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)

Terry H. Lin, Esq.

c/o TIAA

730 Third Avenue

New York, New York 10017-3206

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2016

Item 1. Reports to Stockholders.

Semiannual Report     June 30, 2016
TIAA Separate Account VA-1     Financial statements (unaudited)

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, 2016. 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, 2016.

• 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.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.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.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

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, 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  ¡  2016 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, 2016–June 30, 2016).

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    2016 Semiannual Report  ¡  TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended June 30, 2016

Stock Index Account	Beginning        account value  (1/1/16)	Ending       account value  (6/30/16)	Expenses paid   during period*       (1/1/16–6/30/16)
Actual return	$1,000.00	$1,033.22	$3.79
5% annual hypothetical return	1,000.00	1,021.13	3.77

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2016. 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  ¡   2016 Semiannual Report    3

Stock Index Account

Performance for the six months ended June 30, 2016

The Stock Index Account returned 3.32% for the period, compared with the 3.62% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2016, the account returned 1.49%, versus 2.14% for the index.

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

During the six-month period, the domestic economy grew at a modest pace, and the national unemployment rate was below 5.0%. Inflation remained well below the Federal Reserve’s target, and the dollar dropped against most other major currencies, fueling exports. U.S. stocks, as measured by the broad Russell 3000 Index, rose 3.62%. Value stocks, bolstered by a sharp rise in oil and other commodity prices, outperformed growth equities. Mid-caps outperformed their large-cap counterparts, while small-caps lagged but still turned in positive returns for the period. (Returns by investment style and market capitalization are based on the Russell indexes.)

Defensive stocks soar, while health care and financials fall

For the six-month period, seven of the ten industry sectors of the Russell 3000 Index generated positive returns. Defensive sectors such as interest-rate-sensitive utilities and telecommunication services performed best, returning 23.7% and 23.5%, respectively. Energy, which benefited from the rise in oil prices, rose 14.7%, followed by consumer staples, which returned 10.5%. Together, these four sectors represented 21.3% of the benchmark’s total market capitalization on June 30, 2016.

The sectors in the order of worst performance were health care, financials and information technology, which dropped 1.2%, 1.1% and 0.3%, respectively. Demand for health care stocks was dampened by investors’ concerns about drug pricing and the prospect of increased government regulation.

Only two of the five largest stocks in the index, based on market capitalization at period-end, outperformed for the six months. Exxon Mobil and Johnson & Johnson posted double-digit gains, while General Electric advanced modestly and Apple and Microsoft declined.

4    2016 Semiannual Report  ¡  TIAA Separate Account VA-1

Stock Index Account

Performance as of June 30, 2016

		Total return			Average annual total return
	Inception date		6 months	1 year		5 years	10 years
Stock Index Account	11/1/1994		3.32%	1.49%		10.81%	6.70%
Russell 3000 Index	—		3.62	2.14		11.60	7.40

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.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 6/30/2016
Information technology		19.2
Financials		17.7
Health care		14.1
Consumer discretionary		12.8
Industrials		10.5
Consumer staples		9.3
Energy		6.8
Utilities		3.7
Materials		3.3
Telecommunication services		2.6
Total		100.0
Holdings by company size
Market capitalization	% of equity investments as of 6/30/2016
More than $50 billion		51.0
More than $15 billion-$50 billion		23.2
More than $2 billion-$15 billion		20.9
$2 billion or less		4.9
Total		100.0

TIAA Separate Account VA-1  ¡   2016 Semiannual Report    5

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2016

Shares			Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS			$	8,892		1.0	%
	BANKS
	427,109		Bank of America Corp		5,668		0.6
	122,010		Citigroup, Inc		5,172		0.6
	151,280		JPMorgan Chase & Co		9,401		1.0
	190,623		Wells Fargo & Co		9,022		1.0
			Other		21,177		2.3
					50,440		5.5
	CAPITAL GOODS
	24,445		3M Co		4,281		0.5
	382,434		General Electric Co		12,039		1.3
	31,616		Honeywell International, Inc		3,677		0.4
	32,246		United Technologies Corp		3,307		0.4
			Other		45,293		4.9
					68,597		7.5
	COMMERCIAL & PROFESSIONAL SERVICES				9,655		1.1
	CONSUMER DURABLES & APPAREL				14,730		1.6
	CONSUMER SERVICES
	36,296		McDonald’s Corp		4,368		0.5
	59,271		Starbucks Corp		3,386		0.4
			Other		12,291		1.3
					20,045		2.2
	DIVERSIFIED FINANCIALS				31,470		3.4
	ENERGY
	78,127		Chevron Corp		8,190		0.9
	172,293	d	Exxon Mobil Corp		16,151		1.8
	57,829		Schlumberger Ltd		4,573		0.5
			Other		33,175		3.6
					62,089		6.8
	FOOD & STAPLES RETAILING
	44,592		CVS Health Corp		4,269		0.5
	62,856		Wal-Mart Stores, Inc		4,590		0.5
			Other		9,910		1.1
					18,769		2.1
	FOOD, BEVERAGE & TOBACCO
	81,000		Altria Group, Inc		5,586		0.6
	161,894		Coca-Cola Co		7,339		0.8
	60,158		PepsiCo, Inc		6,373		0.7
	64,082		Philip Morris International, Inc		6,518		0.7
			Other		23,217		2.6
					49,033		5.4

6 2016 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2016

Shares			Company	Value (000)		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	58,282		Medtronic plc	$	5,057		0.6	%
	39,009		UnitedHealth Group, Inc		5,508		0.6
			Other		38,579		4.2
					49,144		5.4
	HOUSEHOLD & PERSONAL PRODUCTS
	110,730		Procter & Gamble Co		9,376		1.0
			Other		7,919		0.9
					17,295		1.9
	INSURANCE
	78,366	*	Berkshire Hathaway, Inc (Class B)		11,347		1.2
			Other		25,790		2.9
					37,137		4.1
	MATERIALS				30,424		3.3
	MEDIA
	100,134		Comcast Corp (Class A)		6,528		0.7
	67,428		Walt Disney Co		6,596		0.7
			Other		14,187		1.6
					27,311		3.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	67,512		AbbVie, Inc		4,180		0.5
	16,432	*	Allergan plc		3,797		0.4
	31,202		Amgen, Inc		4,747		0.5
	69,219		Bristol-Myers Squibb Co		5,091		0.6
	55,137		Gilead Sciences, Inc		4,600		0.5
	114,135		Johnson & Johnson		13,845		1.5
	115,127		Merck & Co, Inc		6,632		0.7
	249,704		Pfizer, Inc		8,792		1.0
			Other		28,346		3.0
					80,030		8.7
	REAL ESTATE				43,217		4.7
	RETAILING
	16,163	*	Amazon.com, Inc		11,567		1.3
	51,706		Home Depot, Inc		6,602		0.7
			Other		27,987		3.0
					46,156		5.0
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	195,996		Intel Corp		6,429		0.7
	61,023		Qualcomm, Inc		3,269		0.4
			Other		15,127		1.6
					24,825		2.7

See notes to financial statements TIAA Separate Account VA-1   §   2016 Semiannual Report 7

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2016

Shares			Company		Value (000)			% of net assets
	SOFTWARE & SERVICES
	12,200	*	Alphabet, Inc (Class A)		$	8,583			0.9	%
	12,331	*	Alphabet, Inc (Class C)			8,534			0.9
	93,250	*	Facebook, Inc			10,657			1.2
	36,535		International Business Machines Corp			5,545			0.6
	40,338		MasterCard, Inc (Class A)			3,552			0.4
	314,794		Microsoft Corp			16,108			1.8
	122,885		Oracle Corp			5,030			0.5
	79,761		Visa, Inc (Class A)			5,916			0.6
			Other			42,695			4.7
						106,620			11.6
	TECHNOLOGY HARDWARE & EQUIPMENT
	227,783		Apple, Inc			21,776			2.4
	208,496		Cisco Systems, Inc			5,982			0.7
			Other			15,903			1.7
						43,661			4.8
	TELECOMMUNICATION SERVICES
	256,030		AT&T, Inc			11,063			1.2
	169,578		Verizon Communications, Inc			9,469			1.0
			Other			3,667			0.4
						24,199			2.6
	TRANSPORTATION					17,802			1.9
	UTILITIES					33,780			3.7
			TOTAL COMMON STOCKS	(Cost $462,777)		915,321			100.0
	RIGHTS / WARRANTS
	DIVERSIFIED FINANCIALS					0	^		0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1			0.0
	SOFTWARE & SERVICES					0	^		0.0
	TELECOMMUNICATION SERVICES					6			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $6)		7			0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
			TIAA-CREF Short Term Lending Portfolio of the State Street Navigator
	20,250,458	c	Securities Lending Trust			20,250			2.2
						20,250			2.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $20,250)		20,250			2.2
			TOTAL PORTFOLIO	(Cost $483,033)		935,578			102.2
			OTHER ASSETS & LIABILITIES, NET			(19,910	)		(2.2	)
			NET ASSETS		$	915,668			100.0	%

8 2016 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2016

* 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 by the custodian to cover margin requirements on open futures contracts transactions.

“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.

At 6/30/16, the aggregate value of securities on loan is $19,956,000.

Cost amounts are in thousands.

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

See notes to financial statements TIAA Separate Account VA-1   §   2016 Semiannual Report 9

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2016

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	935,578
Cash		214
Dividends and interest receivable		1,081
Receivable from securities transactions		709
Receivable for variation margin on open futures contracts		1
Other		71
Total assets		937,654
LIABILITIES
Investment management fees payable		4
Service agreement fees payable		5
Payable for collateral for securities loaned		20,250
Payable for securities transactions		98
Due to affiliates		1,548
Payable for manager compensation		71
Other		10
Total liabilities		21,986
NET ASSETS
Accumulation Fund	$	915,668
Accumulation units outstanding		5,846
Accumulation unit value	$	156.64
*    Portfolio investments, at cost	$	483,033
†      Includes securities loaned of	$	19,956

10 2016 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, 2016

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	9,426
Income from securities lending		204
Total income		9,630
EXPENSES
Administrative services		889
Investment advisory		1,333
Mortality and expense risk charges		1,778
Total expenses		4,000
Less: Expense waiver by investment adviser		(667	)
Net expenses		3,333
Net investment income (loss)		6,297
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		22,402
Futures contracts transactions		(34	)
Net realized gain (loss) on total investments		22,368
Change in unrealized appreciation (depreciation) on:
Portfolio investments		442
Futures contracts transactions		3
Net change in unrealized appreciation (depreciation) on total investments		445
Net realized and unrealized gain (loss) on total investments		22,813
Net increase (decrease) in net assets from operations	$	29,110
*    Net of foreign withholding taxes	$	5

See notes to financial statements TIAA Separate Account VA-1   §   2016 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, 2016			December 31, 2015
	(unaudited)
OPERATIONS
Net investment income (loss)	$	6,297		$	12,940
Net realized gain (loss) on total investments		22,368			46,021
Net change in unrealized appreciation (depreciation) on total investments		445			(60,690	)
Net increase (decrease) in net assets from operations		29,110			(1,729	)
FROM PARTICIPANT TRANSACTIONS
Premiums		8,568			26,607
Withdrawals and death benefits		(47,072	)		(88,394	)
Net increase (decrease) from participant transactions		(38,504	)		(61,787	)
Net increase (decrease) in net assets		(9,394	)		(63,516	)
NET ASSETS
Beginning of period		925,062			988,578
End of period	$	915,668		$	925,062
ACCUMULATION UNITS
Units purchased		57			173
Units sold / transferred		(313	)		(578	)
Outstanding
Beginning of period		6,102			6,507
End of period		5,846			6,102

12 2016 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

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TIAA Separate Account VA-1   §   2016 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 incomea		Expensesa		Net investment incomea		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period
STOCK INDEX ACCOUNT
		6/30/16	#	$	1.608	$	0.556	$	1.052	$	3.984		$	5.032		$	151.608
		12/31/15			3.175		1.150		2.025		(2.347	)		(0.322	)		151.930
		12/31/14			2.761		1.067		1.694		14.236			15.930			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

a Based on average units outstanding.

b Based on per accumulation unit data.

c The percentages shown for this period are not annualized.

d The percentages shown for this period are annualized.

# Unaudited

14 2016 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 returnb			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)
	$156.640		3.32	%c		0.90	%d		0.75	%d		1.42	%d		4	%c		6	$	916
	151.608		(0.21	)		0.90			0.75			1.32			7			6		925
	151.930		11.71			0.90			0.75			1.19			7			7		989
	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

See notes to financial statements TIAA Separate Account VA-1   §   2016 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 Account is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. 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. The Account estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Income taxes: VA-1 is a separate account of TIAA, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. VA-1 should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, VA-1’s Accumulation Account for contractowners will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. The Account files an income tax return in U.S. federal and applicable

16 2016 Semiannual Report   §   TIAA Separate Account VA-1

state and local jurisdictions. The Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after being 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.

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. Amounts payable to the managers for compensation are included in the accompanying Statement of Assets and Liabilities. Managers’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of Operations.

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.

Certain portfolio investments that are measured at fair value using the net asset value (“NAV”) per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the Statement of Assets and Liabilities. As of June 30, 2016, no investments were valued utilizing the practical expedient.

TIAA Separate Account VA-1   §   2016 Semiannual Report 17

Notes to financial statements (unaudited)

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Account’s net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Committee. Foreign securities are generally categorized in Level 2 of the fair value hierarchy.

Debt securities: Debt securities will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized in Level 3 of the hierarchy.

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 contracts, 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, 2016, there were no material transfers between levels by the Account.

18 2016 Semiannual Report   §   TIAA Separate Account VA-1

continued

The following table summarizes the market value of the Account’s investments as of June 30, 2016, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1			Level 2		Level 3		Total
Equity Investments:
Financials	$	162,260		$	—	$	4	$	162,264
Health care		129,174			—		1		129,175
Industrials		96,048			—		7		96,055
Materials		29,933			—		491		30,424
Telecommunication services		24,199			—		6		24,205
All other equity investments*		473,205			—		—		473,205
Short-term investments		20,250			—		—		20,250
Futures contracts**		0	^		—		—		0	^
Total	$	935,069		$	—	$	509	$	935,578

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

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

^ Amount represents less than $1,000.

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, 2016, 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 contracts	*	$	0^

* 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 payable for variation margin on open futures contracts.

^ Amount represents less than $1,000.

For the period ended June 30, 2016, 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 contracts	$	(34	)	$	3

TIAA Separate Account VA-1   §   2016 Semiannual Report 19

Notes to financial statements (unaudited)

Futures contracts: The Account is subject to equity price risk in the normal course of pursuing its investment objectives. The Account uses futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin 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 contracts, there is minimal counterparty credit risk to the Account since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2016, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

At June 30, 2016, the Account held the following open futures contracts (dollar amounts are in thousands):

Account	Futures	Number of contracts		Settlement value		Expiration date	Unrealized gain (loss)
Stock Index	S&P 500 Index E-Mini		1	$	105	September 2016	$	0^

^ Amount represents less than $1,000.

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

20 2016 Semiannual Report   §   TIAA Separate Account VA-1

continued

expense ratio will never exceed 1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period, if any.

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. For the period ended June 30, 2016, these transactions did not materially impact the Account.

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. As of June 30, 2016, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists 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 that 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, 2016, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $452,545,000, consisting of gross unrealized appreciation of $494,402,000 and gross unrealized depreciation of $(41,857,000).

TIAA Separate Account VA-1   §   2016 Semiannual Report 21

Notes to financial statements (unaudited) concluded

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended June 30, 2016 were $33,418,000 and $65,459,000, 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. The current facility was entered into on June 21, 2016 expiring on June 20, 2017, replacing the previous facility, which expired June 2016. 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 mutual funds at a specified rate of interest. The Account is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2016, 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 2016 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. Below is a summary of the process the Committee undertook related to the renewal of the Agreement.

Section 15(c) of the Investment Company Act of 1940, as amended (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 independent persons.

Overview of the renewal process

The Committee held meetings on March 10, 2016 and March 24, 2016, at which it considered the annual renewal of the Agreement with respect to the Separate Account using the process established by the Committee. As part of this process, the Committee delegated certain tasks to its Operations Committee and other committees thereof. Among these tasks, the Operations Committee worked with TAI, individual Managers and legal counsel to the Committee 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 worked with TAI to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Managers during the 2015 renewal process. During a series of meetings held prior to the March 10 and March 24, 2016 Manager meetings, the Operations Committee, along with other Committees, as applicable, reviewed such guidelines and follow-up requests in consultation with TAI representatives and input from other Managers, legal counsel to the Committee 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 Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., which is an independent provider of investment company data. Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

TIAA Separate Account VA-1   §   2016 Semiannual Report 23

Management committee renewal of the

investment management agreement (unaudited)

Based on guidelines provided by the Operations Committee on behalf of the Committee, Broadridge produced, among other information, performance and expense comparison data regarding the Separate Account, including data relating to the Separate Account’s management fee rate, total expense ratio, short-term and long-term investment performance, portfolio turnover rate and brokerage commission costs. Broadridge also compared this data, as relevant, 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 insurance products, each of which was selected by Broadridge independent of any input from TAI or the Committee, and, in the case of the investment performance data, against the Russell 3000^® Index. In each case, Broadridge summarized and the Committee reviewed the methodologies it employed to provide the data contained in its reports. In addition, Broadridge 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. Broadridge also represented that the purpose of its materials is to provide an unbiased view of the Separate Account’s relative position regarding the level of fees, expenses and total return performance against a competitive peer group and universe (as applicable) identified by Broadridge (and not TAI or the Committee).

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. The Managers met in private sessions at which no TAI representatives were present to discuss the proposed renewal of the Agreement for the Separate Account. Further, at each regularly scheduled meeting of the Committee, the Committee receives and reviews, among other matters, information regarding the Separate Account’s performance and the Committee considered that the evaluation of TAI’s services to the Separate Account is an ongoing one.

In advance of the Committee meetings held on March 10 and March 24, 2016, legal counsel for the Managers requested on behalf of the Committee, and TAI provided, 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 Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to the Separate Account’s investment performance, including performance ratings provided by Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service; (2) a description of any fee waiver or expense reimbursement

24 2016 Semiannual Report   §   TIAA Separate Account VA-1

continued

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 certain of 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, insurance coverage, portfolio trading and best execution practices, and any actual and potential conflicts of interest identified by TAI in connection with rendering services to the Separate Account; (6) information as to any profits earned by TAI in connection with its services pursuant to the Agreement; (7) a copy of the Agreement and certain related agreements between the Separate Account and affiliates of TAI; (8) a copy of TAI’s Form ADV 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. The Managers were also given the opportunity to ask questions and request additional information.

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 and the profits realized or potential profits to be realized (if any) by TAI and its affiliates from their relationship with the Separate Account; (4) fees charged to comparable mutual funds 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 Separate Account investors; (7) comparisons of services and fee rates with any contracts entered into by TAI with other clients to whom TAI provides comparable services; and (8) any other benefits derived or anticipated to be derived by TAI or its affiliates from their relationship with the Separate Account. As a general matter, the Committee viewed these factors in their totality, with no single factor being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement for the Separate Account, the Committee took into account the information described above, other information provided to the Committee in connection with this process, and relevant information provided to the Committee and to its committees on an ongoing basis throughout the year in connection with the Committee’s general oversight duties with respect to the Separate Account. In addition, the Committee received and

TIAA Separate Account VA-1   §   2016 Semiannual Report 25

Management committee renewal of the

investment management agreement (unaudited)

considered information from its legal counsel as to certain relevant guidelines that relate to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

In deciding whether to renew the Agreement for the Separate Account, each Manager may have accorded different weight to different factors and, thus, each Manager 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 24, 2016, 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 the primary factors the Committee considered related to the Separate Account.

The nature, extent and quality of services

The Committee considered the level and depth of knowledge of TAI, including the professional experience and qualifications of its personnel. The Committee also considered that TAI is an experienced investment adviser that has managed the Separate Account since its operations commenced. Investment professionals at TAI also manage various accounts of the College Retirement Equities Fund, the TIAA-CREF Funds and the TIAA-CREF Life Funds. Under the Agreement, TAI is responsible for, among other duties: managing the assets of the Separate Account, including conducting research, recommending investments and placing orders to buy and sell securities for the Separate Account’s investment 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; coordinating the activities of the Separate Account’s service providers; 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 that TAI has committed significant resources to supporting the TIAA-CREF Fund Complex, including the Separate Account. It also considered TAI’s compliance program and resources and its compliance record with respect to the Separate Account.

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.

26 2016 Semiannual Report   §   TIAA Separate Account VA-1

continued

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 Committee 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, foreign exchange rates, effective tax rates, 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 insurance products in all reported time periods. (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 2015. 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 and recognized the entrepreneurial risk TAI assumes. The Committee considered that TAI had earned profits with respect to the Separate Account under the Agreement for the one-year period ended December 31, 2015. The Committee concluded that those profits were reasonable in light of various relevant factors.

During its review of TAI’s profits, the Committee noted its ongoing efforts to examine the level of personnel and other resources available to TAI for its portfolio management and other functions, including the impact of operations related to Nuveen Investments on such resources, 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 mutual funds, as analyzed by Broadridge. The Committee determined that the management fee rate charged to the Separate Account under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance 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

TIAA Separate Account VA-1   §   2016 Semiannual Report 27

Management committee renewal of the

investment management agreement (unaudited)

that underlie variable insurance products are set and potentially material differences between the Separate Account and its comparable mutual funds that underlie variable insurance products. Additionally, the Committee also considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Separate Account’s data were derived. Based on all factors considered, the Committee concluded that the management fee rate under the Agreement for the Separate Account was reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.

Economies of scale

The Committee considered whether TAI has experienced or is anticipated to experience economies of scale in connection with the operation of the Separate Account. The Committee also considered that because TAI’s profit was small and the Separate Account was unlikely to grow because it was no longer actively sold, there was little opportunity to pass economies of scale on to Separate Account shareholders. Based on all factors considered, the Committee concluded that the Separate Account’s fee schedule was reasonable in light of current economies of scale considerations and current asset levels.

Fee comparison with other TAI clients

The Committee considered that TAI and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other investment companies that may have similar investment strategies as the Separate Account. In the future, TAI may manage client assets through additional funds and accounts with similar investment strategies and investment staff. The Committee considered the management fee rates actually charged to other investment companies that are managed using similar investment strategies. 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 chargeable to these other funds, this is due in part to the fact that these other funds: (1) may be offered through products that charge additional fees to their investors; (2) may be offered in different types of markets; (3) may be provided with different types or levels of services by TAI; (4) may have different regulatory burdens; (5) may target different types of investors; and/or (6) may be packaged with other products, and that these factors, among others, could reasonably explain different management fee rate schedules.

Other benefits

The Committee also considered additional benefits to TAI and its affiliates arising from the Agreement. For example, TAI and its affiliates may benefit from the

28 2016 Semiannual Report   §   TIAA Separate Account VA-1

continued

advisory relationship with the Separate Account to the extent that this relationship results in potential investors viewing TIAA, of which TAI is an indirect, wholly-owned subsidiary, 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 certain funds managed by TAI or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel. TAI and the Separate Account may also benefit from TAI’s ability to acquire investment research related to its commission (i.e., soft dollar) arrangements.

Synopsis

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 Broadridge. All time periods referenced below are ended December 31, 2015. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. Statements below regarding “net loss” refer to TAI incurring a loss for the services that it rendered to the Separate Account during 2015 under the Agreement.

• The Separate Account’s annual contractual investment 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, actual investment management fees and contractual investment management fees were in the 2nd, 1st and 1st quintiles, respectively, of the group of comparable funds selected by Broadridge for expense comparison purposes and in the 4th, 1st and 1st quintiles, respectively, of the universe of comparable funds selected by Broadridge for expense comparison purposes.

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

• For the three-year period, the Separate Account’s relative gross performance (meaning the Separate Account’s performance without any reductions for fees or expenses, including the effect of net asset value rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, was –4 basis points. One basis point is equal to 0.01%.

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

TIAA Separate Account VA-1   §   2016 Semiannual Report 29

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

• TAI incurred 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.

30 2016 Semiannual Report   §   TIAA Separate Account VA-1

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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.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers. TIAA Brokerage Services is a division of TIAA-CREF Individual & Institutional Services, LLC. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (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.

©2016 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund,

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

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C32476 A10938 (8/16)

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, 2016

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 100.0%
AUTOMOBILES & COMPONENTS - 1.0%
2,808	*	American Axle & Manufacturing Holdings, Inc	$	41
8,860		BorgWarner, Inc		261
2,269		Cooper Tire & Rubber Co		68
605	*	Cooper-Standard Holding, Inc		48
6,736		Dana Holding Corp		71
11,225		Delphi Automotive plc		703
1,044	*	Dorman Products, Inc		60
977		Drew Industries, Inc		83
1,256	*	Federal Mogul Corp (Class A)		10
160,882		Ford Motor Co		2,022
744	*	Fox Factory Holding Corp		13
58,218		General Motors Co		1,648
11,747		Gentex Corp		181
1,535	*	Gentherm, Inc		53
10,982		Goodyear Tire & Rubber Co		282
7,420	e	Harley-Davidson, Inc		336
799	*	Horizon Global Corp		9
26,466		Johnson Controls, Inc		1,171
3,018		Lear Corp		307
428		Metaldyne Performance Group, Inc		6
1,945	*	Modine Manufacturing Co		17
670	*	Motorcar Parts of America, Inc		18
1,379		Spartan Motors, Inc		9
909		Standard Motor Products, Inc		36
1,336	*	Stoneridge, Inc		20
157		Strattec Security Corp		6
1,027		Superior Industries International, Inc		27
2,018	*	Tenneco, Inc		94
4,836	*,e	Tesla Motors, Inc		1,027
1,931		Thor Industries, Inc		125
897		Tower International, Inc		18
1,410		Visteon Corp		93
1,093		Winnebago Industries, Inc		25
526	*,e	Workhorse Group, Inc		4
		TOTAL AUTOMOBILES & COMPONENTS		8,892
BANKS - 5.5%
691		1st Source Corp		22
295		Access National Corp		6
255	e	ACNB Corp		6
444	*	Allegiance Bancshares, Inc		11
374		American National Bankshares, Inc		9
1,390		Ameris Bancorp		41
387	e	Ames National Corp		10
1,475		Apollo Residential Mortgage		20
620		Arrow Financial Corp		19
6,191		Associated Banc-Corp		106
3,765		Astoria Financial Corp		58
706	*,e	Atlantic Capital Bancshares, Inc		10
321	*	Avenue Financial Holdings, Inc		6
1,598		Banc of California, Inc		29
333		Bancfirst Corp		20
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		34
3,559		Bancorpsouth, Inc		81
2,688		Bank Mutual Corp		21
427,109		Bank of America Corp		5,668

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,630		Bank of Hawaii Corp	$	112
288		Bank of Marin Bancorp		14
3,464	e	Bank of the Ozarks, Inc		130
1,044		BankFinancial Corp		13
4,119		BankUnited		127
217	e	Bankwell Financial Group, Inc		5
1,166		Banner Corp		50
261		Bar Harbor Bankshares		9
33,751		BB&T Corp		1,202
3,505		BBCN Bancorp, Inc		52
573	e	Bear State Financial, Inc		5
2,895	*	Beneficial Bancorp, Inc		37
1,257		Berkshire Hills Bancorp, Inc		34
1,165		Blue Hills Bancorp, Inc		17
1,553		BNC Bancorp		35
2,584	*,e	BofI Holding, Inc		46
1,068	e	BOK Financial Corp		67
3,543		Boston Private Financial Holdings, Inc		42
683		Bridge Bancorp, Inc		19
2,984		Brookline Bancorp, Inc		33
630		Bryn Mawr Bank Corp		18
334	*	BSB Bancorp, Inc		8
131		C&F Financial Corp		6
242	*	C1 Financial, Inc		6
409		Camden National Corp		17
815		Capital Bank Financial Corp		23
659		Capital City Bank Group, Inc		9
5,269		Capitol Federal Financial		74
1,503		Cardinal Financial Corp		33
421	e	Carolina Financial Corp		8
1,376	*	Cascade Bancorp		8
3,051		Cathay General Bancorp		86
1,935		Centerstate Banks of Florida, Inc		30
987		Central Pacific Financial Corp		23
152		Century Bancorp, Inc		6
1,050		Charter Financial Corp		14
1,567		Chemical Financial Corp		58
122	e	Chemung Financial Corp		4
7,763		CIT Group, Inc		248
122,010		Citigroup, Inc		5,172
533		Citizens & Northern Corp		11
18,776		Citizens Financial Group, Inc		375
597		City Holding Co		27
856		Clifton Bancorp, Inc		13
498		CNB Financial Corp		9
1,740		CoBiz, Inc		20
311		Codorus Valley Bancorp, Inc		6
2,323		Columbia Banking System, Inc		65
7,230		Comerica, Inc		297
3,323		Commerce Bancshares, Inc		159
1,740		Community Bank System, Inc		72
651		Community Trust Bancorp, Inc		23
449	*,e	CommunityOne Bancorp		6
1,146		ConnectOne Bancorp, Inc		18
206		County Bancorp, Inc		4
673	*	CU Bancorp		15
2,204	e	Cullen/Frost Bankers, Inc		140
1,005	*	Customers Bancorp, Inc		25
4,428		CVB Financial Corp		73
1,325		Dime Community Bancshares		23
1,262	*	Eagle Bancorp, Inc		61
5,936		East West Bancorp, Inc		203
314		Enterprise Bancorp, Inc		8
828		Enterprise Financial Services Corp		23
202	*	Equity Bancshares, Inc		4

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
342		ESSA Bancorp, Inc	$	5
3,087	*	Essent Group Ltd		67
3,701		EverBank Financial Corp		55
298		Farmers Capital Bank Corp		8
1,013		Farmers National Banc Corp		9
1,196	*	FCB Financial Holdings, Inc		41
384		Federal Agricultural Mortgage Corp (Class C)		13
863		Fidelity Southern Corp		14
31,682		Fifth Third Bancorp		557
664		Financial Institutions, Inc		17
720		First Bancorp (NC)		13
4,520	*	First Bancorp (Puerto Rico)		18
498		First Bancorp, Inc		11
1,277		First Busey Corp		27
360		First Business Financial Services, Inc		8
295		First Citizens Bancshares, Inc (Class A)		76
3,678		First Commonwealth Financial Corp		34
680		First Community Bancshares, Inc		15
758		First Connecticut Bancorp		13
510		First Defiance Financial Corp		20
2,653		First Financial Bancorp		52
2,781		First Financial Bankshares, Inc		91
590		First Financial Corp		22
175		First Financial Northwest, Inc		2
549	*	First Foundation, Inc		12
9,563		First Horizon National Corp		132
228	e	First Internet Bancorp		5
747		First Interstate Bancsystem, Inc		21
1,580		First Merchants Corp		39
249	e	First Mid-Illinois Bancshares, Inc		6
3,289		First Midwest Bancorp, Inc		58
670	*	First NBC Bank Holding Co		11
14,601		First Niagara Financial Group, Inc		142
575		First of Long Island Corp		17
6,039		First Republic Bank		423
6,780		FirstMerit Corp		137
890	*	Flagstar Bancorp, Inc		22
1,327		Flushing Financial Corp		26
8,646		FNB Corp		108
752		Fox Chase Bancorp, Inc		15
389	*	Franklin Financial Network, Inc		12
7,161		Fulton Financial Corp		97
602		German American Bancorp, Inc		19
3,303		Glacier Bancorp, Inc		88
500		Great Southern Bancorp, Inc		18
1,739		Great Western Bancorp, Inc		55
688	*	Green Bancorp, Inc		6
710		Guaranty Bancorp		12
3,286		Hancock Holding Co		86
1,297		Hanmi Financial Corp		30
879		Heartland Financial USA, Inc		31
1,007		Heritage Commerce Corp		11
1,277		Heritage Financial Corp		22
917		Heritage Oaks Bancorp		7
3,068	*	Hilltop Holdings, Inc		64
57		Hingham Institution for Savings		7
238		Home Bancorp, Inc		7
4,991		Home Bancshares, Inc		99
698	*	HomeStreet, Inc		14
667	*	HomeTrust Bancshares, Inc		12
447		Horizon Bancorp		11
32,867		Huntington Bancshares, Inc		294
1,574		IBERIABANK Corp		94
350	*,e	Impac Mortgage Holdings, Inc		6
1,031		Independent Bank Corp (MA)		47

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
863		Independent Bank Corp (MI)	$	13
406		Independent Bank Group, Inc		17
2,385		International Bancshares Corp		62
12,271		Investors Bancorp, Inc		136
151,280		JPMorgan Chase & Co		9,401
3,956		Kearny Financial Corp		50
34,763		Keycorp		384
311		Lake Sunapee Bank Group		5
1,629		Lakeland Bancorp, Inc		19
651		Lakeland Financial Corp		31
378		LCNB Corp		6
1,826		LegacyTexas Financial Group, Inc		49
263	*,e	LendingTree, Inc		23
833	e	Live Oak Bancshares, Inc		12
6,197		M&T Bank Corp		733
1,072		Macatawa Bank Corp		8
946		MainSource Financial Group, Inc		21
2,934		MB Financial, Inc		106
724		Mercantile Bank Corp		17
273		Merchants Bancshares, Inc		8
1,997		Meridian Bancorp, Inc		30
241		Meta Financial Group, Inc		12
13,989	*	MGIC Investment Corp		83
144		Middleburg Financial Corp		4
152	*	Midland States Bancorp, Inc		3
334		MidWestOne Financial Group, Inc		10
213		MutualFirst Financial, Inc		6
1,078		National Bank Holdings Corp		22
357		National Bankshares, Inc		12
248	*	National Commerce Corp		6
1,624	*,e	Nationstar Mortgage Holdings, Inc		18
1,992		NBT Bancorp, Inc		57
18,627		New York Community Bancorp, Inc		279
301	*	Nicolet Bankshares, Inc		11
2,265	*	NMI Holdings, Inc		12
1,725		Northfield Bancorp, Inc		26
280		Northrim BanCorp, Inc		7
3,966		Northwest Bancshares, Inc		59
741		OceanFirst Financial Corp		13
1,902	e	OFG Bancorp		16
361		Old Line Bancshares, Inc		7
4,858		Old National Bancorp		61
1,237		Old Second Bancorp, Inc		8
441		Opus Bank		15
2,090		Oritani Financial Corp		33
297		Orrstown Financial Services, Inc		5
991		Pacific Continental Corp		16
589	*	Pacific Mercantile Bancorp		4
1,114	*	Pacific Premier Bancorp, Inc		27
4,871		PacWest Bancorp		194
529	e	Park National Corp		49
2,151		Park Sterling Bank		15
534		Peapack Gladstone Financial Corp		10
221	e	Penns Woods Bancorp, Inc		9
575	*	PennyMac Financial Services, Inc		7
595		Peoples Bancorp, Inc		13
333		Peoples Financial Services Corp		13
11,107		People’s United Financial, Inc		163
521		People’s Utah Bancorp		9
2,087	*	PHH Corp		28
1,643		Pinnacle Financial Partners, Inc		80
20,862		PNC Financial Services Group, Inc		1,698
3,587		Popular, Inc		105
564		Preferred Bank		16
343		Premier Financial Bancorp, Inc		6

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,318		PrivateBancorp, Inc	$	146
2,744		Prosperity Bancshares, Inc		140
251		Provident Financial Holdings, Inc		5
2,502		Provident Financial Services, Inc		49
472		QCR Holdings, Inc		13
8,211		Radian Group, Inc		86
51,938		Regions Financial Corp		442
1,629		Renasant Corp		53
612		Republic Bancorp, Inc (Class A)		17
1,330	*	Republic First Bancorp, Inc		6
1,466		S&T Bancorp, Inc		36
1,134		Sandy Spring Bancorp, Inc		33
1,194	*	Seacoast Banking Corp of Florida		19
938	e	ServisFirst Bancshares, Inc		46
497		Shore Bancshares, Inc		6
475		SI Financial Group, Inc		6
370		Sierra Bancorp		6
2,187	*	Signature Bank		273
1,210		Simmons First National Corp (Class A)		56
1,021		South State Corp		69
228	*	Southern First Bancshares, Inc		6
231		Southern Missouri Bancorp, Inc		5
454		Southern National Bancorp of Virginia, Inc		6
876		Southside Bancshares, Inc		27
740		Southwest Bancorp, Inc		13
1,614		State Bank & Trust Co		33
5,200		Sterling Bancorp/DE		82
922		Stock Yards Bancorp, Inc		26
443		Stonegate Bank		14
513		Suffolk Bancorp		16
385	*	Sun Bancorp, Inc		8
20,800		SunTrust Banks, Inc		854
2,164	*	SVB Financial Group		206
5,140		Synovus Financial Corp		149
2,319		Talmer Bancorp Inc		44
6,509		TCF Financial Corp		82
565		Territorial Bancorp, Inc		15
1,877	*	Texas Capital Bancshares, Inc		88
2,387		TFS Financial Corp		41
1,514	*	The Bancorp, Inc		9
664		Tompkins Trustco, Inc		43
2,594	e	TowneBank		56
968		Trico Bancshares		27
943	*	Tristate Capital Holdings, Inc		13
657	*	Triumph Bancorp, Inc		11
4,883		Trustco Bank Corp NY		31
2,849		Trustmark Corp		71
1,796		UMB Financial Corp		96
9,062		Umpqua Holdings Corp		140
1,777		Union Bankshares Corp		44
161	e	Union Bankshares, Inc		6
2,794	e	United Bankshares, Inc		105
2,012		United Community Banks, Inc		37
1,829		United Community Financial Corp		11
2,065		United Financial Bancorp, Inc (New)		27
792		Univest Corp of Pennsylvania		17
67,463		US Bancorp		2,721
10,196		Valley National Bancorp		93
345	*	Veritex Holdings, Inc		6
1,098	*	Walker & Dunlop, Inc		25
821	*,e	Walter Investment Management Corp		2
3,738		Washington Federal, Inc		91
718		Washington Trust Bancorp, Inc		27
318		WashingtonFirst Bankshares, Inc		7
1,032		Waterstone Financial, Inc		16

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,763		Webster Financial Corp	$	128
190,623		Wells Fargo & Co		9,022
1,449		WesBanco, Inc		45
746		West Bancorporation, Inc		14
1,024	e	Westamerica Bancorporation		50
3,836	*	Western Alliance Bancorp		125
597		Westfield Financial, Inc		5
2,922		Wilshire Bancorp, Inc		30
1,947		Wintrust Financial Corp		99
8,517	*	WMIH Corp		19
1,176		WSFS Financial Corp		38
1,817		Yadkin Financial Corp		46
194		Your Community Bankshares, Inc		7
8,430		Zions Bancorporation		212
		TOTAL BANKS		50,440
CAPITAL GOODS - 7.5%
24,445		3M Co		4,281
3,138		A.O. Smith Corp		276
1,675		Aaon, Inc		46
1,501		AAR Corp		35
2,508		Actuant Corp (Class A)		57
1,805		Acuity Brands, Inc		448
1,431	e	Advanced Drainage Systems, Inc		39
5,513	*	Aecom Technology Corp		175
1,460	*	Aegion Corp		28
2,743	*	Aerojet Rocketdyne Holdings, Inc		50
831	*	Aerovironment, Inc		23
2,889		AGCO Corp		136
3,984		Air Lease Corp		107
1,949		Aircastle Ltd		38
374		Alamo Group, Inc		25
1,204		Albany International Corp (Class A)		48
3,975		Allegion plc		276
205		Allied Motion Technologies, Inc		5
5,851		Allison Transmission Holdings, Inc		165
1,234		Altra Holdings, Inc		33
909	*	Ameresco, Inc		4
324		American Railcar Industries, Inc		13
373		American Science & Engineering, Inc		14
510	*	American Superconductor Corp		4
568	*	American Woodmark Corp		38
9,555		Ametek, Inc		442
1,174		Apogee Enterprises, Inc		54
1,503		Applied Industrial Technologies, Inc		68
555		Argan, Inc		23
822	*	Armstrong Flooring, Inc		14
1,923	*	Armstrong World Industries, Inc		75
729		Astec Industries, Inc		41
810	*	Astronics Corp		27
1,059		AZZ, Inc		64
1,864	*	Babcock & Wilcox Enterprises, Inc		27
2,064		Barnes Group, Inc		68
4,222		BE Aerospace, Inc		195
2,438	*	Beacon Roofing Supply, Inc		111
1,428	*	BMC Stock Holdings, Inc		25
24,950		Boeing Co		3,240
2,014		Briggs & Stratton Corp		43
3,043	*	Builders FirstSource, Inc		34
3,729		BWX Technologies, Inc		133
988		Caesarstone Sdot-Yam Ltd		34
2,591		Carlisle Cos, Inc		274
23,161		Caterpillar, Inc		1,756
1,264	*	Chart Industries, Inc		31

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,310		Chicago Bridge & Iron Co NV	$	149
706		CIRCOR International, Inc		40
2,112		Clarcor, Inc		128
4,058	*	Colfax Corp		107
840		Columbus McKinnon Corp		12
1,568		Comfort Systems USA, Inc		51
1,330	*	Continental Building Products Inc		30
2,014		Crane Co		114
366	*	CSW Industrials, Inc		12
1,041		Cubic Corp		42
6,545		Cummins, Inc		736
1,822		Curtiss-Wright Corp		154
24,729		Danaher Corp		2,498
13,062		Deere & Co		1,059
2,609	*	DigitalGlobe, Inc		56
5,796		Donaldson Co, Inc		199
932		Douglas Dynamics, Inc		24
6,363		Dover Corp		441
485	*	Ducommun, Inc		10
567	*,e	DXP Enterprises, Inc		8
1,212	*	Dycom Industries, Inc		109
535		Dynamic Materials Corp		6
18,993		Eaton Corp		1,134
2,494		EMCOR Group, Inc		123
26,597		Emerson Electric Co		1,387
840		Encore Wire Corp		31
648	*,e	Energous Corp		8
979	*	Energy Recovery, Inc		9
1,774		EnerSys		105
788		Engility Holdings, Inc		17
882		EnPro Industries, Inc		39
1,174		ESCO Technologies, Inc		47
1,198	*	Esterline Technologies Corp		74
11,852	e	Fastenal Co		526
2,645		Federal Signal Corp		34
5,526		Flowserve Corp		250
5,770		Fluor Corp		284
6,328		Fortune Brands Home & Security, Inc		367
1,399		Franklin Electric Co, Inc		46
635		Freightcar America, Inc		9
633	*,e	FuelCell Energy, Inc		4
1,317	e	GATX Corp		58
185	*	Gencor Industries, Inc		3
2,688	*	Generac Holdings, Inc		94
2,068		General Cable Corp		26
10,134		General Dynamics Corp		1,411
382,434		General Electric Co		12,039
1,331	*	Gibraltar Industries, Inc		42
870		Global Brass & Copper Holdings, Inc		24
288	*	GMS, Inc		6
903		Gorman-Rupp Co		25
2,290		Graco, Inc		181
470		Graham Corp		9
1,667		Granite Construction, Inc		76
3,079	*	Great Lakes Dredge & Dock Corp		13
1,206	e	Greenbrier Cos, Inc		35
1,574		Griffon Corp		27
1,293		H&E Equipment Services, Inc		25
3,556		Harsco Corp		24
797	*,e	HC2 Holdings, Inc		3
7,822	*	HD Supply Holdings, Inc		272
816		HEICO Corp		55
1,610		HEICO Corp (Class A)		86
4,018		Hexcel Corp		167
2,415		Hillenbrand, Inc		73

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
31,616		Honeywell International, Inc	$	3,677
2,276		Hubbell, Inc		240
1,926		Huntington Ingalls		324
316		Hurco Cos, Inc		9
404		Hyster-Yale Materials Handling, Inc		24
3,297		IDEX Corp		271
298	*	IES Holdings, Inc		4
12,153		Illinois Tool Works, Inc		1,266
10,669		Ingersoll-Rand plc		679
716		Insteel Industries, Inc		20
3,749		ITT, Inc		120
4,960	*	Jacobs Engineering Group, Inc		247
1,200		John Bean Technologies Corp		73
3,945		Joy Global, Inc		83
433		Kadant, Inc		22
1,238		Kaman Corp		53
6,104		KBR, Inc		81
3,241		Kennametal, Inc		72
1,479	*	KEYW Holding Corp		15
2,122	*	KLX, Inc		66
1,860	*,e	Kratos Defense & Security Solutions, Inc		8
3,157		L-3 Communications Holdings, Inc		463
246	*	Lawson Products, Inc		5
763	*	Layne Christensen Co		6
1,542		Lennox International, Inc		220
2,797		Lincoln Electric Holdings, Inc		165
495	e	Lindsay Corp		34
10,896		Lockheed Martin Corp		2,704
1,293		LSI Industries, Inc		14
674	*	Lydall, Inc		26
5,733	e	Manitowoc Co, Inc		31
5,214	*	Manitowoc Foodservice, Inc		92
13,761		Masco Corp		426
1,317	*	Masonite International Corp		87
2,813	*	Mastec, Inc		63
1,540	*	Mercury Systems, Inc		38
3,592	*	Meritor, Inc		26
2,342	*	Middleby Corp		270
623	*	Milacron Holdings Corp		9
446		Miller Industries, Inc		9
1,285	*	Moog, Inc (Class A)		69
4,196	*	MRC Global, Inc		60
1,960		MSC Industrial Direct Co (Class A)		138
2,210		Mueller Industries, Inc		70
6,380		Mueller Water Products, Inc (Class A)		73
881	*	MYR Group, Inc		21
206		National Presto Industries, Inc		19
2,058	*,e	Navistar International Corp		24
1,244	*	NCI Building Systems, Inc		20
210	*	Neff Corp		2
822		NN, Inc		11
2,239		Nordson Corp		187
383	*	Nortek, Inc		23
7,057		Northrop Grumman Corp		1,569
4,328	*	NOW, Inc		79
291	*	NV5 Holdings, Inc		8
117		Omega Flex, Inc		4
2,428		Orbital ATK, Inc		207
1,499	*	Orion Marine Group, Inc		8
2,888		Oshkosh Truck Corp		138
4,750		Owens Corning, Inc		245
14,199		Paccar, Inc		737
5,536		Parker Hannifin Corp		598
603	*	Patrick Industries, Inc		36
6,885		Pentair plc		401

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,847	*	Pgt, Inc	$	19
7,340	*,e	Plug Power, Inc		14
738	*	Ply Gem Holdings, Inc		11
416		Powell Industries, Inc		16
193	*	Power Solutions International, Inc		3
96		Preformed Line Products Co		4
1,452		Primoris Services Corp		27
1,003	*,e	Proto Labs, Inc		58
1,522		Quanex Building Products Corp		28
6,405	*	Quanta Services, Inc		148
1,477		Raven Industries, Inc		28
12,450		Raytheon Co		1,693
670	*	RBC Bearings, Inc		49
1,842		Regal-Beloit Corp		101
3,742	*	Rexnord Corp		73
5,387		Rockwell Automation, Inc		619
5,391		Rockwell Collins, Inc		459
4,148		Roper Industries, Inc		707
257	*	Rush Enterprises, Inc		5
1,200	*	Rush Enterprises, Inc (Class A)		26
1,742		Simpson Manufacturing Co, Inc		70
471	*	SiteOne Landscape Supply, Inc		16
2,399		Snap-On, Inc		379
2,622	*,e	SolarCity Corp		63
460	*	Sparton Corp		10
5,435	*	Spirit Aerosystems Holdings, Inc (Class A)		234
1,707	*	SPX Corp		25
1,454	*	SPX FLOW, Inc		38
537		Standex International Corp		44
6,204		Stanley Works		690
1,027		Sun Hydraulics Corp		30
2,625	*,e	Sunrun, Inc		16
150		Supreme Industries, Inc		2
1,507		TAL International Group, Inc		20
2,195	*,e	Taser International, Inc		55
1,462	*	Teledyne Technologies, Inc		145
775		Tennant Co		42
4,378		Terex Corp		89
967	e	Textainer Group Holdings Ltd		11
11,177		Textron, Inc		409
431	*,e	The ExOne Company		5
1,423	*	Thermon Group Holdings		27
2,921		Timken Co		90
1,841	e	Titan International, Inc		11
784	*,e	Titan Machinery, Inc		9
2,000		Toro Co		176
2,078	*	TransDigm Group, Inc		548
1,211	*	Trex Co, Inc		54
1,999	*	Trimas Corp		36
6,168		Trinity Industries, Inc		115
2,084		Triumph Group, Inc		74
1,399	*	Tutor Perini Corp		33
3,677	*	United Rentals, Inc		247
32,246		United Technologies Corp		3,307
1,705	*	Univar, Inc		32
818		Universal Forest Products, Inc		76
3,746	*	USG Corp		101
1,027		Valmont Industries, Inc		139
455	*	Vectrus, Inc		13
365	*	Veritiv Corp		14
1,023	*	Vicor Corp		10
2,419	e	W.W. Grainger, Inc		550
2,666	*	Wabash National Corp		34
2,193	*	WABCO Holdings, Inc		201
1,142		Watsco, Inc		161

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,120		Watts Water Technologies, Inc (Class A)	$	65
1,764	*,e	WESCO International, Inc		91
3,703		Westinghouse Air Brake Technologies Corp		260
67	*	Willis Lease Finance Corp		1
2,176		Woodward Governor Co		125
7,408		Xylem, Inc		331
		TOTAL CAPITAL GOODS		68,597
COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
2,371		ABM Industries, Inc		86
2,247		Acacia Research (Acacia Technologies)		10
4,335	*	ACCO Brands Corp		45
1,730	*	Advisory Board Co		61
407	*	Aqua Metals, Inc		5
2,166	*	ARC Document Solutions, Inc		8
383		Barrett Business Services, Inc		16
1,868		Brady Corp (Class A)		57
1,853		Brink’s Co		53
1,375	*	Casella Waste Systems, Inc (Class A)		11
2,160	*	CBIZ, Inc		22
1,407		CEB, Inc		87
948		Ceco Environmental Corp		8
3,736		Cintas Corp		367
2,163	*	Clean Harbors, Inc		113
4,068	*	Copart, Inc		199
4,991		Covanta Holding Corp		82
364	*	CRA International, Inc		9
2,014		Deluxe Corp		134
1,518		Dun & Bradstreet Corp		185
6,139	*,m	Dyax Corp		7
1,051		Ennis, Inc		20
4,915		Equifax, Inc		631
1,364		Essendant, Inc		42
1,051		Exponent, Inc		61
419	*	Franklin Covey Co		6
1,716	*	FTI Consulting, Inc		70
841		G & K Services, Inc (Class A)		64
645	*	GP Strategies Corp		14
2,955		Healthcare Services Group		122
858		Heidrick & Struggles International, Inc		14
555	*	Heritage-Crystal Clean, Inc		7
2,453		Herman Miller, Inc		73
1,049	*	Hill International, Inc		4
1,783		HNI Corp		83
896	*	Huron Consulting Group, Inc		54
892	*	ICF International, Inc		36
586	*,e	IDI, Inc		3
2,769	*	IHS, Inc (Class A)		320
1,756	*	Innerworkings, Inc		15
649		Insperity, Inc		50
2,666		Interface, Inc		41
5,704		KAR Auction Services, Inc		238
1,192		Kelly Services, Inc (Class A)		23
1,045		Kforce, Inc		18
1,737		Kimball International, Inc (Class B)		20
1,970		Knoll, Inc		48
2,239		Korn/Ferry International		46
2,932		Manpower, Inc		189
1,317		Matthews International Corp (Class A)		73
1,113		McGrath RentCorp		34
757	*	Mistras Group, Inc		18
1,928		Mobile Mini, Inc		67
1,290		MSA Safety, Inc		68
514		Multi-Color Corp		33

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,969	*	Navigant Consulting, Inc	$	32
14,935		Nielsen NV		776
563	*	NL Industries, Inc		1
2,194	*	On Assignment, Inc		81
7,788		Pitney Bowes, Inc		139
1,198		Quad		28
8,605		R.R. Donnelley & Sons Co		146
9,767		Republic Services, Inc		501
1,664		Resources Connection, Inc		25
5,379		Robert Half International, Inc		205
3,980		Rollins, Inc		117
2,316	*	RPX Corp		21
672	*	SP Plus Corp		15
2,666		Steelcase, Inc (Class A)		36
3,418	*	Stericycle, Inc		356
1,231	*	Team, Inc		31
2,577		Tetra Tech, Inc		79
2,191	*	TransUnion		73
689	*	TRC Cos, Inc		4
1,734	*	TriNet Group, Inc		36
1,757	*	TrueBlue, Inc		33
16,546		Tyco International plc		705
624		Unifirst Corp		72
928		US Ecology, Inc		43
6,596	*	Verisk Analytics, Inc		535
871		Viad Corp		27
205		VSE Corp		14
1,558	*	WageWorks, Inc		93
18,467		Waste Management, Inc		1,224
1,907		West Corp		37
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9,655
CONSUMER DURABLES & APPAREL - 1.6%
653	e	Arctic Cat, Inc		11
383		Bassett Furniture Industries, Inc		9
970	*	Beazer Homes USA, Inc		7
3,934		Brunswick Corp		178
3,105		CalAtlantic Group, Inc		114
3,897		Callaway Golf Co		40
2,076		Carter’s, Inc		221
352	*	Cavco Industries, Inc		33
649	*	Century Communities, Inc		11
11,556		Coach, Inc		471
1,162		Columbia Sportswear Co		67
3,437	*	CROCS, Inc		39
269		CSS Industries, Inc		7
447		Culp, Inc		12
1,333	*	Deckers Outdoor Corp		77
13,852		DR Horton, Inc		436
458		Escalade, Inc		5
1,079		Ethan Allen Interiors, Inc		36
131		Flexsteel Industries, Inc		5
1,713	*,e	Fossil Group, Inc		49
4,616	*	Garmin Ltd		196
1,666	*	G-III Apparel Group Ltd		76
4,066	*,e	GoPro, Inc		44
992	*,e	Green Brick Partners, Inc		7
15,625		Hanesbrands, Inc		393
3,006		Harman International Industries, Inc		216
4,413		Hasbro, Inc		371
1,152	*	Helen of Troy Ltd		118
359		Hooker Furniture Corp		8
4,761	*,e	Hovnanian Enterprises, Inc (Class A)		8
2,023	*,e	Iconix Brand Group, Inc		14

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
844	*	Installed Building Products Inc	$	31
1,204	*	iRobot Corp		42
816	*,e	Jakks Pacific, Inc		6
232		Johnson Outdoors, Inc		6
5,284	*	Kate Spade & Co		109
3,463	e	KB Home		53
2,017		La-Z-Boy, Inc		56
5,497		Leggett & Platt, Inc		281
420		Lennar Corp (B Shares)		16
7,356		Lennar Corp (Class A)		339
624	*,e	LGI Homes, Inc		20
847		Libbey, Inc		13
362		Lifetime Brands, Inc		5
4,426	*,e	Lululemon Athletica, Inc		327
862	*	M/I Homes, Inc		16
776	*	Malibu Boats Inc		9
441		Marine Products Corp		4
14,163		Mattel, Inc		443
302		MCBC Holdings, Inc		3
1,639		MDC Holdings, Inc		40
1,569	*	Meritage Homes Corp		59
7,120	*	Michael Kors Holdings Ltd		352
2,498	*	Mohawk Industries, Inc		474
638		Movado Group, Inc		14
182		Nacco Industries, Inc (Class A)		10
1,389	*	Nautilus, Inc		25
556	*,e	New Home Co Inc		5
18,223		Newell Rubbermaid, Inc		885
55,034		Nike, Inc (Class B)		3,038
145	*	NVR, Inc		258
621		Oxford Industries, Inc		35
1,894	*,e	Performance Sports Group Ltd		6
546	*	Perry Ellis International, Inc		11
3,339		Phillips-Van Heusen Corp		315
2,690	e	Polaris Industries, Inc		220
1,839		Pool Corp		173
14,030		Pulte Homes, Inc		273
2,365		Ralph Lauren Corp		212
1,607	*	Sequential Brands Group, Inc		13
5,202	*	Skechers U.S.A., Inc (Class A)		155
2,238	*	Smith & Wesson Holding Corp		61
2,386	*	Steven Madden Ltd		82
794		Sturm Ruger & Co, Inc		51
295		Superior Uniform Group, Inc		6
1,381	*	Taylor Morrison Home Corp		20
2,208	*	Tempur-Pedic International, Inc		122
6,395	*	Toll Brothers, Inc		172
1,636	*	TopBuild Corp		59
6,138	*	TRI Pointe Homes, Inc		73
2,315	*	Tumi Holdings, Inc		62
1,991		Tupperware Corp		112
7,518	*	Under Armour, Inc		274
7,579	*,e	Under Armour, Inc (Class A)		304
700	*	Unifi, Inc		19
585	*	Universal Electronics, Inc		42
1,001	*	Vera Bradley, Inc		14
13,977		VF Corp		859
649	*	Vince Holding Corp		4
2,676	*	Vista Outdoor, Inc		128
896	*	WCI Communities, Inc		15
378		Weyco Group, Inc		10
3,077		Whirlpool Corp		513
638	*,e	William Lyon Homes, Inc		10
3,989		Wolverine World Wide, Inc		81
1,093	*	Zagg, Inc		6
		TOTAL CONSUMER DURABLES & APPAREL		14,730

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
CONSUMER SERVICES - 2.2%
675	*	American Public Education, Inc	$	19
3,700	*	Apollo Group, Inc (Class A)		34
8,896		ARAMARK Holdings Corp		297
650	*	Ascent Media Corp (Series A)		10
4,377	*	Belmond Ltd.		43
915	*	BJ’s Restaurants, Inc		40
5,198		Bloomin’ Brands, Inc		93
1,085		Bob Evans Farms, Inc		41
353	*	Bojangles’, Inc		6
3,388	*	Boyd Gaming Corp		62
877	*	Bridgepoint Education, Inc		6
1,801	*	Bright Horizons Family Solutions		119
2,294		Brinker International, Inc		104
800	*	Buffalo Wild Wings, Inc		111
2,101	*	Caesars Acquisition Co		24
1,990	*,e	Caesars Entertainment Corp		15
428		Capella Education Co		23
3,103	*	Career Education Corp		18
16,635		Carnival Corp		735
741		Carriage Services, Inc		18
1,619	*	Carrols Restaurant Group, Inc		19
1,867		Cheesecake Factory		90
3,194	*,e	Chegg, Inc		16
1,197	*	Chipotle Mexican Grill, Inc (Class A)		482
1,471		Choice Hotels International, Inc		70
595		Churchill Downs, Inc		75
751	*	Chuy’s Holdings, Inc		26
2,643		ClubCorp Holdings, Inc		34
328		Collectors Universe		6
789	e	Cracker Barrel Old Country Store, Inc		135
4,906		Darden Restaurants, Inc		311
1,563	*	Dave & Buster’s Entertainment, Inc		73
1,033	*	Del Frisco’s Restaurant Group, Inc		15
317	*	Del Taco Restaurants, Inc		3
3,544	*	Denny’s Corp		38
2,577	e	DeVry Education Group, Inc		46
1,531	*,e	Diamond Resorts International, Inc		46
740		DineEquity, Inc		63
2,082		Domino’s Pizza, Inc		274
3,806		Dunkin Brands Group, Inc		166
809	*,e	El Pollo Loco Holdings, Inc		10
1,192	*	Eldorado Resorts, Inc		18
2,534		Extended Stay America, Inc		38
1,193	*	Fiesta Restaurant Group, Inc		26
217	*	Fogo De Chao, Inc		3
412	e	Golden Entertainment, Inc		5
179		Graham Holdings Co		88
1,857	*	Grand Canyon Education, Inc		74
9,452		H&R Block, Inc		217
480	*	Habit Restaurants, Inc		8
21,771		Hilton Worldwide Holdings, Inc		490
5,091	*	Houghton Mifflin Harcourt Co		80
1,298	*,e	Hyatt Hotels Corp		64
3,625		International Game Technology plc		68
1,188		International Speedway Corp (Class A)		40
4,720		Interval Leisure Group, Inc		75
634	*	Intrawest Resorts Holdings Inc		8
1,142	*	Isle of Capri Casinos, Inc		21
596	*	J Alexander’s Holdings, Inc		6
1,344		Jack in the Box, Inc		115
649	*,e	Jamba, Inc		7
1,518	*	K12, Inc		19
343	*,e	Kona Grill, Inc		4

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,917	*	Krispy Kreme Doughnuts, Inc	$	61
3,967	*	La Quinta Holdings, Inc		45
14,909		Las Vegas Sands Corp		648
203		Liberty Tax, Inc		3
3,463	*,e	LifeLock, Inc		55
608	*	Lindblad Expeditions Holdings, Inc		6
754	*	Luby’s, Inc		4
840		Marcus Corp		18
8,135	e	Marriott International, Inc (Class A)		541
924		Marriott Vacations Worldwide Corp		63
36,296		McDonald’s Corp		4,368
19,667	*	MGM Resorts International		445
388	*	Monarch Casino & Resort, Inc		9
133	*	Nathan’s Famous, Inc		6
400	*,e	Noodles & Co		4
6,600	*	Norwegian Cruise Line Holdings Ltd		263
939	*	Panera Bread Co (Class A)		199
1,121		Papa John’s International, Inc		76
3,355	*	Penn National Gaming, Inc		47
2,455	*	Pinnacle Entertainment, Inc		27
661	*	Planet Fitness, Inc		12
894	*	Popeyes Louisiana Kitchen, Inc		49
946	*	Potbelly Corp		12
638	*	Red Lion Hotels Corp		5
600	*	Red Robin Gourmet Burgers, Inc		28
618	*	Red Rock Resorts, Inc		14
1,737	*	Regis Corp		22
6,975		Royal Caribbean Cruises Ltd		468
3,070	*	Ruby Tuesday, Inc		11
1,588		Ruth’s Chris Steak House, Inc		25
1,968	*,e	Scientific Games Corp (Class A)		18
2,991	e	SeaWorld Entertainment, Inc		43
7,755		Service Corp International		210
5,597	*	ServiceMaster Global Holdings, Inc		223
645	*,e	Shake Shack, Inc		23
2,963		Six Flags Entertainment Corp		172
2,205		Sonic Corp		60
2,146	e	Sotheby’s (Class A)		59
581		Speedway Motorsports, Inc		10
59,271		Starbucks Corp		3,386
6,990		Starwood Hotels & Resorts Worldwide, Inc		517
57	*	Steak N Shake Co		23
491	*	Strayer Education, Inc		24
2,872		Texas Roadhouse, Inc (Class A)		131
1,570		Vail Resorts, Inc		217
1,142	*,e	Weight Watchers International, Inc		13
8,703		Wendy’s		84
657	*,e	Wingstop, Inc		18
4,655		Wyndham Worldwide Corp		332
3,311	e	Wynn Resorts Ltd		300
16,028		Yum! Brands, Inc		1,329
805	*	Zoe’s Kitchen, Inc		29
		TOTAL CONSUMER SERVICES		20,045
DIVERSIFIED FINANCIALS - 3.4%
2,230	*	Affiliated Managers Group, Inc		314
18,381	*	Ally Financial, Inc		314
33,225		American Express Co		2,019
6,515		Ameriprise Financial, Inc		585
727	e	Arlington Asset Investment Corp (Class A)		9
1,509		Artisan Partners Asset Management, Inc		42
269		Associated Capital Group, Inc		8
382		B. Riley Financial, Inc		4
43,471		Bank of New York Mellon Corp		1,689

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
247	*,e	BBX Capital Corp	$	4
8,931		BGC Partners, Inc (Class A)		78
5,190		BlackRock, Inc		1,778
953		Calamos Asset Management, Inc (Class A)		7
21,196		Capital One Financial Corp		1,346
962		Cash America International, Inc		41
3,348		CBOE Holdings, Inc		223
48,371		Charles Schwab Corp		1,224
14,023		CME Group, Inc		1,366
853		Cohen & Steers, Inc		34
4,206	*,e	Cowen Group, Inc		12
358	*,e	Credit Acceptance Corp		66
118		Diamond Hill Investment Group, Inc		22
16,810		Discover Financial Services		901
11,575	*	E*TRADE Financial Corp		272
4,682		Eaton Vance Corp		165
978	*,e	Encore Capital Group, Inc		23
1,226	*	Enova International, Inc		9
1,452		Evercore Partners, Inc (Class A)		64
2,322	*	Ezcorp, Inc (Class A)		17
1,659		Factset Research Systems, Inc		268
3,877		Federated Investors, Inc (Class B)		112
2,248		Financial Engines, Inc		58
1,137		First Cash Financial Services, Inc		58
3,451	*	FNFV Group		40
15,039		Franklin Resources, Inc		502
1,532		Gain Capital Holdings, Inc		10
181		GAMCO Investors, Inc (Class A)		6
16,021		Goldman Sachs Group, Inc		2,380
1,775	*	Green Dot Corp		41
1,124		Greenhill & Co, Inc		18
1,489		HFF, Inc (Class A)		43
517		Houlihan Lokey, Inc		12
2,624		Interactive Brokers Group, Inc (Class A)		93
4,884		IntercontinentalExchange Group, Inc		1,250
675	*	INTL FCStone, Inc		18
17,213		Invesco Ltd		440
1,434		Investment Technology Group, Inc		24
13,324		iShares Russell 3000 Index Fund		1,652
6,087		Janus Capital Group, Inc		85
1,997	*	KCG Holdings, Inc		26
5,033	*	Ladenburg Thalmann Financial Services, Inc		12
5,370		Lazard Ltd (Class A)		160
4,116		Legg Mason, Inc		121
13,480	*,e	LendingClub Corp		58
13,604		Leucadia National Corp		236
3,491		LPL Financial Holdings, Inc		79
1,519		MarketAxess Holdings, Inc		221
418		Marlin Business Services Corp		7
731		Moelis & Co		16
7,083		Moody’s Corp		664
59,262		Morgan Stanley		1,540
808		Morningstar, Inc		66
3,812		MSCI, Inc (Class A)		294
4,646		NASDAQ OMX Group, Inc		300
13,657		Navient Corp		163
686		Nelnet, Inc (Class A)		24
959	*	NewStar Financial, Inc		8
8,795		Northern Trust Corp		583
8,006		NorthStar Asset Management Group, Inc		82
1,634		OM Asset Management plc		22
2,011	*,e	On Deck Capital, Inc		10
2,198	*	OneMain Holdings, Inc		50
448		Oppenheimer Holdings, Inc		7
1,198	*	Pico Holdings, Inc		11

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
669	*	Piper Jaffray Cos	$	25
727	e	PJT Partners, Inc		17
1,888	*	PRA Group, Inc		46
527		Pzena Investment Management, Inc (Class A)		4
5,269		Raymond James Financial, Inc		260
231	*	Regional Management Corp		3
606		Resource America, Inc (Class A)		6
10,945		S&P Global, Inc		1,174
808	*	Safeguard Scientifics, Inc		10
3,870	*	Santander Consumer USA Holdings, Inc		40
5,509		SEI Investments Co		265
298		Silvercrest Asset Management Group, Inc		4
17,941	*	SLM Corp		111
8,196	e	SPDR Trust Series 1		1,717
16,398		State Street Corp		884
2,659	*	Stifel Financial Corp		84
34,689	*	Synchrony Financial		877
10,332		T Rowe Price Group, Inc		754
10,694		TD Ameritrade Holding Corp		304
1,255		Tiptree Financial, Inc		7
1,024	e	Virtu Financial, Inc		18
255	e	Virtus Investment Partners, Inc		18
8,295		Voya Financial, Inc		205
3,248		Waddell & Reed Financial, Inc (Class A)		56
322		Westwood Holdings Group, Inc		17
4,611	e	WisdomTree Investments, Inc		45
276	*,e	World Acceptance Corp		13
		TOTAL DIVERSIFIED FINANCIALS		31,470
ENERGY - 6.8%
4,200	*	Abraxas Petroleum Corp		5
99		Adams Resources & Energy, Inc		4
1,327		Alon USA Energy, Inc		9
21,195		Anadarko Petroleum Corp		1,129
6,765	*,e	Antero Resources Corp		176
15,738		Apache Corp		876
2,935		Archrock, Inc		28
624	e	Ardmore Shipping Corp		4
2,529	e	Atwood Oceanics, Inc		32
18,170		Baker Hughes, Inc		820
2,221	*,e	Bill Barrett Corp		14
1,469	e	Bristow Group, Inc		17
19,247		Cabot Oil & Gas Corp		495
1,309	*,e	California Resources Corp		16
4,954	*	Callon Petroleum Co		56
905	e	CARBO Ceramics, Inc		12
2,286	*	Carrizo Oil & Gas, Inc		82
8,553	*	Cheniere Energy, Inc		321
25,171	*,e	Chesapeake Energy Corp		108
78,127		Chevron Corp		8,190
3,957		Cimarex Energy Co		472
251	*,e	Clayton Williams Energy, Inc		7
3,211	*	Clean Energy Fuels Corp		11
15,473	*	Cobalt International Energy, Inc		21
16,525		Columbia Pipeline Group, Inc		421
5,406	*	Concho Resources, Inc		645
51,489		ConocoPhillips		2,245
9,664	e	Consol Energy, Inc		155
670	*	Contango Oil & Gas Co		8
3,512	*,e	Continental Resources, Inc		159
762	e	CVR Energy, Inc		12
852	*	Dawson Geophysical Co		7
2,390		Delek US Holdings, Inc		32
14,522		Denbury Resources, Inc		52

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
21,672	*	Devon Energy Corp	$	786
3,880		DHT Holdings, Inc		19
2,618	e	Diamond Offshore Drilling, Inc		64
2,958	*	Diamondback Energy, Inc		270
1,027	*,e	Dorian LPG Ltd		7
1,561	*	Dril-Quip, Inc		91
4,022		Energen Corp		194
11,576		Ensco plc		112
22,833		EOG Resources, Inc		1,905
1,448	*,e	EP Energy Corp		7
7,136		EQT Corp		553
891	*	Era Group, Inc		8
668		Evolution Petroleum Corp		4
6,012	*	EXCO Resources, Inc		8
1,467	*	Exterran Corp		19
172,293	d	Exxon Mobil Corp		16,151
2,595	*,e	Fairmount Santrol Holdings, Inc		20
9,764	*	FMC Technologies, Inc		260
2,423	*	Forum Energy Technologies, Inc		42
1,468	e	Frank’s International NV		21
1,176	e	Frontline Ltd		9
1,757	e	GasLog Ltd		23
877	*	Gener8 Maritime, Inc		6
626	*,e	Geospace Technologies Corp		10
3,789	e	Golar LNG Ltd		59
1,490		Green Plains Renewable Energy, Inc		29
5,190	*	Gulfport Energy Corp		162
35,591		Halliburton Co		1,612
4,809	*	Helix Energy Solutions Group, Inc		32
4,028	e	Helmerich & Payne, Inc		270
11,685		Hess Corp		702
6,919		HollyFrontier Corp		164
1,338	*,e	Hornbeck Offshore Services, Inc		11
1,312	*	Independence Contract Drilling, Inc		7
61	*	Isramco, Inc		5
1,048	*	Jones Energy, Inc (Class A)		4
79,876		Kinder Morgan, Inc		1,495
6,492	*	Kosmos Energy LLC		35
5,583	*,e	Laredo Petroleum Holdings, Inc		58
35,161		Marathon Oil Corp		528
22,258		Marathon Petroleum Corp		845
3,403	*	Matador Resources Co		67
1,193	*	Matrix Service Co		20
9,887	*	McDermott International, Inc		49
3,825	*	Memorial Resource Development Corp		61
7,011	e	Murphy Oil Corp		223
11,421		Nabors Industries Ltd		115
15,743		National Oilwell Varco, Inc		530
561	*	Natural Gas Services Group, Inc		13
3,582	e	Navios Maritime Acq Corp		6
8,207	*	Newfield Exploration Co		363
3,910	*	Newpark Resources, Inc		23
9,860	e	Noble Corp plc		81
18,226		Noble Energy, Inc		654
3,925	e	Nordic American Tanker Shipping		54
3,091	*,e	Northern Oil And Gas, Inc		14
6,505	*	Oasis Petroleum, Inc		61
31,753		Occidental Petroleum Corp		2,399
4,264		Oceaneering International, Inc		127
2,073	*	Oil States International, Inc		68
8,715		Oneok, Inc		414
836		Overseas Shipholding Group, Inc		9
656	*	Pacific Ethanol, Inc		4
648		Panhandle Oil and Gas, Inc (Class A)		11
1,177	*	Par Petroleum Corp		18

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,410	*	Parker Drilling Co	$	12
5,614	*	Parsley Energy, Inc		152
6,387		Patterson-UTI Energy, Inc		136
4,046		PBF Energy, Inc		96
1,898	*	PDC Energy, Inc		109
620	*	PHI, Inc		11
19,038		Phillips 66		1,510
2,681	*	Pioneer Energy Services Corp		12
6,752		Pioneer Natural Resources Co		1,021
8,935		Questar Market Resources, Inc		158
7,064		Range Resources Corp		305
1,773	*	Renewable Energy Group, Inc		16
234	*	Rex American Resources Corp		14
4,670	*	Rice Energy, Inc		103
611	*	RigNet, Inc		8
843	*	Ring Energy, Inc		7
5,316	e	Rowan Cos plc		94
2,428	*,e	RPC, Inc		38
3,102	*	RSP Permian, Inc		108
2,020	*	Sanchez Energy Corp		14
57,829		Schlumberger Ltd		4,573
6,794		Scorpio Tankers, Inc		29
825	*	SEACOR Holdings, Inc		48
15,354	*,e	Seadrill Ltd		50
1,826		SemGroup Corp		59
2,365	e	Ship Finance International Ltd		35
2,861	e	SM Energy Co		77
16,258	*	Southwestern Energy Co		205
29,034		Spectra Energy Corp		1,063
6,374		Superior Energy Services		117
7,633	*	Synergy Resources Corp		51
6,552		Targa Resources Investments, Inc		276
2,010	e	Teekay Corp		14
3,273	e	Teekay Tankers Ltd (Class A)		10
1,519		Tesco Corp		10
5,110		Tesoro Corp		383
3,896	*	Tetra Technologies, Inc		25
2,198	e	Tidewater, Inc		10
12,872		Transocean Ltd (NYSE)		153
2,246	*	Unit Corp		35
2,430		US Silica Holdings Inc		84
19,640		Valero Energy Corp		1,002
1,693	*,e	W&T Offshore, Inc		4
37,057	*	Weatherford International Ltd		206
2,997		Western Refining, Inc		62
783	*	Westmoreland Coal Co		7
8,366	*	Whiting Petroleum Corp		77
1,880	*	Willbros Group, Inc		5
28,713		Williams Cos, Inc		621
2,866		World Fuel Services Corp		136
11,391	*	WPX Energy, Inc		106
		TOTAL ENERGY		62,089
FOOD & STAPLES RETAILING - 2.1%
1,108		Andersons, Inc		39
1,611		Casey’s General Stores, Inc		212
776	*	Chefs’ Warehouse Holdings, Inc		12
18,078		Costco Wholesale Corp		2,839
44,592		CVS Health Corp		4,269
555		Ingles Markets, Inc (Class A)		21
39,482		Kroger Co		1,453
345	*	Natural Grocers by Vitamin C		5
1,392	*	Performance Food Group Co		37
821		Pricesmart, Inc		77

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
41,789	*	Rite Aid Corp	$	313
1,024	*	Smart & Final Stores, Inc		15
1,537		Spartan Stores, Inc		47
6,253	*	Sprouts Farmers Market, Inc		143
10,836	*	Supervalu, Inc		51
21,774		Sysco Corp		1,105
2,032	*	United Natural Foods, Inc		95
1,110	*	US Foods Holding Corp		27
292		Village Super Market (Class A)		8
35,637		Walgreens Boots Alliance, Inc		2,968
62,856		Wal-Mart Stores, Inc		4,590
145		Weis Markets, Inc		7
13,616		Whole Foods Market, Inc		436
		TOTAL FOOD & STAPLES RETAILING		18,769
FOOD, BEVERAGE & TOBACCO - 5.4%
136		Alico, Inc		4
81,000		Altria Group, Inc		5,586
1,205	*,e	Amplify Snack Brands, Inc		18
23,872		Archer Daniels Midland Co		1,024
2,348		B&G Foods, Inc (Class A)		113
2,484	*,e	Blue Buffalo Pet Products, Inc		58
387	*,e	Boston Beer Co, Inc (Class A)		66
1,129		Brown-Forman Corp		122
4,146		Brown-Forman Corp (Class B)		414
5,711		Bunge Ltd		338
583		Calavo Growers, Inc		39
1,263	e	Cal-Maine Foods, Inc		56
7,702		Campbell Soup Co		513
199		Coca-Cola Bottling Co Consolidated		29
161,894		Coca-Cola Co		7,339
17,782		ConAgra Foods, Inc		850
6,871		Constellation Brands, Inc (Class A)		1,137
418	*	Craft Brewers Alliance, Inc		5
6,734	*	Darling International, Inc		100
3,987		Dean Foods Co		72
7,682		Dr Pepper Snapple Group, Inc		742
288	*	Farmer Bros Co		9
7,167		Flowers Foods, Inc		134
1,315		Fresh Del Monte Produce, Inc		72
901	*,e	Freshpet, Inc		8
24,603		General Mills, Inc		1,755
4,247	*	Hain Celestial Group, Inc		211
5,817		Hershey Co		660
11,212		Hormel Foods Corp		410
2,973		Ingredion, Inc		385
649	*,e	Inventure Foods, Inc		5
614		J&J Snack Foods Corp		73
4,817		J.M. Smucker Co		734
368		John B. Sanfilippo & Son, Inc		16
10,180		Kellogg Co		831
24,756		Kraft Heinz Co		2,190
744		Lancaster Colony Corp		95
1,289	*	Landec Corp		14
179	*	Lifeway Foods, Inc		2
443	e	Limoneira Co		8
4,794		McCormick & Co, Inc		511
7,716		Mead Johnson Nutrition Co		700
476		Mgp Ingredients, Inc		18
7,066		Molson Coors Brewing Co (Class B)		715
62,072		Mondelez International, Inc		2,825
6,165	*	Monster Beverage Corp		991
505	*	National Beverage Corp		32

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
996	*	Omega Protein Corp	$	20
60,158		PepsiCo, Inc		6,373
64,082		Philip Morris International, Inc		6,518
2,436	e	Pilgrim’s Pride Corp		62
4,776		Pinnacle Foods, Inc		221
2,482	*	Post Holdings, Inc		205
845	*	Primo Water		10
34,061		Reynolds American, Inc		1,837
822	e	Sanderson Farms, Inc		71
11	*	Seaboard Corp		32
365	*	Seneca Foods Corp		13
3,317		Snyder’s-Lance, Inc		113
889	*,e	Synutra International, Inc		3
716	e	Tootsie Roll Industries, Inc		28
2,265	*	TreeHouse Foods, Inc		233
11,968		Tyson Foods, Inc (Class A)		799
821		Universal Corp		47
3,631		Vector Group Ltd		81
7,195	*	WhiteWave Foods Co (Class A)		338
		TOTAL FOOD, BEVERAGE & TOBACCO		49,033
HEALTH CARE EQUIPMENT & SERVICES - 5.4%
338	*,e	AAC Holdings, Inc		8
1,018		Abaxis, Inc		48
60,993		Abbott Laboratories		2,398
1,733	*	Abiomed, Inc		189
3,023	*	Acadia Healthcare Co, Inc		167
3,073	*	Accuray, Inc		16
1,212		Aceto Corp		27
255	*	Addus HomeCare Corp		4
500	*,e	Adeptus Health, Inc		26
14,299		Aetna Inc		1,746
1,468	*	Air Methods Corp		53
3,570	*	Alere, Inc		149
2,989	*	Align Technology, Inc		241
7,667	*	Allscripts Healthcare Solutions, Inc		97
380	*	Almost Family, Inc		16
1,243	*	Amedisys, Inc		63
368	*	American Renal Associates Holdings, Inc		11
7,380		AmerisourceBergen Corp		585
2,008	*	AMN Healthcare Services, Inc		80
2,211	*	Amsurg Corp		171
558		Analogic Corp		44
1,310	*	Angiodynamics, Inc		19
566	*	Anika Therapeutics, Inc		30
10,934		Anthem, Inc		1,436
1,615	*,e	athenahealth, Inc		223
1,229	*	AtriCure, Inc		17
69		Atrion Corp		30
480	*	Avinger, Inc		6
1,009	*	AxoGen, Inc		7
3,045		Bard (C.R.), Inc		716
20,689		Baxter International, Inc		936
8,515		Becton Dickinson & Co		1,444
2,663	*,e	BioScrip, Inc		7
1,148	*	BioTelemetry, Inc		19
55,376	*	Boston Scientific Corp		1,294
7,774	*	Brookdale Senior Living, Inc		120
1,496		Cantel Medical Corp		103
1,396	*	Capital Senior Living Corp		25
13,421		Cardinal Health, Inc		1,047
1,207	*	Cardiovascular Systems, Inc		22
1,380	*	Castlight Health, Inc		5

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,073	*	Centene Corp	$	505
12,200	*	Cerner Corp		715
4,212	*,e	Cerus Corp		26
719		Chemed Corp		98
10,543		Cigna Corp		1,349
504	*	Civitas Solutions, Inc		10
3,787	*,e	Community Health Systems, Inc		46
481		Computer Programs & Systems, Inc		19
1,529	*,e	ConforMIS, Inc		11
1,202		Conmed Corp		57
1,970		Cooper Cos, Inc		338
514	*	Corvel Corp		22
215	*	Cotiviti Holdings, Inc		5
1,273	*	Cross Country Healthcare, Inc		18
1,413		CryoLife, Inc		17
593	*	Cutera, Inc		7
943	*	Cynosure, Inc (Class A)		46
6,941	*	DaVita, Inc		537
9,529		DENTSPLY SIRONA, Inc		591
3,382	*	DexCom, Inc		268
1,886	*,e	Diplomat Pharmacy, Inc		66
8,774	*	Edwards Lifesciences Corp		875
3,300	*	Endologix, Inc		41
2,136		Ensign Group, Inc		45
221	*	Entellus Medical, Inc		4
7,853	*	Envision Healthcare Holdings, Inc		199
560	*	Evolent Health, Inc		11
408	*	Exactech, Inc		11
1,755	*	ExamWorks Group, Inc		61
26,196	*	Express Scripts Holding Co		1,986
1,865	*,e	GenMark Diagnostics, Inc		16
683	*	Glaukos Corp		20
2,899	*	Globus Medical, Inc		69
2,236	*	Haemonetics Corp		65
2,049	*	Halyard Health, Inc		67
12,631	*	HCA Holdings, Inc		973
1,772	*	HealthEquity, Inc		54
3,639		Healthsouth Corp		141
1,071	*	HealthStream, Inc		28
1,449	*	Healthways, Inc		17
752	*,e	HeartWare International, Inc		43
3,378	*	Henry Schein, Inc		597
2,407		Hill-Rom Holdings, Inc		121
3,657	*	HMS Holdings Corp		64
11,558	*	Hologic, Inc		400
6,189		Humana, Inc		1,113
604	*	ICU Medical, Inc		68
3,678	*	Idexx Laboratories, Inc		342
645	*	Imprivata, Inc		9
5,953	*	IMS Health Holdings, Inc		151
672	*	Inogen Inc		34
2,425	*,e	Inovalon Holdings, Inc		44
2,452	*	Insulet Corp		74
1,266	*	Integer Holding Corp		39
1,248	*	Integra LifeSciences Holdings Corp		100
1,535	*	Intuitive Surgical, Inc		1,015
1,548		Invacare Corp		19
1,103	*	InVivo Therapeutics Holdings Corp		6
169	*,e	iRadimed Corp		4
312	*	IRIDEX Corp		5
1,032	*,e	K2M Group Holdings, Inc		16
3,505		Kindred Healthcare, Inc		40
4,244	*	Laboratory Corp of America Holdings		553
498		Landauer, Inc		20
1,128	*	LDR Holding Corp		42

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
562		LeMaitre Vascular, Inc	$	8
593	*	LHC Group, Inc		26
1,670	*	LifePoint Hospitals, Inc		109
1,019	*	Magellan Health Services, Inc		67
1,687	*	Masimo Corp		89
9,330		McKesson Corp		1,741
2,351	*	Medidata Solutions, Inc		110
3,789	*	MEDNAX, Inc		274
58,282		Medtronic plc		5,057
1,883		Meridian Bioscience, Inc		37
1,836	*	Merit Medical Systems, Inc		36
1,772	*	Molina Healthcare, Inc		88
447		National Healthcare Corp		29
357		National Research Corp		5
1,466	*	Natus Medical, Inc		55
1,566	*	Neogen Corp		88
984	*,e	Nevro Corp		73
1,348	*,e	Nobilis Health Corp		3
2,085	*,e	Novocure Ltd		24
2,136	*	NuVasive, Inc		128
2,725	*	NxStage Medical, Inc		59
1,563	*	Omnicell, Inc		53
2,901	*	OraSure Technologies, Inc		17
861	*	Orthofix International NV		36
2,695		Owens & Minor, Inc		101
919	*	Oxford Immunotec Global plc		8
3,639		Patterson Cos, Inc		174
1,046	*	Penumbra, Inc		62
1,217	*	PharMerica Corp		30
1,897	*	Premier, Inc		62
915	*	Press Ganey Holdings, Inc		36
495	*	Providence Service Corp		22
1,960		Quality Systems, Inc		23
5,869		Quest Diagnostics, Inc		478
1,220	*	Quidel Corp		22
1,200	*	Quorum Health Corp		13
1,510	*	RadNet, Inc		8
5,765		Resmed, Inc		365
1,891	*,e	Rockwell Medical, Inc		14
2,673	*	RTI Biologics, Inc		10
570	*,e	Second Sight Medical Products, Inc		2
4,065	*	Select Medical Holdings Corp		44
1,177	*	Senseonics Holdings, Inc		5
1,958	*	Spectranetics Corp		37
11,407		St. Jude Medical, Inc		890
1,741	*	Staar Surgical Co		10
13,835		Stryker Corp		1,658
643	*,e	Surgery Partners, Inc		12
955	*	Surgical Care Affiliates, Inc		46
723	*	SurModics, Inc		17
417	*	Symmetry Surgical, Inc		5
480	*	Tandem Diabetes Care, Inc		4
2,827	*	Team Health Holdings, Inc		115
846	*,e	Teladoc, Inc		14
1,809		Teleflex, Inc		321
3,638	*	Tenet Healthcare Corp		101
1,189	*,e	TransEnterix, Inc		1
948	*	Triple-S Management Corp (Class B)		23
39,009		UnitedHealth Group, Inc		5,508
2,394		Universal American Corp		18
3,547		Universal Health Services, Inc (Class B)		476
549		US Physical Therapy, Inc		33
149		Utah Medical Products, Inc		9
3,935	*	Varian Medical Systems, Inc		324
873	*	Vascular Solutions, Inc		36

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,169	*	VCA Antech, Inc	$	214
3,977	*	Veeva Systems, Inc		136
594	*	Veracyte, Inc		3
960	*	Vocera Communications, Inc		12
1,857	*	WellCare Health Plans, Inc		199
3,006		West Pharmaceutical Services, Inc		228
4,246	*	Wright Medical Group NV		74
1,444	*	Zeltiq Aesthetics, Inc		39
7,412		Zimmer Holdings, Inc		892
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		49,144
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
18,515		Avon Products, Inc		70
237	*	Central Garden & Pet Co		5
1,366	*	Central Garden and Pet Co (Class A)		30
5,230		Church & Dwight Co, Inc		538
5,271		Clorox Co		729
36,050		Colgate-Palmolive Co		2,639
2,027	e	Coty, Inc		53
2,560		Edgewell Personal Care Co		216
945	*	Elizabeth Arden, Inc		13
2,560		Energizer Holdings, Inc		132
8,863		Estee Lauder Cos (Class A)		807
3,010	*,e	Herbalife Ltd		176
4,123	*	HRG Group, Inc		57
735		Inter Parfums, Inc		21
14,794		Kimberly-Clark Corp		2,034
352	*	Lifevantage Corp		5
571		Medifast, Inc		19
325	e	Natural Health Trends Corp		9
537		Nature’s Sunshine Products, Inc		5
2,285		Nu Skin Enterprises, Inc (Class A)		105
364	*	Nutraceutical International Corp		8
255		Oil-Dri Corp of America		9
289	e	Orchids Paper Products Co		10
110,730		Procter & Gamble Co		9,376
480	*	Revlon, Inc (Class A)		15
1,021		Spectrum Brands, Inc		122
213	*	USANA Health Sciences, Inc		24
577		WD-40 Co		68
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		17,295
INSURANCE - 4.1%
16,689		Aflac, Inc		1,204
636	*	Alleghany Corp		350
3,629		Allied World Assurance Co Holdings Ltd		128
15,875		Allstate Corp		1,110
1,490	*	AMBAC Financial Group, Inc		25
2,947		American Equity Investment Life Holding Co		42
2,826		American Financial Group, Inc		209
46,076		American International Group, Inc		2,437
284		American National Insurance Co		32
810		Amerisafe, Inc		50
3,256		Amtrust Financial Services, Inc		80
10,914		Aon plc		1,192
4,862	*	Arch Capital Group Ltd		350
1,301		Argo Group International Holdings Ltd		68
7,108		Arthur J. Gallagher & Co		338
2,585		Aspen Insurance Holdings Ltd		120
2,573		Assurant, Inc		222
5,264		Assured Guaranty Ltd		134
493	*	Atlas Financial Holdings, Inc		9
3,814		Axis Capital Holdings Ltd		210

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
422		Baldwin & Lyons, Inc (Class B)	$	10
78,366	*	Berkshire Hathaway, Inc (Class B)		11,347
265	e	Blue Capital Reinsurance Holdings Ltd		5
4,884		Brown & Brown, Inc		183
19,201		Chubb Ltd		2,510
6,555		Cincinnati Financial Corp		491
2,162	*,e	Citizens, Inc (Class A)		16
1,136		CNA Financial Corp		36
7,386		Conseco, Inc		129
723		Crawford & Co (Class B)		6
406		Donegal Group, Inc (Class A)		7
746	*	eHealth, Inc		10
252		EMC Insurance Group, Inc		7
1,381		Employers Holdings, Inc		40
2,654		Endurance Specialty Holdings Ltd		178
469	*	Enstar Group Ltd		76
1,009		Erie Indemnity Co (Class A)		100
1,735		Everest Re Group Ltd		317
441		FBL Financial Group, Inc (Class A)		27
485		Federated National Holding Co		9
471	e	Fidelity & Guaranty Life		11
4,423		First American Financial Corp		178
10,872		FNF Group		408
21,064	*	Genworth Financial, Inc (Class A)		54
1,299	*	Greenlight Capital Re Ltd (Class A)		26
368	*	Hallmark Financial Services		4
1,754		Hanover Insurance Group, Inc		148
16,231		Hartford Financial Services Group, Inc		720
290		HCI Group, Inc		8
1,074		Heritage Insurance Holdings, Inc		13
1,816		Horace Mann Educators Corp		61
392		Independence Holding Co		7
439		Infinity Property & Casualty Corp		35
62		Investors Title Co		6
597		James River Group Holdings Ltd		20
2,004		Kemper Corp		62
9,834		Lincoln National Corp		381
11,865		Loews Corp		488
2,294		Maiden Holdings Ltd		28
566	*	Markel Corp		539
21,807		Marsh & McLennan Cos, Inc		1,493
3,498	*	MBIA, Inc		24
1,146		Mercury General Corp		61
38,404		Metlife, Inc		1,530
1,991		National General Holdings Corp		43
224		National Interstate Corp		7
92		National Western Life Group, Inc		18
460		Navigators Group, Inc		42
10,025		Old Republic International Corp		193
823		OneBeacon Insurance Group Ltd (Class A)		11
378	*	Patriot National, Inc		3
1,934		Primerica, Inc		111
11,091		Principal Financial Group		456
2,171		ProAssurance Corp		116
24,131		Progressive Corp		808
18,350		Prudential Financial, Inc		1,309
2,540		Reinsurance Group of America, Inc (Class A)		246
1,702		RenaissanceRe Holdings Ltd		200
1,544		RLI Corp		106
591		Safety Insurance Group, Inc		36
2,545		Selective Insurance Group, Inc		97
630		State Auto Financial Corp		14
1,279		State National Cos, Inc		14
1,090		Stewart Information Services Corp		45
2,745	*	Third Point Reinsurance Ltd		32

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,035		Torchmark Corp	$	311
12,059		Travelers Cos, Inc		1,436
703	*,e	Trupanion, Inc		9
417	*	United America Indemnity Ltd		12
1,001		United Fire & Casualty Co		43
739		United Insurance Holdings Corp		12
1,340		Universal Insurance Holdings, Inc		25
9,851		UnumProvident Corp		313
3,104		Validus Holdings Ltd		151
4,127		W.R. Berkley Corp		247
201		White Mountains Insurance Group Ltd		169
11,489		XL Capital Ltd		383
		TOTAL INSURANCE		37,137
MATERIALS - 3.3%
1,236		A. Schulman, Inc		30
185		AEP Industries, Inc		15
8,124		Air Products & Chemicals, Inc		1,154
9,246	*,e	AK Steel Holding Corp		43
4,639		Albemarle Corp		368
53,925		Alcoa, Inc		500
4,614	e	Allegheny Technologies, Inc		59
1,339		American Vanguard Corp		20
2,561		Aptargroup, Inc		203
2,572		Ashland, Inc		295
3,690		Avery Dennison Corp		276
6,300	*	Axalta Coating Systems Ltd		167
2,975		Axiall Corp		97
1,365		Balchem Corp		81
7,112	e	Ball Corp		514
3,899		Bemis Co, Inc		201
4,981	*	Berry Plastics Group, Inc		193
1,581	*	Boise Cascade Co		36
2,534		Cabot Corp		116
2,460		Calgon Carbon Corp		32
1,911		Carpenter Technology Corp		63
6,094		Celanese Corp (Series A)		399
2,103	*	Century Aluminum Co		13
9,471		CF Industries Holdings, Inc		228
284		Chase Corp		17
7,648		Chemours Co		63
2,635	*	Chemtura		69
724	*	Clearwater Paper Corp		47
5,917	*,e	Cliffs Natural Resources, Inc		34
1,314	*	Codexis, Inc		5
5,932	*	Coeur Mining, Inc		63
4,728		Commercial Metals Co		80
1,427	e	Compass Minerals International, Inc		106
5,576	*	Crown Holdings, Inc		283
439		Deltic Timber Corp		29
2,575		Domtar Corp		90
46,198		Dow Chemical Co		2,296
1,937		Eagle Materials, Inc		149
5,946		Eastman Chemical Co		404
10,765		Ecolab, Inc		1,277
36,314		EI du Pont de Nemours & Co		2,353
3,191	*	Ferro Corp		43
2,943		Ferroglobe plc		25
1,776	*,e	Flotek Industries, Inc		23
5,538		FMC Corp		256
51,785		Freeport-McMoRan Copper & Gold, Inc (Class B)		577
954		FutureFuel Corp		10
3,109	*	GCP Applied Technologies, Inc		81

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,189	*	Gold Resource Corp	$	8
13,219		Graphic Packaging Holding Co		166
1,060		Greif, Inc (Class A)		39
2,060		H.B. Fuller Co		91
137	*	Handy & Harman Ltd		4
459		Hawkins, Inc		20
501		Haynes International, Inc		16
3,320	*	Headwaters, Inc		60
14,849		Hecla Mining Co		76
8,201		Huntsman Corp		110
1,764	*	Ingevity Corp		60
803		Innophos Holdings, Inc		34
974		Innospec, Inc		45
3,168		International Flavors & Fragrances, Inc		399
17,015		International Paper Co		721
722		Kaiser Aluminum Corp		65
3,552		Kapstone Paper and Packaging Corp		46
329		KMG Chemicals, Inc		9
850	*	Koppers Holdings, Inc		26
1,207	*	Kraton Polymers LLC		34
1,114	e	Kronos Worldwide, Inc		6
5,914	*	Louisiana-Pacific Corp		103
901	*,e	LSB Industries, Inc		11
14,137		LyondellBasell Industries AF S.C.A		1,052
2,614		Martin Marietta Materials, Inc		502
864		Materion Corp		21
1,470		Minerals Technologies, Inc		83
18,044		Monsanto Co		1,866
14,524		Mosaic Co		380
710	*	Multi Packaging Solutions International Ltd		9
871		Myers Industries, Inc		13
685		Neenah Paper, Inc		50
302		NewMarket Corp		125
22,041		Newmont Mining Corp		862
13,088		Nucor Corp		647
6,869		Olin Corp		171
395		Olympic Steel, Inc		11
1,779	*	Omnova Solutions, Inc		13
6,677	*	Owens-Illinois, Inc		120
3,875		Packaging Corp of America		259
1,827		PH Glatfelter Co		36
5,829	*	Platform Specialty Products Corp		52
3,457		PolyOne Corp		122
11,008		PPG Industries, Inc		1,146
11,726		Praxair, Inc		1,318
529		Quaker Chemical Corp		47
1,744		Rayonier Advanced Materials, Inc		24
1,041	*	Real Industry, Inc		8
2,884		Reliance Steel & Aluminum Co		222
2,719		Royal Gold, Inc		196
5,399		RPM International, Inc		270
153	*	Ryerson Holding Corp		3
1,183		Schnitzer Steel Industries, Inc (Class A)		21
1,285		Schweitzer-Mauduit International, Inc		45
1,899		Scotts Miracle-Gro Co (Class A)		133
8,197		Sealed Air Corp		377
1,971		Sensient Technologies Corp		140
3,297		Sherwin-Williams Co		968
1,724		Silgan Holdings, Inc		89
16,272	*,m	Solutia, Inc		491
4,152		Sonoco Products Co		206
3,645		Southern Copper Corp (NY)		98
9,711		Steel Dynamics, Inc		238
834		Stepan Co		50
5,038	*	Stillwater Mining Co		60

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,850	*	Summit Materials, Inc	$	38
2,967		SunCoke Energy, Inc		17
11,807		Tahoe Resources, Inc		177
1,733		TimkenSteel Corp		17
970	*	Trecora Resources		10
1,164		Tredegar Corp		19
819	*	Trinseo S.A.		35
2,723		Tronox Ltd		12
66		United States Lime & Minerals, Inc		4
5,639	e	United States Steel Corp		95
545	*	US Concrete, Inc		33
3,254		Valspar Corp		351
5,489		Vulcan Materials Co		661
1,567		Westlake Chemical Corp		67
10,374		WestRock Co		403
1,910	*	Worthington Industries, Inc		81
3,109		WR Grace & Co		228
		TOTAL MATERIALS		30,424
MEDIA - 3.0%
922		AMC Entertainment Holdings, Inc		25
2,276	*	AMC Networks, Inc		137
165		Cable One, Inc		84
1,014	*	Carmike Cinemas, Inc		31
16,746		CBS Corp (Class B)		912
3,461	*,e	Central European Media Enterprises Ltd (Class A) (NASDAQ)		7
8,318	*	Charter Communications, Inc		1,902
4,394		Cinemark Holdings, Inc		160
1,723		Clear Channel Outdoor Holdings, Inc (Class A)		11
100,134		Comcast Corp (Class A)		6,528
46	*,e	Daily Journal Corp		11
6,207	*	Discovery Communications, Inc (Class A)		157
9,763	*	Discovery Communications, Inc (Class C)		233
9,133	*	DISH Network Corp (Class A)		479
3,186	*	DreamWorks Animation SKG, Inc (Class A)		130
1,252		Entercom Communications Corp (Class A)		17
2,637		Entravision Communications Corp (Class A)		18
798	*,e	Eros International plc		13
2,606		EW Scripps Co (Class A)		41
4,815		Gannett Co, Inc		66
1,656	*	Global Eagle Entertainment, Inc		11
2,680	*	Gray Television, Inc		29
408	*	Hemisphere Media Group, Inc		5
2,551	*	Imax Corp		75
16,695		Interpublic Group of Cos, Inc		386
1,843		John Wiley & Sons, Inc (Class A)		96
428	*,e	Liberty Braves Group (Class A)		6
1,434	*,e	Liberty Braves Group (Class C)		21
1,046	*	Liberty Broadband Corp (Class A)		62
3,782	*	Liberty Broadband Corp (Class C)		227
1,072	*	Liberty Media Group (Class A)		20
2,092	*	Liberty Media Group (Class C)		40
3,755	*	Liberty SiriusXM Group (Class A)		118
7,586	*	Liberty SiriusXM Group (Class C)		234
4,001	e	Lions Gate Entertainment Corp		81
5,383	*	Live Nation, Inc		126
546	*	Loral Space & Communications, Inc		19
867	*	Madison Square Garden Co		150
2,109		MDC Partners, Inc		39
4,469	*	Media General, Inc		77
1,545		Meredith Corp		80
2,602	*	MSG Networks, Inc		40
2,714		National CineMedia, Inc		42
1,709		New Media Investment Group, Inc		31

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,137		New York Times Co (Class A)	$	62
15,732		News Corp		179
4,202		News Corp (Class B)		49
1,218	e	Nexstar Broadcasting Group, Inc (Class A)		58
9,921		Omnicom Group, Inc		808
888	*	Radio One, Inc		3
787	*	Reading International, Inc		10
3,573	e	Regal Entertainment Group (Class A)		79
175		Saga Communications, Inc		7
1,212		Scholastic Corp		48
3,406		Scripps Networks Interactive (Class A)		212
2,721		Sinclair Broadcast Group, Inc (Class A)		81
73,731	*,e	Sirius XM Holdings, Inc		291
3,496	*	Starz-Liberty Capital		105
9,000		TEGNA, Inc		208
12,843		Thomson Corp		519
32,667		Time Warner, Inc		2,402
4,296		Time, Inc		71
322	*	Townsquare Media, Inc		3
3,225		Tribune Co		126
1,096	*	tronc, Inc		15
45,110		Twenty-First Century Fox, Inc		1,220
20,168		Twenty-First Century Fox, Inc (Class B)		550
411		Viacom, Inc		19
14,101		Viacom, Inc (Class B)		585
67,428		Walt Disney Co		6,596
1,509		World Wrestling Entertainment, Inc (Class A)		28
		TOTAL MEDIA		27,311
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.7%
67,512		AbbVie, Inc		4,180
3,739	*,e	Acadia Pharmaceuticals, Inc		121
987	*,e	Accelerate Diagnostics, Inc		14
1,131	*	Acceleron Pharma, Inc		38
1,583	*	AcelRx Pharmaceuticals, Inc		4
4,855	*	Achillion Pharmaceuticals, Inc		38
357	*	Aclaris Therapeutics, Inc		7
1,860	*	Acorda Therapeutics, Inc		47
711	*,e	Adamas Pharmaceuticals, Inc		11
1,487	*,e	Aduro Biotech, Inc		17
1,291	*,e	Advaxis, Inc		10
853	*	Adverum Biotechnologies, Inc		3
844	*,e	Aerie Pharmaceuticals, Inc		15
2,830	*,e	Agenus, Inc		11
527	*	Agile Therapeutics, Inc		4
13,455		Agilent Technologies, Inc		597
1,171	*,e	Agios Pharmaceuticals, Inc		49
1,095	*,e	Aimmune Therapeutics, Inc		12
1,027	*,e	Akebia Therapeutics, Inc		8
3,444	*	Akorn, Inc		98
1,060	*,e	Albany Molecular Research, Inc		14
1,914	*,e	Alder Biopharmaceuticals, Inc		48
9,009	*	Alexion Pharmaceuticals, Inc		1,052
6,349	*	Alkermes plc		274
16,432	*	Allergan plc		3,797
3,137	*	Alnylam Pharmaceuticals, Inc		174
1,423	*,e	AMAG Pharmaceuticals, Inc		34
31,202		Amgen, Inc		4,747
5,205	*	Amicus Therapeutics, Inc		28
1,331	*	Amphastar Pharmaceuticals, Inc		21
1,910	*,e	Ampio Pharmaceuticals, Inc		2
1,289	*,e	Anavex Life Sciences Corp		8
292	*,e	ANI Pharmaceuticals, Inc		16
1,485	*,e	Anthera Pharmaceuticals, Inc		5

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
506	*	Applied Genetic Technologies Corp	$	7
1,104	*,e	Aratana Therapeutics, Inc		7
894	*	Ardelyx, Inc		8
9,609	*	Arena Pharmaceuticals, Inc		16
7,383	*,e	Ariad Pharmaceuticals, Inc		55
5,359	*	Array Biopharma, Inc		19
2,299	*,e	Arrowhead Research Corp		12
969	*	Atara Biotherapeutics, Inc		22
2,944	*,e	Athersys, Inc		6
189	*,e	Avexis, Inc		7
1,017	*	Axovant Sciences Ltd		13
408	*,e	Axsome Therapeutics, Inc		3
873	*,e	Bellicum Pharmaceuticals, Inc		11
3,132	*	BioCryst Pharmaceuticals, Inc		9
9,128	*	Biogen Idec, Inc		2,207
6,771	*	BioMarin Pharmaceutical, Inc		527
3,334	*,e	Bio-Path Holdings, Inc		7
871	*	Bio-Rad Laboratories, Inc (Class A)		125
213	*	Biospecifics Technologies Corp		9
1,525		Bio-Techne Corp		172
2,650	*,e	BioTime, Inc		7
1,530	*,e	Bluebird Bio, Inc		66
828	*	Blueprint Medicines Corp		17
69,219		Bristol-Myers Squibb Co		5,091
4,348		Bruker BioSciences Corp		99
1,384	*	Cambrex Corp		72
704	*,e	Cara Therapeutics Inc		3
3,683	*	Catalent, Inc		85
1,355	*	Celator Pharmaceuticals, Inc		41
32,116	*	Celgene Corp		3,168
4,172	*,e	Celldex Therapeutics, Inc		18
412	*,e	Cellular Biomedicine Group, Inc		5
1,716	*,e	Cempra, Inc		28
3,076	*	Cepheid, Inc		95
1,993	*	Charles River Laboratories International, Inc		164
1,103	*,e	ChemoCentryx, Inc		5
1,747	*	Chimerix, Inc		7
1,180	*,e	ChromaDex Corp		5
448	*	Cidara Therapeutics, Inc		5
1,310	*,e	Clovis Oncology, Inc		18
1,216	*	Coherus Biosciences, Inc		21
551	*,e	Collegium Pharmaceutical, Inc		7
642	*	Concert Pharmaceuticals Inc		7
2,638	*,e	Corcept Therapeutics, Inc		14
4,829	*	Curis, Inc		8
1,140	*,e	Cytokinetics, Inc		11
849	*	CytomX Therapeutics, Inc		9
2,438	*,e	CytRx Corp		5
2,577	*,e	Depomed, Inc		51
851	*	Dermira, Inc		25
476	*	Dimension Therapeutics, Inc		3
4,800	*	Durect Corp		6
1,590	*,e	Dynavax Technologies Corp		23
364	*,e	Eagle Pharmaceuticals, Inc		14
681	*	Edge Therapeutics, Inc		7
296	*	Editas Medicine, Inc		7
977	*	Egalet Corp		5
135	*,e	Eiger BioPharmaceuticals, Inc		3
40,279		Eli Lilly & Co		3,172
1,340	*	Emergent Biosolutions, Inc		38
648	*	Enanta Pharmaceuticals, Inc		14
8,355	*	Endo International plc		130
1,449	*,e	Endocyte, Inc		5
1,275	*	Enzo Biochem, Inc		8
1,664	*	Epizyme, Inc		17

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
554	*,e	Esperion Thereapeutics, Inc	$	5
4,001	*,e	Exact Sciences Corp		49
9,358	*,e	Exelixis, Inc		73
2,028	*	FibroGen, Inc		33
979	*	Five Prime Therapeutics, Inc		40
405	*	Flex Pharma, Inc		4
587	*,e	Flexion Therapeutics Inc		9
1,247	*,e	Fluidigm Corp		11
1,392	*	Fortress Biotech, Inc		4
507	*,e	Foundation Medicine, Inc		9
6,674	*,e	Galena Biopharma, Inc		3
810	*	Genomic Health, Inc		21
6,445	*,e	Geron Corp		17
55,137		Gilead Sciences, Inc		4,600
561	*,e	Global Blood Therapeutics, Inc		9
4,607	*	Halozyme Therapeutics, Inc		40
1,306	*,e	Heron Therapeutics, Inc		24
236	*	Heska Corp		9
6,621	*	Horizon Pharma plc		109
2,542	*,e	Idera Pharmaceuticals, Inc		4
1,240	*	Ignyta, Inc		7
5,955	*	Illumina, Inc		836
484	*,e	Immune Design Corp		4
3,866	*,e	Immunogen, Inc		12
3,543	*,e	Immunomedics, Inc		8
3,085	*	Impax Laboratories, Inc		89
1,711	*	INC Research Holdings, Inc		65
6,744	*	Incyte Corp		539
2,197	*	Infinity Pharmaceuticals, Inc		3
3,648	e	Innoviva, Inc		38
767	*	Inotek Pharmaceuticals Corp		6
2,690	*,e	Inovio Pharmaceuticals, Inc		25
2,595	*	Insmed, Inc		26
998	*,e	Insys Therapeutics, Inc		13
276	*	Intellia Therapeutics, Inc		6
673	*,e	Intercept Pharmaceuticals, Inc		96
1,040	*	Intersect ENT, Inc		13
1,415	*,e	Intra-Cellular Therapies, Inc		55
2,310	*,e	Intrexon Corp		57
889	*,e	Invitae Corp		7
5,139	*,e	Ionis Pharmaceuticals, Inc		120
5,284	*	Ironwood Pharmaceuticals, Inc		69
114,135		Johnson & Johnson		13,845
2,598	*,e	Juno Therapeutics, Inc		100
988	*	Karyopharm Therapeutics, Inc		7
3,304	*,e	Keryx Biopharmaceuticals, Inc		22
1,606	*,e	Kite Pharma, Inc		80
486	*,e	La Jolla Pharmaceutical Co		8
1,137	*,e	Lannett Co, Inc		27
1,763	*,e	Lexicon Pharmaceuticals, Inc		25
773	*,e	Ligand Pharmaceuticals, Inc (Class B)		92
1,951	*,e	Lion Biotechnologies, Inc		16
653	*,e	Lipocine, Inc		2
550	*,e	Loxo Oncology, Inc		13
1,733	*	Luminex Corp		35
1,309	*	MacroGenics, Inc		35
4,483	*	Mallinckrodt plc		272
11,905	*,e	MannKind Corp		14
712	*	Medgenics, Inc		4
2,880	*,e	Medicines Co		97
1,230	*,e	MediciNova, Inc		9
6,594	*	Medivation, Inc		398
115,127		Merck & Co, Inc		6,632
4,612	*	Merrimack Pharmaceuticals, Inc		25
1,108	*	Mettler-Toledo International, Inc		404

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,566	*,e	MiMedx Group, Inc	$	36
684	*,e	Minerva Neurosciences, Inc		7
332	*,e	Mirati Therapeutics, Inc		2
2,562	*	Momenta Pharmaceuticals, Inc		28
18,027	*	Mylan NV		780
480	*	MyoKardia, Inc		6
2,876	*,e	Myriad Genetics, Inc		88
460	*	NanoString Technologies, Inc		6
280	*,e	NantKwest, Inc		2
1,110	*,e	Natera, Inc		13
5,532	*	Nektar Therapeutics		79
2,201	*	NeoGenomics, Inc		18
564	*,e	Neos Therapeutics, Inc		5
3,617	*	Neurocrine Biosciences, Inc		164
866	*,e	NewLink Genetics Corp		10
11,296	*,e	Novavax, Inc		82
543	*	Ocular Therapeutix, Inc		3
1,496	*,e	Omeros Corp		16
542	*,e	OncoMed Pharmaceuticals, Inc		7
1,250	*	Ophthotech Corp		64
13,300	*,e	Opko Health, Inc		124
2,776	*	Organovo Holdings, Inc		10
807	e	Osiris Therapeutics, Inc		4
1,016	*	Otonomy, Inc		16
1,035	*,e	OvaScience, Inc		5
3,094	*,e	Pacific Biosciences of California, Inc		22
1,577	*	Pacira Pharmaceuticals, Inc		53
529	e	Paratek Pharmaceuticals, Inc		7
2,297	*	Parexel International Corp		144
7,108		PDL BioPharma, Inc		22
4,539		PerkinElmer, Inc		238
5,894		Perrigo Co plc		534
694	*	Pfenex, Inc		6
249,704		Pfizer, Inc		8,792
2,423	*	PharmAthene, Inc		6
638		Phibro Animal Health Corp		12
1,961	*	Portola Pharmaceuticals, Inc		46
926	*	PRA Health Sciences, Inc		39
2,249	*	Prestige Brands Holdings, Inc		125
2,427	*,e	Progenics Pharmaceuticals, Inc		10
282	*	Proteostasis Therapeutics, Inc		3
1,437	*	Prothena Corp plc		50
1,436	*,e	PTC Therapeutics, Inc		10
1,018	*	Puma Biotechnology, Inc		30
9,472	*	Qiagen NV (NASDAQ)		207
3,416	*	Quintiles Transnational Holdings, Inc		223
1,230	*,e	Radius Health, Inc		45
3,398	*	Raptor Pharmaceutical Corp		18
227	*	Reata Pharmaceuticals, Inc		4
3,213	*	Regeneron Pharmaceuticals, Inc		1,122
869	*	REGENXBIO, Inc		7
1,210	*,e	Regulus Therapeutics, Inc		4
1,550	*,e	Relypsa, Inc		29
1,493	*	Repligen Corp		41
1,469	*,e	Retrophin, Inc		26
670	*,e	Revance Therapeutics, Inc		9
3,471	*	Rigel Pharmaceuticals, Inc		8
1,100	*,e	Sage Therapeutics, Inc		33
978	*	Sagent Pharmaceuticals		15
3,004	*,e	Sangamo Biosciences, Inc		17
1,786	*,e	Sarepta Therapeutics, Inc		34
2,282	*	Sciclone Pharmaceuticals, Inc		30
4,085	*,e	Seattle Genetics, Inc		165
745	*,e	Seres Therapeutics, Inc		22
1,189	*,e	Sorrento Therapeutics, Inc		7

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
702	*,e	Spark Therapeutics, Inc	$	36
2,652	*	Spectrum Pharmaceuticals, Inc		17
414	*	Stemline Therapeutics, Inc		3
1,048	*	Sucampo Pharmaceuticals, Inc (Class A)		12
1,932	*	Supernus Pharmaceuticals, Inc		39
7,382	*,e	Synergy Pharmaceuticals, Inc		28
3,062	*	Synthetic Biologics, Inc		6
383	*,e	T2 Biosystems, Inc		3
1,333	*,e	Teligent, Inc		10
980	*,e	TESARO, Inc		82
1,526	*	Tetraphase Pharmaceuticals, Inc		7
1,516	*,e	TG Therapeutics, Inc		9
5,906	*,e	TherapeuticsMD, Inc		50
1,491	*,e	Theravance Biopharma, Inc		34
16,247		Thermo Electron Corp		2,401
770	*,e	Titan Pharmaceuticals, Inc		4
390	*	Tobira Therapeutics, Inc		5
430	*,e	Tokai Pharmaceuticals, Inc		2
1,790	*	Trevena, Inc		11
1,190	*	Trovagene, Inc		5
1,517	*	Ultragenyx Pharmaceutical, Inc		74
1,923	*	United Therapeutics Corp		204
1,501	*	Vanda Pharmaceuticals, Inc		17
946	*,e	Versartis, Inc		10
10,217	*	Vertex Pharmaceuticals, Inc		879
1,052	*	Vitae Pharmaceuticals, Inc		11
702	*	Vital Therapies, Inc		4
484	*	Voyager Therapeutics, Inc		5
3,221	*	VWR Corp		93
3,300	*	Waters Corp		464
314	*	WaVe Life Sciences Pte Ltd		7
663	*,e	XBiotech, Inc		14
1,194	*	Xencor Inc		23
2,448	*	Xenoport, Inc		17
704	*,e	Zafgen, Inc		4
4,815	*,e	ZIOPHARM Oncology, Inc		26
19,652		Zoetis Inc		933
845	*	Zogenix, Inc		7
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		80,030
REAL ESTATE - 4.7%
2,898		Acadia Realty Trust		103
755		AG Mortgage Investment Trust		11
943		Agree Realty Corp		45
2,153		Alexander & Baldwin, Inc		78
87		Alexander’s, Inc		36
3,080		Alexandria Real Estate Equities, Inc		319
466	*,e	Altisource Portfolio Solutions S.A.		13
2,339	e	Altisource Residential Corp		21
1,599		American Assets Trust,Inc		68
5,404		American Campus Communities, Inc		286
13,655		American Capital Agency Corp		271
1,755		American Capital Mortgage, Inc		28
7,178		American Homes 4 Rent		147
17,500		American Tower Corp		1,988
32,604		Annaly Capital Management, Inc		361
4,519		Anworth Mortgage Asset Corp		21
6,612		Apartment Investment & Management Co (Class A)		292
2,227		Apollo Commercial Real Estate Finance, Inc		36
7,347	e	Apple Hospitality REIT, Inc		138
1,288		Ares Commercial Real Estate Corp		16
1,267		Armada Hoffler Properties, Inc		17
1,518	e	ARMOUR Residential REIT, Inc		30
1,249		Ashford Hospitality Prime, Inc		18

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,090		Ashford Hospitality Trust, Inc	$	17
454	*,e	AV Homes, Inc		6
5,688		AvalonBay Communities, Inc		1,026
769	e	Bluerock Residential Growth REIT, Inc		10
6,344		Boston Properties, Inc		837
7,108		Brandywine Realty Trust		119
7,928		Brixmor Property Group, Inc		210
3,565		Camden Property Trust		315
1,519		Capstead Mortgage Corp		15
3,493		Care Capital Properties, Inc		92
2,243		CareTrust REIT, Inc		31
1,667		CatchMark Timber Trust Inc		20
7,059		CBL & Associates Properties, Inc		66
12,426	*	CBRE Group, Inc		329
3,595		Cedar Realty Trust, Inc		27
1,627		Chatham Lodging Trust		36
2,532		Chesapeake Lodging Trust		59
6,703		Chimera Investment Corp		105
556	*	City Office REIT, Inc		7
4,557	e	Colony Financial, Inc		70
2,678	e	Colony Starwood Homes		81
5,267		Columbia Property Trust, Inc		113
5,125		Communications Sales & Leasing, Inc		148
174		Community Healthcare Trust, Inc		4
267	e	Consolidated-Tomoka Land Co		13
419		CorEnergy Infrastructure Trust, Inc		12
1,384		Coresite Realty		123
3,989		Corporate Office Properties Trust		118
4,821		Corrections Corp of America		169
8,737		Cousins Properties, Inc		91
13,946		Crown Castle International Corp		1,415
7,343		CubeSmart		227
2,920		CyrusOne, Inc		162
6,273		CYS Investments, Inc		52
3,638		DCT Industrial Trust, Inc		175
12,989		DDR Corp		236
8,448		DiamondRock Hospitality Co		76
6,088	e	Digital Realty Trust, Inc		663
5,985		Douglas Emmett, Inc		213
14,712		Duke Realty Corp		392
3,070		DuPont Fabros Technology, Inc		146
1,860		Dynex Capital, Inc		13
964		Easterly Government Properties, Inc		19
1,377		EastGroup Properties, Inc		95
2,519		Education Realty Trust, Inc		116
5,016		Empire State Realty Trust, Inc		95
2,617		Entertainment Properties Trust		211
2,870		Equinix, Inc		1,113
5,339	*	Equity Commonwealth		155
3,258		Equity Lifestyle Properties, Inc		261
3,785		Equity One, Inc		122
14,784		Equity Residential		1,018
2,702		Essex Property Trust, Inc		616
4,978		Extra Space Storage, Inc		461
420	e	Farmland Partners, Inc		5
2,926		Federal Realty Investment Trust		484
5,675		FelCor Lodging Trust, Inc		35
4,766		First Industrial Realty Trust, Inc		133
2,547		First Potomac Realty Trust		23
9,480		Forest City Realty Trust, Inc		211
1,413	*,e	Forestar Group, Inc		17
2,420		Four Corners Property Trust, Inc		50
4,124		Franklin Street Properties Corp		51
309	*	FRP Holdings, Inc		11
7,673		Gaming and Leisure Properties, Inc		265

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
23,867		General Growth Properties, Inc	$	712
3,158		Geo Group, Inc		108
1,199		Getty Realty Corp		26
881		Gladstone Commercial Corp		15
5,364	*,e	Global Net Lease, Inc		43
2,836	e	Government Properties Income Trust		65
17,334		Gramercy Property Trust		160
1,379		Hannon Armstrong Sustainable Infrastructure Capital, Inc		30
4,112		Hatteras Financial Corp		67
19,492		HCP, Inc		690
4,293		Healthcare Realty Trust, Inc		150
5,602		Healthcare Trust of America, Inc		181
1,884		Hersha Hospitality Trust		32
3,988		Highwoods Properties, Inc		211
6,332		Hospitality Properties Trust		182
30,525		Host Marriott Corp		495
1,497	*	Howard Hughes Corp		171
3,138		Hudson Pacific Properties		92
1,375		Independence Realty Trust, Inc		11
4,617		Invesco Mortgage Capital, Inc		63
4,600		Investors Real Estate Trust		30
10,789		Iron Mountain, Inc		430
2,991	*	iStar Financial, Inc		29
1,867		Jones Lang LaSalle, Inc		182
3,408		Kennedy-Wilson Holdings, Inc		65
3,723		Kilroy Realty Corp		247
17,453		Kimco Realty Corp		548
3,499		Kite Realty Group Trust		98
1,570		Ladder Capital Corp		19
3,450		Lamar Advertising Co		229
4,399		LaSalle Hotel Properties		104
9,500		Lexington Realty Trust		96
6,172		Liberty Property Trust		245
1,589		LTC Properties, Inc		82
6,164		Macerich Co		526
3,534		Mack-Cali Realty Corp		95
569	*	Marcus & Millichap, Inc		14
8,614		Medical Properties Trust, Inc		131
15,586		MFA Mortgage Investments, Inc		113
3,186		Mid-America Apartment Communities, Inc		339
2,597		Monmouth Real Estate Investment Corp (Class A)		34
6,986		Monogram Residential Trust, Inc		71
1,549		National Health Investors, Inc		116
5,926		National Retail Properties, Inc		306
1,004		National Storage Affiliates Trust		21
8,336		New Residential Investment Corp		115
2,762		New Senior Investment Group, Inc		29
4,058	e	New York Mortgage Trust, Inc		25
6,777		New York REIT, Inc		63
822		NexPoint Residential Trust, Inc		15
2,437		NorthStar Realty Europe Corp		22
7,311		NorthStar Realty Finance Corp		84
7,718		Omega Healthcare Investors, Inc		262
567		One Liberty Properties, Inc		13
387	e	Orchid Island Capital, Inc		4
5,803		Outfront Media, Inc		140
7,444		Paramount Group, Inc		119
3,293		Parkway Properties, Inc		55
3,039	e	Pebblebrook Hotel Trust		80
3,002		Pennsylvania REIT		64
2,603		Pennymac Mortgage Investment Trust		42
5,550		Physicians Realty Trust		117
5,978		Piedmont Office Realty Trust, Inc		129
2,176		Post Properties, Inc		133
1,723		Potlatch Corp		59

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
971		Preferred Apartment Communities, Inc	$	14
21,944		Prologis, Inc		1,076
819		PS Business Parks, Inc		87
6,123		Public Storage, Inc		1,565
1,928		QTS Realty Trust, Inc		108
3,606		RAIT Investment Trust		11
3,360		Ramco-Gershenson Properties		66
5,263		Rayonier, Inc		138
732		Re/Max Holdings, Inc		29
5,983	*	Realogy Holdings Corp		174
10,691		Realty Income Corp		741
3,160		Redwood Trust, Inc		44
4,031		Regency Centers Corp		337
1,443	e	Resource Capital Corp		19
3,984		Retail Opportunities Investment Corp		86
10,028		Retail Properties of America, Inc		169
2,685		Rexford Industrial Realty, Inc		57
5,071		RLJ Lodging Trust		109
283		RMR Group, Inc		9
1,626		Rouse Properties, Inc		30
1,845		Ryman Hospitality Properties		93
2,666		Sabra Healthcare REIT, Inc		55
392		Saul Centers, Inc		24
2,564		Select Income REIT		67
9,747		Senior Housing Properties Trust		203
990	e	Seritage Growth Properties		49
1,385		Silver Bay Realty Trust Corp		24
12,785		Simon Property Group, Inc		2,773
4,096		SL Green Realty Corp		436
1,889		Sovran Self Storage, Inc		198
18,856		Spirit Realty Capital, Inc		241
2,290	*,e	St. Joe Co		41
2,739	*	STAG Industrial, Inc		65
9,612		Starwood Property Trust, Inc		199
6,255		STORE Capital Corp		184
99	*	Stratus Properties, Inc		2
3,813		Summit Hotel Properties, Inc		50
2,587		Sun Communities, Inc		198
9,076		Sunstone Hotel Investors, Inc		110
3,910		Tanger Factory Outlet Centers, Inc		157
2,428		Taubman Centers, Inc		180
695	*	Tejon Ranch Co		16
1,821		Terreno Realty Corp		47
1,934		Tier REIT, Inc		30
761	*	Trinity Place Holdings, Inc		6
14,367		Two Harbors Investment Corp		123
10,915		UDR, Inc		403
994		UMH Properties, Inc		11
1,285	e,m	United Development Funding IV		4
575		Universal Health Realty Income Trust		33
3,855		Urban Edge Properties		115
1,188		Urstadt Biddle Properties, Inc (Class A)		29
14,015		Ventas, Inc		1,021
37,616		VEREIT, Inc		381
7,400		Vornado Realty Trust		741
3,060		Washington REIT		96
5,166		Weingarten Realty Investors		211
14,822		Welltower, Inc		1,129
1,871	e	Western Asset Mortgage Capital Corp		18
30,733		Weyerhaeuser Co		915
976		Whitestone REIT		15
4,380		WP Carey, Inc		304
7,659		WP GLIMCHER, Inc		86
4,278		Xenia Hotels & Resorts, Inc		72
		TOTAL REAL ESTATE		43,217

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
RETAILING - 5.0%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)	$	11
2,730		Aaron’s, Inc		60
2,820		Abercrombie & Fitch Co (Class A)		50
2,963		Advance Auto Parts, Inc		479
16,163	*	Amazon.com, Inc		11,567
6,834	e	American Eagle Outfitters, Inc		109
367	*,e	America’s Car-Mart, Inc		10
829	*	Asbury Automotive Group, Inc		44
7,267	*	Ascena Retail Group, Inc		51
2,694	*,e	Autonation, Inc		127
1,221	*	AutoZone, Inc		969
1,364	*	Barnes & Noble Education, Inc		14
2,159		Barnes & Noble, Inc		25
6,164	*	Bed Bath & Beyond, Inc		266
11,548		Best Buy Co, Inc		353
824		Big 5 Sporting Goods Corp		8
1,715	e	Big Lots, Inc		86
645		Blue Nile, Inc		18
517	*,e	Boot Barn Holdings, Inc		4
1,023	e	Buckle, Inc		27
512	*	Build-A-Bear Workshop, Inc		7
2,905	*	Burlington Stores, Inc		194
2,077	*	Cabela’s, Inc		104
1,284		Caleres, Inc		31
7,934	*,e	Carmax, Inc		389
966		Cato Corp (Class A)		36
5,696		Chico’s FAS, Inc		61
792		Children’s Place Retail Stores, Inc		64
619		Citi Trends, Inc		10
764	*	Container Store Group, Inc		4
1,858		Core-Mark Holding Co, Inc		87
2,760		CST Brands, Inc		119
2,260	*	Destination XL Group, Inc		10
3,623		Dick’s Sporting Goods, Inc		163
779	e	Dillard’s, Inc (Class A)		47
11,639		Dollar General Corp		1,094
9,374	*	Dollar Tree, Inc		883
2,767		DSW, Inc (Class A)		59
404	*	Duluth Holdings, Inc		10
4,286	*,e	Etsy, Inc		41
4,907		Expedia, Inc		522
3,087	*	Express Parent LLC		45
1,930		Finish Line, Inc (Class A)		39
2,292	*	Five Below, Inc		106
5,879		Foot Locker, Inc		323
1,652	*	Francesca’s Holdings Corp		18
1,409		Fred’s, Inc (Class A)		23
724	*	FTD Cos, Inc		18
595	*	Gaiam, Inc (Class A)		5
4,219		GameStop Corp (Class A)		112
9,205	e	Gap, Inc		195
840	*	Genesco, Inc		54
6,054		Genuine Parts Co		613
2,874		GNC Holdings, Inc		70
861		Group 1 Automotive, Inc		43
15,187	*	Groupon, Inc		49
2,487		Guess?, Inc		37
983		Haverty Furniture Cos, Inc		18
948	*,e	Hibbett Sports, Inc		33
51,706		Home Depot, Inc		6,602
1,388		HSN, Inc		68
12,859	*,e	JC Penney Co, Inc		114
705		Kirkland’s, Inc		10

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,447		Kohl’s Corp	$	282
10,039		L Brands, Inc		674
733	*,e	Lands’ End, Inc		12
18,985	*	Liberty Interactive Corp		482
3,006	*	Liberty TripAdvisor Holdings, Inc		66
5,506	*	Liberty Ventures		204
960		Lithia Motors, Inc (Class A)		68
12,642	*	LKQ Corp		401
36,932		Lowe’s Companies, Inc		2,924
1,262	*,e	Lumber Liquidators, Inc		19
12,456		Macy’s, Inc		419
1,129	*	MarineMax, Inc		19
763	*,e	Mattress Firm Holding Corp		26
3,432	*	Michaels Cos, Inc		98
1,383		Monro Muffler, Inc		88
1,529	*	Murphy USA, Inc		113
16,934	*	NetFlix, Inc		1,549
5,102	e	Nordstrom, Inc		194
1,216		Nutri/System, Inc		31
22,026	*	Office Depot, Inc		73
848	*	Ollie’s Bargain Outlet Holdings, Inc		21
3,919	*	O’Reilly Automotive, Inc		1,062
712	e	Outerwall, Inc		30
567	*	Overstock.com, Inc		9
1,066	*,e	Party City Holdco, Inc		15
1,600		Penske Auto Group, Inc		50
848	e	PetMed Express, Inc		16
3,298	e	Pier 1 Imports, Inc		17
2,056	*	Priceline.com, Inc		2,567
2,196		Rent-A-Center, Inc		27
1,378	*,e	Restoration Hardware Holdings, Inc		40
16,332		Ross Stores, Inc		926
6,061	*	Sally Beauty Holdings, Inc		178
691	*,e	Sears Holdings Corp		9
2,224	*	Select Comfort Corp		48
576		Shoe Carnival, Inc		14
1,427	*	Shutterfly, Inc		67
3,228		Signet Jewelers Ltd		266
1,157		Sonic Automotive, Inc (Class A)		20
758	*	Sportsman’s Warehouse Holdings, Inc		6
1,474	e	Stage Stores, Inc		7
27,087		Staples, Inc		233
1,440		Stein Mart, Inc		11
2,004		Tailored Brands, Inc		25
24,515		Target Corp		1,712
4,540		Tiffany & Co		275
884	*	Tile Shop Holdings, Inc		18
432	*	Tilly’s, Inc		3
27,446		TJX Companies, Inc		2,120
5,467		Tractor Supply Co		498
4,718	*	TripAdvisor, Inc		303
1,789	*	Tuesday Morning Corp		13
2,426	*	Ulta Salon Cosmetics & Fragrance, Inc		591
3,362	*	Urban Outfitters, Inc		92
990	*	Vitamin Shoppe, Inc		30
1,299	*,e	Wayfair, Inc		51
640	*	West Marine, Inc		5
3,898		Williams-Sonoma, Inc		203
133		Winmark Corp		13
1,062	*	Zumiez, Inc		15
		TOTAL RETAILING		46,156
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.7%
210	*,e	Acacia Communications, Inc		8
1,628	*	Advanced Energy Industries, Inc		62
27,440	*	Advanced Micro Devices, Inc		141

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
844	*	Alpha & Omega Semiconductor Ltd	$	12
1,324	*,e	Ambarella, Inc		67
3,751	*	Amkor Technology, Inc		22
12,692		Analog Devices, Inc		719
45,216		Applied Materials, Inc		1,084
3,483	*	Applied Micro Circuits Corp		22
5,359	*	Axcelis Technologies, Inc		14
15,645		Broadcom Ltd		2,431
2,909		Brooks Automation, Inc		33
1,066		Cabot Microelectronics Corp		45
2,349	*	Cavium, Inc		91
910	*	Ceva, Inc		25
2,678	*	Cirrus Logic, Inc		104
1,302		Cohu, Inc		14
4,110	*,e	Cree, Inc		100
12,862	e	Cypress Semiconductor Corp		136
1,646	*	Diodes, Inc		31
1,224	*	DSP Group, Inc		13
5,882	*	Entegris, Inc		85
1,921	*	Exar Corp		15
4,815	*	Fairchild Semiconductor International, Inc		96
3,183	*	First Solar, Inc		154
2,990	*	Formfactor, Inc		27
1,722	*	GigOptix, Inc		3
1,603	*	Inphi Corp		51
5,139	*	Integrated Device Technology, Inc		103
195,996		Intel Corp		6,429
5,704		Intersil Corp (Class A)		77
1,231		IXYS Corp		13
6,383		Kla-Tencor Corp		468
3,559	*	Kopin Corp		8
6,331		Lam Research Corp		532
5,097	*	Lattice Semiconductor Corp		27
9,553		Linear Technology Corp		444
987	*	MA-COM Technology Solutions		32
19,108		Marvell Technology Group Ltd		182
11,292		Maxim Integrated Products, Inc		403
2,280	*	MaxLinear, Inc		41
8,716		Microchip Technology, Inc		442
42,967	*	Micron Technology, Inc		591
4,670	*	Microsemi Corp		153
2,245		MKS Instruments, Inc		97
1,598		Monolithic Power Systems, Inc		109
1,014	*	Nanometrics, Inc		21
1,216	*	NeoPhotonics Corp Ltd		12
258		NVE Corp		15
21,122		Nvidia Corp		993
17,093	*	ON Semiconductor Corp		151
1,181	*	PDF Solutions, Inc		16
2,703	*	Photronics, Inc		24
1,292		Power Integrations, Inc		65
5,711	*	Qorvo, Inc		316
61,023		Qualcomm, Inc		3,269
4,954	*	Rambus, Inc		60
1,464	*	Rudolph Technologies, Inc		23
2,813	*	Semtech Corp		67
1,460	*	Sigma Designs, Inc		9
1,854	*	Silicon Laboratories, Inc		90
7,817		Skyworks Solutions, Inc		495
2,299	*,e	SunPower Corp		36
8,427		Teradyne, Inc		166
2,213		Tessera Technologies, Inc		68
41,750		Texas Instruments, Inc		2,616
928	*	Ultra Clean Holdings		5
1,078	*	Ultratech, Inc		25

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,796	*	Veeco Instruments, Inc	$	30
2,408	*	Xcerra Corp		14
10,462		Xilinx, Inc		483
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		24,825
SOFTWARE & SERVICES - 11.6%
1,524	*	2U, Inc		45
1,417	*	A10 Networks, Inc		9
25,910		Accenture plc		2,935
4,872	*	ACI Worldwide, Inc		95
22,233		Activision Blizzard, Inc		881
1,761	*	Actua Corp		16
3,190	*	Acxiom Corp		70
20,253	*	Adobe Systems, Inc		1,940
7,179	*	Akamai Technologies, Inc		402
351	*,e	Alarm.com Holdings, Inc		9
780	*,e	ALJ Regional Holdings, Inc		4
2,394	*	Alliance Data Systems Corp		469
12,200	*	Alphabet, Inc (Class A)		8,583
12,331	*	Alphabet, Inc (Class C)		8,534
384	*	Amber Road, Inc		3
6,170		Amdocs Ltd		356
1,091	*	American Software, Inc (Class A)		11
1,936	*,e	Angie’s List, Inc		13
3,649	*	Ansys, Inc		331
631	*	Apigee Corp		8
244	*,e	Appfolio, Inc		4
3,399	*	Aspen Technology, Inc		137
1,048	*	Atlassian Corp plc		27
389	*	Autobytel, Inc		5
8,911	*	Autodesk, Inc		482
19,215		Automatic Data Processing, Inc		1,765
1,736	*	AVG Technologies NV		33
1,988	*	Bankrate, Inc		15
898	*	Barracuda Networks, Inc		14
3,330	*	Bazaarvoice, Inc		13
521	*,e	Benefitfocus, Inc		20
880	*,e	Black Knight Financial Services, Inc		33
2,030		Blackbaud, Inc		138
2,216	*	Blackhawk Network Holdings, Inc		74
1,604	*	Blucora, Inc		17
4,719		Booz Allen Hamilton Holding Co		140
1,713	*	Bottomline Technologies, Inc		37
1,972	*,e	Box, Inc		20
1,247	*	Brightcove, Inc		11
4,922		Broadridge Financial Solutions, Inc		321
1,302	*	BroadSoft, Inc		53
11,733		CA, Inc		385
1,033	*	CACI International, Inc (Class A)		93
12,369	*	Cadence Design Systems, Inc		301
2,264	*	Callidus Software, Inc		45
540	*	Carbonite, Inc		5
1,869	*	Cardtronics, Inc		74
797	*	Care.com, Inc		9
480		Cass Information Systems, Inc		25
6,779		CDK Global, Inc		376
921	*	ChannelAdvisor Corp		13
1,034	*	Cimpress NV		96
6,459	*	Citrix Systems, Inc		517
24,869	*	Cognizant Technology Solutions Corp (Class A)		1,424
1,689	*	Commvault Systems, Inc		73
5,765		Computer Sciences Corp		286
2,024	*	comScore, Inc		48
3,726		Convergys Corp		93

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,077	*	Cornerstone OnDemand, Inc	$	79
1,370	*	CoStar Group, Inc		300
1,464		CSG Systems International, Inc		59
6,785		CSRA, Inc		159
1,140	*	Cvent, Inc		41
708	*	Datalink Corp		5
1,537	*	Demandware, Inc		115
1,843	*	DHI Group, Inc		12
335	*,e	Digimarc Corp		11
1,357		DST Systems, Inc		158
4,694		EarthLink Holdings Corp		30
44,487	*	eBay, Inc		1,041
1,160	e	Ebix, Inc		56
12,068	*	Electronic Arts, Inc		914
1,241	*	Ellie Mae, Inc		114
2,483	*	Endurance International Group Holdings, Inc		22
1,037	*,e	EnerNOC, Inc		7
1,657	*	Envestnet, Inc		55
2,068	*	EPAM Systems, Inc		133
1,587		EPIQ Systems, Inc		23
2,094	*	Euronet Worldwide, Inc		145
2,796		EVERTEC, Inc		43
886	*	Everyday Health, Inc		7
544	*	EXA Corp		8
1,501	*	ExlService Holdings, Inc		79
93,250	*	Facebook, Inc		10,657
1,313		Fair Isaac Corp		148
13,462		Fidelity National Information Services, Inc		992
6,281	*,e	FireEye, Inc		103
3,821	*	First American Corp		147
12,638	*	First Data Corp		140
9,202	*	Fiserv, Inc		1,001
1,340	*	Five9, Inc		16
3,772	*	FleetCor Technologies, Inc		540
1,659	*	FleetMatics Group plc		72
514		Forrester Research, Inc		19
6,035	*	Fortinet, Inc		191
3,408	*	Gartner, Inc		332
6,383	*	Genpact Ltd		171
1,325	*	Gigamon, Inc		50
6,353		Global Payments, Inc		454
315	*	Global Sources Ltd		3
647	*,e	Globant S.A.		25
5,108	*,e	Glu Mobile, Inc		11
1,933	*	GoDaddy, Inc		60
2,479	*,e	Gogo, Inc		21
3,325	*,e	GrubHub, Inc		103
1,039	*	GTT Communications, Inc		19
680	*	Guidance Software, Inc		4
2,990	*	Guidewire Software, Inc		185
1,077		Hackett Group, Inc		15
1,328	*	Higher One Holdings, Inc		7
1,639	*,e	Hortonworks, Inc		18
1,189	*	HubSpot, Inc		52
2,910		IAC/InterActiveCorp		164
1,120	*	Imperva, Inc		48
2,355	*	inContact, Inc		33
2,288	*	Infoblox, Inc		43
1,377	*	Information Services Group, Inc		5
445	*	Instructure, Inc		8
766	*,e	Interactive Intelligence, Inc		31
36,535		International Business Machines Corp		5,545
1,633	*	Intralinks Holdings, Inc		11
10,352		Intuit, Inc		1,155
2,031		j2 Global, Inc		128

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,265		Jack Henry & Associates, Inc	$	285
1,823	*	Jive Software, Inc		7
2,712		Leidos Holdings, Inc		130
3,363	*	Limelight Networks, Inc		5
4,871	*	LinkedIn Corp		922
3,304	*	Lionbridge Technologies		13
1,143	*	Liquidity Services, Inc		9
2,686	*	Liveperson, Inc		17
1,024	*	LogMeIn, Inc		65
3,121	*	Manhattan Associates, Inc		200
1,025		Mantech International Corp (Class A)		39
1,311		Marchex, Inc (Class B)		4
1,714	*	Marketo, Inc		60
40,338		MasterCard, Inc (Class A)		3,552
1,373	*,e	Match Group, Inc		21
2,782		MAXIMUS, Inc		154
4,411		Mentor Graphics Corp		94
314,794		Microsoft Corp		16,108
391	*	MicroStrategy, Inc (Class A)		68
613	*,e	MINDBODY, Inc		10
1,253	*	Mitek Systems, Inc		9
1,693	*	MobileIron, Inc		5
844	*	Model N, Inc		11
1,065	*	MoneyGram International, Inc		7
1,800		Monotype Imaging Holdings, Inc		44
4,071	*	Monster Worldwide, Inc		10
216		NCI, Inc (Class A)		3
1,692	*	NetSuite, Inc		123
2,229	*,e	NeuStar, Inc (Class A)		52
909	*	New Relic, Inc		27
2,596		NIC, Inc		57
9,231	*	Nuance Communications, Inc		144
599	*,e	Numerex Corp		5
122,885		Oracle Corp		5,030
9,063	*,e	Pandora Media, Inc		113
444	*	Park City Group, Inc		4
13,372		Paychex, Inc		796
1,813	*,e	Paycom Software, Inc		78
880	*	Paylocity Holding Corp		38
47,422	*	PayPal Holdings, Inc		1,731
1,584		Pegasystems, Inc		43
1,536	*	Perficient, Inc		31
496	*	PFSweb, Inc		5
1,710	*	Planet Payment, Inc		8
2,115	*	Progress Software Corp		58
1,685	*	Proofpoint, Inc		106
1,099	*	PROS Holdings, Inc		19
4,860	*	PTC, Inc		183
1,059	*	Q2 Holdings, Inc		30
400		QAD, Inc (Class A)		8
3,971	*	QLIK Technologies, Inc		117
1,041	*	Qualys, Inc		31
1,192	*	QuinStreet, Inc		4
2,538	*	Quotient Technology, Inc		34
4,426	*	Rackspace Hosting, Inc		92
809	*,e	Rapid7, Inc		10
1,085	*	RealNetworks, Inc		5
2,115	*	RealPage, Inc		47
7,504	*	Red Hat, Inc		545
393		Reis, Inc		10
1,375	*	RetailMeNot, Inc		11
390	*	Rightside Group Ltd		4
2,430	*	RingCentral, Inc		48
750	*	Rosetta Stone, Inc		6
3,464	*	Rovi Corp		54

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,562	*	Rubicon Project, Inc	$	21
8,252		Sabre Corp		221
26,722	*	Salesforce.com, Inc		2,122
594		Sapiens International Corp NV		7
1,738		Science Applications International Corp		101
1,059	*	Sciquest, Inc		19
257	*	SecureWorks Corp		4
6,500	*	ServiceNow, Inc		432
2,827	*,e	ServiceSource International LLC		11
831	*,e	Shutterstock, Inc		38
1,525	*	Silver Spring Networks, Inc		19
5,430	*	Splunk, Inc		294
690	*	SPS Commerce, Inc		42
2,138	*	Square, Inc		19
5,992		SS&C Technologies Holdings, Inc		168
661	*	Stamps.com, Inc		58
1,663	*	Sykes Enterprises, Inc		48
25,449		Symantec Corp		523
1,690	*	Synchronoss Technologies, Inc		54
6,503	*	Synopsys, Inc		352
1,329	*	Syntel, Inc		60
2,282	*	Tableau Software, Inc		112
3,433	*	Take-Two Interactive Software, Inc		130
1,464	*	Tangoe, Inc		11
708	*	TechTarget, Inc		6
834	*	TeleNav, Inc		4
730		TeleTech Holdings, Inc		20
5,345	*	Teradata Corp		134
4,088	*	TiVo, Inc		41
6,876		Total System Services, Inc		365
4,455		Travelport Worldwide Ltd		57
2,080	*,e	TrueCar, Inc		16
906	*	TubeMogul, Inc		11
26,276	*	Twitter, Inc		444
1,396	*	Tyler Technologies, Inc		233
1,207	*	Ultimate Software Group, Inc		254
2,160	*,e	Unisys Corp		16
640	*	United Online, Inc		7
6,404	*	Vantiv, Inc		363
425	*	Varonis Systems, Inc		10
1,227	*	Vasco Data Security International		20
2,567	*	Verint Systems, Inc		85
3,988	*,e	VeriSign, Inc		345
2,063	*,e	VirnetX Holding Corp		8
1,253	*	Virtusa Corp		36
79,761		Visa, Inc (Class A)		5,916
3,367	*,e	VMware, Inc (Class A)		193
1,463	*,e	WebMD Health Corp (Class A)		85
1,869	*	Website Pros, Inc		34
20,753		Western Union Co		398
1,599	*	WEX, Inc		142
4,828	*	Workday, Inc		361
912	*,e	Workiva, Inc		12
929	*	Xactly Corp		12
41,834		Xerox Corp		397
1,403	*	XO Group, Inc		24
1,059	*	Xura, Inc		26
36,021	*	Yahoo!, Inc		1,353
2,740	*	Yelp, Inc		83
3,351	*	Zendesk, Inc		88
2,077	*	Zillow Group, Inc		76
4,246	*	Zillow Group, Inc (Class C)		154
3,311	*	Zix Corp		12
30,167	*	Zynga, Inc		75
		TOTAL SOFTWARE & SERVICES		106,620

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%
4,409	*,e	3D Systems Corp	$	60
2,222		Adtran, Inc		41
932	*	Aerohive Networks, Inc		6
1,059	*	Agilysys, Inc		11
12,440		Amphenol Corp (Class A)		713
1,193	*	Anixter International, Inc		64
227,783		Apple, Inc		21,776
654	*,e	Applied Optoelectronics, Inc		7
1,614	*	Arista Networks, Inc		104
7,489	*	ARRIS International plc		157
3,591	*	Arrow Electronics, Inc		222
1,363	*	Avid Technology, Inc		8
5,010		Avnet, Inc		203
2,062		AVX Corp		28
653		Badger Meter, Inc		48
429		Bel Fuse, Inc (Class B)		8
1,728		Belden CDT, Inc		104
2,361	*	Benchmark Electronics, Inc		50
755		Black Box Corp		10
19,299		Brocade Communications Systems, Inc		177
1,369	*	CalAmp Corp		20
1,907	*	Calix, Inc		13
6,215		CDW Corp		249
5,590	*	Ciena Corp		105
208,496		Cisco Systems, Inc		5,982
522	*,e	Clearfield, Inc		9
3,664		Cognex Corp		158
1,000	*	Coherent, Inc		92
4,943	*	CommScope Holding Co, Inc		153
784		Comtech Telecommunications Corp		10
490	*	Control4 Corp		4
44,645		Corning, Inc		914
1,729	*	Cray, Inc		52
1,425		CTS Corp		26
1,609		Daktronics, Inc		10
2,709		Diebold, Inc		67
1,490	*	Digi International, Inc		16
2,076		Dolby Laboratories, Inc (Class A)		99
750	*	DTS, Inc		20
789	*	Eastman Kodak Co		13
1,847	*	EchoStar Corp (Class A)		73
1,000		Electro Rent Corp		15
1,199		Electro Scientific Industries, Inc		7
1,985	*	Electronics for Imaging, Inc		85
79,672		EMC Corp		2,165
1,103	*	EMCORE Corp		7
259	*	ePlus, Inc		21
4,537	*	Extreme Networks, Inc		15
2,780	*	F5 Networks, Inc		316
1,440	*	Fabrinet		53
739	*	FARO Technologies, Inc		25
1,695		FEI Co		181
4,415	*	Finisar Corp		77
5,226	*,e	Fitbit, Inc		64
5,847		Flir Systems, Inc		181
3,947	*,e	Harmonic, Inc		11
4,886		Harris Corp		408
70,374		Hewlett Packard Enterprise Co		1,286
71,302		HP, Inc		895
2,439	*	II-VI, Inc		46
1,305	*	Immersion Corp		10
5,792	*	Infinera Corp		65
5,740		Ingram Micro, Inc (Class A)		200
1,504	*	Insight Enterprises, Inc		39

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,431		InterDigital, Inc	$	80
3,133	*	InvenSense, Inc		19
1,459	*	IPG Photonics Corp		117
1,461	*	Itron, Inc		63
2,593	*	Ixia		25
8,018		Jabil Circuit, Inc		148
16,383		Juniper Networks, Inc		368
6,856	*	Keysight Technologies, Inc		199
1,302	*	Kimball Electronics, Inc		16
3,773	*,e	Knowles Corp		52
758	*	KVH Industries, Inc		6
2,589		Lexmark International, Inc (Class A)		98
911		Littelfuse, Inc		108
2,081	*	Lumentum Holdings, Inc		50
1,366	*	Maxwell Technologies, Inc		7
126		Mesa Laboratories, Inc		16
1,501		Methode Electronics, Inc		51
7,235		Motorola, Inc		477
632		MTS Systems Corp		28
555	*	Multi-Fineline Electronix, Inc		13
4,729		National Instruments Corp		130
5,468	*	NCR Corp		152
12,020		NetApp, Inc		296
1,274	*	Netgear, Inc		61
3,856	*	Netscout Systems, Inc		86
2,556	*,e	Nimble Storage, Inc		20
1,328	*	Novanta, Inc		20
4,246	*,e	Oclaro, Inc		21
836	*	OSI Systems, Inc		49
3,602	*	Palo Alto Networks, Inc		442
929		Park Electrochemical Corp		14
430		PC Connection, Inc		10
1,367		Plantronics, Inc		60
1,413	*	Plexus Corp		61
5,600	*	Polycom, Inc		63
2,483	*,e	Pure Storage, Inc		27
3,739	*	QLogic Corp		55
1,483	*	Radisys Corp		7
1,175	*	Rofin-Sinar Technologies, Inc		38
790	*	Rogers Corp		48
2,376	*	Sanmina Corp		64
1,187	*	Scansource, Inc		44
2,605	*	ShoreTel, Inc		17
216	e	Silicom Ltd		6
1,782	*,e	Silicon Graphics International Corp		9
2,205	*	Sonus Networks, Inc		19
2,178	*,e	Stratasys Ltd		50
1,554	*	Super Micro Computer, Inc		39
1,586	*	Synaptics, Inc		85
1,198		SYNNEX Corp		114
461	*	Systemax, Inc		4
1,442	*	Tech Data Corp		104
10,444	*	Trimble Navigation Ltd		254
2,698	*	TTM Technologies, Inc		20
1,073	e	Ubiquiti Networks, Inc		41
1,692	*	Universal Display Corp		115
1,586	*	USA Technologies, Inc		7
4,800	*	VeriFone Systems, Inc		89
1,815	*,e	Viasat, Inc		130
9,794	*	Viavi Solutions, Inc		65
5,632		Vishay Intertechnology, Inc		70
654	*	Vishay Precision Group, Inc		9
11,530		Western Digital Corp		545
2,122	*	Zebra Technologies Corp (Class A)		106
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		43,661

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
TELECOMMUNICATION SERVICES - 2.6%
3,853	*	8x8, Inc	$	56
256,030		AT&T, Inc		11,063
490		ATN International, Inc		38
1,565	*	Boingo Wireless, Inc		14
22,292		CenturyTel, Inc		647
8,624	*	Cincinnati Bell, Inc		39
1,955		Cogent Communications Group, Inc		78
2,274	e	Consolidated Communications Holdings, Inc		62
1,092	*	Fairpoint Communications, Inc		16
48,411	e	Frontier Communications Corp		239
1,464	*	General Communication, Inc (Class A)		23
19,920	*,e	Globalstar, Inc		24
460	*	Hawaiian Telcom Holdco, Inc		10
609		IDT Corp (Class B)		9
1,405		Inteliquent, Inc		28
2,990	*,e	Iridium Communications, Inc		27
11,694	*	Level 3 Communications, Inc		602
757	*	Lumos Networks Corp		9
1,262	*	NII Holdings, Inc		4
2,552	*	Orbcomm, Inc		25
410	*	pdvWireless, Inc		9
5,178	*	SBA Communications Corp (Class A)		559
1,910		Shenandoah Telecom Co		75
859		Spok Holdings, Inc		16
31,717	*	Sprint Corp		144
384	*,e	Straight Path Communications, Inc		11
3,834		Telephone & Data Systems, Inc		114
11,833	*	T-Mobile US, Inc		512
580	*	US Cellular Corp		23
169,578		Verizon Communications, Inc		9,469
7,849	*	Vonage Holdings Corp		48
3,984	e	Windstream Holdings, Inc		37
6,062	*	Zayo Group Holdings, Inc		169
		TOTAL TELECOMMUNICATION SERVICES		24,199
TRANSPORTATION - 1.9%
2,138	*	Air Transport Services Group, Inc		28
4,959		Alaska Air Group, Inc		289
541		Allegiant Travel Co		82
285		Amerco, Inc		107
23,799		American Airlines Group, Inc		674
1,131		Arkansas Best Corp		18
1,047	*	Atlas Air Worldwide Holdings, Inc		43
3,471	*	Avis Budget Group, Inc		112
988	*	Celadon Group, Inc		8
5,898		CH Robinson Worldwide, Inc		438
1,347	e	Copa Holdings S.A. (Class A)		70
452	*	Covenant Transportation Group, Inc		8
39,930		CSX Corp		1,041
31,876		Delta Air Lines, Inc		1,161
1,254	*	Echo Global Logistics, Inc		28
7,568		Expeditors International of Washington, Inc		371
10,362		FedEx Corp		1,573
1,381		Forward Air Corp		62
2,296	*	Genesee & Wyoming, Inc (Class A)		135
2,171	*	Hawaiian Holdings, Inc		82
2,244	e	Heartland Express, Inc		39
14,718	*	Hertz Global Holdings, Inc		163
1,570	*	Hub Group, Inc (Class A)		60
3,674		J.B. Hunt Transport Services, Inc		297
13,344	*	JetBlue Airways Corp		221
4,468		Kansas City Southern Industries, Inc		403
2,204	*	Kirby Corp		138

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,760		Knight Transportation, Inc	$	73
1,742		Landstar System, Inc		120
2,913		Macquarie Infrastructure Co LLC		216
1,041		Marten Transport Ltd		21
1,786		Matson, Inc		58
12,258		Norfolk Southern Corp		1,044
2,951	*	Old Dominion Freight Line		178
99	*	PAM Transportation Services, Inc		2
421		Park-Ohio Holdings Corp		12
759	*	Radiant Logistics, Inc		2
1,220	*	Roadrunner Transportation Services Holdings, Inc		9
2,221		Ryder System, Inc		136
1,140	*	Saia, Inc		29
2,080		Skywest, Inc		55
26,547		Southwest Airlines Co		1,041
3,015	*	Spirit Airlines, Inc		135
3,842	*,e	Swift Transportation Co, Inc		59
35,203		Union Pacific Corp		3,071
13,718	*	United Continental Holdings, Inc		563
28,695		United Parcel Service, Inc (Class B)		3,091
200		Universal Truckload Services, Inc		3
407	*	USA Truck, Inc		7
793	*	Virgin America, Inc		45
1,875		Werner Enterprises, Inc		43
2,328	*	Wesco Aircraft Holdings, Inc		31
3,629	*,e	XPO Logistics, Inc		95
1,384	*	YRC Worldwide, Inc		12
		TOTAL TRANSPORTATION		17,802
UTILITIES - 3.7%
27,308		AES Corp		341
4,781		AGL Resources, Inc		315
2,057		Allete, Inc		133
9,155		Alliant Energy Corp		363
10,063		Ameren Corp		539
20,318		American Electric Power Co, Inc		1,424
1,493		American States Water Co		65
7,382		American Water Works Co, Inc		624
6,956		Aqua America, Inc		248
366		Artesian Resources Corp		12
5,498		Atlantic Power Corp		14
2,435	e	Atlantica Yield plc		45
4,152		Atmos Energy Corp		338
2,315		Avangrid, Inc		107
2,597		Avista Corp		116
2,123	e	Black Hills Corp		134
2,026		California Water Service Group		71
16,079	*	Calpine Corp		237
18,179		Centerpoint Energy, Inc		436
670		Chesapeake Utilities Corp		44
11,263		CMS Energy Corp		517
518		Connecticut Water Service, Inc		29
12,284		Consolidated Edison, Inc		988
626		Consolidated Water Co, Inc		8
275		Delta Natural Gas Co, Inc		7
25,412		Dominion Resources, Inc		1,980
7,200		DTE Energy Co		714
28,640		Duke Energy Corp		2,457
5,091	*	Dynegy, Inc		88
13,128		Edison International		1,020
1,646		El Paso Electric Co		78
1,919		Empire District Electric Co		65
7,424		Entergy Corp		604
13,094		Eversource Energy		784
36,827		Exelon Corp		1,339

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
17,634		FirstEnergy Corp	$	616
535	e	Genie Energy Ltd		4
6,400		Great Plains Energy, Inc		195
4,472	*	Hawaiian Electric Industries, Inc		147
1,914		Idacorp, Inc		156
6,556		ITC Holdings Corp		307
8,034		MDU Resources Group, Inc		193
1,437		MGE Energy, Inc		81
644		Middlesex Water Co		28
3,449		National Fuel Gas Co		196
3,600		New Jersey Resources Corp		139
19,132		NextEra Energy, Inc		2,495
13,439		NiSource, Inc		356
1,124		Northwest Natural Gas Co		73
1,790		NorthWestern Corp		113
13,378		NRG Energy, Inc		201
1,290		NRG Yield, Inc (Class A)		20
2,626		NRG Yield, Inc (Class C)		41
8,254		OGE Energy Corp		270
2,141		ONE Gas, Inc		143
1,582		Ormat Technologies, Inc		69
1,620		Otter Tail Corp		54
2,385	e	Pattern Energy Group, Inc		55
20,613		PG&E Corp		1,318
3,225		Piedmont Natural Gas Co, Inc		194
4,420		Pinnacle West Capital Corp		358
3,355		PNM Resources, Inc		119
3,322		Portland General Electric Co		147
27,527		PPL Corp		1,039
20,825		Public Service Enterprise Group, Inc		971
6,756		Questar Corp		171
5,399		SCANA Corp		408
10,193		Sempra Energy		1,162
678		SJW Corp		27
2,886		South Jersey Industries, Inc		91
38,960		Southern Co		2,089
1,975		Southwest Gas Corp		155
123		Spark Energy, Inc		4
1,831		Spire, Inc		130
3,498	*	Talen Energy Corp		47
9,633		TECO Energy, Inc		266
3,671	e	TerraForm Global, Inc		12
3,549	e	TerraForm Power, Inc		39
7,127		UGI Corp		323
597		Unitil Corp		25
3,477		Vectren Corp		183
876	*,e	Vivint Solar, Inc		3
12,871		WEC Energy Group, Inc		840
5,586		Westar Energy, Inc		313
2,078		WGL Holdings, Inc		147
21,003		Xcel Energy, Inc		941
672		York Water Co		22
		TOTAL UTILITIES		33,780
		TOTAL COMMON STOCKS (Cost $462,777)		915,321
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
92	m	Emergent Capital, Inc		0	^
		TOTAL DIVERSIFIED FINANCIALS		0	^

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
643	m	Forest Laboratories, Inc CVR	$	1
244	m	Omthera Pharmaceuticals, Inc		0	^
1,733	m	Trius Therapeutics, Inc		0	^
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1
SOFTWARE & SERVICES - 0.0%
1,221	m	Gerber Scientific, Inc		0	^
		TOTAL SOFTWARE & SERVICES		0	^
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 - 2.2%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 2.2%
20,250,458	c	TIAA-CREF Short Term Lending Portfolio of the State Street Navigator Securities Lending Trust		20,250
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		20,250
		TOTAL SHORT-TERM INVESTMENTS (Cost $20,250)		20,250
		TOTAL INVESTMENTS - 102.2% (Cost $483,033)		935,578
		OTHER ASSETS & LIABILITIES, NET - (2.2)%		(19,910	)
		NET ASSETS - 100.0%	$	915,668

Abbreviation(s):

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depositary Receipts

* 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 requirements on open futures contracts transactions.

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $19,956,000.

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

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

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

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

SIGNATURES

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

	TIAA SEPARATE ACCOUNT VA-1
Dated: August 11, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and 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.

Dated: August 11, 2016	By:	/s/ Robert G. Leary
		Robert G. Leary
		Principal Executive Officer and Executive
		Vice President
		(principal executive officer)
Dated: August 11, 2016	By:	/s/ Glenn E. Brightman
		Glenn E. Brightman
		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