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)

Jeremy D. Franklin, 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, 2018

Item 1. Reports to Stockholders.

Semiannual Report  ∎  June 30, 2018

TIAA Separate Account VA-1

The semiannual report contains the financial statements (unaudited).

Stock Index Account

Understanding this report

This semiannual report contains information about the TIAA Separate Account VA-1 of Teachers Insurance and Annuity Association of America (TIAA) and made available through TIAA’s Teachers Personal Annuity variable annuity contract, and describes the Account’s results for the six months ended June 30, 2018. 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, 2018.

• 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 read the latest prospectus.

As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-223-1200. We urge you to read the prospectus carefully before investing.

Contents
Information for contractowners	1
Important information about expenses	2
About the Account’s benchmark	3
Account performance
Stock Index Account	4
Summary portfolio of investments	6
Financial statements (unaudited)
Statement of assets and liabilities	10
Statement of operations	11
Statements of changes in net assets	12
Financial highlights	14
Notes to financial statements	16
Approval of investment management agreement	24
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 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 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 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 ◾ 2018 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 this report is intended to help you understand your ongoing costs (in U.S. dollars) and does not reflect transactional costs. 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, 2018–June 30, 2018).

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     2018 Semiannual Report ◾ TIAA Separate Account VA-1

Important information about expenses

Expense example

Six months ended June 30, 2018

Stock Index Account	Beginning account value (1/1/18	)	Ending account value (6/30/18	)	Expenses paid during period (1/1/18–6/30/18	*  )
Actual return	$1,000.00		$1,028.40		$3.77
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, 2018. 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.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

TIAA Separate Account VA-1 ◾ 2018 Semiannual Report     3

Stock Index Account

Performance for the six months ended June 30, 2018

The Stock Index Account returned 2.84% for the period, compared with the 3.22% return of its benchmark, the Russell 3000^®Index. For the twelve months ended June 30, 2018, the Account returned 13.92%, versus 14.78% for the index.

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

During the six-month period, the U.S. economy continued to grow, while inflation remained moderate. Unemployment fell to 3.8% in May, its lowest level in 18 years, and ended the period at 4.0%. Consumers responded to strengthening wage growth, a robust labor market and federal tax cut legislation, driving strong retail sales growth late in the period. The Federal Reserve raised the federal funds target rate on two occasions during the period, increasing the key short-term interest-rate measure to 1.75%–2.00%. Core inflation, which includes all items except food and energy, rose 2.3% for the twelve months ended June 30, 2018. The price of oil increased, and the U.S. dollar gained ground against most major currencies over the six months. The broad U.S. stock market, as measured by the Russell 3000 Index, advanced 3.22%. Growth stocks outperformed value shares by a wide margin, and small caps surpassed mid- and large-cap equities for the period. (Returns by investment style and capitalization size are based on the Russell indexes.)

Six of eleven sectors posted gains

Six of the eleven industry sectors in the Account’s benchmark posted positive performance for the six months. Information technology (up 11.1%)—the largest sector in the benchmark—and consumer discretionary (up 10.2%) contributed most to the index’s return. Energy (up 7.5%) and health care (up 3.5%) also produced solid gains. Together, these four sectors represented more than one-half of the total market capitalization of the index on June 30, 2018. Real estate (up 1.4%) and utilities (up 1.0%) also advanced, but they had minimal impact on the benchmark’s performance given their low weight. Consumer staples (down 8.0%) and telecommunication services (down 8.0%) were the worst performers during the period.

For the six-month period, four of the benchmark’s five largest stocks outperformed the benchmark’s overall return. Amazon.com performed best with sizable double-digit gains, followed by Microsoft. Apple was next in line, rising on strong revenue growth in its iPhone and wearables products. Facebook also posted solid results. Berkshire Hathaway, the conglomerate headed by Warren Buffet, suffered a loss, largely due to the implementation of a new accounting rule.

4     2018 Semiannual Report ◾ TIAA Separate Account VA-1

Stock Index Account

Performance as of June 30, 2018

			Total return						Average annual total return
	Inception date		6 months			1 year			5 years			10 years
Stock Index Account		11/1/1994		2.84	%		13.92	%		12.47	%		9.48	%
Russell 3000 Index		—		3.22			14.78			13.29			10.23

The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. The Account’s performance reflects a fee waiver, which is currently in place. Without such waiver, the expenses of the Account would have been higher and its performance lower. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.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 6/30/2018
Information technology	24.5
Financials	14.2
Health care	13.6
Consumer discretionary	13.1
Industrials	10.2
Consumer staples	6.2
Energy	6.0
Real estate	3.9
Materials	3.1
Utilities	2.9
Telecommunication services	1.8
Short-term investments, other assets & liabilities, net	0.5
Total	100.0

Holdings by company size

Market capitalization	% of equity investments as of 6/30/2018
More than $50 billion	56.2
More than $15 billion–$50 billion	21.4
More than $2 billion–$15 billion	18.8
$2 billion or less	3.6
Total	100.0

TIAA Separate Account VA-1 ◾ 2018 Semiannual Report     5

Summary portfolio of investments (unaudited)

Stock Index Account  §  June 30, 2018

Shares		Company	Value (000)		% of net assets
	COMMON STOCKS
	AUTOMOBILES & COMPONENTS		$	9,068		0.9	%
	BANKS
	350,792	Bank of America Corp		9,889		0.9
	94,684	Citigroup, Inc		6,336		0.6
	125,762	JPMorgan Chase & Co		13,104		1.3
	163,024	Wells Fargo & Co		9,038		0.9
		Other		29,313		2.8
				67,680		6.5
	CAPITAL GOODS
	21,408	3M Co		4,211		0.4
	20,389	Boeing Co		6,841		0.7
	319,947	General Electric Co		4,354		0.4
	27,660	Honeywell International, Inc		3,984		0.4
		Other		55,728		5.3
				75,118		7.2
	COMMERCIAL & PROFESSIONAL SERVICES			10,543		1.0
	CONSUMER DURABLES & APPAREL			15,081		1.4
	CONSUMER SERVICES
	29,170	McDonald’s Corp		4,571		0.4
		Other		18,586		1.8
				23,157		2.2
	DIVERSIFIED FINANCIALS			39,939		3.8
	ENERGY
	70,694	Chevron Corp		8,938		0.9
	157,235	Exxon Mobil Corp		13,008		1.2
		Other		40,555		3.9
				62,501		6.0
	FOOD & STAPLES RETAILING
	52,950	Walmart, Inc		4,535		0.4
		Other		5,009		0.5
				9,544		0.9
	FOOD, BEVERAGE & TOBACCO
	70,268	Altria Group, Inc		3,990		0.4
	141,975	Coca-Cola Co		6,227		0.6
	52,582	PepsiCo, Inc		5,725		0.6
	57,653	Philip Morris International, Inc		4,655		0.4
		Other		19,999		1.9
				40,596		3.9
	HEALTH CARE EQUIPMENT & SERVICES
	50,220	Medtronic plc		4,299		0.4
	35,479	UnitedHealth Group, Inc		8,705		0.8

6 2018 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2018

Shares			Company	Value (000)		% of net assets
	HEALTH CARE EQUIPMENT & SERVICES—continued
			Other	$	50,601		4.9	%
					63,605		6.1
	HOUSEHOLD & PERSONAL PRODUCTS
	93,438		Procter & Gamble Co		7,294		0.7
			Other		7,118		0.7
					14,412		1.4
	INSURANCE
	71,906	*	Berkshire Hathaway, Inc (Class B)		13,421		1.3
			Other		27,013		2.6
					40,434		3.9
	MATERIALS
	86,175		DowDuPont, Inc		5,681		0.6
			Other		26,360		2.5
					32,041		3.1
	MEDIA
	169,573		Comcast Corp (Class A)		5,564		0.5
	55,331		Walt Disney Co		5,799		0.6
			Other		12,112		1.2
					23,475		2.3
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	58,935		AbbVie, Inc		5,460		0.5
	24,565		Amgen, Inc		4,535		0.4
	99,640		Johnson & Johnson		12,090		1.2
	215,298		Pfizer, Inc		7,811		0.7
	99,931		Schering-Plough Corp		6,066		0.6
			Other		42,783		4.1
					78,745		7.5
	REAL ESTATE				40,188		3.9
	RETAILING
	15,089	*	Amazon.com, Inc		25,648		2.4
	42,782		Home Depot, Inc		8,347		0.8
	15,464	*	NetFlix, Inc		6,053		0.6
			Other		26,008		2.5
					66,056		6.3
	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	173,148		Intel Corp		8,607		0.8
	21,631		NVIDIA Corp		5,124		0.5
	36,358		Texas Instruments, Inc		4,009		0.4
			Other		23,169		2.2
					40,909		3.9
	SOFTWARE & SERVICES
	18,246	*	Adobe Systems, Inc		4,449		0.4

See notes to financial statements TIAA Separate Account VA-1   §   2018 Semiannual Report 7

Summary portfolio of investments (unaudited) continued

Stock Index Account  §  June 30, 2018

Shares			Company		Value (000)		% of net assets
	SOFTWARE & SERVICES—continued
	11,088	*	Alphabet, Inc (Class A)		$	12,520		1.2	%
	11,301	*	Alphabet, Inc (Class C)			12,608		1.2
	88,260	*	Facebook, Inc			17,151		1.6
	34,095		International Business Machines Corp			4,763		0.5
	34,098		MasterCard, Inc (Class A)			6,701		0.6
	281,305		Microsoft Corp			27,739		2.7
	106,635		Oracle Corp			4,698		0.5
	66,355		Visa, Inc (Class A)			8,789		0.8
			Other			58,808		5.6
						158,226		15.1
	TECHNOLOGY HARDWARE & EQUIPMENT
	182,577	d	Apple, Inc			33,797		3.2
	178,999		Cisco Systems, Inc			7,702		0.7
			Other			16,543		1.6
						58,042		5.5
	TELECOMMUNICATION SERVICES
	269,756		AT&T, Inc			8,662		0.8
	153,528		Verizon Communications, Inc			7,724		0.8
			Other			2,382		0.2
						18,768		1.8
	TRANSPORTATION
	28,600		Union Pacific Corp			4,052		0.4
			Other			17,071		1.6
						21,123		2.0
	UTILITIES					30,355		2.9
			TOTAL COMMON STOCKS	(Cost $423,033)		1,039,606		99.5
	RIGHTS / WARRANTS
	PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					1		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $0)		1		0.0
Principal			Issuer
	SHORT-TERM INVESTMENTS
	GOVERNMENT AGENCY DEBT
	$4,642,000		Federal Agricultural Mortgage Corp (FAMC)	1.630%, 07/02/18		4,642		0.5
						4,642		0.5

8 2018 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

Summary portfolio of investments (unaudited) concluded

Stock Index Account  §  June 30, 2018

Shares			Company		Value (000)			% of net assets
	INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	9,595,870	c	State Street Navigator Securities Lending Government Money Market Portfolio		$	9,596			0.9	%
						9,596			0.9
			TOTAL SHORT-TERM INVESTMENTS	(Cost $14,238)		14,238			1.4
			TOTAL PORTFOLIO	(Cost $437,271)		1,053,845			100.9
			OTHER ASSETS & LIABILITIES, NET			(8,923	)		(0.9	)
			NET ASSETS		$	1,044,922			100.0	%

* Non-income producing

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

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

“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 6/30/18, the aggregate value of securities on loan is $9,268,000.

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.

Futures contracts outstanding as of June 30, 2018 were as follows (notional amounts and values are in thousands) (See Note3):

Description	Number of long (short) contracts		Expiration date		Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		28		9/21/18	$	3,885	$	3,810	$	(75	)

See notes to financial statements TIAA Separate Account VA-1   §   2018 Semiannual Report 9

Statement of assets and liabilities (unaudited)

TIAA Separate Account VA-1  §  June 30, 2018

(amounts in thousands, except accumulation unit value)	Stock Index Account
ASSETS
Portfolio investments, at value*†	$	1,053,845
Cash		391
Dividends and interest receivable		930
Other		163
Total assets		1,055,329
LIABILITIES
Investment management fees payable		9
Service agreement fees payable		11
Payable for collateral for securities loaned		9,596
Due to affiliates		531
Payable for variation margin on futures contracts		75
Payable for manager compensation		161
Other		24
Total liabilities		10,407
NET ASSETS
Accumulation Fund	$	1,044,922
Accumulation units outstanding		4,978
Accumulation unit value	$	209.90
*   Portfolio investments, at cost	$	437,271
† Includes securities loaned of	$	9,268

10 2018 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, 2018

(amounts in thousands)	Stock Index Account
INVESTMENT INCOME
Dividends	$	10,546
Income from securities lending		107
Interest		38
Total income		10,691
EXPENSES
Administrative services		1,052
Investment advisory		1,578
Mortality and expense risk charges		2,104
Total expenses		4,734
Less: Expense waiver by investment adviser		(789	)
Net expenses		3,945
Net investment income (loss)		6,746
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments		30,926
Futures transactions		234
Net realized gain (loss) on total investments		31,160
Change in unrealized appreciation (depreciation) on:
Portfolio investments		(8,312	)
Futures transactions		(128	)
Net change in unrealized appreciation (depreciation) on total investments		(8,440	)
Net realized and unrealized gain (loss) on total investments		22,720
Net increase (decrease) in net assets from operations	$	29,466

See notes to financial statements TIAA Separate Account VA-1   §   2018 Semiannual Report 11

Statements of changes in net assets

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

	Stock Index Account
(amounts in thousands)	June 30, 2018			December 31, 2017
	(unaudited)
OPERATIONS
Net investment income (loss)	$	6,746		$	11,944
Net realized gain (loss) on total investments		31,160			46,726
Net change in unrealized appreciation (depreciation) on total investments		(8,440	)		126,180
Net increase (decrease) in net assets from operations		29,466			184,850
FROM CONTRACTOWNER TRANSACTIONS
Premiums		11,064			19,045
Withdrawals and death benefits		(56,047	)		(95,375	)
Net increase (decrease) from contractowner transactions		(44,983	)		(76,330	)
Net increase (decrease) in net assets		(15,517	)		108,520
NET ASSETS
Beginning of period		1,060,439			951,919
End of period	$	1,044,922		$	1,060,439
ACCUMULATION UNITS
Units purchased		53			102
Units sold / transferred		(271	)		(513	)
Outstanding
Beginning of period		5,196			5,607
End of period		4,978			5,196

12 2018 Semiannual Report   §   TIAA Separate Account VA-1 See notes to financial statements

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TIAA Separate Account VA-1   §   2018 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
		6/30/18	#	$	2.100	$	0.775	$	1.325	$	4.470		$	5.795		$	204.101
		12/31/17			3.613		1.395		2.218		32.114			34.332			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

^#  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 2018 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)
	$209.896		2.84	%c		0.90	%d		0.75	%d		1.28	%d		2	%c		5	$	1,045
	204.101		20.22			0.90			0.75			1.19			5			5		1,060
	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

See notes to financial statements TIAA Separate Account VA-1   §   2018 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 U.S. 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 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

16 2018 Semiannual Report   §   TIAA Separate Account VA-1

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-CEN and N-PORT, and amends Regulation S-X disclosures related to derivatives and other disclosures in the financial statements and various filings. The requirements of this final rule in relation to Form N-CEN must be complied with by June 1, 2018. In December 2017, the Commission issued Temporary Final Rule Release No. 33-10442, which delayed the filing requirements related to Form N-PORT from June 1, 2018 to April 1, 2019, but still requires the Account to maintain the data that would have been filed on Form N-PORT during the deferral period. Form N-CEN and the data requirements of Form N-PORT were implemented on June 1, 2018 and did not have an impact on net assets or results of operations.

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, in relation to the implementation of the liquidity risk management program and the 15% illiquid investment limit, must be adopted by December 1, 2018. In February 2018, the Commission issued Release No. IC-33010, which delayed the compliance requirements related to liquidity classification, highly liquid investment minimums, and board approval of the liquidity risk management programs from December 1, 2018 to June 1, 2019. Management is currently assessing the impact of this rule to the Account’s financial statements and various filings.

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

TIAA Separate Account VA-1   §   2018 Semiannual Report 17

Notes to financial statements (unaudited)

• 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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price 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.

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.

18 2018 Semiannual Report   §   TIAA Separate Account VA-1

continued

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, 2018, 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, 2018, based on the inputs used to value them (dollar amounts are in thousands):

	Level 1			Level 2		Level 3		Total
Equity investments:
Consumer discretionary	$	136,836		$	1	$	—	$	136,837
Health care		142,349			—		1		142,350
Industrials		106,777			—		7		106,784
All other equity investments*		653,636			—		—		653,636
Short-term investments		9,596			4,642		—		14,238
Futures contracts**		(75	)		—		—		(75	)
Total	$	1,049,119		$	4,643	$	8	$	1,053,770

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

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

Note 3—derivative instruments

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

At June 30, 2018, the Account has invested in derivative contracts which are reflected in the Statement of assets and liabilities as follows (dollar amounts are in thousands):

	Asset derivatives
Derivative contracts	Location			Fair value amount
Equity contracts		Futures	*	$	(75	)

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

TIAA Separate Account VA-1   §   2018 Semiannual Report 19

Notes to financial statements (unaudited)

For the period ended June 30, 2018, 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	$	234	$	(128	)

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, 2018, the Account had exposure to equity futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of June 30, 2018 are disclosed in the summary portfolio of investments and the full schedule of investments.

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.

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

20 2018 Semiannual Report   §   TIAA Separate Account VA-1

continued

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, 2018, these transactions did not materially impact the Account.

Note 5—investments

Securities lending: The Account may lend its securities to qualified institutional borrowers to earn additional income. The Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and Liabilities. As of June 30, 2018, securities lending transactions are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Account consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, the Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.

Restricted securities: Restricted securities held by the Account, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

Net unrealized appreciation (depreciation): At June 30, 2018, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for

TIAA Separate Account VA-1   §   2018 Semiannual Report 21

Notes to financial statements (unaudited)

federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):

Tax cost	Gross unrealized appreciation		Gross unrealized (depreciation)			Net unrealized appreciation (depreciation)
��  $437,271	$	644,679	$	(28,180	)	$	616,499

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Account for the period ended June 30, 2018 were as follows (dollar amounts are in thousands):

Non-U.S. government purchases		Non-U.S. government sales
$	17,168	$	55,269

Note 6—line of credit

The Account participates in a $1.25 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 19, 2018 expiring on June 18, 2019, replacing the previous $1.5 billion facility, which expired June 2018. 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, 2018, 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 2018 Semiannual Report   §   TIAA Separate Account VA-1

concluded

Note 8—legal proceedings

The Account was named as defendant and a putative member of the proposed defendant class of shareholders, or could be added as a defendant, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of its ownership of shares of Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Account’s exposure related to this matter was 0.05% of net assets as of June 30, 2018.

TIAA Separate Account VA-1   §   2018 Semiannual Report 23

Approval of investment
management agreement (unaudited)

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

The Management Committee (the “Committee” or the “Managers”) of the TIAA Separate Account VA-1 (the “Separate Account”) determines 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 a meeting on March 15, 2018, 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, other Managers and legal counsel to the Managers 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.

Among other matters, the Operations Committee, following its consultations with Advisors’ representatives, the Managers, legal counsel to the Managers and legal counsel to Advisors and the Separate Account, confirms or establishes 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 provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.

Based on guidance provided by the Operations Committee on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data regarding the Separate Account, including data relating to the Separate Account’s management fee rate, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover

24 2018 Semiannual Report   §   TIAA Separate Account VA-1

rate. Broadridge compared this data, as relevant, for the Separate Account against a universe of investment companies (except for the brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of the Separate Account against an appropriate broad-based index. In each case, Broadridge summarized, and the Committee reviewed, the methodologies it employed to provide the data contained in its reports. In addition, Broadridge represented to the Committee that its reports were designed specifically to provide the Committee with the fee, expense and performance information that is necessary to help the Committee satisfy its duties under Section 15(c) of the 1940 Act. Broadridge also represented that the purpose of its materials is to provide an objective 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) selected by Broadridge (and not Advisors or the Committee).

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

In advance of the Committee meeting held on March 15, 2018, 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. 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; (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 management fee rate and performance to 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 the Separate Account’s direct payments to Advisors pursuant to the Agreement; (5) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Separate Account at current and foreseeable asset levels, insurance coverage, portfolio trading and best execution 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

TIAA Separate Account VA-1   §   2018 Semiannual Report 25

Approval of investment
management agreement (unaudited)

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 and did ask questions and request additional information throughout their deliberations, and they reviewed responses from Advisors to follow-up requests presented by the Committee after its initial review of the information described above.

In considering whether to renew the Agreement, 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 (if any) 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 the services provided by Advisors to, and the fee rates and performance of, the Separate Account to 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 determining factor in deciding whether to renew the Agreement.

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.

While the contract renewal process includes a series of meetings leading up to the March 15, 2018 meeting, the oversight and evaluation of Advisors’ services to the Separate Account by the Committee and its Committees is ongoing. The Committee, as well as its Committees, reviewed reports on various investment and operational topics that had been identified by the Commitee or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Committee, the Committee and the Investment Committee receive and review, among other matters, information regarding the performance of the Separate Account. Thus, in reaching its decisions regarding the renewal of the Agreement, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.

26 2018 Semiannual Report   §   TIAA Separate Account VA-1

continued

In deciding whether to renew the Agreement, 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. At its meeting on March 15, 2018, all Committee members in attendance voted unanimously to renew the Agreement for the Separate Account. Set forth below is a summary of the primary factors the Board 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 funds and accounts of the College Retirement Equities Fund, 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, identifying investments and placing orders to buy and sell securities for the Separate Account’s investment portfolio; active daily monitoring of the Separate Account’s investment portfolio; 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 to provide portfolio management and other services to the Separate Account, including the impact of recent and anticipated operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.

Investment performance

The Committee considered the investment performance of the Separate Account over the one-, three-, five- and ten-year periods ended December 31, 2017. The Committee considered the Separate Account’s performance as compared to its peer

TIAA Separate Account VA-1   §   2018 Semiannual Report 27

Approval of investment
management agreement (unaudited)

universe of mutual funds that underlie variable insurance products (as applicable) and its benchmark index. The Committee also reviewed the performance of the Separate Account before any reductions for fees and expenses. In this analysis, the Committee considered 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’ services to the Separate Account for the calendar year 2017. The Committee considered Advisors’ profit calculations with respect to its services to the Separate Account. The Committee acknowledged the reasonableness of having a management fee rate which permits Advisors to maintain and improve the quality of services provided to the Separate Account and recognized the entrepreneurial and other risks assumed by Advisors in managing the Separate Account. The Committee considered that Advisors had earned a net profit with respect to the Separate Account under the Agreement for the one-year period ended December 31, 2017. The Committee concluded that those profits were reasonable in light of various relevant factors.

Fees charged by other advisers

The Committee considered comparative information regarding the Separate Account’s contractual and effective management fee rates and the contractual and effective management fee rates paid by similar mutual funds that underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the synopsis below. 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 a Separate Account and its comparable mutual funds that underlie variable insurance products. For example, most similar mutual funds are offered only through other investment vehicles that also carry additional fees and expenses, whereas the Separate Account bears certain of these expenses itself. 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 considered the potential limitations of such comparisons due to, among other factors, the fact that, in many instances, Broadridge based its comparisons on financial data relating to fiscal periods that differed from the period for which the Separate Account’s data were derived. Based on all factors considered, the

28 2018 Semiannual Report   §   TIAA Separate Account VA-1

continued

Committee concluded that the management fee rate under the Agreement 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 relatively 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 management fee rate schedule was reasonable in light of current economies of scale considerations and current asset levels.

Fee and performance comparisons with other Advisors clients

The Committee considered that Advisors and its affiliate, TIAA-CREF Investment Management, LLC, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as the Separate Account. The Committee considered the management fee rates and the performance of such companies and accounts. The Committee considered Advisors’ comments that, in the future, Advisors may manage client assets through additional funds and accounts with 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 and other accounts, this may be due in part to the fact that these other funds and accounts: (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; (4) may have different regulatory burdens; (5) may target different 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 their relationship with the Separate Account 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.

TIAA Separate Account VA-1   §   2018 Semiannual Report 29

Approval of investment
management agreement (unaudited) concluded

Synopsis of factors

The Committee considered the following specific factors (among others) in connection with its determination to renew the Agreement. If the Separate Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Committee in the reports prepared by Broadridge. All time periods referenced below are ended December 31, 2017. 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, 2017. Statements below regarding “net profit” or “net loss” refer to whether Advisors earned a profit or incurred a loss for the services that it rendered to the Separate Account during 2017 under the Agreement.

• The Separate Account’s annual contractual investment management fee rate is 0.30% of average daily net assets, but is waived by 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 in the 4th, 1st and 3rd quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes, respectively, and in the 3rd, 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 3rd, 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 Separate Account’s Performance Universe includes actively-managed funds, while the Separate Account utilizes a passive investment strategy.

• For the three-year period, the Separate Account’s adjusted relative gross performance (meaning the Separate Account’s performance without any reductions for fees or expenses and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000^® Index, differed by +1 basis points. For reference, one basis point equals 0.01%.

• 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.

30 2018 Semiannual Report   §   TIAA Separate Account VA-1

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You should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit TIAA.org, or call 800-223-1200. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. 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 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. TIAA Separate Account VA-1 is issued by Teachers Insurance and Annuity Association of America (TIAA), New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.

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.

^©2018 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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A10938 (7/18)

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A10938 (7/18)

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, 2018

SHARES		COMPANY	VALUE (000)
COMMON STOCKS - 99.5%
AUTOMOBILES & COMPONENTS - 0.9%
3,669		Adient plc	$	180
3,248	*	American Axle & Manufacturing Holdings, Inc		51
8,007		BorgWarner, Inc		346
1,678		Cooper Tire & Rubber Co		44
671	*	Cooper-Standard Holding, Inc		88
5,567		Dana Holding Corp		112
9,807		Delphi Automotive plc		899
1,044	*	Dorman Products, Inc		71
145,929		Ford Motor Co		1,615
1,363	*	Fox Factory Holding Corp		63
49,034		General Motors Co		1,932
10,320		Gentex Corp		238
1,424	*	Gentherm, Inc		56
8,172		Goodyear Tire & Rubber Co		190
6,307		Harley-Davidson, Inc		265
938		LCI Industries, Inc		85
2,449		Lear Corp		455
1,945	*	Modine Manufacturing Co		35
670	*,e	Motorcar Parts of America, Inc		13
313	*	Shiloh Industries, Inc		3
1,379		Spartan Motors, Inc		21
843		Standard Motor Products, Inc		41
1,055	*	Stoneridge, Inc		37
1,027		Superior Industries International, Inc		18
2,045		Tenneco, Inc		90
4,980	*	Tesla, Inc		1,708
1,931		Thor Industries, Inc		188
897		Tower International, Inc		29
1,140	*	Visteon Corp		147
1,185		Winnebago Industries, Inc		48
		TOTAL AUTOMOBILES & COMPONENTS		9,068
BANKS - 6.5%
625		1st Source Corp		33
486		Access National Corp		14
255		ACNB Corp		9
444	*	Allegiance Bancshares, Inc		19
374		American National Bankshares, Inc		15
1,390		Ameris Bancorp		74
387		Ames National Corp		12
401		Arrow Financial Corp		15
6,603		Associated Banc-Corp		180
706	*	Atlantic Capital Bancshares, Inc		14
1,598		Banc of California, Inc		31
666		Bancfirst Corp		39

1

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,345		BancorpSouth Bank	$	110
350,792		Bank of America Corp		9,889
601		Bank of Commerce Holdings		8
1,630		Bank of Hawaii Corp		136
234		Bank of Marin Bancorp		19
2,093		Bank of NT Butterfield & Son Ltd		96
4,451		Bank of the Ozarks, Inc		200
457		BankFinancial Corp		8
4,119		BankUnited		168
217		Bankwell Financial Group, Inc		7
1,278		Banner Corp		77
622		Bar Harbor Bankshares		19
385	*	Baycom Corp		10
28,986		BB&T Corp		1,462
361		BCB Bancorp, Inc		5
2,708		Beneficial Bancorp, Inc		44
1,314		Berkshire Hills Bancorp, Inc		53
901		Blue Hills Bancorp, Inc		20
2,322	*	BofI Holding, Inc		95
804		BOK Financial Corp		76
3,231		Boston Private Financial Holdings, Inc		51
683		Bridge Bancorp, Inc		25
2,984		Brookline Bancorp, Inc		55
630		Bryn Mawr Bank Corp		29
334	*	BSB Bancorp, Inc		11
313	e	Business First Bancshares, Inc		8
241	*	Byline Bancorp, Inc		5
131		C&F Financial Corp		8
1,724		Cadence BanCorp		50
135	e	Cambridge Bancorp		12
613		Camden National Corp		28
447		Capital City Bank Group, Inc		11
4,687		Capitol Federal Financial		62
314	*	Capstar Financial Holdings, Inc		6
555		Carolina Financial Corp		24
2,923		Cathay General Bancorp		118
654	e	CBTX, Inc		22
3,063		Centerstate Banks of Florida, Inc		91
1,125		Central Pacific Financial Corp		32
383		Central Valley Community Bancorp		8
152		Century Bancorp, Inc		12
504		Charter Financial Corp		12
2,638		Chemical Financial Corp		147
122		Chemung Financial Corp		6
4,661		CIT Group, Inc		235
94,684		Citigroup, Inc		6,336
533		Citizens & Northern Corp		14
18,450		Citizens Financial Group, Inc		718
597		City Holding Co		45
377		Civista Bancshares, Inc		9
498		CNB Financial Corp		15
1,467		CoBiz, Inc		31
342		Codorus Valley Bancorp, Inc		10

2

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,875		Columbia Banking System, Inc	$	118
1,738	*,e	Columbia Financial, Inc		29
6,428		Comerica, Inc		584
3,381		Commerce Bancshares, Inc		219
254		Commerce Union Bancshares, Inc		7
1,925		Community Bank System, Inc		114
837	*	Community Bankers Trust Corp		7
153		Community Financial Corp		5
651		Community Trust Bancorp, Inc		33
1,146		ConnectOne Bancorp, Inc		29
206		County Bancorp, Inc		6
2,189		Cullen/Frost Bankers, Inc		237
1,005	*	Customers Bancorp, Inc		29
4,043		CVB Financial Corp		91
1,325		Dime Community Bancshares		26
1,035	*	Eagle Bancorp, Inc		63
5,381		East West Bancorp, Inc		351
192	*	Entegra Financial Corp		6
314		Enterprise Bancorp, Inc		13
828		Enterprise Financial Services Corp		45
402	*	Equity Bancshares, Inc		17
342		ESSA Bancorp, Inc		5
3,541	*	Essent Group Ltd		127
171		Evans Bancorp, Inc		8
356		Farmers & Merchants Bancorp, Inc		14
298		Farmers Capital Bank Corp		16
1,013		Farmers National Banc Corp		16
246		FB Financial Corp		10
1,363	*	FCB Financial Holdings, Inc		80
384		Federal Agricultural Mortgage Corp (Class C)		34
863		Fidelity Southern Corp		22
25,373		Fifth Third Bancorp		728
527		Financial Institutions, Inc		17
1,088		First Bancorp (NC)		44
6,201	*	First Bancorp (Puerto Rico)		47
498		First Bancorp, Inc		14
322		First Bancshares, Inc		12
603		First Bank		8
1,476		First Busey Corp		47
360		First Business Financial Services, Inc		9
295		First Citizens Bancshares, Inc (Class A)		119
3,678		First Commonwealth Financial Corp		57
680		First Community Bancshares, Inc		22
542		First Connecticut Bancorp		17
368		First Defiance Financial Corp		25
3,697		First Financial Bancorp		113
2,466	e	First Financial Bankshares, Inc		126
384		First Financial Corp		17
175		First Financial Northwest, Inc		3
1,098	*	First Foundation, Inc		20
162		First Guaranty Bancshares, Inc		4
2,551		First Hawaiian, Inc		74
11,602		First Horizon National Corp		207

3

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
228		First Internet Bancorp	$	8
951		First Interstate Bancsystem, Inc		40
1,580		First Merchants Corp		73
380		First Mid-Illinois Bancshares, Inc		15
3,920		First Midwest Bancorp, Inc		100
327	*	First Northwest Bancorp		5
862		First of Long Island Corp		21
5,972		First Republic Bank		578
890	*	Flagstar Bancorp, Inc		30
1,083		Flushing Financial Corp		28
190		FNB Bancorp		7
12,570		FNB Corp		169
389	*	Franklin Financial Network, Inc		15
6,701		Fulton Financial Corp		111
903		German American Bancorp, Inc		32
2,999		Glacier Bancorp, Inc		116
412		Great Southern Bancorp, Inc		24
2,200		Great Western Bancorp, Inc		92
688		Green Bancorp, Inc		15
113	e	Greene County Bancorp, Inc		4
913		Guaranty Bancorp		27
275		Guaranty Bancshares, Inc		9
3,286		Hancock Holding Co		153
1,297		Hanmi Financial Corp		37
406	*	HarborOne Bancorp, Inc		8
953		Heartland Financial USA, Inc		52
1,355		Heritage Commerce Corp		23
1,150		Heritage Financial Corp		40
2,919		Hilltop Holdings, Inc		64
57		Hingham Institution for Savings		13
238		Home Bancorp, Inc		11
6,066		Home Bancshares, Inc		137
698	*	HomeStreet, Inc		19
667	*	HomeTrust Bancshares, Inc		19
5,041		Hope Bancorp, Inc		90
1,209		Horizon Bancorp		25
323	*	Howard Bancorp, Inc		6
40,501		Huntington Bancshares, Inc		598
1,963		IBERIABANK Corp		149
350	*,e	Impac Mortgage Holdings, Inc		3
1,031		Independent Bank Corp (MA)		81
863		Independent Bank Corp (MI)		22
679		Independent Bank Group, Inc		45
2,138		International Bancshares Corp		91
299	e	Investar Holding Corp		8
10,225		Investors Bancorp, Inc		131
125,762		JPMorgan Chase & Co		13,104
4,372		Kearny Financial Corp		59
39,132		Keycorp		765
1,629		Lakeland Bancorp, Inc		32
976		Lakeland Financial Corp		47
378		LCNB Corp		7
1,826		LegacyTexas Financial Group, Inc		71

4

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
287	*,e	LendingTree, Inc	$	61
833		Live Oak Bancshares, Inc		26
5,364		M&T Bank Corp		913
1,072		Macatawa Bank Corp		13
236	*	Malvern Bancorp, Inc		6
3,131		MB Financial, Inc		146
540		MBT Financial Corp		6
640		Mercantile Bank Corp		24
573		Merchants Bancorp		16
1,997		Meridian Bancorp, Inc		38
345		Meta Financial Group, Inc		34
229	*	Metropolitan Bank Holding Corp		12
13,096	*	MGIC Investment Corp		140
96		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		38
257	e	National Bankshares, Inc		12
405	*	National Commerce Corp		19
1,121	*	Nationstar Mortgage Holdings, Inc		20
1,661		NBT Bancorp, Inc		63
17,474		New York Community Bancorp, Inc		193
301	*	Nicolet Bankshares, Inc		17
2,265	*	NMI Holdings, Inc		37
256		Northeast Bancorp		6
1,643		Northfield Bancorp, Inc		27
280		Northrim BanCorp, Inc		11
3,683		Northwest Bancshares, Inc		64
223		Norwood Financial Corp		8
1,583		OceanFirst Financial Corp		47
1,902		OFG Bancorp		27
160	e	Ohio Valley Banc Corp		8
361		Old Line Bancshares, Inc		13
4,858		Old National Bancorp		90
1,237		Old Second Bancorp, Inc		18
796		Opus Bank		23
568		Origin Bancorp, Inc		23
1,420		Oritani Financial Corp		23
297		Orrstown Financial Services, Inc		8
589	*	Pacific Mercantile Bancorp		6
1,516	*	Pacific Premier Bancorp, Inc		58
4,486		PacWest Bancorp		222
529		Park National Corp		59
198		Parke Bancorp, Inc		5
696		PCSB Financial Corp		14
642		Peapack Gladstone Financial Corp		22
221		Penns Woods Bancorp, Inc		10
575	*	PennyMac Financial Services, Inc		11
174		Peoples Bancorp of North Carolina, Inc		6
595		Peoples Bancorp, Inc		22
333		Peoples Financial Services Corp		16

5

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
12,570		People’s United Financial, Inc	$	227
521		People’s Utah Bancorp		19
2,087	*	PHH Corp		23
2,763		Pinnacle Financial Partners, Inc		169
17,421		PNC Financial Services Group, Inc		2,354
3,900		Popular, Inc		176
510		Preferred Bank		31
471		Premier Financial Bancorp, Inc		9
2,586		Prosperity Bancshares, Inc		177
168	*	Provident Bancorp, Inc		4
2,502		Provident Financial Services, Inc		69
279		Prudential Bancorp, Inc		5
472		QCR Holdings, Inc		22
6,822		Radian Group, Inc		111
475		RBB Bancorp		15
42,676		Regions Financial Corp		759
1,629		Renasant Corp		74
364		Republic Bancorp, Inc (Class A)		16
1,873	*	Republic First Bancorp, Inc		15
671		Riverview Bancorp, Inc		6
1,349		S&T Bancorp, Inc		58
1,200		Sandy Spring Bancorp, Inc		49
1,542	*	Seacoast Banking Corp of Florida		49
1,876		ServisFirst Bancshares, Inc		78
497		Shore Bancshares, Inc		9
475		SI Financial Group, Inc		7
370		Sierra Bancorp		10
1,852	*	Signature Bank		237
2,996		Simmons First National Corp (Class A)		90
275	*	SmartFinancial, Inc		7
1,240		South State Corp		107
228	*	Southern First Bancshares, Inc		10
231		Southern Missouri Bancorp, Inc		9
454		Southern National Bancorp of Virginia, Inc		8
1,068		Southside Bancshares, Inc		36
1,460		State Bank & Trust Co		49
7,815		Sterling Bancorp/DE		184
922		Stock Yards Bancorp, Inc		35
394		Summit Financial Group, Inc		11
17,244		SunTrust Banks, Inc		1,138
1,944	*	SVB Financial Group		561
4,498		Synovus Financial Corp		238
6,199		TCF Financial Corp		153
286		Territorial Bancorp, Inc		9
1,930	*	Texas Capital Bancshares, Inc		177
1,044		TFS Financial Corp		16
1,514	*	The Bancorp, Inc		16
232		Timberland Bancorp, Inc		9
573		Tompkins Trustco, Inc		49
2,493		TowneBank		80
782		Trico Bancshares		29
943	*	Tristate Capital Holdings, Inc		25
657	*	Triumph Bancorp, Inc		27

6

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,358		Trustco Bank Corp NY	$	30
2,619		Trustmark Corp		85
1,796		UMB Financial Corp		137
8,613		Umpqua Holdings Corp		195
2,394		Union Bankshares Corp		93
161		Union Bankshares, Inc		8
3,861		United Bankshares, Inc		141
2,711		United Community Banks, Inc		83
1,829		United Community Financial Corp		20
2,065		United Financial Bancorp, Inc (New)		36
510		United Security Bancshares		6
266		Unity Bancorp, Inc		6
1,012		Univest Corp of Pennsylvania		28
57,067		US Bancorp		2,854
11,790		Valley National Bancorp		143
558	*	Veritex Holdings, Inc		17
1,098		Walker & Dunlop, Inc		61
3,506		Washington Federal, Inc		115
581		Washington Trust Bancorp, Inc		34
1,032		Waterstone Financial, Inc		18
3,586		Webster Financial Corp		228
163,024		Wells Fargo & Co		9,038
1,636		WesBanco, Inc		74
597		West Bancorporation, Inc		15
1,024		Westamerica Bancorporation		58
3,666	*	Western Alliance Bancorp		208
1,021		Western New England Bancorp, Inc		11
2,157		Wintrust Financial Corp		188
8,517	*	WMIH Corp		11
1,176		WSFS Financial Corp		63
7,024		Zions Bancorporation		370
		TOTAL BANKS		67,680
CAPITAL GOODS - 7.2%
21,408		3M Co		4,211
5,419		A.O. Smith Corp		321
1,275		Aaon, Inc		42
1,251		AAR Corp		58
2,301		Actuant Corp (Class A)		68
1,638		Acuity Brands, Inc		190
1,431		Advanced Drainage Systems, Inc		41
5,997	*	Aecom Technology Corp		198
1,316	*	Aegion Corp		34
2,671	*	Aerojet Rocketdyne Holdings, Inc		79
831	*	Aerovironment, Inc		59
2,151		AGCO Corp		131
3,762		Air Lease Corp		158
1,259		Aircastle Ltd		26
374		Alamo Group, Inc		34
1,111		Albany International Corp (Class A)		67
3,696		Allegion plc		286
205		Allied Motion Technologies, Inc		10
4,587		Allison Transmission Holdings, Inc		186

7

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,121		Altra Holdings, Inc	$	48
909	*	Ameresco, Inc		11
324	e	American Railcar Industries, Inc		13
568	*	American Woodmark Corp		52
8,395		Ametek, Inc		606
1,095		Apogee Enterprises, Inc		53
1,503		Applied Industrial Technologies, Inc		105
15,274		Arconic, Inc		260
555		Argan, Inc		23
822	*	Armstrong Flooring, Inc		12
1,735	*	Armstrong World Industries, Inc		110
823		Astec Industries, Inc		49
810	*	Astronics Corp		29
1,239	*	Atkore International Group, Inc		26
2,036	*	Axon Enterprise, Inc		129
1,059		AZZ, Inc		46
1,953		Barnes Group, Inc		115
2,363	*	Beacon Roofing Supply, Inc		101
279	*,e	Blue Bird Corp		6
325	*,e	BlueLinx Holdings, Inc		12
2,534	*	BMC Stock Holdings, Inc		53
20,389		Boeing Co		6,841
1,640		Briggs & Stratton Corp		29
3,625	*	Builders FirstSource, Inc		66
3,398		BWX Technologies, Inc		212
883	e	Caesarstone Sdot-Yam Ltd		13
520	*	CAI International, Inc		12
2,023		Carlisle Cos, Inc		219
21,548		Caterpillar, Inc		2,923
1,264	*	Chart Industries, Inc		78
647		CIRCOR International, Inc		24
3,463	*	Colfax Corp		106
840		Columbus McKinnon Corp		36
1,470		Comfort Systems USA, Inc		67
945	*	Commercial Vehicle Group, Inc		7
1,524	*	Continental Building Products Inc		48
1,769		Crane Co		142
554	*	CSW Industrials, Inc		29
1,041		Cubic Corp		67
5,656		Cummins, Inc		752
1,720		Curtiss-Wright Corp		205
12,055		Deere & Co		1,685
535		DMC Global, Inc		24
4,817		Donaldson Co, Inc		217
932		Douglas Dynamics, Inc		45
5,855		Dover Corp		429
485	*	Ducommun, Inc		16
567	*	DXP Enterprises, Inc		22
1,047	*	Dycom Industries, Inc		99
174		Eastern Co		5
16,415		Eaton Corp		1,227
1,960		EMCOR Group, Inc		149
23,433		Emerson Electric Co		1,620

8

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
840		Encore Wire Corp	$	40
648	*,e	Energous Corp		10
1,368	*,e	Energy Recovery, Inc		11
1,701		EnerSys		127
788	*	Engility Holdings, Inc		24
3,169	*	Enphase Energy, Inc		21
830		EnPro Industries, Inc		58
137		EnviroStar, Inc		5
4,276		Equifax, Inc		535
995		ESCO Technologies, Inc		57
1,019	*	Esterline Technologies Corp		75
2,773	*	Evoqua Water Technologies Corp		57
11,023		Fastenal Co		531
2,292		Federal Signal Corp		53
5,094		Flowserve Corp		206
5,480		Fluor Corp		267
11,433		Fortive Corp		882
5,630		Fortune Brands Home & Security, Inc		302
499	*	Foundation Building Materials, Inc		8
1,724		Franklin Electric Co, Inc		78
635		Freightcar America, Inc		11
3,933	*	Gardner Denver Holdings, Inc		116
1,403	*	Gates Industrial Corp plc		23
1,474		GATX Corp		109
277	*	Gencor Industries, Inc		4
2,385	*	Generac Holdings, Inc		123
9,618		General Dynamics Corp		1,793
319,947		General Electric Co		4,354
1,244	*	Gibraltar Industries, Inc		47
870		Global Brass & Copper Holdings, Inc		27
922	*	GMS, Inc		25
678		Gorman-Rupp Co		24
6,390		Graco, Inc		289
1,261		GrafTech International Ltd		23
470		Graham Corp		12
1,755		Granite Construction, Inc		98
2,253	*	Great Lakes Dredge & Dock Corp		12
1,065		Greenbrier Cos, Inc		56
1,120		Griffon Corp		20
1,293		H&E Equipment Services, Inc		49
4,465		Harris Corp		645
3,062	*	Harsco Corp		68
1,580	*	HC2 Holdings, Inc		9
6,880	*	HD Supply Holdings, Inc		295
1,220		HEICO Corp		89
2,603		HEICO Corp (Class A)		159
981	*	Herc Holdings, Inc		55
3,102		Hexcel Corp		206
2,415		Hillenbrand, Inc		114
27,660		Honeywell International, Inc		3,984
2,111		Hubbell, Inc		223
1,702		Huntington Ingalls		369
316		Hurco Cos, Inc		14

9

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
404		Hyster-Yale Materials Handling, Inc	$	26
2,879		IDEX Corp		393
298	*	IES Holdings, Inc		5
12,509		Illinois Tool Works, Inc		1,733
9,381		Ingersoll-Rand plc		842
716		Insteel Industries, Inc		24
3,480		ITT, Inc		182
4,430		Jacobs Engineering Group, Inc		281
2,450	*	JELD-WEN Holding, Inc		70
1,200		John Bean Technologies Corp		107
33,964		Johnson Controls International plc		1,136
433		Kadant, Inc		42
1,040		Kaman Corp		72
5,716		KBR, Inc		102
3,108		Kennametal, Inc		112
1,868	*,e	KEYW Holding Corp, The		16
2,010	*	KLX, Inc		144
2,746	*,e	Kratos Defense & Security Solutions, Inc		32
2,946		L3 Technologies, Inc		567
246	*	Lawson Products, Inc		6
306	*	LB Foster Co (Class A)		7
1,379		Lennox International, Inc		276
2,298		Lincoln Electric Holdings, Inc		202
408		Lindsay Corp		40
9,182		Lockheed Martin Corp		2,713
674	*	Lydall, Inc		29
1,198	*	Manitowoc Co, Inc		31
11,302		Masco Corp		423
798	*	Masonite International Corp		57
2,577	*	Mastec, Inc		131
2,076		Maxar Technologies Ltd		105
1,815	*	Mercury Systems, Inc		69
3,256	*	Meritor, Inc		67
2,113	*,e	Middleby Corp		221
1,678	*	Milacron Holdings Corp		32
446		Miller Industries, Inc		11
1,239		Moog, Inc (Class A)		97
3,470	*	MRC Global, Inc		75
1,759		MSC Industrial Direct Co (Class A)		149
2,210		Mueller Industries, Inc		65
6,011		Mueller Water Products, Inc (Class A)		70
639	*	MYR Group, Inc		23
206	e	National Presto Industries, Inc		26
1,911	*	Navistar International Corp		78
1,570	*	NCI Building Systems, Inc		33
962	*	Nexeo Solutions, Inc		9
1,020		NN, Inc		19
2,122		Nordson Corp		272
6,004		Northrop Grumman Corp		1,847
371	*	Northwest Pipe Co		7
4,328	*	NOW, Inc		58
291	*	NV5 Holdings, Inc		20
6,241	*	nVent Electric plc		157

10

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
117		Omega Flex, Inc	$	9
987	*	Orion Marine Group, Inc		8
2,888		Oshkosh Truck Corp		203
4,331		Owens Corning, Inc		274
12,981		PACCAR, Inc		804
4,830		Parker-Hannifin Corp		753
904	*	Patrick Industries, Inc		51
6,241		Pentair plc		263
1,847	*	PGT, Inc		38
7,340	*,e	Plug Power, Inc		15
416		Powell Industries, Inc		14
96		Preformed Line Products Co		9
1,452		Primoris Services Corp		40
1,003	*	Proto Labs, Inc		119
1,340		Quanex Building Products Corp		24
5,705	*	Quanta Services, Inc		191
1,477		Raven Industries, Inc		57
10,651		Raytheon Co		2,058
899	*	RBC Bearings, Inc		116
1,737		Regal-Beloit Corp		142
432	e	REV Group, Inc		7
4,030	*	Rexnord Corp		117
4,645		Rockwell Automation, Inc		772
6,032		Rockwell Collins, Inc		812
3,711		Roper Industries, Inc		1,024
257	*	Rush Enterprises, Inc		11
1,200	*	Rush Enterprises, Inc (Class A)		52
6,314	*	Sensata Technologies Holding plc		300
1,581		Simpson Manufacturing Co, Inc		98
1,315	*	SiteOne Landscape Supply, Inc		110
2,169		Snap-On, Inc		349
460	*	Sparton Corp		9
4,223		Spirit Aerosystems Holdings, Inc (Class A)		363
1,707	*	SPX Corp		60
1,563	*	SPX FLOW, Inc		68
472		Standex International Corp		48
5,675		Stanley Works		754
1,004	*	Sterling Construction Co, Inc		13
922		Sun Hydraulics Corp		44
3,212	*	Sunrun, Inc		42
1,359	*	Teledyne Technologies, Inc		271
647		Tennant Co		51
2,533		Terex Corp		107
967	*	Textainer Group Holdings Ltd		15
9,487		Textron, Inc		625
1,276	*	Thermon Group Holdings		29
2,702		Timken Co		118
1,841		Titan International, Inc		20
784	*	Titan Machinery, Inc		12
3,845		Toro Co		232
400	*	TPI Composites, Inc		12
1,748		TransDigm Group, Inc		603
2,304	*	Trex Co, Inc		144

11

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,789	*	Trimas Corp	$	53
5,866		Trinity Industries, Inc		201
1,667		Triton International Ltd		51
1,896		Triumph Group, Inc		37
1,399	*	Tutor Perini Corp		26
343	*	Twin Disc, Inc		8
3,207	*	United Rentals, Inc		473
27,735		United Technologies Corp		3,468
4,022	*	Univar, Inc		106
2,325		Universal Forest Products, Inc		85
3,432	*	USG Corp		148
821		Valmont Industries, Inc		124
455	*	Vectrus, Inc		14
419	*	Veritiv Corp		17
649	*	Vicor Corp		28
1,684		W.W. Grainger, Inc		519
2,295		Wabash National Corp		43
1,869	*	WABCO Holdings, Inc		219
3,154		Wabtec Corp		311
1,090		Watsco, Inc		194
880		Watts Water Technologies, Inc (Class A)		69
5,066	*	Welbilt, Inc		113
2,328	*	Wesco Aircraft Holdings, Inc		26
1,864	*	WESCO International, Inc		106
67	*	Willis Lease Finance Corp		2
1,151	*,e	Willscot Corp		17
2,064		Woodward Governor Co		159
6,623		Xylem, Inc		446
		TOTAL CAPITAL GOODS		75,118
COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
2,170		ABM Industries, Inc		63
2,247	*	Acacia Research (Acacia Technologies)		9
4,335		ACCO Brands Corp		60
3,263	e	ADT, Inc		28
2,702	*	Advanced Disposal Services, Inc		67
274		Barrett Business Services, Inc		26
198		BG Staffing, Inc		5
1,868		Brady Corp (Class A)		72
1,790		Brink’s Co		143
1,375	*	Casella Waste Systems, Inc (Class A)		35
2,160	*	CBIZ, Inc		50
948		Ceco Environmental Corp		6
814	*	Cimpress NV		118
3,264		Cintas Corp		604
2,053	*	Clean Harbors, Inc		114
7,339	*	Copart, Inc		415
1,326	*	CoStar Group, Inc		547
4,607		Covanta Holding Corp		76
364		CRA International, Inc		19
1,839		Deluxe Corp		122
1,234		Dun & Bradstreet Corp		151
6,139	*,†,m	Dyax Corp		7

12

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,051		Ennis, Inc	$	21
1,364		Essendant, Inc		18
1,994		Exponent, Inc		96
381		Forrester Research, Inc		16
419	*	Franklin Covey Co		10
1,597	*	FTI Consulting, Inc		97
494	*	GP Strategies Corp		9
2,765	e	Healthcare Services Group		119
711		Heidrick & Struggles International, Inc		25
555	*	Heritage-Crystal Clean, Inc		11
2,222		Herman Miller, Inc		75
1,049	*	Hill International, Inc		6
1,783		HNI Corp		66
896	*	Huron Consulting Group, Inc		37
707		ICF International, Inc		50
14,439	*	IHS Markit Ltd		745
1,756	*	Innerworkings, Inc		15
1,374		Insperity, Inc		131
2,401		Interface, Inc		55
5,073		KAR Auction Services, Inc		278
1,192		Kelly Services, Inc (Class A)		27
1,045		Kforce, Inc		36
1,392		Kimball International, Inc (Class B)		22
1,970		Knoll, Inc		41
1,994		Korn/Ferry International		123
1,270		LSC Communications, Inc		20
2,498		Manpower, Inc		215
1,217		Matthews International Corp (Class A)		72
919		McGrath RentCorp		58
4,469	*,m,†	Media General, Inc		0	^
757	*	Mistras Group, Inc		14
1,705		Mobile Mini, Inc		80
1,290		MSA Safety, Inc		124
514		Multi-Color Corp		33
1,969	*	Navigant Consulting, Inc		44
12,951		Nielsen NV		401
563	*	NL Industries, Inc		5
1,977	*	On Assignment, Inc		155
7,274		Pitney Bowes, Inc		62
1,198		Quad Graphics, Inc		25
8,385		Republic Services, Inc		573
1,107		Resources Connection, Inc		19
4,381		Robert Half International, Inc		285
3,591		Rollins, Inc		189
2,868		RR Donnelley & Sons Co		17
672	*	SP Plus Corp		25
3,128		Steelcase, Inc (Class A)		42
3,227	*	Stericycle, Inc		211
1,231	*	Team, Inc		28
2,101		Tetra Tech, Inc		123
6,811		TransUnion		488
1,603	*	TriNet Group, Inc		90
1,626	*	TrueBlue, Inc		44

13

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
592		Unifirst Corp	$	105
844		US Ecology, Inc		54
5,952	*	Verisk Analytics, Inc		641
795		Viad Corp		43
340		VSE Corp		16
1,451	*	WageWorks, Inc		73
15,911		Waste Management, Inc		1,294
279	*	Willdan Group, Inc		9
		TOTAL COMMERCIAL & PROFESSIONAL SERVICES		10,543
CONSUMER DURABLES & APPAREL - 1.4%
821		Acushnet Holdings Corp		20
2,238	*	American Outdoor Brands Corp		27
383		Bassett Furniture Industries, Inc		11
1,140	*	Beazer Homes USA, Inc		17
3,230		Brunswick Corp		208
3,598		Callaway Golf Co		68
1,735		Carter’s, Inc		188
237	*	Cavco Industries, Inc		49
707	*	Century Communities, Inc		22
727	*	Clarus Corp		6
1,106		Columbia Sportswear Co		101
2,849	*	CROCS, Inc		50
447		Culp, Inc		11
1,222	*	Deckers Outdoor Corp		138
12,733		DR Horton, Inc		522
458		Escalade, Inc		6
958		Ethan Allen Interiors, Inc		23
273		Flexsteel Industries, Inc		11
1,713	*	Fossil Group, Inc		46
4,152		Garmin Ltd		253
1,666	*	G-III Apparel Group Ltd		74
4,066	*,e	GoPro, Inc		26
992	*	Green Brick Partners, Inc		10
364		Hamilton Beach Brands Holding Co		11
14,194		Hanesbrands, Inc		313
4,250		Hasbro, Inc		392
1,059	*	Helen of Troy Ltd		104
438		Hooker Furniture Corp		21
4,761	*	Hovnanian Enterprises, Inc (Class A)		8
845	*	Installed Building Products Inc		48
1,024	*,e	iRobot Corp		78
232		Johnson Outdoors, Inc		20
3,347		KB Home		91
1,887		La-Z-Boy, Inc		58
4,915		Leggett & Platt, Inc		219
631		Lennar Corp (B Shares)		27
10,479		Lennar Corp (Class A)		550
624	*,e	LGI Homes, Inc		36
362		Lifetime Brands, Inc		5
3,534	*	Lululemon Athletica, Inc		441
862	*	M/I Homes, Inc		23
776	*	Malibu Boats Inc		33

14

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
441		Marine Products Corp	$	8
12,611	e	Mattel, Inc		207
673	*	MCBC Holdings, Inc		19
1,662		MDC Holdings, Inc		51
1,156	*	Meritage Homes Corp		51
5,047	*	Michael Kors Holdings Ltd		336
2,360	*	Mohawk Industries, Inc		506
638		Movado Group, Inc		31
182		Nacco Industries, Inc (Class A)		6
1,163	*	Nautilus, Inc		18
556	*	New Home Co Inc		6
16,718		Newell Rubbermaid, Inc		431
46,573		Nike, Inc (Class B)		3,711
117	*	NVR, Inc		348
621		Oxford Industries, Inc		51
546	*	Perry Ellis International, Inc		15
2,203		Polaris Industries, Inc		269
1,369		Pool Corp		207
9,933		Pulte Homes, Inc		286
2,916		PVH Corp		437
2,037		Ralph Lauren Corp		256
1,594	*	Roku, Inc		68
4,672	*	Skechers U.S.A., Inc (Class A)		140
251		Skyline Corp		9
2,305		Steven Madden Ltd		122
652	e	Sturm Ruger & Co, Inc		36
295		Superior Uniform Group, Inc		6
10,357		Tapestry, Inc		484
4,130	*	Taylor Morrison Home Corp		86
1,812	*,e	Tempur Sealy International, Inc		87
5,202		Toll Brothers, Inc		192
1,426	*	TopBuild Corp		112
6,145	*	TRI Pointe Homes, Inc		101
1,753		Tupperware Corp		72
7,306	*,e	Under Armour, Inc		154
7,201	*,e	Under Armour, Inc (Class A)		162
700	*	Unifi, Inc		22
585	*	Universal Electronics, Inc		19
1,001	*	Vera Bradley, Inc		14
12,166		VF Corp		992
2,174	*	Vista Outdoor, Inc		34
252		Weyco Group, Inc		9
2,587		Whirlpool Corp		378
889	*	William Lyon Homes, Inc		21
3,662		Wolverine World Wide, Inc		127
1,093	*	Zagg, Inc		19
		TOTAL CONSUMER DURABLES & APPAREL		15,081
CONSUMER SERVICES - 2.2%
2,413	*	Adtalem Global Education, Inc		116
675	*	American Public Education, Inc		28
9,028		ARAMARK Holdings Corp		335
2,383		BBX Capital Corp		22

15

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,449	*	Belmond Ltd.	$	38
3	*	Biglari Holdings, Inc (A Shares)		3
39	*	Biglari Holdings, Inc (B Shares)		7
817		BJ’s Restaurants, Inc		49
3,148		Bloomin’ Brands, Inc		63
641	*	Bojangles’, Inc		9
3,239		Boyd Gaming Corp		112
1,976	*	Bright Horizons Family Solutions		203
1,545	e	Brinker International, Inc		74
22,033	*	Caesars Entertainment Corp		236
428		Capella Education Co		42
2,656	*	Career Education Corp		43
14,990		Carnival Corp		859
591		Carriage Services, Inc		15
1,345	*	Carrols Restaurant Group, Inc		20
761	*	Century Casinos, Inc		7
1,753	e	Cheesecake Factory		97
3,925	*	Chegg, Inc		109
894	*	Chipotle Mexican Grill, Inc (Class A)		386
1,319		Choice Hotels International, Inc		100
435		Churchill Downs, Inc		129
751	*	Chuy’s Holdings, Inc		23
721	e	Cracker Barrel Old Country Store, Inc		113
4,646		Darden Restaurants, Inc		497
1,638	*	Dave & Buster’s Entertainment, Inc		78
1,033	*	Del Frisco’s Restaurant Group, Inc		13
1,227	*	Del Taco Restaurants, Inc		17
2,646	*	Denny’s Corp		42
664		DineEquity, Inc		50
1,538		Domino’s Pizza, Inc		434
2,096	*	Drive Shack, Inc		16
3,356		Dunkin Brands Group, Inc		232
809	*	El Pollo Loco Holdings, Inc		9
2,425	*	Eldorado Resorts, Inc		95
125	*,e	Empire Resorts, Inc		2
6,386		Extended Stay America, Inc		138
1,005	*	Fiesta Restaurant Group, Inc		29
412	*	Golden Entertainment, Inc		11
169		Graham Holdings Co		99
1,750	*	Grand Canyon Education, Inc		195
8,075		H&R Block, Inc		184
768	*	Habit Restaurants, Inc		8
3,588	*	Hilton Grand Vacations, Inc		124
10,414		Hilton Worldwide Holdings, Inc		824
4,089	*	Houghton Mifflin Harcourt Co		31
1,688		Hyatt Hotels Corp		130
4,167		ILG, Inc		138
4,144		International Game Technology plc		96
972		International Speedway Corp (Class A)		43
596	*	J Alexander’s Holdings, Inc		7
1,093		Jack in the Box, Inc		93
1,321	*	K12, Inc		22
13,279		Las Vegas Sands Corp		1,014

16

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,409	*	Laureate Education, Inc	$	20
608	*	Lindblad Expeditions Holdings, Inc		8
10,853		Marriott International, Inc (Class A)		1,374
849		Marriott Vacations Worldwide Corp		96
29,170		McDonald’s Corp		4,571
19,049		MGM Resorts International		553
388	*	Monarch Casino & Resort, Inc		17
133		Nathan’s Famous, Inc		13
400	*,e	Noodles & Co		5
7,520	*	Norwegian Cruise Line Holdings Ltd		355
1,063		Papa John’s International, Inc		54
3,355	*	Penn National Gaming, Inc		113
2,110	*	Pinnacle Entertainment, Inc		71
3,264		Planet Fitness, Inc		143
322	*	PlayAGS, Inc		9
946	*	Potbelly Corp		12
330		RCI Hospitality Holdings, Inc		10
638	*	Red Lion Hotels Corp		7
500	*	Red Robin Gourmet Burgers, Inc		23
2,623		Red Rock Resorts, Inc		88
1,367	*	Regis Corp		23
6,314		Royal Caribbean Cruises Ltd		654
1,174		Ruth’s Chris Steak House, Inc		33
1,968	*	Scientific Games Corp (Class A)		97
2,698	*	SeaWorld Entertainment, Inc		59
6,513		Service Corp International		233
5,213	*	ServiceMaster Global Holdings, Inc		310
841	*,e	Shake Shack, Inc		56
2,790	e	Six Flags Entertainment Corp		195
1,512	e	Sonic Corp		52
1,487	*	Sotheby’s (Class A)		81
581		Speedway Motorsports, Inc		10
49,852		Starbucks Corp		2,435
417		Strayer Education, Inc		47
2,599		Texas Roadhouse, Inc (Class A)		170
1,540		Vail Resorts, Inc		422
1,421	*	Weight Watchers International, Inc		144
7,240		Wendy’s		124
1,127		Wingstop, Inc		59
3,769		Wyndham Hotels & Resorts, Inc		222
3,769		Wyndham Worldwide Corp		167
3,813		Wynn Resorts Ltd		638
13,720		Yum China Holdings, Inc		528
11,999		Yum! Brands, Inc		939
805	*,e	Zoe’s Kitchen, Inc		8
		TOTAL CONSUMER SERVICES		23,157
DIVERSIFIED FINANCIALS - 3.8%
1,964		Affiliated Managers Group, Inc		292
1,028		AG Mortgage Investment Trust		19
15,541		AGNC Investment Corp		289
16,098		Ally Financial, Inc		423
26,312		American Express Co		2,579

17

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,464		Ameriprise Financial, Inc	$	764
42,968		Annaly Capital Management, Inc		442
3,633		Anworth Mortgage Asset Corp		18
3,555		Apollo Commercial Real Estate Finance, Inc		65
1,906	e	Arbor Realty Trust, Inc		20
1,014		Ares Commercial Real Estate Corp		14
727	e	Arlington Asset Investment Corp (Class A)		8
1,518	*	ARMOUR Residential REIT, Inc		35
1,731		Artisan Partners Asset Management, Inc		52
269	e	Associated Capital Group, Inc		10
4,965	*	AXA Equitable Holdings, Inc		102
382		B. Riley Financial, Inc		9
1,284		Banco Latinoamericano de Exportaciones S.A. (Class E)		32
34,696		Bank of New York Mellon Corp		1,871
8,951		BGC Partners, Inc (Class A)		101
4,602		BlackRock, Inc		2,297
3,698	e	Blackstone Mortgage Trust, Inc		116
2,523	*	Cannae Holdings, Inc		47
18,002		Capital One Financial Corp		1,654
3,681		Capstead Mortgage Corp		33
4,190		CBOE Holdings, Inc		436
44,361		Charles Schwab Corp		2,267
412		Cherry Hill Mortgage Investment Corp		7
6,861		Chimera Investment Corp		125
12,627		CME Group, Inc		2,070
853		Cohen & Steers, Inc		36
3,033	e	Colony Credit Real Estate, Inc		63
1,050	*	Cowen Group, Inc		15
436	*	Credit Acceptance Corp		154
5,675		CYS Investments, Inc		43
118		Diamond Hill Investment Group, Inc		23
12,927		Discover Financial Services		910
1,075	*	Donnelley Financial Solutions, Inc		19
1,860		Dynex Capital, Inc		12
9,915	*	E*TRADE Financial Corp		606
4,044		Eaton Vance Corp		211
588	*	Elevate Credit, Inc		5
978	*	Encore Capital Group, Inc		36
1,226	*	Enova International, Inc		45
1,565		Evercore Partners, Inc (Class A)		165
1,443		Exantas Capital Corp		15
1,988	*	Ezcorp, Inc (Class A)		24
1,406		Factset Research Systems, Inc		279
3,795		Federated Investors, Inc (Class B)		89
5,062	*	FGL Holdings		42
2,248		Financial Engines, Inc		101
1,853		FirstCash, Inc		166
11,857		Franklin Resources, Inc		380
1,532	e	Gain Capital Holdings, Inc		12
181		GAMCO Investors, Inc (Class A)		5
13,112		Goldman Sachs Group, Inc		2,892
1,667		Granite Point Mortgage Trust, Inc		31
416		Great Ajax Corp		5

18

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,775	*	Green Dot Corp	$	130
1,124	e	Greenhill & Co, Inc		32
544		Hamilton Lane, Inc		26
836		Houlihan Lokey, Inc		43
2,624		Interactive Brokers Group, Inc (Class A)		169
21,189		IntercontinentalExchange Group, Inc		1,558
601	*	INTL FCStone, Inc		31
15,288		Invesco Ltd		406
4,389		Invesco Mortgage Capital, Inc		70
1,302		Investment Technology Group, Inc		27
11,485		Jefferies Financial Group, Inc		261
419	e	KKR Real Estate Finance Trust, Inc		8
2,622		Ladder Capital Corp		41
5,033		Ladenburg Thalmann Financial Services, Inc		17
4,392		Lazard Ltd (Class A)		215
3,386		Legg Mason, Inc		118
12,454	*	LendingClub Corp		47
3,491		LPL Financial Holdings, Inc		229
1,365		MarketAxess Holdings, Inc		270
418		Marlin Business Services Corp		12
14,764		MFA Mortgage Investments, Inc		112
1,429		Moelis & Co		84
6,110		Moody’s Corp		1,042
46,328		Morgan Stanley		2,196
745		Morningstar, Inc		96
3,273		MSCI, Inc (Class A)		541
1,755		MTGE Investment Corp		34
4,411		NASDAQ OMX Group, Inc		403
9,280		Navient Corp		121
763		Nelnet, Inc (Class A)		45
12,373		New Residential Investment Corp		216
4,058	e	New York Mortgage Trust, Inc		24
959	*,†,m	NewStar Financial, Inc		0	^
7,695		Northern Trust Corp		792
2,164		OM Asset Management plc		31
2,011	*	On Deck Capital, Inc		14
2,827	*	OneMain Holdings, Inc		94
448		Oppenheimer Holdings, Inc		13
1,276	e	Orchid Island Capital, Inc		10
2,603		PennyMac Mortgage Investment Trust		49
896		Pico Holdings, Inc		10
553		Piper Jaffray Cos		43
727		PJT Partners, Inc		39
1,801	*	PRA Group, Inc		69
527		Pzena Investment Management, Inc (Class A)		5
4,885		Raymond James Financial, Inc		436
2,957		Redwood Trust, Inc		49
383	*	Regional Management Corp		13
9,405		S&P Global, Inc		1,918
808	*	Safeguard Scientifics, Inc		10
4,273		Santander Consumer USA Holdings, Inc		82
4,960		SEI Investments Co		310
298		Silvercrest Asset Management Group, Inc		5

19

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
16,893	*	SLM Corp	$	193
13,446		State Street Corp		1,252
2,581		Stifel Financial Corp		135
28,014		Synchrony Financial		935
8,790		T Rowe Price Group, Inc		1,020
10,451		TD Ameritrade Holding Corp		572
427		TPG RE Finance Trust, Inc		9
6,397		Two Harbors Investment Corp		101
1,024		Virtu Financial, Inc		27
255		Virtus Investment Partners, Inc		33
6,259		Voya Financial, Inc		294
3,248		Waddell & Reed Financial, Inc (Class A)		58
1,589		Western Asset Mortgage Capital Corp		17
322		Westwood Holdings Group, Inc		19
4,611		WisdomTree Investments, Inc		42
229	*	World Acceptance Corp		25
607		ZAIS Financial Corp		10
		TOTAL DIVERSIFIED FINANCIALS		39,939
ENERGY - 6.0%
5,830	*	Abraxas Petroleum Corp		17
99		Adams Resources & Energy, Inc		4
3,466	*	Alta Mesa Resources, Inc		24
19,112		Anadarko Petroleum Corp		1,400
5,223		Andeavor		685
9,010	*	Antero Resources Corp		192
14,158		Apache Corp		662
2,927	*	Apergy Corp		122
1,515	*,e	Approach Resources, Inc		4
550		Arch Coal, Inc		43
4,687		Archrock, Inc		56
985	*	Ardmore Shipping Corp		8
15,427		Baker Hughes a GE Co		510
661	*	Basic Energy Services, Inc		7
784	*	Bonanza Creek Energy, Inc		30
1,469		Bristow Group, Inc		21
1,777	*	C&J Energy Services, Inc		42
16,527		Cabot Oil & Gas Corp		393
812	*	Cactus, Inc		27
1,677	*	California Resources Corp		76
7,833	*	Callon Petroleum Co		84
905	*	CARBO Ceramics, Inc		8
2,286	*	Carrizo Oil & Gas, Inc		64
6,772	*	Centennial Resource Development, Inc		122
8,023	*	Cheniere Energy, Inc		523
32,228	*,e	Chesapeake Energy Corp		169
70,694		Chevron Corp		8,938
3,567		Cimarex Energy Co		363
5,167	*	Clean Energy Fuels Corp		19
2,858	*	Cloud Peak Energy, Inc		10
8,770	*	CNX Resources Corp		156
5,483	*	Concho Resources, Inc		759
43,455		ConocoPhillips		3,025

20

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,096	*	CONSOL Energy, Inc	$	42
3,475	*	Continental Resources, Inc		225
1,185	*,e	Covia Holdings Corp		22
612	e	CVR Energy, Inc		23
3,058		Delek US Holdings, Inc		153
15,050	*	Denbury Resources, Inc		72
19,371		Devon Energy Corp		852
2,870		DHT Holdings, Inc		13
2,618	*,e	Diamond Offshore Drilling, Inc		55
3,701		Diamondback Energy, Inc		487
1,163	*	Dorian LPG Ltd		9
1,470	*	Dril-Quip, Inc		76
384	*	Earthstone Energy, Inc		3
3,296	*	Eclipse Resources Corp		5
3,248	*	Energen Corp		237
1,132	*	Energy XXI Gulf Coast, Inc		10
21,582		EOG Resources, Inc		2,685
1,448	*,e	EP Energy Corp		4
9,818		EQT Corp		542
891	*	Era Group, Inc		12
668		Evolution Petroleum Corp		7
1,256	*	Exterran Corp		31
4,719	*,e	Extraction Oil & Gas, Inc		69
157,235		Exxon Mobil Corp		13,008
2,612	*	Forum Energy Technologies, Inc		32
1,937	e	Frank’s International NV		15
2,830	e	Frontline Ltd		17
744	*	FTS International, Inc		11
1,757		GasLog Ltd		34
3,789		Golar LNG Ltd		112
1,490		Green Plains Renewable Energy, Inc		27
6,440	*	Gulfport Energy Corp		81
4,058	*	Halcon Resources Corp		18
557		Hallador Energy Co		4
32,481		Halliburton Co		1,464
5,378	*	Helix Energy Solutions Group, Inc		45
3,775		Helmerich & Payne, Inc		241
9,840		Hess Corp		658
2,221	*	HighPoint Resources Corp		14
5,996		HollyFrontier Corp		410
1,312	*	Independence Contract Drilling, Inc		5
1,110	*	International Seaways, Inc		26
388	*	ION Geophysical Corp		9
30	*	Isramco, Inc		4
1,195	*,e	Jagged Peak Energy, Inc		16
1,187	*	Keane Group, Inc		16
384	*	Key Energy Services, Inc		6
71,466		Kinder Morgan, Inc		1,263
7,503	*	Kosmos Energy LLC		62
6,373	*	Laredo Petroleum Holdings, Inc		61
394	*,e	Liberty Oilfield Services, Inc		7
1,582	*,e	Lilis Energy, Inc		8
275	*	Mammoth Energy Services, Inc		9

21

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
31,474		Marathon Oil Corp	$	657
16,969		Marathon Petroleum Corp		1,191
3,403	*	Matador Resources Co		102
1,193	*	Matrix Service Co		22
6,808	*	McDermott International, Inc		134
377	*	Midstates Petroleum Co, Inc		5
6,404		Murphy Oil Corp		216
11,900		Nabors Industries Ltd		76
14,486		National Oilwell Varco, Inc		629
561	*	Natural Gas Services Group, Inc		13
410	*,e	NCS Multistage Holdings, Inc		6
7,829	*	Newfield Exploration Co		237
3,366	*	Newpark Resources, Inc		37
250	*	Nine Energy Service, Inc		8
9,079	*	Noble Corp plc		58
17,812		Noble Energy, Inc		628
3,925	e	Nordic American Tanker Shipping		11
3,920	*	Northern Oil And Gas, Inc		12
9,279	*	Oasis Petroleum, Inc		120
28,506		Occidental Petroleum Corp		2,385
2,001	*	Ocean Rig UDW, Inc		59
3,828		Oceaneering International, Inc		98
2,073	*	Oil States International, Inc		67
15,197		Oneok, Inc		1,061
836	*	Overseas Shipholding Group, Inc		3
648		Panhandle Oil and Gas, Inc (Class A)		12
1,291	*	Par Pacific Holdings, Inc		22
9,019	*	Parsley Energy, Inc		273
8,122		Patterson-UTI Energy, Inc		146
4,259		PBF Energy, Inc		179
2,579	*	PDC Energy, Inc		156
2,971		Peabody Energy Corp		135
544	*	Penn Virginia Corp		46
620	*	PHI, Inc		6
15,596		Phillips 66		1,752
2,571	*	Pioneer Energy Services Corp		15
6,360		Pioneer Natural Resources Co		1,204
2,609	*	ProPetro Holding Corp		41
9,406	*	Questar Market Resources, Inc		115
7,038		Range Resources Corp		118
1,467	*	Renewable Energy Group, Inc		26
838	*,e	Resolute Energy Corp		26
234	*	Rex American Resources Corp		19
611	*	RigNet, Inc		6
1,749	*	Ring Energy, Inc		22
4,518	*	Rowan Cos plc		73
2,256	e	RPC, Inc		33
5,131	*	RSP Permian, Inc		226
2,726	*,e	Sanchez Energy Corp		12
1,269	*	SandRidge Energy, Inc		23
51,436		Schlumberger Ltd		3,448
6,794		Scorpio Tankers, Inc		19
617	*	SEACOR Holdings, Inc		35

22

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
629	*	SEACOR Marine Holdings, Inc	$	15
351	*	Select Energy Services, Inc		5
2,570		SemGroup Corp		65
2,365		Ship Finance International Ltd		35
253	*	SilverBow Resources, Inc		7
4,345		SM Energy Co		112
801	*,e	Smart Sand, Inc		4
369	*	Solaris Oilfield Infrastructure, Inc		5
19,699	*	Southwestern Energy Co		104
7,633	*	SRC Energy, Inc		84
5,923	*	Superior Energy Services		58
749	*	Talos Energy, Inc		24
7,616		Targa Resources Investments, Inc		377
2,010		Teekay Corp		16
3,273	e	Teekay Tankers Ltd (Class A)		4
2,116	*,e	Tellurian, Inc		18
3,896	*	Tetra Technologies, Inc		17
878	*	Tidewater, Inc		25
15,313	*	Transocean Ltd (NYSE)		206
1,986	*	Unit Corp		51
5,127	*,e	Uranium Energy Corp		8
3,143	e	US Silica Holdings Inc		81
15,970		Valero Energy Corp		1,770
3,587	*	W&T Offshore, Inc		26
34,561	*	Weatherford International Ltd		114
3,512	*	Whiting Petroleum Corp		185
705	*	WildHorse Resource Development Corp		18
30,742		Williams Cos, Inc		833
2,651		World Fuel Services Corp		54
15,377	*	WPX Energy, Inc		277
		TOTAL ENERGY		62,501
FOOD & STAPLES RETAILING - 0.9%
1,108		Andersons, Inc		38
1,203		Casey’s General Stores, Inc		126
776	*	Chefs’ Warehouse Holdings, Inc		22
555		Ingles Markets, Inc (Class A)		18
31,546		Kroger Co		898
345	*	Natural Grocers by Vitamin C		4
3,740	*	Performance Food Group Co		137
820		Pricesmart, Inc		74
34,626	*,e	Rite Aid Corp		60
1,024	*	Smart & Final Stores, Inc		6
957		Spartan Stores, Inc		24
4,309	*	Sprouts Farmers Market, Inc		95
888	*	SUPERVALU, Inc		18
17,657		Sysco Corp		1,206
2,032	*	United Natural Foods, Inc		87
7,566	*	US Foods Holding Corp		286
292		Village Super Market (Class A)		9
31,397		Walgreens Boots Alliance, Inc		1,884
52,950		Walmart, Inc		4,535
313		Weis Markets, Inc		17
		TOTAL FOOD & STAPLES RETAILING		9,544

23

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
FOOD, BEVERAGE & TOBACCO - 3.9%
4,215	*	22nd Century Group, Inc	$	10
136		Alico, Inc		4
70,268		Altria Group, Inc		3,990
20,341		Archer Daniels Midland Co		932
2,508	e	B&G Foods, Inc (Class A)		75
344	*	Boston Beer Co, Inc (Class A)		103
1,865		Brown-Forman Corp		91
10,467		Brown-Forman Corp (Class B)		513
5,296		Bunge Ltd		369
583	e	Calavo Growers, Inc		56
1,263	*	Cal-Maine Foods, Inc		58
6,056	e	Campbell Soup Co		245
3,333	*,e	Castle Brands, Inc		4
185		Coca-Cola Bottling Co Consolidated		25
141,975		Coca-Cola Co		6,227
13,654		ConAgra Foods, Inc		488
5,823		Constellation Brands, Inc (Class A)		1,274
16,216		Costco Wholesale Corp		3,389
418	*	Craft Brewers Alliance, Inc		9
6,364	*	Darling International, Inc		126
3,513		Dean Foods Co		37
6,555	*	Dr Pepper Snapple Group, Inc		800
288	*	Farmer Bros Co		9
6,808		Flowers Foods, Inc		142
1,315		Fresh Del Monte Produce, Inc		59
901	*,e	Freshpet, Inc		25
21,591		General Mills, Inc		956
3,970	*	Hain Celestial Group, Inc		118
5,112		Hershey Co		476
10,106	e	Hormel Foods Corp		376
3,112	*	Hostess Brands, Inc		42
2,632		Ingredion, Inc		291
585		J&J Snack Foods Corp		89
4,037		J.M. Smucker Co		434
368		John B. Sanfilippo & Son, Inc		27
8,945		Kellogg Co		625
22,359		Kraft Heinz Co		1,405
5,453		Lamb Weston Holdings, Inc		374
621		Lancaster Colony Corp		86
1,056	*	Landec Corp		16
443		Limoneira Co		11
4,446		McCormick & Co, Inc		516
476		MGP Ingredients, Inc		42
6,197		Molson Coors Brewing Co (Class B)		422
53,780		Mondelez International, Inc		2,205
15,103	*	Monster Beverage Corp		865
457		National Beverage Corp		49
52,582		PepsiCo, Inc		5,725
57,653		Philip Morris International, Inc		4,655
2,078	*	Pilgrim’s Pride Corp		42

24

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,626		Pinnacle Foods, Inc	$	301
2,539	*	Post Holdings, Inc		218
845	*	Primo Water Corp		15
787		Sanderson Farms, Inc		83
10		Seaboard Corp		40
365	*	Seneca Foods Corp		10
2,221	*	Simply Good Foods Co		32
326	e	Tootsie Roll Industries, Inc		10
2,158	*	TreeHouse Foods, Inc		113
183		Turning Point Brands, Inc		6
10,770		Tyson Foods, Inc (Class A)		741
917		Universal Corp		61
3,082		Vector Group Ltd		59
		TOTAL FOOD, BEVERAGE & TOBACCO		40,596
HEALTH CARE EQUIPMENT & SERVICES - 6.1%
338	*,e	AAC Holdings, Inc		3
855		Abaxis, Inc		71
63,503		Abbott Laboratories		3,873
1,565	*	Abiomed, Inc		640
3,023	*	Acadia Healthcare Co, Inc		124
3,073	*	Accuray, Inc		13
255	*	Addus HomeCare Corp		15
11,873		Aetna Inc		2,179
2,916	*	Align Technology, Inc		998
7,075	*	Allscripts Healthcare Solutions, Inc		85
1,099	*	Amedisys, Inc		94
368	*	American Renal Associates Holdings, Inc		6
5,940		AmerisourceBergen Corp		507
1,811	*	AMN Healthcare Services, Inc		106
1,310	*	Angiodynamics, Inc		29
566	*	Anika Therapeutics, Inc		18
5,621	*	Antares Pharma, Inc		15
9,476		Anthem, Inc		2,256
912	*,e	Apollo Medical Holdings, Inc		24
1,482	*	athenahealth, Inc		236
1,229	*	AtriCure, Inc		33
55		Atrion Corp		33
1,812	*	Avanos Medical, Inc		104
1,009	*	AxoGen, Inc		51
18,565		Baxter International, Inc		1,371
9,781		Becton Dickinson & Co		2,343
4,529	*,e	BioScrip, Inc		13
1,148	*	BioTelemetry, Inc		52
51,114	*	Boston Scientific Corp		1,671
7,134	*	Brookdale Senior Living, Inc		65
1,418		Cantel Medical Corp		140
1,019	*	Capital Senior Living Corp		11
11,679		Cardinal Health, Inc		570
1,207	*	Cardiovascular Systems, Inc		39
2,441	*	Castlight Health, Inc		10
7,519	*	Centene Corp		926
11,756	*	Cerner Corp		703

25

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,212	*	Cerus Corp	$	28
611		Chemed Corp		197
8,706		Cigna Corp		1,480
504	*	Civitas Solutions, Inc		8
3,787	*,e	Community Health Systems, Inc		13
481		Computer Programs & Systems, Inc		16
1,071		Conmed Corp		78
1,827		Cooper Cos, Inc		430
368	*	Corvel Corp		20
1,020	*	Cotiviti Holdings, Inc		45
1,273	*	Cross Country Healthcare, Inc		14
1,250	*	CryoLife, Inc		35
917	*,e	CryoPort, Inc		14
593	*	Cutera, Inc		24
37,790		CVS Health Corp		2,432
1,039	*,e	CytoSorbents Corp		12
22,875		Danaher Corp		2,257
5,281	*	DaVita, Inc		367
8,598		Dentsply Sirona, Inc		376
3,340	*	DexCom, Inc		317
1,886	*	Diplomat Pharmacy, Inc		48
7,699	*	Edwards Lifesciences Corp		1,121
3,477		Encompass Health Corp		235
3,300	*	Endologix, Inc		19
1,885		Ensign Group, Inc		68
4,540	*	Envision Healthcare Corp		200
2,484	*	Evolent Health, Inc		52
20,832	*	Express Scripts Holding Co		1,608
229	*	FONAR Corp		6
1,393	*	Genesis Health Care, Inc		3
1,865	*	GenMark Diagnostics, Inc		12
1,112	*,e	Glaukos Corp		45
2,762	*	Globus Medical, Inc		139
2,039	*	Haemonetics Corp		183
10,277		HCA Holdings, Inc		1,054
1,932	*	HealthEquity, Inc		145
1,071		HealthStream, Inc		29
5,686	*	Henry Schein, Inc		413
236	*	Heska Corp		25
2,532		Hill-Rom Holdings, Inc		221
3,262	*	HMS Holdings Corp		71
10,324	*	Hologic, Inc		410
5,123		Humana, Inc		1,525
588	*	ICU Medical, Inc		173
3,173	*	Idexx Laboratories, Inc		692
672	*	Inogen Inc		125
2,425	*,e	Inovalon Holdings, Inc		24
279	*,e	Inspire Medical Systems, Inc		10
2,272	*	Insulet Corp		195
935	*	Integer Holding Corp		60
2,413	*	Integra LifeSciences Holdings Corp		155
222	*	IntriCon Corp		9
4,170	*	Intuitive Surgical, Inc		1,995

26

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,260		Invacare Corp	$	23
878	*	iRhythm Technologies, Inc		71
1,571	*	K2M Group Holdings, Inc		35
3,505	*	Kindred Healthcare, Inc		32
3,717	*	Laboratory Corp of America Holdings		667
982	*	Lantheus Holdings, Inc		14
562		LeMaitre Vascular, Inc		19
1,045	*	LHC Group, Inc		89
1,442	*	LifePoint Hospitals, Inc		70
1,887	*	LivaNova plc		188
735	*	Magellan Health Services, Inc		71
1,746	*	Masimo Corp		171
7,743		McKesson Corp		1,033
2,192	*	Medidata Solutions, Inc		177
3,431	*	MEDNAX, Inc		149
50,220		Medtronic plc		4,299
1,637		Meridian Bioscience, Inc		26
1,836	*	Merit Medical Systems, Inc		94
2,279	*	Molina Healthcare, Inc		223
685	*,e	NantHealth, Inc		2
212		National Healthcare Corp		15
357		National Research Corp		13
1,257	*	Natus Medical, Inc		43
1,932	*	Neogen Corp		155
1,074	*	Nevro Corp		86
2,085	*	Novocure Ltd		65
1,937	*	NuVasive, Inc		101
511	*	Nuvectra Corp		11
2,539	*	NxStage Medical, Inc		71
1,384	*	Omnicell, Inc		73
2,181	*	OraSure Technologies, Inc		36
679	*	Orthofix International NV		39
2,343		Owens & Minor, Inc		39
919	*	Oxford Immunotec Global plc		12
3,229		Patterson Cos, Inc		73
1,140	*	Penumbra, Inc		158
275	*,e	PetIQ, Inc		7
1,594	*	Premier, Inc		58
495	*	Providence Service Corp		39
356	*	Pulse Biosciences, Inc		5
1,960	*	Quality Systems, Inc		38
5,188		Quest Diagnostics, Inc		570
1,084	*	Quidel Corp		72
3,887	*	R1 RCM, Inc		34
1,510	*	RadNet, Inc		23
5,278		Resmed, Inc		547
1,891	*,e	Rockwell Medical, Inc		9
2,673	*	RTI Biologics, Inc		12
4,065	*	Select Medical Holdings Corp		74
2,436	*	Senseonics Holdings, Inc		10
549	*,e	Sientra, Inc		11
414		Simulations Plus, Inc		9
1,741	*	Staar Surgical Co		54

27

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,985		STERIS Plc	$	313
12,693		Stryker Corp		2,143
643	*	Surgery Partners, Inc		10
516	*	SurModics, Inc		29
350	*	Tabula Rasa HealthCare, Inc		22
357	*	Tactile Systems Technology, Inc		19
1,644	*,e	Tandem Diabetes Care, Inc		36
2,089	*,e	Teladoc, Inc		121
1,689		Teleflex, Inc		453
3,172	*	Tenet Healthcare Corp		107
1,422	*	Tivity Health, Inc		50
5,738	*,e	TransEnterix, Inc		25
948	*	Triple-S Management Corp (Class B)		37
35,479		UnitedHealth Group, Inc		8,705
3,263		Universal Health Services, Inc (Class B)		364
468		US Physical Therapy, Inc		45
149		Utah Medical Products, Inc		16
1,492	*	Varex Imaging Corp		55
3,475	*	Varian Medical Systems, Inc		395
4,450	*	Veeva Systems, Inc		342
1,068	*,e	ViewRay, Inc		7
1,082	*	Vocera Communications, Inc		32
1,581	*	WellCare Health Plans, Inc		389
2,710		West Pharmaceutical Services, Inc		269
4,098	*,e	Wright Medical Group NV		106
7,538		Zimmer Biomet Holdings, Inc		840
		TOTAL HEALTH CARE EQUIPMENT & SERVICES		63,605
HOUSEHOLD & PERSONAL PRODUCTS - 1.4%
400	*	Central Garden & Pet Co		17
1,366	*	Central Garden and Pet Co (Class A)		55
9,043		Church & Dwight Co, Inc		481
4,937		Clorox Co		668
31,643		Colgate-Palmolive Co		2,051
17,354		Coty, Inc		245
2,241	*	Edgewell Personal Care Co		113
812	*,e	elf Beauty, Inc		12
2,362		Energizer Holdings, Inc		149
8,156		Estee Lauder Cos (Class A)		1,164
4,259	*	Herbalife Ltd		229
4,642	*	HRG Group, Inc		61
735		Inter Parfums, Inc		39
13,062		Kimberly-Clark Corp		1,376
385		Medifast, Inc		61
325		Natural Health Trends Corp		8
537	*	Nature’s Sunshine Products, Inc		5
2,034		Nu Skin Enterprises, Inc (Class A)		159
255		Oil-Dri Corp of America		11
93,438		Procter & Gamble Co		7,294
480	*,e	Revlon, Inc (Class A)		8
959	e	Spectrum Brands, Inc		78
426	*	USANA Health Sciences, Inc		49
538		WD-40 Co		79
		TOTAL HOUSEHOLD & PERSONAL PRODUCTS		14,412

28

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
INSURANCE - 3.9%
28,397		Aflac, Inc	$	1,222
576		Alleghany Corp		331
13,006		Allstate Corp		1,187
1,747	*	AMBAC Financial Group, Inc		35
3,330		American Equity Investment Life Holding Co		120
2,665		American Financial Group, Inc		286
33,475		American International Group, Inc		1,775
284		American National Insurance Co		34
751		Amerisafe, Inc		43
3,256	e	Amtrust Financial Services, Inc		47
9,182		Aon plc		1,260
14,364	*	Arch Capital Group Ltd		380
1,294		Argo Group International Holdings Ltd		75
6,620		Arthur J. Gallagher & Co		432
2,327		Aspen Insurance Holdings Ltd		95
1,799		Assurant, Inc		186
4,096		Assured Guaranty Ltd		146
5,891	*	Athene Holding Ltd		258
2,754		Axis Capital Holdings Ltd		153
422		Baldwin & Lyons, Inc (Class B)		10
71,906	*	Berkshire Hathaway, Inc (Class B)		13,421
3,589	*	Brighthouse Financial, Inc		144
7,851		Brown & Brown, Inc		218
17,197		Chubb Ltd		2,184
5,815		Cincinnati Financial Corp		389
2,162	*,e	Citizens, Inc (Class A)		17
758		CNA Financial Corp		35
6,647		Conseco, Inc		127
723		Crawford & Co (Class B)		6
406		Donegal Group, Inc (Class A)		6
746	*	eHealth, Inc		17
252		EMC Insurance Group, Inc		7
1,239		Employers Holdings, Inc		50
437	*	Enstar Group Ltd		91
983		Erie Indemnity Co (Class A)		115
1,587		Everest Re Group Ltd		366
371		FBL Financial Group, Inc (Class A)		29
485	*	FedNat Holding Co		11
4,199		First American Financial Corp		217
9,345		FNF Group		352
19,503	*	Genworth Financial, Inc (Class A)		88
328		Global Indemnity Ltd		13
345	*	Goosehead Insurance, Inc		9
621	*	Greenlight Capital Re Ltd (Class A)		9
368	*	Hallmark Financial Services		4
1,661		Hanover Insurance Group, Inc		199
13,310		Hartford Financial Services Group, Inc		681
290		HCI Group, Inc		12
443	*	Health Insurance Innovations, Inc		14
1,074	e	Heritage Insurance Holdings, Inc		18

29

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,591		Horace Mann Educators Corp	$	71
345		Independence Holding Co		11
439		Infinity Property & Casualty Corp		63
62		Investors Title Co		11
646		James River Group Holdings Ltd		25
1,469		Kemper Corp		111
379		Kingstone Cos, Inc		6
566		Kinsale Capital Group, Inc		31
8,318		Lincoln National Corp		518
10,573		Loews Corp		510
2,565		Maiden Holdings Ltd		20
519	*	Markel Corp		563
18,795		Marsh & McLennan Cos, Inc		1,541
4,904	*,e	MBIA, Inc		44
1,072		Mercury General Corp		49
32,037		Metlife, Inc		1,397
1,991		National General Holdings Corp		52
92		National Western Life Group, Inc		28
808		Navigators Group, Inc		46
394	*	NI Holdings, Inc		7
10,495		Old Republic International Corp		209
1,513		Primerica, Inc		151
10,497		Principal Financial Group		556
1,956		ProAssurance Corp		69
21,639		Progressive Corp		1,280
15,592		Prudential Financial, Inc		1,458
2,347		Reinsurance Group of America, Inc (Class A)		313
1,586		RenaissanceRe Holdings Ltd		191
1,544		RLI Corp		102
591		Safety Insurance Group, Inc		50
2,223		Selective Insurance Group, Inc		122
630		State Auto Financial Corp		19
815		Stewart Information Services Corp		35
2,745	*	Third Point Reinsurance Ltd		34
1,255		Tiptree Financial, Inc		9
3,929		Torchmark Corp		320
10,130		Travelers Cos, Inc		1,239
855	*,e	Trupanion, Inc		33
844		United Fire & Casualty Co		46
739		United Insurance Holdings Corp		14
1,340		Universal Insurance Holdings, Inc		47
8,212		UnumProvident Corp		304
2,569		Validus Holdings Ltd		174
3,567		W.R. Berkley Corp		258
124		White Mountains Insurance Group Ltd		112
4,882		Willis Towers Watson plc		740
9,312		XL Group Ltd		521
		TOTAL INSURANCE		40,434
MATERIALS - 3.1%
1,126		A. Schulman, Inc		50
788		Advanced Emissions Solutions, Inc		9
1,237	*	AdvanSix, Inc		45

30

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
801	*	AgroFresh Solutions, Inc	$	6
8,133		Air Products & Chemicals, Inc		1,267
12,220	*,e	AK Steel Holding Corp		53
4,207		Albemarle Corp		397
6,581	*	Alcoa Corp		309
4,202	*	Allegheny Technologies, Inc		106
1,143		American Vanguard Corp		26
2,312		Aptargroup, Inc		216
716		Ardagh Group S.A.		12
2,222		Ashland Global Holdings, Inc		174
3,291		Avery Dennison Corp		336
8,232	*	Axalta Coating Systems Ltd		250
1,227		Balchem Corp		120
13,140		Ball Corp		467
3,338		Bemis Co, Inc		141
4,805	*	Berry Plastics Group, Inc		221
1,581		Boise Cascade Co		71
2,347		Cabot Corp		145
1,812		Carpenter Technology Corp		95
5,038		Celanese Corp (Series A)		560
1,952	*	Century Aluminum Co		31
8,475		CF Industries Holdings, Inc		376
284		Chase Corp		33
6,892		Chemours Co		306
623	*	Clearwater Paper Corp		14
9,437	*	Cleveland-Cliffs, Inc		80
6,825	*	Coeur Mining, Inc		52
4,501		Commercial Metals Co		95
1,251		Compass Minerals International, Inc		82
4,958	*	Crown Holdings, Inc		222
2,440		Domtar Corp		116
86,175		DowDuPont, Inc		5,681
1,609		Eagle Materials, Inc		169
5,222		Eastman Chemical Co		522
9,536		Ecolab, Inc		1,338
3,191	*	Ferro Corp		67
2,943	*,m	Ferroglobe plc		0	^
2,151	*	Flotek Industries, Inc		7
5,066		FMC Corp		452
657	*	Forterra, Inc		6
53,635		Freeport-McMoRan Copper & Gold, Inc (Class B)		926
954		FutureFuel Corp		13
2,797	*	GCP Applied Technologies, Inc		81
2,189	*	Gold Resource Corp		14
12,219		Graphic Packaging Holding Co		177
203		Greif, Inc		12
985		Greif, Inc (Class A)		52
1,961		H.B. Fuller Co		105
377		Hawkins, Inc		13
501		Haynes International, Inc		18
14,849		Hecla Mining Co		52
8,070		Huntsman Corp		236
1,659	*	Ingevity Corp		134

31

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
803		Innophos Holdings, Inc	$	38
974		Innospec, Inc		75
2,996		International Flavors & Fragrances, Inc		371
15,365		International Paper Co		800
3,628	*	Intrepid Potash, Inc		15
656		Kaiser Aluminum Corp		68
3,243		Kapstone Paper and Packaging Corp		112
6,735	*	Klondex Mines Ltd		16
329		KMG Chemicals, Inc		24
850	*	Koppers Holdings, Inc		33
1,207	*	Kraton Polymers LLC		56
893		Kronos Worldwide, Inc		20
5,593		Louisiana-Pacific Corp		152
901	*	LSB Industries, Inc		5
11,910		LyondellBasell Industries AF S.C.A		1,308
2,320		Martin Marietta Materials, Inc		518
774		Materion Corp		42
1,370		Minerals Technologies, Inc		103
12,629		Mosaic Co		354
871		Myers Industries, Inc		17
642		Neenah Paper, Inc		54
278		NewMarket Corp		112
20,144		Newmont Mining Corp		760
11,770		Nucor Corp		736
6,399		Olin Corp		184
395		Olympic Steel, Inc		8
1,779	*	Omnova Solutions, Inc		18
5,702	*	Owens-Illinois, Inc		96
3,472		Packaging Corp of America		388
1,827		PH Glatfelter Co		36
8,571	*	Platform Specialty Products Corp		99
3,172		PolyOne Corp		137
9,233		PPG Industries, Inc		958
890	*	PQ Group Holdings, Inc		16
10,665		Praxair, Inc		1,687
510		Quaker Chemical Corp		79
1,744		Rayonier Advanced Materials, Inc		30
2,559		Reliance Steel & Aluminum Co		224
2,482		Royal Gold, Inc		230
4,842		RPM International, Inc		282
592	*	Ryerson Holding Corp		7
1,051		Schnitzer Steel Industries, Inc (Class A)		35
1,182		Schweitzer-Mauduit International, Inc		52
1,569		Scotts Miracle-Gro Co (Class A)		130
5,961		Sealed Air Corp		253
1,576		Sensient Technologies Corp		113
3,086		Sherwin-Williams Co		1,258
2,434		Silgan Holdings, Inc		65
3,576		Sonoco Products Co		188
3,201		Southern Copper Corp (NY)		150
8,549		Steel Dynamics, Inc		393
775		Stepan Co		60
4,288	*	Summit Materials, Inc		113

32

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,524	*	SunCoke Energy, Inc	$	34
11,807		Tahoe Resources, Inc		58
1,535	*	TimkenSteel Corp		25
970	*	Trecora Resources		14
1,164		Tredegar Corp		27
1,701		Trinseo S.A.		121
2,505		Tronox Ltd		49
226	*	UFP Technologies, Inc		7
66		United States Lime & Minerals, Inc		6
6,801		United States Steel Corp		236
577	*,e	US Concrete, Inc		30
882		Valhi, Inc		4
7,329		Valvoline, Inc		158
1,233	*	Verso Corp		27
5,018		Vulcan Materials Co		648
565		Warrior Met Coal, Inc		16
1,396		Westlake Chemical Corp		150
9,466		WestRock Co		540
1,742	*	Worthington Industries, Inc		73
2,489		WR Grace and Co		182
		TOTAL MATERIALS		32,041
MEDIA - 2.3%
2,111	e	AMC Entertainment Holdings, Inc		34
1,592	*	AMC Networks, Inc		99
184		Cable One, Inc		135
12,207		CBS Corp (Class B)		686
3,461	*	Central European Media Enterprises Ltd (Class A) (NASDAQ)		14
6,619	*	Charter Communications, Inc		1,941
4,142		Cinemark Holdings, Inc		145
1,723		Clear Channel Outdoor Holdings, Inc (Class A)		7
169,573		Comcast Corp (Class A)		5,564
46	*,e	Daily Journal Corp		11
5,957	*,e	Discovery, Inc (Class A)		164
12,786	*	Discovery, Inc (Class C)		326
8,615	*	DISH Network Corp (Class A)		289
568		Emerald Expositions Events, Inc		12
4,712	e	Entercom Communications Corp (Class A)		36
2,637		Entravision Communications Corp (Class A)		13
798	*,e	Eros International plc		10
2,274		EW Scripps Co (Class A)		30
586	*,e	Fluent, Inc		1
4,415		Gannett Co, Inc		47
3,746	*	GCI Liberty, Inc		169
2,680	*	Gray Television, Inc		42
408	*	Hemisphere Media Group, Inc		5
2,264	*	Imax Corp		50
14,811		Interpublic Group of Cos, Inc		347
1,634		John Wiley & Sons, Inc (Class A)		102
428	*	Liberty Braves Group (Class A)		11
1,434	*	Liberty Braves Group (Class C)		37
977	*	Liberty Broadband Corp (Class A)		74
4,040	*	Liberty Broadband Corp (Class C)		306

33

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,170	*	Liberty Latin America Ltd	$	81
1,581	*	Liberty Latin America Ltd (Class A)		30
998	*	Liberty Media Group (Class A)		35
7,316	*	Liberty Media Group (Class C)		272
3,486	*	Liberty SiriusXM Group (Class A)		157
6,416	*	Liberty SiriusXM Group (Class C)		291
2,000	e	Lions Gate Entertainment Corp (Class A)		50
3,835		Lions Gate Entertainment Corp (Class B)		90
5,305	*	Live Nation, Inc		258
1,013	*	LiveXLive Media, Inc		6
190	*	Loral Space & Communications, Inc		7
729	*	Madison Square Garden Co		226
736		Marcus Corp		24
2,109	*	MDC Partners, Inc		10
1,545	e	Meredith Corp		79
2,361	*	MSG Networks, Inc		56
2,714		National CineMedia, Inc		23
1,956		New Media Investment Group, Inc		36
4,795		New York Times Co (Class A)		124
13,730		News Corp		213
4,708		News Corp (Class B)		75
1,776		Nexstar Broadcasting Group, Inc (Class A)		130
8,438		Omnicom Group, Inc		644
787	*	Reading International, Inc		12
243	*,m	Rovi Guides, Inc		1
175		Saga Communications, Inc		7
1,096		Scholastic Corp		49
2,721		Sinclair Broadcast Group, Inc (Class A)		87
47,705	e	Sirius XM Holdings, Inc		323
8,405		TEGNA, Inc		91
2,837		Tribune Co		109
780	*	tronc, Inc		13
38,974		Twenty-First Century Fox, Inc		1,937
18,120		Twenty-First Century Fox, Inc (Class B)		893
411	e	Viacom, Inc		15
13,170		Viacom, Inc (Class B)		397
55,331		Walt Disney Co		5,799
806	*,e	WideOpenWest, Inc		8
1,509	e	World Wrestling Entertainment, Inc (Class A)		110
		TOTAL MEDIA		23,475
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
58,935		AbbVie, Inc		5,460
1,001	*,e	Abeona Therapeutics, Inc		16
3,739	*	Acadia Pharmaceuticals, Inc		57
987	*,e	Accelerate Diagnostics, Inc		22
1,231	*	Acceleron Pharma, Inc		60
1,147	*,e	Achaogen, Inc		10
4,855	*	Achillion Pharmaceuticals, Inc		14
797	*,e	Aclaris Therapeutics, Inc		16
1,689	*	Acorda Therapeutics, Inc		48
711	*,e	Adamas Pharmaceuticals, Inc		18
1,602	*,e	Aduro Biotech, Inc		11

34

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,984	*	Adverum Biotechnologies, Inc	$	11
1,175	*	Aerie Pharmaceuticals, Inc		79
2,830	*,e	Agenus, Inc		6
11,956		Agilent Technologies, Inc		739
1,876	*	Agios Pharmaceuticals, Inc		158
1,385	*	Aimmune Therapeutics, Inc		37
574	*,e	Akcea Therapeutics, Inc		14
1,440	*	Akebia Therapeutics, Inc		14
3,444	*	Akorn, Inc		57
332	*	Albireo Pharma, Inc		12
2,198	*,e	Alder Biopharmaceuticals, Inc		35
7,934	*	Alexion Pharmaceuticals, Inc		985
5,962	*	Alkermes plc		245
12,643		Allergan plc		2,108
3,288	*	Alnylam Pharmaceuticals, Inc		324
1,423	*	AMAG Pharmaceuticals, Inc		28
24,565		Amgen, Inc		4,535
6,968	*,e	Amicus Therapeutics, Inc		109
2,888	*	Amneal Pharmaceuticals, Inc		47
1,331	*	Amphastar Pharmaceuticals, Inc		20
679	*	AnaptysBio, Inc		48
292	*	ANI Pharmaceuticals, Inc		20
1,330	*,e	Apellis Pharmaceuticals, Inc		29
1,565	*	Aratana Therapeutics, Inc		7
1,297	*	Arbutus Biopharma Corp		9
894	*	Ardelyx, Inc		3
1,827	*	Arena Pharmaceuticals, Inc		80
3,173	*	Arqule, Inc		18
6,749	*	Array Biopharma, Inc		113
3,193	*,e	Arrowhead Research Corp		43
541	*	Assembly Biosciences, Inc		21
1,497	*,e	Atara Biotherapeutics, Inc		55
1,535	*	Athenex, Inc		29
2,944	*,e	Athersys, Inc		6
1,179	*	Audentes Therapeutics, Inc		45
3,670	*,e	AVEO Pharmaceuticals, Inc		8
873	*	Bellicum Pharmaceuticals, Inc		6
3,132	*	BioCryst Pharmaceuticals, Inc		18
7,821	*	Biogen Idec, Inc		2,270
1,007	*	Biohaven Pharmaceutical Holding Co Ltd		40
6,544	*	BioMarin Pharmaceutical, Inc		616
826	*	Bio-Rad Laboratories, Inc (Class A)		238
213	*	Biospecifics Technologies Corp		10
1,318		Bio-Techne Corp		195
2,650	*,e	BioTime, Inc		5
1,782	*	Bluebird Bio, Inc		280
1,516	*	Blueprint Medicines Corp		96
60,692		Bristol-Myers Squibb Co		3,359
4,110		Bruker BioSciences Corp		119
1,175	*	Calithera Biosciences, Inc		6
311	*,e	Calyxt, Inc		6
1,265	*	Cambrex Corp		66
1,052	*,e	Cara Therapeutics Inc		20

35

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,181	*	CareDx, Inc	$	14
1,814	*,e	CASI Pharmaceuticals, Inc		15
4,893	*	Catalent, Inc		205
2,735	*	Catalyst Pharmaceuticals, Inc		9
26,832	*	Celgene Corp		2,131
1,846	*	Charles River Laboratories International, Inc		207
1,103	*	ChemoCentryx, Inc		15
1,747	*	Chimerix, Inc		8
788	*	Clearside Biomedical, Inc		8
1,527	*	Clovis Oncology, Inc		69
1,314	*	Codexis, Inc		19
1,501	*	Coherus Biosciences, Inc		21
877	*	Collegium Pharmaceutical, Inc		21
642	*	Concert Pharmaceuticals Inc		11
1,738	*,e	Corbus Pharmaceuticals Holdings, Inc		9
3,522	*,e	Corcept Therapeutics, Inc		55
820	*,e	Corium International, Inc		7
349	*,e	Corvus Pharmaceuticals, Inc		4
1,848	*	CTI BioPharma Corp		9
297	*,e	Cue Biopharma, Inc		4
2,162	*	Cymabay Therapeutics, Inc		29
1,624	*	Cytokinetics, Inc		13
1,148	*	CytomX Therapeutics, Inc		26
286	*	Deciphera Pharmaceuticals, Inc		11
552	*,e	Denali Therapeutics, Inc		8
2,241	*	Depomed, Inc		15
1,468	*	Dermira, Inc		14
1,627	*	Dicerna Pharmaceuticals Inc		20
195	*	Dova Pharmaceuticals, Inc		6
4,800	*	Durect Corp		8
1,590	*	Dynavax Technologies Corp		24
323	*,e	Eagle Pharmaceuticals, Inc		24
1,310	*	Editas Medicine, Inc		47
35,749		Eli Lilly & Co		3,050
792	*	Eloxx Pharmaceuticals, Inc		14
1,340	*	Emergent Biosolutions, Inc		68
648	*	Enanta Pharmaceuticals, Inc		75
8,687	*	Endo International plc		82
2,388	*	Endocyte, Inc		33
1,556	*	Enzo Biochem, Inc		8
1,664	*	Epizyme, Inc		23
554	*,e	Esperion Thereapeutics, Inc		22
4,274	*	Exact Sciences Corp		256
11,271	*	Exelixis, Inc		243
1,546	*,e	Fate Therapeutics, Inc		18
2,752	*	FibroGen, Inc		172
979	*	Five Prime Therapeutics, Inc		15
1,094	*,e	Flexion Therapeutics Inc		28
1,472	*	Fluidigm Corp		9
1,392	*,e	Fortress Biotech, Inc		4
507	*	Foundation Medicine, Inc		69
751	*,e	G1 Therapeutics, Inc		33
810	*	Genomic Health, Inc		41

36

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,445	*,e	Geron Corp	$	22
48,032		Gilead Sciences, Inc		3,403
1,425	*	Global Blood Therapeutics, Inc		64
1,226	*	GlycoMimetics Inc		20
4,274	*	Halozyme Therapeutics, Inc		72
1,743	*	Heron Therapeutics, Inc		68
6,384	*	Horizon Pharma plc		106
2,542	*	Idera Pharmaceuticals, Inc		3
5,387	*	Illumina, Inc		1,505
402	*	Immune Design Corp		2
3,349	*	Immunogen, Inc		33
4,854	*,e	Immunomedics, Inc		115
6,468	*	Incyte Corp		433
2,960	*	Innoviva, Inc		41
2,690	*,e	Inovio Pharmaceuticals, Inc		11
2,469	*	Insmed, Inc		58
998	*,e	Insys Therapeutics, Inc		7
561	*,e	Intellia Therapeutics, Inc		15
696	*	Intercept Pharmaceuticals, Inc		58
1,040	*	Intersect ENT, Inc		39
1,415	*	Intra-Cellular Therapies, Inc		25
2,121	*,e	Intrexon Corp		30
1,468	*	Invitae Corp		11
4,834	*	Ionis Pharmaceuticals, Inc		201
2,006	*	Iovance Biotherapeutics, Inc		26
5,731	*	IQVIA Holdings, Inc		572
5,284	*	Ironwood Pharmaceuticals, Inc		101
2,166	*	Jazz Pharmaceuticals plc		373
99,640		Johnson & Johnson		12,090
241	*,e	Jounce Therapeutics, Inc		2
2,507	*	Kadmon Holdings, Inc		10
312	*	Kala Pharmaceuticals, Inc		4
1,273	*	Karyopharm Therapeutics, Inc		22
3,304	*	Keryx Biopharmaceuticals, Inc		12
841	*	Kindred Biosciences Inc		9
772	*	Kura Oncology, Inc		14
669	*,e	La Jolla Pharmaceutical Co		20
1,137	*,e	Lannett Co, Inc		15
1,763	*,e	Lexicon Pharmaceuticals, Inc		21
773	*	Ligand Pharmaceuticals, Inc (Class B)		160
978	*	Loxo Oncology, Inc		170
1,582		Luminex Corp		47
1,309	*	MacroGenics, Inc		27
153	*	Madrigal Pharmaceuticals, Inc		43
3,881	*,e	Mallinckrodt plc		72
5,078	*,e	MannKind Corp		10
1,316	*	Marinus Pharmaceuticals, Inc		9
2,689	*	Medicines Co		99
1,230	*,e	MediciNova, Inc		10
289	*	Medpace Holdings, Inc		12
343	*	Melinta Therapeutics, Inc		2
213	*,e	Menlo Therapeutics, Inc		2
396	*	Mersana Therapeutics, Inc		7

37

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
932	*	Mettler-Toledo International, Inc	$	539
4,015	*,e	MiMedx Group, Inc		26
992	*	Minerva Neurosciences, Inc		8
520	*	Miragen Therapeutics, Inc		3
664	*,e	Mirati Therapeutics, Inc		33
2,874	*	Momenta Pharmaceuticals, Inc		59
19,534	*	Mylan NV		706
1,123	*	MyoKardia, Inc		56
2,502	*	Myriad Genetics, Inc		94
689	*	NanoString Technologies, Inc		9
1,198	*,e	NantKwest, Inc		4
1,110	*	Natera, Inc		21
5,467	*	Nektar Therapeutics		267
2,201	*	NeoGenomics, Inc		29
564	*,e	Neos Therapeutics, Inc		4
3,420	*	Neurocrine Biosciences, Inc		336
866	*,e	NewLink Genetics Corp		4
11,296	*,e	Novavax, Inc		15
1,041	*,e	Nymox Pharmaceutical Corp		4
894	*,e	Ocular Therapeutix, Inc		6
216	*,e	Odonate Therapeutics, Inc		5
1,629	*,e	Omeros Corp		30
13,300	*,e	Opko Health, Inc		63
584	*,e	Optinose, Inc		16
2,776	*,e	Organovo Holdings, Inc		4
3,094	*,e	Pacific Biosciences of California, Inc		11
1,521	*	Pacira Pharmaceuticals, Inc		49
934	*,e	Paratek Pharmaceuticals, Inc		10
1,731	*	PDL BioPharma, Inc		4
4,283	*	PerkinElmer, Inc		314
4,834		Perrigo Co plc		352
215,298		Pfizer, Inc		7,811
720		Phibro Animal Health Corp		33
1,321	*	Pieris Pharmaceuticals, Inc		7
315	*	PolarityTE, Inc		7
1,961	*	Portola Pharmaceuticals, Inc		74
1,865	*	PRA Health Sciences, Inc		174
2,080	*	Prestige Brands Holdings, Inc		80
2,427	*	Progenics Pharmaceuticals, Inc		20
1,437	*	Prothena Corp plc		21
1,522	*	PTC Therapeutics, Inc		51
1,119	*	Puma Biotechnology, Inc		66
8,215		QIAGEN NV		297
442	*	Ra Pharmaceuticals, Inc		4
1,455	*,e	Radius Health, Inc		43
341	*,e	Reata Pharmaceuticals, Inc		12
456	*	Recro Pharma, Inc		2
2,955	*	Regeneron Pharmaceuticals, Inc		1,019
1,062	*	REGENXBIO, Inc		76
1,344	*	Repligen Corp		63
1,469	*	Retrophin, Inc		40
879	*	Revance Therapeutics, Inc		24
280	*	Rhythm Pharmaceuticals, Inc		9

38

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
4,657	*	Rigel Pharmaceuticals, Inc	$	13
763	*,e	Rocket Pharmaceuticals, Inc		15
1,586	*	Sage Therapeutics, Inc		248
2,773	*	Sangamo Biosciences, Inc		39
2,236	*	Sarepta Therapeutics, Inc		296
911	*	Savara, Inc		10
99,931		Schering-Plough Corp		6,066
3,768	*	Seattle Genetics, Inc		250
474	*,e	Selecta Biosciences, Inc		6
745	*,e	Seres Therapeutics, Inc		6
547	*,e	Sienna Biopharmaceuticals, Inc		8
1,913	*	SIGA Technologies, Inc		11
332	*	Solid Biosciences, Inc		12
3,173	*	Sorrento Therapeutics, Inc		23
1,158	*,e	Spark Therapeutics, Inc		96
2,652	*	Spectrum Pharmaceuticals, Inc		56
834	*	Stemline Therapeutics, Inc		13
1,839	*	Supernus Pharmaceuticals, Inc		110
359	*	Syndax Pharmaceuticals, Inc		3
2,126	*	Syneos Health, Inc		100
8,840	*,e	Synergy Pharmaceuticals, Inc		15
496	*	Syros Pharmaceuticals, Inc		5
927	*	T2 Biosystems, Inc		7
1,333	*,e	Teligent, Inc		5
1,448	*,e	TESARO, Inc		64
1,526	*	Tetraphase Pharmaceuticals, Inc		5
1,870	*	TG Therapeutics, Inc		25
5,906	*,e	TherapeuticsMD, Inc		37
1,625	*,e	Theravance Biopharma, Inc		37
14,879		Thermo Fisher Scientific, Inc		3,082
327	*,e	Tocagen, Inc		3
1,517	*	Ultragenyx Pharmaceutical, Inc		117
1,741	*	United Therapeutics Corp		197
1,691	*	Vanda Pharmaceuticals, Inc		32
594	*	Veracyte, Inc		6
1,933	*	Verastem, Inc		13
1,345	*	Vericel Corp		13
9,439	*	Vertex Pharmaceuticals, Inc		1,604
1,592	*	Viking Therapeutics, Inc		15
484	*	Voyager Therapeutics, Inc		9
2,907	*	Waters Corp		563
475	*	WaVe Life Sciences Pte Ltd		18
1,460	*	Xencor Inc		54
4,815	*,e	ZIOPHARM Oncology, Inc		15
17,973		Zoetis, Inc		1,531
1,053	*	Zogenix, Inc		47
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		78,745
REAL ESTATE - 3.9%
3,250		Acadia Realty Trust		89
943		Agree Realty Corp		50
2,540		Alexander & Baldwin, Inc		60
51		Alexander’s, Inc		20

39

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,763		Alexandria Real Estate Equities, Inc	$	475
466	*	Altisource Portfolio Solutions S.A.		14
1,599		American Assets Trust, Inc		61
5,246		American Campus Communities, Inc		225
8,855		American Homes 4 Rent		196
16,267		American Tower Corp		2,345
1,706		Americold Realty Trust		38
5,818		Apartment Investment & Management Co (Class A)		246
7,310		Apple Hospitality REIT, Inc		131
1,658		Armada Hoffler Properties, Inc		25
3,090		Ashford Hospitality Trust, Inc		25
454	*	AV Homes, Inc		10
5,036		AvalonBay Communities, Inc		866
769		Bluerock Residential Growth REIT, Inc		7
5,901		Boston Properties, Inc		740
1,249		BraeMar Hotels & Resorts, Inc		14
6,772		Brandywine Realty Trust		114
11,939		Brixmor Property Group, Inc		208
3,382		Camden Property Trust		308
2,763		CareTrust REIT, Inc		46
1,667		CatchMark Timber Trust Inc		21
6,537	e	CBL & Associates Properties, Inc		36
11,788	*	CBRE Group, Inc		563
3,595		Cedar Realty Trust, Inc		17
1,449		Chatham Lodging Trust		31
2,308		Chesapeake Lodging Trust		73
1,087		City Office REIT, Inc		14
544		Clipper Realty, Inc		5
20,026		Colony Capital, Inc		125
4,776		Columbia Property Trust, Inc		108
498		Community Healthcare Trust, Inc		15
159		Consolidated-Tomoka Land Co		10
4,609		CoreCivic, Inc		110
419		CorEnergy Infrastructure Trust, Inc		16
1,602	*	CorePoint Lodging, Inc		41
1,335		Coresite Realty		148
3,896		Corporate Office Properties Trust		113
16,091		Cousins Properties, Inc		156
15,368		Crown Castle International Corp		1,657
6,597		CubeSmart		213
3,383		CyrusOne, Inc		197
3,638		DCT Industrial Trust, Inc		243
6,051		DDR Corp		108
7,801		DiamondRock Hospitality Co		96
7,617		Digital Realty Trust, Inc		850
5,662		Douglas Emmett, Inc		228
12,847		Duke Realty Corp		373
1,340		Easterly Government Properties, Inc		26
1,286		EastGroup Properties, Inc		123
2,840		Education Realty Trust, Inc		118
5,016		Empire State Realty Trust, Inc		86
2,455		Entertainment Properties Trust		159
2,894		Equinix, Inc		1,244

40

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,801	*	Equity Commonwealth	$	120
3,161		Equity Lifestyle Properties, Inc		290
13,534		Equity Residential		862
2,501		Essex Property Trust, Inc		598
4,570		Extra Space Storage, Inc		456
967	e	Farmland Partners, Inc		9
2,807		Federal Realty Investment Trust		355
4,527		First Industrial Realty Trust, Inc		151
7,880		Forest City Realty Trust, Inc		180
400	*,e	Forestar Group, Inc		8
2,420		Four Corners Property Trust, Inc		60
4,124		Franklin Street Properties Corp		35
1,944		Front Yard Residential Corp		20
309	*	FRP Holdings, Inc		20
7,699		Gaming and Leisure Properties, Inc		276
4,728		Geo Group, Inc		130
1,064		Getty Realty Corp		30
22,438		GGP, Inc		458
881		Gladstone Commercial Corp		17
547	e	Global Medical REIT, Inc		5
2,475		Global Net Lease, Inc		51
2,836		Government Properties Income Trust		45
5,894		Gramercy Property Trust		161
1,871		Hannon Armstrong Sustainable Infrastructure Capital, Inc		37
17,510		HCP, Inc		452
4,494		Healthcare Realty Trust, Inc		131
7,668		Healthcare Trust of America, Inc		207
1,493		Hersha Hospitality Trust		32
1,412		HFF, Inc (Class A)		49
3,908		Highwoods Properties, Inc		198
6,332		Hospitality Properties Trust		181
26,196		Host Marriott Corp		552
1,318	*	Howard Hughes Corp		175
6,080		Hudson Pacific Properties		215
2,619		Independence Realty Trust, Inc		27
547		Industrial Logistics Properties Trust		12
239	e	Innovative Industrial Properties, Inc		9
4,600		Investors Real Estate Trust		25
11,120		Invitation Homes, Inc		256
10,280		Iron Mountain, Inc		360
2,674	*	iStar Financial, Inc		29
3,369		JBG SMITH Properties		123
322		Jernigan Capital, Inc		6
1,588		Jones Lang LaSalle, Inc		264
5,205		Kennedy-Wilson Holdings, Inc		110
3,767		Kilroy Realty Corp		285
16,000		Kimco Realty Corp		272
3,243		Kite Realty Group Trust		55
3,092		Lamar Advertising Co		211
4,394		LaSalle Hotel Properties		150
8,135		Lexington Realty Trust		71
5,755		Liberty Property Trust		255
1,802		Life Storage, Inc		175

41

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,530		LTC Properties, Inc	$	65
5,384		Macerich Co		306
3,534		Mack-Cali Realty Corp		72
569	*	Marcus & Millichap, Inc		22
231	*	Maui Land & Pineapple Co, Inc		3
996		MedEquities Realty Trust, Inc		11
12,964		Medical Properties Trust, Inc		182
4,212		Mid-America Apartment Communities, Inc		424
2,597		Monmouth Real Estate Investment Corp (Class A)		43
1,356		National Health Investors, Inc		100
5,838		National Retail Properties, Inc		257
1,700		National Storage Affiliates Trust		52
3,164		New Senior Investment Group, Inc		24
499		Newmark Group, Inc		7
662		NexPoint Residential Trust, Inc		19
2,094		NorthStar Realty Europe Corp		30
7,596		Omega Healthcare Investors, Inc		235
567		One Liberty Properties, Inc		15
5,152		Outfront Media, Inc		100
7,621		Paramount Group, Inc		117
7,462		Park Hotels & Resorts, Inc		229
2,664		Pebblebrook Hotel Trust		103
2,702	e	Pennsylvania REIT		30
5,940		Physicians Realty Trust		95
4,321		Piedmont Office Realty Trust, Inc		86
2,344		Potlatch Corp		119
2,737		Preferred Apartment Communities, Inc		47
19,642		Prologis, Inc		1,290
762		PS Business Parks, Inc		98
5,527		Public Storage, Inc		1,254
1,829		QTS Realty Trust, Inc		72
2,935	*	Quality Care Properties, Inc		63
3,057		Ramco-Gershenson Properties		40
4,462		Rayonier, Inc		173
732		Re/Max Holdings, Inc		38
4,163	e	Realogy Holdings Corp		95
10,419		Realty Income Corp		560
2,193	*,e	Redfin Corp		51
5,824		Regency Centers Corp		362
4,204		Retail Opportunities Investment Corp		81
6,690		Retail Properties of America, Inc		85
2,561		Rexford Industrial Realty, Inc		80
6,612		RLJ Lodging Trust		146
283		RMR Group, Inc		22
1,712		Ryman Hospitality Properties		142
6,162		Sabra Healthcare REIT, Inc		134
401		Safety Income and Growth, Inc		8
392		Saul Centers, Inc		21
4,225	*	SBA Communications Corp		698
1,918		Select Income REIT		43
9,263		Senior Housing Properties Trust		168
990	e	Seritage Growth Properties		42
11,436		Simon Property Group, Inc		1,946

42

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,174		SL Green Realty Corp	$	319
1,885	*	Spirit MTA REIT		19
15,946		Spirit Realty Capital, Inc		128
1,876	*	St. Joe Co		34
3,470		STAG Industrial, Inc		94
9,293		Starwood Property Trust, Inc		202
6,501		STORE Capital Corp		178
218		Stratus Properties, Inc		7
3,928		Summit Hotel Properties, Inc		56
2,801		Sun Communities, Inc		274
8,527		Sunstone Hotel Investors, Inc		142
3,676	e	Tanger Factory Outlet Centers, Inc		86
2,340		Taubman Centers, Inc		137
834	*	Tejon Ranch Co		20
1,821		Terreno Realty Corp		69
1,934		Tier REIT, Inc		46
761	*	Trinity Place Holdings, Inc		5
10,089		UDR, Inc		379
994		UMH Properties, Inc		15
6,462		Uniti Group, Inc		129
294		Universal Health Realty Income Trust		19
3,855		Urban Edge Properties		88
1,188		Urstadt Biddle Properties, Inc (Class A)		27
13,411		Ventas, Inc		764
38,221		VEREIT, Inc		284
10,009		VICI Properties, Inc		207
6,401		Vornado Realty Trust		473
7,181		Washington Prime Group, Inc		58
3,060		Washington REIT		93
4,685		Weingarten Realty Investors		144
14,133		Welltower, Inc		886
28,023		Weyerhaeuser Co		1,022
1,293		Whitestone REIT		16
3,946		WP Carey, Inc		262
4,278		Xenia Hotels & Resorts, Inc		104
		TOTAL REAL ESTATE		40,188
RETAILING - 6.3%
1,264	*	1-800-FLOWERS.COM, Inc (Class A)		16
2,429		Aaron’s, Inc		106
2,820		Abercrombie & Fitch Co (Class A)		69
2,632		Advance Auto Parts, Inc		357
15,089	*	Amazon.com, Inc		25,648
6,015		American Eagle Outfitters, Inc		140
367	*	America’s Car-Mart, Inc		23
727	*	Asbury Automotive Group, Inc		50
978	*	At Home Group, Inc		38
2,055	*	Autonation, Inc		100
995	*	AutoZone, Inc		668
1,364	*	Barnes & Noble Education, Inc		8
2,159		Barnes & Noble, Inc		14
4,627		Bed Bath & Beyond, Inc		92
8,970		Best Buy Co, Inc		669

43

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
824	e	Big 5 Sporting Goods Corp	$	6
1,547	e	Big Lots, Inc		65
1,785	*	Booking Holdings, Inc		3,618
517	*	Boot Barn Holdings, Inc		11
1,023	e	Buckle, Inc		27
2,479	*	Burlington Stores, Inc		373
1,517		Caleres, Inc		52
437	e	Camping World Holdings, Inc		11
6,520	*	CarMax, Inc		475
1,051	*,e	Carvana Co		44
966		Cato Corp (Class A)		24
4,716		Chico’s FAS, Inc		38
670		Children’s Place Retail Stores, Inc		81
619		Citi Trends, Inc		17
708	*	Conn’s, Inc		23
764	*	Container Store Group, Inc		6
1,444		Core-Mark Holding Co, Inc		33
3,329		Dick’s Sporting Goods, Inc		117
590	e	Dillard’s, Inc (Class A)		56
9,963		Dollar General Corp		982
8,803	*	Dollar Tree, Inc		748
2,565		DSW, Inc (Class A)		66
404	*,e	Duluth Holdings, Inc		10
4,623		Expedia, Inc		556
3,087	*	Express Parent LLC		28
2,096	*	Five Below, Inc		205
1,415	*	Floor & Decor Holdings, Inc		70
4,365		Foot Locker, Inc		230
127	*	Francesca’s Holdings Corp		1
322	*	Gaia, Inc		7
3,029	e	GameStop Corp (Class A)		44
8,144		Gap, Inc		264
254	*	Genesco, Inc		10
5,460		Genuine Parts Co		501
2,663	*,e	GNC Holdings, Inc		9
787		Group 1 Automotive, Inc		50
13,160	*	Groupon, Inc		57
2,487		Guess?, Inc		53
715		Haverty Furniture Cos, Inc		15
948	*	Hibbett Sports, Inc		22
42,782		Home Depot, Inc		8,347
1,422	*	Hudson Ltd		25
437	*	J. Jill, Inc		4
12,004	*,e	JC Penney Co, Inc		28
705	*	Kirkland’s, Inc		8
6,314		Kohl’s Corp		460
8,875		L Brands, Inc		327
487	*	Lands’ End, Inc		14
2,114	*	Liberty Expedia Holdings, Inc		93
3,006	*	Liberty TripAdvisor Holdings, Inc		48
908		Lithia Motors, Inc (Class A)		86
11,611	*	LKQ Corp		370
30,661		Lowe’s Companies, Inc		2,930

44

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,099	*,e	Lumber Liquidators, Inc	$	27
11,147		Macy’s, Inc		417
1,129	*	MarineMax, Inc		21
3,766	*	Michaels Cos, Inc		72
1,185	e	Monro Muffler, Inc		69
924	*	Murphy USA, Inc		69
1,254	*	National Vision Holdings, Inc		46
15,464	*	NetFlix, Inc		6,053
4,562		Nordstrom, Inc		236
1,156		Nutri/System, Inc		44
20,474		Office Depot, Inc		52
1,846	*	Ollie’s Bargain Outlet Holdings, Inc		134
2,978	*	O’Reilly Automotive, Inc		815
567	*	Overstock.com, Inc		19
1,066	*	Party City Holdco, Inc		16
1,317		Penske Auto Group, Inc		62
765	e	PetMed Express, Inc		34
3,298		Pier 1 Imports, Inc		8
17,018	*	Qurate Retail Group, Inc QVC Group		361
1,673	e	Rent-A-Center, Inc		25
769	*	RH		107
13,766		Ross Stores, Inc		1,167
3,687	*,e	Sally Beauty Holdings, Inc		59
576		Shoe Carnival, Inc		19
1,315	*	Shutterfly, Inc		118
2,200		Signet Jewelers Ltd		123
1,596	*	Sleep Number Corp		46
1,157		Sonic Automotive, Inc (Class A)		24
1,434	*,e	Sportsman’s Warehouse Holdings, Inc		7
1,859		Tailored Brands, Inc		47
19,904		Target Corp		1,515
4,588		Tiffany & Co		604
1,314		Tile Shop Holdings, Inc		10
432		Tilly’s, Inc		7
23,292		TJX Companies, Inc		2,217
4,523		Tractor Supply Co		346
3,654	*	TripAdvisor, Inc		204
2,193	*	Ulta Beauty, Inc		512
2,603	*	Urban Outfitters, Inc		116
2,078	*	Wayfair, Inc		247
3,375	e	Williams-Sonoma, Inc		207
94		Winmark Corp		14
686	*	Zumiez, Inc		17
		TOTAL RETAILING		66,056
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.9%
716	*,e	Acacia Communications, Inc		25
1,546	*	Advanced Energy Industries, Inc		90
33,684	*	Advanced Micro Devices, Inc		505
844	*	Alpha & Omega Semiconductor Ltd		12
1,266	*,e	Ambarella, Inc		49
3,751	*	Amkor Technology, Inc		32
13,670		Analog Devices, Inc		1,311

45

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
38,962		Applied Materials, Inc	$	1,800
766	*	Aquantia Corp		9
1,183	*	Axcelis Technologies, Inc		23
1,452	*	AXT, Inc		10
16,000		Broadcom, Inc		3,882
2,689		Brooks Automation, Inc		88
942		Cabot Microelectronics Corp		101
2,572	*	Cavium, Inc		223
839	*	Ceva, Inc		25
2,507	*	Cirrus Logic, Inc		96
1,050		Cohu, Inc		26
3,781	*	Cree, Inc		157
12,862		Cypress Semiconductor Corp		200
1,498	*	Diodes, Inc		52
5,537		Entegris, Inc		188
2,741	*	First Solar, Inc		144
2,989	*	Formfactor, Inc		40
445	*	Ichor Holdings Ltd		9
705	*,e	Impinj, Inc		16
1,603	*,e	Inphi Corp		52
5,139	*	Integrated Device Technology, Inc		164
173,148		Intel Corp		8,607
5,709		Kla-Tencor Corp		585
2,498	*	Kopin Corp		7
6,069		Lam Research Corp		1,049
5,097	*	Lattice Semiconductor Corp		33
1,568	*,e	MA-COM Technology Solutions		36
14,795		Marvell Technology Group Ltd		317
10,293		Maxim Integrated Products, Inc		604
2,280	*	MaxLinear, Inc		36
8,621		Microchip Technology, Inc		784
42,939	*	Micron Technology, Inc		2,252
2,066		MKS Instruments, Inc		198
1,572		Monolithic Power Systems, Inc		210
1,014	*	Nanometrics, Inc		36
1,216	*,e	NeoPhotonics Corp Ltd		8
192		NVE Corp		23
21,631		NVIDIA Corp		5,124
12,905	*	NXP Semiconductors NV		1,410
15,220	*	ON Semiconductor Corp		338
1,181	*	PDF Solutions, Inc		14
2,703	*	Photronics, Inc		22
1,113		Power Integrations, Inc		81
4,730	*	Qorvo, Inc		379
55,179		QUALCOMM, Inc		3,097
4,243	*	Rambus, Inc		53
1,221	*	Rudolph Technologies, Inc		36
2,520	*	Semtech Corp		119
1,460	*	Sigma Designs, Inc		9
1,625	*	Silicon Laboratories, Inc		162
6,808		Skyworks Solutions, Inc		658
51	*,e	SMART Global Holdings, Inc		2
2,299	*,e	SunPower Corp		18

46

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
7,076		Teradyne, Inc	$	269
36,358		Texas Instruments, Inc		4,009
1,266	*	Ultra Clean Holdings		21
1,575	e	Universal Display Corp		135
1,833	*	Veeco Instruments, Inc		26
4,186		Versum Materials, Inc		156
2,114	*	Xcerra Corp		30
9,147		Xilinx, Inc		597
1,849		Xperi Corp		30
		TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		40,909
SOFTWARE & SERVICES - 15.1%
1,998	*	2U, Inc		167
3,462	*	8x8, Inc		69
1,883	*	A10 Networks, Inc		12
23,865		Accenture plc		3,904
4,522	*	ACI Worldwide, Inc		112
27,944		Activision Blizzard, Inc		2,133
3,018	*	Acxiom Corp		90
18,246	*	Adobe Systems, Inc		4,449
6,269	*	Akamai Technologies, Inc		459
792	*	Alarm.com Holdings, Inc		32
1,833		Alliance Data Systems Corp		427
11,088	*	Alphabet, Inc (Class A)		12,520
11,301	*	Alphabet, Inc (Class C)		12,608
906	*	Altair Engineering, Inc		31
657	*,e	Alteryx, Inc		25
781	*	Amber Road, Inc		7
5,455		Amdocs Ltd		361
1,091	*	American Software, Inc (Class A)		16
3,091	*	Ansys, Inc		538
244	*	Appfolio, Inc		15
1,241	*	Apptio, Inc		45
2,704	*	Aspen Technology, Inc		251
3,628	*	Atlassian Corp plc		227
8,135	*	Autodesk, Inc		1,066
16,337		Automatic Data Processing, Inc		2,191
3,817	*	Avaya Holdings Corp		77
613	*	Benefitfocus, Inc		21
5,264	*	Black Knight, Inc		282
1,852		Blackbaud, Inc		190
1,191	*	Blackline, Inc		52
1,604	*	Blucora, Inc		59
5,256		Booz Allen Hamilton Holding Co		230
1,563	*	Bottomline Technologies, Inc		78
4,699	*	Box, Inc		117
1,247	*	Brightcove, Inc		12
4,397		Broadridge Financial Solutions, Inc		506
11,810		CA, Inc		421
946	*	CACI International, Inc (Class A)		159
10,505	*	Cadence Design Systems, Inc		455
267	*	Carbon Black, Inc		7
960	*	Carbonite, Inc		33

47

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
1,770	*	Cardtronics plc	$	43
534	*	Care.com, Inc		11
1,803	*	Cargurus, Inc		63
2,801	*,e	Cars.com, Inc		80
480		Cass Information Systems, Inc		33
4,696		CDK Global, Inc		305
837	*	Ceridian HCM Holding, Inc		28
921	*	ChannelAdvisor Corp		13
1,430	*	Cision Ltd		21
5,016	*	Citrix Systems, Inc		526
3,664	*	Cloudera, Inc		50
21,899		Cognizant Technology Solutions Corp (Class A)		1,730
1,509	*	Commvault Systems, Inc		99
7,418	*	Conduent, Inc		135
861		ConvergeOne Holdings, Inc		8
3,726		Convergys Corp		91
2,077	*	Cornerstone OnDemand, Inc		99
1,958	*	Coupa Software, Inc		122
1,299		CSG Systems International, Inc		53
7,361	*	Dell Technologies, Inc-VMware Inc		623
335	*,e	Digimarc Corp		9
911	*	DocuSign, Inc		48
10,429		DXC Technology Co		841
34,833	*	eBay, Inc		1,263
927		Ebix, Inc		71
648	*	eGain Corp		10
11,253	*	Electronic Arts, Inc		1,587
1,316	*	Ellie Mae, Inc		137
2,483	*	Endurance International Group Holdings, Inc		25
1,657	*	Envestnet, Inc		91
1,908	*	EPAM Systems, Inc		237
4,286	*	Etsy, Inc		181
1,952	*	Euronet Worldwide, Inc		164
662	*	Everbridge, Inc		31
2,472	*	Everi Holdings, Inc		18
2,375		EVERTEC, Inc		52
1,735	*	Exela Technologies, Inc		8
1,241	*	ExlService Holdings, Inc		70
88,260	*	Facebook, Inc		17,151
1,096	*	Fair Isaac Corp		212
12,271		Fidelity National Information Services, Inc		1,301
6,880	*	FireEye, Inc		106
3,306	*	First American Corp		172
17,769	*	First Data Corp		372
15,190	*	Fiserv, Inc		1,125
2,029	*	Five9, Inc		70
3,363	*	FleetCor Technologies, Inc		708
1,062	*	ForeScout Technologies, Inc		36
5,395	*	Fortinet, Inc		337
3,300	*	Gartner, Inc		439
5,261		Genpact Ltd		152
5,776		Global Payments, Inc		644
1,203	*	Glu Mobile, Inc		8

48

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
5,554	*	GoDaddy, Inc	$	392
2,248	*,e	Gogo, Inc		11
3,346	*	GrubHub, Inc		351
1,166	*	GTT Communications, Inc		52
2,905	*	Guidewire Software, Inc		258
1,077		Hackett Group, Inc		17
1,639	*	Hortonworks, Inc		30
1,304	*	HubSpot, Inc		164
2,708	*	IAC/InterActiveCorp		413
1,304	*	Imperva, Inc		63
1,377	*	Information Services Group, Inc		6
825	*	Instructure, Inc		35
790	*	Internap Corp		8
34,095		International Business Machines Corp		4,763
9,003		Intuit, Inc		1,839
1,794		j2 Global, Inc		155
2,895		Jack Henry & Associates, Inc		377
487	*	Leaf Group Ltd		5
5,319		Leidos Holdings, Inc		314
3,363	*	Limelight Networks, Inc		15
1,143	*	Liquidity Services, Inc		7
2,140	*	Liveperson, Inc		45
1,820		LogMeIn, Inc		188
2,696	*	Manhattan Associates, Inc		127
1,025		Mantech International Corp (Class A)		55
34,098		MasterCard, Inc (Class A)		6,701
1,918	*,e	Match Group, Inc		74
2,490		MAXIMUS, Inc		155
2,453	*	Meet Group, Inc		11
281,305		Microsoft Corp		27,739
367	*	MicroStrategy, Inc (Class A)		47
1,433	*	MINDBODY, Inc		55
1,253	*	Mitek Systems, Inc		11
1,693	*	MobileIron, Inc		8
844	*	Model N, Inc		16
1,065	*	MoneyGram International, Inc		7
1,609		Monotype Imaging Holdings, Inc		33
1,631	*	New Relic, Inc		164
2,596		NIC, Inc		40
11,208	*	Nuance Communications, Inc		156
4,052	*	Nutanix, Inc		209
3,179	*	Okta, Inc		160
1,227	*	OneSpan, Inc		24
106,635		Oracle Corp		4,698
7,425	*,e	Pandora Media, Inc		58
444	*,e	Park City Group, Inc		3
11,779		Paychex, Inc		805
1,911	*	Paycom Software, Inc		189
1,003	*	Paylocity Holding Corp		59
44,092	*	PayPal Holdings, Inc		3,672
1,438		Pegasystems, Inc		79
1,320	*	Perficient, Inc		35
5,214		Perspecta, Inc		107

49

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
707	*	Presidio, Inc	$	9
1,791		Progress Software Corp		70
1,867	*	Proofpoint, Inc		215
1,099	*	PROS Holdings, Inc		40
4,095	*	PTC, Inc		384
1,206	*	Q2 Holdings, Inc		69
400		QAD, Inc (Class A)		20
1,213	*	Qualys, Inc		102
1,192	*	QuinStreet, Inc		15
2,851	*	Quotient Technology, Inc		37
809	*	Rapid7, Inc		23
2,285	*	RealPage, Inc		126
6,585	*	Red Hat, Inc		885
393		Reis, Inc		9
2,430	*	RingCentral, Inc		171
750	*	Rosetta Stone, Inc		12
8,252		Sabre Corp		203
686	*	SailPoint Technologies Holding, Inc		17
26,185	*	salesforce.com, Inc		3,572
1,738		Science Applications International Corp		141
257	*	SecureWorks Corp		3
266	*	SendGrid, Inc		7
6,396	*	ServiceNow, Inc		1,103
2,827	*	ServiceSource International LLC		11
266	*	ShotSpotter, Inc		10
719	*	Shutterstock, Inc		34
5,371	*	Splunk, Inc		532
690	*	SPS Commerce, Inc		51
10,606	*	Square, Inc		654
7,627		SS&C Technologies Holdings, Inc		396
618	*	Stamps.com, Inc		156
1,325	e	Switch, Inc		16
1,511	*	Sykes Enterprises, Inc		43
23,044		Symantec Corp		476
5,312	*	Synopsys, Inc		455
1,329		Syntel, Inc		43
2,342	*	Tableau Software, Inc		229
4,187	*	Take-Two Interactive Software, Inc		496
708	*	TechTarget, Inc		20
834	*	TeleNav, Inc		5
4,419	*	Teradata Corp		177
4,511		TiVo Corp		61
6,858		Total System Services, Inc		580
1,162	*	Trade Desk, Inc		109
4,786		Travelport Worldwide Ltd		89
2,406	*	TrueCar, Inc		24
541		TTEC Holdings, Inc		19
349	*,e	Tucows, Inc		21
2,425	*	Twilio, Inc		136
26,241	*	Twitter, Inc		1,146
1,396	*	Tyler Technologies, Inc		310
1,115	*	Ultimate Software Group, Inc		287
2,160	*,e	Unisys Corp		28

50

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
265	*	Upland Software, Inc	$	9
1,028	*	Varonis Systems, Inc		77
2,429	*	Verint Systems, Inc		108
3,905	*	VeriSign, Inc		537
2,063	*,e	VirnetX Holding Corp		7
1,072	*	Virtusa Corp		52
66,355		Visa, Inc (Class A)		8,789
2,550	*	VMware, Inc (Class A)		375
1,495	*	Website Pros, Inc		39
17,679		Western Union Co		359
1,532	*	WEX, Inc		292
5,379	*	Workday, Inc		651
912	*	Workiva, Inc		22
10,607	*	Worldpay, Inc		867
886	*	XO Group, Inc		28
3,020	*	Yelp, Inc		118
2,990	*	Yext, Inc		58
3,760	*	Zendesk, Inc		205
2,077	*	Zillow Group, Inc		124
4,117	*	Zillow Group, Inc (Class C)		243
2,044	*	Zix Corp		11
486	*,e	Zscaler, Inc		17
30,167	*	Zynga, Inc		123
		TOTAL SOFTWARE & SERVICES		158,226
TECHNOLOGY HARDWARE & EQUIPMENT - 5.5%
4,245	*,e	3D Systems Corp		59
1,869		Adtran, Inc		28
932	*	Aerohive Networks, Inc		4
596	*	Agilysys, Inc		9
10,953		Amphenol Corp (Class A)		955
1,131	*	Anixter International, Inc		72
182,577	d	Apple, Inc		33,797
712	*,e	Applied Optoelectronics, Inc		32
2,109	*	Arista Networks, Inc		543
6,515	*	ARRIS International plc		159
3,277	*	Arrow Electronics, Inc		247
1,363	*	Avid Technology, Inc		7
4,242		Avnet, Inc		182
1,630		AVX Corp		26
1,096		Badger Meter, Inc		49
429		Bel Fuse, Inc (Class B)		9
1,632		Belden CDT, Inc		100
1,932		Benchmark Electronics, Inc		56
1,369	*	CalAmp Corp		32
1,907	*	Calix, Inc		15
176	*	Casa Systems, Inc		3
5,378		CDW Corp		434
5,012	*	Ciena Corp		133
178,999		Cisco Systems, Inc		7,702
522	*,e	Clearfield, Inc		6
6,048		Cognex Corp		270
954	*	Coherent, Inc		149

51

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
6,754	*	CommScope Holding Co, Inc	$	197
784		Comtech Telecommunications Corp		25
938	*	Control4 Corp		23
30,266		Corning, Inc		833
1,568	*	Cray, Inc		39
1,256		CTS Corp		45
48		Daktronics, Inc		0	^
2,906	e	Diebold, Inc		35
1,019	*	Digi International, Inc		13
2,138		Dolby Laboratories, Inc (Class A)		132
789	*,e	Eastman Kodak Co		3
1,847	*	EchoStar Corp (Class A)		82
1,199	*	Electro Scientific Industries, Inc		19
1,788	*	Electronics for Imaging, Inc		58
518	*	ePlus, Inc		49
4,537	*	Extreme Networks, Inc		36
2,205	*	F5 Networks, Inc		380
1,440	*	Fabrinet		53
655	*	FARO Technologies, Inc		36
4,415	*,e	Finisar Corp		79
6,696	*	Fitbit, Inc		44
4,988		Flir Systems, Inc		259
3,142	*	Harmonic, Inc		13
57,259		Hewlett Packard Enterprise Co		837
61,103		HP, Inc		1,386
2,439	*	II-VI, Inc		106
1,305	*	Immersion Corp		20
5,792	*	Infinera Corp		57
1,383	*	Insight Enterprises, Inc		68
1,347		InterDigital, Inc		109
1,406	*	IPG Photonics Corp		310
944	*	Iteris, Inc		5
1,329	*	Itron, Inc		80
5,895		Jabil Circuit, Inc		163
12,811		Juniper Networks, Inc		351
1,750	*	Kemet Corp		42
6,871	*	Keysight Technologies, Inc		406
1,038	*	Kimball Electronics, Inc		19
3,427	*	Knowles Corp		52
758	*	KVH Industries, Inc		10
939		Littelfuse, Inc		214
2,352	*	Lumentum Holdings, Inc		136
1,366	*,e	Maxwell Technologies, Inc		7
126		Mesa Laboratories, Inc		27
1,398		Methode Electronics, Inc		56
5,930		Motorola, Inc		690
632		MTS Systems Corp		33
428	*	Napco Security Technologies, Inc		6
4,043		National Instruments Corp		170
4,702	*	NCR Corp		141
9,793		NetApp, Inc		769
1,274	*	Netgear, Inc		80
3,375	*	Netscout Systems, Inc		100

52

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
236	*	nLight, Inc	$	8
1,269	*	Novanta, Inc		79
6,405	*	Oclaro, Inc		57
673	*	OSI Systems, Inc		52
3,213	*	Palo Alto Networks, Inc		660
766		Park Electrochemical Corp		18
430		PC Connection, Inc		14
1,300		Plantronics, Inc		99
1,309	*	Plexus Corp		78
6,099	*	Pure Storage, Inc		146
807	*	Quantenna Communications, Inc		12
2,205	*	Ribbon Communications, Inc		16
701	*	Rogers Corp		78
2,856	*	Sanmina Corp		84
958	*	Scansource, Inc		39
1,939	*	Stratasys Ltd		37
1,554	*	Super Micro Computer, Inc		37
1,338	*	Synaptics, Inc		67
1,010		SYNNEX Corp		97
461		Systemax, Inc		16
1,361	*	Tech Data Corp		112
9,398	*	Trimble Navigation Ltd		309
3,576	*	TTM Technologies, Inc		63
905	*,e	Ubiquiti Networks, Inc		77
1,586	*	USA Technologies, Inc		22
4,353	*	VeriFone Systems, Inc		99
2,057	*,e	Viasat, Inc		135
8,882	*	Viavi Solutions, Inc		91
5,245		Vishay Intertechnology, Inc		122
398	*	Vishay Precision Group, Inc		15
11,052		Western Digital Corp		855
8,463		Xerox Corp		203
1,840	*	Zebra Technologies Corp (Class A)		264
		TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		58,042
TELECOMMUNICATION SERVICES - 1.8%
269,756		AT&T, Inc		8,662
373		ATN International, Inc		20
1,565	*	Boingo Wireless, Inc		35
35,344		CenturyLink, Inc		659
1,724	*	Cincinnati Bell, Inc		27
1,599		Cogent Communications Group, Inc		85
2,586		Consolidated Communications Holdings, Inc		32
3,091	e	Frontier Communications Corp		17
235	*	Hawaiian Telcom Holdco, Inc		7
1,272	*	Intelsat S.A.		21
2,990	*	Iridium Communications, Inc		48
3,269	*	NII Holdings, Inc		13
661	*	Ooma, Inc		9
2,552	*	Orbcomm, Inc		26
410	*	pdvWireless, Inc		10
1,811		Shenandoah Telecom Co		59
859		Spok Holdings, Inc		13

53

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
24,656	*,e	Sprint Corp	$	134
3,834		Telephone & Data Systems, Inc		105
11,398	*	T-Mobile US, Inc		681
176	*	US Cellular Corp		7
153,528		Verizon Communications, Inc		7,724
7,849	*	Vonage Holdings Corp		101
1,563	*,e	Windstream Holdings, Inc		8
7,262	*	Zayo Group Holdings, Inc		265
		TOTAL TELECOMMUNICATION SERVICES		18,768
TRANSPORTATION - 2.0%
2,138	*	Air Transport Services Group, Inc		48
4,469		Alaska Air Group, Inc		270
502		Allegiant Travel Co		70
260		Amerco, Inc		93
15,587		American Airlines Group, Inc		592
1,131		Arkansas Best Corp		52
913	*	Atlas Air Worldwide Holdings, Inc		66
2,527	*	Avis Budget Group, Inc		82
5,125		CH Robinson Worldwide, Inc		429
1,092		Copa Holdings S.A. (Class A)		103
1,032		Costamare, Inc		8
452	*	Covenant Transportation Group, Inc		14
30,905		CSX Corp		1,971
763	*	Daseke, Inc		8
24,245		Delta Air Lines, Inc		1,201
1,536	*	Eagle Bulk Shipping, Inc		8
1,070	*	Echo Global Logistics, Inc		31
6,349		Expeditors International of Washington, Inc		464
9,235		FedEx Corp		2,097
902		Forward Air Corp		53
2,185	*	Genesee & Wyoming, Inc (Class A)		178
1,746		Hawaiian Holdings, Inc		63
1,188		Heartland Express, Inc		22
2,016	*	Hertz Global Holdings, Inc		31
1,279	*	Hub Group, Inc (Class A)		64
3,200		JB Hunt Transport Services, Inc		389
11,866	*	JetBlue Airways Corp		225
3,722		Kansas City Southern Industries, Inc		394
2,088	*	Kirby Corp		175
4,783		Knight-Swift Transportation Holdings, Inc		183
1,543		Landstar System, Inc		169
3,019		Macquarie Infrastructure Co LLC		127
1,495		Marten Transport Ltd		35
1,675		Matson, Inc		64
10,473		Norfolk Southern Corp		1,580
2,413		Old Dominion Freight Line		359
334		Park-Ohio Holdings Corp		12
1,449	*	Radiant Logistics, Inc		6
1,666		Ryder System, Inc		120
1,798	*	Safe Bulkers, Inc		6
945	*	Saia, Inc		76
1,179		Schneider National, Inc		32

54

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
2,180		Scorpio Bulkers, Inc	$	16
1,961		Skywest, Inc		102
19,738		Southwest Airlines Co		1,004
2,736	*,e	Spirit Airlines, Inc		99
28,600		Union Pacific Corp		4,052
9,228	*	United Continental Holdings, Inc		644
25,678		United Parcel Service, Inc (Class B)		2,728
200		Universal Truckload Services, Inc		5
1,875		Werner Enterprises, Inc		70
4,303	*	XPO Logistics, Inc		431
147	*	YRC Worldwide, Inc		2
		TOTAL TRANSPORTATION		21,123
UTILITIES - 2.9%
24,589		AES Corp		330
1,901		Allete, Inc		147
8,576		Alliant Energy Corp		363
9,236		Ameren Corp		562
18,027		American Electric Power Co, Inc		1,248
1,409		American States Water Co		81
6,446		American Water Works Co, Inc		550
6,497		Aqua America, Inc		229
443	*	AquaVenture Holdings Ltd		7
366		Artesian Resources Corp		14
5,498	*,e	Atlantic Power Corp		12
3,854		Atmos Energy Corp		347
2,130		Avangrid, Inc		113
2,203		Avista Corp		116
2,094		Black Hills Corp		128
812	*,e	Cadiz, Inc		11
1,860		California Water Service Group		72
15,933		Centerpoint Energy, Inc		441
640		Chesapeake Utilities Corp		51
10,479		CMS Energy Corp		495
438		Connecticut Water Service, Inc		29
11,636		Consolidated Edison, Inc		907
626		Consolidated Water Co, Inc		8
24,377		Dominion Resources, Inc		1,662
6,614		DTE Energy Co		685
25,990		Duke Energy Corp		2,055
12,075		Edison International		764
1,320		El Paso Electric Co		78
6,644		Entergy Corp		537
10,287		Evergy, Inc		578
11,751		Eversource Energy		689
36,188		Exelon Corp		1,542
17,706		FirstEnergy Corp		636
349		Global Water Resources, Inc		3
3,788		Hawaiian Electric Industries, Inc		130
1,806		Idacorp, Inc		167
7,499		MDU Resources Group, Inc		215
1,395		MGE Energy, Inc		88
644		Middlesex Water Co		27

55

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY	VALUE (000)
3,118		National Fuel Gas Co	$	165
3,351		New Jersey Resources Corp		150
17,480		NextEra Energy, Inc		2,920
13,494		NiSource, Inc		355
1,124		Northwest Natural Gas Co		72
1,853		NorthWestern Corp		106
11,154		NRG Energy, Inc		342
1,290		NRG Yield, Inc (Class A)		22
2,243		NRG Yield, Inc (Class C)		39
7,848		OGE Energy Corp		276
2,027		ONE Gas, Inc		151
1,582		Ormat Technologies, Inc		84
1,523		Otter Tail Corp		72
2,658		Pattern Energy Group, Inc		50
19,186		PG&E Corp		817
4,158		Pinnacle West Capital Corp		335
3,215		PNM Resources, Inc		125
3,158		Portland General Electric Co		135
26,290		PPL Corp		751
18,725		Public Service Enterprise Group, Inc		1,014
626	*	Pure Cycle Corp		6
263		RGC Resources, Inc		8
5,272		SCANA Corp		203
9,811		Sempra Energy		1,139
678		SJW Corp		45
3,054		South Jersey Industries, Inc		102
37,586		Southern Co		1,741
1,840		Southwest Gas Corp		140
431	e	Spark Energy, Inc		4
1,831		Spire, Inc		129
1,698		TerraForm Power, Inc		20
6,086		UGI Corp		317
534		Unitil Corp		27
3,221		Vectren Corp		230
15,176	*	Vistra Energy Corp		359
876	*,e	Vivint Solar, Inc		4
11,703		WEC Energy Group, Inc		757
1,820		WGL Holdings, Inc		162
18,569		Xcel Energy, Inc		848
490		York Water Co		16
		TOTAL UTILITIES		30,355
		TOTAL COMMON STOCKS		1,039,606
		(Cost $423,033)
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		1
244	m,†	Omthera Pharmaceuticals, Inc CVR		0	^

56

TIAA SEPARATE ACCOUNT VA-1 - Stock Index Account

SHARES		COMPANY						VALUE (000)
390	m	Tobira Therapeutics, Inc						$	0	^
		TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							1
		TOTAL RIGHTS / WARRANTS							1
		(Cost $0)
PRINCIPAL		ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.4%
GOVERNMENT AGENCY DEBT - 0.5%
$4,642,000		Federal Agricultural Mortgage Corp (FAMC)		1.630	%		07/02/18		4,642
		TOTAL GOVERNMENT AGENCY DEBT							4,642
SHARES		COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9%
9,595,870	c	State Street Navigator Securities Lending Government Money Market Portfolio							9,596
		TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES							9,596
		TOTAL SHORT-TERM INVESTMENTS							14,238
		(Cost $14,238)
		TOTAL INVESTMENTS - 100.9%							1,053,845
		(Cost $437,271)
		OTHER ASSETS & LIABILITIES, NET - (0.9)%							(8,923	)
		NET ASSETS - 100.0%						$	1,044,922

Abbreviation(s):

REIT Real Estate Investment Trust

CVR Contingent Value Right

* Non-income producing

^ Amount represents less than $1,000.

† Security is categorized as Level 3 in the fair value hierarchy.

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

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

e All or a portion of these securities are out on loan. The value of securities on loan is $9,268,000

m Indicates a security that has been deemed illiquid.

Cost amounts are in thousands.

Futures contracts outstanding as of June 30, 2018 were as follows (notional amounts and values are in thousands) (See Note3):

Description	Number of long (short) contracts		Expiration date	Notional amount		Value		Unrealized appreciation (depreciation)
S&P 500 E Mini Index		28	9/21/18	$	3,885	$	3,810	$	(75	)

57

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, 2018	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, 2018	By:	/s/ Carol W. Deckbar
		Carol W. Deckbar
		Principal Executive Officer and Executive
		Vice President
		(principal executive officer)

Dated: August 15, 2018	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal 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