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, 2011

Item 1. Reports to Stockholders.

Understanding this report

This annual report contains information about the TIAA Separate Account VA-1 and describes the account’s results for the twelve months ended December 31, 2011. The report contains three main sections:

• The account performance section compares the account’s investment returns with those of its benchmark index.

• The summary portfolio of investments lists the industries and types of securities in which the account had investments as of December 31, 2011.

• The financial statements provide 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
Information for contractowners	1
Important information about expenses	2
About the account’s benchmark	3
Account performance
Stock Index Account	4
Summary portfolio of investments	7
Audited financial statements
Statement of assets and liabilities	11
Statement of operations	12
Statement of changes in net assets	13
Financial highlights	14
Notes to financial statements	15
Report of independent registered public accounting firm	21
Management committee members and officers	22
How to reach us	Inside back cover

Information for contractowners

Portfolio holdings

The TIAA Separate Account VA-1’s summary portfolio of investments begins on page 7 of this report.

You can obtain a complete list of the portfolio holdings of the TIAA Separate Account VA-1 (Schedule of Investments) as of the most recently completed fiscal quarter in the following ways:

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

• By calling us at 800 842-2252 to request a copy free of charge.

You can also obtain a complete list of the portfolio holdings of the account as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-Q filings. Form N-CSR filings are as of December 31 or June 30; Form N-Q filings are as of March 31 or September 30. Copies of these forms are available:

• Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or

• From the SEC’s Office of Investor Education and Advocacy. (Call 202 551-8090 for more information.)

Proxy voting

The TIAA Separate Account VA-1’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at tiaa-cref.org or on the SEC’s website at www.sec.gov. You may also call us at 800 223-1200 to request a free copy. A report of how the account voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at www.sec.gov.

Contacting TIAA-CREF

There are three easy ways to contact us: by email, 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

The 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.

TIAA Separate Account VA-1  ¡  2011 Annual Report     1

Important information about expenses

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

• You do not incur transaction costs, including sales charges (loads) on purchases. 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 TIAA Separate Account VA-1 is the underlying investment vehicle for Teachers Personal Annuity contracts issued by Teachers Insurance and Annuity Association of America. Premium taxes may apply to certain contracts. Because of this additional charge, the cost to investors may be higher than the figures shown in the expense example. Information about this additional charge can be found in the prospectus.

The expense example that appears in the table on page 3 is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the account. The example 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 is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2011–December 31, 2011).

Actual expenses

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

Simply divide your account value 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 during period” 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 the 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 variable annuity accounts and mutual funds.

2     2011 Annual Report  ¡  TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended December 31, 2011
Stock Index Account	Beginning account value (7/1/11)		Ending account value (12/31/11)		Expenses paid during period* (7/1/11–12/31/11)
Actual return		$1,000.00	$	946.82		$3.68
5% annual hypothetical return		1,000.00		1,021.42		3.82

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were 184 days in the six months ended December 31, 2011. The account’s annualized six-month expense ratio for that period was 0.75%. The total annual expense ratio reflects a voluntary agreement by the account’s investment adviser to waive a portion of its fee. Without such waiver, the account’s total annual expense ratio would have been 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%.

About the account’s benchmark

The account’s benchmark is the Russell 3000^® Index, which 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 an index. Index returns do not include a deduction for fees or expenses.

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.

TIAA Separate Account VA-1  ¡  2011 Annual Report     3

Stock Index Account

Performance for the twelve months ended December 31, 2011

The Stock Index Account returned 0.37% for the year, compared with the 1.03% return of its benchmark, the Russell 3000^® Index.

For the period, the account’s return trailed that of its benchmark because of the effect of expenses. The account’s return includes a deduction for expenses, while the benchmark’s does not. The account had a risk profile similar to that of its benchmark.

After gaining 16.93% in 2010, U.S. stocks continued to generate solid gains during the first half of 2011, rising 6.35%, as measured by the Russell 3000 Index. However, stocks fell sharply in the third quarter because of concerns about a slowing global economy and the intensifying debt crisis in Europe. A strong rally in October lifted the Russell index 11.51%, enabling it to post a positive return for the year.

During the twelve months, large-cap stocks gained 1.50%, while mid-cap and small-cap issues fell 1.55% and 4.18%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 2.18% to –0.10%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Consumer staples and health care shine

For the period, five of the nine industry sectors of the Russell 3000 generated positive returns, with three scoring double-digit gains. Strong advances from consumer staples (up 14.2%) and health care (up 10.9%) drove the index’s return. Together these two sectors made up one-fifth of the benchmark’s market capitalization on December 31, 2011. Solid contributions from the utilities (up 12.5%) and consumer discretionary (up 4.2%) sectors also helped.

These gains slightly offset weakness in the benchmark’s largest sector—financial services—which fell 11.9%. U.S. banks and financial companies continued to struggle with the housing slump at home and Europe’s debt problems.

It was an excellent year for many mega-cap issues, and four of the five largest stocks in the Russell 3000 posted robust double-digit gains. IBM and Apple led the way, rising 27.4% and 25.6%, respectively. Chevron was next with a 20.3% return. Exxon Mobil, the benchmark’s largest issue in terms of market capitalization, advanced 18.7%. In contrast, Microsoft fell 4.5%.

4     2011 Annual Report  ¡  TIAA Separate Account VA-1

Stock Index Account

Performance as of December 31, 2011
		Total return			Average annual total return
	Inception date		1 year			5 years		10 years
Stock Index Account	11/1/1994		0.37	%		–0.60	%	2.92	%
Russell 3000 Index	—		1.03			–0.01		3.51

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. The account’s performance reflects a fee waiver, which is currently in place. Without such waiver, the expenses of the account would have been higher and its performance lower. 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.

You cannot invest directly in an index. Index returns do not include a deduction for fees or expenses.

For the purpose of comparison, the graph also shows the change in the value of the account’s benchmark during the same period.

TIAA Separate Account VA-1  ¡  2011 Annual Report     5

Stock Index Account

Portfolio composition

Sector	% of net assets as of 12/31/2011
Information technology		18.2
Financials		15.3
Health care		11.8
Consumer discretionary		11.6
Industrials		11.2
Energy		11.2
Consumer staples		9.9
Materials		4.0
Utilities		3.9
Telecommunication services		2.8
Short-term investments		1.9
Other assets & liabilities, net		–1.8
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 12/31/2011
Over $50 billion		40.7
$15 billion–$50 billion		24.5
$2 billion–$15 billion		27.3
Under $2 billion		7.5
Total		100.0

6     2011 Annual Report  ¡  TIAA Separate Account VA-1

Summary portfolio of investments

Stock Index Account  §  December 31, 2011

Shares		Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS			$	6,275		0.9	%
BANKS
95,123		US Bancorp		2,573		0.4
242,938		Wells Fargo & Co		6,695		1.0
		Other		12,228		1.7
				21,496		3.1
CAPITAL GOODS
35,096		3M Co		2,868		0.4
36,405		Boeing Co		2,670		0.4
32,023		Caterpillar, Inc		2,901		0.4
523,942		General Electric Co		9,384		1.3
45,164		United Technologies Corp		3,301		0.5
		Other		36,878		5.3
				58,002		8.3
COMMERCIAL & PROFESSIONAL SERVICES				6,835		1.0
CONSUMER DURABLES & APPAREL				9,122		1.3
CONSUMER SERVICES
51,238		McDonald’s Corp		5,141		0.8
		Other		11,758		1.7
				16,899		2.5
DIVERSIFIED FINANCIALS
499,790		Bank of America Corp		2,779		0.4
143,418		Citigroup, Inc		3,773		0.6
40,000	e	iShares Russell 3000 Index Fund		2,967		0.4
196,259		JPMorgan Chase & Co		6,526		0.9
		Other		22,313		3.2
				38,358		5.5
ENERGY
99,334		Chevron Corp		10,569		1.5
65,688		ConocoPhillips		4,787		0.7
244,135		Exxon Mobil Corp		20,693		3.0
40,396		Occidental Petroleum Corp		3,785		0.5
67,006		Schlumberger Ltd		4,577		0.7
		Other		34,012		4.8
				78,423		11.2
FOOD & STAPLES RETAILING
66,873		CVS Corp		2,727		0.4
87,907		Wal-Mart Stores, Inc		5,253		0.8
		Other		6,436		0.9
				14,416		2.1

See notes to financial statements TIAA Separate Account VA-1  §  2011 Annual Report 7

Summary portfolio of investments continued

Stock Index Account  §  December 31, 2011

Shares		Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
103,678		Altria Group, Inc	$	3,074		0.4	%
97,591		Coca-Cola Co		6,828		1.0
81,903		Kraft Foods, Inc (Class A)		3,060		0.4
78,051		PepsiCo, Inc		5,179		0.7
87,849		Philip Morris International, Inc		6,894		1.0
		Other		13,957		2.0
				38,992		5.5
HEALTH CARE EQUIPMENT & SERVICES
53,540		UnitedHealth Group, Inc		2,713		0.4
		Other		27,261		3.9
				29,974		4.3
HOUSEHOLD & PERSONAL PRODUCTS
138,323		Procter & Gamble Co		9,228		1.3
		Other		6,330		0.9
				15,558		2.2
INSURANCE
86,469	*	Berkshire Hathaway, Inc (Class B)		6,598		1.0
		Other		19,071		2.7
				25,669		3.7
MATERIALS				28,014		4.0
MEDIA
136,055		Comcast Corp (Class A)		3,226		0.5
93,266		Walt Disney Co		3,497		0.5
		Other		15,123		2.1
				21,846		3.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
76,734		Abbott Laboratories		4,315		0.6
43,387		Amgen, Inc		2,786		0.4
84,135		Bristol-Myers Squibb Co		2,965		0.4
135,431		Johnson & Johnson		8,882		1.3
152,423		Merck & Co, Inc		5,746		0.8
390,322		Pfizer, Inc		8,447		1.2
		Other		18,941		2.7
				52,082		7.4
REAL ESTATE				21,691		3.1
RETAILING
17,945	*	Amazon.com, Inc		3,106		0.5
79,374		Home Depot, Inc		3,337		0.5
		Other		20,506		2.8
				26,949		3.8

8 2011 Annual Report  §  TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments continued

Stock Index Account  §  December 31, 2011

Shares		Company		Value (000)			% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
261,878		Intel Corp		$	6,351			0.9	%
		Other			11,557			1.7
					17,908			2.6
SOFTWARE & SERVICES
12,441	*	Google, Inc (Class A)			8,036			1.2
59,851		International Business Machines Corp			11,005			1.6
366,653		Microsoft Corp			9,518			1.4
189,696		Oracle Corp			4,866			0.7
25,816		Visa, Inc (Class A)			2,621			0.4
		Other			27,225			3.8
					63,271			9.1
TECHNOLOGY HARDWARE & EQUIPMENT
45,850	*	Apple, Inc			18,569			2.7
271,589		Cisco Systems, Inc			4,910			0.7
82,432		Qualcomm, Inc			4,509			0.7
		Other			17,994			2.5
					45,982			6.6
TELECOMMUNICATION SERVICES
292,582		AT&T, Inc			8,848			1.3
139,704		Verizon Communications, Inc			5,605			0.8
		Other			5,289			0.7
					19,742			2.8
TRANSPORTATION
36,458		United Parcel Service, Inc (Class B)			2,668			0.4
		Other			10,943			1.5
					13,611			1.9
UTILITIES					27,144			3.9
		TOTAL COMMON STOCKS	(Cost $528,701)		698,259			99.9
PREFERRED STOCKS
RETAILING					0	^		0.0
		TOTAL PREFERRED STOCKS	(Cost $1)		0	^		0.0
RIGHTS/WARRANTS
ENERGY					0	^		0.0
		TOTAL RIGHTS/WARRANTS	(Cost $0)		0	^		0.0

See notes to financial statements TIAA Separate Account VA-1  §  2011 Annual Report 9

Summary portfolio of investments concluded

Stock Index Account  §  December 31, 2011

Shares		Company		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
13,605,970	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	13,606			1.9	%
					13,606			1.9
		TOTAL SHORT-TERM INVESTMENTS	(Cost $13,606)		13,606			1.9
		TOTAL PORTFOLIO	(Cost $542,308)		711,865			101.8
		OTHER ASSETS & LIABILITIES, NET			(12,783	)		(1.8	)
		NET ASSETS		$	699,082			100.0	%

^ Amount represents less than $1,000.

* Non-income producing.

c Investments made with cash collateral received from securities on loan.

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $13,165,000.

“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.

Cost amounts are in thousands.

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

10 2011 Annual Report  §  TIAA Separate Account VA-1 See notes to financial statements

Statement of assets and liabilities

TIAA Separate Account VA-1  §  December 31, 2011

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*^	$	711,865
Cash		9
Receivable from securities transactions		387
Dividends receivable		1,078
Other		32
Total assets		713,371
LIABILITIES
Due to affiliates		651
Payable for collateral for securities loaned		13,606
Other		32
Total liabilities		14,289
NET ASSETS
Accumulation Fund	$	699,082
Accumulation units outstanding		7,875
Accumulation unit value		$88.77
*    Portfolio Investments, at cost	$	542,308
^    Includes securities loaned of	$	13,165

See notes to financial statements TIAA Separate Account VA-1  §  2011 Annual Report 11

Statement of operations

TIAA Separate Account VA-1  §  For the year ended December 31, 2011

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	14,251
Income from securities lending		106
Interest		8
Total income		14,365
EXPENSES
Administrative		1,466
Investment Advisory		2,200
Mortality and expense risk charges		2,933
Total expenses		6,599
Less: Expense waiver by investment advisor		(1,100	)
Net expenses		5,499
Net investment income (loss)		8,866
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		14,869
Futures transactions		28
Net realized gain (loss) on total investments		14,897
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(20,555	)
Net change in unrealized appreciation (depreciation) on total investments		(20,555	)
Net realized and unrealized gain (loss) on total investments		(5,658	)
Net increase (decrease) from operations	$	3,208
*    Net of foreign withholding taxes of	$	(17	)

12 2011 Annual Report  §  TIAA Separate Account VA-1 See notes to financial statements

Statement of changes in net assets

TIAA Separate Account VA-1  §  For the year ended

	Stock Index Account
(amounts in thousands)	December 31, 2011			December 31, 2010
OPERATIONS
Net investment income (loss)	$	8,866		$	8,252
Net realized gain (loss) on total investments		14,897			12,679
Net change in unrealized appreciation (depreciation) on total investments		(20,555	)		83,372
Net increase (decrease) from operations		3,208			104,303
FROM CONTRACTOWNER TRANSACTIONS
Premiums		27,309			27,248
Withdrawals and death benefits		(76,724	)		(65,821	)
Net increase (decrease) in net assets resulting from contractowner transactions		(49,415	)		(38,573	)
Net increase (decrease) in net assets		(46,207	)		65,730
NET ASSETS
Beginning of period		745,289			679,559
End of period	$	699,082		$	745,289
ACCUMULATION UNITS
Units purchased		302			344
Units sold		(854	)		(838	)
OUTSTANDING
Beginning of period		8,427			8,921
End of period		7,875			8,427

See notes to financial statements TIAA Separate Account VA-1  §  2011 Annual Report 13

Financial highlights

TIAA Separate Account VA-1  §  For the year ended

	Stock Index Account
	12/31/11			12/31/10		12/31/09		12/31/08			12/31/07
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH YEAR
Investment income(a)	$	1.754		$	1.542	$	1.413	$	1.758		$	1.750
Expenses(a)		0.671			0.591		0.452		0.484			0.575
Net investment income(a)		1.083			0.951		0.961		1.274			1.175
Net realized and unrealized gain (loss) on total investments		(0.755	)		11.319		15.456		(37.166	)		2.979
Net change in accumulation unit value		0.328			12.270		16.417		(35.892	)		4.154
Accumulation Unit Value:
Beginning of period		88.441			76.171		59.754		95.646			91.492
End of period	$	88.769		$	88.441	$	76.171	$	59.754		$	95.646
TOTAL RETURN(b)		0.37%			16.11%		27.48%		(37.53)%			4.54%
RATIOS TO AVERAGE NET ASSETS
Ratio of expense to average net assets before expense waiver		0.90%			0.90%		0.90%		0.90%			0.90%
Ratio of expense to average net assets after expense waiver		0.75%			0.75%		0.71%		0.67%			0.67%
Ratio of net investment income to average net assets		1.21%			1.21%		1.50%		1.58%			1.19%
SUPPLEMENTAL DATA
Portfolio turnover rate		6%			10%		6%		7%			6%
Accumulation units outstanding at the end period(c)		7,875			8,427		8,921		9,488			10,345
Net assets at the end of period(c)	$	699,082		$	745,289	$	679,559	$	566,938		$	989,292

(a) Based upon average accumulation units outstanding.

(b) Based on per accumulation data.

(c) Thousands.

14 2011 Annual Report  §  TIAA Separate Account VA-1 See notes to financial statements

Notes to financial statements

TIAA Separate Account VA-1

Note 1—organization and 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, as amended (“1940 Act”). 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 (“U.S. GAAP”) which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Certain prior year amounts have been reclassified to conform to current year presentation. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and contractowner transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Account.

Security valuation: The Account’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements.

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. 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. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Account estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Income taxes: VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1’s Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. Management has analyzed the Account’s tax positions taken for all open federal income tax years (2007–2011) and has concluded that no provision for federal income tax is required in the Account’s financial statements.

Management Committee compensation: The Management Committee (“Committee”), all of whom are independent, receive certain remuneration for their services, plus travel and other expenses. Managers may elect to participate in a

TIAA Separate Account VA-1  §  2011 Annual Report 15

Notes to financial statements

deferred compensation plan and defer all or a portion of their compensation. In addition, managers participate in a long-term compensation plan. Amounts deferred are retained by the Account until paid. The investment of deferred amounts and the offsetting payable to the managers are included in other assets and other liabilities in the accompanying Statement of Assets and Liabilities.

Note 2—valuation of investments

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Committee. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

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

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

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

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation techniques applied to the Account’s major categories of assets and liabilities measured at fair value follows:

Exchange-traded equity securities, common and preferred stock: 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. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign investments are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Account’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Committee. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money

16 2011 Annual Report  §  TIAA Separate Account VA-1

continued

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). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields, or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

Short-term investments: Short-term investments excluding investments in registered investment companies, with maturities of 60 days or less are valued at amortized cost. Short-term investments with maturities in excess of 60 days are valued in the same manner as debt securities. Short-term investments are generally categorized in Level 2 of the fair value hierarchy.

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

Futures contracts: Stock and bond index futures and options, which are traded on commodities exchanges, are valued at the last sale price as of the close of such commodities exchanges and are categorized in Level 1 of the fair value hierarchy.

Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Committee. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.

Transfers between levels are recognized at the end of the reporting period. For the year ended December 31, 2011, there were no significant transfers between levels by the Account.

As of December 31, 2011, the Account held a Level 3 security valued at zero. All other investments were valued based on Level 1 inputs.

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Account values derivatives at fair value.

For the year ended December 31, 2011, the effect of derivative contracts on the Account’s Statement of Operations was as follows (amounts in thousands):

Derivative contracts	Location		Realized gain (loss	)		Change in unrealized appreciation (depreciation	)
Equity contracts	Futures transactions	$	28		$	—

TIAA Separate Account VA-1  §  2011 Annual Report 17

Notes to financial statements

Futures contracts: The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. 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 daily changes in the value of the futures contracts. The receivable and/or payable for the variation margin are reflected in the Statement of Assets and Liabilities. 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. With futures, there is minimal counterparty credit risk to the Account since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange traded funds, guarantees the futures against default. During the year ended December 31, 2011, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. At December 31, 2011, the Account did not hold any futures contracts.

Note 4—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”) and, in some instances, by TIAA-CREF Individual & Institutional Services, LLC (“Services”). TPIS and Services are wholly owned subsidiaries of TIAA. The Investment Management Agreement sets the investment advisory charge at an annual rate of 0.30% of the average daily net assets of the Account. Advisors has agreed to waive a portion of such fee, so that the daily deduction is equivalent to an annual charge of 0.15% of the average daily net assets of the Account. The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio should never exceed 1.50% per year.

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

18 2011 Annual Report  §  TIAA Separate Account VA-1

continued

Note 5—investments

Securities lending: The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account receives collateral (in the form of cash, Treasury securities, or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and Liabilities. Securities lending income, net of rebates, represents the income earned on investing cash collateral, less expenses associated with the loan. Such income is reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the collateral investment as well as the securities loaned and also bears the risk that the counterparty may default on its obligations to the Account.

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 of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At December 31, 2011, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $169,557,000, consisting of gross unrealized appreciation of $268,925,000 and gross unrealized depreciation of $(99,368,000).

Purchases and Sales: Purchases and sales of portfolio securities, excluding short-term instruments, for the year ended December 31, 2011 were $42,508,000 and $82,593,000, respectively.

Note 6—line of credit

The Account participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of contractowner 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 participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing account at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. Prior to June 28, 2011, the unsecured revolving credit facility was $1.0 billion. For the year ended December 31, 2011, there were no borrowings under this credit facility by the Account.

Note 7—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

TIAA Separate Account VA-1  §  2011 Annual Report 19

Notes to financial statements concluded

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 the Account are indemnified against certain liabilities that may arise out of their duties to the Account. However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.

20 2011 Annual Report  §  TIAA Separate Account VA-1

Report of independent registered

public accounting firm

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

In our opinion, the accompanying statements 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, 2011, 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 five 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, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2012

TIAA Separate Account VA-1  §  2011 Annual Report 21

Management committee members and officers (unaudited)

TIAA Separate Account VA-1  §  December 31, 2011

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 trustee	Other directorship(s) held by trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 4/25/54	Member	Indefinite term. Member since 2006.	Retired Partner (since 2006), Former 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).	76	Director of GMO; Director, the Maine Coast Heritage Trust; Investment Committee member, Maine Community Foundation, the Butler Conservation Fund, Inc. and the Elmina B. Sewall Foundation.
Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/6/62	Member	Indefinite term. Trustee since 2007.	Former Vice President (1990–2006), American Beacon Advisors, Inc., and Vice President of certain funds advised by American Beacon Advisors, Inc.	76	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc. and Lazard World Dividend & Income Fund, Inc.; Independent Member of the Boards of Lazard Alternative Strategies Fund, LLC and Lazard Alternative Strategies 1099 Fund.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 11/05/67	Member	Indefinite term. Trustee since 2007.	Chief Operating Officer, Copper Rock Capital Partners, LLC (since 2007); Chief Operating Officer, DDJ Capital Management (2003–2006).	76	Director of Copper Rock Capital Partners, LLC (investment adviser).

22 2011 Annual Report  §  TIAA Separate Account VA-1

Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/4/54	Member	Indefinite term. Member since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	76	Director, D2D Fund.
Nancy L. Jacob c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 1/15/43	Member	Indefinite term. Member since 2001.	President and Founder (since 2006) of NLJ Advisors, Inc. (investment adviser); President and Managing Principal, Windermere Investment Associates (1997–2006).	76	None
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 3/27/63	Member	Indefinite term. Member since 2011.	Partner (2004–2010), Managing Director (2002–2010), Goldman Sachs Asset Management.	76	Investment committee member, College of Mount Saint Vincent; Member, United States Olympics Paralympics Advisory Committee, University of California at Santa Barbara Arts and Lectures Advisory Council; Trustee and Treasurer, Crane County Day School.
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.	Chief Executive Officer (since 2010), President and Chief Operating Officer (since 2009), First Eagle Investment Management; Principal, BAM Consulting LLC (2003–2009); Independent Consultant for Merrill Lynch (2003–2009).	76	Director, Arnhold and S. Bleichroeder Holdings; First Eagle Investment Management; American Legacy Foundation (Investment Committee); University of Edinburgh (Campaign Board); and North Shore Land Alliance.

TIAA Separate Account VA-1  §  2011 Annual Report 23

Management committee members and officers (unaudited) continued

TIAA Separate Account VA-1  §  December 31, 2011

Members—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years	Number of portfolios in fund complex overseen by trustee	Other directorship(s) held by trustee
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 Chief Executive Officer, National Bureau of Economic Research (“NBER”) (since 2008); Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996), Former Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT; and Former Program Director, NBER (1990–2008).	76	Director, The Alfred P. Sloan Foundation and National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 DOB: 10/18/49	Chairman of the Management Committee and Member	Indefinite term as Trustee; Chairman for term ending June 30, 2012. Member since 2001. Chairman since 2009.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (since 1991); Chairman, Chief Executive Officer and Chief Investment Officer, NCM Capital Management Group, Inc. (since 1991); Chairman and Chief Executive Officer and Chief Investment Officer, NCM Capital Advisers Inc. (since 2003); and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (since 2007).	76	Director, SCANA Corporation (energy holding company) and NCM Capital Investment Trust; Member, Duke Children’s Hospital and Health Center National Board of Advisors.

24 2011 Annual Report  §  TIAA Separate Account VA-1

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. Associate Dean for Research (since 2011), McCombs School of Business, University of Texas at Austin (“McCombs”), and Director, AIM Investment Center at McCombs (since 2000). Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002); Professor, University of Texas at Austin (since 1987). Former Chairman, Department of Finance, University of Texas at Austin (2002–2011). 76 Member of the Governing Council, Independent Directors Council (an association for mutual fund directors), and Investment Advisory Committee, Employees Retirement System of Texas.

TIAA Separate Account VA-1  §  2011 Annual Report 25

Management committee members and officers (unaudited) continued

TIAA Separate Account VA-1  §  December 31, 2011

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
Brandon Becker TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 3/19/54	Executive Vice President and Chief Legal Officer	One year term. Executive Vice President and Chief Legal Officer since 2009.	Executive Vice President and Chief Legal Officer of Teachers Insurance and Annuity Association of America (“TIAA”), and College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds, and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”) (since 2009). Former Partner, Wilmer Cutler Pickering Hale & Dorr LLP (1996–2009).
Richard S. Biegen TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 5/8/62	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Chief Compliance Officer of the TIAA-CREF Fund Complex and TIAA Separate Accounts VA-1 and VA-3 (since 2008). Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Asset Management Compliance of TIAA. Chief Compliance Officer of TIAA-CREF Investment Management, LLC (“Investment Management”) (since 2008). Former Chief Compliance Officer (2008), Vice President, Senior Compliance Officer (2008–2011) and Managing Director, Senior Compliance Officer (since 2011) of Teachers Advisors, Inc. (“Advisors”). Former Managing Director/Director of Global Compliance, AIG Investments (2000–2008).
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.	President and Principal Executive Officer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007); and Executive Vice President of CREF and TIAA Separate Account VA-1 (since 1997). Executive Vice President, President of Asset Management (since 2011); Former Executive Vice President, Asset Management (2010–2011), Executive Vice President, Investments, Research Institute & Strategy (2009–2010), Executive Vice President, Head of Asset Management (2006–2009), and Executive Vice President and Chief Investment Officer (2004–2006) of TIAA. Former CIO of TIAA-CREF Fund Complex (2004–2006). Director of Advisors (since 2004). President and Chief Executive Officer of Investment Management and Advisors and Manager of Investment Management (since 2004). Director of TIAA-CREF Asset Management (“TCAM”) (since 10/2011) (Note: TCAM was formerly known as TIAA-CREF Enterprises, Inc. (“Enterprises”) until change of name 9/2011). Former Manager of TIAA Realty Capital Management, LLC (2004–2006). Former Director of TIAA-CREF Life Insurance Company (“T-C Life”) (1997–2006). Former Director of Teachers Personal Investors Services, Inc. (“TPIS”) (2006–2008).

26 2011 Annual Report  §  TIAA Separate Account VA-1

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, CREF and TIAA Separate Account VA-1 (since 2008). Director of Covariance Capital Management, Inc. (“Covariance”) (since 2010). Former Chairman, Head of Financial Services and Member of the Executive Committee, 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).
Eugene Flood, Jr. TIAA-CREF 730 Third Avenue 10017-3206 DOB: 10/31/55	Executive Vice President	One-year term. Executive Vice President since 2011.	Executive Vice President, President of Diversified Financial Services of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2011). President, Chief Executive Officer, Manager and Chairman of TIAA-CREF Redwood, LLC (“Redwood”) (since 2011). Director and Chairman of Covariance (since 2011). Manager and Chairman of Kaspick & Company LLC (since 2011). Director and Chairman of T-C Life (since 2011). Former President and Chief Executive Officer (2000–2010) and Director (1994–2010), Smith Breeden Associates, Inc., an investment adviser. Former Trustee of the TIAA-CREF Fund Complex (2005–2011). Dean’s Advisory Committee, Massachusetts Institute of Technology’s Sloan School of Management (since 2000).
Phillip G. Goff TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 11/22/63	Chief Financial Officer, Principal Accounting Officer and Treasurer since 2009	One-year term. Chief Financial Officer, Principal Accounting Officer and Treasurer since 2009.	Treasurer of CREF (since 2008); Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Funds and TIAA-CREF Life Funds (since 2007) and Chief Financial Officer and Principal Accounting Officer (since 2009) and Treasurer (since 2008) of TIAA Separate Account VA-1. Director of Advisors (since 2008). Director of TCAM (since 2011). Senior Vice President (since 2010) and Funds Treasurer (since 2007) of Advisors and Investment Management. Former Chief Financial Officer, Van Kampen Funds (2005–2006).
Stephen Gruppo TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/25/59	Executive Vice President	One-year term. Executive Vice President since 2009.	Executive Vice President, Head of Risk Management of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2009). Executive Vice President, Risk Management (since 2009), Senior Managing Director of Advisors and Investment Management (2006–2009) and Head of Credit Risk Management of Advisors and Investment Management (2005–2006) of Advisors and Investment Management. Former Senior Managing Director, Acting Head of Risk Management of TIAA and Senior Managing Director of the TIAA-CREF Fund Complex (2008–2009). Former Senior Managing Director, Chief Credit Risk Officer (2004–2008) of TIAA. Former Director of T-C Life (2006–2008). Former Director of TPIS, Advisors and Investment Management (2008).
William Mostyn III TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 1/1/48	Senior Vice President and Corporate Secretary	One-year term. Senior Vice President since 2010 and Corporate Secretary since 2008.	Senior Vice President (since 2010), Vice President (2008–2010) and Corporate Secretary (since 2008) of TIAA and the TIAA-CREF Fund Complex. Former Deputy General Counsel and Corporate Secretary, Bank of America (2005–2008).

TIAA Separate Account VA-1  §  2011 Annual Report 27

Management committee members and officers (unaudited) concluded

TIAA Separate Account VA-1  §  December 31, 2011

Officers—concluded

Name, Address and Date of Birth (“DOB”)	Position(s) held with account	Term of office and length of time served	Principal occupation(s) during past 5 years
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 (since 2010, 2005–2007) and Former Executive Vice President of Human Resources and Corporate Services (2007–2010) of TIAA, and Executive Vice President of the TIAA-CREF Fund Complex (since 2003). Director, T-C Life (2003–2006).
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 2006.	Executive Vice President, President of Retirement and Individual Services (since 2011) of TIAA, and Executive Vice President (since 2008) of the TIAA-CREF Fund Complex. Former Chief Operating Officer (2010–2011), Executive Vice President, Product Development and Management (2009–2010), Executive Vice President, Institutional Client Services (2006–2009), Executive Vice President, Product Management (2005–2006), and Senior Vice President, Pension Products (2003–2005) of TIAA. Director of Covariance (since 2010). Director of TCT Holdings, Inc. (since 2007). Former Director (2007–2011) and Former Executive Vice President (2008–2010) of TCAM. Manager (since 2006), Former President and CEO (2006–2010) of Redwood. Former Director of Tuition Financing (2008–2009) and Former Executive Vice President of T-C Life (2009–2010).
Constance K. Weaver TIAA-CREF 730 Third Avenue New York, NY 10017-3206 DOB: 9/26/52	Executive Vice President	One-year term. Executive Vice President since 2010.	Executive Vice President, Chief Marketing Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex (since 2010); Former Chief Communications Officer of TIAA (2010–2011). Former Senior Vice President, The Hartford Financial Services Group, Inc. (2008–2010). Former Executive Vice President and Chief Marketing Officer, BearingPoint (2005–2008).

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.

28 2011 Annual Report  §  TIAA Separate Account VA-1

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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, beneficiary services and tax reporting

800 842-2252

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 For an existing policy or contract

800 223-1200

To apply for a new policy or contract

877 825-0411

8 a.m. to 6 p.m. ET, Monday–Friday

For the hearing- or

speech-impaired

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, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Brokerage

Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. After-tax annuities and life insurance are issued by TIAA-CREF Life Insurance Company, New York, NY. TIAA-CREF Trust Company, FSB provides trust services.

^©2012 Teachers Insurance and Annuity Association—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, 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) Nancy A. Eckl 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, 2011 and December 31, 2010, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $113,000 and $122,800, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, PwC’s aggregate fees for tax services billed to the Registrant were $0 and $0, respectively.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010, PwC’s aggregate fees for all other services billed to the Registrant were $8,400 and $0, respectively.

For the fiscal years ended December 31, 2011 and December 31, 2010, 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011 and December 31, 2010 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, 2011and December 31, 2010 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, 2011 and December 31, 2010, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $256,730 and $245,730, 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, 2011

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.9%
AUTOMOBILES & COMPONENTS - 0.9%
1,434	*	American Axle & Manufacturing Holdings, Inc	$	14
1,306	*	Amerigon, Inc (Class A)		19
4,380		Autoliv, Inc		234
5,531	*	BorgWarner, Inc		353
2,813		Cooper Tire & Rubber Co		39
6,440	*	Dana Holding Corp		78
612	*	Dorman Products, Inc		23
1,013	*	Drew Industries, Inc		25
3,666	*	Exide Technologies		10
996	*	Federal Mogul Corp (Class A)		15
183,583	*	Ford Motor Co		1,976
735	*	Fuel Systems Solutions, Inc		12
37,745	*	General Motors Co		765
6,807		Gentex Corp		201
12,196	*	Goodyear Tire & Rubber Co		173
11,945		Harley-Davidson, Inc		464
33,573		Johnson Controls, Inc		1,050
5,308		Lear Corp		211
2,342	*	Modine Manufacturing Co		22
598	*,e	Motorcar Parts of America, Inc		4
1,983		Spartan Motors, Inc		10
1,021		Standard Motor Products, Inc		20
1,336	*	Stoneridge, Inc		11
1,205		Superior Industries International, Inc		20
3,166	*	Tenneco, Inc		94
2,598	*,e	Tesla Motors, Inc		74
1,719		Thor Industries, Inc		47
312	*	Tower International, Inc		3
5,142	*	TRW Automotive Holdings Corp		168
2,580	*	Visteon Corp		129
1,507	*,e	Winnebago Industries, Inc		11
		TOTAL AUTOMOBILES & COMPONENTS		6,275
BANKS - 3.1%
810		1st Source Corp		21
1,172	*	1st United Bancorp, Inc		6
243		Alliance Financial Corp		7
1,244	*	Ameris Bancorp		13
387		Ames National Corp		8
575	e	Arrow Financial Corp		13
8,748		Associated Banc-Corp		98
4,208		Astoria Financial Corp		36
520		Bancfirst Corp		20
1,517		Banco Latinoamericano de Exportaciones S.A. (Class E)		24
182	*,m	Bancorp Rhode Island, Inc		7
4,426	e	Bancorpsouth, Inc		49
2,688		Bank Mutual Corp		9
2,204		Bank of Hawaii Corp		98
291		Bank of Kentucky Financial Corp		6
288		Bank of Marin Bancorp		11
1,276		Bank of the Ozarks, Inc		38
1,044		BankFinancial Corp		6
824		Banner Corp		14
34,649		BB&T Corp		872
3,505	*	BBCN Bancorp, Inc		33
1,950	*	Beneficial Mutual Bancorp, Inc		16
853		Berkshire Hills Bancorp, Inc		19
384	*	BofI Holding, Inc		6

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,051		BOK Financial Corp	$	58
3,543		Boston Private Financial Holdings, Inc		28
354		Bridge Bancorp, Inc		7
475	*	Bridge Capital Holdings		5
3,126		Brookline Bancorp, Inc		26
397		Bryn Mawr Bank Corp		8
460		Camden National Corp		15
582	*	Cape Bancorp, Inc		5
831		Capital City Bank Group, Inc		8
17,063		CapitalSource, Inc		114
7,090		Capitol Federal Financial		82
1,503		Cardinal Financial Corp		16
3,968		Cathay General Bancorp		59
645		Center Bancorp, Inc		6
1,148		Centerstate Banks of Florida, Inc		8
764	*,e	Central Pacific Financial Corp		10
152		Century Bancorp, Inc		4
1,616		Chemical Financial Corp		34
10,154	*	CIT Group, Inc		354
533		Citizens & Northern Corp		10
923	e	City Holding Co		31
2,242		City National Corp		99
875		Clifton Savings Bancorp, Inc		8
498		CNB Financial Corp		8
1,740		CoBiz, Inc		10
2,091		Columbia Banking System, Inc		40
10,048		Comerica, Inc		259
3,480		Commerce Bancshares, Inc		133
1,740		Community Bank System, Inc		48
1,003		Community Trust Bancorp, Inc		30
2,461		Cullen/Frost Bankers, Inc		130
4,428		CVB Financial Corp		44
1,609		Dime Community Bancshares		20
860	*,e	Eagle Bancorp, Inc		12
7,706		East West Bancorp, Inc		152
406	*	Encore Bancshares, Inc		5
301		Enterprise Bancorp, Inc		4
828		Enterprise Financial Services Corp		12
559		ESB Financial Corp		8
1,035		ESSA Bancorp, Inc		11
399		Federal Agricultural Mortgage Corp (Class C)		7
46,393		Fifth Third Bancorp		590
664		Financial Institutions, Inc		11
720		First Bancorp (NC)		8
498		First Bancorp, Inc		8
3,831		First Busey Corp		19
285		First Citizens Bancshares, Inc (Class A)		50
4,700		First Commonwealth Financial Corp		25
680		First Community Bancshares, Inc		8
510		First Defiance Financial Corp		7
3,063		First Financial Bancorp		51
1,650	e	First Financial Bankshares, Inc		55
590		First Financial Corp		20
889		First Financial Holdings, Inc		8
13,105		First Horizon National Corp		105
654		First Interstate Bancsystem, Inc		9
1,238		First Merchants Corp		10
3,929		First Midwest Bancorp, Inc		40
15,128		First Niagara Financial Group, Inc		131
288		First of Long Island Corp		8
412		First Pactrust Bancorp, Inc		4
3,719	*	First Republic Bank		114
5,568		FirstMerit Corp		84
9,933	*	Flagstar Bancorp, Inc		5
1,645		Flushing Financial Corp		21

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,390		FNB Corp	$	72
752		Fox Chase Bancorp, Inc		9
689	*	Franklin Financial Corp		8
10,086		Fulton Financial Corp		99
602		German American Bancorp, Inc		11
3,468		Glacier Bancorp, Inc		42
500		Great Southern Bancorp, Inc		12
3,706		Hancock Holding Co		118
930	*	Hanmi Financial Corp		7
928		Heartland Financial USA, Inc		14
1,007	*	Heritage Commerce Corp		5
534		Heritage Financial Corp		7
1,128		Home Bancshares, Inc		29
821		Home Federal Bancorp, Inc		8
24,956		Hudson City Bancorp, Inc		156
754		Hudson Valley Holding Corp		16
43,722		Huntington Bancshares, Inc		240
1,370		IBERIABANK Corp		68
1,031	e	Independent Bank Corp		28
2,385		International Bancshares Corp		44
2,538	*	Investors Bancorp, Inc		34
1,441		Kearny Financial Corp		14
48,073		Keycorp		370
1,076		Lakeland Bancorp, Inc		9
734		Lakeland Financial Corp		19
6,243		M&T Bank Corp		477
731		MainSource Financial Group, Inc		6
2,798		MB Financial, Inc		48
273		Merchants Bancshares, Inc		8
249	*	Meridian Interstate Bancorp, Inc		3
9,426	*,e	MGIC Investment Corp		35
265		Midsouth Bancorp, Inc		3
357		National Bankshares, Inc		10
6,208		National Penn Bancshares, Inc		52
1,807		NBT Bancorp, Inc		40
22,289		New York Community Bancorp, Inc		276
1,192	e	Northfield Bancorp, Inc		17
4,572		Northwest Bancshares, Inc		57
741		OceanFirst Financial Corp		10
3,925	*	Ocwen Financial Corp		57
3,801		Old National Bancorp		44
700	*	OmniAmerican Bancorp, Inc		11
2,272		Oriental Financial Group, Inc		28
2,816		Oritani Financial Corp		36
345		Orrstown Financial Services, Inc		3
220	*,e	Pacific Capital Bancorp		6
991		Pacific Continental Corp		9
1,486		PacWest Bancorp		28
688	e	Park National Corp		45
1,481	*	Park Sterling Bank		6
221	e	Penns Woods Bancorp, Inc		9
720	*	Pennsylvania Commerce Bancorp, Inc		6
595		Peoples Bancorp, Inc		9
18,870		People’s United Financial, Inc		242
1,766	*	Pinnacle Financial Partners, Inc		29
26,072		PNC Financial Services Group, Inc		1,504
52,615	*	Popular, Inc		73
3,026		PrivateBancorp, Inc		33
2,398		Prosperity Bancshares, Inc		97
3,163		Provident Financial Services, Inc		42
2,753		Provident New York Bancorp		18
5,521	e	Radian Group, Inc		13
63,145		Regions Financial Corp		272
1,026		Renasant Corp		15
612		Republic Bancorp, Inc (Class A)		14

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,513		Rockville Financial, Inc	$	16
629	e	Roma Financial Corp		6
1,211	e	S&T Bancorp, Inc		24
615	e	S.Y. Bancorp, Inc		13
1,250		Sandy Spring Bancorp, Inc		22
605		SCBT Financial Corp		18
3,679	*	Seacoast Banking Corp of Florida		6
370	e	Sierra Bancorp		3
2,123	*	Signature Bank		127
905		Simmons First National Corp (Class A)		25
874		Southside Bancshares, Inc		19
740	*	Southwest Bancorp, Inc		4
856		State Bancorp, Inc		10
1,614	*	State Bank & Trust Co		24
1,347		StellarOne Corp		15
1,199		Sterling Bancorp		10
1,362	*	Sterling Financial Corp		23
513		Suffolk Bancorp		6
1,927	*	Sun Bancorp, Inc		5
25,848		SunTrust Banks, Inc		458
7,913		Susquehanna Bancshares, Inc		66
2,032	*	SVB Financial Group		97
41,390	e	Synovus Financial Corp		58
607	*,e	Taylor Capital Group, Inc		6
8,057		TCF Financial Corp		83
700		Territorial Bancorp, Inc		14
1,877	*	Texas Capital Bancshares, Inc		57
4,208	*	TFS Financial Corp		38
1,165	*	The Bancorp, Inc		8
429		Tompkins Trustco, Inc		17
528		Tower Bancorp, Inc		15
1,219	e	TowneBank		15
726	e	Trico Bancshares		10
5,202		Trustco Bank Corp NY		29
3,370		Trustmark Corp		82
1,489		UMB Financial Corp		55
5,809		Umpqua Holdings Corp		72
814		Union Bankshares Corp		11
2,414	e	United Bankshares, Inc		68
983	*,e	United Community Banks, Inc		7
1,056		United Financial Bancorp, Inc		17
792		Univest Corp of Pennsylvania		12
95,123		US Bancorp		2,573
9,067	e	Valley National Bancorp		112
1,734		ViewPoint Financial Group		23
1,010	*	Virginia Commerce Bancorp		8
568	*	Walker & Dunlop, Inc		7
835		Washington Banking Co		10
5,275		Washington Federal, Inc		74
881		Washington Trust Bancorp, Inc		21
3,466		Webster Financial Corp		71
242,938		Wells Fargo & Co		6,695
1,213		WesBanco, Inc		24
997		West Bancorporation, Inc		10
992	*	West Coast Bancorp		15
1,286		Westamerica Bancorporation		56
3,132	*	Western Alliance Bancorp		20
1,313		Westfield Financial, Inc		10
2,922	*	Wilshire Bancorp, Inc		11
1,580		Wintrust Financial Corp		44
320		WSFS Financial Corp		11
9,288		Zions Bancorporation		151
		TOTAL BANKS		21,496

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
CAPITAL GOODS - 8.3%
35,096		3M Co	$	2,868
1,795		A.O. Smith Corp		72
3,857	*,e	A123 Systems, Inc		6
851		Aaon, Inc		17
2,061		AAR Corp		39
2,045	*	Accuride Corp		14
1,483		Aceto Corp		10
4,155	*,e	Active Power, Inc		3
2,862		Actuant Corp (Class A)		65
2,189		Acuity Brands, Inc		116
6,029	*	Aecom Technology Corp		124
1,981	*	Aegion Corp		30
873	*	Aerovironment, Inc		27
4,798	*	AGCO Corp		206
2,801		Aircastle Ltd		36
374		Alamo Group, Inc		10
1,443		Albany International Corp (Class A)		33
1,638		Alliant Techsystems, Inc		94
1,557	*	Altra Holdings, Inc		29
909	*	Ameresco, Inc		12
569	*	American Railcar Industries, Inc		14
373		American Science & Engineering, Inc		25
2,155	*,e	American Superconductor Corp		8
475		American Woodmark Corp		6
7,830		Ametek, Inc		330
475		Ampco-Pittsburgh Corp		9
1,479		Apogee Enterprises, Inc		18
2,206		Applied Industrial Technologies, Inc		78
420		Argan, Inc		6
988	*	Armstrong World Industries, Inc		43
2,979	*	ArvinMeritor, Inc		16
1,044	*	Astec Industries, Inc		34
525	*	Astronics Corp		19
723		AZZ, Inc		33
5,952	*	Babcock & Wilcox Co		144
779		Badger Meter, Inc		23
2,603		Barnes Group, Inc		63
4,904	*	BE Aerospace, Inc		190
2,410	*	Beacon Roofing Supply, Inc		49
2,388		Belden CDT, Inc		79
2,508	*	Blount International, Inc		36
36,405		Boeing Co		2,670
2,584		Brady Corp (Class A)		82
2,463		Briggs & Stratton Corp		38
4,873	*,e	Broadwind Energy, Inc		3
2,524	*,e	Builders FirstSource, Inc		5
531	*	CAI International, Inc		8
12,740	*,e	Capstone Turbine Corp		15
3,097		Carlisle Cos, Inc		137
344		Cascade Corp		16
32,023		Caterpillar, Inc		2,901
1,257	*	Ceradyne, Inc		34
1,341	*	Chart Industries, Inc		72
4,806		Chicago Bridge & Iron Co NV		182
990		CIRCOR International, Inc		35
2,552		Clarcor, Inc		128
1,332	*	CNH Global NV		48
428	*	Coleman Cable, Inc		4
1,273	*,e	Colfax Corp		36
1,162	*	Columbus McKinnon Corp		15
2,009		Comfort Systems USA, Inc		22
1,268	*	Commercial Vehicle Group, Inc		11
8,024		Cooper Industries plc		435
2,466		Crane Co		115

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
828		Cubic Corp	$	36
9,746		Cummins, Inc		858
2,088		Curtiss-Wright Corp		74
27,252		Danaher Corp		1,282
20,788		Deere & Co		1,608
1,344	*	DigitalGlobe, Inc		23
3,834		Donaldson Co, Inc		261
932		Douglas Dynamics, Inc		14
9,123		Dover Corp		530
636		Ducommun, Inc		8
430	*	DXP Enterprises, Inc		14
1,870	*	Dycom Industries, Inc		39
757		Dynamic Materials Corp		15
16,718		Eaton Corp		728
3,412		EMCOR Group, Inc		91
37,032		Emerson Electric Co		1,725
840		Encore Wire Corp		22
1,511	*,e	Energy Recovery, Inc		4
2,547	*	EnerSys		66
908	*	EnPro Industries, Inc		30
1,380		ESCO Technologies, Inc		40
886	*	Essex Rental Corp		3
1,554	*	Esterline Technologies Corp		87
9,299	*	Exelis, Inc		84
13,638		Fastenal Co		595
3,085		Federal Signal Corp		13
2,307	*	Flow International Corp		8
2,819		Flowserve Corp		280
8,521		Fluor Corp		428
7,798	*	Fortune Brands Home & Security, Inc		133
898		Franklin Electric Co, Inc		39
635	*	Freightcar America, Inc		13
4,152	*,e	FuelCell Energy, Inc		4
2,145	*	Furmanite Corp		14
2,642		Gardner Denver, Inc		204
2,370		GATX Corp		103
1,806	*	GenCorp, Inc		10
1,246	*	Generac Holdings, Inc		35
2,638	*	General Cable Corp		66
16,438		General Dynamics Corp		1,092
523,942		General Electric Co		9,384
1,077	*	GeoEye, Inc		24
1,633	*	Gibraltar Industries, Inc		23
809	*	Global Power Equipment Group, Inc		19
6,179		Goodrich Corp		764
795		Gorman-Rupp Co		22
3,066		Graco, Inc		125
6,478	*	GrafTech International Ltd		88
604		Graham Corp		13
1,832		Granite Construction, Inc		43
3,079		Great Lakes Dredge & Dock Corp		17
869	*	Greenbrier Cos, Inc		21
2,356		Griffon Corp		22
1,293	*	H&E Equipment Services, Inc		17
4,082		Harsco Corp		84
2,104	e	Heico Corp		123
5,110	*	Hexcel Corp		124
39,099		Honeywell International, Inc		2,125
800		Houston Wire & Cable Co		11
2,996		Hubbell, Inc (Class B)		200
2,459	*	Huntington Ingalls		77
316	*	Hurco Cos, Inc		7
4,026		IDEX Corp		149
2,800	*	II-VI, Inc		51
22,092		Illinois Tool Works, Inc		1,032

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,314		Ingersoll-Rand plc	$	497
916		Insteel Industries, Inc		10
1,758	*	Interline Brands, Inc		27
4,649		ITT Corp		90
6,034	*	Jacobs Engineering Group, Inc		245
1,665		John Bean Technologies Corp		26
5,106		Joy Global, Inc		383
888	*	Kadant, Inc		20
1,371		Kaman Corp		37
1,677		Kaydon Corp		51
7,682		KBR, Inc		214
3,920		Kennametal, Inc		143
953	*	KEYW Holding Corp		7
1,860	*	Kratos Defense & Security Solutions, Inc		11
5,143		L-3 Communications Holdings, Inc		343
300		Lawson Products, Inc		5
990	*	Layne Christensen Co		24
659		LB Foster Co (Class A)		19
2,159		Lennox International, Inc		73
4,259		Lincoln Electric Holdings, Inc		167
700		Lindsay Manufacturing Co		38
533	*	LMI Aerospace, Inc		9
13,046		Lockheed Martin Corp		1,055
1,293		LSI Industries, Inc		8
853	*	Lydall, Inc		8
5,104		Manitowoc Co, Inc		47
18,960		Masco Corp		199
2,813	*	Mastec, Inc		49
901		Met-Pro Corp		8
445	*	Michael Baker Corp		9
947	*	Middleby Corp		89
614		Miller Industries, Inc		10
2,290	*	Moog, Inc (Class A)		101
2,247		MSC Industrial Direct Co (Class A)		161
1,988		Mueller Industries, Inc		76
8,122		Mueller Water Products, Inc (Class A)		20
881	*	MYR Group, Inc		17
271		Nacco Industries, Inc (Class A)		24
206	e	National Presto Industries, Inc		19
3,660	*	Navistar International Corp		139
926	*	NCI Building Systems, Inc		10
822	*	NN, Inc		5
3,046		Nordson Corp		125
12,828		Northrop Grumman Corp		750
625	*	Northwest Pipe Co		14
2,339	*	Orbital Sciences Corp		34
1,499	*	Orion Marine Group, Inc		10
4,565	*	Oshkosh Truck Corp		98
5,833	*	Owens Corning, Inc		168
18,461		Paccar, Inc		692
5,872		Pall Corp		336
7,455		Parker Hannifin Corp		568
4,970		Pentair, Inc		165
1,399	*	Perini Corp		17
1,025	*	Pike Electric Corp		7
762	*,e	PMFG, Inc		15
1,969	*	Polypore International, Inc		87
458	*	Powell Industries, Inc		14
940	*	PowerSecure International, Inc		5
7,110		Precision Castparts Corp		1,172
96		Preformed Line Products Co		6
1,320		Primoris Services Corp		20
1,987		Quanex Building Products Corp		30
10,886	*	Quanta Services, Inc		235
1,083		Raven Industries, Inc		67

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
17,651		Raytheon Co	$	854
1,025	*	RBC Bearings, Inc		43
1,983		Regal-Beloit Corp		101
2,000		Robbins & Myers, Inc		97
7,092		Rockwell Automation, Inc		520
7,492		Rockwell Collins, Inc		415
4,700		Roper Industries, Inc		408
3,415	*,e	RSC Holdings, Inc		63
1,703	*	Rush Enterprises, Inc (Class A)		36
2,893	*,e	SatCon Technology Corp		2
294	*	Sauer-Danfoss, Inc		11
16	*	Seaboard Corp		33
576		SeaCube Container Leasing Ltd		9
3,695	*	Shaw Group, Inc		99
1,742		Simpson Manufacturing Co, Inc		59
2,942		Snap-On, Inc		149
5,621	*	Spirit Aerosystems Holdings, Inc (Class A)		117
2,579		SPX Corp		155
800		Standex International Corp		27
8,490		Stanley Works		574
701	*	Sterling Construction Co, Inc		8
1,027		Sun Hydraulics Corp		24
1,019		TAL International Group, Inc		29
3,948	*	Taser International, Inc		20
1,000	*	Tecumseh Products Co (Class A)		5
1,872	*	Teledyne Technologies, Inc		103
1,004		Tennant Co		39
4,464	*	Terex Corp		60
590	e	Textainer Group Holdings Ltd		17
13,969		Textron, Inc		258
513	*	Thermon Group Holdings		9
2,627	*	Thomas & Betts Corp		143
4,280		Timken Co		166
2,128	e	Titan International, Inc		41
784	*	Titan Machinery, Inc		17
1,313		Toro Co		80
2,358	*	TransDigm Group, Inc		226
714	*	Trex Co, Inc		16
1,303	*	Trimas Corp		23
4,029		Trinity Industries, Inc		121
1,904		Triumph Group, Inc		111
562	e	Twin Disc, Inc		20
23,004		Tyco International Ltd		1,075
3,113	*	United Rentals, Inc		92
45,164		United Technologies Corp		3,301
979		Universal Forest Products, Inc		30
3,591	*	URS Corp		126
3,497	*,e	USG Corp		36
3,104	*,e	Valence Technology, Inc		3
1,173		Valmont Industries, Inc		106
1,023		Vicor Corp		8
2,775		W.W. Grainger, Inc		519
3,406	*	Wabash National Corp		27
3,395	*	WABCO Holdings, Inc		147
1,468		Watsco, Inc		96
1,513		Watts Water Technologies, Inc (Class A)		52
2,219	*	WESCO International, Inc		118
2,441		Westinghouse Air Brake Technologies Corp		171
3,108		Woodward Governor Co		127
418	*	Xerium Technologies, Inc		3
9,299		Xylem, Inc		239
		TOTAL CAPITAL GOODS		58,002

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
2,600		ABM Industries, Inc	$	54
2,171	*	Acacia Research (Acacia Technologies)		79
2,726	*	ACCO Brands Corp		26
1,159		Administaff, Inc		29
637	*	Advisory Board Co		47
928		American Ecology Corp		17
2,166	*	American Reprographics Co		10
508	*	AT Cross Co		6
5,401		Avery Dennison Corp		155
383		Barrett Business Services, Inc		8
2,433		Brink’s Co		65
1,375	*	Casella Waste Systems, Inc (Class A)		9
2,695	*	CBIZ, Inc		16
669		CDI Corp		9
3,345	*	Cenveo, Inc		11
5,360		Cintas Corp		187
2,372	*	Clean Harbors, Inc		151
493	*	Consolidated Graphics, Inc		24
2,669	*	Copart, Inc		128
1,871		Corporate Executive Board Co		71
5,493	*	Corrections Corp of America		112
1,115	*	CoStar Group, Inc		74
594		Courier Corp		7
5,871		Covanta Holding Corp		80
717	*	CRA International, Inc		14
2,529		Deluxe Corp		58
1,664	*	Dolan Media Co		14
2,510		Dun & Bradstreet Corp		188
860	*	Encore Capital Group, Inc		18
4,206	*	EnergySolutions, Inc		13
1,037	*,e	EnerNOC, Inc		11
1,357		Ennis, Inc		18
6,277		Equifax, Inc		243
641	*	Exponent, Inc		29
691	*	Franklin Covey Co		6
2,087	*	FTI Consulting, Inc		89
1,063	*	Fuel Tech, Inc		7
989		G & K Services, Inc (Class A)		29
3,286	*	Geo Group, Inc		55
645	*	GP Strategies Corp		9
3,373		Healthcare Services Group		60
1,202		Heidrick & Struggles International, Inc		26
218	*	Heritage-Crystal Clean, Inc		4
3,007		Herman Miller, Inc		56
1,422	*	Hill International, Inc		7
2,339		HNI Corp		61
1,656	*	Hudson Highland Group, Inc		8
1,154	*	Huron Consulting Group, Inc		45
892	*	ICF International, Inc		22
5,063	*	ICO Global Communications Holdings Ltd		13
2,500	*	IHS, Inc (Class A)		215
1,402	*,e	Innerworkings, Inc		13
2,666		Interface, Inc (Class A)		31
462		Intersections, Inc		5
9,202		Iron Mountain, Inc		283
1,460	*	KAR Auction Services, Inc		20
1,394		Kelly Services, Inc (Class A)		19
1,774	*	Kforce, Inc		22
1,737		Kimball International, Inc (Class B)		9
2,470		Knoll, Inc		37
2,433	*	Korn/Ferry International		42
3,935		Manpower, Inc		141
1,316		McGrath RentCorp		38
1,459	*	Metalico, Inc		5

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,391		Mine Safety Appliances Co	$	46
757	*	Mistras Group, Inc		19
2,280	*	Mobile Mini, Inc		40
514		Multi-Color Corp		13
2,873	*	Navigant Consulting, Inc		33
3,800	*	Nielsen Holdings NV		113
563		NL Industries, Inc		7
3,322	*,e	Odyssey Marine Exploration, Inc		9
1,673	*	On Assignment, Inc		19
9,189	e	Pitney Bowes, Inc		170
734	*	Portfolio Recovery Associates, Inc		50
1,273	e	Quad		18
9,373	e	R.R. Donnelley & Sons Co		135
15,900		Republic Services, Inc		438
2,774		Resources Connection, Inc		29
7,414		Robert Half International, Inc		211
3,219		Rollins, Inc		72
489	*	RPX Corp		6
977		Schawk, Inc (Class A)		11
913	*	School Specialty, Inc		2
672	*	Standard Parking Corp		12
3,734		Steelcase, Inc (Class A)		28
4,155	*	Stericycle, Inc		324
2,192	*	SYKES Enterprises, Inc		34
1,110	*	Team, Inc		33
3,264	*	Tetra Tech, Inc		71
648	*	TMS International Corp		6
2,896		Towers Watson & Co		174
896	*	TRC Cos, Inc		5
2,350	*	TrueBlue, Inc		33
664		Unifirst Corp		38
2,404		United Stationers, Inc		78
5,594	*	Verisk Analytics, Inc		225
1,084		Viad Corp		19
205		VSE Corp		5
5,431		Waste Connections, Inc		180
23,488		Waste Management, Inc		768
668	*	WCA Waste Corp		3
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		6,835
CONSUMER DURABLES & APPAREL - 1.3%
1,931		American Greetings Corp (Class A)		24
653	*	Arctic Cat, Inc		15
3,225	*	Ascena Retail Group, Inc		96
2,994	*,e	Beazer Homes USA, Inc		7
116		Blyth, Inc		7
3,909		Brunswick Corp		71
3,430		Callaway Golf Co		19
2,483	*	Carter’s, Inc		99
379	*	Cavco Industries, Inc		15
442		Cherokee, Inc		5
715	*	Clarus Corp		5
14,409		Coach, Inc		880
562	e	Columbia Sportswear Co		26
4,300	*	CROCS, Inc		63
269		CSS Industries, Inc		5
1,873	*	Deckers Outdoor Corp		142
351	*	Delta Apparel, Inc		7
14,140		DR Horton, Inc		178
14,610	*,e	Eastman Kodak Co		10
1,299	e	Ethan Allen Interiors, Inc		31
2,570	*	Fossil, Inc		204
2,907	*	Furniture Brands International, Inc		4
5,437	e	Garmin Ltd		217
811	*	G-III Apparel Group Ltd		20

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,868	*	Hanesbrands, Inc	$	106
3,541		Harman International Industries, Inc		135
6,090		Hasbro, Inc		194
1,630	*	Helen of Troy Ltd		50
2,297	*,e	Hovnanian Enterprises, Inc (Class A)		3
3,571	*	Iconix Brand Group, Inc		58
1,204	*,e	iRobot Corp		36
857		Jakks Pacific, Inc		12
4,490		Jarden Corp		134
232	*	Johnson Outdoors, Inc		4
4,415		Jones Apparel Group, Inc		47
4,044	e	KB Home		27
500	*	Kenneth Cole Productions, Inc (Class A)		5
1,430	*,e	K-Swiss, Inc (Class A)		4
2,552	*	La-Z-Boy, Inc		30
1,909	*	Leapfrog Enterprises, Inc		11
7,227		Leggett & Platt, Inc		167
7,949	e	Lennar Corp (Class A)		156
847	*	Libbey, Inc		11
362		Lifetime Brands, Inc		4
3,068	*,e	Liz Claiborne, Inc		26
862	*	M/I Homes, Inc		8
1,202	*	Maidenform Brands, Inc		22
1,066	*	Marine Products Corp		5
17,016		Mattel, Inc		472
1,887	e	MDC Holdings, Inc		33
1,694	*	Meritage Homes Corp		39
2,686	*	Mohawk Industries, Inc		161
817		Movado Group, Inc		15
14,687		Newell Rubbermaid, Inc		237
17,586		Nike, Inc (Class B)		1,695
233	*	NVR, Inc		160
733		Oxford Industries, Inc		33
804	*	Perry Ellis International, Inc		11
2,991		Phillips-Van Heusen Corp		211
3,290		Polaris Industries, Inc		184
2,439		Pool Corp		74
14,507	*	Pulte Homes, Inc		92
6,801	*	Quiksilver, Inc		25
2,959		Ralph Lauren Corp		409
444		RG Barry Corp		5
2,334	e	Ryland Group, Inc		37
2,732	*,e	Sealy Corp		5
1,898	*	Skechers U.S.A., Inc (Class A)		23
442		Skyline Corp		2
2,979	*	Smith & Wesson Holding Corp		13
5,166	*,e	Standard-Pacific Corp		16
288	*	Steinway Musical Instruments, Inc		7
1,788	*	Steven Madden Ltd		62
957		Sturm Ruger & Co, Inc		32
633	*	Summer Infant, Inc		4
3,418	*	Tempur-Pedic International, Inc		180
6,926	*	Toll Brothers, Inc		142
1,435	*	True Religion Apparel, Inc		50
3,152		Tupperware Corp		176
1,864	*	Under Armour, Inc (Class A)		134
489	*	Unifi, Inc		4
787	*	Universal Electronics, Inc		13
1,001	*,e	Vera Bradley, Inc		32
4,278		VF Corp		543
2,341	*	Warnaco Group, Inc		117
378		Weyco Group, Inc		9
3,754		Whirlpool Corp		178
2,109		Wolverine World Wide, Inc		75

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,005	*,e	Zagg, Inc	$	7
		TOTAL CONSUMER DURABLES & APPAREL		9,122
CONSUMER SERVICES - 2.5%
1,322	*	AFC Enterprises		19
1,219		Ambassadors Group, Inc		5
960	*,e	American Public Education, Inc		41
1,644		Ameristar Casinos, Inc		28
5,514	*	Apollo Group, Inc (Class A)		297
641	*,e	Archipelago Learning, Inc		6
860	*	Ascent Media Corp (Series A)		44
2,180	*	Bally Technologies, Inc		86
896	*	BJ’s Restaurants, Inc		41
1,536		Bob Evans Farms, Inc		52
179	*	Boyd Gaming Corp		1
987	*	Bravo Brio Restaurant Group, Inc		17
910	*,e	Bridgepoint Education, Inc		21
4,290		Brinker International, Inc		115
937	*	Buffalo Wild Wings, Inc		63
846	*	Cambium Learning Group, Inc		3
888	*	Capella Education Co		32
3,103	*	Career Education Corp		25
404	*	Caribou Coffee Co, Inc		6
21,086		Carnival Corp		688
620	*	Carrols Restaurant Group, Inc		7
1,126		CBRL Group, Inc		57
1,153		CEC Entertainment, Inc		40
2,924	*	Cheesecake Factory		86
1,535	*	Chipotle Mexican Grill, Inc (Class A)		518
1,471		Choice Hotels International, Inc		56
533		Churchill Downs, Inc		28
1,574	*,e	Coinstar, Inc		72
4,659	*,e	Corinthian Colleges, Inc		10
6,914		Darden Restaurants, Inc		315
6,036	*	Denny’s Corp		23
3,362		DeVry, Inc		129
858	*	DineEquity, Inc		36
2,637	*	Domino’s Pizza, Inc		90
1,270	*,e	Dunkin Brands Group, Inc		32
1,956	*,e	Education Management Corp		55
289		Einstein Noah Restaurant Group, Inc		5
1,754	*	Gaylord Entertainment Co		42
1,646	*	Grand Canyon Education, Inc		26
15,463		H&R Block, Inc		252
3,288		Hillenbrand, Inc		73
2,300	*	Hyatt Hotels Corp		87
14,926		International Game Technology		257
1,433		International Speedway Corp (Class A)		36
2,163	*	Interval Leisure Group, Inc		29
1,142	*	Isle of Capri Casinos, Inc		5
1,384	*,e	ITT Educational Services, Inc		79
2,527	*	Jack in the Box, Inc		53
3,249	*	Jamba, Inc		4
1,265	*	K12, Inc		23
2,917	*	Krispy Kreme Doughnuts, Inc		19
19,471	*	Las Vegas Sands Corp		832
2,155	*	Life Time Fitness, Inc		101
870		Lincoln Educational Services Corp		7
638		Mac-Gray Corp		9
1,242		Marcus Corp		16
12,864		Marriott International, Inc (Class A)		375
1,390	*	Marriott Vacations Worldwide Corp		24
1,582		Matthews International Corp (Class A)		50
51,238		McDonald’s Corp		5,141

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,324	*	MGM Mirage	$	170
604	*	Monarch Casino & Resort, Inc		6
1,158	*	Morgans Hotel Group Co		7
1,276	*	Multimedia Games, Inc		10
386		National American University Holdings, Inc		3
1,279	*	O’Charleys, Inc		7
4,684	*	Orient-Express Hotels Ltd (Class A)		35
1,428	*	Panera Bread Co (Class A)		202
997	*	Papa John’s International, Inc		38
650	*,e	Peet’s Coffee & Tea, Inc		41
3,437	*	Penn National Gaming, Inc		131
1,227		PF Chang’s China Bistro, Inc		38
3,407	*	Pinnacle Entertainment, Inc		35
705	*,e	Princeton Review, Inc		0	^
490	*	Red Lion Hotels Corp		3
666	*	Red Robin Gourmet Burgers, Inc		18
2,615		Regis Corp		43
6,827		Royal Caribbean Cruises Ltd		169
3,070	*	Ruby Tuesday, Inc		21
1,588	*	Ruth’s Chris Steak House, Inc		8
2,868	*	Scientific Games Corp (Class A)		28
12,090		Service Corp International		129
2,802	*	Shuffle Master, Inc		33
2,098		Six Flags Entertainment Corp		87
3,411	*	Sonic Corp		23
3,535		Sotheby’s (Class A)		101
819		Speedway Motorsports, Inc		13
36,915		Starbucks Corp		1,698
9,797		Starwood Hotels & Resorts Worldwide, Inc		470
85	*	Steak N Shake Co		31
636	*	Steiner Leisure Ltd		29
4,084		Stewart Enterprises, Inc (Class A)		23
605	e	Strayer Education, Inc		59
3,228		Texas Roadhouse, Inc (Class A)		48
1,064	*	Town Sports International Holdings, Inc		8
1,448	*	Universal Technical Institute, Inc		18
1,845		Vail Resorts, Inc		78
1,452	e	Weight Watchers International, Inc		80
15,922		Wendy’s		85
2,997	*	WMS Industries, Inc		62
8,592		Wyndham Worldwide Corp		325
3,957		Wynn Resorts Ltd		437
23,052		Yum! Brands, Inc		1,360
		TOTAL CONSUMER SERVICES		16,899
DIVERSIFIED FINANCIALS - 5.5%
3,111		Advance America Cash Advance Centers, Inc		28
2,630	*	Affiliated Managers Group, Inc		252
17,707	*	American Capital Ltd		119
51,899		American Express Co		2,448
11,069		Ameriprise Financial, Inc		549
9,666		Apollo Investment Corp		62
10,143		Ares Capital Corp		157
1,707	e	Artio Global Investors, Inc		8
499,790		Bank of America Corp		2,779
61,033		Bank of New York Mellon Corp		1,215
3,857		BGC Partners, Inc (Class A)		23
2,986		BlackRock Kelso Capital Corp		24
4,261		BlackRock, Inc		759
3,645	*,e	Broadpoint Securities Group, Inc		6
1,288		Calamos Asset Management, Inc (Class A)		16
22,696		Capital One Financial Corp		960
147		Capital Southwest Corp		12
1,482		Cash America International, Inc		69
2,668		CBOE Holdings, Inc		69

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
52,189		Charles Schwab Corp	$	588
143,418		Citigroup, Inc		3,773
3,332		CME Group, Inc		812
1,086	e	Cohen & Steers, Inc		31
1,682		Compass Diversified Trust		21
5,330	*	Cowen Group, Inc		14
302	*	Credit Acceptance Corp		25
118		Diamond Hill Investment Group, Inc		9
26,865		Discover Financial Services		645
2,202	*	Dollar Financial Corp		40
1,551		Duff & Phelps Corp		22
12,665	*	E*Trade Financial Corp		101
6,232	e	Eaton Vance Corp		147
737		Epoch Holding Corp		16
986		Evercore Partners, Inc (Class A)		26
2,322	*	Ezcorp, Inc (Class A)		61
2,692	*	FBR Capital Markets Corp		6
4,555	e	Federated Investors, Inc (Class B)		69
3,389	e	Fifth Street Finance Corp		32
1,926	*,e	Financial Engines, Inc		43
1,630	*	First Cash Financial Services, Inc		57
3,742	*,e	First Marblehead Corp		4
7,098		Franklin Resources, Inc		682
352		Friedman Billings Ramsey Group, Inc (Class A)		8
950	e	FXCM, Inc		9
349		GAMCO Investors, Inc (Class A)		15
3,928		GFI Group, Inc		16
1,256		Gladstone Capital Corp		10
1,326		Gladstone Investment Corp		10
25,711		Goldman Sachs Group, Inc		2,325
404	e	Golub Capital BDC, Inc		6
1,122	*,e	Green Dot Corp		35
1,492	e	Greenhill & Co, Inc		54
1,395	*	Harris & Harris Group, Inc		5
2,227		Hercules Technology Growth Capital, Inc		21
1,489	*	HFF, Inc (Class A)		15
891	*	Imperial Holdings, Inc		2
2,025		Interactive Brokers Group, Inc (Class A)		30
3,717	*	IntercontinentalExchange, Inc		448
675	*	International Assets Holding Corp		16
1,945	*	Internet Capital Group, Inc		15
23,335		Invesco Ltd		469
2,567	*	Investment Technology Group, Inc		28
40,000	e	iShares Russell 3000 Index Fund		2,967
9,425		Janus Capital Group, Inc		59
6,156	e	Jefferies Group, Inc		85
822		JMP Group, Inc		6
196,259		JPMorgan Chase & Co		6,526
1,881		KBW, Inc		29
5,321	*	Knight Capital Group, Inc (Class A)		63
1,010		Kohlberg Capital Corp		6
5,033	*	Ladenburg Thalmann Financial Services, Inc		12
5,598		Lazard Ltd (Class A)		146
7,519		Legg Mason, Inc		181
9,840		Leucadia National Corp		224
700	*	LPL Investment Holdings, Inc		21
1,017		Main Street Capital Corp		22
1,518		MarketAxess Holdings, Inc		46
3,668		MCG Capital Corp		15
872		Medallion Financial Corp		10
594		Medley Capital Corp		6
9,845		Moody’s Corp		331
76,013		Morgan Stanley		1,150
6,067	*	MSCI, Inc (Class A)		200
1,507		MVC Capital, Inc		17

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,892	*	Nasdaq Stock Market, Inc	$	144
1,305		Nelnet, Inc (Class A)		32
1,400	*,e	Netspend Holdings, Inc		11
354		New Mountain Finance Corp		5
959	*	NewStar Financial, Inc		10
1,181		NGP Capital Resources Co		8
489	e	Nicholas Financial, Inc		6
10,627		Northern Trust Corp		421
13,136		NYSE Euronext		343
448		Oppenheimer Holdings, Inc		7
2,314		PennantPark Investment Corp		23
2,946	*	PHH Corp		31
1,198	*	Pico Holdings, Inc		25
935	*	Piper Jaffray Cos		19
3,632	e	Prospect Capital Corp		34
5,235		Raymond James Financial, Inc		162
1,299	*	Safeguard Scientifics, Inc		21
870		Sanders Morris Harris Group, Inc		6
6,909		SEI Investments Co		120
25,584		SLM Corp		343
305		Solar Capital Ltd		7
375		Solar Senior Capital Ltd		6
15,000		SPDR Trust Series 1		1,883
24,748		State Street Corp		998
2,739	*	Stifel Financial Corp		88
1,726		SWS Group, Inc		12
12,829		T Rowe Price Group, Inc		731
11,051		TD Ameritrade Holding Corp		173
456		THL Credit, Inc		6
1,245		TICC Capital Corp		11
925		Triangle Capital Corp		18
354	*	Virtus Investment Partners, Inc		27
4,362		Waddell & Reed Financial, Inc (Class A)		108
1,146		Walter Investment Management Corp		24
322		Westwood Holdings Group, Inc		12
616	*	World Acceptance Corp		45
		TOTAL DIVERSIFIED FINANCIALS		38,358
ENERGY - 11.2%
4,200	*,e	Abraxas Petroleum Corp		14
783		Alon USA Energy, Inc		7
10,621	*	Alpha Natural Resources, Inc		217
885	*,e	Amyris Biotechnologies, Inc		10
24,513		Anadarko Petroleum Corp		1,871
18,972		Apache Corp		1,718
460	e	APCO Argentina, Inc		38
546	*,e	Approach Resources, Inc		16
10,893		Arch Coal, Inc		158
896	*,e	ATP Oil & Gas Corp		7
2,862	*	Atwood Oceanics, Inc		114
21,576		Baker Hughes, Inc		1,049
1,205	*	Basic Energy Services, Inc		24
2,676		Berry Petroleum Co (Class A)		112
2,422	*	Bill Barrett Corp		83
4,811	*,e	BPZ Energy, Inc		14
1,671		Bristow Group, Inc		79
5,129		Cabot Oil & Gas Corp		389
4,578	*	Cal Dive International, Inc		10
1,294	*	Callon Petroleum Co		6
12,062	*	Cameron International Corp		593
971	e	CARBO Ceramics, Inc		120
1,963	*	Carrizo Oil & Gas, Inc		52
3,135	*	Cheniere Energy, Inc		27
32,556		Chesapeake Energy Corp		726
99,334		Chevron Corp		10,569

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,254		Cimarex Energy Co	$	263
326	*	Clayton Williams Energy, Inc		25
2,252	*,e	Clean Energy Fuels Corp		28
1,710	*	Cloud Peak Energy, Inc		33
5,980	*	Cobalt International Energy, Inc		93
3,986	*	Complete Production Services, Inc		134
2,095	*	Comstock Resources, Inc		32
5,242	*	Concho Resources, Inc		491
65,688		ConocoPhillips		4,787
11,445		Consol Energy, Inc		420
582	*	Contango Oil & Gas Co		34
1,662	*,e	Continental Resources, Inc		111
2,156		Core Laboratories NV		246
2,304		Crosstex Energy, Inc		29
4,444	*	CVR Energy, Inc		83
474	*	Dawson Geophysical Co		19
683		Delek US Holdings, Inc		8
20,375	*	Denbury Resources, Inc		308
20,953		Devon Energy Corp		1,299
2,362		DHT Maritime, Inc		2
3,453		Diamond Offshore Drilling, Inc		191
4,037	*	Dresser-Rand Group, Inc		202
1,762	*	Dril-Quip, Inc		116
38,251		El Paso Corp		1,016
1,867	*,e	Endeavour International Corp		16
3,525		Energen Corp		176
1,505	*	Energy Partners Ltd		22
3,786	*	Energy XXI Bermuda Ltd		121
13,377		EOG Resources, Inc		1,318
6,781		Equitable Resources, Inc		372
668	*	Evolution Petroleum Corp		5
7,607		EXCO Resources, Inc		79
3,340	*	Exterran Holdings, Inc		30
244,135		Exxon Mobil Corp		20,693
11,824	*	FMC Technologies, Inc		618
4,741	*	Forest Oil Corp		64
2,722	e	Frontline Ltd		12
2,612	*	FX Energy, Inc		13
2,282	*	Gastar Exploration Ltd		7
523	*,e	Geokinetics, Inc		1
1,015	*	Georesources, Inc		30
277	*,e	Gevo, Inc		2
933	*	Global Geophysical Services, Inc		6
1,351	*,e	GMX Resources, Inc		2
2,142		Golar LNG Ltd		95
1,342	*,e	Goodrich Petroleum Corp		18
827	*	Green Plains Renewable Energy, Inc		8
727		Gulf Island Fabrication, Inc		21
1,244	*	Gulfmark Offshore, Inc		52
1,969	*	Gulfport Energy Corp		58
45,016		Halliburton Co		1,554
1,747	*,e	Harvest Natural Resources, Inc		13
5,489	*	Helix Energy Solutions Group, Inc		87
4,822		Helmerich & Payne, Inc		281
5,516	*	Hercules Offshore, Inc		25
15,186		Hess Corp		863
9,634		Holly Corp		225
1,230	*	Hornbeck Offshore Services, Inc		38
928	*,e	Houston American Energy Corp		11
7,914	*,e	Hyperdynamics Corp		19
6,522	*	ION Geophysical Corp		40
61	*	Isramco, Inc		5
1,514	*,e	James River Coal Co		10
6,661	*	Key Energy Services, Inc		103
8,627	e	Kinder Morgan, Inc		278

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,036		Knightsbridge Tankers Ltd	$	14
9,022	*	Kodiak Oil & Gas Corp		86
1,661	*	Kosmos Energy LLC		20
843	*	L&L Energy, Inc		2
1,347		Lufkin Industries, Inc		91
5,602	*,e	Magnum Hunter Resources Corp		30
35,215		Marathon Oil Corp		1,031
17,542		Marathon Petroleum Corp		584
1,545	*	Matrix Service Co		15
11,755	*	McDermott International, Inc		135
4,297	*,e	McMoRan Exploration Co		63
738	*,e	Miller Petroleum, Inc		2
507	*	Mitcham Industries, Inc		11
9,694		Murphy Oil Corp		540
14,433	*	Nabors Industries Ltd		250
20,967		National Oilwell Varco, Inc		1,426
714	*	Natural Gas Services Group, Inc		10
6,825	*	Newfield Exploration Co		257
4,752	*	Newpark Resources, Inc		45
8,752		Noble Energy, Inc		826
2,356	e	Nordic American Tanker Shipping		28
2,245	*,e	Northern Oil And Gas, Inc		54
3,020	*,e	Oasis Petroleum, Inc		88
40,396		Occidental Petroleum Corp		3,785
5,485		Oceaneering International, Inc		253
2,591	*	Oil States International, Inc		198
1,191	e	Overseas Shipholding Group, Inc		13
246	*	OYO Geospace Corp		19
2,542	*,e	Pacific Asia Petroleum, Inc		3
447		Panhandle Oil and Gas, Inc (Class A)		15
6,555	*	Parker Drilling Co		47
3,067	*	Patriot Coal Corp		26
7,817		Patterson-UTI Energy, Inc		156
13,732		Peabody Energy Corp		455
2,491		Penn Virginia Corp		13
1,000	*	Petroleum Development Corp		35
2,768	*,e	Petroquest Energy, Inc		18
882	*	PHI, Inc		22
2,681	*	Pioneer Drilling Co		26
5,942		Pioneer Natural Resources Co		532
7,131	*	Plains Exploration & Production Co		262
8,936		Questar Market Resources, Inc		262
5,994	*,e	Quicksilver Resources, Inc		40
8,023		Range Resources Corp		497
11,466	*,e	Rentech, Inc		15
2,024	*,e	Resolute Energy Corp		22
1,826	*,e	Rex Energy Corp		27
303	*	Rex Stores Corp		7
298	*	RigNet, Inc		5
2,800	*	Rosetta Resources, Inc		122
6,060	*	Rowan Cos, Inc		184
2,193	e	RPC, Inc		40
18,950	*	SandRidge Energy, Inc		155
67,006		Schlumberger Ltd		4,577
1,279	*	Scorpio Tankers, Inc		6
891	*	SEACOR Holdings, Inc		79
2,320	*	SemGroup Corp		60
2,365	e	Ship Finance International Ltd		22
550	*,e	Solazyme, Inc		7
6,300		Southern Union Co		265
17,583	*	Southwestern Energy Co		562
32,161		Spectra Energy Corp		989
3,213		St. Mary Land & Exploration Co		235
2,334	*	Stone Energy Corp		62
5,389		Sunoco, Inc		221

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,018	*,e	Superior Energy Services	$	114
2,133	*	Swift Energy Co		63
3,388	*,e	Syntroleum Corp		3
840		Targa Resources Investments, Inc		34
2,102		Teekay Corp		56
2,124	e	Teekay Tankers Ltd (Class A)		7
1,600	*	Tesco Corp		20
7,249	*	Tesoro Corp		169
3,896	*	Tetra Technologies, Inc		36
2,548		Tidewater, Inc		126
367	*,e	Triangle Petroleum Corp		2
7,732	*	Ultra Petroleum Corp		229
500	*	Union Drilling, Inc		3
2,117	*	Unit Corp		98
3,239	*,e	Uranerz Energy Corp		6
2,636	*,e	Uranium Energy Corp		8
4,901	*,e	Uranium Resources, Inc		4
5,321	*	Ur-Energy, Inc		5
5,759	*,e	USEC, Inc		7
2,578	*	Vaalco Energy, Inc		16
28,824		Valero Energy Corp		607
4,769	*	Vantage Drilling Co		6
1,482	*	Venoco, Inc		10
2,249	*,e	Voyager Oil & Gas, Inc		6
1,693		W&T Offshore, Inc		36
3,436	*	Warren Resources, Inc		11
2,614	*	Western Refining, Inc		35
510	*	Westmoreland Coal Co		6
5,933	*	Whiting Petroleum Corp		277
2,395	*	Willbros Group, Inc		9
28,869		Williams Cos, Inc		953
3,096		World Fuel Services Corp		130
		TOTAL ENERGY		78,423
FOOD & STAPLES RETAILING - 2.1%
962		Andersons, Inc		42
66		Arden Group, Inc (Class A)		6
1,705		Casey’s General Stores, Inc		88
21,498		Costco Wholesale Corp		1,791
66,873		CVS Corp		2,727
1,424	*	Fresh Market, Inc		57
700		Ingles Markets, Inc (Class A)		11
29,482		Kroger Co		714
656		Nash Finch Co		19
1,214	*	Pantry, Inc		15
655		Pricesmart, Inc		46
29,531	*	Rite Aid Corp		37
2,157		Ruddick Corp		92
17,888		Safeway, Inc		376
1,382		Spartan Stores, Inc		26
11,240	e	Supervalu, Inc		91
233	*	Susser Holdings Corp		5
28,896		Sysco Corp		847
2,446	*	United Natural Foods, Inc		98
424		Village Super Market (Class A)		12
45,392		Walgreen Co		1,501
87,907		Wal-Mart Stores, Inc		5,253
180		Weis Markets, Inc		7
7,589		Whole Foods Market, Inc		528
2,891	*	Winn-Dixie Stores, Inc		27
		TOTAL FOOD & STAPLES RETAILING		14,416
FOOD, BEVERAGE & TOBACCO - 5.5%
246		Alico, Inc		5
5,454	*	Alliance One International, Inc		15

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
103,678		Altria Group, Inc	$	3,074
32,242		Archer Daniels Midland Co		922
1,189		B&G Foods, Inc (Class A)		29
7,798		Beam, Inc		399
400	*,e	Boston Beer Co, Inc (Class A)		43
4,967		Brown-Forman Corp (Class B)		400
7,283		Bunge Ltd		417
555	e	Calavo Growers, Inc		14
803		Cal-Maine Foods, Inc		29
8,910		Campbell Soup Co		296
3,635	*,e	Central European Distribution Corp		16
2,584	*	Chiquita Brands International, Inc		22
263		Coca-Cola Bottling Co Consolidated		15
97,591		Coca-Cola Co		6,828
16,433		Coca-Cola Enterprises, Inc		424
20,123		ConAgra Foods, Inc		531
9,178	*	Constellation Brands, Inc (Class A)		190
3,860		Corn Products International, Inc		203
5,911	*	Darling International, Inc		79
9,678	*	Dean Foods Co		108
1,154	e	Diamond Foods, Inc		37
1,712	*,e	Dole Food Co, Inc		15
11,190		Dr Pepper Snapple Group, Inc		442
616	e	Farmer Bros Co		5
5,476		Flowers Foods, Inc		104
2,084		Fresh Del Monte Produce, Inc		52
31,624		General Mills, Inc		1,278
6,210	*,e	Green Mountain Coffee Roasters, Inc		279
149		Griffin Land & Nurseries, Inc (Class A)		4
15,785		H.J. Heinz Co		853
1,798	*	Hain Celestial Group, Inc		66
3,538		Hansen Natural Corp		326
4,668	*,e	Heckmann Corp		31
7,424		Hershey Co		459
6,945		Hormel Foods Corp		203
740	e	Imperial Sugar Co		3
800		J&J Snack Foods Corp		43
5,817		J.M. Smucker Co		455
12,157		Kellogg Co		615
81,903		Kraft Foods, Inc (Class A)		3,060
975		Lancaster Colony Corp		68
2,402		Lance, Inc		54
443	e	Limoneira Co		7
6,614		Lorillard, Inc		754
6,693		McCormick & Co, Inc		337
10,062		Mead Johnson Nutrition Co		692
621		Mgp Ingredients, Inc		3
6,834		Molson Coors Brewing Co (Class B)		298
621		National Beverage Corp		10
996	*	Omega Protein Corp		7
78,051		PepsiCo, Inc		5,179
87,849		Philip Morris International, Inc		6,894
2,432	*,e	Pilgrim’s Pride Corp		14
617	*,e	Primo Water		2
2,656	*	Ralcorp Holdings, Inc		227
16,551		Reynolds American, Inc		685
1,203		Sanderson Farms, Inc		60
29,550		Sara Lee Corp		559
365	*	Seneca Foods Corp		9
3,778	*	Smart Balance, Inc		20
6,686	*	Smithfield Foods, Inc		162
4,200	*,e	Star Scientific, Inc		9
889	*,e	Synutra International, Inc		5
1,187	e	Tootsie Roll Industries, Inc		28
1,794	*	TreeHouse Foods, Inc		117

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
14,985		Tyson Foods, Inc (Class A)	$	309
1,060		Universal Corp		49
2,514	e	Vector Group Ltd		45
		TOTAL FOOD, BEVERAGE & TOBACCO		38,992
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
1,214	*	Abaxis, Inc		34
1,811	*	Abiomed, Inc		33
2,035	*,e	Accretive Health, Inc		47
3,073	*	Accuray, Inc		13
18,770		Aetna, Inc		792
467	*	Air Methods Corp		39
3,127	*	Align Technology, Inc		74
1,316	*	Alliance Imaging, Inc		2
9,620	*	Allscripts Healthcare Solutions, Inc		182
380	*	Almost Family, Inc		6
2,729	*	Alphatec Holdings, Inc		5
1,533	*	Amedisys, Inc		17
608	*	American Dental Partners, Inc		11
2,201	*	Amerigroup Corp		130
13,773		AmerisourceBergen Corp		512
2,008	*	AMN Healthcare Services, Inc		9
1,528	*	Amsurg Corp		40
639		Analogic Corp		37
1,310	*	Angiodynamics, Inc		19
3,605	*,e	Antares Pharma, Inc		8
1,336	*	Arthrocare Corp		42
1,106		Assisted Living Concepts, Inc (A Shares)		17
1,737	*,e	athenahealth, Inc		85
716	*	AtriCure, Inc		8
86		Atrion Corp		21
4,151		Bard (C.R.), Inc		355
28,286		Baxter International, Inc		1,400
10,845		Becton Dickinson & Co		810
1,446	*,e	Biolase Technology, Inc		4
1,242	*,e	Bio-Reference Labs, Inc		20
2,298	*	BioScrip, Inc		13
74,361	*	Boston Scientific Corp		397
4,927	*	Brookdale Senior Living, Inc		86
711		Cantel Medical Corp		20
1,396	*	Capital Senior Living Corp		11
17,180		Cardinal Health, Inc		698
1,317	*	CardioNet, Inc		3
10,828	*	CareFusion Corp		275
1,830	*	Catalyst Health Solutions, Inc		95
1,586	*	CBaySystems Holdings Ltd		15
2,518	*	Centene Corp		100
6,928	*	Cerner Corp		424
1,975	*	Cerus Corp		5
1,072		Chemed Corp		55
671	*	Chindex International, Inc		6
13,313		Cigna Corp		559
4,283	*	Community Health Systems, Inc		75
590		Computer Programs & Systems, Inc		30
1,671	*	Conceptus, Inc		21
1,595	*	Conmed Corp		41
2,129		Cooper Cos, Inc		150
467	*	Corvel Corp		24
7,375	*	Coventry Health Care, Inc		224
24,537		Covidien plc		1,104
2,234	*	Cross Country Healthcare, Inc		12
1,413	*	CryoLife, Inc		7
1,543	*	Cyberonics, Inc		52
475	*	Cynosure, Inc (Class A)		6
4,725	*	DaVita, Inc		358

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,929	*,e	Delcath Systems, Inc	$	6
7,111		Dentsply International, Inc		249
3,382	*	DexCom, Inc		31
493	*	DynaVox, Inc		2
5,544	*	Edwards Lifesciences Corp		392
1,554	*,e	Emeritus Corp		27
2,539	*	Endologix, Inc		29
711		Ensign Group, Inc		17
327	*,e	ePocrates, Inc		3
408	*	Exactech, Inc		7
1,376	*	EXamWorks, Inc		13
24,334	*	Express Scripts, Inc		1,088
1,637	*	Five Star Quality Care, Inc		5
2,421	*	Gen-Probe, Inc		143
1,497	*	Gentiva Health Services, Inc		10
1,370	*	Greatbatch, Inc		30
1,049	*	Haemonetics Corp		64
1,683	*	Hanger Orthopedic Group, Inc		32
1,438	*	Hansen Medical, Inc		4
5,563	*	HCA Holdings, Inc		123
11,279	*	Health Management Associates, Inc (Class A)		83
4,553	*	Health Net, Inc		139
4,886	*	Healthsouth Corp		86
3,431	*	Healthspring, Inc		187
797	*	HealthStream, Inc		15
1,788	*	Healthways, Inc		12
605	*,e	HeartWare International, Inc		42
4,577	*	Henry Schein, Inc		295
3,194		Hill-Rom Holdings, Inc		108
4,287	*	HMS Holdings Corp		137
13,090	*	Hologic, Inc		229
8,295		Humana, Inc		727
632	*	ICU Medical, Inc		28
2,704	*	Idexx Laboratories, Inc		208
2,329	*,e	Insulet Corp		44
1,114	*	Integra LifeSciences Holdings Corp		34
1,946	*	Intuitive Surgical, Inc		901
1,548		Invacare Corp		24
4,435	*	Inverness Medical Innovations, Inc		102
904	*	IPC The Hospitalist Co, Inc		41
1,079	*	IRIS International, Inc		10
520	*	Kensey Nash Corp		10
2,539	*	Kindred Healthcare, Inc		30
4,882	*	Laboratory Corp of America Holdings		420
498		Landauer, Inc		26
735	*	LHC Group, Inc		9
2,636	*	LifePoint Hospitals, Inc		98
4,122		Lincare Holdings, Inc		106
1,359	*	Magellan Health Services, Inc		67
1,614	*,e	MAKO Surgical Corp		41
2,657	*	Masimo Corp		50
12,388		McKesson Corp		965
2,281	*	MedAssets, Inc		21
19,897	*	Medco Health Solutions, Inc		1,112
873	*	Medical Action Industries, Inc		5
975	*	Medidata Solutions, Inc		21
53,018		Medtronic, Inc		2,028
2,504	*	Merge Healthcare, Inc		12
2,066		Meridian Bioscience, Inc		39
1,836	*	Merit Medical Systems, Inc		25
2,331	*	Metropolitan Health Networks, Inc		17
1,080	*	Molina Healthcare, Inc		24
620	*	MWI Veterinary Supply, Inc		41
516		National Healthcare Corp		22
1,662	*	Natus Medical, Inc		16

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,314	*	Neogen Corp	$	40
4,406	*	Neoprobe Corp		12
2,136	*	NuVasive, Inc		27
2,243	*	NxStage Medical, Inc		40
5,865		Omnicare, Inc		202
1,729	*	Omnicell, Inc		29
2,901	*	OraSure Technologies, Inc		26
1,010	*	Orthofix International NV		36
3,228		Owens & Minor, Inc		90
1,140	*	Palomar Medical Technologies, Inc		11
5,222		Patterson Cos, Inc		154
2,180	*	Pediatrix Medical Group, Inc		157
1,726	*	PharMerica Corp		26
617	*	Providence Service Corp		9
2,792	*	PSS World Medical, Inc		68
1,960	e	Quality Systems, Inc		73
7,808		Quest Diagnostics, Inc		453
1,220	*,e	Quidel Corp		18
1,541	*,e	RadNet, Inc		3
7,735	*	Resmed, Inc		196
804	*,e	Rockwell Medical Technologies, Inc		7
3,216	*	RTI Biologics, Inc		14
2,500	*	Select Medical Holdings Corp		21
2,401	*	Sirona Dental Systems, Inc		106
973	*	Skilled Healthcare Group, Inc (Class A)		5
3,016	*	Solta Medical, Inc		9
766	*	SonoSite, Inc		41
1,958	*	Spectranetics Corp		14
16,210		St. Jude Medical, Inc		556
1,741	*	Staar Surgical Co		18
2,299	*,e	Stereotaxis, Inc		2
2,985		STERIS Corp		89
15,528		Stryker Corp		772
758	*	Sun Healthcare Group, Inc		3
2,773	*	Sunrise Senior Living, Inc		18
900	*	SurModics, Inc		13
2,964	*	SXC Health Solutions Corp		167
1,974	*	Symmetry Medical, Inc		16
1,090	*	Synergetics USA, Inc		8
768	*	Synovis Life Technologies, Inc		21
1,351	*	Team Health Holdings, Inc		30
2,032		Teleflex, Inc		125
21,306	*	Tenet Healthcare Corp		109
2,999	*	Thoratec Corp		101
520	*	Tornier BV		9
360	*	Transcend Services, Inc		9
979	*	Triple-S Management Corp (Class B)		20
2,569	*	Unilife Corp		8
53,540		UnitedHealth Group, Inc		2,713
1,661	*	Universal American Corp		21
4,561		Universal Health Services, Inc (Class B)		177
1,051	*,e	Uroplasty, Inc		4
701		US Physical Therapy, Inc		14
5,917	*	Varian Medical Systems, Inc		397
937	*	Vascular Solutions, Inc		10
4,351	*	VCA Antech, Inc		86
2,758	*	Volcano Corp		66
2,154	*	WellCare Health Plans, Inc		113
17,137		WellPoint, Inc		1,135
1,778		West Pharmaceutical Services, Inc		67
2,200	*	Wright Medical Group, Inc		36
233		Young Innovations, Inc		7
9,374	*	Zimmer Holdings, Inc		501
1,200	*	Zoll Medical Corp		76
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		29,974

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 2.2%
21,664		Avon Products, Inc	$	378
3,024	*	Central Garden and Pet Co (Class A)		25
6,930		Church & Dwight Co, Inc		317
6,594		Clorox Co		439
24,099		Colgate-Palmolive Co		2,226
1,265	*	Elizabeth Arden, Inc		47
3,326	*	Energizer Holdings, Inc		258
5,567		Estee Lauder Cos (Class A)		625
867	e	Female Health Co		4
5,990		Herbalife Ltd		310
735		Inter Parfums, Inc		11
19,388		Kimberly-Clark Corp		1,426
721	*,e	Medifast, Inc		10
83	*	Nature’s Sunshine Products, Inc		1
2,584		Nu Skin Enterprises, Inc (Class A)		126
602	*	Nutraceutical International Corp		7
255		Oil-Dri Corp of America		5
2,523	*	Prestige Brands Holdings, Inc		28
138,323		Procter & Gamble Co		9,228
575	*	Revlon, Inc (Class A)		9
630	*	Schiff Nutrition International, Inc		7
956	*	Spectrum Brands, Inc		26
312	*,e	USANA Health Sciences, Inc		9
886		WD-40 Co		36
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		15,558
INSURANCE - 3.7%
16,698		ACE Ltd		1,171
23,310		Aflac, Inc		1,008
285	*,e	Alleghany Corp		81
1,944		Allied World Assurance Co Holdings Ltd		122
25,606		Allstate Corp		702
3,620		American Equity Investment Life Holding Co		38
3,950		American Financial Group, Inc		146
21,619	*	American International Group, Inc		502
355		American National Insurance Co		26
622	*	American Safety Insurance Holdings Ltd		14
915	*	Amerisafe, Inc		21
1,200		Amtrust Financial Services, Inc		29
16,387		AON Corp		767
6,298	*	Arch Capital Group Ltd		234
1,611		Argo Group International Holdings Ltd		47
5,455		Arthur J. Gallagher & Co		182
3,581		Aspen Insurance Holdings Ltd		95
4,871		Assurant, Inc		200
9,283		Assured Guaranty Ltd		122
6,234		Axis Capital Holdings Ltd		199
422		Baldwin & Lyons, Inc (Class B)		9
86,469	*	Berkshire Hathaway, Inc (Class B)		6,598
5,834		Brown & Brown, Inc		132
14,531		Chubb Corp		1,006
7,387		Cincinnati Financial Corp		225
2,162	*	Citizens, Inc (Class A)		21
1,391		CNA Financial Corp		37
11,225	*	Conseco, Inc		71
1,190		Crawford & Co (Class B)		7
2,444		Delphi Financial Group, Inc (Class A)		108
406		Donegal Group, Inc (Class A)		6
1,474	*	eHealth, Inc		22
168		EMC Insurance Group, Inc		3
1,950		Employers Holdings, Inc		35
2,054		Endurance Specialty Holdings Ltd		79
395	*	Enstar Group Ltd		39
1,505		Erie Indemnity Co (Class A)		118
2,121		Everest Re Group Ltd		178

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
881		FBL Financial Group, Inc (Class A)	$	30
11,312		Fidelity National Title Group, Inc (Class A)		180
5,526		First American Financial Corp		70
2,488		Flagstone Reinsurance Holdings Ltd		21
22,188	*	Genworth Financial, Inc (Class A)		145
1,491	*	Greenlight Capital Re Ltd (Class A)		35
368	*	Hallmark Financial Services		3
2,267		Hanover Insurance Group, Inc		79
657	e	Harleysville Group, Inc		37
21,920		Hartford Financial Services Group, Inc		356
5,658		HCC Insurance Holdings, Inc		156
2,378	*	Hilltop Holdings, Inc		20
2,010		Horace Mann Educators Corp		28
357	e	Independence Holding Co		3
632		Infinity Property & Casualty Corp		36
212		Kansas City Life Insurance Co		7
2,516		Kemper Corp		73
15,830		Lincoln National Corp		307
15,604		Loews Corp		587
2,909		Maiden Holdings Ltd		25
450	*	Markel Corp		187
27,173		Marsh & McLennan Cos, Inc		859
4,600		Max Capital Group Ltd		109
7,809	*,e	MBIA, Inc		91
2,850		Meadowbrook Insurance Group, Inc		30
1,373		Mercury General Corp		63
40,788		Metlife, Inc		1,272
3,129		Montpelier Re Holdings Ltd		56
2,320	*	National Financial Partners Corp		31
224		National Interstate Corp		6
56		National Western Life Insurance Co (Class A)		8
636	*	Navigators Group, Inc		30
12,729		Old Republic International Corp		118
1,314		OneBeacon Insurance Group Ltd (Class A)		20
3,479		PartnerRe Ltd		223
7,094	*	Phoenix Cos, Inc		12
1,669		Platinum Underwriters Holdings Ltd		57
1,106		Presidential Life Corp		11
1,054		Primerica, Inc		25
16,236		Principal Financial Group		399
1,464		ProAssurance Corp		117
30,555		Progressive Corp		596
4,503		Protective Life Corp		102
23,859		Prudential Financial, Inc		1,196
3,586		Reinsurance Group of America, Inc (Class A)		187
2,614		RenaissanceRe Holdings Ltd		194
697		RLI Corp		51
678		Safety Insurance Group, Inc		27
999		SeaBright Insurance Holdings, Inc		8
2,700		Selective Insurance Group, Inc		48
2,292		Stancorp Financial Group, Inc		84
913		State Auto Financial Corp		12
1,214		Stewart Information Services Corp		14
3,411		Symetra Financial Corp		31
5,237		Torchmark Corp		227
1,864		Tower Group, Inc		38
3,162		Transatlantic Holdings, Inc		173
20,725		Travelers Cos, Inc		1,226
746	*	United America Indemnity Ltd		15
1,337		United Fire & Casualty Co		27
587		Universal Insurance Holdings, Inc		2
15,052		UnumProvident Corp		317
3,894		Validus Holdings Ltd		123
5,770		W.R. Berkley Corp		198
313		White Mountains Insurance Group Ltd		142
15,619		XL Capital Ltd		309
		TOTAL INSURANCE		25,669

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
MATERIALS - 4.0%
1,675		A. Schulman, Inc	$	35
226	*	AEP Industries, Inc		6
10,394		Air Products & Chemicals, Inc		885
3,941		Airgas, Inc		308
5,809	e	AK Steel Holding Corp		48
4,572		Albemarle Corp		235
52,542		Alcoa, Inc		454
5,557		Allegheny Technologies, Inc		266
4,499	*	Allied Nevada Gold Corp		136
1,252		AMCOL International Corp		34
928		American Vanguard Corp		12
3,382		Aptargroup, Inc		177
4,098		Ashland, Inc		234
1,365		Balchem Corp		55
8,482		Ball Corp		303
4,932		Bemis Co, Inc		148
5,292		Boise, Inc		38
1,200	*	Brush Engineered Materials, Inc		29
1,757		Buckeye Technologies, Inc		59
3,319		Cabot Corp		107
2,978	*	Calgon Carbon Corp		47
2,419		Carpenter Technology Corp		125
1,087	*,e	Castle (A.M.) & Co		10
7,889		Celanese Corp (Series A)		349
3,364	*	Century Aluminum Co		29
3,530		CF Industries Holdings, Inc		512
340		Chase Corp		5
3,627	*	Chemtura		41
1,060	*	Clearwater Paper Corp		38
6,943		Cleveland-Cliffs, Inc		433
4,438	*	Coeur d’Alene Mines Corp		107
6,046		Commercial Metals Co		84
1,615		Compass Minerals International, Inc		111
8,215	*	Crown Holdings, Inc		276
2,481		Cytec Industries, Inc		111
567		Deltic Timber Corp		34
2,090		Domtar Corp		167
57,962		Dow Chemical Co		1,667
45,783		Du Pont (E.I.) de Nemours & Co		2,096
2,311		Eagle Materials, Inc		59
7,190		Eastman Chemical Co		281
14,627		Ecolab, Inc		846
4,514	*	Ferro Corp		22
2,562	*,e	Flotek Industries, Inc		26
3,623		FMC Corp		312
46,868		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,724
954		FutureFuel Corp		12
2,908	*	General Moly, Inc		9
1,622	*	Georgia Gulf Corp		32
2,406		Glatfelter		34
2,943		Globe Specialty Metals, Inc		39
1,426		Gold Resource Corp		30
461	*,e	Golden Minerals Co		3
12,807	*	Golden Star Resources Ltd		21
8,058	*	Graphic Packaging Holding Co		34
1,790		Greif, Inc (Class A)		82
2,571		H.B. Fuller Co		59
459		Hawkins, Inc		17
750		Haynes International, Inc		41
2,769	*	Headwaters, Inc		6
14,157		Hecla Mining Co		74
2,056	*	Horsehead Holding Corp		18
9,393		Huntsman Corp		94
1,126		Innophos Holdings, Inc		55

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,190	*	Innospec, Inc	$	33
4,077		International Flavors & Fragrances, Inc		214
22,081		International Paper Co		654
2,641	*	Intrepid Potash, Inc		60
4,439	*,e	Jaguar Mining, Inc		28
620		Kaiser Aluminum Corp		28
2,023	*	Kapstone Paper and Packaging Corp		32
329		KMG Chemicals, Inc		6
1,077		Koppers Holdings, Inc		37
1,610	*	Kraton Polymers LLC		33
1,114		Kronos Worldwide, Inc		20
1,289	*	Landec Corp		7
6,361	*	Louisiana-Pacific Corp		51
901	*	LSB Industries, Inc		25
15,822		LyondellBasell Industries AF S.C.A		514
2,306	e	Martin Marietta Materials, Inc		174
8,578		MeadWestvaco Corp		257
566	*	Metals USA Holdings Corp		6
3,984	*,e	Midway Gold Corp		8
998		Minerals Technologies, Inc		56
2,837	*,e	Molycorp, Inc		68
26,411		Monsanto Co		1,851
13,646		Mosaic Co		688
1,570		Myers Industries, Inc		19
1,075		Neenah Paper, Inc		24
469		NewMarket Corp		93
23,952		Newmont Mining Corp		1,437
1,121		Noranda Aluminium Holding Corp		9
15,457		Nucor Corp		612
4,182		Olin Corp		82
529		Olympic Steel, Inc		12
1,636	*	OM Group, Inc		37
2,250	*	Omnova Solutions, Inc		10
8,262	*	Owens-Illinois, Inc		160
5,162		Packaging Corp of America		130
5,999	*,e	Paramount Gold and Silver Corp		13
4,735		PolyOne Corp		55
7,741		PPG Industries, Inc		646
15,039		Praxair, Inc		1,608
610		Quaker Chemical Corp		24
3,642		Reliance Steel & Aluminum Co		177
1,196	*	Revett Minerals, Inc		6
3,144		Rock-Tenn Co (Class A)		182
2,609	*	Rockwood Holdings, Inc		103
2,701		Royal Gold, Inc		182
6,583		RPM International, Inc		162
1,496	*	RTI International Metals, Inc		35
1,183		Schnitzer Steel Industries, Inc (Class A)		50
663		Schweitzer-Mauduit International, Inc		44
2,344	e	Scotts Miracle-Gro Co (Class A)		109
8,412		Sealed Air Corp		145
2,106	*	Senomyx, Inc		7
2,628		Sensient Technologies Corp		100
4,351		Sherwin-Williams Co		388
6,098		Sigma-Aldrich Corp		381
2,495		Silgan Holdings, Inc		96
6,548	*	Solutia, Inc		113
5,028		Sonoco Products Co		166
8,637		Southern Copper Corp (NY)		261
1,508	*	Spartech Corp		7
10,635		Steel Dynamics, Inc		140
417		Stepan Co		33
2,345	*	Stillwater Mining Co		25
5,055		Temple-Inland, Inc		160
1,109		Texas Industries, Inc		34

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
668	*	Texas Petrochemicals, Inc	$	16
7,152	*	Thompson Creek Metals Co, Inc		50
4,523		Titanium Metals Corp		68
1,281		Tredegar Corp		28
66	*	United States Lime & Minerals, Inc		4
6,927	e	United States Steel Corp		183
391	*	Universal Stainless & Alloy		15
1,179	*	US Energy Corp Wyoming		3
5,285	*,e	US Gold Corp		18
4,845		Valspar Corp		189
3,459	*,e	Vista Gold Corp		11
6,530	e	Vulcan Materials Co		257
3,151		Walter Energy, Inc		191
2,666		Wausau Paper Corp		22
893		Westlake Chemical Corp		36
297	*	WHX Corp		3
2,913		Worthington Industries, Inc		48
3,834	*	WR Grace & Co		176
1,145		Zep, Inc		16
1,635	*	Zoltek Cos, Inc		12
		TOTAL MATERIALS		28,014
MEDIA - 3.1%
924		AH Belo Corp (Class A)		4
2,662	*	AMC Networks, Inc		100
1,425		Arbitron, Inc		49
4,724		Belo (A.H.) Corp (Class A)		30
10,909		Cablevision Systems Corp (Class A)		155
33,018		CBS Corp (Class B)		896
1,854	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		12
3,035	*	Charter Communications, Inc		173
3,438		Cinemark Holdings, Inc		64
2,051	*	Clear Channel Outdoor Holdings, Inc (Class A)		26
136,055		Comcast Corp (Class A)		3,226
1,802	*,e	Crown Media Holdings, Inc (Class A)		2
1,191	*	Cumulus Media, Inc (Class A)		4
1,322	*	Digital Generation, Inc		16
34,810	*	DIRECTV		1,489
13,701	*	Discovery Communications, Inc (Class A)		561
10,000		DISH Network Corp (Class A)		285
3,607	*,e	DreamWorks Animation SKG, Inc (Class A)		60
1,252	*,e	Entercom Communications Corp (Class A)		8
2,637		Entravision Communications Corp (Class A)		4
1,802	*	EW Scripps Co (Class A)		14
354	*	Fisher Communications, Inc		10
11,774		Gannett Co, Inc		157
629	*	Global Sources Ltd		3
1,804	*	Gray Television, Inc		3
2,075		Harte-Hanks, Inc		19
24,665		Interpublic Group of Cos, Inc		240
2,263		John Wiley & Sons, Inc (Class A)		101
2,807	*	Journal Communications, Inc (Class A)		12
1,587	*	Knology, Inc		23
3,031	*,e	Lamar Advertising Co (Class A)		83
13,980	*	Liberty Global, Inc (Class A)		574
5,786	*	Liberty Interactive LLC		452
1,798	*	Lin TV Corp (Class A)		8
1,860	*,e	Lions Gate Entertainment Corp		15
7,613	*	Live Nation, Inc		63
3,359	*	Madison Square Garden, Inc		96
1,522	e	Martha Stewart Living Omnimedia, Inc (Class A)		7
3,219	*,e	McClatchy Co (Class A)		8
14,921		McGraw-Hill Cos, Inc		671
1,288		MDC Partners, Inc		17
1,908	e	Meredith Corp		62

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,117		Morningstar, Inc	$	66
2,278		National CineMedia, Inc		28
6,951	*,e	New York Times Co (Class A)		54
113,907		News Corp (Class A)		2,032
542	*	Nexstar Broadcasting Group, Inc (Class A)		4
13,848		Omnicom Group, Inc		617
660		Outdoor Channel Holdings, Inc		5
490	*	ReachLocal, Inc		3
4,340	e	Regal Entertainment Group (Class A)		52
475	*	Rentrak Corp		7
1,378		Scholastic Corp		41
4,520		Scripps Networks Interactive (Class A)		192
3,111		Sinclair Broadcast Group, Inc (Class A)		35
197,997	*,e	Sirius XM Radio, Inc		360
18,552		Thomson Corp		495
16,524		Time Warner Cable, Inc		1,050
49,393		Time Warner, Inc		1,785
2,478	*,e	Valassis Communications, Inc		48
98	e	Value Line, Inc		1
27,209		Viacom, Inc (Class B)		1,236
15,373		Virgin Media, Inc		329
93,266		Walt Disney Co		3,497
253	e	Washington Post Co (Class B)		95
1,281	e	World Wrestling Entertainment, Inc (Class A)		12
		TOTAL MEDIA		21,846
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%
76,734		Abbott Laboratories		4,315
1,983	*,e	Achillion Pharmaceuticals, Inc		15
2,044	*	Acorda Therapeutics, Inc		49
376	*	Aegerion Pharmaceuticals, Inc		6
1,787	*	Affymax, Inc		12
4,200	*	Affymetrix, Inc		17
17,156	*	Agilent Technologies, Inc		599
2,860	*	Akorn, Inc		32
1,600	*	Albany Molecular Research, Inc		5
9,120	*	Alexion Pharmaceuticals, Inc		652
5,209	*	Alkermes PLC		90
15,100		Allergan, Inc		1,325
4,202	*	Allos Therapeutics, Inc		6
2,039	*	Alnylam Pharmaceuticals, Inc		17
1,109	*	AMAG Pharmaceuticals, Inc		21
43,387		Amgen, Inc		2,786
1,022	*	Ampio Pharmaceuticals, Inc		4
6,228	*	Amylin Pharmaceuticals, Inc		71
826	*	Anthera Pharmaceuticals, Inc		5
803	*	Ardea Biosciences, Inc		14
7,276	*,e	Arena Pharmaceuticals, Inc		14
6,680	*	Ariad Pharmaceuticals, Inc		82
2,640	*	Arqule, Inc		15
3,660	*	Array Biopharma, Inc		8
2,656	*	Astex Pharmaceuticals		5
2,455	*	Auxilium Pharmaceuticals, Inc		49
6,354	*,e	AVANIR Pharmaceuticals, Inc		13
1,342	*,e	AVEO Pharmaceuticals, Inc		23
4,441	*,e	AVI BioPharma, Inc		3
1,205	*,e	BioCryst Pharmaceuticals, Inc		3
12,041	*	Biogen Idec, Inc		1,325
5,472	*	BioMarin Pharmaceuticals, Inc		188
723	*,e	BioMimetic Therapeutics, Inc		2
1,030	*	Bio-Rad Laboratories, Inc (Class A)		99
3,493	*,e	Biosante Pharmaceuticals, Inc		2
215	*	Biospecifics Technologies Corp		4
1,108	*,e	Biotime, Inc		6
84,135		Bristol-Myers Squibb Co		2,965
4,265	*	Bruker BioSciences Corp		53

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,890	*,e	Cadence Pharmaceuticals, Inc	$	7
1,815	*	Cambrex Corp		13
22,930	*	Celgene Corp		1,550
8,448	*,e	Cell Therapeutics, Inc		10
1,638	*	Celldex Therapeutics, Inc		4
2,745	*	Cepheid, Inc		94
2,608	*	Charles River Laboratories International, Inc		71
2,651	*,e	Chelsea Therapeutics International, Inc		14
1,143	*,e	Cleveland Biolabs, Inc		3
442	*	Codexis, Inc		2
3,725	*,e	Columbia Laboratories, Inc		9
2,926	*,e	Combinatorx, Inc		4
523	*,e	Complete Genomics, Inc		2
1,326	*,e	Corcept Therapeutics, Inc		4
318	*	Cornerstone Therapeutics, Inc		2
3,087	*	Covance, Inc		141
2,930	*	Cubist Pharmaceuticals, Inc		116
3,574	*,e	Curis, Inc		17
2,389	*	Cytori Therapeutics, Inc		5
7,690	*,e	Dendreon Corp		58
2,984	*	Depomed, Inc		15
3,494	*	Durect Corp		4
1,240	*	Dusa Pharmaceuticals, Inc		5
4,970	*	Dyax Corp		7
5,843	*,e	Dynavax Technologies Corp		19
50,588		Eli Lilly & Co		2,102
1,234	*	Emergent Biosolutions, Inc		21
5,765	*	Endo Pharmaceuticals Holdings, Inc		199
748	*	Endocyte, Inc		3
1,864	*	Enzo Biochem, Inc		4
2,632	*	Enzon Pharmaceuticals, Inc		18
2,888	*	eResearch Technology, Inc		14
2,644	*	Exact Sciences Corp		21
6,457	*	Exelixis, Inc		31
318	*	Fluidigm Corp		4
13,935	*	Forest Laboratories, Inc		422
512	*	Furiex Pharmaceuticals Inc		9
810	*	Genomic Health, Inc		21
6,445	*	Geron Corp		10
39,020	*	Gilead Sciences, Inc		1,597
971	*,e	GTx, Inc		3
3,942	*	Halozyme Therapeutics, Inc		37
1,104	*	Harvard Bioscience, Inc		4
458	*	Hi-Tech Pharmacal Co, Inc		18
8,495	*	Hospira, Inc		258
9,905	*	Human Genome Sciences, Inc		73
2,733	*,e	Idenix Pharmaceuticals, Inc		20
6,175	*	Illumina, Inc		188
3,568	*,e	Immunogen, Inc		41
3,543	*,e	Immunomedics, Inc		12
3,365	*	Impax Laboratories, Inc		68
4,807	*,e	Incyte Corp		72
1,026	*,e	Infinity Pharmaceuticals, Inc		9
2,480	*	Inhibitex, Inc		27
1,268	*	Insmed, Inc		4
2,471	*	InterMune, Inc		31
1,000	*	Ironwood Pharmaceuticals, Inc		12
5,202	*	Isis Pharmaceuticals, Inc		38
1,307	*	ISTA Pharmaceuticals, Inc		9
1,109	*	Jazz Pharmaceuticals, Inc		43
135,431		Johnson & Johnson		8,882
2,721	*,e	Keryx Biopharmaceuticals, Inc		7
2,515	*,e	KV Pharmaceutical Co (Class A)		3
832	*	Lannett Co, Inc		4
10,577	*	Lexicon Pharmaceuticals, Inc		14

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,034	*	Life Technologies Corp	$	352
925	*	Ligand Pharmaceuticals, Inc (Class B)		11
2,138	*	Luminex Corp		45
2,990	*,e	MannKind Corp		7
1,093	*	MAP Pharmaceuticals, Inc		14
1,801	*	Maxygen, Inc		10
2,495	*	Medicines Co		46
3,195		Medicis Pharmaceutical Corp (Class A)		106
1,640	*	Medivation, Inc		76
388	*	Medtox Scientific, Inc		6
152,423		Merck & Co, Inc		5,746
1,320	*	Metabolix, Inc		6
1,572	*	Mettler-Toledo International, Inc		232
4,244	*,e	Micromet, Inc		31
1,926	*	Momenta Pharmaceuticals, Inc		34
22,115	*	Mylan Laboratories, Inc		475
4,340	*	Myriad Genetics, Inc		91
2,384	*	Nabi Biopharmaceuticals		4
4,982	*,e	Nektar Therapeutics		28
1,326	*,e	Neostem, Inc		1
2,526	*	Neurocrine Biosciences, Inc		21
4,336	*	Novavax, Inc		5
2,860	*	NPS Pharmaceuticals, Inc		19
1,040	*	Nymox Pharmaceutical Corp		9
1,070	*	Obagi Medical Products, Inc		11
511	*	OncoGenex Pharmaceutical, Inc		6
2,102	*,e	Oncothyreon, Inc		16
3,387	*	Onyx Pharmaceuticals, Inc		149
4,791	*,e	Opko Health, Inc		23
1,463	*,e	Optimer Pharmaceuticals, Inc		18
1,180	*	Orexigen Therapeutics, Inc		2
807	*,e	Osiris Therapeutics, Inc		4
1,723	*	Pacific Biosciences of California, Inc		5
1,792	*	Pain Therapeutics, Inc		7
1,830	*	Par Pharmaceutical Cos, Inc		60
3,098	*	Parexel International Corp		64
5,458	e	PDL BioPharma, Inc		34
2,716	*	Peregrine Pharmaceuticals, Inc		3
5,700		PerkinElmer, Inc		114
4,194		Perrigo Co		408
390,322		Pfizer, Inc		8,447
1,960	*,e	Pharmacyclics, Inc		29
3,644	*	Pharmasset, Inc		467
1,715	*,e	PharmAthene, Inc		2
1,425	*	Pozen, Inc		6
1,419	*	Progenics Pharmaceuticals, Inc		12
10,977	*,e	Qiagen N.V. (NASDAQ)		152
2,696	*	Questcor Pharmaceuticals, Inc		112
533	*	Raptor Pharmaceutical Corp		3
3,683	*	Regeneron Pharmaceuticals, Inc		204
3,471	*	Rigel Pharmaceuticals, Inc		27
345	*,e	Sagent Pharmaceuticals		7
3,014	*	Salix Pharmaceuticals Ltd		144
2,157	*,e	Sangamo Biosciences, Inc		6
2,882	*	Santarus, Inc		10
3,562	*,e	Savient Pharmaceuticals, Inc		8
1,987	*	Sciclone Pharmaceuticals, Inc		9
4,880	*,e	Seattle Genetics, Inc		82
4,993	*,e	Sequenom, Inc		22
1,470	*,e	SIGA Technologies, Inc		4
2,652	*	Spectrum Pharmaceuticals, Inc		39
620	*,e	Sucampo Pharmaceuticals, Inc (Class A)		3
1,092	*,e	Synta Pharmaceuticals Corp		5
1,257	*	Targacept, Inc		7
1,700		Techne Corp		116

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,469	*,e	Theravance, Inc	$	77
18,954	*	Thermo Electron Corp		852
2,600	*	United Therapeutics Corp		123
1,501	*	Vanda Pharmaceuticals, Inc		7
10,327	*	Vertex Pharmaceuticals, Inc		343
3,055	*,e	Vical, Inc		13
3,526	*	Viropharma, Inc		97
4,243	*,e	Vivus, Inc		41
8,575	*	Warner Chilcott plc		130
4,630	*	Waters Corp		343
6,402	*	Watson Pharmaceuticals, Inc		386
1,508	*	Xenoport, Inc		6
2,912	*,e	ZIOPHARM Oncology, Inc		13
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		52,082
REAL ESTATE - 3.1%
2,117		Acadia Realty Trust		43
505		Agree Realty Corp		12
104		Alexander’s, Inc		38
2,762		Alexandria Real Estate Equities, Inc		190
21,441		AMB Property Corp		613
1,470		American Assets Trust,Inc		30
3,566		American Campus Communities, Inc		150
11,331		American Capital Agency Corp		318
47,027		Annaly Capital Management, Inc		751
6,519		Anworth Mortgage Asset Corp		41
6,369		Apartment Investment & Management Co (Class A)		146
867		Apollo Commercial Real Estate Finance, Inc		11
2,517		ARMOUR Residential REIT, Inc		18
2,185		Ashford Hospitality Trust, Inc		17
2,073		Associated Estates Realty Corp		33
4,387		AvalonBay Communities, Inc		573
454	*,e	Avatar Holdings, Inc		3
7,185		BioMed Realty Trust, Inc		130
7,352		Boston Properties, Inc		732
7,051		Brandywine Realty Trust		67
3,765		BRE Properties, Inc (Class A)		190
3,481		Camden Property Trust		217
1,900		Campus Crest Communities, Inc		19
3,499		Capital Lease Funding, Inc		14
3,918		Capstead Mortgage Corp		49
7,851		CBL & Associates Properties, Inc		123
15,013	*	CBRE Group, Inc		229
2,712		Cedar Shopping Centers, Inc		12
464		Chatham Lodging Trust		5
1,642		Chesapeake Lodging Trust		25
51,853		Chimera Investment Corp		130
2,241		Cogdell Spencer, Inc		10
4,203		Colonial Properties Trust		88
1,674		Colony Financial, Inc		26
378		Consolidated-Tomoka Land Co		10
800		Coresite Realty		14
3,601		Corporate Office Properties Trust		77
4,773		Cousins Properties, Inc		31
2,905		CreXus Investment Corp		30
4,966		CubeSmart		53
1,400		CYS Investments, Inc		18
12,464		DCT Industrial Trust, Inc		64
11,153		DDR Corp		136
8,158		DiamondRock Hospitality Co		79
4,811		Digital Realty Trust, Inc		321
6,476		Douglas Emmett, Inc		118
12,782		Duke Realty Corp		154
2,984		DuPont Fabros Technology, Inc		72
2,046		Dynex Capital, Inc		19

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,377		EastGroup Properties, Inc	$	60
3,632		Education Realty Trust, Inc		37
2,472		Entertainment Properties Trust		108
1,377		Equity Lifestyle Properties, Inc		92
2,074		Equity One, Inc		35
14,683		Equity Residential		837
1,645		Essex Property Trust, Inc		231
803		Excel Trust, Inc		10
4,748		Extra Space Storage, Inc		115
3,147		Federal Realty Investment Trust		286
6,309	*	FelCor Lodging Trust, Inc		19
3,935	*	First Industrial Realty Trust, Inc		40
2,547		First Potomac Realty Trust		33
6,922	*	Forest City Enterprises, Inc (Class A)		82
1,790	*	Forestar Real Estate Group, Inc		27
3,639		Franklin Street Properties Corp		36
28,469		General Growth Properties, Inc		428
1,193		Getty Realty Corp		17
498		Gladstone Commercial Corp		9
5,029		Glimcher Realty Trust		46
1,600		Government Properties Income Trust		36
4,020		Hatteras Financial Corp		106
20,499		HCP, Inc		849
9,660		Health Care REIT, Inc		527
3,664		Healthcare Realty Trust, Inc		68
7,134		Hersha Hospitality Trust		35
3,786		Highwoods Properties, Inc		112
2,096		Home Properties, Inc		121
6,635		Hospitality Properties Trust		152
34,558		Host Marriott Corp		510
1,086	*	Howard Hughes Corp		48
3,368		HRPT Properties Trust		56
1,133		Hudson Pacific Properties		16
4,699		Inland Real Estate Corp		36
4,043		Invesco Mortgage Capital, Inc		57
3,940		Investors Real Estate Trust		29
5,389	*	iStar Financial, Inc		29
2,166		Jones Lang LaSalle, Inc		133
1,173		Kennedy-Wilson Holdings, Inc		13
2,878		Kilroy Realty Corp		110
20,553		Kimco Realty Corp		334
2,891		Kite Realty Group Trust		13
4,298		LaSalle Hotel Properties		104
6,009		Lexington Corporate Properties Trust		45
5,687		Liberty Property Trust		176
1,314		LTC Properties, Inc		41
6,802		Macerich Co		344
4,389		Mack-Cali Realty Corp		117
2,548	*	Maguire Properties, Inc		5
6,789		Medical Properties Trust, Inc		67
18,015		MFA Mortgage Investments, Inc		121
1,850		Mid-America Apartment Communities, Inc		116
1,230		Mission West Properties, Inc		11
2,597		Monmouth Real Estate Investment Corp (Class A)		24
1,400		National Health Investors, Inc		62
4,835		National Retail Properties, Inc		128
3,788		Newcastle Investment Corp		18
3,670		NorthStar Realty Finance Corp		17
2,098		NRDC Acquisition Corp		25
5,124		Omega Healthcare Investors, Inc		99
567		One Liberty Properties, Inc		9
946		Parkway Properties, Inc		9
2,560		Pebblebrook Hotel Trust		49
2,924		Pennsylvania Real Estate Investment Trust		31
1,391		Pennymac Mortgage Investment Trust		23

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
8,735		Piedmont Office Realty Trust, Inc	$	149
8,182		Plum Creek Timber Co, Inc		299
2,516		Post Properties, Inc		110
2,094		Potlatch Corp		65
903		PS Business Parks, Inc		50
7,096		Public Storage, Inc		954
1,737		RAIT Investment Trust		8
1,967		Ramco-Gershenson Properties		19
6,157		Rayonier, Inc		275
5,513		Realty Income Corp		193
4,253		Redwood Trust, Inc		43
4,546		Regency Centers Corp		171
1,355		Resource Capital Corp		8
1,385		RLJ Lodging Trust		23
1,246		Sabra Healthcare REIT, Inc		15
330		Saul Centers, Inc		12
7,177		Senior Housing Properties Trust		161
14,751		Simon Property Group, Inc		1,902
4,148		SL Green Realty Corp		276
1,302		Sovran Self Storage, Inc		56
3,295	*	St. Joe Co		48
828		STAG Industrial, Inc		9
4,726		Starwood Property Trust, Inc		87
8,848	*	Strategic Hotels & Resorts, Inc		48
1,510		Summit Hotel Properties, Inc		14
1,069		Sun Communities, Inc		39
6,003	*	Sunstone Hotel Investors, Inc		49
4,276		Tanger Factory Outlet Centers, Inc		125
2,937		Taubman Centers, Inc		182
790	*	Tejon Ranch Co		19
400		Terreno Realty Corp		6
3,700		Two Harbors Investment Corp		34
9,785		UDR, Inc		246
507		UMH Properties, Inc		5
1,095		Universal Health Realty Income Trust		43
1,407		Urstadt Biddle Properties, Inc (Class A)		25
12,824		Ventas, Inc		707
8,538		Vornado Realty Trust		656
3,217		Washington Real Estate Investment Trust		88
5,688		Weingarten Realty Investors		124
27,322		Weyerhaeuser Co		510
965		Winthrop Realty Trust		10
		TOTAL REAL ESTATE		21,691
RETAILING - 3.8%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		3
2,441	*	99 Cents Only Stores		54
3,952		Aaron’s, Inc		105
4,405		Abercrombie & Fitch Co (Class A)		215
3,568		Advance Auto Parts, Inc		248
3,048	*	Aeropostale, Inc		47
17,945	*	Amazon.com, Inc		3,106
10,078		American Eagle Outfitters, Inc		154
580	*	America’s Car-Mart, Inc		23
2,306	*	Ann Taylor Stores Corp		57
1,089	*	Asbury Automotive Group, Inc		24
1,206	*	Audiovox Corp (Class A)		10
2,054	*,e	Autonation, Inc		76
1,298	*	Autozone, Inc		422
1,455	*,e	Barnes & Noble, Inc		21
1,533		Bebe Stores, Inc		13
12,332	*	Bed Bath & Beyond, Inc		715
14,627		Best Buy Co, Inc		342
1,412		Big 5 Sporting Goods Corp		15
3,272	*	Big Lots, Inc		124

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
672	*,e	Blue Nile, Inc	$	27
578	*	Body Central Corp		14
447	e	Bon-Ton Stores, Inc		2
2,300		Brown Shoe Co, Inc		20
1,313	e	Buckle, Inc		54
968	*	Build-A-Bear Workshop, Inc		8
2,068	*	Cabela’s, Inc		53
11,175	*	Carmax, Inc		341
2,260	*	Casual Male Retail Group, Inc		8
966		Cato Corp (Class A)		23
6,044	*	Charming Shoppes, Inc		30
8,858		Chico’s FAS, Inc		99
1,325	*	Children’s Place Retail Stores, Inc		70
2,493		Christopher & Banks Corp		6
836	*	Citi Trends, Inc		7
1,463	*	Coldwater Creek, Inc		2
3,407	*	Collective Brands, Inc		49
679	*	Conn’s, Inc		8
638		Core-Mark Holding Co, Inc		25
950	*	Cost Plus, Inc		9
476		Destination Maternity Corp		8
4,676		Dick’s Sporting Goods, Inc		172
1,493	e	Dillard’s, Inc (Class A)		67
4,748	*	Dollar General Corp		195
6,033	*	Dollar Tree, Inc		501
1,024		DSW, Inc (Class A)		45
4,900		Expedia, Inc		142
2,330	*	Express Parent LLC		46
5,903		Family Dollar Stores, Inc		340
2,617		Finish Line, Inc (Class A)		50
7,550		Foot Locker, Inc		180
2,092		Fred’s, Inc (Class A)		30
6,924	*	GameStop Corp (Class A)		167
17,724		Gap, Inc		329
1,189	*	Genesco, Inc		73
7,650		Genuine Parts Co		468
1,288	e	Group 1 Automotive, Inc		67
1,700	*	Groupon, Inc		35
3,453		Guess?, Inc		103
1,232		Haverty Furniture Cos, Inc		14
892	*,e	HHgregg, Inc		13
1,477	*	Hibbett Sports, Inc		67
79,374		Home Depot, Inc		3,337
2,222		Hot Topic, Inc		15
2,163		HSN, Inc		78
8,352		JC Penney Co, Inc		294
1,456	*	JOS A Bank Clothiers, Inc		71
891	*	Kirkland’s, Inc		12
13,394		Kohl’s Corp		661
29,611	*	Liberty Media Holding Corp (Interactive A)		480
12,451		Limited Brands, Inc		502
1,111		Lithia Motors, Inc (Class A)		24
7,568	*	LKQ Corp		228
64,515		Lowe’s Companies, Inc		1,637
1,022	*	Lumber Liquidators, Inc		18
21,007		Macy’s, Inc		676
1,129	*	MarineMax, Inc		7
2,734		Men’s Wearhouse, Inc		89
1,144		Monro Muffler, Inc		44
2,655	*	NetFlix, Inc		184
888	*	New York & Co, Inc		2
8,242		Nordstrom, Inc		410
1,665	e	Nutri/System, Inc		21
6,966	*	Office Depot, Inc		15
943	*	OfficeMax, Inc		4

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,309	*	Orbitz Worldwide, Inc	$	5
88	*	Orchard Supply Hardware Stores Corp		0	^
6,746	*	O’Reilly Automotive, Inc		539
840	*,e	Overstock.com, Inc		7
2,275	*,e	Pacific Sunwear Of California, Inc		4
2,259		Penske Auto Group, Inc		44
2,583		PEP Boys - Manny Moe & Jack		28
1,182	e	PetMed Express, Inc		12
5,722		Petsmart, Inc		294
4,168	*	Pier 1 Imports, Inc		58
2,439	*	Priceline.com, Inc		1,141
5,358		RadioShack Corp		52
3,215		Rent-A-Center, Inc		119
11,884		Ross Stores, Inc		565
769	*,e	Rue21, Inc		17
5,829	*,e	Saks, Inc		57
5,024	*	Sally Beauty Holdings, Inc		106
1,956	*,e	Sears Holdings Corp		62
2,125	*	Select Comfort Corp		46
517	*	Shoe Carnival, Inc		13
1,500	*	Shutterfly, Inc		34
4,387		Signet Jewelers Ltd		193
2,027	e	Sonic Automotive, Inc (Class A)		30
210	*	Sourceforge, Inc		4
1,811		Stage Stores, Inc		25
34,995		Staples, Inc		486
1,440	*	Stein Mart, Inc		10
461	*	Systemax, Inc		8
3,432	*,e	Talbots, Inc		9
34,188		Target Corp		1,751
6,456		Tiffany & Co		428
19,114		TJX Companies, Inc		1,234
3,651		Tractor Supply Co		256
4,900	*	TripAdvisor, Inc		124
1,789	*	Tuesday Morning Corp		6
2,292	*	Ulta Salon Cosmetics & Fragrance, Inc		149
6,051	*	Urban Outfitters, Inc		167
658	*	US Auto Parts Network, Inc		3
2,104	*,e	Valuevision International, Inc (Class A)		4
1,261	*	Vitamin Shoppe, Inc		50
640	*	West Marine, Inc		7
5,043	*	Wet Seal, Inc (Class A)		16
5,095		Williams-Sonoma, Inc		196
133		Winmark Corp		8
1,626	*,e	Zale Corp		6
933	*	Zumiez, Inc		26
		TOTAL RETAILING		26,949
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.6%
2,343	*	Advanced Analogic Technologies, Inc		14
2,226	*	Advanced Energy Industries, Inc		24
31,059	*	Advanced Micro Devices, Inc		168
15,906		Altera Corp		590
4,798	*,e	Amkor Technology, Inc		21
478	*	Amtech Systems, Inc		4
3,097	*	Anadigics, Inc		7
14,698		Analog Devices, Inc		526
65,306		Applied Materials, Inc		699
3,650	*	Applied Micro Circuits Corp		24
22,988	*	Atmel Corp		186
1,604	*	ATMI, Inc		32
9,665		Avago Technologies Ltd		279
5,359	*	Axcelis Technologies, Inc		7
1,469	*	AXT, Inc		6
26,514		Broadcom Corp (Class A)		778

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,308		Brooks Automation, Inc	$	34
806	*	Cabot Microelectronics Corp		38
2,448	*	Cavium Networks, Inc		70
1,230	*,e	Ceva, Inc		37
3,363	*	Cirrus Logic, Inc		53
1,302		Cohu, Inc		15
5,075	*	Cree, Inc		112
1,601	*	Cymer, Inc		80
7,650	*	Cypress Semiconductor Corp		129
1,921	*	Diodes, Inc		41
1,224	*	DSP Group, Inc		6
6,714	*	Entegris, Inc		59
1,108	*	Entropic Communications, Inc		6
2,444	*	Exar Corp		16
6,623	*	Fairchild Semiconductor International, Inc		80
3,006	*	First Solar, Inc		101
2,618	*	Formfactor, Inc		13
2,182	*,e	Freescale Semiconductor Holdings Ltd		28
1,543	*	FSI International, Inc		6
1,030	*	GSI Technology, Inc		5
6,373	*,e	GT Solar International, Inc		46
1,313	*	Hittite Microwave Corp		65
1,024	*	Inphi Corp		12
6,477	*	Integrated Device Technology, Inc		35
1,216	*	Integrated Silicon Solution, Inc		11
261,878		Intel Corp		6,351
3,528	*	International Rectifier Corp		68
6,580		Intersil Corp (Class A)		69
1,231	*	IXYS Corp		13
8,488		Kla-Tencor Corp		410
4,206	*	Kopin Corp		16
3,600	*	Kulicke & Soffa Industries, Inc		33
6,321	*	Lam Research Corp		234
5,950	*	Lattice Semiconductor Corp		35
11,504		Linear Technology Corp		345
27,928	*	LSI Logic Corp		166
2,408	*	LTX-Credence Corp		13
25,651	*	Marvell Technology Group Ltd		355
14,328		Maxim Integrated Products, Inc		373
383	*	MaxLinear, Inc		2
12,002	*,e	MEMC Electronic Materials, Inc		47
2,455		Micrel, Inc		25
9,163	e	Microchip Technology, Inc		336
42,944	*	Micron Technology, Inc		270
4,543	*	Microsemi Corp		76
1,664	*	Mindspeed Technologies, Inc		8
2,847	*	MIPS Technologies, Inc		13
2,658		MKS Instruments, Inc		74
1,520	*	Monolithic Power Systems, Inc		23
1,391	*,e	MoSys, Inc		6
1,014	*	Nanometrics, Inc		19
3,449	*	Netlogic Microsystems, Inc		171
3,472	*	Novellus Systems, Inc		143
258	*,e	NVE Corp		14
29,569	*	Nvidia Corp		410
2,767	*	Omnivision Technologies, Inc		34
22,681	*	ON Semiconductor Corp		175
1,181	*	PDF Solutions, Inc		8
1,447	*	Pericom Semiconductor Corp		11
2,703	*	Photronics, Inc		16
1,628	*	PLX Technology, Inc		5
11,786	*	PMC - Sierra, Inc		65
1,292	e	Power Integrations, Inc		43
4,553	*	Rambus, Inc		34
13,977	*	RF Micro Devices, Inc		75

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
782	*	Rubicon Technology, Inc	$	7
1,464	*	Rudolph Technologies, Inc		14
3,192	*	Semtech Corp		79
1,525	*	Sigma Designs, Inc		9
1,816	*	Silicon Image, Inc		9
2,178	*,e	Silicon Laboratories, Inc		95
9,357	*	Skyworks Solutions, Inc		152
2,527	*	Spansion, Inc		21
1,279	*	Standard Microsystems Corp		33
1,361	*	STR Holdings, Inc		11
2,241	*,e	SunPower Corp		14
145	*	Supertex, Inc		3
9,372	*	Teradyne, Inc		128
2,769	*	Tessera Technologies, Inc		46
57,593		Texas Instruments, Inc		1,677
8,183	*	Triquint Semiconductor, Inc		40
928	*	Ultra Clean Holdings		6
1,279	*	Ultratech, Inc		31
2,021	*,e	Veeco Instruments, Inc		42
1,235	*	Volterra Semiconductor Corp		32
12,863		Xilinx, Inc		412
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		17,908
SOFTWARE & SERVICES - 9.1%
2,523	*	Accelrys, Inc		17
31,807		Accenture plc		1,693
1,790	*	ACI Worldwide, Inc		51
607	*,e	Active Network, Inc		8
21,290		Activision Blizzard, Inc		262
2,448	*	Actuate Corp		14
3,603	*	Acxiom Corp		44
24,695	*	Adobe Systems, Inc		698
1,656	*	Advent Software, Inc		40
9,598	*	Akamai Technologies, Inc		310
2,494	*	Alliance Data Systems Corp		259
8,870	*	Amdocs Ltd		253
764		American Software, Inc (Class A)		7
1,605	*,e	Ancestry.com, Inc		37
4,500	*	Ansys, Inc		258
5,610	*	AOL, Inc		85
4,883	*	Ariba, Inc		137
4,286	*	Aspen Technology, Inc		74
11,543	*	Autodesk, Inc		350
24,628		Automatic Data Processing, Inc		1,330
2,369		Blackbaud, Inc		66
8,499	*	BMC Software, Inc		279
1,196	*	Booz Allen Hamilton Holding Co		21
1,713	*	Bottomline Technologies, Inc		40
6,224		Broadridge Financial Solutions, Inc		140
1,143	*,e	BroadSoft, Inc		35
18,633		CA, Inc		377
1,266	*	CACI International, Inc (Class A)		71
14,290	*	Cadence Design Systems, Inc		149
1,555	*,e	Callidus Software, Inc		10
2,159	*	Cardtronics, Inc		58
437		Cass Information Systems, Inc		16
3,700	*	Ciber, Inc		14
9,265	*	Citrix Systems, Inc		563
643	*,m	Clinical Data, Inc		1
15,063	*	Cognizant Technology Solutions Corp (Class A)		969
2,159	*	Commvault Systems, Inc		92
7,822		Computer Sciences Corp		185
760	*	Computer Task Group, Inc		11
11,006	*	Compuware Corp		92
1,622	*	comScore, Inc		34
2,256	*	Concur Technologies, Inc		115

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,503	*,e	Constant Contact, Inc	$	35
5,243	*	Convergys Corp		67
629	*	Convio, Inc		7
577	*,e	Cornerstone OnDemand, Inc		11
1,795	*	CSG Systems International, Inc		26
2,053	*	DealerTrack Holdings, Inc		56
1,002	*	Deltek, Inc		10
412	*,e	Demand Media, Inc		3
1,654	*	DemandTec, Inc		22
2,464	*	Dice Holdings, Inc		20
2,001	*	Digital River, Inc		30
335	*	DMRC Corp		8
1,703		DST Systems, Inc		78
5,728		Earthlink, Inc		37
56,768	*	eBay, Inc		1,722
1,521	e	Ebix, Inc		34
539	*,e	Echo Global Logistics, Inc		9
16,785	*	Electronic Arts, Inc		346
993	*	Envestnet, Inc		12
1,587		EPIQ Systems, Inc		19
206	*	ePlus, Inc		6
2,338	*	Equinix, Inc		237
2,804	*	Euronet Worldwide, Inc		52
863	*	ExlService Holdings, Inc		19
2,331		Factset Research Systems, Inc		203
2,007		Fair Isaac Corp		72
2,479	*	FalconStor Software, Inc		6
13,376		Fidelity National Information Services, Inc		356
4,905	*	First American Corp		63
6,984	*	Fiserv, Inc		410
850	*	FleetCor Technologies, Inc		25
471	*	Forrester Research, Inc		16
6,047	*	Fortinet, Inc		132
4,737	*	Gartner, Inc		165
6,359	*	Genpact Ltd		95
1,221	*,e,m	Gerber Scientific, Inc		0	^
2,712	*	Global Cash Access, Inc		12
4,051		Global Payments, Inc		192
2,157	*,e	Glu Mobile, Inc		7
12,441	*	Google, Inc (Class A)		8,036
680	*	Guidance Software, Inc		4
1,547	*	Hackett Group, Inc		6
1,893		Heartland Payment Systems, Inc		46
1,560	*,e	Higher One Holdings, Inc		29
3,483		IAC/InterActiveCorp		148
1,449	*,e	iGate Corp		23
5,344	*	Informatica Corp		197
2,218	*	Infospace, Inc		24
803	*	Interactive Intelligence, Inc		18
3,256	*	Internap Network Services Corp		19
59,851		International Business Machines Corp		11,005
14,216		Intuit, Inc		748
2,389		j2 Global, Inc		67
4,357		Jack Henry & Associates, Inc		146
2,111	*	JDA Software Group, Inc		68
1,328	*	Kenexa Corp		35
941		Keynote Systems, Inc		19
1,804	*,e	KIT Digital, Inc		15
1,667	*	Knot, Inc		14
4,363		Lender Processing Services, Inc		66
3,363	*,e	Limelight Networks, Inc		10
450	*,e	LinkedIn Corp		28
3,304	*	Lionbridge Technologies		8
947	*	Liquidity Services, Inc		35
2,686	*	Liveperson, Inc		34

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,024	*	LogMeIn, Inc	$	39
833	*	LoopNet, Inc		15
3,399	*	Magma Design Automation, Inc		24
849	*	Manhattan Associates, Inc		34
1,171		Mantech International Corp (Class A)		37
1,311	e	Marchex, Inc (Class B)		8
5,282		Mastercard, Inc (Class A)		1,969
1,366		MAXIMUS, Inc		57
5,422	*	Mentor Graphics Corp		74
4,046	*	Micros Systems, Inc		188
366,653		Microsoft Corp		9,518
425	*	MicroStrategy, Inc (Class A)		46
2,352		ModusLink Global Solutions, Inc		13
587	*	MoneyGram International, Inc		10
1,800	*	Monotype Imaging Holdings, Inc		28
4,617	*	Monster Worldwide, Inc		37
1,841	*,e	Motricity, Inc		2
2,146	*	Move, Inc		14
390	*	NCI, Inc (Class A)		5
1,792	*	Netscout Systems, Inc		32
1,383	*	NetSuite, Inc		56
3,728	*	NeuStar, Inc (Class A)		127
3,206	*	NIC, Inc		43
12,038	*	Nuance Communications, Inc		303
1,193	*,e	OpenTable, Inc		47
4,315	*	Openwave Systems, Inc		7
721		Opnet Technologies, Inc		26
189,696		Oracle Corp		4,866
6,032	*	Parametric Technology Corp		110
16,218		Paychex, Inc		488
792	e	Pegasystems, Inc		23
1,252	*	Perficient, Inc		13
958	*	PRG-Schultz International, Inc		6
3,430	*	Progress Software Corp		66
1,099	*	PROS Holdings, Inc		16
400	*	QAD, Inc (Class A)		4
3,549	*	QLIK Technologies, Inc		86
2,811	*	Quest Software, Inc		52
1,192	*	QuinStreet, Inc		11
5,131	*	Rackspace Hosting, Inc		221
1,085		RealNetworks, Inc		8
1,540	*	RealPage, Inc		39
9,757	*	Red Hat, Inc		403
487	*	Responsys, Inc		4
1,137	*	RightNow Technologies, Inc		49
560	*	Rosetta Stone, Inc		4
5,671	*	Rovi Corp		139
2,512	*	S1 Corp		24
1,356	*	Saba Software, Inc		11
14,297	*	SAIC, Inc		176
6,646	*	Salesforce.com, Inc		674
5,190		Sapient Corp		65
611	*	Sciquest, Inc		9
1,446	*	Seachange International, Inc		10
492	*,e	ServiceSource International LLC		8
1,583	*	Smith Micro Software, Inc		2
2,865	*	SolarWinds, Inc		80
3,564		Solera Holdings, Inc		159
1,445	*,e	Sourcefire, Inc		47
262	*	SPS Commerce, Inc		7
470	*	SRS Labs, Inc		3
620	*	SS&C Technologies Holdings, Inc		11
510	*	Stamps.com, Inc		13
3,981	*	SuccessFactors, Inc		159
2,697	*	SupportSoft, Inc		6

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
37,307	*	Symantec Corp	$	584
1,334	*	Synchronoss Technologies, Inc		40
6,909	*	Synopsys, Inc		188
744		Syntel, Inc		35
1,633	*	TA Indigo Holding Corp		10
3,743	*	Take-Two Interactive Software, Inc		51
2,022	*	Taleo Corp (Class A)		78
598	*	TechTarget, Inc		3
1,946	*	TeleCommunication Systems, Inc (Class A)		5
834	*	TeleNav, Inc		7
1,647	*	TeleTech Holdings, Inc		27
8,229	*	Teradata Corp		399
3,557	*,e	THQ, Inc		3
8,177	*	TIBCO Software, Inc		195
5,735	*	TiVo, Inc		51
1,534	*	TNS, Inc		27
8,268		Total System Services, Inc		162
285	*,e	Travelzoo, Inc		7
1,686	*,e	Tyler Technologies, Inc		51
1,323	*	Ultimate Software Group, Inc		86
2,353	*	Unisys Corp		46
4,557		United Online, Inc		25
4,321	*	Valueclick, Inc		70
1,577	*	Vasco Data Security International		10
5,078	*	VeriFone Systems, Inc		180
1,073	*	Verint Systems, Inc		30
8,653		VeriSign, Inc		309
2,063	*,e	VirnetX Holding Corp		52
620	*	Virtusa Corp		9
25,816		Visa, Inc (Class A)		2,621
1,682	*,e	VistaPrint Ltd		51
4,280	*	VMware, Inc (Class A)		356
792	*	Vocus, Inc		18
4,167	*,e	Wave Systems Corp		9
2,978	*	WebMD Health Corp (Class A)		112
2,294	*	Websense, Inc		43
1,494	*	Website Pros, Inc		17
31,734		Western Union Co		579
1,956	*	Wright Express Corp		106
64,852	*	Yahoo!, Inc		1,046
3,311	*	Zix Corp		9
		TOTAL SOFTWARE & SERVICES		63,271
TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
2,135	*,e	3D Systems Corp		31
2,645	*	Acme Packet, Inc		82
3,005		Adtran, Inc		91
1,334	*	Agilysys, Inc		11
8,883		Amphenol Corp (Class A)		403
1,061	*	Anaren, Inc		18
1,463	*	Anixter International, Inc		87
45,850	*	Apple, Inc		18,569
6,732	*	Arris Group, Inc		73
5,741	*	Arrow Electronics, Inc		215
4,318	*	Aruba Networks, Inc		80
1,355	*	Avid Technology, Inc		12
7,723	*	Avnet, Inc		240
2,526		AVX Corp		32
995	*	AX Holding Corp		10
674		Bel Fuse, Inc (Class B)		13
3,073	*	Benchmark Electronics, Inc		41
973		Black Box Corp		27
2,165	*	Blue Coat Systems, Inc		55
1,815	*,e	Bookham, Inc		5
3,698	*	Brightpoint, Inc		40

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
23,844	*	Brocade Communications Systems, Inc	$	124
1,907	*	Calix Networks, Inc		12
2,124	*	Checkpoint Systems, Inc		23
4,899	*	Ciena Corp		59
271,589		Cisco Systems, Inc		4,910
2,099		Cognex Corp		75
1,347	*	Coherent, Inc		70
997		Comtech Telecommunications Corp		29
77,658		Corning, Inc		1,008
1,943	*	Cray, Inc		13
1,799		CTS Corp		17
2,087		Daktronics, Inc		20
591		DDi Corp		6
80,832	*	Dell, Inc		1,183
3,297		Diebold, Inc		99
1,490	*	Digi International, Inc		17
2,346	*	Dolby Laboratories, Inc (Class A)		72
2,969	*	Dot Hill Systems Corp		4
1,039	*	DTS, Inc		28
1,837	*	Echelon Corp		9
1,973	*	EchoStar Corp (Class A)		41
1,000		Electro Rent Corp		17
1,450	*	Electro Scientific Industries, Inc		21
2,122	*	Electronics for Imaging, Inc		30
805	*,e	eMagin Corp		3
101,603	*	EMC Corp		2,189
4,555	*	EMCORE Corp		4
3,637	*	Emulex Corp		25
4,537	*	Extreme Networks, Inc		13
4,066	*	F5 Networks, Inc		432
1,026	*	Fabrinet		14
910	*	FARO Technologies, Inc		42
2,013	*	FEI Co		82
3,991	*	Finisar Corp		67
8,113		Flir Systems, Inc		203
1,197	*	Globecomm Systems, Inc		16
1,328	*	GSI Group, Inc		14
5,307	*	Harmonic, Inc		27
5,725		Harris Corp		206
3,340	*	Harris Stratex Networks, Inc (Class A)		6
98,253		Hewlett-Packard Co		2,531
1,552	*	Imation Corp		9
1,615	*	Immersion Corp		8
5,305	*	Infinera Corp		33
7,896	*	Ingram Micro, Inc (Class A)		144
2,496	*	Insight Enterprises, Inc		38
2,201	e	InterDigital, Inc		96
2,592	*	Intermec, Inc		18
1,163	*	Intevac, Inc		9
1,382	*	IPG Photonics Corp		47
2,131	*	Itron, Inc		76
1,708	*	Ixia		18
9,514		Jabil Circuit, Inc		187
11,409	*	JDS Uniphase Corp		119
26,203	*	Juniper Networks, Inc		535
758	*	KVH Industries, Inc		6
852	*	LeCroy Corp		7
3,991		Lexmark International, Inc (Class A)		132
1,154		Littelfuse, Inc		50
522	*	Loral Space & Communications, Inc		34
1,385	*,e	Maxwell Technologies, Inc		22
742	*	Measurement Specialties, Inc		21
1,540	*	Mercury Computer Systems, Inc		20
559	*,e	Meru Networks, Inc		2
2,035		Methode Electronics, Inc		17

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,736	*,e	Microvision, Inc	$	2
6,577	e	Molex, Inc		157
12,794	*	Motorola Mobility Holdings, Inc		496
14,864		Motorola, Inc		688
860		MTS Systems Corp		35
555	*	Multi-Fineline Electronix, Inc		11
4,591		National Instruments Corp		119
8,029	*	NCR Corp		132
18,185	*	NetApp, Inc		660
1,861	*	Netgear, Inc		62
2,159	*	Newport Corp		29
1,922	*	Novatel Wireless, Inc		6
496	*	Numerex Corp		4
2,560	*,e	OCZ Technology Group, Inc		17
1,210	*	Oplink Communications, Inc		20
1,144	*	OpNext, Inc		1
970	*	OSI Systems, Inc		47
1,164		Park Electrochemical Corp		30
143		PC Connection, Inc		2
2,432		Plantronics, Inc		87
1,613	*	Plexus Corp		44
8,460	*	Polycom, Inc		138
3,047	*	Power-One, Inc		12
1,461	*,e	Powerwave Technologies, Inc		3
581	*	Procera Networks, Inc		9
5,284	*	QLogic Corp		79
82,432		Qualcomm, Inc		4,509
11,444	*	Quantum Corp		27
1,782	*,e	Rackable Systems, Inc		20
1,200	*	Radisys Corp		6
1,970	*,e	RealD, Inc		16
717		Richardson Electronics Ltd		9
630		Rimage Corp		7
7,755	*	Riverbed Technology, Inc		182
1,445	*	Rofin-Sinar Technologies, Inc		33
644	*	Rogers Corp		24
11,904	*	SanDisk Corp		586
4,084	*	Sanmina-SCI Corp		38
1,430	*	Scansource, Inc		51
1,902	*	SCM Microsystems, Inc		4
2,605	*	ShoreTel, Inc		17
11,025	*	Sonus Networks, Inc		26
2,145	*	STEC, Inc		18
954	*,e	Stratasys, Inc		29
1,355	*	Super Micro Computer, Inc		21
1,033	*	Sycamore Networks, Inc		19
2,360	*	Symmetricom, Inc		13
1,327	*	Synaptics, Inc		40
1,272	*	SYNNEX Corp		39
1,958	*	Tech Data Corp		97
2,804		Technitrol, Inc		8
3,400	*	Tekelec		37
18,322		Tellabs, Inc		74
6,200	*	Trimble Navigation Ltd		269
2,608	*	TTM Technologies, Inc		29
1,939	*,e	Universal Display Corp		71
1,758	*	Viasat, Inc		81
128	*	Viasystems Group, Inc		2
7,643	*	Vishay Intertechnology, Inc		69
654	*	Vishay Precision Group, Inc		10
2,690	*	Westell Technologies, Inc		6
11,793	*	Western Digital Corp		365
68,581		Xerox Corp		546
1,720	*	X-Rite, Inc		8
1,580		Xyratex Ltd		21

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,804	*	Zebra Technologies Corp (Class A)	$	100
1,176	*	Zygo Corp		21
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		45,982
TELECOMMUNICATION SERVICES - 2.8%
3,067	*,e	8x8, Inc		10
1,168	*	AboveNet, Inc		76
2,394	e	Alaska Communications Systems Group, Inc		7
19,627	*	American Tower Corp (Class A)		1,178
292,582		AT&T, Inc		8,848
490		Atlantic Tele-Network, Inc		19
662	*	Cbeyond Communications, Inc		5
30,405		CenturyTel, Inc		1,131
10,048	*	Cincinnati Bell, Inc		30
7,934	*	Clearwire Corp (Class A)		15
2,389	*	Cogent Communications Group, Inc		40
1,438		Consolidated Communications Holdings, Inc		27
14,487	*	Crown Castle International Corp		649
1,092	*,e	Fairpoint Communications, Inc		5
49,615		Frontier Communications Corp		256
2,090	*	General Communication, Inc (Class A)		20
3,822	*,e	Globalstar, Inc		2
705		HickoryTech Corp		8
609		IDT Corp (Class B)		6
1,613	*	inContact, Inc		7
1,786	*,e	Iridium Communications, Inc		14
3,287	*	Leap Wireless International, Inc		31
7,503	*	Level 3 Communications, Inc		128
757	*	Lumos Networks Corp		12
14,039	*	MetroPCS Communications, Inc		122
1,751	*	Neutral Tandem, Inc		19
8,600	*	NII Holdings, Inc (Class B)		183
757		NTELOS Holdings Corp		15
3,214	*	Premiere Global Services, Inc		27
5,606	*	SBA Communications Corp (Class A)		241
854		Shenandoah Telecom Co		9
150,341	*	Sprint Nextel Corp		352
4,126	e	Telephone & Data Systems, Inc		107
1,746	*,e	Towerstream Corp		4
7,497	*	tw telecom inc (Class A)		145
432	*	US Cellular Corp		19
1,177		USA Mobility, Inc		16
139,704		Verizon Communications, Inc		5,605
7,062	*	Vonage Holdings Corp		17
28,704		Windstream Corp		337
		TOTAL TELECOMMUNICATION SERVICES		19,742
TRANSPORTATION - 1.9%
2,669	*	Air Transport Services Group, Inc		13
1,608	*	Alaska Air Group, Inc		121
2,122		Alexander & Baldwin, Inc		87
376	*	Allegiant Travel Co		20
407	*	Amerco, Inc		36
1,342		Arkansas Best Corp		26
1,336	*	Atlas Air Worldwide Holdings, Inc		51
4,223	*	Avis Budget Group, Inc		45
684		Baltic Trading Ltd		3
1,483		Celadon Group, Inc		17
8,284		CH Robinson Worldwide, Inc		578
2,731		Con-Way, Inc		80
1,404		Copa Holdings S.A. (Class A)		82
54,983		CSX Corp		1,158
42,755	*	Delta Air Lines, Inc		346
1,521	*	Dollar Thrifty Automotive Group, Inc		107
2,567	*,e	Eagle Bulk Shipping, Inc		2
2,166	*,e	Excel Maritime Carriers Ltd		3

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
10,605		Expeditors International Washington, Inc	$	434
15,739		FedEx Corp		1,314
1,526		Forward Air Corp		49
1,322	*,e	Genco Shipping & Trading Ltd		9
1,775	*	Genesee & Wyoming, Inc (Class A)		108
2,405	*	Hawaiian Holdings, Inc		14
1,514		Heartland Express, Inc		22
12,337	*	Hertz Global Holdings, Inc		145
1,468	*	Hub Group, Inc (Class A)		48
357		International Shipholding Corp		7
4,679		J.B. Hunt Transport Services, Inc		211
9,209	*	JetBlue Airways Corp		48
5,349	*	Kansas City Southern Industries, Inc		364
2,711	*	Kirby Corp		178
3,018		Knight Transportation, Inc		47
2,387		Landstar System, Inc		114
952		Marten Transport Ltd		17
17,486		Norfolk Southern Corp		1,274
2,205	*	Old Dominion Freight Line		89
2,338	*	Pacer International, Inc		13
421	*	Park-Ohio Holdings Corp		8
309	*	Patriot Transportation Holding, Inc		7
748	*	Quality Distribution, Inc		8
1,080	*	RailAmerica, Inc		16
2,007	*,e	Republic Airways Holdings, Inc		7
437	*	Roadrunner Transportation Services Holdings, Inc		6
2,596		Ryder System, Inc		138
900	*	Saia, Inc		11
2,935		Skywest, Inc		37
40,590		Southwest Airlines Co		347
804	*,e	Spirit Airlines, Inc		13
2,046	*	Swift Transportation Co, Inc		17
16,771	*	UAL Corp		317
931	*,e	Ultrapetrol Bahamas Ltd		3
24,222		Union Pacific Corp		2,566
36,458		United Parcel Service, Inc (Class B)		2,668
200		Universal Truckload Services, Inc		4
7,760	*,e	US Airways Group, Inc		39
4,454		UTI Worldwide, Inc		59
2,203		Werner Enterprises, Inc		53
512	*	Zipcar, Inc		7
		TOTAL TRANSPORTATION		13,611
UTILITIES - 3.9%
33,954	*	AES Corp		402
5,564		AGL Resources, Inc		235
1,612		Allete, Inc		68
5,609		Alliant Energy Corp		247
12,180		Ameren Corp		403
23,927		American Electric Power Co, Inc		988
980		American States Water Co		34
8,445		American Water Works Co, Inc		269
6,719		Aqua America, Inc		148
366		Artesian Resources Corp		7
3,383	e	Atlantic Power Corp		48
4,565		Atmos Energy Corp		152
2,915		Avista Corp		75
2,076		Black Hills Corp		70
727	*	Cadiz, Inc		7
2,026		California Water Service Group		37
18,309	*	Calpine Corp		299
20,864		Centerpoint Energy, Inc		419
616		Central Vermont Public Service Corp		22
779		CH Energy Group, Inc		45
551		Chesapeake Utilities Corp		24
2,955		Cleco Corp		113

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
12,756		CMS Energy Corp	$	282
518		Connecticut Water Service, Inc		14
14,375		Consolidated Edison, Inc		892
892	e	Consolidated Water Co, Inc		8
9,416		Constellation Energy Group, Inc		374
28,492		Dominion Resources, Inc		1,512
8,310		DTE Energy Co		452
66,075		Duke Energy Corp		1,454
5,930	*,e	Dynegy, Inc (Class A)		16
16,156		Edison International		669
1,646		El Paso Electric Co		57
2,106		Empire District Electric Co		44
8,767		Entergy Corp		640
32,687		Exelon Corp		1,418
20,676		FirstEnergy Corp		916
609	*	Genie Energy Ltd		5
7,294		Great Plains Energy, Inc		159
4,806		Hawaiian Electric Industries, Inc		127
2,260		Idacorp, Inc		96
3,951		Integrys Energy Group, Inc		214
2,482		ITC Holdings Corp		188
1,170		Laclede Group, Inc		47
9,539		MDU Resources Group, Inc		205
817		MGE Energy, Inc		38
813		Middlesex Water Co		15
3,755		National Fuel Gas Co		209
2,008		New Jersey Resources Corp		99
20,663		NextEra Energy, Inc		1,258
13,829		NiSource, Inc		329
8,929		Northeast Utilities		322
1,034		Northwest Natural Gas Co		49
1,907		NorthWestern Corp		68
11,948	*	NRG Energy, Inc		216
4,877		NSTAR		229
12,419		NV Energy, Inc		203
4,951		OGE Energy Corp		281
5,388		Oneok, Inc		467
919	e	Ormat Technologies, Inc		17
1,956		Otter Tail Corp		43
233		Pennichuck Corp		7
11,070		Pepco Holdings, Inc		225
19,496		PG&E Corp		804
3,691		Piedmont Natural Gas Co, Inc		125
5,160		Pinnacle West Capital Corp		249
4,395		PNM Resources, Inc		80
3,801		Portland General Electric Co		96
28,315		PPL Corp		833
14,443		Progress Energy, Inc		809
24,715		Public Service Enterprise Group, Inc		816
8,950		Questar Corp		178
40,583	*	RRI Energy, Inc		106
5,822		SCANA Corp		262
11,813		Sempra Energy		650
678		SJW Corp		16
1,513		South Jersey Industries, Inc		86
42,028		Southern Co		1,946
2,406		Southwest Gas Corp		102
10,875		TECO Energy, Inc		208
5,632		UGI Corp		166
2,273		UIL Holdings Corp		80
1,902		Unisource Energy Corp		70
597		Unitil Corp		17
4,285		Vectren Corp		130
5,819		Westar Energy, Inc		167
2,570		WGL Holdings, Inc		114

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
11,258		Wisconsin Energy Corp	$	394
23,575		Xcel Energy, Inc		652
672		York Water Co		12
		TOTAL UTILITIES		27,144
		TOTAL COMMON STOCKS (Cost $528,701)		698,259
PREFERRED STOCKS - 0.0%
RETAILING - 0.0%
88	*	Orchard Supply Hardware Stores Corp		0	^
		TOTAL RETAILING		0	^
		TOTAL PREFERRED STOCKS (Cost $1)		0	^
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
559	*,e,m	Magnum Hunter Resources Corp		0	^
		TOTAL ENERGY		0	^
		TOTAL RIGHTS / WARRANTS (Cost $0)		0	^
SHORT-TERM INVESTMENTS - 1.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 1.9%
13,605,970	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		13,606
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		13,606
		TOTAL SHORT-TERM INVESTMENTS (Cost $13,606)		13,606
		TOTAL INVESTMENTS - 101.8% (Cost $542,308)		711,865
		OTHER ASSETS & LIABILITIES, NET - (1.8)%		(12,783	)
		NET ASSETS - 100.0%	$	699,082

Abbreviation(s):

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depository Receipts

* Non-income producing.

^ Amount represents less than $1,000.

c Investments made with cash collateral received from securities on loan.

e All or a portion of these securities are out on loan. The value of securities on loan is $13,165,000.

m Indicates a security that has been deemed illiquid.

Cost amounts are in thousands.

46

Report of Independent Registered Public Accounting Firm

To the Management Committee and Contract owners 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 the Stock Index Account of TIAA Separate Account VA-1 (hereafter referred to as “VA-1”) as of December 31, 2011, and for the year then ended, and have issued our unqualified report thereon dated February 16, 2012 (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 VA-1’s schedule of investments in securities (the “Schedule”) as of December 31, 2011 appearing in Item 6 of this Form N-CSR. The Schedule is the responsibility of the VA-1’s management. Our responsibility is to express an opinion on this Schedules based on our audits.

In our opinion, the Schedule referred to above, when read in conjunction with the financial statements of VA-1 referred to above, presents fairly, in all material respects, the information set forth therein.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 16, 2012

47

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

(b) Disclose any change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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
Dated: February 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer

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

Dated: February 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

Dated: February 16, 2012	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Principal Financial Officer, Principal Accounting
		Officer and Treasurer
		(principal financial officer)

EXHIBIT INDEX

Item 12. Exhibits.

12(a)(1) Copy of current SOX code of ethics for Senior Financial Officers

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