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: June 30, 2008

Item 1. Reports to Stockholders.

PERFORMANCE OVERVIEW AS OF JUNE 30, 2008

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years		Since inception*
EQUITIES
Stock Index Account	11/1/1994	–13.16	%	7.66	%	3.00	%	9.15	%

* 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 in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit 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 six months ended June 30, 2008. 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 report to policyholders 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 six-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 June 30, 2008, 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 the prospectus 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
Committee approval of investment management agreement	25
How to reach us	Inside back cover

REPORT TO POLICYHOLDERS

The U.S. stock market fell sharply in the first six months of 2008, continuing a downturn that began in the last quarter of 2007.

For the six months, the Russell 3000^® Index, a broad measure of the U.S. stock market, declined 11.1%. This double-digit loss eroded the longer-term return of the index: For the ten years ended June 30, 2008, the Russell 3000 posted an average annual gain of 3.5%, down from 6.2% for the ten years ended December 31, 2007.

Weak economy, rising inflation take their toll

A faltering U.S. economy provided a gloomy backdrop for stock investing during the period. In the second quarter, gross domestic product (GDP) was estimated as growing at an annual rate of 1.9%—significantly below the nation’s long-term growth rate.

The slumping U.S. housing market and related problems stemming from the subprime mortgage crisis continued to weigh on the economy. In June, U.S. housing starts fell to their lowest level since 1991, and sales of existing homes hit a 10-year low. Meanwhile, home prices dropped, mortgage delinquencies rose and credit remained tight.

Employment and corporate earnings data were also discouraging. The U.S. Department of Labor reported job losses in each of the six months of the period, and the national unemployment rate stood at 5.5% in June, up from 5.0% six months earlier.

In the first quarter of 2008, the growth of U.S. corporate earnings—a primary driver of stock market performance—remained negative on a year-over-year basis for the third quarter in a row.

In an effort to bolster the economy and ease the credit crunch, the Federal Reserve cut the federal funds rate three times in the first quarter of 2008 and once more on April 30, to 2.0%, its lowest level since 2004. However, accelerating inflation—led by oil prices that soared above $140 per barrel by the end of June—prevented the Fed from lowering the rate further.

Bond returns suffer, too

Bonds fared better than stocks; bond returns were positive for the six months. The Lehman Brothers U.S. Aggregate Index, which measures the broad U.S. investment-grade, fixed-rate bond market, returned 1.1%—far below the historical norm for a six-month period.

The Lehman index gained 2.2% in the first quarter. In the second quarter, amid heightened inflation fears and an end to the Federal Reserve’s string of short-term interest-rate cuts, the index fell 1.0%.

Low-cost indexing helps mitigate the effects of a down market

The Stock Index Account, the underlying investment portfolio of the

2    2008 Semiannual Report  ¡  TIAA Separate Account VA-1

TIAA Separate Account VA-1, uses an indexing strategy. For the first six months of 2008, the account’s 11.3% loss was smaller than the 12.2% average decline of its peer group, the Morningstar Large Blend (VA) category.

For the ten years ended June 30, 2008, the account posted an average annual return of 3.0%, versus the 1.7% average annual return of its Morningstar category.

The Stock Index Account is designed to track the overall U.S. stock market. The account’s managers create a portfolio that closely matches the overall investment characteristics of the account’s benchmark, the Russell 3000 Index. For example, the breakdown of the portfolio’s holdings by company size, as shown on page 10, is similar to that of the Russell index. The account also distributes its investments among the benchmark’s twelve industry sectors in a way that mirrors the index. Keeping the characteristics of the account close to those of the benchmark helps to make sure that the index and the account produce a similar return.

While past performance is no guarantee of future results, indexing provides broad diversification, which has helped the account’s portfolio avoid concentrated losses in individual market sectors when stocks have declined and capture the market’s gains when stocks have advanced.

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

Generally, indexing also helps keep an account’s expenses low, so investors incur smaller losses when the portfolio’s returns are negative and receive a larger share of earnings when its returns are positive. 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.

/s/    Edward J. Grzybowski

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

TIAA Separate Account VA-1  ¡  2008 Semiannual 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, and they are available to the public.

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 June 30, 2008) in the following ways:

• By visiting our website at www.tiaa-cref.org; or

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

You can also obtain a complete list of the holdings in the separate account’s investment portfolio, the Stock Index Account, 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 on our website at www.tiaa-cref.org, or on the SEC’s 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 on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by e-mail, using the Contact Us link at the top of our home page; 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 investment management of the account.

4    2008 Semiannual Report  ¡  TIAA Separate Account VA-1

SPECIAL TERMS

Annuities are insurance contracts 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 will vary 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 a measure of the annual amount that investors pay for the management of a variable annuity account. It 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 marketable investments.

Separate account of a life insurance company is an account that holds assets apart from assets held in the insurance company’s general account. A separate account may hold investments that support nonguaranteed insurance and annuity products. A life insurer’s general account supports insurance 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 MSCI, Inc.

TIAA Separate Account VA-1  ¡  2008 Semiannual 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 U.S. 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 January 1, 2008, and held for six months until June 30, 2008.

Actual expenses

The first line in the table below 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 June 30, 2008

Stock Index Account	Starting account value (1/1/08)		Ending account value (6/30/08)		Expenses paid* (1/1/08– 6/30/08)
Actual return	$	1,000.00	$	887.10	$	3.14
5% annual hypothetical return		1,000.00		1,021.49		3.37

* “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 182/366. There were 182 days in the six months ended June 30, 2008. 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 will never exceed 1.50%.

6    2008 Semiannual Report  ¡  TIAA Separate Account VA-1

Hypothetical example for comparison purposes

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

This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in this account with the costs of other accounts. To do so, compare our 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other accounts.

TIAA Separate Account VA-1  ¡  2008 Semiannual Report    7

STOCK INDEX ACCOUNT U.S. STOCKS

PERFORMANCE IN THE SIX MONTHS ENDED JUNE 30, 2008

The Stock Index Account returned –11.29% for the period, compared with the –11.05% return of its benchmark, the Russell 3000^® Index, and the –12.19% average return of the account’s peer group, the Morningstar Large Blend (VA) category, which included 5,688 variable annuities as of June 30, 2008.

Broad market slump intensifies

After declining 1.84% during the second half of 2007, the U.S. equity market, as measured by the Russell 3000 Index, posted a double-digit loss for the first half of 2008. Most of the drop occurred during the year’s first quarter, when the index fell 9.52% on investor concerns about deteriorating conditions in the credit markets and soaring energy prices. Stocks rebounded in April and May, but a June sell-off resulted in an 8.25% decline—the largest monthly loss for U.S. stocks since September 2002.

For the six months, growth outperformed value across all three capitalization sizes. The mid caps of the Russell 3000 held up best, falling 7.57%, followed by small-cap issues, which dropped 9.37% and large-cap stocks, which declined 11.20%.

Domestic equities were largely in line with foreign stocks, which fell 10.96% in dollar terms, as measured by the MSCI EAFE^® Index. For the ten years ended June 30, 2008, the average annual return of the Russell 3000 Index was 3.51%—more than two percentage points below the 5.83% average gain of the EAFE.

Only energy sectors are spared

For the period, ten of the benchmark’s twelve industry sectors retreated, with seven posting double-digit losses. Results were driven by outsized declines in its three largest sectors—financials, technology and consumer discretionary, which fell 26.1%, 12.7% and 12.4%, respectively. On June 30, 2008, these sectors made up more than 40% of the benchmark, in terms of market capitalization.

Only the “other energy” and integrated oils sectors advanced, gaining 24.8% and 1.8%, respectively.

Largest stocks generally post poor results

In descending order according to capitalization size, the five largest stocks in the benchmark performed as follows: ExxonMobil, –6.4%; General Electric, –26.9%; Microsoft, –23.2%; Chevron, 5.8%; and AT&T, –18.7%.

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

8    2008 Semiannual 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.

PRINCIPAL INVESTMENT RISKS

The account is subject to market risk, company risk, small- and mid-cap risk and 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 JUNE 30, 2008

	Total return				Average annual total return				Cumulative total return
	6 months		1 year		5 years		10 years		5 years		10 years
Stock Index Account	–11.29	%	–13.16	%	7.66	%	3.00	%	44.69	%	34.47	%
Russell 3000 Index	–11.05		–12.69		8.37		3.51		49.50		41.24
Morningstar Large Blend (VA)	–12.19		–14.28		6.33		1.68		34.90		15.34

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit 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
Net assets	$840.16 million
Total annual expense ratio‡	0.67%
Weighted median market capitalization	$ 32.3 billion
P/E ratio (weighted 12-month trailing average)	16.9
‡        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 will never exceed 1.50%.

TIAA Separate Account VA-1  ¡  2008 Semiannual Report    9

STOCK INDEX ACCOUNT U.S. STOCKS

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on July 1, 1998, would have grown to $13,447 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 RETURN SINCE 1998

* Partial year

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	66.30
$4 billion–$15 billion	18.80
Under $4 billion	14.90
Total	100.0

10    2008 Semiannual Report  ¡  TIAA Separate Account VA-1

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED)

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS e*			$	39	0.00	%**
AGRICULTURAL PRODUCTION-LIVESTOCK e				93	0.01
AGRICULTURAL SERVICES e*				12	0.00	**
AMUSEMENT AND RECREATION SERVICES
114,032		Walt Disney Co		3,558	0.43
	e,v*	Other		1,363	0.16
				4,921	0.59
APPAREL AND ACCESSORY STORES e*				4,100	0.49
APPAREL AND OTHER TEXTILE PRODUCTS e*				1,355	0.16
AUTO REPAIR, SERVICES AND PARKING e*				655	0.08
AUTOMOTIVE DEALERS AND SERVICE STATIONS e*				1,270	0.15
BUILDING MATERIALS AND GARDEN SUPPLIES e*				4,536	0.54
BUSINESS SERVICES
14,173	*	Google, Inc (Class A)		7,461	0.89
480,474	d	Microsoft Corp		13,218	1.58
233,094	*	Oracle Corp		4,895	0.58
	e,v*	Other		36,560	4.35
				62,134	7.40
CHEMICALS AND ALLIED PRODUCTS
92,363		Abbott Laboratories		4,892	0.58
65,167	*	Amgen, Inc		3,073	0.37
55,760	*	Gilead Sciences, Inc		2,952	0.35
128,462		Merck & Co, Inc		4,842	0.58
32,845		Monsanto Co		4,153	0.49
404,911		Pfizer, Inc		7,074	0.84
182,957		Procter & Gamble Co		11,126	1.32
79,796		Wyeth		3,827	0.46
	e*	Other		38,096	4.54
				80,035	9.53
COAL MINING e*				4,416	0.53
COMMUNICATIONS
355,622		AT&T, Inc		11,981	1.43
167,809		Comcast Corp (Class A)		3,183	0.38
170,613		Verizon Communications, Inc		6,040	0.72
	e*	Other		13,828	1.64
				35,032	4.17
DEPOSITORY INSTITUTIONS
266,168		Bank of America Corp		6,353	0.76
325,353		Citigroup, Inc		5,453	0.65
205,965		JPMorgan Chase & Co		7,067	0.84
103,857		US Bancorp		2,897	0.34
197,654		Wells Fargo & Co		4,694	0.56
	e,v*	Other		21,190	2.52
				47,654	5.67

See notes to financial statements TIAA Separate Account VA-1   n   2008 Semiannual Report 11

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

Shares		Company	Value (000)		% of net assets
EATING AND DRINKING PLACES
67,743		McDonald’s Corp	$	3,808	0.45	%
	e*	Other		3,562	0.43
				7,370	0.88
EDUCATIONAL SERVICES e*				1,139	0.14
ELECTRIC, GAS, AND SANITARY SERVICES
39,404		Exelon Corp		3,545	0.42
	e,m,v*	Other		35,831	4.27
				39,376	4.69
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
52,765	*	Apple Computer, Inc		8,835	1.05
353,624	*	Cisco Systems, Inc		8,225	0.98
342,831		Intel Corp		7,364	0.88
96,874		Qualcomm, Inc		4,298	0.51
	e*	Other		26,499	3.15
				55,221	6.57
ENGINEERING AND MANAGEMENT SERVICES e*				9,223	1.10
FABRICATED METAL PRODUCTS e*				4,736	0.56
FOOD AND KINDRED PRODUCTS
139,019		Coca-Cola Co		7,226	0.86
94,931		PepsiCo, Inc		6,037	0.72
	e*	Other		17,142	2.04
				30,405	3.62
FOOD STORES e*				2,828	0.34
FORESTRY				845	0.10
FURNITURE AND FIXTURES e				1,976	0.24
FURNITURE AND HOME FURNISHINGS STORES e*				1,299	0.15
GENERAL BUILDING CONTRACTORS e*				1,599	0.19
GENERAL MERCHANDISE STORES
134,289		Wal-Mart Stores, Inc		7,547	0.90
	e*	Other		6,508	0.77
				14,055	1.67
HEALTH SERVICES e*				9,807	1.17
HEAVY CONSTRUCTION, EXCEPT BUILDING e*				796	0.09
HOLDING AND OTHER INVESTMENT OFFICES
43,852	e	iShares Russell 3000 Index Fund		3,284	0.39
	e*	Other		17,491	2.08
				20,775	2.47
HOTELS AND OTHER LODGING PLACES e*				2,391	0.28

12 2008 Semiannual Report   n   TIAA Separate Account VA-1 See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

Shares		Company	Value (000)		% of net assets
INDUSTRIAL MACHINERY AND EQUIPMENT
596,550		General Electric Co	$	15,922	1.90	%
147,429		Hewlett-Packard Co		6,518	0.77
82,019		International Business Machines Corp		9,722	1.16
	e,m,v*	Other		25,542	3.04
				57,704	6.87
INSTRUMENTS AND RELATED PRODUCTS
168,664		Johnson & Johnson		10,852	1.29
67,209		Medtronic, Inc		3,478	0.42
	e*	Other		27,740	3.30
				42,070	5.01
INSURANCE AGENTS, BROKERS AND SERVICE e*				3,502	0.42
INSURANCE CARRIERS
138,834		American International Group, Inc		3,674	0.44
	e*	Other		26,127	3.11
				29,801	3.55
JUSTICE, PUBLIC ORDER AND SAFETY e*				70	0.01
LEATHER AND LEATHER PRODUCTS e*				877	0.10
LEGAL SERVICES e*				235	0.03
LOCAL AND INTERURBAN PASSENGER TRANSIT e*				13	0.00	**
LUMBER AND WOOD PRODUCTS e*				176	0.02
METAL MINING e*				6,067	0.72
MISCELLANEOUS MANUFACTURING INDUSTRIES e*				2,738	0.33
MISCELLANEOUS RETAIL
85,648		CVS Corp		3,389	0.40
	e*	Other		7,406	0.88
				10,795	1.28
MOTION PICTURES
212,607		Time Warner, Inc		3,146	0.38
	e*	Other		4,715	0.56
				7,861	0.94
NONDEPOSITORY INSTITUTIONS e*				7,907	0.94
NONMETALLIC MINERALS, EXCEPT FUELS e*				605	0.07
OIL AND GAS EXTRACTION
71,409		Schlumberger Ltd		7,672	0.91
19,086		Transocean, Inc		2,909	0.35
	e,m,v*	Other		34,662	4.13
				45,243	5.39
PAPER AND ALLIED PRODUCTS e*				3,494	0.42
PERSONAL SERVICES *e				1,178	0.14

See notes to financial statements TIAA Separate Account VA-1   n   2008 Semiannual Report 13

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) continued

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

Shares		Company		Value (000)		% of net assets
PETROLEUM AND COAL PRODUCTS
123,790		Chevron Corp		$	12,271	1.46	%
92,319		ConocoPhillips			8,714	1.04
26,723		Devon Energy Corp			3,211	0.38
316,225		Exxon Mobil Corp			27,869	3.32
49,123		Occidental Petroleum Corp			4,414	0.52
	e*	Other			14,804	1.76
					71,283	8.48
PIPELINES, EXCEPT NATURAL GAS					1,084	0.13
PRIMARY METAL INDUSTRIES e*					10,529	1.25
PRINTING AND PUBLISHING e*					3,142	0.37
RAILROAD TRANSPORTATION e*					7,224	0.86
REAL ESTATE e*					820	0.10
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS e*					2,522	0.30
SECURITY AND COMMODITY BROKERS
23,594		Goldman Sachs Group, Inc			4,127	0.49
	e*	Other			15,812	1.88
					19,939	2.37
SOCIAL SERVICES e*					45	0.01
SPECIAL TRADE CONTRACTORS e*					708	0.08
STONE, CLAY, AND GLASS PRODUCTS
42,149		3M Co			2,933	0.35
	e*	Other			1,005	0.12
					3,938	0.47
TEXTILE MILL PRODUCTS e					20	0.00	**
TOBACCO PRODUCTS
126,060		Philip Morris International, Inc			6,226	0.74
	e*	Other			3,899	0.46
					10,125	1.20
TRANSPORTATION BY AIR e*					2,783	0.33
TRANSPORTATION EQUIPMENT
44,973		Boeing Co			2,956	0.35
58,247		United Technologies Corp			3,594	0.43
	e*	Other			12,442	1.48
					18,992	2.26
TRANSPORTATION SERVICES e*					1,668	0.20
TRUCKING AND WAREHOUSING e*					3,314	0.39
WATER TRANSPORTATION e*					2,429	0.29
WHOLESALE TRADE-DURABLE GOODS e*					3,131	0.37
WHOLESALE TRADE-NONDURABLE GOODS e*					4,874	0.58
		TOTAL COMMON STOCKS	(Cost $635,577)		838,999	99.86

14 2008 Semiannual Report   n   TIAA Separate Account VA-1 See notes to financial statements

SUMMARY PORTFOLIO OF INVESTMENTS (UNAUDITED) concluded

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

Shares	Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
U.S. GOVERNMENT AND AGENCIES DISCOUNT NOTES +			$	1,140		0.14	%
	Company
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
88,619,421	State Street Navigator Securities Lending Prime Portfolio			88,619		10.55
				88,619		10.55
	TOTAL SHORT-TERM INVESTMENTS	(Cost $89,759)		89,759		10.69
	TOTAL PORTFOLIO	(Cost $725,336)		928,758		110.55
	OTHER ASSETS & LIABILITIES, NET			(88,598	)	(10.55	)
	NET ASSETS		$	840,160		100.00	%

* Non-income producing.

** Percentage represents less than 0.01%.

+ Notes mature 07/01/08.

d All or a portion of these securities have been segregated by the custodian to cover margin or other requirements on open future contracts in the amount of $91,179.

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. The grouped categories can carry footnotes which can pertain to only a portion of the securities within that group.

See notes to financial statements TIAA Separate Account VA-1   n   2008 Semiannual Report 15

STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

(amounts in thousands, except amounts per accumulation unit)	Stock Index Account
ASSETS
Investments, at cost	$	725,336
Net unrealized appreciation of investments		203,422
Investments, at value (including securities loaned of $85,146)		928,758
Cash		127
Dividends and interest receivable		1,159
Receivable from securities sold		15,722
Total assets		945,766
LIABILITIES
Payable for collateral for securities loaned – Note 1		88,619
Payable for securities purchased		15,840
Amount due to investment advisor		1,146
Other		1
Total liabilities		105,606
NET ASSETS
Accumulation Fund	$	840,160
Accumulation units outstanding		9,901
Net asset value per accumulation unit		$84.85

16 2008 Semiannual Report   n   TIAA Separate Account VA-1 See notes to financial statements

STATEMENT OF OPERATIONS (UNAUDITED)

TIAA SEPARATE ACCOUNT VA-1  n  FOR THE SIX MONTHS ENDED JUNE 30, 2008

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Income:
Dividends	$	8,548
Interest		8
Interest from securities lending		497
Total income		9,053
EXPENSES:
Investment advisory charges		1,344
Administrative expenses		897
Mortality and expense risk charges		1,792
Total expenses before waiver		4,033
Investment advisory charges waived		(1,030	)
Net expenses		3,003
Net investment income		6,050
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on:
Portfolio investments		12,837
Futures transactions		(204	)
Net realized gain on total investments		12,633
Net change in unrealized depreciation on:
Portfolio investments		(128,810	)
Futures transactions		(46	)
Net change in unrealized depreciation on total investments		(128,856	)
Net realized and unrealized loss on total investments		(116,223	)
Net decrease in net assets resulting from operations	$	(110,173	)

See notes to financial statements TIAA Separate Account VA-1   n   2008 Semiannual Report 17

STATEMENT OF CHANGES IN NET ASSETS

TIAA SEPARATE ACCOUNT VA-1  n  JUNE 30, 2008

	Stock Index Account
(amounts in thousands)	For the Six Months Ended June 30, 2008			For the Year Ended December 31, 2007
	(unaudited)
FROM OPERATIONS
Net investment income	$	6,050		$	12,171
Net realized gain on investments		12,633			33,390
Net change in unrealized appreciation (depreciation) on investments		(128,856	)		(137	)
Net increase in net assets resulting from operations		(110,173	)		45,424
FROM CONTRACTOWNER TRANSACTIONS
Premiums		7,545			19,369
Net contractowner transfers to fixed account		(23,533	)		(13,882	)
Withdrawals and death benefits		(22,971	)		(57,663	)
Net decrease in net assets resulting from contractowner transactions		(38,959	)		(52,176	)
Net increase (decrease) in net assets		(149,132	)		(6,752	)
NET ASSETS
Beginning of period		989,292			996,044
End of period	$	840,160		$	989,292
ACCUMULATION UNITS
Credited for premiums		85			203
Cancelled for transfers and disbursements		(529	)		(740	)
Outstanding:
Beginning of period		10,345			10,882
End of period		9,901			10,345

18 2008 Semiannual Report   n   TIAA Separate Account VA-1 See notes to financial statements

FINANCIAL HIGHLIGHTS

TIAA SEPARATE ACCOUNT VA-1  n  FOR THE PERIOD OR YEAR ENDED

	Stock Index Account
	6/30/08			12/31/07		12/31/06		12/31/05		12/31/04		12/31/03
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income	$	0.869		$	1.750	$	1.568	$	1.378	$	1.359	$	1.041
Expenses		0.267			0.575		0.584		0.519		0.468		0.310
Net investment income		0.602			1.175		0.984		0.859		0.891		0.731
Net realized and unrealized gain (loss) on investments		(11.396	)		2.979		10.909		3.222		6.727		15.066
Net change in accumulation unit value		(10.794	)		4.154		11.893		4.081		7.618		15.797
Accumulation unit value:
Beginning of period		95.646			91.492		79.599		75.518		67.900		52.103
End of period	$	84.852		$	95.646	$	91.492	$	79.599	$	75.518	$	67.900
TOTAL RETURN*		(11.29%	)(b)		4.54%		14.94%		5.40%		11.22%		30.32%
RATIOS TO AVERAGE NET ASSETS
Expenses before expense waiver		0.90%	(a)		0.90%		0.90%		0.90%		0.90%		0.76%
Expenses after expense waiver		0.67%	(a)		0.67%		0.67%		0.67%		0.67%		0.53%
Net investment income		1.36%	(a)		1.19%		1.13%		1.12%		1.28%		1.26%
SUPPLEMENTAL DATA
Portfolio turnover rate		4%	(b)		6%		7%		6%		5%		4%
Accumulation units outstanding at end of period (in thousands)		9,901			10,345		10,882		11,598		12,123		12,176
Net assets at end of period (in thousands)	$	840,160		$	989,292	$	996,044	$	923,201	$	915,478	$	826,747

* Based on per accumulation data.

(a) Annualized for periods less than one year.

(b) Not annualized for periods less than one year.

See notes to financial statements TIAA Separate Account VA-1   n   2008 Semiannual Report 19

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

20 2008 Semiannual Report   n   TIAA Separate Account VA-1

continued

date. Realized gains and losses on security transactions are based on the identified cost basis.

Distributions received from Real Estate Investment Trusts (“REITs”) 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.

TIAA Separate Account VA-1   n   2008 Semiannual Report 21

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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.

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.

Fair value measurement: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Account Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measure fair value under U.S. generally accepted accounting principles (“GAAP”) and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. Application of SFAS 157 is effective for the Account reporting as of June 30, 2008.

Various inputs are used in determining the value of the Account’s investments. These inputs are summarized in the three broad levels below:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Account’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Account as of June 30, 2008:

	Investments in Securities		Other Financial Instruments*
Level 1	$	927,618,050	$	(45,775	)
Level 2		1,140,000		—
Level 3		50		—
Total	$	928,758,100	$	(45,775	)

* Other financial instruments are derivative instruments not reflected in the statement of investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

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

22 2008 Semiannual Report   n   TIAA Separate Account VA-1

continued

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 Management Committee meetings. Managers may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, managers also participate in a long-term compensation plan. Amounts deferred may be invested notionally in certain TIAA-CREF products selected by the managers. TIAA oversees the administration and recordkeeping of these deferred compensation plans on behalf of the Account.

Note 3—investments

At June 30, 2008, the net unrealized appreciation on investments was $203,421,566, consisting of gross unrealized appreciation of $312,263,493 and gross unrealized depreciation of $108,841,927.

Purchases and sales of non-government securities, other than short-term instruments, for the six months ended June 30, 2008, were $35,592,825 and $66,236,378, respectively.

TIAA Separate Account VA-1   n   2008 Semiannual Report 23

NOTES TO FINANCIAL STATEMENTS (UNAUDITED) concluded

At June 30, 2008, the Account held open futures contracts as follows:

	Number of Open Contracts	Market Value		Expiration Date	Unrealized (Depreciation)
E-mini S&P 500 Index	14	$	896,770	September 2008	$	(39,821	)
E-mini S&P 400 Index	1		82,120	September 2008		(3,327	)
E-mini Russell 2000 Index	1		69,170	September 2008		(2,627	)
					$	(45,775	)

Note 4—line of credit

The Account participates in a $1.25 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 six months ended June 30, 2008, the Account did not borrow under this facility.

Note 5—new accounting pronouncement

In March 2008, FASB issued Statement of Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133” (“SFAS 161”). SFAS 161 requires enhanced disclosures about an account’s derivative and hedging activities thereby improving the transparency of the financial reporting. SFAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. Management is currently evaluating the impact the adoption of SFAS 161 will have on the presentation of the Account’s financial statements.

24 2008 Semiannual Report   n   TIAA Separate Account VA-1

COMMITTEE APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

The Management Committee (the “Committee”) of the TIAA Separate Account VA-1 (the “Separate Account”) is responsible for overseeing the Separate Account’s corporate policies and for adhering to fiduciary standards under the Investment Company Act of 1940, as amended (the “1940 Act”), and other applicable laws. Among its duties, the Committee is responsible for determining annually whether to renew the investment management agreement (the “Agreement”) between the Separate Account and Teachers Advisors, Inc. (“TAI”). Under the Agreement, TAI is responsible for providing investment management services to the Separate Account.

Section 15(c) of the 1940 Act provides that, after an initial period, the Agreement will remain in effect only if the Committee, including a majority of those Committee members who have no direct or indirect interest in the Agreement, and who are not “interested persons” of the Separate Account, as that term is defined in the 1940 Act (“Members”), annually renews that Agreement. All of the Members are deemed to be independent persons for this purpose.

OVERVIEW OF THE RENEWAL PROCESS

The Committee held a meeting on April 2, 2008, at which it considered the annual review and renewal of the Agreement using its previously-established process. As part of this process, the Committee delegated certain duties to its Operations Committee. Among these duties, the Operations Committee works with management and legal counsel to the Members to develop additional guidelines and specific requests relating to the types of information to be provided to all Members in connection with the proposed contract renewal, and then to help evaluate the information provided in response to those guidelines. During a series of meetings held prior to April 2, 2008, the Operations Committee reviewed such guidelines and requests in consultation with management representatives and input from other Members and legal counsel to the Members and legal counsel to management, and then evaluated the information produced in accordance with those guidelines.

Among other matters, the Operations Committee followed guidelines regarding reports to be provided to all Members with respect to the Separate Account by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their annual advisory contract renewal processes.

As a result of instructions by the Operations Committee on behalf of the Members, Lipper produced, among other information, extensive performance and expense comparison data regarding the Separate Account, including data relating to its management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data against a universe of investment companies and

TIAA Separate Account VA-1   n   2008 Semiannual Report 25

COMMITTEE APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

against a more selective peer group of mutual funds underlying variable insurance products with similar investment objectives and strategies and, in the case of investment performance data, against one or more appropriate broad-based benchmark indices. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Committee that its reports were designed specifically to provide the Committee with the fee, expense and performance information that is necessary to help the Committee satisfy its duties under Section 15 of the 1940 Act.

Among other matters, the Operations Committee also utilized a framework of factors that could be considered by the Members in order to evaluate the reasonableness of any profits earned by TAI with respect to its services to the Separate Account pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Members could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Committee meeting held on April 2, 2008, independent legal counsel for the Members on behalf of the Committee requested, and TAI provided, extensive information that was designed to assist the Committee in its consideration of whether to renew the Agreement. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Separate Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service, and a narrative analysis of the Separate Account’s performance relative to its applicable benchmarks and peer groups, together with an explanation of any special events that had a material impact on performance during the prior year; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the fees set forth in the Agreement as compared to any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued to TAI or its affiliates due to their relationship with the Separate Account aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, disaster recovery plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interests confronted by TAI in connection with rendering services to the Separate Account; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Separate Account and affiliates of TAI; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented to the Members’ counsel only); and (9) proposed narrative explanations of reasons why the Committee should renew the Agreement.

26 2008 Semiannual Report   n   TIAA Separate Account VA-1

continued

In considering whether to renew the Agreement, the Committee, with assistance from its Operations Committee, reviewed various factors, including: (1) the nature, extent and quality of services provided by TAI to the Separate Account; (2) the investment performance of the Separate Account; (3) the costs of the services provided to the Separate Account and the profits (if any) realized by TAI and its affiliates from their relationship with the Separate Account; (4) the extent to which economies of scale have been realized if the Separate Account’s assets have increased; (5) whether the fee schedule set forth in the Agreement and any applicable waiver reflects any such economies of scale for the benefit of Separate Account investors; (6) comparisons of services and fees with contracts entered into by TAI with other clients; and (7) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Separate Account. As a general matter, the Members viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreements.

In reaching its decisions regarding the renewal of the Separate Account’s Agreement, the Committee took into account the information described above, other information provided to the Committee in connection with this process, and relevant information provided to the Committee on an ongoing basis in connection with its general oversight duties. In addition, the Committee received and considered information from Kirkpatrick & Lockhart Preston Gates Ellis LLP, its independent legal counsel, as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities. In deciding whether to renew the Agreement, each Member may have accorded different weight to different factors and, thus, each Member may have had a different basis for his or her ultimate decision to vote to renew the Agreement.

At its meeting on April 2, 2008, the Committee voted unanimously to renew the Agreement. Set forth below are the general factors the Committee considered, followed by an outline of the specific factors the Committee considered.

THE NATURE, EXTENT AND QUALITY OF SERVICES

The Committee considered that TAI is an experienced investment adviser that has managed the Separate Account since its operations commenced. The investment professionals at TAI also have managed various mutual funds in the TIAA-CREF Institutional Mutual Funds and TIAA-CREF Life Funds. Additionally, an affiliate of TAI, TIAA-CREF Investment Management, LLC, manages the accounts of the College Retirement Equities Fund (“CREF”). Under the Agreement, TAI is responsible for: managing the assets of the Separate Account, including conducting research, recommending investments and placing orders to buy and sell securities for the Account’s investment portfolio; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; and reporting on the investment performance of the Separate Account to the Committees on a regular basis. The

TIAA Separate Account VA-1   n   2008 Semiannual Report 27

COMMITTEE APPROVAL OF INVESTMENT

MANAGEMENT AGREEMENT

Committee considered that TAI has carried out these responsibilities in a professional manner.

The Committee also considered, among other factors, the performance of the Separate Account as discussed below. In the course of its review of the quality of TAI’s services, the Committee concluded that the Separate Account’s investment performance was reasonable when compared with its benchmark and peer groups of mutual funds that underlie variable insurance products.

In addition, the Committee considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Committee considered its ongoing efforts to review the performance of certain affiliated and unaffiliated service providers, including improvements in services provided by those firms or outsourcing efforts to other firms.

INVESTMENT PERFORMANCE

The Committee considered the investment performance of the Separate Account for one, two-, three-, four-, five- and ten-year periods. The Committee also considered its performance as compared to its peer groups and benchmark index. In this regard, the Committee considered that the Separate Account achieved performance that compared favorably to its benchmark (after considering the effect of expenses incurred to operate the Separate Account) and ranked in the top three performance quintiles versus its peer groups of mutual funds that underlie variable insurance products. (For additional detail regarding the Separate Account’s performance, see the synopsis below.) Thus, the Committee concluded that, under the totality of circumstances considered, the Separate Account’s investment performance was reasonable. In addition, the Committee considered its ongoing efforts to review best execution and portfolio turnover practices of TAI to assess whether those practices continue to be in the best interests of the Separate Account.

COST AND PROFITABILITY

The Committee considered financial and profitability data relating to TAI for the calendar year 2007. The Committee considered profit calculations both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of the Separate Account’s contracts. The Committee considered that TAI has consistently incurred losses based on its services to the Separate Account under the Agreement. Among other considerations, the Committee acknowledged the reasonableness of having fee rates which permit TAI to maintain and improve the quality of services provided to the Separate Account. In this connection, the Committee noted its ongoing efforts to examine the level of personnel and other resources available to portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

28 2008 Semiannual Report   n   TIAA Separate Account VA-1

continued

FEES CHARGED BY OTHER ADVISERS

The Committee considered information regarding fees paid to other advisers for managing similar funds that underlie variable insurance products, as analyzed by Lipper. The Committee determined that the management fee rate charged to the Separate Account under the Agreement is lower or significantly lower than the management fee rates charged by of many or most comparable mutual funds that underlie variable insurance products. Based on all factors considered, the Committee determined that the fee rate under the Agreement was reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

ECONOMIES OF SCALE

The Committee considered whether TAI has or would experience economies of scale in connection with its services to the Separate Account. The Committee considered that TAI had incurred operating losses with respect to these services. With respect to the current fee rate, the Committee also considered whether the addition of fee “breakpoints” (under which additional assets in the Separate Account would be assessed lower fee rates) would have a material effect on overall fee rates. The Committee determined that the current fee rate at the current asset level already was low compared to peer groups of mutual funds that underlie variable insurance products. Thus, the Committee determined that the Separate Account’s fee schedule is reasonable in light of current economies of scale considerations and current asset levels.

FEE COMPARISON WITH OTHER TAI CLIENTS

The Committee considered that TAI provides similar investment management services to other affiliated investment companies. In addition, TAI, through its TIAA-CREF Asset Management division, manages large institutional client assets through unregistered commingled funds and separate accounts with similar investment strategies and investment staff. The Committee considered the schedule of fees for each of these funds. The Committee also considered TAI’s representation that, while management fee rates may differ for comparable funds, this is due in part to the fact that some of the comparable funds are offered through products that charge additional fees to its investors. The Committee considered TAI’s representation that because the comparable funds target different types of investors and use different distribution channels, these factors justify different pricing schedules.

OTHER BENEFITS

The Committee also considered additional benefits to the Separate Account and to TAI and its affiliates arising from the Agreement. For example, TAI continues to be willing to waive fees and make expense reimbursements to the Separate Account. In addition, TAI and its affiliates may benefit from the advisory

TIAA Separate Account VA-1   n   2008 Semiannual Report 29

COMMITTEE APPROVAL OF INVESTMENT	concluded
MANAGEMENT AGREEMENT

relationship with the Separate Account to the extent this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. Also, certain other funds managed by TAI or its affiliates may be managed in the same manner and by the same personnel, thus resulting in the possibility for certain benefits economies of scale.

CERTAIN SPECIFIC FACTORS CONSIDERED BY THE COMMITTEE

The Members considered the following specific factors (among others) during their determination to renew the Agreement. In the following discussion, if the Separate Account is referred to as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports prepared by Lipper. All periods referenced below end as of December 31, 2007. Under the Morningstar rating system, 5 stars is the highest rating category and 1 star is the lowest rating category.

• The Separate Account’s contractual management fee is 0.30% of average daily net assets. The Separate Account’s actual management fee, after waivers, is 0.07%.

• The Separate Account’s actual management fees were in the 1st quintile of the group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”), respectively. Total expenses ranked in the 5th and 3rd quintile of the Expense Group and Expense Universe, respectively.

• For the one-year period, the Separate Account was in the 2nd and 3rd quintile of the group of comparable funds selected by Lipper for performance comparison purposes (“Performance Group”) and the universe of comparable funds identified by Lipper for expense comparison purposes (“Performance Universe”), respectively.

• The Separate Account was in the 3rd quintile of its Performance Group and Performance Universe for the two-year period.

• The Separate Account received an Overall Morningstar Rating of 3 stars.

• TAI incurred a net loss with respect to its services to the Separate Account for the one-year period.

Based primarily on the foregoing factors and considerations, the Committee renewed the Agreement.

30 2008 Semiannual 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.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

STATEMENT OF INVESTMENTS (Unaudited)

June 30, 2008

SHARES			RATE	MATURITY DATE	VALUE (000)
COMMON STOCKS - 99.86%
AGRICULTURAL PRODUCTION-CROPS - 0.00%**
2,584	e*	Chiquita Brands International, Inc			$	39
		TOTAL AGRICULTURAL PRODUCTION-CROPS				39
AGRICULTURAL PRODUCTION-LIVESTOCK - 0.01%
803	e	Cal-Maine Foods, Inc				26
2,370	e	Pilgrim’s Pride Corp				31
23	e	Seaboard Corp				36
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK				93
AGRICULTURAL SERVICES - 0.00%**
727	e*	Cadiz, Inc				12
		TOTAL AGRICULTURAL SERVICES				12
AMUSEMENT AND RECREATION SERVICES - 0.59%
17,753	*	Activision, Inc				605
3,321	*	Bally Technologies, Inc				112
433		Churchill Downs, Inc				15
978	e	Dover Downs Gaming & Entertainment, Inc				6
1,772		International Speedway Corp (Class A)				69
1,909	*	Leapfrog Enterprises, Inc				16
1,967	e*	Life Time Fitness, Inc				58
3,817	e*	Live Nation, Inc				40
3,063	e*	Marvel Entertainment, Inc				99
4,563	*	Penn National Gaming, Inc				147
3,407	e*	Pinnacle Entertainment, Inc				36
4,554	e*	Six Flags, Inc				5
1,000	e	Speedway Motorsports, Inc				20
1,000	e*	Town Sports International Holdings, Inc				9
114,032		Walt Disney Co				3,558
2,602	e	Warner Music Group Corp				19
4,762	v*	Westwood One, Inc				6
2,631	e*	WMS Industries, Inc				78
1,461	e	World Wrestling Entertainment, Inc				23
		TOTAL AMUSEMENT AND RECREATION SERVICES				4,921
APPAREL AND ACCESSORY STORES - 0.49%
5,174		Abercrombie & Fitch Co (Class A)				324
3,747	*	Aeropostale, Inc				117
9,979		American Eagle Outfitters, Inc				136
3,358	e*	AnnTaylor Stores Corp				81
1,533	e	Bebe Stores, Inc				15
2,844	e	Brown Shoe Co, Inc				39
749		Buckle, Inc				34
664	*	Cache, Inc				7
3,338	*	Carter’s, Inc				46
2,400	e*	Casual Male Retail Group, Inc				7
2,074		Cato Corp (Class A)				30
1,406	*	Charlotte Russe Holding, Inc				25
6,864	e*	Charming Shoppes, Inc				32
10,787	*	Chico’s FAS, Inc				58
1,410	e*	Children’s Place Retail Stores, Inc				51
2,493	e	Christopher & Banks Corp				17
836	e*	Citi Trends, Inc				19
3,907	e*	Collective Brands, Inc				45
3,000	e*	Dress Barn, Inc				40
1,051	e*	DSW, Inc (Class A)				12
3,231	e	Finish Line, Inc (Class A)				28

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
9,500		Foot Locker, Inc			$	118
29,148		Gap, Inc				486
5,429	e*	Hanesbrands, Inc				147
2,222	*	HOT Topic, Inc				12
2,305	e*	J Crew Group, Inc				76
1,539	e*	Jo-Ann Stores, Inc				36
1,141	e*	JOS A Bank Clothiers, Inc				31
18,492	*	Kohl’s Corp				740
17,043	e	Limited Brands, Inc				287
888	*	New York & Co, Inc				8
10,895	e	Nordstrom, Inc				330
4,283	e*	Pacific Sunwear Of California, Inc				37
7,985	e	Ross Stores, Inc				284
517	e*	Shoe Carnival, Inc				6
2,847		Stage Stores, Inc				33
1,200	e	Talbots, Inc				14
1,080	e*	Tween Brands, Inc				18
1,963	e*	Under Armour, Inc (Class A)				50
6,538	e*	Urban Outfitters, Inc				204
4,270	*	Wet Seal, Inc (Class A)				20
		TOTAL APPAREL AND ACCESSORY STORES				4,100
APPAREL AND OTHER TEXTILE PRODUCTS - 0.16%
762	e	Columbia Sportswear Co				28
811	e*	G-III Apparel Group Ltd				10
3,607		Guess ?, Inc				135
1,699	*	Gymboree Corp				68
5,065		Jones Apparel Group, Inc				70
5,941	e	Liz Claiborne, Inc				84
800	e*	Lululemon Athletica, Inc				23
1,392	e*	Maidenform Brands, Inc				19
3,068		Phillips-Van Heusen Corp				112
3,355	e	Polo Ralph Lauren Corp				211
7,612	*	Quiksilver, Inc				75
836	e*	True Religion Apparel, Inc				22
5,221		VF Corp				372
2,859	*	Warnaco Group, Inc				126
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS				1,355
AUTO REPAIR, SERVICES AND PARKING - 0.08%
646	e*	Amerco, Inc				31
1,436	e*	Dollar Thrifty Automotive Group, Inc				14
4,569	e*	Exide Technologies				77
996	*	Federal Mogul Corp (Class A)				16
18,898	*	Hertz Global Holdings, Inc				181
1,073	e*	Midas, Inc				14
873	e	Monro Muffler, Inc				14
3,349		Ryder System, Inc				231
672	*	Standard Parking Corp				12
2,627	*	Wright Express Corp				65
		TOTAL AUTO REPAIR, SERVICES AND PARKING				655
AUTOMOTIVE DEALERS AND SERVICE STATIONS - 0.15%
5,814		Advance Auto Parts				226
580	*	America’s Car-Mart, Inc				10
1,889		Asbury Automotive Group, Inc				24
6,910	e*	Autonation, Inc				69
2,461	*	Autozone, Inc				298
13,246	e*	Carmax, Inc				188
4,176	*	Copart, Inc				179
2,692	e*	CSK Auto Corp				28
1,048	e*	MarineMax, Inc				8
6,973	*	O’Reilly Automotive, Inc				156
2,440	e	Penske Auto Group, Inc				36
2,119	*	Rush Enterprises, Inc (Class A)				25

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,793	e	Sonic Automotive, Inc (Class A)			$	23
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS				1,270
BUILDING MATERIALS AND GARDEN SUPPLIES - 0.54%
967	e*	Builders FirstSource, Inc				5
3,882	e*	Central Garden and Pet Co (Class A)				16
7,745		Fastenal Co				334
100,978		Home Depot, Inc				2,365
87,487		Lowe’s Cos, Inc				1,816
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES				4,536
BUSINESS SERVICES - 7.40%
25,632	*	3Com Corp				54
813	e*	3D Systems Corp				8
2,635	e	Aaron Rents, Inc				59
2,600		ABM Industries, Inc				58
35,701		Accenture Ltd (Class A)				1,454
2,473	e*	ACI Worldwide, Inc				43
3,677	e*	Actuate Corp				14
3,887	e	Acxiom Corp				45
1,377	e	Administaff, Inc				38
32,044	*	Adobe Systems, Inc				1,262
828	e*	Advent Software, Inc				30
5,378	*	Affiliated Computer Services, Inc (Class A)				288
2,801	e	Aircastle Ltd				24
9,967	*	Akamai Technologies, Inc				347
4,810	*	Alliance Data Systems Corp				272
11,673	*	Amdocs Ltd				343
2,166	e*	American Reprographics Co				36
2,116	*	AMN Healthcare Services, Inc				36
872	*	Ansoft Corp				32
4,724	*	Ansys, Inc				223
1,600	e	Arbitron, Inc				76
5,091	e*	Ariba, Inc				75
7,187	*	Art Technology Group, Inc				23
1,058	e	Asset Acceptance Capital Corp				13
1,233	e*	athenahealth, Inc				38
13,372	*	Autodesk, Inc				452
31,021		Automatic Data Processing, Inc				1,300
6,370	e*	Avis Budget Group, Inc				53
2,932	*	Avocent Corp				55
631	e*	Bankrate, Inc				25
12,324	e,v*	BearingPoint, Inc				10
1,565	*	BGC Partners, Inc (Class A)				12
2,836		Blackbaud, Inc				61
1,799	*	Blackboard, Inc				69
1,746	e*	Blue Coat Systems, Inc				25
11,440	*	BMC Software, Inc				412
862	*	Bottomline Technologies, Inc				8
3,603	e*	BPZ Energy, Inc				106
3,069		Brady Corp (Class A)				106
2,433		Brink’s Co				159
23,248		CA, Inc				537
1,901	*	CACI International, Inc (Class A)				87
14,981	*	Cadence Design Systems, Inc				151
1,751	*	Callidus Software, Inc				9
849	*	Capella Education Co				51
1,800	e*	Cavium Networks, Inc				38
3,710	e*	CBIZ, Inc				29
4,020	e*	Cerner Corp				182
3,690	*	ChoicePoint, Inc				178
2,005	*	Chordiant Software, Inc				10
3,700	*	Ciber, Inc				23
11,254	*	Citrix Systems, Inc				331
2,400	*	Clear Channel Outdoor Holdings, Inc (Class A)				43
620	*	Clinical Data, Inc				9

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
3,243	*	CMGI, Inc			$	34
3,055	*	Cogent Communications Group, Inc				41
2,800	e*	Cogent, Inc				32
2,776	e	Cognex Corp				64
17,286	*	Cognizant Technology Solutions Corp (Class A)				562
2,159	*	Commvault Systems, Inc				36
840	e	Compass Diversified Trust				10
869	*	Compellent Technologies, Inc				10
602		Computer Programs & Systems, Inc				10
9,038	*	Computer Sciences Corp				423
15,643	*	Compuware Corp				149
839	e*	COMSYS IT Partners, Inc				8
2,581	e*	Concur Technologies, Inc				86
1,230	*	Constant Contact, Inc				23
7,100	*	Convergys Corp				105
1,115	e*	CoStar Group, Inc				50
1,476	*	CSG Systems International, Inc				16
3,935	*	Cybersource Corp				66
1,981	e*	Data Domain, Inc				46
2,053	e*	DealerTrack Holdings, Inc				29
3,468		Deluxe Corp				62
1,223	*	Digimarc Corp				17
2,231	e*	Digital River, Inc				86
1,448	*	DivX, Inc				11
1,061	*	Double-Take Software, Inc				15
2,599	e*	DST Systems, Inc				143
1,500	e*	DynCorp International, Inc (Class A)				23
6,551	*	Earthlink, Inc				57
66,614	*	eBay, Inc				1,821
125	*	Ebix, Inc				10
1,837	e*	Echelon Corp				20
2,891	e*	Eclipsys Corp				53
1,000		Electro Rent Corp				13
19,061	*	Electronic Arts, Inc				847
31,394		Electronic Data Systems Corp				774
3,754	*	Entrust, Inc				11
3,541	e*	Epicor Software Corp				24
2,131	e*	EPIQ Systems, Inc				30
7,989	e	Equifax, Inc				269
2,035	e*	Equinix, Inc				182
4,575	e*	Evergreen Energy, Inc				8
1,397	e*	ExlService Holdings, Inc				20
12,409	*	Expedia, Inc				228
4,994	e*	F5 Networks, Inc				142
2,616	e	Factset Research Systems, Inc				147
2,596	e	Fair Isaac Corp				54
2,479	e*	FalconStor Software, Inc				18
11,743		Fidelity National Information Services, Inc				433
200	e*	First Advantage Corp (Class A)				3
9,896	*	Fiserv, Inc				449
983	*	Forrester Research, Inc				30
923		FTD Group, Inc				12
3,832	e*	Gartner, Inc				79
1,444	*	Gerber Scientific, Inc				16
3,037	*	Getty Images, Inc				103
1,647	e	Gevity HR, Inc				9
2,712	e*	Global Cash Access, Inc				19
1,061	e*	Global Sources Ltd				16
14,173	*	Google, Inc (Class A)				7,461
1,107	e*	H&E Equipment Services, Inc				13
2,506	*	Hackett Group, Inc				14
2,249	e	Healthcare Services Group				34
1,469	e	Heartland Payment Systems, Inc				35
1,329	e	Heidrick & Struggles International, Inc				37

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
10,329	e*	HLTH Corp			$	117
1,272	e*	HMS Holdings Corp				27
1,384	*	Hudson Highland Group, Inc				14
3,542	*	Hypercom Corp				16
947	e*	i2 Technologies, Inc				12
448	*	ICT Group, Inc				4
1,449	*	iGate Corp				12
2,587	*	IHS, Inc (Class A)				180
11,068		IMS Health, Inc				258
1,967		infoGROUP, Inc				9
4,859	*	Informatica Corp				73
2,218		Infospace, Inc				18
1,446	e*	Innerworkings, Inc				17
558	e	Integral Systems, Inc				22
2,217		Interactive Data Corp				56
803	e*	Interactive Intelligence, Inc				9
3,256	e*	Internap Network Services Corp				15
1,292	*	Internet Brands, Inc				9
2,646	e*	Internet Capital Group, Inc				20
27,952	e*	Interpublic Group of Cos, Inc				240
3,184	*	Interwoven, Inc				38
19,200	*	Intuit, Inc				529
1,814	*	inVentiv Health, Inc				50
10,856	*	Iron Mountain, Inc				288
4,326	e	Jack Henry & Associates, Inc				94
1,953	*	JDA Software Group, Inc				35
31,225	*	Juniper Networks, Inc				693
1,200	e	Kelly Services, Inc (Class A)				23
1,544	e*	Kenexa Corp				29
941	e*	Keynote Systems, Inc				12
1,774	*	Kforce, Inc				15
3,252	e*	Kinetic Concepts, Inc				130
1,667	e*	Knot, Inc				16
2,700	*	Korn/Ferry International				42
4,598	e*	Lamar Advertising Co (Class A)				166
7,959	*	Lawson Software, Inc				58
2,000	e*	Limelight Networks, Inc				8
511	e*	Liquidity Services, Inc				6
2,311	e*	Magma Design Automation, Inc				14
2,098	*	Manhattan Associates, Inc				50
4,774		Manpower, Inc				278
1,171	*	Mantech International Corp (Class A)				56
1,311	e	Marchex, Inc (Class B)				16
4,376	e	Mastercard, Inc (Class A)				1,162
9,755	*	McAfee, Inc				332
5,422	*	Mentor Graphics Corp				86
480,474	d	Microsoft Corp				13,218
648	*	MicroStrategy, Inc (Class A)				42
2,315	e*	Midway Games, Inc				5
866	*	Monotype Imaging Holdings, Inc				11
7,154	e*	Monster Worldwide, Inc				147
4,760	e*	Move, Inc				11
6,206	*	MPS Group, Inc				66
2,666	*	MSC.Software Corp				29
6,028	*	NAVTEQ Corp				464
390	*	NCI, Inc (Class A)				9
10,035	*	NCR Corp				253
2,111	*	Ness Technologies, Inc				21
2,427	e*	NetFlix, Inc				63
1,792	*	Netscout Systems, Inc				19
423	*	NetSuite, Inc				9
1,732		NIC, Inc				12
21,820	*	Novell, Inc				128
10,313	*	Nuance Communications, Inc				162
19,172		Omnicom Group, Inc				860

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
3,715	e*	Omniture, Inc			$	69
1,673	*	On Assignment, Inc				13
1,415	e*	Online Resources Corp				12
5,712	e*	OpenTV Corp (Class A)				7
233,094	*	Oracle Corp				4,895
7,173	*	Parametric Technology Corp				120
1,245		PC-Tel, Inc				12
438	e	Pegasystems, Inc				6
1,196	*	PeopleSupport, Inc				10
1,789	e*	Perficient, Inc				17
5,518	*	Perot Systems Corp (Class A)				83
2,169	*	Phase Forward, Inc				39
1,611	*	Phoenix Technologies Ltd				18
1,058	e*	Portfolio Recovery Associates, Inc				40
3,120	*	Premiere Global Services, Inc				45
2,510	*	Progress Software Corp				64
774	*	PROS Holdings, Inc				9
1,000	e	QAD, Inc				7
1,284	e	Quality Systems, Inc				38
4,302	*	Quest Software, Inc				64
1,505	*	Radiant Systems, Inc				16
1,200	e*	Radisys Corp				11
1,891	e*	Raser Technologies, Inc				18
6,472	e*	RealNetworks, Inc				43
11,630	e*	Red Hat, Inc				241
781	e	Renaissance Learning, Inc				9
3,920	*	Rent-A-Center, Inc				81
1,679	e*	RightNow Technologies, Inc				23
1,200	e*	Riskmetrics Group Inc				23
8,549		Robert Half International, Inc				205
2,146		Rollins, Inc				32
2,525	e*	RSC Holdings, Inc				23
4,489	*	S1 Corp				34
6,297	*	Salesforce.com, Inc				430
5,900	*	Sapient Corp				38
3,543	e*	Secure Computing Corp				15
639	e*	SI International, Inc				13
1,301	e*	Smith Micro Software, Inc				7
1,699	e*	Sohu.com, Inc				120
4,123	*	SonicWALL, Inc				27
14,052	e*	Sonus Networks, Inc				48
3,912	e	Sotheby’s				103
1,235	*	Sourcefire, Inc				10
4,207	*	Spherion Corp				19
1,239	*	SPSS, Inc				45
2,484	*	SRA International, Inc (Class A)				56
1,404	e*	Stratasys, Inc				26
1,342	*	SuccessFactors, Inc				15
47,508	*	Sun Microsystems, Inc				517
2,697	*	SupportSoft, Inc				9
4,737	*	Sybase, Inc				139
1,700	*	SYKES Enterprises, Inc				32
50,283	*	Symantec Corp				973
1,133	e*	Synchronoss Technologies, Inc				10
797	e*	SYNNEX Corp				20
8,758	*	Synopsys, Inc				209
784	e	Syntel, Inc				26
4,650	*	Take-Two Interactive Software, Inc				119
1,034		TAL International Group, Inc				23
1,368	e*	Taleo Corp (Class A)				27
798	*	TechTarget, Inc				8
2,576	*	TeleTech Holdings, Inc				51
590		Textainer Group Holdings Ltd				11
1,161	e	TheStreet.com, Inc				8
4,249	e*	THQ, Inc				86

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
11,332	*	TIBCO Software, Inc			$	87
1,534	*	TNS, Inc				37
9,771		Total System Services, Inc				217
1,168	*	TradeStation Group, Inc				12
2,823	e*	Trizetto Group, Inc				60
3,096	e*	TrueBlue, Inc				41
1,541	e*	Ultimate Software Group, Inc				55
571	e*	Unica Corp				5
22,840	*	Unisys Corp				90
3,701		United Online, Inc				37
4,813	*	United Rentals, Inc				94
6,076	*	Valueclick, Inc				92
1,577	e*	Vasco Data Security International				17
11,559	e*	VeriSign, Inc				437
1,519		Viad Corp				39
1,694	*	Vignette Corp				20
26,792		Visa, Inc (Class A)				2,178
2,400	e*	VMware, Inc (Class A)				129
792	*	Vocus, Inc				25
858	*	Volt Information Sciences, Inc				10
29,141		Waste Management, Inc				1,099
449	e*	WebMD Health Corp (Class A)				13
2,958	*	Websense, Inc				50
1,627	*	Website Pros, Inc				13
4,910	*	Wind River Systems, Inc				53
82,494	*	Yahoo!, Inc				1,704
		TOTAL BUSINESS SERVICES				62,134
CHEMICALS AND ALLIED PRODUCTS - 9.53%
92,363		Abbott Laboratories				4,892
357	*	Abraxis Bioscience, Inc				23
1,887	e*	Acadia Pharmaceuticals, Inc				7
1,953	*	Acorda Therapeutics, Inc				64
2,757	*	Adolor Corp				15
12,607		Air Products & Chemicals, Inc				1,246
1,600	*	Albany Molecular Research, Inc				21
5,462		Albemarle Corp				218
5,024		Alberto-Culver Co				132
2,304	e*	Alexion Pharmaceuticals, Inc				167
1,212	e*	Alexza Pharmaceuticals, Inc				5
5,676	*	Alkermes, Inc				70
2,616	e*	Allos Therapeutics, Inc				18
2,039	e*	Alnylam Pharmaceuticals, Inc				55
2,624	e*	Alpharma, Inc (Class A)				59
876	e*	AMAG Pharmaceuticals, Inc				30
3,695	e*	American Oriental Bioengineering, Inc				36
928	e	American Vanguard Corp				11
65,167	*	Amgen, Inc				3,073
1,431	e*	APP Pharmaceuticals, Inc				24
1,500	e	Arch Chemicals, Inc				50
3,078	e*	Arena Pharmaceuticals, Inc				16
2,036	e*	Arqule, Inc				7
3,660	e*	Array Biopharma, Inc				17
2,455	e*	Auxilium Pharmaceuticals, Inc				83
919	*	Avant Immunotherapeutics, Inc				13
2,400	e*	Aventine Renewable Energy Holdings, Inc				11
5,794		Avery Dennison Corp				255
25,534		Avon Products, Inc				920
1,170	e	Balchem Corp				27
6,553	*	Barr Pharmaceuticals, Inc				295
872	e*	Bentley Pharmaceuticals, Inc				14
657	*	Biodel, Inc				9
17,538	*	Biogen Idec, Inc				980
5,913	*	BioMarin Pharmaceuticals, Inc				171
657	e*	BioMimetic Therapeutics, Inc				8

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
118,085		Bristol-Myers Squibb Co			$	2,424
3,844	e	Cabot Corp				93
1,015	e*	Cadence Pharmaceuticals, Inc				6
2,400	e*	Calgon Carbon Corp				37
1,815	*	Cambrex Corp				11
631	e*	Caraco Pharmaceutical Laboratories Ltd				8
8,871		Celanese Corp (Series A)				405
3,105	e*	Cell Genesys, Inc				8
4,049	e*	Cephalon, Inc				270
3,374		CF Industries Holdings, Inc				516
4,127	*	Charles River Laboratories International, Inc				264
1,163	e*	Chattem, Inc				76
15,194		Chemtura Corp				89
3,895		Church & Dwight Co, Inc				219
8,377		Clorox Co				437
30,390		Colgate-Palmolive Co				2,100
2,917	*	Columbia Laboratories, Inc				10
898	*	Cougar Biotechnology, Inc				21
3,622	*	Cubist Pharmaceuticals, Inc				65
2,618	*	Cypress Bioscience, Inc				19
2,828		Cytec Industries, Inc				154
1,702	e*	Cytokinetics, Inc				6
4,015	e*	Dendreon Corp				18
5,095	e*	Discovery Laboratories, Inc				8
55,685		Dow Chemical Co				1,944
53,910		Du Pont (E.I.) de Nemours & Co				2,312
3,494	*	Durect Corp				13
4,567		Eastman Chemical Co				314
10,437		Ecolab, Inc				449
59,695		Eli Lilly & Co				2,756
1,704	e*	Elizabeth Arden, Inc				26
3,094	e*	Enzon Pharmaceuticals, Inc				22
5,859	e	Estee Lauder Cos (Class A)				272
2,913		Ferro Corp				55
4,477		FMC Corp				347
18,234	*	Forest Laboratories, Inc				633
28,102	*	Genentech, Inc				2,133
16,001	*	Genzyme Corp				1,152
4,250	e*	Geron Corp				15
55,760	*	Gilead Sciences, Inc				2,952
818	e*	GTx, Inc				12
3,350		H.B. Fuller Co				75
3,942	e*	Halozyme Therapeutics, Inc				21
7,111		Hercules, Inc				120
9,624	*	Hospira, Inc				386
8,974	e*	Human Genome Sciences, Inc				47
8,858		Huntsman Corp				101
1,708	*	ICO, Inc				10
861	e*	Idenix Pharmaceuticals, Inc				6
1,248	*	Idera Pharmaceuticals, Inc				18
3,710	*	Idexx Laboratories, Inc				181
3,674	e*	ImClone Systems, Inc				149
4,347	*	Immucor, Inc				113
3,006	e*	Indevus Pharmaceuticals, Inc				5
980		Innophos Holdings, Inc				31
1,460		Innospec, Inc				27
2,484	*	Inspire Pharmaceuticals, Inc				11
353	e	Inter Parfums, Inc				5
1,694	e*	InterMune, Inc				22
4,870		International Flavors & Fragrances, Inc				190
4,647	*	Inverness Medical Innovations, Inc				154
5,511	e*	Invitrogen Corp				216
2,531	e*	Javelin Pharmaceuticals, Inc				6
922		Kaiser Aluminum Corp				49

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
14,912	*	King Pharmaceuticals, Inc			$	156
1,077		Koppers Holdings, Inc				45
2,481	*	KV Pharmaceutical Co (Class A)				48
1,289	*	Landec Corp				8
5,552	e*	Ligand Pharmaceuticals, Inc (Class B)				14
4,080		Lubrizol Corp				189
987	e	Mannatech, Inc				5
2,536	e*	MannKind Corp				8
2,109	e*	Martek Biosciences Corp				71
7,861	e*	Medarex, Inc				52
3,315	*	Medicines Co				66
3,427	e	Medicis Pharmaceutical Corp (Class A)				71
1,298	e*	Medivation, Inc				15
128,462		Merck & Co, Inc				4,842
2,420		Meridian Bioscience, Inc				65
1,175		Minerals Technologies, Inc				75
1,402	*	Momenta Pharmaceuticals, Inc				17
32,845		Monsanto Co				4,153
9,296		Mosaic Co				1,345
18,544	e	Mylan Laboratories, Inc				224
4,000	e*	Nabi Biopharmaceuticals				16
8,177	e	Nalco Holding Co				173
3,373	*	NBTY, Inc				108
2,526	e*	Neurocrine Biosciences, Inc				11
715	e	NewMarket Corp				47
964	e	NL Industries, Inc				9
1,495	e*	Noven Pharmaceuticals, Inc				16
2,860	*	NPS Pharmaceuticals, Inc				13
1,070	*	Obagi Medical Products, Inc				9
4,620		Olin Corp				121
1,900	e*	OM Group, Inc				62
843	e*	Omrix Biopharmaceuticals, Inc				13
3,536	e*	Onyx Pharmaceuticals, Inc				126
1,463	*	Optimer Pharmaceuticals, Inc				12
2,901	e*	OraSure Technologies, Inc				11
1,180	*	Orexigen Therapeutics, Inc				9
3,527	e*	OSI Pharmaceuticals, Inc				146
807	e*	Osiris Therapeutics, Inc				10
2,164	e*	Pacific Ethanol, Inc				4
1,792	e*	Pain Therapeutics, Inc				14
2,340	e*	Par Pharmaceutical Cos, Inc				38
3,406	*	Parexel International Corp				90
7,345		PDL BioPharma, Inc				78
4,725		Perrigo Co				150
1,182	e*	PetMed Express, Inc				15
404,911		Pfizer, Inc				7,074
927	*	Pharmasset, Inc				18
1,726	*	PharMerica Corp				39
6,365	*	PolyOne Corp				44
1,425	e*	Pozen, Inc				16
9,640		PPG Industries, Inc				553
18,736		Praxair, Inc				1,766
1,891	*	Prestige Brands Holdings, Inc				20
182,957		Procter & Gamble Co				11,126
1,419	e*	Progenics Pharmaceuticals, Inc				23
92	e*	Protalix BioTherapeutics, Inc				—	^
3,271	*	Questcor Pharmaceuticals, Inc				15
1,976	e*	Quidel Corp				33
2,483	*	Rockwood Holdings, Inc				86
7,724		Rohm & Haas Co				359
7,403		RPM International, Inc				153
2,502	e*	Salix Pharmaceuticals Ltd				18
97,114		Schering-Plough Corp				1,912
1,824	e	Sciele Pharma, Inc				35

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,698		Scotts Miracle-Gro Co (Class A)			$	47
3,076		Sensient Technologies Corp				87
6,507	e*	Sepracor, Inc				130
6,023	e	Sherwin-Williams Co				277
7,711		Sigma-Aldrich Corp				415
3,618	*	Solutia, Inc				46
500		Stepan Co				23
900	e*	SurModics, Inc				40
2,100	e*	Tercica, Inc				19
3,072	*	Theravance, Inc				37
2,621	*	Third Wave Technologies, Inc				29
1,181	*	Ulta Salon Cosmetics & Fragrance, Inc				13
1,278	*	United Therapeutics Corp				125
594	e*	USANA Health Sciences, Inc				16
5,342	e*	USEC, Inc				33
4,449	e*	Valeant Pharmaceuticals International				76
6,017	e	Valspar Corp				114
5,212	*	VCA Antech, Inc				145
6,036	e*	Verasun Energy Corp				25
8,420	*	Vertex Pharmaceuticals, Inc				282
4,346	e*	Viropharma, Inc				48
5,559	*	Warner Chilcott Ltd (Class A)				94
6,278	*	Watson Pharmaceuticals, Inc				171
893	e	Westlake Chemical Corp				13
4,332	e*	WR Grace & Co				102
79,796		Wyeth				3,827
1,312	*	Xenoport, Inc				51
8,116	e*	XOMA Ltd				14
2,399	e*	Zymogenetics, Inc				20
		TOTAL CHEMICALS AND ALLIED PRODUCTS				80,035
COAL MINING - 0.53%
4,205	*	Alpha Natural Resources, Inc				438
8,714		Arch Coal, Inc				654
10,952		Consol Energy, Inc				1,231
7,316	e*	International Coal Group, Inc				95
1,514	*	James River Coal Co				89
4,822		Massey Energy Co				452
1,543	*	National Coal Corp				14
16,252		Peabody Energy Corp				1,431
570	*	Westmoreland Coal Co				12
		TOTAL COAL MINING				4,416
COMMUNICATIONS - 4.17%
2,743	e	Alaska Communications Systems Group, Inc				33
23,861	*	American Tower Corp (Class A)				1,008
1,895	e*	Anixter International, Inc				113
3,054	e*	Aruba Networks, Inc				16
355,622		AT&T, Inc				11,981
356	e	Atlantic Tele-Network, Inc				10
1,206	e*	Audiovox Corp (Class A)				12
2,522	e*	Brightpoint, Inc				18
13,439	e*	Cablevision Systems Corp (Class A)				304
1,055	e*	Cbeyond Communications, Inc				17
4,028	*	Centennial Communications Corp				28
2,093	e*	Central European Media Enterprises Ltd (Class A)				189
6,105	*	CenturyTel, Inc				217
25,044	e*	Charter Communications, Inc (Class A)				26
16,520	*	Cincinnati Bell, Inc				66
12,479	e*	Citadel Broadcasting Corp				15
19,434	e*	Citizens Communications Co				220
29,474		Clear Channel Communications, Inc				1,037
4,026	e*	Clearwire Corp (Class A)				52
167,809		Comcast Corp (Class A)				3,183
1,571	e	Consolidated Communications Holdings, Inc				23
2,186	e*	Cox Radio, Inc (Class A)				26

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
16,909	*	Crown Castle International Corp			$	655
1,802	e*	Crown Media Holdings, Inc (Class A)				9
3,172	*	CTC Media, Inc				78
2,624	e*	Cumulus Media, Inc (Class A)				10
813	e*	DG FastChannel, Inc				14
35,674	*	DIRECTV Group, Inc				924
12,220	*	DISH Network Corp (Class A)				358
8,638		Embarq Corp				408
2,180	e	Entercom Communications Corp (Class A)				15
5,154	e*	Entravision Communications Corp (Class A)				21
5,145	e	Fairpoint Communications, Inc				37
8,501	e*	FiberTower Corp				12
354	e	Fisher Communications, Inc				12
8,914	*	Foundry Networks, Inc				105
3,022	e*	General Communication, Inc (Class A)				21
1,077	e*	GeoEye, Inc				19
2,246	e*	Global Crossing Ltd				40
4,870		Global Payments, Inc				227
1,202	e*	Globalstar, Inc				3
3,118	e	Gray Television, Inc				9
1,520	e	Hearst-Argyle Television, Inc				29
396	e*	Hughes Communications, Inc				19
10,819	*	IAC/InterActiveCorp				209
2,017	e	Ibasis, Inc				7
6,383	e*	ICO Global Communications Holdings Ltd				21
3,749	e	IDT Corp (Class B)				6
1,874	e	Iowa Telecommunications Services, Inc				33
1,069	e*	iPCS, Inc				32
3,019	*	j2 Global Communications, Inc				70
1,587	e*	Knology, Inc				17
3,092	e*	Leap Wireless International, Inc				134
93,633	e*	Level 3 Communications, Inc				276
19,997	e*	Liberty Global, Inc (Class A)				629
7,691	*	Liberty Media Corp - Capital (Series A)				111
30,764	*	Liberty Media Corp - Entertainment (Series A)				745
35,566	*	Liberty Media Holding Corp (Interactive A)				525
1,798	e*	Lin TV Corp (Class A)				11
2,626	e*	Mastec, Inc				28
4,583	e*	Mediacom Communications Corp (Class A)				25
14,563	e*	MetroPCS Communications, Inc				258
4,651	e*	NeuStar, Inc (Class A)				100
994	*	Neutral Tandem, Inc				17
1,681	e*	Nextwave Wireless, Inc				7
9,996	*	NII Holdings, Inc				475
1,922	e*	Novatel Wireless, Inc				21
1,715		NTELOS Holdings Corp				44
1,632	e*	Orbcomm, Inc				9
7,414	e*	PAETEC Holding Corp				47
89,984	e	Qwest Communications International, Inc				354
1,881	e*	RCN Corp				20
741	e*	Rural Cellular Corp (Class A)				33
1,756	e*	SAVVIS, Inc				23
6,304	*	SBA Communications Corp (Class A)				227
1,404	e	Shenandoah Telecom Co				18
3,111	e	Sinclair Broadcast Group, Inc (Class A)				24
167,104		Sprint Nextel Corp				1,588
766	e*	Switch & Data Facilities Co, Inc				13
3,081	*	Syniverse Holdings, Inc				50
1,946	*	TeleCommunication Systems, Inc				9
6,282		Telephone & Data Systems, Inc				297
1,962	e*	Terremark Worldwide, Inc				11
3,440	*	TerreStar Corp				14
9,282	e*	Time Warner Cable, Inc (Class A)				246
4,990	e*	TiVo, Inc				31
1,032	*	US Cellular Corp				58

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,642		USA Mobility, Inc			$	12
170,613		Verizon Communications, Inc				6,040
1,500	e*	Virgin Mobile USA, Inc				4
1,993	e*	Vonage Holdings Corp				3
26,797	e	Windstream Corp				331
19,080	e*	XM Satellite Radio Holdings, Inc (Class A)				150
		TOTAL COMMUNICATIONS				35,032
DEPOSITORY INSTITUTIONS - 5.67%
1,117	e	1st Source Corp				18
732	e	Abington Bancorp, Inc				7
1,722	e	Amcore Financial, Inc				10
853	e	Ameris Bancorp				7
387		Ames National Corp				6
1,536		Anchor Bancorp Wisconsin, Inc				11
528		Arrow Financial Corp				10
7,795	e	Associated Banc-Corp				150
5,317		Astoria Financial Corp				107
520	e	Bancfirst Corp				22
1,517	e	Banco Latinoamericano de Exportaciones S.A.				25
5,040	e	Bancorpsouth, Inc				88
1,017		BancTrust Financial Group, Inc				7
2,688	e	Bank Mutual Corp				27
266,168		Bank of America Corp				6,353
2,893		Bank of Hawaii Corp				138
67,980		Bank of New York Mellon Corp				2,572
638	e	Bank of the Ozarks, Inc				9
1,599		BankFinancial Corp				21
777	e	Banner Corp				7
32,999	e	BB&T Corp				751
1,950	*	Beneficial Mutual Bancorp, Inc				22
550	e	Berkshire Hills Bancorp, Inc				13
1,341		BOK Financial Corp				72
2,260	e	Boston Private Financial Holdings, Inc				13
3,927	e	Brookline Bancorp, Inc				38
397		Bryn Mawr Bank Corp				7
460		Camden National Corp				11
831	e	Capital City Bank Group, Inc				18
828	e	Capitol Bancorp Ltd				7
1,324	e	Capitol Federal Financial				50
1,503		Cardinal Financial Corp				9
1,800	e	Cascade Bancorp				14
398	e	Cass Information Systems, Inc				13
3,316	e	Cathay General Bancorp				36
1,887	e	Central Pacific Financial Corp				20
1,722	e	Chemical Financial Corp				35
325,353		Citigroup, Inc				5,453
533		Citizens & Northern Corp				9
4,633	e	Citizens Banking Corp				13
825	e	City Bank				7
1,123	e	City Holding Co				46
2,497	e	City National Corp				105
875	e	Clifton Savings Bancorp, Inc				9
675	e	CoBiz, Inc				4
10,387		Colonial Bancgroup, Inc				46
1,059	e	Columbia Banking System, Inc				20
8,948	e	Comerica, Inc				229
3,527		Commerce Bancshares, Inc				140
2,024	e	Community Bank System, Inc				42
1,003	e	Community Trust Bancorp, Inc				26
2,340	e	Corus Bankshares, Inc				10
3,671		Cullen/Frost Bankers, Inc				183
4,428	e	CVB Financial Corp				42
1,609		Dime Community Bancshares				27
983	e*	Dollar Financial Corp				15

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,361	e	Downey Financial Corp			$	4
3,926	e	East West Bancorp, Inc				28
512	e	Enterprise Financial Services Corp				10
1,035		ESSA Bancorp, Inc				13
2,804	e*	Euronet Worldwide, Inc				47
377		Farmers Capital Bank Corp				7
30,065		Fifth Third Bancorp				306
664		Financial Institutions, Inc				11
720	e	First Bancorp				9
4,676	e	First Bancorp				30
1,530	e	First Busey Corp				20
341		First Citizens Bancshares, Inc (Class A)				48
4,700	e	First Commonwealth Financial Corp				44
680	e	First Community Bancshares, Inc				19
2,359	e	First Financial Bancorp				22
1,332	e	First Financial Bankshares, Inc				61
903	e	First Financial Corp				28
600	e	First Financial Holdings, Inc				10
1,374		First Financial Northwest, Inc				14
9,925	e	First Horizon National Corp				74
1,238	e	First Merchants Corp				22
2,914	e	First Midwest Bancorp, Inc				54
6,905		First Niagara Financial Group, Inc				89
987	e	First Place Financial Corp				9
504	e	First South Bancorp, Inc				6
377	e*	FirstFed Financial Corp				3
5,102		FirstMerit Corp				83
1,967	e	Flagstar Bancorp, Inc				6
1,105		Flushing Financial Corp				21
5,502	e	FNB Corp				65
2,394	e	Frontier Financial Corp				20
11,161	e	Fulton Financial Corp				112
3,468	e	Glacier Bancorp, Inc				55
437	e	Greene County Bancshares, Inc				6
3,800	e*	Guaranty Bancorp				14
1,711	e	Hancock Holding Co				67
2,620	e	Hanmi Financial Corp				14
1,911	e	Harleysville National Corp				21
928	e	Heartland Financial USA, Inc				17
803	e	Heritage Commerce Corp				8
709	e	Home Bancshares, Inc				16
31,070		Hudson City Bancorp, Inc				518
22,354	e	Huntington Bancshares, Inc				129
632	e	IBERIABANK Corp				28
938		Independent Bank Corp				22
4,091	e,v	IndyMac Bancorp, Inc				2
1,040	e	Integra Bank Corp				8
3,295	e	International Bancshares Corp				70
3,434	*	Investors Bancorp, Inc				45
205,965		JPMorgan Chase & Co				7,067
1,441	e	Kearny Financial Corp				16
23,600	e	Keycorp				259
1,025	e	Lakeland Bancorp, Inc				12
734	e	Lakeland Financial Corp				14
3,932	e	M&T Bank Corp				277
731	e	MainSource Financial Group, Inc				11
15,732	e	Marshall & Ilsley Corp				241
217		MASSBANK Corp				9
2,236	e	MB Financial, Inc				50
5,244	*	Metavante Technologies, Inc				119
1,081	e	Midwest Banc Holdings, Inc				5
1,144	e	Nara Bancorp, Inc				12
206	e	NASB Financial, Inc				4
42,662	e	National City Corp				203

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
4,881	e	National Penn Bancshares, Inc			$	65
2,152	e	NBT Bancorp, Inc				44
2,399	*	Net 1 UEPS Technologies, Inc				58
19,260	e	New York Community Bancorp, Inc				344
6,972	e	NewAlliance Bancshares, Inc				87
13,119		Northern Trust Corp				900
1,192	*	Northfield Bancorp, Inc				13
1,341	e	Northwest Bancorp, Inc				29
508		OceanFirst Financial Corp				9
3,801	e	Old National Bancorp				54
799	e	Old Second Bancorp, Inc				9
1,295		Oriental Financial Group, Inc				18
713	e*	Oritani Financial Corp				11
2,744	e	Pacific Capital Bancorp				38
611		Pacific Continental Corp				7
1,486	e	PacWest Bancorp				22
688	e	Park National Corp				37
499		Peapack Gladstone Financial Corp				11
595		Peoples Bancorp, Inc				11
19,823		People’s United Financial, Inc				309
986	e*	Pinnacle Financial Partners, Inc				20
20,700		PNC Financial Services Group, Inc				1,182
17,875		Popular, Inc				118
1,141	e	PrivateBancorp, Inc				35
2,230	e	Prosperity Bancshares, Inc				60
2,140	e	Provident Bankshares Corp				14
4,058		Provident Financial Services, Inc				57
2,753	e	Provident New York Bancorp				30
41,618	e	Regions Financial Corp				454
769	e	Renasant Corp				11
612	e	Republic Bancorp, Inc (Class A)				15
598	e	Rockville Financial, Inc				8
629	e	Roma Financial Corp				8
1,811	e	S&T Bancorp, Inc				53
846	e	S.Y. Bancorp, Inc				18
1,000	e	Sandy Spring Bancorp, Inc				17
357	e	Santander BanCorp				4
605	e	SCBT Financial Corp				17
740	e	Seacoast Banking Corp of Florida				6
514		Shore Bancshares, Inc				10
370	e	Sierra Bancorp				6
1,893	*	Signature Bank				49
1,066	e	Simmons First National Corp (Class A)				30
581		Smithtown Bancorp, Inc				9
4,761	e	South Financial Group, Inc				19
757	e	Southside Bancshares, Inc				14
740		Southwest Bancorp, Inc				9
26,590	e	Sovereign Bancorp, Inc				196
856		State Bancorp, Inc				11
23,514		State Street Corp				1,505
1,347		StellarOne Corp				20
1,199	e	Sterling Bancorp				14
3,900		Sterling Bancshares, Inc				35
3,133	e	Sterling Financial Corp				13
701	e	Suffolk Bancorp				21
613	e*	Sun Bancorp, Inc				6
21,153		SunTrust Banks, Inc				766
4,965	e	Susquehanna Bancshares, Inc				68
1,802	e*	SVB Financial Group				87
17,015	e	Synovus Financial Corp				149
8,192	e	TCF Financial Corp				99
1,482	e*	Texas Capital Bancshares, Inc				24
6,191	e	TFS Financial Corp				72
709	e	Tompkins Trustco, Inc				26

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,219		TowneBank			$	18
726	e	Trico Bancshares				8
5,202	e	Trustco Bank Corp NY				39
2,902	e	Trustmark Corp				51
6,278	e	UCBH Holdings, Inc				14
1,859		UMB Financial Corp				95
3,609	e	Umpqua Holdings Corp				44
814	e	Union Bankshares Corp				12
2,423		UnionBanCal Corp				98
2,534	e	United Bankshares, Inc				58
2,128	e	United Community Banks, Inc				18
1,981	e	United Community Financial Corp				7
1,056		United Financial Bancorp, Inc				12
460	e	United Security Bancshares				7
792	e	Univest Corp of Pennsylvania				16
103,857		US Bancorp				2,897
7,834	e	Valley National Bancorp				124
690		ViewPoint Financial Group				10
7,937	e	W Holding Co, Inc				6
129,251		Wachovia Corp				2,007
5,275	e	Washington Federal, Inc				95
62,079	e	Washington Mutual, Inc				306
881	e	Washington Trust Bancorp, Inc				17
681	e*	Wauwatosa Holdings, Inc				7
3,232		Webster Financial Corp				60
197,654		Wells Fargo & Co				4,694
1,534	e	WesBanco, Inc				26
997		West Bancorporation, Inc				9
977	e	West Coast Bancorp				8
1,616	e	Westamerica Bancorporation				85
850	e*	Western Alliance Bancorp				7
44,300		Western Union Co				1,095
1,174		Westfield Financial, Inc				11
4,160	e	Whitney Holding Corp				76
4,204	e	Wilmington Trust Corp				111
980	e	Wilshire Bancorp, Inc				8
1,580	e	Wintrust Financial Corp				38
320		WSFS Financial Corp				14
709		Yadkin Valley Financial Corp				8
6,129	e	Zions Bancorporation				193
		TOTAL DEPOSITORY INSTITUTIONS				47,654
EATING AND DRINKING PLACES - 0.88%
1,322	*	AFC Enterprises				11
758	e*	BJ’s Restaurants, Inc				7
1,700	e	Bob Evans Farms, Inc				49
5,750		Brinker International, Inc				109
790	e*	Buffalo Wild Wings, Inc				20
4,224		Burger King Holdings, Inc				113
1,971	e*	California Pizza Kitchen, Inc				22
1,623		CBRL Group, Inc				40
1,296	*	CEC Entertainment, Inc				36
4,394	e*	Cheesecake Factory				70
1,977	*	Chipotle Mexican Grill, Inc (Class A)				163
3,658		CKE Restaurants, Inc				46
8,645		Darden Restaurants, Inc				276
6,036	e*	Denny’s Corp				17
1,061	e	DineEquity, Inc				40
2,437	e*	Domino’s Pizza, Inc				28
3,822	*	Jack in the Box, Inc				86
3,561	e*	Krispy Kreme Doughnuts, Inc				18
1,203	e	Landry’s Restaurants, Inc				22
67,743		McDonald’s Corp				3,808
1,720	e	O’Charleys, Inc				17
1,450	*	Papa John’s International, Inc				38

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,702	e*	PF Chang’s China Bistro, Inc			$	38
957	e*	Red Robin Gourmet Burgers, Inc				26
3,070	e	Ruby Tuesday, Inc				17
800	e*	Ruth’s Chris Steak House, Inc				4
3,411	e*	Sonic Corp				50
43,549	*	Starbucks Corp				685
1,689	e*	Steak N Shake Co				11
3,384	e*	Texas Roadhouse, Inc (Class A)				30
11,069	e	Tim Hortons, Inc				318
3,982	e	Triarc Cos (Class B)				25
4,706		Wendy’s International, Inc				128
28,548		Yum! Brands, Inc				1,002
		TOTAL EATING AND DRINKING PLACES				7,370
EDUCATIONAL SERVICES - 0.14%
663	*	American Public Education, Inc				26
8,104	*	Apollo Group, Inc (Class A)				359
5,356	e*	Career Education Corp				78
5,717	e*	Corinthian Colleges, Inc				66
3,674		DeVry, Inc				197
2,332	e*	ITT Educational Services, Inc				193
363	*	K12, Inc				8
522	*	Learning Tree International, Inc				9
887		Strayer Education, Inc				185
1,448	e*	Universal Technical Institute, Inc				18
		TOTAL EDUCATIONAL SERVICES				1,139
ELECTRIC, GAS, AND SANITARY SERVICES - 4.69%
40,402	*	AES Corp				776
4,796		AGL Resources, Inc				166
10,136		Allegheny Energy, Inc				508
1,693		Allete, Inc				71
6,598		Alliant Energy Corp				226
22,174	*	Allied Waste Industries, Inc				280
12,327		Ameren Corp				521
822	e	American Ecology Corp				24
23,900		American Electric Power Co, Inc				961
1,100	e	American States Water Co				38
3,788		American Water Works Co, Inc				84
8,126		Aqua America, Inc				130
24,847	*	Aquila, Inc				94
5,341		Atmos Energy Corp				147
3,100		Avista Corp				67
5,186	*	Beacon Power Corp				11
2,253		Black Hills Corp				72
1,013	e	California Water Service Group				33
21,176	*	Calpine Corp				478
1,195	*	Casella Waste Systems, Inc (Class A)				15
19,246		Centerpoint Energy, Inc				309
616		Central Vermont Public Service Corp				12
1,063	e	CH Energy Group, Inc				38
402		Chesapeake Utilities Corp				10
1,289	*	Clean Energy Fuels Corp				15
1,182	e*	Clean Harbors, Inc				84
3,305		Cleco Corp				77
13,685	e	CMS Energy Corp				204
518		Connecticut Water Service, Inc				12
16,257	e	Consolidated Edison, Inc				635
892	e	Consolidated Water Co, Inc				18
10,730		Constellation Energy Group, Inc				881
7,381	*	Covanta Holding Corp				197
2,304	e	Crosstex Energy, Inc				80
34,454		Dominion Resources, Inc				1,636
6,926	e	DPL, Inc				183
9,870		DTE Energy Co				419

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
75,673		Duke Energy Corp			$	1,315
29,653	*	Dynegy, Inc (Class A)				254
19,521		Edison International				1,003
42,036		El Paso Corp				914
2,788	*	El Paso Electric Co				55
1,913		Empire District Electric Co				35
4,384		Energen Corp				342
9,486		Energy East Corp				234
1,700		EnergySolutions, Inc				38
453	e	EnergySouth, Inc				22
231	e*	EnerNOC, Inc				4
11,462		Entergy Corp				1,381
39,404		Exelon Corp				3,545
18,204		FirstEnergy Corp				1,499
24,461		FPL Group, Inc				1,604
5,249	e	Great Plains Energy, Inc				133
5,035	e	Hawaiian Electric Industries, Inc				125
2,843	e	Idacorp, Inc				82
4,488	e	Integrys Energy Group, Inc				228
2,892		ITC Holdings Corp				148
1,400	e	Laclede Group, Inc				57
11,115		MDU Resources Group, Inc				387
1,200	e	MGE Energy, Inc				39
813		Middlesex Water Co				13
12,403	e*	Mirant Corp				486
4,857	e	National Fuel Gas Co				289
2,774	e	New Jersey Resources Corp				91
2,750	e	Nicor, Inc				117
16,776		NiSource, Inc				301
9,442		Northeast Utilities				241
1,750	e	Northwest Natural Gas Co				81
2,408	e	NorthWestern Corp				61
14,114	*	NRG Energy, Inc				605
6,541		NSTAR				221
5,507		OGE Energy Corp				175
6,202		Oneok, Inc				303
1,079	e	Ormat Technologies, Inc				53
1,956	e	Otter Tail Corp				76
11,772		Pepco Holdings, Inc				302
20,894		PG&E Corp				829
936	e*	Pico Holdings, Inc				41
4,711		Piedmont Natural Gas Co, Inc				123
1,025	e*	Pike Electric Corp				17
6,239		Pinnacle West Capital Corp				192
4,786	*	Plug Power, Inc				11
4,199		PNM Resources, Inc				50
3,747		Portland General Electric Co				84
22,419		PPL Corp				1,172
15,370		Progress Energy, Inc				643
5,000	m,v*	Progress Energy, Inc				—	^
30,436		Public Service Enterprise Group, Inc				1,398
7,711		Puget Energy, Inc				185
10,373		Questar Corp				737
20,883	*	Reliant Energy, Inc				444
9,476		Republic Services, Inc				281
1,126	e	Resource America, Inc (Class A)				11
6,675		SCANA Corp				247
14,845		Sempra Energy				838
13,561		Sierra Pacific Resources				172
1,020	e	SJW Corp				27
1,884	e	South Jersey Industries, Inc				70
45,740		Southern Co				1,597
6,440	e	Southern Union Co				174
2,572		Southwest Gas Corp				77

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,025	e	Southwest Water Co			$	10
5,308	*	Stericycle, Inc				274
12,829	e	TECO Energy, Inc				276
6,491		UGI Corp				186
1,633	e	UIL Holdings Corp				48
2,373		Unisource Energy Corp				74
4,559	e	Vectren Corp				142
3,949	*	Waste Connections, Inc				126
1,458	e*	Waste Services, Inc				10
5,725		Westar Energy, Inc				123
3,019		WGL Holdings, Inc				105
34,975		Williams Cos, Inc				1,410
6,889		Wisconsin Energy Corp				312
24,349		Xcel Energy, Inc				489
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES				39,376
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT - 6.57%
1,500	e*	Acme Packet, Inc				12
1,556	*	Actel Corp				26
2,435		Acuity Brands, Inc				117
7,209	e*	Adaptec, Inc				23
7,316	*	ADC Telecommunications, Inc				108
3,501		Adtran, Inc				83
2,343	*	Advanced Analogic Technologies, Inc				10
2,485	*	Advanced Battery Technologies, Inc				14
2,251	*	Advanced Energy Industries, Inc				31
36,301	e*	Advanced Micro Devices, Inc				212
18,306		Altera Corp				379
2,495	e*	American Superconductor Corp				89
6,334		Ametek, Inc				299
6,298	e*	Amkor Technology, Inc				66
10,491		Amphenol Corp (Class A)				471
3,097	e*	Anadigics, Inc				31
17,368		Analog Devices, Inc				552
52,765	*	Apple Computer, Inc				8,835
4,877	e*	Applied Micro Circuits Corp				42
760		Applied Signal Technology, Inc				10
8,272	*	Arris Group, Inc				70
3,325	e*	Atheros Communications, Inc				100
26,699	*	Atmel Corp				93
1,909	*	ATMI, Inc				53
12,022	e*	Avanex Corp				14
8,620	*	Avnet, Inc				235
3,547	e	AVX Corp				40
723	e*	AZZ, Inc				29
2,797	e	Baldor Electric Co				98
674		Bel Fuse, Inc (Class B)				17
4,279	*	Benchmark Electronics, Inc				70
782	e*	BigBand Networks, Inc				4
5,976	*	Bookham, Inc				10
30,579	*	Broadcom Corp (Class A)				835
8,642	*	Capstone Turbine Corp				36
1,663	e*	Ceradyne, Inc				57
1,230	*	Ceva, Inc				10
2,612	*	Checkpoint Systems, Inc				55
1,638	*	China Security & Surveillance Technology, Inc				22
5,374	e*	Ciena Corp				125
353,624	*	Cisco Systems, Inc				8,225
1,458	*	Comtech Telecommunications Corp				71
10,405		Cooper Industries Ltd (Class A)				411
457	*	CPI International, Inc				6
5,056	e*	Cree, Inc				115
2,100		CTS Corp				21
1,000		Cubic Corp				22

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
9,243	e*	Cypress Semiconductor Corp			$	229
1,921	e*	Diodes, Inc				53
3,020	*	Dolby Laboratories, Inc (Class A)				122
1,958	*	DSP Group, Inc				14
1,168	e*	DTS, Inc				37
9,761		Eaton Corp				829
2,545	e*	EchoStar Corp (Class A)				79
2,000	*	Electro Scientific Industries, Inc				28
4,389	*	Emcore Corp				27
956	*	EMS Technologies, Inc				21
3,310	*	Energizer Holdings, Inc				242
2,523	*	Energy Conversion Devices, Inc				186
1,650	*	EnerSys				56
5,831	e*	Evergreen Solar, Inc				57
2,444	e*	Exar Corp				18
7,886	*	Fairchild Semiconductor International, Inc				93
14,527	e*	Finisar Corp				17
2,673	*	First Solar, Inc				729
1,238	e	Franklin Electric Co, Inc				48
4,152	e*	FuelCell Energy, Inc				29
1,197	*	Globecomm Systems, Inc				10
6,150	*	GrafTech International Ltd				165
1,507	e*	Greatbatch, Inc				26
3,385	e	Harman International Industries, Inc				140
5,636	*	Harmonic, Inc				54
7,946		Harris Corp				401
1,540	e*	Harris Stratex Networks, Inc (Class A)				15
1,865	e*	Helen of Troy Ltd				30
6,021	e*	Hexcel Corp				116
1,175	*	Hittite Microwave Corp				42
44,376		Honeywell International, Inc				2,231
1,800	e*	Hutchinson Technology, Inc				24
1,976	e	Imation Corp				45
5,585	e*	Infinera Corp				49
10,231	*	Integrated Device Technology, Inc				102
342,831		Intel Corp				7,364
2,862	e*	InterDigital, Inc				70
4,573	*	International Rectifier Corp				88
7,468		Intersil Corp (Class A)				182
2,296	*	InterVoice, Inc				13
1,143	e*	IPG Photonics Corp				21
724	e*	iRobot Corp				10
1,636	*	IXYS Corp				20
4,077	e*	Jarden Corp				74
13,081	e*	JDS Uniphase Corp				149
6,007	e*	Kemet Corp				19
7,345		L-3 Communications Holdings, Inc				667
7,863	e*	Lattice Semiconductor Corp				25
2,443		Lincoln Electric Holdings, Inc				192
13,318		Linear Technology Corp				434
1,534	*	Littelfuse, Inc				48
732	*	Loral Space & Communications, Inc				13
1,293		LSI Industries, Inc				10
37,937	e*	LSI Logic Corp				233
29,029	*	Marvell Technology Group Ltd				513
3,108	*	Mattson Technology, Inc				15
1,111	*	Maxwell Technologies, Inc				12
1,334	e*	Medis Technologies Ltd				4
13,527	*	MEMC Electronic Materials, Inc				832
1,540	*	Mercury Computer Systems, Inc				12
2,500		Methode Electronics, Inc				26
2,455		Micrel, Inc				22
11,047	e	Microchip Technology, Inc				337
46,315	*	Micron Technology, Inc				278

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
4,543	e*	Microsemi Corp			$	114
4,100	*	Microtune, Inc				14
3,290	*	Microvision, Inc				9
2,847	*	MIPS Technologies, Inc				11
8,407	e	Molex, Inc				205
1,571	*	Monolithic Power Systems, Inc				34
2,537	*	Moog, Inc (Class A)				95
134,951		Motorola, Inc				991
7,339	e*	MRV Communications, Inc				9
555	e*	Multi-Fineline Electronix, Inc				15
300	e	National Presto Industries, Inc				19
14,509		National Semiconductor Corp				298
20,564	*	NetApp, Inc				445
1,013	e*	Netlogic Microsystems, Inc				34
5,818	e*	Novellus Systems, Inc				123
265	*	NVE Corp				8
33,105	*	Nvidia Corp				620
3,460	e*	Omnivision Technologies, Inc				42
23,155	e*	ON Semiconductor Corp				212
1,210	*	Oplink Communications, Inc				12
1,144	e*	OpNext, Inc				6
869	*	OSI Systems, Inc				19
1,250		Park Electrochemical Corp				30
1,392	*	Parkervision, Inc				14
1,447	*	Pericom Semiconductor Corp				22
2,260	*	Photronics, Inc				16
2,609		Plantronics, Inc				58
2,538	*	Plexus Corp				70
1,628	e*	PLX Technology, Inc				12
13,218	e*	PMC - Sierra, Inc				101
5,444	*	Polycom, Inc				133
1,311	e*	Polypore International, Inc				33
458	*	Powell Industries, Inc				23
1,806	*	Power Integrations, Inc				57
4,438	e*	Power-One, Inc				8
7,309	e*	Powerwave Technologies, Inc				31
7,796	e*	QLogic Corp				114
96,874		Qualcomm, Inc				4,298
4,326	*	Quantum Fuel Systems Technologies Worldwide, Inc				13
8,217		RadioShack Corp				101
1,147	*	Radyne Corp				13
6,183	e*	Rambus, Inc				118
1,083	e	Raven Industries, Inc				36
1,983		Regal-Beloit Corp				84
14,875	e*	RF Micro Devices, Inc				43
1,100	*	Rogers Corp				41
782	*	Rubicon Technology, Inc				16
32,531	*	Sanmina-SCI Corp				42
1,867	e*	Seachange International, Inc				13
4,166	*	Semtech Corp				59
2,605	*	ShoreTel, Inc				12
5,145	*	Silicon Image, Inc				37
2,921	*	Silicon Laboratories, Inc				105
5,900	*	Silicon Storage Technology, Inc				16
90,524	e*	Sirius Satellite Radio, Inc				174
10,341	e*	Skyworks Solutions, Inc				102
3,071	e*	Smart Modular Technologies WWH, Inc				12
5,639	e*	Spansion, Inc (Class A)				13
2,490	e*	Spectrum Brands, Inc				6
1,279	e*	Standard Microsystems Corp				35
1,793	e*	Starent Networks Corp				23
898	*	Stoneridge, Inc				15
2,414	e*	Sunpower Corp (Class A)				174
745	e*	Supertex, Inc				17

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
12,134	*	Sycamore Networks, Inc			$	39
2,907	e*	Symmetricom, Inc				11
1,530	e*	Synaptics, Inc				58
1,192	*	Synthesis Energy Systems, Inc				11
2,804		Technitrol, Inc				48
913	e*	Techwell, Inc				11
3,400	e*	Tekelec				50
2,403		Teleflex, Inc				134
23,240	e*	Tellabs, Inc				108
2,944	*	Tessera Technologies, Inc				48
79,296		Texas Instruments, Inc				2,233
3,556	*	Thomas & Betts Corp				135
735	*	Transmeta Corp				10
3,408	*	Trident Microsystems, Inc				12
9,492	*	Triquint Semiconductor, Inc				58
2,833	*	TTM Technologies, Inc				37
28,609		Tyco Electronics Ltd				1,025
1,167	*	Ultra Clean Holdings				9
755	*	Ultralife Corp				8
1,466	e*	Universal Display Corp				18
1,000	e*	Universal Electronics, Inc				21
3,575	*	US Geothermal, Inc				11
7,742	e*	Utstarcom, Inc				42
3,056	*	Valence Technology, Inc				14
4,543	*	Varian Semiconductor Equipment Associates, Inc				158
1,399	*	Viasat, Inc				28
1,471	e	Vicor Corp				15
10,877	*	Vishay Intertechnology, Inc				97
1,011	e*	Volterra Semiconductor Corp				17
4,543		Whirlpool Corp				280
16,723		Xilinx, Inc				422
1,635	e*	Zoltek Cos, Inc				40
3,150	*	Zoran Corp				37
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT				55,221
ENGINEERING AND MANAGEMENT SERVICES - 1.10%
1,230	*	Advisory Board Co				48
6,059	*	Aecom Technology Corp				197
609	*	Affymax, Inc				10
8,040	e*	Amylin Pharmaceuticals, Inc				204
4,841	*	Applera Corp				55
4,682	e*	Ariad Pharmaceuticals, Inc				11
900	e	CDI Corp				23
26,088	*	Celgene Corp				1,666
1,103	*	China Architectural Engineering, Inc				11
1,080	e*	comScore, Inc				24
758	e*	Cornell Cos, Inc				18
2,117		Corporate Executive Board Co				89
717	e*	CRA International, Inc				26
3,622	*	CV Therapeutics, Inc				30
3,370	*	Dyax Corp				10
3,090	*	eResearch Technology, Inc				54
5,381	e*	Exelixis, Inc				27
1,100	*	Exponent, Inc				35
5,276		Fluor Corp				982
2,145	*	Furmanite Corp				17
3,642	*	Genpact Ltd				54
3,225	*	Gen-Probe, Inc				153
1,326	*	Greenfield Online, Inc				20
5,826	*	Hewitt Associates, Inc (Class A)				223
1,422	*	Hill International, Inc				23
1,113	e*	Huron Consulting Group, Inc				50
4,807	e*	Incyte Corp				37
5,385	e*	Isis Pharmaceuticals, Inc				73
7,281	*	Jacobs Engineering Group, Inc				588

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
10,330		KBR, Inc			$	361
798	*	Kendle International, Inc				29
584	e	Landauer, Inc				33
1,549	*	LECG Corp				14
5,020	*	Lexicon Pharmaceuticals, Inc				8
1,864	e*	Luminex Corp				38
1,221		MAXIMUS, Inc				43
2,143	e*	Maxygen, Inc				7
13,624	*	McDermott International, Inc				843
445	*	Michael Baker Corp				10
11,799	e	Moody’s Corp				406
2,554	e*	Myriad Genetics, Inc				116
2,873	*	Navigant Consulting, Inc				56
1,729	*	Omnicell, Inc				23
19,118		Paychex, Inc				598
1,234	*	PharmaNet Development Group, Inc				19
906	*	PRG-Schultz International, Inc				9
9,156	e	Quest Diagnostics, Inc				444
3,876	*	Regeneron Pharmaceuticals, Inc				56
8,827	e*	Rentech, Inc				17
1,803	*	Repligen Corp				9
3,058		Resources Connection, Inc				62
2,187	e*	Rigel Pharmaceuticals, Inc				50
3,216	*	RTI Biologics, Inc				28
10,338	e*	SAIC, Inc				215
2,157	*	Sangamo Biosciences, Inc				21
3,562	e*	Savient Pharmaceuticals, Inc				90
3,653	e*	Seattle Genetics, Inc				31
2,710	*	Sequenom, Inc				43
4,929	*	Shaw Group, Inc				305
507	*	Stanley, Inc				17
1,956	e*	Symyx Technologies, Inc				14
692	e*	Tejon Ranch Co				25
3,591	e*	Tetra Tech, Inc				81
4,873	*	URS Corp				204
2,654		Watson Wyatt & Co Holdings (Class A)				140
		TOTAL ENGINEERING AND MANAGEMENT SERVICES				9,223
FABRICATED METAL PRODUCTS - 0.56%
1,788	e*	Alliant Techsystems, Inc				182
532	e	Ameron International Corp				64
4,075		Aptargroup, Inc				171
5,844		Ball Corp				279
1,700	*	Chart Industries, Inc				83
1,064	e	CIRCOR International, Inc				52
6,833		Commercial Metals Co				258
1,343	*	Commercial Vehicle Group, Inc				12
3,158		Crane Co				122
9,561	*	Crown Holdings, Inc				248
757	e	Dynamic Materials Corp				25
1,746	e*	Griffon Corp				15
727		Gulf Island Fabrication, Inc				36
27,651		Illinois Tool Works, Inc				1,314
916		Insteel Industries, Inc				17
904	*	Ladish Co, Inc				19
2,280	e*	Mobile Mini, Inc				46
6,723	e	Mueller Water Products, Inc (Class A)				54
1,321	e*	NCI Building Systems, Inc				48
10,036		Parker Hannifin Corp				716
509	*	Park-Ohio Holdings Corp				7
6,093	e	Pentair, Inc				213
2,169		Quanex Building Products Corp				32
1,422		Silgan Holdings, Inc				72
2,152	e	Simpson Manufacturing Co, Inc				51
1,859	e*	Smith & Wesson Holding Corp				10

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
3,446		Snap-On, Inc			$	179
4,479		Stanley Works				201
685	e	Sun Hydraulics Corp				22
3,948	e*	Taser International, Inc				20
809	*	Trimas Corp				5
1,173	e	Valmont Industries, Inc				122
1,666	e	Watts Water Technologies, Inc (Class A)				41
		TOTAL FABRICATED METAL PRODUCTS				4,736
FOOD AND KINDRED PRODUCTS - 3.62%
1,200	*	AgFeed Industries, Inc				18
42,778		Anheuser-Busch Cos, Inc				2,657
38,714		Archer Daniels Midland Co				1,307
1,189		B&G Foods, Inc (Class A)				11
700	e*	Boston Beer Co, Inc (Class A)				28
7,250		Bunge Ltd				781
13,051		Campbell Soup Co				437
263	e	Coca-Cola Bottling Co Consolidated				10
139,019		Coca-Cola Co				7,226
18,511		Coca-Cola Enterprises, Inc				320
29,200		ConAgra Foods, Inc				563
11,059	*	Constellation Brands, Inc (Class A)				220
4,559		Corn Products International, Inc				224
4,436	*	Darling International, Inc				73
11,854		Del Monte Foods Co				84
958		Diamond Foods, Inc				22
14,869	*	Dr Pepper Snapple Group, Inc				312
629	e	Farmer Bros Co				13
4,771		Flowers Foods, Inc				135
19,729		General Mills, Inc				1,199
18,867		H.J. Heinz Co				903
4,344	e*	Hansen Natural Corp				125
9,196	e	Hershey Co				301
4,077		Hormel Foods Corp				141
740	e	Imperial Sugar Co				12
800		J&J Snack Foods Corp				22
3,519		J.M. Smucker Co				143
14,537		Kellogg Co				698
90,735		Kraft Foods, Inc (Class A)				2,581
975	e	Lancaster Colony Corp				30
1,746	e	Lance, Inc				33
686	e*	M&F Worldwide Corp				27
6,725		McCormick & Co, Inc				240
6,910		Molson Coors Brewing Co (Class B)				375
621		National Beverage Corp				5
1,110	*	Omega Protein Corp				17
919	e*	Peet’s Coffee & Tea, Inc				18
680		Penford Corp				10
8,468		Pepsi Bottling Group, Inc				236
3,834		PepsiAmericas, Inc				76
94,931		PepsiCo, Inc				6,037
1,622	e*	Ralcorp Holdings, Inc				80
1,066	e	Reddy Ice Holdings, Inc				15
10,079	e	Reynolds American, Inc				470
1,203	e	Sanderson Farms, Inc				42
42,253		Sara Lee Corp				518
3,778	*	Smart Balance, Inc				27
6,686	e*	Smithfield Foods, Inc				133
1,888	e	Tootsie Roll Industries, Inc				47
2,025	*	TreeHouse Foods, Inc				49
16,487		Tyson Foods, Inc (Class A)				246
14,249		Wrigley (Wm.) Jr Co				1,108
		TOTAL FOOD AND KINDRED PRODUCTS				30,405

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
FOOD STORES - 0.34%
97	e	Arden Group, Inc (Class A)			$	12
2,122	*	Great Atlantic & Pacific Tea Co, Inc				49
700	e	Ingles Markets, Inc (Class A)				16
39,540		Kroger Co				1,142
1,733	e*	Panera Bread Co (Class A)				80
1,414	e*	Pantry, Inc				15
2,557		Ruddick Corp				88
26,305		Safeway, Inc				751
12,857	*	Supervalu, Inc				397
212		Village Super Market (Class A)				8
611		Weis Markets, Inc				20
8,399	e	Whole Foods Market, Inc				199
3,211	*	Winn-Dixie Stores, Inc				51
		TOTAL FOOD STORES				2,828
FORESTRY - 0.10%
4,673		Rayonier, Inc				198
12,650		Weyerhaeuser Co				647
		TOTAL FORESTRY				845
FURNITURE AND FIXTURES - 0.24%
1,625	e	Ethan Allen Interiors, Inc				40
2,907	e	Furniture Brands International, Inc				39
3,277	e	Herman Miller, Inc				81
3,482	e	Hill-Rom Holdings, Inc				94
2,905		HNI Corp				51
680	e	Hooker Furniture Corp				12
3,257		Interface, Inc (Class A)				41
35,619		Johnson Controls, Inc				1,021
1,737		Kimball International, Inc (Class B)				14
3,352	e	La-Z-Boy, Inc				26
9,964	e	Leggett & Platt, Inc				167
21,660		Masco Corp				341
2,732	e	Sealy Corp				16
4,232	e	Tempur-Pedic International, Inc				33
		TOTAL FURNITURE AND FIXTURES				1,976
FURNITURE AND HOME FURNISHINGS STORES - 0.15%
15,493	e*	Bed Bath & Beyond, Inc				435
10,474	e	Circuit City Stores, Inc				30
9,625	*	GameStop Corp (Class A)				389
1,232	e	Haverty Furniture Cos, Inc				12
750	*	hhgregg, Inc				8
2,965		Knoll, Inc				36
3,326	e*	Mohawk Industries, Inc				213
6,020	e*	Pier 1 Imports, Inc				21
3,734	e	Steelcase, Inc (Class A)				38
1,789		Tuesday Morning Corp				7
5,558	e	Williams-Sonoma, Inc				110
		TOTAL FURNITURE AND HOME FURNISHINGS STORES				1,299
GENERAL BUILDING CONTRACTORS - 0.19%
115	e	Amrep Corp				6
310	e*	Avatar Holdings, Inc				9
2,556	e	Beazer Homes USA, Inc				14
485	e	Brookfield Homes Corp				6
379	*	Cavco Industries, Inc				12
7,355	e	Centex Corp				98
19,198	e	DR Horton, Inc				208
2,297	e*	Hovnanian Enterprises, Inc (Class A)				13
4,706	e	KB Home				80
8,304	e	Lennar Corp (Class A)				102

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
862	e	M/I Homes, Inc			$	14
1,316	e	McGrath RentCorp				32
2,061	e	MDC Holdings, Inc				81
1,472	e*	Meritage Homes Corp				22
239	e*	NVR, Inc				120
1,250	e*	Palm Harbor Homes, Inc				7
1,625	e*	Perini Corp				54
13,220	e	Pulte Homes, Inc				127
2,630	e	Ryland Group, Inc				57
4,272	e	Standard-Pacific Corp				14
1,110	e*	Team, Inc				38
7,726	e*	Toll Brothers, Inc				145
3,122		Walter Industries, Inc				340
		TOTAL GENERAL BUILDING CONTRACTORS				1,599
GENERAL MERCHANDISE STORES - 1.67%
2,874	e*	99 Cents Only Stores				19
4,889	e*	Big Lots, Inc				153
3,414	*	BJ’s Wholesale Club, Inc				132
3,355		Casey’s General Stores, Inc				78
481	e*	Conn’s, Inc				8
25,929		Costco Wholesale Corp				1,819
3,877	e	Dillard’s, Inc (Class A)				45
8,128		Family Dollar Stores, Inc				162
2,720	e	Fred’s, Inc				30
13,005		JC Penney Co, Inc				472
25,210		Macy’s, Inc				490
1,292	e*	Retail Ventures, Inc				6
8,388	e*	Saks, Inc				92
1,757	e	Stein Mart, Inc				8
47,203		Target Corp				2,194
25,430		TJX Cos, Inc				800
134,289		Wal-Mart Stores, Inc				7,547
		TOTAL GENERAL MERCHANDISE STORES				14,055
HEALTH SERVICES - 1.17%
839	*	Alliance Imaging, Inc				7
380	*	Almost Family, Inc				10
1,533	e*	Amedisys, Inc				77
9,640		AmerisourceBergen Corp				386
1,984	*	Amsurg Corp				48
2,667	*	Apria Healthcare Group, Inc				52
3,714	*	Assisted Living Concepts, Inc (A Shares)				20
535	e*	Bio-Reference Labs, Inc				12
2,436	e	Brookdale Senior Living, Inc				50
16,816		Cigna Corp				595
5,854	*	Community Health Systems, Inc				193
750	*	Corvel Corp				25
3,663	*	Covance, Inc				315
9,077	*	Coventry Health Care, Inc				276
2,321	e*	Cross Country Healthcare, Inc				34
1,413	e*	CryoLife, Inc				16
6,269	*	DaVita, Inc				333
3,284	*	Edwards Lifesciences Corp				204
1,474	e*	eHealth, Inc				26
1,185	e*	Emeritus Corp				17
1,864	*	Enzo Biochem, Inc				21
12,681	*	Express Scripts, Inc				795
1,875	*	Five Star Quality Care, Inc				9
810	e*	Genomic Health, Inc				16
499	*	Genoptix, Inc				16
1,497	e*	Gentiva Health Services, Inc				29

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
14,183	e*	Health Management Associates, Inc (Class A)			$	92
4,400	*	Healthsouth Corp				73
2,237	e*	Healthways, Inc				66
3,543	e*	Immunomedics, Inc				8
1,779	*	Kindred Healthcare, Inc				51
6,595	*	Laboratory Corp of America Holdings				459
735	*	LHC Group, Inc				17
529	*	Life Sciences Research, Inc				15
3,256	e*	LifePoint Hospitals, Inc				92
4,205	*	Lincare Holdings, Inc				119
2,396	*	Magellan Health Services, Inc				89
16,473		McKesson Corp				921
955	*	Medcath Corp				17
30,325	*	Medco Health Solutions, Inc				1,431
506	e	National Healthcare Corp				23
5,807	e*	Nektar Therapeutics				20
1,311	e*	Nighthawk Radiology Holdings, Inc				9
2,544	*	Odyssey HealthCare, Inc				25
6,371	e	Omnicare, Inc				167
2,831	*	Pediatrix Medical Group, Inc				139
6,389		Pharmaceutical Product Development, Inc				274
3,409	e*	Psychiatric Solutions, Inc				129
1,200	*	RehabCare Group, Inc				19
1,374	e*	Skilled Healthcare Group, Inc (Class A)				19
939	e*	Stereotaxis, Inc				5
2,651	*	Sun Healthcare Group, Inc				36
2,773	e*	Sunrise Senior Living, Inc				62
30,068	e*	Tenet Healthcare Corp				167
2,659		Universal Health Services, Inc (Class B)				168
701	*	US Physical Therapy, Inc				12
31,485	*	WellPoint, Inc				1,501
		TOTAL HEALTH SERVICES				9,807
HEAVY CONSTRUCTION, EXCEPT BUILDING - 0.09%
1,314	e*	Comverge, Inc				18
8,622	*	Foster Wheeler Ltd				631
2,028	e	Granite Construction, Inc				64
2,403		Great Lakes Dredge & Dock Corp				15
1,545	*	Matrix Service Co				36
1,298	*	Orion Marine Group, Inc				18
701	*	Sterling Construction Co, Inc				14
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING				796
HOLDING AND OTHER INVESTMENT OFFICES - 2.47%
2,039	e	Acadia Realty Trust				47
2,448	*	Affiliated Managers Group, Inc				220
505		Agree Realty Corp				11
123	e*	Alexander’s, Inc				38
1,923		Alexandria Real Estate Equities, Inc				187
9,073	e	Allied Capital Corp				126
5,664		AMB Property Corp				285
1,967	*	American Apparel, Inc				13
2,384	e	American Campus Communities, Inc				66
580		American Capital Agency Corp				10
31,591		Annaly Mortgage Management, Inc				490
3,218	e	Anthracite Capital, Inc				23
4,874		Anworth Mortgage Asset Corp				32
5,498	e	Apartment Investment & Management Co (Class A)				187
8,509	e	Apollo Investment Corp				122
850	e	Arbor Realty Trust, Inc				8
6,591	e	Ashford Hospitality Trust, Inc				30
936		Associated Estates Realty Corp				10
4,610	e	AvalonBay Communities, Inc				411
4,502	e	BioMed Realty Trust, Inc				110
6,864	e	Boston Properties, Inc				619

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
5,335		Brandywine Realty Trust			$	84
2,874	e	BRE Properties, Inc (Class A)				124
3,175	e	Camden Property Trust				141
2,642	e	Capital Lease Funding, Inc				20
190	e	Capital Southwest Corp				20
800	e	Capital Trust, Inc (Class A)				15
3,196		Capstead Mortgage Corp				35
806		Care Investment Trust, Inc				8
3,981	e	CBL & Associates Properties, Inc				91
2,712		Cedar Shopping Centers, Inc				32
442	e	Cherokee, Inc				9
2,945	e	Colonial Properties Trust				59
2,299	e	Corporate Office Properties Trust				79
2,443		Cousins Properties, Inc				56
1,102		Danvers Bancorp, Inc				12
10,500	e	DCT Industrial Trust, Inc				87
7,395		Developers Diversified Realty Corp				257
5,943		DiamondRock Hospitality Co				65
3,961	e	Digital Realty Trust, Inc				162
7,265		Douglas Emmett, Inc				160
8,949		Duke Realty Corp				201
1,377		EastGroup Properties, Inc				59
1,200		Education Realty Trust, Inc				14
1,723	e	Entertainment Properties Trust				85
1,227	e	Equity Lifestyle Properties, Inc				54
2,074	e	Equity One, Inc				43
16,363		Equity Residential				626
1,493	e	Essex Property Trust, Inc				159
4,748	e	Extra Space Storage, Inc				73
3,517		Federal Realty Investment Trust				243
3,926		FelCor Lodging Trust, Inc				41
2,899	e	First Industrial Realty Trust, Inc				80
1,470	e	First Potomac Realty Trust				22
3,189	e	Franklin Street Properties Corp				40
9,089	e	Friedman Billings Ramsey Group, Inc (Class A)				14
13,319	e	General Growth Properties, Inc				467
1,193	e	Getty Realty Corp				17
1,256	e	Gladstone Capital Corp				19
1,326		Gladstone Investment Corp				9
2,171	e	Glimcher Realty Trust				24
2,128		Gramercy Capital Corp				25
1,395	*	Harris & Harris Group, Inc				8
692		Hatteras Financial Corp				16
14,057	e	HCP, Inc				447
5,255		Health Care REIT, Inc				234
3,212		Healthcare Realty Trust, Inc				76
2,467		Hersha Hospitality Trust				19
3,247		Highwoods Properties, Inc				102
2,378	e*	Hilltop Holdings, Inc				25
1,915		Home Properties, Inc				92
5,735		Hospitality Properties Trust				140
31,262		Host Marriott Corp				427
13,475		HRPT Properties Trust				91
3,013	e	Inland Real Estate Corp				43
3,315		Investors Real Estate Trust				32
43,852	e	iShares Russell 3000 Index Fund				3,284
7,812	e	iStar Financial, Inc				103
1,655	e	JER Investors Trust, Inc				10
2,062	e	Kilroy Realty Corp				97
13,130	e	Kimco Realty Corp				453
1,900		Kite Realty Group Trust				24
2,579	e	LaSalle Hotel Properties				65
4,101	e	Lexington Corporate Properties Trust				56
5,546	e	Liberty Property Trust				184

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,314		LTC Properties, Inc			$	34
4,379		Macerich Co				272
3,822		Mack-Cali Realty Corp				131
2,313	e	Maguire Properties, Inc				28
3,989	e	Medical Properties Trust, Inc				40
2,802	*	Meruelo Maddux Properties, Inc				6
9,085		MFA Mortgage Investments, Inc				59
1,526		Mid-America Apartment Communities, Inc				78
1,230	e	Mission West Properties, Inc				13
1,507		MVC Capital, Inc				21
1,400		National Health Investors, Inc				40
4,344		National Retail Properties, Inc				91
5,757		Nationwide Health Properties, Inc				181
2,523	e	Newcastle Investment Corp				18
3,513	e	NorthStar Realty Finance Corp				29
4,121		Omega Healthcare Investors, Inc				69
946		Parkway Properties, Inc				32
1,209	e	PennantPark Investment Corp				9
1,975	e	Pennsylvania Real Estate Investment Trust				46
10,243	e	Plum Creek Timber Co, Inc				437
2,677	e	Post Properties, Inc				80
2,494		Potlatch Corp				113
15,609		Prologis				848
1,216	e	Prospect Capital Corp				16
1,073		PS Business Parks, Inc				55
7,576		Public Storage, Inc				612
3,865	e	RAIT Investment Trust				29
992		Ramco-Gershenson Properties				20
6,195	e	Realty Income Corp				141
1,965	e	Redwood Trust, Inc				45
4,304		Regency Centers Corp				254
1,355	e	Resource Capital Corp				10
700		Saul Centers, Inc				33
5,554	e	Senior Housing Properties Trust				108
13,356		Simon Property Group, Inc				1,201
3,495		SL Green Realty Corp				289
1,302		Sovran Self Storage, Inc				54
4,727	e	Strategic Hotels & Resorts, Inc				44
1,069	e	Sun Communities, Inc				19
3,711		Sunstone Hotel Investors, Inc				62
1,844	e	Tanger Factory Outlet Centers, Inc				66
3,299	e	Taubman Centers, Inc				160
7,650	e	UDR, Inc				171
1,095	e	Universal Health Realty Income Trust				33
1,407	e	Urstadt Biddle Properties, Inc (Class A)				21
3,042	e	U-Store-It Trust				36
8,032		Ventas, Inc				342
17,912		Virgin Media, Inc				244
8,053		Vornado Realty Trust				709
3,890		WABCO Holdings, Inc				181
2,850	e	Washington Real Estate Investment Trust				86
4,713	e	Weingarten Realty Investors				143
3,480		Winthrop Realty Trust				12
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES				20,775
HOTELS AND OTHER LODGING PLACES - 0.28%
1,418	e	Ameristar Casinos, Inc				20
1,131	e*	Bluegreen Corp				7
2,948	e	Boyd Gaming Corp				37
2,103	e	Choice Hotels International, Inc				56
2,696	e*	Gaylord Entertainment Co				65
1,718	e*	Great Wolf Resorts, Inc				7
1,142	e*	Isle of Capri Casinos, Inc				5
6,384	e*	Las Vegas Sands Corp				303
920	*	Lodgian, Inc				7

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,242		Marcus Corp			$	19
17,698		Marriott International, Inc (Class A)				464
7,333	e*	MGM Mirage				248
604	e*	Monarch Casino & Resort, Inc				7
1,158	e*	Morgans Hotel Group Co				12
2,588	e	Orient-Express Hotels Ltd (Class A)				112
566	e*	Riviera Holdings Corp				6
11,255		Starwood Hotels & Resorts Worldwide, Inc				451
1,755	e*	Vail Resorts, Inc				75
10,591		Wyndham Worldwide Corp				190
3,685	e	Wynn Resorts Ltd				300
		TOTAL HOTELS AND OTHER LODGING PLACES				2,391
INDUSTRIAL MACHINERY AND EQUIPMENT - 6.87%
1,591	*	3PAR, Inc				12
1,014	e	Aaon, Inc				20
3,594	e	Actuant Corp (Class A)				113
5,607	*	AGCO Corp				294
374		Alamo Group, Inc				8
1,703	e	Albany International Corp (Class A)				49
1,534	*	Allis-Chalmers Energy, Inc				27
1,557	*	Altra Holdings, Inc				26
475		Ampco-Pittsburgh Corp				21
80,994		Applied Materials, Inc				1,546
1,200	e*	Astec Industries, Inc				39
3,264	e*	Asyst Technologies, Inc				12
1,475	*	AuthenTec, Inc				15
7,081	*	Axcelis Technologies, Inc				35
3,639	e	Black & Decker Corp				209
981		Black Box Corp				27
2,004	*	Blount International, Inc				23
525	*	Bolt Technology Corp				12
3,023	e	Briggs & Stratton Corp				38
22,509	*	Brocade Communications Systems, Inc				185
4,418	*	Brooks Automation, Inc				37
4,588		Bucyrus International, Inc (Class A)				335
3,800	e	Carlisle Cos, Inc				110
674	e	Cascade Corp				29
36,811		Caterpillar, Inc				2,717
5,277	e*	Cirrus Logic, Inc				29
1,273	*	Colfax Corp				32
1,162	*	Columbus McKinnon Corp				28
1,943	*	Cray, Inc				9
12,159		Cummins, Inc				797
2,836		Curtiss-Wright Corp				127
1,601	e*	Cymer, Inc				43
25,796		Deere & Co				1,861
108,867	*	Dell, Inc				2,382
4,008		Diebold, Inc				143
4,685		Donaldson Co, Inc				209
11,333		Dover Corp				548
5,247	*	Dresser-Rand Group, Inc				205
1,850	*	Dril-Quip, Inc				117
3,700	*	Electronics for Imaging, Inc				54
123,723	*	EMC Corp				1,817
5,455	*	Emulex Corp				64
2,145	*	Ener1, Inc				16
1,595	e*	ENGlobal Corp				23
1,375	e*	EnPro Industries, Inc				51
6,075	*	Entegris, Inc				40
7,347	e*	Extreme Networks, Inc				21
1,124	e*	Flotek Industries, Inc				23
2,307	e*	Flow International Corp				18
3,416		Flowserve Corp				467
7,710	*	FMC Technologies, Inc				593

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
1,063	e*	Fuel Tech, Inc			$	19
3,135	*	Gardner Denver, Inc				178
673	e*	Gehl Co				10
596,550		General Electric Co				15,922
1,051	e	Gorman-Rupp Co				42
3,828	e	Graco, Inc				146
302		Graham Corp				22
147,429		Hewlett-Packard Co				6,518
334	e*	Hurco Cos, Inc				10
5,144		IDEX Corp				189
1,615	e*	Immersion Corp				11
18,748		Ingersoll-Rand Co Ltd (Class A)				702
3,395	e*	Intermec, Inc				72
82,019		International Business Machines Corp				9,722
18,524		International Game Technology				463
1,163	*	Intevac, Inc				13
10,871		ITT Industries, Inc				688
12,353		Jabil Circuit, Inc				203
6,491		Joy Global, Inc				492
993	*	Kadant, Inc				22
1,655	e	Kaydon Corp				85
4,804		Kennametal, Inc				156
338	*	Key Technology, Inc				11
3,600	e*	Kulicke & Soffa Industries, Inc				26
7,466	*	Lam Research Corp				270
2,798		Lennox International, Inc				81
5,795	*	Lexmark International, Inc (Class A)				194
700	e	Lindsay Manufacturing Co				59
949		Lufkin Industries, Inc				79
7,596		Manitowoc Co, Inc				247
901		Met-Pro Corp				12
5,098	*	Micros Systems, Inc				155
860	e*	Middleby Corp				38
2,342	e	Modine Manufacturing Co				29
381		Nacco Industries, Inc (Class A)				28
1,196	e*	NATCO Group, Inc (Class A)				65
714	*	Natural Gas Services Group, Inc				22
2,372	*	Netezza Corp				27
2,164	*	Netgear, Inc				30
939		NN, Inc				13
2,012		Nordson Corp				147
2,961	*	Oil States International, Inc				188
7,346		Pall Corp				291
6,172	e	Palm, Inc				33
381	*	Peerless Manufacturing Co				18
12,525	e*	Quantum Corp				17
1,782	*	Rackable Systems, Inc				24
1,335	*	RBC Bearings, Inc				44
630	e*	Rimage Corp				8
3,346	e*	Riverbed Technology, Inc				46
1,676		Robbins & Myers, Inc				84
8,779		Rockwell Automation, Inc				384
7,798	e*	Safeguard Scientifics, Inc				10
13,457	*	SanDisk Corp				252
744	e	Sauer-Danfoss, Inc				23
1,742	e*	Scansource, Inc				47
3,970	e*	Scientific Games Corp (Class A)				118
16,448	m,v*	Seagate Technology				—	^
29,023		Seagate Technology, Inc				555
1,100	e*	Semitool, Inc				8
1,525	e*	Sigma Designs, Inc				21
3,183		SPX Corp				419
800		Standex International Corp				17
1,945	e*	STEC, Inc				20
1,355	*	Super Micro Computer, Inc				10

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
746	*	T-3 Energy Services, Inc			$	59
1,000	*	Tecumseh Products Co (Class A)				33
1,200	e	Tennant Co				36
11,006	*	Teradata Corp				255
6,000	*	Terex Corp				308
819	*	Thermadyne Holdings Corp				12
4,954		Timken Co				163
2,458	e	Toro Co				82
881	e*	TurboChef Technologies, Inc				4
562	e	Twin Disc, Inc				12
1,608	*	Ultratech, Inc				25
7,525	*	Varian Medical Systems, Inc				390
3,790	e*	VeriFone Holdings, Inc				45
1,482	e	Watsco, Inc				62
13,173	*	Western Digital Corp				455
3,508		Woodward Governor Co				125
3,893	*	Zebra Technologies Corp (Class A)				127
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT				57,704
INSTRUMENTS AND RELATED PRODUCTS - 5.01%
1,214	e*	Abaxis, Inc				29
1,811	e*	Abiomed, Inc				32
2,205	e*	Accuray, Inc				16
3,633	e*	Advanced Medical Optics, Inc				68
4,200	*	Affymetrix, Inc				43
21,855	*	Agilent Technologies, Inc				777
3,618	e*	Align Technology, Inc				38
18,254		Allergan, Inc				950
4,631	e*	American Medical Systems Holdings, Inc				69
543	e	American Science & Engineering, Inc				28
928		Analogic Corp				59
1,600	*	Anaren, Inc				17
1,310	*	Angiodynamics, Inc				18
10,226		Applied Biosystems, Inc				342
600	e*	Argon ST, Inc				15
1,690	e*	Arthrocare Corp				69
86		Atrion Corp				8
520	*	Axsys Technologies, Inc				27
742	e	Badger Meter, Inc				37
6,033		Bard (C.R.), Inc				531
37,544		Baxter International, Inc				2,401
3,852		Beckman Coulter, Inc				260
14,682		Becton Dickinson & Co				1,194
1,200	*	Bio-Rad Laboratories, Inc (Class A)				97
89,582	*	Boston Scientific Corp				1,101
3,369	*	Bruker BioSciences Corp				43
711	e*	Cantel Medical Corp				7
1,175	*	Cardiac Science Corp				10
3,392	e*	Cepheid, Inc				95
1,426	*	Coherent, Inc				43
1,500	e	Cohu, Inc				22
1,940	*	Conmed Corp				52
2,715	e	Cooper Cos, Inc				101
29,737		Covidien Ltd				1,424
1,543	e*	Cyberonics, Inc				33
475	e*	Cynosure, Inc (Class A)				9
15,041		Danaher Corp				1,163
800		Datascope Corp				38
8,898		Dentsply International, Inc				327
2,984	*	Depomed, Inc				10
1,556	*	DexCom, Inc				9
1,228	*	Dionex Corp				82
2,562	e	DRS Technologies, Inc				202
215	*	DXP Enterprises, Inc				9
462	*	Eagle Test Systems, Inc				5

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
17,610	e	Eastman Kodak Co			$	254
46,731		Emerson Electric Co				2,311
1,718	e*	ESCO Technologies, Inc				81
1,694	*	Esterline Technologies Corp				83
4,213	e*	ev3, Inc				40
408	*	Exactech, Inc				10
833	*	Excel Technology, Inc				19
910	e*	FARO Technologies, Inc				23
2,156	e*	FEI Co				49
8,364	e*	Flir Systems, Inc				339
2,946	e*	Formfactor, Inc				54
2,463	e*	Fossil, Inc				72
7,668	e	Garmin Ltd				328
1,543	*	Haemonetics Corp				86
1,363	*	Hanger Orthopedic Group, Inc				22
807	*	Herley Industries, Inc				11
3,482		Hillenbrand, Inc				75
15,329	e*	Hologic, Inc				334
919	*	ICU Medical, Inc				21
1,260	e*	I-Flow Corp				13
1,400	e*	II-VI, Inc				49
3,393	e*	Illumina, Inc				296
1,078	*	Insulet Corp				17
1,332	e*	Integra LifeSciences Holdings Corp				59
2,315	*	Intuitive Surgical, Inc				624
2,044	e	Invacare Corp				42
5,039	e*	ION Geophysical Corp				88
1,079	*	IRIS International, Inc				17
2,039	e*	Itron, Inc				201
2,194	*	Ixia				15
168,664		Johnson & Johnson				10,852
520	e*	Kensey Nash Corp				17
10,175		Kla-Tencor Corp				414
4,206	*	Kopin Corp				12
142	*	K-Tron International, Inc				18
3,660	e*	L-1 Identity Solutions, Inc				49
725	*	LaBarge, Inc				9
4,233	e*	LTX Corp				9
1,014	*	Lydall, Inc				13
2,750	e*	Masimo Corp				94
742	*	Measurement Specialties, Inc				13
873	*	Medical Action Industries, Inc				9
67,209		Medtronic, Inc				3,478
1,802	e	Mentor Corp				50
1,469	*	Merit Medical Systems, Inc				22
2,006	*	Mettler-Toledo International, Inc				190
935	e*	Micrus Endovascular Corp				13
3,307	*	Millipore Corp				224
1,789	e	Mine Safety Appliances Co				72
3,076	*	MKS Instruments, Inc				67
1,178		Movado Group, Inc				23
1,408		MTS Systems Corp				51
3,475		National Instruments Corp				99
1,662	*	Natus Medical, Inc				35
876	*	Neogen Corp				20
2,159	*	Newport Corp				25
2,136	*	NuVasive, Inc				95
794	e*	NxStage Medical, Inc				3
1,010	e*	Orthofix International NV				29
246	e*	OYO Geospace Corp				14
1,140	e*	Palomar Medical Technologies, Inc				11
7,339		PerkinElmer, Inc				204
1,029	*	Photon Dynamics Inc				16
12,419		Pitney Bowes, Inc				423
4,869	e*	Resmed, Inc				174

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
9,613		Rockwell Collins, Inc			$	461
1,906	*	Rofin-Sinar Technologies, Inc				58
5,330		Roper Industries, Inc				351
1,464	*	Rudolph Technologies, Inc				11
3,325	e*	Sirf Technology Holdings, Inc				14
1,080	e*	Sirona Dental Systems, Inc				28
748	*	Somanetics Corp				16
1,305	e*	Sonic Solutions, Inc				8
957	*	SonoSite, Inc				27
1,958	*	Spectranetics Corp				19
20,194	*	St. Jude Medical, Inc				826
3,576		STERIS Corp				103
18,375		Stryker Corp				1,155
2,227	*	Symmetry Medical, Inc				36
768	*	Synovis Life Technologies, Inc				14
2,400	*	Techne Corp				186
2,183	*	Teledyne Technologies, Inc				107
9,702	*	Teradyne, Inc				107
25,140	*	Thermo Electron Corp				1,401
3,422	e*	Thoratec Corp				60
755	*	Trans1, Inc				11
7,398	e*	Trimble Navigation Ltd				264
1,810	*	Varian, Inc				92
1,820	e*	Veeco Instruments, Inc				29
828	e*	Vital Images, Inc				10
666		Vital Signs, Inc				38
3,486	e*	Vivus, Inc				23
768	*	Vnus Medical Technologies, Inc				15
2,847	*	Volcano Corp				35
5,993	*	Waters Corp				387
2,200	*	Wright Medical Group, Inc				63
53,799		Xerox Corp				730
13,854	*	Zimmer Holdings, Inc				943
1,200	*	Zoll Medical Corp				40
1,176	*	Zygo Corp				12
		TOTAL INSTRUMENTS AND RELATED PRODUCTS				42,070
INSURANCE AGENTS, BROKERS AND SERVICE - 0.42%
17,584		AON Corp				808
6,834		Brown & Brown, Inc				119
2,076	e*	Crawford & Co (Class B)				17
5,300	e	Gallagher (Arthur J.) & Co				128
18,832		Hartford Financial Services Group, Inc				1,216
2,336		Hilb Rogal & Hobbs Co				101
359		Life Partners Holdings, Inc				7
30,607		Marsh & McLennan Cos, Inc				813
2,320	e	National Financial Partners Corp				46
1,515	*	United America Indemnity Ltd (Class A)				20
530		White Mountains Insurance Group Ltd				227
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE				3,502
INSURANCE CARRIERS - 3.55%
19,593	*	ACE Ltd				1,079
29,044		Aetna, Inc				1,177
28,447		Aflac, Inc				1,786
304	e*	Alleghany Corp				101
2,914		Allied World Assurance Holdings Ltd				115
32,958		Allstate Corp				1,503
18,138	e	Ambac Financial Group, Inc				24
3,620		American Equity Investment Life Holding Co				30
4,699		American Financial Group, Inc				126
138,834		American International Group, Inc				3,674
915		American National Insurance Co				90
478		American Physicians Capital, Inc				23
622	*	American Safety Insurance Holdings Ltd				9

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,840	*	AMERIGROUP Corp			$	59
1,131	*	Amerisafe, Inc				18
1,541	e	Amtrust Financial Services, Inc				19
2,880	*	Arch Capital Group Ltd				191
1,848	*	Argo Group International Holdings Ltd				62
5,006		Aspen Insurance Holdings Ltd				118
7,072		Assurant, Inc				466
3,652	e	Assured Guaranty Ltd				66
8,895		Axis Capital Holdings Ltd				265
625	e	Baldwin & Lyons, Inc (Class B)				11
1,983		Castlepoint Holdings Ltd				18
2,823	*	Centene Corp				47
21,867		Chubb Corp				1,072
8,734		Cincinnati Financial Corp				222
2,162	e*	Citizens, Inc				13
1,743		CNA Financial Corp				44
1,100	*	CNA Surety Corp				14
10,885	*	Conseco, Inc				108
454	e*	Darwin Professional Underwriters, Inc				14
2,592		Delphi Financial Group, Inc (Class A)				60
850		Donegal Group, Inc (Class A)				13
168	e	EMC Insurance Group, Inc				4
2,968		Employers Holdings, Inc				61
3,125	e	Endurance Specialty Holdings Ltd				96
426	e*	Enstar Group Ltd				37
1,911	e	Erie Indemnity Co (Class A)				88
3,668		Everest Re Group Ltd				292
881		FBL Financial Group, Inc (Class A)				18
13,156	e	Fidelity National Title Group, Inc (Class A)				166
1,175	e*	First Acceptance Corp				4
5,326	e	First American Corp				141
763	e*	First Mercury Financial Corp				13
1,821		Flagstone Reinsurance Holdings Ltd				21
558	e*	Fpic Insurance Group, Inc				25
25,885		Genworth Financial, Inc (Class A)				461
1,722	e*	Greenlight Capital Re Ltd (Class A)				39
3,081		Hanover Insurance Group, Inc				131
839	e	Harleysville Group, Inc				28
7,008		HCC Insurance Holdings, Inc				148
6,425	*	Health Net, Inc				155
1,750	*	HealthExtras, Inc				53
2,916	*	Healthspring, Inc				49
2,970		Horace Mann Educators Corp				42
10,277	*	Humana, Inc				409
423	e	Independence Holding Co				4
936		Infinity Property & Casualty Corp				39
3,094		IPC Holdings Ltd				82
314		Kansas City Life Insurance Co				13
614	e	LandAmerica Financial Group, Inc				14
10,630	e	Leucadia National Corp				499
15,518		Lincoln National Corp				703
18,789	e	Loews Corp				881
2,909		Maiden Holdings Ltd				19
608	*	Markel Corp				223
3,703	e	Max Re Capital Ltd				79
12,809	e	MBIA, Inc				56
1,665		Meadowbrook Insurance Group, Inc				9
1,267	e	Mercury General Corp				59
27,045		Metlife, Inc				1,427
7,457	e	MGIC Investment Corp				46
720	e*	Molina Healthcare, Inc				18
5,597	e	Montpelier Re Holdings Ltd				83
224	e	National Interstate Corp				4
154		National Western Life Insurance Co (Class A)				34
2,762	e	Nationwide Financial Services, Inc (Class A)				133

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
838	*	Navigators Group, Inc			$	45
376	e	NYMAGIC, Inc				7
1,658	e	Odyssey Re Holdings Corp				59
14,152		Old Republic International Corp				168
1,314	e	OneBeacon Insurance Group Ltd				23
3,254		PartnerRe Ltd				225
3,636	*	Philadelphia Consolidated Holding Co				124
7,094	e	Phoenix Cos, Inc				54
2,759		Platinum Underwriters Holdings Ltd				90
1,846	*	PMA Capital Corp (Class A)				17
5,465	e	PMI Group, Inc				11
1,393	e	Presidential Life Corp				21
2,793	e*	Primus Guaranty Ltd				8
15,488		Principal Financial Group				650
2,003	e*	ProAssurance Corp				96
799		Procentury Corp				13
40,567		Progressive Corp				759
4,294		Protective Life Corp				163
25,970		Prudential Financial, Inc				1,551
4,178		Quanta Capital Holdings Ltd				11
5,032		Radian Group, Inc				7
1,249	*	RadNet, Inc				8
1,878		Reinsurance Group Of America, Inc				82
3,866		RenaissanceRe Holdings Ltd				173
1,157	e	RLI Corp				57
5,194		Safeco Corp				349
784		Safety Insurance Group, Inc				28
528	*	SCPIE Holdings Inc				15
999	*	SeaBright Insurance Holdings, Inc				14
3,600		Selective Insurance Group, Inc				68
2,873		Stancorp Financial Group, Inc				135
913	e	State Auto Financial Corp				22
1,214		Stewart Information Services Corp				24
5,127		Torchmark Corp				301
1,074	e	Tower Group, Inc				23
1,735		Transatlantic Holdings, Inc				98
36,200		Travelers Cos, Inc				1,571
700	e*	Triple-S Management Corp (Class B)				11
1,337		United Fire & Casualty Co				36
73,532		UnitedHealth Group, Inc				1,930
2,455	e	Unitrin, Inc				68
2,474	e*	Universal American Financial Corp				25
20,714		UnumProvident Corp				424
3,501	e	Validus Holdings Ltd				74
8,567		W.R. Berkley Corp				207
2,485	*	WellCare Health Plans, Inc				90
49		Wesco Financial Corp				19
10,717		XL Capital Ltd (Class A)				220
2,375		Zenith National Insurance Corp				84
		TOTAL INSURANCE CARRIERS				29,801
JUSTICE, PUBLIC ORDER AND SAFETY - 0.01%
3,103	e*	Geo Group, Inc				70
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY				70
LEATHER AND LEATHER PRODUCTS - 0.10%
20,443	*	Coach, Inc				590
4,890	e*	CROCS, Inc				39
1,569	e*	Genesco, Inc				48
3,106	e*	Iconix Brand Group, Inc				38
1,333	*	Steven Madden Ltd				25
2,878	e*	Timberland Co (Class A)				47
378	e	Weyco Group, Inc				10
2,989	e	Wolverine World Wide, Inc				80
		TOTAL LEATHER AND LEATHER PRODUCTS				877

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
LEGAL SERVICES - 0.03%
3,007	*	FTI Consulting, Inc			$	206
714	e*	Pre-Paid Legal Services, Inc				29
		TOTAL LEGAL SERVICES				235
LOCAL AND INTERURBAN PASSENGER TRANSIT - 0.00%**
564	e*	Emergency Medical Services Corp (Class A)				13
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT				13
LUMBER AND WOOD PRODUCTS - 0.02%
660	e	American Woodmark Corp				14
4,900	e*	Champion Enterprises, Inc				29
742	e	Deltic Timber Corp				40
6,361	e	Louisiana-Pacific Corp				54
442	e	Skyline Corp				10
979	e	Universal Forest Products, Inc				29
		TOTAL LUMBER AND WOOD PRODUCTS				176
METAL MINING - 0.72%
2,642	*	Allied Nevada Gold Corp				15
3,583	e*	Apex Silver Mines Ltd				18
5,450		Cleveland-Cliffs, Inc				650
33,024	e*	Coeur d’Alene Mines Corp				96
2,756		Foundation Coal Holdings, Inc				244
23,007		Freeport-McMoRan Copper & Gold, Inc (Class B)				2,696
7,406	e*	Hecla Mining Co				69
26,135		Newmont Mining Corp				1,363
1,620	e*	Patriot Coal Corp				248
3,261	*	Rosetta Resources, Inc				93
1,762		Royal Gold, Inc				55
1,718	e*	ShengdaTech, Inc				17
4,398	e	Southern Copper Corp				469
1,968	e*	Stillwater Mining Co				23
2,888	e*	Uranium Resources, Inc				11
		TOTAL METAL MINING				6,067
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.33%
988	e	Armstrong World Industries, Inc				29
1,544		Blyth, Inc				19
4,329	e	Callaway Golf Co				51
2,087	e	Daktronics, Inc				42
8,981		Fortune Brands, Inc				560
7,385		Hasbro, Inc				264
2,063	*	Intrepid Potash, Inc				136
1,657	e*	Jakks Pacific, Inc				36
1,066	e	Marine Products Corp				7
21,926		Mattel, Inc				375
2,137	e	Nautilus, Inc				11
1,217	*	RC2 Corp				23
700	*	Russ Berrie & Co, Inc				6
2,343	e*	Shuffle Master, Inc				11
467	e*	Steinway Musical Instruments, Inc				12
28,871		Tyco International Ltd				1,156
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES				2,738
MISCELLANEOUS RETAIL - 1.28%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)				8
18,844	*	Amazon.com, Inc				1,382
2,240	e	Barnes & Noble, Inc				56
19,997	e	Best Buy Co, Inc				792
1,412	e	Big 5 Sporting Goods Corp				11
1,004	e*	Blue Nile, Inc				43
3,769	e	Borders Group, Inc				22
968	e*	Build-A-Bear Workshop, Inc				7

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,068	e*	Cabela’s, Inc			$	23
1,865		Cash America International, Inc				58
3,306	e*	CKX, Inc				29
3,853	e*	Coldwater Creek, Inc				20
85,648		CVS Corp				3,389
4,676	e*	Dick’s Sporting Goods, Inc				83
5,275	*	Dollar Tree, Inc				172
5,097	*	Drugstore.Com				10
2,322	*	Ezcorp, Inc (Class A)				30
1,606	*	GSI Commerce, Inc				22
2,334	e*	Hibbett Sports, Inc				49
1,882	e	Longs Drug Stores Corp				79
2,547		MSC Industrial Direct Co (Class A)				112
2,071	e	Nutri/System, Inc				29
15,426	*	Office Depot, Inc				169
4,100	e	OfficeMax, Inc				57
840	e*	Overstock.com, Inc				22
648	*	PC Mall, Inc				9
7,407		Petsmart, Inc				148
2,296	e*	Priceline.com, Inc				265
811		Pricesmart, Inc				16
33,788	e*	Rite Aid Corp				54
3,530	e*	Sears Holdings Corp				260
895	*	Shutterfly, Inc				11
1,250	*	Stamps.com, Inc				16
42,031		Staples, Inc				998
461	e	Systemax, Inc				8
7,640		Tiffany & Co				311
59,272		Walgreen Co				1,927
1,783		World Fuel Services Corp				39
2,323	e*	Zale Corp				44
933	e*	Zumiez, Inc				15
		TOTAL MISCELLANEOUS RETAIL				10,795
MOTION PICTURES - 0.94%
2,454	e*	Avid Technology, Inc				42
12,560	e*	Blockbuster, Inc (Class A)				31
34,987		CBS Corp (Class B)				682
1,605	e	Cinemark Holdings, Inc				21
17,200	*	Discovery Holding Co (Class A)				378
4,779	*	DreamWorks Animation SKG, Inc (Class A)				142
1,016	e*	Gaiam, Inc (Class A)				14
5,090	e*	Macrovision Solutions Corp				76
2,600	e	National CineMedia, Inc				28
137,770		News Corp (Class A)				2,072
4,340	e	Regal Entertainment Group (Class A)				66
212,607		Time Warner, Inc				3,146
8,960	e*	tw telecom inc				144
33,354	*	Viacom, Inc (Class B)				1,019
		TOTAL MOTION PICTURES				7,861
NONDEPOSITORY INSTITUTIONS - 0.94%
3,765	e	Advance America Cash Advance Centers, Inc				19
2,254		Advanta Corp (Class B)				14
12,151		American Capital Ltd				289
60,246		American Express Co				2,269
6,944	e*	AmeriCredit Corp				60
5,815	e	Ares Capital Corp				59
2,000	e*	Boise, Inc				8
22,445	e	Capital One Financial Corp				853
9,101	e	CapitalSource, Inc				101
2,000	e	Chimera Investment Corp				18
16,133	e	CIT Group, Inc				110
1,233	e*	CompuCredit Corp				7
34,953		Countrywide Financial Corp				149
611	e*	Credit Acceptance Corp				16
28,435		Discover Financial Services				374

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
966	e*	Encore Capital Group, Inc			$	8
63,453	*	Fannie Mae				1,238
591	e	Federal Agricultural Mortgage Corp (Class C)				15
1,621	e	Financial Federal Corp				36
1,630	e*	First Cash Financial Services, Inc				24
3,742	e	First Marblehead Corp				10
38,691		Freddie Mac				635
3,300	e	GLG Partners, Inc				26
2,159	e*	Guaranty Financial Group, Inc				12
1,426	e	Hercules Technology Growth Capital, Inc				13
1,051		Kohlberg Capital Corp				10
3,668	e	MCG Capital Corp				15
872		Medallion Financial Corp				8
1,518	e*	Mercadolibre, Inc				52
603	*	Mitcham Industries, Inc				10
1,165	e	Nelnet, Inc (Class A)				13
812	e*	NewStar Financial, Inc				5
1,181	e	NGP Capital Resources Co				18
2,600	e*	Ocwen Financial Corp				12
1,115	e	Patriot Capital Funding, Inc				7
3,083	*	PHH Corp				47
28,169	*	SLM Corp				545
258		Student Loan Corp				25
14,852		Textron, Inc				712
2,956	e*	thinkorswim Group, Inc				21
240	e	TICC Capital Corp				1
1,293	e*	World Acceptance Corp				43
		TOTAL NONDEPOSITORY INSTITUTIONS				7,907
NONMETALLIC MINERALS, EXCEPT FUELS - 0.07%
1,482	e	AMCOL International Corp				42
1,945		Compass Minerals International, Inc				157
2,908	e*	General Moly, Inc				23
6,416	e	Vulcan Materials Co				383
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS				605
OIL AND GAS EXTRACTION - 5.39%
2,461	*	Abraxas Petroleum Corp				13
27,885		Anadarko Petroleum Corp				2,087
568	e	APCO Argentina, Inc				16
546	*	Approach Resources, Inc				15
2,099	*	Arena Resources, Inc				111
2,141		Atlas America, Inc				96
1,653	*	ATP Oil & Gas Corp				65
1,663	*	Atwood Oceanics, Inc				207
18,433		Baker Hughes, Inc				1,610
2,507	*	Basic Energy Services, Inc				79
2,505		Berry Petroleum Co (Class A)				148
2,193	*	Bill Barrett Corp				130
17,583		BJ Services Co				562
2,240	*	BMB Munai, Inc				13
905	e*	Bois d’Arc Energy, Inc				22
2,914	e*	Brigham Exploration Co				46
1,573	e*	Bronco Drilling Co, Inc				29
2,632	e*	Cal Dive International, Inc				38
1,319	e*	Callon Petroleum Co				36
12,992	*	Cameron International Corp				719
2,276	*	Cano Petroleum, Inc				18
1,637	*	Carrizo Oil & Gas, Inc				111
3,135	e*	Cheniere Energy, Inc				14
32,342	e	Chesapeake Energy Corp				2,133
4,959		Cimarex Energy Co				346
326	*	Clayton Williams Energy, Inc				36
1,794	*	CNX Gas Corp				75
2,885	e*	Complete Production Services, Inc				105

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,751	*	Comstock Resources, Inc			$	232
2,981	*	Concho Resources, Inc				111
811	e*	Contango Oil & Gas Co				75
1,798	e*	Continental Resources, Inc				125
474	e*	Dawson Geophysical Co				28
4,024	e*	Delta Petroleum Corp				103
14,734	*	Denbury Resources, Inc				538
4,143		Diamond Offshore Drilling, Inc				576
488	*	Double Eagle Petroleum Co				9
3,268	*	Encore Acquisition Co				246
6,804	*	Endeavour International Corp				15
2,129	*	Energy Partners Ltd				32
4,218	*	Energy XXI Bermuda Ltd				29
8,635		ENSCO International, Inc				697
7,828		Equitable Resources, Inc				541
4,468	e*	EXCO Resources, Inc				165
3,923	e*	Exterran Holdings, Inc				280
5,265	*	Forest Oil Corp				392
2,157	e*	FX Energy, Inc				11
5,648	*	Gasco Energy, Inc				23
1,949	e*	GeoGlobal Resources, Inc				4
424	*	Geokinetics, Inc				8
1,091	*	Geomet, Inc				10
6,920	*	Global Industries Ltd				124
875	*	GMX Resources, Inc				65
1,200	e*	Goodrich Petroleum Corp				100
11,559	e*	Grey Wolf, Inc				104
1,573	e*	Gulfport Energy Corp				26
52,210		Halliburton Co				2,771
2,496	e*	Harvest Natural Resources, Inc				28
5,489	e*	Helix Energy Solutions Group, Inc				229
6,324		Helmerich & Payne, Inc				455
5,316	*	Hercules Offshore, Inc				202
597	e	Kayne Anderson Energy Development Co				14
7,484	*	Key Energy Services, Inc				145
5,069	e*	Mariner Energy, Inc				187
3,025	e*	McMoRan Exploration Co				83
6,041	*	Meridian Resource Corp				18
16,719	e*	Nabors Industries Ltd				823
24,808	*	National Oilwell Varco, Inc				2,201
5,171	e*	Newpark Resources, Inc				41
16,083		Noble Corp				1,045
1,187	*	Northern Oil And Gas, Inc				16
3,300	*	Oceaneering International, Inc				254
9,895	e*	Oilsands Quest, Inc				64
447		Panhandle Oil and Gas, Inc				15
2,487	*	Parallel Petroleum Corp				50
6,555	e*	Parker Drilling Co				66
9,241	e	Patterson-UTI Energy, Inc				333
2,491		Penn Virginia Corp				188
361	m,v*	Petrocorp, Inc				—	^
13,052	*	PetroHawk Energy Corp				604
1,000	*	Petroleum Development Corp				67
2,768	e*	Petroquest Energy, Inc				74
2,681	*	Pioneer Drilling Co				50
7,158		Pioneer Natural Resources Co				560
6,453	*	Plains Exploration & Production Co				471
10,147	*	Pride International, Inc				480
1,170	*	Quest Resource Corp				13
5,992	e*	Quicksilver Resources, Inc				232
2,214	*	RAM Energy Resources, Inc				14
9,241		Range Resources Corp				606
989	*	Rex Energy Corp				26
6,543	e	Rowan Cos, Inc				306
1,462	e	RPC, Inc				25

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
71,409		Schlumberger Ltd			$	7,672
1,221	e*	SEACOR Holdings, Inc				109
11,998		Smith International, Inc				998
20,708	*	Southwestern Energy Co				986
3,800		St. Mary Land & Exploration Co				246
1,752	*	Stone Energy Corp				115
3,221	e*	Sulphco, Inc				7
4,839	*	Superior Energy Services				267
989	e*	Superior Well Services, Inc				31
1,701	*	Swift Energy Co				112
4,475	*	Tetra Technologies, Inc				106
3,048	e	Tidewater, Inc				198
942	e*	Toreador Resources Corp				8
19,086		Transocean, Inc				2,909
755	e*	Trico Marine Services, Inc				28
1,391	*	Tri-Valley Corp				10
1,841	e*	TXCO Resources, Inc				22
500	*	Union Drilling, Inc				11
2,793	*	Unit Corp				232
3,680	e*	Vaalco Energy, Inc				31
1,213	*	Venoco, Inc				28
1,693	e	W&T Offshore, Inc				99
3,436	*	Warren Resources, Inc				51
40,668	*	Weatherford International Ltd				2,017
1,851	*	W-H Energy Services, Inc				177
2,534	*	Whiting Petroleum Corp				269
2,395	*	Willbros Group, Inc				105
30,568		XTO Energy, Inc				2,094
		TOTAL OIL AND GAS EXTRACTION				45,243
PAPER AND ALLIED PRODUCTS - 0.42%
2,993	e	AbitibiBowater, Inc				28
5,948	e	Bemis Co				133
2,317	*	Buckeye Technologies, Inc				20
3,345	e*	Cenveo, Inc				33
27,125	*	Domtar Corporation				148
2,970		Glatfelter				40
8,726	e*	Graphic Packaging Holding Co				18
2,066		Greif, Inc (Class A)				132
25,943		International Paper Co				604
25,049		Kimberly-Clark Corp				1,497
10,393	e	MeadWestvaco Corp				248
1,971	e*	Mercer International, Inc				15
1,075		Neenah Paper, Inc				18
5,657		Packaging Corp of America				122
2,293		Rock-Tenn Co (Class A)				69
1,040		Schweitzer-Mauduit International, Inc				18
15,753	*	Smurfit-Stone Container Corp				64
6,153		Sonoco Products Co				190
6,477	e	Temple-Inland, Inc				73
3,174	e	Wausau Paper Corp				24
		TOTAL PAPER AND ALLIED PRODUCTS				3,494
PERSONAL SERVICES - 0.14%
439		Angelica Corp				9
7,899		Cintas Corp				209
1,994	*	Coinstar, Inc				65
1,405		G & K Services, Inc (Class A)				43
19,744		H&R Block, Inc				423
2,055	e	Jackson Hewitt Tax Service, Inc				25
2,615		Regis Corp				69
5,024	e*	Sally Beauty Holdings, Inc				32
16,197		Service Corp International				160
1,036	*	Steiner Leisure Ltd				29
864		Unifirst Corp				39

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,092	e	Weight Watchers International, Inc			$	75
		TOTAL PERSONAL SERVICES				1,178
PETROLEUM AND COAL PRODUCTS - 8.48%
783	e	Alon USA Energy, Inc				9
2,205	*	American Oil & Gas, Inc				9
19,869		Apache Corp				2,762
3,437		Ashland, Inc				166
5,926		Cabot Oil & Gas Corp				401
123,790		Chevron Corp				12,271
92,319		ConocoPhillips				8,714
1,100	*	CVR Energy, Inc				21
683	e	Delek US Holdings, Inc				6
26,723		Devon Energy Corp				3,211
14,859		EOG Resources, Inc				1,950
316,225		Exxon Mobil Corp				27,869
5,933		Frontier Oil Corp				142
5,681	*	Gran Tierra Energy, Inc				45
2,769	e*	Headwaters, Inc				33
16,834		Hess Corp				2,124
2,601		Holly Corp				96
42,367		Marathon Oil Corp				2,198
11,367		Murphy Oil Corp				1,115
7,953	*	Newfield Exploration Co				519
10,271		Noble Energy, Inc				1,033
49,123		Occidental Petroleum Corp				4,414
610		Quaker Chemical Corp				16
5,518	e*	SandRidge Energy, Inc				356
7,003	e	Sunoco, Inc				285
8,359	e	Tesoro Corp				165
31,630		Valero Energy Corp				1,303
1,100	e	WD-40 Co				32
1,509	e	Western Refining, Inc				18
		TOTAL PETROLEUM AND COAL PRODUCTS				71,283
PIPELINES, EXCEPT NATURAL GAS - 0.13%
37,733		Spectra Energy Corp				1,084
		TOTAL PIPELINES, EXCEPT NATURAL GAS				1,084
PRIMARY METAL INDUSTRIES - 1.25%
6,705		AK Steel Holding Corp				463
48,775		Alcoa, Inc				1,737
6,046	e	Allegheny Technologies, Inc				358
2,599	e	Belden CDT, Inc				88
1,200	e*	Brush Engineered Materials, Inc				29
2,912		Carpenter Technology Corp				127
1,754	e*	Century Aluminum Co				117
528	e*	Coleman Cable, Inc				5
4,100	e*	CommScope, Inc				216
94,260		Corning, Inc				2,173
1,511	e	Encore Wire Corp				32
942	e*	Esmark, Inc				18
849	*	Fushi Copperweld, Inc				20
3,250	*	General Cable Corp				198
636	*	General Steel Holdings, Inc				10
1,633	e	Gibraltar Industries, Inc				26
718	e*	Haynes International, Inc				41
2,056	*	Horsehead Holding Corp				25
3,360		Hubbell, Inc (Class B)				134
659	e*	LB Foster Co (Class A)				22
1,977		Matthews International Corp (Class A)				90
1,459	*	Metalico, Inc				26
2,431		Mueller Industries, Inc				78
538	e*	Northwest Pipe Co				30
18,859		Nucor Corp				1,408

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
529	e	Olympic Steel, Inc			$	40
8,241		Precision Castparts Corp				794
1,496	e*	RTI International Metals, Inc				53
1,362	e	Schnitzer Steel Industries, Inc (Class A)				156
10,047		Steel Dynamics, Inc				393
1,141	*	Superior Essex, Inc				51
1,393	e	Texas Industries, Inc				78
5,118	e	Titanium Metals Corp				72
1,864		Tredegar Corp				27
7,034		United States Steel Corp				1,300
400	e*	Universal Stainless & Alloy				15
3,836	e	Worthington Industries, Inc				79
		TOTAL PRIMARY METAL INDUSTRIES				10,529
PRINTING AND PUBLISHING - 0.37%
2,726	*	ACCO Brands Corp				31
1,036		AH Belo Corp (Class A)				6
3,245	e	American Greetings Corp (Class A)				40
5,182		Belo (A.H.) Corp (Class A)				38
2,400		Bowne & Co, Inc				31
594	*	Consolidated Graphics, Inc				29
594	e	Courier Corp				12
269	e	CSS Industries, Inc				6
1,291	e*	Dolan Media Co				23
3,340		Dun & Bradstreet Corp				293
1,693		Ennis, Inc				26
5,407	e*	EW Scripps Co (Class A)				225
13,654	e	Gannett Co, Inc				296
821	e	GateHouse Media, Inc				2
2,799	e	Harte-Hanks, Inc				32
2,635		John Wiley & Sons, Inc (Class A)				119
2,807	e	Journal Communications, Inc (Class A)				13
2,965	e	Lee Enterprises, Inc				12
1,522	e*	Martha Stewart Living Omnimedia, Inc (Class A)				11
2,758	e	McClatchy Co (Class A)				19
19,292		McGraw-Hill Cos, Inc				774
1,490		Media General, Inc (Class A)				18
2,369	e	Meredith Corp				67
2,630	*	MSCI, Inc				95
514	e	Multi-Color Corp				11
8,530	e	New York Times Co (Class A)				131
945	e*	Playboy Enterprises, Inc (Class B)				5
1,695	*	Presstek, Inc				8
2,715	e	Primedia, Inc				13
4,232	e*	R.H. Donnelley Corp				13
12,693		R.R. Donnelley & Sons Co				377
977		Schawk, Inc				12
1,473	e	Scholastic Corp				42
1,179	e	Standard Register Co				11
3,018	e*	Valassis Communications, Inc				38
2,630	e*	VistaPrint Ltd				70
329		Washington Post Co (Class B)				193
		TOTAL PRINTING AND PUBLISHING				3,142
RAILROAD TRANSPORTATION - 0.86%
16,847		Burlington Northern Santa Fe Corp				1,683
24,248		CSX Corp				1,523
1,841	e*	Genesee & Wyoming, Inc (Class A)				62
4,812	e*	Kansas City Southern Industries, Inc				212
22,485		Norfolk Southern Corp				1,409
30,927		Union Pacific Corp				2,335
		TOTAL RAILROAD TRANSPORTATION				7,224
REAL ESTATE - 0.10%
10,114	e*	CB Richard Ellis Group, Inc (Class A)				194

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
378	e	Consolidated-Tomoka Land Co			$	16
1,553	e	DuPont Fabros Technology, Inc				29
4,444	e	Forest City Enterprises, Inc (Class A)				143
2,159	e*	Forestar Real Estate Group, Inc				41
660	e*	FX Real Estate and Entertainment, Inc				1
982		Grubb & Ellis Co				4
1,906		Jones Lang LaSalle, Inc				115
1,663	e*	LoopNet, Inc				19
5,578	e	St. Joe Co				191
6,504	e	Stewart Enterprises, Inc (Class A)				47
297	e*	Stratus Properties, Inc				5
1,468	e	Thomas Properties Group, Inc				15
		TOTAL REAL ESTATE				820
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS - 0.30%
464	e*	AEP Industries, Inc				8
3,774	e	Cooper Tire & Rubber Co				29
781	*	Deckers Outdoor Corp				109
14,789	*	Goodyear Tire & Rubber Co				264
881	e*	Metabolix, Inc				9
16,581		Newell Rubbermaid, Inc				278
21,174		Nike, Inc (Class B)				1,262
1,704	e	Schulman (A.), Inc				39
9,876	e	Sealed Air Corp				188
1,985	*	Skechers U.S.A., Inc (Class A)				39
2,188		Spartech Corp				21
1,479	e	Titan International, Inc				53
714	e*	Trex Co, Inc				8
3,650		Tupperware Corp				125
2,075		West Pharmaceutical Services, Inc				90
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS				2,522
SECURITY AND COMMODITY BROKERS - 2.37%
13,287		Ameriprise Financial, Inc				540
1,147	e	BlackRock, Inc				203
8,541		Broadridge Financial Solutions, Inc				180
1,547	e	Calamos Asset Management, Inc (Class A)				26
56,106		Charles Schwab Corp				1,152
3,272	*	CME Group, Inc				1,254
1,086	e	Cohen & Steers, Inc				28
7,308	*	Corrections Corp of America				201
118	*	Diamond Hill Investment Group, Inc				10
800	*	Duff & Phelps Corp				13
25,192	e*	E*Trade Financial Corp				79
6,300		Eaton Vance Corp				250
528	e	Evercore Partners, Inc (Class A)				5
2,300	e*	FBR Capital Markets Corp				12
1,364	e*	FCStone Group, Inc				38
5,305		Federated Investors, Inc (Class B)				183
9,224		Franklin Resources, Inc				845
448	e	GAMCO Investors, Inc (Class A)				22
3,928		GFI Group, Inc				35
23,594		Goldman Sachs Group, Inc				4,127
1,134	e	Greenhill & Co, Inc				61
2,464	*	Interactive Brokers Group, Inc (Class A)				79
4,300	*	IntercontinentalExchange, Inc				490
23,419		Invesco Ltd				562
2,790	*	Investment Technology Group, Inc				93
9,634		Janus Capital Group, Inc				255
7,640	e	Jefferies Group, Inc				129
1,786	e*	KBW, Inc				37
5,354	*	Knight Capital Group, Inc (Class A)				96
3,465	*	LaBranche & Co, Inc				25
6,023	e*	Ladenburg Thalmann Financial Services, Inc				9
3,156		Lazard Ltd (Class A)				108

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
8,138		Legg Mason, Inc			$	355
32,833	e	Lehman Brothers Holdings, Inc				650
1,518	e*	MarketAxess Holdings, Inc				11
58,780		Merrill Lynch & Co, Inc				1,864
6,300	e*	MF Global Ltd				40
66,471		Morgan Stanley				2,398
967	e*	Morningstar, Inc				70
8,320	e*	Nasdaq Stock Market, Inc				221
5,636	e	Nymex Holdings, Inc				476
16,019		NYSE Euronext				812
2,681	e	optionsXpress Holdings, Inc				60
879	e*	Penson Worldwide, Inc				10
1,153	e*	Piper Jaffray Cos				34
5,630	e	Raymond James Financial, Inc				149
870	e	Sanders Morris Harris Group, Inc				6
8,072		SEI Investments Co				190
1,409	*	Stifel Financial Corp				48
1,726	e	SWS Group, Inc				29
15,553		T Rowe Price Group, Inc				878
14,726	*	TD Ameritrade Holding Corp				266
1,322	e*	Thomas Weisel Partners Group, Inc				7
702	e	US Global Investors, Inc (Class A)				12
98		Value Line, Inc				3
5,415		Waddell & Reed Financial, Inc (Class A)				190
322		Westwood Holdings Group, Inc				13
		TOTAL SECURITY AND COMMODITY BROKERS				19,939
SOCIAL SERVICES - 0.01%
1,396	e*	Capital Senior Living Corp				10
617	e*	Providence Service Corp				13
1,211	*	Res-Care, Inc				22
		TOTAL SOCIAL SERVICES				45
SPECIAL TRADE CONTRACTORS - 0.08%
246	e	Alico, Inc				9
1,884	*	AsiaInfo Holdings, Inc				22
1,567	e	Chemed Corp				57
2,673		Comfort Systems USA, Inc				36
2,650	*	Dycom Industries, Inc				38
3,912	*	EMCOR Group, Inc				112
1,632	e*	Insituform Technologies, Inc (Class A)				25
987	e*	Integrated Electrical Services, Inc				17
1,155	e*	Layne Christensen Co				51
10,263	e*	Quanta Services, Inc				341
		TOTAL SPECIAL TRADE CONTRACTORS				708
STONE, CLAY, AND GLASS PRODUCTS - 0.47%
42,149		3M Co				2,933
2,068	e	Apogee Enterprises, Inc				34
1,565	e*	Cabot Microelectronics Corp				52
1,232	e	CARBO Ceramics, Inc				72
2,603	e	Eagle Materials, Inc				66
8,722		Gentex Corp				126
862	e	Libbey, Inc				6
4,568	e*	Owens Corning, Inc				104
9,975	*	Owens-Illinois, Inc				416
2,151	e*	US Concrete, Inc				10
4,021	e*	USG Corp				119
		TOTAL STONE, CLAY, AND GLASS PRODUCTS				3,938
TEXTILE MILL PRODUCTS - 0.00%**
874	e	Oxford Industries, Inc				17
905	e	Xerium Technologies, Inc				3

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
		TOTAL TEXTILE MILL PRODUCTS			$	20
TOBACCO PRODUCTS - 1.20%
125,564		Altria Group, Inc				2,582
10,230	*	Lorillard, Inc				707
126,060		Philip Morris International, Inc				6,226
1,760	e	Universal Corp				80
8,997	e	UST, Inc				491
2,405	e	Vector Group Ltd				39
		TOTAL TOBACCO PRODUCTS				10,125
TRANSPORTATION BY AIR - 0.33%
677	e*	Air Methods Corp				17
5,873	e*	Airtran Holdings, Inc				12
2,436	e*	Alaska Air Group, Inc				37
804	*	Allegiant Travel Co				15
14,725	e*	AMR Corp				75
809	*	Atlas Air Worldwide Holdings, Inc				40
1,071	e*	Bristow Group, Inc				53
5,828	e*	Continental Airlines, Inc (Class B)				59
1,785	e	Copa Holdings S.A. (Class A)				50
18,062	e*	Delta Air Lines, Inc				103
18,527		FedEx Corp				1,460
2,405	*	Hawaiian Holdings, Inc				17
11,166	e*	JetBlue Airways Corp				42
14,890	*	Northwest Airlines Corp				99
882	e*	PHI, Inc				36
2,007	*	Republic Airways Holdings, Inc				17
2,935	e	Skywest, Inc				37
43,331		Southwest Airlines Co				565
6,915	e	UAL Corp				36
4,982	e*	US Airways Group, Inc				13
		TOTAL TRANSPORTATION BY AIR				2,783
TRANSPORTATION EQUIPMENT - 2.26%
1,197	e	A.O. Smith Corp				39
2,061	e*	AAR Corp				28
1,493	e*	Accuride Corp				6
418	e*	Aerovironment, Inc				11
2,719	e	American Axle & Manufacturing Holdings, Inc				22
569	e	American Railcar Industries, Inc				9
1,306	e*	Amerigon, Inc				9
4,699	e	ArvinMeritor, Inc				59
1,438	*	ATC Technology Corp				33
4,371		Autoliv, Inc				204
5,637	*	BE Aerospace, Inc				131
44,973		Boeing Co				2,956
5,519	e	Brunswick Corp				58
3,028		Clarcor, Inc				106
940	e*	Cogo Group, Inc				9
5,941	*	Dana Holding Corp				32
636		Ducommun, Inc				15
3,359	e	Federal Signal Corp				40
3,728	e*	Fleetwood Enterprises, Inc				10
4,014	e*	Force Protection, Inc				13
129,460	e*	Ford Motor Co				623
809	e	Freightcar America, Inc				29
735	*	Fuel Systems Solutions, Inc				28
3,656	e*	GenCorp, Inc				26
23,850		General Dynamics Corp				2,008
29,035	e	General Motors Corp				334
516	e*	GenTek, Inc				14
9,912		Genuine Parts Co				393
7,490		Goodrich Corp				355
869	e	Greenbrier Cos, Inc				18
1,580	e	Group 1 Automotive, Inc				31
14,147	e	Harley-Davidson, Inc				513

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
5,143		Harsco Corp			$	280
5,897	e*	Hayes Lemmerz International, Inc				17
1,585	e	Heico Corp				52
1,612		Kaman Corp				37
533	*	LMI Aerospace, Inc				9
19,680		Lockheed Martin Corp				1,942
20,310		Northrop Grumman Corp				1,359
3,572	*	Orbital Sciences Corp				84
4,528		Oshkosh Truck Corp				94
21,848		Paccar, Inc				914
7,965	*	Pactiv Corp				169
2,038	e	Polaris Industries, Inc				82
25,314		Raytheon Co				1,425
1,983	e	Spartan Motors, Inc				15
6,221	*	Spirit Aerosystems Holdings, Inc (Class A)				119
1,631	e	Superior Industries International, Inc				28
2,719	e*	Tenneco, Inc				37
2,119	e	Thor Industries, Inc				45
1,979	e*	TransDigm Group, Inc				66
4,846	e	Trinity Industries, Inc				168
984	e	Triumph Group, Inc				46
2,648	*	TRW Automotive Holdings Corp				49
58,247		United Technologies Corp				3,594
7,954	e*	Visteon Corp				21
2,193	e	Wabash National Corp				17
2,903		Westinghouse Air Brake Technologies Corp				141
1,944	e	Winnebago Industries, Inc				20
		TOTAL TRANSPORTATION EQUIPMENT				18,992
TRANSPORTATION SERVICES - 0.20%
1,330	e	Ambassadors Group, Inc				20
10,211		CH Robinson Worldwide, Inc				560
783	e*	Dynamex, Inc				21
12,898		Expeditors International Washington, Inc				555
2,753		GATX Corp				122
2,417	*	HUB Group, Inc (Class A)				82
3,811	*	Lear Corp				54
2,500	e*	Orbitz Worldwide, Inc				13
2,338	e	Pacer International, Inc				50
2,365	e	Ship Finance International Ltd				70
6,068		UTI Worldwide, Inc				121
		TOTAL TRANSPORTATION SERVICES				1,668
TRUCKING AND WAREHOUSING - 0.39%
1,500	e	Arkansas Best Corp				55
1,483	*	Celadon Group, Inc				15
2,398		Con-way, Inc				113
1,949	e	Forward Air Corp				67
3,489	e	Heartland Express, Inc				52
4,893	e	J.B. Hunt Transport Services, Inc				163
3,156		Landstar System, Inc				174
952	*	Marten Transport Ltd				15
1,717	e*	Old Dominion Freight Line				52
103	e*	Patriot Transportation Holding, Inc				8
900	*	Saia, Inc				10
40,370		United Parcel Service, Inc (Class B)				2,482
200	e*	Universal Truckload Services, Inc				4
2,855	e	Werner Enterprises, Inc				53
3,415	e*	YRC Worldwide, Inc				51
		TOTAL TRUCKING AND WAREHOUSING				3,314
WATER TRANSPORTATION - 0.29%
2,650	e	Alexander & Baldwin, Inc				121
2,778	e*	American Commercial Lines, Inc				30
829	e	Arlington Tankers Ltd				19
26,104		Carnival Corp				860

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE	MATURITY DATE	VALUE (000)
2,362		Double Hull Tankers, Inc			$	24
2,567	e	Eagle Bulk Shipping, Inc				76
2,983	e	Frontline Ltd				208
1,322	e	Genco Shipping & Trading Ltd				86
1,588	e	General Maritime Corp				41
2,142	e	Golar LNG Ltd				33
1,244	e*	Gulfmark Offshore, Inc				72
2,063	e	Horizon Lines, Inc (Class A)				21
1,586	e*	Hornbeck Offshore Services, Inc				90
357	*	International Shipholding Corp				8
3,228	*	Kirby Corp				155
1,036		Knightsbridge Tankers Ltd				33
2,047	e	Nordic American Tanker Shipping				80
2,450	e*	Odyssey Marine Exploration, Inc				10
1,464		Overseas Shipholding Group, Inc				116
8,396	e	Royal Caribbean Cruises Ltd				189
400	*	TBS International Ltd (Class A)				16
2,428	e	Teekay Corp				110
800	e	Teekay Tankers Ltd				19
931	e*	Ultrapetrol Bahamas Ltd				12
		TOTAL WATER TRANSPORTATION				2,429
WHOLESALE TRADE-DURABLE GOODS - 0.37%
2,158	e	Agilysys, Inc				24
2,206		Applied Industrial Technologies, Inc				53
7,511	*	Arrow Electronics, Inc				231
2,819	e	Barnes Group, Inc				65
2,807	e*	Beacon Roofing Supply, Inc				30
6,944		BorgWarner, Inc				308
702		Castle (A.M.) & Co				20
671	*	Chindex International, Inc				10
1,444	e*	Conceptus, Inc				27
1,204	*	DemandTec, Inc				9
1,490	*	Digi International, Inc				12
1,195	e*	Drew Industries, Inc				19
573	e*	Hansen Medical, Inc				10
800	e	Houston Wire & Cable Co				16
4,578		IKON Office Solutions, Inc				52
9,316	*	Ingram Micro, Inc (Class A)				165
3,362	*	Insight Enterprises, Inc				39
1,758	*	Interline Brands, Inc				28
3,799	e	Knight Transportation, Inc				70
300	e	Lawson Products, Inc				7
8,123	*	LKQ Corp				147
2,473	e	Martin Marietta Materials, Inc				256
900	*	MedAssets, Inc				15
620	*	MWI Veterinary Supply, Inc				21
2,588	e	Owens & Minor, Inc				118
7,516	*	Patterson Cos, Inc				221
2,583	e	PEP Boys-Manny Moe & Jack				23
3,009	e	Pool Corp				53
4,383	*	PSS World Medical, Inc				71
3,758		Reliance Steel & Aluminum Co				290
3,079	*	Solera Holdings, Inc				85
3,376	*	Tech Data Corp				114
433	*	Titan Machinery, Inc				14
2,452	e*	TomoTherapy, Inc				22
2,317	e*	Tyler Technologies, Inc				31
4,326		W.W. Grainger, Inc				354
2,519	*	WESCO International, Inc				101
		TOTAL WHOLESALE TRADE-DURABLE GOODS				3,131
WHOLESALE TRADE-NONDURABLE GOODS - 0.58%
1,483		Aceto Corp				11
4,959		Airgas, Inc				290

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			RATE		MATURITY DATE	VALUE (000)
2,860	e*	Akorn, Inc				$	9
5,454	*	Alliance One International, Inc					28
3,382	e*	Allscripts Healthcare Solutions, Inc					42
896	e	Andersons, Inc					37
3,641	e*	Bare Escentuals, Inc					68
1,671	e*	BMP Sunstone Corp					10
4,962		Brown-Forman Corp (Class B)					375
21,354		Cardinal Health, Inc					1,101
2,265	*	Central European Distribution Corp					168
638	e*	Core-Mark Holding Co, Inc					17
7,952	*	Dean Foods Co					156
7,495	*	Endo Pharmaceuticals Holdings, Inc					181
2,503	e*	Fresh Del Monte Produce, Inc					59
852	e*	Green Mountain Coffee Roasters, Inc					32
2,432	e*	Hain Celestial Group, Inc					57
5,330	*	Henry Schein, Inc					275
3,890	e	Herbalife Ltd					151
7,953	e	Idearc, Inc					19
500	e	Kenneth Cole Productions, Inc (Class A)					6
1,430	e	K-Swiss, Inc (Class A)					21
901	*	LSB Industries, Inc					18
231	e*	Maui Land & Pineapple Co, Inc					7
3,315	e	Men’s Wearhouse, Inc					54
1,570		Myers Industries, Inc					13
785	e	Nash Finch Co					27
3,094		Nu Skin Enterprises, Inc (Class A)					46
804	*	Perry Ellis International, Inc					17
1,539	e*	School Specialty, Inc					46
1,382		Spartan Stores, Inc					32
626	*	Synutra International, Inc					20
35,948		Sysco Corp					989
5,520		Terra Industries, Inc					272
2,117	e*	Tractor Supply Co					61
2,582	e*	United Natural Foods, Inc					50
1,202	*	United Stationers, Inc					44
423	e	Valhi, Inc					12
849	e*	Volcom, Inc					20
1,325	e	Zep, Inc					20
1,070	*	Zhongpin, Inc					13
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS					4,874
		TOTAL COMMON STOCKS (Cost $635,577)					838,999
PRINCIPAL
SHORT-TERM INVESTMENTS - 10.69%
U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES - 0.14%
$1,140,000		Federal Home Loan Bank (FHLB)	0.000	%	07/01/08		1,140
		TOTAL U.S. GOVERNMENT AND AGENCIES DISCOUNT AND COUPON NOTES					1,140
SHARES
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 10.55%
88,619,421		State Street Navigator Securities Lending Prime Portfolio					88,619
		TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED					88,619
		TOTAL SHORT-TERM INVESTMENTS (Cost $89,759)					89,759
		TOTAL PORTFOLIO - 110.55% (Cost $725,336)					928,758
		OTHER ASSETS & LIABILITIES, NET - (10.55%)					(88,598	)

48

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		RATE	MATURITY DATE	VALUE (000)
	NET ASSETS - 100.00%			$	840,160

* 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 in the amount of $91,179.

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.

At June 30, 2008, the unrealized depreciation on investments was $203,421,566, consisting of gross unrealized appreciation of $312,263,493 and gross unrealized depreciation of $108,841,927.

OPEN FUTURES CONTRACTS:	NUMBER OF CONTRACTS	MARKET VALUE		EXPIRATION DATE	UNREALIZED (DEPRECIATION)
E-mini S&P 500 Index	14	$	896,770	September 2008	$	(39,821	)
E-mini S&P 400 Index	1		82,120	September 2008		(3,327	)
E-mini Russell 2000 Index	1		69,170	September 2008		(2,627	)
					$	(45,775	)

49

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days from 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 semi-annual reporting period.

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

Item 12. Exhibits.

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: August 21, 2008	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, 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: August 21, 2008	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Date: August 21, 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)(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