N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number   File No. 811-08520

TIAA SEPARATE ACCOUNT VA-1

(Exact name of Registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

c/o TIAA-CREF

8500 Andrew Carnegie Blvd.

Charlotte, NC 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2014

Item 1. Reports to Stockholders.

2014 Semiannual Report

TIAA Separate Account VA-1

June 30, 2014

Financial statements (unaudited)

Stock Index Account

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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, 2014. 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, 2014.

  • 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
	Statements of changes in net assets	12
	Financial highlights	14
	Notes to financial statements	16
	Management committee renewal of the investment management agreement	23
	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:

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

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

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

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

  • From the SEC’s Office of Investor Education and Advocacy.

    (Call 202 551-8090 for more information.)

Proxy voting

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

Contacting TIAA-CREF

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

Account management

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

TIAA Separate Account VA-1  §  2014 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, 2014–June 30, 2014).

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    2014 Semiannual Report  §  TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended June 30, 2014

Stock Index Account	Beginning account value (1/1/14)		Ending account value (6/30/14)		Expenses paid during period* (1/1/14–6/30/14)
Actual return		$1,000.00		$1,065.27		$3.84
5% annual hypothetical return		1,000.00		1,021.08		3.76

* “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 181/365. There were 181 days in the six months ended June 30, 2014. 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 any index. Index returns do not include a deduction for fees or expenses.

The Russell 3000 Index is a trademark/service mark of the Russell Investment Group. The Russell Investment Group is the owner of the copyrights relating to the Russell Indexes and is the source and owner of the data contained or reflected in the performance values relating to the Russell Indexes. The account is not promoted by, nor in any way affiliated with, the Russell Investment Group. The Russell Investment Group is not responsible for and has not reviewed the account nor any associated literature or publications and the Russell Investment Group makes no representation or warranty, express or implied, as to their accuracy, or completeness.

Russell reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indexes. Russell has no obligation to take the needs of any particular account or its participants or any other product or person into consideration in determining, composing or calculating any of the Russell Indexes.

Russell’s publication of the Russell Indexes in no way suggests or implies an opinion by Russell as to the attractiveness or appropriateness of investment in any or all securities upon which the Russell Indexes are based. RUSSELL MAKES NO REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE USE OR THE RESULTS OF USE OF THE RUSSELL INDEXES OR ANY DATA INCLUDED THEREIN, OR ANY SECURITIES (OR COMBINATION THEREOF) COMPRISING THE RUSSELL INDEXES. RUSSELL MAKES NO OTHER EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIMS ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANT ABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RUSSELL INDEX(ES) OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.

TIAA Separate Account VA-1  §  2014 Semiannual Report     3

Stock Index Account

Performance for the six months ended June 30, 2014

The Stock Index Account returned 6.53% for the period, compared with the 6.94% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2014, the account returned 24.24%, versus 25.22% for the index.

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

The broad U.S. stock market, as measured by the Russell 3000 Index, rose 6.94% in the first half of 2014. Investors were emboldened by the strengthening domestic economy—a drop in unemployment and a rise in housing prices and consumer spending—and efforts by the Federal Reserve to stimulate economic activity by keeping interest rates low. Large-cap stocks outperformed the broad equity market and outpaced small caps by more than four percentage points.

Within the Russell 3000 index, value equities gained 7.95%, outperforming the 5.98% return of growth stocks and the broad market. (Returns by investment style and market capitalization are based on the Russell indexes.)

Defensive utilities and energy sectors outperform

For the six months, all ten industry sectors of the Russell 3000 Index posted positive returns, with three generating double-digit gains. Utilities performed the best, returning 18.0%. Additional lift was provided by the energy, health care and materials sectors, which returned 14.0%, 10.2% and 8.3%, respectively. Together, these four sectors represented more than one-half of the benchmark’s total market capitalization on June 30, 2014.

Intercept Pharmaceuticals, American Airlines and entertainment conglomerate Liberty Global were among the top performers in the index.

The worst-performing sectors for the period included consumer discretionary, industrials and telecommunication services, which returned 1.0%, 3.9% and 4.4%, respectively. Loan service provider Navient and ARIAD Pharmaceuticals were among the stocks limiting the index’s return.

4    2014 Semiannual Report  §  TIAA Separate Account VA-1

Stock Index Account

Performance as of June 30, 2014

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Account		11/1/1994		6.53	%		24.24	%		18.47	%		7.53	%
Russell 3000 Index		—		6.94			25.22			19.33			8.23

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 any index. Index returns do not include a deduction for fees or expenses.

Portfolio composition

Sector	% of net assets as of 6/30/2014
Information technology		18.1
Financials		17.8
Health care		12.9
Consumer discretionary		12.3
Industrials		11.5
Energy		9.7
Consumer staples		8.2
Materials		3.9
Utilities		3.1
Telecommunication services		2.2
Short-term investments, other assets & liabilities, net		0.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2014
More than $50 billion		48.8
More than $15 billion–$50 billion		23.4
More than $2 billion–$15 billion		22.8
$2 billion or less		5.0
Total		100.0

TIAA Separate Account VA-1  §  2014 Semiannual Report     5

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2014

Shares			Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	11,928		1.2	%
	BANKS
	464,159		Bank of America Corp		7,134		0.7
	134,087		Citigroup, Inc		6,316		0.6
	167,042		JPMorgan Chase & Co		9,625		1.0
	213,841		Wells Fargo & Co		11,239		1.2
			Other		22,938		2.4
					57,252		5.9
	CAPITAL GOODS
	28,875		3M Co		4,136		0.4
	32,299		Boeing Co		4,110		0.4
	442,623		General Electric Co		11,632		1.2
	40,462		United Technologies Corp		4,671		0.5
			Other		54,323		5.6
					78,872		8.1
	COMMERCIAL & PROFESSIONAL SERVICES				11,013		1.1
	CONSUMER DURABLES & APPAREL				14,590		1.5
	CONSUMER SERVICES
	43,622		McDonald’s Corp		4,394		0.4
			Other		16,394		1.7
					20,788		2.1
	DIVERSIFIED FINANCIALS
	40,036		American Express Co		3,798		0.4
	32,597	e	iShares Russell 3000 Index Fund		3,838		0.4
			Other		32,716		3.4
					40,352		4.2
	ENERGY
	84,026		Chevron Corp		10,970		1.1
	54,239		ConocoPhillips		4,650		0.5
	189,545	d	Exxon Mobil Corp		19,083		1.9
	35,714		Occidental Petroleum Corp		3,665		0.4
	57,404		Schlumberger Ltd		6,771		0.7
			Other		49,858		5.1
					94,997		9.7
	FOOD & STAPLES RETAILING
	51,613		CVS Corp		3,890		0.4
	70,327		Wal-Mart Stores, Inc		5,280		0.5
			Other		9,582		1.0
					18,752		1.9
	FOOD, BEVERAGE & TOBACCO
	87,684		Altria Group, Inc		3,678		0.4
	169,967		Coca-Cola Co		7,200		0.7
	68,694		PepsiCo, Inc		6,137		0.6

6 2014 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2014

Shares			Company	Value (000)		% of net assets
	FOOD, BEVERAGE & TOBACCO—continued
	69,424		Philip Morris International, Inc	$	5,853		0.6	%
			Other		21,008		2.2
					43,876		4.5
	HEALTH CARE EQUIPMENT & SERVICES				43,653		4.5
	HOUSEHOLD & PERSONAL PRODUCTS
	119,441		Procter & Gamble Co		9,387		1.0
			Other		7,710		0.8
					17,097		1.8
	INSURANCE
	80,076	*	Berkshire Hathaway, Inc (Class B)		10,135		1.0
			Other		29,233		3.0
					39,368		4.0
	MATERIALS				37,607		3.9
	MEDIA
	114,328		Comcast Corp (Class A)		6,137		0.6
	76,445		Walt Disney Co		6,554		0.7
			Other		21,002		2.2
					33,693		3.5
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	70,188		AbbVie, Inc		3,961		0.4
	33,417		Amgen, Inc		3,956		0.4
	72,878		Bristol-Myers Squibb Co		3,535		0.4
	67,747	*	Gilead Sciences, Inc		5,617		0.6
	124,914		Johnson & Johnson		13,069		1.3
	128,988		Merck & Co, Inc		7,462		0.8
	281,541		Pfizer, Inc		8,356		0.8
			Other		36,071		3.7
					82,027		8.4
	REAL ESTATE				36,231		3.7
	RETAILING
	16,582	*	Amazon.com, Inc		5,385		0.5
	60,366		Home Depot, Inc		4,887		0.5
			Other		29,300		3.0
					39,572		4.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	219,719		Intel Corp		6,789		0.7
			Other		16,370		1.6
					23,159		2.3
	SOFTWARE & SERVICES
	87,150	*	Facebook, Inc		5,864		0.6
	12,231	*	Google, Inc		7,036		0.7
	12,389	*	Google, Inc (Class A)		7,243		0.7

See notes to financial statements TIAA Separate Account VA-1   §   2014 Semiannual Report 7

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2014

Shares			Company		Value (000)			% of net assets
	SOFTWARE & SERVICES—continued
	41,996		International Business Machines Corp		$	7,613			0.8	%
	364,600		Microsoft Corp			15,204			1.6
	144,967		Oracle Corp			5,875			0.6
	23,201		Visa, Inc (Class A)			4,889			0.5
			Other			44,233			4.5
						97,957			10.0
	TECHNOLOGY HARDWARE & EQUIPMENT
	266,137		Apple, Inc			24,732			2.5
	226,096		Cisco Systems, Inc			5,618			0.6
	74,505		Qualcomm, Inc			5,901			0.6
			Other			19,971			2.1
						56,222			5.8
	TELECOMMUNICATION SERVICES
	229,104		AT&T, Inc			8,101			0.9
	182,776		Verizon Communications, Inc			8,943			0.9
			Other			4,114			0.4
						21,158			2.2
	TRANSPORTATION
	39,978		Union Pacific Corp			3,988			0.4
			Other			18,069			1.9
						22,057			2.3
	UTILITIES					30,551			3.1
			TOTAL COMMON STOCKS	(Cost $487,767)		972,772			99.7
	RIGHTS/WARRANTS
	ENERGY					0	^		0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1			0.0
	TELECOMMUNICATION SERVICES					6			0.0
			TOTAL RIGHTS/WARRANTS	(Cost $6)		7			0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	25,816,444	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust			25,816			2.6
						25,816			2.6
			TOTAL SHORT-TERM INVESTMENTS	(Cost $25,816)		25,816			2.6
			TOTAL PORTFOLIO	(Cost $513,589)		998,595			102.3
			OTHER ASSETS & LIABILITIES, NET			(22,929	)		(2.3	)
			NET ASSETS		$	975,666			100.0	%

8 2014 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2014

* Non-income producing.

^ Amount represents less than $1,000.

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

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan, including those in “Other,” is $25,232,000.

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

Cost amounts are in thousands.

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

See notes to financial statements TIAA Separate Account VA-1   §   2014 Semiannual Report 9

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2014

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	998,595
Cash		3,166
Dividends and interest receivable		1,071
Receivable from securities transactions		18,217
Other		105
Total assets		1,021,154
LIABILITIES
Payable for collateral for securities loaned		25,816
Payable for securities transactions		18,246
Due to affiliates		1,334
Other		92
Total liabilities		45,488
NET ASSETS
Accumulation Fund	$	975,666
Accumulation units outstanding		6,734
Accumulation unit value		$144.88
*    Portfolio investments, at cost	$	513,589
†       Includes securities loaned of	$	25,232

10 2014 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, 2014

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	8,943
Income from securities lending		147
Total income		9,090
EXPENSES
Administrative		930
Investment advisory		1,396
Mortality and expense risk charges		1,861
Total expenses		4,187
Less: Expense waiver by investment adviser		(698	)
Net expenses		3,489
Net investment income (loss)		5,601
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		18,867
Futures transactions		35
Net realized gain (loss) on total investments		18,902
Change in unrealized appreciation (depreciation) on:
Portfolio investments		35,549
Futures transactions		17
Net change in unrealized appreciation (depreciation) on total investments		35,566
Net realized and unrealized gain (loss) on total investments		54,468
Net increase (decrease) in net assets from operations	$	60,069
*    Net of foreign withholding taxes of	$	3

See notes to financial statements TIAA Separate Account VA-1   §   2014 Semiannual Report 11

Statements of changes in net assets

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

	Stock Index Account
(amounts in thousands)	June 30, 2014			December 31, 2013
	(unaudited)
OPERATIONS
Net investment income (loss)	$	5,601		$	10,668
Net realized gain (loss) on total investments		18,902			24,032
Net change in unrealized appreciation (depreciation) on total investments		35,566			202,253
Net increase (decrease) in net assets from operations		60,069			236,953
FROM CONTRACTOWNER TRANSACTIONS
Premiums		16,131			33,972
Withdrawals and death benefits		(35,997	)		(87,901	)
Net increase (decrease) from contractowner transactions		(19,866	)		(53,929	)
Net increase (decrease) in net assets		40,203			183,024
NET ASSETS
Beginning of period		935,463			752,439
End of period	$	975,666		$	935,463
ACCUMULATION UNITS
Units purchased		117			284
Units sold		(261	)		(738	)
OUTSTANDING
Beginning of period		6,878			7,332
End of period		6,734			6,878

12 2014 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

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TIAA Separate Account VA-1   §   2014 Semiannual Report 13

Financial highlights

TIAA Separate Account VA-1

				Selected per accumulation unit data
				Gain (loss) from investment operations
	For the period or year ended			Investment incomeh		Expensesh		Net investment incomeh		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value		Accumulation unit value beginning of period
STOCK INDEX ACCOUNT
		6/30/14	#	$	1.334	$	0.512	$	0.822	$	8.054		$	8.876	$	136.000
		12/31/13			2.402		0.896		1.506		31.870			33.376		102.624
		12/31/12			2.256		0.735		1.521		12.334			13.855		88.769
		12/31/11			1.754		0.671		1.083		(0.755	)		0.328		88.441
		12/31/10			1.542		0.591		0.951		11.319			12.270		76.171
		12/31/09			1.413		0.452		0.961		15.456			16.417		59.754

^#  Unaudited

^b  The percentages shown for this period are not annualized.

^c  The percentages shown for this period are annualized.

^h  Based on average units outstanding.

ⁱ  Based on per accumulation unit data.

14 2014 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

					Ratios and supplemental data
					Ratios to average net assets
Accumulation unit value end of period		Total returni			Gross expenses			Net expenses			Net investment income			Portfolio turnover rate			Accumulation units outstanding end of period (in millions)		Net assets at the end of period (in millions)
	$144.876		6.53	%b		0.90	%c		0.75	%c		1.20	%c		4	%b		7	$	976
	136.000		32.53			0.90			0.75			1.26			7			7		935
	102.624		15.60			0.90			0.75			1.55			7			7		752
	88.769		0.37			0.90			0.75			1.21			6			8		699
	88.441		16.11			0.90			0.75			1.21			10			8		745
	76.171		27.48			0.90			0.71			1.50			6			9		680

See notes to financial statements TIAA Separate Account VA-1   §   2014 Semiannual Report 15

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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Account determines the existence of a dividend declaration after exercising reasonable due diligence. 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 gains are recorded as a reduction of cost of investments and/or as a realized gain.

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. The Account files an income tax return in U.S. federal jurisdictions and applicable state and local jurisdictions. The Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Account’s tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Account’s financial statements.

16 2014 Semiannual Report   §   TIAA Separate Account VA-1

Management committee compensation: The members of the Management Committee (“Committee”), all of whom are independent, receive certain remuneration for their services, plus travel and other expenses. Managers may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, managers participate in a long-term compensation plan. Amounts deferred are retained by the Account until paid. The investment of deferred amounts and the offsetting payable to the managers are included in other assets and other liabilities in the accompanying Statement of Assets and Liabilities.

New accounting pronouncement: In June 2013, the Financial Accounting Standards Board issued Accounting Standard Update No. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements (the “Update”). The Update modifies the criteria used in determining an investment company under U.S. GAAP and establishes certain measurement and disclosure requirements. The Update establishes that an entity regulated under the 1940 Act is automatically an investment company under U.S. GAAP. The Update is effective for interim and annual reporting periods beginning after December 15, 2013. The Account adopted the update for this semiannual report. The adoption of the Update did not have a material impact on 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 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

TIAA Separate Account VA-1   §   2014 Semiannual Report 17

Notes to financial statements (unaudited)

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.

Short-term investments: Short-term investments, excluding investments in registered investment companies, with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity. 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, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized in Level 1 of the fair value hierarchy.

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

Transfers between levels are recognized at the end of the reporting period. For the period ended June 30, 2014, there were no material transfers between levels by the Account.

18 2014 Semiannual Report   §   TIAA Separate Account VA-1

continued

The following table summarizes the market value of the Account’s investments as of June 30, 2014, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1		Level 2		Level 3		Total
Equity investments:
Health care	$	125,679	$	—	$	1	$	125,680
Telecommunication services		21,158		—		6		21,164
All other equity investments*		825,935		—		—		825,935
Short-term investments		25,816		—		—		25,816
Futures**		18		—		—		18
Total	$	998,606	$	—	$	7	$	998,613

* For detailed categories, see the accompanying Summary portfolio of investments

** Derivative instruments are not reflected in the Summary portfolio of investments.

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.

At June 30, 2014, the Account has invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows (dollar amounts are in thousands):

	Asset derivatives
Derivative contracts	Location		Fair value amount
Equity contracts		Futures*		$18

* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the receivable for variation margin on open futures contracts.

For the period ended June 30, 2014, the effect of derivative contracts on the Account’s Statement of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location		Realized gain (loss)		Change in unrealized appreciation (depreciation)
Equity contracts		Futures transactions	$	35	$	17

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/

TIAA Separate Account VA-1   §   2014 Semiannual Report 19

Notes to financial statements (unaudited)

index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting 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, 2014, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2014, the Account held the following open futures contracts (dollar amounts are in thousands):

Futures	Number of contracts		Settlement value		Expiration date		Unrealized gain (loss)
S&P 500 Index E-mini		21	$	2,050		September 2014	$	18

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 by TIAA-CREF Individual & Institutional Services, LLC (“Services”). Services is a wholly owned subsidiary 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 voluntarily 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. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period.

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.

20 2014 Semiannual Report   §   TIAA Separate Account VA-1

continued

Note 5—investments

Securities lending: The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. 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 (“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 recognized by the Account consist of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

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, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $485,006,000 consisting of gross unrealized appreciation of $515,533,000 and gross unrealized depreciation of $(30,527,000).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended June 30, 2014 were $40,481,000 and $56,626,000, respectively.

Note 6—line of credit

The Account participates in a $1.5 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of contractowner withdrawals. This facility expired June 2014. A new facility was entered into on June 24, 2014 expiring June 23, 2015. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or funds at a specified rate of interest. The Account is not liable for

TIAA Separate Account VA-1   §   2014 Semiannual Report 21

Notes to financial statements (unaudited) concluded

borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2014, 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 managers and officers of the Account are indemnified against certain liabilities that may arise out of their duties to the Account. However, based on experience, the Account expects the risk of loss due to these warranties and indemnities to be unlikely.

22 2014 Semiannual Report   §   TIAA Separate Account VA-1

Management committee renewal of the
investment management agreement (unaudited)

Among its other duties, the Management Committee (the “Committee” or the “Managers”) of 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 advisory 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 for the Separate Account will remain in effect only if the Committee, including a majority of those Managers 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, annually renews that Agreement. All of the Managers are deemed to be independent persons for this purpose.

Overview of the renewal process

The Committee held meetings on March 14, 2014 and March 27, 2014, at which it considered the annual renewal of the Agreement with respect to the Separate Account using its previously-established process. As part of this process, the Committee delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with TAI, other Committee members and legal counsel to the Managers to develop guidelines and specific requests relating to the types of information to be provided to the Committee in connection with the proposed contract renewals. The Operations Committee also had worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Operations Committee and the Management Committee during the 2013 renewal process. During a series of meetings held prior to the March 14 and March 27, 2014 Management Committee meetings, the Operations Committee, along with other Committees of the Management Committee, as applicable, had reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Managers, legal counsel to the Managers 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 the Committee with respect to the Separate Account by the Global Fiduciary Review unit of Lipper, Inc. (“Lipper”). Lipper is an independent provider of investment company data that is widely recognized as a leading source of independent data used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidelines provided by the Operations Committee on behalf of the Committee, Lipper produced, among other information, performance and expense comparison data regarding the Separate Account, including data relating to the

TIAA Separate Account VA-1   §   2014 Semiannual Report 23

Management committee renewal of the
investment management agreement (unaudited)

Separate Account’s management fee rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission cost. 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 with similar investment objectives and strategies that underlie variable products, each of which was selected by Lipper, and, in the case of the investment performance data, against the Russell 3000^® Index. In each case, Lipper summarized the methodologies it employed 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 group and universe and that it did so in a manner that was not intended to produce biased results for its clients.

Among other matters, the Committee also requested and reviewed various information provided by TAI to facilitate the Managers’ 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 Committee recognized that different Managers could, and likely would, give different weight to different factors when evaluating the profits, if any, realized or anticipated to be realized by TAI, which is also true of their assessment of the Separate Account’s management fee rate and other aspects of the proposed renewal of the Agreement.

In advance of the Committee meetings held on March 14 and March 27, 2014, legal counsel for the Managers 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, together with an explanation of any events that had a material impact on the Separate Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or 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

24 2014 Semiannual Report   §   TIAA Separate Account VA-1

continued

interest identified by TAI in connection with rendering services to the Separate Account; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related service agreements between the Separate Account and affiliates of TAI; (8) a copy of TAI’s Form ADV registration statement as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Managers); 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 reviewed various factors with respect to the Separate Account, including: (1) the nature, extent and quality of services provided or to be 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, the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Separate Account and recently implemented changes to the methodology utilized to allocate costs to the Separate Account; (4) fees charged by other advisers; (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 Fund 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 Board took into account the information described above, other information provided to the Committee in connection with this process, and relevant information provided to the Committee 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, 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 27, 2014, the Committee voted unanimously to renew the Agreement for the Separate Account. Set forth below are certain general factors the Committee considered, followed by a summary of certain specific factors the Committee considered specifically related to the Separate Account.

TIAA Separate Account VA-1   §   2014 Semiannual Report 25

Management committee renewal of the
investment management agreement (unaudited)

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 and its affiliates also manage the College Retirement Equities Fund (“CREF”) Accounts, the TIAA-CREF Life Funds and the TIAA-CREF 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 portfolio; active daily monitoring of the investment portfolio 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 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 the periods indicated in the synopsis below. The Committee considered the Separate Account’s performance as compared to its peer universe and its benchmark index. The Board also reviewed the performance of the Separate Account before any reductions for fees or expenses. This analysis considered the impact of net asset value rounding and excluded the effects of fair valuation, securities lending and class action litigation on the Separate Account’s performance as compared to the performance of its benchmark 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 and certain other relevant factors) and the Separate Account ranked in the top three performance quintiles versus its peer universe of mutual funds that underlie variable products in all reported time periods except the ten-year period. (For additional detail regarding the Separate Account’s performance, see the synopsis below.) Thus, the Committee concluded that, under the totality of circumstances considered, the 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 2013 with respect to the Separate Account based upon the cost

26 2014 Semiannual Report   §   TIAA Separate Account VA-1

continued

allocation methodology utilized by TAI and its affiliates in 2013, as well as the new methodology to be utilized in 2014. The Committee acknowledged the reasonableness of having management fee rates which permit 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, but expected profits to decrease in the future under the new cost allocation methodology.

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, as analyzed by Lipper. The Board determined that the management fee rate charged to the Separate Account under the Agreement typically was lower than the management fee rates charged by many or most other 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 are set and potentially material differences between the Separate Account and its comparable mutual funds. Additionally, the Committee also 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 rates under the Agreement with respect to the Separate Account were within an acceptable range in relation to those charged by appropriate groups of comparable mutual funds.

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 comparable to peer groups of mutual funds that underlie variable products. The Committee also noted that economies of scale were unlikely to be generated with respect to the Separate Account since its assets were unlikely to grow given that it was no longer being actively sold. 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 its current asset level.

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

TIAA Separate Account VA-1   §   2014 Semiannual Report 27

Management committee renewal of the
investment management agreement (unaudited)

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.

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 the TIAA-CREF Funds, TIAA-CREF Life Funds and CREF Accounts. 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 are ended December 31, 2013. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The term “gross performance” as utilized below means a Fund’s performance without any reductions for fees or expenses.

Statements below regarding “net profit” refer to the fact that TAI earned a profit for the services that it rendered to the Separate Account during 2013 under the Agreement. For reference, one basis point is equal to 0.01%.

• The Separate Account’s annual contractual management fee rate is 0.30% of average daily net assets, but is waived by TAI to an annual fee of 0.15% of average daily net assets.

• The Separate Account’s total expenses and actual management fees were in the 5th and 1st quintiles, respectively, of the group of comparable funds selected by Lipper for expense comparison purposes and the universe of comparable funds selected by Lipper for expense comparison purposes, respectively.

28 2014 Semiannual Report   §   TIAA Separate Account VA-1

concluded

• The Separate Account did not have a group of comparable funds selected by Lipper for performance comparison purposes. The Fund was in the 2nd, 2nd, 3rd and 4th quintiles of the universe of comparable funds selected by Lipper for performance comparison purposes for the one-, three-, five- and ten-year periods, respectively.

• For the one- and three-year periods, the Separate Account’s relative gross performance as compared to its benchmark, the Russell 3000^® Index, was –3 and +5 basis points, respectively.

• The Separate Account received an Overall Morningstar Rating of 5 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.

TIAA Separate Account VA-1   §   2014 Semiannual Report 29

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How to reach us

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You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit tiaa-cref.org, or call 800 223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service oractivity,and may lose value.TIAA-CREF Brokerage

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

^©2014 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017-3206.

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C17714 A10938 (8/14)

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, 2014

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.7%
AUTOMOBILES & COMPONENTS - 1.2%
3,241	*	American Axle & Manufacturing Holdings, Inc	$	61
10,302		BorgWarner, Inc		672
2,813		Cooper Tire & Rubber Co		84
605	*	Cooper-Standard Holding, Inc		40
6,736		Dana Holding Corp		164
1,200	*,e	Dorman Products, Inc		59
1,013		Drew Industries, Inc		51
1,256	*	Federal Mogul Corp (Class A)		25
171,512		Ford Motor Co		2,957
520	*	Fox Factory Holding Corp		9
735	*	Fuel Systems Solutions, Inc		8
70,772		General Motors Co		2,569
6,807		Gentex Corp		198
1,535	*	Gentherm, Inc		68
10,982		Goodyear Tire & Rubber Co		305
9,642		Harley-Davidson, Inc		674
29,320		Johnson Controls, Inc		1,464
3,584		Lear Corp		320
2,342	*	Modine Manufacturing Co		37
670	*	Motorcar Parts of America, Inc		16
641		Remy International, Inc		15
357	*	Shiloh Industries, Inc		7
1,983		Spartan Motors, Inc		9
909		Standard Motor Products, Inc		41
1,336	*	Stoneridge, Inc		14
157		Strattec Security Corp		10
1,205		Superior Industries International, Inc		25
2,780	*	Tenneco, Inc		183
4,193	*,e	Tesla Motors, Inc		1,007
2,018		Thor Industries, Inc		115
897	*	Tower International, Inc		33
4,890	*	TRW Automotive Holdings Corp		438
2,234	*	Visteon Corp		217
1,327	*	Winnebago Industries, Inc		33
		TOTAL AUTOMOBILES & COMPONENTS		11,928
BANKS - 5.9%
810		1st Source Corp		25
1,172		1st United Bancorp, Inc		10
374		American National Bankshares, Inc		8
1,244	*	Ameris Bancorp		27
387	e	Ames National Corp		9
1,475		Apollo Residential Mortgage		25
597	e	Arrow Financial Corp		15
7,538		Associated Banc-Corp		136
4,208		Astoria Financial Corp		57
1,300	e	Banc of California, Inc		14
333		Bancfirst Corp		21
1,517		Banco Latinoamericano de Exportaciones S.A. (Class E)		45
4,426		Bancorpsouth, Inc		109
2,688		Bank Mutual Corp		16
464,159		Bank of America Corp		7,134
2,053		Bank of Hawaii Corp		120
291		Bank of Kentucky Financial Corp		10
288		Bank of Marin Bancorp		13

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,526		Bank of the Ozarks, Inc	$	118
1,044		BankFinancial Corp		12
2,795		BankUnited		94
824		Banner Corp		33
31,706		BB&T Corp		1,250
3,505		BBCN Bancorp, Inc		56
316	*	BBX Capital Corp		6
1,295	*	Beneficial Mutual Bancorp, Inc		18
1,072		Berkshire Hills Bancorp, Inc		25
812		BNC Bancorp		14
559	*	BofI Holding, Inc		41
1,204		BOK Financial Corp		80
3,543		Boston Private Financial Holdings, Inc		48
354		Bridge Bancorp, Inc		8
475	*	Bridge Capital Holdings		11
3,533		Brookline Bancorp, Inc		33
630		Bryn Mawr Bank Corp		18
460		Camden National Corp		18
1,121	*	Capital Bank Financial Corp		26
831		Capital City Bank Group, Inc		12
5,890		Capitol Federal Financial		72
1,503		Cardinal Financial Corp		28
1,376	*	Cascade Bancorp		7
3,338		Cathay General Bancorp		85
1,148		Centerstate Banks of Florida, Inc		13
987		Central Pacific Financial Corp		20
152		Century Bancorp, Inc		5
1,050		Charter Financial Corp		12
1,616		Chemical Financial Corp		45
8,710		CIT Group, Inc		399
134,087		Citigroup, Inc		6,316
533		Citizens & Northern Corp		10
726	e	City Holding Co		33
2,136		City National Corp		162
856		Clifton Bancorp, Inc		11
498		CNB Financial Corp		8
1,740		CoBiz, Inc		19
2,323		Columbia Banking System, Inc		61
8,538		Comerica, Inc		428
3,590		Commerce Bancshares, Inc		167
1,740		Community Bank System, Inc		63
1,103		Community Trust Bancorp, Inc		38
449	*,e	CommunityOne Bancorp		4
645	*	ConnectOne Bancorp, Inc		12
193		ConnectOne Bancorp, Inc (Old)		10
411	*	CU Bancorp		8
2,336		Cullen/Frost Bankers, Inc		185
1,005	*	Customers Bancorp, Inc		20
4,428		CVB Financial Corp		71
1,609		Dime Community Bancshares		25
946	*	Eagle Bancorp, Inc		32
7,192		East West Bancorp, Inc		252
301		Enterprise Bancorp, Inc		6
828		Enterprise Financial Services Corp		15
670		ESB Financial Corp		9
1,839	*	Essent Group Ltd		37
3,701		EverBank Financial Corp		75
384		Federal Agricultural Mortgage Corp (Class C)		12
470		Fidelity Southern Corp		6
37,559		Fifth Third Bancorp		802
664		Financial Institutions, Inc		16
720		First Bancorp (NC)		13
4,520	*	First Bancorp (Puerto Rico)		25
498		First Bancorp, Inc		9
3,831		First Busey Corp		22

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
180		First Business Financial Services, Inc	$	8
334		First Citizens Bancshares, Inc (Class A)		82
4,700		First Commonwealth Financial Corp		43
680		First Community Bancshares, Inc		10
886		First Connecticut Bancorp		14
510		First Defiance Financial Corp		15
2,653		First Financial Bancorp		46
2,876	e	First Financial Bankshares, Inc		90
590		First Financial Corp		19
814		First Financial Northwest, Inc		9
10,417		First Horizon National Corp		124
654		First Interstate Bancsystem, Inc		18
1,580		First Merchants Corp		33
3,929		First Midwest Bancorp, Inc		67
670	*	First NBC Bank Holding Co		22
15,757		First Niagara Financial Group, Inc		138
288		First of Long Island Corp		11
6,074		First Republic Bank		334
8,203		FirstMerit Corp		162
890	*	Flagstar Bancorp, Inc		16
1,327		Flushing Financial Corp		27
7,364		FNB Corp		94
752		Fox Chase Bancorp, Inc		13
689	*	Franklin Financial Corp		15
8,756		Fulton Financial Corp		108
602		German American Bancorp, Inc		16
3,468		Glacier Bancorp, Inc		98
500		Great Southern Bancorp, Inc		16
710		Guaranty Bancorp		10
3,896		Hancock Holding Co		138
1,525		Hanmi Financial Corp		32
928		Heartland Financial USA, Inc		23
1,007		Heritage Commerce Corp		8
1,277		Heritage Financial Corp		21
917	*	Heritage Oaks Bancorp		7
2,256		Home Bancshares, Inc		74
3,132		Home Loan Servicing Solutions Ltd		71
444		HomeStreet, Inc		8
980	*	HomeTrust Bancshares, Inc		15
259		Horizon Bancorp		6
23,813		Hudson City Bancorp, Inc		234
754		Hudson Valley Holding Corp		14
38,444		Huntington Bancshares, Inc		367
1,370		IBERIABANK Corp		95
1,031		Independent Bank Corp (MA)		40
1,023	*	Independent Bank Corp (MI)		13
406		Independent Bank Group, Inc		23
2,385		International Bancshares Corp		64
9,196		Investors Bancorp, Inc		102
167,042		JPMorgan Chase & Co		9,625
638	*	Kearny Financial Corp		10
38,977		Keycorp		558
890	*	Ladder Capital Corp		16
1,185		Lakeland Bancorp, Inc		13
734		Lakeland Financial Corp		28
5,743	e	M&T Bank Corp		712
1,090	e	Macatawa Bank Corp		5
731		MainSource Financial Group, Inc		13
2,798		MB Financial, Inc		76
724		Mercantile Bank Corp		17
273		Merchants Bancshares, Inc		9
249	*	Meridian Interstate Bancorp, Inc		6
241		Meta Financial Group, Inc		10
14,797	*	MGIC Investment Corp		137
265		Midsouth Bancorp, Inc		5

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
334		MidWestOne Financial Group, Inc	$	8
190	e	NASB Financial, Inc		4
2,387		National Bank Holdings Corp		48
357		National Bankshares, Inc		11
6,208		National Penn Bancshares, Inc		66
928	*,e	Nationstar Mortgage Holdings, Inc		34
1,992		NBT Bancorp, Inc		48
19,210	e	New York Community Bancorp, Inc		307
1,173	*	NewBridge Bancorp		9
2,265	*	NMI Holdings, Inc		24
2,646		Northfield Bancorp, Inc		35
302		Northrim BanCorp, Inc		8
4,319		Northwest Bancshares, Inc		59
741		OceanFirst Financial Corp		12
4,688	*	Ocwen Financial Corp		174
2,272		OFG Bancorp		42
343		Old Line Bancshares, Inc		5
4,647		Old National Bancorp		66
700		OmniAmerican Bancorp, Inc		17
232	*	Opus Bank		7
2,090		Oritani Financial Corp		32
991		Pacific Continental Corp		14
726	*	Pacific Premier Bancorp, Inc		10
4,503		PacWest Bancorp		194
529	e	Park National Corp		41
1,481		Park Sterling Bank		10
534		Peapack Gladstone Financial Corp		11
221		Penns Woods Bancorp, Inc		10
720	*	Pennsylvania Commerce Bancorp, Inc		17
575	*	PennyMac Financial Services, Inc		9
595		Peoples Bancorp, Inc		16
333		Peoples Financial Services Corp		17
12,770		People’s United Financial, Inc		194
1,766		Pinnacle Financial Partners, Inc		70
23,390		PNC Financial Services Group, Inc		2,083
4,451	*	Popular, Inc		152
564	*	Preferred Bank		13
3,026		PrivateBancorp, Inc		88
2,068		Prosperity Bancshares, Inc		129
2,748		Provident Financial Services, Inc		48
8,440		Radian Group, Inc		125
63,781		Regions Financial Corp		677
1,263		Renasant Corp		37
612		Republic Bancorp, Inc (Class A)		14
1,454	*	Republic First Bancorp, Inc		7
1,211		S&T Bancorp, Inc		30
1,250		Sandy Spring Bancorp, Inc		31
735	*	Seacoast Banking Corp of Florida		8
370		Sierra Bancorp		6
2,150	*	Signature Bank		271
905		Simmons First National Corp (Class A)		36
1,104		South State Corp		67
1,010	e	Southside Bancshares, Inc		29
740		Southwest Bancorp, Inc		13
1,614		State Bank & Trust Co		27
4,266		Sterling Bancorp/DE		51
615		Stock Yards Bancorp, Inc		18
443		Stonegate Bank		11
601	*	Stonegate Mortgage Corp		8
513	*	Suffolk Bancorp		11
1,927	*	Sun Bancorp, Inc		8
23,516		SunTrust Banks, Inc		942
8,530		Susquehanna Bancshares, Inc		90
2,227	*	SVB Financial Group		260
5,186		Synovus Financial Corp		126

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
774	*	Talmer Bancorp Inc	$	11
607	*	Taylor Capital Group, Inc		13
7,501		TCF Financial Corp		123
700		Territorial Bancorp, Inc		15
1,877	*	Texas Capital Bancshares, Inc		101
3,346	*	TFS Financial Corp		48
1,514	*	The Bancorp, Inc		18
664		Tompkins Trustco, Inc		32
1,255	e	TowneBank		20
286	*	Tree.com, Inc		8
726		Trico Bancshares		17
943	*	Tristate Capital Holdings, Inc		13
5,202		Trustco Bank Corp NY		35
3,090		Trustmark Corp		76
1,665		UMB Financial Corp		106
8,434		Umpqua Holdings Corp		151
2,125		Union Bankshares Corp		54
2,963		United Bankshares, Inc		96
2,012	*	United Community Banks, Inc		33
1,829	*	United Community Financial Corp		8
2,342		United Financial Bancorp, Inc		32
792		Univest Corp of Pennsylvania		16
75,810		US Bancorp		3,284
9,153	e	Valley National Bancorp		91
971	*	VantageSouth Bancshares, Inc		6
1,734		ViewPoint Financial Group		47
568	*	Walker & Dunlop, Inc		8
4,118		Washington Federal, Inc		92
881		Washington Trust Bancorp, Inc		32
1,507	*	Waterstone Financial, Inc		17
4,133		Webster Financial Corp		130
213,841		Wells Fargo & Co		11,239
1,213		WesBanco, Inc		38
746		West Bancorporation, Inc		11
1,162	e	Westamerica Bancorporation		61
3,370	*	Western Alliance Bancorp		80
2,922		Wilshire Bancorp, Inc		30
2,058		Wintrust Financial Corp		95
320		WSFS Financial Corp		24
662	*	Yadkin Financial Corp		12
8,430		Zions Bancorporation		248
		TOTAL BANKS		57,252
CAPITAL GOODS - 8.1%
28,875		3M Co		4,136
3,330		A.O. Smith Corp		165
1,276		Aaon, Inc		43
1,829		AAR Corp		50
2,045	*	Accuride Corp		10
1,483		Aceto Corp		27
3,131		Actuant Corp (Class A)		108
1,904		Acuity Brands, Inc		263
4,368	*	Aecom Technology Corp		141
1,808	*	Aegion Corp		42
831	*	Aerovironment, Inc		26
4,228		AGCO Corp		238
4,494		Air Lease Corp		173
2,801		Aircastle Ltd		50
374		Alamo Group, Inc		20
1,351		Albany International Corp (Class A)		51
4,471		Allegion plc		253
1,338		Alliant Techsystems, Inc		179
5,956		Allison Transmission Holdings, Inc		185
1,234		Altra Holdings, Inc		45

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
909	*	Ameresco, Inc	$	6
440	e	American Railcar Industries, Inc		30
373		American Science & Engineering, Inc		26
475	*	American Woodmark Corp		15
10,645		Ametek, Inc		557
1,353		Apogee Enterprises, Inc		47
1,924		Applied Industrial Technologies, Inc		98
420		Argan, Inc		16
1,172	*	Armstrong World Industries, Inc		67
4,418	*	ArvinMeritor, Inc		58
729		Astec Industries, Inc		32
697	*	Astronics Corp		39
1,128		AZZ, Inc		52
4,672		Babcock & Wilcox Co		152
2,453		Barnes Group, Inc		95
4,244	*	BE Aerospace, Inc		393
2,092	*	Beacon Roofing Supply, Inc		69
2,508	*	Blount International, Inc		35
32,299		Boeing Co		4,110
2,200	e	Briggs & Stratton Corp		45
2,524	*	Builders FirstSource, Inc		19
793	*	CAI International, Inc		17
12,740	*,e	Capstone Turbine Corp		19
2,830		Carlisle Cos, Inc		245
27,555		Caterpillar, Inc		2,994
1,390	*	Chart Industries, Inc		115
4,350		Chicago Bridge & Iron Co NV		297
839		CIRCOR International, Inc		65
2,273		Clarcor, Inc		141
4,213	*	Colfax Corp		314
1,162		Columbus McKinnon Corp		31
1,853		Comfort Systems USA, Inc		29
1,268	*	Commercial Vehicle Group, Inc		13
535	*	Continental Building Products Inc		8
2,014		Crane Co		150
916		Cubic Corp		41
8,114		Cummins, Inc		1,252
2,140		Curtiss-Wright Corp		140
26,512		Danaher Corp		2,087
16,061		Deere & Co		1,454
3,419	*	DigitalGlobe, Inc		95
6,323		Donaldson Co, Inc		268
932		Douglas Dynamics, Inc		16
7,351		Dover Corp		669
485	*	Ducommun, Inc		13
567	*	DXP Enterprises, Inc		43
1,512	*	Dycom Industries, Inc		47
757		Dynamic Materials Corp		17
20,842		Eaton Corp		1,609
2,978		EMCOR Group, Inc		133
30,974		Emerson Electric Co		2,055
840		Encore Wire Corp		41
1,511	*,e	Energy Recovery, Inc		7
2,075		EnerSys		143
788	*	Engility Holdings, Inc		30
711	*	Enphase Energy, Inc		6
1,003	*,e	EnPro Industries, Inc		73
1,174		ESCO Technologies, Inc		41
1,364	*	Esterline Technologies Corp		157
8,194		Exelis, Inc		139
13,141	e	Fastenal Co		650
3,085	*	Federal Signal Corp		45
6,067		Flowserve Corp		451
7,023		Fluor Corp		540
7,322		Fortune Brands Home & Security, Inc		292

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,755		Foster Wheeler AG.	$	128
2,155		Franklin Electric Co, Inc		87
635		Freightcar America, Inc		16
7,600	*,e	FuelCell Energy, Inc		18
2,145	*	Furmanite Corp		25
2,036		GATX Corp		136
2,932	*,e	GenCorp, Inc		56
2,206	*,e	Generac Holdings, Inc		108
2,068		General Cable Corp		53
13,147		General Dynamics Corp		1,532
442,623		General Electric Co		11,632
1,594	*	Gibraltar Industries, Inc		25
966		Global Brass & Copper Holdings, Inc		16
809		Global Power Equipment Group, Inc		13
993		Gorman-Rupp Co		35
2,678		Graco, Inc		209
4,898	*,e	GrafTech International Ltd		51
470		Graham Corp		16
1,832		Granite Construction, Inc		66
3,079	*	Great Lakes Dredge & Dock Corp		25
1,226	*	Greenbrier Cos, Inc		71
2,067		Griffon Corp		26
1,293	*	H&E Equipment Services, Inc		47
3,556		Harsco Corp		95
4,687	*	HD Supply Holdings, Inc		133
3,027		Heico Corp		157
4,317	*	Hexcel Corp		177
34,567		Honeywell International, Inc		3,213
800		Houston Wire & Cable Co		10
2,575		Hubbell, Inc (Class B)		317
2,166		Huntington Ingalls		205
316		Hurco Cos, Inc		9
481		Hyster-Yale Materials Handling, Inc		43
3,553		IDEX Corp		287
2,585	*	II-VI, Inc		37
15,073		Illinois Tool Works, Inc		1,320
11,938		Ingersoll-Rand plc		746
916		Insteel Industries, Inc		18
4,120		ITT Corp		198
5,784	*	Jacobs Engineering Group, Inc		308
1,308		John Bean Technologies Corp		41
4,327	e	Joy Global, Inc		267
386		Kadant, Inc		15
1,238		Kaman Corp		53
6,489		KBR, Inc		155
3,474		Kennametal, Inc		161
1,479	*,e	KEYW Holding Corp		19
1,860	*	Kratos Defense & Security Solutions, Inc		15
3,803		L-3 Communications Holdings, Inc		459
990	*,e	Layne Christensen Co		13
464		LB Foster Co (Class A)		25
2,170		Lennox International, Inc		194
3,555		Lincoln Electric Holdings, Inc		248
623	e	Lindsay Manufacturing Co		53
533	*,e	LMI Aerospace, Inc		7
11,546		Lockheed Martin Corp		1,856
1,293		LSI Industries, Inc		10
853	*	Lydall, Inc		23
650	*	Manitex International, Inc		11
6,133		Manitowoc Co, Inc		202
16,328		Masco Corp		363
2,813	*,e	Mastec, Inc		87
2,541	*	Middleby Corp		210
614		Miller Industries, Inc		13
1,960	*	Moog, Inc (Class A)		143

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,441	*	MRC Global, Inc	$	97
2,092		MSC Industrial Direct Co (Class A)		200
2,568		Mueller Industries, Inc		76
7,534		Mueller Water Products, Inc (Class A)		65
881	*	MYR Group, Inc		22
206	e	National Presto Industries, Inc		15
2,730	*,e	Navistar International Corp		102
1,244	*	NCI Building Systems, Inc		24
822		NN, Inc		21
2,839		Nordson Corp		228
383	*	Nortek, Inc		34
9,452		Northrop Grumman Corp		1,131
435	*	Northwest Pipe Co		18
4,741	*	NOW, Inc		172
2,760	*	Orbital Sciences Corp		82
1,499	*	Orion Marine Group, Inc		16
4,025		Oshkosh Truck Corp		224
5,191	*	Owens Corning, Inc		201
15,835		Paccar, Inc		995
4,849		Pall Corp		414
6,521		Parker Hannifin Corp		820
205	*	Patrick Industries, Inc		10
8,540		Pentair plc		616
1,399	*	Perini Corp		44
1,472	*	Pgt, Inc		13
1,025	*	Pike Electric Corp		9
7,340	*	Plug Power, Inc		34
738	*	Ply Gem Holdings, Inc		7
2,131	*,e	Polypore International, Inc		102
416		Powell Industries, Inc		27
193	*	Power Solutions International, Inc		14
751	*,e	PowerSecure International, Inc		7
6,389		Precision Castparts Corp		1,613
96		Preformed Line Products Co		5
1,410		Primoris Services Corp		41
1,003	*,e	Proto Labs, Inc		82
1,720		Quanex Building Products Corp		31
9,139	*	Quanta Services, Inc		316
1,726		Raven Industries, Inc		57
13,808		Raytheon Co		1,274
1,025		RBC Bearings, Inc		66
1,981		Regal-Beloit Corp		156
1,359	*,e	Revolution Lighting Technologies, Inc		3
3,306	*	Rexnord Corp		93
6,107		Rockwell Automation, Inc		764
5,892		Rockwell Collins, Inc		460
4,403		Roper Industries, Inc		643
1,703	*	Rush Enterprises, Inc (Class A)		59
1,742		Simpson Manufacturing Co, Inc		63
2,504		Snap-On, Inc		297
1,876	*,e	SolarCity Corp		132
460	*	Sparton Corp		13
5,621	*	Spirit Aerosystems Holdings, Inc (Class A)		189
1,936		SPX Corp		210
616		Standex International Corp		46
6,886		Stanley Works		605
701	*	Sterling Construction Co, Inc		7
626	*	Stock Building Supply Holdings, Inc		12
1,027		Sun Hydraulics Corp		42
1,507	e	TAL International Group, Inc		67
1,988	*	Taser International, Inc		26
1,657	*	Teledyne Technologies, Inc		161
851		Tennant Co		65
4,925		Terex Corp		202
967	e	Textainer Group Holdings Ltd		37

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
12,351		Textron, Inc	$	473
431	*,e	The ExOne Company		17
1,423	*	Thermon Group Holdings		37
3,466		Timken Co		235
2,439	e	Titan International, Inc		41
784	*,e	Titan Machinery, Inc		13
2,449		Toro Co		156
2,397		TransDigm Group, Inc		401
1,428	*,e	Trex Co, Inc		41
1,999	*	Trimas Corp		76
6,836		Trinity Industries, Inc		299
2,183		Triumph Group, Inc		152
370		Twin Disc, Inc		12
4,317	*	United Rentals, Inc		452
40,462		United Technologies Corp		4,671
979		Universal Forest Products, Inc		47
3,045		URS Corp		140
4,124	*	USG Corp		124
1,107	e	Valmont Industries, Inc		168
1,023	*	Vicor Corp		9
2,575		W.W. Grainger, Inc		655
3,136	*	Wabash National Corp		45
2,537	*	WABCO Holdings, Inc		271
1,168		Watsco, Inc		120
1,120		Watts Water Technologies, Inc (Class A)		69
2,122	*,e	WESCO International, Inc		183
4,279		Westinghouse Air Brake Technologies Corp		353
2,918		Woodward Governor Co		146
502	*	Xerium Technologies, Inc		7
8,120		Xylem, Inc		317
		TOTAL CAPITAL GOODS		78,872
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
2,600		ABM Industries, Inc		70
2,247	e	Acacia Research (Acacia Technologies)		40
5,555	*	ACCO Brands Corp		36
1,016		Administaff, Inc		33
8,256	e	ADT Corp		288
1,661	*	Advisory Board Co		86
928		American Ecology Corp		45
2,166	*	ARC Document Solutions, Inc		13
383		Barrett Business Services, Inc		18
2,120		Brady Corp (Class A)		63
2,034		Brink’s Co		57
1,375	*	Casella Waste Systems, Inc (Class A)		7
2,526	*	CBIZ, Inc		23
669		CDI Corp		10
948		Ceco Environmental Corp		15
3,345	*,e	Cenveo, Inc		12
4,401		Cintas Corp		280
4,150	*	Civeo Corp		104
2,765	*	Clean Harbors, Inc		178
4,957	*	Copart, Inc		178
1,551		Corporate Executive Board Co		106
5,298		Corrections Corp of America		174
4,991		Covanta Holding Corp		103
555	*	CRA International, Inc		13
2,211		Deluxe Corp		129
1,730		Dun & Bradstreet Corp		191
1,357		Ennis, Inc		21
5,386		Equifax, Inc		391
641		Exponent, Inc		47
419	*	Franklin Covey Co		8
1,807	*	FTI Consulting, Inc		68

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
916		G & K Services, Inc (Class A)	$	48
3,325		Geo Group, Inc		119
645	*	GP Strategies Corp		17
3,373		Healthcare Services Group		99
943		Heidrick & Struggles International, Inc		17
218	*	Heritage-Crystal Clean, Inc		4
2,682		Herman Miller, Inc		81
1,049	*	Hill International, Inc		7
1,986		HNI Corp		78
1,045	*	Huron Consulting Group, Inc		74
892	*	ICF International, Inc		32
7,377	*	ICO Global Communications Holdings Ltd		13
3,004	*	IHS, Inc (Class A)		408
1,756	*	Innerworkings, Inc		15
2,666		Interface, Inc		50
7,789		Iron Mountain, Inc		276
6,167		KAR Auction Services, Inc		197
1,394		Kelly Services, Inc (Class A)		24
1,380		Kforce, Inc		30
1,737		Kimball International, Inc (Class B)		29
2,203		Knoll, Inc		38
2,239	*	Korn/Ferry International		66
3,533		Manpower, Inc		300
1,316		McGrath RentCorp		48
757	*	Mistras Group, Inc		19
2,061		Mobile Mini, Inc		99
1,290		MSA Safety, Inc		74
514		Multi-Color Corp		21
2,186	*	Navigant Consulting, Inc		38
12,436		Nielsen Holdings NV		602
563		NL Industries, Inc		5
2,393	*	On Assignment, Inc		85
361	*	Paylocity Holding Corp		8
931	*	Performant Financial Corp		9
9,167		Pitney Bowes, Inc		253
891		Quad		20
8,857		R.R. Donnelley & Sons Co		150
11,681		Republic Services, Inc		443
1,664		Resources Connection, Inc		22
6,158		Robert Half International, Inc		294
2,795		Rollins, Inc		84
2,316	*	RPX Corp		41
585		Schawk, Inc (Class A)		12
672	*	SP Plus Corp		14
3,734		Steelcase, Inc (Class A)		56
3,735	*	Stericycle, Inc		442
946	*	Team, Inc		39
2,577		Tetra Tech, Inc		71
2,980		Towers Watson & Co		311
690	*	TriNet Group, Inc		17
1,954	*	TrueBlue, Inc		54
20,353		Tyco International Ltd		928
650		Unifirst Corp		69
1,860		United Stationers, Inc		77
7,349	*	Verisk Analytics, Inc		441
1,084		Viad Corp		26
205		VSE Corp		14
1,558	*	WageWorks, Inc		75
5,329		Waste Connections, Inc		259
20,545		Waste Management, Inc		919
1,694		West Corp		45
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		11,013

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 1.5%
653		Arctic Cat, Inc	$	26
970	*	Beazer Homes USA, Inc		20
715	*,e	Black Diamond, Inc		8
4,089		Brunswick Corp		172
3,430		Callaway Golf Co		29
2,365		Carter’s, Inc		163
379	*	Cavco Industries, Inc		32
12,103		Coach, Inc		414
562		Columbia Sportswear Co		46
4,050	*	CROCS, Inc		61
269		CSS Industries, Inc		7
222		Culp, Inc		4
1,570	*	Deckers Outdoor Corp		136
12,692		DR Horton, Inc		312
458		Escalade, Inc		7
1,299	e	Ethan Allen Interiors, Inc		32
462	*,e	EveryWare Global, Inc		1
59		Flexsteel Industries, Inc		2
2,061	*	Fossil Group, Inc		215
5,766	e	Garmin Ltd		351
811	*	G-III Apparel Group Ltd		66
4,310		Hanesbrands, Inc		424
3,112		Harman International Industries, Inc		334
5,109		Hasbro, Inc		271
1,227	*	Helen of Troy Ltd		74
4,761	*,e	Hovnanian Enterprises, Inc (Class A)		25
2,023	*	Iconix Brand Group, Inc		87
1,204	*,e	iRobot Corp		49
816	e	Jakks Pacific, Inc		6
5,152	*	Jarden Corp		306
232		Johnson Outdoors, Inc		6
5,284	*	Kate Spade & Co		202
3,831	e	KB Home		72
2,552		La-Z-Boy, Inc		59
2,910	*,e	Leapfrog Enterprises, Inc		21
6,125		Leggett & Platt, Inc		210
7,572		Lennar Corp (Class A)		318
624	*	LGI Homes, Inc		11
847	*	Libbey, Inc		23
362		Lifetime Brands, Inc		6
862	*	M/I Homes, Inc		21
300	*	Malibu Boats Inc		6
441		Marine Products Corp		4
14,917		Mattel, Inc		581
1,887	*	MDC Holdings, Inc		57
1,657	*	Meritage Homes Corp		70
8,934	*	Michael Kors Holdings Ltd		792
2,729	*	Mohawk Industries, Inc		378
817		Movado Group, Inc		34
271		Nacco Industries, Inc (Class A)		14
1,389	*	Nautilus, Inc		15
12,211		Newell Rubbermaid, Inc		378
30,829		Nike, Inc (Class B)		2,391
189	*	NVR, Inc		218
621		Oxford Industries, Inc		41
546	*	Perry Ellis International, Inc		10
3,635		Phillips-Van Heusen Corp		424
2,930		Polaris Industries, Inc		382
2,133		Pool Corp		121
16,729		Pulte Homes, Inc		337
6,076	*	Quiksilver, Inc		22
2,607		Ralph Lauren Corp		419
444		RG Barry Corp		8
2,065		Ryland Group, Inc		81

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,734	*	Skechers U.S.A., Inc (Class A)	$	79
796	*	Skullcandy, Inc		6
2,449	*,e	Smith & Wesson Holding Corp		36
6,786	*	Standard-Pacific Corp		58
2,682	*	Steven Madden Ltd		92
887		Sturm Ruger & Co, Inc		52
995	*	Taylor Morrison Home Corp		22
2,758	*	Tempur-Pedic International, Inc		165
7,450	*	Toll Brothers, Inc		275
650	*,e	TRI Pointe Homes, Inc		10
2,191	*	Tumi Holdings, Inc		44
2,245		Tupperware Corp		188
7,664	*,e	Under Armour, Inc (Class A)		456
700	*	Unifi, Inc		19
787	*	Universal Electronics, Inc		39
1,001	*,e	Vera Bradley, Inc		22
15,232		VF Corp		960
499	*	Vince Holding Corp		18
495	*	WCI Communities, Inc		10
378		Weyco Group, Inc		10
3,433		Whirlpool Corp		478
638	*	William Lyon Homes, Inc		19
4,604		Wolverine World Wide, Inc		120
		TOTAL CONSUMER DURABLES & APPAREL		14,590
CONSUMER SERVICES - 2.1%
462	*	2U, Inc		8
812	*	American Public Education, Inc		28
4,416	*	Apollo Group, Inc (Class A)		138
1,550		ARAMARK Holdings Corp		40
692	*	Ascent Media Corp (Series A)		46
1,860	*	Bally Technologies, Inc		122
1,195	*	BJ’s Restaurants, Inc		42
3,391	*	Bloomin’ Brands, Inc		76
1,085		Bob Evans Farms, Inc		54
3,388	*	Boyd Gaming Corp		41
987	*	Bravo Brio Restaurant Group, Inc		15
877	*	Bridgepoint Education, Inc		12
1,362	*	Bright Horizons Family Solutions		58
2,939		Brinker International, Inc		143
859	*	Buffalo Wild Wings, Inc		142
3,570		Burger King Worldwide, Inc		97
1,990	*,e	Caesars Entertainment Corp		36
428		Capella Education Co		23
3,103	*	Career Education Corp		15
18,569		Carnival Corp		699
741		Carriage Services, Inc		13
1,619	*	Carrols Restaurant Group, Inc		12
749		CBRL Group, Inc		75
2,203		Cheesecake Factory		102
3,194	*,e	Chegg, Inc		22
1,373	*	Chipotle Mexican Grill, Inc (Class A)		814
1,471		Choice Hotels International, Inc		69
595		Churchill Downs, Inc		54
751	*	Chuy’s Holdings, Inc		27
770		ClubCorp Holdings, Inc		14
328		Collectors Universe		6
5,864		Darden Restaurants, Inc		271
1,033	*	Del Frisco’s Restaurant Group, Inc		28
4,746	*	Denny’s Corp		31
2,747		DeVry, Inc		116
1,565	*	Diamond Resorts International, Inc		36
740		DineEquity, Inc		59
2,534		Domino’s Pizza, Inc		185

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,115		Dunkin Brands Group, Inc	$	188
1,176	*,e	Education Management Corp		2
289		Einstein Noah Restaurant Group, Inc		5
191	*	Famous Dave’s of America, Inc		5
1,193	*	Fiesta Restaurant Group, Inc		55
170		Graham Holdings Co		122
2,029	*	Grand Canyon Education, Inc		93
12,230		H&R Block, Inc		410
2,578		Hillenbrand, Inc		84
5,630	*	Hilton Worldwide Holdings, Inc		131
4,828	*	Houghton Mifflin Harcourt Co		92
1,831	*	Hyatt Hotels Corp		112
309	*,e	Ignite Restaurant Group, Inc		4
10,904		International Game Technology		173
903		International Speedway Corp (Class A)		30
1,901		Interval Leisure Group, Inc		42
634	*	Intrawest Resorts Holdings Inc		7
1,142	*	Isle of Capri Casinos, Inc		10
997	*,e	ITT Educational Services, Inc		17
1,765		Jack in the Box, Inc		106
649	*	Jamba, Inc		8
203	*	JTH Holding, Inc		7
1,518	*,e	K12, Inc		37
2,917	*	Krispy Kreme Doughnuts, Inc		47
1,970	*	La Quinta Holdings, Inc		38
16,595		Las Vegas Sands Corp		1,265
1,963	*,e	Life Time Fitness, Inc		96
3,575	*	LifeLock, Inc		50
840		Marcus Corp		15
9,780		Marriott International, Inc (Class A)		627
1,250	*	Marriott Vacations Worldwide Corp		73
1,275		Matthews International Corp (Class A)		53
43,622		McDonald’s Corp		4,394
16,424	*	MGM Mirage		434
388	*	Monarch Casino & Resort, Inc		6
1,158	*	Morgans Hotel Group Co		9
1,276	*	Multimedia Games, Inc		38
141	*	Nathan’s Famous, Inc		8
400	*,e	Noodles & Co		14
1,315	*	Norwegian Cruise Line Holdings Ltd		42
4,377	*	Orient-Express Hotels Ltd		64
1,158	*	Panera Bread Co (Class A)		173
1,434		Papa John’s International, Inc		61
3,077	*	Penn National Gaming, Inc		37
3,229	*	Pinnacle Entertainment, Inc		81
1,093	*	Popeyes Louisiana Kitchen, Inc		48
675	*	Potbelly Corp		11
666	*	Red Robin Gourmet Burgers, Inc		47
2,200		Regis Corp		31
7,330		Royal Caribbean Cruises Ltd		408
3,070	*	Ruby Tuesday, Inc		23
1,588		Ruth’s Chris Steak House, Inc		20
1,968	*	Scientific Games Corp (Class A)		22
2,991		SeaWorld Entertainment, Inc		85
9,418		Service Corp International		195
3,014		Six Flags Entertainment Corp		128
2,451	*	Sonic Corp		54
3,133		Sotheby’s (Class A)		132
581		Speedway Motorsports, Inc		11
33,204		Starbucks Corp		2,569
8,476		Starwood Hotels & Resorts Worldwide, Inc		685
70	*	Steak N Shake Co		30
636	*	Steiner Leisure Ltd		28
491	*	Strayer Education, Inc		26
2,872		Texas Roadhouse, Inc (Class A)		75

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,028		Universal Technical Institute, Inc	$	12
1,645		Vail Resorts, Inc		127
1,296	e	Weight Watchers International, Inc		26
12,106		Wendy’s		103
5,619		Wyndham Worldwide Corp		425
3,574		Wynn Resorts Ltd		742
19,477		Yum! Brands, Inc		1,582
266	*	Zoe’s Kitchen, Inc		9
		TOTAL CONSUMER SERVICES		20,788
DIVERSIFIED FINANCIALS - 4.2%
2,314	*	Affiliated Managers Group, Inc		475
11,926	*	Ally Financial, Inc		285
40,036		American Express Co		3,798
8,330		Ameriprise Financial, Inc		1,000
1,215		Artisan Partners Asset Management, Inc		69
50,338		Bank of New York Mellon Corp		1,887
7,666		BGC Partners, Inc (Class A)		57
5,628		BlackRock, Inc		1,799
1,288		Calamos Asset Management, Inc (Class A)		17
25,231		Capital One Financial Corp		2,084
1,340		Cash America International, Inc		60
3,805		CBOE Holdings, Inc		187
48,819		Charles Schwab Corp		1,315
14,028		CME Group, Inc		995
1,086	e	Cohen & Steers, Inc		47
594	*	Consumer Portfolio Services, Inc		5
1,380		CorEnergy Infrastructure Trust, Inc		10
5,330	*	Cowen Group, Inc		23
296	*	Credit Acceptance Corp		36
118		Diamond Hill Investment Group, Inc		15
20,575		Discover Financial Services		1,275
12,938	*	E*Trade Financial Corp		275
5,318		Eaton Vance Corp		201
1,165	*,e	Encore Capital Group, Inc		53
1,394		Evercore Partners, Inc (Class A)		80
2,322	*	Ezcorp, Inc (Class A)		27
673	*	FBR & Co		18
4,144	e	Federated Investors, Inc (Class B)		128
2,248		Financial Engines, Inc		102
1,340	*	First Cash Financial Services, Inc		77
17,518		Franklin Resources, Inc		1,013
727	e	Friedman Billings Ramsey Group, Inc (Class A)		20
1,682	e	FXCM, Inc		25
1,067		Gain Capital Holdings, Inc		8
349		GAMCO Investors, Inc (Class A)		29
3,928		GFI Group, Inc		13
19,735		Goldman Sachs Group, Inc		3,304
1,122	*	Green Dot Corp		21
1,492	e	Greenhill & Co, Inc		74
1,489		HFF, Inc (Class A)		55
2,025		Interactive Brokers Group, Inc (Class A)		47
5,081		IntercontinentalExchange Group, Inc		960
675	*	International Assets Holding Corp		13
1,945	*	Internet Capital Group, Inc		41
19,098		Invesco Ltd		721
1,857	*	Investment Technology Group, Inc		31
32,597	e	iShares Russell 3000 Index Fund		3,838
6,720	e	Janus Capital Group, Inc		84
525	*	JGWPT Holdings, Inc		6
1,997	*	KCG Holdings, Inc		24
5,033	*	Ladenburg Thalmann Financial Services, Inc		16
5,453		Lazard Ltd (Class A)		281
5,079		Legg Mason, Inc		261

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,253		Leucadia National Corp	$	426
2,588		LPL Financial Holdings, Inc		129
671		Manning & Napier, Inc		12
359	*	Marcus & Millichap, Inc		9
1,771		MarketAxess Holdings, Inc		96
418		Marlin Business Services Corp		8
12,028		McGraw-Hill Financial, Inc		999
329	*	Moelis & Co		11
8,344		Moody’s Corp		731
67,613		Morgan Stanley		2,186
5,496	*	MSCI, Inc (Class A)		252
5,098		NASDAQ OMX Group, Inc		197
19,100		Navient Corp		338
913		Nelnet, Inc (Class A)		38
959	*	NewStar Financial, Inc		14
489		Nicholas Financial, Inc		7
10,449		Northern Trust Corp		671
448		Oppenheimer Holdings, Inc		11
2,595	*	PHH Corp		60
1,198	*	Pico Holdings, Inc		28
935	*	Piper Jaffray Cos		48
2,236	*	Portfolio Recovery Associates, Inc		133
527		Pzena Investment Management, Inc (Class A)		6
5,235		Raymond James Financial, Inc		266
231	*	Regional Management Corp		4
606		Resource America, Inc (Class A)		6
1,299	*	Safeguard Scientifics, Inc		27
3,870		Santander Consumer USA Holdings, Inc		75
6,909		SEI Investments Co		226
19,100		SLM Corp		159
12,969		SPDR Trust Series 1		2,538
1,210	*,e	Springleaf Holdings, Inc		31
18,992		State Street Corp		1,277
2,900	*	Stifel Financial Corp		137
1,726	*	SWS Group, Inc		13
11,638		T Rowe Price Group, Inc		982
10,647		TD Ameritrade Holding Corp		334
311	*	Virtus Investment Partners, Inc		66
3,210		Voya Financial, Inc		117
3,755		Waddell & Reed Financial, Inc (Class A)		235
1,683	*,e	Walter Investment Management Corp		50
322		Westwood Holdings Group, Inc		19
4,611	*,e	WisdomTree Investments, Inc		57
501	*,e	World Acceptance Corp		38
		TOTAL DIVERSIFIED FINANCIALS		40,352
ENERGY - 9.7%
4,200	*	Abraxas Petroleum Corp		26
99		Adams Resources & Energy, Inc		8
783		Alon USA Energy, Inc		10
9,079	*,e	Alpha Natural Resources, Inc		34
1,284	*	American Eagle Energy Corp		8
885	*,e	Amyris Biotechnologies, Inc		3
22,293		Anadarko Petroleum Corp		2,440
2,348	*	Antero Resources Corp		154
17,026		Apache Corp		1,713
460	*	APCO Argentina, Inc		7
1,605	*,e	Approach Resources, Inc		36
9,903	e	Arch Coal, Inc		36
224		Ardmore Shipping Corp		3
2,268	*	Athlon Energy, Inc		108
2,302	*	Atwood Oceanics, Inc		121
19,245		Baker Hughes, Inc		1,433
1,205	*	Basic Energy Services, Inc		35

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,221	*,e	Bill Barrett Corp	$	59
1,448	*	Bonanza Creek Energy, Inc		83
4,811	*,e	BPZ Energy, Inc		15
1,469		Bristow Group, Inc		118
2,159	*	C&J Energy Services, Inc		73
18,740		Cabot Oil & Gas Corp		640
1,777	*	Callon Petroleum Co		21
9,006	*	Cameron International Corp		610
905	e	CARBO Ceramics, Inc		139
1,963	*	Carrizo Oil & Gas, Inc		136
2,040	*,e	CHC Group Ltd		17
10,928	*	Cheniere Energy, Inc		784
25,600		Chesapeake Energy Corp		796
84,026		Chevron Corp		10,970
3,956		Cimarex Energy Co		568
262	*	Clayton Williams Energy, Inc		36
3,211	*,e	Clean Energy Fuels Corp		38
2,429	*	Cloud Peak Energy, Inc		45
15,473	*	Cobalt International Energy, Inc		284
2,095		Comstock Resources, Inc		60
4,974	*	Concho Resources, Inc		719
54,239		ConocoPhillips		4,650
10,148		Consol Energy, Inc		468
670	*	Contango Oil & Gas Co		28
1,756	*,e	Continental Resources, Inc		278
762	e	CVR Energy, Inc		37
378		Dawson Geophysical Co		11
1,604		Delek US Holdings, Inc		45
17,082		Denbury Resources, Inc		315
17,998		Devon Energy Corp		1,429
3,122		DHT Holdings, Inc		22
3,060	e	Diamond Offshore Drilling, Inc		152
1,685	*	Diamondback Energy, Inc		150
329	*	Dorian LPG Ltd		8
3,226	*	Dresser-Rand Group, Inc		206
1,710	*	Dril-Quip, Inc		187
2,450	*,e	Emerald Oil, Inc		19
3,245		Energen Corp		288
4,493	e	Energy XXI Bermuda Ltd		106
24,120		EOG Resources, Inc		2,819
2,050	*,e	EP Energy Corp		47
619		Equal Energy Ltd		3
6,694		Equitable Resources, Inc		716
891	*	Era Group, Inc		26
668		Evolution Petroleum Corp		7
7,464	e	EXCO Resources, Inc		44
2,632		Exterran Holdings, Inc		118
189,545	d	Exxon Mobil Corp		19,083
10,486	*	FMC Technologies, Inc		640
5,689	*	Forest Oil Corp		13
1,662	*	Forum Energy Technologies, Inc		61
1,860		Frank’s International NV		46
2,722	*,e	Frontline Ltd		8
2,612	*,e	FX Energy, Inc		9
1,114		GasLog Ltd		36
2,282	*	Gastar Exploration, Inc		20
626	*,e	Geospace Technologies Corp		34
519	*	Glori Energy, Inc		6
2,014	e	Golar LNG Ltd		121
1,342	*,e	Goodrich Petroleum Corp		37
1,640		Green Plains Renewable Energy, Inc		54
727		Gulf Island Fabrication, Inc		16
1,158		Gulfmark Offshore, Inc		52
3,777	*	Gulfport Energy Corp		237
11,520	*,e	Halcon Resources Corp		84

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
37,278		Halliburton Co	$	2,647
1,942	*	Harvest Natural Resources, Inc		10
4,809	*	Helix Energy Solutions Group, Inc		127
4,205		Helmerich & Payne, Inc		488
6,596	*	Hercules Offshore, Inc		26
12,261		Hess Corp		1,212
8,778		Holly Corp		383
1,645	*,e	Hornbeck Offshore Services, Inc		77
6,522	*	ION Geophysical Corp		28
61	*	Isramco, Inc		8
6,174	*	Key Energy Services, Inc		56
29,394		Kinder Morgan, Inc		1,066
1,322	*,e	KiOR, Inc (Class A)		0	^
1,449		Knightsbridge Tankers Ltd		21
11,749	*	Kodiak Oil & Gas Corp		171
4,626	*	Kosmos Energy LLC		52
3,428	*	Laredo Petroleum Holdings, Inc		106
8,756	*	Magnum Hunter Resources Corp		72
29,846		Marathon Oil Corp		1,191
11,099		Marathon Petroleum Corp		866
3,228	*	Matador Resources Co		94
1,193	*	Matrix Service Co		39
10,530	*,e	McDermott International, Inc		85
1,188	*,e	Midstates Petroleum Co, Inc		9
738	*,e	Miller Petroleum, Inc		5
507	*	Mitcham Industries, Inc		7
7,704		Murphy Oil Corp		512
13,140		Nabors Industries Ltd		386
18,967		National Oilwell Varco, Inc		1,562
561	*	Natural Gas Services Group, Inc		19
3,582		Navios Maritime Acq Corp		13
5,911	*	Newfield Exploration Co		261
3,910	*	Newpark Resources, Inc		49
15,920		Noble Energy, Inc		1,233
3,925	e	Nordic American Tanker Shipping		37
2,710		North Atlantic Drilling Ltd		29
3,091	*,e	Northern Oil And Gas, Inc		50
645	*,e	Nuverra Environmental Solutions, Inc		13
4,474	*	Oasis Petroleum, Inc		250
35,714		Occidental Petroleum Corp		3,665
4,771		Oceaneering International, Inc		373
2,073	*	Oil States International, Inc		133
9,177		Oneok, Inc		625
656	*	Pacific Ethanol, Inc		10
324		Panhandle Oil and Gas, Inc (Class A)		18
5,410	*	Parker Drilling Co		35
2,213	*	Parsley Energy, Inc		53
6,387		Patterson-UTI Energy, Inc		223
1,108		PBF Energy, Inc		30
1,585	*	PDC Energy, Inc		100
11,958	e	Peabody Energy Corp		195
2,923	*,e	Penn Virginia Corp		50
2,768	*	Petroquest Energy, Inc		21
620	*	PHI, Inc		28
25,119		Phillips 66		2,020
2,681	*	Pioneer Energy Services Corp		47
6,312		Pioneer Natural Resources Co		1,451
8,195		Questar Market Resources, Inc		283
5,806	*,e	Quicksilver Resources, Inc		15
7,287		Range Resources Corp		634
970	*	Renewable Energy Group, Inc		11
3,121	*	Resolute Energy Corp		27
2,049	*	Rex Energy Corp		36
303	*	Rex Stores Corp		22
2,217	*	Rice Energy, Inc		67

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
611	*	RigNet, Inc	$	33
843	*	Ring Energy, Inc		15
2,709	*	Rosetta Resources, Inc		149
5,316		Rowan Cos plc		170
3,162		RPC, Inc		74
972	*	RSP Permian, Inc		32
2,020	*,e	Sanchez Energy Corp		76
22,601	*,e	SandRidge Energy, Inc		162
57,404		Schlumberger Ltd		6,771
7,391	e	Scorpio Tankers, Inc		75
891	*	SEACOR Holdings, Inc		73
16,184	e	Seadrill Ltd		647
2,014		SemGroup Corp		159
2,365	e	Ship Finance International Ltd		44
3,383	*,e	Solazyme, Inc		40
16,101	*	Southwestern Energy Co		732
29,771		Spectra Energy Corp		1,265
2,953		St. Mary Land & Exploration Co		248
2,483	*	Stone Energy Corp		116
6,925		Superior Energy Services		250
2,133	*,e	Swift Energy Co		28
2,962	*	Synergy Resources Corp		39
1,414		Targa Resources Investments, Inc		197
2,010		Teekay Corp		125
2,124	e	Teekay Tankers Ltd (Class A)		9
1,519		Tesco Corp		32
5,702		Tesoro Corp		335
3,896	*	Tetra Technologies, Inc		46
2,198		Tidewater, Inc		123
1,041	*	TransAtlantic Petroleum Ltd		12
3,320	*	Triangle Petroleum Corp		39
6,760	*,e	Ultra Petroleum Corp		201
2,246	*	Unit Corp		155
2,578	*	Vaalco Energy, Inc		19
23,547		Valero Energy Corp		1,180
9,477	*	Vantage Drilling Co		18
1,693		W&T Offshore, Inc		28
3,436	*	Warren Resources, Inc		21
2,337		Western Refining, Inc		88
510	*	Westmoreland Coal Co		18
5,396	*	Whiting Petroleum Corp		433
2,126	*	Willbros Group, Inc		26
30,324		Williams Cos, Inc		1,765
3,179		World Fuel Services Corp		156
9,159	*	WPX Energy, Inc		219
		TOTAL ENERGY		94,997
FOOD & STAPLES RETAILING - 1.9%
1,284		Andersons, Inc		66
1,705		Casey’s General Stores, Inc		120
776	*	Chefs’ Warehouse Holdings, Inc		15
19,350		Costco Wholesale Corp		2,228
51,613		CVS Corp		3,890
715	*,e	Fairway Group Holdings Corp		5
1,879	*,e	Fresh Market, Inc		63
700		Ingles Markets, Inc (Class A)		19
22,481		Kroger Co		1,111
1,422		Liberator Medical Holdings, Inc		5
345	*	Natural Grocers by Vitamin C		7
1,214	*	Pantry, Inc		20
882		Pricesmart, Inc		77
41,050	*	Rite Aid Corp		294
1,140		Roundy’s, Inc		6
10,175		Safeway, Inc		350
1,809		Spartan Stores, Inc		38

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,324	*,e	Sprouts Farmers Market, Inc	$	142
9,250	*	Supervalu, Inc		76
831	*	Susser Holdings Corp		67
25,798		Sysco Corp		966
2,264	*	United Natural Foods, Inc		147
292		Village Super Market (Class A)		7
42,075		Walgreen Co		3,119
70,327		Wal-Mart Stores, Inc		5,280
145		Weis Markets, Inc		7
16,235		Whole Foods Market, Inc		627
		TOTAL FOOD & STAPLES RETAILING		18,752
FOOD, BEVERAGE & TOBACCO - 4.5%
136		Alico, Inc		5
3,943	*	Alliance One International, Inc		10
87,684		Altria Group, Inc		3,678
739	*,e	Annie’s, Inc		25
28,886		Archer Daniels Midland Co		1,274
2,348		B&G Foods, Inc (Class A)		77
387	*,e	Boston Beer Co, Inc (Class A)		87
2,588	*	Boulder Brands, Inc		37
6,581		Brown-Forman Corp (Class B)		620
6,540		Bunge Ltd		495
555	e	Calavo Growers, Inc		19
682		Cal-Maine Foods, Inc		51
7,710		Campbell Soup Co		353
2,584	*	Chiquita Brands International, Inc		28
263		Coca-Cola Bottling Co Consolidated		19
169,967		Coca-Cola Co		7,200
11,105		Coca-Cola Enterprises, Inc		531
18,587		ConAgra Foods, Inc		552
6,627	*	Constellation Brands, Inc (Class A)		584
7,267	*	Darling International, Inc		152
4,379	e	Dean Foods Co		77
1,154	*	Diamond Foods, Inc		33
9,072		Dr Pepper Snapple Group, Inc		531
288	*	Farmer Bros Co		6
7,843		Flowers Foods, Inc		165
1,850		Fresh Del Monte Produce, Inc		57
27,124		General Mills, Inc		1,425
2,217	*	Hain Celestial Group, Inc		197
6,551		Hershey Co		638
5,722		Hillshire Brands Co		356
5,828		Hormel Foods Corp		288
3,512		Ingredion, Inc		264
649	*	Inventure Foods, Inc		7
652		J&J Snack Foods Corp		61
4,751		J.M. Smucker Co		506
368		John B. Sanfilippo & Son, Inc		10
11,333		Kellogg Co		745
6,766		Keurig Green Mountain, Inc		843
26,275		Kraft Foods Group, Inc		1,575
818		Lancaster Colony Corp		78
2,170		Lance, Inc		57
179	*,e	Lifeway Foods, Inc		3
443		Limoneira Co		10
15,995		Lorillard, Inc		975
5,733		McCormick & Co, Inc		410
8,956		Mead Johnson Nutrition Co		834
5,964		Molson Coors Brewing Co (Class B)		442
74,672		Mondelez International, Inc		2,808
6,319	*	Monster Beverage Corp		449
621	*	National Beverage Corp		12
996	*	Omega Protein Corp		14

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
68,694		PepsiCo, Inc	$	6,137
69,424		Philip Morris International, Inc		5,853
2,936	*	Pilgrim’s Pride Corp		80
2,403		Pinnacle Foods, Inc		79
1,943	*	Post Holdings, Inc		99
13,620		Reynolds American, Inc		822
1,050		Sanderson Farms, Inc		102
13	*	Seaboard Corp		39
365	*	Seneca Foods Corp		11
889	*,e	Synutra International, Inc		6
932	e	Tootsie Roll Industries, Inc		27
1,662	*	TreeHouse Foods, Inc		133
12,434		Tyson Foods, Inc (Class A)		467
777	e	Universal Corp		43
2,770	e	Vector Group Ltd		57
7,674	*	WhiteWave Foods Co (Class A)		248
		TOTAL FOOD, BEVERAGE & TOBACCO		43,876
HEALTH CARE EQUIPMENT & SERVICES - 4.5%
1,018	e	Abaxis, Inc		45
66,302		Abbott Laboratories		2,712
1,811	*,e	Abiomed, Inc		45
1,625	*	Acadia Healthcare Co, Inc		74
3,073	*,e	Accuray, Inc		27
255	*	Addus HomeCare Corp		6
15,769		Aetna, Inc		1,279
1,872	*,e	Air Methods Corp		97
3,602	*	Align Technology, Inc		202
253	*	Alliance HealthCare Services, Inc		7
8,310	*	Allscripts Healthcare Solutions, Inc		133
380	*	Almost Family, Inc		8
1,533	*	Amedisys, Inc		26
9,972		AmerisourceBergen Corp		725
2,008	*	AMN Healthcare Services, Inc		25
1,528	*	Amsurg Corp		70
558		Analogic Corp		44
1,310	*	Angiodynamics, Inc		21
566	*	Anika Therapeutics, Inc		26
5,177	*,e	Antares Pharma, Inc		14
1,670	*,e	athenahealth, Inc		209
1,229	*	AtriCure, Inc		23
86		Atrion Corp		28
3,394		Bard (C.R.), Inc		485
23,978		Baxter International, Inc		1,734
8,522		Becton Dickinson & Co		1,008
1,119	*,e	Bio-Reference Labs, Inc		34
2,663	*	BioScrip, Inc		22
1,148	*	BioTelemetry, Inc		8
58,350	*	Boston Scientific Corp		745
5,535	*	Brookdale Senior Living, Inc		184
1,599		Cantel Medical Corp		59
1,396	*	Capital Senior Living Corp		33
15,020		Cardinal Health, Inc		1,030
1,207	*	Cardiovascular Systems, Inc		38
8,969	*	CareFusion Corp		398
569	*	Castlight Health, Inc		9
9,050	*	Catamaran Corp		400
2,518	*	Centene Corp		190
13,156	*	Cerner Corp		679
3,181	*,e	Cerus Corp		13
859	e	Chemed Corp		80
671	*	Chindex International, Inc		16
11,889		Cigna Corp		1,093
5,064	*	Community Health Systems, Inc		230

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
590		Computer Programs & Systems, Inc	$	37
1,202		Conmed Corp		53
2,129		Cooper Cos, Inc		289
514	*	Corvel Corp		23
19,903		Covidien plc		1,795
1,273	*	Cross Country Healthcare, Inc		8
1,413		CryoLife, Inc		13
1,243	*	Cyberonics, Inc		78
796	*	Cynosure, Inc (Class A)		17
7,849	*	DaVita, Inc		568
6,256		Dentsply International, Inc		296
611	*,e	Derma Sciences, Inc		7
3,382	*	DexCom, Inc		134
4,662	*	Edwards Lifesciences Corp		400
1,829	*	Emeritus Corp		58
2,887	*	Endologix, Inc		44
895		Ensign Group, Inc		28
1,860	*	Envision Healthcare Holdings, Inc		67
408	*	Exactech, Inc		10
1,376	*	ExamWorks Group, Inc		44
34,147	*	Express Scripts Holding Co		2,367
1,637	*	Five Star Quality Care, Inc		8
1,865	*,e	GenMark Diagnostics, Inc		25
1,497	*	Gentiva Health Services, Inc		23
2,899	*	Globus Medical, Inc		69
1,091	*	Greatbatch, Inc		53
2,338	*	Haemonetics Corp		82
1,683	*	Hanger Orthopedic Group, Inc		53
14,408	*	HCA Holdings, Inc		812
3,620	*	Health Net, Inc		150
4,003		Healthsouth Corp		144
797	*	HealthStream, Inc		19
1,788	*,e	Healthways, Inc		31
752	*	HeartWare International, Inc		67
3,766	*	Henry Schein, Inc		447
2,529		Hill-Rom Holdings, Inc		105
3,657	*	HMS Holdings Corp		75
12,260	*	Hologic, Inc		311
6,834		Humana, Inc		873
604	*	ICU Medical, Inc		37
2,283	*	Idexx Laboratories, Inc		305
2,452	*	Insulet Corp		97
1,114	*	Integra LifeSciences Holdings Corp		52
1,696	*	Intuitive Surgical, Inc		698
1,548		Invacare Corp		28
4,017	*	Inverness Medical Innovations, Inc		150
769	*	IPC The Hospitalist Co, Inc		34
382	*	K2M Group Holdings, Inc		6
2,539		Kindred Healthcare, Inc		59
3,784	*	Laboratory Corp of America Holdings		387
498		Landauer, Inc		21
729	*	LDR Holding Corp		18
735	*	LHC Group, Inc		16
1,926	*	LifePoint Hospitals, Inc		120
1,222	*	Magellan Health Services, Inc		76
2,117	*	Masimo Corp		50
9,996		McKesson Corp		1,861
2,778	*	MedAssets, Inc		63
2,434	*	Medidata Solutions, Inc		104
44,091		Medtronic, Inc		2,811
2,504	*	Merge Healthcare, Inc		6
1,883	e	Meridian Bioscience, Inc		39
1,836	*	Merit Medical Systems, Inc		28
1,450	*	Molina Healthcare, Inc		65
620	*	MWI Veterinary Supply, Inc		88

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
516		National Healthcare Corp	$	29
357	*	National Research Corp		5
1,662	*	Natus Medical, Inc		42
1,566	*	Neogen Corp		63
2,136	*	NuVasive, Inc		76
2,725	*	NxStage Medical, Inc		39
4,318		Omnicare, Inc		287
1,729	*	Omnicell, Inc		50
2,901	*	OraSure Technologies, Inc		25
1,010	*	Orthofix International NV		37
2,906	e	Owens & Minor, Inc		99
592	*	Oxford Immunotec Global plc		10
3,781		Patterson Cos, Inc		149
4,344	*	Pediatrix Medical Group, Inc		253
1,348	*	PharMerica Corp		38
626	*,e	PhotoMedex, Inc		8
1,600	*	Premier, Inc		46
495	*	Providence Service Corp		18
1,960		Quality Systems, Inc		31
6,264	e	Quest Diagnostics, Inc		368
1,220	*,e	Quidel Corp		27
1,510	*	RadNet, Inc		10
6,203	e	Resmed, Inc		314
1,891	*,e	Rockwell Medical Technologies, Inc		23
3,216	*	RTI Biologics, Inc		14
2,500		Select Medical Holdings Corp		39
2,543	*	Sirona Dental Systems, Inc		210
973	*	Skilled Healthcare Group, Inc (Class A)		6
1,958	*	Spectranetics Corp		45
12,346		St. Jude Medical, Inc		855
1,741	*	Staar Surgical Co		29
2,595		STERIS Corp		139
14,382		Stryker Corp		1,213
440	*	Surgical Care Affiliates, Inc		13
900	*	SurModics, Inc		19
1,974	*	Symmetry Medical, Inc		17
480	*	Tandem Diabetes Care, Inc		8
3,153	*	Team Health Holdings, Inc		157
1,782		Teleflex, Inc		188
4,313	*	Tenet Healthcare Corp		202
2,569	*	Thoratec Corp		90
1,572	*	Tornier BV		37
1,189	*	TransEnterix, Inc		6
1,085	*	Triple-S Management Corp (Class B)		19
328	*	TriVascular Technologies, Inc		5
3,641	*,e	Unilife Corp		11
43,246		UnitedHealth Group, Inc		3,535
1,661		Universal American Corp		14
3,922		Universal Health Services, Inc (Class B)		376
549		US Physical Therapy, Inc		19
149		Utah Medical Products, Inc		8
4,586	*	Varian Medical Systems, Inc		381
937	*	Vascular Solutions, Inc		21
3,661	*	VCA Antech, Inc		128
1,665	*,e	Veeva Systems, Inc		42
960	*	Vocera Communications, Inc		13
2,758	*	Volcano Corp		49
1,994	*	WellCare Health Plans, Inc		149
12,342		WellPoint, Inc		1,328
3,006		West Pharmaceutical Services, Inc		127
2,200	*	Wright Medical Group, Inc		69
1,310	*,e	Zeltiq Aesthetics, Inc		20
7,407		Zimmer Holdings, Inc		769
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		43,653

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
18,832		Avon Products, Inc	$	275
1,891	*	Central Garden and Pet Co (Class A)		17
6,005		Church & Dwight Co, Inc		420
5,675		Clorox Co		519
40,401		Colgate-Palmolive Co		2,755
3,140		Coty, Inc		54
1,181	*	Elizabeth Arden, Inc		25
2,712		Energizer Holdings, Inc		331
10,185		Estee Lauder Cos (Class A)		756
867		Female Health Co		5
449	*	Harbinger Group, Inc		6
3,597	e	Herbalife Ltd		232
1,333	*	IGI Laboratories, Inc		7
735		Inter Parfums, Inc		22
16,630		Kimberly-Clark Corp		1,850
721	*	Medifast, Inc		22
537		Nature’s Sunshine Products, Inc		9
2,633		Nu Skin Enterprises, Inc (Class A)		195
602	*	Nutraceutical International Corp		14
255		Oil-Dri Corp of America		8
289		Orchids Paper Products Co		9
119,441		Procter & Gamble Co		9,387
575	*	Revlon, Inc (Class A)		17
990		Spectrum Brands, Inc		85
312	*,e	USANA Health Sciences, Inc		24
704		WD-40 Co		53
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		17,097
INSURANCE - 4.0%
14,908		ACE Ltd		1,546
20,045		Aflac, Inc		1,248
722	*	Alleghany Corp		316
4,268		Allied World Assurance Co Holdings Ltd		162
19,213		Allstate Corp		1,128
1,969	*	AMBAC Financial Group, Inc		54
2,880		American Equity Investment Life Holding Co		71
3,202		American Financial Group, Inc		191
64,451		American International Group, Inc		3,518
355		American National Insurance Co		41
915		Amerisafe, Inc		37
1,325	e	Amtrust Financial Services, Inc		55
13,099		Aon plc		1,180
5,920	*	Arch Capital Group Ltd		340
1,367		Argo Group International Holdings Ltd		70
6,929		Arthur J. Gallagher & Co		323
2,894		Aspen Insurance Holdings Ltd		131
3,041		Assurant, Inc		199
7,819		Assured Guaranty Ltd		192
493	*	Atlas Financial Holdings, Inc		7
4,657		Axis Capital Holdings Ltd		206
422		Baldwin & Lyons, Inc (Class B)		11
80,076	*	Berkshire Hathaway, Inc (Class B)		10,135
5,294		Brown & Brown, Inc		163
10,729		Chubb Corp		989
6,937		Cincinnati Financial Corp		333
2,162	*,e	Citizens, Inc (Class A)		16
1,166		CNA Financial Corp		47
9,590		Conseco, Inc		171
1,190		Crawford & Co (Class B)		12
406		Donegal Group, Inc (Class A)		6
844	*	eHealth, Inc		32
168		EMC Insurance Group, Inc		5
1,381		Employers Holdings, Inc		29

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,980	e	Endurance Specialty Holdings Ltd	$	102
413	*	Enstar Group Ltd		62
1,077		Erie Indemnity Co (Class A)		81
2,038		Everest Re Group Ltd		327
441		FBL Financial Group, Inc (Class A)		20
485		Federated National Holding Co		12
630		Fidelity & Guaranty Life		15
11,142		Fidelity National Title Group, Inc (Class A)		365
4,733		First American Financial Corp		132
21,672	*	Genworth Financial, Inc (Class A)		377
1,299	*	Greenlight Capital Re Ltd (Class A)		43
368	*	Hallmark Financial Services		4
2,022		Hanover Insurance Group, Inc		128
19,845		Hartford Financial Services Group, Inc		711
4,206		HCC Insurance Holdings, Inc		206
290	e	HCI Group, Inc		12
2,969	*	Hilltop Holdings, Inc		63
1,816		Horace Mann Educators Corp		57
392		Independence Holding Co		6
632		Infinity Property & Casualty Corp		42
212		Kansas City Life Insurance Co		10
2,086		Kemper Corp		77
11,594		Lincoln National Corp		596
13,583		Loews Corp		598
2,294		Maiden Holdings Ltd		28
617	*	Markel Corp		405
24,264		Marsh & McLennan Cos, Inc		1,257
6,479	*	MBIA, Inc		72
2,307		Meadowbrook Insurance Group, Inc		17
1,373		Mercury General Corp		65
39,789		Metlife, Inc		2,211
1,715		Montpelier Re Holdings Ltd		55
1,590		National General Holdings Corp		28
224		National Interstate Corp		6
106		National Western Life Insurance Co (Class A)		26
470	*	Navigators Group, Inc		32
11,498		Old Republic International Corp		190
1,061		OneBeacon Insurance Group Ltd (Class A)		16
2,273		PartnerRe Ltd		248
272	*	Phoenix Cos, Inc		13
1,185		Platinum Underwriters Holdings Ltd		77
2,416		Primerica, Inc		116
12,680		Principal Financial Group		640
2,486		ProAssurance Corp		110
26,118		Progressive Corp		662
3,333		Protective Life Corp		231
20,302		Prudential Financial, Inc		1,802
3,052		Reinsurance Group of America, Inc (Class A)		241
1,836		RenaissanceRe Holdings Ltd		196
1,944		RLI Corp		89
678		Safety Insurance Group, Inc		35
2,700		Selective Insurance Group, Inc		67
1,924		Stancorp Financial Group, Inc		123
913		State Auto Financial Corp		21
1,090		Stewart Information Services Corp		34
3,316		Symetra Financial Corp		75
1,550	*	Third Point Reinsurance Ltd		24
3,903		Torchmark Corp		320
15,335		Travelers Cos, Inc		1,443
417	*	United America Indemnity Ltd		11
1,337		United Fire & Casualty Co		39
739		United Insurance Holdings Corp		13
1,340		Universal Insurance Holdings, Inc		17
11,361		UnumProvident Corp		395
4,009		Validus Holdings Ltd		153

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,281		W.R. Berkley Corp	$	198
272		White Mountains Insurance Group Ltd		165
11,987		XL Capital Ltd		392
		TOTAL INSURANCE		39,368
MATERIALS - 3.9%
1,430		A. Schulman, Inc		55
856	*	Advanced Emissions Solutions, Inc		20
226	*	AEP Industries, Inc		8
9,134		Air Products & Chemicals, Inc		1,175
3,280		Airgas, Inc		357
5,809	*,e	AK Steel Holding Corp		46
3,438		Albemarle Corp		246
51,724		Alcoa, Inc		770
4,793		Allegheny Technologies, Inc		216
4,499	*,e	Allied Nevada Gold Corp		17
1,339	e	American Vanguard Corp		18
475		Ampco-Pittsburgh Corp		11
2,862		Aptargroup, Inc		192
3,417		Ashland, Inc		372
4,552		Avery Dennison Corp		233
3,223		Axiall Corp		152
1,365		Balchem Corp		73
6,260		Ball Corp		392
4,338		Bemis Co, Inc		176
3,785	*	Berry Plastics Group, Inc		98
559	*	Boise Cascade Co		16
986		Brush Engineered Materials, Inc		36
2,920		Cabot Corp		169
2,460	*	Calgon Carbon Corp		55
2,347		Carpenter Technology Corp		148
799	*	Castle (A.M.) & Co		9
6,888		Celanese Corp (Series A)		443
2,103	*	Century Aluminum Co		33
2,309		CF Industries Holdings, Inc		555
340		Chase Corp		12
4,115	*	Chemtura		108
906	*	Clearwater Paper Corp		56
6,967	e	Cliffs Natural Resources, Inc		105
4,249	*	Coeur d’Alene Mines Corp		39
5,382		Commercial Metals Co		93
1,529		Compass Minerals International, Inc		146
6,253	*	Crown Holdings, Inc		311
1,650		Cytec Industries, Inc		174
507		Deltic Timber Corp		31
2,836		Domtar Corp		122
53,149		Dow Chemical Co		2,735
40,539		Du Pont (E.I.) de Nemours & Co		2,653
2,212		Eagle Materials, Inc		209
6,627		Eastman Chemical Co		579
11,799		Ecolab, Inc		1,314
3,191	*	Ferro Corp		40
2,562	*	Flotek Industries, Inc		82
6,037		FMC Corp		430
46,670		Freeport-McMoRan Copper & Gold, Inc (Class B)		1,703
954		FutureFuel Corp		16
2,058		Glatfelter		55
2,943		Globe Specialty Metals, Inc		61
1,426		Gold Resource Corp		7
9,370	*	Graphic Packaging Holding Co		110
1,405		Greif, Inc (Class A)		77
2,306		H.B. Fuller Co		111
459		Hawkins, Inc		17
501		Haynes International, Inc		28

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,320	*	Headwaters, Inc	$	46
14,157	e	Hecla Mining Co		49
2,056	*	Horsehead Holding Corp		38
8,898		Huntsman Corp		250
1,000		Innophos Holdings, Inc		58
1,128		Innospec, Inc		49
3,573		International Flavors & Fragrances, Inc		373
19,112		International Paper Co		965
2,641	*,e	Intrepid Potash, Inc		44
804		Kaiser Aluminum Corp		59
3,744	*	Kapstone Paper and Packaging Corp		124
329		KMG Chemicals, Inc		6
952		Koppers Holdings, Inc		36
1,610	*	Kraton Polymers LLC		36
1,114		Kronos Worldwide, Inc		17
1,289	*	Landec Corp		16
6,361	*	Louisiana-Pacific Corp		96
901	*	LSB Industries, Inc		38
16,982		LyondellBasell Industries AF S.C.A		1,658
516	*	Marrone Bio Innovations, Inc		6
2,038		Martin Marietta Materials, Inc		269
7,431		MeadWestvaco Corp		329
1,603		Minerals Technologies, Inc		105
3,569	*,e	Molycorp, Inc		9
23,139		Monsanto Co		2,886
13,136		Mosaic Co		650
1,307		Myers Industries, Inc		26
743		Neenah Paper, Inc		40
426		NewMarket Corp		167
21,903		Newmont Mining Corp		557
1,121		Noranda Aluminium Holding Corp		4
13,989		Nucor Corp		689
3,679		Olin Corp		99
529		Olympic Steel, Inc		13
1,452		OM Group, Inc		47
2,250	*	Omnova Solutions, Inc		20
7,278	*	Owens-Illinois, Inc		252
4,344		Packaging Corp of America		311
3,751	*	Platform Specialty Products Corp		105
4,551		PolyOne Corp		192
6,101		PPG Industries, Inc		1,282
12,929		Praxair, Inc		1,717
610		Quaker Chemical Corp		47
1,981	*	Rayonier Advanced Materials, Inc		77
3,434		Reliance Steel & Aluminum Co		253
11,466	*	Rentech, Inc		30
2,728	*	Resolute Forest Products		46
3,041		Rock-Tenn Co (Class A)		321
3,377		Rockwood Holdings, Inc		257
2,719		Royal Gold, Inc		207
6,079		RPM International, Inc		281
1,496	*	RTI International Metals, Inc		40
1,183		Schnitzer Steel Industries, Inc (Class A)		31
1,432		Schweitzer-Mauduit International, Inc		63
2,024		Scotts Miracle-Gro Co (Class A)		115
9,523		Sealed Air Corp		325
1,854	*	Senomyx, Inc		16
2,186		Sensient Technologies Corp		122
3,907		Sherwin-Williams Co		808
5,308		Sigma-Aldrich Corp		539
1,935		Silgan Holdings, Inc		98
4,578		Sonoco Products Co		201
6,894		Southern Copper Corp (NY)		209
9,681		Steel Dynamics, Inc		174
834		Stepan Co		44

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,293	*	Stillwater Mining Co	$	93
2,967	*	SunCoke Energy, Inc		64
3,933	*	Tahoe Resources, Inc		103
1,261	*	Taminco Corp		29
1,000	*	Texas Industries, Inc		92
970	*	Trecora Resources		11
1,164		Tredegar Corp		27
2,723		Tronox Ltd		73
260	*	UFP Technologies, Inc		6
66		United States Lime & Minerals, Inc		4
6,590	e	United States Steel Corp		172
391	*	Universal Stainless & Alloy		13
482	*	US Concrete, Inc		12
910		US Silica Holdings Inc		50
3,731		Valspar Corp		284
5,770		Vulcan Materials Co		368
2,588	e	Walter Energy, Inc		14
2,354		Wausau Paper Corp		25
1,786		Westlake Chemical Corp		150
297	*	WHX Corp		8
2,539		Worthington Industries, Inc		109
3,473	*	WR Grace & Co		328
1,145		Zep, Inc		20
		TOTAL MATERIALS		37,607
MEDIA - 3.5%
835		AH Belo Corp (Class A)		10
1,130		AMC Entertainment Holdings, Inc		28
2,757	*	AMC Networks, Inc		170
8,815	e	Cablevision Systems Corp (Class A)		156
1,014	*	Carmike Cinemas, Inc		36
25,081		CBS Corp (Class B)		1,559
981		CBS Outdoor Americas, Inc		32
3,461	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		10
3,500	*	Charter Communications, Inc		554
5,086		Cinemark Holdings, Inc		180
2,051		Clear Channel Outdoor Holdings, Inc (Class A)		17
114,328		Comcast Corp (Class A)		6,137
1,802	*	Crown Media Holdings, Inc (Class A)		7
5,940	*	Cumulus Media, Inc (Class A)		39
46	*	Daily Journal Corp		9
764	*,e	Dex Media, Inc		8
20,646	*	DIRECTV		1,755
10,132	*	Discovery Communications, Inc (Class A)		753
9,412	*	DISH Network Corp (Class A)		613
3,294	*,e	DreamWorks Animation SKG, Inc (Class A)		77
1,252	*	Entercom Communications Corp (Class A)		13
2,637		Entravision Communications Corp (Class A)		16
866	*	Eros International plc		13
1,412	*	EW Scripps Co (Class A)		30
10,026		Gannett Co, Inc		314
615	*,e	Global Sources Ltd		5
1,978	*	Gray Television, Inc		26
2,075		Harte-Hanks, Inc		15
408	*	Hemisphere Media Group, Inc		5
19,644		Interpublic Group of Cos, Inc		383
1,843		John Wiley & Sons, Inc (Class A)		112
2,807	*	Journal Communications, Inc (Class A)		25
3,450		Lamar Advertising Co (Class A)		183
2,285	*	Lee Enterprises, Inc		10
4,185	*	Liberty Media Corp		572
3,701	e	Lions Gate Entertainment Corp		106
6,363	*	Live Nation, Inc		157
546	*	Loral Space & Communications, Inc		40

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,794	*	Madison Square Garden, Inc	$	174
1,522	*	Martha Stewart Living Omnimedia, Inc (Class A)		7
3,219	*,e	McClatchy Co (Class A)		18
1,932		MDC Partners, Inc		41
2,390	*,e	Media General, Inc (Class A)		49
1,642		Meredith Corp		79
859		Morningstar, Inc		62
2,714		National CineMedia, Inc		48
1,312	*	New Media Investment Group, Inc		18
5,841		New York Times Co (Class A)		89
21,945	*	News Corp		394
1,355	e	Nexstar Broadcasting Group, Inc (Class A)		70
11,444		Omnicom Group, Inc		815
490	*,e	ReachLocal, Inc		3
787	*	Reading International, Inc		7
3,573	e	Regal Entertainment Group (Class A)		75
475	*	Rentrak Corp		25
216		Saga Communications, Inc		9
1,212		Scholastic Corp		41
4,668		Scripps Networks Interactive (Class A)		379
1,965	*,e	SFX Entertainment, Inc		16
2,960	e	Sinclair Broadcast Group, Inc (Class A)		103
121,636	*	Sirius XM Holdings, Inc		421
1,322	*	Sizmek, Inc		13
4,643	*	Starz-Liberty Capital		138
16,211	e	Thomson Corp		589
12,301		Time Warner Cable, Inc		1,812
38,936		Time Warner, Inc		2,735
4,895	*	Time, Inc		119
84,061		Twenty-First Century Fox, Inc		2,955
18,972		Viacom, Inc (Class B)		1,645
76,445		Walt Disney Co		6,554
1,281	e	World Wrestling Entertainment, Inc (Class A)		15
		TOTAL MEDIA		33,693
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%
70,188		AbbVie, Inc		3,961
3,490	*,e	Acadia Pharmaceuticals, Inc		79
987	*	Accelerate Diagnostics, Inc		26
716	*	Acceleron Pharma, Inc		24
961	*,e	AcelRx Pharmaceuticals, Inc		10
4,428	*,e	Achillion Pharmaceuticals, Inc		34
1,860	*	Acorda Therapeutics, Inc		63
7,700	*	Actavis plc		1,718
877	*	Actinium Pharmaceuticals, Inc		6
1,318	*,e	Aegerion Pharmaceuticals, Inc		42
456	*	Aerie Pharmaceuticals, Inc		11
3,307	*,e	Affymetrix, Inc		29
2,830	*	Agenus, Inc		9
14,713		Agilent Technologies, Inc		845
590	*,e	Agios Pharmaceuticals, Inc		27
353	*	Akebia Therapeutics, Inc		10
2,860	*	Akorn, Inc		95
1,060	*,e	Albany Molecular Research, Inc		21
367	*	Alder Biopharmaceuticals, Inc		7
8,732	*	Alexion Pharmaceuticals, Inc		1,364
818	*,e	Alimera Sciences, Inc		5
6,379	*	Alkermes plc		321
13,132		Allergan, Inc		2,222
2,939	*	Alnylam Pharmaceuticals, Inc		186
1,109	*,e	AMAG Pharmaceuticals, Inc		23
33,417		Amgen, Inc		3,956
1,806	*,e	Ampio Pharmaceuticals, Inc		15
1,178	*,e	Anacor Pharmaceuticals, Inc		21

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
292	*	ANI Pharmaceuticals, Inc	$	10
216	*	Applied Genetic Technologies Corp		5
1,104	*	Aratana Therapeutics, Inc		17
9,609	*,e	Arena Pharmaceuticals, Inc		56
9,311	*,e	Ariad Pharmaceuticals, Inc		59
5,359	*	Array Biopharma, Inc		24
2,299	*	Arrowhead Research Corp		33
358	*	Auspex Pharmaceuticals Inc		8
2,455	*,e	Auxilium Pharmaceuticals, Inc		49
6,354	*	AVANIR Pharmaceuticals, Inc		36
3,132	*	BioCryst Pharmaceuticals, Inc		40
1,429	*,e	BioDelivery Sciences International, Inc		17
10,632	*	Biogen Idec, Inc		3,352
6,368	*	BioMarin Pharmaceuticals, Inc		396
3,319	*	Bio-Path Holdings, Inc		10
917	*	Bio-Rad Laboratories, Inc (Class A)		110
1,108	*,e	Biotime, Inc		3
846	*	Bluebird Bio, Inc		33
72,878		Bristol-Myers Squibb Co		3,535
5,008	*	Bruker BioSciences Corp		122
1,384	*	Cambrex Corp		29
35,344	*	Celgene Corp		3,035
3,687	*,e	Celldex Therapeutics, Inc		60
462	*	Cellular Dynamics International, Inc		7
663	*,e	Cempra, Inc		7
3,195	*,e	Cepheid, Inc		153
2,363	*	Charles River Laboratories International, Inc		127
1,103	*,e	ChemoCentryx, Inc		6
1,199	*	Chimerix, Inc		26
1,094	*	Clovis Oncology, Inc		45
1,326	*,e	Corcept Therapeutics, Inc		4
2,530	*	Covance, Inc		217
4,964	*,e	CTI BIOPHARMA CORP		14
3,322	*	Cubist Pharmaceuticals, Inc		232
1,140	*	Cytokinetics, Inc		5
2,389	*,e	Cytori Therapeutics, Inc		6
2,438	*	CytRx Corp		10
7,690	*,e	Dendreon Corp		18
2,984	*	Depomed, Inc		42
587	*	Durata Therapeutics, Inc		10
5,955	*	Dyax Corp		57
11,612	*,e	Dynavax Technologies Corp		19
43,427		Eli Lilly & Co		2,700
1,234	*	Emergent Biosolutions, Inc		28
464	*	Enanta Pharmaceuticals, Inc		20
6,719	*	Endo International plc		470
1,449	*,e	Endocyte, Inc		10
1,545	*	Enzo Biochem, Inc		8
578	*,e	Epizyme, Inc		18
3,648	*,e	Exact Sciences Corp		62
8,337	*,e	Exelixis, Inc		28
731	*	Five Prime Therapeutics, Inc		11
1,247	*	Fluidigm Corp		37
10,608	*	Forest Laboratories, Inc		1,050
643	*,m	Forest Laboratories, Inc CVR		1
450	*,e	Foundation Medicine, Inc		12
512	*	Furiex Pharmaceuticals Inc		54
813	*	Galectin Therapeutics, Inc		11
3,544	*,e	Galena Biopharma, Inc		11
810	*,e	Genomic Health, Inc		22
6,445	*,e	Geron Corp		21
67,747	*	Gilead Sciences, Inc		5,617
1,426	*	Golf Trust Of America, Inc		13
4,607	*,e	Halozyme Therapeutics, Inc		46
827	*	Heron Therapeutics, Inc		10

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,885	*,e	Horizon Pharma, Inc	$	46
7,377	*	Hospira, Inc		379
400	*,e	Hyperion Therapeutics, Inc		10
5,192	*	Idenix Pharmaceuticals, Inc		125
2,542	*	Idera Pharmaceuticals, Inc		7
5,669	*	Illumina, Inc		1,012
3,866	*,e	Immunogen, Inc		46
3,543	*,e	Immunomedics, Inc		13
3,148	*	Impax Laboratories, Inc		94
6,383	*	Incyte Corp		360
2,197	*	Infinity Pharmaceuticals, Inc		28
2,690	*	Inovio Pharmaceuticals, Inc		29
1,712	*	Insmed, Inc		34
430	*	Insys Therapeutics, Inc		13
551	*	Intercept Pharmaceuticals, Inc		130
4,374	*	InterMune, Inc		193
755	*	Intra-Cellular Therapies, Inc		13
1,591	*,e	Intrexon Corp		40
5,284	*	Ironwood Pharmaceuticals, Inc		81
5,202	*,e	Isis Pharmaceuticals, Inc		179
2,624	*	Jazz Pharmaceuticals plc		386
124,914		Johnson & Johnson		13,069
557	*	Karyopharm Therapeutics, Inc		26
3,747	*,e	Keryx Biopharmaceuticals, Inc		58
462	*	Kindred Biosciences Inc		9
765	*,e	KYTHERA Biopharmaceuticals, Inc		29
1,137	*	Lannett Co, Inc		56
10,577	*,e	Lexicon Pharmaceuticals, Inc		17
925	*	Ligand Pharmaceuticals, Inc (Class B)		58
1,879	*	Luminex Corp		32
890	*	MacroGenics, Inc		19
2,692	*,e	Mallinckrodt plc		215
10,048	*,e	MannKind Corp		110
2,880	*	Medicines Co		84
3,431	*	Medivation, Inc		264
128,988		Merck & Co, Inc		7,462
4,183	*,e	Merrimack Pharmaceuticals, Inc		31
1,332	*	Mettler-Toledo International, Inc		337
3,906	*,e	MiMedx Group, Inc		28
332	*	Mirati Therapeutics, Inc		7
2,284	*	Momenta Pharmaceuticals, Inc		28
16,501	*	Mylan Laboratories, Inc		851
3,772	*,e	Myriad Genetics, Inc		147
460	*	NanoString Technologies, Inc		7
1,676	*	NanoViricides, Inc		7
4,406	*,e	Navidea Biopharmceuticals, Inc		7
5,532	*	Nektar Therapeutics		71
1,004	*	NeoStem, Inc		7
3,110	*	Neuralstem, Inc		13
3,256	*	Neurocrine Biosciences, Inc		48
866	*,e	NewLink Genetics Corp		23
1,597	*	Northwest Biotherapeutics, Inc		11
9,302	*,e	Novavax, Inc		43
4,701	*	NPS Pharmaceuticals, Inc		155
868	*	Ohr Pharmaceutical, Inc		8
1,496	*,e	Omeros Corp		26
244	*,m	Omthera Pharmaceuticals, Inc		0	^
542	*	OncoMed Pharmaceuticals, Inc		13
3,016	*	Oncothyreon, Inc		10
490	*,e	Ophthotech Corp		21
8,743	*	Opko Health, Inc		77
4,355	*,e	Orexigen Therapeutics, Inc		27
2,776	*	Organovo Holdings, Inc		23
807	*,e	Osiris Therapeutics, Inc		13
397	*,e	OvaScience, Inc		4

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,513	*	Pacific Biosciences of California, Inc	$	16
1,577	*	Pacira Pharmaceuticals, Inc		145
1,692	*	Pain Therapeutics, Inc		10
2,734	*	Parexel International Corp		144
7,108	e	PDL BioPharma, Inc		69
6,277	*,e	Peregrine Pharmaceuticals, Inc		12
5,006		PerkinElmer, Inc		235
5,494		Perrigo Co plc		801
281,541		Pfizer, Inc		8,356
2,681	*	Pharmacyclics, Inc		241
638	*	Phibro Animal Health Corp		14
1,633	*	Portola Pharmaceuticals, Inc		48
1,425		Pozen, Inc		12
2,523	*	Prestige Brands Holdings, Inc		86
2,427	*	Progenics Pharmaceuticals, Inc		10
955	*	Prothena Corp plc		22
988	*	PTC Therapeutics, Inc		26
1,018	*	Puma Biotechnology, Inc		67
11,224	*,e	Qiagen NV (NASDAQ)		274
2,691	e	Questcor Pharmaceuticals, Inc		249
2,504	*	Quintiles Transnational Holdings, Inc		133
2,377	*,e	Raptor Pharmaceutical Corp		27
678	*	Receptos, Inc		29
3,568	*	Regeneron Pharmaceuticals, Inc		1,008
424	*,e	Regulus Therapeutics, Inc		3
731	*	Relypsa, Inc		18
1,493	*	Repligen Corp		34
714	*,e	Repros Therapeutics, Inc		12
740	*,e	Retrophin, Inc		9
380	*	Revance Therapeutics, Inc		13
3,471	*	Rigel Pharmaceuticals, Inc		13
978	*	Sagent Pharmaceuticals		25
2,764	*	Salix Pharmaceuticals Ltd		341
3,004	*,e	Sangamo Biosciences, Inc		46
1,786	*	Sarepta Therapeutics, Inc		53
2,738	*	Sciclone Pharmaceuticals, Inc		14
4,705	*,e	Seattle Genetics, Inc		180
4,993	*,e	Sequenom, Inc		19
2,652	*,e	Spectrum Pharmaceuticals, Inc		22
414	*	Stemline Therapeutics, Inc		6
620	*	Sucampo Pharmaceuticals, Inc (Class A)		4
1,424	*,e	Sunesis Pharmaceuticals, Inc		9
1,275	*,e	Supernus Pharmaceuticals, Inc		14
949	*,e	Synageva BioPharma Corp		99
3,578	*,e	Synergy Pharmaceuticals, Inc		15
1,821	*,e	Synta Pharmaceuticals Corp		7
1,792		Techne Corp		166
860	*	TESARO, Inc		27
978	*	Tetraphase Pharmaceuticals, Inc		13
647	*,e	TG Therapeutics, Inc		6
3,604	*,e	TherapeuticsMD, Inc		16
956	*,e	Theravance Biopharma, Inc		31
3,648	*,e	Theravance, Inc		109
17,274		Thermo Electron Corp		2,038
2,098	*,e	Threshold Pharmaceuticals, Inc		8
360	*	Ultragenyx Pharmaceutical, Inc		16
2,129	*	United Therapeutics Corp		188
1,501	*,e	Vanda Pharmaceuticals, Inc		24
637	*,e	Verastem, Inc		6
306	*	Versartis, Inc		9
10,423	*	Vertex Pharmaceuticals, Inc		987
238	*	Vital Therapies, Inc		7
4,844	*,e	Vivus, Inc		26
3,776	*	Waters Corp		394
607	*	Xencor Inc		7

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,508	*	Xenoport, Inc	$	7
3,261	*	XOMA Corp		15
2,912	*,e	ZIOPHARM Oncology, Inc		12
22,186		Zoetis Inc		716
3,161	*,e	Zogenix, Inc		6
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		82,027
REAL ESTATE - 3.7%
2,427		Acadia Realty Trust		68
755		AG Mortgage Investment Trust		14
505		Agree Realty Corp		15
2,153		Alexander & Baldwin, Inc		89
104		Alexander’s, Inc		38
3,234		Alexandria Real Estate Equities, Inc		251
63	*	Altisource Asset Management Corp		46
646	*	Altisource Portfolio Solutions S.A.		74
2,533		Altisource Residential Corp		66
1,470		American Assets Trust, Inc		51
4,716		American Campus Communities, Inc		180
17,015		American Capital Agency Corp		398
1,755		American Capital Mortgage, Inc		35
6,154		American Homes 4 Rent		109
7,436	*	American Realty Capital Healthcare Trust, Inc		81
40,106		American Realty Capital Properties, Inc		503
1,408	*,e	American Residential Properties, Inc		26
17,608		American Tower Corp		1,584
800		AmREIT, Inc (Class B)		15
41,410		Annaly Capital Management, Inc		473
6,519		Anworth Mortgage Asset Corp		34
6,612		Apartment Investment & Management Co (Class A)		213
1,693		Apollo Commercial Real Estate Finance, Inc		28
1,288		Ares Commercial Real Estate Corp		16
719		Armada Hoffler Properties, Inc		7
17,114		ARMOUR Residential REIT, Inc		74
1,123		Ashford Hospitality Prime, Inc		19
3,090		Ashford Hospitality Trust, Inc		36
2,311		Associated Estates Realty Corp		42
454	*	AV Homes, Inc		7
5,727		AvalonBay Communities, Inc		814
860		Aviv REIT, Inc		24
8,551		BioMed Realty Trust, Inc		187
6,712		Boston Properties, Inc		793
7,051		Brandywine Realty Trust		110
2,124	e	Brixmor Property Group, Inc		49
3,772		Camden Property Trust		268
2,582	e	Campus Crest Communities, Inc		22
4,568	e	Capstead Mortgage Corp		60
895	*	CareTrust REIT, Inc		18
507	*	CatchMark Timber Trust Inc		7
7,707		CBL & Associates Properties, Inc		146
12,793	*	CBRE Group, Inc		410
2,712		Cedar Shopping Centers, Inc		17
11,388	e	Chambers Street Properties		92
1,145		Chatham Lodging Trust		25
2,191		Chesapeake Lodging Trust		66
45,800		Chimera Investment Corp		146
4,557		Colony Financial, Inc		106
5,509		Columbia Property Trust, Inc		143
267		Consolidated-Tomoka Land Co		12
958		Coresite Realty		32
3,770		Corporate Office Properties Trust		105
8,737		Cousins Properties, Inc		109
14,727		Crown Castle International Corp		1,094
6,373		CubeSmart		117

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
886		CyrusOne, Inc	$	22
6,587		CYS Investments, Inc		59
14,553		DCT Industrial Trust, Inc		119
13,295		DDR Corp		234
8,922		DiamondRock Hospitality Co		114
5,887	e	Digital Realty Trust, Inc		343
6,476		Douglas Emmett, Inc		183
14,712		Duke Realty Corp		267
2,984		DuPont Fabros Technology, Inc		80
2,653		Dynex Capital, Inc		23
1,377		EastGroup Properties, Inc		88
5,215		Education Realty Trust, Inc		56
4,070	e	Empire State Realty Trust, Inc		67
2,373		Entertainment Properties Trust		133
3,812		Equity Lifestyle Properties, Inc		168
2,651		Equity One, Inc		63
15,972		Equity Residential		1,006
2,778		Essex Property Trust, Inc		514
2,196		Excel Trust, Inc		29
5,080		Extra Space Storage, Inc		271
3,147		Federal Realty Investment Trust		381
5,675		FelCor Lodging Trust, Inc		60
4,909		First Industrial Realty Trust, Inc		92
2,547		First Potomac Realty Trust		33
7,235	*	Forest City Enterprises, Inc (Class A)		144
1,790	*	Forestar Real Estate Group, Inc		34
4,124		Franklin Street Properties Corp		52
3,679		Gaming and Leisure Properties, Inc		125
25,513		General Growth Properties, Inc		601
1,193		Getty Realty Corp		23
498		Gladstone Commercial Corp		9
6,781		Glimcher Realty Trust		73
2,488		Government Properties Income Trust		63
5,129	*,e	Gramercy Property Trust, Inc		31
939	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		13
4,525		Hatteras Financial Corp		90
20,332		HCP, Inc		841
13,556		Health Care REIT, Inc		850
4,129		Healthcare Realty Trust, Inc		105
10,435		Healthcare Trust of America, Inc		126
9,247		Hersha Hospitality Trust		62
3,988		Highwoods Properties, Inc		167
2,526		Home Properties, Inc		162
6,635		Hospitality Properties Trust		202
33,426		Host Marriott Corp		736
1,731	*	Howard Hughes Corp		273
5,339		HRPT Properties Trust		141
2,411		Hudson Pacific Properties		61
4,699		Inland Real Estate Corp		50
5,430		Invesco Mortgage Capital, Inc		94
4,600		Investors Real Estate Trust		42
4,086	*	iStar Financial, Inc		61
2,081		Jones Lang LaSalle, Inc		263
3,185		Kennedy-Wilson Holdings, Inc		85
3,625		Kilroy Realty Corp		226
17,885		Kimco Realty Corp		411
5,839		Kite Realty Group Trust		36
4,588		LaSalle Hotel Properties		162
9,098	e	Lexington Corporate Properties Trust		100
6,528		Liberty Property Trust		248
1,589		LTC Properties, Inc		62
6,407		Macerich Co		428
4,214		Mack-Cali Realty Corp		91
7,595		Medical Properties Trust, Inc		101
16,597		MFA Mortgage Investments, Inc		136

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,448		Mid-America Apartment Communities, Inc	$	252
2,597		Monmouth Real Estate Investment Corp (Class A)		26
1,466		National Health Investors, Inc		92
5,524	e	National Retail Properties, Inc		205
11,619		New Residential Investment Corp		73
4,058	e	New York Mortgage Trust, Inc		32
16,208		NorthStar Realty Finance Corp		282
5,558	e	Omega Healthcare Investors, Inc		205
567		One Liberty Properties, Inc		12
486		Owens Realty Mortgage, Inc		9
3,151		Parkway Properties, Inc		65
2,708		Pebblebrook Hotel Trust		100
3,002		Pennsylvania REIT		57
2,341		Pennymac Mortgage Investment Trust		51
1,488		Physicians Realty Trust		21
8,573	e	Piedmont Office Realty Trust, Inc		162
7,839		Plum Creek Timber Co, Inc		354
2,497		Post Properties, Inc		133
2,094		Potlatch Corp		87
22,284		Prologis, Inc		916
903		PS Business Parks, Inc		75
6,361		Public Storage, Inc		1,090
700	e	QTS Realty Trust, Inc		20
3,606	e	RAIT Investment Trust		30
2,750		Ramco-Gershenson Properties		46
5,944		Rayonier, Inc		211
370		Re/Max Holdings, Inc		11
6,443	*	Realogy Holdings Corp		243
8,997	e	Realty Income Corp		400
3,754	e	Redwood Trust, Inc		73
4,546		Regency Centers Corp		253
5,774		Resource Capital Corp		33
2,782		Retail Opportunities Investment Corp		44
10,454		Retail Properties of America, Inc		161
1,275		Rexford Industrial Realty, Inc		18
5,656		RLJ Lodging Trust		163
1,626	e	Rouse Properties, Inc		28
1,915	e	Ryman Hospitality Properties		92
2,072		Sabra Healthcare REIT, Inc		59
330		Saul Centers, Inc		16
1,621		Select Income REIT		48
8,996		Senior Housing Properties Trust		219
1,684	e	Silver Bay Realty Trust Corp		27
13,709		Simon Property Group, Inc		2,280
4,214		SL Green Realty Corp		461
1,406		Sovran Self Storage, Inc		109
17,735		Spirit Realty Capital, Inc		201
2,792	*,e	St. Joe Co		71
2,296		STAG Industrial, Inc		55
10,289		Starwood Property Trust, Inc		245
1,712	*	Starwood Waypoint Residential Trust		45
10,891	*	Strategic Hotels & Resorts, Inc		128
3,813		Summit Hotel Properties, Inc		40
1,818		Sun Communities, Inc		91
8,110		Sunstone Hotel Investors, Inc		121
4,466		Tanger Factory Outlet Centers, Inc		156
2,937		Taubman Centers, Inc		223
790	*	Tejon Ranch Co		25
1,449		Terreno Realty Corp		28
880		Trade Street Residential, Inc		7
16,078		Two Harbors Investment Corp		169
11,759		UDR, Inc		337
507		UMH Properties, Inc		5
575		Universal Health Realty Income Trust		25
1,407		Urstadt Biddle Properties, Inc (Class A)		29

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
12,918		Ventas, Inc	$	828
8,538		Vornado Realty Trust		911
6,931	*	Washington Prime Group, Inc		130
3,060		Washington REIT		80
5,688		Weingarten Realty Investors		187
1,871		Western Asset Mortgage Capital Corp		27
25,830		Weyerhaeuser Co		855
976		Whitestone REIT		15
1,412		Winthrop Realty Trust		22
4,380		WP Carey, Inc		282
		TOTAL REAL ESTATE		36,231
RETAILING - 4.0%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		7
2,942		Aaron’s, Inc		105
3,193	e	Abercrombie & Fitch Co (Class A)		138
3,228		Advance Auto Parts, Inc		436
3,935	*,e	Aeropostale, Inc		14
16,582	*	Amazon.com, Inc		5,385
7,658	e	American Eagle Outfitters, Inc		86
367	*,e	America’s Car-Mart, Inc		15
2,149	*	Ann Taylor Stores Corp		88
1,365	*	Asbury Automotive Group, Inc		94
5,511	*	Ascena Retail Group, Inc		94
857	*	Audiovox Corp (Class A)		8
3,216	*	Autonation, Inc		192
1,484	*	AutoZone, Inc		796
1,708	*	Barnes & Noble, Inc		39
1,533		Bebe Stores, Inc		5
9,004	*	Bed Bath & Beyond, Inc		517
12,679		Best Buy Co, Inc		393
824		Big 5 Sporting Goods Corp		10
2,673	*	Big Lots, Inc		122
645	*	Blue Nile, Inc		18
578	*,e	Body Central Corp		1
447	e	Bon-Ton Stores, Inc		5
1,976		Brown Shoe Co, Inc		57
1,023	e	Buckle, Inc		45
512	*	Build-A-Bear Workshop, Inc		7
1,263	*	Burlington Stores, Inc		40
2,171	*	Cabela’s, Inc		135
9,788	*	Carmax, Inc		509
966		Cato Corp (Class A)		30
6,766		Chico’s FAS, Inc		115
1,035	*	Children’s Place Retail Stores, Inc		51
1,400	*	Christopher & Banks Corp		12
836	*	Citi Trends, Inc		18
1,176	*,e	Conn’s, Inc		58
764	*,e	Container Store Group, Inc		21
1,054		Core-Mark Holding Co, Inc		48
518	*	Coupons.com, Inc		14
3,342		CST Brands, Inc		115
632		Destination Maternity Corp		14
2,260	*	Destination XL Group, Inc		12
4,508		Dick’s Sporting Goods, Inc		210
1,128		Dillard’s, Inc (Class A)		132
13,688	*	Dollar General Corp		785
9,137	*	Dollar Tree, Inc		498
3,192		DSW, Inc (Class A)		89
4,882		Expedia, Inc		384
3,681	*	Express Parent LLC		63
4,155		Family Dollar Stores, Inc		275
2,244		Finish Line, Inc (Class A)		67
1,946	*	Five Below, Inc		78

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,440		Foot Locker, Inc	$	327
2,024	*,e	Francesca’s Holdings Corp		30
1,790		Fred’s, Inc (Class A)		27
911	*	FTD Cos, Inc		29
683	*	Gaiam, Inc (Class A)		5
5,448	e	GameStop Corp (Class A)		220
11,669		Gap, Inc		485
979	*	Genesco, Inc		80
6,790		Genuine Parts Co		596
3,997		GNC Holdings, Inc		136
1,038		Group 1 Automotive, Inc		88
21,229	*,e	Groupon, Inc		141
2,720		Guess?, Inc		73
983		Haverty Furniture Cos, Inc		25
626	*,e	HHgregg, Inc		6
1,136	*,e	Hibbett Sports, Inc		62
60,366		Home Depot, Inc		4,887
4,132	*	HomeAway, Inc		144
1,388		HSN, Inc		82
7,757	*,e	JC Penney Co, Inc		70
705	*	Kirkland’s, Inc		13
9,021		Kohl’s Corp		475
10,680		L Brands, Inc		626
733	*,e	Lands’ End, Inc		25
22,209	*	Liberty Interactive Corp		652
3,368	*	Liberty Ventures		249
1,015		Lithia Motors, Inc (Class A)		95
13,288	*	LKQ Corp		355
44,975		Lowe’s Companies, Inc		2,158
1,262	*,e	Lumber Liquidators, Inc		96
15,992		Macy’s, Inc		928
1,129	*	MarineMax, Inc		19
669	*,e	Mattress Firm Holding Corp		32
2,120		Men’s Wearhouse, Inc		118
1,383	e	Monro Muffler, Inc		74
2,193	*	Murphy USA, Inc		107
2,645	*	NetFlix, Inc		1,165
888	*	New York & Co, Inc		3
6,124		Nordstrom, Inc		416
1,665		Nutri/System, Inc		28
21,270	*	Office Depot, Inc		121
2,239	*	Orbitz Worldwide, Inc		20
4,860	*	O’Reilly Automotive, Inc		732
1,064	*,e	Outerwall, Inc		63
567	*	Overstock.com, Inc		9
1,931		Penske Auto Group, Inc		96
2,583	*	PEP Boys - Manny Moe & Jack		30
1,182	e	PetMed Express, Inc		16
4,430	e	Petsmart, Inc		265
4,307		Pier 1 Imports, Inc		66
2,276	*	Priceline.com, Inc		2,738
2,196		Rent-A-Center, Inc		63
1,378	*	Restoration Hardware Holdings, Inc		128
1,375	*,e	RetailMeNot, Inc		37
9,371		Ross Stores, Inc		620
6,973	*	Sally Beauty Holdings, Inc		175
1,774	*,e	Sears Holdings Corp		71
527	*	Sears Hometown and Outlet Stores, Inc		11
2,535	*	Select Comfort Corp		52
775		Shoe Carnival, Inc		16
1,725	*	Shutterfly, Inc		74
3,567		Signet Jewelers Ltd		394
1,782		Sonic Automotive, Inc (Class A)		48
1,474		Stage Stores, Inc		28
29,872		Staples, Inc		324

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,440		Stein Mart, Inc	$	20
461	*	Systemax, Inc		7
27,969		Target Corp		1,621
4,930		Tiffany & Co		494
834	*,e	Tile Shop Holdings, Inc		13
432	*	Tilly’s, Inc		3
30,903		TJX Companies, Inc		1,642
6,086		Tractor Supply Co		368
4,974	*	TripAdvisor, Inc		540
1,789	*	Tuesday Morning Corp		32
2,841	*	Ulta Salon Cosmetics & Fragrance, Inc		260
4,351	*	Urban Outfitters, Inc		147
1,789	*	Valuevision International, Inc (Class A)		9
1,052	*	Vitacost.com, Inc		7
1,434	*	Vitamin Shoppe, Inc		62
640	*	West Marine, Inc		7
1,736	*	WEX, Inc		182
4,208		Williams-Sonoma, Inc		302
133		Winmark Corp		9
578	*,e	zulily, Inc		24
1,062	*	Zumiez, Inc		29
		TOTAL RETAILING		39,572
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%
1,955	*	Advanced Energy Industries, Inc		38
27,659	*,e	Advanced Micro Devices, Inc		116
844	*	Alpha & Omega Semiconductor Ltd		8
13,830		Altera Corp		481
1,258	*,e	Ambarella, Inc		39
3,751	*	Amkor Technology, Inc		42
13,502		Analog Devices, Inc		730
53,952		Applied Materials, Inc		1,217
3,483	*	Applied Micro Circuits Corp		38
18,162	*	Atmel Corp		170
308	*	Audience, Inc		4
10,685		Avago Technologies Ltd		770
5,359	*	Axcelis Technologies, Inc		11
23,622		Broadcom Corp (Class A)		877
3,308		Brooks Automation, Inc		36
1,066	*	Cabot Microelectronics Corp		48
569	*	Cascade Microtech, Inc		8
2,349	*	Cavium Networks, Inc		117
1,137	*	Ceva, Inc		17
2,833	*,e	Cirrus Logic, Inc		64
1,302		Cohu, Inc		14
5,381	*,e	Cree, Inc		269
6,863		Cypress Semiconductor Corp		75
1,810	*	Diodes, Inc		52
1,224	*	DSP Group, Inc		10
6,714	*	Entegris, Inc		92
4,315	*	Entropic Communications, Inc		14
2,381	*	Exar Corp		27
5,825	*	Fairchild Semiconductor International, Inc		91
3,240	*	First Solar, Inc		230
2,618	*	Formfactor, Inc		22
4,624	*	Freescale Semiconductor Holdings Ltd		109
5,994	*,e	GT Solar International, Inc		111
1,389		Hittite Microwave Corp		108
1,024	*	Inphi Corp		15
5,027	*	Integrated Device Technology, Inc		78
1,216	*	Integrated Silicon Solution, Inc		18
219,719		Intel Corp		6,789
3,305	*	International Rectifier Corp		92
5,704		Intersil Corp (Class A)		85

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,231		IXYS Corp	$	15
7,363		Kla-Tencor Corp		535
3,559	*	Kopin Corp		12
7,160	*	Lam Research Corp		484
5,950	*	Lattice Semiconductor Corp		49
10,438		Linear Technology Corp		491
515	*	MA-COM Technology Solutions		12
16,448		Marvell Technology Group Ltd		236
12,471		Maxim Integrated Products, Inc		422
1,067	*	MaxLinear, Inc		11
2,455		Micrel, Inc		28
8,709	e	Microchip Technology, Inc		425
47,239	*	Micron Technology, Inc		1,556
4,299	*	Microsemi Corp		115
2,438		MKS Instruments, Inc		76
1,709	*	Monolithic Power Systems, Inc		72
1,014	*	Nanometrics, Inc		18
258	*	NVE Corp		14
24,640		Nvidia Corp		457
2,460	*	Omnivision Technologies, Inc		54
20,679	*	ON Semiconductor Corp		189
1,181	*	PDF Solutions, Inc		25
1,211	*,e	Peregrine Semiconductor Corp		8
1,447	*	Pericom Semiconductor Corp		13
2,703	*	Photronics, Inc		23
1,628	*	PLX Technology, Inc		11
9,550	*	PMC - Sierra, Inc		73
1,292		Power Integrations, Inc		74
2,350	*	QuickLogic Corp		12
5,356	*	Rambus, Inc		77
12,804	*	RF Micro Devices, Inc		123
782	*,e	Rubicon Technology, Inc		7
1,464	*	Rudolph Technologies, Inc		14
3,192	*	Semtech Corp		83
4,055	*	Silicon Image, Inc		20
1,948	*	Silicon Laboratories, Inc		96
8,363	*	Skyworks Solutions, Inc		393
2,245	*	Spansion, Inc		47
11,803	*	SunEdison, Inc		267
1,881	*,e	SunPower Corp		77
8,744	e	Teradyne, Inc		171
2,606		Tessera Technologies, Inc		58
47,645		Texas Instruments, Inc		2,277
7,513	*	Triquint Semiconductor, Inc		119
928	*	Ultra Clean Holdings		8
1,279	*	Ultratech, Inc		28
1,796	*	Veeco Instruments, Inc		67
2,231	*	Vitesse Semiconductor Corp		8
2,408	*	Xcerra Corp		22
11,736		Xilinx, Inc		555
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		23,159
SOFTWARE & SERVICES - 10.0%
527	*	A10 Networks, Inc		7
28,464		Accenture plc		2,301
1,829	*	ACI Worldwide, Inc		102
21,863		Activision Blizzard, Inc		488
2,448	*	Actuate Corp		12
3,414	*	Acxiom Corp		74
22,303	*	Adobe Systems, Inc		1,614
2,284		Advent Software, Inc		74
7,870	*	Akamai Technologies, Inc		481
2,392	*	Alliance Data Systems Corp		673
384	*	Amber Road, Inc		6

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,978		Amdocs Ltd	$	323
764		American Software, Inc (Class A)		8
1,936	*,e	Angie’s List, Inc		23
4,120	*	Ansys, Inc		312
3,546	*	AOL, Inc		141
4,286	*	Aspen Technology, Inc		199
9,955	*	Autodesk, Inc		561
21,577		Automatic Data Processing, Inc		1,711
1,528	*	AVG Technologies NV		31
2,964	*	Bankrate, Inc		52
330	*,e	Barracuda Networks, Inc		10
2,221	*,e	Bazaarvoice, Inc		18
190	*,e	Benefitfocus, Inc		9
2,030		Blackbaud, Inc		73
2,216	*,e	Blackhawk Network Holdings, Inc		63
2,003	*	Blucora, Inc		38
3,300		Booz Allen Hamilton Holding Co		70
1,713	*	Bottomline Technologies, Inc		51
1,247	*	Brightcove, Inc		13
5,333		Broadridge Financial Solutions, Inc		222
1,345	*	BroadSoft, Inc		35
14,186		CA, Inc		408
1,033	*	CACI International, Inc (Class A)		73
13,010	*	Cadence Design Systems, Inc		228
2,042	*	Callidus Software, Inc		24
540	*	Carbonite, Inc		6
2,159	*	Cardtronics, Inc		74
480		Cass Information Systems, Inc		24
921	*	ChannelAdvisor Corp		24
3,700	*	Ciber, Inc		18
3,297	*	Cinedigm Corp		8
7,162	*	Citrix Systems, Inc		448
26,854	*	Cognizant Technology Solutions Corp (Class A)		1,313
2,159	*	Commvault Systems, Inc		106
6,606		Computer Sciences Corp		418
760		Computer Task Group, Inc		13
9,466		Compuware Corp		95
1,622	*	comScore, Inc		58
1,059	*	Comverse, Inc		28
2,134	*,e	Concur Technologies, Inc		199
1,503	*	Constant Contact, Inc		48
4,473		Convergys Corp		96
2,875	*,e	Conversant, Inc		73
2,343	*	Cornerstone OnDemand, Inc		108
1,288	*	CoStar Group, Inc		204
1,795		CSG Systems International, Inc		47
801	*	Cvent, Inc		23
708	*	Datalink Corp		7
2,356	*	DealerTrack Holdings, Inc		107
1,448	*	Demand Media, Inc		7
1,330	*	Demandware, Inc		92
1,843	*	Dice Holdings, Inc		14
1,607	*	Digital River, Inc		25
335		DMRC Corp		11
1,361		DST Systems, Inc		125
1,019	*,e	E2open, Inc		21
4,694		EarthLink Holdings Corp		17
55,942	*	eBay, Inc		2,800
1,200	e	Ebix, Inc		17
13,881	*	Electronic Arts, Inc		498
1,070	*,e	Ellie Mae, Inc		33
1,343	*,e	Endurance International Group Holdings, Inc		21
1,037	*	EnerNOC, Inc		20
1,507	*	Envestnet, Inc		74
1,577	*	EPAM Systems, Inc		69

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,587		EPIQ Systems, Inc	$	22
206	*	ePlus, Inc		12
2,259	*	Equinix, Inc		475
2,184	*	Euronet Worldwide, Inc		105
2,895		EVERTEC, Inc		70
309	*	Everyday Health, Inc		6
1,501	*	ExlService Holdings, Inc		44
87,150	*	Facebook, Inc		5,864
1,859	e	Factset Research Systems, Inc		224
1,607		Fair Isaac Corp		102
12,826		Fidelity National Information Services, Inc		702
3,795	*,e	FireEye, Inc		154
4,265	*	First American Corp		129
10,994	*	Fiserv, Inc		663
3,660	*	FleetCor Technologies, Inc		482
1,659	*,e	FleetMatics Group plc		54
573		Forrester Research, Inc		22
6,352	*	Fortinet, Inc		160
4,107	*	Gartner, Inc		290
7,713	*	Genpact Ltd		135
1,221	*,m	Gerber Scientific, Inc		0	^
1,086	*,e	Gigamon, Inc		21
2,712	*	Global Cash Access, Inc		24
1,656	*	Global Eagle Entertainment, Inc		21
3,208		Global Payments, Inc		234
4,062	*,e	Glu Mobile, Inc		20
2,479	*,e	Gogo, Inc		48
12,231	*	Google, Inc		7,036
12,389	*	Google, Inc (Class A)		7,243
406	*	GrubHub, Inc		14
580	*	GTT Communications, Inc		6
680	*,e	Guidance Software, Inc		6
2,990	*	Guidewire Software, Inc		122
1,547		Hackett Group, Inc		9
1,893	e	Heartland Payment Systems, Inc		78
1,560	*	Higher One Holdings, Inc		6
3,483		IAC/InterActiveCorp		241
1,627	*	iGate Corp		59
894	*	Imperva, Inc		23
2,288	*	Infoblox, Inc		30
4,979	*	Informatica Corp		178
1,502	*	Information Services Group, Inc		7
766	*	Interactive Intelligence, Inc		43
3,256	*	Internap Network Services Corp		23
41,996		International Business Machines Corp		7,613
13,135		Intuit, Inc		1,058
2,215	e	j2 Global, Inc		113
3,657		Jack Henry & Associates, Inc		217
1,823	*,e	Jive Software, Inc		16
1,403	*	Knot, Inc		17
3,283	*	Kofax Ltd		28
2,949		Leidos Holdings, Inc		113
3,363	*	Limelight Networks, Inc		10
4,602	*	LinkedIn Corp		789
3,304	*	Lionbridge Technologies		20
1,143	*,e	Liquidity Services, Inc		18
2,686	*	Liveperson, Inc		27
1,024	*	LogMeIn, Inc		48
346	*	Luxoft Holding, Inc		12
716	*,e	magicJack VocalTec Ltd		11
3,548	*	Manhattan Associates, Inc		122
1,171		Mantech International Corp (Class A)		35
1,311	*	Marchex, Inc (Class B)		16
1,197	*	Marin Software, Inc		14
1,134	*	Marketo, Inc		33

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
46,231		Mastercard, Inc (Class A)	$	3,397
455	*	Mavenir Systems, Inc		7
3,118		MAXIMUS, Inc		134
4,392		Mentor Graphics Corp		95
3,268	*	Micros Systems, Inc		222
364,600		Microsoft Corp		15,204
425	*	MicroStrategy, Inc (Class A)		60
3,264	*,e	Millennial Media, Inc		16
844	*	Model N, Inc		9
2,352	*,e	ModusLink Global Solutions, Inc		9
1,065	*	MoneyGram International, Inc		16
1,800		Monotype Imaging Holdings, Inc		51
4,071	*	Monster Worldwide, Inc		27
1,721	*	Move, Inc		25
1,792	*	Netscout Systems, Inc		79
1,828	*	NetSuite, Inc		159
2,439	*,e	NeuStar, Inc (Class A)		63
2,981		NIC, Inc		47
11,833	*,e	Nuance Communications, Inc		222
1,047	*	OpenTable, Inc		108
335	*	OPOWER, Inc		6
144,967		Oracle Corp		5,875
9,063	*	Pandora Media, Inc		267
14,376		Paychex, Inc		597
1,584		Pegasystems, Inc		33
1,536	*	Perficient, Inc		30
958	*	PRG-Schultz International, Inc		6
2,541	*	Progress Software Corp		61
1,629	*	Proofpoint, Inc		61
1,099	*	PROS Holdings, Inc		29
5,492	*	PTC, Inc		213
440	*	Q2 Holdings, Inc		6
400		QAD, Inc (Class A)		9
3,971	*	QLIK Technologies, Inc		90
700	*	Qualys, Inc		18
1,192	*	QuinStreet, Inc		7
5,171	*	Rackspace Hosting, Inc		174
1,111	*,e	Rally Software Development Corp		12
1,085	*	RealNetworks, Inc		8
2,115	*,e	RealPage, Inc		48
8,690	*	Red Hat, Inc		480
393		Reis, Inc		8
801	*	Rocket Fuel, Inc		25
560	*	Rosetta Stone, Inc		5
4,739	*	Rovi Corp		114
1,990	*	Sabre Corp		40
27,103	*	Salesforce.com, Inc		1,574
594	*	Sapiens International Corp NV		5
5,190	*	Sapient Corp		84
1,911		Science Applications International Corp		84
1,059	*	Sciquest, Inc		19
1,446	*	Seachange International, Inc		12
6,361	*	ServiceNow, Inc		394
2,827	*,e	ServiceSource International LLC		16
666	*,e	Shutterstock, Inc		55
1,525	*	Silver Spring Networks, Inc		20
2,993	*	SolarWinds, Inc		116
3,154		Solera Holdings, Inc		212
5,214	*	Splunk, Inc		288
690	*	SPS Commerce, Inc		44
2,996	*	SS&C Technologies Holdings, Inc		132
595	*	Stamps.com, Inc		20
1,911	*	Sykes Enterprises, Inc		42
30,513		Symantec Corp		699
1,551	*	Synchronoss Technologies, Inc		54

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,827	*	Synopsys, Inc	$	265
744	*	Syntel, Inc		64
1,633	*	TA Indigo Holding Corp		15
1,675	*	Tableau Software, Inc		119
4,374	*	Take-Two Interactive Software, Inc		97
1,464	*	Tangoe, Inc		22
708	*	TechTarget, Inc		6
2,099	*	TeleCommunication Systems, Inc (Class A)		7
834	*	TeleNav, Inc		5
922	*	TeleTech Holdings, Inc		27
7,250	*	Teradata Corp		291
840	*	Textura Corp		20
7,528	*	TIBCO Software, Inc		152
5,735	*	TiVo, Inc		74
7,388		Total System Services, Inc		232
285	*	Travelzoo, Inc		6
1,467	*	Tremor Video, Inc		7
1,639	*,e	Trulia, Inc		78
21,146	*	Twitter, Inc		866
1,414	*	Tyler Technologies, Inc		129
1,265	*	Ultimate Software Group, Inc		175
2,160	*	Unisys Corp		53
4,640	*,e	Unwired Planet, Inc		10
5,492	*	Vantiv, Inc		185
225	*	Varonis Systems, Inc		7
1,577	*	Vasco Data Security International		18
5,078	*	VeriFone Systems, Inc		187
2,379	*	Verint Systems, Inc		117
5,963	*	VeriSign, Inc		291
2,063	*,e	VirnetX Holding Corp		36
1,136	*	Virtusa Corp		41
23,201		Visa, Inc (Class A)		4,889
1,503	*,e	VistaPrint Ltd		61
3,910	*	VMware, Inc (Class A)		379
2,387	*,e	Vringo, Inc		8
1,717	*,e	WebMD Health Corp (Class A)		83
2,286	*	Website Pros, Inc		66
24,379		Western Union Co		423
622	*	Wix.com Ltd		12
4,135	*	Workday, Inc		372
51,506		Xerox Corp		641
1,381	*	Xoom Corp		36
39,832	*	Yahoo!, Inc		1,399
2,240	*	Yelp, Inc		172
485	*	Zendesk, Inc		8
1,371	*,e	Zillow, Inc		196
3,311	*	Zix Corp		11
31,985	*	Zynga, Inc		103
		TOTAL SOFTWARE & SERVICES		97,957
TECHNOLOGY HARDWARE & EQUIPMENT - 5.8%
4,845	*,e	3D Systems Corp		290
2,898		Adtran, Inc		65
1,059	*	Agilysys, Inc		15
548	e	Alliance Fiber Optic Products, Inc		10
6,997		Amphenol Corp (Class A)		674
1,193		Anixter International, Inc		119
266,137		Apple, Inc		24,732
654	*	Applied Optoelectronics, Inc		15
5,392	*	ARRIS Group, Inc		175
4,392	*	Arrow Electronics, Inc		265
5,242	*	Aruba Networks, Inc		92
6,101		Avnet, Inc		270
2,062		AVX Corp		27

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
995	*	AX Holding Corp	$	10
653		Badger Meter, Inc		34
674		Bel Fuse, Inc (Class B)		17
1,931		Belden CDT, Inc		151
2,361	*	Benchmark Electronics, Inc		60
755		Black Box Corp		18
4,246	*	Bookham, Inc		9
19,255	*	Brocade Communications Systems, Inc		177
1,369	*	CalAmp Corp		30
1,907	*	Calix Networks, Inc		16
1,150		CDW Corp		37
1,874	*	Checkpoint Systems, Inc		26
4,653	*,e	Ciena Corp		101
226,096		Cisco Systems, Inc		5,618
522	*	Clearfield, Inc		9
3,781	*	Cognex Corp		145
1,087	*	Coherent, Inc		72
2,354	*	CommScope Holding Co, Inc		54
784		Comtech Telecommunications Corp		29
490	*	Control4 Corp		10
57,973		Corning, Inc		1,273
1,943	*	Cray, Inc		52
1,679		CTS Corp		31
937	*	CUI Global, Inc		8
2,087		Daktronics, Inc		25
2,455		Diebold, Inc		99
1,490	*	Digi International, Inc		14
2,076	*,e	Dolby Laboratories, Inc (Class A)		90
2,718	*	Dot Hill Systems Corp		13
1,102	*	DTS, Inc		20
789	*	Eastman Kodak Co		19
1,847	*	EchoStar Corp (Class A)		98
1,000		Electro Rent Corp		17
1,074		Electro Scientific Industries, Inc		7
2,122	*	Electronics for Imaging, Inc		96
90,368		EMC Corp		2,380
3,637	*	Emulex Corp		21
4,537	*	Extreme Networks, Inc		20
3,021	*	F5 Networks, Inc		337
1,548	*	Fabrinet		32
851	*	FARO Technologies, Inc		42
1,866		FEI Co		169
4,415	*,e	Finisar Corp		87
6,501		Flir Systems, Inc		226
4,798	*	Fusion-io, Inc		54
1,328	*	GSI Group, Inc		17
5,307	*	Harmonic, Inc		40
4,653		Harris Corp		352
83,659		Hewlett-Packard Co		2,818
1,305	*	Immersion Corp		17
5,305	*,e	Infinera Corp		49
6,446	*	Ingram Micro, Inc (Class A)		188
1,984	*	Insight Enterprises, Inc		61
1,861	e	InterDigital, Inc		89
1,027	*	Intevac, Inc		8
3,133	*,e	InvenSense, Inc		71
1,522	*,e	IPG Photonics Corp		105
1,761	*	Itron, Inc		71
2,593	*	Ixia		30
8,999		Jabil Circuit, Inc		188
10,901	*	JDS Uniphase Corp		136
21,074	*	Juniper Networks, Inc		517
2,177	*	Kemet Corp		13
3,773	*	Knowles Corp		116
758	*	KVH Industries, Inc		10

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,730		Lexmark International, Inc (Class A)	$	131
1,051		Littelfuse, Inc		98
1,385	*	Maxwell Technologies, Inc		21
742	*	Measurement Specialties, Inc		64
1,540	*	Mercury Computer Systems, Inc		17
126		Mesa Laboratories, Inc		11
1,672		Methode Electronics, Inc		64
9,907		Motorola, Inc		660
731		MTS Systems Corp		50
555	*	Multi-Fineline Electronix, Inc		6
4,414		National Instruments Corp		143
7,408	*	NCR Corp		260
14,653		NetApp, Inc		535
1,861	*	Netgear, Inc		65
1,913	*	Newport Corp		35
630	*,e	Nimble Storage, Inc		19
496	*	Numerex Corp		6
897	*	Oplink Communications, Inc		15
970	*	OSI Systems, Inc		65
2,290	*	Palo Alto Networks, Inc		192
1,164		Park Electrochemical Corp		33
3,576	*,e	Parkervision, Inc		5
430		PC Connection, Inc		9
2,022		Plantronics, Inc		97
1,613	*	Plexus Corp		70
6,111	*	Polycom, Inc		77
950	*,e	Procera Networks, Inc		10
4,059	*	QLogic Corp		41
74,505		Qualcomm, Inc		5,901
11,444	*,e	Quantum Corp		14
1,970	*	RealD, Inc		25
7,292	*	Riverbed Technology, Inc		150
1,445	*	Rofin-Sinar Technologies, Inc		35
790	*	Rogers Corp		52
2,837	*	Ruckus Wireless, Inc		34
10,130		SanDisk Corp		1,058
3,808	*	Sanmina Corp		87
1,187	*	Scansource, Inc		45
2,605	*	ShoreTel, Inc		17
1,782	*,e	Silicon Graphics International Corp		17
11,025	*	Sonus Networks, Inc		40
1,764	*	Speed Commerce, Inc		7
2,178	*,e	Stratasys Ltd		247
1,355	*	Super Micro Computer, Inc		34
1,586	*	Synaptics, Inc		144
1,254	*	SYNNEX Corp		91
1,618	*	Tech Data Corp		101
247		Tessco Technologies, Inc		8
11,519	*	Trimble Navigation Ltd		426
2,608	*	TTM Technologies, Inc		21
1,309	*,e	Ubiquiti Networks, Inc		59
1,939	*,e	Universal Display Corp		62
1,815	*	Viasat, Inc		105
128	*	Viasystems Group, Inc		1
3,529	*	Violin Memory, Inc		16
5,324		Vishay Intertechnology, Inc		82
654	*	Vishay Precision Group, Inc		11
9,437		Western Digital Corp		871
1,994	*	Zebra Technologies Corp (Class A)		164
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		56,222
TELECOMMUNICATION SERVICES - 2.2%
3,853	*	8x8, Inc		31
229,104		AT&T, Inc		8,101

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
490		Atlantic Tele-Network, Inc	$	28
769	*	Boingo Wireless, Inc		5
1,035	*	Cbeyond Communications, Inc		10
25,282		CenturyTel, Inc		915
10,048	*	Cincinnati Bell, Inc		40
2,196		Cogent Communications Group, Inc		76
1,753		Consolidated Communications Holdings, Inc		39
705		Enventis Corp		11
1,092	*	Fairpoint Communications, Inc		15
45,641	e	Frontier Communications Corp		267
1,464	*	General Communication, Inc (Class A)		16
12,052	*	Globalstar, Inc		51
460	*,e	Hawaiian Telcom Holdco, Inc		13
609		IDT Corp (Class B)		11
2,355	*	inContact, Inc		22
1,751		Inteliquent, Inc		24
1,183	*	Intelsat S.A.		22
2,990	*,e	Iridium Communications, Inc		25
7,951	*	Level 3 Communications, Inc		349
757		Lumos Networks Corp		11
757	e	NTELOS Holdings Corp		9
1,760	*	Orbcomm, Inc		12
2,509	*	Premiere Global Services, Inc		34
1,251	*	RingCentral, Inc		19
5,889	*	SBA Communications Corp (Class A)		603
1,093		Shenandoah Telecom Co		33
38,022	*	Sprint Corp		324
4,484		Telephone & Data Systems, Inc		117
11,712	*	T-Mobile US, Inc		394
6,097	*	tw telecom inc (Class A)		246
580	*	US Cellular Corp		24
1,177	*	USA Mobility, Inc		18
182,776		Verizon Communications, Inc		8,943
7,062	*	Vonage Holdings Corp		27
27,433		Windstream Holdings, Inc		273
		TOTAL TELECOMMUNICATION SERVICES		21,158
TRANSPORTATION - 2.3%
2,669	*	Air Transport Services Group, Inc		22
3,132		Alaska Air Group, Inc		298
683		Allegiant Travel Co		80
321		Amerco, Inc		93
31,236	*	American Airlines Group, Inc		1,342
1,342		Arkansas Best Corp		58
1,180	*	Atlas Air Worldwide Holdings, Inc		44
4,667	*	Avis Budget Group, Inc		279
2,213		Baltic Trading Ltd		13
988		Celadon Group, Inc		21
6,553		CH Robinson Worldwide, Inc		418
2,582		Con-Way, Inc		130
1,521		Copa Holdings S.A. (Class A)		217
44,316		CSX Corp		1,365
38,068		Delta Air Lines, Inc		1,474
812	*	Echo Global Logistics, Inc		16
8,709		Expeditors International of Washington, Inc		385
13,046		FedEx Corp		1,975
1,381		Forward Air Corp		66
2,296	*	Genesee & Wyoming, Inc (Class A)		241
2,009	*,e	Hawaiian Holdings, Inc		28
2,401		Heartland Express, Inc		51
19,763	*	Hertz Global Holdings, Inc		554
1,702	*	Hub Group, Inc (Class A)		86
374		International Shipholding Corp		9
4,019		J.B. Hunt Transport Services, Inc		297

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,209	*,e	JetBlue Airways Corp	$	100
4,900		Kansas City Southern Industries, Inc		527
2,515	*	Kirby Corp		295
2,626		Knight Transportation, Inc		62
2,003		Landstar System, Inc		128
1,041		Marten Transport Ltd		23
1,942		Matson, Inc		52
13,670		Norfolk Southern Corp		1,408
2,771	*	Old Dominion Freight Line		176
421		Park-Ohio Holdings Corp		24
309	*	Patriot Transportation Holding, Inc		11
1,212	*	Quality Distribution, Inc		18
2,007	*	Republic Airways Holdings, Inc		22
1,220	*	Roadrunner Transportation Services Holdings, Inc		34
2,384		Ryder System, Inc		210
1,350	*	Saia, Inc		59
5,390	*	Scorpio Bulkers, Inc		48
2,348		Skywest, Inc		29
31,581		Southwest Airlines Co		848
3,208	*	Spirit Airlines, Inc		203
3,842	*	Swift Transportation Co, Inc		97
16,465	*	UAL Corp		676
39,978		Union Pacific Corp		3,988
31,239		United Parcel Service, Inc (Class B)		3,207
200		Universal Truckload Services, Inc		5
5,030		UTI Worldwide, Inc		52
1,553		Werner Enterprises, Inc		41
2,329	*	Wesco Aircraft Holdings, Inc		47
2,305	*,e	XPO Logistics, Inc		66
1,384	*,e	YRC Worldwide, Inc		39
		TOTAL TRANSPORTATION		22,057
UTILITIES - 3.1%
28,400		AES Corp		442
5,260		AGL Resources, Inc		289
1,847		Allete, Inc		95
4,814		Alliant Energy Corp		293
10,710		Ameren Corp		438
21,548		American Electric Power Co, Inc		1,202
1,754		American States Water Co		58
7,894		American Water Works Co, Inc		390
7,726		Aqua America, Inc		203
366		Artesian Resources Corp		8
5,498	e	Atlantic Power Corp		23
4,152		Atmos Energy Corp		222
2,754		Avista Corp		92
1,970		Black Hills Corp		121
2,026		California Water Service Group		49
18,673	*	Calpine Corp		445
18,951		Centerpoint Energy, Inc		484
447		Chesapeake Utilities Corp		32
2,716		Cleco Corp		160
11,966		CMS Energy Corp		373
518		Connecticut Water Service, Inc		18
12,839		Consolidated Edison, Inc		741
25,584		Dominion Resources, Inc		1,830
7,673		DTE Energy Co		598
31,216		Duke Energy Corp		2,316
4,582	*	Dynegy, Inc		159
14,246		Edison International		828
1,646		El Paso Electric Co		66
1,919		Empire District Electric Co		49
7,717		Entergy Corp		634
37,894		Exelon Corp		1,382

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
18,543		FirstEnergy Corp	$	644
6,564		Great Plains Energy, Inc		176
4,472	e	Hawaiian Electric Industries, Inc		113
2,116		Idacorp, Inc		122
3,350		Integrys Energy Group, Inc		238
6,906		ITC Holdings Corp		252
1,419		Laclede Group, Inc		69
8,599		MDU Resources Group, Inc		302
1,530		MGE Energy, Inc		60
813		Middlesex Water Co		17
3,367		National Fuel Gas Co		264
1,688		New Jersey Resources Corp		97
18,873		NextEra Energy, Inc		1,934
13,919		NiSource, Inc		548
14,046		Northeast Utilities		664
939		Northwest Natural Gas Co		44
1,761		NorthWestern Corp		92
14,883		NRG Energy, Inc		554
1,290	e	NRG Yield, Inc		67
8,673		OGE Energy Corp		339
2,332	*	ONE Gas, Inc		88
919	e	Ormat Technologies, Inc		27
1,620		Otter Tail Corp		49
1,740		Pattern Energy Group, Inc		58
11,070		Pepco Holdings, Inc		304
19,592		PG&E Corp		941
3,432		Piedmont Natural Gas Co, Inc		128
4,744		Pinnacle West Capital Corp		274
3,642		PNM Resources, Inc		107
3,464		Portland General Electric Co		120
28,008		PPL Corp		995
22,436		Public Service Enterprise Group, Inc		915
7,671		Questar Corp		190
6,017		SCANA Corp		324
10,786		Sempra Energy		1,129
678		SJW Corp		18
1,243		South Jersey Industries, Inc		75
38,568		Southern Co		1,750
2,114		Southwest Gas Corp		112
9,633		TECO Energy, Inc		178
5,078		UGI Corp		256
2,315		UIL Holdings Corp		90
597		Unitil Corp		20
1,902		UNS Energy Corp		115
3,477		Vectren Corp		148
5,819		Westar Energy, Inc		222
2,373		WGL Holdings, Inc		102
9,962		Wisconsin Energy Corp		467
21,678		Xcel Energy, Inc		699
672		York Water Co		14
		TOTAL UTILITIES		30,551
		TOTAL COMMON STOCKS (Cost $487,767)		972,772
RIGHTS / WARRANTS - 0.0%
ENERGY - 0.0%
711	m	Magnum Hunter Resources Corp		0	^
		TOTAL ENERGY		0	^
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
1,733	m	Trius Therapeutics, Inc		1
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 0.0%
2,267	m	Leap Wireless International, Inc	$	6
		TOTAL TELECOMMUNICATION SERVICES		6
		TOTAL RIGHTS / WARRANTS (Cost $6)		7
SHORT-TERM INVESTMENTS - 2.6%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.6%
25,816,444	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		25,816
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		25,816
		TOTAL SHORT-TERM INVESTMENTS (Cost $25,816)		25,816
		TOTAL INVESTMENTS - 102.3% (Cost $513,589)		998,595
		OTHER ASSETS & LIABILITIES, NET - (2.3)%		(22,929	)
		NET ASSETS - 100.0%	$	975,666

Abbreviation(s):

REIT Real Estate Investment Trust

SPDR Standard and Poor’s Depository Receipt

* Non-income producing.

^ Amount represents less than $1,000.

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

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $25,232,000.

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 of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual 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
Date:   August 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President

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

Date:   August 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(principal executive officer)

Date:   August 13, 2014	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 of principal executive officer and principal financial officer

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

Exhibit 12(a)(2)(i)

CERTIFICATION

I, Robert G. Leary, 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 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(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 13, 2014	By:	/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 “Fund”) (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 Fund.

Dated:   August 13, 2014	By:	/s/ Robert G. Leary
		Robert G. Leary
		Executive Vice President
		(principal executive officer)
Date:   August 13, 2014	By:	/s/ Phillip G. Goff
		Phillip G. Goff
		Chief Financial Officer, Principal Accounting Officer and Treasurer
		(principal financial officer)