologies Ltd
19
2,372
(a)
PagerDuty, Inc
31
45,249
(a)
Palantir Technologies, Inc
8,043
13,942
(a)
Palo Alto Networks, Inc
2,568
675
(a),(b)
PAR Technology Corp
24
791
Park City Group, Inc
10
1,672
Pegasystems, Inc
100
1,883
(a)
Porch Group, Inc
17
Stock Index
48
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
SOFTWARE & SERVICES
(continued)
2,527
(a)
Procore Technologies, Inc
$
184
1,155
(a)
Progress Software Corp
50
2,541
(a)
PTC, Inc
443
1,347
(a)
Q2 Holdings, Inc
97
889
(a)
Qualys, Inc
118
1,695
(a)
Rapid7, Inc
26
24
Red Violet, Inc
1
2,961
(a),(b)
Rezolve AI plc
8
992
(a)
Rimini Street, Inc
4
1,287
(a)
RingCentral, Inc
37
7,768
(a)
Riot Platforms, Inc
98
2,192
Roper Industries, Inc
976
2,784
(a)
Rubrik, Inc
213
1,313
(a),(b)
SailPoint, Inc
27
19,347
Salesforce, Inc
5,125
5,866
(a)
Samsara, Inc
208
1,037
(a)
SEMrush Holdings, Inc
12
6,664
(a)
SentinelOne, Inc
100
21,535
(a)
ServiceNow, Inc
3,299
6,821
(a)
Snowflake, Inc
1,496
7,118
(a),(b)
SoundHound AI, Inc
71
356
(a)
SoundThinking, Inc
3
2,308
(a)
Sprinklr, Inc
18
1,316
(a)
Sprout Social, Inc
15
900
(a)
SPS Commerce, Inc
80
3,830
(a)
Synopsys, Inc
1,799
2,968
(a)
Tenable Holdings, Inc
70
1,532
(a)
Teradata Corp
47
5,200
(a),(b)
Terawulf, Inc
60
8,780
(a)
Trade Desk, Inc
333
400
(a),(b)
TSS, Inc
3
349
(a),(b)
Tucows, Inc
8
2,920
(a)
Twilio, Inc
415
911
(a)
Tyler Technologies, Inc
414
8,946
(a)
UiPath, Inc
147
2,160
(a)
Unisys Corp
6
6,240
(a)
Unity Software, Inc
276
2,560
(a)
Varonis Systems, Inc
84
1,754
VeriSign, Inc
426
1,293
(a)
Vertex, Inc
26
305
(a)
Viant Technology, Inc
4
1,154
(a)
Weave Communications, Inc
9
4,508
(a)
Workday, Inc
968
1,090
(a)
Workiva, Inc
94
1,061
(a),(b)
Xperi, Inc
6
2,990
(a)
Yext, Inc
24
4,295
(a)
Zeta Global Holdings Corp
87
5,625
(a)
Zoom Video Communications, Inc
485
2,023
(a)
Zscaler, Inc
455
TOTAL SOFTWARE & SERVICES
150,393
TECHNOLOGY HARDWARE & EQUIPMENT - 8.1%
521
(a),(b)
908 Devices, Inc
3
1,592
(a)
ADTRAN Holdings, Inc
14
817
Advanced Energy Industries, Inc
171
267
(a)
Aeva Technologies, Inc
4
25,385
Amphenol Corp (Class A)
3,431
301,771
Apple, Inc
82,039
1,162
(a),(b)
Applied Optoelectronics, Inc
40
21,364
(a)
Arista Networks, Inc
2,799
2,522
(a)
Arlo Technologies, Inc
35
1,128
(a)
Arrow Electronics, Inc
124
223
(a)
Aviat Networks, Inc
5
49
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT
(continued)
2,201
Avnet, Inc
$
106
650
Badger Meter, Inc
113
278
(a)
Bel Fuse, Inc (Class B)
47
767
Belden CDT, Inc
89
768
Benchmark Electronics, Inc
33
1,278
(a)
Calix, Inc
68
2,906
CDW Corp
396
2,884
(a)
Ciena Corp
674
81,699
Cisco Systems, Inc
6,293
365
(a)
Clearfield, Inc
11
45
Climb Global Solutions, Inc
5
3,674
Cognex Corp
132
3,352
(a)
Coherent Corp
619
4,830
(a)
CommScope Holding Co, Inc
88
950
(a)
CompoSecure, Inc
18
16,397
Corning, Inc
1,436
716
(a)
Corsair Gaming, Inc
4
1,070
Crane NXT Co
50
725
CTS Corp
31
1,204
(a)
Daktronics, Inc
24
6,644
Dell Technologies, Inc
836
600
(a)
Diebold Nixdorf, Inc
41
759
(a)
Digi International, Inc
33
1,285
(a)
Eastman Kodak Co
11
468
ePlus, Inc
41
2,211
(a)
Evolv Technologies Holdings, Inc
16
3,100
(a)
Extreme Networks, Inc
52
1,208
(a)
F5 Networks, Inc
308
781
(a)
Fabrinet
356
7,717
(a)
Flextronics International Ltd
466
3,142
(a)
Harmonic, Inc
31
27,094
Hewlett Packard Enterprise Co
651
20,504
HP, Inc
457
1,475
(a)
Immersion Corp
10
853
(b)
Ingram Micro Holding Corp
18
633
(a)
Insight Enterprises, Inc
52
6,976
(a),(b)
IonQ, Inc
313
804
(a)
IPG Photonics Corp
58
806
(a)
Itron, Inc
75
2,197
Jabil Inc
501
3,567
(a)
Keysight Technologies, Inc
725
1,038
(a)
Kimball Electronics, Inc
29
2
(a)
Knowles Corp
0^
537
Littelfuse, Inc
136
1,508
(a),(b)
Lumentum Holdings, Inc
556
1,398
(a)
Methode Electronics, Inc
9
4,688
(a),(b)
MicroVision, Inc
4
4,542
(a)
Mirion Technologies, Inc
106
3,391
Motorola Solutions, Inc
1,300
856
Napco Security Technologies, Inc
36
3,953
NetApp, Inc
423
962
(a)
Netgear, Inc
24
1,512
(a)
Netscout Systems, Inc
41
1,072
(a)
nLight, Inc
40
866
(a)
Novanta, Inc
103
271
(a)
OSI Systems, Inc
69
1,099
(a)
Ouster, Inc
24
430
PC Connection, Inc
25
597
(a)
Plexus Corp
88
2,686
(a)
Powerfleet, Inc
14
6,506
(a)
Pure Storage, Inc
436
2,499
(a),(b)
Quantum Computing, Inc
26
Stock Index
50
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT
(continued)
2,472
Ralliant Corp
$
126
1,618
(a),(b)
Red Cat Holdings, Inc
13
2,205
(a)
Ribbon Communications, Inc
6
1,507
Richardson Electronics Ltd
16
512
(a)
Rogers Corp
47
2,702
(a)
SanDisk Corp
641
1,130
(a)
Sanmina Corp
170
471
(a)
Scansource, Inc
18
10,596
(a)
Super Micro Computer, Inc
310
1,524
TD SYNNEX Corp
229
889
(a)
Teledyne Technologies, Inc
454
4,496
(a)
Trimble Inc
352
1,987
(a)
TTM Technologies, Inc
137
379
(a)
Turtle Beach Corp
5
92
Ubiquiti, Inc
51
1,951
(a)
Viasat, Inc
67
3,750
(a)
Viavi Solutions, Inc
67
3,447
Vishay Intertechnology, Inc
50
398
(a)
Vishay Precision Group, Inc
15
2,801
Vontier Corp
104
7,049
Western Digital Corp
1,214
2,578
(b)
Xerox Holdings Corp
6
1,166
(a)
Zebra Technologies Corp (Class A)
283
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
111,823
TELECOMMUNICATION SERVICES - 0.8%
410
(a)
Anterix, Inc
9
4,583
(a),(b)
AST SpaceMobile, Inc
333
142,582
AT&T, Inc
3,542
373
ATN International, Inc
9
669
(a)
Bandwidth, Inc
10
883
Cogent Communications Group, Inc
19
4,310
(a)
Frontier Communications Parent, Inc
164
3,118
(a),(c)
GCI Liberty, Inc
0^
515
(a)
GCI Liberty, Inc
19
67
(a)
GCI Liberty, Inc
3
1,203
(a)
Globalstar, Inc
73
1,217
(a)
Gogo, Inc
6
521
IDT Corp
27
2,073
Iridium Communications, Inc
36
3,981
(a)
Liberty Global Ltd
44
3,062
(a)
Liberty Global Ltd
34
1,581
(a)
Liberty Latin America Ltd (Class A)
12
3,207
(a)
Liberty Latin America Ltd (Class C)
24
17,237
(a)
Lumen Technologies, Inc
134
2,245
(a)
Millicom International Cellular S.A.
124
1,561
Shenandoah Telecom Co
18
917
Spok Holdings, Inc
12
2,350
Telephone and Data Systems, Inc
96
10,106
T-Mobile US, Inc
2,052
2,282
(a)
Uniti Group, Inc
16
87,269
Verizon Communications, Inc
3,554
TOTAL TELECOMMUNICATION SERVICES
10,370
TRANSPORTATION - 1.3%
2,504
(a)
Alaska Air Group, Inc
126
393
(a)
Allegiant Travel Co
34
205
(a)
Amerco, Inc
10
14,260
(a)
American Airlines Group, Inc
219
349
ArcBest Corp
26
327
(a),(b)
Avis Budget Group, Inc
42
2,351
CH Robinson Worldwide, Inc
378
206
(a)
Costamare Bulkers Holdings Ltd
3
1,032
Costamare, Inc
16
51
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE (000)
TRANSPORTATION
(continued)
904
Covenant Logistics Group, Inc
$
20
38,800
CSX Corp
1,406
13,157
Delta Air Lines, Inc
913
2,799
Expeditors International Washington, Inc
417
4,267
FedEx Corp
1,233
613
(a)
Forward Air Corp
15
349
(a)
Frontier Group Holdings, Inc
2
1,539
(b)
FTAI Infrastructure, Inc
7
791
Genco Shipping & Trading Ltd
15
2,509
(a)
GXO Logistics, Inc
132
1,188
Heartland Express, Inc
11
2,589
(a),(b)
Hertz Global Holdings, Inc
13
1,880
Himalaya Shipping Ltd
17
1,520
Hub Group, Inc (Class A)
65
1,744
JB Hunt Transport Services, Inc
339
4,132
(a)
JetBlue Airways Corp
19
9,978
(a),(b)
Joby Aviation, Inc
132
1,233
(a)
Kirby Corp
136
3,774
Knight-Swift Transportation Holdings, Inc
197
759
(a)
Landstar System, Inc
109
8,428
(a)
Lyft, Inc (Class A)
163
29
Marten Transport Ltd
0^
754
Matson, Inc
93
4,639
Norfolk Southern Corp
1,339
4,073
Old Dominion Freight Line
639
1,449
(a)
Radiant Logistics, Inc
9
2,690
(a)
RXO, Inc
34
651
Ryder System, Inc
125
1,798
Safe Bulkers, Inc
9
580
(a)
Saia, Inc
189
1,714
Schneider National, Inc
45
440
(a)
Skywest, Inc
44
9,720
Southwest Airlines Co
402
295
(a)
Sun Country Airlines Holdings, Inc
4
41,634
(a)
Uber Technologies, Inc
3,402
2,032
U-Haul Holding Co
95
12,231
Union Pacific Corp
2,829
6,852
(a)
United Airlines Holdings, Inc
766
15,203
United Parcel Service, Inc (Class B)
1,508
200
(b)
Universal Truckload Services, Inc
3
2,506
(a)
XPO, Inc
341
TOTAL TRANSPORTATION
18,091
UTILITIES - 2.2%
13,242
AES Corp
190
5,412
Alliant Energy Corp
352
5,614
Ameren Corp
561
11,071
American Electric Power Co, Inc
1,277
828
American States Water Co
60
4,258
American Water Works Co, Inc
556
3,529
Atmos Energy Corp
591
1,516
Avista Corp
58
2,030
Black Hills Corp
141
2,605
Brookfield Infrastructure Corp
118
2,781
(b)
Brookfield Renewable Corp
107
1,192
California Water Service Group
52
14,237
Centerpoint Energy, Inc
546
495
Chesapeake Utilities Corp
62
757
Clearway Energy, Inc (Class A)
24
1,777
Clearway Energy, Inc (Class C)
59
6,500
CMS Energy Corp
454
7,382
Consolidated Edison, Inc
733
383
(a)
Consolidated Water Co, Inc
13
Stock Index
52
See Notes to Financial Statements
Portfolio of Investments December 31, 2025
(continued)
SHARES
DESCRIPTION
VALUE (000)
UTILITIES
(continued)
6,508
Constellation Energy Corp
$
2,299
15,834
Dominion Energy, Inc
928
4,527
DTE Energy Co
584
15,985
Duke Energy Corp
1,874
8,392
(a)
Edison International
504
9,507
Entergy Corp
879
6,673
Essential Utilities, Inc
256
4,824
Evergy, Inc
350
8,034
Eversource Energy
541
20,883
Exelon Corp
910
11,991
FirstEnergy Corp
537
498
Genie Energy Ltd
7
349
(a)
Global Water Resources, Inc
3
4,557
(a)
Hawaiian Electric Industries, Inc
56
1,138
Idacorp, Inc
144
4,948
MDU Resources Group, Inc
97
410
MGE Energy, Inc
32
116
Middlesex Water Co
6
1,899
(a),(b)
Montauk Renewables, Inc
3
2,074
New Jersey Resources Corp
96
43,245
NextEra Energy, Inc
3,472
10,284
NiSource, Inc
429
465
Northwest Natural Holding Co
22
1,255
NorthWestern Corp
81
3,900
NRG Energy, Inc
621
3,468
OGE Energy Corp
148
2,220
(a)
Oklo, Inc
159
29
ONE Gas, Inc
2
1,235
Ormat Technologies, Inc
136
920
Otter Tail Corp
74
47,926
PG&E Corp
770
2,278
Pinnacle West Capital Corp
202
1,905
PNM Resources, Inc
112
2,243
Portland General Electric Co
108
15,060
(b)
PPL Corp
527
9,608
Public Service Enterprise Group, Inc
771
626
(a)
Pure Cycle Corp
7
620
(a)
RGC Resources, Inc
13
12,893
Sempra Energy
1,138
466
SJW Corp
23
22,798
Southern Co
1,988
1,183
Southwest Gas Holdings Inc
95
171
Spire, Inc
14
991
(a)
Talen Energy Corp
371
4,386
UGI Corp
164
534
Unitil Corp
26
7,250
Vistra Corp
1,170
7,117
WEC Energy Group, Inc
750
12,344
Xcel Energy, Inc
912
490
York Water Co
16
TOTAL UTILITIES
30,381
TOTAL COMMON STOCKS
(Cost $332,046)
1,357,792
53
See Notes to Financial Statements
Investments in Derivatives
SHARES
DESCRIPTION
EXPIRATION DATE
VALUE (000)
RIGHTS/WARRANTS - 0.0%
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
278
(c)
AstraZeneca plc
02/20/29
$0^
478
(c)
Chinook Therapeutics, Inc
01/02/30
0^
1,191
(c)
Novo Nordisk A.S.
02/25/26
1
390
(c)
Tobira Therapeutics, Inc
0^
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
1
TOTAL RIGHTS/WARRANTS
(Cost $1)
1
TOTAL LONG-TERM INVESTMENTS
(Cost $332,047)
1,357,793
SHARES
DESCRIPTION
RATE
VALUE (000)
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%
4,349,214
(f)
State Street Navigator Securities Lending Government Money Market Portfolio
3.830%(g)
4,349
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $4,349)
4,349
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE (000)
SHORT-TERM INVESTMENTS - 0.6%
GOVERNMENT AGENCY DEBT - 0.2%
$
2,359,000
Federal Home Loan Bank Discount Notes
0
.000
01/02/26
2,358
TOTAL GOVERNMENT AGENCY DEBT
2,358
REPURCHASE AGREEMENT - 0.3%
4,493,000
(h)
Fixed Income Clearing Corporation
3
.820
01/02/26
4,493
TOTAL REPURCHASE AGREEMENT
4,493
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.1%
700,000
Federal Home Loan Bank (FHLB)
0
.000
04/15/26
693
TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES
693
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,545)
7,544
TOTAL INVESTMENTS - 99.8%
(Cost $343,941)
1,369,686
OTHER ASSETS & LIABILITIES, NET - 0.2%
2,612
NET ASSETS - 100.0%
$1,372,298
REIT
Real Estate Investment Trust
^
Amount represents less than $1,000.
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
All or a portion of these securities are out on loan. The aggregate value of securities on loan is $7,988,176.
(c)
For fair value measurement disclosure purposes, investment classified as Level 3.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.
(e)
When-issued or delayed delivery security.
(f)
Investments made with cash collateral received from securities on loan.
(g)
The rate shown is the one-day yield as of the end of the reporting period.
(h)
Agreement with Fixed Income Clearing Corporation, 3.820% dated 12/31/25 to be repurchased at $4,493,954 on 1/2/26, collateralized by Government Agency Securities, with coupon rate
4.625% and maturity date 11/15/55, valued at $4,582,883.
Futures Contracts - Long
Description
Number of
Contracts
(000)
Expiration
Date
Notional
Amount
(000)
Value
(000)
Unrealized
Appreciation
(Depreciation)
(000)
S&P 500 E-Mini Index
35
03/20/26
$
12,055
$
12,062
$
7
54
Statement of Assets and Liabilities
See Notes to Financial Statements
December 31, 2025
(amounts in thousands, except accumulation unit value)
24.1
Stock Index
ASSETS
Long-term investments, at value*†
$
1,357,793
Short-term investments, at value#
7,544
Investments purchased with collateral from securities
lending, at value (cost approximates value)
4,349
Receivables:
Dividends
751
Investment management fee waiver
801
Investments sold
6,009
Other
149
Total assets
1,377,396
LIABILITIES
Due to affiliates
499
Cash overdraft
10
Payables:
Collateral from securities lending
4,349
Investments purchased - when-issued/delayed-
delivery settlement
11
Service agreement fees
8
Trustee compensation
144
Variation margin on futures contracts
62
Other
15
Total liabilities
5,098
Net assets
Accumulation Fund
$
1,372,298
Accumulation units outstanding
2,560
Accumulation unit value
$
536
.065
* Includes securities loaned of
$
7,988
† Long-term investments, cost
$
332,047
# Short-term investments, cost
$
7,545
55
Statement of Operations
See Notes to Financial Statements
Year Ended December 31, 2025
(amounts in thousands)
24.1
Stock Index
INVESTMENT INCOME
Dividends
$
16,211
Interest
368
Securities lending income, net
52
Tax withheld
(
6
)
Total investment income
16,625
EXPENSES
Investment advisory
3,944
Administrative services
2,630
Mortality and expense risk charges
5,259
Total expenses
11,833
Expense waiver by investment adviser
(
2,779
)
Net expenses
9,054
Net investment income (loss)
7,571
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
130,246
Futures contracts
1,066
Foreign currency transactions
1
Net realized gain (loss)
131,313
Change in unrealized appreciation (depreciation) on:
Investments
60,669
Futures contracts
104
Net change in unrealized appreciation (depreciation)
60,773
Net realized and unrealized gain (loss)
192,086
Net increase (decrease) in net assets from operations
$
199,657
56
Statements of Changes in Net Assets
See Notes to Financial Statements
24.1
Stock Index
(amounts in thousands)
Year Ended
12/31/25
Year Ended
12/31/24
OPERATIONS
Net investment income (loss)
$
7,571
$
7,915
Net realized gain (loss)
131,313
123,195
Net change in unrealized
appreciation (depreciation)
60,773
128,907
Net increase (decrease) in net
assets from operations
199,657
260,017
FROM CONTRACTOWNER TRANSACTIONS
Premiums
5,829
10,189
Withdrawals and death benefits
(
147,755
)
(
153,835
)
Net increase (decrease) from
contractowner transactions
(
141,926
)
(
143,646
)
Net increase (decrease) in net
assets
57,731
116,371
Net assets at the beginning of
period
1,314,567
1,198,196
Net assets at the end of period
$
1,372,298
$
1,314,567
Financial Highlights
See Notes to Financial Statements
57
The following data is for a unit outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Investment
Income
(a)
Net
Expenses
(a)
Net
Investment
Income (Loss)
(a)
Net Realized/
Unrealized
Gain (Loss)
Net Change in
Accumulation
Unit Value
Accumulation
Unit Value,
Beginning of Period
Accumulation
Unit Value,
End of Period
24.1
Stock Index
12/31/25
$
6.139
$
3.343
$
2.796
$
72.330
$
75.126
$
460.939
$
536.065
12/31/24
5.805
3.176
2.629
83.044
85.673
375.266
460.939
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
(a)
Based on average units outstanding.
(b)
Based on per accumulation unit data.
(c)
Percentage is not annualized.
See Notes to Financial Statements
58
Ratios and Supplemental Data
Ratios to Average Net Assets
Total
Return
(b),(c)
Gross
Expenses
Net Expenses
Net
Investment
Income (Loss)
Portfolio
Turnover
Rate
Accumulation Units
Outstanding, End of
Period (in Millions)
Net Assets,
End of Period
(in Millions)
16.30
%
0.90
%
0.69
%
0.58
%
2
%
3
$
1,372
22.83
0.90
0.75
0.62
2
3
1,315
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
Notes to Financial Statements
59
1. General Information
Account Information:
TIAA Separate Account VA-1 ("VA-1") is a segregated investment account of Teachers Insurance and Annuity
Association of America ("TIAA") and is organized under the insurance laws of the State of New York for the purpose of issuing and
funding individual variable annuity contracts. The variable annuity contracts were issued by TIAA. VA-1 is an open-end management
investment company under the Investment Company Act of 1940, ("1940 Act"), as amended. VA-1 consists of a single investment
portfolio, the Stock Index Account ("Stock Index" or the "Account").
Current Fiscal Period:
The end of the reporting period for the Account is December 31, 2025, and the period covered by these Notes
to Financial Statements is the fiscal year ended December 31, 2025 (the "current fiscal period").
Investment Adviser:
Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of TIAA, is registered with the
Securities and Exchange Commission ("SEC") as an investment adviser and provides investment management services for the
Account.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United
States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent
events. Actual results may differ from those estimates. The Account is an investment company and follows the accounting guidance
in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, Financial Services - Investment
Companies. The accumulation unit value ("AUV") for financial reporting purposes may differ from the AUV for processing security
and contractowner transactions. The AUV for financial reporting purposes includes security and contractowner transactions through
the date of the report. Total return is computed based on the AUV used for processing security and contractowner transactions. The
following is a summary of the significant accounting policies consistently followed by the Account.
Foreign Currency Transactions and Translation:
The books and records of the Account is maintained in U.S. dollars. Assets, including
investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and
sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of
the transactions.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the
amount of foreign currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange
restrictions are imposed, may be reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-
local investors. Accordingly, the Fund may apply NDF rates, or another alternative exchange rate believed by the Adviser to be more
reflective of the rates at which the Funds may transact, where applicable, to convert the value of non-U.S. dollar denominated
securities to U.S. dollars. The U.S. dollar market value of such securities held in markets where NDF rates exist may be lower than
the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency exchange rates.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency,
(ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the
transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the
books of the Account and the amounts actually received and are recognized as a component of "Net realized gain (loss) from foreign
currency transactions" on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange
rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized
appreciation (depreciation) on foreign currency translations" on the Statement of Operations, when applicable. The unrealized
gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a
component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations,
when applicable.
Indemnifications:
In the normal course of business, the Account enters into contracts that contain a variety of representations and
warranties and that provide general indemnities. The Account's maximum exposure under these arrangements is unknown, as this
would involve future claims against the Account that has not yet occurred. Also, under the Account's organizational documents,
the trustees and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account.
However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.
Notes to Financial Statements
(continued)
60
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes.
Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income
is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the
Account determines the existence of a dividend declaration. Securities lending income is made up of fees earned from borrowers
and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific
identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a
reduction of cost of investments and/or as a realized gain. The Account estimates the components of distributions received that may
be considered return of capital distributions or capital gain distributions.
Netting Agreements:
In the ordinary course of business, the Account may enter into transactions subject to enforceable master
repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar
arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Account to offset certain
securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that
counterparty based on the terms of the agreements. Generally, the Account manages its cash collateral and securities collateral on a
counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted
to the Account is held in a segregated account by the Account's custodian and/or with respect to those amounts which can be sold
or repledged, are presented in the Account's Portfolio of Investments or Statement of Assets and Liabilities.
The Account's investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later
in these Notes to Financial Statements.
Management Committee Compensation:
The members of the Management Committee ("Committee"), all of whom are independent,
receive certain remuneration for their services, plus travel and other expenses. Managers may elect to participate in a deferred
compensation plan and defer all or a portion of their compensation. In addition, managers participate in a long-term compensation
plan. Amounts deferred are retained by the Account until paid. Amounts payable to the managers for compensation are included in
the accompanying Statement of Assets and Liabilities. Managers' fees, including any deferred and long-term compensation incurred,
are reflected in the Statement of Operations.
Segment Reporting:
The Account represents a single operating segment. The officers of the Account act as the chief operating
decision maker ("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of the Account as a whole and is
responsible for the Account's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined
investment strategy which is executed by the Account's portfolio managers as a team. The financial information in the form of
the Account's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting
from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus
the Account's comparative benchmarks and to make resource allocation decisions for the Account's single segment, is consistent
with that presented within the Account's financial statements. Segment assets are reflected on the Statement of Assets and
Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2025-11):
In December 2025, the FASB issued Accounting Standard Update ("ASU") No.
2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide
a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that
requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The
amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December
15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the
financial statements.
3. Investment Valuation and Fair Value Measurements
The Account's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser,
subject to the oversight of the Committee. Fair value is defined as the price that would be received upon selling an investment
or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the
investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable
inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market
data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the
assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information
available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest
rates, credit spreads, etc.).
61
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the
fair value of investments).
A description of the valuation techniques applied to the Account's major classifications of assets and liabilities measured at fair
value follows:
Prices of fixed-income securities are provided by pricing services approved by the Adviser, which is subject to review by
the Adviser and oversight of the Committee. Pricing services establish a security's fair value using methods that may
include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and
rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain
securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or
market activity provided by the Adviser. These securities are generally classified as Level 2.
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported
sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered
investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the
principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events
affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when
the Account's net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the
Adviser, subject to the oversight of the Committee. To the extent these securities are actively traded and no valuation adjustments
are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or
official closing price, these securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally
classified as Level 1.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are
generally classified as Level 2.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are
generally classified as Level 1.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the
valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in
good faith using alternative procedures approved by the Adviser, subject to the oversight of the Committee. As a general principle,
the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors
may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices
of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security
dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including
the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be
classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Account's investments as of the end of the current fiscal period, based on the
inputs used to value them (dollar amounts are in thousands):
Account
Level 1 (000)
Level 2 (000)
Level 3 (000)
Total (000)
Stock Index
Long-Term Investments
:
Common stocks
$1,357,791
$-
$1
$1,357,792
Rights/Warrants
-
-
1
1
Investments purchased with collateral from securities lending
4,349
-
-
4,349
Short-Term Investments
:
Government agency debt
-
2,358
-
2,358
Repurchase agreement
-
4,493
-
4,493
U.s. government and agencies discount notes
-
693
-
693
Investments in Derivatives
:
Futures contracts*
7
-
-
7
Total
$1,362,147
$7,544
$2
$1,369,693
*
Represents net unrealized appreciation (depreciation).
Notes to Financial Statements
(continued)
62
4. Portfolio Securities
Repurchase Agreements:
In connection with transactions in repurchase agreements, it is the Account's policy that its custodian take
possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction,
including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the
collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of
the current fiscal period, and the collateral delivered related to those repurchase agreements (dollar amounts are in thousands).
Securities Lending:
The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account
receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable law)
against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities
during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral to
the Account, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at
the close of business of the Account and any additional required collateral is delivered to the Account on the next business day. Cash
collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained
by the securities lending agent ("Agent") for the purpose of investing cash collateral.
The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and
Liabilities. Non-cash collateral is not disclosed in the Account's Statement of Assets and Liabilities as it is held by the Agent or by a
third-party bank engaged by the Agent as a special "tri-party" custodian on behalf of the Account, and the Account does not have the
ability to sell or re-hypothecate those securities.
As of the end of the current fiscal period, securities lending transactions are for equity securities, and the resulting loans are
continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of
earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is
reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the
investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk
that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the
Account if at the time of a default by a borrower some or all of the loan securities have not been returned.
As of the end of the current fiscal period, the total value of securities on loan and the total value of collateral received were as
follows (dollar amounts are in thousands):
Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security.
Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at
issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities
generally are more volatile than the market prices of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows (dollar amounts are in
thousands):
Account
Counterparty
Short-term Investments,
at Value (000)
Collateral Pledged
(From) Counterparty
(000)
Stock Index VA-1
Fixed Income Clearing Corporation
$4,493
$(4,583)
Aggregate value of
securities on loan
Account
Equity
Securities (000)
Cash Collateral
Received (000)*
Non-Cash Collateral
Received (000)**
Total Collateral
Received (000)
24.1
Stock Index
$
7,988
$
4,349
$
3,963
$
8,312
*
May include cash and investment of cash collateral.
**
As of the end of the current fiscal period, the non-cash collateral received was comprised of U.S. Treasury securities.
Account
Non-U.S.
Government
Purchases (000)
Non-U.S.
Government
Sales (000)
24.1
Stock Index
$
29,030
$
170,587
63
The Account may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or
delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities
so purchased are subject to market fluctuation during this period. If a Account has when-issued/delayed-delivery purchases
commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
The Account is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument
whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other
variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement
of Assets and Liabilities and the Statement of Operations, respectively.
Futures Contracts:
The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account
uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in
these markets while minimizing transaction costs.
A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon
execution of a futures contract, the Account is obligated to deposit cash or eligible securities, also known as "initial margin," into an
account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any,
are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and
Liabilities.
During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or
loss by "marking-to-market" on a daily basis. The Account and the clearing broker are obligated to settle monies on a daily basis
representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" which are
recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the
contract is closed or expired, the Account records a realized gain or loss equal to the difference between the value of the contract
on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized
appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying
the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of
the contract may not correlate with a change in the value of the underlying securities or indices.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows (dollar amounts are in
thousands):
As of the end of the current fiscal period, the Account has invested in derivative contracts which are reflected in the Statement of
Assets and Liabilities as follows (dollar amounts are in thousands):
During the current fiscal period, the effect of derivative contracts on the Account's Statement of Operations was as follows (dollar
amounts are in thousands):
Account
Average Notional Amount of Futures Contracts Outstanding
(000)*
24.1
Stock Index
$
7,682
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at
the end of each fiscal quarter within the current fiscal period.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value (000)
Location
Value (000)
Stock Index
Futures contracts
Equity
Unrealized appreciation
on futures contracts
*
$
7
-
$
-
1
1
1
1
1
1
1
1
*
Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Account's Portfolio of Investments. The Statement of
Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss) (000)
Change in Unrealized
Appreciation
(Depreciation) (000)
24.1
Stock Index
Futures contracts
Equity
$
1,066
$
104
Notes to Financial Statements
(continued)
64
Market and Counterparty Credit Risk:
In the normal course of business the Account may invest in financial instruments and enter
into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party
to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded
on the financial statements. Financial assets, which potentially expose the Account to counterparty credit risk, consist principally of
cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the Account's exposure to
counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets
and Liabilities.
The Account helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have
the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.
Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf
of the Account with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally,
when the Account has an unrealized loss, the Account has instructed the custodian to pledge assets of the Account as collateral with
a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored
and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
6. Account Units
Transactions in Account units during the current and prior fiscal period were as follows (amounts are in thousands):
7. Income Tax Information
VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue
Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1's
Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves
will be deductible.
The Account files, as a component of the TIAA tax return, a U.S. Federal income tax return. The Account also files income tax returns
in applicable state and local jurisdictions. The Account's federal income tax returns are generally subject to examination for a period
of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time
depending on the jurisdiction. Management has analyzed the Account's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Account's financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for
federal income tax purposes was as follows (dollar amounts are in thousands):
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums
exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax
reporting, if applicable.
8. Management Fees and Other Transactions with Affiliates
Management Fees:
The Adviser provides investment advisory services for VA-1 pursuant to an Investment Management Agreement
among TIAA, Advisors and VA-1. TIAA provides all administrative services for VA-1 pursuant to an Administrative Services Agreement
with VA-1. The contracts are distributed by TIAA-CREF Individual & Institutional Services, LLC ("Services"). Services is a wholly owned
subsidiary of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the
average daily net assets of the Account. The Adviser has agreed to voluntarily waive a portion of such fee, so that the daily deduction
is equivalent to an annual charge of 0.06% of the average daily net assets of the Account. The rate was reduced from 0.15% during
the current fiscal period.
Year Ended
12/31/25
Year Ended
12/31/24
24.1
Stock Index
Units (000)
Value (000)
Units (000)
Value (000)
Premiums
12
$
5,829
24
$
10,189
Withdrawals and death benefits
(304)
(147,755)
(365)
(153,835)
Net increase (decrease) from contractowner transactions
(292)
$
(141,926)
(341)
$
(143,646)
Account
Tax Cost (000)
Gross Unrealized
Appreciation (000)
Gross Unrealized
(Depreciation) (000)
Net Unrealized
Appreciation
(Depreciation) (000)
Stock Index
$
343,949
$
1,052,609
$
(26,864)
$
1,025,745
65
The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily
net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the
contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to
increase the Account's mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio will never exceed
1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period or during the annuity
period while payments are still due for the remainder of a guaranteed period, if any.
Other Transactions with Affiliates:
The Account is permitted to purchase or sell securities from or to certain other funds or accounts
managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures
adopted by the Committee ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by
the Account from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common
officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market
price (as provided by an independent pricing service) without incurring broker commissions. As of the end of the current fiscal period,
the Account engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):
9. Borrowing Arrangements
Line of Credit:
The Account participates in a $500 million unsecured revolving credit facility that can be used for temporary purposes,
including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 10, 2025 expiring
on June 9, 2026, replacing the previous facility, which expired June 2025. The affiliated account, which is managed by the Adviser, or
an affiliate of the Adviser, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating
account on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing account at a
specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated account. During the current
fiscal period, the Account did not utilize this facility.
Account
Purchases (000)
Sales (000)
Realized Gain (Loss)
(000)
Stock Index
$
-
$
5,199
$
4,943
Additional Account Information
©2026 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund,
730 Third Avenue, New York, NY 10017-3206
66
Portfolio holdings
The TIAA Separate Account VA-1 files complete portfolio listings with the Securities and Exchange Commission (SEC), and is available
to the public.
You can obtain a complete list of the holdings of the TIAA Separate Account VA-1 (Portfolio of Investments) as of the most recently
completed fiscal quarter in the following ways:
By visiting our website at TIAA.org; or
By calling us at 800-842-2252 to request a copy, which will be provided free of charge.
You can also obtain a complete list of the TIAA Separate Account VA-1's portfolio holdings as of the most recently completed fiscal
quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of December 31 or
June 30; Form N-PORT filings are as of March 31 or September 30. Copies of these forms are available:
Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC's website at sec.gov; or
From the SEC's Office of Investor Education and Advocacy. Call 202-551-8090 for more information.
Proxy voting
The TIAA Separate Account VA-1's ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A
description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC's website at sec.gov. You
can also call us at 800-223-1200 to request a free copy. A report of how the Account voted during the most recently completed twelve-
month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link under Get Help at the top of our home page; by mail at
TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-223-1200.
Account management
The TIAA Separate Account VA-1 is managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are
responsible for the day-today investment management of the Account.
You should carefully consider the investment objectives,
risks, charges and expenses of any account before investing.
For a prospectus that contains this and other information,
please visit TIAA.org, or call 800-223-1200. Please read the
prospectus carefully before investing.
Investment, insurance and annuity products are not Federal
Deposit Insurance Corporation (FDIC) insured, are not bank
guaranteed, are not bank deposits, are not insured by any
federal government agency, are not a condition to any banking
service or activity, and may lose value.
TIAA-CREF Individual &
Institutional Services, LLC, member FINRA, distributes securities
products. TIAA Separate Account VA-1 is issued by Teachers
Insurance and Annuity Association of American (TIAA), New York,
NY. Each of the foregoing is solely responsible for its own financial
condition and contractual obligations.
This material is for informational or educational purposes only
and does not constitute fiduciary investment advice under ERISA,
a securities recommendation under all securities laws, or an
insurance product recommendation under state insurance laws or
regulations. This material does not take into account any specific
objectives or circumstances of any particular investor, or suggest
any specific course of action. Investment decisions should be
made based on an investor's own objectives and circumstances.
Management Committee Members and Officers
January 1, 2026
67
(Unaudited)
Members
Name, Address and
Year of Birth
Position(s)
Held with
Account
Term of Office
and Length of
Time Served
Principal 0ccupation(s) During Past 5 Years and
Other Relevant Experience and Qualifications
Number of
Portfolios in
Fund Complex
Overseen by
Manager
Other Directorship(s) and Positions Held
by Manager
Forrest Berkley
730 Third Avenue
New York, NY 10017
1954
Manager
Indefinite term.
Manager
since 2006.
Partner (1990-2005) and Head of Global Product
Management (2003-2005), GMO (formerly,
Grantham, Mayo, Van Otterloo & Co.) (investment
management); and member of asset allocation
portfolio management team, GMO (2003-2005).
9
Investment Committee Member, Maine
Community Foundation.
Joseph A. Carrier
730 Third Avenue
New York, NY 10017
1960
Manager
Indefinite term.
Manager since
2023.
Senior Vice President, Enterprise Risk Management,
Franklin Resources, Inc. (2020-2022). Senior
Managing Director, Chief Risk Officer and Chief Audit
Executive, Legg Mason, Inc. (2008-2020).
9
Director, Franklin Templeton Irish
Funds; Director, CAIS Sports, Media &
Entertainment Fund; Board and Executive
Committee Member, Cal Ripken, Sr.
Foundation; Director, University of Maryland
Medical Center; Advisory Board Member,
Loyola University Maryland, Sellinger School
of Business and Management.
Janice C. Eberly
730 Third Avenue
New York, NY 10017
1962
Manager
Indefinite term.
Manager since
2018.
Executive Editor, Journal of Finance: Insights and
Perspectives (since 2025). Distinguished Senior
Fellow, MIT Sloan and Golub Center for Finance
and Policy (2023-2024). James R. and Helen D.
Russell Professor of Finance at the Kellogg School of
Management, Northwestern University (2002-2011
and since 2013), Senior Associate Dean for Strategy
and Academics (2020-2023) and Chair of the
Finance Department (2005-2007). President-Elect
(since 2026) and Vice President (2020-2021),
American Economic Association. Assistant Secretary
for Economic Policy, United States Department of the
Treasury (2011-2013).
9
Director, Avant, LLC; Executive Committee
Member, American Finance Association.
Nancy A. Eckl
730 Third Avenue
New York, NY 10017
1962
Manager
Indefinite term.
Manager since
2007.
Vice President (1990-2006), American Beacon
Advisors, Inc., and of certain funds advised by
American Beacon Advisors, Inc.
9
Independent Director/Trustee and Audit
Committee Chair, The Lazard Funds, Inc.,
Lazard Retirement Series, Inc., Lazard
Global Total Return and Income Fund, Inc.,
and Lazard Active ETF Trust.
Howell E. Jackson
730 Third Avenue
New York, NY 10017
1954
Manager
Indefinite term.
Manager since
2005.
James S. Reid, Jr. Professor of Law (since 2004),
Senior Adviser to President and Provost (2010-
2012), Acting Dean (2009), Vice Dean for Budget
(2003-2006) and on the faculty (since 1989) of
Harvard Law School. Special Adviser, White House
Council of Economic Advisers (2023-2024).
9
Nicole Thorne Jenkins
730 Third Avenue
New York, NY 10017
1970
Manager
Indefinite term.
Manager since
2023.
Professor of Accountancy (2020-present), John
A. Griffin Dean (2020-2025), McIntire School of
Commerce at the University of Virginia. Vice Dean
(2016-2020), Von Allmen Chaired Professor of
Accountancy (2017-2020), Associate Professor and
EY Research Fellow (2012-2017), Gatton College of
Business and Economics at the University of Kentucky.
9
Trustee and Chair of the Investment, Audit
& Finance Committee, Strada Education
Foundation; Treasurer and Director, The
Montpelier Foundation: Advisory Board
Member, University of Iowa Tippie College
of Business.
James M. Poterba
730 Third Avenue
New York, NY 10017
1958
Chairman of the
Management
Committee and
Manager
Indefinite term.
Manager since
2006. Chairman
for term ending
December 31,
2027. Chairman
since January 1,
2024.
President and Chief Executive Officer (since 2008)
and Program Director (1990-2008), National
Bureau of Economic Research. Mitsui Professor of
Economics, Massachusetts Institute of Technology
("MIT") (since 1996); Affiliated Faculty Member of the
Finance Group, Alfred P. Sloan School of Management
(since 2014); Head (2006-2008) and Associate
Head (1994-2000 and 2001-2006), Economics
Department of MIT.
9
Director, National Bureau of Economic
Research; Member, Congressional Budget
Office Panel of Economic Advisers.
Management Committee Members and Officers
(continued)
January 1, 2026
68
Officers
Please note that the Funds' Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, through our
website, tiaa.org, or by calling 800 223-1200.
Name, Address and
Year of Birth
Position(s)
Held with
Account
Term of Office
and Length of
Time Served
Principal Occupation(s) During Past 5 Years
Richard S. Biegen
730 Third Avenue
New York, NY 10017
1962
Chief
Compliance
Officer
One-year term.
Chief Compliance
Officer since 2008.
Senior Managing Director, TIAA. Chief Compliance Officer of College Retirement Equities Fund ("CREF") and TIAA
Separate Account VA-1. Formerly, Chief Compliance Officer of TIAA-CREF Funds and TIAA-CREF Life Funds.
Marc Cardella
730 Third Avenue
New York, NY 10017
1984
Principal
Financial
Officer, Principal
Accounting
Officer and
Treasurer
One-year term.
Principal Financial
Officer, Principal
Accounting Officer
and Treasurer since
2024.
Senior Managing Director, Head, Public Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting
Officer and Treasurer of CREF and TIAA Separate Account VA-1. Managing Director and Deputy Head of Fund
Administration, Nuveen. Formerly, Managing Director, Nuveen.
Derek B. Dorn
730 Third Avenue
New York, NY 10017
1976
Senior Managing
Director, General
Counsel and
Corporate
Secretary
One-year term.
Senior Managing
Director, General
Counsel and
Corporate
Secretary since
2020.
Senior Managing Director, General Counsel, Governance and Operations, and Corporate Secretary, TIAA, CREF and
TIAA Separate Account VA-1. Formerly, Senior Managing Director and Corporate Secretary of the TIAA-CREF Funds
and TIAA-CREF Life Funds, Managing Director, Special Assistant to the CEO and Managing Director, Regulatory
Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of
Law at Georgetown University Law Center.
Deirdre Hykal
730 Third Avenue
New York, NY 10017
1976
Executive Vice
President,
General Counsel,
and Assistant
Secretary
One-year
term. Executive
Vice President,
General Counsel,
and Assistant
Secretary since
2025.
Executive Vice President and General Counsel, Product & Distribution, TIAA. Formerly, General Counsel, TIAA
Financial Solutions, and Head of Litigation, TIAA. Prior to joining TIAA, Ms. Hykal served as a partner at Willkie Farr
& Gallagher LLP.
Colbert Narcisse
730 Third Avenue
New York, NY 10017
1965
President and
Chief Executive
Officer
One-year term.
President and Chief
Executive Officer
since 2022.
Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions & New Markets of TIAA.
President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President of
TIAA-CREF Funds and TIAA-CREF Life Funds. Executive Vice President and Head of Advisory and Corporate Solutions,
TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management
and Head of Traditional and Alternative Investment Products at Morgan Stanley.
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A10845 (2/26)
| Item 2. |
Code of Ethics. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the Registrant's code of ethics is available without charge by calling 800-842-2252.
| Item 3. |
Audit Committee Financial Expert. |
As of the end of the period covered by this report, the Registrant's Management Committee had determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit and Compliance Committee. Joseph A. Carrier is the Registrant's audit committee financial expert and is "independent" for purposes of Item 3 of Form N-CSR.
| Item 4. |
Principal Accountant Fees and Services. |
TIAA Separate Account VA-1
The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit and Compliance Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit and Compliance Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit and Compliance Committee has delegated certain pre-approval responsibilities to its Chair.
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT
| Fiscal Year Ended |
Audit Fees Billed to Registrant1 |
Audit-Related Fees Billed to Registrant2 |
Tax Fees Billed to Registrant3 |
All Other Fees Billed to Registrant4 |
||||||||||||
|
December 31, 2025 |
$56,625 | $0 | $0 | $0 | ||||||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | 0% | ||||||||||||
|
December 31, 2024 |
$76,860 | $0 | $0 | $0 | ||||||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | 0% | ||||||||||||
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings. |
| 2 |
"Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". |
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS
The following tables show the amount of fees billed by PwC to Teachers Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit and Compliance Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit and
Compliance Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.
| Fiscal Year Ended |
Audit-Related Fees Billed to Adviser
and Affiliated Fund |
Tax Fees Billed to Adviser
and Affiliated Fund |
All Other Fees Billed to Adviser
and Affiliated Fund |
|||||||||
|
December 31, 2025 |
$0 | $0 | $0 | |||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | |||||||||
|
December 31, 2024 |
$0 | $0 | $0 | |||||||||
|
Percentage approved pursuant to pre-approval exception |
0% | 0% | 0% | |||||||||
NON-AUDIT SERVICES
The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit and Compliance Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit and Compliance Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.
| Fiscal Year Ended |
Total Non-Audit Fees Billed to Registrant |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant) |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
|
December 31, 2025 |
$0 | $0 | $11,542,000 | $11,542,000 | ||||||||||||
|
December 31, 2024 |
$0 | $0 | $293,312 | $293,312 | ||||||||||||
"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.
Audit and Compliance Committee Pre-Approval Policies and Procedures. Generally, the Audit and Compliance Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.
Item 4(i) and Item 4(j) are not applicable to the Registrant.
| 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. |
Not applicable.
| 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 contract owners 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 because the code of ethics is available, upon request and without charge, by calling 800-842-2252 and there were no amendments during the period covered by this report. |
|
|
(a)(2) |
Not applicable. | |
|
(a)(3) |
||
|
(a)(4) |
Not applicable. | |
|
(a)(5) |
Not applicable. | |
|
(b) |
||
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: March 6, 2026 |
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: March 6, 2026 |
By: |
/s/ Christopher Stickrod |
||||
|
Christopher Stickrod |
||||||
|
Principal Executive Officer and Executive Vice President (principal executive officer) |
|
Date: March 6, 2026 |
By: |
/s/ Marc Cardella |
||||
|
Marc Cardella |
||||||
|
Vice President and Controller (principal financial officer) |
Tiaa Separate Account Va 1 published this content on March 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 06, 2026 at 19:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]