UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact name of Registrant as specified in charter)

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

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-490-9000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2008

Item 1. Reports to Stockholders.

PERFORMANCE OVERVIEW AS OF DECEMBER 31, 2008

		Total return		Average annual total return
	Inception date	1 year		5 years		10 years		since inception*
EQUITIES
Stock Index Account	11/1/1994	–37.53	%	–2.52	%	–1.28	%	6.15	%

* 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 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 twelve months ended December 31, 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 twelve-month period.

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

• The summary portfolio of investments lists the industries and types of securities in which the account had investments as of December 31, 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. For a prospectus that contains this and other important information, please visit our website at tiaa-cref.org, or call 800 223-1200. 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
Report of independent registered public accounting firm	25
Management	26
How to reach us	Inside back cover

REPORT TO POLICYHOLDERS

Amid a worsening global credit crisis and stalled economic growth, U.S. stocks fell significantly in 2008. The downturn was broad-based, with stocks of all market capitalization sizes and investment styles posting double-digit losses.

For the year, the Russell 3000^® Index, a broad measure of the U.S. stock market, declined 37.3%. This drop—the largest calendar-year loss for the Russell 3000 since its inception in 1979—sent the index’s longer-term performance into negative territory as well: for the ten years ended December 31, 2008, the Russell 3000 posted an average annual return of –0.8%, down from 6.2% for the ten years ended December 31, 2007.

Faltering economy, difficult credit markets weigh on stocks

The crisis in the financial services sector disrupted the credit markets and weighed heavily on economies and stock markets around the world. The already sluggish U.S. economy weakened further in the second half of 2008, evidenced by mounting job losses, plummeting home prices and reduced consumer spending. At year-end, the national unemployment rate stood at 7.2%, up from 4.9% in December 2007.

The nation’s gross domestic product (GDP) shrank 0.5% in the third quarter of 2008. For the year as a whole, preliminary estimates are that GDP grew at just 1.3%—compared with the 2.0% growth recorded for 2007.

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

As the economy sputtered, oil prices plunged from a peak of $146 a barrel in July to $45 a barrel at the end of December. Year-over-year inflation, which had reached 5.6% in July, dropped to just 0.1% in December.

The U.S. Federal Reserve sought to assist the credit markets and jump-start the economy by cutting the federal funds rate seven times in 2008, from 4.25% at the beginning of the year to essentially 0% at year-end. (The federal funds rate is the interest rate U.S. commercial banks charge one another for overnight loans.)

U.S. Treasuries lift bond returns

Bonds fared much better than stocks, benefiting from declining short-term interest rates and a surge in demand for U.S. Treasury securities.

For the year, the Barclays Capital U.S. Aggregate Bond Index (formerly the Lehman Brothers U.S. Aggregate Index), a measure of the broad U.S. investment-grade, fixed-rate bond market, rose 5.2%. Most of this positive return occurred in the fourth quarter, when the Barclays index gained 4.6%, led by the 8.8% return of U.S. Treasuries.

2    2008 Annual Report  ¡  TIAA Separate Account VA-1

Edward J. Grzybowski

Chief Investment Officer

Teachers Advisors, Inc.

Low-cost indexing helps buffer losses

The Stock Index Account, the underlying investment of the TIAA Separate Account VA-1, uses an indexing strategy. For 2008, the account’s 37.5% loss was smaller than the 39.4% average decline of its peer group, the Morningstar Large Blend (VA) category.

For the ten years ended December 31, 2008, the account posted an average annual return of –1.3%, versus the –2.5% 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.

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.

Generally, indexing also helps keep an account’s expenses low. 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 Annual Report    3

MORE INFORMATION FOR POLICYHOLDERS

Portfolio holdings

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 Schedule of Investments”) as of the most recently completed fiscal quarter (currently for the period ended December 31, 2008) in the following ways:

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

• By calling us at 800 842-2776 to request a copy 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 sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 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 tiaa-cref.org or on the SEC’s website at 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 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 Annual Report  ¡  TIAA Separate Account VA-1

SPECIAL TERMS

Annuities are insurance contracts designed for retirement savings or for other long-term goals. They may 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 an annuity account. It is expressed as a percentage of the account’s average net assets and does not include front-end or back-end sales charges, if any, or trading costs.

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

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

Portfolio turnover rate is calculated by dividing the value of securities bought or sold during the fiscal year (whichever is less) by the average value of the portfolio during that period.

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

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

Separate account 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. 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. You cannot invest directly in any index.

TIAA Separate Account VA-1  ¡  2008 Annual Report    5

IMPORTANT INFORMATION ABOUT EXPENSES

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

• You incur no transaction costs, including sales charges (loads) on purchases, 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 the facing 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 July 1, 2008, and held for six months until December 31, 2008.

Actual expenses

The first line in the table on page seven 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 account value 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.

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 and mutual funds.

6    2008 Annual Report  ¡  TIAA Separate Account VA-1

EXPENSE EXAMPLE

Six months ended December 31, 2008

	Starting		Ending		Expenses paid*
	account value		account value		(7/1/08–
Stock Index Account	(7/1/08)		(12/31/08)		12/31/08)
Actual return	$	1,000.00	$	704.20	$	2.87
5% annual hypothetical return		1,000.00		1,021.73		3.40

* “Expenses paid” is based on the account’s annualized expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2008. The account’s annualized six-month expense ratio for that period was 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% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

TIAA Separate Account VA-1  ¡  2008 Annual Report    7

STOCK INDEX ACCOUNT

PERFORMANCE IN THE TWELVE MONTHS ENDED DECEMBER 31, 2008

The Stock Index Account returned –37.53% for the year, compared with the –37.31% return of its benchmark, the Russell 3000^® Index, and the –39.44% average return of the account’s peer group, the Morningstar Large Blend (VA) category, which included 5,836 variable annuities as of December 31, 2008.

Index posts its worst year

During the twelve-month period, the U.S. stock market posted large losses as a result of deteriorating conditions in the credit and housing markets, rising unemployment and declining corporate profits. It was the largest downturn for the broad-based Russell 3000 Index during a calendar year since its inception in 1979.

After an 11.05% drop during the first half of the reporting period, the market sell-off intensified during the second half of the year, when the index fell 29.52% as the overall global economic outlook continued to weaken.

However, the return of domestic stocks for the year held up better than that of foreign issues, which fell 43.38%, as measured by the MSCI EAFE^® Index.

For the ten years ended December 31, 2008, the average annual return of the Russell 3000 was –0.80%, versus the 0.80% average annual gain of the EAFE.

Declines hit all sectors

The market’s fall in 2008 was broad-based. All twelve of the benchmark’s industry sectors posted double-digit losses. Among the biggest detractors from performance were the financials, technology and “other energy” sectors, which fell 48.9%, 42.2% and 53.4%, respectively. On December 31, 2008, these sectors made up more than one-third of the benchmark’s total market capitalization.

Losses among the largest stocks differ sharply

While none of the largest stocks in the index was immune to the market downturn, their results were very different, depending on the degree of each company’s involvement in the troubled financial and technology industries. In descending order according to market capitalization size, the five largest stocks in the benchmark performed as follows: ExxonMobil, –13.1%; Procter & Gamble, –13.8%; General Electric, –54.0%; AT&T, –28.0%; and Johnson & Johnson, –7.8%.

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

8    2008 Annual Report  ¡  TIAA Separate Account VA-1

INVESTMENT OBJECTIVE

This variable annuity 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-cap/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. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index.

PERFORMANCE AS OF DECEMBER 31, 2008

	Total return		Average annual total return
	1 year		5 years		10 years
Stock Index Account	–37.53	%	–2.52	%	–1.28	%
Russell 3000 Index	–37.31		–1.95		–0.80
Morningstar Large Blend (VA)*	–39.44		–4.06		–2.47

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org.

* The returns represent the historical performance of accounts included in the Morningstar category at December 31, 2008. The return of a $10,000 investment over ten years is calculated by linking the monthly returns of those accounts in the category that operated during all or part of that period.

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

ACCOUNT PROFILE

Inception date		11/1/1994		Weighted median market capitalization	$	25.3 billion
Net assets	$	566.94 million		P/E ratio (weighted 12-month trailing average)		11.6
Total annual expense ratio†		0.67	%

† This is the account’s annualized six-month expense ratio for the period ended December 31, 2008. 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% of average daily net assets per year, the total annual expense ratio will never exceed 1.50%.

TIAA Separate Account VA-1  ¡  2008 Annual Report    9

STOCK INDEX ACCOUNT

$10,000 OVER 10 YEARS

An investment of $10,000 in this account on December 31, 1998, would be worth $8,786 at the end of the period, 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 Morningstar peer group during the same period.

CALENDAR YEAR TOTAL RETURN SINCE 1999

HOLDINGS BY COMPANY SIZE

	% of portfolio investments
Over $15 billion	61.28
$4 billion–$15 billion	19.21
Under $4 billion	19.51
Total	100.00

10    2008 Annual Report  ¡  TIAA Separate Account VA-1

SUMMARY PORTFOLIO OF INVESTMENTS

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2008

Shares		Company	Value (000)	% of net assets
COMMON STOCKS
AGRICULTURAL PRODUCTION-CROPS			$         38	0.01	%
AGRICULTURAL PRODUCTION-LIVESTOCK			51	0.01
AGRICULTURAL SERVICES			9	0.00	**
AMUSEMENT AND RECREATION SERVICES
110,932		Walt Disney Co	2,517	0.44
		Other	452	0.08
			2,969	0.52
APPAREL AND ACCESSORY STORES			2,672	0.47
APPAREL AND OTHER TEXTILE PRODUCTS			766	0.14
AUTO REPAIR, SERVICES AND PARKING			329	0.06
AUTOMOTIVE DEALERS AND SERVICE STATIONS			1,081	0.19
BUILDING MATERIALS AND GARDEN SUPPLIES
98,878		Home Depot, Inc	2,276	0.40
		Other	2,105	0.37
			4,381	0.77
BUSINESS SERVICES
13,873	*	Google, Inc (Class A)	4,268	0.75
466,874		Microsoft Corp	9,076	1.60
226,894	*	Oracle Corp	4,023	0.71
		Other	20,513	3.62
			37,880	6.68
CHEMICALS AND ALLIED PRODUCTS
89,963		Abbott Laboratories	4,801	0.85
63,467	*	Amgen, Inc	3,665	0.65
114,985		Bristol-Myers Squibb Co	2,673	0.47
58,195		Eli Lilly & Co	2,344	0.41
27,002	*	Genentech, Inc	2,239	0.39
53,560	*	Gilead Sciences, Inc	2,739	0.48
163,964		Johnson & Johnson	9,810	1.73
125,062		Merck & Co, Inc	3,802	0.67
31,945		Monsanto Co	2,247	0.40
394,411		Pfizer, Inc	6,985	1.23
175,773		Procter & Gamble Co	10,867	1.92
77,696		Wyeth	2,914	0.51
		Other	20,892	3.69
			75,978	13.40
COAL MINING			994	0.18
COMMUNICATIONS
345,522		AT&T, Inc	9,847	1.74
163,309		Comcast Corp (Class A)	2,757	0.49
166,113		Verizon Communications, Inc	5,631	0.99
		Other	7,930	1.40
			26,165	4.62

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2008

Shares		Company	Value (000)	% of net assets
DEPOSITORY INSTITUTIONS
292,536		Bank of America Corp	$    4,119	0.73	%
317,253		Citigroup, Inc	2,129	0.37
215,365		JPMorgan Chase & Co	6,790	1.20
101,357		US Bancorp	2,535	0.45
220,254		Wells Fargo & Co	6,493	1.14
		Other	17,075	3.01
			39,141	6.90
EATING AND DRINKING PLACES
66,043		McDonald’s Corp	4,107	0.72
		Other	2,325	0.41
			6,432	1.13
EDUCATIONAL SERVICES			1,373	0.24
ELECTRIC, GAS, AND SANITARY SERVICES
38,204		Exelon Corp	2,125	0.37
		Other	25,613	4.52
			27,738	4.89
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT
51,465	*	Apple Computer, Inc	4,392	0.77
344,324	*	Cisco Systems, Inc	5,612	0.99
612,450		General Electric Co	9,923	1.75
333,831		Intel Corp	4,894	0.86
94,274		Qualcomm, Inc	3,378	0.60
		Other	13,484	2.38
			41,683	7.35
ENGINEERING AND MANAGEMENT SERVICES			7,607	1.34
FABRICATED METAL PRODUCTS			3,235	0.57
FOOD AND KINDRED PRODUCTS
135,419		Coca-Cola Co	6,131	1.08
85,580		Kraft Foods, Inc (Class A)	2,298	0.41
92,431		PepsiCo, Inc	5,062	0.89
		Other	9,041	1.59
			22,532	3.97
FOOD STORES			2,613	0.46
FORESTRY			515	0.09
FURNITURE AND FIXTURES			1,328	0.23
FURNITURE AND HOME FURNISHINGS STORES			1,314	0.23
GENERAL BUILDING CONTRACTORS			1,111	0.20
GENERAL MERCHANDISE STORES
130,489		Wal-Mart Stores, Inc	7,315	1.29
		Other	4,624	0.82
			11,939	2.11
HEALTH SERVICES			5,772	1.02

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2008

Shares	Company	Value (000)	% of net assets
HEAVY CONSTRUCTION, EXCEPT BUILDING		$       365	0.06	%
HOLDING AND OTHER INVESTMENT OFFICES
80,782	iShares Russell 3000 Index Fund	4,208	0.74
	Other	10,745	1.90
		14,953	2.64
HOTELS AND OTHER LODGING PLACES		1,141	0.20
INDUSTRIAL MACHINERY AND EQUIPMENT
143,729	Hewlett-Packard Co	5,216	0.92
80,119	International Business Machines Corp	6,743	1.19
	Other	13,245	2.34
		25,204	4.45
INSTRUMENTS AND RELATED PRODUCTS		21,813	3.85
INSURANCE AGENTS, BROKERS AND SERVICE		2,225	0.39
INSURANCE CARRIERS		20,961	3.70
JUSTICE, PUBLIC ORDER AND SAFETY		176	0.03
LEATHER AND LEATHER PRODUCTS		589	0.10
LEGAL SERVICES		161	0.03
LOCAL AND INTERURBAN PASSENGER TRANSIT		21	0.00	**
LUMBER AND WOOD PRODUCTS		94	0.02
METAL MINING		2,215	0.39
MISCELLANEOUS MANUFACTURING INDUSTRIES		1,378	0.24
MISCELLANEOUS RETAIL
83,348	CVS Corp	2,395	0.42
	Other	4,612	0.82
		7,007	1.24
MOTION PICTURES		3,938	0.70
NONDEPOSITORY INSTITUTIONS		3,382	0.60
NONMETALLIC MINERALS, EXCEPT FUELS		595	0.11
OIL AND GAS EXTRACTION
47,823	Occidental Petroleum Corp	2,869	0.51
69,509	Schlumberger Ltd	2,942	0.52
	Other	16,773	2.95
		22,584	3.98
PAPER AND ALLIED PRODUCTS		2,413	0.43
PERSONAL SERVICES		953	0.17
PETROLEUM AND COAL PRODUCTS
120,590	Chevron Corp	8,920	1.57
89,919	ConocoPhillips	4,658	0.82
307,925	Exxon Mobil Corp	24,582	4.34
	Other	3,889	0.69
		42,049	7.42

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

SUMMARY PORTFOLIO OF INVESTMENTS continued

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2008

Shares		Company		Value (000)	% of net assets
PIPELINES, EXCEPT NATURAL GAS				$       577	0.10	%
PRIMARY METAL INDUSTRIES				4,122	0.73
PRINTING AND PUBLISHING				1,591	0.28
RAILROAD TRANSPORTATION				4,623	0.82
REAL ESTATE				330	0.06
RUBBER AND MISCELLANEOUS PLASTIC PRODUCT				1,783	0.31
SECURITY AND COMMODITY BROKERS
25,694		Goldman Sachs Group, Inc		2,168	0.38
		Other		8,650	1.53
				10,818	1.91
SOCIAL SERVICES				23	0.00	**
SPECIAL TRADE CONTRACTORS				484	0.09
STONE, CLAY, AND GLASS PRODUCTS
41,249		3M Co		2,374	0.42
		Other		599	0.10
				2,973	0.52
TEXTILE MILL PRODUCTS				188	0.03
TOBACCO PRODUCTS
123,160		Philip Morris International, Inc		5,359	0.94
		Other		3,431	0.61
				8,790	1.55
TRANSPORTATION BY AIR				2,730	0.48
TRANSPORTATION EQUIPMENT
56,747		United Technologies Corp		3,042	0.54
		Other		10,549	1.86
				13,591	2.40
TRANSPORTATION SERVICES				1,274	0.23
TRUCKING AND WAREHOUSING
39,870		United Parcel Service, Inc (Class B)		2,199	0.39
		Other		601	0.10
				2,800	0.49
WATER TRANSPORTATION				1,359	0.24
WHOLESALE TRADE-DURABLE GOODS				2,050	0.36
WHOLESALE TRADE-NONDURABLE GOODS				3,482	0.61
	TOTAL COMMON STOCKS		(Cost $610,825)	565,451	99.74
	TOTAL PORTFOLIO		(Cost $610,825)	565,451	99.74
	OTHER ASSETS & LIABILITIES, NET			1,487	0.26
	NET ASSETS			$566,938	100.00	%

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

SUMMARY PORTFOLIO OF INVESTMENTS concluded

STOCK INDEX ACCOUNT  n  DECEMBER 31, 2008

* Non-income producing.

** Percentage represents less than 0.01%.

Cost amounts are in thousands.

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

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

STATEMENT OF ASSETS AND LIABILITIES

TIAA SEPARATE ACCOUNT VA-1  n  DECEMBER 31, 2008

(amounts in thousands, except accumulation units outstanding and accumulation unit value)	Stock Index Account
ASSETS
Investments, at cost	$	610,825
Net unrealized appreciation (depreciation) of investments		(45,374	)
Investments, at value		565,451
Dividends and interest receivable		1,205
Receivable from securities sold		1,102
Total assets		567,758
LIABILITIES
Amount due to bank		787
Amount due to investment advisor		33
Total liabilities		820
NET ASSETS
Accumulation Fund	$	566,938
Accumulation units outstanding		9,487,954
Accumulation unit value		$59.75

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

STATEMENT OF OPERATIONS

TIAA SEPARATE ACCOUNT VA-1  n  FOR THE YEAR ENDED DECEMBER 31, 2008

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Income:
Dividends	$	16,972
Interest		100
Securities lending income, net		833
Total income		17,905
EXPENSES
Investment advisory charges		2,399
Administrative expenses		1,600
Mortality and expense risk charges		3,198
Total expenses before waiver		7,197
Investment advisory charges waived		(1,839	)
Net expenses		5,358
Investment income – net		12,547
REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Net realized gain (loss) on:
Portfolio investments		10,526
Futures transactions		(251	)
Net realized gain (loss) on total investments		10,275
Net change in unrealized appreciation (depreciation) on:
Portfolio investments		(377,651	)
Futures transactions		31
Net change in unrealized appreciation (depreciation) on total investments		(377,620	)
Net realized and unrealized gain (loss) on total investments		(367,345	)
Net increase (decrease) in net assets resulting from operations	$	(354,798	)

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

STATEMENT OF CHANGES IN NET ASSETS

TIAA SEPARATE ACCOUNT VA-1  n  FOR THE YEAR ENDED DECEMBER 31

	Stock Index Account
(amounts in thousands)	2008			2007
FROM OPERATIONS
Investment income – net	$	12,547		$	12,171
Net realized gain (loss) on investments		10,275			33,390
Net change in unrealized appreciation (depreciation) on investments		(377,620	)		(137	)
Net increase (decrease) in net assets resulting from operations		(354,798	)		45,424
FROM CONTRACTOWNER TRANSACTIONS
Premiums		15,488			19,369
Net contractowner transfers (to) from fixed account		(43,279	)		(13,882	)
Withdrawals and death benefits		(39,765	)		(57,663	)
Net (decrease) in net assets resulting from contractowner transactions		(67,556	)		(52,176	)
Net increase (decrease) in net assets		(422,354	)		(6,752	)
NET ASSETS
Beginning of year		989,292			996,044
End of year	$	566,938		$	989,292
ACCUMULATION UNITS
Credited for premiums		200			203
Cancelled for transfers and disbursements		(1,057	)		(740	)
Outstanding:
Beginning of year		10,345			10,882
End of year		9,488			10,345

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

FINANCIAL HIGHLIGHTS

TIAA SEPARATE ACCOUNT VA-1  n  FOR THE YEAR ENDED

	Stock Index Account
	12/31/08			12/31/07		12/31/06		12/31/05		12/31/04
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH YEAR
Investment income	$	1.758		$	1.750	$	1.568	$	1.378	$	1.359
Expenses		0.484			0.575		0.584		0.519		0.468
Net investment income		1.274			1.175		0.984		0.859		0.891
Net realized and unrealized gain (loss) on investments		(37.166	)		2.979		10.909		3.222		6.727
Net change in accumulation unit value		(35.892	)		4.154		11.893		4.081		7.618
Accumulation unit value:
Beginning of year		95.646			91.492		79.599		75.518		67.900
End of year	$	59.754		$	95.646	$	91.492	$	79.599	$	75.518
TOTAL RETURN*		(37.53%	)		4.54%		14.94%		5.40%		11.22%
RATIOS TO AVERAGE NET ASSETS
Expenses before waiver		0.90%			0.90%		0.90%		0.90%		0.90%
Expenses after waiver		0.67%			0.67%		0.67%		0.67%		0.67%
Net investment income		1.58%			1.19%		1.13%		1.12%		1.28%
SUPPLEMENTAL DATA
Portfolio turnover rate		7%			6%		7%		6%		5%
Accumulation units outstanding at end of year†		9,488			10,345		10,882		11,598		12,123
Net assets at end of year†	$	566,938		$	989,292	$	996,044	$	923,201	$	915,478

* Based on per accumulation data.

^† Thousands

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

NOTES TO FINANCIAL STATEMENTS

TIAA SEPARATE ACCOUNT VA-1

Note 1—significant accounting policies

TIAA Separate Account VA-1 (“VA-1”) is a segregated investment account of Teachers Insurance and Annuity Association of America (“TIAA”) and was organized on February 16, 1994, under the insurance laws of the State of New York for the purpose of issuing and funding individual variable annuity contracts. The variable annuity contracts were issued by TIAA. 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 accounting principles generally accepted in the United States of America (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.

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.

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.

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,

20 2008 Annual Report   n   TIAA Separate Account VA-1

continued

as soon thereafter as the Account is informed of the ex-dividend date. Realized gains and losses on security transactions are based on the identified cost basis.

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.

Cash: The Account may hold cash with the custodian. The Account is charged a fee for any overdrafts.

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.

Lending Account’s securities exposes the Account to risks such as the following: (i) the borrower may fail to return the loaned securities; (ii) the borrower may not be able to provide additional collateral; (iii) the Account may experience delays in recovery of the loaned securities or delays in access to collateral; or (iv) the Account may experience losses related to the investment collateral. To minimize certain of these risks, loan counterparties pledge cash collateral equal to at least 102% of the market value of the securities loaned for U.S. securities and 105% of the market value of the securities loaned for foreign securities. However, these percentages are subject to daily market fluctuations which may cause the loans to be under collateralized for a period of time. All cash collateral may invest in the State Street Navigator Securities Lending Prime Portfolio. As of December 31, 2008, there were no securities out on loan.

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

TIAA Separate Account VA-1   n   2008 Annual Report 21

NOTES TO FINANCIAL STATEMENTS

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. There were no open futures contracts for the year ended December 31, 2008.

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 that are widely held and publicly traded.

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.

There are no unrecognized tax benefits in the accompanying financial statements. The Account is no longer subject to income tax examinations by tax authorities for years before 2005.

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

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

Fair value measurement: In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Accounting Standards No. 157, “Fair Value Measurement” (“SFAS 157”). SFAS 157 defines fair value, establishes a framework for measuring fair value under accounting principles accepted in the United States of America (“GAAP”) and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. SFAS 157 was adopted by the Account as of January 1, 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)

22 2008 Annual Report   n   TIAA Separate Account VA-1

continued

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 December 31, 2008:

	Investments in Securities		Other Financial Instruments*
Level 1	$	565,451,169	$	—
Level 2		—		—
Level 3		50		—
Total	$	565,451,219	$	—

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

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 (“FINRA”). 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. Although TIAA reserves the right to increase the account’s mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio should never exceed 1.50% per year.

The Managers of the Account, all of whom are independent, receive remuneration for their services, plus travel and other expenses incurred in attending Committee meetings. Managers may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. 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 December 31, 2008, net unrealized depreciation based on aggregate cost of portfolio investments was $(45,374,448), consisting of gross unrealized appreciation of $147,396,683 and gross unrealized depreciation of $(192,771,131).

TIAA Separate Account VA-1   n   2008 Annual Report 23

NOTES TO FINANCIAL STATEMENTS concluded

Purchases and sales of portfolio securities, excluding short-term government securities and money market instruments, for the year ended December 31, 2008, were $57,199,217 and $109,975,585, respectively.

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 the Account. Interest associated with any borrowing under the facility by the Account is charged to the Account at rates that are based on the Federal Funds Rate in effect during the time of the borrowing. The Account is not liable for borrowings under the facility by affiliated accounts or mutual funds. During the year ended December 31, 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 financial statements.

Note 6—subsequent event

Effective May 1, 2009, the Advisors voluntary investment advisory fee waiver on the Account will be reduced from 0.23% to 0.15%. Currently, the annual investment advisory charge rate is 0.30% of the net assets of the Account. The daily deduction will change from 0.07% to 0.15% of the net assets.

24 2008 Annual Report   n   TIAA Separate Account VA-1

REPORT OF INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

To the Management Committee and Contractowners of TIAA Separate Account VA-1:

In our opinion, the accompanying statement of assets and liabilities, including the summary portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Stock Index Account of TIAA Separate Account VA-1 (hereafter referred to as “VA-1”) at December 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of VA-1’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2008 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for the year ended December 31, 2004 were audited by other auditors whose report dated February 25, 2005 expressed an unqualified opinion on those financial highlights.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

New York, NY

February 24, 2009

TIAA Separate Account VA-1   n   2008 Annual Report 25

MANAGEMENT (UNAUDITED)

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS  n  DECEMBER 31, 2008

Disinterested members

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Member	Other Directorships Held by Members
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/1954	Member	Indefinite term. Member since 2006.	Retired Partner (since 2006); Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).	61	Director and member of the Investment Committee, the Maine Coast Heritage Trust, Investment Committee member, Gulf of Maine Research Institute, the Boston Athenaeum, Investment Maine Community Foundation and Carnegie Endowment for International Peace; and Director, Appalachian Mountain Club.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/1962	Member	Indefinite term. Member since September 2007.	Former Vice President (1990-2006), American Beacon Advisors, Inc. and Vice President of certain funds advised by American Beacon Advisors, Inc.	61	Independent Director, the Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend and Income Fund, Inc. and Member of the Board of Managers of Lazard Alternative Strategies Fund, LLC.
Eugene Flood, Jr. c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/31/1955	Member	Indefinite term. Member since 2005.	President, and Chief Executive Officer (since 2000) and a Director (since 1994) of Smith Breeden Associates, Inc. (investment advisor).	61	None

26 2008 Annual Report   n   TIAA Separate Account VA-1

Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Member	Indefinite term. Member since 2007	Chief Operating Officer, Copper Rock Capital Partners (since September 2007). Formerly Chief Operating Officer, DDJ Capital Management (2003-2006); and Executive Vice President (2000-2002), Senior Vice President (1995-2000) and Vice President (1992-1995), Fidelity Investments.	61	None
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/1954	Member	Indefinite term. Member since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School.	61	None
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/1943	Chairman of the Management Committee, Member	Indefinite term. Member since 2001.	President and Founder (since October 2006) of NLJ Advisors, Inc. (investment advisor). Formerly, President and Managing Principal, Windermere Investment Associates (1997-June 2006), Chairman and Chief Executive Officer, CTC Consulting, Inc. (1994-1997) and Executive Vice President, U.S. Trust Company of the Pacific Northwest (1993-1997).	61	Director and Chairman of the Investment Committee of the Okabena Company (financial services).

TIAA Separate Account VA-1   n   2008 Annual Report 27

MANAGEMENT (UNAUDITED) continued

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS  n  DECEMBER 31, 2008

Disinterested members—continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Member	Other Directorships Held by Members
Bridget A. Macaskill c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 8/5/48	Member	Indefinite term. Member since 2003.	Principal, BAM Consulting LLC (since 2003), Independent Consultant for Merrill Lynch (since 2003). Formerly, Chairman, Oppenheimer Funds, Inc. (2000-2001). Chief Executive Officer (1995-2001); President (1991-2000); and Chief Operating Officer (1989-1995) of that firm.	61	Director, Prudential plc, International Advisory Board, and British-American Business Council.
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 7/13/58	Member	Indefinite term. Member since 2006.	President and CEO, National Bureau of Economic Research (since 2008); Head (2006-2008) and Associate Head (1994-2000 and 2001–2006) Economics Department, Massachusetts Institute of Technology (MIT), Mitsui Professor of Economics, MIT (1996-present). Program Director, National Bureau of Economic Research (1990-2008).	61	The Jeffrey Company and Jeflion Company (unregistered investment companies); and National Bureau of Economic Research.

28 2008 Annual Report   n   TIAA Separate Account VA-1

Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Member	Indefinite term. Member since 2001.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, CEO and CIO, NCM Capital Management Group, Inc. (since 1991); and Chairman and CEO, NCM Capital Advisers Inc. (since 2003).	61	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust.
Laura T. Starks c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 2/17/50	Member	Indefinite term. Member since 2006.	Chairman, Department of Finance, the Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002-present), and Director, AIM Investment Center, McCombs School of Business, University of Texas at Austin (2000-present); Professor, University of Texas at Austin (1987-present); Fellow, Financial Management Association (2002-present). Associate Dean for Research (2001-2002), Associate Director of Research, the Center for International Business Education and Research, University of Texas at Austin (2002-2003) and Director of the Bureau of Business Research, University of Texas at Austin (2001-2002).	61	None

TIAA Separate Account VA-1   n   2008 Annual Report 29

MANAGEMENT (UNAUDITED) continued

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS  n  DECEMBER 31, 2008

Officers

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Mary (Maliz) E. Beams TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/29/56	Executive Vice President	One-year term. Executive Vice President since September 2007.	Executive Vice President of Client Services of TIAA and TIAA-CREF Funds, CREF, TIAA-CREF Life Funds and TIAA Separate Account VA-1 (collectively, the “TIAA-CREF Fund Complex”) (since August 2008); Executive Vice President of Individual Client Services of TIAA and the TIAA-CREF Fund Complex (2007-2008). President and Chief Executive Officer, TIAA-CREF Individual & Institutional Services, LLC (“Services”) (since July 2007); Senior Managing Director and Head of Wealth Management Group, TIAA (since 2004). Formerly Partner, Spyglass Investments (2002-2003); Partner and Managing Director, President of Global Business Development for the Mutual Fund Group and Head of International Mutual Fund and Offshore Business of Zurich Scudder Investments; and Head of U.S. Scudder Direct Retail Business and Chief Executive Officer of Scudder Brokerage (1997-2003).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB; 5/8/62	Vice President and Chief Compliance Officer	One-year term. Vice President and Chief Compliance Officer since February 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex, Vice President Senior Compliance Officer Asset Management Compliance of TIAA and Chief Compliance Officer of Teachers Advisors, Inc. (“Advisors”) and TIAA-CREF Investment Management, LLC (“TCIM”) (since 2008). Formerly, Managing Director/Director of Global Compliance, AIG Global Investment Group (2000-2008); Senior Vice President/Group Head, Regulatory Oversight Group, Scudder Kemper Investments, Inc. (1998-2000); Chief Compliance Officer/Vice President, Legal Department, Salomon Brothers Asset Management, Inc. (1997-1998); Assistant General Counsel/Director, Securities Law Compliance, the Prudential Insurance Company of America (1994-1997); and Enforcement Staff Attorney, U.S. Securities and Exchange Commission (1998-1994).

30 2008 Annual Report   n   TIAA Separate Account VA-1

Scott C. Evans TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/11/59	Executive Vice President	One-year term. Executive Vice President since 1997.	Principal Executive Officer and President of TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); Executive Vice President (since 1999) of TIAA, CREF and TIAA Separate Account VA-1 and Head of Asset Management (since 2006) of TIAA; Director of Teachers Personal Investors Services, Inc. (“TPIS”) (since 2006) and Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors, and Manager of Investment Management (since 2004). Executive Vice President and Head of Asset Management of the TIAA-CREF Mutual Funds (2006-2007). Formerly, Manager of TIAA Realty Capital Management, LLC (2004-2006), Chief Investment Officer of TIAA (2004-2006) and the TIAA-CREF Fund Complex (2003-2005).
Jonathan Feigelson TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/10/62	Senior Vice President and Acting General Counsel	One-year term. Senior Vice President and Acting General Counsel since October 2008.	Senior Vice President and Acting General Counsel of the TIAA-CREF Fund Complex (since 2008); Senior Vice President and Deputy General Counsel of TIAA (since August 2006). Formerly, Managing Director and General Counsel, ABN AMRO (2002-August 2006).
Roger W. Ferguson, Jr. TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/28/51	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA (since April 2008), and President and Chief Executive Officer of CREF and TIAA Separate Account VA-1 (since April 2008). Formerly, Chairman, Head of Financial Services and Member of the Executive Committee of Swiss Re America Holding Corporation (2006-2008); Vice Chairman and Member of the Board of Governors of the United States Federal Reserve System (1997-2006); Partner and Associate, McKinsey & Company (1984-1997).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Treasurer	One-year term. Treasurer since 2008.	Treasurer of CREF and TIAA Separate Account VA-1 (since August 2008); and Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007). Formerly Funds Treasurer (2006-2/2007) of TIAA-CREF Fund Complex; Chief Financial Officer, Van Kampen Funds (2005-2006); and Vice President and Chief Financial Officer, Enterprise Capital Management and the Enterprise Group of Funds (1995-2005).

TIAA Separate Account VA-1   n   2008 Annual Report 31

MANAGEMENT (UNAUDITED) concluded

TIAA SEPARATE ACCOUNT VA-1 MANAGEMENT COMMITTEE MEMBERS AND OFFICERS  n  DECEMBER 31, 2008

Officers—continued

Name, Address and Date of Birth (“DOB”)	Position(s) Held with Account	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
I. Steven Goldstein TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/24/52	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly, Director of TIAA-CREF Life (2003-2006); Advisor for McKinsey & Company (2003); Vice President, Corporate Communications for Dow Jones & Co. and The Wall Street Journal (2001-2002); and Senior Vice President and Chief Communications Officer for Insurance Information Institute (1993-2001).
Erwin W. Martens TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/18/56	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Risk Management, of TIAA and the TIAA-CREF Fund Complex (since 2003). Director of Advisors, TPIS, and Manager of Investment Management. Formerly, Managing Director and Chief Risk Officer, Putnam Investments (1999-2003); and Head and Deputy Head of Global Market Risk Management, Lehman Brothers (1997-1999).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/48	Vice President and Corporate Secretary	One-year term. Vice President and Corporate Secretary since May 2008.	Vice President and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex (since May 2008). Formerly, Deputy General Counsel and Corporate Secretary, Bank of America (2005-2008); and Deputy General Counsel, Secretary and Corporate Governance Officer, The Gillette Company (2000-2005).
Dermot J. O’Brien TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/13/66	Executive Vice President	One-year term. Executive Vice President since 2003.	Executive Vice President, Human Resources & Corporate Services of TIAA and the TIAA-CREF Fund Complex (since 2003). Formerly Director, TIAA-CREF Life (2003-2006); First Vice President and Head of Human Resources, International Private Client Division and Global Debt Markets, Merrill Lynch & Co. (1999-2003); and Vice President and Head of Human Resources, Japan Morgan Stanley (1998-1999).

32 2008 Annual Report   n   TIAA Separate Account VA-1

Georganne C. Proctor TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 10/25/56	Executive Vice President and Chief Financial Officer	One-year term. Executive Vice President and Chief Financial Officer since 2006.	Executive Vice President and Chief Financial Officer of TIAA, CREF and TIAA Separate Account VA-1 (since 2006). Manager and Executive Vice President of TCIM; and Director and Executive Vice President of Advisors. Formerly Executive Vice President and Chief Financial Officer of TIAA-CREF Life Funds, TIAA-CREF Mutual Funds and TIAA-CREF Institutional Mutual Funds (2006–2/2007); Executive Vice President, Finance, Golden West Financial Corporation (2003-2005) and Senior Vice President, Chief Financial Officer and Director, Bechtel Group, Inc. (1999-2002).
Cara L. Schnaper TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 2/13/54	Executive Vice President	One-year term. Executive Vice President since 2008.	Executive Vice President, Technology and Operations of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since February 2008). Formerly Principal, Market Resolve LLC (2006-February 2008); and Head, Middle Office, Investment Banking (2000-2002), Head Technology and Operations, Equities (1999-2000) and Chief Operating Officer Technology and Operations, Emerging Markets, Foreign Exchange and Commodities (1997-1999) JP Morgan Chase & Co.
Bertram L. Scott TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/26/51	Executive Vice President	One-year term. Executive Vice President since 2001.	Executive Vice President Institutional Development and Sales of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Strategy Implementation and Policy of TIAA and the TIAA-CREF Fund Complex (2006-2008); and Director and President of TIAA-CREF Enterprises, Inc. (since 2000). Formerly, Executive Vice President, Product Management of TIAA and TIAA-CREF Fund Complex (2000-2005); President and Chief Executive Officer, Horizon Mercy (1996-2000).
Edward D. Van Dolsen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 4/21/58	Executive Vice President	One-year term. Executive Vice President since January 2006.	Executive Vice President, Product Development and Management of TIAA and the TIAA-CREF Fund Complex (since 2008); Executive Vice President, Institutional Client Services (2006-2008); Director of Tuition Financing and Manager of Services (2006); President and CEO, TIAA-CREF Redwood LLC (2006). Formerly Senior Vice President, Pension Products (2003-2006), Vice President, Support Services (1998-2003), of TIAA and the TIAA-CREF Fund Complex.
Please note that the Account’s Statement of Additional Information (SAI) includes additional information about the Account’s members and is available, without charge, through our website, tiaa-cref.org, or by telephone at 800 223-1200.

TIAA Separate Account VA-1   n   2008 Annual Report 33

HOW TO REACH US

TIAA-CREF WEBSITE

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

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 6 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 of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. 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.

^©2009 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), New York, NY 10017-3206

Item 2. Code of Ethics.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

4(a) Audit Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $132,080 and $127,000, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, the Audit-Related Fees billed by PwC to Teachers Advisors, Inc. (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for tax services billed to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for all other services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2008 and December 31, 2007, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2008 and December 31, 2007 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

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

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

For the fiscal years ended December 31, 2008 and December 31, 2007, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $0 and $0, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2008

SHARES		COMPANY	VALUE (000)
COMMON STOCKS—99.74%
AGRICULTURAL PRODUCTION-CROPS—0.01%
2,584	*	Chiquita Brands International, Inc	$	38
		TOTAL AGRICULTURAL PRODUCTION-CROPS		38
AGRICULTURAL PRODUCTION-LIVESTOCK—0.01%
803		Cal-Maine Foods, Inc		23
23		Seaboard Corp		28
		TOTAL AGRICULTURAL PRODUCTION-LIVESTOCK		51
AGRICULTURAL SERVICES—0.00%**
727	*	Cadiz, Inc		9
		TOTAL AGRICULTURAL SERVICES		9
AMUSEMENT AND RECREATION SERVICES—0.52%
3,321	*	Bally Technologies, Inc		80
433		Churchill Downs, Inc		18
978		Dover Downs Gaming & Entertainment, Inc		3
1,772		International Speedway Corp (Class A)		51
1,967	*	Life Time Fitness, Inc		25
3,817	*	Live Nation, Inc		22
4,563	*	Penn National Gaming, Inc		98
3,407	*	Pinnacle Entertainment, Inc		26
4,554	*	Six Flags, Inc		1
1,000		Speedway Motorsports, Inc		16
2,163	*	Ticketmaster		14
1,000	*	Town Sports International Holdings, Inc		3
110,932		Walt Disney Co		2,517
2,602		Warner Music Group Corp		8
2,631	*	WMS Industries, Inc		71
1,461		World Wrestling Entertainment, Inc (Class A)		16
		TOTAL AMUSEMENT AND RECREATION SERVICES		2,969
APPAREL AND ACCESSORY STORES—0.47%
5,174		Abercrombie & Fitch Co (Class A)		119
3,747	*	Aeropostale, Inc		60
1,967	*	American Apparel, Inc		4
9,979		American Eagle Outfitters, Inc		94
3,358	*	AnnTaylor Stores Corp		19
1,533		Bebe Stores, Inc		11
2,844		Brown Shoe Co, Inc		24
1,123		Buckle, Inc		25
664	*	Cache, Inc		1
3,338	*	Carter’s, Inc		64
2,400	*	Casual Male Retail Group, Inc		1
2,074		Cato Corp (Class A)		31
1,406	*	Charlotte Russe Holding, Inc		9
6,864	*	Charming Shoppes, Inc		17
10,787	*	Chico’s FAS, Inc		45
1,410	*	Children’s Place Retail Stores, Inc		31
2,493		Christopher & Banks Corp		14
836	*	Citi Trends, Inc		12
3,907	*	Collective Brands, Inc		46
3,000	*	Dress Barn, Inc		32
1,051	*	DSW, Inc (Class A)		13
931		Finish Line, Inc (Class A)		5
9,500		Foot Locker, Inc		70
27,548		Gap, Inc		369

1

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,429	*	Hanesbrands, Inc	$	69
2,222	*	HOT Topic, Inc		21
2,305	*	J Crew Group, Inc		28
1,141	*	JOS A Bank Clothiers, Inc		30
17,992	*	Kohl’s Corp		651
17,043		Limited Brands, Inc		171
888	*	New York & Co, Inc		2
10,895		Nordstrom, Inc		145
4,283	*	Pacific Sunwear Of California, Inc		7
7,985		Ross Stores, Inc		237
517	*	Shoe Carnival, Inc		5
2,847		Stage Stores, Inc		24
1,200		Talbots, Inc		3
1,080	*	Tween Brands, Inc		5
1,963	*	Under Armour, Inc (Class A)		47
6,538	*	Urban Outfitters, Inc		98
4,270	*	Wet Seal, Inc (Class A)		13
		TOTAL APPAREL AND ACCESSORY STORES		2,672
APPAREL AND OTHER TEXTILE PRODUCTS—0.14%
762		Columbia Sportswear Co		27
811	*	G-III Apparel Group Ltd		5
3,607		Guess ?, Inc		55
1,699	*	Gymboree Corp		44
5,065		Jones Apparel Group, Inc		30
5,941		Liz Claiborne, Inc		16
800	*	Lululemon Athletica, Inc		7
1,392	*	Maidenform Brands, Inc		14
3,068		Phillips-Van Heusen Corp		62
3,355		Polo Ralph Lauren Corp (Class A)		152
7,612	*	Quiksilver, Inc		14
836	*	True Religion Apparel, Inc		10
5,221		VF Corp		286
2,259	*	Warnaco Group, Inc		44
		TOTAL APPAREL AND OTHER TEXTILE PRODUCTS		766
AUTO REPAIR, SERVICES AND PARKING—0.06%
646	*	Amerco, Inc		22
1,436	*	Dollar Thrifty Automotive Group, Inc		2
18,898	*	Hertz Global Holdings, Inc		96
1,073	*	Midas, Inc		11
873		Monro Muffler, Inc		22
3,349		Ryder System, Inc		130
672	*	Standard Parking Corp		13
2,627	*	Wright Express Corp		33
		TOTAL AUTO REPAIR, SERVICES AND PARKING		329
AUTOMOTIVE DEALERS AND SERVICE STATIONS—0.19%
5,814		Advance Auto Parts		196
580	*	America’s Car-Mart, Inc		8
1,889		Asbury Automotive Group, Inc		9
6,910	*	Autonation, Inc		68
2,161	*	Autozone, Inc		301
13,246	*	Carmax, Inc		104
3,576	*	Copart, Inc		97
1,048	*	MarineMax, Inc		4
8,126	*	O’Reilly Automotive, Inc		250
2,440		Penske Auto Group, Inc		19

2

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,119	*	Rush Enterprises, Inc (Class A)	$	18
1,793		Sonic Automotive, Inc (Class A)		7
		TOTAL AUTOMOTIVE DEALERS AND SERVICE STATIONS		1,081
BUILDING MATERIALS AND GARDEN SUPPLIES—0.77%
967	*	Builders FirstSource, Inc		2
7,745		Fastenal Co		270
98,878		Home Depot, Inc		2,276
85,187		Lowe’s Cos, Inc		1,833
		TOTAL BUILDING MATERIALS AND GARDEN SUPPLIES		4,381
BUSINESS SERVICES—6.68%
25,632	*	3Com Corp		58
813	*	3D Systems Corp		6
2,635		Aaron Rents, Inc		70
2,600		ABM Industries, Inc		50
873	*	ACI Worldwide, Inc		14
35,506	*	Activision Blizzard, Inc		307
3,677	*	Actuate Corp		11
3,887		Acxiom Corp		32
1,377		Administaff, Inc		30
31,344	*	Adobe Systems, Inc		667
828	*	Advent Software, Inc		17
5,378	*	Affiliated Computer Services, Inc (Class A)		247
2,801		Aircastle Ltd		13
9,967	*	Akamai Technologies, Inc		150
4,010	*	Alliance Data Systems Corp		187
11,673	*	Amdocs Ltd		213
2,166	*	American Reprographics Co		15
2,116	*	AMN Healthcare Services, Inc		18
5,100	*	Ansys, Inc		142
1,600		Arbitron, Inc		21
5,091	*	Ariba, Inc		37
7,187	*	Art Technology Group, Inc		14
1,058	*	Asset Acceptance Capital Corp		5
1,233	*	athenahealth, Inc		46
13,372	*	Autodesk, Inc		263
30,321		Automatic Data Processing, Inc		1,193
6,370	*	Avis Budget Group, Inc		4
2,932	*	Avocent Corp		53
631	*	Bankrate, Inc		24
1,565		BGC Partners, Inc (Class A)		4
2,836		Blackbaud, Inc		38
1,799	*	Blackboard, Inc		47
1,746	*	Blue Coat Systems, Inc		15
11,440	*	BMC Software, Inc		308
862	*	Bottomline Technologies, Inc		6
3,603	*	BPZ Energy, Inc		23
3,069		Brady Corp (Class A)		74
2,433		Brink’s Co		65
2,433	*	Brink’s Home Security Holdings, Inc		53
23,248		CA, Inc		431
1,901	*	CACI International, Inc (Class A)		86
14,981	*	Cadence Design Systems, Inc		55
1,751	*	Callidus Software, Inc		5
849	*	Capella Education Co		50
1,800	*	Cavium Networks, Inc		19
3,710	*	CBIZ, Inc		32
4,020	*	Cerner Corp		155
2,005	*	Chordiant Software, Inc		5
3,700	*	Ciber, Inc		18
10,454	*	Citrix Systems, Inc		246

3

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,400	*	Clear Channel Outdoor Holdings, Inc (Class A)	$	15
620	*	Clinical Data, Inc		6
3,055	*	Cogent Communications Group, Inc		20
2,800	*	Cogent, Inc		38
2,776		Cognex Corp		41
17,286	*	Cognizant Technology Solutions Corp (Class A)		312
2,159	*	Commvault Systems, Inc		29
840		Compass Diversified Trust		9
869	*	Compellent Technologies, Inc		8
602		Computer Programs & Systems, Inc		16
8,338	*	Computer Sciences Corp		293
15,643	*	Compuware Corp		106
839	*	COMSYS IT Partners, Inc		2
2,581	*	Concur Technologies, Inc		85
1,230	*	Constant Contact, Inc		16
7,100	*	Convergys Corp		46
1,115	*	CoStar Group, Inc		37
1,476	*	CSG Systems International, Inc		26
3,935	*	Cybersource Corp		47
1,981	*	Data Domain, Inc		37
2,053	*	DealerTrack Holdings, Inc		24
3,468		Deluxe Corp		52
2,231	*	Digital River, Inc		55
1,448	*	DivX, Inc		8
348	*	DMRC Corp		3
1,061	*	Double-Take Software, Inc		10
2,599	*	DST Systems, Inc		99
1,500	*	DynCorp International, Inc (Class A)		23
6,551	*	Earthlink, Inc		44
63,814	*	eBay, Inc		891
375	*	Ebix, Inc		9
1,837	*	Echelon Corp		15
2,891	*	Eclipsys Corp		41
1,000		Electro Rent Corp		11
18,161	*	Electronic Arts, Inc		291
3,700	*	Electronics for Imaging, Inc		35
3,754	*	Entrust, Inc		6
3,541	*	Epicor Software Corp		17
2,131	*	EPIQ Systems, Inc		36
7,089		Equifax, Inc		188
4,575	*	Evergreen Energy, Inc		1
1,397	*	ExlService Holdings, Inc		12
12,409	*	Expedia, Inc		102
4,994	*	F5 Networks, Inc		114
2,616		Factset Research Systems, Inc		116
2,596		Fair Isaac Corp		44
2,479	*	FalconStor Software, Inc		7
11,743		Fidelity National Information Services, Inc		191
200	*	First Advantage Corp (Class A)		3
9,396	*	Fiserv, Inc		342
983	*	Forrester Research, Inc		28
3,832	*	Gartner, Inc		68
1,444	*	Gerber Scientific, Inc		7
1,647		Gevity HR, Inc		2
2,712	*	Global Cash Access, Inc		6
976	*	Global Sources Ltd		5
13,873	*	Google, Inc (Class A)		4,268
1,107	*	H&E Equipment Services, Inc		9
2,506	*	Hackett Group, Inc		7
2,249		Healthcare Services Group		36
1,469		Heartland Payment Systems, Inc		26
1,329		Heidrick & Struggles International, Inc		29

4

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,757	*	HLTH Corp	$	60
1,272	*	HMS Holdings Corp		40
1,384	*	Hudson Highland Group, Inc		5
3,542	*	Hypercom Corp		4
947	*	i2 Technologies, Inc		6
448	*	ICT Group, Inc		2
1,449	*	iGate Corp		9
2,587	*	IHS, Inc (Class A)		97
11,068		IMS Health, Inc		168
1,967		infoGROUP, Inc		9
4,859	*	Informatica Corp		67
2,218		Infospace, Inc		17
1,446	*	Innerworkings, Inc		9
1,116	*	Integral Systems, Inc		13
2,217		Interactive Data Corp		55
803	*	Interactive Intelligence, Inc		5
3,256	*	Internap Network Services Corp		8
1,292	*	Internet Brands, Inc (Class A)		8
2,646	*	Internet Capital Group, Inc		14
27,952	*	Interpublic Group of Cos, Inc		111
1,584	*	Interwoven, Inc		20
18,400	*	Intuit, Inc		438
1,814	*	inVentiv Health, Inc		21
9,956	*	Iron Mountain, Inc		246
4,326		Jack Henry & Associates, Inc		84
1,953	*	JDA Software Group, Inc		26
30,025	*	Juniper Networks, Inc		526
1,200		Kelly Services, Inc (Class A)		16
1,544	*	Kenexa Corp		12
941	*	Keynote Systems, Inc		7
1,774	*	Kforce, Inc		14
1,667	*	Knot, Inc		14
2,700	*	Korn/Ferry International		31
4,598	*	Lamar Advertising Co (Class A)		58
7,959	*	Lawson Software, Inc		38
2,000	*	Limelight Networks, Inc		5
511	*	Liquidity Services, Inc		4
2,311	*	Magma Design Automation, Inc		2
2,098	*	Manhattan Associates, Inc		33
4,774		Manpower, Inc		162
1,171	*	Mantech International Corp (Class A)		63
1,311		Marchex, Inc (Class B)		8
4,176		Mastercard, Inc (Class A)		597
8,855	*	McAfee, Inc		306
5,422	*	Mentor Graphics Corp		28
466,874		Microsoft Corp		9,076
648	*	MicroStrategy, Inc (Class A)		24
2,315	*	Midway Games, Inc		—	^
3,243	*	MODUSLINK GLOBAL SOLUTIONS, Inc		9
866	*	Monotype Imaging Holdings, Inc		5
7,154	*	Monster Worldwide, Inc		86
4,760	*	Move, Inc		8
6,206	*	MPS Group, Inc		47
2,666	*	MSC.Software Corp		18
390	*	NCI, Inc (Class A)		12
10,035	*	NCR Corp		142
2,111	*	Ness Technologies, Inc		9
2,427	*	NetFlix, Inc		73
1,792	*	Netscout Systems, Inc		15

5

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
423	*	NetSuite, Inc	$	4
1,732		NIC, Inc		8
21,820	*	Novell, Inc		85
10,313	*	Nuance Communications, Inc		107
18,372		Omnicom Group, Inc		495
3,715	*	Omniture, Inc		40
1,673	*	On Assignment, Inc		9
1,415	*	Online Resources Corp		7
5,712	*	OpenTV Corp (Class A)		7
226,894	*	Oracle Corp		4,023
7,173	*	Parametric Technology Corp		91
1,245		PC-Tel, Inc		8
438		Pegasystems, Inc		5
1,789	*	Perficient, Inc		9
5,518	*	Perot Systems Corp (Class A)		75
2,169	*	Phase Forward, Inc		27
1,611	*	Phoenix Technologies Ltd		6
1,058	*	Portfolio Recovery Associates, Inc		36
3,120	*	Premiere Global Services, Inc		27
2,510	*	Progress Software Corp		48
774	*	PROS Holdings, Inc		4
1,000		QAD, Inc		4
684		Quality Systems, Inc		30
4,302	*	Quest Software, Inc		54
1,505	*	Radiant Systems, Inc		5
1,200	*	Radisys Corp		7
1,891	*	Raser Technologies, Inc		7
6,472	*	RealNetworks, Inc		23
11,630	*	Red Hat, Inc		154
781		Renaissance Learning, Inc		7
3,920	*	Rent-A-Center, Inc		69
1,679	*	RightNow Technologies, Inc		13
1,200	*	Riskmetrics Group Inc		18
8,549		Robert Half International, Inc		178
2,146		Rollins, Inc		39
2,525	*	RSC Holdings, Inc		22
4,489	*	S1 Corp		35
6,297	*	Salesforce.com, Inc		202
5,900	*	Sapient Corp		26
1,301	*	Smith Micro Software, Inc		7
1,699	*	Sohu.com, Inc		80
4,123	*	SonicWALL, Inc		16
14,052	*	Sonus Networks, Inc		22
3,912		Sotheby’s (Class A)		35
1,235	*	Sourcefire, Inc		7
4,207	*	Spherion Corp		9
1,239	*	SPSS, Inc		33
2,484	*	SRA International, Inc (Class A)		43
1,404	*	Stratasys, Inc		15
1,342	*	SuccessFactors, Inc		8
44,008	*	Sun Microsystems, Inc		168
2,697	*	SupportSoft, Inc		6
4,737	*	Sybase, Inc		117
1,700	*	SYKES Enterprises, Inc		33
48,983	*	Symantec Corp		662
1,133	*	Synchronoss Technologies, Inc		12
797	*	SYNNEX Corp		9
7,658	*	Synopsys, Inc		142
784		Syntel, Inc		18

6

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
4,650		Take-Two Interactive Software, Inc	$	35
1,034		TAL International Group, Inc		15
1,368	*	Taleo Corp (Class A)		11
798	*	TechTarget, Inc		3
2,576	*	TeleTech Holdings, Inc		22
590		Textainer Group Holdings Ltd		6
1,161		TheStreet.com, Inc		3
4,249	*	THQ, Inc		18
11,332	*	TIBCO Software, Inc		59
1,534	*	TNS, Inc		14
9,771		Total System Services, Inc		137
1,168	*	TradeStation Group, Inc		8
3,096	*	TrueBlue, Inc		30
1,541	*	Ultimate Software Group, Inc		22
571	*	Unica Corp		3
22,840	*	Unisys Corp		19
4,078		United Online, Inc		25
3,113	*	United Rentals, Inc		28
3,676	*	Valueclick, Inc		25
1,577	*	Vasco Data Security International		16
11,559	*	VeriSign, Inc		221
1,519		Viad Corp		38
1,694	*	Vignette Corp		16
26,292		Visa, Inc (Class A)		1,379
2,400	*	VMware, Inc (Class A)		57
792	*	Vocus, Inc		14
858	*	Volt Information Sciences, Inc		6
449	*	WebMD Health Corp (Class A)		11
2,958	*	Websense, Inc		44
1,627	*	Website Pros, Inc		6
4,910	*	Wind River Systems, Inc		44
80,894	*	Yahoo!, Inc		987
		TOTAL BUSINESS SERVICES		37,880
CHEMICALS AND ALLIED PRODUCTS—13.40%
89,963		Abbott Laboratories		4,801
357	*	Abraxis Bioscience, Inc		24
1,887	*	Acadia Pharmaceuticals, Inc		2
1,953	*	Acorda Therapeutics, Inc		40
2,757	*	Adolor Corp		5
12,207		Air Products & Chemicals, Inc		614
1,600	*	Albany Molecular Research, Inc		16
5,462		Albemarle Corp		122
5,024		Alberto-Culver Co		123
4,608	*	Alexion Pharmaceuticals, Inc		167
1,212	*	Alexza Pharmaceuticals, Inc		4
5,676	*	Alkermes, Inc		60
2,616	*	Allos Therapeutics, Inc		16
2,039	*	Alnylam Pharmaceuticals, Inc		50
876	*	AMAG Pharmaceuticals, Inc		31
3,695	*	American Oriental Bioengineering, Inc		25
928		American Vanguard Corp		11
63,467	*	Amgen, Inc		3,665
1,500		Arch Chemicals, Inc		39
3,078	*	Arena Pharmaceuticals, Inc		13
2,036	*	Arqule, Inc		9
3,660	*	Array Biopharma, Inc		15
2,455	*	Auxilium Pharmaceuticals, Inc		70
2,400	*	Aventine Renewable Energy Holdings, Inc		2
5,794		Avery Dennison Corp		190

7

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
24,934		Avon Products, Inc	$	599
1,170		Balchem Corp		29
657	*	Biodel, Inc		3
17,038	*	Biogen Idec, Inc		812
5,913	*	BioMarin Pharmaceuticals, Inc		105
657	*	BioMimetic Therapeutics, Inc		6
114,985		Bristol-Myers Squibb Co		2,673
3,844		Cabot Corp		59
1,015	*	Cadence Pharmaceuticals, Inc		7
2,400	*	Calgon Carbon Corp		37
1,815	*	Cambrex Corp		8
631	*	Caraco Pharmaceutical Laboratories Ltd		4
8,871		Celanese Corp (Series A)		110
3,105	*	Cell Genesys, Inc		—	^
919	*	Celldex Therapeutics, Inc		7
4,049	*	Cephalon, Inc		312
3,374		CF Industries Holdings, Inc		166
4,127	*	Charles River Laboratories International, Inc		108
863	*	Chattem, Inc		62
15,194		Chemtura Corp		21
3,895		Church & Dwight Co, Inc		219
7,977		Clorox Co		443
29,590		Colgate-Palmolive Co		2,028
2,917	*	Columbia Laboratories, Inc		4
898	*	Cougar Biotechnology, Inc		23
3,622	*	Cubist Pharmaceuticals, Inc		88
2,618	*	Cypress Bioscience, Inc		18
2,828		Cytec Industries, Inc		60
1,702	*	Cytokinetics, Inc		5
4,015	*	Dendreon Corp		18
5,095	*	Discovery Laboratories, Inc		6
54,585		Dow Chemical Co		824
52,410		Du Pont (E.I.) de Nemours & Co		1,326
3,494	*	Durect Corp		12
4,567		Eastman Chemical Co		145
10,437		Ecolab, Inc		367
58,195		Eli Lilly & Co		2,344
1,704	*	Elizabeth Arden, Inc		21
3,094	*	Enzon Pharmaceuticals, Inc		18
5,859		Estee Lauder Cos (Class A)		181
1,469	*	Facet Biotech Corp		14
2,913		Ferro Corp		21
4,477		FMC Corp		200
17,334	*	Forest Laboratories, Inc		441
27,002	*	Genentech, Inc		2,239
15,701	*	Genzyme Corp		1,042
4,250	*	Geron Corp		20
53,560	*	Gilead Sciences, Inc		2,739
818	*	GTx, Inc		14
3,359		H.B. Fuller Co		54
3,942	*	Halozyme Therapeutics, Inc		22
9,624	*	Hospira, Inc		258
8,974	*	Human Genome Sciences, Inc		19
8,858		Huntsman Corp		30
1,708	*	ICO, Inc		5
861	*	Idenix Pharmaceuticals, Inc		5
1,248	*	Idera Pharmaceuticals, Inc		10
3,710	*	Idexx Laboratories, Inc		134
4,347	*	Immucor, Inc		116

8

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
3,006	*	Indevus Pharmaceuticals, Inc	$	9
80		Innophos Holdings, Inc		2
1,460		Innospec, Inc		9
2,484	*	Inspire Pharmaceuticals, Inc		9
353		Inter Parfums, Inc		3
1,694	*	InterMune, Inc		18
4,870		International Flavors & Fragrances, Inc		145
4,647	*	Inverness Medical Innovations, Inc		88
10,038	*	Invitrogen Corp		234
2,531	*	Javelin Pharmaceuticals, Inc		3
163,964		Johnson & Johnson		9,810
922		Kaiser Aluminum Corp		21
14,912	*	King Pharmaceuticals, Inc		158
1,077		Koppers Holdings, Inc		23
2,481	*	KV Pharmaceutical Co (Class A)		7
1,289	*	Landec Corp		8
5,552	*	Ligand Pharmaceuticals, Inc (Class B)		15
4,080		Lubrizol Corp		148
987		Mannatech, Inc		2
2,536	*	MannKind Corp		9
2,109		Martek Biosciences Corp		64
7,861	*	Medarex, Inc		44
3,315	*	Medicines Co		49
3,427		Medicis Pharmaceutical Corp (Class A)		48
1,298	*	Medivation, Inc		19
125,062		Merck & Co, Inc		3,802
2,420		Meridian Bioscience, Inc		62
1,175		Minerals Technologies, Inc		48
1,402	*	Momenta Pharmaceuticals, Inc		16
31,945		Monsanto Co		2,247
8,696		Mosaic Co		301
18,544	*	Mylan Laboratories, Inc		183
4,000	*	Nabi Biopharmaceuticals		13
8,177		Nalco Holding Co		94
3,373	*	NBTY, Inc		53
2,526	*	Neurocrine Biosciences, Inc		8
715		NewMarket Corp		25
964		NL Industries, Inc		13
1,495	*	Noven Pharmaceuticals, Inc		16
2,860	*	NPS Pharmaceuticals, Inc		18
1,070	*	Obagi Medical Products, Inc		8
4,620		Olin Corp		84
1,900	*	OM Group, Inc		40
3,536	*	Onyx Pharmaceuticals, Inc		121
1,463	*	Optimer Pharmaceuticals, Inc		18
2,901	*	OraSure Technologies, Inc		11
1,180	*	Orexigen Therapeutics, Inc		7
3,527	*	OSI Pharmaceuticals, Inc		138
807	*	Osiris Therapeutics, Inc		15
2,164	*	Pacific Ethanol, Inc		—	^
1,792	*	Pain Therapeutics, Inc		11
2,340	*	Par Pharmaceutical Cos, Inc		31
3,406	*	Parexel International Corp		33
7,345		PDL BioPharma, Inc		45
4,725		Perrigo Co		153
1,182	*	PetMed Express, Inc		21
394,411		Pfizer, Inc		6,985
927	*	Pharmasset, Inc		12
1,726	*	PharMerica Corp		27

9

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
6,365	*	PolyOne Corp	$	20
1,425	*	Pozen, Inc		7
9,640		PPG Industries, Inc		409
18,336		Praxair, Inc		1,088
1,891	*	Prestige Brands Holdings, Inc		20
175,773		Procter & Gamble Co		10,866
1,419	*	Progenics Pharmaceuticals, Inc		15
92	*	Protalix BioTherapeutics, Inc		—	^
3,271	*	Questcor Pharmaceuticals, Inc		30
1,976	*	Quidel Corp		26
2,483	*	Rockwood Holdings, Inc		27
7,724		Rohm & Haas Co		477
7,403		RPM International, Inc		98
2,502	*	Salix Pharmaceuticals Ltd		22
94,014		Schering-Plough Corp		1,601
2,698		Scotts Miracle-Gro Co (Class A)		80
3,076		Sensient Technologies Corp		73
6,507	*	Sepracor, Inc		71
5,623		Sherwin-Williams Co		336
7,711		Sigma-Aldrich Corp		326
3,618	*	Solutia, Inc		16
500		Stepan Co		24
900	*	SurModics, Inc		23
3,072	*	Theravance, Inc		38
1,181	*	Ulta Salon Cosmetics & Fragrance, Inc		10
1,278	*	United Therapeutics Corp		80
594	*	USANA Health Sciences, Inc		20
5,342	*	USEC, Inc		24
4,449	*	Valeant Pharmaceuticals International		102
6,017		Valspar Corp		109
8,420	*	Vertex Pharmaceuticals, Inc		256
4,346	*	Viropharma, Inc		57
5,559	*	Warner Chilcott Ltd (Class A)		81
6,278	*	Watson Pharmaceuticals, Inc		167
893		Westlake Chemical Corp		15
4,332	*	WR Grace & Co		26
77,696		Wyeth		2,914
1,312	*	Xenoport, Inc		33
8,116	*	XOMA Ltd		5
2,399	*	Zymogenetics, Inc		7
		TOTAL CHEMICALS AND ALLIED PRODUCTS		75,978
COAL MINING—0.18%
4,205	*	Alpha Natural Resources, Inc		68
8,714		Arch Coal, Inc		142
10,952		Consol Energy, Inc		313
7,316	*	International Coal Group, Inc		17
1,514	*	James River Coal Co		23
4,822		Massey Energy Co		67
1,543	*	National Coal Corp		2
15,652		Peabody Energy Corp		356
570	*	Westmoreland Coal Co		6
		TOTAL COAL MINING		994
COMMUNICATIONS—4.62%
3,501		Adtran, Inc		52
2,743		Alaska Communications Systems Group, Inc		26
23,161	*	American Tower Corp (Class A)		679
1,495	*	Anixter International, Inc		45

10

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
3,054	*	Aruba Networks, Inc	$	8
345,522		AT&T, Inc		9,847
356		Atlantic Tele-Network, Inc		9
1,206	*	Audiovox Corp (Class A)		6
2,522	*	Brightpoint, Inc		11
13,439		Cablevision Systems Corp (Class A)		226
1,055	*	Cbeyond Communications, Inc		17
34,987		CBS Corp (Class B)		287
4,028	*	Centennial Communications Corp		32
2,093	*	Central European Media Enterprises Ltd (Class A)		45
6,105		CenturyTel, Inc		167
25,044	*	Charter Communications, Inc (Class A)		2
16,520	*	Cincinnati Bell, Inc		32
12,479	*	Citadel Broadcasting Corp		2
4,026	*	Clearwire Corp (Class A)		20
163,309		Comcast Corp (Class A)		2,757
1,571		Consolidated Communications Holdings, Inc		19
2,186	*	Cox Radio, Inc (Class A)		13
16,909	*	Crown Castle International Corp		297
1,802	*	Crown Media Holdings, Inc (Class A)		5
3,172	*	CTC Media, Inc		15
2,624	*	Cumulus Media, Inc (Class A)		7
813	*	DG FastChannel, Inc		10
31,874	*	DIRECTV Group, Inc		730
12,220	*	DISH Network Corp (Class A)		136
8,638		Embarq Corp		311
2,180		Entercom Communications Corp (Class A)		3
5,154	*	Entravision Communications Corp (Class A)		8
2,035	*	Equinix, Inc		108
5,145		Fairpoint Communications, Inc		17
8,501	*	FiberTower Corp		1
354		Fisher Communications, Inc		7
19,434		Frontier Communications Corp		170
3,022	*	General Communication, Inc (Class A)		24
1,077	*	GeoEye, Inc		21
2,246	*	Global Crossing Ltd		18
4,370		Global Payments, Inc		143
1,202	*	Globalstar, Inc		—	^
3,118		Gray Television, Inc		1
1,520		Hearst-Argyle Television, Inc		9
396	*	Hughes Communications, Inc		6
5,409	*	IAC/InterActiveCorp		85
2,017		Ibasis, Inc		3
6,383	*	ICO Global Communications Holdings Ltd (Class A)		7
3,749	*	IDT Corp (Class B)		2
1,874		Iowa Telecommunications Services, Inc		27
1,069	*	iPCS, Inc		7
1,719	*	j2 Global Communications, Inc		34
1,587	*	Knology, Inc		8
3,092	*	Leap Wireless International, Inc		83
93,633	*	Level 3 Communications, Inc		66
16,897	*	Liberty Global, Inc (Class A)		269
5,791	*	Liberty Media Corp—Capital (Series A)		27
29,764	*	Liberty Media Corp—Entertainment (Series A)		520
35,566	*	Liberty Media Holding Corp (Interactive A)		111
1,798	*	Lin TV Corp (Class A)		2
2,626	*	Mastec, Inc		31
283	*	Mediacom Communications Corp (Class A)		1
14,563	*	MetroPCS Communications, Inc		216
4,651	*	NeuStar, Inc (Class A)		89
994	*	Neutral Tandem, Inc		16

11

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,681	*	Nextwave Wireless, Inc	$	—	^
9,996	*	NII Holdings, Inc (Class B)		182
1,922	*	Novatel Wireless, Inc		9
1,715		NTELOS Holdings Corp		42
1,632	*	Orbcomm, Inc		4
7,414	*	PAETEC Holding Corp		11
83,584		Qwest Communications International, Inc		304
1,881	*	RCN Corp		11
1,756	*	SAVVIS, Inc		12
6,304	*	SBA Communications Corp (Class A)		103
5,407		Scripps Networks Interactive (Class A)		119
1,404		Shenandoah Telecom Co		39
3,111		Sinclair Broadcast Group, Inc (Class A)		10
163,304	*	Sprint Nextel Corp		299
766	*	Switch & Data Facilities Co, Inc		6
3,081	*	Syniverse Holdings, Inc		37
1,946	*	TeleCommunication Systems, Inc (Class A)		17
6,282		Telephone & Data Systems, Inc		200
1,962	*	Terremark Worldwide, Inc		8
3,440	*	TerreStar Corp		1
9,282	*	Time Warner Cable, Inc (Class A)		199
4,990	*	TiVo, Inc		36
1,032	*	US Cellular Corp		45
1,642		USA Mobility, Inc		19
166,113		Verizon Communications, Inc		5,631
32,454	*	Viacom, Inc (Class B)		619
1,500	*	Virgin Mobile USA, Inc (Class A)		1
1,993	*	Vonage Holdings Corp		1
26,797		Windstream Corp		247
		TOTAL COMMUNICATIONS		26,165
DEPOSITORY INSTITUTIONS—6.90%
1,117		1st Source Corp		26
732		Abington Bancorp, Inc		7
1,749		Amcore Financial, Inc		6
853		Ameris Bancorp		10
387		Ames National Corp		10
1,536		Anchor Bancorp Wisconsin, Inc		4
528		Arrow Financial Corp		13
7,795		Associated Banc-Corp		163
3,717		Astoria Financial Corp		61
520		Bancfirst Corp		28
1,517		Banco Latinoamericano de Exportaciones S.A. (Class E)		22
5,040		Bancorpsouth, Inc		118
1,017		BancTrust Financial Group, Inc		15
2,688		Bank Mutual Corp		31
292,536		Bank of America Corp		4,119
2,893		Bank of Hawaii Corp		131
67,180		Bank of New York Mellon Corp		1,903
638		Bank of the Ozarks, Inc		19
1,599		BankFinancial Corp		16
777		Banner Corp		7
31,899		BB&T Corp		876
1,950	*	Beneficial Mutual Bancorp, Inc		22
550		Berkshire Hills Bancorp, Inc		17
1,341		BOK Financial Corp		54
2,260		Boston Private Financial Holdings, Inc		15
3,927		Brookline Bancorp, Inc		42
397		Bryn Mawr Bank Corp		8
460		Camden National Corp		12
831		Capital City Bank Group, Inc		23

12

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
828		Capitol Bancorp Ltd	$	6
1,324		Capitol Federal Financial		60
1,503		Cardinal Financial Corp		9
1,800		Cascade Bancorp		12
398		Cass Information Systems, Inc		12
2,416		Cathay General Bancorp		57
1,887		Central Pacific Financial Corp		19
1,722		Chemical Financial Corp		48
317,253		Citigroup, Inc		2,129
533		Citizens & Northern Corp		11
4,633		Citizens Republic Bancorp, Inc		14
825		City Bank		4
1,123		City Holding Co		39
2,097		City National Corp		102
875		Clifton Savings Bancorp, Inc		10
675		CoBiz, Inc		7
10,387		Colonial Bancgroup, Inc		22
1,059		Columbia Banking System, Inc		13
8,948		Comerica, Inc		178
3,703		Commerce Bancshares, Inc		163
2,024		Community Bank System, Inc		49
1,003		Community Trust Bancorp, Inc		37
2,340		Corus Bankshares, Inc		3
3,071		Cullen/Frost Bankers, Inc		156
4,428		CVB Financial Corp		53
1,609		Dime Community Bancshares		21
983	*	Dollar Financial Corp		10
3,926		East West Bancorp, Inc		63
512		Enterprise Financial Services Corp		8
1,035		ESSA Bancorp, Inc		15
2,804	*	Euronet Worldwide, Inc		33
377		Farmers Capital Bank Corp		9
28,264		Fifth Third Bancorp		233
664		Financial Institutions, Inc		10
720		First Bancorp		13
4,676		First Bancorp		52
1,530		First Busey Corp		28
341		First Citizens Bancshares, Inc (Class A)		52
4,700		First Commonwealth Financial Corp		58
680		First Community Bancshares, Inc		24
2,359		First Financial Bancorp		29
1,332		First Financial Bankshares, Inc		74
903		First Financial Corp		37
600		First Financial Holdings, Inc		12
1,374		First Financial Northwest, Inc		13
10,416		First Horizon National Corp		110
1,238		First Merchants Corp		27
2,914		First Midwest Bancorp, Inc		58
6,905		First Niagara Financial Group, Inc		112
987		First Place Financial Corp		4
504		First South Bancorp, Inc		6
377	*	FirstFed Financial Corp		—	^
5,102		FirstMerit Corp		105
1,967	*	Flagstar Bancorp, Inc		1
1,105		Flushing Financial Corp		13
5,502		FNB Corp		73
2,394		Frontier Financial Corp		10
11,161		Fulton Financial Corp		107
3,468		Glacier Bancorp, Inc		66
441		Greene County Bancshares, Inc		6
3,800	*	Guaranty Bancorp		8
1,711		Hancock Holding Co		78
2,620		Hanmi Financial Corp		5

13

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,911		Harleysville National Corp	$	28
928		Heartland Financial USA, Inc		19
803		Heritage Commerce Corp		9
765		Home Bancshares, Inc		21
29,970		Hudson City Bancorp, Inc		478
22,354		Huntington Bancshares, Inc		171
632		IBERIABANK Corp		30
938		Independent Bank Corp		25
1,040		Integra Bank Corp		1
3,295		International Bancshares Corp		72
2,034	*	Investors Bancorp, Inc		27
215,365		JPMorgan Chase & Co		6,790
1,441		Kearny Financial Corp		18
27,400		Keycorp		233
1,025		Lakeland Bancorp, Inc		12
734		Lakeland Financial Corp		17
3,932		M&T Bank Corp		226
731		MainSource Financial Group, Inc		11
15,732		Marshall & Ilsley Corp		215
2,236		MB Financial, Inc		62
5,244	*	Metavante Technologies, Inc		84
1,081		Midwest Banc Holdings, Inc		2
1,144		Nara Bancorp, Inc		11
206		NASB Financial, Inc		6
121,962		National City Corp		221
4,881		National Penn Bancshares, Inc		71
2,152		NBT Bancorp, Inc		60
2,399	*	Net 1 UEPS Technologies, Inc		33
19,260		New York Community Bancorp, Inc		230
6,972		NewAlliance Bancshares, Inc		92
12,719		Northern Trust Corp		663
1,192		Northfield Bancorp, Inc		13
1,341		Northwest Bancorp, Inc		29
508		OceanFirst Financial Corp		8
3,801		Old National Bancorp		69
799		Old Second Bancorp, Inc		9
1,295		Oriental Financial Group, Inc		8
713	*	Oritani Financial Corp		12
2,744		Pacific Capital Bancorp		46
611		Pacific Continental Corp		9
1,486		PacWest Bancorp		40
688		Park National Corp		50
499		Peapack Gladstone Financial Corp		13
595		Peoples Bancorp, Inc		11
19,823		People’s United Financial, Inc		353
986	*	Pinnacle Financial Partners, Inc		29
20,300		PNC Financial Services Group, Inc		995
14,056		Popular, Inc		73
1,141		PrivateBancorp, Inc		37
2,230		Prosperity Bancshares, Inc		66
2,140		Provident Bankshares Corp		21
4,058		Provident Financial Services, Inc		62
2,753		Provident New York Bancorp		34
39,918		Regions Financial Corp		318
769		Renasant Corp		13
612		Republic Bancorp, Inc (Class A)		17
598		Rockville Financial, Inc		9
629		Roma Financial Corp		8
1,211		S&T Bancorp, Inc		43
846		S.Y. Bancorp, Inc		23
1,000		Sandy Spring Bancorp, Inc		22
357		Santander BanCorp		5
605		SCBT Financial Corp		21
740		Seacoast Banking Corp of Florida		5

14

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
514		Shore Bancshares, Inc	$	12
370		Sierra Bancorp		8
1,893	*	Signature Bank		54
1,066		Simmons First National Corp (Class A)		31
581		Smithtown Bancorp, Inc		9
4,761		South Financial Group, Inc		21
757		Southside Bancshares, Inc		18
740		Southwest Bancorp, Inc		10
26,590	*	Sovereign Bancorp, Inc		79
856		State Bancorp, Inc		8
24,714		State Street Corp		972
1,347		StellarOne Corp		23
1,199		Sterling Bancorp		17
3,900		Sterling Bancshares, Inc		24
3,133		Sterling Financial Corp		28
701		Suffolk Bancorp		25
613	*	Sun Bancorp, Inc		5
20,653		SunTrust Banks, Inc		610
4,965		Susquehanna Bancshares, Inc		79
1,802	*	SVB Financial Group		47
17,015		Synovus Financial Corp		141
6,992		TCF Financial Corp		96
1,482	*	Texas Capital Bancshares, Inc		20
6,191		TFS Financial Corp		80
209		Tompkins Trustco, Inc		12
1,219		TowneBank		30
726		Trico Bancshares		18
5,202		Trustco Bank Corp NY		49
2,902		Trustmark Corp		63
6,278		UCBH Holdings, Inc		43
1,859		UMB Financial Corp		91
3,609		Umpqua Holdings Corp		52
814		Union Bankshares Corp		20
2,534		United Bankshares, Inc		84
2,160		United Community Banks, Inc		29
2,036		United Community Financial Corp		2
1,056		United Financial Bancorp, Inc		16
464		United Security Bancshares		5
792		Univest Corp of Pennsylvania		26
101,357		US Bancorp		2,535
7,834		Valley National Bancorp		159
690		ViewPoint Financial Group		11
158		W Holding Co, Inc		2
126,351		Wachovia Corp		700
5,275		Washington Federal, Inc		79
881		Washington Trust Bancorp, Inc		17
681	*	Waterstone Financial, Inc		2
3,232		Webster Financial Corp		45
220,254		Wells Fargo & Co		6,493
1,534		WesBanco, Inc		42
997		West Bancorporation, Inc		12
977		West Coast Bancorp		7
1,616		Westamerica Bancorporation		83
850	*	Western Alliance Bancorp		9
42,900		Western Union Co		615
1,174		Westfield Financial, Inc		12
4,160		Whitney Holding Corp		67
4,204		Wilmington Trust Corp		93
980		Wilshire Bancorp, Inc		9
1,580		Wintrust Financial Corp		33
320		WSFS Financial Corp		16
709		Yadkin Valley Financial Corp		10
6,129		Zions Bancorporation		150

15

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
		TOTAL DEPOSITORY INSTITUTIONS	$	39,141
EATING AND DRINKING PLACES—1.13%
1,322	*	AFC Enterprises		6
758	*	BJ’s Restaurants, Inc		8
1,700		Bob Evans Farms, Inc		35
5,750		Brinker International, Inc		61
790	*	Buffalo Wild Wings, Inc		20
4,224		Burger King Holdings, Inc		101
1,971	*	California Pizza Kitchen, Inc		21
1,623		CBRL Group, Inc		33
1,296	*	CEC Entertainment, Inc		31
2,094	*	Cheesecake Factory		21
1,977	*	Chipotle Mexican Grill, Inc (Class A)		123
3,658		CKE Restaurants, Inc		32
7,745		Darden Restaurants, Inc		218
6,036	*	Denny’s Corp		12
1,061		DineEquity, Inc		12
2,437	*	Domino’s Pizza, Inc		12
3,822	*	Jack in the Box, Inc		85
3,561	*	Krispy Kreme Doughnuts, Inc		6
1,203		Landry’s Restaurants, Inc		14
66,043		McDonald’s Corp		4,107
1,720		O’Charleys, Inc		3
1,450	*	Papa John’s International, Inc		27
1,702	*	PF Chang’s China Bistro, Inc		36
957	*	Red Robin Gourmet Burgers, Inc		16
3,070	*	Ruby Tuesday, Inc		5
800	*	Ruth’s Chris Steak House, Inc		1
3,411	*	Sonic Corp		42
1,689	*	Steak N Shake Co		10
3,384	*	Texas Roadhouse, Inc (Class A)		26
11,069		Tim Hortons, Inc		319
23,364		Wendy’s/Arby’s Group, Inc (Class A)		115
27,748		Yum! Brands, Inc		874
		TOTAL EATING AND DRINKING PLACES		6,432
EDUCATIONAL SERVICES—0.24%
663	*	American Public Education, Inc		25
7,504	*	Apollo Group, Inc (Class A)		575
5,356	*	Career Education Corp		96
3,717	*	Corinthian Colleges, Inc		61
3,674		DeVry, Inc		211
2,332	*	ITT Educational Services, Inc		222
363	*	K12, Inc		7
522	*	Learning Tree International, Inc		4
687		Strayer Education, Inc		147
1,448	*	Universal Technical Institute, Inc		25
		TOTAL EDUCATIONAL SERVICES		1,373
ELECTRIC, GAS, AND SANITARY SERVICES—4.89%
40,402	*	AES Corp		333
3,896		AGL Resources, Inc		122
10,136		Allegheny Energy, Inc		343
1,693		Allete, Inc		55
6,598		Alliant Energy Corp		193
12,327		Ameren Corp		410
822		American Ecology Corp		17
23,200		American Electric Power Co, Inc		772
1,100		American States Water Co		36
3,788		American Water Works Co, Inc		79
8,189		Aqua America, Inc		169
5,341		Atmos Energy Corp		127
3,100		Avista Corp		60
5,186	*	Beacon Power Corp		3
2,253		Black Hills Corp		61

16

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,013		California Water Service Group	$	47
21,176	*	Calpine Corp		154
1,195	*	Casella Waste Systems, Inc (Class A)		5
19,246		Centerpoint Energy, Inc		243
616		Central Vermont Public Service Corp		15
1,063		CH Energy Group, Inc		55
402		Chesapeake Utilities Corp		13
1,289	*	Clean Energy Fuels Corp		8
1,182	*	Clean Harbors, Inc		75
3,305		Cleco Corp		75
13,685		CMS Energy Corp		138
518		Connecticut Water Service, Inc		12
15,757		Consolidated Edison, Inc		613
892		Consolidated Water Co, Inc		11
9,830		Constellation Energy Group, Inc		247
7,381	*	Covanta Holding Corp		162
2,304		Crosstex Energy, Inc		9
33,654		Dominion Resources, Inc		1,206
6,926		DPL, Inc		158
9,170		DTE Energy Co		327
74,073		Duke Energy Corp		1,112
29,653	*	Dynegy, Inc (Class A)		59
18,721		Edison International		601
42,036		El Paso Corp		329
2,788	*	El Paso Electric Co		50
1,913		Empire District Electric Co		34
4,384		Energen Corp		129
1,700		EnergySolutions, Inc		10
231	*	EnerNOC, Inc		2
11,162		Entergy Corp		928
38,204		Exelon Corp		2,125
17,804		FirstEnergy Corp		865
23,861		FPL Group, Inc		1,201
7,375		Great Plains Energy, Inc		143
5,035		Hawaiian Electric Industries, Inc		111
2,843		Idacorp, Inc		84
4,488		Integrys Energy Group, Inc		193
2,892		ITC Holdings Corp		126
1,400		Laclede Group, Inc		66
10,015		MDU Resources Group, Inc		216
1,200		MGE Energy, Inc		40
813		Middlesex Water Co		14
9,403	*	Mirant Corp		177
4,857		National Fuel Gas Co		152
2,174		New Jersey Resources Corp		85
2,750		Nicor, Inc		95
14,876		NiSource, Inc		163
9,442		Northeast Utilities		227
1,350		Northwest Natural Gas Co		60
2,408		NorthWestern Corp		57
14,114	*	NRG Energy, Inc		329
5,841		NSTAR		213
5,507		OGE Energy Corp		142
6,202		Oneok, Inc		181
1,079		Ormat Technologies, Inc		34
1,956		Otter Tail Corp		46
11,772		Pepco Holdings, Inc		209
20,894		PG&E Corp		809
936	*	Pico Holdings, Inc		25
4,104		Piedmont Natural Gas Co, Inc		130
1,025	*	Pike Electric Corp		13
5,639		Pinnacle West Capital Corp		181
4,786	*	Plug Power, Inc		5
4,199		PNM Resources, Inc		42
3,747		Portland General Electric Co		73

17

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
21,619		PPL Corp	$	663
15,370		Progress Energy, Inc		612
5,000	m,v,*	Progress Energy, Inc		—	^
29,536		Public Service Enterprise Group, Inc		862
7,711		Puget Energy, Inc		210
10,373		Questar Corp		339
20,883	*	Reliant Energy, Inc		121
18,454		Republic Services, Inc		457
1,126		Resource America, Inc (Class A)		5
6,675		SCANA Corp		238
14,845		Sempra Energy		633
13,561		Sierra Pacific Resources		134
1,020		SJW Corp		31
1,884		South Jersey Industries, Inc		75
44,540		Southern Co		1,648
6,440		Southern Union Co		84
2,572		Southwest Gas Corp		65
1,025		Southwest Water Co		3
4,708	*	Stericycle, Inc		245
12,829		TECO Energy, Inc		158
6,491		UGI Corp		158
1,633		UIL Holdings Corp		49
2,373		Unisource Energy Corp		70
4,559		Vectren Corp		114
3,949	*	Waste Connections, Inc		124
29,141		Waste Management, Inc		966
1,458	*	Waste Services, Inc		9
5,725		Westar Energy, Inc		117
3,019		WGL Holdings, Inc		99
33,875		Williams Cos, Inc		490
6,389		Wisconsin Energy Corp		268
24,349		Xcel Energy, Inc		452
		TOTAL ELECTRIC, GAS, AND SANITARY SERVICES		27,738
ELECTRONIC AND OTHER ELECTRIC EQUIPMENT—7.35%
1,500	*	Acme Packet, Inc		8
1,556	*	Actel Corp		18
2,435		Acuity Brands, Inc		85
7,209	*	Adaptec, Inc		24
7,316	*	ADC Telecommunications, Inc		40
2,343	*	Advanced Analogic Technologies, Inc		7
2,485	*	Advanced Battery Technologies, Inc		7
2,251	*	Advanced Energy Industries, Inc		22
36,301	*	Advanced Micro Devices, Inc		78
16,906		Altera Corp		282
2,495	*	American Superconductor Corp		41
6,334		Ametek, Inc		191
6,298	*	Amkor Technology, Inc		14
10,491		Amphenol Corp (Class A)		252
3,097	*	Anadigics, Inc		5
16,468		Analog Devices, Inc		313
51,465	*	Apple Computer, Inc		4,393
4,877	*	Applied Micro Circuits Corp		19
760		Applied Signal Technology, Inc		14
8,272	*	Arris Group, Inc		66
3,325	*	Atheros Communications, Inc		48
26,699	*	Atmel Corp		84
1,909	*	ATMI, Inc		29
801	*	Avanex Corp		—	^
8,620	*	Avnet, Inc		157
3,547		AVX Corp		28
723	*	AZZ, Inc		18
2,797		Baldor Electric Co		50
674		Bel Fuse, Inc (Class B)		14
4,279	*	Benchmark Electronics, Inc		55

18

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
782	*	BigBand Networks, Inc	$	4
5,976	*	Bookham, Inc		3
29,379	*	Broadcom Corp (Class A)		499
8,642	*	Capstone Turbine Corp		7
1,663	*	Ceradyne, Inc		34
1,230	*	Ceva, Inc		9
2,612	*	Checkpoint Systems, Inc		26
1,638	*	China Security & Surveillance Technology, Inc		7
5,374	*	Ciena Corp		36
344,324	*	Cisco Systems, Inc		5,612
1,458	*	Comtech Telecommunications Corp		67
10,405		Cooper Industries Ltd (Class A)		304
457	*	CPI International, Inc		4
5,056	*	Cree, Inc		80
2,100		CTS Corp		12
1,000		Cubic Corp		27
9,243	*	Cypress Semiconductor Corp		41
1,921	*	Diodes, Inc		12
3,020	*	Dolby Laboratories, Inc (Class A)		99
1,958	*	DSP Group, Inc		16
1,168	*	DTS, Inc		21
9,761		Eaton Corp		485
2,545	*	EchoStar Corp (Class A)		38
2,000	*	Electro Scientific Industries, Inc		14
4,389	*	EMCORE Corp		6
956	*	EMS Technologies, Inc		25
3,310	*	Energizer Holdings, Inc		179
2,523	*	Energy Conversion Devices, Inc		64
1,650	*	EnerSys		18
5,831	*	Evergreen Solar, Inc		19
2,444	*	Exar Corp		16
4,569	*	Exide Technologies		24
7,886	*	Fairchild Semiconductor International, Inc		39
14,527	*	Finisar Corp		6
2,673	*	First Solar, Inc		369
1,238		Franklin Electric Co, Inc		35
4,152	*	FuelCell Energy, Inc		16
612,450		General Electric Co		9,922
1,197	*	Globecomm Systems, Inc		7
6,150	*	GrafTech International Ltd		51
1,507	*	Greatbatch, Inc		40
1,100	*	GT Solar International, Inc		3
3,385		Harman International Industries, Inc		57
5,636	*	Harmonic, Inc		32
7,946		Harris Corp		302
1,540	*	Harris Stratex Networks, Inc (Class A)		8
1,865	*	Helen of Troy Ltd		32
6,021	*	Hexcel Corp		44
1,175	*	Hittite Microwave Corp		35
1,800	*	Hutchinson Technology, Inc		6
1,976		Imation Corp		27
5,585	*	Infinera Corp		50
10,231	*	Integrated Device Technology, Inc		57
333,831		Intel Corp		4,894
2,862	*	InterDigital, Inc		79
4,573	*	International Rectifier Corp		62
7,468		Intersil Corp (Class A)		69
1,143	*	IPG Photonics Corp		15
724	*	iRobot Corp		7
1,636		IXYS Corp		14
4,077	*	Jarden Corp		47
13,081	*	JDS Uniphase Corp		48
6,007	*	Kemet Corp		2
7,045		L-3 Communications Holdings, Inc		520
7,863	*	Lattice Semiconductor Corp		12

19

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,443		Lincoln Electric Holdings, Inc	$	124
13,318		Linear Technology Corp		295
1,534	*	Littelfuse, Inc		25
732	*	Loral Space & Communications, Inc		11
1,293		LSI Industries, Inc		9
37,937	*	LSI Logic Corp		125
29,029	*	Marvell Technology Group Ltd		194
3,108	*	Mattson Technology, Inc		4
1,111	*	Maxwell Technologies, Inc		6
1,334	*	Medis Technologies Ltd		—	^
13,527	*	MEMC Electronic Materials, Inc		193
1,540	*	Mercury Computer Systems, Inc		10
2,500		Methode Electronics, Inc		17
2,455		Micrel, Inc		18
10,147		Microchip Technology, Inc		198
46,315	*	Micron Technology, Inc		122
4,543	*	Microsemi Corp		57
4,100	*	Microtune, Inc		8
3,290	*	Microvision, Inc		6
2,847	*	MIPS Technologies, Inc		3
7,107		Molex, Inc		103
1,571	*	Monolithic Power Systems, Inc		20
2,537	*	Moog, Inc (Class A)		93
131,651		Motorola, Inc		583
7,339	*	MRV Communications, Inc		6
555	*	Multi-Fineline Electronix, Inc		6
300		National Presto Industries, Inc		23
12,709		National Semiconductor Corp		128
20,564	*	NetApp, Inc		287
1,013	*	Netlogic Microsystems, Inc		22
5,818	*	Novellus Systems, Inc		72
265	*	NVE Corp		7
33,105	*	Nvidia Corp		267
3,460	*	Omnivision Technologies, Inc		18
23,155	*	ON Semiconductor Corp		79
1,210	*	Oplink Communications, Inc		10
1,144	*	OpNext, Inc		2
869	*	OSI Systems, Inc		12
1,250		Park Electrochemical Corp		24
1,392	*	Parkervision, Inc		3
1,447	*	Pericom Semiconductor Corp		8
2,260	*	Photronics, Inc		4
2,609		Plantronics, Inc		34
2,538	*	Plexus Corp		43
1,628	*	PLX Technology, Inc		3
13,218	*	PMC - Sierra, Inc		64
5,444	*	Polycom, Inc		74
1,311	*	Polypore International, Inc		10
458	*	Powell Industries, Inc		13
1,806		Power Integrations, Inc		36
4,438	*	Power-One, Inc		5
7,309	*	Powerwave Technologies, Inc		4
7,796	*	QLogic Corp		105
94,274		Qualcomm, Inc		3,378
4,326	*	Quantum Fuel Systems Technologies Worldwide, Inc		4
6,183	*	Rambus, Inc		98
1,083		Raven Industries, Inc		26
1,983		Regal-Beloit Corp		75
14,875	*	RF Micro Devices, Inc		12
1,100	*	Rogers Corp		31
782	*	Rubicon Technology, Inc		3
32,531	*	Sanmina-SCI Corp		15
1,867	*	Seachange International, Inc		13
2,466	*	Semtech Corp		28
2,605	*	ShoreTel, Inc		12

20

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,145	*	Silicon Image, Inc	$	22
2,921	*	Silicon Laboratories, Inc		72
5,900	*	Silicon Storage Technology, Inc		14
178,291	*	Sirius XM Radio, Inc		21
10,341	*	Skyworks Solutions, Inc		57
3,071	*	Smart Modular Technologies WWH, Inc		5
5,639	*	Spansion, Inc (Class A)		1
1,279	*	Standard Microsystems Corp		21
1,793	*	Starent Networks Corp		21
898	*	Stoneridge, Inc		4
2,414	*	Sunpower Corp (Class A)		89
2,534	*	Sunpower Corp (Class B)		77
745	*	Supertex, Inc		18
12,134	*	Sycamore Networks, Inc		33
2,907	*	Symmetricom, Inc		11
1,595	*	Synaptics, Inc		26
1,192	*	Synthesis Energy Systems, Inc		—	^
2,804		Technitrol, Inc		10
913	*	Techwell, Inc		6
3,400	*	Tekelec		45
2,403		Teleflex, Inc		120
23,240	*	Tellabs, Inc		96
2,944	*	Tessera Technologies, Inc		35
76,896		Texas Instruments, Inc		1,193
3,556	*	Thomas & Betts Corp		85
735	*	Transmeta Corp		13
3,408	*	Trident Microsystems, Inc		6
9,492	*	Triquint Semiconductor, Inc		33
2,833	*	TTM Technologies, Inc		15
27,509		Tyco Electronics Ltd		446
1,167	*	Ultra Clean Holdings		2
755	*	Ultralife Corp		10
1,466	*	Universal Display Corp		14
1,000	*	Universal Electronics, Inc		16
3,575	*	US Geothermal, Inc		3
7,742	*	Utstarcom, Inc		14
3,056	*	Valence Technology, Inc		6
4,543	*	Varian Semiconductor Equipment Associates, Inc		82
1,399	*	Viasat, Inc		34
1,471		Vicor Corp		10
10,877	*	Vishay Intertechnology, Inc		37
1,011	*	Volterra Semiconductor Corp		7
4,143		Whirlpool Corp		171
15,723		Xilinx, Inc		280
1,635	*	Zoltek Cos, Inc		15
3,150	*	Zoran Corp		22
		TOTAL ELECTRONIC AND OTHER ELECTRIC EQUIPMENT		41,683
ENGINEERING AND MANAGEMENT SERVICES—1.34%
35,101		Accenture Ltd (Class A)		1,151
1,230	*	Advisory Board Co		27
6,059	*	Aecom Technology Corp		186
609	*	Affymax, Inc		6
8,040	*	Amylin Pharmaceuticals, Inc		87
4,682	*	Ariad Pharmaceuticals, Inc		4
900		CDI Corp		12
4,841	*	Celera Corp		54
26,488	*	Celgene Corp		1,464
1,103	*	China Architectural Engineering, Inc		3
1,080	*	comScore, Inc		14
758	*	Cornell Cos, Inc		14
2,117		Corporate Executive Board Co		47
717	*	CRA International, Inc		19
3,622	*	CV Therapeutics, Inc		33
3,370	*	Dyax Corp		12

21

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
3,090	*	eResearch Technology, Inc	$	20
5,381	*	Exelixis, Inc		27
1,100	*	Exponent, Inc		33
10,552		Fluor Corp		473
2,145	*	Furmanite Corp		12
3,642	*	Genpact Ltd		30
3,225	*	Gen-Probe, Inc		138
5,826	*	Hewitt Associates, Inc (Class A)		165
1,422	*	Hill International, Inc		10
1,113	*	Huron Consulting Group, Inc		64
4,807	*	Incyte Corp		18
5,385	*	Isis Pharmaceuticals, Inc		76
7,281	*	Jacobs Engineering Group, Inc		350
8,930		KBR, Inc		136
798	*	Kendle International, Inc		21
584		Landauer, Inc		43
1,549	*	LECG Corp		10
5,020	*	Lexicon Pharmaceuticals, Inc		7
1,864	*	Luminex Corp		40
1,221		MAXIMUS, Inc		43
2,143	*	Maxygen, Inc		19
13,624	*	McDermott International, Inc		135
445	*	Michael Baker Corp		16
11,799		Moody’s Corp		237
2,554	*	Myriad Genetics, Inc		169
2,873	*	Navigant Consulting, Inc		46
1,729	*	Omnicell, Inc		21
18,418		Paychex, Inc		484
1,234	*	PharmaNet Development Group, Inc		1
906	*	PRG-Schultz International, Inc		4
9,156		Quest Diagnostics, Inc		475
3,876	*	Regeneron Pharmaceuticals, Inc		71
8,827	*	Rentech, Inc		6
1,803	*	Repligen Corp		7
3,058	*	Resources Connection, Inc		50
2,187	*	Rigel Pharmaceuticals, Inc		17
3,216	*	RTI Biologics, Inc		9
12,038	*	SAIC, Inc		235
2,157	*	Sangamo Biosciences, Inc		8
3,562	*	Savient Pharmaceuticals, Inc		21
3,653	*	Seattle Genetics, Inc		33
2,710	*	Sequenom, Inc		54
4,929	*	Shaw Group, Inc		101
507	*	Stanley, Inc		18
1,956	*	Symyx Technologies, Inc		11
692	*	Tejon Ranch Co		17
3,591	*	Tetra Tech, Inc		87
4,873	*	URS Corp		199
5,212	*	VCA Antech, Inc		104
2,154		Watson Wyatt & Co Holdings (Class A)		103
		TOTAL ENGINEERING AND MANAGEMENT SERVICES		7,607
FABRICATED METAL PRODUCTS—0.57%
1,788	*	Alliant Techsystems, Inc		153
532		Ameron International Corp		33
4,075		Aptargroup, Inc		144
5,868		Ball Corp		244
1,700	*	Chart Industries, Inc		18
1,064		CIRCOR International, Inc		29
6,833		Commercial Metals Co		81
1,343	*	Commercial Vehicle Group, Inc		1
3,158		Crane Co		54
9,561	*	Crown Holdings, Inc		184
757		Dynamic Materials Corp		15
2,853	*	Griffon Corp		27

22

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
727		Gulf Island Fabrication, Inc	$	10
27,651		Illinois Tool Works, Inc		969
916		Insteel Industries, Inc		10
904	*	Ladish Co, Inc		13
2,280	*	Mobile Mini, Inc		33
6,723		Mueller Water Products, Inc (Class A)		57
1,321	*	NCI Building Systems, Inc		22
9,436		Parker Hannifin Corp		401
509	*	Park-Ohio Holdings Corp		3
6,093		Pentair, Inc		144
2,169		Quanex Building Products Corp		20
1,422		Silgan Holdings, Inc		68
2,152		Simpson Manufacturing Co, Inc		60
1,859	*	Smith & Wesson Holding Corp		4
3,446		Snap-On, Inc		136
4,479		Stanley Works		153
685		Sun Hydraulics Corp		13
3,948	*	Taser International, Inc		21
809	*	Trimas Corp		1
1,173		Valmont Industries, Inc		72
1,666		Watts Water Technologies, Inc (Class A)		42
		TOTAL FABRICATED METAL PRODUCTS		3,235
FOOD AND KINDRED PRODUCTS—3.97%
1,200	*	AgFeed Industries, Inc		2
37,614		Archer Daniels Midland Co		1,084
1,189		B&G Foods, Inc (Class A)		6
700	*	Boston Beer Co, Inc (Class A)		20
7,250		Bunge Ltd		375
11,851		Campbell Soup Co		356
3,882	*	Central Garden and Pet Co (Class A)		23
263		Coca-Cola Bottling Co Consolidated		12
135,419		Coca-Cola Co		6,130
18,511		Coca-Cola Enterprises, Inc		223
25,800		ConAgra Foods, Inc		426
11,059	*	Constellation Brands, Inc (Class A)		174
4,559		Corn Products International, Inc		132
4,436	*	Darling International, Inc		24
11,854		Del Monte Foods Co		85
958		Diamond Foods, Inc		19
14,869	*	Dr Pepper Snapple Group, Inc		242
629		Farmer Bros Co		16
4,071		Flowers Foods, Inc		99
19,429		General Mills, Inc		1,180
18,467		H.J. Heinz Co		694
4,344	*	Hansen Natural Corp		146
9,196		Hershey Co		319
4,077		Hormel Foods Corp		127
740		Imperial Sugar Co		11
800		J&J Snack Foods Corp		29
6,683		J.M. Smucker Co		290
14,537		Kellogg Co		637
85,580		Kraft Foods, Inc (Class A)		2,298
975		Lancaster Colony Corp		33
1,746		Lance, Inc		40
686	*	M&F Worldwide Corp		11
6,725		McCormick & Co, Inc		214
6,910		Molson Coors Brewing Co (Class B)		338
621	*	National Beverage Corp		6
1,110	*	Omega Protein Corp		4
919	*	Peet’s Coffee & Tea, Inc		21
680		Penford Corp		7
7,568		Pepsi Bottling Group, Inc		170
3,834		PepsiAmericas, Inc		78
92,431		PepsiCo, Inc		5,062

23

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,990	*	Ralcorp Holdings, Inc	$	175
1,066		Reddy Ice Holdings, Inc		2
10,079		Reynolds American, Inc		406
1,203		Sanderson Farms, Inc		42
40,453		Sara Lee Corp		396
3,778	*	Smart Balance, Inc		26
6,686	*	Smithfield Foods, Inc		94
1,088		Tootsie Roll Industries, Inc		28
2,025	*	TreeHouse Foods, Inc		55
16,487		Tyson Foods, Inc (Class A)		145
		TOTAL FOOD AND KINDRED PRODUCTS		22,532
FOOD STORES—0.46%
97		Arden Group, Inc (Class A)		12
2,122	*	Great Atlantic & Pacific Tea Co, Inc		13
700		Ingles Markets, Inc (Class A)		12
38,740		Kroger Co		1,023
1,733	*	Panera Bread Co (Class A)		91
1,414	*	Pantry, Inc		30
2,557		Ruddick Corp		71
25,105		Safeway, Inc		597
43,549	*	Starbucks Corp		412
12,857		Supervalu, Inc		188
212		Village Super Market (Class A)		12
611		Weis Markets, Inc		21
8,399		Whole Foods Market, Inc		79
3,211	*	Winn-Dixie Stores, Inc		52
		TOTAL FOOD STORES		2,613
FORESTRY—0.09%
4,673		Rayonier, Inc		146
12,050		Weyerhaeuser Co		369
		TOTAL FORESTRY		515
FURNITURE AND FIXTURES—0.23%
1,625		Ethan Allen Interiors, Inc		23
2,907		Furniture Brands International, Inc		7
3,277		Herman Miller, Inc		43
3,482		Hill-Rom Holdings, Inc		57
2,905		HNI Corp		46
680		Hooker Furniture Corp		5
34,719		Johnson Controls, Inc		631
1,737		Kimball International, Inc (Class B)		15
3,252	*	Kinetic Concepts, Inc		62
3,352		La-Z-Boy, Inc		7
8,764		Leggett & Platt, Inc		133
21,660		Masco Corp		241
2,732	*	Sealy Corp		7
3,734		Steelcase, Inc (Class A)		21
4,232		Tempur-Pedic International, Inc		30
		TOTAL FURNITURE AND FIXTURES		1,328
FURNITURE AND HOME FURNISHINGS STORES—0.23%
15,493	*	Bed Bath & Beyond, Inc		394
19,297		Best Buy Co, Inc		542
9,625	*	GameStop Corp (Class A)		208
1,232		Haverty Furniture Cos, Inc		11
750	*	hhgregg, Inc		7
2,965		Knoll, Inc		27
6,020	*	Pier 1 Imports, Inc		2
6,317		RadioShack Corp		76

24

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,789	*	Tuesday Morning Corp	$	3
5,558		Williams-Sonoma, Inc		44
		TOTAL FURNITURE AND HOME FURNISHINGS STORES		1,314
GENERAL BUILDING CONTRACTORS—0.20%
115	*	Amrep Corp		4
310	*	Avatar Holdings, Inc		8
2,556	*	Beazer Homes USA, Inc		4
485		Brookfield Homes Corp		2
379	*	Cavco Industries, Inc		10
7,355		Centex Corp		78
19,198		DR Horton, Inc		136
2,297	*	Hovnanian Enterprises, Inc (Class A)		4
4,706		KB Home		64
8,304		Lennar Corp (Class A)		72
862		M/I Homes, Inc		9
1,316		McGrath RentCorp		28
2,061		MDC Holdings, Inc		62
1,472	*	Meritage Homes Corp		18
239	*	NVR, Inc		109
1,250	*	Palm Harbor Homes, Inc		6
2,925	*	Perini Corp		68
11,220		Pulte Homes, Inc		123
2,630		Ryland Group, Inc		46
4,272	*	Standard-Pacific Corp		8
1,110	*	Team, Inc		31
7,726	*	Toll Brothers, Inc		166
3,122		Walter Industries, Inc		55
		TOTAL GENERAL BUILDING CONTRACTORS		1,111
GENERAL MERCHANDISE STORES—2.11%
2,874	*	99 Cents Only Stores		31
4,889	*	Big Lots, Inc		71
3,414	*	BJ’s Wholesale Club, Inc		117
2,055		Casey’s General Stores, Inc		47
481	*	Conn’s, Inc		4
25,029		Costco Wholesale Corp		1,314
177		Dillard’s, Inc (Class A)		—	^
8,128		Family Dollar Stores, Inc		212
2,720		Fred’s, Inc (Class A)		29
13,005		JC Penney Co, Inc		256
25,210		Macy’s, Inc		261
1,292	*	Retail Ventures, Inc		5
8,388	*	Saks, Inc		37
3,530	*	Sears Holdings Corp		137
1,757	*	Stein Mart, Inc		2
46,103		Target Corp		1,592
24,730		TJX Cos, Inc		509
130,489		Wal-Mart Stores, Inc		7,315
		TOTAL GENERAL MERCHANDISE STORES		11,939
HEALTH SERVICES—1.02%
839	*	Alliance Imaging, Inc		7
380	*	Almost Family, Inc		17
1,533	*	Amedisys, Inc		63
9,640		AmerisourceBergen Corp		344
1,184	*	Amsurg Corp		28
3,714	*	Assisted Living Concepts, Inc (A Shares)		15
535	*	Bio-Reference Labs, Inc		14
2,436		Brookdale Senior Living, Inc		14
5,854	*	Community Health Systems, Inc		85
750	*	Corvel Corp		16
3,663	*	Covance, Inc		169

25

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
8,377	*	Coventry Health Care, Inc	$	125
2,321	*	Cross Country Healthcare, Inc		20
1,413	*	CryoLife, Inc		14
6,269	*	DaVita, Inc		311
3,284	*	Edwards Lifesciences Corp		180
1,474	*	eHealth, Inc		20
1,185	*	Emeritus Corp		12
1,864	*	Enzo Biochem, Inc		9
12,281	*	Express Scripts, Inc		675
1,875	*	Five Star Quality Care, Inc		3
810	*	Genomic Health, Inc		16
499	*	Genoptix, Inc		17
1,497	*	Gentiva Health Services, Inc		44
14,183	*	Health Management Associates, Inc (Class A)		25
4,400	*	Healthsouth Corp		48
2,237	*	Healthways, Inc		26
3,543	*	Immunomedics, Inc		6
1,779	*	Kindred Healthcare, Inc		23
6,195	*	Laboratory Corp of America Holdings		399
735	*	LHC Group, Inc		26
529	*	Life Sciences Research, Inc		5
3,256	*	LifePoint Hospitals, Inc		74
4,205	*	Lincare Holdings, Inc		113
1,896	*	Magellan Health Services, Inc		74
16,473		McKesson Corp		638
955	*	Medcath Corp		10
29,825	*	Medco Health Solutions, Inc		1,250
506		National Healthcare Corp		26
5,807	*	Nektar Therapeutics		32
1,311	*	Nighthawk Radiology Holdings, Inc		6
2,544	*	Odyssey HealthCare, Inc		24
6,371		Omnicare, Inc		177
2,831	*	Pediatrix Medical Group, Inc		90
6,389		Pharmaceutical Product Development, Inc		185
3,409	*	Psychiatric Solutions, Inc		95
1,200	*	RehabCare Group, Inc		18
1,374	*	Skilled Healthcare Group, Inc (Class A)		12
2,651	*	Sun Healthcare Group, Inc		23
2,773	*	Sunrise Senior Living, Inc		5
30,068	*	Tenet Healthcare Corp		35
2,659		Universal Health Services, Inc (Class B)		100
701	*	US Physical Therapy, Inc		9
		TOTAL HEALTH SERVICES		5,772
HEAVY CONSTRUCTION, EXCEPT BUILDING—0.06%
1,314	*	Comverge, Inc		6
8,622	*	Foster Wheeler Ltd		201
2,028		Granite Construction, Inc		89
2,403		Great Lakes Dredge & Dock Corp		10
659	*	LB Foster Co (Class A)		21
1,545	*	Matrix Service Co		12
1,298	*	Orion Marine Group, Inc		13
701	*	Sterling Construction Co, Inc		13
		TOTAL HEAVY CONSTRUCTION, EXCEPT BUILDING		365
HOLDING AND OTHER INVESTMENT OFFICES—2.64%
2,039		Acadia Realty Trust		29
2,448	*	Affiliated Managers Group, Inc		103
505		Agree Realty Corp		9
123		Alexander's, Inc		31
1,923		Alexandria Real Estate Equities, Inc		116
9,073		Allied Capital Corp		24

26

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,664		AMB Property Corp	$	132
2,384		American Campus Communities, Inc		49
580		American Capital Agency Corp		12
31,591		Annaly Mortgage Management, Inc		501
3,218		Anthracite Capital, Inc		7
4,874		Anworth Mortgage Asset Corp		31
5,956		Apartment Investment & Management Co (Class A)		69
850		Arbor Realty Trust, Inc		2
6,591		Ashford Hospitality Trust, Inc		8
936		Associated Estates Realty Corp		8
4,610		AvalonBay Communities, Inc		279
4,502		BioMed Realty Trust, Inc		53
6,864		Boston Properties, Inc		377
5,335		Brandywine Realty Trust		41
2,874		BRE Properties, Inc (Class A)		80
3,175		Camden Property Trust		100
2,642		Capital Lease Funding, Inc		5
190		Capital Southwest Corp		21
800		Capital Trust, Inc (Class A)		3
3,196		Capstead Mortgage Corp		34
806		Care Investment Trust, Inc		6
3,981		CBL & Associates Properties, Inc		26
2,712		Cedar Shopping Centers, Inc		19
442		Cherokee, Inc		8
2,945		Colonial Properties Trust		25
2,299		Corporate Office Properties Trust		71
2,443		Cousins Properties, Inc		34
1,102		Danvers Bancorp, Inc		15
10,500		DCT Industrial Trust, Inc		53
7,395		Developers Diversified Realty Corp		36
5,943		DiamondRock Hospitality Co		30
3,961		Digital Realty Trust, Inc		130
7,265		Douglas Emmett, Inc		95
9,790		Duke Realty Corp		107
1,377		EastGroup Properties, Inc		49
1,200		Education Realty Trust, Inc		6
1,723		Entertainment Properties Trust		51
1,227		Equity Lifestyle Properties, Inc		47
2,074		Equity One, Inc		37
15,763		Equity Residential		470
1,493		Essex Property Trust, Inc		115
4,748		Extra Space Storage, Inc		49
3,517		Federal Realty Investment Trust		218
3,926		FelCor Lodging Trust, Inc		7
2,899		First Industrial Realty Trust, Inc		22
1,470		First Potomac Realty Trust		14
3,189		Franklin Street Properties Corp		47
7,919		General Growth Properties, Inc		10
1,193		Getty Realty Corp		25
1,256		Gladstone Capital Corp		10
2,171		Glimcher Realty Trust		6
2,128		Gramercy Capital Corp		3
1,395	*	Harris & Harris Group, Inc		6
692		Hatteras Financial Corp		18
14,057		HCP, Inc		390
5,425		Health Care REIT, Inc		229
3,212		Healthcare Realty Trust, Inc		75
2,467		Hersha Hospitality Trust		7
3,247		Highwoods Properties, Inc		89
2,378	*	Hilltop Holdings, Inc		23
1,938		Home Properties, Inc		79

27

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,735		Hospitality Properties Trust	$	85
31,262		Host Marriott Corp		237
13,475		HRPT Properties Trust		45
3,013		Inland Real Estate Corp		39
3,315		Investors Real Estate Trust		36
80,782		iShares Russell 3000 Index Fund		4,208
7,812		iStar Financial, Inc		17
1,655		JER Investors Trust, Inc		2
2,062		Kilroy Realty Corp		69
13,130		Kimco Realty Corp		240
1,900		Kite Realty Group Trust		11
2,579		LaSalle Hotel Properties		28
4,101		Lexington Corporate Properties Trust		21
5,546		Liberty Property Trust		127
1,314		LTC Properties, Inc		27
4,379		Macerich Co		80
3,822		Mack-Cali Realty Corp		94
2,313	*	Maguire Properties, Inc		3
3,989		Medical Properties Trust, Inc		25
2,802	*	Meruelo Maddux Properties, Inc		3
9,085		MFA Mortgage Investments, Inc		54
1,526		Mid-America Apartment Communities, Inc		57
1,230		Mission West Properties, Inc		9
1,507		MVC Capital, Inc		17
1,400		National Health Investors, Inc		38
4,528		National Retail Properties, Inc		78
5,757		Nationwide Health Properties, Inc		165
2,523		Newcastle Investment Corp		2
3,513		NorthStar Realty Finance Corp		14
4,121		Omega Healthcare Investors, Inc		66
946		Parkway Properties, Inc		17
1,975		Pennsylvania Real Estate Investment Trust		15
10,243		Plum Creek Timber Co, Inc		356
2,677		Post Properties, Inc		44
2,494		Potlatch Corp		65
15,609		Prologis		217
1,216		Prospect Capital Corp		15
1,073		PS Business Parks, Inc		48
7,276		Public Storage, Inc		578
3,865		RAIT Investment Trust		10
992		Ramco-Gershenson Properties		6
6,195		Realty Income Corp		143
1,965		Redwood Trust, Inc		29
3,904		Regency Centers Corp		182
1,355		Resource Capital Corp		5
700		Saul Centers, Inc		28
5,554		Senior Housing Properties Trust		100
13,356		Simon Property Group, Inc		710
3,495		SL Green Realty Corp		91
1,302		Sovran Self Storage, Inc		47
4,727		Strategic Hotels & Resorts, Inc		8
1,069		Sun Communities, Inc		15
3,711		Sunstone Hotel Investors, Inc		23
1,844		Tanger Factory Outlet Centers, Inc		69
3,299		Taubman Centers, Inc		84
7,650		UDR, Inc		105
1,095		Universal Health Realty Income Trust		36
1,407		Urstadt Biddle Properties, Inc (Class A)		22
3,042		U-Store-It Trust		14
8,032		Ventas, Inc		270
17,912		Virgin Media, Inc		89
8,053		Vornado Realty Trust		486

28

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
3,890		WABCO Holdings, Inc	$	61
2,850		Washington Real Estate Investment Trust		81
4,713		Weingarten Realty Investors		98
696		Winthrop Realty Trust		8
		TOTAL HOLDING AND OTHER INVESTMENT OFFICES		14,953
HOTELS AND OTHER LODGING PLACES—0.20%
1,418		Ameristar Casinos, Inc		12
1,131	*	Bluegreen Corp		4
2,948		Boyd Gaming Corp		14
2,103		Choice Hotels International, Inc		63
2,696	*	Gaylord Entertainment Co		29
1,718	*	Great Wolf Resorts, Inc		3
1,142	*	Isle of Capri Casinos, Inc		3
10,384	*	Las Vegas Sands Corp		62
920	*	Lodgian, Inc		2
1,242		Marcus Corp		20
17,698		Marriott International, Inc (Class A)		344
7,333	*	MGM Mirage		101
604	*	Monarch Casino & Resort, Inc		7
1,158	*	Morgans Hotel Group Co		5
2,588		Orient-Express Hotels Ltd (Class A)		20
566	*	Riviera Holdings Corp		2
11,255		Starwood Hotels & Resorts Worldwide, Inc		201
1,755	*	Vail Resorts, Inc		47
8,991		Wyndham Worldwide Corp		59
3,385		Wynn Resorts Ltd		143
		TOTAL HOTELS AND OTHER LODGING PLACES		1,141
INDUSTRIAL MACHINERY AND EQUIPMENT—4.45%
1,591	*	3PAR, Inc		12
1,014		Aaon, Inc		21
3,594		Actuant Corp (Class A)		68
4,907	*	AGCO Corp		116
374		Alamo Group, Inc		6
1,534	*	Allis-Chalmers Energy, Inc		8
1,557	*	Altra Holdings, Inc		12
475		Ampco-Pittsburgh Corp		10
79,294		Applied Materials, Inc		803
1,200	*	Astec Industries, Inc		38
3,264	*	Asyst Technologies, Inc		-	^
1,475	*	AuthenTec, Inc		2
7,081	*	Axcelis Technologies, Inc		4
3,639		Black & Decker Corp		152
981		Black Box Corp		26
2,004	*	Blount International, Inc		19
525	*	Bolt Technology Corp		4
3,023		Briggs & Stratton Corp		53
22,509	*	Brocade Communications Systems, Inc		63
4,418	*	Brooks Automation, Inc		26
4,188		Bucyrus International, Inc (Class A)		78
3,800		Carlisle Cos, Inc		79
674		Cascade Corp		20
35,811		Caterpillar, Inc		1,600
5,277	*	Cirrus Logic, Inc		14
1,273	*	Colfax Corp		13
1,162	*	Columbus McKinnon Corp		16
1,943	*	Cray, Inc		4
12,159		Cummins, Inc		325
2,236		Curtiss-Wright Corp		75
1,601	*	Cymer, Inc		35
25,296		Deere & Co		969

29

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
105,667	*	Dell, Inc	$	1,082
4,008		Diebold, Inc		113
4,685		Donaldson Co, Inc		158
11,333		Dover Corp		373
4,447	*	Dresser-Rand Group, Inc		77
1,850	*	Dril-Quip, Inc		38
121,123	*	EMC Corp		1,268
5,455	*	Emulex Corp		38
2,145	*	Ener1, Inc		15
1,595	*	ENGlobal Corp		5
1,375	*	EnPro Industries, Inc		30
6,075	*	Entegris, Inc		13
7,347	*	Extreme Networks, Inc		17
1,124	*	Flotek Industries, Inc		3
2,307	*	Flow International Corp		6
3,416		Flowserve Corp		176
7,710	*	FMC Technologies, Inc		184
1,063	*	Fuel Tech, Inc		11
3,135	*	Gardner Denver, Inc		73
1,051		Gorman-Rupp Co		33
2,928		Graco, Inc		69
604		Graham Corp		7
143,729		Hewlett-Packard Co		5,216
334	*	Hurco Cos, Inc		4
4,344		IDEX Corp		105
1,615	*	Immersion Corp		10
18,748		Ingersoll-Rand Co Ltd (Class A)		325
3,395	*	Intermec, Inc		45
80,119		International Business Machines Corp		6,743
18,524		International Game Technology		220
1,163	*	Intevac, Inc		6
10,871		ITT Industries, Inc		500
12,353		Jabil Circuit, Inc		83
1,665		John Bean Technologies Corp		14
6,491		Joy Global, Inc		149
993	*	Kadant, Inc		13
1,655		Kaydon Corp		57
3,920		Kennametal, Inc		87
338	*	Key Technology, Inc		6
3,600	*	Kulicke & Soffa Industries, Inc		6
7,466	*	Lam Research Corp		159
2,798		Lennox International, Inc		90
4,895	*	Lexmark International, Inc (Class A)		132
700		Lindsay Manufacturing Co		22
949		Lufkin Industries, Inc		33
7,596		Manitowoc Co, Inc		66
901		Met-Pro Corp		12
5,098	*	Micros Systems, Inc		83
860	*	Middleby Corp		23
2,342		Modine Manufacturing Co		11
381		Nacco Industries, Inc (Class A)		14
1,196	*	NATCO Group, Inc (Class A)		18
714	*	Natural Gas Services Group, Inc		7
2,372	*	Netezza Corp		16
2,164	*	Netgear, Inc		25
939		NN, Inc		2
2,012		Nordson Corp		65
2,961	*	Oil States International, Inc		55
7,346		Pall Corp		209
6,172		Palm, Inc		19

30

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
11,719		Pitney Bowes, Inc	$	299
762	*	PMFG, Inc		7
12,525	*	Quantum Corp		5
1,782	*	Rackable Systems, Inc		7
1,335	*	RBC Bearings, Inc		27
630	*	Rimage Corp		8
3,346	*	Riverbed Technology, Inc		38
1,676		Robbins & Myers, Inc		27
7,798	*	Safeguard Scientifics, Inc		5
13,457	*	SanDisk Corp		129
744		Sauer-Danfoss, Inc		7
1,742	*	Scansource, Inc		34
3,970	*	Scientific Games Corp (Class A)		70
16,448	*,m,v	Seagate Technology		-	^
29,023		Seagate Technology, Inc		129
1,100	*	Semitool, Inc		3
1,525	*	Sigma Designs, Inc		14
3,183		SPX Corp		129
800		Standex International Corp		16
1,945	*	STEC, Inc		8
1,355	*	Super Micro Computer, Inc		9
746	*	T-3 Energy Services, Inc		7
1,000	*	Tecumseh Products Co		10
500		Tennant Co		8
11,006	*	Teradata Corp		163
6,000	*	Terex Corp		104
819	*	Thermadyne Holdings Corp		5
4,954		Timken Co		97
1,558		Toro Co		51
881	*	TurboChef Technologies, Inc		4
562		Twin Disc, Inc		4
1,608	*	Ultratech, Inc		19
7,525	*	Varian Medical Systems, Inc		264
3,790	*	VeriFone Holdings, Inc		19
1,482		Watsco, Inc		57
13,173	*	Western Digital Corp		151
3,508		Woodward Governor Co		81
3,893	*	Zebra Technologies Corp (Class A)		79
		TOTAL INDUSTRIAL MACHINERY AND EQUIPMENT		25,204
INSTRUMENTS AND RELATED PRODUCTS—3.85%
1,214	*	Abaxis, Inc		19
1,811	*	Abiomed, Inc		30
2,205	*	Accuray, Inc		11
3,633	*	Advanced Medical Optics, Inc		24
4,200	*	Affymetrix, Inc		13
21,055	*	Agilent Technologies, Inc		329
3,618	*	Align Technology, Inc		32
17,654		Allergan, Inc		712
4,631	*	American Medical Systems Holdings, Inc		42
543		American Science & Engineering, Inc		40
928		Analogic Corp		25
1,600	*	Anaren, Inc		19
1,310	*	Angiodynamics, Inc		18
600	*	Argon ST, Inc		11
1,690	*	Arthrocare Corp		8
86		Atrion Corp		8
520	*	Axsys Technologies, Inc		29
742		Badger Meter, Inc		22
5,633		Bard (C.R.), Inc		475
36,744		Baxter International, Inc		1,969
3,352		Beckman Coulter, Inc		147

31

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
14,282		Becton Dickinson & Co	$	977
1,200	*	Bio-Rad Laboratories, Inc (Class A)		90
87,482	*	Boston Scientific Corp		677
3,369	*	Bruker BioSciences Corp		14
711	*	Cantel Medical Corp		11
1,175	*	Cardiac Science Corp		9
3,392	*	Cepheid, Inc		35
1,426	*	Coherent, Inc		31
1,500		Cohu, Inc		18
1,940	*	Conmed Corp		46
2,715		Cooper Cos, Inc		45
29,037		Covidien Ltd		1,052
1,543	*	Cyberonics, Inc		26
475	*	Cynosure, Inc (Class A)		4
15,041		Danaher Corp		851
800		Datascope Corp		42
8,898		Dentsply International, Inc		251
2,984	*	Depomed, Inc		5
1,556	*	DexCom, Inc		4
828	*	Dionex Corp		37
430	*	DXP Enterprises, Inc		6
17,610		Eastman Kodak Co		116
45,931		Emerson Electric Co		1,682
1,718	*	ESCO Technologies, Inc		70
1,694	*	Esterline Technologies Corp		64
4,213	*	ev3, Inc		26
408	*	Exactech, Inc		7
910	*	FARO Technologies, Inc		15
2,156	*	FEI Co		41
7,664	*	Flir Systems, Inc		235
2,946	*	Formfactor, Inc		43
2,463	*	Fossil, Inc		41
7,668		Garmin Ltd		147
1,543	*	Haemonetics Corp		87
1,363	*	Hanger Orthopedic Group, Inc		20
807	*	Herley Industries, Inc		10
3,482		Hillenbrand, Inc		58
15,329	*	Hologic, Inc		200
919	*	ICU Medical, Inc		30
1,260	*	I-Flow Corp		6
1,400	*	II-VI, Inc		27
6,786	*	Illumina, Inc		177
1,078	*	Insulet Corp		8
732	*	Integra LifeSciences Holdings Corp		26
2,115	*	Intuitive Surgical, Inc		269
2,044		Invacare Corp		32
5,039	*	ION Geophysical Corp		17
1,079	*	IRIS International, Inc		15
2,039	*	Itron, Inc		130
2,194	*	Ixia		13
520	*	Kensey Nash Corp		10
10,175		Kla-Tencor Corp		222
4,206	*	Kopin Corp		9
142	*	K-Tron International, Inc		11
3,660	*	L-1 Identity Solutions, Inc		25
725	*	LaBarge, Inc		11
4,233	*	LTX-Credence Corp		1
1,014	*	Lydall, Inc		6
2,750	*	Masimo Corp		82
742	*	Measurement Specialties, Inc		5
873	*	Medical Action Industries, Inc		9

32

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
65,409		Medtronic, Inc	$	2,055
1,802		Mentor Corp		56
1,469	*	Merit Medical Systems, Inc		26
2,006	*	Mettler-Toledo International, Inc		135
935	*	Micrus Endovascular Corp		11
3,307	*	Millipore Corp		170
1,789		Mine Safety Appliances Co		43
3,076	*	MKS Instruments, Inc		45
1,178		Movado Group, Inc		11
708		MTS Systems Corp		19
3,475		National Instruments Corp		85
1,662	*	Natus Medical, Inc		22
876	*	Neogen Corp		22
2,159	*	Newport Corp		15
2,136	*	NuVasive, Inc		74
794	*	NxStage Medical, Inc		2
1,010	*	Orthofix International NV		15
246	*	OYO Geospace Corp		4
1,140	*	Palomar Medical Technologies, Inc		13
7,339		PerkinElmer, Inc		102
24,814		Raytheon Co		1,267
4,369	*	Resmed, Inc		164
8,779		Rockwell Automation, Inc		283
9,113		Rockwell Collins, Inc		356
1,906	*	Rofin-Sinar Technologies, Inc		39
5,330		Roper Industries, Inc		231
1,464	*	Rudolph Technologies, Inc		5
3,325	*	Sirf Technology Holdings, Inc		4
1,080	*	Sirona Dental Systems, Inc		11
748	*	Somanetics Corp		12
1,305	*	Sonic Solutions, Inc		2
957	*	SonoSite, Inc		18
1,958	*	Spectranetics Corp		5
19,594	*	St. Jude Medical, Inc		646
939	*	Stereotaxis, Inc		4
3,576		STERIS Corp		85
17,975		Stryker Corp		718
2,227	*	Symmetry Medical, Inc		18
768	*	Synovis Life Technologies, Inc		14
2,100		Techne Corp		135
2,183	*	Teledyne Technologies, Inc		97
9,702	*	Teradyne, Inc		41
24,540	*	Thermo Electron Corp		836
3,422	*	Thoratec Corp		111
755	*	Trans1, Inc		5
7,398	*	Trimble Navigation Ltd		160
1,810	*	Varian, Inc		61
1,820	*	Veeco Instruments, Inc		12
828	*	Vital Images, Inc		12
3,486	*	Vivus, Inc		19
768	*	Vnus Medical Technologies, Inc		13
2,847	*	Volcano Corp		43
5,993	*	Waters Corp		220
2,200	*	Wright Medical Group, Inc		45
51,199		Xerox Corp		408
13,354	*	Zimmer Holdings, Inc		540
1,200	*	Zoll Medical Corp		23
1,176	*	Zygo Corp		8
		TOTAL INSTRUMENTS AND RELATED PRODUCTS		21,813

33

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
INSURANCE AGENTS, BROKERS AND SERVICE—0.39%
16,484		AON Corp	$	753
6,834		Brown & Brown, Inc		143
276	*	Crawford & Co (Class B)		4
5,300		Gallagher (Arthur J.) & Co		137
18,132		Hartford Financial Services Group, Inc		298
359		Life Partners Holdings, Inc		15
29,907		Marsh & McLennan Cos, Inc		726
2,320		National Financial Partners Corp		7
530		White Mountains Insurance Group Ltd		142
		TOTAL INSURANCE AGENTS, BROKERS AND SERVICE		2,225
INSURANCE CARRIERS—3.70%
28,444		Aetna, Inc		811
27,947		Aflac, Inc		1,281
304	*	Alleghany Corp		86
2,914		Allied World Assurance Holdings Ltd		118
32,258		Allstate Corp		1,057
13,238		Ambac Financial Group, Inc		17
3,620		American Equity Investment Life Holding Co		25
4,699		American Financial Group, Inc		108
132,234		American International Group, Inc		208
915		American National Insurance Co		67
478		American Physicians Capital, Inc		23
622	*	American Safety Insurance Holdings Ltd		8
2,840	*	AMERIGROUP Corp		84
1,131	*	Amerisafe, Inc		23
1,541		Amtrust Financial Services, Inc		18
2,380	*	Arch Capital Group Ltd		167
1,848	*	Argo Group International Holdings Ltd		63
5,006		Aspen Insurance Holdings Ltd		121
7,072		Assurant, Inc		212
3,652		Assured Guaranty Ltd		42
8,895		Axis Capital Holdings Ltd		259
625		Baldwin & Lyons, Inc (Class B)		11
1,983		Castlepoint Holdings Ltd		27
1,750	*	Catalyst Health Solutions, Inc		43
2,823	*	Centene Corp		56
21,167		Chubb Corp		1,080
15,716		Cigna Corp		265
8,734		Cincinnati Financial Corp		254
2,162	*	Citizens, Inc (Class A)		21
1,743		CNA Financial Corp		29
1,100	*	CNA Surety Corp		21
10,885	*	Conseco, Inc		56
2,592		Delphi Financial Group, Inc (Class A)		48
850		Donegal Group, Inc (Class A)		14
168		EMC Insurance Group, Inc		4
2,968		Employers Holdings, Inc		49
3,125		Endurance Specialty Holdings Ltd		95
426	*	Enstar Group Ltd		25
1,911		Erie Indemnity Co (Class A)		72
3,668		Everest Re Group Ltd		279
881		FBL Financial Group, Inc (Class A)		14
13,156		Fidelity National Title Group, Inc (Class A)		234
1,175	*	First Acceptance Corp		3
5,326		First American Corp		154
763	*	First Mercury Financial Corp		11
1,821		Flagstone Reinsurance Holdings Ltd		18
558	*	Fpic Insurance Group, Inc		24
25,885		Genworth Financial, Inc (Class A)		73

34

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,722	*	Greenlight Capital Re Ltd (Class A)	$	22
3,081		Hanover Insurance Group, Inc		132
839		Harleysville Group, Inc		29
7,008		HCC Insurance Holdings, Inc		187
5,325	*	Health Net, Inc		58
2,916	*	Healthspring, Inc		58
2,970		Horace Mann Educators Corp		27
9,577	*	Humana, Inc		357
423		Independence Holding Co		2
936		Infinity Property & Casualty Corp		44
3,094		IPC Holdings Ltd		93
314		Kansas City Life Insurance Co		14
10,630		Leucadia National Corp		210
14,418		Lincoln National Corp		272
18,789		Loews Corp		531
2,909		Maiden Holdings Ltd		9
508	*	Markel Corp		152
3,703		Max Re Capital Ltd		66
12,809	*	MBIA, Inc		52
2,850		Meadowbrook Insurance Group, Inc		18
1,267		Mercury General Corp		58
29,209		Metlife, Inc		1,018
7,457		MGIC Investment Corp		26
720	*	Molina Healthcare, Inc		13
5,597		Montpelier Re Holdings Ltd		94
224		National Interstate Corp		4
154		National Western Life Insurance Co (Class A)		26
2,762		Nationwide Financial Services, Inc (Class A)		144
838	*	Navigators Group, Inc		46
376		NYMAGIC, Inc		7
858		Odyssey Re Holdings Corp		44
14,152		Old Republic International Corp		169
1,314		OneBeacon Insurance Group Ltd (Class A)		13
3,254		PartnerRe Ltd		232
7,094		Phoenix Cos, Inc		23
2,759		Platinum Underwriters Holdings Ltd		99
1,846	*	PMA Capital Corp (Class A)		13
5,465		PMI Group, Inc		11
1,393		Presidential Life Corp		14
2,793	*	Primus Guaranty Ltd		3
15,488		Principal Financial Group		349
2,003	*	ProAssurance Corp		106
39,067		Progressive Corp		578
4,294		Protective Life Corp		62
25,470		Prudential Financial, Inc		771
5,032		Radian Group, Inc		19
1,249	*	RadNet, Inc		4
3,978		Reinsurance Group of America, Inc (Class A)		170
3,366		RenaissanceRe Holdings Ltd		174
1,157		RLI Corp		71
784		Safety Insurance Group, Inc		30
999	*	SeaBright Insurance Holdings, Inc		12
2,700		Selective Insurance Group, Inc		62
2,873		Stancorp Financial Group, Inc		120
913		State Auto Financial Corp		27
1,214		Stewart Information Services Corp		29
5,127		Torchmark Corp		229
1,074		Tower Group, Inc		30
1,735		Transatlantic Holdings, Inc		70
35,600		Travelers Cos, Inc		1,609
700	*	Triple-S Management Corp (Class B)		8
1,515	*	United America Indemnity Ltd (Class A)		19

35

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,337		United Fire & Casualty Co	$	42
71,532		UnitedHealth Group, Inc		1,903
2,455		Unitrin, Inc		39
2,474	*	Universal American Financial Corp		22
20,714		UnumProvident Corp		385
3,501		Validus Holdings Ltd		92
8,567		W.R. Berkley Corp		266
2,485	*	WellCare Health Plans, Inc		32
30,885	*	WellPoint, Inc		1,301
49		Wesco Financial Corp		14
19,717		XL Capital Ltd (Class A)		73
2,375		Zenith National Insurance Corp		75
		TOTAL INSURANCE CARRIERS		20,961
JUSTICE, PUBLIC ORDER AND SAFETY—0.03%
7,308	*	Corrections Corp of America		120
3,103	*	Geo Group, Inc		56
		TOTAL JUSTICE, PUBLIC ORDER AND SAFETY		176
LEATHER AND LEATHER PRODUCTS—0.10%
19,443	*	Coach, Inc		404
4,890	*	CROCS, Inc		6
669	*	Genesco, Inc		11
3,106	*	Iconix Brand Group, Inc		31
1,333	*	Steven Madden Ltd		28
2,878	*	Timberland Co (Class A)		33
378		Weyco Group, Inc		13
2,989		Wolverine World Wide, Inc		63
		TOTAL LEATHER AND LEATHER PRODUCTS		589
LEGAL SERVICES—0.03%
3,007	*	FTI Consulting, Inc		134
714	*	Pre-Paid Legal Services, Inc		27
		TOTAL LEGAL SERVICES		161
LOCAL AND INTERURBAN PASSENGER TRANSIT—0.00%**
564	*	Emergency Medical Services Corp (Class A)		21
		TOTAL LOCAL AND INTERURBAN PASSENGER TRANSIT		21
LUMBER AND WOOD PRODUCTS—0.02%
660		American Woodmark Corp		12
4,900	*	Champion Enterprises, Inc		3
742		Deltic Timber Corp		34
6,361		Louisiana-Pacific Corp		10
442		Skyline Corp		9
979		Universal Forest Products, Inc		26
		TOTAL LUMBER AND WOOD PRODUCTS		94
METAL MINING—0.39%
2,642	*	Allied Nevada Gold Corp		13
3,583	*	Apex Silver Mines Ltd		4
6,250		Cleveland-Cliffs, Inc		160
33,024	*	Coeur d'Alene Mines Corp		29
2,756		Foundation Coal Holdings, Inc		39
22,507		Freeport-McMoRan Copper & Gold, Inc (Class B)		550
7,406	*	Hecla Mining Co		21
25,335		Newmont Mining Corp		1,031

36

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
4,540	*	Patriot Coal Corp	$	28
3,261	*	Rosetta Resources, Inc		23
1,762		Royal Gold, Inc		87
1,718	*	ShengdaTech, Inc		6
13,194		Southern Copper Corp		212
1,968	*	Stillwater Mining Co		10
2,888	*	Uranium Resources, Inc		2
		TOTAL METAL MINING		2,215
MISCELLANEOUS MANUFACTURING INDUSTRIES—0.24%
988		Armstrong World Industries, Inc		21
1,544		Blyth, Inc		12
4,329		Callaway Golf Co		40
2,087		Daktronics, Inc		20
7,385		Hasbro, Inc		215
2,063	*	Intrepid Potash, Inc		43
1,657	*	Jakks Pacific, Inc		34
1,909	*	Leapfrog Enterprises, Inc		7
1,066		Marine Products Corp		6
20,726		Mattel, Inc		332
2,137	*	Nautilus, Inc		5
1,217	*	RC2 Corp		13
700	*	Russ Berrie & Co, Inc		2
2,343	*	Shuffle Master, Inc		12
467	*	Steinway Musical Instruments, Inc		8
28,171		Tyco International Ltd		608
		TOTAL MISCELLANEOUS MANUFACTURING INDUSTRIES		1,378
MISCELLANEOUS RETAIL—1.24%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		5
18,444	*	Amazon.com, Inc		946
2,240		Barnes & Noble, Inc		34
1,412		Big 5 Sporting Goods Corp		7
1,004	*	Blue Nile, Inc		25
3,769	*	Borders Group, Inc		2
968	*	Build-A-Bear Workshop, Inc		5
2,068	*	Cabela's, Inc		12
1,865		Cash America International, Inc		51
3,306	*	CKX, Inc		12
3,853	*	Coldwater Creek, Inc		11
83,348		CVS Corp		2,395
4,676	*	Dick's Sporting Goods, Inc		66
5,275	*	Dollar Tree, Inc		220
5,097	*	Drugstore.Com		6
2,322	*	Ezcorp, Inc (Class A)		35
1,606	*	GSI Commerce, Inc		17
834	*	Hibbett Sports, Inc		13
2,163	*	HSN, Inc		16
1,539	*	Jo-Ann Stores, Inc		24
3,063	*	Marvel Entertainment, Inc		94
2,547		MSC Industrial Direct Co (Class A)		94
2,071		Nutri/System, Inc		30
15,426	*	Office Depot, Inc		46
4,100		OfficeMax, Inc		31
840	*	Overstock.com, Inc		9
648	*	PC Mall, Inc		3
7,407		Petsmart, Inc		137
2,296	*	Priceline.com, Inc		169
811		Pricesmart, Inc		17
33,788	*	Rite Aid Corp		10
895	*	Shutterfly, Inc		6

37

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
3,750		Signet Jewelers Ltd	$	33
1,250	*	Stamps.com, Inc		12
40,931		Staples, Inc		733
461		Systemax, Inc		5
7,640		Tiffany & Co		180
57,472		Walgreen Co		1,418
1,783		World Fuel Services Corp		66
1,423	*	Zale Corp		5
933	*	Zumiez, Inc		7
		TOTAL MISCELLANEOUS RETAIL		7,007
MOTION PICTURES—0.70%
860	*	Ascent Media Corp (Series A)		19
1,154	*	Avid Technology, Inc		13
12,560	*	Blockbuster, Inc (Class A)		16
1,605		Cinemark Holdings, Inc		12
8,600	*	Discovery Communications, Inc (Class A)		122
7,001	*	Discovery Communications, Inc (Class C)		94
4,779	*	DreamWorks Animation SKG, Inc (Class A)		121
1,016	*	Gaiam, Inc (Class A)		4
5,090	*	Macrovision Solutions Corp		64
2,600		National CineMedia, Inc		26
135,770		News Corp (Class A)		1,234
4,340		Regal Entertainment Group (Class A)		44
208,007		Time Warner, Inc		2,093
8,960	*	tw telecom inc (Class A)		76
		TOTAL MOTION PICTURES		3,938
NONDEPOSITORY INSTITUTIONS—0.60%
3,765		Advance America Cash Advance Centers, Inc		7
2,254		Advanta Corp (Class B)		5
12,151		American Capital Ltd		39
58,546		American Express Co		1,086
6,944	*	AmeriCredit Corp		53
8,509		Apollo Investment Corp		79
5,815		Ares Capital Corp		37
2,000	*	Boise, Inc		—	^
21,945		Capital One Financial Corp		700
9,101		CapitalSource, Inc		42
2,000		Chimera Investment Corp		7
16,133		CIT Group, Inc		73
1,233	*	CompuCredit Corp		7
611	*	Credit Acceptance Corp		8
28,435		Discover Financial Services		271
966	*	Encore Capital Group, Inc		7
591		Federal Agricultural Mortgage Corp (Class C)		2
38,691		Federal Home Loan Mortgage Corp		28
47,853		Federal National Mortgage Association		36
1,621		Financial Federal Corp		38
1,630	*	First Cash Financial Services, Inc		31
3,742	*	First Marblehead Corp		5
1,326		Gladstone Investment Corp		7
3,300		GLG Partners, Inc		7
2,159	*	Guaranty Financial Group, Inc		6
1,426		Hercules Technology Growth Capital, Inc		11
1,051		Kohlberg Capital Corp		4
5,871		Lender Processing Services, Inc		173
3,668		MCG Capital Corp		3
872		Medallion Financial Corp		7
1,518	*	Mercadolibre, Inc		25
603	*	Mitcham Industries, Inc		2
1,165		Nelnet, Inc (Class A)		17
812	*	NewStar Financial, Inc		3
1,181		NGP Capital Resources Co		10

38

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,600	*	Ocwen Financial Corp	$	24
1,115		Patriot Capital Funding, Inc		4
1,209		PennantPark Investment Corp		4
3,083	*	PHH Corp		39
26,069	*	SLM Corp		232
258		Student Loan Corp		11
14,852		Textron, Inc		206
2,956	*	thinkorswim Group, Inc		17
360	*	Tree.com, Inc		1
393	*	World Acceptance Corp		8
		TOTAL NONDEPOSITORY INSTITUTIONS		3,382
NONMETALLIC MINERALS, EXCEPT FUELS—0.11%
1,482		AMCOL International Corp		31
1,945		Compass Minerals International, Inc		114
2,908	*	General Moly, Inc		4
6,416		Vulcan Materials Co		446
		TOTAL NONMETALLIC MINERALS, EXCEPT FUELS		595
OIL AND GAS EXTRACTION—3.98%
2,461	*	Abraxas Petroleum Corp		2
27,285		Anadarko Petroleum Corp		1,052
19,269		Apache Corp		1,436
568		APCO Argentina, Inc		15
546	*	Approach Resources, Inc		4
2,099	*	Arena Resources, Inc		59
2,141		Atlas America, Inc		32
1,653	*	ATP Oil & Gas Corp		10
3,326	*	Atwood Oceanics, Inc		51
18,033		Baker Hughes, Inc		578
2,507	*	Basic Energy Services, Inc		33
2,505		Berry Petroleum Co (Class A)		19
2,193	*	Bill Barrett Corp		47
17,583		BJ Services Co		205
2,240	*	BMB Munai, Inc		3
2,914	*	Brigham Exploration Co		9
1,573	*	Bronco Drilling Co, Inc		10
5,926		Cabot Oil & Gas Corp		154
2,632	*	Cal Dive International, Inc		17
1,319	*	Callon Petroleum Co		4
12,992	*	Cameron International Corp		266
2,276	*	Cano Petroleum, Inc		1
1,637	*	Carrizo Oil & Gas, Inc		26
3,135	*	Cheniere Energy, Inc		9
33,442		Chesapeake Energy Corp		541
4,959		Cimarex Energy Co		133
326	*	Clayton Williams Energy, Inc		15
794	*	CNX Gas Corp		22
2,885	*	Complete Production Services, Inc		24
2,751	*	Comstock Resources, Inc		130
2,981	*	Concho Resources, Inc		68
811	*	Contango Oil & Gas Co		46
1,798	*	Continental Resources, Inc		37
474	*	Dawson Geophysical Co		9
4,024	*	Delta Petroleum Corp		19
14,734	*	Denbury Resources, Inc		161
26,023		Devon Energy Corp		1,710
3,843		Diamond Offshore Drilling, Inc		227
488	*	Double Eagle Petroleum Co		3
3,268	*	Encore Acquisition Co		83
6,804	*	Endeavour International Corp		3
2,129	*	Energy Partners Ltd		3

39

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
800	*	Energy Recovery, Inc	$	6
4,218		Energy XXI Bermuda Ltd		3
8,035		ENSCO International, Inc		228
14,459		EOG Resources, Inc		963
7,828		Equitable Resources, Inc		263
8,968	*	EXCO Resources, Inc		81
3,923	*	Exterran Holdings, Inc		84
5,265	*	Forest Oil Corp		87
2,157	*	FX Energy, Inc		6
5,648	*	Gasco Energy, Inc		2
1,949	*	GeoGlobal Resources, Inc		3
424	*	Geokinetics, Inc		1
1,091	*	Geomet, Inc		2
6,920	*	Global Industries Ltd		24
875	*	GMX Resources, Inc		22
1,200	*	Goodrich Petroleum Corp		36
1,573	*	Gulfport Energy Corp		6
51,110		Halliburton Co		929
2,496	*	Harvest Natural Resources, Inc		11
5,489	*	Helix Energy Solutions Group, Inc		40
6,324		Helmerich & Payne, Inc		144
5,316	*	Hercules Offshore, Inc		25
597		Kayne Anderson Energy Development Co		4
7,484	*	Key Energy Services, Inc		33
5,069	*	Mariner Energy, Inc		52
3,025	*	McMoRan Exploration Co		30
6,041	*	Meridian Resource Corp		4
16,719	*	Nabors Industries Ltd		200
24,108	*	National Oilwell Varco, Inc		589
7,053	*	Newfield Exploration Co		139
5,171	*	Newpark Resources, Inc		19
15,483		Noble Corp		342
9,771		Noble Energy, Inc		481
1,187	*	Northern Oil And Gas, Inc		3
47,823		Occidental Petroleum Corp		2,869
3,300	*	Oceaneering International, Inc		96
9,895	*	Oilsands Quest, Inc		7
447		Panhandle Oil and Gas, Inc (Class A)		8
2,487	*	Parallel Petroleum Corp		5
6,555	*	Parker Drilling Co		19
9,241		Patterson-UTI Energy, Inc		106
2,491		Penn Virginia Corp		65
361	*,m,v	Petrocorp, Inc		—	^
15,052	*	PetroHawk Energy Corp		235
1,000	*	Petroleum Development Corp		24
2,768	*	Petroquest Energy, Inc		19
2,681	*	Pioneer Drilling Co		15
7,158		Pioneer Natural Resources Co		116
6,453	*	Plains Exploration & Production Co		150
1,370		Precision Drilling Trust		11
10,147	*	Pride International, Inc		162
1,170	*	Quest Resource Corp		—	^
5,992	*	Quicksilver Resources, Inc		33
2,214	*	RAM Energy Resources, Inc		2
9,241		Range Resources Corp		318
989	*	Rex Energy Corp		3
6,543		Rowan Cos, Inc		104
1,462		RPC, Inc		14
69,509		Schlumberger Ltd		2,942
1,221	*	SEACOR Holdings, Inc		81

40

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
12,643		Smith International, Inc	$	289
19,908	*	Southwestern Energy Co		577
3,800		St. Mary Land & Exploration Co		77
1,300	*	Stone Energy Corp		14
3,221	*	Sulphco, Inc		3
4,839	*	Superior Energy Services		77
989	*	Superior Well Services, Inc		10
1,701	*	Swift Energy Co		29
4,475	*	Tetra Technologies, Inc		22
3,048		Tidewater, Inc		123
942	*	Toreador Resources Corp		5
755	*	Trico Marine Services, Inc		3
1,391	*	Tri-Valley Corp		3
1,841	*	TXCO Resources, Inc		3
500	*	Union Drilling, Inc		3
2,793	*	Unit Corp		75
3,680	*	Vaalco Energy, Inc		27
1,213	*	Venoco, Inc		3
1,693		W&T Offshore, Inc		24
3,436	*	Warren Resources, Inc		7
39,268	*	Weatherford International Ltd		425
2,534	*	Whiting Petroleum Corp		85
2,395	*	Willbros Group, Inc		20
32,268		XTO Energy, Inc		1,138
		TOTAL OIL AND GAS EXTRACTION		22,584
PAPER AND ALLIED PRODUCTS—0.43%
2,993	*	AbitibiBowater, Inc		1
5,948		Bemis Co		141
2,317	*	Buckeye Technologies, Inc		9
3,345	*	Cenveo, Inc		15
27,125	*	Domtar Corporation		45
2,970		Glatfelter		28
8,726	*	Graphic Packaging Holding Co		10
2,066		Greif, Inc (Class A)		69
24,643		International Paper Co		291
24,449		Kimberly-Clark Corp		1,289
10,393		MeadWestvaco Corp		116
1,971	*	Mercer International, Inc		4
1,075		Neenah Paper, Inc		10
5,657		Packaging Corp of America		76
2,293		Rock-Tenn Co (Class A)		78
1,040		Schweitzer-Mauduit International, Inc		21
953	*	Smurfit-Stone Container Corp		—	^
6,153		Sonoco Products Co		143
6,477		Temple-Inland, Inc		31
3,174		Wausau Paper Corp		36
		TOTAL PAPER AND ALLIED PRODUCTS		2,413
PERSONAL SERVICES—0.17%
7,099		Cintas Corp		165
1,994	*	Coinstar, Inc		39
1,405		G & K Services, Inc (Class A)		28
18,644		H&R Block, Inc		423
2,055		Jackson Hewitt Tax Service, Inc		32
2,615		Regis Corp		38
5,024	*	Sally Beauty Holdings, Inc		29
16,197		Service Corp International		80
1,036	*	Steiner Leisure Ltd		31
864		Unifirst Corp		26
2,092		Weight Watchers International, Inc		62
		TOTAL PERSONAL SERVICES		953
PETROLEUM AND COAL PRODUCTS—7.42%
783		Alon USA Energy, Inc		7
2,205	*	American Oil & Gas, Inc		2

41

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
4,098		Ashland, Inc	$	43
120,590		Chevron Corp		8,920
89,919		ConocoPhillips		4,658
1,100	*	CVR Energy, Inc		4
683		Delek US Holdings, Inc		4
307,925		Exxon Mobil Corp		24,582
5,933		Frontier Oil Corp		75
5,681	*	Gran Tierra Energy, Inc		16
2,769	*	Headwaters, Inc		19
16,534		Hess Corp		887
2,601		Holly Corp		47
41,567		Marathon Oil Corp		1,137
10,867		Murphy Oil Corp		482
610		Quaker Chemical Corp		10
5,518	*	SandRidge Energy, Inc		34
7,003		Sunoco, Inc		304
8,359		Tesoro Corp		110
30,730		Valero Energy Corp		665
1,100		WD-40 Co		31
1,509		Western Refining, Inc		12
		TOTAL PETROLEUM AND COAL PRODUCTS		42,049
PIPELINES, EXCEPT NATURAL GAS—0.10%
36,633		Spectra Energy Corp		577
		TOTAL PIPELINES, EXCEPT NATURAL GAS		577
PRIMARY METAL INDUSTRIES—0.73%
5,205		AK Steel Holding Corp		49
47,575		Alcoa, Inc		536
6,046		Allegheny Technologies, Inc		154
2,599		Belden CDT, Inc		54
1,200	*	Brush Engineered Materials, Inc		15
2,012		Carpenter Technology Corp		41
1,754	*	Century Aluminum Co		18
528	*	Coleman Cable, Inc		2
4,100	*	CommScope, Inc		64
92,360		Corning, Inc		880
1,511		Encore Wire Corp		29
849	*	Fushi Copperweld, Inc		4
2,050	*	General Cable Corp		36
636	*	General Steel Holdings, Inc		3
1,633		Gibraltar Industries, Inc		19
718	*	Haynes International, Inc		18
2,056	*	Horsehead Holding Corp		10
2,660		Hubbell, Inc (Class B)		87
1,977		Matthews International Corp (Class A)		73
1,459	*	Metalico, Inc		2
2,431		Mueller Industries, Inc		61
538	*	Northwest Pipe Co		23
18,259		Nucor Corp		844
529		Olympic Steel, Inc		11
8,241		Precision Castparts Corp		490
1,496	*	RTI International Metals, Inc		22
1,362		Schnitzer Steel Industries, Inc (Class A)		51
10,047		Steel Dynamics, Inc		112
1,393		Texas Industries, Inc		48
5,118		Titanium Metals Corp		45
1,864		Tredegar Corp		34
6,434		United States Steel Corp		239
400	*	Universal Stainless & Alloy		6
3,836		Worthington Industries, Inc		42
		TOTAL PRIMARY METAL INDUSTRIES		4,122
PRINTING AND PUBLISHING—0.28%
2,726	*	ACCO Brands Corp		9

42

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,036		AH Belo Corp (Class A)	$	2
3,245		American Greetings Corp (Class A)		25
5,182		Belo (A.H.) Corp (Class A)		8
2,400		Bowne & Co, Inc		14
594	*	Consolidated Graphics, Inc		13
594		Courier Corp		11
269		CSS Industries, Inc		5
1,291	*	Dolan Media Co		9
3,340		Dun & Bradstreet Corp		258
1,693		Ennis, Inc		21
1,802		EW Scripps Co (Class A)		4
13,654		Gannett Co, Inc		109
2,799		Harte-Hanks, Inc		17
2,035		John Wiley & Sons, Inc (Class A)		72
2,807		Journal Communications, Inc (Class A)		7
2,965		Lee Enterprises, Inc		1
1,522	*	Martha Stewart Living Omnimedia, Inc (Class A)		4
2,758		McClatchy Co (Class A)		2
18,492		McGraw-Hill Cos, Inc		429
1,557		Media General, Inc (Class A)		3
2,369		Meredith Corp		41
2,630	*	MSCI, Inc (Class A)		47
514		Multi-Color Corp		8
8,530		New York Times Co (Class A)		63
945	*	Playboy Enterprises, Inc (Class B)		2
1,695	*	Presstek, Inc		5
2,715		Primedia, Inc		6
4,232	*	R.H. Donnelley Corp		1
12,693		R.R. Donnelley & Sons Co		172
977		Schawk, Inc (Class A)		11
1,473	*	Scholastic Corp		20
1,179		Standard Register Co		11
3,018	*	Valassis Communications, Inc		4
2,630	*	VistaPrint Ltd		49
329		Washington Post Co (Class B)		128
		TOTAL PRINTING AND PUBLISHING		1,591
RAILROAD TRANSPORTATION—0.82%
16,247		Burlington Northern Santa Fe Corp		1,230
23,748		CSX Corp		771
1,841	*	Genesee & Wyoming, Inc (Class A)		56
4,812	*	Kansas City Southern Industries, Inc		92
22,085		Norfolk Southern Corp		1,039
30,027		Union Pacific Corp		1,435
		TOTAL RAILROAD TRANSPORTATION		4,623
REAL ESTATE—0.06%
10,114	*	CB Richard Ellis Group, Inc (Class A)		44
378		Consolidated-Tomoka Land Co		14
1,553		DuPont Fabros Technology, Inc		3
4,444		Forest City Enterprises, Inc (Class A)		30
2,159	*	Forestar Real Estate Group, Inc		21
660	*	FX Real Estate and Entertainment, Inc		—	^
982		Grubb & Ellis Co		1
1,906		Jones Lang LaSalle, Inc		53
1,663	*	LoopNet, Inc		11
5,578	*	St. Joe Co		136
3,104		Stewart Enterprises, Inc (Class A)		9
297	*	Stratus Properties, Inc		4
1,468		Thomas Properties Group, Inc		4
		TOTAL REAL ESTATE		330
RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS—0.31%
464	*	AEP Industries, Inc		8
3,774		Cooper Tire & Rubber Co		23
781	*	Deckers Outdoor Corp		63

43

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
12,589	*	Goodyear Tire & Rubber Co	$	75
881	*	Metabolix, Inc		11
16,581		Newell Rubbermaid, Inc		162
20,774		Nike, Inc (Class B)		1,060
1,704		Schulman (A.), Inc		29
8,376		Sealed Air Corp		125
1,985	*	Skechers U.S.A., Inc (Class A)		25
2,188		Spartech Corp		14
1,848		Titan International, Inc		15
714	*	Trex Co, Inc		12
3,650		Tupperware Corp		83
2,075		West Pharmaceutical Services, Inc		78
		TOTAL RUBBER AND MISCELLANEOUS PLASTIC PRODUCTS		1,783
SECURITY AND COMMODITY BROKERS—1.91%
13,287		Ameriprise Financial, Inc		310
947		BlackRock, Inc		127
8,541		Broadridge Financial Solutions, Inc		107
1,547		Calamos Asset Management, Inc (Class A)		11
54,106		Charles Schwab Corp		875
3,877		CME Group, Inc		807
1,086		Cohen & Steers, Inc		12
118		Diamond Hill Investment Group, Inc		8
800	*	Duff & Phelps Corp		15
25,192	*	E*Trade Financial Corp		29
6,300		Eaton Vance Corp		132
528		Evercore Partners, Inc (Class A)		7
2,300	*	FBR Capital Markets Corp		11
1,364	*	FCStone Group, Inc		6
5,305		Federated Investors, Inc (Class B)		90
8,924		Franklin Resources, Inc		569
9,089	*	Friedman Billings Ramsey Group, Inc (Class A)		2
448		GAMCO Investors, Inc (Class A)		12
3,928		GFI Group, Inc		14
25,694		Goldman Sachs Group, Inc		2,168
1,134		Greenhill & Co, Inc		79
2,464	*	Interactive Brokers Group, Inc (Class A)		44
4,000	*	IntercontinentalExchange, Inc		330
22,419		Invesco Ltd		324
2,790	*	Investment Technology Group, Inc		63
9,634		Janus Capital Group, Inc		77
7,640		Jefferies Group, Inc		107
1,786	*	KBW, Inc		41
5,354	*	Knight Capital Group, Inc (Class A)		87
3,465	*	LaBranche & Co, Inc		17
6,023	*	Ladenburg Thalmann Financial Services, Inc		4
4,456		Lazard Ltd (Class A)		133
8,138		Legg Mason, Inc		178
1,518	*	MarketAxess Holdings, Inc		12
89,780		Merrill Lynch & Co, Inc		1,045
900	*	MF Global Ltd		2
64,771		Morgan Stanley		1,039
967	*	Morningstar, Inc		34
7,620	*	Nasdaq Stock Market, Inc		188
15,319		NYSE Euronext		420
2,681		optionsXpress Holdings, Inc		36
879	*	Penson Worldwide, Inc		7
1,153	*	Piper Jaffray Cos		46
5,630		Raymond James Financial, Inc		97
870		Sanders Morris Harris Group, Inc		5
8,072		SEI Investments Co		127
1,409	*	Stifel Financial Corp		65
1,726		SWS Group, Inc		33
15,553		T Rowe Price Group, Inc		551
14,726	*	TD Ameritrade Holding Corp		210

44

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
1,322	*	Thomas Weisel Partners Group, Inc	$	6
702		US Global Investors, Inc (Class A)		3
98		Value Line, Inc		3
5,415		Waddell & Reed Financial, Inc (Class A)		84
322		Westwood Holdings Group, Inc		9
		TOTAL SECURITY AND COMMODITY BROKERS		10,818
SOCIAL SERVICES—0.00%**
1,396	*	Capital Senior Living Corp		4
617	*	Providence Service Corp		1
1,211	*	Res-Care, Inc		18
		TOTAL SOCIAL SERVICES		23
SPECIAL TRADE CONTRACTORS—0.09%
246		Alico, Inc		10
1,884	*	AsiaInfo Holdings, Inc		22
1,067		Chemed Corp		42
2,673		Comfort Systems USA, Inc		29
2,650	*	Dycom Industries, Inc		22
3,912	*	EMCOR Group, Inc		88
1,632	*	Insituform Technologies, Inc (Class A)		32
987	*	Integrated Electrical Services, Inc		8
1,155	*	Layne Christensen Co		28
10,263	*	Quanta Services, Inc		203
		TOTAL SPECIAL TRADE CONTRACTORS		484
STONE, CLAY, AND GLASS PRODUCTS—0.52%
41,249		3M Co		2,373
2,068		Apogee Enterprises, Inc		22
665	*	Cabot Microelectronics Corp		17
1,232		CARBO Ceramics, Inc		44
2,603		Eagle Materials, Inc		48
8,722		Gentex Corp		77
862		Libbey, Inc		1
4,568	*	Owens Corning, Inc		79
9,975	*	Owens-Illinois, Inc		273
2,151	*	US Concrete, Inc		7
4,021	*	USG Corp		32
		TOTAL STONE, CLAY, AND GLASS PRODUCTS		2,973
TEXTILE MILL PRODUCTS—0.03%
1,703		Albany International Corp (Class A)		22
3,257		Interface, Inc (Class A)		15
3,326	*	Mohawk Industries, Inc		143
874		Oxford Industries, Inc		7
905	*	Xerium Technologies, Inc		1
		TOTAL TEXTILE MILL PRODUCTS		188
TOBACCO PRODUCTS—1.55%
121,864		Altria Group, Inc		1,835
8,981		Fortune Brands, Inc		371
10,230		Lorillard, Inc		576
123,160		Philip Morris International, Inc		5,359
1,060		Universal Corp		32
8,397		UST, Inc		583
2,525		Vector Group Ltd		34
		TOTAL TOBACCO PRODUCTS		8,790
TRANSPORTATION BY AIR—0.48%
677	*	Air Methods Corp		11
5,873	*	Airtran Holdings, Inc		26

45

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,436	*	Alaska Air Group, Inc	$	71
804	*	Allegiant Travel Co		39
14,725	*	AMR Corp		157
809	*	Atlas Air Worldwide Holdings, Inc		15
1,071	*	Bristow Group, Inc		29
5,828	*	Continental Airlines, Inc (Class B)		105
1,785		Copa Holdings S.A. (Class A)		54
33,874	*	Delta Air Lines, Inc		388
18,127		FedEx Corp		1,163
2,405	*	Hawaiian Holdings, Inc		16
11,166	*	JetBlue Airways Corp		79
882	*	PHI, Inc		12
2,007	*	Republic Airways Holdings, Inc		21
2,935		Skywest, Inc		55
43,331		Southwest Airlines Co		374
6,915		UAL Corp		76
4,982	*	US Airways Group, Inc		39
		TOTAL TRANSPORTATION BY AIR		2,730
TRANSPORTATION EQUIPMENT—2.40%
1,197		A.O. Smith Corp		36
2,061	*	AAR Corp		38
418	*	Aerovironment, Inc		16
2,719		American Axle & Manufacturing Holdings, Inc		8
569		American Railcar Industries, Inc		6
1,306	*	Amerigon, Inc (Class A)		4
4,699		ArvinMeritor, Inc		13
1,438	*	ATC Technology Corp		21
3,471		Autoliv, Inc		75
5,637	*	BE Aerospace, Inc		43
44,073		Boeing Co		1,881
5,519		Brunswick Corp		23
3,028		Clarcor, Inc		100
940	*	Cogo Group, Inc		5
5,941	*	Dana Holding Corp		4
636		Ducommun, Inc		11
996	*	Federal Mogul Corp (Class A)		4
3,359		Federal Signal Corp		28
4,014	*	Force Protection, Inc		24
129,460	*	Ford Motor Co		296
809		Freightcar America, Inc		15
735	*	Fuel Systems Solutions, Inc		24
3,656	*	GenCorp, Inc		13
23,050		General Dynamics Corp		1,327
32,035		General Motors Corp		103
516	*	GenTek, Inc		8
9,112		Genuine Parts Co		345
7,490		Goodrich Corp		277
869		Greenbrier Cos, Inc		6
1,580		Group 1 Automotive, Inc		17
14,147		Harley-Davidson, Inc		240
5,143		Harsco Corp		142
5,897	*	Hayes Lemmerz International, Inc		3
985		Heico Corp		38
43,476		Honeywell International, Inc		1,427
1,612		Kaman Corp		29
1,411	*	Lear Corp		2
533	*	LMI Aerospace, Inc		6
19,080		Lockheed Martin Corp		1,604
19,910		Northrop Grumman Corp		897
3,572	*	Orbital Sciences Corp		70

46

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,428		Oshkosh Truck Corp	$	22
21,148		Paccar, Inc		605
7,065	*	Pactiv Corp		176
2,038		Polaris Industries, Inc		58
1,983		Spartan Motors, Inc		9
6,221	*	Spirit Aerosystems Holdings, Inc (Class A)		63
1,631		Superior Industries International, Inc		17
2,719	*	Tenneco, Inc		8
2,119		Thor Industries, Inc		28
1,979	*	TransDigm Group, Inc		66
4,846		Trinity Industries, Inc		76
984		Triumph Group, Inc		42
2,648	*	TRW Automotive Holdings Corp		10
56,747		United Technologies Corp		3,042
7,954	*	Visteon Corp		3
2,193		Wabash National Corp		10
2,903		Westinghouse Air Brake Technologies Corp		115
1,944		Winnebago Industries, Inc		12
		TOTAL TRANSPORTATION EQUIPMENT		13,591
TRANSPORTATION SERVICES—0.23%
1,330		Ambassadors Group, Inc		12
10,211		CH Robinson Worldwide, Inc		562
783	*	Dynamex, Inc		12
12,198		Expeditors International Washington, Inc		406
2,753		GATX Corp		85
2,417	*	HUB Group, Inc (Class A)		64
2,163	*	Interval Leisure Group, Inc		12
2,500	*	Orbitz Worldwide, Inc		10
2,338		Pacer International, Inc		24
6,068		UTI Worldwide, Inc		87
		TOTAL TRANSPORTATION SERVICES		1,274
TRUCKING AND WAREHOUSING—0.49%
1,500		Arkansas Best Corp		45
1,483	*	Celadon Group, Inc		13
2,398		Con-way, Inc		64
1,949		Forward Air Corp		47
3,489		Heartland Express, Inc		55
4,893		J.B. Hunt Transport Services, Inc		129
3,156		Landstar System, Inc		121
952	*	Marten Transport Ltd		18
1,717	*	Old Dominion Freight Line		49
103	*	Patriot Transportation Holding, Inc		7
900	*	Saia, Inc		10
39,870		United Parcel Service, Inc (Class B)		2,199
200	*	Universal Truckload Services, Inc		3
1,755		Werner Enterprises, Inc		30
3,415	*	YRC Worldwide, Inc		10
		TOTAL TRUCKING AND WAREHOUSING		2,800
WATER TRANSPORTATION—0.24%
1,950		Alexander & Baldwin, Inc		49
2,778	*	American Commercial Lines, Inc		14
25,204		Carnival Corp		613
2,362		DHT Maritime, Inc		13
2,567		Eagle Bulk Shipping, Inc		18
2,983		Frontline Ltd		88
1,322		Genco Shipping & Trading Ltd		20
2,956		General Maritime Corp		32
2,142		Golar LNG Ltd		14
1,244	*	Gulfmark Offshore, Inc		30

47

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
2,063		Horizon Lines, Inc (Class A)	$	7
1,586	*	Hornbeck Offshore Services, Inc		26
357		International Shipholding Corp		9
3,228	*	Kirby Corp		88
1,036		Knightsbridge Tankers Ltd		15
2,047		Nordic American Tanker Shipping		69
2,450	*	Odyssey Marine Exploration, Inc		8
964		Overseas Shipholding Group, Inc		41
8,396		Royal Caribbean Cruises Ltd		115
2,365		Ship Finance International Ltd		26
400	*	TBS International Ltd (Class A)		4
2,428		Teekay Corp		48
800		Teekay Tankers Ltd (Class A)		10
931	*	Ultrapetrol Bahamas Ltd		2
		TOTAL WATER TRANSPORTATION		1,359
WHOLESALE TRADE-DURABLE GOODS—0.36%
2,158		Agilysys, Inc		10
2,206		Applied Industrial Technologies, Inc		42
6,511	*	Arrow Electronics, Inc		123
2,819		Barnes Group, Inc		41
2,807	*	Beacon Roofing Supply, Inc		39
6,944		BorgWarner, Inc		152
702		Castle (A.M.) & Co		8
671	*	Chindex International, Inc		5
1,444	*	Conceptus, Inc		22
1,204	*	DemandTec, Inc		10
1,490	*	Digi International, Inc		12
1,195	*	Drew Industries, Inc		14
573	*	Hansen Medical, Inc		4
800		Houston Wire & Cable Co		7
9,316	*	Ingram Micro, Inc (Class A)		125
1,662	*	Insight Enterprises, Inc		11
1,758	*	Interline Brands, Inc		19
3,799		Knight Transportation, Inc		61
300		Lawson Products, Inc		7
8,123	*	LKQ Corp		95
2,473		Martin Marietta Materials, Inc		240
900	*	MedAssets, Inc		13
620	*	MWI Veterinary Supply, Inc		17
2,588		Owens & Minor, Inc		97
6,516	*	Patterson Cos, Inc		122
2,583		PEP Boys-Manny Moe & Jack		11
3,009		Pool Corp		54
2,783	*	PSS World Medical, Inc		52
3,758		Reliance Steel & Aluminum Co		75
3,079	*	Solera Holdings, Inc		74
3,376	*	Tech Data Corp		60
433	*	Titan Machinery, Inc		6
2,452	*	TomoTherapy, Inc		6
2,317	*	Tyler Technologies, Inc		27
4,326		W.W. Grainger, Inc		341
2,519	*	WESCO International, Inc		48
		TOTAL WHOLESALE TRADE-DURABLE GOODS		2,050
WHOLESALE TRADE-NONDURABLE GOODS—0.61%
1,483		Aceto Corp		15
4,959		Airgas, Inc		193
2,860	*	Akorn, Inc		7

48

TIAA SEPARATE ACCOUNT VA-1—Stock Index Account

SHARES		COMPANY	VALUE (000)
5,454	*	Alliance One International, Inc	$	16
8,382		Allscripts Healthcare Solutions, Inc		83
896		Andersons, Inc		15
3,641	*	Bare Escentuals, Inc		19
1,671	*	BMP Sunstone Corp		9
5,702		Brown-Forman Corp (Class B)		294
20,854		Cardinal Health, Inc		719
2,265	*	Central European Distribution Corp		45
712	*	Clearwater Paper Corp		6
638	*	Core-Mark Holding Co, Inc		14
1	*	CPEX Pharmaceuticals, Inc		—	^
7,952	*	Dean Foods Co		143
7,495	*	Endo Pharmaceuticals Holdings, Inc		194
2,503	*	Fresh Del Monte Produce, Inc		56
852	*	Green Mountain Coffee Roasters, Inc		33
2,432	*	Hain Celestial Group, Inc		46
5,330	*	Henry Schein, Inc		196
3,890		Herbalife Ltd		84
500		Kenneth Cole Productions, Inc (Class A)		4
1,430		K-Swiss, Inc (Class A)		16
901	*	LSB Industries, Inc		7
231	*	Maui Land & Pineapple Co, Inc		3
2,215		Men’s Wearhouse, Inc		30
1,570		Myers Industries, Inc		13
785		Nash Finch Co		35
3,094		Nu Skin Enterprises, Inc (Class A)		32
804	*	Perry Ellis International, Inc		5
739	*	School Specialty, Inc		14
1,382		Spartan Stores, Inc		32
626	*	Synutra International, Inc		7
35,248		Sysco Corp		809
5,520		Terra Industries, Inc		92
1,617	*	Tractor Supply Co		58
2,582	*	United Natural Foods, Inc		46
1,202	*	United Stationers, Inc		40
423		Valhi, Inc		4
849	*	Volcom, Inc		9
1,325		Zep, Inc		26
1,070	*	Zhongpin, Inc		13
		TOTAL WHOLESALE TRADE-NONDURABLE GOODS		3,482
		TOTAL COMMON STOCKS (Cost $610,825)		565,451
		TOTAL PORTFOLIO—99.74%
		(Cost $610,825)		565,451
		OTHER ASSETS AND LIABILITIES, NET—0.26%		1,487
		TOTAL NET ASSETS—100.00%	$	566,938

The following abbreviations are used in portfolio descriptions:

MFA Mortgage Finance Authority

* Non-income producing

** Percentage represents less than 0.01%

^ Amount represents less than $1,000.

m Indicates a security that has been deemed illiquid

v Represents fair value as determined in good faith under procedures approved by the Board of Trustees. The value of these securities amounted to $50 which represents 0.00% of net assets.

Cost amounts are in thousands.

At December 31, 2008, the net unrealized depreciation on investments was $(45,374,448), consisting of gross unrealized appreciation of $147,396,683 and gross unrealized depreciation of $(192,771,131).

For ease of presentation, a number of industry classification categories have been grouped together in the Schedule of Investments. Note that the Account uses more specific industry categories in following their investment limitations on industry concentration.

49

Report of Independent Registered Public Accounting Firm

To the Management Committee and Contractowners of TIAA Separate Account VA-1:

We have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the financial statements of TIAA Separate Account VA-1 (hereafter referred to as the “Fund”) at December 31, 2008, and for the year then ended and have issued our unqualified report thereon dated February 24, 2009 (which report and financial statements are included in Item 1 of this Certified Shareholder Report on Form N-CSR). Our audit included an audit of the Fund’s schedule of investments in securities (the Schedule) as of December 31, 2008 appearing in Item 6 of this Form N-CSR. This Schedule is the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Schedule based on our audit.

In our opinion, the Schedule referred to above, when read in conjunction with the financial statements of the Fund referred to above, presents fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

New York, New York

February 24, 2009

50

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 contractowners may recommend nominees to the Registrant’s Management Committee.

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Date: February 23, 2009	By:	/s/ Roger W. Ferguson
		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: February 23, 2009	By:	/s/ Roger W. Ferguson
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)
Date: February 23, 2009	By:	/s/ Georganne C. Proctor
		Georganne C. Proctor
		Executive Vice President and Chief Financial Officer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

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

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

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

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