N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number   File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

Stewart P. Greene, Esq.

c/o TIAA-CREF

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Item 1. Reports to Stockholders.

2012 Semiannual Report

TIAA Separate Account VA-1

June 30, 2012

Financial statements (unaudited)

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Understanding this report

This semiannual report contains information about the TIAA Separate Account VA-1 and describes the account’s results for the six months ended June 30, 2012. 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

      June 30, 2012.

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

   The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in the TIAA Separate Account VA-1, please refer to the latest prospectus.

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	6
	Financial statements (unaudited)
	Statement of assets and liabilities	10
	Statement of operations	11
	Statement of changes in net assets	12
	Financial highlights	13
	Notes to financial statements	14
	Management committee renewal of the investment management agreement	20
	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 6 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:

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

Ÿ	Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at www.sec.gov; or
Ÿ	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   §   2012 Semiannual Report 1

Important information about expenses

All contractowners in the TIAA Separate Account VA-1 incur ongoing costs, including management fees and other account expenses.

    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) and does not reflect transactional costs incurred by the account for buying and selling securities. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Contractowners in the TIAA Separate Account VA-1 do not incur a sales charge for purchases or other distributions.

    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 (January 1, 2012 to June 30, 2012).

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 2012 Semiannual Report   §   TIAA Separate Account VA-1

Important information about expenses

Expense example
Six months ended June 30, 2012
Stock Index Account	Beginning account value (1/1/12	)	Ending account value (6/30/12	)	Expenses paid during period (1/1/12–6/30/12	*  )
Actual return	$1,000.00		$1,089.32		$3.90
5% annual hypothetical return	1,000.00		1,021.13		3.77

* “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 182/366. There were 182 days in the six months ended June 30, 2012. 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, service mark and copyright of Russell Investments. TIAA-CREF products are not promoted or sponsored by, or affiliated with, Russell Investments.

TIAA Separate Account VA-1   §   2012 Semiannual Report 3

Stock Index Account

Performance for the six months ended June 30, 2012

The Stock Index Account returned 8.93% for the period, compared with the 9.32% return of its benchmark, the Russell 3000^® Index. For the one-year period ended June 30, 2012, the account returned 3.14%, versus 3.84% for the index.

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

    For the first quarter of 2012, U.S. stocks, as measured by the Russell 3000 Index, gained 12.87%. The rally was driven by positive U.S. economic data and easing concerns about the European sovereign debt crisis. However, stocks lost 3.15% in the second quarter on signs that growth was slowing, as well as on renewed worries about the fiscal health of Greece, Spain and other European nations. Despite the second quarter decline, stocks finished the first half of the year with a strong gain.

    For the six months, large-cap stocks rose 9.38%, while small- and mid-cap issues returned 8.53% and 7.97%, respectively. Growth stocks within the Russell 3000 outperformed value issues, 9.98% to 8.64%. (Returns by investment style and market capitalization are based on the Russell indexes.)

Three largest sectors drive the benchmark’s advance

For the period, eight of the nine industry sectors of the Russell 3000 generated positive returns, with four achieving double-digit gains. The biggest contributions to performance came from the benchmark’s three largest sectors—technology, financial services and consumer discretionary—which rose 11.9%, 13.6% and 13.0%, respectively. Together, these three sectors made up nearly half of the benchmark’s total market capitalization at period-end. Solid contributions from health care (up 12.8%) and producer durables (up 7.3%) also boosted the benchmark’s return.

    Energy, down 3.2%, was the only sector in the benchmark to post a loss for the period. Energy stocks struggled due to falling oil and natural gas prices.

    Three of the five largest stocks in the Russell 3000 Index scored exceptional gains for the six-month period. Apple led the way, rising 44.2%, followed by Microsoft and General Electric, which climbed 19.4% and 18.4%, respectively. In contrast, IBM (up 7.2%) and Exxon Mobil (up 2.2%) trailed the market.

4 2012 Semiannual Report   §   TIAA Separate Account VA-1

Stock Index Account

Performance as of June 30, 2012
			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Account		11/1/1994		8.93	%		3.14	%		–0.21	%		5.18	%
Russell 3000 Index		—		9.32			3.84			0.39			5.81

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.

Portfolio composition

Sector	% of net assets as of 6/30/2012
Information technology		18.9
Financials		16.4
Consumer discretionary		11.9
Health care		11.9
Industrials		11.0
Energy		9.7
Consumer staples		9.6
Materials		3.9
Utilities		3.7
Telecommunication services		2.8
Short-term investments		2.3
Other assets & liabilities, net		–2.1
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2012
More than $50 billion		42.4
More than $15 billion–$50 billion		24.8
More than $2 billion–$15 billion		25.4
$2 billion or less		7.4
Total		100.0

TIAA Separate Account VA-1   §   2012 Semiannual Report 5

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2012

Shares	Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS		$	6,189		0.8	%
BANKS
91,195	US Bancorp		2,933		0.4
237,118	Wells Fargo & Co		7,929		1.1
	Other		13,782		1.9
			24,644		3.4
CAPITAL GOODS
33,707	3M Co		3,020		0.4
36,040	Boeing Co		2,678		0.4
511,859	General Electric Co		10,667		1.5
44,274	United Technologies Corp		3,344		0.4
	Other		39,905		5.4
			59,614		8.1
COMMERCIAL & PROFESSIONAL SERVICES			6,972		0.9
CONSUMER DURABLES & APPAREL			9,867		1.3
CONSUMER SERVICES
49,009	McDonald’s Corp		4,339		0.6
	Other		12,337		1.7
			16,676		2.3
DIVERSIFIED FINANCIALS
49,149	American Express Co		2,861		0.4
523,720	Bank of America Corp		4,284		0.6
141,327	Citigroup, Inc		3,874		0.5
183,764	JPMorgan Chase & Co		6,566		0.9
	Other		24,815		3.4
			42,400		5.8
ENERGY
95,294	Chevron Corp		10,054		1.4
60,914	ConocoPhillips		3,404		0.5
226,275	Exxon Mobil Corp		19,362		2.6
39,065	Occidental Petroleum Corp		3,351		0.4
64,642	Schlumberger Ltd		4,196		0.6
	Other		31,128		4.2
			71,495		9.7
FOOD & STAPLES RETAILING
61,686	CVS Corp		2,883		0.4
81,560	Wal-Mart Stores, Inc		5,686		0.8
	Other		6,533		0.9
			15,102		2.1

6 2012 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2012

Shares		Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
98,862		Altria Group, Inc	$	3,416		0.5	%
94,091		Coca-Cola Co		7,357		1.0
80,583		Kraft Foods, Inc (Class A)		3,112		0.4
75,461		PepsiCo, Inc		5,332		0.7
82,865		Philip Morris International, Inc		7,231		1.0
		Other		14,311		2.0
				40,759		5.6
HEALTH CARE EQUIPMENT & SERVICES
50,528		UnitedHealth Group, Inc		2,956		0.4
		Other		28,441		3.9
				31,397		4.3
HOUSEHOLD & PERSONAL PRODUCTS
133,128		Procter & Gamble Co		8,154		1.1
		Other		6,648		0.9
				14,802		2.0
INSURANCE
85,139	*	Berkshire Hathaway, Inc (Class B)		7,095		1.0
		Other		19,742		2.7
				26,837		3.7
MATERIALS				28,653		3.9
MEDIA
129,457		Comcast Corp (Class A)		4,139		0.5
86,175		Walt Disney Co		4,179		0.6
		Other		16,078		2.2
				24,396		3.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
75,594		Abbott Laboratories		4,874		0.7
37,436		Amgen, Inc		2,734		0.4
81,312		Bristol-Myers Squibb Co		2,923		0.4
133,351		Johnson & Johnson		9,009		1.2
147,373		Merck & Co, Inc		6,153		0.8
361,632		Pfizer, Inc		8,318		1.1
		Other		21,607		3.0
				55,618		7.6
REAL ESTATE				26,802		3.7
RETAILING
17,525	*	Amazon.com, Inc		4,002		0.6
74,360		Home Depot, Inc		3,940		0.5
		Other		22,363		3.0
				30,305		4.1

See notes to financial statements TIAA Separate Account VA-1   §   2012 Semiannual Report 7

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2012

Shares		Company		Value (000)			% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
242,849		Intel Corp		$	6,472			0.9	%
		Other			11,429			1.5
					17,901			2.4
SOFTWARE & SERVICES
12,520	*	Google, Inc (Class A)			7,262			1.0
52,668		International Business Machines Corp			10,301			1.4
363,682		Microsoft Corp			11,125			1.5
185,646		Oracle Corp			5,514			0.8
25,526		Visa, Inc (Class A)			3,156			0.4
		Other			31,196			4.2
					68,554			9.3
TECHNOLOGY HARDWARE & EQUIPMENT
45,320	*	Apple, Inc			26,467			3.6
260,255		Cisco Systems, Inc			4,469			0.6
82,673		Qualcomm, Inc			4,603			0.7
		Other			16,257			2.2
					51,796			7.1
TELECOMMUNICATION SERVICES
283,931		AT&T, Inc			10,125			1.4
137,544		Verizon Communications, Inc			6,113			0.8
		Other			4,409			0.6
					20,647			2.8
TRANSPORTATION
22,923		Union Pacific Corp			2,735			0.4
35,058		United Parcel Service, Inc (Class B)			2,761			0.4
		Other			8,558			1.1
					14,054			1.9
UTILITIES					27,389			3.7
		TOTAL COMMON STOCKS	(Cost $516,296)		732,869			99.8
RIGHTS/WARRANTS
ENERGY					0	^		0.0
		TOTAL RIGHTS/WARRANTS	(Cost $0)		0	^		0.0

8 2012 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2012

Shares		Company		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
16,588,077	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		$	16,588			2.3	%
					16,588			2.3
		TOTAL SHORT-TERM INVESTMENTS	(Cost $16,588)		16,588			2.3
		TOTAL PORTFOLIO	(Cost $532,884)		749,457			102.1
		OTHER ASSETS & LIABILITIES			(15,028	)		(2.1	)
		NET ASSETS		$	734,429			100.0	%

* Non-income producing.

^ Amount represents less than $1,000.

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

“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.

The aggregate value of securities on loan is $16,548,000.

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.

See notes to financial statements TIAA Separate Account VA-1   §   2012 Semiannual Report 9

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2012

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*^	$	749,457
Cash		404
Receivable from securities transactions		429
Dividends receivable		1,070
Other		80
Total assets		751,440
LIABILITIES
Due to affiliates		67
Payable for securities transactions		322
Payable for collateral for securities loaned		16,588
Other		34
Total liabilities		17,011
NET ASSETS
Accumulation Fund	$	734,429
Accumulation units outstanding		7,595
Accumulation unit value		$96.70
*    Portfolio investments, at cost	$	532,884
^    Includes securities loaned of	$	16,548

10 2012 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Statement of operations (unaudited)

TIAA Separate Account VA-1  §  For the period ended June 30, 2012

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	7,480
Income from securities lending		157
Total income		7,637
EXPENSES
Administrative		734
Investment advisory		1,101
Mortality and expense risk charges		1,468
Total expenses		3,303
Less: Expense waiver by investment adviser		(550	)
Net expenses		2,753
Net investment income (loss)		4,884
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		10,149
Futures transactions		(11	)
Net realized gain (loss) on total investments		10,138
Change in unrealized appreciation (depreciation) on:
Portfolio investments		47,015
Net change in unrealized appreciation (depreciation) on total investments		47,015
Net realized and unrealized gain (loss) on total investments		57,153
Net increase (decrease) in net assets from operations	$	62,037
*    Net of foreign withholding taxes of	$	4

See notes to financial statements TIAA Separate Account VA-1   §   2012 Semiannual Report 11

Statement of changes in net assets

TIAA Separate Account VA-1  §  For the period or year ended

	Stock Index Account
(amounts in thousands)	June 30, 2012			December 31, 2011
	(unaudited)
OPERATIONS
Net investment income (loss)	$	4,884		$	8,866
Net realized gain (loss) on total investments		10,138			14,897
Net change in unrealized appreciation (depreciation) on total investments		47,015			(20,555	)
Net increase (decrease) in net assets from operations		62,037			3,208
FROM CONTRACTOWNER TRANSACTIONS
Premiums		11,447			27,309
Withdrawals and death benefits		(38,137	)		(76,724	)
Net increase (decrease) in net assets resulting from contractowner transactions		(26,690	)		(49,415	)
Net increase (decrease) in net assets		35,347			(46,207	)
NET ASSETS
Beginning of period		699,082			745,289
End of period	$	734,429		$	699,082
ACCUMULATION UNITS
Units purchased		120			302
Units sold		(400	)		(854	)
OUTSTANDING
Beginning of period		7,875			8,427
End of period		7,595			7,875

12 2012 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Financial highlights

TIAA Separate Account VA-1  §  For the period or year ended

	Stock Index Account
	6/30/12			12/31/11			12/31/10		12/31/09		12/31/08			12/31/07
	(unaudited)
FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD
Investment income (a)	$	0.989		$	1.754		$	1.542	$	1.413	$	1.758		$	1.750
Expenses (a)		0.357			0.671			0.591		0.452		0.484			0.575
Net investment income (a)		0.632			1.083			0.951		0.961		1.274			1.175
Net realized and unrealized gain (loss) on total investments		7.298			(0.755	)		11.319		15.456		(37.166	)		2.979
Net change in accumulation unit value		7.930			0.328			12.270		16.417		(35.892	)		4.154
Accumulation Unit Value:
Beginning of period		88.769			88.441			76.171		59.754		95.646			91.492
End of period	$	96.699		$	88.769		$	88.441	$	76.171	$	59.754		$	95.646
TOTAL RETURN (b)		8.93%	(d)		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%	(e)		0.90%			0.90%		0.90%		0.90%			0.90%
Ratio of expense to average net assets after expense waiver		0.75%	(e)		0.75%			0.75%		0.71%		0.67%			0.67%
Ratio of net investment income to average net assets		1.33%	(e)		1.21%			1.21%		1.50%		1.58%			1.19%
SUPPLEMENTAL DATA
Portfolio turnover rate		4%	(d)		6%			10%		6%		7%			6%
Accumulation units outstanding at the end period (c)		7,595			7,875			8,427		8,921		9,488			10,345
Net assets at the end of period (c)	$	734,429		$	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

(d) The percentages shown for this period are not annualized.

(e) The percentages shown for this period are annualized.

See notes to financial statements TIAA Separate Account VA-1   §   2012 Semiannual Report 13

Notes to financial statements (unaudited)

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 is organized under the insurance laws of the State of New York for the purpose of issuing and funding individual variable annuity contracts. The variable annuity contracts were issued by TIAA. VA-1 is 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. 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, receives certain remuneration for their services, plus travel and other expenses. Managers may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In

14 2012 Semiannual Report   §   TIAA Separate Account VA-1

continued

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.

New Accounting Pronouncements: In April 2011, the Financial Accounting Standards Board (“FASB”) adopted Accounting Standards Update (“ASU”) 2011-03, Reconsideration of Effective Control for Repurchase Agreements. ASU 2011-03 amends ASC 860, Transfers and Servicing in relation to the accounting for repurchase agreements and other agreements that both entitle and obligate a transferor to repurchase or redeem the financial assets before their maturity. ASU 2011-03 eliminates the collateral maintenance provision that an entity may use to determine whether a transfer of securities in a repurchase agreement or other agreement is accounted for as a sale or a secured borrowing. ASU 2011-03 applies to the first interim or annual period beginning on or after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Account’s financial statements.

In May 2011, FASB adopted ASU No. 2011-04, Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. The ASU converges the guidance of both entities on fair value measurements and disclosures. ASU 2011-04 requires additional disclosures around transfers between levels as well as expanded disclosure for securities categorized as Level 3 under the fair value hierarchy. The ASU applies to interim or annual periods beginning after December 15, 2011. Management has evaluated the implications of this guidance and has determined that the new requirements do not have a material impact to the Account’s financial statements and notes disclosures.

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 spreads, 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

TIAA Separate Account VA-1   §   2012 Semiannual Report 15

Notes to financial statements (unaudited)

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 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.

16 2012 Semiannual Report   §   TIAA Separate Account VA-1

continued

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2012, there were no transfers between levels by the Account.

As of June 30, 2012, 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 period ended June 30, 2012, 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	$	(11	)	$	—

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. 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 period ended June 30, 2012, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2012, 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

TIAA Separate Account VA-1   §   2012 Semiannual Report 17

Notes to financial statements (unaudited)

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 will 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.

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 consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the lending agent. Such income is reflected separately in the Statement of Operations. The Account bears the market risk with respect to the collateral investment, securities loaned, and 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 June 30, 2012, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $216,573,000, consisting of gross unrealized appreciation of $300,871,000 and gross unrealized depreciation of $(84,298,000).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended June 30, 2012 were $30,575,000 and $52,903,000, respectively.

18 2012 Semiannual Report   §   TIAA Separate Account VA-1

concluded

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 participant withdrawals. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, 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 accounts at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2012, 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 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 trustees and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account. However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.

TIAA Separate Account VA-1   §   2012 Semiannual Report 19

Management committee renewal of the
investment management agreement (unaudited)

Among its other duties, the Management Committee (the “Committee”) of the TIAA Separate Account VA-1 (the “Separate Account”) is responsible for determining whether to initially approve and subsequently annually renew the investment management agreement (the “Agreement”) between Teachers Advisors, Inc. (“TAI”) and the Separate Account. Under the Agreement, TAI is responsible for providing investment management services and overseeing the everyday operations and other service providers of the Separate Account.

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

Overview of the renewal process

The Committee held a meeting on March 29, 2012, at which it considered the annual renewal of the Agreement using its previously established process for reviewing the Agreement. As part of this process, the Committee delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI and legal counsel to the Members to develop guidelines and specific requests relating to the types of information to be provided to the Operations Committee and to all Members in connection with the proposed contract renewal, and then helped evaluate the information provided in response to those guidelines. The Operations Committee reviewed such guidelines and requests in consultation with TAI representatives and input from other Members, legal counsel to the Members and legal counsel to TAI and the Separate Account, and then evaluated the information produced in accordance with those guidelines and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established various guidelines regarding the preparation of reports to be provided to all Members by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Committee, Lipper produced, among other information, extensive performance and expense comparison data regarding the Separate Account, including data relating to the Separate Account’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rates. Lipper also compared much of this data for the Separate Account against a universe of investment companies and against a more selective peer group of mutual funds that underlie variable products with similar investment objectives

20 2012 Semiannual Report   §   TIAA Separate Account VA-1

and strategies, each of which was selected by Lipper, and, in the case of the investment performance data, against an appropriate broad-based benchmark index. In each case, Lipper summarized the methodologies employed by it to provide the data contained in its reports. In addition, Lipper represented to the Committee that its reports were designed specifically to provide the Committee with the fee, expense and performance information that is necessary to help the Committee satisfy its duties under Section 15(c) of the 1940 Act. Lipper also represented that it (and not TAI) had identified the selected comparative peer groups and universes of funds that underlie variable products and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Operations Committee also requested and reviewed various information provided by TAI to facilitate the Members’ evaluation of the reasonableness of any profits earned by TAI with respect to its services to the Separate Account pursuant to the Agreement. In this connection, the Operations Committee emphasized that different Members could, and likely would, give different weight to different factors when evaluating the profits, if any, realized by TAI.

In advance of the Committee meeting held on March 29, 2012, legal counsel for the Members requested on behalf of the Committee, and TAI provided, extensive information that was designed to assist the Committee in its consideration of whether to renew the Agreement for the Separate Account. In addition to the data provided by Lipper as described above, this information included, but was not limited to, the following: (1) further information relating to the Separate Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service; (2) a description of any fee waiver or expense reimbursement arrangements that were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Separate Account’s fee rate under the Agreement to the fee rates of any other comparable accounts managed by TAI or its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TAI or its affiliates due to their relationship with the Separate Account aside from TAI’s direct fee payments pursuant to the Agreement; (5) information regarding TAI’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, business continuity plans, insurance coverage, compliance programs, any material pending litigation or compliance issues, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Separate Account; (6) information as to profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement; (8) a copy of TAI’s SEC Form ADV registration statement (which was presented only to legal counsel for the Members); and (9) proposed narrative explanations of reasons why the Committee should renew the Agreement.

In considering whether to renew the Agreement with respect to the Separate Account, the Committee, with assistance from its Operations Committee, reviewed

TIAA Separate Account VA-1   §   2012 Semiannual Report 21

Management committee renewal of the
investment management agreement (unaudited)

various factors with respect to the Separate Account, including: (1) the nature, extent and quality of services provided by TAI to the Separate Account; (2) the Separate Account’s investment performance; (3) the costs of the services provided to the Separate Account and the profits realized by TAI and its affiliates from their relationship with the Separate Account; (4) fees charged by other advisers for managing similar funds; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Separate Account grows; (6) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Separate Account investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Separate Account. As a general matter, the Committee viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for the Separate Account, the Committee took into account the information described above, other information provided to the Committee in connection with this process, and relevant information provided to all of the Members and to its Committees on an ongoing basis in connection with the Committee’s general oversight duties with respect to the Separate Account. In addition, the Committee received and considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to renew the Agreement for the Separate Account, each Member may have accorded different weight to different factors, and thus, each Member may have had a different basis for his or her ultimate decision to vote to renew the Agreement for the Separate Account. At its meeting on March 29, 2012, the Committee voted unanimously to renew the Agreement for the Separate Account. Set forth below are certain general factors the Committee considered for the Separate Account.

The nature, extent and quality of services

The Committee considered that TAI is an experienced investment adviser that has managed the Separate Account since its operations commenced. Investment professionals at TAI or its advisory affiliates also manage various funds or accounts of the College Retirement Equities Fund (“CREF”), the TIAA-CREF Funds and the TIAA-CREF Life Funds. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Separate Account, including conducting research, recommending investments and placing orders to buy and sell securities for the Separate Account’s investment portfolios; active daily monitoring of the investment portfolios by various personnel with specific responsibility for the particular types of investments in question; reporting on the investment performance of the Separate Account to the Committee on a regular basis; and carrying out, or overseeing the provision of, various administrative services to the Separate Account. The

22 2012 Semiannual Report   §   TIAA Separate Account VA-1

continued

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

The Committee also considered, among other factors, the performance of the Separate Account, as discussed below. In addition, the Committee considered the nature and quality of non-portfolio management services provided by TAI and its affiliates. In this regard, the Committee considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TAI’s oversight of those service providers and the outsourcing of certain services to other firms.

Investment performance

The Committee considered the investment performance of the Separate Account over one-, two-, three-, four-, five- and ten-year periods. The Committee considered the Separate Account’s performance as compared to its peer group, peer universe and benchmark index, the Russell 3000^® Index. In this regard, the Committee considered that the performance of the Separate Account generally compared favorably to its benchmark (after considering the effect of expenses incurred to operate the Separate Account). (For additional detail regarding the Separate Account’s performance, see the bullet-point synopsis below.) Thus, the Committee concluded that, under the totality of circumstances considered, the investment performance of the Separate Account was within an acceptable range.

Cost and profitability

The Committee considered financial and profitability data relating to TAI for the calendar year 2011 with respect to the Separate Account. The Committee considered TAI’s profit calculations with respect to its services to the Separate Account both before and after taking into account the costs incurred directly or indirectly by TAI in connection with the distribution of shares of the Separate Account. The Committee acknowledged the reasonableness of having a management fee rate that permits TAI to maintain and improve the quality of services provided to the Separate Account. The Committee considered that TAI had earned profits with respect to the Separate Account under the Agreement, and expected this trend to continue. The Committee concluded that these profits were not excessive in light of various relevant factors.

During its review of TAI’s profits, the Committee noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management functions so as to assess whether sufficient resources are being devoted to these functions.

Fees charged by other advisers

The Committee considered information regarding fees paid to other advisers for managing similar funds that underlie variable products, as analyzed by Lipper. The Committee determined that the management fee rate charged to the Separate

TIAA Separate Account VA-1   §   2012 Semiannual Report 23

Management committee renewal of the
investment management agreement (unaudited)

Account under the Agreement typically was lower than the management fee rates charged by many or most comparable mutual funds that underlie variable products. In this connection, the Committee also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds that underlie variable products are set and potentially material differences between the Separate Account and its comparable mutual funds. Additionally, the Committee considered the potential limitations of such comparisons due to the fact that, in many instances, Lipper based its comparisons on financial data relating to fiscal periods that differed from the period for which the Separate Account’s data were derived. Based on all factors considered, the Committee concluded that the management fee rate under the Agreement with respect to the Separate Account was within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds that underlie variable products.

Economies of scale

The Committee considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Separate Account. The Committee determined that the current fee rate at current asset levels generally was low as compared to peer groups of mutual funds that underlie variable products. The Committee also considered whether the addition of fee “breakpoints” (under which additional assets in the Separate Account would be assessed at lower fee rates) would have a material effect on the overall fee rate. However, since the Separate Account is no longer being actively sold, TAI has little expectation that the Separate Account’s assets would grow, creating economies of scale that could be passed on to contractholders through breakpoints. Based on all factors considered, the Committee concluded that the Separate Account’s fee schedule was within an acceptable range in light of current and potential economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Committee considered that TAI and its affiliates provide similar investment management services to other affiliated investment companies, including other funds and accounts that are indexed to the Russell 3000^® Index. The Committee considered the schedule of management fee rates for each of these funds and accounts. The Committee also considered TAI’s representation that, while the management fee rate charged to the Separate Account may differ from the management fee rates charged to these other funds and accounts, this is due in part to the fact that these other funds and accounts: are offered through products that charge additional fees to their investors; are offered in different types of markets; are provided with different types or levels of services by TAI; target different types of investors; and/or are packaged with other products, and that these factors, among others, justify different management fee rate schedules.

24 2012 Semiannual Report   §   TIAA Separate Account VA-1

continued

Other benefits

The Committee also considered additional benefits to the Separate Account and to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the advisory relationship with the Separate Account to the extent that this relationship results in potential investors viewing the TIAA-CREF group of companies as a leading retirement plan provider in the academic and nonprofit markets and as a single source for all their financial service needs. Both TAI and the Separate Account may benefit from economies of scale to the extent that the Separate Account is managed in the same manner and by the same personnel as certain of other series of the TIAA-CREF Fund Complex. Additionally, TAI and the Separate Account may benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Certain specific factors considered by the Committee

The Committee considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to the Separate Account. If the Separate Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports prepared by Lipper. All time periods referenced below ended as of December 31, 2011. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest rating category. Statements below regarding “net profit” or “net loss” refer to whether TAI earned a profit or incurred a loss for the services that it rendered to the Separate Account during 2011 under the Agreement.

• The Separate Account’s annual contractual management fee rate is 0.30% of average daily net assets. The Separate Account’s effective management fee for 2011, after waiver, was 0.15% of average daily net assets.

• The Separate Account’s management fees and total expenses were in the 2nd and 5th quintiles, respectively, of its group of comparable funds selected by Lipper for expense comparison purposes (“Expense Group”) and of the universe of comparable funds identified by Lipper for expense comparison purposes (“Expense Universe”).

• For the one-, two-, three-, four-, five- and ten-year periods, the Separate Account was in the 1st, 2nd, 3rd, 3rd, 3rd and 4th quintiles, respectively, of its universe of comparable funds identified by Lipper for performance comparison purposes (“Performance Universe”).

• For the one-, three-, five- and ten-year periods, the Separate Account’s relative gross performance (meaning the Separate Account’s performance without any reductions for fees or expenses) as compared to its benchmark, the Russell 3000^® Index, was +9, +4, +10 and +4 basis points, respectively.

TIAA Separate Account VA-1   §   2012 Semiannual Report 25

Management committee renewal of the
investment management agreement (unaudited) concluded

• The Separate Account received an Overall Morningstar Rating of 4 stars.

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

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

26 2012 Semiannual Report   §   TIAA Separate Account VA-1

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C5428 A10938 (8/12)

Item 2. Code of Ethics.

Not Applicable.

Item 3. Audit Committee Financial Expert.

Not Applicable.

Item 4. Principal Accountant Fees and Services.

Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

TIAA SEPARATE ACCOUNT VA-1

STOCK INDEX ACCOUNT

SCHEDULE OF INVESTMENTS (unaudited)

June 30, 2012

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.8%
AUTOMOBILES & COMPONENTS - 0.8%
3,241	*	American Axle & Manufacturing Holdings, Inc	$	34
1,306	*	Amerigon, Inc (Class A)		15
5,331	*,e	BorgWarner, Inc		350
2,813		Cooper Tire & Rubber Co		49
7,200		Dana Holding Corp		92
15,940	*	Delphi Automotive plc		407
1,224	*	Dorman Products, Inc		31
1,013		Drew Industries, Inc		28
3,666	*	Exide Technologies		12
996	*	Federal Mogul Corp (Class A)		11
182,258		Ford Motor Co		1,748
735	*,e	Fuel Systems Solutions, Inc		12
37,214	*	General Motors Co		734
6,807		Gentex Corp		142
12,196	*	Goodyear Tire & Rubber Co		144
11,243		Harley-Davidson, Inc		514
32,943		Johnson Controls, Inc		913
4,836		Lear Corp		183
2,342	*	Modine Manufacturing Co		16
1,983		Spartan Motors, Inc		10
1,021		Standard Motor Products, Inc		14
1,336	*	Stoneridge, Inc		9
1,205		Superior Industries International, Inc		20
3,166	*	Tenneco, Inc		85
3,177	*,e	Tesla Motors, Inc		100
1,719		Thor Industries, Inc		47
312	*	Tower International, Inc		3
5,142	*	TRW Automotive Holdings Corp		189
2,554	*	Visteon Corp		96
3,136	*	WABCO Holdings, Inc		166
1,507	*,e	Winnebago Industries, Inc		15
		TOTAL AUTOMOBILES & COMPONENTS		6,189
BANKS - 3.4%
810		1st Source Corp		18
1,172	*	1st United Bancorp, Inc		7
351		Access National Corp		5
243		Alliance Financial Corp		8
374	e	American National Bankshares, Inc		9
1,244	*	Ameris Bancorp		16
387	e	Ames National Corp		9
575	e	Arrow Financial Corp		14
8,748		Associated Banc-Corp		115
4,208		Astoria Financial Corp		41
520		Bancfirst Corp		22
1,517		Banco Latinoamericano de Exportaciones S.A. (Class E)		32
4,426		Bancorpsouth, Inc		64
2,688		Bank Mutual Corp		12
2,204		Bank of Hawaii Corp		101
291		Bank of Kentucky Financial Corp		8
288		Bank of Marin Bancorp		11
1,276		Bank of the Ozarks, Inc		38
1,044		BankFinancial Corp		8
824		Banner Corp		18
194		Bar Harbor Bankshares		7

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
33,799		BB&T Corp	$	1,043
3,505	*	BBCN Bancorp, Inc		38
1,950	*	Beneficial Mutual Bancorp, Inc		17
1,072		Berkshire Hills Bancorp, Inc		24
384	*	BofI Holding, Inc		8
1,246		BOK Financial Corp		73
3,543		Boston Private Financial Holdings, Inc		32
354		Bridge Bancorp, Inc		8
475	*	Bridge Capital Holdings		8
3,533		Brookline Bancorp, Inc		31
397		Bryn Mawr Bank Corp		8
394	*	BSB Bancorp, Inc		5
159		C&F Financial Corp		6
460		Camden National Corp		17
582	*	Cape Bancorp, Inc		5
831	e	Capital City Bank Group, Inc		6
13,543		CapitalSource, Inc		91
7,090		Capitol Federal Financial		84
1,503		Cardinal Financial Corp		18
3,968		Cathay General Bancorp		65
645		Center Bancorp, Inc		7
1,148		Centerstate Banks of Florida, Inc		8
764	*	Central Pacific Financial Corp		11
152		Century Bancorp, Inc		5
1,616		Chemical Financial Corp		35
9,754	*	CIT Group, Inc		348
533		Citizens & Northern Corp		10
1,924	*	Citizens Republic Bancorp, Inc		33
923	e	City Holding Co		31
2,242		City National Corp		109
875		Clifton Savings Bancorp, Inc		9
498		CNB Financial Corp		8
1,740		CoBiz, Inc		11
2,091		Columbia Banking System, Inc		39
10,048		Comerica, Inc		309
3,657		Commerce Bancshares, Inc		139
1,740	e	Community Bank System, Inc		47
1,003		Community Trust Bancorp, Inc		34
2,461		Cullen/Frost Bankers, Inc		141
4,428	e	CVB Financial Corp		52
1,609		Dime Community Bancshares		21
6,269	*	Doral Financial Corp		9
860	*	Eagle Bancorp, Inc		14
7,706		East West Bancorp, Inc		181
406	*	Encore Bancshares, Inc		8
301	e	Enterprise Bancorp, Inc		5
828		Enterprise Financial Services Corp		9
559		ESB Financial Corp		7
1,035		ESSA Bancorp, Inc		11
1,053	*	EverBank Financial Corp		11
892	e	Farmers National Banc Corp		6
399		Federal Agricultural Mortgage Corp (Class C)		10
44,693		Fifth Third Bancorp		599
664		Financial Institutions, Inc		11
720		First Bancorp (NC)		6
3,468	*	First Bancorp (Puerto Rico)		14
498	e	First Bancorp, Inc		8
3,831		First Busey Corp		18
1,046	*	First California Financial Group, Inc		7
247		First Citizens Bancshares, Inc (Class A)		41
4,700		First Commonwealth Financial Corp		32
680		First Community Bancshares, Inc		10
886		First Connecticut Bancorp		12
510		First Defiance Financial Corp		9

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,063		First Financial Bancorp	$	49
1,650	e	First Financial Bankshares, Inc		57
590		First Financial Corp		17
889		First Financial Holdings, Inc		10
814	*	First Financial Northwest, Inc		7
13,105		First Horizon National Corp		113
654		First Interstate Bancsystem, Inc		9
1,238		First Merchants Corp		15
3,929		First Midwest Bancorp, Inc		43
15,757		First Niagara Financial Group, Inc		121
288		First of Long Island Corp		8
412	e	First Pactrust Bancorp, Inc		5
4,959	*	First Republic Bank		167
5,568		FirstMerit Corp		92
1,645		Flushing Financial Corp		22
6,390		FNB Corp		69
449	*	FNB United Corp		6
752		Fox Chase Bancorp, Inc		11
689	*	Franklin Financial Corp		11
10,086		Fulton Financial Corp		101
602		German American Bancorp, Inc		12
3,468		Glacier Bancorp, Inc		54
500	e	Great Southern Bancorp, Inc		14
3,552	*	Guaranty Bancorp		7
3,706		Hancock Holding Co		113
1,525	*	Hanmi Financial Corp		16
928		Heartland Financial USA, Inc		22
1,007	*	Heritage Commerce Corp		7
534		Heritage Financial Corp		8
394		Heritage Financial Group		5
917	*,e	Heritage Oaks Bancorp		5
343	*	Home Bancorp, Inc		6
1,128		Home Bancshares, Inc		34
821		Home Federal Bancorp, Inc		9
649		Home Loan Servicing Solutions Ltd		9
222	*	HomeStreet, Inc		7
173	e	Horizon Bancorp		5
25,633		Hudson City Bancorp, Inc		163
754		Hudson Valley Holding Corp		14
41,990		Huntington Bancshares, Inc		269
1,370		IBERIABANK Corp		69
1,031	e	Independent Bank Corp		30
2,385		International Bancshares Corp		47
2,538	*	Investors Bancorp, Inc		38
1,441		Kearny Financial Corp		14
46,349		Keycorp		359
463		K-Fed Bancorp		7
1,129		Lakeland Bancorp, Inc		12
734		Lakeland Financial Corp		20
6,053		M&T Bank Corp		500
731		MainSource Financial Group, Inc		9
2,798		MB Financial, Inc		60
410	*,e	Mercantile Bank Corp		8
273		Merchants Bancshares, Inc		8
249	*	Meridian Interstate Bancorp, Inc		3
759	*,e	MetroCorp Bancshares, Inc		8
9,426	*,e	MGIC Investment Corp		27
259		Middleburg Financial Corp		4
265		Midsouth Bancorp, Inc		4
334		MidWestOne Financial Group, Inc		7
357		National Bankshares, Inc		11
6,208		National Penn Bancshares, Inc		59
928	*	Nationstar Mortgage Holdings, Inc		20
1,807		NBT Bancorp, Inc		39

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
21,099		New York Community Bancorp, Inc	$	264
1,192		Northfield Bancorp, Inc		17
302		Northrim BanCorp, Inc		6
4,572		Northwest Bancshares, Inc		54
741		OceanFirst Financial Corp		11
5,213	*	Ocwen Financial Corp		98
3,801		Old National Bancorp		46
700	*	OmniAmerican Bancorp, Inc		15
2,272		Oriental Financial Group, Inc		25
2,816		Oritani Financial Corp		41
220	*	Pacific Capital Bancorp		10
991		Pacific Continental Corp		9
1,486		PacWest Bancorp		35
688	e	Park National Corp		48
1,481	*	Park Sterling Bank		7
420		Peapack Gladstone Financial Corp		7
221	e	Penns Woods Bancorp, Inc		9
720	*	Pennsylvania Commerce Bancorp, Inc		9
595		Peoples Bancorp, Inc		13
312	*,e	Peoples Federal Bancshares, Inc		5
17,740		People’s United Financial, Inc		206
1,766	*	Pinnacle Financial Partners, Inc		34
25,612		PNC Financial Services Group, Inc		1,565
5,261	*	Popular, Inc		87
564	*	Preferred Bank		8
3,026		PrivateBancorp, Inc		45
2,398		Prosperity Bancshares, Inc		101
446		Provident Financial Holdings, Inc		5
3,163		Provident Financial Services, Inc		49
2,753		Provident New York Bancorp		21
5,521		Radian Group, Inc		18
68,601		Regions Financial Corp		463
1,026		Renasant Corp		16
612	e	Republic Bancorp, Inc (Class A)		14
1,513		Rockville Financial, Inc		18
629		Roma Financial Corp		5
1,211	e	S&T Bancorp, Inc		22
615	e	S.Y. Bancorp, Inc		15
1,250		Sandy Spring Bancorp, Inc		22
728		SCBT Financial Corp		26
3,679	*	Seacoast Banking Corp of Florida		6
503		SI Financial Group, Inc		6
370	e	Sierra Bancorp		4
2,360	*	Signature Bank		144
905	e	Simmons First National Corp (Class A)		21
917	e	Southside Bancshares, Inc		21
740	*	Southwest Bancorp, Inc		7
1,614	*	State Bank & Trust Co		24
1,347		StellarOne Corp		17
1,199		Sterling Bancorp		12
1,362	*	Sterling Financial Corp		26
513	*	Suffolk Bancorp		7
1,927	*	Sun Bancorp, Inc		5
25,848		SunTrust Banks, Inc		626
9,404		Susquehanna Bancshares, Inc		97
2,032	*	SVB Financial Group		119
38,163	e	Synovus Financial Corp		76
607	*,e	Taylor Capital Group, Inc		10
8,057		TCF Financial Corp		92
700		Territorial Bancorp, Inc		16
1,877	*	Texas Capital Bancshares, Inc		76
4,208	*	TFS Financial Corp		40
1,165	*	The Bancorp, Inc		11
429	e	Tompkins Trustco, Inc		16

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,255	e	TowneBank	$	18
726	e	Trico Bancshares		11
5,202		Trustco Bank Corp NY		28
3,370		Trustmark Corp		82
1,489		UMB Financial Corp		76
5,809		Umpqua Holdings Corp		76
814		Union Bankshares Corp		12
2,414	e	United Bankshares, Inc		62
2,012	*,e	United Community Banks, Inc		17
1,056		United Financial Bancorp, Inc		15
792		Univest Corp of Pennsylvania		13
91,195		US Bancorp		2,933
9,564	e	Valley National Bancorp		101
1,734		ViewPoint Financial Group		27
1,010	*	Virginia Commerce Bancorp		9
568	*	Walker & Dunlop, Inc		7
835		Washington Banking Co		12
5,275		Washington Federal, Inc		89
881		Washington Trust Bancorp, Inc		21
3,466		Webster Financial Corp		75
237,118		Wells Fargo & Co		7,929
1,213		WesBanco, Inc		26
997		West Bancorporation, Inc		9
992	*	West Coast Bancorp		19
1,286	e	Westamerica Bancorporation		61
3,132	*	Western Alliance Bancorp		29
1,313		Westfield Financial, Inc		10
2,922	*	Wilshire Bancorp, Inc		16
1,580		Wintrust Financial Corp		56
320		WSFS Financial Corp		13
8,939		Zions Bancorporation		174
		TOTAL BANKS		24,644
CAPITAL GOODS - 8.1%
33,707		3M Co		3,020
1,795		A.O. Smith Corp		88
3,857	*,e	A123 Systems, Inc		5
851		Aaon, Inc		16
2,061		AAR Corp		28
2,045	*,e	Accuride Corp		12
1,483		Aceto Corp		13
2,862		Actuant Corp (Class A)		78
2,053		Acuity Brands, Inc		105
5,359	*	Aecom Technology Corp		88
1,981	*	Aegion Corp		35
831	*	Aerovironment, Inc		22
4,798	*	AGCO Corp		219
3,284	*	Air Lease Corp		64
2,801		Aircastle Ltd		34
374		Alamo Group, Inc		12
1,443		Albany International Corp (Class A)		27
1,608		Alliant Techsystems, Inc		81
1,557		Altra Holdings, Inc		25
909	*	Ameresco, Inc		11
569	*	American Railcar Industries, Inc		15
373		American Science & Engineering, Inc		21
2,155	*	American Superconductor Corp		10
475		American Woodmark Corp		8
7,830		Ametek, Inc		391
475		Ampco-Pittsburgh Corp		9
1,541	*,e	API Technologies Corp		6
1,479		Apogee Enterprises, Inc		24
2,044		Applied Industrial Technologies, Inc		75

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
420		Argan, Inc	$	6
988		Armstrong World Industries, Inc		49
4,621	*	ArvinMeritor, Inc		24
1,044	*	Astec Industries, Inc		32
525	*	Astronics Corp		15
723		AZZ, Inc		44
5,372	*	Babcock & Wilcox Co		132
2,603		Barnes Group, Inc		63
4,904	*	BE Aerospace, Inc		214
2,410	*	Beacon Roofing Supply, Inc		61
2,316		Belden CDT, Inc		77
2,508	*	Blount International, Inc		37
36,040		Boeing Co		2,678
2,394		Brady Corp (Class A)		66
2,463	e	Briggs & Stratton Corp		43
2,524	*,e	Builders FirstSource, Inc		12
531	*	CAI International, Inc		11
12,740	*,e	Capstone Turbine Corp		13
3,097		Carlisle Cos, Inc		164
453		Cascade Corp		21
31,343		Caterpillar, Inc		2,661
1,257		Ceradyne, Inc		32
1,453	*	Chart Industries, Inc		100
4,806		Chicago Bridge & Iron Co NV		182
839		CIRCOR International, Inc		29
2,439		Clarcor, Inc		117
1,332	*	CNH Global NV		52
428		Coleman Cable, Inc		4
2,110	*	Colfax Corp		58
1,162	*	Columbus McKinnon Corp		18
2,009		Comfort Systems USA, Inc		20
1,268	*	Commercial Vehicle Group, Inc		11
7,729		Cooper Industries plc		527
2,466		Crane Co		90
828		Cubic Corp		40
9,336		Cummins, Inc		905
2,273		Curtiss-Wright Corp		71
26,682		Danaher Corp		1,390
19,055		Deere & Co		1,541
1,771	*	DigitalGlobe, Inc		27
7,268		Donaldson Co, Inc		243
932	e	Douglas Dynamics, Inc		13
8,926		Dover Corp		479
430	*	DXP Enterprises, Inc		18
1,870	*	Dycom Industries, Inc		35
757		Dynamic Materials Corp		13
16,407		Eaton Corp		650
758	*	Edgen Group, Inc		6
3,412		EMCOR Group, Inc		95
35,643		Emerson Electric Co		1,660
840		Encore Wire Corp		22
1,511	*,e	Energy Recovery, Inc		4
2,332	*	EnerSys		82
908	*	EnPro Industries, Inc		34
1,380		ESCO Technologies, Inc		50
1,554	*	Esterline Technologies Corp		97
9,057		Exelis, Inc		89
13,771		Fastenal Co		555
3,085	*	Federal Signal Corp		18
2,307	*	Flow International Corp		7
2,654		Flowserve Corp		305
8,221		Fluor Corp		406
7,798	*	Fortune Brands Home & Security, Inc		174
898		Franklin Electric Co, Inc		46

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
635		Freightcar America, Inc	$	15
4,152	*,e	FuelCell Energy, Inc		4
2,145	*	Furmanite Corp		10
2,430		Gardner Denver, Inc		129
2,370		GATX Corp		91
2,932	*	GenCorp, Inc		19
1,246	*	Generac Holdings, Inc		30
2,638	*	General Cable Corp		68
15,438		General Dynamics Corp		1,018
511,859		General Electric Co		10,667
730	*	GeoEye, Inc		11
1,633	*	Gibraltar Industries, Inc		17
809	e	Global Power Equipment Group, Inc		18
6,120		Goodrich Corp		777
795		Gorman-Rupp Co		24
2,939		Graco, Inc		135
6,478	*	GrafTech International Ltd		62
604		Graham Corp		11
1,832		Granite Construction, Inc		48
3,079		Great Lakes Dredge & Dock Corp		22
869	*	Greenbrier Cos, Inc		15
2,356		Griffon Corp		20
1,293	*	H&E Equipment Services, Inc		19
534		Hardinge, Inc		5
4,082		Harsco Corp		83
2,630		Heico Corp		104
4,837	*	Hexcel Corp		125
37,442		Honeywell International, Inc		2,091
800		Houston Wire & Cable Co		9
2,806		Hubbell, Inc (Class B)		219
2,459	*	Huntington Ingalls		99
316	*	Hurco Cos, Inc		6
4,026		IDEX Corp		157
2,800	*	II-VI, Inc		47
20,682		Illinois Tool Works, Inc		1,094
14,464		Ingersoll-Rand plc		610
916		Insteel Industries, Inc		10
1,758	*	Interline Brands, Inc		44
4,471		ITT Corp		79
6,034	*	Jacobs Engineering Group, Inc		229
1,665		John Bean Technologies Corp		23
5,106		Joy Global, Inc		290
888	*	Kadant, Inc		21
1,371		Kaman Corp		42
1,677		Kaydon Corp		36
7,252		KBR, Inc		179
3,920		Kennametal, Inc		130
953	*	KEYW Holding Corp		10
1,860	*,e	Kratos Defense & Security Solutions, Inc		11
4,731		L-3 Communications Holdings, Inc		350
990	*	Layne Christensen Co		21
659		LB Foster Co (Class A)		19
2,159		Lennox International, Inc		101
4,259		Lincoln Electric Holdings, Inc		186
623	e	Lindsay Manufacturing Co		40
533	*	LMI Aerospace, Inc		9
12,669		Lockheed Martin Corp		1,103
1,293		LSI Industries, Inc		9
853	*	Lydall, Inc		12
6,443	e	Manitowoc Co, Inc		75
17,530		Masco Corp		243
2,813	*	Mastec, Inc		42
901		Met-Pro Corp		8
445	*	Michael Baker Corp		12

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
947	*	Middleby Corp	$	94
614		Miller Industries, Inc		10
2,290	*	Moog, Inc (Class A)		95
2,247		MSC Industrial Direct Co (Class A)		147
1,325		Mueller Industries, Inc		56
8,122		Mueller Water Products, Inc (Class A)		28
881	*	MYR Group, Inc		15
271		Nacco Industries, Inc (Class A)		32
206	e	National Presto Industries, Inc		14
3,330	*	Navistar International Corp		94
926	*	NCI Building Systems, Inc		10
822	*	NN, Inc		8
3,046		Nordson Corp		156
383	*	Nortek, Inc		19
12,215		Northrop Grumman Corp		779
625	*	Northwest Pipe Co		15
2,885	*	Orbital Sciences Corp		37
1,499	*	Orion Marine Group, Inc		10
4,565	*	Oshkosh Truck Corp		96
5,833	*	Owens Corning, Inc		166
17,333		Paccar, Inc		679
5,632		Pall Corp		309
7,275		Parker Hannifin Corp		559
4,814	e	Pentair, Inc		184
1,399		Perini Corp		18
1,025	*	Pike Electric Corp		8
762	*	PMFG, Inc		6
2,263	*,e	Polypore International, Inc		91
458	*	Powell Industries, Inc		17
7,020		Precision Castparts Corp		1,155
96		Preformed Line Products Co		6
1,320		Primoris Services Corp		16
244	*,e	Proto Labs, Inc		7
1,987	e	Quanex Building Products Corp		36
10,206	*	Quanta Services, Inc		246
863		Raven Industries, Inc		60
16,151		Raytheon Co		914
1,025	*	RBC Bearings, Inc		48
1,883		Regal-Beloit Corp		117
1,385	*	Rexnord Corp		28
2,000		Robbins & Myers, Inc		84
6,933		Rockwell Automation, Inc		458
6,912		Rockwell Collins, Inc		341
4,700		Roper Industries, Inc		463
1,703	*	Rush Enterprises, Inc (Class A)		28
559		Sauer-Danfoss, Inc		20
16	*	Seaboard Corp		34
576		SeaCube Container Leasing Ltd		10
3,185	*	Shaw Group, Inc		87
1,742		Simpson Manufacturing Co, Inc		51
2,823		Snap-On, Inc		176
5,621	*	Spirit Aerosystems Holdings, Inc (Class A)		134
2,461		SPX Corp		161
616		Standex International Corp		26
8,270		Stanley Works		532
701	*	Sterling Construction Co, Inc		7
1,027		Sun Hydraulics Corp		25
1,019		TAL International Group, Inc		34
3,948	*	Taser International, Inc		21
1,622	*	Teledyne Technologies, Inc		100
1,004		Tennant Co		40
5,365	*	Terex Corp		96
590	e	Textainer Group Holdings Ltd		22
13,409		Textron, Inc		333

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
728	*,e	Thermon Group Holdings	$	15
4,280		Timken Co		196
2,128	e	Titan International, Inc		52
784	*,e	Titan Machinery, Inc		24
1,341		Toro Co		98
2,482	*	TransDigm Group, Inc		333
714	*,e	Trex Co, Inc		21
1,579	*	Trimas Corp		32
4,029		Trinity Industries, Inc		101
2,423		Triumph Group, Inc		136
562	e	Twin Disc, Inc		10
22,734		Tyco International Ltd		1,202
4,555	*	United Rentals, Inc		155
44,274		United Technologies Corp		3,344
979		Universal Forest Products, Inc		38
3,591		URS Corp		125
3,497	*,e	USG Corp		67
1,134		Valmont Industries, Inc		137
1,023		Vicor Corp		7
2,775		W.W. Grainger, Inc		531
926	*	Wabash National Corp		6
1,468		Watsco, Inc		108
1,513		Watts Water Technologies, Inc (Class A)		50
2,122	*	WESCO International, Inc		122
2,441		Westinghouse Air Brake Technologies Corp		190
3,365		Woodward Governor Co		133
8,729		Xylem, Inc		220
		TOTAL CAPITAL GOODS		59,614
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
2,600		ABM Industries, Inc		51
2,406	*	Acacia Research (Acacia Technologies)		90
5,555	*	ACCO Brands Corp		57
828		Acorn Energy, Inc		7
1,159		Administaff, Inc		31
1,661	*	Advisory Board Co		82
928		American Ecology Corp		16
2,166	*	American Reprographics Co		11
818	*	Asset Acceptance Capital Corp		6
508	*	AT Cross Co		5
5,027		Avery Dennison Corp		137
383		Barrett Business Services, Inc		8
2,433		Brink’s Co		56
1,375	*	Casella Waste Systems, Inc (Class A)		8
2,695	*,e	CBIZ, Inc		16
669		CDI Corp		11
3,345	*,e	Cenveo, Inc		6
5,360		Cintas Corp		207
2,372	*	Clean Harbors, Inc		134
493	*	Consolidated Graphics, Inc		14
5,437	*,e	Coolbrands International, Inc		14
4,960	*	Copart, Inc		118
1,871		Corporate Executive Board Co		76
4,833		Corrections Corp of America		142
594		Courier Corp		8
5,871		Covanta Holding Corp		101
717	*	CRA International, Inc		11
2,529		Deluxe Corp		63
1,664	*	Dolan Media Co		11
2,320		Dun & Bradstreet Corp		165
1,077	*	Encore Capital Group, Inc		32
4,206	*	EnergySolutions, Inc		7
1,037	*	EnerNOC, Inc		8

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,357		Ennis, Inc	$	21
5,897		Equifax, Inc		275
641	*	Exponent, Inc		34
691	*	Franklin Covey Co		7
2,087	*	FTI Consulting, Inc		60
989		G & K Services, Inc (Class A)		31
3,286	*	Geo Group, Inc		75
645	*	GP Strategies Corp		12
3,373		Healthcare Services Group		65
943		Heidrick & Struggles International, Inc		16
218	*	Heritage-Crystal Clean, Inc		4
3,007		Herman Miller, Inc		56
1,422	*	Hill International, Inc		5
2,339		HNI Corp		60
1,656	*	Hudson Highland Group, Inc		7
1,154	*	Huron Consulting Group, Inc		37
892	*	ICF International, Inc		21
5,063	*	ICO Global Communications Holdings Ltd		6
2,443	*	IHS, Inc (Class A)		263
1,402	*,e	Innerworkings, Inc		19
2,666		Interface, Inc		36
462		Intersections, Inc		7
7,482		Iron Mountain, Inc		247
1,460	*	KAR Auction Services, Inc		25
1,394		Kelly Services, Inc (Class A)		18
1,380	*	Kforce, Inc		19
1,737		Kimball International, Inc (Class B)		13
2,470		Knoll, Inc		33
2,433	*	Korn/Ferry International		35
3,935		Manpower, Inc		144
1,316		McGrath RentCorp		35
1,459	*	Metalico, Inc		3
1,391		Mine Safety Appliances Co		56
757	*	Mistras Group, Inc		20
1,600	*	Mobile Mini, Inc		23
514		Multi-Color Corp		11
2,873	*	Navigant Consulting, Inc		36
5,912	*	Nielsen Holdings NV		155
563		NL Industries, Inc		7
3,322	*,e	Odyssey Marine Exploration, Inc		12
2,101	*	On Assignment, Inc		34
8,271	e	Pitney Bowes, Inc		124
832	*	Portfolio Recovery Associates, Inc		76
891	e	Quad		13
9,054	e	R.R. Donnelley & Sons Co		107
14,725		Republic Services, Inc		390
2,774		Resources Connection, Inc		34
6,958		Robert Half International, Inc		199
3,219		Rollins, Inc		72
489	*	RPX Corp		7
977		Schawk, Inc (Class A)		12
672	*	Standard Parking Corp		14
3,734		Steelcase, Inc (Class A)		34
4,155	*	Stericycle, Inc		381
1,911	*	SYKES Enterprises, Inc		31
1,110	*	Team, Inc		35
3,077	*	Tetra Tech, Inc		80
648	*	TMS International Corp		6
2,955		Towers Watson & Co		177
896	*	TRC Cos, Inc		5
1,954	*	TrueBlue, Inc		30
664		Unifirst Corp		42
1,976		United Stationers, Inc		53
7,142	*	Verisk Analytics, Inc		352

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,084		Viad Corp	$	22
205		VSE Corp		5
295	*	WageWorks, Inc		4
5,431		Waste Connections, Inc		163
22,499		Waste Management, Inc		752
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		6,972
CONSUMER DURABLES & APPAREL - 1.3%
1,931	e	American Greetings Corp (Class A)		28
653	*	Arctic Cat, Inc		24
5,981	*	Ascena Retail Group, Inc		111
562		Bassett Furniture Industries, Inc		6
4,855	*	Beazer Homes USA, Inc		16
499	e	Blyth, Inc		17
4,339		Brunswick Corp		96
3,430	e	Callaway Golf Co		20
2,483	*	Carter’s, Inc		131
379	*	Cavco Industries, Inc		19
442		Cherokee, Inc		6
715	*	Clarus Corp		7
13,959		Coach, Inc		816
562	e	Columbia Sportswear Co		30
4,300	*	CROCS, Inc		69
269		CSS Industries, Inc		5
1,873	*,e	Deckers Outdoor Corp		82
351	*	Delta Apparel, Inc		5
13,501		DR Horton, Inc		248
1,299		Ethan Allen Interiors, Inc		26
5,284	*	Fifth & Pacific Cos, Inc		57
2,570	*	Fossil, Inc		197
5,292	*,e	Garmin Ltd		203
811	*	G-III Apparel Group Ltd		19
4,868	*	Hanesbrands, Inc		135
3,541		Harman International Industries, Inc		140
5,630		Hasbro, Inc		191
1,630	*	Helen of Troy Ltd		55
500	*	Hooker Furniture Corp		6
4,761	*,e	Hovnanian Enterprises, Inc (Class A)		14
3,571	*	Iconix Brand Group, Inc		62
1,204	*,e	iRobot Corp		27
986	e	Jakks Pacific, Inc		16
3,869		Jarden Corp		163
232	*	Johnson Outdoors, Inc		5
4,415		Jones Apparel Group, Inc		42
4,044	e	KB Home		40
500	*	Kenneth Cole Productions, Inc (Class A)		7
1,430	*,e	K-Swiss, Inc (Class A)		4
2,552	*	La-Z-Boy, Inc		31
1,909	*	Leapfrog Enterprises, Inc		20
6,795		Leggett & Platt, Inc		144
7,949	e	Lennar Corp (Class A)		246
847	*	Libbey, Inc		13
362		Lifetime Brands, Inc		4
862	*	M/I Homes, Inc		15
1,202	*	Maidenform Brands, Inc		24
1,066		Marine Products Corp		6
16,549		Mattel, Inc		537
1,887	e	MDC Holdings, Inc		62
1,184	*	Meritage Homes Corp		40
4,127	*	Michael Kors Holdings Ltd		173
2,686	*	Mohawk Industries, Inc		187
817		Movado Group, Inc		20
14,090		Newell Rubbermaid, Inc		256

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
17,386		Nike, Inc (Class B)	$	1,526
233	*	NVR, Inc		198
733		Oxford Industries, Inc		33
804	*	Perry Ellis International, Inc		17
3,415		Phillips-Van Heusen Corp		266
3,290		Polaris Industries, Inc		235
2,301		Pool Corp		93
16,595	*	Pulte Homes, Inc		178
6,801	*	Quiksilver, Inc		16
2,959		Ralph Lauren Corp		414
444		RG Barry Corp		6
2,334		Ryland Group, Inc		60
2,732	*,e	Sealy Corp		5
1,898	*	Skechers U.S.A., Inc (Class A)		39
796	*,e	Skullcandy, Inc		11
2,979	*	Smith & Wesson Holding Corp		25
5,166	*,e	Standard-Pacific Corp		32
288	*	Steinway Musical Instruments, Inc		7
1,788	*	Steven Madden Ltd		57
957	e	Sturm Ruger & Co, Inc		38
3,108	*	Tempur-Pedic International, Inc		73
6,926	*	Toll Brothers, Inc		206
1,435		True Religion Apparel, Inc		42
1,038	*	Tumi Holdings, Inc		18
2,713		Tupperware Corp		148
1,864	*,e	Under Armour, Inc (Class A)		176
489	*	Unifi, Inc		6
787	*	Universal Electronics, Inc		10
1,001	*,e	Vera Bradley, Inc		21
4,278		VF Corp		571
1,991	*	Warnaco Group, Inc		85
378		Weyco Group, Inc		9
3,754		Whirlpool Corp		230
2,109		Wolverine World Wide, Inc		82
1,005	*,e	Zagg, Inc		11
		TOTAL CONSUMER DURABLES & APPAREL		9,867
CONSUMER SERVICES - 2.3%
1,322	*	AFC Enterprises		31
960	*,e	American Public Education, Inc		31
1,644		Ameristar Casinos, Inc		29
4,956	*	Apollo Group, Inc (Class A)		179
692	*	Ascent Media Corp (Series A)		36
2,180	*	Bally Technologies, Inc		102
498		Benihana, Inc		8
1,195	*	BJ’s Restaurants, Inc		45
1,424		Bob Evans Farms, Inc		57
2,708	*,e	Boyd Gaming Corp		20
987	*	Bravo Brio Restaurant Group, Inc		18
910	*,e	Bridgepoint Education, Inc		20
4,290		Brinker International, Inc		137
937	*	Buffalo Wild Wings, Inc		81
1,990	*	Caesars Entertainment Corp		23
428	*	Capella Education Co		15
3,103	*	Career Education Corp		21
1,022	*	Caribou Coffee Co, Inc		13
20,201		Carnival Corp		692
620	*	Carrols Restaurant Group, Inc		4
929		CBRL Group, Inc		58
1,153		CEC Entertainment, Inc		42
2,924	*	Cheesecake Factory		93
1,535	*	Chipotle Mexican Grill, Inc (Class A)		583
1,471		Choice Hotels International, Inc		59

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
533		Churchill Downs, Inc	$	31
1,574	*,e	Coinstar, Inc		108
4,659	*	Corinthian Colleges, Inc		13
6,294		Darden Restaurants, Inc		319
4,746	*	Denny’s Corp		21
3,362		DeVry, Inc		104
740	*	DineEquity, Inc		33
2,824		Domino’s Pizza, Inc		87
1,270	e	Dunkin Brands Group, Inc		44
1,956	*,e	Education Management Corp		14
289		Einstein Noah Restaurant Group, Inc		5
620	*	Fiesta Restaurant Group, Inc		8
1,754	*	Gaylord Entertainment Co		68
1,932	*	Grand Canyon Education, Inc		40
14,272		H&R Block, Inc		228
3,288		Hillenbrand, Inc		60
2,201	*	Hyatt Hotels Corp		82
309	*,e	Ignite Restaurant Group, Inc		6
14,331		International Game Technology		226
1,433		International Speedway Corp (Class A)		38
1,901		Interval Leisure Group, Inc		36
1,142	*	Isle of Capri Casinos, Inc		7
1,164	*,e	ITT Educational Services, Inc		71
2,134	*	Jack in the Box, Inc		59
3,249	*	Jamba, Inc		6
1,265	*,e	K12, Inc		29
2,917	*	Krispy Kreme Doughnuts, Inc		19
18,901		Las Vegas Sands Corp		822
2,155	*	Life Time Fitness, Inc		100
870		Lincoln Educational Services Corp		6
977	*	Luby’s, Inc		7
638		Mac-Gray Corp		9
1,242		Marcus Corp		17
12,864		Marriott International, Inc (Class A)		504
1,390	*	Marriott Vacations Worldwide Corp		43
1,362		Matthews International Corp (Class A)		44
49,009		McDonald’s Corp		4,339
19,284	*	MGM Mirage		215
604	*	Monarch Casino & Resort, Inc		6
1,158	*	Morgans Hotel Group Co		5
1,097	*	MTR Gaming Group, Inc		5
1,276	*	Multimedia Games, Inc		18
386		National American University Holdings, Inc		2
4,684	*	Orient-Express Hotels Ltd (Class A)		39
1,428	*	Panera Bread Co (Class A)		199
997	*	Papa John’s International, Inc		47
650	*	Peet’s Coffee & Tea, Inc		39
3,437	*	Penn National Gaming, Inc		153
3,407	*	Pinnacle Entertainment, Inc		33
705	*	Princeton Review, Inc		0	^
490	*	Red Lion Hotels Corp		4
666	*	Red Robin Gourmet Burgers, Inc		20
2,615		Regis Corp		47
7,326		Royal Caribbean Cruises Ltd		191
3,070	*	Ruby Tuesday, Inc		21
1,588	*	Ruth’s Chris Steak House, Inc		10
2,868	*	Scientific Games Corp (Class A)		25
10,550		Service Corp International		130
2,802	*	Shuffle Master, Inc		39
1,933		Six Flags Entertainment Corp		105
3,411	*	Sonic Corp		34
3,299		Sotheby’s (Class A)		110
581		Speedway Motorsports, Inc		10
36,436		Starbucks Corp		1,943

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,527		Starwood Hotels & Resorts Worldwide, Inc	$	505
60	*	Steak N Shake Co		23
636	*	Steiner Leisure Ltd		30
4,084	e	Stewart Enterprises, Inc (Class A)		29
605	e	Strayer Education, Inc		66
3,228		Texas Roadhouse, Inc (Class A)		59
1,064	*	Town Sports International Holdings, Inc		14
1,028		Universal Technical Institute, Inc		14
1,746		Vail Resorts, Inc		87
1,296	e	Weight Watchers International, Inc		67
15,922		Wendy’s		75
2,997	*	WMS Industries, Inc		60
7,102		Wyndham Worldwide Corp		375
3,191		Wynn Resorts Ltd		331
22,371		Yum! Brands, Inc		1,441
		TOTAL CONSUMER SERVICES		16,676
DIVERSIFIED FINANCIALS - 5.8%
2,494	*	Affiliated Managers Group, Inc		273
15,987	*	American Capital Ltd		161
49,149		American Express Co		2,861
10,629		Ameriprise Financial, Inc		555
9,666		Apollo Investment Corp		74
10,764		Ares Capital Corp		172
1,707	e	Artio Global Investors, Inc		6
523,720		Bank of America Corp		4,284
57,944		Bank of New York Mellon Corp		1,272
4,832		BGC Partners, Inc (Class A)		28
2,986		BlackRock Kelso Capital Corp		29
5,564		BlackRock, Inc		945
1,288		Calamos Asset Management, Inc (Class A)		15
24,266		Capital One Financial Corp		1,326
147		Capital Southwest Corp		15
1,482		Cash America International, Inc		65
4,253		CBOE Holdings, Inc		118
52,189		Charles Schwab Corp		675
141,327		Citigroup, Inc		3,874
3,272		CME Group, Inc		877
1,086	e	Cohen & Steers, Inc		37
5,330	*	Cowen Group, Inc		14
302	*	Credit Acceptance Corp		26
118		Diamond Hill Investment Group, Inc		9
25,770		Discover Financial Services		891
2,202	*	Dollar Financial Corp		41
1,551		Duff & Phelps Corp		23
13,858	*	E*Trade Financial Corp		111
5,610		Eaton Vance Corp		151
737		Epoch Holding Corp		17
1,394		Evercore Partners, Inc (Class A)		33
2,322	*	Ezcorp, Inc (Class A)		55
2,692	*	FBR Capital Markets Corp		7
4,555	e	Federated Investors, Inc (Class B)		100
451	e	Fidus Investment Corp		7
4,013	e	Fifth Street Finance Corp		40
2,248	*,e	Financial Engines, Inc		48
1,630	*	First Cash Financial Services, Inc		66
3,742	*,e	First Marblehead Corp		4
6,767		Franklin Resources, Inc		751
352	e	Friedman Billings Ramsey Group, Inc (Class A)		8
269	*	FX Alliance, Inc		4
950		FXCM, Inc		11
349		GAMCO Investors, Inc (Class A)		16
3,928		GFI Group, Inc		14

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,256		Gladstone Capital Corp	$	10
1,326		Gladstone Investment Corp		10
23,831		Goldman Sachs Group, Inc		2,284
674	e	Golub Capital BDC, Inc		10
1,122	*,e	Green Dot Corp		25
1,492	e	Greenhill & Co, Inc		53
918	*	GSV Capital Corp		9
1,395	*	Harris & Harris Group, Inc		5
2,227		Hercules Technology Growth Capital, Inc		25
1,489	*	HFF, Inc (Class A)		21
2,025		Interactive Brokers Group, Inc (Class A)		30
3,597	*	IntercontinentalExchange, Inc		489
675	*	International Assets Holding Corp		13
1,945	*	Internet Capital Group, Inc		18
21,788		Invesco Ltd		492
1,857	*	Investment Technology Group, Inc		17
33,129		iShares Russell 3000 Index Fund		2,663
9,425		Janus Capital Group, Inc		74
6,156	e	Jefferies Group, Inc		80
822		JMP Group, Inc		5
183,764		JPMorgan Chase & Co		6,566
1,881	e	KBW, Inc		31
5,321	*	Knight Capital Group, Inc (Class A)		64
1,010	e	Kohlberg Capital Corp		7
5,033	*,e	Ladenburg Thalmann Financial Services, Inc		8
5,598		Lazard Ltd (Class A)		146
6,879		Legg Mason, Inc		181
9,602		Leucadia National Corp		204
2,452	*	LPL Financial Holdings, Inc		83
1,017	e	Main Street Capital Corp		25
671		Manning & Napier, Inc		10
1,771		MarketAxess Holdings, Inc		47
418		Marlin Business Services Corp		7
3,668		MCG Capital Corp		17
872		Medallion Financial Corp		9
594		Medley Capital Corp		7
9,845		Moody’s Corp		360
74,863		Morgan Stanley		1,092
5,906	*	MSCI, Inc (Class A)		201
1,507		MVC Capital, Inc		20
5,655		Nasdaq Stock Market, Inc		128
1,305		Nelnet, Inc (Class A)		30
1,400	*	Netspend Holdings, Inc		13
354		New Mountain Finance Corp		5
959	*	NewStar Financial, Inc		12
1,181		NGP Capital Resources Co		8
489	e	Nicholas Financial, Inc		6
10,473		Northern Trust Corp		482
12,331		NYSE Euronext		315
448		Oppenheimer Holdings, Inc		7
2,314		PennantPark Investment Corp		24
2,946	*,e	PHH Corp		52
1,198	*	Pico Holdings, Inc		27
935	*	Piper Jaffray Cos		22
5,897	e	Prospect Capital Corp		67
5,235		Raymond James Financial, Inc		179
1,299	*	Safeguard Scientifics, Inc		20
870	e	Sanders Morris Harris Group, Inc		8
6,909		SEI Investments Co		137
23,702		SLM Corp		372
305		Solar Capital Ltd		7
375		Solar Senior Capital Ltd		6
18,618		SPDR Trust Series 1		2,537
23,738		State Street Corp		1,060

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,739	*	Stifel Financial Corp	$	85
1,726		SWS Group, Inc		9
12,394		T Rowe Price Group, Inc		780
11,051		TD Ameritrade Holding Corp		188
456		THL Credit, Inc		6
1,849		TICC Capital Corp		18
1,314	e	Triangle Capital Corp		30
164	*	Virtus Investment Partners, Inc		13
4,202		Waddell & Reed Financial, Inc (Class A)		127
1,146		Walter Investment Management Corp		27
322		Westwood Holdings Group, Inc		12
2,862	*	WisdomTree Investments, Inc		19
538	*,e	World Acceptance Corp		35
		TOTAL DIVERSIFIED FINANCIALS		42,400
ENERGY - 9.7%
4,200	*,e	Abraxas Petroleum Corp		13
783		Alon USA Energy, Inc		7
10,621	*	Alpha Natural Resources, Inc		93
885	*,e	Amyris Biotechnologies, Inc		4
24,243		Anadarko Petroleum Corp		1,605
18,682		Apache Corp		1,642
460	e	APCO Argentina, Inc		8
1,397	*,e	Approach Resources, Inc		36
9,903	e	Arch Coal, Inc		68
2,123	*,e	ATP Oil & Gas Corp		7
2,862	*	Atwood Oceanics, Inc		108
21,266		Baker Hughes, Inc		874
1,205	*,e	Basic Energy Services, Inc		12
2,676		Berry Petroleum Co (Class A)		106
2,422	*	Bill Barrett Corp		52
411		Bolt Technology Corp		6
478	*	Bonanza Creek Energy, Inc		8
4,811	*,e	BPZ Energy, Inc		12
1,671		Bristow Group, Inc		68
2,159	*	C&J Energy Services, Inc		40
10,258		Cabot Oil & Gas Corp		404
4,578	*	Cal Dive International, Inc		13
1,294	*	Callon Petroleum Co		6
12,062	*	Cameron International Corp		515
971	e	CARBO Ceramics, Inc		74
1,963	*	Carrizo Oil & Gas, Inc		46
7,849	*	Cheniere Energy, Inc		116
32,556	e	Chesapeake Energy Corp		606
95,294		Chevron Corp		10,054
4,163		Cimarex Energy Co		229
326	*	Clayton Williams Energy, Inc		16
3,211	*,e	Clean Energy Fuels Corp		50
1,710	*	Cloud Peak Energy, Inc		29
8,950	*	Cobalt International Energy, Inc		210
2,095	*	Comstock Resources, Inc		34
5,032	*	Concho Resources, Inc		428
60,914		ConocoPhillips		3,404
11,445		Consol Energy, Inc		346
582	*	Contango Oil & Gas Co		34
2,051	*	Continental Resources, Inc		137
353	*,e	CREDO Petroleum Corp		5
1,064	*	Crimson Exploration, Inc		5
2,304		Crosstex Energy, Inc		32
813	*	CVR Energy, Inc		22
4,444	*	CVR Energy, Inc (Contingent value right)		0	^
474	*	Dawson Geophysical Co		11
683		Delek US Holdings, Inc		12

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
18,905	*	Denbury Resources, Inc	$	286
19,647	*	Devon Energy Corp		1,139
3,213		Diamond Offshore Drilling, Inc		190
3,707	*	Dresser-Rand Group, Inc		165
1,762	*	Dril-Quip, Inc		116
1,867	*,e	Endeavour International Corp		16
3,525		Energen Corp		159
1,505	*	Energy Partners Ltd		25
3,786		Energy XXI Bermuda Ltd		118
13,099		EOG Resources, Inc		1,180
6,395		Equitable Resources, Inc		343
668	*	Evolution Petroleum Corp		6
5,972	e	EXCO Resources, Inc		45
3,340	*	Exterran Holdings, Inc		43
226,275		Exxon Mobil Corp		19,362
11,824	*	FMC Technologies, Inc		464
5,689	*	Forest Oil Corp		42
2,722	e	Frontline Ltd		12
2,612	*	FX Energy, Inc		16
1,114	*	GasLog Ltd		11
2,282	*	Gastar Exploration Ltd		4
523	*,e	Geokinetics, Inc		0	^
1,015	*	Georesources, Inc		37
277	*,e	Gevo, Inc		1
933	*	Global Geophysical Services, Inc		6
2,142	e	Golar LNG Ltd		81
1,342	*,e	Goodrich Petroleum Corp		19
827	*,e	Green Plains Renewable Energy, Inc		5
727		Gulf Island Fabrication, Inc		21
934	*	Gulfmark Offshore, Inc		32
2,715	*	Gulfport Energy Corp		56
3,392	*,e	Halcon Resources Corp		32
44,847		Halliburton Co		1,273
1,747	*,e	Harvest Natural Resources, Inc		15
6,458	*,e	Heckmann Corp		22
5,489	*	Helix Energy Solutions Group, Inc		90
4,572		Helmerich & Payne, Inc		199
5,516	*	Hercules Offshore, Inc		20
14,816		Hess Corp		644
10,055		Holly Corp		356
1,710	*	Hornbeck Offshore Services, Inc		66
6,522	*	ION Geophysical Corp		43
61	*	Isramco, Inc		7
7,365	*	Key Energy Services, Inc		56
23,762		Kinder Morgan, Inc		766
1,322	*,e	KiOR, Inc (Class A)		12
1,036		Knightsbridge Tankers Ltd		8
12,776	*	Kodiak Oil & Gas Corp		105
3,404	*	Kosmos Energy LLC		38
790	*	Laredo Petroleum Holdings, Inc		16
1,636		Lufkin Industries, Inc		89
7,113	*,e	Magnum Hunter Resources Corp		30
34,253		Marathon Oil Corp		876
16,553		Marathon Petroleum Corp		744
678	*	Matador Resources Co		7
1,545	*	Matrix Service Co		18
11,755	*	McDermott International, Inc		131
4,906	*,e	McMoRan Exploration Co		62
1,188	*	Midstates Petroleum Co, Inc		12
738	*,e	Miller Petroleum, Inc		4
507	*	Mitcham Industries, Inc		9
9,334		Murphy Oil Corp		469
14,129	*	Nabors Industries Ltd		203
20,507		National Oilwell Varco, Inc		1,321

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
714	*	Natural Gas Services Group, Inc	$	11
6,541	*	Newfield Exploration Co		192
4,752	*	Newpark Resources, Inc		28
8,635		Noble Energy, Inc		732
2,356	e	Nordic American Tanker Shipping		32
3,091	*,e	Northern Oil And Gas, Inc		49
3,879	*	Oasis Petroleum, Inc		94
39,065		Occidental Petroleum Corp		3,351
5,264		Oceaneering International, Inc		252
2,591	*	Oil States International, Inc		172
1,191	e	Overseas Shipholding Group, Inc		13
313	*	OYO Geospace Corp		28
447		Panhandle Oil and Gas, Inc (Class A)		13
6,555	*	Parker Drilling Co		30
3,067	*,e	Patriot Coal Corp		4
7,817		Patterson-UTI Energy, Inc		114
1,000	*	PDC Energy, Inc		25
13,332		Peabody Energy Corp		327
2,491		Penn Virginia Corp		18
2,768	*,e	Petroquest Energy, Inc		14
620	*	PHI, Inc		17
30,324	*	Phillips 66		1,008
2,681	*	Pioneer Drilling Co		21
5,974		Pioneer Natural Resources Co		527
6,241	*	Plains Exploration & Production Co		220
8,662		Questar Market Resources, Inc		260
3,214	*,e	Quicksilver Resources, Inc		17
8,023		Range Resources Corp		496
11,466	*	Rentech, Inc		24
2,024	*,e	Resolute Energy Corp		19
1,826	*	Rex Energy Corp		20
303	*	Rex Stores Corp		6
611	*	RigNet, Inc		11
2,800	*	Rosetta Resources, Inc		103
6,060	*	Rowan Cos PLC		196
3,289	e	RPC, Inc		39
577	*	Sanchez Energy Corp		12
23,772	*,e	SandRidge Energy, Inc		159
857	*	Saratoga Resources, Inc		5
64,642		Schlumberger Ltd		4,196
1,279	*	Scorpio Tankers, Inc		8
891		SEACOR Holdings, Inc		80
2,320	*	SemGroup Corp		74
2,365	e	Ship Finance International Ltd		37
1,581	*,e	Solazyme, Inc		22
17,013	*	Southwestern Energy Co		543
31,671		Spectra Energy Corp		920
3,213		St. Mary Land & Exploration Co		158
2,334	*	Stone Energy Corp		59
5,059		Sunoco, Inc		240
7,784	*	Superior Energy Services		157
2,133	*	Swift Energy Co		40
1,789	*	Synergy Resources Corp		6
1,406		Targa Resources Investments, Inc		60
1,942		Teekay Corp		57
2,124	e	Teekay Tankers Ltd (Class A)		10
1,600	*	Tesco Corp		19
7,249	*	Tesoro Corp		181
3,896	*	Tetra Technologies, Inc		28
698	*	TGC Industries, Inc		7
2,548		Tidewater, Inc		118
2,211	*,e	Triangle Petroleum Corp		12
7,732	*,e	Ultra Petroleum Corp		178
500	*	Union Drilling, Inc		2

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,117	*	Unit Corp	$	78
3,239	*,e	Uranerz Energy Corp		5
2,636	*,e	Uranium Energy Corp		6
2,578	*	Vaalco Energy, Inc		22
26,845		Valero Energy Corp		648
9,477	*	Vantage Drilling Co		14
1,482	*	Venoco, Inc		15
2,249	*	Voyager Oil & Gas, Inc		4
1,693	e	W&T Offshore, Inc		26
3,436	*	Warren Resources, Inc		8
2,614		Western Refining, Inc		58
510	*,e	Westmoreland Coal Co		4
5,933	*	Whiting Petroleum Corp		244
2,395	*	Willbros Group, Inc		15
28,869		Williams Cos, Inc		832
3,501		World Fuel Services Corp		133
9,623	*	WPX Energy, Inc		156
1,256	*,e	ZaZa Energy Corp		6
		TOTAL ENERGY		71,495
FOOD & STAPLES RETAILING - 2.1%
962		Andersons, Inc		41
66		Arden Group, Inc (Class A)		6
1,705		Casey’s General Stores, Inc		101
521	*	Chefs’ Warehouse Holdings, Inc		9
21,047		Costco Wholesale Corp		2,000
61,686		CVS Corp		2,883
1,424	*	Fresh Market, Inc		76
2,157		Harris Teeter Supermarkets, Inc		88
700		Ingles Markets, Inc (Class A)		11
27,282		Kroger Co		633
656		Nash Finch Co		14
1,214	*	Pantry, Inc		18
882		Pricesmart, Inc		60
29,531	*	Rite Aid Corp		41
1,140	e	Roundy’s, Inc		12
11,699	e	Safeway, Inc		212
1,382		Spartan Stores, Inc		25
11,240	e	Supervalu, Inc		58
533	*	Susser Holdings Corp		20
28,396		Sysco Corp		847
2,446	*	United Natural Foods, Inc		134
424		Village Super Market (Class A)		14
41,916		Walgreen Co		1,240
81,560		Wal-Mart Stores, Inc		5,686
527		Weis Markets, Inc		23
8,920		Whole Foods Market, Inc		850
		TOTAL FOOD & STAPLES RETAILING		15,102
FOOD, BEVERAGE & TOBACCO - 5.6%
246		Alico, Inc		8
5,454	*,e	Alliance One International, Inc		19
98,862		Altria Group, Inc		3,416
237	*	Annie’s, Inc		10
32,002		Archer Daniels Midland Co		945
2,348		B&G Foods, Inc (Class A)		62
7,508		Beam, Inc		469
400	*,e	Boston Beer Co, Inc (Class A)		49
4,854		Brown-Forman Corp (Class B)		470
7,283		Bunge Ltd		457
555	e	Calavo Growers, Inc		14
803		Cal-Maine Foods, Inc		31

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
8,460		Campbell Soup Co	$	282
3,293	*,e	Central European Distribution Corp		10
2,584	*,e	Chiquita Brands International, Inc		13
263		Coca-Cola Bottling Co Consolidated		17
94,091		Coca-Cola Co		7,357
14,564		Coca-Cola Enterprises, Inc		408
20,123		ConAgra Foods, Inc		522
7,652	*	Constellation Brands, Inc (Class A)		207
5,911	*	Darling International, Inc		97
28,610	*	DE Master Blenders 1753 NV		323
9,678	*	Dean Foods Co		165
1,154	e	Diamond Foods, Inc		21
1,712	*,e	Dole Food Co, Inc		15
10,289		Dr Pepper Snapple Group, Inc		450
616	*	Farmer Bros Co		5
5,476		Flowers Foods, Inc		127
1,850		Fresh Del Monte Produce, Inc		43
31,160		General Mills, Inc		1,201
6,698	*,e	Green Mountain Coffee Roasters, Inc		146
149		Griffin Land & Nurseries, Inc (Class A)		4
15,495		H.J. Heinz Co		843
1,798	*	Hain Celestial Group, Inc		99
7,174		Hershey Co		517
5,722	*	Hillshire Brands Co		166
6,425		Hormel Foods Corp		195
3,712		Ingredion, Inc		184
800		J&J Snack Foods Corp		47
5,442		J.M. Smucker Co		411
368	*	John B. Sanfilippo & Son, Inc		7
11,877		Kellogg Co		586
80,583		Kraft Foods, Inc (Class A)		3,112
900		Lancaster Colony Corp		64
2,402		Lance, Inc		61
443	e	Limoneira Co		7
6,310		Lorillard, Inc		832
6,403		McCormick & Co, Inc		388
10,062		Mead Johnson Nutrition Co		810
6,229		Molson Coors Brewing Co (Class B)		259
7,076	*	Monster Beverage Corp		504
621		National Beverage Corp		9
996	*	Omega Protein Corp		7
75,461		PepsiCo, Inc		5,332
82,865		Philip Morris International, Inc		7,231
2,936	*,e	Pilgrim’s Pride Corp		21
1,328	*	Post Holdings, Inc		41
2,656	*	Ralcorp Holdings, Inc		177
15,994		Reynolds American, Inc		718
1,203		Sanderson Farms, Inc		55
365	*	Seneca Foods Corp		10
3,778	*	Smart Balance, Inc		35
6,686	*	Smithfield Foods, Inc		145
4,200	*,e	Star Scientific, Inc		19
889	*,e	Synutra International, Inc		5
1,222	e	Tootsie Roll Industries, Inc		29
1,794	*	TreeHouse Foods, Inc		112
14,131		Tyson Foods, Inc (Class A)		266
1,060		Universal Corp		49
2,514	e	Vector Group Ltd		43
		TOTAL FOOD, BEVERAGE & TOBACCO		40,759
HEALTH CARE EQUIPMENT & SERVICES - 4.3%
1,214	*	Abaxis, Inc		45
1,811	*,e	Abiomed, Inc		41

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,110	*	Acadia Healthcare Co, Inc	$	19
2,035	*,e	Accretive Health, Inc		22
3,073	*	Accuray, Inc		21
16,980		Aetna, Inc		658
624	*	Air Methods Corp		61
3,481	*	Align Technology, Inc		116
9,620	*	Allscripts Healthcare Solutions, Inc		105
380	*	Almost Family, Inc		8
2,729	*	Alphatec Holdings, Inc		5
1,533	*,e	Amedisys, Inc		19
2,354	*	Amerigroup Corp		155
12,290		AmerisourceBergen Corp		484
2,008	*	AMN Healthcare Services, Inc		12
1,528	*	Amsurg Corp		46
639		Analogic Corp		40
1,310	*	Angiodynamics, Inc		16
566	*	Anika Therapeutics, Inc		8
3,605	*,e	Antares Pharma, Inc		13
1,336	*	Arthrocare Corp		39
1,106		Assisted Living Concepts, Inc (A Shares)		16
1,737	*,e	athenahealth, Inc		137
716	*	AtriCure, Inc		7
86		Atrion Corp		18
4,151		Bard (C.R.), Inc		446
26,746		Baxter International, Inc		1,422
9,815		Becton Dickinson & Co		734
1,242	*,e	Bio-Reference Labs, Inc		33
2,298	*	BioScrip, Inc		17
69,425	*	Boston Scientific Corp		394
4,927	*	Brookdale Senior Living, Inc		87
1,066		Cantel Medical Corp		29
1,396	*	Capital Senior Living Corp		15
16,817		Cardinal Health, Inc		706
788	*	Cardiovascular Systems, Inc		8
10,828	*	CareFusion Corp		278
2,457	*	Catalyst Health Solutions, Inc		230
2,518	*	Centene Corp		76
6,928	*	Cerner Corp		573
1,975	*,e	Cerus Corp		7
940	e	Chemed Corp		57
671	*	Chindex International, Inc		7
13,313		Cigna Corp		586
4,283	*	Community Health Systems, Inc		120
590		Computer Programs & Systems, Inc		34
1,671	*,e	Conceptus, Inc		33
1,595		Conmed Corp		44
2,129		Cooper Cos, Inc		170
467	*	Corvel Corp		23
6,943		Coventry Health Care, Inc		221
23,432		Covidien plc		1,254
2,234	*	Cross Country Healthcare, Inc		10
1,413	*	CryoLife, Inc		7
1,543	*	Cyberonics, Inc		69
475	*	Cynosure, Inc (Class A)		10
4,545	*	DaVita, Inc		446
6,891		Dentsply International, Inc		261
3,382	*	DexCom, Inc		44
5,544	*	Edwards Lifesciences Corp		573
1,554	*	Emeritus Corp		26
2,539	*	Endologix, Inc		39
711		Ensign Group, Inc		20
874	*,e	ePocrates, Inc		7
408	*	Exactech, Inc		7
1,376	*	EXamWorks, Inc		18

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
38,698	*	Express Scripts Holding Co	$	2,161
1,637	*	Five Star Quality Care, Inc		5
2,191	*	Gen-Probe, Inc		180
1,497	*	Gentiva Health Services, Inc		10
1,370	*	Greatbatch, Inc		31
395	*	Greenway Medical Technologies		6
1,227	*	Haemonetics Corp		91
1,683	*	Hanger Orthopedic Group, Inc		43
1,438	*,e	Hansen Medical, Inc		3
4,983		HCA Holdings, Inc		152
12,404	*	Health Management Associates, Inc (Class A)		97
4,093	*	Health Net, Inc		99
4,651	*	Healthsouth Corp		108
797	*	HealthStream, Inc		21
1,788	*	Healthways, Inc		14
687	*,e	HeartWare International, Inc		61
4,357	*	Henry Schein, Inc		342
3,194		Hill-Rom Holdings, Inc		99
4,287	*	HMS Holdings Corp		143
13,090	*	Hologic, Inc		236
7,927		Humana, Inc		614
604	*	ICU Medical, Inc		32
2,704	*	Idexx Laboratories, Inc		260
2,329	*	Insulet Corp		50
1,114	*	Integra LifeSciences Holdings Corp		41
425	*	Integramed America, Inc		6
1,929	*	Intuitive Surgical, Inc		1,068
1,548		Invacare Corp		24
4,072	*	Inverness Medical Innovations, Inc		79
904	*	IPC The Hospitalist Co, Inc		41
1,079	*	IRIS International, Inc		12
2,539	*	Kindred Healthcare, Inc		25
4,705	*	Laboratory Corp of America Holdings		436
498		Landauer, Inc		29
735	*	LHC Group, Inc		12
2,226	*	LifePoint Hospitals, Inc		91
4,122	e	Lincare Holdings, Inc		140
1,359	*	Magellan Health Services, Inc		62
1,614	*,e	MAKO Surgical Corp		41
2,657		Masimo Corp		59
11,428		McKesson Corp		1,071
2,281	*	MedAssets, Inc		31
975	*	Medidata Solutions, Inc		32
50,392		Medtronic, Inc		1,952
2,504	*,e	Merge Healthcare, Inc		7
2,066		Meridian Bioscience, Inc		42
1,836	*	Merit Medical Systems, Inc		25
2,331	*	Metropolitan Health Networks, Inc		22
1,586	*	MModal, Inc		21
1,450	*	Molina Healthcare, Inc		34
620	*	MWI Veterinary Supply, Inc		64
516	e	National Healthcare Corp		23
119		National Research Corp		6
1,662	*	Natus Medical, Inc		19
1,314	*	Neogen Corp		61
4,406	*,e	Neoprobe Corp		16
2,136	*	NuVasive, Inc		54
2,243	*	NxStage Medical, Inc		38
5,491		Omnicare, Inc		171
1,729	*	Omnicell, Inc		25
2,901	*	OraSure Technologies, Inc		33
1,010	*	Orthofix International NV		42
3,228		Owens & Minor, Inc		99
1,140	*	Palomar Medical Technologies, Inc		10

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,582		Patterson Cos, Inc	$	158
2,180	*	Pediatrix Medical Group, Inc		149
1,726	*	PharMerica Corp		19
626	*	PhotoMedex, Inc		8
617	*	Providence Service Corp		8
2,438	*	PSS World Medical, Inc		51
1,960		Quality Systems, Inc		54
7,558		Quest Diagnostics, Inc		453
1,220	*,e	Quidel Corp		19
6,932	*	Resmed, Inc		216
490	*	Rochester Medical Corp		5
804	*,e	Rockwell Medical Technologies, Inc		7
3,216	*	RTI Biologics, Inc		12
2,500	*	Select Medical Holdings Corp		25
2,698	*	Sirona Dental Systems, Inc		121
973	*	Skilled Healthcare Group, Inc (Class A)		6
3,016	*	Solta Medical, Inc		9
1,958	*	Spectranetics Corp		22
15,246		St. Jude Medical, Inc		608
1,741	*	Staar Surgical Co		13
2,985		STERIS Corp		94
15,042		Stryker Corp		829
758	*	Sun Healthcare Group, Inc		6
2,773	*,e	Sunrise Senior Living, Inc		20
900	*	SurModics, Inc		16
3,347	*	SXC Health Solutions Corp		332
1,974	*	Symmetry Medical, Inc		17
1,351	*	Team Health Holdings, Inc		33
1,782		Teleflex, Inc		109
21,306	*	Tenet Healthcare Corp		112
2,999	*	Thoratec Corp		101
730	*	Tornier BV		16
249	*	Triple-S Management Corp (Class B)		5
3,641	*,e	Unilife Corp		12
50,528		UnitedHealth Group, Inc		2,956
1,661		Universal American Corp		18
4,351		Universal Health Services, Inc (Class B)		188
701		US Physical Therapy, Inc		18
149		Utah Medical Products, Inc		5
1,585	*	Vanguard Health Systems, Inc		14
5,419	*	Varian Medical Systems, Inc		329
937	*	Vascular Solutions, Inc		12
4,351	*	VCA Antech, Inc		96
320	*	Vocera Communications, Inc		9
2,758	*	Volcano Corp		79
2,154	*	WellCare Health Plans, Inc		114
16,078		WellPoint, Inc		1,026
1,650		West Pharmaceutical Services, Inc		83
2,200	*	Wright Medical Group, Inc		47
233		Young Innovations, Inc		8
821	*	Zeltiq Aesthetics, Inc		5
8,559		Zimmer Holdings, Inc		551
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		31,397
HOUSEHOLD & PERSONAL PRODUCTS - 2.0%
20,834		Avon Products, Inc		338
1,434	*	Central Garden and Pet Co (Class A)		16
6,754		Church & Dwight Co, Inc		375
6,374		Clorox Co		462
22,953		Colgate-Palmolive Co		2,389
1,265	*	Elizabeth Arden, Inc		49
3,126	*	Energizer Holdings, Inc		235
11,134		Estee Lauder Cos (Class A)		603

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
867	e	Female Health Co	$	5
5,990		Herbalife Ltd		289
735		Inter Parfums, Inc		13
18,802		Kimberly-Clark Corp		1,575
721	*,e	Medifast, Inc		14
537		Nature’s Sunshine Products, Inc		8
2,584		Nu Skin Enterprises, Inc (Class A)		121
602	*	Nutraceutical International Corp		9
255		Oil-Dri Corp of America		6
289		Orchids Paper Products Co		5
2,523	*	Prestige Brands Holdings, Inc		40
133,128		Procter & Gamble Co		8,154
575	*	Revlon, Inc (Class A)		8
630		Schiff Nutrition International, Inc		11
1,115	*	Spectrum Brands, Inc		36
312	*,e	USANA Health Sciences, Inc		13
566		WD-40 Co		28
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		14,802
INSURANCE - 3.7%
16,268		ACE Ltd		1,206
22,727		Aflac, Inc		968
822	*	Alleghany Corp		279
1,767		Allied World Assurance Co Holdings Ltd		140
23,816		Allstate Corp		836
3,620	e	American Equity Investment Life Holding Co		40
3,560		American Financial Group, Inc		140
31,326	*	American International Group, Inc		1,005
355		American National Insurance Co		25
622	*	American Safety Insurance Holdings Ltd		12
915	*	Amerisafe, Inc		24
1,200	e	Amtrust Financial Services, Inc		36
15,856		Aon plc		742
6,583	*	Arch Capital Group Ltd		261
1,252		Argo Group International Holdings Ltd		37
5,455		Arthur J. Gallagher & Co		191
3,581		Aspen Insurance Holdings Ltd		103
4,071		Assurant, Inc		142
7,819		Assured Guaranty Ltd		110
5,327		Axis Capital Holdings Ltd		173
422		Baldwin & Lyons, Inc (Class B)		10
85,139	*	Berkshire Hathaway, Inc (Class B)		7,095
5,834		Brown & Brown, Inc		159
13,113		Chubb Corp		955
6,937		Cincinnati Financial Corp		264
2,162	*	Citizens, Inc (Class A)		21
1,391		CNA Financial Corp		39
11,225		Conseco, Inc		88
1,190		Crawford & Co (Class B)		5
406		Donegal Group, Inc (Class A)		5
309		Eastern Insurance Holdings, Inc		5
1,474	*	eHealth, Inc		24
168		EMC Insurance Group, Inc		3
1,950		Employers Holdings, Inc		35
2,054		Endurance Specialty Holdings Ltd		79
413	*	Enstar Group Ltd		41
1,505		Erie Indemnity Co (Class A)		108
2,565		Everest Re Group Ltd		265
881		FBL Financial Group, Inc (Class A)		25
11,312		Fidelity National Title Group, Inc (Class A)		218
5,150		First American Financial Corp		87
2,488		Flagstone Reinsurance Holdings Ltd		20
23,919	*	Genworth Financial, Inc (Class A)		135

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,491	*	Greenlight Capital Re Ltd (Class A)	$	38
368	*	Hallmark Financial Services		3
2,267		Hanover Insurance Group, Inc		89
21,920		Hartford Financial Services Group, Inc		386
4,914		HCC Insurance Holdings, Inc		154
2,378	*	Hilltop Holdings, Inc		24
366		Homeowners Choice, Inc		6
2,010		Horace Mann Educators Corp		35
392	e	Independence Holding Co		4
632		Infinity Property & Casualty Corp		36
212		Kansas City Life Insurance Co		7
2,516		Kemper Corp		77
14,200		Lincoln National Corp		311
15,163		Loews Corp		620
2,909		Maiden Holdings Ltd		25
470	*	Markel Corp		208
26,546		Marsh & McLennan Cos, Inc		856
4,600		Max Capital Group Ltd		107
7,809	*,e	MBIA, Inc		84
2,850		Meadowbrook Insurance Group, Inc		25
1,373		Mercury General Corp		57
40,269		Metlife, Inc		1,242
3,129		Montpelier Re Holdings Ltd		67
2,320	*	National Financial Partners Corp		31
224		National Interstate Corp		6
106		National Western Life Insurance Co (Class A)		15
636	*	Navigators Group, Inc		32
12,729		Old Republic International Corp		106
1,314		OneBeacon Insurance Group Ltd (Class A)		17
3,140		PartnerRe Ltd		238
7,094	*	Phoenix Cos, Inc		13
1,669		Platinum Underwriters Holdings Ltd		64
1,106		Presidential Life Corp		11
1,054		Primerica, Inc		28
15,036		Principal Financial Group		394
1,464		ProAssurance Corp		130
28,885		Progressive Corp		602
4,503		Protective Life Corp		132
22,691		Prudential Financial, Inc		1,099
3,586		Reinsurance Group of America, Inc (Class A)		191
2,404		RenaissanceRe Holdings Ltd		183
1,027		RLI Corp		70
678		Safety Insurance Group, Inc		28
999		SeaBright Insurance Holdings, Inc		9
2,700		Selective Insurance Group, Inc		47
2,158		Stancorp Financial Group, Inc		80
913		State Auto Financial Corp		13
1,214	e	Stewart Information Services Corp		19
3,790		Symetra Financial Corp		48
4,857		Torchmark Corp		246
1,864		Tower Group, Inc		39
18,902		Travelers Cos, Inc		1,207
746	*	United America Indemnity Ltd		15
1,337		United Fire & Casualty Co		29
587		Universal Insurance Holdings, Inc		2
13,888		UnumProvident Corp		266
3,894		Validus Holdings Ltd		125
5,391		W.R. Berkley Corp		210
288		White Mountains Insurance Group Ltd		150
15,467		XL Capital Ltd		325
		TOTAL INSURANCE		26,837

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
MATERIALS - 3.9%
1,430		A. Schulman, Inc	$	28
428	*	ADA-ES, Inc		11
226	*	AEP Industries, Inc		10
10,224		Air Products & Chemicals, Inc		825
3,339		Airgas, Inc		280
5,809	e	AK Steel Holding Corp		34
4,328		Albemarle Corp		258
51,793		Alcoa, Inc		453
5,197		Allegheny Technologies, Inc		166
4,499	*	Allied Nevada Gold Corp		128
1,252		AMCOL International Corp		35
1,339		American Vanguard Corp		36
3,382		Aptargroup, Inc		173
970	*,e	Arabian American Development Co		9
3,807		Ashland, Inc		264
1,365		Balchem Corp		45
7,612		Ball Corp		312
4,932		Bemis Co, Inc		155
5,292		Boise, Inc		35
986		Brush Engineered Materials, Inc		23
1,757		Buckeye Technologies, Inc		50
3,089		Cabot Corp		126
2,978	*	Calgon Carbon Corp		42
2,161		Carpenter Technology Corp		103
1,087	*,e	Castle (A.M.) & Co		12
7,589		Celanese Corp (Series A)		263
1,164	*	Century Aluminum Co		8
3,180		CF Industries Holdings, Inc		616
340	e	Chase Corp		4
3,627	*	Chemtura		53
1,060	*	Clearwater Paper Corp		36
6,943		Cleveland-Cliffs, Inc		342
4,438	*	Coeur d’Alene Mines Corp		78
5,606		Commercial Metals Co		71
1,615		Compass Minerals International, Inc		123
7,232	*	Crown Holdings, Inc		249
2,235		Cytec Industries, Inc		131
567		Deltic Timber Corp		35
1,790		Domtar Corp		137
57,312		Dow Chemical Co		1,805
45,263		Du Pont (E.I.) de Nemours & Co		2,289
2,311		Eagle Materials, Inc		86
6,820		Eastman Chemical Co		344
12,629		Ecolab, Inc		865
4,514	*	Ferro Corp		22
2,562	*,e	Flotek Industries, Inc		24
6,906		FMC Corp		369
46,378		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,580
954	e	FutureFuel Corp		10
2,908	*,e	General Moly, Inc		9
1,622		Georgia Gulf Corp		42
2,058		Glatfelter		34
2,943		Globe Specialty Metals, Inc		39
2,517	*	Gold Reserve, Inc		9
1,426	e	Gold Resource Corp		37
1,121	*,e	Golden Minerals Co		5
12,807	*,e	Golden Star Resources Ltd		15
8,058	*	Graphic Packaging Holding Co		44
1,531		Greif, Inc (Class A)		63
2,421		H.B. Fuller Co		74
459		Hawkins, Inc		18
510		Haynes International, Inc		26
2,769	*	Headwaters, Inc		14

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
14,157	e	Hecla Mining Co	$	67
2,056	*	Horsehead Holding Corp		20
9,393		Huntsman Corp		122
1,126		Innophos Holdings, Inc		64
1,190	*	Innospec, Inc		35
3,944		International Flavors & Fragrances, Inc		216
21,301		International Paper Co		616
2,641	*	Intrepid Potash, Inc		60
620		Kaiser Aluminum Corp		32
2,023	*	Kapstone Paper and Packaging Corp		32
329		KMG Chemicals, Inc		6
1,077		Koppers Holdings, Inc		37
1,610	*	Kraton Polymers LLC		35
1,114	e	Kronos Worldwide, Inc		18
1,289	*	Landec Corp		11
6,361	*	Louisiana-Pacific Corp		69
901	*	LSB Industries, Inc		28
15,607		LyondellBasell Industries AF S.C.A		628
2,227	e	Martin Marietta Materials, Inc		176
9,576	*,e	McEwen Mining, Inc		29
8,395		MeadWestvaco Corp		241
566	*	Metals USA Holdings Corp		9
3,984	*,e	Midway Gold Corp		6
862		Minerals Technologies, Inc		55
3,207	*,e	Molycorp, Inc		69
25,635		Monsanto Co		2,122
14,403		Mosaic Co		789
1,570		Myers Industries, Inc		27
1,075		Neenah Paper, Inc		29
426		NewMarket Corp		92
23,828		Newmont Mining Corp		1,156
1,121		Noranda Aluminium Holding Corp		9
15,457		Nucor Corp		586
3,909		Olin Corp		82
529		Olympic Steel, Inc		9
1,636	*	OM Group, Inc		31
2,250	*	Omnova Solutions, Inc		17
8,024	*	Owens-Illinois, Inc		154
4,762		Packaging Corp of America		134
5,999	*,e	Paramount Gold and Silver Corp		14
4,328		PolyOne Corp		59
7,400		PPG Industries, Inc		785
14,510		Praxair, Inc		1,578
610		Quaker Chemical Corp		28
3,642		Reliance Steel & Aluminum Co		184
3,928	*,e	Resolute Forest Products		45
1,196	*	Revett Minerals, Inc		4
3,439		Rock-Tenn Co (Class A)		188
3,340		Rockwood Holdings, Inc		148
2,652		Royal Gold, Inc		208
6,377		RPM International, Inc		173
1,496	*	RTI International Metals, Inc		34
1,183		Schnitzer Steel Industries, Inc (Class A)		33
762		Schweitzer-Mauduit International, Inc		52
2,024	e	Scotts Miracle-Gro Co (Class A)		83
8,412		Sealed Air Corp		130
2,432		Sensient Technologies Corp		89
4,351		Sherwin-Williams Co		576
5,868		Sigma-Aldrich Corp		434
2,380		Silgan Holdings, Inc		102
5,979		Solutia, Inc		168
4,578		Sonoco Products Co		138
8,729		Southern Copper Corp (NY)		275
1,508	*	Spartech Corp		8

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
10,635		Steel Dynamics, Inc	$	125
417		Stepan Co		39
5,644	*	Stillwater Mining Co		48
2,858	*,e	SunCoke Energy, Inc		42
3,933	*	Tahoe Resources, Inc		55
1,109	e	Texas Industries, Inc		43
668	*	Texas Petrochemicals, Inc		25
3,892		Titanium Metals Corp		44
1,281		Tredegar Corp		19
260	*	UFP Technologies, Inc		4
66	*	United States Lime & Minerals, Inc		3
6,927	e	United States Steel Corp		143
391	*	Universal Stainless & Alloy		16
2,645	*	US Antimony Corp		11
910	*,e	US Silica Holdings Inc		10
4,845		Valspar Corp		254
3,459	*,e	Vista Gold Corp		10
6,279		Vulcan Materials Co		250
3,098		Walter Energy, Inc		137
2,666		Wausau Paper Corp		26
893	e	Westlake Chemical Corp		47
297	*	WHX Corp		4
2,539		Worthington Industries, Inc		52
3,554	*	WR Grace & Co		179
1,145		Zep, Inc		16
1,635	*	Zoltek Cos, Inc		15
		TOTAL MATERIALS		28,653
MEDIA - 3.3%
2,662	*	AMC Networks, Inc		95
1,425		Arbitron, Inc		50
4,724		Belo (A.H.) Corp (Class A)		30
10,515		Cablevision Systems Corp (Class A)		140
852	*	Carmike Cinemas, Inc		12
31,499		CBS Corp (Class B)		1,033
1,854	*,e	Central European Media Enterprises Ltd (Class A) Nasdaq		9
2,365	*	Charter Communications, Inc		168
5,586		Cinemark Holdings, Inc		128
2,051		Clear Channel Outdoor Holdings, Inc (Class A)		12
129,457		Comcast Corp (Class A)		4,139
1,802	*,e	Crown Media Holdings, Inc (Class A)		3
1,191	*,e	Cumulus Media, Inc (Class A)		4
1,322	*,e	Digital Generation, Inc		16
31,860	*	DIRECTV		1,555
12,390	*	Discovery Communications, Inc (Class A)		669
9,460		DISH Network Corp (Class A)		270
3,294	*,e	DreamWorks Animation SKG, Inc (Class A)		63
1,252	*,e	Entercom Communications Corp (Class A)		7
2,637		Entravision Communications Corp (Class A)		3
1,802	*	EW Scripps Co (Class A)		17
354	*	Fisher Communications, Inc		11
11,396		Gannett Co, Inc		168
629	*	Global Sources Ltd		4
2,075		Harte-Hanks, Inc		19
22,735		Interpublic Group of Cos, Inc		247
2,263		John Wiley & Sons, Inc (Class A)		111
2,807	*	Journal Communications, Inc (Class A)		14
1,587	*	Knology, Inc		31
3,750	*,e	Lamar Advertising Co (Class A)		107
12,747	*	Liberty Global, Inc (Class A)		633
5,273	*	Liberty Interactive LLC		464
1,798	*	Lin TV Corp (Class A)		5
4,138	*,e	Lions Gate Entertainment Corp		61

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,613	*	Live Nation, Inc	$	70
2,849	*	Madison Square Garden, Inc		107
1,522	e	Martha Stewart Living Omnimedia, Inc (Class A)		5
3,219	*,e	McClatchy Co (Class A)		7
13,441		McGraw-Hill Cos, Inc		605
1,288	e	MDC Partners, Inc		15
1,763	e	Meredith Corp		56
1,117		Morningstar, Inc		65
2,714		National CineMedia, Inc		41
6,951	*	New York Times Co (Class A)		54
101,783		News Corp (Class A)		2,269
542	*	Nexstar Broadcasting Group, Inc (Class A)		4
13,244		Omnicom Group, Inc		644
660		Outdoor Channel Holdings, Inc		5
3,876	*,e	Pandora Media, Inc		42
490	*	ReachLocal, Inc		5
787	*	Reading International, Inc		4
4,340	e	Regal Entertainment Group (Class A)		60
475	*	Rentrak Corp		10
162	*	Saga Communications, Inc		6
1,378		Scholastic Corp		39
4,123		Scripps Networks Interactive (Class A)		234
3,111		Sinclair Broadcast Group, Inc (Class A)		28
184,127	*	Sirius XM Radio, Inc		341
18,002		Thomson Corp		512
15,186		Time Warner Cable, Inc		1,247
46,062		Time Warner, Inc		1,773
2,076	*,e	Valassis Communications, Inc		45
98	e	Value Line, Inc		1
25,642		Viacom, Inc (Class B)		1,206
13,509	e	Virgin Media, Inc		329
86,175		Walt Disney Co		4,179
213	e	Washington Post Co (Class B)		80
1,281		World Wrestling Entertainment, Inc (Class A)		10
		TOTAL MEDIA		24,396
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.6%
75,594		Abbott Laboratories		4,874
1,983	*,e	Achillion Pharmaceuticals, Inc		12
2,044	*	Acorda Therapeutics, Inc		48
1,053	*	Aegerion Pharmaceuticals, Inc		16
1,787	*	Affymax, Inc		23
4,200	*	Affymetrix, Inc		20
1,108	*	Agenus, Inc		6
16,882		Agilent Technologies, Inc		663
2,860	*	Akorn, Inc		45
9,333	*	Alexion Pharmaceuticals, Inc		927
5,952	*	Alkermes PLC		101
14,530		Allergan, Inc		1,345
4,202	*	Allos Therapeutics, Inc		8
2,039	*,e	Alnylam Pharmaceuticals, Inc		24
1,109	*	AMAG Pharmaceuticals, Inc		17
37,436		Amgen, Inc		2,734
1,454	*,e	Amicus Therapeutics, Inc		8
1,022	*,e	Ampio Pharmaceuticals, Inc		5
7,915	*	Amylin Pharmaceuticals, Inc		223
9,609	*,e	Arena Pharmaceuticals, Inc		96
8,049	*	Ariad Pharmaceuticals, Inc		139
2,640	*	Arqule, Inc		16
3,660	*	Array Biopharma, Inc		13
2,656	*	Astex Pharmaceuticals		6
2,455	*	Auxilium Pharmaceuticals, Inc		66
6,354	*,e	AVANIR Pharmaceuticals, Inc		25

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,870	*,e	AVEO Pharmaceuticals, Inc	$	23
2,465	*,e	BioCryst Pharmaceuticals, Inc		10
11,639	*	Biogen Idec, Inc		1,680
5,931	*	BioMarin Pharmaceuticals, Inc		235
983	*	Bio-Rad Laboratories, Inc (Class A)		98
215	*	Biospecifics Technologies Corp		4
1,108	*,e	Biotime, Inc		5
81,312		Bristol-Myers Squibb Co		2,923
4,265	*	Bruker BioSciences Corp		57
1,890	*,e	Cadence Pharmaceuticals, Inc		7
1,815	*	Cambrex Corp		17
21,398	*	Celgene Corp		1,373
2,900	*,e	Celldex Therapeutics, Inc		15
3,195	*	Cepheid, Inc		143
2,389	*	Charles River Laboratories International, Inc		78
669	*	Clovis Oncology, Inc		14
442	*,e	Codexis, Inc		2
1,326	*,e	Corcept Therapeutics, Inc		6
318	*	Cornerstone Therapeutics, Inc		2
3,087	*	Covance, Inc		148
3,083	*	Cubist Pharmaceuticals, Inc		117
3,574	*,e	Curis, Inc		19
2,389	*,e	Cytori Therapeutics, Inc		6
7,690	*,e	Dendreon Corp		57
2,984	*	Depomed, Inc		17
2,207	*	Discovery Laboratories, Inc		5
1,240	*	Dusa Pharmaceuticals, Inc		6
4,970	*	Dyax Corp		11
8,402	*,e	Dynavax Technologies Corp		36
49,808		Eli Lilly & Co		2,137
1,234	*	Emergent Biosolutions, Inc		19
5,765	*	Endo Pharmaceuticals Holdings, Inc		179
1,449	*,e	Endocyte, Inc		12
2,632	*,e	Enzon Pharmaceuticals, Inc		18
2,888	*	eResearch Technology, Inc		23
2,644	*	Exact Sciences Corp		28
6,457	*,e	Exelixis, Inc		36
989	*,e	Fluidigm Corp		15
12,917	*	Forest Laboratories, Inc		452
512	*	Furiex Pharmaceuticals Inc		11
810	*	Genomic Health, Inc		27
6,445	*,e	Geron Corp		11
36,361	*	Gilead Sciences, Inc		1,865
971	*	GTx, Inc		3
3,942	*,e	Halozyme Therapeutics, Inc		35
1,104	*	Harvard Bioscience, Inc		4
458	*	Hi-Tech Pharmacal Co, Inc		15
1,073	*,e	Horizon Pharma, Inc		8
8,023	*	Hospira, Inc		281
9,905	*,e	Human Genome Sciences, Inc		130
3,653	*,e	Idenix Pharmaceuticals, Inc		38
6,175	*,e	Illumina, Inc		249
1,963	*	ImmunoCellular Therapeutics Ltd		7
3,568	*,e	Immunogen, Inc		60
3,543	*,e	Immunomedics, Inc		13
3,365	*	Impax Laboratories, Inc		68
4,807	*,e	Incyte Corp		109
1,026	*,e	Infinity Pharmaceuticals, Inc		14
3,158	*,e	InterMune, Inc		38
3,659	*	Ironwood Pharmaceuticals, Inc		50
5,202	*,e	Isis Pharmaceuticals, Inc		62
1,109	*	Jazz Pharmaceuticals plc		50
133,351		Johnson & Johnson		9,009
2,721	*	Keryx Biopharmaceuticals, Inc		5

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
832	*	Lannett Co, Inc	$	4
10,577	*	Lexicon Pharmaceuticals, Inc		24
8,668	*	Life Technologies Corp		390
925	*	Ligand Pharmaceuticals, Inc (Class B)		16
2,138	*	Luminex Corp		52
5,511	*,e	MannKind Corp		13
1,093	*,e	MAP Pharmaceuticals, Inc		16
1,801		Maxygen, Inc		11
2,495	*	Medicines Co		57
3,195		Medicis Pharmaceutical Corp (Class A)		109
1,758	*	Medivation, Inc		161
388		Medtox Scientific, Inc		11
147,373		Merck & Co, Inc		6,153
720	*,e	Merrimack Pharmaceuticals, Inc		5
1,572	*	Mettler-Toledo International, Inc		245
2,284	*	Momenta Pharmaceuticals, Inc		31
20,816	*	Mylan Laboratories, Inc		445
4,133	*	Myriad Genetics, Inc		98
5,532	*,e	Nektar Therapeutics		45
3,256	*	Neurocrine Biosciences, Inc		26
629	*	NewLink Genetics Corp		9
4,336	*,e	Novavax, Inc		7
4,176	*	NPS Pharmaceuticals, Inc		36
1,070	*	Obagi Medical Products, Inc		16
1,112	*,e	Omeros Corp		11
511	*,e	OncoGenex Pharmaceutical, Inc		7
2,102	*,e	Oncothyreon, Inc		10
3,107	*	Onyx Pharmaceuticals, Inc		206
4,791	*,e	Opko Health, Inc		22
1,463	*,e	Optimer Pharmaceuticals, Inc		23
2,988	*	Orexigen Therapeutics, Inc		17
807	*,e	Osiris Therapeutics, Inc		9
1,723	*,e	Pacific Biosciences of California, Inc		4
915	*	Pacira Pharmaceuticals, Inc		15
1,792		Pain Therapeutics, Inc		8
1,830	*	Par Pharmaceutical Cos, Inc		66
2,917	*	Parexel International Corp		82
5,458	e	PDL BioPharma, Inc		36
5,542		PerkinElmer, Inc		143
4,034		Perrigo Co		476
361,632		Pfizer, Inc		8,318
2,645	*,e	Pharmacyclics, Inc		144
1,425	*	Pozen, Inc		9
1,419	*	Progenics Pharmaceuticals, Inc		14
11,425	*,e	Qiagen N.V. (NASDAQ)		191
2,696	*	Questcor Pharmaceuticals, Inc		144
2,377	*,e	Raptor Pharmaceutical Corp		13
3,754	*	Regeneron Pharmaceuticals, Inc		429
1,493	*	Repligen Corp		6
714	*,e	Repros Therapeutics, Inc		6
3,471	*	Rigel Pharmaceuticals, Inc		32
345	*,e	Sagent Pharmaceuticals		6
3,014	*	Salix Pharmaceuticals Ltd		164
2,157	*,e	Sangamo Biosciences, Inc		12
2,882	*	Santarus, Inc		20
2,738	*,e	Sciclone Pharmaceuticals, Inc		19
4,880	*,e	Seattle Genetics, Inc		124
4,993	*,e	Sequenom, Inc		20
1,470	*,e	SIGA Technologies, Inc		4
2,652	*,e	Spectrum Pharmaceuticals, Inc		41
620	*	Sucampo Pharmaceuticals, Inc (Class A)		4
445	*	Synageva BioPharma Corp		18
2,003	*	Synergy Pharmaceuticals, Inc		9
1,821	*,e	Synta Pharmaceuticals Corp		10

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,257	*	Targacept, Inc	$	5
1,792		Techne Corp		133
3,469	*	Theravance, Inc		77
17,840		Thermo Electron Corp		926
764	*	Threshold Pharmaceuticals, Inc		6
1,207	*,m	Trius Therapeutics, Inc		7
2,600	*	United Therapeutics Corp		128
1,501	*	Vanda Pharmaceuticals, Inc		7
579	*,e	Ventrus Biosciences, Inc		2
10,327	*	Vertex Pharmaceuticals, Inc		577
3,055	*	Vical, Inc		11
3,526	*	Viropharma, Inc		84
4,844	*,e	Vivus, Inc		138
8,140		Warner Chilcott plc		146
4,460	*	Waters Corp		354
6,142	*	Watson Pharmaceuticals, Inc		454
1,508	*,e	Xenoport, Inc		9
3,261	*,e	XOMA Corp		10
2,912	*,e	ZIOPHARM Oncology, Inc		17
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		55,618
REAL ESTATE - 3.7%
2,117		Acadia Realty Trust		49
755		AG Mortgage Investment Trust		16
505		Agree Realty Corp		11
104		Alexander’s, Inc		45
2,762		Alexandria Real Estate Equities, Inc		201
21,441		AMB Property Corp		713
1,470		American Assets Trust,Inc		36
3,566		American Campus Communities, Inc		160
14,921		American Capital Agency Corp		502
1,755		American Capital Mortgage, Inc		42
7,707	*	American Realty Capital Trust, Inc		84
19,627		American Tower Corp		1,372
47,329		Annaly Capital Management, Inc		794
6,519		Anworth Mortgage Asset Corp		46
6,369		Apartment Investment & Management Co (Class A)		172
867		Apollo Commercial Real Estate Finance, Inc		14
378		Ares Commercial Real Estate Corp		7
8,634	*	ARMOUR Residential REIT, Inc		61
2,185		Ashford Hospitality Trust, Inc		18
2,073		Associated Estates Realty Corp		31
454	*	AV Homes, Inc		7
4,631		AvalonBay Communities, Inc		655
7,506		BioMed Realty Trust, Inc		140
7,112		Boston Properties, Inc		771
7,051		Brandywine Realty Trust		87
3,765		BRE Properties, Inc (Class A)		188
3,896		Camden Property Trust		264
1,900		Campus Crest Communities, Inc		20
3,499		Capital Lease Funding, Inc		15
4,568		Capstead Mortgage Corp		64
7,851		CBL & Associates Properties, Inc		153
15,942	*	CBRE Group, Inc		261
2,712		Cedar Shopping Centers, Inc		14
464		Chatham Lodging Trust		7
1,642		Chesapeake Lodging Trust		28
51,853		Chimera Investment Corp		122
4,203		Colonial Properties Trust		93
1,674		Colony Financial, Inc		29
378	e	Consolidated-Tomoka Land Co		11
800		Coresite Realty		21
3,601		Corporate Office Properties Trust		85

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,773		Cousins Properties, Inc	$	37
2,905		CreXus Investment Corp		30
5,967		CubeSmart		70
6,010		CYS Investments, Inc		83
12,464		DCT Industrial Trust, Inc		79
10,697		DDR Corp		157
8,158		DiamondRock Hospitality Co		83
5,356		Digital Realty Trust, Inc		402
6,476		Douglas Emmett, Inc		150
12,782		Duke Realty Corp		187
2,984		DuPont Fabros Technology, Inc		85
2,653		Dynex Capital, Inc		28
1,377		EastGroup Properties, Inc		73
4,615		Education Realty Trust, Inc		51
2,472		Entertainment Properties Trust		102
2,004		Equity Lifestyle Properties, Inc		138
2,651		Equity One, Inc		56
14,607		Equity Residential		911
1,710		Essex Property Trust, Inc		263
1,621		Excel Trust, Inc		19
4,748		Extra Space Storage, Inc		145
3,147		Federal Realty Investment Trust		328
6,309	*	FelCor Lodging Trust, Inc		30
4,317	*	First Industrial Realty Trust, Inc		55
2,547		First Potomac Realty Trust		30
6,922	*	Forest City Enterprises, Inc (Class A)		101
1,790	*	Forestar Real Estate Group, Inc		23
3,639		Franklin Street Properties Corp		39
25,599		General Growth Properties, Inc		463
1,193		Getty Realty Corp		23
498		Gladstone Commercial Corp		8
6,781		Glimcher Realty Trust		69
1,811		Government Properties Income Trust		41
2,207	*	Gramercy Capital Corp		6
58	*	Gyrodyne Co of America, Inc		7
4,762		Hatteras Financial Corp		136
20,381		HCP, Inc		900
10,383		Health Care REIT, Inc		605
3,664		Healthcare Realty Trust, Inc		87
8,372		Hersha Hospitality Trust		44
3,786		Highwoods Properties, Inc		127
2,366		Home Properties, Inc		145
6,635		Hospitality Properties Trust		164
34,558		Host Marriott Corp		547
1,158	*	Howard Hughes Corp		71
4,076		HRPT Properties Trust		78
1,747		Hudson Pacific Properties		30
4,699		Inland Real Estate Corp		39
5,622		Invesco Mortgage Capital, Inc		103
3,940		Investors Real Estate Trust		31
4,086	*	iStar Financial, Inc		26
2,166		Jones Lang LaSalle, Inc		152
1,173	e	Kennedy-Wilson Holdings, Inc		16
3,326		Kilroy Realty Corp		161
19,779		Kimco Realty Corp		376
2,891		Kite Realty Group Trust		14
4,298		LaSalle Hotel Properties		125
6,009		Lexington Corporate Properties Trust		51
5,687		Liberty Property Trust		210
1,483		LTC Properties, Inc		54
6,443		Macerich Co		381
4,389		Mack-Cali Realty Corp		128
6,789		Medical Properties Trust, Inc		65
18,015		MFA Mortgage Investments, Inc		142

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,993		Mid-America Apartment Communities, Inc	$	136
1,230		Mission West Properties, Inc		11
2,597		Monmouth Real Estate Investment Corp (Class A)		30
1,100		National Health Investors, Inc		56
5,205		National Retail Properties, Inc		147
824		New York Mortgage Trust, Inc		6
3,670		NorthStar Realty Finance Corp		19
2,098		NRDC Acquisition Corp		25
5,124		Omega Healthcare Investors, Inc		115
567		One Liberty Properties, Inc		11
946		Parkway Properties, Inc		11
2,560		Pebblebrook Hotel Trust		60
2,924		Pennsylvania Real Estate Investment Trust		44
1,391		Pennymac Mortgage Investment Trust		27
8,735		Piedmont Office Realty Trust, Inc		150
7,839		Plum Creek Timber Co, Inc		311
2,631		Post Properties, Inc		129
2,094		Potlatch Corp		67
903		PS Business Parks, Inc		61
6,876		Public Storage, Inc		993
1,737		RAIT Investment Trust		8
1,967		Ramco-Gershenson Properties		25
5,944		Rayonier, Inc		267
5,513		Realty Income Corp		230
4,253		Redwood Trust, Inc		53
4,546		Regency Centers Corp		216
4,090		Resource Capital Corp		22
4,138		Retail Properties of America, Inc		40
5,176		RLJ Lodging Trust		94
1,067	*	Rouse Properties, Inc		14
1,780		Sabra Healthcare REIT, Inc		30
330		Saul Centers, Inc		14
7,899		Senior Housing Properties Trust		176
14,685		Simon Property Group, Inc		2,286
4,148		SL Green Realty Corp		333
1,406		Sovran Self Storage, Inc		70
3,295	*	St. Joe Co		52
1,183		STAG Industrial, Inc		17
5,639		Starwood Property Trust, Inc		120
8,848	*	Strategic Hotels & Resorts, Inc		57
1,510		Summit Hotel Properties, Inc		13
1,288		Sun Communities, Inc		57
6,003	*	Sunstone Hotel Investors, Inc		66
4,492		Tanger Factory Outlet Centers, Inc		144
2,937		Taubman Centers, Inc		227
790	*	Tejon Ranch Co		23
400		Terreno Realty Corp		6
1,552		Thomas Properties Group, Inc		9
10,384		Two Harbors Investment Corp		108
12,006		UDR, Inc		310
507		UMH Properties, Inc		5
575		Universal Health Realty Income Trust		24
1,407		Urstadt Biddle Properties, Inc (Class A)		28
14,038		Ventas, Inc		886
8,538		Vornado Realty Trust		717
3,217		Washington Real Estate Investment Trust		92
5,688		Weingarten Realty Investors		150
380	*	Western Asset Mortgage Capital Corp		7
26,107		Weyerhaeuser Co		584
490		Whitestone REIT		7
1,412		Winthrop Realty Trust		17
		TOTAL REAL ESTATE		26,802

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
RETAILING - 4.1%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)	$	4
3,691		Aaron’s, Inc		104
4,405		Abercrombie & Fitch Co (Class A)		150
3,568		Advance Auto Parts, Inc		243
3,935	*	Aeropostale, Inc		70
17,525	*	Amazon.com, Inc		4,002
9,508		American Eagle Outfitters, Inc		188
580	*	America’s Car-Mart, Inc		23
2,306	*	Ann Taylor Stores Corp		59
1,365	*	Asbury Automotive Group, Inc		32
1,206	*	Audiovox Corp (Class A)		11
2,054	*,e	Autonation, Inc		72
1,849	*	Autozone, Inc		679
1,455	*,e	Barnes & Noble, Inc		24
1,533		Bebe Stores, Inc		9
11,332	*	Bed Bath & Beyond, Inc		700
13,067		Best Buy Co, Inc		274
1,412		Big 5 Sporting Goods Corp		11
3,272	*	Big Lots, Inc		133
672	*,e	Blue Nile, Inc		20
578	*,e	Body Central Corp		5
447	e	Bon-Ton Stores, Inc		4
2,300		Brown Shoe Co, Inc		30
1,313	e	Buckle, Inc		52
2,257	*	Cabela’s, Inc		85
11,175	*	Carmax, Inc		290
2,260	*	Casual Male Retail Group, Inc		8
966		Cato Corp (Class A)		29
8,131		Chico’s FAS, Inc		121
1,035	*	Children’s Place Retail Stores, Inc		52
836	*	Citi Trends, Inc		13
3,407	*	Collective Brands, Inc		73
679	*,e	Conn’s, Inc		10
638		Core-Mark Holding Co, Inc		31
476		Destination Maternity Corp		10
4,508		Dick’s Sporting Goods, Inc		216
1,493	e	Dillard’s, Inc (Class A)		95
8,970	*	Dollar General Corp		488
11,266	*	Dollar Tree, Inc		606
1,596		DSW, Inc (Class A)		87
4,250		Expedia, Inc		204
4,341		Express Parent LLC		79
4,474		Family Dollar Stores, Inc		297
2,617		Finish Line, Inc (Class A)		55
7,370		Foot Locker, Inc		225
1,694	*,e	Francesca’s Holdings Corp		46
1,790		Fred’s, Inc (Class A)		27
6,254	e	GameStop Corp (Class A)		115
14,708		Gap, Inc		402
1,189	*	Genesco, Inc		72
7,579		Genuine Parts Co		456
3,592		GNC Holdings, Inc		141
410	*	Gordmans Stores, Inc		7
1,288		Group 1 Automotive, Inc		59
2,132	*,e	Groupon, Inc		23
3,144	e	Guess?, Inc		95
1,232		Haverty Furniture Cos, Inc		14
892	*,e	HHgregg, Inc		10
1,197	*	Hibbett Sports, Inc		69
74,360		Home Depot, Inc		3,940
1,550	*,e	HomeAway, Inc		34
2,222		Hot Topic, Inc		22
1,773		HSN, Inc		72

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,757	e	JC Penney Co, Inc	$	181
1,086	*	JOS A Bank Clothiers, Inc		46
891	*	Kirkland’s, Inc		10
11,913		Kohl’s Corp		542
27,139	*	Liberty Media Holding Corp (Interactive A)		483
11,721		Limited Brands, Inc		498
1,111		Lithia Motors, Inc (Class A)		26
7,128	*	LKQ Corp		238
58,175		Lowe’s Companies, Inc		1,655
1,342	*,e	Lumber Liquidators, Inc		45
20,140		Macy’s, Inc		692
1,129	*	MarineMax, Inc		11
534	*	Mattress Firm Holding Corp		16
2,482		Men’s Wearhouse, Inc		70
1,144		Monro Muffler, Inc		38
2,655	*,e	NetFlix, Inc		182
888	*	New York & Co, Inc		3
7,512		Nordstrom, Inc		373
1,665	e	Nutri/System, Inc		19
6,966	*	Office Depot, Inc		15
943	*	OfficeMax, Inc		5
1,309	*	Orbitz Worldwide, Inc		5
6,156	*	O’Reilly Automotive, Inc		516
840	*,e	Overstock.com, Inc		6
2,064		Penske Auto Group, Inc		44
2,583	e	PEP Boys - Manny Moe & Jack		26
1,182	e	PetMed Express, Inc		14
5,270		Petsmart, Inc		359
4,168		Pier 1 Imports, Inc		68
2,389	*	Priceline.com, Inc		1,587
5,358	e	RadioShack Corp		21
2,805		Rent-A-Center, Inc		95
11,002		Ross Stores, Inc		687
769	*,e	Rue21, Inc		19
5,305	*,e	Saks, Inc		57
7,516	*	Sally Beauty Holdings, Inc		193
1,774	*,e	Sears Holdings Corp		106
2,743	*	Select Comfort Corp		57
775		Shoe Carnival, Inc		17
1,725	*,e	Shutterfly, Inc		53
4,067		Signet Jewelers Ltd		179
2,027	e	Sonic Automotive, Inc (Class A)		28
210	*	Sourceforge, Inc		4
1,474		Stage Stores, Inc		27
33,467		Staples, Inc		437
1,440		Stein Mart, Inc		11
461	*	Systemax, Inc		5
3,432	*,e	Talbots, Inc		9
31,748		Target Corp		1,847
448	*	Teavana Holdings, Inc		6
6,216		Tiffany & Co		329
432	*	Tilly’s, Inc		7
35,992		TJX Companies, Inc		1,545
3,499		Tractor Supply Co		291
3,967	*	TripAdvisor, Inc		177
1,789	*	Tuesday Morning Corp		8
3,056		Ulta Salon Cosmetics & Fragrance, Inc		285
5,178	*	Urban Outfitters, Inc		143
658	*	US Auto Parts Network, Inc		3
1,052	*	Vitacost.com, Inc		6
1,434	*	Vitamin Shoppe, Inc		79
640	*	West Marine, Inc		8
5,043	*	Wet Seal, Inc (Class A)		16
4,298		Williams-Sonoma, Inc		150

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
133		Winmark Corp	$	8
1,062	*	Zumiez, Inc		42
		TOTAL RETAILING		30,305
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
2,226	*	Advanced Energy Industries, Inc		30
31,059	*	Advanced Micro Devices, Inc		178
844	*	Alpha & Omega Semiconductor Lt		8
15,516		Altera Corp		525
3,904	*,e	Amkor Technology, Inc		19
3,097	*	Anadigics, Inc		6
14,318		Analog Devices, Inc		539
62,297		Applied Materials, Inc		714
3,650	*	Applied Micro Circuits Corp		21
22,988	*	Atmel Corp		154
1,604	*	ATMI, Inc		33
2,160	*	AuthenTec, Inc		9
11,857		Avago Technologies Ltd		426
5,359	*	Axcelis Technologies, Inc		6
1,469	*	AXT, Inc		6
26,114		Broadcom Corp (Class A)		883
3,308		Brooks Automation, Inc		31
806		Cabot Microelectronics Corp		24
2,448	*	Cavium Networks, Inc		69
1,230	*,e	Ceva, Inc		22
2,833	*	Cirrus Logic, Inc		85
1,302		Cohu, Inc		13
5,075	*,e	Cree, Inc		130
1,500	*	Cymer, Inc		88
7,650		Cypress Semiconductor Corp		101
1,921	*	Diodes, Inc		36
1,224	*	DSP Group, Inc		8
6,714	*	Entegris, Inc		57
4,315	*,e	Entropic Communications, Inc		24
2,444	*	Exar Corp		20
6,197	*	Fairchild Semiconductor International, Inc		87
2,676	*,e	First Solar, Inc		40
2,618	*	Formfactor, Inc		17
2,182	*,e	Freescale Semiconductor Holdings Ltd		22
1,543	*,e	FSI International, Inc		6
1,030	*	GSI Technology, Inc		5
6,373	*,e	GT Solar International, Inc		34
1,461	*	Hittite Microwave Corp		75
1,024	*,e	Inphi Corp		10
6,477	*	Integrated Device Technology, Inc		36
1,216	*	Integrated Silicon Solution, Inc		12
242,849		Intel Corp		6,472
643	*	Intermolecular, Inc		5
3,528	*	International Rectifier Corp		70
6,580		Intersil Corp (Class A)		70
1,231	*	IXYS Corp		14
8,188		Kla-Tencor Corp		403
4,206	*	Kopin Corp		14
9,877	*	Lam Research Corp		373
5,950	*	Lattice Semiconductor Corp		22
11,064		Linear Technology Corp		347
27,928	*	LSI Logic Corp		178
2,408	*	LTX-Credence Corp		16
282	*	MA-COM Technology Solutions		5
22,731		Marvell Technology Group Ltd		256
2,801	*	Mattson Technology, Inc		5
14,328		Maxim Integrated Products, Inc		367
383	*	MaxLinear, Inc		2

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,052	*,e	MEMC Electronic Materials, Inc	$	11
2,455		Micrel, Inc		23
9,163	e	Microchip Technology, Inc		303
42,944	*	Micron Technology, Inc		271
4,543	*	Microsemi Corp		84
1,664	*,e	Mindspeed Technologies, Inc		4
2,847	*	MIPS Technologies, Inc		19
2,658		MKS Instruments, Inc		77
1,520	*	Monolithic Power Systems, Inc		30
1,391	*	MoSys, Inc		4
1,014	*	Nanometrics, Inc		16
258	*,e	NVE Corp		14
29,569	*	Nvidia Corp		409
2,767	*	Omnivision Technologies, Inc		37
22,048	*	ON Semiconductor Corp		157
1,181	*	PDF Solutions, Inc		12
1,447	*	Pericom Semiconductor Corp		13
2,703	*	Photronics, Inc		16
1,628	*	PLX Technology, Inc		10
11,786	*	PMC - Sierra, Inc		72
1,292		Power Integrations, Inc		48
5,356	*	Rambus, Inc		31
13,977	*	RF Micro Devices, Inc		59
782	*,e	Rubicon Technology, Inc		8
1,464	*	Rudolph Technologies, Inc		13
3,192	*	Semtech Corp		78
1,525	*	Sigma Designs, Inc		10
4,055	*	Silicon Image, Inc		17
2,178	*	Silicon Laboratories, Inc		83
9,357	*	Skyworks Solutions, Inc		256
2,527	*	Spansion, Inc		28
1,279	*	Standard Microsystems Corp		47
1,361	*,e	STR Holdings, Inc		6
2,241	*	SunPower Corp		11
493	*	Supertex, Inc		9
9,372	*	Teradyne, Inc		132
2,769		Tessera Technologies, Inc		43
55,588		Texas Instruments, Inc		1,595
8,183	*	Triquint Semiconductor, Inc		45
928	*	Ultra Clean Holdings		6
1,279	*	Ultratech, Inc		40
1,886	*,e	Veeco Instruments, Inc		65
1,235	*	Volterra Semiconductor Corp		29
12,863		Xilinx, Inc		432
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		17,901
SOFTWARE & SERVICES - 9.3%
2,523	*	Accelrys, Inc		20
30,900		Accenture plc		1,857
1,925	*	ACI Worldwide, Inc		85
1,874	*	Active Network, Inc		29
20,592		Activision Blizzard, Inc		247
2,448	*	Actuate Corp		17
3,603	*	Acxiom Corp		54
24,111	*	Adobe Systems, Inc		780
1,656	*	Advent Software, Inc		45
8,706	*	Akamai Technologies, Inc		276
2,449	*	Alliance Data Systems Corp		331
8,206	*	Amdocs Ltd		244
764	*	American Software, Inc (Class A)		6
1,408	*,e	Ancestry.com, Inc		39
1,747	*	Angie’s List, Inc		28
4,500	*	Ansys, Inc		284

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,551	*	AOL, Inc	$	128
4,883	*	Ariba, Inc		219
4,286	*	Aspen Technology, Inc		99
11,143	*	Autodesk, Inc		390
23,762		Automatic Data Processing, Inc		1,323
2,248	*	Bankrate, Inc		41
443	*,e	Bazaarvoice, Inc		8
2,369		Blackbaud, Inc		61
2,218	*	Blucora, Inc		27
7,809	*	BMC Software, Inc		333
1,196	e	Booz Allen Hamilton Holding Co		18
1,713	*	Bottomline Technologies, Inc		31
273	*	Brightcove, Inc		4
6,224		Broadridge Financial Solutions, Inc		132
1,345	*,e	BroadSoft, Inc		39
17,246		CA, Inc		467
1,266	*,e	CACI International, Inc (Class A)		70
13,010	*	Cadence Design Systems, Inc		143
1,555	*,e	Callidus Software, Inc		8
540	*	Carbonite, Inc		5
2,159	*	Cardtronics, Inc		65
437		Cass Information Systems, Inc		18
3,700	*	Ciber, Inc		16
9,047	*	Citrix Systems, Inc		759
643	*	Clinical Data, Inc		1
14,843	*	Cognizant Technology Solutions Corp (Class A)		891
2,159	*	Commvault Systems, Inc		107
7,554		Computer Sciences Corp		187
760	*	Computer Task Group, Inc		11
11,006	*	Compuware Corp		102
1,622	*	comScore, Inc		27
2,256	*	Concur Technologies, Inc		154
1,503	*,e	Constant Contact, Inc		27
5,243		Convergys Corp		77
1,648	*,e	Cornerstone OnDemand, Inc		39
1,288	*	CoStar Group, Inc		105
1,795	*	CSG Systems International, Inc		31
2,053	*	DealerTrack Holdings, Inc		62
1,002	*	Deltek, Inc		12
1,448	*,e	Demand Media, Inc		16
327	*	Demandware, Inc		8
2,464	*	Dice Holdings, Inc		23
2,001	*	Digital River, Inc		33
335		DMRC Corp		9
1,423		DST Systems, Inc		77
5,728		Earthlink, Inc		43
1,509	*	EasyLink Services International Corp		11
56,118	*	eBay, Inc		2,357
1,521	e	Ebix, Inc		30
15,461	*	Electronic Arts, Inc		191
1,070	*	Ellie Mae, Inc		19
993	*	Envestnet, Inc		12
1,587		EPIQ Systems, Inc		19
206	*	ePlus, Inc		7
2,338	*	Equinix, Inc		411
2,804	*	Euronet Worldwide, Inc		48
465	*	ExactTarget, Inc		10
1,144	*	ExlService Holdings, Inc		28
20,469	*,e	Facebook, Inc		637
2,179		Factset Research Systems, Inc		203
1,607		Fair Isaac Corp		68
2,479	*	FalconStor Software, Inc		6
11,866		Fidelity National Information Services, Inc		404
4,905	*	First American Corp		90

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,633	*	Fiserv, Inc	$	479
2,362	*	FleetCor Technologies, Inc		83
471		Forrester Research, Inc		16
6,352	*	Fortinet, Inc		147
4,737	*	Gartner, Inc		204
6,359	*	Genpact Ltd		106
1,221	*,e,m	Gerber Scientific, Inc		0	^
2,712	*	Global Cash Access, Inc		20
4,051		Global Payments, Inc		175
2,157	*,e	Glu Mobile, Inc		12
12,520	*	Google, Inc (Class A)		7,262
680	*	Guidance Software, Inc		6
937	*,e	Guidewire Software, Inc		26
1,547	*	Hackett Group, Inc		9
1,893		Heartland Payment Systems, Inc		57
1,560	*,e	Higher One Holdings, Inc		19
3,483		IAC/InterActiveCorp		159
1,449	*	iGate Corp		25
468	*	Imperva, Inc		13
379	*	Infoblox, Inc		9
5,344	*	Informatica Corp		226
1,066	*	Innodata Isogen, Inc		7
803	*	Interactive Intelligence, Inc		23
3,256	*	Internap Network Services Corp		21
52,668		International Business Machines Corp		10,301
14,216		Intuit, Inc		844
2,611	*	Ipass, Inc		6
2,389	e	j2 Global, Inc		63
3,917		Jack Henry & Associates, Inc		135
2,111	*	JDA Software Group, Inc		63
950	*,e	Jive Software, Inc		20
1,328	*	Kenexa Corp		39
941		Keynote Systems, Inc		14
1,804	*,e	KIT Digital, Inc		8
1,667	*	Knot, Inc		15
4,117		Lender Processing Services, Inc		104
3,363	*,e	Limelight Networks, Inc		10
3,007	*,e	LinkedIn Corp		320
3,304	*	Lionbridge Technologies		10
1,143	*	Liquidity Services, Inc		58
2,686	*	Liveperson, Inc		51
1,024	*	LogMeIn, Inc		31
716	*,e	magicJack VocalTec Ltd		14
988	*	Manhattan Associates, Inc		45
1,171	e	Mantech International Corp (Class A)		27
1,311	e	Marchex, Inc (Class B)		5
1,092	*	Market Leader, Inc		6
5,268		Mastercard, Inc (Class A)		2,266
1,366		MAXIMUS, Inc		71
4,392	*	Mentor Graphics Corp		66
3,908	*	Micros Systems, Inc		200
363,682		Microsoft Corp		11,125
425	*	MicroStrategy, Inc (Class A)		55
528	*	Millennial Media, Inc		7
2,352		ModusLink Global Solutions, Inc		7
1,065	*	MoneyGram International, Inc		16
1,800	*	Monotype Imaging Holdings, Inc		30
4,617	*	Monster Worldwide, Inc		39
2,146	*	Move, Inc		20
1,792	*	Netscout Systems, Inc		39
1,519	*	NetSuite, Inc		83
3,278	*	NeuStar, Inc (Class A)		109
3,206		NIC, Inc		41
12,038	*	Nuance Communications, Inc		287

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,193	*,e	OpenTable, Inc	$	54
721		Opnet Technologies, Inc		19
185,646		Oracle Corp		5,514
5,816	*	Parametric Technology Corp		122
15,748		Paychex, Inc		495
792	e	Pegasystems, Inc		26
1,252	*	Perficient, Inc		14
603	*	Pervasive Software, Inc		5
958	*	PRG-Schultz International, Inc		8
3,045	*	Progress Software Corp		64
289	*	Proofpoint, Inc		5
1,099	*	PROS Holdings, Inc		18
400	*	QAD, Inc (Class A)		6
4,136	*	QLIK Technologies, Inc		91
2,811	*	Quest Software, Inc		78
1,192	*,e	QuinStreet, Inc		11
5,296	*	Rackspace Hosting, Inc		233
1,085		RealNetworks, Inc		9
1,540	*,e	RealPage, Inc		36
9,437	*	Red Hat, Inc		533
1,734	*,e	Responsys, Inc		21
560	*	Rosetta Stone, Inc		8
5,389	*	Rovi Corp		106
1,356	*	Saba Software, Inc		13
13,809		SAIC, Inc		167
6,738	*	Salesforce.com, Inc		932
5,190		Sapient Corp		52
876	*	Sciquest, Inc		16
1,446	*	Seachange International, Inc		12
2,425	*,e	ServiceSource International LLC		34
2,993	*	SolarWinds, Inc		130
3,368		Solera Holdings, Inc		141
1,445	*	Sourcefire, Inc		74
420	*,e,m	Splunk, Inc		12
510	*	SPS Commerce, Inc		15
470	*	SRS Labs, Inc		4
1,635	*	SS&C Technologies Holdings, Inc		41
510		Stamps.com, Inc		13
2,697	*	SupportSoft, Inc		9
34,857	*	Symantec Corp		509
326	*,e	Synacor, Inc		4
1,334	*	Synchronoss Technologies, Inc		25
6,909	*	Synopsys, Inc		203
744		Syntel, Inc		45
1,633	*	TA Indigo Holding Corp		7
3,743	*	Take-Two Interactive Software, Inc		35
1,464	*	Tangoe, Inc		31
598	*	TechTarget, Inc		3
834	*	TeleNav, Inc		5
1,647	*	TeleTech Holdings, Inc		26
8,229	*	Teradata Corp		593
8,011	*	TIBCO Software, Inc		240
5,735	*	TiVo, Inc		47
1,534	*	TNS, Inc		27
7,618		Total System Services, Inc		182
285	*	Travelzoo, Inc		6
1,686	*	Tyler Technologies, Inc		68
1,323	*	Ultimate Software Group, Inc		118
2,353	*	Unisys Corp		46
4,557		United Online, Inc		19
4,315	*	Unwired Planet, Inc		10
3,937	*	Valueclick, Inc		64
1,909	*	Vantiv, Inc		44
1,577	*	Vasco Data Security International		13

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,078	*	VeriFone Systems, Inc	$	168
1,073	*	Verint Systems, Inc		32
7,843		VeriSign, Inc		342
2,063	*,e	VirnetX Holding Corp		73
620	*	Virtusa Corp		8
25,526		Visa, Inc (Class A)		3,156
1,682	*,e	VistaPrint Ltd		54
4,280	*	VMware, Inc (Class A)		390
792	*	Vocus, Inc		15
2,248	*,e	WebMD Health Corp (Class A)		46
1,434	*	Websense, Inc		27
1,494	*	Website Pros, Inc		27
29,786		Western Union Co		502
1,956	*	Wright Express Corp		121
59,142	*	Yahoo!, Inc		936
409	*	Yelp, Inc		9
153	*,e	Zillow, Inc		6
3,311	*	Zix Corp		9
5,350	*,e	Zynga, Inc		29
		TOTAL SOFTWARE & SERVICES		68,554
TECHNOLOGY HARDWARE & EQUIPMENT - 7.1%
2,135	*,e	3D Systems Corp		73
2,645	*,e	Acme Packet, Inc		49
3,005		Adtran, Inc		91
1,334	*	Agilysys, Inc		12
7,875		Amphenol Corp (Class A)		433
1,061	*	Anaren, Inc		21
1,463		Anixter International, Inc		78
45,320	*	Apple, Inc		26,467
5,392	*	Arris Group, Inc		75
5,381	*	Arrow Electronics, Inc		177
5,445	*,e	Aruba Networks, Inc		82
308	*	Audience, Inc		6
1,355	*	Avid Technology, Inc		10
6,883	*	Avnet, Inc		212
2,526		AVX Corp		27
995	*,e	AX Holding Corp		6
779		Badger Meter, Inc		29
674		Bel Fuse, Inc (Class B)		12
3,073	*	Benchmark Electronics, Inc		43
973		Black Box Corp		28
1,815	*,e	Bookham, Inc		6
3,698	*	Brightpoint, Inc		20
22,280	*	Brocade Communications Systems, Inc		110
1,369	*	CalAmp Corp		10
1,907	*,e	Calix Networks, Inc		16
2,124	*	Checkpoint Systems, Inc		19
4,899	*	Ciena Corp		80
260,255		Cisco Systems, Inc		4,469
2,099		Cognex Corp		66
1,087	*	Coherent, Inc		47
997		Comtech Telecommunications Corp		28
10,597	*	Comverse Technology, Inc		62
73,755		Corning, Inc		954
1,943	*	Cray, Inc		23
1,799		CTS Corp		17
2,087		Daktronics, Inc		14
708	*	Datalink Corp		7
71,625	*	Dell, Inc		897
3,067		Diebold, Inc		113
1,490	*	Digi International, Inc		15
2,450	*	Dolby Laboratories, Inc (Class A)		101

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,039	*	DTS, Inc	$	27
1,837	*	Echelon Corp		6
1,973	*	EchoStar Corp (Class A)		52
1,000		Electro Rent Corp		16
1,450		Electro Scientific Industries, Inc		17
2,122	*	Electronics for Imaging, Inc		34
100,383	*	EMC Corp		2,573
3,637	*	Emulex Corp		26
4,537	*	Extreme Networks, Inc		16
3,859	*	F5 Networks, Inc		384
1,026	*	Fabrinet		13
910	*	FARO Technologies, Inc		38
1,923	*	FEI Co		92
4,415	*	Finisar Corp		66
8,113		Flir Systems, Inc		158
3,288	*,e	Fusion-io, Inc		69
1,197	*	Globecomm Systems, Inc		12
1,328	*	GSI Group, Inc		15
5,307	*	Harmonic, Inc		23
5,532		Harris Corp		232
3,340	*	Harris Stratex Networks, Inc (Class A)		9
94,946		Hewlett-Packard Co		1,909
1,552	*	Imation Corp		9
1,615	*	Immersion Corp		9
5,305	*,e	Infinera Corp		36
7,086	*	Ingram Micro, Inc (Class A)		124
2,496	*	Insight Enterprises, Inc		42
2,201	e	InterDigital, Inc		65
2,592	*	Intermec, Inc		16
1,163	*	Intevac, Inc		9
1,784	*	InvenSense, Inc		20
1,555	*,e	IPG Photonics Corp		68
2,131	*	Itron, Inc		88
1,708	*	Ixia		21
8,999		Jabil Circuit, Inc		183
11,409	*	JDS Uniphase Corp		125
25,748	*	Juniper Networks, Inc		420
2,177	*	Kemet Corp		13
758	*	KVH Industries, Inc		9
852	*	LeCroy Corp		12
3,561		Lexmark International, Inc (Class A)		95
1,051		Littelfuse, Inc		60
522		Loral Space & Communications, Inc		35
1,385	*,e	Maxwell Technologies, Inc		9
742	*	Measurement Specialties, Inc		24
1,540	*	Mercury Computer Systems, Inc		20
126		Mesa Laboratories, Inc		6
2,035		Methode Electronics, Inc		17
6,577	e	Molex, Inc		157
12,484		Motorola, Inc		601
860		MTS Systems Corp		33
555	*	Multi-Fineline Electronix, Inc		14
4,591		National Instruments Corp		123
7,727	*	NCR Corp		176
1,120	*,e	Neonode, Inc		7
1,019	*,e	NeoPhotonics Corp Ltd		5
17,628	*	NetApp, Inc		561
1,861	*	Netgear, Inc		64
2,159	*	Newport Corp		26
496	*,e	Numerex Corp		5
2,560	*,e	OCZ Technology Group, Inc		14
1,210	*	Oplink Communications, Inc		16
970	*	OSI Systems, Inc		61
1,164		Park Electrochemical Corp		30

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,576	*	Parkervision, Inc	$	9
143		PC Connection, Inc		2
850		PC-Tel, Inc		5
2,022		Plantronics, Inc		68
1,613	*	Plexus Corp		46
8,460	*	Polycom, Inc		89
3,047	*,e	Power-One, Inc		14
950	*	Procera Networks, Inc		23
4,711	*	QLogic Corp		65
82,673		Qualcomm, Inc		4,603
11,444	*	Quantum Corp		23
1,782	*,e	Rackable Systems, Inc		11
1,200	*	Radisys Corp		8
1,970	*,e	RealD, Inc		29
717		Richardson Electronics Ltd		9
7,755	*	Riverbed Technology, Inc		125
1,445	*	Rofin-Sinar Technologies, Inc		27
790	*	Rogers Corp		31
11,574	*	SanDisk Corp		422
4,084	*	Sanmina-SCI Corp		33
930	*	Scansource, Inc		29
2,605	*	ShoreTel, Inc		11
11,025	*	Sonus Networks, Inc		24
2,145	*	STEC, Inc		17
954	*,e	Stratasys, Inc		47
1,355	*	Super Micro Computer, Inc		21
1,033		Sycamore Networks, Inc		15
2,360	*	Symmetricom, Inc		14
1,327	*,e	Synaptics, Inc		38
1,272	*	SYNNEX Corp		44
1,958	*	Tech Data Corp		94
18,322		Tellabs, Inc		61
824		Telular Corp		8
247		Tessco Technologies, Inc		5
6,200	*	Trimble Navigation Ltd		285
2,608	*	TTM Technologies, Inc		25
484	*,e	Ubiquiti Networks, Inc		7
1,939	*,e	Universal Display Corp		70
1,758	*	Viasat, Inc		66
128	*	Viasystems Group, Inc		2
7,054	*	Vishay Intertechnology, Inc		67
654	*	Vishay Precision Group, Inc		9
2,690	*	Westell Technologies, Inc		6
11,391	*	Western Digital Corp		347
65,455		Xerox Corp		515
2,509	*	Zebra Technologies Corp (Class A)		86
1,176	*	Zygo Corp		21
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		51,796
TELECOMMUNICATION SERVICES - 2.8%
3,067	*,e	8x8, Inc		13
1,168		AboveNet, Inc		98
283,931		AT&T, Inc		10,125
490		Atlantic Tele-Network, Inc		17
769	*,e	Boingo Wireless, Inc		9
662	*	Cbeyond Communications, Inc		5
29,915		CenturyTel, Inc		1,181
10,048	*	Cincinnati Bell, Inc		37
7,934	*,e	Clearwire Corp (Class A)		9
2,389	*	Cogent Communications Group, Inc		46
1,438	e	Consolidated Communications Holdings, Inc		21
14,234	*	Crown Castle International Corp		835
1,092	*,e	Fairpoint Communications, Inc		7

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
49,615	e	Frontier Communications Corp	$	190
2,090	*	General Communication, Inc (Class A)		17
705		HickoryTech Corp		8
609		IDT Corp (Class B)		6
1,613	*	inContact, Inc		8
2,276	*	Iridium Communications, Inc		20
3,287	*,e	Leap Wireless International, Inc		21
7,503	*	Level 3 Communications, Inc		166
757		Lumos Networks Corp		7
14,039	*	MetroPCS Communications, Inc		85
1,751	*	Neutral Tandem, Inc		23
8,600	*	NII Holdings, Inc (Class B)		88
757		NTELOS Holdings Corp		14
1,760	*	Orbcomm, Inc		6
3,214	*	Premiere Global Services, Inc		27
586	e	Primus Telecommunications Group, Inc		9
5,889	*	SBA Communications Corp (Class A)		336
854		Shenandoah Telecom Co		12
145,641	*	Sprint Nextel Corp		475
4,484		Telephone & Data Systems, Inc		95
1,746	*,e	Towerstream Corp		7
7,314	*	tw telecom inc (Class A)		188
432	*	US Cellular Corp		17
1,177		USA Mobility, Inc		15
137,544		Verizon Communications, Inc		6,113
7,062	*	Vonage Holdings Corp		14
28,704	e	Windstream Corp		277
		TOTAL TELECOMMUNICATION SERVICES		20,647
TRANSPORTATION - 1.9%
2,669	*	Air Transport Services Group, Inc		14
3,462	*	Alaska Air Group, Inc		124
2,122		Alexander & Baldwin Holdings, Inc		113
511	*	Allegiant Travel Co		36
407		Amerco, Inc		37
1,342		Arkansas Best Corp		17
1,336	*	Atlas Air Worldwide Holdings, Inc		58
4,223	*	Avis Budget Group, Inc		64
988		Celadon Group, Inc		16
7,902		CH Robinson Worldwide, Inc		463
2,731		Con-Way, Inc		99
1,607		Copa Holdings S.A. (Class A)		133
50,476		CSX Corp		1,129
42,755	*	Delta Air Lines, Inc		468
1,331	*	Dollar Thrifty Automotive Group, Inc		108
539	*	Echo Global Logistics, Inc		10
10,325		Expeditors International Washington, Inc		400
15,289		FedEx Corp		1,401
1,526		Forward Air Corp		49
1,322	*,e	Genco Shipping & Trading Ltd		4
1,775	*	Genesee & Wyoming, Inc (Class A)		94
2,405	*	Hawaiian Holdings, Inc		16
1,514		Heartland Express, Inc		22
12,337	*	Hertz Global Holdings, Inc		158
1,468	*	Hub Group, Inc (Class A)		53
357		International Shipholding Corp		7
4,369		J.B. Hunt Transport Services, Inc		260
9,209	*,e	JetBlue Airways Corp		49
5,349		Kansas City Southern Industries, Inc		372
2,711	*	Kirby Corp		128
3,018		Knight Transportation, Inc		48
2,283		Landstar System, Inc		118
232		Marten Transport Ltd		5

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
15,828		Norfolk Southern Corp	$	1,136
2,205	*	Old Dominion Freight Line		95
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		26
859	*	Rand Logistics, Inc		7
2,007	*	Republic Airways Holdings, Inc		11
437	*	Roadrunner Transportation Services Holdings, Inc		7
2,596		Ryder System, Inc		94
900	*	Saia, Inc		20
2,935		Skywest, Inc		19
37,318		Southwest Airlines Co		344
1,243	*	Spirit Airlines, Inc		24
2,248	*	Swift Transportation Co, Inc		21
16,141	*	UAL Corp		393
22,923		Union Pacific Corp		2,735
35,058		United Parcel Service, Inc (Class B)		2,761
200		Universal Truckload Services, Inc		3
7,760	*,e	US Airways Group, Inc		103
5,030		UTI Worldwide, Inc		73
2,203		Werner Enterprises, Inc		53
842	*	XPO Logistics, Inc		14
512	*,e	Zipcar, Inc		6
		TOTAL TRANSPORTATION		14,054
UTILITIES - 3.7%
32,364	*	AES Corp		415
5,564		AGL Resources, Inc		216
1,847		Allete, Inc		77
5,249		Alliant Energy Corp		239
12,180		Ameren Corp		408
23,557		American Electric Power Co, Inc		940
523		American States Water Co		21
8,445		American Water Works Co, Inc		290
6,719		Aqua America, Inc		168
366		Artesian Resources Corp		8
5,498		Atlantic Power Corp		70
4,376		Atmos Energy Corp		153
2,915		Avista Corp		78
2,076		Black Hills Corp		67
727	*,e	Cadiz, Inc		5
2,026		California Water Service Group		37
19,658	*	Calpine Corp		325
20,864		Centerpoint Energy, Inc		431
489		CH Energy Group, Inc		32
551		Chesapeake Utilities Corp		24
2,955		Cleco Corp		124
12,756		CMS Energy Corp		300
518		Connecticut Water Service, Inc		15
14,115		Consolidated Edison, Inc		878
892		Consolidated Water Co, Inc		7
339		Delta Natural Gas Co, Inc		7
27,760		Dominion Resources, Inc		1,499
8,310		DTE Energy Co		493
65,365		Duke Energy Corp		1,507
16,156		Edison International		746
1,646		El Paso Electric Co		55
1,386		Empire District Electric Co		29
8,537		Entergy Corp		580
41,239		Exelon Corp		1,551
20,676		FirstEnergy Corp		1,017

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
609		Genie Energy Ltd	$	5
6,564		Great Plains Energy, Inc		141
4,806		Hawaiian Electric Industries, Inc		137
2,426		Idacorp, Inc		102
3,799		Integrys Energy Group, Inc		216
2,482		ITC Holdings Corp		171
1,170		Laclede Group, Inc		47
9,189		MDU Resources Group, Inc		199
1,117		MGE Energy, Inc		53
813		Middlesex Water Co		16
3,522		National Fuel Gas Co		165
2,008		New Jersey Resources Corp		88
20,266		NextEra Energy, Inc		1,394
13,829		NiSource, Inc		342
15,327		Northeast Utilities		595
1,299		Northwest Natural Gas Co		62
1,761		NorthWestern Corp		65
11,948	*	NRG Energy, Inc		207
11,472		NV Energy, Inc		202
4,787		OGE Energy Corp		248
10,100		Oneok, Inc		427
919	e	Ormat Technologies, Inc		20
1,956		Otter Tail Corp		45
11,070		Pepco Holdings, Inc		217
19,496		PG&E Corp		883
3,475		Piedmont Natural Gas Co, Inc		112
5,314		Pinnacle West Capital Corp		275
4,395		PNM Resources, Inc		86
3,801		Portland General Electric Co		101
28,315		PPL Corp		787
14,443		Progress Energy, Inc		869
24,715		Public Service Enterprise Group, Inc		803
8,653		Questar Corp		181
37,408	*	RRI Energy, Inc		64
5,492		SCANA Corp		263
11,553		Sempra Energy		796
678		SJW Corp		16
1,513		South Jersey Industries, Inc		77
42,212		Southern Co		1,954
2,247		Southwest Gas Corp		98
10,471		TECO Energy, Inc		189
5,470		UGI Corp		161
2,458		UIL Holdings Corp		88
597		Unitil Corp		16
1,902		UNS Energy Corp		73
3,990		Vectren Corp		118
5,819		Westar Energy, Inc		174
2,570		WGL Holdings, Inc		102
11,258		Wisconsin Energy Corp		445
23,575		Xcel Energy, Inc		670
672	e	York Water Co		12
		TOTAL UTILITIES		27,389
		TOTAL COMMON STOCKS		732,869
		(Cost $516,296)
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
559	e,m	Magnum Hunter Resources Corp		0	^
		TOTAL ENERGY		0	^
		TOTAL RIGHTS / WARRANTS		0	^
		(Cost $0)

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
SHORT-TERM INVESTMENTS - 2.3%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.3%
16,588,077	c	TIAA-CREF Short Term Lending Portfolio of the State Street
		Navigator Securities Lending Trust	$	16,588
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		16,588
		TOTAL SHORT-TERM INVESTMENTS		16,588
		(Cost $16,588)
		TOTAL INVESTMENTS - 102.1%		749,457
		(Cost $532,884)
		OTHER ASSETS & LIABILITIES, NET - (2.1)%		(15,028	)
		NET ASSETS - 100.0%	$	734,429

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 securites on loan.

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $16,548,000.

m Indicates a security that has been deemed illiquid.

Cost amounts are in thousands.

48

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

Not Applicable.

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

Not Applicable.

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

Not Applicable.

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

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

Item 11. Controls and Procedures.

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

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Dated: August 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: August 16, 2012	By:	/s/ Roger W. Ferguson, Jr.
		Roger W. Ferguson, Jr.
		President and Chief Executive Officer
		(principal executive officer)

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

EXHIBIT INDEX

Item 12. Exhibits.

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

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

12(b) Section 906 certification

EX-99.12(A)(2)(I)

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Roger W. Ferguson, Jr., certify that:

1. I have reviewed this report on Form N-CSR of the TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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

EX-99.12(A)(2)(II)

Exhibit 12(a)(2)(ii)

CERTIFICATION

I, Phillip G. Goff, certify that:

1. I have reviewed this report on Form N-CSR of the TIAA Separate Account VA-1;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: August 16, 2012	/s/ Phillip G. Goff
	Phillip G. Goff
	Chief Financial Officer, Principal Accounting
	Officer and Treasurer
	(principal financial officer)

EX-99.12(B)

Exhibit 12(b)

CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the TIAA Separate Account VA-1 does hereby certify, to such officer’s knowledge, that:

This report on Form N-CSR of the TIAA Separate Account VA-1 (the “Account”) (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Funds.

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

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