Tiaa Separate Account Va 1 N-CSRS Certified semi-annual shareholder report (management investment company)

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)

John M. McCann, Esq.

TIAA SEPARATE ACCOUNT VA-1

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

Item 1. Reports to Stockholders.

Semiannual Report
June 30, 2017

         TIAA Separate Account VA-1

                      The semiannual report contains the 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, 2017. 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, 2017.

•   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 Financial highlights		12
Financial highlights		14
Notes to financial statements		16
Approval of 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, LLC. The members of this team are responsible for the day-to-day investment management of the account.

TIAA Separate Account VA-1  ∎  2017 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, 2017-June 30, 2017).

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    2017 Semiannual Report  ∎  TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended June 30, 2017

Stock Index Account	Beginning  account value  (1/1/17)		Ending  account value  (6/30/17)		Expenses paid  during period* (1/1/17-6/30/17)
Actual return		$1,000.00		$1,085.27		$3.88
5% annual hypothetical return		1,000.00		1,021.08		3.76

* “Expenses paid during period” is based on the account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 181/365. There were 181 days in the six months ended June 30, 2017. 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  ∎  2017 Semiannual Report    3

Stock Index Account

Performance for the six months ended June 30, 2017

The Stock Index Account returned 8.53% for the period, compared with the 8.93% return of its benchmark, the Russell 3000^® Index. For the twelve months ended June 30, 2017, the account returned 17.62%, versus 18.51% for the index.

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

During the six-month period, the domestic economy continued to grow, but at a slower pace, while unemployment remained low, ending the period at 4.4%. Inflation remained stable, with annual core inflation, which includes all items except food and energy, rising 1.7% for the twelve months ended June 30, 2017. The Federal Reserve raised the federal funds target rate twice during the period, first to 0.75%-1.00% and then to 1.00%-1.25%. Growth in consumer spending was modest, while consumer confidence remained upbeat. The broad U.S. stock market, as measured by the Russell 3000 Index, rose 8.93% for the period. Many major stock indexes were at or near all-time highs by the end of the period as investors responded to strong corporate profits and continued to hope for government policies that would further stimulate the economy. Growth stocks outperformed value equities by a wide margin, while large caps outperformed mid- and small-cap stocks for the period. (Returns by investment style and market capitalization are based on the Russell Indexes.)

Most sectors post solid gains

Nine of the eleven industry sectors in the account’s benchmark index delivered positive performance for the six months. Health care (up 16.9%), information technology (up 16.6%) and consumer discretionary (up 11.1%) contributed the most to the index’s total return given their substantial weights. Together, these three sectors represented close to one-half of the total market capitalization of the index on June 30, 2017. Materials (up 9.1%) and utilities (up 8.5%) also produced solid gains, but they had less of an impact on the benchmark’s performance given their low weight. Energy (down 14.0%) was the worst-performing sector as oil prices declined over the period. Telecommunication services (down 9.8%), which was the smallest sector in the index at period-end, also suffered losses.

All of the benchmark’s five largest stocks outperformed the benchmark for the six months. Facebook performed best with sizable double-digit gains, followed closely by Amazon.com. Apple was next in line, rising on investor expectations for sales of its next iPhone. Johnson & Johnson and Microsoft also posted strong results.

4    2017 Semiannual Report  ∎  TIAA Separate Account VA-1

Stock Index Account

Performance as of June 30, 2017

			Total return				Average annual total return
	Inception date		6 months		1 year		5 years		10 years
Stock Index Account		11/1/1994		8.53%		17.62%		13.76%		6.55%
Russell 3000 Index		—		8.93		18.51		14.58		7.26

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 accounts 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 6/30/2017
Information technology		21.1
Financials		15.6
Health care		14.0
Consumer discretionary		12.6
Industrials		10.7
Consumer staples		8.0
Energy		5.6
Real estate		4.1
Materials		3.4
Utilities		3.2
Telecommunication services		2.0
Short-term investments, other assets & liabilities, net		-0.3
Total		100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2017
More than $50 billion		54.2
More than $15 billion-$50 billion		21.5
More than $2 billion-$15 billion		20.2
$2 billion or less		4.1
Total		100.0

TIAA Separate Account VA-1  ∎  2017 Semiannual Report    5

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2017

Shares		Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	9,517		1.0	%
	BANKS
	390,297	Bank of America Corp		9,468		0.9
	107,949	Citigroup, Inc		7,220		0.7
	138,588	JPMorgan Chase & Co		12,667		1.3
	176,145	Wells Fargo & Co		9,760		1.0
		Other		28,433		2.9
				67,548		6.8
	CAPITAL GOODS
	22,720	3M Co		4,730		0.5
	22,283	Boeing Co		4,406		0.5
	340,645	General Electric Co		9,201		0.9
	29,834	Honeywell International, Inc		3,977		0.4
		Other		53,649		5.4
				75,963		7.7
	COMMERCIAL & PROFESSIONAL SERVICES			8,775		0.9
	CONSUMER DURABLES & APPAREL			14,354		1.4
	CONSUMER SERVICES
	31,976	McDonald’s Corp		4,897		0.5
		Other		18,180		1.8
				23,077		2.3
	DIVERSIFIED FINANCIALS
	15,406	SPDR Trust Series 1		3,725		0.4
		Other		40,438		4.1
				44,163		4.5
	ENERGY
	74,079	Chevron Corp		7,729		0.8
	166,133	Exxon Mobil Corp		13,412		1.3
	54,478	Schlumberger Ltd		3,587		0.4
		Other		30,502		3.1
				55,230		5.6
	FOOD & STAPLES RETAILING
	57,104	Wal-Mart Stores, Inc		4,322		0.4
		Other		9,343		1.0
				13,665		1.4
	FOOD, BEVERAGE & TOBACCO
	75,727	Altria Group, Inc		5,639		0.6
	150,737	Coca-Cola Co		6,760		0.7
	55,977	PepsiCo, Inc		6,465		0.6
	60,814	Philip Morris International, Inc		7,143		0.7
		Other		22,752		2.3
				48,759		4.9

6 2017 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2017

Shares			Company	Value (000)		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES
	53,698		Medtronic plc	$	4,766		0.5	%
	37,569		UnitedHealth Group, Inc		6,966		0.7
			Other		44,153		4.4
					55,885		5.6
	HOUSEHOLD & PERSONAL PRODUCTS
	100,336		Procter & Gamble Co		8,744		0.9
			Other		7,695		0.8
					16,439		1.7
	INSURANCE
	75,357	*	Berkshire Hathaway, Inc (Class B)		12,763		1.3
			Other		29,192		2.9
					41,955		4.2
	MATERIALS				33,137		3.4
	MEDIA
	184,567		Comcast Corp (Class A)		7,183		0.7
	61,334		Walt Disney Co		6,517		0.7
			Other		14,913		1.5
					28,613		2.9
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	62,414		AbbVie, Inc		4,526		0.4
	28,824		Amgen, Inc		4,964		0.5
	64,550		Bristol-Myers Squibb Co		3,597		0.4
	30,353	*	Celgene Corp		3,942		0.4
	50,976		Gilead Sciences, Inc		3,608		0.4
	105,682		Johnson & Johnson		13,981		1.4
	107,295		Merck & Co, Inc		6,876		0.7
	231,822		Pfizer, Inc		7,787		0.8
			Other		32,855		3.3
					82,136		8.3
	REAL ESTATE				40,278		4.1
	RETAILING
	15,570	*	Amazon.com, Inc		15,072		1.5
	47,086		Home Depot, Inc		7,223		0.7
	1,923	*	Priceline.com, Inc		3,597		0.4
			Other		22,809		2.3
					48,701		4.9
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	15,628		Broadcom Ltd		3,642		0.4
	184,719		Intel Corp		6,233		0.6
			Other		23,372		2.4
					33,247		3.4

See notes to financial statements TIAA Separate Account VA-1   §   2017 Semiannual Report 7

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2017

Shares			Company		Value (000)			% of net assets
	SOFTWARE & SERVICES
	11,664	*	Alphabet, Inc (Class A)		$	10,844			1.1	%
	11,849	*	Alphabet, Inc (Class C)			10,768			1.1
	91,465	*	Facebook, Inc			13,809			1.4
	33,673		International Business Machines Corp			5,180			0.5
	36,949		MasterCard, Inc (Class A)			4,487			0.5
	293,932		Microsoft Corp			20,261			2.0
	112,712		Oracle Corp			5,651			0.6
	72,456		Visa, Inc (Class A)			6,795			0.7
			Other			47,747			4.8
						125,542			12.7
	TECHNOLOGY HARDWARE & EQUIPMENT
	204,473		Apple, Inc			29,448			3.0
	196,433		Cisco Systems, Inc			6,148			0.6
			Other			16,691			1.7
						52,287			5.3
	TELECOMMUNICATION SERVICES
	241,085		AT&T, Inc			9,096			0.9
	160,053		Verizon Communications, Inc			7,148			0.8
			Other			3,089			0.3
						19,333			2.0
	TRANSPORTATION					21,344			2.1
	UTILITIES					31,262			3.2
			TOTAL COMMON STOCKS	(Cost $445,048)		991,210			100.3
	RIGHTS / WARRANTS
	DIVERSIFIED FINANCIALS					0			0.0
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					0	^		0.0
	SOFTWARE & SERVICES					0			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $0)		0	^		0.0
	SHORT-TERM INVESTMENTS
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	9,377,581	c	State Street Navigator Securities Lending Government Money Market Portfolio			9,378			0.9
						9,378			0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $9,378)		9,378			0.9
			TOTAL PORTFOLIO	(Cost $454,426)		1,000,588			101.2
			OTHER ASSETS & LIABILITIES, NET			(12,105	)		(1.2	)
			NET ASSETS		$	988,483			100.0	%

8 2017 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2017

Abbreviation(s):

SPDR Standard & Poor’s Depository Receipts

* Non-income producing

^ Amount represents less than $1,000.

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

“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 6/30/17, the aggregate value of securities on loan is $9,089,000.

Cost amounts are in thousands.

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

See notes to financial statements TIAA Separate Account VA-1   §   2017 Semiannual Report 9

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2017

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	1,000,588
Dividends and interest receivable		1,063
Receivable from securities transactions		9
Other		145
Total assets		1,001,805
LIABILITIES
Investment management fees payable		4
Service agreement fees payable		5
Payable for collateral for securities loaned		9,378
Due to affiliates		3,758
Overdraft payable		22
Payable for manager compensation		144
Other		11
Total liabilities		13,322
NET ASSETS
Accumulation Fund	$	988,483
Accumulation units outstanding		5,365
Accumulation unit value	$	184.24
*    Portfolio investments, at cost	$	454,426
†      Includes securities loaned of	$	9,089

10 2017 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, 2017

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends*	$	8,725
Income from securities lending		95
Interest		3
Total income		8,823
EXPENSES
Administrative services		976
Investment advisory		1,464
Mortality and expense risk charges		1,952
Total expenses		4,392
Less: Expense waiver by investment adviser		(732	)
Net expenses		3,660
Net investment income (loss)		5,163
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments†		27,560
Futures transactions		36
Net realized gain (loss) on total investments		27,596
Change in unrealized appreciation (depreciation) on:
Portfolio investments		47,397
Futures transactions		6
Net change in unrealized appreciation (depreciation) on total investments		47,403
Net realized and unrealized gain (loss) on total investments		74,999
Net increase (decrease) in net assets from operations	$	80,162
*    Net of foreign withholding taxes	$	2
†      Includes net realized gain (loss) from securities sold to affiliates of	$	864

See notes to financial statements TIAA Separate Account VA-1   §   2017 Semiannual Report 11

Statement of changes in net assets

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

	Stock Index Account
(amounts in thousands)	June 30, 2017			December 31, 2016
	(unaudited)
OPERATIONS
Net investment income (loss)	$	5,163		$	12,925
Net realized gain (loss) on total investments		27,596			44,565
Net change in unrealized appreciation (depreciation) on total investments		47,403			46,582
Net increase (decrease) in net assets from operations		80,162			104,072
FROM CONTRACTOWNER TRANSACTIONS
Premiums		9,316			16,314
Withdrawals and death benefits		(52,914	)		(93,529	)
Net increase (decrease) from contractowner transactions		(43,598	)		(77,215	)
Net increase (decrease) in net assets		36,564			26,857
NET ASSETS
Beginning of period		951,919			925,062
End of period	$	988,483		$	951,919
ACCUMULATION UNITS
Units purchased		52			104
Units sold / transferred		(294	)		(599	)
Outstanding
Beginning of period		5,607			6,102
End of period		5,365			5,607

12 2017 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

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TIAA Separate Account VA-1   §   2017 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 income (loss)a		Net realized & unrealized gain (loss) on total investments			Net change in accumulation unit value			Accumulation unit value beginning of period
STOCK INDEX ACCOUNT
		6/30/17	#	$	1.604	$	0.665	$	0.939	$	13.532		$	14.471		$	169.769
		12/31/16			3.387		1.173		2.214		15.947			18.161			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

# Unaudited

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.

14 2017 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 (loss)			Portfolio turnover rate			Accumulation units outstanding end of period (in millions)		Net assets at the end of period (in millions)
	$184.240		8.53	%c		0.90	%d		0.75	%d		1.06	%d		4	%c		5	$	988
	169.769		11.98			0.90			0.75			1.42			7			6		952
	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

See notes to financial statements TIAA Separate Account VA-1   §   2017 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.

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

16 2017 Semiannual Report   §   TIAA Separate Account VA-1

deductible. The Account files an income tax return in U.S. federal and applicable state and local jurisdictions. The Account’s federal income tax returns are generally subject to examination for a period of three fiscal years after 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.

New rule issuances: In October 2016, the Commission issued Final Rule Release No. 33-10231, Investment Company Reporting Modernization. This final rule modernizes investment company reporting by requiring the filing of new Forms N-PORT and N-CEN, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and other filings. The requirements of this final rule in relation to Forms N-PORT and N-CEN must be adopted by June 1, 2018, while the amended disclosures must be adopted by August 1, 2017. Management is currently assessing the impact of Forms N-PORT and N-CEN on the Account’s various filings. The amended S-X disclosures required under this rule will not have an impact on net assets or results of operations but may result in changes to financial statement disclosures.

In October 2016, the Commission issued Final Rule Release No. 33-10233, Investment Company Liquidity Risk Management Programs. This final rule requires accounts to establish a liquidity risk management program and enhances disclosures regarding account’s liquidity. The requirements of this final rule must be adopted by December 1, 2018. Management is currently assessing the impact of this rule to the Account’s financial statements and other filings.

In March 2017, the Commission issued Final Rule Release No. 34-80295, Amendment to Securities Transaction Settlement Cycle. This final rule shortens the standard settlement cycle from T+3 to T+2. It is expected that this shortened settlement time will decrease certain risks due to the reduction of unsettled trades and risk exposure. The compliance date for this final rule is September 5, 2017. This rule is not expected to materially impact the Account’s financial statements and other filings.

TIAA Separate Account VA-1   §   2017 Semiannual Report 17

Notes to financial statements (unaudited)

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.

In accordance with ASU 820, certain portfolio investments that are measured at fair value using the net asset value 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, 2017, no investments were valued utilizing the practical expedient.

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 at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available 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 as Level 2 of the fair value hierarchy.

18 2017 Semiannual Report   §   TIAA Separate Account VA-1

continued

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 as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as 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 as 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 as 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 as 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, 2017, there were no material transfers between levels by the Account.

The following table summarizes the market value of the Account’s investments as of June 30, 2017, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1		Level 2		Level 3		Total
Equity investments:
Health care	$	138,016	$	—	$	6	$	138,022
Industrials		106,072		—		9		106,081
All other equity investments*		747,107		—		—		747,107
Short-term investments		9,378		—		—		9,378
Total	$	1,000,573	$	—	$	15	$	1,000,588

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

Note 3—derivative instruments

As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index

TIAA Separate Account VA-1   §   2017 Semiannual Report 19

Notes to financial statements (unaudited)

of prices or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Account values derivatives at fair value.

For the period ended June 30, 2017, the effect of derivative contracts on the Account’s Statement of Operations was as follows (dollar amounts are in thousands):

Derivative contracts	Location		Realized gain (loss)		Change in unrealized appreciation (depreciation)
Equity contracts		Futures transactions	$	36	$	6

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, 2017, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets.

There were no open futures contracts as of June 30, 2017.

Note 4—investment adviser and affiliates

Teachers Advisors, LLC (“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.

20 2017 Semiannual Report   §   TIAA Separate Account VA-1

continued

The Administrative Services Agreement sets the administrative expense charge at an annual rate of 0.20% of the average daily net assets of the Account. TIAA also imposes a daily charge for bearing certain mortality and expense risks in connection with the contracts, equivalent to an annual rate of 0.40% of the average daily net assets of the Account. Although TIAA reserves the right to increase the Account’s mortality and expense risk charge to a maximum of 1.00% per year, the total expense ratio will never exceed 1.50% per year. TIAA pays death benefits to beneficiaries when an annuitant dies during the accumulation period 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, 2017, the Account engaged with affiliated entities in securities purchases of $7,047,000 and sales of $4,148,000, which resulted in net realized gains of $864,000.

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, 2017, 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

TIAA Separate Account VA-1   §   2017 Semiannual Report 21

Notes to financial statements (unaudited) concluded

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, 2017, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments was $546,162,000, consisting of gross unrealized appreciation of $573,451,000 and gross unrealized depreciation of $(27,289,000).

Purchases and sales: Purchases and sales of portfolio securities (other than short-term instruments) for the period ended June 30, 2017 were $40,666,000 and $71,067,000, 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 20, 2017 expiring on June 19, 2018, replacing the previous facility, which expired June 2017. 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, 2017, 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 2017 Semiannual Report   §   TIAA Separate Account VA-1

Approval of investment
management agreement (unaudited)

Committee renewal of the investment management agreement for the TIAA Separate Account VA-1

Among its other duties, the Management Committee (the “Committee” or the “Manager”) of the TIAA Separate Account VA-1 (the “Separate Account”) is responsible for determining whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Separate Account. Under the Agreement, Advisors 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 its most recent 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 independent managers because they are not “interested persons” of the Separate Account, as that term is defined in the 1940 Act, annually renews that Agreement. None of the Managers are interested persons of the Separate Account under the 1940 Act. Rather, they are all deemed to be independent Managers.

Overview of the renewal process

The Committee held meetings on March 9, 2017 and March 23, 2017, at which it considered the annual renewal of the Agreement using the process established by the Committee. As part of this process, the Committee delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee worked with Advisors, individual Managers and legal counsel to the Committee to develop guidance and specific requests relating to the types of information to be provided to the Committee in connection with the proposed contract renewal. The Operations Committee also worked with Advisors to schedule and report on various follow-up items throughout the prior year that were requested by the Committee and the Managers during the 2016 renewal process. During a series of meetings held prior to the March 9 and March 23, 2017 Manager meetings, the Operations Committee reviewed such guidance and follow-up requests in consultation with Advisors representatives and input from other Managers, legal counsel to the Managers and legal counsel to Advisors and the Separate Account, and then evaluated the information produced in accordance with the guidance and requests.

Among other matters, the Operations Committee, following its consultations with others as noted above, confirmed or established certain guidance 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

TIAA Separate Account VA-1   §   2017 Semiannual Report 23

Approval of investment
management agreement (unaudited)

provider of comparative analyses used by independent directors, trustees and managers of investment companies during their advisory contract review processes.

Based on guidance 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, and portfolio turnover rate. Broadridge compared this data for the Separate Account against a universe of investment companies and against a more selective peer group of mutual funds (as applicable) with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge independent of any input from Advisors, and, in the case of the investment performance data, against one or more appropriate broad-based indices. 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 Advisors or the Committee).

Among other matters, the Committee also requested and reviewed various information provided by Advisors to facilitate the Managers’ evaluation of the reasonableness of profits earned by Advisors with respect to its services to the Separate Account pursuant to the Agreement.

In advance of the Committee meetings held on March 9 and March 23, 2017, legal counsel for the Managers requested on behalf of the Committee, and Advisors 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, together with an explanation of any events that had a material impact on the Separate Account’s performance during that period; (2) a description of any fee waiver or expense reimbursement arrangements that were proposed or were in place during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of the Separate Account’s fee rate under the Agreement to the fee rates of other accounts with comparable strategies managed by Advisors or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Separate Account in addition to Advisors’ direct fee payments pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, insurance coverage, portfolio trading and best execution

24 2017 Semiannual Report   §   TIAA Separate Account VA-1

continued

practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Separate Account; (6) information as to any profits earned by Advisors 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 Advisors; (8) a copy of Advisors’ 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 provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service. The Managers were given the opportunity to ask questions and request additional information, and they reviewed responses from Advisors to follow-up questions presented by the Committee after its initial review of the information described above.

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 Advisors 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 by Advisors 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 Advisors with other clients to whom Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by Advisors or its affiliates from their relationship with the Separate Account. As a general matter, the Committee viewed these factors, and any other factors deemed relevant by the Managers, in their totality, and no single factor was identified as being the principal factor in determining whether to renew the Agreement.

In reaching its decisions regarding the renewal of the Agreement, the Committee took into account the information described above and other information provided to the Committee in connection with this process. Additionally, the Committee took into account relevant information, including performance data, provided to the Committee and its Committees throughout the year as part of the Committee’s ongoing duties to oversee and evaluate Advisors’ services to the Separate Account. In addition to general session meetings that included Advisors personnel, the Managers met in private sessions, at which no Advisors representatives were present, to discuss the proposed renewal of the Agreement. The Committee also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process under Section 15(c) of the 1940 Act and certain other legal authorities.

TIAA Separate Account VA-1   §   2017 Semiannual Report 25

Approval of investment
management agreement (unaudited)

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 23, 2017, the Committee voted unanimously to renew the Agreement for the Separate Account. Set forth below is a summary of the primary factors the Committee considered with respect to the Separate Account.

The nature, extent and quality of services

The Committee considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Committee also considered that Advisors is an experienced investment adviser that has managed the Separate Account since its operations commenced. Investment professionals at Advisors also manage various accounts of the College Retirement Equities Separate Account, the TIAA-CREF Funds and the TIAA-CREF Life Funds, as well as sub-advise other investment companies and vehicles. Under the Agreement, Advisors 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; and reporting on the investment performance of the Separate Account to the Committee on a regular basis. The Committee considered that Advisors has carried out these responsibilities in a competent and professional manner. The Committee also considered that Advisors has committed significant resources to supporting the Separate Account. It also considered Advisors’ 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 Advisors 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 Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.

During its review, the Committee noted its ongoing efforts to examine the level of personnel and other resources available to Advisors for its portfolio management and other functions, including the impact of recent and anticipated organizational changes on such resources, so as to assess whether sufficient resources are being devoted to these functions.

26 2017 Semiannual Report   §   TIAA Separate Account VA-1

continued

Investment performance

The Committee considered the investment performance of the Separate Account over the one-, three-, five- and ten-year periods. The Committee considered the Separate Account’s performance as compared to its peer universe of funds that underlie variable insurance products and its benchmark index. The Committee also reviewed the three-year performance of the Separate Account before any reductions for fees or expenses. In this analysis, the Committee considered the impact of net asset value rounding and 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. For details regarding the Separate Account’s performance, see the synopsis below. The Committee concluded that, under the totality of circumstances considered, the investment performance of the Separate Account was reasonable.

Cost and profitability

The Committee considered financial and profitability data relating to Advisors for the calendar year 2016. The Committee acknowledged the reasonableness of having management fee rates which permit Advisors to maintain and improve the quality of services provided to the Separate Account and recognized the entrepreneurial risk Advisors assumes. The Committee considered that Advisors had earned profits with respect to the Separate Account under the Agreement for the one-year period ended December 31, 2016. The Committee concluded that those profits were reasonable in light of various relevant factors.

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 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 are set and potentially material differences between the Separate Account and its comparable mutual funds that underlie variable insurance products. Another limitation noted by the Committee was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Separate Account’s actual management fee rate compares to those of peer 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

TIAA Separate Account VA-1   §   2017 Semiannual Report 27

Approval of investment
management agreement (unaudited)

on all factors considered, the Committee concluded that the management fee rate under the Agreement with respect to 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 Advisors 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 Advisors represented that its 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 Advisors clients

The Committee considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide similar investment management services to other investment companies that have similar investment strategies as the Separate Account. In the future, Advisors 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 Advisors’ 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 Advisors; (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 Advisors and its affiliates arising from the Agreement. For example, Advisors and its affiliates may benefit from the advisory relationship with the Funds to the extent that this relationship results in potential investors viewing TIAA, of which Advisors 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 Advisors and certain funds managed by Advisors or its affiliates may benefit from economies of scale to the extent they share resources and/or personnel.

28 2017 Semiannual Report   §   TIAA Separate Account VA-1

concluded

Synopsis of factors

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 discussion 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, 2016. Under the Morningstar rating system, 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2016.

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

• The Separate Account’s total expense ratio, actual investment management fee rate and contractual investment management fee rate were each in the 1st quintile 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 (“Performance Universe”) for the one-, three-, five- and ten-year periods, respectively. The Fund’s Performance Universe includes actively-managed funds, while the Fund utilizes a passive investment strategy.

• 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 rounding and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) was equal to the performance of its benchmark, the Russell 3000^® Index.

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

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

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

TIAA Separate Account VA-1   §   2017 Semiannual Report 29

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How to reach us

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You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit TIAA.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. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, 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.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

^©2017 Teachers Insurance and Annuity Association of America–College Retirement Equities Fund,

730 Third Avenue, New York, NY 10017-3206

730 Third Avenue New York, NY 10017-3206

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189925 A10938 (8/17)

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189925 A10938 (8/17)

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, 2017

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 100.3%
AUTOMOBILES & COMPONENTS - 1.0%
3,669		Adient plc	$	240
3,248	*	American Axle & Manufacturing Holdings, Inc		51
8,277		BorgWarner, Inc		351
2,087		Cooper Tire & Rubber Co		75
671	*	Cooper-Standard Holding, Inc		68
5,567		Dana Holding Corp		124
10,482		Delphi Automotive plc		919
1,044	*	Dorman Products, Inc		86
152,398		Ford Motor Co		1,705
1,363	*	Fox Factory Holding Corp		49
53,659		General Motors Co		1,874
11,053		Gentex Corp		210
1,424	*	Gentherm, Inc		55
9,809		Goodyear Tire & Rubber Co		343
6,846		Harley-Davidson, Inc		370
799	*	Horizon Global Corp		11
938		LCI Industries, Inc		96
2,691		Lear Corp		382
1,945	*	Modine Manufacturing Co		32
670	*	Motorcar Parts of America, Inc		19
313	*	Shiloh Industries, Inc		4
1,379		Spartan Motors, Inc		12
843		Standard Motor Products, Inc		44
1,055	*	Stoneridge, Inc		16
1,027		Superior Industries International, Inc		21
2,045		Tenneco, Inc		118
5,089	*	Tesla, Inc		1,840
1,931		Thor Industries, Inc		202
897		Tower International, Inc		20
1,283	*	Visteon Corp		131
799	*	VOXX International Corp (Class A)		7
1,185		Winnebago Industries, Inc		42
		TOTAL AUTOMOBILES & COMPONENTS		9,517
BANKS - 6.8%
625		1st Source Corp		30
486		Access National Corp		13
255		ACNB Corp		8
444	*	Allegiance Bancshares, Inc		17
374		American National Bankshares, Inc		14
1,390		Ameris Bancorp		67
387		Ames National Corp		12
390		Arrow Financial Corp		12
106	*	ASB Bancorp, Inc		5
5,921		Associated Banc-Corp		149

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,666		Astoria Financial Corp	$	74
706	*	Atlantic Capital Bancshares, Inc		13
1,598	e	Banc of California, Inc		34
333		Bancfirst Corp		32
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		35
3,345		Bancorpsouth, Inc		102
1,617		Bank Mutual Corp		15
390,297		Bank of America Corp		9,468
601	*	Bank of Commerce Holdings		7
1,630		Bank of Hawaii Corp		135
234		Bank of Marin Bancorp		14
2,093		Bank of NT Butterfield & Son Ltd		71
4,451		Bank of the Ozarks, Inc		209
457		BankFinancial Corp		7
4,119		BankUnited		139
217		Bankwell Financial Group, Inc		7
1,278		Banner Corp		72
622		Bar Harbor Bankshares		19
31,719		BB&T Corp		1,440
361		BCB Bancorp, Inc		6
573		Bear State Financial, Inc		5
2,708		Beneficial Bancorp, Inc		41
1,314		Berkshire Hills Bancorp, Inc		46
901		Blue Hills Bancorp, Inc		16
2,322	*,e	BofI Holding, Inc		55
973		BOK Financial Corp		82
3,231		Boston Private Financial Holdings, Inc		50
683		Bridge Bancorp, Inc		23
2,984		Brookline Bancorp, Inc		44
630		Bryn Mawr Bank Corp		27
334	*	BSB Bancorp, Inc		10
131		C&F Financial Corp		6
321	*	Cadence BanCorp		7
613		Camden National Corp		26
1		Canadian Imperial Bank of Commerce/Canada		0	^
1,131		Capital Bank Financial Corp		43
447		Capital City Bank Group, Inc		9
5,027		Capitol Federal Financial		71
314	*	Capstar Financial Holdings, Inc		6
555		Carolina Financial Corp		18
2,923		Cathay General Bancorp		111
2,100		Centerstate Banks of Florida, Inc		52
1,125		Central Pacific Financial Corp		35
383		Central Valley Community Bancorp		9
152		Century Bancorp, Inc		10
504		Charter Financial Corp		9
2,638		Chemical Financial Corp		128
122		Chemung Financial Corp		5
7,911		CIT Group, Inc		385
107,949		Citigroup, Inc		7,220
533		Citizens & Northern Corp		12
19,834		Citizens Financial Group, Inc		708
597		City Holding Co		39

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
377		Civista Bancshares, Inc	$	8
856		Clifton Bancorp, Inc		14
498		CNB Financial Corp		12
1,467		CoBiz, Inc		26
326		Codorus Valley Bancorp, Inc		9
2,323		Columbia Banking System, Inc		93
6,913		Comerica, Inc		506
3,487		Commerce Bancshares, Inc		198
254	*,e	Commerce Union Bancshares, Inc		6
1,925		Community Bank System, Inc		107
837	*	Community Bankers Trust Corp		7
153	*	Community Financial Corp		6
651		Community Trust Bancorp, Inc		28
1,146		ConnectOne Bancorp, Inc		26
206		County Bancorp, Inc		5
673	*	CU Bancorp		24
2,189		Cullen/Frost Bankers, Inc		206
1,005	*	Customers Bancorp, Inc		28
4,043		CVB Financial Corp		91
1,325		Dime Community Bancshares		26
113		DNB Financial Corp		4
1,262	*	Eagle Bancorp, Inc		80
5,625		East West Bancorp, Inc		330
192	*	Entegra Financial Corp		4
314		Enterprise Bancorp, Inc		11
828		Enterprise Financial Services Corp		34
402	*	Equity Bancshares, Inc		12
342		ESSA Bancorp, Inc		5
2,998	*	Essent Group Ltd		111
171		Evans Bancorp, Inc		7
178		Farmers & Merchants Bancorp, Inc		11
298		Farmers Capital Bank Corp		12
1,013		Farmers National Banc Corp		15
246	*	FB Financial Corp		9
1,363	*	FCB Financial Holdings, Inc		65
384		Federal Agricultural Mortgage Corp (Class C)		25
863		Fidelity Southern Corp		20
29,398		Fifth Third Bancorp		763
527		Financial Institutions, Inc		16
936		First Bancorp (NC)		29
6,201	*	First Bancorp (Puerto Rico)		36
498		First Bancorp, Inc		13
322		First Bancshares, Inc		9
1,277		First Busey Corp		37
360		First Business Financial Services, Inc		8
295		First Citizens Bancshares, Inc (Class A)		110
3,678		First Commonwealth Financial Corp		47
680		First Community Bancshares, Inc		19
503	*	First Community Financial Partners, Inc		7
542		First Connecticut Bancorp		14
368		First Defiance Financial Corp		19
2,385		First Financial Bancorp		66
2,466	e	First Financial Bankshares, Inc		109

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
384		First Financial Corp	$	18
175		First Financial Northwest, Inc		3
1,098	*	First Foundation, Inc		18
148		First Guaranty Bancshares, Inc		4
2,091		First Hawaiian, Inc		64
9,145		First Horizon National Corp		159
228		First Internet Bancorp		6
951		First Interstate Bancsystem, Inc		35
1,580		First Merchants Corp		63
380		First Mid-Illinois Bancshares, Inc		13
3,920		First Midwest Bancorp, Inc		91
327	*	First Northwest Bancorp		5
862		First of Long Island Corp		25
6,119		First Republic Bank		613
890	*	Flagstar Bancorp, Inc		27
1,083		Flushing Financial Corp		31
190	*	FNB Bancorp		5
12,570		FNB Corp		178
389	*	Franklin Financial Network, Inc		16
6,701		Fulton Financial Corp		127
903		German American Bancorp, Inc		31
2,999		Glacier Bancorp, Inc		110
412		Great Southern Bancorp, Inc		22
2,200		Great Western Bancorp, Inc		90
688	*	Green Bancorp, Inc		13
113		Greene County Bancorp, Inc		3
913		Guaranty Bancorp		25
3,286		Hancock Holding Co		161
1,297		Hanmi Financial Corp		37
406	*	HarborOne Bancorp, Inc		8
953		Heartland Financial USA, Inc		45
1,355		Heritage Commerce Corp		19
1,150		Heritage Financial Corp		30
2,919		Hilltop Holdings, Inc		77
57		Hingham Institution for Savings		10
238		Home Bancorp, Inc		10
4,991		Home Bancshares, Inc		124
698	*	HomeStreet, Inc		19
667	*	HomeTrust Bancshares, Inc		16
5,041		Hope Bancorp, Inc		94
806		Horizon Bancorp		21
323	*	Howard Bancorp, Inc		6
42,297		Huntington Bancshares, Inc		572
1,963		IBERIABANK Corp		160
350	*	Impac Mortgage Holdings, Inc		5
1,031		Independent Bank Corp (MA)		69
863		Independent Bank Corp (MI)		19
679		Independent Bank Group, Inc		40
2,138		International Bancshares Corp		75
299	*	Investar Holding Corp		7
10,225		Investors Bancorp, Inc		137
138,588		JPMorgan Chase & Co		12,667
3,353		Kearny Financial Corp		50

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
42,498		Keycorp	$	796
1,629		Lakeland Bancorp, Inc		31
976		Lakeland Financial Corp		45
378		LCNB Corp		8
1,826		LegacyTexas Financial Group, Inc		70
263	*	LendingTree, Inc		45
833	e	Live Oak Bancshares, Inc		20
5,658		M&T Bank Corp		916
1,072		Macatawa Bank Corp		10
946		MainSource Financial Group, Inc		32
236	*	Malvern Bancorp, Inc		6
3,131		MB Financial, Inc		138
540		MBT Financial Corp		5
640		Mercantile Bank Corp		20
1,997		Meridian Bancorp, Inc		34
345		Meta Financial Group, Inc		31
14,392	*	MGIC Investment Corp		161
96	e	Middlefield Banc Corp		5
582		Midland States Bancorp, Inc		20
334		Midsouth Bancorp, Inc		4
406		MidWestOne Financial Group, Inc		14
213		MutualFirst Financial, Inc		8
984		National Bank Holdings Corp		33
257	e	National Bankshares, Inc		10
405	*	National Commerce Corp		16
1,121	*	Nationstar Mortgage Holdings, Inc		20
1,661		NBT Bancorp, Inc		61
18,627		New York Community Bancorp, Inc		245
301	*	Nicolet Bankshares, Inc		16
2,265	*	NMI Holdings, Inc		26
256		Northeast Bancorp		5
1,643		Northfield Bancorp, Inc		28
280		Northrim BanCorp, Inc		9
3,683		Northwest Bancshares, Inc		58
149	*,e	Norwood Financial Corp		6
1,226		OceanFirst Financial Corp		33
1,902	e	OFG Bancorp		19
160		Ohio Valley Banc Corp		6
361		Old Line Bancshares, Inc		10
4,858		Old National Bancorp		84
127		Old Point Financial Corp		4
1,237		Old Second Bancorp, Inc		14
796		Opus Bank		19
1,420		Oritani Financial Corp		24
297		Orrstown Financial Services, Inc		7
860		Pacific Continental Corp		22
589	*	Pacific Mercantile Bancorp		5
1,516	*	Pacific Premier Bancorp, Inc		56
4,710		PacWest Bancorp		220
159	*	Paragon Commercial Corp		8
529		Park National Corp		55
2,151		Park Sterling Bank		26
180	*	Parke Bancorp, Inc		4

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
696	*	PCSB Financial Corp	$	12
642		Peapack Gladstone Financial Corp		20
221		Penns Woods Bancorp, Inc		9
575	*	PennyMac Financial Services, Inc		10
159		Peoples Bancorp of North Carolina, Inc		5
595		Peoples Bancorp, Inc		19
333		Peoples Financial Services Corp		15
13,413		People’s United Financial, Inc		237
521		People’s Utah Bancorp		14
2,087	*	PHH Corp		29
2,813		Pinnacle Financial Partners, Inc		177
18,955		PNC Financial Services Group, Inc		2,367
3,900		Popular, Inc		163
510		Preferred Bank		27
377		Premier Financial Bancorp, Inc		8
2,586		Prosperity Bancshares, Inc		166
168	*	Provident Bancorp, Inc		4
251		Provident Financial Holdings, Inc		5
2,502		Provident Financial Services, Inc		64
279		Prudential Bancorp, Inc		5
472		QCR Holdings, Inc		22
8,421		Radian Group, Inc		138
47,044		Regions Financial Corp		689
1,629		Renasant Corp		71
364		Republic Bancorp, Inc (Class A)		13
1,873	*,e	Republic First Bancorp, Inc		17
671		Riverview Bancorp, Inc		4
1,349		S&T Bancorp, Inc		48
910		Sandy Spring Bancorp, Inc		37
1,542	*	Seacoast Banking Corp of Florida		37
1,876		ServisFirst Bancshares, Inc		69
497		Shore Bancshares, Inc		8
475		SI Financial Group, Inc		8
370		Sierra Bancorp		9
2,094	*	Signature Bank		301
1,210		Simmons First National Corp (Class A)		64
275	*	SmartFinancial, Inc		7
1,122		South State Corp		96
228	*	Southern First Bancshares, Inc		8
231		Southern Missouri Bancorp, Inc		7
454		Southern National Bancorp of Virginia, Inc		8
1,069		Southside Bancshares, Inc		37
740		Southwest Bancorp, Inc		19
1,460		State Bank & Trust Co		40
5,200		Sterling Bancorp/DE		121
922		Stock Yards Bancorp, Inc		36
534		Stonegate Bank		25
394		Summit Financial Group, Inc		9
385		Sun Bancorp, Inc		10
272	*	Sunshine Bancorp, Inc		6
18,922		SunTrust Banks, Inc		1,073
2,051	*	SVB Financial Group		361
4,801		Synovus Financial Corp		212

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,199		TCF Financial Corp	$	99
286		Territorial Bancorp, Inc		9
1,930	*	Texas Capital Bancshares, Inc		149
2,029		TFS Financial Corp		31
1,514	*	The Bancorp, Inc		11
232		Timberland Bancorp, Inc		6
573		Tompkins Trustco, Inc		45
2,219		TowneBank		68
782		Trico Bancshares		28
943	*	Tristate Capital Holdings, Inc		24
657	*	Triumph Bancorp, Inc		16
3,358		Trustco Bank Corp NY		26
2,619		Trustmark Corp		84
275	e	Two River Bancorp		5
1,796		UMB Financial Corp		134
8,613		Umpqua Holdings Corp		158
1,678		Union Bankshares Corp		57
161	e	Union Bankshares, Inc		8
3,861		United Bankshares, Inc		151
2,711		United Community Banks, Inc		75
1,829		United Community Financial Corp		15
2,065		United Financial Bancorp, Inc (New)		34
510	*	United Security Bancshares		5
266		Unity Bancorp, Inc		5
1,012		Univest Corp of Pennsylvania		30
62,015		US Bancorp		3,220
10,196		Valley National Bancorp		120
558	*	Veritex Holdings, Inc		15
1,098	*	Walker & Dunlop, Inc		54
3,506		Washington Federal, Inc		116
581		Washington Trust Bancorp, Inc		30
333		WashingtonFirst Bankshares, Inc		12
1,032		Waterstone Financial, Inc		19
3,586		Webster Financial Corp		187
176,145		Wells Fargo & Co		9,760
1,636		WesBanco, Inc		65
597		West Bancorporation, Inc		14
1,024	e	Westamerica Bancorporation		57
3,836	*	Western Alliance Bancorp		189
1,021		Western New England Bancorp, Inc		10
2,157		Wintrust Financial Corp		165
8,517	*	WMIH Corp		11
1,176		WSFS Financial Corp		53
225	*	Xenith Bankshares, Inc		7
7,904		Zions Bancorporation		347
		TOTAL BANKS		67,548
CAPITAL GOODS - 7.7%
22,720		3M Co		4,730
5,681		A.O. Smith Corp		320
1,675		Aaon, Inc		62
1,251		AAR Corp		43
2,301		Actuant Corp (Class A)		57

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,721		Acuity Brands, Inc	$	350
1,431		Advanced Drainage Systems, Inc		29
5,997	*	Aecom Technology Corp		194
1,316	*	Aegion Corp		29
2,671	*	Aerojet Rocketdyne Holdings, Inc		56
831	*	Aerovironment, Inc		32
2,620		AGCO Corp		177
3,762		Air Lease Corp		141
1,949		Aircastle Ltd		42
374		Alamo Group, Inc		34
1,111		Albany International Corp (Class A)		59
3,696		Allegion plc		300
205		Allied Motion Technologies, Inc		6
5,148		Allison Transmission Holdings, Inc		193
1,121		Altra Holdings, Inc		45
909	*	Ameresco, Inc		7
324	e	American Railcar Industries, Inc		12
568	*	American Woodmark Corp		54
8,968		Ametek, Inc		543
1,095		Apogee Enterprises, Inc		62
1,503		Applied Industrial Technologies, Inc		89
15,274		Arconic, Inc		346
555		Argan, Inc		33
822	*	Armstrong Flooring, Inc		15
1,735	*	Armstrong World Industries, Inc		80
823		Astec Industries, Inc		46
810	*	Astronics Corp		25
1,239	*	Atkore International Group, Inc		28
2,036	*,e	Axon Enterprise, Inc		51
1,059		AZZ, Inc		59
1,864	*	Babcock & Wilcox Enterprises, Inc		22
1,953		Barnes Group, Inc		114
2,363	*	Beacon Roofing Supply, Inc		116
279	*	Blue Bird Corp		5
2,534	*	BMC Stock Holdings, Inc		55
22,283		Boeing Co		4,406
1,640		Briggs & Stratton Corp		40
3,625	*	Builders FirstSource, Inc		56
3,699		BWX Technologies, Inc		180
883	*	Caesarstone Sdot-Yam Ltd		31
520	*	CAI International, Inc		12
2,450		Carlisle Cos, Inc		234
22,245		Caterpillar, Inc		2,390
1,264	*	Chart Industries, Inc		44
3,897	e	Chicago Bridge & Iron Co NV		77
647		CIRCOR International, Inc		38
3,463	*	Colfax Corp		136
840		Columbus McKinnon Corp		21
1,470		Comfort Systems USA, Inc		55
945	*	Commercial Vehicle Group, Inc		8
1,524	*	Continental Building Products Inc		36
1,950		Crane Co		155
554	*	CSW Industrials, Inc		21

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,041		Cubic Corp	$	48
6,203		Cummins, Inc		1,006
1,720		Curtiss-Wright Corp		158
12,450		Deere & Co		1,539
2,400	*	DigitalGlobe, Inc		80
535		DMC Global, Inc		7
5,224		Donaldson Co, Inc		238
932		Douglas Dynamics, Inc		31
6,009		Dover Corp		482
485	*	Ducommun, Inc		15
567	*	DXP Enterprises, Inc		20
1,212	*	Dycom Industries, Inc		109
174		Eastern Co		5
17,487		Eaton Corp		1,361
2,290		EMCOR Group, Inc		150
25,164		Emerson Electric Co		1,500
840		Encore Wire Corp		36
648	*,e	Energous Corp		11
1,368	*	Energy Recovery, Inc		11
1,701		EnerSys		123
788	*	Engility Holdings, Inc		22
830		EnPro Industries, Inc		59
137		EnviroStar, Inc		4
4,653		Equifax, Inc		639
995		ESCO Technologies, Inc		59
1,019	*	Esterline Technologies Corp		97
11,310		Fastenal Co		492
2,292		Federal Signal Corp		40
5,094		Flowserve Corp		237
5,480		Fluor Corp		251
12,008		Fortive Corp		761
6,027		Fortune Brands Home & Security, Inc		393
499	*	Foundation Building Materials, Inc		6
1,724		Franklin Electric Co, Inc		71
635		Freightcar America, Inc		11
1,617	*	Gardner Denver Holdings, Inc		35
1,474		GATX Corp		95
277	*	Gencor Industries, Inc		4
2,385	*	Generac Holdings, Inc		86
1,836		General Cable Corp		30
10,138		General Dynamics Corp		2,008
340,645		General Electric Co		9,201
1,244	*	Gibraltar Industries, Inc		44
870		Global Brass & Copper Holdings, Inc		27
922	*	GMS, Inc		26
678		Gorman-Rupp Co		17
2,130		Graco, Inc		233
470		Graham Corp		9
1,549		Granite Construction, Inc		75
2,253	*	Great Lakes Dredge & Dock Corp		10
1,065	e	Greenbrier Cos, Inc		49
1,120		Griffon Corp		25
1,293		H&E Equipment Services, Inc		26

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
423		Hardinge, Inc	$	5
3,062	*	Harsco Corp		49
1,580	*	HC2 Holdings, Inc		9
7,822	*	HD Supply Holdings, Inc		240
977		HEICO Corp		70
1,891		HEICO Corp (Class A)		117
981	*	Herc Holdings, Inc		39
3,542		Hexcel Corp		187
2,415		Hillenbrand, Inc		87
29,834		Honeywell International, Inc		3,977
2,111		Hubbell, Inc		239
1,767		Huntington Ingalls		329
316		Hurco Cos, Inc		11
823	*	Huttig Building Products, Inc		6
404		Hyster-Yale Materials Handling, Inc		28
3,011		IDEX Corp		340
298	*	IES Holdings, Inc		5
11,889		Illinois Tool Works, Inc		1,703
10,005		Ingersoll-Rand plc		914
716		Insteel Industries, Inc		24
3,480		ITT, Inc		140
4,688		Jacobs Engineering Group, Inc		255
879	*	JELD-WEN Holding, Inc		29
1,200		John Bean Technologies Corp		118
36,589		Johnson Controls International plc		1,587
433		Kadant, Inc		33
1,040		Kaman Corp		52
5,716		KBR, Inc		87
3,108		Kennametal, Inc		116
1,868	*	KEYW Holding Corp, The		17
2,010	*	KLX, Inc		101
2,746	*	Kratos Defense & Security Solutions, Inc		33
3,022		L3 Technologies, Inc		505
246	*	Lawson Products, Inc		5
763	*	Layne Christensen Co		7
306	*	LB Foster Co (Class A)		7
1,529		Lennox International, Inc		281
2,298		Lincoln Electric Holdings, Inc		212
408		Lindsay Corp		36
9,814		Lockheed Martin Corp		2,724
986		LSI Industries, Inc		9
674	*	Lydall, Inc		35
4,792		Manitowoc Co, Inc		29
12,543		Masco Corp		479
1,161	*	Masonite International Corp		88
2,577	*	Mastec, Inc		116
1,815	*	Mercury Systems, Inc		76
3,256	*	Meritor, Inc		54
2,236	*	Middleby Corp		272
1,678	*	Milacron Holdings Corp		30
446		Miller Industries, Inc		11
1,239	*	Moog, Inc (Class A)		89
3,470	*	MRC Global, Inc		57

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,759		MSC Industrial Direct Co (Class A)	$	151
2,210		Mueller Industries, Inc		67
6,011		Mueller Water Products, Inc (Class A)		70
639	*	MYR Group, Inc		20
206	e	National Presto Industries, Inc		23
1,911	*	Navistar International Corp		50
1,570	*	NCI Building Systems, Inc		26
210	*	Neff Corp		4
962	*	Nexeo Solutions, Inc		8
1,020		NN, Inc		28
2,239		Nordson Corp		272
6,316		Northrop Grumman Corp		1,621
371	*	Northwest Pipe Co		6
4,328	*	NOW, Inc		70
291	*	NV5 Holdings, Inc		12
117		Omega Flex, Inc		8
2,206		Orbital ATK, Inc		217
987	*	Orion Marine Group, Inc		7
2,888		Oshkosh Truck Corp		199
4,331		Owens Corning, Inc		290
13,427		PACCAR, Inc		887
5,175		Parker-Hannifin Corp		827
603	*	Patrick Industries, Inc		44
6,483		Pentair plc		431
1,847	*	PGT, Inc		24
7,340	*,e	Plug Power, Inc		15
738	*	Ply Gem Holdings, Inc		13
416		Powell Industries, Inc		13
96		Preformed Line Products Co		4
1,452		Primoris Services Corp		36
1,003	*	Proto Labs, Inc		67
1,340		Quanex Building Products Corp		28
5,705	*	Quanta Services, Inc		188
1,477		Raven Industries, Inc		49
11,403		Raytheon Co		1,841
899	*	RBC Bearings, Inc		91
1,737		Regal-Beloit Corp		142
432		REV Group, Inc		12
439	*	Revolution Lighting Technologies, Inc		3
4,030	*	Rexnord Corp		94
5,024		Rockwell Automation, Inc		814
6,347		Rockwell Collins, Inc		667
3,945		Roper Industries, Inc		913
257	*	Rush Enterprises, Inc		9
1,200	*	Rush Enterprises, Inc (Class A)		45
6,615	*	Sensata Technologies Holding BV		283
1,581		Simpson Manufacturing Co, Inc		69
1,315	*	SiteOne Landscape Supply, Inc		68
2,268		Snap-On, Inc		358
460	*	Sparton Corp		10
4,720		Spirit Aerosystems Holdings, Inc (Class A)		273
1,707	*	SPX Corp		43
1,563	*	SPX FLOW, Inc		58

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
487		Standex International Corp	$	44
5,923		Stanley Works		834
1,004	*	Sterling Construction Co, Inc		13
922		Sun Hydraulics Corp		39
3,212	*,e	Sunrun, Inc		23
541		Supreme Industries, Inc		9
1,359	*	Teledyne Technologies, Inc		173
647		Tennant Co		48
3,532		Terex Corp		132
967		Textainer Group Holdings Ltd		14
10,503		Textron, Inc		495
431	*,e	The ExOne Company		5
1,276	*	Thermon Group Holdings		24
2,702		Timken Co		125
1,841		Titan International, Inc		22
784	*	Titan Machinery, Inc		14
4,075		Toro Co		282
400	*	TPI Composites, Inc		7
1,899		TransDigm Group, Inc		511
1,152	*	Trex Co, Inc		78
1,789	*	Trimas Corp		37
5,866		Trinity Industries, Inc		164
1,667		Triton International Ltd		56
1,896		Triumph Group, Inc		60
1,399	*	Tutor Perini Corp		40
343	*	Twin Disc, Inc		6
3,302	*	United Rentals, Inc		372
29,235		United Technologies Corp		3,570
4,022	*	Univar, Inc		117
775		Universal Forest Products, Inc		68
3,432	*	USG Corp		100
874		Valmont Industries, Inc		131
455	*	Vectrus, Inc		15
419	*	Veritiv Corp		19
649	*	Vicor Corp		12
2,060		W.W. Grainger, Inc		372
2,295		Wabash National Corp		50
1,986	*	WABCO Holdings, Inc		253
3,364		Wabtec Corp		308
1,180		Watsco, Inc		182
1,120		Watts Water Technologies, Inc (Class A)		71
5,066	*	Welbilt, Inc		96
2,328	*	Wesco Aircraft Holdings, Inc		25
1,864	*	WESCO International, Inc		107
67	*	Willis Lease Finance Corp		2
2,064		Woodward Governor Co		139
7,022		Xylem, Inc		389
		TOTAL CAPITAL GOODS		75,963
COMMERCIAL & PROFESSIONAL SERVICES - 0.9%
2,170		ABM Industries, Inc		90
2,247	*	Acacia Research (Acacia Technologies)		9
4,335	*	ACCO Brands Corp		51

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
954	*	Advanced Disposal Services, Inc	$	22
1,564	*	Advisory Board Co		81
407	*,e	Aqua Metals, Inc		5
2,166	*	ARC Document Solutions, Inc		9
274		Barrett Business Services, Inc		16
198		BG Staffing, Inc		3
1,868		Brady Corp (Class A)		63
1,790		Brink’s Co		120
1,375	*	Casella Waste Systems, Inc (Class A)		23
2,160	*	CBIZ, Inc		32
948		Ceco Environmental Corp		9
3,360		Cintas Corp		423
2,053	*	Clean Harbors, Inc		115
586	*,e	Cogint, Inc		3
7,753	*	Copart, Inc		246
4,607	e	Covanta Holding Corp		61
364		CRA International, Inc		13
1,839		Deluxe Corp		127
1,448		Dun & Bradstreet Corp		157
6,139	*,m	Dyax Corp		7
1,051		Ennis, Inc		20
1,364		Essendant, Inc		20
997		Exponent, Inc		58
419	*	Franklin Covey Co		8
1,597	*	FTI Consulting, Inc		56
494	*	GP Strategies Corp		13
2,765		Healthcare Services Group		129
711		Heidrick & Struggles International, Inc		15
555	*	Heritage-Crystal Clean, Inc		9
2,222		Herman Miller, Inc		68
1,049	*	Hill International, Inc		5
1,783		HNI Corp		71
1,406	*	Hudson Technologies, Inc		12
896	*	Huron Consulting Group, Inc		39
707	*	ICF International, Inc		33
15,313	*	IHS Markit Ltd		674
1,756	*	Innerworkings, Inc		20
687		Insperity, Inc		49
2,401		Interface, Inc		47
5,371		KAR Auction Services, Inc		225
1,192		Kelly Services, Inc (Class A)		27
1,045		Kforce, Inc		20
1,392		Kimball International, Inc (Class B)		23
1,970		Knoll, Inc		40
1,994		Korn/Ferry International		69
1,270		LSC Communications, Inc		27
2,615		Manpower, Inc		292
1,217		Matthews International Corp (Class A)		75
919		McGrath RentCorp		32
4,469	*,m	Media General, Inc		2
757	*	Mistras Group, Inc		17
1,705		Mobile Mini, Inc		51
1,290		MSA Safety, Inc		105

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
514		Multi-Color Corp	$	42
1,969	*	Navigant Consulting, Inc		39
13,969		Nielsen NV		540
563	*	NL Industries, Inc		4
1,977	*	On Assignment, Inc		107
7,274		Pitney Bowes, Inc		110
1,198		Quad Graphics, Inc		27
9,003		Republic Services, Inc		574
1,107		Resources Connection, Inc		15
4,841		Robert Half International, Inc		232
3,656		Rollins, Inc		149
1,727	*	RPX Corp		24
2,868		RR Donnelley & Sons Co		36
672	*	SP Plus Corp		21
3,128		Steelcase, Inc (Class A)		44
3,227	*	Stericycle, Inc		246
1,231	*	Team, Inc		29
2,101		Tetra Tech, Inc		96
4,985	*	TransUnion		216
1,603	*	TriNet Group, Inc		52
1,626	*	TrueBlue, Inc		43
592		Unifirst Corp		83
844		US Ecology, Inc		43
5,911	*	Verisk Analytics, Inc		499
795		Viad Corp		38
340		VSE Corp		15
1,451	*	WageWorks, Inc		98
17,316		Waste Management, Inc		1,270
1,646		West Corp		38
279	*	Willdan Group, Inc		9
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		8,775
CONSUMER DURABLES & APPAREL - 1.4%
821		Acushnet Holdings Corp		16
2,238	*	American Outdoor Brands Corp		50
383		Bassett Furniture Industries, Inc		15
1,140	*	Beazer Homes USA, Inc		16
727	*	Black Diamond, Inc		5
3,502		Brunswick Corp		220
2,804		CalAtlantic Group, Inc		99
3,598		Callaway Golf Co		46
1,874		Carter’s, Inc		167
352	*	Cavco Industries, Inc		46
649	*	Century Communities, Inc		16
10,947		Coach, Inc		518
1,106		Columbia Sportswear Co		64
2,849	*	CROCS, Inc		22
269		CSS Industries, Inc		7
447		Culp, Inc		15
1,222	*	Deckers Outdoor Corp		83
232	*	Delta Apparel, Inc		5
13,291		DR Horton, Inc		459
458		Escalade, Inc		6

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
958		Ethan Allen Interiors, Inc	$	31
273		Flexsteel Industries, Inc		15
1,713	*	Fossil Group, Inc		18
4,672		Garmin Ltd		238
1,666	*	G-III Apparel Group Ltd		42
4,066	*,e	GoPro, Inc		33
992	*	Green Brick Partners, Inc		11
14,194		Hanesbrands, Inc		329
4,413		Hasbro, Inc		492
1,059	*	Helen of Troy Ltd		100
438		Hooker Furniture Corp		18
4,761	*	Hovnanian Enterprises, Inc (Class A)		13
1,775	*	Iconix Brand Group, Inc		12
845	*	Installed Building Products Inc		45
1,024	*	iRobot Corp		86
232		Johnson Outdoors, Inc		11
5,026	*	Kate Spade & Co		93
3,347		KB Home		80
1,887		La-Z-Boy, Inc		61
5,198		Leggett & Platt, Inc		273
420		Lennar Corp (B Shares)		19
7,741		Lennar Corp (Class A)		413
624	*,e	LGI Homes, Inc		25
847		Libbey, Inc		7
362		Lifetime Brands, Inc		7
3,787	*	Lululemon Athletica, Inc		226
862	*	M/I Homes, Inc		25
776	*	Malibu Boats Inc		20
441		Marine Products Corp		7
13,433		Mattel, Inc		289
673		MCBC Holdings, Inc		13
1,630		MDC Holdings, Inc		58
1,504	*	Meritage Homes Corp		63
6,011	*	Michael Kors Holdings Ltd		218
2,421	*	Mohawk Industries, Inc		585
638		Movado Group, Inc		16
182		Nacco Industries, Inc (Class A)		13
1,163	*	Nautilus, Inc		22
556	*	New Home Co Inc		6
18,753		Newell Rubbermaid, Inc		1,006
51,794		Nike, Inc (Class B)		3,056
130	*	NVR, Inc		313
621		Oxford Industries, Inc		39
546	*	Perry Ellis International, Inc		11
3,035		Phillips-Van Heusen Corp		347
2,283	e	Polaris Industries, Inc		211
1,561		Pool Corp		183
11,384		Pulte Homes, Inc		279
2,197		Ralph Lauren Corp		162
1,607	*	Sequential Brands Group, Inc		6
5,202	*	Skechers U.S.A., Inc (Class A)		153
2,305	*	Steven Madden Ltd		92
652	e	Sturm Ruger & Co, Inc		40

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
295			Superior Uniform Group, Inc	$	7
2,391	*		Taylor Morrison Home Corp		57
1,812	*,e		Tempur Sealy International, Inc		97
5,929			Toll Brothers, Inc		234
1,426	*		TopBuild Corp		76
6,145	*		TRI Pointe Homes, Inc		81
1,991			Tupperware Corp		140
253	*		UCP, Inc (Class A)		3
7,306	*		Under Armour, Inc		147
7,201	*,e		Under Armour, Inc (Class A)		157
700	*		Unifi, Inc		22
585	*		Universal Electronics, Inc		39
1,001	*		Vera Bradley, Inc		10
12,969			VF Corp		747
2,174	*		Vista Outdoor, Inc		49
252			Weyco Group, Inc		7
2,830			Whirlpool Corp		542
889	*		William Lyon Homes, Inc		21
3,662			Wolverine World Wide, Inc		103
1,093	*		Zagg, Inc		9
			TOTAL CONSUMER DURABLES & APPAREL		14,354
CONSUMER SERVICES - 2.3%
2,413	*		Adtalem Global Education, Inc		92
675	*		American Public Education, Inc		16
9,372			ARAMARK Holdings Corp		384
416	*		Ascent Media Corp (Series A)		6
3,449	*		Belmond Ltd.		46
817	*		BJ’s Restaurants, Inc		30
3,847			Bloomin’ Brands, Inc		82
770			Bob Evans Farms, Inc		55
641	*		Bojangles’, Inc		10
3,239			Boyd Gaming Corp		80
877	*		Bridgepoint Education, Inc		13
1,976	*		Bright Horizons Family Solutions		153
1,952			Brinker International, Inc		74
616	*		Buffalo Wild Wings, Inc		78
1,862	*		Caesars Acquisition Co		35
1,990	*,e		Caesars Entertainment Corp		24
428			Capella Education Co		37
2,656	*		Career Education Corp		25
15,936			Carnival Corp		1,045
591			Carriage Services, Inc		16
1,345	*		Carrols Restaurant Group, Inc		16
761	*		Century Casinos, Inc		6
1,753			Cheesecake Factory		88
3,194	*,e		Chegg, Inc		39
991	*		Chipotle Mexican Grill, Inc (Class A)		412
1,319			Choice Hotels International, Inc		85
525		��	Churchill Downs, Inc		96
751	*		Chuy’s Holdings, Inc		18
2,643			ClubCorp Holdings, Inc		35
328			Collectors Universe		8

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
721	e	Cracker Barrel Old Country Store, Inc	$	121
4,824		Darden Restaurants, Inc		436
1,638	*	Dave & Buster’s Entertainment, Inc		109
1,033	*	Del Frisco’s Restaurant Group, Inc		17
1,227	*	Del Taco Restaurants, Inc		17
2,646	*	Denny’s Corp		31
664		DineEquity, Inc		29
1,883		Domino’s Pizza, Inc		398
2,096	*	Drive Shack, Inc		7
3,608		Dunkin Brands Group, Inc		199
809	*,e	El Pollo Loco Holdings, Inc		11
1,789	*	Eldorado Resorts, Inc		36
125	*	Empire Resorts, Inc		3
6,386		Extended Stay America, Inc		124
1,005	*	Fiesta Restaurant Group, Inc		21
217	*	Fogo De Chao, Inc		3
412		Golden Entertainment, Inc		9
169		Graham Holdings Co		101
1,857	*	Grand Canyon Education, Inc		146
8,075		H&R Block, Inc		250
768	*	Habit Restaurants, Inc		12
2,287	*	Hilton Grand Vacations, Inc		82
7,534		Hilton Worldwide Holdings, Inc		466
4,089	*	Houghton Mifflin Harcourt Co		50
1,309	*	Hyatt Hotels Corp		74
4,167		ILG, Inc		115
4,144		International Game Technology plc		76
972		International Speedway Corp (Class A)		36
502	*	Intrawest Resorts Holdings Inc		12
596	*	J Alexander’s Holdings, Inc		7
1,238		Jack in the Box, Inc		122
1,321	*	K12, Inc		24
3,205	*	La Quinta Holdings, Inc		47
14,137		Las Vegas Sands Corp		903
1,409	*	Laureate Education, Inc		25
203		Liberty Tax, Inc		3
608	*	Lindblad Expeditions Holdings, Inc		6
736		Marcus Corp		22
12,383		Marriott International, Inc (Class A)		1,242
849		Marriott Vacations Worldwide Corp		100
31,976		McDonald’s Corp		4,897
19,803		MGM Resorts International		620
388	*	Monarch Casino & Resort, Inc		12
133	*	Nathan’s Famous, Inc		8
400	*,e	Noodles & Co		2
6,304	*	Norwegian Cruise Line Holdings Ltd		342
832	*	Panera Bread Co (Class A)		262
1,063		Papa John’s International, Inc		76
3,355	*	Penn National Gaming, Inc		72
2,110	*	Pinnacle Entertainment, Inc		42
3,264		Planet Fitness, Inc		76
946	*	Potbelly Corp		11
330	e	RCI Hospitality Holdings, Inc		8

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
638	*	Red Lion Hotels Corp	$	5
500	*	Red Robin Gourmet Burgers, Inc		33
2,623		Red Rock Resorts, Inc		62
1,367	*	Regis Corp		14
6,703		Royal Caribbean Cruises Ltd		732
3,070	*	Ruby Tuesday, Inc		6
1,174		Ruth’s Chris Steak House, Inc		26
1,968	*	Scientific Games Corp (Class A)		51
2,698		SeaWorld Entertainment, Inc		44
7,130		Service Corp International		238
5,213	*	ServiceMaster Global Holdings, Inc		204
841	*,e	Shake Shack, Inc		29
2,790		Six Flags Entertainment Corp		166
1,512		Sonic Corp		40
1,487	*	Sotheby’s (Class A)		80
581		Speedway Motorsports, Inc		11
55,281		Starbucks Corp		3,223
39	*	Steak N Shake Co		16
417		Strayer Education, Inc		39
2,599		Texas Roadhouse, Inc (Class A)		132
1,540		Vail Resorts, Inc		312
1,142	*,e	Weight Watchers International, Inc		38
7,240		Wendy’s		112
1,127		Wingstop, Inc		35
3,991		Wyndham Worldwide Corp		401
3,126		Wynn Resorts Ltd		419
14,437	*	Yum China Holdings, Inc		569
13,637		Yum! Brands, Inc		1,006
805	*,e	Zoe’s Kitchen, Inc		10
		TOTAL CONSUMER SERVICES		23,077
DIVERSIFIED FINANCIALS - 4.5%
2,209		Affiliated Managers Group, Inc		366
1,028		AG Mortgage Investment Trust		19
13,893		AGNC Investment Corp		296
17,842		Ally Financial, Inc		373
29,070		American Express Co		2,449
5,938		Ameriprise Financial, Inc		756
39,873		Annaly Capital Management, Inc		481
3,633		Anworth Mortgage Asset Corp		22
3,555		Apollo Commercial Real Estate Finance, Inc		66
1,014		Ares Commercial Real Estate Corp		13
727	e	Arlington Asset Investment Corp (Class A)		10
1,518		ARMOUR Residential REIT, Inc		38
1,731		Artisan Partners Asset Management, Inc		53
269		Associated Capital Group, Inc		9
382		B. Riley Financial, Inc		7
39,480		Bank of New York Mellon Corp		2,014
8,951		BGC Partners, Inc (Class A)		113
4,870		BlackRock, Inc		2,057
18,832		Capital One Financial Corp		1,556
3,681		Capstead Mortgage Corp		38
4,312		CBOE Holdings, Inc		394

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES			COMPANY	VALUE (000)
46,360			Charles Schwab Corp	$	1,992
412			Cherry Hill Mortgage Investment Corp		8
7,165			Chimera Investment Corp		134
13,254			CME Group, Inc		1,660
853			Cohen & Steers, Inc		35
1,050		*	Cowen Group, Inc		17
436		*,e	Credit Acceptance Corp		112
5,937			CYS Investments, Inc		50
118			Diamond Hill Investment Group, Inc		24
14,835			Discover Financial Services		923
1,075		*	Donnelley Financial Solutions, Inc		25
1,860			Dynex Capital, Inc		13
10,781		*	E*TRADE Financial Corp		410
4,316			Eaton Vance Corp		204
588		*	Elevate Credit, Inc		5
248			Ellington Residential Mortgage REIT		4
978		*	Encore Capital Group, Inc		39
1,226		*	Enova International, Inc		18
1,565			Evercore Partners, Inc (Class A)		110
1,988		*	Ezcorp, Inc (Class A)		15
1,518			Factset Research Systems, Inc		252
3,795			Federated Investors, Inc (Class B)		107
2,248			Financial Engines, Inc		82
1,853			FirstCash, Inc		108
2,523		*	FNFV Group		40
13,083			Franklin Resources, Inc		586
1,532			Gain Capital Holdings, Inc		10
181			GAMCO Investors, Inc (Class A)		5
14,380			Goldman Sachs Group, Inc		3,191
416			Great Ajax Corp		6
1,775		*	Green Dot Corp		68
1,124			Greenhill & Co, Inc		23
544			Hamilton Lane, Inc		12
1,871			Hannon Armstrong Sustainable Infrastructure Capital, Inc		43
836			Houlihan Lokey, Inc		29
2,624			Interactive Brokers Group, Inc (Class A)		98
22,894			IntercontinentalExchange Group, Inc		1,509
601		*	INTL FCStone, Inc		23
15,703			Invesco Ltd		553
4,389	��		Invesco Mortgage Capital, Inc		73
1,302			Investment Technology Group, Inc		28
20,415		e	iShares Russell 3000 Index Fund		2,940
1,738		*	KCG Holdings, Inc		35
419			KKR Real Estate Finance Trust, Inc		9
2,622			Ladder Capital Corp		35
5,033		*	Ladenburg Thalmann Financial Services, Inc		12
4,697			Lazard Ltd (Class A)		218
3,386			Legg Mason, Inc		129
12,454		*	LendingClub Corp		69
12,677			Leucadia National Corp		332
3,491			LPL Financial Holdings, Inc		148
1,443			MarketAxess Holdings, Inc		290
418			Marlin Business Services Corp		11

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
15,387		MFA Mortgage Investments, Inc	$	129
949		Moelis & Co		37
6,504		Moody’s Corp		791
51,716		Morgan Stanley		2,305
745		Morningstar, Inc		58
3,474		MSCI, Inc (Class A)		358
1,755		MTGE Investment Corp		33
4,411		NASDAQ OMX Group, Inc		315
11,108		Navient Corp		185
763		Nelnet, Inc (Class A)		36
11,792		New Residential Investment Corp		184
4,058		New York Mortgage Trust, Inc		25
959		NewStar Financial, Inc		10
8,157		Northern Trust Corp		793
2,164		OM Asset Management plc		32
2,011	*	On Deck Capital, Inc		9
2,198	*	OneMain Holdings, Inc		54
448		Oppenheimer Holdings, Inc		7
1,276		Orchid Island Capital, Inc		13
245		Owens Realty Mortgage, Inc		4
2,603		PennyMac Mortgage Investment Trust		48
896	*	Pico Holdings, Inc		16
553		Piper Jaffray Cos		33
727		PJT Partners, Inc		29
1,801	*	PRA Group, Inc		68
527		Pzena Investment Management, Inc (Class A)		5
5,055		Raymond James Financial, Inc		406
2,957		Redwood Trust, Inc		50
383	*	Regional Management Corp		9
1,443		Resource Capital Corp		15
10,094		S&P Global, Inc		1,474
808	*	Safeguard Scientifics, Inc		10
5,737	*	Santander Consumer USA Holdings, Inc		73
5,233		SEI Investments Co		281
298		Silvercrest Asset Management Group, Inc		4
16,893	*	SLM Corp		194
15,406		SPDR Trust Series 1		3,725
9,967		Starwood Property Trust, Inc		223
14,661		State Street Corp		1,316
2,581	*	Stifel Financial Corp		119
31,803		Synchrony Financial		948
9,207		T Rowe Price Group, Inc		683
9,980		TD Ameritrade Holding Corp		429
1,255		Tiptree Financial, Inc		9
13,515		Two Harbors Investment Corp		134
1,024	e	Virtu Financial, Inc		18
255		Virtus Investment Partners, Inc		28
7,272		Voya Financial, Inc		268
3,248		Waddell & Reed Financial, Inc (Class A)		61
1,589		Western Asset Mortgage Capital Corp		16
322		Westwood Holdings Group, Inc		18
4,611	e	WisdomTree Investments, Inc		47
229	*	World Acceptance Corp		17

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
607		ZAIS Financial Corp	$	9
		TOTAL DIVERSIFIED FINANCIALS		44,163
ENERGY - 5.6%
5,830	*	Abraxas Petroleum Corp		9
99		Adams Resources & Energy, Inc		4
1,327		Alon USA Energy, Inc		18
22,011		Anadarko Petroleum Corp		998
9,010	*	Antero Resources Corp		195
14,950		Apache Corp		717
1,515	*	Approach Resources, Inc		5
841		Arch Coal, Inc		57
2,935		Archrock, Inc		33
985		Ardmore Shipping Corp		8
2,953	*	Atwood Oceanics, Inc		24
16,647		Baker Hughes, Inc		907
661	*	Basic Energy Services, Inc		16
2,221	*	Bill Barrett Corp		7
784	*	Bonanza Creek Energy, Inc		25
1,469	e	Bristow Group, Inc		11
1,777	*	C&J Energy Services, Inc		61
18,059		Cabot Oil & Gas Corp		453
1,677	*,e	California Resources Corp		14
7,833	*	Callon Petroleum Co		83
905	*,e	CARBO Ceramics, Inc		6
2,286	*	Carrizo Oil & Gas, Inc		40
4,328	*,e	Centennial Resource Development, Inc		69
8,023	*	Cheniere Energy, Inc		391
35,440	*,e	Chesapeake Energy Corp		176
74,079		Chevron Corp		7,729
3,696		Cimarex Energy Co		347
5,167	*	Clean Energy Fuels Corp		13
2,858	*	Cloud Peak Energy, Inc		10
5,765	*	Concho Resources, Inc		701
48,583		ConocoPhillips		2,136
8,770	*	Consol Energy, Inc		131
670	*	Contango Oil & Gas Co		4
3,475	*	Continental Resources, Inc		112
612	e	CVR Energy, Inc		13
2,390		Delek US Holdings, Inc		63
15,050	*	Denbury Resources, Inc		23
20,572		Devon Energy Corp		658
2,870		DHT Holdings, Inc		12
2,618	*,e	Diamond Offshore Drilling, Inc		28
3,839	*	Diamondback Energy, Inc		341
1,027	*	Dorian LPG Ltd		8
1,470	*	Dril-Quip, Inc		72
384	*	Earthstone Energy, Inc		4
3,296	*	Eclipse Resources Corp		9
3,813	*	Energen Corp		188
1,132	*	Energy XXI Gulf Coast, Inc		21
11,576		Ensco plc		60
22,587		EOG Resources, Inc		2,045

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,448	*,e	EP Energy Corp	$	5
6,787		EQT Corp		398
891	*	Era Group, Inc		8
668		Evolution Petroleum Corp		5
1,256	*	Exterran Corp		34
4,719	*,e	Extraction Oil & Gas, Inc		64
166,133		Exxon Mobil Corp		13,412
5,927	*,e	Fairmount Santrol Holdings, Inc		23
2,612	*	Forum Energy Technologies, Inc		41
1,937	e	Frank’s International NV		16
2,830	e	Frontline Ltd		16
1,757		GasLog Ltd		27
7,137	*	Gastar Exploration, Inc		7
1,740	*,e	Gener8 Maritime, Inc		10
626	*	Geospace Technologies Corp		9
3,789		Golar LNG Ltd		84
1,490		Green Plains Renewable Energy, Inc		31
561		Gulf Island Fabrication, Inc		7
6,208	*	Gulfport Energy Corp		92
2,315	*	Halcon Resources Corp		11
557		Hallador Energy Co		4
33,898		Halliburton Co		1,448
5,378	*	Helix Energy Solutions Group, Inc		30
4,142	e	Helmerich & Payne, Inc		225
11,102		Hess Corp		487
6,919		HollyFrontier Corp		190
1,312	*	Independence Contract Drilling, Inc		5
1,110	*	International Seaways, Inc		24
30	*	Isramco, Inc		3
1,195	*	Jagged Peak Energy, Inc		16
1,138	*,e	Jones Energy, Inc (Class A)		2
1,187	*	Keane Group, Inc		19
384	*,e	Key Energy Services, Inc		7
75,379		Kinder Morgan, Inc		1,444
7,503	*	Kosmos Energy LLC		48
6,373	*	Laredo Petroleum Holdings, Inc		67
1,582	*	Lilis Energy, Inc		8
275	*	Mammoth Energy Services, Inc		5
33,383		Marathon Oil Corp		396
20,148		Marathon Petroleum Corp		1,054
3,403	*	Matador Resources Co		73
1,193	*	Matrix Service Co		11
10,793	*	McDermott International, Inc		77
377	*	Midstates Petroleum Co, Inc		5
6,404		Murphy Oil Corp		164
10,868		Nabors Industries Ltd		89
14,939		National Oilwell Varco, Inc		492
561	*	Natural Gas Services Group, Inc		14
3,582		Navios Maritime Acq Corp		5
410	*	NCS Multistage Holdings, Inc		10
7,829	*	Newfield Exploration Co		223
3,366	*	Newpark Resources, Inc		25
9,416		Noble Corp plc		34

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
18,837		Noble Energy, Inc	$	533
3,925	e	Nordic American Tanker Shipping		25
9,279	*	Oasis Petroleum, Inc		75
29,938		Occidental Petroleum Corp		1,792
3,828		Oceaneering International, Inc		87
2,073	*	Oil States International, Inc		56
8,208		Oneok, Inc		428
836		Overseas Shipholding Group, Inc		2
1,499	*	Pacific Ethanol, Inc		9
648		Panhandle Oil and Gas, Inc (Class A)		15
1,291	*	Par Pacific Holdings, Inc		23
5,410	*	Parker Drilling Co		7
9,019	*	Parsley Energy, Inc		250
8,122		Patterson-UTI Energy, Inc		164
4,259	e	PBF Energy, Inc		95
2,579	*	PDC Energy, Inc		111
1,871	*	Peabody Energy Corp		46
544	*,e	Penn Virginia Corp		20
620	*	PHI, Inc		6
17,077		Phillips 66		1,412
2,681	*	Pioneer Energy Services Corp		6
6,619		Pioneer Natural Resources Co		1,056
938	*	ProPetro Holding Corp		13
9,406	*	Questar Market Resources, Inc		95
8,947		Range Resources Corp		207
1,467	*	Renewable Energy Group, Inc		19
838	*,e	Resolute Energy Corp		25
234	*	Rex American Resources Corp		23
6,597	*	Rice Energy, Inc		176
611	*	RigNet, Inc		10
1,749	*	Ring Energy, Inc		23
4,518	*	Rowan Cos plc		46
2,256	e	RPC, Inc		46
5,131	*	RSP Permian, Inc		166
2,726	*,e	Sanchez Energy Corp		20
1,269	*	SandRidge Energy, Inc		22
54,478		Schlumberger Ltd		3,587
6,794		Scorpio Tankers, Inc		27
617	*	SEACOR Holdings, Inc		21
629	*	SEACOR Marine Holdings, Inc		13
2,570		SemGroup Corp		69
2,365	e	Ship Finance International Ltd		32
253	*	SilverBow Resources, Inc		7
4,345		SM Energy Co		72
801	*	Smart Sand, Inc		7
369	*	Solaris Oilfield Infrastructure, Inc		4
19,699	*	Southwestern Energy Co		120
7,633	*	SRC Energy, Inc		51
749	*	Stone Energy Corp		14
5,923	*	Superior Energy Services		62
7,616		Targa Resources Investments, Inc		344
2,010	e	Teekay Corp		13
3,273		Teekay Tankers Ltd (Class A)		6

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,116	*	Tellurian, Inc	$	21
1,519	*	Tesco Corp		7
5,995	b	Tesoro Corp		561
3,896	*	Tetra Technologies, Inc		11
15,313	*	Transocean Ltd (NYSE)		126
7,557	*	Ultra Petroleum Corp		82
1,986	*	Unit Corp		37
5,127	*,e	Uranium Energy Corp		8
3,143		US Silica Holdings Inc		112
17,500		Valero Energy Corp		1,181
3,587	*,e	W&T Offshore, Inc		7
34,561	*	Weatherford International Ltd		134
783	*	Westmoreland Coal Co		4
14,050	*	Whiting Petroleum Corp		77
705	*	WildHorse Resource Development Corp		9
1,880	*	Willbros Group, Inc		5
32,377		Williams Cos, Inc		980
2,651		World Fuel Services Corp		102
15,377	*	WPX Energy, Inc		149
		TOTAL ENERGY		55,230
FOOD & STAPLES RETAILING - 1.4%
1,108		Andersons, Inc		38
1,519		Casey’s General Stores, Inc		163
776	*	Chefs’ Warehouse Holdings, Inc		10
39,888		CVS Health Corp		3,209
555		Ingles Markets, Inc (Class A)		18
35,607		Kroger Co		830
345	*	Natural Grocers by Vitamin C		3
2,701	*	Performance Food Group Co		74
833		Pricesmart, Inc		73
41,120	*	Rite Aid Corp		121
1,024	*	Smart & Final Stores, Inc		9
1,537		Spartan Stores, Inc		40
5,274	*	Sprouts Farmers Market, Inc		120
10,836	*	Supervalu, Inc		36
19,274		Sysco Corp		970
2,032	*	United Natural Foods, Inc		75
5,234	*	US Foods Holding Corp		142
292		Village Super Market (Class A)		8
36,606		Walgreens Boots Alliance, Inc		2,867
57,104		Wal-Mart Stores, Inc		4,322
313		Weis Markets, Inc		15
12,404		Whole Foods Market, Inc		522
		TOTAL FOOD & STAPLES RETAILING		13,665
FOOD, BEVERAGE & TOBACCO - 4.9%
136		Alico, Inc		4
75,727		Altria Group, Inc		5,639
1,205	*,e	Amplify Snack Brands, Inc		12
21,785		Archer Daniels Midland Co		901
2,508	e	B&G Foods, Inc (Class A)		89
3,660	*	Blue Buffalo Pet Products, Inc		84

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
344	*	Boston Beer Co, Inc (Class A)	$	45
2,114		Brown-Forman Corp		104
6,908		Brown-Forman Corp (Class B)		336
5,491		Bunge Ltd		410
583		Calavo Growers, Inc		40
1,263	*,e	Cal-Maine Foods, Inc		50
6,999		Campbell Soup Co		365
3,333	*	Castle Brands, Inc		6
185		Coca-Cola Bottling Co Consolidated		42
150,737		Coca-Cola Co		6,760
15,863		ConAgra Foods, Inc		567
6,332		Constellation Brands, Inc (Class A)		1,227
17,097		Costco Wholesale Corp		2,734
418	*	Craft Brewers Alliance, Inc		7
6,364	*	Darling International, Inc		100
3,513		Dean Foods Co		60
7,151		Dr Pepper Snapple Group, Inc		652
288	*	Farmer Bros Co		9
6,808		Flowers Foods, Inc		118
1,315		Fresh Del Monte Produce, Inc		67
901	*	Freshpet, Inc		15
22,565		General Mills, Inc		1,250
3,970	*	Hain Celestial Group, Inc		154
5,482		Hershey Co		589
10,545		Hormel Foods Corp		360
3,112	*	Hostess Brands, Inc		50
2,752		Ingredion, Inc		328
585		J&J Snack Foods Corp		77
4,411		J.M. Smucker Co		522
368		John B. Sanfilippo & Son, Inc		23
9,694		Kellogg Co		673
23,487		Kraft Heinz Co		2,011
5,729		Lamb Weston Holdings, Inc		252
744		Lancaster Colony Corp		91
1,056	*	Landec Corp		16
179	*	Lifeway Foods, Inc		2
443		Limoneira Co		10
4,446		McCormick & Co, Inc		434
476		Mgp Ingredients, Inc		24
6,722		Molson Coors Brewing Co (Class B)		580
57,459		Mondelez International, Inc		2,482
16,189	*	Monster Beverage Corp		804
457		National Beverage Corp		43
996		Omega Protein Corp		18
55,977		PepsiCo, Inc		6,465
60,814		Philip Morris International, Inc		7,143
2,078	*	Pilgrim’s Pride Corp		46
4,626		Pinnacle Foods, Inc		275
2,539	*	Post Holdings, Inc		197
845	*	Primo Water Corp		11
32,348		Reynolds American, Inc		2,104
787		Sanderson Farms, Inc		91
10		Seaboard Corp		40

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
365	*	Seneca Foods Corp	$	11
3,317		Snyder’s-Lance, Inc		115
737	e	Tootsie Roll Industries, Inc		26
2,158	*	TreeHouse Foods, Inc		176
183	*	Turning Point Brands, Inc		3
10,903		Tyson Foods, Inc (Class A)		683
917		Universal Corp		59
3,648		Vector Group Ltd		78
		TOTAL FOOD, BEVERAGE & TOBACCO		48,759
HEALTH CARE EQUIPMENT & SERVICES - 5.6%
338	*	AAC Holdings, Inc		2
855		Abaxis, Inc		45
66,270		Abbott Laboratories		3,221
1,581	*	Abiomed, Inc		227
3,023	*,e	Acadia Healthcare Co, Inc		149
3,073	*	Accuray, Inc		15
1,212		Aceto Corp		19
255	*	Addus HomeCare Corp		9
12,691		Aetna Inc		1,927
3,369	*	Alere, Inc		169
3,108	*	Align Technology, Inc		467
7,075	*	Allscripts Healthcare Solutions, Inc		90
495	*	Almost Family, Inc		31
1,099	*	Amedisys, Inc		69
368	*	American Renal Associates Holdings, Inc		7
6,213		AmerisourceBergen Corp		587
1,811	*	AMN Healthcare Services, Inc		71
482		Analogic Corp		35
1,310	*	Angiodynamics, Inc		21
566	*	Anika Therapeutics, Inc		28
5,621	*	Antares Pharma, Inc		18
10,387		Anthem, Inc		1,954
1,539	*	athenahealth, Inc		216
1,229	*	AtriCure, Inc		30
55		Atrion Corp		35
1,009	*	AxoGen, Inc		17
2,852		Bard (C.R.), Inc		902
19,516		Baxter International, Inc		1,182
8,733		Becton Dickinson & Co		1,704
4,529	*,e	BioScrip, Inc		12
1,148	*	BioTelemetry, Inc		38
53,455	*	Boston Scientific Corp		1,482
7,134	*	Brookdale Senior Living, Inc		105
1,418		Cantel Medical Corp		110
1,019	*	Capital Senior Living Corp		16
12,373		Cardinal Health, Inc		964
1,207	*	Cardiovascular Systems, Inc		39
2,441	*,e	Castlight Health, Inc		10
6,648	*	Centene Corp		531
11,255	*	Cerner Corp		748
4,212	*,e	Cerus Corp		11
611		Chemed Corp		125

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
9,707		Cigna Corp	$	1,625
504	*	Civitas Solutions, Inc		9
3,787	*	Community Health Systems, Inc		38
481	e	Computer Programs & Systems, Inc		16
1,529	*	ConforMIS, Inc		7
1,071		Conmed Corp		55
1,889		Cooper Cos, Inc		452
2,996	*	Corindus Vascular Robotics, Inc		6
368	*	Corvel Corp		17
1,020	*	Cotiviti Holdings, Inc		38
1,273	*	Cross Country Healthcare, Inc		16
1,250	*	CryoLife, Inc		25
593	*	Cutera, Inc		15
24,002		Danaher Corp		2,026
6,092	*	DaVita, Inc		395
8,831		Dentsply Sirona, Inc		573
3,340	*	DexCom, Inc		244
1,886	*	Diplomat Pharmacy, Inc		28
8,178	*	Edwards Lifesciences Corp		967
3,300	*	Endologix, Inc		16
1,885		Ensign Group, Inc		41
482	*	Entellus Medical, Inc		8
4,540	*	Envision Healthcare Corp		285
1,492	*	Evolent Health, Inc		38
408	*	Exactech, Inc		12
23,509	*	Express Scripts Holding Co		1,501
229	*	FONAR Corp		6
1,393	*	Genesis Health Care, Inc		2
1,865	*	GenMark Diagnostics, Inc		22
1,112	*	Glaukos Corp		46
2,762	*	Globus Medical, Inc		92
2,039	*	Haemonetics Corp		81
1,812	*	Halyard Health, Inc		71
11,582	*	HCA Holdings, Inc		1,010
1,932	*	HealthEquity, Inc		96
3,477		Healthsouth Corp		168
1,071	*	HealthStream, Inc		28
3,102	*	Henry Schein, Inc		568
2,532		Hill-Rom Holdings, Inc		202
3,262	*	HMS Holdings Corp		60
10,945	*	Hologic, Inc		497
5,646		Humana, Inc		1,359
588	*	ICU Medical, Inc		101
3,427	*	Idexx Laboratories, Inc		553
672	*	Inogen Inc		64
2,425	*,e	Inovalon Holdings, Inc		32
2,272	*	Insulet Corp		117
1,266	*	Integer Holding Corp		55
2,413	*	Integra LifeSciences Holdings Corp		132
1,434	*	Intuitive Surgical, Inc		1,341
1,260		Invacare Corp		17
528	*	iRhythm Technologies, Inc		22
1,571	*	K2M Group Holdings, Inc		38

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,505		Kindred Healthcare, Inc	$	41
4,002	*	Laboratory Corp of America Holdings		617
352		Landauer, Inc		18
982	*	Lantheus Holdings, Inc		17
562		LeMaitre Vascular, Inc		18
593	*	LHC Group, Inc		40
1,442	*	LifePoint Hospitals, Inc		97
1,887	*	LivaNova plc		116
927	*	Magellan Health Services, Inc		68
1,746	*	Masimo Corp		159
8,298		McKesson Corp		1,365
2,192	*	Medidata Solutions, Inc		171
3,569	*	MEDNAX, Inc		215
53,698		Medtronic plc		4,766
1,637		Meridian Bioscience, Inc		26
1,836	*	Merit Medical Systems, Inc		70
1,721	*	Molina Healthcare, Inc		119
685	*,e	NantHealth, Inc		3
447		National Healthcare Corp		31
357		National Research Corp		10
1,257	*	Natus Medical, Inc		47
1,449	*	Neogen Corp		100
1,074	*	Nevro Corp		80
2,085	*,e	Novocure Ltd		36
1,937	*	NuVasive, Inc		149
2,539	*	NxStage Medical, Inc		64
343	*,e	Obalon Therapeutics, Inc		3
1,384	*	Omnicell, Inc		60
2,181	*	OraSure Technologies, Inc		38
679	*	Orthofix International NV		32
2,343		Owens & Minor, Inc		75
919	*	Oxford Immunotec Global plc		15
3,229		Patterson Cos, Inc		152
1,140	*	Penumbra, Inc		100
1,217	*	PharMerica Corp		32
2,010	*	Premier, Inc		72
495	*	Providence Service Corp		25
356	*	Pulse Biosciences, Inc		12
1,960	*	Quality Systems, Inc		34
5,348		Quest Diagnostics, Inc		594
1,084	*	Quidel Corp		29
978	*	Quotient Ltd		7
3,887	*	R1 RCM, Inc		15
1,510	*	RadNet, Inc		12
5,454		Resmed, Inc		425
1,891	*	Rockwell Medical, Inc		15
2,673	*	RTI Biologics, Inc		16
4,065	*	Select Medical Holdings Corp		62
549	*	Sientra, Inc		5
414		Simulations Plus, Inc		5
1,718	*	Spectranetics Corp		66
1,741	*,e	Staar Surgical Co		19
3,269		STERIS plc		266

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
13,288		Stryker Corp	$	1,844
643	*	Surgery Partners, Inc		15
516	*	SurModics, Inc		15
350	*	Tabula Rasa HealthCare, Inc		5
357	*	Tactile Systems Technology, Inc		10
2,089	*,e	Teladoc, Inc		72
1,746		Teleflex, Inc		363
3,172	*	Tenet Healthcare Corp		61
1,422	*	Tivity Health, Inc		57
948	*	Triple-S Management Corp (Class B)		16
37,569		UnitedHealth Group, Inc		6,966
3,402		Universal Health Services, Inc (Class B)		415
468		US Physical Therapy, Inc		28
149		Utah Medical Products, Inc		11
1,492	*	Varex Imaging Corp		50
3,619	*	Varian Medical Systems, Inc		373
3,060	*	VCA Antech, Inc		282
4,180	*	Veeva Systems, Inc		256
1,068	*,e	ViewRay, Inc		7
612	*,e	Viveve Medical, Inc		4
1,082	*	Vocera Communications, Inc		29
1,739	*	WellCare Health Plans, Inc		312
2,861		West Pharmaceutical Services, Inc		270
4,098	*	Wright Medical Group NV		113
7,874		Zimmer Holdings, Inc		1,011
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		55,885
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
400	*	Central Garden & Pet Co		13
1,366	*	Central Garden and Pet Co (Class A)		41
9,788		Church & Dwight Co, Inc		508
5,052		Clorox Co		673
33,720		Colgate-Palmolive Co		2,500
18,225		Coty, Inc		342
2,241	*	Edgewell Personal Care Co		170
812	*,e	elf Beauty, Inc		22
2,362		Energizer Holdings, Inc		114
8,492		Estee Lauder Cos (Class A)		815
2,687	*,e	Herbalife Ltd		192
4,642	*	HRG Group, Inc		82
735		Inter Parfums, Inc		27
13,867		Kimberly-Clark Corp		1,790
385		Medifast, Inc		16
325		Natural Health Trends Corp		9
537		Nature’s Sunshine Products, Inc		7
2,014		Nu Skin Enterprises, Inc (Class A)		127
364		Nutraceutical International Corp		15
255		Oil-Dri Corp of America		11
289	e	Orchids Paper Products Co		4
100,336		Procter & Gamble Co		8,744
480	*	Revlon, Inc (Class A)		11
959		Spectrum Brands, Inc		120
426	*	USANA Health Sciences, Inc		27

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
538		WD-40 Co	$	59
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		16,439
INSURANCE - 4.2%
15,211		Aflac, Inc		1,182
576	*	Alleghany Corp		343
3,345		Allied World Assurance Co Holdings Ltd		177
14,255		Allstate Corp		1,261
1,747	*	AMBAC Financial Group, Inc		30
3,330		American Equity Investment Life Holding Co		88
2,671		American Financial Group, Inc		265
36,138		American International Group, Inc		2,259
284		American National Insurance Co		33
751		Amerisafe, Inc		43
3,256	e	Amtrust Financial Services, Inc		49
10,195		Aon plc		1,355
4,498	*	Arch Capital Group Ltd		420
1,126		Argo Group International Holdings Ltd		68
6,848		Arthur J. Gallagher & Co		392
2,327		Aspen Insurance Holdings Ltd		116
2,139		Assurant, Inc		222
4,689		Assured Guaranty Ltd		196
1,706	*	Athene Holding Ltd		85
493	*	Atlas Financial Holdings, Inc		7
3,256		Axis Capital Holdings Ltd		211
422		Baldwin & Lyons, Inc (Class B)		10
75,357	*	Berkshire Hathaway, Inc (Class B)		12,763
265		Blue Capital Reinsurance Holdings Ltd		5
4,533		Brown & Brown, Inc		195
18,180		Chubb Ltd		2,643
6,024		Cincinnati Financial Corp		436
2,162	*,e	Citizens, Inc (Class A)		16
1,065		CNA Financial Corp		52
6,647		Conseco, Inc		139
723		Crawford & Co (Class B)		7
406		Donegal Group, Inc (Class A)		6
746	*	eHealth, Inc		14
252		EMC Insurance Group, Inc		7
1,239		Employers Holdings, Inc		52
437	*	Enstar Group Ltd		87
983		Erie Indemnity Co (Class A)		123
1,587		Everest Re Group Ltd		404
371		FBL Financial Group, Inc (Class A)		23
485		Federated National Holding Co		8
471	e	Fidelity & Guaranty Life		15
4,199		First American Financial Corp		188
10,157		FNF Group		455
19,503	*	Genworth Financial, Inc (Class A)		74
328	*	Global Indemnity Ltd		13
1,299	*	Greenlight Capital Re Ltd (Class A)		27
368	*	Hallmark Financial Services		4
1,661		Hanover Insurance Group, Inc		147
14,292		Hartford Financial Services Group, Inc		751

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
290		HCI Group, Inc	$	14
443	*,e	Health Insurance Innovations, Inc		10
1,074		Heritage Insurance Holdings, Inc		14
1,591		Horace Mann Educators Corp		60
392		Independence Holding Co		8
439		Infinity Property & Casualty Corp		41
62		Investors Title Co		12
646		James River Group Holdings Ltd		26
1,469		Kemper Corp		57
379		Kingstone Cos, Inc		6
566		Kinsale Capital Group, Inc		21
8,761		Lincoln National Corp		592
10,894		Loews Corp		510
2,565		Maiden Holdings Ltd		28
533	*	Markel Corp		520
20,133		Marsh & McLennan Cos, Inc		1,570
4,904	*	MBIA, Inc		46
1,072		Mercury General Corp		58
35,871		Metlife, Inc		1,971
1,991		National General Holdings Corp		42
92		National Western Life Group, Inc		29
808		Navigators Group, Inc		44
394	*	NI Holdings, Inc		7
9,269		Old Republic International Corp		181
823		OneBeacon Insurance Group Ltd (Class A)		15
1,776		Primerica, Inc		135
10,449		Principal Financial Group		669
1,956		ProAssurance Corp		119
22,742		Progressive Corp		1,003
16,796		Prudential Financial, Inc		1,816
2,511		Reinsurance Group of America, Inc (Class A)		322
1,586		RenaissanceRe Holdings Ltd		221
1,544		RLI Corp		84
591		Safety Insurance Group, Inc		40
2,223		Selective Insurance Group, Inc		111
630		State Auto Financial Corp		16
1,279		State National Cos, Inc		24
815		Stewart Information Services Corp		37
2,745	*	Third Point Reinsurance Ltd		38
4,512		Torchmark Corp		345
10,935		Travelers Cos, Inc		1,384
855	*,e	Trupanion, Inc		19
844		United Fire & Casualty Co		37
739		United Insurance Holdings Corp		12
1,340		Universal Insurance Holdings, Inc		34
8,936		UnumProvident Corp		417
3,022		Validus Holdings Ltd		157
3,784		W.R. Berkley Corp		262
173		White Mountains Insurance Group Ltd		150
4,935		Willis Towers Watson plc		718
9,976		XL Group Ltd		437
		TOTAL INSURANCE		41,955

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
MATERIALS - 3.4%
1,126		A. Schulman, Inc	$	36
788		Advanced Emissions Solutions, Inc		7
1,237	*	AdvanSix, Inc		39
801	*	AgroFresh Solutions, Inc		6
8,352		Air Products & Chemicals, Inc		1,195
12,220	*	AK Steel Holding Corp		80
4,336		Albemarle Corp		458
7,210		Alcoa Corp		235
4,202	e	Allegheny Technologies, Inc		71
1,143		American Vanguard Corp		20
340		Ampco-Pittsburgh Corp		5
2,415		Aptargroup, Inc		210
716		Ardagh Group S.A.		16
2,450		Ashland Global Holdings, Inc		161
3,452		Avery Dennison Corp		305
8,232	*	Axalta Coating Systems Ltd		264
1,227		Balchem Corp		95
13,490		Ball Corp		569
3,500		Bemis Co, Inc		162
5,056	*	Berry Plastics Group, Inc		288
1,581	*	Boise Cascade Co		48
2,347		Cabot Corp		125
1,971		Calgon Carbon Corp		30
1,812		Carpenter Technology Corp		68
5,414		Celanese Corp (Series A)		514
1,952	*	Century Aluminum Co		30
9,130		CF Industries Holdings, Inc		255
284		Chase Corp		30
7,212		Chemours Co		273
623	*	Clearwater Paper Corp		29
11,512	*	Cliffs Natural Resources, Inc		80
1,314	*	Codexis, Inc		7
7,045	*	Coeur Mining, Inc		60
4,501		Commercial Metals Co		87
1,309		Compass Minerals International, Inc		85
261	*	Core Molding Technologies, Inc		6
5,210	*	Crown Holdings, Inc		311
439		Deltic Timber Corp		33
2,440		Domtar Corp		94
47,808		Dow Chemical Co		3,015
1,847		Eagle Materials, Inc		171
5,691		Eastman Chemical Co		478
10,099		Ecolab, Inc		1,341
34,019		EI du Pont de Nemours & Co		2,746
3,191	*	Ferro Corp		58
2,943	*,m	Ferroglobe plc		0
2,151	*,e	Flotek Industries, Inc		19
5,228		FMC Corp		382
596	*,e	Forterra, Inc		5
53,041	*	Freeport-McMoRan Copper & Gold, Inc (Class B)		637
954		FutureFuel Corp		14
2,797	*	GCP Applied Technologies, Inc		85

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,189	*	Gold Resource Corp	$	9
12,219		Graphic Packaging Holding Co		168
203		Greif, Inc		12
985		Greif, Inc (Class A)		55
1,961		H.B. Fuller Co		100
137	*	Handy & Harman Ltd		4
377		Hawkins, Inc		17
501		Haynes International, Inc		18
14,849		Hecla Mining Co		76
7,865		Huntsman Corp		203
1,659	*	Ingevity Corp		95
803		Innophos Holdings, Inc		35
974		Innospec, Inc		64
3,093		International Flavors & Fragrances, Inc		418
16,067		International Paper Co		910
3,628	*	Intrepid Potash, Inc		8
656		Kaiser Aluminum Corp		58
3,390		Kapstone Paper and Packaging Corp		70
6,735	*	Klondex Mines Ltd		23
329		KMG Chemicals, Inc		16
850	*	Koppers Holdings, Inc		31
1,207	*	Kraton Polymers LLC		42
893		Kronos Worldwide, Inc		16
5,593	*	Louisiana-Pacific Corp		135
901	*,e	LSB Industries, Inc		9
12,892		LyondellBasell Industries AF S.C.A		1,088
2,472		Martin Marietta Materials, Inc		550
774		Materion Corp		29
1,370		Minerals Technologies, Inc		100
17,179		Monsanto Co		2,033
13,749		Mosaic Co		314
871		Myers Industries, Inc		16
642		Neenah Paper, Inc		52
278		NewMarket Corp		128
20,970		Newmont Mining Corp		679
12,488		Nucor Corp		723
6,399		Olin Corp		194
395		Olympic Steel, Inc		8
1,779	*	Omnova Solutions, Inc		17
6,322	*	Owens-Illinois, Inc		151
3,656		Packaging Corp of America		407
1,827		PH Glatfelter Co		36
8,571	*	Platform Specialty Products Corp		109
3,172		PolyOne Corp		123
10,031		PPG Industries, Inc		1,103
11,192		Praxair, Inc		1,484
510		Quaker Chemical Corp		74
1,744		Rayonier Advanced Materials, Inc		27
2,755		Reliance Steel & Aluminum Co		201
2,545		Royal Gold, Inc		199
5,126		RPM International, Inc		280
592	*	Ryerson Holding Corp		6
1,051		Schnitzer Steel Industries, Inc (Class A)		27

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,182		Schweitzer-Mauduit International, Inc	$	44
1,721		Scotts Miracle-Gro Co (Class A)		154
7,653		Sealed Air Corp		343
1,713		Sensient Technologies Corp		138
3,201		Sherwin-Williams Co		1,123
2,954		Silgan Holdings, Inc		94
3,868		Sonoco Products Co		199
3,201		Southern Copper Corp (NY)		111
9,128		Steel Dynamics, Inc		327
775		Stepan Co		68
4,229	*	Summit Materials, Inc		122
2,524	*	SunCoke Energy, Inc		28
11,807		Tahoe Resources, Inc		102
1,535	*	TimkenSteel Corp		24
970	*	Trecora Resources		11
1,164		Tredegar Corp		18
1,701		Trinseo S.A.		117
2,505		Tronox Ltd		38
226	*	UFP Technologies, Inc		6
66		United States Lime & Minerals, Inc		5
6,801	e	United States Steel Corp		151
577	*,e	US Concrete, Inc		45
882		Valhi, Inc		3
7,938		Valvoline, Inc		188
1,233	*	Verso Corp		6
5,137		Vulcan Materials Co		651
565		Warrior Met Coal, Inc		10
1,396		Westlake Chemical Corp		92
9,707		WestRock Co		550
1,742	*	Worthington Industries, Inc		87
2,700		WR Grace & Co		194
		TOTAL MATERIALS		33,137
MEDIA - 2.9%
2,111		AMC Entertainment Holdings, Inc		48
2,104	*	AMC Networks, Inc		112
184		Cable One, Inc		131
13,952		CBS Corp (Class B)		890
3,461	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		14
7,760	*	Charter Communications, Inc		2,614
4,142		Cinemark Holdings, Inc		161
1,723		Clear Channel Outdoor Holdings, Inc (Class A)		8
184,567		Comcast Corp (Class A)		7,183
46	*	Daily Journal Corp		9
5,957	*	Discovery Communications, Inc (Class A)		154
8,196	*	Discovery Communications, Inc (Class C)		207
8,615	*	DISH Network Corp (Class A)		541
568		Emerald Expositions Events, Inc		12
1,252	e	Entercom Communications Corp (Class A)		13
2,637		Entravision Communications Corp (Class A)		17
798	*,e	Eros International plc		9
2,274	*	EW Scripps Co (Class A)		40
4,415		Gannett Co, Inc		38

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,656	*	Global Eagle Entertainment, Inc	$	6
2,680	*	Gray Television, Inc		37
408	*	Hemisphere Media Group, Inc		5
2,264	*	Imax Corp		50
15,423		Interpublic Group of Cos, Inc		379
1,677		John Wiley & Sons, Inc (Class A)		88
428	*	Liberty Braves Group (Class A)		10
1,434	*	Liberty Braves Group (Class C)		34
977	*	Liberty Broadband Corp (Class A)		84
4,040	*	Liberty Broadband Corp (Class C)		350
998	*,e	Liberty Media Group (Class A)		35
4,139	*	Liberty Media Group (Class C)		152
3,486	*	Liberty SiriusXM Group (Class A)		146
6,998	*	Liberty SiriusXM Group (Class C)		292
2,000	*	Lions Gate Entertainment Corp (Class A)		56
3,835	*	Lions Gate Entertainment Corp (Class B)		101
5,305	*	Live Nation, Inc		185
546	*	Loral Space & Communications, Inc		23
729	*	Madison Square Garden Co		144
2,109		MDC Partners, Inc		21
1,545		Meredith Corp		92
2,361	*	MSG Networks, Inc		53
2,714		National CineMedia, Inc		20
1,956		New Media Investment Group, Inc		26
4,795		New York Times Co (Class A)		85
14,857		News Corp		204
4,708		News Corp (Class B)		67
1,776		Nexstar Broadcasting Group, Inc (Class A)		106
9,046		Omnicom Group, Inc		750
787	*	Reading International, Inc		13
4,416		Regal Entertainment Group (Class A)		90
175		Saga Communications, Inc		8
415		Salem Communications		3
1,096		Scholastic Corp		48
3,333		Scripps Networks Interactive (Class A)		228
2,721		Sinclair Broadcast Group, Inc (Class A)		90
57,641	e	Sirius XM Holdings, Inc		315
8,405		TEGNA, Inc		121
30,390		Time Warner, Inc		3,051
3,869		Time, Inc		56
322	*	Townsquare Media, Inc		3
2,837		Tribune Co		116
780	*	tronc, Inc		10
40,813		Twenty-First Century Fox, Inc		1,157
17,156		Twenty-First Century Fox, Inc (Class B)		478
411		Viacom, Inc		16
13,700		Viacom, Inc (Class B)		460
61,334		Walt Disney Co		6,517
1,509		World Wrestling Entertainment, Inc (Class A)		31
		TOTAL MEDIA		28,613
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
62,414		AbbVie, Inc		4,526

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,001	*	Abeona Therapeutics, Inc	$	6
3,739	*	Acadia Pharmaceuticals, Inc		104
987	*,e	Accelerate Diagnostics, Inc		27
1,231	*	Acceleron Pharma, Inc		37
1,147	*	Achaogen, Inc		25
4,855	*	Achillion Pharmaceuticals, Inc		22
797	*	Aclaris Therapeutics, Inc		22
1,689	*	Acorda Therapeutics, Inc		33
711	*	Adamas Pharmaceuticals, Inc		12
1,602	*,e	Aduro Biotech, Inc		18
1,291	*,e	Advaxis, Inc		8
1,175	*	Aerie Pharmaceuticals, Inc		62
2,830	*	Agenus, Inc		11
12,664		Agilent Technologies, Inc		751
1,631	*	Agios Pharmaceuticals, Inc		84
1,385	*	Aimmune Therapeutics, Inc		28
1,440	*	Akebia Therapeutics, Inc		21
3,444	*	Akorn, Inc		116
1,060	*	Albany Molecular Research, Inc		23
1,914	*	Alder Biopharmaceuticals, Inc		22
8,530	*	Alexion Pharmaceuticals, Inc		1,038
5,962	*	Alkermes plc		346
13,155		Allergan plc		3,198
2,928	*	Alnylam Pharmaceuticals, Inc		234
1,423	*	AMAG Pharmaceuticals, Inc		26
28,824		Amgen, Inc		4,964
5,590	*,e	Amicus Therapeutics, Inc		56
1,331	*	Amphastar Pharmaceuticals, Inc		24
205	*	AnaptysBio, Inc		5
1,289	*	Anavex Life Sciences Corp		7
292	*	ANI Pharmaceuticals, Inc		14
1,565	*	Aratana Therapeutics, Inc		11
894	*	Ardelyx, Inc		5
1,252	*	Arena Pharmaceuticals, Inc		21
6,749	*	Array Biopharma, Inc		56
541	*	Assembly Biosciences, Inc		11
1,080	*	Asterias Biotherapeutics, Inc		4
969	*	Atara Biotherapeutics, Inc		14
2,944	*	Athersys, Inc		4
576	*	Audentes Therapeutics, Inc		11
793	*	Avexis, Inc		65
1,155	*	Axovant Sciences Ltd		27
873	*,e	Bellicum Pharmaceuticals, Inc		10
3,132	*	BioCryst Pharmaceuticals, Inc		17
8,312	*	Biogen Idec, Inc		2,256
387	*	Biohaven Pharmaceutical Holding Co Ltd		10
6,819	*	BioMarin Pharmaceutical, Inc		619
826	*	Bio-Rad Laboratories, Inc (Class A)		187
213	*	Biospecifics Technologies Corp		11
1,448		Bio-Techne Corp		170
2,650	*,e	BioTime, Inc		8
4,244	*	Bioverativ, Inc		255
1,592	*	Bluebird Bio, Inc		167

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,516	*	Blueprint Medicines Corp	$	77
64,550		Bristol-Myers Squibb Co		3,597
4,110		Bruker BioSciences Corp		119
1,175	*	Calithera Biosciences, Inc		17
1,265	*	Cambrex Corp		76
1,052	*,e	Cara Therapeutics Inc		16
1,416	*	Cascadian Therapeutics, Inc		5
4,893	*	Catalent, Inc		172
2,735	*	Catalyst Pharmaceuticals, Inc		8
30,353	*	Celgene Corp		3,942
4,172	*	Celldex Therapeutics, Inc		10
1,716	*	Cempra, Inc		8
1,846	*	Charles River Laboratories International, Inc		187
1,103	*	ChemoCentryx, Inc		10
1,747	*	Chimerix, Inc		10
788	*	Clearside Biomedical, Inc		7
1,527	*	Clovis Oncology, Inc		143
1,501	*	Coherus Biosciences, Inc		22
877	*,e	Collegium Pharmaceutical, Inc		11
642	*	Concert Pharmaceuticals Inc		9
1,005	*	Contatus Pharmaceuticals, Inc		6
1,738	*,e	Corbus Pharmaceuticals Holdings, Inc		11
3,522	*	Corcept Therapeutics, Inc		42
820	*	Corium International, Inc		6
349	*	Corvus Pharmaceuticals, Inc		4
4,829	*	Curis, Inc		9
1,624	*	Cytokinetics, Inc		20
1,148	*	CytomX Therapeutics, Inc		18
2,241	*	Depomed, Inc		24
1,468	*	Dermira, Inc		43
4,800	*	Durect Corp		7
1,590	*,e	Dynavax Technologies Corp		15
323	*,e	Eagle Pharmaceuticals, Inc		25
681	*	Edge Therapeutics, Inc		7
1,310	*,e	Editas Medicine, Inc		22
38,269		Eli Lilly & Co		3,150
1,340	*	Emergent Biosolutions, Inc		45
648	*	Enanta Pharmaceuticals, Inc		23
8,687	*	Endo International plc		97
1,556	*	Enzo Biochem, Inc		17
1,664	*	Epizyme, Inc		25
554	*	Esperion Thereapeutics, Inc		26
4,274	*	Exact Sciences Corp		151
11,271	*	Exelixis, Inc		278
1,546	*	Fate Therapeutics, Inc		5
2,295	*	FibroGen, Inc		74
979	*	Five Prime Therapeutics, Inc		29
1,094	*,e	Flexion Therapeutics Inc		22
1,247	*	Fluidigm Corp		5
1,392	*,e	Fortress Biotech, Inc		7
507	*,e	Foundation Medicine, Inc		20
1,113	*	Genocea Biosciences Inc		6
810	*	Genomic Health, Inc		26

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,445	*,e	Geron Corp	$	18
50,976		Gilead Sciences, Inc		3,608
1,425	*	Global Blood Therapeutics, Inc		39
4,274	*	Halozyme Therapeutics, Inc		55
1,743	*,e	Heron Therapeutics, Inc		24
236	*	Heska Corp		24
6,384	*	Horizon Pharma plc		76
2,542	*,e	Idera Pharmaceuticals, Inc		4
1,927	*	Ignyta, Inc		20
5,710	*	Illumina, Inc		991
484	*	Immune Design Corp		5
3,349	*,e	Immunogen, Inc		24
3,945	*,e	Immunomedics, Inc		35
2,888	*	Impax Laboratories, Inc		47
2,126	*	INC Research Holdings, Inc		124
6,587	*	Incyte Corp		829
2,960	*	Innoviva, Inc		38
2,690	*,e	Inovio Pharmaceuticals, Inc		21
2,469	*	Insmed, Inc		42
998	*,e	Insys Therapeutics, Inc		13
561	*,e	Intellia Therapeutics, Inc		9
696	*,e	Intercept Pharmaceuticals, Inc		84
1,040	*	Intersect ENT, Inc		29
1,415	*	Intra-Cellular Therapies, Inc		18
2,121	*,e	Intrexon Corp		51
1,468	*	Invitae Corp		14
4,834	*	Ionis Pharmaceuticals, Inc		246
1,951	*	Iovance Biotherapeutics, Inc		14
5,284	*	Ironwood Pharmaceuticals, Inc		100
105,682		Johnson & Johnson		13,981
241	*	Jounce Therapeutics, Inc		3
2,598	*,e	Juno Therapeutics, Inc		78
1,273	*	Karyopharm Therapeutics, Inc		12
3,304	*,e	Keryx Biopharmaceuticals, Inc		24
841	*	Kindred Biosciences Inc		7
1,897	*,e	Kite Pharma, Inc		197
542	*	Kura Oncology, Inc		5
669	*	La Jolla Pharmaceutical Co		20
1,137	*,e	Lannett Co, Inc		23
1,763	*,e	Lexicon Pharmaceuticals, Inc		29
773	*	Ligand Pharmaceuticals, Inc (Class B)		94
777	*	Loxo Oncology, Inc		62
1,582		Luminex Corp		33
1,309	*	MacroGenics, Inc		23
3,881	*	Mallinckrodt plc		174
2,134	*	Matinas BioPharma Holdings, Inc		4
2,689	*	Medicines Co		102
1,230	*,e	MediciNova, Inc		6
289	*	Medpace Holdings, Inc		8
107,295		Merck & Co, Inc		6,876
4,612		Merrimack Pharmaceuticals, Inc		6
996	*	Mettler-Toledo International, Inc		586
4,015	*,e	MiMedx Group, Inc		60

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
684	*	Minerva Neurosciences, Inc	$	6
520	*,e	Miragen Therapeutics, Inc		7
2,874	*	Momenta Pharmaceuticals, Inc		49
20,833	*	Mylan NV		809
480	*	MyoKardia, Inc		6
2,502	*	Myriad Genetics, Inc		65
689	*	NanoString Technologies, Inc		11
1,198	*,e	NantKwest, Inc		9
1,110	*	Natera, Inc		12
5,771	*	Nektar Therapeutics		113
2,201	*	NeoGenomics, Inc		20
564	*,e	Neos Therapeutics, Inc		4
3,420	*	Neurocrine Biosciences, Inc		157
866	*	NewLink Genetics Corp		6
11,296	*	Novavax, Inc		13
591	*	Novelion Therapeutics, Inc		5
1,041	*,e	Nymox Pharmaceutical Corp		5
894	*,e	Ocular Therapeutix, Inc		8
1,629	*,e	Omeros Corp		32
13,300	*,e	Opko Health, Inc		88
2,776	*,e	Organovo Holdings, Inc		7
1,016	*	Otonomy, Inc		19
3,094	*	Pacific Biosciences of California, Inc		11
1,521	*	Pacira Pharmaceuticals, Inc		73
934	*	Paratek Pharmaceuticals, Inc		23
1,961	*	Parexel International Corp		170
1,295	*	Patheon NV		45
7,108		PDL BioPharma, Inc		18
4,283		PerkinElmer, Inc		292
5,027		Perrigo Co plc		380
231,822		Pfizer, Inc		7,787
720		Phibro Animal Health Corp		27
1,321	*,e	Pieris Pharmaceuticals, Inc		7
1,961	*	Portola Pharmaceuticals, Inc		110
1,513	*	PRA Health Sciences, Inc		113
2,080	*	Prestige Brands Holdings, Inc		110
2,427	*	Progenics Pharmaceuticals, Inc		16
282	*	Protagonist Therapeutics, Inc		3
1,437	*,e	Prothena Corp plc		78
1,436	*	PTC Therapeutics, Inc		26
1,119	*	Puma Biotechnology, Inc		98
8,962		QIAGEN NV		300
4,971	*	Quintiles Transnational Holdings, Inc		445
442	*	Ra Pharmaceuticals, Inc		8
1,455	*,e	Radius Health, Inc		66
341	*	Reata Pharmaceuticals, Inc		11
456	*	Recro Pharma, Inc		3
3,072	*	Regeneron Pharmaceuticals, Inc		1,509
1,062	*	REGENXBIO, Inc		21
1,344	*	Repligen Corp		56
1,469	*	Retrophin, Inc		28
879	*	Revance Therapeutics, Inc		23
4,657	*	Rigel Pharmaceuticals, Inc		13

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,343	*	Sage Therapeutics, Inc	$	107
2,773	*	Sangamo Biosciences, Inc		24
2,006	*	Sarepta Therapeutics, Inc		68
2,282	*	Sciclone Pharmaceuticals, Inc		25
3,768	*	Seattle Genetics, Inc		195
474	*	Selecta Biosciences, Inc		9
745	*,e	Seres Therapeutics, Inc		8
897	*	Spark Therapeutics, Inc		54
2,652	*	Spectrum Pharmaceuticals, Inc		20
834	*	Stemline Therapeutics, Inc		8
807	*	Strongbridge Biopharma plc		6
1,048	*	Sucampo Pharmaceuticals, Inc (Class A)		11
1,839	*	Supernus Pharmaceuticals, Inc		79
359	*	Syndax Pharmaceuticals, Inc		5
8,840	*,e	Synergy Pharmaceuticals, Inc		39
496	*	Syros Pharmaceuticals, Inc		8
1,333	*,e	Teligent, Inc		12
1,448	*	TESARO, Inc		203
1,526	*	Tetraphase Pharmaceuticals, Inc		11
1,870	*,e	TG Therapeutics, Inc		19
5,906	*,e	TherapeuticsMD, Inc		31
1,625	*	Theravance Biopharma, Inc		65
15,295		Thermo Fisher Scientific, Inc		2,669
390	*,m	Tobira Therapeutics, Inc		5
332	*	Tocagen, Inc		4
1,790	*	Trevena, Inc		4
1,517	*	Ultragenyx Pharmaceutical, Inc		94
1,741	*	United Therapeutics Corp		226
1,691	*	Vanda Pharmaceuticals, Inc		28
907	*,e	VBI Vaccines, Inc		4
594	*	Veracyte, Inc		5
1,272	*	Versartis, Inc		22
9,747	*	Vertex Pharmaceuticals, Inc		1,256
484	*	Voyager Therapeutics, Inc		4
3,326	*	VWR Corp		110
2,990	*	Waters Corp		550
475	*	WaVe Life Sciences Pte Ltd		9
663	*,e	XBiotech, Inc		3
1,460	*	Xencor Inc		31
4,815	*,e	ZIOPHARM Oncology, Inc		30
19,234		Zoetis, Inc		1,200
845	*	Zogenix, Inc		12
430	*,e	Zynerba Pharmaceuticals, Inc		7
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		82,136
REAL ESTATE - 4.1%
3,250		Acadia Realty Trust		90
943		Agree Realty Corp		43
1,789		Alexander & Baldwin, Inc		74
87		Alexander’s, Inc		37
3,523		Alexandria Real Estate Equities, Inc		424
466	*,e	Altisource Portfolio Solutions S.A.		10
1,944		Altisource Residential Corp		25

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,599		American Assets Trust,Inc	$	63
5,246		American Campus Communities, Inc		248
8,855		American Homes 4 Rent		200
16,557		American Tower Corp		2,191
6,168		Apartment Investment & Management Co (Class A)		265
8,081		Apple Hospitality REIT, Inc		151
1,658		Armada Hoffler Properties, Inc		21
1,249		Ashford Hospitality Prime, Inc		13
3,090		Ashford Hospitality Trust, Inc		19
454	*	AV Homes, Inc		9
5,400		AvalonBay Communities, Inc		1,038
769		Bluerock Residential Growth REIT, Inc		10
6,042		Boston Properties, Inc		743
6,772		Brandywine Realty Trust		119
11,939		Brixmor Property Group, Inc		213
3,382		Camden Property Trust		289
3,266		Care Capital Properties, Inc		87
2,763		CareTrust REIT, Inc		51
1,667		CatchMark Timber Trust Inc		19
6,537	e	CBL & Associates Properties, Inc		55
11,486	*	CBRE Group, Inc		418
3,595		Cedar Realty Trust, Inc		17
1,449		Chatham Lodging Trust		29
2,308		Chesapeake Lodging Trust		56
1,087		City Office REIT, Inc		14
544		Clipper Realty, Inc		7
21,053		Colony NorthStar, Inc		297
3,925		Colony Starwood Homes		135
4,776		Columbia Property Trust, Inc		107
498		Community Healthcare Trust, Inc		13
159		Consolidated-Tomoka Land Co		9
4,609		CoreCivic, Inc		127
419		CorEnergy Infrastructure Trust, Inc		14
1,335		Coresite Realty		138
3,896		Corporate Office Properties Trust		136
16,091		Cousins Properties, Inc		141
14,307		Crown Castle International Corp		1,433
7,123		CubeSmart		171
3,383		CyrusOne, Inc		189
3,638		DCT Industrial Trust, Inc		194
12,102		DDR Corp		110
7,801		DiamondRock Hospitality Co		85
6,244		Digital Realty Trust, Inc		705
5,662		Douglas Emmett, Inc		216
13,997		Duke Realty Corp		391
3,070		DuPont Fabros Technology, Inc		188
1,340		Easterly Government Properties, Inc		28
1,286		EastGroup Properties, Inc		108
2,840		Education Realty Trust, Inc		110
5,016		Empire State Realty Trust, Inc		104
2,455		Entertainment Properties Trust		176
3,042		Equinix, Inc		1,306
4,669	*	Equity Commonwealth		148

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,181		Equity Lifestyle Properties, Inc	$	275
13,990		Equity Residential		921
2,558		Essex Property Trust, Inc		658
4,746		Extra Space Storage, Inc		370
967	e	Farmland Partners, Inc		9
2,807		Federal Realty Investment Trust		355
5,035		FelCor Lodging Trust, Inc		36
4,527		First Industrial Realty Trust, Inc		130
2,237		First Potomac Realty Trust		25
8,966		Forest City Realty Trust, Inc		217
1,479	*	Forestar Group, Inc		25
2,420		Four Corners Property Trust, Inc		61
4,124		Franklin Street Properties Corp		46
309	*	FRP Holdings, Inc		14
7,699		Gaming and Leisure Properties, Inc		290
4,728		Geo Group, Inc		140
1,064		Getty Realty Corp		27
23,995		GGP, Inc		565
881		Gladstone Commercial Corp		19
547	e	Global Medical REIT, Inc		5
2,475	*	Global Net Lease, Inc		55
2,836		Government Properties Income Trust		52
5,894		Gramercy Property Trust		175
18,421		HCP, Inc		589
4,494		Healthcare Realty Trust, Inc		153
7,668		Healthcare Trust of America, Inc		239
1,493		Hersha Hospitality Trust		28
1,412		HFF, Inc (Class A)		49
3,908		Highwoods Properties, Inc		198
6,332		Hospitality Properties Trust		185
28,532		Host Marriott Corp		521
1,318	*	Howard Hughes Corp		162
6,080		Hudson Pacific Properties		208
2,619		Independence Realty Trust, Inc		26
4,600		Investors Real Estate Trust		29
3,361		Invitation Homes, Inc		73
10,280		Iron Mountain, Inc		353
2,674	*	iStar Financial, Inc		32
322		Jernigan Capital, Inc		7
1,760		Jones Lang LaSalle, Inc		220
3,233		Kennedy-Wilson Holdings, Inc		62
3,767		Kilroy Realty Corp		283
16,000		Kimco Realty Corp		294
3,243		Kite Realty Group Trust		61
3,232		Lamar Advertising Co		238
4,394		LaSalle Hotel Properties		131
8,402		Lexington Realty Trust		83
5,755		Liberty Property Trust		234
1,802		Life Storage, Inc		134
1,530		LTC Properties, Inc		79
5,384		Macerich Co		313
3,534		Mack-Cali Realty Corp		96
569	*	Marcus & Millichap, Inc		15

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY		VALUE (000)
231	*	Maui Land & Pineapple Co, Inc		$	5
996		MedEquities Realty Trust, Inc			13
14,060		Medical Properties Trust, Inc			181
4,427		Mid-America Apartment Communities, Inc			467
2,597		Monmouth Real Estate Investment Corp (Class A)			39
6,578		Monogram Residential Trust, Inc			64
1,549		National Health Investors, Inc			123
5,838		National Retail Properties, Inc			228
1,700		National Storage Affiliates Trust			39
3,164		New Senior Investment Group, Inc			32
662		NexPoint Residential Trust, Inc			16
2,094		NorthStar Realty Europe Corp			27
7,596		Omega Healthcare Investors, Inc			251
567		One Liberty Properties, Inc			13
5,413		Outfront Media, Inc			125
7,621		Paramount Group, Inc			122
5,016		Park Hotels & Resorts, Inc			135
1,763		Parkway, Inc			40
2,664		Pebblebrook Hotel Trust			86
2,702		Pennsylvania REIT			31
5,940		Physicians Realty Trust			120
5,677		Piedmont Office Realty Trust, Inc			120
1,554		Potlatch Corp			71
1,043		Preferred Apartment Communities, Inc			16
20,624		Prologis, Inc	��		1,209
762		PS Business Parks, Inc			101
5,807		Public Storage, Inc			1,211
1,829		QTS Realty Trust, Inc			96
3,795	*	Quality Care Properties, Inc			69
3,606		RAIT Investment Trust			8
3,057		Ramco-Gershenson Properties			39
4,991		Rayonier, Inc			144
732		Re/Max Holdings, Inc			41
5,305		Realogy Holdings Corp			172
10,691		Realty Income Corp			590
5,824		Regency Centers Corp			365
4,204		Retail Opportunities Investment Corp			81
9,278		Retail Properties of America, Inc			113
2,561		Rexford Industrial Realty, Inc			70
4,790		RLJ Lodging Trust			95
283		RMR Group, Inc			14
1,712		Ryman Hospitality Properties			110
2,495		Sabra Healthcare REIT, Inc			60
392		Saul Centers, Inc			23
4,707	*	SBA Communications Corp			635
2,564		Select Income REIT			62
9,263		Senior Housing Properties Trust			189
990	e	Seritage Growth Properties			42
12,205		Simon Property Group, Inc			1,974
3,877		SL Green Realty Corp			410
18,856		Spirit Realty Capital, Inc			140
1,876	*	St. Joe Co			35
3,470	*	STAG Industrial, Inc			96

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,501		STORE Capital Corp	$	146
218		Stratus Properties, Inc		6
3,928		Summit Hotel Properties, Inc		73
2,801		Sun Communities, Inc		246
8,527		Sunstone Hotel Investors, Inc		137
3,676		Tanger Factory Outlet Centers, Inc		96
2,340		Taubman Centers, Inc		139
695	*	Tejon Ranch Co		14
1,821		Terreno Realty Corp		61
1,934		Tier REIT, Inc		36
761	*	Trinity Place Holdings, Inc		5
10,443		UDR, Inc		407
994		UMH Properties, Inc		17
6,462		Uniti Group, Inc		162
496		Universal Health Realty Income Trust		39
3,855		Urban Edge Properties		91
1,188		Urstadt Biddle Properties, Inc (Class A)		24
13,873		Ventas, Inc		964
38,221		VEREIT, Inc		311
6,739		Vornado Realty Trust		633
7,181		Washington Prime Group, Inc		60
3,060		Washington REIT		98
4,685		Weingarten Realty Investors		141
14,344		Welltower, Inc		1,074
29,176		Weyerhaeuser Co		977
1,293	e	Whitestone REIT		16
4,118		WP Carey, Inc		272
4,278		Xenia Hotels & Resorts, Inc		83
		TOTAL REAL ESTATE		40,278
RETAILING - 4.9%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		12
2,429		Aaron’s, Inc		94
2,820		Abercrombie & Fitch Co (Class A)		35
2,788		Advance Auto Parts, Inc		325
15,570	*	Amazon.com, Inc		15,072
6,324		American Eagle Outfitters, Inc		76
367	*,e	America’s Car-Mart, Inc		14
727	*	Asbury Automotive Group, Inc		41
164	*	At Home Group, Inc		4
2,501	*	Autonation, Inc		105
1,112	*	AutoZone, Inc		634
1,364	*	Barnes & Noble Education, Inc		15
2,159		Barnes & Noble, Inc		16
5,381		Bed Bath & Beyond, Inc		164
10,331		Best Buy Co, Inc		592
824	e	Big 5 Sporting Goods Corp		11
1,715		Big Lots, Inc		83
517	*	Boot Barn Holdings, Inc		4
1,023	e	Buckle, Inc		18
512	*	Build-A-Bear Workshop, Inc		5
2,706	*	Burlington Stores, Inc		249
1,981	*	Cabela’s, Inc		118

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,517		Caleres, Inc	$	42
437		Camping World Holdings, Inc		13
7,229	*	Carmax, Inc		456
575	*,e	Carvana Co		12
966		Cato Corp (Class A)		17
4,716		Chico’s FAS, Inc		44
670		Children’s Place Retail Stores, Inc		68
619		Citi Trends, Inc		13
708	*	Conn’s, Inc		14
764	*	Container Store Group, Inc		5
1,858		Core-Mark Holding Co, Inc		61
3,329		Dick’s Sporting Goods, Inc		133
590	e	Dillard’s, Inc (Class A)		34
10,773		Dollar General Corp		777
8,968	*	Dollar Tree, Inc		627
2,574		DSW, Inc (Class A)		46
404	*,e	Duluth Holdings, Inc		7
4,286	*	Etsy, Inc		64
4,725		Expedia, Inc		704
3,087	*	Express Parent LLC		21
1,519		Finish Line, Inc (Class A)		22
2,096	*	Five Below, Inc		103
405	*	Floor & Decor Holdings, Inc		16
5,107		Foot Locker, Inc		252
1,652	*	Francesca’s Holdings Corp		18
1,409	e	Fred’s, Inc (Class A)		13
724	*	FTD Cos, Inc		14
322	*	Gaia, Inc		4
3,829		GameStop Corp (Class A)		83
9,382		Gap, Inc		206
737	*	Genesco, Inc		25
5,622		Genuine Parts Co		521
2,663	e	GNC Holdings, Inc		22
787		Group 1 Automotive, Inc		50
13,160	*	Groupon, Inc		51
2,487		Guess?, Inc		32
715		Haverty Furniture Cos, Inc		18
948	*	Hibbett Sports, Inc		20
47,086		Home Depot, Inc		7,223
1,263		HSN, Inc		40
437	*	J. Jill, Inc		5
12,004	*,e	JC Penney Co, Inc		56
705	*	Kirkland’s, Inc		7
6,723		Kohl’s Corp		260
9,393		L Brands, Inc		506
487	*,e	Lands’ End, Inc		7
2,114	*	Liberty Expedia Holdings, Inc		114
16,138	*	Liberty Interactive Corp		396
3,006	*	Liberty TripAdvisor Holdings, Inc		35
3,088	*	Liberty Ventures		161
908		Lithia Motors, Inc (Class A)		86
12,079	*	LKQ Corp		398
33,607		Lowe’s Companies, Inc		2,606

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,099	*,e	Lumber Liquidators, Inc	$	28
11,947		Macy’s, Inc		278
1,129	*	MarineMax, Inc		22
4,461	*	Michaels Cos, Inc		83
1,185		Monro Muffler, Inc		49
1,357	*	Murphy USA, Inc		101
16,067	*	NetFlix, Inc		2,401
4,562	e	Nordstrom, Inc		218
1,156		Nutri/System, Inc		60
19,657		Office Depot, Inc		111
1,846	*	Ollie’s Bargain Outlet Holdings, Inc		79
3,506	*	O’Reilly Automotive, Inc		767
567	*	Overstock.com, Inc		9
1,066	*,e	Party City Holdco, Inc		17
1,385		Penske Auto Group, Inc		61
765	e	PetMed Express, Inc		31
3,298		Pier 1 Imports, Inc		17
1,923	*	Priceline.com, Inc		3,597
1,673	e	Rent-A-Center, Inc		20
1,378	*,e	RH		89
15,022		Ross Stores, Inc		867
5,321	*	Sally Beauty Holdings, Inc		108
1,596	*	Select Comfort Corp		57
576		Shoe Carnival, Inc		12
1,315	*	Shutterfly, Inc		62
2,675	e	Signet Jewelers Ltd		169
1,157		Sonic Automotive, Inc (Class A)		23
1,434	*,e	Sportsman’s Warehouse Holdings, Inc		8
25,536		Staples, Inc		257
1,859	e	Tailored Brands, Inc		21
21,634		Target Corp		1,131
4,221		Tiffany & Co		396
1,314		Tile Shop Holdings, Inc		27
432		Tilly’s, Inc		4
25,245		TJX Companies, Inc		1,822
5,032		Tractor Supply Co		273
4,356	*	TripAdvisor, Inc		166
2,311	*	Ulta Beauty, Inc		664
3,362	*	Urban Outfitters, Inc		62
990	*	Vitamin Shoppe, Inc		12
1,500	*	Wayfair, Inc		115
640		West Marine, Inc		8
3,375		Williams-Sonoma, Inc		164
94		Winmark Corp		12
686	*	Zumiez, Inc		8
		TOTAL RETAILING		48,701
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.4%
716	*,e	Acacia Communications, Inc		30
1,546	*	Advanced Energy Industries, Inc		100
32,226	*	Advanced Micro Devices, Inc		402
844	*	Alpha & Omega Semiconductor Ltd		14
1,266	*,e	Ambarella, Inc		61

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,751	*	Amkor Technology, Inc	$	37
14,150		Analog Devices, Inc		1,101
42,297		Applied Materials, Inc		1,747
1,183	*	Axcelis Technologies, Inc		25
1,452	*	AXT, Inc		9
15,628		Broadcom Ltd		3,642
2,689		Brooks Automation, Inc		58
961		Cabot Microelectronics Corp		71
2,572	*	Cavium, Inc		160
839	*	Ceva, Inc		38
2,507	*	Cirrus Logic, Inc		157
1,050		Cohu, Inc		16
3,781	*	Cree, Inc		93
248	*	CyberOptics Corp		5
12,862		Cypress Semiconductor Corp		176
1,498	*	Diodes, Inc		36
845	*	DSP Group, Inc		10
5,537	*	Entegris, Inc		122
3,179	*	First Solar, Inc		127
2,989	*	Formfactor, Inc		37
500	*	GSI Technology, Inc		4
445	*	Ichor Holdings Ltd		9
705	*,e	Impinj, Inc		34
1,603	*	Inphi Corp		55
5,139	*	Integrated Device Technology, Inc		133
184,719		Intel Corp		6,233
965		IXYS Corp		16
6,140		Kla-Tencor Corp		562
2,498	*	Kopin Corp		9
6,310		Lam Research Corp		892
5,097	*	Lattice Semiconductor Corp		34
1,568	*	MA-COM Technology Solutions		87
15,744		Marvell Technology Group Ltd		260
10,958		Maxim Integrated Products, Inc		492
2,280	*	MaxLinear, Inc		64
8,293		Microchip Technology, Inc		640
40,932	*	Micron Technology, Inc		1,222
4,508	*	Microsemi Corp		211
2,066		MKS Instruments, Inc		139
1,572		Monolithic Power Systems, Inc		152
1,014	*	Nanometrics, Inc		26
1,216	*,e	NeoPhotonics Corp Ltd		9
192		NVE Corp		15
22,274		NVIDIA Corp		3,220
13,043	*	NXP Semiconductors NV		1,428
16,325	*	ON Semiconductor Corp		229
1,181	*	PDF Solutions, Inc		19
2,703	*	Photronics, Inc		25
1,047	*	Pixelworks, Inc		5
1,113		Power Integrations, Inc		81
4,953	*	Qorvo, Inc		314
57,904		Qualcomm, Inc		3,197
4,243	*	Rambus, Inc		48

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,221	*	Rudolph Technologies, Inc	$	28
2,520	*	Semtech Corp		90
1,460	*	Sigma Designs, Inc		9
1,625	*	Silicon Laboratories, Inc		111
7,221		Skyworks Solutions, Inc		693
2,299	*,e	SunPower Corp		21
7,814		Teradyne, Inc		235
39,103		Texas Instruments, Inc		3,008
1,266	*	Ultra Clean Holdings		24
1,833	*	Veeco Instruments, Inc		51
4,186		Versum Materials, Inc		136
2,114	*	Xcerra Corp		21
9,741		Xilinx, Inc		627
1,849		Xperi Corp		55
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		33,247
SOFTWARE & SERVICES - 12.7%
1,702	*	2U, Inc		80
3,462	*	8x8, Inc		50
1,883	*	A10 Networks, Inc		16
24,305		Accenture plc		3,006
4,522	*	ACI Worldwide, Inc		101
28,962		Activision Blizzard, Inc		1,667
1,196	*	Actua Corp		17
3,018	*	Acxiom Corp		78
19,344	*	Adobe Systems, Inc		2,736
6,593	*	Akamai Technologies, Inc		328
792	*	Alarm.com Holdings, Inc		30
1,900		Alliance Data Systems Corp		488
11,664	*	Alphabet, Inc (Class A)		10,844
11,849	*	Alphabet, Inc (Class C)		10,768
345	*	Alteryx, Inc		7
781	*	Amber Road, Inc		7
5,686		Amdocs Ltd		366
1,091	*	American Software, Inc (Class A)		11
1,584	*,e	Angie’s List, Inc		20
3,344	*	Ansys, Inc		407
244	*	Appfolio, Inc		8
679	*	Apptio, Inc		12
2,929	*	Aspen Technology, Inc		162
2,857	*	Atlassian Corp plc		100
8,130	*	Autodesk, Inc		820
17,530		Automatic Data Processing, Inc		1,796
1,988	*	Bankrate, Inc		26
898	*	Barracuda Networks, Inc		21
3,330	*	Bazaarvoice, Inc		16
613	*,e	Benefitfocus, Inc		22
1,120	*,e	Black Knight Financial Services, Inc		46
1,852		Blackbaud, Inc		159
2,122	*	Blackhawk Network Holdings, Inc		92
433	*	Blackline, Inc		15
1,604	*	Blucora, Inc		34
5,706		Booz Allen Hamilton Holding Co		186

48

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,563	*	Bottomline Technologies, Inc	$	40
3,062	*	Box, Inc		56
1,247	*	Brightcove, Inc		8
4,595		Broadridge Financial Solutions, Inc		347
1,199	*	BroadSoft, Inc		52
12,264		CA, Inc		423
946	*	CACI International, Inc (Class A)		118
10,847	*	Cadence Design Systems, Inc		363
2,494	*	Callidus Software, Inc		60
960	*	Carbonite, Inc		21
589	*,e	CardConnect Corp		9
1,770	*	Cardtronics plc		58
534	*	Care.com, Inc		8
2,801	*,e	Cars.com, Inc		75
437		Cass Information Systems, Inc		29
5,282		CDK Global, Inc		328
921	*	ChannelAdvisor Corp		11
974	*,e	Cimpress NV		92
5,918	*	Citrix Systems, Inc		471
514	*,e	Cloudera, Inc		8
22,909		Cognizant Technology Solutions Corp (Class A)		1,521
1,101	*	CommerceHub, Inc		19
550	*	CommerceHub, Inc (Series A)		10
1,509	*	Commvault Systems, Inc		85
7,418	*	Conduent, Inc		118
3,726		Convergys Corp		89
2,077	*	Cornerstone OnDemand, Inc		74
1,257	*	CoStar Group, Inc		331
1,159	*,e	Coupa Software, Inc		34
1,299		CSG Systems International, Inc		53
6,290		CSRA, Inc		200
8,025	*	Dell Technologies, Inc-VMware Inc		490
1,843	*	DHI Group, Inc		5
335	*,e	Digimarc Corp		13
2,395		DST Systems, Inc		148
11,082	*	DXC Technology Co		850
39,663	*	eBay, Inc		1,385
927	e	Ebix, Inc		50
11,737	*	Electronic Arts, Inc		1,241
1,316	*	Ellie Mae, Inc		145
2,483	*	Endurance International Group Holdings, Inc		21
1,037	*	EnerNOC, Inc		8
1,657	*	Envestnet, Inc		66
1,908	*	EPAM Systems, Inc		160
1,952	*	Euronet Worldwide, Inc		171
662	*	Everbridge, Inc		16
2,472	*	Everi Holdings, Inc		18
2,375		EVERTEC, Inc		41
544	*	EXA Corp		7
1,241	*	ExlService Holdings, Inc		69
91,465	*	Facebook, Inc		13,809
1,192		Fair Isaac Corp		166
12,859		Fidelity National Information Services, Inc		1,098

49

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,880	*	FireEye, Inc	$	105
3,306	*	First American Corp		143
14,439	*	First Data Corp		263
8,303	*	Fiserv, Inc		1,016
2,029	*	Five9, Inc		44
3,593	*	FleetCor Technologies, Inc		518
381		Forrester Research, Inc		15
5,752	*	Fortinet, Inc		215
3,425	*	Gartner, Inc		423
5,261		Genpact Ltd		146
1,400	*	Gigamon, Inc		55
5,943		Global Payments, Inc		537
315	*	Global Sources Ltd		6
5,108	*	Glu Mobile, Inc		13
3,065	*	GoDaddy, Inc		130
2,248	*,e	Gogo, Inc		26
3,333	*	GrubHub, Inc		145
1,166	*	GTT Communications, Inc		37
680	*	Guidance Software, Inc		4
2,905	*	Guidewire Software, Inc		200
1,077		Hackett Group, Inc		17
1,639	*	Hortonworks, Inc		21
1,304	*	HubSpot, Inc		86
2,708	*	IAC/InterActiveCorp		280
1,304	*	Imperva, Inc		62
1,377	*	Information Services Group, Inc		6
825	*	Instructure, Inc		24
3,160	*,e	Internap Network Services Corp		12
33,673		International Business Machines Corp		5,180
9,535		Intuit, Inc		1,266
1,794		j2 Global, Inc		153
3,038		Jack Henry & Associates, Inc		316
487	*	Leaf Group Ltd		4
5,555		Leidos Holdings, Inc		287
3,363	*	Limelight Networks, Inc		10
1,143	*	Liquidity Services, Inc		7
2,140	*	Liveperson, Inc		24
2,029		LogMeIn, Inc		212
2,696	*	Manhattan Associates, Inc		130
1,025		Mantech International Corp (Class A)		42
36,949		MasterCard, Inc (Class A)		4,487
1,373	*	Match Group, Inc		24
2,490		MAXIMUS, Inc		156
2,453	*	Meet Group, Inc		12
293,932		Microsoft Corp		20,261
367	*	MicroStrategy, Inc (Class A)		70
1,433	*	MINDBODY, Inc		39
1,253	*	Mitek Systems, Inc		11
1,693	*	MobileIron, Inc		10
844	*	Model N, Inc		11
1,065	*	MoneyGram International, Inc		18
1,609		Monotype Imaging Holdings, Inc		29
570	*	MuleSoft, Inc		14

50

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
216		NCI, Inc (Class A)	$	5
2,113	*	NeuStar, Inc (Class A)		70
1,138	*	New Relic, Inc		49
2,596		NIC, Inc		49
11,208	*	Nuance Communications, Inc		195
1,354	*,e	Nutanix, Inc		27
446	*	Okta, Inc		10
545	*,e	Ominto, Inc		8
112,712		Oracle Corp		5,651
9,063	*,e	Pandora Media, Inc		81
444	*,e	Park City Group, Inc		5
12,536		Paychex, Inc		714
1,911	*	Paycom Software, Inc		131
1,003	*	Paylocity Holding Corp		45
44,370	*	PayPal Holdings, Inc		2,381
1,438		Pegasystems, Inc		84
1,320	*	Perficient, Inc		25
1,710	*	Planet Payment, Inc		6
707	*	Presidio, Inc		10
1,791		Progress Software Corp		55
1,685	*	Proofpoint, Inc		146
1,099	*	PROS Holdings, Inc		30
4,489	*	PTC, Inc		247
1,206	*	Q2 Holdings, Inc		45
400		QAD, Inc (Class A)		13
1,213	*	Qualys, Inc		49
1,192	*	QuinStreet, Inc		5
2,851	*	Quotient Technology, Inc		33
809	*	Rapid7, Inc		14
1,085	*	RealNetworks, Inc		5
2,285	*	RealPage, Inc		82
6,945	*	Red Hat, Inc		665
393		Reis, Inc		8
390	*	Rightside Group Ltd		4
2,430	*	RingCentral, Inc		89
1,423	*	Rocket Fuel, Inc		4
750	*	Rosetta Stone, Inc		8
1,562	*	Rubicon Project, Inc		8
8,252		Sabre Corp		180
26,480	*	salesforce.com, Inc		2,293
1,738		Science Applications International Corp		121
257	*,e	SecureWorks Corp		2
6,536	*	ServiceNow, Inc		693
2,827	*	ServiceSource International LLC		11
719	*	Shutterstock, Inc		32
1,525	*	Silver Spring Networks, Inc		17
5,383	*	Splunk, Inc		306
690	*	SPS Commerce, Inc		44
8,664	*	Square, Inc		203
6,722		SS&C Technologies Holdings, Inc		258
618	*,e	Stamps.com, Inc		96
352	*	StarTek, Inc		4
1,511	*	Sykes Enterprises, Inc		51

51

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
24,090		Symantec Corp	$	681
1,690	*	Synchronoss Technologies, Inc		28
5,858	*	Synopsys, Inc		427
1,329		Syntel, Inc		23
2,342	*	Tableau Software, Inc		143
3,882	*	Take-Two Interactive Software, Inc		285
708	*	TechTarget, Inc		7
834	*	TeleNav, Inc		7
541		TeleTech Holdings, Inc		22
5,039	*	Teradata Corp		149
4,511		TiVo Corp		84
7,092		Total System Services, Inc		413
674	*	Trade Desk, Inc		34
4,786		Travelport Worldwide Ltd		66
2,406	*	TrueCar, Inc		48
349	*,e	Tucows, Inc		19
2,425	*,e	Twilio, Inc		71
26,135	*	Twitter, Inc		467
1,348	*	Tyler Technologies, Inc		237
1,115	*	Ultimate Software Group, Inc		234
2,160	*,e	Unisys Corp		28
265	*	Upland Software, Inc		6
6,275	*	Vantiv, Inc		397
743	*	Varonis Systems, Inc		28
1,227	*	Vasco Data Security International		18
2,429	*	Verint Systems, Inc		99
3,436	*	VeriSign, Inc		319
2,063	*,e	VirnetX Holding Corp		9
1,072	*	Virtusa Corp		31
72,456		Visa, Inc (Class A)		6,795
2,801	*,e	VMware, Inc (Class A)		245
1,457	*	WebMD Health Corp (Class A)		85
1,495	*	Website Pros, Inc		38
18,469		Western Union Co		352
1,532	*	WEX, Inc		160
5,096	*	Workday, Inc		494
912	*	Workiva, Inc		17
929	*	Xactly Corp		15
886	*	XO Group, Inc		16
3,020	*	Yelp, Inc		91
452	*,e	Yext, Inc		6
3,760	*	Zendesk, Inc		104
2,077	*	Zillow Group, Inc		101
4,117	*	Zillow Group, Inc (Class C)		202
2,044	*	Zix Corp		12
30,167	*	Zynga, Inc		110
		TOTAL SOFTWARE & SERVICES		125,542
TECHNOLOGY HARDWARE & EQUIPMENT - 5.3%
4,245	*,e	3D Systems Corp		79
1,869		Adtran, Inc		39
932	*	Aerohive Networks, Inc		5
596	*	Agilysys, Inc		6

52

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
11,682		Amphenol Corp (Class A)	$	862
1,131	*	Anixter International, Inc		88
204,473		Apple, Inc		29,448
712	*,e	Applied Optoelectronics, Inc		44
2,066	*	Arista Networks, Inc		309
7,042	*	ARRIS International plc		197
3,457	*	Arrow Electronics, Inc		271
1,363	*	Avid Technology, Inc		7
4,866		Avnet, Inc		189
1,630		AVX Corp		27
1,096		Badger Meter, Inc		44
429		Bel Fuse, Inc (Class B)		11
1,632		Belden CDT, Inc		123
1,932	*	Benchmark Electronics, Inc		62
15,786		Brocade Communications Systems, Inc		199
1,369	*	CalAmp Corp		28
1,907	*	Calix, Inc		13
5,990		CDW Corp		375
5,590	*	Ciena Corp		140
196,433		Cisco Systems, Inc		6,148
522	*	Clearfield, Inc		7
3,245		Cognex Corp		276
954	*	Coherent, Inc		215
7,423	*	CommScope Holding Co, Inc		282
784		Comtech Telecommunications Corp		15
938	*	Control4 Corp		18
35,489		Corning, Inc		1,066
1,568	*	Cray, Inc		29
1,256		CTS Corp		27
1,609		Daktronics, Inc		15
2,906		Diebold, Inc		81
1,019	*	Digi International, Inc		10
2,138		Dolby Laboratories, Inc (Class A)		105
789	*	Eastman Kodak Co		7
1,847	*	EchoStar Corp (Class A)		112
1,199	*	Electro Scientific Industries, Inc		10
1,788	*	Electronics for Imaging, Inc		85
1,103		EMCORE Corp		12
518	*	ePlus, Inc		38
4,537	*	Extreme Networks, Inc		42
2,532	*	F5 Networks, Inc		322
1,440	*	Fabrinet		61
655	*	FARO Technologies, Inc		25
4,415	*	Finisar Corp		115
6,696	*,e	Fitbit, Inc		36
5,311		Flir Systems, Inc		184
3,142	*	Harmonic, Inc		16
4,764		Harris Corp		520
64,942		Hewlett Packard Enterprise Co		1,077
66,374		HP, Inc		1,160
2,439	*	II-VI, Inc		84
1,305	*	Immersion Corp		12
5,792	*	Infinera Corp		62

53

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,383	*	Insight Enterprises, Inc	$	55
1,347		InterDigital, Inc		104
735	*	Intevac, Inc		8
1,406	*	IPG Photonics Corp		204
944	*	Iteris, Inc		6
1,329	*	Itron, Inc		90
6,973		Jabil Circuit, Inc		204
14,449		Juniper Networks, Inc		403
1,750	*	Kemet Corp		22
7,216	*	Keysight Technologies, Inc		281
1,038	*	Kimball Electronics, Inc		19
3,427	*	Knowles Corp		58
758	*	KVH Industries, Inc		7
875		Littelfuse, Inc		144
2,352	*	Lumentum Holdings, Inc		134
1,366	*	Maxwell Technologies, Inc		8
126		Mesa Laboratories, Inc		18
1,398		Methode Electronics, Inc		58
2,561	*,e	Microvision, Inc		5
6,393		Motorola, Inc		555
632		MTS Systems Corp		33
428	*	Napco Security Technologies, Inc		4
4,043		National Instruments Corp		163
4,702	*	NCR Corp		192
10,563		NetApp, Inc		423
1,274	*	Netgear, Inc		55
3,375	*	Netscout Systems, Inc		116
1,269	*	Novanta, Inc		46
6,405	*,e	Oclaro, Inc		60
673	*	OSI Systems, Inc		51
3,482	*	Palo Alto Networks, Inc		466
766		Park Electrochemical Corp		14
430		PC Connection, Inc		12
372	*	PC Mall, Inc		7
1,300		Plantronics, Inc		68
1,309	*	Plexus Corp		69
3,625	*	Pure Storage, Inc		46
807	*	Quantenna Communications, Inc		15
1,091	*	Quantum Corp		9
1,483	*	Radisys Corp		6
701	*	Rogers Corp		76
2,856	*	Sanmina Corp		109
958	*	Scansource, Inc		39
2,605	*	ShoreTel, Inc		15
2,205	*	Sonus Networks, Inc		16
1,939	*	Stratasys Ltd		45
1,554	*	Super Micro Computer, Inc		38
1,338	*	Synaptics, Inc		69
1,121		SYNNEX Corp		134
461		Systemax, Inc		9
1,361	*	Tech Data Corp		137
9,805	*	Trimble Navigation Ltd		350
3,576	*	TTM Technologies, Inc		62

54

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
905	*,e	Ubiquiti Networks, Inc	$	47
1,630		Universal Display Corp		178
1,586	*	USA Technologies, Inc		8
4,353	*	VeriFone Systems, Inc		79
2,057	*	Viasat, Inc		136
8,882	*	Viavi Solutions, Inc		94
5,245		Vishay Intertechnology, Inc		87
398	*	Vishay Precision Group, Inc		7
11,403		Western Digital Corp		1,010
8,969		Xerox Corp		258
2,046	*	Zebra Technologies Corp (Class A)		206
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		52,287
TELECOMMUNICATION SERVICES - 2.0%
241,085		AT&T, Inc		9,096
373		ATN International, Inc		26
1,565	*	Boingo Wireless, Inc		23
21,000	e	CenturyLink, Inc		502
1,724	*	Cincinnati Bell, Inc		34
1,599		Cogent Communications Group, Inc		64
1,954	e	Consolidated Communications Holdings, Inc		42
867	*	Fairpoint Communications, Inc		14
46,387	e	Frontier Communications Corp		54
1,059	*	General Communication, Inc (Class A)		39
17,030	*,e	Globalstar, Inc		36
235	*	Hawaiian Telcom Holdco, Inc		6
609		IDT Corp (Class B)		9
1,272	*	Intelsat S.A.		4
2,990	*,e	Iridium Communications, Inc		33
11,561	*	Level 3 Communications, Inc		686
757	*	Lumos Networks Corp		14
661	*	Ooma, Inc		5
2,552	*	Orbcomm, Inc		29
410	*,e	pdvWireless, Inc		10
1,811		Shenandoah Telecom Co		56
859		Spok Holdings, Inc		15
24,656	*	Sprint Corp		202
336	*	Straight Path Communications, Inc		60
3,834		Telephone & Data Systems, Inc		106
11,436	*	T-Mobile US, Inc		693
580	*	US Cellular Corp		22
160,053		Verizon Communications, Inc		7,148
7,849	*	Vonage Holdings Corp		51
7,823	e	Windstream Holdings, Inc		30
7,262	*	Zayo Group Holdings, Inc		224
		TOTAL TELECOMMUNICATION SERVICES		19,333
TRANSPORTATION - 2.1%
2,138	*	Air Transport Services Group, Inc		47
4,686		Alaska Air Group, Inc		421
502		Allegiant Travel Co		68
196		Amerco, Inc		72
17,435		American Airlines Group, Inc		877

55

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,131		Arkansas Best Corp	$	23
913	*	Atlas Air Worldwide Holdings, Inc		48
3,035	*	Avis Budget Group, Inc		83
5,490		CH Robinson Worldwide, Inc		377
1,212		Copa Holdings S.A. (Class A)		142
1,032		Costamare, Inc		8
452	*	Covenant Transportation Group, Inc		8
34,464		CSX Corp		1,880
763	*	Daseke, Inc		9
26,455		Delta Air Lines, Inc		1,422
1,536	*	Eagle Bulk Shipping, Inc		7
1,070	*	Echo Global Logistics, Inc		21
7,089		Expeditors International of Washington, Inc		400
9,695		FedEx Corp		2,107
1,166		Forward Air Corp		62
2,376	*	Genesee & Wyoming, Inc (Class A)		163
2,068	*	Hawaiian Holdings, Inc		97
1,875		Heartland Express, Inc		39
2,016	*,e	Hertz Global Holdings, Inc		23
1,279	*	Hub Group, Inc (Class A)		49
3,419		J.B. Hunt Transport Services, Inc		312
13,024	*	JetBlue Airways Corp		297
4,134		Kansas City Southern Industries, Inc		433
2,088	*	Kirby Corp		140
2,760		Knight Transportation, Inc		102
1,627		Landstar System, Inc		139
3,019		Macquarie Infrastructure Co LLC		237
897		Marten Transport Ltd		25
1,675		Matson, Inc		50
3,393	*	Navios Maritime Holdings, Inc		5
11,337		Norfolk Southern Corp		1,380
2,413		Old Dominion Freight Line		230
334		Park-Ohio Holdings Corp		13
1,449	*	Radiant Logistics, Inc		8
1,220	*	Roadrunner Transportation Services Holdings, Inc		9
2,083		Ryder System, Inc		150
1,798	*	Safe Bulkers, Inc		4
945	*	Saia, Inc		48
1,179		Schneider National, Inc		26
2,180	*	Scorpio Bulkers, Inc		15
1,961		Skywest, Inc		69
21,993		Southwest Airlines Co		1,367
2,736	*	Spirit Airlines, Inc		141
2,811	*	Swift Transportation Co, Inc		74
31,654		Union Pacific Corp		3,447
11,002	*	United Continental Holdings, Inc		828
27,043		United Parcel Service, Inc (Class B)		2,991
200		Universal Truckload Services, Inc		3
1,875		Werner Enterprises, Inc		55
4,303	*	XPO Logistics, Inc		278
1,384	*	YRC Worldwide, Inc		15
		TOTAL TRANSPORTATION		21,344

56

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
UTILITIES - 3.2%
26,007		AES Corp	$	289
1,901		Allete, Inc		136
8,909		Alliant Energy Corp		358
9,471		Ameren Corp		518
19,294		American Electric Power Co, Inc		1,340
1,409		American States Water Co		67
7,007		American Water Works Co, Inc		546
6,956		Aqua America, Inc		232
443	*	AquaVenture Holdings Ltd		7
366		Artesian Resources Corp		14
5,498	*	Atlantic Power Corp		13
4,034		Atmos Energy Corp		335
2,130		Avangrid, Inc		94
2,492		Avista Corp		106
2,094		Black Hills Corp		141
809	*	Cadiz, Inc		11
1,860		California Water Service Group		68
14,048	*	Calpine Corp		190
16,878		Centerpoint Energy, Inc		462
640		Chesapeake Utilities Corp		48
10,932		CMS Energy Corp		506
438		Connecticut Water Service, Inc		24
11,986		Consolidated Edison, Inc		969
626		Consolidated Water Co, Inc		8
275		Delta Natural Gas Co, Inc		8
24,573		Dominion Resources, Inc		1,883
7,000		DTE Energy Co		741
27,441		Duke Energy Corp		2,294
4,351	*	Dynegy, Inc		36
12,456		Edison International		974
1,615		El Paso Electric Co		83
7,030		Entergy Corp		540
12,399		Eversource Energy		753
36,188		Exelon Corp		1,305
17,273		FirstEnergy Corp		504
535		Genie Energy Ltd		4
349		Global Water Resources, Inc		3
8,417		Great Plains Energy, Inc		246
4,241		Hawaiian Electric Industries, Inc		137
1,964		Idacorp, Inc		168
7,499		MDU Resources Group, Inc		196
1,395		MGE Energy, Inc		90
644		Middlesex Water Co		26
3,118		National Fuel Gas Co		174
3,351		New Jersey Resources Corp		133
18,324		NextEra Energy, Inc		2,568
12,679		NiSource, Inc		322
1,124		Northwest Natural Gas Co		67
1,891		NorthWestern Corp		115
11,743		NRG Energy, Inc		202
1,290		NRG Yield, Inc (Class A)		22
2,626		NRG Yield, Inc (Class C)		46

57

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,848		OGE Energy Corp	$	273
2,027		ONE Gas, Inc		142
1,582		Ormat Technologies, Inc		93
1,523		Otter Tail Corp		60
2,658		Pattern Energy Group, Inc		63
20,010		PG&E Corp		1,328
4,281		Pinnacle West Capital Corp		365
3,215		PNM Resources, Inc		123
3,481		Portland General Electric Co		159
26,676		PPL Corp		1,031
19,843		Public Service Enterprise Group, Inc		853
626	*	Pure Cycle Corp		5
263	*,e	RGC Resources, Inc		7
5,186		SCANA Corp		348
9,791		Sempra Energy		1,104
678		SJW Corp		33
3,054		South Jersey Industries, Inc		104
39,047		Southern Co		1,870
1,840		Southwest Gas Corp		134
431	e	Spark Energy, Inc		8
1,831		Spire, Inc		128
3,671		TerraForm Global, Inc		19
3,165		TerraForm Power, Inc		38
6,774		UGI Corp		328
534		Unitil Corp		26
3,221		Vectren Corp		188
9,455		Vistra Energy Corp		159
876	*,e	Vivint Solar, Inc		5
12,355		WEC Energy Group, Inc		758
5,549		Westar Energy, Inc		294
1,996		WGL Holdings, Inc		167
19,839		Xcel Energy, Inc		910
490		York Water Co		17
		TOTAL UTILITIES		31,262
		TOTAL COMMON STOCKS		991,210
		(Cost $445,048)
RIGHTS / WARRANTS - 0.0%
DIVERSIFIED FINANCIALS - 0.0%
92	m	Emergent Capital, Inc		0
		TOTAL DIVERSIFIED FINANCIALS		0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
643	m	Forest Laboratories, Inc CVR		0	^
244	m	Omthera Pharmaceuticals, Inc		0	^
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		0	^
SOFTWARE & SERVICES - 0.0%
1,221	m	Gerber Scientific, Inc		0
		TOTAL SOFTWARE & SERVICES		0
		TOTAL RIGHTS / WARRANTS		0	^
		(Cost $0)

58

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

			VALUE (000)
SHARES		COMPANY
SHORT-TERM INVESTMENTS - 0.9%
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
		State Street Navigator Securities Lending Government Money
9,377,581	c	Market Portfolio	$	9,378
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES		9,378
		TOTAL SHORT-TERM INVESTMENTS		9,378
		(Cost $9,378)
		TOTAL INVESTMENTS - 101.2%		1,000,588
		(Cost $454,426)
		OTHER ASSETS & LIABILITIES, NET - (1.2)%		(12,105	)
		NET ASSETS - 100.0%	$	988,483

Abbreviation(s):

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depository Receipts

* Non-income producing

^ Amount represents less than $1,000.

b In bankruptcy

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

e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $9,089,000.

m Indicates a security that has been deemed illiquid.

Cost amounts are in thousands.

59

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)(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 15, 2017	By:	/s/ Carol W. Deckbar
		Carol W. Deckbar
		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 15, 2017	By:	/s/ Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and Executive
		Vice President
		(principal executive officer)

Dated: August 15, 2017	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		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