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 File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact name of Registrant as specified in charter)

730 Third Avenue, New York, New York	10017-3206
(Address of principal executive offices)	(Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue,

New York, New York 10017-3206

(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, 2007

Item 1. Reports to Stockholders.

PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2007

	Inception date	Total return		Average annual total returns
		1 year		5 years		10 years		since inception*
EQUITIES
Stock Index Account	11/1/1994	4.54	%	12.91	%	5.70	%	10.51	%

* The performance shown is computed from the inception date of the account (the date on which the account became publicly available). Previously, performance for this account was computed from the day prior to the inception date.

The returns quoted represent 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 above, 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 www.tiaa-cref.org, or call 800 223-1200.

UNDERSTANDING THIS REPORT

This report contains information about the TIAA Separate Account VA-1 and describes the account’s results for the year ended December 31, 2007. The report contains five main sections:

• The performance overview on the inside front cover shows the account’s returns over a variety of time periods.

• The letter from Edward Grzybowski, the chief investment officer of Teachers Advisors, Inc., the account’s investment adviser, explains how economic conditions affected investment returns from U.S. stocks during the twelve-month period.

• The account performance section compares the account’s return with the returns of its benchmark index and peer group.

• The summary portfolio of investments lists the industries or types of securities in which the account had investments as of December 31, 2007, and the largest individual issues the account held on that date.

• The financial statements contain detailed information about the operations and financial condition of the account.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. Please visit our website at www.tiaa-cref.org, or call 800 223-1200, for a prospectus that contains this and other important information. We urge you to read it carefully before investing.

CONTENTS

Report to policyholders	2
More information for policyholders	4
Special terms	5
Important information about expenses	6
Account performance
Stock Index Account	8
Summary portfolio of investments	11
Financial statements
Statement of assets and liabilities	16
Statement of operations	17
Statement of changes in net assets	18
Financial highlights	19
Notes to financial statements	20
Report of independent registered public accounting firm	25
2007 special meeting	26
Management	27
How to reach us	Inside back cover

REPORT TO POLICYHOLDERS

The U.S. stock market endured a bumpy ride in 2007. After a lackluster first quarter, U.S. stocks rebounded impressively in the second quarter, stalled in the third and turned negative in the fourth.

For the year, the Russell 3000^® Index, a broad measure of the U.S. stock market, gained 5.1%—below its 6.2% average annual return over the ten years ended December 31, 2007, and its weakest performance since 2002.

U.S. economic growth tapers off

Preliminary estimates are that the nation’s gross domestic product (GDP) rose 2.2% in 2007—slower than the 2.9% growth recorded in 2006.

During the year, a worsening slump in the U.S. housing market and continued fallout from the subprime lending crisis weighed on the overall economy. Financial institutions, jolted by rising defaults and forced to take large write-downs on their mortgage investments, tightened loan underwriting standards. This credit crunch contributed to slower growth in consumer spending, an important component of GDP.

U.S. corporate earnings growth, a key driver of stock performance, suffered in this environment. After experiencing double-digit growth in 2006, corporate earnings plummeted in 2007. In the third quarter, they turned negative on a year-over-year basis for the first time since the fourth quarter of 2001.

With the health of the economy appearing more fragile, the Federal Reserve cut the federal funds rate three times between September and December. At year-end, the rate stood at 4.25%. The Fed also held two money auctions in December to increase liquidity in the short-term funding markets.

While stocks struggle, bonds rally

Amid this growing economic uncertainty, the Russell 3000 Index lost 1.8% in the second half of the year. During the same period, the Lehman Brothers U.S. Aggregate Index, which measures the broad investment-grade U.S. bond market, gained 5.9%.

Bonds, led by U.S. Treasuries, benefited from a “flight to quality” as investors sought safe havens from increasingly volatile equity markets. For the year as a whole, the Lehman index gained 7%—outperforming the Russell 3000 for the first time since 2002.

Another reversal of a longstanding trend occurred within the Russell 3000: growth stocks topped value stocks after seven consecutive years of underperformance. For the year, growth issues gained 11.4%, while value shares lost 1%. Among stocks of different capitalization sizes, large caps rose 5.8%, mid caps advanced 5.6% and small caps declined 1.6%.

2 2007 Annual Report  ¡  TIAA Separate Account VA-1

Financial stocks, which represented more than one-fifth of the index’s market capitalization at year-end, plunged 16.3%—reflecting the negative impact of subprime woes on banks and other lenders. The Russell’s second-largest sector, consumer discretionary, fell 3.6%.

In contrast, the “other energy,” integrated oils, and materials and processing sectors scored outsized gains of 40.3%, 29.7% and 26.1%, respectively. The integrated oils sector is made up of companies involved in all aspects of oil exploration, production and refining, while the “other energy” sector includes gas distributors and pipelines, as well as companies engaged in mining, production, servicing and drilling. Stocks in both sectors were boosted by rising energy prices. The price of oil soared in 2007, approaching $100 per barrel in the fourth quarter.

Low-cost indexing helps keep the account ahead of its peers

The Stock Index Account, the underlying investment of the TIAA Separate Account VA-1, uses an indexing strategy, which has served the account well. For 2007, the account’s 4.5% return exceeded the 4.3% average return of its peer group, the Morningstar Large Blend (VA) category. For the ten years ended December 31, 2007, the account posted an average annual return of 5.7%, versus the 4.2% average annual return of its Morningstar category.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

While past performance is no guarantee of future results, the broad diversification that indexing provided enabled this portfolio to capture the market’s gains when stocks moved up and to avoid concentrated losses in individual market sectors when stocks declined.

Generally, indexing helps keep an account’s expenses low, so investors receive a larger share of the portfolio’s earnings. Although lower expenses do not guarantee higher returns, the account’s annual expense charge of just 0.67% makes it an attractive choice for the cost-conscious investor.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA Separate Account VA-1  ¡  2007 Annual Report 3

MORE INFORMATION FOR POLICYHOLDERS

Portfolio listings

Securities and Exchange Commission (SEC) rules intended to provide investors with more meaningful information about account performance allow investment companies to list the top holdings of each account in their annual and semiannual reports instead of providing complete portfolio listings. The account files complete portfolio listings with the SEC, which are available to policyholders.

You can obtain a complete list of TIAA Separate Account VA-1’s holdings (called “TIAA Separate Account VA-1 Statement of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2007) in the following ways:

• by visiting the TIAA-CREF website at www.tiaa-cref.org; or

• by calling TIAA-CREF at 800 842-2776 to request a copy, which will be provided free of charge.

You can also obtain a complete list of the Stock Index Account’s holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from the SEC. (Form N-CSR lists holdings as of December 31 or June 30; Form N-Q lists holdings 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 www.sec.gov; or

• at the SEC’s Public Reference Room. (Call 800 SEC-0330 for more information.)

Proxy voting

The Separate Account’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 at our website at www.tiaa-cref.org, or on the SEC website at www.sec.gov. You may 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 at our website or at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, using the Contact Us link at the top of our homepage; by mail at TIAA-CREF, 730 Third Avenue, New York NY 10017–3206; or by phone at 800 223-1200.

Account management

TIAA Separate Account VA-1 is managed by a portfolio management team of Teachers Advisors, Inc. The members of this team are responsible for the day-to-day operations of the account.

4 2007 Annual Report  ¡  TIAA Separate Account VA-1

SPECIAL TERMS

Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns.

Benchmarks (benchmark indexes) are groups of securities, such as the Russell 3000^® Index or the MSCI EAFE^® Index, whose performance can be used as a standard by which to judge the performance of a variable annuity.*

Expense ratio is the annual amount that investors pay for the management of a variable annuity account. The amount is expressed as a percentage of the account’s average net assets. Expense ratios do not include front-end or back-end sales charges, if any, or trading costs. See “Total return.”

Market capitalization is the total value of a company’s outstanding stock. It is calculated by multiplying the number of a company’s outstanding shares by the current market price per share.

Peer groups are groupings of variable annuities with similar objectives whose performance can be compared with that of an individual variable annuity with a similar objective.

Price/earnings ratio (P/E) is calculated by dividing the market value of a portfolio’s assets by its earnings per share over a twelve-month period.

Securities is a general name for stocks (also known as “equities”), bonds (also known as “fixed-income securities”) or other investments.

Separate account is an account established by a life insurance company, separate from its general account, for the investments in nonguaranteed insurance and annuity products. In contrast, a life insurer’s general account supports products with principal and interest guarantees. Separate accounts generally are registered with the SEC as investment companies.

Total return is the amount an investment provides to investors after expenses are deducted. Total return is expressed as a percentage. It includes any interest or dividends, as well as any change in the market value of the investment.

* Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group. EAFE (which stands for Europe, Australasia, Far East) is a trademark of Morgan Stanley Capital International, Inc.

TIAA Separate Account VA-1  ¡  2007 Annual Report 5

IMPORTANT INFORMATION ABOUT EXPENSES

As a TIAA Separate Account VA-1 contract owner, you incur only one of two potential types of costs.

• You incur no transaction costs, including sales charges (loads) on contributions, on reinvested dividends or on other distributions. There are also no redemption fees or exchange fees.

• However, you do incur ongoing costs, including investment advisory fees, administrative expenses, and mortality and expense risk charges.

The example that appears on this page is intended to help you understand your ongoing costs (in dollars) of investing in the account. It is also designed to help you compare these costs with the ongoing costs of investing in other variable annuity accounts and mutual funds.

The example assumes $1,000 was invested on July 1, 2007, and held for six months until December 31, 2007.

Actual expenses

The first line in the table uses the account’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested at the beginning of the period, to estimate the expenses that you paid over the six-month period.

Simply divide your beginning accumulation by $1,000 (for example, an $8,600 accumulation divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid” to estimate the expenses you paid during the six-month period.

EXPENSE EXAMPLE

Six months ended December 31, 2007

Stock Index Account	Starting account value (7/1/07)		Ending account value (12/31/07)			Expenses paid* (7/1/07– 12/31/07)
Actual return	$	1,000.00	$	978.90		$	3.34
5% annual hypothetical return		1,000.00		1,021.83	†		3.41

* “Expenses paid” is based on the account’s annualized expense ratio for the most recent fiscal half year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2007. The account’s annualized six-month expense ratio for that period is 0.67%. The total annual expense ratio reflects a voluntary agreement by the account’s investment adviser to waive a portion of its fee. Without this waiver, the account’s total annual expense ratio would be 0.90%. 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 annual expense ratio should never exceed 1.50%.

^† Ending account value for the hypothetical example would be $1,025.24 before expenses. The table shows the value after subtraction of expenses in order to be comparable with the ending account value shown for the account’s actual return.

6 2007 Annual Report  ¡  TIAA Separate Account VA-1

Hypothetical example for comparison purposes

The second line in the table shows hypothetical account values and hypothetical expenses based on the account’s actual expense ratio for the six-month period and an assumed annual rate of return of 5% before expenses—which is not the account’s actual return.

Do not use the hypothetical account values and hypothetical expenses to estimate the actual expenses you paid for the period. Instead, you can use this information to compare the ongoing costs of investing in an individual account with ongoing costs of other variable annuity accounts and mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other accounts or funds.

TIAA Separate Account VA-1  ¡  2007 Annual Report 7

STOCK INDEX ACCOUNT                                                   U.S. STOCKS

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2007

The Stock Index Account returned 4.54% for the year, compared with the 5.14% gain of its benchmark, the Russell 3000^® Index, and the 4.33% average return of the account’s peer group, the Morningstar Large Blend (VA) category, which tracked 4,899 variable annuities as of December 31, 2007.

Broad equity market slumps after strong first half

During the first six months of 2007, U.S. stocks produced an impressive 7.11% return, as measured by the Russell 3000 Index. In the year’s second half, however, the market struggled because of investor concerns about a slowing domestic economy and mounting default rates in the subprime credit markets. The Russell 3000 Index fell 1.84% during the last six months of the year.

For the year, growth stocks outperformed value issues by wide margins across all three capitalization sizes, as defined by the Russell indexes. Large-cap growth stocks were the top performers, posting an 11.81% gain, while small-cap value stocks posted a 9.78% loss.

U.S. stocks lagged foreign equities entirely because of the weakening dollar versus other currencies. The MSCI EAFE^® Index, which measures stocks in developed foreign markets, climbed 11.17% in dollar terms.

For the ten-year period ended December 31, 2007, the average annual return of the Russell 3000 Index was 6.21%—more than two percentage points below the 8.66% average annual gain registered by the EAFE.

Integrated oils and technology lead the way

During the period, nine of the benchmark’s twelve industry sectors posted positive returns, with six generating double-digit gains. The strongest positive contributions to performance came from the integrated oils and technology sectors, which rose 29.7% and 15.8%, respectively.

These robust returns were partly offset by losses in the financials and consumer discretionary sectors, which fell 16.3% and 3.6%, respectively.

Largest stocks generally post strong results

In descending order according to capitalization size, the five largest stocks in the benchmark performed as follows: ExxonMobil, 24.3%; General Electric, 2.7%; Microsoft, 20.8%; AT&T, 20.6%; and Procter & Gamble, 16.6%.

For the period, the account’s return was comparable to that of the benchmark, minus the effects of expenses and of some cash holdings for liquidity. The account had a risk profile similar to that of the benchmark.

8 2007 Annual Report  ¡  TIAA Separate Account VA-1

INVESTMENT OBJECTIVE

This account seeks a favorable long-term return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index.

INVESTMENT RISKS

In addition to the risks of any equity investment—market risk and company risk—the account is subject to special risks, including index risk. For a detailed discussion of risk, please see the prospectus.

THE ACCOUNT’S BENCHMARK

The Russell 3000^® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. This index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

PERFORMANCE AS OF DECEMBER 31, 2007

	Total return		Average annual total returns				Cumulative total returns
	1 year		5 years		10 years		5 years		10 years
Stock Index Account	4.54	%	12.91	%	5.70	%	83.57	%	74.17	%
Russell 3000 Index	5.14		13.62		6.21		89.42		82.77
Morningstar Large Blend (VA)	4.33		11.36		4.23		69.72		51.17

The returns presented above and in the graphs 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 www.tiaa-cref.org.

Russell 3000 is a trademark and service mark of Russell Investment Group. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investment Group.

ACCOUNT PROFILE

Inception date		11/1/1994		Weighted median market capitalization	$	37.8 billion
Net assets	$	989.29 million		P/E ratio (weighted 12-month trailing average)		17.7
Total annual expense ratio‡		0.67	%

^‡ The total annual expense ratio reflects a voluntary agreement by the account’s investment adviser to waive a portion of its fee. Without this waiver, the account’s total annual expense ratio would be 0.90%. 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 annual expense ratio should never exceed 1.50%.

TIAA Separate Account VA-1  ¡  2007 Annual Report 9

STOCK INDEX ACCOUNT                                                   U.S. STOCKS

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on January 1, 1998, would have grown to $17,417 over the next 10 years, including reinvestment of dividends and distributions. For the purpose of comparison, the graph also shows the change in the values of the account’s benchmark and peer group during the same period.

CALENDAR YEAR TOTAL RETURNS SINCE 1998

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	68.6
$4 billion–$15 billion	17.6
Under $4 billion	13.8
Total	100.0

10 2007 Annual Report  ¡  TIAA Separate Account VA-1

SUMMARY PORTFOLIO OF INVESTMENTS

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2007

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*			$	48	0.00	%**
AGRICULTURAL PRODUCTION-LIVESTOCK e				124	0.01
AGRICULTURAL SERVICES e*				15	0.00	**
AMUSEMENT AND RECREATION SERVICES
121,235		Walt Disney Co		3,913	0.40
	e*	Other		2,656	0.26
				6,569	0.66
APPAREL AND ACCESSORY STORES e*				5,172	0.52
APPAREL AND OTHER TEXTILE PRODUCTS e*				1,483	0.15
AUTO REPAIR, SERVICES AND PARKING e*				728	0.07
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*				1,602	0.16
BUILDING MATERIALS AND GARDEN SUPPLIES e*				5,247	0.53
BUSINESS SERVICES
14,027	*	Google, Inc (Class A)		9,699	0.98
503,646		Microsoft Corp		17,930	1.81
235,842	*	Oracle Corp		5,325	0.54
	e*	Other		39,783	4.02
				72,737	7.35
CHEMICALS AND ALLIED PRODUCTS
94,229		Abbott Laboratories		5,291	0.53
132,581		Merck & Co, Inc		7,704	0.78
33,287		Monsanto Co		3,718	0.38
429,329		Pfizer, Inc		9,759	0.99
193,225		Procter & Gamble Co		14,187	1.43
82,280		Wyeth		3,636	0.37
	e*	Other		48,983	4.95
				93,278	9.43
COAL MINING e*				2,542	0.26
COMMUNICATIONS
378,276		AT&T, Inc		15,721	1.59
180,666	e*	Comcast Corp (Class A)		3,299	0.33
177,613		Verizon Communications, Inc		7,760	0.78
	e*	Other		16,563	1.68
				43,343	4.38
DEPOSITORY INSTITUTIONS
271,468		Bank of America Corp		11,201	1.13
69,259		Bank of New York Mellon Corp/The		3,377	0.34
302,596		Citigroup, Inc		8,908	0.90
208,983		JPMorgan Chase & Co		9,122	0.92
106,357		US Bancorp		3,376	0.34
121,651		Wachovia Corp		4,626	0.47

See notes to financial statements TIAA Separate Account VA-1   n   2007 Annual Report 11

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2007

Shares		Company	Value (000)		% of net assets
DEPOSITORY INSTITUTIONS — continued
207,802		Wells Fargo & Co	$	6,274	0.63	%
	e*	Other		24,510	2.49
				71,394	7.22
EATING AND DRINKING PLACES
73,043		McDonald's Corp		4,303	0.44
	e*	Other		4,421	0.44
				8,724	0.88
EDUCATIONAL SERVICES e*				1,443	0.15
ELECTRIC, GAS, AND SANITARY SERVICES
41,142		Exelon Corp		3,359	0.34
	e,m,v*	Other		37,760	3.82
				41,119	4.16
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
52,912	*	Apple Computer, Inc		10,481	1.06
371,381	*	Cisco Systems, Inc		10,053	1.02
355,437		Intel Corp		9,476	0.96
101,967		Qualcomm, Inc		4,012	0.41
	e,m,v*	Other		32,616	3.29
				66,638	6.74
ENGINEERING AND MANAGEMENT SERVICES e*				9,201	0.93
ENVIRONMENTAL QUALITY AND HOUSING e*				2	0.00	**
FABRICATED METAL PRODUCTS e*				5,231	0.53
FOOD AND KINDRED PRODUCTS
141,700		Coca-Cola Co		8,696	0.88
99,711		PepsiCo, Inc		7,568	0.76
	e*	Other		18,402	1.86
				34,666	3.50
FOOD STORES e*				3,218	0.33
FORESTRY				1,195	0.12
FURNITURE AND FIXTURES e*				2,796	0.28
FURNITURE AND HOME FURNISHINGS STORES e*				1,709	0.17
GENERAL BUILDING CONTRACTORS e*				1,657	0.17
GENERAL MERCHANDISE STORES
147,502		Wal-Mart Stores, Inc		7,011	0.71
	e*	Other		7,495	0.76
				14,506	1.47
HEALTH SERVICES e*				13,472	1.36
HEAVY CONSTRUCTION, EXCEPT BUILDING e*				808	0.08
HOLDING AND OTHER INVESTMENT OFFICES e,v*				21,762	2.20
HOTELS AND OTHER LODGING PLACES e*				3,826	0.39

12 2007 Annual Report   n   TIAA Separate Account VA-1 See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2007

Shares		Company	Value (000)		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
138,962	*	Dell, Inc	$	3,406	0.34	%
631,150	d	General Electric Co		23,397	2.36
163,729		Hewlett-Packard Co		8,265	0.84
83,833		International Business Machines Corp		9,062	0.92
4,449	e,m,v*	Other		26,426	2.67
				70,556	7.13
INSTRUMENTS AND RELATED PRODUCTS
177,190		Johnson & Johnson		11,819	1.19
70,297		Medtronic, Inc		3,534	0.36
	e*	Other		31,144	3.15
				46,497	4.70
INSURANCE AGENTS, BROKERS AND SERVICE e*				4,219	0.43
INSURANCE CARRIERS
137,111		American International Group, Inc		7,994	0.81
81,978		UnitedHealth Group, Inc		4,771	0.48
	e,v*	Other		32,670	3.30
				45,435	4.59
JUSTICE, PUBLIC ORDER AND SAFETY e*				303	0.03
LEATHER AND LEATHER PRODUCTS e*				1,169	0.12
LEGAL SERVICES e*				211	0.02
LOCAL AND INTERURBAN PASSENGER TRANSIT e*				17	0.00	**
LUMBER AND WOOD PRODUCTS e*				225	0.02
METAL MINING e*				5,153	0.52
MISCELLANEOUS MANUFACTURING INDUSTRIES e*				2,925	0.30
MISCELLANEOUS RETAIL
90,582		CVS Corp		3,601	0.36
	e*	Other		9,204	0.93
				12,805	1.29
MOTION PICTURES
230,399		Time Warner, Inc		3,804	0.38
	e*	Other		6,646	0.68
				10,450	1.06
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS e*				20	0.00	**
NONCLASSIFIABLE ESTABLISHMENTS e*				71	0.01
NONDEPOSITORY INSTITUTIONS e*				12,419	1.26
NONMETALLIC MINERALS, EXCEPT FUELS e*				659	0.07
OIL AND GAS EXTRACTION
72,092		Schlumberger Ltd		7,092	0.72
	e,m,v*	Other		27,969	2.82
				35,061	3.54

See notes to financial statements TIAA Separate Account VA-1   n   2007 Annual Report 13

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2007

Shares		Company	Value (000)		% of net assets
PAPER AND ALLIED PRODUCTS e*			$	4,581	0.46	%
PERSONAL SERVICES e*				1,373	0.14
PETROLEUM AND COAL PRODUCTS
131,478		Chevron Corp		12,271	1.24
99,977		ConocoPhillips		8,828	0.89
345,505		Exxon Mobil Corp		32,370	3.27
51,013		Occidental Petroleum Corp		3,927	0.40
	e*	Other		16,859	1.71
				74,255	7.51
PIPELINES, EXCEPT NATURAL GAS				998	0.10
PRIMARY METAL INDUSTRIES e*				10,759	1.09
PRINTING AND PUBLISHING e*				4,355	0.44
RAILROAD TRANSPORTATION e*				6,495	0.66
REAL ESTATE e*				1,019	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*				2,998	0.30
SECURITY AND COMMODITY BROKERS
25,098		Goldman Sachs Group, Inc		5,397	0.55
64,471		Morgan Stanley		3,424	0.35
	e*	Other		21,860	2.20
				30,681	3.10
SOCIAL SERVICES e*				124	0.01
SPECIAL TRADE CONTRACTORS e*				651	0.07
STONE, CLAY, AND GLASS PRODUCTS
44,057		3M Co		3,715	0.38
	e*	Other		1,191	0.12
				4,906	0.50
TEXTILE MILL PRODUCTS e*				30	0.00	**
TOBACCO PRODUCTS
128,664		Altria Group, Inc		9,724	0.98
	e	Other		1,925	0.20
				11,649	1.18
TRANSPORTATION BY AIR e*				3,987	0.40
TRANSPORTATION EQUIPMENT
48,169		Boeing Co		4,213	0.43
60,826		United Technologies Corp		4,656	0.47
	e*	Other		16,451	1.66
				25,320	2.56
TRANSPORTATION SERVICES e*				1,747	0.18
TRUCKING AND WAREHOUSING e*				3,681	0.37
WATER TRANSPORTATION e*				2,834	0.29
WHOLESALE TRADE-DURABLE GOODS e*				3,433	0.35

14 2007 Annual Report   n   TIAA Separate Account VA-1 See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS concluded

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2007

Shares	Company		Value (000)			% of net assets
WHOLESALE TRADE-NONDURABLE GOODS e*			$	5,551		0.56	%
	TOTAL COMMON STOCKS	(Cost $653,518)		985,877		99.66
Issuer
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES d+				3,187		0.32
Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
105,657,487	State Street Navigator Securities Lending Prime Portfolio			105,657		10.68
				105,657		10.68
	TOTAL SHORT-TERM INVESTMENTS	(Cost $108,844)		108,844		11.00
	TOTAL PORTFOLIO	(Cost $762,362)		1,094,721		110.66
	OTHER ASSETS & LIABILITIES, NET			(105,429	)	(10.66	)
	NET ASSETS		$	989,292		100.00	%

* Non-income producing.

** Percentage represents less than 0.01%.

+ Notes mature 01/02/08 – 04/25/08.

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts.

e All or a portion of these securities are out on loan.

m Indicates a security that has been deemed illiquid.

v Security valued at fair value.

Cost amounts are in thousands.

For ease of presentation, we have grouped a number of industry classification categories together in the Summary portfolio of investments. Note that the Account uses more specific industry categories in following its investment limitations on industry concentration.

See notes to financial statements TIAA Separate Account VA-1   n   2007 Annual Report 15

STATEMENT OF ASSETS AND LIABILITIES

TIAA SEPARATE ACCOUNT VA-1  n  DECEMBER 31, 2007

(amounts in thousands, except amounts per accumulation unit)	Stock Index Account
ASSETS
Investments, at cost	$	762,362
Net unrealized appreciation of investments		332,359
Investments, at value (including securities loaned of $102,221)		1,094,721
Cash		113
Dividends and interest receivable		1,367
Receivable from securities sold		994
Other		66
Total assets		1,097,261
LIABILITIES
Payable for collateral for securities loaned		105,657
Payable for securities purchased		1,499
Payable for variation margin on open futures contracts		13
Amount due to investment advisor		800
Total liabilities		107,969
NET ASSETS
Accumulation Fund	$	989,292
Accumulation units outstanding		10,345
Net asset value per accumulation unit		$95.65

16 2007 Annual Report   n   TIAA Separate Account VA-1 See notes to financial statements

STATEMENT OF OPERATIONS

TIAA SEPARATE ACCOUNT VA-1  n  DECEMBER 31, 2007

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Income:
Dividends	$	18,424
Securities lending income, net		582
Total investment income		19,006
EXPENSES:
Investment advisory charges		3,061
Administrative expenses		2,040
Mortality and expense risk charges		4,081
Total expenses before waiver		9,182
Investment advisory charges waived		(2,347	)
Net expenses		6,835
Investment income – net		12,171
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on:
Portfolio investments		33,602
Futures transactions		(212	)
Net realized gain on total investments		33,390
Net change in unrealized depreciation on:
Portfolio investments		(109	)
Futures transactions		(28	)
Net change in unrealized depreciation on total investments		(137	)
Net realized and unrealized gain on total investments		33,253
Net increase in net assets resulting from operations	$	45,424

See notes to financial statements TIAA Separate Account VA-1   n   2007 Annual Report 17

STATEMENT OF CHANGES IN NET ASSETS

TIAA SEPARATE ACCOUNT VA-1  n  DECEMBER 31, 2007

	Stock Index Account
	Years Ended December 31,
(amounts in thousands)	2007			2006
FROM OPERATIONS
Investment income – net	$	12,171		$	10,683
Net realized gain on investments		33,390			18,361
Net change in unrealized appreciation (depreciation) on investments		(137	)		103,029
Net increase in net assets resulting from operations		45,424			132,073
FROM CONTRACTOWNER TRANSACTIONS
Premiums		19,369			19,322
Net contractowner transfers to fixed account		(13,882	)		(20,047	)
Withdrawals and death benefits		(57,663	)		(58,505	)
Net decrease in net assets resulting from contractowner transactions		(52,176	)		(59,230	)
Net increase (decrease) in net assets		(6,752	)		72,843
NET ASSETS
Beginning of year		996,044			923,201
End of year	$	989,292		$	996,044

18 2007 Annual Report   n   TIAA Separate Account VA-1 See notes to financial statements

FINANCIAL HIGHLIGHTS

TIAA SEPARATE ACCOUNT VA-1

	Stock Index Account
	For the Years Ended December 31,
	2007			2006			2005			2004			2003
PER ACCUMULATION UNIT DATA:
Investment income	$	1.750		$	1.568		$	1.378		$	1.359		$	1.041
Expenses		0.575			0.584			0.519			0.468			0.310
Investment income – net		1.175			0.984			0.859			0.891			0.731
Net realized and unrealized gain on investments		2.979			10.909			3.222			6.727			15.066
Net increase in Accumulation Unit Value		4.154			11.893			4.081			7.618			15.797
Accumulation Unit Value:
Beginning of year		91.492			79.599			75.518			67.900			52.103
End of year	$	95.646		$	91.492		$	79.599		$	75.518		$	67.900
TOTAL RETURN*		4.54	%		14.94	%		5.40	%		11.22	%		30.32	%
Ratio of expense to average net assets before expense waiver		0.90	%		0.90	%		0.90	%		0.90	%		0.76	%
Ratio of expense to average net assets after expense waiver		0.67	%		0.67	%		0.67	%		0.67	%		0.53	%
Ratio of net investment income to average net assets		1.19	%		1.13	%		1.12	%		1.28	%		1.26	%
Portfolio turnover rate		6	%		7	%		6	%		5	%		4	%
Accumulation Units outstanding at end of year (in thousands)		10,345			10,882			11,598			12,123			12,176
Net assets at end of year (in thousands)	$	989,292		$	996,044		$	923,201		$	915,478		$	826,747

* Based on per accumulation data.

See notes to financial statements TIAA Separate Account VA-1   n   2007 Annual Report 19

NOTES TO FINANCIAL STATEMENTS

TIAA SEPARATE ACCOUNT VA-1

Note 1—significant accounting policies

TIAA Separate Account VA-1 (“VA-1”) is a segregated investment account of Teachers Insurance and Annuity Association of America (“TIAA”) and was organized on February 16, 1994, under the insurance laws of the State of New York for the purpose of issuing and funding individual variable annuity contracts. VA-1 is registered with the Securities and Exchange Commission as an open-end management investment company under the Investment Company Act of 1940. VA-1 consists of a single investment portfolio, the Stock Index Account (“Account”).

The accompanying financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP), which may require the use of estimates made by management. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Account.

Valuation of investments: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. Debt securities will generally be valued using prices provided by a pricing service, which may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Money market instruments with maturities of one year or less, are valued in the same manner as debt securities or derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other. Investments in registered investment companies are valued at net asset value on the valuation date.

Portfolio securities for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of and in accordance with the responsibilities of the Management Committee.

Trading in securities on most foreign exchanges and over the counter markets is normally completed before the close of the domestic stock market and may also take place on days when the domestic market is closed. If events materially affecting the value of foreign securities occur 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 may be valued at fair value in accordance with procedures adopted by the Management Committee.

Accounting for investments and investment income: Security transactions are accounted for as of the trade date. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, as soon thereafter as the Account is informed of the ex-dividend date. Realized gains and losses on security transactions are based on the identified cost basis.

20 2007 Annual Report   n   TIAA Separate Account VA-1

Distributions received from Real Estate Investment Trusts (“REIT”) are recorded on the ex-dividend date. Each REIT reports annually the tax character of its distributions. Dividend income, realized gains and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain and return of capital reported by each REIT, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported.

Securities lending: The Account may lend portfolio securities to qualified financial institutions and brokers. By lending investment securities, the Account attempts to increase its net investment income through the receipt of interest (after rebates and fees) on collateral. Such income is reflected separately on the Statement of Operations. The value of the loaned securities and the liability related to the cash collateral received are reflected on the Statement of Assets and Liabilities. The loans are secured by collateral at least equal to 102% of the market value of the securities loaned for United States securities and 105% of the market value of securities loaned for foreign securities. All cash collateral is invested in the State Street Navigator Securities Lending Prime Portfolio.

Futures contracts: The Account may use futures contracts to manage exposure to the equity markets or for cash management purposes to remain highly invested in the equity markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract and variation margin payments are made or received reflecting changes in the value of the futures contracts. Futures contracts are valued at the last sale price as of the close of the board of trade or exchange on which they are traded. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts, or if the counterparties do not perform in accordance with contractual provisions.

Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts, that a change in the value of the contract may not correlate with a change in the value of the underlying securities, or that the counterparty to a contract may default on its obligation to perform.

Restricted securities: Restricted securities held by the Account, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk in investing in such securities is generally greater than the risk of investing in securities which are widely held and publicly traded.

Cash: The Account may hold cash in its account with the custodian. The Account throughout the year, may have a cash overdraft balance. A fee is incurred on this overdraft.

TIAA Separate Account VA-1   n   2007 Annual Report 21

NOTES TO FINANCIAL STATEMENTS

Federal income taxes: VA-1 is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. VA-1 should incur no material federal income tax liability.

Investment transactions with affiliates: The Account may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Management Committee, pursuant to the Investment Company Act of 1940. These transactions are effected at market rates without incurring broker commissions.

Indemnification: In the normal course of business, the Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. The Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Account’s organizational documents, the Managers and Officers of VA-1 are indemnified against certain liabilities that may arise out of their duties to VA-1. However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be remote.

Note 2—investment adviser and affiliates

Teachers Advisors, Inc. (“Advisors”), a wholly owned subsidiary of TIAA and a registered investment adviser, provides investment advisory services for VA-1 pursuant to an Investment Management Agreement among TIAA, 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 primarily by Teachers Personal Investors Services, Inc. (“TPIS”), also a wholly owned subsidiary of TIAA, which is a registered broker-dealer and a member of the Financial Industry Regulatory Authority (formerly, the National Association of Securities Dealers, Inc.). The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the net assets of the Account. Advisors has agreed to waive a portion of such fee, so that the daily deduction is equivalent to an annual charge of 0.07% of the net assets of the Account. The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the 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 net assets of the Account (prior to July 1, 2003, this daily charge was 0.10%). 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 should never exceed 1.50% per year.

The Managers of the Account, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Committee meetings. Managers may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. TIAA oversees the administration and recordkeeping of these deferred compensation plans on behalf of the Account.

22 2007 Annual Report   n   TIAA Separate Account VA-1

continued

Note 3—investments

At December 31, 2007, the net unrealized appreciation on investments was $332,359,553, consisting of gross unrealized appreciation of $406,720,619 and gross unrealized depreciation of $74,361,066.

Purchases and sales of non-government securities, other than short-term instruments, for the year ended December 31, 2007, were $61,684,182 and $102,241,960, respectively.

At December 31, 2007, the Account held open futures contracts as follows:

	Number of Open Contracts	Market Value		Expiration Date	Unrealized Appreciation (Depreciation)
E-mini S&P 500 Index	28	$	2,068,080	March 2008	$	(29,872	)
E-mini S&P 400 Index	3		259,440	March 2008		(889	)
E-mini Russell 2000 Index	3		231,660	March 2008		208
					$	(30,553	)

In July 2006, the Financial Accounting Standards Board (“FASB”) issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 establishes for all entities, including pass-through entities such as VA-1, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including what jurisdiction the entity may be taxable in), and requires certain expanded tax disclosures. FIN 48 is effective for fiscal years beginning after December 15, 2006, and is to be applied to all open tax years as of the date of effectiveness. Management has evaluated the application of FIN 48 to the Account’s financial statements for the period ended December 31, 2007. There was no material impact to the financial statements or disclosures as a result of adopting this pronouncement.

Note 4—accumulation units

Changes in the number of Accumulation Units outstanding were as follows:

	Years Ended December 31,
	2007		2006
Accumulation Units:
Credited for premiums	202,804		222,075
Cancelled for transfers and disbursements	(740,021	)	(938,409	)
Outstanding:
Beginning of year	10,881,773		11,598,107
End of year	10,344,556		10,881,773

TIAA Separate Account VA-1   n   2007 Annual Report 23

NOTES TO FINANCIAL STATEMENTS concluded

Note 5—line of credit

The Account participates in a $1.5 billion unsecured revolving credit facility to be used for temporary purposes, including the funding of contract owner withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by Advisors or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by Advisors. Interest associated with any borrowing under the facility by the Account is charged to the Account at rates that are based on the Federal Funds Rate in effect during the time of the borrowing. The Account is not liable for borrowings under the facility by affiliated accounts or mutual funds. During the year ended December 31, 2007, the Account did not borrow under this facility.

Note 6—new accounting pronouncements

In September 2006, FASB issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). This new standard applies to all entities that follow U.S. GAAP and their valuation techniques for assets and liabilities. SFAS 157 defines fair value, establishes a framework for measuring fair value under GAAP, and expands disclosures about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Account’s financial statements.

24 2007 Annual Report   n   TIAA Separate Account VA-1

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Management Committee and Contractowners of

TIAA Separate Account VA-1:

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Index Account of TIAA Separate Account VA-1 (hereafter referred to as “VA-1”) at December 31, 2007, 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 then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of VA-1’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for each of the periods in the two year period ended December 31, 2004 were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those financial highlights.

PricewaterhouseCoopers LLP

New York, NY

February 25, 2008

TIAA Separate Account VA-1   n   2007 Annual Report 25

2007 SPECIAL MEETING (UNAUDITED)

TIAA SEPARATE ACCOUNT VA-1

Managers

The results below were certified by Broadridge Financial Solutions Inc., independent tabulator for the TIAA Separate Account VA-1.

On September 17, 2007, at a special meeting of contractowners, the following persons were elected to serve on the Management Committee:

Nominee	Dollars for		Percent		Dollars against		Percent		Dollars abstain		Percent
Forrest Berkley	$	2,903,839.75	97.730	%	$	28,759.66	0.968	%	$	38,699.68	1.302	%
Nancy A. Eckl	$	2,895,993.90	97.466		$	37,879.61	1.275		$	37,425.58	1.260
Eugene Flood, Jr.	$	2,900,539.04	97.619		$	29,127.79	0.980		$	41,632.26	1.401
Howell E. Jackson	$	2,904,206.42	97.742		$	33,723.60	1.135		$	33,369.07	1.123
Nancy L. Jacob	$	2,902,133.84	97.672		$	30,321.80	1.020		$	38,843.45	1.307
Bridget A. Macaskill	$	2,900,199.48	97.607		$	30,309.12	1.020		$	40,790.49	1.373
James M. Poterba	$	2,913,036.40	98.039		$	24,704.28	0.831		$	33,558.41	1.129
Maceo K. Sloan	$	2,891,662.33	97.320		$	38,090.24	1.282		$	41,546.52	1.398
Laura T. Starks	$	2,898,176.80	97.539		$	30,806.87	1.037		$	42,315.42	1.424

Nancy A. Eckl was elected to office. Forrest Berkley, Eugene Flood, Jr., Howell E. Jackson, Nancy L. Jacob, Bridget A. Macaskill, James M. Poterba, Maceo K. Sloan and Laura T. Starks continued in office.

26 2007 Annual Report   n   TIAA Separate Account VA-1

MANAGEMENT

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS

Disinterested members

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Member	Other Directorships Held by Members
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Member	Indefinite term. Member since 2006.	Retired Partner (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).	61	Director and member of the Investment Committee, the Maine Coast Heritage Trust and the Boston Athaneum, and Director, Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Member	Indefinite term. Trustee since September 2007.	Former Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	61	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Member	Indefinite term. Member since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	61	None

TIAA Separate Account VA-1   n   2007 Annual Report 27

MANAGEMENT continued

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS

Disinterested members—continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Member	Other Directorships Held by Members
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/1967	Member	Indefinite term. Trustee since 2007	Chief Operating Officer, Copper Rock Capital Partners (since September 2007). Formerly Chief Operating Officer, DDJ Capital Management (2003-2006); and Executive Vice President (2000-2002), Senior Vice President (1995-2000) and Vice President (1992-1995), Fidelity Investments.	61	None
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Member	Indefinite term. Member since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School.	61	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Chairman of the Management Committee, Member	Indefinite term. Member since 2001.	President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	61	Director and Chairman of the Investment Committee of the Okabena Company (financial services).

28 2007 Annual Report   n   TIAA Separate Account VA-1

Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/1948	Member	Indefinite term. Member since 2003.	Principal, BAM Consulting LLC (since 2003), Independent Consultant for Merrill Lynch (since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	61	Director, Prudential plc, Scottish & Newcastle plc (brewer), Federal National Mortgage Association (Fannie Mae), International Advisory Board, and British-American Business Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/1958	Member	Indefinite term. Member since 2006.	Head (since 2006) and Associate Head (1994-2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (since 1990).	61	The Jeffrey Company and Jeflion Company (unregistered investment companies)
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/1949	Member	Indefinite term. Member since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	61	Director, SCANA Corporation (energy holding company) and M&F Bancorp, Inc.

TIAA Separate Account VA-1   n   2007 Annual Report 29

MANAGEMENT continued

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS

Disinterested members—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Member	Other Directorships Held by Members
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/1950	Member	Indefinite term. Member since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	61	None

30 2007 Annual Report   n   TIAA Separate Account VA-1

Officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Herbert M. Allison, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 8/2/1943	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2002.	Chairman, President and Chief Executive Officer of TIAA and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since 2002). Formerly, President and Chief Executive Officer of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (2002-2/2007). President and Chief Executive Officer of Alliance for Lifelong Learning, Inc. (2000-2002), President, Chief Operating Officer and Member of the Board of Directors of Merrill Lynch & Co., Inc. (1997-1999).
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/1956	Executive Vice President	One-year term. Executive Vice President since July 2007.	Executive Vice President of TIAA (since July 2007) and of TIAA-CREF Institutional Mutual Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since September 2007). Manager, President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2002).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/1962	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since February 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President and Advisor Chief Compliance Officer of TIAA, and Chief Compliance Officer of Advisors and Investment Management. Formerly, Managing Director/Director of Global Compliance, AIG Global Investment Group (2000-2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998-2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997-1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994-1997); and Enforcement Staff Attorney, U.S. Securities and Exchange Commission (1988-1994).

TIAA Separate Account VA-1   n   2007 Annual Report 31

MANAGEMENT continued

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS

Officers—continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Gary Chinery TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/28/1949	Vice President and Treasurer	One-year term. Vice President and Treasurer since 2004.	Vice President and Treasurer of TIAA, CREF and TIAA Separate Account VA-1 (since 2004), Vice President (since 2004) and Treasurer (2004-2007) of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds. Vice President and Treasurer of Teachers Advisors, Inc. (“Advisors”), TIAA-CREF Investment Management, LLC (“Investment Management”), TIAA-CREF Individual Institutional Services, LLC (“Services”), Teachers Personal Investors Services, Inc. (“TPIS”), TIAA-CREF Tuition Financing, Inc. (“Tuition Financing”), TIAA-CREF Life Insurance Company (“TIAA-CREF Life”) and TCT Holdings, Inc.
Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/1959	Executive Vice President	One-year term. Executive Vice President since 1997.	Principal Executive Officer and President of TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President (since 1999) and Head of Asset Management (since 2006) of TIAA, CREF and TIAA Separate Account VA-1. Director of TPIS (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Executive Vice President and Head of Asset Management of the TIAA-CREF Mutual Funds (2006-2007). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Funds Complex (2003-2005).
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/1952	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice and Chief Communications Officer for Insurance Information Institute (1993-2001).
George W. Madison TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/17/1953	Executive Vice President and General Counsel	One-year term. Executive Vice President and General Counsel since 2003.	Executive Vice President and General Counsel of TIAA and the TIAA-CREF Funds Complex (since 2003). Formerly, Executive Vice President, Corporate Secretary, and General Counsel of Comerica Incorporated (1997-2003).

32 2007 Annual Report   n   TIAA Separate Account VA-1

Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/1956	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management, Lehman Brothers (1997-1999).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/1966	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2003), and head of Corporate Services (since 2006). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division and Global Debt Markets, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999
Marjorie Pierre-Merritt TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/28/1966	Vice President and Acting Corporate Secretary	One year term. Vice President and Acting Corporate Secretary since September 2007	Vice President and Acting Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since September 2007); Assistant Corporate Secretary of TIAA (2006-2007); Assistant Corporate Secretary of The Dun & Bradstreet Corporation (2003-2006); and Counsel, The New York Times Company (2001-2003).
Georganne C. Proctor TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/25/1956	Executive Vice President and Chief Financial Officer	One-year term. Executive Vice President and Chief Financial Officer since 2006.	Executive Vice President and Chief Financial Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2006). Manager and Executive Vice President of Investment Management, Director and Vice President of TPIS and Advisors (since 2006). Formerly Executive Vice President and Chief Financial Officer of Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006–2/2007); Executive Vice President, Finance, Golden West Financial Corporation (2002-2006) and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999-2002).
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/54	Executive Vice President	One-Year Term. Executive Vice President since February 2008.	Executive Vice President, Technology and Operations of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since February 2008). Formerly, Principal, Market Resolve, LLC (2006–February 2008); and Head, Middle Office, Investment Banking (2000-2002), Head, Technology and Operations, Equities (1999-2000) and Chief Operating Officer Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997-1999), JP Morgan Chase & Co.

TIAA Separate Account VA-1   n   2007 Annual Report 33

MANAGEMENT concluded

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS

Officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/1951	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President of TIAA and the TIAA-CREF Funds Complex (since 2006). Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Funds Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/1958	Executive Vice President	One-year term. Executive Vice President since January 2006.	Executive Vice President (since 2006). Director of Tuition Financing and Manager of Services. President and CEO, TIAA-CREF Redwood, LLC. Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Funds Complex.
Please note that the Account’s Statement of Additional Information (SAI) includes additional information about the Account’s members and is available, without charge, through our website, www.tiaa-cref.org or by telephone at 800 223-1200.

34 2007 Annual Report   n   TIAA Separate Account VA-1

HOW TO REACH US

TIAA-CREF WEBSITE

Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

www.tiaa-cref.org

24 hours a day, 7 days a week

AUTOMATED TELEPHONE SERVICE

Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

800 842-2252

24 hours a day, 7 days a week

TELEPHONE COUNSELING CENTER

Retirement saving and planning, income options and payments, and tax reporting

800 842-2776

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

PLANNING AND SERVICE CENTER

TIAA-CREF mutual funds

800 223-1200

8 a.m. to 10 p.m. ET, Monday–Friday

INSURANCE PLANNING CENTER

After-tax annuities and life insurance

877 825-0411

8 a.m. to 8 p.m. ET, Monday–Friday

FOR HEARING- OR SPEECH-IMPAIRED PARTICIPANTS

800 842-2755

8 a.m. to 10 p.m. ET, Monday–Friday

9 a.m. to 6 p.m. ET, Saturday

TIAA-CREF BROKERAGE SERVICES

Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

800 927-3059

8 a.m. to 7 p.m. ET, Monday–Friday

TIAA-CREF TRUST COMPANY, FSB

Asset management, trust administration, estate planning, planned giving and endowment management

888 842-9001

9 a.m. to 6 p.m. ET, Monday–Friday

ADVISOR SERVICES

888 842-0318

8 a.m. to 7:30 p.m. ET, Monday–Friday

You should carefully consider the investment objectives, risks, charges and expenses before investing. Please call 800 223-1200 or visit www.tiaa-cref.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Investment products are not FDIC insured, may lose value and are not bank guaranteed. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA/SIPC, distribute securities products. Teachers Insurance and Annuity Association (TIAA), New York, NY, and TIAA-CREF Life Insurance Co., New York, NY, issue insurance and annuities. TIAA-CREF Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Trust Company, FSB, provides trust services.

©2008 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

2(f) A copy of the current code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $147,860 and $120,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $697,000 and $835,700, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Registrant were $10,000 and $10,000, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $10,000 and $10,000, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for all other services to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2007 and December 31, 2006, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

The Registrant’s audit committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without

impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2007 and December 31, 2006 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2007 and December 31, 2006, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $1,119,000 and $823,200, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

PORTFOLIO OF INVESTMENTS (unaudited)

December 31, 2007

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.66%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
2,584	e*	Chiquita Brands International, Inc	$	48
		TOTAL AGRICULTURAL PRODUCTION-CROPS		48
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
803	e	Cal-Maine Foods, Inc		21
2,370	e	Pilgrim’s Pride Corp		69
23	e	Seaboard Corp		34
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		124
AGRICULTURAL SERVICES - 0.00%**
727	e*	Cadiz, Inc		15
		TOTAL AGRICULTURAL SERVICES		15
AMUSEMENT AND RECREATION SERVICES - 0.66%
17,680	*	Activision, Inc		525
3,321	e*	Bally Technologies, Inc		165
433		Churchill Downs, Inc		23
978	e	Dover Downs Gaming & Entertainment, Inc		11
11,424		Harrah’s Entertainment, Inc		1,014
2,272		International Speedway Corp (Class A)		94
1,482	*	Lakes Entertainment, Inc		10
1,909	e*	Leapfrog Enterprises, Inc		13
1,967	e*	Life Time Fitness, Inc		98
3,817	e*	Live Nation, Inc		55
1,437	e*	MTR Gaming Group, Inc		10
3,185	*	Magna Entertainment Corp		3
3,301	e*	Marvel Entertainment, Inc		88
1,472	e*	Multimedia Games, Inc		12
4,563	*	Penn National Gaming, Inc		272
3,407	e*	Pinnacle Entertainment, Inc		80
4,554	e*	Six Flags, Inc		9
1,000		Speedway Motorsports, Inc		31
1,000	e*	Town Sports International Holdings, Inc		10
2,343	e*	WMS Industries, Inc		86
121,235		Walt Disney Co		3,913
2,602	e	Warner Music Group Corp		16
4,762	e*	Westwood One, Inc		9
1,461	e	World Wrestling Entertainment, Inc		22
		TOTAL AMUSEMENT AND RECREATION SERVICES		6,569
APPAREL AND ACCESSORY STORES - 0.52%
5,367		Abercrombie & Fitch Co (Class A)		429
4,747	*	Aeropostale, Inc		126
11,052		American Eagle Outfitters, Inc		230

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,458	e*	AnnTaylor Stores Corp	$	114
1,533	e	Bebe Stores, Inc		20
2,844		Brown Shoe Co, Inc		43
749		Buckle, Inc		25
664	*	Cache, Inc		6
3,338	e*	Carter’s, Inc		65
2,400	e*	Casual Male Retail Group, Inc		12
2,074	e	Cato Corp (Class A)		32
1,406	e*	Charlotte Russe Holding, Inc		23
7,700	e*	Charming Shoppes, Inc		42
10,787	e*	Chico’s FAS, Inc		97
1,410	e*	Children’s Place Retail Stores, Inc		37
2,493	e	Christopher & Banks Corp		29
836	e*	Citi Trends, Inc		13
3,907	e*	Collective Brands, Inc		68
1,051	e*	DSW, Inc (Class A)		20
3,000	e*	Dress Barn, Inc		38
1,885	e*	Eddie Bauer Holdings, Inc		12
2,704	*	Finish Line, Inc (Class A)		7
9,500		Foot Locker, Inc		130
33,409		Gap, Inc		711
6,129	*	Hanesbrands, Inc		167
2,222	e*	HOT Topic, Inc		13
2,305	e*	J Crew Group, Inc		111
1,141	e*	JOS A Bank Clothiers, Inc		32
1,539	e*	Jo-Ann Stores, Inc		20
19,641	*	Kohl’s Corp		900
19,420	e	Limited Brands, Inc		368
888	*	New York & Co, Inc		6
15,499	e	Nordstrom, Inc		569
4,283	e*	Pacific Sunwear Of California, Inc		60
8,511		Ross Stores, Inc		218
517	e*	Shoe Carnival, Inc		7
2,847		Stage Stores, Inc		42
1,200	e	Talbots, Inc		14
1,880	*	Tween Brands, Inc		50
1,345	e*	Under Armour, Inc (Class A)		59
7,238	e*	Urban Outfitters, Inc		197
4,270	*	Wet Seal, Inc (Class A)		10
		TOTAL APPAREL AND ACCESSORY STORES		5,172
APPAREL AND OTHER TEXTILE PRODUCTS - 0.15%
762	e	Columbia Sportswear Co		34
811	*	G-III Apparel Group Ltd		12
3,320		Guess ?, Inc		126
2,122	e*	Gymboree Corp		65
6,665	e	Jones Apparel Group, Inc		107
1,658	e	Kellwood Co		28
800	e*	Lululemon Athletica, Inc		38
6,408		Liz Claiborne, Inc		130
1,392	e*	Maidenform Brands, Inc		19
3,569		Phillips-Van Heusen Corp		132
3,780	e	Polo Ralph Lauren Corp		234
7,612	e*	Quiksilver, Inc		65
836	e*	True Religion Apparel, Inc		18

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,469		VF Corp	$	376
2,859	*	Warnaco Group, Inc		99
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		1,483
AUTO REPAIR, SERVICES AND PARKING - 0.07%
646	e*	Amerco, Inc		42
1,436	e*	Dollar Thrifty Automotive Group, Inc		34
4,569	e*	Exide Technologies		37
18,502	*	Hertz Global Holdings, Inc		294
1,073	e*	Midas, Inc		16
873		Monro Muffler, Inc		17
3,749		Ryder System, Inc		176
336	e*	Standard Parking Corp		16
2,709	*	Wright Express Corp		96
		TOTAL AUTO REPAIR, SERVICES AND PARKING		728
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.16%
6,514		Advance Auto Parts		247
1,053		Asbury Automotive Group, Inc		16
9,707	e*	Autonation, Inc		152
2,834	*	Autozone, Inc		340
2,692	e*	CSK Auto Corp		13
13,246	e*	Carmax, Inc		262
4,176	*	Copart, Inc		178
1,061	e	Lithia Motors, Inc (Class A)		15
1,048	e*	MarineMax, Inc		16
6,973	*	O’Reilly Automotive, Inc		226
3,620	e	Penske Auto Group, Inc		63
2,119	e*	Rush Enterprises, Inc (Class A)		39
1,793	e	Sonic Automotive, Inc (Class A)		35
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,602
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.53%
967	e*	Builders FirstSource, Inc		7
3,882	e*	Central Garden and Pet Co (Class A)		21
7,745	e	Fastenal Co		313
104,778		Home Depot, Inc		2,823
92,104		Lowe’s Cos, Inc		2,083
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		5,247
BUSINESS SERVICES - 7.35%
25,632	*	3Com Corp		116
813	e*	3D Systems Corp		13
2,600		ABM Industries, Inc		53
2,473	e*	ACI Worldwide, Inc		47
1,504	e	Aircastle Ltd		40
2,116	e*	AMN Healthcare Services, Inc		36
400	e*	athenahealth, Inc		14
2,635	e	Aaron Rents, Inc		51
1,806	e*	Acacia Research (Acacia Technologies)		16
36,301		Accenture Ltd (Class A)		1,308
3,677	*	Actuate Corp		29
3,887		Acxiom Corp		46
1,377		Administaff, Inc		39
35,981	*	Adobe Systems, Inc		1,537

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,328	e*	Advent Software, Inc	$	72
5,663	*	Affiliated Computer Services, Inc (Class A)		255
9,967	*	Akamai Technologies, Inc		345
4,810	e*	Alliance Data Systems Corp		361
11,673	*	Amdocs Ltd		402
1,676	e*	American Reprographics Co		28
872	*	Ansoft Corp		23
4,724	*	Ansys, Inc		196
2,100	e	Arbitron, Inc		87
4,191	e*	Ariba, Inc		47
7,187	e*	Art Technology Group, Inc		31
5,411	*	Aspen Technology, Inc		88
1,058	e	Asset Acceptance Capital Corp		11
14,117	*	Autodesk, Inc		702
34,355		Automatic Data Processing, Inc		1,530
6,370	*	Avis Budget Group, Inc		83
3,323	e*	Avocent Corp		77
23,992	*	BEA Systems, Inc		379
12,283	*	BMC Software, Inc		438
4,821	e*	BPZ Energy, Inc		54
631	e*	Bankrate, Inc		30
436	e	Barrett Business Services		8
12,324	*	BearingPoint, Inc		35
2,836		Blackbaud, Inc		80
1,799	*	Blackboard, Inc		72
1,746	*	Blue Coat Systems, Inc		57
5,613	e*	Borland Software Corp		17
862	*	Bottomline Technologies, Inc		12
3,069	e	Brady Corp (Class A)		108
2,665		Brink’s Co		159
25,194		CA, Inc		629
2,042	*	CACI International, Inc (Class A)		91
394	*	Cavium Networks, Inc		9
3,710	e*	CBIZ, Inc		36
3,243	e*	CMGI, Inc		42
9,641	e*	CNET Networks, Inc		88
2,159	e*	Commvault Systems, Inc		46
839	*	COMSYS IT Partners, Inc		13
3,076	*	CSG Systems International, Inc		45
17,044	e*	Cadence Design Systems, Inc		290
669	*	Capella Education Co		44
4,020	e*	Cerner Corp		227
5,043	*	ChoicePoint, Inc		184
2,005	*	Chordiant Software, Inc		17
3,700	e*	Ciber, Inc		23
11,254	*	Citrix Systems, Inc		428
759	e*	Clayton Holdings, Inc		4
2,400	e*	Clear Channel Outdoor Holdings, Inc (Class A)		66
1,115	e*	CoStar Group, Inc		53
3,055	*	Cogent Communications Group, Inc		72
2,800	e*	Cogent, Inc		31
2,776		Cognex Corp		56
17,758	*	Cognizant Technology Solutions Corp (Class A)		603
840	e	Compass Diversified Trust		13
602	e	Computer Programs & Systems, Inc		14

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
10,591	e*	Computer Sciences Corp	$	524
18,443	*	Compuware Corp		164
2,071	*	Concur Technologies, Inc		75
8,500	*	Convergys Corp		140
3,935	*	Cybersource Corp		70
3,299	*	DST Systems, Inc		272
300	*	Data Domain, Inc		8
2,053	*	DealerTrack Holdings, Inc		69
3,468		Deluxe Corp		114
2,557	e*	Digital River, Inc		85
1,448	*	DivX, Inc		20
1,500	*	DynCorp International, Inc (Class A)		40
1,285	*	EPIQ Systems, Inc		22
7,927	e*	Earthlink, Inc		56
1,800	e*	Echelon Corp		37
2,891	e*	Eclipsys Corp		73
1,000		Electro Rent Corp		15
19,050	*	Electronic Arts, Inc		1,113
31,114		Electronic Data Systems Corp		645
3,541	e*	Epicor Software Corp		42
8,889		Equifax, Inc		323
2,253	e*	Equinix, Inc		228
4,575	e*	Evergreen Energy, Inc		10
1,397	e*	ExlService Holdings, Inc		32
12,382	*	Expedia, Inc		392
5,244	*	F5 Networks, Inc		150
923		FTD Group, Inc		12
2,695	e	Factset Research Systems, Inc		150
3,496		Fair Isaac Corp		112
2,479	e*	FalconStor Software, Inc		28
11,743		Fidelity National Information Services, Inc		488
200	*	First Advantage Corp (Class A)		3
10,296	*	Fiserv, Inc		571
983	*	Forrester Research, Inc		28
4,229	*	Gartner, Inc		74
1,444	*	Gerber Scientific, Inc		16
3,037	e*	Getty Images, Inc		88
1,647	e	Gevity HR, Inc		13
2,712	e*	Global Cash Access, Inc		16
1,061	e*	Global Sources Ltd		30
14,027	*	Google, Inc (Class A)		9,699
1,107	e*	H&E Equipment Services, Inc		21
10,329	*	HLTH Corp		138
1,272	*	HMS Holdings Corp		42
2,249	e	Healthcare Services Group		48
912		Heartland Payment Systems, Inc		24
1,329		Heidrick & Struggles International, Inc		49
5,126		Jack Henry & Associates, Inc		125
1,384	*	Hudson Highland Group, Inc		12
3,542	e*	Hypercom Corp		18
448	e*	ICT Group, Inc		5
1,935	*	IHS, Inc (Class A)		117
12,268		IMS Health, Inc		283
771	e	Imergent, Inc		8
5,959	*	Informatica Corp		107

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,218	e	Infospace, Inc	$	42
1,446	*	Innerworkings, Inc		25
727	e*	Innovative Solutions & Support, Inc		7
558	e*	Integral Systems, Inc		13
2,217		Interactive Data Corp		73
803	e*	Interactive Intelligence, Inc		21
3,256	e*	Internap Network Services Corp		27
2,646	e*	Internet Capital Group, Inc		31
27,952	e*	Interpublic Group of Cos, Inc		227
3,184	*	Interwoven, Inc		45
20,603	*	Intuit, Inc		651
3,071	e*	Ipass, Inc		12
10,856	e*	Iron Mountain, Inc		402
1,953	*	JDA Software Group, Inc		40
32,025	*	Juniper Networks, Inc		1,063
1,200	e	Kelly Services, Inc (Class A)		22
1,544	e*	Kenexa Corp		30
941	e*	Keynote Systems, Inc		13
1,774	*	Kforce, Inc		17
2,967	e*	Kinetic Concepts, Inc		159
1,667	e*	Knot, Inc		27
2,700	*	Korn/Ferry International		51
5,167	e	Lamar Advertising Co (Class A)		248
7,959	*	Lawson Software, Inc		82
2,000	e*	Limelight Networks, Inc		14
3,238	e*	Lionbridge Technologies		11
511	e*	Liquidity Services, Inc		7
2,245	*	LivePerson, Inc		12
1,120	e*	LoJack Corp		19
6,206	*	MPS Group, Inc		68
2,666	*	MSC.Software Corp		35
2,311	e*	Magma Design Automation, Inc		28
2,098	*	Manhattan Associates, Inc		55
5,174		Manpower, Inc		294
1,171	*	Mantech International Corp (Class A)		51
1,311	e	Marchex, Inc (Class B)		14
4,846	e	Mastercard, Inc (Class A)		1,043
9,755	*	McAfee, Inc		366
4,700	*	Mentor Graphics Corp		51
503,646		Microsoft Corp		17,930
648	*	MicroStrategy, Inc (Class A)		62
2,315	e*	Midway Games, Inc		6
5,117	e	MoneyGram International, Inc		79
7,821	*	Monster Worldwide, Inc		253
4,760	e*	Move, Inc		12
6,028	*	NAVTEQ Corp		456
11,006	*	NCR Corp		276
1,732	e	NIC, Inc		15
2,111	*	Ness Technologies, Inc		19
3,227	e*	NetFlix, Inc		86
1,608	*	Network Equipment Technologies, Inc		14
21,820	*	Novell, Inc		150
8,269	*	Nuance Communications, Inc		154
20,234		Omnicom Group, Inc		962
2,647	*	Omniture, Inc		88

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,673	*	On Assignment, Inc	$	12
1,415	e*	Online Resources Corp		17
5,712	e*	OpenTV Corp (Class A)		8
235,842	*	Oracle Corp		5,325
860	e*	PDF Solutions, Inc		8
2,281	e*	Packeteer, Inc		14
7,453	*	Parametric Technology Corp		133
438	e	Pegasystems, Inc		5
1,196	*	PeopleSupport, Inc		16
1,789	e*	Perficient, Inc		28
5,518	*	Perot Systems Corp (Class A)		74
2,169	*	Phase Forward, Inc		47
1,058	e	Portfolio Recovery Associates, Inc		42
4,849	*	Premiere Global Services, Inc		72
2,510	*	Progress Software Corp		85
1,000		QAD, Inc		9
1,284	e	Quality Systems, Inc		39
4,302	e*	Quest Software, Inc		79
1,287	e*	RSC Holdings, Inc		16
1,505	*	Radiant Systems, Inc		26
1,200	e*	Radisys Corp		16
1,891	*	Raser Technologies, Inc		28
6,912	e*	RealNetworks, Inc		42
11,838	e*	Red Hat, Inc		247
781	e	Renaissance Learning, Inc		11
4,532	e*	Rent-A-Center, Inc		66
712	e*	RightNow Technologies, Inc		11
8,993		Robert Half International, Inc		243
3,346		Rollins, Inc		64
4,489	*	S1 Corp		33
639	*	SI International, Inc		18
1,239	e*	SPSS, Inc		44
2,484	e*	SRA International, Inc (Class A)		73
797	*	SYNNEX Corp		16
5,800	*	Salesforce.com, Inc		364
5,900	*	Sapient Corp		52
3,543	e*	Secure Computing Corp		34
1,301	e*	Smith Micro Software, Inc		11
1,534	*	Sohu.com, Inc		84
4,123	*	SonicWALL, Inc		44
15,649	e*	Sonus Networks, Inc		91
3,912	e	Sotheby’s		149
4,207	e*	Spherion Corp		31
1,404	e*	Stratasys, Inc		36
54,608	*	Sun Microsystems, Inc		990
5,794	*	Sybase, Inc		151
1,700	e*	SYKES Enterprises, Inc		31
55,112	*	Symantec Corp		890
1,133	e*	Synchronoss Technologies, Inc		40
8,758	*	Synopsys, Inc		227
784	e	Syntel, Inc		30
1,034	e	TAL International Group, Inc		24
4,249	e*	THQ, Inc		120
12,747	*	TIBCO Software, Inc		103
1,534	e	TNS, Inc		27

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,650	e*	Take-Two Interactive Software, Inc	$	86
879	*	Taleo Corp (Class A)		26
2,576	*	TeleTech Holdings, Inc		55
1,161	e	TheStreet.com, Inc		18
2,517	e	Total System Services, Inc		70
1,168	e*	TradeStation Group, Inc		17
300	e*	Travelzoo, Inc		4
2,823	e*	Trizetto Group, Inc		49
3,096	*	TrueBlue, Inc		45
1,541	e*	Ultimate Software Group, Inc		48
571	e*	Unica Corp		5
22,840	e*	Unisys Corp		108
3,701		United Online, Inc		44
4,619	*	United Rentals, Inc		85
2,400	e*	VMware, Inc		204
6,076	*	Valueclick, Inc		133
1,577	e*	Vasco Data Security International		44
13,359	e*	VeriSign, Inc		502
1,519		Viad Corp		48
1,694	*	Vignette Corp		25
1,107	*	Visual Sciences, Inc		20
792	*	Vocus, Inc		27
858	e*	Volt Information Sciences, Inc		16
31,641		Waste Management, Inc		1,034
449	e*	WebMD Health Corp (Class A)		18
2,958	*	Websense, Inc		50
4,910	*	Wind River Systems, Inc		44
73,975	*	Yahoo!, Inc		1,721
69,918	*	eBay, Inc		2,321
1,565	e*	eSpeed, Inc (Class A)		18
947	e*	i2 Technologies, Inc		12
1,449	e*	iGate Corp		12
1,814	*	inVentiv Health, Inc		56
1,967		infoUSA, Inc		18
		TOTAL BUSINESS SERVICES		72,737
CHEMICALS AND ALLIED PRODUCTS - 9.43%
876	e*	AMAG Pharmaceuticals, Inc		53
1,431	*	APP Pharmaceuticals, Inc		15
94,229		Abbott Laboratories		5,291
357	*	Abraxis Bioscience Inc/New		25
1,887	e*	Acadia Pharmaceuticals, Inc		21
2,399	e*	Acorda Therapeutics, Inc		53
2,100	*	Adams Respiratory Therapeutics, Inc		125
13,246		Air Products & Chemicals, Inc		1,306
1,600	e*	Albany Molecular Research, Inc		23
4,904		Albemarle Corp		202
5,024		Alberto-Culver Co		123
2,114	*	Alexion Pharmaceuticals, Inc		159
1,212	e*	Alexza Pharmaceuticals, Inc		10
5,676	*	Alkermes, Inc		88
2,616	e*	Allos Therapeutics, Inc		16
2,039	e*	Alnylam Pharmaceuticals, Inc		59
2,624	e*	Alpharma, Inc (Class A)		53
4,537	*	American Oriental Bioengineering, Inc		50

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
928		American Vanguard Corp	$	16
66,638	*	Amgen, Inc		3,095
749	*	Animal Health International, Inc		9
1,500		Arch Chemicals, Inc		55
3,078	e*	Arena Pharmaceuticals, Inc		24
2,036	e*	Arqule, Inc		12
3,660	e*	Array Biopharma, Inc		31
2,120	e*	Arrowhead Research Corp		8
1,439	e*	Auxilium Pharmaceuticals, Inc		43
2,400	e*	Aventine Renewable Energy Holdings, Inc		31
6,679		Avery Dennison Corp		355
26,837		Avon Products, Inc		1,061
1,170	e	Balchem Corp		26
6,710	*	Barr Pharmaceuticals, Inc		356
872	*	Bentley Pharmaceuticals, Inc		13
5,486	*	BioMarin Pharmaceuticals, Inc		194
657	e*	BioMimetic Therapeutics, Inc		11
18,138	*	Biogen Idec, Inc		1,032
2,716	e*	Bionovo, Inc		5
900	e*	Bradley Pharmaceuticals, Inc		18
120,385		Bristol-Myers Squibb Co		3,193
1,015	e*	Cadence Pharmaceuticals, Inc		15
3,523		CF Industries Holdings, Inc		388
3,844		Cabot Corp		128
2,400	e*	Calgon Carbon Corp		38
1,815		Cambrex Corp		15
631	e*	Caraco Pharmaceutical Laboratories Ltd		11
7,366		Celanese Corp (Series A)		312
3,105	*	Cell Genesys, Inc		7
3,899	e*	Cephalon, Inc		280
4,127	*	Charles River Laboratories International, Inc		272
1,163	*	Chattem, Inc		88
15,194		Chemtura Corp		119
4,024		Church & Dwight Co, Inc		218
8,777		Clorox Co		572
31,293		Colgate-Palmolive Co		2,440
3,622	*	Cubist Pharmaceuticals, Inc		74
2,618	*	Cypress Bioscience, Inc		29
5,402	e*	CytRx Corp		15
2,578		Cytec Industries, Inc		159
1,702	*	Cytokinetics, Inc		8
4,015	e*	Dendreon Corp		25
5,095	e*	Discovery Laboratories, Inc		11
58,318		Dow Chemical Co		2,299
56,496		Du Pont (E.I.) de Nemours & Co		2,491
3,494	e*	Durect Corp		22
5,082		Eastman Chemical Co		310
10,688		Ecolab, Inc		547
1,704	*	Elizabeth Arden, Inc		35
4,500	e*	Encysive Pharmaceuticals, Inc		4
3,094	e*	Enzon Pharmaceuticals, Inc		29
6,679		Estee Lauder Cos (Class A)		291
4,676		FMC Corp		255
2,913		Ferro Corp		60
19,584	*	Forest Laboratories, Inc		714

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
818	e*	GTx, Inc	$	12
4,118	e*	GenVec, Inc		6
29,002	*	Genentech, Inc		1,945
16,161	*	Genzyme Corp		1,203
2,274	e	Georgia Gulf Corp		15
4,250	e*	Geron Corp		24
57,870	*	Gilead Sciences, Inc		2,663
3,329		H.B. Fuller Co		75
3,942	e*	Halozyme Therapeutics, Inc		28
7,111		Hercules, Inc		138
9,624	*	Hospira, Inc		410
8,974	*	Human Genome Sciences, Inc		94
5,464		Huntsman Corp		140
861	e*	Idenix Pharmaceuticals, Inc		2
3,844	*	Idexx Laboratories, Inc		225
3,674	*	ImClone Systems, Inc		158
4,347	*	Immucor, Inc		148
3,006	e*	Indevus Pharmaceuticals, Inc		21
1,281	e	Innophos Holdings, Inc		19
1,460		Innospec, Inc		25
236	e	Inter Parfums, Inc		4
1,694	e*	InterMune, Inc		23
5,470		International Flavors & Fragrances, Inc		263
4,067	*	Inverness Medical Innovations, Inc		228
2,859	*	Invitrogen Corp		267
2,531	e*	Javelin Pharmaceuticals, Inc		9
2,481	e*	KV Pharmaceutical Co (Class A)		71
922	e	Kaiser Aluminum Corp		73
1,504	e*	Keryx Biopharmaceuticals, Inc		13
14,912	*	King Pharmaceuticals, Inc		153
1,077	e	Koppers Holdings, Inc		47
358	e	Kronos Worldwide, Inc		6
1,289	*	Landec Corp		17
5,552	e	Ligand Pharmaceuticals, Inc (Class B)		27
60,767		Eli Lilly & Co		3,244
4,300		Lubrizol Corp		233
4,800	*	MGI Pharma, Inc		195
2,536	e*	MannKind Corp		20
987	e	Mannatech, Inc		6
2,109	e*	Martek Biosciences Corp		62
7,861	e*	Medarex, Inc		82
3,315	*	Medicines Co		64
3,427	e	Medicis Pharmaceutical Corp (Class A)		89
1,298	e*	Medivation, Inc		19
132,581		Merck & Co, Inc		7,704
2,420	e	Meridian Bioscience, Inc		73
20,319	*	Millennium Pharmaceuticals, Inc		304
1,175	e	Minerals Technologies, Inc		79
2,951	e*	Minrad International, Inc		10
1,402	e*	Momenta Pharmaceuticals, Inc		10
33,287		Monsanto Co		3,718
9,506	*	Mosaic Co		897
19,233	e*	Mylan Laboratories, Inc		270
3,373	*	NBTY, Inc		92
964	e	NL Industries, Inc		11

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,000	e*	Nabi Biopharmaceuticals	$	14
7,692		Nalco Holding Co		186
1,189	e*	Nastech Pharmaceutical Co, Inc		5
2,526	e*	Neurocrine Biosciences, Inc		11
1,115		NewMarket Corp		62
1,495	e*	Noven Pharmaceuticals, Inc		21
1,900	*	OM Group, Inc		109
3,527	e*	OSI Pharmaceuticals, Inc		171
4,620		Olin Corp		89
843	*	Omrix Biopharmaceuticals, Inc		29
3,536	e*	Onyx Pharmaceuticals, Inc		197
2,901	e*	OraSure Technologies, Inc		26
807	e*	Osiris Therapeutics, Inc		10
7,345	e*	PDL BioPharma, Inc		129
10,040		PPG Industries, Inc		705
2,164	e*	Pacific Ethanol, Inc		18
1,792	e*	Pain Therapeutics, Inc		19
2,340	e*	Par Pharmaceutical Cos, Inc		56
1,703	*	Parexel International Corp		82
1,492	e*	Penwest Pharmaceuticals Co		9
4,725		Perrigo Co		165
1,182	e*	PetMed Express, Inc		14
429,329		Pfizer, Inc		9,759
1,726	e*	PharMerica Corp		24
1,639	*	Pharmion Corp		103
6,365	*	PolyOne Corp		42
1,354	e*	Poniard Pharmaceuticals, Inc		6
1,425	e*	Pozen, Inc		17
19,493		Praxair, Inc		1,729
1,891	e*	Prestige Brands Holdings, Inc		14
193,225		Procter & Gamble Co		14,187
1,419	e*	Progenics Pharmaceuticals, Inc		26
92	*	Protalix BioTherapeutics, Inc		—	^
1,976	e*	Quidel Corp		38
7,403		RPM International, Inc		150
13,803	e*	Revlon, Inc (Class A)		16
1,957	*	Rockwood Holdings, Inc		65
8,324	e	Rohm & Haas Co		442
2,502	e*	Salix Pharmaceuticals Ltd		20
2,916	e*	Santarus, Inc		8
98,898		Schering-Plough Corp		2,635
1,824	*	Sciele Pharma, Inc		37
2,676		Scotts Miracle-Gro Co (Class A)		100
3,076		Sensient Technologies Corp		87
6,507	*	Sepracor, Inc		171
6,799		Sherwin-Williams Co		395
8,021		Sigma-Aldrich Corp		438
500		Stepan Co		16
3,078	e*	SuperGen, Inc		11
900	e*	SurModics, Inc		49
2,786		Tronox, Inc (Class B)		24
2,100	e*	Tercica, Inc		14
555	e*	Trubion Pharmaceuticals, Inc		6
3,302	e	UAP Holding Corp		127
2,900	*	US BioEnergy Corp		34

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
594	e*	USANA Health Sciences, Inc	$	22
5,342	e*	USEC, Inc		48
1,278	e*	United Therapeutics Corp		125
5,212	*	VCA Antech, Inc		231
5,951	e*	Valeant Pharmaceuticals International		71
6,561		Valspar Corp		148
1,618	e*	Vanda Pharmaceuticals, Inc		11
1,992	e*	Verasun Energy Corp		30
8,024	e*	Vertex Pharmaceuticals, Inc		186
4,346	e*	Viropharma, Inc		35
425	*	Visicu, Inc		5
4,714	e*	WR Grace & Co		123
5,559	*	Warner Chilcott Ltd (Class A)		99
6,278	*	Watson Pharmaceuticals, Inc		170
893	e	Westlake Chemical Corp		17
82,280		Wyeth		3,636
8,116	e*	XOMA Ltd		28
1,312	*	Xenoport, Inc		73
2,399	e*	Zymogenetics, Inc		28
		TOTAL CHEMICALS AND ALLIED PRODUCTS		93,278
COAL MINING - 0.26%
4,033	e*	Alpha Natural Resources, Inc		131
8,714	e	Arch Coal, Inc		392
11,129		Consol Energy, Inc		796
7,316	e*	International Coal Group, Inc		39
5,174		Massey Energy Co		185
16,209	e	Peabody Energy Corp		999
		TOTAL COAL MINING		2,542
COMMUNICATIONS - 4.38%
378,276		AT&T, Inc		15,721
2,743	e	Alaska Communications Systems Group, Inc		41
25,561	*	American Tower Corp (Class A)		1,089
1,895	e*	Anixter International, Inc		118
507	e*	Aruba Networks, Inc		8
356		Atlantic Tele-Network, Inc		12
1,206	*	Audiovox Corp (Class A)		15
2,522	e*	Brightpoint, Inc		39
1,410	e*	Clearwire Corp (Class A)		19
3,172	e*	CTC Media, Inc		96
13,439		Cablevision Systems Corp (Class A)		329
1,055	e*	Cbeyond Communications, Inc		41
1,478	e	Centennial Communications Corp		14
2,093	*	Central European Media Enterprises Ltd (Class A)		243
6,705		CenturyTel, Inc		278
25,044	e*	Charter Communications, Inc (Class A)		29
16,520	*	Cincinnati Bell, Inc		78
12,479	e	Citadel Broadcasting Corp		26
20,942		Citizens Communications Co		267
30,374		Clear Channel Communications, Inc		1,049
180,666	e*	Comcast Corp (Class A)		3,299
1,530		Consolidated Communications Holdings, Inc		30
2,186	e*	Cox Radio, Inc (Class A)		27
14,035	*	Crown Castle International Corp		584

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,802	e*	Crown Media Holdings, Inc (Class A)	$	12
2,624	e*	Cumulus Media, Inc (Class A)		21
813	*	DG FastChannel,Inc		21
44,225	*	DIRECTV Group, Inc		1,022
12,727	*	EchoStar Communications Corp (Class A)		480
9,238		Embarq Corp		458
2,106	e	Emmis Communications Corp (Class A)		8
2,180	e	Entercom Communications Corp (Class A)		30
5,154	*	Entravision Communications Corp (Class A)		40
1,820	e	Fairpoint Communications, Inc		24
8,501	e*	FiberTower Corp		19
354	*	Fisher Communications, Inc		13
8,914	*	Foundry Networks, Inc		156
3,022	*	General Communication, Inc (Class A)		26
1,077	*	GeoEye, Inc		36
2,793	e*	Global Crossing Ltd		62
4,870		Global Payments, Inc		227
1,202	e*	Globalstar, Inc		10
964	*	Golden Telecom, Inc		97
3,118	e	Gray Television, Inc		25
1,540	e*	Harris Stratex Networks, Inc (Class A)		26
396	e*	Hughes Communications, Inc		22
1,520	e	Hearst-Argyle Television, Inc		34
10,819	*	IAC/InterActiveCorp		291
6,383	e*	ICO Global Communications Holdings Ltd		20
3,749	e	IDT Corp (Class B)		32
2,017	e	Ibasis, Inc		10
1,874	e	Iowa Telecommunications Services, Inc		30
1,587	e*	Knology, Inc		20
3,101	e*	Leap Wireless International, Inc		145
93,633	e*	Level 3 Communications, Inc		285
23,497	e*	Liberty Global, Inc (Class A)		921
36,850	*	Liberty Media Holding Corp (Interactive A)		703
7,891	*	Liberty Media Corp - Capital (Series A)		919
1,798	*	Lin TV Corp (Class A)		22
1,367	e*	Lodgenet Entertainment Corp		24
2,626	*	Mastec, Inc		27
4,583	e*	Mediacom Communications Corp (Class A)		21
3,528	*	MetroPCS Communications, Inc		69
9,996	*	NII Holdings, Inc		483
1,715		NTELOS Holdings Corp		51
4,651	e*	NeuStar, Inc (Class A)		133
661	e*	Nexstar Broadcasting Group, Inc (Class A)		6
1,681	e*	Nextwave Wireless, Inc		9
1,200	e*	North Pittsburgh Systems, Inc		27
1,922	e*	Novatel Wireless, Inc		31
1,632	e*	Orbcomm, Inc		10
4,253	e*	PAETEC Holding Corp		41
98,464	e	Qwest Communications International, Inc		690
1,881	e	RCN Corp		29
5,650	e*	Radio One, Inc (Class D)		13
741	*	Rural Cellular Corp (Class A)		33
1,756	e*	SAVVIS, Inc		49
6,304	*	SBA Communications Corp (Class A)		213
695	e	Salem Communications Corp (Class A)		5

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,404		Shenandoah Telecom Co	$	34
3,111	e	Sinclair Broadcast Group, Inc (Class A)		26
2,599	e*	Spanish Broadcasting System, Inc (Class A)		5
172,069		Sprint Nextel Corp		2,259
956	e	SureWest Communications		16
766	e*	Switch & Data Facilities Co, Inc		12
1,160	*	Syniverse Holdings, Inc		18
6,282		Telephone & Data Systems, Inc		393
1,962	e*	Terremark Worldwide, Inc		13
9,585	*	Time Warner Cable, Inc (Class A)		265
4,990	e*	TiVo, Inc		42
1,032	*	US Cellular Corp		87
1,642		USA Mobility, Inc		23
177,613		Verizon Communications, Inc		7,760
1,500	*	Virgin Mobile USA, Inc		13
1,993	e*	Vonage Holdings Corp		5
27,536		Windstream Corp		359
18,370	*	XM Satellite Radio Holdings, Inc (Class A)		225
1,069	e	iPCS, Inc		38
3,186	e*	j2 Global Communications, Inc		67
		TOTAL COMMUNICATIONS		43,343
DEPOSITORY INSTITUTIONS - 7.22%
1,117		1st Source Corp		19
732		Abington Bancorp, Inc		7
922		Alabama National Bancorp		72
1,700	e	Amcore Financial, Inc		39
678	e	AmericanWest Bancorp		12
853	e	Ameris Bancorp		14
1,536	e	Anchor Bancorp Wisconsin, Inc		36
7,795	e	Associated Banc-Corp		211
5,317		Astoria Financial Corp		124
33,699	e	BB&T Corp		1,034
1,341		BOK Financial Corp		69
520	e	Bancfirst Corp		22
1,517		Banco Latinoamericano de Exportaciones S.A.		25
586	*	Bancorp, Inc		8
5,040	e	Bancorpsouth, Inc		119
4,488		Bank Mutual Corp		47
271,468		Bank of America Corp		11,201
3,393		Bank of Hawaii Corp		174
638	e	Bank of the Ozarks, Inc		17
69,259		Bank of New York Mellon Corp/The		3,377
2,977	e	BankAtlantic Bancorp, Inc (Class A)		12
1,599	e	BankFinancial Corp		25
2,017	e	BankUnited Financial Corp (Class A)		14
777	e	Banner Corp		22
550		Berkshire Hills Bancorp, Inc		14
2,260	e	Boston Private Financial Holdings, Inc		61
3,927	e	Brookline Bancorp, Inc		40
4,428	e	CVB Financial Corp		46
831	e	Capital City Bank Group, Inc		23
599	e	Capital Corp of the West		12
828	e	Capitol Bancorp Ltd		17
1,324	e	Capitol Federal Financial		41

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,800	e	Cascade Bancorp	$	25
399	e	Cass Information Systems, Inc		13
3,316	e	Cathay General Bancorp		88
3,800	e*	Centennial Bank Holdings, Inc		22
622	e	Center Financial Corp		8
1,887	e	Central Pacific Financial Corp		35
1,722	e	Chemical Financial Corp		41
3,197		Chittenden Corp		114
302,596		Citigroup, Inc		8,908
4,633	e	Citizens Banking Corp		67
825	e	City Bank		18
1,123	e	City Holding Co		38
2,497	e	City National Corp		149
875	e	Clifton Savings Bancorp, Inc		9
675	e	CoBiz, Inc		10
9,930	e	Colonial Bancgroup, Inc		134
1,059	e	Columbia Banking System, Inc		31
9,548		Comerica, Inc		416
11,780		Commerce Bancorp, Inc		449
4,414	e	Commerce Bancshares, Inc		198
345	e*	Community Bancorp		6
2,024	e	Community Bank System, Inc		40
1,003		Community Trust Bancorp, Inc		28
2,340	e	Corus Bankshares, Inc		25
3,671	e	Cullen/Frost Bankers, Inc		186
1,609	e	Dime Community Bancshares		21
983	e*	Dollar Financial Corp		30
1,361	e	Downey Financial Corp		42
3,926		East West Bancorp, Inc		95
512	e	Enterprise Financial Services Corp		12
2,804	e*	Euronet Worldwide, Inc		84
3,778	e	FNB Corp		56
33,150		Fifth Third Bancorp		833
720	e	First Bancorp		14
4,676		First Bancorp		34
900	e	First Busey Corp		18
2,100	e	First Charter Corp		63
367		First Citizens Bancshares, Inc (Class A)		54
4,700	e	First Commonwealth Financial Corp		50
1,486	e	First Community Bancorp, Inc		61
680	e	First Community Bancshares, Inc		22
2,359	e	First Financial Bancorp		27
1,332	e	First Financial Bankshares, Inc		50
903	e	First Financial Corp		26
600	e	First Financial Holdings, Inc		16
7,689	e	First Horizon National Corp		140
915	e	First Indiana Corp		29
1,238	e	First Merchants Corp		27
3,362	e	First Midwest Bancorp, Inc		103
7,184	e	First Niagara Financial Group, Inc		86
987	e	First Place Financial Corp		14
486	e*	First Regional Bancorp		9
504	e	First South Bancorp, Inc		11
998		First State Bancorporation		14
1,077	e*	FirstFed Financial Corp		39

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
5,102	e		FirstMerit Corp	$	102
1,967	e		Flagstar Bancorp, Inc		14
1,105	e		Flushing Financial Corp		18
1,364	e	*	Franklin Bank Corp		6
4,200	e	*	Fremont General Corp		15
2,394	e		Frontier Financial Corp		44
11,161			Fulton Financial Corp		125
3,468	e		Glacier Bancorp, Inc		65
699	e		Great Southern Bancorp, Inc		15
437	e		Greene County Bancshares, Inc		8
1,711	e		Hancock Holding Co		65
2,620			Hanmi Financial Corp		23
1,911	e		Harleysville National Corp		28
928	e		Heartland Financial USA, Inc		17
803			Heritage Commerce Corp		15
709	e		Home Bancshares, Inc		15
883	e		Horizon Financial Corp		15
33,320	e		Hudson City Bancorp, Inc		500
22,354			Huntington Bancshares, Inc		330
632	e		IBERIABANK Corp		30
323			Imperial Capital Bancorp, Inc		6
938			Independent Bank Corp		26
1,683	e		Independent Bank Corp		16
4,091	e		IndyMac Bancorp, Inc		24
1,040	e		Integra Bank Corp		15
3,295	e		International Bancshares Corp		69
3,434	*		Investors Bancorp, Inc		49
1,234	e		Irwin Financial Corp		9
208,983			JPMorgan Chase & Co		9,122
2,198	e		KNBT Bancorp, Inc		34
1,441	e		Kearny Financial Corp		17
23,996			Keycorp		563
1,025	e		Lakeland Bancorp, Inc		12
734	e		Lakeland Financial Corp		15
4,664	e		M&T Bank Corp		380
2,236	e		MB Financial, Inc		69
1,004	e		Macatawa Bank Corp		9
731	e		MainSource Financial Group, Inc		11
15,732			Marshall & Ilsley Corp		417
5,244	*		Metavante Technologies, Inc		122
1,081	e		Midwest Banc Holdings, Inc		13
206	e		NASB Financial, Inc		5
2,152	e		NBT Bancorp, Inc		49
1,144	e		Nara Bancorp, Inc		13
35,619	e		National City Corp		586
3,198	e		National Penn Bancshares, Inc		48
3,099	*		Net 1 UEPS Technologies, Inc		91
19,143	e		New York Community Bancorp, Inc		337
6,972	e		NewAlliance Bancshares, Inc		80
13,419			Northern Trust Corp		1,028
1,341	e		Northwest Bancorp, Inc		36
3,801	e		Old National Bancorp		57
799	e		Old Second Bancorp, Inc		21
853	e		Omega Financial Corp		25
1,295			Oriental Financial Group, Inc		17

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
713	e	*	Oritani Financial Corp	$	9
1,580	e		PFF Bancorp, Inc		19
21,380	e		PNC Financial Services Group, Inc		1,404
2,744	e		Pacific Capital Bancorp		55
688	e		Park National Corp		44
13,264			People’s United Financial, Inc		236
595	e		Peoples Bancorp, Inc		15
986	e	*	Pinnacle Financial Partners, Inc		25
17,620			Popular, Inc		187
424	e		Preferred Bank		11
1,141	e		PrivateBancorp, Inc		37
2,230	e		Prosperity Bancshares, Inc		66
2,140	e		Provident Bankshares Corp		46
4,058	e		Provident Financial Services, Inc		59
2,753	e		Provident New York Bancorp		36
43,112			Regions Financial Corp		1,020
769	e		Renasant Corp		17
612	e		Republic Bancorp, Inc (Class A)		10
598	e		Rockville Financial, Inc		7
629			Roma Financial Corp		10
317	e		Royal Bancshares of Pennsylvania (Class A)		3
1,811	e		S&T Bancorp, Inc		50
846	e		S.Y. Bancorp, Inc		20
605	e		SCBT Financial Corp		19
2,091	e	*	SVB Financial Group		105
1,000	e		Sandy Spring Bancorp, Inc		28
357			Santander BanCorp		3
740	e		Seacoast Banking Corp of Florida		8
938	e		Security Bank Corp		9
370	e		Sierra Bancorp		9
1,893	*		Signature Bank		64
1,066	e		Simmons First National Corp (Class A)		28
4,761	e		South Financial Group, Inc		74
721	e		Southside Bancshares, Inc		15
740			Southwest Bancorp, Inc		14
24,406	e		Sovereign Bancorp, Inc		278
24,314			State Street Corp		1,974
1,199			Sterling Bancorp		16
3,900	e		Sterling Bancshares, Inc		44
1,778	e	*	Sterling Financial Corp		29
3,133	e		Sterling Financial Corp		53
701			Suffolk Bancorp		22
585	e	*	Sun Bancorp, Inc		9
21,817			SunTrust Banks, Inc		1,363
2,075	e	*	Superior Bancorp		11
4,965	e		Susquehanna Bancshares, Inc		92
17,015			Synovus Financial Corp		410
8,192			TCF Financial Corp		147
7,255	e	*	TFS Financial Corp		87
300			Taylor Capital Group, Inc		6
1,482	*		Texas Capital Bancshares, Inc		27
1,372	e		TierOne Corp		30
709	e		Tompkins Trustco, Inc		28
726	e		Trico Bancshares		14
5,202	e		Trustco Bank Corp NY		52

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,902	e	Trustmark Corp	$	74
106,357		US Bancorp		3,376
1,110	e	USB Holding Co, Inc		22
6,278	e	UCBH Holdings, Inc		89
2,088	e	UMB Financial Corp		80
3,609	e	Umpqua Holdings Corp		55
814	e	Union Bankshares Corp		17
2,923		UnionBanCal Corp		143
2,534	e	United Bankshares, Inc		71
2,128	e	United Community Banks, Inc		34
1,981	e	United Community Financial Corp		11
460	e	United Security Bancshares		7
792	e	Univest Corp of Pennsylvania		17
7,462	e	Valley National Bancorp		142
690		ViewPoint Financial Group		11
827	e*	Virginia Commerce Bancorp		10
7,937	e	W Holding Co, Inc		10
320		WSFS Financial Corp		16
121,651		Wachovia Corp		4,626
5,275	e	Washington Federal, Inc		111
53,979	e	Washington Mutual, Inc		735
881	e	Washington Trust Bancorp, Inc		22
681	e*	Wauwatosa Holdings, Inc		9
3,232		Webster Financial Corp		103
207,802		Wells Fargo & Co		6,274
1,534	e	WesBanco, Inc		32
977	e	West Coast Bancorp		18
2,016	e	Westamerica Bancorporation		90
850	e*	Western Alliance Bancorp		16
47,279		Western Union Co		1,148
1,174		Westfield Financial, Inc		11
4,160	e	Whitney Holding Corp		109
4,204	e	Wilmington Trust Corp		148
980	e	Wilshire Bancorp, Inc		8
1,580	e	Wintrust Financial Corp		52
6,629	e	Zions Bancorporation		310
		TOTAL DEPOSITORY INSTITUTIONS		71,394
EATING AND DRINKING PLACES - 0.88%
3,081		Burger King Holdings, Inc		88
1,322	*	AFC Enterprises		15
758	e*	BJ’s Restaurants, Inc		12
745	e*	Benihana, Inc (Class A)		9
2,400		Bob Evans Farms, Inc		65
6,950		Brinker International, Inc		136
790	e*	Buffalo Wild Wings, Inc		18
1,623	e	CBRL Group, Inc		53
1,748	e*	CEC Entertainment, Inc		45
3,658	e	CKE Restaurants, Inc		48
1,971	e*	California Pizza Kitchen, Inc		31
621	e*	Carrols Restaurant Group, Inc		6
1,858	e*	Chipotle Mexican Grill, Inc (Class B)		229
8,645		Darden Restaurants, Inc		240
6,036	e*	Denny’s Corp		23
2,437	e	Domino’s Pizza, Inc		32

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
1,061	e		IHOP Corp	$	39
3,822	*		Jack in the Box, Inc		98
3,561	e	*	Krispy Kreme Doughnuts, Inc		11
1,203	e		Landry’s Restaurants, Inc		24
883	e	*	McCormick & Schmick’s Seafood Restaurants, Inc		11
73,043			McDonald’s Corp		4,303
654	*		Morton’s Restaurant Group, Inc		6
1,720	e		O’Charleys, Inc		26
1,702	e	*	PF Chang’s China Bistro, Inc		39
1,450	e	*	Papa John’s International, Inc		33
957	e	*	Red Robin Gourmet Burgers, Inc		31
3,600	e		Ruby Tuesday, Inc		35
800	e	*	Ruth’s Chris Steak House, Inc		7
4,411	e	*	Sonic Corp		97
45,334	*		Starbucks Corp		928
3,384	e	*	Texas Roadhouse, Inc (Class A)		37
4,394	e	*	Cheesecake Factory		104
1,689	e	*	Steak N Shake Co		18
11,594	e		Tim Hortons, Inc		428
3,982	e		Triarc Cos (Class B)		35
5,339			Wendy’s International, Inc		138
32,048			Yum! Brands, Inc		1,226
			TOTAL EATING AND DRINKING PLACES		8,724
EDUCATIONAL SERVICES - 0.15%
8,774	*		Apollo Group, Inc (Class A)		615
5,862	e	*	Career Education Corp		147
5,717	e	*	Corinthian Colleges, Inc		88
3,674			DeVry, Inc		191
2,487	*		ITT Educational Services, Inc		212
968			Strayer Education, Inc		165
1,448	e	*	Universal Technical Institute, Inc		25
			TOTAL EDUCATIONAL SERVICES		1,443
ELECTRIC, GAS, AND SANITARY SERVICES - 4.16%
40,839	*		AES Corp		874
4,796			AGL Resources, Inc		181
10,136			Allegheny Energy, Inc		645
1,693	e		Allete, Inc		67
6,962			Alliant Energy Corp		283
15,781	*		Allied Waste Industries, Inc		174
12,827			Ameren Corp		695
822			American Ecology Corp		19
24,400			American Electric Power Co, Inc		1,136
1,100	e		American States Water Co		41
8,118			Aqua America, Inc		172
24,847	e	*	Aquila, Inc		93
5,341			Atmos Energy Corp		150
3,100	e		Avista Corp		67
2,253	e		Black Hills Corp		99
1,063	e		CH Energy Group, Inc		47
13,685	e		CMS Energy Corp		238
1,013			California Water Service Group		38
1,195	*		Casella Waste Systems, Inc (Class A)		16
19,246			Centerpoint Energy, Inc		330

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
616		Central Vermont Public Service Corp	$	19
1,104	*	Clean Harbors, Inc		57
3,305	e	Cleco Corp		92
16,257	e	Consolidated Edison, Inc		794
892	e	Consolidated Water Co, Inc		22
11,030		Constellation Energy Group, Inc		1,131
7,381	*	Covanta Holding Corp		204
2,304	e	Crosstex Energy, Inc		86
6,926	e	DPL, Inc		205
9,870		DTE Energy Co		434
36,254		Dominion Resources, Inc		1,720
77,073		Duke Energy Corp		1,555
20,616	*	Dynegy, Inc (Class A)		147
19,930		Edison International		1,064
42,504		El Paso Corp		733
2,788	*	El Paso Electric Co		71
1,913		Empire District Electric Co		44
231	e*	EnerNOC, Inc		11
4,384		Energen Corp		282
9,504		Energy East Corp		259
1,700	*	EnergySolutions, Inc		46
453	e	EnergySouth, Inc		26
12,066		Entergy Corp		1,442
41,142		Exelon Corp		3,359
24,861		FPL Group, Inc		1,685
18,640		FirstEnergy Corp		1,348
5,249	e	Great Plains Energy, Inc		154
5,200	e	Hawaiian Electric Industries, Inc		118
2,092	e	ITC Holdings Corp		118
2,843	e	Idacorp, Inc		100
4,710		Integrys Energy Group, Inc		243
1,400		Laclede Group, Inc		48
11,115		MDU Resources Group, Inc		307
1,200	e	MGE Energy, Inc		43
419		Markwest Hydrocarbon, Inc		26
1,512		Metal Management, Inc		69
15,651	e*	Mirant Corp		610
14,823	e*	NRG Energy, Inc		642
6,541		NSTAR		237
5,101	e	National Fuel Gas Co		238
1,850	e	New Jersey Resources Corp		93
16,776		NiSource, Inc		317
2,750	e	Nicor, Inc		116
2,408		NorthWestern Corp		71
9,442		Northeast Utilities		296
1,750	e	Northwest Natural Gas Co		85
5,851		OGE Energy Corp		212
6,802		Oneok, Inc		305
833	e	Ormat Technologies, Inc		46
1,956	e	Otter Tail Corp		68
21,494		PG&E Corp		926
4,199		PNM Resources, Inc		90
23,607		PPL Corp		1,230
11,772		Pepco Holdings, Inc		345
936	e*	Pico Holdings, Inc		31

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,665		Piedmont Natural Gas Co, Inc	$	122
1,025	e*	Pike Electric Corp		17
6,239		Pinnacle West Capital Corp		265
1,726		Portland General Electric Co		48
15,770		Progress Energy, Inc		764
5,000	m,v*	Progress Energy, Inc		0
15,518		Public Service Enterprise Group, Inc		1,524
7,154		Puget Energy, Inc		196
10,539		Questar Corp		570
20,883	*	Reliant Energy, Inc		548
10,176		Republic Services, Inc		319
1,126	e	Resource America, Inc (Class A)		17
7,275		SCANA Corp		307
1,020	e	SJW Corp		35
16,145		Sempra Energy		999
13,561		Sierra Pacific Resources		230
1,884	e	South Jersey Industries, Inc		68
46,004		Southern Co		1,783
6,440		Southern Union Co		189
2,572		Southwest Gas Corp		77
1,025	e	Southwest Water Co		13
5,708	*	Stericycle, Inc		339
12,829	e	TECO Energy, Inc		221
6,491		UGI Corp		177
1,633	e	UIL Holdings Corp		60
2,373		Unisource Energy Corp		75
4,904	e	Vectren Corp		142
3,019		WGL Holdings, Inc		99
3,949	*	Waste Connections, Inc		122
499		Waste Industries USA, Inc		18
1,458	e*	Waste Services, Inc		12
5,625		Westar Energy, Inc		146
36,647		Williams Cos, Inc		1,311
7,164		Wisconsin Energy Corp		349
25,349	e	Xcel Energy, Inc		572
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		41,119
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.74%
7,316	*	ADC Telecommunications, Inc		114
4,100	*	AMIS Holdings, Inc		41
2,293	*	ATMI, Inc		74
3,547	e	AVX Corp		48
723	e*	AZZ, Inc		20
1,500	e*	Acme Packet, Inc		19
1,556	*	Actel Corp		21
2,651		Acuity Brands, Inc		119
7,209	*	Adaptec, Inc		24
3,699	e	Adtran, Inc		79
2,343	e*	Advanced Analogic Technologies, Inc		26
2,251	*	Advanced Energy Industries, Inc		29
34,301	e*	Advanced Micro Devices, Inc		257
21,706		Altera Corp		419
2,495	e*	American Superconductor Corp		68
6,834		Ametek, Inc		320
6,298	e*	Amkor Technology, Inc		54

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
10,954		Amphenol Corp (Class A)	$	508
3,097	e*	Anadigics, Inc		36
20,013		Analog Devices, Inc		634
52,912	*	Apple Computer, Inc		10,481
4,877	e*	Applied Micro Circuits Corp		43
8,272	*	Arris Group, Inc		83
3,325	e*	Atheros Communications, Inc		102
28,949	*	Atmel Corp		125
12,022	*	Avanex Corp		12
8,620	*	Avnet, Inc		301
2,797		Baldor Electric Co		94
674	e	Bel Fuse, Inc (Class B)		20
4,279	*	Benchmark Electronics, Inc		76
782	e*	BigBand Networks, Inc		4
28,853	*	Broadcom Corp (Class A)		754
457	e*	CPI International, Inc		8
2,100	e	CTS Corp		21
1,663	e*	Ceradyne, Inc		78
2,612	*	Checkpoint Systems, Inc		68
5,374	e*	Ciena Corp		183
371,381	*	Cisco Systems, Inc		10,053
1,458	e*	Comtech Telecommunications Corp		79
32,205	e*	Conexant Systems, Inc		27
10,968		Cooper Industries Ltd (Class A)		580
5,056	e*	Cree, Inc		139
1,000		Cubic Corp		39
9,243	*	Cypress Semiconductor Corp		333
1,958	*	DSP Group, Inc		24
1,168	e*	DTS, Inc		30
1,921	e*	Diodes, Inc		58
2,576	e*	Ditech Networks, Inc		9
2,248	*	Dolby Laboratories, Inc (Class A)		112
956	*	EMS Technologies, Inc		29
8,961		Eaton Corp		869
2,000	*	Electro Scientific Industries, Inc		40
1,937	*	EnerSys		48
3,562	*	Energizer Holdings, Inc		399
2,523	e*	Energy Conversion Devices, Inc		85
5,831	e*	Evergreen Solar, Inc		101
2,444	e*	Exar Corp		19
7,886	*	Fairchild Semiconductor International, Inc		114
14,527	e*	Finisar Corp		21
2,244	*	First Solar, Inc		599
1,238	e	Franklin Electric Co, Inc		47
2,934	e*	FuelCell Energy, Inc		29
15,290	*	Gemstar-TV Guide International, Inc		73
1,744	*	Genlyte Group, Inc		166
6,150	e*	GrafTech International Ltd		109
1,507	e*	Greatbatch, Inc		30
3,985		Harman International Industries, Inc		294
5,636	e*	Harmonic, Inc		59
8,349		Harris Corp		523
1,865	e*	Helen of Troy Ltd		32
6,021	e*	Hexcel Corp		146
829	*	Hittite Microwave Corp		40

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
47,699		Honeywell International, Inc	$	2,937
1,800	*	Hutchinson Technology, Inc		47
1,200	e*	Infinera Corp		18
600	*	IPG Photonics Corp		12
1,636	e*	IXYS Corp		13
2,223	e	Imation Corp		47
12,101	*	Integrated Device Technology, Inc		137
355,437		Intel Corp		9,476
2,862	e*	InterDigital, Inc		67
2,296	*	InterVoice, Inc		18
4,573	e*	International Rectifier Corp		155
8,268		Intersil Corp (Class A)		202
13,081	e*	JDS Uniphase Corp		174
3,477	e*	Jarden Corp		82
6,007	*	Kemet Corp		40
7,656		L-3 Communications Holdings, Inc		811
1,293	e	LSI Industries, Inc		24
47,037	*	LSI Logic Corp		250
7,863	e*	Lattice Semiconductor Corp		26
2,740		Lincoln Electric Holdings, Inc		195
14,118	e	Linear Technology Corp		449
1,534	e*	Littelfuse, Inc		51
732	e*	Loral Space & Communications, Inc		25
13,650	*	MEMC Electronic Materials, Inc		1,208
2,847	e*	MIPS Technologies, Inc		14
7,339	e*	MRV Communications, Inc		17
28,543	*	Marvell Technology Group Ltd		399
3,108	*	Mattson Technology, Inc		27
1,334	e*	Medis Technologies Ltd		21
133	e,m,v*	Medis Technologies Ltd		0
1,540	*	Mercury Computer Systems, Inc		25
2,500		Methode Electronics, Inc		41
4,755		Micrel, Inc		40
13,347	e	Microchip Technology, Inc		419
46,315	e*	Micron Technology, Inc		336
4,543	*	Microsemi Corp		101
4,100	*	Microtune, Inc		27
8,407		Molex, Inc		230
1,168	*	Monolithic Power Systems, Inc		25
2,161	*	Moog, Inc (Class A)		99
141,618		Motorola, Inc		2,272
555	e*	Multi-Fineline Electronix, Inc		10
300	e	National Presto Industries, Inc		16
17,087		National Semiconductor Corp		387
1,013	e*	Netlogic Microsystems, Inc		33
22,712	*	Network Appliance, Inc		567
7,718	e*	Novellus Systems, Inc		213
33,105	*	Nvidia Corp		1,126
13,834	e*	ON Semiconductor Corp		123
1,144	*	OpNext, Inc		10
869	e*	OSI Systems, Inc		23
3,460	e*	Omnivision Technologies, Inc		54
6,944	e*	On2 Technologies, Inc		7
6,068		Openwave Systems, Inc		16
1,210	e*	Oplink Communications, Inc		19

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
1,628	e	*	PLX Technology, Inc	$	15
13,218	e	*	PMC - Sierra, Inc		86
1,250	e		Park Electrochemical Corp		35
1,447	*		Pericom Semiconductor Corp		27
2,260	*		Photronics, Inc		28
2,609			Plantronics, Inc		68
3,100	*		Plexus Corp		81
5,444	*		Polycom, Inc		151
1,400	*		Polypore International, Inc		25
458	*		Powell Industries, Inc		20
4,438	e	*	Power-One, Inc		18
7,309	e	*	Powerwave Technologies, Inc		29
9,396	*		QLogic Corp		133
101,967			Qualcomm, Inc		4,012
14,875	e	*	RF Micro Devices, Inc		85
8,217	e		RadioShack Corp		139
5,680	e	*	Rambus, Inc		119
1,083	e		Raven Industries, Inc		42
1,983			Regal-Beloit Corp		89
1,100	e	*	Rogers Corp		48
32,531	*		Sanmina-SCI Corp		59
1,867	*		Seachange International, Inc		13
4,166	*		Semtech Corp		65
5,145	e	*	Silicon Image, Inc		23
3,220	*		Silicon Laboratories, Inc		121
5,900	e	*	Silicon Storage Technology, Inc		18
90,524	e	*	Sirius Satellite Radio, Inc		274
10,341	*		Skyworks Solutions, Inc		88
3,071	*		Smart Modular Technologies WWH, Inc		31
5,639	e	*	Spansion, Inc (Class A)		22
2,490	e	*	Spectrum Brands, Inc		13
1,279	*		Standard Microsystems Corp		50
1,500	e	*	Starent Networks Corp		27
898	*		Stoneridge, Inc		7
1,668	e	*	Sunpower Corp (Class A)		217
745	e	*	Supertex, Inc		23
12,134	e	*	Sycamore Networks, Inc		47
2,907	e	*	Symmetricom, Inc		14
1,530	e	*	Synaptics, Inc		63
3,593	e	*	Syntax-Brillian Corp		11
2,833	*		TTM Technologies, Inc		33
2,804	e		Technitrol, Inc		80
913	e	*	Techwell, Inc		10
3,400	e	*	Tekelec		43
2,403			Teleflex, Inc		151
26,740	*		Tellabs, Inc		175
2,944	*		Tessera Technologies, Inc		122
87,696			Texas Instruments, Inc		2,929
3,556	*		Thomas & Betts Corp		174
3,408	e	*	Trident Microsystems, Inc		22
9,492	*		Triquint Semiconductor, Inc		63
29,991			Tyco Electronics Ltd		1,114
1,167	e	*	Ultra Clean Holdings		14
1,466	e	*	Universal Display Corp		30
1,000	e	*	Universal Electronics, Inc		33

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,742	e*	Utstarcom, Inc	$	21
5,243	*	Varian Semiconductor Equipment Associates, Inc		194
1,399	*	Viasat, Inc		48
1,471	e	Vicor Corp		23
10,877	*	Vishay Intertechnology, Inc		124
1,011	e*	Volterra Semiconductor Corp		11
4,543	e	Whirlpool Corp		371
18,234		Xilinx, Inc		399
1,286	e*	Zoltek Cos, Inc		55
3,150	*	Zoran Corp		71
724	e*	iRobot Corp		13
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		66,638
ENGINEERING AND MANAGEMENT SERVICES - 0.93%
2,118	e*	Aecom Technology Corp		61
1,230	*	Advisory Board Co		79
8,040	*	Amylin Pharmaceuticals, Inc		297
4,841	*	Applera Corp (Celera Genomics Group)		77
4,682	e*	Ariad Pharmaceuticals, Inc		20
445	*	Michael Baker Corp		18
900		CDI Corp		22
706	e*	CRA International, Inc		34
3,622	e*	CV Therapeutics, Inc		33
23,578	*	Celgene Corp		1,090
758	e*	Cornell Cos, Inc		18
2,517	e	Corporate Executive Board Co		151
1,618	e	Diamond Management & Technology Consultants, Inc		12
5,381	e*	Exelixis, Inc		46
1,100	*	Exponent, Inc		30
5,476	e	Fluor Corp		798
3,419	*	Gen-Probe, Inc		215
1,100	*	Genpact Ltd		17
1,326	*	Greenfield Online, Inc		19
3,404	e*	Harris Interactive, Inc		15
5,800	*	Hewitt Associates, Inc (Class A)		222
1,113	*	Huron Consulting Group, Inc		90
4,807	e*	Incyte Corp		48
4,737	e*	Isis Pharmaceuticals, Inc		75
7,324	*	Jacobs Engineering Group, Inc		700
10,330	*	KBR, Inc		401
798	*	Kendle International, Inc		39
2,541	e*	Kosan Biosciences, Inc		9
1,549	e*	LECG Corp		23
584		Landauer, Inc		30
1,975	e*	Lifecell Corp		85
1,864	e*	Luminex Corp		30
1,221	e	MAXIMUS, Inc		47
685	e*	MTC Technologies, Inc		16
2,143	*	Maxygen, Inc		17
13,624	*	McDermott International, Inc		804
14,148	e	Moody’s Corp		505
2,554	e*	Myriad Genetics, Inc		119
3,394	e*	Navigant Consulting, Inc		46
1,978	e*	Neurogen Corp		7
1,729	e*	Omnicell, Inc		47

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
20,718			Paychex, Inc	$	750
1,234	e	*	PharmaNet Development Group, Inc		48
9,556			Quest Diagnostics, Inc		506
1,812	*		Regeneration Technologies, Inc		16
3,876	e	*	Regeneron Pharmaceuticals, Inc		94
8,827	e	*	Rentech, Inc		16
3,214			Resources Connection, Inc		58
2,518	e	*	Rigel Pharmaceuticals, Inc		64
10,300	e	*	SAIC, Inc		207
3,562	e	*	Savient Pharmaceuticals, Inc		82
2,563	e	*	Seattle Genetics, Inc		29
1,940	e	*	Senomyx, Inc		15
4,929	*		Shaw Group, Inc		298
507	*		Stanley, Inc		16
1,956	e	*	Symyx Technologies, Inc		15
692	e	*	Tejon Ranch Co		28
3,521	e	*	Telik, Inc		12
3,591	*		Tetra Tech, Inc		77
4,873	*		URS Corp		265
1,742	e	*	Verenium Corp		9
2,733			Watson Wyatt & Co Holdings (Class A)		127
600	e	*	comScore, Inc		20
3,090	*		eResearch Technology, Inc		37
			TOTAL ENGINEERING AND MANAGEMENT SERVICES		9,201
ENVIRONMENTAL QUALITY AND HOUSING - 0.00%**
2,403	e	*	Home Solutions of America, Inc		2
			TOTAL ENVIRONMENTAL QUALITY AND HOUSING		2
FABRICATED METAL PRODUCTS - 0.53%
2,088	e	*	Alliant Techsystems, Inc		238
532	e		Ameron International Corp		49
4,374			Aptargroup, Inc		179
6,862			Ball Corp		309
1,064	e		CIRCOR International, Inc		49
766	*		Chart Industries, Inc		24
7,354			Commercial Metals Co		217
1,343	e	*	Commercial Vehicle Group, Inc		19
3,158			Crane Co		135
10,461	*		Crown Holdings, Inc		268
757	e		Dynamic Materials Corp		45
1,746	e	*	Griffon Corp		22
546			Gulf Island Fabrication, Inc		17
916	e		Insteel Industries, Inc		11
30,351			Illinois Tool Works, Inc		1,625
904	e	*	Ladish Co, Inc		39
496	e		Lifetime Brands, Inc		6
2,280	e	*	Mobile Mini, Inc		42
6,723	e		Mueller Water Products, Inc (Class A)		64
1,321	e	*	NCI Building Systems, Inc		38
509	*		Park-Ohio Holdings Corp		13
10,630			Parker Hannifin Corp		801
6,093			Pentair, Inc		212
1,422			Silgan Holdings, Inc		74
2,152	e		Simpson Manufacturing Co, Inc		57

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,859	e*	Smith & Wesson Holding Corp	$	11
3,654		Snap-On, Inc		176
4,979	e	Stanley Works		241
1,389	e*	Sturm Ruger & Co, Inc		12
685	e	Sun Hydraulics Corp		17
3,948	e*	Taser International, Inc		57
809	*	Trimas Corp		9
1,173	e	Valmont Industries, Inc		105
1,666	e	Watts Water Technologies, Inc (Class A)		50
		TOTAL FABRICATED METAL PRODUCTS		5,231
FOOD AND KINDRED PRODUCTS - 3.50%
1,269	e*	Altus Pharmaceuticals, Inc		7
46,478		Anheuser-Busch Cos, Inc		2,433
39,914		Archer Daniels Midland Co		1,853
700	*	Boston Beer Co, Inc (Class A)		26
7,450	e	Bunge Ltd		867
14,117		Campbell Soup Co		504
263		Coca-Cola Bottling Co Consolidated		15
141,700		Coca-Cola Co		8,696
19,411		Coca-Cola Enterprises, Inc		505
30,473		ConAgra Foods, Inc		725
11,746	e*	Constellation Brands, Inc (Class A)		278
4,559		Corn Products International, Inc		168
4,436	*	Darling International, Inc		51
12,900		Del Monte Foods Co		122
629	e	Farmer Bros Co		14
5,007	e	Flowers Foods, Inc		117
20,338		General Mills, Inc		1,159
19,869		H.J. Heinz Co		927
4,024	e*	Hansen Natural Corp		178
10,758	e	Hershey Co		424
4,677		Hormel Foods Corp		189
740	e	Imperial Sugar Co		14
800	e	J&J Snack Foods Corp		25
3,519		J.M. Smucker Co		181
1,401	e*	Jones Soda Co		10
15,055		Kellogg Co		789
98,121		Kraft Foods, Inc (Class A)		3,202
1,575	e	Lancaster Colony Corp		63
1,746	e	Lance, Inc		36
686	e*	M&F Worldwide Corp		37
597	e	MGP Ingredients, Inc		6
8,308		McCormick & Co, Inc		315
6,110		Molson Coors Brewing Co (Class B)		315
621		National Beverage Corp		5
919	e*	Peet’s Coffee & Tea, Inc		27
8,468		Pepsi Bottling Group, Inc		334
3,834		PepsiAmericas, Inc		128
99,711		PepsiCo, Inc		7,568
2,153	*	Performance Food Group Co		58
1,622	*	Ralcorp Holdings, Inc		99
1,066	e	Reddy Ice Holdings, Inc		27
1,203	e	Sanderson Farms, Inc		41
44,957		Sara Lee Corp		722

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,686	e*	Smithfield Foods, Inc	$	193
2,372	e	Tootsie Roll Industries, Inc		65
2,025	*	TreeHouse Foods, Inc		47
15,114		Tyson Foods, Inc (Class A)		232
14,836		Wrigley (Wm.) Jr Co		869
		TOTAL FOOD AND KINDRED PRODUCTS		34,666
FOOD STORES - 0.33%
97		Arden Group, Inc (Class A)		15
1,515	e	Great Atlantic & Pacific Tea Co, Inc		47
700		Ingles Markets, Inc (Class A)		18
41,630		Kroger Co		1,112
1,886	e*	Panera Bread Co (Class A)		68
1,414	e*	Pantry, Inc		37
2,557		Ruddick Corp		89
27,020		Safeway, Inc		924
12,857		Supervalu, Inc		482
212		Village Super Market (Class A)		11
611	e	Weis Markets, Inc		24
8,728	e	Whole Foods Market, Inc		356
2,103	*	Winn-Dixie Stores, Inc		35
		TOTAL FOOD STORES		3,218
FORESTRY - 0.12%
4,673		Rayonier, Inc		221
13,213		Weyerhaeuser Co		974
		TOTAL FORESTRY		1,195
FURNITURE AND FIXTURES - 0.28%
1,625	e	Ethan Allen Interiors, Inc		46
2,907	e	Furniture Brands International, Inc		29
2,905	e	HNI Corp		102
3,977		Herman Miller, Inc		129
3,882		Hillenbrand Industries, Inc		216
680	e	Hooker Furniture Corp		14
3,257		Interface, Inc (Class A)		53
36,219		Johnson Controls, Inc		1,305
1,737	e	Kimball International, Inc (Class B)		24
3,352	e	La-Z-Boy, Inc		27
10,815	e	Leggett & Platt, Inc		189
23,113		Masco Corp		499
2,732	e	Sealy Corp		31
3,095	e*	Select Comfort Corp		22
4,232	e	Tempur-Pedic International, Inc		110
		TOTAL FURNITURE AND FIXTURES		2,796
FURNITURE AND HOME FURNISHINGS STORES - 0.17%
16,945	e*	Bed Bath & Beyond, Inc		498
10,474	e	Circuit City Stores, Inc		44
9,625	*	GameStop Corp (Class A)		598
1,232	e	Haverty Furniture Cos, Inc		11
2,965		Knoll, Inc		49
3,326	e*	Mohawk Industries, Inc		247
6,020	e*	Pier 1 Imports, Inc		31
4,902		Steelcase, Inc (Class A)		78

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,789	e	Tuesday Morning Corp	$	9
5,558	e	Williams-Sonoma, Inc		144
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,709
GENERAL BUILDING CONTRACTORS - 0.17%
115	e	Amrep Corp		4
310	e*	Avatar Holdings, Inc		13
2,556	e*	Beazer Homes USA, Inc		19
485	e	Brookfield Homes Corp		8
7,355		Centex Corp		186
19,198		DR Horton, Inc		253
2,297	e*	Hovnanian Enterprises, Inc (Class A)		16
4,706	e	KB Home		102
8,304	e	Lennar Corp (Class A)		149
862	e	M/I Homes, Inc		9
2,061	e	MDC Holdings, Inc		77
1,316		McGrath RentCorp		34
1,472	e*	Meritage Homes Corp		21
279	e*	NVR, Inc		146
1,250	e*	Palm Harbor Homes, Inc		13
1,625	*	Perini Corp		67
13,220	e	Pulte Homes, Inc		139
2,630	e	Ryland Group, Inc		72
4,272	e*	Standard-Pacific Corp		14
794	e*	Team, Inc		29
7,726	e*	Toll Brothers, Inc		155
1,883	e*	WCI Communities, Inc		7
3,445		Walter Industries, Inc		124
		TOTAL GENERAL BUILDING CONTRACTORS		1,657
GENERAL MERCHANDISE STORES - 1.47%
2,874	e*	99 Cents Only Stores		23
4,214	*	BJ’s Wholesale Club, Inc		143
6,733	e*	Big Lots, Inc		108
632	e	Bon-Ton Stores, Inc		6
2,068	e*	Cabela’s, Inc		31
3,355		Casey’s General Stores, Inc		99
481	e*	Conn’s, Inc		8
27,321		Costco Wholesale Corp		1,906
3,877	e	Dillard’s, Inc (Class A)		73
9,228	e	Family Dollar Stores, Inc		177
2,720	e	Fred’s, Inc		26
13,817		JC Penney Co, Inc		608
26,388		Macy’s, Inc		683
1,292	e*	Retail Ventures, Inc		7
8,388	e	Saks, Inc		174
1,757	e	Stein Mart, Inc		8
27,811		TJX Cos, Inc		799
52,323		Target Corp		2,616
147,502		Wal-Mart Stores, Inc		7,011
		TOTAL GENERAL MERCHANDISE STORES		14,506
HEALTH SERVICES - 1.36%
839	e*	Alliance Imaging, Inc		8
1,533	e*	Amedisys, Inc		74

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
748	e	*	American Dental Partners, Inc	$	8
10,498			AmerisourceBergen Corp		471
1,984	*		Amsurg Corp		54
2,667	*		Apria Healthcare Group, Inc		58
3,714	e	*	Assisted Living Concepts, Inc (A Shares)		28
535	e	*	Bio-Reference Labs, Inc		17
2,607	e		Brookdale Senior Living, Inc		74
17,615			Cigna Corp		946
5,854	e	*	Community Health Systems, Inc		216
750	*		Corvel Corp		17
3,963	*		Covance, Inc		343
9,571	*		Coventry Health Care, Inc		567
2,321	e	*	Cross Country Healthcare, Inc		33
1,413	e	*	CryoLife, Inc		11
6,435	*		DaVita, Inc		363
3,516	e	*	Edwards Lifesciences Corp		162
300	e	*	Emeritus Corp		8
1,864	e	*	Enzo Biochem, Inc		24
13,424	*		Express Scripts, Inc		980
810	e	*	Genomic Health, Inc		18
1,497	e	*	Gentiva Health Services, Inc		29
14,969	e		Health Management Associates, Inc (Class A)		90
4,400	*		Healthsouth Corp		92
2,237	e	*	Healthways, Inc		131
1,722	e	*	Hythiam, Inc		5
3,543	e	*	Immunomedics, Inc		8
2,054	e	*	Kindred Healthcare, Inc		51
1,383	e		LCA-Vision, Inc		28
735	e	*	LHC Group, Inc		18
7,195	*		Laboratory Corp of America Holdings		543
3,672	*		LifePoint Hospitals, Inc		109
5,141	*		Lincare Holdings, Inc		181
2,394	*		Magellan Health Services, Inc		112
1,371	e	*	Matria Healthcare, Inc		33
18,173			McKesson Corp		1,191
419	*		Medcath Corp		10
17,135	*		Medco Health Solutions, Inc		1,737
300	e		National Healthcare Corp		16
5,807	e	*	Nektar Therapeutics		39
1,311	e	*	Nighthawk Radiology Holdings, Inc		28
2,544	*		Odyssey HealthCare, Inc		28
7,429	e		Omnicare, Inc		169
3,052	*		Pediatrix Medical Group, Inc		208
6,515			Pharmaceutical Product Development, Inc		263
3,409	e	*	Psychiatric Solutions, Inc		111
745	e	*	Radiation Therapy Services, Inc		23
1,200	*		RehabCare Group, Inc		27
3,479	*		Sierra Health Services, Inc		146
1,374	e	*	Skilled Healthcare Group, Inc (Class A)		20
939	e	*	Stereotaxis, Inc		11
2,651	*		Sun Healthcare Group, Inc		46
2,773	e	*	Sunrise Senior Living, Inc		85
30,068	e	*	Tenet Healthcare Corp		153
2,659			Universal Health Services, Inc (Class B)		136
35,237	*		WellPoint, Inc		3,091

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
744	*	eHealth, Inc	$	24
		TOTAL HEALTH SERVICES		13,472
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.08%
321	e*	Comverge, Inc		10
4,311	*	Foster Wheeler Ltd		668
2,325		Granite Construction, Inc		84
2,122	*	Matrix Service Co		46
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		808
HOLDING AND OTHER INVESTMENT OFFICES - 2.20%
5,664		AMB Property Corp		326
2,039	e	Acadia Realty Trust		52
1,925	e*	Affiliated Managers Group, Inc		226
505	e	Agree Realty Corp		15
3,433	e	Alesco Financial, Inc		11
123	e*	Alexander’s, Inc		43
1,828	e	Alexandria Real Estate Equities, Inc		186
8,795	e	Allied Capital Corp		189
1,413		American Campus Communities, Inc		38
8,501		American Financial Realty Trust		68
23,991		Annaly Mortgage Management, Inc		436
3,218	e	Anthracite Capital, Inc		23
3,102		Anworth Mortgage Asset Corp		26
5,937	e	Apartment Investment & Management Co (Class A)		206
7,815	e	Apollo Investment Corp		133
850		Arbor Realty Trust, Inc		14
6,591		Ashford Hospitality Trust, Inc		47
936		Associated Estates Realty Corp		9
4,819		AvalonBay Communities, Inc		454
3,142		BRE Properties, Inc (Class A)		127
433	e	BRT Realty Trust		7
4,502		BioMed Realty Trust, Inc		104
6,268		Boston Properties, Inc		575
5,335	e	Brandywine Realty Trust		96
3,981		CBL & Associates Properties, Inc		95
1,814		CBRE Realty Finance, Inc		10
3,482		Camden Property Trust		168
2,642	e	Capital Lease Funding, Inc		22
190		Capital Southwest Corp		22
800	e	Capital Trust, Inc (Class A)		25
2,712	e	Cedar Shopping Centers, Inc		28
442	e	Cherokee, Inc		14
2,945		Colonial Properties Trust		67
2,299		Corporate Office Properties Trust		72
2,443		Cousins Properties, Inc		54
1,504	e	Crystal River Capital, Inc		22
10,500	e	DCT Industrial Trust, Inc		98
3,319	e	Deerfield Capital Corp		27
7,395		Developers Diversified Realty Corp		283
5,943		DiamondRock Hospitality Co		89
3,247		Digital Realty Trust, Inc		125
5,829		Douglas Emmett, Inc		132
8,769		Duke Realty Corp		229
1,377	e	EastGroup Properties, Inc		58

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,200		Education Realty Trust, Inc	$	13
1,723	e	Entertainment Properties Trust		81
1,227		Equity Lifestyle Properties, Inc		56
2,470	e	Equity One, Inc		57
16,363		Equity Residential		597
1,493		Essex Property Trust, Inc		146
3,926	e	Extra Space Storage, Inc		56
3,328		Federal Realty Investment Trust		273
3,926		FelCor Lodging Trust, Inc		61
2,899	e	First Industrial Realty Trust, Inc		100
1,470		First Potomac Realty Trust		25
3,189	e	Franklin Street Properties Corp		47
9,089	e*	Friedman Billings Ramsey Group, Inc (Class A)		29
3,200	e	GMH Communities Trust		18
13,247		General Growth Properties, Inc		546
1,193	e	Getty Realty Corp		32
638	e	Gladstone Capital Corp		11
2,171	e	Glimcher Realty Trust		31
1,100	e	Gramercy Capital Corp		27
12,321		HCP, Inc		429
998	e*	HFF, Inc (Class A)		8
13,475		HRPT Properties Trust		104
4,880		Health Care REIT, Inc		218
3,212	e	Healthcare Realty Trust, Inc		82
2,467		Hersha Hospitality Trust		23
3,247	e	Highwoods Properties, Inc		95
2,378	e*	Hilltop Holdings, Inc		26
2,389		Home Properties, Inc		107
5,735		Hospitality Properties Trust		185
31,929		Host Marriott Corp		544
5,056	e,v	IMPAC Mortgage Holdings, Inc		3
4,513	e	Inland Real Estate Corp		64
3,315		Investors Real Estate Trust		30
1,655	e	JER Investors Trust, Inc		18
3,168	e*	Jamba, Inc		12
2,062		Kilroy Realty Corp		113
13,130		Kimco Realty Corp		478
1,900		Kite Realty Group Trust		29
1,314	e	LTC Properties, Inc		33
2,579	e	LaSalle Hotel Properties		82
4,101	e	Lexington Corporate Properties Trust		60
5,546	e	Liberty Property Trust		160
2,561	e,v	Luminent Mortgage Capital, Inc		2
5,284		MFA Mortgage Investments, Inc		49
1,507		MVC Capital, Inc		24
4,379		Macerich Co		311
3,822		Mack-Cali Realty Corp		130
2,313	e	Maguire Properties, Inc		68
2,550	e	Medical Properties Trust, Inc		26
2,802	*	Meruelo Maddux Properties, Inc		11
1,526		Mid-America Apartment Communities, Inc		65
1,230	e	Mission West Properties, Inc		12
1,400	e	National Health Investors, Inc		39
3,765		National Retail Properties, Inc		88
4,957		Nationwide Health Properties, Inc		156

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,523	e	Newcastle Investment Corp	$	33
2,538	e*	NexCen Brands, Inc		12
3,513	e	NorthStar Realty Finance Corp		31
433	e*	Novastar Financial, Inc		1
4,121	e	Omega Healthcare Investors, Inc		66
1,073		PS Business Parks, Inc		56
946	e	Parkway Properties, Inc		35
1,209	e	PennantPark Investment Corp		12
1,975		Pennsylvania Real Estate Investment Trust		59
10,805	e	Plum Creek Timber Co, Inc		497
2,677	e	Post Properties, Inc		94
2,494		Potlatch Corp		111
15,511		Prologis		983
1,216	e	Prospect Capital Corp		16
7,739		Public Storage, Inc		568
979	e	Quadra Realty Trust, Inc		8
3,865	e	RAIT Investment Trust		33
992		Ramco-Gershenson Properties		21
6,195	e	Realty Income Corp		167
1,529	e	Redwood Trust, Inc		52
4,304		Regency Centers Corp		278
1,355	e	Resource Capital Corp		13
3,638		SL Green Realty Corp		340
700		Saul Centers, Inc		37
4,718		Senior Housing Properties Trust		107
13,486		Simon Property Group, Inc		1,171
1,302		Sovran Self Storage, Inc		52
4,727		Strategic Hotels & Resorts, Inc		79
1,069		Sun Communities, Inc		23
3,736		Sunstone Hotel Investors, Inc		68
1,844	e	Tanger Factory Outlet Centers, Inc		70
687	e	Tarragon Corp		1
3,403		Taubman Centers, Inc		167
8,031	e	Thornburg Mortgage, Inc		74
3,042	e	U-Store-It Trust		28
8,850		UDR, Inc		176
1,095	e	Universal Health Realty Income Trust		39
1,407	e	Urstadt Biddle Properties, Inc (Class A)		22
8,304		Ventas, Inc		376
17,912	e	Virgin Media, Inc		307
8,192		Vornado Realty Trust		720
3,681		WABCO Holdings, Inc		184
2,850	e	Washington Real Estate Investment Trust		90
4,713		Weingarten Realty Investors		148
3,164		Winthrop Realty Trust		17
35,252	e	iShares Russell 3000 Index Fund		2,975
7,812		iStar Financial, Inc		204
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		21,762
HOTELS AND OTHER LODGING PLACES - 0.39%
1,418	e	Ameristar Casinos, Inc		39
1,131	e*	Bluegreen Corp		8
2,948		Boyd Gaming Corp		100
2,172	e	Choice Hotels International, Inc		72
2,696	e*	Gaylord Entertainment Co		109

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,718	e*	Great Wolf Resorts, Inc	$	17
1,142	e*	Isle of Capri Casinos, Inc		16
6,384	*	Las Vegas Sands Corp		658
920	e*	Lodgian, Inc		10
7,236	*	MGM Mirage		608
1,242	e	Marcus Corp		19
20,149		Marriott International, Inc (Class A)		689
604	e*	Monarch Casino & Resort, Inc		15
1,158	*	Morgans Hotel Group Co		22
2,588	e	Orient-Express Hotels Ltd (Class A)		149
566	e*	Riviera Holdings Corp		17
12,155		Starwood Hotels & Resorts Worldwide, Inc		535
1,798	e*	Trump Entertainment Resorts, Inc		8
1,755	e*	Vail Resorts, Inc		94
11,158		Wyndham Worldwide Corp		263
3,369		Wynn Resorts Ltd		378
		TOTAL HOTELS AND OTHER LODGING PLACES		3,826
INDUSTRIAL MACHINERY AND EQUIPMENT - 7.13%
5,607	*	AGCO Corp		381
627	*	Altra Holdings, Inc		10
1,361	e*	ASV, Inc		19
1,014	e	Aaon, Inc		20
3,594		Actuant Corp (Class A)		122
1,703		Albany International Corp (Class A)		63
1,534	e*	Allis-Chalmers Energy, Inc		23
475		Ampco-Pittsburgh Corp		18
84,560		Applied Materials, Inc		1,502
1,200	e*	Astec Industries, Inc		45
3,264	*	Asyst Technologies, Inc		11
7,081	e*	Axcelis Technologies, Inc		33
4,039		Black & Decker Corp		281
981		Black Box Corp		35
2,004	*	Blount International, Inc		25
3,023		Briggs & Stratton Corp		69
23,785	*	Brocade Communications Systems, Inc		175
4,785	*	Brooks Automation, Inc		63
2,294		Bucyrus International, Inc (Class A)		228
3,800		Carlisle Cos, Inc		141
674	e	Cascade Corp		31
39,176		Caterpillar, Inc		2,843
5,864	*	Cirrus Logic, Inc		31
1,162	*	Columbus McKinnon Corp		38
1,943	*	Cray, Inc		12
6,374		Cummins, Inc		812
2,836		Curtiss-Wright Corp		142
2,201	e*	Cymer, Inc		86
27,762		Deere & Co		2,585
138,962	*	Dell, Inc		3,406
4,020		Diebold, Inc		116
4,851		Donaldson Co, Inc		225
12,501		Dover Corp		576
5,247	*	Dresser-Rand Group, Inc		205
1,630	*	Dril-Quip, Inc		91
128,351	*	EMC Corp		2,378

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
981	*	ENGlobal Corp	$	11
3,700	*	Electronics for Imaging, Inc		83
5,455	*	Emulex Corp		89
1,375	*	EnPro Industries, Inc		42
8,875	e*	Entegris, Inc		77
7,347	*	Extreme Networks, Inc		26
7,832	*	FMC Technologies, Inc		444
1,124	e*	Flotek Industries, Inc		41
2,307	*	Flow International Corp		22
3,680		Flowserve Corp		354
1,063	e*	Fuel Tech, Inc		24
3,376	*	Gardner Denver, Inc		111
673	e*	Gehl Co		11
631,150		General Electric Co		23,397
2,288	e*	Goodman Global, Inc		56
1,051	e	Gorman-Rupp Co		33
4,528		Graco, Inc		169
8,123	*	Grant Prideco, Inc		451
673		Hardinge, Inc		11
163,729		Hewlett-Packard Co		8,265
334	e*	Hurco Cos, Inc		15
5,144		IDEX Corp		186
1,615	*	Immersion Corp		21
16,514		Ingersoll-Rand Co Ltd (Class A)		767
3,395	e*	Intermec, Inc		69
83,833		International Business Machines Corp		9,062
19,147		International Game Technology		841
1,163	*	Intevac, Inc		17
11,645		Jabil Circuit, Inc		178
6,891		Joy Global, Inc		454
993	*	Kadant, Inc		29
1,979	e	Kaydon Corp		108
4,786		Kennametal, Inc		181
3,600	*	Kulicke & Soffa Industries, Inc		25
7,466	*	Lam Research Corp		323
3,798		Lennox International, Inc		157
5,795	*	Lexmark International, Inc (Class A)		202
700	e	Lindsay Manufacturing Co		49
949		Lufkin Industries, Inc		54
7,460		Manitowoc Co, Inc		364
2,549	*	Micros Systems, Inc		179
860	e*	Middleby Corp		66
2,342	e	Modine Manufacturing Co		39
937	*	NATCO Group, Inc (Class A)		51
381		Nacco Industries, Inc (Class A)		38
2,164	*	Netgear, Inc		77
1,891	e	Nordson Corp		110
3,203	*	Oil States International, Inc		109
7,666		Pall Corp		309
6,172	e	Palm, Inc		39
12,525	e*	Quantum Corp		34
1,335	*	RBC Bearings, Inc		58
1,201	e*	Riverbed Technology, Inc		32
1,782	e*	Rackable Systems, Inc		18
630	*	Rimage Corp		16

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,100		Robbins & Myers, Inc	$	83
9,049		Rockwell Automation, Inc		624
409	e*	Silicon Graphics, Inc		7
3,483		SPX Corp		358
1,945	e*	STEC, Inc		17
7,798	*	Safeguard Scientifics, Inc		14
13,961	*	SanDisk Corp		463
744	e	Sauer-Danfoss, Inc		19
1,742	e*	Scansource, Inc		56
3,970	e*	Scientific Games Corp (Class A)		132
33,426		Seagate Technology, Inc		852
16,448	m,v*	Seagate Technology, Inc		0
1,100	e*	Semitool, Inc		10
2,025	e*	Sigma Designs, Inc		112
4,015	e*	SourceForge, Inc		10
800		Standex International Corp		14
341	*	T-3 Energy Services, Inc		16
1,000	e*	Tecumseh Products Co (Class A)		23
1,200		Tennant Co		53
11,006	*	Teradata Corp		302
6,400	*	Terex Corp		420
5,313		Timken Co		175
2,458		Toro Co		134
11,044		Trane, Inc		516
881	e*	TurboChef Technologies, Inc		15
281		Twin Disc, Inc		20
1,608	e*	Ultratech, Inc		18
7,805	*	Varian Medical Systems, Inc		407
3,790	e*	VeriFone Holdings, Inc		88
1,482	e	Watsco, Inc		54
13,792	*	Western Digital Corp		417
2,025		Woodward Governor Co		138
4,449	*	Zebra Technologies Corp (Class A)		154
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		70,556
INSTRUMENTS AND RELATED PRODUCTS - 4.70%
7,072	e	Garmin Ltd		686
1,214	*	Abaxis, Inc		44
1,059	e*	Abiomed, Inc		16
1,020	e*	Accuray, Inc		16
3,672	e*	Advanced Medical Optics, Inc		90
4,200	e*	Affymetrix, Inc		97
23,000	*	Agilent Technologies, Inc		845
3,618	e*	Align Technology, Inc		60
18,654		Allergan, Inc		1,198
4,631	e*	American Medical Systems Holdings, Inc		67
543	e	American Science & Engineering, Inc		31
928		Analogic Corp		63
1,600	e*	Anaren, Inc		26
1,310	e*	Angiodynamics, Inc		25
11,326		Applera Corp (Applied Biosystems Group)		384
600	e*	Argon ST, Inc		11
1,690	e*	Arthrocare Corp		81
1,087	e*	Aspect Medical Systems, Inc		15
742	e	Badger Meter, Inc		33

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,333		Bard (C.R.), Inc	$	600
39,857		Baxter International, Inc		2,314
3,852		Beckman Coulter, Inc		280
14,982		Becton Dickinson & Co		1,252
1,200	e*	Bio-Rad Laboratories, Inc (Class A)		124
80,839	*	Boston Scientific Corp		940
3,985	*	Bruker BioSciences Corp		53
711	e*	Cantel Medical Corp		10
2,899	e*	Cepheid, Inc		76
2,300	*	Coherent, Inc		58
1,500	e	Cohu, Inc		23
1,940	*	Conmed Corp		45
2,727	e	Cooper Cos, Inc		104
29,991		Covidien Ltd		1,328
5,665	e*	Credence Systems Corp		14
829	*	Cutera, Inc		13
1,543	e*	Cyberonics, Inc		20
475	e*	Cynosure, Inc (Class A)		13
2,562		DRS Technologies, Inc		139
14,975		Danaher Corp		1,314
800		Datascope Corp		29
9,684		Dentsply International, Inc		436
1,255	e*	Dionex Corp		104
1,718	*	ESCO Technologies, Inc		69
462	*	Eagle Test Systems, Inc		6
17,610	e	Eastman Kodak Co		385
48,646		Emerson Electric Co		2,756
1,694	*	Esterline Technologies Corp		88
833	*	Excel Technology, Inc		23
910	e*	FARO Technologies, Inc		25
2,156	e*	FEI Co		54
8,364	e*	Flir Systems, Inc		262
2,946	e*	Formfactor, Inc		98
2,463	*	Fossil, Inc		103
1,733	*	Haemonetics Corp		109
6,971	e*	Hologic, Inc		478
1,260	e*	I-Flow Corp		20
919	e*	ICU Medical, Inc		33
4,300	e*	ION Geophysical Corp		68
1,400	e*	II-VI, Inc		43
3,212	e*	Illumina, Inc		190
1,332	e*	Integra LifeSciences Holdings Corp		56
2,329	*	Intuitive Surgical, Inc		756
2,044	e	Invacare Corp		52
1,673	e*	Ionatron, Inc		5
1,741	e*	Itron, Inc		167
2,194	e*	Ixia		21
177,190		Johnson & Johnson		11,819
11,724	e	Kla-Tencor Corp		565
520	e*	Kensey Nash Corp		16
3,660	e*	L-1 Identity Solutions, Inc		66
4,233	e*	LTX Corp		13
3,076	*	MKS Instruments, Inc		59
1,408		MTS Systems Corp		60
800	*	Masimo Corp		32

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
742	e*	Measurement Specialties, Inc	$	16
873	e*	Medical Action Industries, Inc		18
70,297		Medtronic, Inc		3,534
2,502	e	Mentor Corp		98
1,469	e*	Merit Medical Systems, Inc		20
2,475	*	Mettler-Toledo International, Inc		282
935	e*	Micrus Endovascular Corp		18
3,307	e*	Millipore Corp		242
1,789	e	Mine Safety Appliances Co		93
1,178		Movado Group, Inc		30
2,200	*	Wright Medical Group, Inc		64
3,725		National Instruments Corp		124
1,185	e*	Natus Medical, Inc		23
2,159	e*	Newport Corp		28
710	e*	Northstar Neuroscience, Inc		7
2,136	*	NuVasive, Inc		84
794	e*	NxStage Medical, Inc		12
246	e*	OYO Geospace Corp		19
1,010	*	Orthofix International NV		59
1,140	e*	Palomar Medical Technologies, Inc		17
7,339		PerkinElmer, Inc		191
13,441		Pitney Bowes, Inc		511
4,869	e*	Resmed, Inc		256
4,842	*	Respironics, Inc		317
10,243		Rockwell Collins, Inc		737
2,074	*	Rofin-Sinar Technologies, Inc		100
5,330		Roper Industries, Inc		333
1,464	*	Rudolph Technologies, Inc		17
3,325	e*	Sirf Technology Holdings, Inc		84
1,080	e	Sirona Dental Systems, Inc		36
1,640	*	Sonic Innovations, Inc		13
1,305	e*	Sonic Solutions, Inc		14
957	*	SonoSite, Inc		32
1,958	*	Spectranetics Corp		30
20,694	*	St. Jude Medical, Inc		841
3,970		STERIS Corp		114
18,895		Stryker Corp		1,412
2,227	*	Symmetry Medical, Inc		39
2,400	*	Techne Corp		159
2,183	*	Teledyne Technologies, Inc		116
11,602	*	Teradyne, Inc		120
25,928	*	Thermo Electron Corp		1,496
3,422	e*	Thoratec Corp		62
7,398	*	Trimble Navigation Ltd		224
1,810	*	Varian, Inc		118
1,820	e*	Veeco Instruments, Inc		30
2,000	*	Ventana Medical Systems, Inc		174
828	e*	Vital Images, Inc		15
666		Vital Signs, Inc		34
3,486	*	Vivus, Inc		18
1,469	*	Volcano Corp		18
6,179	*	Waters Corp		489
1,200	e*	X-Rite, Inc		14
57,344		Xerox Corp		928
14,538	*	Zimmer Holdings, Inc		962

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,200	*	Zoll Medical Corp	$	32
1,176	e*	Zygo Corp		15
2,690	e*	ev3, Inc		34
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		46,497
INSURANCE AGENTS, BROKERS AND SERVICE - 0.43%
17,963		AON Corp		857
6,834		Brown & Brown, Inc		161
2,076	e	Crawford & Co (Class B)		9
6,200	e	Gallagher (Arthur J.) & Co		150
19,373		Hartford Financial Services Group, Inc		1,689
2,336		Hilb Rogal & Hobbs Co		95
31,591		Marsh & McLennan Cos, Inc		836
2,320	e	National Financial Partners Corp		106
1,515	*	United America Indemnity Ltd (Class A)		30
557		White Mountains Insurance Group Ltd		286
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		4,219
INSURANCE CARRIERS - 4.59%
19,293		ACE Ltd		1,192
3,440	*	AMERIGROUP Corp		125
31,344		Aetna, Inc		1,809
29,917		Aflac, Inc		1,874
2,273		Alfa Corp		49
340	e*	Alleghany Corp		137
3,614		Allied World Assurance Holdings Ltd		181
34,858		Allstate Corp		1,821
6,238	e	Ambac Financial Group, Inc		161
3,620	e	American Equity Investment Life Holding Co		30
5,031		American Financial Group, Inc		145
137,111		American International Group, Inc		7,994
615		American National Insurance Co		75
978		American Physicians Capital, Inc		41
1,131	*	Amerisafe, Inc		18
1,541	e	Amtrust Financial Services, Inc		21
3,110	*	Arch Capital Group Ltd		219
1,571	*	Argo Group International Holdings Ltd		66
5,006		Aspen Insurance Holdings Ltd		144
7,407		Assurant, Inc		496
4,150		Assured Guaranty Ltd		110
9,401		Axis Capital Holdings Ltd		366
625		Baldwin & Lyons, Inc (Class B)		17
10,431		W.R. Berkley Corp		311
1,743	e	CNA Financial Corp		59
1,100	*	CNA Surety Corp		22
2,823	*	Centene Corp		77
24,561		Chubb Corp		1,341
9,813		Cincinnati Financial Corp		388
2,162	*	Citizens, Inc		12
3,273	e	Commerce Group, Inc		118
10,017	e*	Conseco, Inc		126
454	*	Darwin Professional Underwriters, Inc		11
2,592		Delphi Financial Group, Inc (Class A)		91
850		Donegal Group, Inc (Class A)		15
168		EMC Insurance Group, Inc		4

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,600		Employers Holdings, Inc	$	60
3,475	e	Endurance Specialty Holdings Ltd		145
426	e*	Enstar Group Ltd		52
3,457	e	Erie Indemnity Co (Class A)		179
3,668		Everest Re Group Ltd		368
881		FBL Financial Group, Inc (Class A)		30
558	e*	Fpic Insurance Group, Inc		24
13,156	e	Fidelity National Title Group, Inc (Class A)		192
1,175	e*	First Acceptance Corp		5
5,326	e	First American Corp		182
763	*	First Mercury Financial Corp		19
869		Flagstone Reinsurance Holdings Ltd		12
26,613		Genworth Financial, Inc (Class A)		677
540	e*	Greenlight Capital Re Ltd (Class A)		11
7,008		HCC Insurance Holdings, Inc		201
3,274		Hanover Insurance Group, Inc		150
839		Harleysville Group, Inc		30
6,861	*	Health Net, Inc		331
1,750	*	HealthExtras, Inc		46
2,916	*	Healthspring, Inc		56
2,970		Horace Mann Educators Corp		56
10,277	*	Humana, Inc		774
2,835		IPC Holdings Ltd		82
423	e	Independence Holding Co		5
1,436	e	Infinity Property & Casualty Corp		52
314		Kansas City Life Insurance Co		14
1,114	e	LandAmerica Financial Group, Inc		37
10,028	e	Leucadia National Corp		472
16,569		Lincoln National Corp		965
26,651		Loews Corp		1,342
8,009	e	MBIA, Inc		149
5,088	e	MGIC Investment Corp		114
608	*	Markel Corp		299
3,703	e	Max Re Capital Ltd		104
1,665	*	Meadowbrook Insurance Group, Inc		16
1,767		Mercury General Corp		88
28,848		Metlife, Inc		1,778
742	e	Midland Co		48
720	e*	Molina Healthcare, Inc		28
6,148		Montpelier Re Holdings Ltd		105
376	e	NYMAGIC, Inc		9
1,024	e	National Interstate Corp		34
154		National Western Life Insurance Co (Class A)		32
3,152		Nationwide Financial Services, Inc (Class A)		142
838	*	Navigators Group, Inc		54
1,658	e	Odyssey Re Holdings Corp		61
14,152		Old Republic International Corp		218
1,314		OneBeacon Insurance Group Ltd		28
1,846	e*	PMA Capital Corp (Class A)		15
5,465	e	PMI Group, Inc		73
3,527		PartnerRe Ltd		291
3,636	*	Philadelphia Consolidated Holding Co		143
7,094		Phoenix Cos, Inc		84
3,659		Platinum Underwriters Holdings Ltd		130
1,393	e	Presidential Life Corp		24

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,793	e*	Primus Guaranty Ltd	$	20
16,376		Principal Financial Group		1,127
2,003	*	ProAssurance Corp		110
44,236	*	Progressive Corp		848
4,294		Protective Life Corp		176
28,332		Prudential Financial, Inc		2,636
1,105	e*	RAM Holdings Ltd		5
1,557	e	RLI Corp		88
5,032	e	Radian Group, Inc		59
1,878		Reinsurance Group Of America, Inc		99
4,289		RenaissanceRe Holdings Ltd		258
5,694		Safeco Corp		317
784		Safety Insurance Group, Inc		29
4,085	e,v*	Scottish Re Group Ltd		3
999	*	SeaBright Insurance Holdings, Inc		15
1,469	e	Security Capital Assurance Ltd		6
3,600	e	Selective Insurance Group, Inc		83
2,873		Stancorp Financial Group, Inc		145
913	e	State Auto Financial Corp		24
1,214	e	Stewart Information Services Corp		32
5,839		Torchmark Corp		353
1,074	e	Tower Group, Inc		36
1,735		Transatlantic Holdings, Inc		126
40,618		Travelers Cos, Inc/The		2,185
648	e*	Triad Guaranty, Inc		6
1,337	e	United Fire & Casualty Co		39
81,978		UnitedHealth Group, Inc		4,771
2,795	e	Unitrin, Inc		134
2,474	e*	Universal American Financial Corp		63
21,288		UnumProvident Corp		506
1,000	*	Validus Holdings Ltd		26
2,485	*	WellCare Health Plans, Inc		105
91		Wesco Financial Corp		37
11,131		XL Capital Ltd (Class A)		560
2,375		Zenith National Insurance Corp		106
		TOTAL INSURANCE CARRIERS		45,435
JUSTICE, PUBLIC ORDER AND SAFETY - 0.03%
7,308	*	Corrections Corp of America		216
3,103	e*	Geo Group, Inc		87
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		303
LEATHER AND LEATHER PRODUCTS - 0.12%
4,890	e*	CROCS, Inc		180
22,707	*	Coach, Inc		694
1,554	e*	Genesco, Inc		59
3,106	*	Iconix Brand Group, Inc		61
1,333		Steven Madden Ltd		27
2,878	e*	Timberland Co (Class A)		52
378	e	Weyco Group, Inc		10
3,523		Wolverine World Wide, Inc		86
		TOTAL LEATHER AND LEATHER PRODUCTS		1,169
LEGAL SERVICES - 0.02%
2,772	*	FTI Consulting, Inc		171

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
714	e*	Pre-Paid Legal Services, Inc	$	40
		TOTAL LEGAL SERVICES		211
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
564	e*	Emergency Medical Services Corp (Class A)		17
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		17
LUMBER AND WOOD PRODUCTS - 0.02%
660	e	American Woodmark Corp		12
4,900	e*	Champion Enterprises, Inc		46
742	e	Deltic Timber Corp		38
6,361		Louisiana-Pacific Corp		87
442	e	Skyline Corp		13
979	e	Universal Forest Products, Inc		29
		TOTAL LUMBER AND WOOD PRODUCTS		225
METAL MINING - 0.52%
5,583	*	Apex Silver Mines Ltd		85
2,557	e	Cleveland-Cliffs, Inc		258
28,976	e*	Coeur d’Alene Mines Corp		143
2,939		Foundation Coal Holdings, Inc		154
23,322		Freeport-McMoRan Copper & Gold, Inc (Class B)		2,389
7,406	e*	Hecla Mining Co		69
26,155		Newmont Mining Corp		1,277
1,620	*	Patriot Coal Corp		68
3,261	e*	Rosetta Resources, Inc		65
2,140	e	Royal Gold, Inc		65
1,718	e*	ShengdaTech, Inc		25
4,398	e	Southern Copper Corp		462
1,968	e*	Stillwater Mining Co		19
2,885	*	US Gold Corp		9
5,188	e*	Uranium Resources, Inc		65
		TOTAL METAL MINING		5,153
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.30%
988	*	Armstrong World Industries, Inc		40
1,544		Blyth, Inc		34
4,691		Callaway Golf Co		82
2,087	e	Daktronics, Inc		47
9,381	e	Fortune Brands, Inc		679
9,750		Hasbro, Inc		249
1,657	e*	Jakks Pacific, Inc		39
1,066	e	Marine Products Corp		7
24,326		Mattel, Inc		463
2,137	e	Nautilus, Inc		10
1,217	*	RC2 Corp		34
700	e*	Russ Berrie & Co, Inc		11
2,343	e*	Shuffle Master, Inc		28
467	e	Steinway Musical Instruments, Inc		13
29,991		Tyco International Ltd		1,189
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		2,925
MISCELLANEOUS RETAIL - 1.29%
1,264	e*	1-800-FLOWERS.COM, Inc (Class A)		11
872	e*	AC Moore Arts & Crafts, Inc		12

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
18,672	*	Amazon.com, Inc	$	1,730
3,240		Barnes & Noble, Inc		112
21,215	e	Best Buy Co, Inc		1,117
1,412	e	Big 5 Sporting Goods Corp		20
1,004	e*	Blue Nile, Inc		68
921	e	Books-A-Million, Inc		11
3,769	e	Borders Group, Inc		40
968	e*	Build-A-Bear Workshop, Inc		14
3,306	e*	CKX, Inc		40
90,582		CVS Corp		3,601
2,000		Cash America International, Inc		65
3,853	e*	Coldwater Creek, Inc		26
4,676	*	Dick’s Sporting Goods, Inc		130
5,966	*	Dollar Tree Stores, Inc		155
2,322	*	Ezcorp, Inc (Class A)		26
1,606	*	GSI Commerce, Inc		31
2,439	e*	Hibbett Sports, Inc		49
2,107		Longs Drug Stores Corp		99
2,547		MSC Industrial Direct Co (Class A)		103
2,071	e*	Nutri/System, Inc		56
16,820	*	Office Depot, Inc		234
4,584		OfficeMax, Inc		95
840	e*	Overstock.com, Inc		13
8,307		Petsmart, Inc		195
811		Pricesmart, Inc		24
37,701	e*	Rite Aid Corp		105
4,539	e*	Sears Holdings Corp		463
895	*	Shutterfly, Inc		23
1,250	e*	Stamps.com, Inc		15
43,747		Staples, Inc		1,009
461	e	Systemax, Inc		9
8,340		Tiffany & Co		384
1,504	e*	Valuevision International, Inc (Class A)		9
61,006		Walgreen Co		2,323
1,783	e	World Fuel Services Corp		52
3,026	e*	Zale Corp		49
933	e*	Zumiez, Inc		23
2,296	e*	Priceline.com, Inc		264
		TOTAL MISCELLANEOUS RETAIL		12,805
MOTION PICTURES - 1.06%
2,781	e*	Avid Technology, Inc		79
12,560	e*	Blockbuster, Inc (Class A)		49
37,287		CBS Corp (Class B)		1,016
840	e	Carmike Cinemas, Inc		6
1,605	e	Cinemark Holdings Inc		27
17,200	*	Discovery Holding Co (Class A)		432
4,014	*	DreamWorks Animation SKG, Inc (Class A)		102
1,016	e*	Gaiam, Inc (Class A)		30
3,427	e*	Macrovision Corp		63
2,600	e	National CineMedia, Inc		66
139,403		News Corp (Class A)		2,856
3,910	e	Regal Entertainment Group (Class A)		71
230,399		Time Warner, Inc		3,804
8,960	e*	Time Warner Telecom, Inc (Class A)		182

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
37,954	*	Viacom, Inc (Class B)	$	1,667
		TOTAL MOTION PICTURES		10,450
MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS - 0.00%**
1,793	e*	Premier Exhibitions, Inc		20
		TOTAL MUSEUMS, BOTANICAL, ZOOLOGICAL GARDENS		20
NONCLASSIFIABLE ESTABLISHMENTS - 0.01%
1,398	e*	Energy Infrastructure Acquisition Corp		14
3,300	e*	Hicks Acquisition Co I, Inc		30
2,900	e*	Triplecrown Acquisition Corp		27
		TOTAL NONCLASSIFIABLE ESTABLISHMENTS		71
NONDEPOSITORY INSTITUTIONS - 1.26%
2,159	*	Guaranty Financial Financial Group, Inc		35
2,000	e*	Aldabra 2 Acquisition Corp		19
2,400	*	Alternative Asset Management Acquisition Corp		22
4,592		Advance America Cash Advance Centers, Inc		47
2,254	e	Advanta Corp (Class B)		18
6,944	e*	AmeriCredit Corp		89
11,423	e	American Capital Strategies Ltd		377
63,350		American Express Co		3,295
3,510		Ares Capital Corp		51
645	e	Asta Funding, Inc		17
2,000		Chimera Investment Corp		36
11,733		CIT Group, Inc		282
24,323		Capital One Financial Corp		1,150
9,101	e	CapitalSource, Inc		160
3,111	e	Centerline Holding Co		24
1,233	e*	CompuCredit Corp		12
37,128		Countrywide Financial Corp		332
611	e*	Credit Acceptance Corp		13
30,035		Discover Financial Services		453
966	e*	Encore Capital Group, Inc		9
59,521		Fannie Mae		2,380
591	e	Federal Agricultural Mortgage Corp (Class C)		16
1,621	e	Financial Federal Corp		36
1,630	*	First Cash Financial Services, Inc		24
3,742	e	First Marblehead Corp		57
40,467		Freddie Mac		1,379
3,300	*	GLG Partners, Inc		45
1,426	e	Hercules Technology Growth Capital, Inc		18
2,956	e*	INVESTools, Inc		52
1,938	e*	Information Services Group, Inc		13
893		Kohlberg Capital Corp		11
2,305	e*	Marathon Acquisition Corp		18
3,210	e	MCG Capital Corp		37
1,200	*	Mercadolibre, Inc		89
812	e*	NewStar Financial, Inc		7
1,181	e	NGP Capital Resources Co		18
1,557	e*	NTR Acquisition Co		15
1,165	e	Nelnet, Inc (Class A)		15
2,600	e*	Ocwen Financial Corp		14
3,083	*	PHH Corp		54
1,115	e	Patriot Capital Funding, Inc		11

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
25,169	*	SLM Corp	$	507
258	e	Student Loan Corp		28
1,200	e	TICC Capital Corp		11
15,252		Textron, Inc		1,087
1,332	e*	World Acceptance Corp		36
		TOTAL NONDEPOSITORY INSTITUTIONS		12,419
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
1,482	e	AMCOL International Corp		53
2,075	e	Compass Minerals International, Inc		85
2,908	e*	General Moly, Inc		34
6,159	e	Vulcan Materials Co		487
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		659
OIL AND GAS EXTRACTION - 3.54%
568	e	APCO Argentina, Inc		16
1,212	*	ATP Oil & Gas Corp		61
28,385		Anadarko Petroleum Corp		1,865
2,190	e*	Arena Resources, Inc		91
1,428		Atlas America, Inc		85
1,792	*	Atwood Oceanics, Inc		180
17,947		BJ Services Co		435
19,711		Baker Hughes, Inc		1,599
2,507	e*	Basic Energy Services, Inc		55
2,505		Berry Petroleum Co (Class A)		111
1,840	e*	Bill Barrett Corp		77
905	e*	Bois d’Arc Energy, Inc		18
2,914	*	Brigham Exploration Co		22
1,573	e*	Bronco Drilling Co, Inc		23
1,794	e*	CNX Gas Corp		57
2,632	e*	Cal Dive International, Inc		35
1,319	e*	Callon Petroleum Co		22
13,856	*	Cameron International Corp		667
1,285	*	Carrizo Oil & Gas, Inc		70
3,135	e*	Cheniere Energy, Inc		102
28,492	e	Chesapeake Energy Corp		1,117
5,089	e	Cimarex Energy Co		216
632	*	Clayton Williams Energy, Inc		20
2,526	e*	Complete Production Services, Inc		45
2,751	*	Comstock Resources, Inc		94
1,300	*	Concho Resources, Inc		27
811	e*	Contango Oil & Gas Co		41
1,798	*	Continental Resources, Inc		47
474	e*	Dawson Geophysical Co		34
4,024	e*	Delta Petroleum Corp		76
15,200	*	Denbury Resources, Inc		452
4,143	e	Diamond Offshore Drilling, Inc		588
9,113		ENSCO International, Inc		543
3,362	e*	EXCO Resources, Inc		52
1,723	e*	Edge Petroleum Corp		10
3,307	*	Encore Acquisition Co		110
2,129	*	Energy Partners Ltd		25
7,432		Equitable Resources, Inc		396
3,794	e*	Exterran Holdings, Inc		310
2,157	e*	FX Energy, Inc		12

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,016	*	Forest Oil Corp	$	204
515	e*	GMX Resources, Inc		17
1,949	e*	GeoGlobal Resources, Inc		10
424	e*	Geokinetics, Inc		8
5,603	*	Global Industries Ltd		120
939	e*	Goodrich Petroleum Corp		21
11,559	*	Grey Wolf, Inc		62
853	e*	Gulfport Energy Corp		16
55,913		Halliburton Co		2,120
2,496	e*	Harvest Natural Resources, Inc		31
5,725	*	Helix Energy Solutions Group, Inc		238
6,324		Helmerich & Payne, Inc		253
6,794	*	Hercules Offshore, Inc		162
597		Kayne Anderson Energy Development Co		14
5,069	*	Mariner Energy, Inc		116
1,692	e*	McMoRan Exploration Co		22
6,041	e*	Meridian Resource Corp		11
16,719	*	Nabors Industries Ltd		458
21,880	*	National Oilwell Varco, Inc		1,607
5,171	*	Newpark Resources, Inc		28
16,276		Noble Corp		920
3,462	*	Oceaneering International, Inc		233
6,456	e*	Oilsands Quest, Inc		26
2,048	*	Parallel Petroleum Corp		36
6,555	e*	Parker Drilling Co		49
9,595	e	Patterson-UTI Energy, Inc		187
2,296		Penn Virginia Corp		100
10,359	e*	PetroHawk Energy Corp		179
1,000	e*	Petroleum Development Corp		59
2,768	e*	Petroquest Energy, Inc		40
2,681	*	Pioneer Drilling Co		32
7,624		Pioneer Natural Resources Co		372
7,752	*	Plains Exploration & Production Co		419
10,147	*	Pride International, Inc		344
3,296	*	Quicksilver Resources, Inc		196
1,462	e	RPC, Inc		17
9,058		Range Resources Corp		465
6,954		Rowan Cos, Inc		274
72,092		Schlumberger Ltd		7,092
1,453	e*	SEACOR Holdings, Inc		135
12,286		Smith International, Inc		907
10,405	*	Southwestern Energy Co		580
3,800		St. Mary Land & Exploration Co		147
1,752	*	Stone Energy Corp		82
5,008	e*	Sulphco, Inc		26
5,049	*	Superior Energy Services		174
615	e*	Superior Offshore International, Inc		3
720	e*	Superior Well Services, Inc		15
1,701	*	Swift Energy Co		75
1,841	e*	TXCO Resources, Inc		22
4,457	e*	Tetra Technologies, Inc		69
3,448	e	Tidewater, Inc		189
942	e*	Toreador Resources Corp		7
18,859		Transocean, Inc		2,700
755	e*	Trico Marine Services, Inc		28

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
500	*	Union Drilling, Inc	$	8
361	m,v*	PetroCorp		0
2,793	*	Unit Corp		129
3,680	e*	Vaalco Energy, Inc		17
764	*	Venoco, Inc		15
1,693	e	W&T Offshore, Inc		51
1,989	*	W-H Energy Services, Inc		112
3,436	e*	Warren Resources, Inc		49
20,642	*	Weatherford International Ltd		1,416
2,386	*	Whiting Petroleum Corp		138
2,395	*	Willbros Group, Inc		92
29,426		XTO Energy, Inc		1,511
		TOTAL OIL AND GAS EXTRACTION		35,061
PAPER AND ALLIED PRODUCTS - 0.46%
2,993	e*	AbitibiBowater, Inc		62
6,403		Bemis Co		175
2,317	*	Buckeye Technologies, Inc		29
3,345	e*	Cenveo, Inc		58
1,356	e*	Chesapeake Corp		7
26,945	*	Domtar Corporation		207
2,970		Glatfelter		45
4,634	e*	Graphic Packaging Corp		17
2,066		Greif, Inc (Class A)		135
26,643		International Paper Co		863
26,607		Kimberly-Clark Corp		1,845
11,293	e	MeadWestvaco Corp		353
1,971	e*	Mercer International, Inc		15
1,075		Neenah Paper, Inc		31
4,643		Packaging Corp of America		131
1,984		Rock-Tenn Co (Class A)		50
1,040		Schweitzer-Mauduit International, Inc		27
15,753	*	Smurfit-Stone Container Corp		166
6,153		Sonoco Products Co		201
6,477		Temple-Inland, Inc		135
3,174		Wausau Paper Corp		29
		TOTAL PAPER AND ALLIED PRODUCTS		4,581
PERSONAL SERVICES - 0.14%
316	e	CPI Corp		7
8,286		Cintas Corp		279
2,067	e*	Coinstar, Inc		58
1,405	e	G & K Services, Inc (Class A)		53
19,744	e	H&R Block, Inc		367
2,055	e	Jackson Hewitt Tax Service, Inc		65
2,615		Regis Corp		73
5,024	e*	Sally Beauty Holdings, Inc		45
17,997		Service Corp International		253
1,036	e*	Steiner Leisure Ltd		46
864		Unifirst Corp		33
2,092	e	Weight Watchers International, Inc		94
		TOTAL PERSONAL SERVICES		1,373
PETROLEUM AND COAL PRODUCTS - 7.51%
783	e	Alon USA Energy, Inc		21

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
20,252		Apache Corp	$	2,178
3,437		Ashland, Inc		163
1,100	*	CVR Energy, Inc		27
5,926		Cabot Oil & Gas Corp		239
131,478		Chevron Corp		12,271
99,977		ConocoPhillips		8,828
683		Delek US Holdings, Inc		14
27,223		Devon Energy Corp		2,420
14,962		EOG Resources, Inc		1,335
345,505		Exxon Mobil Corp		32,370
6,733		Frontier Oil Corp		273
2,769	e*	Headwaters, Inc		33
17,001		Hess Corp		1,715
2,772		Holly Corp		141
43,454		Marathon Oil Corp		2,645
11,508		Murphy Oil Corp		976
7,953	*	Newfield Exploration Co		419
10,456		Noble Energy, Inc		831
51,013		Occidental Petroleum Corp		3,927
1,700	*	SandRidge Energy, Inc		61
7,430		Sunoco, Inc		538
8,359		Tesoro Corp		399
33,585		Valero Energy Corp		2,352
1,100	e	WD-40 Co		42
1,509	e	Western Refining, Inc		37
		TOTAL PETROLEUM AND COAL PRODUCTS		74,255
PIPELINES, EXCEPT NATURAL GAS - 0.10%
38,633		Spectra Energy Corp		998
		TOTAL PIPELINES, EXCEPT NATURAL GAS		998
PRIMARY METAL INDUSTRIES - 1.09%
7,055	*	AK Steel Holding Corp		326
53,179		Alcoa, Inc		1,944
6,314		Allegheny Technologies, Inc		546
2,599	e	Belden CDT, Inc		116
1,200	*	Brush Engineered Materials, Inc		44
3,312		Carpenter Technology Corp		249
1,483	e*	Century Aluminum Co		80
526	*	Claymont Steel, Inc		12
528	e*	Coleman Cable, Inc		5
4,100	e*	CommScope, Inc		202
96,206		Corning, Inc		2,308
1,511	e	Encore Wire Corp		24
12	e*	Esmark, Inc		—	^
659	e*	LB Foster Co (Class A)		34
3,250	e*	General Cable Corp		238
1,633	e	Gibraltar Industries, Inc		25
718	e*	Haynes International, Inc		50
3,639		Hubbell, Inc (Class B)		188
1,977		Matthews International Corp (Class A)		93
2,431		Mueller Industries, Inc		70
538	e*	Northwest Pipe Co		21
18,455		Nucor Corp		1,093
529		Olympic Steel, Inc		17

48

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
8,421		Precision Castparts Corp	$	1,168
2,169	e	Quanex Corp		113
1,496	*	RTI International Metals, Inc		103
1,362	e	Schnitzer Steel Industries, Inc (Class A)		94
5,792		Steel Dynamics, Inc		345
1,141	e*	Superior Essex, Inc		27
1,597	e	Texas Industries, Inc		112
4,472	e	Titanium Metals Corp		118
1,864	e	Tredegar Corp		30
7,234		United States Steel Corp		875
400	*	Universal Stainless & Alloy		14
4,206	e	Worthington Industries, Inc		75
		TOTAL PRIMARY METAL INDUSTRIES		10,759
PRINTING AND PUBLISHING - 0.44%
2,726	e*	ACCO Brands Corp		44
3,442	e	American Greetings Corp (Class A)		70
5,182	e	Belo (A.H.) Corp (Class A)		90
2,400	e	Bowne & Co, Inc		42
269		CSS Industries, Inc		10
734	*	Consolidated Graphics, Inc		35
594	e	Courier Corp		20
600	*	Dolan Media Co		17
3,752		Dun & Bradstreet Corp		333
1,693	e	Ennis, Inc		30
14,354		Gannett Co, Inc		560
821	e	GateHouse Media, Inc		7
3,041	e	Harte-Hanks, Inc		53
2,807		Journal Communications, Inc (Class A)		25
2,965	e	Lee Enterprises, Inc		43
800	*	MSCI, Inc		31
1,522	e	Martha Stewart Living Omnimedia, Inc (Class A)		14
2,758	e	McClatchy Co (Class A)		34
20,992		McGraw-Hill Cos, Inc		920
1,488		Media General, Inc (Class A)		32
3,078		Meredith Corp		169
514		Multi-Color Corp		14
8,530	e	New York Times Co (Class A)		150
945	e*	Playboy Enterprises, Inc (Class B)		9
2,715	e	Primedia, Inc		23
4,232	e	R.H. Donnelley Corp		154
13,466		R.R. Donnelley & Sons Co		508
977	e	Schawk, Inc		15
2,073	e*	Scholastic Corp		72
5,407	e	EW Scripps Co (Class A)		243
1,179	e	Standard Register Co		14
4,875	e*	Sun-Times Media Group, Inc (Class A)		11
3,018	e*	Valassis Communications, Inc		35
2,630	e*	VistaPrint Ltd		113
356		Washington Post Co (Class B)		282
3,097		John Wiley & Sons, Inc (Class A)		133
		TOTAL PRINTING AND PUBLISHING		4,355
RAILROAD TRANSPORTATION - 0.66%
21,787		Burlington Northern Santa Fe Corp		1,813

49

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
26,748		CSX Corp	$	1,176
2,350	e*	Genesee & Wyoming, Inc (Class A)		57
4,812	e*	Kansas City Southern Industries, Inc		165
24,054		Norfolk Southern Corp		1,213
16,485		Union Pacific Corp		2,071
		TOTAL RAILROAD TRANSPORTATION		6,495
REAL ESTATE - 0.10%
2,159	*	Forestar Real Estate Group, Inc		51
11,914	e*	CB Richard Ellis Group, Inc (Class A)		257
378	e	Consolidated-Tomoka Land Co		24
2,100		DuPont Fabros Technology, Inc		41
4,444		Forest City Enterprises, Inc (Class A)		197
982		Grubb & Ellis Co		6
2,306		Jones Lang LaSalle, Inc		164
1,663	e*	LoopNet, Inc		23
297	e*	Stratus Properties, Inc		10
4,678	e*	St. Joe Co		166
7,137	e	Stewart Enterprises, Inc (Class A)		64
1,468		Thomas Properties Group, Inc		16
		TOTAL REAL ESTATE		1,019
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%
464	e*	AEP Industries, Inc		15
3,774		Cooper Tire & Rubber Co		63
781	*	Deckers Outdoor Corp		121
12,989	*	Goodyear Tire & Rubber Co		367
881	e*	Metabolix, Inc		21
17,073		Newell Rubbermaid, Inc		442
21,792		Nike, Inc (Class B)		1,400
1,704	e	Schulman (A.), Inc		37
9,876		Sealed Air Corp		228
809	*	Skechers U.S.A., Inc (Class A)		16
2,188	e	Spartech Corp		31
1,479	e	Titan International, Inc		46
714	e*	Trex Co, Inc		6
3,650		Tupperware Corp		121
2,075	e	West Pharmaceutical Services, Inc		84
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		2,998
SECURITY AND COMMODITY BROKERS - 3.10%
879	e*	Penson Worldwide, Inc		13
14,393		Ameriprise Financial, Inc		793
8,541		Broadridge Financial Solutions, Inc		192
7,281	e	Bear Stearns Cos, Inc		643
3,906	e	BlackRock, Inc		847
3,372		CME Group, Inc		2,313
1,547		Calamos Asset Management, Inc (Class A)		46
57,867		Charles Schwab Corp		1,479
1,086	e	Cohen & Steers, Inc		33
994	*	Cowen Group, Inc		9
1,600	*	Duff & Phelps Corp		31
26,134	e*	E*Trade Financial Corp		93
7,400	e	Eaton Vance Corp		336
528	e	Evercore Partners, Inc (Class A)		11

50

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,300	*	FBR Capital Markets Corp	$	22
526	e*	FCStone Group, Inc		24
5,905		Federated Investors, Inc (Class B)		243
10,088		Franklin Resources, Inc		1,154
448		GAMCO Investors, Inc (Class A)		31
982	e*	GFI Group, Inc		94
25,098		Goldman Sachs Group, Inc		5,397
1,134	e	Greenhill & Co, Inc		75
2,464	e*	Interactive Brokers Group, Inc (Class A)		80
4,300	*	IntercontinentalExchange, Inc		828
26,000		Invesco Ltd		816
2,790	e*	Investment Technology Group, Inc		133
11,335	e	Janus Capital Group, Inc		372
7,640		Jefferies Group, Inc		176
1,786	e*	KBW, Inc		46
6,754	*	Knight Capital Group, Inc (Class A)		97
3,465	e*	LaBranche & Co, Inc		17
6,023	e*	Ladenburg Thalmann Financial Services, Inc		13
3,156	e	Lazard Ltd (Class A)		128
8,021		Legg Mason, Inc		587
32,581		Lehman Brothers Holdings, Inc		2,132
6,300	*	MF Global Ltd		198
1,518	e*	MarketAxess Holdings, Inc		19
54,106		Merrill Lynch & Co, Inc		2,904
64,471		Morgan Stanley		3,424
913	e*	Morningstar, Inc		71
16,419		NYSE Euronext		1,441
6,885	e*	Nasdaq Stock Market, Inc		341
5,636	e	Nymex Holdings, Inc		753
1,153	e*	Piper Jaffray Cos		53
6,123		Raymond James Financial, Inc		200
8,370		SEI Investments Co		269
1,726		SWS Group, Inc		22
870	e	Sanders Morris Harris Group, Inc		9
766	e*	Stifel Financial Corp		40
16,220		T Rowe Price Group, Inc		987
15,926		TD Ameritrade Holding Corp		319
1,322	e*	Thomas Weisel Partners Group, Inc		18
702	e	US Global Investors, Inc (Class A)		12
98		Value Line, Inc		4
1,311	*	WP Stewart & Co Ltd		7
5,415		Waddell & Reed Financial, Inc (Class A)		195
2,681	e	optionsXpress Holdings, Inc		91
		TOTAL SECURITY AND COMMODITY BROKERS		30,681
SOCIAL SERVICES - 0.01%
1,834	*	Bright Horizons Family Solutions, Inc		63
1,396	*	Capital Senior Living Corp		14
617	e*	Providence Service Corp		17
1,211	*	Res-Care, Inc		30
		TOTAL SOCIAL SERVICES		124
SPECIAL TRADE CONTRACTORS - 0.07%
246	e	Alico, Inc		9
1,884	e*	AsiaInfo Holdings, Inc		21

51

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,567	e	Chemed Corp	$	88
2,673		Comfort Systems USA, Inc		34
2,650	*	Dycom Industries, Inc		71
3,912	*	EMCOR Group, Inc		92
1,632	e*	Insituform Technologies, Inc (Class A)		24
987	e*	Integrated Electrical Services, Inc		18
685	*	Layne Christensen Co		34
9,892	e*	Quanta Services, Inc		260
		TOTAL SPECIAL TRADE CONTRACTORS		651
STONE, CLAY, AND GLASS PRODUCTS - 0.50%
44,057		3M Co		3,715
2,068	e	Apogee Enterprises, Inc		35
1,443	e	CARBO Ceramics, Inc		54
1,565	*	Cabot Microelectronics Corp		56
2,941	e	Eagle Materials, Inc		104
8,722		Gentex Corp		155
862		Libbey, Inc		14
5,902	e*	Owens Corning, Inc		119
9,456	*	Owens-Illinois, Inc		468
2,151	e*	US Concrete, Inc		7
5,000	e*	USG Corp		179
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		4,906
TEXTILE MILL PRODUCTS - 0.00%**
404	e*	Heelys, Inc		3
874	e	Oxford Industries, Inc		22
905	e	Xerium Technologies, Inc		5
		TOTAL TEXTILE MILL PRODUCTS		30
TOBACCO PRODUCTS - 1.18%
128,664		Altria Group, Inc		9,724
6,549		Loews Corp (Carolina Group)		559
10,479	e	Reynolds American, Inc		691
9,797	e	UST, Inc		537
1,760	e	Universal Corp		90
2,405	e	Vector Group Ltd		48
		TOTAL TOBACCO PRODUCTS		11,649
TRANSPORTATION BY AIR - 0.40%
3,864	e*	ABX Air, Inc		16
14,725	e*	AMR Corp		207
677	e*	Air Methods Corp		34
5,873	e*	Airtran Holdings, Inc		42
2,436	e*	Alaska Air Group, Inc		61
326	*	Allegiant Travel Co		10
809	e*	Atlas Air Worldwide Holdings, Inc		44
1,471	e*	Bristow Group, Inc		83
5,828	e*	Continental Airlines, Inc (Class B)		130
1,058	e	Copa Holdings S.A. (Class A)		40
14,662	*	Delta Air Lines, Inc		218
2,603	e*	ExpressJet Holdings, Inc		6
18,827		FedEx Corp		1,679
11,166	e*	JetBlue Airways Corp		66
1,480	e*	Midwest Air Group, Inc		22

52

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,113	*	Northwest Airlines Corp	$	234
882	e*	PHI, Inc		27
1,228	e*	Pinnacle Airlines Corp		19
2,007	*	Republic Airways Holdings, Inc		39
4,035		Skywest, Inc		108
47,731		Southwest Airlines Co		582
6,915	e	UAL Corp		247
4,982	e*	US Airways Group, Inc		73
		TOTAL TRANSPORTATION BY AIR		3,987
TRANSPORTATION EQUIPMENT - 2.56%
2,061	e*	AAR Corp		78
1,493	e*	Accuride Corp		12
418	e*	Aerovironment, Inc		10
1,438	*	Aftermarket Technology Corp		39
2,719	e	American Axle & Manufacturing Holdings, Inc		51
569	e	American Railcar Industries, Inc		11
1,306	*	Amerigon, Inc		28
1,100	e	Arctic Cat, Inc		13
4,699	e	ArvinMeritor, Inc		55
4,871		Autoliv, Inc		257
5,637	*	BE Aerospace, Inc		298
48,169		Boeing Co		4,213
5,519	e	Brunswick Corp		94
3,374	e	Clarcor, Inc		128
940	*	Comtech Group, Inc		15
4,014	e*	Force Protection, Inc		19
3,359		Federal Signal Corp		38
3,728	e*	Fleetwood Enterprises, Inc		22
122,889	e*	Ford Motor Co		827
809	e	Freightcar America, Inc		28
3,656	e*	GenCorp, Inc		43
516	e*	GenTek, Inc		15
24,767		General Dynamics Corp		2,204
29,499	e	General Motors Corp		734
10,412		Genuine Parts Co		482
7,651		Goodrich Corp		540
869	e	Greenbrier Cos, Inc		19
1,580	e	Group 1 Automotive, Inc		37
15,753		Harley-Davidson, Inc		736
5,143		Harsco Corp		329
5,897	e*	Hayes Lemmerz International, Inc		27
1,585	e	Heico Corp		86
11,115		ITT Industries, Inc		734
1,612		Kaman Corp		59
21,539		Lockheed Martin Corp		2,267
598	*	Miller Industries, Inc		8
1,720	e	Monaco Coach Corp		15
661	e	Noble International Ltd		11
21,110		Northrop Grumman Corp		1,660
3,572	e*	Orbital Sciences Corp		88
4,528		Oshkosh Truck Corp		214
22,794	e	Paccar, Inc		1,242
7,965	*	Pactiv Corp		212
2,188	e	Polaris Industries, Inc		105

53

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
27,152		Raytheon Co	$	1,648
1,197	e	A.O. Smith Corp		42
1,983	e	Spartan Motors, Inc		15
4,145	*	Spirit Aerosystems Holdings, Inc (Class A)		143
990		Standard Motor Products, Inc		8
1,631	e	Superior Industries International, Inc		30
2,648	*	TRW Automotive Holdings Corp		55
2,719	*	Tenneco, Inc		71
2,119	e	Thor Industries, Inc		81
723	*	TransDigm Group, Inc		33
5,080	e	Trinity Industries, Inc		141
1,126	e	Triumph Group, Inc		93
60,826		United Technologies Corp		4,656
7,954	e*	Visteon Corp		35
2,193	e	Wabash National Corp		17
3,132		Westinghouse Air Brake Technologies Corp		108
1,944	e	Winnebago Industries, Inc		41
		TOTAL TRANSPORTATION EQUIPMENT		25,320
TRANSPORTATION SERVICES - 0.18%
1,330	e	Ambassadors Group, Inc		24
446	e*	Ambassadors International, Inc		7
10,400		CH Robinson Worldwide, Inc		563
783	e*	Dynamex, Inc		21
13,398	e	Expeditors International Washington, Inc		599
2,972	e	GATX Corp		109
2,568	*	HUB Group, Inc (Class A)		68
4,899	*	Lear Corp		136
2,500	*	Orbitz Worldwide, Inc		21
2,493	e	Pacer International, Inc		36
1,588	e	Ship Finance International Ltd		44
6,068		UTI Worldwide, Inc		119
		TOTAL TRANSPORTATION SERVICES		1,747
TRUCKING AND WAREHOUSING - 0.37%
1,500	e	Arkansas Best Corp		33
1,483	e*	Celadon Group, Inc		14
2,934	e	Con-way, Inc		122
1,949	e	Forward Air Corp		61
3,489	e	Heartland Express, Inc		49
5,941	e	J.B. Hunt Transport Services, Inc		164
3,656		Landstar System, Inc		154
952	e*	Marten Transport Ltd		13
1,717	e*	Old Dominion Freight Line		40
103	e*	Patriot Transportation Holding, Inc		9
900	e*	Saia, Inc		12
40,944		United Parcel Service, Inc (Class B)		2,895
200	e*	Universal Truckload Services, Inc		4
2,855	e	Werner Enterprises, Inc		49
3,617	e*	YRC Worldwide, Inc		62
		TOTAL TRUCKING AND WAREHOUSING		3,681
WATER TRANSPORTATION - 0.29%
2,650		Alexander & Baldwin, Inc		137
3,978	e*	American Commercial Lines, Inc		65

54

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
829	e	Arlington Tankers Ltd	$	18
27,017		Carnival Corp		1,202
1,332	e	Double Hull Tankers, Inc		16
2,567	e	Eagle Bulk Shipping, Inc		68
2,983	e	Frontline Ltd		143
1,084	e	Genco Shipping & Trading Ltd		59
680	e	General Maritime Corp		17
2,142	e	Golar LNG Ltd		47
1,244	*	Gulfmark Offshore, Inc		58
2,063	e	Horizon Lines, Inc (Class A)		38
1,586	e*	Hornbeck Offshore Services, Inc		71
3,407	*	Kirby Corp		158
1,036		Knightsbridge Tankers Ltd		25
1,459	e	Nordic American Tanker Shipping		48
2,450	e*	Odyssey Marine Exploration, Inc		15
1,898	e	Overseas Shipholding Group, Inc		141
8,396	e	Royal Caribbean Cruises Ltd		356
400	e*	TBS International Ltd (Class A)		13
2,303	e	Teekay Corp		123
931	e*	Ultrapetrol Bahamas Ltd		16
		TOTAL WATER TRANSPORTATION		2,834
WHOLESALE TRADE-DURABLE GOODS - 0.35%
2,158	e	Agilysys, Inc		33
3,106		Applied Industrial Technologies, Inc		90
7,511	*	Arrow Electronics, Inc		295
2,819		Barnes Group, Inc		94
2,807	e*	Beacon Roofing Supply, Inc		24
691	e*	BlueLinx Holdings, Inc		3
6,944		BorgWarner, Inc		336
1,739	e	Building Material Holding Corp		10
702		Castle (A.M.) & Co		19
1,444	e*	Conceptus, Inc		28
1,490	*	Digi International, Inc		21
1,195	e*	Drew Industries, Inc		33
2,198	*	Genesis Microchip, Inc		19
573	e*	Hansen Medical, Inc		17
800	e	Houston Wire & Cable Co		11
6,606		IKON Office Solutions, Inc		86
8,393	*	Ingram Micro, Inc (Class A)		151
3,362	*	Insight Enterprises, Inc		61
1,758	*	Interline Brands, Inc		38
3,799	e	Knight Transportation, Inc		56
5,792	*	LKQ Corp		122
300	e	Lawson Products, Inc		11
300	e*	MWI Veterinary Supply, Inc		12
2,610	e	Martin Marietta Materials, Inc		346
2,729		Owens & Minor, Inc		116
4,604	e*	PSS World Medical, Inc		90
8,816	*	Patterson Cos, Inc		299
2,583	e	PEP Boys-Manny Moe & Jack		30
3,009	e	Pool Corp		60
4,138		Reliance Steel & Aluminum Co		224
1,634	*	Solera Holdings, Inc		40
3,376	*	Tech Data Corp		127

55

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
696	e*	TomoTherapy, Inc	$	14
2,317	*	Tyler Technologies, Inc		30
4,214	e	W.W. Grainger, Inc		369
2,793	e*	WESCO International, Inc		111
744	e*	West Marine, Inc		7
		TOTAL WHOLESALE TRADE-DURABLE GOODS		3,433
WHOLESALE TRADE-NONDURABLE GOODS - 0.56%
4,181		Airgas, Inc		218
2,860	e*	Akorn, Inc		21
5,454	*	Alliance One International, Inc		22
3,382	e*	Allscripts Healthcare Solutions, Inc		66
896	e	Andersons, Inc		40
1,953	e*	Bare Escentuals, Inc		47
1,671	e*	Beijing Med-Pharm Corp		18
4,745		Brown-Forman Corp (Class B)		352
22,334		Cardinal Health, Inc		1,290
2,137	e*	Central European Distribution Corp		124
638	e*	Core-Mark Holding Co, Inc		18
7,952	e	Dean Foods Co		206
8,175	*	Endo Pharmaceuticals Holdings, Inc		218
1,588	e*	Fresh Del Monte Produce, Inc		53
852	e*	Green Mountain Coffee Roasters, Inc		35
2,432	e*	Hain Celestial Group, Inc		78
5,563	*	Henry Schein, Inc		341
2,657		Herbalife Ltd		107
9,318	e	Idearc, Inc		164
1,430		K-Swiss, Inc (Class A)		26
500	e	Kenneth Cole Productions, Inc (Class A)		9
901	e*	LSB Industries, Inc		25
231	e*	Maui Land & Pineapple Co, Inc		7
3,315		Men’s Wearhouse, Inc		89
1,570		Myers Industries, Inc		23
785	e	Nash Finch Co		28
3,094		Nu Skin Enterprises, Inc (Class A)		51
1,009	e*	Nuco2, Inc		25
804	*	Perry Ellis International, Inc		12
1,539	e*	School Specialty, Inc		53
2,212	e*	Source Interlink Cos, Inc		6
1,382	e	Spartan Stores, Inc		32
38,300		Sysco Corp		1,195
5,668	*	Terra Industries, Inc		271
2,117	e*	Tractor Supply Co		76
2,582	e*	United Natural Foods, Inc		82
1,702	e*	United Stationers, Inc		79
423	e	Valhi, Inc		7
849	e*	Volcom, Inc		19
1,325	*	Zep, Inc		18
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		5,551
		TOTAL COMMON STOCKS (Cost $653,518)		985,877

56

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

PRINCIPAL		ISSUER	VALUE (000)
SHORT-TERM INVESTMENTS - 11.00%
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES - 0.32%
$ 2,200,000	d	Federal Home Loan Bank (FHLB), 01/02/08	$	2,200
1,000,000	d	Federal Home Loan Mortgage Corp (FHLMC), 04/25/08		987
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES		3,187
SHARES		COMPANY
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.68%
105,657,487		State Street Navigator Securities Lending Prime Portfolio		105,657
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED		105,657
		TOTAL SHORT-TERM INVESTMENTS (Cost $108,844)		108,844
		TOTAL PORTFOLIO - 110.66% (Cost $762,362)		1,094,721
		OTHER ASSETS & LIABILITIES, NET - (10.66)%		(105,429	)
		NET ASSETS - 100.00%	$	989,292

* Non-income producing.

** Percentage represents less than 0.01%.

^ Amount represents less than $1,000.

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open futures contracts

e All or a portion of these securities are out on loan.

m Indicates a security that has been deemed illiquid.

v Security valued at fair value.

Cost amounts are in thousands.

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s fiscal year-end that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Date: February 22, 2008	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer

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

Date: February 22, 2008	By:	/s/ Herbert M. Allison, Jr.
		Herbert M. Allison, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date: February 22, 2008	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current code of ethics

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

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

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